Federal Reserve Bulletin, 1956-11

FEDERAL RESERVE i| ,, k. „ November BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents The Rise in Prices 1157 Farm Loans at Commercial Banks 1163 Member Bank Earnings, First Half of 1956 1179 Recommended Changes in Banking Laws 1181 Defense Mobilization Planning 1188 Current Events and Announcements 1189 National Summary of Business Conditions 1190 Financial and Business Statistics, U. S. (Contents on p. 1193) 1195 International Financial Statistics (Contents on p. 1249) 1250 Federal Reserve Board Publications 1265 Board of Governors and Staff 1267 Open Market Committee and Staff; Federal Advisory Council 1268 Federal Reserve Banks and Branches 1268 Index to Statistical Tables 1275 Map of Federal Reserve Districts Inside back cover Volume 42 Number n Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50* cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Rise in Prices RENEWED ADVANCES in industrial output modity prices is the third sustained rise since and prices in recent months have accom- World War II. From 1945 to late 1948, panied continued strength in dpmands. prices rose 45 per cent. After a small de- Industrial production has reached a new crease during the 1949 recession, they rose high this autumn, slightly above the ad- 15 per cent from mid-1950 to early 1951. vanced level extending from September The subsequent decline, confined mainly to 1955 through this spring. Increased sup- materials, was small. After the rise to this plies of some basic materials have per- autumn, industrial commodities averaged 5 mitted further gains in output of producer per cent above the 1951 peak and 17 per equipment. Following a reduction in the cent above the 1948 peak. spring because of curtailments in auto as- The first two postwar advances in prices semblies, production of consumer goods has occurred mainly because of the effects of expanded to new high levels. war. In the first period, Federal price con- Prices of industrial materials and finished trols were removed and prices responded to goods have been rising since mid-1955 ex- the accumulated demands and liquidity of cept for an interruption this spring, and wage the immediate postwar years. In 1950, hosrates and transportation costs have ad- tilities in Korea created fears of renewed vanced. In October wholesale prices of in- shortages and inflation, and both consumers dustrial commodities averaged 7 per cent and businesses added to their stocks of higher than in mid-1955 and 20 per cent goods. At the same time, there was a sharp higher than before the Korean outbreak in expansion in orders and outlays for national mid-1950. Prices of farm products have security programs. strengthened this year, following a steady, The rise in prices since mid-1955, in consubstantial decline from the record high of trast, has resulted mainly from influences early 1951. In October they were some- other than war. While national security exwhat above a year earlier, but 25 per cent penditures have been large, they have below the 1951 peak and 6 per cent below changed little since late 1954 at a level much mid-1950. below the peak of the Korean conflict. Also, Consumer prices have advanced 2 per business inventory accumulation has been cent in 1956 and are at a new high. Higher smaller in relation to the size of the economy retail prices for foods were responsible for than in the earlier periods of price advance. most of the increase during the spring. A significant feature of the recent expan- Rental rates and service costs also have ad- sion has been the confident attitude of busivanced and, with wholesale prices rising ness, labor, and consumers toward longer again since midyear, prices of various other run economic prospects. This attitude has consumer products have increased. been reflected in a greater willingness to The current advance in industrial com- make commitments for capital expenditures 1157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1158 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 and wage increases for a considerable period same time, the flow of oil from the Middle ahead. East has been affected, and domestic prices Workers in steel and other basic industries for some fuel oils have advanced. have received wage advances this year, and INDUSTRIAL COMMODITIES pay increases have been widespread in nonindustrial lines of activity. Average rates of The rise of 7 per cent in average wholesale pay in nonagricultural lines of activity, ex- prices of industrial commodities since midclusive of fringe benefits, were about 7 per 1955 reflects a broad advance. During the cent higher in October than in mid-195 5, ac- economic recovery from mid-1954 to midcording to a national index. Total employ- 1955, price increases had been selective, ment has expanded further since mid-195 5, affecting mainly some basic materials. After and total personal income is up 8 per cent. mid-1955, increases extended to steel prod- Some recently negotiated labor contracts in ucts, building materials, fuels, paper, and major industries provide for future as well as various finished products. During the seccurrent increases in wage rates; they also ex- ond quarter of 1956, the general average tend the coverage of automatic wage adjust- leveled off and a few materials declined, but ments based on changes in the Bureau of subsequently prices of industrial commodi- Labor Statistics consumer price index. ties advanced further. In late October when hostilities broke By mid-October 1956, before recently anout in the Middle East, prices of a number nounced advances had been fully reof world-traded commodities—such as rub- flected in the indexes, prices for about oneber, tin, and copper—advanced somewhat. third of the leading subgroups of industrial The rise in prices was not extended in the commodities shown in the chart were up days following the immediate reaction. Traf- 10 per cent or more from mid-195 5. Prices fic through the Suez Canal has been inter- of iron and steel as a group, including scrap, rupted, increasing the time and cost of increased 18 per cent, and coal, various delivery for some commodities. At the building materials, and most types of finished PRICES OF INDUSTRIAL COMMODITIES • 60 SUBGROUPS PER CENT INCREASE JUNE 1955 TO OCTOBER 1956 10 III... 10 NOTE.—Based on leading nonfood subgroups in the Bureau of Labor Statistics wholesale price index. October 1956 estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE RISE IN PRICES 1159 machinery and automotive products were rate of capacity utilization in some other also up 10 per cent or more. Heating equip- basic industries, such as aluminum, cement, ment, petroleum products, paperboard and and paper, has also been very high. paper products, and rubber products were Capacity and output in these and a few up 5 to 10 per cent. other lines of activity are summarized in the Prices of crude rubber, lumber, plywood, accompanying chart. With the major exand wastepaper, which rose substantially ception of synthetic fibers, output of the during the 1954-55 recovery and advanced materials included has been near capacity further to early 1956, have since declined to levels in the postwar years, except during about the mid-1955 level. Other subgroups the recessions of 1949 and 1954. of commodities that in October were at or Capacity to produce the older types of below their mid-1955 levels include house- synthetic fibers overreached requirements by hold appliances, synthetic textiles, crude 1953. Before as well as since 1953, cotton drugs, and plastic materials. Capacity and output. The strength of de- MAJOR MATERIALS mands has been reflected in capacity opera- 1947-49 oulpul.lOO tions in many basic manufacturing lines since late 1955, exerting upward pressures on prices and reinforcing claims for higher rates of pay. Gains in output per man-hour accompanied expansion in manufacturing output from mid-1954 to early 1955. Subsequently, however, the rise in productivity leveled off as output approached capacity in many lines, and increases in wage rates tended to be reflected to a greater extent in rising costs. Since mid-1956 wage rates have been advancing, but output per man-hour apparently has been rising again. As new and improved productive facilities are brought NOTE.—Based on data for primary aluminum, pig iron, steel into operation as a result of the large vol- ingots, cement, paper, paperboard, petroleum products, and synthetic fibers, combined with value-added weights. Output ume of plant and equipment expenditures, is adjusted for seasonal influences only in July and December. Latest output figure is for October. further gains in productivity may operate to limit upward pressures on prices. supplies have been large. Reflecting ample Pig iron and steel production has been at supplies of fibers and yarns and only modcapacity since late 1955, except for strike erate growth in demands, upward price interruptions, and steel scrap prices have pressures have not developed in the imrisen further, to a level three-fourths above portant textile-apparel areas. mid-1955. Stocks of steel were accumu- Wage rates have advanced in textile as lated early this year, but inventories declined well as other industries this year, partly beduring the strike in July when steel output cause of the March 1 increase in minimum dropped to 15 per cent of capacity. The rates under the Fair Labor Standards Act. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1160 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 When buying of textiles expanded this proved this year as capacity expanded and autumn, prices rose moderately. work stoppages reduced output less than in Metals and products. Steel prices rose 6 other recent years. Aluminum prices were per cent in the summer of 1955; further ad- raised again this summer to a level 17 per justments during the winter lifted prices 9 cent above mid-195 5. per cent above the mid-1955 level. After The higher prices of metals shown in the settlement of the work stoppage this past chart, together with increases in prices of summer, wages and other benefits to workers other materials and fuels and in wage rates, in the steel industry were increased, and have exerted upward pressures on prices of prices were raised 6 per cent. Contract finished metal products. With demand terms provide for additional increases in strong for most types of machinery and wage rates in mid-1957 and mid-1958. equipment, price increases have been gen- Prices of nonferrous metals, already con- eral. Moreover, advances in prices of strucsiderably above their 1954 lows, rose one- tural steel and other heavy building matefifth further from mid-1955 to the spring rials together with higher wage rates in conof this year. Copper and products, which struction have increased the cost of improvaccounted for most of the increase, have de- ing and expanding industrial facilities. Also, clined sharply since April. Supplies im- financing costs for plant and equipment have risen. Competitive pressures have been greater PRICES Of METALS AND METAL PRODUCTS 1947- 49 * 100 Ratio scale in markets for consumer metal goods than 1170 for business equipment, and price changes 160 have been more diverse. In late 1955 factory list prices for newly introduced 1956 ISO IRON, STEEL AND model autos were about 5 per cent higher NONFERROUS METALS than prices for the previous model. With 140 demands for new cars not so strong this 130 spring and summer as a year earlier, prices MACHINERY to consumers apparently were up somewhat AND EQUIPMENT less than list prices. Factory prices for the new models being introduced this autumn are about 7 per cent higher than a year earlier, and early response to the more extensively redesigned autos is reported r strong. Wholesale prices of household appliances, and also of television and radios, changed 110 relatively little from mid-1955 to this autumn, following earlier declines. Very high levels of output and sales under strongly 1954 1956 competitive conditions were accompanied by some reductions in manufacturers' margins. NOTE.—Based on Bureau of Labor Statistics wholesale price data. Latest figures, for mid-October, estimated by Federal This autumn, however, wholesale prices of Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE RISE IN PRICES 1161 a variety of appliances and of television duction of feed grains is close to that of have been raised from 2 to 10 per cent. a year ago and total supplies, including Wholesale prices of a number of other carryover stocks, are in record volume. consumer metal products began to rise in However, Federal price support levels are mid-1955, as shown in the chart on the pre- higher. ceding page, and averaged 5 per cent higher Prices of fruits and vegetables, including by October 1956. Furnaces, hardware, and potatoes, averaged about 10 per cent higher auto batteries were up 10 per cent, and in October than a year earlier. Neverthevarious other products were up from 2 to 10 less, they were well below the exceptional per cent. peaks reached at midyear when market supplies were limited by earlier unfavorable FARM PRODUCTS AND FOODS weather. Cotton prices in October were 3 per cent Farm prices have strengthened this year, folbelow a year earlier, largely because Federal lowing a steady, substantial decline from the support levels are 5 per cent lower this seapeak of early 1951 through 1955. The son. Stocks of cotton continue very large. strengthening has reflected expanding consumer demands for food products, Federal Exports of agricultural commodities have Government programs to stimulate exports, increased this year, due partly to expansion and, to some extent, the soil bank program. in Government export programs. In the Price support levels are higher for some com- first half of 1956, such programs financed modities this year, and lower for others. about two-fifths of agricultural exports. Also, Government export prices for cotton The influence of further expansion in conwere reduced. sumer incomes and demands has been most Farm land values were at a new high at prominent in livestock markets. Prices rose midyear, 3 per cent above a year earlier. sharply from the seasonal low of late 1955. The rise reflected stronger prices of farm In early November 1956 they averaged products as well as the continuing influence about 10 per cent above a year earlier. of demands for enlarging existing holdings, Livestock slaughter, which rose 10 per cent for investment purposes, and for nonagriculduring 1955, has leveled off. Indications tural uses. for this winter are that hog marketings will be smaller than a year ago, and that CONSUMER GOODS AND SERVICES cattle marketings will be about the same. Output of poultry and eggs has increased Consumer prices have advanced 2 per cent further this year, and in October prices were since early this year, following more than 15 per cent lower than a year earlier. Milk two years of little change in the over-all averproduction also has increased but, with fur- age. Service costs have risen further, and ther growth in population and incomes and retail prices of foods and various other comwith higher Federal support levels, prices modities have advanced. of dairy products in October were up 3 per In 1955 the continuing postwar advance cent from a year earlier. in service costs accelerated. Average prices Prices of most crops in October were of nonfood commodities, which had been moderately above those of last season. Feed declining, turned upward after the rise in grains averaged 7 per cent higher. Pro- wholesale prices of industrial commodities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1162 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 began. But food prices declined, as the CONSUMER PRICES chart shows. 1947- 49 .100 Retail prices of foods have advanced 4 per cent since early this year and are slightly higher than in mid-1955. The greater than seasonal increase in the spring reflected 120 larger consumer demands, higher farm prices, and increased costs of processing and distribution. Average prices of all items other than foods have advanced 2 per cent this year and are 3 per cent higher than in mid-1955. For a variety of personal services, and also for 1954 rents, rising wage rates have been an important factor in the continuing postwar rise. NOTE.—Based on Bureau of Labor Statistics data. Latest figures, for October, estimated by Federal Reserve. Increases in productivity tend to be smaller in this area than in the commodity-produc- turers' list prices became widespread. Since ing sectors of the economy. mid-1956, with manufacturers' prices in- Retail prices of apparel, textile house- creased and distributors' margins reduced furnishings, floor coverings, and new autos from those of a year or two ago, retail rose 2 to 5 per cent from mid-1955 to mid- prices of some appliances have advanced, 1956. Prices of most household appliances and prices of apparel, textile housefurnishdeclined substantially, however, as the prac- ings, and various other products have intice of selling these items below manufac- creased further. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Farm Loans at Commercial Banks IN MID-1956 about 2.3 million borrowers is now about 75 per cent larger than it had $5 billion of farm loans outstanding was in 1947. Reflecting these factors, and at insured commercial banks in the United smaller farm incomes, farmers have de- States. These borrowers included almost pended upon credit to an increasing extent. one-half of the operating farmers in the In view of the rise in farm debt and the country. This widespread use of bank apparent changes in types and terms of credit is one of the findings of the Federal loans to farmers, the Federal Reserve Sys- Reserve System's Agricultural Loan Survey tem undertook this Survey as of mid-1956. as of June 30, 1956. The middle of the year is a time when farm Farm debt has been growing in the last loans generally tend to be at their seasonal several years while farm incomes were de- peak; moreover, 1956 would appear to be clining. In mid-1956 all farm debt (ex- broadly typical of the situation of agriculclusive of Commodity Credit Corporation ture in recent years, as 1947, the date of price-support advances) totaled some $18.5 the preceding Survey of this kind, was billion, about 6 per cent higher than a year typical of the immediate postwar period. earlier and larger in dollar amount than at The $5.0 billion of bank loans as of June any other time. These debts averaged about 30, 1956 were represented by 3.5 million one-tenth as large as the value of total farm notes, with an average outstanding size of assets. Loans and other farm credits held by $1,400. Average size has increased by 60 individuals, merchants, and the like were per cent since 1947. Number of loans outestimated at $7.7 billion, and about $5.7 standing has risen 45 per cent. Total bankbillion were held by financing organizations held farm debt in mid-1956 was thus someother than banks. what over twice the 1947 figure. Notwith- With the continuing growth in size of standing the 20 per cent drop in the number farms and in mechanization, the average of farmers since 1947, it is evident that farm investment in land and other assets more farmers are using bank credit than at that time, as well as using more credit per individual borrower. NOTE.—The Agricultural Loan Survey was under the general supervision of Ralph A. Young, Director, Most of the 2.3 million borrowers were and Lewis N. Dembitz, Assistant Director, of the obtaining loans for seasonal purposes—to Board's Division of Research and Statistics, which had primary responsibility for organizing the Survey and pay current operating and family living explanning the analysis of its results. A copy of the penses and to finance feeder livestock opera- Survey schedule is appended to this article. A Federal Reserve System Committee collaborated tions—or to pay for "intermediate-term inin planning the Survey and the information was col- vestments." Some 1.1 million farmers had lected by the Federal Reserve Banks. This article was prepared by Philip T. Allen of the Board's staff. at least one such loan for current or seasonal 1163 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1164 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 needs, a similar number had one or more The most common maturity for current loans to finance intermediate-term invest- expense loans was six months or less (inments, while only 200,000 had bank loans cluding demand notes); 64 per cent of the for the purpose of buying farm real estate. dollar volume of these loans was in this Banks are the major institutions that supply maturity group. Of loans to finance intercredit to finance operating and intermediate mediate-term investment, 39 per cent were credit needs of farmers, providing about in this group, 26 per cent matured in nine three-fourths of such institutional credit, months or one year, while 34 per cent had and they furnish about one-sixth of all farm more than one year to maturity. About 42 mortgage credit. per cent of the loans to buy farm land had Loans to pay current expenses and to buy maturities of more than five years. Some feeder livestock constituted 38 per cent of 30 per cent of such loans had maturities of the dollar volume of all bank loans to one year or less or were payable on defarmers at midyear. Loans to finance in- mand. termediate-term investments—purchase of Chattel mortgages (or conditional sales other livestock, machinery, etc.—were about contracts) were being used to secure 43 33 per cent of the total. Loans to buy farm per cent of the dollar amount of all farm land were 17 per cent, and loans to repay loans outstanding at midyear, and these debt and for "other" purposes made up the constituted about 60 per cent of all loans remaining 12 per cent. not secured by real estate. Real estate was The average size of bank debt per farm security for 27 per cent of all loans, while borrower was $2,227. Over one-half of all unsecured loans were 22 per cent of the borrowers had bank debts outstanding of total. The remaining loans were endorsed less than $1,000, and one-tenth had bank or otherwise secured. debts in excess of $5,000. Bank debt was Renewals are common in farm lending. closely related to the net worth of the bor- One-third of the dollar volume of loans rower. outstanding at midyear had been renewed About one-half of the borrowers with on a "planned" basis or for other reasons. farm loans outstanding at midyear had net Planned renewals were reported somewhat worths of less than $10,000. One-sixth more frequently for loans to finance interof the borrowers were under 35 years of mediate-term investments than for other age, and their loans were 14 per cent of the types of loans. total amount. Average bank debts of young Interest rates paid by farmers averaged borrowers were larger, however, than those 6.4 per cent a year on loans not secured by of older borrowers in similar net worth real estate and 5.4 per cent on loans secured groups. Part-time farmers accounted for by real estate. Each was about one-half 13 per cent of all farm borrowers and 11 percentage point higher than in mid-1947. per cent of the total amount borrowed. The This Survey of farm loans of insured comdistribution of the number of farm borrow- mercial banks was conducted by the Board ers from banks by age and also by tenure of Governors of the Federal Reserve System was strikingly similar to the distribution of and the Federal Reserve Banks. Reports these characteristics in the total farm popu- were received from about 1,600 banks, both lation. members and nonmembers of the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1165 Reserve System, selected according to a TABLE 1 stratified random sampling plan so as to FARM LOANS OUTSTANDING AT INSURED COMMERCIAL cover all sizes of banks and all main farm- BANKS, JUNE 30, 19562 BY FEDERAL RESERVE DISTRICT ing regions. Each of these banks reported on the loans outstanding to a sample of its N bo u r m ro b w er e r o s f Num- Am lo o a u n n s t of Average size borrowers; detailed data were thus received Federal ber of o b n o rr a o b w ou er t s. $130 million of loans to 54,000 R d e is s t e r r i v ct e s th a I o n n d u s - d c P i a e s e g n t r e r t - i - - s t l h o a ( n a o In n d u s s - ) l m i I o o n i n f l- s d c P i a e s e g n t r e r t - i - - ro b P w o e r r e - r n P o e t r e bution dollars bution This article is the first in a series reporting the national results of the Survey. Loans All districts... 2,268 100.0 3,528 5,050 100.0$2,227$ ,431 of production credit associations and Fed- Boston 29 1.3 44 75 1.5 2,633 1,722 New York 70 3.1 101 153 3.0 2,191 ,517 eral Land Banks, farm mortgage loans of Philadelphia 54 2.4 74 146 2.9 2,717 1,980 Cleveland 129 5.7 182 282 5.6 2,183 ,551 life insurance companies, and loans of the Richmond 199 8.8 266 306 6.1 1,534 ,151 Atlanta 220 9.7 301 336 6.7 1,529 ,118 Chicago 445 19.6 706 946 18.7 2,125 1,340 Farmers Home Administration were the St. Louis 309 13.6 437 496 9.8 1,608 1,135 Minneapolis.... 277 12.2 486 469 9.3 1,694 965 subject of similar surveys during the sum- Kansas City 225 9.9 390 694 13.7 3,080 ,778 Dallas 167 7.4 307 407 8.1 2,431 ^4 mer of 1956, and the results are being tab- San Francisco. . 143 6.3 234 738 14.6 5,152 5,154 ulated by the Farm Credit Administration 1 Figures in this Survey exclude loans guaranteed by the Comand the United States Department of Agri- modity Credit Corporation. The Survey categories, however, cover about $100 million of loans to farmers that were included under culture. headings other than farm mortgage loans and "other loans to farmers" in the banks' Call Reports. NOTE.—Details may not add to totals because of rounding. BORROWERS AND SIZE OF DEBTS to differences in the proportion of real estate Changes in bank credit to agriculture and borrowers (whose typical size of debt was increases since 1947 in the number and larger) since about the same pattern held amount of loans outstanding reflect the good for borrowers who did not have bank changes in agriculture during the past nine loans to buy land. years. The number of loans outstanding Despite the marked increase in average has risen 42 per cent for loans not secured size of loan since 1947, most of the borby farm real estate and 58 per cent for rowers with farm loans outstanding at comloans secured by real estate. The most pro- mercial banks at midyear had relatively nounced increases in size have been in loans small amounts of indebtedness at banks not secured by real estate, which averaged (Table 2). Less than one borrower in 75 per cent larger in 1956 than in 1947. three had outstanding bank debts totaling The average loan secured by real estate $2,000 or more. has increased 20 per cent. The 53 per cent of borrowers in the The average size of bank debt outstand- $l,000-and-under group represented only ing in mid-1956 varied considerably among about 10 per cent of the total amount of Federal Reserve districts (Table 1). Bank loans; the 10 per cent of the borrowers with debts in the San Francisco District were debts of $5,000 or more had slightly over more than twice the national average, while 50 per cent of all farm loans outstanding. those in the Southeast (Richmond, Atlanta, Borrowers who had loans to buy land had and St. Louis Districts) and in the Minne- a somewhat different debt distribution. Over apolis District were smaller than average. two-thirds of these borrowers had total This regional pattern was not attributable bank debt of $2,000 or more, and their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1166 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 TABLE 2 ing was for these purposes. Some 1.1 mil- DISTRIBUTION OF FARM BORROWERS BY AMOUNT lion borrowers—one-half of the total, or OF BANK-HELD DEBT, JUNE 30, 1956 one-fourth of all farmers in the United Number of borrowers Amount of debt States—had such loans outstanding at banks Type of borrower on June 30. Feeder livestock loans are and amount of debt In Percent- In mil- Percentthou- age dis- lions of age dis- seasonally low at midyear, while other cursands tribution dollars tribution rent expense borrowings are probably at 2,268 100.0 5,050 100.0 their seasonal peak. Under $250 438 19.3 60 1.2 $ $ 2 5 5 0 0 0 - - $ $ 4 9 9 9 9 9 4 3 1 5 6 3 1 18 5 . . 3 6 2 1 8 2 9 6 2 5 . . 5 7 Loans to finance "intermediate-term in- $1,000-$ 1,999 416 18.4 584 11.6 $2,000-$4,999.... 410 18.1 1,269 25.1 vestments" constituted $1.7 billion of out- $5,000-$9,999.... 155 6.8 1,055 20.9 $10,000-$24,999.. 65 2.9 943 18.7 standing loans. These were loans to buy $25,000 and over.. 14 .6 722 14.3 machinery and equipment, to purchase live- Borrowers with loans to buy farm land.... 205 100.0 1,089 100.0 stock other than feeder types, to improve Under $250 . 4 1.8 .1 $250-$499 7 3.3 3 .2 land and buildings, and to purchase durable $500-$999 18 9.0 13 1.2 $1,000-$ 1,999.... 35 17.0 50 4.6 $2,000-$4,999.... 72 35.3 234 21.5 goods—investments in goods and services $ $ 1 5 0 ,0 ,0 0 0 0 0 - - $ $ 9 2 , 4 9 , 9 9 9 9 . 9 .. . . . 4 2 5 0 2 9 2 . . 9 0 2 3 8 1 9 3 2 2 8 6 . . 7 5 that usually last for several years.1 Al- $25,000 and over.. 3 1.6 187 17.1 most one-half of all borrowers with loans Other borrowers 2,063 100.0 3,960 100.0 Under $250 435 21.1 60 1.5 outstanding at banks had one or more loans $250-$499 346 16.8 124 3.1 $500-$999 397 19.3 276 7.0 to finance intermediate-term investments. $1,000-$ 1,999.... 381 18.5 534 13.5 $ $ 5 2 , , 0 0 0 0 0 0 - - $ $ 9 4, , 9 9 9 9 9 9 . . . . . . . . 3 1 3 1 7 0 1 5 6 . . 3 3 1,0 7 3 4 5 2 2 1 6 8 . . 1 7 Within this broad group, loans to buy ma- $10,000-$24,999.. 45 2.2 654 16.5 $25,000 and over.. 11 .5 536 13.5 chinery and equipment were in largest amount, making up nearly one-half of the NOTE.—Details may not add to totals because of rounding. group total (Table 3). Bank loans to loans represented about 94 per cent of the finance farmers' purchases of consumer durtotal of all loans to this type of borrower. able goods constituted only about 3 per cent Almost two-thirds of these borrowers had of total outstanding loans. no bank debts except those to buy land. Only about 200,000 borrowers, or one- On the average, the indebtedness of a tenth of the farm borrowers with bank loans, borrower with a farm loan outstanding at had loans to buy farm real estate. The midyear was represented by 1.6 individual amount outstanding was $0.9 billion. notes. The number of these notes per bor- Regionally, loans for current expenses rower increased as the size of debt increased, were of relatively greatest importance in the rising from 1.1 for borrowers with debts un- Southern and Western Federal Reserve disder $250 to 3.1 for borrowers with debts tricts. Loans to finance intermediate-term exceeding $25,000. investments were of most importance in the Northeast and in the Minneapolis Federal PURPOSE OF BORROWING Reserve District. Purchase of land was a The most important purpose of borrowings very important purpose category in the Philat midyear was to finance seasonal operations—to pay current operating and fam- xThis definition of intermediate-term investments was developed for summarization purposes for this ily living expenses and to purchase feeder Survey. The individual purposes included in this livestock. About $1.9 billion or 38 per broad group vary in some respects; future articles dealing with this Survey will treat the individual loan cent of the dollar amount of loans outstandpurposes in greater detail. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1167 TABLE 3 in size, were held more commonly by the PURPOSE OF FARM LOANS OUTSTANDING AT BANKS larger banks. Banks with deposits exceed- JUNE 30, 1956 ing $10 million held 31 per cent of all farm loans and 42 per cent of the acquired loans. Number of Amount of notes loans In contrast, banks with deposits of $3 mil- Purpose of loan Per- In Per- size lion or less, which held 35 per cent of all In cent- mil- cent- of thou- age lions age note farm loans, had 21 per cent of all acquired sands distri- of distribution dollars bution loans. Acquired loans typically require less immediate contact with the borrower than All purposes 3,528 100.0 5,050 100.0 $1,431 Current expenses—total. 1,697 48.1 1,903 37.7 direct loans. Feeder livestock operations.. 134 3.8 497 9.8 3,717 Current operating and living expenses 1,564 44.3 1,406 27.8 899 TABLE 4 Intermediate-term investments —total 1,325 37.6 1,685 33.4 1,271 FARM LOANS ACQUIRED BY BANKS FROM Other livestock 234 6.6 447 8.9 1,911 MERCHANTS OR DEALERS Machinery, etc 723 20.5 781 15.5 1,081 Consumer durable goods... 215 6.1 138 2.7 641 [Outstanding June 30, 1956, in millions of dollars] Improvement of land and buildings 153 4.3 319 6.3 2,076 Loans Total Acquired loans Farm real estate purchase 216 6.1 883 17.5 4,086 Purpose of loan ac- loans as a percentage Repayment of debt 152 4.3 346 6.9 2,274 quired held of total loans Other, or not ascertained 137 3.9 233 4.6 1,699 All purposes 437 5,050 8.6 NOTE.—Details may not add to totals because of rounding. Feeder livestock operations 7 497 1.5 Current operating and living exadelphia and Cleveland Districts and was penses 21 1,406 1.5 of small relative importance in the Kansas Other livestock 13 447 2.8 Machinery, etc 310 781 39.7 Consumer durable goods 55 138 39.9 City and Dallas Districts. These regional Improvement of land and buildings. 12 319 3.7 differences probably reflected both varying Farm real estate purchase. .. 6 883 .7 Repayment of debt 3 346 1.0 credit requirements for different types of Other, or not ascertained.... 10 233 4.2 agriculture and availability of credit from sources other than banks. The purpose of loans did not vary appre- Loans associated with farm real estate ciably by size of bank. Average indebtedtended to be much above average in size. ness of borrowers was considerably greater These included not only loans to buy land at the larger than at the smaller banks, since but also those to improve land and build- larger banks lend more commonly to borings and loans on real estate to pay or rowers in the larger net worth categories. refinance other debts. Feeder cattle loans, which were concentrated among borrowers PARTICIPATION LOANS in the higher net worth categories, were also Some $80 million of farm loans were shared above average size. by two or more banks. About 800 banks About 9 per cent of the total amount out- were originators of these loans, and 400 standing represented paper purchased by banks were participants to the amount of banks from other initial creditors, such as $43 million in loans originated by other machinery dealers. Five-sixths of these banks. Half of these participations were loans were for the purchase of farm held by banks in the Kansas City District, machinery and consumer durable goods. and two-fifths of all the loans originated These acquired loans, though typically small in that District. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1168 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 NET WORTH OF BORROWERS Purpose of borrowing varied somewhat The net worth of about 13 per cent of all with the net worth of the borrower. Loans farm borrowers at banks was under $3,000 to buy land were slightly more frequent in mid-1956 (Table 5), but the average among the higher net worth groups. Loans size of their debts was only $535; total debt for seasonal purposes were also important for the group was 3 per cent of all farm among the higher net worth group, reflecting debt outstanding at banks. The proportion concentration of feeder livestock here; 77 of borrowers in this category was larger in per cent of the dollar volume of feeder the four Southern Federal Reserve districts, livestock loans were to borrowers with net ranging from 20 to 28 per cent. Borrowers worths of $25,000 or more. within the net worth range $3,000-$25,000 OTHER BORROWER CHARACTERISTICS made up two-thirds of all farm borrowers Type of farm operated. About 43 per cent and represented 45 per cent of the dollar of the borrowers were those whose farms volume of farm loans. Borrowers with a were classified by the reporting banks as net worth of $25,000 or more, who were "general"—that is, farms with income not about one-fifth of all borrowers, accounted concentrated in any one important product. for one-half of total loans outstanding. These borrowers accounted for 35 per cent Regional differences in average indebtof the dollar amount of farm loans outstandedness were sometimes pronounced. In the ing. Operators of meat-animal farms were smaller net worth groups, farmers in the next in dollar loan volume, followed by Southeast tended to borrow less than farmdairymen and cash grain farmers. ers in other parts of the country. It is pos- Average size of debt was largest for meatsible that these groups use less than an averanimal farms, where feeder livestock operage amount of farm credit in the South than ations were concentrated, and smallest for elsewhere, or that banks in that area supply "general" farms and cotton farms. A simia relatively smaller proportion of their lar net worth pattern prevailed within the credit. separate net worth groups, except for cotton TABLE 5 farmers. The smaller average debt of these NET WORTH OF FARM BORROWERS FROM INSURED COMMERCIAL BANKS, JUNE 30, 1956 farmers was associated with their smaller average net worth. Number of Am lo o a u n n s t of Purpose of borrowing varied widely on borrowers outstanding Aver- different types of farms. Loans for curage Net worth In c P e e n r t - - m In il- c P e e n r t - - am o o f unt rent expenses were in relatively large volthou- age lions age debt ume on meat-animal and cotton farms, sands distri- of distribution dollars bution where there appeared to be a strong need All groups. 2,268 100.0 5,050 100.0 $2,227 for credit to finance expenditures until the Under $3,000 297 13.1 159 3.1 535 sale of livestock or crops. On some other $3,000-$9,999 733 32. 840 16.6 1,147 $10,000-$24,999... 691 30. 1,428 28.3 2,068 types of farms where income is received $25,000-$99,999... 378 16.7 1,599 31.7 4,234 $100,000 and over. 55 2.4 910 18.0 16,575 more uniformly throughout the year, such Not ascertained1 . 115 5.1 114 2.3 992 as dairy and poultry enterprises, operating 1 For purchased notes where the bank did not know the characteristics of the borrower, data on net worth, age of borrower, and type credits were a relatively small part of total of farm were not required. borrowings, and loans to finance interme- NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1169 TABLE 6 FARM BORROWERS AT INSURED COMMERCIAL BANKS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT AND TYPE OF FARM [Number of borrowers, in thousands] Type of farm All Federal Reserve district types a M ni e m a a t l Dairy Poultry g C r a a s i h n Cotton p m O ro a t d h jo u e r r ct General U si n fi c e l d a s i - All districts (thousands of borrowers). . 2,268 212 331 34 245 184 176 985 99 Boston 29 15 3 6 New York 70 39 2 2 5 13 Philadelphia 54 1 15 3 2 2 28 3 Cleveland 129 6 14 1 8 11 85 4 Richmond 199 7 11 3 4 12 91 58 13 Atlanta 220 11 11 4 1 53 12 120 8 Chicago 445 49 97 3 69 8 200 20 St. Louis 309 23 21 4 28 57 5 162 9 Minneapolis 277 25 67 2 61 4 105 12 Kansas City 225 47 10 1 50 4 7 100 6 Dallas 167 26 6 4 7 54 8 58 3 San Francisco 143 16 26 4 12 4 22 49 10 All districts: Loans outstanding (in millions of dollars) 5,050 976 740 94 578 346 428 1,792 97 Average size of debt (in dollars) 2,227 4,599 2,233 2,769 2,354 1,879 2,426 1,818 978 i See Table 5, note 1. NOTE.—Details may not add to totals because of rounding. diate-term investments were of most im- banks and accounted for 11 per cent of the portance. amount of farm loans outstanding. The Part-time farm operation. Farmers who relatively large number of borrowers classiearned one-third or more of their incomes fied as part-time farmers reflects the imporfrom off-farm sources—part-time farmers— tance of off-farm employment in the present were 13 per cent of all farm borrowers at agricultural economy, and the importance of bank credit to this group of farmers. TABLE 7 Land tenure. About 69 per cent of farm borrowers were owner-operators, 25 per LOANS TO PART-TIME FARMERS BY INSURED COMMERCIAL BANKS, JUNE 30, 1956 cent were tenants, and 6 per cent were land- BY FEDERAL RESERVE DISTRICT lords. By comparison, 76 per cent of all farm operators were reported by the Cen- Number of Amount of loans borrowers outstanding sus as owners and 24 per cent as tenants. Federal Reserve As a per- As a per- Tenant borrowers were 63 per cent of all district In centage of In millions centage of thousands all farm of dollars all loans borrowers in the net worth group under borrowers to farmers $3,000; 32 per cent in the $3,000-$9,999 All districts 296 13 573 11 group; and only 4 per cent in the $25 000- ? Boston 3 12 6 8 or-more group. New York 8 11 16 11 P C h le il v a e d la e n lp d hia 3 7 1 2 1 4 3 6 1 7 7 2 1 4 1 The average bank debt of tenants was Richmond 27 14 55 18 Atlanta 40 18 61 18 $1,347, as compared with $2,522 for own- Chicago 48 11 82 9 St. Louis 41 13 65 13 er-operators. This difference reflected the Minneapolis 20 7 31 7 Kansas City 25 11 53 8 heavy concentration of tenants in the Dallas 28 17 47 12 San Francisco 18 12 74 10 smaller net worth classes. Within similar net worth groups, average debts of tenants NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1170 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 were uniformly larger than those of owner- secured some 40 per cent of the dollar operators. amount and 46 per cent of the number of Age. Farmers under 35 years of age, all farm loans held by banks. This type of who constituted 15 per cent of all farmers security was most frequent among loans to according to the 1954 Census, made up buy machinery and durable goods (which 17 per cent of the farm borrowers from can readily be placed under chattel mortbanks. Those 45 or more years of age, gage), but it was first in frequency within while they constituted 61 per cent of the each grouping of loans by purpose, except farmers, made up less than one-half of TABLE 9 the borrowers. Within similar net worth SECURITY FOR FARM LOANS FOR SPECIFIED PURPOSES groups, younger borrowers on the average JUNE 30, 1956 had larger debts than older borrowers. As [Loans outstanding at insured commercial banks] age increased, there was an almost uniform Secured by: decline in average size of debt within each net worth group. TABLE 8 Purpose of loan T lo o a t n a s l c U u se r n e - - d d E o e n d rs - - m C g t h a o e g a r l t e t - - e m g F r s a a e o t g r a a r m e t l t e 1 - Other AGE OF FARM BORROWERS FROM INSURED In millions of dollars COMMERCIAL BANKS, JUNE 30, 1956 All purposes 5,050 1,109 260 2,179 1,377 125 Number of Amount of borrowers out l s o ta a n n d s ing Current expenses—total. 1,903 670 100 982 93 57 Average Feeder livestock op- Type of borrower amount eration 497 149 15 312 12 9 and age group t s h a I o n n d u s - d , c a P i e g s e n e t r . r t - i - - l m i I o o n i f n l- s d c P i a e s e g n t r r e t - i - - d o eb f t Int C er u l m r iv r e e in d n g i t a o t e e p x - e p te r e a r n m t s i e n s g a i n n d - 1,406 521 85 670 81 48 bution dollars bution vestments—total 1,685 279 121 980 274 33 Other livestock 447 102 28 284 22 12 All borrowers 2,268 100.0 5,050 100.0 $2,227 Machinery, etc 781 94 70 560 47 10 Under 25 years 45 2.0 53 1.0 1,175 Consumer durable 25-34 years 339 15.0 629 12.5 1,854 goods 138 13 11 108 5 1 35-44 years 715 31.5 1,575 31.2 2,202 Improvement of land 45 years and over. .. 1,058 46.6 2,603 51.5 2,460 and buildings 319 70 12 28 200 10 Corporate farm 1 .1 69 1.4 49,000 Not ascertained1.... 109 4.8 121 2.4 1,115 Farm real estate purchase 883 51 13 34 775 10 Repayment of debt 346 40 13 121 163 10 Borrowers with loans to Other, or not ascertained. 233 69 15 62 73 15 buy farm real estate.... 205 100.0 1,089 100.0 5,322 Under 25 years 1 .6 5 .5 3,905 25-34 years 28 13.7 121 11.0 4,251 Percentage distribution within groups 35_44 years 73 35.6 361 33.1 4,931 45 years and over. .. 96 46.8 548 50.3 5,714 Corporate farm .2 26 2.4 77,000 All purposes Not ascertained1.... (2)6 2.9 28 2.6 5,105 Current expenses—total. Other borrowers 2,063 100.0 3,960 100.0 1,920 Under 25 years 44 2.1 48 1.2 1,090 Feeder livestock op- 25-34 years 311 15.1 508 12.8 1,635 eration 35-44 years 642 31.1 1,214 30.7 1,891 Current operating and 45 years and over. .. 962 46.6 2,055 51.9 2,136 living expenses Corporate farm 1 .1 43 1.1 40,000 Not ascertained *.... 103 5.0 93 2.3 902 Intermediate-term investments—total.... iSee Table 5, note 1. Other livestock 2 Less than 500 borrowers. Machinery, etc NOTE.—Details may not add to totals because of rounding. Consumer durable goods Improvement of land SECURITY FOR FARM LOANS and buildings Farm real estate purchase Chattel mortgages (or conditional sales Repayment of debt Other, or not ascertained. contracts) were the most common form of security for farm loans (Table 9). They 8 8 8 8 8 8§ 8 8 88§ 22 5 43 27 2 35 5 52 5 3 30 3 63 2 2 37 6 48 6 3 16 7 58 16 2 23 6 63 5 3 12 9 6 1 73 9 8 4 1 78 22 4 63 3 9 6 1 88 1 11 4 4 47 3 30 6 35 31 6 27 1 Includes loans insured or guaranteed by U. S. Government. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1171 those to buy or improve land and to pay debts. year. In some Northeastern Federal Re- Some 70 per cent of all farm loans se- serve districts, on the other hand, a large cured by farm mortgages were to buy land proportion carried "demand" maturities. or to improve land or buildings. Farm mort- One-third of the dollar amount of loans gages were also frequently used to secure to buy farm real estate carried maturities of loans for the purpose of repaying debts or six to ten years, and one-eighth had terms for "other" non-real-estate purposes. Such in excess of ten years. On the other hand, loans were more common in the South than one-third of these loans had demand maturities or maturities of one year or less. in other parts of the United States. For Maturities on farm real estate loans were example, nearly one-half of all farm loans for current operating and family living ex- TABLE 10 penses that were secured by farm real estate MATURITY OF FARM LOANS FOR SPECIFIED PURPOSES were in the Atlanta Federal Reserve District. JUNE 30, 1956 Unsecured loans amounted to only 8 per [Loans outstanding at insured commercial banks] cent of outstandings for the borrowers with Inter- Purn ce e n t t w f o o r r th t h u e n d hi e g r h $ es 3 t , 0 n 0 e 0 t w bu o t r t r h e a g c r h o e u d p . 3 4 T p h e e r m O a r t i u g r i i n ty al * p p A o u s l r e l - s p C e r e e n u x n s - r t e - s i d n t m e i v a r e e t m - s e t - - c f r h a e o r a f a m s l e o m f p R a d e e y n e - - b t t O o t a a r s t i c h n n e e e o r r d - t , ments estate proportion of loans that were endorsed, on the other hand, was 21 per cent for loans In millions of dollars in the under-$3,000 net worth group but All maturities. 5,050 1,903 1,685 883 346 233 only 2 per cent in the top net worth group. Demand 398 140 134 72 28 25 1 month.. 73 28 27 7 5 7 3 months. 464 267 126 21 17 34 MATURITY OF LOANS 6 months. 1,377 806 378 70 63 60 9 months. 480 306 110 20 23 20 The maturity of farm loans made by com- 1 year... . 806 292 321 92 68 33 mercial banks varied considerably with the 15 months. 43 5 34 2 1 1 18 months. 101 13 78 4 3 2 purpose of the loan. Loans for current 2 3 y y e e a a rs rs.... 2 1 8 6 3 9 1 9 7 22 9 0 1 2 3 6 7 2 1 4 4 9 6 4-5 years. . 293 12 72 160 36 12 expenses were predominantly short term; 6-10 years 424 8 76 266 57 18 two-thirds of their dollar volume was pay- 11-15 years. .. 70 1 13 49 5 2 16-20 years. . . 27 (2) 2 22 1 1 able in six months or less or on demand Over 20 years. 43 (2) 4 35 2 3 (Table 10). A six-month maturity would Percentage distribution within groups appear to conform broadly to the crop All maturities. 100 100 100 100 100 100 planting-harvest interval, although loans of Demand 8 7 8 8 8 10 the shorter maturities (one to three months, 1 month 1 2 1 1 3 one-sixth of the total in dollar volume) 3 months 9 14 7 2 5 14 6 months 27 42 22 8 18 26 would not cover the complete production 9 months 10 16 7 2 7 9 1 year 16 15 19 10 20 14 period for most crops and livestock. 15 months. 1 (2) 2 (2) (2) 1 Short maturities were also frequent 18 months. 2 5 (2) 1 2 years 6 1 13 4 2 among loans to finance intermediate-term 3 years.... 3 (2) 5 4 7 4 4-5 years.. 6 4 18 10 5 investments, where the most common ma- 6-10 years... . 8 (2) 4 30 16 Over 10 years. 3 (2) 1 12 2 turity was six months, but an important part—about one-third of the loans for this 1 Loans are classified under the nearest maturity listed—for example, 5-month and 7-month loans are included with 6-month loans. purpose—had maturities exceeding one 2 Less than $0.5 million or 0.5 per cent. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1172 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 strikingly shorter in most Federal Reserve rangement of this kind could be considered districts in the Eastern and Southern part of as taking the place of giving the credit a the country than in the Central and Western longer initial maturity, perhaps repayable in part. instalments. Thirty per cent of outstanding About 8 per cent of the total dollar vol- loans to finance intermediate-term investume of loans outstanding carried "demand" ments, and 24 per cent of loans for current maturities. Such loans were relatively fre- expenses, had been renewed by plan. quent in the Boston, New York, and Phila- Unplanned renewals, which had ocdelphia Federal Reserve Districts, where curred in 10 per cent of the outstanding about 30 per cent of all loans were payable loans, were equally frequent among loans on demand. In the Cleveland District the for current expenses and those to finance corresponding percentage was 15 per cent intermediate-term investments. Regionally, while in the other eight districts it was 9 they were most frequent in the Dallas Disper cent or less. Although demand loans trict, where weather conditions were unare payable at the option of the lender, the favorable in 1956. actual maturity at times may be relatively About 70 per cent of the farm loans by long. Of the dollar amount outstanding in amount outstanding in mid-1956 were by mid-1956, 28 per cent had been made or their terms repayable in a single payment;2 last renewed before June 30, 1955, com- the remainder carried provision for repaypared with 18 per cent for other types of ment by instalments. Instalment repayloans. TABLE 11 Maturities of loans not secured by real estate mortgages have lengthened since the REPAYMENT METHOD RELATED TO PURPOSE OF FARM LOANS, JUNE 30, 1956 1947 Survey. The proportion of these loans [Loans outstanding at insured commercial banks] with maturities exceeding one year was then 6 per cent and is now 14 per cent. The pro- All other loans portion of loans secured by farm real estate Purpose of loan T lo o a t n a s l m l D o a a e n n - d s p S a i y n m gl e e n - t I m ns e t n al t having short maturities has not changed. notes notes In millions of dollars RENEWALS AND INSTALMENTS Renewals are widely used in farm lending. All purposes 5,050 398 3,173 1,479 Current expenses 1,903 140 1,655 108 Of all farm loans outstanding at banks at Intermediate-term investments 1,685 134 859 692 Farm real estate purchase 883 72 322 489 midyear, 35 per cent had been renewed one Repayment of debt 346 28 187 131 Other, or not ascertained.... 