Federal Reserve Bulletin, 1956-12

FEDERAL RESERVE •;-•%<<$ December * ' AM' t-rO. » ^ I » I.I*1 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 Capital Markets in 1956 1277 United States Banking Organization Abroad 1284 Credit Extended by Banks to Real Estate Mortgage Lenders 1300 Law Department 1301 Current Events and Announcements 1312 National Summary of Business Conditions 1314 Financial and Business Statistics, U. S. (Contents on p. 1317) 1319 International Financial Statistics (Contents on p. 1373) 1374 Federal Reserve Board Publications 1389 Board of Governors and Staff 1393 Open Market Committee and Staff; Federal Advisory Council 1394 Federal Reserve Banks and Branches 1394 Index 1401 Map of Federal Reserve Districts Inside back cover Volume 42 * Number 12 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

LARGE DEMANDS for long-term credit and BOND YIELDS capital have accompanied the continued growth in economic activity this year. Business financial needs have been particularly strong, as expenditures for plant and equipment have risen to record levels and funds available from operations have been no greater than last year. Demands for credit to finance construction and purchase of homes and construction of community facilities by State and local governments have also been large. Long-term credit demands are largely met WN. through investment of the long-term savings 1954 1955 1956 flowing to financial institutions such as life insurance companies, pension funds, savings NOTE.—Series are from Moody's Investors Service. Corporate yields are weekly averages of daily figures; State and local and loan associations, mutual savings banks, yields, Thursday figures. Latest figures are for week ending Dec. 1, 1956. and commercial banks. To meet the sharp rise in demands for long-term credit in 1955, Reflecting the pressure of current and promany institutions supplemented their inflows spective demands for credit and the limited of loan repayments and new savings by availability of credit supplies, long-term inborrowing or by reducing their holdings of terest rates have risen and other borrowing cash and Government securities. terms have become more restrictive. Yields The flow of new savings to financial in- on outstanding corporate and municipal stitutions has increased moderately in 1956, bonds have increased substantially, as the but supplementary funds have been more chart shows, and the increase in costs of new difficult and more costly to obtain. Declin- borrowing has been even greater. ing prices of Government securities have Rising interest rates have stimulated the increased the expense of obtaining funds direct flow of individuals' savings into capithrough further sales of such securities. tal markets. Purchases of corporate and This increased cost, together with other re- municipal securities by individuals this year straints on credit expansion exercised by have been greater than in 1955, and have the Federal Reserve System and the Federal represented a larger share of their additions Home Loan Bank System, has tended to to financial asset holdings. Use of credit by limit the growth in long-term credit and to individuals has declined, however, as borrelate it more closely.to the growth in long- rowing to finance expenditures on homes and term savings. durable goods has been less than in 1955. 1277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Restraint in individuals' spending and bor- larger than in 1955, as can be seen on the rowing and increases in their financial invest- chart, but was still well below the deposit ment have partially offset pressures on com- expansion in 1952, 1953, or 1954. Remodity and credit markets arising from busi- cently, the maximum permissible rates of inness expenditures for plant expansion. terest payable by insured commercial banks on savings and time deposits were raised by INSTITUTIONAL FUNDS joint action of the Federal Deposit Insur- The flow of new long-term savings to finanance Corporation and the Board of Govcial institutions has expanded moderately ernors of the Federal Reserve System. The this year. From January through Septemincrease becomes effective January 1, 1957. ber the increase in these savings, as meas- Moderate growth in the flow of savings to ured by the growth in reserves of life ininstitutions has been more than offset by resurance companies and pension funds, savductions in funds from other sources that ings capital of savings and loan associations, were utilized by financial institutions in and savings and time deposits at banks, 1955. Last year, with credit demands rising amounted to $12.3 billion. This increase and a large volume of earlier commitments was about $600 million more than in the to be fulfilled, many institutions supplecomparable period of 1955. mented the inflow of new savings by selling Insurance and pension fund reserves and Government securities or by borrowing. savings capital of savings and loan associa- Institutional demands for supplementary tions increased at a slightly faster rate funds added to the pressure of other loan than last year, and there was little change in demands on the banking system and the the rate of growth in deposits at mutual savcapital markets in 1955. Insurance comings banks. Expansion of savings and time panies, for example, increased their lending deposits at commercial banks was much on business securities and mortgages by arranging temporary financing of mortgage ac- SELECTED TYPES OF SAVING quisitions through repurchase agreements NET INCREASE, JANUARY THROUGH SEPTEMBER Billions of dollars with commercial banks. Mortgage companies borrowed heavily from commercial banks to carry portfolios until funds became available from permanent lenders. Savings and loan associations increased their borrow- COMMERCIAL BANK ings from the Federal home loan banks and SAVINGS AND TIME DEPOSITS reduced their balances held in these banks. MUTUAL SAVINGS BK. DEPOSITS To supply funds, the Federal home loan SAVINGS AND IOAN ASSOCIATION banks, in turn, increased their borrowings SHAKES from security markets. As economic activity, stimulated by the AND PENSION HESEtVES expansion in credit, pressed increasingly against productive capacity during 1955, the 19S2 1953 19S4 1955 1956 Federal Reserve System acted to restrain inflationary pressures by limiting the reserve NOTE.—Data are from the Securities and Exchange Commission, National Association of Mutual Savings Banks, and Fed- funds supplied through open market operaeral Savings and Loan Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1956 1279 tions and by increasing the cost of member and to fulfill commitments made earlier. In bank borrowing. The Federal Home Loan recent months both the reduction in Gov- Bank System also acted to restrain growth ernment security holdings and the expanin mortgage debt by limiting the extent of sion in portfolios of mortgages and busiborrowing by its member associations. ness securities have been smaller. Commer- In addition to these restraints on further cial banks also made substantial reductions expansion of credit, financial institutions in their holdings of Government securities have encountered increased market resist- in the first half of the year. Since midyear ance in obtaining funds through sales of their holdings have increased somewhat, United States Government securities. Cor- while loan expansion has moderated. porate purchases of Government securities LONG-TERM CREDIT DEMANDS in 1955 offset in large part sales by commercial banks and other financial institutions. Further increases in business demands for There has been a marked shift in corporate long-term credit and capital this year have demand for Treasury issues this year. Non- been accompanied by continued large definancial corporations reduced their holdings mands for financing residential construction of Government securities by an unusually and construction outlays of State and local large amount in the first half of 1956, and governments. Business financial needs have have added only moderately to their hold- been reflected in a record volume of security ings since midyear. Although the Federal flotations and large increases in bank loans Government has reduced the publicly held and commercial mortgages. debt outstanding by a substantial amount Expansion in home mortgage debt, while this year, prices of Government securities in less than in 1955, has been substantially all maturity ranges have declined. greater than in any other year since World Reflecting the reduced availability and in- War II. Financing of toll-highway construccreased cost of supplementary funds, many tion has declined further, but the volume of financial institutions have exercised increas- State and local government bond issues for ing selectivity and moderation this year in most other programs has continued large. lending and in commitments of future funds. Business. A record volume of expendi- In the first nine months of 1956, savings tures for new plant and equipment this year and loan associations limited the expansion has increased business requirements for both of their mortgage portfolios to $3.5 billion, working capital and long-term funds. Early about the same increase as in their savings in the year, credit demands were augmented capital, and reduced their indebtedness to by the need for funds to finance large addithe Federal home loan banks. In the com- tions to inventories and to make heavy tax parable period of 1955, the increase of $4.5 payments on 1955 incomes. Continued rise billion in their mortgage holdings exceeded in capital outlays since midyear has susthe net inflow of savings capital by more tained business demands for external funds. than one-third. The initial impact of business credit de- Sales of Government securities by life in- mands this year was heavier on commercial surance companies were large in the early banks than on capital markets. Corporate months of 1956, as these companies sought liquidation of Government security holdings funds to meet rising business loan demands in the early months of 1956 was much larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1280 FEDERAL RESERVE BULLETIN • DECEMBER 1956 than in 1955, and many companies obtained spending by public utility companies. This their external financing through bank loans revision was of marked significance for capirather than security issues. tal markets, since utility expansion custom- Although earlier surveys had forecast sub- arily is financed to a greater extent through stantial increases in business expenditures sales of securities than are capital outlays by for new plant and equipment this year, the other industries. net change in outstanding securities in the The impact of business spending plans first quarter of 1956 was little greater than on capital markets was increasingly evident a year earlier, as is shown on the chart. Ex- by late winter, as the volume of security pansion of business loans at commercial flotations, of announcements of prospective banks, in contrast, was more than two and flotations, and of commitments for future one-half times as great as in the first quarter borrowing from institutional lenders inof 195 5. With demands for long-term funds creased rapidly. Yields on corporate securimoderate, yields on corporate bonds de- ties rose sharply from early March through clined somewhat in early 1956, while rates late April, then stabilized at these higher on short-term bank loans were maintained. levels until early July. Successive surveys of business spending Business financial pressures have not plans confirmed the magnitude of the in- moderated significantly since midyear. Plant crease expected this year in capital outlays and equipment expenditures have continued by manufacturing companies, and indicated to rise, and financing of customers through a substantial upward revision in proposed accounts receivable has increased, as is usual in the second half of the year. In some manufacturing industries, such as metals and IUSINESS I0M0WING N«t change, billiont of dolldri metal products, short-term financing needs were reduced somewhat in summer and early fall by a decline in the rate of inventory accumulation. Recently there has been a resumption of borrowing by these industries. Internal sources of funds have not kept pace with the continued rise in business outlays. Funds from operations have been no larger than in the first half of the year. While SECURITY ISSUES depreciation allowances have increased further, corporate profits have been lower in the 1955 1956 second half and dividend payments have increased. Reductions in liquid asset balances and increases in short-term borrowing earlier in the year reduced corporate liquidity by mid- 1956 to the lowest point in the postwar period. Decreased liquidity and the need to provide for future tax payments have limited further financing from these sources. Busi- NOTE.—Quarterly changes in commercial and industrial loans at all commercial banks and Securities and Exchange Commis- ness needs for external financing, particularly sion estimates of net change in outstanding corporate securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1956 1281 for long-term funds, have therefore re- security flotations this year has been for new mained strong since midyear, and flotations capital; the volume of flotations for refundof securities have been in record volume. ing purposes has been relatively small. For Pressure of business demands for long- the year as a whole, proceeds from new term credit has been reflected in a rapid rise capital issues are likely to be about one-sixth in costs of borrowing. Yields on new secu- greater than in 1955. rity issues have increased by about % of a Reflecting financing needs arising from percentage point since June and are at a level plant expansion programs, the largest insubstantially above the previous postwar creases in security flotations have been in peak in mid-1953. The rise in yields on manufacturing and public utility industries. new issues has been greater than the increase With the rate of growth in consumer borin yields on outstanding bonds, as is charac- rowing for purchases of durable goods reteristic of a period of large demands for duced, the volume of securities issued by loans. sales finance and consumer finance com- Other borrowing terms have also become panies has been slightly smaller than in 1955. more restrictive. In many cases, the time State and local governments. Further periods during which issues may not be re- expansion of governmental services to meet financed have been lengthened considerably, the needs of a growing and mobile populaand the prices at which debt may be re- tion resulted in a 10 per cent rise in construcdeemed before maturity have been raised. tion expenditures by State and local govern- Despite the rise in interest costs and the ments this year. Backlog demands for most relatively high level of common stock prices, types of community facilities remain large; the bulk of new security flotations continues in November, voters approved a record to be debt rather than equity issues. The volume of capital projects to be undertaken volume of stock offerings has been no larger in the future. this year than in 1955. The rise in current and prospective spend- As might be expected in a period of rising ing has been accompanied by a large amount interest costs and restricted availability of of borrowing by State and local governinternal funds, a large share of corporate ments this year. The total volume of bond issues, however, is likely to be about 10 per CORPORATE SECURITY ISSUES cent less than in 1955, because increases JANUARY-NOVEMBER, 1954-56 in flotations of securities to finance sani- [In billions of dollars] tation and other community services have Type, or purpose of issue 1954 1955 1956 been more than offset by decreases in bond flotations for public housing and for toll Gross proceeds, total 8.5 9.3 9.9 roads. The sharp drop in new financing Bonds 6.6 6.6 7.2 for toll roads has reflected increased doubts Preferred stocks 0.8 0.6 0.6 about the economic feasibility of some pro- Common stocks 1.1 2.1 2.1 jected highways, particularly in view of cur- Net proceeds, total 8.4 9.1 9.7 rent interest costs, as well as uncertainties New capital 6.9 7.9 9.3 earlier in the year about the development of Refunding 1.5 1.2 0.4 a new Federal highway program. NOTE.—Securities and Exchange Commission estimates; figures With the volume of new bond issues only for October and November 1956 estimated by Federal Reserve. Net proceeds exclude costs of flotation. Data on type of security not moderately below the 1955 total and comavailable on net-proceeds basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1282 FEDERAL RESERVE BULLETIN • DECEMBER 1956 petitive demands for long-term capital rising, The rise in municipal yields has not been markets for State and local government secu- continuous throughout the year, as can be rities have been under pressure during most seen on the chart. In February, in June, and of 1956. Many investors are willing to ac- again in October, concentrations of new iscept a lower return on State and local gov- sues were greater than capital markets could ernment securities than on alternative long- absorb readily. As the volume of current term investments because the interest paid issues and announcements of prospective on them is exempt from Federal income flotations mounted, dealers' inventories of taxes. In recent years these bonds have unsold securities increased, and yields were yielded from % to 1 percentage point less subsequently adjusted upward in order to than corporate securities of comparable complete the distribution of issues. quality. A marked widening of the differ- For many large-scale construction projential reduces the attractiveness of the tax- ects, the timelag between authorization of exemption feature, however. With strong the project and inception of construction is business demands for credit reflected in ris- relatively long, and the timing of financing ing yields on corporate securities, State and can be adjusted to take advantage of shortlocal governments have had to adjust the term fluctuations in market conditions. Each terms offered on their obligations in order to sharp rise in interest costs this year has therecompete for available long-term funds. fore caused temporary postponement of some borrowing. As the volume of flotations diminished and dealers' inventories of STATE AND LOCAL GOVERNMENT IONDS securities declined, pressure on yields abated. Intensification of demands for long-term capital throughout the economy during 1956 has carried yields to higher peaks in each 2.SO upswing and has moderated subsequent declines. By mid-December, yields on State 2.00 and local government bonds were about one- Million) of dollofl DEALERS' INVENTORIES I 400 third above those at the beginning of 1956. Residential construction. Expenditures 300 for residential construction have been rela- J V 200 tively stable during 1956, at a level about / \ one-tenth below the record set in 1955, but 1 : ! I ! /N • 100 300 much higher than in any previous postwar NEW ISSUES year. The number of new dwelling units L/vLJ 200 started has declined more than housing ex- 100 penditures, for rising building costs and a IV VW u trend toward construction of more expensive i i 0 houses have moderated the decline in dollar JUNE 1956 volume of housing outlays. Continued high levels of expenditures NOTE.—Weekly series. Yields are Moody's Aaa bonds, Thursday figures. Dealers' advertised inventories, from The for new and older houses have been reflected Blue List, Friday data. New issues, Federal Reserve compilation of Bond Buyer data. Latest figures are for week ending Dec. 1, 1956. in continued strong demands for mortgage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CAPITAL MARKETS IN 1956 1283 money. Home mortgage debt increased KOME MORTGAGE DEBT $8V2 billion in the first nine months of the NET INCREASE, JANUARY THROUGH SEPTEMBER year, one-seventh less than the record growth Biiiiont of dollars in the comparable period of 1955, but more than one-fourth larger than in 1954. Conventional loans have accounted for a larger share of the expansion in home mortgage debt this year. The net growth in conventional loans outstanding has been as large as in 1955, while financing through OOVCRNMENTmortgages insured or guaranteed by the Fed- UNDERWRITTEN LOANS eral Government has been smaller than last year. Government-underwritten financing is still large, however. As is shown on the chart, the net growth from January through 1952 19S3 1954 1955 1956 September in Government-underwritten loans outstanding was much greater than in NOTE.—Quarterly net changes in total home mortgages are most recent years. Federal Reserve estimates adjusted to annual data of the Federal Home Loan Bank Board. Government-underwritten loans are based on Veterans Administration and Federal Housing The increased proportion of conventional Administration data; conventional loans are derived. mortgage loans this year reflects changes in ments tend to lag behind the rise in other the availability of resources among lending rates. As a result, lenders have been ininstitutions as well as institutional responses creasingly reluctant this year to lend or to to competitive demands for long-term capi- make commitments for future loans on Fedtal. In the latter part of 1954, institutional erally underwritten mortgages. lenders made commitments for a large Large acquisitions of these mortgages by volume of lending on Federally underwritten financial institutions in late 1955 and early mortgages. Fulfillment of these commit- 1956 reflected in part the fulfillment of loan ments in 1955 required sales of United commitments and repurchase agreements States Government securities and extensive made earlier. Since the spring of this year, resort to supplementary credit, obtained both acquisitions of Federally underwritlargely from commercial banks and the Fed- ten mortgages and commitments for future eral home loan banks. acquisitions have declined. No comparable Since late 1955 supplementary credit has decline has occurred in either lending or become less readily available, the cost of ob- commitments for conventional mortgages, taining funds through sales of Government the terms of which can more easily be adsecurities has increased, and yields on alter- justed to current market conditions. native investments have risen. Interest rates In early December, the Federal Housing on mortgages guaranteed or insured by the Administration increased maximum permis- Government are fixed by law or regulation. sible interest rates on insured home mort- Although alignment of these rates with yields gages. This action, effective December 4, on alternative investments is made by the raised the FHA rate on home mortgages to market through a discounting process, the 5 per cent from 4Vi per cent, the rate that range of adjustments is limited and adjust- had prevailed since May 1953. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Banking Organization Abroad UNITED STATES BANKS conduct business amended the Federal Reserve Act by addiabroad through correspondents, branches, tion of Section 25(a). This amendment and subsidiary institutions. A bank's choice authorized the Board to charter corporations among these various facilities depends prin- engaged in foreign banking and other forcipally upon relative advantages in terms of eign financial operations and made such its own organization and type of business corporations subject to regulation by the as well as conditions in the countries in Board and their stock eligible for purchase which it intends to operate. "Foreign bank- by national banks. Federal charter thus was ing" and "foreign financing" corporations made available for corporations that engage are special types of subsidiary institutions, in foreign banking or foreign financing, prochartered in the United States, through which vided they meet certain legal requirements. a United States bank may conduct activities Their stock could be held by United States abroad separately from its operations in this banks as well as by other investors. In praccountry. These corporations may also serve tice, only a few corporations formed by or as intermediaries through which United with the participation of United States banks States banks may participate with other have availed themselves of this Federal charbanking as well as with nonbanking interests ter; most have been formed under State laws. in certain phases of foreign and international Organization of such State and Federally business. chartered corporations reached a peak be- These corporations, which appeared as tween 1916 and 1920, a period of great exearly as 1901, have filled limited but special pansion of the foreign trade of the United overseas needs of American banking. State States. In recent years there has been rebank participation in these corporations has newed interest in such institutions. always been contingent upon authority pro- The Board of Governors has issued a revided by State laws, and since the Banking vised Regulation K, effective January 15, Act of 1933 State banks which are mem- 1957, which applies to Federal corporations bers of the Federal Reserve System have also been subject to the same provisions, NOTE.—This article was prepared by Frank M. Tamagna of the Board's staff and Parker B. Willis in this respect, as national banks. In 1916 of the staff of the Federal Reserve Bank of Boston, Section 25 of the Federal Reserve Act was and is based upon an internal study made for a System Committee by Parker B. Willis. Staff members of amended to authorize national banks to inthe Board and various Federal Reserve Banks assisted vest in stock of State chartered corporations in the preparation of this article—in particular, Glenn M. Goodman, Charles H. Bartz, and John M. Poundengaged in foreign banking, provided such stone of the Division of Examinations, Frederic corporations agreed to operate in accordance Solomon of the Legal Division, and John J. Hurley of the Division of Bank Operations. The authors with limitations prescribed by the Federal wish to acknowledge the cooperation received from Reserve Board. In 1919 the Edge Act interested banking institutions. 1284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1285 chartered under Section 25(a) of the Fed- form of reserves against deposits, and other eral Reserve Act, and also (with certain ex- operating procedures and limitations for ceptions) to State chartered corporations in banking and financing corporations. which member banks participate under Sec- UNITED STATES BANKING ABROAD tion 25 of the Federal Reserve Act. The new regulation, the text of which appears Most United States banks that conduct on pages 1301-11 of this BULLETIN, reaf- foreign business rely on correspondent banks firms and clarifies the separation of deposit to handle their overseas transactions. Under banking and other financing functions that this system, a United States bank has an has been part of the regulation since it was arrangement with a foreign bank, either difirst issued in 1920. rectly or through another domestic bank, Under the revised regulation, a foreign under which the two banks act as agents banking corporation may conduct deposit for each other. Banks that have or intend business, accept drafts or bills of exchange, to develop substantial foreign business often and make loans related to foreign business. supplement their correspondent relation- Subject to specific permission of the Board, ships by establishing representatives' offices it may also invest in stock of other corpora- in selected foreign cities. A representative's tions engaged in foreign banking activities. office is a means of establishing better rela- Such a banking corporation is not permitted tions with foreign markets and closer ties to issue, underwrite, sell, or distribute secu- with local banks in those markets. Wide rities, or to issue its own obligations except use of the correspondent system reflects the promissory notes due within one year and tradition and nature of the unit banking sysevidencing borrowing from banks. On the tem of the United States, as well as the fact other hand, a foreign financing corporation that most United States banks do not have is not authorized to receive deposit ac- sufficient foreign business to justify estabcounts or to accept drafts or bills of ex- lishments abroad. change, but may finance itself by the is- A few of the largest institutions, handling suance of debentures, bonds, and other such about two-thirds of the foreign commercial obligations, and, upon application to the banking business of the United States, have Board, may obtain general advance per- developed their own overseas banking ormission to make certain kinds of invest- ganizations. While these banks have usuments in other foreign corporations not en- ally chosen a direct branch organization for gaged in banking business. Neither a for- this purpose, in some instances they have eign banking nor a foreign financing cor- established foreign banking corporations— poration may engage directly or indirectly chartered in the United States—to supplein domestic United States business. ment their foreign branch operations or to Revised Regulation K defines the con- serve other special needs. In comparison ditions and limitations under which a for- with the correspondent system, a direct oreign banking or financing corporation might ganization has certain advantages—such as carry on business in the United States the prestige attached to the name of the which is "incidental to its international or United States bank, direct relations with foreign business." It prescribes acceptance, prospective foreign customers, and closer loan, and borrowing limitations, amount and contacts with conditions abroad. On the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 FEDERAL RESERVE BULLETIN • DECEMBER 1956 other hand, direct operations in foreign mar- banking institution is believed to have been kets may deprive the United States bank established in London in 1887 by Jarvisof some foreign correspondent business. Conklin Mortgage Trust Co., New York. By and large, foreign branches and for- When this institution closed in 1893, its eign banking corporations perform the same London branch was taken over by North transactions in the markets in which they American Trust Company, New York. In operate. As compared with a branch, a 1897 Guaranty Trust Company of New banking corporation has some disadvan- York opened its London office, which it still tages, such as smaller loan limits, but it also maintains. In 1901 International Banking offers some advantages. A banking corpo- Corporation was organized under Connectiration may be more flexible than a branch cut law and soon established branches in in meeting particular or changing conditions London, Asia, and other parts of the world. in foreign markets. For instance, it can Various banks and insurance companies acquire controlling or minority interests in held interests in this corporation from time a foreign bank, thus holding shares jointly to time before it was acquired by The Nawith local investors, which a foreign branch tional City Bank of New York in 1915. cannot do. A foreign financing corporation, Branches in London and Paris were estabon the other hand, may conduct abroad cer- lished in 1906 by Farmers Loan and Trust tain investment-type activities that are not Company, New York, and in 1912 by Equipermitted to a United States bank. Both table Trust Company, New York; the latter types of foreign corporations—that is, bank- succeeded to the London branch of the ing and financing—may facilitate closer co- North American Trust Company. Another operation between United States and for- branch in London was opened in 1913 by eign banks and foster the use of American Empire Trust Company, New York. A forand foreign capital for financing trade and eign banking corporation, Continental investment overseas. Banking and Trust Company, was organized in 1913 under the laws of West Virginia EARLY ACTIVITIES and conducted business through offices in Before enactment of the Federal Reserve New York and Panama until dissolved in Act, national banks did not have the power 1922. Thus, by 1914 four United States to establish branches, either at home or banks incorporated and doing a regular abroad, although several States allowed banking business in New York and two forbanks incorporated under their laws to do eign banking corporations operating priso. The operation of foreign branches marily abroad had a total of 26 branches was confined to a few "private" (unincorpo- in foreign places. rated) banks and one or two State banks, On the whole, United States banks played and these conducted only a relatively small a minor role in foreign financing in this peamount of foreign business. Also, there was riod, and most of our foreign trade was no specific provision in the law authorizing financed in sterling by London banks. One national banks to accept drafts, which at reason may have been that, in the early pethat time were the primary instruments for riod of the national banking system, United financing international trade. States banks were hard pressed to service The first foreign branch of a United States domestic trade and investments and found Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1287 little incentive ta provide the special credit was the first national bank to use the new requirements of the export business. power to establish foreign branches. It By 1900, as this nation offered more opened a branch in Buenos Aires in 1914 manufactured goods in the world market, and followed with other branches in Latin the composition of trade between the United America. In 1917 The First National Bank States and Europe began to change. The of Boston established a branch in Buenos partial shift in exports from food and raw Aires to serve New England wool and hide materials to manufactured products created industries, and later opened a branch in complex and diverse problems for marketing Havana to finance the sugar trade. and financing these products and gave rise Amendment of Section 25 in 1916. Shortly to demand for improved foreign banking after passage of the Federal Reserve Act, facilities. The National Monetary Commis- discussions were revived with regard to the sion, reporting in 1911 on the need for bank- desirability of permitting United States banks ing reform, specifically pointed to the ab- to participate in foreign subsidiaries. One sence of United States banking institutions of the points made was that small banks in foreign countries as one of the weak points could not individually take advantage of of our financial structure, and concluded that the provisions governing foreign branches, the organization of such banks was neces- but that by uniting with other banks they sary for the development of our foreign could participate in foreign business through trade. establishment of foreign banking corpora- The Federal Reserve Act, passed on De- tions. cember 23, 1913 included provisions au- Participation in such corporations was thorizing national banks to accept drafts made possible by an amendment of Section and to establish foreign branches when ap- 25 of the Federal Reserve Act. This amendproved by the Federal Reserve Board. This ment (approved on September 7, 1916) auchange in powers and the strength resulting thorized national banks with capital and from establishment of the Federal Reserve surplus of $1 million or more to invest up System facilitated the rapid expansion of to 10 per cent of their capital and surplus foreign branches by United States banks in the stock of corporations "principally enwhich accompanied the growth of our for- gaged in international or foreign banking, eign trade and the transformation of the or banking in a dependency or insular pos- United States into a creditor nation during session of the United States, either directly and after World War I. or through the agency, ownership, or control of local institutions in foreign countries, or PROVISIONS IN FEDERAL RESERVE ACT in such dependencies or insular possessions." Section 25 of Federal Reserve Act. Section This amendment related to corporations "in- 25 of the original Federal Reserve Act au- corporated under the laws of the United thorized the establishment of branches States or any State thereof." However, no abroad by national banks having capital and provision was made for Federal chartering surplus of not less than $1 million, condi- of such corporations and, in practice, the tional upon application to and approval by amendment remained applicable to corporathe Federal Reserve Board. tions incorporated under State laws. The National City Bank of New York Investment by a national bank in this type Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1288 FEDERAL RESERVE BULLETIN • DECEMBER 1956 of corporation was made subject to permis- section authorizes the Federal Reserve sion by the Federal Reserve Board. The Board to charter corporations "for the puramendment provided that, in order to have pose of engaging in international or foreign its stock eligible for purchase by a national banking or other international or foreign bank, the corporation should "enter into financial operations . . . either directly or an agreement or undertaking with the Fed- through the agency, ownership, or control eral Reserve Board to restrict its operations of local institutions in foreign countries . . . or conduct its business in such manner or and to act when required by the Secretary under such limitations and restrictions as of the Treasury as fiscal agents of the United said Board may prescribe." Corporations States. . . ." that have entered into such an agreement The Federally chartered corporations to or undertaking have become known as be organized under the Edge Act were re- "agreement corporations." quired to have a minimum capital of $2 mil- The National City Bank of New York and lion, with the controlling interests held by and The First National Bank of Boston were United States citizens, and were made subamong the first banks to have their own for- ject to regulation by the Federal Reserve eign banking corporations under this provi- Board. Regulation K, first issued by the sion. Other national banks became stock- Board in 1*920, distinguished between "forholders of similar corporations, and some eign banking" (the creation of bankers' acof them subscribed to the extent permitted ceptances and receipts of deposits) and by the amendment. "foreign financial operations" (investment- Act of September 17, 1919. As part of a type operations, such as the issuance of their series of measures to maintain a high level own obligations or the selling of foreign of exports from the United States, legisla- securities with their guaranty). Corporation was enacted after World War I to facili- tions chartered by the Board under these tate long-term borrowing by Europeans provisions are commonly referred to as through the placement of securities with pri- "Edge corporations." vate investors in the United States. The Act The discussions and debates that led to of September 17, 1919 amended Section 25 passage of the Edge Act reflected the Amerof the Federal Reserve Act to provide that ican tradition of opposition to concentration until January 1, 1921 any national bank, of power. One question raised at the time with the permission of the Federal Reserve was whether the proposed Act would en- Board, could invest up to 5 per cent of its courage monopoly or branch banking in the capital and surplus in the stock of corpora- United States. Sponsors of the Act pointed tions engaged in "international or foreign out its safeguards, including the limitations financial operations" necessary to facilitate on activities of Edge corporations in the American exports. No corporations of this United States. In a further attempt to allay type were formed or owned by member misgivings and emphasize the limitations, banks. the authorization for the corporations to en- The Edge Act. The Act of December 24, gage "principally in international or foreign 1919, commonly called the Edge Act for banking" was changed, first by the Senate Senator Edge of New Jersey, added Section and then by the House, by striking out the 25(a) to the Federal Reserve Act. This word "principally" as the bill passed through Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1289 Congress. York and First National Bank of Bos- Agreement and Edge corporations have ton each operate one State chartered agreebeen permitted a certain flexibility of opera- ment corporation—International Banking tion that has helped United States banks to Corporation and First of Boston Internameet foreign competition and to engage in tional Corporation, respectively. Bankers activities which, while customary in foreign Trust Company and J. P. Morgan & Co., Inmarkets, are unnecessary or unusual within corporated (both in New York) also operthe United States. ate agreement corporations—Bankers Company of New York, and Morgan & Cie. In- FOREIGN OFFICES corporated. Chase Manhattan Bank, in The number of foreign offices operated by New York, is associated with two Edge cor- United States commercial banks and for- porations: The Chase Bank, which it wholly eign banking corporations expanded rap- owns, and the American Overseas Finance idly between 1916 and 1920 and reached Corporation, which it established in 1955 a peak in the latter year. The number of jointly with four other banks having subforeign offices was reduced by the depres- stantial foreign business. Bank of America sions of the early twenties and the thirties NT & SA owns Bank of America, New as well as by uncertainties in the ensuing York, an Edge corporation.1 years. World War II led to the closing of a number of branches abroad, but renewed FOREIGN SUBSIDIARIES interest in the foreign field has led to ex- The passage of legislation related to forpansion of branches abroad in recent years. eign subsidiaries of United States banks and the growth of foreign trade and investment UNITED STATES BANKS AND BANKING resulted in a rapid expansion of foreign CORPORATIONS OPERATING FOREIGN OFFICES SELECTED YEARS, 1913-56 banking and financing corporations during World War I and in postwar years. Alto- Number of banks Number gether, 18 corporations were organized be- Year-end and banking of foreign corporations 1 offices tween 1919 and 1929, of which 15 were established under State charters and op- 1913.. 6 26 erated under agreements with the Board and 1920 12 181 1926 12 107 three were chartered by the Board under 1933 9 132 Section 25 (a) of the Federal Reserve Act. 1937 11 108 1945 10 78 The organization and activities of selected 1955 11 117 foreign banking corporations during this pe- 1956 (November 30) . 11 122 riod are described on pages 1292-95. 1 Until 1925 more foreign branches were maintained by bank- Most of the corporations formed in these ing corporations than by banks. The largest number is now represented by direct branches of United States commercial banks. Currently three national banks (First National City early years represented the combined inter- Bank of New York; First National Bank of Boston; Bank of America National Trust and Savings Association, San Fran- ests of various United States banks, some cisco) and four State banks (Chase Manhattan Bank, Bankers Trust Company, Guaranty Trust Company, and Hanover Bank, all in New York) engage in banking abroad through direct branches. 1 Table 1 on p. 1296 lists branches of United States banks and banking corporations as of Nov. 30, 1956. Table 2 lists agreement and Edge corporations currently engaged in active opera- Seven foreign banking and financing cor- tions. Table 3 lists former corporations whose operations have been discontinued. For a comparative analysis of international porations are maintained by United States activities of United States banks and of banks of different nationalities, see the article "United States Banks and Foreign Trade Financing" in the Federal Reserve BULLETIN, April 1955, banks. First National City Bank of New pp. 357-67. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 FEDERAL RESERVE BULLETIN • DECEMBER 1956 of them were jointly owned with foreign par- shortages of experienced personnel, conticipants, and a few were wholly owned sub- tributed to unsuccessful operations, which sidiaries of leading banks in New York and in turn affected attitudes toward this type Boston. Most of these corporations con- of institution. At the same time, leading ducted a general foreign banking business, United States banks expanded their own forand their branches were located throughout eign departments, thus providing to a greater Latin America, in the Far East, and in im- extent the credit and related facilities that portant European cities. Sixteen of these international business required. corporations had been liquidated by the These developments tended to reduce the early thirties or absorbed by other corpora- need for some of the special functions of tions or by banks, which in many cases the corporations. Also, there was some took over some of the offices and continued feeling during the 1920's that foreign marpart of the business of the former institu- kets could be satisfactorily serviced and fitions. In addition to the two remaining nanced through their own local institutions. corporations, only two agreement and three In the last analysis, there was some doubt Edge corporations have been established among American bankers whether the addisince 1930 and continue operations at the tional business obtained by direct operations present time. abrbad would compensate for the loss of The experience of foreign banking cor- business received from foreign correspondporations in these early years was not as ent banks. successful as had been hoped, and a num- The depression of the 1930's and wideber of the corporations which had set up spread systems of exchange and trade conestablishments abroad closed with losses to trols diminished foreign trade and interest shareholders. Some corporations did not in foreign banking. World War II further open foreign branches, but directed their reduced the number of establishments business to foreign correspondents. Other abroad and temporarily precluded interest corporations did not develop or maintain in foreign expansion. a sufficient volume of foreign business to CURRENT OPERATIONS warrant their existence. Nevertheless, the experience of these years was reflected in ad- In recent years the growth of United States ditional foreign facilities, some improvement trade and investments overseas, together in banking practices, and recognition of the with the gradual liberalization and staproblems and hazards involved in foreign bilization of foreign currencies, has refinancing. sulted in renewed interest in foreign bank- A number of explanations have been ad- ing. New Edge corporations of the banking vanced for the experience of foreign bank- and financing types were formed in 1949 ing corporations in this period. The begin- and 1955, and older Edge and agreement nings of many of these corporations coin- corporations have shown a tendency to excided with the decline in foreign trade during pand their operations. the economic crisis of 1920-21, and their The First National Bank of Boston has difficulties were continued by the instability operated its affiliate, First of Boston Interof world prices in later years. Too great re- national Corporation, since 1918, and has liance on untested techniques, together with channeled part of its business with its direct Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1291 branches in Latin America and its foreign of J. P. Morgan & Co. Incorporated—concorrespondents there and elsewhere through ducts all dealings with the public through the affiliate. Bank of America NT & SA of its Paris office. The Corporation does a San Francisco has operated its affiliate Bank general banking business and, in effect, of America, New York, for similar purposes serves as a branch in Paris of the New York since it was established in 1949. Unlike parent institution. First of Boston International Corporation, Since the early fifties, The Chase Bank however, Bank of America, New York, (owned by the Chase Manhattan Bank) has maintains four branches and other facilities shifted its activities from commercial bankabroad and holds minority participation in ing to direct investments, principally of a three foreign financial institutions—Ibero- development nature. In 1955 it established Amerika Bank A.G. (Bremen), Descuento a Canadian company, Arcturus Invest- Agricola S.A. (Mexico D.F.), and Indus- ment & Development Ltd., for the purpose trial Credit and Investment Corporation of of making investments in foreign countries. India Limited (Bombay). In another phase of its activity, The Chase First of Boston International Corporation Bank holds the stock of a foreign fiduciary and Bank of America, New York, have their affiliate, The Chase Manhattan Executor principal offices in New York, which they and Trustee Corporation Limited, London, regard as important for the conduct of their formed in 1930, which conducts the trust foreign business. This preference for New work of the London branch of Chase Man- York, rather than for the centers in which hattan Bank and a limited amount of trust the parent institutions are located, arises work in Canada. Bankers Company of in large part from the flow of commercial New York performs the same functions for and financial business through that city, Bankers Trust Company, holding the stock and in part from the prevailing view, in the of Bankers Trustee and Executor Co., Ltd., United States and overseas, that a New in London, which was organized in 1938. York office is essential for efficient service This arrangement is used to permit these in the handling of international transactions. banks to offer in England trust services, Since the transfer of its foreign branches which can only be performed by English to the parent institution in the mid-twenties, corporations. The Guaranty Executor and the International Banking Corporation— Trustee Company Limited, established in foreign affiliate of First National City Bank 1925, performs the same services in London of New York—has conducted limited bank- for its stockholder, Guaranty Trust Coming business and has served primarily ad- pany of New York. Because of the proviministrative purposes, such as holding stock sions of the Banking Act of 1933 prohibitof other institutions. In September 1955 it ing member banks from purchasing stock acquired the business of the Bank of Mon- except in certain limited cases, member rovia, previously operated by the Firestone banks may acquire shares of foreign fiducirubber interests in Liberia, and formed a ary affiliates only through foreign banking new institution with a similar name under corporations. Liberian law. A foreign financing corporation, Ameri- Unlike other foreign banking corpora- can Overseas Finance Corporation, was ortions, Morgan & Cie. Incorporated—affiliate ganized in 1955 by Chase Manhattan Bank, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1292 FEDERAL RESERVE BULLETIN • DECEMBER 1956 New York, Chemical Corn Exchange Bank, The growth of activities of American New York, First National Bank of Boston, banks in the foreign field since the end of Mellon National Bank and Trust Company, the war has progressed with the gradual Pittsburgh, and National Bank of Detroit. stabilization of the world economy. The It is the first private institution of this type increased interest of United States banks in organized to assist United States manufac- a wider range of foreign activities tends to turers and exporters by providing intermedi- fill certain gaps in the financial facilities ate and longer term credit on terms longer available to United States businessmen, and than those normally extended by commer- to strengthen the banks' relations with ficial banks. nancial institutions in foreign countries. NOTE ON FOREIGN BANKING CORPORATIONS, 1915-30 Foreign banking corporations have been the corporations established foreign branches formed for a variety of purposes, have op- or acquired participation in or control of erated in various ways, and have experienced foreign banks with branches, which later diverse problems. In most cases these cor- were converted into direct branches of the porations have been organized by banks, parent bank. Many direct branches cur- State and national, in New York, Boston, rently in operation were developed in this and other important financial centers. Sev- way. In other cases the parent bank has eral of the corporations have been wholly shared business with foreign correspondowned subsidiaries. In most instances, how- ents and overseas branches with an affiliate: ever, the initiating banks have invited their this has been the practice of First of Boston correspondents to join in the enterprise, International Corporation and Bank of and so banks in many sections of the coun- America, New York. try have participated in varying degrees in Seventeen corporations established under both capital and management. Sometimes State charters have operated under agreeone or more New York banks have joined ments with the Board. Thirteen of these with banks located in a particular area of have been liquidated or absorbed by other the United States having common interests in corporations or by banks, and the importrade relations with a particular part of the ant parts of their business or branches were world. At least one corporation was formed continued by successor institutions. The as the result of a community of interests majority of the corporations were established between United States and foreign financial in the years 1917-22, although two of the groups. The initiative in forming corpora- four State corporations active today were tions has not always come from the large not established until 1931 and 1941. financial centers; on occasion it has come Only six Edge corporations have been from banks in an area concerned with finan- established. Three were formed in the cing particular internationally traded com- 1920's and were liquidated after five or more modities. years of operation. Other corporations United States banks have used these af- were proposed in this early period and some filiated corporations to expand foreign bank- of these went through early stages of oring activities in several ways. In some cases ganization, but were not completed. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1293 three Edge corporations currently active of the Panama Canal. After becoming afwere formed in 1930, 1949, and 1955. filiated with National City Bank it estab- Operations of selected corporations. The lished a number of branches in Latin Amerpast operations of foreign banking corpora- ica, in Spain, and at additional points in the tions show the diversity of functions for Far East. Most of these branches were which they have been used. The banking eventually transferred to National City Bank business of three of the most important cor- and thus became direct branches of that porations that operated in the years between bank, now First National City Bank of New 1915 and 1930 was taken over and con- York. tinued by United States banks. Mercantile Bank of the Americas was International Banking Corporation was the earliest of the banking corporations esestablished in 1901. It was acquired in tablished with participation of member 1915 by National City Bank of New York, banks of the Federal Reserve System. It which used it until 1930 as the channel for was chartered under Connecticut law in a broad foreign banking business. In 1924 1915, having been sponsored initially by the Corporation acquired the business of two private banking firms—Brown Brothers Asia Banking Corporation, which had ab- and J. & W. Seligman, and Guaranty Trust sorbed part of the activities of Park Union Company. Later a number of national and Banking Corporation when it was liquidated State banks joined in the ownership of this in 1922. International Banking Corpora- bank. tion also participated in organizing or was Mercantile Bank of the Americas created a stockholder in several of the foreign bank- a number of affiliated corporations under ing corporations established during the State charter and gained control of some 1920's. The stock of two subsidiaries of existing foreign banks, in addition to estab- National City Bank—International Finance lishing a few direct branches. The bank Company and Bank of Haiti—was in 1930 operated on the theory that since countries concentrated in the Corporation to simplify differ as regards banking laws, currency, and management. Since that time the Corpora- customs, a separate institution should be tion has been used for administrative pur- formed to operate within each country. poses to a large extent. These institutions were under joint Ameri- International Banking Corporation, as can and local management. noted earlier, was the first American bank- Mercantile Bank developed an extensive ing institution to establish a system of for- business, including usual banking operations eign branches. The charter granted by as well as related activities to facilitate trade Connecticut in 1901 was broad in scope. and development abroad. The decline in The Corporation was organized principally value and volume of South American exto develop and service American trade ports after the crisis of 1920, however, led with China and the Philippine Islands, to reorganization of the bank in 1922 as but it soon expanded and established Bank of Central and South America, which branches in other parts of Asia. Subse- continued operations on a reduced scale. quently, branches were established in Pan- When this bank was liquidated in 1925, the ama as an aid to the United States Govern- Latin American branches were acquired by ment in connection with the construction Royal Bank of Canada. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 FEDERAL RESERVE BULLETIN • DECEMBER 1956 French American Banking Corporation of general banking business, becoming one was established in New York in 1919 and of the largest foreign banking corporations. at that time was owned half by Comptoir It established a representative's office in Lon- National d'Escompte de Paris and half don, and acquired stock in three trade and equally by First National Bank of Boston finance subsidiaries here and abroad. In and National Bank of Commerce, New 1929 stockholders agreed to exchange their York. It was particularly concerned with holdings for stock of Bank of Manhattan the development of trade relations between Company of New York, which thus became the United States and France and her colo- the sole owner and eventually absorbed the nies. When National Bank of Commerce business of the Acceptance Bank. merged with Guaranty Trust Company, the Corporations for administrative purposes. Guaranty assumed its share in ownership. Foreign banking corporations have been es- United States banks' interest in this corpo- tablished as holding companies for special ration continued until 1947, when they sold administrative purposes. Among these were their holdings to Banque de l'lndochine, International Finance Company (formerly Paris. This led to the termination of the Citibank of New York in France S.A.) and agreement with the Board of Governors, but Bank of Haiti, both owned by National City the Corporation continues its activities in Bank, and The Chase Bank, owned by New York under foreign ownership. Chase National Bank. Equitable Eastern Banking Corporation Before the income tax convention bewas created by Equitable Trust Company, a tween France and the United States, foreign New York bank, in 1920, with the participabanks in France were taxed on the basis of tion of several banks on the Pacific Coast. that proportion of earnings considered by The Corporation, formed for the purpose of the French fiscal authorities to have accrued handling the Equitable's Far Eastern bankfrom operations of the banks' offices in ing business, opened branches in Shanghai, France. In order to meet this tax problem, Hong Kong, and Tientsin. Its major busi- National City Bank set up a subsidiary (Citiness was dealing in silver bullion and Hong bank of New York in France, later renamed Kong dollars, although it also conducted the International Finance Company) to opforeign trade financing. After acquisition erate a Paris office. Similarly, Chase Naof Equitable Trust Company in 1930, Chase tional Bank acquired control of a branch in National Bank continued the operation of Paris, formerly belonging to the Equitable these offices as branches of its affiliate, The Trust Company, through The Chase Bank. Chase Bank, until developments following World War II forced their closing. Bank of Haiti was formed by National City Bank of New York in 1925 to acquire International Acceptance Bank was orand hold the stock of Banque Nationale ganized under New York State laws in 1921 de la Republique d'Haiti, whose activities, by a group of private financiers (led by Paul since its opening in 1922, had been under M. Warburg) and banks (First National the supervision of National City Bank. Bank of Boston and others); its shares were Banque Nationale was bank of issue and ultimately distributed in the United States fiscal agent for the Haitian Government, and Europe. This Bank conducted acceptance business and developed a large volume and it operated a system of branches in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES BANKING ORGANIZATION ABROAD 1295 Haiti. In 1930 International Banking Cor- New York banks, organized The Shawmut poration acquired the stock of Bank of Haiti Corporation in 1919 for the purpose of and in 1935 sold Banque Nationale to the handling business with foreign correspond- Haitian Government. ents. With the decline in foreign banking Other corporations. Federal International in the early 1920's, the other banks with- Banking Corporation, whose principal office drew and The Shawmut Bank took over the was in New Orleans, was formed in 1920, foreign business and turned the Corporation chiefly at the initiative of banks in cotton- to operations in the domestic money market growing States. Its objective was to secure —buying and selling acceptances and investmore adequate credit facilities for the export ments. The Corporation requested the Fedof cotton, tobacco, and lumber. The Corpo- eral Reserve Board to cancel its agreement ration was liquidated in 1925. in 1929; it discontinued its active operations National Shawmut Bank, Boston, together in 1934, and was completely liquidated in with other Massachusetts, Rhode Island, and 1944. NOTE.—Supplementary tables are shown on the following pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Table 1 FOREIGN BRANCHES OF UNITED STATES BANKS AND BANKING CORPORATIONS [In operation November 30, 1956] The First National City Bank of New York The First National City Bank of New York (Cont'd) The Chase Manhattan Bank, New York England: London (2 branches) Saudi Arabia: Jeddah England: London (2 branches) France: Paris Singapore: Singapore France: Paris Argentina: Buenos Aires (3 branches) Germany: Frankfurt am Main Rosario International Banking Corp., New York1 (Subsidiary of First National City Brazil: Porto Alegre Bank of New York) Canal Zone: Balboa Recife Cristobal Rio de Janeiro Salvador England: London (inactive) Cuba: Havana (3 branches) Santos Marianao Sao Paulo (2 branches) Bank of Monrovia, Liberia2 Panama: Colon David Canal Zone: Balboa (Subsidiary of Panama City Cristobal International Banking Corp.) Chile: Santiago Puerto Rico: San Juan (3 branches Valparaiso Liberia: Monrovia Japan: Osaka Colombia: Barranquilla Tokyo Bogota Bank of America National Trust and Savings Association, San Francisco Lebanon: Beirut Medellin Cuba: Caibarien England: London (2 branches) The Chase Bank, New York 3 Cardenas (Subsidiary of Chase Havana (5 branches) Guam: Agana Manhattan Bank) Manzanillo Matanzas Japan: Kobe Santiago Osaka France: Paris (inactive) Tokyo Mexico: Mexico City (2 branches) Yokohama Guaranty Trust Company of New York Panama: Panama City (2 branches) Philippines: Manila Peru: Lima Thailand: Bangkok Belgium: Brussels Puerto Rice- Arecibo England: London (2 branches) Bayamon Bank of America, New York3 Caguas (Subsidiary of Bank of America France: Paris Mayaguez (2 branches) N.T. & S.A., San Francisco) Ponce San Juan (3 branches) Morgan & Cie. Incorporated, New York* France: Paris (Subsidiary of J. P. Morgan Uruguay: Montevideo & Co. Inc.) Germany: Duesseldorf Venezuela: Caracas (2 branches) France: Paris Maracaibo Lebanon: Beirut Egypt: Cairo Singapore: Singapore Hong Kong: Hong Kong le First National Bank of Boston The Hanover Bank, New York India: Bombay Calcutta Argentina: Avellaneda England: London (2 branches) Buenos Aires (4 branches) Japan: Nagoya Rosario Osaka Bankers Trust Company, New York Tokyo Brazil: Rio de Janeiro Yokohama Santos Sao Paulo England: London Lebanon: Beirut Cuba: Cienfuegos Philippines: Cebu Havana (3 branches) Clark Field Sancti Spiritus Manila (2 branches) Santiago 1 Foreign banking corporation operating under agreement with agents, and representative offices of U. S. banks in foreign countries. Board of Governors of the Federal Reserve System pursuant to Sec- As of June 30, military banking facilities were operated by Bank of tion 25 of Federal Reserve Act. America, N. T. & S. A. in Japan (10), Korea (3), Guam (1) and 2 Wholly owned banking subsidiary organized under Liberian law. Saipan (1), and Bank of America, in France (2); by Chase Manhattan 3 Foreign banking corporation organized under Section 25(a) of Bank, in Japan (8) and Germany (1); and by First National City Federal Reserve Act. Bank of New York, in Japan (8) and Philippines (1). As of the same NOTE.—List comprises foreign branches of U. S. banks that are date, Bank of America, N. T. & S. A. had representatives in Paris, members of Federal Reserve System, of foreign banking corporations Milan, Zurich, Mexico City, New Delhi, Havana, and Rio de Janeiro; organized under or operating pursuant to provisions of Federal Chase Manhattan Bank, in Rome, Mexico City, Buenos Aires, and Reserve Act, and of their wholly owned banking subsidiaries organized Bombay; First National City Bank of New York, in Frankfurt; under foreign laws. Does not include foreign fiduciary affiliates of First National Bank of Boston, in London; the Hanover Bank, in U. S. banks, banking facilities at U. S. military establishments Paris; and Manufacturers Trust Company of New York, in London, abroad provided through arrangements made by the U. S. Treasury Rome, Frankfurt and Tokyo. Department with U. S. banks designated as depositaries and financial 1296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 2 UNITED STATES FOREIGN BANKING AND FINANCING CORPORATIONS [In operation November 30, 1956] Name of corporation Capital accounts and stockholders 3 Nature of business Branches Edge Act corporations1 The Chase Bank, New York Capital accounts: $14,238,000 The nature of the business has undergone a change since In 1931 acquired branches of Equitable Trust Chartered May 1930 The Chase Manhattan Bank, New York the early fifties from general foreign banking to Co. in Paris and Mexico City and of Equitinvestment of available funds. Owns stock of The able Eastern Banking Corp. in Shanghai, Chase Manhattan Executor and Trustee Corporation, Tientsin, and Hong Kong. All branches Ltd., which conducts trust business in London and closed, except Paris, which is now inactive. Toronto. In 1955 organized Arcturus Investment & Development, Ltd., a Canadian company. Bank of America, New York Capital accounts: $19,479,000 General foreign banking. Operates four foreign branches. Chartered November 1949 Bank of America N.T. and S.A., San Francisco American Overseas Finance Capital accounts: $9,721,000 Medium-term financing of purchases of U. S. equip- None. Corporation, New York The Chase Manhattan Bank, New York ment and services by foreigners, substantially without Chartered June 1955 Chemical Corn Exchange Bank, New York recourse to U. S. manufacturers or exporters. The First National Bank of Boston Foreign lending and investment to finance establish- Mellon National Bank and Trust Company, ment and expansion of productive enterprises abroad. Pittsburgh National Bank of Detroit State corporations2 International Banking Corporation, Capital accounts: $8,998,000 Until the thirties conducted widespread general banking Operated a number of branches in Far East, New York—originally The Inter- The First National City Bank of New York abroad. At present substantially all its limited bank- Latin America, and Spain until 1927. national Company (Originally an independent corporation ing operations are conducted at agency at New York Many of them were transferred to National Chartered in Connecticut, June 1901 owned by industrialists and financiers, was International Airport, which provides facilities for the City Bank of New York. Currently has acquired by National City Company in 1915 purchase and sale of foreign currencies, foreign dormant San Francisco office and inactive and later transferred to National City Bank drafts, and travelers' checks. In September 1955 London branch and operates agency at of New York). acquired business of Bank of Monrovia (incorpora- New York International Airport. ted under law of New Mexico, owned by Firestone interests) and formed new institution with similar name under Liberian law. First of Boston International Corporation, Capital accounts: $1,181,000 General foreign banking. Conducts all business with public at the Boston—originally The First National The First National Bank of Boston New York office. Corporation Incorporated in Massachusetts, April 1918 Bankers Company of New York, New York Capital accounts: $281,000 Owns stock of Bankers Trustee and Executor Company, None. Incorporated in Delaware, October 1931 Bankers Trust Company, New York Ltd., which conducts trust business in London. Morgan & Cie. Incorporated, New York Capital accounts: $2,211,000 General foreign banking. War delayed beginning of Operates one branch in Paris, and conducts Organized in New York, J. P. Morgan & Co. Incojrrppoorrated, New York its operations until 1945, when it took over all business with public at or for account September 1941 business of Morgan & Cie., a French partnership. of Paris branch. The French banking firm was originally established in 1867 as Drexel, Harjes & Cie. 1 Chartered by Board of Governors and operating under Section 25(a) of Federal Reserve Act. 2 Organized under State laws and operating by agreement with Board of Governors under Section 25 of Federal Reserve Act. 3 Total capital accounts, as of June 30,1956; last three digits of figures are rounded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE 3 FORMER UNITED STATES FOREIGN BANKING CORPORATIONS VO 00 Name of corporation Capital accounts and stockholders3 Nature of business Branches and offices Disposition Edge Act corporations1 First Federal Foreign Banking Associa- Capital accounts: $2,500,000 Foreign trade financing. None. Liquidated in 1925. tion, New York Bank of Manhattan Co., N. Y. Chartered 1920 New York Trust Co. Others, including industrial concerns Federal International Banking Company, Capital accounts: $3,250,000 Financing exports of cotton, lum- Representative's office in Houston, Liquidated beginning in 1925. New Orleans Commercial banks in South and Southwest ber, and tobacco principally to Texas. Chartered 1921 England and the Continent. First Federal Foreign Investment Trust Capital accounts: $2,500,000 General foreign investment and Subsidiaries in Argentina, Brazil, and Liquidated beginning in 1933. Chartered 1926—name later changed Stock sold to public under sponsorship of later foreign trade financing, Switzerland; offices in several other to First Federal Foreign Banking Cor- F. J. Lisman & Co. N. Y. and of Foreign principally in South America. countries. poration, New York Trade Securities Co., Ltd., N. Y. Later Substantial part of business concontrol acquired by Bush Service Corp. cerned with financing export and N. Y., then by Bank of America N. A., distribution abroad of automo- N. Y., (National City Bank of N. Y., biles. upon acquisition of Bank of America N. A.) State corporations2 Mercantile Bank of the Americas, In- Capital accounts: $11,100,000 General foreign banking; also Operated 4 direct branches in Europe, After crisis of 1921, the bank and corporated, New York Brown Brothers & Co., N. Y. owned controlling interest in various affiliated corporations in most of its affiliates were taken Incorporated in Connecticut, 1915. J. & W. Seligman & Co., N. Y. three foreign trading companies. Central and South America, and over by Bank of Central and South National Shawmut Bank, Boston agencies in Far East. One domestic America in 1922—formed for that Anglo and London Paris National Bank, branch in New Orleans. purpose (see below). San Francisco Interests associated with Guaranty Trust Co. American Foreign Banking Corporation, Capital accounts: $6,500,000 General foreign banking. Operated 21 branches variously situated In 1925 disposed of remaining New York Chase National Bank, N. Y. in Central and South America and the branches in Havana, Panama, and Incorporated in New York, 1917 Merchants National Bank, Boston Far East. Cristobal, and deposit business in Corn Exchange National Bank, Chicago New York to Chase National Bank. First National Bank, Cleveland Philadelphia National Bank Stockholders included 36 banks in 23 States Asia^Banking Corporation, New York Capital accounts: $6,300,000 General foreign banking. Operated 12 branches variously situated In 1924, business sold to International Incorporated in New York, 1918 Guaranty Trust Co., N. Y. in Far East and a branch in San Banking Corporation and subject Bankers Trust Co., N. Y. Francisco. placed in liquidation. Anglo and London Paris National Bank, San Francisco First National Bank of Portland National Bank of Commerce, Seattle Mercantile Bank of the Americas, N. Y. Park-Union Foreign Banking Corpora- Capital accounts: $4,400,000 General foreign banking. Operated 3 branches in Far East, one Voluntary liquidation through Asia tion, New York National Park Bank, N. Y. in Paris, and branches in San Fran- Banking Corporation in 1922. Incorporated in New York, 1919 Union Bank of Canada, Winnipeg cisco and Seattle. French American Banking Corporation, Capital accounts: $5,900,000 General foreign banking, largely None. American interests sold to Banque de New York National Bank of Commerce, succeeded by with France and colonies. Also l'lndochine, Paris, in 1947. Corpo- Incorporated in New York, 1919 Guaranty Trust Co., N. Y. domestic brokers' loans, trading ration continues as American out- First National Bank of Boston in Federal funds. post for Comptoir National d'Es- Comptoir National d'Escompte, Paris compte and Banque de l'lndochine. The Shawmut Corporation, Boston Capital accounts: $2,500,000 Financing imports and exports Offices in New York, Chicago, and Agreement cancelled at request of Incorporated in Massachusetts, 1919 National Shawmut Bank, Boston, with through letters of credit, accept- Philadelphia. corporation in 1929. Stock of Guaranty Trust Co., N. Y., and other ances, foreign exchange. After corporation trusteed for benefit of banks. Shawmut Bank became sole 1922, purchase and sale of se- stockholders of National Shawmut owner in 1921. curities, trading in Federal funds, Bank. Corporation subsequently and dealing in acceptances. liquidated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Foreign Credit Corporation, New York Capital accounts: $6,600,000 Business largely concentrated in None. Liquidated prior to 1923. Incorporated in New York, 1919 Guaranty Trust Co., N. Y. acceptances covering imports Chase National Bank, N. Y. and exports. Central Union Trust Co., N. Y. Philadelphia National Bank Others Equitable Eastern Banking Corporation, Capital accounts: $3,900,000 General foreign banking; dealt Operated 3 branches in Far East. Acquired by Chase National Bank in New York Equitable Trust Co., N. Y. chiefly in silver bullion and Hong 1930. In 1931 business acquired by Incorporated in New York, 1920 Northwestern National Bank, Portland Kong dollars. The Chase Bank, which continued Mercantile Securities Co., San Francisco to operate its branches. Citizen National Bank, Los Angeles International Acceptance Bank, Inc., Capital accounts: $16,000,000 General foreign banking. Representative's offices in London, Acquired by Bank of Manhattan Co., New York Paul M. Warburg, N. Y. Chicago, and Buffalo, to relay cable 1929. Incorporated in New York, 1921 First National Bank of Boston and telegraph messages only. Con- American International Corp. of N. Y. trolled one subsidiary in Holland Others, including institutions abroad and 2 in New York. Bank of Central and South America, Capital accounts: $8,300,000 General foreign banking. Operated one branch in Germany and Liquidated in 1925. Branches in Incorporated, New York Mercantile Bank of the Americas, N. Y. and local subsidiaries in Latin America Latin America acquired by Royal Incorporated in Connecticut, 1922 associated interests (see above) formerly owned by Mercantile Bank Bank of Canada. of the Americas (see above). Citibank of New York in France Incorpo- Capital accounts: $600,000 Holding company for National National City Bank of N. Y., France Acquired by International Banking rated, Incorporated in Connecticut, National City Bank of N. Y. City Bank of N. Y. (France) S. A. took over Paris branch of Na- Corporation, 1930. In 1952 Na- 1924—name later changed to The Inter- S. A. (formed 1924), which con- tional City Bank of N. Y., which had tional City Bank of N. Y. estabnational Finance Company, New York ducted general banking. been acquired from Farmers' Loan lished direct branch in Paris to take and Trust Company in 1922. over business of local branch of International Banking Corporation. Atlantic National Corporation, Boston Capital accounts: $1,000,000 Principally conducted investment Representative's office in New York for Corporation failed to develop foreign Incorporated in Massachusetts, 1924— Atlantic National Bank of Boston business of Atlantic National securities trading and to maintain business. Agreement cancelled in name changed in 1925 to Atlantic Cor- Bank. connections with N. Y. banks, ex- 1932 and name changed to Post poration of Boston, and in 1927 to At- porters, and importers. Office Square Securities Corporalantic-Merrill Oldham Corporation tion. Stock trusteed for the beneand in 1929 reverted to Atlantic Corpo- fit of the stockholders of Atlantic ration of Boston National Bank. Corporation later dissolved. Bank of Haiti, Incorporated, New York Capital accounts: $1,600,000 Formed to acquire stock ofBanque Acquired Banque Nationale de la Re- Acquired by International Banking Incorporated in Connecticut, 1925 National City Bank of N. Y. Nationale de la Republique publique d'Haiti and its 11 branches Corporation, 1930. In 1935 Banque d'Haiti. and agencies, and 7 branches from Nationale was sold to Haitian Gov- International Banking Corp. ernment. 