233 25 150 59 or more times. This proportion must be considered in the light of the fact that some Percentage distribution within groups loans were made too recently to have been All purposes the subject of renewal, and that some loans Current expenses Intermediate-term investments are long-term amortized loans. Farm real estate purchase.... Repayment of debt One-fourth of the outstanding loans had Other, or not ascertained.... been renewed by "plan," in that they were the subject of written or oral understandings between lenders and borrowers at the time the original credits were extended. An ar- 8 88388 8 63 29 7 87 6 8 51 41 8 36 55 8 54 38 11 64 25 NOTE.—Details may not add to totals because of rounding. 2 All demand loans were classified as single-payment loans for purposes of this Survey because of the nature of the legal contract involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1173 ments were used in something over one-half INTEREST RATES ON FARM LOANS of the loans to purchase farm land and in The average interest rate on farm loans not about two-fifths of the loans to finance inter- secured by real estate was 6.4 per cent. mediate-term investments or to pay debts. Loans to finance intermediate-term invest- Renewals appeared less frequently among ments carried higher rates than loans for instalment loans than among other types. other purposes. For all types of loans there About one-fifth of the outstanding instal- was a steady decline in interest rate as the ment loans had been renewed, in contrast size of loan increased. The average rate with about two-fifths of the single-payment was 7.4 per cent on loans under $250 and loans. 5.3 per cent on loans of $25,000 or more. A larger proportion of loans were repaid Factors affecting the structure of interest in more than one payment than were tech- rates will be examined in detail in a subnically reported as instalment loans. The sequent article. outstanding amounts of many single-pay- The average rate was about one percentment loans in mid-1956 were less than the age point lower on loans secured by real original amounts of the loans. Also, there estate than on other loans. To some extent were undoubtedly many part payments at this difference reflected the larger average the time of renewal in connection with both size of loans secured by real estate; for simthe planned and the unplanned renewals ilar sizes of loans there were spreads of reported, although no data on such reduc- around one-half of one percentage point tions were secured in the Survey. between the two groups. TABLE 12 INTEREST RATES ON FARM LOANS OF SPECIFIED SIZE, PURPOSE, AND SECURITY, JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] Size of loanl All Security and purpose of loan loans Under $250- $500- $1,000- $2,000- $5,000- $10,000- $25,000 $250 $499 $999 $1,999 $4,999 $9,999 $24,999 and over No farm real estate mortgage 6.4 7.4 7.4 7.1 6.9 6.6 6.0 5.7 5.3 Current expenses 6.2 7.2 7.1 6.8 6.5 6.2 5.9 5.7 5.3 Intermediate-term investments 6.9 8.1 8.1 7.6 7.4 6.9 6.1 5.8 5.5 Farm real estate purchase 5.5 7.5 7.2 6.4 6.2 5.9 5.6 5.2 4.7 Repayment of debt 6.3 7.3 7.4 7.1 6.8 6.5 6.2 5.6 5.1 Other, or not ascertained 6.0 7.1 6.9 6.5 6.2 6.2 5.6 5.7 5.5 Farm real estate mortgage 5.4 7.4 7.7 7.0 6.4 5.8 5.2 5.0 5.1 Current expenses 6.2 7.7 7.5 7.1 6.9 6.1 5.8 5.7 5.3 Intermediate-term investments 5.7 7.6 8.5 7.5 6.6 5.9 5.4 5.2 5.2 Farm real estate purchase 5.2 6.4 7.0 6.3 6.1 5.6 5.0 4.9 5.0 Repayment of debt 5.4 7.2 6.7 6.5 6.1 5.7 5.3 5.3 5.0 Other, or not ascertained 5.5 6.7 7.3 6.9 6.4 5.9 5.4 5.2 5.5 !When originally made or (if renewed) when last renewed. NOTE.—The Survey schedule and supplementary tables are shown on the following pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AGRICULTURAL LOAN SURVEY JUNE 30,1956 - Worksheet CONFIDENTIAL Form F. R. 477 (Exclude CCC loans — see instructions) Form approved Budget Bureau No. 55-5603 City DO NOT USE ANSWER QUESTIONS IN THIS BOXON'FIRST SHEET ONLY A B C D E 1. Do ( l a la ) r v " o R lu e m al e e o s f ta f t a e r m lo a lo n a s n s s e o c u u t r s e t d a n b d y in f g a r a m t y la o n u d r ." b an (A k, s J d u e n f e i n 3 e 0 d , i 1 n $ 5 C 6 a : ll 3. P in l e w a h se ic h g i y v o e u t r h b e a a n p k p i r s o x p im ar a t t ic e i p a a m ti o n u g n t w o it f h o u ot t h s e ta r n b d a in n g k s f , a r a m s l f o o a ll n o s ws: Dist State Bank Branch Loans Report instructions for Schedule A, Item la of the Call Report) $_ (where the answer is none, fill in *0") - •• (b) "Other loans to farmers." (As defined in Call Report in- (a) Participation loans originated by your bonk: (approximate) i 2-3 4-7 8-11 12 struction* for Schedule A, Item 4b of the Call Report) $_ (1) Total amount now outstanding F G H 1 J I I 2. A m r e e n t a n to y s o e f l l t h to e f s a o r m m e m o o th rt e g r a g l e en s d n e o r? w h (E el x d c l b ud y e y o G u o r v b e a rn n m k e h n e t l d g u u a n r d a e n r te a e g d r e o e r - (b) ( P 2 a ) rtic A i m pa o t u io n n t h l e o l a d n s b y o r y i o g u in r a b te a d n k by other banks: DepPop Region Class SHEET NO. | SHEE ( T 20 -2 N 1) O.. ins C u h re e d c ) k: Yes No (1) Amount held by your bank 13 14 15 16-17 18-19 Sixe of Note 11 12 Borrowr Characteristics. (If corporation farm, write "corporation" through (Serial notes should Repayment Method Columr 16, 17, and 18.) be treated as a (check one) Name of Borrower | 7 : o r N ( p p s o r f o u e o w r m b e c t e i e o b n r r a r e a e - u r - r< C R C! e a a p l l o * r • t O e ( a a d o l i o a n d d l e f r s r t ) i d d e i d g t s f a u i r b i . i t m e r s n c i r e A e o s c e t g t f n i n t o . o m n o l e ( e o r u e n a o o w t e r w n m t . n f - t - o it t e c ) e J A s 1 n u t 9 m a t n 5 s n t 6 e ) . d . 3 i o n 0 u g , t- d o n r D ( y m e a e e r a r w a y o . t l a e r , a n s w ) s t d a m h e * n , , d a d r i d f3 e - r g l ( a w D " i s i a m f f e d n i e a r s v d e d i r o i " t t e t n i e m e n e ' a p m s y t d d l a a h ' e t a a u n a S l a y , n o t d l e d r e - - a d - " a n - - y - t r E i b ( ( i l s n i v p s e a c o o t f e e e t t f e r f r n e e t u r e e r n ) r s o c c t t e w ) i - o t a s n - e t t - r P S a in y g - le p b w c I a o n h i l i s d - a th t r a g l i e m n d t e e n re ts s , t R ( c s f t a l e r i e o t o t o e i n a f s d n m n t t t t ) e e u e s r i u w c a - l o f m f s W i f r n e e r t o Y e o a e r q m ( e m r d t s d c C u c i s e k , l h a h i n a i a r , z c e a l o e l e i e c h e n d t v N k t r e i r t n e , c ) o e - . ry, t s f c l p ( M i r e e t o o o u r f a n d n u r t m j t p ) o e s c e o r - r i s i < e M s (e r i e i e o t o o a n r f c d m n u j t t o u ) e e c s r r r - i i a n ty t o d A m b l l ( t ( i o a C f o y a n a p a s a h e p t l t a p n t e f e a 1 r e 1 a n i s r c 9 o r z o 3 r o c ) k 5 e m r f e x 4 ro i ) - c o E u f s r t b r i e m o ( n r c a r t h o t e w e p d 1 c r e 4 i k r c n ) e ( e a s t ) t worth f t f c s ( T l r i a e e o t o o y r r n f d n p m u m t 1 t ) e s e e c 5 , i r - n o at - f H ( T c e h 1 n e 6 u c r k e ) t ( t p f i C i n i s a f i m a o h r e s 1 r m e n e t e t 7 r c - . e u ) k r c- (Machine tab. codes) — &QQ 8QQ (See below for extract from Call Report, reporting procedure, and instructions mentioned in headings.) EXTRACT FROM CALL REPORT INSTRUCTIONS—SCHEDULE A Item l(a), "Farm Land (including improvements)." erating a business enterprise as well as a farm), (3) (3) loans and advances (except real estate loans) This item should include loans secured by mortgages, or loans for the purpose of purchasing or carrying stocks, made for all other purposes associated with the other liens, on improved farm land and the improve- bonds, and other securities, and (4) loans directly guar- maintenance or operation of the farm as a ments thereon, and all other land known to be used or anteed by the Commodity Credit Corporation. business or a home, including provisions for usable for agricultural purposes, such as crop and live- the living expenses of farmers or ranchers and stock production, including grazing or pasture land, Accordingly, the item should include: their families; whether plowable or not plowable and whether wooded (1) loans secured by a commodity with respect to (4) notes of farmers which the bank has discounted or not wooded. It should include soil and water conser- which the CCC has announced a purchase or for or purchased from merchants and dealers, vation loans and farm ownership loans insured by the price-support program but which are not di- either with or without recourse on the seller; Farmers Home Administration. rectly guaranteed', and Item 4(b), "Other loans to farmers (include loans for (2) loans and advances made for agricultural pro- (5) loans to farmers for purchasing private pashousehold and personal expenditures, except loans duction, including the growing of crops, the senger automobiles, tractors, farm implements, secured by real estate)." This item should include all marketing or carrying of agricultural products and retail consumer goods on instalment basis. secured and unsecured loans made to farm or ranch by the growers thereof (unless the loans are owners and operators, including tenants, except (1) directly guaranteed by the Commodity Credit Note: Loans directly guaranteed by the Commodity loans secured by real estate, (2) borrowings for com- Corporation), and the breeding, raising, fatten- Credit Corporation—which are covered by item 4(a) of mercial and industrial purposes (when a farmer is op- ing, or marketing of livestock; the Call Report—are not to be included in this survey. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORTING PROCEDURE ing the bulk of your farm loans. Then proceed with Buy machinery, trucks, irrigation equipment, other ledgers in the same manner. If a farm borrow- etc. (Back of form) er's name appears in more than one ledger, you should be sure to use the same identification number in column Current operating and family living. This is part of a nation-wide survey that is being un- 1 for all his loans. Be sure to include all farm borrow- Purchase auto or other consumer durables. dertaken for the purpose of obtaining information on ers whose names begin with the given letters, regardless bank financing of agriculture. This worksheet is for the of the ledger in which they appear. Consolidate or pay other debts. purpose of reporting the needed information on a sample of your bank's loans to farmers. Please mail the Number your worksheets and detach and save your Buy farm real estate. portion for 60 days. The list of borrowers whose loans completed worksheets to the Federal Reserve Bank on are reported will be a valuable reference if for any rea- I Improve land and buildings. or before July 23, 1956. son you need to be contacted concerning the data sub- All information will be treated as confidential. Re- mitted. These names should not be sent to the Federal 9 Other. sults of the survey will be published only in the form Reserve Bank. of totals for groups of banks. Column 12. Enter only the one code from below If you should have questions about these instructions Only farm borrowers who have loans outstanding at or the proper reporting of a loan, CONTACT THE which best describes the major security. your bank are to be included in this survey. This will FEDERAL RESERVE BANK. Code Major Security include all borrowers for whom you are holding loans secured by mortgages on farm real estate (Call Report 1 Unsecured. Schedule A, Item la) and those for whom you are hold- INSTRUCTIONS ing "other loans to farmers" as defined in the Call Re- Endorsed or co-maker. (Left side of form) port (Schedule A, Item 4b) (The definitions of these items as they appear in the FDIC and Member Bank Chattel mortgage, chattel deed of trust, or Call Report are reproduced on the opposite page.) Be Column 2. Enter the call report item in which this conditional sales contract. sure to include any loans to farm borrowers that may be loan was reported in Schedule A of the June Call in the instalment loan file or GI file and farmers' notes Report. Farm real estate (except Government guaranteed or insured to be included under discounted with you by dealers. You should exclude, however, loans made for the purpose of financing non- Column 7. For a single-payment loan or a loan re- Code 5). farm business enterprises or investments, and loans payable in instalments on which the interest charge is Government guaranteed or insured (exclude guaranteed by the Commodity Credit Corporation. computed periodically on the unpaid balance, enter the loans directly guaranteed by CCC). stated rate. For a loan repayable in instalments on Caution: Please follow reporting instructions carefully. which the interest charge is computed on the original 6 Other. The accuracy of the survey is dependent on the instrucamount of the loan, either on a discount or add-on basis, tions being followed uniformly by each bank. estimate the effective rate which is usually about twice Column 15. Enter appropriate single code from be- You are requested to report on all notes of all farm the stated rate. low. Where a product or group of products amounts to borrowers whose last names begin with the letters 50 per cent or more of the value of all products sold, list Number the borrowers (whose names begin with the Column 9. Enter appropriate code from those listed under codes 1-6. Where less than half of income is given letters) in sequence; i.e., 1, 2, 3, etc. Enter the below. Count loan as a renewal wherever over half of from any one source, list under code 7. name of the first borrower in the left-hand column. Enter renewed or rewritten note was to refinance previous inborrower's number, i.e., "1" in column 1. Enter the re- debtedness to bank. Code Type of farm quested information about the borrower's first note in Code Renewal Status 1 Meat animals. columns 2-12. If this borrower has more than one note outstanding, enter the requested information about his 1 Note has not been renewed. 2 Dairy. additional notes using a separate line for each note. Repeat the "1" in column 1 for each note of this borrower. ** Note renewed because of understanding 3 Poultry. when note was made that part or all of Enter the information on borrower characteristics in columns 13-18 (except for purchased notes where bank note would be renewed. 4 Cash grain. does not know characteristics of borrower). For the Note renewed for other reasons. 5 Cotton. second borrower, enter "2" in column 1 for each of his notes, etc. (See examples entered on form). 6 Other major product Column 11. Enter only the one code from below Do not omit a farm loan merely because it is small or which best describes major purpose. 7 General. because it does not appear to be representative of your Code Major Purpose loan portfolio. Column 17. A part-time farmer is defined as one who 1 Purchase feeder livestock. If you have farm loans in more than one ledger, you has a third or more of his gross income from off-farm may find it convenient to begin with the ledger contain- 9 Purchase other livestock. labor (estimate). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1176 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 SUPPLEMENTARY TABLE 1 FARM LOANS OF INSURED COMMERCIAL BANKS, MIDYEAR, 1947 AND 1956 BY FEDERAL RESERVE DISTRICT Number of loans Average size Percentage increase, (In thousands) (In dollars) 1947 to 1956 Federal Reserve district 1956 1947 1956 1947 Number Size Loans not secured by farm real estate All districts 3,110 2,185 1,181 680 42 74 Boston 36 24 1,285 900 50 43 New York 88 49 1,135 920 80 23 Philadelphia. .. 59 42 1,335 770 40 73 Cleveland 144 126 962 460 14 109 Richmond 223 126 792 520 77 52 Atlanta 229 202 823 420 13 96 Chicago 644 352 1,073 650 83 65 St. Louis 367 422 911 470 -13 94 Minneapolis. .. 453 178 862 750 154 15 Kansas City. . . 371 290 1,653 750 28 120 Dallas 290 257 1,210 680 13 78 San Francisco.. 206 116 2,737 1,940 78 41 Loans secured by farm real estate mortgage All districts 418 265 3,297 2,726 58 21 Boston 8 7 3,633 2,508 14 45 New York 13 12 4,068 2,968 8 37 Philadelphia. . . 15 12 4,448 2,885 25 54 Cleveland 38 30 3,760 2,757 27 36 Richmond 42 16 3,062 2,777 163 10 Atlanta 71 27 2,066 1,609 163 28 Chicago 62 49 4,124 3,100 27 33 St. Louis 70 53 2,304 2,069 32 11 Minneapolis. .. 32 17 2,397 2,523 88 -5 Kansas City. . . 19 17 4,205 2,869 12 47 Dallas 18 9 3,199 3,267 100 -2 San Francisco.. 28 17 6,215 4,964 65 25 NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 2 PURPOSE OF FARM LOANS OF INSURED COMMERCIAL BANKS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT Amount outstanding (In millions of dollars) Percentage distribution within districts Federal Reserve Inter- Farm district All Current mediate real All All purposes expenses term in- estate other purposes vestments purchase All districts 5,050 1,902 1,685 883 579 Boston 76 14 30 17 15 New York 153 25 68 38 23 Philadelphia 146 16 58 56 16 Cleveland 282 41 89 108 44 Richmond ... 306 92 100 69 46 Atlanta 336 145 104 57 31 Chicago . . .. 946 307 341 199 100 St. Louis 496 198 146 101 51 Minneapolis 469 139 218 50 62 Kansas City 694 390 192 64 48 Dallas 407 222 128 23 34 San Francisco 738 315 213 102 109 8 888888888888 Inter- Farm Current mediate real All expenses term in- estate other vestments purchase 38 33 18 11 18 40 22 20 16 44 25 15 11 40 38 11 15 31 38 16 30 33 22 15 43 31 17 9 32 36 21 11 40 29 20 10 30 46 11 13 56 28 9 7 55 31 6 8 43 29 14 15 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS AT COMMERCIAL BANKS 1177 SUPPLEMENTARY TABLE 3 AVERAGE BANK DEBT OF FARM BORROWERS, JUNE 30, 1956 BY AGE AND NET WORTH OF BORROWER Net worth of borrower All Age of borrower borrowers Under $3,000- $10,000- $25,000- $100,000 $3,000 $9,999 $24,999 $99,999 and over All ages $2,227 $535 $1,147 $2,068 $4,234 $16,575 Under 25 years... 1,175 656 1,553 2,797 5,733 25-34 years 1,854 619 1,373 2,600 4,771 15,740 35-44 years 2,202 526 1,196 2,238 4,848 18,473 45 years and over, 2,460 470 971 1,810 3,922 15,040 SUPPLEMENTARY TABLE 4 NET WORTH OF FARM BORROWERS AT INSURED COMMERCIAL BANKS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT [Percentage distribution of borrowers within districts] Number of All Federal Reserve district borrowers net (In worth thousands) groups All districts 2,268 Boston 29 New York 70 Philadelphia 54 Cleveland 129 Richmond 199 Atlanta 220 Chicago .. 445 St. Louis 309 Minneapolis 277 Kansas City 225 Dallas 167 San Francisco 143 8 888i 100 100 8888c Under $3,000- $10,000- $25,000- $100,000 Not $3,000 $9,999 $24,999 $99,999 and over reported * 13 32 30 17 2 5 11 38 31 12 1 8 5 30 36 16 1 13 6 30 39 18 1 7 10 36 33 17 1 3 23 33 25 10 2 8 28 38 20 8 2 3 5 30 38 21 2 5 20 39 27 10 1 3 6 32 35 19 6 12 31 29 22 4 3 22 32 25 14 4 3 100 3 15 29 32 10 11 1 See Table 5, note 1. NOTE.—Details may not add to totals because of rounding. SUPPLEMENTARY TABLE 5 AVERAGE DEBT RELATED TO NET WORTH OF FARM BORROWERS AT INSURED COMMERCIAL BANKS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT Average debt, Net worth all net Federal Reserve district g w ro o u rt p h s $ U 3 n ,0 d 0 e 0 r $ $ 3 9 , , 0 9 0 9 0 9 - $ $ 1 2 0 4 , , 0 9 0 9 0 9 - $ $ 2 9 5 9 , , 0 9 0 9 0 9 - $ a 1 nd 0 0 o ,0 v 0 e 0 r All districts $2,227 $ 535 $1,147 $2,068 $4,234 $16,575 Boston , 2,633 821 1,347 3,048 6,749 New York 2,191 626 1,214 2,240 4,576 12,683 Philadelphia 2,717 996 1,348 2,643 5,423 Cleveland 2,183 398 1,176 2,297 4,144 13,478 Richmond 1,534 368 961 1,858 3,986 12,128 Atlanta 1,529 392 933 2,088 4,375 13,183 Chicago 2,125 889 1,157 1,977 3,719 10,214 St. Louis 1,608 410 1,007 1,996 4,345 12,853 Minneapolis 1,694 613 1,145 1,687 2,828 8,636 Kansas City 3,080 800 1,474 2,250 4,967 20,203 Dallas 2,431 708 1,355 2,503 4,620 12,879 San Francisco.., 5,152 755 1,293 2,131 5,407 25,115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 SUPPLEMENTARY TABLE 6 NET WORTH RELATED TO BANK DEBT OF FARM BORROWERS, JUNE 30, 1956 [Number of borrowers at insured commercial banks] All Net worth net Bank debt* worth groups Under $3,000- $10,000- $25,000- $100,000 Not $3,000 $9,999 $24,999 $99,999 and over reported Number of borrowers, in thousands All groups 2,268 297 733 691 378 55 115 Under $250 438 134 164 20 0) 39 $250-$499 353 73 143 24 24 $500-$999 416 52 162 130 48 2 22 $l,000-$l,999 416 24 142 154 74 4 18 $2,000-$4,999 410 11 103 166 110 12 9 $5,000-$9,999 155 17 60 63 12 2 $10,000-$24,999 65 C1) 3 11 36 14 1 $25,000 and over 14 4 10 Percentage distribution within net worth groups All groups 100 100 100 100 100 100 100 Under $250 19 45 22 12 5 1 34 $250-$499 16 25 20 13 6 2 21 $500-$999 18 18 22 19 13 4 19 $l,000-$l,999 18 8 19 22 20 8 16 $2,000-$4,999 18 4 14 24 29 22 8 $5,000-$9,999 7 1 2 9 17 22 2 $10,000-$24,999 3 0) 0) 2 10 25 1 $25,000 and over 1 1 17 1 Less than 500 borrowers or less than 0.5 per cent. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member BankEarnings, First Half of 19 $6 NET PROFITS AFTER TAXES of all mem- Net current earnings before income taxes ber banks in the first half of this year were $177 million higher than in the first amounted to $544 million, $60 million half of 1955.2 Taxes on net income and higher than in the comparable period of cash dividends declared were also higher. last year. Earnings on loans accounted largely for the increase. On an annual EARNINGS basis, the ratio of net profits to capital ac- Gross current operating earnings continued counts increased from 7.9 per cent to 8.3 to increase and were $375 million above the per cent.1 figure for the first half of 1955. Earnings on loans accounted for $326 million of 1 This article was prepared by Lee W. Langham of this increase. A slight decline in earnings the Board's Division of Bank Operations. on United States Government securities 2 Net current earnings are gross current operating r the first semiannual decline since 1951, was earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, more than offset by increases in other earnrecoveries and transfers to and from valuation reings categories. serves, and before taxes on net income. MEMBER BANK EARNINGS [Amounts in millions of dollars] 1952 1953 1954 1955 1956 Item First Second First Second First Second First Second First half half half half half half half half half Earnings . . 1,978 2,141 2,238 2,353 2,366 2,460 2,555 2,788 2,930 On U S Government securities 441 488 495 516 522 545 556 563 553- On other securities 113 121 122 129 133 140 144 152 151 On loans 1,105 1,201 1,281 1,351 1,336 1 375 1 447 1 636 1 773- Service charges on deposit accounts 98 100 107 112 123 129 134 140 151 Other earnings 221 231 233 244 252 271 274 297 301 1,190 1,311 1,320 1,461 1,438 1,561 1,556 1,709 1 754" Salaries and wages 586 658 645 727 692 111 737 834 820- Interest on time deposits 176 188 201 224 241 253 263 280 304 Taxes other than on net income 59 59 61 64 68 72 73 76 79' Other expenses 370 405 414 446 437 465 482 519 551 Net current earnings before income taxes 788 830 918 891 928 900 999 1,079 1,176 Recoveries and profits 1 . 57 56 54 66 298 194 86 78 79, Losses and charge-offs^ 71 155 115 216 119 136 126 300 194 Net increase in valuation reserves 3 24 44 27 13 75 90 44 95 55 profits before income taxes 751 686 829 728 1,032 869 915 761 l,00S Taxes on net income 337 271 392 300 473 332 431 260 462 Net profits . 414 416 438 428 559 537 484 501 544 Cash dividends declared4 185 205 193 226 211 245 232 269 253 Number of banks at end of period 6,815 6,798 6,765 6,743 6,721 6,660 6,611 6,543 6,499 1 Includes recoveries credited either to undivided profits or to 3 This is the net of transfers from undivided profits to valuationvaluation reserves. reserves and vice versa, and of losses charged and recoveries credited 2 Includes losses charged either to undivided profits or to valuation to valuation reserves. reserves. 4 Includes interest on capital notes and debentures. 1179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1180 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 Earnings on loans accounted for 61 per PROFITS, RECOVERIES, LOSSES, AND TRANS- FERS TO RESERVES cent of total earnings compared with 57 per cent in the first half of 1955. The in- Profits on securities sold were $18 million, crease reflected both a larger volume of a decline from $30 million reported during loan holdings and a higher average annual the first half of 1955. Recoveries were rate of return on loans; the latter increased slightly larger than in the earlier period. from 4.68 per cent in the first half of 1955 Losses and charge-offs increased sharply by to 4.89 per cent. The average annual rate $68 million; over two-thirds of this amount of return on United States Government se- was on securities. Net additions to valuacurities advanced to 2.29 per cent, but aver- tion reserves increased by $11 million. The age holdings of these obligations declined net of all these transactions in nonoperating about $7 billion, resulting in slightly lower profit, recovery, and loss items was a loss earnings on them. Earnings on United of $170 million, of which $33 million was States Government obligations represented on loans, $93 million on securities, and $8 19 per cent of total earnings, a decline from million on all other assets. The comparable 22 per cent in the first half of 1955. net loss was $84 million in the first half of 1955. EXPENSES TAXES AND NET PROFITS Gross operating expenses, excluding taxes Profits before income taxes and provisions on net income, increased $198 million over for taxes on net income were both larger the corresponding period last year. Salaries than in the first half of 1955, increasing and wages were the major expense item and $91 and $31 million, respectively, with net accounted for almost half of total expenses profits $60 million higher. and $83 million of the increase. These payments, however, were less than in the CASH DIVIDENDS second half of 1955; a decline in salaries Payments of cash dividends were $253 miland wages from the second half of a year lion, $21 million more than in the corto the first half of the following year is the responding period of 1955. Following the usual seasonal pattern. usual pattern, dividends were smaller in Interest paid on time deposits increased the first half than in the second half of the at all classes of banks and totaled $304 mil- preceding year. Dividends amounted to lion. The average volume of time deposits about 47 per cent of net profits and were was about $1 billion larger than in the first at the annual rate of 3.9 per cent of average half of 1955 and the average rate of in- total capital accounts; comparable ratios terest paid on the deposits rose from 1.33 in the first half of last year were 48 and to 1.49 per cent. 3.8 per cent, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Recommended Changes in Banking Laws The Board of Governors welcomes this refer to the Board's suggestions by the numopportunity to express its views as to pro- bers assigned to them in the Committee's posals for improvement of the banking laws. Print of legislative recommendations. In response to your Committee's request, the Board submitted several weeks ago a REPEAL OF OBSOLETE PROVISIONS number of recommendations for changes in Nearly half of the 40 recommendations subthe statutes relating to the Federal Reserve mitted by the Board relate to the proposed System. As indicated in the Board's letter repeal of provisions which for one reason or of transmittal, these recommendations are another are clearly obsolete and of no legal not directed at fundamental policy matters effect. Many of these provisions are no or the structure or scope of authority of the longer carried in the United States Code; banking agencies, except for two proposals and their repeal would make no changes in recommended by the Board during the last substance. Consequently, there appears to session of Congress. The recommendations be no need to takd the time to explain each relate chiefly to the repeal of obsolete provi- of these recommendations. sions and changes designed to improve the By way of illustration, however, I may operational activities of the System. say that a number of provisions of the Fed- The Board's suggestions are arranged ac- eral Reserve Act relate to the original orcording to the numerical sequence of the sec- ganization of the Federal Reserve Banks. tions of the Federal Reserve Act to which These provisions have all been fully executed they relate. For the sake of simple presenta- and are obviously obsolete. Similarly, certion, they are discussed under four broad tain provisions of the law have a definite categories: First, those which would repeal termination date which has long since exclearly obsolete provisions; second, those pired. Again, some provisions refer to obliwhich would repeal provisions which appear gations of certain Government agencies that to have no present significance or impor- have been dissolved or are in process of tance; third, those which are aimed at im- liquidation. proving the operations of the Federal Re- In the same class with such obsolete proserve Banks and the Board; and, fourth, visions are a few provisions which contain those which are designed to clarify or make references that are obviously incorrect, such more workable provisions relating to the as, for example, a reference to the "six" supervision of member banks of the Federal members of the Federal Reserve Board, and Reserve System. For identification, I shall references to Section 12B of the Federal Reserve Act, a section relating to deposit in- NOTE.—Statement of the Board of Governors of the Federal Reserve System before the Senate Banking surance which was withdrawn from the Act and Currency Committee regarding recommendations some years ago and re-enacted as the Fedfor changes in the banking laws, presented by Governor J. L. Robertson, Nov. 9, 1956. eral Deposit Insurance Act. 1181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1182 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 Repeal of the obsolete provisions and cor- stock is unnecessary and, in Recommendarection of the inaccurate references men- tion Number 48, suggests that this provision tioned in the Board's recommendations be repealed. would, of course, be a part of any codifica- Section 7 of the Federal Reserve Act contion of the laws relating to the Federal Re- tains a provision requiring that net earnings serve System. In addition, such a codifica- derived by the United States from the Fedtion might include a rearrangement of cer- eral Reserve Banks shall, in the discretion tain sections and of provisions within some of the Secretary of the Treasury, be used to sections in order that provisions on the same supplement the gold reserve against United subject may be grouped together. The work States notes or applied to the reduction of involved in any codification would obviously the bonded indebtedness of the United be of a technical nature; and the Board's States. Any practical effect that this provistaff will be glad to furnish any assistance in sion might have had on the use of funds by this connection that may be desired by your the Treasury appears to have been super- Committee. seded by the general statute covering the administration of the public debt. This pro- PROVISIONS OF NO PRESENT vision, therefore, would be repealed under SIGNIFICANCE Recommendation Number 55. Certain provisions of the law are not legally A provision of present law, which was obsolete, but as a practical matter do not, part of the original Federal Reserve Act, in the Board's opinion, have any present provides that, whenever any power vested by significance or importance and are obsolete the Act in the Board of Governors appears for all intents and purposes. to conflict with the powers of the Secretary Thus, Recommendation Number 65 of the Treasury, such powers shall be exerwould repeal a section of the law which aucised subject to the supervision and control thorizes the Reserve Banks to make advances of the Secretary. While not entirely clear, to groups of member banks, subject to a this provision presumably was meant to number of rigid limitations. This authority avoid any question as to the effect of the was enacted in 1932 as an emergency means Federal Reserve Act on the supervision, of providing credit under the conditions then management, and control of the Treasury existing. No advances have ever been made Department. In any event, the removal of under this authority and it seems clear that the Secretary and the Comptroller of the it serves no useful purpose at present and Currency from ex officio membership on the should be repealed. Board by the Banking Act of 1935 clearly Again, there is a provision of the original indicated an intent that the Board should Federal Reserve Act which imposes double perform its functions according to its own liability with respect to stock held in the best judgment. So far as is known, this Federal Reserve Banks. Since that time, provision has never had any significant efthe double liability feature has been dis- fect on any of the operations or- authority carded as to national bank stock and as to exercised by the Federal Reserve System or many State banks. The Board feels that the the Secretary of the Treasury, and Recomprovision of the law imposing double liabil- mendation Number 63 would repeal this ity with respect to Federal Reserve Bank provision as being in the category of pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDED CHANGES IN BANKING LAWS 1183 visions that have no present significance. tions. It would be made clear also that an Assistant Federal Reserve Agent could act OPERATIONS OF THE FEDERAL RESERVE in lieu of the Agent in the event of a vacancy BANKS AND THE BOARD in that office. The present requirement that The remaining 19 recommendations of the both the Agent and Assistant Agents be Board relate to changes which are largely persons of "tested banking experience" aimed at clarifying or improving the operawould be eliminated as unnecessary, leavtions of the System. Eleven of them relate ing to the Board's discretion the determinato the operational activities of the Federal tion whether a person appointed is properly Reserve Banks and the Board. qualified for the position. When the Fed- Recommendation 51 would amend the eral Reserve Act was passed, it was expected law to provide that all directors of the Fedthat the Chairman would be a full-time offieral Reserve Banks shall be residents of the cer of the Bank. Such was the case until Federal Reserve District of the Reserve Bank after the passage of the Banking Act of on whose board they serve and shall con- 1935, which provided that the President tinue to be residents during their term of should be the chief executive officer of the office. Present law provides that Class C Bank. Following that, the chairmanship directors appointed by the Board must have was made a nonsalaried position, and the been residents of the District for at least two nature of the duties does not call for "tested years; but there is no specific requirement banking experience." that all directors shall be residents of the Recommendation Number 54 suggests District or, even in the case of Class C direcspecific authority for payment to the United tors, that they shall cease to be directors if States by the Federal Reserve Banks of a they should move out of the District. percentage of their net earnings after ex- Recommendation 52 would limit the servpenses and dividends. Provision for a franice of Federal Reserve Bank directors, other chise tax existed prior to 1933, but was than the Chairman, to two consecutive terms repealed when the Reserve Banks were reof three years each. Such a provision for quired to use half their surplus to subscribe rotation in the directorates of the Reserve to the initial capital stock of the Federal Banks seems desirable in order to obtain the Deposit Insurance Corporation; and for advantages of broader representation and some years thereafter the net earnings of wider experience over a period of time. A the Reserve Banks were relatively small. In similar suggestion with the same purpose in 1947, however, their earnings had increased mind is made for rotation of service on the substantially; and at that time, after discuss- Federal Advisory Council. ing the matter with the Banking and Cur- Recommendation Number 53 would rency Committees of the House and Senate, clarify the right of the Federal Reserve Agent the Board acted under Section 16 of the Fedat each Federal Reserve Bank to delegate eral Reserve Act to impose an interest charge his ministerial functions to assistants, in on the amount of outstanding Federal Reorder that the Agent, who is also chairman serve notes of each Federal Reserve Bank in of the board of directors of the Reserve excess of the amount of gold certificates held Bank, may devote more attention to the pol- as collateral. In this way, approximately 90 icy matters involved in Reserve Bank opera- per cent of the net earnings of the Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1184 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 Banks was paid to the Treasury, and this further branch construction and improvehas been done annually since that time. ment necessary to keep pace with the in- The Board believes, however, that it would creased volume of business and activities of be desirable to provide specifically for trans- the branches. No appropriations of Govfer to the Treasury of a part of the net earn- ernment funds are involved and the Board ings of the Federal Reserve Banks without believes that a specific dollar limitation is relation to the amount of outstanding Fed- unnecessary; but the existing requirement of eral Reserve notes. This could be done by the law for the Board's approval for all exan amendment specifically authorizing the penditures of this kind should be retained. Board to require the Reserve Banks to trans- Turning to another aspect of Federal Refer annually to the United States Treasury serve Bank operations, the Board believes such portion of their net earnings as the that the activities of the Reserve Banks as Board might deem appropriate, or, in the fiscal agents of the United States and of varialternative, if Congress prefers, by restora- ous agencies of the Government should be tion of the provision for a franchise tax equal made specifically subject to supervision and to 90 per cent of the Reserve Banks' net regulation by the Board. At present, certain earnings after provision for expenses and Governmental agencies are authorized by dividends and such reserves for contingen- statute to utilize the Reserve Banks as their cies as may be necessary. We are submit- fiscal agents, with no specific provision for ting legislative language with respect to both over-all coordination. Such activities have methods so that the Committee and Con- increased substantially in recent years and gress may consider which method is prefer- it is more important than ever before that able. they should be coordinated through super- Recommendation Number 56 relates to vision by the Board of Governors. Accordtaxation of dividends on Federal Reserve ingly, it is desirable that the Board's au- Bank stock. The Public Debt Act of 1942 thority to supervise and regulate this subremoved a previous exemption of such divid- stantial segment of Reserve Bank operations ends from taxation, but only with respect to be specifically covered by the law. This stock issued after the date of that Act. The would be accomplished by Recommendation proposed amendment would eliminate the Number 67. exemption as to dividends on stock issued In connection with their open market opbefore that date, thereby placing member erations, the Reserve Banks for many years banks admitted to membership before 1942 have utilized repurchase agreements as a on the same basis as those admitted after convenient and flexible means of helping to 1942. smooth out temporary irregularities in the Recommendation Number 64 would elim- money market. The usual type of such an inate from the law the present dollar limita- agreement is one by which a Reserve Bank tion on expenditures for buildings for purchases Government securities from a branches of the Federal Reserve Banks. nonbank dealer in such securities under an Since that limitation was first placed in the agreement on the part of the dealer to relaw in 1922, it has been necessary in 1947 purchase the securities within a specified peand again in 1953 for Congress to increase riod of time at an agreed upon price and the statutory limitation in order to permit rate of interest. While the agreement has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDED CHANGES IN BANKING LAWS 1185 some of the attributes of a loan, it has the minor clarifying changes without modifying legal form of a purchase and sale. existing practices. Under instructions of the Federal Open Under Recommendation Number 74, the Market Committee, such agreements may be lengthy and complicated provisions of Secfor periods of not more than 15 days and tion 16 of the Federal Reserve Act, relating may cover only Government securities to the issue and redemption of Federal Rematuring within 15 months, and the interest serve notes, would be simplified and clarirate may not be below whichever is the fied, but no material changes of substance lower of the discount rate at the Federal Re- would be made in these provisions. serve Bank or the average issuing rate on With respect to the operations of the the latest Treasury bill. Generally, the dis- Board of Governors, one change is sugcount rate is used. The authority is used gested. Several provisions of present law sparingly as a means of providing the money require that certain actions of the Board be market with temporary funds to avoid un- taken only with the concurrence of a specidue strains. Securities held under such fied number of the members of the Board. agreements are reported on the weekly Fed- Such actions include changes in reserve reeral Reserve Bank statement and in the quirements, permission for member banks in Board's Annual Report. outlying districts of reserve and central re- Repurchase agreements are especially serve cities to carry lower reserves, and peradapted to the implementation of open mar- mission for one Federal Reserve Bank to ket policies in times of temporary market rediscount paper for another Reserve Bank. tightness when there is only a temporary Yet these and other such actions requiring need for reserves. The principal merit of concurrence of a certain number of Board this instrument is that the reserves provided members are no more important than other are automatically withdrawn when the trans- actions taken by the Board where the genaction reverses itself, without any affirmative eral rule requiring only concurrence by a action by the Federal Reserve. majority of a quorum is applicable. Recom- Although repurchase operations are regu- mendation Number 66 would make a simple lated by the Federal Open Market Commit- majority necessary for all Board actions. tee, the law does not specifically refer to such SUPERVISION OF MEMBER BANKS transactions nor make them specifically subject to the direction of the Federal Open The foregoing covers all but eight of the Market Committee. The Board believes, Board's recommendations. These relate to therefore, that the specific amendment sug- changes designed to improve and clarify progested in its Recommendation Number 72 visions having to do with the System's superwould be desirable. vision of member banks. Recommendation Number 73 would First, the Board believes it would be desirmake certain changes in the paragraph of able to broaden and clarify provisions relatthe law relating to the so-called Settlement ing to obtaining reports from State member Fund maintained with the Treasurer of the banks so as to permit different types of re- United States by the Federal Reserve Banks. ports for different groups of banks; to permit The changes suggested would eliminate cer- reports on a sample basis for statistical purtain obsolete references and make some poses; to authorize the Board to require pub- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 lication of reports of earnings and dividends; ing interest on demand deposits, directly or and to remove the present mandatory re- indirectly, by any device whatsoever; and quirement for publication of all reports of the law authorizes the Board to define "incondition of State member banks. Thus, terest." The practical difficulty of determinthe Board could then call for relatively ing whether various practices of member simple reports from the great majority of banks involve an indirect payment of inter- State member banks and obtain more de- est has made administration and uniform aptailed reports only from the larger banks; plication of the law extremely difficult and and could waive some of the present publi- troublesome. The Board believes that the cation requirements of reports of condition, law would pose fewer problems for the banks but could require publication of reports of and probably be more effective if the words earnings and dividends, if deemed appro- "directly or indirectly, by any device whatpriate. These clarifications of authority soever" were eliminated from the statute and would be accomplished by Recommendation if it were made clear that "interest" means Number 58. only cash payments or credits made or given Under present law, State member banks for the account or benefit of a depositor. as well as national banks are prohibited Such a change would not, in the Board's from purchasing corporate stock. Occa- opinion, defeat the basic purposes of the law. sionally, a member bank in the course of In connection with this change, it would absorption of another bank finds it would be important that the same limitatipns as to be convenient to purchase and hold the interest on deposits be made clearly applistock of the other bank for a short period— cable to both member banks and nonmemperhaps momentarily—as one step in the ber insured banks alike. It is apparently the take-over process, but, because of the statu- intent of present law that this should be the tory prohibition, member State banks have case. However, on one point, there has not been deprived of this convenient means of been uniformity for many years. The Board effecting an otherwise unobjectionable ab- has taken the position that absorption of exsorption. Recommendation Number 60 change charges by member banks involves a would permit member banks to acquire stock payment of interest, whereas the Federal Dein such limited and temporary circum- posit Insurance Corporation has taken the stances, but only with the Board's approval. opposite position. Consequently, member Recommendation 69 would authorize the banks have been placed at a serious com- Board, on complaint by the Comptroller of petitive disadvantage in some sections of the the Currency, to revoke trust powers of na- country. The Board believes that this lack tional banks if those powers have been im- of uniformity should be corrected, either by properly exercised. At present, the Board an express statement in the law that abis authorized to grant national banks per- sorption of exchange is, or is not, to be conmission to exercise trust powers and to issue sidered a payment of interest for both memregulations; but there is no specific provi- ber and nonmember insured banks, or by sion authorizing the Board to revoke such authorizing either the Board or the Federal permission if the powers are improperly Deposit Insurance Corporation to define exercised. "interest" for both classes of banks. These Member banks are prohibited from pay- suggested changes in the provisions regard- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECOMMENDED CHANGES IN BANKING LAWS 1187 ing interest on deposits are explained more the Board's agent, normally consults with fully in Recommendation 77. the Board before issuing a warning in any In 1933, Congress prohibited member such case. banks from making loans to their executive Finally, the last of the Board's recomofficers. As an exception, however, loans mendations, Number 85, proposes an up to $2,500 were permitted. Conditions amendment to require every bank merger have changed considerably since that time or consolidation involving insured banks to and the Board believes that it would be rea- have the prior approval of the appropriate sonable, as stated in Recommendation 81, Federal bank supervisory agency, with a to increase the amount specified in that ex- specific requirement that the supervisory ception to at least $5,000. agency—whether the Comptroller, the The proposal made in Recommendation Board, or the Federal Deposit Insurance 83 would authorize the Board by regulation Corporation—shall take into consideration, to permit foreign branches of national banks not only the usual banking factors, but also to exercise such powers as may be usual in the question whether the proposed transacconnection with the banking business in the tion would lessen competition unduly or countries in which they are located. Under tend unduly to create a monopoly. The present law, national banks must obtain the banking agency involved would be required Board's approval before establishing foreign to consult each of the other two banking branches. The suggested amendment would agencies on the question of competition and enable such branches to operate more effec- would be authorized to request the opinion tively than at present. A proposal of this of the Attorney General with respect to that kind was recommended to Congress by the question. Such an amendment would fill a Board in the last Congress and was incorpo- gap in present law and serve to insure conrated in a bill introduced by Senator Robert- sideration, on a substantially uniform basis, son in May 1956. of the impact of bank mergers upon competi- Under Section 30 of the Banking Act of tion in the banking field. A bill incorporat- 1933, relating to proceedings for the re- ing this proposal was passed by the Senate moval of directors or officers of member in July 1956. banks, it is now required that the Federal CONCLUSION Reserve Agent shall issue a warning when a State member bank appears to have vio- That concludes this summary of the Board's lated the law or engaged in unsound banking recommendations. As requested, I am subpractices. If the violation or unsound prac- mitting drafts of amendments to the law tice is repeated after such a warning, a hear- which would carry out each of the recoming is held by the Board to determine mendations. We have received a letter from whether the officer or director should be re- the Federal Advisory Council expressing its moved. In Recommendation 84, the Board views as to certain of the Board's recomsuggests that the warning in such a case be mendations and that letter is being made issued by the Board itself rather than by the available to the Committee. As to any Federal Reserve Agent. This would be in aspects of the Committee's study, the Board accord with present practice under which stands ready at any time to be of all assistthe Federal Reserve Agent, who is of course ance possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Defense Mobilization Planning STARTING IN CITIES in which one or eral years. These plans and arrangements more banks with resources in excess of $50 are constantly being tested and improved million are located, but including ulti- through exercises like Operation Alert mately all the banks that they examine, the 1956, during which these Government examiners of the Office of the Comptroller agencies operated for more than five days of the Currency, the Federal Deposit Insur- from emergency relocation centers under ance Corporation, and the Federal Reserve assumed conditions based on a theoretical Banks are now seeking, in the course of massive attack with nuclear weapons ditheir regular examinations, information on rected against military, industrial, and poputhe disaster preparedness measures taken lation targets in 76 localities. and maintained by individual banks. Because of the vital importance of the The questions to be asked relate to the banking system to the whole economy of defense measures taken by individual banks the nation and the need for coordinated prefor their own protection in the event of paredness measures by the commercial enemy attack or other disaster affecting banking system, as distinguished from extheir institutions. They include questions isting preparedness measures of individual on what each bank has done to provide for commercial banks, the Office of Defense protection of employees and facilities, con- Mobilization some months ago directed the Federal Reserve Board, with the cooperatinuity of management, duplication and retion of these other agencies, to take steps to mote storage of essential records, and arencourage the development of preparedness rangements for operation from alternative measures by commercial banks for continulocations if the present main banking premance of their operations and the preservaises should be damaged or destroyed. tion of their essential records. As part of This new program is part of the defense this program, on which two committees of mobilization planning growing out of the bankers are working actively, the three Fedwork of the Office of Defense Mobilization eral supervisory agencies are now making in the Executive Office of the President. this enlargement of their examination pro- Plans supported by the necessary physical cedures in order to provide current inforarrangements for emergency operations of mation that is needed by the Office of Dethe Treasury Department (including the fense Mobilization on the preparedness of Office of the Comptroller of the Currency), the banking system to function under the Federal Deposit Insurance Corporation, emergency conditions and to play its very the Federal Reserve Board, and the Federal necessary part in the mobilization and res- Reserve Banks have been in effect for sev- toration of the nation's resources. 1188 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS ADMISSION OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM A meeting of the Federal Open Market Com- The following State banks were admitted to memmittee was held in Washington on November 13, bership in the Federal Reserve System during the 1956. Mr. W. D. Fulton, President of the Federal period September 16, 1956 to October 15, 1956: Reserve Bank of Cleveland, attended the meeting as a member of the Committee, having been Illinois elected as such by the Federal Reserve Banks of Decatur. . Northtown Bank of Decatur Cleveland and Chicago for the remaining portion of the one-year term ending February 28, 1957. Kansas Claflin The Farmers and Merchants CHANGES IN THE BOARD'S STAFF State Bank Effective November 18, 1956, the Board of Gov- Minnesota ernors appointed Mr. Howard H. Hackley Associate General Counsel in the Legal Division. Mr. Ortonville Tri-County State Bank of Hackley joined the Board's staff in 1933 and had Ortonville been an Assistant General Counsel since 1951. Effective as of the same date, the Board of TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Governors appointed Mr. Robert C. Masters Associate Director of the Division of Examinations. Latest BULLETIN Reference Mr. Masters had been an Assistant Director of Semiannually Issue Page that Division since 1951. Prior to joining the Banking offices: Analysis of changes in number of Aug. 1956 896 Board's staff in 1948, Mr. Masters was a Trust On, and not on, Federal Reserve Par List, number of Aug. 1956 897 Examiner with the Federal Reserve Bank of Stock Exchange firms, detailed debit and credit balances Sept. 1956 994 Boston, having been with that Bank since 1934. Annually Earnings and expenses: DEATH OF DIRECTOR Federal Reserve Banks Feb. 1956 178-179 Member banks: Mr. Noel Rush, President, Lincoln Bank and Calendar year May 1956 510-518 First half of year Oct. 1956 1248 Trust Company, Louisville, Kentucky, who had Insured commercial banks May 1956 519 Banks and branches, number of, by class served as a director of the Louisville Branch of and State Apr. 1956 398-399 Operating ratios, member banks June 1956 650-652 the Federal Reserve Bank of St. Louis since October 1, 1949, died on November 9, 1956. Banking and monetary statistics, 1955.. |^b< Jj^jj 520-523 1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 15 Industrial production, employment, and incomes tivity in most producers' equipment lines increased were at record levels in October. Construction further. Output of construction materials declined activity declined slightly. Retail sales remained somewhat. moderately below their earlier high and somewhat Nondurable goods production in recent months above a year ago. Prices of industrial commodi- has recovered from a moderate decline earlier this ties continued to rise from mid-October to mid- year and in October was at the record level of late November, while farm products declined sea- 1955. Activity in the textile, apparel, leather, and sonally. Demand for funds continued strong, rubber products industries increased further in especially from business, and interest rates rose. October. INDUSTRIAL PRODUCTION CONSTRUCTION Industrial activity in October, as measured by New construction outlays in October declined the Board's seasonally adjusted index, was main- slightly, on a revised basis, to a seasonally adtained at the record level of 145 per cent of the justed annual rate of $43.9 billion, as compared 1947-49 average reached, on the basis of revised with the record level of $44.8 billion at midyear. figures, in September. This level is one point Private housing starts rose somewhat to a seaabove the earlier high of last December. sonally adjusted annual rate of 1,050,000 units. Value of contract awards was down considerably Steel output in October was in record volume from the high September level as awards declined and at 101 per cent of capacity; in early November for most major types of construction. operations were scheduled close to this rate. Auto output increased in October following model EMPLOYMENT changeovers which had sharply reduced the number of cars assembled in September. In early Seasonally adjusted employment in nonagricul- November assemblies of 1957 models were stepped tural establishments in October was at a record up sharply further. Production of appliances, level of 51.8 million persons. This was 1.2 million television, and other household goods in October above a year earlier, with over 1 million of the was generally maintained at high levels, and ac- increase in nonmanufacturing activities. Average hourly earnings of factory workers, at $2.02, and INDUSTRIAL PRODUCTION weekly earnings, at $82.01, were also at new peak 1947-49=100 levels, while the average factory workweek was TOTAL ^/^^A -140 down slightly to 40.6 hours. Unemployment DURABLE f showed little change in October and, at 1.9 mil- -- AMANUFAC/TURE S S~\L -I ~ lion, was 200,000 below the year-ago level. J 120 DISTRIBUTION I I i,,,,,, ....\ 1 Seasonally adjusted dollar volume of retail sales 140 in October continued at about the moderately reduced September rate and somewhat above last MINERALS / \T \ „> \/ NONDURABLE year's high. Sales at department stores in October A.* 120 >x MANUFACTURES and early November were down sharply from their v V September peak, but also remained above a year ago. Reflecting in part introduction of some 1957 m 1 1 1 uu 100 models during the month, new auto sales rose Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for October. about 7 per cent in October. Stocks of new and 1190 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1191 used autos each declined further to a level about food processors, commodity dealers, and trade one-fifth below a year ago. concerns continued to expand seasonally, and those to public utilities and petroleum and chemical COMMODITY PRICES manufacturers increased. Loans to sales finance Following the outbreak of hostilities in the Mid- companies declined further. dle East in late October, prices of such world- Member bank borrowing from the Federal Retraded commodities as rubber, tin, and copper serve averaged $825 million in early November, advanced somewhat. The rise in prices of these about the same as in early October. Excess recommodities has not been extended, but with the serves increased somewhat over the period. Reflow of oil from the Middle East affected, domestic serves supplied principally through System purprices of some fuel oils advanced. chases of U. S. Government securities and reduc- From mid-October to mid-November average tions in foreign and Treasury deposits at the wholesale prices of industrial commodities ad- Reserve Banks were absorbed in large part through vanced somewhat further. New model autos were currency outflows. introduced at higher list prices, and prices of vari- SECURITY MARKETS ous other finished products were raised. Steel From mid-October to mid-November yields on scrap rose to a new high. On the other hand, long-term Treasury bonds erased the moderate domestic prices of primary copper had been re- declines of the preceding month and then moved duced just prior to the Middle East outbreak and up to new highs for the year. Yields on interin mid-November were about 10 per cent below mediate-term Government issues erased most of a month earlier. Wholesale prices of farm prod- their sharp September-October declines but did ucts declined further, mainly for seasonal rea- not reach earlier highs. During late October and sons, but in mid-November were 3 per cent above early November, the Treasury bill yield receded a year ago. from the 3 per cent level established in mid- October when the Treasury sold $1.6 billion of BANK CREDIT AND RESERVES special bills for cash. Around mid-November, Total loans and investments at city banks when the Treasury made a second special offering showed little change between late September and totaling $1.75 billion, the bill yield returned to late October, as loan expansion of $250 million about its earlier high level. Yields on outstandwas about offset by sales of U. S. Government and ing corporate and State and local government other securities. Business accounted for most of bonds increased during late October and early the loan growth, but real estate and consumer loans November. Common stock prices were relatively also rose while security loans declined. Loans to stable. RETAIL TRADE RESERVES AND* BORROWINGS - ALL MEMBER BANKS 1947-49=100 Fe 1 d 9 e 52 ra l Reserv 19 e 5 3 indexes, 19 s 5 e 4 a sonally 19 a 5 d 5 j usted; r 1 e 9 t 5 a 6 il sales Federa 1 l 9 54 R eserve data. Fre 1 e 95 5 reserves are exces 1 s 9 56 reserves less based on Department of Commerce data. Monthly figures; borrowings. Weekly averages, latest shown are for week endlatest shown for department store sales are October, for other ing Nov. 7. series, September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. ... 1195 Reserve Bank discount rates; reserve requirements; margin requirements 1196 Federal Reserve Banks 1199 Bank debits; currency in circulation 1202 All banks: consolidated statement of monetary system; deposits and currency 1204 All banks by classes 1205 Commercial banks, by classes. . 1208 Weekly reporting member banks. 1210 Commercial loans; commercial paper and bankers' acceptances 1212 Interest rates 1213 Security prices; stock market credit. . 1214 Savings institutions 1215 Federal credit agencies. 1216 Federal finance. 1218 Security issues. 1222 Business finance 1223 Real estate credit .... 1225 Short- and intermediate-term consumer credit. 1228 Selected indexes on business activity. 1232 Production 1233 Employment and earnings. 1240 Department stores. 1242 Foreign trade. . . ... 1243 Wholesale and consumer prices. . . 1244 National product and income series 1246 Member Bank Earnings, first half of 1956. 1248 Tables published in BULLETIN, annually or semiannually—list, with references . 1189 Index to statistical tables. 1275 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 1193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages of daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 15 EXCESS RESERVES 2 ^•^tv^^Y^^A^ 0 35 30 25 20 TREASURY CASH AND DEPOSITS 1 1' L NONMEMBER DEPOSITS J 1 ' "^ . FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: HELD UNDER REPURCHASE AGREEMENTS A A DISCOUNTS AND ADVANCES 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending October 31. See p. 1195. 1194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank U. S. Govt. securities T u re ry as- Cur- Treas- with r F es . e R rv . e s B , anks reserves e W nd e i e n k g Total B r o o ig u u h t g - t ht r u a c H e g n h e p r d a l u e s e r e d e r - - c v D o a a a i u n n d s n c d - - t e s s Float Total* s G to o c ld k s r o c e t i a u n n u n r c g t - - d y - r c t e c u i i n i o n l r c a n - y - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o ig r n - Other c O F o . a t u c h R - n e t r . s Total qu R i e re - d2 c E es x s - 2 ment Averages of daily figures 1955 Sept. 7 23,826 23,761 65 865 687 25,401 21,682 5,005 30,436 806 447 379 393 94318,685 18,111 574 Sept. 14 23,813 23,744 69 918 8"2"62 525,577 21,682 5,006 30,520 803 431 419 400 942 18,750 18,142 608 Sept. 21 23,564 23,564 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 99018,767 18,191 576 Sept. 28, 23,598 23,587 901 96025,478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5 23,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,011 18,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 26,169 21,685 5,007 30,621 777 534 391 409 1,010 19,119 18,494 625 Oct. 26 23,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,010 18,891 18,433 458 Nov. 2. 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9. 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16. 24,068 24,018 50 1,173 1,013 2266,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23. 23,888 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30. 24,001 23,903 98 973 1,01926,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 957 26,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,01019,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4. 24.785 24,391 394 584 1,,539 26,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 11., 24.308 24,191 117 801 1,24226,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18., 23 80423,802 2 922 1,,112255 "2"5,872 21,692 5,008 30,632 786 360 417 321 92019,136 18,543 593 Jan. 25., 23.517 23,517 815 1,128 25,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 1.. 23,416 23,414 999 814 25,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8., 23,423 23,423 822 840 25,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15 23,349 23,349 976 832 25,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22., 23,389 23,333 56 622 1,333 25,360 21,694 5,011 30,210 794 557 362 366 ,02618,749 18,175 574 Feb. 29 23,435 23,384 51 758 880 25,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7. 23,518 23,426 92 749 835 25,118 21,695 5,011 30,202 783 461 360 327 ,023 18,670 18,137 533 Mar. 14. 23,505 23,410 95 975 812 25,308 21,717 5,011 30,276 779 564 360 346 ,021 18,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,069,19,204 18,587 617 Mar. 28. 23,508 23,495 13 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 ,069 19,028 18,455 573 Apr. 4 23,634 23,587 47 986 1,02225,658 21,716 5,017 30,321 784 560 347 ,075 18,860 18,322 538 Apr. 11 23,521 23,518 3 ,119 882266 25,481 21,727 5,016 30,300 782 508 328 307 ,08218,917 18,284 633 Apr. 18 23,399 23,377 22 ,109 97325,497 21,741 5,018 30,290 785 531 347 313 ,081118,909 18,318 591 Apr. 25 23,282 23,282 ,061 1,017 25,374 21,742 5,019 30,155 782 569 335 331 ,078 18,884 18,344 540 May 2. 23,299 23,243 56 ,089 86425,266 21,743 5,023 30,181 786 575 338 385 998 18,767 18,359 408 May 9. 23,352 23,252 100 ,114 884444 25,325 21,768 5,025 30,296 781 555 334 321 982 18,848 18,295 553 May 16. 23,279 23,226 53 ,066 993377 25,298 21,769 5,026 30,359 789 563 378 314 980118,710 18,241 469 May 23. 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 980118,809 18,275 534 May 30. 23,412 23,359 53 732 835 24,995 21,771 5,032 30,327 785 507 297 328 984,18,569 18,227 342 June 6 23,503 23,406 97 894 906 25,320 21,782 5,032 30,505 782 429 305 310 983'l8,819 18,217 602 June 13 23,516 23,491 25 747 970 25,251 21,796 5,033 30,542 779 398 332 299 982 18,749 18,233 516 June 20 23,492 23,492 764 ,507 25,779 21,798 5,033 30,541 774 535 331 317 998 19,116 18,500 616 June 27 23,478 23,452 "26 756 ,369 25,621 21,799 5,033 30,485 781 570 297 290 ,000 19,030 18,435 595 July 4. 23,791 23,748 43 644 ,231 25,685 21,806 5,032 30,765 773 493 298 298 993 18,902 18,430 472 July 11. 23,836 23,826 10 880 169 25,903 21,826 5,031 30,923 770 437 309 290 990,19,040 18,285 755 July 18. 23,490 23,487 3 849 412 25,769 21,827 5,031 30,808 768 595 320 278 987 18,869 18,240 629 July 25. 23,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 994 18,744 18,187 557 Aug. 1. 23,418 23,418 690 1,04625,172 21,829 5,034 30,575 772 519 284 273 ,021 18,591 18,115 476 Aug. 8 23,418 23,418 917 82925,182 21,855 5,035 30,633 769 530 319 284 949 18,588 18,018 570 Aug. 15 23,439 23,418 21 960 83725,254 21,856 5,036 30,681 773 539 335 277 947118,593 18,014 579 Aug. 22 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 944 19,117 18,464 653 Aug. 29 23,622 23,592 30 935 82925,404 21,857 5,041 30,618 776 481 318 282 944 18,883 18,375 508 I Sept. 5. 23,849 23,818 796 787 25,454 21,861 5,042 30,786 771 427 379 251 943 18,800 18,357i 443 Sept. 12. 23,858 23,829 1,012 ,045 25,934 21,883 5,042 30,910 770 518 381 252 941 19,088 18,394' 694 Sept. 19. 23,691 23,673 654 1,489 25,852 21,883 5,043 30,810 771 453 345 235 945 19,220 18,524 696 Sept. 26. 23,576 23,555 705 • ,394 25,694 21,884 5,044 30,714 774 651 331 219 951 18,980 18,4771 503 Oct. 3 23,697 23,602 810 1,067 25,593 21,884 5,046 30,769 776 551 325 214 953 18,935 18,456 479 Oct. 10 23,840 23,766 857 999900 25,707 21,906 5,046 30,880 770 489 405 227 958 18,929 18,322! 607 Oct. 17 23,860 23,846 714 1,215 25,810 21,910 5,047 30,953 775 388 373 429 958 18,890^18,303 *>587 Oct. 24 23,736 23,736 564 1,547 2255,866 21,909 5,048 30,864 777 505 293 291 956 19,137^18,540' ^597 Oct. 31 23,708 23,668 674 062 25,466 21,909 5,051 30,794 781 539 285 292 925 18,8102*18,417 ^393 Preliminary. For other footnotes see following page 1195 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- Cur- reserves, reserves P d e o a ri r t o e d T U o . t a S l . G B r o o o i v g u u t h t g . - t h s t ecu r a u c H e r g h n i p t r e a d i e u l e s e d e r e s r - - c v D o a a a n n u i d s c d n - - e ts s Float Total s G to o c ld k r s c o e t u i a n u n u r n g r y c t - - d y - r c t e c u i i n o i n l r c a n - y - T h c i u o r n a e r l g s y d a h s s - - Tr u w e r a i y t s h - F F . e o i R g r . n - Ba O nk th s er c O F o . a t u c h R - n e t r . s Total quired 2 c E e x s - s2 ment Arerages of daily figures 1955 Oct 23,951 23,881 70 695 92625,792 21,685 5,008 30,532 781 509 390 403 1,00018,870 18,345 525 Nov. 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 993377 18,902 18,378 524 Dec 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan 23,897 23,824 1,15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 F«b 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar 23,522 23,449 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,04818,924 18,340 584 Apr 23,410 23,393 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,06718,847 18,320 527 May 23,322 23,262 971 92825,237 21,768 5,028 30,322 785 556 331 322 98218,735 18,268 467 June 23,522 23,486 770 1,20625,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 July 23,580 23,573 738 1,26325,599 21,826 5,032 30,751 771 521 300 280 99918,836 18,237 599 Aug 23,530 23,488 898 91025,357 21,855 5,038 30,650 774 504 318 275 946 18,783 18,224 559 Sept 23,728 23,695 792 1,19825,737 21,880 5,043 30,803 772 523 356 237 946 19.024 18,446 578 Oct 23,781 23,742 715 1,18225,698 21,906 5,048 30,864 776 487 337 299 950 18,939 Midyear or year-end 1929—June 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 839 20.160 19,397 763 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—June 23,607 23,554 53 128 85024,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 End of month 1955 Oct 24,024 24,024 706 68325,430 21,686 5,008 30,559 776 484 402 396 94118,565 18,393 172 Nov 24,256 23,991 265 618 88325,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,417 57 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 Dec 1956 23,466 23,466 852 78625,122 21,693 1,009 30,228 797 428 355 349 91918,750 18,311 439 Jan 23,482 23,426 56 632 79124,920 21,695 ,012 30,163 789 554 363 305 1,02518,428 18,162 266 Feb 23,636 23,587 49 872 1,23825,761 21,716 1,020 30,339 777 534 354 623 1,06918,799 18,276 523 Mar 23,345 23,245 100 1,204 74425,307 21,743 1,025 30,210 783 578 330 404 984 18,784 18,325 459 Apr 23,474 23,360 114 1,160 72625,377 21,772 ;,030 30,513 779 515 307 309 18,773 18,204 569 May 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 992 18,443 18,449 -6 June 23,438 23,438 452 95924,868 21,830 1,035 30,604 761 513 308 288 18,308 18,104 204 A J S u e u l p y g t 2 2 2 3 3 3 , , , 8 6 7 5 8 6 4 0 7 2 2 2 3 3 3 , , , 8 6 5 2 8 9 8 8 0 8 6 5 3 3 6 2 8 4 1, 7 1 9 7 2 1 1 5 0 2 2 2 5 5 5 , , , 4 4 2 8 8 3 7 0 6 ' 2 2 2 1 1 1 , , , 8 8 9 5 8 0 8 4 9 ; i i, , , O 0 04 4 5 6 i 3 ^ 3 3 3 0 0 0 , , , 7 7 8 6 5 3 8 7 0 ^ 7 7 7 7 6 8 1 8 5 4 4 5 2 9 3 2 5 5 3 2 3 5 7 3 0 5 4 2 2 2 5 2 9 2 7 7 9 8 5 4 0 8 1 1 1 8 8 8 , , , 8 8 6 3 8 6 1 8 8^1 1 1 8 8 8 , , , 4 3 4 2 7 5 5 7 0 5 3 1 8 1 1 Oct Wednesday 1956 Aug. 1 2 23 3 , , 4 4 1 1 8 8 2 2 3 3 , , 4 4 1 1 8 8 4 7 2 1 2 7 9 6 6 7 1 9 2 2 4 4 , , 8 8 1 3 9 2 2 21 1 , , 8 8 5 2 5 9 5 5, , 0 0 3 3 5 4 3 3 0 0 , , 5 6 7 4 1 7 7 7 7 7 3 3 5 56 0 1 5 2 29 7 5 7 2 27 6 3 7 9 94 5 8 01 18 8 , , 2 3 4 2 3 2 1 1 8 8, , 0 0 8 0 9 2 2 2 4 3 1 3 Aug. 8 23,565 23,418 147 832 95425,369 21,856 5,036 30,654 783 552 289 277 94618,762 18,055 707 Aug. 15 23,544 23,544 806 94025,308 21,857 5,040 30,611 782 554 304 252 94418,759 18,462 297 Aug. 22 23,696 23,696 470 70624,892 21,857 5,042 30,630 781 490 362 264 94418,320 18,364 -44 Aug. 29 Sept. 5 23,863 23,828 35 688 85225,423 21,883 5,041 30,894 778 409 444 240 94218,641 18,361 280 Sept. 12 23,829 23,829 604 1,06325,515 21,883 5,042 30,847 781 554 376 243 940 18,700 18,425 275 Sept. 19 23,586 23,586 413 1,47125,488 21,884 5,043 30,745 777 326 355 220 95519,037 18,572 465 Sept. 26 23,593 23,553 40 573 1,06025,243 21,884 5,046 30,661 780 583 331 212 95118,656 18,466 190 Oct. 3 13,735 23,653 975 97325,702 21,884 5,045 30,786 777 547 377 198 95718,989 18,443 546 Oct. 10 :3,865 23,833 579 86025,325 21,910 5,046 30,932 776 425 303 297 95818,588 18,305 283 Oct. 17 3,860 23,860 452 1,31525,646 21,909 5,047 30,882 783 423 341 293 95718,924^18,414 Oct. 24 3,683 23,683 838 1,12725,668 21,909 5,049 30,771 785 606 277 298 95618,933^18,463 Oct. 31 3,767 23,688 79 538 91025,236 21,909^5,053^30,830 P785 495 275 297 84818,668*n 8,425 P243 Preliminary, separately in this table, but are given for end-of-month and Wednesday i Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1197 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e l m r k l s - Ne c w ity ban C ks hi- b s R c a e i r n t e v y k - e s C ba o tr n u y k n s - Item and period b m a A b e n e l m r l ks - Ne c w ity ban C ks hi- b s R c a e i r n t e v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1955 Sept 18 711 4 262 J 190 7 738 5 583 1955 Sept 564 14 63 487 Oct 18,870 4^316 ,127 7,823 5J604 Oct 524 1 64 460 Nov 18,902 4,257 ,144 7,840 5,660 Nov. 525 14 3 38 470 Dec 19,240 4,432 ,166 7,924 5,716 Dec 594 35 2 60 497 1956 J F a e n b 1 1 9 8 , , 1 7 3 0 8 9 4 4 , , 2 1 9 96 3 , , 1 1 7 3 8 8 7 7 , , 9 7 3 5 4 3 5 5 , , 7 6 3 2 2 3 1956_ F ja e n b 5 5 5 3 2 3 -2 1 4 1 -1 3 7 6 2 6 4 5 5 0 2 5 Mar 18 924 4 372 137 7 796 5 619 Mar 585 28 2 84 470 18,847 4,287 ,105 7,814 5,641 Apr 527 -12 -1 64 476 Mav 18 734 4 264 119 7 775 5 577 May 467 10 2 49 406 June . .. ... 18,933 4,354 ,133 7,784 5,662 June 575 13 4 78 479 July 18,836 4,237 ,129 7,796 5,675 July 599 12 3 89 496 Aug . . .. 18,783 4,236 ,130 7,783 5,633 Aug 559 10 1 79 469 Sept 19,024 4,288 ,120 7,885 5,732 Sept 579 80 498 Week ending: Week ending: 1956 Sept 19 19,220 4,317 ,125 7,903 5,875 1956 Sept 19 698 11 3 64 619 Sept. 26 18,980 4,305 ,097 7,874 5,705 Sept. 26 503 2 -5 59 447 Oct. 3 18,935 4,294 1,121 7,871 5,649 Oct. 3 479 1 7 61 410 Oct 10 18,929 4,195 1,102 7,854 5,778 Oct 10. 607 5 2 77 523 Oct 17 18,890 4,156 ,106 7,898 5,730 Oct 17 11 2 89 Oct 24 19,137 4,247 ,113 7,923 5,854 Oct 24. -11 3 51 ^553 Oct. 31 18 810 4 245 113 7 874 5 578 Oct. 31 ^395 17 3 57 Required reserves:2 Borrowings at Federal Reserve Banks: 1955—Sept 18,148 4,248 1,128 7,675 5,096 Oct 18 345 4 316 I 127 7 759 5 144 1955—Sept 849 141 114 472 122 Nov 18 378 4 243 I 142 7 802 5 191 Oct 884 151 137 480 116 Dec 18 646 4 397 I 164 7 865 5 220 Nov 1,016 279 70 538 129 Dec 839 197 85 398 159 1956— Jan 18 586 4 317 179 7 863 5 227 Feb 18 177 4 186 [ 134 7 687 5 170 1956 Jan 807 174 82 425 126 Mar 18,*340 4,344 1,135 7,712 5^149 Feb 799 149 106 402 142 Apr 18 320 4 299 106 7 750 5 165 Mar 993 202 258 382 151 18,268 4,254 1,117 7,726 5 171 Apr 1,060 155 261 493 151 June... 18,359 4,341 ,130 7,706 5,183 May 971 98 155 517 201 July 18 237 4 225 127 7 707 5 179 June 769 46 115 434 174 Aug 18,224 4,227 ,129 7,704 5,164 July 738 119 50 433 136 Sept 18,446 4,288 ,120 7,805 5,234 Aug 898 168 74 461 195 Sept 792 204 93 111 118 Week ending: 1956—Sept. 19 18,524 4,306 1,123 7,839 5,256 Week ending: Sept 26 18,477 4,302 ,102 7,815 5,258 1956—Sept 19 654 178 91 306 79 Oct. 3 18 456 4 293 I 114 7 810 5 239 Sept. 26 705 168 128 328 81 Oct 10 . 18 322 4 190 I 100 7 777 5 255 Oct. 3 810 219 116 384 91 Oct 17 ^18,303 4,145 ,104 7,810 ^5,244 Oct 10 857 256 111 406 84 Oct 24 *>18 540 4 258 I 110 7 872 *>5 300 Oct 17 714 239 109 263 103 Oct. 31 *>18 417 4,228 110 7 817 ?5'262 Oct. 24 564 117 131 252 64 Oct. 31 674 169 116 242 147 September 1955 Free reserves:2 4 Deposits: • 1955 Sept -285 -127 -409 365 Oct -360 -150 - 137 —416 344 Gross demand deposits* Nov -491 -265 -67 —500 341 Total 113 528 22 838 6 002 44 630 40 057 Dec .. —245 — 162 -83 — 338 338 Interbank 12?737 3 937 1 '221 6 327 l'252 Other . 100 791 18 901 4 782 38 303 38 805 1956 Jan -255 -198 -83 -353 379 Net demand deposits3.... 98,223 20,404 5,317 38,120 34 382 Feb -266 -138 -103 -336 310 Time deposits 40 325 3 352 1 300 16 260 19 412 Mar -408 -174 -256 —298 319 Demand balances due Apr -533 -167 -262 -429 325 from domestic banks... 6,384 63 105 1,937 4,279 -504 -88 -153 -468 205 June -194 -33 -111 -356 305 Julv — 139 — 108 —48 — 344 360 September 1956 -339 -158 -73 -382 274 Sept -213 -204 -93 -297 380 Gross demand deposits: Week ending: Total 116 154 23 331 6 014 45 674 41 134 1956 Sept 19 44 -167 -88 -242 540 Interbank 13 136 4 135 1 219 6,484 1 298 Sept. 26 -202 -166 -133 -269 366 Other 103 018 19 196 4 795 39 191 39 836 Oct 3 -331 -218 -109 -323 319 Net demand deposits3.... 99,719 20,574 5,274 38,669 35,203 Oct 10 -250 -251 -109 -329 439 Time deposits 41,827 3,455 1,297 16,887 20,187 Oct. 17 -228 -107 -174 Demand balances due Oct 24 ^32 -128 -128 -201 p489 from domestic banks... 6,548 66 100 1,993 4,389 Oct. 31 0-279 -152 -113 -185 P171 * Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. * Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1198 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a) i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Aug. 28,1956 Aug. 28, 1956 4 Aug. 28, 1956 New York... Aug. 24,1956 Aug. 24, 1956 334 Aug. 24, 1956 Philadelphia.. Aug. 24,1956 Aug. 24, 1956 3Vi Apr. 13, 1956 Cleveland Aug. 27,1956 Aug. 27, 1956 Aug. 27, 1956 Richmond... Aug. 24,1956 Aug. 24, 1956 4 Aug. 24, 1956 Atlanta Aug. 28,1956 Aug. 28, 1956 4 Aug. 28, 1956 Chicago Aug. 24,1956 Aug. 24, 1956 4 Aug. 24, 1956 St. Louis Aug. 28,1956 Aug. 28, 1956 4 Aug. 28, 1956 Minneapolis.. Apr. 13,1956 Apr. 13, 1956 414 Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31, 1956 4 Aug. 31, 1956 Dallas Aug. 28,1956 Aug. 28, 1956 4 Aug. 28, 1956 San Francisco Apr. 13,1956 Apr. 13, 1956 4 Apr. 13, 1956 1 Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930—Feb. 7 4 1942—Oct. 30 21/2 Central J D M M u e n a a c y e r . . 2 2 1 4 0 2 4 I* 1 1 1 9 9 9 5 4 4 0 8 6 — — — A A J A a u u p n g g r . . . . 2 2 1 1 1 5 3 2 ¥114 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n t e y k rv s e C ba o tr n u y k n s - r r e e s a c s e e i n r t r d y v v e e C ba o tr n u y k n s - 1931—May 8 1953—Jan. 16 banks 1932— O O Fe c c b t t . . . 2 1 9 6 6 3*4 1 19 9 5 5 4 5 — _A A F p e p b r r . . . 1 1 5 5 6 1 1% 34 1917—June 21 13 10 7 3 3 June 24 §8 Aug. 5 1* 1933—Mar. 3 Sept. 9 1936—Aug. 16 15 10i/i 4i/i Apr. 7 Nov. 18 1937—Mar. 1 2234 171/2 1214 1934_F O M e c a b t y . . 2 2 2 6 0 2 i* i/i 1956— A A u p g r. . 2 1 4 3 f 2 2 1 A 1 / 4 2 1938— M Ap a r y . 1 1 6 2 2 6 234 2 1 0 71/2 1 1 2 4 2* 6 5 1937—Aug. 27 In effect Nov. 1, 1956.... 5 1941—Nov. 1 26 20 14 6 3 1942—Aug. 20 24 6 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- » Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 16 71/2 7% 1949_May 1,5* 24 21 15 7 7 June 30, July 1*. 20 14 6 6 Aug. 1, 11* 19% 13 5 Aug. 16, 18*.... 19 12 5 Aug. 25 I8V2 MARGIN REQUIREMENTS 1 Sept. 1 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July 1,9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16, 24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect Nov. 1, 1956. . 20 18 12. 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements : For short sales 50 60 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13, ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were *First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1199 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. Sept. Oct. Assets Gold certificates account , 20,367,391 20,367,392 20,373,391 20,373,39420,348.393 20.367,39120.343,39120,173,353 Redemption fund for F. R. notes.. 855,745 858,792 847,887 850,107 853,450 855,745 853,452 833,339 Total gold certificate reserves. 21,223,136 21,226,18421,221,27821,223,50121,201,843 21,223,136 1,196,843 21,006,692 F. R. notes of other Banks 331,460 353.707 331,297 314,762 349,275 331,460 362,938 239,667 Other cash 358,965 357,835 349,781 341,287 363,102 358,965 377,160 358,602 Discounts and advances: For member banks 538,346 838,484 451,864 579,061 975,448 538,346 663,503 705,631 For nonmember banks, etc Industrial loans 867 877 860 /915 926 867 938 693 Acceptances—Bought outright 19,040 18,000 18,722 18,951 17,951 19,040 17.287 16,219 Held under repurchase agreement 870 870 U. S. Government securities: Bought outright: Bills 800,020 795,020 971,570 944,970 764,270 800,020 701,270 1,302,546 Certificates—Special Other 10,932. 10,932,699 6^932699 10,932,69910,932,69910,932,69910,932.699 520,076 Notes 9,153; 9,153,913 9,153,913 9,153,913 9,153,913 9,153,913 9,153,91317,399,536 Bonds 2,801 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2.801,750 801,750 Total bought outright 23,688.382 23,683,38223,859,93223,833,33223:652,632.23.688,38223,589,63224,023,908 Held under repurchase agreement. 79;ooo ; 32,000 82,000 79,000 90,200 Total U. S. Government securities.. 23,767,38223,683,382 23,859,932 23,865,332 23,734,632 23,767,38223,679,83224,023,908 Total loans and securities 24,326,50524,540,74324,331,378 24,464,25924,728,957 24,326,505 24,361,560 24,746,451 Due from foreign banks. 22 22 22 22 22 22 Uncollected cash items.. 4,750. 4,887.283 6,062. 4,421,989 4,654,041 4,750,928 4,651,264 ,646,664 Bank premises 7i; 7~1 ,,856 7i; 71,041 70,930 71,821 70,952 59,591 Other assets 327: 316, 598 306: 295,078 284,292 327,897 288,300 163,313 Total assets 51,390,734 51,754,228 52,674,02651,131,939 51,652,46251,390,734 51,309,039 50,221,002 Liabilities Federal Reserve notes 26,567,092 26,535,434 26,610,10226,631,87526,547,394 26,567,09226,545,80726,246,368 Deposits: Member bank reserves 18,667,677 18,932,878 18,924,182 18,588,49218,989,44518667,67718,830,91018565,337 U. S. Treasurer—general account 494,781 606,477 423,487 425,453 546,699 494,781 534,969 484,412 Foreign 275,140 276,729 340,879 303,217 377,786 275,140 334,070 402,222 Other 296,869 297,934 293,048 296,992 198,014 296,869 227,383 395,843 Total deposits. 19,734,46720,114,018 19,981,596 19,614,154 20,111,944 19,734,467 19,927,332 19,847,814 Deferred availability cash items 3,840,981 3,759,994 4,747,556 3,561,662 3,680.905 3,840,981 3,526,244 2,963,187 Other liabilities and accrued dividends. 20,545 20, r~ 20,817 19,885 17,937 20,545 19,304 19,417 Total liabilities 50,163,085 50,430,33151,360,071 49,827,576 50,358,180 50,163,085 50,018,687 49,076,786 Capital Accounts Capital paid in. 320,370 320,249 319,932 319,870 319,607 320,370 319,575 299,252 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,612 693,612 660,901 Surplus (Section 13b). . 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 186,124 282,493 272,868 263,338 253,520 186,124 249,622 156,520 Total liabilities and capital accounts. 51,390,734 51,754,228 52,674,026 51,131,939 51,652,46251,390,734 51,309,039 50,221,002 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.8 45.5 45.5 45.9 45.4 45.8 45.6 45.6 Contingent liability on acceptances purchased for foreign correspondents , 52.694 53,415 50,401 53,092 47,951 52,694 49.263 26,128 Industrial loan commitments , 2,236 2,434 2,454 2,402 2,416 2,236 2,416 2,751 Maturity Distribution of Loans andU. S. Government Securitiesi Discounts and advances—total 538,346 838,484 451,864 579,061 975,448 538.346 663,503 705,631 Within 15 days 534 694 832,722 446.774 573,006 968,016 534,694 654 465 697 535 16 days to 90 days 3,652 5,762 5,090 6,055 7,432 3,652 9.020 8,091 91 days to 1 year 18 5 Industrial loans—total 867 877 860 915 926 867 938 693 Within 15 days 1 1 1 1 1 1 13 16 days to 90 days 65 65 66 59 59 65 4 33 91 days to 1 year 512 522 504 556 567 512 614 542 Over 1 year to 5 years 289 289 289 299 299 289 309 105 Acceptances—total 19,910 18,000 18,722 18,951 17,951 19.910 17,287 16,219 Within 15 days 6 612 6 751 7,738 7,534 6.513 6,612 5,897 5 691 16 days to 90 days 13 298 11,249 10,984 11,417 11,438 13,298 11.390 10.578 U S Government securities—total 23,767,382 ^3,683,38273,859,93273,865,3327.3,734,63273,767.382 73,679,832 24.023.908 Within 15 days 220 020 194,020 190,320 216,000 240,250 220,020 211,350 142 600 16 days to 90 days 6,579,699 6,521,699 6,701,949 6,681,669 6.526,719 6,579,699 6,500.819 6,913,645 91 days to 1 year 14 165 91314 165 91314,165,913 14,165,913 14,165,913 14,165,913 n.452.065 P ,952 065 Over 1 year to 5 years 373 279 373,279 373,279 373,279 373,279 373,279 1,087,127 1,587 127 Over 5 years to 10 years 1,013,614 1,013,614 1,013,614 ,013,614 1,013,614 1,013,614 1,013,614 1,013,614 Over 10 years 1,414,857 1,414,857 ,414,857 1,414,857 1,414,857 1,414,857 l,414,857 1,414,857 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1956 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Gold certificate account 963,742 5,438,568 ,049,4561,905,0791,334,498 826,868 3,618,957 821,497 365,358 812,397 699,8812,531,090 Redemption fund for F. R. notes 57,738 181,782 59,316 75,079 75,097 49,776 152,273 42,191 23,056 41,916 26,435 71,086 Total gold certificate reserves 1,021,480 5,620,3501,108,7721,980,1581,409,595 876,644 3,771,230 863,688 388,414 854,313 726,316 2,602,176 F. R. notes of other Banks.. 29,344 60,232 53,558 17,420 14,506 47,955 25,666 10,293 14,193 6,581 19,584 32,128 Other cash 26,764 83,118 23,712 34,430 17,632 26,907 45,592 21,398 9,037 11,769 16,201 42,405 Discounts and advances: Secured by U. S. Govt. securities 18,365 38,725 41,365 21,010 37,710 59,532 195,605 21,225 13,150 34,209 29,750 26,700 Other 1,000 Industrial loans " '300 522 45 Acceptances: Bought outright 19,040 Held under repurchase agreement 870 U. S. Govt. securities: Bought outright 1,302,056 5,961,8451,423,4582,048,8791,458,4701,218,033 4,132,959 988,990 535,049 1,026,418 941,4712,650,754 Held under repurchase agreement 79,000 Total loans and securities. . . 1,320,721 6,099,4801,465,3452,069,8891,496,1801,277,565 4,329,564 ,010,215 548,2441,060,627 971,2212,677,454 Due from foreign banks 1 2 2 1 1 3 1 1 2 Uncollected cash items 398,618 868,031 292,435 463,363 365,541 329,286 787,821 216,136 126,080 221,521 230,226 451,870 Bank premises 5,346 8,990 4,826 7,876 7,171 3,963 5,897 4,177 4,721 4,249 3,579 11,026 Other assets 17,793 80,789 19,275 28,235 19,820 17,606 59,667 13,390 7,275 13,886 13,714 36,447 Total assets 2,820,06712,820,996 2,967,925 4,601,3733,330,4462,579,927 9,025,440 2,139,2981,097,9652,172,9471,980,8425,853,508 Liabilities F. R. notes 1,562,637 6,109,110 ,714,3322,488,252 2,108,3001,321,636 5,137,7801,185,097 492,4821,050,796 713,1552,683,515 Deposits: Member bank reserves 811,590 5,314,704 877,4781,559,457 805,861 873,050 2,985,621 675,443 432,458 841,581 948,3812,542,053 U. S. Treasurer—general account 37,211 88,344 39,766 45,104 36,107 29,639 58,070 34,627 25,301 39,672 39,062 21,878 F O o th re e i r gn 1 3 5 , , 3 75 8 3 5 2 2 0 8 7 4 , , 5 4 0 7 7 7 1 9 9 , , 8 2 9 2 3 4 24 1 , , 2 6 9 5 7 9 1 2 3 , , 5 6 8 1 1 7 1 3 1 , , 3 74 6 8 8 37 1 , , 3 67 8 7 0 1 10 0 , , 3 1 8 4 5 6 6 1 , ,8 6 5 7 5 5 10,146 13,617 4 2 6 8 , , 7 0 9 6 9 0 3,800 3,960 Total deposits 867,939 5,695,032 946,361 1,630,517 858,166 917,8053,082,748 730,601 466,289 895,1991,005,020 2,638,790 Deferred availability cash items 315,995 673,528 219,254 369,980 298,243 282,522 626,311 174,840 107,138 177,449 200,056 395,665 Other liabilities and accrued dividends 960 5,461 1,055 2,324 964 3,644 698 534 743 686 2,588 Total liabilities 2,747,53112,483,1312,881,002 4,491,0733,265,5972,522,927 8,850,483 2,091,2361,066,443 2,124,1871,918,9175,720,558 Capital Accounts Capital paid in 16,404 92,201 20,473 30,434 14,651 15,316 43,351 10,979 7,106 12,893 17,755 38,807 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 11,454 42,518 12,470 16,297 11,837 10,081 28,283 8,913 5,757 8,770 9,016 20,728 Total liabilities and capital accounts , 2,820,06712,820,9962,967,925 4,601,3733,330,446 2,579,927 9,025,440 2,139,2981,097,9652,172,9471,980,842 5,853,508 Reserve ratio 42.0% 47.6% 41.7% 48.1% 47.5% 39.1% 45.9% 45.1% 40.5% 43.9% 42.3% 48.9% Contingent liability on acceptances purchased for foreign correspondents 3,109 315,067 3,794 4,796 2,688 2,319 7,377 2,003 [,318 2,003 2,687 5,533 Industrial loan commitments.. 73 140 103 1,920 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $37,627,000 participations of other Federal Reserve 2 After deducting $190,638,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1201 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1956 1956 1955 Oct. 31 Oct. 24 Oct. 17 Oct. 10 Oct. 3 Oct. Sept. Oct. F. R. notes outstanding (issued to Bank). 27,543,767 27,561,478 27,589,760 27,521,754 27,492,373 27,543,767 27,512,651 27,139,852 Collateral held against notes outstanding: Gold certificate account 11,568,000 11,568,000 11,568,000 11,568,000 11,568,000 11,568,000 11,568,000 11,413,000 Eligible paper 83,799 77,364 47,323 49,661 109,196 83,799 108,216 248,151 U. S. Government securities 17,135,000 17,135,000 17,135,000 17,135,000 17,135,000 17,135,000 17,135,000 16,935,000 Total collateral 28,786,799 28,780,364 28,750,32328,752,661 28,812,196 28,786,799 28,811,216 28,596,151 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1956 San Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c r is a c n o - F. R. notes outstanding (issued to Bank) 1,628,187 6355,5721,796,882 2,544,420 2,155,033 1,375,1905,248,926 ,239,246 546,495 1,080,167 758,6732,814,976 Collateral held: Gold certificate acct.. 580,000 2.870,000 650,000 1,090,000 895,000 500,000 2,300,000 450,000 150,000 300,000283,000 1,500,000 Eligible paper 28,365 21,225 34,209 U. S. Govt. securities. 1,200,000 3,600,000 200~~~ i,*556; 666i \ 300 \ 666,i,'6661,',000 3* i 66 * 666 900,~~~ J666 800,000 525 ^ 666i i 5oo * 666 Total collateral 1,780,000 6,470,0001,878,365 2,640,000 2,195,000 1,500,000 5,400,0001,371,225 610,0001,134,209 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n o t o h r f N b u A e m r p ap t - p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c u l r A e o o t o t p v m e n u - e d - o n d i t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( i s n a p P f t t u a m g a a f o n t t i r u i o i n i t d o o n i t u a i c - n n s n n n i t s s - c t i g ) - - 3 y E m e n o a d r n o t o h r f N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a o a u A b n v u n a o t a d t d e m s m i r d e e l t r a i r e a o o t b n n a i w u g o l t g d n e s u e n r i t r n e a a t s e r g o l - - 1950 3,698 651,389 4,819 2,632 3,754 3,745 1950 62 31 8 6 8 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 1955 Sept 3,777 825,282 45 700 2,795 ,230 Sept 1,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 ,224 Oct 1,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 ,107 Nov 1,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec 1,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan 1,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 1,152 Feb 1,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 ,132 Mar 1,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 1,288 May 1,435 2,663 340 256 175 June 3,780 830,116 904 2,565 1,287 June 1,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 1,262 July 1,445 2,724 364 273 176 Aug 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 1,262 Sept 1,456 2,737 369 276 145 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1202 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect October 31. Per cent per annum] [In effect October 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R F B e e d s a e e n r r k v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta r g a e n te o e f d in ( b p t y e e r r e c b s e o t n r t r p a o a g w y e a e b o r) l f e any f e b c e o o r m c r h o m a w r i g t e m e r d ent On On On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 . 30 30 95 35 35 Boston 4-51/2 1/2-II/2 (3) (4) 1/2-I1/2 Over 95 40-50 40-50 N Ph e i w la d Y e o lp rk hia 2 3 1 34 /2 - - 5 5 i/2 1/2-11/4 ( ( 3 5 ) ) ( ( 4 4 ) ) 1 1 / / 2 2 - - I I1 % /4 A C C R St l h t i . e l c i a v h c L n e a m o t l g a a u o o n i n s d d 2 3 3 3 3 1 1 1 - % 5 / / / 2 2 2 1 - - - - / 5 5 5 2 5 i 1 1 / / / 2 2 2 1 V V L / 1 A 2 - - W - - 1 W 1 A 3 3 S / / s s 3 3 - - ( ( ( 3 5 3 3 3 1 1 ) ) ) / / 2 2 3- ( C ( ( 5 4 4 4 1 ) ) 4 ) ) /2 1 1 1 1 / / 4 4 2 2 (6 - - - - ) 1 1 1 1 1 % y y 4 8 8 Interes M t a r x at i e mum Rates Fin [ a P n e c r i n c g e n I t n s p t e i r t u a ti n o n n u m M ] ay Charge Borrower K M a i n nn sa e s a p C o i l t i y s 3 31 -5 /2 i - / 5 2 1/2 1 V /2 4 - - 1 1 3 H /s ( ( 3 3 ) ) ( (4 4) ) 1 1/ / 2 2 - - 1 1 3 % /s Commitment rate. S D a a n l la F s rancisco 3 3 - - 5 5 1 1 / / 2 2 1/2-13/s ( ( 3 3 ) ) ( ( 4 4 ) ) 7 7l 1 / / 2 2- l l 3 3 / / s 8 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guarantseing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Reulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of y2 per cent per annum is made on undisbursed portion. 7 Charge of 14 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers 1 centers2 City centers1 centers2 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1955_Aug. 167,343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept. 168,967 62,550 35,126 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct.. 175,779 67,568 35,803 72,409 44.7 26.5 20.3 46.1 27.3 20.3 Nov. 173,190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec. 200,523 81,027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20.5 1956—Jan.. 187,364 69,675 40,718 76,970 45.7 29.5 21.7 45.5 30.1 21.5 Feb. 162,107 57,413 35,143 69,551 41.1 27.5 21.0 42.2 28.2 21.1 Mar. 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr. 176,760 65,715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June 186,540 70,733 38,937 76,870 47.0 28.9 21.6 43.5 28.3 21.6 July. 181,284 65,873 38,653 76,757 45.9 29.6 22.4 47.1 30.2 22.7 Aug. 183,819 67,279 38,206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept. 167,154 61,223 34,057 71,874 44.8 27.4 22.0 43.7 27.7 21.7 Oct.. 193,140 70,794 40,148 82,198 45.2 P28A 46.6 ^29.3 p Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOIE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1203 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 ,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 ,484 ,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 ,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 ,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955—Sept 30,422 21,489 ,887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 ,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov 30,993 21,971 ,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 L927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21,236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,163 21,227 1,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar . 30,339 21,419 1,914 U244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30,210 21,320 1,922 1,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 9 May 30,513 21,621 1,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June 30,715 21,801 1,948 1,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 July 30,604 21,709 1,957 1,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 8 Aug 30,757 21,838 1,967 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 8 Sept 30,768 21,834 ,977 1,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Heldin the Treasury Currency in circulation 1 Held by Kind of currency T s S t o e a t 1 p n a 9 t l d . 5 i o 3 6 n u 0 g t , , - A g s a o s s g l i e d a l c v i a u n e n r r s i t d ty Tr c e a a s s h ury B F F a a . n o n R d r k . s B a F g a a . e n n R n d k t . s s Se 1 p 9 t. 5 3 6 0, Au 1 g 9 . 5 3 6 1, Se 1 p 9 t. 5 3 5 0, certificates agents Gold 21 884 21,230 2654 21,230 18,381 2,816 33 33 34 27,513 76 1,330 26,107 26,119 25,806 Treasury currency—total 5,046 ^2,418 41 377 4,628 4,605 4,582 Standard silver dollars 489 210 31 6 242 241 227 Silver bullion 2,208 2,208 Silver certificates and Treasury notes of 1890 32,418 287 2,131 2,117 2,155 Subsidiary silver coin 1 325 5" 45 1,274 1,267 1,219 Minor coin . 469 2 7 461 458 441 United States notes 347 2 31 313 313 316 Federal Reserve Bank notes .. 145 1 1 143 144 158 National Bank notes 64 (4) (4) 64 64 66 Total Sept 30 1956 (5) 23,648 771 18,381 4,522 30,768 Aug. 31 1956 (5) 23,618 768 18,363 4,391 30,757 Sept 30 1955 (') 23,453 787 18,178 4,354 30,422 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates in table on p. 1196. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States • Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 3 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n i c ts y c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—june 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—June 30. 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 1955—Sept. 28. 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26. 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30. 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25. 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29. 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28. 21,700 5,000 214,900 101,600 92,600 c67,100 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25. 21,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30. 21,800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25* 21,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29* 21,900 5,000 217,000 105,500 90,900 65,400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26* 21,900 5,000 218,000 106,700 90,600 65,300 23,600 1,800 20,700 244,900 224,100 20,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o d n a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b c e a a a o A r v n n c m i t d i k n a - s g l s B F. A an R t k . s Total Total m T b C e i a o r m n c m k i e a s - l de M p b s a o a u n v s t i i k u n t s s a iw g 2 3 l s S S P a y i o v s s i t n e ta g m l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a e s d t e n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31.. 2,501 1,270 5'259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1953—Dec. 31.. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359102,451 28,091 126,700 99,500 27,200 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—June 30.. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 27,000 1955—Sept. 28.. 3,200 800 4,500 500 209,700 77,700 48,100 27,700 ,900104,900 27,200 133,300 106,200 277,100 Oct. 26.. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 ,900106,100 27,300 132,000 104,800 277,200 Nov. 30.. 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 277,500 Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,300 105,800 277,500 1956—Jan. 25.. 3,100 800 2,300 500 214,400 78,400 48,300 28,300 ,900108,900 27,100 133,300 106,000 277,300 Feb. 29.. 3,000 800 4,000 600 211,600 78,800 48,500 28,400 ,800105,600 27,200 132,700 105,400 277,300 Mar. 28.. 3,000 800 6,500 500 210,800 79,300 48,800 28,600 ,800104,400 27,200 133,100 105,600 277,500 Apr. 25.. 3,000 800 4,400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134,400 107,200 277,200 May 30.. 