1 Corporations chartered by Board of Governors and formerly in operation under Section 25 (a) of Federal Reserve Act. 2 Corporations organized under State laws and formerly in operation under agreement with Board of Governors under Section 25 of Federal Reserve Act. 3 Total capital accounts at or near peak of operations; last five digits of figures are rounded. to vo vo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders CREDIT EXTENDED to real estate mortgage lend- mortgage loans owned by the borrowers. The ers by weekly reporting member banks as of decline in commitments to extend additional credit November 14, 1956 amounted to $1,524 million, largely reflects the expiration of an unused com- $59 million more than reported at the previous mitment to one institution. survey on August 8, 1956. Commitments to ex- The foregoing information was obtained by a tend additional credit to these lenders declined special survey of all types of credit extended by $270 million to $794 million. commercial banks to real estate mortgage lenders. The major portion of the $59 million increase Results of earlier surveys have been published in in loans was a $37 million increase to mortgage the September 1956 and earlier Federal Reserve companies secured by the pledge of real estate BULLETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES NOVEMBER 14, 1956 AND SELECTED PRIOR DATES [In millions of dollars] Increase Outstanding on (or decrease —) Item Aug. 8, Nov. 16, Nov. 14, Aug. 8, Nov. 16, Aug. 10, to 1955 to 1956 1956 r 1955 1955 Nov. 14, Nov. 14, 1956 1956 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 303 276 404 338 27 -101 Insurance companies 102 104 265 235 -2 -163 Mortgage companies 113 103 109 90 11 Others* 70 30 12 18 58 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 1,091 1,051 1,110 982 40 -19 Insurance companies 7 9 20 11 -2 -13 Mortgage companies 1,012 974 1,035 911 37 -24 Others* 73 68 54 59 4 18 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total 130 137 107 88 -8 22 Insurance companies 5 2 4 -3 3 Mortgage companies 57 60 38 24 -3 19 Others1 68 70 68 60 -1 Total loans to real estate mortgage lenders 1,524 1,465 1,623 ,408 59 -98 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total 794 1,064 1,225 ,295 -270 -431 Insurance companies 97 110 151 183 -13 -54 Mortgage companies 536 791 889 894 -255 -353 Othersi 162 163 185 219 -2 -24 r Revised. ments at Aug. 10, 1955 and Aug. 8, 1956 were not asked to report in 1 Savings and loan associations, mutual savings banks, builders and other surveys, but their August 1955 figures are included in November other organizations (other than banks) that make or hold substantial 1955 data and their August 1956 figures are included in the current amounts of real estate loans. survey for comparative purposes. Details may not add to totals due NOTE.—Banks reporting less than $1 million of loans and commit- to rounding. 1300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Maximum Rates of Interest Payable on Time and (C) On any Postal Savings deposit which Savings Deposits by Member Banks of the constitutes a time deposit. Federal Reserve System (2) Maximum rate of 2% per cent.—No mem- The Board of Governors of the Federal Reserve ber bank shall pay interest accruing at a rate in System and the Federal Deposit Insurance Cor- excess of V/i per cent per annum, compounded poration have changed the maximum permissible quarterly,2 regardless of the basis upon which such rates of interest payable by member banks of the interest may be computed,— Federal Reserve System and insured nonmember (A) On any time deposit (except Postal Savbanks on time and savings deposits, effective Janu- ings deposits which constitute time deposits) ary 1, 1957. No change was made in the maxi- having a maturity date less than six months and mum 1 % rate payable on time deposits of less than not less than 90 days after the date of deposit 90 days. The maximum rates of interest payable or payable upon written notice of less than six by member banks are contained in the Supplement months and not less than 90 days. to the Board's Regulation Q, the revised text of (3) Maximum rate of 1 per cent.—No member which is as follows: bank shall pay interest accruing at a rate in excess of 1 per cent per annum, compounded quarterly,2 SUPPLEMENT TO REGULATION Q regardless of the basis upon which such interest Pursuant to the provisions of section 19 of the may be computed,— Federal Reserve Act and section 3 of its Regula- (A) On any time deposit (except Postal Savtion Q, the Board of Governors of the Federal ings deposits which constitute time deposits) Reserve System hereby prescribes the following having a maturity date less than 90 days after maximum rates1 of interest payable by member the date of deposit or payable upon written banks of the Federal Reserve System on time and notice of less than 90 days. savings deposits: (1) Maximum rate of 3 per cent.—No member Corporations Doing Foreign Banking or Other bank shall pay interest accruing at a rate in excess Foreign Financing Under the Federal Reserve Act of 3 per cent per annum compounded quarterly,2 The Board of Governors of the Federal Reserve regardless of the basis upon which such interest System, effective January 15, 1957, revised Regulamay be computed,— tion K which relates to Corporations doing foreign banking or other foreign financing under sections (A) On any savings deposit, 25 or 25(a) of the Federal Reserve Act. This (B) On any time deposit having a maturity revision clarifies and makes more specific the rules date six months or more after the date of deapplicable to such Corporations, particularly the posit or payable upon written notice of six rules relating to their activities in the United States. months or more. The text of the revised regulation is as follows: 1 The maximum rates of interest payable by member REGULATION K banks of the Federal Reserve System on time and savings deposits as prescribed herein are not appplica- SECTION 1. SCOPE AND APPLICATION OF ble to any deposit which is payable only at an office of REGULATION a member bank located outside of the States of the United States and the District of Columbia. This regulation is issued by the Board of Gov- 2 This limitation is not to be interpreted as prevent- ernors of the Federal Reserve System (hereinafter ing the compounding of interest at other than quarterly called the "Board of Governors") under authority intervals, provided that the aggregate amount of such of the Federal Reserve Act. It applies to corinterest so compounded does not exceed the aggregate porations organized under section 25(a) of that amount of interest at the rate above prescribed when compounded quarterly. Act (U.S.C., title 12, sees. 611-631) for the pur- 1301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 FEDERAL RESERVE BULLETIN • DECEMBER 1956 pose of engaging in international or foreign bank- articles of association); (2) make an organization ing or other international or foreign financial op- certificate on Form F. R. 152, which is made a erations, and to the extent specified in section 11 part of this regulation; and (3) forward the articles of this regulation, to corporations having an agree- of association and the organization certificate to the ment or undertaking with the Board of Governors Board of Governors. The articles of association under section 25 of the Act (U.S.C., title 12, sees. shall specify in general terms the objects for which 601-604). Pertinent portions of those sections are the Corporation is formed, and may contain any printed in the Appendix to this regulation. other provisions not inconsistent with law which the Corporation may see fit to adopt for the re- SECTION 2. DEFINITIONS gulation of its business and the conduct of its af- For the purpose of this regulation, unless the fairs. Each person intending to participate in the context otherwise requires— organization of the Corporation shall sign the ar- (a) "Corporation" when spelled with a capital ticles of association and the organization certificate "C" means a corporation organized under section and shall acknowledge the execution of the latter 25(a) of the Federal Reserve Act. before a judge of some court of record or notary (b) "Banking" means the business of receiving public, who shall certify thereto under the seal of or paying out deposits, or accepting drafts or bills such court or notary. of exchange. (b) Name.—The name of the Corporation is (c) '*Banking Corporation" means a Corporation subject to the approval of the Board of Governors, which is engaged in banking. and a preliminary application for that approval (d) "Financing Corporation" means a Corporamay be filed with the Board of Governors on Form tion which is not engaged in banking except to the F. R. 150, which is made a part of this regulation. extent that it is required by the Secretary of the The name shall in no case resemble the name of Treasury to act as fiscal agent of the United States. any other corporation to the extent that it might A Corporation in existence on July 1, 1955 is a result in misleading or deceiving the public as to Banking Corporation if it was engaged in banking its identity, purpose, connections or affiliations, and on that date, or a Financing Corporation if not so in the case of an application with respect to a engaged on that date. Financing Corporation the name shall also comply (e) "Abroad" means in one or more foreign with section 10(c)(2). The name of any Corcountries or dependencies or insular possessions of poration hereafter organized shall so far as practhe United States. ticable indicate the nature of the business contem- (/) "Goods" includes wares, merchandise, complated, and shall include the word "international", modities and any other tangible personal property "foreign", "overseas", or some similar word. No (other than money). Financing Corporation hereafter organized will be (g) "Persons" includes any individual, and any permitted to have the word "bank" or "banking", corporation, partnership, association or other simior any similar word, as part of its name. lar organization. (c) Authority to commence business.—After the (h) "Affiliated" when used with respect to two articles of association and organization certificate persons means that, directly or indirectly, either have been filed with and approved by, and a preone controls, is controlled by, or is under common liminary permit to begin business has been issued control with, the other. by, the Board of Governors, the association shall (i) "Capital and surplus" means (1) paid in and become and be a body corporate, but none of its unimpaired capital and (2) surplus. powers, except such as are incidental and pre- SECTION 3. ORGANIZATION, CORPORATE STRUCTURE liminary to its organization, shall be exercised until AND OWNERSHIP the Board of Governors has issued to it a final (a) Articles of association and organization certif- permit to commence business. Before the Board icate.—Any number of natural persons, not less of Governors will issue its final permit to comthan five, desiring to organize a corporation under mence business, the president, cashier or secretary, section 25(a) of the Federal Reserve Act shall (1) together with at least three of the directors, must enter into articles of association (see Form F. R. certify (1) that each director is a citizen of the 151, which is suggested as a satisfactory form of United States; (2) that a majority of the shares Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1303 of capital stock is held and owned by citizens of making any issue or transfer of stock, require such the United States, by corporations the controlling evidence as in their discretion they may think interest in which is owned by citizens of the United necessary in order to determine whether or not States, chartered under the laws of the United the issue or transfer of the stock would result in States or of a State of the United States, or by such a violation. The decision of the board of firms or companies the controlling interest in which directors in each such case shall be final and conis owned by citizens of the United States; and (3) clusive as to, and not subject to question by, any that of the authorized capital stock specified in the person. articles of association at least 25 per cent has been (2) If at any time a change in the status of paid in in cash and that each shareholder has the holder of any shares of a Corporation causes individually paid in in cash at least 25 per cent of a violation of the requirements of section 25(a) his stock subscription. Thereafter the cashier or of the Federal Reserve Act relating to the United secretary shall certify to the payment of the re- States citizenship of those who hold, own, or conmaining installments as and when each is paid in, trol a majority of the shares of capital stock of a in accordance with law. Corporation, the board of directors shall, when (d) Amendments to articles of association.—The apprised of that fact, forthwith serve on the holder articles of association may contain provisions rela- of the shares in question a notice in writing retive to the procedure whereby amendments thereof quiring such holder within two months to transfer may be effected in any manner not inconsistent such shares to a person then eligible to acquire with section 25(a) of the Federal Reserve Act, such shares. When such notice has been given other applicable law, and this regulation. No by the board of directors, the shares of stock so amendment of the articles of association shall be- held shall cease to confer any right to vote or to come effective unless and until it shall have been participate in dividends thereafter declared; and approved by the Board of Governors. the right to vote and to receive dividends shall (e) General requirements as to capital stock.—No resume only after, and only with respect to votes Corporation may be organized under section 25(a) cast and dividends declared after, the shares have with capital stock of less than $2,000,000. The par been transferred as required above. If on the value of each share of stock shall be specified in expiration of two months after such notice the the articles of association, and no Corporation will shares shall not have been so transferred, the be permitted to issue stock of no par value. If shares shall promptly be sold at public or private there is more than one class of stock, the name and sale by the Corporation, as agent for and for the amount of each class and the obligations, rights, account of the ineligible holder, to a person then and privileges attaching thereto shall be set forth eligible to acquire such shares. In the event such fully in the articles of association. Each class of shares cannot be sold for a reasonable price and stock shall be so named, or so described in the within a reasonable time at such a public or private stock certificates by which it is represented, as to sale, the shares will, with the approval of the Board indicate as clearly as possible its character and any of Governors, be forfeited to the Corporation. unusual attributes. (3) The board of directors shall prescribe in (/) Citizenship of shareholders.—(1) In order to the by-laws of the Corporation appropriate rules insure compliance at all times with the require- for the registration of the shares of stock in acments of section 25(a) of the Federal Reserve Act cordance with the terms of the law and these regurelating to the United States citizenship of those lations. The certificates of stock issued by the who hold, own, or control a majority of the shares Corporation shall contain provisions sufficient to of capital stock of a Corporation, such stock shall put the holder on notice of the terms of the law be issuable and transferable only on the books of and regulations defining the limitations upon the the Corporation, and no issue or transfer of stock rights of ownership and transfer. which would cause a violation of such requirements of law or of related provisions of this regula- SECTION 4. BANKING CORPORATIONS AND FINANCtion shall be made upon the books of the Corpora- ING CORPORATIONS tion. The board of directors of the Corporation, A Banking Corporation (a) shall not issue or acting directly or through an agent, may, before have outstanding any debentures, bonds, promis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 FEDERAL RESERVE BULLETIN • DECEMBER 1956 sory notes or similar obligations except promissory like fiduciary capacity, or act in the United States notes due within one year evidencing borrowing as registrar or in any similar capacity with respect from banks or bankers, and (b) shall not engage to the servicing in the United States of any security in the business of issuing, underwriting, selling or issue distributed therein; but it may act as paydistributing securities, except to such limited extent ing agent in the United States with respect to as the Board of Governors may, upon application securities issued by a "foreign state" as defined in of the Corporation, exempt activities of the Cor- section 25(b) of the Federal Reserve Act or by a corporation chartered by such a foreign state poration's branch or agency in a foreign country and not qualified under the laws of the United with respect to obligations of, or obligations un- States or any State (or the District of Columbia) conditionally guaranteed as to principal and into do business in the United States. A Corporaterest by, the national government of such country. tion may not establish any branch in the United A Financing Corporation shall not engage in bank- States, but with the prior approval of the Board ing except to the extent that it is required by the of Governors may establish agencies in the United Secretary of the Treasury to act as fiscal agent of States for specific purposes, but not generally to the United States. The Board of Governors may carry on the business of the Corporation. Funds grant permission, subject to such conditions as it of a Corporation not currently employed in the may prescribe, for a Banking Corporation to international or foreign business of the Corporachange to a Financing Corporation, or for the tion in accordance with other provisions of this reverse. regulation, if held or invested in the United States, SECTION 5. OPERATIONS ABROAD shall be only in the form of (1) cash, (2) deposits with banks, (3) bankers' acceptances or (a) General.—Except as otherwise provided by prime open market commercial paper, or (4) dilaw or by this regulation, a Corporation may exerrect obligations of the United States or other incise abroad, through branches or agencies estabvestment securities of such kinds, and in such lished with the approval of the Board of Governors amounts, as the Corporation could purchase within or through correspondents or other agents, not the limitations of section 5136 of the Revised only the powers specifically set forth in the law or Statutes (U.S.C., title 12, sec. 24) if it were a by this regulation and those incidental thereto, but member bank of the Federal Reserve System. also such powers as may be usual in the determi- Subject to the other provisions of this regulation, nation of the Board of Governors in connection succeeding paragraphs of this section indicate genwith the transaction of banking in the case of a erally the kinds of transactions by a Corporation Banking Corporation, or other financial operations which may be considered appropriate in the United in the case of a Financing Corporation, in the place States. in which the Corporation is transacting business. (b) Receipt of deposits in United States by Bank- As indicated in section 6(e) (2), the activities of a ing Corporations—(1) A Banking Corporation may Financing Corporation abroad are limited by the receive only such deposits within the United States requirement that it shall not, by its activities as may be incidental to or for the purpose of abroad, engage or participate, directly or in- carrying out transactions abroad. Such deposits directly, in certain activities in the United States. may be either time or demand, and shall be sub- (b) Branches.—With the prior approval of the ject to all the requirements of Regulation Q (which Board of Governors, a Corporation may establish relates to the payment of interest on deposits and branches or agencies abroad. related matters) in the same manner as if the Corporation were a member bank of the Federal SECTION 6. LIMITED OPERATIONS IN THE UNITED Reserve System; but no such deposit shall be a STATES "savings deposit" as defined in Regulation Q. (a) General.—A Corporation shall not carry on If a Banking Corporation receives deposits in the any part of its business in the United States except United States, it shall maintain reserves against such as shall be incidental to its international or such deposits in the same manner and amount foreign business. It may not engage in the United (but in no event less in the aggregate than 10 per States in the business of acting as trustee, or in a cent of such deposits) as if it were a member bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1305 of the Federal Reserve System, and shall in like of the following transactions in the United States manner submit reports of deposits and be subject with respect to extensions of credit— to all the requirements of Regulation D (which (1) As principal or as agent for another bank, relates to reserves of member banks). issue, confirm, or advise letters of credit or other (2) A deposit received in the United States by authorizing instrument (or receive and forward to a Banking Corporation from a foreign depositor another bank applications therefor) which conwill ordinarily be considered incidental to or for template the drawing of "qualifying drafts". As the purpose of carrying out transactions abroad used in section 6(c), "qualifying drafts" means provided the deposit is not to be used to make drafts or bills of exchange drawn, or written repayments for expenses in the United States of a ceipts given, to cover specific goods in the process United States office or representative and in addi- of being (i) exported from or imported into the tion the deposit (i) is to be used to make pay- United States, (ii) temporarily stored in the United ments for transactions abroad, for goods ex- States as part of such an exportation or importaported or imported, for other direct costs of ex- tion, (iii) stored abroad, or (iv) shipped within port or import, or for carrying out transactions or between places abroad, or to cover (v) perwith the Corporation under section 6(c) or 6(d); formance of specific contracts at places abroad or (ii) is to be held for reserve or working balance or of specific international or foreign transactions, purposes, except that a Banking Corporation shall (vi) cost of operating ships in international or not receive funds to be held in the United States foreign transportation, or (vii) payments in conas time deposits solely for purposes of safekeep- nection with international or foreign transfers of ing or investment and unrelated to other inter- royalties, copyrights or patent rights or with the national or foreign business of the depositor with rendering of services at, or necessary for carrythe Corporation. As used in section 6(b) "for- ing out projects at, places abroad. eign depositor" means a foreign government, a (2) As principal or as agent for another bank, person conducting business principally at the peraccept, negotiate, present, discount, purchase, or son's offices or establishment abroad, or a foreign pay "qualifying drafts", if the Corporation or a national resident abroad. bank at a place abroad issued, confirmed or ad- (3) A deposit received in the United States by vised the authorizing letter of credit or other a Banking Corporation from a depositor who is authorizing instrument or if the office of the Cornot a foreign depositor will ordinarily be con- poration is named in the authorizing instrument sidered incidental to or for the purpose of carrying as the place of payment or an optional place of out transactions abroad provided the deposit is payment thereof. not to be used to make payments for expenses in (3) Accept drafts or bills of exchange which the United States of a United States office or rep- are drawn by a bank or banker located in a place resentative and in addition the deposit (i) is for abroad for the purpose of furnishing dollar extransmission to a place abroad; or (ii) is to provide change as required by the usages of trade in such collateral or payment for extensions of credit by place. the Corporation; or (iii) represents proceeds of (4) Purchase, discount, or lend on, documencollections abroad which are to be used to make tary or other drafts which the Corporation is to payments for goods exported or imported or for send to a place abroad for collection. other direct costs of export or import, or periodi- (5) Make advances to, or acquire the obligacally transferred to the depositor's account at an- tions of, foreign governments; or, if the advances other bank; or (iv) represents proceeds of exten- or acquisitions are for the purpose of financing sions of credit by the Corporation which are to be activities abroad or payment for goods exported used for the purposes of the credit extension or to or imported or other direct costs of export or be periodically transferred to the depositor's ac- import (but not expenses in the United States of count at another bank. a United States office or representative), make (c) Extensions of credit in United States by Bank- advances to, or acquire the obligations of, a pering Corporations.—It will ordinarily be considered son conducting business principally at the person's incidental to the international or foreign business offices or establishments abroad or a foreign naof a Banking Corporation for it to engage in any tional resident abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BULLETIN • DECEMBER 1956 (6) Finance by loan, acceptance, or other- currently employed in the international wise— or foreign business of the Corporation. (i) The shipment (but not production) of (ii) Acquire obligations (by purchasing, disspecific goods which are being exported, counting, or lending thereon) which or being accumulated for export as part cover the export of specific goods (inof an existing export financing arrange- cluding directly related services and ment of the Corporation; or other direct costs of the export, but (ii) The storage of specific goods abroad or not expenses in the United States of a the shipment of specific goods between United States office or representative), places abroad; or have as a primary obligor a foreign (iii) The importation of specific goods into government or a person conducting busthe United States, which may include iness principally at the person's offices lending against the shipping documents or establishments abroad, and are acpending arrival of the goods from a quired by the Corporation as part of place abroad; or such export transaction. (iv) In the case of specific goods whose im- (iii) Make advances to, or acquire (by portation into the United States was purchasing, discounting, or lending financed by the Corporation, the de- thereon) the obligations of, foreign govlivery of the goods to the purchaser ernments; or, if the advances or acthrough domestic transport facilities or quisitions are for the purpose of financthe assembly or packaging of the goods ing activities abroad or payment for for resale without essential change in goods exported (including directly rethe nature of the product. lated services and other direct costs of the export, but not expenses in the (d) Other Activities in United States by Banking United States of a United States office Corporations—It will ordinarily be considered inor representative), make advances to, cidental to the international or foreign business or acquire (by purchasing, discounting, of a Banking Corporation for it to engage in any or lending thereon) the obligations of, of the following other activities in the United a person conducting business principally States— at the person's offices or establishments (1) Buy and sell spot and future foreign ex- abroad. change. (iv) Issue sight letters of credit undertaking (2) Receive checks, drafts, bills of exchange, to extend credit authorized under other acceptances, notes, bonds, coupons and other se- provisions of this paragraph, but in no curities for collection abroad, and collect such event contemplating the accepting of instruments in the United States when received any drafts. from customers abroad. (v) Guarantee advances which the Corpora- (3) Hold securities in safekeeping for, or buy tion is authorized to make, or obligaand sell securities upon the order and for the tions it is authorized to acquire, under account and risk of, customers abroad with whom other provisions of this paragraph. other relationships permitted by this regulation are (vi) Extend credit, by means of advances, maintained. guarantees or otherwise, to a corpora- (e) Activities in United States by Financing Cor- tion in which the Financing Corporation porations.—(1) It will ordinarily be considered owns all the voting stock, or all except incidental to the international or foreign business directors' qualifying shares, to enable of a Financing Corporation for it to engage in any such subsidiary to extend credit which of the following transactions in the United States— the Financing Corporation is itself authorized to extend under other provi- (i) Finance its own authorized activities sions of this paragraph. (e.g., borrow money or issue its own securities) or hold or invest, in ac- (2) A Financing Corporation, in issuing, uncordance with section 6(a), funds not derwriting, selling or distributing securities abroad, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1307 shall not engage or participate in the underwriting, banks of drafts and bills of exchange) that would sale or distribution of securities in the United apply if it were a member bank of the Federal States (except the issuance of its own securities), Reserve System. and may not so engage or participate directly SECTION 8. ISSUE OF OBLIGATIONS BY FINANCING or indirectly or through an agency or on a com- CORPORATIONS mission or consignment basis or in any other manner. If a security issue is being sold or dis- (a) General.—A Financing Corporation is not tributed partly in and partly outside the United required to obtain the approval of the Board of States, a Financing Corporation may not under- Governors before issuing any of its debentures, write, even on a standby basis, that portion being bonds, promissory notes or other such obligations, sold or distributed in the United States (no matter but, as specified in section 10(6), it shall in no by whom it is being so sold or distributed). event have liabilities outstanding at any time exceeding ten times its capital and surplus. Every SECTION 7. ACCEPTANCES BY BANKING Financing Corporation shall carry on its business CORPORATIONS in accordance with sound financial policies, in- (a) General.—In accepting drafts or bills of cluding among other considerations, a proper reexchange as permitted in sections 5 and 6, a Bank- gard to the relationship between its assets and the ing Corporation shall comply with the require- maturities of its obligations, so as to give reasonments set forth in the succeeding paragraphs of able assurance that the Corporation will be in a this section. position to pay its obligations as they mature. (b) Maturity.—No Banking Corporation shall Further requirements are set forth in paragraphs accept any draft or bill of exchange drawn for the (b), (c) and (d) of this section with respect to purpose of furnishing dollar exchange having at secured obligations, unsecured obligations, and inthe date of its acceptance more than three months formation to be made available. to run, or accept any other draft or bill of ex- (b) Secured obligations—All secured obligations change having at the date of its acceptance more issued by a Financing Corporation (except promisthan six months to run, exclusive in either case of sory notes due within one year evidencing bordays of grace. rowing from banks or bankers) shall be secured (c) Limitations.—No acceptances shall be made by collateral which, unless placed under the confor the account of any one person in an amount trol of the person or persons owning all the obliaggregating at any time in excess of 10 per cent gations secured thereby, shall be transferred and of the capital and surplus of the Corporation, un- delivered, free of any prior lien, charge, or enless the transaction is fully secured or unless it cumbrance thereon, to a member bank of the represents an exportation or importation of goods Federal Reserve System as the trustee under a and there is a primary obligation to reimburse trust indenture executed by the Financing Corthe Corporation which is also guaranteed by a poration as security for the obligations of the bank or banker. Whenever the aggregate of ac- Corporation issued or to be issued thereunder, ceptances outstanding at any time exceeds the which trust indenture shall prescribe the general amount of the Corporation's capital and surplus, form of such obligations and shall require that 50 per cent of all the acceptances in excess of such every such obligation shall be authenticated by amount up to twice the amount of the capital and the certificate of the trustee noted thereon. surplus, and all the acceptances outstanding in (c) Unsecured obligations.—In the event a Fiexcess of such double amount, (1) shall be fully nancing Corporation issues or has outstanding any secured, or (2) shall represent exportation or im- unsecured obligations (except promissory notes portation of goods and shall have a primary obli- due within one year evidencing borrowing from gation to reimburse the Corporation which is also banks or bankers), the Corporation shall comply guaranteed by a bank or banker. In accepting with the following requirements— drafts drawn for the purpose of furnishing dollar (1) While any such unsecured obligations are exchange, a Banking Corporation shall be subject outstanding, loans or other credits held by the to all the limitations and requirements of Regula- Corporation, or outstanding with its guarantee, tion C (which relates to acceptances by member shall not have a maturity of more than ten years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1308 FEDERAL RESERVE BULLETIN • DECEMBER 1956 (2) All unsecured obligations issued by the generally accepted accounting princi- Corporation (except promissory notes due within ples. one year evidencing borrowing from banks or (d) Information.—No prospectus, circular, bankers) shall contain a provision, or shall be is- letter, advertisement, or other statement published sued under an agreement, which shall provide or issued in any form or manner by a Financing that the Corporation will not, during the time any Corporation, or by persons underwriting, selling, such obligations remain outstanding— or distributing an issue of obligations by the Corporation, shall contain any matter to indicate that (i) Issue any obligations, regardless of maany obligations issued by such Corporation or the turity or payee (except in renewal or collateral securing same has in any way received retirement of an equivalent amount of the approval of the Board of Governors or any indebtedness), if immediately thereafter other agency of the United States or that the colthe fair value of the assets of the Corlateral securing same has been appraised or apporation, excluding notes, drafts, bills proved in any way by the Board of Governors or of exchange and other evidences of any other agency of the United States. There shall indebtedness that are in default as to be set forth on the outside front cover page of either principal or interest for a period every prospectus the following statement in capiin excess of six months, would be less tal letters printed in bold-face roman type at least than 110 per cent of the aggregate prinas large as ten-point modern type and at least cipal amount of all borrowings of the two points leaded: Corporation. These securities have not been approved or dis- (ii) Mortgage, pledge or otherwise subject approved by the Board of Governors of the Fedany of its assets to any lien or charge eral Reserve System or any other agency of the to secure any indebtedness for borrowed United States nor has the Board or any other agency of the United States passed upon the acmoney or to secure any other obligacuracy or adequacy of this prospectus. These tions of the Corporation, unless each securities are the obligation solely of (Name of person holding any of the Corpora- Financing Corporation), and no other individual, organization, or group has any direct or indirect tion's unsecured obligations (other than responsibility for their payment. obligations specifically subordinated to Within forty days after issuing any obligations (exall other debt of the Corporation), cept promissory notes due within one year eviwhich would remain outstanding after dencing borrowing from banks or bankers), a such transaction, either grants his con- Financing Corporation shall file with the Board of sent or is provided with security sub- Governors copies of all prospectuses and other stantially equivalent in value (in proporliterature describing or affecting such issue pubtion to obligations held) to that prolished by the Corporation or its officers or by pervided by such mortgage, pledge, lien or sons underwriting, selling or distributing the issue, charge; and shall also file with the Board of Governors the (iii) Sell, lease, assign or otherwise dispose information described in subparagraphs (1) of all or substantially all its assets; or through (4) of this paragraph to the extent, if (iv) Declare or pay any dividend (other than any, that such information is not contained in a dividend payable in stock of the Cor- such prospectuses. The information described in poration) or authorize or make any subparagraphs (1) through (4) of this paragraph other distribution (except upon redemp- is as follows: tion of preferred stock, including pay- (1) The amount of the funded debt outstandments made for this purpose into a ing and to be created by the obligations offered, preferred stock sinking fund, in ac- including the net price received and to be received cordance with law and the articles of by the Corporation for such obligations, with a association of the Corporation) on any brief description of the date, maturity, and charstock of the Corporation otherwise than acter of such debt, rate of interest, character of out of the earned surplus of the Corpora- amortization provisions, and the collateral, if any, tion as determined in accordance with provided or to be provided therefor, and a sum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1309 marized statement of the conditions, if any, under Board of Governors. As used in this section, which substitution of collateral is permitted, and the term "stock" includes all certificates of ownerif substitution is permissible without notice, a spe- ship. cific statement to that effect. (b) By Banking Corporations.—Consent of the (2) A balance sheet showing all assets and lia- Board of Governors for a Banking Corporation bilities, including contingent liabilities, of the Cor- to purchase and hold stock in other corporations poration with supporting schedules in the form will not be granted except upon individual appliprescribed by the Board of Governors for reports cation setting forth the relevant facts and cirof condition (Form F. R. 314) and an analysis cumstances. The Board of Governors ordinarily of surplus showing how and from what sources will not grant consent for a Banking Corporation such surplus was created, all as of the close of to purchase and hold stock in a corporation not business on the date of issuance of the obligations, engaged in banking or closely related activities. and giving effect thereto. (c) By Financing Corporations.—Subject to ap- (3) A copy of any underlying agreements or plicable requirements of law and of this regulation indentures affecting the obligations. and upon application setting forth the proposed (4) A copy of the opinion or opinions of coun- program of the Financing Corporation, the Board sel as to the legality of the issue, the validity of any of Governors may grant its general consent for a indenture, and the sufficiency of any transfers of Financing Corporation to purchase and hold collateral executed under any indenture. stock, up to such amounts and in such circumstances as the Board may prescribe, in generally SECTION 9. INVESTMENTS IN STOCK OF OTHER designated types of corporations which are not CORPORATIONS engaged in banking and also are neither incor- (a) General.—With the prior consent of the porated, nor qualified to do business in the United Board of Governors and subject to the provisions States, under the laws of the United States or of section 25(a) of the Federal Reserve Act and any State (or the District of Columbia), provided this regulation, a Corporation may purchase and such stock is purchased from a foreign seller by hold stock in other corporations. The succeed- negotiations in which no United States office or ing paragraphs of this section indicate the circum- establishment of the seller participates, and prostances in which such consent may be granted vided further that such purchase or holding does upon individual application, those in which such not cause the Financing Corporation to be affiliconsent is ordinarily not granted, and those in ated with any person engaged in banking or with which general consent may be granted upon appli- any person the stock of which the Corporation cation as to types of situations. Any consent would be forbidden to purchase or hold under granted by the Board may be conditional, and the section 9{d). In any other instance consent of conditions prescribed may apply to activities of the Board of Governors for a Financing Corporathe Corporation and also to activities of the cor- tion to purchase and hold stock will not be granted, poration in which stock is purchased or held. A except in special cases upon individual application Corporation may purchase and hold stock where setting forth the relevant facts and circumstances. such purchase is necessary to prevent a loss upon The Board of Governors ordinarily will not grant a debt previously contracted in good faith; but consent for a Financing Corporation to purchase stock so acquired shall be disposed of within six and hold stock in a corporation engaged in months from the date of acquisition unless such banking. time is extended by the Board of Governors. If (d) Statutory limitations—Under section 25(a) a Corporation makes a permissible purchase of of the Federal Reserve Act, the following limistock, but a later change in circumstances or in tations apply to the purchase or holding of stock this regulation causes the holding of the stock to by a Corporation— be no longer permissible, the Corporation shall (1) The corporation whose stock is purchased dispose of the stock, or the nonconformity with or held (i) shall be organized under section 25(a) the regulation shall otherwise be corrected, as of the Federal Reserve Act, the laws of any forpromptly as practicable and in any event within eign country or a colony or dependency thereof, six months unless such time is extended by the or the laws of any State, dependency, or insular Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1310 FEDERAL RESERVE BULLETIN • DECEMBER 1956 possession of the United States; and (ii) shall not drawn in good faith against actually existing be engaged in the general business of buying or values; (2) to obligations arising out of the disselling goods in the United States; and (iii) shall count of commercial or business paper actually not be transacting any business in the United owned by the person negotiating the same; (3) States except such as in the judgment of the Board to the liability of a customer on account of an acof Governors may be incidental to its international ceptance made by the Corporation for his account or foreign business. unless the Corporation itself holds the acceptance (2) Except with the prior approval of the Board or the acceptance has matured and the customer of Governors in addition to any consent of the has failed to place the Corporation in funds to Board of Governors otherwise required, a Corpora- cover payment of the acceptances; (4) to the extion shall not invest an amount in excess of 15 tent that liabilities are direct obligations of the per cent of its capital and surplus in the stock of United States or are secured or covered by unany one corporation engaged in the business of conditional guarantees, commitments, or agreebanking, or an amount in excess of 10 per cent of ments to take over or to purchase, made by the its capital and surplus in the stock of any other United States or by any department or estabkind of corporation. lishment of, or corporation wholly owned by, the (3) A corporation shall not purchase, own, United States or by the International Bank for or hold any stock in any other corporation organ- Reconstruction and Development or the Interized under section 25 (a) of the Federal Reserve national Finance Corporation; (5) to a direct Act or under the laws of any State, which is in obligation of, or obligation unconditionally guarsubstantial competition therewith, or which holds anteed by, a foreign government or its approstock in corporations which are in substantial priate financial or central banking authority, and competition with the purchasing Corporation. with respect to which an institution described in subdivision (4) has given an unconditional guar- SECTION 10. GENERAL LIMITATIONS AND antee, commitment or agreement to take over or RESTRICTIONS to purchase (or has accepted a participation) (a) Liabilities of one borrower.—The total lia- which covers only a portion of the obligation (or bilities to a Corporation of any person or govern- a portion of the total credit, in the case of a ment for money borrowed shall at no time ex- participation), but covers it to the extent of at ceed in the case of a Banking Corporation 10 per least 25 per cent and in such manner that any cent of its capital and surplus, or in the case of a default to the Corporation will necessarily include Financing Corporation 50 per cent thereof. For a default to the governmental agency (any such the purposes of this paragraph, the cost to a Cor- partial but concurrent guarantee, commitment, poration of any stock owned by it shall, unless agreement or participation by such an institution otherwise specified by the Board of Governors in being hereinafter called a "proportionate governa particular case, be treated as if it were a lia- mental guarantee"); (6) in the case of a Financbility of the issuer of the stock for money bor- ing Corporation, to any obligation which is subrowed; all bonds, notes or other such obligations, ject to a "proportionate governmental guarantee" whether or not purchased in the open market, and does not exceed 100 per cent of the Corporashall be treated as such a liability; the liabilities of tion's capital and surplus; (7) to direct obligaa partnership or firm shall include those of the tions of the national government of a foreign several members thereof; the liabilities of a cor- country in which the Corporation has a branch poration shall include all liabilities incurred by or agency, or obligations fully and unconditionany subsidiary of the corporation for the benefit ally guaranteed as to principal and interest by of the corporation; and the liabilities of a foreign such government, provided such branch or agency government shall include those of all its depart- has outstanding equal or greater liabilities payable ments or agencies which derive their current funds in the same currency; or (8) to such other classes principally from the general tax revenues of the of transactions at a branch or agency of a Corforeign government. The limitations contained poration in a foreign country as the Board of in this paragraph shall not apply (1) to obliga- Governors may, upon application of the Cortions in the form of drafts or bills of exchange poration, exclude from the limitations of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1311 paragraph due to special circumstances surround- a proper record thereof, describing in detail each ing such transactions in such country. such evidence of indebtedness so sold, discounted, (b) Aggregate liabilities of corporation.—Except or negotiated, the amounts thereof, the parties with the prior permission of the Board of Gov- thereto, the maturity thereof, and the nature of ernors, the aggregate outstanding liabilities of (1) the Corporation's liability thereon. Every fia Banking Corporation on account of accep- nancial statement of the Corporation submitted tances, monthly average domestic and foreign to the Board of Governors or made public in deposits, borrowings, guaranties, endorsements and any way shall show the aggregate amount of all any other such obligations, or (2) a Financing Cor- such liabilities outstanding as of the date on poration on account of debentures, bonds, notes, which such statement purports to show the figuaranties, endorsements and any other such ob- nancial condition of the Corporation. ligations, shall not exceed ten times the amount (e) Reports.—Each Corporation shall make at of the Corporation's capital and surplus. In de- least two reports annually to the Board of Govtermining the amount of the liabilities within the ernors at such times and in such form as the meaning of this paragraph, endorsements of bills Board may require. The Board may, in its disof exchange having not more than six months to cretion, require that statements of condition or run, drawn and accepted by others, shall not be such other reports as it may specify be published included. or made available for public inspection. (c) Relations of Financing Corporations with af- (/) Examinations.—Each Corporation shall be filiated banks.—(1) Whenever a Financing Cor- examined at least once a year by examiners apporation is affiliated with a bank in the United pointed by the Board of Governors. Each Cor- States, such Corporation shall not incur any lia- poration shall obtain and make available to such bility to such bank that would cause the total examiners, among other things, such information liabilities of such Corporation to such bank to as to the earnings, finances, management and other exceed 10 per cent of the capital and surplus of aspects of any corporation whose stock is held such bank, or cause the total liabilities to such by the Corporation as may be appropriate for bank of all Financing Corporations affiliated with appraising such investment and determining its such bank to exceed 20 per cent of such capital suitability. When required by the Board of Govand surplus. For the purposes of this paragraph, ernors, each Corporation shall cause any organizaa Financing Corporation incurs a liability to a tion controlled by it to permit such examiners bank whenever such bank or any organization af- to examine such organization. The cost of examfiliated with such bank (other than such Financ- inations shall be fixed by the Board of Governors and paid by the Corporation. ing Corporation or any organization controlled by it) makes (i) any investment in, or advance (g) Amendments to regulation.—This regulation on the collateral security of, capital stock or obli- is subject to amendment by the Board of Govgations of such Corporation or any organization ernors from time to time. controlled by it, or (ii) any loan or extension of SECTION 11. CORPORATIONS WITH AGREEMENTS credit to, or any purchase under repurchase agree- UNDER SECTION 25 OF THE FEDERAL RESERVE ACT ment from, such Corporation or any organiza- In addition to any other requirements to which tion controlled by it. it may be subject, no corporation having an agree- (2) No Financing Corporation hereafter or- ment or undertaking with the Board of Governors ganized shall have a name which is similar to under section 25 of the Federal Reserve Act shall the name of, or identifies the Corporation with, purchase or hold any asset, or otherwise exercise any bank in the United States with which such any of its powers in the United States or abroad Financing Corporation is affiliated. in any manner, which would not be permissible (d) Sale of securities with guaranty or endorse- under the provisions of this regulation if such ment.—Whenever a Corporation sells, discounts, corporation were a Banking Corporation. or negotiates with its endorsement or guaranty APPENDIX any securities, notes, drafts, bills of exchange, acceptances, bankers' acceptances, or other evi- [Text of Sections 25 and 25(a) of the Federal dence of indebtedness, it shall enter on its books Reserve Act] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS ton, Massachusetts. Mr. Ireland succeeds Meetings of the Federal Open Market Committee Lloyd D. Brace, President, The First National were held in Washington on November 27 and Bank of Boston, Boston, Massachusetts. December 10, 1956. Class B MILTON P. HIGGINS, President, Norton The Federal Advisory Council held a meeting Company, Worcester, Massachusetts. (Rein Washington on November 18-20, 1956, and elected) met with the Board of Governors on November NEW YORK 20. Class A CHARLES W. BITZER, President, The A meeting of the Chairmen and Deputy Chair- Bridgeport-City Trust Company, Bridgeport, men of the Federal Reserve Banks with the mem- Connecticut. Mr. Bitzer succeeds John R. bers of the Board of Governors was held in Evans, President, The First National Bank Washington on December 5-6, 1956. of Poughkeepsie, Poughkeepsie, New York. MAXIMUM INTEREST RATES ON TIME DEPOSITS Class B LANSING P. SHIELD, President, The On December 3, 1956 the Board of Governors Grand Union Company, East Paterson, New of the Federal Reserve System and the Federal Jersey. (Re-elected) Deposit Insurance Corporation changed the maxi- PHILADELPHIA mum permissible rates of interest payable by Class A GEOFFREY S. SMITH, President, Girard member banks of the Federal Reserve System Trust Corn Exchange Bank, Philadelphia, and nonmember banks insured by the FDIC on Pennsylvania. Mr. Smith succeeds Wm. savings deposits and time deposits and certificates Fulton Kurtz, Chairman of the Executive as follows, effective January 1, 1957: Committee, The First Pennsylvania Banking Present Rate New Rate and Trust Company, Philadelphia, Pennsyl- (Per cent) (Per cent) vania. Class B R. RUSSELL PIPPIN, Treasurer, E. I. Savings deposits 2Vi 3 du Pont de Nemours & Company, Inc., Wil- Time deposits and mington, Delaware. Mr. Pippin succeeds certificates, 6 Warren C. Newton, President, O. A. Newton months or more Tand Son Company, Bridgeville, Delaware. Time deposits and CLEVELAND certificates, 90 Class A JOHN A. BYERLY, President, Fidelity days to 6 months 2 2.Vi Trust Company, Pittsburgh, Pennsylvania. No change was made in the maximum per- Mr. Byerly succeeds J. Brenner Root, Presimissible rate, now 1 per cent, payable on time dent, The Harter Bank & Trust Company, deposits and certificates of less than 90 days. Canton, Ohio. ELECTION OF CLASS A AND CLASS B DIRECTORS Class B GEORGE P. MACNICHOL, JR., President, The Federal Reserve Banks have announced the Libbey-Owens-Ford Glass Company, Toledo, results of the annual elections by their member Ohio. Mr. MacNichol succeeds Alexander banks of Class A and Class B directors as shown E. Walker, Chairman, The National Supply below. The directors have been elected to serve Company, Pittsburgh, Pennsylvania. for three years beginning January 1, 1957. RICHMOND BOSTON Class A ROBERT GAGE, President, The Commer- Class A WILLIAM D. IRELAND, President, Sec- cial Bank, Chester, South Carolina. Mr. ond Bank-State Street Trust Company, Bos- Gage succeeds J. K. Palmer, Executive Vice 1312 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1313 President and Cashier, Greenbrier Valley SAN FRANCISCO Bank, Lewisburg, West Virginia. Class A M. VILAS HUBBARD, President and Class B W. A. L. SIBLEY, Vice President and Chairman, Citizens Commercial Trust and Treasurer, Monarch Mills, Union, South Savings Bank of Pasadena, Pasadena, Cali- Carolina. (Re-elected) fornia. (Re-elected) Class B ALDEN G. ROACH, President, Columbia- ATLANTA Class A ROLAND L. ADAMS, President, Bank of Geneva Steel Division, United States Steel York, York, Alabama. (Re-elected) Corporation, San Francisco, California. (Re- Class B JOSEPH T. LYKES, Chairman, Lykes elected) Bros. Steamship Company, Tampa, Florida. Mr. Lykes succeeds A. B. Freeman, Chair- CHANGES IN BRANCH DIRECTORATE man, Louisiana Coca Cola Bottling Com- The Federal Reserve Bank of Dallas has accepted pany, Ltd., New Orleans, Louisiana. the resignation of Mr. J. M. Sakrison as a director of the Bank's El Paso Branch. Mr. Sakrison is a CHICAGO Director of Southern Arizona Bank & Trust Com- Class A VIVIAN W. JOHNSON, President, First pany, Tucson, Arizona. To succeed Mr. Sakrison National Bank, Cedar Falls, Iowa. (Reon the El Paso Branch Board, the Dallas Reserve elected) Bank has appointed Mr. Floyd Childress, Vice Class B WILLIAM A. HANLEY, Director, Eli President, The First National Bank of Roswell, Lilly and Company, Indianapolis, Indiana. Roswell, New Mexico, to serve for the unexpired (Re-elected) portion of a term ending December 31, 1957. ST. LOUIS Class A KENTON R. CRAVENS, President, Mer- REVISION IN BULLETIN TABLES cantile Trust Company, St. Louis. Mr. Cra- Statistics showing the financial position of Federal vens succeeds William A. McDonnell, Presi- Government corporations and credit agencies dent, First National Bank in St. Louis, St. (pages 1340-1341 of this BULLETIN) have been Louis, Missouri. revised to reflect the expanded coverage and the Class B HAROLD O. MCCUTCHAN, Executive new classification of agencies now reported in the Vice President, Mead Johnson & Company, Treasury Bulletin. The revised statement includes Evansville, Indiana. Mr. McCutchan suca number of agencies not reported earlier, and ceeds Louis Ruthenburg, Chairman, Servel, activities are now classified according to the type Inc., Evansville, Indiana. of fund they represent: public enterprise revolv- MINNEAPOLIS ing funds; intragovernmental revolving funds; Class A HAROLD N. THOMSON, Vice President, other activities (nonrevolving funds); deposit Farmers & Merchants Bank, Presho, South funds; and trust revolving funds. The latter two Dakota. (Re-elected) groups include agencies that are Government Class B JOHN E. CORETTE, President and Gen- sponsored but in general are not Government eral Manager, The Montana Power Com- owned. pany, Butte, Montana. (Re-elected) In general, the listings of selected assets and KANSAS CITY liabilities (page 1340) and of principal assets and Class A W. L. BUNTEN, President, Goodland liabilities (page 1341) are not changed. Because State Bank, Goodland, Kansas. (Re-elected) of the increased coverage, the dollar volume of Class B K. S. ADAMS, Chairman, Phillips Pe- several balance-sheet categories has risen sharply. troleum Company, Bartlesville, Oklahoma. The increase in inventories reflects largely hold- (Re-elected) ings of intragovernmental funds, while the in- DALLAS crease in cash represents holdings of these funds Class A JOHN M. GRIFFITH, President, The City and of the postal fund. The amount of loans National Bank of Taylor, Taylor, Texas. outstanding changed only slightly. Mr. Griffith succeeds W. L. Peterson, Presi- Beginning with this issue of the BULLETIN, the dent, The State National Bank of Denison, combined financial statements for these Govern- Denison, Texas. ment enterprises will appear under the heading Class B JOHN R. ALFORD, industrialist and "Federal Business-Type Activities," conforming farmer, Henderson, Texas. (Re-elected) to the term in the Treasury Bulletin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 14 Economic activity was at advanced levels in aircraft industries. Steel mill operations for the the closing months of the year. Industrial pro- month were at 100 per cent of rated capacity duction increased in November and construction and in early December were scheduled at slightly activity was close to the midyear high, after higher rates. allowance for seasonal variation. Incomes and Nondurable goods production continued to retail sales advanced, and in November and early expand in November as output of textiles, ap- December, prices of industrial commodities in- parel, and leather products recovered further, creased. Bank loan expansion continued and and activity in the chemical and petroleum reinterest rates rose further. fining industries increased. Crude oil extraction also increased in response to international de- INDUSTRIAL PRODUCTION mands, and additional gains were registered in early December. The Board's seasonally adjusted index of industrial production was 147 per cent of the CONSTRUCTION 1947.49 average in November, as compared with Spending for new construction in November, 146 in October, and was 3 per cent above a seasonally adjusted, rose slightly and, at an anyear earlier. Utility output of electricity and nual rate of $44.6 billion, was close to the midgas, at 223 per cent of the 1947-49 average, year peak. Private housing starts changed little was up 8 per cent from a year ago. at a seasonally adjusted annual rate of 1,060,000 Auto production rose sharply and, after seaunits, and were one-tenth below a year ago. sonal adjustment, was up one-fourth from the Value of contract awards, which declined con- October level. In early December the weekly rate of assemblies increased further and was close siderably in October, also changed little in Noto the record levels of 1955. Production of vember. major household goods declined in November EMPLOYMENT as output of television and furniture was curtailed. There were further gains indicated in Employment in nonagricultural establishments activity in industrial machinery, shipbuilding, and was maintained at the record level of 51.9 million in November—1.1 million above a year ago. INDUSTRIAL PRODUCTION Average weekly earnings in manufacturing rose 1947-49=100 somewhat further to a new high of $82.42. Un- TOTAL ^/^^\( -140 employment, at 2.5 million, was up about half DURABLE f a million persons from the 1956 low reached in MANUFACTURES /~\i / ~ October and was about the same as a year ago. / 120 The rise reflected sharp increases in holiday job •VK. 1 I i ^ - \ / '• seekers and in layoffs due to curtailment in outdoor activities. 140 A DISTRIBUTION 7 \ MINERALS / ]J^ HN y\/ NONDURABLE Seasonally adjusted retail sales rose about 3 V' MANUFACTURES 120 per cent in November to a new high and were v VV 5 per cent above a year ago. Dollar volume increased at all major categories of retail outlets. .U, In,, -1 ! uu100 nl 1 1 w 1953 1954 1955 1956 1953 1954 1955 1956 Deliveries of new autos advanced substantially Federal Reserve indexes, seasonally adjusted. Monthly fig- further; dealers' stocks also rose, but remained ures, latest shown are for November. 1314 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1315 sharply below a year ago. Retail and wholesale Member bank borrowings from the Federal stocks of other merchandise, however, generally Reserve averaged about $600 million during late were larger than last year. Value of department November and early December, somewhat below store stocks at the end of October was 10 per the levels of other recent weeks. Excess reserves, cent higher than a year earlier, only partly reflect- however, were somewhat higher. Between miding higher prices. November and mid-December, reserves supplied largely through Federal Reserve purchases of PRICES U. S. Government securities and increases in Average wholesale prices of industrial com- Reserve Bank float were absorbed only in part modities advanced further from mid-November through currency outflows and increases in reto mid-December. Nickel, steel scrap, fuels, wool quired reserves. and wool products, rayon yarns, and rubber increased, as did prices of various finished goods. SECURITY MARKETS Wholesale prices of farm products also advanced, Between mid-November and mid-December, reflecting mainly a substantial rise in hogs, and yields on U. S. Government securities advanced averaged 7 per cent above the reduced year- to new postwar highs. Yields on some issues in earlier level. Average retail prices of foods and the one-to-five year maturity range moved to other consumer goods and services in October levels in excess of 3.7 per cent, and those on the were 2.5 per cent higher than a year earlier. longest-term bonds rose above 3.3 per cent. In the second week of December the yield on 90-day BANK CREDIT AND RESERVES Treasury bills rose to about 3.25 per cent. In Total loans and investments at city banks rose addition to year-end pressures in the money marabout $600 million between early November and ket, this advance reflected a special $1 billion early December reflecting in large part further cash offering of 95-day tax anticipation bills, the expansion in business loans. Loans to seasonal third cash sale of Treasury bills in three months. borrowers rose further and those to metal manu- Yields on corporate and State and local governfacturers and sales finance companies, which had ment bonds increased further during late Novemdeclined earlier, also increased. Banks purchased ber and early December. After declining in new Treasury bills in mid-November but subse- November, common stock prices rose on balance quently sold U. S. Government securities. during the first part of December. RETAIL TRADE INTEREST RATES 1947-49=100 TOTAL RETAIL SALES 150 140 LONG-TERM A P^ / \. GOVERNMENT SECURITIES Avv-^/ \-/ \W" AJVI, ^ | DISCOUNT RATE ji \ A 1 ""'"'" K / \ ivV TREASURY BILLS _ A IOO 1 1 1 ! Federal Reserve indexes, seasonally adjusted; retail sales Weekly average market yields for long-term U. S. Governbased on Department of Commerce data. Monthly figures; ment 2Vi per cent bonds and for longest Treasury bills; latest latest shown for sales are November, and for stocks, October. shown are for week ending Dec. 8. 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 1319 Reserve Bank discount rates; reserve requirements; margin requirements. 1322 Federal Reserve Banks 1323 Bank debits; currency in circulation 1326 All banks: consolidated statement of monetary system; deposits and currency 1328 All banks by classes 1329 Commercial banks, by classes. . 1332 Weekly reporting member banks.. 1334 Commercial loans; commercial paper and bankers' acceptances 1336 Interest rates . 1337 Security prices; stock market credit. . 1338 Savings institutions 1339 Federal business-type activities 1340 Federal finance. . 1342 Security issues. . 1346 Business finance 1347 Real estate credit 1349 Short- and intermediate-term consumer credit. 1352 Selected indexes on business activity. . 1356 Production 1357 Employment and earnings. 1364 Department stores. 1366 Foreign trade. . . ... 1367 Wholesale and consumer prices. . . 1368 National product and income series. . 1370 Index 1401 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. 1317 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 or daily figures, 1951- Billions of dollars _ 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 2 r 1 CAIE33 K»CKV» | T 0 35 30 25 20 TREASURY CASH AND DEPOSITS g^ INONMEMBER DEPOSITS^ 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS -J 0 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending November 28. See p. 1319. 1318 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 e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r u a c H r e g n h i p t e r d a i u e l e s e d e r s e r - - c v D o a a a n n u i d s d c n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g y r c a t - - d y s- - c r C t u c e i i u l i n o n a r r c n - - - y T h i c n u o r a g e r l s y d s a h s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t r . s Total r q e u s R e ir e r e - v d e s 2 c E e x s - s2 ment Averages of daily figures 1955 Oct. 5 23,844 23,727 117 843 816 25,525 21,684 5,007 30,428 791 525 381 390 999 18,700 18,189 511 Oct. 12 23,911 23,792 119 909 874 25,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19 24,021 23,916 105 1,041 1,088 26,169 21,685 5,007 30,621 777 534 391 409 1,01019,119 18,494 625 Oct. 26 23,973 23,973 771 985 25,747 21,685 5,009 30,498 778 496 381 387 1,01018,891 18,433 458 Nov. 2 23,995 23,995 943 793 25,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24,024 1,144 776 25,963 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 26,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23 23,888 23,888 816 1,486 26,208 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 26,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21. 24,588 24,375 213 747 746 27,101 21,689 5,008 31,364 772 401 469 336 1,010 1199,446 18,792 654 Dec. 28. 24,767 24,385 382 753 875 27,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4 24 785 24,391 394 584 539 266,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,387 577 Jan. 11 24.308 24,191 117 801 242 256,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18..... 23.804 23,802 2 922 125 255,872 21,692 5,008 30,632 786 360 417 321 920 19,136 18,543 593 Jan. 25 23,517 23,517 815 128 255,480 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 ""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 25,360 21,694 5,011 30,210 794 557 362 366 026 18,749 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 83525,118 21,695 5,011 30,202 783 461 360 327 ,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 812 25,308 21,717 5,011 30,276 779 564 360 346 ,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,2972:5,754 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 1,022 25,658 21,716 5,017 30,321 784 560 347 ,07518,860 18,322 538 Apr. 11 23,521 23,518 3 1,119 8"2'6. 2255,481 21,727 5,016 30,300 782 508 328 307 1082 18,917 18,284 633 Apr. 18 23,399 23,377 22 1,109 97325,497 21,741 5,018 30,290 785 531 347 313 ,08118,909 18,318 591 Apr. 25 23,28.^ 23,282 1,061 1,01725,374 21,742 5,019 30,155 782 569 335 331 ,07818,884 18,344 540 May 2 23,299 23,243 56 1,089 864 25,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9 23,352 23,252 100 1,114 84425,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16 23,279 23,226 53 1,066 93 25,298 21,769 5,026 30,359 789 563 378 314 98018,710 18,241 469 May 23 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 98018,809 18,275 534 May 30 23,412 23,359 53 73: 83524,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6 23,503 23,406 97 894 90625,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13 23,516 23,491 25 747 970 2255,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20 23,492 23,492 764 1,50725,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27 23,478 23,452 "26 756 1,3"6"9 "2"5,621 21,799 5,033 30,485 781 570 297 290 1,000 19,030 18,435 595 July 4 23,791 23,748 43 644 1,23125,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11 23,836 23,826 10 880 1,116699 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 1,412:25,769 21,827 5,031 30,808 768 595 320 278 98718,869 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 1,046 25,172 21,829 5,034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8 23,418 23,418 917 ,182 21,855 5,035 30,633 769 530 319 284 94918,588 18,018 570 Aug. 15 23,439 23,418 21 960 837 25,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 944119,117 18,464 653 Aug. 29 23,622 23,592 30 935 829 "2,5404 21,857 5,041 30,618 776 481 318 282 944 18,883 18,375 508 Sept. 5. 23,849 23,818 31 796 78725,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12. 23,858 23,829 29 1,01 1,04525,934 21,883 5,042 30,910 770 518 381 25: 94119,088 18,394 694 Sept. 19. 23,691 23,673 18 654 1,4'8"9 "2"5,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 21 705 1,394 25,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3 23,697 23,60: 95 810 1,067 25,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10 23,840 23,766 74 857 99025,707 21,906 5,046 30,880 770 489 405 227 958 18,929 18,322 607 Oct. 17 23,860 23,846 14 714 1,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24 23,736 23,736 564 1,54725,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31 23,708 23,668 "40 674 i,06r25,466 21,909 5,051 30,795 780 539 285 29: 92518,810 18,451 359 Nov. 7 23,824 23,766 58 828 1,08-25,762 21,909 5,054 30,963 781 501 284 345 847 19,004 18,443 561 Nov. 14 23,940 23,882 58 945 1,04025,954 21,910 5,056 31,141 773 446 321 397 845 18,996 18,377 619 Nov. 21 24,033 23,959 74 662 1,54326,266 21,910 5,055 31,269 771 441 303 29: 844 19,311^18,625 ^686 Nov. 28 24,202 24,110 92 631 1,51'26,374 21,910 5,056! 31,355 77: 436 307 252 843,19,375 18665 Preliminary. For other footnotes see following page. 1319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 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 r a i r t o e d T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H r e g h n i p t r e a d i e u l e s e d e r s e r - - c v D o a a a n n u i d s c d n - - e ts s Float Totali s G to o c ld k r s c o e t u i a u n n u r n r g y c t - - d y - r c t e c u i i n i o n l r c a n - y - T h c u o r a e r l s y a d h 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 qu R i e r - ed2 c E e x s - s2 ment Averages of daily figures 1955 Nov 23,997 23,963 34 1,018 1,05526,089 21,687 5,008 30,791 778 538 394 444 937 18,902 18,378 524 24,602 24,318 284 840 1,38926,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 Dec 1956 23,897 23,824 1,15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Jan 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Feb 23,522 23,449 993 98725,517 21,711 5,013 30,256 783 532 349 350 ,04818,924 18,340 584 Mar 23,410 23,393 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 ,06718,847 18,320 527 Apr 23,322 23,262 971 928:25,237 21,768 5,028 30,322 785 556 331 322 98218,735 18,268 467 May 23,522 23,486 770 1,206 2255,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 June 23,580 23,573 738 1,26325,599 21,826 5,032 30,751 771 521 300 280 99918,836 18,237 599 July 23,530 23,488 898 910 2255,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Aug 23,728 23,695 792 1,19825,737 21,880 5,043 30,803 772 523 356 237 94619,024 18,446 578 Sept 23,781 23,742 715 1,182 "2"5,698 21,906 5,048 30,864 776 487 337 299 95018,939 18,419 520 Oct 24,024 23,951 745 1,300 26,097 21,910 5,055 31,198 774 456 308 313 84519,169 Nov Mid-year 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 1,293 668 895 565 714 17,681 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 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—June 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 End of month 1955 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 23,466 852 786 25,122 693 009 30,228 797 428 355 349 919 750 18,311 439 Jan 23,482 23,426 56 632 79124,920 695 012 30,163 789 554 363 305 1,025 428 18,162 266 Feb 23,636 23,587 49 872 1,23825,761 716 020 30,339 777 534 354 623 1,069 799 18,276 523 Mar 23,345 23,245 100 1,204 74425,307 743 025 30,210 783 578 330 404 984 784 18,325 459 Apr 23,474 23,360 114 1,160 726 25377 772 030 30,513 779 515 307 309 983 773 18,204 569 May 23,758 23,712 46 232 ,210 25219 799 032 30,715 768 522 297 313 992 443 18,449 -6 June 23,438 23,438 452 959 241868 830 035 30,604 761 513 308 288 950 18; 308 18,104 204 July 23,854 23,828 "26 832 77125,480 858 041 30,757 768 422 350 252 888 18,377 511 Aug 23,680 23,590 90 664 1,12525,487 884 046 30,768 771 535 334 227 950 18;831 18,450 381 Sept 23,767 23,688 79 538 91025;236 910 054 30,839 778 495 275 297 848 668 18,459 209 Oct 24,385 24,255 130 518 ,330 26!267*>21,910 060P31,418 6 463 356 182 843 208*»18,622 *586 Nov Wednesday 1956 Sept. 5 23,863 23,828 35 688 852 25,423 21,883 5,041 30,894 778 409 444 240 942 18,641 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 1,0"6 "0 25,243 21,884 5,046 30,661 780 583 331 212 95118,656 18,466 190 Oct. 3 23,735 23,653 975 973 25,702 21,884 5,045 30,786 777 547 377 198 95718,989 18,443 546 Oct. 10 23,865 23,833 579 860 25,325 21,910 5,046 30,932 776 425 303 297 95818,588 18,305 283 Oct. 17 23,860 23,860 452 25,646 21,909 5,047 30,882 783 423 341 293 95718,924 18,448 476 Oct. 24 23,683 23,683 838 25,668 21,909 5,049 30,771 785 606 277 298 956 18,933 18,497 436 Oct. 31 23,767 23,688 538 910 25,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Nov. 7 23,857 23,778 1,087 57725,548 21,909 5,055 31,042 778 400 290 287 846 18,871 18,378 493 Nov. 14 23,945 23,904 375 1,07825,427 21,910 5,055 31,196 775 415 342 305 84418,515 18,403 112 Nov. 21 24,143 24,068 595 1,52326,287 21,910 5,055 31,380 769 392 300 279 84219,290 i8,703 Nov. 28 24,284 24,220 359 1,280 2"-5,951 21,910 5,056 31,347 774 479 373 167 84218,934^18,730 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 1321 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve Centralreserve Item and period b m a A b e n e m l k r l s - Ne c w it - y ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t 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—Oct 18,870 4,316 1,127 7,823 5,604 1955—,oct 524 1 64 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 3 38 470 Dec... 19,240 4,432 1,166 7,924 5,716 Dec 594 35 2 60 497 1956—Jan 19,138 4,293 1,178 7,934 5,732 1956—Jan 552 -24 -1 72 505 Feb 18,709 4,196 1,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 1,137 7,796 5,619 Mar 585 28 2 84 470 Apr 18,847 4,287 1,105 7,814 5,641 Apr 527 -12 -1 64 476 May 18,734 4,264 1,119 7,775 5,577 May 467 10 2 49 406 June 18,933 4,354 1,133 7,784 5,662 June 575 13 4 78 479 July 18,836 4,237 1,129 7,796 5,675 July 599 12 3 89 496 Aug 18,783 4,236 1,130 7,783 5,633 Aug 559 10 1 79 469 Sept 19,024 4,288 1,120 7,885 5,732 Sept 579 80 498 Oct. 18,939 4,222 1,111 7,869 5,736 Oct 520 8 4 52 456 Week ending: Week ending: 1956—Oct. 17 18,890 4,156 1,106 7,898 5,730 1956—Oct. 17 578 11 2 89 476 Oct. 24 19,137 4,247 1,113 7,923 5,854 Oct. 24 563 -11 3 51 520 Oct. 31 18,810 4,245 1,113 7,874 5,578 Oct. 31 359 17 3 57 282 Nov. 7....,-... 19,004 4,218 1,125 7,876 5,785 Nov. 7 562 7 3 64 488 Nov. 14 18,996 4,173 1,116 7,891 5,817 Nov. 14 619 10 3 92 514 Nov. 21 19,311 4,229 1,129 8,003 5,949 Nov. 21 *685 -11 2 64 *630 Nov. 28 19,375 4,332 1,115 8,032 5,896 Nov. 28 *710 43 2 87 P578 Required reserves:2 Borrowings at Federal Reserve Banks: 1955—Oct 18,345 4,316 1,127 7,759 5,144 Nov 18,378 4,243 1,142 7,802 5,191 1955—Oct 884 151 137 480 116 Dec 18,646 4,397 1,164 7,865 5,220 Nov 1,016 279 70 538 129 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 1,179 7,863 5,227 Feb 18,177 4,186 1,134 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 1,106 7,750 5,165 Mar 993 202 258 382 151 May 18,268 4,254 1,117 7,726 5,171 Apr 1,060 155 261 493 151 June 18,359 4,341 1,130 7,706 5,183 May 971 98 155 517 201 July 18,237 4,225 1,127 7,707 5,179 June 769 46 115 434 174 Aug 18,224 4,227 1,129 7,704 5,164 July 738 119 50 433 136 Sept 18,446 4,288 1,120 7,805 5,234 Aug 898 168 74 461 195 Oct 18,419 4,214 1,107 7,817 5,281 Sept 792 204 93 377 118 Oct 715 200 118 299 98 Week ending: 1956—Oct. 17 18,313 4,145 1,104 7,810 5,254 Week ending: Oct. 24 18,574 4,258 1,110 7,872 5,334 1956—Oct. 17 714 239 109 263 103 Oct. 31 18,451 4,228 1,110 7,817 5,296 Oct. 24 564 117 131 252 64 Nov. 7 18,443 4,211 1,122 7,813 5,297 Oct. 31 674 169 116 242 147 Nov. 14 18,377 4,163 1,112 7,799 5,303 Nov. 7 828 227 171 323 107 Nov. 21 ^18,625 4,240 1,127 7,939 ^5,319 Nov. 14 942 318 156 329 139 Nov. 28 18665 4,289 1,113 7,946 *5317 Nov. 21 660 248 147 203 62 Nov. 28 629 170 125 252 82 October 1955 Free reserves2 4 Deposits: 1955—Oct -360 -150 -137 -416 344 Nov -491 -265 -67 -500 341 Gross demand deposits: Dec -245 -162 -83 -338 338 Total 115,186 23,539 6,035 45,190 40,422 Interbank 12,774 4,018 1,201 6,270 1,285 1956—Jan -255 -198 -83 -353 379 Other 102,412 19,520 4,834 38,921 39,137 Feb -266 -138 -103 -336 310 Net demand deposits3... 99,371 20,729 5,304 38,567 34,770 Mar -408 -174 -256 -298 319 Time deposits 40,484 3,397 1,314 16,347 19,426 Apr -533 -167 -262 -429 325 Demand balances due May -504 -88 -153 -468 205 from domestic banks... 6,344 76 106 1,963 4,199 June -194 -33 -111 -356 305 July -139 -108 -48 -344 360 Aug -339 -158 -73 -382 274 October 1956 Sept -213 -204 -93 -297 380 Oct -195 -192 -114 -246 358 Gross demand deposits: Week ending: Total 116,135 22,978 5,986 45,647 41,524 1956—Oct. 17 -136 -228 -107 -174 373 Interbank 13,280 4,100 1,242 6,595 1,343 Oct. 24 -1 -128 -128 -201 456 Other 102,855 18,877 4,744 39,053 40,181 Oct. 31 -315 -152 -113 -185 135 Net demand deposits3... 99,695 20,205 5,211 38,729 35,549 Nov. 7 -266 -220 -168 -259 381 Time deposits 41,966 3,457 1,295 16,916 20,298 Nov. 14 -323 -308 -153 -237 375 Demand balances due Nov. 21 *>25 -259 -145 -139 *568 from domestic banks... 6,616 69 108 2,004 4,435 Nov. 28 *>81 -127 -123 -165 P 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. 4 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