3,000 800 5,800 400 211,200 79,600 49,000 28,900 ,880000 104,200 27,400 133,200 105,700 277,500 June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,700 277,600 July 25* 3,100 800 3,600 600 213,300c80,700 49,700 29,200 1,700105,200 27,400 134,300 106, 800 277,500 Aug. 29*, 3,100 800 5,800 500 212,800 80,900 49,900 29,300 1,770000 104,500 27,500 133,600 106,100 277,500 Sept. 26*, 3,200 800 5,400 600 214,200 81,200 50,000 29,500 1,700105,400 27,500 134,200 106,700 277,500 * Preliminary. r Revised. c Corrected. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1205 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets- Total Other Cla a s n s d o d f a b t a e nK Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i i n c a t i d i - t - e a s l Total2 b In a t n e k r- 2 1Demand Time c c T a o a o p u c t i n - t a a t l s l b N a b o u n e m f k r s counts 3 U.S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 71,79? 77,068 68 242 9,874 32,516 75,85? 8.194 15 035 1941 Dec 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,723 18,188 175,091 161,865 11J011 1 146 94.181 51,105 948 14 714 1950 Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 I 809101,936 56,513 13,837 14,650 1954—Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211 115 811 176116,617 71,510 17770 14 367 1955—June 30 184.253 91.355 71.947 20.951 42.014 229,631 208.850 15,245 I 081113.034 75,491 17,663 14,309 Sept 28 186;810 95,240 70,680 20,890 41,110 231,230 208,710 14,700 220113,690 76 100 17,930 14,286 Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 712123,239 76,844 18,112 14,243 1956—Jan. 25 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2 010117,600 76,880 18,160 14,250 Feb. 29 188,700100,360 67,640 20,700 41,410 233,720 210,130 14,060 1 640115,140 77,790 18160 14 230 Mar. 28 190,530102,730 67,080 20,720 40,830 234,910 211,140 14,210 i 170112,930 77 830 18,410 14,229 Apr 25 190,810103,520 66,580 20,710 40,710 235,070 211,070 14,220 110114,910 77 830 18,580 14,224 May 30 190,640104,430 65,700 20,510 40,800 235,010 210,890 13,690 450113,580 78 170 18,710 14,218 June 30 191,074105,525 64,917 20,632 41,161 238,133 215 510 5 715115,850 79 18811 14 206 July 25? 190,860105,960 64,490 20,410 40,770 235,260 211,250 14,560 i5 290114,140 79 260 18,840 14,204 Aug. 29*> 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 460113,050 79 550 18,960 14,207 Sept 26p. 193,680107,760 65,250 20,670 42,480 239,950 215,240 15,100 100115,180 79 860 19,090 14,206 5 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 7?,474 65.216 57,718 9,874 32,511 15111 6,885 14 484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15952 7,173 14,278 1 1 9 9 4 4 5 7 — D De e c c 3 3 1 14... . 1 1 2 1 4 6 , , 0 2 1 8 9 4 2 3 6 8 , , 0 0 8 5 3 7 9 6 0 9 , , 6 2 0 2 6 1 7 9 , , 3 0 3 0 1 6 3 3 4 7 , ,5 8 0 0 2 6 1 15 6 5 0 , , 3 3 7 1 7 2 1 1 5 4 0 4 , , 2 1 2 0 7 3 1 14 3 , , 0 0 6 3 5 2 1 3 0 4 5 3 97 9 1 4,367 3 3 0 5 2 3 4 6 1 0 1 8 0 , ,0 9 5 5 9 0 1 1 4 4 , , 0 1 1 8 1 1 1950—Dec. 30 126,675 52,249 62,027 12,399 40,789 168,932 155 265 14,019 \ 806101,917 16 501 11590 14 121 1954 Dec 31.. 155,916 70,619 68,981 16,316 43,559 202.378 184,757 16,809 172116,567 47 209 14576 13.840 1955—June 30 155,264 75,183 63,271 16,809 41,075 199,249 181 516 15,74? 5 07811?981 48 714 14906 13 781 Sept 28 157,260 78,390 62,020 16,850 40,190 200,350 180,990 14,700 4 220113,640 48 430 15 110 13,759 Dec. 31 160,881 82,601 61,592 16,688 46,818 210,734 192,254 16,641 1 709171,187 48 715 15100 13 716 1956—Jan. 25 159,410 81,980 60,900 16,530 40,760 202,730 182,720 14,550 010 117,550 48 610 15 140 13,723 Feb. 29 158,350 82,540 59,170 16,640 40,510 202,040 181 670 14060 3 640 115 090 48 880 15 510 13 703 Mar. 28 159,930 84,690 58,600 16,640 ,940 202,980 182,440 14] 6 170 117,870 49 190 15 550 13 702 Apr. 25 160,080 85,290 58,150 16,640 39,880 203,070 182,330 14,220 4,110114 860 49 140 15710 13,697 May 30 159,690 85,960 57,310 16,420 .970 202,780 181,980 11,690 5450111, 49 170 158^0 13 691 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5 232115,824 50 030 15927 13,679 July 25P 159,580 87,140 56,190 16,250 19.970 202,690 181,980 14560 790114,110 50 15940 13,677 Aug. 29P 161,030 87,470 57,170 16,390 39,730 204,090 183,150 14,460 5 460113,020 50 210 16040 13,680 Sept. 262> 162,050 88,520 57,040 16,490 41,650 207,030 185,720 15,100 5 100115,150 50 170 16 160 13 679 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,78? 55,361 49,340 9,410 741 77,489 11699 5 57? 6 362 1941_Dec. 31 43,521 18,021 19,539 5,961 71 68,121 61,717 10,575 1709 17,116 1? 147 5 886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 79,845 138,304 129,670 11,640 179 69 640 74 710 7 589 6 884 1947_Dec. 31 97,846 32,628 57,914 7,304 1?,845 132,060 122,528 401 1 176 80 609 78 140 8464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87783 29 336 695 6.873 1954—Dec. 31 131,602 60,250 57,809 13,543 18,076 172,242 157,252 15981 715 99 604 17950 710 6 660 1955—June 30 130,788 64.315 52.543 13.930 36.300 169,686 154,670 14,462 4,656 96 742 38 810 12461 6,611 Sept. 28 132,277 67,193 51,144 13,940 15]400 170,231 153,725 11910 797 97 048 18950 1? 6,584 Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 1 177 105 400 19 165 1? 781 6 543 1956—Jan. 25 133,999 70,329 50,133 13,537 15,166 172,055 154,952 11J850 ,691100 160 19 049 1? 811 6 540 Feb. 29 133,008 70,812 48,571 13,625 ,697 171,491 154,064 11 184 3 778 98 116 19 766 1? 966 6,525 Mar. 28 134,582 72,860 48,084 13,638 35.179 172,455 154,870 11 541 5 670 96 197 19 51? 11005 6 521 Apr. 25 134,643 73,386 47,639 13,618 35,101 172,483 154,715 13541 3,666 98 037 39,471 13 134 6,517 May 30 134,114 73,930 46,818 13,366 15 172,156 154,405 11044 4 91? 96 8?7 196?? 11714 6,510 June 30 134,428 74,783 46,226 13,419 17,516 174,820 158,388 14 508 4,806 98 904 40. 171 11 6 499 July 25P 133,966 75,005 45,763 13,198 15J60 171,934 154,215 11 874 7 860 97 181 40 100 11104 6,494 Aug. 29p 135,223 75,322 46,581 13,320 15,048 173,210 155,323 11 781 4.971 96 165 40 756 11191 6 491 Sept. 26P. . . 136,165'76,334 46,427 13,404 36,815 175,928 157,639 14 392 4,632 98 164 40,451 13498 6,488 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 •5 10571 109 551 1941_Dec. 31 10,379 4,901 3,704 1,774 791 11,804 10,533 6 10,577 1741 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15171 59? 542 1947_Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 1 1 14 17,745 j 889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 19 ?0,009 ? ?47 529 1954—Dec. 31 27,868 14,998 8,748 4,123 1,0?6 29,276 26,359 1 4 50 76,10? 694 527 1955—June 30 28.990 16,172 8,675 4,142 989 30,382 27,334 1 3 51 77,?77 2 757 528 D Se e p c t . . 3 2 1 8.... 2 2 9 9 , , 8 5 9 5 8 0 1 17 6 , , 4 8 5 5 6 0 8 8 , , 4 6 6 6 0 0 4 3 , , 0 98 40 2 9 9 6 2 5 0 3 3 1 0 , , 2 8 7 8 4 0 2 2 8 7 , , 1 7 8 2 7 0 ( 1 4 5 5 0 1 2 7 7 8 , . 6 1 7 7 0 9 2 8 8 2 1 0 ? 5 5 2 2 7 7 1956—Jan. 25 30,120 17,620 8,480 4,020 910 31,450 28,320 (5) 50 ?8 ?70 2 870 527 Feb. 29 30,350 17,820 8,470 4,060 900 31,680 28,460 5) (5) 50 78410 2 850 527 Mar. 28 30,600 18,040 8,480 4,080 890 31,930 28,700 /5) (i) 60 78,640 2 860 527 Apr. 25 30,730 18,230 8,430 4,070 810 32,000 28,740 / (i 50 ?8 690 2 870 527 May 30 30,950 18,470 8,390 4,090 810 32,230 28,910 /•5"\ (5) 60 7,8850 7 890 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 3 1 76 79J5? 885 527 July 25? 31,280 18,820 8,300 4,160 850 32,570 29,270 (i) (•) 10 ?40 7 900 527 Aug. 29P. . . . 31,470 19,060 8,250 4,160 830 32,750 29,370 (0 0 30 29,340 2,920 527 Sept. 26*> 31,630 19,240 8,210 4,180 830 32,920 29,520 ( 30 29,490 2,930 527 P Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities b al a l n n k o n in m e A m la b s e k r a c t o h m at m b e e r c c a ia m l e b a a n k m s e m an b d e r a l b l a m nk e m o b n e r A b p a r n . k 1 s 5 i , n 1 c 9 lu 5 d 4 i , n a g n o d n a e and 2 B in e d g i i v n i n d i u n a g l b J a u n n k e s, 3 a 0 n , d 1 b 9 y 4 2 m , e e r x g c e l r u s d , e e s t c. reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U b . o l i v g S t a . . - O se t c h u e - r a C ss a e s t h s 2 c b T a i a l l p o i n i a t t i d i t a - e a l s l Total2 b In an te k r - 2 Dema O nd ther c c T a o a p o u c t i n t - a a t l s l N ba b u o n e m f r ks tions rities ac- Time counts 3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 Sept. 28 22,852 13,716 6,782 2,354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—Jan. 25 22,945 14,134 6,671 2,140 6,789 30,477 25,965 5,020 215 18,465 2,265 2,749 18 Feb. 29 22,750 14,392 6,140 2,218 7,215 30,730 26,317 4,934 690 18,402 2,291 2,794 18 Mar. 28 23,563 15,382 5,976 2,205 7,076 31,372 26,951 4,958 1,401 18,210 2,382 2,783 18 Apr. 25 23,201 15,099 6,027 2,075 6,862 30,773 26,499 4,929 805 18,456 2,309 2,793 18 May 30 22,918 15,153 5,871 1,894 6,957 30,607 26,388 4,941 1,049 18,103 2,295 2,798 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 July 25* 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29* 23,220 15,326 5,935 1,959 6,938 30,972 26,535 5,017 1,314 17,822 2,382 2,825 18 Sept. 26* 23,428 15,807 5,652 1,969 7,201 31,463 26,702 5,105 996 18,206 2,395 2,819 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 Sept. 28 6,202 2,950 2,543 709 1,889 8,140 7,345 1,218 241 4,590 1,296 616 13 Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—Jan. 25 6,435 3,239 2,535 661 1,985 8,469 7,749 1,144 74 5,230 1,301 626 13 Feb. 29 6,237 3,097 2,472 668 1,953 8,245 7,397 1,160 216 4,731 1,290 631 13 Mar. 28 6,446 3,223 2,545 678 1,785 8,282 7,202 1,236 420 4,284 1,262 631 13 Apr. 25 6,325 3,383 2,242 700 1,850 8,227 7,208 1,129 228 4,572 1,279 631 13 May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 1,094 344 4,613 1,283 636 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 July 25* 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 Aug. 29* 6,325 3,541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 1,287 641 13 Sept. 26* 6,250 3,571 2,061 618 1,929 8,233 7,302 1,214 312 4,487 1,289 647 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1954_Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4.492 297 Sept. 28 51,306 27,041 19,137 5,128 14,430 66,765 60,582 6,383 1,522 36,698 15,979 4,571 297 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 16,164 4,641 292 1956—Jan. 25 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 Feb. 29 51,600 28,719 17,989 4,892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 Mar. 28 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 Apr. 25 52,410 29,753 17,694 4,963 14,578 68,107 61,266 6,236 1,407 37,421 16,202 4,822 290 May 30 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 June 30 52,071 30,122 17,051 4,898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 July 25* 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 Aug. 29* 52,515 30,645 17,057 4,813 14,308 67,999 61,105 6,332 1,780 36,530 16,463 4,951 290 Sept. 26* 52,878 30,956 17,084 4,838 15,276 69,344 62,490 6,777 1,887 37,250 16,576 5,008 290 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955—June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Sept. 28 51,917 23,486 22,682 5,749 11,977 64,695 59,303 1,232 1,338 37,314 19,419 4,715 6,256 Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—Jan. 25 52,561 24,437 22,324 5,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29 52,421 24,604 21,970 5,847 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 Mar. 28 52,469 24,905 21,726 5,838 11,837 65,161 59,573 1,226 1,519 37,175 19,653 4,832 6,199 Apr. 25 52,707 25,151 21,676 5,880 11,811 65,376 59,742 1,247 1,226 37,588 19,681 4,888 6,196 May 30 52,920 25,491 21,543 5,886 11,790 65,544 59,724 1,157 1,502 37,308 19,757 4,925 6,188 June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 July 25* 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,624 20,043 4,947 6,173 Aug. 29* 53,163 25,810 21,430 5,923 11,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6,170 Sept. 26* 53,609 26,000 21,630 5,979 12,409 66,888 61,145 1,296 1,437 38,221 20,191 5,024 6,166 * Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $10 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1207 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total Total Other Total Num- Cla a s n s d o d f a b t a e nk Total Loans o G U t b i l o o . i S n v g t a . s . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b a i a l a l p i n i a c t i d i - t - e a s l Total 2 b In a t n e k r 2 - Demand Time c c o a a p u c i n - ta ts l ba b o n e f k r s counts3 U.S. Govt Other All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,429 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1 325 92,975 34,882 9,734 13,398 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955—June 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1954—Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—June 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 1,871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 1,851 1956—June 30 48,973 28,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 1,832 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 ,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6,713 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 31* 2,009 474 1,280 255 576 2,643 2,251 363 ,392 478 325 783 1954—Dec. 31 1,800 492 969 339 397 2,250 1,871 433 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 990 337 327 513 Dec. 31 1,716 520 827 370 357 2,126 1,742 370 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2,036 1,646 377 932 326 326 470 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 31 * 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12,114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7,183 toured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1954—Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 19,831 1,920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 20,536 1,965 218 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—June 30... 23,168 14,514 5,636 3,018 739 24,271 21,959 21,930 2,061 220 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 31 • 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1954—Dec. 31... 7,038 3,346 2,630 1,061 194 7,295 6,474 6,471 774 309 1955—June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 6,741 792 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 7,222 824 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars) Loans 2 Investments Total C m c o i e a m r l - , - p o L u r o r c c a a h n r a s r s y i f i n n o g g r Other U. S. Government obligations O ti g o b a n l - i s - Cla c s a s l a l o n d f d a b te ank i m l n o a v e n a e n n d s t s t s - Total2 c o m i p p k l i p n u n a e a e e g d - r r - t n - - A c tu a u g r l l r - - i- b d a T e e s r n e o e r r o s a s d c k l u - rit o T i t e o h s - l R o ta a e t n a e l s l u v o i d t a i n a o i d - l n - s - s O l t o h an e s r Total Total Bills C o d c e e f a e r d t b t i e i - n t f D s - - i- ire N c o t tes Bonds G t a e u n e a - d r- S p s d s a i t i o u c i o o a n v l b a t f n i d i e - l t - s - s O s r e t i h t c i e u e r s - All commercial banks :3 1947—Dec. 31... 116,28438,05718,1671,660 830 1,220 9,393 5,7231,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1954—Dec. 31.... 155,91670,61926,867 5",;220000 2,9291,52518,41814,750 2000 85,29768,9815,065 5,361 14,672 43,861 22 12,586 3,729 1955—June 30..., 155,26475,18328,872 4,,339911 2,859 ,61319,77916,365 2428 80,08163,2713,220 1,710 16, ,685 16 12,785 4,025 Dec. 31....160,88182,60133,245 4,,447755 3,263I,'774 20,80917,185 3117 78,28061,5924,219 2,318 14,'034 41,010 12,6983,990 1956—June 30...,160,00886,88736,111 4.,2 "5"4" 2",6 9"5"1,738 21,78718,365 3286 73,12256,6202,817 1,247 12,72739,815 14 12,929 3",573 All insured commercial banks: 1941—Dec. 31..., 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 ,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,461 1,314 3,164 3 606 4,677 2,36111,18196,04388,9122,455 19,07116,045 51,321 22 3,873 3,258 1947—Dec. 31...,114,27437,58318,0121,610 823 ' 190 9,266 5,654|y10,2—8 76,69167,9412,124 7,552 5,918 52,334 14 5,'1"2'9 "3,621 1954—Dec. 31.... 154,11570,12726,7315,108 2,907 50118,30214,676 11 973 83,98868,0124,901 5,27914,523 43,287 2112,352 3,624 1955—June 30....153,48874,69228,729 4,319 2,834 58919,66116,283 2,400 78,79662,3422,996 1,667 16,479 41,185 1512,549 3,906 Dec. 31....159,16482,08133,092 4,396 3',229f,742 20,69217,104 3,09177,08360,7654,105 2,292 13,856 40,502 1012,465 3,853 1956—June 30....158,34486,37435,944 4,190 2,669 704 21,67118,284 3;259 71,97155,8352,751 1,228 12,552 39,290 13 694 3,442 12, Member banks, total: 1941—Dec. 31..., 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 11,729 3,832 090 2,871 1945—Dec. 31..., 107,18322,775 8,949 8553,133 3,378 3,455 1,900 1,104 8844,40878,3382,275 16,98514,271 4'4,/792 16 254 2:,815 1947—Dec. 31..., 97,84632,62816, ,,046 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 45,,286 10 199 3,105 1954—Dec. 31..., 131,60260,25025,007 3,529 2,881 1,36314,43312,1271,858 71,35257,8094,075 4,30712,464 36,/944 20 449 3,094 1955—June 30...,130,78864,31526, 799 2,8081,44015,594 13 2285 66,47352,5432,377 1,28113,969 34,/903 13 584 3,346 Dec. 31....135,36070,98231,0192 726 3,1501,56016.39! 14,313 2,943 64,37750,6973,250 1,773388 11,508 34,192 9 444 3,236 1956—June 30...,134,42874,78333,,725 2 552 2,5861,52217,17215,330 3,08759,64546,2262,013 84010,332 33,029 12 557 21,862 New York City:* 1941 -Dec. 31... 12,896 4,07: 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,453 1,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947-Dec. 31... 20,393 7,179 5,361 545 267 111 564 330 13,21411,9721,002 640 558 9,771 638 604 1954—Dec. 31... 23,88012,039 7,231 204 2,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30... 23,09913,016 7,928 16 22,034 466 656 1,379 754 10,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31... 23,58314,640 9,126 1722,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30... 23,27015,37310,191 1,691 494 609 1,5901,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Chicago:* 1941—Dec. 31... 2,760 954 73: 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1954—Dec. 31... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—June 30... 6,288 2,846 1,940 10: 270 88 122 244 139 3,441 2,742 76 66 812 1,788 456 243 Dec. 31..., 6,542 3,34r 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30... 6,336 3,57: 2,663 13 170 96 133 384 187 2,764 2,088 46 3 476 1,564 489 188 Reserve city banks 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 ,243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 427 ,503 1,459 855 404 31,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 ,59120,196 373 2,358 1,90115,560 3 1,3421,053 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26,75221,7181,326 1,695 4,95413,736 7 3,782 "1,252 1955—June 30... 50,59625,65411,210 700 444 651 6,603 5,500 954 24,94219,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 1,180 23,83718,826 813 657 4,70812,643 5 1,233 1956—June 30... 52,07130,12213,978 520 502 676 7,357 6,306 1,265 21,94917,051 374 279 4,08612,308 4 3,7781,076 3,823 Country banks: 1941—Dec. 31... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29",40726,999 630 5,102 4,54416,713 9 1,342 1067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,0061,262 1954—Dec. 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,73115,228 4,2751,120 1955—June 30... 50,80622,799 5,815 1,980 61 234 8,214 6,366 439 28,00622,3211,261 587 5,55414,916 4,458l|227 Dec. 31... 52,77524,379 6,290 2,127 189 255 8,723 6,575 573 28,39722,5701,774 913 5,056 1144,825 4,5811,246 1956—June 30... 52,75225,716 6,89: 2,019 223 257 9,073 7,050 590 27,03521,076',267 489 4,68814,628 4,7311,228 All nonmember banks:3 1947—Dec. 31... 18,45 5,432 1,205 614 20 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31... 24,33710,378 1,859 1,671 49 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30... 24,49910,876 1,979 1,592 51 173 4,194 2,875 14313,62210,741 843 429 2,672 6,794 2,203 679 Dec. 31... 25,54611,628 2,2261,750 113 214 4,428 2,872 174 13,91810,908 970 580 2,527 6,829 2,255 755 1956—June 30... 25,60512,114 2,3851,70: 110 216 4,625 3,036 200 13,49:10,406 805 40' 2,396 6,797 2,374 712 1 All commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. possessions except for one bank in Alaska that cities and individual banks, and by mergers, etc. became a member bank on Apr. 15, 1954. During 1941 three mutual 2 Beginning June 30, 1948, figures for various loan items are shown savings banks became members of the Federal Reserve System; these gross (i. e., before deduction of valuation reserves); they do not add to the banks are included in member banks but are not included in all total and are not entirely comparable with prior figures. Total loans insured commercial banks or all commercial banks. Comparability continue to be shown net. of figures for classes of banks is affected somewhat by changes in Federal For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1209 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b t a e nk F s e w e R d r i e e v t - r h e a s l C va i a n u s l h t m a w B d n e o i a c s t - l e t h - i s c p m D o a d a d s e e n i - - - t d s In d t e e p r o b s a i n ts k G U o . v S t . . p S o a l t i a n t t i d e c s al C o a f e i f n e f r d i d t - i- p v a s i I d h r n t u i d n p a i e s - l , r s - , I b n a t n e k r- G U a o . n v d S t . . S p a t o a n l t i d e t- s p v a s I i h r d n t i u d n p a i e s - l , r s - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s B se a r n v k e s banks 5 justed6 m D e o st - ic5 F ei o g r n - v s i u s b io d n i- s ch c e e e tc r c s . k ' s, an p t d i o o r c n a o s - r- P S i o n a s g v t s - al v s i i u s c i b a o d l n i s - an p t d i o o r c n a o s - r- All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6.799 2.581 84,987 240 111 866 34,383 6510,059 1954—Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 J.199 103,466 1,759 365 2,402 44,441 3114,576 1955—June 30.... 17,941 2,681 10,529103,221 11,906 1,577 5,078 10,278 \U54 99,550 1,759 368 2,435 45,410 15014,906 Dec. 31.... 18,721 2,682 12,050 109,905 13,512 1,546 3,709 10,273 I1,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 :5,244 101,812 1,613 332 2,493 47,205 35415,927 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 ,24823,740 5,098 A1,585 72,593 70 103 496 29,277 215 8,671 1 1 9 9 4 5 7 4 - - - D D e e c c . . 3 3 1 1 . . . . . . . . 1 18 7 , , 7 7 3 9 4 6 2 2 , , 1 4 4 4 5 4 1 9 1 , , 7 8 3 5 6 41 8 0 5 5 , , 7 4 5 7 1 1 1 1 1 3 , , 2 3 3 9 6 2 , , 3 4 7 9 9 7 4 1 , ,3 1 2 5 5 4 9 6 , , 7 6 6 9 3 2 4\ 1 J. , 1 55 7 9 6 1 8 0 3 2 , , 7 5 2 4 3 3 1,48 5 7 4 3 1 6 1 5 1 2,3 8 4 2 8 6 4 3 4 3 , , 1 9 6 4 0 6 6 2 1 11 9 4 , , 7 2 3 5 4 2 1955—June 30.... 17,941 2,655 10,241102,247 11,801 ,534 5,064 10,150 J, 131 98,712 1,459 368 2,374 45,135 13714,579 Dec. 31.... 18,721 2,656 11.744 108,887 13.390 ,516 3,697 10.138 1.879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 ,516 5,221 10,641 :5,217 101,034 1,383 332 2,432 46,941 33715,600 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947 Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1.375 1,176 5.504 2,401 72,704 50 105 693 27,542 54 8,464 1954--Dec. 31.... 18,735 1,843 7,613 89,836 13,015 ,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 1512,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 1,531 4,656 8,117 2,919 85,706 1,449 338 1,968 36,504 11512,461 Dec 31.... 18,722 2,019 7,612 92,435 13,002 ,511 3,327 8,075 *,638 93,687 1,353 327 1,865 36,972 13712,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 ,510 4,806 8,496 $,004 87,404 1,370 302 1,954 37,916 30213,293 New York City:* 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2', 120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1954_Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2.114 10 2,715 Dec. 31.... 4,431 127 111 16.493 3,364 ,151 756 302 ,498 18,919 1,085 59 72 2,171 1 2,745 1956—June 30.... 4,331 94 89 15,695 3,080 ,190 1,166 396 1,110 17,396 1,058 35 60 2,285 38 2,805 Chicago:* 1941_Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1954 -Dec. 31.... 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—June 30.... 1,021 28 127 4,024 1,125 39 343 288 79 4,238 16 6 10 1,287 612 Dec. 31.... 1,135 32 141 4.349 .246 40 222 299 85 4,781 11 6 8 1,313 ""3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Reserve city banks: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945- Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 ""2 2,566 1947 Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1954—Dec. 31.... 7,783 558 2,327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—June 30.... 7,359 634 2,232 32,024 5,979 289 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30.... 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Country banks: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945- Dec. 31.... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947 Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1954 Dec. 31.... 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955 June 30.... 5,163 1,217 4,259 35,299 1,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4,642 Dec. 31.... 5 429 1,222 4,844 37,836 .488 17 1,061 4,425 1,020 14.235 18 157 844 18,371 52 4,769 1956—June 30 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 All nonmember banks:* 1947 -Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1954—Dec. 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 1955—Jung 30 664 3,825 16 OH 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 Dec 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 1956—June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 3 Breakdown of loan, investment, and deposit classifications is not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1210 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T n lo a v o e n a e n t n d a s t s t l s - j i L m u n a a o s v e n d t a e n e d - n s t d t s s - 1 j L u a o st d a e - n d s 1 C i m n t a c r o d n i i e a m a u d r l l - s - - A t c u g u r r l a - i l - G t a U T l i o i n o o g o b . d n v a S - b s - t d . . r e o O a c k t l s u t i e e e h e r r r - s i e s s - rG t U l T i o i o o g b o . n v a S - s - t . o . t O h c t s u e t i e h e r r - s s i e - r e l R o st a e a n a t l s e O l t o h an e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s Total— Leading Cities 1955 Oct 86,324 85,458 45,930 25,082 2,624 1,195 8,015 9,750 30,8911,058 1,148 8,023 20,662 8,637 866 1956 Sept 87,151 85,768 51,520 29,111 471 1,928 1,219 8,78210,879 26,381 601 1,064 5,662 19,054 7,867 1,383 86,820 85,661 51,832 29,347 481 1,952 1,218 8,83010,881 26,024 726 863 5,515 18,920 7,805 1,159 Oct 1956 87,010 85,684 295 28,894 461 1,905 1,233 8,74710,925 26,501 463 1,117 5,768 19,153 7,* 1,326 Sept. 5 87,337 85,868 457 29,084 470 1,864 1,223 8,77510,913 26,545 575 1,114 5,689 19,167 7,866 1,469 Sept. 12 87,291 85,843 599 29,220 474 1,925 1,210 8,79810,843 26,383 760 1,056 5,614 18,953 7,861 1,448 Sept. 19 86,965 85,677 729 29,246 478 2,019 1,210 8,81010,835 26,096 605 970 5,576 18,945 7,852 1,288 Sept. 26 Oct. 3 86,615 85,655 51,798 29,371 478 1,930 1,230 8,79410,87125,979 486 953 5,597 18,943 7,878 960 Oct. 10 86,597 85,338 51,76529,356 477 1,902 1,224 8,81510,870 2255,732 347 905 5,532 18,948 7,841 1,259 Oct. 17 87,525 86,066 51,85829,349 487 1,958 1,217 8,83410,888 26,3921,070 851 5,529 18,942 7,816 1,459 Oct. 24 86,584 85,584 51,74729,211 481 1,997 1,211 8,84910,876 26,057 909 813 5,461 18,874 7,780 1,000 86,781 85,660 51,9"9"2 29,449 482 1,975 1,208 8,85710,900 25,961 818 790 5,458 18,895 7,707 1,121 Oct. 31 New York City 1955 23,102 22,574 13,443 692 2171,622 14 448 618 2,049 6,837 393 203 1,505 4,736 2,294 528 Oct 1956 23,456 22,631 14,97110,714 1,177 426 619 2,188 5,695 154 350 972 4,219 1,965 825 Sept 23,054 22,460 15,12410,876 1,198 412 614 2,182 5,435 103 213 921 4,198 1,901 594 Oct 1956 23,309 22,554 14,84510,584 501,180 437 607 2,215 5,743 108 372 1,026 4,237 1,966 755 23,563 22,667 14,89110,692 491,136 431 617 2,194 5,809 170 374 1,012 4,253 1,967 896 Sept. 5 23,594 22,671 15,00410,761 741,174 420 629 2,174 5,698 223 351 938 4,186 1,969 923 Sept. 12 23,357 22,632 15,14310,819 1231,220 418 623 2,168 5,532 115 303 912 4,202 1,957 725 Sept. 19 Sept. 26 23,131 22,621 15,16410,908 59 ,210 415 608 2,196 5,499 82 293 926 4,198 1,958 510 Oct. 3 22,979 22,373 15,07710,865 42 ,192 416 610 2,184 5,357 4 239 915 4,199 1,939 606 Oct. 10 23,292 22,508 15,11910,874 62 1,205 415 616 2,179 5,483 183 183 912 4,205 1,906 784 Oct. 17 22,814 22,327 15,04410,785 98 ,188 412 618 2,175 5,416 121 177 919 4,199 1,867 487 Oct. 24 23,054 22,472 15,21710,948 107 ,193 405 617 2,178 5,422 126 174 935 4,187 1,833 582 Oct. 31 Outside New York City 1955 Oct 63,222 62,884 32,487 16,390 785 733 7,397 7,70124,054 665 945 6,518 15,926 6,343 338 1956 Sept 63,695 63,137 36,54918,397 470 677 773 8,163 8,69120,686 447 714 4,690 14,835 5,902 558 63,766 63,201 36,70818,471 480 680 788 8,216 8,699 20,589 623 650 4,594 14,722 5,904 565 Oct 1956 63,701 63,130 36,45018,310 460 675 776 8,140 8,710 20,758 355 745 4,742 14,916 5,922 571 Sept. 5 63,774 63,201 36,56618,392 469 679 772 8,158 8,719 20,736 405 740 4,677 14,914 5,899 573 Sept. 12 63,697 63,172 36,59518,459 473 677 770 8,169 8,669 20,685 537 705 4,676 14,767 5,892 525 Sept. 19 63,608 63,045 36,58618,427 477 676 773 8,187 8,667 20,564 490 667 4,664 14,743 5,895 563 Sept. 26 Oct. 3 63,484 63,034 36,63418,463 477 661 797 8,186 8,675 20,480 404 660 4,671 14,745 5,920 450 Oct. 10 63,618 62,965 36,68818,491 476 668 790 8,205 8,686 20,375 343 666 4,617 14,749 5,902 653 Oct. 17 64,233 63,558 36,73918,475 486 691 784 8,218 8,709 20,909 887 668 4,617 14,737 5,910 675 Oct. 24 63,770 63,257 36,70318,426 480 711 781 8,231 8,70120,641 788 636 4,542 14,675 5,913 513 Oct. 31 63,727 63,188 36,77518,501 481 675 783 8,240 8,,772222 2200,539 692 616 4,523 14,708 5,874 539 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1211 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R . a r i v e n t R - h e k . s s C va i a n u s l h t b m a w B a n d e n a i c o s t l e k - h t - s i s c j m p u D o d a s a t s d e e n e i - - - t d d s i s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s c C h c o f a e e e e i f n t e c f r r c i d t d s k . - i ' s - , G U o . v S t . . s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l a b t n i d i e l t - - s - s G P U S i a o n o . a n g s v v d S t s - t a . . l m D t D i e o c s - e - man F e d i o g r n - Time F B F a r . n o k m R s .F ot r h o e m rs c C o i a a u t c a p n - l - ts tions tions Total- Leading Cities 1955 Oct 13,533 998 2,502 56,209 58,773 3,708 1,965 3,144 19,296 968 20010,645 1,462 1,423 732 8,404 1956 Sept 13,370 1,002 2,534 55,49558,468 3,799 1,901 2,898 19,709 983 18310,951 1,590 1,311 471 1,100 8,892 13,474 974 2,49255,620 58,620 3,758 2,489 19,773 943 18910,958 1,558 1,317 601 884 8,941 Oct 1956 13,290 931 2,462 54,920 57,327 3,949 1,760 3,20519,657 998 18010,843 ,594 ,288 574 1,114 8,887 Sept. 5 13,251 1,059 55,777 59,485 3,777 1,811 2,29419,727 992 18111,307 ,566 ,324 487 1,200 8,887 Sept. 12 13,529 994 55,908 59,098 3,640 1,993 2,68919,713 976 18511,112 ,610 ,316 344 1,158 8,881 Sept. 19 13,412 1,024 2^33 55,374 57,961 3,831 2,039 3,40419,739 966 18310,543 ,590 ,317 479 929 8,913 Sept. 26 Oct. 3 13,627 927 2,507 54,91557,448 3,800 1,866 3,01019,760 971 19010,980 ,560 ,304 902 666 8,932 Oct. 10 13,286 1,011 2,404 55,289 5"7",904 3,741 1,672 2,26419,778 948 18911,012 ,532 ,313 511 1,013 8,935 Oct. 17 13,428 968 2,708 55,623 60,057 3,570 1,879 2,75219,769 939 18911,510 ,543 ,317 398 1,173 8,924 Oct. 24 13,630 1,003 2,392 56 ,713 3,673 1,767 2,11419,765 930 18910,563 ,553 ,324 767 748 8,936 13,400 963 2,447 56^69 58,980 4,007 1,862 2,30319,794 929 18910,724 ,603 1,325 427 817 8,979 Oct. 31 New York City 1955 4,278 150 6815,68416,957 301 1,025 1,104 2,074 83 56 2,8 1,129 1,100 121 269 2,703 Oct 1956 4,130 143 15,55316,907 292 906 906 2,235 2,925 1,274 993 118 479 2,788 Sept 4,191 145 15,410 16,848 346 880 754 2,224 2,923 1,229 1,000 143 456 2,800 Oct 1956 4,172 134 15,282 16,582 259 813 1,148 2,195 2,905 1,281 971 75 534 2,791 4,057 152 15,60117,054 264 836 773 2,256 2,944 1,250 1,007 174 521 2,792 Sept. 5 4,169 139 '15,88217,261 268 877 705 2,235 3,041 1,295 999 496 2,783 Sept. 12 4,120 148 64 15,44816,733 377 1,097 999 2,253 2,810 1,271 997 223 363 2,785 Sept. 19 Sept. 26 4,217 139 15,388 16,636 317 923 2,247 2,898 1,238 993 226 349 2,796 Oct. 3 4,124 165 15,294 16,561 316 789 636 2,234 2,912 1,218 994 190 523 2,797 Oct. 10 4,121 141 15,368 17,197 273 93: 866 2,210 3,014 1,209 999 125 53: 2,798 Oct. 17 4,312 143 15,527 16,830 293 855 64: 2,205 2,864 1,221 1,006 174 369 2,800 Oct. 24 4,181 140 6815,471 17,015 531 900 739 2,225 2,929 1,256 1,007 506 2,810 Oct. 31 Outside New York City 1955 Oct 9,255 848 2,434 40,525 41,816 3,407 940 2,04017,22: 144 7,747 333 323 611 219 5,701 1956 Sept 9,240 859 2,46939,942 41,561 3,507 995 1,992 17,474 915 148 8,026 316 318 353 621 6,104 9,283 829 2,42540,210 41,77: 3,41" 929 1,735 17,549 876 148 8,035 32' 31 458 428 6,141 Oct 1956 9,118 797 2,39:39,638 40,745 3,690 94' 2,057 17,46: 924 146 7,938 313 317 499 580 6,096 Sept. 5 9,194 907 2,50040,176 42,431 3,513 975 1,521 17,471 917 147 8,363 316 31 313 679 6,095 Sept. 12 9,360 855 2,514 40,026 41,837 3,372 ,116 1,984 1177,478 915 149 8,071 315 31 344 66: 6,098 Sept. 19 9,292 876 2" ,46"939,926 41,228 3,454 942 2,405 17,486 904 147 7,733 319 320 256 566 6,128 Sept. 26 Oct. 3 9,410 788 2,435 39,527 40,81 3,483 943 2,123 17,513 904 149 8,08: 32: 311 676 31 6,136 Oct. 10 9,162 846 2,347 39,99541,343 3,425 883 1,628 17,544 880 148 8,100 314 319 321 490 6,138 Oct. 17 9,307 82 2,63340,25542,860 3,297 947 1,886 17,559 872 148 8,496 334 318 273 641 6,126 Oct. 24 9,318 860 2,32940,667799 41,883 3,380 912 1,472 17,560 863 148 7,699 33: 318 593 379 6,136 Oct. 31 9,219 823 2,37940,598 41,965 3,476 962 1,564 17,569 862 148 7,795 347 318 425 311 6,169 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1212 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F iq b a o u n a o o d c d c r , o , a T l p e e a a p x n t a t h d i r e l e e r l s , , M m p u a r e c e n o t t t a d d a s l 3 - l s ch r P l e u c e a e m o b u n t a b r m i d l c o e , , a r - l, Other ( T w re s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n e ie c s - s e u P p t ( t t r o i u i i n a l o r b i n c n t t l i a h s i ) e c - - s s C t t r i o o u n n c - - bu o ty s A t o h p in l f e e l e r s ss c c h l N f a a i n e s e d s g t i e - s ch b r w e a a i a e n i p n a n n e n d o l g k k g l d ' r e l s l t y — * - 1953—Jan.-June -657 156 420 -45 90 215 - 644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 - 49 7 392 -137 91 - 23 101 610 795 1954—Jan.-June -505 55 -577 - 10 1 41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 - 26 -548 88 62 120 539 32 -225 82 132 630 539 1955- Jan.-June -540 220 177 313 153 146 461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 1956—Aug 115 48 -139 54 60 2 108 137 52 19 86 541 551 Sept 196 16 16 227 20 57 81 -107 57 -15 27 575 535 Oct 290 -77 -97 52 -45 170 208 -305 102 -24 -14 260 203 Week ending: 1956— Aug. 1 19 8 -15 -20 6 -11 56 66 5 -8 25 129 131 Aug. 8 2 19 -35 -9 -5 42 -42 -10 10 16 -12 -9 Aug. 15 22 19 -9 32 '""i6" 17 3 76 44 -1 45 264 295 Aug. 22 34 4 -57 84 28 -12 7 27 20 13 148 147 Aug. 29 38 -3 -23 -32 10 13 10 -7 6 12 -13 Sept. 5 30 9 -36 175 -2 10 14 -18 16 -9 -8 181 183 Sept. 12 55 12 15 13 19 14 19 -17 16 43 188 190 Sept. 19 44 7 43 19 9 28 25 7 -14 -4 6 170 136 Sept. 26 67 -12 -5 21 -6 5 23 -79 39 -1 -15 36 26 Oct. 3 83 -1 -47 16 -4 13 41 -47 48 -1 7 109 125 Oct. 10 67 1 -41 18 -6 47 65 -207 33 -14 12 -24 -15 Oct. 17 66 -20 -16 15 -11 38 22 -55 -13 -5 -26 -5 -7 Oct. 24 29 -23 -57 -21 -16 21 36 -29 2 -2 -27 -89 -138 Oct. 31 45 -34 64 24 -8 51 44 34 32 -3 20 269 238 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial andfinance company pai?er Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers1 ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r r n - . U S n ta it te e s d U S n ta it t e e d s change U S n ta it t e e d s c F o o u r n e t i r g i n es 1950 . 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 Sept 2,245 564 1,681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2,255 547 1,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov 2,283 542 1,741 642 187 134 52 17 27 410 259 205 20 73 86 Dec 2,008 510 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2,618 588 2,030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 14 39 436 263 236 18 49 94 Apr 2,514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 May 2,607 515 2,092 643 157 113 44 16 45 424 245 252 9 33 104 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 July 2,600 509 2,091 723 175 111 64 18 48 483 270 237 13 74 129 Aug 2,514 548 1,966 772 189 120 70 22 51 510 271 259 21 97 124 Sept 2,463 549 1,914 805 209 127 82 17 49 529 294 258 17 113 123 i As reported by dealers; includes finance company paper as well as 2As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 1213 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable) 2 mo Y w n e e th a e r k , , or m p P c a e r o i p r m m c e i r - e a , l p p c p l a o a a p c m n e e y - d r a a P b c n e a r c i c r n e m s e k p ' s e - t , - 3-month bills 9- to 12- 3- to 5- Area and period lo A a l n l s 1 1 0 - 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r m 4- o t n o t h 6 s - 1 3 d - i r l t y e o c . t 6 - - da 9 y 0 s1 M k a et r- on R a n t e e w i m ss o u n e t s h 3 is y s e u a e r s4 Annual averages, monthsx yield issues 19 large cities: 1953 3.7 5.0 4 4 3.9 3.5 1954.. 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1955 3.7 5 0 4 4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1955 average.... 2.18 1.97 1.71 1.73 1.753 1.89 2.50 Quarterly:1 19 large cities: 1955_Oct. 2.70 2.46 2.23 2.23 2.259 2.19 2.58 1955—Dec 3.93 5.01 4.52 4.14 3.75 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 1956—Mar 3.93 5.05 4.55 4.13 3.74 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 June 4.14 5.18 4.69 4.34 3.97 Sept 4.35 5.30 4.86 4.52 4.19 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 New York City: Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 1955—Dec 3.76 4.86 4.48 4.00 3.64 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 1956—Mar 3.75 4.92 4.49 4.05 3.62 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 June 3.97 5.00 4.61 4.23 3.86 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 Sept 4.20 5.26 4.84 4.46 4.09 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 7 Northern & Eastern July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 cities: Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 1955—Dec . 3.95 5.08 4.52 4.16 3.79 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 1956—Mar 3.93 5.11 4.55 4.10 3.78 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 June 4.15 5.26 4.74 4.32 4.01 Sept 4.39 5.36 4.88 4.53 4.26 Week ending: 11 Southern & Western Oct. 6... 3.63 3.35 2.88 2.87 2.899 3.11 3.25 cities: Oct. 13. .. 3.63 3.38 2.88 2.96 3.013 3.10 3.25 1955—Dec 4.17 5.06 4.54 4.22 3.91 Oct. 20... 3.63 3.38 2.88 2.94 3.024 3.06 3.23 1956—Mar 4.19 5.09 4.58 4.20 3.94 Oct. 27... 3.63 3.38 2.88 2.86 2.907 3.02 3.34 June 4.38 5.23 4.71 4.42 4.15 Nov. 3... 3.63 3.37 2.88 2.85 2.889 3.09 3.45 Sept 4.53 5.29 4.85 4.54 4.32 i Averages of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. ave 3 4 r C C ag o o e n n s s s i i c s s o t t s s m o o p f f u s t c e e e d l r e t c i f f t r i e o c d m a t n e o s d t a e o i l f y a n i c n d l d o e b s b o in t n e g d d b n i i s e d s s u s p e r a s i . n c d e s. selected note and bond issues. pp N . 2 O 2 T 8 E -2 .— 37 F . or description see BULLETIN for March 1949, BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds \Corporate bonds4 Industrial stocks U.S. Govt. bonds Ye o a r r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic rn e in ra g t s io / enue Total 5 bonds6 se O ri l e d s 2 se N r e ie w s3 Totals Aaa Baa Aaa Baa In tr d ia u l s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 C m o o m n4 - C m o o m n8 - Number of issues . 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3 45 4.27 5 51 10.14 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4 70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4 01 3.93 8.04 1955—Oct 2.82 2.96 2.64 2.25 3.22 2.89 3.30 3.10 3.59 3.23 3.38 3.27 4.04 3.96 Nov 2.85 2.96 2.60 2.20 3.20 2.87 3.29 3.10 3.58 3.22 3 38 3.28 4 01 3 96 Dec 2.88 2.97 2.70 2.29 3.25 2.97 3.33 3.15 3.62 3.26 3.42 3.31 4.05 3.92 7.96 1956 Jan 2.86 2.94 2.69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Feb 2 82 2 93 2.63 2 19 3 21 2.89 3 28 3.08 3.58 3.20 3 37 3.26 3 99 3 93 Mar 2.90 2.98 2.67 2.24 3.24 2.95 3.30 3.10 3.60 3.24 3.37 3.27 4.01 3.68 6 99 Apr 3.05 3.10 2.84 2.43 3.38 3.07 3.41 3.24 3.68 3.37 3.47 3.38 4.15 3.69 May 2.93 3.03 2.83 2.46 3.37 3.06 3.46 3.28 3.73 3.40 3.53 3.44 4.22 3.97 June .... 2 89 2 98 2.71 2.34 3 26 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4 17 3.82 rl 05 July 2.97 3.05 2.79 2.40 3.34 3.07 3.50 3.28 3.80 3.42 3.59 3.48 4.16 3.68 3.15 3.19 2.94 2.53 3.52 3.32 3.62 3.43 3.93 3.55 3.72 3.60 4.24 3.83 Sept 3.19 3.24 3.06 2.63 3.60 3.50 3.75 3.56 4.07 3.68 3.83 3.73 4.39 4.04 6.07 Oct 3.18 3.24 3.12 2.66 3.67 3.55 3.82 3.59 4.17 3.75 3.89 3.82 4.42 4.03 Week ending: Oct 6 3 14 3 21 3 05 2 61 3 58 3 49 3 79 3.58 4 14 3 72 3.87 3.79 4 42 3 96 Oct. 13 3.16 3.21 3.07 2.63 3 62 3.52 3.80 3.57 4.16 3.74 3.86 3.80 4.40 3.91 Oct. 20 3.16 3.22 3.14 2.68 3.71 3.56 3.81 3.57 4.16 3.75 3.87 3.82 4.38 3.94 Oct 27 .. 3.22 3 27 3.21 2 72 3 77 3.64 3.83 3.61 4.18 3.76 3.92 3.82 4.43 3.98 Nov. 3 3.26 3.29 3.24 2.74 3.82 3.71 3.86 3.65 4.20 3.77 3.95 3.84 4.46 3.99 r Revised. 1955, the 3 per cent bond of February 1995. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2Vi per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3% per cent bond of 1978-83 and, beginning Feb. 1, vestors Service, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- U. S. Govt. Standard and Poor's series Securities and Exchange Commission series ume (long-term) (index, 1935-39= 100) (index, 1939= 100) of trad- Ye o ar r , w m e o ek nth, r O i s e e l s - d 2 r N i s e e e s - w 3 g n (h M i r c a i i g d u p h e - a - ) l 4 g ( C h r r p a a i o o g d t r - e h e - - )4 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N r g a d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f c n a n r i- e v d d c - e e , , M in i g n- s s t h i h a n a ( o o n i r g n f d u e 5 s s - ) Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 93.90101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,319 1954 average 99.51109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97103.36 123.1 114.4 <300 341 .248 152 305 374 352 394 320 153 297 313 2,578 1955—Oct 95 83102.75 122.5 113.6 306 350 241 151 310 385 365 403 309 151 307 294 2,008 Nov 95.46102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2 428 1956 Jan 95 40103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2 247 Feb 95.94103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94 88102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2 874 Apr 92.86100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94 40101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2 420 June 95.03102.22 119.2 110.5 341 397 257 154 341 434 393 471 328 155 300 352 1,771 July 93.94100.98 118.6 110.3 357 417 260 157 359 460 421 495 335 159 315 369 2,177 Aug 91.81 98.38 115.8 108.4 357 418 254 159 359 460 432 484 329 160 313 373 1,936 Sept 91.43 97.39 113.8 105.8 344 402 240 155 345 440 422 457 313 155 302 349 1,959 Oct 91.53 97.50 112.8 105.2 337 394 241 151 342 437 422 451 318 152 299 337 1,754 Week ending: Oct. 6 91.98 98.02 114.0 105.5 337 394 237 152 341 436 419 453 313 152 296 340 2,077 Oct. 13 91.81 97.93 113.6 105.8 340 398 243 151 344 441 426 455 317 152 303 341 1,481 Oct. 20 91.75 97.70 113.0 105.5 338 395 244 152 340 434 421 446 321 153 300 336 1,635 Oct. 27 91.13 96.91 111.9 105.0 336 392 245 151 341 435 420 450 319 152 297 332 1,570 Nov. 3 90.61 96.62 111.3 104.4 333 389 237 150 344 441 423 457 317 153 301 344 2,119 c Corrected. Oct. 1, 1955, those due or callable in 10-20 years. 1 Monthly and weekly data for U. S. Govt. bond prices and volume 3 The 3VA Per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 of trading are averages of daily figures; for other series monthly and per cent bond of February 1995. weekly data are based on figures for one day each week—weekly closing 4 Prices derived from average yields, as computed by Standard and prices for common stocks (Securities and Exchange Commission) and Poor's Corporation, on basis of a 4 per cent, 20-year bond. Wednesday closing prices for all others. 5 Average daily volume of trading in stocks on the New York Stock 2 Series composed of fully taxable, marketable 2V£ per cent bonds due Exchange for a five and one-half hour trading day. or first callable after 12 years through Sept. 30, 1955, and, beginning STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer creditl W En e d d n o e f s m da o y n o th f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k i t f S i b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a r B o s a i k n n e g k r s a l o n a a d n n d c s a d t r e o r a y o l i e n t r h g s e ) s r s e f o c ( u r t r h p i a t u i n e r- s 2 Money borrowed Cus n to et mer T T ^ dn-vt o ( b c c l o i o g l. l a . 3 t 5 i o ) + ns U S ob . e c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v ns t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o o v ns t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1952—Dec 1,980 33 1,332 149 648 30 877 727 1953 Dec 2,445 31 1,665 88 780 88 1,074 713 1954 Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 1955 Sept 3,966 43 2,805 33 1.616 68 2 056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 1,221 75 2 185 876 Dec 4,030 34 2,791 32 1,239 51 2,246 894 1956—Jan 4,040 36 2,786 37 1,254 41 2,129 905 Feb 3,991 34 2,740 36 :1,251 52 2,137 913 Mar . . 4,038 31 2,786 40 1,252 50 2 127 960 Apr 4,043 33 2,788 40 1,255 44 2,145 896 M!ay 4,047 38 2,810 40 1,237 42 2 186 870 June 4,009 34 2,786 48 1,223 39 2 195 836 July 4,026 31 2,812 45 1,214 31 2,211 858 Aus 3,979 33 2,785 41 1,194 38 2,048 872 Sept 3,950 33 2,782 42 I 168 42 2,071 r866 r Revised. i Ledger balances of member firms of the New York Stock Exchange carrying margin accounts, as reported to the Exchange. Customers' debit and free credit balances exclude balances maintained with the reporting firm by other member firms of national securities exchanges and balances of the reporting firm and of general partners of the reporting firm. Bal- month. Some loans for purchasing or carrying U. S. Govt. securities are ances are net for each customer—i.e., all accounts of one customer are included in column 5 after 1952; loans for that purpose are shown sepconsolidated. Money borrowed includes borrowings from banks and arately in column 4 for all weekly reporting member banks in 1952 and from other lenders except member firms of national securities exchanges. for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1215 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d St U a lo t . e c S a a . l nd Foreign2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 ,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 ,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 ,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 ,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 ,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 ,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month:4 1952—Dec... 73,034 12,814 10,195 ,126 ,493 31,286 29,095 2,191 21,245 1,868 2,699 3,122 1953—Dec... 78,201 12,452 9,767 ,278 ,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec... 84,068 12,199 9,021 ,833 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Aug... 88,087 12,369 '9,180 ,979 ,210 '37,919 35,046 '"2,873 28,001 '2,473 3,245 '4,080 Sept... 88,529 12,325 9,129 ,983 ,213 38,123 35,253 2,870 28,250 2,492 3,260 4,079 Oct.. . 89,016 12,236 9,027 ,990 ,219 38,385 35,506 2,879 28,563 2,506 3,271 4,055 Nov... 89,491 12,096 8,891 ,987 ,218 38,546 35,647 2,899 28,868 2,523 3,283 4,175 Dec... 90,219 11,758 8,546 ,998 ,214 38,855 35,932 2,923 29,433 2,557 3,293 4,323 1956—Jan... 90,842 11,751 8,393 2,125 ,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb.. . 91,240 11,608 8,236 2,144 ,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar... 91,543 11,415 8,045 2,153 ,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 Apr... 92,025 11,439 8,085 2,153 1,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 May.. 92,478 11,332 7,986 2,140 1,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June.. 92,876 11,280 7,921 2,148 1,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July. . . 93,580 11,292 7,886 2,191 1,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug... 93,992 11,210 7,778 2,206 1,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 r Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Assets Savings End of Savings End of year U. S. capital quarter U. S. capital Total2 g M ag o e rt s - 3 G ob o l v i- t. Cash Other4 Total2 g M ag o e r s t - 3 G ob o l v i t - . Cash Other4 gations gations 1941 6,049 4,578 107 344 775 4,682 1954_2 29,094 23,836 1,959 1,794 1,432 25,170 1945 8,747 5,376 2,420 450 356 7,365 3 30,165 25,065 1,969 1,681 1,379 25,903 4 31,736 26,193 2,021 1,980 1,472 27,334 1948 13,028 10,305 1,455 663 501 10,964 1949 14 622 11 616 1,462 880 566 12,471 1955—1^ 33,075 27,373 2 203 1,928 1,502 28,482 1950 16,893 13,657 1,487 924 733 13,992 2P 35,080 29,107 2,287 1,973 1,645 29,963 1951 19 222 15,564 1,603 1,066 899 16,107 2,v 36,343 30,687 2,340 1,612 1,639 30,636 1952 22,660 18,396 1,787 1,289 1,108 19,195 4P 37,880 31,584 2,381 2,087 1,763 32,305 1953 26,733 21,962 1,920 1,479 1,297 22,846 1954 31 736 26,193 2,021 1,980 1,472 27,334 1956—-I? 39,049 32,529 2,615 1,999 1,842 33,446 1955P 37,880 31,584 2,381 2,087 1,763 32,305 2P 40,770 33,866 2,680 2,064 2,096 35,055 P Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged i Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1955 1948 1949 1950 1951 1952 1953 1954 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,853 6,715 Banks for cooperatives 305 302 345 425 424 377 367 340 322 359 375 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 689 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 13 12 Farmers Home Administration 2 525 523 535 539 596 648 701 774 770 755 681 Rural Electrification Administration.. 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 2,348 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 Other agencies 5 9 7 6 6 5 4 4 1 1 1 To aid home owners, total 755 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 3,205 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 2,641 Home Owners' Loan Corporation3. .. 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A n d ci m es inistration • 22 24 35 169 246 30 6 0 0 3 6 8 3 3 40 6 8 7 43 7 0 2 45 7 6 6 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 11 11 R O e th c e o r n s a t g r e u n c c ti i o es n Finance Corporation4. 13 3 8 11 3 2 10 2 8 9 2 9 80 7 2 7 12 ..... 'ii' To other industry, total 310 462 458 488 516 509 420 426 426 705 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 D O e th p e a r r t a m g e en n c t ie o s f the Treasury \ 38 38 58 74 58 / 1 4 7 0 4 3 6 5 7 3 35 7 3 3 34 7 8 8 3 3 2 7 8 8 3 3 0 6 6 2 To financing institutions, total. 525 445 824 814 864 952 570 704 1,019 1,277 1,419 Federal home loan banks... 515 433 816 806 864 952 868 702 1,017 1,275 1,417 Other agencies 10 12 8 8 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 8,001 7,968 8,032 8,025 7,988 Export-Import Bank 2,145 2,187 2,226 2,296 2,496 2,833 2,806 2,768 2,774 2,735 2,702 Reconstruction Finance Corporation4 206 154 101 64 58 52 Department of the Treasury 6 , 3,750 3,750 3,750 3,750 3,667 3,620 3,570 3,570 3,567 3,567 3,519 International Cooperation Administration. 71,515 1,537 1,624 1,630 1,692 1,722 1,767 All other purposes, total 584 484 531 779 1,095 763 438 451 474 477 501 Reconstruction Finance Corporation4 190 88 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 113 119 100 96 93 Other agencies 100 99 105 109 126 171 325 332 374 381 408 Less: Reserve for losses 368 476 185 173 140 203 228 259 494 411 268 Total loans receivable (net). 11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 |18,927 19,061 20,238 Investments: U. S. Government securities, total 1,854 2,047 2,075 2,226 2,421 2,602 2,967 3,187 3,108 2,909 3,236 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 61 60 60 72 63 Production credit corporations 66 39 42 43 43 45 42 42 42 42 42 Federal home loan banks 274 275 199 249 311 387 641 771 661 443 745 Federal Savings and Loan Insurance Corp., 199 214 193 200 208 217 228 234 241 234 241 Federal Housing Administration 144 188 244 285 316 319 327 344 354 370 381 Federal Deposit Insurance Corporation 1,064 1,205 1,307 1,353 1,437 1,526 1,624 1,692 1,706 1,705 1,720 Other agencies 21 9 1 2 1 1 1 2 2 2 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 88 78 44 40 47 44 29 Reconstruction Finance Corporation4. 98 83 71 66 36 35 45 29 Production credit corporations 29 22 16 11 5 3 3 3 3 2 Department of the Treasury 42 38 40 23 23 Other agencies 2 2 3 4 Commodities, supplies, and materials, total. 627 1,549 1,774 1,461 1,280 2,514 3,852 3,612 3,476 129 4,356 C R o ec m o m ns o t d ru it c y t io C n r e F d i it n a C n o c r e p o C r o at r i p o o n ration4... 4 1 3 5 7 7 1,3 1 7 4 6 2 1,6 1 3 0 8 8 1,1 1 7 2 4 9 9 1 7 7 8 2 2,0 1 8 5 6 6 3,302 2,983 2,910 518 3,747 D Ot e h p e a r r t a m ge e n n c t ie o s f the Treasury 32 30 28 159 131 r 47 8 0 0 56 6 4 5 54 1 7 9 59 1 4 7 5 2 8 0 9 I 272 Land, structures, and equipment:,, ftotal. 3,060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 Public Housing Administration 1,448 1,352 1,248 1,251 1,173 1,018 8 96 64 64 64 Reconstruction Finance Corporation4 630 611 605 594 199 175 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other agencies9 189 168 206 465 590 561 1,412 1,372 1,137 1,100 1,107 Bonds, notes, and debentures payable (not guaranteed). total 965 772 1,190 1,369 1,330 1,182 1,068 1,561 1,840 2,086 2,379 Banks for cooperatives 70 78 110 170 181 150 156 139 123 160 185 Federal intermediate credit banks 480 490 520 674 704 619 640 713 811 821 665 Federal home loan banks 415 204 560 525 445 414 272 139 336 534 958 Federal National Mortgage Assn 570 570 570 570 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL CREDIT AGENCIES 1217 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Lia in b t i e li r t a i g es e , n o c t y h e it r e m th s an Date, and corporation or agency Total Cash L c a r e o b e i a l v - e n - s m C m p s r t a i l i u o o a n i e a p e m d t s l d e - s s , i - , - - G U se o . c S v I u m n . t - . v e e n s O t s r t s i e - t t c h ie u e s - r L s e t m u t a q a r r n e u u n e d n i c d s p t - , , - O s a t e h s t - e s r a B t G u n a o b r t u n e e n y a d e s d r d s - p d , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - G i U n e o t . s e v t S r t - . . o v in w P a e t t r s e e n i t - l r e y - d rities U. S. All agencies 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 965 ,66318,886 166 1949_Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 ,190 ,19321,995 234 1951—Dec. 313 26,744 93114,422 1,461 2,226 3,463 3,358 882 ,369 ,16123,842 329 1952—Dec. 313 29,945 94417,826 1,280 2,421 3,429 3,213 832 ,330 ,728 2266,456 378 1953—Dec. 313 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 ,182 3,818 33,429 434 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 ,068 4,18335,610 508 1955—Mar. 31 41,996 1,37519,782 3,612 3,187 3,429 7,982 2,629 ,561 4,013 35,848 543 June 30 40,639 1,244 1188,927 3,476 3,108 3,430 7,821 2,634 ,840 3,019 35,171 568 Sept. 30 41,183 1,45619,061 4,129 2,909 3,414 7,799 2,415 2,086 2,01336,460 583 Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2~7"03 39,583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: Banks for cooperatives 450 372 185 231 31 Federal intermediate credit banks 783 665 110 Production credit corporations 45 45 Federal Farm Mortgage Corp 13 12 12 Department oi Agriculture: Rural Electrification Administration 2,469 2,345 115 2,469 Commodity Credit Corporation 7,329 2,544 3,747 149 865 1,280 6,049 Farmers Home Administration 668 587 26 1 667 Federal Crop Insurance Corp 17 2 5 13 Federal Home Loan Bank Board: Federal home loan banks 2,231 62 1,417 745 958 712 -1 562 Federal Savings and Loan Insurance Corp 250 241 11 239 Housing and Home Finance Agency: Public Housing Administration 313 26 92 131 27 285 Federal Housing Administration 629 31 65 381 150 44 185 400 Federal National Mortgage Association 2,741 81 2,638 22 570 33 2,135 Office of the Administrator 756 73 261 36 748 Small Business Administration 5' 4 51 2 56 Export-Import Bank 2,761 9 2,725 26 2,691 T Fe en d n er e a s l s e D e e V po al s l i e t y I n A s u u t r h a o n r c i e ty Corp 2 1 , , 0 7 0 3 6 4 14 4 0 (5) 1,720 1 ( ,8 ) 29 1 1 0 2 9 4 4 1 1 1, , 9 6 6 4 5 0 Federal Maritime Board and Maritime Adm 5,507 356 261 4,822 24 147 5,360 Panama Canal Company 464 25 421 6 13 451 Veterans Administration 673 154 481 2 32 9 664 Department of the Treasury 10,685 100 3,825 3,408 20 3,312 10,676 International Cooperation Administration ' ,774 2 1,767 5 1,774 All other 950 115 106 504 127 98 46 904 1 Loans by purpose and agency are shown on a gross basis; total loans the Export-Import Bank, and the Treasury assumed responsibility for and all other assets are shown on a net basis, i.e., after reserve for losses. completing liquidation of other activities. 2 Includes figures for the Regional Agricultural Credit Corporation, the 5 Less than $500,000. assets and liabilities of which have been administered by this agency 6 Figures represent largely the Treasury loan to United Kingdom and since dissolution of the RACC in 1949. through 1952 are based in part on information not shown in Treasury 3 Changes in coverage over the period for which data are shown are as compilation. follows: exclusion of the Home Owners' Loan Corporation after June 7 Figure not published in Treasury compilation, but derived by Federal 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual Reserve. See also footnote 3. Security Agency (superseded by the Foreign Operations Administration 8 Effective July 1, 1954, the public war housing program of the PHA and later by the International Cooperation Administration) beginning (represented largely by land, structures, and equipment) and several June 1952 and of the Federal Maritime Board and Maritime Administra- small housing programs managed by the Office of the Administrator, tion beginning June 1953. Housing and Home Finance Agency, were designated to be liquidated by 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) the Office of the Administrator, shown under other agencies. terminated the RFC's lending authority, effective Sept. 28, 1953. Its 9 Beginning 1951, includes figures for Panama Canal Company, a new lending activities under the Federal Civil Defense Act of 1950 and the corporation combining the Panama Railroad Company (included in Defense Production Act of 1950 were transferred to the Treasury on that earlier Treasury compilations) and the business activities of the Panama date. When the Corporation went out of existence on June 30, 1954 Canal (not reported prior to that time). See also footnote 8. certain loans, securities, and other assets were transferred to the Federal NOTE.—Statement includes certain business-type activities of the U. S. National Mortgage Association, the Small Business Administration, and Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactons Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period B . r u e N d c e t g s t e . t T r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f u q e r t o u b o h c a t l m t e a i s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n r x u n u e d - s d s s i : t - A m L d e e j n s u s t s s t : 3 - E p p t T q o u a u o b y t a t l h t a l i s e s l c . : t p o p fr u a t o o h b y ( m r e l t - i s ) c , , & ( c ( c o - d r d r r a I e ) i e e n g , r a a d b e - e s s e c t i n e e n - t , .) t a i r m G g n . e v f o N n u . v . e n b t t d & . y L s ess: O d n c e a t o h b s n e h t - 4 r b E r i o e n q c N ( r p g u - a r ) a e s a o y h o t l w s t r . : - Cal. year—1954. 61,171 9,570 2,101 68,580 64,854 7,598 2,786 69,667 -1,087 3,511 1,583 752 1,173 1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,272 72,188 -739 3,494 2,476 566 458 Fiscal year—1953 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956*. . ..68,141 11,685 2,735 77,067 66,386 9,389 3,183 72,593 4,475 -578 3,235 623 -4,436 Semiannual totals: 1954—Jan.-June 38,898 5,202 1,262 42,795 33,288 3,987 2,394 34,881 7,914 -4,010 1,195 305 -5,511 July-Dec 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June.... 38,118 5,168 1,222 42,051 33,004 4,935 2,176 35,762 6,289 -3,535 1,145 197 -4,875 July-Dec 25,240 5,456 1,289 29,397 33,125 4,398 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan.-June*7... 42,901 6,229 1,446 47,670 33,261 4,991 2,087 36,167 11,503 -7,597 1,904 254 -9,759 Monthly: 1955—Sept 5,498 721 77 6,141 5,340 688 6,117 25 -774 -359 40 -454 Oct 2,692 505 151 3,044 5,355 900 436 5,819 -2,775 2,621 -109 14 2,717 D N e o c v 4 4, , 8 6 8 6 9 2 1, 8 1 4 4 1 2 4 6 4 2 7 5 5 , , 7 2 4 8 1 2 5 5 , , 1 6 7 5 2 1 e6 6 6 6 8 3 4 9 0 5 5 6, , 2 8 1 0 8 0 -9 -5 3 9 6 4 5 9 9 0 9 6 1 0 3 5 0 1 4 3 0 0 -1 3 5 4 4 0 1956—Jan 4,684 371 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -111 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 June? 11,576 1,616 1,040 12,150 6,783 783 522 7,044 5,107 -3,889 987 57 -4,934 July. 3,485 1,112 631 3,964 5,542 1,029 676 5,895 -1,931 -93 312 33 -439 Aug 4,954 1,419 83 6,286 5,902 801 17 6,686 -400 2,982 645 -35 2,372 Sept.*3 6,218 753 245 6,723 4,918 846 232 5,532 1,191 -1,126 -214 33 -945 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s B d u u N e r o f d p i e r g c l t u i e t s t ac d l T f a c e u r t o u f i n u i r o m c d s n i t t u- t c o R i l c e T i a a c r s t o e i h o n a n - s. i m o a s ( G s g + b N a u e o l r ) i a e n v k g o n t c t e a c f . y t - e i i & s a n G n e g N v c e o t F . r e n . v u ( e t c b t d s - y . y ) t . I d n ( p e d g - c u c i ) r r o r r b , o e e e r l a s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance B ( F a a a . v b D n a l R k e i e l . s p - osi T t T s a L u r x i o e r n a y a a n s n - d O as n t s e h e t e ts r tions 5 funds 5 debt funds) Accts. Fiscal yr.—1953. . -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954.. -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955.. -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956.. 1,754 2,296 149 173 -2,687 -1,623 -269 331 6,546 522 4,633 1,391 Semiannual totals: 1954—Jan.-June 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June 9,639 1,236 57 312 -1,470 -8,017 -245 2,002 6,546 522 4,633 ,391 Monthly: 1955—Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 ,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 ,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 ,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 ,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 Feb 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 ,288 Mar 5,914 -4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 ,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 ,353 May -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 ,151 June.. 4,793 833 -520 51 -1,004 -3,978 -112 287 6,546 522 4,633 1,391 July -2,057 83 -34 22 -277 -105 1 -2,369 4,178 513 2,451 1,214 Aug -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 1,131 Sept 1,300 -94 145 -14 214 -1,304 -1 249 6,445 535 4,628 1,282 *> Preliminary. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consist primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in footnote 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1219 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Teasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes"{'' Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t f t O a r u u g l n d s e d T - t ran H s f t w f r u i e u g n a r s y d h s t - to R : m t r i . r e e e n - R - t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e s l t W he I i l n t d h d i - ivid O u t a h l er i C ra o ti r o p n o 1 - ta c E x i x s e e - s! t p m a E x lo m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a ta M n i d l f e r r r s e s . - ' ' acct. Fiscal yr.—1953 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,175 1956? 68,141 6,337 634 3,684 78,796 24,015 11,322 21,297 10,004 7,296 4,862 2,921 1,613 3,778 Semiannual totals: 1953—July-Dec 25,757 1,722 321 395 28,195 11,078 2,593 5,375 5,405 2,083 1,661 1,512 804 1,476 1954—Jan.-June 38,898 2,815 282 2,982 44,978 10,557 8,154 16,148 4,609 3,342 2,168 1,271 777 1,651 July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 1,480 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June^. .. 42,901 3,410 316 3,188 49,815 12,703 8,623 17,188 4,952 4,013 2,336 1,397 821 1,888 Monthly: 1955—Sept 5,498 519 60 103 6,180 1,604 1,685 1,100 881 579 331 256 135 977 Oct 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan 4,684 163 17 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 15 897 5,562 810 2,555 509 750 586 352 239 126 May 5,050 973 91 993 7,107 3,356 865 492 877 1,067 450 256 149 883 June** 11,576 549 54 395 12,574 1,972 1,487 7,193 854 604 464 264 143 July 3,485 295 23 124 3,927 988 457 837 827 320 498 236 127 n.a. Aug 4,954 799 10 81 115 5,959 3,415 125 352 910 881 276 245 157 n.a. Sept 6,218 397 150 53 79 6,897 1,935 1,752 1,709 805 451 245 n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total* D D e e fe p n t. s , e s M ec u u t r u i a ty l , Atomic fi a n I f a f n a n a n t i d l r c . s e In e t s e t r- ic e b e s r e e s a r n n a v e s n - - ' d w L a e a n l b f d a o r r e t a c a u g u n r r l a d i - - l so N u r u r a e r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e e a n n r l t - nmilitary military energy fits resources Fiscal year: 1953 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 1956^5 66,386 40,495 36,371 1,885 1,652 1,819 6,851 4,755 2,775 4,943 992 2,131 1,633 Semiannual totals:5 1955—July-Dec. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 5 1955—Aug 6,225 3,583 3,258 137 138 95 525 428 223 919 106 229 117 Sept 5,340 3,512 3,252 93 121 59 533 353 191 295 120 165 111 Oct 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—Jan 5,274 3,005 2,811 8 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 Junep.... 6,783 4,332 4,114 27 139 183 612 402 310 466 96 259 134 July 5,542 2,945 2,473 298 140 121 631 361 221 222 78 302 652 n.a. Not available. *» Preliminary. 3 For a description of components, see the 1957 Budget of the United 1 Corporation and estate and gift taxes are from Internal Revenue ates, pp. 1093-1102 and 1164-1165. Service reports prior to July 1953. Excise taxes and nonwithheld indi- s stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal Revenue separately. Service data from appropriate monthly Treasury statement totals. 5 Monthly figures prior to May 1956 are not fully comparable to the 2 Represents the sum of taxes for old-age insurance, railroad retire- May and June figures and the fiscal year totals. Hence the monthly ment, and unemployment insurance. figures for fiscal year 1956 do not add exactly to the totals for that fiscal year. (For description see Treasury Bulletin, Table 3 of section on budget receipts and expenditures). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f T d gr e o o b t s a t s i l d T d g i r e o r o b t e s a t c s * l t Total Total Bills c C in a e t d e r e t s b i f o t i- - f Notes B el a ig n i k - Bond B s r a e n - k b C v o i e b o n r l n d e t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v e d x s - s S i p ss e u c e ia s l ble* stricted 1941—Dec... 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec... 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec... 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec... 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec... 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec... 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec... 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—June.. 274.4 274.4 228.5 155.2 19.5 13.8 40.7 81.1 11.7 61.6 58.4 1.9 43.3 1955_Oct... 279.9 279.8 233.6 162.5 20.8 12.u 47.8 81.9 11.4 59.6 58.3 .1 43.7 Nov... 280.2 280.1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 44.0 Dec... 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Jan.. . 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 43.6 Feb... 280.2 280.1 233.6 163.4 22.3 15.7 43.4 11.3 59.0 57.7 43.7 Mar... 276.4 276.3 229.7 159.5 20.8 20.8 36.0 11.2 59.0 57.7 43.7 Apr... 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 May.. 276.8 276.7 229.6 159.6 20.8 20.8 36,1 81.9 11.1 58.9 57.7 44.3 June.. 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 July.. 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 Aug... 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept.. 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 Oct.. . 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $458 million on Oct. 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,335 million on Sept. 30, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n t i c c t e g e u l s u u e r ) d i a d - r - - S i p ss t e u r c u e ia s s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r k m ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t te s l . S b a o v n in d In g s d s ivi s d e u O c a u t l h r s i e ti r es i M t n o v i r s e s c s 3 . - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1- 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 '21.6 12.7 49.4 '15.4 13.2 1954_june 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 '16.9 13.9 49.5 '15.0 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 '19.8 14.4 50.0 '13.1 13.9 1955_june 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 19.3 14.7 50.2 '14.6 14.4 1955_Aug 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 '21.2 14.9 50.3 '15.2 15.0 Sept 277.5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 '21.0 14.9 50.2 '15.5 15.1 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8.6 14.9 '22.7 15.0 50.2 '15.4 15.3 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 '23.7 15.0 50.2 '15.0 15.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 '24.0 15.1 50.2 '14.7 15.6 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 '24.3 15.5 50.3 '15.5 16.0 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 '24.4 15.7 50.4 '16.0 16.4 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 '21.1 15.9 50.4 '16.6 16.5 Apr 275.8 43.4 8.2 224.3 23.3 58.4 8.5 13.6 '21.1 15.9 50.4 '16.5 16.5 May 276.8 44.3 8.2 224.3 23.5 57.7 8.4 13.5 '21.5 16.0 50.4 '16.6 16.6 June 272.8 45.1 8.4 219.3 23.8 56.9 8.4 13.3 '18.0 15.9 50.3 '16.6 16.2 July 272.7 45.4 8.4 218.9 23.4 56.3 8.4 13.3 '18.4 16.0 50.3 '16.6 16.2 Aug 275.6 46.1 8.4 221.2 23.9 57.4 8.3 13.1 19.3 16.0 50.3 16.7 16.3 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to $250 million on June 30, 1956. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1221 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 31, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Treasury notes Treasury bonds Treasury bonds—Cont. Nov. 1, 1956 Mar. 15 1957 2% 2,997 Mar. 15, 1956-58.. .2i/2 1,449 June 15, 1964-69... 214 3,751 Nov. 8 1956 .. . ,600 Apr. 1 1957 531 Sept. 15, 1956-59... 214 3,820 Dec. 15, 1964-69... 21/2 3,826 Nov. 15, 1956 ,600 May 15 1957 4,155 Mar. 15, 1957-59.. .23/8 927 Mar. 15, 1965-70.. .2^ 4,713 Nov. 23 1956 .. 600 Aug. 1 1957.., -«$ 12 056 June 15, 1958 23/8 4 245 Mar 15 1966-71 OiA 2 957 Nov 29 1956 ,601 Aug. 15 1957 , 3,792 June 15, 1958-63 4.. 234 919 June 15, 1967-72...21/2 l',872 Dec. 6, 1956 601 Oct. 1 1957...... 114 824 Dec. 15, 1958 iy2 2 368 Sept 15 1967-72 2 716 Dec 13 1956 ,600 Apr. 1958 383 June 15, 1959-62... 2i/4 5,273 Dec. 15, 1967-72. 3,789 Dec. 20 1956 600 June IS 1958......2% 4 392 Dec. 15, 1959-62... 214 3 462 June 15 1978 83 ' 3*4 1 606 D Ja e n c . 27 3 1 19 9 5 5 6 7 .. 6 6 0 0 1 1 O Fe c b t . 1 1 1 9 9 5 5 8 9 . . .. i y 5,1 1 0 2 2 1 D N e o c v . 1 1 5 5 , 1 1 9 9 6 6 0 0 -654..2 2 3 y 4 s 3 1 8 4 0 8 6 5 Feb 15 1995 3 2 745 Jan 10 1957 ,600 Apr. 1 1959 119 Sept. 15, 1961 234 2,239 Panama Canal Loan ....3 50 Jan. 16 1957 .. 603 Oct. 1959... 99 Nov. 15, 1961 214 11 177 Jan. 17, 1957 ,601 Apr. 1 1960 -!£ 198 Aug. 15, 1963 21/2 6,755 Convertible bonds Jan 24 1957 600 Oct. 1 1960... 278 June 15, 1962-67.. .21/4 2 114 Investment Series Apr. 1 1961 144 Dec. 15, 1963-68... 2y2 2,824 Apr. 1, 1975-80...234 10,903 Certificates Oct. 1 1961 3 Dec. 1, 1956 9,083 Feb. 15, 1957 , , 7,219 Mar. 22, 19573... 3,221 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 1213. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1954 June 30 . 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166 882 19 514 13,836 40 729 81 128 11 676 155 206 49 703 38 188 33,687 33 628 Dec 31 174,639 22,313 15,741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 1956—June 30 166 050 20 808 16,303 35 952 81 840 11 098 154 953 58,714 31 997 31,312 32 930 July 31 166,023 20,807 16,303 35,963 81,881 11,070 154,953 46,660 44,059 31,311 32,922 Aug 31 . 168,351 20,809 19,523 35,122 81,878 11,019 157,332 64,867 28,234 31,311 32,920 U. S. Govt. agencies and trust funds: 1954 June 30 6,985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 1955—June 30 7 162 40 8 119 3 556 3 439 3 723 74 199 506 2,944 Dec. 31 7,676 338 47 304 3,548 3,439 4,237 422 373 426 3,016 1956—June 30 8 236 273 355 688 3 575 3 345 4 891 927 500 434 3 030 July 31 8,293 237 325 807 3,597 3,328 4.966 773 718 440 3.034 Aug 31 8,204 180 296 834 3,597 3,297 4,907 911 518 441 3,037 Federal Reserve Banks: 1954 June 30. 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6,307 1,035 1,415 1955_june 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 Dec 31 ... 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 1,014 1,415 1956—June 30 23 758 855 10,944 9 157 2 802 23 758 20,242 1,087 1,014 1,415 July 31 23,438 550 10,933 9,154 2,802 23,438 11,982 9,027 1,014 1,415 Aug 31 23,854 947 10,942 9,164 2,802 23,854 20,339 1,087 1,014 1,415 Commercial banks: 1954—June 30 56 199 4 187 4,942 11 423 35 481 165 56 034 17 684 14 624 18 741 4,985 1955 June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 Dec 31 53,956 3,562 1,951 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 1956—June 30 49 673 2 181 1,004 11 620 34 712 155 49 517 7 433 18 234 19,132 4,719 July 31 49,081 1,924 1,007 11,480 34,515 155 48,926 6,230 18,843 19,104 4,749 Aug. 31 50,056 2,008 2,219 11,249 34,425 155 49,901 9,916 16,082 19,073 4,830 Mutual savings banks: 1954_jUne 30 8,353 98 101 221 6,669 1,265 7,089 294 476 1,389 4.930 1955—June 30 8 069 84 53 289 6 422 1 222 6 848 164 533 1,405 4,746 Dec. 31 7,856 128 47 322 6,170 1,189 6,667 208 570 1,335 4,554 1956 June 30 7 735 107 37 356 6 074 1 161 6 574 247 540 1,319 4,468 July 31 7,730 126 42 361 6 040 1,161 6 569 245 563 1,314 4,447 Aug 31 7,690 131 48 349 6,006 1,157 6,534 284 517 1,289 4,444 Insurance companies: 1954—June 30 13 520 622 209 691 8 805 3 193 10 327 1,190 1,045 2,171 5,921 1955 June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 Dec 31 . .. 12 667 515 83 842 8 286 2 941 9 726 694 1,502 1,840 5,689 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 July 31 11,706 369 44 768 7,747 2,778 8,928 650 1,230 1,800 5,248 Aug 31 11 578 444 59 737 7 568 2 769 8 809 855 1,079 1,796 5,079 Other investors: 1954 June 30 52,121 12,248 6,511 6,531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 1955—June 30 59 260 15 153 3,973 12,502 23 927 3,706 55 554 24,062 10,633 7,626 13,233 Dec. 31 67,700 16,047 7,612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 1956—June 30.. 64 947 17 074 3 919 13 371 26 896 3 646 61 301 29 233 10,443 7,612 14,013 July 31 65,773 17,602 3,951 13,393 27 179 3,647 62,126 26,780 13,677 7,640 14,029 Aug 31 66,969 17,098 5,960 12,790 27,479 3,641 63,328 32,562 8,951 7,698 14,116 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o es r a o te f n is e s t u e p r r s o 6 ceeds Noncorporate Corporate New capital Year or Remonth State Bonds Mis- t R ir e e - - m ti e re n - t Total G U o . v S t . . 3 ag F e e e r n a d c l - y' n m a p i n a c u d l i - - Other 5 Total Total o P f l f i u e c b r l e y - d p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey' p l p c a o o u e n u s l r e e s - - - s m b d et a e o c e n b f . n k t 3 t , s ri e o t c i f e u s - 1939 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20,250 10,327 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 5,929 234 488 307 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 920 2,360 560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 691 2,364 326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 601 3,645 957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 083 3,856 228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 488 4,003 484 816 1,213 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1955—Sept. 1,627 481 407 3 736 560 301 259 82 94 670 559 111 52 Oct.. 2,646 461 926 9 1,250 1,046 858 188 43 161 1,162 1,074 88 71 Nov. 1,840 438 661 33 708 431 155 275 85 193 632 590 42 62 Dec, 1,913 466 415 51 980 835 336 499 39 107 900 793 108 63 1956—Jan.. 1,710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb.. 1,998 544 709 744 478 149 329 128 139 704 664 40 26 Mar. 1,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr., 1,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May, 2,128 451 491 1 1,185 983 686 297 65 137 1,144 1,116 28 21 June 2,161 437 736 99 661 270 391 50 179 830 768 61 43 July. 1,975 484 379 '3 i '911 588 '323 '15 '1831,066 1,012 '53 '27 Aug. 1,508 436 109 '213 '565 250 '315 '50 92 '669 '563 107 '25 Sept. 1,580 355 324 682 513 168 33 186 836 822 34 47 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 ,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 .788 273 1955 2,397 533 769 51 544 338 2,254 174 ,045 77 ,812 56 1955—Sept. 166 19 68 4 50 4 208 13 19 10 158 3 Oct.. 85 56 14 54 52 166 1 694 107 3 Nov. 149 32 70 6 17 4 268 12 40 88 Dec. 287 54 79 4 130 1 269 2 35 100 1956—Jan.. 180 26 45 26 1 63 3 263 Feb., 197 23 41 39 1 196 37 () 194 Mar. 249 22 48 71 10 187 103 17 132 Apr., 258 78 27 51 294 15 170 May 465 14 67 4 86 2 335 80 109 June, 276 26 76 2 54 5 231 11 182 July. '331 '9 100 17 '31 '240 '261 103 Aug. 194 '21 '94 '3 '38 154 '83 106 Sept. 227 22 36 21 61 242 56 214 r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank • Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit. i o Represents all issues other than those for retirement of securities. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1223 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] AnnuaI totals Quarterly totals Industry 1954 1955 1956 1950 1951 1952 1953 1954 1955 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 45,78752,94054,51763,34358,11069,443 15,22216,59917,92916,88718 028 18 15018 471 Profits before taxes 8,176 8,869 7,308 8,375 7,244 10,226 1,919 2,452 2,767 2,388 2,619 2,601 2,512 4,222 3,548 3,192 3,649 3,825 5,221 1,106 1,215 1,392 1,206 1 408 1 286 1 298 Dividends 2,339 2,075 2,073 2,154 2,384 2,827 788 575 577 659 1,015 703 715 Nondurable goods industries (94 corps.):1 Sales 16,25218,91619,26620,69420,62023,065 5,426 5,509 5,742 5,776 6,037 6,095 6,150 Profits before taxes 2,947 3,447 2,853 3,028 2,753 3,408 682 801 849 869 889 901 877 Profits after taxes 1,661 1,533 1,392 1,526 1,581 1,916 422 442 471 483 520 497 491 Dividends.... . 977 925 946 972 1,064 1,202 348 256 260 283 402 290 300 Durable goods industries (106 corps.):2 Sales 29,53534,02435,25142,64937,49046,378 9,796 11,090 12,18711,11111,990 12 05512 321 Profits before taxes 5,229 5,422 4,455 5,346 4,491 6,818 1,237 1,651 1,919 1,518 1,730 1,701 1,635 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3,305 684 773 920 723 888 789 807 Dividends • 1,362 1,149 1,127 1,182 1,320 1,625 440 319 317 376 613 413 415 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,435 1,358 1,462 1,491 1,502 1,535 1,569 532 473 453 465 462 499 110 99 131 139 129 123 150 Profits after taxes ... 289 227 203 212 224 245 57 46 63 68 68 55 71 Dividends 161 159 154 154 156 160 46 36 36 39 50 37 44 Chemicals and allied products (26 corps.): Sales 4,817 5,882 5,965 6,373 6,182 7,222 1,623 1,721 1,811 1,799 1,891 1,879 1,958 1,178 1,490 1.259 1,308 1,153 1,535 313 366 381 390 399 385 380 Profits after taxes 597 521 486 520 593 782 174 182 193 198 209 195 196 467 381 396 417 499 597 194 114 115 134 234 138 141 Petroleum refining (14 corps.): Sales 4,359 5,078 5,411 5,883 6,015 6,556 1,562 1,566 1,613 1,632 1,745 1,764 1,742 712 911 728 841 751 854 152 210 200 218 226 248 223 Profits after taxes 492 560 524 603 567 624 132 150 147 156 172 176 162 Dividends 236 262 283 290 294 317 77 n 77 80 83 82 82 Primary metals and products (39 corps.): Sales 10,44812,50711,56413,75011,52214,927 2,874 3 858 3,746 4 024 4 212 4 414 Profits before taxes 1,706 2,098 1,147 1,817 1,357 2,375 400 3,340807 633 582 674 693 712 Profits after taxes 857 778 564 790 705 1,194 231 241 313 290 350 344 360 378 382 369 377 407 522 125 114 108 118 182 141 137 Machinery (27 corps.): Sales 5 049 6,168 7,077 8,005 7,745 8,110 2,024 1,953 2,045 1,977 2 135 2 167 2 463 Profits before taxes 847 1,000 971 1,011 914 894 222 229 251 208 206 200 268 Profits after taxes 424 365 375 402 465 458 138 110 120 103 124 75 139 208 192 199 237 263 281 76 67 66 67 81 78 82 Automobiles and equipment (15 corps.): Sales 11,969 12,70713,03816,61114,13718,825 3,850 4,791 5,101 4,246 4,688 4,578 4,195 Profits before taxes 2,332 1,950 1,982 2,078 1,789 3,023 510 825 894 589 715 690 511 1,101 717 709 758 863 1,394 261 369 418 261 346 313 237 679 486 469 469 536 693 198 109 114 161 309 162 164 Public Utility Railroad: 9,473 10 39110,581 10,664 9,371 10,106 2,395 2,305 2,524 2,634 2,643 2 535 2,704 Profits before taxes 1,385 1,260 1,451 1,404 900 1,342 319 259 358 370 355 252 343 Profits after taxes 784 693 832 871 674 925 277 175 242 243 265 164 237 312 328 338 412 379 421 136 101 90 74 156 111 116 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,610 8,395 1,976 2,169 1,999 2,034 2,193 2,412 2,190 1,313 1,482 1,740 1,895 2,049 2,304 513 636 539 535 594 710 592 Profits after taxes 822 814 947 1,030 1,140 1,247 288 341 296 284 326 374 321 619 651 725 780 857 930 224 225 229 229 247 247 256 Telephone: Operating revenue 3,342 3,729 4,136 4,525 4,902 5,425 1,285 1,298 1,340 1,368 1,419 1,439 1,480 580 691 787 925 1,050 1,282 284 306 315 325 336 339 352 331 341 384 452 525 638 143 152 156 161 169 169 176 Dividends . 276 318 355 412 448 496 116 118 122 126 130 132 136 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1224 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s - d Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1948 32.8 12.5 20.3 7.2 13.0 1949 26.2 10.4 15.8 7.5 8.3 1948 7 570 1,683 5 887 5,938 1,283 4,655 1,632 400 1,232 1950 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2.105 3,577 J.366 666 2,700 1953 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 ;5,335 348 2,987 1954 33.2 16.8 16.4 10.0 6.4 1953 9 550 2,428 7 121 6,651 1,896 4,755 2,898 533 2,366 1955 42.7 21.5 21.1 11.2 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 *1,862 1,596 2,265 1955 12,595 5,372 7,223 7,712 3,199 4,513 1,883 2,173 2,710 1955_1 39.7 20.0 19.7 10.4 9.3 2 41.1 20.7 20.3 10.7 9.6 1955—2 2,891 1,484 1,407 1,802 767 1,034 ,089 717 373 3 43.5 22.0 21.5 11.0 10.5 3 2 895 1,427 1 468 1,838 923 915 1,057 504 553 4 46 4 23.4 23.0 12.1 10.9 4 3,795 1,165 2,630 2,391 806 1,585 ,404 359 1,046 1956—1 43.7 22.1 21.6 11.8 9.8 1956 1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 2 42.9 21.7 21.3 12.2 9.1 2 3,367 1,488 1,880 2,245 817 1,428 1,122 671 452 NOTE.—Quarterly data are at seasonally adjusted 1 Reflects cash transactions only. As contrasted with data shown on p. 1222, new issues exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1222. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g G U o . v S t . . Not r e e s c e a i n v d a b a l c e cts. Inven- Note p s a a y n a d b l a e ccts. F in e c d o e m ra e l Total Cash securi- tories Other Total tax Other ties U.S. U.S. lia- Govt 2 Other Govt. 2 Other bilities 1948... 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 39.3 11.5 13.5 1949... 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950... 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951... 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952... 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2,3 57.0 18.1 18.7 1953. .. 91.8 190.9 31.2 21.6 2.6 65.9 67.2 2.4 99.0 2.2 57.3 18.7 20.7 1954.. . 95.0 188.5 32.0 19.8 2.4 67.3 64.4 2.6 93.5 2.4 54.9 15.3 20.8 1955—1 97.3 189.1 30.6 19.5 2.2 68.8 65.1 2.8 91.8 2.5 55.1 13.1 21.1 2 99.7 191.4 31.1 19.3 2.1 71.2 64.9 2.8 91.7 2.3 55.8 11.9 21.7 3 101.5 200.2 31.6 21.2 2.2 75.6 66.6 3.0 98.7 2.2 58.9 15.1 22.6 4 102.9 208.1 32.6 24.0 2.3 77.3 69.1 2.9 105.2 2.3 62.6 18.1 22.3 1956—1 104.8 206.8 29.9 21.1 2.3 78.2 72.1 3.2 102.0 2.3 62.0 15.0 22.8 2 106.4 207.9 30.7 18.0 2.3 79.9 73.9 3.1 101.5 2.5 63.9 12.1 22.9 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n i tu n g d r - - T p t o r i a o r n t n a s - road Other ing 1948 22 1 9 1 9 1 3 1 3 2 5 J 7 5 2 1955 i 5 8 2 4 5 1949 19 3 7.1 .8 1 4 Q 3 1 I 3 4 7 2 7 0 3 0 6 1950 20.6 7.5 .7 1.1 1.2 3.3 l.l 5 7 3 7 4 3 1 6 1951 25 6 10 9 9 1 5 I 5 3 7 I 3 5 9 4 8 4 3 8 7 1952 26.5 11.6 1.0 1.4 L.5 3.9 1.5 5.6 1953 28 3 11 9 1 0 1 3 I 6 4 6 I 7 6 3 1956 1 7 5 3 2 7 1954 26.8 11.0 1 0 .9 1.5 4 2 7 6 5 2 8 9 4 1 7 1955 • 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 34 9.6 4.6 19564 35.3 15.2 1.2 1.3 8 5.0 10.7 44 9.4 4.6 -00 ON Public utili- All ties other 3 8 2 0 1 i 2 3 1 2 2 5 1 2 2 6 9 2 6 1 2 2 9 1.5 2.7 1.4 2.5 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1225 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other 1- to 4-family houses Multi-family and holders commercial properties i E o n r d q o u f a r y t e e a r r h A e o r l l d s l - t F u i i n c t n i s i a a o ti l n n - s - S F e a e c l d g e i e e c e n r t s e a - d l v o I i t a d n h n u d e d a i r - l s s h A e o r l l d s l - Total t F u in i c t n i i s a o a ti l n n - s - O h e o t r h ld s e - r Total t F u i i n c t n i i s a o a ti l n n - s - O h e o t r h ld s e - r h e A o r l l s d l - t F u in i c t n i i s a o a ti l n n - s - h O ol t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.8 4.8 1.3 3.4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1 9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5,6 2.1 3.5 1950 72.8 51.7 1.4 19.8 66.8 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2 3 3 7 1951 82.2 59.5 2.0 20.7 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.6 2.6 4 0 1952 91.2 66.9 2.4 21.9 84.1 58.5 46.8 11.7 25.6 17.2 8.3 7.2 2.8 4.3 1953 101.1 75.1 2.8 23.3 93.5 66.1 53.6 12.5 27.4 18.5 8.9 7.7 3 0 4 6 1954 113.6 85.7 2.8 25.0 105.4 75.7 62.5 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955 129.7 99.4 3.1 27.3 120.8 88.1 73.8 14.4 32.6 22.0 10.7 9.0 3 6 5 3 1955—Mar 117.2 88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.4 3.4 5.1 Juner 121.8 92.7 3.0 26.2 113.2 82.2 68.3 13.8 31.0 20.8 10.2 8.7 3.5 5 2 Sept.r 126.1 96.3 3.0 26.7 117.2 85.5 71.4 14.1 31.8 21.4 10.4 8.8 3.6 5.2 Dec r 129.7 99.4 3.1 27.3 120.8 88.1 73.8 14.4 32.6 22.0 10.7 9.0 3 6 5 3 1956 Mar *r 133.3 102.3 3.2 27.9 124.1 90.8 76.2 14.6 33.3 22.4 10.9 9.2 3 7 5 5 June33 r 137.3 105.6 3.2 28.5 127.8 93.7 78.8 14.9 34.1 23.0 11.2 9.5 3.8 5.6 Sept.*3 141.1 108.8 3.3 29.0 131.5 96.6 81.4 15.2 34.9 23.5 11.4 9.6 3.9 5.7 P Preliminary. r Revised. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bankholdings 2 Mutual savings bank holdings 3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,112 3,395 856 521 4,208 3,387 797 24 1948 . 10 897 8 066 1,957 874 5,806 4,758 1 015 34 1949 11 644 8 676 2,060 909 6,705 5,569 1 099 37 1950 13 664 10 431 2,264 968 8,261 7,054 1 164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 ,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 08? 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 297 17,457 15,568 4,150 5,773 5,645 1,831 58 1955 Mar . ... 19,125 14,535 4,205 3,450 6,880 3,385 705 15,560 13,745 3,895 4,600 5,250 1,758 57 June 19 940 15 128 4 361 3 601 7 166 3,549 ,263 16,173 14,339 4,000 4,976 5,362 1 775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 780 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 Mar r 21,450 16,180 4,610 3,770 7,800 3,950 320 18,045 16,123 4,210 6,155 5,758 1,860 62 June1" 21,990 16,500 4,668 3,837 7,995 4,137 ,353 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept.*3 22,500 16,845 4,730 3,905 8,210 4,290 ,365 19,225 17,218 4,333 6,885 6,000 1,936 71 P Preliminary. r Revised based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1955 Sept 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2,225 Oct 578 535 76 160 299 43 28,563 26,320 6,289 5 692 14,339 2,243 Nov 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6 075 14,681 2,267 1956 Jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2 274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6 571 15,195 2,350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June 546 507 58 136 313 39 31,284 28 884 6,584 6 764 15 536 2 400 July 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 Aug 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sept 454 430 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C o ve n o n a n - l - 2 Y m e o a n r t o h r N b u e m r - Total i i a n S l s o g a s s a v n n - s & . p I c n a a o n s n m u c ie e r - - s C b m c a o i n e m a r k l - - s M b s i a u n a n t g v u k s - a s l 1941 1 379 437 581 4,S78 1941 1,628 4,732 1 490 404 1 166 218 1945 1 913 181 1 358 376 1945 1 639 5 650 2 017 250 1 097 217 1948 3 607 1 046 1,710 10, 2,397 7,345 1948 2,535 11,882 3 629 1016 2 664 745 1949 3 636 1 083 1 559 11 616 717 2,586 R,313 1949 2 488 11 828 3 646 1046 2 446 750 1950 5,237 1,767 657 848 2,973 9,836 1950 3,032 16,179 5 060 1618 3 365 1 064 1951 5 250 1 657 2,357 15 564 866 3,133 11,565 1951 2,878 16 405 5 295 1615 3 370 1 013 1952 6,617 2,105 18,396 904 3,394 14,098 1952 3,028 18,018 6,452 1,420 3 600 1,137 1953 7,767 2,475 3,488 ?t 96? j 048 3,979 16,935 1953 3,164 19,747 7 365 1480 3 680 1 327 1954 8 969 3 076 3 846 194 1 179 4,721 ?0,301 1954 3 458 22 974 8 312 1768 4 239 1 501 1955 11,432 4,041 5 241 461 405 5,891 ?4,165 1955 3,913 28,484 10 452 1932 5 617 1 858 1955 1955 Sept 1,012 342 503 no,661 370 5,694 73,597 Sept 342 2,522 946 155 505 168 Oct 880 303 Oct 326 2 387 835 153 505 167 Nov 782 261 385 Nov 314 2 316 765 152 499 171 Dec 746 253 r31 461 1 405 5,891 ?4,165 Dec 293 2,188 700 156 457 166 1956 1956 Jan 712 251 275 2 059 665 148 435 131 Feb 778 284 333 Feb 278 2,050 700 136 421 127 Mar 908 331 386 r32 405 1 424 6 082 ~>4899 Mar . .. 309 2 271 816 152 468 128 Apr 932 359 Apr 303 2 269 827 148 470 128 ]VIay 986 356 434 May 324 2 434 872 158 508 152 976 349 449 r33 740 1 458 6 338 ->5,944 June 319 2 417 877 165 494 162 July 949 341 439 July 312 2 374 851 159 464 168 1 037 358 483 Aus 336 2 544 921 163 508 181 Sept 850 292 397 34,939 ,499 6,563 26,877 Sept 290 2,185 779 139 407 163 1 r Revised. i Includes amounts for other lenders, not shown separately. 1 Includes loans for other purposes (for repair, additions and alterations, Source.—Federal Home Loan Bank Board. refinancing, etc.) not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1227 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans mo H r o tg m a e ges Proj- P e r r o ty p- mo H r o tg m a e ges Government- Year or month ect- im- underwritten Total p e N r rt o e i w p es - p i e s E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- i p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - y q E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 . .. 665 257 217 20 171 192 sured anteed 1948 . . . 3 341 1 434 684 609 614 1,881 1949 3,826 1,319 892 1,021 594 1,426 793 629 1945 . 18.6 4.3 4.1 .2 14.3 1950 4 343 1 637 856 1 157 694 3,072 1,865 1,202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1948 33.3 12.5 5.3 7.2 1952 3 113 969 974 322 848 2,719 1,823 890 1949 37.6 15.0 6.9 8.1 22.6 1953 3,882 1,259 1 030 259 1,334 3,064 2,045 1,014 1950 . 45.2 18.9 8.6 10.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28 8 1955 3,807 1 269 1 816 76 646 7,156 4,582 2,564 58.5 25.4 10.8 14.6 33.1 1953 66.1 28.1 12.0 16.1 38.0 1955—Sept 347 113 162 9 64 590 378 211 1954 75.7 32.1 12.8 19.3 43.6 Oct 338 113 160 2 63 717 461 255 1955 . . 38.9 14.3 24.6 Nov . ... 345 122 154 11 59 755 511 243 Dec 326 118 144 10 55 620 413 206 1955—Mar 78.5 33.5 13.2 20.3 45.0 June 82.2 35.3 13.5 21.8 46.9 1956—Jan 335 133 148 1 53 570 403 166 Sept '85.5 37.0 13.9 23.1 r48.5 Feb 287 114 127 5 41 535 372 162 Dec r88.1 38.9 14.3 24.6 Mar 298 105 127 18 48 468 331 136 A M p a r y 2 2 7 5 0 3 8 8 7 7 1 12 1 3 6 4 2 4 59 6 4 46 9 9 3 3 30 3 7 3 1 16 5 2 9 1956— J M un a e r. 2 ? 5 . . . . . . . . - '9 9 3 0 . . 7 8 4 4 1 0 . .2 03 1 1 4 5 . . 7 0 '2 2 6 5 . . 3 5 r ' 5 5 0 2 . . 6 4 June 280 86 121 10 62 421 265 155 Sept.* 96.6 42.5 15.3 27.2 54.1 July 279 83 125 10 61 465 291 174 Aug 312 97 141 8 67 505 320 184 Sept 278 82 122 16 59 508 321 186 P Preliminary. r Revised. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed and Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Year or month Ad- Repay- End of year period) ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total S te h r o m rt 1 - L t o e n r g m - 2 1945 278 213 195 176 19 1948 199 188 11 198 227 1948 360 280 515 257 258 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 ,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 ,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 ,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 ,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 ,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 ,714 411 62 76 1955 1,251 702 1,417 991 426 1955 Oct 2 587 891 ,695 42 1 83 1955—Oct.. 90 21 1,344 932 412 Nov 2,596 896 ,700 27 1 80 Nov. 60 40 ,364 875 489 Dec 2 615 901 714 30 76 Dec. 109 56 ,417 991 426 1956—jan 2,623 900 ,722 22 1 75 1956—Jan.. 42 213 ,246 833 413 Feb 2 642 907 ,736 35 66 Feb.. 13 78 ,181 770 411 Mar 2,657 909 ,748 28 62 Mar. 24 67 ,138 730 408 Apr 2 665 9C ,758 23 1 68 Apr., 42 53 ,127 709 418 M!ay 2,677 907 ,769 25 1 81 May, 44 48 ,123 697 427 June 2,704 915 ,789 40 92 June 99 49 ,173 730 443 July 2 729 915 ,814 43 91 July. 93 159 ,108 700 408 Aug 2,758 919 ,839 43 j 92 Aug. 66 57 ,116 713 403 Sept 2 781 920 ,861 40 1 130 Sept. 72 46 ,142 741 401 Oct 2,838 934 ,904 69 1 232 Oct.. 67 61 ,148 752 397 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e * co p g O n a o s t p o h u e d e m r r s 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,398 8,996 3,018 2,901 853 2,224 5,402 1,445 2,673 1,284 1949 17,305 11,590 4,555 3 706 898 2 431 5,715 1,532 2 795 1 388 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,648 29,020 13,468 7,626 1,670 6,256 9,628 2,992 4,544 2,092 1955 Sept 36,169 27,702 13,075 6,959 1,625 6,043 8,467 2,776 3,586 2,105 Oct 36,573 27,968 13,246 7,025 1,648 6 049 8,605 2,804 3 715 2,086 Nov 37,114 28,269 13,326 7,169 1,661 6,113 8,845 2,930 3,839 2,076 Dec 38,648 29,020 13,468 7,626 1,670 6,256 9,628 2,992 4,544 2,092 1956 Jan 37,848 28,886 13,481 7 487 1,638 6 280 8,962 2,920 3 961 2,081 Feb 37,474 28,915 13,574 7,371 1,628 6,342 8,559 2,932 3,530 2,097 M!ar 37,761 29,112 13,743 7,300 1,631 6,438 8,649 3,050 3,469 2,130 Apr 38,222 29,419 13,892 7,337 1,643 6,547 8,803 3,094 3,531 2,178 May 38,919 29,763 14,059 7,401 1,677 6,626 9,156 3,258 3,701 2,197 June 39,454 30,084 14,255 7,417 1,700 6,712 9,370 3,335 3,804 2,231 July 39,478 30,297 14,381 7,421 1,710 6,785 9,181 3,261 3,674 2,246 Aug . ... 39,878 30,644 14,530 7,493 1,734 6,887 9,234 3 295 3 696 2 243 Sept 40,074 30,707 14,533 7,497 1,758 6,919 9,367 3,361 3,780 2,226 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c a C u n o n a m o i m n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1 797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1948 8,996 7,120 3,529 2,011 334 1,246 1,876 470 604 127 159 516 1949 11,590 9,257 4,439 2,944 438 1,436 2,333 596 740 178 236 583 1950. 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1 082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1,070 1954. 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1 052 1955 29,020 24,441 10,601 8,443 1,680 2,656 1,061 4,579 1,511 1,052 381 535 1 100 1955_Sept 27,702 23,617 10,328 8,168 1,617 2,478 1.026 4,085 1,270 967 364 547 937 Oct 27,968 23,848 10,412 8,268 1,640 2,503 ,025 4,120 1,283 979 361 545 952 Nov.. . 28 269 24,061 10,489 8,322 1,654 2,549 ,047 4,208 1,332 1,001 366 539 970 Dec 29,020 24,441 10,601 8,443 1,680 2,656 1,061 4,579 1,511 1,052 381 535 1,100 1956 Jan 28,886 24,447 10,618 8,436 1,668 2,670 ,055 4,439 1,471 1,018 371 535 1 044 Feb 28,915 24,587 10,668 8,460 1,697 2,701 ,061 4,328 1,436 1,001 362 538 991 Mar 29,112 24,870 10,796 8,526 1,732 2,739 ,077 4,242 1,377 984 355 544 982 Apr 29,419 25,208 11,009 8,575 1,767 2,773 1,084 4,211 1,380 974 349 548 960 !May. 29,763 25,528 11,170 8,641 1,806 2,805 1,106 4,235 1,389 971 351 554 970 June 30,084 25,963 11,394 8,765 1,848 2,845 1,111 4,121 1,247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 1,108 4,104 1,239 967 359 568 971 Aua . . .. 30 644 26,475 11,548 8,953 1,933 2,920 1,121 4,169 1,286 973 365 575 970 Sept 30,707 26,551 11,548 8,989 1,960 2,924 1,130 4,156 1,269 970 368 576 973 i Consumer finance companies included with "other" financial institu- 2 Includes mail-order houses. tions until September 1950. 3 Represents automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1229 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a - i s r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m p o h n d e e e - r s r r m i R z l o o a e a d a n p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1 079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 2,011 1,333 287 225 166 1948 3 529 575 753 794 568 839 1949 2,944 2,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5 771 1,135 1,311 1,315 ooo 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 .. 8 998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10 601 3,243 2,062 2,042 1,338 1.916 1955—Sept. 8,168 6,736 974 24 434 1955—Sept 10,328 3,079 2,035 1,990 1,307 .917 Oct.. 8,268 6,817 989 24 438 Oct 10,412 3,152 2,043 1,992 1,325 1,900 Nov. 8,322 6,850 ,001 24 447 Nov 10 489 3 193 2,046 2,015 1 332 1,903 Dec. 8,443 6,919 ,034 25 465 Dec 10 601 3,243 2,062 2,042 1,338 1,916 1956—Jan.. 8,436 6,919 ,024 25 468 1956—Jan . ...... 10,618 3,252 2,072 2,049 1,314 1,931 Feb.. 8,460 6,940 ,024 24 472 Feb 10,668 3,294 2,089 2,040 1,305 1,940 Mar. 8,526 6,995 ,024 24 483 Mar 10 796 3,347 2,133 2,051 1,303 1.962 Apr.. 8,575 7,037 ,024 24 490 Apr 11,009 3,403 2,167 2,118 1,313 2,008 May. 8,641 7,099 ,021 24 497 May 11 170 3,462 2,193 2,155 1,335 2,025 June. 8,765 7,199 ,039 24 503 June 11,394 3,521 2,207 2,265 1,356 2,045 July. 8,849 7,264 1,049 24 512 July . . . 11 476 3,560 2,210 2,276 1,367 2,063 Aug. 8,953 7,344 1,061 24 524 Aug 11,548 3,598 2,218 2,266 1,384 2,082 Sept. 7,366 1,071 23 529 Sept 11,548 3,591 2,199 2,271 1,403 2,084 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONTNSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n a n a i - l t l t - C m c m ( o i s e a m i e r n l - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n c ( - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores! 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1948 1,580 198 103 60 1,219 1945 3,203 674 72 290 1,322 845 1949 1,874 259 146 93 1,376 1950 2,296 360 200 121 1,615 1948 5,402 1,261 184 575 2,098 1,284 1951 2,699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 1,388 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 . . .. 7,323 1,684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,397 709 506 307 3,875 1953 8,238 1,899 288 772 3,352 1,927 1954 8,724 2,096 312 793 3,515 2,008 1955—Sept 5,121 678 457 294 3,692 1955 9,628 2,635 357 862 3,682 2,092 Oct 5,168 689 469 299 3,711 Nov 5,250 698 484 305 3,763 1955—Sept 8,467 2,417 359 542 3,044 2,105 Dec 5,397 709 506 307 3,875 Oct 8,605 2,479 325 587 3,128 2,086 Nov. • 8,845 2,552 378 645 3,194 2,076 1956 Jan 5,393 703 510 299 3,881 Dec 9,628 2,635 357 862 3,682 2,092 Feb 5,459 713 517 299 3,930 Mar 5 548 724 527 304 3,993 1956—Jan 8,962 2,632 288 706 3,255 2,081 Apr 5,624 737 532 306 4,049 Feb 8,559 2,625 307 596 2,934 2,097 Mi ay 5 717 751 544 318 4,104 Mar 8,649 2,680 370 579 2,890 2,130 J Ju u l n y e 5 5, , 8 8 6 0 8 4 7 7 6 7 6 9 5 5 5 6 4 0 3 32 1 0 9 4 4, , 2 1 1 6 0 4 A M p a r y . 9 8 , , 1 8 5 0 6 3 2 2 , , 7 7 6 2 6 0 4 3 9 7 2 4 5 5 8 7 5 3 2 3 , , 9 11 5 6 8 2 2 , , 1 1 7 9 8 7 Aug 5 974 795 572 326 4,281 June 9,370 2,880 455 574 3,230 2,231 Sept 6,014 801 575 332 4,306 July 9,181 2,885 376 523 3,151 2,246 Aug 9,234 2,894 401 531 3,165 2,243 Sept 9,367 2,926 435 588 3,192 2,226 NOTE.—Institutions included are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions 3f dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasona variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1948 . 15,585 5 217 5 383 714 4 271 1949 18,108 6,967 5,865 734 4 542 1950 21,558 8,530 7,150 835 5,043 1951 23,576 8,956 7,485 841 6 294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9 227 1 344 8 006 1954 31,051 11,807 9,117 1,261 8 866 1955 39 128 16,743 10,615 1 359 10,411 1955 Sept 3,421 3,361 1,504 t 500 900 887 123 135 894 839 Oct 3,327 3,211 1,435 1,347 873 905 125 135 894 824 Nov 3,355 3,271 1,415 1,272 911 969 125 130 904 900 Dec.. 3,315 3,785 1,389 1,303 904 1,282 124 118 898 1,082 1956—jan.. . 