1322 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank A a o d b d v l v a i a g n n a c c t e i e ( s o S s n s e s s e e e c s a c u . u n r 1 d r e e 3 d d d a b i n b s y d y c o e 1 u l G i 3 n g o a t i s v b ) i l e e o r n f p m a a p e n n e d r t Other ( s S e e c c u . r e 1 d 0 ( a b d )) vances t b o io a b n n l ( k s i l g s a o a s t t t s i h e o p e c n a r u s r r t . e h o d S a f e n t b c h . y m e 1 e U 3 d m ) i . r b e S e c . r t Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Nov. 30 beginning— rate Nov. 30 beginning- rate Nov. 30 beginning— rate Boston Aug. 28, 1956 Aug. 28, 1956 ¥ Aug. 28,1956 New York... Aug. 24, 1956 Aug. 24, 1956 Aug. 24,1956 Philadelphia.. Aug. 24, 1956 Aug. 24, 1956 Apr. 13,1956 Cleveland.... Aug. 27, 1956 Aug. 27, 1956 Aug. 27,1956 Richmond... Aug. 24, 1956 Aug. 24, 1956 Aug. 24,1956 D A C S K S M t a h a t a . i n l i l n n a L c l s a n n a F o a s e t g u r s a a o a i p s n C o c i i l t s i y s c . . o . . A A A A A A A p p u u u u u r r g g g g g . . . . . . . 3 1 1 2 2 2 2 1 3 3 8 4 8 8 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 6 6 6 6 6 6 6 A A A A A A A p p u u u u u r r g g g g g . . . . . . . 1 1 2 2 3 2 2 3 3 4 8 1 8 8 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 6 6 6 6 6 6 6 4 4 4 4 4 4 4 14 A A A A A A A p p u u u u u r r g g g g g . . . . . . . 2 2 2 2 1 3 1 8 8 8 4 1 3 3 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 6 6 6 6 6 6 6 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 deposits 1 1930—Feb. 7 4 1942—Oct. 30 Mar. 14 1946—Apr. 25 Effective date Central Reserve J M un ay e 20 2 1948_J A a u n g . . 1 1 2 3 i» of change re c s i e t r y ve b c a i n ty ks Dec. 24 1950—Aug. 21 banks 1931—May 8 1953—Jan. 16 Oct. 9 1954_Feb. 5 1932— O Fe c b t. . 2 1 6 6 3 1955— A A p p r r . . 1 1 6 5 1 WA 8 1917—June 21 13 10 June 24 Aug. 5 1933—Mar. 3 Sept. 9 1936—Aug. 16 19% 15 A M p a r y . 2 7 6 b 1956— N A o p v r. . 1 1 8 3 2 ¥ VA 1937_M M a a r y . 1 1 2 2 2 6 VA 2* Oct. 20 Aug. 24 1934—Feb. 2 1938—Apr. 16 22% 17V4 1937—Aug. 27 In effect Dec. 1, 1956.... 1941_Nov. 1 26 20 3 1942—Aug. 20 24 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 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949—May 1,5* 24 21 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 Aug. 1,11* 19% Aug. 16, 18* 19 Aug. 25 18% MARGIN REQUIREMENTS 1 Sept. 1 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 Jan. 25, Feb. 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953—July 1,9* 22 19 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954_jUne 16,24*.... 21 1955 1955 1955 July 29, Aug. 1*. 20 In effect Dec. 1,1956.. 20 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 13 Regulation U: Maximum 26 For loans by banks on stocks 50 60 70 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 00 00 Time deposits Central C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s banks 7 3 10% P 6 12 5 5 14 6 6 16 7% 7% 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 i Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13. y^o-june JU, 1^4/;. *First-of-month or midmonth dates are changes at country banks, and 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 1323 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 ]NTov.28 1^ov. 21 ]Hov.14 Nov.7 Oct. 31 Nov. Oct Nov. Assets Gold certificates account 70 367 39470 369 3977,0,375,39?20 377 39120,367,39120,367,39270 367 39170,138,351 Redemption fund for F. R. notes 860,020 861,209 855,208 853 208 855,745 860,020 855,745 863,750 Total gold certificate reserves ...... 21,227,41421,230,60121,230,60021,230 59921,223,13621,227,41221 223 13621,002,101 F. R notes of other Banks ?95 509 757,857 771,477 ?83 077 331,460 286,637 331 460 227,338 Other cash 3?6 336 375 785 376 861 338 770 358,965 334,677 358 965 325,148 Discounts and advances: For member banks 356 843 593 408 36?,78? 1 086 ?0? 538,346 516,498 538 346 618,329 For nonmember banks etc. ? 000 ?,000 1?,000 1 000 2,000 Industrial loans 799 807 809 873 867 802 867 704 Acceptances—Bought outright 21 782 21,084 20,084 19550 19,040 22,783 19040 17,493 Held under repurchase agreement 5 176 3,857 7,059 6 213 870 10,306 870 U. S. Government securities: Bought outright: Bills 1,331 770 1,179,770 1,01 55?0 910 ??0 800,020 1,366,420 800070 1,269,846 Certificates Special Other 10,93? 699 10,937,69910,93?,69910,93? 699 i6,932,699 10,932,699 93? 699 ?,520,076 Notes 9 153 913 9 153,913 9 153 913 9 153 913 9,153,913 9,153,913 9 153 913 17,399,536 Bonds 2,801 750 2,801,750 2,801,750 2,801 750 2,801,750 2,801,750 2,801 750 2,801,750 Total bought outright ?4 ??o 08? 74,068,08??3,903,88??3,798 58?23,688,38224,254,782?3,688 38? ?3,991,208 Held under repurchase agreement 64,000 75,000 41,600 58 600 79,000 130,100 79 000 265,160 Total U. S. Government securities. 24,284 08224,143,08223,945,48223,857 18223,767,38224,384,88223,767 38224,256,368 Total loans and securities 74 670 687 74,764 73874 348 ?16 ?4 971 070 24,326,50524,937,271?4 376 50574,892,894 Due from foreign banks 22 22 22 22 22 22 22 22 Uncollected cash items 5,071 718 ,747,59? 5,4?8,456 4,359 466 4,750,928 4,906,234 4,750 978 4,487,715 Bank premises 7? 980 77,930 7?,?76 71 814 71,821 73,050 71 8?1 60,407 Other assets 376 148 364,685 352,797 341 097 327,897 379,244 327,897 200,942 Total assets 51,990 30952,763,71052,030,65551,595 265 51,390,73452,144,54751,390 73451,196,567 Liabilities Federal Reserve notes ?7,004 691 ?6,997,83?76,834,7???6,706,57726,567,09227,063,872?6,567,09? ?6,629,284 Deposits : Member bank reserves 18,933 6?6 19,?90,071 18,515,?77 18,870,673 18,667,677 19,208,34918,667,677 18,474,149 U. S. Treasurer—general account 479 309 391,779 415,?76 400,198 494,781 462,641 494 ,781 476,841 Foreign 373 ?67 300,158 341,554 ?89,848 275,140 356,474 ?75,140 407,615 Other 167 154 279,052 304,654 286,516 296,869 181,688 296,869 411,766 Total deposits 19,953 35670,?61,01019,576,761 19,847,735 19,734,46720,209,152 1Q,734,467 19,770,371 Deferred availability cash items 3,740 745 4,224,907 4,350,160 3,782,090 3,840,981 3,576,536 3,840,981 3,604,599 Other liabilities and accrued dividends. 24 814 22,996 21,649 21,896 20,545 25,238 20,545 20,280 Total liabilities 50,723,60651,506,74550,783,29250,357,79850,163,08550,874,79850,163,08550,024,534 Capital Accounts Capital paid in 371,179 3?1.04? 370,830 3?0,6?4 320,370 321,472 370,370 300,220 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 224,369 214,768 205,378 195,688 186,124 227,122 186,124 183,369 Total liabilities and capital accounts 51,990,30952,763,71052,030,65551,595,265 51,390,73452,144,54751,390,734 51,196,567 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 45.2 44 9 45.7 45.6 45.8 44.9 45.8 45.3 Contingent liability on acceptances purchased for 5?,113 57 34? 51 874 57,454 52,694 51,685 5?,694 27,234 Industrial loan commitments 2, 178 2 172 2,176 2,229 2,236 2,175 2,236 2,339 Maturity Distribution of Loans and U. S. Government Securitiesl Discounts and advances—total 358,843 595,408 374 782 ,087,202 538,346 518498 538,346 618,329 Within 15 days 354,001 589,469 369 451 ,065,490 534,694 513 206 534,694 610,079 16 days to 90 days 4,765 5,855 5 273 20,712 3,652 5 218 3,652 8,209 91 days to 1 year 77 84 58 1,000 74 41 Industrial loans—total 799 807 809 873 867 802 867 704 Within 15 days .' 1 1 1 1 2 1 12 16 days to 90 days 66 67 67 66 65 69 65 33 91 days to 1 year 452 459 452 517 512 460 512 555 Over 1 year to 5 years 280 280 289 289 289 271 289 104 Acceptances—total 26,958 24,941 27 143 25,763 19,910 33089 19,910 17,493 Within 15 days 9,983 9,728 12528 11,079 6,612 13975 6,612 5,163 16 days to 90 days 16,975 15,213 14615 14,684 13,298 19 114 13,298 12,330 U. S. Government securities—total 24,284,082 24,143,082 23,945 482 23,857,182 23,767,382 24,384 882 23767,382 24,256,368 Within 15 days 6,231,599 ' 309,399 305 550 134,600 220,020 6,155 499 220,020 ,123,059 16 days to 90 days 6,096,820 878,020 6,672 269 6,754,919 579,699 6,273 720 6,579,699 ,165,646 91 days to 1 year 9,153,913 153,91314,165 14,165,913 165,913 9,153 91314,165,913 952,065 Over 1 year to 5 years 373,279 373,279 373 373,279 373,279 373 279 373,279 ,587,127 Over 5 years to 10 years ,013,614 013,614 1,013 ,013,614 013,614 1,013 614 1,013,614 ,013,614 Over 10 years ,414,857 414,857 1,414 ,414,857 414,857 1,414 857 1,414,857 414,857 1 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

1324 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30. 1956 [In thousands of dollars] 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Gold certificate account 919,226 5,231,0581,067,1121,875,4901,349,955 823,1323,680,220 832,078 396,524| 843,382| 770,929j2,578,286 Redemption fund for F. R. notes 57,432 180,557 60,783 77,571 73,535 49,512 156,714 42,015 23,O13j 41,783 26,334 70,771 Total gold certificate reserves 976,658 5,411,6151,127,8951,953,061 ,423,490 872,6443,836,934 874,093 419,537j 885,165 797,2632,649,057 F. R. notes of other Banks.. 23,107 52,883 29,702 14,093 17,724 50,821 21,452 10,590 11,181) 6,369 19,173 29,542 Other cash 23,497 70,814 20,361 27,501 20,477 25,386 48,234 24,056 9,710! 12,523 16,542 35,576 Discounts and advances: Secured by U. S. Govt. securities 6,900 21,675 35,330 24,680 29,680 85,257 127,660 18,760 3,32Oi 99.963 52,100 10,625 Other 118 572 144 182 102 438 76 50 466 102 210 Industrial loans 300 458 44!. Acceptances: Bought outright 22,783 Held under repurchase agreement 10,306 U. S. Govt. securities: Bought outright 1,333,188 6,104,3951,457,494 2,097,8691,493,3431,247,157 4,231,7801,012,637 547,84311,050,960 963,982 2,714,134 Held under repurchase agreement 130,100 Total loans and securities. . . 1,340,506 6,289,8311,493,426 2,122,7311,523,1251,332,502 4,359,8781,031,473 551,257|.l,151,3891,016,184 2,724,969 Due from foreign banks 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 394,634 932,635 301,625 455,631 368,423 348,043 808,405 182,852 114,955 299.709 277,400 421,922 Bank premises 5,330 9,241 4,804 8,022 7,319 4,396 5,877 4,308 4,833 4,291 3,635 10,994 Other assets 20,579 94,360 22,339 32,848 23,023 19,911 68,129 15,532 8,456 16,116 15,765 42,186 Total assets 2,784,31212,861,3853,000,154 4,613,8893,383,582 2,653,704 9,148,912 2,142,9051,119,930 2,375,5632,145,963 5,914,248 Liabilities F. R. notes 1,603,753 6,286,9611,743,718 2,533,429 2,149,4871,336,6305,224,5931,194,377 494,6391,064,559! 717,3872,714,339 Deposits: Member bank reserves 848,636 5,338,568 902,2431,538,773 842,902 919,5413,095,441 699,969 456,752 959,2931,027,0722,579,159 U. S. Treasurer—general account 23,038 72,959 34,143 40,106 29,507 35,836 40,692 28,038 27,082 37,333 43,640 50,267 O Fo th re e i r gn 20,709 2105,835 2 1 5 0 , , 2 3 7 7 2 8 31 1 , ,5 9 0 4 5 1 1 2 7 , , 1 9 6 0 0 1 1 2 5 , , 7 4 9 4 3 4 49,140 1 7 3 , , 7 33 3 8 0 2 8 , , 5 7 3 7 1 5 13, 6 3 9 3 5 8 3 3 7 , , 7 9 7 0 3 1 4 3 3 6 , , 6 8 4 8 3 0 4,529 101,052 899 Total deposits 896,912 5,618,414 972,0361,612,325 892,470 973,614 3,186,172 749,075 495,1401,010,6591,092,386 2,709,949 Deferred availability cash items 207,893 599,806 193,528 351,667 273,079 283,220 550,865 149,052 97,186 248,742 271,615 349,883 Other liabilities and accrued dividends 1,114 7,075 1,347 2,828 1,320 1,183 4,393 900 636 1,011 941 2,490 Total liabilities 2,709,67212,512,2562,910,629 4,500,249 3,316,356 2,594,647 8,966,0232,093,4041,087,6012,324,9712,082,3295,776,661 Capital Accounts Capital paid in 16,454 92,349 20,613 30,468 14,666 15,371 43,645 10,984 7,106 12,925 17,967 38,924 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. 13,508 53,634 14,932 19,603 14,199 12,083 35,921 10,347 6,564 10,570 10,513 25,248 Total liabilities and capital accounts 2,784,31212,861,3853,000,154 4,613,889 3,383,582 2,653,704 9,148,912 2,142,9051,119,930 2,375,563 2,145,9635,914,248 Reserve ratio 39.1% 45.5% 41.5% 47.1% 46.8% 37.8% 45.6% 45.0% 42.4% 42.7% 44.1% Contingent liability on acceptances purchased for foreign correspondents 3,074 314,485 3,751 4,741 2,657 2,292 7,294 1,980 1,303; l,980J 2,657 Industrial loan commitments. 20 133 102 1 1,920 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $37,200,000 participations of other Federal Reserve 2 After deducting $250,614,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1325 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1956 1956 1955 Nov. 28 Nov. 21 Nov. 14 Nov. 7 Oct. 31 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank). 28,009,17127,883,104 27,747,756 27,594,452 27,543,76728,105,803 27,543,767 27,566,730 Collateral held against notes outstanding: Gold certificate account 11,768,00011,668,00011,668,00011,518,00011,568,00011,868,00011,568,000 11538,000 Eligible paper 127,688 108,018 64,817 156,402 83,799 154,053 83,799 276,180 U. S. Government securities 17,135,00017,1350,0—0 17,135,00017,135,00017,135,00017,135,00017,135,000 17085,000 Total collateral 29,030,688 28,911,018 28,867,81728,809,402 28,786,799 29,157,053 28,786,799 28,899,180 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1956 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 S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 651,407 6,619,6961,832,698 2,605,096 2,205,0331,390,274 5:312,5601,244,105 547,1161,089,631759,4852,848,702 Collateral held: Gold certificate acct.. 580,000 3 170,000 650,0001,090,000 945,000 450,000 2,300,000 450,000 150,000 300,000 283,0001,500,000 Eligible paper 35,330 18,776600 99,963 U. S. Govt. securities. ,200,000 3,600\666 ,200,0001,550,000 1,300,000 1,000,000 3,100,000 900,0~~0~0 460,000 800,0~~0~0 525[666i,'500,006 Total collateral. 1,780,006 6,770,000 ,885,330 2,640,000 2,245,000 ,450,000 5,400,0001,368,760 610,000 ,199,963 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r 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 e o o t o t m v e n u e d - o n d 1 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 i g t t - ) o ( i s n a p P f t t u a m g a a o f n t t i r u i o i i n t d o o n i t u a i c - n s n n n n i t s s - c i g t - ) - 3 y E m e n o a d r n t o o h f r 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 a u o A b n v n u a o t d a d t m e m s r i d e e l r t a i e r a o o t b n a n i w u g o l g t d n e s u e n r i t e r a n a s t e r g l o - - 1950 3,698 651,389 4,819 2,632 3,754 J,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 $,289 1952 ,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 J,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 1955 Oct 3,777 825,666 45 693 2,751 ,224 Oct ,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 1,107 Nov ,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 ,103 Dec ,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 ,154 Jan ,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 ,152 Feb ,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 ,132 Mar ,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 ,128 ,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 ,288 May'.'.'.'.'.'.'.'. ,435 2,663 340 256 175 June 3,780 830,116 904 2,565 ,287 June ,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 ,262 July ,445 2,724 364 273 176 Aug 3,781 830,995 959 2,447 ,273 Aug ,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 ,262 Sept ,456 2,737 369 276 145 Oct 3,781 831.882 867 2,236 ,179 Oct ,459 2,743 364 272 145 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

1326 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect November 30. Per cent per annum] [In effect November 30] 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 Fe e d se e r r 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 Bank On On On commit- Portion Re- commitloans 2 ments ibr 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 Over 95 40-50 40-50 New York... 334-51/2 |:j Philadelphia. . 21/2-5 Cleveland C3) Maximum Rates Financing Institution May Charge Borrower A R t i l c a h n m ta ond... 2 3 1 2 / 4 2 - - 5 5 1/2 C (3 3) ) ( 4 ) [Per cent per annum] Chicago 3-51/2 3-51/i St. Louis.... 31/2-51/2 3-31/2 Interest rate Minneapolis. . 3-51/2 Kansas City.. 31/2-51/2 1 Commitment rate. I Dallas SB San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F u e r d em er e a n l t R e a s g e e r n v c e i e B s, a n p k u s r s a u c a t n a t s t f o is c t a h l e ag D e e n f t e s n s o e f t P he ro d g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding 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 Vi per cent per annum is made on undisbursed portion. 7 Charge of V4 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 centers 1 centers2 City centers! 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—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 21.6 July. 181,284 65,873 38,653 76,757 45.9 29.6 22.4 47.1 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 28.4 22.1 46.6 29.3 22.1 Nov.. 185,207 66,989 39,425 78,794 48.3 48.8 P22.5 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. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1327 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 culation1 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 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 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_Oct.. 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov. 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec. 31,158 22,021 1,927 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 1,244 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 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 3 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 1,977 1,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct.. 30,839 21,877 1,995 1,296 74 2,080 6,538 9,893 8,962 2,679 5,572 291 409 1 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] Held in the Treasury Currency in circuiation1 Held by Total out- F. R. Kind of currency s O ta 1 c n t 9 d . 5 i 3 6 n 1 g , , A g s a o s g s l i e d a lv c i n u e a s r r n i t d ty Tr c e a a s s h ury B F a F a . n o n R d r k . s a B g a a e n n n d k t s s Oc 1 t 9 . 5 3 6 1, Sep 19 t. 5 3 6 0, O 1 c 9 t. 5 3 5 1, certificates agents Gold 21,910 21,256 2653 Gold certificates 21,256 18,408 2,816 33 34 Federal Reserve notes . 27,544 77 1,^08 26,159 26,107 25 936 Treasury currency—total 5,054 ^2,408 49 359 4,647 4,628 4,589 Standard silver dollars 489 199 39 6 244 242 228 Silver bullion 2,209 2,209 Silver certificates and Treasury notes of 1890 32 408 277 2,132 2,131 2,149 Subsidiary silver coin 1 330 3 39 1,288 1 274 1 229 Minor coin 472 2 6 464 463 443 United States notes 347 3 29 315 313 318 Federal Reserve Bank notes 144 (4) 1 142 143 157 National Bank notes 64 (4) (4) 63 64 66 Total Oct 31 1956 (5) 23 665 778 18 408 4 483 30 839 Sept. 30, 1956 (5) 23,648 771 18,381 4,522 30 768 Oct 31, 1955. (5) 23,456 776 18,191 4,307 30,559 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. 1320. 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 < Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 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

1328 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, Treas- net— Date Gold s r t c o e u i a u n n u r n r c g y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v a e o n r e m c r d i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a a n p t o n i b e i e t d t i t a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C c m o a a n a u p n i c e s n - i d t c t t a s . l , 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—Oct. 26 ,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 ,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 ,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 ,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 ,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 ,700 5,000 214.900 101,600 92,600 67,100 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25 ,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 ,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 .799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25P ,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*> ,900 5,000 217,000 105,500 90,900 65,400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26P .900 5.000 I218.000 106,700 90.600 65,300 23.600 1,800 20,700 244,900 224,100 20,800 Oct. 31* ,900 5,100 218,900 107,400 91,000 65,500 23,800 1,800 20,500 245,800 224,800 21,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 Forp b e o d n a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b c a e a a o A v r n n c m i t d n k ia - g s l s B F. A a n t R k . s Total Total m T b C e i a r o m n c m k i e a s - l de M p b s o a a u v s n t i i u k n ts a s i^ 2 g l 3 sS S ; P a y o v s i s 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 1 19 9 3 3 9 3 — _j D Un e e c . 3 3 0 0 1,21 5 7 0 2, 2 4 6 0 4 9 8 8 5 4 2 6 63 3 4 5 4 6 0 3 , , 8 2 2 5 8 3 2 2 7 1 , , 0 6 5 5 9 6 1 1 0 5 , , 8 2 4 5 9 8 1 9 0 , , 6 5 2 2 1 3 1 1 , , 1 27 8 8 6 2 1 9 4 , ,4 7 1 9 1 3 4 6 , , 7 4 6 0 1 1 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 2,141 287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947__Dec. 31 1,682 336 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 2,518 293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31 2,501 270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 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 2,359 102,451 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 2,136 106,550 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 2,007 103,234 27,375 131,900 104,900 27,000 1955—Oct. 26.. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 ,900106,100 27,300 132,000 104,800 27,200 Nov. 30.. 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 27,500 Dec. 31... 3,167 767 4,038 394 216,577 78,378 48.359 28,129 ,890109,914 28,285 133,300 105,800 27,500 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 27,300 Feb. 29.. 3,000 800 4,000 600 211,600 78,800 48,500 28,400 ,800105,600 27,200 132,700 105,400 27,300 Mar. 28.. 3,000 800 6,500 500 210,800 79,300 48,800 28,600 ,800104,400 27,200 133,100 105,600 27,500 Apr. 25.. 3,000 800 4,400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134,400 107,200 27,200 May 30.. 3,000 800 5,800 400 211,200 79,600 49,000 28,900 ,800104,200 27,400 133,200 105,700 27,500 June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,70027,600 July 25P.. 3.100 800 3,600 600 213,300 80,700 49.700 29,200 ,700105,200 27,400 134,300 106,80027,500 Aug. 29P. 3,100 800 5,800 500 212,800 80,900 49,900 29,300 ,700104,500 27,500 133,600 106,100 27,500 Sept. 26*. 3,200 800 5,400 600 214,200 81,200 50.000 29,500 ,700105,400 27,500 134,200 106.700 27.500 Oct. 31 P. 3,100 800 3,800 500 216,600 81,500 50,200 29,600 ,700107,400 27,700 133,600 106,100 27,500 p Preliminary. 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 1329 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [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 te ank Total Loans o G U b o l . i v g S t a . . - Other a C ss a e s t h s 2 c b T a i a l l o p i n i a t t i d i t a - e a l s l Total 2 b In an te k r - 2 Dema O nd ther : c c T o a a o u p c t n i - a t t a l s l N b o u e f m r ac- Time counts3 U. S. Other I Govt. AH banks: 1939_Dec. 30 50.884 22,165 19,417 9,302 23,292 77.068 68.242 9.874 32,516 25.852J 8.194 15.035 1941—Dec. 31 61,1261 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 45,6131 10.542 14.553 1947—Dec. 3H 134,924 43.002 81,199 10.723 38,388 175.091 161,865 13,033 1,346 94.381] 53,1O5| 11.948 14,714 1950—Dec. 30 148,021 60,386 72,894 14.741 41.086 191.317 175,296 14.039 2.809 101.9361 56.513! 13.837 14.650 1954—Dec. 31 183,784 85.617 77,728 20.439 44,585 231,654 211.115 16,811 4,176 116,6171 73.5101 17.270 14.367 1955—June 30 184,253 91.355 71,947 20,951 42,014 229,631 208,850 15,245 5,081 113.034 75.491 17.663 14,309 Oct. 26 188,490 96,260 71,410 20.820 41,480 233.340 210,450 14.710 4,530 114,910 76.300i 18.090 14.269 Dec. 31 190,780100,057 70.052 20,670| 47,803 242,008 220.441 16.646 3.712 123.239J 76.844! 18.112 14.243 1956—Mar. 28 190,530102,730 67,080 20,720 40,830 234,910 211.140 14,210! 6.170 112.930, 77.830J 18.410 14,229 Apr. 25 190,810103,520 66,580 20,710 40,710 235,070 211.070 14,2201 4.110 114,9101 77.8301 18.580 14,224 May 30 190,640104,430 65,700 20,510 40,800 235.010 210,890 13.6901 5.450113.580! 78.17OJ 18.710 14.218 June 30 191.074105,525 64,917 20.632 43,361 238,133 215.510 15,242 5.235115.850! 79.182J 18.811 14,206 July 25'^ 190.860105,960 64,490 20,410 40,770 235,260 211,250 14,560 3.290 114,140 79.260! 18.840 14.204 Aug. 29<° 192,500106,530 65,420 20,550 40,560 236,840 212.520 14.460 5.460113,050 79.550! 18.960 14.207 Sept. 26'; 193.680107,760 65,250 20.670 42.480 239.950 215.240 15.100 5.100 115.180 79.860' 19,090 14.206 Oct. 31^ 194,230108,270 65,460 20.500 43,160 241,320 216,570 15,380 3.480J117.5901 80.120' 19.210! 14.194 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7.114 22.474 65.216 57,718 9,874| 32,513 15.33! 6.885 14,484 1941—Dec. 31 50,746 21,714 21,?"- 7,225 26,551 79.104 71.283 10,982! 44,349 15,952; 7.173 14.278 1945_Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30.241! 8.950 14.011 1947—Dec. 3H 116,284 38,057 69.221 9,006 37.502 155,377 144,103 13,032 1.343 94.367 35.3601 10.059 14.181 1950—Dec. 30 126,675 52.249 62,027 12,399 40.289 168.932 155,265 14.039 2, 101,917:36,503! 11.590 14.121 1954—Dec. 31 155.916 70.619 68,981 16,316 43.559 202.378 184.757 16.809 4. 116.567 47.209! 14.576 13.840 1955—June 30 155,264 75,183 63,271 16,809 41.025 199.249 181,516 15.242 5. 112.983'48.214! 14.906 13.781 Oct. 26 158,860 79,210 62,860 16,790 40.590 202.410 182,640 14.710 4. 114.860!48.540 15.300 13.742 Dec. 31 160,881 82,601 61,592 16, t 46.838 210.734 192,254 16,643 3. 123.187!48.715 15.300 13.716 1956—Mar. 28 159,930 84,690 58,600 16,640 39,940 202.980 182,440 14.210 6. 112,870!49.190 15.550 13,702 Apr. 25 160.080 85.290 58,150 16,640 39,880 203,070 182.330 14.220 4.110JM4. 49.140J 15.7101 13.697 May 30 159,690 85.960 57,310 16.420 39.970 202,780 181.980 13.690 5.450i 113.520' 49.320! 15.820!13.691 June 30 160,008 86.887 56,620 16.502 42.444 205,712 186.326 15,239] 5.232J115.824! 50.030! 15.927 13.679 July 25" 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14.560 3.290 114.1101 50.020! 15.940 13.677 Aug. 29 P 161,030 87.470 57,170 16.390 39,730 204.090 183.150 14.460! 5.460 113.020! 50.210! 16.040 13.680 Sept. 26P 162,050 88,520 57,040 16.490 41,650 207,030 185,720 15,100| 5.100 115,150; 50.370' 16.160 13.679 Oct. 31" 162.540 88.830 57,400 16.310 42,360 208,380 186.990 15,380! 3.480; 117.560 50.570 16.280 13.667 All member banks: 1 ] 9 9 4 3 1 9 — — D D e e c c . . 3 3 1 0 4 3 3 3 . . 5 9 2 4 1 1 1 1 8 3 , , 0 9 2 6 1 2 1 1 9 4 , , 5 3 3 2 9 8 5 5 . ,6 9 5 6 1 1, 2 1 3 9 , , 1 7 2 8 3 2 5 6 5 8 , . 3 1 6 2 1 1 4 6 9 1 , . 3 7 4 1 0 7 1 9 0 , . 4 5 1 2 0 5 1.7 7 0 4 9 3 2 3 7 7 , .1 4 3 8 6 9 ;; 1 1 2 1 . 3 .6 4 9 7 9 ) ; 5 5 . . 5 8 2 8 2 6 6 6. . 6 3 1 6 9 2 1945_Dec. 31 107,183 22,775 78,338 6,070 29.845 138.304 129.670 13,640 22.179 69.640! 24.210! 7.589 6.884 1947—Dec. 31 97,846 32,628 57.914 7.304! 32,845 132.060 122,528 12,403 1.176 80,609I 28.340J 8.464 6.923 1950—Dec. 30 107,424 44,705 52,365 10,355 35.524 144,660 133.089 13,448 2.523 87,783! 29.336t 9.695 6.873 1954—Dec. 31 131,602 60,250 57,809 13,543 38.076 172.242 157.252 15,983 3,715 99,604! 37.950! 12.210 6.660 1955—June 30 130,788 64,315 52.543 13,930i 36.300 169,686 154,670 14,462 4.656 96,742j 38.8101 12.461 6.611 Oct. 26 133,650 67,889 51,897 13.864 35,732 171,983 155.108 13,936 4,109 98,0301 39.033] 12.774 6,571 Dec. 31 135,360 70,982 50,697 13,680 41.416 179.414 163.757 15.865 3.327105,400! 39.165 12.783 6,543 1956—Mar. 28 134,582 72.860 48,084 13,638 35.129 172.455 154.870 13,541 5.620 96,197! 39.512! 13.005 6,521 Apr. 25 134,643 73,386 47,639 13,618 35.101 172,483 154.715 13.541 3,666 98.037' 39.471! 13.1341 6.517 May 30 134,114 73,930 46,818 13,366 35.279 172.156 154.405 13.044 4.912 96.827! 39.6221 13.2341 6.510 June 30 134,428 74,783 46,226 13,419 37,536 174.820 158,388 14.508 4.806 98,904| 40.17li 13.293 6.499 July 25" 133,966 75,005 45.763 13,198 35,160 171.934 154,215 13,874 2,860 97,381i 40.100! 13.304J 6.494 Aug. 29*> 135.223 75,322 46.581 13,320 35,048 173.210 155.323 13.781 4.921 96,365, 40.256! 13.393 6.491 Sept. 26^ 136.165 76.334 46.4271 13,404 36,815 175.928 157.639 14.392 4.632 98,164] 40.451) 13.498 6.488 Oct. 31* 136,443 76,581 46,6221 13,240 37.289 176.826 158.492 14.645 3.168 100.088! 40.59i! 13.602 6.483 All mutual savings banks: 1939—Dec. 30 216 4.927 3,101 2,188 818 11.852 10.524 10.521! 1.309 551 1941—Dec. 31 379 4.901 3,704 1,774 793 11.804 10.533 10,527! 1.241 548 1945—Dec. 31 208 4,279 10,682 1,246 609 17.020 15.385 15.371! 1.592 542 1947—Dec. 3H ,641 4,944 11,978 1,718 886 19.714 17.763 14 17,745! 1.889 533 1950—Dec. 30 ,346 8,137 10,868 2,342 797 22,385 20,031 19 20,009i 2.247 529 1954—Dec. 31 868 14,998 8,748 4,123 1,026 29.276 26,359 50 26.302 2.694 527 1955—June 30 ,990 16,172 8,675 4,142 989 30,382 27.334 51 27,2771 2.757 528 Oct. 26 630 17,050 8.550 4,030 8901 30.930 27.810 50 27.760 2,7901 527 Dec. 31 ,898 17,456 8,460 3,982 965 31,274 28,187 51 28,129 2.8121 527 1956—Mar. 28 600 18,040 8,480 4,080 890 31,930 28,700 60 28,640 2.860 527 Apr. 25 730 18,230 8,430 4,070 830 32,000 28,740 50 28,690 2,870 527 May 30 ,950 18,470 8,390 4,090 830 32.230 28.910 60 28.850 2,890 527 June 30 ,066 18,639 8,297 4,130 917 32,421 29,184 26! 29.152 2.885! 527 July 25? ,280 18.820 8.300 4,160 850 32,570 29,270 30! 29.240 2,9001 527 Aug. 29» ,470 19,060 8,250 4,160 830 32,750 29.370 30l 29,340! 2,9201 527 Sept. 26^ ,630 19,240 8,210 4,180 830 32,920 29.520 301 29,490 2.930 527 Oct. 3\P 19,440 8,060 4,190 8001 32,940 29,580 30l 29,550 2,930 527 » 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 all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes 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

1330 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank 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 a i a l l p i i n a t i d i t - e a s l Total2 b In a t n e k r - 2 Demand c c a o a p u c i n - ta ts l ba b o n e f r ks tions ac- Time counts3 U. S. Other Govt. 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 8'62 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— O ju c n t e 3 2 0 6 2 2 3 3 ,1 0 4 9 2 9 1 1 3 3 ,8 0 6 1 8 6 7 7, , 0 7 1 8 5 2 2 2 , , 3 25 0 9 0 7 7 , , 7 0 4 2 8 2 3 3 1 0 , , 5 8 5 5 9 0 2 2 7 6 , , 7 7 9 3 1 7 5 5 , , 4 04 54 8 1 1, , 0 1 6 3 0 1 1 18 8 , , 3 9 5 2 8 6 2 2 , , 2 27 8 1 1 2 2 , , 7 7 1 3 5 4 1 1 8 8 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—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. 26P 23 428 15 807 5,652 1 969 7,201 31,463 26,702 5,105 996 18,206 2,395 2,819 18 Oct. 3\P 23 148 15 758 5,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 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 2,890 397 739 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 1,293 600 13 1955—June 30 6,288 2 846 2,742 699 ,763 8,102 7,431 1,180 343 4,606 1,303 612 13 Oct. 26 6,264 2,977 2,581 706 ,930 8,247 7,387 1,200 251 4,635 1.301 619 13 Dec. 31 6 542 3 342 2,506 695 > 132 8,720 8 010 1,296 222 5,165 ,327 628 13 1956—Mar. 28 6,446 3,223 2,545 678 ,785 8,282 7,202 1,236 420 4,284 ,76? 631 13 Apr. 25 6 325 3 383 2,242 700 ,850 8,227 7 208 1,129 228 4,572 ,279 631 13 May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 ,094 344 4,613 ,783 636 13 June 30... . 6 336 3 572 2,088 676 ,959 8,349 7 631 ,195 350 4,781 ,304 639 13 July 25? 6,187 3,500 2,057 630 ,799 8,035 7,243 1,144 142 4,661 ,?96 639 13 Aug. 29? 6,325 3,541 2,159 625 844 8,222 7,433 1,209 342 4,595 287 641 13 Sept. 26*> 6,250 3,571 2,061 618 ;9?9 8,233 7,302 1,214 312 4,487 ,289 647 14 Oct. 31p 6 320 3 631 2,077 612 .947 8,327 7 350 .253 187 4,625 .285 654 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__ O jucnte. 3 2 0 6 5 5 0 1 , , 5 9 9 8 6 6 2 2 5 7 , , 6 3 5 3 4 4 1 1 9 9 , , 6 5 9 2 7 6 5 5 , , 2 1 4 2 5 6 1 1 4 4 , , 7 6 5 9 7 6 6 6 6 7 , , 2 7 9 8 3 2 6 6 0 1 , , 8 3 5 5 4 0 6 6 , , 5 4 4 2 5 0 1 1 , , 8 47 4 7 3 3 3 6 7 , , 4 3 5 8 9 6 1 1 6 6 , , 0 0 0 6 7 7 4 4 , , 4 6 9 2 2 5 2 2 9 9 7 5 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— 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 Oct 31P 52,851 31,007 17,023 4,821 15,181 69,268 62,468 6,819 1,222 37,814 16,613 5,032 289 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 ,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 ,339 36 751 19 220 4 642 6 283 Oct. 26 52,258 23,710 22,775 5,773 12,023 65,104 59,634 1,268 ,321 37,651 19,394 4,796 6,245 Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 ,061 39,681 19,372 4,769 6,220 1956—Mar. 28 52,469 24,905 21,726 5,838 11,837 65,161 59,573 1,226 ,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 ,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 I 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 Oct. 31* 54,124 26,185 21,977 5,962 12,677 67,702 61,885 1,354 1,017 39,196 20,318 5,072 6,162 4 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 1331 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i 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 T a i a l l o p i i n a t t i d i - a t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T o a a p o u c i t n - t a t a l s l b N a b u o n e f m k r s tions ac- Time counts 3 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,: 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 8,322 640 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 16,224 644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 409 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 26,202 085 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| 4.744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,6831 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 7,986j 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 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 083 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 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. 3H 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1954—Dec. 31 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2,036 1,646 377 11 932 326 326 470 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 1,2 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. 3H 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 Insured 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 5,5961 5,022 5,020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,5531 637 339 1954—Dec. 31 3,346 2,630 1,061 194 7,295 6,474 6,4711 774 309 1955—June 30 3,605 2,677 1,090 180 7,621 6,743 6,74l| 792 310 Dec. 31 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 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

1332 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total* C c o m m c p p k i l i o p i n u n a e e a e a e m g d - r r r - t l n , - - - - A c tu u a g r l l r - - i- b p o d L a s r T e e r u e n o e o r r o r a s s c d c k a c l u a - n - h r r s a r i t y s o i T e f t i i e r o n n o h s r s g g - I j j l R o t e a a e s t n - a e l s O l u v o i d t t a i n a h o i d l - n - e s - s r O lo t a h n e s r Total Total B U i . l l S s . C G o d c n e e f e a o r e d t b t v s i e i - n t s f e s - D i - r - n ir m N ec e o t n te t s ob B li o g n a d ti s ons G t a e u n e a - d r- S p O s t d s a i i i t g o u c i o o o a n b v a l b a f t n n d l i - i e - l i t s - s - - s O s ri e t t h c ie e u s r - All commercial banks:3 1947—Dec. 31.... 116,28438,057 18,1671,660 830 1,220 9,393 5,7231,063 78,226 69.2212,193 7,789 6,03453,191 14 5,276 3.729 1954_Dec. 31 155,916 70,61926,867 5,2002,9291,52518,41814,750 2,000 8"5",29768,9815,065 5,361 14,672 4'"3,861 22 12.5863,729 1955_ D ju e n c e . 3 3 0 1 . . . . . . . . 1 1 6 5 0 5 , ,264 7 8 5 2, ,1 6 8 0 3 ! 2 3 8 3 , .2 8 4 7 5 2 4 4 ,3912 1 , , 8 2 5 6 9 3 1,6 7 1 7 3 4 2 1 0 9 , , 8 7 0 7 9 9 1 1 7 6 , , 1 3 8 6 5 5 2 3 , , 4 1 2 1 8 7 8 7 0 8, . 2 08 8 1 0 6 6 3 1 , ,, 2 5 7 9 1 2 3 44 , , 2 2 2 1 0 9 2 1 , , 3 71 1 0 8 1 1 4 6 , , 0 6 3 4 4 0 4 4 1 1 , , 0 6 1 8 0 5 1 1 1 6 J '1 1 2 2 , . 7 6 8 9 5 8 4 3 , , 0 9 2 9 5 0 1956—June 30.... 160,008 8"6',887 36,1114,254 2,6951,73821,78718,365 3,2286 73,12256,620 2,817 1,247 12,72739.815 14 12.929 3.573 All insured commercial banks: 1941—Dec. 31 49,290 21,259 9,214 ,450 614 662 4,773 4,545 28,031 21,046 988 3,159 12,797 ,102 3.651 3,333 1945—Dec. 31.... 121,80925,765 9,461 314 3,164 3,606 4,677 2,361 1,181 96,043 88,912 2.455 19,07116,04551,321 22 3.873 •3,258 1947—Dec. 31.... 114,274 3'"7,583 18,012 823 ',190 9,266 5,654 1,028 76,691 67,941 2,124 7,552 5,918 52,334 14 5,129 33,,621 1954—Dec. 31.... 154,11570,12726,7315,108 2,907 ,50118,30214,676 1,973 83,988 68,012 4.901 5,27914, ,287 12,3523,624 1955_ D ju e n c e . 3 3 0 1.... 1 1 5 5 9 3 , , 1 4 6 8 4 8 8 7" 2 4 , , 0 6 8 9 1 22 3 8 3 , , 7 0 2 9 9 2 4 44 , ;3 3 31 9 19 6 9 2 3 2, , 8 2 3 2 4 91,7 5 4 8 2 9 2 19 0 , , 6 6 6 9 1 21 1 7 6 , . 1 2 0 8 4 3 2 3 , , 4 09 0 1 0 7 7 8 7 , , 7 0 9 8 6 3 6 6 2 0 , , 3 7 4 6 2 5 4 2 . , 1 99 0 6 5 2 1 , , 2 66 9 7 2 1 1 6 3 , , 4 8 7 5 9 6 4 4 1 0 , , 1 5 8 0 5 2 101 1 2 2 , , 4 5 6 4 5 9 3 3, , 8 9 5 0 3 6 1956—June 30.... 158.344 86,37435,944 4,190 2,6691,70421,67118.284 3,259 71,971 55,835 2,751 1,228 12,55239,290 12,694 3.442 Member banks, total: 1941—Dec. 31. 43.521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,,871 1945—Dec. 31. 107.18322.775 8,949 8553,133 ,378 3,455 1,9001,104 84,40878,3382,27516,985 14,27144,792 16 3,2 ,815 1947—Dec. 31. 97.846 32.62816,9621,046 811 ,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 45,286 10 4,199 3,;105 1954—Dec. 31. 131.60260.25025,0073,5292,881 ,36314,43312,127 !858 71,35257,8094,075 4 30712,46436,944 2010,449 3,094 1955—June 30. 130.78864.31526,894 2,799 2 ,44015.59413,489 2;2285 66,47352,5432,377 1,281 13,969 34,903 13'" 584 3,346 Dec. 31. 135.360 70.98231,0192,726 3,150 ,56016,39114.3132;943 64,37750,6973,250 1,738 11,50834,192 9 444 3,236 1956—June 30. 134.42874.78333.,725 2,5522,586 ,52217,17215,330 3,087 59,64546,2"2""6 2013 84010,332 33,029 1210,557 2,862 N«w York City:4 1941—Dec. 31.... 12.896 4.072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 19*5—Dec. 31.... 26,143 7.334 3,044 2,4531,172 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 33013,21411,9721,002 640 558 9,771 638 604 1954—Dec. 31.... 23.880 12,039 7,231 2042,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30.... 23.099 13.016 7 16 2.034 466 656 1,379 75410,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31.... 23.583 14,640 9,126 172,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30.... 23.270 15.37310.191 11.691 494 609 1,5901,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Chicago:* 1941—Dec. 31. ... 2.760 954 732 6 48 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.... 6.21 2,846 1,940 102 270 88 122 244 139 3,441 2,742 76 66 812 1,788 456 243 Dec. 31.... 6.542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30.... 6.336 3.572 2.663 13 170 96 133 384 187 2.764 2,088 46 3 476 1,564 489 188 Reserve citv 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 4271,503 1,459 855 40431,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3.147 1,969 366 2"2,59120,196 373 2,358 1,90115,560 3 1,342 ,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 .252 1955—June 30.... 50.5"9'6 25,654 ,210 700 444 651 6; 6035,500 ,94219,697 503 481 5,77312,937 3 3,916 |33O Dec. 31.... 52,45928.62213,212 566 542 696 6.962 5,916'1,180 23,83718,826 813 657 4,70812,643 5 3,778 ,233 1956—June 30.... 52.071 30.12213.978 520 502 676 7,357 6,306 1,26521,94917,051 374 j 279 4,08612,308 4 3,823 ,076 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 ,028 1945—Dec. 31.... 35.002 5,596 1.484 648 42 471 1,881 707 29,40726,999 630 5,102 4,54416:713 9 1,342 ,067 1947—Dec. 31.... 36,324 10,199 3,096 818 23 227 3,827 1,979 26,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1954—Dec. 31.... 50,466 21,442 5,306 2,229 89 220 7,742 5,760 29,02423,6291,893 1,774 4,73115,228 3 4,275 ,120 1955—June 30.... 50,806 22,799 5,815 1.980 61 234 8,214 6,366 439 28;006 22,3211,261 587 5,55414,916 3 4,458 ,227 Dec. 31.... 52.77524,379 6.2902.127 189 255 8.723 6.575 28,39722,5701,774 913 5,05614,825 3 4,581 ,246 1956—June 30.... 52.75225.716 6.8922.019 223 257 9.073 7.050 27,03521.0761,267 489 14,628 4 4,731 .228 All nonmember banks:3 1947—Dec. 31.... 18.454 5.432 1.205 614 20 156 2,266 1,061 13,02111,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31.... 24,337 10.378 U859 1.671 49 161 3,993 2,623 14313,95911,184 9911 1,054 2,209 6,928 2,139 636 1955—June 30.... 24.499 10.876 1,979 1,592 51 173 4.194 2.875 14313,62210,741 843 2,672 6,794 2,203 679 Dec. 31.... 25.546 11,628 2,226 1,750 113 214 4.428 2,872 17413,91810,908 970 2,527 6,829 2,255 755 1956—June 30.... 25.605 12.114 2,385 1,702 110 216 4,625 3,036 20013,49210,406 805 2,396 6,797 2,374 712 1 All commercial banks in the United States. These figures exclude membership, insurance status, and the reserve classifications of cities and data for banks in U. S. possessions except for one bank in Alaska that 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 insured total and are not entirely comparable with prior figures. Total loans commercial banks or all commercial banks. Comparability of figures continue to be shown net. for classes of banks is affected somewhat by changes in Federal Reserve For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1333 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES' [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Cla c s a s l a l o n d f d a b te ank F B e w R d a i n e e t - r k h a s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 ju p m s o a d a t d s e e n - i - d t d s 6 m D e I o s n d t - t e i e c p r 5 o b s a i n F t e s k i o g r n - G U o . v S t . . p v s S o i u a l s t i b a n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n e f c r r c i d t . s d k - i ' - s, p a v n s a p i I t d h d i r n o o t u i d r n p n c a a i e s o s - l - , r s r - , - I b n a t n er k - G P U S i a o n o . a n g s v v d S t s - t a . . l v S p s i a u i t s o c a n i b l a o t d i d e l t n - s i s - p a v a n s p I t i h r d i d n o o t i u d n r p c n a a i e o s s - - l , r 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 All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 ,430 1,343 6,799 42,581 84,987 240 111 866 34,383 65 10,059 1954—Dec. 31.... 18,734 2,469 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955—June 30.... 17,941 2,681 10,529 103,221 11,906 ,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 15014,906 Dec. 31.... 18,721 2,682 12,050 109,905 13,512 ,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30 18,232 2,273 10,802 104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 354 15,927 All insured commer- CIS. I D3X1KS • 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 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947__Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1954__Dec. 31.... 18,734 2,444 11,854 105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241 102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Dec. 31.... 18,721 2,656 11,744 108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 337 15,600 Member banks, total: 1941_Dec. 31 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 ,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 ,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 1,493 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 36,504 115 12,461 Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 302 13,293 New York City:4 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 to 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 1,151 756 302 1,498 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:4 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 ,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 1,246 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 in 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 ,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 8 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 32J36 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 1,488 17 1,061 4,425 020 34,235 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:3 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—June 30 664 3,825 16,014 424 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 2519 1956—June 30 coo 4.015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2*636 Ooo 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