3,441 2,885 1.456 1,192 927 760 119 88 939 845 Feb 3,324 2,918 ,396 1,236 883 731 123 97 922 854 Mar 3,174 3,305 ,284 1,378 859 821 120 113 911 993 Apr 3,409 3,329 ,330 1,345 968 894 129 123 982 967 May 3,264 3,470 ,256 1,407 932 949 133 145 943 969 June 3,058 3,390 ,181 1,391 841 883 116 128 920 988 July 3,302 3,316 252 1.337 927 872 121 127 1,002 980 Aug 3,358 3,504 1,264 1,393 952 952 122 137 1 020 1 022 Sept 3,160 2,981 1,198 1,150 883 840 117 125 962 866 Repayments 1948 13,284 4,123 4,625 579 3,957 1949 . . 15,514 5,430 5 060 689 4 335 1950 18,445 7,011 6,057 717 4 660 1951 . 22,985 9,058 7,404 772 5 751 1952 25,405 10,003 7,892 917 6 593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,676 13,084 9,740 1,305 9 547 1955—Sept 2,900 2,854 1,137 1.144 832 812 108 109 823 789 Oct 2,967 2,945 1,169 1.176 849 839 112 112 837 818 Nov. . . ... 2,961 2,970 1,173 1,192 843 825 113 117 832 836 Dec 2,918 3,034 1,143 1,161 833 825 108 109 834 939 1956—Jan 3,109 3,019 1,245 1,179 887 899 121 120 856 821 Feb.. . . 2,948 2,889 1,184 1,143 821 847 110 107 833 792 Mar 2,888 3,108 1,130 1,209 822 892 102 110 834 897 Apr.. . ... 3,145 3,022 1,258 1,196 870 857 118 111 899 858 May 3,063 3,126 1,226 [,240 858 885 111 111 868 890 June. 3,009 3,069 1,158 1,195 869 867 104 105 878 902 July 3,160 3,103 1,229 1,211 890 868 121 117 920 907 3,147 3,157 1,214 1,244 891 880 112 113 930 920 Sept 3,087 2,918 1,185 1,147 893 836 104 101 905 834 Change in outstanding creditl 1948 +2 301 + 1,094 +758 + 135 + 314 1949 +2,594 + 1,537 +805 +45 +207 1950 + 3,113 + 1,519 + 1,093 + 118 + 383 1 1 9 9 5 5 1 2 +4 + ,1 5 0 9 9 1 + 1 -1 ,7 0 6 2 1 + 1+,2 9841 + + 3 6 0 9 0 ++7 55443 1953.. .. + 3,602 + 2,102 +605 +225 + 670 1954 +563 -26 — 28 + 6 + 611 1955 + 5,452 + 3,659 + 875 + 54 + 864 1955—Sept + 521 + 507 + 367 + 356 +68 +75 + 15 +26 +71 + 50 Oct + 360 +266 +266 + 171 + 24 +66 + 13 +23 +57 +6 Nov. + 394 + 301 +242 +80 +68 + 144 + 12 + 13 + 72 + 64 Dec + 397 +751 +246 + 142 +71 +457 + 16 +9 +64 + 143 1956—Jan + 332 -134 +211 + 13 +40 -139 -2 -32 + 83 +24 Feb + 376 +29 +212 +93 +62 -116 + 13 -10 +89 +62 Mar.. . . .. +286 + 197 + 154 + 169 + 37 -71 + 18 + 3 +77 +96 Apr +264 + 307 +72 + 149 +98 + 37 + 11 + 12 + 83 + 109 May. +201 + 344 + 30 + 167 +74 +64 +22 + 34 +75 +79 June. . +49 + 321 +23 + 196 -28 + 16 + 12 +23 +42 + 86 July + 142 + 213 +23 + 126 +37 +4 0 + 10 + 82 +73 Aug . +211 + 347 + 50 + 149 + 61 +72 + 10 +24 +90 + 102 Sept +73 + 63 + 13 + 3 -10 +4 + 13 +24 + 57 + 32 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for the period January 1940-August 1956 are records of retail outlets and financial institutions and often include charges shown on pp. 1043-1054 of the BULLETIN for October 1956. incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1231 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- ancI intermediate-term credit, in millions of dollars. The terms adjusted and unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce Ot i h n e s r t it f u i t n i a o n n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1948 15 585 5 714 3,217 2,938 3,716 1949 18,108 6,543 4,296 3,305 3 964 1950 21 558 8 135 5,098 3 826 4,499 1951 23 576 8,358 5,467 4,788 4,963 1952 29 514 11 123 6 982 5 659 5 750 1953 31 558 12 099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5 541 1955 39,128 14 109 10,200 8 434 6,385 1955 Sept 3,421 3,361 1,248 ,222 914 924 724 690 535 525 Oct 3,327 3,211 1,210 [,146 863 828 740 696 514 541 Nov 3,355 3,271 1,219 1,142 850 791 742 744 544 594 Dec. 3,315 3,785 1,179 1,171 840 838 746 906 550 870 1956—Jan . . 3 441 2 885 1,233 1,110 891 704 752 656 565 415 Feb 3,324 2,918 1,198 [,088 837 717 758 699 531 414 Mar . 3 174 3 305 1,105 1,201 802 822 759 808 508 474 Apr 3,409 3,329 1,302 [,308 790 769 780 766 537 486 May 3 264 3 470 1,181 1,279 774 842 776 800 533 549 June 3,058 3,390 1,185 .324 720 847 752 803 401 416 July 3,302 3,316 1,221 1,231 756 819 812 795 513 471 Aug 3,358 3,504 1,177 1,232 776 871 847 844 558 557 Sept 3,160 2,981 1,137 1,070 744 722 771 707 508 482 Repayments 1948 13,284 4,810 2,561 2,633 3,280 1949 15,514 5,633 3,363 3,011 3,507 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25 405 9,370 5,925 5,012 5,098 1953 . 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,676 12,304 7,901 7,547 5,924 1955 Sept 2,900 2,854 1,052 1,045 691 698 649 620 508 491 Oct . . .. 2,967 2,945 1.080 1,062 713 728 660 649 514 506 Nov 2,961 2,970 ,068 1,065 718 737 658 662 517 506 Dec . 2,918 3,034 ,043 1,059 692 717 668 759 515 499 1956 Jan 3,109 3,019 1,125 1,093 772 711 690 660 522 555 Feb 2,948 2,889 1,060 1,038 718 693 663 633 507 525 Mar 2 888 3 108 1,007 1,073 698 756 673 719 510 560 Apr 3,145 3,022 [,127 1,095 762 720 720 690 536 517 May 3 063 3 126 [,093 1,118 776 776 690 707 504 525 June 3,009 3,069 [,078 1,100 700 723 699 716 532 530 July 3 160 3 103 1,149 1,149 764 735 746 731 501 488 Aug 3,147 3,157 1,147 1,160 747 767 751 738 502 492 Sept 3,087 2,918 1.123 1,070 707 686 723 667 534 495 Cheinge in outstanding credit1 1948 +2,301 +904 + 656 + 305 +436 1949 +2 594 +910 +933 +294 +457 1950 + 3,113 + 1,359 +767 +422 + 565 1951 + 591 -27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 + 647 + 652 1953 + 3 602 + 1 474 + 1 216 + 692 +220 1954 + 563 — 202 +217 +472 +76 1955 + 5,452 + 1,805 +2,299 + 887 +461 1955 Sept +521 + 507 + 196 + 177 +223 +226 +75 +70 +27 + 34 Oct + 360 +266 + 130 + 84 + 150 + 100 + 80 +47 0 + 35 Nov + 394 + 301 + 151 +77 + 132 + 54 +84 + 82 +27 + 88 Dec + 397 +751 + 136 + 112 + 148 + 121 +78 + 147 + 35 + 371 1956 Jan + 332 -134 + 108 + 17 + 119 -7 +62 -4 +43 -140 Feb + 376 +29 + 138 +50 + 119 +24 +95 +66 +24 -111 Mar +286 + 197 +98 + 128 + 104 +66 + 86 +89 -86 Apr +264 + 307 + 175 +213 +28 +49 +60 +76 + 1 -31 May +201 + 344 + 88 + 161 + 66 + 86 +93 +29 +24 June +49 + 321 + 107 +224 +20 + 124 +53 + 87 -131 -114 July + 142 +213 +72 +82 -8 +84 + 66 + 64 + 12 -17 Aug + 211 + 347 + 30 +72 +29 + 104 +96 + 106 + 56 + 65 Sept +73 + 63. + 14 0 + 37 +36 +48 +40 -26 -13 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for the period January 1940-August 1956 are records of retail outlets and financial institutions and often include charges shown on pp. 1043-1054 of the BULLETIN for October 1956. incurred under the instalment contract. Renewals and refinancing of A discussion of the composition and characteristics of the data and loans, repurchases and resales of instalment paper, and certain other transa description of the methods used to derive the estimates are shown actions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES (Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o c r n d o s e n t d t r r u a ( c c v t t a i s o lu n e) * Employment and payrolls 2 Depart- Freight ment Wholeor Y m e o ar nth Total Tot M al anu r D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p m t a c e u l g o u m o e r r l n a n y i - - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c t w ur o in r P r k g o a e l y r l s s - i l c n o a g a r s d - * - v s ( s r a a t e l o l e t u r a s e e i * ) l p s C r u i m o ce n e s - r 2m p c r s o i o a c d m l e e i s t - y 2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 361.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 361.9 69.0 37.1 98 32 85.7 1921... 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923.. 47 45 47 44 62 45 49 42 364.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 367 5 65.5 33.0 115 37 75.6 65 0 1927... 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62 0 1928 53 52 53 51 63 73 76 70 367.9 64.2 32.8 112 37 73.3 62.9 1929 .. 59 58 60 56 68 63 52 70 71 0 68.3 35.0 115 38 73.3 61 9 1930... 49 48 45 51 59 49 30 62 366.6 59.5 28.3 99 35 71.4 56 1 1931 40 39 31 48 51 34 22 41 360.3 50.2 21.5 79 32 65.0 47 4 1932 31 30 19 42 42 15 8 20 353 4 42.6 14.8 59 24 58 4 42 1 1933... 37 36 24 48 48 14 7 18 353 6 47.2 15.9 62 24 55.3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58.8 23.5 69 29 58 7 52 0 1936. 56 55 49 61 63 30 22 35 365 8 63.9 27.2 81 33 59.3 52 5 1937 61 60 55 64 71 32 25 36 370 2 70.1 32.6 84 35 61.4 56 1 1938 48 46 35 57 62 35 27 40 66 1 59.6 25.3 67 32 60 3 51 1 1939.... 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59.4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56 8 1942.. 106 110 126 93 84 89 49 116 90 9 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99.0 104 56 74.0 67 0 1944 125 130 159 99 93 22 10 30 95 0 118.1 102.8 106 62 75 2 67 6 1945.... 107 110 123 96 92 36 16 50 91 5 104.0 87.8 102 70 76.9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78 7 1947.. 100 100 101 99 100 84 86 83 99 4 103.4 97.7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105.1 104 104 102.8 104 4 1949 97 97 95 99 94 113 116 111 99 0 93 8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102 3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110 4 106.3 136.6 95 110 113.5 111 6 1953 134 136 153 118 116 192 178 201 113 6 111 8 151.4 96 112 114 4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110 3 1955 139 140 155 126 122 261 280 248 114 2 105.5 152.5 "95 119 114 5 110 7 1955 Sept 142 142 144 160 128 123 250 256 246 115.3 106.2 108.1 158.6 96 121 114.9 111.7 Oct 143 147 145 161 129 123 260 252 266 115.7 107.1 108.7 161.1 98 122 114.9 111.6 Nov... 143 145 145 161 130 125 270 252 282 116.0 108.2 109.0 163.8 99 122 115.0 111.2 Dec 144 142 146 161 130 129 301 273 319 116.5 108.3 108.7 163.7 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 116.8 108.0 107.2 159.1 103 124 114.6 111.9 Feb 143 144 144 158 130 131 306 318 298 116.9 107.2 106.8 157.7 100 118 114.6 112.4 141 143 142 156 128 130 287 317 267 116 7 106.4 106.1 157.9 100 122 114.7 112.8 Apr 143 144 144 159 129 130 277 315 252 117.3 107.1 106.0 158.2 99 122 114.9 113.6 May 141 141 143 157 128 129 257 286 237 117.6 106.9 105.4 157.3 98 122 115.4 114.4 141 141 143 157 128 130 256 269 248 118 0 106.3 105 7 158.2 95 124 116.2 114.2 July 136 128 137 '148 127 122 255 265 249 116.6 '102.6 '101.2 '151.0 81 128 117.0 114.0 142 142 rl44 '158 '129 128 260 264 2^7 118 2'106 0 107 1 161 4 93 128 116.8 114.7 Sent .. 145 146 147 164 129 128 251 250 251 118.0 105.5 107.5 165.3 96 *129 117.1 115.5 Oct ?145 *>150 P147 ^165 *>130 ?128 ^118.5^106.7*>108.2"167.7 •123 115.5 e Estimated. » Preliminary. ' Revised. Nonagricultural employment covers employees only and excludes person- • Average per working day. nel in the armed forces. The consumer price index is the revised series, 1 Three-month moving average, based on F. W. Dodge Corporation reflecting, beginning January 1953, the inclusion of some new series and data. A description of the index may be obtained from the Division of revised weights; prior to January 1953, indexes are based on the "interim Research and Statistics. adjusted" and "old" indexes converted to the base 1947-49= 100. 2 The indexes of employment and payrolls, wholesale commodity prices, 3 Revisions for these years reflect adjustment to bench-mark levels and consumer prices are compiled by the Bureau of Labor Statistics published May 1955 by Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1233 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1955 1956 Industry portion 1954 1955 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 125 139 142 143 143 144 143 143 141 143 141 141 136 142 145 MANUFACTURES—TOTAL 90.02 127 140 144 145 145 146 145 144 142 144 143 143 137 144 147 Durable Manufactures—Total 45.17 137 155 160 161 161 161 160 158 156 159 157 157 r148 r158 164 Primary metals 6.70 108 140 146 148 149 150 148 148 145 146 141 138 68 124 148 Metal fabricating 28.52 150 165 770 173 172 172 170 168 166 171 167 168 169 "172 176 Fabricated metal products 5.73 123 134 141 142 139 138 136 134 132 135 130 132 129 134 142 Machinery 13.68 142 155 161 164 162 163 164 162 162 171 168 168 172 174 176 Nonelectrical machinery 9.04 125 135 141 143 143 144 146 147 147 151 149 149 152 155 157 Electrical machinery 4.64 177 194 199 205 198 199 197 192 191 208 206 205 210 211 212 Transportation equipment 7.54 175 203 205 208 212 212 205 202 197 193 186 190 191 195 198 Instruments and related products 1.29 140 149 155 156 158 159 160 161 160 163 164 164 167 173 Clay, glass, and lumber products 5.91 123 138 141 141 139 139 140 139 137 139 141 141 142 144 140 Stone, clay, and glass products 2.82 131 149 155 153 156 154 154 155 156 158 162 161 r159 160 154 Lumber and products 3.09 115 127 127 130 124 126 128 124 121 122 121 123 125 129 126 Furniture and misc. manufactures 4.04 121 132 137 136 136 137 135 134 132 134 135 136 136 138 137 Furniture and fixtures 1.64 106 119 125 124 123 123 122 120 120 121 121 123 124 124 124 Miscellaneous manufactures 2.40 131 141 145 145 145 146 144 143 141 142 145 145 145 148 146 Nondurable Manufactures—Total... 44.85 116 126 128 129 130 130 129 130 128 129 128 128 127 129 129 Textiles and apparel 11.87 100 109 111 112 113 112 HI 112 107 108 107 106 106 107 109 Textile mill products 6.32 95 107 107 109 110 109 108 109 106 106 103 101 100 102 104 Apparel and allied products 5.55 105 113 116 116 117 116 113 114 108 109 111 112 112 112 115 Rubber and leather products 3.20 104 122 121 124 122 125 126 125 119 120 116 111 '116 775 Rubber products 1.47 115 143 142 147 147 144 147 140 135 137 131 122 ••119 '132 Leather and products 1.73 95 105 104 105 101 108 108 112 105 106 104 102 104 102 Paper and printing 8.93 125 137 140 141 141 140 141 140 140 143 142 143 144 145 143 Paper and allied products 3.46 134 152 157 156 157 159 159 157 157 160 160 161 162 163 158 Printing and publishing 5.47 120 127 130 131 130 128 130 130 129 131 132 132 133 134 133 Chemical and petroleum products 9.34 142 159 163 162 164 166 165 166 166 167 169 169 r166 166 169 Chemicals and allied products 6.84 148 167 173 171 173 175 173 174 174 178 179 178 178 176 178 Petroleum and coal products 2.50 125 135 135 137 139 141 142 143 144 139 140 142 132 139 143 Foods, beverages, and tobacco 11.51 106 109 107 HI 777 113 777 112 111 113 111 110 110 772 772 Food and beverage manufactures 10.73 106 109 108 111 112 113 111 112 111 114 111 111 110 112 112 Tobacco manufactures .78 103 105 100 105 104 107 109 107 107 107 110 108 105 102 MINERALS—TOTAL 9.98 111 122 123 123 125 129 131 131 130 130 129 130 122 128 128 Mineral fuels 8.35 113 123 122 123 125 130 132 131 131 130 130 130 126 130 727 Coal 2.68 67 80 80 80 80 87 87 88 86 86 89 90 11 87 87 Anthracite .36 52 48 50 42 47 58 62 55 50 55 41 55 54 61 63 Bituminous coal 2.32 70 85 84 86 85 92 91 94 92 91 96 95 81 91 91 Crude oil and natural gas 5.67 134 143 142 143 147 151 153 151 151 151 149 148 149 150 146 Metal, stone, and earth minerals 1.63 106 120 126 126 124 123 129 130 130 129 128 130 100 '779 131 Metal mining .82 90 110 119 120 114 112 121 121 120 118 118 111 60 100 119 Stone and earth minerals .81 123 130 133 131 134 135 137 138 139 139 138 143 142 139 142 WITHOUT SEASONAL ADJUSTMENT (Major divisions only) 100.00 125 139 142 147 145 142 143 144 143 144 141 141 128 142 146 Industrial Production—Total 90.02 127 140 144 150 148 143 144 146 145 146 142 142 129 143 147 Manufactures—Total 45.17 137 155 157 164 163 161 160 161 161 162 157 156 139 155 162 Durable manufactures 44.85 116 126 130 135 132 125 128 131 130 129 127 127 119 131 133 Nondurable manufactures 9.98 111 122 126 127 127 127 129 127 127 130 130 131 119 130 131 Minerals—Total r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1234 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1955 1956 pro- Industry portion 1954 1955 Sept Oct. Nov Dec. Jan. Feb. Mar Apr. May June July Aug Sept. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL....100.00 125 139 142 147 145 142 143 144 143 144 141 141 128 142 146 MANUFACTURES—TOTAL 90.02 127 140 144 150 148 143 144 146 145 146 142 142 129 143 147 45.17 137 155 157 164 163 161 160 161 161 162 157 156 139 155 162 6.70 108 140 143 149 149 147 151 152 152 152 144 140 62 118 145 Ferrous metals 5.03 105 138 142 148 147 145 149 149 149 149 143 138 41 114 146 3.51 108 144 149 153 154 153 158 158 159 158 152 145 24 117 156 Pig iron .37 101 134 140 141 140 141 143 143 145 145 140 135 22 104 145 Steel 3.05 109 146 150 154 156 154 159 159 160 159 154 146 24 119 158 2.62 108 141 144 149 150 149 153 153 155 155 149 144 23 116 153 Alloy steel .43 115 171 186 188 189 182 197 199 192 181 182 157 34 135 183 Ferrous castings and forgings 1.52 97 124 125 137 131 128 128 130 128 129 120 123 79 106 121 1.29 95 123 123 135 129 126 125 128 126 127 119 121 78 106 122 .23 106 133 133 148 141 141 143 142 142 141 129 134 OoOo 105 120 1.67 120 146 147 153 154 153 159 161 160 160 149 145 124 130 144 Primary nonferrous metals .38 147 164 173 171 173 175 173 111 182 185 181 179 172 143 168 .09 101 122 139 136 130 128 134 136 142 143 147 142 117 124 123 Copper refining .06 109 123 142 126 136 143 122 134 141 146 143 139 123 120 114 Lead .04 105 103 116 119 121 112 114 117 120 121 106 109 107 107 123 Zinc .10 101 120 117 122 123 127 124 126 125 125 111 111 114 123 127 .09 244 261 265 265 272 277 276 279 287 294 296 296 298 182 269 Secondary nonferrous metals .13 105 123 130 135 130 125 131 134 124 135 121 110 93 108 Nonferrous shapes and castings 1.16 113 142 141 149 150 148 158 159 157 154 141 137 112 128 139 Copper mill shapes .63 100 114 110 114 118 120 134 132 127 123 116 112 79 109 120 Aluminum mill shapes .20 154 208 218 222 219 210 226 225 241 242 228 215 222 187 202 Nonferrous castings .33 114 156 154 173 169 164 163 170 166 160 140 137 111 130 28.52 150 165 165 173 174 173 172 172 171 174 167 166 160 168 172 5.73 123 134 142 145 139 137 135 134 134 136 130 132 124 135 143 Structural metal parts 2.68 126 136 141 144 145 144 140 138 138 140 138 138 129 137 144 Stampings and misc metal products 2.12 117 130 129 134 138 137 131 129 126 125 121 119 111 117 123 .30 131 142 192 197 95 102 109 116 127 189 121 159 168 214 220 Furnaces gas ranges and heaters .63 90 111 142 134 117 92 109 110 115 106 105 112 94 123 143 13.68 142 155 161 169 164 164 167 168 168 172 167 165 157 167 175 Nonelectrical machinery 9.04 125 135 137 141 141 147 149 152 154 154 151 150 146 146 152 8.13 121 130 131 136 138 143 144 145 146 148 147 147 144 145 148 1.02 79 91 69 92 94 97 98 95 94 92 88 87 82 r79 80 Industrial and commercial machinery 7.11 127 135 140 142 144 150 150 153 154 156 155 155 153 155 158 M^achine tools and presses .68 160 163 168 170 178 190 190 195 196 197 197 194 194 193 199 Laundry and refrigeration appliances.«... .69 114 144 147 141 130 141 164 173 183 175 146 143 128 110 148 Electrical machinery . .. 4.64 177 194 207 223 208 197 201 200 196 206 198 195 178 209 220 3.23 160 174 175 188 180 184 184 184 184 202 200 199 193 198 202 Radio and television sets .74 214 242 289 315 280 225 240 233 218 209 185 174 130 238 266 7.54 175 203 185 200 216 214 206 205 202 201 190 189 187 188 182 Autos trucks and parts 4.80 109 153 122 144 167 159 147 143 139 136 116 111 107 104 92 1.50 131 190 130 153 212 193 173 164 163 162 127 127 127 109 59 Trucks .66 92 115 102 106 122 122 113 125 130 133 117 123 r99 101 98 Light trucks .22 95 114 106 121 128 106 101 109 104 102 89 89 76 81 75 Medium trucks .19 59 69 53 50 73 67 67 71 68 69 58 68 56 53 51 Heavy trucks .14 133 172 138 138 172 216 194 227 258 265 237 246 198 192 201 .07 130 183 199 202 199 192 173 187 191 208 191 203 145 160 148 Auto and truck parts 2.58 101 141 122 149 153 150 141 135 128 122 109 98 97 102 109 1.30 474 481 485 490 500 516 517 521 513 516 522 536 543 r563 578 Shipbuilding and repair .81 112 115 117 115 109 111 111 119 121 119 120 121 121 116 116 Railroad equipment .53 39 42 45 50 48 51 54 60 66 68 69 66 62 58 52 .35 29 30 30 38 33 36 40 49 57 60 61 56 51 49 36 Instruments and related products 1.29 140 149 155 158 159 161 160 161 161 164 164 164 162 168 173 Clay, Glass, and Lumber Products 5.91 123 138 147 149 140 132 132 135 135 142 143 145 r135 149 145 Stone, clay, and glass products 2.82 131 149 158 161 157 153 150 150 153 158 162 163 156 164 158 Glass and pottery products 1.09 118 134 137 144 143 141 141 141 140 143 142 140 130 142 126 .60 131 155 161 164 169 172 168 163 163 166 164 160 150 161 159 Flat and other glass .47 133 156 163 167 172 174 171 167 163 165 163 158 146 160 158 .26 117 126 127 133 119 111 121 130 130 135 136 142 133 145 113 .23 85 91 86 102 101 96 91 96 93 92 93 86 r12 '90 55 .32 135 148 164 164 151 136 126 123 137 159 174 175 173 177 Structural clay products .35 111 127 140 138 137 130 129 132 137 138 140 146 140 144 141 Brick .12 113 131 151 142 141 122 122 124 132 140 145 144 140 148 135 Clay firebrick, pipe and tile .20 111 127 134 137 136 137 136 139 142 138 139 148 141 144 148 Concrete and plaster products... .48 161 180 196 192 186 181 175 177 181 192 202 208 204 '208 206 Misc. stone and earth manufactures .58 140 166 175 177 176 176 171 171 171 172 172 171 167 171 176 ' Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1235 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Annual 1947-49 average 1955 1956 pro- Industry portion 1954 1955 Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 115 127 136 138 124 113 116 121 119 126 125 129 116 135 134 2.05 106 112 121 122 106 98 100 104 105 112 111 118 104 115 118 .60 161 197 209 213 201 173 189 201 193 199 187 181 161 216 200 Millwork .39 123 144 155 160 143 110 114 128 118 123 124 133 107 152 139 Softwood plywood .12 222 284 295 299 295 278 313 321 316 324 290 260 248 320 299 .29 88 90 90 93 92 94 90 91 91 92 93 92 90 r90 90 Furniture and Misc. Manufacturing ... 4.04 121 132 140 144 142 140 133 136 134 132 131 131 127 136 140 Furniture and fixtures 1.64 106 119 111 128 128 128 122 123 122 119 116 118 115 r123 125 1.10 106 120 129 131 131 130 124 125 123 118 115 116 114 121 125 Fixtures and office furniture • . • .54 107 115 123 123 121 122 119 119 120 120 119 122 116 126 125 2.40 131 141 149 154 152 149 141 145 142 141 140 141 135 145 151 44.85 116 126 130 135 132 125 128 131 130 129 127 127 119 131 133 11.87 100 109 109 114 114 106 113 119 114 111 107 104 90 r109 106 6.32 95 107 106 111 111 105 111 115 110 108 106 100 86 103 103 Cotton and synthetic fabrics 3.72 100 113 111 117 118 110 119 123 115 112 109 99 87 104 101 2.30 97 103 103 109 109 101 110 112 108 107 105 96 81 101 97 .97 108 137 132 133 135 131 135 141 132 119 108 103 101 102 110 Fabric finishing .45 93 100 87 109 110 92 111 118 98 103 108 90 71 no3 82 .97 66 79 80 85 83 80 83 84 85 89 90 90 76 92 87 .16 76 85 80 90 86 78 94 97 89 97 98 85 83 94 79 Wool fabrics .. .75 64 78 80 84 83 82 80 81 84 87 89 92 75 92 90 Knit soods 1.15 106 110 114 119 116 107 107 114 110 110 108 110 95 108 112 Hosiery .65 108 106 106 113 108 99 106 114 105 105 99 102 77 96 105 .45 113 110 107 114 109 100 107 117 110 112 102 104 77 97 106 Seamless hosiery .20 97 99 101 110 106 96 102 108 93 90 91 97 75 94 103 .50 103 115 125 126 125 118 110 115 116 116 119 121 119 124 122 .48 .31 71 79 85 89 77 84 83 93 91 89 80 78 50 86 97 5.55 105 113 111 117 117 107 117 124 120 114 109 108 95 116 111 Men's outerwear 1.78 103 111 109 117 116 102 119 124 118 119 121 104 79 120 101 .73 83 92 91 95 94 84 99 99 99 103 107 91 59 109 91 Men's suits .50 82 90 84 93 95 86 103 103 101 99 100 85 54 103 85 .13 67 77 99 82 69 55 55 59 67 92 110 93 63 110 90 Shirts and work clothing . - ... .99 116 123 119 130 131 113 132 141 130 129 129 111 90 126 106 Women's outerwear •. 1.85 109 116 107 113 113 98 118 132 127 115 104 111 100 116 114 Women's suits and coats .76 129 134 129 139 143 119 145 155 135 95 90 132 138 122 152 Misc apparel and allied mfrs 1.92 103 111 117 122 122 119 113 117 114 108 104 105 116 107 113 Rubber and Leather Products 3.20 104 122 124 130 122 119 127 132 125 122 113 r97 111 r117 Rubber Droducts 1.47 115 143 144 155 150 138 149 146 140 140 129 -105 mi Tires and tubes . . 4 70 0 1 1 0 1 5 0 1 13 4 1 0 1 1 2 3 8 5 1 14 40 3 1 13 4 8 0 1 12 20 1 1 13 29 1 1 13 34 5 1 13 30 1 1 1 3 3 3 5 1 1 2 2 5 5 1 11 2 12 3 25 9 9 9 7 111103 Truck and bus tires .30 99 120 119 136 134 118 126 132 130 130 125 130 103 106 Miscellaneous rubber products .77 124 154 158 170 161 156 167 157 149 146 133 124 110 142 1.73 95 105 107 109 99 102 109 120 112 106 99 100 90 r108 Leather .44 87 92 90 97 95 95 93 103 95 96 95 91 73 90 .29 92 99 98 105 102 103 100 110 103 103 103 99 79 97 Skjji leathers .15 75 79 74 82 81 80 80 90 80 82 80 76 61 76 .90 Miscellaneous leather products .39 90 99 104 106 105 104 98 103 98 91 89 96 96 r102 Paper and Printing 8.93 125 137 141 147 144 137 138 141 144 146 143 143 132 142 144 3.46 134 152 157 167 159 146 157 162 163 165 160 163 144 163 160 1.76 132 149 150 158 156 144 158 163 161 163 162 161 143 160 152 Wood pulp .51 148 169 169 179 178 164 181 185 183 184 187 184 165 182 171 1.25 125 140 143 150 147 136 149 154 153 154 152 152 134 r151 145 .22 118 127 130 132 133 127 137 144 141 142 142 143 130 r143 139 Fine paper. .14 120 133 134 140 136 129 144 142 152 153 148 148 129 143 148 .20 119 129 128 137 132 125 137 145 140 142 139 141 121 139 131 Miscellaneous paper .18 137 158 156 176 167 154 172 169 170 177 168 169 160 H72 169 .41 130 149 153 160 161 144 159 163 159 161 162 159 135 157 148 Buildins oaoer and board .10 124 137 145 142 137 124 127 139 148 141 141 141 127 139 128 1.70 136 156 165 177 161 149 156 162 165 168 157 165 146 166 168 Shipping containers .51 133 155 167 175 160 149 147 157 165 162 154 165 140 167 168 .11 145 158 156 180 163 148 179 173 163 184 163 163 162 163 166 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 19 p 4 r 7 o - - 49 average 1955 1956 Industry portion 1954 1955 Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 120 127 131 135 135 130 126 128 132 134 133 130 125 134 1.85 119 128 132 142 143 126 119 127 134 141 140 131 115 121 133 3.62 121 127 131 131 131 133 129 129 131 130 129 130 130 133 135 Chemical and Petroleum Products 9.34 142 159 162 166 168 167 168 170 169 168 166 164 r157 163 168 6.84 148 167 171 176 178 111 177 179 179 179 176 173 r166 r171 176 2.54 153 184 190 192 197 197 199 201 201 200 197 192 182 186 193 .57 157 180 179 188 195 194 197 203 204 201 195 185 171 186 1.97 152 186 194 192 198 198 200 201 200 200 197 194 188 191 195 Plastics materials .24 184 242 264 261 268 253 261 264 264 266 263 253 213 247 .11 136 213 222 230 243 233 241 249 243 244 242 227 227 223 241 Synthetic fibers .59 152 186 191 189 197 196 195 194 191 183 176 169 167 165 162 Miscellaneous organic chemicals 1.03 146 169 176 175 178 183 183 185 187 189 190 192 191 189 191 Vegetable and animal oils .64 118 124 122 156 165 148 152 157 141 133 123 107 93 100 123 .48 113 117 115 157 162 144 147 150 134 123 110 91 75 84 115 Grease and tallow....t .16 133 145 144 154 174 159 168 175 162 163 163 155 145 150 144 Soap and allied products .71 108 110 126 130 118 115 104 109 108 111 106 109 88 118 121 .66 116 125 126 127 126 126 123 125 125 124 125 126 126 129 126 Fertilizers .23 122 125 115 118 114 118 122 131 168 188 163 118 104 r95 106 Petroleum and coal products 2.50 125 135 136 138 140 141 143 143 142 135 137 142 132 142 Petroleum refining 1.97 133 142 141 143 148 152 154 151 148 142 144 149 148 151 p\5\ 1.04 141 152 155 157 158 161 158 155 155 150 155 162 162 164 ^164 Automotive gasoline .98 136 147 149 151 153 156 153 151 150 144 149 156 156 158 .06 221 233 247 252 236 247 242 231 242 254 258 267 257 264 Fuel oil .56 128 138 132 134 141 149 160 158 149 140 138 141 141 146 ,144 Distillate fuel oil .30 158 175 172 171 178 187 204 203 192 182 177 186 187 195 Residual fuel oil .26 93 94 87 92 99 105 110 105 99 92 94 90 87 89 Kerosene . . .10 110 107 91 101 112 129 126 126 112 98 96 95 97 103 Lubricating oil .17 108 114 111 111 126 112 119 115 119 126 123 123 113 119 Coke .26 84 104 107 108 110 111 111 111 111 110 108 104 r38 92 108 .15 103 110 131 131 97 57 66 100 127 86 109 125 120 123 131 11.51 106 109 121 123 114 104 103 102 104 106 108 114 112 '121 126 10.73 106 109 111 124 114 105 102 102 104 106 107 114 113 122 111 8.49 107 109 125 125 118 109 106 104 102 103 105 110 111 122 130 Meat products. 1.48 117 128 129 143 150 152 153 140 136 131 121 122 118 116 129 Beef. .46 135 142 155 154 146 140 158 145 142 150 147 154 154 148 151 Pork .83 103 116 111 133 148 154 146 133 129 117 103 100 95 95 113 .69 106 107 101 88 83 84 91 99 109 121 136 150 134 120 103 Butter .14 110 105 84 88 83 94 104 107 114 128 131 138 118 97 90 Natural cheese .07 116 116 102 90 87 92 96 103 116 132 153 163 116 105 .19 94 97 82 75 71 79 85 94 106 123 140 146 118 98 82 Ice cream .28 104 109 118 93 86 76 84 93 102 109 125 149 147 144 118 1.13 112 118 201 161 114 95 85 83 82 85 96 115 149 r234 247 Grain-mill products 1.16 107 105 108 111 102 100 100 98 99 97 99 103 103 105 109 Wheat flour .46 81 83 83 96 86 84 85 81 84 79 77 80 77 85 95 .70 124 119 124 122 112 110 111 109 109 109 112 119 121 118 118 1.64 97 97 99 100 99 99 95 95 94 95 97 99 99 98 98 Sugar .27 117 115 111 247 262 182 87 57 59 68 70 81 73 68 (Jane sugar .11 106 113 129 130 103 112 109 102 109 123 114 124 133 127 Beet sugar .13 121 111 90 340 393 236 63 14 11 16 27 38 15 11 Confectionery .71 99 101 140 134 129 91 112 115 97 98 90 84 73 98 152 Miscellaneous food preparations 1.41 105 106 109 108 104 ioi 99 102 103 102 107 112 107 107 106 Beverages 2.24 103 107 111 118 102 91 88 97 108 117 119 128 123 118 Bottled soft drinks .54 Alcoholic beverages 1.70 98 102 102 117 105 88 84 94 105 111 108 119 107 101 Beer and ale 1.02 99 101 97 88 77 81 86 92 103 111 112 128 128 112 .17 68 77 83 157 129 95 75 75 82 80 76 69 35 50 Liquor bottling .37 102 109 118 154 146 96 79 102 113 122 108 118 88 94 Tabacco manufactures .78 103 105 107 114 107 88 107 105 105 103 110 115 96 115 Cigarettes .46 106 109 109 117 108 91 112 107 109 106 116 122 104 120 Cigars .17 105 104 111 118 113 87 103 109 104 105 103 108 83 110 P Preliminary. For other footnotes see end of table. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1237 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1955 1956 por- Industry tion 1954 1955 Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 111 122 126 127 127 127 129 127 127 130 130 131 119 130 131 MINERALS—TOTAL Mineral Fuels 8.35 113 123 123 125 128 131 133 131 130 130 128 128 121 130 128 Coal 2.68 67 80 83 88 87 91 91 88 86 86 85 84 62 87 91 Anthracite .36 52 48 53 51 51 54 61 55 46 53 42 58 42 59 67 2.32 70 85 88 93 93 97 95 94 92 91 91 89 65 91 95 5.67 134 143 142 143 147 151 153 151 151 151 149 148 149 150 ^146 Oil and gas extraction ... 4.8t 128 137 135 138 142 146 147 147 148 145 142 143 142 144 Crude oil 4.12 122 131 129 131 134 137 138 138 139 137 135 136 136 138 * 135 Natural gas . . .34 172 185 176 181 196 209 219 214 210 198 185 190 .36 160 169 170 174 183 186 186 187 186 178 176 176 172 180 Oil and gas well drilling.. • .85 167 175 180 175 173 177 185 173 171 188 187 180 191 183 Metal, Stone, and Earth Minerals . 1.63 106 120 141 137 120 106 106 108 109 129 141 145 109 146 r134 Metal mining .82 90 110 141 136 105 83 87 91 91 119 139 142 72 142 .33 84 113 181 165 92 44 42 49 46 108 164 173 19 120 179 Nonferrous metal mining .49 94 108 114 116 114 108 118 119 122 127 122 121 107 126 117 Copper mining .24 103 123 134 137 135 127 140 138 140 148 142 141 120 132 .09 80 84 82 84 79 82 81 88 91 94 oo 89 85 r90 87 Zinc mining .06 75 81 81 80 77 74 80 86 90 91 89 88 84 '86 86 .81 123 130 141 139 135 129 124 126 128 138 142 149 147 149 151 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947_49 A av n e n r u a a g l e 1955 1956 Series proportion 1954 1955 Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ELECTRICITY AND GAS—TOTAL 100.00 177 198 202 204 206 210 212 213 214 215 217 219 *218 P219 ,220 Residential 41.34 196 216 219 223 226 230 236 236 238 239 242 244 Nonresidential 58.66 165 186 190 191 193 195 196 197 197 199 199 202 Electricity 76.18 176 199 203 205 207 211 214 214 215 216 217 220 219 219 P220 Residential 27.48 202 224 226 230 233 239 246 245 247 247 250 252 253 253 Industrial 23.68 158 190 197 199 201 204 203 202 202 205 207 206 202 203 General industrial 23.49 150 174 179 180 181 184 183 182 182 185 187 186 182 183 Atomic energy .19 1124 2221 2493 2596 2656 2710 2700 2700 2710 2720 2720 2720 2700 2680 Commercial and other 25.02 165 180 183 183 185 187 190 192 192 192 191 198 199 196 Gas 23.82 181 197 200 202 204 205 207 209 211 213 215 217 P217 Residential 13.86 182 201 206 209 212 214 216 219 221 223 226 228 Industrial 6.16 188 197 198 198 200 202 203 204 205 207 209 211 Commercial and other . 3.80 167 182 182 182 182 182 183 184 185 186 187 188 ^Preliminary. 1956, pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures see BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947-49 average 1955 1956 Product proportion 1954 1955 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 154 152 151 149 143 137 133 132 124 124 129 127 127 Major Durables 69.72 125 164 172 168 167 163 156 148 143 142 130 130 137 134 133 Autos 32.10 131 190 195 194 196 187 171 158 148 142 119 120 122 125 119 Major household goods 36.13 122 144 156 148 143 144 146 141 141 144 142 141 153 144 149 Furniture and floor coverings. 15.32 101 116 123 121 121 121 120 119 117 116 117 115 118 121 123 Household furniture 11.31 106 120 127 126 126 125 124 123 121 121 120 120 122 122 123 Floor coverings i 4.01 Appliances and heaters 15.60 111 138 147 137 134 143 150 146 150 149 141 138 161 136 Major appliances 11.88 115 142 153 147 141 152 155 150 153 158 147 143 172 143 Ranges 2.60 79 100 98 95 90 104 113 110 111 110 107 117 125 89 98 Refrigeration appliances., 4.98 124 151 166 162 146 151 140 145 153 160 153 148 167 152 168 Laundry appliances 2.51 148 193 205 187 200 227 242 221 215 211 185 171 '246 200 Heating apparatus 3.72 97 120 126 108 111 115 134 133 139 122 125 124 125 114 Radio and television sets 5.21 214 242 250 '249 235 216 207 194 186 207 218 220 233 232 231 Radio sets 3.42 52 77 72 95 103 101 72 66 62 55 61 55 56 69 170 Television sets 1.79 522 558 592 •-542 486 436 465 439 423 496 517 536 569 542 538 Other Consumer Durables 30.28 95 106 111 114 114 114 113 111 109 110 110 110 110 113 113 A M u is t c o . p h a o r m ts e a a n n d d t i p r e e r s sonal goods. 1 1 4 6 . .2 0 8 0 9 9 1 9 1 10 0 9 2 1 11 0 5 7 1 11 0 8 8 1 11 0 9 8 1 1 1 1 2 7 1 1 1 1 3 4 1 11 0 5 6 1 1 0 1 4 2 1 1 0 1 5 4 1 1 0 1 4 5 1 1 1 0 8 0 1 11 0 8 0 103 iis * WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 136 146 159 148 144 143 143 141 124 124 116 120 112 Major Durables 69.72 125 164 145 157 177 165 159 157 157 154 131 130 121 123 110 Autos 32.10 131 190 130 153 212 193 173 164 163 162 127 127 127 109 59 Major household goods 36.13 122 144 159 162 150 142 150 153 155 150 136 134 117 137 156 Furniture and floor coverings. 15.32 101 116 124 127 124 125 120 123 121 117 113 112 105 117 123 Household furniture 11.31 106 120 129 131 131 130 124 125 123 118 115 116 114 121 125 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 151 145 131 130 148 156 168 162 143 143 125 122 Major appliances 11.88 115 142 149 144 133 140 161 169 183 178 152 150 131 118 Ranges 2.60 79 100 107 105 97 99 115 118 125 115 102 112 80 83 106 Refrigeration appliances.. 4.98 124 151 143 131 113 130 157 165 194 197 173 174 149 109 145 Laundry appliances 2.51 148 193 219 218 220 222 235 252 237 222 176 162 162 180 Heating apparatus 3.72 97 120 159 148 125 97 109 113 121 113 113 121 106 135 Radio and television sets 5.21 214 242 289 315 279 224 239 233 218 209 184 174 130 238 265 Radio sets 3.42 52 77 68 99 105 96 72 72 70 63 67 54 37 61 66 Television sets 1.79 522 558 710 726 612 470 559 540 499 486 409 402 307 575 645 Other Consumer Durables 30.28 95 106 115 120 117 111 109 110 108 109 109 109 106 115 116 Auto parts and tires 14.00 91 102 113 115 108 104 107 101 101 103 104 103 101 109 Misc. home and personal goods. 16.28 99 109 116 124 124 118 111 116 115 114 113 115 110 121 r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN: for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]'rivate Public Year or month Total Total d R en e t s i i a - l Total In tr d i B u al s u - sin m e C s e o s r m ci - al P u u ti b li l t i y c O n r d t e o t e i h a s n n i e l - - - r Total M ta i r l y i- H w i a g y h- s C e ti r o o v n n a - - o A th l e l r 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3 323 2 795 6 405 137 2 131 793 3,344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10 901 1,388 2,820 854 5,839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6,097 1954 37,782 25,853 13,496 8,583 2,030 2,212 4 341 3 774 11 929 1 030 3 870 704 6 325 1955 42,991 30,572 16,595 10,046 2,399 3,043 4,604 3,931 12,419 1,297 4,520 593 6,009 1955—Oct 3,598 2,594 1,375 896 213 292 391 323 1,004 118 363 43 480 Nov 3,601 2,551 1,342 879 217 273 389 330 1,050 111 403 43 493 Dec 3,580 2,519 1,322 870 219 262 389 327 1,061 108 432 46 475 1956 Jan r 3,619 2,506 1,286 899 217 266 416 321 1,113 100 467 48 498 Feb r 3,632 2,523 1,279 921 221 282 418 323 1,109 108 443 48 510 Mar.r 3,590 2,530 1,268 937 228 290 419 325 1,060 103 411 51 495 Apr r 3,687 2,584 1,297 954 244 291 419 333 1,103 111 438 53 501 Mayr 3,737 2,606 1,302 966 263 280 423 338 1,131 122 443 60 506 3,736 2,606 1,300 971 274 274 423 335 1 130 128 425 58 519 Julyr 3,726 2,620 1,302 976 278 274 424 342 1,106 124 408 58 516 Aug & r 3,714 2,608 1,289 983 279 278 426 336 1,106 118 403 58 527 Septpr ... 3,693 2,587 1,277 971 271 275 425 339 1,106 116 397 57 536 Oct p 3,661 2,537 1,227 962 266 273 423 348 1,124 123 403 56 542 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1239 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e s m C e o r m cia l E ti d o u n c a a l - o,her u p t u il b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1,127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953. 17,443 6 334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1955--Oct 1,863 551 1 312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956-—Jan 1,858 675 1,183 694 158 161 190 153 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar ... 2,382 638 1,744 1,105 267 206 226 183 395 Apr 2 421 745 1 677 1,144 196 210 203 213 456 May 2,480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 1,466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aug 2,069 620 1,449 874 138 184 193 232 448 Sept 2 025 671 1,354 764 171 195 185 225 485 Oct. 1,706 589 1,117 656 126 168 185 196 375 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] FederaI Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas 1955 July 2,272 116 398 145 262 210 223 398 115 94 133 178 Aug 1,895 110 310 111 233 151 206 357 87 64 125 139 Sept 1956—July 2,149 136 341 143 237 226 270 358 117 101 91 128 Aug .... 2,069 125 284 131 276 191 263 386 101 75 78 159 Sept 2,025 152 285 114 252 167 216 386 112 90 102 149 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Private Government-underwrittenl Metro- Non- Year or month Total politan metro- Public areas p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam ul i t l i y - Total FHA VA 1948 . . 932 n.a. n.a. 914 763 46 104 18 393 291 102 1949 1,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 1,396 n.a. n a. 1 352 1 151 42 159 44 686 486 200 1951 1,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 1,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 1 104 n a n a 1 068 933 42 94 36 407 252 155 1954 1,220 897 324 1,202 1,077 34 90 19 585 277 308 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1955_Oct.. 106 77 29 105 95 2 7 1 54 19 35 Nov . . 89 65 25 88 80 2 6 45 17 28 Dec 76 55 21 74 66 2 5 3 38 16 22 1956—Jan 75 54 21 74 66 2 5 36 13 23 Feb 78 58 22 77 69 2 6 1 31 13 17 Mar 99 72 27 94 84 3 7 2 38 17 21 Apr 111 76 35 110 100 3 8 46 20 26 May ... . . 114 78 36 111 101 3 7 3 46 20 27 June 107 75 33 105 95 3 7 3 45 19 26 July 101 70 31 99 90 3 6 2 43 18 25 Aug .... .... .... 2>101 69 32 33101 n.a. n.a. n.a. Pi 43 19 24 Sept *>93 62 31 P90 n.a. n.a. n.a. v3 39 15 24 Oct *93 64 29 P91 n.a. n.a. n.a. 40 16 24 P Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed l Unem- l N ab o o t r i n f o t r h c e e population force Total ployed Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45,733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63.193 56,464 6,730 2,654 48,492 1955_Oct 117,749 70,250 67,292 65,161 57,256 7,905 2,131 47,499 Nov 117,864 70,164 67,206 64,807 57,887 6,920 2,398 47,701 Dec 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1956—Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 Feb 118,180 68,396 65,490 62,576 57,107 5,469 2,914 49,784 Mar 118,293 68,806 65,913 63,078 57,400 5,678 2,834 49,488 Apr 118,367 69,434 66,555 63,990 57,603 6,387 2,564 48,933 May 118,537 70,711 67,846 65,238 58,092 7,146 2,608 47,826 June 118,632 72,274 69,430 66,503 58,627 7,876 2,927 46,357 July 118,762 72,325 69,489 66,655 58,955 7,700 2,833 46,437 Aug 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 Sept 119,047 70,896 68,069 66,071 58,683 7,388 1,998 48,151 Oct 119,198 70,905 68,082 66,174 59,000 7,173 1,909 48,293 1 Includes self-employed, unpaid family, and domestic service workers. views of households on a sample basis. Monthly data through June 1955 NOTE.—Information on the labor force status of the population, relate to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day; relating to persons 14 years of age and over, is obtained through inter- annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] I Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n ru tr c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1948 44,448 15,321 982 2,169 4,141 9,519 1,741 4,925 5,650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6,915 SEASONALLY ADJUSTED 1955—Oct 50,594 16,810 778 2,833 4,110 10,921 2,252 5,886 7,004 Nov 50,745 16,941 779 2,822 4,128 10,953 2,249 5,913 6,960 Dec 50,948 16,975 779 2,827 4,136 11,020 2,254 5,942 7,015 1956—Jan 51,080 16,944 777 2,876 4,145 11,083 2,261 5,952 7,042 Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 7,068 Mar 51,057 16,804 783 2,966 4,127 11,027 276 5,979 7,095 Mly.'.'.Y.V.'.'.'.'.'.'.'.'.'.'.'.V. 5 51 1 , , 4 3 5 2 4 7 1 16 6 , , 9 9 0 1 9 8 7 7 9 9 8 4 3 3 , , 0 0 5 0 5 3 4 4 , , 1 1 2 4 8 1 1 11 1 , , 1 1 1 2 0 0 2 28 7 9 8 5 5 , , 9 9 8 7 1 9 7 7, , 1 1 7 0 5 3 June 51,600 16,877 808 3,132 4,164 11,162 297 5,999 7,161 July 51,003 16,460 750 3,056 4,117 11,152 296 6,017 7,155 Aug '51,702 '16,890 '809 '3,076 '4,147 '11,211 320 6,017 '7,232 Sept 51,603 16,826 812 3,074 4,148 11,138 2,323 6.014 7,268 Oct 51,817 16,989 812 3,067 4,160 11,188 2,321 6.009 7,271 WITHOUT SEASONAL ADJUSTMENT 1955—Oct 51,125 17,006 778 3,031 4,121 10,990 2,241 5,915 7,043 Nov 51,262 17,052 783 2,921 4,139 11,213 2,238 5,883 7,033 Dec 51,996 17,027 783 2,756 4,161 11,849 2,243 5,853 7,324 1956—Jan 50,284 16,842 777 2,588 4,083 10,920 2,238 5,803 7,033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7,084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 May 51,197 16,715 786 3,040 4,138 10,985 2,289 6,041 7,203 June 51,709 16,809 812 3,257 4,181 11,091 2,320 6,089 7,150 July 50,896 16,291 746 3,270 4,148 11,015 2,342 6,137 6.947 Aug '51,881 '17,034 '817 '3,353 '4,178 '11,047 '2,355 6.137 '6;960 Sept 52,183 17,079 816 3,335 4,178 11,138 2,323 6,104 7,210 Oct 52,370 17,184 812 3,282 4,171 11,259 2,309 6,039 7,314 f Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for October 1956 are preliminary. Back data may be obtained from the during, or received pay for, the pay period ending nearest the 15th of the Bureau of Labor Statistics. month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1241 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1955 1956 1955 1956 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total. 13,250 -13,115 13,054 13,196 13,440 '13,245 13,299 13,387 Durable goods 7,680 '7,583 7,557 7,661 7,721 '7,541 7,567 7,701 Ordnance and accessories 89 '80 80 80 89 '80 80 Lumber and wood products 684 '673 664 658 705 '700 687 678 Furniture and fixtures 321 '321 320 317 327 '316 322 323 Stone, clay, and glass products... 474 '477 469 473 481 '482 476 480 Primary metal products 1,118 '1,096 1,120 1,128 1,118 '1,091 1,120 1,128 Fabricated metal products 917 873 887 902 922 864 887 907 Machinery except electrical 1,231 '1,289 1,293 1,293 1,206 '1,257 1,261 1,267 Electrical machinery 871 '896 892 900 '878 892 909 Transportation equipment 1,344 '1,235 1,190 1,267 1,344 '1,235 1,190 1,267 Instruments and related products. 229 237 236 238 230 233 236 239 Misc. manufacturing industries.. . 402 '406 406 405 420 '404 416 423 Nondurable goods 5,570 '5,532 5,497 5,535 5,719 '5,704 5,732 5,686 Food and kindred products 1,102 '1,119 1,104 1,124 1,200 '1,276 1,292 1,227 Tobacco manufactures 98 '93 91 90 118 '103 110 108 Textile-mill products 992 '960 955 954 992 '950 950 954 Apparel and other finished textiles 1,092 '1,061 1,057 1,074 1,108 '1,082 1,078 1,090 Paper and allied products 460 '467 464 466 465 '469 471 471 Printing, publishing and allied products. 537 556 554 553 542 550 554 559 Chemical and allied products 550 '557 550 550 555 '549 553 555 Products of petroleum and coal 173 '175 175 175 173 '178 177 175 Rubber products 222 '213 216 216 224 '211 217 218 Leather and leather products 344 '331 331 333 342 '338 331 331 r Revised. nearest the 15th of the month. Figures for October 1956 are preliminary. NOTE.—Data cover production and related workers only (full- and part- Back data may be obtained from the Bureau of Labor Statistics. time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total. 78.50 '79.79 81.40 82.01 41.1 '40.3 40.7 40.6 1.91 1.98 2.00 2.02 Durable goods 85.07 '85.68 88.18 89.01 41.7 '40.8 41.4 41.4 2.04 2.10 2.13 2.15 Ordnance and accessories 85.28 '90.64 93.41 94.98 41.0 41.2 41.7 42.4 2.08 '2.20 2.24 2.24 Lumber and wood products 71.10 '74.93 74.39 73.44 41.1 '41.4 41.1 40.8 1.73 1.81 1.81 1.80 Furniture and fixtures 69.96 '69.87 70.45 71.04 42.4 '41.1 41.2 41.3 1.65 1.70 1.71 1.72 Stone, clay, and glass products 78.77 80.95 81.36 81.16 41.9 41.3 41.3 41.2 1.88 1.96 1.97 1.97 Primary metal industries 96.10 '93.69 99.29 98.98 41.6 '39.7 41.2 40.9 2.31 2.36 2.41 2.42 Fabricated metal products 85.67 '84.25 87.78 88.62 42.2 '40.7 41.6 41.8 2.03 2.07 2.11 2.12 Machinery except electrical 90.10 '92.16 95.18 94.28 42.3 '41.7 42.3 41.9 2.13 2.21 2.25 2.25 Electrical machinery 79.46 80.60 82.41 82.82 41.6 40.5 41.0 41.0 1.91 1.99 2.01 2.02 Transportation and equipment 94.21 '94.25 97.70 99.90 41.5 40.8 41.4 41.8 2.27 '2.31 2.36 2.39 Instruments and related products 80.32 '82.21 84.25 84.25 41.4 '40.7 41.3 41.3 1.94 2.02 2.04 2.04 Miscellaneous manufacturing industries. 69.38 '69.95 71.10 72.62 41.3 '40.2 40.4 40.8 1.68 1.74 1.76 1.78 Nondurable goods 69.32 '71.68 72.25 72.47 40.3 '39.6 39.7 39.6 1.72 1.81 1.82 1.83 Food and kindred products 73.22 '75.35 77.10 75.67 41.6 '41.4 41.9 40.9 1.76 1.82 1.84 1.85 Tobacco manufactures 51.09 '55.13 55.61 53.65 41.2 39.1 40.3 38.6 1.24 '1.41 1.38 1.39 Textile-mill products 57.53 56.45 56.84 59.20 40.8 39.2 39.2 40.0 1.41 1.44 1.45 1.48 Apparel and other finished products 50.59 53.29 52.77 54.02 37.2 36.5 35.9 36.5 1.36 1.46 1.47 1.48 Paper and allied products 81.35 '83.92 84.94 85.57 43.5 '42.6 42.9 43.0 1.87 1.97 1.98 1.99 Printing, publishing and allied products. 92.67 '94.28 95.55 95.80 39.1 '38.8 39.0 39.1 2.37 2.43 2.45 2.45 Chemicals and allied products 83.42 '87.1: 88.17 87.74 41.5 '40.9 41.2 41.0 2.01 2.13 2.14 2.14 Products of petroleum and coal 99.84 r103.8( 107.33 104.19 41.6 40.9 41.6 40.7 2.40 '2.54 2.58 2.56 Rubber products 89.04 '87.64 89.95 87.38 42.0 '40.2 40.7 39.9 2.12 2.18 2.21 2.19 Leather and leather products 53.39 '56.40 55.78 56.09 37.6 '37.6 36.7 36.9 1.42 1.50 1.52 1.52 r Revised. October 1956 are preliminary, Back data are available from the Bureau NOTE.—Data are for production and related worker. Figures for of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i l l a - - C l l a e n ve d - R m i o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 93 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 119 112 107 117 115 130 142 118 121 108 123 138 122 SEASONALLY ADJUSTED 1955—Sept 121 112 r109 120 116 135 r141 118 119 112 127 134 127 Oct 122 114 109 120 120 132 148 120 122 109 125 138 126 Nov 122 116 110 121 118 134 142 121 124 110 124 136 125 Dec 123 114 110 122 119 132 147 121 125 110 124 147 123 1956—Jan 124 111 114 120 117 138 147 120 127 116 123 144 129 Feb 118 111 105 118 116 129 143 112 123 108 117 139 124 Mar 122 102 107 116 116 137 143 124 129 112 126 144 128 Apr 122 111 104 121 120 131 144 117 123 112 124 144 131 May 122 112 110 121 118 135 146 120 129 112 125 145 122 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug . ... 128 118 117 124 121 145 156 126 129 116 131 148 131 Sept ^129 117 120 127 127 2140 2157 127 2127 129 128 140 131 WITHOUT SEASONAL ADJUSTMENT 1955_Sept 123 120 111 124 116 138 136 123 122 119 127 134 124 Oct 128 115 116 125 125 140 154 126 135 126 131 146 126 Nov 148 141 139 159 147 164 165 147 149 126 142 155 145 Dec 212 206 194 213 205 237 255 204 208 180 211 247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb 92 84 85 91 90 96 114 87 '96 84 92 111 97 Mar 111 91 98 111 106 125 146 109 116 95 112 134 110 Apr 113 106 97 109 109 122 136 110 115 109 117 132 117 May 121 112 108 120 114 136 143 119 129 113 124 143 120 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 111 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 2131 125 122 131 127 2144 2152 132 2130 137 128 140 128 STOCKS i 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 . ... 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 127 122 115 122 117 146 152 121 124 121 136 143 133 SEASONALLY ADJUSTED 1955 Sept • 129 124 116 126 118 150 156 122 124 122 135 150 138 Oct 129 123 117 126 119 152 156 120 130 125 141 147 134 Nov 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 132 143 159 141 1956 Jan 137 124 122 132 123 161 158 131 139 133 148 158 149 Feb 138 128 124 131 124 163 164 131 138 132 148 158 146 Mar 135 127 122 130 122 159 162 128 133 130 148 156 142 Apr 136 128 124 131 123 157 165 131 137 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 132 127 132 125 159 161 132 139 127 144 157 143 Aug 141 132 127 '135 127 164 166 133 136 132 149 159 154 Sept *139 132 123 135 126 169 2167 131 134 128 2147 2154 2150 WITHOUT SEASONAL ADJUSTMENT 1955—Sept 135 127 123 132 123 155 163 128 133 128 141 159 143 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 Nov 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec 119 117 110 116 110 131 137 115 120 118 129 143 118 1956—Jan 123 113 108 115 110 144 146 118 121 122 133 140 131 Feb 131 120 116 126 119 152 162 124 131 127 143 153 136 Mar 139 129 125 134 126 164 169 130 141 134 153 162 142 Apr 142 133 130 140 129 168 172 134 144 133 151 162 149 May 139 132 127 134 126 165 161 131 135 128 145 155 148 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 Aug 138 128 124 130 123 167 163 129 136 128 148 158 148 Sept 2146 136 130 141 132 175 2174 138 145 134 2153 2163 2156 » Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1243 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o l o n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n d i a n d u n e n g r t t d - s h o - ) f 1 m c ( e t o R f i o o n p e t r t t a - h s l 2 ) o m ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s k - rs - s ce R ip e- ts Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 1.1 3.8 1 0 1950 376 1.012 495 391 401 2.8 1.4 4.2 I 1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1 0 1954 409 1,140 388 410 412 3.0 1.0 4.0 L.O 1955 435 1,189 445 441 446 2.9 1.1 4.0 1 0 Month: 1955—Sept r430 I 253 r577 r516 r545 2.9 1.3 4.3 1 ? Oct 473 1,350 581 579 584 2.9 1.2 4.1 1.2 Nov 546 1,415 487 611 517 2.6 0.9 3.5 [.1 Dec 817 1,139 357 541 411 1.4 0.4 1.8 ) 7 1956—Jan 348 ,133 435 342 420 3.3 1.3 4.5 0 Feb 332 1,205 450 404 419 3.6 1.4 5.0 Mar 429 1,271 401 495 446 3.0 0.9 3.9 1.2 385 1,314 336 428 363 3.4 0.9 4.3 1 May 438 ,275 338 399 401 2.9 0.8 3.7 ) 9 417 187 501 329 492 2.8 1.2 4.0 ).8 J A u u ly g . . 4 3 1 3 2 7 1, . 2 1 5 7 3 3 5 5 8 7 7 3 4 3 9 2 2 3 4 4 0 7 9 8 3 3 . . 5 0 1 1 . . 7 4 45..42 1.2 0 Sept.*5 444 1,335 598 526 551 3.0 1.3 4.4 v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1955, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan ,093 1,168 1 9sn 923 1,083 1,198 833 871 1,074 Feb ,183 1,238 1,360 999 1,143 rl,270 809 850 1 051 Mar . . .. ,126 1,344 1,580 923 1,252 1,476 865 1,019 1,102 Apr ,426 1,264 1,512 1,259 1,170 1,400 957 871 990 May ,402 1,325 1,716 1,137 1,194 rl,521 829 959 1 093 June . ,475 1,319 1,689 1,115 1,191 1,491 947 937 1,033 July ,290 '1,269 r ,617 1,023 1,142 1,287 822 885 1,051 Aug ,156 1,236 1,520 956 1,108 1,368 825 r961 1,049 Sept . .. ,115 1,256 V SIS 962 ,157 ^1,418 780 946 ^992 Oct 270 1 396 1 166 L 277 767 1 011 Nov 252 ^1,321 1,167 249 840 1 065 Dec 320 1,405 1,222 1,321 943 1,008 Jan -Sept 11,266 11,419 2>13,792 9,297 10,440 ^12,429 7,667 8,299 ^9,435 p Preliminary. 2 Department of Defense shipments of grant-aid military equipment r Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1244 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing goods Year or month items Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - parel p t o io rt n a- c ic a a re l s c o a n r a e l re t a c i n o re d n a- s a i e c n r e v d s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55 6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118 7 108.5 111 8 105.8 126.2 117.3 111.8 107 0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955__Sept 114.9 111.6 120.4 130.5 111.2 125.2 103.6 119.8 104.6 125.3 128.2 116.6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106.7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956—Jan 114.6 109.2 120.6 131.4 111.7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121 4 104.6 126 9 130.9 118.9 107.5 120.9 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 May 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123 0 105 3 127 7 132.7 120 1 107 7 122.2 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128 5 133.3 120.3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new ssries (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u a k a r i n c i o d t n h t d d e s s e s - , r ,p l t F o i e m a i g u w n r n h i a e g d a e - t l l - , r s , C p a i u a h l c r l c n o a e ie t d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p P a u a a l r u l n c o p i l t e d d p e s d - r , , M p m u a r e e c n o t t t d d a a s l - l s p c M m u a t r e h i c n o v r i o a t y n d d e - s - - - h F d o h t b o a u u t u o l n u h r r e r l d s n e a e d s e r - i- -e s N r t m t m t a a u r o l l i r u s e l n n a i — - c c - l - - b b e m o b a T a r t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106. 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108. 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93. 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1955 Aug 110.9 88.1 101.9 117.5 95.3 93.8 107.2 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121.7 Sept 111.7 89.3 101.5 118.5 95.4 94.0 108.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126.4 121.7 90.3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 108.0 106.5 147.8 125.4 122.8 142.4 131.4 116.9 126.8 121.7 91.5 Nov 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 82.9 98.2 119.8 95.6 96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7 1956 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121 89.6 Feb 112.4 86.0 99.0 120.6 96.0 97. 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121 88.7 Mar 112. 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121 88.2 Apr 113.6 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110. 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 r90.0 102.2 r121.4 94.9 r100.1 r110.7 107.3 143.3 126.6 127.7 144.9 136.9 r118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 Sept 115.3 90.2 104.0 122.9 94.8 100.2 111.0 107. 145.5 124.1 127.8 151.3 139.1 119.7 131.1 122.8 89.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1245 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 102.1 111.8 94.8 95 3 Grains 81 4 88 4 88 8 90 7 Paperboard . * 129 5 136 5 136 4 136 3 Livestock and poultry 75.5 72.9 76.0 75.7 Converted paper and paperboard 114.3 123.2 123.7 123.8 Plant and animal fibers 100.8 104.3 98.2 98.4 Building paper and board 132.7 138.1 138 1 138.1 Fluid milk 93.6 94.4 95 1 96 2 Eggs 103.0 82.1 77.7 91.2 Metals and Metal Products * Hay and seeds 75 1 80 6 80 1 77 5 Other farm products 146.2 149.2 151.1 152.3 Iron and steel 145.0 149.9 159.4 160.7 154.2 152.5 155.4 154.8 Processed Foods: 132.8 141.2 141 9 142.9 Hardware 147.8 155.2 158.2 158.7 Cereal and bakery products 114.4 114.8 114.5 114.7 128.1 134.1 134.1 133.9 Meats, poultry, and fish 87.5 83.7 85.1 89.3 Heating equipment. 117.2 117.9 119.1 121.0 Dairy products and ice cream 104.3 107.9 108.9 109.6 Fabricated structural metal products. 127.0 129.7 134.2 135.7 Canned, frozen fruits, and vegetables. 106.8 109.3 107.3 106.6 Fabricated nonstructural metal Sugar and confectionery 109.6 110.0 109.8 110.0 products 130.8 132.5 133.5 136.7 Packaged beverage materials 176.6 196.1 196.1 201.5 Other processed foods 98.1 97.1 96.1 95.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equip- 126.3 126.8 126.9 127.4 Cotton products 92.5 92.3 91.9 91.5 Construction machinery and equip- Wool products 103 0 103.1 103 4 103 9 ment 140.5 147.8 149.4 151.3 Synthetic textiles 86.7 80.4 80.3 80.4 Metal working machinery 146.9 155.2 157.1 159.6 Silk products 126.8 122.0 121.0 120.1 General purpose machinery and Apparel 98.6 99.8 99.7 99.7 equipment .. .. 136.7 146.4 149.1 151.4 Other textile products 72.1 70.5 72.2 74.7 Miscellaneous machinery 132.0 136.6 137.2 138.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 130.6 137.4 138.0 140.3 Motor vehicles 122.0 129.1 129.1 129.4 Hides and skins 60.9 60.4 60.4 63.3 Leather 85.1 91.6 90 9 90.8 Furniture and Other Household Dura- Footwear 111.4 120.5 120.5 120.5 bles- Other leather products 96.0 98.8 r98.9 98.8 Household furniture 115.2 119.2 119.5 120.4 Fuel, Power, and Lighting Materials: 136.2 138.8 145.9 146.8 Floor covering 128.0 131.4 131.9 Coal 108.1 112.9 113 8 114 4 Household appliances 106.2 104.4 losio 105.5 Coke 137.2 145.4 152.9 156.3 Radio 89.4 90.7 91.0 91.0 Gas 107.8 109.7 109 4 109 4 Television 69.3 69.3 r69.6 70.1 Electricity 95.5 93.8 94.9 94.9 Other household durable goods 134.1 139.3 139.7 140.2 Petroleum and products 114.0 118.8 118.3 118.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.0 135.7 135.7 Industrial chemicals 118.2 122.1 122.1 121.9 Concrete ingredients 125.3 130.6 130.7 130.7 Prepared paint 114.8 119.1 119.1 119.1 119.8 123.0 123.4 124.8 Paint materials 97.6 98.6 i 98.3 97.9 Structural clay products . ... 143.9 149.3 150.1 150.1 Drugs, Pharmaceuticals, cosmetics... (92.4 92.2 192.2 92.0 122.1 127.1 127.1 127.1 Fats and oils, inedible ' 55.8 53.7 53.8 55.4 Prepared asphalt roofing . . .. 114.6 117.9 117.5 117.5 Mixed fertilizers 108.5 108.5 109.7 109.6 Other nonmetallic minerals 122.8 123.8 123.8 123.6 Fertilizer materials 112.0 105.7 106.0 104.5 Other chemicals and products 104.0 103.8 103.8 103.4 Tobacco Manufactures and Bottled Beverages: Rubber and products: 124.0 124.0 124.0 124.0 Crude rubber 176.4 143.9 149.9 142.2 Cigars 103.9 104.2 104.2 104.2 Tires and tubes 147.2 149.3 153.4 153.4 Other tobacco products •. 122.5 122.5 122.5 122.5 Other rubber products 141.4 136.0 138.0 138.7 Alcoholic beverages 114.7 114.6 116.2 116.9 Nonalcoholic beverages 148.1 148.4 148.4 148.4 Lumber and Wood Products: Miscellaneous: Lumber 127.1 128.5 127.1 125.8 Millwork 128.2 129.7 129.5 129.2 Toys sporting goods small arms..... 113.6 115.7 116.3 116.6 Plywood 106.1 103.3 99.2 99.2 72.5 72.8 72.1 69.6 Notions and accessories 91.0 95.7 95.8 95.8 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 104.3 104.8 104.8 104.8 Other miscellaneous 122.2 124.4 124.7 124.8 Woodpulp 113.8 118.0 118.0 118.0 Wastepaper 129.1 112.4 112 1 97.5 Paper 131.0 138.2 138.2 138.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 23.9 26.5 28.8 31.3 31.7 32.2 32.9 33.6 34.4 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.2 32.5 32.8 33.4 33.7 34.1 35.1 Business transfer payments .6 .7 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Statistical discrepancy .3 .9 .4 .2 1.3 2.0 2.6 1.8 1.8 2.7 1.1 1.1 n.a. Plus: Subsidies less current surplus of gov- .6 ernment enterprises -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .1 .7 .7 .9 .2 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.9 338.7 n.a. 334.4 Less: Corporate profits and inventory valuation adjustment . 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 41.6 43.4 40.9 39.8 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.7 11.1 11.3 11.4 12.1 12.3 12.7 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 -.1 .0 .0 -.6 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.9 15.0 16.1 16.0 16.3 16.9 17.3 17.2 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.2 5.2 5.3 5.4 5.5 5.6 Dividends 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 11.0 12.1 11.8 12.2 12.3 Business transfer payments .6 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 .7 Equals: Personal income 85.8 96.3 227.1 255.3 271.8 286.0 287.3 306.1 309.6 314.6 317.5 322.9 326.9 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 29.3 34.4 35.8 32.9 35.5 35.9 36.3 37.3 38.1 38.8 Federal 1.3 7.5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.7 32.0 32.9 33.6 34.1 1.4 .5 1.3 2.7 3.2 3.4 3.8 4.2 4.2 4.3 4.4 4.4 4.6 State and local 3.0 83.1 1.0 93.0 206.1 237.4 250.2 254.4 270.6 273.8 278.4 280.2 284.9 288.2 Equals: Disposable personal income 226.1 79.0 45.7 81.9 194.0 218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8 Less: Personal consumption expenditures.... 208.3 4.2 46.4 11.1 12.1 19.0 19.7 17.9 16.6 15.9 18.8 18.6 21.2 21.4 Equals: Personal saving 17.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 3 4 1 2 3 National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.4 334.9 338.7 n.a. 51.1 29.5 64.8 154.3 180.4 195.1 208.1 206.9 223.2 226.8 230.3 233.0 237.2 240.4 50.4 29.0 62.1 146.5 170.9 184.9 797.5 195.5 210.4 213.6 217.0 219.4 223.5 226.2 Private 45.5 23.9 51.9 124.3 142.1 152.0 163.5 161.2 174.5 177.5 180.5 182 5 186 2 188 3 Military .3 .3 1.9 5.0 8.7 10.5 10.3 10.0 9.8 9.8 9.7 9.6 9.5 9.5 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.1 26.4 26.8 27.3 27 8 28 5 Supplements to wages and salaries .7 .5 2.7 7.8 9.5 10.2 10.8 11.4 12.8 13.2 13.3 13.6 13.8 14.2 20.2 7.6 20.9 44.6 49.9 50.8 49.3 48.9 49.1 49.0 49.3 49 5 49 9 50 7 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 27.7 28.0 28.2 28.9 29.5 6.0 2.4 6.5 13.3 16.0 15.1 13.3 12.5 11.7 11.3 11 4 11 5 11 3 11 6 Rental income of persons 5.4 2.0 3.5 8.5 9.1 9.9 10.2 10.5 10.1 10.0 9.8 9.8 9.7 9.7 Corporate profits and inventory valuation 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 41.6 43.4 40.9 39.8 n.a. 9.6 77.0 40.0 41.2 35.9 37.0 33.2 42.7 43.5 46.4 43.7 42.9 n.a. Corporate profits tax liability 1.4 [5 7.6 17.8 22.5 19.8 20.3 16.8 21.5 22.0 23.4 22.1 21.7 n.a. 8.3 -.4 9.4 22.1 18.7 16.1 16.7 16.4 21.1 21.5 23.0 21.6 21.3 n.a. .5 -2.1 -2.5 -4.9 -1.3 1.0 -1.0 -.3 -1.7 -1.9 -3.0 -2.8 -3.1 -.8 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.7 9.7 10.8 11.0 11.3 11.5 11.7 12.0 n.a. Not available. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1247 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 3 4 1 2 3 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8 79.0 46.4 81.9 194.0 208.3 218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.4 35.7 37.2 35.4 34.8 33.4 33.0 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.1 119.1 120.9 126.2 127.6 129.2 130.5 132.3 134.0 Services 32.1 20.7 29.0 65.0 70.1 75.6 81.7 86.3 92.1 92.9 94.9 96.4 98.0 99 7 16.2 1.4 18.1 51.2 56.9 49.8 50.3 48.0 60.6 62.3 65.1 63.1 r64.7 65.1 New construction 1 • 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.9 32.7 33.5 33.0 32.6 r33.6 33.6 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 17.2 16.2 15.3 T15.6 15 5 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.4 16.1 16.4 16.8 17.3 18.0 18.1 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.3 22.4 23.7 25.0 25.9 26.4 27.5 29.5 1.7 -1.6 4.5 7.4 10.4 3.0 .3 -2.3 4.2 3.7 6.1 4.1 3.5 2.0 Nonfarm only 1.8 -1.4 4.0 6.4 9.0 2.1 .9 -2.7 3.8 3.4 5.9 4.2 3.9 2.4 N©t foreign investment .8 .2 1.1 -2 2 .2 -.2 -2.0 -.4 -.5 2 0 .1 1.2 1.7 Government purchases of goods and 8.5 8.0 24.8 42.0 62.8 77.5 84.4 76.5 76.8 76.5 78.1 78.5 78.7 80.2 Federal . .. 1.3 2.0 16.9 22.1 41.0 54.3 59.5 48.9 46.7 46.6 47.2 46.4 46.1 47.2 / 13.8 18.5 37.3 48.8 51.5 43.0 41.2 41.3 40.6 40.5 40.7 41.9 Other }l.3 2.0 \ 3.2 3.9 4.2 5.8 8.4 6.3 5.9 5.8 7.1 6.3 5.8 5 7 Less* Government sales2 .0 .0 .0 3 .4 .4 .4 .4 ,4 .4 5 .4 4 4 State and local 7.2 6.0 7.8 19.9 21.8 23.2 24.9 27.6 30.1 29.9 30.9 32.1 32.6 33.0 r Revised. 2 Consists of sales abroad and domestic sales of surplus consumption 1 Includes expenditures for crude petrolum and natural gas drilling. goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month1 in s P o c e o n r m a - l e Total p d m i C n r u o o g s o d d t m r i u i n i t e - c y - s - D in u i t s r d t t i i r u e v i s e s b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r c e a i o n e n t m t d o a r e l s 3 ' i i n n s p a t o c e e n o n r r m d a e - l s e t m T p r e f a a e n y r n t - s s - 4 b c i s a u o n o n f n t s o c c i u t o i r e r a r n i 5 l - - s i a n g N t c u r o o i r n c m a - u l l e - 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941.. 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.3 195.5 83.6 51.8 25.8 34.3 6.3 48.9 24.9 16.4 4.6 271.4 1955 306.1 210.4 90.9 55.4 28.2 35.9 7.0 49.1 27.3 17.6 5.2 290.9 1955—Sept... 311.0 214.7 92.8 56.9 28.7 36.3 7.2 49 A 27.6 17.4 5.3 295.9 Oct.. . 311.6 215.3 93.3 56.7 28.9 36.4 7.2 49.1 27.9 17.4 5.3 296.9 Nov... 314.5 217.2 94.2 57.3 29.3 36.4 7.2 49.6 28.1 17.7 5.3 299.4 Dec... 317.5 218.2 94.5 57.6 29.4 36.7 7.3 49.2 30.2 18.0 5.4 302.8 1956—Jan.. . 316.7 219.0 94.8 57.9 29.5 36.8 7.3 49.4 28.5 18.2 5.7 301.6 Feb... 317.1 218.9 94.7 57.9 29.5 36.8 7.2 49.7 28.7 18.3 5.7 301.5 Mar.., 318.6 220.3 95.1 58.4 29.6 37.2 7.2 49.5 28.8 18.5 5.7 304.0 Apr... 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 May.. 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June.. 324.9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 July.. 324.3 224.0 95.9 59.9 30.4 37.8 7.3 50.5 29.7 18.6 5.8 309.4 Aug. . 328.1 227.1 98.3 60.3 30.6 37.9 7.3 51.0 29.8 18.8 5.9 312.8 Sept. P. 328.5 227.7 98.5 60.3 30.8 38.1 7.3 50.7 30.0 18.7 5.9 313.4 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated •* Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 MEMBER BANK EARNINGS ALL MEMBER BANKS, BY CLASSES, FIRST HALF OF 1956 [Amounts in thousands of dollars] All member banks Central reserve Reserve city member banks me c m ity ber C m o e u m n l t > r e y r Item New York Chicago banks bank.s First half Second half First half of 1955 of 1955 of 1956 First half of 1956 Earnings 2,554,615 2,787,974 2,929,755 485,914 117,212 1,152 940 1,173,689 Interest on U. S. Government securities 555,589 562,517 553,101 67,704 25,776 203 120 256,501 Interest and dividends on other securities 143,683 151,923 151,439 24,081 8,062 55 514 63,782 Interest and discount on loans 1,417,332 1,604,511 1,742,000 293,032 65,556 700 829 682,583 Service charges and fees on loans 29,480 31,882 30,953 4,301 635 16 949 9 068 Service charges on deposit accounts 134,360 139,664 151,138 12,049 1,097 61 770 76,222 Other charges, commissions, fees, etc 53,588 56,167 58,461 10,605 1,879 21 830 24 147 Trust department 124,630 142,362 140,808 49,868 11,139 53 849 25,952 Other current earnings 95,953 98,949 101,855 24,274 3,068 39 079 35,434 Expenses 1,555,972 1,709,154 1,754,087 258,699 59,627 693 171 742,590 Salaries—officers 240,972 270,764 260,263 30,657 7,909 89 096 132 601 Salaries and wages—others 496,488 563,179 559,636 102,192 21,163 232 858 203 423 Directors' and committee members' fees 12,508 14,681 13,288 933 148 2 526 9,681 Interest on time deposits 263,162 279,960 303,910 27,589 8,250 125 396 142 675 Interest on borrowed money 7,614 14,328 19,883 5,072 2,398 9.508 2,905 Taxes other than on net income 73,196 75,791 79,154 7,528 2,926 35 190 33,510 Recurring depreciation 38,436 48,401 45,334 4.659 570 16 399 23,706 Other current expenses 423,596 442,051 472,619 80,069 16,263 182 198 194,089 Net current earnings before income taxes 998,643 1,078,820 1,175,668 227,215 57,585 459 769 431,099 Recoveries, profits, etc '98,277 114,231 85,087 27,382 5,738 32 449 19,518 On securities: Recoveries 5,968 12,349 3,834 9 504 2 088 j,233 Transfers from valuation reserves 17,405 20,142 13,009 872 1,231 9 452 j,454 Profits on securities sold or redeemed 30,367 20,301 18,142 8,369 1,111 5 210 3,452 On loans: Recoveries 13,777 6,964 7,150 287 142 1 054 5,667 Transfers from valuation reserves '13,821 33,907 11,455 1,852 290 6 811 2,502 All other 16,939 20,569 31,497 15,993 2,460 7,834 5,210 Losses, charge-offs, etc 182,215 431,744 254,819 53,983 20,236 93,404 87,196 On securities: Losses and charge-offs 37,503 157,990 61,586 24,952 3,508 13,557 19,569 Transfers to valuation reserves , 26,485 36,601 32,500 3,370 2,820 23,375 2,935 On loans: Losses and charge-offs 8,360 9,483 11,611 6,250 32 484 4,845 Transfers to valuation reserves '78,993 186,639 109,968 11,539 11,757 40,866 45,806 All other 30,874 41,030 39,154 7,872 2,119 15,122 14,041 Profits before income taxes 914,705 761,308 1,005,936 200,614 43,087 398,814 363,421 Taxes on net income 430,618 260,152 462,297 103,068 18,763 174,593 165,873 Federal 411,405 243,956 440,356 93,817 18,763 166,747 161.029 State 19,213 16,197 21,941 9,251 7,846 4,844 Net profits 484,087 501,155 543,639 97,546 24,324 224,221 197,548 Cash dividends declared 231,789 269,152 253,113 62,714 13,910 102,840 73,649 On preferred stockx 876 854 803 23 34 114 632 On common stock 230,913 268,298 252,310 62,691 13,876 102,726 73,017 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 1,775 944 1.031 116 659 256 On loans 17,111 16,478 17,757 2,149 980 6,239 8,389 Losses charged to reserves (not included in losses above): On securities 13,368 52,134 35,799 1,988 767 30,611 2,433 On loans 36,210 39,459 45,999 13,766 3,916 11,028 17,289 Number of officers at end of period 57,998 58,623 60,302 4,107 1,018 17,193 37,984 Number of employees at end of period 338,625 342,181 359,683 51,132 11,417 144,921 152;213 Number of banks at end of period 6,611 6,543 6,499 18 13 291 6,177 Ratios: Percentage of total capital accounts: 2 Net current earnings before income taxes 16.2 17.0 18.0 16.3 18.2 19.3 17.8 Net profits 7.9 7.9 8.3 7.0 7.7 9.4 8.1 Cash dividends declared1 3.8 4.3 3.9 4.5 4.4 4.3 3.0 Percentage of total assets:2 Total earnings 3.02 3.24 3.38 3.11 2.81 3.38 3.57 Net current earnings before income taxes 1.18 1.25 1.35 1.45 1.38 1.35 1.31 Net profits .57 .58 .63 .62 .58 .66 .60 Percentage of earnings to related assets:2 Earnings on loans 4.68 4.85 4.89 4.00 3.99 4.90 5.54 Interest on U. S. Government securities 2.01 2.18 2.29 2.18 2.19 2.27 2.35 Interest and dividends on other securities 2.07 2.19 2.23 2.31 2.36 2.25 2.18 Total capital accounts to: Total assets 7.3 7.4 7.5 8.9 7.6 7.0 7.4 Total assets less Govt. securities and cash assets 15.7 15.1 14.7 15.7 15.6 13.5 15.3 Total deposits 8.1 8.1 8.3 10.3 8.4 7.7 8.1 Time deposits to total deposits 25.9 25.9 26.0 12.3 17.4 26.7 32.7 Interest on time deposits to time deposits2 1.33 1.39 1.49 1.66 1.27 1.52 1.45 r Revised. 1 Includes interest on capital notes and debentures. 2 Annual basis. part of the period but not at the end. The figures for assets, deposits, NOTE.—Includes figures for all banks that were member of the Federal and capital accounts used in computing ratios are averages of the amounts Reserve System at the end of the report period (including those whose reported for the call dates at the beginning and end of each period plus returns may cover operations for only part of the period); in addition, last-Wednesday-of-the-month figures for intervening months. Data includes appropriate adjustments for member banks in operation during may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1250 Gold production. . 1254 Net gold purchases and gold stock of the United States. . 1255 Reported gold reserves of central banks and governments. 1256 Estimated foreign gold reserves and dollar holdings. . 1257 International Bank and Monetary Fund 1258 Central banks. . 1258 Money rates in foreign countries. 1263 Foreign exchange rates. . 1264 Index to statistical tables. 1275 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 1249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1250 DVFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions2 and Official 3 of private 1952—Dec. 31 1,585 8,961 4,654 343 551 309 642 818 1.093 3,755 1,421 1.613 1,837 336 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 ,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 ,906 1,825 265 1955—Sept. 30.... 1,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 1,179 ,916 2,085 329 Oct. 31.... 1,825 11,748 6,890 ,017 1,424 813 709 645 1,557 6,166 1,138 ,948 2,157 340 Nov. 30.... 1,823 11,823 6,964 ,069 1,431 810 747 645 1,489 6,190 1,125 ,946 2,217 344 Dec. 31.... 1,881 n 1,722 '6,956 ,081 1,454 785 757 548 1,516 6,141 1,032 2,000 '2,189 360 1956—Jan. 31.... 1,867 '11,873 '6,989 ,066 1,458 785 741 657 1,561 6,268 1,084 1,952 '2,216 353 Feb. 29.... 1,876 '12,000 '7,055 ,035 1,467 798 739 679 1,596 6,314 1,089 2,001 '2,244 353 Mar. 31.... 1,894 '12,459 '7,395 ,123 1,487 806 733 766 1,622 '6,538 1,178 '2,105 '2,283 355 Apr. 30.... 1,978 ••12,511 '7,339 867 1,524 812 742 111 1,822 6,545 1,207 '2,165 '2,278 '316 May 31.... 2,001 12,534 '7,441 907 1,580 831 709 753 1,676 6,456 1,269 '2,180 '2,306 '323 June 30 2,007 12,650 7,461 877 1,638 861 737 746 1,616 6,475 1,285 2,182 2,362 347 July 31*>... 2,016 12,818 7,443 813 ,686 864 759 837 1,633 6,592 1,354 2,195 2,360 318 Aug. 31*... 1,998 12,999 47,766 771 1,759 898 797 654 1,711 6,591 1,436 2,266 2,391 315 Sept. 30*\.. 2,005 13,227 7,929 754 1,805 925 812 737 1,699 6,733 1,437 2,322 2,414 322 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u e r y - Y sla u v g i o a - o A th l e l r 1952—Dec. 31 J. 093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953 Dec 31 ,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 ,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Sept 30 ,562 280 104 64 41 134 199 68 112 8 120 147 9 9 267 Oct. 31 ,557 279 105 54 46 141 183 72 120 8 117 149 9 11 263 Nov 30 ,489 270 98 64 44 159 173 68 125 8 112 149 9 9 200 Dec. 31 1,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956—Jan. 31 ,561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb. 29 ,596 253 115 69 46 188 183 49 128 8 103 160 13 9 273 Mar. 31 r1,622 252 '124 71 45 183 193 51 133 8 99 171 10 13 270 Apr. 30 1,822 246 123 71 49 184 223 52 134 7 102 167 10 5 447 May 31 1,676 242 107 67 49 182 227 51 135 7 96 162 8 8 334 June 30 ,616 247 105 68 47 165 206 52 124 7 90 169 7 9 319 July 31* ,633 251 108 69 50 160 200 54 124 6 85 188 7 10 321 Aug 31v .. .. 711 266 110 68 58 141 180 54 125 6 75 182 8 9 431 Sept. 30* ,699 276 117 64 55 150 168 63 132 2 68 190 14 11 390 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba m p i D R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R c m u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952 Dec 31. 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 1,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Sept. 30 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct 31 I 948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 .946 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec 31 2 000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956 Jan 31 1 952 138 28 156 79 133 227 65 51 399 49 81 90 34 69 239 113 Feb. 29 2,001 143 28 192 80 133 223 65 58 407 49 78 93 43 74 213 124 Mar. 31 '2,105 140 27 215 98 136 '238 66 64 419 51 82 92 46 73 224 134 Apr 30 .. '2 165 128 27 193 87 147 255 64 67 r416 53 89 87 46 74 298 133 May 31 '2,180 120 25 198 91 139 261 65 68 r386 56 94 83 44 66 349 136 June 30 2,182 125 25 217 101 138 263 68 66 358 62 94 80 45 67 331 141 July 31* 2,195 138 28 238 89 133 267 66 64 355 67 98 70 39 71 341 131 Aug. 31* 2,266 136 30 228 93 125 263 66 60 376 68 101 83 31 82 399 125 Sept. 30* 2,322 141 25 259 106 123 271 64 53 396 70 104 82 25 76 405 122 Preliminary. r Revised. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BVTL CAPITAL TRANSACTIONS OF THE U. S. 1251 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * - Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date Total m M C a h o n a i s d i n a n a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , P p i h i p n i - e l- s T la h n a d i- Other Total t A ra u l s i - aC g B o i e n a l- g n o Egypt U S A n o f o i r u f o i t c n h a Other land of* 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—Sept. 30 2,085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 2,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30 2,217 76 57 89 145 37 49 952 91 254 129 339 344 75 44 71 35 120 Dec. 31 '2,189 75 55 73 174 37 53 901 88 252 138 '343 360 75 42 72 33 119 1956—Jan. 31 '2,216 77 55 70 159 33 57 926 85 261 144 '347 353 75 42 71 43 121 Feb. 29 '2,244 77 56 69 164 23 61 944 83 262 149 '355 353 78 42 70 35 128 Mar. 31 '2,283 76 57 83 155 28 55 964 89 268 151 '357 355 76 43 68 43 124 Apr. 30 '2,278 75 58 75 '133 25 48 999 92 274 146 '354 '316 58 43 65 32 '118 May 31 '2,306 76 55 64 124 32 49 1,014 92 277 143 380 '323 58 40 62 37 '125 June 30 2,362 79 54 82 117 31 55 1,047 95 282 141 379 347 79 41 62 30 135 July 312* 2,360 79 55 81 101 38 56 1,063 96 275 136 380 318 73 42 54 34 115 Aug. 31 P. .. 2,391 83 59 81 154 32 51 1,054 98 275 142 361 315 69 47 50 33 116 Sept. 30*> 2,414 85 60 74 158 36 43 1,075 98 278 142 365 322 71 47 48 34 122 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 n.a. Afghanistan 2.7 5.1 n.a. Azores .4 .2 n.a. British dependencies. 19.8 21.1 13.8 British dependencies .4 .6 .4 Burma 23.0 29.7 19.1 Bulgaria .6 .6 .7 Cambodia n.a. .2 13.1 Czechoslovakia7 .6 .7 .7 Ceylon 17.1 18.8 n.a. Eastern Germany n.a. 1.2 1.3 Iraq. 13.8 10.0 14.7 Estonia 1.9 1.9 n.a. Jordan .9 .8 1.2 Hungary 1.0 1.0 1.0 Laos n.a. .1 n.a. Iceland 7.5 8.9 4.8 Lebanon 23.9 16.5 18.0 Ireland, Republic of 14.1 14.3 n.a. Pakistan 9.7 3.8 5.7 Latvia 1.3 1.0 1.0 Palestine .1 .1 n.a. Lithuania .4 .5 .3 Portuguese dependencies 5.3 1.8 2.0 Luxembourg 4.0 4.5 3.1 Saudi Arabia 18.5 61.5 79.5 Monaco 3.0 5.3 5.6 Syria 20.5 21.5 13.1 Poland7 2.2 2.1 2.5 Viet-Nam n.a. 8.1 62.3 Trieste 2.5 2.2 1.4 U. S. S. R.7 2.0 1.8 .7 All other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea 3.5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland .3 n.a. Ecuador 23.7 17.7 21.2 14.9 Liberia 10^3 11.8 5!6 13.1 French West Indies and French Guiana... 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11.6 9.3 12.7 12.1 New Zealand , 3.5 2.1 2.3 1.9 Honduras 15.4 18.7 17.3 9.7 Portuguese dependencies. 6.3 5.0 8.3 5.3 Nicaragua 13.4 16.0 10.3 12.8 Spanish dependencies .2 .2 .5 .7 Paraguay 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.3 p Preliminary. ' Revised. 4 Includes for the first time certain accounts previously classified as n.a. Not available. "private." 1 Short-term liabilities reported in these statistics represent principally 5 Through 1952, reported by banks in the Second (New York) Federal deposits and U. S. Govt. obligations maturing in not more than one year Reserve District only. from their date of issue, held by banking institutions in the United States; 6 Except where noted, these data are based on reports by banks in the small amounts of bankers' acceptances and commercial paper and of Second (New York) Federal Reserve District only and represent a partial liabilities payable in foreign currencies are also included. breakdown of the amounts shown in the "other" categories in Tables 2 Includes International Bank for Reconstruction and Development, la-lc. For each date the Second District reported at least 90 per cent of International Monetary Fund, and United Nations and other international the total amount in the "other" categories. organizations. Excludes Bank for International Settlements, reported 7 Based on reports by banks in all Federal Reserve districts. under Other Europe. NOTE.—Statistics on international capital transactions of the United 3 Represents funds held with banks and bankers in the United States States are based on reports by banks, bankers, brokers, and dealers. (and in accounts with the U. S. Treasury) by foreign central banks and by Beginning with the BULLETIN for June 1954 (as explained on p. 591 of foreign central governments and their agencies (including official pur- that issue), tables reflect changes in reporting forms and instructions made chasing missions, trade and shipping missions, diplomatic and consular as of Mar. 31, 1954, as well as changes in content, selection, and arrangeestablishments, etc.). ment of material published. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n r d y - . , Italy S l w e a i r n t - z d - U K n d i i o n t m g e - d E O u t r h o e p r e Eu To r t o a p l e C a a d n a - A L m a i e t c i r a n - Asia o A t l he l r Rep. of 1952—Dec. 31 1.049 32 27 18 7 30 98 212 62 662 90 22 1953 Dec. 31 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Aug. 31 J.429 10 74 30 20 74 151 359 112 683 236 39 Sept 30 1,406 11 69 27 21 76 152 356 115 642 252 42 Oct. 31 ,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30 ,473 12 81 30 24 74 163 383 131 670 239 49 Dec 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956 Jan 31 503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 1,515 14 93 28 27 67 157 387 135 718 236 39 Mar 31 1,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30 [ 527 14 100 32 28 69 164 407 124 718 231 47 May 31 r1,603 16 118 33 28 83 171 449 112 734 264 45 June 30 I 634 17 122 32 24 82 167 444 121 756 268 46 July 31* .626 15 118 32 28 78 165 437 121 762 265 40 Aug 31P 1,706 65 120 33 27 87 163 495 124 770 274 42 Table 2a. Other Europe Date E O ur th o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u av g i o a - o A t l he l r 1952—Dec. 31 98 16 2 4 11 3 39 1953—Dec. 31. 88 13 6 9 24 3 16 1954—Dec. 31. 109 20 10 16 4 4 41 1955—Aug. 31 151 12 9 12 3 6 6 88 Sept. 30 152 11 8 13 4 6 6 92 Oct. 31 159 13 9 13 4 7 5 93 Nov. 30 163 15 9 11 5 7 7 92 Dec. 31. 158 16 13 11 9 5 7 78 1956—Jan. 31. 158 18 13 12 9 7 74 Feb. 29 157 18 11 13 9 7 69 Mar. 31 162 20 10 15 9 7 70 Apr. 30. 164 24 7 17 10 6 7 68 May 31. 171 22 10 15 11 7 8 71 June 30. 167 20 9 16 11 9 7 71 July 31 165 17 14 12 11 8 74 Aug. 31 163 17 14 16 10 63 Table 2b. Latin America Neth- Date A L m a i e t c r i a - nAr t g i e n n a - l B i o vi - a Brazil Chile l C b o o i m - a - Cuba m p i D R i l u c o e i a n b - - c n - - G m u a a l te a - M i e c x o - l I W S a n a u e e n d r n r s i i d d - t e - s s l a P p i R m a u c e n b a - - - , of Peru v S a E a d l l o - r U gu r a u y - V z e u n el e a - O A La t m i t c h e i a e r n r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Aug. 31 683 6 3 133 15 132 71 4 4 141 1 15 21 6 10 91 32 Sept. 30 642 6 3 107 127 71 4 4 146 1 13 20 6 5 90 32 Oct. 31 656 6 3 91 8 122 87 4 4 151 2 14 22 6 12 91 34 Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29 718 10 3 66 19 151 81 5 5 163 2 20 31 7 20 102 34 Mar. 31 701 12 4 60 6 160 81 4 6 152 3 20 30 7 13 108 35 Apr. 30 718 11 3 62 7 165 87 4 7 154 2 18 30 6 12 113 36 May 31 734 11 3 61 7 168 85 4 6 157 3 19 29 6 7 133 35 June 30 756 10 5 66 10 160 92 5 6 162 8 13 29 7 15 130 39 July 31* 762 12 6 64 10 155 89 4 6 171 6 12 28 6 22 130 41 Aug. 31^ 770 12 4 65 12 147 86 4 6 178 6 11 32 6 29 129 44 p Preliminary. r Revised. (excluded from these statistics) amounted to $737 million on August 31, * Short-term claims reported in these statistics represent principally the 1956. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EYFL CAPITAL TRANSACTIONS OF THE U. S. 1253 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars} Table 2c. Asia and All Other Asia All other For- Date Total C m M a h o n i a n s d i a a n- H K o o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h i i n l e - s T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o Egypt A U S f o n r o u i i f c o t a h n Other land ( 1952—Dec. 31 90 10 1 4 10 15 13 8 3 25 22 10 6 i 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 2 8 1954—Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 6 10 1955—Aug. 31 236 8 4 4 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 20 9 110 17 8 71 42 11 5 1 6 18 Oct. 31 243 8 4 5 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 18 9 107 19 8 62 49 13 5 2 10 19 Dec. 31 233 8 3 5 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29 236 8 5 5 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 20 10 100 9 9 63 47 12 6 2 8 20 May 31 264 8 6 6 22 10 113 11 9 78 45 12 6 2 7 18 June 30 268 8 5 6 22 11 121 7 10 77 46 12 8 3 7 16 July 3\P 265 8 5 8 21 12 112 9 8 83 40 11 8 3 7 10 Aug. 31*> 274 8 5 5 (2) 22 12 126 13 8 73 42 11 8 2 7 14 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u ,o - r ) r - 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 . 801 793 8 1,405 1 264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955—Aug 184 24 159 135 116 19 40 26 14 54 73 -19 Sept 45 36 9 180 154 26 37 41 A 71 82 -11 Oct . 21 30 — 8 154 141 13 46 34 12 58 61 -3 Nov 35 38 -4 121 141 -20 38 37 1 57 55 2 Dec 132 86 46 148 145 3 42 57 -15 58 63 -5 1956—Jan ... 34 34 — 1 188 135 53 60 139 -79 61 53 8 Feb 30 44 -14 136 123 13 35 42 -8 56 64 -7 Mar 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr 48 13 34 179 161 18 40 27 13 74 95 -20 May 32 18 13 196 137 59 40 r117 '-76 90 118 -28 J J u u n ly e p 3 2 1 8 1 28 1 4 6 2 1 7 2 1 1 3 7 0 8 1 14 0 0 8 2 3 2 8 4 4 1 8 1 7 0 5 8 - -6 3 1 5 6 7 4 2 9 7 3 0 -2 -6 1 Aug.23 87 14 73 160 157 3 30 60 -30 63 83 -20 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i a n g s l - n France F R m l e G e ic d a p e n e u r o r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1952 15 300 5 C2) 51 70 -16 111 192 5 -9 2 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 -1 1954 78 72 17 -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1955 Aug 3 176 2 1 28 i 7 36 132 7 1 Sept 1 33 2 1 1 19 -9 10 23 -10 13 1 Oct 1 4 2 3 (2) 8 2 n 8 -5 1 Nov . -24 (2) — 7 3 -7 -20 2 (2) Dec 2 47 14 1 (2) 8 -3 4 e 41 7 3 1 52 (2) C2) 18 6 12 35 10 5 2 Feb 1 -1 -5 -9 13 6 -7 -ft - Mar . — 1 — 264 — 139 1 25 —27 -30 -168 -86 3 Apr (2) 52 3 i I 44 7 -2 52 -5 3 2 May 72 3 47 14 5 69 -2 2 1 June 35 2 C2) (2} 12 19 -1 32 -1 1 2 4 61 1 24 19 16 61 2 1 1 1 Aug v 74 2 3 (2) -1 6 11 2 22 -20 1 v Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h r na I i n n ti t s o e t n i r - - al f c T o o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th n e - r Date Deposits U s . e c S u . r i G ti o es v 2 t. la M n i e s o c u el s - 3 tutions tries 1952 — 118 -100 20 -141 25 -10 6 1954_Dec. 31 490 2,908 105 1953 -61 — 11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1955—Oct. 31 402 3,506 138 Nov. 30 408 3,558 137 1955 -27 -4 -46 74 24 -49 -7 Dec. 31 402 3,543 126 1955—Aug.... 1 -6 -1 -6 3 -4 3 1956—Jan. 31 355 3,724 122 Sept.... -12 -3 -7 3 2 -3 2 Feb. 29 363 3,793 132 N D O o c e v t c . . . . . . . . . . . - - - 3 2 2 -1 1 8 5 1 1 9 8 7 -7 3 6 2 4 1 - - - 1 3 8 1 -S 0) A M M p a a r y r . . 3 3 3 1 0 1 3 3 3 5 3 0 4 0 7 3 3 3 , , , 7 7 7 9 5 1 1 1 7 1 1 15 3 5 5 6 3 1956—Jan.... -5 -66 12 -75 1 -5 C1) June 30 297 3,629 158 July 31 308 3,663 164 Feb.... -3 -12 5 -7 3 -2 1 Aug. 31 350 3,630 168 Mar.... -12 -18 -7 -10 2 -3 1 Sept. 30 334 3,723 167 Apr.... ^ -2 -6 5 1 -3 1 Oct. 31 275 3,782 178 May.. -2 '-102 -5 '-92 1 -7 0) J J A u u u l n y g e * .p . . . . .. - - 2 2 2 - - - 3 8 4 9 0 8 - - 2 - 4 6 0 - - - 4 7 9 5 0 2 2 1 - - - 6 2 1 -2 1 2 3 1 1956— O O O c c c t t t . . . 1 1 3 0 7 3 3 3 7 0 4 8 3 1 3 3 3, , , 6 7 7 7 2 2 1 6 0 1 1 1 8 9 8 9 1 4 Oct. 24 277 3,761 176 Preliminary. r Revised, i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and /or bonds, 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthly Estimated Year or world Africa North and South America Other production (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a B A W r f i r e t i i c s s t a h B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India $1=15%i grains tif gold Hofine: i.e.t an ounee of fine gold=555. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6 5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6 7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15 I 6 1 8 8 31 3 7 9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4 6 9.1 37.7 7 8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152 8 13 5 13 2 4 4 8 2 39 1 8 4 1955 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1955—Aug 74.7 44.4 J-6 2.2 .9 5.9 13.5 .6 j i .4 .7 2.8 .6 Sept 76.2 43.6 6 2.2 1.1 7.0 13.8 1 0 3 7 3 1 5 Oct 75.7 43.8 1.5 2.0 1.0 6.8 13.8 1.0 .2 .3 .7 3.1 .6 Nov 74.9 43.3 1.5 1.9 .8 6.3 13.6 1.3 .1 .4 .6 3.3 .6 Dec 70.5 42.9 5 1.1 5.0 13.3 1.0 8 2 3 4 6 1956—Jan 71.2 43.4 6 .1 1.2 4.8 13.0 1.0 9 .2 7 2 9 5 Feb 68.9 42.9 1.5 .1 1.1 4.6 12.4 .9 .2 .3 .7 2.7 .5 Mar 45.4 1.5 1.8 1.2 5.0 13 5 .2 .2 .7 2.8 .6 45.2 6 2.1 1.0 4.7 12.9 -\ 2 6 2 7 May 47.3 1.6 2.2 1.0 5.4 13.1 1.2 .6 3.0 .6 J Ju u l n y e 4 4 7 7 4 9 f> 2 2 1 2 1 1 1 1 5 5 1 9 1 1 3 2 2 1 1 3 7 6 3 2 5 5 Aug 48 5 2.3 1.0 6.3 11.8 6 .6 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures are from the U. S. Bureau of the Mint and monthly figures are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 1255 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1955 1956 1948 1949 1950 1951 1952 1953 1954 1955 Apr.- July- Oct- Jan.- Apr.- June Sept. Dec. Mar. June Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France... 15 8 — 84 8 — 20 0 — 67 5 -45 !6 ' -33*!8 Germany (Fed Rep of) -10.0 -130.0 -225.6 -10.0 Netherlands 40.7 '"-23"!5 -79.8 -100.0 -65.0 Portu°al 63.0 14.0 -15.0 -34'.9 -5.0 -59.9 -54.9 -5.0 Sweden... .. ... 3.0 -22.9 -32.0 -20.0 -15.0 Switzerland -40.0 -38.0 -15.0 22.5 -65.0 -15.5 Bank for Intl Settlements — 5 6 — 34 3 — 65 3 — 30 4 — 94 3 — 20 0 Other 4.8 3-323.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 3.5 1.5 1.0 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -41.5 1 5 — 32.8 Sterling Area: United Kingdom 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 -.5 -.1 (2) Total 1,232.9 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 -.1 P> Canada ... 3.4 -100.0 -10.0 7.2 Latin America: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 20.1 Colombia. 15.5 7.0 ""-ib'.b 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20.0 U M r ^ u e g xi u c a o y 6 1 1 0 . 6 7 - — 1 6 1 . 4 1 4 -1 -6 1 4 8 .2 8 -6 2 0 2 . 2 2 14*9 * * - * 1 5 — .0 28!l -5 8 0. 0 3 " i I o 11.0 Venezuela -108.0 -50.0 — 9 -30.0 Other — 2 1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 " "i'.b -.1 -.1 -.1 -.2 -.2 Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -.1 10.9 -.1 19.9 - •2 Asia — 4 1 4-55 4 5 — 38 95-53 7 — 6 7 — 5 7 — 9 9 — 4 9 -2 2 Eastern Europe . . .. 1.0 -6.2 13.7 13.1 All other 6.9 .4 6-44.2 6-76.0 -.4 (2) 725.0 775.0 Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 -41.7 8.7 1.4 5.2 94.9 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c t a k a r l ) i I i n n s g c to r o t e o c ld a k ta se l i e m x g N o o p p e r l o o d t r r t t, g m c o c o r E l r ( a r e d e r - a a : a k i ) r s n s - e d e e - d e , - D p ti r c o t o i m o d g n u o e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a t l h * ) I i n n s g c to r o t e o c ld a t k a se l i e m g x N o o p p e l r o o d t r r t t, g m c o c o r E r ( l a e r d e - r a a a ) k : i r s n s e - e d e - d , e- D p ti r c o t o i m o g d o n u e l c s d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—Oct 21,686 21,747 2.0 10.4 -7.1 6.8 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Nov.... 21,688 21,751 3.9 31.9 -27.0 6 3 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Dec 21,690 21,753 1.9 26.7 -23.8 5,0 1946 20 529 20,706 623.1 311.5 465.4 51.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1956—Jan 21,693 21,755 2.5 11.4 -8.2 4.8 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Mar 21,716 21,765 7.7 11.5 -2.9 5.0 Apr 21,743 21,792 27.4 9.9 16.9 4.7 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 May 21,772 21,821 28.3 25.3 1.8 5.4 1951 22,695 22,873 52.7 -549.0 617.6 66.3 June 21,799 21,868 47.6 18.4 29.9 5.1 1952 23,187 23,252 379.8 684.3 -304.8 67.4 July 21,830 21,918 49.4 4.8 43.9 5.9 1953 22,030 22,091 -1,161.9 2.2 — 1,170.8 69.0 Aug 21,858 21 965 47.1 4.7 43.2 6 3 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Sept 21,884 22,032 67.6 -18.0 86.9 6.0 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Oct ^21,909^21,998 P-34.1 (3) 4-34.3 (3) p Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,779.6 million on Oct. 31,1956. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tot ( a e l x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - E d c o u r a- U.S.S.R.)1Treasury Total 2 1949 Dec 35 380 24 427 24 563 216 698 23 317 496 40 52 299 32 21 1950—Dec 35^810 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,960 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec... . 36 260 23 187 23 252 706 21 317 896 42 214 31 23 1953—Dec 36 680 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954—Dec 37 340 21 713 21 793 371 778 3 322 1 080 42 186 31 23 1955—Sept 37 870 21 684 21 745 371 877 (3) 322 1 141 42 186 31 23 Oct 21,686 21,747 371 920 (3) 322 1 150 42 181 31 23 Nov 21 688 21 751 371 922 (3) 323 1 147 42 141 31 23 Dec '38,000 21,690 21,753 371 929 (3) 323 1,141 44 136 31 23 1956—Jan 21,693 21,755 371 942 (3) 323 1,136 44 136 31 23 Feb 21,695 21,757 371 955 (3) 323 1,129 42 136 31 23 Mar '38,190 21,716 21,765 371 953 323 1,127 43 136 31 23 Apr 21,743 21,792 371 970 (3) 323 1,113 43 136 31 23 May 21,772 21,821 371 958 3 323 1,107 46 136 31 23 June ^38,360 21,799 21,868 952 (3) 323 1,109 46 136 31 23 July ... 21,830 21,918 965 323 1,114 46 136 31 23 Aug 21,858 21,965 964 323 1 114 46 136 31 22 Sept 21,884 22,032 972 323 1,112 45 136 31 22 Germany, End of Egypt France4 R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1949—Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 174 576 626 27 247 81 138 346 62 796 45 38 35 1955—Sept ... 174 576 825 27 247 81 138 346 141 804 45 48 35 Oct 174 576 r854 27 247 81 138 352 142 836 45 48 35 Nov . . 174 576 868 27 247 81 138 356 142 856 45 48 35 Dec 174 861 920 27 247 81 138 352 142 865 45 48 35 1956—Jan 174 861 '953 27 247 81 138 352 163 865 45 48 35 Feb 174 861 '991 27 247 81 138 352 163 872 45 48 35 Mar 174 861 '1,003 27 247 81 138 352 164 875 45 48 35 Apr 174 861 '1,035 27 247 81 138 352 164 877 45 48 35 May 174 861 '1,056 27 247 81 138 352 164 864 45 48 35 June .. 174 861 '1,104 27 247 54 138 165 853 45 49 35 July 174 861 '1,189 27 247 54 138 '853 45 49 35 Aus 174 861 '1 274 27 247 46 138 r853 46 49 35 Sept 174 861 1,294 27 •247 854 46 49 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d U gu r a u y - V zu e e n l e a - M F I t u a n o r n t n y l d . e- B S m a I e n n e t k t n t l l t e . f s - or 1949—Dec 178 17 128 85 70 1.504 118 154 1,688 178 373 1.451 68 1950—Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 ,692 196 1953 Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 ,702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1,740 196 1955—Sept 427 28 214 56 264 1,513 112 144 2,345 216 403 ,751 215 Oct 428 28 211 56 270 1,535 112 144 2,297 216 403 ,751 208 Nov 428 28 213 56 278 1,560 112 144 2,283 216 403 ,756 234 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 ,808 217 1956—Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 ,811 193 Feb 431 28 216 56 272 1,592 112 144 2,210 216 403 ,811 183 Mar 431 28 212 56 273 1,608 112 144 2,277 216 403 ,786 197 Apr 436 28 210 56 269 1,606 112 144 2,328 216 403 ,761 190 May '436 28 217 56 266 1,579 112 144 2,369 216 403 .741 216 June . . 436 28 215 56 257 1,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1.598 112 144 2,405 216 403 1,718 207 442 28 216 56 262 1,622 112 144 2,276 214 403 1,695 212 Sept 28 214 56 263 1,634 144 2,328 403 199 P Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1257 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 ,1954 June 30, 1955 Sept. 30, 1955 Dec. 3I, 1955 Mar. 3I, 1956 June 30, 1956 Area and country Gold& U.S. Gold& U. S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notesdollars & notes Continental Western Europe: Austria . . .. . 329 12 325 12 341 12 322 10 313 10 308 10 Belgium-Luxembourg (and Belgian Congo).. 1,044 10 1,111 10 1,149 10 1,201 10 '1,242 12 1,221 12 102 7 85 6 95 7 91 7 102 6 99 6 Finland 72 3 69 5 73 5 84 5 80 5 82 5 France (and dependencies) * 1,328 161 1,397 160 1,593 161 21,986 151 2,028 6 1,782 7 Germany (Federal Republic of) 1,999 '2,158 3 2,250 5 2,374 8 '2,490 10 2,742 11 Greece 124 138 145 187 (3) 194 176 Italy 925 10 992 2 1,105 2 1,137 2 1 158 2 1,214 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1 072 41 1,074 41 1,100 44 1 143 22 1,145 23 Norway 148 6 116 36 113 53 124 53 96 69 97 73 560 571 581 601 606 602 (3) Spain (and dependencies) 188 225 i 237 221 3 216 206 406 1 383 411 (3) 429 444 (3) 426 (3) Switzerland 2,185 38 2 170 2,197 44 2,354 44 2,341 70 2,308 117 Turkey 152 156 153 153 (3) 154 151 (3) Other4 947 4 1,242 4 1,273 2 876 6 1,015 7 1,112 10 Total 11,627 260 '12,210 324 12,790 345 13,240 343 '13,622 222 13,671 279 Sterling Area: United Kingdom 3,190 216 3 139 280 2,800 286 2 598 282 2,816 241 2,871 253 United Kingdom dependencies 103 4 102 4 100 11 88 11 91 11 87 10 Australia .. .. 186 204 210 219 230 243 India 334 1 344 j 339 j 320 1 330 1 329 1 232 1 242 251 1 265 1 255 245 i Other 178 3 184 3 194 3 '210 '206 (3) 204 (3) Total 4,223 225 4 215 289 3,894 302 '3 700 295 '3,928 254 3,979 265 Canada 2,616 93 2 381 262 2,320 397 2 173 437 2,305 369 2,394 362 Latin America: 531 528 536 509 511 476 Bolivia 32 28 (3) 26 (3) 26 (3) 27 (3) 25 p\ Brazil 442 442 2 469 2 466 2 538 2 540 2 Chile 112 136 1 129 139 (3) 141 j 147 j 308 188 184 (3) 217 222 p\ 224 (3) Cuba 423 431 149 423 169 389 169 '374 167 399 167 72 83 82 77 (3) 79 81 (3> Guatemala 62 78 70 72 91 93 P M a e n x a i m co a Republic of ... . ... 3 7 91 4 4 1 41 8 9 4 4 2 48 8 1 5 4 1 55 8 6 6 4 58 8 3 2 1 4 5 9 23 4 4 Peru 118 118 124 127 (3) 127 115 (3) El Salvador . . 59 79 (3) 61 52 74 73 Uruguay 317 1 291 277 (31 281 1 289 283 / Venezuela . . . 597 3 664 3 662 3 668 3 627 3 734 3 Other 135 10 138 12 140 14 124 15 147 14 154 14 Total 3,673 146 3,707 174 3,749 194 3,789 195 '3,912 192 3,961 193 Asia: 181 196 15 201 15 255 15 236 171 Iran 169 (3) 190 174 175 (3) 166 (3) 169 p\ Japan . 851 3 884 3 992 3 1 029 4 1,092 4 1 175 4 266 6 263 6 266 6 268 6 285 6 300 6 Thailand 236 243 1 235 250 1 263 1 253 1 Other 521 7 602 3 621 3 '647 4 '665 5 695 5 Total 2,224 16 2,378 28 2,489 28 %624 30 '2,707 16 2,763 16 309 6 311 7 307 7 308 7 294 6 294 6 All other: 221 224 234 246 (3) 242 (3) 236 Other 68 84 1 87 1 79 1 91 (3) 103 (3) Total 289 (3) 308 1 321 1 325 1 333 (3) 339 (3) Total foreign countries 24,961 746 '25,510 1,085 25,870 1,274 r26,159 1,308 '27,101 1,059 27,401 1,121 3,510 354 3,599 317 3,595 320 3,689 321 3,681 319 3,750 317 Grand total 28,471 1,100 '29,109 1,402 29,465 1,594 '29,848 1,629 '30,782 1,378 31,151 1,438 ' Revised. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by * Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Excludes gold reserves of the U. S. S. R. tions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATONAL MONETARY FUND [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1956 1955 1956 1955 Item Item Sept. June Mar. Dec. Sept. July Apr. Jan. Oct. July Dollar deposits and U. S. securities 386 407 425 428 440 Gold 1,718 1,761 1,811 1,751 1,747 Other currencies and securities 1 960 938 947 966 977 Investments8 125 50 Effective Ioans2 2,094 2,002 1,959 1,936 1,837 Currencies:^ Other assets3 42 40 37 36 United States 1,759 1,777 1,708 1,633 1,643 Other 4,319 4,333 4,403 4,539 4,656 IBRD bonds outstanding 849 850 850 849 849 Unpaid member subscriptions 815 815 815 815 805 Undisbursed loans 53O| 477 485 494 429 Other assets 1 1 1 1 1 Other liabilities , 101 11 10 9 9 Reserves 240 228 216 205 193 Member subscriptions 8,751 8,751 8,750 8,751 98,863 Capital 1,853 1,810 1,810 1,810 1,810 Accumulated net income -14 -14 -14 -12 -11 Loans by country, Sept. 30, 1956 Quota Cumul o a n ti v t e h e n e F t u d n r d awings Area and member country4 Prin- Dis- Re- Outstanding Countryl o Paid 1956 1955 cipal bursed paid Sold Total g i o n ld Total to Aug. July Aug. others5 Brazil 150 38 66 66 66 Continental W. Europe, total 1,050 901 172 729 78 Burma 15 1 15 15 Belgium and Luxembourg. 118 112 6 107 25 Chile 50 9 13 13 13 France 268 263 12 252 20 Colombia.... 50 13 25 25 25 Italy 88 47 47 6 Indonesia.... 110 16 55 15 Netherlands 221 221 137 84 19 Iran 35 9 21 21 9 Other 355 257 18 239 6 Philippines... 15 4 15 15 10 Turkey 43 11 15 15 20 Sterling area, total 868 583 50 532 77 United States 2,750 688 "-413 H-358 n-448 Australia 259 256 5 251 21 India 200 82 20 61 10 Union of S. Africa 135 114 12 102 15 Footnotes to tables on international institutions: United Kingdom 146 66 1 65 27 1 Currencies include demand obligations held in lieu of deposits. Other 128 65 12 53 5 2 Represents principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be Latin America, total 656 468 40 428 28 sold to others, and exchange adjustment. Brazil 194 160 9 151 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 69 11 58 4 4 Loans to dependencies are included with member. Mexico 141 118 7 111 10 5 Includes also effective loans agreed to be sold but not yet disbursed. Other 210 121 13 108 12 6 Includes $140 million in loans not yet effective. 7 Includes $167 million not guaranteed by the Bank. Asia (excl. Sterling area).... 116 69 67 10 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Includes $125 million subscription of withdrawing member (Czecho- Africa (excl. Sterling area). . 9 slovakia). 10 Countries shown are those with cumulative net drawings of $10 million or more on the latest date. Total 62,699 ,028 264 1,764 7193 11 Represents sales of U. S. dollars by Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note circula- Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o D a d n u i c n s a - e t d s s - Se t c ie u s ri- tion i Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1948—Dec. 29. 