1334 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U.S. Government obligations For purchasing or carrying securities Total Loans Month or date in lo a v n a e n d s s t- j i m u n a a s v e n t d e n e d - s t d t s - 1 j L u o s a t d a e - n d s 1 C i m n a c o d n i e a m u d r l - s - - A t c u g u r r l a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C f t e a i e f t b i i e r n - t - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L <i o t n o a k n s s trial G t U l i o i o o g b . n v a S - s - t . .O c t s u t i e h e r - s e i- rG t U l i o i o o g b . n v a S - s - t . .O c t s u t i e h e r - s i e - r n e e d s - s Total- Leading Cities 1955 Nov 86,36? 85 473 46,903 75 683 2,622 1,248 8 138 9 950 30 168 794 1,007 7 646 70 771 8,40? 889 1956 Oct 86,870 85 661 51,837 79 347 481 1,952 1,218 8 830 10 881 ?6 0?4 776 863 5,515 18,970 7,805 1,159 Nov 87,150 968 5? 478 7,9 871 483 1,940 1,200 8 861 10,95125 937 939 787 5,349 18 86? 7,603 1,18? 1956 Oct. 3 86,615 85,655 51,79829,371 478 1,930 1,230 8,79410,87125,979 486 953 5,597 18,943 7,878 960 Oct 10 86,597 85 338 5176529,356 477 1,902 1,224 8 81510,87075,732 347 905 5 532 18948 7,841 t,?59 Oct 17 87,5?5 86,066 51,858 79 349 487 1,958 1,217 8 834 10 88876,39? 070 851 5,579 18 94? 7,816 1,459 Oct 24 86 584 85,584 51 747 29,211 481 1,997 1,211 8 849 10,87676 057 909 813 5 461 18 874 7,780 1,000 Oct 31 86,781 85,660 51,99? 79 449 482 1,975 1,208 8 857 10 900 961 818 790 5,458 18,895 707 1,121 Nov 7 86 639 85,60? 5?,?09 79 636 485 1,970 1,198 8 857 10 941 ?5 75? 630 825 5,473 18 874 7,641 1,037 Nov 14 86,9?? 85 630 5? 495 29 948 491 1,911 1,199 8 870 10,954?5 599 601 783 5 367 18 848 7,536 1,79? Nov 21 87,597 86 431 545?9 973 476 1,963 1,198 8 860 10 953 76,?54 ?65 779 5 3?6 18 884 7 63? 1,166 Nov 28 .... 87 j441 86 ?07 5?'461 79 928 479 1,915 1,205 8 855 10 956 76 141 760 762 5 779 18 840 7,605 1,234 New York City 1955 Nov. 7? 961 77 408 13 713 8,*96 178 1,664 15 477 612 2,089 6 564 234 165 1 363 4 802 131 553 1956 Oct.. ?3 054 77 460 15 124 10 876 1 74 1,198 18 412 614 2,182 5 435 10.3 213 921 4 198 1 901 594 Nov 73 090 410 15 781 11 100 1 76 1,152 18 400 611 2,174 5 390 170 185 938 4 147 739 680 1956 Oct. 3 23 131 22 621 15,16410908 1 591,210 18 415 608 2,196 5 499 82 293 926 4 198 1958 510 Oct 10 .... 979 373 1507710865 1 421,192 18 416 610 2,184 5 357 4 239 915 4 199 1939 606 Oct 17 23 22 508 15 119 10 874 1 62 1,205 18 415 616 2,179 5 483 183 183 91? 4 ?05 906 784 Ort 24 7? 814 7? 377 15 044 10 785 1 98 1,188 18 412 618 2,175 5 416 121 177 919 4 199 1 867 487 Oct 31 73 054 47? 15 217 10 948 1 107 1,193 20 405 617 2,178 5 422 126 174 935 4 187 1 833 582 Nov. 7 22 870 22 318 1526311028 1 641,213 17 403 616 2,173 5 290 25 174 929 4 162 1765 552 T"Jov 14 . . ?3 058 7? 375 15 32411 144 1 541,158 18 400 619 2,182 5 282 19 173 939 4 151 1719 733 Nov 21 ?3 ?0S 560 15 767 11 090 1 80 1,149 17 400 606 2,176 5 547 743 194 945 4 165 1 746 648 Nov 28 ?3 ??5 77 437 15 272 11 140 1 105 1,089 19 396 604 2,167 5 440 194 199 938 4 109 1 775 788 Outside New York City 1955 Nov 63 401 63 065 33 190 16 787 780 '56 7 526 7,86173 604 560 842 6 ?83 15 919 6 336 1956 Oct.. 63 766 63 201 36 70818471 480 680 788 8,216 •8,69920 589 623 650 4 594 14722 5 904 565 Nov 64 060 63 558 37 14718771 482 712 782 8 250 8 77770 547 819 602 4 411 14715 5 864 502 1956 Oct. 3 63 484 63,034 36 63418,463 477 661 797 8,186 8,67520,480 404 660 4,671 14,745 5,920 450 Oct. 10 63 618 62,965 36 68818,491 476 668 790 8,205 8,68620,375 343 666 4,617 14,749 5,902 653 Oct 17 64 ?33 63 558 3673918475 486 691 784 8 7,18 8 70970909 887 668 4,617 14,737 5 910 675 Oct 24 ... 63 770 63 ?57 36 703 18 476 480 711 781 8,231 ,70170 641 788 636 4 54? 14,675 5,913 513 Oct. 31 63 777 63 188 36 775 18,501 481 675 783 8,240 ,72220,539 69? 616 4 573 14 708 5,874 539 Nov. 7 63 769 63,784 36 946 18 608 484 693 778 8,241 ?,76820.46? 605 651 4 494 14,71? 5,876 485 Nov 14 63 864 63,305 37 171 18 804 490 699 781 8 251 ? 77? 70 317 58? 610 4,4?8 14,697 5,817 559 Nov. 21 64 389 63 871 37 ?78 18 883 475 734 781 8,254 f,77720,707 107? 585 4 381 14 719 5,886 518 Nov.28 64,216 63,770 37,189 18,788 478 721 790 8,251 5,78920,701 1,066 563 4,341 14,731 5,880 446 * Exclusive of loans to banks and after deduction of valuation reserve: 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 1335 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 d n e n a i c o s t l e k - h t - s i s c j p m u D o s d a a t e s d e e T n i - d - t d s ^ s p I p u n v c h a n o a a o e i n i d r d r l p r r d s a 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 d i i e l t - s - - s c C h c o a f e e e e i f n t e c f r r c d i d t s k . - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d d r p l r r r d s a i t - - - 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 a o o a n . s v S v d t - . t a . l m D t D i e o c s - e - ma F n ei d o g r n - Time F B F a r . n o k R m s .F ot r h o e m rs . c C o i a a t u c a p n - l - ts tions tions Total- Leading Cities 1955 Nov 13,478 992 2,456 56,336 58,815 3,972 2,151 2,864 19,252 957 20510,607 1,433 1,457 774 490 8,466 1956 Oct 13,475 974 r2,49155,620 58,620 3,758 1,809 2,48919,773 943 18910,958 1,558 1,317 601 884 8,941 13,446 1,031 2,525 56,00159,407 3,770 2,015 2,44219,630 893 18511,062 1,636 1,312 521 946 8,992 Nov 1956 13,627 927 2,507 54 915 57,448 3,800 ,866 3,010 19,760 971 19010,980 1,560 1,304 902 666 8,932 Oct. 3 13,286 1,011 2,404 55;228899 5577,904 3,741 ,672 2,264 1199,778 948 18911,012 1,532 1,313 511 1,013 8,935 Oct. 10 13,428 968 2,70855; 623 60,057 3,570 ,879 2,75219,769 939 18911,510 1,543 1,317 398 1,173 8,924 Oct. 17 13,630 1,003 2,392 5"'6 ,220066 5588,713 3,673 ,767 2,114 19,765 930 18910,563 1,553 1,324 767 748 8,936 Oct. 24 13,402 963'2,446 56 069 58,980 4,007 ,863 2,30319,794 929 189 10,725 1,603 1,325 427 817 8,979 Oct. 31 Nov. 7 13,441 990 2,504 55 588 58,529 3,710 ,912 1,82219,771 895 18411,146 1,585 1,329 1,006 768 8,991 Nov. 14 13,082 1,067 2,670 551888822 6600,431 3,691 ,980 1,76919,629 889 18511,594 1,637 1,310 267 1,115 8,982 Nov. 21 13,741 977 2,441 900 59,370 3,772 2,200 3,30119,565 889 18410,864 1,662 1,307 547 980 8,983 13,518 1,092 2,487 632 59,296 3,909 1,966 2,87719,556 898 18610,646 1,660 1,303 265 921 9,011 Nov. 28 New York City 1955 4,132 159 7715,429 16,811 335 1,101 924 2,075 95 58 2,938 1,108 1,151 166 277 2,715 Nov 1956 4,191 145 15,410 16,848 346 754 2,224 2,923 1,229 1,000 143 456 2,800 Oct 4,046 163 15,314 16,941 292 985 732 2,161 2,984 1,309 986 134 407 2,816 Nov 1956 4,217 139 15,388 16,636 317 923 887 2,247 67 2,898 1,238 993 226 349 2,796 4,124 165 15,29416,561 316 789 636 2,234 68 2,912 1,218 994 190 523 2,797 Oct. 3 4,121 141 15,368 17,197 273 932 866 2,210 67 3,014 1,209 999 125 532 2,798 Oct. 10 4,312 143 15,527 16,830 293 855 642 2,205 67 2,864 1,221 1,006 174 369 2,800 Oct. 17.. 4,181 140 15,471 17,015 531 900 739 2,225 67 2,929 1,256 1,007 2 506 2,810 Oct. 24 Oct. 31 4,335 162 15,297 16,777 302 977 549 2,181 66 2,955 1,263 1,002 388 443 2,815 Nov. 7 3,676 166 15,139 17,072 285 891 481 2,160 63 3,122 1,310 982 461 2,817 Nov. 14 4,155 155 15,24816,896 269 1,106 1,026 2,150 61 2,929 1,326 981 150 451 2,813 Nov. 21 4,016 168 67 15,57517,018 313 967 871 2,153 59 2,928 1,335 979 274 2,818 Nov. 28 Outside New York City 1955 Nov 9,346 833 2,379 40,907 42,004 3,637 1,050 1,94017,177 862 147 7,669 325 306 608 213 5,751 1956 Oct '9,284 829'2,424 40,210 41,772 3,412 929 1,73517,549 876 148 8,035 329 317 458 428 6,141 9,400 868 2,464 40,687 42,466 3,478 1,030 1,71017,469 831 147 8,078 327 326 387 539 6,176 Nov 1956 9,410 788 2,435 39. ,5,27 40,812 3,483 943 2,123 17,513 904 149 8,082 322 311 676 317 6,136 Oct. 3 9,162 846 2,347 3""9 ,999955 4411,343 3,425 883 1,628 17,544 880 148 8,100 314 319 321 490 6,138 Oct. 10 9,307 827 2,633 40255 42,860 3,297 947 1,886 17,559 872 148 8,496 334 318 273 641 6,126 Oct. 17 9,318 860 2,329 40679 41,883 3,380 912 1,472 17,560 863 148 7,699 332 318 593 379 6,136 Oct. 24 '9,221 823 2,378 40598 41,965 3,476 '963 1,564 17,569 862 148 7,796 347 318 425 311 6,169 Oct. 31 Nov. 7 9,106 828 2,451 40,,29141,752 3,408 935 1,273 17,590 829 146 8,191 322 327 618 325 6,176 Nov. 14 9,406 901 2,613 40,743 4433,359 3,406 1,089 1,288 17,469 826 147 8,472 327 328 267 654 6,165 Nov. 21 9,586 822 2,373 40 652 42,474 3,503 1,094 2,275 17,415 828 146 7,935 336 326 397 529 6,170 Nov. 28 9,502 924 2,420 41 057 42,278 3,596 999 2,006 17",403 839 148 7,718 325 324 265 647 6,193 r Revised. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- 1 Demand deposits other than interbank and U. S. Govt., less cash TIN for April 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY * [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and Periods t l o F iq b a o u n a o o d c d r c , , 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 d a d s a l - l 3 s ch P l e c e a e m o u n t a m r i d l c o , a , - l, Other ( r T w e s a r h t a 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 S c n a o a a n m l n i e e c s - s e P u p t ( t t u r o i i i a n o b l r i n c n t l t i a l i s ) c . e - - s s C t t i r o o u n n c - - bu o ty s A t o h i p n f l e e l e r s ss c c h l f N a a i n e s e d s g t i e - s ch r w e a i e n i p n a n e d o l g k g l r ' e l l t y — rubber banks* 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 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 Nov 154 -24 116 89 -30 31 97 60 32 -22 31 534 479 Week ending. 1956—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 -li 7 109 125 Oct. 10 67 -41 18 -6 47 65 -207 33 -J2 -24 -15 Oct. 17 66 -20 -16 15 -11 38 22 -55 -13 -5 -5 -7 Oct. 24 29 -23 -57 -21 -16 21 36 -29 2 _2 -89 -138 Oct. 31 45 -34 64 24 -8 51 44 34 32 "5 -27 269 238 20 Nov. 7 54 -2 28 65 -6 23 32 -25 -5 -5 28 189 187 Nov. 14. 33 25 54 13 -6 102 30 11 3 9 36 310 312 Nov. 21 56 -24 27 8 -10 -55 13 19 24 -5 -27 25 25 Nov. 28 11 -24 8 3 -9 -39 21 55 10 -21 -6 10 -45 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation eauipment 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 2 p F e i r g u c r e e n s t f o o f r t p h e o r s io e d o s f o a t l h l e c r o t m ha m n e r w c e ia e l k l b y a a n r k e s . b ased on # weekly changes. inc 5 id I e n n c t l u t d o e s s u r i v n e c y r e o a f s c e r ed o i f t e $ x 3 te 1 n 8 d e m d il t l o io r n e al r e e s su ta lt t i e n m g o f r r t o g m ag e e l r e r n o d r e s r s d . isclosed COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial andfinance company paper Held by: Based on: End of year or month Acceptingbanks F. R. Goods stored in or Placed P di l r a e c c e t d - Trvtai Banks p I o m r - ts p E o x r - ts Dollar ship p p o e i d n ts b e in tw : een Total through ly into from exdealers* ( 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 n r - . U S n ta it t e e d s 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—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 June 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 Oct 2,582 574 2,008 843 203 135 69 20 53 567 277 281 19 133 133 i As reported by dealers; includes finance company paper as well as 2 As 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 1337 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.) mo Y w n e e t a h e r k , , or m 4 m p P - c o a e r o t p i r n o m m c e t i h r - e a 6 , s l - 1 3 p d n p - c p l i a a o a r a l t n p y e c m o n c c , e e y - t e r d 6 - - a P a b d c n e a a r c 9 i c r y n e m 0 s e s k p ' s e - t i , - M 3 k - a e m t r- on s t e o h c R n u b r a n i i t l e t e l i w s es 9 ( i m t - s a t s o o x u n a e 1 t s b h 2 l 3 - e)2 3 is - y s t e u o a e r s 5 4 - Annua A l re a a v e a r n ag d e s p , eriod lo A a l n l s 10 $ 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months! 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 I 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:* 19 large cities: 1955—Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 1955—Dec 3.93 5.01 4.52 4.14 3.75 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 1956—Mar 3.93 5.05 4.55 4.13 3.74 June 4.14 5.18 4.69 4.34 3.97 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 Sept 4.35 5.30 4.86 4.52 4.19 Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 New York City: Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 1955—Dec 3.76 4.86 4.48 4.00 3.64 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 1956— Mar 3.75 4.92 4.49 4.05 3.62 May 3 27 3.00 2.50 2.61 2.650 2.83 3.04 June 3.97 5.00 4.61 4.23 3.86 June...... 3.38 3.00 2.45 2.49 2.527 2.69 2.87 Sept 4.20 5.26 4.84 4.46 4.09 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 7 Northern & Eastern Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 cities: Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 1955—Dec 3.95 5.08 4.52 4.16 3.79 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 1956—Mar 3.93 5.11 4.55 4.10 3.78 Nov 3.63 3.38 3 05 2.99 3.000 3.15 3.49 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 Nov. 3... 3.63 <3.38 2.88 2.85 2.889 3.09 3.45 cities: Nov. 10... 3.63 3.38 2.88 2.91 2.914 3.09 3.45 1955—Dec 4.17 5.06 4.54 4.22 3.91 Nov. 17. .. 3.63 3.38 3.06 2.98 2.979 3.10 3.42 1956—Mar 4.19 5.09 4.58 4.20 3.94 Nov. 24... 3.63 3.38 3.13 3.04 3.043 3.16 3.45 June 4.38 5.23 4.71 4.42 4.15 Dec. 1 3 63 3.38 3.19 3.08 3.174 3.23 3.60 Sept 4.53 5.29 4.85 4.54 4.32 c Corrected. 1 Based on figures for first 15 days of month. 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are NOTE.—For description see BULLETIN for March 1949, ave 3 r a C g o e n s s i c s o ts m p of u t c e e d r ti f f r i o c m at e d s ai o l f y i c n l d o e s b in t g ed b n i e d s s p r a i n c d es . selected note and bond issues. pp. 228-237. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U. S.Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G lig en at e i r o a n l s 4 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 r e n i r n a g t s io / enue Totals Old New Totals bonds6 Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Baa Aaa Baa trial road utility ferred? mon4 mons 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 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 3.37 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 7!65* " 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 Aug 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 '"6,6Y" 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 Nov . . 3.30 3.30 3.39 2.87 3.98 3.85 3.90 3.69 4.24 3.82 4.01 3.86 4.56 4.05 Week ending: 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 Nov. 10 3.27 3.29 3.29 2.79 3.89 3.80 3.87 3.66 4.21 3.78 3.97 3.85 4.48 3.99 Nov. 17. . . . . . 3.26 3.29 3.38 2.85 3.99 3.87 3.88 3.67 4.22 3.79 3.99 3.85 4.54 4.03 Nov 24 3 30 3 29 3.49 2.98 4.09 3.91 3 92 3.71 4.26 3.85 4.04 3.87 4.59 4.09 Dec. 1 . 3.36 3.33 3.53 3.01 4.12 3.94 3.95 3.73 4.30 3.89 4.07 3.88 4.61 4.05 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. 6 Dow-Jones and Co. 7 Standard and Poor's Corporation. Ratio is based on 8 median yields in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. « Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1338 SECURITY MARKETS SECURITY PRICES1 Bond prices Common stock prices Vol- U (l . o n S g . - G te o rm vt ) . Sta (i n n d d a e r x d , a 1 n 9 d 3 5 P - o 39 o = r' s 1 s 0 e 0 r ) ies Securities and (i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series t u r o m a f d e - Ye o a r r , w m e o ek nth, r O i s e e l s - d 2 N ri s e e e s w - 3 g n (h r M ic a i i g d u p h e - a - ) l 4 g ( C r h r p a a i o o g d t r - e h e - - )' Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i y b c l - - Total Tot M al anu r D f a a b u c l - t e urin N g d o u n - - T p t r o i a o r n t n a s - - P u i l u t t i i y c b l- - T n s a a r e f a n n r i d v d - c - e e — , , r- M in i g n- s s t h i h a n a ( o n o i g r f n d e u 5 s s - ) rable ice Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average.... 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,319 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average.... 95.97 103.36 123.1 114.4 '300 341 248 152 305 374 352 394 320 153 297 313 2,578 1955—Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Apr 92.86 100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 June 95.03 102.22 119.2 110.5 341 397 257 154 341 434 393 471 328 155 300 352 1,771 July 93.94 100.98 118.6 110.3 357 417 260 157 359 460 421 495 335 159 315 369 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 Nov 90.22 96.35 109.1 103.7 334 390 238 152 338 431 417 445 311 153 296 355 2,178 Week ending: Nov. 3. 90.61 96.62 111.3 104.4 333 389 237 150 344 441 423 '457 317 153 301 344 2,119 Nov. 10. 90.54 96.59 110.7 104.5 344 402 244 154 342 436 422 449 313 154 300 340 2,287 Nov. 17. 90.62 96.64 109.1 103.9 338 394 241 153 338 430 419 441 311 153 300 356 2,009 Nov. 24. 90.27 96.49 108.5 103.4 329 383 233 151 334 425 413 437 308 152 293 368 2,250 Dec. 1. 89.51 95.73 107.9 102.9 327 380 233 151 334 425 409 440 306 152 287 368 2,257 c Corrected. Oct. 1, 1955, those due or callable in 10-20 years. * Monthly and weekly data for U. S. Govt. bond prices and volume 3 The 3*4 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 * 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 2Vi 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 credit1 W En e d d n o e f s m da o y n t o h 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 it f S i b r t m a o l c s a k n 1 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 o e r a y o l i e n t r h g s e ) s r s e fo c ( r u t r h p i a t u i n e r s - 2 Money borrowed Cus n to et mer U. S. Govt. free 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 G n 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_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 May, 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 Aug., 3,979 33 2,785 41 1,194 38 2,048 872 Sept. 3,950 33 2,782 42 1,168 42 2,071 866 Oct.. 3,914 36 2,748 42 1,166 45 2,086 '835 r Revised. Data are as of the end of the month, except money borrowed, which is as 1 Ledger balances of member firms of the New York Stock Exchange of the last Wednesday of the month beginning June 1955. carrying margin accounts, as reported to the Exchange. Customers' debit 2 Data, except as noted below, are for all weekly reporting member and free credit balances exclude balances maintained with the reporting banks, which account for about 70 per cent of all loans to others for purfirm by other member firms of national securities exchanges and balances chasing or carrying securities. Figures are for the last Wednesday of the 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 1339 LIFE INSURANCE COMPANIES * [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 te . c S a a . l nd Foreign 2 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 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2 413 2 591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21 251 1 903 2 713 3 088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3 302 1954 84,486 12,262 9,070 1,846 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 1,126 J.493 31,286 29,095 2,191 21,245 1,868 2,699 3,122 1953—Dec 78,201 12,452 9,767 1,278 ,407 34,265 31,926 2,339 23 275 1,994 2,894 3 321 1954 Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955 Sept 88,529 12,325 9,129 1,983 1,213 r38,124 35,253 r2,871 28,250 '2,491 3,260 4,079 Oct 89,016 12,236 9,027 1,990 1,219 38,385 35,506 2,879 28,563 2,506 3,271 4,055 Nov 89,491 12,096 8,891 1,987 1,218 38,546 35,647 2,899 28,868 2,523 3,283 4 175 Dec 90,219 11,758 8,546 1,998 .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 1,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3 324 4 241 Mar . 91,543 11,415 8,045 2,153 1,217 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 M^ay 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 AU2 93,992 11,210 7,778 2,206 1,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept 94,411 11,253 7,805 2,213 1,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 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 Liabilities End of year or month U.S. Borrowings Reserves Total 2 g M ag o e r s t- 3 o G t b io o li n v g s t a . - Cash Other 4 S C a a v p i i n t g a s l FHLB Other un p d r a i o n v f d i i d ts ed Advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1948 13,028 10,305 1,455 663 501 10,969 500 90 969 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 ,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 ,289 ,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 ,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 ,980 ,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 >,067 1,791 32,192 1,412 146 2,557 1955 Sept 36,297 30,661 2,327 ,615 1,633 30,606 1,272 141 Oct 36 796 30,997 2,328 732 I 679 31,022 1 341 145 Nov. 37,216 31,243 2,339 .799 1,776 31,408 1,361 143 Dec 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 Jan & 37 995 31 697 2,450 2 019 I 772 32 615 J 1A1 119 Feb P 38,429 32,002 2,526 2.019 1,825 32,973 ,178 109 Mar v 38,892 32,405 2,583 1,975 1,873 33,332 1,134 102 Apr v 39 388 32 814 2,639 1,917 962 33,662 1,123 110 Mayp 40,023 33,259 2,684 1,926 2,099 34,137 ,119 112 Junep 40,622 33,740 2,652 2,047 2,128 34,948 1,170 118 2,749 J A U u ly g P v 4 4 0 1 , , 7 19 9 7 7 3 34 4 , , 5 1 8 3 6 4 2 2 , , 6 7 8 2 7 6 1 1 , , 8 7 7 8 8 8 2 2 , , 0 04 4 4 3 3 35 5 , , 3 0 6 7 6 9 1 1 , , 1 1 0 1 5 3 1 13 2 2 4 Sept.*> 41,574 34,939 2,739 1,745 2,098 35,633 1,139 138 » Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged 1 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

1340 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1955 1956 1949 1950 19512 19522 19532 1954 Loans, by purpose and agency: To aid agriculture, total 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,853 6,715 7,377 Banks for cooperatives 302 345 425 424 311 367 340 322 359 375 355 Federal intermediate credit banks. . . 437 510 633 673 590 638 725 847 833 689 765 Farmers Home Administration 523 535 539 596 648 701 774 770 755 681 764 Rural Electrification Administration. 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 2,348 2,379 Commodity Credit Corporation 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 3,114 Other agencies. 70 52 40 31 23 18 17 1 1 1 (3) To aid home owners, total 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 ',205 3,230 Federal National Mortgage Association.. 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 :,64l 2,683 V O e th te e r r a n ag s e A nc d i m es inistration 423 181 292 362 ' [ 16 3 8 00 38 6 3 3 40 6 8 7 4 7 3 2 0 4 7 5 6 6 48 8 0 4 4 1 2 2 4 4 To industry, total 576 568 589 598 588 431 437 439 718 678 593 Treasury Department... 174 353 353 348 328 306 330 C O o th m e m r a e g rc e e n c D ie e s partment. 576 568 589 598 1 413 79 85* 91 I f 2 9 9 7 2 2 1 6 1 1 2 1 7 9 0 3 To financing institutions 445 824 814 864 952 870 704 1,277 1,143 To aid States, territories, etc., total. . 744 1,020 645 272 272 255 247 245 239 Public Housing Administration . . . 285 351 589 894 500 112 117 98 94 90 106 Other agencies 124 117 155 126 145 160 154 158 153 155 134 Foreign, total 6,090 6,078 6,110 7,736 8,043 8,001 7,968 8,032 8,025 7,988 8,106 Exp ort-Import Bank 2,187 2,226 2,296 2,496 2,833 2,806 2,768 2,774 2,735 2,702 2,697 Treasury Department4 3,750 3,750 3,750 3,667 3,620 3,570 3,570 3,567 3,567 3,519 3,519 International Cooperation Administration.. 51,515 1,537 1,624 1,630 1,692 1,722 1,767 1,832 Other agencies 153 102 64 58 53 1 58 All other purposes, total 76 63 35 75 119 166 180 219 230 256 156 O H t o h u e s r i n a g g e a n n c d i e H s. ome Finance Administration. "Ye "'63' 34 69 5 9 2 0 9 1 3 2 9 1 1 3 4 8 2 1 4 7 7 2 1 4 8 4 6 2 4 0 7 9 1 4 0 8 8 Less: Reserves for losses -476 -185 -173 -140 -203 -259 -494 -411 -268 -263 Total loans receivable (net). 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 20,238 20,580 Investments: U. S. Government securities, total 2,047 2,075 2,226 2,421 2,602 2,967 3,187 3,108 2,909 3,236 3,677 Federal home loan banks 275 199 249 311 387 641 111 661 443 745 1,082 Federal Savings and Loan Insurance Corp 214 193 200 208 217 228 234 241 234 241 248 Federal Housing Administration 188 244 285 316 319 327 344 354 370 381 390 Federal Deposit Insurance Corporation 1,205 1,307 1,353 1,437 1,526 1,624 1,692 1,706 1,705 1,720 1,793 Other agencies 165 132 140 148 152 147 147 146 158 149 164 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 securities6. . . 286 266 257 223 219 197 179 252 Inventories, total 1,549 1,774 1,461 1,280 2,515 3,852 3,612 3,476 4,129 4,356 14,119 Commodity Credit Corporation.. 1,376 1,638 1,174 978 2,087 3,302 2,983 2,910 3,518 3,747 3,536 Defense Dep artment 9,827 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. i 173 136 203 428 550 629 566 611 609 \ f 5 1 6 8 7 8 Land, structures, and equipment, total 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 8,056 Commerce Department (maritime activities). 4,834 4,798 4,749 4,807 4,812 4,822 4,796 Panama Canal Company7 16 18 298 415 363 421 421 422 422 421 421 Tennessee Valley Authority 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 1,831 Housing and Home Finance Agency: Public Housing Administration 1,352 1,248 1,251 1,173 1,018 896 80 64 64 64 59 Other 1 49 34 30 23 8631 597 472 438 386 341 Other agencies 763 745 728 345 350 360 355 244 241 300 607 Bonds, notes, and debentures payable (not guaranteed), total 772 1,190 1,369 1,330 1,182 1,068 1,561 1,840 2,086 2,379 2,425 Banks for cooperatives 78 110 170 181 150 156 139 123 160 185 161 Federal intermediate credit banks 490 520 674 704 619 640 713 811 821 665 725 Federal home loan banks 204 560 525 445 414 272 139 336 534 958 869 Federal National Mortgage Association 570 570 570 570 670 NOTE.—Statistics revised, beginning Mar. 31, 1956, to reflect the 3 Less than $500,000. expanded coverage and the new classification of agencies now reported 4 Figures represent largely the Treasury loan to the United Kingdom, in the Treasury Bulletin. The revised statement includes a larger number atnd through 1952 are based in part on information not shown in Treasury of agencies, and their activities are classified according to the type of c:oommpilation. fund they represent. Funds are combined in the table above, but are 5 Figure not published in Treasury compilation, but derived by shown separately in the table on the following page. Classifications by Federal Reserve. supervisory authorities are those in existence currently. Where current 6 Includes investment of the Agricultural Marketing Act Revolving Treasury compilations do not provide a detailed breakdown of loans, Fund in the banks for cooperatives; Treasury compilations prior to 1956 these items have been classified by Federal Reserve on basis of informa- classified this item as an interagency asset and on that basis it had been tion about the type of lending activity involved. excluded from this table. 1 Figures for trust revolving funds include interagency items. For all types of funds combined, loans by purpose and agency are shown on a gross basis; total loans and all other assets, on a net basis, i.e., after reserve for losses. 2 Coverage changed from preceding period (see also "Note"). For other footnotes, see opposite page, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 1341 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h it e e r m t s h * an Date, and fund or activity Total Cash L c a o r e b e a i l - v n e - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u a t q a r n r e u u n e n d i c d s p t - , , - Other a B t G u n a b o r t u n e e y n a d e s d r d - s d p , 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 S v t r . t - . v o in P a w e t t r s e e n i t - l r e y - d rities U. S. All activities 1949_Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 772, 1,720 21,030 183 1950—Dec. 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 ,190 1,193 21,995 234 1 1 1 9 9 9 5 5 5 2 1 3 — — — D D D e e e c c c . . . 3 3 3 1 1 1 2 2 2 •• 4 2 2 3 1 9 6 8 , , , , 4 9 7 9 0 4 4 3 3 5 4 7 , , 9 9 3 1 3 4 7 9 1 4 1 0 1 1 1 1 9 9 4 7 , , , , 8 3 8 4 8 4 2 2 3 8 6 2 2 3 1 1 , , , , 4 5 8 2 6 8 1 5 1 0 4 2 2 2 2 2 , , , , 2 9 4 6 2 6 2 0 6 7 1 2 3 3 3 3 , , , , 4 4 4 4 6 2 2 3 3 9 5 2 3 3 8 8 , , , , 2 3 0 0 1 5 4 6 3 8 6 2 2 1 , ,2 8 8 3 6 8 3 8 1 2 2 7 , , , , 3 0 3 1 6 6 3 8 9 8 0 2 4 3 1 1 , , , , 1 7 1 8 7 6 2 8 1 2 1 8 3 8 8 2 2 3 3 6 3 3 5 , , , , 4 4 8 6 5 2 1 4 6 9 0 2 4 5 3 3 3 0 7 2 4 8 8 9 1954—Dec. 31 1955—Mar. 31 41,996 ,37519,782 3,612 3,187 3,429 7,982 2,629 ,561 4,01335,848 543 June 30 40,639 ,24418,927 3,476 3,108 3,430 7,821 2,634 ,840 3,019 "3"5,171 568 Sept. 30 41,183 ,45619,061 4,129 2,909 3,414 7,799 2,415 2,086 2,01336,460 583 Dec. 31 45,304 338 20,238 4,356 3,236 3,414 7,822 4,900 2,379! 2,703 "3,9583 596 1956—Mar. 312 58.48510,042 20,580 7.808 3,677 3,638 8,056 4,685 2,425 3.73051,635 651 Classification by type of fund and activity, Mar. 31, 1956 Public Enterprise Funds—Total... 20,797 1,530 10,278 4,135 757 154 3,062 882 44 1,296! 2,072jl7,385 Farm Credit Administration: Federal intermediate credit banks 845 12 765 9 725 Production credit corporations 45 45 Federal Farm Mortgage Corporation 12 1 12 12 Agricultural Marketing Act revolving fund 186 36 186 Department of Agriculture: Commodity Credit Corporation 6,981 19 3,047 3,536 147 230 l,328i 5,653 Federal Crop Insurance Corporation 21 20 1 4j 17 Disaster loans, etc., revolving fund 155 55 98 !j 154 Housing and Home Finance Agency: Public Housing Administration 357 54 105 59 139 . . . I 30! 327 Federal Housing Administration 647 29 390 1 226 441 ! 185 417 Federal National Mortgage Association 2,550 ^527 (3) 22 ... 570| Office of the Administrator 803 153 277 339 34 9! 794 i Federal Savings and Loan Insurance Corporation. 258 1 248 9 I2| 246 Small Business Administration 107 42 63 I V) 106 Export-Import Bank 2,716 2,696 () () 18 45 2.671 Tennessee Valley Authority 2,025 158 24 1,831 12 37 1,989 Panama Canal Company 463 27 9 421 6 13 450 Veterans Administration 641 193 424 4 17 2 1 632 General Services Administration 763 41 529 97 97 10 753 Treasury Department 471 157 '253 18 15 29 j 464 Post Office Department—postal fund 469 439 30 329) 139 All other 283 91 "24 "*i6 148 5 271 Intragovernmental Funds—Total... 12,145 8,027 3,636 197 283 560J11,584 Defense Department: Army 7,912 6,954 693 106 160 7,717 Navy 2,772 600 2,138 35 204 2,568 Air Force 1,136 354 736 47 107 1,029 All other 324 120 70 '"92 42 54 270 Certain Other Activities—Total. . . 20,798 344 8,660 36 3,478 4,796 3,483 156 20,642 Department of Agriculture: Farmers Home Administration 681 569 24 7J 675, Rural Electrification Administration 2,528 35 2,376 118 l| 2,528 International Affairs and Finance: Mutual Security Agency 1,854 10 1,832 13 . . .! 1,854 Treasury Department 10,332 'iii 3,549 3,478 >3,3O5 10,332 Department of Commerce—maritime activities . 5,317 251 36 4,796 22 149 5,168 All other 86 85 •! 86 Certain Deposit Funds—Total. . 4,508 1,490 2,918 1,030 931j 1,904 643 Banks for cooperatives 425 352 43 161 238 24 Federal Deposit Insurance Corporation 1,813 1,793 147 1,666 Federal home loan banks 2,270 1,138 1,082 "869 782 (10) '620 Certain Trust Revolving Funds—Total. .. 237 151 1 100 It 119 A F l e l d e o r t a h l e N r ational Mortgage Assocation 22 1 6 1 151 '(3V (3V 100 8 For other footnotes, see opposite page. Agency, shown under Other. 8 Effective July 1, 1954, the public war housing program of the PHA 9 Includes $1,000 million due under the agreement with Germany (represented largely by land, structures, and equirment) and several signed Feb. 27, 1953, and lend-lease and surplus property balances due small housing programs managed by the Office of the Administrator, the United States in the principal amount of $2,254 million. Housing and Home Finance Agency, were designated to be liquidated 10 Negative figure; less than $500,000. by the Office of the Administrator of the Housing and Home Finance 1! Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 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 t s e . t T r P f e u r l c u u n t s d s s : t . t I G L r n a e o t n s r v s s a : . t - . * E p T r u f q e r t b o u o h c a l t m t e i a s l c s l . 2 : B p t u e u e n d r x e d g - s e i- t p T P t f e u u e r l n u r x 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 y b t a t h t l a l s i e s l c . : t p p o 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 d a e b - e s s e c t e n e - * t , .) t a i r G g n . N e v f o n . u e v . n t b t & d . L y s ess: O d n c e t a o h b s n t e h - 4 r b E r i o e q n c N r p u g a r a e s a o o y h t l w s r t : . - 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, 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 j 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,S70 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 95,785 566 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*... 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—Oct 2,692 505 151 3,044 5J 355 900 436 5,819 -2,775 2,621 -109 14 2,717 Nov 4 662 1 142 62 5,741 5,17? 668 40 5,800 -59 490 605 40 -154 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -936 599 130 130 340 1956—Jan 4,684 371 90 4,964 ?74 904 608 5,570 -606 -722 -87 83 -717 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 5j 54? 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 6 218 753 78 6,889 4 918 846 65 5,699 1,191 -1,126 -214 33 -946 3,184 660 268 3,571 5,995 959 459 6,495 -2,924 1,017 -266 43 1,240 Effects of operations on Treasurer'saccount Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) Period Net Trust m N ar e k t et in N v e .( t -) Incr o e r ase, Deposits in s B d u u e r o f d p i r g c lu i e t s t ac d la c e t o u f i i r m o c n i u t - 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 o s a ( G s g + b u e o l ) i a n v g o n c t a c f . y - e i & s a n G e g c e o F t . n r v e u c b t d s . y y . t d ( p e d g - c u i r ) r r b o , e e l s c a i i s n c s t e T o r H u ea t e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance B ( F a a a . v b n a R l k e il . s - T T a L r u x o e r a a y a n s n - d O as n t s h e e t e ts r tions 5 funds5 debt funds) Accts. Fiscal yr 1953 -9,449 3,641 -250 -59 -3,147 6,996 n.a. -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 60? -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 1,055 July-Dec .... -9 294 757 -689 15? -412 7,490 -712 -1,587 5,180 563 3 461 1 156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 1956—Jan.-June 9,639 1,236 57 312 -1,470 -8,017 -245 2,002 6,546 522 4,633 1,391 Monthly: 1955 " Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 1,158 Nov -510 474 -53 -64 -378 319 -17 -195 5 119 477 3 538 1 104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 1,112 1956 Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 1,350 Feb 1,245 139 57 -140 60 -16 1,504 4 756 554 2 914 1 288 Mar 5,914 -4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 1,193 -1 305 -135 249 47 353 -556 13 -1 360 5 712 578 3 781 1 353 -417 936 -49 48 -983 941 -73 548 6,259 515 4 593 1 151 June . . 4,793 833 -520 51 -1,004 -3,978 -112 287 6,546 522 4,633 1,391 July -2,057 83 -34 -in -105 1 -2,369 4,178 513 2 451 1 214 Auu -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 Oct -2,812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 1,272 n.a. Not available. * 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 1343 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 O ag ld e T - ran H s w f i e g a r y h s - to R : r . e - R. fu R r o n e e f - d - s B c T u e r o d i e p t - g a t e s l t W I i n th d - ividual C ra o ti r o p n o 1 - ta c E x i x s e e - s1 t p m a E l x o e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e rs r r e s .' - ' trust trust tire- ceipts held i Other i fund fund ment 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: 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 ,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 ,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 ,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 ,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 Monthly: 1955—Oct 2,692 268 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan 4,684 163 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 897 5,562 810 2,555 509 750 586 352 239 126 May 5,050 973 993 7,107 3,356 865 492 877 1,067 450 256 149 883 June** 11,576 549 395 12,574 1,972 1,487 7,193 854 604 464 264 143 July 3,485 295 124 3,927 988 457 837 827 320 498 236 127 1 Aug 4,954 799 10 115 5,959 3,415 125 352 910 881 276 245 157 n.a. Sept 6,218 397 150 79 6,897 1,935 1,752 1,709 805 451 245 n.a. n.a. J Oct 3,184 182 175 95 3,660 1,282 244 451 1,033 207 443 n.a. n.a. n.a. Budget expenditures 3 Major national security Agri- Vet- culture Period Total Total* D m D e i e l f i e p t n a t. s r , y e m s M e i c u li u t t u r a i a r t y y l , A en t e o r m gy ic fi a n I f a f n a n a n t i d l c r . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - i- l s N o u r u r e a a r - 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 a e n n l r - t nsources 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_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 2,811 135 245 631 401 297 340 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 June23 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 Aug 5,902 3,608 3,235 156 164 193 573 369 263 554 110 129 99 n.a. Not available. P 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 States, pp. 1093-1102 and 1164-1165. Service reports prior to July 1953. Excise taxes and nonwithheld indi- 4 Includes 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

1344 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s t a * s l d d T g i e r o r o b e t s a c t s 2 l t Total Total Bills c i C n a e t d e r e t s i b f o t i - - f Notes Bank B ond B s ank b C v i o b e o n r l n e d t- - s Total 5 b S i o n a n g v d s - s s i T a n a n a g v d x s - S is p s e u c e ia s l edness eligi- re- notes ble4 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 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_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 i 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 81.9 11.3 59.0 57.7 I Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 I (6) Apr 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 j. 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. June 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 j. 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 i. 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 I. 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 j. 45.5 Nov 277.1 277.0 228.7 159.8 24.2 19.5 35.2 80.9 10.9 58.1 56.9 I 45.7 1 Includes, some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $456 million on Nov. 30, 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 $8,430 million on Oct. 31, 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 c c t g e u lu u e r d i a d - r - - Sp t e r c u ia st l fun P d u s b l lic 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 m k 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 r e - - 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 t e s l . Savin In g d s ivid O ua t l h s er i M t n o v i r s e s c s 3 . ties) issues issues bonds securities 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—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 De: 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 Fen 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 M'*r 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 An- 275.8 43.4 8.2 224.3 23.3 r58.5 8.5 13.6 21.1 15.9 50.4 16.5 16.5 Mav 276.8 44.3 8.2 224.3 23.5 '"57.8 8.4 13.5 21.5 16.0 50.4 M6.5 16.6 Ju^ 272.8 45.1 8.4 219.3 23.8 '•57.1 8.4 13.3 18.0 15.9 50.3 M6.4 16.2 Jul 272.7 45.4 8.4 218.9 23.4 '56.5 8.4 13.3 18.4 16.0 50.3 '16.5 16.2 Aug 275.6 46.1 8.4 221.2 23.9 r57.6 8.3 13.1 19.3 16.0 50.3 '16.5 16.3 Sept 274.3 45.8 8.3 220.2 23.7 57.6 8.3 13.1 18.5 16.0 50.2 16.5 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 1345 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and couponrate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont Dec. 6, 1956 1,601 Dec. 1, 1956 ..25/8 9,083 Oct. 1, 1960 iy2 278 June 15, 1962-67.. 21/2 2,114 Dec. 13. 1956 1.600 Feb. 15, 1957 7,219 Apr. 1, 1961 W-, 144 Dec. 15, 1963-68.. 11A 2,824 Dec. 20, 1956 ,600 Mar. 22, 1957*.....23/4 3,221 Oct. 1,1961. ..!« 33 June 15, 1964-69.. 2J/2 3.751 Dec. 27, 1956 ,601 Dec. 15, 1964-69.. 3.826 Jan. 3,1957 1,601 Treasury notes Treasury bonds Mar. 15, 1965-70.. 4,712 Jan 10 1957 1 600 Mar. 15 1957 . .• -2% 2 997 Mar. 15, 1956-58 • •21/2 1 449 Mar 15 1966-71 2 957 J J a a n n . . 1 1 7 6 , ,1 1 9 9 5 5 7 7 1 1, , 6 6 0 0 1 3 A M p a r y . 15 1 , , 1 1 9 9 5 5 7 7.... 4,1 5 5 3 5 1 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 7 6 - - 5 5 9 9 . .. . . . 2 2 V 3/ 4 s 3; 9 82 2 0 7 J S u e n p e t. 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . . . . . 2 1 , ,8 7 7 1 0 6 J J a a n n . . 31, 1 1 9 9 5 5 7 7 1 1, 6 6 0 0 1 0 A A u u g g . . 15 1 , , 1 1 9 9 5 5 7 7..... . 2 1 3 2 , , 7 0 9 5 2 6 J Ju u n n e e 1 1 5 5 , , 1 1 9 95 5 8 8-634• . .2 .2 3 3 4 /8 4,2 9 4 1 5 9 J D u e n c e . 1 1 5 5 , , 1 1 9 9 7 6 8 7 - - 8 7 3 2 . . . . 3 1 ,6 7 0 8 6 7 F F e e b b . . 1 7 4, 1 1 9 9 5 5 7 7 1 1, 6 6 0 0 1 1 O A c p t r . . 1 1 , , 1 1 9 9 5 5 8 7 . . .\ . y 2 1 i/2 8 3 2 8 4 3 D Ju e n c e . 1 15 5 , , 1 19 9 5 5 8 9-62. . . . . 2 2 I 1 / 4 2 2 5 ,2 3 7 6 3 8 Feb. 15, 1995 . . . 2 745 Feb. 15,1957 1,750 June 15, 1958 ..2% 4,392 Dec. 15, 1959-62...2VA 3,462 Panama Canal Loan.. ..3 50 Feb. 21, 1957... 1,600 Oct. 1, 1958.... 121 Nov. 15, 1960 3,806 Feb. ?8 1957 1.600 Feb. 15, 1959.... 5,102 Dec. 15, 1960-65^ 1,485 Convertible bonds Apr. 1, 1959 119 Sept. 15, 1961 ..23/4 2,239 Investment Series B Oct. 1, 1959 99 Nov. 15, 1961. •-21/2 11,177 Apr. 1, 1975-80.. 2 34 10,852 Apr. 1, 1960 -.1% 198 Aug. 15, 1963....-.21/2 6,755 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 C e o r o t n i n b d - l s e Total W 1 i y th e i a n r ye 1 a - r 5 s 5-10 Over 10 All holders: 3954—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 Aug. 31. . 168,351 20,809 19,523 35,122 81,878 11,019 157,332 64,867 28,234 31,311 32,920 Sept. 30. . 167,343 20.807 19,523 35,169 80,893 10,951 156,391 63,883 30.520 29,072 32,916 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 I 4^37 422 373 426 3,016 1956—June 30 8,236 273 355 688 3,575 3,345 i 4,891 927 500 434 3,030 Aug. 31 8.204 180 296 834 3,597 3,297 ! 4,907 911 518 441 3,037 Sept. 30 8,187 176 294 837 3,605 3,275 ! 4,912 905 559 411 3,037 Federal Reserve Banks: 1954—June 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6,307 ,035 1,415 1955—June 30... 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 ,014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 ,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 ,014 1,415 Aug. 31 23,854 947 10,942 9,164 2,802 23,854 20,339 1,087 ,014 1,415 Sept. 30 23,680 742 10.950 9,186 2,802 23,680 20,164 1,087 ,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 i53,798 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 Aug. 31 50,056 2,008 2,219 11;249 34.425 155 I49,901 9,916 16,082 19,073 4,830 Sept. 30 49,964 2,486 2,046 11,105 34,173 154 I49,810 9,816 17,416 17,719 4,859 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 Aug. 31 7,690 131 48 349 6,006 1,157 6,534 284 517 1,289 4,444 Sept. 30 7,642 151 48 344 5,961 1,138 6,504 302 674 1,108 4,420 Insurance companies: 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 1,190 ,045 2,171 5,921 1955—June 30. 13,117 630 74 789 8,479 3,145 9,972 810 ,339 2,027 5,796 Dec. 31 12,667 515 83 842 8,286 2,941 9,726 694 ,502 1,840 5,689 1956—June 30. 11,702 318 44 760 7,789 791 8,911 632 ,192 1,802 5,285 Aug. 31 11,578 444 59 737 7,568 769 8,809 855 ,079 1,796 5.079 Sept. 30 11,594 527 59 743 7,513 2,752 8,843 915 .212 1,661 5,055 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 Aug. 31. 66,969 17,098 5,960 12,790 27,479 3,641 63,328 32,562 8,951 7,698 14,116 Sept. 30. 66,275 16,725 6,125 12,954 26,839 3,632 62,643 31,781 9,572 7,159 14,131 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

1346 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 p er ro s6 ceeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 ag F e e e r n a d c l - y S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l o f i u e c n b r l d e y - d s 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 M p c a o o u e n u s i l r s e e s - - - - s m d b e t R i e a t o r e c e b n e f n . - t k - 3 t , m s r t i e i o t e r c i e e n f u - s t - 1939 5,687 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 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952....... 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,'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_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 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 99 889 661 270 391 50 179 830 768 61 43 July. 1,975 484 379 3 1,109 911 588 15 183 1,066 1,012 53 27 Aug. 1,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 Sept. rl,591 355 r336 900 682 513 168 33 186 836 822 34 47 Oct.. 1,896 414 616 55 810 521 316 205 139 150 778 685 93 14 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 Transp ortation Public utility Communication a R nd e a f l in 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 1,536 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 1,045 77 1,812 56 1955—Oct.. 85 1 56 14 54 52 166 1 694 107 3 Nov. 149 32 70 6 17 4 268 12 40 88 8 Dec., 287 54 79 4 130 1 269 2 35 100 1956—Jan.. 180 26 45 2 26 1 63 3 263 Feb., 197 23 41 1 39 1 196 37 194 Mar. 249 22 48 3 71 10 187 103 17 132 Apr., 258 78 27 1 51 1 294 15 170 May, 465 14 67 4 86 2 335 80 109 June, 276 26 76 2 54 5 231 5 11 182 July. 331 9 100 17 31 240 (9) 261 103 Aug. 194 21 94 3 38 154 83 106 Sept. 227 22 36 21 61 242 4 56 214 Oct.. 344 11 34 2 37 222 66 74 r Revised. of notation, 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 4 Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic * Less than $500,000. eleemosynary and other nonprofit. 1 ° Represents all issues other than those for retirement of securities. «• 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 1347 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1950 1951 1952 1953 1954 1955 i 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 45,78752,940 544,,551177 633,,334433 58,110 6699,,44443316,59917,92916,88718,02818,150'18,45716,239 Profits before taxes 8,176 8,869 77,330088 883,37755 772,24444 11002,22266 2,452 2,767 2,388 2,619 2,601 '2,507 1,692 Profits after taxes 4,222 3,548 3,192 3,649 3,825 5,221 1,215 1,392 1,206 1,408 1,286 '1,303 903 Dividends 2,339 2,075 2,073 2,154 2,384 2,827 575 577 659 1,015 703 '710 721 Nondurable goods industries (94 corps.): * Sales 16,25218,91619,266 20,694 20,620 23,065 5,509 5,742 5,776 6,037 6,095 '6,135 6,085 Profits before taxes 2,947 3,447 3,028 3,408 801 849 869 889 901 '873 809 Profits after taxes 1,661 1,533 1,526 1,916 442 471 483 520 497 '488 466 Dividends 977 925 946 972 1,202 256 260 283 402 290 '295 304 Durable goods industries (106 corps.):2 Sales 29,535 34,024 35,25142,649 37,490 46,37811,09012,18711,11111,99012,055 12,32110,154 Profits before taxes 5,229 5,422 4,455 5,346 6,818 1,651 1,919 1,518 1,730 1,701 '1,634 883 Profits after taxes 2,560 2,015 1,800 2,123 3,305 773 920 723 888 789 '815 437 Dividends 1,362 1,149 1,127 1,182 1,625 319 317 376 613 413 415 418 Selected industries: Foods and kindred products (28 corps.): Sales ^402 4,909 ,042 5,411 5,476 5,813 1,358 1,462 1,491 1,502 1,535 1,569 1,563 Profits before taxes 532 473 453 465 462 499 99 131 139 129 123 '149 141 Profits after taxes 289 227 203 212 224 245 46 63 68 68 55 71 71 Dividends 161 159 154 154 156 160 36 36 39 50 37 '38 41 Chemicals and allied products (26 corps.): Sales ^,817 5,882 ,965 6,373 6,182 7,222 1,721 1,811 1,799 1,891 1,879 '1,957 1,884 Profits before taxes ,178 1,490 ,259 1,308 1,153 1,535 366 381 390 399 385 '377 340 Profits after taxes 597 521 486 520 593 782 182 193 198 209 195 '194 177 Dividends 467 381 396 417 499 597 114 115 134 234 138 141 142 Petroleum refining (14 corps.): Sales ^,359 5,078 ,411 5,883 6,015 6,556 1,566 1,613 1,632 1,745 1,764 1,742 1,770 Profits before taxes 712 911 728 841 751 854 210 200 218 226 248 223 218 Profits after taxes 492 560 524 603 567 624 150 147 156 172 176 162 163 Dividends 236 262 283 290 294 317 77 77 80 83 82 82 89 Primary metals and products (39 corps.): Sales 1,44812,507 ,56413,75011,52214,927 3,300 3,858 3,746 4,024 4,212 '4,415 3,212 Profits before taxes ,706 2,098 ,147 1,817 1,357 2,375 487 633 582 674 693 '711 266 Profits after taxes 857 778 564 790 705 1,194 241 313 290 350 344 '362 144 Dividends 378 382 369 377 407 522 114 108 118 182 141 137 140 Machinery (27 corps.): Sales !,049 6,168 ,077 8,005 7,745 8,110 1,953 2,045 1,977 2,135 2,167 2,463 2,422 Profits before taxes 847 1,000 971 1,011 914 894 229 251 208 206 200 268 224 Profits after taxes 424 365 375 402 465 458 110 120 103 124 75 139 114 Dividends 208 192 199 237 263 281 67 66 67 81 78 82 79 Automobiles and equipment (15 corps.): Sales ,96912,7071303816,61114,13718,825 4,791 5,101 4,246 4,688 4,578 4,195 3,352 Profits before taxes 1,332 1,950 982 2,078 1,789 3,023 825 894 589 715 690 511 273 Profits after taxes ,101 717 709 758 863 1,394 369 418 261 346 313 '243 119 Dividends 679 486 469 469 536 693 109 114 161 309 162 164 164 Public Utility Railroad: Operating revenue 9,473 10,39110,58110,664 9,371 10,106 2,305 2,524 2,634 2,643 2,535 2,704 2,590 Profits before taxes 1,385 1,260 1,451 1,404 900 1,342 259 358 370 355 252 343 298 Profits after taxes 784 693 832 871 674 925 175 242 243 265 164 237 208 Dividends 312 328 338 412 379 421 101 90 74 156 111 116 70 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,610 8,395 2,169 1,999 2,034 2,193 2,412 '2,201 2,185 Profits before taxes 1,313 1,482 1,740 1,895 2,049 2,304 636 539 535 594 710 592 568 Profits after taxes 822 814 947 1,030 1,140 1,247 341 296 284 326 374 321 302 Dividends 619 651 725 780 857 930 225 229 229 247 247 256 248 Telephone: Operating revenue 3,342 3,729 4,136 4,525 4,902 5,425 1,298 1,340 1,368 1,419 1,439 1,480 1,495 Profits before taxes 580 691 787 925 1,050 1,282 306 315 325 336 339 352 359 Profits after taxes 331 341 384 452 525 638 152 156 161 169 169 176 180 Dividends 276 318 355 412 448 496 118 122 126 130 132 136 137 r Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). 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 are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); Electric power. Figures are for Class A and B electric utilities (which pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 account for about 95 per cent of all electric power operations) and are of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 BUSINESS FINANCE NET CHANGE IN OUTSTANDING CORPORATE SECURITIES < CORPORATE PROFITS, TAXES, AND DIVIDENDS [Securities and Exchange Commission estimates. In millions of dollars] [Department of Commerce estimates. In billions of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r e 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 fi t i t e s s d - Y qu e a a r r te o r r i N ss e u w e - s R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N an et ge i N ss e u w es R m e e ti n r t e s - ch N an et ge 1948 32.8 12.8 20.3 7.2 13.0 1948 7.570 1,683 5,887 5,938 1,283 4,655 1,632 400 1.232 1949 26.2 10.4 15.8 7.5 8.3 1949 6,731 1,875 4.856 4,667 1,583 3,284 1,864 292 1; 572 1950 40.0 17.8 22.1 9.2 12.9 1950 7,224 3,501 3; 724 4,806 2,802 2,004 2,418 698 1.720 1951... . 41.2 22.5 18.7 9.1 9.6 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1952 35.9 19.8 16.1 9.0 7.1 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1953 .. 37.0 20.3 16.7 9.3 7.4 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2.366 1954 33.2 16.8 16.4 10.0 6.4 1954 11.694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1955 42.7 21.5 21.1 11.2 9.9 1955 12,595 5,372 7,223 7,712 3,199 4,513 *,883 2,173 2,710 1955—2 41.1 20.7 20.3 10.7 9.6 1955—3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 3 34.5 22.0 21.5 11.0 10.5 4 3,795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 4 46.4 23.4 23.0 12.1 10.9 1956—1 2,827 1,043 1,784 1,678 707 970 .149 336 813 1956—1 43.7 22.1 21.6 11.8 9.8 2 3,367 1,488 1,880 2,245 817 1.428 1,122 671 452 2 42.9 21.7 21.3 12.2 9.1 3 3,336 991 2 345 2,182 650 1,531 1,154 340 814 31 40.0 20.2 19.8 12.3 7.5 ith data shown on p. 1346, new issues 1 Preliminary estimates by Council of Economic Advisers. NOTE.—Quarterly data are at seasonally adjusted annual rates. proceeds of issues for that purpose shown on p. 1346, CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [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 wo N rk e i t ng U. S. Not r e e s c e a i n v d a b a le ccts. Note p s a a y n a d b le accts. F in e c d o e m ra e l capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties G U o . v S t. . 2 Other G U o . v S t. . 2 Other bilities 1948 68.6 133.0 25.3 14.8 4; 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 1 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 1 [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Transportation factur- Year Total M fa i c a n t n u g u r- - M in i g n- 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 Other2 Quarter Total Trans- P u u t t i b i e l l s i i - c Railroad Other ing j 1948.. 22.1 9.1 .9 1.3 1.3 2.5 1.7 5.2 1955—3 7,4 3.1 .6 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 4 8.4 3.8 .7 1950 20.6 7.5 .7 1.1 2 3.3 1.1 5.7 1941 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1956—1 7.5 3.2 7 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 2 8.9 4.1 7 1953... 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 3T 8.9 4.1 .7 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 44r.... 9.7 4.7 .9 1955 28.7 11.4 1.0 .9 1.6 4.3 2 0 7 5 19564' 34.9 14.9 1.2 1.3 [ g 4.8 10.9 1957_14 8.7 4 1 8 ot ot o All other 3 2.5 2.6 2.6 1 2 2.9 1.3 2.7 1.4 2.7 1.2 2.6 r Revised. 3 Includes communications and other. 2 1 I C n o c r lu p d o e r s a te tr a a d n e d , s n e o r n v c ic o e r , p f o i r n a a t n e c e b , u a s n in d e s c s o , n e s x t c ru lu c d ti i o ng n . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1349 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfann Farm h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r ly op a e n rt d ies * 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 in i c t n i s i a o a ti l n n - s - S F e a e c l d g e i e e e c n r s te 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 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 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 - ho O ld th 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 19.5 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 1 121.8 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 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 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.? 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 5.5 137.3 105.6 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. 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 bank holdings 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 - - f n a 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 4 772 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]42i ' 2*92i *4J929 2,458 1,004 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 ,205 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 Sect 20,540 15,560 4,475 3,675 7,410 3,700 ,280 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 21,450 16,180 4,610 3,770 7,800 3,950 ,370 18,045 16,123 4,210 6,155 5,758 1,860 62 June 21,990 16,500 4,668 3,837 7,995 4,137 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept v 22,500 16,845 4,730 3,905 8,210 4,290 1,365 19,225 17,218 4,333 6,885 6,000 1,936 71 v Preliminary. 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

1350 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—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 ~>,379 June 546 507 58 136 313 39 31,283 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 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 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 o r 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 r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l 2 Y m e o ar n th or N b u e m r - Total i i a l n S o s g s a a s n v n s - & s . p I c n a a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - - s M b s i a u n a n t g v u k s - s al 1941 1,379 437 581 4,578 1941 .. . 1,628 4,732 1,490 404 1,166 218 1945 1,913 181 1,358 5,376 1945 1,639 5,650 2,017 250 1,097 217 1948 3,607 1,046 1,710 10,305 563 2,397 7 345 1948 ... 2,535 11,882 3,629 J 016 2,664 745 1949 3,636 1,083 1,559 11,616 717 2,586 8 313 1949 2,488 11,828 3,646 ,046 2,446 750 1950. .. 5,237 1,767 2,246 13,657 848 2,973 9,836 1950 3,032 16,179 5,060 ,618 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 ,615 3,370 1,013 1952 6 617 2 105 2,955 18,396 904 3,394 14,098 1952 3,028 18 018 6 452 420 3 600 1,137 1953 7,767 2,475 3,488 21,962 1,048 3,979 16 935 1953 . 3,164 19,747 7,365 :1,480 3,680 1,327 1954 8 969 3 076 3 846 26 194 1 172 4 721 20 301 1954 3 458 22 974 8 312 768 4 239 1 501 1955. 11,432 4^041 5,241 31,461 1,405 5,891 24,165 1955 3,913 28,484 10,452 5Q3? 5,617 1,858 1955 1955 Oct 880 303 426 Oct. . . 326 2,387 835 153 505 167 Nov 782 261 385 Nov 314 2,316 765 152 499 171 Dec 746 253 351 31 461 1 405 5 891 24 165 Dec 293 2 188 700 156 457 166 1956 1956 Jan 712 251 316 Jan 275 2,059 665 148 435 131 Feb 778 284 333 Feb 278 2,050 700 136 421 127 Mar . 908 331 386 32,405 1,424 6,082 24 899 Mar 309 2,271 816 152 468 128 Apr 932 359 388 Apr 303 2,269 827 148 470 128 May 986 356 434 May . 324 2,434 872 158 508 152 June... 976 349 449 33,740 1,458 6,338 25,944 June 319 2,417 877 165 494 162 July 949 341 439 July 312 2 374 851 159 464 168 Aug . 1,037 358 483 Aug 336 2,544 921 163 508 181 Sept 850 292 397 34,939 1,499 6,563 26,877 Sept 290 2,185 779 139 C441 163 Oct 922 323 422 Oct. 322 2,425 749 154 475 183 1 Includes loans for other purposes (for repair, additions and alterations, c Corrected. refinancing, etc.) not shown separately. 1 Includes amounts for other lenders, not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1351 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMTLY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans mo H r o tg m ag e es Proj- P e r r o ty p- mo H r o tg m ag e es Government- Year or month ect- im- underwritten Total 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 - g m t a y g o p e r e s t- 1 p l m o ro a 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 er f 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 ,021 594 1,426 793 629 1945 18.6 4.3 4 1 2 14.3 1950. 4,343 1,637 856 ,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 20.8 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 26.3 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 1952 58.<5 25.4 108 14 6 33.1 1953 66.1 28.1 120 16.1 38.0 1955—Oct.. 338 113 160 2 63 717 461 255 1954 75.7 32 1 128 19 3 43.6 Nov.. 345 122 154 11 59 755 511 243 1955 oo 38.9 143 24.6 49.2 Dec. 326 118 144 10 55 620 413 206 1955—Mar 78.5 33.5 132 20.3 45.0 1956—Jan 335 133 148 1 53 570 403 166 June 82.2 35.3 135 21.8 46.9 Feb 287 114 127 5 41 535 372 162 Sept 85.5 37.0 139 23.1 48.5 Mar 298 105 127 18 48 468 331 136 Dec 88.1 38.9 143 24.6 49.2 Apr 253 87 116 4 46 493 333 159 May 270 87 123 2 59 469 307 162 1956—Mar.P.... 90.8 40.2 147 25.5 50.6 June 280 86 121 10 62 421 265 155 Junep.... 93.7 41.3 150 26.3 52.4 July 279 83 125 10 61 465 291 174 Sept. *>..'.'. 96.6 r42.4 r\5 2 27.2 r54.2 Aug 312 97 141 8 67 505 320 184 Sept 278 82 122 16 59 508 321 186 Oct 341 96 134 26 86 501 331 169 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- I2nd of year period) ments vances ment' 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 - e - d Total S te h r o m rt 1 - L te o r n m g 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 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 . 586 528 864 565 299 1953. 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954. 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955. 2,615 901 1,714 411 62 76 1955. 1,251 702 ) 417 991 426 1955--Nov 2,596 896 1,700 27 1 80 1955—Nov 60 40 1,364 875 489 2,615 901 1,714 30 76 Dec 109 56 ,417 991 426 1956—Tan 2,623 900 1,722 22 1 75 1956—Jan 42 213 1,246 833 413 Feb 2,642 907 1,736 35 66 Feb 13 78 1,181 770 411 Mar 2,657 909 1,748 28 62 Mar 24 67 1,138 730 408 Apr 2,665 907 1,758 23 1 68 42 53 1,127 709 418 May 2,677 907 1,769 25 1 81 May 44 48 1,123 697 427 June 2,704 915 1,789 40 92 June 99 49 1,173 730 443 July 2 729 915 1,814 43 91 July .. . 93 159 1,108 700 408 Aue 2,758 919 1,839 46 1 92 Aug 66 57 1,116 713 403 Sept 2,781 920 1,861 40 1 130 Sept 72 46 1,142 741 401 Oct 2,838 934 1,904 69 1 232 Oct 67 61 1,148 752 397 Nov 2,953 957 1,996 129 317 Nov 59 54 1,153 756 397 cha i r O te p r, e r u a n t d io e n r s w b h e i g c i h n n i i t n g m N ai o n v ta . in 1 s , 1 t 9 h 5 r 4 e , e ar s e e p o a n r a t t h e e b p a r s o i g s r o a f m F s: N M se A co 's n d n a e r w y 2 1 S S e e c c u u r r e e d d o lo r a u n n s s , e a c m ur o e r d t i l z o e a d n s q m ua a r t t u e r r i l n y g , h in a v o i n n e g y m ea a r t u o r r i t l i e e s s s . 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

1352 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 p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r s r i 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 ,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 ,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 ,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 ,616 5,392 8,724 2,408 4,308 2 008 1955 38,648 29,020 13,468 7,626 ,670 6,256 9,628 2,992 4,544 2,092 1955_Oct 36,573 27,968 13,246 7,025 ,648 6,049 8,605 2,804 3,715 2,086 Nov. 37,114 28,269 13,326 7,169 ,661 6,113 8,845 2,930 3,839 2,076 Dec 38,648 29,020 13,468 7,626 ,670 6,256 9,628 2,992 4,544 2,092 1956—Jan 37,848 28,886 13,481 7,487 ,638 6,280 8,962 2,920 3,961 2,081 Feb 37,474 28,915 13,574 7,371 ,628 6,342 8,559 2,932 3,530 2,097 Mar. 37,761 29,112 13,743 7,300 ,631 6,438 8,649 3,050 3,469 2,130 Apr 38,222 29,419 13,892 7,337 ,643 6,547 8,803 3,094 3,531 2,178 May 38,919 29,763 14,059 7 401 ,677 6,626 9,156 3,258 3,701 2 197 June 39,454 30,084 14,255 7,417 ,700 6,712 9,370 3,335 3,804 2,231 July . . . . 39,478 30,297 14,381 7,421 ,710 6,785 9,181 3,261 3,674 2,246 Aug 39,878 30,644 14,530 7,493 .734 6,887 9,234 3,295 3,696 2,243 Sept 40,074 30,707 14,533 7,497 l'j'SS 6,919 9,367 3,361 3,780 2,226 Oct 40,196 30,811 14,478 7,601 1,781 6,951 9,385 3,310 3,875 2,200 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 Retailoutlets 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 c S 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 a c C n u n o a o m i m n n e e c s - - r e * Other i Total D s m t e o p e r a e n r s t t 2 - F st 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 e to 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 JH7 1,866 643 3,822 ,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 ,342 2,257 911 4,118 1,242 984 377 463 1,052 1955... 29,020 24,441 10,601 8,443 ,680 2,656 1.061 4,579 1,511 1,052 381 535 1,100 1955—Oct 27,968 23,848 10,412 8,268 ,640 2,503 1,025 4,120 ,283 979 361 545 952 Nov 28,269 24,061 10,489 8,322 ,654 2,549 1,047 4,208 ,332 1,001 366 539 970 Dec 29,020 24,441 10,601 8,443 ,680 2,656 1,061 4,579 ,511 1,052 381 535 1,100 1956—Jan 28,886 24,447 10,618 8,436 ,668 2,670 ,055 4,439 ,471 1,018 371 535 1,044 Feb 28,915 24,587 10,668 8,460 ,697 2,701 ,061 4,328 ,436 1,001 362 538 991 Mar 29,112 24,870 10,796 8,526 ,732 2,739 ,077 4,242 ,377 984 355 544 982 Apr . 29,419 25,208 11,009 8,575 ,767 2,773 ,084 4,211 ,380 974 349 548 960 May 29,763 25,528 11,170 8,641 806 2,805 1,106 4,235 ,389 971 351 554 970 June. 30,084 25,963 11,394 8,765 ,848 2,845 1,111 4,121 1,247 973 354 562 985 July . 30,297 26,193 11,476 8,849 ,880 2,880 1,108 4,104 ,239 967 359 568 971 Aug 30,644 26,475 11,548 8,953 ,933 2,920 1,121 4,169 ,286 973 365 575 970 Sept 30,707 26,551 11,548 8,989 ,960 2,924 1,130 4,156 ,269 970 368 576 973 Oct 30,811 26,635 11,606 8,973 ,994 2,938 1,124 4,176 ,269 974 368 574 991 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 1353 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 t o 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 n a a s - ir - 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 o p h n d e e e - r s r r m i R z l o o a e a d n a p ti e n d a o r s i n n r - l s P o o a e n r n 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 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 ',374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 ,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 ,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 ,916 1955—Oct.. 8,268 6,817 989 24 438 1955__Oct 10,412 3,152 2,043 1,992 1,325 ,900 Nov. 8,322 6,850 ,001 24 447 Nov 10,489 3,193 2,046 2,015 1,332 ,903 Dec. 8,443 6,919 ,034 25 465 Dec 10,601 3,243 2,062 2,042 1,338 ,916 1956—Jan.. 8,436 6,919 ,024 25 468 1956—Jan 10,618 3,252 2,072 2,049 1,314 ,931 Feb. 8,460 6,940 ,024 24 472 Feb 10,668 3,294 2,089 2,040 1,305 ,940 Mar. 8,526 6,995 ,024 24 483 Mar 10,796 3,347 2,133 2,051 1,303 ,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 ,049 24 512 July 11,476 3,560 2,210 2,276 1,367 2,063 Aug. 8,953 7,344 ,061 24 524 Aug 11,548 3,598 2,218 2,266 1,384 2,082 Sept. 8,989 7,366 ,071 23 529 Sept 11,548 3,591 2,199 2,271 1,403 2,084 Oct.. 8,973 7,333 ,083 24 533 Oct 11,606 3,584 2,180 2,335 1,421 2,086 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT 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 o t m o p h n d e e e - r r s 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 e a n r n a - s l E o n r d m of o n ye th 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 m ( o s e m i e r n - n - g t le lo -p O a a n t y h s - ) er p D a a e r ( c t - - c 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 cial ment banks storesi 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_Oct.. 5,168 689 469 299 3,711 1955 9,628 2,635 357 862 3,682 2,092 Nov. 5,250 698 484 305 3,763 Dec, 5,397 709 506 307 3,875 1955—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 May 5,717 751 544 318 4,104 Mar 8,649 2,680 370 579 2,890 2,130 June, 5,804 766 554 320 4,164 Apr 8,803 2,720 374 573 2,958 2,178 July. 5,868 779 560 319 4,210 May 9,156 2,766 492 585 3,116 2,197 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 Oct.. 6,056 807 581 336 4,332 Aug 9,234 2,894 401 531 3,165 2,243 Sept 9,367 2,926 435 588 3,192 2,226 Oct 9,385 2,897 413 612 3,263 2,200 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

1354 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and 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 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 r e n p iz a a ir ti o a n n d loans Personal loans 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 5 217 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—Oct 3,327 3,211 J 147 873 905 125 135 894 824 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 1,396 1,236 883 731 123 97 922 854 Mar 3,174 3,305 1,284 1,378 859 821 120 113 911 993 Apr 3,409 3,329 1,330 1,345 968 894 129 123 982 967 May 3,264 3,470 1,256 1,407 932 949 133 145 943 969 June 3,058 3,390 1,181 1,391 841 883 116 128 920 988 July. 3,302 3,316 1,252 1,337 927 872 121 127 1,002 980 Aug 3 358 3,504 .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 Oct 3,370 3,382 1,315 ,284 942 1,010 125 140 988 948 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—Oct 2,967 2,945 1,169 J.I 76 849 839 112 112 837 818 Nov 2,961 2,970 1,173 ,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 J.245 1,179 887 899 121 120 856 821 Feb 2,948 2,889 ,184 ,143 821 847 110 107 833 792 Mar 2 888 3,108 ,130 ,209 822 892 102 110 834 897 Apr 3^145 3,022 ,258 1,196 870 857 118 111 899 858 May 3,063 3,126 ,226 ,240 858 885 111 111 868 890 June 3,009 3,069 ,158 1,195 869 867 104 105 878 902 July 3,160 3,103 ,229 ,211 890 868 121 117 920 907 3,147 3,157 ,214 1,244 891 880 112 113 930 920 Sept 3,087 2,918 ,185 .147 893 836 104 101 905 834 oct ....::.. 3,183 3,278 .284 lj339 883 906 113 117 902 916 Change in outstanding credit1 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 1951 +591 -102 +81 +69 +543 1952 +4,109 + 1,761 + 1,294 +300 +754 1953 + 3,602 +2,102 +605 +225 +670 1954 +563 -26 -28 +6 +611 1955 +5,452 +3,659 + 875 +54 +864 1955__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 + 11 + 12 +83 + 109 +201 + 344 +30 + 167 +74 +22 +34 +75 +79 June +49 +321 +23 + 196 -28 + 12 +23 +42 +86 July + 142 +213 +23 + 126 +37 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 Oct ! .. + 187 + 104 +31 -55 +59 + 104 + 12 +23 +85 +32 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 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 1355 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and 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 ti t f u i t n i a o n n c s ial Retail outlets Year or month Ad-justed 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_Oct 3,327 3,211 1 210 J 146 863 828 740 696 514 541 Nov 3,355 3,271 ,219 ,142 850 791 742 744 544 594 Dec . 3,315 3,785 ,179 ,171 840 838 746 906 550 870 1956—Jan 3,441 2,885 ,233 ,110 891 704 752 656 565 415 Feb 3,324 2,918 ,198 ,088 837 717 758 699 531 414 Mar . 3,174 3,305 ,105 ,201 802 822 759 808 508 474 Apr 3,409 3,329 ,302 ,308 790 769 780 766 537 486 May 3,264 3,470 ,181 ,279 774 842 ne 800 533 549 June 3,058 3,390 ,185 ,324 720 847 803 401 416 Julv 3,302 3,316 ,221 1,231 756 819 752 795 513 471 Aus 3,358 3,504 ,177 ,232 776 871 812 844 558 557 Sept 3,160 2,981 ,137 ,070 744 722 847 707 508 482 Oct 3,370 3,382 261 244 821 821 771 774 494 543 794 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—Oct 2,967 2,945 j osn 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 ,125 1.093 772 711 690 660 522 555 Feb. . . . 2,948 2,889 ,060 1,038 718 693 663 633 507 525 Mar 2,888 3,108 ,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 ne lie 690 707 504 525 June 3,009 3,069 ,078 1,100 723 699 716 532 530 S O J A u e c u l p t v g t 3 3 3 3 , , , , 1 1 0 1 8 6 4 8 3 0 7 7 2 3 3 3 , , , , 9 2 1 1 1 5 0 7 8 7 3 8 , , , . 1 1 1 1 4 2 6 4 9 3 3 7 1 1 , . , , 1 1 1 0 4 6 8 7 9 0 6 0 7 7 7 7 7 8 0 6 0 4 9 7 4 0 7 6 8 7 7 3 8 6 3 7 6 7 5 7 7 7 7 1 2 5 4 8 3 1 6 6 7 7 7 6 3 3 3 7 1 2 8 5 5 5 5 1 3 0 0 3 4 1 2 4 4 4 5 8 9 9 2 8 2 5 3 Change 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 -11 -57 +403 + 272 1952 +4,109 j 4-1.753 + 1,057 + 647 + 652 1953 + 3,602 + 1,474 + 1,216 + 692 + 220 1954 +563 — 202 + 217 +472 + 76 1955 + 5 452 + 1 80S +2,299 + 887 +461 1955 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 -2 + 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 Oct. . + 187 + 104 + 98 + 58 + 32 -16 + 76 +42 -19 + 20 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

1356 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 ti ) o * n Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) Depart- Manufactures N ag o r n i- - pro M du an ct u i f o a n c tu w r o in rk g ers Fr l c o e a i a g r d - h - t s m s a t l o e e r n s e t * p s C r u i m o c n e e - s r 2 W c s o h a m l o e l - eor Y m e o ar nth Total Total r D ab u l - e N r d a 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 p m t c e u l m u o e r l a n y - - l t - Employ- P ro a l y ls - ings* v (r a e l t u a e i ) l m pr o ic d e i s ty 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 37 45 34 26 39 68.7 31.1 90 27 74.0 1920. 41 42 36 53 34 18 45 69.0 37.1 98 32 85.7 1921. 31 24 34 42 30 27 32 52.8 24.0 83 30 76.4 1922. 39 37 40 45 43 41 43 58.4 25.7 92 30 71.6 1923. 47 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924. 44 43 42 57 51 57 46 63.5 62. 30.4 105 34 73.1 1925. 49 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926. 51 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927. 51 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928. 53 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929. 59 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930. 49 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931. 40 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1942. 31 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933. 37 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934. 40 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935. 47 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936. 56 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937. 61 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938. 48 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939. 58 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940. 67 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941. 87 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. 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 134 136 153 118 116 192 178 201 113.6 111 151.4 96 112 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 114.5 110.7 1955 Oct.. 143 147 145 161 129 123 260 252 266 115.7 107.1 108.7 161.1 122 114.9 111.6 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.. 143 143 145 160 129 131 300 290 306 116.8 108 107.2 159. 103 124 114 111.9 Feb.. 143 144 144 158 130 131 306 318 298 116.9 107 106.8 157. 100 118 114 112.4 Mar.. 141 143 142 156 128 130 287 317 267 116.7 106 106.1 157.9 100 122 114 112.8 Apr.. 143 144 144 159 129 130 277 315 252 117.3 107 106.0 158.2 99 122 114 113.6 May. 141 141 143 157 128 129 257 286 237 117.6 106 105.4 157.3 98 122 115 114.4 June. 141 141 143 157 128 130 256 269 248 118.0 106 105.7 158 95 124 116 114.2 July. 136 128 137 148 127 122 255 265 249 116.6 102 101.2 151.0 81 12! 117 114.0 Aug.. 142 142 144 158 129 128 260 264 257 118.2 106 107.1 161.4 93 128 116 114.7 Sept.. 145 146 147 164 129 128 251 250 251 -118.1 r105 H07.8 r165.8 96 129 117 115.5 Oct.. 146 150 147 164 130 129 248 230 260 118.6 107 108.7 168. 96 ^122 117 115.5 Nov.. ^147 '118.6H01.Q P107.8 467.9 115.9 e Estimated. p Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 2 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1357 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average^ 100] 19 p 4 r 7 o _ - 49 a A v n e n ra u g a e l 1955 1956 Industry portion 1954 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 125 139 143 143 144 143 143 141 143 141 141 136 142 145 146 MANUFACTURES—TOTAL 90.02 127 140 145 145 146 145 144 142 144 143 143 137 144 147 147 Durable Manufactures—Total 45.17 137 161 161 161 160 159 157 148 158 164 164 Primary metals 6.70 108 140 148 149 150 148 148 145 146 141 138 68 124 148 147 Metal fabricating 28.52 150 165 173 172 172 770 168 166 777 757 755 759 772 775 777 Fabricated metal products 5.73 123 134 142 139 138 136 134 132 135 130 132 129 134 142 142 Machinery 13.68 142 155 164 162 163 164 162 162 171 168 168 172 174 176 177 Nonelectrical machinery 9.04 125 135 143 143 144 146 147 147 151 149 149 152 155 '158 156 Electrical machinery 4.64 177 194 205 198 199 197 192 191 208 206 205 210 211 212 218 Transportation equipment 7.54 175 203 208 212 212 205 202 197 193 186 190 191 r194 198 201 Instruments and related products 1.29 140 149 156 158 159 160 161 160 163 164 164 167 171 172 173 Clay, glass, and lumber products 5.91 123 138 141 139 139 140 139 757 139 141 141 142 739 739 Stone, clay, and glass products 2.82 131 149 153 156 154 154 155 156 158 162 161 159 160 154 157 Lumber and products 3.09 115 127 130 124 126 128 124 121 122 121 123 125 129 126 122 Furniture and misc. manufactures 4.04 121 132 136 136 137 135 134 132 134 735 735 735 735 737 735 Furniture and fixtures 1.64 106 119 124 123 123 122 120 120 121 121 123 124 124 124 122 Miscellaneous manufactures 2.40 131 141 145 145 146 144 143 141 142 145 145 145 148 146 146 Nondurable Manufactures—Total... 44.85 116 126 129 130 129 130 128 129 128 128 127 129 129 130 Textiles and apparel 11.87 100 109 112 113 112 111 112 107 108 107 106 106 107 '108 111 Textile mill products 6.32 95 107 109 110 109 108 109 106 106 103 101 100 102 104 106 Apparel and allied products 5.55 105 113 116 117 116 113 114 108 109 111 112 112 112 113 117 Rubber and leather products 3.20 104 122 124 122 125 126 125 77P 120 775 777 777 775 '116 7/7 Rubber products 1.47 115 143 147 147 144 147 140 135 137 131 122 119 132 133 133 Leather and products 1.73 95 105 t05 101 108 108 112 105 106 104 102 104 102 101 P tper and printing 8.93 125 137 141 141 140 141 140 140 143 142 143 144 145 143 144 Paper and allied products 3.46 134 152 156 157 159 159 157 157 160 160 161 162 163 159 158 Printing and publishing 5.47 120 127 131 130 128 130 130 129 131 132 132 133 134 133 135 Chemical and petroleum products 9.34 142 159 162 164 166 165 166 755 757 75P 759 755 r757 755 757 Chemicals and allied products 6.84 148 167 173 173 175 173 174 174 178 179 178 178 r177 '111 178 Petroleum and coal products 2.50 125 135 137 139 141 142 143 144 139 140 142 132 139 143 139 Foods, beverages, and tobacco 11.51 106 109 111 7/7 113 7/7 112 777 773 777 770 770 7/3 112 Food and beverage manufactures. 10.73 106 109 111 112 113 111 112 111 114 111 111 110 114 113 Tobacco manufactures .78 103 105 105 104 107 109 107 107 107 110 108 105 102 103 MINERALS—TOTAL 9.98 111 122 123 125 129 131 131 130 130 129 130 122 128 128 129 Mineral fuels 5.35 113 123 123 125 130 132 131 131 730 130 730 725 730 725 725 Coal 2.68 67 80 80 80 87 87 88 86 86 89 90 77 87 87 85 Anthracite .36 52 48 42 47 58 62 55 50 55 41 55 54 61 63 53 Bituminous coal 2.32 70 85 86 85 92 91 94 92 91 96 95 81 91 91 90 Crude oil and natural gas 5.67 134 143 143 147 151 153 151 151 151 149 148 149 150 147 148 Metal, stone, ana earth minerals 1.63 106 120 126 124 123 129 130 130 129 725 700 130 133 Metal mining. .82 90 110 120 114 112 121 121 120 118 118 117 60 100 118 124 Stone and earth minerals .81 123 130 131 134 135 137 138 139 139 138 143 142 139 WITHOUT SEASONAL ADJUSTMENT (Major divisions only) 100.00 125 139 147 145 142 143 144 143 144 141 141 128 142 146 150 Industrial Production—Total 90.02 127 140 150 148 143 144 146 145 146 142 142 129 143 147 152 Manufactures—Total 45.17 137 155 164 163 161 160 161 161 162 157 156 139 155 162 Durable manufactures 44.85 116 126 135 132 125 128 131 130 129 127 127 119 131 133 136 Nondurable manufactures 9.98 111 122 127 127 127 129 127 127 130 130 131 119 130 132 133 Minerals—Total r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1358 PRODUCTION INDUSTRIAL PRODUCTION—Continued TFederal Reserve indexes, 1947-49 average= 100^ 19 p 4 r 7 o _ - 49 a A v n e n ra u g a e l 1955 1956 Industry portion 1954 1955 Oct. Nov. Dec. Feb. Mar. Apr. May June I Aug.Sept.Oct. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL... 100 00 125 139 147 145 142 143 144 143 144 141 141 128 142 146 150 MANUFACTURES—TOTAL 90.02 127 140 150 148 143 144 146 145 146 142 142 129 143 147 152 Durable Manufactures—Total 45.17 137 155 164 163 161 160 161 161 162 157 156 139 155 ! 162167 Primary metals 6 70 108 149 149 147 151 152 152 152 144 140 62 118 145 149 Ferrous metals 5.03 105 138 148 147 i45 149 149 149 149 143 138 41 114 146 149 Pig iron and steel 3.51 108 144 153 154 153 158 158 159 158 152 145 24 117 156 160 Pig iron .37 101 134 141 140 141 143 143 145 145 140 135 22 104 145 148 Steel 3.05 109 146 154 156 154 159 159 160 159 154 146 24 119 158 162 Carbon steel 2.62 108 141 149 150 149 153 153 155 155 149 144 23 116 153 157 Alloy steel .43 115 171 188 189 182 197 199 192 181 182 157 34 135 183 191 Ferrous castings and forgings 1.52 97 124 137 131 128 128 130 128 129 120 123 79 106 122 122 Iron and steel castings 1.29 95 123 135 129 126 125 128 126 127 119 121 78 106 122 122 Steel forgings .23 106 133 148 141 141 143 142 142 141 129 134 105 120 127 Nonferrous metals 1.67 120 146 153 154 153 159 161 160 160 149 145 124 130 144 148 Primary nonferrous metals .38 147 164 171 173 175 173 177 182 185 181 179 172 143 168 181 Copper smelting .09 101 122 136 130 128 134 136 142 143 147 142 117 124 '122 133 Copper refining .06 109 123 126 136 143 122 134 141 146 143 139 123 120 114 134 Lead ,04 105 103 119 121 112 114 117 120 121 106 109 107 107 123 122 Zinc .10 101 120 122 123 127 124 126 125 125 111 111 114 123 '128 Aluminum .09 244 261 265 272. 277 276 279 287 294 296 296 298 182 269 '293' Secondary nonferrous metals .13 105 123 135 130 125 131 134 124 135 121 110 93 108 115 Nonferrous shapes and castings 1.16 113 142 149 150 148 158 159 157 154 141 137 112 128 139 140 Copper mill shapes .63 100 114 114 118 120 134 132 127 123 116 112 79 109 120 111 Aluminum mill shapes .20 154 208 222 219 210 226 225 241 242 228 215 222 187 202 216 Nonferrous castings .33 114 156 173 169 164 163 170 166 160 140 137 111 129 141 Metal Fabricating 28.52 165 173 174 173 172 172 171 174 167 166 160 r167 179 Fabricated metal products 5.73 123 134 145 139 137 135 134 134 136 130 132 124 135 143 145 Structural metal parts 2.68 126 136 144 145 144 140 138 138 140 138 138 129 137 144 149 Stampings and misc. metal products 2.12 117 130 134 138 137 131 129 126 125 121 119 111 117 123 130 Tin cans .30 131 142 197 95 102 109 116 127 189 121 159 168 214 220 186 Furnaces, gas ranges, and heaters .63 90 111 134 117 92 109 110 115 106 105 112 94 123 143 128 Machinery 13.68 142 155 169 164 164 167 168 168 172 167 165 157 167 176 181 Nonelectrical machinery 9.04 125 135 141 141 147 149 152 154 154 151 150 146 146 '153 153 Farm and industrial machinery 8.13 121 130 136 138 143 144 145 146 148 147 147 144 145 148 149 Farm machinery . 1.02 79 91 92 94 97 98 95 94 92 88 87 82 79 r79 73 Industrial and commercial machinery.... 7.11 127 135 142 144 150 150 153 154 156 155 155 153 155 158 160 Machine tools and presses .68 160 163 170 178 190 3 90 195 196 197 197 194 194 193 199 201 Laundry and refrigeration appliances .69 114 144 130 141 164 173 183 175 146 143 128 r108 '158 Electrical machinery 4 64 177 194 208 197 200 196 206 198 195 178 209 '221 238 Electrical apparatus and parts 3.23 160 174 188 180 184 184 184 202 200 199 193 198 202 210 Radio and television sets .74 214 242 315 280 225 240 233 218 209 185 174 130 238 266 312 Transportation equipment 7.54 175 203 200 216 214 206 205 202 201 190 189 187 188 182 199 Autos, trucks, and parts 4.80 109 153 144 167 159 147 143 139 136 116 111 107 104 92 113 Autos 1.50 131 190 153 212 193 173 164 163 162 127 127 127 109 59 105 Trucks. .66 92 115 106 122 122 113 125 130 133 117 123 99 101 98 103 Light trucks .22 95 114 121 128 106 101 109 104 102 89 89 76 81 75 92 Medium trucks .19 59 69 50 73 67 67 71 68 69 58 68 56 53 51 52 Heavy trucks .14 133 172 138 172 216 194 227 258 265 237 246 198 192 201 195 Truck trailers 07 130 183 202 199 192 173 187 191 208 191 203 145 160 148 146 Auto and truck parts 2.58 101 141 149 153 150 141 135 128 122 109 98 97 102 109 Aircraft and parts 1.30 474 481 490 500 516 517 521 513 516 522 536 543 563 '579 593 Shipbuilding and repair .81 112 115 115 109 111 111 119 121 119 120 121 121 '"112 115 Railroad equipment .53 39 42 50 48 51 54 60 66 68 69 66 62 '•51 60 Railroad cars .35 29 30 38 33 36 40 49 57 60 61 56 51 49 52 36 Instruments and related products 1.29 140 149 158 159 161 160 161 161 164 164 164 162 | 168 174 j '172 Clay, Glass* and Lumber Products 5.91 123 138 149 140 132 135 735 142 143 145 135 \ 149 145 147 Stone, clay, and glass products 2.82 131 149 161 157 153 150 150 153 158 162 163 156 164 157 165 Glass and pottery products 1.09 118 134 144 143 141 141 141 140 143 142 140 130 142 '127 150 Flat glass and vitreous products .60 !31 155 164 169 172 168 163 163 166 164 160 150 161 159 174 Flat and other glass .47 133 156 167 172 174 171 167 163 165 163 158 146 160 158 178 Glass containers .26 117 126 133 119 111 121 130 130 135 136 142 133 145 113 147 Home glassware and pottery .23 85 91 102 101 96 91 96 93 92 93 86 72 90 '60 Cement .32 135 148 164 151 136 126 123 137 159 174 175 173 177 174 Structural clay products .35 111 127 138 137 130 129 132 137 138 140 146 140 144 '140 143 Brick .12 113 131 142 141 122 122 124 132 140 145 144 140 148 135 139 Clay firebrick, pipe, and tile .20 111 127 137 136 137 136 139 142 138 139 148 141 144^ 147 147 Concrete and plaster products .48 161 180 192 186 181 175 177 181 192 202 208 204 '203 200 Misc. stone and earth manufactures .58 140 166 177 176 H6 171 ,7, 171 172 172 171 167 175 176 ' Re\ised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1359 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 115 127 138 124 113 116 121 119 126 125 129 116 135 133 130 Lumber 2.05 106 112 122 106 98 100 104 105 112 111 118 104 115 118 111 Mi M llw ill o w rk o r a k nd plywood. . .3 6 9 0 1 1 6 2 1 3 1 14 9 4 7 2 1 1 6 3 0 2 1 0 4 1 3 1n7o3 1 1 8 1 9 4 2 1 0 2 1 8 1 1 1 9 8 3 1 12 9 3 9 1 12 8 4 7 1 1 8 3 1 3 1 1 6 0 1 7 2 1 1 5 6 2 2 1 0 3 0 9 2 1 0 3 6 0 Softwood plywood... .12 222 284 299 295 278 313 321 316 324 290 260 248 320 299 332 Wood containers .29 90 93 92 94 90 91 91 92 93 92 90 90 90 93 Furniture and Misc. Manufacturing ... 4.04 121 132 144 142 140 133 136 134 132 131 131 136 140 143 F irniture and fixtures 1.64 106 119 128 128 128 122 123 122 119 116 118 115 123 125 111 Household furniture 1.10 106 120 131 131 130 124 125 123 118 115 116 114 121 r126 127 Fixtures and office furniture. .54 107 115 121 119 119 120 120 119 116 126 125 126 123 122 122 Miscellaneous manufactures 2.40 131 141 152 141 145 142 141 140 135 145 150 155 154 149 141 Nondurable Manufactures—Total. 44.85 116 126 132 128 131 130 129 127 119 131 133 136 135 125 127 Textiles and Apparel 11.87 100 109 114 113 119 114 HI 90 109 106 104 Textile mill products 6.32 95 107 112 111 105 111 115 110 108 106 100 86 103 103 109 Cotton and synthetic fabrics. 3.72 100 113 117 118 110 119 123 115 112 109 99 87 104 101 113 Cotton consumption 2.30 97 103 109 109 101 110 112 108 107 105 96 81 101 97 108 Synthetic fabrics .97 108 137 133 135 131 135 141 132 119 108 103 101 102 110 118 Fabric finishing .45 93 100 109 110 92 111 118 98 103 108 90 71 103 105 Wool textiles .97 66 79 85 83 80 83 84 85 89 90 90 76 92 87 94 Wool apparel yarns. .16 76 85 90 86 78 94 97 89 97 98 85 83 94 79 93 Wool fabrics .75 64 78 84 83 82 80 81 84 87 89 92 75 92 90 96 Knit goods 1.15 106 110 119 116 107 107 114 110 110 108 110 95 108 "113 110 Hosiery .65 108 106 113 108 99 106 114 105 105 99 102 77 96 105 100 Full-fashioned hosiery. .45 113 110 114 109 100 107 117 110 112 102 104 77 97 106 100 Seamless hosiery .20 97 99 110 106 96 102 108 93 90 91 97 75 94 103 101 Knit garments .50 103 115 126 125 118 110 115 116 116 119 121 119 124 123 122 Floor coverings1. .48 Woven carpets. .31 71 79 89 77 84 83 93 91 89 80 78 50 97 76 Apparel and allied products... 5.55 105 113 117 117 107 117 124 120 114 109 108 95 116 108 118 Men's outerwear 1.78 103 111 117 116 102 119 124 118 119 121 104 79 120 101 116 Men's suits and coats.... .73 83 92 95 94 84 99 99 99 103 107 91 59 109 91 103 Men's suits .50 82 90 93 95 86 103 103 101 99 100 85 54 103 85 100 Men's outercoats .13 67 77 82 69 55 55 59 67 92 110 93 63 110 90 91 Shirts and work clothing. .99 116 123 130 131 113 132 141 130 129 129 111 90 126 106 124 Women's outerwear 1.85 109 116 113 113 98 118 132 127 115 104 111 100 116 108 117 Women's suits and coats. .76 129 134 139 143 119 145 J55 135 95 90 122 132 152 138 146 Misc. apparel and allied mfrs 1.92 103 111 122 122 119 113 117 114 108 104 107 105 113 116 121 Rubber and Leather Products . 3.20 104 122 130 122 119 127 132 125 122 113 111 97 118 Rubber products 1.47 115 143 155 150 138 149 146 140 140 129 123 105 127 135 141 Tires and tubes .70 105 131 140 138 120 129 134 130 133 125 122 99 110 120 121 Auto tires .40 110 140 143 140 121 131 135 131 135 125 115 97 113 121 124 Truck and bus tires .30 99 120 136 134 118 126 132 130 130 125 130 103 106 118 117 Miscellaneous rubber products. .77 124 154 170 161 156 167 157 149 146 133 124 110 142 148 158 Leather and products. . . 1.73 95 105 109 99 102 109 120 112 106 99 100 90 108 104 Leather .44 87 92 97 95 95 93 103 95 96 95 91 73 90 90 Cattlehide leathers. .29 92 99 105 102 103 100 110 103 103 103 99 79 97 99 Skin leathers .15 75 79 82 81 80 90 80 82 80 76 61 76 73 Shoes and slippers * , .90 Miscellaneous leather products. .39 90 99 106 105 104 98 103 98 91 89 96 96 102 99 Paper and Printing. 8.93 125 137 138 141 144 146 143 151 Paper and allied products 3 46 134 152 167 159 146 157 162 163 165 160 163 144 163 160 169 Pulp and paper 1.76 132 149 158 156 144 158 163 161 163 162 161 143 160 152 162 Wood pulp .51 148 169 179 178 164 181 185 183 184 187 184 165 182 171 185 Paper and board 1.25 125 140 150 147 136 149 154 153 154 152 152 134 151 145 152 Printing paper .22 118 127 132 133 127 137 144 141 142 142 143 130 143 139 145 Fine paper .14 120 133 140 136 129 144 142 152 153 148 148 129 143 148 149 Coarse paper .20 119 129 137 132 125 137 145 140 142 139 141 121 139 131 135 Miscellaneous paper .18 137 158 176 167 154 172 169 170 177 168 169 160 172 169 183 Paperboard .41 130 149 160 161 144 159 163 159 161 162 159 135 157 148 159 Building paper and board. .10 124 137 142 137 124 127 139 148 141 141 141 127 139 128 131 Converted paper products., 1.70 136 156 177 161 149 156 162 165 168 157 165 146 166 168 176 Shipping containers .51 133 155 175 160 149 147 157 165 162 154 165 140 167 168 172 Sanitary paper products. .11 145 158 180 163 148 179 173 163 184 163 163 162 163 166 187 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 120 127 135 135 130 126 128 132 134 133 130 125 129 134 139 1.85 119 128 142 143 126 119 127 134 141 140 131 115 121 133 143 Job Drintinc and Deriodicals 3.62 121 127 131 131 133 129 129 131 130 129 130 130 133 135 137 Chemical and Petroleum Products 9.34 142 159 166 168 167 168 170 169 168 166 164 157 r164 168 170 6.84 148 167 176 178 177 111 179 179 179 176 173 166 '172 mi 181 Industrial chemicals 2.54 153 184 192 197 197 199 201 201 200 197 192 182 '188 '192 197 .57 157 180 188 195 194 197 203 204 201 195 185 158 171 186 192 Industrial organic chemicals 1.97 152 186 192 198 198 200 201 200 200 197 194 188 '193 '194 198 .24 184 242 261 268 253 261 264 264 266 263 253 213 247 258 .11 136 213 230 243 233 241 249 243 244 242 227 227 223 241 227 Synthetic fibers .59 152 186 189 197 196 195 194 191 183 176 169 167 '171 '169 184 1.03 146 169 175 178 183 183 185 187 189 190 192 191 189 '189 189 .64 118 124 156 165 148 152 157 141 133 123 107 93 100 123 159 Vegetable oils .48 113 117 157 162 144 147 150 134 123 110 91 75 84 115 161 .16 133 145 154 174 159 168 175 162 163 163 155 145 150 144 151 no .71 108 130 118 115 104 109 108 111 106 109 88 118 121 116 Paints .66 116 125 127 126 126 123 125 125 124 125 126 126 129 126 127 Fertilizers .23 122 125 118 114 118 122 131 168 188 163 118 104 95 '110 111 Petroleum and coal products 2.50 125 135 138 140 141 143 143 142 135 137 142 132 142 145 H40 1.97 133 142 143 148 152 154 151 148 142 144 149 148 151 151 ^146 Gasoline 1.04 141 152 157 158 161 158 155 155 150 155 162 162 164 164 H56 .98 136 147 151 153 156 153 151 150 144 149 156 156 158 158 .06 221 233 252 236 247 242 231 242 254 258 267 257 264 261 Fuel oil .56 128 138 134 141 149 160 158 149 140 138 141 141 146 145 ^143 Distillate fuel oil .30 158 175 171 178 187 204 203 192 182 177 186 187 195 196 Residual fuel oil .26 93 94 92 99 105 110 105 99 92 94 90 87 89 87 Kerosene .10 110 107 101 112 129 126 126 112 98 96 95 97 103 108 .17 108 114 111 126 112 119 115 119 126 123 123 113 119 116 Coke .26 84 104 108 no 111 111 111 111 no 108 104 38 92 '109 109 .15 103 no 131 57 66 100 127 109 125 120 123 131 123 97 86 11.51 106 123 104 103 102 104 108 114 112 121 125 10.73 106 109 124 114 105 102 102 104 106 107 114 113 111 '130 ue Me B a e t e f p . roducts 8 1 . . . 4 4 4 9 8 6 1 1 1 3 0 1 7 5 7 1 1 1 1 0 02 4 9 98 2 1 1 1 2 4 5 5 3 4 1 11 1 1 14 5 4 86 0 1 1 10 5 4 9 2 0 1 1 10 5 5 6 3 8 1 1 1 0 4 4 4 5 0 1 1 1 0 3 4 2 6 2 1 1 1 1 0 30 5 6 31 0 1 1 1 2 0 4 5 1 7 1 1 1 1 5 2 0 4 2 1 1 1 1 1 5 1 8 4 1 1 1 2 1 4 2 6 8 ' 1 1 13 5 2 4 1 9 1 1 1 2 4 6 7 2 0 Pork .83 103 116 133 148 154 146 133 129 117 103 100 95 95 113 128 Dairy products .69 106 107 88 83 84 91 99 109 121 136 150 134 120 103 91 Butter .14 110 105 88 83 94 104 107 114 128 131 138 118 97 r91 82 .07 116 116 90 87 92 96 103 116 132 153 163 133 116 105 97 Concentrated milk .19 94 97 75 71 79 85 94 106 123 140 146 118 98 '83 73 Ice cream ... .... .28 104 109 93 86 76 84 93 102 109 125 149 147 144 118 102 Canned and frozen foods 1.13 112 118 161 114 95 85 83 82 85 96 115 149 234 '265 185 1.16 107 105 111 102 100 100 98 99 97 99 103 103 105 '108 106 Wheat flour .46 81 83 96 86 84 85 81 84 79 77 80 77 85 95 91 Cereals and feeds .70 124 119 122 112 no 111 109 109 109 112 119 121 118 '117 116 1.64 97 97 100 99 99 95 95 94 95 97 99 99 98 '99 99 Sugar .. . .27 117 115 247 262 182 87 57 59 68 70 81 73 68 110 Cane sugar • • .11 106 113 130 103 112 109 102 109 123 114 124 133 127 130 Beet sugar .13 121 111 340 393 236 63 14 11 16 27 38 15 11 86 .71 99 101 134 129 91 112 115 97 98 90 84 73 98 152 141 Miscellaneous food preparations 1.41 105 106 108 104 101 99 102 103 102 107 112 107 107 106 105 Beverages 2.24 103 107 118 102 91 88 97 108 117 119 128 123 118 116 Bottled soft drinks .54 1.70 98 102 117 105 88 84 94 105 111 108 119 107 101 106 Beer and ale 1.02 99 101 88 77 81 86 92 103 111 112 128 128 112 93 Liquor distilling .17 68 77 157 129 95 75 75 82 80 76 69 35 50 93 Liquor bottling .37 102 109 154 146 96 79 102 113 122 108 118 88 94 135 Tobacco manufactures .78 103 105 114 107 88 107 105 105 103 110 115 96 115 111 Cigarettes .46 106 109 117 108 91 112 107 109 106 116 122 104 120 115 Cigars .17 105 104 118 113 87 103 109 104 105 103 108 83 110 109 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 1361 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 Industry p t o i r o - n 1954 1955 Oct. Nov. Dec. Jan. Feb. Mar.Apr. May June July Aug. Sept.Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 111 122 127 127 127 129 127 127 130 130 131 119 130 132 133 MINERALS—TOTAL Mineral Fuels 8.35 113 123 125 128 131 133 131 130 130 128 128 121 130 131 Coal 2.68 67 80 88 87 91 91 88 86 86 85 84 61 87 91 93 Anthracite .36 52 48 51 51 54 61 55 46 53 42 58 42 59 67 64 2.32 70 85 93 93 97 95 94 92 91 91 89 65 91 95 98 5.67 134 143 143 147 151 153 151 151 151 149 148 149 150 147 Oil and gas extraction 4.82 128 137 138 142 146 147 147 148 145 142 143 142 144 143 v 142 Crude oil 4.12 122 131 131 134 137 138 138 139 137 135 136 136 138 135 ^134 Natural gas .34 172 185 181 196 209 219 214 210 198 185 190 .36 160 169 174 183 186 186 187 186 178 176 176 172 180 182 Oil and gas well drilling ...... • .85 167 175 175 173 177 185 173 171 188 187 180 191 183 173 Metal, Stone, and Earth Minerals 1.63 106 120 137 120 106 106 108 109 129 141 145 109 134 146 145 .82 90 110 136 105 83 87 91 91 119 139 142 11 120 140 140 .33 84 113 165 92 44 42 49 46 108 164 173 19 126 179 .49 94 108 116 114 108 118 119 122 127 122 121 107 115 115 117 Copper mining .24 103 123 137 135 127 140 138 140 148 142 141 120 132 132 132 Lead mining .09 80 84 84 79 82 81 88 91 94 88 89 85 90 87 92 .06 75 81 80 77 74 80 86 90 91 89 88 84 86 86 91 Stone and earth minerals .81 123 130 139 135 129 124 126 128 138 142 149 147 149 151 151] * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 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. UnLITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] Annual 1947_49 average 1955 1956 Series proportion 1954 1955 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ELECTRICITY AND GAS—TOTAL 100.00 177 198 204 206 210 212 213 214 215 217 219 *218 P219 P220 ^221 Residential 41.34 196 216 223 226 230 236 236 238 239 242 244 Non residential 58.66 165 186 191 193 195 196 197 197 199 199 202 Electricity 76.18 176 199 205 207 111 214 214 215 216 217 220 219 219 220 P221 Residential 27.48 202 224 230 233 239 246 245 247 247 250 252 253 253 254 Industrial . 23.68 158 190 199 201 204 203 202 202 205 207 206 202 203 206 General industrial 23.49 150 174 180 181 184 183 182 182 185 187 186 182 183 187 Atomic energy .19 1124 2221 2596 2656 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650 Commercial and other 25.02 165 180 183 185 187 190 192 192 192 191 198 199 196 194 Gas 23.82 181 197 202 204 205 207 209 211 213 215 217 2^218 P219 P220 Residential ... . 13.86 182 201 209 212 214 216 219 221 223 226 228 Industrial 6 16 188 197 198 200 202 203 204 205 207 209 211 Commercial and other 3.80 167 182 182 182 182 183 184 185 186 187 188 ^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

1362 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947^9 average 1955 1956 Product pro portion 1954 1955 Oct. Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 152 151 149 143 137 133 132 124 124 129 127 129 126 Major Durables 69.72 125 164 168 167 163 156 148 143 142 130 130 137 134 135 130 Autos 32.10 131 190 194 196 187 171 158 148 142 119 120 122 125 119 117 Major household goods 36.13 122 144 -147 143 144 146 141 141 144 142 141 153 -143 151 143 Furniture and floor coverings. 15.32 101 116 121 121 121 120 119 117 116 117 115 118 121 123 116 Household furniture 11.31 106 120 126 126 125 124 123 121 121 120 120 122 122 -124 122 Floor coverings * 4.01 Appliances and heaters 15.60 111 138 -139 134 143 150 146 150 149 141 138 161 '135 152 Major appliances 11.88 115 142 147 141 152 155 150 153 158 147 143 172 142 162 Ranges 2.60 79 100 95 90 104 113 110 111 110 107 117 125 89 98 92 Refrigeration appliances. 4.98 124 151 162 146 151 140 145 153 160 153 148 167 -148 168 135 Laundry appliances 2.51 148 193 187 200 227 242 221 215 211 185 171 246 200 Heating apparatus 3.72 97 120 -114 115 134 133 139 122 125 124 125 114 118 Radio and television sets 5.21 214 242 249 r237 216 207 194 186 207 218 220 233 232 231 245 Radio sets 3.42 52 77 95 103 101 72 66 62 55 61 55 56 69 70 85 Television sets 1.79 522 558 542 436 465 439 423 496 517 536 569 542 538 551 Other Consumer Durables 30.28 95 106 114 114 114 113 111 109 110 110 110 110 113 115 115 Auto parts and tires 14.00 91 102 108 108 112 113 106 104 105 104 100 100 103 111 iio' Misc. home and personal goods. 16.28 99 109 118 119 117 114 115 112 114 115 118 118 121 118 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 146 159 148 144 143 143 141 124 124 116 120 113 129 nn Major Durables 69.72 125 164 157 177 165 159 157 157 154 131 130 121 122 133 Autos 32.10 131 190 153 212 193 173 164 163 162 127 127 127 109 59 105 Major household goods 36.13 122 144 162 150 142 150 153 155 150 136 134 117 136 159 159 Furniture and floor coverings. 15.32 101 116 127 124 125 120 123 121 117 113 112 105 117 '124 122 H Fl o o u o s r e h co o v ld e r f in u g rn s i 1 ture 1 4 1 . . 0 3 1 1 106 120 131 131 130 124 125 123 118 115 116 114 121 H26 127 Appliances and heaters 15.60 111 138 145 131 130 148 156 168 162 143 143 125 121 157 Major appliances 11.88 115 142 144 133 140 161 169 183 178 152 150 131 117 158 Ranges . 2.60 79 100 105 97 99 115 118 125 115 102 112 80 83 106 102 Refrigeration appliances.. 4.98 124 151 131 113 130 157 165 194 197 173 174 149 107 145 109 Laundry appliances 2.51 148 193 218 220 222 235 252 237 222 176 162 162 180 Heating apparatus 3.72 97 120 148 125 97 109 113 121 113 113 121 106 135 157 Radio and television sets 5.21 214 242 315 279 224 239 233 218 209 184 174 130 238 265 312 Radio sets 3.42 52 77 99 105 96 72 72 70 63 67 54 37 61 66 88 Television sets 1.79 522 558 726 612 470 559 540 499 486 409 402 307 575 645 738 Other Consumer Durables 30.28 95 106 120 117 111 109 110 108 109 109 109 106 115 118 122 Auto parts and tires 14.00 91 102 115 108 104 107 101 101 103 104 103 101 109 117 Misc. home and personal goods. 16.28 99 109 124 124 118 111 116 115 114 113 115 110 121 119 r Revised. carpets, appliances, heating apparatus, radio sets, and television sets may l Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a descrip- NOTE.—Individual indexes without seasonal adjustment for woven tion of this index, see BULLETIN' for May 1954, pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Indu B s u - sine C s o s m- Public O n d re t o e h s n n i e - - - r Total M ta i r l y i- H w i a g y h- s C t e i r o o v n n a - - ot A h l e l r Total trial mercial utility tial 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_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.... 3,619 2,506 1,286 899 217 266 416 321 1,113 100 467 48 498 Feb 3,632 2,523 1,279 921 221 282 418 323 1,109 108 443 48 510 Mar... 3,590 2,530 ,268 937 228 290 419 325 1,060 103 411 51 495 Apr... 3,687 ,584 ,297 954 244 291 419 333 1,103 111 438 53 501 May. . 3,737 ,606 ,302 966 263 280 423 338 1,131 122 443 60 506 June. . 3,736 ,606 ,300 971 274 274 423 335 1,130 128 425 58 519 July... 3,726 ,620 ,302 976 278 274 424 342 1,106 124 408 58 516 Aug... 3,714 ,608 ,289 983 279 278 426 336 1,106 118 403 58 527 Sept. ». 3,693 ,587 ,277 971 271 275 425 339 1,106 116 397 57 536 Oct.?.. 3,661 2,537 1,227 962 266 273 423 348 1,124 123 403 56 542 NOV.P. 3,715 2,536 1,224 951 263 264 424 361 1,179 128 434 55 562 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1363 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 Com- Educa- public mercial tional Other utilities 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—Nov. 1,797 527 ,269 726 178 200 143 142 408 Dec. 1,921 730 ,190 711 148 197 237 144 483 1956—Jan.. 1,858 675 ,183 694 158 161 190 153 503 Feb. 1,860 598 ,262 799 171 183 145 131 430 Mar. 2,382 638 ,744 1,105 267 206 226 183 395 Apr. 2,421 745 ,677 1,144 196 210 203 213 456 May 2,480 714 ,766 1,129 159 217 202 242 531 June 2,198 732 ,466 826 144 224 192 234 577 July. 2,149 736 ,412 758 152 242 196 258 543 Aug. 2,069 620 ,449 874 138 184 193 232 448 Sept. 2,025 671 ,354 764 171 195 185 225 485 Oct.. 1,706 589 ,117 656 126 168 185 196 375 Nov. 1,689 582 ,107 625 130 212 199 189 335 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] Federa 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 Aug 1,895 110 310 111 233 151 206 357 87 64 125 139 Sept 2,035 123 259 147 224 194 220 386 164 77 92 149 Oct 1,863 114 298 123 221 210 219 310 106 52 86 124 1956 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 Oct 1,706 110 309 81 190 160 203 320 95 53 73 113 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Metro- Non- Year or month Total politan metroareas politan areas 1948 932 n.a. n.a. 1949 1 025 n a. n a 1950 1,396 n.a. n.a. 1951 1,091 n.a. n.a. 1952 1,127 n.a. n.a. 1953 1,104 n.a. n.a. 1954 1 220 897 324 1955 1,329 976 353 1955—Nov 89 65 Dec 76 55 1956 Jan 75 54 Feb 78 58 Mar 99 72 Apr 76 May 114 78 June 107 75 Julv 101 70 Aug 104 71 Sept 62 Oct 64 Nov ^80 55 ot ot ot ot Private Government-underwritten * Public Total fam 1- ily fam 2_ ily M fam ul i t l i y - Total FHA VA 914 763 46 104 18 393 291 102 989 792 35 162 36 466 361 105 1,352 1,151 42 159 44 686 486 200 1,020 892 40 71 C412 C263 149 1,069 939 46 84 58 C421 c280 141 1,068 933 42 94 36 c409 252 C157 1 202 1 077 34 90 19 C583 C276 c307 1,310 1,190 33 87 20 670 277 393 88 80 2 6 1 45 17 28 74 66 2 5 3 38 16 22 74 66 2 5 1 36 13 23 77 69 2 6 1 31 13 17 27 94 84 3 7 2 38 17 21 35 110 100 3 8 1 46 20 26 36 111 101 3 7 3 46 20 27 33 105 95 3 7 45 19 26 31 99 90 3 6 2 43 18 25 33 103 93 3 8 1 43 19 24 31 n.a. n.a. n.a. 39 15 24 29 n.a. n.a. n.a. 40 16 24 26 ^80 n.a. n.a. n.a. 30 12 18 P Preliminary. n.a. Not available. c Corrected. figures are based on field office reports of first compliance inspections; 1 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

1364 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 p T n o s o t p t i a t u u l l t a n i t o o i n o n n a - l T l f a o o b r t c o a e r l Total Employed i U pl n o e y m ed - l N ab o o t r i n f o t r h c e e 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 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 M!ay . 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 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 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] Transporta- Federal, Year or month Total M t a u n r u in fa g c- Mining co C ns o t n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta l t o e 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 4,912 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—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 2,276 5 979 7 095 Apr 51,327 16,918 798 3,003 4,128 11,120 2,278 5,979 7,103 May 51,454 16,909 794 3,055 4,141 11,110 2,289 5,981 7 175 June 51,600 16,877 808 3,132 4,164 11,162 2,297 5,999 7,161 July 51,003 16,460 750 3,056 4,117 11,152 2,296 6,017 7 155 Aug 51,702 16,890 809 3,076 4,147 11,211 2,320 6,017 7,232 Sept '51,676 '16,864 r814 r3,O78 '4,149 '11,164 '2,321 r6 015 r7 271 Oct 51,869 17,027 810 3,082 4,163 11,217 2,320 6,014 7,236 Nov . .. 51,886 17,020 805 3,078 4,151 11,232 2,320 6,033 7,247 WITHOUT SEASONAL ADJUSTMENT 1955—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 51,881 17,034 817 3,353 4,178 11,047 2 355 6 137 6 960 Sent . . '52.261 '17.121 '818 '3,340 '4,179 '11,164 '2,321 '6,105 '7,213 Oct 52,421 17,222 810 3,298 4,174 11,288 2,308 6,044 7,277 Nov 52,418 17,127 809 3,186 4.162 11,498 2,308 6,003 7,325 r Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for November 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 1365 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 Nov. Sept. Oct. Nov. Sept. Oct. Nov. Total 13,379 13,080 13,256 13,230 13,487 '13,335 13,448 13,338 Durable goods 7,781 '7,571 7,720 7,746 7,829 '7,583 7,758 7,795 Ordnance and accessories 89 '82 81 81 89 '82 81 81 Lumber and wood products 675 '658 646 626 685 '681 665 635 Furniture and fixtures 319 '319 316 308 327 '321 322 316 Stone, clay, and glass products 475 '471 478 476 480 '478 485 481 Primary metal products 1,133 '1,126 1,132 1.135 1,133 '1,126 1.132 1,135 Fabricated metal products 923 '885 906 908 932 '885 911 917 Machinery except electrical 1,237 '1,294 1,293 1,286 1,225 '1.262 1.267 1,273 Electrical machinery 853 '891 907 905 866 '891 916 919 Transportation equipment 1,446 '1,205 1,319 1,385 1,446 '1,205 1.319 1,385 Instruments and related products 229 '235 237 238 230 '235 238 239 Misc. manufacturing industries 402 '405 405 398 418 '415 423 414 Nondurable goods 5,598 '5,509 5,536 5,484 5,658 '5,752 5,690 5,543 Food and kindred products 1,116 '1,116 1,119 1,098 1113399 '1,312 1,222 1,122 Tobacco manufactures 95 '94 93 91 104 '113 112 99 Textile-mill products 988 '954 952 941 998 '949 952 950 Apparel and other finished textiles 1,114 '1,058 1,076 1.073 120 '1,079 1,092 1,078 Paper and allied products 461 '463 465 465 466 '470 470 470 Printing, publishing and allied products 542 '557 556 558 547 '557 562 564 Chemical and allied products 552 550 550 547 555 553 556 550 Products of petroleum and coal 173 '174 175 175 172 '176 175 174 Rubber products 225 '214 219 205 228 '215 221 208 Leather and leather products 332 '329 331 331 330 '329 329 329 r Revised. nearest the 15th of the month. Figures for November 1956 are pre- NOTE.—Data cover production and related workers only (full- and part- liminary. 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 79.52 81.40 82.21 82.42 41.2 40.7 40.7 40.6 1.93 2.00 2.02 2.03 Durable goods 85.69 '88.60 89.23 89.64 41.8 41.4 41.5 41.5 2.05 '2.14 2.15 2.16 Ordnance and accessories 86.73 '93.88 95.40 96.70 41.3 '42.1 42.4 42.6 2.10 '2.23 2.25 2.27 Lumber and wood products 68.28 '74.44 73.03 69.65 40.4 '40.9 40.8 39.8 1.69 '1.82 1.79 1.75 Furniture and fixtures 69.30 '70.62 71.55 69.14 42.0 '41.3 41.6 40.2 1.65 1.71 1.72 1.72 Stone, clay, and glass products 79.04 '80.97 81.97 81.99 41.6 '41.1 41.4 41.2 1.90 1.97 1.98 1.99 Primary metal industries 96.10 100.12 98.74 99.87 41.6 41.2 40.8 41.1 2.31 '2.43 2.42 2.43 Fabricated metal products 85.06 '87.99 89.03 87.34 41.9 '41.7 41.8 41.2 2.03 2.11 2.13 2.12 Machinery except electrical 91.16 '94.95 94.73 94.47 42.4 '42.2 42.1 41.8 2.15 2.25 2.25 2.26 Electrical machinery 79.46 '83.02 83.64 83.43 41.6 '41.1 41.2 41.1 1.91 '2.02 2.03 2.03 Transportation and equipment 98.21 '97. 99.96 104.59 42.7 '41.3 42.0 43.4 2.30 '2.37 2.38 2.41 Instruments and related products 80.51 '83.64 84.05 83.64 41.5 '41.0 41.0 40.8 1.94 2.04 2.05 2.05 Miscellaneous manufacturing industries. 69.46 '70.53 72.22 71.69 41.1 '40.3 40.8 40.5 1.69 '1.75 1.77 1.77 Nondurable goods 70.12 '72.44 72.83 72.71 40.3 '39.8 39.8 39.3 1.74 1.82 1.83 1.85 Food and kindred products 74.70 '76.80 76.22 76.19 41.5 '42.2 41.2 40.1 1.80 '1.82 1.85 1.90 Tobacco manufactures 50.81 '56.30 54.25 55.15 38.2 '40.9 39.6 38.3 1.33 '1.37 1.37 1.44 Textile-mill products 58.50 '56.99 59.60 60.15 41.2 '39.3 40.0 40.1 1.42 1.45 1.49 1.50 Apparel and other finished products 50.32 '52 92 54.02 52.33 37.0 '36.0 36.5 35.6 1.36 1.47 1.48 1.47 Paper and allied products 81.35 '84!71 85.14 85.17 43.5 '43.0 43.0 42.8 1.87 '1.97 1.98 1.99 Printing, publishing and allied products. . 92.28 '95.94 96.04 94.92 39.1 39.0 39.2 38.9 2.36 '2.46 2.45 2.44 Chemicals and allied products 85.07 '88.18 87.34 87.97 41.7 '41.4 41.2 41.3 2.04 '2.13 2.12 2.13 Products of petroleum and coal 98.81 r108.00 105.11 108.16 41.0 '41.7 40.9 41.6 2.41 '2.59 2.57 2.60 Rubber products 92.01 '89.51 90.17 89.28 42.4 '40.5 40.8 40.4 2.17 2.21 2.21 2.21 Leather and leather products 54.58 '55.72 55.94 56.00 37.9 '36.9 36.8 36.6 1.44 '1.51 1.52 1.53 ' Revised. November 1956 are preliminary. Back data are available from the NOTE.—Data are for production and related workers. Figures for Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1366 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 hi g - o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a a sc 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 98 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—Oct 122 114 109 120 120 r133 148 r119 122 109 125 r141 '127 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 June. 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 Aus 128 118 117 124 121 145 156 126 129 116 Ul 148 131 Sept 129 117 120 127 127 140 157 127 127 129 128 r139 131 Oct ^122 114 112 118 118 144 117 119 98 123 134 130 WITHOUT SEASONAL ADJUSTMENT 1955—Oct 128 115 116 r126 125 r141 154 r125 135 126 131 M49 r127 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 97 109 109 122 136 110 115 109 117 132 117 121 112 108 120 114 136 143 119 129 113 124 143 120 June 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 Aus 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 131 125 122 131 127 144 152 132 130 137 128 r139 128 Oct P127 115 120 124 122 P\44 150 123 131 113 129 142 131 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 —Oct r130 123 117 126 119 rl54 156 120 130 125 r(A0 r151 rl36 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 137 124 122 132 123 161 158 139 133 148 158 149 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 June 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 139 132 123 135 126 169 167 131 134 128 148 156 148 Oct ^142 131 129 133 129 pll4 134 137 139 ^150 v\41 WITHOUT SEASONAL ADJUSTMENT 1955_Oct 145 139 r131 rl45 133 r170 170 137 145 136 r151 r167 r155 Ndv 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 June 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 145 136 no r!42 H2 175 174 H8 145 114 153 1f,6 Oct ^159 148 144 153 144 P\92 "189 153 153 151 ^162 2*167 P Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, S2e 1 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 1367 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 c n n k f t d h s ) i o m ( s e r O t n o d i a n d u n e n g t r t d - s h o - ) f i 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 w r t a r h s l ) 3 Stocks o s O t r a d u n e 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 i e p - 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 1.1 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 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 1.0 1955 435 1,189 445 441 446 2.9 1.1 4.0 1.0 Month: 1955—Oct.. '477 '1,361 '582 '585 '590 2.9 1.2 4.1 1.2 Nov. 546 1,415 487 611 517 2.6 0.9 3.5 1.1 Dec, 817 1,139 357 541 411 1.4 0.4 1.8 0.7 1956— Jan.. 348 1,133 435 342 420 3.3 1.3 4.5 1.0 Feb. 332 1,205 450 404 419 3.6 1.4 5.0 1.2 Mar. 429 1,271 401 495 446 3.0 0.9 3.9 1.2 Apr. 385 1,314 336 428 363 3.4 0.9 4.3 1.1 May 438 1,275 338 399 401 2.9 0.8 3.7 0.9 June 417 1,187 501 329 492 2.8 1.2 4.0 0.8 July. 337 1,173 587 323 409 3.5 1.7 5.2 1.0 Aug. 412 1,253 573 492 478 3.0 1.4 4.4 1.2 Sept. 444 1,335 598 526 551 3.0 1.3 4.4 1.2 Oct.? 484 1,475 587 624 613 3.0 1.2 4.3 1.3 p Preliminary. ' 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 . reported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. xMERCHANDISE 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 ip ts 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 1.093 ,168 '1,282 923 1,083 '1,200 833 871 '1,073 Feb 183 218 1 360 999 1 143 I 270 809 850 1 051 Mar ,126 ,344 r1,581 923 1,252 '1,477 865 1,019 1,102 Apr ,426 ,264 1,512 1,259 1, 170 1,400 957 871 '991 May 402 325 I 716 1 137 1 194 521 829 959 1 093 June ,475 ,319 ,689 1,115 1,191 ,491 947 937 1,033 July ,290 ,269 r ,619 1,023 1,142 r ,288 822 885 1 051 Aug . . ,156 ,236 r 524 956 1,108 r 372 825 961 '1 050 Sept ,115 ,256 ,519 962 1,157 ,419 780 946 993 Oct ,270 ,396 V .656 1,166 1,277 V .554 767 1,011 ^1,120 Nov 252 321 1 167 1 249 3 840 1 065 Dec. .320 .405 1,222 1,321 943 1,008 Jan -Oct 12.536 12,815 *>15,458 10,463 11,717 ^13,992 8,434 9,310 »10,557 v Preliminary. 2 Department of Defense shipments of grant-aid military equipment ' Revised. md supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 33 GGeenneerraall iimmpp orts including o .imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re a c in n r g e d a- g s a o e n o v d d - s elec- and nish- opera- tion ices 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 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 Mav 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 June 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 Aug 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120. ^ 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 Oct . . . 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108.5 123.0 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (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 d m s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i c n o i t d n h t d d e s s e - s , r ,p l t F o i m e a i g u w n r n h a i 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 i t e d l d m s s d - - p R u a b r u c n o e b t d d r s - - p L w 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 m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e r h i n c o r v i o a y t n d d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l d s e n a e d s e r - i- -e s N t r m t m t a a u r o l l i r u e l s n n a i - c — c - l - - b b e m o b T a a r t e a n f c o t r v g l c d - s e - e o . d s n c M e e o l i l s u a - s - 1948 104.4 107.3 106.1 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 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 8 113.2 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 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1955 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 88.8 1956 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121.7 89.6 Feb 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127 1 121.7 88.7 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121.7 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 6 121.7 92 1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 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 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 r144.9 136.9 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 r115.5 r90.1 104.0 rl23.1 94.8 100.2 rlll.l 107.1 r145.7 r123.6 r127.9 r151.9 r139.7 119.7 131.1 122.8 r89.9 Oct 115.5 88.4 103.6 123.6 95.4 99.6 111.6 107.7 145.8 122.0 128.0 152.1 140.9 120.6 131.5 123.1 89.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1369 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: Pulp, Paper, and Allied Products- Continued: Fresh and dried produce. 92.9 94.8 95.3 97.6 Grains 82.4 88.8 90.7 84.0 Paperboard 129.7 136.4 136.3 136.3 Livestock and poultry... 71.8 76.0 75.7 73.0 Converted paper and paperboard ... 118.9 123.7 123.8 124.2 Plant and animal fibers... 99.1 98.2 98.4 100.0 Building paper and board 133.3 138.1 138.1 138.1 Fluid milk , 95.1 95.1 r96.1 97.3 Eggs 92.6 77.7 91.2 87.4 Metals and Metal Products: Hay and seeds 75.9 80.1 '76.5 78.6 Other farm products 145.4 151.1 152.9 149.9 Iron and steel 145.7 159.4 161.5 161.1 Nonferrous metals 153.9 155.4 154.8 154.0 Processed Foods: Metal containers 132.8 141.9 143.4 143.4 Hardware 151.3 158.2 158.8 159.8 Cereal and bakery products 114.8 114.5 '114.6 115.1 Plumbing equipment 129.4 134.1 133.9 133.9 Meats, poultry, and fish 81.6 85.1 89.3 85.7 Heating equipment 117.3 119.1 121.0 121.7 Dairy products and ice cream 105.0 108.9 r109.7 110.9 Fabricated structural metal products 127.4 134.2 "137.1 137.1 Canned, frozen fruits, and vegetables, 107.4 107.3 r106.8 106.4 Fabricated nonstructural metal Sugar and confectionery 110.0 109.8 110.0 110.8 products 131.3 133.5 136.9 141.0 Packaged beverage materials 183.8 196.1 201.5 201.6 Other processed foods 98.3 96.1 95.9 95.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.7 126.9 127.4 128.5 Cotton products 92.8 91.9 91.5 92.7 Construction machinery and equip- Wool products 102.8 103.4 103.9 105.6 ment 142.1 149.4 151.5 154.4 Synthetic textiles 86.1 80.3 80.4 80.9 Metal working machinery , 147.2 157.1 159.6 160.7 Silk products 123.7 121.0 120.1 123.6 General purpose machinery and Apparel 98.7 99.7 99.7 99.7 equipment 138.6 149.1 151.6 152.6 Other textile products. 71.6 72.2 74.7 75.3 Miscellaneous machinery , 133.1 137.2 138.9 139.8 Electrical machinery and equip- Hides, Skins, and Leather Products: ment , 130.7 138.0 142.0 143.2 Motor vehicles 124.7 129.1 129.4 130.7 Hides and skins 62.3 60.4 63.3 57.8 Leather 86.1 90.9 90.8 90.8 Furniture and Other Household Dura- Footwear H3.5 120.5 120.5 120.7 bles: Other leather products. 96.0 98.9 r98.5 98.2 Household furniture... 115.6 119.5 120.4 120.9 Fuel, Power, and Lighting Materials: Commercial furniture. 137.1 145.9 146.8 146.8 Floor covering 128.7 131.6 131.9 131.8 Coal 108.7 113.8 114.4 120.9 Household appliances. 106.1 105.0 105.5 106.3 Coke 138.8 152.9 156.3 156.3 Radio 89.5 91.0 91.0 91.1 Gas 109.3 109.4 110.3 110.3 Television. 69.5 69.6 70.1 70.3 Electricity 94.3 94.9 94.9 94.9 Other household durable goods., 135.5 139.7 140.2 143.1 Petroleum and products. 114.2 118.3 118.4 118.3 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 133.0 135.7 135.7 135.7 Industrial chemicals 118.9 122.1 121.9 122.6 Concrete ingredients 125.6 130.7 130.7 131.6 Prepared paint 115.0 119.1 119.1 122.6 Concrete products 120.2 123.4 124.8 125.0 Paint materials 97.4 98.3 97.9 98.8 Structural clay products 144.3 150.1 150.1 150.1 Drugs, Pharmaceuticals, cosmetics. . 92.3 92.2 r91.9 91.9 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 58.2 53.8 55.4 55.8 Prepared asphalt roofing.... 114.4 117.5 117.5 117.5 Mixed fertilizers 108.5 109.7 109.6 109.5 Other nonmetallic minerals. 122.8 123.8 123.6 124.3 Fertilizer materials 112.3 106.0 104.5 104.1 Other chemicals and products 104.5 103.8 103.4 103.6 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 165.0 149.9 142.2 141.9 Cigars 104.2 104.2 104.2 104.2 Tires and tubes , 147.2 153.4 153.4 153.4 Other tobacco products. 122.5 122.5 122.5 122.5 Other rubber products. 137.9 138.0 '139.1 139.5 Alcoholic beverages 114.7 116.2 116.9 117.2 Nonalcoholic beverages. 148.1 148.4 148.4 148.7 Lumber and Wood Products: Miscellaneous: Lumber. . 126.8 127.1 -125.2 123.6 Millwork. 128.2 129.5 129.2 128.6 Toys, sporting goods, small arms. . 113.8 116.3 116.6 116.7 Plywood.. 106.1 99.2 99.2 96.1 Manufactured animal feeds 74.7 72.1 69.6 68.2 Notions and accessories 91.0 95.8 '96.5 96.5 Pulp, Paper, and A Hied Products: Jewelry, watches, photo equipment. 104.3 104.8 104.8 105.2 Other miscellaneous 122.3 124.7 124.8 124.8 Woodpulp. . 114.2 118.0 118.0 118.0 Wastepaper. 120.3 112.1 97.5 92.5 Paper 131.2 138.2 -138.9 138.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1370 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 1 2 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 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 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 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 . . 8 2 1 1. . 3 0 2 1 . . 0 2 2 1 . . 6 4 1 1 . . 4 8 1.4 2 1 . . 7 4 1.4 1 1. . 1 4 1 1 . . 1 4 Plus: Subsidies less current surplus of gov- .6 ernment enterprizes -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .1 .7 .7 .2 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.9 338.7 334.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2 14.5 35. 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 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 .1 .0 -.1 .0 .0 -.6 .0 .0 .0 .0 Plus: Government transfer payments .9 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 1.3 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 4.5 9.2 9. 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 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 Less: Personal tax and related payments.... 2.6 3.3 20.9 29.3 34.4 35.8 32.9 35.5 35.9 55.51 37.3 38.1 38.8 Federal 1.3 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.7 32.0 32. v 33.6 34.1 1.4 1.3 2.7 3.2 3.4 4.2 4.2 4.3 4.4 4.4 4.6 State and local 3.0 3.8 83.1 93.0 206.1 237.4 250.2 270.6i 273.8 278.4 280.2 284.9 288.2 Equals: Disposable personal income 226.1 254.4 79.0 81.9 194.0 218.3 230.5 254.0 257.8 259.5 261.7 263.7 266.8 Less: Personal consumption expenditures... 208.3 236.5 4.2 -.6 11.1 12.1 19.0 19.7 16.6( 15.91 18.8 18.6 21.2 21.4 Equals: Personal saving 17.7 17.9 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 3 4 1 2 3 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. Compensation of employees • . .. • 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 62.1 146.5 170.9 184.9 197.3 195.5 210.4 213.6 217.0 219.4 223.5 226.2 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 Government civilian 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 Proprietors' and rental income2 .... 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 Business and professional 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 Farm 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 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. Corporate profits before tax 9.6 .2 17.0 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. Corporate profits after tax 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 1371 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104 4 56 Oi 125 81285.1 328.2 345.4 363.2 360.7 390.9 403.4* 408.3 413.8 Persona) consumption expenditures 79 0 46 4 81 9 194 0 208 3 218.3 230.5 236.5 254.0 261.7! 263.7 266.8 Durable goods 9 2 3 5 9 7 28 6 27 1 26.6 29.8 29 4 35.7 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 13O.5| 132.3 134.0 Services 32.1 20 7 29 0 65 0j 70 1 75.6 81.7 86.3 92.1 92.9 96.4; 98.0 99.7 Gross private domestic investment 16 2 1 4 18 11 51 2 56 9 49.8 50.3 48.0 60.6 63.li r64.7 65.1 New constructioni 7 / 4 6 6\ 22 7 23 3 23.7 25.8 27.9 32.7 32.6 r33 6 33.6 Residential, nonfarm 3 6 3 51 12 6 11.0 11.1 11.9 13.5 16.6 15.3! 15.5 Other 5 1 1 0 3.1 10 12.4 12.6 13.8. 14.4 16.1 17.3.' \8.0 18.1 Producers' durable equipment 5 9 1 6 6.9 21 23.2 23. 24.3 22.4 23.7 26.4: 27.5 29.5 Change in business inventories........ 1 7 1 6 4 5! 7.4 10.4 3.0 .3 -2.3 4.2 4.1i 3.5 2.0 Nonfarm only - 1.4 4 0 6.4 9.0 2.1 .9 -2.7 3.8 4.2! 3.9 2.4 Net foreign investment .2 1.1 -2.2 .2 -.2 -2.0 -.4 -.5 .2 1.2 1.7 Government purchases of goods and services 8.5 8.0 24 8 42.0 62.8 77.5 84.4 76.5 76.8 78.5 78.7 80.2 Feder N a a l tional security 1.3 2.0 1 1 6 3 .9 .8 2 1 2 8 .5 1 ! \ 4 3 1 7 . . 0 3 4 5 8 4 . . 8 3 5 5 9 1 . . 5 5 4 4 8 3 . . 9 0 4 46 1 . . 7 2 4 4 6 0. . 5 4 4 4 6 0 . . 1 7 4 4 7 1 . . 2 9 Other 1.3 2.0 3.2 3.9 4.2 5.8 8.4 6.3 5.9 6.3 5.8 5.7 State L a e n s d s: l G oc o a v l ernment sales2 .0 6. . 0 0 7. . 8 0 3 21. . 8 4 23. . 2 4 24. . 9 4 27. . 6 4 30. .4 32. .4 1 32. . 6 4 33. . 0 4 7.2 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] Less Wage and salary disbursements Divi- personal Year or month1 in s P o c e o n r m a - ] e Total p d m i C n r u o o g s o d d t m r i u i i n t - e c y - s - D in u i t s r d t i i t u e v ri s s e b - - S in e tr d r i v u e i s s c - e G m er o e n v n - - t in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o t m t d o a - l e rs 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p r e f a a e n y n r t - s s - 4 b c s i a u o n o n f t n s o c c i u o t i r e r a r n 5 i - l - s i a n g N t c u r o o i r c m n a u - l e l- * 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 A 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—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 328.5 228.5 99.1 60.5 30.8 38.1 7.3 50.9 30.0 18.7 5.9 313.4 Oct p 332.6 230.2 100.3 60.6 31.0 38.3 7.4 51.9 30.2 18.9 6.0 316.8 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 4 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

Financial Statistics * International * International capital transactions of the United States. . 1374 Gold production.. 1378 Net gold purchases and gold stock of the United States. . 1379 Reported gold reserves of central banks and governments. . 1380 Estimated foreign gold reserves and dollar holdings. . 1381 International Bank and Monetary Fund. . 1382 Central banks. . 1382 Money rates in foreign countries. . 1387 Foreign exchange rates. . 1388 Index 1401 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. 1373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1374 ENTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i [Amounts outstanding, in millions of dollars] Total ~o reign In- countries Ger- JL>ate t t i e i n o r s n n t a i a - 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 n i 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 a e ti r n ica Asia o A th l e l r tutions2 and Official 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 ,629 10,019 5,667 429 899 466 674 709 ,558 4,734 ,296 1.768 1,896 326 1954—Dec. 31.... 1.770 11,153 6,774 715 1,373 579 672 640 ,642 5,621 ,536 1,906 1,825 265 1955—Oct. 31.... ,825 11,748 6,890 ,017 ,424 813 703 645 1,557 6,166 ,138 1,948 2.157 340 Nov. 30 .823 11,823 6.964 ,069 1,431 810 747 645 ,489 6,190 ,125 1,946 2,217 344 Dec. 31.... 1,881 11,722 6,956 ,081 ,454 785 757 548 ,516 6,141 ,032 2,000 2,189 360 1956—Jan. 31 1,867 11,873 6,989 ,066 ,458 785 741 657 ,561 6,268 ,084 1,952 2,216 353 Feb. 29.... 1,876 12,000 7,055 ,035 ,467 798 739 679 ,596 6,314 ,089 2,001 2,244 353 Mar. 31 1,894 12,459 7,395 ,123 1,487 806 733 766 ,622 6,538 ,178 2,105 2,283 355 Apr. 30 1,978 12,511 7,339 867 [,524 812 742 111 ,822 6,545 ,207 2,165 2,278 316 May 31 2,001 12,534 7,441 907 1,580 831 709 753 ,676 6,456 ,269 2,180 2.306 323 June 30 2,007 12,650 7,461 877 1,638 861 737 746 ,616 6,475 ,285 2,182 2; 362 347 July 31*>... 2,016 12,818 7,443 813 1,686 864 759 837 ,633 6,592 ,354 2,195 2,360 318 Aug. 3\p.. . 1,998 12,999 47,766 771 1,759 898 797 654 ,711 6,591 ,436 2,266 2,391 315 Sept. 30*\. . 2,005 13,227 7,929 754 1,805 925 812 737 ,699 6,733 ,437 2,322 2,414 322 Oct. 31*... 2,015 13.116 7,960 733 1,852 936 791 636 ,721 6,669 .436 2,279 2,417 316 Table la. Other Europe Other Aus- Bel- Den- Date Europe tria gium mark 1952 Dec 31 1 093 91 124 70 1953—Dec 31 ,558 191 130 96 1954_Dec. 31 ,642 273 100 71 1955_Oct. 31 ,557 279 105 54 Nov 30 ,489 270 98 64 Dec. 31 ,516 261 108 60 1956—jan. 31 ,561 254 113 64 Feb 29 596 253 115 69 Mar. 31 ,622 252 124 71 Apr 30 822 246 123 71 jVlay 31 ,676 242 107 67 June 30 616 247 105 68 July 31 P ,633 251 108 Aug. 31 P ,711 266 110 Sept 30^ ,699 276 117 Oct. 31^ ,721 300 118 NOON 0NO0* N4O 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 29 47 203 110 57 6 38 101 243 119 72 6 41 113 249 103 91 8 46 141 183 72 120 8 44 159 173 68 125 8 49 176 164 79 132 45 200 183 63 127 46 188 183 49 128 45 183 193 51 133 49 184 223 52 134 49 182 227 51 135 47 165 206 52 124 50 160 200 54 124 58 141 180 54 125 55 150 168 63 132 70 56 158 162 57 133 00 000c 8 7 7 7 NO NO Ot 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 19 91 8 12 224 36 117 14 7 388 71 141 8 9 363 117 149 9 11 263 112 149 9 9 200 104 153 9 13 201 102 154 12 11 226 103 160 13 9 273 99 171 10 13 270 102 167 10 5 447 96 162 8 8 334 90 169 7 9 319 85 188 7 10 321 75 182 8 9 431 68 190 14 11 390 1 55 202 14 385 Table lb. Latin America .— Neth- —- 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 Chils l C o b m o 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- l I W S a a n e u n n d r e r d d - i s i e - s t s l a p P i R m c 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 i e e n r r nam 1952—Dec. 31 1,613 139 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—Oct. 31 1,948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 1,946 153 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 67 416 53 89 87 46 74 298 133 May 31 2,180 120 25 198 91 139 261 65 68 386 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 P 2,195 138 28 238 89 133 267 66 64 355 67 98 70 39 71 341 131 Aug. 3\P 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 Oct. 31° 2,279 148 24 241 95 126 250 71 52 408 67 104 84 19 72 402 115 v Preliminary. For other footnotes see followingpage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1375 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 - 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 n a a - H Ko 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 i h 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 n e a l g n - o Egypt U S A o n f o u r i f o i t c h n a Other land ofs 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_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 53 119 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 31*.... 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 Oct. 31P. ... 2,417 88 59 61 180 31 38 1,065 98 281 140 375 316 74 45 46 34 116 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 .2 n.a. Afghanistan 2.7 5.1 n.a. Azores .3 .4 .2 n.a. British dependencies. 19.8 21.1 13.8 British dependencies. .4 .4 .6 .4 Burma 23.0 29.7 19.1 Bulgaria ,6 .6 .6 .7 Cambodia n.a. .2 13.1 Czechoslovakia7 .6 .6 .7 .7 Ceylon 17.1 18.8 n.a. Eastern Germany.... n.a. n.a. 1.2 1.3 Iraq 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordaann. .9 1.2 Hungary 1.0 1.0 1.0 Laos. n.a. 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 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. 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 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 17.6 Italian Somaliland 1.1 .3 .3 n.a. Ecuador 23.7 17.7 14.9 Liberia 10.3 11.8 5 6 13.1 French West Indies and French Guiana... 2.2 .6 .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 33.5 P Preliminary. 4 Beginning Aug. 31, includes 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; small amounts of bankers' acceptances and commercial paper and of liabilities payable in foreign currencies are also included. 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. o jn rg d a e n r iz O a t t h io er n s E . ur E o x p c e l . udes Bank for International Settlements, reported ic 7 i B ui a a s .1 ed a m on u u r m ep o in rt s m b e y b U a I n II k C s I in u a a i l c l g F u e i d IC e S r . al Reserve districts. 3 Represents funds held with banks and bankers in the United States NOTE.—Statistics on international capital transactions of the United (and in accounts with the U. S. Treasury) by foreign central banks and by States are based on reports by banks, bankers, brokers, and dealers. foreign central governments and their agencies (including official pur- Beginning with the BULLETIN for June 1954 (as explained on p. 591 of chasing missions, trade and shipping missions, diplomatic and consular that issue), tables reflect changes in reporting forms and instructions made establishments, etc.). as of Mar. 31, 1954, as well as changes in content, selection, and arrangement 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

1376 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 R m G e F p a e e n . d r y o - . , f Italy S l w a e n r it - d z- U K d n i o i n t m g ed - E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e i r n - Asia o A th l e l r 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—Sept. 30., ,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. ,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., ,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31. ,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. ,603 16 118 33 28 83 171 449 112 734 264 45 June 30. ,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. 31* ,706 65 120 33 27 87 163 495 124 770 274 42 Sept. 30* ,733 66 125 35 28 81 169 504 123 779 280 46 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 en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1952—Dec. 31 98 1 16 2 6 <*> 4 2 11 3 39 9 5 1953—Dec. 31 88 13 6 2 9 1 24 16 5 7 1954—Dec. 31 109 20 10 3 16 2 0) 4 4 41 1 5 1955—Sept. 30 152 1 11 8 2 3 13 4 6 6 92 5 Oct. 31 159 1 13 9 2 3 13 4 7 5 93 (2} 6 Nov. 30 163 15 9 4 11 5 7 7 92 6 Dec. 31 158 2 16 13 3 4 11 9 5 7 78 2 7 1956—Jan. 31 158 2 18 13 3 3 12 9 5 7 74 4 7 Feb. 29 157 2 18 11 2 4 13 9 8 7 69 6 7 Mar. 31 162 3 20 10 4 15 9 6 7 70 6 8 Apr. 30 164 4 24 7 3 4 17 10 6 7 68 5 7 May 31 171 6 22 10 4 4 15 11 7 8 71 6 6 June 30 167 6 20 9 4 3 16 11 9 7 71 5 July 31* 165 7 17 8 4 3 14 12 11 8 74 1 6 A Se u p g t . 3 3 1 0 * p 1 16 6 9 3 7 7 1 1 7 9 7 6 5 5 4 5 1 1 4 6 1 1 6 5 1 8 8 1 1 0 0 6 7 3 0 1 6 6 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i a i o e c n b n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - s i i e t - s 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 - O L A i a m t c h t a i e e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 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—Sept. 30 642 6 3 107 7 127 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 A Se u p g t . 3 3 1 0 p * 7 77 7 9 0 1 1 2 1 4 4 6 6 5 4 1 1 2 5 1 1 4 4 7 5 8 8 6 1 4 4 6 7 1 1 7 8 8 4 6 6 1 1 1 1 3 3 2 2 6 8 2 2 9 6 1 1 2 3 9 5 4 4 4 6 * Preliminary. (excluded from these statistics) amounted to $778 million on Sept. 30, i 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

BVTL CAPITAL TRANSACTIONS OF THE U. S. 1377 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Date Total C m a h n o in s d a a 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 ia - C g B o i e n a l n g - o Egypt U S n o o i u f o t n h Other Main- Africa land 1952—Dec. 31 90 10 1 4 1 10 15 13 8 3 25 22 10 6 2 4 1953—Dec. 31 115 8 3 4 1 14 23 26 6 6 25 25 8 6 2 8 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—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 31^ 265 8 5 8 21 12 112 9 8 83 40 11 8 3 7 10 Aug. 3125 274 8 5 5 (2) 22 12 126 13 8 73 42 11 8 7 14 Sept. 30^ 280 8 5 7 (2) 23 12 131 11 8 75 46 11 8 3 7 17 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 ch P a 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 ch P a 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—Sept 45 36 9 180 154 26 37 41 -4 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 40 117 -76 90 118 -28 June. 28 16 12 130 108 22 41 75 -35 64 70 -6 JulyP 311 284 27 178 140 38 48 108 -61 72 93 -2! Aug.p 87 14 73 160 157 3 30 60 -30 63 83 -20 Sept.p 19 11 8 130 97 33 31 41 -10 48 55 -7 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- 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 n a g s l - n France F R m e e d a p n e u r y b 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 lic of 1952 15 300 5 (2) (2) 51 70 -16 111 192 5 g 2 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 •2) -1 1954 .... 78 72 17 (2) — 1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1955—Sept 1 33 2 1 1 19 -9 10 23 -10 13 6 1 Oct 4 2 3 8 2 -7 8 -5 Nov (2) -24 (2) (2) (2) -7 -4 3 y -20 2 P) P) Dec 2 47 -14 (2) 8 -3 4 -5 41 7 1 1956—Jan 1 52 (2) (2) 18 6 12 35 10 5 2 Feb 1 -1 1 -} — 5 -9 13 6 -7 -R Mar -1 -264 -139 1 25 -27 -30 -86 3 Apr (2) 52 3 1 1 44 7 -2 52 -5 3 2 May 1 72 3 8 47 14 5 69 -2 2 1 June (2) 35 2 (2) 12 19 32 1 -1 1 2 July" 4 61 1 (2) 24 19 16 61 -2 1 1 1 Aug & 74 2 3 (2) -1 6 11 2 22 -20 1 C2) Sept.13 1 40 3 21 10 8 42 -8 5 1 ^Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 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 n I a i n n ti t s o e t n i r - - al f c o T 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 i e n r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 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—Nov. 30 408 3,558 137 1955 -27 -4 -46 74 24 -49 -7 Dec. 31 402 3,543 126 1955-Sept.... -12 -3 -7 3 2 -3 2 1956—Jan. 31 355 3,724 122 O D No e c v t c . . . . . . . . . . . - - - 2 2 3 -1 1 8 5 1 1 9 8 7 -7 6 3 2 4 1 - - 1 - 3 8 1 -S 0) F M A M e p a a b r y r . . . 2 3 3 3 9 0 1 1 3 3 3 3 5 3 0 6 4 0 7 3 3 3 3 3 , , , , 7 7 7 7 9 5 1 9 1 1 7 3 1 1 1 1 3 3 5 5 2 6 3 5 1956— J F M A M Ja u e p n a a n b r r y e . . . . . . . . . . . . .. - - - - 1 - - 5 3 5 2 2 2 - - 1 - - - 6 - 3 1 1 0 2 6 9 2 8 2 - - - - 6 5 4 5 1 7 2 - - - - 7 - 1 9 9 7 5 0 2 5 2 2 3 1 1 1 - - - - - - 6 5 2 3 3 7 -2 0 ( 2 1" ) 1 1 1 ) A J J S O N u u e u c o l n p y t g v e . t . . . 3 3 3 3 3 3 0 0 1 1 0 1 2 3 3 2 3 3 9 7 5 0 5 3 7 5 0 8 6 4 3 3 3 3 3 3 , , , , , , 6 6 7 6 7 5 3 2 8 5 6 2 0 9 2 3 3 3 1 1 1 1 1 1 6 7 7 6 5 6 8 7 8 4 8 7 July".. -2 -80 -20 -70 2 -2 11 1956—Nov. 7 290 3,730 179 S A e u p g t . . P *. . -2 2 - - 4 1 8 9 - - 6 5 - - 4 1 5 8 1 1 -1 4 3 N N o o v v . . 2 1 1 4 3 3 4 0 2 0 3 3 , , 5 6 6 2 6 5 1 1 7 7 9 8 Nov. 28 373 3,550 178 Preliminary, 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 U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - 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 - ! Au li s a tra- India $1=15Hi grains of gold Ho fine: i.e., an ounce of fine gold=$35. 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 1 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 Sept 76.2 43.6 1.6 2.2 1.1 7.0 13.8 1.0 1.3 .3 .7 3.1 .5 Oct 75.7 43.8 1.5 2.0 1.0 6.8 13.8 1.0 1.2 .3 .7 3.1 .6 Nov . 74.9 43.3 1.5 1.9 .8 6.3 13.6 1.3 1 1 4 6 3 3 6 Dec 70.5 42.9 1.5 (2) 1.1 5.0 13.3 1.0 .8 2 6 3 4 6 1956—Jan 71.2 43.4 1.6 .1 1.2 4.8 13.0 1.0 1 9 .2 7 2 9 5 Feb 68.9 42.9 1.5 .1 1 4.6 12.4 .9 1.2 .3 .7 2 7 5 Mar 45.4 1.5 1.8 1.2 5.0 13.5 1.2 .2 .7 2.8 .6 A M p a r y . . . 4 4 5 7. . 3 2 1 1 . . 6 6 2 2 . . 1 2 .0 0 4 5 . . 7 4 1 1 2 3 . . 9 1 1 1 . . 2 3 .2 2 .6 6 2 3 .0 7 .6 6 July 4 47 7 .4 9 1 1 . 6 6 2 2 .1 2 1 5 5 .1 9 1r1 3 2 .4 3 1 1 3 6 3 7 6 3 2 5 6 Aug 48.5 2.3 0 6.3 r12 3 1 4 6 ' f, Sept 47 3 6.0 12.4 .6 r Revised. British West Africa, Belgian Congo, and India, data for which are from 1 Gold exports, representing about 90 per cent of total production. American Bureau of Metal Statistics. For the United States, annual 2 Less than $50,000. figures are from the U. S. Bureau of the Mint and monthly figures are Sources.—World production: estimates of U. S. Bureau of Mines. from American Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 1379 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 July- Oct.- Jan.- Apr.- July- Sept. Dec. Mar. June Sept. 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 — 33 8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands '"46!7 "-23*!5 '"-79.*8 "-4^5 -100.0 -65.0 Portugal 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 -8.0 Bank for Intl. Settlements.... -5.6 -34.3 -65.3 -30.4 (2) -94.3 -20.0 Other 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 1.5 1.0 3.0 Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 1.5 -32.8 -5.0 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 i Total .. 1 232 9 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 -.1 Canada (2) 3.4 -100.0 -10.0 7.2 Latin America: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 20.1 55.1 Colombia 15.5 7.0 -10.0 17.5 -22.8 -3.5 28.1 Cuba -10.0 -10.0 28.2 -20.0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay. .. . . . 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 11.0 2.0 Venezuela -108.0 -50.0 -.9 -30 0 Other . . -2.1 -10.5 -7.2 -34.7 2 4 -.3 17.2 3.0 -.1 -•i — 2 _ 2 Total . 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 10.9 -.1 -.2 19.9 85.0 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 6-44.26-76.0 (2) -.4 725.0 775.0 775.0 Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 — 68 5 8 7 1.4 5.2 94.9 155.0 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 t r o o t e o l c d a t k a se l i e m g x 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 d o g n u o e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) I i n n s g c to o r t e o c ld a t k a se l i e m g x 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 g o d o u n e l c s d - - 1943 21,938 21,981 -757.9 68 9 — 803 6 48 3 1955—Nov 21 688 21,751 3.9 31.9 -27 0 6.3 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 Dec 21,690 21,753 1.9 26.7 -23.8 5,0 1945 20,065 20,083 -547.8 -106.3 — 356.7 32.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 1956 Jan 21,693 21,755 2.5 11.4 -8.2 4.8 1947 22,754 22,868 22,162.1 1,866.3 210 0 75.8 Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Mar 21,716 21,765 7.7 11.5 -2.9 5.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Apr 21,743 21,792 27.4 9.9 16.9 4.7 May 21,772 21,821 28.3 25.3 1.8 5.4 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 June 21,799 21,868 47.6 18.4 29.9 5.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 July ... 21,830 21,918 49.4 4.8 43.9 5.9 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Aug 21,858 21,965 47.1 4.7 43.2 6.3 1953 22,030 22,091 -1,161.9 2 2— 1 170 8 69.0 Sept 21 884 22 032 67.6 -18.0 86.9 6.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Oct. .. 21,910 21,999 -33.6 4.6 -34.3 (3) 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Nov ^21,910^22,106 ^107.5 4105.7 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 $6,673.9 million on Nov. 30, 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

1380 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- t A ra u l s ia - g B iu e m l- Brazil Canada Chile Cuba m De a n rk - E d c o u r a- Egypt U.S.S.R.)*Treasury Total 2 1949_Dec 35 380 24 427 24,563 216 88 698 317 496 40 299 32 21 53 1950—Dec 35,810 22,706 22,820 216 88 587 317 590 40 271 31 19 97 1951—Dec 35,960 22,695 22,873 268 112 621 317 850 45 311 31 22 174 1952—Dec 36 260 23,187 23,252 112 706 317 896 42 214 31 23 174 1953—Dec 36,680 22,030 22,091 371 117 776 321 996 42 186 31 23 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 1,080 42 186 31 23 174 1955__Oct 21,686 21,747 371 138 920 322 1,150 42 181 31 23 174 Nov 21,688 21,751 371 141 922 323 1,147 42 141 31 23 174 Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 136 31 23 174 1956—Jan 21,693 21,755 371 147 942 323 1,136 44 136 31 23 174 Feb 21,695 21,757 371 151 955 323 1,129 42 136 31 23 174 Mar 38,190 21,716 21,765 371 154 953 323 1,127 43 136 31 23 174 Apr 21,743 21,792 371 157 970 323 1,113 43 136 31 23 174 May 21,772 21,821 371 161 958 323 1,107 46 136 31 23 174 June 38,360 21,799 21,868 164 952 323 1,109 46 136 31 23 174 July 21 830 21,918 965 323 1,114 46 136 31 23 174 Aug 21,858 21,965 964 323 1,114 46 136 31 22 174 Sept ^38 490 21,884 22,032 972 323 1,112 45 136 31 22 174 Oct 21,910 21,999 949 1,119 45 136 31 22 181 Germany, End of l F a i n n d - 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 6 523 27 247 178 140 256 52 195 51 27 28 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955__Oct 35 576 854 27 247 81 138 352 142 836 45 48 35 Nov. . . 35 576 868 27 247 81 138 356 142 856 45 48 35 Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—Jan 35 861 953 27 247 81 138 352 163 865 45 48 35 Feb 35 861 991 27 247 81 138 352 163 872 45 48 35 Mar 35 861 1,003 27 247 81 138 352 164 875 45 48 35 Apr. 35 861 1,035 27 247 81 138 352 164 877 45 48 35 May 35 861 1,056 27 247 81 138 352 164 864 45 48 35 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 AUK 35 861 1 274 27 247 46 138 853 46 49 35 SeDt. 15 861 1,294 27 247 46 138 854 46 49 Oct 35 861 247 45 138 854 47 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 I ta n o r t n y l e . - B S a I e n n t k t t l l e . f - or Fund ments 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 ,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 1,702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1,740 196 1955_Oct 428 28 211 56 270 I 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 1,808 217 1956—Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 1,811 193 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 2,211 216 403 ,786 197 Apr . 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May 436 28 217 56 266 [,579 112 144 2,369 216 403 1,741 216 436 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 Aug 442 28 216 56 262 ,622 112 144 2,276 214 403 1,695 212 SeDt 442 28 214 56 263 614 112 144 2,328 214 403 1,711 199 Oct ... . 442 28 214 56 265 144 2,244 503 214 P Preliminary. 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 received. 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 1381 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1954 Sept. 30, 1955 Dec. 31, 1955 Mar. 3 , 1956 June 30, 1956 Sept. 3C), 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 & notes dollars & notes Continental Western Europe: Austria 329 12 341 12 322 10 313 10 308 10 337 10 Belgium-Luxembourg (and Belgian Congo).. 1,044 10 1,149 10 1,201 10 1,242 12 1,221 12 1,264 12 Denmark 102 7 95 7 91 7 102 6 99 6 95 6 Finland 72 3 73 5 84 5 80 5 82 5 90 5 France (and dependencies) * 1,328 161 1,593 161 21,986 151 2,028 6 1,782 7 1 659 7 Germany (Federal Republic of) 1,999 2,250 5 2,374 8 2,490 10 2,742 11 3,099 13 Greece •. . 124 145 187 194 176 161 Italy 925 10 1,105 2 1,137 2 1,158 2 1,214 2 1,278 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,074 41 1,100 44 1,143 22 1,145 23 1 116 23 Norway 148 6 113 53 124 53 96 69 97 73 109 83 Portugal (and dependencies) 560 581 601 606 602 617 188 237 3 221 3 216 3 206 3 185 3 Sweden . . . 406 1 411 (3) 429 (3) 444 (3) 426 (3) 453 (3) 2,185 38 2,197 44 2,354 44 2,341 70 2,308 * 117 2,446 126 Turkey 152 153 (3) 153 (3) 154 (3) 151 (3) 158 (3) Other* 947 4 1,273 876 6 1,015 1,112 10 1,059 14 Total 11,627 260 12,790 345 13,240 343 13,622 222 13,671 279 14 126 304 Sterling Area: United Kingdom 3,190 216 2,800 286 2,598 282 2,816 241 2,871 253 2 812 265 United Kingdom dependencies 103 4 100 11 88 11 91 11 87 10 94 10 186 210 (3) 219 (3) 230 243 (3) 241 (3) India 334 1 339 1 320 1 330 j 329 1 321 1 Union of South Africa 232 1 251 1 265 255 1 245 1 248 1 Other 178 3 194 3 210 (3) 206 204 207 Total 4,223 225 3,894 302 3,700 295 3,928 254 3,979 265 3,923 277 2,616 93 2,320 397 2,173 437 2,305 369 2,394 362 2 549 357 Latin America: Argentina 531 536 509 511 476 399 Bolivia *. 32 26 26 27 25 (3) 25 (3) Brazil 442 2 469 2 466 2 538 2 540 2 582 Chile 112 1 129 (3) 139 (3) 141 147 151 1 Colombia 308 184 (3 217 (3) 222 O) 224 (3) 181 (3) Cuba 423 124 423 169 389 169 374 167 399 167 407 167 Dominican Republic 72 82 77 79 81 77 62 (3) 70 72 (3) 91 (3) 93 (3) 80 (3) Mexico 391 4 481 4 556 4 583 4 523 4 5561 4 74 85 1 86 1 82 (3) 94 104 (3) Peru 118 (3) 124 (3) 127 127 115 (3) 117 El Salvador 59 (3) 61 (3) 52 (3) 74 (3) 73 (3) 53 (3) Uruguav 317 277 1 281 1 289 283 290 597 3 662 3 668 3 627 3 734 3 808 3 Other 135 10 140 14 124 15 147 14 154 14 135 14 Total 3,673 146 3,749 194 3,789 195 3,912 192 3,961 193 3,970 191 Asia: Indonesia 181 201 15 255 15 236 (3) 171 (3) 204 (3) 169 (3) 174 (3) 175 (3) 166 169 (3) 174 851 3 992 3 1,029 4 1,092 4 1,175 4 1 203 4 Philippines 266 6 266 6 268 6 285 6 300 6 298 6 Thailand 236 235 1 250 1 263 1 253 1 254 1 Other 521 7 621 3 647 4 665 5 695 5 678 6 Total 2,224 16 2,489 28 2,624 30 2,707 16 2,763 16 2 811 17 309 6 307 7 308 7 294 6 294 6 287 8 All other: Egypt 221 234 246 242 236 222 Other 68 87 79 1 91 103 86 Total 289 321 1 325 1 333 339 308 24,961 746 25,870 1,274 26,159 1,308 27,101 1,059 27,401 1,121 21,914 1,154 3,510 354 3,595 320 3,689 321 3,681 319 3,750 317 3,717 392 Grand total 28,471 1,100 29,465 1,594 29,848 1,629 30,782 1,378 31,151 1,438 31,691 1,546 P Preliminary. 7 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. 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term * Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 5 Includes latest available figure (July 31) for Mexican gold reserves. survey of selected U. S. banks and on monthly reports of security transac- 6 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

1382 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 Gold 1,718 1,761 1,811 1,751 1,747 Other currencies and securities 1 960 938' 947 966 Investments* 125 50 Effective loans2 2,094 2,002 1,959 1,936 Currencies: * Other assets3 42 29 40 37 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 530 477 485 494 429 Other assets 1 1 1 1 Other liabilities 10 11 10 9 9 Reserves 240' 228 216 205! 193 Member subscriptions 8,751 8,751 8,750 8,751 98,863 Capital 3 1,8531 1,810 1,810 1,810 1,810 Accumulated net income -14 -14 -14 -12 -11 Loans by country, Oct. 31, 1956 Quota Cumulative net drawings on the Fund Outstanding Area and member country 4 Prin- Dis- Re- Countryi Paid 1956 1955 cipal bursed paid Sold Total in Total to gold Sept. Aug. Sept. others5 Brazil 150 38 66 66 66 Continental W. Europe, total 1,125 920 175 745 77 Burma 15 15 15 Belgium and Luxembourg. 118 113 6 107 26 Chile 50 9 13 13 13 I F t r a a ly nce 2 1 6 6 8 3 26 47 5 12 2 4 5 7 4 20 6 E C g o y lo p m t bia 6 5 0 0 1 1 3 0 2 1 5 5 25 25 Netherlands 221 221 139 83 18 Indonesia.... 110 16 55 15 Other 355 273 19 254 7 Iran 35 9 26 9 Philippines... 15 4 15 10 Sterling area, total 868 589 51 538 77 Turkey 43 11 15 20 Australia 259 256 5 251 21 United States 2,750 H-418 n-448 India 200 84 21 63 10 Union of S. Africa 135 115 12 103 15 United Kingdom 146 68 1 67 27 1 Currencies include demand obligations held in lieu of deposits. Other 128 66 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 682 473 40 433 30 sold to others, and exchange adjustment. Brazil 194 160 9 152 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 70 11 59 4 4 Loans to dependencies are included with member. Mexico 141 119 7 112 11 5 Includes also effective loans agreed to be sold but not yet disbursed. Other 235 123 13 110 12 6 Includes $198 million in loans not yet effective. 7 Includes $169 million not guaranteed by the Bank. Asia (excl. Sterling area).... 120 70 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). . slovakia). 10 Countries shown are those with cumulative net drawings of $10 million or more on the latest date. Total 62.802 2.059 268 1,790 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) Assets of issue Assets of banking department Liabilities of banking department department Date Note Other Dis- ci t r i c o u n l 1 a- Deposits Capital Gold (fi a i d s s u s s u c e i e t a s ) ry Coin Notes a c v n o a d n u c n a e t d s s - Se t c ie u s ri- Bankers' Public ECA Other su a r n p d lus 1948_Dec. 29 .2 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 .4 1,350.0 5.3 28.4 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951 Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24,3 78.5 18.1 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954— Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955_Nov. 30 .4 1,850.0 2.4 54.7 20.8 287.4 ,795.7 263.1 10.1 3.0 71.2 18.0 Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 195£_Jan. 25 .4 1,825.0 2.3 53.7 32.8 251.9 ,771.7 236.9 11.9 3.3 70.2 18.3 Feb. 29 .4 1,825.0 2.3 37.5 20.6 300.8 ,787.9 258.1 10.6 3.1 70.9 18.5 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 ,841.3 243.3 11.1 3.2 76.5 18.5 Apr. 25 .4 1,875.0 2.0 33.4 30.3 270.4 ,842.0 225.9 12.8 3.1 76.4 17.8 May 30 .4 1,900.0 2.0 29.1 15.3 294.6 ,871.3 231.6 11.4 3.1 77.0 18.0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 ,893.4 238.2 10.5 .2 78.5 18.1 July 25 .4 2,000.0 2.0 37.4 23.8 254.1 ,963.0 215.6 11.9 .2 71.3 18.3 Aug. 29 .4 1,950.0 2.0 42.9 26.6 254.6 ,907.5 222.4 13.0 72.1 18.5 Sept. 26 .4 1,925.0 2.0 44.7 18.3 269.7 ,880.6 230.9 12.9 72.4 18.5 Oct. 31 .4 1,925.0 2.0 47.5 28.2 285.1 ,877.8 256.6 15.1 73.3 17.8 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1383 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date Sterling Do c m ial i n g io o n vt . a s n e d c u p r r it o ie v s in- Deposits Other and Other Note liabilities United assets circulation and d S o t l a l t a e r s s S t h er o m 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 1,233.7 779.1 45.4 1,289.1 547.3 98.1 81.0 43.1 1949—Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 1,141.8 1,049.3 135.2 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 1,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954_Dec. 31. 54.2 1,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955_Nov. 30. 52.9 1,326.2 1,060.2 141.3 1,684.0 562.6 128.3 45.2 160.4 Dec. 31. 57.4 1,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—Jan. 31. 54.4 1,091.5 1,146.0 119.2 1,648.7 528.4 76.1 42.1 115.7 Feb. 29. 56.5 1,065.6 1,143.3 108.2 1,641.1 493.6 60.8 35.0 143.0 Mar. 31. 58.8 965.9 1,285.0 95.0 1,677.2 506.1 48.1 31.4 141.9 Apr. 30. 52.3 764.1 1,538.1 121.4 1,686.3 564.9 54.1 30.6 140.0 May 31. 67.2 1,065.6 1,190.2 131.3 1,706.1 542.8 30.2 29.9 145.3 June 30. 60.1 1,041.3 1,289.8 192.7 1,734.9 574.7 51.1 32.2 191.0 July 31. 59.9 1,029.6 1,316.7 104.9 1,762.3 500.0 49.8 39.6 159.4 Aug. 31. 62.1 1,019.3 1,351.3 180.7 1,764.6 580.6 65.4 35.6 167.2 Sept. 29. 57.7 1,041.3 1,353.0 150.1 1,769.5 564.0 46.0 45.2 177.3 Oct. 31. 51.4 1,031.3 1,360.4 128.0 1,780.9 575.3 55.0 30.7 129.3 Bank of France (billions of francs) Assets Liabilities Date Foreign Domestic bills A G d o v v a er n n c m es e n to t Other Note Deposits l O ia t b h i e l r - Gold ex- assets circula- ities change m O a p r e k n et Special Other Current Other tion G m ov en er t n- Other 3 ca a p n i d tal 1948—Dec. 30 65.2 () 97.4 8.6 238.6 150.9 558.0 57.6 987.6 .8 171.8 16.2 l949_Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 (4) 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 (4) 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 .1 157.8 67.9 1955 —Nov. 24 201.3 200.2 209.0 43.2 ,037.8 190.0 536.4 417.8 2,647.6 (4) 120.6 67.5 Dec. 29 301.2 200.2 226.7 45.2 ,194.7 190.0 539.8 336.8 2,820.0 (4) 142.9 71.8 1956—Jan. 26 301.2 197.9 184. 34.3 ,198.1 183.0 533.3 325.9 2,741.1 (4) 143.5 73.6 Feb. 23 301.2 178.5 197. 27.7 ,189.2 183.0 539.5 302.7 2,741.5 .1 116.8 60.9 Mar. 29 301.2 178.6 237.7 19.5 ,334.5 183.0 519.6 316.1 2,876.7 (4) 156.3 57.2 Apr. 26 301.2 162.6 269.4 14.6 ,274.0 183.0 518.1 331.4 2,834.4 (4^ 148.1 71.8 May 31 301.2 152.0 214.7 7.9 ,314.4 183.0 518.8 368.4 2,861.9 .1 135.9 62.5 June 28 301 144.1 301.6 5.2 ,374.8 183.0 490.2 324.2 2,890.5 .1 162.8 70.9 July 26 301 128.0 292.4 2.8 ,489.6 179.0 496.5 297.0 2,932.2 (4) 161.7 92.6 Aug. 30 301 116.5 290.7 2.4 ,556.7 179.0 499.3 265.3 2,979.0 (4) 162.0 70.0 Sept. 27 301, 106.7 277.1 8.7 ,611.6 171.5 479.8 271.7 2,982.0 (4) 164.6 81.8 Oct. 31 301.2 91.7 293.7 21.4 ,546.6 158.8 479.8 5342.2 2,988.4 .1 158.7 88.3 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Oct. Sept. Aug. Oct. Oct. Sept. I Aug. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 997 1,081 1,328 1,623 Gold and foreign exchange 286 285; 293 297 Other gold and foreign exchange.. 37 -198 -568 279 Checks and bills of other banks.., 6 6; 5 6 Gold contribution to Intl. Fund. 157 157 Securities (incl. Govt. and Treas- Govt. securities 5,045 4,974 "4^633 ' *4J044 ury bills) 567 5451 522 527 Rediscounts and loans to banks... 98.302 97.885 97,631 79,629 Other assets 53 65 68 63 Other assets '850 '857 366 424 Note circulation 380 382 379 371 Currency circulation 38,116 38,303 37,861 33,327 Deposits of Trading Banks: Deposits—Nationalized 59,552 58,306 58,046 45,894 Special 270 255: 255 265 Other sight obligations 1,312 1,181 642 1,003 Other 33 43 i 38 32 Other liabilities and capital 6,409 6,966 6,841 5,776 Other liabilities and capital 230 221; 215 224 footnotes to central bank table on this and opposite page: 5 Includes advance of 131.1 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 Btoard 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-. . C6H7I 7-£6.~7I8Q)\. April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes EC A. (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

1384 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 Oct. Sept. Au; Oct. Oct. Sept. Aug. Oct. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,745 1,745 1,745 1,742 Fund) 194 221 219 205 Foreign exchange (net) 8,638 8,376 8,281 7,540 Net claim on Intl. Fundl 131 13 13 13 Loans and discounts 5,890 6,059 5,962 5,641 Loans and discounts 44 j 41 34 48 Claim against Government 1,559 1,560 1,605 1,557 Credits to Government 120 121 111 67 Other assets 715 557 560 981 Other assets 77 77 77 80 Note circulation 13,550 13,509 13,644 12,508 Note circulation 418 421 424 408 Deposits—Banks 1,338 1,155 1,064 1,515 Deposits 312 314 306 298 Other 711 769 604 654 Other liabilities and capital 26 26 25 21 Blocked 1,370 1,353 1,350 1,415 National Bank of Czechoslovakia2 Other liabilities and capital 1,577 1,510 1.491 1,370 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 Gold 47,460 48,586 48,223 45,993 Foreign exchange 724 668 689 649 Foreign claims and balances (net).. 12,375 10,379 11,555 9,866 Loans and discounts 164 145 124 192 Loans and discounts 6,769 5,539 4,315 7,009 Securities 495 493 490 558 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,072 3,072 3,072 3,124 Govt. securities 9,366 8,735 9,824 9,020 Other assets 721 751 845 816 Other assets 5,679 5,755 5,736 5,178 Note circulation 2,169 2,107 2,079 2,007 Note circulation 110,733108,238108,676 104,573 Deposits—Government 1,412 1,407 1,395 1,481 Deposits—Demand 1,445 1,339 1,658 3,536 Other 1,397 1,426 1,561 1,654 EGA 40 40 40 56 Other liabilities and capital 266 257 253 265 Other liabilities and capital 4,091 4,038 3,941 3,562 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (June)* Gold 11,276 12,526 12,526 12,076 Gold at home and abroad 506 498 Foreign exchange (net) 15,692 13,920 14,638 14,441 Foreign exchange (net) 60 356 Net claim on Intl. Fund1 2,500 1,250 1,250 1,250 Loans and discounts 92,505 45,083 Loans and discounts 2,950 2,972 2,972 2,500 Govt. securities 2,505 2,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 1,112 955 Other assets 19,910 20,027 18,258 14,906 Note circulation 75,114 36,542 Note circulation 48,068 47,595 47,275 42,318 Deposits 15,535 8,858 Demand deposits 9,309 8,255 7,958 8,980 Other liabilities and capital 6,040 3,996 Other liabilities and capital 3,311 3,205 2,770 2,765 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 725 729 721 648 Gold 325 325 325 344 Govt. securities 12 14 22 18 Foreign exchange (net) 42 1 -45 74 Other assets 7 6 8 6 Net claim on Intl. Fundl 38 38 38 19 Currency in circulation 441 443 438 417 Credits—Government 491 527 549 390 Deposits—Government 63 46 125 50 Other 328 358 356 243 Banks 151 172 104 144 Other assets 273 266 271 289 Other liabilities and capital 90 87 85 61 Note circulation 757 782 745 697 Central Bank of Chile (millions of Demand deposits—Private banks. 235 231 239 202 pesos): Other 172 154 160 154 Gold 8,111 8,529 9,573 5,814 Other liabilities and capital , 333 348 350 305 Foreign exchange (net) 1,621 1,236 1,077 1,480 National Bank of Egypt (millions of Discounts for member banks 7,174 6,466 5,257 6,318 pounds): Loans to Government 15,986 15,987 15,987 16,269 Gold 63 61 61 61 Other loans and discounts 26,900 27,445 23,527 15,822 Foreign assets , 114 117 111 161 Other assets 26,894 25,965 31,969 6,080 Egyptian Govt. securities 128 126 125 79 Note circulation 54,036 57,676 57,533 36,742 Clearing and other accounts (net), 7 -7 -7 -19 Deposits—Bank 6,665 6,916 9,571 5,394 Loans and discounts 40 21 17 22 Other 2,166 1,295 2,613 2,264 Other assets 3 2 2 3 Other liabilities and capital 23,818 19,741 17,674 7,383 Note circulation , 200 188 170 175 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 12 14 17 lions of pesos): OtherB 108 97 105 Gold and foreign exchange 257 244 269 230 Other liabilities and capital 19 19 17 22 Net claim on Intl. Fund1 52 52 52 24 Central Reserve Bank of El Salvador Loans and discounts 535 566 480 555 (thousands of colones): Govt. loans and securities 611 602 603 471 Gold 70,402 70,474 70,518 71,182 Other assets 138 137 143 102 Foreign exchange (net) 8,404 22,306 36,034 28,718 Note circulation 726 722 715 634 Net claim on Intl. Fundl 1,573 1,573 1,573 1,569 Deposits 564 574 565 558 Loans and discounts 82,514 71,503 64,994 56,009 Other liabilities and capital 303 305 267 191 Govt. debt and securities 17,780 17,498 15,718 7,381 Central Bank of Costa Rica (millions Other assets 6,868 7,236 7,117 6,853 of colones): Note circulation 91,942 90,956 92,087 87,099 Gold 12 12 12 12 Deposits 83,724 88,155 92,567 74,531 Foreign exchange 38 48 60 110 Other liabilities and capital 11,875 11,477 11,300 10,081 Net claim on Intl. Fund1 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 121 116 107 83 Gold 7,849 7,850 7,849 7,347 Securities 17 16 9 7 Foreign assets and liabilities (net). 23,073 20,940 21,401 29,716 Other assets 25 24 24 26 Loans and discounts 37,982 44,560 41,155 24,117 Note circulation 142 142 142 151 Securities—Government 17,500 17,500 18,750 20,000 Demand deposits 41 46 41 60 Other 1,998 2,028 2,011 2,008 Other liabilities and capital 37 36 35 34 Other assets 12,123 13,658 13,648 11,029 National Bank of Cuba (millions of Note circulation 56,795 58,831 58,927 51,433 pesos): Deposits , 6,588 10,040 4,109 23,426 Gold 136 136 136 181 Other liabilities and capital , 37,143 37,664 41,778 19,357 Foreign exchange (net) 172 153 166 134 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fu 2 n d F o le r ss la t s h t e a b v a a n il k ab 's l e l o r c e a p l o c r u ts r re f n o c r y C l z ia e b c i h l o it s y l o t v o a k th ia e F an u d n d H . ungary (March f o r f o m th e o f m fic o i n al t h r . eports of individual banks and are as of the last report date and February 1950, respectively) see BULLETIN for September 1950, pp. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1385 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Oct. Sept. AUJ Oct. Oct. Sept. Aug. Oct. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,116 2,114 2,033 Gold 5,571 5,412 5,341 Foreign exchange 85,116 100,859 74,305 Foreign exchange 11,782 11,458 10,868 Clearing accounts (net) -1,387 1,095 5,289 Loans and discounts 2,178 3,149 2,757 Loans and discounts 21,296 22,350 11,856 Loans to Government 4,215 4,040 4,294 Advances to Government 72,595 65,423 40,372 Other assets 1,061 1,118 1,064 Other Govt. accounts 72,647 61,567 15,187 Note circulation 14,141 14,379 14,201 Govt. securities 146,220146,220 134,406 Deposits—Government 5,028 4,953 4,674 Other assets 14,932 15,002 15,663 Banks 3,653 3,839 3,501 Notes and coin in circulation 220,537 218,591 185,483 Other 203 223 224 Deposits—Government 35,462 37,224 '9,717 Other liabilities and capital 1,781 1,781 1,723 Other 139,973141,475 89,115 Bank of Greece (millions of drachmae): Other liabilities and capital 17,563 17,341 r14,796 Gold and foreign exchange (net).. 5,821 6,075 5,754 Bl;ank of Italy (billions of lire): Loans and discounts 149 184 222 Gold 4 4 4 4 Advances—Government 7,060 6,840 ,666 Foreign exchange 71 71 71 76 Other 4,994 4,935 ,980 Advances to Treasury 567 567 567 567 Other assets 2,117 2,060 ,690 Loans and discounts 493 479 474 396 Note circulation 5,534 5,332 ,474 Govt. securities 393 399 377 376 Deposits—Government 1,043 1,034 ,180 Other assets 935 961 926 918 Reconstruction and Note circulation 1,602 1,633 1.600 1,496 relief accts 7,403 7,403 ,611 Deposits—Government 16 15 50 29 Other 3,693 3,947 ,246 Demand 98 98 93 74 Other liabilities and capital 2,469 2,379 ,800 Other 582 570 518 587 Bank of Guatemala (thousands of Other liabilities and capital 165 163 158 152 quetzales): Bank of Japan (billions of yen): Gold 27,239 27,239 227 Bullion , 0) Foreign exchange (net) 27,068 31,053 506 Advances to Government Gold contribution to Intl. Fund.. 1,250 1,250 250 Loans and discounts , 80 97 99 98 Rediscounts and advances 9,545 7,694 958 Govt. securities 471 435 429 461 Other assets 38,372 36,866 955 Other assets , 229 231 224 207 Circulation—Notes 53,070 52,544 769 Note circulation 611 600 592 549 Coin 3,974 3,942 745 Deposits—Government , 48 52 49 51 Deposits—Government 4,945 4,149 341 Other , 34 30 33 83 Banks 19,991 20,559 921 Other liabilities 82 78 84 Other liabilities and capital 21,495 22,908 121Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserves 1,854 1,815 1,801 1,630 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,164 5,033 4.968 4,177 Issue department: Bills and discounts 724 '755 757 326 Gold at home and abroad 51,178 400 400 400 Other assets 448 410 427 499 Foreign securities 4,920 5,867 6,067 ,271 Note circulation 5,010 4,859 4,859 4,501 Indian Govt. securities 7,207 7,037 6,937 ,436 Demand liabilities 2,406 2,401 2.347 2,019 Rupee coin 1,215 1,201 1,167 111 Other liabilities and capital 775 754 748 712 Note circulation 14,189 14,092 14,245 13,059 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 331 413 326 160 Gold 3,230 3,230 3,226 ,166 Balances abroad 902 283 249 853 Silver (including subsidiary coin). , 3 4 4 36 Bills discounted 48 39 39 72 Foreign assets (net) 978 972 1.074 ,362 Loans to Government 39 28 81 Loans and discounts 328 226 72 35 Other assets 1,506 1,311 ,141 824 Govt. debt and securities 661 660 660 622 Deposits 1,461 1,555 ,375 ,531 Other assets 377 382 376 405 Other liabilities and capital 1,365 519 461 378 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New 4,007 3.915 3.998 ,866 Gold and foreign exchange (net).. 587 408 408 ,530 Deposits—Government 318 '253 127 214 Loans and discounts 987 801 1,122 623 ECA 419 419 419 514 Advances to Government 9,568 10,003 8,905 ,840 Other 616 672 656 790 Other assets 479 462 447 416 Other liabilities and capital 215 216 213 213 Note circulation 8,178 8,046 7,860 ,145Reserve Bank of New Zealand (thou- Deposits—ECA 320 327 327 495 sands of pounds): Other 1,931 2,301 1,751 ,949 Gold 6,162 6,162 6,161 Other liabilities and capital , 1,191 1,000 945 819 Foreign exchange reserve 46,917 52;635 43,378 Bank Melli Iran6 (millions of rials): Loans and discounts 16,184 16,904 22,576 Gold 4,242 4,242 4,242 ,242 Advances to State or State un- Foreign exchange 341 244 244 244 dertakings 41,641 31,280 41,970 Gold contribution to Intl. Fund. , 282 282 282 282 Investments 38,173 38.173 33,269 Govt.-secured debt 7,333 7,187 7,187 ,187 Other assets 2,083 K765 1,395 Govt. loans and discounts 12,264 12,296 11,850 ,800 Note circulation 69.639 69,186 69,970 Other loans and discounts 6,494 6,241 5,818 ,719 Demand deposits 72.163 68.600j 69,711 Securities 469 469 469 411 Other liabilities and capital 9,358 9,134 9,069 Other assets 3,999 3,586 3,809 2,703 Bankk ooff NN<orway (millions of kroner): Note circulation 10,897 10,545 10,415 9,938 Gold 218 210 210 208 Deposits—Government 5,829 4,916 5,275 5,097 Foreign assets (net) 73 59 4 -84 Banks 1,153 1,468 1,241 1,131 Clearing accounts (net) -20 -27 -26 -38 Other , 14,289 14,268 13,833 11,093 Loans and discounts 117 118 117 80 Other liabilities and capital 3,255 3,350 3,136 3,330 Securities 74 75 75 91 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5.546 5,546 ,546 pounds): Other assets 123 113 120 94 Gold 2,646 2,646 2,646 ,646 Note circulation 3,162 3,154 3.127 ,161 Sterling funds , 69,785 69,163 68,046 ,863 Deposits—Government 1,657 1.626 1.459 ,395 Note circulation , 72,431 71,809 70,692 ,509 Banks 364 389 530 428 FOA 23 23 23 103 Other liabilities and capital 92' 903 907 812 4 Includes figures for the nine Land Central Banks. 7 Holdings in each month were 448 million yen. 5 In October 1956, gold held by Bank was revalued from 8.47512 to 8 Includes gold, silver, and foreign exchange forming required reserve 2.88 grains of fine gold per rupee. (25 per cent) against notes and other demand liabilities. 6 Items for issue and banking departments consolidated. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 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 Oct. Sept. Au] Oct. Oct. Sept. Au; Oct. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 583 579 578 594 Issue department: Foreign assets. 961 956 892 1,096 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 921 940 1,010 644 Swedish Govt. securities and ad- Pakistan Goyt. securities....... 1,296 1,197 1,126 1,074 vances to National Debt Office 3 3,959 3,759 3,944 3,210 Govt. of India securities 177 177 177 275 Other domestic bills and advances 22 108 20 29 India currency 430 430 430 431 Other assets 1,002 997 989 1,026 Rupee coin 64 66 69 34 Note circulation 5,235 5,129 5,047 4,924 Notes in circulation 2,907 2,834 2,802 2,493 Demand deposits—Government. 85 164 105 106 Banking department: Other 163 70 252 285 Notes of issue department 96 91 126 80 Other liabilities and capital 1,173 1,164 1,149 768 Bills discounted 21 26 20 Swiss National Bank (millions of Loans to Government 12 francs): Other assets 660 559 Gold 6,925 6,921 6,870, 6,415 Deposits 636 660 661 564 Foreign exchange... 590 590 617| 578 Other liabilities and capital.... 180 146 136 107 Loans and discounts, 173! 154 135! 174 Central Bank of Paraguay (millions of Other assets 114! 100 1041 96 guaranies): Note circulation.... 5,383 5,391 5,290! 5,222 Gold i 11 Sight liabilities 2,194 2,149 2,2151 1,830 Foreign exchange (net) 515 350 78 Other liabilities and capital 225 224 220 212 Net claim on Int. Fund2 53 53 8 Central Bank of the Republic of Turkey Loans and discounts 1,545 1,517 1,341 (millions of pounds): Govt. loans and securities 507 489 512 Gold 402 402 402! 402 Other assets 219 205 r38O Foreign exchange and foreign Note and coin issue 1,163 1,168 866 clearings 222 224 225 175 Deposits—Government 301 273 236 Loans and discounts ,844 3,813 ,613 3,488 Other 288 205 189 Securities 31 29 29 30 Other liabilities and capital 1,098 978 1,032 Other assets 231 247 242 134 Central Reserve Bank of Peru (millions Note circulation ,369 2,299 ,135 1,963 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 624 562 557 Other ,585 1,615 ,609 1,550 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital. 621 646 612 563 Loans and discounts to banks 838 860 743 Bank of the Republic of Uruguay (mil- Loans to Government 1,287 1,297 1,064 lions of pesos): Other assets 166 183 146 Gold 324 324 327 Note circulation 2,153 2,136 1,846 Silver 10 10 11 Deposits 567 555 500 Advances to State and Govt. Other liabilities and capital 263 279 231 bodies 277 253 185 Central Bank of the Philippines Other loans and discounts 524 502 474 (millions of pesos): Other assets 690 573 980 Gold 41 39 39 28 Note circulation , 491 485 461 Foreign exchange 401 407 401 307 Deposits—Government 212 201 148 Net claim on Intl. Fund2 10 Other 371 355 327 Loans 136 141 140 31 Other liabilities and capital 751 622 1,040 Domestic securities 371 365 368 367 Central Bank of Venezuela (millions Other assets 149 147 146 165 of bolivares): Circulation—Notes 646 645 635 599 Gold 1,538 1,234 1,234 1,234 Coin 86 86 86 87 Foreign exchange (net). 834 962 793 412 Demand deposits 283 286 298 170 Other assets 194 175 173 133 Other liabilities and capital | 81 82 75 51 Note circulation 1,104 1,088 1,071 1,032 Bank of Portugal (millions of escudos): Deposits 415 357 315 263 Gold 5,835 5,728 5,708 5,567 Other liabilities and capital. 1,047 926 813 484 Foreign exchange (net) 13,625 13,510 13,448 13,326 National Bank of Federal People's Re- Loans and discounts 1,420 1,161 1,160 963 public of Yugoslavia (billions of Advances to Government 1,373 1,373 1,373 1,390 dinars): Other assets 1,937 1,869 1,849 1,380 Gold 5 5 Note circulation 11,114 10,985 10,913 10,538 Gold contribution to Intl. Fund. , 2 2 2 Demand deposits—Government. . 1,873 1,616 1,837 1,654 Foreign assets 67 68 59 EGA 89 89 88 101 Loans (short-term) 940 922 745 Other 7,974 7,894 7,675 7,726 Govt. debt (net) 41 28 16 Other liabilities and capital 3,139 3,057 3,026 2,608 Other assets 67 65 60 South African Reserve Bank (millions Notes and coin in circulation 85 83 86 of pounds): Demand deposits 211 199 205 Gold 76 76 77 Foreign liabilities 119 124 104 Foreign bills 42 38 35 Long-term liabilities (net) 518 505 375 Other bills and loans 16 19 24 Other liabilities and capital 190 180 117 Other assets 44 49 47 53 Bank for International Settlements Note circulation 110 111 110 107 (millions of Swiss gold francs): Deposits 51 55 54 53 Gold in bars 654 608 648 636 Other liabilities and capital 17 15 18 19 Cash on hand and with banks..., 55 71 46 78 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 615 ances (at cost) 675 637 606 313 Silver 317 323 322 321 Time funds at interest 98 104 102 145 Govt. loans and securities 15,948 15,849 16.183 15,959 Sundry bills and investments 628 691 588 439 Other loans and discounts 44,370 43,520 4t;972 32,403 Funds invested in Germany 297 297 297 297 Other assets 53,240 51,430 52,551 40,469 Other assets 1 2 2 1 Note circulation 51,222 50,453 49,060 45,216 Demand deposits—Gold 744 759 761 518 Deposits—Government 5,085 5,188 6,150 4,151 Other 1,137 1,124 1,001 874 Other 11,179 10,556 9,918 5.170 Long-term deposits: Special 229 229! 229 229 Other liabilities and capital 47,007 45,543 46,518 35,231 Other liabilities and capital 299 298! 298 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 2 T go h l i d s f p ig er u r g e u r a e r p a r n e i s . ents the amount of the country's subscription to the o fr f o m th e o m ffi o ci n a t l h . reports of individual banks and are as of the last report date 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 1387 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 - d h s - N w o a r y - Spain S d w en e- T k u e r y - U K d n i o i n t m g ed - C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a d I i n a - 2 Japan2 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 4.5 5.5 4.5 July 5.0 3.6 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 6 0 3 25 3.25 Sept 5.0 4 25 Oct 3 75 3.5 Nov 4.0 33.77 3.50 In effect Nov. 30, 1956 5.0 3.0 5.5 3.0 5.0 10.0 3.75 3.5 4.25 4.0 6.0 5.5 33.77 7.0 4.5 3.50 8.03 Other selected central banks—rates in effect on Nov. 30, 1956 A c r o e u a n a tr 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 a tr 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 Burma 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 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 Rica2.. 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either on type of paper or transaction and extent of borrowing from central bank, discounts or makes advances against eligible commercial paper and/or including 7.3 per cent for discount of paper related to domestic commercial government securities for commercial banks or brokers. For countries transactions (rate shown is for advances on commercial paper and miswith more than one rate applicable to such discounts or advances, the cellaneous collateral); Indonesia—various rates dependent on type of rate shown is the one at which the largest proporation of central bank paper, collateral, commodity involved, etc.; Costa Rica—5 per cent for credit operations is understood to be transacted. In certain cases other paper related to commercial transactions (rate shown is for agricultural rates for these countries are given in the following footnote. and industrial paper); El Salvador—2 per cent for agricultural paper; and 2 Discounts or advances at other rates include: India—3.5 per cent Peru—4 per cent for agricultural, industrial, and mining paper, for discounts and for advances on government securities (rate shown 3 Since Nov. 1, the discount rate is set each week at lA per cent above the is for advances on commercial paper); Japan—various rates dependent latest average tender rate for Treasury bills. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u t s h r s y * D m a o d y n a - y e t y o 2 - 3 B a a m a c n n c o c e k n e p e s t t r 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 s a 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 u L m p o o a t n n o t s hs d P is r r c i 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—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 .38 .15 1.50 Feb.., 2.51 2.34 4.77 4.69 3.68 2.98 3.05 .53 .00 1.50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.06 .32 .00 1.50 Apr.. 2.83 2.65 5.27 5.11 4.05 3.08 .59 .23 1.50 May. 2.84 2.66 5.14 4.95 4.13 3.10 .76 .25 1.50 June. 2.63 2.68 5.20 5.09 4.16 3.02 2.38 .43 1.50 July.. 2.53 2.52 5.10 5.01 3.96 3.21 2.74 .50 1.50 Aug.. 2.94 2.63 5.08 5.03 4.14 3.02 3.00 .50 1.50 Sept.. 3.06 2.67 5.18 5.11 4.26 3.00 3.00 .50 1.50 Oct... 3.30 2.83 5.14 5.04 4.21 3.50 3.30 .50 1.50 1 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

1388 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 Prefer- (p t o ra 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 - ) Basic ential Free 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 U3.333 17.183 222.41 3.8580 1.9905 32.624 101.401 1955—Nov. 25.556 33.095 223.22 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 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 Aug. 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 Nov. 5.556 2.987 221.71 3.8580 2.0022 32.360 103.725 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 ) J ( a y p e a n n ) 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— 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 21.024 .4354 .2855 23.716 21.024 280.77 8.006 M^y! 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 Aug.. 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 Nov.. 20.871 .4354 .2855 23.832 20.840 278.25 4.2779 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 sc g o u a r d l tu o - ) (p A S o o fr u 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—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 June. 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 Nov.. 26.105 275.49 14.008 49.677 3.4900 277.21 19.333 23.335 278.25 1 Annual averages based on quotations through Oct. 27, 1955. 3 New free market rate, became effective Oct. 28, 1955. 2 Official rate. The basic and preferential rates were discontinued and 4 Based on quotations beginning Nov. 26, 1956. the new official rate of 18 pesos per U. S. dollar became effective 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. A new accounting record designed to picture FUNCTIONS. November 1955. 208 pages. 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. 1389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 FEDERAL RESERVE BULLETIN • DECEMBER 1956 PERIODIC RELEASES DEPARTMENT STORE CREDIT DEPARTMENT STORE MERCHANDISING DATA WEEKLY EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS MENTS BY INDUSTRY FEDERAL RESERVE PAR LIST (Also annual list. CHANGES IN STATE BANK MEMBERSHIP Both available at Federal Reserve Banks only) CONDITION OF WEEKLY REPORTING MEMBER INTERDISTRICT SETTLEMENT FUND BANKS IN CENTRAL RESERVE CITIES INDEX NUMBERS OF WHOLESALE PRICES CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES WEEKLY AVERAGES OF MEMBER BANK RESERVES, MONTHLY DEPARTMENT STORE SALES AND RESERVE BANK CREDIT, AND RELATED ITEMS STOCKS, BY DEPARTMENTS AND STATEMENT OF CONDITION OF THE FED- MONTHLY DEPARTMENT STORE STOCKS ERAL RESERVE BANKS MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY REVIEW OF PERIODICALS (Available only SALES FINANCE COMPANIES for domestic distribution) STATE MEMBER BANKS OF THE FEDERAL RESERVE SEMIMONTHLY SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- DEPOSITS, RESERVES, AND BORROWINGS OF MEM- SERVE BANKS (Also annual list) BER BANKS SELECTED LIST OF ADDITIONS TO THE RESEARCH SEMIANNUAL-QUARTERLY LIBRARY MONTHLY ALL BANKS IN THE UNITED STATES AND POSSES- SIONS—PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS BY DISTRICTS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term and Consumer Instalment Credit Extended and BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS Repaid) DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1391 REPRINTS HOUSE PURCHASES IN THE FIVE MONTHS FOLLOW- ING THE INTRODUCTION OF REAL ESTATE CREDIT (From Federal Reserve Bulletin unless preceded by an asterisk) REGULATION. July 1951. 23 pages. THE HISTORY OF RESERVE REQUIREMENTS FOR REVISED INDEXES OF DEPARTMENT STORE SALES BANKS IN THE UNITED STATES. November AND STOCKS. December 1951. 53 pages. 1938. 20 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL SALES. April 1952. 4 pages. RESERVE POLICY. April 1940. 11 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER MEASUREMENT OF PRODUCTION. September 1940. REGULATION X. June 1952. 18 pages. 16 pages. FEDERAL RESERVE BANK LENDING POWER NOT REVISED SERIES ON DEPARTMENT STORE SALES, DEPENDENT ON MEMBER BANK RESERVE BAL- STOCKS, AND ORDERS. October 1952. 5 pages. ANCES. February 1941. 2 pages. RECENT CENTRAL BANKING DEVELOPMENTS IN ADJUSTMENT FOR SEASONAL VARIATION. Descrip- SOUTHEAST ASIA. December 1952. 9 pages. tion of method used by Board in adjusting economic data for seasonal variation. June THE MONETARY SYSTEM OF THE UNITED STATES. 1941. 11 pages. February 1953. 16 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919- INFLUENCE OF CREDIT AND MONETARY MEASURES 28. September 1945. 2 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. VALUES AND LIMITATIONS OF CONSUMER FINAN- CIAL SURVEYS FOR ECONOMIC RESEARCH. March FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1947. 9 pages. STABILITY. May 1953. 7 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929. January 1948. 9 pages. •DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- SALES FINANCE COMPANY OPERATIONS IN 1947. MEDIATE-TERM CONSUMER CREDIT STATISTICS. July 1948. 6 pages. April 1953. 25 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of FEDERAL RESERVE BANK RESPONSIBILITIES. May the Act. In part a reprint from the August 1953. 5 pages. 1948 BULLETIN. 36 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. AMERICA. May 1953. 6 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. DEPARTMENT STORE SALES AND STOCKS, BY November 1949. 14 pages. MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December * THE TREASURY—CENTRAL BANK RELATIONSHIP 1953. 96 pages. IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- 19 pages. STALMENT CREDIT. January 1954. 14 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1392 FEDERAL RESERVE BULLETIN • DECEMBER 1956 NEW INDEXES OF OUTPUT OF CONSUMER DUR- 1956 SURVEY OF CONSUMER FINANCES. Prelimi- ABLE GOODS. May 1954. 15 pages. nary Findings. March 1956. 3 pages. The Financial Position of Consumers. June 1956. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 14 pages. Consumer Indebtedness. July 1956. tember 1954. 10 pages. 17 pages. Durable Goods and Housing. August 1956. 17 pages. Similar Surveys are avail- RECENT FINANCIAL CHANGES IN WESTERN GERable for earlier years from 1952, 1953, 1954, MANY. October 1954. 10 pages. and 1955 BULLETINS. WORLD TRADE AND PRODUCTION IN 1953-54. Oc- SURVEY OF BANK LOANS FOR COMMERCIAL AND tober 1954. 10 pages. INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this DIRECTLY PLACED FINANCE COMPANY PAPER. De- Survey will appear in later issues of the BULcember 1954. 8 pages. LETIN.) Reprints on a similar Survey are available from March, May, June, July, and August SEASONAL ADJUSTMENT FACTORS FOR DEMAND 1947 BULLETINS. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also, similar reprint from June 1955 BULLETIN.) UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. BANK CREDIT AND MONEY. July 1956. 7 pages. (Also, similar reprint from February 1956 BUL- BANKERS' ACCEPTANCE FINANCING IN THE UNITED LETIN.) STATES. May 1955. 13 pages. SURVEY OF COMMON TRUST FUNDS. August 1956. SELECTED LIQUID ASSET HOLDINGS OF INDIVID- 6 pages. UALS AND BUSINESSES. July 1955. 2 pages. WORLD TRADE AND PAYMENTS IN 1955-56. Oc- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- tober 1956. 8 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint BANKING AND MONETARY STATISTICS, 1955. (Se- from April 1953 BULLETIN.) lected series of banking and monetary statistics for 1955 only) February and May 1956. 12 INDEX OF ELECTRICITY AND GAS OUTPUT. Ocpages. (Similar reprint of 1954 data, Febru- tober 1956. 15 pages. ary and May 1955 BULLETINS). FARM LOANS AT COMMERCIAL BANKS. November THE 1957 BUDGET. February 1956. 11 pages. 1956. 16 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March UNITED STATES BANKING ORGANIZATION ABROAD. 1956. 11 pages. December 1956. 16 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. KENYON, 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 LISTON P. BETHEA, Director ROLAND I. ROBINSON, Adviser KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director OFFICE OF DEFENSE LOANS ALBERT R. KOCH, Assistant Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 1393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1394 FEDERAL RESERVE BULLETIN • DECEMBER 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 HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant 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 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 1395 District 2—FEDERAL RESERVE BANK OF NEW YORK- 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. Hurt! 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 Douglas 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

1396 FEDERAL RESERVE BULLETIN • DECEMBER 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, 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 1397 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued 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, Jr. E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1398 FEDERAL RESERVE BULLETIN • DECEMBER 1956 District «—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 1399 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continucd 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 James A. Dick D. F. Stahmann, John P. Butler Thomas C. Patterson Chairman Floyd Childress 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

1400 FEDERAL RESERVE BULLETIN • DECEMBER 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued 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 Volume 42 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-96 May . . . 429-552 September . . 927-1022 February 97-216 June . . . . 553-682 October 1023-1156 March 217-318 July .. . 683-792 November 1157-1276 April 319-428 August 793-926 December 1277-1418 Pages Pages Acceptances, bankers': Assets and liabilities—Continued Open market rates 35, 145, 253, 365, 477, Weekly reporting member banks 32, 142, 250, 617, 731, 863, 961, 1093, 1213, 1337 362, 474, 614, 728, 860, 958, Volume outstanding 34, 144, 252, 364, 476, 1090, 1210, 1334 616, 730, 862, 960, 1092, 1212, 1336 Australia: Agricultural loans: Commonwealth Bank of, condition. . .79, 199, 297, Commercial banks, by classes. . . .30, 140, 248, 360, 411, 535, 663, 775, 909, 1005, 1139, 1259, 1383 472, 612, 726, 858, 956, 1088, 1208, 1332 Foreign exchange rates 84, 204, 302, 416, 540, Survey of 1163 668, 780, 914, 1010, 1144, 1264, 1388 Weekly reporting member banks 32, 142, 250, Gold production 74, 194, 292, 406, 530, 658, 362, 474, 614, 728, 860, 958, 1090, 1210, 1334 770, 904, 1000, 1134, 1254, 1378 Agriculture: Gold reserves and dollar holdings. . .773, 907, 1003, Balance sheet, 1956. . 823 1137, 1257, 1381 Govt. agency loans 38, 148, 256, 368, 480, Austria: 620, 734, 866, 964, 1096, 1216, 1340 Austrian National Bank: National summary of business conditions 940 Condition 80, 200, 298, 412, 536, 664, Allen, Carl E., Jr.: 776, 910, 1006, 1140, 1260, 1384 Appointed Class C director and Deputy Discount rate 83, 203, 301, 415, 539, 667, Chairman at Chicago .11 779, 913, 1009, 1143, 1263, 1387 Appointed President of Federal Reserve Foreign exchange rates. . . .84, 204, 302, 416, 540, Bank of Chicago 708 668, 780, 914, 1010, 1144, 1264, 1388 Allison, James W., appointed by Board of Gold reserves and dollar holdings. . . .77, 197, 295, Governors as special consultant ..230 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Annual Report, Board of Governors, 1955. . .341 Automobile companies, financing of 583 Argentina: Central Bank of: Automobiles: Consumer durable goods output index. .58, 168, 276, Condition 79, 199, 297, 411, 535, 663, 775, 909, 1005, 1139, 1259, 1383 388, 500, 640, 754, 886, 984, 1118, 1238, 1362 Gold reserves 76, 196, 294, 408, 532, 660, Consumer instalment credit. . .50-52, 160-162, 268- 772, 906, 1002, 1136, 1256, 1380 270, 380-382, 492-494, 632-634, 746-748, 878- Foreign exchange rates. . . .84, 204, 302, 416, 540, 880, 976-978, 1108-1111, 1228-1231, 1352-1356 668, 780, 914, 1010, 1144, 1264, 1388 Industrial production index. .55, 165, 273, 385, 497, Gold purchases by U. S.. .75, 195, 293, 407, 531, 637, 751, 883, 981, 1114, 1234, 1358 659, 771, 905, 1001, 1135, 1255, 1379 Markets for, discussion 795 Gold reserves and dollar holdings. . . .77, 197, 295, Purchases of, 1956 survey of consumer 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 finances . .806, 817 Articles (See Leading articles; Special articles) Assets and liabilities (See also Foreign liabilities Balance of payments and world trade in 1955-56. . . 1023 and claims reported by banks): Balance sheets (See^ Assets and liabilities) Agriculture, balance sheet 823 Bank credit and money: Banks, by classes 27, 137, 245, 357, 469, Articles on 97, 683 609, 723, 855, 953, 1085, 1205, 1330 National summary of business conditions. . . .455 Commercial banks, by classes. . . .30, 140, 248, 360, Bank credit and reserves, national summary of 472, 612, 726, 858, 956, 1088, 1208, 1332 business conditions. . 14, 123, 232, 343, 596, 710, Consolidated monetary statement. . . .26, 136, 244, 842, 940, 1072, 1191, 1315 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 Bank debits (See Debits to deposit accounts) Corporate, balance sheet and income statement. . 5$6 Bank Holding Company Act of 1956: Corporate, current. . . .46, 156, 264, 376, 488, 628, Extension of time for registration under 1070 742, 874, 972, 1104, 1224, 1348 Regulation Y issued pursuant to.. ..835-840 Federal Reserve Banks. . .21-22, 131-132, 239-240, Text of 444 351-352, 463-464, 603-604, 717-718, 849-850, Bank for International Settlements: 947-948, 1079-1080, 1199-1200, 1323-1324 Foreign central banks 78, 198, 296, 410, 534, Condition. 82, 202, 300, 414, 538, 666, 662, 774, 908, 1004, 1138, 1258, 1382 778, 912, 1008, 1142, 1262, 1386 Govt. corporations and credit agencies, by Gold purchases by U. S 75, 195, 293, 407, 531, type and agency. . . .38, 148, 256, 368, 480, 620, 659, 771, 905, 1001, 1135, 1255, 1379 734, 866, 964, 1096, 1216, 1340 Gold reserves 76, 196, 294, 408, 532, 660, Revision of tables. .1313 772, 906, 1002, 1136, 1256, 1380 1401 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Bankers' balances {See also Foreign liabilities and Bolivia—Continued claims reported by banks): Central Bank of—Continued Commercial banks, by classes. . . .31, 141, 249, 361, Gold reserves 76, 196, 294, 408, 532, 473, 613, 727, 859, 957, 1089, 1209, 1333 660, 772, 906, 1002, 1136, 1256, 1380 Weekly reporting member banks. .33, 143, 251, 363, Gold reserves and dollar holdings. . . .77, 197, 295, 475, 615, 729, 861, 959, 1091, 1211, 1335 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Banking laws, recommended changes in 1181 Bonds {See also U. S. Govt. securities): Banking and monetary statistics, 1955, special Corporate, outstanding, net change in. .46, 156, 264, tables ... 182, 453, 520 376, 488, 628, 742, 874, 972, 1104, 1224, 1349 Banking offices: New issues 44, 154, 262, 374, 486, Changes in number . 180, 896 626, 740, 872, 970, 1102, 1222, 1346 On, and not on, Par List, number 181, 897 Prices. 36, 146, 254, 366, 478, Banking system, defense mobilization planning: 618, 732, 864, 962, 1094, 1214, 1338 Allison, James W., appointed by Board as Yields 35, 145, 253, 365, 477, consultant in connection with 230 617, 731, 863, 961, 1093, 1213, 1337 Branch banks, domestic: Article on 1188 Changes in number . 180, 896 Committees appointed in connection with 937 Number, by class and State 399 Banks and branches, number, by class and State. .398 Branch banks, Federal Reserve System: Banks and the monetary system, consolidated Directors {See Directors, Federal Reserve statement 26,136,244,356,468,608 branch banks) 722, 854, 952, 1084, 1204,. 1328 Managing officers 88, 208, 310, 420, 544, Banks for cooperatives, member banks dealing 674, 784, 918, 1014, 1148, 1268, 1394 in obligations of, amendment to section 5136 Branch banks, foreign: of Revised Statutes 833 United States banks and banking Belgian Congo, gold production 74, 194, 292, 406, corporations 1286, 1287, 1289, 1296 530, 658, 770, 904, 1000, 1134, 1254, 1378 Brazil: Belgium: Gold reserves 76, 196, 294, 408, 532, Foreign exchange rates. . . . 84, 204, 302, 416, 540, 660, 772, 906, 1002, 1136, 1256, 1380 668, 780, 914, 1010, 1144, 1264, 1388 Gold reserves and dollar holdings. . . .77, 197, 295, Gold purcheses by U. S 75, 195, 293, 407, 531, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 659, 771, 905, 1001, 1135, 1255, 1379 Briggs, Robert P., appointed Class C director at Gold reserves and dollar holdings. . . .77, 197, 295, Chicago 1070 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 British Malaysia, foreign exchange rates. . .84, 204, 302, National Bank of: 416, 540, 668, 780, 914, 1010, 1144, 1264, 1388 Condition 80, 200, 298, 412, 536, British West Africa, gold production. . .74, 194, 292, 406, 664, 776, 910, 1006, 1140, 1260, 1384 530, 658, 770, 904, 1000, 1134, 1254, 1378 Discount rate 83, 203, 301, 415, 539, Brokers and dealers in securities, bank loans to: 667, 779, 913, 1009, 1143, 1263, 1387 Commercial banks, by classes. . .30, 140, 248, 360, Gold reserves 76, 196, 294, 408, 532, 472, 612, 726, 858, 956, 1088, 1208, 1332 660, 772, 906, 1002, 1136, 1256, 1380 Weekly reporting member banks. . . .32, 142, 250, Bell, T. Winfred, appointed director at Little 362, 474, 614, 728, 860, 958, 1090, 1210, 1334 Rock Branch. 118 Burma, discount rate 83, 203, 301, 415, 539, 667, Board of Governors: 779, 913, 1009, 1143, 1263, 1387 Annual Report, 1955 341 Business conditions, national summary of. . 13, 122, 231, Expenses, assessment on Federal Reserve Banks 178 342, 454, 595, 709, 841, 939, 1071, 1190, 1314 Members: Business expansion, financing of, article on 553 List covering period 1913-1956 120 Business expenditures on new plant and Martin, Wm. McC, Jr.: equipment. .46, 156, 264, 376, 488, 628, 742, Federal Reserve policy procedure, 874, 972, 1104, 1224, 1348 statement on 589 Business indexes. 53, 163, 271, 383, 495, 635, Reappointed member of Board and 749, 881, 979, 1112, 1232, 1356 designation as Chairman reaffirmed 118 Business loans {See Commercial and industrial loans) Re-elected Chairman of Federal Canada: Open Market Committee. .230 Bank of: Robertson, J. L., statement on recommen- Condition 79, 199, 297, 411, 535, 663, dations for changes in banking laws. . .1181 775, 909, 1005, 1139, 1259, 1383 Salaries, increase in 833 Discount rate 83, 203, 301, 415, 539, 667, Members and officers 87, 207, 309, 419, 543, 779, 913, 1009, 1143, 1263, 1387 673, 783, 917, 1013, 1147, 1267, 1393 Gold reserves 76, 196, 294, 408, 532, 660, Publications 85, 205, 307, 417, 541, 772, 906, 1002, 1136, 1256, 1380 669, 781, 915, 1011, 1145, 1265, 1389 Foreign exchange rates. . . .84, 204, 302, 416, 540, Recommendations for changes in banking laws 1181 668, 780, 914, 1010, 1144, 1264, 1388 Regulations {See Regulations) Gold production 74, 194, 292, 406, 530, 658 Staff {See Staff of Board of Governors) 770, 904, 1000, 1134, 1254, 1378 Bolivia: Gold purchases by U. S 75, 195, 293, 407, 531, Central Bank of: 659, 771, 905, 1001, 1135, 1255, 1379 Condition 80, 200, 298, 412, 536, Gold reserves and dollar holdings. . . .77, 197, 295, 664, 776, 910, 1006, 1140, 1260, 1384 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1403 Pages Pages Capital accounts: Charts—Continued Banks, by classes 27, 137, 245, 357, 469, 609, Liquid asset holders and debtors 564, 565 723, 855, 953, 1085, 1205, 1329 Liquid asset holdings of corporations. . .581 Commercial banks, by classes. . . .31, 141, 249, 361, Loans and investments: 473, 613, 727, 859, 957, 1089, 1209, 1333 Commercial banks 683 Federal Reserve Banks 21-22, 131-132, 239-240, Member banks 14, 232, 455, 1072 351-352, 463-464, 603-604, 717-718, 849-850, Major industrial materials 3 947-948, 1079-1080, 1199-1200, 1323-1324 Major materials, capacity and output 1159 Weekly reporting member banks. . . .33, 143, 251, Member bank reserves and borrowings. ... 102, 596, 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 686, 842, 1191 Capital markets in 1956, article on 1277 Member bank reserves, Reserve Bank credit, Carloadings. . 53, 163, 271, 383, 495, 635, and related items 16, 126, 234, 346, 458, 749, 881, 979, 1112, 1232, 1356 598, 712, 844, 942, 1074, 1194, 1318 Table discontinued.. .12 Nonfarm mortgage lending. . . 433 Central banks, foreign: Plant and equipment outlays 553 Assets and liabilities 78, 198, 296, 410, 534, 662, Prices. 1, 5, 7, 122, 231, 455, 795, 774, 908, 1004, 1138, 1258, 1382 842, 1024, 1072, 1158, 1160, 1162 Discount rates 83, 203, 301, 415, 539, 667, Production, major sectors 1055 779, 913, 1009, 1143, 1263, 1387 Retail trade. . .343, 710, 797, 798, 940, 1191, 1315 Gold reserves 76, 196, 294, 408, 532, 660, Saving, selected types .1278 772, 906, 1002, 1136, 1256, 1380 State and local Govt. bonds. .1282 Ceylon: Trade and prices. .122 Central Bank of, condition 80, 200, 298, 412, Unemployment . . . 322 536, 664, 776, 910, 1006, 1140, 1260, 1384 U. S. balance of payments. 1028 Foreign exchange rates. . .84, 204, 302, 416, 540, U. S. savings bonds. ... . . 440 668, 780, 914, 1010, 1144, 1264, 1388 Utility output of electricity and gas. . . .1056, 1059 Chairmen, Federal Reserve Banks: 1060, 1061, 1062 Appointments for 1956 8 Yields on U. S. Govt. securities 931 List. . . 88, 208, 310, 420, 544, 674, Childress, Floyd, appointed director at El Paso 784, 918, 1014, 1148, 1268, 1394 Branch .1313 Meeting .1312 Chile: Chairmen and Vice Chairmen, Board of Gover- Central Bank of: nors, list covering period 1914-1956. . 121 Condition 80, 200, 298, 412, 536, Chalkley, Henry G., Jr., appointed Class C 664, 776, 910, 1006, 1140, 1260, 1384 director at Atlanta. . . .. 11 Gold reserves 76, 196, 294, 408, 532, Chart book on bank credit, money rates, and 660, 772, 906, 1002, 1136, 1256, 1380 business .453, 938 Gold production 74, 194, 292, 406, 530, Charts: 658, 770, 904, 1000, 1134, 1254, 1378 Automobiles. 795, 808, 809 Gold reserves and dollar holdings 77, 197, 295, Bond yields 934, 1277 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Business loans. 98, 557, 684, 1280 Coins, circulation of 25, 135, 243, 355, 467, Construction . .123, 429, 435, 596 607, 721, 853, 951, 1083, 1203, 1327 Consumer credit, revised and unrevised series. 1031 Colombia: Consumer debt .691 Bank of Republic of: Consumer foods 799 Condition 80, 200, 298, 412, 536, Consumer prices 7, 795, 1162 664, 776, 910, 1006, 1140, 1260, 1384 Consumer trends .... .793 Discount rate. .83, 203, 301, 415, 539, Corporate profits before taxes. . .. 556 667, 779, 913, 1009 Demand deposits and currency 101, 687 Gold reserves 76, 196, 294, 408, 532, Electric utilities. .554, 1056, 1059, 1060, 1061 660, 772, 906, 1002, 1136, 1256, 1380 Employment. . .319, 321, 324, 325 Gold production 74, 194, 292, 406, 530, Exports, world .... 1024 658, 770, 904, 1000, 1134, 1254, 1378 Farm loans 830, 831 Gold purchases by U. S.. . .75, 195, 293, 407, 531, Farmland, changes in dollar value of. . . 827 659, 771, 905, 1001, 1135, 1255, 1379 Federal debt, changes in ownership of. . .100 Gold reserves and dollar holdings. . . .77, 197, 295, Federal expenditures and authorizations. .108 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Foreign gold reserves and dollar Commercial banks: holdings ... ... .217, 220, 221 Assets and liabilities, by classes 27-30, 137-140, Gas utility series. . . .1056, 1059, 1062 245-248, 357-360, 469-472, 609-612, Home mortgage debt. .1283 723-726, 855-858, 953-956, 1085- Housing status of consumers. . 812 1088, 1205-1208, 1329-1332 Income 560, 562 Branches, number, by class and State 399 Industrial production. . . 13, 122, 231, 342, 454, 595, Consumer loans held, by type. . .51, 161, 269, 381, 709, 794, 841, 939, 1023, 1061, 1071, 1190, 1314 493, 633, 747, 879, 977, 1109, 1229, 1353 Interest rates. .104, 343, 689, 710, 927, 928, Revised estimates 1040 933, 940, 1315 Defense mobilization planning (See Defense Labor market, changes in. . .325 mobilization planning) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Commercial banks—Continued Consumer finances, survey of, 1956: Farm loans, article on .1163 Consumer indebtedness . . 690 Foreign, tables discontinued 12 Durable goods and housing.... . . 806 Loans and investments, discussion 98, 684 Financial position of consumers. . . .559 Number, by class 27, 137, 245, 357, 469, Preliminary findings . . 224 609, 723, 855, 953, 1085, 1205, 1329 Consumer goods, trends in, article on 793 Number, by class and State 398 Consumer price indexes 64, 174, 282, 394, 506, Real estate mortgages held, by type. . .47, 157, 265, 646, 760, 892, 990, 1124, 1244, 1368 377, 489, 629, 743, 875, 973, 1105, 1225, 1349 Consumer prices, discussion 7, 1161 Commercial and industrial loans: Business loans of banks, discussion .557 Consumption expenditures. .66-67, 176-177, 284-285, Business loans of member banks, article on. . . .327 396-397, 508-509, 648-649, 762-763, 894-895, Commercial banks, by classes. . . .30, 140, 248, 360, 992-993, 1126-1127, 1246-1247, 1370-1371 472, 612, 726, 858, 956, 1088, 1208, 1332 Corporate balance sheet and income statement. . .586 Credit lines and minimum balance require- Corporate financing, 1951-55, article on. . .580 ments for business borrowers 573 Corporate profits, discussion 556 Survey of bank loans for commercial and Corporate sales, profits, taxes, and dividends 45-46, industrial purposes . . .327, 573 155-156, 263-264, 375-376, 487-488, 627- Weekly reporting member banks: 628, 741-742, 873-874, 971-972, 1103-1104, Sample 34, 144, 252, 364, 476, 1223-1224, 1347-1348 616, 730, 862, 960, 1092, 1212, 1336 Corporate securities: Total, leading cities 32, 142, 250, 362, 474, New issues 44, 154, 262, 374, 486, 626, 614, 728, 860, 958, 1090, 1210, 1334 740, 872, 970, 1102, 1222, 1346 Commercial paper: Outstanding, net changes in 46, 156, 264, 376, Rates. 35, 145, 253, 365, 477, 488, 628, 742, 874, 972, 1104, 1224, 1348 617, 731, 863, 961, 1093, 1213, 1337 Prices 36, 146, 254, 366, 478, 618, Volume outstanding 34, 144, 252, 364, 476, 732, 864, 962, 1094, 1214, 1338 616, 730, 862, 960, 1092, 1212, 1336 Yields.. ...35, 145, 253, 365, 477, 617, Commodity Credit Corporation, assets and 731, 863, 961, 1093, 1213, 1337 liabilities 38, 148, 256, 368, 480, Cost of living {See Consumer price indexes) 620, 734, 866, 964, 1096, 1216, 1340 Costa Rica, Central Bank of: Common trust funds: Advertising . .228 Condition 80, 200, 298, 412, 536, 664, Assignment of income to bank.... . . 228 776, 910, 1006, 1140, 1260, 1384 Survey of, 1955 800 Discount rate 83, 203, 301, 415, 539, 667, Condition statements {See Assets and liabilities) 779, 913, 1009, 1143, 1263, 1387 Conferences {See Meetings) Credit expansion by nonbank lenders, discussion. ... 103 Construction: Credit extended by banks to real estate mortgage Article on construction and residential real lenders, surveys of 227, 593, 936, 1300 estate 429 Credit lines and minimum balance requirements, Contracts awarded 59, 169, 277, 389, 501, article on 573 641, 755, 887, 985, 1119, 1239, 1363 Cuba: Dwelling units started 59, 169, 277, 389, 501, Gold purchases by U. S 75, 195, 293, 407, 531, 641, 755, 887, 985, 1119, 1239, 1363 659, 771, 905, 1001, 1135, 1255, 1379 National summary of business conditions. .13, 122, Gold reserves and dollar holdings 77, 197, 295, 231, 342, 454, 595, 709 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 841, 939, 1071, 1190, 1314 National Bank of: Value of new activity 58, 168, 276, 388, 500, Condition 80, 200, 298, 412, 536, 664, 640, 754, 886, 984, 1118, 1238, 1362 776, 910, 1006, 1140, 1260, 1384 Consumer credit: Gold reserves. . . .76, 196, 294, 408, 532, 660, Furniture store statistics 52, 162 772, 906, 1002, 1136, 1256, 1380 270, 382, 494, 634, 748, 880, 978 Currency {See also specific types of currency): Instalment credit: Consolidated monetary statement. . .26, 136, 244, Extensions and repayments. .52, 162, 270, 382, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 494, 634, 748, 880, 978, 1110, 1230, 1354 Outstanding and in circulation . .25, 135, 243, 355, Outstanding, by holder 50-51, 160-161, 268-269, 467, 607, 721, 853, 951, 1083, 1203, 1327 380-381, 492-493, 632-633, 746-747, 878-879, Currency and deposits, discussion. .100, 686 976-977, 1108-1109, 1228-1229, 1352-1353 Customer credit, stock market: Major parts 50, 160, 268, 380, 492, Detailed debit and credit balances 386, 994 632, 746, 878, 976, 1108, 1228, 1352 Monthly table 36, 146, 254, 366, 478, Noninstalment credit, by holder. .51, 161, 269, 381, 618, 732, 864, 962, 1094, 1214, 1338 493, 633, 747, 879, 977, 1109, 1229, 1353 Revised estimates. . . 1039 Day, William M., resignation as director of Ratio of collections to accounts receivable. .52, 162, Detroit Branch 840 270, 382, 494, 634, 748, 880, 978 Debits to deposit accounts. .24, 134, 242, 354, 466, 606, Revision of consumer credit statistics. .594, 1031 720, 852, 950, 1082, 1202, 1326 Consumer durable goods: Defense mobilization planning, banking system: Output indexes 58, 168, 276, 388, 500, Allison, James W., appointed by Board as 640, 754, 886, 984, 1118, 1238, 1362 consultant in connection with. .230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1405 Pages Pages Defense mobilization planning, banking system—Cont. Deposits—Continued Article on 1188 Weekly reporting member banks. . . .33, 143, 251, Committees appointed in connection with .937 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 Defense Production Act of 1950, amendments to. 707 Deposits, reserves, and borrowings, by class of Defense production loans: member bank. ... 19, 129, 237, 349, 461, 601, Fees and rates 24, 134, 242, 354, 466, 606, 715, 847, 945, 1077, 1197, 1321 720, 852, 950, 1082, 1202, 1326 Tables consolidated and figures on free Guaranteed under Regulation V ... 23, 133, 241, reserves added ... .119 353, 465, 605, 719, 851, 949, 1081, 1201, 1325 Deputy Chairmen, Federal Reserve Banks: Demand deposits: Appointments for 1956 8 Adjusted, banks and the monetary system. .26, 136, List. ... .88, 208, 310, 420, 544, 674, 244, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 784, 918, 1014, 1148, 1268, 1394 Adjusted, commercial banks, by classes. . 31, 141, Russell, J. Stuart, appointed at Chicago. 1070 249, 361, 473, 613, 727, 859, 957, 1089, 1209, 1333 Directors, Federal Reserve Banks: Banks, by classes. . . .27, 137, 245, 357, 469, 609, Allen, Carl E., Jr.: 723, 855, 953, 1085, 1205, 1329 Appointed Class C and Deputy Chair- Type of holder, at commercial banks. .31, 141, 249, man at Chicago 11 361, 473, 613, 727, 859, 957, 1089, 1209, 1333 Appointed President of Federal Reserve Weekly reporting member banks 33, 143, 251, Bank of Chicago 708 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 Appointments for 1956 .9 Dembitz, Lewis N., appointed Assistant Director Briggs, Robert P., appointed Class C at of Division of Research and Statistics... .118 Chicago . 1070 Denmark: Chairmen and Federal Reserve Agents, ap- Foreign exchange rates 84, 204, 302, 416, 540, pointments for 1956 .8 668, 780, 914, 1010, 1144, 1264, 1388 {See also Chairmen, Federal Reserve Gold reserves and dollar holdings. . . .77, 197, 295, Banks) 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Chalkley, Henry G., Jr., appointed Class C National Bank of: at Atlanta .... 11 Condition 80, 200, 298, 412, 536, 664, Class A and B, election of 1312 776, 910, 1006, 1140, 1260, 1384 Deputy Chairmen, appointments for 1956. . . .8 Discount rate 83, 203, 301, 415, 539, 667, {See also Deputy Chairmen, Federal 779, 913, 1009, 1143, 1263, 1387 Reserve Banks) Gold reserves. . . .76, 196, 294, 408, 532, 660, Higgins, Milton P., elected Class B at Boston. .594 772, 906, 1002, 1136, 1256, 1380 Hood, Harvey P., appointed Class C at Boston. . 10 Denton, Frank R., elected Vice President of Killian, James R., Jr., appointed Deputy Federal Advisory Council .... 230 Chairman at Boston 10 Department stores: List. 88, 208, 310, 420, 544, Merchandising data 63, 173, 281, 393, 505, 645, 674, 784, 918, 1014, 1148, 1268, 1394 759, 891, 989, 1123, 1243, 1367 Mitchell, Walter M., appointed Class C, Chair- Sales and stocks 62, 172, 280, 392, 504, 644, man, and Federal Reserve Agent at Atlanta ...11 758, 890, 988, 1122, 1242, 1366 Palmer, J. K., elected Class A at Richmond. 230 Statistics, elimination of certain tables. . . .12 Prall, Bert R., appointed Chairman and Deposits {See also specific types of deposits): Federal Reserve Agent at Chicago. 11 Adjusted, and currency. . . .26, 136, 244, 356, 468, Russell, J. Stuart, appointed Deputy 608, 722, 854, 952, 1084, 1204, 1328 Chairman at Chicago . 1070 Banks, by classes 27, 137, 245, 357, 469, 609, Sprague, Robert C, appointed Chairman 723, 855, 953, 1085, 1205, 1329 and Federal Reserve Agent at Boston. . 10 Commercial banks, by classes. . . .31, 141, 249, 361, Van Buskirk, Arthur B., appointed Class C 473, 613, 727, 859, 957, 1089, 1209, 1333 and Deputy Chairman at Cleveland. 10 Federal Reserve Banks: Directors, Federal Reserve branch banks: Condition statement data.. .21-22, 131-132, Appointments for 1956 . .9 239-240, 351-352, 463-464, 603-604, Bell, T. Winfred, appointed at Little Rock. .118 717-718, 849-850, 947-948, 1079- Childress, Floyd, appointed at El Paso. . 1313 1080, 1199-1200, 1323-1324 Day, William M., resignation at Detroit . . 840 Held for foreign correspondents. .74, 194, 292, Gruwell, Hugh C, Los Angeles, death of. .937 406, 530, 658, 770, 904, 1000, 1134, 1254, 1378 Jett, Ivan, appointed at Cincinnati. ... .10 Growth of deposits and currency 100, 686 King, G. H., Jr., appointed at New Orleans 118 Interest on, basis for compounding 340 List 88, 208, 310, 420, 544, Maximum rates on time and savings deposits: 674, 784, 918, 1014, 1148, 1268, 1394 Change in, amendment of supplement Monin, J. D., Jr., appointed at Louisville. .11 to Regulation Q . . .1301, 1312 Patterson, C. V., appointed at Detroit. . . .937 Table discontinued .... 119 Paxton, James L., Jr., appointed at Omaha. .11 Postal savings: Paxton, Joe D., appointed at Los Angeles. . 1070 Consolidated monetary statement 26, 136, Peo, Ralph F., appointed at Buffalo. ... 10 244, 356, 468, 608, 722, 854, Rush, Noel, Louisville, death of.. . .1189 952, 1084, 1204, 1328 Sakrison, J. M., resignation at El Paso. . .1313 Maximum rates 20, 1301 Smith, J. Thomas, appointed at Detroit. . . .11 Turnover of. .24, 134, 242, 354, 466, 606, Urquhart, John E., appointed at Birmingham. . . 11& 720, 852, 950, 1082, 1202, 1326 Vagtborg, Harold, appointed at San Antonio. .11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Discount rates: El Salvador—Continued Federal Reserve Banks: Central Reserve Bank of—Continued Changes in 341, 937 Discount rate 83, 203, 301, 415, 539 Historical retrospect, Federal Reserve 667, 779, 913, 1009, 1143, 1263, 1387 Bank of New York 119 Gold reserves 76, 196, 294, 408, 532, Tables 20, 130, 238, 350, 462, 660, 772, 906, 1002, 1136, 1256, 1380 602, 716, 848, 946, 1078, 1198, 1322 Gold reserves and dollar holdings. . . .77, 197, 295, Foreign central banks 83, 203, 301, 415, 539, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 667, 779, 913, 1009, 1143, 1263, 1387 Electricity and gas output index: Changes in table 12 Article on. . . . 1055 Discounts and advances by Federal Reserve Banks: Monthly table 117,1237,1361 Condition statement data. . .21, 131, 239, 351, 463, Emergency planning (See Defense mobilization 603, 717, 849, 947, 1079, 1199, 1323 planning) Weekly and monthly data. . . 17, 127, 235, 347, 459, Employment: 599, 713, 845, 943, 1075, 1195, 1319 Labor force 60, 170, 278, 390, 502, Dividends: 642, 756, 888, 986, 1120, 1240, 1364 Corporate 45-46, 155-156, 263-264, 375-376, Labor market in early 1956, article on 319 487-488, 627-628, 741-742, 873-874, 971- Manufacturing production worker. . . .61, 171, 279, 972, 1103-1104, 1223-1224, 1347-1348 391, 503, 643, 757, 889, 987, 1121, 1241, 1365 Federal Reserve Banks 12, 178 National summary of business Insured commercial banks 519 conditions 13, 123, 231, 342, 454, Member banks. .436, 438, 439, 510, 1179, 1248 595, 709, 841, 939, 1071, 1190, 1314 Dollar assets, foreign: Nonagricultural 60, 170, 278, 390, 502, Foreign countries and international 642, 756, 888, 986, 1120, 1240, 1364 institutions 77, 197, 295, 409, 533, England (See United Kingdom) 661, 773, 907, 1003, 1137, 1257, 1381 Export-Import Bank, loans, etc. . .38, 148, 256, 368, 480, Held at Federal Reserve Banks. . .74, 194, 292, 406, 620, 734, 866, 964, 1096, 1216, 1340 530, 658, 770, 904, 1000, 1134, 1254, 1378 Exports (See Foreign trade) International gold and dollar flows, article on. . .217 U. S. Govt. security holdings of foreign Farm mortgage debt, balance sheet of agriculture.... 829 Farm mortgage loans: countries and international institutions, inclusion of data on .221-222 Bank holdings 47, 157, 265, 377, 489, 629, Dominican Republic: 743, 875, 973, 1105, 1225, 1349 Central Bank of, condition. .80, 200, 298, 412, 536, Govt. agency loans 38, 148, 256, 368, 480, 620, 664, 776, 910, 1006, 1140, 1260, 1384 734, 866, 964, 1096, 1216, 1340 Gold reserves and dollar holdings. . . .77, 197, 295, Life insurance company holdings. . . .48, 158, 266, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 378, 490, 630, 744, 876, 974, 1106, 1226, 1350 Farm prices, discussion 5 Dwelling units started: Federal Advisory Council: Discussion 431 Directory 88, 208, 310, 420, 544, 674, 784, Table 59, 169, 277, 389, 501, 918, 1014, 1148, 1268, 1394 641, 755, 887, 985, 1119, 1239, 1363 Meetings 230, 594, 937, 1312 Earhart, C. E., retirement as President of Federal Federal budget for 1957, article on 106 Reserve Bank of San Francisco. 230 Federal business-type activities (See Govt. agencies) Federal Deposit Insurance Corporation, assets and Earnings and expenses: liabilities. .38, 148, 256, 368, 480, 620, 734, Federal Reserve Banks. . . .12, 178 866, 964, 1096, 1216, 1340 Insured commercial banks 519 Federal finance: Member banks 436, 510, 1179, 1248 Cash transactions 40, 150, 258, 370, 482, 622, Earnings and hours, manufacturing industries: 736, 868, 966, 1098, 1218, 1342 Discussion 320, 323 Receipts and expenditures. .41, 151, 259, 371, 483, Table 61, 171, 279, 391, 503, 623, 737, 869, 967, 1099, 1219, 1343 643, 757, 889, 987, 1121, 1241, 1365 Tables relating to, changes in 12, 341 Ecuador, Central Bank of: Treasurer's balance 40, 150, 258, 370, 482, 622, Condition 80, 200, 298, 412, 536, 736, 868, 966, 1098, 1218, 1342 664, 776, 910, 1006, 1140, 1260, 1384 Treasury finance, discussion 687 Gold reserves 76, 196, 294, 408, 532, Federal home loan banks: 660, 772, 906, 1002, 1136, 1256, 1380 Assets and liabilities 38, 148, 256, 368, 480, Egypt: 620, 734, 866, 964, 1096, 1216, 1340 Gold reserves and dollar holdings. . . .77, 197, 295, Lending activity 49, 159, 267, 379, 491, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 631, 745, 877, 965, 1107, 1227, 1351 National Bank of: Federal Housing Administration: Condition 80, 200, 298, 412, 536, Assets and liabilities 38, 148, 256,, 368, 480, 664, 776, 910, 1006, 1140, 1260, 1384 620, 734, 866, 964, 1096, 1216, 1340 Gold reserves 76, 196, 294, 408, 532, Loans insured by 47-49, 157-159, 265-267, 660, 772, 906, 1002, 1136, 1256, 1380 377-379, 489-491, 629-631, 743-745, 875-877, El Salvador: 973-975, 1105-1107, 1225-1227, 1349-1351 Central Reserve Bank of: Federal National Mortgage Association: Condition 80, 200, 298, 412, 536, Assets and liabilities. .38, 148, 256, 368, 480, 620, 664, 776, 910, 1006, 1140, 1260, 1384 734, 866, 964, 1096, 1216, 1340 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1407 Pages Pages Federal National Mortgage Association—Continued Federal Reserve Banks—Continued Lending activity 49, 159, 267, 379, 491, 631, Discount rates—Continued 745, 877, 975, 1107, 1227, 1351 Tables. .20, 130, 238, 350, 462, 602, 716, Federal Open Market Committee: 848, 946, 1078, 1198, 1322 Meetings. . .11, 118, 230, 341, 453, 594, 708, Earnings and expenses 12, 178 840, 937, 1070, 1189, 1312 Federal Reserve Agents (See Federal Reserve Members: Agents) Election of ..230 Fiscal agents in connection with guarantees Fulton, W. D., election of 1189 of flood damage loans 833 Hayes, Alfred, election as Vice Chair- Officers. . . .88, 208, 310, 420, 544, 674, 784, man, succeeding Mr. Sproul 840 918, 1014, 1148, 1268, 1394 Martin, Wm. McC, Jr., re-election as Operations of, recommended changes in Chairman 230 banking laws relating to 1183 Sproul, Allan, re-election as Vice Chair- U. S. Govt. securities, authority to purchase man 230 and sell directly from or to the U. S., ex- Members and staff 88, 208, 310, 420, 544, tension of 707 674, 784, 918, 1014, 1148, 1268, 1394 U. S. Govt. security holdings: Federal Reserve Act: Condition statement data 21-22, 131-132, Recommended changes in 1181 239-240, 351-352, 463-464, 603-604, 717-718, Section 10, amendment increasing salaries of 849-850, 947-948, 1079-1080, 1199-1200, Chairman and members of Board of Gov- 1323-1324 ernors 833 Ownership data 42-43, 152-153, 260-261, Section 14(b), amendment extending author- 372-373, 484-485, 624-625, 738-739, 870-871, ity of Federal Reserve Banks to purchase 968-969, 1100-1101, 1220-1221, 1344-1345 and sell U. S. Govt. securities directly Weekly and monthly data. .17, 127, 235, 347, from or to the U. S 707 459, 599, 713, 845, 943, 1075, 1195, 1319 Sections 25 and 25(a), corporations doing Federal Reserve Bulletin tables, changes in (See foreign banking or other foreign fianncing Tables, Federal Reserve Bulletin) under, revision of Regulation K 1301 Federal Reserve Agents, appointments for 1956 8 Federal Reserve Chart Book. . .. . .453, 938 Federal Reserve credit: Federal Reserve Bank notes, outstanding and in Condition statement data 21-22, 131-132, circulation. .25, 135, 243, 355, 467, 607, 721, 239-240, 351-352, 463-464, 603-604, 717-718, 853, 951, 1083, 1203, 1327 849-850, 947-948, 1079-1080, 1199-1200, Federal Reserve Bank of Boston: 1323-1324 Latham, E. O., appointment as First Vice Weekly and monthly data 17, 127, 235, 347, President 1070 459, 599, 713, 845, 943, 1075, 1195, 1319 Neal, Alfred C, resignation as First Vice Federal Reserve notes: President 1070 Collateral for 23, 133, 241, 353, 465, Federal Reserve Bank of Chicago: 605, 719, 851, 949, 1081, 1201, 1325 Allen, Carl E. Jr., appointment as President.... 708 Condition statement data. .21-22, 131-132, 239-240, Young, C. S., retirement as President 708 351-352, 463-464, 603-604, 717-718, 849-850, Federal Reserve Bank of New York: 947-948, 1079-1080, 1199-1200, 1323-1324 Hayes, Alfred, appointment as President. . .708 Federal Reserve Agents' accounts 23, 133, 241, Sproul, Allan, resignation as President. . .708 353, 465, 605, 719, 851, 949, 1081, 1201, 1325 Federal Reserve Bank of San Francisco: Interest paid to Treasury 12, 178 Earhart, C. E., retirement as President 230 Outstanding and in circulaiton 25, 135, 243, Mangels, H. N., appointment as President. .230 355, 467, 607, 721, 853, 951, 1083, 1203, 1327 Swan, Eliot J., appointment as First Vice Federal Reserve policy and bank reserve President .230 positions, discussion 101, 686 Federal Reserve Banks: Federal Reserve policy procedure, statement of Assessment for expenses of Board of Gov- Chairman Martin on 589 ernors 178 Federal Reserve System, admissions of State Branches (See Branch banks, Federal Re- banks to membership 119, 230, serve System) 341, 594, 708, 840, 938, 1070, 1189 Chairman (See Chairmen, Federal Reserve Finance company paper: Banks) Rates 35, 145, 253, 365, 477, Condition statement 21-22, 131-132, 239-240, 617, 731, 863, 961, 1093, 1213, 1337 351-352, 463-464, 603-604, 717-718, Volume outstanding 34, 144, 252, 364, 476, 849-850, 947-948, 1079-1080, 1199-1200, 616, 730, 862, 960, 1092, 1212, 1336 1323-1324 Financing of business expansion, article on 553 Deputy Chairmen (See Deputy Chairmen, Financing of large corporations, 1951-55, article on 580 Federal Reserve Banks) Finland: Directors (See Directors, Federal Reserve Bank of, condition 80, 200, 298, 412, 536, Banks) 664, 776, 910, 1006, 1140, 1260, 1384 Discount rates: Foreign exchange rates 84, 204, 302, 416, 540, Changes in 341, 937 668, 780, 914, 1010, 1144, 1264, 1388 Historical retrospect, Federal Reserve Gold reserves and dollar holdings. . . .77, 197, 295, Bank of New York. . .119 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages First Vice Presidents of Federal Reserve Banks: Furniture and appliances, purchases of, 1956 Latham, E. O., appointment at Boston 1070 survey of consumer finances. 810, 818 List 88,208,310,420,544, Furniture store statistics 52, 162, 674, 784, 918, 1014, 1148, 1268, 1394 270, 382, 494, 634, 748, 880, 978- Neal, Alfred C, resignation at Boston. 1070 Swan, Eliot J., appointment at San Francisco. .230 Garfield, Frank R., title changed to Adviser, Fleming, Robert V., elected President of Division of Research and Statistics. 118 Federal Advisory Council. . . .... .230 Gas and electricity output index: Flood damage loans, Federal Reserve Banks as Article on. . . . . . 1055 fiscal agents in connection with guarantees of .833 Monthly table. 1117, 1237, 1361 Foreign banking corporations, Regulation K as Germany: revised 1301 Bank of German States: Foreign banking organization of United States Condition 81, 201, 299, 413, 537, banks, article on. 1284 665, 777, 911, 1007, 1141, 1261, 1385 Foreign central banks: Discount rate 83, 203, 301, 415, 539, Assets and liabilities 78, 198, 296, 410, 534, 667, 779, 913, 1009, 1143, 1263, 1387 662, 774,908, 1004, 1138, 1258, 1382 Foreign exchange rates 84, 204, 302, 416, 540, Discount rates 83, 203, 301, 415, 539, 668, 780, 914, 1010, 1144, 1264, 1388 667, 779, 913, 1009, 1143, 1263, 1387 Gold reserves and dollar holdings. . .77, 197, 295, Changes in table on 12 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Gold reserves 76, 196, 294, 408, 532, Gold: 660, 772, 906, 1002, 1136, 1256, 1380 Earmarked 75, 195, 293, 407, 531, Foreign commercial banks, tables discontinued. 12 659, 771, 905, 1001, 1135, 1255, 1379 Foreign deposits in U. S. banks: International gold and dollar flows, article on. . .217 Banks and the monetary system 26, 136, 244, Net purchases by U. S 75, 195, 293, 407, 531, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 659, 771, 905, 1001, 1135, 1255, 1379 Commercial banks, by classes. . . .31, 141, 249, 361, Outstanding, U. S. money. . .25, 135, 243, 355, 467, 473, 613, 727, 859, 957, 1089, 1209, 1333 607, 721, 853, 951, 1083, 1203, 1327 Federal Reserve Banks: Production: Condition statement data.. .21-22, 131-132, Domestic 75, 195, 293, 407, 531, 239-240, 351-352, 463-464, 603-604, 659, 771, 905, 1001, 1135, 1255, 1379 717-718, 849-850, 947-948, 1079- World 74, 194, 292, 406, 530, 1080, 1199-1200, 1323-1324 658, 770, 904, 1000, 1134, 1254, 1378 Held for foreign correspondents. .74, 194, 292, Reserves of central banks and 406, 530, 658, 770, 904, 1000, 1134, governments 76, 196, 294, 408, 532, 1254, 1378 660, 772, 906, 1002, 1136, 1256, 1380 Weekly and monthly data. . . 17, 127, 235, 347, Reserves of foreign countries and inter- 459, 599, 713, 845, 943, 1075, 1195, 1319 national institutions 77, 197, 295, 409, 533, Weekly reporting member banks 33, 143, 251, 661, 773, 907, 1003, 1137, 1257, 1381 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 Stock: Foreign exchange rates 84, 204, 302, 416, 540, Changes in 75, 195, 293, 407, 531, 668, 780, 914, 1010, 1144, 1264, 1388 659, 771, 905, 1001, 1135, 1255, 1379 Foreign liabilities and claims reported Consolidated monetary stateby banks 70-74, 190-194, 288-292, 402-406, ment 26, 136, 244, 356, 468, 526-530, 654-658, 766-770, 900-904, 996-1000, 608, 722, 854, 952, 1084, 1204, 1328 1130-1134, 1250-1254, 1374-1378 Weekly and monthly data 17, 127, 235, 347, Foreign trade 63, 173, 281, 393, 505, 459, 599, 713, 845, 943, 1075, 1195, 1319 645, 759, 891, 989, 1123, 1243, 1367 Gold certificates: France: Collateral against Federal Reserve Bank of: notes 23, 133, 241, 353, 465, Condition 79, 199, 297, 411, 535, 605, 719, 851, 949, 1081, 1201, 1325 663, 775, 909, 1005, 1139, 1259, 1383 Federal Reserves Bank condition statement Discount rate 83, 203, 301, 415, 539, data 21-22, 131-132, 239-240, 351-352, 667, 779, 913, 1009, 1143, 1263, 1387 463-464, 603-604, 717-718, 849-850, 947-948, Gold reserves 76, 196, 294, 408, 532, 1079-1080, 1199-1200, 1323-1324 660, 772, 906, 1002, 1136, 1256, 1380 Outstanding and in circulation. . . .25, 135, 243, 355, Foreign exchange rates 84, 204, 302, 416, 540, 467, 607, 721, 853, 951, 1083, 1203, 1327 668, 780, 914, 1010, 1144, 1264, 1388 Govt. agencies, assets and liabilities, by type Gold purchases by U. S 75, 195, 293, 407, 531, and agency 38, 148, 256, 368, 480, 659, 771, 905, 1001, 1135, 1255, 1379 620, 734, 866, 964, 1096, 1216, 1340 Gold reserves and dollar holdings. . .77, 197, 295, Revision of tables on 1313 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Govt. debt (See U. S. Govt. securities) Open market rates 83, 203, 301, 415, 539, Govt. securities (See U. S. Govt. securities) Greece: 667, 779, 913, 1009, 1143, 1263, 1387 Freight carloadings (See Carloadings) Bank of: Condition 81, 201, 299, 413, 537, Fulton, W. D., election as member of Federal 665, 777, 911, 1007, 1141, 1261, 1385 Open Market Committee. .1189 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1409 Pages Pages Greece—Continued Indonesia—Continued Bank of—Continued Gold reserves and dollar holdings. . . .77, 197, 295, Discount rate 83, 203, 301, 415, 539, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 667, 779,913, 1009, 1143, 1263, 1387 Industrial advances by Federal Reserve Banks: Gold reserves and dollar holdings. . . .77, 197, 295, Condition statement data. .21-22, 131-132, 239-240, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 351-352, 463-464, 603-604, 717-718, 849-850, Gross national product 66-67, 176-177, 284-285, 947-948, 1079-1080, 1199-1200, 1323-1324 396-397, 508-509, 648-649, 762-763, 894-895, Number and amount 23, 133, 241, 353, 465, 992-993, 1126-1127, 1246-1247, 1370-1371 605, 719, 851, 949, 1081, 1201, 1325 Gruwell, Hugh C, director at Los Angeles Rates. . . . .24, 134, 242, 354, 466, 606, 720, Branch, death of. .937 852, 950, 1082, 1202, 1326 Guatemala: Industrial production indexes. . . .54, 164, 272, 384, 496, Bank of: 636, 750, 882, 980, 1113, 1233, 1357 Condition 81, 201, 299, 413, 537, Industrial production, national summary of busi- 665, 777, 911, 1007, 1141, 1261, 1385 ness conditions 13, 122, 231, 342, 454, 595, Gold reserves 76, 196, 294, 408, 532, 709, 841, 939, 1071, 1190, 1314 660, 772, 906, 1002, 1136, 1256, 1380 Instalment debt, 1956 survey of consumer finances. .692, Gold reserves and dollar holdings. .77, 197, 295, 697, 703 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Instalment loans 50-52, 160-162, 268-270, 380-382, 492-494, 632-634, 746-748, 878-880, Hackley, Howard H., appointed Associate General 976-978, 1108-1111, 1228-1231, 1352-1355 Counsel in Legal Division. 1189 Insurance companies: Hayes, Alfred: Mortgage activity of life insurance companies. .48, Appointed President of Federal Reserve Bank 158, 266, 378, 490, 630, 744, of New York 708 876, 974, 1106, 1226, 1350 Elected Vice Chairman of Federal Open Principal assets of life insurance companies. . . .37, Market Committee .840 147, 255, 367, 479, 619, 733, 865, 963, Higgins, Milton P., elected Class B director at 1095, 1215, 1339 Boston .... .594 U. S. Govt. Security holdings 42-43, 152-153, Holding company affiliates: 260-261, 372-373, 484-485, 624-625, 738-739, Bank Holding Company Act of 1956: 870-871, 968-969, 1100-1101, 1220-1221, 1344-1345 Extension of time for registration under. . 1070 Insured commercial banks: Regulation Y issued pursuant to. .835-840 Assets and liabilities 29-31, 139-141, 247-249, Text of 444 359-361, 471-473, 611-613, 725-727, 857-859, Home owners, Govt. agency loans. . .38, 148, 256, 368, 955-957, 1087-1089, 1207-1209, 1331-1333 480, 620, 734, 866, 964, 1096, 1216, 1340 Banking offices, changes in number. .180, 896 Hood, Harvey P., appointed Class C director at Branches, number, by State. . .399 Boston . . . .10 Earnings and expenses 519 Hours and earnings, manufacturing industries: Number. .29, 139, 247, 359, 471, 611, 725, Discussion 320, 323 857, 955, 1087, 1207, 1331 Table. .61, 171, 279, 391, 503, 643, 757. Number, by State. . .398 889, 987, 1121, 1241, 1365 Interbank deposits: Housing, 1956 survey of consumer finances. .806 Banks, by classes 27, 137, 245, 357, 469, 609, 723, 855, 953, 1085, 1205, 1329 Imports (See Foreign trade) Commercial banks, by classes . . .31, 141, 249, 361, Indebtedness of consumers, 1956 survey of con- 473, 613, 727, 859, 957, 1089, 1209, 1333 sumer finances. . 566, 690 Weekly reporting member banks 33, 143, 251, India: 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 Foreign exchange rates 84, 204, 302, 416, 540, Interest on deposits: 668, 780, 914, 1010, 1144, 1264, 1388 Basis for compounding 340 Gold production 74, 194, 292, 406, 530, 658, Maximum rates on time and savings deposits, 770, 904, 1000, 1134, 1254, 1378 change in, amendment of Supplement to Gold reserves and dollar holdings. . . .77, 197, 295, Regulation Q 1301, 1312 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Time deposits with alternate maturities, in- Reserve Bank of: Condition. . . .81, 201, 299, 413, 537, 665, 777, terpretation of Regulation Q 833 911, 1007, 1141, 1261, 1385 Interest rates: Discount rate 83, 203, 301, 415, 539, Article on interest rates during economic 667, 779, 913, 1009, 1143, 1263, 1387 expansion 927 Gold reserves 76, 196, 294, 408, 532, 660, Bond yields 35, 145, 253, 365, 477, 617, 772, 906, 1002, 1136, 1256, 1380 731, 863, 961, 1093, 1213, 1337 Indonesia: Business loans by banks. . . .35, 145, 253, 365, 477, Bank Indonesia: 617, 731, 863, 961, 1093, 1213, 1337 Condition 81, 201, 299, 413, 537, 665, Discount rates, Federal Reserve Banks: 777,911, 1007, 1141, 1261, 1385 Changes in 341, 937 Discount rate 83, 203, 301, 415, 539, 667, Historical retrospect, Federal Reserve 779, 913, 1009, 1143, 1263, 1387 Bank of New York 119 Gold reserves. . .76, 196, 294, 408, 532, 660, Tables 20, 130, 238, 350, 462, 772, 906, 1002, 1136, 1256, 1380 602, 716, 848, 946, 1078, 1198, 1322 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Interest rates—Continued Iran—Continued Farm loans. ... 1173 Bank Melli Iran—Continued Gold reserves 76, 196, 294, 408, 532, Foreign countries 83, 203, 301, 415, 539, 660, 772, 906, 1002, 1136, 1256, 1380 667, 779, 913, 1009, 1143, 1263, 1387 Gold reserves and dollar holdings. . . .77, 197, 295, Industrial loans of Federal Reserve 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Banks 24, 134, 242, 354, 466, Ireland: 606, 720, 852, 950, 1082, 1202, 1326 Central Bank of, condition. .81, 201, 299, 413, 537, Open market rates: 665, 777, 911, 1007, 1141, 1261, 1385 Domestic 35, 145, 253, 365, 477, Foreign exchange rates 84, 204, 302, 416, 540, 617, 731, 863, 961, 1093, 1213, 1337 668, 780, 914, 1010, 1144, 1264, 1388 Foreign 83, 203, 301, 415, 539, Israel, Bank of, condition 81, 201, 299, 413, 537, 667, 779, 913, 1009, 1143, 1263, 1387 665, 777, 911, 1007, 1141, 1261, 1385 Regulation V loans 24, 134, 242, 354, 466, Italy: 606, 720, 852, 950, 1082, 1202, 1326 Bank of: Stock yields 35, 145, 253, 365, 477, Condition 81, 201, 299, 413, 537, 617, 731, 863, 961, 1093, 1213, 1337 665, 777, 911, 1007, 1141, 1261, 1385 Time and savings deposits, maximum rates: Discount rate 83, 203, 301, 415, 539, Change in, amendment of Supplement 667, 779, 913, 1009, 1143, 1263, 1387 to Regulation Q. 1301, 1312 Gold reserves 76, 196, 294, 408, 532, Table discontinued. 119 660, 772, 906, 1002, 1136, 1256, 1380 International capital transactions of the U. S.. . . 70, 190, Gold reserves and dollar holdings. . . 77, 197, 295, 288, 402, 526, 654, 766, 900, 996, 1130, 1250, 1374 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 International financial institutions: Japan: Condition 78, 198, 296, 410, 534, Bank of: 662, 774, 908, 1004, 1138, 1258, 1382 Condition 81, 201, 299, 413, 537, Gold reserves 76, 196, 294, 408, 532, 665, 777, 911, 1007, 1141, 1261, 1385 660, 772, 906, 1002, 1136, 1256, 1380 Discount rate 83, 203, 301, 415, 539, Gold reserves and dollar holdings. . . .77, 197, 295, 667, 779, 913, 1009, 1143, 1263, 1387 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Gold reserves and dollar holdings. . . .77, 197, 295, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 International gold and dollar flows, article on. .217 Jett, Ivan, appointed director at Cincinnati Branch. . 10 Interpretations: Regulation F: Killian, James R., Jr., appointed Deputy Chair- Common trust funds: man at Boston. ... 10 Advertising 228 King, G. H., Jr., appointed director at New Assignment of income to bank. 228 Orleans Branch. 118 Regulation Q: Korsvik, William J., reappointed Acting Secretary Time deposits with alternate maturities, of Federal Advisory Council. .230 interest on. ... 833 Regulation U: Labor force 60, 170, 278, 390, 502, Effect of registration of stock subsequent 642, 756, 888, 986, 1120, 1240, 1364 to making of loan 117 Labor market in early 1956, article on .319 Inventories 67, 177, 285, 397, 509, Latham, E. O., appointed First Vice President 649, 763, 895, 993, 1127, 1247, 1371 of Federal Reserve Bank of Boston. . 1070 Investments {See also specific types of investments): Leading articles: Banks, by classes 27, 137, 245, 357, 469, Bank credit and money. .97, 683 609, 723, 855, 953, 1085, 1205, 1329 Capital markets in 1956 . 1277 Commercial banks, by classes. . . . 30, 140, 248, 360, Construction and residential real estate. . 429 472, 612, 726, 858, 956, 1088, 1208, 1332 Consumer goods, trends in. . . .793 Commercial banks, discussion. .99, 685 Financing of business expansion. . . . .553 Common trust funds 800 Interest rates during economic expansion. .927 Federal Reserve Banks 21-22, 131-132, 239-240, International gold and dollar flows. .217 351-352, 463-464, 603-604, 717-718, 849-850, Labor market in early 1956. . . . .319 947-948, 1079-1080, 1199-1200, 1323-1324 Prices during the economic expansion. . .... 1 Govt. agencies, etc 38, 148, 256, 368, 480, Prices, rise in .1157 620, 734, 866, 964, 1096, 1216, 1340 World trade and payments in 1955-56. 1023 Life insurance companies. . .37, 147, 255, 367, 479, Legislation: 619, 733, 865, 963, 1095, 1215, 1339 Authority of Federal Reserve Banks to pur- Member banks dealing in obligations of chase and sell U. S. Govt. securities dibanks for cooperatives, amendment to rectly from or to the U. S., extension of. .707 section 5136 of Revised Statutes 833 Bank Holding Company Act of 1956 444 Savings and loan associations. . . .37, 147, 255, 367, Banking laws, recommended changes in. . . .1181 479, 619, 733, 865, 963, 1095, 1215, 1339 Defense Production Act of 1950, amend- Weekly reporting member banks. .32, 142, 250, 362, ments to 707 474, 614, 728, 860, 958, 1090, 1210, 1334 Federal Flood Insurance Act of 1956, pro- Iran: visions relating to Federal Reserve Banks Bank Melli Iran: as fiscal agents in connection with guar- Condition 81, 201, 299, 413, 537, antees of flood damage loans. .... .833 665, 777, 911, 1007, 1141, 1261, 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1411 Pages Pages Legislation—Continued Margin requirements—Continued Federal Reserve Act, section 10, amendment Time for obtaining margin, amendment to increasing salaries of Chairman and mem- Regulation T . 444 bers of Board of Governors 833 Martin, Wm. McC, Jr.: Member banks dealing in obligations of Federal Reserve policy procedure, statement on. 589 banks for cooperatives, amendment to Reappointed member of Board of Governors section 5136 of Revised Statutes 833 and designation as Chairman reaffirmed. .118 Liquid asset holdings of consumers. . •. . . 563, 570-572 Re-elected Chairman of Federal Open Mar- Loans {See also specific types of loans): ket Committee 230 Banks, by classes 27, 137, 245, 357, 469, 609, Masters, Robert C, appointed Associate Director 723, 855, 953, 1085, 1205, 1329 of Division of Examinations. . 1189 Commercial banks, by classes. . .30, 140, 248, 360, Meetings: 472, 612, 726, 858, 956, 1088, 1208, 1332 Chairmen of Federal Reserve Banks 1312 Commercial banks, discussion. 98, 684 Federal Advisory Council 230, 594, 937, 1312 Credit extended by banks to real estate Federal Open Market Committee 11, 118, 230, mortgage lenders, surveys of. . . .227, 593, 936 341, 453, 594, 708, 840, 937, 1070, 1189, 1312 Federal Reserve Banks: Presidents of Federal Reserve Banks. 118, 453, 1070 Condition statement data 21-22, 131-132, Member banks: 239-240, 351-352, 463-464, 603-604, 717-718, Assets and liabilities, by classes. . . .27-31, 137-141, 849-850, 947-948, 1079-1080, 1199-1200, 245-249, 357-361, 469-473, 609-613, 723-727, 855- 1323-1324 859, 953-957, 1085-1089, 1205-1209, 1329-1333 Industrial advances 23, 133, 241, 353, 465, Banking offices, changes in number 180, 896 605, 719, 851, 949, 1081, 1201, 1325 Borrowings at Federal Reserve Banks: Member bank borrowings. . .19, 129, 237, 349, By class of member bank 19, 129, 237, 349, 461, 601, 715, 847, 945, 1077, 1197, 1321 461, 601, 715, 847, 945, 1077, 1197, 1321 Weekly and monthly data. . . 17, 127, 235, 347, Weekly and monthly data 17, 127, 235, 459, 599, 713, 845, 943, 1075, 1195, 1319 347, 459, 599, 713, 845, 943, 1075, 1195, 1319 Govt. agencies, etc 38, 148, 256, 368, 480, Branches, number, by class and State. .... 399 620, 734, 866, 964, 1096, 1216, 1340 Business loans of, article on 327 Life insurance companies: Credit extended to real estate mortgage lend- Assets 37, 147, 255, 367, 479, 619, ers, surveys of 227, 593, 936, 1300 733, 865, 963, 1095, 1215, 1339 Credit lines and minimum balance require- Mortgage activity 48, 158, 266, 378, 490, ments for borrowers 573 630, 744, 876, 974, 1106, 1226, 1350 Deposits and reserves, by classes. . 19, 129, 237, 349, Savings and loan associations: 461, 601, 715, 847, 945, 1077, 1197, 1321 Assets 37, 147, 255, 367, 479, 619, Earnings and expenses. . .436, 510, 1179, 124B 733, 865, 963, 1095, 1215, 1339 Foreign branches 1296 Mortgage activity 48, 158, 266, 378, 490, Loans for commercial and industrial pur- 630, 744, 876, 974, 1106, 1226, 1350 poses, survey of 327, 573 Weekly reporting member banks. .32, 142, 250, 362, Number, by class 27, 137, 245, 357, 469, 609, 474, 614, 728, 860, 958, 1090, 1210, 1334 723, 855, 953, 1085, 1205, 1329 Loans insured or guaranteed: Number, by class and State 398 FHA-insured. .. .47-49, 157-159, 265-267, 377-379, Obligations of banks for cooperatives, deal- 489-491, 629-631, 743-745, 875-877, 973-975, ing in, amendment to section 5136 of Re- 1105-1107, 1225-1227, 1349-1351 vised Statutes 833 Flood damage loans, Federal Reserve Banks Operating ratios 650 as fiscal agents in connection with guar- Reserve requirements, by classes 20, 130, 238, antees of 833 350, 462, 602, 716, 848, 946, 1078, 1198, 1322 Regulation V loan guarantees. . . .23, 133, 241, 353, Reserves and borrowings at Federal Reserve 465, 605, 719, 851, 949, 1081, 1201, 1325 Banks, 1955 data. . 182 VA-guaranteed. .47-49, 157-159, 265-267, 377-379, Reserves and related items. . . 17, 127, 235, 347, 459, 489-491, 629-631, 743-745, 875-877, 973-975, 599, 713, 845, 943, 1075, 1195, 1319 1105-1107, 1225-1227, 1349-1351 Supervision of, recommended changes in Luxembourg, gold reserves and dollar holdings. .77, 197, banking laws relating to 1185 295, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Tables on deposits, reserves, and borrowings, consolidation of and addition of Mangels, H. N., appointed President of Federal figures on free reserves 119 Reserve Bank of San Francisco. 230 Weekly reporting series 32, 142, 250, 362, 474, Manufacturers, production indexes: Consumer durable goods output. .58, 168, 276, 388, 614, 728, 860, 958, 1090, 1210, 1334 500, 640, 754, 886, 984, 1118, 1238, 1362 Membership of Board of Governors of the Industrial 54, 164, 272, 384, 496, 636, 750, Federal Reserve System, 1913-1956 . . 120 882, 980, 1113, 1233, 1357 Membership in Federal Reserve System, Manufacturing corporations: admissions of State banks 119, 230, 341, 594, Balance sheet and income statement. . .586 Liquidity in, 1951-55, discussion. . .581 708, 938, 1070, 1189 Margin requirements: Mexico: Table of. .20, 130, 238, 350, 462, 602, 716, Bank of: 848, 946, 1078, 1198, 1322 Condition 81, 201, 299, 413, 537, 665, 777, 911, 1007, 1141, 1261, 1385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Mexico—Continued National summary of business conditions. . .13, 122, 231, Bank of—Continued 342, 454, 595, 709, 841, 939, 1071, 1190, 1314 Discount rate 83, 203, 301, 415, 539, Neal, Alfred C, resignation as First Vice Presi- 667, 779, 913, 1009, 1143, 1263, 1387 dent of Federal Reserve Bank of Boston. 1070 Gold reserves 76, 196, 294, 408, 532, Netherlands- 660, 772, 906, 1002, 1136, 1256, 1380 Foreign exchange rates 84, 204, 302, 416, 540, Foreign exchange rates 84, 204, 302, 416, 540, 1144 1264 1388 .668, 780, 914, 1010 1144 1264 1388 ^68 6 y 6 8 $ 7 ° 8 s 0 914 ' . 1 $ 0 1 1 0 95 293 407, 531, Gold purcha b 1379 Gold production •l&J9tl}?2\£}'£& 659, 771, 905, 1001, 1135, 1255, 295 n JA u 6 u' T?°'O904' ic%c13^12^ W1 Gold reserves and dollar holdings. . .77, 197, 1381 Gold purchases by US .75 195 293 407, 531 % 1137, 1257, 409j 533? 661> 773? 907? m 659J Vh 9°5\\?01> U3l9J2,5l9 13Z9 Netherlands Bank: 537, t 1385 Gold reserves and dollar holdings. . . .77, 197, 295, Condition 81 201 299 413539, 409 533, 661 773, 907, 1003 1137 1257 1381 ^ 665, 777, 911, 1007 U41 1261,'1387 Minerals, production index 54, 164, 272, 384, 496, DiVnnnt rate 83 201 101 415532, / 636, 750, 882, 980, 1113, 1233, 1357 DlSC°Unt ^ 779 / 913 ^Oi> 1143 1263,' 1380 Mitchell, Walter M appointed Class C director, Gold rese rves 76, 196, 294, 408, 539, Chairman, and Federal Reserve Agent at Atlanta. .11 Q 906 1002 1136 12561387 66 772 Money and bank credit: Open market rates....'....'. 83, 203, 301, 415, Articles on. .. .97, 683 667,779,913,1009,1143,1263, 540, National summary of business conditions. .455 New Zealand* 1388 Money rates (See Interest rates) Foreign exchange rates 84, 204, 302, 416, Monin, J. D., Jr., appointed director at Louis- & g 64 537, ville Branch / V U Reserve Bank 6 of 8 : 7 ' 80 9 ' 14 1 ' 010 1144 12 1385 Mortgages (See Real estate loans) Condition 81, 201, 299, 413, 539, Mutual savings banks: 665,777,911,1007,1141,1261, 1387 Assets and liabilities 27, 137, 245, 357, 469, Discount rate 83, 203, 301, 415, 609, 723, 855, 953, 1085, 1205, 1329 667, 779, 913, 1009, 1143, 1263, 203 Banking offices, changes in number. . 180, 896 Nicaragua: 530, Branches, number, by State 399 Discount rate. . 83,1378 Consolidated monetary statement 26, 136, 244, Gold production 74, 194, 292, 406, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 658, 770, 904, 1000, 1134, 1254, 359- Number 27, 137, 245, 357, 469, Nonmember banks: -859, 609, 723, 855, 953, 1085, 1205, 1329 Assets and liabilities. .29-31, 139-141, 247-249,1333 Number, by State 398 361, 471-473, 611-613, 725-727, 857, 896 Real estate loans held by 47, 157, 265, 377, 489, 955-957, 1087-1089, 1207-1209, 1331 .399 629, 743, 875, 973, 1105, 1225, 1349 Banking offices, changes in number. 180 : U. S. Govt. security holdings 42-43, 152-153, Branches, number, by State 463, 260-261, 372-373, 484-485, 624-625, Discounts and advances by Federal Reserve 1323 738-739, 870-871, 968-969, 1100-1101, Banks 21, 131, 239, 351, .519 1220-1221, 1344-1345 603, 717, 849, 947, 1079, 1199, 471, Myrick, Lowell, Assistant Director of Division Earnings and expenses 1331 of Bank Operations, death of .937 Number 29, 139, 247, 359,.398 611, 725, 857, 955, 1087, 1207, National bank notes, outstanding and in Number bv State circulation 25,135,243,355,467, , Nnrwav 537, 607, 721, 853, 951, 1083, 1203, 1327 Bank of- 1385 National banks: Condition 81, 201, 299, 413, 539, Assets and liabilities 29, 139, 247, 359, 471, f-t-c inn7 1141 1?611387 777 Q11 « „• ffi " V25' 85?' 95\1087' 12?«o ^ discount rate ' '.83, 203 301 415, 532, 1380 Banking offices, changes in number... .180, 896 ^QQ^ 1263 66? 779 913 1143 540, Branches, number, by State. . .399 ; ' ' fa ' ' GoM reserve ?6? 294 4O8? 1388 Common trust funds: ^ ffip ; an : 660? 772j 906j 1002> n3 1256? 295, f n tob k 1381 Pore gf branches 1287 ' 1296 Gold r*serves and dollar holdinSs 77' 197' Number ^ . ..'. . . ^g,' m 247 359, 47l! 409,533,661,773,907, 1003, 1137, 1257, 118 611, 725, 857, 955, 1087, 1207, 1331 Noyes, Guy E., title changed to Adviser, Division Number, by State 398 of Research and Statistics. National income 66, 176, 284, 396, 508, .937 . . 648' J62, 894, 992, 1126, 1246, 1370 'Connell, Thomas J., appointed Assistant f O %^T^^^9lf: 109 General Counsel in Legal Division. .101 o National product series 67, 177, 285, 397, 509, Open market operations and bank reserve 649, 763, 895, 993, 1127, 1247, 1371 positions, discussion .650 Treasury statement basis 41, 151, 259, 371, 483, Open market rates (See Interest rates) 623, 737, 869, 967, 1099, 1219, 1343 Operating ratios, member banks. . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1413 Pages Pages Pakistan, State Bank of: Prall, Bert R., appointed Chairman and Federal Condition 82, 202, 300, 414, 538, Reserve Agent at Chicago. .11 666, 778, 913, 1008, 1142, 1262, 1386 Preparedness program (See Defense mobilization Discount rate 83, 203, 301, 415, 539, planning) 667, 779, 913, 1009, 1143, 1263, 1387 Presidents of Federal Reserve Banks: Gold reserves 76, 196, 294, 408, 532, Allen, Carl E., Jr., appointment at Chicago. .708 660, 772, 906, 1002, 1136, 1256, 1380 Earhart, C. E., retirement at San Francisco. .230 Palmer, J. K., elected Class A director at Richmond. .230 Panama, Republic of, gold reserves and dollar Hayes, Alfred, appointment at New York 708 holdings. 77, 197, 295, 409, 533, List. 88, 208, 310, 420, 544, 661, 773, 907, 1003, 1137, 1257, 1381 674, 784, 918, 1014, 1148, 1268, 1394 Par List, banking offices on, and not on, number. 181, 897 Mangels, H. N., appointment at San Francisco. . 230 Paraguay, Central Bank of, condition. .82, 202, 300, 414, Meetings 118, 453, 1070 Sproul, Allan, resignation at New York. .708 538, 666, 778, 912, 1008, 1142, 1262, 1386 Young, C. S., retirement at Chicago. 708 Patterson, C. V., appointed director at Detroit Prices: Branch . .937 Article on prices during the economic Paxton, James L., Jr., appointed director at expansion 1 Omaha Branch .11 Article on rise in prices. 1157 Paxton, Joe D., appointed director at Los Commodity, national summary of business Angeles Branch 1070 conditions 14, 123, 232, 342, 454, Payrolls, manufacturing index. . .53, 163, 271, 383, 495, 596, 710, 842, 940, 1072, 1191, 1315 635, 749, 881, 979, 1112, 1232, 1356 Consumer 64, 174, 282, 394, 506, Peo, Ralph F., appointed director at Buffalo 646, 760, 892, 990, 1124, 1244, 1368 Branch . . . . 10 Foreign, table discontinued 12 Personal debt, 1956 survey of consumer finances 691,701 Security 36, 146, 254, 366, 478, Personal income 67, 177, 285, 397, 509, 618, 732, 864, 962, 1094, 1214, 1338 649, 763, 895, 993, 1127, 1247, 1371 Wholesale commodity. . . .64, 174, 282, 394, 506, Peru: 646, 760, 892, 990, 1124, 1244, 1368 Central Reserve Bank of: Production: Condition 82, 202, 300, 414, 538, Consumer durable goods output 58, 168, 276, 666, 778, 912, 1008, 1142, 1262, 1386 388, 500, 640, 754, 886, 984, 1118, 1238, 1362 Discount rate 83, 202, 301, 415, 539, Industrial 54, 164, 272, 384, 496, 667, 779, 913, 1009, 1143, 1263, 1387 636, 750, 882, 980, 1113, 1233, 1357 Gold reserves 76, 196, 294, 408, 532, Profits: 660, 772, 906, 1002, 1136, 1256, 1380 Corporate 45-46, 155-156, 263-264, 375-376, Gold reserves and dollar holdings. . . .77, 197, 295, 487-488, 627-628, 741-742, 873-874, 971- 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 972, 1103-1104, 1223-1224, 1347-1348 Philippine Republic: Insured commercial banks 519 Central Bank of the Philippines: Member banks. . . .436, 438, 439, 510, 1179, 1248 Condition 82, 202, 300, 414, 538, 666, 778, 912, 1008, 1142, 1262, 1386 Public utility output index: Discount rate 83, 203, 301, 415, 539, Article on. . 1055 667, 779, 913, 1009, 1143, 1263, 1387 Monthly table. 1117, 1237, 1361 Foreign exchange rates 84, 204, 302, 416, 540, Publications: 668, 780, 914, 1010, 1144, 1264, 1388 Annual Report, Board of Governors, 1955. .341 Gold reserves and dollar holdings. . .77, 197, 295, Banking and monetary statistics, 1955, spe- 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 cial tables 453 Portugal: Board of Governors, list 85, 205, 307, 417, 541, Bank of: 669, 781, 915, 1011, 1145, 1265, 1389 Condition 82, 202, 300, 414, 538, Consumer credit statistics, revision of 1034 666, 778, 912, 1008, 1142, 1262, 1386 Department store statistics, press releases on. ... 12 Discount rate 83, 203, 301, 415, 539, Federal Reserve Chart Book. .453, 938 667, 779, 913, 1009, 1143, 1263, 1387 Gold reserves 76, 196, 294, 408, 532, Rates (See Foreign exchange rates; Interest rates) 660, 772, 906, 1002, 1136, 1256, 1380 Real estate loans: Foreign exchange rates 84, 204, 302, 416, 540, Commercial banks 47, 157, 265, 377, 489, 629, 668, 780, 914, 1010, 1144, 1264, 1388 743, 875, 973, 1105, 1225, 1349 Gold purchases by U. S 75, 195, 293, 407, 531, Commercial banks, by classes. . . .30, 140, 248, 360, 659, 771, 905, 1001, 1135, 1255, 1379 472, 612, 726, 858, 956, 1088, 1208, 1332 Gold reserves and dollar holdings. . . .77, 197, 295, Construction and residential real estate, 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 article on 429 Postal Savings System: Farm real estate debt, balance sheet of Deposits: agriculture . . . 829 Consolidated monetary Mortgage debt, 1956 survey of consumer statement 26, 136, 244, 356, 468, finances .813, 822 608, 722, 854, 952, 1084, 1204, 1328 Mortgage yields, discussion ... .934 Maximum rates.. .20, 1301 Surveys of credit extended by banks to real estate mortgage lenders 227, 593, 936, 1300 Table discontinued. .12 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1414 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Real estate loans—Continued Reserves—Continued Type of mortgage holder. .47-49, 157-159, 265-267, Member banks—Continued 377-379, 489-491, 629-631, 743-745, 875-877, Reserve positions and Federal Reserve 973-975, 1105-1107, 1225-1227, 1349-1351 policy, discussion 101, 686 Type of property mortgaged 47-49, 157-159, Reserves and related items. . . 17, 127, 235, 347, 265-267, 377-379, 489-491, 629-631, 743-745, 459, 599, 713, 845, 943, 1075, 1195, 1319 875-877, 973-975, 1105-1107, 1225-1227, Tables on deposits, reserves, and bor- 1349-1351 rowings, consolidation of and addi- Weekly reporting member banks. .32, 142, 250, 362, tion of figures on free reserves 119 474, 614, 728, 860, 958, 1090, 1210, 1334 Weekly reporting banks. . . .33, 143, 251, 363, Regulations, Board of Governors: 475, 615, 729, 861, 959, 1091, 1211, 1335 F, Trust Powers of National Banks: Reserves and bank credit, national summary of Common trust funds: business conditions . 14, 123, 232, 343, 596, 710, Advertising .228 842, 940, 1072, 1191, 1315 Residential mortgage loans. . . .47-49, 157-159, 265-267, Assignment of income to bank. . .228 377-379, 489-491, 629-631, 743-745, 875-877, K, Corporations Doing Foreign Banking or Other Foreign Financing Under the Fed- 973-975, 1105-1107, 1225-1227, 1349-1351 Residential real estate and construction, article on. .429 eral Reserve Act: Resignations: Revision of . 1301 Day, William M., as director of Detroit Branch. 840 Q, Payment of Interest on Deposits: Neal, Alfred C, as First Vice President of Basis for compounding interest 340 Federal Reserve Bank of Boston 1070 Maximum rates on time and savings de- Sakrison, J. M., as director of El Paso Branch. 1313 posits, change in, amendment of Sup- Sproul, Allan, as President of Federal Replement 1301, 1312 serve Bank of New York. . 708 Time deposits with alternate maturities, Retirements: interest on, interpretation with re- Earhart, C. E., as President of Federal spect to 833 Reserve Bank of San Francisco .230 T, Extension and Maintenance of Credit by Young, C. S., as President of Federal Brokers, Dealers, and Members of Na- Reserve Bank of Chicago 708 tional Securities Exchanges: Rhodesia, gold production 74, 194, 292, 406, 530, Amendment with respect to time for 658, 770, 904, 1000, 1134, 1254, 1378 obtaining margin .... .444 Robertson, J. L., statement on recommendations U, Loans by Banks for the Purpose of Purfor changes in banking laws .1181 chasing or Carrying Stocks Registered on Robinson, Roland I., appointed Adviser in a National Securities Exchange: Division of Research and Statistics. . . .937 Effect of registration of stock subsequent Rush, Noel, director at Louisville Branch, to making of loan 117 death of 1189 V, Loan Guarantees for Defense Production: Russell, J. Stuart, appointed Deputy Chairman Fees and rates 24, 134, 242, 354, 466, 606, at Chicago 1070 720, 852, 950, 1082, 1202, 1326 Loans guaranteed 23, 133, 241, 353, 465, Sakrison, J. M., resignation as director of El Paso 605, 719, 851, 949, 1081, 1201, 1325 Branch 1313 Y, Bank Holding Companies: Salaries of Chairman and members of Board of Extension of time for registration. . . . 1070 Governors, increase in. .833 Text of 835-840 Sales finance companies: Reserve requirements, member banks. .20, 130, 238, 350, Bank credit, minimum balance requirements. . . .576 462, 602, 716, 848, 946, 1078, 1198, 1322 Consumer loans of 50-51, 160-161, 268-269, Reserves: 380-381, 492-493, 632-633, 746-747, 878-879, Commercial banks, by classes. . . .31, 141, 249, 361, 976-977, 1108-1109, 1228-1229, 1352-1353 473, 613, 727, 859, 957, 1089, 1209, 1333 Savings 66, 176, 284, 396, 508, Federal Reserve Banks 21-22, 131-132, 239-240, 648, 762, 894, 992, 1126, 1246, 1370 351-352, 463-464, 603-604, 717-718, 849-850, Savings bonds: 947-948, 1079-1080, 1199-1200, 1323-1324 Article on . 440 Foreign central banks and governments. . . .76, 196, Table discontinued .12 294, 408, 532, 600, 772, 906, 1002, 1136, Savings deposits {See also Time deposits): 1256, 1380 Interest on, basis for compounding 340 Foreign countries and international Maximum rates, change in, amendment of institutions . .77, 197, 295, 409, 533, 661, 773, Supplement to Regulation Q 1301, 1312 907, 1003, 1137, 1257, 1381 Savings institutions, principal assets. . . .37, 147, 255, 367, Member banks: 479, 619, 733, 865, 963, 1095, 1215, 1339 Accounts with Federal Reserve Banks. .21-22, Savings and loan associations: 131-132, 239-240, 351-352, 463-464, 603-604, Mortgage activity 48, 158, 266, 378, 490, 717-718, 849-850, 947-948, 1079-1080, 630, 744, 876, 974, 1106, 1226, 1350 1199-1200, 1323-1324 Principal assets 37, 147, 255, 367, 479, By class of member bank. ... 19, 129, 237, 349, 619, 733, 865, 963, 1095, 1215, 1339 461, 601, 715, 847, 945, 1077, 1197, 1321 Securities, international transactions. . .73-74, 193-194, Commercial bank statement 31, 141, 249, 291-292, 405-406, 529-530, 657-658, 769-770, 903- 361, 473, 613, 727, 859, 957, 1089, 1209, 1333 904, 999-1000, 1133-1134, 1253-1254, 1377-1378 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1415 Pages Pages Security issues: Sproul, Allan: Corporate, outstanding, net change in. .46, 156, 264, Re-election as Vice Chairman of Federal 376, 488, 628, 742, 874, 972, 1104, 1224, 1348 Open Market Committee .230 New issues 44, 154, 262, 374, 486, Resignation as President of Federal 626, 740, 872, 970, 1102, 1222, 1346 Reserve Bank of New York .708 Security markets, national summary of business Staff of Board of Governors: conditions 14, 123, 232, 343, 455, Allison, James W., appointed special consultant .230 596, 710, 842, 940, 1072, 1191, 1315 Dembitz, Lewis N., appointed Assistant Director of Division of Research and Statistics. .118 Shay, Jerome W., appointed Assistant General Garfield, Frank R., title changed to Adviser, Counsel in Legal Division 11 Division of Research and Statistics 118 Silver coin and silver certificates, outstanding Hackley, Howard H., appointed Associate and in circulation 25, 135, 243, 355, 467, General Counsel in Legal Division 1189 607, 721, 853, 951, 1083, 1203, 1327 Masters, Robert C., appointed Associate Smith, J. Thomas, appointed director at Detroit Director of Division of Examinations. . . 1189 Myrick, Lowell, Assistant Director of Divi- Branch .... .11 sion of Bank Operations, death of. ... . .937 South Africa: Foreign exchange rates 84, 204, 302, 416, 540, Noyes, Guy E., title changed to Adviser, 668, 780, 914, 1010, 1144, 1264, 1388 Division of Research and Statistics 118 Gold production 74, 194, 292, 406, 530, O'Connell, Thomas J., appointed Assistant 658, 770, 904, 1000, 1134, 1254, 1378 General Counsel in Legal Division 937 Gold purchases by U. S 75, 195, 292, 407, 531, Robinson, Roland I., appointed Adviser in 659, 771, 905, 1001, 1135, 1255, 1379 Division of Research and Statistics. . . .937 Gold reserves and dollar holdings. . . .77, 197, 295, Shay, Jerome W., appointed Assistant 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 General Counsel in Legal Division. ..11 South African Reserve Bank: State member banks: Condition 82, 202, 300, 414, 538, Admissions to membership in Federal 666, 778, 912, 1008, 1142, 1262, 1386 Reserve System .119, 230, 341, .594, 708, Discount rate 83, 203, 301, 415, 539, 840, 938, 1070, 1189 667, 779, 913, 1009, 1143, 1263, 1387 Assets and liabilities 29, 139, 247, 359, Gold reserves 76, 196, 294, 408, 532, 471, 611, 725, 857, 955, 1087, 1207, 1331 660, 772, 906, 1002, 1136, 1256, 1380 Banking offices, changes in number. . 180, 896 Spain: Branches, number, by State... .399 Bank of: Earnings and expenses. .510 Condition 82, 202, 300, 414, 538, Foreign branches 1296 666, 778, 912, 1008, 1142, 1262, 1386 Number. .29, 139, 247, 359, 471, 611, 725, Discount rate 83, 203, 301, 415, 539, 857, 955, 1087, 1207, 1331 667, 779, 913, 1009, 1143, 1263, 1387 Number, by State. . . .398 Gold reserves 76, 196, 294, 408, 532, State and municipal securities: 660, 772, 906, 1002, 1136, 1256, 1380 New issues. .44, 154, 262, 374, 486, 626, 740, Gold reserves and dollar holdings. . . .77, 197, 295, 872, 970, 1102, 1222, 1346 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Prices. .36, 146, 254, 366, 478, 618, 732, Special articles: 864, 962, 1094, 1214, 1338 Balance sheet of agriculture, 1956. . . . .823 Yields. .35, 145, 253, 365, 477, 617, 731, Banking laws, recommended changes in. . .1181 863, 961, 1093, 1213, 1337 Business loans of member banks. . . . . 327 States and political subdivisions: Consumer credit statistics, revision of. . 1031 Deposits: Credit extended by banks to real estate Commercial banks, by classes. . . .31, 141, 249, mortgage lenders 227, 593, 936, 1300 361, 473, 613, 727, 859, 957, 1089, 1209, 1333 Credit lines and minimum balance require- Weekly reporting member banks. .33, 143, 251, ments ..573 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 Defense mobilization planning.. .1188 Holdings of U. S. Govt. securities 42, 152, 260, Farm loans at commercial banks. .1163 372, 484, 624, 738, 870, 968, 1100, 1220, 1344 Federal budget for 1957. . . . . .106 Ownership of obligations of: Federal Reserve policy procedure, state- Commercial bank holdings. .30, 140, 248, 360, ment of Chairman Martin on .589 472, 612, 726, 858, 956, 1088, 1208, 1332 Financing of large corporations, 1951-55. . .580 Life insurance company holdings 37, 147, Index of electricity and gas output. 1055 255, 367, 479, 619, 733, 865, 963, Member bank earnings 436, 1179 1095, 1215, 1339 Survey of common trust funds, 1955. .800 Stock market credit: Survey of consumer finances, 1956: Detailed debit and credit balances 286, 994 Consumer indebtedness. . . .690 Effect of registration of stock subsequent to Durable goods and housing. .806 making of loan, interpretation of Regula- Financial position of consumer. .559 tion U 117 Preliminary findings 224 Margin requirements 20, 130, 238, 350, 462, United States banking organization abroad. . . 1284 602, 716, 848, 946, 1078, 1198, 1322 United States savings bonds 440 Monthly table 36, 146, 254, 366, 478, 618, Sprague, Robert C, appointed Chairman and 732, 864, 962, 1094, 1214, 1338 Federal Reserve Agent at Boston .10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1416 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Stock market credit—Continued Tables, Federal Reserve Bulletin—Continued Time for obtaining margin, amendment to Discount rates at Federal Reserve Bank Regulation T 444 of New York, historical retrospect, Stocks: addition of .119 Corporate, outstanding, net change in. .46, 156, 264, Discount rates, foreign central banks, 376, 488, 628, 742, 874, 972, 1104, 1224, 1348 changes in table on 12 New issues. .44, 154, 262, 374, 486, 626, 740, Federal finance, changes in 12, 341 872,970, 1102, 1222, 1346 Foreign commercial banks, discontinued. .12 Prices. .36, 146, 254, 366, 478, 618, 732, Freight carloadings, discontinued 12 864, 962, 1094, 1214, 1338 Gold reserves and dollar holdings of foreign Yields. .35, 145, 253, 365, 477, 617, 731, countries and international institutions, in- 863, 961, 1093, 1213, 1337 elusion of data on U. S. Govt. securities. .221-222 Surveys: Govt. corporations and credit agencies, Agricultural loans 1163 revision of tables . 1313 Bank loans for commercial and industrial Maximum rates on time deposits, table purposes ... .... 327, 573 discontinued 119 Common trust funds 1955 800 Member bank deposits, reserves, and borrow- Consumer finances 1956: consolidation of tables and addition ings? Consumer indebtedness... 690 rves 119 of figures on free rese Durable goods and housing... .806 Savings System, table discontinued. .12 Postal Financial position of consumers. .559 ments in principal countries, Price move Preliminary findings... 224 discontinued .12 Credit extended by banks to real estate discontinued. . 12 u s savings bonds table mortgage lenders 227, 593, 936, 1300 6 ctricity and gas, Utility output of ele Swan, Eliot J., appointed First Vice President addition of 1055, 1117 of Federal Reserve Bank of San Francisco. .230 eipts, Federal 41, 151, 259, 371, 483, Tax reC Sweden: 623, 737, 869, 967, 1099, 1219, 1343 Bank of: Thailand: Condition 82, 202, 300, 414, 538, Discount rate 8^ 90^ W^ 415 519 666, 778, 912, 1008 1142 1262,' 1386 DlSC°Unt ^ 667, 779,913, 1009 ll^S 1263,' 1387 Discount rate 83, 203, 301, 415, 539, Crn]d reserves 76 196 294 408 512 667, 779 913, 1009 1143 1263' 1387 G°ld 660, 772, 906, Iob2 1136 1256 ' 1380 Gold reserves. .76, 196, 294, 408, 532, 600, 772, reserves and dollar holdings. .77, 197, 295, ^ . , 906' !<??2; *13£, HS6 1380 Go)d 533 409 661 773 907 1003 1137 1257 1381 Foreign exchange rates 84,204,302,416,540, Timp H^nndKr 66K8' T?V14' ^1%1<14,4o,12,% £8,8 Adiusted,' banks and the monetary M h Gold purchases by U. S 75,195,293,407,531, svstem 26 136 244 356 468 659, 771, 905, 1001, 1135, 1255, 1379 SyStem ' 952 1084 1204 1328 608 121 854 Gold reserves and dollar holdings. .77, 197, 295, Alternate maturities interest on inter A(\Q <i2 ^£1 111 om mna 111-7 n<7 noi Alternate maturities, interest on, mter- 409, 533 661, 773, 907, 1003 1137 1257, 1381 pretation of Regulation Q 833 Open market rates 83, 203, 301, 415, 539, 667, ^ classes 27 137 245 357 469 B k b 779, 913, 1009, 1143, 1263, 1387 Banks' by c^ ; , 953 1085 izosl' 1329 f 723 855 Switzerland: Commercial banks, by classes 31, 141, 249, 361, Foreign exchange rates 84, 204, 302, 416, 540, 473 727, 859, 957, 1089, 1209, 1333 613 r M 1, 66K' T?V14' \VV<14,V2^ £8i8 Interest on> basis for compounding. .340 Gold purchases by U. S 75, 195, 293, 407, 531, Maximum rates- *5A'1\}' 9u°5i^001' 113y2i5n5.' ™7c9 Chan§e in>' amendment of Supplement to Gold reserves and dollar holdings 77, 197, 295, Regulation O nni ui? 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Table discontinued 119 Open market rates .83 2?^°h A15iS5A9' £% Member banks, by classes.'." .19, 129, 237, 349; 461, . . , „ 779'913' 1009' 1143' 1263' 1387 601, 715, 847, 945, 1077, 1197, 1321 o XT r ^ W. £ 909 ™n A\A «« ™* 778 Weekly rePorting member banks 33, 143, 251, Condition. .82, 202, 300, 414 5!58, 666 778, , 861, 959, 1091, 1211, 1335 363> 475j 615j 729 yij, IUUO, 1I4Z, lZoZ, I3oo Trade* Tables, Federal Reserve Bulletin: Discount rate. .83 203 301 415 539 667 Merchandise exports and imports 63, 173, 281, Annual and semiannual, with latest Bulletin refe 7 r e 9 n'c£e? '1 L° n1 2 1 , 4 1i1 1 9 2£, '3 4 l}1f, 24 53, 393> 505' 645' 759, 891, 989, 1123, 1243, 1367 Gold reserves 76 51949, 67 20984, 84400,8 9 53382, ,1 616809 ' ^ ' ' $5. ' World trade and ayments in 1 51956> Banking and monet7a7r2y, 9s0ta6ti,s 1ti0c0s,2, 1136, 1256, 1380 1955, special tables .453 Treasur a e r r t ' i s c le a c o c n o unt balance. . . .40, 150, 258, 370 1 , 0 4 23 82, Consumer credit series, revision of. . . .1031 622, 736, 868, 966, 1098, 1218, 1342 Department store statistics, elimination Treasury cash: of certain tables on. .... .12 Consolidated monetary statement 26, 136, 244, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 Weekly and monthly data 17, 127, 235, 347, 459, 599, 713, 845, 943, 1075, 1195, 1319 Treasury currency: Consolidated monetary statement. .. .26, 136, 244, 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 42 1417 Pages Pages Treasury cash—Continued U. S. Govt. balances—Continued Outstanding and in circulation. ...25, 135, 243, Treasury deposits at Federal Reserve Banks—Cont. 355, 467, 607, 721, 853, 951, 1083, 1203, 1327 Treasury statement basis. . .40, 150, 258, 370, Weekly and monthly data.... 17, 127, 235, 347, 482, 622, 736, 868, 966, 1098, 1218, 1342 459, 599, 713, 845, 943, 1075, 1195, 1319 Weekly and monthly data 17, 127, 235, Treasury deposits: 347, 459, 599, 713, 845, 943, 1075, Federal Reserve Banks: 1195, 1319 Condition statement data. .. .21-22, 131-132, Weekly reporting member banks... 33, 143, 251, 239-240, 351-352, 463-464, 603-604, 717- 363, 475, 615, 729, 861, 959, 1091, 1211, 1335 718, 849-850, 947-948, 1079-1080, 1199- U. S. Govt. securities: 1200, 1323-1324 Bank holdings: Treasury statement basis 40, 150, 258, By class of bank 27, 137, 245, 357, 469, 370, 482, 622, 736, 868, 966, 1098, 1218, 609, 723, 855, 953, 1085, 1205, 1329 1342 Consolidated monetary statement.... 26, 136, Weekly and monthly data. .17, 127, 235, 347, 244, 356, 468, 608, 722, 854, 952, 1084, 459, 599, 713, 845, 943, 1075, 1195, 1319 1204, 1328 Treasury finance {See Federal finance) Ownership data 42-43, 152-153, 260-261, Trust funds, common: 372-373, 484-485, 624-625, 738-739, 870- Advertising . .228 871, 968-969, 1100-1101, 1220-1221, Assignment of income to bank... . . 228 1344-1345 Survey of, 1955 ..800 Commercial bank holdings. .. .30, 140, 248, 360, Turkey: 472, 612, 726, 858, 956, 1088, 1208, 1332 Central Bank of the Republic of: Federal Reserve Bank holdings: Condition 82, 202, 300, 414, 538, 666, Condition statement data. .. .21-22, 131-132, 778, 912, 1008, 1142, 1262, 1386 239-240, 351-352, 463-464, 603-604, 717- Discount rate 83, 203, 301, 415, 539, 718, 849-850, 947-948, 1079-1080, 1199- 667, 779, 913, 1009, 1143, 1263, 1387 1200, 1323-1324 Gold reserves 76, 196, 294, 408, 532, Ownership data 42-43, 152-153, 260-261, 660, 772, 906, 1002, 1136, 1256, 1380 372-373, 484-485, 624-625, 738-739, 870- Gold reserves and dollar holdings. . . .77, 197, 295, 871, 968-969, 1100-1101, 1220-1221, 409, 533, 661, 733, 907, 1003, 1137, 1344-1345 1257, 1381 Weekly and monthly data 17, 127, 235, 347, 459, 599, 713, 845, 943, 1075, Unemployment: 1195, 1319 Labor market in early 1956 322 Federal Reserve Banks, authority to purchase Table . ..60, 170, 278, 390, 502, 642, 756, 888, and sell directly from or to the U. S., ex- 986, 1120, 1240, 1364 tension of 707 Union of South Africa {See South Africa) Foreign and international holdings . .295, 409, United Kingdom: 533, 661, 773, 907, 1003, 1137, 1257, 1381 Bank of England: Data to be published regularly 221-222 Condition 78, 198, 296, 410, 534, 662, International transactions. . . .73, 193, 291, 405, 529, 774, 908, 1004, 1138, 1258, 1382 657, 769, 903, 999, 1133, 1253, 1377 Discount rate 83, 203, 301, 415, 539, New issues, gross proceeds 44, 154, 262, 374, 667, 779, 913, 1009, 1143, 1263, 1387 486, 626, 740, 872, 970, 1102, 1222, 1346 Gold reserves 76, 196, 294, 408, 532, Outstanding, by type of security. . . .42-43, 152-153, 660, 772, 906, 1002, 1136, 1256, 1380 260-261, 372-373, 484-485, 624-625, 738-739, Foreign exchange rates. . . . 84, 204, 302, 416, 540, 870-871,968-969, 1100-1101, 668, 780, 914, 1010, 1144, 1264, 1388 1220-1221, 1344-1345 Gold purchases by U. S 75, 195, 293, 407, Ownership of 42-43, 152-153, 260-261, 372-373, 531, 659, 771, 905, 1001, 1135, 1255, 1379 484-485, 624-625, 738-739, 870-871, 968-969, Gold reserves and dollar holdings. . . .77, 197, 295, 1100-1101, 1220-1221, 1344-1345 409, 533, 661, 773, 907, 1003, 1137, Prices. .36, 146, 254, 366, 478, 618, 732, 1257, 1381 864, 962, 1094, 1214, 1338 Open market rates 83, 203, 301, 415, 539, Savings bonds: 667, 779, 913, 1009, 1143, 1263, 1387 Article on .440 United States balance of payments 218, 1028 Table discontinued 12 United States banking organization abroad, Weekly reporting member bank holdings. . .32, 142, article on 1284 250, 362, 474, 614, 728, 860, 958, 1090, 1210, 1334 U. S. Govt. balances: Yields. . . .35, 145, 253, 365, 477, 617, 731, Commercial bank holdings, by classes. . . .31, 141, 863,961, 1093, 1213, 1337 249, 361, 473, 613, 727, 859, 957, 1089, United States notes, outstanding and 1209, 1333 in circulation 25, 135, 243, 355, 467, 607, Consolidated monetary statement. .26, 136, 244, 721, 853, 951, 1083, 1203, 1327 356, 468, 608, 722, 854, 952, 1084, 1204, 1328 Urquhart, John E., appointed director Treasury deposits at Federal Reserve Banks: at Birmingham Branch. . .118 Condition statement data . ...21-22, 131-132, 239-240, 351-352, 463-464, 603-604, 717- Uruguay: 718, 849-850, 947-948, 1079-1080, 1199- Bank of the Republic of: 1200, 1323-1324 Condition. .82, 202, 300, 414, 538, 666, 778, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1418 FEDERAL RESERVE BULLETIN • DECEMBER 1956 Pages Pages Uruguay—Continued Venezuela—Continued Bank of the Republic of—Continued Gold purchases by U. S 75, 195, 293, 407, 531, Condition. . .912, 1008, 1142, 1262, 1386 659, 771, 905, 1001, 1135, 1255, 1379 Gold reserves 76, 196, 294, 408, 532, 600, Gold reserves and dollar holdings 77, 197, 295, 772, 906, 1002, 1136, 1256, 1380 409, 533, 661, 773, 907, 1003, 1137, 1257, 1381 Gold purchases by U. S 75, 195, 293, 407, 531, Veterans Administration: 659, 771, 905, 1001, 1135, 1255, 1379 Assets and liabilities. .38, 148, 256, 368, 480, 620, Gold reserves and dollar holdings 77, 197, 295, 734, 866, 964, 1096, 1216, 1340 409, 533, 661, 773, 907, 1003, Loans guaranteed by 47-49, 157-159, 265-267, 1137, 1257, 1381 377-379, 489-491, 629-631, 743-745, 875-877, 973-975, 1105-1107, 1225-1227, 1349-1351 Vagtborg, Harold, appointed director Vice Chairmen of Board of Governors, at San Antonio Branch .11 1914-1956, list of. . .121 Van Buskirk, Arthur B., appointed Class C director and Deputy Chairman West Africa (See British West Africa) at Cleveland .10 Venezuela: World trade and payments in 1955-56, article on 1023 Central Bank of: Condition 82, 202, 300, 414, 538, 666, Yields (See Interest rates) 778, 912, 1008, 1142, 1262, 1386 Young, C. S., retirement as President Discount rate 83, 203, 301, 415, 539, 667, of Federal Reserve Bank of Chicago. . . . 708 779, 913,1009, 1143, 1263, 1387 Yugoslavia, National Bank of Federal Gold reserves 76, 196, 294, 408, 532, 660, People's Republic of, condition 82, 202, 300, 414, 772, 906, 1002, 1136, 1256, 1380 538, 666, 778, 912, 1008, 1142, 1262, 1386 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