1,325.0 3.9 32.2 16.7 401.1 ,293.1 314.5 11.7 17.4 92.1 18.1 1949_Dec. 28. ,350.0 5.3 28.4 14.8 489.6 321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27. ,375.0 1.5 17.7 29.2 384.0 357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26. ,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31. ,575.0 1.4 49.9 11.2 371.2 525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30. ,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29. ,775.0 ?A 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955__Oct. 26. ,800.0 2.4 34.9 20.2 301.2 ,765.5 250.6 21.9 2.6 65.7 17.8 Nov. 30. ,850.0 2.4 54.7 20.8 287.4 ,795.7 263.1 10.1 3.0 71.2 18.0 Dec. 28. ,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—Jan. 25. ,825.0 2.3 53.7 32.8 251.9 ,771.7 236.9 11.9 3.3 70.2 18.3 Feb. 29. ,825.0 2.3 37.5 20.6 300.8 ,787.9 258.1 10.6 3.1 70.9 18.5 Mar. 28. ,875.0 2.2 34.1 22.1 294.2 ,841.3 243.3 11.1 3.2 76.5 18.5 Apr. 25. ,875.0 2.0 33.4 30.3 270.4 ,842.0 225.9 12.8 3.1 76.4 17.8 May 30. ,900.0 2 0 29.1 15.3 294.6 ,871.3 231.6 11.4 3.1 77.0 18.0 June 27. ,950.0 2.0 57.0 15.6 271.0 ,893.4 238.2 10.5 .2 78.5 18.1 July 25. ,000.0 2.0 37.4 23.8 254.1 ,963.0 215.6 11.9 .2 71.3 18.3 Aug. 29 ,950.0 2.0 42.9 26.6 254.6 ,907.5 222.4 13.0 72.1 18.5 Sept. 26 ,925.0 0 44.7 18.3 269.7 ,880.6 230.9 12.9 72.4 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1259 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadiandollars) jAssets<i Liabilities Date Dominion and provin- Deposits Sterling cial govt. securities U S a n ta n i t t d e e s d O as t s h e e ts r circ N u o la te tion lia O b a t i n h li d e ti r es dollars S t h e o rm rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capital 1948—Dec. 31 .4 1,233.'1 779.1 45.4 1.289.1 547. 3 98.1 81.0 43. t I949—Dec. 31 74 1 1,781.*[ 227 8 42.5 1,307.4 541. 7 30.7 126.9 119 2 1950—Dec. 30 111.4 1,229.:\ 712.5 297.1 1,367.4 578. 6 24.7 207.1 172.6 1951—Dec 31 117.8 1,141.*I ,049.3 135.2 1,464.2 619. 0 94.9 66.1 200.0 1952—Dec. 31 77 1 1,459.8? 767.2 77.3 1,561.2 626. 6 16.2 44.5 132 9 1953—Dec. 31 54.9 1,376.( 893.7 112.0 1,599.1 623. 9 51.5 29.5 133.1 1954—Dec 31 54.2 1,361.! 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955—Oct 31 56 6 1 318>.! 991.2 158.3 1,674.2 580. 7 62.4 34.5 173 0 Nov. 30 52.9 1,326.:> ,060.2 141.3 1,684.0 562. 6 128.3 45.2 160.4 Dec 31 57.4 1,283.8 ,093.7 185.2 1,738.5 551. 0 89.2 34.0 207.5 1956—Jan. 31 54.4 1,091.! 1,146.0 119.2 1,648.7 528. 4 76.1 42.1 115.7 Feb 29 56 5 1,065.* [,143.3 108.2 1,641.1 493. 6 60.8 35.0 143.0 Mar. 31 58.8 965. <) 1,285.0 95.0 1,677.2 506. 1 48.1 31.4 141.9 Apr 30 52 3 764. I 538.1 121.4 1,686.3 564. 9 54.1 30.6 140 0 May 31 67.2 l,065.( 1,190.2 131.3 1,706.1 542. 8 30.2 29.9 145.3 June 30 60 1 1 041/ I 289 8 192.7 1,734.9 574. 7 51.1 32.2 191 0 July 31 59.9 l,029.( 1,316.7 104.9 1,762.3 500. 0 49.8 39.6 159.4 Aug 31 62 1 1 019 '\ I 351 3 180.7 1,764.6 580. 6 65.4 35.6 167 2 Sept. 29 57.7 1,041.. ,353.0 150.1 1,769.5 564. 0 46.0 45.2 177.3 Bank of France (billions of francs) Assets Liabilities Date Advances to Gold F c o h e r a x e n - i g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu G rr o e v n e t rnm O e t n h t er O as t s h e e t r s ci N r ti c o o u t n l e a- G m ov en D e t r e n p - os O its ther3 c l O i a i a a t t p n i b h e i d i t e s l a r - l 1948—Dec. 30 65.2 (4) 97.4 8. 23$.6 150.9 558.0 57.6 <?87.6 .8 171.8 16.2 1949—Dec 29. 62.3 61.9 137.7 28. S 33f 7 157.9 561.0 112.7 1 278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34. 39: 1 158.9 481.0 212.8 1 560.6 176.8 24.2 1 1 9 9 5 5 2 1 — —D D e ec c . 2 3 7 1 2 1 0 91 0 .2 4 2 3 8 1 . . 3 1 2 2 3 7 4 4 . . 9 0 3 5 2 7 . . ( ( ) ) 7 93 4 ' 1 ' 5 3 1 1 6 7 0 2 . . 0 0 4 4 8 8 1 0 . . 0 0 1 1 9 5 0 9 . . 8 7 7 1 i3 1 4 2 1 3 . . 6 5 ( ( 4 4 ) ) 1 1 7 3 6 8 . . 8 6 4 4 1 9 . . 3 3 1953 Dec 31 201 3 15 4 292.5 61. 891 6 200.0 679.8 170.0 HO.5 (4) 144.9 56.3 1954—Dec 30 201.3 57.3 236.8 48. ) 1,13C) 7 195.0 617.6 277.2 2 538.5 .1 157.8 67.9 1955—Oct. 27 201.3 200.2 245.4 30. <1 1.060.8 190.0 545.2 429.9 7 591.4 .1 139.0 72.4 Nov 24 201 3 200 2 209.0 43.2 03'T 8 190.0 536.4 417.8 2 547.6 (4) 120.6 67.5 Dec 29 301.2 200.2 226.7 45. ? 19*I 7 190.0 539.8 336.8 2 820.0 142.9 71.8 1956 Jan 26 301 2 197 9 184.5 34. ; i 183.0 533.3 325.9 ? 741.1 (4) 143.5 73.6 Feb. 23 301.2 178.5 197.5 27. 7 ,18C),2 183.0 539.5 302.7 7, 741.5 .1 116.8 60.9 Mar 29 ... 301.2 178.6 237.7 19. S 334[ 5 183.0 519.6 316.1 376.7 156.3 57.2 Apr 26 301 2 162 6 269.4 14. f> ,?7*t 0 183.0 518.1 331.4 2 834.4 (4) 148.1 71.8 May 31 301.2 152.0 214.7 7. I 4 183.0 518.8 368.4 7 861.9 .1 135.9 62.5 June 28 301.2 144.1 301.6 5. 37*I 8 183.0 490.2 324.2 890.5 .1 162.8 70.9 July 26 301.2 128.0 292.4 2. 8 1,48$).6 179.0 496.5 297.0 2, 932.2 161.7 92.6 Aug. 30 301.2 116.5 290.7 2. 1,55*> 7 179.0 499.3 265.3 7 979.0 162.0 70.0 Sept. 27 301.2 106.7 277.1 8.7 1.611.6 171.5 479.8 5271.7 2, 982.0 (4) 164.6 81.8 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sept. Aug. July Sept. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately. 1,081 1,328 1,412 1,623 Gold and foreign exchange 285 293 289 313 Other gold and foreign exclange. -198 -568 -684 519 Checks and bills of other banks... 6 5 4 Gold contribution to Intl Fund. 157 Securities (incl. Govt. and Treas- Govt securities 4 974 4 63T c ^36 4 049 545 522 498 509 Rediscounts and loans to banks... 97.885 97^631 92.433 78,231 Other asseis 65 6*i 88 66 Other assets ...... . 857 366 435 Note circulation.... 382 37S 373 370 Currency circulation 38,303 37,861 37 618 32,734 Deposits of Trading Banks: 58 306 58 046 057 45 57^ Special . . 255 25* 255 265 1 181 642 64? '914? Other 43 381 38 36 Other liabilities and capita 6 966 6,841 6,5: 4 5,634! Other liabilities and c 221 215 214 220 Footnotes to central bank table on this and opposite page: 5 Includes advance of 136.3 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes EGA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sept. Aug. July Sept. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,745 1,745 1,744 1,742 Fund) 221 219 214 197 Foreign exchange (net) 8,376 8,281 7,780 7,881 Net claim on Intl. Fund1 13 13 13 13 Loans and discounts 6,059 5,962 6,076 5,426 Loans and discounts 41 34 33 48 Claim against Government 1,560 1,605 1,703 1,557 Credits to Government 121 111 100 65 Other assets 557 560 575 822 Other assets 77 77 76 80 Note circulation 13,509 13,644 13,630 12,508 Note circulation 421 424 426 411 Deposits—Banks 1,155 1,064 845 1,465 Deposits 314 306 294 283 Other 769 604 501 739 Other liabilities and capital 26 25 24 21 Blocked 1,353 1,350 1,416 1,424 National Bank of Czechoslovakia 2 Other liabilities and capital 1,510 1,491 1,486 1,292 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 48,586 48,223 48,239 43,831 Foreign exchange 668 689 694 688 Foreign claims and balances (net).. 10,379 11,555 10,875 10,555 Loans and discounts 145 124 189 176 Loans and discounts 5,539 4,315 6,890 6,956 Securities 493 490 489 480 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,072 3,072 3,073 3,124 Govt. securities , 8,735 9,824 7,158 9,352 Other assets 751 845 662 837 Other assets 5,755 5,736 5,752 5,185 Note circulation 2,107 2,079 2,096 1,959 Note circulation , 108,238108,676108,470 105,047 Deposits—Government 1,407 1,395 1,353 1,458 Deposits—Demand 1,339 1,658 1,224 1,853 Other 1,426 1,561 1,478 1,698 ECA 40 40 40 56 Other liabilities and capital 257 253 251 259 Other liabilities and capital 4,038 3,941 3,839 3,583 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (June) Gold 12,526 12,526 12,526 12,076 Gold at home and abroad , 506 498 Foreign exchange (net) 13,920 14,638 14,995 13,339 Foreign exchange (net) 60 396 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 92,505 43,123 Loans and discounts , 2,972 2,972 2,973 3,030 Govt. securities 2,505 2,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 1,112 948 Other assets , 20,027 18,258 17,907 14,917 Note circulation 75,114 34,367 Note circulation , 47,595 47,275 45,931 41,879 Deposits , 15,535 8,459 Demand deposits , 8,255 7,958 9,379 8,917 Other liabilities and capital , 6,040 4,644 Other liabilities and capital , 3,205 2,770 2,700 2,706 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres); Foreign exchange 729 721 719 641 Gold 325 325 344 344 Govt. securities , 14 22 11 19 Foreign exchange (net) , 1 -45 -113 49 Other assets , 6 8 13 10 Net claim on Intl. Fund1 38 38 19 19 Currency in circulation 443 438 439 409 Credits—Government 527 549 535 398 Deposits—Government , 46 125 125 48 Other 358 356 301 245 Banks , 172 104 97 154 Other assets 266 C271 232 275 Other liabilities and capital , 87 85 82 59 Note circulation 782 745 661 683 Central Bank of Chile (millions of Demand deposits—Private banks. 231 239 191 189 pesos): Other , 154 160 151 171 Gold ..., 8,529 9,573 9,784 5,811 Other liabilities and capital 348 350 315 286 Foreign exchange (net) , 1,236 1,077 794 1,052 National Bank of Egypt (millions of Discounts for member banks 6,466 5,257 5,943 5,147 pounds): Loans to Government 15,987 15,987 15,987 16,270 Gold 61 61 61 61 Other loans and discounts 27,445 23,527 24,079 15,034 Foreign assets , 117 111 111 164 Other assets 25,965 31,969 26,489 6,195 Egyptian Govt. securities 126 125 110 74 Note circulation 57,676 57,533 53,394 36,802 Clearing and other accounts (net). n -7 -5 -19 Deposits—Bank 6,916 9,571 6,599 4,943 Loans and discounts 21 17 15 17 Other 1,295 2,613 7,196 1,440 Other assets 2 2 2 3 Other liabilities and capital 19,741 17,674 15,887 6,325 Note circulation 188 170 166 161 Ba l n io k n o s f o t f h e p e R s e o p s u ): blic of Colombia (mil- Deposits—E O g th y e p r t 3 ian Government. 9 1 7 4 10 1 5 7 10 4 6 r1 M 06 2 Gold and foreign exchange 244 269 324 257 Other liabilities and capital 19 17 19 22 Net claim on Intl. Fund1 52 52 31 24 Central Reserve Bank of El Salvador Loans and discounts 566 480 467 554 (thousands of colones): Govt. loans and securities 602 603 564 461 Gold 70,474 70,518 70,583 71,229 Other assets 137 143 128 102 Foreign exchange (net) 22,306 36,034 49,670 39,995 Note circulation 722 715 714 618 Net claim on Intl. Fund1 1,573 1,573 1,573 1,569 Deposits 574 565 528 604 Loans and discounts 71,503 64,994 58,705 50,076 Other liabilities and capital 305 267 272 177 Govt. debt and securities 17,498 15,718 12,669 9,071 Central Bank of Costa Rica (millions Other assets 7,236 7,117 7,145 7,405 of colones): Note circulation 90,956 92,087 92,940 87,845 Gold 12 12 12 12 Deposits 88,155 92,567 96,323 81,609 Foreign exchange 48 60 79 118 Other liabilities and capital 11,477 11,300 11,083 9,890 Net claim on Intl. Fund1 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 116 107 91 74 Gold 7,850 7,849 7,849 7,096 Securities 16 9 9 4 Foreign assets and liabilities (net). 20,940 21,401 19,181 28,522 Other assets 24 24 24 28 Loans and discounts 44,560 41,155 46,287 20,925 Note circulation 142 142 146 147 Securities—Government 17,500 18,750 18,750 20,000 Demand deposits 46 41 41 63 Other 2,028 2,011 2,013 2,040 Other liabilities and capital 36 35 34 33 Other assets.. 13,658 13,648 14,035 11,075 National Bank of Cuba (millions of Note circulation 58,831 58,927 58,281 50,634 pesos): Deposits 10,040 4,109 5,833 19,699 Gold 136 136 136 186 Other liabilities and capital 37,664 41,778 44,000 19,325 Foreign exchange (net) 153 166 172 127 r Revised. *Latest month available. c Corrected. 3 includes figure for Sudan Government. i This figure represents the amount of the country's subscription to the NOTE.-AU figures, including gold and foreign exchange, are compiled FT &^ and from official reports of individual banks and are as of the last report date February 1950, respectively) see BULLETIN for September 1950, pp. monin. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1261 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sept. Aug. July Sept. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,116 2,114 2,112 2,032 Gold 5,412 5,341 4,983 Foreign exchange 85,116100,859 106,150 84,184 Foreign exchange 11,458 10,868 10,883 Clearing accounts (net) -1,387 1,095 2,455 4,294 Loans and discounts 3,149 2,757 3,482 Loans and discounts 21,296 22,350 22,789 10,842 Loans to Government 4,040 4,294 4,127 Advances to Government 72,595 65,423 51,666 38,365 Other assets 1,118 1,064 984 Other Govt. accounts 72,647 61,567 52,045 16,546 Note circulation 14,379 14,201 14,194 Govt. securities 46,220146,220 14466,228 128,866 Deposits—Government 4,953 4,674 4,588 Other assets 14,932 15,002 16,233 14,448 Banks 3,839 3,501 3,795 Notes and coin in circulation 120,537218,591211,393 184,357 Other 223 224 223 Deposits—Government 35,462 37,224 28,980 7,825 Other liabilities and capital 1,781 1,723 1,658 Other 39,973141,475143,021 92,503 Bank of Greece (millions of drachmae): Other liabilities and capital 17,563 17,341 16,284 14,892 Gold and foreign exchange (net).. 6,075 5,933 5,619 B;ank of Italy (billions of lire): Loans and discounts 184 172 208 Gold 4 4 4 4 Advances—Government 6,840 6,959 ,425 Foreign exchange 71 71 70 76 Other 4,935 4,698 ,940 Advances to Treasury 567 567 567 567 Other assets 2,060 1,925 ,627 Loans and discounts 479 474 443 374 Note circulation 5,332 5,266 ,273 Govt. securities , 399 377 384 381 Deposits—Government 1,034 981 ,195 Other assets 961 926 917 935 Reconstruction and Note circulation 1,633 1,600 1,609 1,506 relief accts 7,403 7,408 ,611 Deposits—Government 15 50 16 29 Other 3,947 3,831 ,042 Demand 98 93 93 83 Other liabilities and capital 2,379 2,200 ,699 Other 570 518 511 566 Bank of Guatemala (thousands of Other liabilities and capital , 163 158 157 153 quetzales): Bank of Japan (billions of yen): Gold 27,239 27,239 27,240 Bullion Foreign exchange (net) 27,068 31,053 36,981 Advances to Government , Gold contribution to Intl. Fund. . 1,250 1,250 1,250 Loans and discounts , 97 99 70 160 Rediscounts and advances 9,545 7,694 5,494 Govt. securities 435 429 464 393 Other assets 38,372 36,866 36,566 Other assets 231 224 222 192 Circulation—Notes 53,070 52,544 51,804 Note circulation 600 592 598 530 Coin 3,974 3,942 3,893 Deposits—Government 52 49 47 65 Deposits—Government 4,945 4,149 7,411 Other 30 33 36 74 Banks 19,991 20,559 21,299 Other liabilities 82 78 77 78 Other liabilities and capital 21,495 22,908 23,124 Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve7 1,815 1,801 1,783 1,614 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,033 4,968 4,963 4,611 Issue department: Bills and discounts 755 757 715 412 Gold at home and abroad 400 400 400 400 Other assets 410 427 419 519 Foreign securities 5,867 6,067 6,167 61,718 Note circulation 4,859 4,859 4,817 4,369 Indian Govt. securities 7,037 6,937 7,086 4,889 Demand liabilities 2,401 2,347 2,314 2,087 Rupee coin 1,201 1,167 1,120 ,121 Other liabilities and capital 754 748 748 700 Note circulation 14,092 14,245 14,443 12:802 NN<etherlands Bank (millions of Banking department: guilders): Notes of issue department 413 326 330 326 Gold 3,230 3,226 ,226 3,046 Balances abroad 283 249 428 477 Silver (including subsidiary coin). , 4 4 3 32 Bills discounted 39 39 33 143 Foreign assets (net) 972 1,074 ,176 1,441 Loans to Government 28 81 52 20 Loans and discounts 226 72 93 31 Other assets 1,311 1,141 1,224 851 Govt. debt and securities 660 660 660 622 Deposits 1,555 1,375 1,486 ,488 Other assets 382 376 361 395 Other liabilities and capital.... 519 461 580 329 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New 3,915 3,998 4,141 3,715 Gold and foreign exchange (net).. 408 408 628 1,403 Deposits—Government 253 127 29 274 Loans and discounts 801 1,122 899 477 ECA 419 419 419 514 Advances to Government 10,003 8,905 8,635 9,619 Other 672 656 72 831 Other assets 462 447 425 404 Other liabilities and capital 216 213 209 205 Note circulation 8,046 7,860 7,822 8,236 RR«eserve Bank of New Zealand (thou- Deposits—ECA 327 327 327 495 sands of pounds): Other 2,301 1,751 1,505 2,281 Gold 6,162 6,162 6,162 6,161 Bank O M th e e l r l i li I a r b a i n li 5 t i ( e m s i a ll n i d o n c s a o p f i t r a i l a . ls . ) . : 1,000 945 933 892 L Fo o r a e n i s g n a n e d x c d h i a s n co g u e n r t e s serve 4 1 6 6 , , 9 1 1 8 7 4 5 1 2 6 , , 6 9 3 0 5 4 5 3 2 3 , , 0 6 5 8 6 2 5 1 3 7 , , 9 7 1 3 9 9 Gold 4,242 4,242 4,242 4,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 41,641 31,280 32,409 30,779 Gold contribution to Intl. Fund. . 282 282 282 282 Investments 38,173 38,173 38,173 33,263 Govt.-secured debt 7,187 7,187 7,187 187 Other assets 2,083 1,765 1,597 1,767 Govt. loans and discounts.... 12,296 11,850 11,440 749 Note circulation 69,639 69,186 69,332 68,618 Other loans and discounts.... 6,241 5,818 5,687 ,849 Demand deposits 72,163 68,600 85,931 66,227 Securities 469 469 469 410 Other liabilities and capital 9,358 9,134 8,816 8,783 Other assets 3,586 3,809 2,705 ,855 Blank of Norway (millions of kroner): Note circulation 10,545 10,415 10,274 ,873 Gold 210 210 208 203 Deposits—G Ba o n v k e s rnment 4 1 , ,4 9 6 1 8 6 5 1 , ,2 2 4 7 1 5 4, 9 2 2 8 3 4 , , 1 1 6 9 9 8 F C o le r a e r ig in n g a a s c s c e o ts u ( n n ts e t ( ) net) -2 5 7 9 -26 4 - - 4 3 9 9 -4 4 9 4 Other 14,268 13,833 13,679 ,421 Loans and discounts 118 117 122 75 Other liabilities and capital 3,350 3,136 3,097 ,157 Securities 75 75 75 84 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds): Other assets 113 120 104 83 Gold 2,646 2,646 2,646 Note circulation 3,154 3,127 3,220 3,156 Sterling funds 69,163 68,046 68,155 Deposits—Government 1,626 1,459 1,291 1,415 Note circulation 71,809 70,692 70,801 Banks 389 530 537 439 FOA 23 23 23 103 Other liabilities and capital 903 907 89; 784 4 Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. 6 Holdings in each month were 448 million yen. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1262 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sspt. Aug. July Sept. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold . . 579 578 574 582 Issue department: Foreign assets 956 892 921 1,087 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 940 1,010 1,010 594 Swedish Govt. securities and ad- Pakistan Govt. securities 1,197 1,126 1,156 1,024 vances to National Debt Office3. 3,759 3,944 3,971 2,839 Govt. of India securities 177 177 177 275 Other domestic bills and advances. 108 20 21 159 India currency 430 430 430 431 Other assets 997 989 989 1 017 Ruoee coin 66 69 69 40 Note circulation . 5,129 5,047 4,949 4,861 Notes in circulation .. 2,834 2,802 2,811 2,407 Demand deposits—Government. . 164 105 210 97 Banking department: Other 70 252 289 96 Notes of issue department 91 126 148 73 Other liabilities and capital 1,164 1,149 1,158 760 Bills discounted 26 11 6 2Swiss National Bank (millions of Loans to Government 12 francs): Other assets 688 660 653 642 Gold 6 921 6 870 6 763 6 323 Deposits 660 661 629 642 Foreign exchange 590 617 611 627 Other liabilities and capital.... 146 136 178 86 Loans and discounts 154 135 150 177 Central Bank of Paraguay (millions of Other assets 100 104 102 98 guaranies) * Note circulation 5,391 5,290 5,264 5,228 Gold1 11 11 4 Sight liabilities 2 149 2 215 2 145 1 788 350 329 83 Other liabilities and capital 224 220 218 209 Net claim on Int Fund2 53 53 8Central Bank of the Republic of Turkey Loans and discounts 1,517 1,509 rl,287 (millions of pounds): Govt loans and securities 489 480 495 Gold 402 402 402 402 Other assets . . 205 154 r353 Foreign exchange and foreign Note and coin issue 1 168 1 119 867 clearings . . 224 225 180 171 Dep osits—Government 273 264 256 Loans and discounts 3,813 3,613 3,650 3,438 Other 205 187 161 Securities 29 29 29 30 Other liabilities and capital 978 966 947 Other assets 247 242 228 128 Central Reserve Bank of Peru (millions Note circulation 2,299 2,135 2,126 1,936 of soles): Deposits—Gold... 155 155 155 154 Gold and foreign exchange . 562 485 578 Other 1,615 1,609 1,573 1,559 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital 646 612 635 520 Loans and discounts to banks 860 855 688Bank of the Republic of Uruguay (mil- Loans to Government 1,297 1,293 1,101 lions of pesos): (June)* Other assets 183 176 142 Gold 327 327 Note circulation 2,136 2,187 1,834 Silver 10 11 Deposits 555 420 518 Advances to State and Govt. Other liabilities and capital 279 269 224 bodies 258 177 Central Bank of the Philippines Other loans and discounts 494 476 (millions of pesos): Other assets 569 935 Gold 39 38 25 Note circulation 499 460 Foreign exchanse 401 388 332 Deposits—Government 217 154 Net claim on Intl. Fund2 10 Other 349 350 Loans 140 143 12 Other liabilities and capital. 594 962 Domestic securities 368 372 353Central Bank of Venezuela (millions Other assets 146 136 167 of bolivares): Circulation—Notes 635 627 587 Gold 1,234 1,234 1,234 1,234 Coin 86 86 87 Foreign exchange (net). .. 962 793 634 425 Demand deposits 298 289 175 175 173 182 123 Other liabilities and capital 75 74 50 Note circulation 1,088 1,071 1,077 1,016 Bank of Portugal (millions of escudos): Deposits 357 315 342 260 Gold 5,708 5,695 5,536 Other liabilities and capital 926 813 631 506 Foreign exchange (net) 13,448 13,514 13,276National Bank of Federal People's Re- Loans and discounts 1,160 1,071 912 public of Yugoslavia (billions of Advances to Government 1,373 1,374 1,386 dinars): Other assets 1 849 1 441 1 358 Gold 5 5 5 Note circulation . 10,913 10,621 10,546 Gold contribution to Intl. Fund. . 2 2 2 Demand deposits—Government 1,837 1,790 1,548 Foreign assets 68 67 58 ECA 88 88 101 Loans (short-term) . .. 922 892 730 Other . . 7,675 8,013 7,697 Govt. debt (net) 28 17 18 Other liabilities and capital 3,026 2,583 2,575 Other assets 65 66 52 South African Reserve Bank (millions Notes and coin in circulation 83 82 87 of pounds) * 199 177 196 Gold 76 77 75 76 Foreign liabilities 124 120 103 Foreign bills 38 35 32 31 505 489 368 Other bills and loans 19 24 22 25 Other liabilities and capital 180 181 111 49 47 48 54Bank for International Settlements Note circulation 111 110 110 107 (millions of Swiss gold francs): Deposits 55 54 52 61 Gold in bars . . . 608 648 633 658 Other liabilities and capital 15 18 17 17 Cash on hand and with banks.... 71 46 57 77 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 637 606 556 296 Silver 323 322 322 323 Time funds at interest 104 102 120 152 Govt. loans and securities 15,849 16,183 15,829 15,783 Sundry bills and investments 691 588 529 391 Other loans and discounts 43,520 41,972 42,943 32,020 Funds invested in Germany 297 297 297 297 Other assets 51,430 52,551 54,894 41,100 Other assets 2 2 1 2 Note circulation 50,453 49,060 48,599 44,849 Demand deposits—Gold 759 761 692 464 Deposits—Government 5,188 6,150 6,667 4,496 Other 1,124 1,001 977 r892 Other 10,556 9,918 11,011 4,608 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 45,543 46,518 48,329 35,888 Other liabilities and capital 298 298 295 287 r Revised. * Latest month available. 3 Includes small amount of nongovernment bonds. 1 On Mar. 1,1956, gold revalued from 0.0423177 to 0.0148112 grams of NOTE.—All figures, including gold and foreign exchange, are compiled fine gold per guarani. from official reports of individual banks and are as of the last report date 2 This figure represents the amount of the country's subscription to the of the month. Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1263 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since June 1954 Month effective A tr u ia s- g B iu e m l- m De a n rk - France m G a e n r- y Greece N la e e n r t - h d - s IN w o ay r- Spain S d w en e- T k u ey r- U K d n i o i n m t g e - d C ad a a n- N Z la e e n a w d - U S A o n f u r . i o t c h f a d I i n a - 2 Japan 2 In effect June 30, 1954 3.5 2.75 5.0 3.25 3.0 10.0 2.5 2.5 4.0 2.75 3.0 3.0 2.0 3.5 4.0 3.0 6.57 1954—juiy 3 75 Nov 4.0 Dec 3 0 1955_jan 9 0 3 5 Feb 3.5 4 5 1.5 Apr 3.75 May 4 5 5 5 June 4.5 July 5 0 Aug 3.0 3 5 2.0 8.03 Sept 6.0 4.5 Oct 2.25 7.0 Nov 5.0 2.75 1956—Feb 3.0 5.5 Mar 4 5 3.25 Apr 3.0 May. 5 5 10 0 j une 6.0 Aug 3 25 3.25 :::::: ::::: Sept 5 0 4 25 Oct 3 75 3.5 In effect Oct. 31, 1956 5.0 3.0 5.5 3.0 5.0 10.0 3.75 3.5 4.25 3.75 6.0 5.5 3.5 7.0 4.5 3.25 8.0* Other selected central banks—rates in effect on Oct. 31, 1956 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 3.0 Feb. 1948 Philippines. .. 1.5 Feb. 1954 El Salvador2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Mexico 4.5 June 1942 Switzerland... 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Latin America: Peru2 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica 2.. 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either is for advances on commercial paper); Japan—various rates dependent discounts or makes advances against eligible commercial paper and/or on type of paper or transaction and extent of borrowing from central bank, government securities for commercial banks or brokers. For countries including 7.3 per cent for discount of paper related to domestic commercial with more than one rate applicable to such discounts or advances, the transactions (rate shown is for advances on commercial paper and misrate shown is the one at which the largest proportion of central bank cellaneous collateral); Indonesia—various rates dependent on type of credit operations is understood to be transacted. In certain cases other paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for rates for these countries are given in the following footnote. paper related to commercial transactions (rate shown is for agricultural 2 Discounts or advances at other rates include: India—3.5 per cent and industrial paper); El Salvador—2 per cent for agricultural paper; and for discounts and for advances on government securities (rate shown Peru—4 per cent for agricultural, industrial, and mining paper. OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il n s l u s th ry s i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1953—Dec.. 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 1.50 1954—Dec.. 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 1955—Sept.. 1.79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 1.50 Oct... 2.07 1.95 4.16 4.07 3.32 2.50 3.02 .94 .57 1.50 Nov.. 2.38 2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 1.50 Dec... 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1956—Jan... 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 1.50 Feb... 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 1.50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 1.50 Apr.. 2.83 2.65 5.27 5.11 4.05 3.50 3.08 1.59 1.23 1.50 May., 2.84 2.66 5.14 4.95 4.13 3.50 3.10 1.76 1.25 1.50 June. 2.63 2.68 5.20 5.09 4.16 3.50 3.02 2.38 1.43 1.50 July.. 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 1.50 Aug.. 2.94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 1.50 1.50 Sept.. 3.06 2.67 5.18 5.11 4.26 3.50 3.00 1.50 1.50 i Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r lg a i n u c m ) ( M do a s l i l l a a a y r - ) Official Free 1950 26.571 13.333 8.289 223.15 1.9908 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 1 9859 32 849 94.939 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 1953 20 000 13 333 7.198 224 12 3.8580 2 0009 32 595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 1955 120.000 113.333 17.183 222.41 3.8580 1.9905 32.624 101.401 1955—Oct 25.556 33.226 222.47 3.8580 1.9911 32.639 100.474 Nov 5.556 3.095 223 22 3 8580 1 9955 32 753 100.047 Dec 5.556 2.806 223 32 3.8580 1.9986 32.764 100.048 1956 Jan 5.556 2.587 223.63 3.8580 2.0001 32.819 100.122 Feb 5.556 2.386 223.62 3.8580 2.0000 32.816 100.080 Mar 5.556 2.454 223.50 3.8580 2.0023 32.798 100.122 Apr 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 May 5.556 2.657 223.71 3.8580 2.0029 32.700 100.803 June .. 5.556 2.872 223 28 3.8580 2 0032 32 608 101.476 July 5 556 3.090 222.58 3.8580 2.0074 32.510 101.835 Aus • • 5.556 3.249 221 76 3 8580 2 0049 32 368 101.907 Sept 5.556 3.190 221.76 3.8580 2.0064 32 373 102.274 Oct 5.556 3.177 221.88 3.8580 2.0084 32.384 102.732 Year or month C (r e u y p l e o e n ) (k m D r e a o n r n k - e) ( F m i a n r la k n k d a) F (f r r a a n n c c e ) G (d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e) ( I p r o e u la n n d d ) M (p e e x s i o c ) o 1950 20.850 14.494 .2858 23 838 20 870 11.570 1951 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953 21.046 .4354 .2856 21.049 281 27 11.607 1954 21.017 .4354 .2856 23.838 21.020 280.87 9.052 1955 20 894 .4354 .2856 23.765 20.894 279.13 8.006 1955—Oct 20.907 .4354 .2855 23.724 20.907 279.21 8.006 Nov 20.979 .4354 .2855 23.721 20.979 280.15 8.006 Dec 20.988 .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan 21.019 .4354 .2854 23.719 21.019 280.66 8.006 Feb 21.017 .4354 .2855 23.717 21.017 280.64 8.006 Mar 21.004 .4354 .2855 23.716 21.004 280 49 8.006 Apr 21.024 .4354 .2855 23.716 21.024 280.77 8.006 May 21.022 .4354 .2855 23.729 21.022 280.76 8.006 June '... . 20.977 .4354 .2855 23.797 20.977 280.22 8.006 July 20.917 .4354 .2855 23.839 20.911 279.33 8.006 AUK . 20.858 .4354 .2855 23.853 20.830 278.31 8.006 Sept 20.873 .4354 .2855 23.853 20.840 278.31 8.006 Oct 20.878 .4354 .2855 23.843 20.856 278.46 8.006 Year or month ( e g N r u l e i a l t d n h e d - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n u l s i o e b p ) l - ic (e P s g c o u a r l d tu o - ) (p A S o o f u r u i n t c h d a ) S (k w r e o d n e a n ) ( e S f r r w l a a i n t n z c d - ) ( U p K d o n i o u n i m t n g e d - d ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23 136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23 148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280 21 19 323 23 316 281 27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955__Oct 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 Nov 26.211 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec 26.128 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1956 Jan 26.125 277 88 14 008 49 677 3 4900 279 61 19 333 23 335 280 66 Feb 26.123 277.87 14.008 49.677 3.4900 279.60 19.333 23.335 280.64 Mar 26.107 277.72 14.008 49.677 3.4900 279.45 19.333 23.335 280.49 Apr 26.125 277.99 14.008 49.677 3.4900 279.72 19.333 23.335 280.77 May 26.110 277.98 14.008 49.677 3.4900 279.71 19.333 23.332 280.76 26.106 277.44 14.008 49.677 3.4900 279.17 19.333 23.334 280.22 July 26.106 276.57 14.008 49.677 3.4900 278.29 19.333 23.335 279.33 Aug 26.111 275.55 14.008 49.677 3.4900 277.27 19.333 23.335 278.31 Sept 26.110 275.55 14.008 49.677 3.4900 277.26 19.333 23.335 278.30 Oct 26.124 275.70 14.008 49.677 3.4900 277.42 19.333 23.331 278.46 i Annual averages based on quotations through Oct. 27, 1955; monthly 2 Official rate. The basic and preferential rates were discontinued and averages for October for these rates were 20.000, 13.333 and 7.175, re- the new official rate of 18 pesos per U. S. dollar became effective Oct. spectively. 28, 1955. 3 New free market rate, based on quotations beginning Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed below may be obtained from nual subscription to monthly chart book inthe Division of Administrative Services, Board of cludes one issue of Supplement. In the United Governors of the Federal Reserve System, Wash- States and countries listed under Federal Reington 25, D. C. Where a charge is indicated, serve Bulletin on this page, single copies 60 cents remittance should be made payable to the order each or in quantities of 10 or more for single of the Board of Governors of the Federal Reserve shipment 50 cents each; elsewhere 70 cents per System. copy. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FLOW OF FUNDS IN THE UNITED STATES, 1939-53. FUNCTIONS. November 1955. 208 pages. A new accounting record designed to picture the flow of funds through the major sectors of the national economy. December 1955. 390 ANNUAL REPORT of the BOARD OF GOVERNORS OF pages. $2.75 per copy. THE FEDERAL RESERVE SYSTEM. Issued each year. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- INGS AND THEIR USE IN ECONOMIC ANALYSIS. FEDERAL RESERVE BULLETIN. Issued monthly. January 1952. 175 pages. 25 cents per copy; Subscription price in the United States and its in quantities of 10 or more copies for single possessions, Bolivia, Canada, Chile, Colombia, shipment, 15 cents each. Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, A STATISTICAL STUDY OF REGULATION V LOANS. Mexico, Nicaragua, Panama, Paraguay, Peru, September 1950. 74 pages. 25 cents per copy; El Salvador, Uruguay, and Venezuela is $6.00 in quantities of 10 or more copies for single per annum or 60 cents per copy; elsewhere shipment, 15 cents each. $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or BANKING AND MONETARY STATISTICS. Statistics of more copies to one address, 50 cents per copy banking, monetary, and other financial developper month, or $5.00 for 12 months. ments. November 1943. 979 pages. $1.50 per copy. No charge for individual sections (unbound). FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. RULES OF ORGANIZATION AND RULES OF PROCE- Annual subscription includes one issue of His- DURE—Board of Governors of the Federal Retorical Supplement listed on this page. Subserve System (with Amendments). September scription price in the United States and the 1946. 31 pages. countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each in quantities REGULATIONS OF THE BOARD OF GOVERNORS OF of 10 or more of a particular issue for single THE FEDERAL RESERVE SYSTEM. Individual shipment; elsewhere $7.00 per annum or 70 regulations with amendments and supplements cents per copy. thereto. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE ADMINISTRATIVE INTERPRETATIONS OF REGULA- CHARTS ON BANK CREDIT, MONEY RATES, AND TION F—SECTION 17—COMMON TRUST FUNDS. BUSINESS. Issued annually in September. An- 9 pages. 1265 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1266 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 REPRINTS A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- (From Federal Reserve Bulletin unless preceded by COUNTS, ANNUAL ESTIMATES, 1939-54. Octoan asterisk) ber 1955. 40 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. MONETARY POLICY AND THE REAL ESTATE MAR- INFLUENCE OF CREDIT AND MONETARY MEASURES KETS. December 1955. 6 pages. ON ECONOMIC STABILITY. March 1953. 16 BANKING AND MONETARY STATISTICS, 1955. (Sepages. lected series of banking and monetary statistics FEDERAL FINANCIAL MEASURES FOR ECONOMIC for 1955 only) February and May 1956. 12 STABILITY. May 1953. 7 pages. pages. (Similar reprint of 1954 data, Febru- * DETAILED DESCRIPTION OF SOURCES AND METH- ary and May 1955 BULLETINS). ODS USED IN REVISION OF SHORT- AND INTER- THE 1957 BUDGET. February 1956. 11 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March 1956. 11 pages. (Also, similar reprint from FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. March 1955 BULLETIN) UNITED STATES POSTWAR INVESTMENT IN LATIN 1956 SURVEY OF CONSUMER FINANCES. Prelimi- AMERICA. May 1953. 6 pages. nary Findings. March 1956. 3 pages. The Financial Position of Consumers. June 1956. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes) No- 14 pages. Consumer Indebtedness. July 1956. vember 1953. 65 pages. 17 pages. Durable Goods and Housing. August 1956. 17 pages. Similar Surveys are avail- FEDERAL RESERVE MONTHLY INDEX OF INDUSable for earlier years from 1952, 1953, 1954, TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. and 1955 BULLETINS. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- SURVEY OF BANK LOANS FOR COMMERCIAL AND STALMENT CREDIT. January 1954. 14 pages. INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit NEW INDEXES OF OUTPUT OF CONSUMER DUR- Lines and Minimum Balance Requirements. ABLE GOODS. May 1954. 15 pages. June 1956. 7 pages. (Other articles on this THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- Survey will appear in later issues of the BULtember 1954. 10 pages. LETIN.) Reprints on a similar Survey are avail- RECENT FINANCIAL CHANGES IN WESTERN GERable from March, May, June, July, and August MANY. October 1954. 10 pages. 1947 BULLETINS. WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 10 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint USE OF MONETARY INSTRUMENTS SINCE MIDfrom June 1955 BULLETIN.) 1952. December 1954. 8 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. De- BANK CREDIT AND MONEY. July 1956. 7 pages. cember 1954. 8 pages. SURVEY OF COMMON TRUST FUNDS. August 1956. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 6 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE WORLD TRADE AND PAYMENTS IN 1955-56. Oc- BANKS. March 1955. 4 pages. tober 1956. 8 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. ESTIMATES OF CONSUMER INSTALMENT CREDIT EXTENDED AND REPAID, 1929-1939. June 1955. FARM LOANS AT COMMERCIAL BANKS. November 8 pages. 1956. 20 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KEN YON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE B. VEST, General Counsel GEORGE S. SLOAN, Director HOWARD H. HACKLEY, Associate General ROBERT C. MASTERS, Associate Director Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve G. HOWLAND CHASE, Assistant General Counsel Examiner JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director THOMAS J. O'CONNELL, Assistant General HENRY BENNER, Assistant Director Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director OFFICE OF DEFENSE LOANS ALBERT R. KOCH, Assistant Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 1267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON DELOS C. JOHNS CHAS. N. SHEPARDSON J. A. ERICKSON A. L. MILLS, JR. M. S. SZYMCZAK W. D. FULTON O. S. POWELL JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER B. WILLIS, Associate Economist FREDERIC SOLOMON, Assistant General Counsel RALPH A. YOUNG, Associate Economist WOODLIEF THOMAS, Economist ROBERT G. ROUSE, Manager of System Open WM. J. ABBOTT, JR., Associate Economist Market Account L. MERLE HOSTETLER, Associate Economist Federal Advisory Council WILLIAM D. IRELAND, BOSTON COMER J. KIMBALL, ATLANTA ADRIAN M. MASSIE, NEW YORK HOMER J. LIVINGSTON, CHICAGO WILLIAM R. K. MITCHELL, PHILADELPHIA LEE P. MILLER, ST. LOUIS FRANK R. DENTON, CLEVELAND, JULIAN B. BAIRD, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND, GEO. G. MATKIN, DALLAS President FRANK L. KING, SAN FRANCISCO WILLIAM J. KORSVIK, Acting Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killiam, Jr., Deputy Chairman Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey Milton P. Higgins J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Carl B. Pitman Dana D. Sawyer Ansgar R. Berge O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1269 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert V. Roosa V. Willis M. A. Harris Robert G. Rouse R. B. Wiltse H. H. Kimball I. B. Smith, in charge A. Phelan of Buffalo Branch BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Pouglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Joseph E. Healy J. K. Palmer D. W. Colvard L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of James M. Slay R. L. Cherry, in charge of Baltimore Branch C. B. Strathy Charlotte Branch Aubrey N. Heflin Chas. W. Williams Upton S. Martin BALTIMORE BRANCH—BOARD OF DIRECTORS Theodore E. Fletcher Charles A. Piper Stanley B. Trott Wm. Purnell Hall John W. Stout Clarence R. Zarfoss v Charles W. Hoff Chairman CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton Paul T. Taylor William H. Grier, I. W. Stewart G. G. Watts Chairman T. Henry Wilson District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter A. B. Freeman W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge? T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher E. W. McLeod John E. Urquhart Robert M. Cleckler Malcolm A. Smith Adolf Weil, Sr., John Will Gay Chairman JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James L. Niblack Harry M. Smith W. E. Ellis J. Wayne Reitz McGregor Smith, James G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1271 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continucd NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tomlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent J. Stuart Russell, Deputy Chairman Robert P. Briggs William J. Grede Vivian W. Johnson Walter J. Cummings William A. Hanley Nugent R. Oberwortmann Walter E. Hawkinson Carl E. Allen, Jr., President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes C. T. Laibly R. A. Swaney, in charge W. R. Diercks George W. Mitchell of Detroit Branch A. M. Gustavson H. J. Newman W. W. Turner A. L. Olson DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Howard P. Parshall Raymond T. Perring Chairman C. V. Patterson Ernest W. Potter Ira A. Moore J. Thomas Smith District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS M. Moss Alexander, Chairman and Federal Reserve Agent Caffey Robertson, Deputy Chairman S. J. Beauchamp, Jr. J. E. Etherton Louis Ruthenburg Phil E, Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Victor M. Longstreet, in charge Fred Burton, in charge of of Memphis Branch of Louisville Branch Little Rock Branch Geo. E. Kroner H. H. Weigel Dale M. Lewis J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. T. Winfred Bell Shuford R. Nichols, A. Howard Stebbins, h E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1272 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride, M. C. Minor Magnus J. Kreisle Chairman J. D. Monin, Jr. W. Scott Mclntosh (Vacancy) MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks John A. McCall John D. Williams, J. H. Harris William B. Pollard Chairman A. E. Hohenberg John K. Wilson District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling O. S. Powell, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge C. W. Groth M. H. Strothman, Jr. of Helena Branch E. B. Larson Sigurd Ueland H. G. McConnell HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund George R. Milbum, J. Willard Johnson Carl McFarland Chairman District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear F. M. Overstreet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1273 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E. J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of J. A Randall, in charge of Los Angeles Branch Seattle Branch Portland Branch O. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-omtinaed LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Charles Detoy Joe D. Paxton Shannon Crandall, Jr., Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr. ? J. H. McNally E. C. Sammons Chairman SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, George S. Eccles Chairman Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan S. B. Lafromboise Ralph Sundquist, Charles F. Frankland D. K. MacDonald Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1212, 1213 Department stores: Agricultural loans of commercial banks, 1208 Merchandising data, 1243 Agriculture, Govt. agency loans, 1216, 1217 Sales and stocks, 1232, 1242 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 1204 Banks and the monetary system, consoli- Banks, by classes, 1205, 1209, 1211 dated, 1204 Federal Reserve Banks, 1199, 1200, 1254 Corporate, current, 1224 Postal savings, 1204 Domestic banks, by classes, 1205, 1208, 1210 Turnover of, 1202 Federal Reserve Banks, 1199, 1200 Deposits, reserves, and borrowings, by class of mem- Foreign central banks, 1258 ber bank, 1197 Govt. corporations and credit agencies, by type Discount rates, 1198, 1263 and agency, 1216, 1217 Discounts and advances by Federal Reserve Automobiles: Banks, 1195, 1199 Consumer instalment credit, 1228, 1229, 1230 Dividends, corporate, 1223,»1224 Production index, 1234, 1238 Dollar assets, foreign, 1254, 1257 Dwelling units started, 1239 Bankers' balances, 1209, 1211 (See also Foreign liabilities and claims reported by Earnings and expenses, member banks, 1248 banks) Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 1232, 1241 ment, 1204 Employment, 1232, 1241 Bonds (See also U. S. Govt. securities): Export-Import Bank, loans, etc., 1216, 1217 New issues, 1222, 1224 Farm mortgage loans, 1216, 1225, 1226 Prices and yields, 1213, 1214 Federal credit agencies (See Govt. agencies) Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 1208, 1210 assets, etc., 1216, 1217 Business expenditures on new plant and equip- Federal finance: ment, 1224 Cash transactions, 1218 Business indexes, 1232 Receipts and expenditures, 1219 Business loans (See Commercial and industrial loans) Treasurer's balance, 1218 Capital accounts: Federal home loan banks, loans, etc., 1216, Banks, by classes, 1205, 1209, 1211 1217, 1227 Federal Reserve Banks, 1199, 1200 Federal Housing Administration, loans, etc., 1216, Carloadings, 1232 1217, 1225, 1226, 1227 Central banks, foreign, 1256, 1258, 1263 Federal National Mortgage Association, Coins, circulation of, 1203 loans, etc., 1216, 1217, 1227 Commercial banks: Federal Reserve Banks: Assets and liabilities, 1205, 1208 Condition statement, 1199, 1200 Consumer loans held, by type, 1229 U. S. Govt. securities held by, 1195, 1199, 1200, Number, by classes, 1205 1220, 1221 Real estate mortgages held, by type, 1225 Federal Reserve credit, 1195, 1199, 1200 Commercial and industrial loans: Federal Reserve notes, 1199, 1200, 1201, 1203 Commercial banks, 1208 Finance company paper, 1212, 1213 Weekly reporting member banks, 1210, 1212 Foreign central banks, 1256, 1258, 1263 Commercial paper, 1212, 1213 Foreign deposits in U. S. banks, 1195, 1199, 1200, Commodity Credit Corporation, 1204, 1209, 1211 loans, etc., 1216, 1217 Foreign exchange rates, 1264 Condition statements (See Assets and liabilities) Foreign liabilities and claims reported by banks, 1250 Construction, 1232, 1238, 1239 1252, 1254 Consumer credit: Foreign trade, 1243 Instalment credit, 1228, 1229, 1230, 1231 Gold: Major parts, 1228, 1230 Earmarked, 1255 Noninstalment credit, by holder, 1229 Net purchases by U. S., 1255 Consumer durable goods output indexes, 1238 Production, 1254, 1255 Consumer price indexes, 1232, 1244 Reserves of central banks and governments, 1256 Consumption expenditures, 1246, 1247 Reserves of foreign countries and international Corporate sales, profits, taxes, and divi- institutions, 1257 dends, 1223, 1224 Stock, 1195, 1204, 1255 Corporate security issues, 1222, 1224 Gold certificates, 1199, 1200, 1201, 1203 Corporate security prices and yields, 1213, 1214 Govt. agencies, assets and liabilities, by type and Cost of living (See Consumer price indexes) agency, 1216, 1217 Currency in circulation, 1195, 1203 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 1214 Gross national product, 1246, 1247 Debits to deposit accounts, 1202 Home owners, Govt. agency loans, 1216, 1217 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 1204 tries, 1232, 1241 Adjusted, commercial banks, by classes, 1209 Banks, by classes, 1205, 1211 Industrial advances by Federal Reserve Banks, 1199 y Type of holder, at commercial banks, 1209 1200, 1201, 1202 1275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 FEDERAL RESERVE BULLETIN • NOVEMBER 1956 Industrial production indexes, 1232, 1233, 1238 Real estate loans—Continued Instalment loans, 1228, 1229, 1230, 1231 Type of mortgage holder, 1225, 1226, 1227 Insurance companies, 1215, 1220, 1221, 1226 Type of property mortgaged, 1225, 1226, 1227 Insured commercial banks, 1207, 1208 Regulation V, loan guarantees, 1201, 1202 Interbank deposits, 1205, 1209, 1211 Reserve requirements, member banks, 1198 Interest rates: Reserves: Bond yields, 1213 Commercial banks, 1209 Business loans by banks, 1213 Federal Reserve Banks, 1199, 1200 Federal Reserve rates, 1198, 1202 Foreign central banks and governments, 1256 Foreign countries, 1263 Foreign countries and international institu- Open market, 1213, 1263 tions, 1257 Regulation V loans, 1202 Member banks, 1195, 1197, 1199, 1200, Stock yields, 1213 1209, 1211 International capital transactions of the U.S., 1250 Residential mortgage loans, 1225, 1226, 1227 International financial institutions, 1256, 1257, 1258 Sales finance companies, consumer loans of, 1228, Inventories, 1247 1229, 1231 Investments (See also specific types of investments): Savings, 1246 Banks, by classes, 1205, 1208, 1210 Savings deposits (See Time deposits) Federal Reserve Banks, 1199, 1200 Savings institutions, principal assets, 1215 Govt. agencies, etc., 1216, 1217 Savings and loan associations, 1215, 1226 Life insurance companies, 1215 Securities, international transactions, 1253, 1254 Savings and loan associations, 1215 Security issues, 1222, 1224 Labor force, 1240 Silver coin and silver certificates, 1203 Loans (See also specific types of loans): State member banks, 1207 Banks, by classes, 1205, 1208, 1210 State and municipal securities: Federal Reserve Banks, 1195, 1197, 1199, 1200, New issues, 1222 1201, 1202 Prices and yields, 1213, 1214 Govt. agencies, etc., 1216, 1217 States and political subdivisions: Insurance companies, 1215, 1226 Deposits of, 1209, 1211 Savings and loan associations, 1215, 1226 Holdings of U. S. Govt. securities, 1220 Loans insured or guaranteed, 1201, 1225, 1226, 1227 Ownership of obligations of, 1208, 1215 Stock market credit, 1214 Manufacturers, production indexes, 1232, 1233, 1238 Stocks: Margin requirements, 1198 New issues, 1222 Member banks: Prices and yields, 1213, 1214 Assets and liabilities, by classes, 1205, 1208 Borrowings at Federal Reserve Banks, 1195, 1197 Tax receipts, Federal, 1219 Deposits and reserves, by classes, 1197 Time deposits, 1197, 1204, 1205, 1209, 1211 Earnings and expenses, 1248 Treasurer's account balance, 1218 Number, by classes, 1205 Treasury cash, 1195, 1204 Reserve requirements, by classes, 1198 Treasury currency, 1195, 1203, 1204 Reserves and related items, 1195 Treasury deposits, 1195, 1199, 1200, 1218 Weekly reporting series, 1210 Unemployment, 1240 Minerals, production indexes, 1232, 1233 U. S. Govt. balances: Money rates (See Interest rates) Commercial bank holdings, by classes, 1209, 1211 Mortgages (See Real estate loans) Consolidated monetary statement, 1204 Mutual savings banks, 1204, 1205, 1207, 1220, Treasury deposits at Federal Reserve 1221, 1225 Banks, 1195, 1199, 1200, 1218 National banks, 1207 U. S. Govt. securities: National income, 1246 Bank holdings, 1204, 1205, 1208, 1210, National security expenditures, 1219, 1247 1220, 1221 Nonmember banks, 1199, 1207, 1208 Federal Reserve Bank holdings, 1195, 1199, 1200, 1220, 1221 Payrolls, manufacturing, index, 1232 Foreign and international holdings, 1257 Personal income, 1247 International transactions, 1253 Postal Savings System, 1204 New issues, gross proceeds, 1222 Prices: Outstanding, by type of security, 1220, 1221 Consumer, 1232, 1244 Ownership of, 1220, 1221 Security, 1214 Prices and yields, 1213, 1214 Wholesale commodity, 1232, 1244 United States notes, outstanding and in circula- Production, 1232, 1233, 1237, 1238 tion, 1203 Profits, coporate, 1223, 1224 Public utility output index 1237 Veterans Administration, loans, etc., 1216, 1217, 1225, 1226, 1227 Real estate loans: Commercial banks, 1208, 1210, 1225 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM Q) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend • Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis