Federal Reserve Bulletin, 1957-01

FEDERAL RESERVE 13 UL JL^ L-jis JL. JL .1 i January BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents ,_,..,.,.,„_,_„ ,. .„, ! - — • "•" Further Economic Expansion in 1956 Farm Loans to Finance Intermediate-Term Investments 9 Trusteeship over Money 18 Law Department 21 ;: Current Events and Announcements 24 ]\[ National Summary of Business Conditions 31 j! Financial and Business Statistics, U. S. (Contents on p. 33) 35 International Financial Statistics (Contents on p. 89) 90 '' Federal Reserve Board Publications 105 Board of Governors and Staff 107 Open Market Committee and Staff; Federal Advisory Council 108 Federal Reserve Banks and Branches 108 Index to Statistical Tables 115 Map of Federal Reserve Districts Inside back cover ! Volume 43 * Number i 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 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

Further Economic Expansion in 1956 TOTAL OUTPUT reached new highs in 1956 in response to further expansion in demands for goods and services. Resources of manpower, materials, and plant continued to be intensively utilized and the price structure was subject to upward pressures. Strong demands for credit pressed against the supply of funds and interest rates rose to highs for the postwar period. Gross national product in 1956 amounted to $412 billion, $22 billion or 5.5 per cent larger than in 1955. This compares with an increase of 8 per cent in 1955 from the slightly reduced level of the preceding year. Following an unusually rapid expansion, output began to level off late in 1955 as expenditures for automobiles and new houses were curtailed, as may be seen on the chart. Increase in gross national product in the NOTE.—Department of Commerce quarterly estimates, adjusted for seasonal variation; estimates for the fourth quarter of 1956 by the Council of Economic Advisers. Consumer and first half of 1956 was moderate and repre- other includes consumer purchases of goods and services other than autos and parts; State and local government purchases sented largely higher prices. The sharpest of goods and services; net foreign investment; and business inventory change. Plant and equipment includes producers' rise of the year came in the fourth quarter, durable equipment and private nonresidential construction. Autos relate only to consumer expenditures for automobiles with most types of expenditure up; at an and parts. annual rate of $424 billion, gross national year. Demands from abroad contributed to product was 5.5 per cent larger than a year expansion as United States exports increased earlier. Higher prices accounted for about further, while imports remained near the half of the increase. advanced levels reached in early 1956. Throughout 1956, the strongest expan- Steady growth in disposable personal insive force was provided by business expendicome in 1956 permitted increases both in tures for plant and equipment, which total consumer expenditures for goods and totaled one-fifth more than in 1955. From services and in personal saving. Expendithe fall of 1955 to the spring of 1956, the tures for services and most goods continued dollar amount of increase in such outlays to grow as rapidly as in 1955. With purabout equaled the decline in spending for chases of automobiles down one-fifth from autos and homes. Accumulation of non- the record 1955 level, however, total confarm business inventories in 1956 was little sumer spending expanded more slowly than changed from the total for the preceding in the preceding year. Late in 1956, fol- 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1957 lowing introduction of the 1957 models at Purchases of goods and services by the higher prices, seasonally adjusted automo- Federal Government, which had been fairly bile purchases rose markedly from the re- stable from late 1954 to mid-1956, have duced summer level. increased somewhat since then, reflecting Personal saving as a proportion of dis- larger outlays under national security proposable income rose in 1956 to slightly over grams and for soil bank payments. Federal 7 per cent, which was only moderately below tax receipts increased substantially, and a the postwar highs of 1951-53. The in- large cash surplus in the calendar year 1956 crease in personal saving was closely re- helped absorb inflationary pressures and lated to the decline in consumer purchases permitted reduction in the Federal debt. of automobiles and the accompanying re- Expenditures by State and local governments tardation in growth of outstanding instalcontinued to expand steadily. ment credit. The moderate gain in aggregate physical output of goods and services was accom- GROSS NATIONAL PRODUCT 1 panied by a higher level of industrial produc- [In billions of dollars] tion, as the chart shows. The Board's index was 143 per cent of the 1947-49 average in Increase5, or decrease (—) 1956, compared with 139 per cent in 1955. In the first half of the year industrial output Half year 4th Q. fluctuated around a level slightly below the Type of expenditure Year ending— 1956 ending peak reached in December 1955. Follow- 4th Q. ing settlement of the steel strike in the late 1955 2ndQ. 4th Q. 1956 1956 summer and the changeover to 1957 automobile models in the autumn, industrial Gross national prodoutput rose rapidly and in December was uct 424.0 34.8 6.4 15.7 at a new high of 147 compared with 144 Personal consumption expenditures 271.2 18.4 4.2 7.5 a year earlier. Durable goods output ac- Durable goods 34.9 5.0 -2.0 1.5 counted for most of the rise. Nondurable goods.. 134.8 6.7 3.1 2.5 Services 101.5 6.6 3.1 3.5 The labor market was strong in 1956. Gross private domestic Employment increased further and uneminvestment 68.4 13.6 -.4 3.7 New construction.. 32.9 3.5 .6 j ployment remained at low levels. In Decem- Producers' durable ber unemployment, at 2.5 million, was about equipment 31.5 4.2 1.6 4.0 Change in business the same as a year earlier and less than 4 inventories 4.0 5.9 -2.6 .5 per cent of the civilian labor force. An Net foreign investment. 2.4 -1.1 2.0 1.2 increase of 1 million in employment in non- Govt. purchases of farm establishments from December 1955 goods and services 82.0 3.9 .6 3.3 to December 1956 was concentrated in non- Federal 48.3 1.5 -1.1 2.2 National security. 43.2 .5 .1 2.5 manufacturing activities. In manufactur- Other2 .. 5.1 1.0 -1.2 3 State and local 33.7 2.4 1.7 i!i ing industries, employment increased 100,- 000 and the average workweek in December 1 Fourth quarter 1956 figures and changes from earlier quarters are for seasonally adjusted totals at annual rates. was somewhat shorter than a year earlier. 2 Government sales, amounting to $400 million in the fourth quarter of 1956, have been deducted. Farm employment was lower in late 1956 NOTE.—Estimates for the fourth quarter of 1956 by the Council of Economic Advisers; data for other quarters from the Department of than a year earlier. 'Commerce. Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FURTHER ECONOMIC EXPANSION IN 1956 Consumer prices, which had been fairly SELECTED BUSINESS INDEXES stable from early 1951 to the spring of 1956, 1947.49-100, monthly have risen since then to new highs. In No- INDUSTRIAL WHOLESALE PRICES PRODUCTION vember the consumer price index was 2.5 160 per cent above a year earlier. BUSINESS INVESTMENT Business investment outlays in 1956 reached a record high, well above the earlier FARM ond FOOD peak in 1951. Expenditures on fixed investment increased sharply, reflecting substantial additions to productive capacity and replacement and modernization of existing NONAGRICULTURAL CONSUMER PRICES EMPLOYMENT facilities as well as higher prices. Nonfarm _ NONMANUFACTUIING 120 120 business inventories were accumulated in about the same volume as in 1955. Businesses were under financial pressure 100 100 1954 1954 1956 in making these investment outlays and their liquidity as a whole declined. Corporate NOTE.—Seasonally adjusted series, except for prices. Bureau profits after taxes were little changed from of Labor Statistics data for employment and prices, and Federal Reserve data for production. Industrial prices include the 1955 volume; with dividend payments those other than farm products and foods. Latest figures shown are for December. rising, retained earnings were smaller than Average hourly earnings in manufactur- in 1955. While depreciation allowances rose ing increased about 12 cents, or 6 per cent, further, the total amount of corporate inapproximately the same as in 1955. With ternal funds appears to have been only consumer prices rising, cost of living escala- slightly larger than in 1955. tor clauses were included more frequently Needs for external financing were large. in wage contracts. According to Bureau Security flotations were in record volume of Labor Statistics estimates, the number and bank loans to business also increased. currently covered by such contracts is more With demands for funds generally strong, than twice as large as two years ago. interest rates advanced to the highest levels For the year 1956 output per man-hour in many years, and other terms of borrowfor the economy as a whole apparently grew ing, particularly prepayment options, also less than in most postwar years. In the became less favorable to borrowers. By the latter part of the year, however, it appeared end of the third quarter the liquidity ratio to be rising more rapidly than for some time. for corporations, that is the ratio of cash and Wholesale prices of industrial commodi- United States Government securities to total ties, both materials and finished products, current liabilities, was the lowest since behave been rising for about 18 months and fore World War II. Some stretching out at the end of 1956 averaged nearly 8 and postponement of business spending on per cent higher than in mid-195 5. Prices plant and equipment may have reflected of farm products made some recovery in financial developments as well as shortages 1956 following a long period of decline. of steel and some other materials. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1957 second quarter and then changed little over PRIVATE DOMESTIC INVESTMENT the remainder of the year. Although con- Billions of dollars, annual rales struction costs continued to rise rapidly to midsummer, the physical volume of con- 30 PRODUCERS' struction was well above that for 1955. In- DURABLE EQUIPMENT dustrial construction showed the largest rise, with an increase over 1955 of one-fourth in dollar outlays. Increases in other nonfarm categories ranged from 5 to 10 per cent. RESIDENTIAL Farm construction continued the decline CONSTRUCTION which began in 1952. While all nonfarm industry groups showed J L increases in combined plant and equipment expenditures, differences in the year-to-year / v / \ INVENTORY CHANGE increases were marked. Railroads raised their expenditures 37 per cent, while manufacturing and mining were up 30 per cent. Smaller increases, from 10 to 15 per cent, were shown by other transportation indus- 1950 19S6 tries, commercial and miscellaneous indus- NOTE.—Department of Commerce quarterly estimates, ad- tries, and electric and gas utilities. justed for seasonal variation; estimates for the fourth quarter of 1956 by the Council of Economic Advisers. Business Expansion in business spending for plant construction includes all private nonresidential construction. and equipment appears to be continuing Fixed investment. Expenditures for prointo this year. The Commerce-SEC Survey, ducers' durable equipment rose steadily, taken in late October and November, incontinuing the rapid advance which began in dicates that business plans further to inearly 1955. For the year, they totaled $29 crease such spending in the current quarter, billion, and were about 20 per cent larger although by a smaller amount than earlier. than in 1955. A decline in farm purchases In some important industries, including manof equipment was the only significant excepufacturing, spending appears to be leveling tion to the general advance, and even these off. At a seasonally adjusted annual rate increased in the second half of the year. Price increases for machinery and equip- of $38 billion in the first quarter of 1957, ment were general and substantial, but the planned spending is $5 billion, or one-sixth, physical volume of investment increased larger than a year earlier. significantly and capacity expanded in many The survey taken by the McGraw-Hill lines. Expansion in capacity varied widely Publishing Company in November shows among industries. For example, increases that for the full year 1957 business anticiin 1956 are estimated at 4 per cent for steel pates expenditures for fixed investment 11 ingots, 10 per cent for primary aluminum, per cent above the record 1956 level. These and 15 per cent for cement. Electric power plans imply a moderate further increase in capacity increased almost 5 per cent. spending from the current quarter. Higher Expenditures for private nonresidential prices were expected by the respondents to construction advanced sharply through the absorb about half of the anticipated rise in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FURTHER ECONOMIC EXPANSION IN 1956 outlays from 1956 to 1957. While most about offset by substantial liquidation of lines are planning increased spending, some dealer stocks of automobiles. New auto groups are showing declines, in contrast to stocks rose after the introduction of 1957 the pattern of general increase planned a models, but at the year-end were substantiyear earlier. ally below a year earlier. Inventories. The book value of nonfarm Business sales increased less rapidly than business stocks increased more than $6 bil- book value of inventories, and the over-all lion in the year ending November 1956. ratio of stocks to sales rose from the low This compares with an advance of $4.5 bil- levels prevailing in the second half of 1955. lion during the preceding year. Price rises, Increases in stock-sales ratios were concenhowever, were a more significant influence trated in durable goods lines, particularly at on the value of stocks in 1956 than in 1955. the manufacturing level. Ratios in both Stocks expanded significantly in both dura- durable and nondurable goods lines, howble and nondurable goods lines; in 1955 ac- ever, were below the averages prevailing cumulation was preponderantly in durables. from 1951 through 1954 and at the year- The rise in the book value of stocks was end stocks appeared to be about in line largely concentrated at the manufacturing with current sales. level where stocks of purchased materials, goods in process, and finished goods all in- RESIDENTIAL CONSTRUCTION creased. This contrasts with 1955, when The number of private nonfarm dwelling manufacturers' stocks of finished goods units started in 1956 continued the downchanged little. Moderate accumulation in ward trend that became pronounced in the most lines of wholesale and retail trade was fall of 1955. Major factors in the decline SALES AND STOCKS INVENTORIES, Billions ol dol OfS SALES, Billions ol dollars STOCK-SALES RATIOS DURABLES DURABLES DURABLES MANUFACTURING MANUFACTURINGs _ MANUFACTURING _ ^ ^ -^ r T 1 TRADE HADE TtAOE 1 1 1 1 1 NONDURABLES NONDURABLES NONDURABLES _ IOIAL IOTAI — IOTAI 1 1 1 1 1 1 1953 1954 1955 1956 1953 1954 1955 1956 1953 1954 1955 195* NOTE.—Department of Commerce monthly data, seasonally adjusted, for sales and inventories. Latest figures shown are for November. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1957 were the difficulty of obtaining commitments CONSUMER EXPENDITURES for mortgage credit, in view of strong over- For the year 1956, total consumer spending all demands for long-term funds, and appar- increased 4.5 per cent compared with a ently some relaxation in consumer demands rise of 7.5 per cent in 1955. The different for new housing. About 1.1 million hous- rates of growth reflect wide swings in puring units were started in 1956, 16 per cent chases of automobiles. Excluding automofewer than in 1955 and about the same as in bile purchases, consumer spending increased 1952 and 1953. 6 per cent in both years. Housing markets in 1956 were also char- In the fourth quarter of 1956, total conacterized by a further rise in costs of land sumer outlays showed the largest advance development and building, a trend toward since mid-1955, and were 5 per cent larger construction of larger and more expensive than a year earlier. A sizable advance in homes, and a larger volume of expenditures consumer prices, beginning in the spring, for additions and alterations to existing accounted for much of the increase in dollar outlays. With population growing steadily, homes. As a result, the decline of 8 per per capita real takings of goods and services cent in the dollar value of residential conrose less than 2 per cent, compared with struction activity from 1955 was substanthe exceptionally large increase of 5 per tially less than the decline in the number of cent in 1955. units started. Dollar outlays in 1956 ex- Durable goods. Domestic sales of new ceeded any year prior to 1955. Stability automobiles in 1956 numbered 5.8 million in the value of residential construction activity in the spring and summer of 1956 was followed by some further reduction. PERSONAL CONSUMPTION EXPENDITURES Billions of dollars, annual rates Most of the decline in the number of 110 OTHER dwelling units started was in houses fi- NONDURABLES . nanced by Federally underwritten mortgages. As money markets tightened and SERVICES interest rates rose under the impact of strong general demands, funds for such mortgages, with their maximum permissible interest rates fixed by law, became less readily available. Steps were taken by the Federal housing agencies in September and again in December to attract more funds into this area and to encourage construction of lowcost housing. The number of units financed by conventional mortgages in 1956 was about the same as in 1955. Total mortgage debt outstanding on 1- to 4-family nonfarm J L 1954 1956 1954 1956 houses rose about $11 billion, an amount exceeded only by the $12.5 billion increase NOTE.—Department of Commerce quarterly estimates, adin 1955. justed for seasonal variation; estimates for the fourth quarter of 1956 by the Council of Economic Advisers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FURTHER ECONOMIC EXPANSION IN 1956 units, compared with a record 7.4 million in Consumer expenditures for services in 1955 and an average of 5.4 million in the 1956 increased by 7 per cent, the same as in preceding five years. Most of the sharp 1955. In earlier postwar years, outlays for decline from the peak in the third quarter services had also tended to rise more rapidly of 1955 had taken place by the spring of than for goods. The increase for 1956 1956 and, after leveling off in the summer, reflected the steady rise in prices as well as sales of new autos picked up in the fourth an increased volume of housing services quarter. With list prices of 1957 models and of household operation, medical care, higher, expenditures for automobiles and and other services. parts in the fourth quarter, at an annual rate of $15.5 billion, were almost $2 billion PERSONAL INCOME AND SAVING above the previous quarter and $1 billion A major factor making for expansion in conbelow the level of late 1955. sumer spending has been the steady growth Sales of automobiles in 1955 had been in personal income. In November personal stimulated by a marked easing of instalment income, at a seasonally adjusted annual credit terms, with maturities lengthened and rate of $334 billion, was $19 billion or 6 downpayments reduced. Although terms per cent above the level of a year earlier. did not ease materially further in 1956, they A further increase apparently occurred in continued on the liberal side. As sales of December. new autos declined, extensions of auto credit Wages and salaries have risen to new fell off, but less rapidly. At the same time, repayments continued to grow, reflecting the PERSONAL INCOME, CONSUMPTION. AND SAVING earlier upsurge in borrowing, and outstand- Billions of dollars, annual rales 350 ing automobile instalment credit increased at a much slower pace than in 1955. PERSONAL INCOME Consumer expenditures for furniture and DISPOSABLE INCOME 300 household equipment rose much less sharply AFTER TAXES in 1955 than purchases of automobiles They continued to grow moderately in early 1956, and subsequently leveled off. Nondurable goods and services. Consumer expenditures for nondurable goods continued to rise in 1956. In the fourth quarter CONSUMPTION EXPENDITURES 200 they were 4 per cent above a year earlier. Outlays for food rose somewhat less rapidly I I I I in 1956 than in 1955. Last year, moreover, Par food prices increased, in contrast to the decline of 1955, and the gain in real consump- RATIO OF SAVING tion in 1956 was small. Purchases of TO DISPOSABLE INCOME clothing and shoes, which have long been 1952 19S4 a declining proportion of total consumer spending, increased last year at about the NOTE.—Department of Commerce quarterly estimates, adsame rate as the total. justed for seasonal variation; estimates for the fourth quarter of 1956 by the Council of Economic Advisers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1957 highs in nearly every month since early proportion of disposable income, personal 1955, when they exceeded their 1953 peak. saving in 1956 was also higher than in most In November 1956, they were 6 per cent postwar years and only moderately below above a year earlier. Increases over the year the advanced levels of 1951-53. In the reflected larger payrolls in nearly all private fourth quarter, the saving ratio was 7.5 per industries and in State and local govern- cent, compared with the recent low of about ments, as employment and wage rates both 5 per cent in the first quarter of 1955. increased. The pattern of changes in consumer Realized income of farm proprietors in- spending and income was reflected in creased somewhat in 1956, reflecting in- changes in their asset and debt positions. creased output, payments under the Federal Saving in the form of financial assets apsoil bank program, and the firming in farm parently exceeded the advanced level of prices. The increase in farm income fol- 1955. Particularly striking was the slower lowed several years of decline. Further rate of growth in personal debt in 1956. growth in transfer payments resulted mainly Consumer instalment credit, affected parfrom increased payments under the Old-Age ticularly by reduced purchases of automoand Survivors Insurance program. Prop- biles, increased about $2.5 billion in 1956, erty incomes also continued to rise. compared with $5.5 billion in 1955. Out- In marked contrast to developments in standing residential mortgage debt also rose 1955, consumer expenditures for goods and by a smaller amount than in 1955. On the services in 1956 increased much less rapidly whole, consumers' net acquisition of finanthan disposable personal income, and per- cial assets was larger than the increase in sonal saving amounted to $21 billion, com- their debts. This was in contrast to the pared with $16.5 billion in 1955. As a experience of consumers in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Farm Loans to Finance Intermediate-Term Investments COMMERCIAL BANK LOANS to finance Loans to finance any given type of interintermediate-term investments of farmers mediate-term investment may appropriately were outstanding in the amount of $1.7 bil- have widely varying repayment schedules. lion on June 30, 1956. These were loans The high degree of variability in farm inmade to finance purchases of investment come that prevails in many parts of the initems with a productive life extending over dustry should be considered in establishing several years, excluding loans for the pur- repayment schedules. Sometimes it is aschase of real estate. For purposes of the sumed that such schedules should be based 1956 Agricultural Loan Survey, loans to on the income anticipated from the specific finance intermediate-term investments in- assets purchased with the borrowed funds. clude loans for purchasing livestock other But farmers differ greatly with respect to than feeder livestock, machinery and equip- the income and financial reserves they have ment, automobiles and other consumer available for paying loans. A better deterdurable goods, and for improving land and mination of a suitable repayment schedule buildings. usually can be made by analyzing the finan- Intermediate-term investment has been cial condition and prospective earnings of increasing in recent years, partly in response the borrower than by estimating the useful to changes in farm technology. These life or contribution to earnings of the asset changes also have increased farmers' cur- purchased. rent expenses for fertilizers, seeds and feeds, Some bank loans to finance intermediateinsecticides, and the like. The rate of term investments have been written on a growth has been about the same for bank short-term basis similar to that applied to loans to finance intermediate-term invest- current-expense loans. Many of these notes ments as for loans to meet current-expense have then been renewed because funds for needs. payment have not been available at maturity. Use of this method would seem un- NOTE.—This, the second of a series of articles reporting the findings of the Agricultural Loan Survey realistic if at the time the note was made it made in 1956 by the Federal Reserve System, was was relatively certain that funds for payprepared by Raymond J. Doll, Agricultural Economist of the Federal Reserve Bank of Kansas City. ment would not be available at maturity. It The first article was published in the Federal Reserve appears, however, that extensive use of the BULLETIN for November 1956. note renewal method may be influenced by Data for the Survey are from a sample of about 1,600 insured commercial banks in all major areas regional variability in income. In the Kanof the United States. Nonmember banks as well as sas City Federal Reserve District, a region member banks of the Federal Reserve System reported in the Survey. where farm income fluctuates greatly, banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1957 reported that more than half the dollar vol- Nearly half of all farm borrowers had ume of their notes for intermediate-term loans to finance intermediate-term investinvestment purposes (excluding demand ments, although these loans accounted for loans) had maturities of six months or less, only about a third of the dollar amount while in the San Francisco District, where of all farm loans. The difference arises income has been less variable, banks had largely from the fact that some borrowers a much smaller proportion of such short having such notes also had loans for other maturities. farm purposes. Of the farmers borrowing to finance intermediate-term investments, RELATIVE IMPORTANCE AND SIZE the 80 per cent who had no current-expense Loans to finance intermediate-term investor farm real estate notes accounted for ments accounted for one-third of the dollar $1.3 billion of the $1.7 billion of intervolume of outstanding commercial bank mediate-type debt outstanding. Probably loans to farmers at mid-1956. This prothese figures reflect in part the fact that portion varied regionally. It was larger in some banks customarily write one note to the Northeast and the Minneapolis Federal cover funds used for several purposes. Re- Reserve District where dairying is important spondents in the Survey were instructed to than it was in other areas. There was also indicate the one purpose for which the largsubstantial variability in average size of debt est portion of each loan was used. per borrower on loans to finance interme- The average size of note outstanding on diate-term investments among Federal Re- June 30, 1956 to finance intermediate-term serve districts. This average varied from a investments was $1,271. The comparable high of $2,432 per borrower in the San Francisco District to a low of $1,151 in the figure for all other types of farm loans as a St. Louis District (Table 1). group was $1,528 or, if loans to purchase TABLE 1 LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS COMPARED WITH ALL FARM LOANS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT [Loans outstanding at insured commercialtbanks] Average size of debt Number of borrowers Total amount outstanding per borrower Intermediate-term Intermed iate-term Federal Reserve district investments All farm investment loans Intert p h A o o l s u l e s s p a u n ( r I d - n s) thou I s n ands c A e s n t a a a l g l p e e r o - f l m d o o a il n l o l l s i a f o r ( n s I ) s n mil I o l n i f ons A c s e o n f a t a a p l g l e e r- pur A po ll ses m i - m n t e e v e d r e n i m s a t t s t - e borrowers dollars farm loans All districts. 2,268 1,078 47 5,050 1,685 33 $2,227 $1,563 Boston 29 18 62 75 30 40 2,633 1,677 New York.... 70 44 63 153 68 44 2,191 1,551 Philadelphia. . 54 32 59 146 58 40 2,717 1,804 Cleveland 129 59 46 282 89 31 2,183 1,505 Richmond.... 199 78 39 306 100 33 1,534 1,276 Atlanta 220 84 38 336 104 31 1,529 1,240 Chicago 445 232 52 946 340 36 2,125 1,466 St. Louis 309 127 41 496 146 29 1,608 1,151 Minneapolis. . 277 160 58 469 218 46 1,694 1,366 Kansas City... 225 96 43 694 192 28 3,080 1,999 Dallas 167 61 36 407 128 31 2,431 2,076 San Francisco. 143 87 61 738 213 29 5,152 2,432 NOTE.—Details may not check because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS 11 real estate are excluded, $1,250. When TABLE 2 notes to finance intermediate-term invest- SIZE OF NOTES TO FINANCE INTERMEDIATE-TERM ments are classified by purpose, those writ- INVESTMENTS, JUNE 30, 1956 ten for improving land and buildings and [Loans outstanding at insured commercial banks] for buying livestock averaged considerably larger than notes for other agricultural pur- Number Amount of notes outstanding poses, those written for buying machinery Purpose and balance b w l e e r e g o s o m d a s l l w er e , re a n t d h e t h s o m se a ll f e o s r t , c w on it s h u m th e e r i r d u ou ra t- - outstanding t s h a I o n n u d - s c b d e P u i n s t e t i t a r o r - g i n - e m d i o l I o l l n l i f a o r n s s c b d e P u i n s t e t t i a r r o - i g n - e standing balances averaging only $641. All purposes 1,325 100 1,685 100 About half of both dollar amount and Under $250 288 22 40 2 $250-499 250 19 91 5 number of notes to finance intermediate- $500-999 292 22 206 12 $1,000-1,999 276 21 378 23 term investments were made for the purpose $2,000-4,999 173 13 501 30 $5,000-9,999 33 2 218 13 $10,000 and over. 14 1 252 15 of buying machinery and equipment. Notes Purchase of other than feeder to buy livestock other than feeder stock ac- livestock 234 100 447 100 Under $250 41 17 6 1 counted for more than one-fourth of the $250-499 , 37 16 13 3 $500-999 47 20 32 7 dollar volume and about one-sixth of the $1,000-1,999 , 51 22 68 15 $2,000-4,999 41 17 123 28 number, while notes to improve land and $5,000-9,999 11 5 71 16 $10,000 and over 6 3 134 30 buildings accounted for about one-fifth of Purchase of machinery and equipment 723 100 781 100 the dollar volume and one-tenth of the Under $250 149 21 22 3 $250-499 145 20 53 7 number (Table 2). $500-999 175 24 124 16 $1,000-1,999 149 21 205 26 The average size of note outstanding for $2,000-4,999 91 12 258 33 $5,000-9,999 12 2 76 10 intermediate-term investment purposes was $10,000 and over , 3 0) 43 5 Purchase of autos and other considerably larger in the San Francisco, consumer durable goods... 215 100 138 100 Under $250 77 35 10 7 Dallas, and Kansas City Federal Reserve $250-499 45 21 16 12 $500-999 42 20 30 22 Districts than in the rest of the country. The $1,000-1,999 42 20 58 42 $2,000-4,999 9 4 22 16 Dallas and Kansas City Districts also had a $5,000-9,999 C1) C1) 2 1 $10,000 and over C1) 0) 0) 0) larger proportion of total notes made for the Improvement of land and buildings 153 100 319 100 purpose of buying livestock and a smaller Under $250 21 14 3 $250-499 22 15 8 3 proportion to buy machinery than the rest $500-999 28 18 20 6 $1,000-1,999 34 22 47 15 of the country. $2,000-4,999 32 21 97 30 $5,000-9,999 10 7 69 22 A large proportion of the notes written to $10,000 and over 5 3 75 23 finance intermediate-term investments were 1 Less than one after rounding. small in size. Almost two-thirds had out- NOTE.—Details may not check because of rounding. standing balances of less than $1,000, There was a tendency for notes written to although in dollar volume they accounted finance intermediate-term investments to be for only one-fifth of the total. The notes relatively more important in the medium and were of a smaller average size if written to small net worth groups. Individuals with finance the purchase of consumer durable net worths of less than $25,000 accounted goods or machinery and equipment than if for 56 per cent of the dollar volume of these written to finance the purchase of livestock loans, but for only 48 per cent of farm loans or to improve land and buildings. made for all purposes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1957 MATURITY AND RENEWAL Maturities tended to vary by purpose of loan within the intermediate-term invest- The most common maturities for notes to ment category (Table 3). A larger profinance intermediate-term investments were portion of the dollar volume of notes made six months and one year. About 34 per for improving land and buildings and for cent had maturities longer than one year as buying autos and other consumer durables compared with 29 per cent of the dollar was written with maturities of more than a volume of farm notes written for all puryear than was the case for notes written for poses. buying livestock. The proportion with maturities of more than a year was substan- TABLE 3 tially larger for buying machinery and MATURITY OF NOTES TO FINANCE INTERMEDIATEequipment than it was for buying livestock TERM INVESTMENTS, JUNE 30, 1956 but somewhat smaller than for the other [Loans outstanding at insured commercial banks] intermediate-term purposes. Pur- Maturities of notes made to finance inter- Pur- Pur- chase Im- All of c h o a t s h e er o c f h a m s a e - of a a n u d tos p m ro e v n e t - mediate-term investments varied signifi- Original maturity1 pur- than chinery other of land poses feeder and con- and cantly by Federal Reserve district. In the live- equip- sumer buildstock ment durable ings northeast districts, more than a fourth of goods the dollar volume of all such notes was on Amount outstanding, in millions of dollars a demand basis, and about the same proportion matured in one to six months. In the All maturities. ,685 447 781 138 319 Demand. 134 50 47 5 33 Kansas City District, more than half had 1 month. . 27 10 12 j 4 maturities of one to six months, and the 3 months. 126 44 54 7 20 6 months. 378 158 150 19 52 Dallas District also had a relatively large 9 months. 110 38 55 9 8 proportion with short maturities. In the 1 year 321 93 146 32 49 San Francisco District, on the other hand, 15 months. 34 6 22 4 1 18 months. 78 4 58 12 4 less than 15 per cent of the dollar volume 2 years 220 15 157 38 10 4 3 — y 5 e a y r e s ars.. 9 7 1 2 1 1 2 2 4 1 5 8 8 1 2 4 6 0 had maturities of one to six months. 6-10 years 76 3 13 1 59 Renewals have often been used in financ- Over 10 years. 19 3 4 12 ing projects where repayment extends over Percentage distribution within groups periods of more than six months or a year, All maturities. 100 100 100 100 100 especially in areas where income is more Demand 11 6 4 11 variable than is average for the nation. Of 1 month. . 2 2 1 1 the dollar amount of intermediate-term in- 3 months. 7 10 7 5 6 6 months. 22 35 19 14 16 vestment financing outstanding at mid-1956, 9 1 m ye o a n r ths. 1 7 9 21 8 1 7 9 23 6 1 3 5 40 per cent had been renewed one or more 15 months. 2 3 3 0 times. This compares with 33 per cent of all 18 months. 5 7 9 1 2 years 13 3 20 27 3 farm loans made for other than intermediate- 3 years 5 3 6 6 8 4-5 years.. 4 3 2 1 13 term purposes (Table 4). Planned renewals 6-10 years 4 1 2 1 19 were more important in the intermediate- Over 10 years. 1 1 4 term field than for the other financing—30 1 Loans are classified under the nearest maturity listed—for per cent compared with 24 per cent. example, 5-month and 7-month loans are included with 6-month loans. Use of renewals for financing interme- NOTE.—Details may not check because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS 13 TABLE 4 proportions were practically the same among borrowers who had current-expense loans RENEWAL STATUS OF FARM LOANS, JUNE 30, 1956 outstanding at mid-1956. It is apparent [Loans outstanding at insured commercial banks] that many farm borrowers require con- Purpose and renewal status N n u o m te b s e ( r I n of ( o I u n A t m s m ta o il n u li d n o i t n n s g Av s e iz ra e ge tinuous access to credit in order to carry on thousands) of dollars) of note their farming operations. Intermediate-term invest- METHOD OF REPAYMENT ment purposes—total 1,325 1,685 $1,271 Renewed 391 668 1,709 Most farm loans outstanding on June 30, Planned 270 499 1,848 Other renewals 121 169 1,399 1956—about 70 per cent of the dollar vol- Not renewed 933 1,015 1,088 ume—were made with terms specifying that All other purposes—total.... 2,203 3,365 1,528 Renewed 589 1,122 1,904 they be repaid in a single payment at matu- Planned 387 795 2,056 rity. The remainder carried provision for Other renewals 203 327 1,613 Not renewed 1,613 2,242 1,390 repayment by instalments. By definition, a major part of the intermediate-term financ- NOTE.—Details may not check because of rounding. ing would be used to pay for durable or diate-term investments tended to be more semidurable types of investment. Since important in Federal Reserve districts where instalment financing has been most prevmaturities were relatively short. In the Kan- alent in the durable goods field, it would be sas City District, where short-term maturities expected that provision for instalment rewere most prevalent, 52 per cent of the dol- payment would be more prevalent among lar volume outstanding had been renewed. notes to finance intermediate-term invest- In the San Francisco District, on the other ments than among notes for current-expense hand, where maturities were relatively long, purposes. Of the total dollar volume of only 30 per cent of the dollar volume had outstanding loans made for intermediatebeen renewed. Planned renewals also were term investments, 41 per cent provided for more frequent in the areas where short-term instalment repayment. maturities predominated. Instalment loans in agriculture frequently Although a considerable proportion of the vary from the more conventional type used loans made for financing intermediate-term in the consumer credit field. Monthly reinvestments had short maturities, a substan- payment is not appropriate for much of agritial number of borrowers with such loans culture outside of the dairy and egg produchad been in debt to the bank continuously tion sectors. Payments need to be adapted since 1953 or earlier. Of the borrowers who to the income flow on the particular farm at mid-1956 owed on notes made for inter- that is being financed. Consequently instalmediate-term investments (excluding bor- ment loans with irregular payments are rowers who also had additional notes for much more prevalent in agriculture than in real estate or current-expense purposes), the consumer credit field. about one-third had been in debt to the bank As would be expected, instalment loans since 1953 or before; one-tenth had been in were usually not renewed. The ones redebt back to 1954; one-third had been out newed, however, were larger in size than of debt to the bank for the last time in 1955, those that were not renewed. Notes payable and only about one-fifth had been out of in instalments made up a greater proportion debt within the first half of 1956. These of the large notes ($1,000 or more in size) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1957 TABLE 5 REPAYMENT METHOD OF NOTES TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30, 1956 [Loans outstanding at insured commercial banks] Number of notes Amount outstanding (In thousands) (In millions of dollars) Average size Maturity Instal- Single- Instal- Single- All Instal- Single- Total n m o e t n es t pa n y o m te e s nt Total n m o e t n es t pa n y o m te e s nt notes n m o e te n s t pa n y o m te e s nt All maturities 1,325 603 721 1,685 692 993 $1,271 $1,146 $1,377 Demand1 66 66 134 134 2,030 2,030 6 months or less.. 444 59 383 531 52 478 1,196 883 1,246 9 months-1 year.. 370 145 225 431 121 310 1,165 833 1,379 15 months-5 years 426 379 46 495 424 69 1,162 1,119 1,509 Over 5 years 20 19 1 95 92 2 4,776 4,963 2,000 1 Demand notes were all classified as single-payment notes in the NOTE.—Details may not check because of rounding. Survey. than of the small notes ($999 or less). There was substantial variation in ma- The proportion of notes written with pro- turity between the notes acquired from mervision for instalment repayment also varied chants and dealers and those made direct. with maturity. Provision for instalment re- Almost two-thirds of the acquired notes but payment was associated with notes that had only slightly more than a fourth of the direct long maturities. Three-fourths of the dollar loans were written with maturities longer volume of notes to finance intermediate- than one year. Acquired notes tended to term investments made with provision for be longer term instalment notes and direct instalment repayment had maturities of 15 months or more, 18 per cent had maturities TABLE 6 of 9 or 12 months, while 7 per cent had ma- NOTES ACQUIRED BY BANKS FROM MERCHANTS turities of 6 months or less (Table 5). OR DEALERS [Loans for intermediate-term farm investment purposes ACQUIRED LOANS outstanding at insured commercial banks, June 30, 1956] In recent years, many commercial banks Total, Ac- Acquired have followed the practice of acquiring Repayment method acq a u n i d red q l u o i a r n e s d D lo i a re n c s t a c s e n a ta p g e e rdirect of total farmers' notes from merchants and dealers. To a large extent, these notes were originally Number of notes (in thousands) : taken by the merchant or dealer to finance All repayment methods 1,325 529 795 40 the sale of some intermediate-term invest- Instalment payments 603 354 248 59 Single payment 721 174 546 24 ment item. Twenty-three per cent of the Amount outstanding (in milions of dollars): dollar volume of all commercial bank notes All repayment methods 1,685 390 1,294 23 made to finance intermediate-term invest- Instalment payments 692 277 413 40 Single payment 993 113 880 11 ments outstanding at mid-1956 had been Average size of note (in dolacquired from merchants and dealers. Of lars) : the acquired notes, over two-thirds of the All repayment methods 1,271 737 1,627 Instalment payments 1,146 781 1,666 dollar volume provided for instalment re- Single payment 1,377 646 1,610 payment (Table 6). NOTE.—Details may not check because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS 15 loans to be shorter term notes. The latter TABLE 7 were often renewed at maturity. NET WORTH AND AGE OF BORROWERS FOR INTER- The practice of acquiring notes from mer- MEDIATE-TERM INVESTMENTS, JUNE 30, 1956 chants and dealers and the maturities of ac- [Loans outstanding at insured commercial banks] quired notes varied among Federal Reserve districts. In the San Francisco District, Age of borrower more than one-third of the dollar volume of Net worth 45 Age not All Under 35-44 and ascerall intermediate-type notes was acquired ages 35 over tained1 from merchants and dealers, while in the Amount outstanding Philadelphia, Cleveland, Kansas City, and (In millions of dollars) Dallas Districts only about one-eighth of the All net worth groups.. 1,685 276 566 767 278 dollar volume outstanding was so acquired. Under $3,000 55 26 16 12 1 $3,000-9,999 341 110 126 103 2 The large proportion of acquired notes in $10,000-24,999 545 95 224 224 2 $25,000-99,999 484 37 158 284 5 the San Francisco District may partly ex- $100,000 and over 181 4 34 135 8 Not ascertained * 80 4 8 9 59 plain the significantly longer maturities there. However, both acquired and direct Average size of note loans in that District bore longer maturities All net worth groups.. $1,271 $1,104 $1,262 $1,420 than corresponding types of loans for the Under $3,000 488 553 492 395 country as a whole. $3,000-9,999 815 952 790 736 $10,000-24,999 1,238 1,437 1,301 1,121 $25,000-99,999 2,150 2,394 2,220 2,081 $100,000 and over 6,412 7,696 6,074 BORROWER CHARACTERISTICS Not ascertained1 782 811 898 833 Distribution of the number of borrowers ac- 1 For purchased notes where the bank did not know the characcording to net worth was not substantially teristics of the borrower, data on net worth, age of borrower, and type of farm were not required. different for those borrowing for interme- 2 Includes $9 million of loans to corporate farms. 3 Too few for significant average. diate-term investment purposes than for NOTE.—Details may not check because of rounding. borrowers for all farm purposes. However, the dollar volume tended to be relatively because of the smaller average size of loan. more important for intermediate-type loans In the $25,000-$99,999 net worth bracket than for all farm loans in the small and me- the number of notes outstanding was sigdium net worth groups, and less important nificantly smaller than for either of the two in the large net worth groups. The rela- preceding brackets, but the dollar volume tively large average size of loan for pur- was large because of large average size. The chasing real estate and feeder livestock average size of note for farmers in the highprobably caused loans for all farm purposes est net worth group was about 12 times to be more important in the larger net worth larger than the average size for the lowest categories. net worth group. The net worth group having the largest Within most net worth groups, notes of dollar amount of loans to finance interme- the younger borrowers tended to be larger. diate-term investments was the $10,000- The greatest proportion of large net worths $24,999 group (Table 7), which also had was in the age group 45 and over. The the largest number of the loans outstanding. net worth of a relatively large number of The next largest number of notes was in farm borrowers under 35 years of age was the $3,000-$9,999 net worth group, but the less than $10,000. dollar amount outstanding there was smaller General type farms had the largest dollar Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1957 TABLE 8 TYPE OF FARM RELATED TO LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30, 1956 [Loans outstanding at insured commercial banks] N bo u r m ro b w er e r o s f ou A ts m ta o n u d n i t ng A de v b e t r e a d g n e e i s n s - i c n I e n v n e t t e s a r t g m m e e e o n d f t i a t a t o e s t - a a te l r p f m e o r r - (In thousands) (In millions of dollars) per all purposes borrower Type of farm for inpur A po ll ses i d n I i v n a e t t e e s r - tm t m er e e m n - t pur A po ll ses i d n I i v n a e t t e e s r - tm m te e r e m n - t te v t r e e m r s m t e m d i i e n a n t - t e- b N or u r m o o f w be e r rs de A b o m t f e o d i u n n - n e t ss All types. 2,268 1,078 5,050 1,685 $1,563 48 33 Meat-animal 212 85 976 226 2,664 40 23 Dairy 331 212 740 390 1,843 64 53 Poultry 34 17 94 36 2,138 50 38 Cash grain 245 116 578 202 1,748 47 35 Cotton 184 53 346 76 1,437 29 22 Other major product. 176 61 428 106 1,732 35 25 General 985 455 1,792 586 1,287 46 33 Not ascertained1 99 81 97 64 793 82 66 i See Table 7, note 1. NOTE.—Details may not check because of rounding. volume of loans for intermediate-term pur- The remaining 2 per cent was secured in poses outstanding at mid-1956 and ac- other ways. The average size of note varied counted for about 3 5 per cent of the dollar with the type of security used. Loans sevolume of all such loans (Table 8). Dairy cured by real estate mortgages were largest, farms were next in importance, with 23 per while endorsed loans were smallest. cent, and meat-animal farms third, with 13 Of the loans for the purpose of improving per cent. General type farms also had the land and buildings, 63 per cent of the dollargest number of notes outstanding, but lar amount was secured by real estate mortmeat-animal farms had the largest aver- gage, 22 per cent was unsecured, and the age size of note. Distribution of credit remaining 15 per cent was secured by chatfor financing intermediate-term investments tel mortgage or in other ways. For each of among types of farms differed from the dis- the other purpose groups, however, the matribution of total farm credit in that dairy jor part was secured by chattel mortgage. farms used relatively more credit for this INTEREST RATES purpose than other types of farms, and The interest rate on outstanding loans to meat-animal, cotton, and other major prodfinance intermediate-term investments averuct farms used relatively less. aged 6.7 per cent, which was higher than the SECURITY 6.2 per cent average for all types of farm The most common type of security used in loans. The intermediate-type loans had financing intermediate-term investments was higher interest rates than other farm loans the chattel mortgage. Sixty-five per cent of within each size group. the number and 58 per cent of the dollar Relevant to this difference is the fact that volume of such loans were thus secured. loans to finance intermediate-term invest- Sixteen per cent of dollar volume was se- ments are often repayable in instalments. cured by real estate mortgages, 16 per cent Interest oi> such loans is charged either on was unsecured, and 7 per cent was endorsed. the original amount throughout the life of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS TO FINANCE INTERMEDIATE-TERM INVESTMENTS 17 TABLE 9 INTEREST RATES ON NOTES TO FINANCE INTERMEDIATE-TERM INVESTMENTS, JUNE 30, 1956 BY PURPOSE AND SIZE OF NOTE [Average annual rate at insured commercial banks, in per cent] Size of note1 Purpose of loan lo A a l n l s Under $250- $500- $1,000- $2,000- $5,000- $10,000- $25,000 $250 $499 $999 $1,999 $4,999 $9,999 $24,999 and over All intermediate-term investment purposes.. 6.7 8.1 8.1 7.6 7.3 6.8 5.9 5.6 5.4 Purchase of other than feeder livestock 6.1 7.2 7.1 6.8 6.5 6.4 5.9 5.7 5.4 Purchase of machinery and equipment 7.1 7.8 7.8 7.5 7.4 7.1 6.3 6.1 6.0 Purchase of autos and other consumer durable a goods 8.5 10.0 9.8 8.8 8.3 8.2 (2) Improvement of land and buildings 5.8 7.4 7.8 7.4 6.6 6.0 5.2 5.1 1 When originally made or (if renewed) when last renewed. 2 Too few for significant average. the loan or on the current unpaid balance. ings, 47 per cent of loans made to buy ma- The interest rate for instalment loans with chinery and equipment, and 19 per cent of interest charged on the original amount was loans made to buy livestock. 10.8 per cent, which compares with 6 Loans for intermediate-term purposes per cent on instalment notes with interest that were purchased by banks from dealers charged on the unpaid balance and 6.1 per had an average interest rate of 8.3 per cent, cent for single-payment notes. Inclusion of compared with a rate of 6.2 per cent for many instalment loans with interest charged loans for these purposes that were made on the original amount partly explains the direct. The difference is apparently related high average interest rate on loans made for to the fact that more of the acquired notes financing intermediate-term investments. had interest charged on the original amount. Rates averaged higher on loans for Forty per cent of the loans to buy autos and financing automobiles and other consumer other consumer durable goods and madurables than on loans for other interme- chinery and equipment (which had higher diate-term investment purposes (Table 9). average interest rates than loans for other Part of this variation can be attributed to the purposes) were purchased notes, as comdifference in size of note and in the propor- pared with only 2 per cent of the outstandtion of loan volume that was financed by the ing notes held that were made for all other instalment plan. Sixty-two per cent of the agricultural purposes. dollar volume of loans made to finance auto The influence on interest rates of factors and other consumer durables was instalment such as maturity, security, and net worth financing. This compares with 48 per cent of the borrower will be analyzed in a subseof loans made to improve land and build- quent article. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Trusteeship over Money ON BEHALF OF my associates of the Fed- ties, however well-intentioned. I was told eral Reserve System I want to express our recently of a tongue-in-cheek sign that hung appreciation for these periodic opportunities in a Washington office some years ago. It to appear before committees of the Con- read: "Our guess is always best." It may be gress. The Congress has placed a great re- that collective judgments expressed through sponsibility upon the Federal Reserve Sys- the market process are not always best, but tem—a trusteeship, as I conceive of it, over that process is consistent with our heritage money. and our institutions under which direct gov- The Reserve System has always benefited ernmental intervention in economic affairs from thoughtful inquiry. These hearings is confined largely to broad, general policies are not merely a public forum—and that is necessary to protect and promote the public all to the good. They provide a means of interest. keeping the monetary machinery of the At any given time the economy is capable country abreast of the times. The Federal of producing a volume of goods and services Reserve Act provides that we shall report limited by currently available resources, hudirectly to Congress and thus, through it, man and material. The difficulty throughto the country. out this year has been the attempt to crowd too much into a given time period—de- The task of the Federal Reserve System, mand, in brief, has been pressing strongly under today's conditions, is to determine the against the supply of labor and materials. volume of credit that needs to be made Creating more money won't produce more available in order to keep the economy runthings when the economy is running at peak ning in high gear—but without overstrain. levels. A choice has to be made—and the Too much credit would intensify upward public in the end has to make the choice pressures on prices. Too little could needof whether we shall have more of this and lessly starve some activities. We have to less of that. We can have, in a given period, rely on human judgments in this determinajust so many houses, automobiles, household tion. There are bound to be differences in appliances, schools, manufacturing plants, judgment—sincere differences. We do not and a myriad other things, including ships, undertake—and I do not see how it could planes, submarines, and other essentials of be otherwise, short of some form of dictatordefense. Under present conditions, someship—to say how a given supply of credit thing has to be given up at least for a time. shall be allocated. Experience would seem to demonstrate NOTE.—Statement by William McChesney Martin, that allocations of credit determined through Jr., Chairman, Board of Governors of the Federal the market process are to be preferred to Reserve System, before the Subcommittee on Economic Stabilization of the Joint Economic Committee judgments—or guesses—of public authori- of Congress, December 11, 1956. 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TRUSTEESHIP OVER MONEY 19 Throughout this year the combined demand causes. It has been estimated that a rise for funds—for credit—coming from virtu- of only one point in the consumer price inally all sectors of the economy has been at dex would cost the American public two and an all-time high. It has outrun the avail- a half billion dollars a year. able supply. Contrary to some impressions, The Federal Reserve System has been dethe Reserve System has not reduced the voting its efforts, through varying times and money supply; in fact the money supply has circumstances, to assuring monetary and continued to increase this year though at a credit conditions that would help to foster lesser rate than in 1955. Moreover, the high levels of business and employment, turnover—the velocity—of the existing maintain the stability of the currency, and money supply has greatly increased. Al- promote sustainable growth in the economy. though the so-called "tightness" of credit is The System has sought to keep constantly often attributed to an insufficient supply of alert to changes in economic and financial money, the fact is that the tightness results conditions, and to adapt its operations acfrom the volume and intensity of demand. cordingly—leaning against the breezes of The great bulk of loanable funds repre- inflation and deflation alike, as I have put sents savings of the community made avail- it a number of times. able to borrowers directly or through finan- Thus, when the economy had a downturn cial institutions other than commercial in 1953, the Reserve System acted promptly banks, such as mutual savings banks, insur- to stimulate credit expansion to help halt ance companies, savings and loan associa- the decline and foster the recovery that tions, private and public pension funds, fi- began in 1954 and carried through into nance companies, corporations, and individ- 1955. As we moved from recovery to uals. It is often forgotten that when the boom in 1955 and on through 1956, and commercial banking system expands its as the economy in general pressed against loans and investments, it generates new the limits of immediate capacity, the System money. When, as has been the case this took steps to keep expansion of credit within year, aggregate demands for credit have ex- the limits of the growth in resources so as ceeded savings, the only way to finance to discourage excesses that would inevitably them all would be by an even greater ex- produce higher prices and severe economic pansion of bank credit—that is, by generat- maladj us tments. ing still more money. And as I have em- Focussing more closely on the events of phasized, creating more money will not cre- 1956, it was apparent there were positive inate more goods. It can only intensify de- flationary dangers inherent in superimposmands for the current supply of labor and ing a massive increase in business investmaterials. That is outright inflation. ment on an economy already featuring high The Reserve System—and it is a nation- utilization of resources and upward price wide system of 12 Federal Reserve Banks pressures. In this situation, to supply on with 24 branches having all told some 260 easy terms all of the credit desired by prosdirectors representing varied walks of life pective investors would have increased in- —is united in the conviction that the best flationary bidding for available resources, course is to do what the System can do, to especially in the sectors of capital equiprestrain excesses arising from monetary ment and construction. It also would have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1957 involved a rise in the volume of outstanding through 1954, even though loan demands credit, and in commercial bank credit and then were generally less active. During that demand deposits in particular, that would period, policy was directed toward assuring compound the threat to economic stability ready availability of credit in the economy and sustained growth. generally, and toward creating liquidity con- Despite the restraint on credit growth and ditions favorable to revival and expansion. spending capabilities imposed by monetary In part the developments since 1954 should policy, demands in many sectors have risen be interpreted as a transition from a time of more rapidly than was consistent with price ready availability of resources, reduced destability. The price advances that began mands for credit, and a monetary policy of in 1955, after several years of stability, con- active ease to a time of intense utilization of tinued during 1956, as output in a number resources, very strong credit demands, and of key areas pressed against the limits of a monetary policy directed to restraint of capacity. Price increases have been parti- inflationary forces. cularly marked in sectors affected by invest- Just now, the year is coming to a close ment expenditures, in machinery and con- with demands still out-pacing savings, with struction lines and, affected in part by them, personal income at a new high annual rate in metals and metal products. These are of over 332 billion dollars in October—21 the areas in which the restraint imposed billion dollars above the rate a year ago— upon current expenditures by monetary and international disturbances that could policy was, quite possibly, the heaviest. It add to further overstraining of our resources. is in these sectors that such additional de- It is a situation that calls for alertness, as mand as would have resulted from easier well as prudence and restraint, on the part of credit would have been concentrated. Government, business, finance, labor, and Despite the strength of credit demands, agriculture. growth in total commercial bank credit was Basically, the problem confronting us limited to a moderate rate, below the aver- now—in contrast to that of the early 1930's age of the postwar period and somewhat —is not one of creating millions of jobs lower than in the corresponding period in overnight to cure mass unemployment, but 1955. Thus, the increase in total loans and one of sustaining the millions of jobs we investments of commercial banks in the 12 have today and fostering new opportunities months ending with October was held to 2 for an expanding working force tomorrow. per cent, and growth in the privately held Meeting that problem requires that the money supply—demand deposits and cur- efforts of all of us be directed to preserving rency—to about Wi per cent. the stability of the economy, and the stability Restraint on expansion in bank credit and of the dollar that underlies it, so that we the money supply this year contrasts with the may move steadily along the road to a rapid increase that occurred from mid-1953 higher standard of living for all. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Bank Holding Company's Subsidiary Banks organization. In the Board's opinion the limita- Owning Shares of Nonbanking Companies tions set forth in section 4(c)(5) apply to the aggregate amount of stock held in a particular The Board's opinion has been requested on the organization by the bank holding company itself following related matters under the Bank Holding and by all of its subsidiaries. Company Act of 1956. Secondly, question is raised as to whether shares The question is raised as to whether shares in in a nonbanking company acquired in satisfaction a nonbanking company which were acquired by of debts previously contracted (d.p.c.) by a banka banking subsidiary of the bank holding coming subsidiary of the bank holding company may pany many years ago when their acquisition was be retained if such shares meet the conditions lawful and are now held as investments, and contained in section 4(c)(5) as to value and which do not include more than 5 per cent of the amount, nonwithstanding the requirement of secoutstanding voting securities of such nonbanking tion 4(c)(2) that shares acquired d.p.c. be discompany and do not have a value greater than 5 posed of within two years after the date of their per cent of the value of the bank holding comacquisition or the date of the Act, whichever is pany's total assets, are exempted from the divestlater. In the Board's opinion, the 5 per cent ment requirements of the Act by the provisions exemption provided by section 4(c)(5) covers of section 4(c)(5) of the Act. any shares, including shares acquired d.p.c, that In the Board's opinion, this exemption is as meet the conditions set forth in that exemption, applicable to such shares when held by a banking and, consequently, d.p.c. shares held by a banking subsidiary of a bank holding company as when subsidiary of a bank holding company which meet held directly by the bank holding company itself. such conditions are not subject to the two-year While the exemption specifically refers only to disposition requirement prescribed by section shares held or acquired by the bank holding com- 4(c)(2), although any such shares would, of pany, the prohibition of the Act against retention course, continue to be subject to such requireof nonbanking interests applies to indirect as well ment for disposition as may be prescribed by as direct ownership of shares of a nonbanking provisions of any applicable banking laws or by company, and, in the absence of a clear mandate the appropriate bank supervisory authorities. to the contrary, any exception to this prohibition Finally, question is raised as to whether shares should be given equal breadth with the prohibiheld by banking subsidiaries of the bank holding tion. Any other interpretation would lead to company in companies holding bank premises of unwarranted results. such subsidiaries are exempted from the divest- Although certain of the other exemptions in ment requirements by section 4(c) (1) of the Act. section 4(c) of the Act specifically refer to shares It is the Board's view that section 4(c)(l), exheld or acquired by banking subsidiaries, an empting shares owned or acquired by a bank analysis of those exemptions suggests that such holding company in any company engaged solely specific reference to banking subsidiaries was for in holding or operating properties used wholly or purpose of excluding nonbanking subsidiaries substantially by any subsidiary bank, is to be read from such exemptions, rather than for the pur- and interpreted, like section 4(c)(5), as applying pose of providing an inclusionary emphasis on to shares owned indirectly by a bank holding banking subsidiaries. company through a banking subsidiary as well as It should be noted that the Board's view as to to shares held directly by the bank holding comthis question should not be interpreted as mean- pany. A contrary interpretation would impair ing that each banking subsidiary could own up to the right that member banks controlled by bank 5 per cent of the stock of the same nonbanking holding companies would otherwise have to invest, 21 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1957 subject to the limitations of section 24A of the Continental Bank and Trust Company, of Salt Lake City, Utah, hereinafter referred to as the Bank, is Federal Reserve Act, in stock of companies holda State bank member of the Federal Reserve System. ing their bank premises; and such a result was not, The Board issued an order for a hearing to be held in the Board's opinion, intended by the Bank at Salt Lake City for the purpose of determining the adequacy or inadequacy of the net capital stock and Holding Company Act. surplus of the Bank in relation to the character and condition of its assets and to its then present and Continental Bank and Trust Company Matter prospective deposit liabilities and its other corporate responsibilities; determining what additional amount, The United States Court of Appeals for the if any, of capital funds were needed by the Bank to have an adequate capital structure; and determining Tenth Circuit on January 2, 1957, affirmed the what was a reasonable period of time to allow the decision of the District Court in the case of The bank within which to effect any increase of capital Continental Bank and Trust Company vs. Emery funds found to be needed to make them adequate before being required to surrender its capital stock J. WoodalL The bank had brought suit to enjoin in the Federal Reserve Bank of San Francisco and to the trial examiner from conducting an administra- forfeit its rights and privileges of membership in the Federal Reserve System for failure to do so. The tive proceeding instituted by the Board to deter- Bank moved the Board to dismiss the proceeding upon mine the adequacy of the capital of the bank. the ground that the Board had no authority to inquire The District Court had denied the injunction. In into the capital adequacy or inadequacy of a State bank member of the Federal Reserve System, or to affirming this decision, the Court of Appeals require such a bank to acquire additional capital or granted a stay until February 4, 1957, so as to forfeit its membership in the Federal Reserve Sysgive the bank an opportunity to apply to the tem. The motion was denied. The Bank requested that the hearing be public and the Board acquiesced Supreme Court of the United States for a writ of therein. Emery J. Woodall was designated as trial certiorari. The opinion of the Court of Appeals examiner to conduct the hearing and take evidence. Shortly before the hearing was scheduled to begin, is printed below. the Bank instituted this action against Woodall to enjoin him from conducting the hearing upon the UNITED STATES COURT OF APPEALS ground that the Board for whom he was acting had no power to conduct a hearing for such purposes. A TENTH CIRCUIT temporary restraining order was issued. Later the restraining order was vacated and the action was January Term—1957 dismissed. The Bank appealed. The focus of the attack upon the judgment dismissing the action is that the Board has no power to No. 5498 inquire into the capital adequacy or inadequacy of a THE CONTINENTAL BANK AND TRUST COMPANY, of State bank member of the Federal Reserve System; Salt Lake City, Utah, that the conducting of the hearing in question would Appellant, result in irreparable injury to the Bank; and that vs. therefore the court should have enioined the holding of the hearing. The court predicated in part its EMERY J. WOOD ALL, dismissal of the action upon the view that the Board Appellee. was an indispensable party. It is the well established rule of law that where a Federal official attempts to FILED—United States Court of Appeals, Tenth Circuit, perform an act which is in excess of his authority or Jan. 2, 1957, Robert B. Cartwright, Clerk. under authority not validly conferred, an equitable action will lie to restrain him without the sovereign APPEAL FROM THE DISTRICT COURT OF THE being a party; but where he acts within the range UNITED STATES FOR THE DISTRICT OF UTAH of his authority in the exercise of a function legally delegated to him, an action to restrain him cannot Peter W. Billings (Albert J. Colton and Fabian, be maintained without the sovereign being impleaded Clendenin, Moffat & Mabey were with him on the even though there is an assertion of error in the exerbriefs) for Appellant. cise of such power or an abuse of discretion. Larson Boiling R. Powell, Jr., for Appellee. v. Domestic and Foreign Commerce Corp., 337 U. S. 682; State of New Mexico v. Backer, 199 F. (2d) Before BRATTON, Chief Judge, and HUXMAN and 426; Oyler v. McKay, 227 F. (2d) 604; Ogden River PICKETT, Circuit Judges. Water Users' Association v. Weber Basin Water Conservancy, CA-10, F. (2d) . BRATTON, Chief Judge: The action was not one to restrain the trial examiner on the ground that he was acting beyond the This case presents for determination questions of range of the order of the Board. The essence of the law arising out of the attempt of the Board of Gov- cause of action pleaded in the complaint was to ernors of the Federal Reserve System, hereinafter restrain the trial examiner on the ground that the referred to as the Board, to conduct a hearing in Board had no power to order the hearing. Section 9 repect to the capital adequacy or inadequacy of a of the Federal Reserve Act, as amended, makes pro- State bank member of the Federal Reserve System. vision for banks incorporated under State law to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 23 become members of the Federal Reserve System. It requirements of the Act and does not suffer impairprovides that a State bank desiring to become such ment of its capital structure or surrenders its stock member may make application to the Board, under in the Federal Reserve Bank and cease to be a memsuch rules and regulations as the Board may pre- ber of the Federal Reserve System. The object and scribe, for the right to subscribe to the stock of the purpose of the scheduled hearing now under con- Federal Reserve Bank organized within the district sideration was to inquire into the condition of the in which the applying bank is located; and that the Bank in respect to whether it had suffered inade- Board, subject to the provisions of the Act and to quacy of capital structure, if so what corrective prosuch conditions as the Board may prescribe pursuant cedure should be invoked, and whether the Bank to the Act, may permit the applying bank to become should be required to surrender its stock in the a stockholder in such Federal Reserve Bank. 12 Federal Reserve Bank and cease to be a member of U. S. C. A. § 321. The section further provides that th Federal Reserve System. And we entertain no in acting upon the application of an applying State doubt that under the provisions of the section of bank, the Board shall consider the financial condi- the Act, the Board had power to conduct the hearing tion of such bank, the general character of its man- for such purposes. agement, and whether or not the corporate powers Section 9 of the Act does not stand alone in point exercised are consistent with the purpose of the Act. of present pertinence. By section ll(i), as amended, 12 U. S. C. A. § 322. The section further provides the Board is required to perform the duties, functhat whenever the Board shall permit an applying tions, and services specified in the Act, and it is aubank to become a stockholder in the Federal Reserve thorized to make rules and regulations necessary to Bank of the district, its stock subscription shall be enable it effectively to perform the same. 12 U. S. C. payable on call of the Board, and stock issued to it A. §248(i). The provision amounts to a general shall be held subject to the provisions of the Act. grant of power to make rules and regulations in 12 U. S. C. A. § 323. The section further provides harmony with the objects and purposes of the Act that all banks admitted to membership in the Fedand reasonably adapted to the effective discharge of eral Reserve System under the provisions of the the duties and functions of the Board under the Act. section shall be required to comply with, the capital The Board promulgated and for many years has and reserve requirements of the Act and to conform maintained Regulation H relating to conditions of to those provisions of law imposed upon national membership of State banking institutions in the banks which prohibit such banks from lending on or Federal Reserve System. The regulation provides purchasing their own stock, which relate to the withdrawal or impairment of capital, and which relate to among other things that such banks shall at all times the payment of unearned dividends. 12 U. S. C. A. conduct their business and exercise their powers § 324. The section further provides that as a con- with due regard to the safety of their depositors; and dition to membership in the Federal Reserve System, that the net capital and surplus funds of such banks such State banks shall be subject to examinations shall be adequate in relation to the character and made by direction of the Board or of the Federal condition of their assets and to their deposit liabili- Reserve Bank by examiners selected and approved by ties and other corporate responsibilities. The regulathe Board. 12 U. S. C. A. § 325. And the section tion is in harmony with the objectives and purposes further provides that if at any time it shall appear to of the Act. It is reasonably adapted to further the the Board that a State bank member has failed to discharge of the duties and functions of the Board comply with the provisions of the Act, or the regu- under the Act. And its promulgation and maintelations of the Board made pursuant thereto, it shall nance constitute permitted administrative action under be within the power of the Board after hearing to the Act. The scheduled hearing was intended and require such bank to surrender its stock in the Federal designed to ascertain whether the Bank had failed Reserve System and to forfeit all rights and privileges and was continuing to fail to meet the requirements of membership. 12 U. S. C. A. § 327. Under the of the Act and the regulation, if so what should be clear commands of the statute, after a State bank has done to bring its condition into compliance with been admitted to membership in the Federal Reserve the Act and the regulation in respect to capital ade- System it must meet certain requirements. One of quacy, and in the event of continued failure to meet such requirements is compliance with the capital and the requirements of he Act and the regulation reserve exactions of the Act. Another is compliance whether the Bank should cease to be a member of with the restrictions and inhibitions of the Act against the Federal Reserve System. That being its purpose, the impairment of the capital of the bank. And the hearing was within the purview of the Act and where a State bank member fails to comply with the regulation, considered in their entirety. the requirements of the Act in respect to its capital The Board was clothed with power to order the and reserve, or fails to comply with the restrictions hearing. The authority to conduct the hearing and or inhibitions against the impairment of its capital, take the evidence was regularly delegated to the the Board is expressly vested with power after hear- trial examiner, and the examiner was acting well ing to require such bank to surrender its stock in the within the range of authority delegated to him. In Federal Reserve Bank and to forfeit all rights and such circumstances, the Board was an indispensable privileges of membership in the Federal Reserve party to the action to restrain the conducting of the System. In respect to a State bank meeting these hearing. And the Board not being a party, the court requirements of the Act, the duties and functions of correctly entered its judgment of dismissal. Larson the Board are not merely coterminous with the mak- v. Domestic and Foreign Commerce Corp., supra; ing of the application for membership and the admis- State of New Mexico v. Backer, supra; Oyler v. sion of the applying bank into membership of the Fed- McKay, supra; Ogden River Water Users' Associaeral Reserve System. Instead, it is the continuing tion v. Weber Basin Water Conservancy, supra. duty and function of the Board to see that such The judgment is bank either comply with the capital and reserve AFFIRMED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements APPOINTMENTS OF CHAIRMEN, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following designations and appointments of officers and directors at the Federal Reserve Banks and branches. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1957 Federal Reserve Bank Boston Robert C. Sprague, North Adams, Massachusetts. New York JOHN E. BIERWIRTH, Cedarhurst, Long Island, New York. Philadelphia William J. Meinel, Philadelphia, Pennsylvania. Cleveland ARTHUR B. VAN BUSKIRK, Pittsburgh, Pennsylvania. Richmond John B. Woodward, Jr., Hilton Village, Warwick County, Virginia. Atlanta Walter M. Mitchell, Atlanta, Georgia. Chicago Bert R. Prall, Winnetka, Illinois. St. Louis PIERRE B. McBRIDE, Louisville, Kentucky. Minneapolis Leslie N. Perrin, Mineapolis, Minnesota. Kansas City Raymond W. Hall, Kansas City, Missouri. Dallas Robert J. Smith, Dallas, Texas. San Francisco A. H. Brawner, San Mateo, California. DEPUTY CHAIRMEN FOR YEAR 1957 Federal Reserve Bank Boston James R. Killian, Jr., Cambridge, Massachusetts. New York Forrest F. Hill, New York, New York. Philadelphia Henderson Supplee, Jr., Radnor, Pennsylvania. Cleveland JOSEPH THOMPSON, Willoughby, Ohio. Richmond Alonzo G. Decker, Jr., Lutherville, Maryland. Atlanta Harllee Branch, Jr., Atlanta, Georgia. Chicago J. Stuart Russell, Des Moines, Iowa. St. Louis JOSEPH H. MOORE, Charleston, Missouri. Minneapolis O. B. Jesness, St. Paul, Minnesota. Kansas City Joe W. Seacrest, Lincoln, Nebraska. Dallas Hal Bogle, Dexter, New Mexico. San Francisco Y. Frank Freeman, Beverly Hills, California. 24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 25 FEDERAL RESERVE BANK DIRECTORS X (Three-year terms, with exception indicated) Federal Reserve Bank Boston James R. Killian, Jr., Cambridge, Massachusetts. New York JOHN E. BIERWIRTH, Cedarhurst, Long Island, New York. Philadelphia Lester V. Chandler, Princeton, New Jersey. Cleveland JOSEPH THOMPSON, Willoughby, Ohio. Richmond Alonzo G. Decker, Jr., Lutherville, Maryland. Atlanta Harllee Branch, Jr., Atlanta, Georgia. Chicago J. Stuart Russell, Des Moines, Iowa. St. Louis PIERRE B. McBRIDE, Louisville, Kentucky. St. Louis J. H. LONGWELL, Columbia, Missouri. (For unexpired portion of term ending December 31, 1958.) Minneapolis Leslie N. Perrin, Minneapolis, Minnesota. Kansas City Oliver S. Willham, Stillwater, Oklahoma. Dallas Hal Bogle, Dexter, New Mexico. San Francisco A. H. Brawner, San Mateo, California. FEDERAL RESERVE BANK BRANCH DIRECTORS2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo RAYMOND E. OLSON, Rochester, New York. Cleveland Pittsburgh BEN MOREELL, Pittsburgh, Pennsylvania. Cincinnati Anthony Haswell, Dayton, Ohio. Richmond Charlotte William H. Grier, Rock Hill, South Carolina. Atlanta Birmingham Adolph Weil, Sr., Montgomery, Alabama. Jacksonville McGregor Smith, Coral Gables, Florida. Nashville Frank B. Ward, Knoxville, Tennessee. New Orleans E. E. Wild, Midland, Louisiana. Chicago Detroit J. Thomas Smith, Bloomfield Hills, Michigan. 1Each Federal Reserve Bank has a board of di- 2 Federal Reserve Bank branches have either five rectors consisting of nine members, divided into or seven directors, of whom a majority are appointed three classes, designated as Classes A, B, and C. The by the Board of Directors of the parent Federal Resix A and B directors are elected by the member serve Bank, and the others are appointed by the Board banks, and the three C directors are appointed by the of Governors of the Federal Reserve System. One Board of Governors. The terms of two of the elected of the directors appointed by the Board of Govdirectors and one of the appointed directors expire ernors at each branch is designated annually as Chairat the end of each year. man of the Board in such manner as the Federal Reserve Bank may prescribe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN • JANUARY 1957 St. Louis Little Rock T. Winfred Bell, Little Rock, Arkansas. Louisville David F. Cocks, Louisville, Kentucky. Louisville Philip Davidson, Louisville, Kentucky. (For unexpired portion of term ending December 31, 1957.) Memphis John D. Williams, University, Mississippi. Minneapolis (two-year term) Helena Carl McFarland, Missoula, Montana. Kansas City (two-year terms) Denver Ray Reynolds, Longmont, Colorado. Oklahoma City Phil H. Lowery, Loco, Oklahoma. Omaha Manville Kendrick, Sheridan, Wyoming. Dallas El Paso D. F. Stahmann, Las Cruces, New Mexico. Houston A. E. CUDLIPP, Lufkin, Texas. San Antonio Clarence E. Ayres, Austin, Texas. San Francisco (two-year terms) Portland William H. Steiwer, Sr., Fossil, Oregon. Salt Lake City Geo. W. Watkins, Idaho Falls, Idaho. Seattle LYMAN J. BUNTING, Yakima, Washington. Federal Reserve Bank of New York Pennsylvania, who has been serving as a Board- JOHN E. BIERWIRTH, Cedarhurst, Long Is- appointed director of the Federal Reserve Bank land, New York, who has been serving as an of Cleveland since January 1956 and as its Deputy elected director of the Federal Reserve Bank of Chairman, was appointed Chairman and Federal New York since March 1953, was appointed by Reserve Agent for the year 1957. Mr. Van Busthe Board of Governors for a three-year term kirk is Vice President and Governor of T. Mellon beginning January 1, 1957, and was designated & Sons, Pittsburgh, Pennsylvania. As Chairman Chairman and Federal Reserve Agent at New and Federal Reserve Agent, he succeeds Mr. John York for the year 1957. Mr. Bierwirth is Presi- C. Virden, Chairman of the John C. Virden Comdent of National Distillers Products Corporation, pany, Cleveland, Ohio, whose term expired De- New York, New York. In his new capacities at cember 31, 1956. the Reserve Bank he succeeds Mr. Jay E. Crane, JOSEPH THOMPSON, Willoughby, Ohio, was Director, Standard Oil Company (New Jersey), appointed a director of the Federal Reserve Bank New York, N. Y., whose terms both as Chairman of Cleveland for a three-year term beginning and as an appointed director expired December January 1, 1957, and as Deputy Chairman of the 31, 1956. Bank for the year 1957. Mr. Thompson is Pres- RAYMOND E. OLSON, Rochester, New York, ident of The M. A. Hanna Company, Cleveland, was appointed a director of the Buffalo Branch of Ohio. He succeeds Mr. John C. Virden, Chairthe Federal Reserve Bank of New York for a man of the John C. Virden Company, Cleveland, three-year term beginning January 1, 1957. Mr. Ohio, whose term as a director of the Bank ex- Olson is President of Taylor Instrument Com- pired December 31, 1956. panies, Rochester, New York. He succeeds Mr. BEN MOREELL, Pittsburgh, Pennsylvania, Robert C. Tait, President, Stromberg-Carlson was appointed a director of the Pittsburgh Branch Company, Rochester, New York, whose term as of the Federal Reserve Bank of Cleveland for a a director of the Buffalo Branch expired Decemthree-year term beginning January 1, 1957. Adber 31, 1956. miral Moreell is Chairman of Jones & Laughlin Federal Reserve Bank of Cleveland Steel Corporation, Pittsburgh, Pennsylvania. He ARTHUR B. VAN BUSKIRK, Pittsburgh, succeeds Mr. Henry A. Roemer, Jr., President of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 27 Forbes Steel Corporation, Canonsburg, Pennsyl- Mr. Caffey Robertson, President of the Caffey vania, whose term as a director of the Pittsburgh Robertson Company, Memphis, Tennessee, who Branch expired December 31, 1956. resigned as a director of the Bank. Federal Reserve Bank of St. Louis PHILIP DAVIDSON, President, University of PIERRE B. McBRIDE, President, Porcelain Louisville, Louisville, Kentucky, was appointed a Metals Corporation, Louisville, Kentucky, was director of the Louisville Branch of the Federal appointed a director of the Federal Reserve Bank Reserve Bank of St. Louis for the remainder of a of St. Louis for a three-year term beginning term expiring December 31, 1957. Mr. Davidson January 1, 1957, and as Chairman and Federal succeeds Mr. Pierre B. McBride, President, Porce- Reserve Agent for the year 1957. Mr. McBride lain Metals Corporation, Louisville, Kentucky, has been serving since January 1951 as a director who resigned as a director of the Louisville Branch of the Bank's Louisville Branch and since January in order to accept appointment as a director of 1956 as Chairman of the Branch board. Both as the Federal Reserve Bank of St. Louis. Chairman and Federal Reserve Agent and as an appointed director of the St. Louis Bank he suc- Federal Reserve Bank of Dallas ceeds Mr. M. Moss Alexander, President, Mis- A. E. CUDLIPP, Lufkin, Texas, was appointed souri Portland Cement Company, St. Louis, Mis- a director of the Houston Branch of the Federal souri, whose terms in both capacities expired Reserve Bank of Dallas for a three-year term December 31, 1956. beginning January 1, 1957. Mr. Cudlipp is Vice President and Director of Lufkin Foundry and JOSEPH H. MOORE, Charleston, Missouri, Machine Corp., Lufkin, Texas. He succeeds Mr. who has been serving as an appointed director of Herbert G. Sutton, of T. O. Sutton and Sons, the Federal Reserve Bank of St. Louis since Colmesneil, Texas, whose term as a director of March 1950, was appointed Deputy Chairman of the Branch expired December 31, 1956. the Bank for the year 1957. Mr. Moore is engaged in farming. As Deputy Chairman he Federal Reserve Bank of San Francisco succeeds Mr. Caffey Robertson, President of LYMAN J. BUNTING, Yakima, Washington, Caffey Robertson Company, Memphis, Tenneswas appointed a director of the Seattle Branch of see, who resigned as a director of the St. Louis the Federal Reserve Bank of San Francisco for Bank. a two-year term beginning January 1, 1957. Mr. J. H. LONGWELL, Dean, College of Agricul- Bunting is President of Rainier Fruit Company, ture, University of Missouri, Columbia, Missouri, Yakima, Washington, and succeeds Mr. Ralph was appointed a director of the Federal Reserve Sundquist, President and General Manager, Sund- Bank of St. Louis for the unexpired portion of a quist Fruit and Cold Storage, Inc., Yakima, Washterm ending December 31, 1958. He succeeds ington, whose term expired December 31, 1956. FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS1 The Federal Reserve Banks have announced the following appointments of Branch directors. The appointments have been made for terms of three years beginning January 1, 1957, except where otherwise indicated. Federal Reserve Bank and Branch New York VERNON ALEXANDER, President, The National Bank Buffalo of Geneva, Geneva, New York. Mr. Alexander succeeds Robert L. Davis, President, The First Na- 1 For statement concerning appointment of tional Bank of Olean, Olean, New York. branch directors, see page 25, footnote 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN • JANUARY 1957 Cleveland FRANKLIN A. MCCRACKEN, Executive Vice President and Trust Officer, The Newport National Bank, Cincinnati Newport, Kentucky. Mr. McCracken succeeds Leonard M. Campbell, President, The Second National Bank of Ashland, Ashland, Kentucky. Pittsburgh FRANK C. IRVINE, President, First National Bank in Tarentum, Tarentum, Pennsylvania. Mr. Irvine succeeds Albert L. Rasmussen, President, The Warren National Bank, Warren, Pennsylvania Richmond Baltimore JAMES W. MCELROY, Executive Vice President, First National Bank, Baltimore, Maryland. Mr. McElroy succeeds Charles W. Hoff, President, Union Trust Company of Maryland, Baltimore, Maryland. Charlotte CHARLES D. PARKER, President, First National Bank & Trust Company, Asheville, North Carolina. Mr. Parker succeeds Archie K. Davis, Chairman, Wachovia Bank and Trust Company, Winston-Salem, North Carolina. Atlanta Birmingham JOHN R. DOWNING, Executive Vice President, Citizens-Farmers & Merchants Bank, Brewton, Alabama. Mr. Downing succeeds John Will Gay, President, The First National Bank of Scottsboro, Scottsboro, Alabama. Jacksonville JAMES G. GARNER, President and Chairman, Little River Bank and Trust Company, Miami, Florida. (Reappointed) Nashville Jo H. ANDERSON, President, Park National Bank of Knoxville, Knoxville, Tennessee. Mr. Anderson succeeds W. E. Tomlinson, President, The Hamilton National Bank of Johnson City, Johnson City, Tennessee. New Orleans J. SPENCER JONES, President, The Citizens National Bank in Hammond, Hammond, Louisiana. Mr. Jones succeeds Leon J. Minvielle, President, The Peoples National Bank of New Iberia, New Iberia, Louisiana. Chicago IRA A. MOORE, Chairman, Peoples National Bank of Detroit Grand Rapids, Grand Rapids, Michigan. (Reappointed) St. Louis Little Rock DONALD BARGER, President, Peoples Exchange Bank, Russellville, Arkansas. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

29 CURRENT EVENTS AND ANNOUNCEMENTS Louisville MERLE E. ROBERTSON, Chairman and President, Liberty National Bank and Trust Company of Louisville, Louisville, Kentucky. Mr. Robertson succeeds Noel Rush, President, Lincoln Bank and Trust Company, Louisville, Kentucky, who died on November 9,1956. Memphis JOHN K. WILSON, President, The First National Bank of West Point, West Point, Mississippi. (Reappointed) Minneapolis (two-year terms) Helena J. WILLARD JOHNSON, Financial Vice President and Treasurer, Western Life Insurance Company, Helena, Montana. (Reappointed) GEO. N. LUND, Chairman and President, The First National Bank of Reserve, Reserve, Montana. (Reappointed) Kansas City (two-year terms) Denver RALPH S. NEWCOMER, Executive Vice President, First National Bank in Boulder, Boulder, Colorado. (Reappointed) ARTHUR JOHNSON, President, First National Bank in Raton, Raton, New Mexico. (Reappointed) Oklahoma City R. OTIS MCCLINTOCK, Chairman, The First National Bank and Trust Company of Tulsa, Tulsa, Oklahoma. (Reappointed) C. L. PRIDDY, President, The National Bank of Mc- Alester, McAlester, Oklahoma. Mr. Priddy succeeds F. M. Overstreet, President, The First National Bank at Ponca City, Ponca City, Oklahoma. Omaha WILLIAM N. MITTEN, Chairman, First National Bank of Fremont, Fremont, Nebraska. (Reappointed) Dallas F. W. BARTON, President, The Marfa National Bank, El Paso Marfa, Texas. (Reappointed) I. F. BETTS, President, The American National Bank Houston of Beaumont, Beaumont, Texas. (Reappointed) E. C. BREEDLOVE, President, The First National Bank San Antonio of Harlingen, Harlingen, Texas. (Reappointed) San Francisco (two-year terms) Los Angeles ANDERSON BORTHWICK, President, The First National Trust and Savings Bank of San Diego, San Diego, California. (Reappointed) JAMES E. SHELTON, Chairman, Security-First National Bank of Los Angeles, Los Angeles, California. (Reappointed) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 FEDERAL RESERVE BULLETIN • JANUARY 1957 Portland JOHN B. ROGERS, President, The First National Bank of Baker, Baker, Oregon. (Reappointed) J. H. MCNALLY, President, The First National Bank of Bonners Ferry, Bonners Ferry, Idaho. (Reappointed) Salt Lake City RUSSELL S. HANSON, Executive Vice President, The First National Bank of Logan, Logan, Utah. (Reappointed) GEORGE S. ECCLES, President, First Security Bank of Utah, National Association, Salt Lake City, Utah. (Reappointed) Seattle S. B. LAFROMBOISE, President, The First National Bank of Enumclaw, Enumclaw, Washington. (Reappointed) JAMES BRENNAN, President, First National Bank in Spokane, Spokane, Washington. (Reappointed) FEDERAL RESERVE MEETINGS DEATH OF DIRECTOR A meeting of the Federal Open Market Commit- Mr. Alden G. Roach, who had served as a Class tee was held in Washington on January 8, 1957. B director of the Federal Reserve Bank of San Francisco since January 1, 1951, died on De- EARNINGS AND EXPENSES OF THE FEDERAL RE- cember 20, 1956. Mr. Roach was President of SERVE BANKS IN 1956 AND 1955 the Columbia-Geneva Steel Division, United A condensed comparative statement of earnings States Steel Corporation, San Francisco, Caliand expenses of the Federal Reserve Banks in fornia. 1956 and 1955 is shown below. A detailed statement of earnings and expenses of each Federal TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Reserve Bank in 1956 will appear in the February Federal Reserve BULLETIN. Latest BULLETIN Reference Semiannually Issue Page Thousands of dollars Banking offices: Analysis of changes in number of Aug. 1956 896 Item On, and not on, Federal Reserve Par 1956 1955 List, number of Aug. 1956 897 Stock Exchange Brms, detailed debit and credit balances Sept. 1956 994 Current earnings 595,649 412,488 Current expenses 121,182 110,060 Annually Current net earnings 474,467 302,428 Earnings and expenses: Federal Reserve Banks Feb. 1956 178-179 Additions to current net earnings 1359 178 Member banks: Deductions from current net earnings 383 1443 Calendar year May 1956 510-518 First half of year Oct. 1956 1248 Net deductions 24 265 Ba I n n k s s u r a e n d d c b o r m an m ch er e c s i , a n l u b m an b k er s of, by class May 1956 519 Net earnings before payments to U. S. and State Apr. 1956 398-399 Treasury 474f443 302,163 Operating ratios, member banks June 1956 650-652 Banking and monetary statistics, 1955.. {{•££ g|| Paid U. S. Treasury (interest on F. R. notes).. 401,555 251,741 Dividends paid 18,905 17,712 Transferred to surplus (Sec. 7) 53,983 32,710 1 Includes $268,000 net profits in 1956 and $506 net losses in 1955 on sales of U. S. Government securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 15 Industrial production and total construction the levels reached in 1955. In early January, activity continued at advanced rates in December. steel ingot production was scheduled at 98 per Nonfarm employment was maintained at record cent of 1957 capacity, which is rated 4 per cent levels, incomes rose further, and retail sales larger than in 1956. changed little at high levels. In December and Following a dip in November, shown by reearly January, prices of industrial commodities vised figures, seasonally adjusted production of advanced further. Substantial expansion of bank nondurable goods recovered. Output of leather, credit in December was followed by a sharp de- paper, chemical, and petroleum products incline in early January. creased. Crude oil extraction registered further gains and in early January reached new highs INDUSTRIAL PRODUCTION as export demands continued strong. Industrial production in December, as measured CONSTRUCTION by the Board's seasonally adjusted index, was 147 per cent of the 1947-49 average, up one Value of new construction rose slightly further point from the revised November figure and three in December to a seasonally adjusted annual rate points from December 1955. For the year 1956, of $44.7 billion. Private housing starts, seasonally industrial production averaged 143, four points, adjusted, showed little change and were at an anor 3 per cent, above 1955. nual rate of slightly more than 1 million units. In December, auto assemblies rose further and Value of contract awards was down moderately, activity in most producers' equipment lines reflecting a further sharp decline in residential reached new highs. Production of household construction awards. For the year as a whole, the goods, which decreased in November reflecting value of new construction was a record $44.3 some accumulation of inventories, apparently billion, 3 per cent above 1955. Housing starts changed little in December. Steel output was totaled slightly more than 1.1 million units, as maintained at capacity and was 3 per cent above compared with 1.3 million the year before. a year ago, while production of both ferrous and nonferrous castings and forgings continued below EMPLOYMENT Seasonally adjusted employment in nonfarm INDUSTRIAL PRODUCTION establishments in December continued at the rec- 1947-49=100 ord level of 52 million—1 million above a year ago. Reflecting increases in both the workweek and hourly earnings, weekly earnings in manufacturing rose further to $84.05, which was 5 per cent higher than a year ago. Unemployment, at 2.5 million, was little changed from a month ago and a year ago. DISTRIBUTION The dollar volume of department store sales, after seasonal adjustment, continued close to the record volume reached in November. With sales at most other groups of stores also strong in December, seasonally adjusted total retail sales con- Federal Reserve indexes, seasonally adjusted. Monthly fig- tinued at the November record and were about ures, latest shown are for December. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 FEDERAL RESERVE BULLETIN • JANUARY 1957 4 per cent above a year ago. Dealer deliveries Member bank borrowing from the Federal of new autos rose moderately further, but were Reserve declined to an average of $645 million below the advanced rate of December 1955; in the second half of December and early January dealer stocks also increased but remained sub- and excess reserves rose to $715 million. In late stantially below a year earlier. December System purchases of Government securities and the usual year-end rise in float sup- COMMODITY PRICES plied more reserves than were absorbed by an The general level of wholesale commodity outflow of currency, an increase in Treasury prices advanced further from mid-December to balances at the Reserve Banks, and a rise in remid-January and was 4 per cent above a year quired reserves. Subsequently, an inflow of curago. Average prices of industrial commodities rency and decreases in Treasury balances and continued to rise and prices of farm products required reserves were offset only in part by were maintained. System sales of Government securities and a Prices of various steel mill products were raised decline in float. and in mid-January finished steel averaged about 10 per cent above a year earlier. Crude oil SECURITY MARKETS prices rose 12 per cent, mainly due to export The yield spread between intermediate- and demands, and gasoline and fuel oils increased. long-term Treasury bonds narrowed substantially Cement, wool textiles, floor coverings, and some in late December and the first week of January; appliances also advanced, while scrap metals de- yields on long-term issues advanced steadily to clined. Rail freight rates were raised at the year- about 3.5 per cent and those on intermediate end, the second increase of 6 per cent in 1956. issues declined from more than 3.7 per cent to just over 3.5 per cent. Subsequently, yields on BANK CREDIT AND RESERVES all Government bonds declined. Treasury bills Total loans and investments at city banks rose declined nearly 20 basis points from the mid- $1.7 billion in December; three-quarters of the December seasonal high of about 3.3 per cent. rise was in loans, mainly to business. Sales fi- On January 11 the Treasury sold $1.6 billion of nance companies accounted for over half the rise June 24 tax bills to refund the maturing special in business loans. Holdings of United States bill sold for cash in October. Government securities increased as banks pur- Yields on corporate bonds increased further chased new Treasury tax-anticipation bills in midduring late December and early January, while December. In early January, bank credit dethose on State and local government bonds were clined substantially. relatively stable. Common stock prices changed little. PRICES 1947-49.100 LOANS AND INVESTMENTS - . WHOLESALE of dollars OTHER ^-W^X^ ALLCOMMODITIES - - FARM PRODUCTS - I , , 1 | , , CONSUMER ALL ITEMS ^ -— - FOODS Bureau of Labor Statistics indexes. "Other" wholesale prices exclude processed foods, included in total but not shown sepa- 1952 1953 1954 1955 1956 rately. Monthly figures, latest shown: November for consumer Federal Reserve data. Weekly figures, latest shown are for prices, and December for wholesale prices. January 2. 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 35 Reserve Bank discount rates; reserve requirements; margin requirements. 38 Federal Reserve Banks 39 Bank debits; currency in circulation. ... . 42 All banks: consolidated statement of monetary system; deposits and currency. 44 All banks by classes 45 Commercial banks, by classes. . . 48 Weekly reporting member banks. 50 Commercial loans; commercial paper and bankers' acceptances. . 52 Interest rates. ... ... .... 53 Security prices; stock market credit. 54 Savings institutions. 55 Federal business-type activities. . 56 Federal finance. 58 Security issues 62 Business finance . 63 Real estate credit. .... 65 Short- and intermediate-term consumer credit. . 68 Selected indexes on business activity. . 72 Production. 73 Employment and earnings. . 80 Department stores. . 82 Foreign trade 83 Wholesale and consumer prices. 84 National product and income series. . 86 Tables published in BULLETIN, annually or semiannually—list, with references. 30 Index to statistical tables. 115 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. 33 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 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 2 0 35 30 25 20 TREASURY CASH AND DEPOSITS ^ -i-NONMEMBER DEPOSITS^ 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS - — -1 A DISCOUNTS AND ADVANCES I FEDERAL RESERVE FLOAT | | 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending December 26. See p. 35. 34 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 Treas-| reserves, reserves U. S. Govt. securities ury Cur- Treas-| with F. R. Banks e W nd e i e n k g Total B r o o ig u u h t g - t ht] r a u c H e g n h p e r a d u e l s e d e r e r - - c v D o a a a n i u n d s c d n - - e t s s l Float Total s G to o c ld k r s c o e t i a u n n u n g r c t d - - y -1 r c t e c u i i n i o n l r c a n - y - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o ig r n - Other c O F o . a t u c h R - n e t . r sl Total qu R i e r - ed2 c E e x ss - 2 ment Averages of daily figures 1955 Nov. 2 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16 24,068 24,018 50 1,173 1,01326,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23 23 —' 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30 24;ooi 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 95726,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 989118,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,746!27,101 21,689 5,008 31,364 772 401 469 336 1,010 19,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4.. 24,785 24,391 394 584 1,53926,936 21,690 5,008 31,153 773 356 438 513, 939 19,464 18,887 577 Jan. 11.. 24,308 24,191 117 801 l,242l26,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18.. 23,804 23,802 2 9221 1,12525,872 21,692 5,008 30,632 786 360 417 321 92019,136 18,543 593 Jan. 25.. 23,517 23,517 815 1,12825,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 1.. 23,416 23,414 999 81425,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8.. 23,423 23,423 822 84025,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 F F e e b b . . 2 1 2 5 . . . . 2 2 3 3 , , 3 3 4 8 9 9 2 2 3 3 , , 3 3 4 3 9 3 It 9 6 7 2 6 2 1,3 83 3 : 3 2 2 5 5 , , 1 3 7 6 4 0 2 2 1 1 , , 6 6 9 9 4 4 5 5, , 0 0 1 1 1 0 3 3 0 0 , , 2 2 4 1 7 0 7 8 9 0 4 0 4 5 2 5 8 7 3 3 7 6 7 2 4 3 0 6 0 6 , 9 0 3 2 2 6 1 1 8 8 , , 6 7 9 4 3 9 1 18 8 , , 1 1 7 4 5 4 5 5 4 7 9 4 Feb. 29.. 23,435 23,384 758 88025,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7. 23,518 23,426 92| 7491 83525,118 21,695 5,011 30,202 783 461 360 327 ,023118,670 18,137 533 Mar. 14. 23,505 23,410 95 975 81 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 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,06919,204 18,587 617 Mar. 28. 23,508 23,495 13 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 ,06919,028 18,455 573 Apr. 4. 23,634 23,587 47 986 1,02: 25,658 21,716 5,017 30,321 784 560 347 444 ,07518,860 18,322 538 Apr. 11. 23,521 23,518 ,119 82625,481 21,727 5,016 30,300 782 508 328 307 ,08218,917 18,284 633 Apr. 18. 23,399 23,377 22! ,109 97: 25,497 21,741 5,018 30,290 785 531 347 313 ,08118,909 18,318 591 Apr. 25. 23,282 23,282 ,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 ,089 86425,266 21,743 5,023 30,181 786j 575 338 385 99818,767 18,359 408 May 9 23,352 23,252 100 ,114 84425,325 21,768 5,025 30,2961 781 555 334 321 98218,848 18,295 553 May 16 23,279 23,226 53| ,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 53 732 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 97025,251 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| 1,36925,621 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 1,231 25,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11 23,836 23,826 10 880] 1,169 25,903 21,826 5,031 30,923 770 437 309 290| 999900| 19,040 18,285 755 July 18 23,490 23,487 849 1,412 25,769 21,827 5,031 30,808 768 595 320 278 987|18,869 18,240 629 July 25 23,408 23,408 573 1,393 25,393 21,828 5,032 30,632 773 556 288 267 994|18,744 18,187 557 Aug. 1 23,418 23,418 6901 1,04625,172 21,829 5,034 30,575 772 519 284 273 1,021 18,591 18,115 476 Aug. 8. 23,418 23,418 917 82925,182 21,855 5,035 30,633 769 530 319 284 949|18,588 18,018 570 Aug. 15. 23,439 23,418 21 9601 83' 25,254 21,856 5,036 30,681 773 539 335 277 18,593 18,014 579 Aug. 22. 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 19,117 18,464 653 Aug. 29. 23,622 23,592 30 935 82925,404 21,857 5,041 30,618 7761 481 318 282 944|18,883 18,375 508 Sept. 5. 23,849 23,818 796 78' 25,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12. 23,858 23,829 1,012 1,04525,934 21,883 5,042 30,910 770] 518 381 252 94119,088 18,394 694 Sept. 19. 23,691 23,673 654 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 705 1,39425,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 810| 1,06725,593 21,884 5,046 30,769 776 551 325 214| 95318,935 18,456 479 Oct. 10. 123,840 23,766 857 99025,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17. 23,860 23,846 714| ,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. 23,736 23,736 564 ,54725,866 21,909 5,048 30,864 777 505 293 291 956|19,137 18,574 563 Oct. 31. 23,708 23,668 40 674 ,06225,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 ,08425,762 21,909 3,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945, ,04025,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 ,54326,266 21,910 5,055 31,269| 771 441 303 292 84419,311 18,701 610 Nov. 28. 24,202 24,110 9: 631 ,51426,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460| 1,268 26,165 21,953 5,060 31,451 770 408 344 228 91019,068 18,682 386 Dec. 12. 24,652 24,493 159 709 1,226 26,633 21,924 5,062 31,660 775 357 342 264 1,001 19,220 18,653 567 Dec. 19. 24,785 24,489 296 555 1,835 27,223 21,927 5,064 31,835 776 498 389 169 1,011 19,535^18,914 Dec. 26. 24,906 24,574 332 667 2,20827,842 21,949 5,066 31,992 765 635 393 258 1,024 19,790*>19,072 Preliminary. For other footnotes see following page. 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 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 Period U. S.Govt. securities T c u r u e r r y a - s- r C en u c r- y Treas- with r F es . e R rv . e B s, anks Other reserves d o a r te Total B r o o ig u u h t g - t ht r u c H e n h p e a d u l s e d r e r - c v D o a a a n n u d is c d n - - e ts s Float Total i s G to o c ld k r s o e t i a n n u n g c t- d y - c t c u i i o l r a n - - h c i o n a l g s d h s - T u re ry as- F ei o g r n - Other c F o a . u c R n - t . s Total qu R ir e e - d2 c E es x s - 2 agreement Averages of daily figures 1955 Dec 24,602 24,318 284 840 1,389 26,853 21,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan 23,897 23,824 73 808 1 15225,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Feb 23,401 23,375 26 800 96525,183 21,694 5,011 30,214 796 480 364 351 97318,709 18,177 532 Mar 23 522 23,449 73 993 98725,517 21,711 5,013 30,256 783 532 349 350 1 04818,924 18,340 584 Apr 23,410 23,393 17 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,067 18,847 18,320 527 May 23 322 23,262 60 971 92825,237 21,768 5,028 30,322 785 556 331 322 98218,735 18 268 467 June 23,522 23,486 36 770 1,206 25,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 July 23 580 23,573 7 738 1 26325,599 21,826 5 032 30,751 771 521 300 280 99918,836 18 237 599 Aug 23,530 23,488 42 898 91025,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Sept. . .23 728 23,695 33 792 1 19825,737 21 880 5 043 30,803 772 523 356 237 94619,024 18 446 578 Oct 23,781 23,742 39 715 1,182 25,698 21,906 5,048 30,864 776 487 337 299 95018,939 18,419 520 Nov 24,024 23,951 73 745 1,30026,097 21,910 '5.056 31,198 774 456 308 313 84519,169 18,579 590 Dec 24,765 24,498 267 706 1 63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 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 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec... 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec... 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954—Dec... 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—June.. 23,607 23,554 53 128 85024,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 End of momth 1955 Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 23,466 23,466 852 78625,122 21,693 5,009 30,228 797 428 355 349 91918,750 18,311 439 Feb 23,482 23,426 56 632 79124,920 21,695 5,012 30,163 789 554 363 305 1,025 18,428 18,162 266 Mar 23 636 23,587 49 872 1 23825,761 21,716 5,020 30,339 777 534 354 623 1,069 18,799 18,276 523 Apr. . .. 23,345 23,245 100 1,204 74425,307 21,743 5,025 30,210 783 578 330 404 98418,784 18,325 459 May 23 474 23,360 114 1,160 72625,377 21,772 5,030 30,513 779 515 307 309 98318,773 18,204 569 June 23 758 23 712 46 232 1 21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18 449 -6 July 23,438 23,438 452 95924,868 21,830 5,035 30,604 761 513 308 288 95018,308 18,104 204 Aug 23 854 23,828 26 832 77125,480 21,858 5,041 30,757 768 422 350 252 94318,888 18,377 511 Sent. 23,680 23,590 90 664 1,125 25,487 21,884 5,046 30,768 771 535 334 227 95018,831 18,450 381 Oct 23,767 23,688 79 538 91025,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Nov 24 385 24,255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 Dec 24,915 24,610 305 50 1,665 26,699^21,949*>5,066"31,786 441 322 426 90119,059^19,075 Wednesday 1956 Oct. 3 23,735 23,653 82 975 97325,702 21,884 5,045 30,786 777 547 377 198 95718,989 18,443 546 Oct. 10 23,865 23,833 32 579 86025,325 21,910 5,046 30,932 776 425 303 297 95818,588 18,305 283 Oct. 17 23,860 23,860 452 1,31525,646 21,909 5,047 30,882 783 423 341 293 95718,924 18,448 476 Oct. 24 23,683 23,683 838 1,12725,668 21,909 5,049 30,771 785 606 277 298 95618,933 18,497 436 Oct. 31 23,767 23,688 79 538 91025,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Nov. 7 23 857'23 798 59 1 087 57725 548 21,909 5,055 31,042 778 400 290 287 84618,871 18 378 493 Nov. 14 23 945 23,904 41 375 1 07825,427 21,910 5,055 31,196 775 415 342 305 84418,515 18 403 112 Nov 21 24,143 24,068 75 595 1,523 26,287 21,910 5,055 31,380 769 392 300 279 84219,290 18,792 498 Nov. 28 24,284 24,220 64 359 1,28025,951 21,910 5,056 31,347 774 479 373 167 84218,934 18,819 115 Dec 5 24,454 24,365 89 570 1,096 26,156 22,010 5,061 31,522 780 338 310 279 99918,999 18,691 308 Dec. 12 24,669 24,515 154 559 1,251 26,526 21,909 5,062 31,718 779 314 422 183 1,001 19,081 18,767 314 Dec 19 24,909 24,568 341 772 2,14727,883 21,931 5,065 31,890 787 770 405 167 1,024 19,836^19,181 Dec. 26 ... . 24,940 24,610 330 650 1,51827,171 21,949 5,066 32,018 766 533 382 321 1,025 19,140 #140 p Preliminary. 'Revised cCorrected. 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 37 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l k r 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 - Item and period b m a A b e n e l m 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—Nov 18,902 4,257 ,144 7,840 5,660 1955—Nov 525 14 3 38 470 Dec 19,240 4,432 ,166 7,924 5,716 Dec 594 35 2 60 497 1956 Jan 19 138 4 293 178 7 934 5 732 1956 Jan 552 —24 _1 72 505 Feb 18,709 4,196 ,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 ,137 7,796 5,619 Mar 585 28 2 84 470 Apr 18 847 4 287 105 7 814 5 641 Apr 527 — 12 _1 64 476 May '18,735 4,264 ,119 7,775 5,577 May 467 10 2 49 406 June 18 933 4 354 133 7 784 5 662 June . . 575 13 4 78 479 July 18,836 4,237 ,129 7,796 5,675 July 599 12 3 89 496 18 783 4 236 130 7 783 5 633 Aug . 559 10 1 79 469 Sept 19,024 4,288 ,120 7,885 5,732 Sept 579 80 498 Oct 18 939 4 222 111 7 869 5 736 Oct... 520 8 4 52 456 19,169 4,244 ,122 7,960 5,843 Nov 590 13 3 83 491 Week ending: Week ending: 1956—Nov. 21 19 311 4 229 129 8 003 5 949 1956—Nov. 21 .. 609 — 11 2 64 554 Nov. 28 19,375 4,332 ,115 8,032 5,896 Nov. 28 622 43 2 87 490 Dec. 5 19 068 4 301 129 7 958 5 680 Dec 5 386 — 10 3 57 336 Dec. 12 19,220 4,320 ,118 7,966 5,817 Dec. 12 567 22 3 70 472 Dec. 19 19 535 4 434 134 8 068 5 898 Dec 19 *>621 12 _2 73 j>538 Dec. 26 19,790 4,465 ,162 8,156 6,007 Dec. 26 »718 21 6 86 "605 Required reserves:2 Borrowings at Federal Reserve Banks: 1955—Nov 18,378 4,243 ,142 7,802 5,191 Dec 18,646 4,397 ,164 7 865 5,220 1955—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 I 106 7 750 5 165 Mar 993 202 258 382 151 May 18,268 4,254 ,117 7,726 5,171 Apr 1,060 155 261 493 151 18,359 4,341 ,130 7,706 5,183 May 971 98 155 517 201 July 18 237 4 225 I 127 7 707 5 179 769 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 5,234 898 168 74 461 195 Oct 18 419 4 214 I 107 7 817 5 281 Sect 792 204 93 377 118 Nov 18,579 4,231 1,119 7,877 5^352 Oct 715 200 118 299 98 Nov 744 226 143 276 99 Week ending: 1956—Nov. 21 18,701 4,240 1,127 7,939 5,395 Week ending: Nov. 28 18,754 4,289 1,113 7,946 5,406 1956—Nov. 21 660 248 147 203 62 Dec 5 ... . 18,682 4,311 1,126 7,901 5,344 Nov. 28 629 170 125 252 82 Dec. 12 18,653 4,298 1,114 7,896 5,345 Dec. 5 458 24 55 280 99 Dec. 19 ^18,914 4,423 1,136 7,995 *>5,36O Dec. 12 699 133 103 286 177 Dec. 26 *19,072 4,444 15fi 8,070 P5.402 Dec. 19 527 79 78 206 164 Dec. 26 641 165 88 224 164 November 1955 Free reserves2 * Deposits: 1955—Nov -491 -265 -67 -500 341 Dec -245 -162 -83 -338 338 Gross demand deposits: Total 115,670 23,163 6,091 45,511 40,904 1956 Jan . -255 -198 -83 -353 379 12,870 4,022 1,194 6,319 1,336 Feb -266 -138 -103 -336 310 Other 102,800 19,141 4,898 39,193 39,568 Mar -408 -174 -256 -298 319 Net demand deposits 3... 99,748 20,351 5,381 38,818 35,197 Apr -533 -167 -262 -429 325 40,402 3,452 1,312 16,297 19,341 May -504 -88 -153 -468 205 Demand balances due -194 -33 -111 -356 305 from domestic banks.., 6,341 72 106 1,943 4,219 July -139 -108 -48 -344 360 Aug -339 -158 -73 -382 274 Sept -213 204 93 297 380 November 1956 Oct -195 -192 — 114 -246 358 Nov -154 -214 -140 -193 393 Gross demand deposits: Week ending: Total 117,919 23,320 6,067 46,198 42,334 1956—Nov. 21 -51 -259 -145 -139 492 13,608 4,289 1,269 6,659 1,391 Nov. 28 -7 -127 -123 -165 408 Other 104 311 19 031 4 799 39 539 40 942 Dec 5 —72 — 34 — 52 —223 237 Net demand deposits 3... 100,845 20,316 5,272 39,078 36,180 Dec. 12 -132 -111 -100 -216 295 41,717 3,353 1,294 16,860 20,209 Dec. 19 *>94 -67 -80 -133 *374 Demand balances due Dec. 26 *77 -144 -82 -138 P441 from domestic banks... 6,716 74 105 2,016 4,521 P Preliminary. * Corrected. 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

38 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper (Sec. 10(b)) (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Aug. 28,1956 Aug. 28,1956 4 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 4 Aug.27, 1956 Richmond. . . Aug. 24,1956 Aug. 24,1956 4 Aug. 24, 1956 Atlanta Aug. 28,1956 Aug. 28,1956 4 Aug. 28, 1956 Chicago Aug. 24,1956 Aug. 24,1956 4 Aug.24, 1956 St. Louis Aug. 28,1956 Aug. 28,1956 4 Aug. 28, 1956 Minneapolis.. Apr. 13,1956 Apr. 13,1956 4* Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31,1956 Aug. 31, 1956 Dallas Aug. 28,1956 Aug. 28,1956 4 Aug. 28, 1956 San Francisco Apr. 13,1956 Apr. 13,1956 4 Apr. 13, 1956 i Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 1930— J M M F u e n a a b y e r . . 2 1 0 2 7 4 4 i* 1 1 1 9 9 9 4 4 4 2 6 8 — _ _ A J A O a p u c n r t g . . . . 2 1 1 3 5 2 3 0 W 2 A J/2 Ef o fe f c c ti h v a e n g d e ate C re e c s n i e t t r y r v a e l Re c s i e ty rve Dec. 24 1950—Aug. 21 banks banks 1931—May 8 I 1953—Jan. 16 2 4 Oct. 9 1954—Feb. 5 WA Oct. 16 Apr. 16 1932— J F u e n b e . 2 2 4 6 1955_A A p u r g . . 1 5 5 |8 1917_jUne 21 13 10 1933— A O M M c p a a t r y r . . . 2 2 7 0 6 3 b 1956— N A S A e u o p p g v r t . . . . 2 1 1 9 4 8 3 2 2 2 V V 1/ A A 2 1 1 9 9 3 36 7 — — M A M u a a g y r. . 1 1 1 6 2 2 1 6 2 91 3 / 4 i 2 1 1 7 0 5 1/2 1934_Feb. 2 1938—Apr. 16 2234 171/2 1937—Aug. 27 In effect Jan. 1,1957 3 1941_Nov. 1 26 20 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*.... .231/2 191/2 Aug. 16, 18* 23 19 Aug. 25 g* I8I/2 MARGIN REQUIREMENTS i 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 Jan. 1, 1957.... 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 Minimum 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 c a s s i e n e t r r d y v v e e C ba o tr n u y k n s banks 7 3 h IOI/2 1214 14 6 12 5 5 14 6 6 16 71/2 71/2 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 1 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, 1943-June 30, 1947). * 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 39 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Dec. Nov. Dec. Gold certificates account 20,394,392 20,366,393 20,364,392 20,467,39120,367,394 20,374,393 20,367,392 20,141,353 Redemption fund for F. R. notes.. 874,952 874,511 858,146 856,875 860,020 894,951 860,020 867,842 Total gold certificate reserves. 21,269,344 21,240,904 21,222,538 21,324,266 21,227,414 21,269,344 21,227,412 21,009,195 F. R. notes of other Banks 280,511 291,980 285,108 286,086 295,509 350,598 286,637 344,535 Other cash 277,109 287,409 297,104 313,211 326,336 306,196 334,677 340,898 Discounts and advances: For member banks 624,724 745,426 526,987 567,624 356,843 25,027 516,498 106,762 For nonmember banks, etc 25,000 27,000 32,000 2,000 2,000 25,000 2,000 1,000 Industrial loans 805 816 817 811 799 794 802 702 Acceptances—Bought outright 33,043 31,764 31,764 25,737 21,782 33,541 22,783 23,802 Held under repurchase agreement. 28,919 22,112 15,084 10,468 5,176 35,222 10,306 4,403 U. S. Government securities: Bought outright: Bills 77 1,721,270 1,679,770 ,626,520 1,476,120 1,331,720 1,721,270 1,366,420 1,502,696 Certificates—Special Other 10,932,69910,932,69910,932,69910,932,699 10,932,69910,932 10,932,699 920,699 Notes 9,153,913 9,153,913 9,153,913 9~, 153,913 " 153,913 9,153! 9,153,913 165,913 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 801,750 2,801 2,801,750 801,750 Total bought outright 24,609,632 24.568,132 24,514,882 24.364,482 24,220,082 24609632 244,254,782 24.391,058 Held under repurchase agreement. 330,600 340,600 153,700 89,200 64,000 305;100 130,100 393,575 Total U. S. Government securities. 24,940,232 24,908,732 24,668,582 24,453,682 24,284,082 24,914,732 24,384,882 24,784,633 Total loans and securities 25,652,723 25,735,850 25,275,234 25,060,322 24,670,682 25,034,316 24,937,271 24,921,302 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,879,847 6,408,347 5,065,687 A,165,919 ,021,218 5,623,921 4,906,234 5,502,663 Bank premises 73,641 73,399 73,311 73,342 72,980 73,361 73,050 61,164 Other assets 243,897 233,282 243,570 231,073 376,148 252054 379,244 160,227 Total assets. 52,677,094 54,271,19352,462,574 52,054,30151,990,309 52,909,812 52,144,547 52,340,006 Liabilities Federal Reserve notes 27,596,336 27,501,680 27,329,532 27,154,509 27,004,691 21,415,651 27,063,872 26,920,941 Deposits: Member bank reserves 19,140,16419,835 67519,080,840 18,998,888 18,933,626 19,058 790 19,208,349 19,004,930 U. S. Treasurer—general account. 532,728 769 623 313 338;046 447799 — 441 243 462,641 393,863 Foreign 381,531 405 347 422; 310;464 373 322 294 356,474 401,986 Other 321,470 167032 183; 278;901 167; 426 325 181,688 554,272 Total deposits. 20,375,893 21,177,677 20,000,084 19,926,299 19,953,356 20,248,652 20,209,15220,355,051 Deferred availability cash items 3,361,986 4,261. 3,814,763 3,670,122 3,740,745 3,959,006 3,576,536 ,917,294 Other liabilities and accrued dividends1. 30,679 29; 27,914 26,242 24,814 17,279 25,238 14,687 Total liabilities. 51,364,894 52,969,933 51,172,29350,777,172 50,723,606 51,700,594 50,874,798 51,207,973 Capital Accounts Capital paid in 325,121 324,849 324,216 321,574 321,179 325,602 321,472 302,739 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 747,593 693,612 693,612 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 265,924 255,256 244,910 234,400 224,369 108,480 227,122 108,139 Total liabilities and capital accounts. 52,677,094 54,271,19352,462,574 52,054,30151,990,309 52,909,812 52,144,547 52,340,006 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.3 43.6 44.8 45.3 45.2 44.6 44.9 44.4 Contingent liability on acceptances purchased for foreign correspondents , 49,750 51,225 51,635 51,248 52,113 50,055 51,685 33,461 Industrial loan commitments 2,369 2,160 2,161 2,166 2,178 2,365 2,175 2,294 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 649 724 772,426 558 987 569,624 358,843 50,027 518,498 107,762 Within 15 days 623;414 743,532 529;648 564,787 354,001 24,130 513,206 103,312 16 days to 90 days L236 3,799 4 168 4,776 4,765 897 5,218 4,450 91 days to 1 year 25;074 25,095 25;171 61 77 25,000 74 Industrial loans—total 805 816 817 811 799 794 802 702 Within 15 days 68 75 13 13 1 13 2 1 16 days to 90 days 4 4 68 68 66 61 69 4 91 days to 1 year 463 468 456 450 452 460 460 587 Over 1 year to 5 years 270 269 280 280 280 260 271 110 Acceptances—total 61 962 53,876 46 848 36,205 26,958 68,763 33,089 28,205 Within 15 days 35 665 29,387 21 539 14,464 9,983 42,232 13,975 9,019 16 days to 90 days 26 297 24,489 25 309 21,741 16,975 26,531 19,114 19,186 U. S. Government securities—total 24,940 232 24,908,773322 24,668 582 24,453,682 24,284,082 24,914,732 24 384,882 24,784,633 Within 15 days 624 650 534,400 216 900 228,400 "231,599 599,150 '155,499 737,025 16 days to 90 days 6,439 220 497,970 6,575 320 6,348,920 6,096,820 6,439,220 ;273,720 171,246 91 days to 1 year 15,074 15074,612 15,074 61215,074,612 153,913 15,074,612 9,153,913 860,764 Over 1 year to 5 years 373 373,279 373 279 373,279 '373,279 373,279 373,279 587,127 Over 5 years to 10 years 1,013 013,614 1,013 614 ,013,614 ,013,614 ,013,614 ,013,614 013,614 Over 10 years 1,414 414,857 1,414 857 ,414,857 ,414,857 ,414,857 ,414,857 414,857 1 No accrued dividends at end-of-December dates. 2 Holdings under repurchase agreements are classified as maturing withing 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1956 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 871,773 5,402,485 1,051,2731,934,7991,315,476 832,066 3,606,373 821,262 351,393 798,610 727,344 2,661,539 Redemption fund for F. R. notes 57,026 198,738 63,053 77,869 71,140 51,173 161,000 43,812 22,952 41,614 26,197 80,377 Total gold certificate reserves 928,799 5,601,2231,114,326 2,012,6681,386,616 883,239 3,767,373 865,074 374,345 840,224 753,5412,741,916 F. R. notes of other Banks.. 29,465 53,311 35,132 19,697 31,349 54,054 29,609 13,676 14,377 9,327 28,288 32,313 Other cash 22,291 61,624 13,116 21,212 18,749 23,034 48,569 23,357 9,319 12,462 14,956 37,507 Discounts and advances: Secured by U. S. Govt. securities 325 1,400 6,175 1,250 3,250 1,850 5,500 150 3,530 1,397 200 Other 1,475 7,150 1,800 2,275 1,275 1,100 3,500 950 625 950 1,275 2,625 Industrial loans , 312 440 42 Acceptances: Bought outright 33,541 Held under repurchase agreement 35,222 U. S. Govt. securities: Bought outright 1,352,693 6,193,7031,478,817 2,128,5611,515,1911,265,4034,293,6921,027,452 555,8581,066,335 978,085 2,753,842 Held under repurchase 305,100 Total loans and securities... 1,354,805 6,576,116 ,487,232 2,132,086 1,519,716 1,268,3534,302,692 1,028,552 560,055 ,068,682 979,360 2,756,667 Due from foreign banks 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items 525,927 1,039,318 405,812 540,172 417,564 411,223 951,921 208,733 135,945 254,312 250,706 482,288 Bank premises 5,361 9,397 4,782 7,805 7,220 4,687 5,882 4,443 4,719 4,346 3,970 10,749 Other assets 13,445 62,069 14,884 21,489 15,336 13,382 45,720 10,354 5,686 10,820 10,584 28,285 Total assets. 2,880,09413,403,064 3,075,286 4,755,1313,396,5512,657,9739,151,769 2,154,1901,104,447 2,200,174 2,041,406 6,089,727 Liabilities F. R. notes 1,623,169 6,414,299 1,756,490 2,592,654 2,181,224 1,371,607 5,273,4391,211,029 498,236 1,075,190 726,0412,752,279 Deposits: Member bank reserves 778,900 5,540,767 859,6771,470,223 814,961 905,1113,063,567 699,664 398,117 860,4241,013,277 2,654,102 U. S. Treasurer—general account , 33,984 56,548 27,841 31,313 28,484 24,258 69,236 31,063 22,652 37,771 39,654 38,439 Foreign , 17,464 2110,925 21,312 26,936 15,096 13,024 41,440 11,248 7,400 11,248 15,096 31,105 Other 6,197 269,748 16,865 10,971 8,820 7,233 22,804 7,248 3,835 6,157 6,884 59,563 Total deposits 836,545 5,977,988 925,695 1,539,443 867,361 949,626 3,197,047 749,223 432,004 915,600 1,074,9112,783,209 Deferred availability cash items.. 348,117 672,671 306,868 513,240 283,634 280,190 507,453 146,317 142,597 161,017 177,690 419,212 Other liabilities. 662 6,060 800 1,454 970 684 3,196 540 595 534 440 1,344 Total liabilities.... 2,808,49313,071,018 2,989,853 4,646,7913,333,189 2,602,107 8,981,135 2,107,1091,073,432 2,152,3411,979,082 5,956,044 Capital Accounts Capital paid in 16,801 93,991 20,629 31,046 14,817 15,493 44,408 11,084 7,182 13,025 18,019 39,107 Surplus (Sec. 7) 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 U37 1,307 2,140 Other capital accounts. 7,841 22,734 8,014 9,895 7,602 6,432 14,376 6,145 4,240 5,688 5,490 10,023 Total liabilities and capital accounts 2,880,09413,403,064 3,075,286 4,755,1313,396,5512,657,973 9,151,769 2,154,190 1,104,447 2,200,174 2,041,406 6,089,727 Reserve ratio 37.8% 45.2% 41.5% 48.7% 45.5% 38.1% 44.5% 44.1% 40.2% 42.2% 41.8% 49.5% Contingent liability on acceptances purchased for foreign correspondents 2,938 314,498 3,586 4,532 2,540 2,191 6,972 1,892 1,245 1,892 2,540 5,229 Industrial loan commitments.. 15 121 101 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $35,557,000 participations of other Federal Reserve 2 After deducting $211,344,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 41 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 Dec. 26 Dec. 19 Dec. 12 Dec. 5 Nov. 28 Dec. Nov. Dec. F. R. notes outstanding (issued to Bank). 28,533,465 28,452,089 28,349,236 28,204,060 28,009,171 28,532,52728,105,803 27,989,142 Collateral held against notes outstanding: Gold certificate account 11,918,000 11,918,00011,888,000 11,888,000 11,768,00011,618,000 11,868,00011,713,000 Eligible paper 92,863 95,558 101,388 105,195 127,688 7,722 154,053 52,387 U. S. Government securities 17,285,000 17,285,00017,235,000000 17,235,000 17,135,00017,605,000 17,135,000 17,185,000 Total collateral 29,295,863 29,298,558 29,224,388 29,228,195 29,030,688 29,230,722 29,157,053 28,950,387 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 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) 1,676 884 6,655,5151,855,738 2,665,145 2,251,8321,437,728 5.404,795 1,265,818552,463 ,106,161771,479 2,888,969 Collateral held: Gold certificate acct. 580,000 2,870,000 660,000 1,130,000 945,000 450,000 2;300,000 450,000150,000 300,000 283,0001,500,000 Eligible paper 6,175 150 1,397 U. S. Govt. securities. 1,200,000 3,900,000 1,200,0001,550,000 1,350,000 1,000,000 3,200,000 900,000 460,000 820,000 525,000 ,500,000 Total collateral 1,780,000 6,770,000 1,866,175 2,680,000 2,295,000 1,450,000 5,500,000 1,350,150 610,000 1,121,397 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n 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 A e o o t o t p m v e n u - e d - o n d i t t) ( s a t L a m o n o u o d a t u n i - n n s g t) 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 r i 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 g t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r a - u t L t o h o o d a A r a n i t z m s e e o d unt 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 u o a A b n v u n a o t d a t d m e m s r i d e e l r t i a e r a o o t b n a n i w u g o l g t d e n 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 >,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 J,289 1952 1,159 2,124 979 803 586 1953..... 3,765 803,429 1,951 1,900 3,569 $,469 1953 1,294 2,358 805 666 364 1954..... 3,771 818,224 520 719 1,148 *1,027 1954 1,367 2,500 472 368 273 1955 1955 Nov . 3,777 826,111 45 704 2,339 1,107 Nov 1,404 2,568 281 217 192 Dec . 3,778 826,853 305 702 2,293 1,103 Dec 1,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan 1,415 2,581 281 216 178 Feb . 3,778 827,529 45 695 2,444 1,152 Feb 1,419 2,636 298 228 170 Mar . 3,778 828,016 45 658 2,455 1,132 Mar 1,427 2,654 338 253 167 . 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 . 3,780 829,485 45 933 2,571 1,288 May 1,435 2,663 340 256 175 June.... . 3,780 830,116 904 2,565 1,287 1,441 2,710 363 270 186 July.... . 3,781 830,630 75 954 2,427 ,262 July 1,445 2,724 364 273 176 Aug.... . 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept . 3,781 831,409 938 2,416 ,262 Sept 1,456 2,737 369 276 145 Oct . 3,781 831,882 867 2,236 ,179 Oct 1,459 2,743 364 272 145 Nov . 3,781 832,071 801 2,175 098 Nov 1,464 2,756 375 280 141 1 Includes applications approved conditionally by the Federal Reserve i 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

42 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION \i [In effect December 31. Per cent per annum] [In effect December 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R F B e e d s a e e n r r k v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta r g an e te o e f d in ( b p t y e e r r e b c s e o t n rr t 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 lo O an n s 2 co m m O e m n n t i s t- fo P r o r w ti h o i n ch m R a e in - - co m m O e m n n t i s t- 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 Over 95 40-50 40-50 New York... Philadelphia.. Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago St. Louis Interest rate Minneapolis.. 4) Kansas City.. 4 Commitment rate. Dallas San Francisco 3-5V i Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing 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. « Twenty-five per cent of loan rate. Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of XA 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 * centers2 City centers1 centers2 City centers1 centers2 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 1956 2,200,643 815,856 462,859 921,928 *>29.0 »21.9 1955_Oct.. 175,779 67,568 35,803 72,409 44.7 26.5 20.3 46.1 27.3 20.3 Nov. 173,190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec. 200,523 81,027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20.5 1956—Jan.. 187,364 69,675 40,718 76,970 45.7 29.5 21.7 45.5 30.1 21.5 Feb.. 162,107 57,413 35,143 69,551 41.1 27.5 21.0 42.2 28.2 21.1 Mar. 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr., 176,760 65,715 37,*763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May, 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June, 186,540 70,733 38,937 76,870 47.0 28.9 21.6 43.5 28.3 21.6 July. 181,284 65,873 38,653 76,757 45.9 29.6 22.4 47.1 30.2 22.7 Aug. 183,819 67,279 38,206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept 167,154 61,223 34,057 71,874 44.8 27.4 22.0 43.7 27.7 21.7 Oct.. 193,140 70,794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22.1 Nov. r185,223 66,989 39,425 •78,810 48.3 31.0 23.6 48.8 30.5 22.4 Dec. 201,876 77,495 40,912 83,469 51.8 *23.6 45.8 P28.7 r Revised. 2 338 centers prior to April 1955. * 1 B Pr o e s l t i o m n i , n a P ry h . iladelphia, 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 43 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941... 11,160 8,120 7S1 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 ,274 J fHQ 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 ,484 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 L, 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_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 May 30,513 21,621 1,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June 30,715 21,801 1,948 1,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 July 30,604 21,709 1,957 1,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 3 8 AUK 30,757 21,838 067 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 8 Sept 30,768 21,834 V,917 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 3 8 Nov 31,424 22,374 2,016 1,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Total out- Held by standing, As security For F.R. Kind of currency No 1 v 9 . 5 6 30, g a o s g l i d a lv in a e n s r t d Tr c e a a s s h ury B F a a . n n R d k . s a B g a a e n n n d k t s s No 1 v 95 . 6 30, O 1 c 9 t. 5 6 31, No 1 v 9 . 5 3 5 0, certificates agents Gold .. 21 910 21,260 2650 Gold certificates 21,260 18,412 2,816 33 33 34 Federal Reserve notes 28,106 77 1,329 26,701 26,159 26,340 Treasury currency—total 5,061 ^2,419 36 335 4,690 4,647 4,619 Standard silver dollars .... 489 210 28 6 245 244 229 Silver bullion . 2 209 2 209 Silver certificates and Treasury notes of 1890 ^2,419 266 2,153 2,132 2,157 1,336 3 30 1,303 1,288 1,245 475 2 6 468 464 448 United States notes 347 3 27 317 315 319 Federal Reserve Bank notes 142 141 142 156 National Bank notes 64 (4) 63 63 66 Total Nov 30 1956 23,680 763 18,412 4,479 31,424 Oct. 31, 1956 23,665 778 18,408 4,483 30,839 Nov. 30 1955 23,445 778 18,187 4,305 30,993 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. 36. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 4 Less than $500,000. 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

44 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Date Gold T s r t c o e r u i a u n e n u r n a r g y c t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v e a o r n 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 n a p t o n i b e i e t t d 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 i n 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—Nov. 30.. 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31... 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25.. 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29.. 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28.. 21,700 5,000 214,900 101,600 92,600 67,100 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25.. 21,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30.. 21,800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30.. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25*., 21,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29*., 21,900 5,000 217.000 105,500 90,900 65.400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26* r, 21,900 5,000 218,000 106,700 90,500 65,200 23,600 1,800 20,800 244,900 224,000 20,900 Oct. 31*.. 21,900 5,100 218,900 107,400 91,000 65,500 23,800 1,800 20,500 245,800 224,800 21,000 Nov. 28*., 21,900 5,100 220,800 108,200 92,100 66,100 24,300 1,700 20,400 247,700 227,000 20,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d 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 an R t k . s Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u n v s t i i k u t n s s a g 2 l 3 s S ~S P a y i1 o v s s i t n t e a g m l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o a d s a e s d t e n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.., 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30... 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30... 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941_Dec. 31... 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31... 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31... 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.., 2,518 1,293 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 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1953—Dec. 31... 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 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—Nov. 30.., 3,200 800 4,500 500 212,200 77,400 47,700 27,800 ,900106,900 27,900 132,900 105,400 277,500 Dec. 31... 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,300 105,800 277,500 1956—Jan. 25.., 3,100 800 2,300 500 214,400 78,400 48,300 28,300 ,900108,900 27,100 133,300 106,000 277,300 Feb. 29... 3,000 800 4,000 600 211,600 78,800 48,500 28,400 ,800105,600 27,200 132,700 105,,400 277,300 Mar. 28.., 3,000 800 6,500 500 210,800 79,300 48,800 28,600 ,800104,400 27,200 133,100 105,600 277,500 Apr. 25.., 3,000 800 4,400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134,400 107,200 277,200 May 30.., 3,000 800 5,800 400 211,200 79,600 49,000 28,900 800 104,200 27,400 133,200 105,700 277,500 June 30... 3,115 768 5,537 522 213,643 80,615 49,698 29,152 104,744 28,284 134,300 106,700 277,600 July 25*., 3,100 800 3,600 600 213,300 80,700 49,700 29,200 700 105,200 27,400 134,300 106,800 277,500 Aue. 29*., 3,100 800 5.800 500 212,800 80,900 49,900 29,300 700 104.500 27.500 133,600 106,100 277,500 Sept. 26* r 3,200 800 5,400 600 214,100 81,300 50,100 29,500 1,700 105,400 27,400 134,100 106,700 277,400 Oct. 31*. 3,100 800 3,800 500 216,600 81,500 50,200 29,600 1,770000 107,400 27,700 133,600 106,100 277,500 Nov. 28*.. 3,400 800 5,200 500 217,100 80,900 49,600 29,600 1,700 108,200 28,000 134,300 106,700 277,600 P Preliminary. r Revised. 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, * 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 45 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 t a e nk Total Loans o G U t b io o l . i n v g S 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 a l o p i n i c a t t i d i - t a - e a l s l Total2 b In an te k r - 2 Dema O nd ther Time c c T a o a p o u c i t n - t a a t l s l b N a b o u n e f m k r s counts 3 U.S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 31* 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1954—Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 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 Nov. 30 189,100 98,650 69,840 20,610 42,470 235,120 211,860 14,780 4,210 116,980 75,890 18,210 14,264 Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76,844 18,112 14,243 1956—May 30 190,640104,430 65,700 20,510 40,800 235,010 210,890 13,690 5,450 113,580 78,170 18,710 14,218 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 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*>r 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110115,140 79,890 19,210 14,206 Oct. 31? 194,230108,270 65,460 20,500 43,160'241,370 216,570 15,380 3,480117,590 80,120 r19,260 14,194 Nov. 28* 195,750109,230 66,080 20,440 43,140 242,940 217,930 15,360 4,930118,070 79,570 19,380 14,186 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 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 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 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 4,172 116,567 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 5,078112,983 48,214 14,906 13,781 Nov. 30 159,390 81,390 61,370 16,630 41,580 204,100 184,020 14,780 4,210 116,930 48,100 15,390 13,737 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13.716 1956—May 30 159,690 85,960 57,310 16,420 39,970 202,780 181,980 13,690 5,450 113,520 49,320 15,820 13,691 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 July 25? 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290 114,110 50,020 15,940 13,677 Aug. 29? 161,030 87,470 57,170 16,390 39,730 204,090 183.150 14,460 5,460113,020 50,210 16,040 13,680 Sept. 26P r 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110 115,110 50,400 16,280 13,679 Oct. 31* 162,540 88,830 57,400 16,310 42,360r208,430 186,990 15,380 3,480 117,560 50,570 '16,330 13,667 Nov. 28*> 163,940 89,580 58,100 16,260 42,360 209,880 188,300 15,360 4,930 118,040 49,970 16,420 13,659 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 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 80,609 28,340 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 29,336 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 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6.611 Nov. 30 134,029 69,865 50,483 13,681 36,726 173,507 156,354 14,000 3,845 99,794 38,715 12,852 6i559 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—May 30 134,114 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 June 30 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 July 25*> 133,966 75,005 45,763 13,198 35,160 171,934 154,215 13,874 2,860 97,381 40,100 13,304 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 r 136,154 76,305 46,354 13,494 36,817 175,983 157,615 14,361 4,538 98,238 40,477 13,570 6,488 Oct. 31* 136,443 76,581 46,622 13,240 37,289 '176,878 158,492 14,645 3,168100,088 40,591'13,654 6,483 Nov. 28*> 137,613 77,296 47,143 13,174 37,271 178,043 159,593 14,617 4,401100,452 40,123 13,706 6,476 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1954—Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 27,277 2,757 528 Nov. 30 29,710 17,260 8,470 3,980 890 31,020 27,840 27,790 2,820 527 Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—May 30 30,950 18,470 8,390 4,090 830 32,230 28,910 28,850 2,890 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 July 25P 31,280 18,820 8,300 4,160 850 32,570 29,270 29,240 2,900 527 Aug. 29*> 31,470 19,060 8,250 4,160 830 32,750 29,370 29,340 2,920 527 Sept. 26? 31,630 19,240 8,210 4,180 830 32,920 29,520 29,490 2,930 527 Oct. 31P 31,690 19,440 8,060 4,190 800 32,940 29,580 29,550 2,930 527 Nov. 28? 31,810 19,650 7,980 4,180 780 33,060 29,630 29,600 2,960 527 v Preliminary. r Revised. 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

46 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— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i l o . o i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b a i a a l p i n c t i d i - t e a s l Total* b In a t n e k r * - Demand Time c c a o a p u c i n - ta ts l ba b o n e f r ks counts 3 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 A1,238 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 A1,207 866 12,051 807 1,648 36 1945—Dec. 31 26 143 7 334 17 574 1,235 6,439 32 887 30,121 AL657 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 A1,464 267 19,040 1,445 2,259 37 1950—Dec 30 20 612 9 729 8 993 1,890 7,922 28 954 25 646 At,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 t5,709 736 19,414 2,392 2,803 21 1955 June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 A5,454 1,131 18,926 2,281 2,715 18 Nov. 30 23,212 14,536 6,546 2,130 7,591 31,568 27,229 t5,166 879 18,888 2,296 2,759 18 Dec 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 *5,600 756 20,719 2,303 2,745 18 1956—May 30 22 918 15 153 5 871 1,894 6,957 30,607 26,388 Ak941 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 t5,327 1,166 18,902 2,381 2,805 18 July 25* 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29* 23,220 15,326 5,935 1,959 6,938 30.972 26,535 *5,017 1,314 17,822 2,382 2,825 18 Sept 26 r 23 422 15 804 5 650 1,968 7,196 31,457 26 703 t5,105 993 18,201 2,405 2,815 18 Oct. 31* 23,148 15'758 5,545 1,845 7,484 31,529 26,789 t5,219 742 18,453 2,375 2,844 18 Nov 28* 23,318 16,014 5,568 1,736 7,044 31,257 26,757 t5,270 871 18,322 2,294 2,852 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 J.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 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1 801 2 890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2 083 2,911 576 }>QU 7,649 7,109 ,229 174 4,604 1,103 490 13 1954—Dec. 31 6 518 2 784 3 120 614 1,954 8,520 7 845 ,321 251 4,977 1,295 600 13 1955—June 30 6,288 2 846 2,742 699 1,763 8,102 7,431 ,180 343 4,606 1,303 612 13 Nov 30 6 210 3 079 2 430 701 1,956 8,222 7,453 ,156 254 4,745 1,298 628 13 Dec. 31 6,542 3 342 2 506 695 2,132 8,720 8,010 ,296 222 5,165 1,327 628 13 1956—May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 ,094 344 4,613 1,283 636 13 June 30 6,336 3 572 2,088 676 1,959 8,349 7,631 ,195 350 4,781 1,304 639 13 July 25* 6,187 3,500 2,057 630 ,799 8,035 7,243 ,144 142 4,661 1,296 639 13 Aug. 29* 6,325 3 541 2,159 625 1,844 8,222 7,433 ,209 342 4,595 1,287 641 13 Sept. 26r 6,251 3,571 2,061 618 1,929 8,233 7,302 1,215 312 4,488 1,287 646 14 Oct. 31*... 6 320 3 631 2 077 612 1,947 8,327 7,350 ,253 187 4,625 1,285 654 14 Nov. 28* 6,319 3,633 2,082 604 .954 8,329 7,402 ,224 182 4,707 1,289 654 14 Reserve city member banks: 1939—Dec. 30 12 272 5 329 5 194 1 749 6 785 19 687 17 741 1.686 435 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 (5,448 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 4$,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 <5,448 976 32,366 11,647 3,322 336 1954—Dec. 31 50,738 23 986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—June 30 50,596 25 654 19,697 5,245 14,696 66,293 60,854 (5,545 1,843 36,459 16,007 4,492 297 Nov. 30 52,054 28 114 18,892 5 048 15,098 68 214 61,685 (5,390 1,551 37,757 15,987 4,650 294 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,44<> 1,288 39,835 16,164 4,641 292 1956—May 30 52 057 29 886 17,280 4,891 14,629 67,829 60,959 45,852 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 (5,633 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 <5,339 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 (5,332 1,780 36,530 16,463 4,951 290 Sept. 26 ' 52,875 30,951 17,048 4,876 15,270 69,300 62,481 <5,766 1,871 37,260 16,583 5,001 290 Oct. 31* 52,851 31,007 17,023 4,821 15,181 69,268 62,468 (5,819 1,222 37,814 16,613 5,032 289 Nov. 28* 53,389 31,391 17,152 4,846 15,467 70,097 63,019 (5,743 1.633 38,155 16,488 5,066 289 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 1,271 37,794 18,787 4,506 6,326 1955_juno 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Nov. 30 52,553 24 136 22 615 5 802 12,081 65,503 59 987 1,288 1,161 38,404 19,134 4,815 6,234 Dec. 31 52,775 24 379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—May 30 52,920 25,491 21,543 5,886 11,790 65,544 59,724 1,157 1,502 37,308 19,757 4,925 6,188 June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 July 25* 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,624 20,043 4,947 6,173 Aug. 29* 53,163 25,810 21,430 5,923 11,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6,170 Sept. 26r 53,607 25,980 21,595 6,032 12,423 66,994 61,129 1,275 1.361 38,291 20,202 5,107 6,166 Oct. 31* 54,124 26,185 21,977 5,962 12,677 r67,754 61,885 1,354 I,'6l7 39,196 20,318r5,124 6,162 Nov. 28* 54,587 26,258 22,341 5,988 12,806 68,360 62,415 1,380 1,715 39,268 20,052 5,134 6,155 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 47 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 t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l a l o p i i n c 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 Time c c T o a a p o u c i t n - t a t a l s l b N a b o u n e f m k r s counts 3 U. S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 i:5,429 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 131297 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 14,97 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1954—Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—June 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2,849 60,919 26,554 7,714 4,744 Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1.502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 ,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 ,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 ,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 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—June 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6,660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6.677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 (5,713 Noninsured nonmember commercial banks: 1941—Dec. 31 1,45 455 761 241 763 2,283 1,87! 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 49: 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 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 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 64: 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 3,06: 832 21,981 19,885 19,831 1,920 218 1955—June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 20,536 1,965 218 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 21,930 2,061 220 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 21 6,215 5,556 5,553 637 339 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 6,471 774 309 1955—June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 6,741 792 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 7,222 824 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 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 - Total2 C c o m m c k p i p l i p o i n u n a e e e a 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 r s T e e r u o e n e o r r o r a c s s d k c a c l u a - n - h r r s a i r t y s o i T e i f e i t n r o n h o s s g r g - 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 a n 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 a o e r e d t t b v i s i e - n f t s e s i - D - 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 t i g o u c i o o o a b n v a l b a t f n n l i d - 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.... 16,28438,05718,167 ,660 830 ,220 9,393 5,723 1:, 0,63 78,22669,2212,193 7,789 6,03453,191 5,276 3729 1954—Dec. 31.... 55,916 "7'0,61926,867 5,2002,929 ,52518,41814,750 2,000 85,,29768,9815,065 5,36114,672 4-3,861 12,5863^729 1955—Dec. 31.... 60,88182,60133, ,4*/53,263 774 20,80917,185 "3;il778,280 61,5924,219 2,31814,034 41,010 12,669988 3990 1956—June 30.... 60,008"6,88736,1114,2542,695 ,73821,78718,3653,286 73,12256,6202,817 1,24712,727 39,815 12,9293,573 Sept. 26e... 62,03088,48036,,9"7"0 4,1702,350 ;670 22;250 18^00 3,930 73,550 56,9503,090 2,38012,330 39,140 13,0803,520 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3.6513,333 1945—Dec. 31.... 21,80925,765 9,4611,3143,1643,606 4,677 2,361 1,181 96,04388,9122,45519,07116,04551,321 22 3,873 33 258 1 1 9 9 4 5 7 4 — — D D e e c c . . 3 3 1 1 . . . . . . . . 5 1 4 4 , , 1 2 1 7 5 4 7 337 0 7, , 5 1 8 2 3 7 , 2 1 6 8 , , 7 0 3 1 1 2 5 1 ,, , 1 6 0 1 8 0 2, 8 9 2 0 3 7 , ,5 1 0 9 1 0 1 9 8 , , 2 3 6 0 6 21 5 4 , , 6 6 5 7 4 6 1 1 , , 0 9 02 7 28 3 8 8 7 3 6 , , 9 6 8 9 8 1 6 67 8 , , 9 0 4 1 1 24 2 , , 9 1 0 2 1 4 7 5, , 2 5 7 5 9 2 1 5 4 , , 918 5-2, , 3 2 3 8 4 7 2 1 1 4 1 5 2 , , 1 3" 2 5-2 9 3 33 , [ 6 6 2 2 1 4 1 19 9 5 5 6 5 — — J D u e n c e . 3 3 0 1. .. . . .. . 5 5 9 8, , 3 1 4 6 4 4 $8 "8 2 '6 , , 0 3 8 7 1 4 3 3 3 5 , , 0 9 9 4 2 4 4 4 , ,1 3 9 9 0 6 2 33 , , 6 2 6 2 9 9 1, ; 7 7 0 4 4 2 2 2 1 0 , , 6 6 7 9 1 21 18 7 , ,1 2 0 8 4 4 3 3 " ; ,0 2 9 5 1 9 7 7 7 1 , , 0 9 8 7 3 1 6 5 0 5 , , 7 8 6 3 5 5 4 2, , 7 1 5 0 1 5 2 1 , , 2 22 9 8 21 12 3 , , , 8 55 5 2 6 4 39 0, , 5 2 0 9 2 0 1 1 0 3 1 1 2 2 , , 4 6 6 9 5 4 3 3, 4 8 4 5 2 3 Member banks, total: 1941—Dec. 31.... 43,521 8,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 090 2871 1945—Dec. 31.... 07,18322,775 8,949 855 3,1333,378 3,455 1,900(1,104 84,40878,3382,27516,98514,27144,792 16 254 2815 1947—Dec. 31.... 97,846 32,62816,9621,046 8111,065 7,130 4,662 ,21857,914 ,987 5,816 4,815 45",286 10 199 -3,105 1954—Dec. 31.... 31.602 60,25025,0073,5292,881 ,36314,43312,1271,858 71,35257,8094,075 4,30712,464 36,944 20 10,449 3 094 1955—Dec. 31.... 35,360 '0,98231,019 2,126 3",150 ,56016,39114,313 2^43 64,37750,6973,250 1,73811,508 34,192 10,444 3 236 1956—June 30..., 34,42874,78333, 1,5522,586 ,52217,17215,330 3,087 59,64546,2262,013 84010,,332 33,029 10,557 2862 Sept. 26 36,154"6,30534,574 21,4702,236 ,45817,60615,448 3,71759,84946,3542,147 1,783 9,,954 32,459 10,6872; 807 New York City:* 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 1945—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 33013,21411,972 ,002 640 558 9,771 638 604 1954—Dec. 31.... 23,888800 12,039 7,231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1.977 523 1955—Dec. 31..., 23,58314,640 9,12b 172,144 511 577 ,506 1,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30..., 23,227700 15,37310,191 1 ,691 494 609 1,590 1,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Sept. 26... 23,42215,80410,765 1 ,336 433 633 1,5381,347 7,618 5,650 117 301 943 4,285 1,611 357 Chicago:* 1941—Dec. 31..., 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31..., 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1954—Dec. 31... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3.120 70 241 855 1,953 415 199 1955—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 Sept. 26... 6,251 3,571 2,700 8 170 89 134 364 183 2,679 2,061 43 21 453 1,544 443 175 Reserve city banks 1941—Dec. 31... 15,347 7,105 3,456 300 114 194 1,527 1,512 243 6,467 295 751 4,248 1,173 956 820 1945—Dec. 31..., 40,108 8,514 3,661 205 4271,503 1,459 855 404 3i;59429,5521,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 ,59120,196 373 2,358 1,90115,560 3 1,3421,053 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26,75221,7181,326 1,695 4,95413,736 7 3,782'.252 1955—Dec. 31..., 52,45928,62213,212 566 542 696 6,962 5,916 180 23,83718,826 813 657 4,70812,643 5 3,778 ,233 1956—Juno 30... 52,071 30,12213,978 520 502 676 7,357 6,306li265 21,94917,051 374 279 4,08612,308 4 3,823 ,076 Sept. 26... 52,87530,951 14,267 535 455 683 7,573 6,3771,548 21,92417,048 407 603 3,89812,136 4 3,843 ,033 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 1,881 707 363 29,40726,999 630 5,102 4,544 16,713 9 1,342 ,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 ,12522,857 480 2,583 2,108 17,681 6 2,006 ,262 1954—Dec. 31... 50,46621,442 5,"30"6" 2,229 89 220 7,742 5,760 388 29,02423,629 ,893 1,774 4,731 15,228 3 4,275 .120 1955—Dec. 31... 52,77524,379 6,290 2,127 189 255 8,723 6,575 573 28,39722,570 ,774 913 5,05614,825 3 4,581 ,246 1956—June 30... 52,75225,716 6,892 2,019 223 257 9,073 7,050 590 27,03521,076 ,267 489 4,688 14,628 4 4,731 ,228 Sept. 26... 53,60725,980 6,8421,926 276 254 9,266 7,169 639 27,62721,595 ,579 858 4,660 14,493 4 4,790 ,242 All nonmember banks: 3 1947—Dec. 31... 18,454 5,432 1,205 614 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31... 24,33710,378 1,8591,671 161 3,993 2.623 14313,95911.184 991 1,054 2,209 6,928 2,139 636 1955—Dec. 31... 25,54611,628 2,2261,750 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2.255 755 1956—June 30... 25,60512,114 2,3851,70: 110 216 4,625 3,036 20013,49210,406 805 407 2,396 6,797 2,374 712 e Partly estimated. Figures have been rounded to the nearest $10 for classes of banks is affected somewhat by changes in Federal Reserve million. membership, insurance status, and the reserve classifications of cities and 1 All commercial banks in the United States. These figures exclude individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 2 Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all insured continue to be shown net. commercial banks or all commercial banks. Comparability of figures For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 49 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Class of bank with C i a n sh a w nc it e h s m d a e n - d 1n d t e e p r o b s a i n ts k States C f e ie r d ti- vi I d n u d a i- ls, U.S. States v I id n u d a i- ls, Bor- C t a a p l icall date B eR an l- k a s v«lUlt b m a d e n o s k - t s ic 5 ju p s o a t d s e i - d ts 6 m D es o t - ics F ei o g r n - G U o . v S t . . p v s o i u a l s i b n i t o d i d c n i a - s l ch c o a e e e f t n f c r c i d . s k - ' s, p an a s p t h d i r o o t i r n c p n a o e s s - , r r - - I b n a t n e k r- P S i a o n a n g s v d t s - al v p s i u i s o c i b l a o i d l t n - i s - p an a s p t h r d i o o t i n r p c n a e o s s - r , r - - r i o n w gs - co a u c- nts All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1 343 6,799 >,581 84,987 240 111 866 34,383 65 10,059 1954_Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 A, 172 9,902 25,199 103,466 1,759 365 2,402 44,441 3114,576 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 $,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 2J,244 101,812 1,613 332 2,493 47,205 354 15,927 Sept.26-... 18,500 3,100 10,270105,410 11,820 1,660 5,110 9,950 >,950 102,210 1,590 330 2,450 47,6201,62016,280 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 ,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 n,566 1,24823,740 5,098 >,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 >,559 83,723 54 111 826 33,946 61 9,734 1954_Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4, 154 9,763 5,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 \5,879 108,131 ,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 5,217 101,034 1,383 332 2,432 46,941 337 15,600 Member banks total: l941_Dec. 31.... 12,396 1,087 6,246 33,754 S,714 671 j 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 >,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 1C,978 1,375 1 s176 5,504 >,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 >,964 88,859 1,475 334 1,966 35,650 1512,210 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 5,638 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 5,004 87,404 j,370 302 1,954 37,916 302 13,293 Sept.26.... 18,502 2,296 6,429 88,768 11,400 1,615 4,538 7,684 >,696 87,859 1,346 301 1,913 38,2641,53213,570 New York City:* 1941_Dec. 31.... 5,105 93 141 10,761 -,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 ,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 i95 2,120 1947—Dec. 31.... 4,639 151 70 16,653 ,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 • ,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 2,803 1955—Dec. 31.... 4,431 127 111 16,493 25,364 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 2,080 1,190 1,166 396 1,110 17,396 1,058 35 60 2,285 38 2,805 Sept.26.... 4,133 147 73 15,447 .,813 1,279 993 381 1,106 16,713 1,014 36 52 2,316 580 2,815 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 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—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 Sept.26.... 1,125 29 103 3,820 1,169 37 312 303 66 4,119 9 5 11 1,271 198 646 Reserve city banks: 1941_Dec. 31.... 4,060 425 2,590 11,117 At,3O2 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 t),307 110 8,221 ,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 4,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1954—Dec. 31.... 7,783 558 2,327 32,694 (5,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—Dec. 31.... 7,727 638 2,515 33,757 ti,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30 7,471 542 2,201 32,203 ti,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Sept.26.... 7,745 718 2,094 32,570 t),175 284 1,871 2,601 719 33,940 306 115 974 15,494 589 5,001 Country banks: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 ,199 £ 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 ,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 ,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—Dec. 31.... 5,429 1,222 4,844 37,836 ,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—June 30.... 5,316 1,024 4,373 36,149 ,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 Sept.26.... 5,499 1,401 4,159 36,930 ,243 15 1,361 4,399 805 33,088 17 145 875 19,182 166 5,107 AH 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—Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 1956—June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 3 Breakdown of loan, investment, and deposit classifications is not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. I3. Government obligations For purchasing or carrying securities Loans Month or date i T l n o a v o n a e t n d a s s t l - i m n a a v e n d e n d - s t t s - Lo ad an - s C m c o i e a m r l - - A c g u r l- i- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Other Total Bills o c C t f a i e f i t i n e r - - s - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s ments justed1 justed * i t n r d ia u l s- tural 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 e i- r loans d n e e e d b s - t s - Total- Leading Cities 1955 Dec 87,290 86,182 48,027 26,442 2,8 15 I,->64 8,154 10,09429,875 1,134 949 7,079 20,713 8,280 1,108 1956 Nov 87,150 85,968 52,42829,871 483 1,940 1,200 8,861 10,95125,937 939 787 5,349 18,862 7,603 1,182 Dec 88,297 87,068 53,27330,501 466 2,095 1,200 8,85511,02526,234 1,565 718 5,202 18,749 7,561 1,229 1956 Nov. 7 86,639 85,602 52,20929,636 485 1,970 1,198 8,85710,94125,752 630 825 5,423 18,874 7,641 1,037 Nov. 14 86,922 85,630 52,49529,948 491 1,911 1,199 8,87010,95425,599 601 783 5,367 18,848 7,536 1,292 Nov 21 87,597 86,431 52,54529,973 476 1,963 1,198 8,86010,95326,254 1,265 779 5,326 18,884 7,632 1,166 Nov. 28 87,441 86,207 52,46129,928 479 1,915 1,205 8,85510,95626,141 1,260 762 5,279 18,840 7,605 1,234 Dec. 5 87,368 86,171 52,72230,012 468 2,071 1,197 8,84811,00325,820 1,144 720 5,184 18,772 7,629 1,197 Dec 12 87,762 86,473 52,997 30,342 469 1,985 1,197 8,85611,01225,884 1,261 714 5,189 18,720 7,592 1,289 Dec 19 88,853 87,704 53,59630,802 464 2,112 1,202 8,865 11,01726,578 1,919 714 5,201 18,744 7,530 1,149 Dec 26 89,205 87,925 53,77730,848 465 2,214 1,202 8,85211,06726,654 1,936 724 5,233 18,761 7,494 1,280 New York City 1955 Dec 23,444 22,723 14,076 9, 113 205 1,805 18 478 577 2,098 6,536 353 131 1,171 4,881 2,111 721 1956 Nov 23,090 22,410 15,281 11,100 1 76 1,152 18 400 611 2,174 5,390 120 185 938 4,147 1,739 680 Dec 23,688 23,020 15,656 11,337 1 153 1,206 16 394 608 2,188 5,614 450 183 929 4,052 1,750 668 1956 Nov 7 22.870 22,318 15,26311,028 64 1,213 17 403 616 2,173 5,290 25 174 929 4,162 1,765 552 Nov 14 23,058 22,325 15,32411,144 54 1,158 18 400 619 2,182 5,282 19 173 939 4,151 1,719 733 Nov. 21 23,208 22,560 15,267 11,090 80 1,149 17 400 606 2,176 5,547 243 194 945 4,165 1,746 648 Nov 28 23,225 22,437 15,27211,140 105 1,089 19 396 604 2,167 5,440 194 199 938 4,109 1,725 788 Dec. 5 23,176 22,534 15,421 11,143 99 1,232 16 395 602 2,182 5,350 198 176 929 4,047 1,763 642 Dec 12 23,481 22,713 15,500 11,258 115 1,147 17 393 611 2,202 5,454 296 184 930 4,044 1,759 768 Dec 19 23,938 23,362 15,807 11,476 160 1,214 16 394 613 2,179 5,806 653 176 927 4,050 1,749 576 Dec 26 24,160 23,473 15,897 11,471 1 237 1,230 16 395 606 2,190 5,846 651 195 932 4,068 1,730 687 Outside New York City 1955 Dec 63,846 63,459 33,951 17,329 05 768 7,577 7,99623,339 781 818 5,908 15,832 6,169 387 1956 Nov 64,060 63,558 37,147 18,771 482 712 782 8,250 8,77720,547 819 602 4,411 14,715 5,864 502 Dec 64,609 64,048 37,617 19,164 465 736 790 8,247 8,83720,620 1,115 535 4,273 14,697 5,811 561 1956 Nov 7 63,769 63,284 36,946 18,608 484 693 778 8,241 8,76820,462 605 651 4,494 14,712 5,876 485 Nov. 14 63,864 63,305 37,171 18,804 490 699 781 8,251 8,77220,317 582 610 4,428 14,697 5,817 559 Nov 21 . .. 64,389 63,871 37,278 18,883 475 734 781 8,254 8,77720,707 1,022 585 4,381 14,719 5 886 518 Nov. 28 64,216 63,770 37,189 18,788 478 721 790 8,251 8,78920,701 1,066 563 4,341 14,731 5,880 446 Dec 5 64,192 63,637 37,301 18,869 467 740 786 8,246 8,821 20,470 946 544 4,255 14,725 5,866 555 Dec 12 64 281 63,760 37,497 19,084 468 723 787 8,245 8,81020,430 965 530 4 259 14 676 5 833 521 Dec 19 ... 64,915 64,342 37,789 19,326 463 738 792 8,252 8,83820,772 1,266 538 4,274 14,694 5 781 573 Dec. 26 65,045 64,452 37,880 19,377 464 747 791 8,246 8,87720,808 1,285 529 4,301 14,693 5,764 593 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 51 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 F B w e R . a r i v e n t R h - e k . s s v C a i a n u s l h t b m a w B a d n e n i a c o s t l e k - h t - i s s c j p m u D o a s d a t s d e e e n i - - - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l a b t n 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 t k d s . - i ' s - , G U o .S v . t. s p p I u n c v a h n o a a o e n i i d r r d p l r r d a s t i - - - s - - - , , S p s d s a i i t o u i c o a n v l a b t n d i i e l t - - s - s G P U S i a n o o a n . g s v S v d t s - t . a . l m D ti e D o c s - e - ma F n ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs c C o i a a u t c a p n - t l - s tions tions Total- Leading Cities 1955 Dec 13,640 1,141 2,620 58,358 61,139 3,901 2,078 1,995 19,273 979 20410,860 1,449 1,368 544 680 8,460 1956 Nov 13,446 1,031 2,52556,00159,407 3,770 2,015 2,44219,630 893 18511,062 1,636 1,312 521 946 8,992 13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,00819,734 912 18311,124 1,671 1,274 522 896 9,041 Dec 1956 13,441 990 2,504 55,588 58 529 3,710 1,912 1,822 19,771 895 18411,146 1,585 ,329 1,006 768 8,991 Nov. 7 13,082 1,067 2,670 55,882 60 431 3,691 1,980 1,769 19,629 889 18511,594 1,637 ,310 267 1,115 8,982 Nov. 14 13,741 977 2,441 900 59; 370 3,772 2,200 3,301 19,565 889 18410,864 1,662 ,307 547 980 8,983 Nov. 21 13,518 1,092 2,487 632 59 296 3,909 1,966 2,87719,556 898 18610,646 1,660 ,303 265 921 9,011 Nov. 28 Dec. 5 13,645 1,019 2,37956,74559,422 3,933 1,999 2,08719,598 899 18410,806 1,689 ,280 510 978 9,043 Dec. 12 13,609 1,165 2,517 5~8"; 226666 61",871 3,933 2,193 1,151 19,701 900 18510,996 1,645 ,267 399 911 9,042 Dec. 19 14,151 1,148 2,68458,148 61,356 3,905 2,167 2,412 19,752 927 18111,368 1,662 ,274 659 828 9,036 13,708 1,221 2,763 58^14 61,707 3,953 2,044 2,38019,886 922 18211,326 1,687 ,275 519 868 9,043 Dec. 26 New York City 1955 4,278 192 6916,380n , QO00Q0 271 1,015 603 2,090 98 59 3,018 1,121 1,092 94 301 2,694 Dec 1956 4,046 163 15,31416,941 292 985 732 2,161 2,984 1,309 986 134 407 2,816 Nov 4,361 186 16,162 17,830 267 1,020 620 2,244 3,022 1,338 968 114 427 2,845 Dec 1956 4,335 162 15,29716,777 302 977 549 2,181 2,955 1,263 1,002 388 443 2,815 3,676 166 15,13917,072 285 891 481 2,160 3,122 1,310 982 461 2,817 Nov. 7 4,155 155 15,24816,896 269 1,106 1,026 2,150 2,929 1,326 981 150 451 2,813 Nov. 14 4,016 168 15,57517,018 313 967 871 2,153 2,928 1,335 979 274 2,818 Nov. 21 Nov. 28 4,407 166 15,839 17,316 261 977 654 2,172 2,922 1,349 971 100 422 2,837 Dec. 5 4,234 203 16,355 18,055 292 1,120 310 2,253 2,949 1,311 968 41 387 2,846 Dec. 12 4,467 186 16,247 17,881 263 966 764 2,244 3,068 1,327 966 168 459 2,848 Dec. 19 4,336 187 16,207 18,070 252 1,016 754 2,307 3,149 1,365 967 146 441 2,847 Dec. 26 Outside New York City 1955 Dec 9,362 949 2,55141,978 43,251 3,630 1,063 1,392 17,183 881 145 7,842 328 276 450 379 5,766 1956 Nov 9,400 868 2,464 40,687 42,466 3,478 1,030 1,71017,469 831 8,078 327 326 387 539 6,176 9,417 952 2,535 41,68143,259 3,664 1,081 1,38817,490 856 146 8,102 333 306 408 469 6,196 Dec 1956 9,106 828 2,451-4 0,,29141,752 3,408 935 1,27317,590 829 146 8,191 322 327 618 325 6,176 Nov. 7 9,406 901 2,613 40,.7 43 4433,,359 3,406 1,089 1,28817,469 826 147 8,472 327 328 267 654 6,165 Nov. 14 9,586 822 2,373 40,652 42,474 3,503 1,094 2,27517,415 828 146 7,935 336 326 397 529 6,170 Nov. 21 9,502 924 2,420 41,057 42,278 3,596 999 2,006 1-7,403 839 148 7,718 325 324 265 647 6,193 Nov. 28 Dec. 5 9,238 853 2,327 40,906 42,106 3,672 1,022 1,43317,426 840 146 7,884 340 309 410 556 6,206 Dec. 12 9,375 962 2,469 41 43,816 3,641 1,073 84117,448 842 147 8,047 334 299 358 524 6,196 Dec. 19 9,684 962 2,631 43,475 3,642 1,201 1,64817,508 874 145 8,300 335 308 491 369 6,188 Dec. 26 9,372 1,034 2,713 42,007 4"3,637 3,701 1,028 1,62617,579 869 146 8,177 322 308 373 427 6,196 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( — ). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F i b a q o n a u o d c o d c r , o , a T l p e e a p a x n a t t h d r il e e e l r s , , M m p u a r c e e n o t t t d s a d a 3 l - l s ch r P l e u c e a e m o b u n t a b r i d m o l c e , - , a r l, Other ( T w re s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r u o i i i a l n o b r i n c t t n l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i h p n l f e e l e s r ss c c h l N f a a i n e s e d s g t i e - s c b h w re a a i a e n i p n n a n e n d o l g k g k d l ' r e s l l t 4 — y - 1953 Jan -June — 657 156 420 -45 90 215 -644 -91 12 18 -11 -536 — 805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -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 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1956 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 Dec 168 3 153 -58 Q -78 104 516 136 -9 22 948 920 Week ending: 1956 Oct. 3 83 -1 -47 16 -4 13 41 -47 48 i 7 109 125 Oct. 10 67 1 -41 18 -6 47 65 -207 33 -14 12 -24 -15 Oct 17 .. 66 -20 -16 15 -11 38 22 -55 -13 -5 -26 -5 -7 Oct. 24 29 -23 -57 -21 -16 21 36 -29 2 -2 -27 -89 -138 Oct 31 45 -34 64 24 -8 51 44 34 32 -3 20 269 238 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 Dec. 5 38 -7 6 -9 -3 7 36 22 17 5 -11 102 84 Dec 12 70 10 69 8 4 9 26 51 64 -4 -3 304 330 Dec 19 65 8 82 -56 2 1C 27 281 38 5 39 457 460 Dec. 26 -6 -8 -4 -2 -11 -59 14 162 17 -15 -3 86 46 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company pa]?er Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Total Banks Im- Ex- shipped between Placed direct- Oth- ports ports Dollar points in: Total through ly into from exdealersl ( p f a in 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 i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 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—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 M^ay 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 AUK 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 r2 581 r573 2,008 843 203 135 69 20 53 567 277 281 19 133 133 Nov 2,618 568 2,050 924 242 167 75 33 52 598 277 295 10 199 143 r Revised. 2 As reported by finance companies that place their paper directly with 1 As reported by dealers; includes finance company paper ; well as investors. other commercial paper sold in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 53 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 i n p r o m m c t e i h r - e 6 a s , l - i 3 p d n p - c p l i a a o a r a l t n e y p o c m n c c , e e y t - e r d 6 - - a a P b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s e 1 - t , - 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 b s h 2 3 l - e)2 3 is - y s t e u o a e r 5 s4 - 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 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly: * 19 large cities: 1955—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 Dec 4.38 5.32 4.90 4.63 4.20 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 New York City: 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 Dec 4.22 5.18 4.88 4.57 4.10 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 7 Northern & Eastern Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 cities : 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 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 Sept 4.39 5.36 4.88 4.53 4.26 Dec 4.40 5.41 4.94 4.63 4.25 Week ending: 11 Southern & Western Dec. 1 ... 3.63 3.38 3.19 3.08 3.174 3.23 3.60 cities: Dec. 8... 3.63 3.38 3.26 3.12 3.102 3.26 3.67 1956—Mar 4.19 5.09 4.58 4.20 3.94 Dec. 15. .. 3.63 3.38 3.38 3.24 3.268 3.30 3.68 June 4.38 5.23 4.71 4.42 4.15 Dec. 22... 3.63 3.38 3.38 3.27 3.331 3.37 3.66 Sept 4.53 5.29 4.85 4.54 4.32 Dec. 29... 3.63 3.38 3.38 3.20 3.217 3.40 3.57 Dec. 4.58 5.35 4.90 4.66 4.35 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 4 3 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if t i e c d a te n s o te o f a i n n d d e b b o t n ed d n i e s s s s u e a s n . d selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS« [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U.S. Govt. bonds (long-term) General By selected By Dividends/ Earnings/ Yea o r r , w m e o ek nth, obligations4 Rev- ratings groups price ratio price ratio enue Totals Old New Totals bonds6 Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Baa Aaa Baa trial road utility ferred i mon4 mon8 Number of issues 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 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 1956 average 3.05 3.11 2.94 2.51 3.50 3.26 3.57 3.36 3.88 3.50 3.65 3.54 4.25 3.89 1955—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 7.05 July 2.97 3.05 2.79 2.40 3.34 3.07 3.50 3.28 3.80 3.42 3.59 3.48 4.16 3.68 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 6.07 Oct 3.18 3.24 3.12 2.66 3.67 3.55 3.82 3.59 4.17 3.75 3.89 3.82 4.42 4.03 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 Dec 3.43 3.36 3.57 3.04 4.19 3.95 3.99 3.75 4.37 3.95 4.08 3.93 4.63 3.90 Week ending: 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 Dec 8 3 35 3.33 3.55 3.02 4.15 3.94 3.96 3.72 4.32 3.90 4.07 3.91 4.65 3.90 Dec. 15 3.38 3.34 3.56 3.04 4.17 3.91 3.97 3.72 4.35 3.92 4.08 3.93 4.61 3.92 Dec 22 .. . 3 49 3.38 3.58 3.05 4.20 3.97 4.00 3.76 4.38 3.97 4.08 3.93 4.62 3.93 Dec. 29 3.48 3.39 3.59 3.05 4.22 3.98 4.02 3.79 4.41 4.02 4.10 3.94 4.62 3.90 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2!/i per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*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

54 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1939= 100) trad- Year, month, Mu- C p o o r - - in (i g n 5 or week nicipal rate Pub- Manufacturing Trade, thou- Old New (high- (high- In- lic Trans- Pub- firi s e e s - 2 ri s e e s - 3 grade)4 grade)4 Total d tr u ia s- l R ro a a i d l- u i t t i y l- Total Du- Non- p t o io r n ta- u l t i i c l- n a a n n d ce, M in i g n- sha o r f es) Total rable du- ity servrable ice Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 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 2,578 116.3 109.1 342 397 253 155 345 439 410 465 327 156 306 358 2,216 1955 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 Dec 88.74 95.19 108.1 102.8 340 398 236 151 344 441 425 457 315 152 287 362 2,443 Week ending: Dec. 1 89.51 95.73 107.9 102.9 327 380 233 151 334 425 409 440 306 152 287 368 2,257 Dec 8 89.58 95.74 107.9 103.1 340 398 236 152 346 444 428 460 319 152 291 365 2,398 Dec. 15 89.28 95.73 108.2 103.4 338 395 236 151 344 441 425 456 315 152 288 363 2,362 Dec 22 88.06 94.88 108.2 102.4 340 398 237 151 342 439 424 453 314 152 284 356 2,253 Dec. 29 88.15 94.59 108.0 102.2 341 399 236 151 344 442 423 459 312 152 286 364 2,557 1 Monthly and weekly data for U. S. Govt. bond prices and volume Oct. 1, 1955, those due or callable in 10-20 years. of trading are averages of daily figures; for other series monthly and 3 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3 weekly data are based on figures for one day each week—weekly closing per cent bond of February 1995. prices for common stocks (Securities and Exchange Commission) and , 4 Prices derived from average yields, as computed by Standard and Wednesday closing prices for all others. Poor's Corporation, on basis of a 4 per cent, 20-year bond. or 2 fi S r e st r ie c s a l c l o ab m le p o a s f e t d e r of 1 2 fu l y ly e a t r a s x a th b r l o e, u g m h a r S k e e p ta t. b l 3 e 0 2 , y 1 2 9 p 5 e 5 r , c a e n n d t , b b o e n g d i s n n d in u g e Ex 5 ch A a v n e g r e a g fo e r d a a i f l i y v e v a o n lu d m o e n e o - f h a t l r f a d h i o n u g r i t n r a s d t i o n c g k s d a o y n . the New York Stock STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 Total- Net debit balances with Bank loans to others (than W En e d d n o e f s d m a o y n o th f o m r o l n a t s h t o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 1 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n t e o t mer U S Govt free obligations credit (col. 3 + Secured by Secured by U. S. Govt. Other On On balances col. 5) U. S. Govt. other obligations securities U. S. Govt. other obligations securities obligations securities 1952 Dec 1,980 33 1,332 149 648 30 877 727 I953 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 Nov 3,980 38 2,759 27 1,221 75 2,185 876 Dec 4,030 34 2,791 32 1,239 51 2,246 894 1956 Jan 4,040 36 2,786 37 1,254 41 2,129 905 Feb 3,991 34 2,740 36 1,251 52 2,137 913 Mar 4,038 31 2,786 40 1,252 50 2,127 960 Apr 4,043 33 2,788 40 1,255 44 2,145 896 M!ay 4,047 38 2,810 40 1,237 42 2,186 870 June 4,009 34 2,786 48 1,223 39 2,195 836 July 4,026 31 2,812 45 1,214 31 2,211 858 AUK 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 Nov 3,946 32 2,784 43 1,162 43 2,071 822 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. Data are as of the end of the month, except money borrowed, which is as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 55 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta U lo te . c S a a . l nd Foreign 2 Total Bonds Stocks gages estate loans assets 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 ,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 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955_Oct... 89,016 12,236 9,027 1,990 ,219 r38,386 35,506 '2,880 28,563 r2,505 3,271 4,055 Nov... 89,491 12,096 8,891 1,987 ,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 ,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb... 91,240 11,608 8,236 2,144 ,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar... 91,543 11,415 8,045 2,153 ,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 Apr... 92,025 11,439 8,085 2,153 ,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 May.. 92,478 11,332 7,986 2,140 ,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June.., 92,876 11,280 7,921 2,148 ,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July.., 93,580 11,292 7,886 2,191 ,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug..., 93,992 11,210 7,778 2,206 ,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept... 94,411 11,253 7,805 2,213 ,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct.. . 94,869 11,306 7,850 2,218 ,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 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 i o l o i v n g s t a . - Cash Other4 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 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1 289 1,108 19 195 860 84 1 658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 . .... 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1955—Oct 36,796 30,997 2,328 1,732 1,679 31,022 1,341 145 Nov 37 216 31,243 2,339 1 799 776 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 1,772 32,615 1,242 119 Feb P . . 38 429 32 002 2,526 2 O1Q 1 825 32 973 1 178 109 38,892 32,405 2,583 ,975 1,873 33,332 1,134 102 Apr.** 39,388 32,814 2,639 ,917 1,962 33,662 1,123 110 Mayp . . ... 40,023 33,259 2,684 ,926 2,099 34,137 1,119 112 40,622 33,740 2,652 i,047 2,128 34,948 1,170 118 2 749 Julvp 40 797 34 134 2 687 878 2 044 35 079 1 105 124 Aug p 41,197 34,586 2,726 ,788 2,043 35,366 1,113 132 Sept v 41 574 34 939 2 739 745 2 098 35 633 1 139 138 Oct v 42,059 35,305 2,753 782 2,166 36,044 1,145 128 » 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

56 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 1953 2 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 (3) To aid home owners, total 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 3,205 3,230 Federal National Mortgage Association. 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 2,641 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 ' [ 1 3 6 0 8 0 3 6 8 3 3 40 6 8 7 4 7 3 2 0 4 7 5 6 6 4 8 8 4 0 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 [ 4.3 79 85 91 ' . 9 2 7 92 2 1 6 1 1 2 1 7 9 0 3 To financing institutions 445 824 814 864 952 870 704 1,019 1,277 1,419 1,143 To aid States, territories, etc., total. 408 468 744 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 58 All other purposes, total 76 63 35 75 119 166 180 219 230 256 156 Housing and Home Finance Administration. 5 29 127 142 172 186 209 108 Other agencies "63 69 90 39 38 47 44 47 48 Less: Reserves for losses -476 -755 -173 -140 -203 -228 -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 3,555 Other securities 6 286 266 257 223 219 197 195 179 179 252 Inventories, total 1,549 1,174 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 Department 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. 173 136 288 203 428 550 629 566 611 609 ' [ 5 18 6 8 7 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 c Corrected. 2 Coverage changed from preceding period (see also "Note"). 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 and through 1952 are based in part on information not shown in Treasury of agencies, and their activities are classified according to the type of compilation. 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 Pan 7 a F m ig a u r C es a n p a r l i or C o to m p 1 a 9 n 5 y 1 , ar e e s t f a o b r l is th h e ed P a i n n am 19 a 5 R 1, a c il o r m oa b d i n C ed o m t p h a e n y P . a na T m he a types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis; total loans and all other assets, on a net basis, i.e., after (not reported prior to that time). reserve for losses. For other footnotes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 57 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 th s a 1 n 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 s e t m u t a q a r r n e u u n e n d i c d s p t - , , - Other a B t G u n a o b r t u n e e n y a d s e 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 , l O i i a t t i b h e i e s l r - G i U n e o t . s e v S 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 664422 13,228 1,774 2,075 3,473 2,945 499 1,190 1,193 21,995 234 1951—Dec. 312. 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 312. 29,945 944 17,826 1,280 2,421 3,429 3,213 832 1,330 1,728-',456 378 1953—Dec. 312. 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—Dec. 31.. 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Mar. 31.. 41,996 1,375 19,782 3,612 3,187 3,429 7,982 2,629 1,561 4,013 35,848 543 June 30.. 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 1,840 3,019 35,171 568 Sept. 30. . 41,183 1,456 19,061 4,129 2,909 3,414 7,799 2,415 2,086 2,013 36,460 583 Dec. 31 . . 45,304 338 20,2384,356 3,236 3,414 7,822 4,900 2,379 2,703 39,583 596 1956—Mar. 312. 58,485 :3,731 20,580C14,119 3,677 3,638 8,056 4,685 2,425 3,730 51,635 651 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 2,072 17,385 Farm Credit Administration: Federal intermediate credit banks 845 12 765 9 725 10 111 Production credit corporations 45 45 Federal Farm Mortgage Corporation 12 12 12 Agricultural Marketing Act revolving fund 186 36 186 Department of Agriculture: Commodity Credit Corporation 6,981 19 3,047 3,536 230 1,328 5,653 Federal Crop Insurance Corporation 21 20 1 4 17 Disaster loans, etc.,revolving fund 155 55 98 2 1 154 Housing and Home Finance Agency: Public Housing Administration 357 54 105 59 139 30 327 Federal Housing Administration 647 29 390 1 226 44 185 417 Federal National Mortgage Association 2,550 1 2,527 (3) 22 570 32 1,947 Office of the Administrator 803 153 277 339 34 9 794 Federal Savings and Loan Insurance Corporation... 258 1 248 9 12 246 Small Business Administration 107 42 63 1 106 Export-Import Bank 2,716 1 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 8 632 General Services Administration 763 41 529 97 97 10 753 Treasury Department 471 157 '253 18 15 29 7 464 Post Office Department—postal fund 469 439 30 329 139 All other 283 91 "24 16 148 5 11 271 Intragovernmental Funds—Total.... 12,145 1,716 C9,948 197 283 560 11,584 Defense Department: Army 7,912 C693 =6,954 106 160 196 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 c70 c120 "*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 24 675 Rural Electrification Administration 2,528 35 2,376 118 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 93,305 10,332 Department of Commerce—maritime activities 5,317 251 36 4,796 22 149 5,168 All other 86 85 1 86 Certain Deposit Funds—Total. . . 4,508 1,490 2,918 1,030 931 1,904 643 Banks for cooperatives 425 352 43 161 2 238 24 Federal Deposit Insurance Corporation. 1,813 1,793 147 1,666 Federal home loan banks 2,270 1% 1,082 869 782 (10) *620 Certain Trust Revolving Funds—Total. 237 151 1 100 11 119 118 Federal National Mortgage Assocation. 226 151 100 2 119 115 All other 11 (3V 113 For other footnotes, see opposite page. Agency, shown under Other. * 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 equipment) 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 11 Figure represents total trust interest. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 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 N ec d e t g s t e . t T r P f e u r l c n u u t d s s s : t . t I G L r n a e o t n s r v s s a t . : - . 1 E p T r f u q e r t o b u o h c t l a m t e a i s l c l . s 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u e u r l n x r u n u e d - s d s s i : t - A m L d e e j n s u t s s s : t 3 - E p p t T q o u a o u b y t t a h l t a i s l e c l s . : 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 a r I e ) i e e g n d r a . a b e e - s e i s c t n e n - e t . , . ) t a i r G n g . N v e f o n . u e v . n b t t d & y . L s ess: O d n c e a o t b h s n t e h - * r b E r i o e n q c ( N p r g a - u r a ) s e o a y o h t w l t r s . : - Cal. year—1954. 61,171 9,570 2,101 68,580 64,854 7,598 2,786 69,667 -1,087 3,511 1,583 752 1,173 1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 Fiscal year—1953.. 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954.. 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955.. 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956.. 68,165 11,685 2,743 77,084 66,540 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 Semiannual totals: 1954—Jan.-June. 38,898 5,202 1,262 42,795 33,288 3,987 2,394 34,881 7,914 -4,010 1,195 305 -5,511 July-Dec.. 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June. 38,118 5,168 1,222 42,051 33,004 4,935 2,186 35,752 6,299 -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. 42,925 6,229 1,454 47,687 33,415 5,038 2,266 36,187 11,499 -7,597 1,835 254 -9,689 Monthly: 1955—Nov 4,662 1,142 62 5,741 5,172 668 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 5,274 904 608 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 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 11,601 1,617 1,049 12,167 6,937 830 703 7,064 5,103 -3,890 916 57 -4,863 July 3,485 1,112 631 3,964 5,542 1,029 676 5,895 -1,931 -93 312 33 -439 Aug 4,954 1,419 83 6,286 5,902 801 17 6,686 -400 2,982 645 -35 2,372 Sept 6,218 753 78 6,889 4,918 846 65 5,699 1,191 -1,126 -214 33 -946 Oct 3,184 660 93 3,747 5,995 959 285 6,671 -2,924 1,017 -266 43 1,240 Nov.*1. ... 4,818 1,231 66 5,984 5,726 857 216 6,367 -383 1,661 292 37 1,332 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. ( —) States (end of period) Period s B d u u N e r o f d p i e r g c l t u i e t s t ac d l T f a c e u r t o u f n i u i r o m c d s i n t t u- t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( G s g + b N a u e o l ) r a i n e v k g o n t c t a e c f . y - t e i i & s a n G n e g N v c e o t F . . r n e v e u ( b t c t d - s y y ) t . I d n ( p e d g - c c u i r r ) o r r b o e , e e r l a s c a i i s s n c t s e e , T o r H u ea t e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a a . v b D n a l R k e i e l . s p - osi T t T s L a u r x i o e n r a a y a n s n - d O as n t s h e e t e ts r tions 5 funds 5 debt funds) Accts. Fiscal yr.—1953 -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954, -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955 -4,180 '991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956 1,626 '2,250 r320 '173 -2,617 -1,623 -202 331 6,546 522 4,633 ,391 Semiannual totals: 1954_Jan.-June. 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec.. 9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June. 9511 '1,190 '228 '312 -1,400 -8,017 '-178 2,002 6,546 522 4,633 1,391 Monthly: 1955—Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 1,104 1956— D Ja e n c - - 7 5 6 9 1 0 -5 1 3 7 3 8 -4 1 6 5 4 0 -33 -1 3 4 7 6 3 -7 6 2 3 0 2 - - 2 2 0 9 -1 - , 5 2 7 9 4 3 4 3 , , 5 2 4 5 5 2 4 3 2 9 8 7 3 1 , , 0 4 3 7 6 4 1 1 , , 1 3 1 5 2 0 F M e a b r 5 1 , , 9 24 1 5 4 13 4 9 1 5 70 7 12 2 8 -1 -6 4 9 0 -3,76 6 4 0 - - 1 2 6 8 2 1 , , 3 50 1 4 6 4 7 , , 7 0 5 7 6 2 5 5 5 3 4 4 2 5 , , 9 3 1 4 4 5 1 1 , , 2 1 8 9 8 3 Apr -1,305 -135 249 40 353 -556 13 -1,360 5,712 578 3,781 1,353 May.... -417 936 -49 47 -983 941 -73 548 6,259 515 4,593 1,151 June.... '4,664 »787 '-349 48 r-934 3,978 '-45 287 6,546 522 4,633 1,391 July -2,057 83 -34 '51 -277 -105 1 -2,369 4,178 513 2,451 1,214 Aug -948 617 -21 22 -703 2,919 -44 2,019 6,197 422 4,644 1,131 Sept 1,300 -94 145 111 214 -1,304 249 6,445 535 4,628 1,282 Oct -2,812 -299 173 -14 282 1,022 62 -1,741 4,704 495 2,937 1,272 Nov -908 374 129 -45 -305 1,734 -119 1,074 5,778 463 4,159 1,156 -70 n.a. Not available. v Preliminary. r Revised. 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 59 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury 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 p e g - t t e s t t f O a r u u g l n d s e d T - t ran H s t f w f u r i e u g n a r s h y d s t - to R : m t r i . r e e e n R - - t . c fu e R r o i n e p e f d - - t s s B c T u e r o i d e p t g - a t e s l t W he I i l n t d h d i - ivid O u t a h l er 1 C ra o t r io p n o - * ta E c x i x s e e - s1 t p m a E l x e m o e n y s - t - 2 O ce r t i h e p - e t r s Liquor b T ac o c - o a t M a n i d l f e r r r s e s .f - ' 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 3,177 1956... 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 Semiannual totals: 1954__ J j u an l . y - - J D u e n c e . . . 2 3 2 8 , ,8 2 9 7 8 2 2 2 , , 3 81 0 5 5 2 3 8 2 2 2 2, 3 9 3 8 9 2 4 2 4 5 , , 9 2 7 3 8 9 1 10 0 , , 2 5 3 5 0 7 8 2, , 3 1 2 5 3 4 1 3 6 , , 7 14 6 8 7 4 4 , ,6 5 0 2 9 7 2 3 , , 6 3 6 4 8 2 2 1 , , 1 7 6 2 8 4 1 1 , , 2 4 7 5 1 3 7 7 7 6 7 7 , , 6 4 5 8 1 0 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. 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 Monthly: 1955_N D o ec v 4 4, , 8 6 8 6 9 2 6 33 9 9 2 8 5 9 4 5 5, , 3 5 3 2 7 7 3 1 , ,7 0 6 3 8 7 3 9 5 4 0 1, 2 44 9 9 3 9 7 2 6 1 6 7 3 9 9 1 5 6 3 0 9 9 1 2 21 9 1 2 1 1 1 3 3 6 913 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 11,601 549 395 12,598 1,969 1,487 7,195 855 604 488 264 143 July 3,485 295 124 3,927 988 457 837 827 320 498 236 127 Aug 4,954 799 10 115 5,959 3,415 125 352 910 881 276 245 157 890 Sept 6,218 397 150 79 6,897 1,935 1,752 1,709 805 451 245 255 128 Oct 3,184 182 175 95 3,660 1,282 244 451 1,033 207 443 354 155 n.a. Nov 4,818 587 164 62 5,705 3,333 103 380 936 662 291 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 ta n t r . s , y e m s M e i c u l u it t r a u i r a ty y l , A en t e o r m gy ic fi a n I f a a n f n a n t i d l r c . 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 a v s e s n - - * d w L a a e n l b f d a o r r e t a c a u r g u n r e r l a d - i - - l so N u r u r a e r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e e a n n r l t - 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 19565 66,540 40,641 35,791 2,612 1,651 1,831 6,846 4,756 2,776 4,929 992 2,135 1,635 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—Oct... 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov.. 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec.. 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956--Jan... 5,274 3,005 2,811 8 135 245 631 401 297 340 83 168 104 Feb.. 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar.. 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr.. 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May. 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 June. 6,937 4,478 3,534 754 138 195 607 403 311 452 96 263 136 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 Sept.. 4,918 3,152 2,868 96 149 158 574 353 219 187 108 58 117 n.a. Not available. 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

60 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 t a c s 2 l t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S i p ss e u c e ia s l Total Bills c i e a n d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n s in o a g v te s - s ble 4 stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955_june 274.4 274.4 228.5 155.2 19.5 13.8 40.7 81.1 11.7 61.6 58.4 1.9 43.3 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 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 (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 (6) 43.7 Mar 276 4 276 3 229 7 159 5 20 8 20 8 36 0 81 9 11 2 59 0 57 7 (6) 43 7 Apr 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 May 276.8 276.7 229.6 159.6 20.8 20.8 36.1 81.9 11.1 58.9 57.7 44.3 June 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 July 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 Aug 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80 9 11.0 58.5 57.3 45.8 Oct 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 Nov. 277.1 277.0 228.7 159.8 24.2 19.5 35.2 80.9 10.9 58.1 56.9 45.7 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $455 million on Dec. 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,451 million on Nov. 30, 1956. OWNERSHIP CJF 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 ( s a i g e n n t i c c t e g e u l s u u e r ) i d a d - r - - S i p ss t e u r c u e ia s s t l fun P i d s u s s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i 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 o p e n o r s - g S l a o o t n v c a d a t te s l . S b a o v n in I d n g s d s ivi s d e u O c a u t l h r s i e ti r es i M t n o v i r s e s c s 3 . - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954_j D Un e e c 2 2 7 7 8 1 . . 8 3 4 4 2 2 . . 6 2 7 7 . . 1 0 2 2 2 2 9 2 . . 2 0 2 2 5 4 . . 0 9 6 69 3 . . 2 6 9 8 . . 1 8 1 15 5 . . 0 3 1 1 9 6 . . 8 9 1 1 3 4 . . 9 4 4 5 9 0 . . 5 0 1 13 5 . . 1 0 1 13 3 . . 9 7 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—Oct 279.9 43.7 7.4 228.8 24.0 62.7 8.6 14.9 22.7 15.0 50.2 15.4 15.3 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 23.7 15.0 50.2 15.0 15.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 24.0 15.1 50.2 14.7 15.6 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 24.3 15.4 50.3 15.6 16.0 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 24.4 15.6 50.4 16.2 16.4 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 21.1 '15.7 50.4 16.8 16.5 Apr 275.8 43.4 8.2 224.3 23.3 58.5 8.5 13.6 21.1 '15.7 50.4 16.6 16.5 May 276.8 44.3 8.2 224.3 23.5 57.8 8.4 13.5 21.5 '15.8 50.4 16.7 16.6 June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 18.0 '15.7 50.3 16.6 16.2 July 272.7 45.4 8.4 218.9 23.4 56.5 8.4 13.3 '18.3 15.8 50.3 16.8 16.2 Aug 275.6 46.1 8.4 221.2 23.9 57.6 8.3 13.1 19.1 15.8 50.3 16.9 16.3 Sept 274.3 45.8 8.3 220.2 23.7 57.6 8.3 13.1 '18.0 15.8 50.2 17.1 16.3 Oct 275.4 45.5 8.4 221.5 23.8 58.0 8.1 13.2 18.9 15.8 50.2 17.1 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 61 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont. J J J J a a a a n n n n . . . . 1 1 1 3 6 0 7 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 7 7 7 7 , , , , 6 6 6 6 0 0 0 0 1 1 3 0 J M O F u e c a n b t r e . . . 2 2 1 2 4 5 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 7 7 7 7 3 2 3 3 2 V 1 V % 4 4 4 7 3 7 1 , . , , 2 2 2 3 1 2 7 1 9 1 1 2 A A O O c p p c t t r r . . . . 1 1 1 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 0 0 1 I i i V 1 y y / 2 2 2 2 2 1 1 1 7 4 9 0 8 4 8 4 J D J A u u e u n n c g e e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 3 4 3 2 - - - 6 6 6 9 8 7 . . . .. 2 2 " 2 3 6 2 , , , , 1 7 7 8 1 5 5 2 4 0 5 4 Jan. 24, 1957 ,600 Dec. 15, 1964-69. 3,826 Jan. 31, 1957 ,602 Treasury notes Treasury bonds Mar. 15, 1965-70. 4,712 F F e e b b . . 1 7 4 , , 1 1 9 9 5 5 7 7 , , 6 6 0 0 1 1 A M p a r r . . 1 1 5, , 1 1 9 9 5 5 7 7 1 2 1 % /2 2,9 53 9 1 7 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 8 4 4 . . . 2 .i 1 y 4 2 3 1 , , 8 44 2 9 0 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 7 6 - - 7 7 2 1. . 2 1 , , 9 8 5 6 7 9 F F F e e e b b b . . . 2 2 1 1 8 5 , , , 1 1 1 9 9 9 5 5 5 7 7 7 , , , 6 7 6 0 5 0 0 0 0 A A M u u a g g y . . 1 1 1 5 5 , , , 1 1 1 9 9 9 5 5 5 7 7 7 2 i Y y 2 4 8 1 4 3 2 , , , 1 7 0 5 9 5 5 6 2 J J M u u n n ar e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 7 8 - - 6 5 3 9 5 .. . . . 2 2 2 3 % % 4 4,2 9 9 4 2 1 5 7 9 J D S u e e n p c e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 6 6 8 7 7 - - - 8 7 7 3 2 2 . . . 2 3 1 , , , 7 6 7 1 0 8 6 6 5 Mar. 7, 1957 ,600 Oct. 1,1957 11/2 824 Dec. 15, 1958 2*/2 2,368 Feb. 15, 1995 .3 2,745 M M M M a a a a r r r r . . . . 2 2 2 1 2 8 1 4 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 7 7 7 7 , , , , 6 6 0 6 1 0 0 0 5 0 6 0 J A O F u e c p n b t r e . . . 1 15 1 1 5 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 8 8 9 8 I 2 1 i V y % % 2 2 4 5 , , 3 1 3 1 9 0 2 8 1 2 3 2 D J D N u e e o n c c v e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 0 0 9 9 - - - 6 6 6 5 2 2 5 . . . . . . . . 2 2 2 2 3 i V V / 4 8 4 4 5 3 3 1 , , , , 2 4 8 4 7 8 0 6 3 5 6 2 P C a o n n a v m er a ti b C le a n b a o l n L d o s an 3 50 A O p ct r . . 1 1 , , 1 1 9 9 5 5 9 9 1 1 1 1/ / 2 2 1 9 1 9 9 S N e o p v t . . 1 15 5 , , 1 19 9 6 6 1 1 2 2 1 V /2 4 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri - e 8 s 0 B ...2M 10,763 1 Direct public issues. 4 Not called for redemption on first call date. Callable on succeeding 2 Sold on discount basis. See table on Money Market Rates, p. 1213. interest payment dates. 3 Tax anticipation series. 5 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n i n b d - l s e Total WW 1 i y t e h a in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1954—June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 Dec. 31 174,639 22,313 15,741 43,285 81,912 11,387 163,251 60,631 38,307 31,365 32,949 1956—June 30 166,050 20,808 16,303 35.952 81,840 11,098 154,953 58,714 31,997 31,312 32.930 Sept. 30 167,343 20,807 19,523 35,169 80,893 10,951 156,391 63,883 30,520 29,072 32,916 Oct. 31 168,919 22,410 19,523 35,194 10,903 158,016 66,289 29,744 29,071 32,912 U. S. Govt. agencies and trust funds: 1954—June 30 6,985 46 41 64 395 3,439 3,546 107 205 494 2,740 1955—June 30 7,162 40 8 119 556 3,439 3,723 74 199 506 2,944 Dec. 31 7,676 338 47 304 548 3,439 4,237 422 373 426 3,016 1956—June 30 8,236 273 355 688 575 3,345 4,891 927 500 434 3,030 Sept. 30 8,187 176 294 837 605 3,275 4,912 905 559 411 3,037 Oct. 31 8,280 232 292 843 3,638 3,275 5,005 957 566 436 3,046 Federal Reserve Banks: 1954_june 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6,307 1,035 1,415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 Dec. 31 24,785 1,722 6,002 14,259 2,802 24,785 20,742 1,614 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 Sept. 30 23,680 742 10,950 9,186 2,802 23,680 20,164 1,087 1,014 1,415 Oct. 31 23,767 850 10,938 9,177 2,802 23,767 20,966 373 1,014 1,415 Commercial banks: 1954—June 30 56,199 4,187 4,942 11,423 35,481 165 56,034 17,684 14,624 18,741 4,985 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 Dec. 31 53,956 3,562 1,951 12,853 35,431 157 53,798 7,733 22,003 19,483 4,579 1956—June 30 49,673 2,181 1,004 11.620 34,712 155 49,517 7,433 18,234 19,132 4,719 Sept. 30 49,964 2,486 2,046 11,105 34,173 154 49,810 9,816 17,416 17,719 4,859 Oct. 31 50,141 3,038 1,816 11,000 34,134 153 49,988 10,128 17,317 17,677 4,866 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 Sept. 30 7,642 151 48 344 5,961 1,138 6,504 302 674 1,108 4.420 Oct. 31 7,521 119 29 330 5,910 1,132 6,388 245 653 1,100 4; 390 Insurance companies: 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 ,190 1,045 2,171 5,921 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 Dec. 31 12,667 515 83 842 8,286 2,941 9,726 694 1,502 1,840 5,689 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5.285 Sept. 30 11,594 527 59 743 7,513 2,752 8,843 915 1,212 1,661 5,055 Oct. 31 11,658 569 72 758 7,516 2,742 8,915 976 1,222 1,655 5,062 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_ D ju e ne c. 3 3 0 1 6 5 7 9 , , 7 2 0 6 0 0 1 1 5 6 , , 1 0 5 4 3 7 7 3 , , 6 9 1 7 2 3 1 1 4 2 , , 7 5 0 0 5 2 2 25 3 , , 6 9 7 2 5 7 3 3, , 6 7 6 0 1 6 5 6 5 4, , 0 5 3 5 9 4 2 30 4 , , 8 0 3 6 1 2 1 1 0 2 , , 6 2 3 4 3 5 7 7 , , 6 2 2 6 6 7 1 1 3 3 , , 2 6 3 9 3 6 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 I 61,301 29.233 10,443 7,612 14,013 Sept. 30 66,275 16,725 6,125 12,954 26,839 3,632 I 62,643 31,781 9.572 7,159 14,131 Oct. 31 67,553 17,602 6,375 13,086 26,889 3,601 I 63,953 33,017 9,612 7,190 14,134 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

62 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, allissuers: 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 - y4 S n m a p t i n a c a u d t l i - e - Other5 Total Total o B P f l o f i u c e n r l b y d e - 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 7 p l M p c o a o u e n u s i r l s e e s - - - - s m b d e t R i a t e o e r c b e n f e . n - k t - 3 t , m s r t i e i o t e r c i f e e n u - s t - 1939 5,687 ?J33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941. 1*5,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 5'L712 471 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 20-250 10,3?7 2,690 156 7,078 5,973 2,965 3,008 492 614 6,652 5,929 234 488 307 1949 2 .110 804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 t1,606 315 637 401 1950 19.893 9 687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 i1,006 364 620 1,271 1951 2 .265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 (5,531 226 363 486 1952 26-929 \7, 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 3,180 537 664 1953 21*.824 13.957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 1? 53? 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 (5.780 709 1,875 1955 26.772 6? 8 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1955—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 ,710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb ,998 544 709 744 478 149 128 139 704 664 40 26 Mar . 1,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr 1,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May 2,128 451 491 1 1,185 983 686 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 1,109 911 588 323 15 183 1,066 1,012 53 27 Aus 1,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 S O e c p t t r [ 1 , , 5 9 9 2 1 5 4 3 1 5 4 5 r6 3 4 3 6 6 9 8 0 1 0 0 6 5 8 2 2 1 5 3 1 1 3 6 2 1 0 6 5 8 1 3 3 3 9 1 15 8 0 6 7 8 7 3 8 6 8 6 2 8 2 5 9 3 3 4 4 1 7 4 Nov 1,779 389 295 ...55. 1,095 425 178 247 45 624 1,057 1,006 51 22 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l 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 6C 788 273 1955... 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1955 Nov 149 32 70 6 17 4 268 12 40 88 8 Dec 287 54 79 4 130 1 269 2 35 3 100 1956 Jan 180 26 45 2 26 1 63 2 3 263 2 Feb 197 23 41 1 39 1 196 37 (9 194 1 Mar 249 22 48 3 71 10 187 103 132 3 Apr 258 78 27 1 51 1 294 1 15 170 1 June 4 2 6 7 5 6 2 1 6 4 6 7 7 6 4 5 8 4 6 2 5 2 3 3 3 1 5 5 8 1 0 1 (9) 1 1 8 0 2 9 2 6 July 331 9 100 127 31 240 261 103 194 21 94 3 38 154 1 83 106 Sept 227 22 36 21 61 242 4 56 214 Oct 344 H 34 2 37 222 66 74 1 Nov 136 19 106 1 42 144 591 (9) 38 ' 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 • Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit organizations. 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 63 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1950 1951 1952 1953 1954 1955 4 ! 1 Manufacturing Total (200 corps.): Sales 45,78752,94054,517 63 34358,11069,443 16,59917,929 ,887 18,028 18,150 18,45716.239 Profits before taxes 8,176 8,869 7,308 8,375 7,244 10,226 2,452 ,767 ,388 2.619 2,601 2,507 1.692 Profits after taxes 4,222 3,548 3,192 3.664499 3,825 5,221 1,215 ,392 ,206 1.408 1,286 1,303 903 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):1 2,339 2,075 2,073 2,154 2,384 2,827 575 577 659 1,015 703 710 721 Sales 16,25218,91619,26620.69420,62023,065 5,509 .742 ,776 6.0371 6,095 6,135 6,085 Profits before taxes 2,947 3,447 853 3,028 ,753 3,408 801 849 869 •8891 901 873 809 Profits after taxes 1,661 1,533 1,392 1.526 .581 1,916 442 471 483 520! 497 488 466 Dura D bl i e v id g e o n o d d s s industries (106 corps.):2 977 925 946 972 ,064 1,202 256 260 283 402! 290 295 304 Sales 29,53534,024 35,25142,649 37,490 46,37811,090 ,187 ,111 11,990112,055 12,32110,154 Profits before taxes , 5.229 5,422 4,455 5.346 ,491 6,818 1,651 ,919 ,518 1,730! 1,701 1,634 883 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3.305 773 920 723 8881 789 815 437 Dividends 1,362 1,149 1,127 1,182 1.320 1,625 319 317 376 613! 413 415 418 Sleeted industries: Foods and kindred products (28 corps.): Sales ,402 4,909 5,042 5,411 5.476 5,813 1,358 1,462 1,491 1.5021 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 5,965 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 1,259 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 All 499 597 114 115 134 234: 138 141 142 Petroleum refining (14 corps.): Sales ,359 5,078 5,411 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 2261 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 1,44812,50711,56413,75011,52214,92' 3.300 3,858 3,746 4.024! 4,212 4.415 3.212 Profits before taxes ,706 2,098 1,147 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 35O1 344 36: 144 Dividends 378 38: 369 377 407 52: 114 108 118 182| 141 137 140 Machinery (27 corps.): I Sales ;,049 6,168 7,077 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 19: 199 237 263 281 67 66 67 81 78 79 Automobiles and equipment (15 corps.): Sales ,96912,70713,03816,61114,13718,825 4,791 5,101 4,246 4,688 4,578 4,195 3,352 Profits before taxes 1,332 1,950 1,982 2,078 1,789 3,023 825 894 589 715 690 511 273 Profits after taxes , .101 71" 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. . 9,47310,39110,58110.664 9.37110,106 2,305 2,524 2,634 2,643 2,535 2.704 2,590 Profits before taxes. 1,385 1,260'1,438'1,436 '908 1,34: 259 358 370 355 252 343 298 Profits after taxes... 784 693 '825 '903 '68: 925 175 24: 243 265 164 237 208 Dividends 31 328 338 412 379 421 101 90 74 156 111 116 70 Electric power: Operating revenue. . 5,528 6,058 6,549 7.136 '7,588 8,395 2,169 1,999 2,034 2,193 2,412 2,201 2,185 Profits before taxes. 1,313 1,48 1,740 1,895 2,049 2,304 636 539 535 594 710 59: 568 Profits after taxes... 822 814 947 1,030'1,134 1,24^ 341 296 284 326 374 321 302 Dividends 619 651 725 780 '868 930 225 229 229 247 247 256 248 Telephone: Operating revenue. . 3,342 3,729 4,136 4,525 4,90: 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 l,28f 306 315 325 336 339 352 359 Profits after taxes.. . 331 341 384 45: 525 638 15: 156 161 169 169 176 180 Dividends 276 318 355 41: 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 Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Sales data are obtained from together represent about 85 per cent of all telephone operations. Divithe Securities and Exchange Commission; other data from published dends are for the 20 operating subsidiaries and the two affiliates. Data company reports. 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 Tune 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

64 BUSINESS FINANCE NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i 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 te o r r P b r e o fo fi r t e s co In m - e P a r f o t f e i r ts C di a v s i h - t U rib n u d t i e s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net taxes taxes taxes dends profits issues ments change issues ments change issues ments change 1949.... 26.2 10.4 15.8 7.5 8.3 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1950.... 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,667 1,583 3,284 1,864 292 1.572 1951.... 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2 004 9. 418 698 1,720 1952.... 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,5771 3,366 666 2,700 1953.... 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4 940 ^ ^*> 348 2,987 1954.... 33.2 16.8 16.4 10.0 6.4 1953 .. . 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955.... 42.7 21.5 21.1 11.2 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 19561... 43.4 21.8 21.7 12.0 9.5 1955 12,595 5,372 7,223 7,712 3,199 4,513 4,883 2 173 0 710 1955—3. 43.5 22.0 21.5 11.0 10.5 1955—3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4. 46.4 23.4 23.0 12.1 10.9 4 3,795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 1956—1. 43.7 22.1 21.6 11.8 9.8 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 2. 42.9 21.7 21.3 12.2 9.1 2 3,367 1,488 1,880 2,245 817 1,428 1,122 671 452 3. 41.2 20.8 20.4 12.3 8.1 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 41 46.0 23.2 22.8 11.8 11.0 1 Reflects cash transactions only. As contrasted with data shown on p. 62, new issues 1 Preliminary estimates by Council of Economic, exclude foreign and include offerings of open-end investment companies, sales of securities Advisers. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 62. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it i t a n l g Total Cash s G U ec o . u v S r t . i . - Not r e e s c e a i n va d b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e c l t d i a o a e x m - ra e l Other ties U. S. Other U. S. Other bilities Govt.2 Govt.2 1948 68.6 133 0 25.3 14.8 4: .4 48.9 1.6 64.4 3S.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43 0 45.3 1.4 60.7 37 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—2 99.7 191.4 31.1 19.3 2.1 71.2 64.9 2.8 91.7 2.3 55.8 11.9 21.7 3. . . 101.5 200.2 31.6 21.2 2.2 75.6 66.6 3.0 98.7 2.2 58.9 15.1 22.6 4 102.9 208.1 32.6 24.0 2.3 77.3 69.1 2.9 105.2 2.3 62.6 18.1 22.3 1956—1... 104.8 206.8 29.9 21.1 2.3 78.2 72.1 3.2 102.0 2.3 62.0 15.0 22.8 2 106 4 207 9 30 7 18 0 2 3 79.9 73.9 3.1 101.5 2.5 63.9 12.1 22.9 3 107.2 213.4 31.2 18.0 2.4 83.6 75.1 3.1 106.2 2.5 65.4 14.2 24.0 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 i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Tr ansp ortation factur- Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other 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 m a i i n n n in g g d - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r ^ 1948 22.1 9.1 .9 1.3 1.3 2.5 1.7 5.2 1955—3 7.4 3.1 .6 1.2 2 5 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 4 8.4 3.8 .7 1.2 2.6 1950 . 20.6 7.5 .7 1.1 .2 3.3 5.7 1951 25.6 10.9 .9 1.5 .5 3.7 l]3 5.9 1956—1 7.5 3.2 .7 .9 2.6 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 2 8.9 4.1 .7 1.2 2.9 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 3 8.9 4.1 .7 1.3 2 7 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 44 9.7 4.7 .9 1.4 2.7 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 1.8 4.8 1C).9 1957—H 8.7 4.1 .8 1.2 2.6 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 65 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e l r t c i- i f a a l m p il r y o p a e n rt d ies1 or quarter All Finan- All All Finanh e o r l s d- tu in c ti i s o a ti l n - s S F e a e l g d e e e c n r t a e - l d v I i a d n n u d d a i- ls ho er l s d- Total F i i n c n i s a a t l i n - - O ho e th r l s d e - r Total F i i n c n i s a a t l i n - - O h e o th r l s d e - r ho er l s d- tu in c ti i s o a ti l n - s ho O l t d h e e r r s2 cies others tutions tutions 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 C4.7 4.8 1.3 3.4 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1.9 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.7 1.4 19.8 C66.7 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 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.4 3.4 5.1 June 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.*5 133.3 102.3 3.2 27.9 124.1 90.8 76.2 14.6 33.3 22.4 10.9 9.2 3.7 5.5 Junep 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.^ 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 c Corrected. v 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 holdings2 Mutual savings bank holding?S3 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 j 421"2J92i "4^929 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 1,058 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 1,082 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 1,159 15,007 13,211 3 800 4 262 5 149 I 740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 19^5—Mar 19,125 14,535 4,205 3,450 6,880 3,385 1,205 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 1,263 16,173 14,339 4,000 4,976 5,362 1,775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 ,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4 150 5,773 5 645 I 831 58 1956—Mar 21,450 16,180 4,610 3,770 7,800 3,950 1,320 18,045 16,123 4 210 6,155 5 758 860 62 June 21,990 16,500 4,668 3,837 7,995 4,137 1,353 18,610 16,644 4,274 6,506 5,864 898 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 p 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

66 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_Nov 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 1956—Jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr ... 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June 546 507 58 136 313 39 31,284 28,884 6,5«4 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 AUK 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sent 454 430 51 102 in 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 Nov 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 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 Year or Num- Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H i r n A e - - d a g n V u t A a e r - e - d t C i v o o e n n n a - - l2 month ber Total i i a n l S o s g a s a s n v n s - s & . p I c a n 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 - a s l 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 1,016 2,664 745 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1949. 2,488 11,828 3,646 1,046 2,446 750 1950.... 5,237 1,767 2,246 13,657 848 2,973 9,836 1950. 3,032 16,179 5,060 1,618 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 1,615 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 1,420 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 1,768 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 1,932 5,617 1,858 1955 1955 Nov 782 261 385 Nov.. 314 2,316 765 152 499 171 746 253 351 31,461 1,405 5,891 24,165 Dec.. 293 2,188 700 156 457 166 Dec 1956 1956 712 251 316 Jan... 275 2,059 665 148 435 131 Jan 778 284 333 Feb... 278 2,050 700 136 421 127 Feb 9 9 0 3 8 2 3 3 3 5 1 9 3 3 8 8 6 8 32,405 1,424 6,082 24,899 A M p a r r . . . . . 3 30 0 3 9 2 2, ^ 2 7 6 1 9 8 82 1 7 6 1 14 5 8 2 4 4 6 7 8 0 1 1 2 2 8 8 Mar 986 356 434 May.. 324 2,434 872 158 508 152 May'.'.'.'. 976 349 449 33,740 1,458 6,338 25,944 June.. 319 2,417 877 165 494 162 June 949 341 439 July.. 312 2,374 851 159 464 168 July 1,037 358 483 Aug.. 336 2,544 921 163 508 181 Aug 850 292 397 34^939 1,499 6,563 26^877 Sept.. 290 2,185 779 139 441 163 Sept 922 323 42: Oct... 322 2,425 '848 154 475 183 Oct 784 277 360 Nov.. 277 2,108 717 136 408 152 Nov 1 Includes loans for other purposes (for repair, additions and alterations, c Corrected. refinancing, etc.) not shown separately. * 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 67 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans mo H r o tg m 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 e is 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 t s - 1 p lo m r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total su in re - d a g n u t a e r e - d 1948.. 3,341 1,434 684 609 614 1,881 1949 3,826 1,319 892 1,021 594 1,426 793 629 1945 18.6 4.3 4.1 ?_ 14.3 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1948 33.3 12.5 5.3 7.2 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 6 103 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 132 28.8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58.5 25 4 10 8 146 33.1 1953 66.1 28.1 12.0 16 1 38.0 1955—Nov 345 122 154 11 59 755 511 243 1954 75.7 32.1 12.8 193 43.6 Dec 326 118 144 10 55 620 413 206 1955 88.1 38.9 14.3 24 6 49.2 1956—Jan 335 133 148 1 53 570 403 166 1955—Mar 78.5 33.5 13.2 20 3 45.0 A F M M e p a a b r y r 2 2 2 2 5 9 8 7 3 8 7 0 1 1 8 8 0 1 7 7 5 4 1 1 1 1 2 2 2 1 7 3 7 6 1 4 2 5 8 4 4 4 5 1 8 6 9 4 4 5 4 6 9 3 6 8 3 5 9 3 3 3 3 7 3 0 3 2 1 7 3 1 1 1 1 3 5 6 6 6 9 2 2 J S D u e e n p c t e . . . . . . . . 8 8 8 5 8 2. . . 2 5 1 3 3 38 7 5 . . . 9 0 3 1 1 1 3 3 4 . . . 5 9 3 2 2 2 1 3 4 8 6 1 4 4 4 8 6 9 . . . 9 2 5 June 280 86 121 10 62 421 265 155 1956—Mar.*. 90.8 40.2 14.7 25 5 50.6 J A S u e u l p y g t 2 2 3 7 7 1 8 9 2 9 8 8 7 3 2 1 1 14 2 2 1 5 2 1 1 8 0 6 6 6 5 1 7 9 4 5 5 6 0 0 5 5 8 2 3 3 9 2 2 1 1 0 1 1 1 7 8 8 4 4 6 S Ju e n pt e . * * . . 9 96 3. . 7 6 4 4 1 2 . . 3 4 1 1 5 5 . . 0 2 2 2 7 6.3 2 5 5 2 4 . . 4 2 Oct 341 96 134 26 86 501 331 169 Nov 279 89 124 4 62 462 315 146 p Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed and Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Year or month Ad- Repay- End of year period) ments vances ment or month Total F su H in r A e - 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 i - L te o r n m g 2 - 1945. 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 ,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 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 1,417 991 426 1956 3,047 978 2,069 109 5 360 1956 745 934 1,228 798 430 1955 Nov 2,596 896 1,700 27 1 80 1955—Nov 60 40 1,364 875 489 Dec 2,615 901 1,714 30 76 Dec 109 56 1,417 991 426 1956 Jan 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 '26 '69 1,138 730 408 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 99 49 1,173 730 443 July. 2 729 915 1,814 43 91 July 93 159 1,108 700 408 2,758 919 1,839 46 1 92 AUK 66 57 1,116 713 403 Sent 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 QQ6 129 317 Nov 59 54 1,153 756 397 Dec 3,047 978 2^069 109 5 360 Dec 121 47 1,228 798 430 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new c Corrected. charter, under which it maintains three separatle programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of more than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] InJtalment 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 1 co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m n a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,398 8,996 3,018 2,901 853 2,224 5,402 1,445 2,673 1,284 1949 17,305 11,590 4,555 3,706 898 2 431 5 715 1 532 2 795 1 388 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22 617 15,294 5,972 4,880 1,085 3 357 7,323 1 934 3 605 1 784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 . 31,243 23,005 9,835 6 779 1,610 4 781 8 238 2 187 4 124 1 927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2 008 1955 38,648 29,020 13,468 7,626 1 670 6,256 9,628 2,992 4,544 2,092 1955 Nov 37,114 28,269 13,326 7,169 J.661 6 113 8 845 2 930 3 839 2 076 Dec 38,648 29,020 13,468 7,626 1,670 6,256 9,628 2,992 4,544 2 092 1956—Jan 37,848 28,886 13,481 7,487 1,638 6,280 8,962 2,920 3,961 2,081 Feb 37,474 28,915 13,574 7,371 1,628 6,342 8,559 2,932 3,530 2,097 Mar 37,761 29,112 13,743 7,300 1,631 6,438 8,649 3,050 3,469 2 130 A.pr 38,222 29,419 13,892 7,337 1,643 6,547 8,803 3,094 3,531 2,178 May 38,919 29,763 14,059 7,401 1,677 6,626 9,156 3 258 3 701 2 197 June 39,454 30,084 14,255 7,417 1,700 6,712 9,370 3,335 3,804 2,231 July . . 39,478 30,297 14,381 7,421 1,710 6,785 9,181 3,261 3 674 2 246 Aug. 39,878 30,644 14,530 7,493 1,734 6,887 9,234 3,295 3,696 2,243 Sept 40 074 30,707 14,533 7,497 .758 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 Nov 40,631 31,024 14,449 7,752 1,797 7,026 9,607 3,401 4,029 2,177 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a C c n u n o a m o i m n n e e c s - - r e 1 Other i Total D s m t e o p e r a n e r s t t 2 - F s t t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b 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 4,711 837 1,866 643 3,822 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955. . .. 29,020 24,441 10,601 8,443 1,680 2,656 1.061 4,579 1,511 1,052 381 535 1,100 1955 Nov 28,269 24,061 10,489 8,322 1,654 2,549 1,047 4,208 ,332 1,001 366 539 970 Dec 29,020 24,441 10,601 8,443 1,680 2,656 1,061 4,579 1,511 1 052 381 535 1 100 1956—Jan 28,886 24,447 10,618 8,436 1,668 2,670 1,055 4 439 1,471 1 018 371 535 1 044 Feb 28,915 24,587 10,668 8,460 1,697 2,701 1,061 4,328 1,436 1,001 362 538 991 Mar 29,112 24,870 10,796 8,526 1,732 2,739 1,077 4,242 1,377 984 355 544 982 Apr 29,419 25,208 11,009 8,575 1,767 2,773 1,084 4,211 1,380 974 349 548 960 May 29,763 25,528 11,170 8,641 1,806 2,805 1,106 4,235 1,389 971 351 554 970 June. .... 30,084 25,963 11,394 8,765 1,848 2,845 1,111 4 121 L 247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 1,108 4,104 1,239 967 359 568 971 Aug . 30,644 26,475 11,548 8,953 1,933 2,920 1,121 4,169 1,286 973 365 575 970 Sept 30 707 26,551 11,548 8,989 I 960 2,924 1,130 4 156 I 269 970 368 576 973 Oct 30,811 26,635 11,606 8,973 L994 2,938 1.124 4,176 .269 974 368 574 991 Nov 31,024 26,734 11,634 8,963 2,021 2,961 1,155 4,290 l',342 988 373 573 1,014 1 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 69 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 o t m o p h n d e e e - r s r r m i R z lo o a e a a d n p ti n d e a o s r i n r n- l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 2,011 1,333 287 225 166 1948 3,529 575 753 794 568 839 1949 2,944 2,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 ,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 ,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 ,137 ,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 ,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 ,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 ,916 1955—Nov. 8,322 6,850 1,001 24 447 1955—Nov 10,489 3,193 2,046 2,015 ,332 ,903 Dec. 8,443 6,919 1,034 25 465 Dec 10,601 3,243 2,062 2,042 ,338 ,916 1956—Jan.. 8,436 6,919 1,024 25 468 1956—Jan.... 10,618 3,252 2,072 2,049 ,314 1,931 Feb.. 8,460 6,940 1,024 24 472 Feb 10,668 3,294 2,089 2,040 ,305 1,940 Mar. 8,526 6,995 1,024 24 483 Mar 10,796 3,347 2,133 2,051 ,303 1,962 Apr.. 8,575 7,037 1,024 24 490 Apr 11,009 3,403 2,167 2,118 ,313 2,008 May. 8,641 7,099 1,021 24 497 May 11,170 3,462 2,193 2,155 ,335 2,025 June. 8,765 7,199 1,039 24 503 June 11,394 3,521 2,207 2,265 ,356 2,045 July. 8,849 7,264 1,049 24 512 July 11,476 3,560 2,210 2,276 ,367 2,063 Aug. 8,953 7,344 1,061 24 524 Aug 11,548 3,598 2,218 2,266 ,384 2,082 Sept. 8,989 7,366 1,071 23 529 Sept 11,548 3,591 2,199 2,271 ,403 2,084 Oct.. 8,973 7,333 1,083 24 533 Oct 11,606 3,584 2,180 2,335 ,421 2,086 Nov. 8,963 7,305 1,090 24 544 Nov 11,634 3,578 2,177 2,364 ,430 2,085 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONTNSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets Other Repair Total (single-pay- (charge 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 p c u o a o m o p n d e e - r s r m iz lo o a a a d n ti n d e o s r n n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar c m n r o e e d n n i - t t C m om en - t loans) D a e- ccounts) S c e r r e v d i i c t e mer- Other part- Other cial ment banks stores i 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 1 19 9 4 4 9 8 1 1, , 8 5 7 8 4 0 2 1 5 9 9 8 1 1 0 4 3 6 6 9 0 3 1 1 , , 2 3 1 7 9 6 1 1 9 94 4 1 5 3 3 , , 0 2 8 0 7 3 6 6 9 7 3 4 1 7 5 2 2 2 2 7 9 5 0 1 1 , , 3 3 7 2 0 2 5 8 9 4 7 5 1950 2,296 360 200 121 1,615 1948 5,402 1,261 184 575 2,098 1,284 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 2 4 1 5 4 4 2 5 3 , , , , , 0 5 6 3 3 3 1 9 4 9 8 0 9 6 7 4 5 5 7 3 5 3 0 3 7 9 2 9 8 3 2 3 3 3 5 3 7 1 7 06 3 5 0 0 2 2 3 1 1 8 4 0 8 3 7 2 7 8 4 2 2 3 3 1 , , , , , 3 9 8 3 8 5 1 9 8 7 9 4 6 3 5 1 1 1 1 1 9 9 9 9 9 5 5 4 5 5 1 3 9 0 2 6 7 7 5 8 , , , , , 6 9 7 3 2 9 9 1 2 3 2 8 5 3 8 1 1 1 1 1 , , , , , 3 6 8 5 8 3 8 4 7 9 4 4 4 6 9 2 2 2 2 1 4 5 8 7 9 5 0 8 6 8 6 7 5 6 7 5 2 9 8 7 0 8 8 7 2 2 2 2 3 3 , , , , , 6 9 2 3 2 4 0 0 5 8 1 7 8 2 3 1 1 1 1 1 , , , , , 8 7 3 9 5 6 8 8 2 8 7 4 8 7 0 1955_N D o e v c..... . 5 5 , , 2 3 5 9 0 7 6 7 9 0 8 9 4 5 8 0 4 6 3 30 0 7 5 3 3 , , 7 8 6 7 3 5 1 1 9 95 5 5 4 9 8 , , 6 7 2 2 8 4 2 2, , 6 0 3 9 5 6 3 3 5 1 7 2 7 8 9 6 3 2 3 3, , 6 5 8 1 2 5 2 2 , , 0 0 9 0 2 8 1956 F Ja e n b 5 5 , , 3 4 9 5 3 9 7 7 0 1 3 3 5 5 1 1 0 7 2 2 9 9 9 9 3 3 , , 8 9 8 3 1 0 1955—N De o c v . . 9 8 , , 6 8 2 4 8 5 2 2 , , 5 6 5 3 2 5 3 3 7 5 8 7 6 8 4 6 5 2 3 3 , , 1 6 9 8 4 2 2 2 , , 0 0 7 9 6 2 Mar 5 548 724 527 304 3,993 1956—Jan.. 8,962 2,632 288 706 3,255 2,081 J J A S A M u u e u p l a p n g r y y t e .. . .. 5 6 5 5 5 5 , , , , , , 0 7 8 8 9 6 1 1 6 0 7 2 4 7 8 4 4 4 7 7 7 7 7 8 5 7 0 6 3 9 1 9 1 6 7 5 5 5 5 5 5 5 7 6 5 4 3 7 5 0 4 4 2 2 3 3 3 3 3 3 3 1 1 2 0 2 2 9 8 0 6 6 4 4 4 4 4 4 , , , , , , 0 1 1 2 3 2 4 0 6 1 0 8 9 4 4 0 6 1 A J J F M M u u e p n a a l b r y y r e . . . . . , 9 9 9 8 8 8 , , , , , , 1 3 1 5 6 8 8 7 5 5 4 0 1 0 6 9 9 3 2 2 2 2 2 2 , , , , , , 6 7 6 8 8 7 8 2 2 8 8 6 0 0 5 5 0 6 4 4 3 3 3 3 5 9 0 7 7 7 5 2 7 0 4 6 5 5 5 5 5 5 7 7 8 9 2 7 9 3 5 6 3 4 2 2 2 3 3 3 , , , , , , 9 9 8 1 2 1 5 5 3 9 3 1 1 8 4 0 0 6 2 2 2 2 2 2 , , , , , , 1 1 0 1 2 2 3 7 9 9 3 4 0 8 7 7 1 6 O N c o t v .. 6 6 , , 0 1 5 3 6 7 8 8 0 16 7 5 5 8 81 1 3 3 3 43 6 4 4 , , 3 3 3 9 2 7 A Se u p g t . . 9 9 , , 3 2 6 3 7 4 2 2 , , 9 8 2 9 6 4 4 4 3 0 5 1 5 5 8 3 8 1 3 3, , 1 1 9 6 2 5 2 2 , , 2 2 4 2 3 6 Oct.. 9,385 2,897 413 612 3,263 2,200 NOTE.—Institutions included are consumer finance companies, credit Nov. 9,607 2,894 507 672 3,357 2,177 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

70 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- aiid 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 rn ep iz a a i t r i o a n n d loans Persona1 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 Nov 3,355 3,271 J 415 1 272 911 969 125 130 904 900 Dec 3,315 3,785 ,389 ,303 904 1,282 124 118 898 1,082 1956—Jan 3,441 2,885 ,456 ,192 927 760 119 88 939 845 Feb 3,324 2,918 ,396 ,236 883 731 123 97 922 854 Mar 3,174 3,305 1,284 ,378 859 821 120 113 911 993 Apr 3,409 3,329 ,330 ,345 968 894 129 123 982 967 May 3,264 3,470 1,256 ,407 932 949 133 145 943 969 3,058 3,390 1,181 ,391 841 883 116 128 920 988 July 3,302 3,316 1,252 ,337 927 872 121 127 1,002 980 3,358 3,504 1,264 ,393 952 952 122 137 1,020 1 022 Sept 3,160 2,981 1,198 ,150 883 840 117 125 962 866 Oct 3,370 3,382 1,315 .284 942 1,010 125 140 988 948 Nov 3,461 3,387 1,361 \\l25 973 1,037 121 125 1,006 1,000 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—Nov 2,961 2,970 1,173 1.192 843 825 113 117 832 836 Dec 2,918 3,034 1,143 1,161 833 825 108 109 834 939 1956—Jan • 3,109 3,019 1.245 1,179 887 899 121 120 856 821 Feb 2,948 2,889 1,184 1,143 821 847 110 107 833 792 Mar 2,888 3,108 1,130 1,209 822 892 102 110 834 897 Apr 3,145 3,022 1,258 1,196 870 857 118 111 899 858 May 3,063 3,126 1,226 1,240 858 885 111 111 868 890 3,009 3,069 1,158 1,195 869 867 104 105 878 902 July 3,160 3,103 1,229 1,211 890 868 121 117 920 907 Aug 3,147 3,157 1.214 1,244 891 880 112 113 930 920 Sept 3,087 2,918 1,185 1,147 893 836 104 101 905 834 Oct 3,183 3,278 1,284 [,339 883 906 113 117 903 916 Nov 3,161 3,174 1,232 1,254 905 886 105 109 919 925 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 1 1 9 9 5 5 4 5 +5+,455623 +3, - 6 2 5 6 9 + — 87 2 5 8 + + 5 6 4 + + 6 8 1 6 1 4 1955_Nov +394 +301 +242 +80 + 68 + 144 + 12 + 13 +72 +64 Dec +397 +751 +246 + 142 +71 +457 + 16 +9 • +64 + 143 1956—Jan +332 -134 +211 + 13 +40 -139 -2 -32 +83 +24 Feb +376 +29 +212 +93 +62 -116 + 13 -10 +89 +62 Mar... . . . +286 + 197 + 154 + 169 +37 -71 + 18 +3 +77 +96 Apr +264 +307 +72 + 149 +98 + 37 + 11 + 12 +83 + 109 May +201 +344 +30 + 167 +74 +64 +22 +34 +75 +79 June +49 +321 +23 + 196 -28 + 16 + 12 +23 +42 + 86 J A u u ly u . • ++2 11412 + +3 2 4 1 7 3 + + 2 5 3 0 + + 1 1 4 2 9 6 + +6 3 1 7 + + 7 4 2 + 1 0 0 + + 2 1 4 0 + +9 8 0 2 + + 1 7 0 3 2 Sept +73 +63 + 13 _+4 -10 +4 + 13 +24 +57 +32 Oct + 187 + 104 +31 +59 + 104 + 12 +23 +85 +32 Nov + 300 +213 + 129 -29 +68 + 151 + 16 + 16 +87 +75 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 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 t it f u i t n i a o n n c s ial Retailoutlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1948 15,585 5,714 3,217 2,938 3 716 1949 . 18 108 6 543 4 296 3 305 3,964 1950 21,558 8,135 5,098 3,826 4 499 1951 . 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5 750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6 983 5 541 1955 39,128 14,109 10,200 8,434 6 385 1955_Nov 3,355 3,271 1.219 1,142 850 791 742 744 S44 594 Dec 3,315 3,785 1,179 1,171 840 838 746 906 550 870 1956—Jan 3,441 2,885 1,233 1,110 891 704 752 656 565 415 Feb 3,324 2,918 1,198 1,088 837 717 758 699 531 414 Mar . 3,174 3,305 ,105 1,201 802 822 759 808 508 474 Apr 3,409 3,329 1,302 1.308 790 769 780 766 537 486 May 3,264 3,470 1,181 ,279 774 842 776 800 533 549 June.... ... 3,058 3,390 ,185 ,324 720 847 752 803 401 416 July 3,302 3.316 1,221 ,231 756 819 812 795 513 471 Aug . 3,358 3,504 1,177 ,232 lie 871 847 844 558 557 Sept 3 160 2,981 ,137 ,070 744 722 771 707 508 482 Oct 3,370 3.382 ,261 ,244 821 821 794 774 494 543 Nov 3,461 3,387 1,223 ,148 821 769 837 835 580 635 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—Nov 2,961 2,970 1.068 1,065 718 737 658 662 517 506 Dec 2,918 3,034 1,043 1,059 692 717 668 759 515 499 1956 Jan 3,109 3,019 1,125 J.O93 772 711 690 660 522 555 Feb 2,948 2,889 1,060 ,038 718 693 663 633 507 525 Mar ... 2,888 3,108 1,007 1,073 698 756 673 719 510 560 Apr 3,145 3,022 1,127 1,095 762 720 720 690 536 517 May 3,063 3,126 1,093 1,118 776 776 690 707 504 525 June 3,009 3,069 [,078 ,100 700 723 699 716 532 530 July 3,160 3,103 1,149 1,149 764 735 746 731 501 488 Aug 3,147 3,157 [,147 1,160 747 767 751 738 502 492 Sept 3,087 2,918 1,123 .070 707 686 723 667 534 495 Oct 3,183 3,278 .163 1,186 789 837 718 732 513 523 Nov 3,161 3,174 1,123 1,120 756 779 748 754 534 521 Change in outstanding credit* 1948 +2,301 +904 +656 +305 +436 1949 +2,594 +910 +933 +294 +457 1950 + 3,113 + 1,359 +767 +422 +565 1951 + 591 -27 — 57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 — 202 +217 +472 +76 1955 +5,452 + 1,805 +2,299 +887 +461 1955—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 M^ay • +201 +344 +88 + 161 +66 +86 +93 +29 +24 June +49 +321 + 107 +224 +~20 + 124 +53 +87 -131 -114 July + 142 +213 +72 +82 -8 +84 +66 +64 + 12 -17 AUE +211 +347 +30 +72 +29 + 104 +96 + 106 ±% +65 Sept +73 +63 + 14 0 +37 +36 +48 +40 -13 Oct + 187 + 104 +98 + 58 +32 -16 +76 +42 +20 Nov +300 +213 + 100 +28 +65 -10 +89 +81 +-1496 + 114 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

72 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 p u hy st s r i i c a a l l p v r o o l d u u m c e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i Departor Y m e o ar nth Total Tot M al anu r D a f b a u c l - e ture N s d o u n - - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N p t a e c u l g o m u o r r l n a y i - - - l - - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - Fr i l c n e o a i g a g r s d - h * - t v s ( m s r a a t e l o l e e t u a n r s e e i t * ) l p s C r u i m o c n e e - s r 2 m p W c r s o o i h a c d m l o e e i l t - s e y 2 rable ment Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55 2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60 3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53 6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937 . .. 61 60 55 64 71 32 25 36 70 2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940. ... 67 66 63 69 76 44 43 44 73 3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90 9 103 9 72 2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94 4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 .. ..... 120 121 128 114 115 171 170 172 108 2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 *95 119 114.5 110.7 1956 117 7 106.5 161.2 1955 Nov 143 145 145 161 130 125 270 252 282 116 0 108.2 109.0 163.8 99 122 115.0 111.2 Dec 144 142 146 161 130 129 301 273 319 116.5 108.3 108.7 163.7 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 116.8 108.0 107.2 159.1 103 124 114.6 111.9 Feb 143 144 144 158 130 131 306 318 298 116.9 107.2 106.8 157.7 100 118 114.6 112.4 Mar 141 143 142 156 128 130 287 317 267 116 7 106.4 106.1 157.9 100 122 114.7 112.8 Apr . .. 143 144 144 159 129 130 277 315 252 117.3 107.1 106.0 158.2 99 122 114.9 113.6 May 141 141 143 157 128 129 257 286 237 117 6 106 9 105 4 157.3 98 122 115.4 114.4 June 141 141 143 157 128 130 256 269 248 118.0 106.3 105.7 158.2 95 124 116.2 114.2 July 136 128 137 148 127 122 255 265 249 116.6 102.6 101.2 151.0 81 128 117.0 114.0 Aug 142 142 144 158 129 128 260 264 257 118.2 106.0 107.1 161.4 93 128 116.8 114.7 Sept 145 146 147 '163 '130 128 251 250 251 118.1 105.7 107.8 165.8 96 129 117.1 115.5 Oct 146 150 r148 164 r131 r128 248 230 260 r118 7 r107 1 108 7 r168 7 96 122 117.7 115 6 Nov 146 147 147 165 129 130 242 197 272 118 7 107.2 108.1 168.3 97 *131 117.8 115.9 Dec 2*147 3*144 *148 ^166 *131 ^130 ^118.9*>107.3^107.8 •171.1 *>100 c130 116.2 e Estimated. v 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 73 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 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 143 144 143 143 141 143 141 141 136 142 145 146 146 MANUFACTURES—TOTAL 90.02 127 140 145 146 145 144 142 144 143 143 137 144 147 148 147 Durable Manufactures—Total 45.17 137 155 161 161 160 158 156 159 157 157 148 158 163 164 165 Primary metals 6.70 108 140 149 150 148 148 145 146 141 138 68 124 148 147 Ul Metal fabricating 28.52 750 165 172 172 170 168 166 171 167 168 169 172 176 177 180 Fabricated metal products 5.73 123 134 139 138 136 134 132 135 130 132 129 134 142 142 138 Machinery 13.68 142 155 163 '164 164 162 162 169 168 168 172 174 176 175 176 Nonelectrical machinery 9.04 125 135 r]44 r146 146 147 147 148 149 149 152 155 158 "155 155 Electrical machinery 4.64 177 194 '200 199 197 192 191 208 206 205 210 211 212 "215 219 Transportation equipment 7.54 175 203 212 212 205 202 197 193 186 190 191 194 196 "203 216 Instruments and related products 1.29 140 149 158 159 160 161 160 163 164 164 167 171 172 172 172 Clay, glass, and lumber products 5.91 123 138 139 139 140 139 137 139 141 141 142 144 139 139 139 Stone, clay, and glass products 2.82 131 149 156 154 154 155 156 158 162 161 159 160 154 157 159 Lumber and products 3.09 115 127 124 126 128 124 121 122 121 123 125 129 126 122 120 Furniture and misc. manufactures 4.04 121 132 136 137 135 134 132 134 135 136 136 138 137 136 132 Furniture and fixtures 1.64 106 119 123 123 122 120 120 121 121 123 124 124 124 122 117 Miscellaneous manufactures 2.40 131 141 145 146 144 143 141 142 145 145 145 148 146 146 143 Nondurable Manufactures—Total.... 44.85 116 126 130 130 129 130 128 129 128 128 127 129 130 131 129 Textiles and apparel 11.87 100 109 113 112 111 112 107 108 107 106 106 107 108 111 107 Textile mill products 6,32 95 107 110 109 108 109 106 106 103 101 100 102 104 107 103 Apparel and allied products 5.55 105 113 117 116 113 114 108 109 111 112 112 112 113 117 111 Rubber and leather products 3.20 104 122 122 125 126 125 119 120 116 111 111 116 116 7/5 116 Rubber products 1.47 115 143 147 144 147 140 135 137 131 122 119 132 133 132 Leather and products 1.73 95 105 101 108 108 112 105 106 104 102 104 102 101 100 Paper and printing 8.93 125 137 141 140 141 *142 "144 "145 r146 r147 r148 r146 r147 147 Paper and allied products 3.46 134 152 157 159 159 157 157 160 160 161 162 163 159 158 160 Printing and publishing 5.47 120 127 130 128 131 132 134 135 136 137 139 138 141 139 Chemical and petroleum products 9.34 142 159 164 166 165 166 166 167 169 169 166 167 168 767 166 Chemicals and allied products 6.84 148 167 173 175 173 174 174 178 179 178 178 111 176 178 176 Petroleum and coal products 2.50 125 135 139 141 142 143 144 139 140 142 132 139 143 139 140 Foods, beverages, and tobacco 11.51 106 109 111 113 111 112 111 113 111 110 110 113 113 nu 775 Food and beverage manufactures 10.73 106 109 112 113 111 112 111 114 111 111 110 114 114 114 113 Tobacco manufactures .78 103 105 104 107 109 107 107 107 110 108 105 102 103 106 MINERALS—TOTAL 9.98 111 122 125 129 131 131 130 130 129 130 122 128 128 128 130 Mineral fuels 8.35 113 123 125 130 132 131 131 130 130 130 126 130 128 727 128 Coal 2.68 67 80 80 87 87 88 86 86 89 90 77 87 87 85 83 Anthracite .36 52 48 47 58 62 55 50 55 41 55 54 61 63 53 54 Bituminous coal 2.32 70 85 85 92 91 94 92 91 96 95 81 91 91 90 87 Crude oil and natural gas 5.67 134 143 147 151 153 151 151 151 149 148 149 150 147 147 150 Metal, stone, and earth minerals 1.63 106 120 123 129 130 130 129 128 130 100 119 130 133 136 Metal mining .82 90 110 114 112 121 121 120 118 118 117 60 100 118 124 130 Stone and earth minerals .81 123 130 134 135 137 138 139 139 138 143 142 139 143 141 142 WITHOUT SEASONAL ADJUSTMENT (Major divisions only) 100.00 125 139 145 142 143 144 143 144 141 141 128 142 146 150 147 Industrial Production—Total 90.02 127 140 148 143 144 146 145 146 142 142 129 143 148 152 149 Manufactures—Total 45.17 137 155 163 161 160 161 161 162 157 156 139 155 161 168 167 Durable manufactures 44.85 116 126 132 125 128 131 130 129 127 127 119 131 134 137 132 Nondurable manufactures 9.98 111 122 127 127 129 127 127 130 130 131 119 130 132 132 131 Minerals—Total r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 PRODUCTION INDUSTRIAL PRODUCTION—Continued [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 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 145 142 143 144 143 144 141 141 128 142 146 150 147 MANUFACTURES—TOTAL 90.02 127 140 148 143 144 146 145 146 142 142 129 143 148 152 149 Durable Manufactures—Total 45.17 137 155 161 160 161 161 162 157 156 139 155 161 168 167 Primary metals 6.70 108 140 149 147 151 152 152 152 144 140 62 118 145 149 147 Ferrous metals 5.03 105 138 147 145 149 149 149 149 143 138 41 114 146 149 146 Pig S P t i i e g A C r e o a l l i n l r r o o b y a n o n n s d t e s e s t t l e e e e l l , , 2 3 3 . . . . . 6 0 5 4 3 2 5 1 3 7 1 1 1 1 1 1 0 0 0 0 5 9 1 8 8 1 1 1 1 1 4 7 4 4 3 1 1 6 4 4 1 1 1 1 1 8 5 5 4 5 9 0 6 0 4 1 1 1 1 1 4 4 8 5 5 1 9 2 3 4 1 1 1 1 1 5 5 4 9 5 3 9 3 7 8 1 1 1 1 1 5 9 5 4 5 3 9 9 3 8 1 1 1 1 1 5 9 6 4 5 5 2 0 5 9 1 1 1 1 1 8 5 5 4 5 1 5 9 5 8 1 1 1 1 1 4 8 5 4 5 9 2 4 0 2 1 1 1 1 1 5 4 4 4 3 7 6 4 5 5 2 2 2 2 3 4 3 4 2 4 1 1 1 1 1 3 1 1 1 0 5 9 6 7 4 1 1 1 1 1 5 8 5 4 5 3 3 8 5 6 1 1 1 1 1 9 5 6 4 6 1 7 2 8 0 1 1 1 1 1 8 5 5 5 4 1 6 9 8 7 Ferrous castings and forgings 1.52 97 124 131 128 128 130 128 129 120 123 79 106 122 123 119 Iron and steel castings 1.29 95 123 129 126 125 128 126 127 119 121 78 106 122 122 119 Steel forgings .23 106 133 141 141 143 142 142 141 129 134 105 120 127 124 Nonferrous metals 1.67 120 146 154 153 159 161 160 160 149 145 124 130 144 148 147 Primary nonferrous metals .38 147 164 173 175 173 177 182 185 181 179 172 143 168 181 180 Copper smelting , .09 101 122 130 128 134 136 142 143 147 142 117 124 122 133 126 Copper refining , .06 109 123 136 143 122 134 141 146 143 139 123 120 114 134 135 Lead .04 105 103 121 112 114 117 120 121 106 109 107 107 123 122 116 Zinc , .10 101 120 123 127 124 126 125 125 111 111 114 123 128 127 Aluminum .09 244 261 272 277 276 279 287 294 296 296 298 182 269 293 295* Secondary nonferrous metals .13 105 123 130 125 131 134 124 135 121 110 93 108 115 Nonferrous shapes and castings , 1.16 113 142 150 148 158 159 157 154 141 137 112 128 139 140 139 Copper mill shapes .63 100 114 118 120 134 132 127 123 116 112 79 109 120 111 115 Aluminum mill shapes , .20 154 208 219 210 226 225 241 242 228 215 222 187 202 r218 195 Nonferrous castings .33 114 156 169 164 163 170 166 160 140 137 111 129 141 149 Metal Fabricating 28.52 150 165 174 173 172 172 171 174 167 166 160 167 172 180 181 Fabricated metal products 5.73 123 134 139 137 135 134 134 136 130 132 124 135 143 145 138 Structural metal parts 2.68 126 136 145 144 140 138 138 140 138 138 129 137 144 149 148 Stampings and misc. metal products 2.12 117 130 138 137 131 129 126 125 121 119 111 117 123 130 132 Tin cans .30 131 142 95 102 109 116 127 189 121 159 168 214 220 186 102 Furnaces, gas ranges, and heaters .63 90 111 117 92 109 110 115 106 105 112 94 123 143 128 98 Machinery 13.68 142 155 164 164 167 168 168 172 167 165 157 167 176 181 177 Nonelectrical machinery 9.04 125 135 141 147 149 152 154 154 151 150 146 146 153 152 151 Farm and industrial machinery , 8.13 121 130 138 143 144 145 146 148 147 147 144 145 148 149 150 Farm machinery 1.02 79 91 94 97 98 95 94 92 88 87 82 79 79 73 78 Industrial and commercial machinery., 7.11 127 135 144 150 150 153 154 156 155 155 153 155 158 160 160 Machine tools and presses .68 160 163 178 190 190 195 196 197 197 194 194 193 199 201 202 Laundry and refrigeration appliances .69 114 144 130 141 164 173 183 175 146 143 128 108 159 139 123 Electrical machinery 4.64 177 194 208 197 201 200 206 198 195 178 209 '220 '236 227 Electrical apparatus and parts 3.23 160 174 180 184 184 184 184 202 200 199 193 198 202 209 211 Radio and television sets .74 214 242 280 225 240 233 218 209 185 174 130 238 266 312 271 Transportation equipment 7.54 175 203 216 214 206 205 202 201 190 189 187 188 180 '202 219 Autos, trucks, and parts 4.80 109 153 167 159 147 143 139 136 116 111 107 104 92 '121 142 Autos 1.50 131 190 212 193 173 164 163 162 127 127 127 109 59 105 164 Trucks .66 92 115 122 122 113 125 130 133 117 123 99 101 98 103 102 Light trucks .22 95 114 128 106 101 109 104 102 89 89 76 81 75 92 100 Medium trucks .19 59 69 73 67 67 71 68 69 58 68 56 53 51 52 43 Heavy trucks .14 133 172 172 216 194 227 258 265 237 246 198 192 201 195 195 Truck trailers .07 130 183 199 192 173 187 191 208 191 203 145 160 148 146 133 Auto and truck parts 2.58 1i 141 153 150 141 135 128 122 109 98 97 102 109 135 Aircraft and parts 1.30 474 481 500 516 517 521 513 516 520 '531 r536 r555 r569 582 600 Shipbuilding and repair .81 112 115 109 111 111 119 121 119 120 121 121 113 112 115 117 Railroad equipment .53 39 42 48 51 54 60 66 68 69 66 62 58 51 60 68 Railroad cars .35 29 30 33 36 40 49 57 60 61 56 51 49 36 52 64 Instruments and related products 1.29 140 149 159 161 160 161 161 164 164 164 162 168 172 174 174 Clay, Glass, and Lumber Products... 5.91 123 13$ 140 132 132 135 135 142 143 145 135 149 145 146 138 Stone, clay, and glass products 2.82 131 149 157 153 150 150 153 158 162 163 156 164 157 165 160 Glass and pottery products 1.09 118 134 143 141 141 141 140 143 142 140 130 142 127 149 146 Flat glass and vitreous products .60 131 155 169 172 168 163 163 166 164 160 150 161 159 173 172 Flat and other glass .47 133 156 172 174 171 167 163 165 163 158 146 160 158 177 176 Glass containers .26 117 126 119 111 121 130 130 135 136 142 133 145 113 147 135 Home glassware and pottery .23 85 91 101 96 91 96 93 92 93 86 72 90 '61 '86 89 Cement .32 135 148 151 136 126 123 137 159 174 175 173 177 174 171 Structural clay products .35 111 127 137 130 129 132 137 138 140 146 140 144 140 143 136 Brick .12 113 131 141 122 122 124 132 140 145 144 140 148 135 139 131 Clay firebrick, pipe, and tile .20 111 127 136 137 136 139 142 138 139 148 141 144 147 147 142 Concrete and plaster products .48 161 180 186 181 175 177 181 192 202 208 204 208 104 199 190 Misc. stone and earth manufactures .58 140 166 176 176 171 171 171 172 172 171 167 171 176 P177 177 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 75 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1955 1956 pro- Industry portion 1954 1955 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 115 127 124 113 116 121 119 126 125 129 116 135 133 130 117 Lumber 2.05 106 112 106 98 100 104 105 112 111 118 104 115 118 111 101 .60 161 197 201 173 189 201 193 199 187 181 161 216 200 206 181 Millwork .39 123 144 143 110 114 128 118 123 124 133 107 152 139 130 103 Softwood plywood .12 222 284 295 278 313 321 316 324 290 260 248 320 299 332 310 .29 88 90 92 94 90 91 91 92 93 92 90 90 90 93 89 Furniture and Misc. Manufacturing ... 4.04 121 132 142 140 133 136 134 132 131 131 127 136 140 143 138 1.64 106 119 128 128 111 123 122 119 116 118 115 123 125 127 122 Household furniture 1.10 106 120 131 130 124 125 123 118 115 116 114 121 r125 127 123 .54 107 115 121 122 119 119 120 120 119 122 116 126 125 126 120 2.40 131 141 152 149 141 145 142 141 140 141 135 145 150 154 150 44.85 116 126 132 125 128 131 130 129 127 127 119 131 134 137 132 11.87 100 109 114 106 113 119 114 111 107 104 90 109 105 nu 107 Textile mill products 6.32 95 107 111 105 111 115 110 108 106 100 86 103 103 110 104 Cotton and synthetic fabrics. • • 3.72 100 113 118 110 119 123 115 112 109 99 87 104 101 113 107 Cotton consumption 2.30 97 103 109 101 110 112 108 107 105 96 81 101 97 108 104 Synthetic fabrics .97 108 137 135 131 135 141 132 119 108 103 101 102 110 118 120 Fabric finishing •••• .45 93 100 110 92 111 118 98 103 108 90 71 103 82 105 90 Wool textiles.... .97 66 79 83 80 83 84 85 89 90 90 76 92 87 94 86 .16 76 85 86 78 94 97 89 97 98 85 83 94 79 93 76 Wool fabrics .75 64 78 83 82 80 81 84 87 89 92 75 92 90 96 90 1.15 106 110 116 107 107 114 110 110 108 110 95 108 113 110 107 .65 108 106 108 99 106 114 105 105 99 102 77 96 105 100 101 Full-fashioned hosiery .45 113 110 109 100 107 117 110 112 102 104 77 97 106 100 98 .20 97 99 106 96 102 108 93 90 91 97 75 94 103 101 107 Knit garments .50 103 115 125 118 110 115 116 116 119 121 119 124 123 123 116 .48 .31 71 79 77 84 83 93 91 89 80 78 50 86 97 '87 83 ADDarel &nd allied Droducts 5.55 105 113 117 107 117 124 120 114 109 108 95 116 108 118 111 1.78 103 111 116 102 119 124 118 119 121 104 79 120 101 116 106 Men's suits and coats .73 83 92 94 84 99 99 99 103 107 91 59 109 91 103 90 Men's suits . . 5 1 0 3 8 6 2 7 9 7 0 7 9 6 5 9 8 5 6 5 1 5 03 5 1 5 03 9 1 6 01 7 9 9 9 2 1 1 0 1 0 0 9853 5 6 4 3 1 1 0 1 3 0 9 85 0 1 9 00 1 9 5 2 7 Shirts and work clothing .99 116 123 131 113 132 141 130 129 129 111 90 126 106 124 115 Women's outerwear 1.85 109 116 113 98 118 132 127 115 104 111 100 116 108 117 107 Women's suits and coats .76 129 134 143 119 145 155 135 95 90 122 132 152 138 146 129 1.92 103 111 122 119 113 117 114 108 104 107 105 113 116 121 119 Ruftttfr and leather Products 3.20 104 122 122 119 127 132 125 122 113 HI 97 117 118 r121 117 1.47 115 143 150 138 149 146 140 140 129 123 105 111 135 140 Tires and tubes .70 105 131 138 120 129 134 130 133 125 122 99 110 120 121 .40 110 140 140 121 131 135 131 135 125 115 97 113 121 124 .30 99 120 134 118 126 132 130 130 125 130 103 106 118 117 Miscellaneous rubber products .77 124 154 161 156 167 157 149 146 133 124 110 142 148 158 1.73 95 105 99 102 109 120 112 106 99 100 90 108 104 104 Leather .44 87 92 95 95 93 103 95 96 95 91 73 90 90 90 Cattlehide leathers .29 92 99 102 103 100 110 103 103 103 99 79 97 99 99 .15 75 79 81 80 80 90 80 82 80 76 61 76 73 74 .90 .39 90 99 105 104 98 103 98 91 89 96 96 102 99 101 8.93 125 137 144 137 138 r142 r146 r148 r145 r145 r135 '145 r147 r154 151 3.46 134 152 159 146 157 162 163 165 160 163 144 163 160 169 162 1.76 132 149 156 144 158 163 161 163 162 161 143 160 152 162 159 .51 148 169 178 164 181 185 183 184 187 184 165 182 171 185 183 1.25 125 140 147 136 149 154 153 154 152 152 134 151 145 152 149 .22 118 127 133 127 137 144 141 142 142 143 130 143 139 145 146 .14 120 133 136 129 144 142 152 153 148 148 129 143 148 149 146 .20 119 129 132 125 137 145 140 142 139 141 121 139 131 135 138 .18 137 158 167 154 172 169 170 177 168 169 160 172 169 183 173 .41 130 149 161 144 159 163 159 161 162 159 135 157 148 159 156 .10 124 137 137 124 127 139 148 141 141 141 127 139 128 131 118 1.70 136 156 161 149 156 162 165 168 157 165 146 166 168 177 164 Shipping containers .51 133 155 160 149 147 157 165 162 154 165 140 167 168 172 161 .11 145 158 163 148 179 173 163 184 163 163 162 163 166 189 172 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 PRODUCTION INDUSTRIAL PRODUCTION-Continued [Federal Reserve indexes, 1947-49 average = 100] Annual 19 p 4 r 7 o - - 49 average 1955 1956 Industry portion 1954 1955 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 120 127 135 130 127 130 135 137 136 134 129 133 139 145 144 Printing? and Dublishinc •• 1.85 119 128 143 126 119 127 134 141 140 131 115 121 133 143 145 Joh nrintinff and oeriodicals 3.62 121 127 131 133 131 131 135 135 135 136 136 140 143 145 144 Chemical and Petroleum Products 9.34 142 159 168 167 168 170 169 168 166 164 157 164 168 170 171 6.84 148 167 178 111 111 179 179 179 176 173 166 172 176 181 181 Industrial chemicals 2.54 153 184 197 197 199 201 201 200 197 192 182 188 192 197 199 .57 157 180 195 194 197 203 204 201 195 185 158 171 186 191 191 Industrial organic chemicals 1.97 152 186 198 198 200 201 200 200 197 194 188 193 194 199 201 Plastics materials .24 184 242 268 253 261 264 264 266 263 253 213 247 r254 272 Synthetic rubber .11 136 213 243 233 241 249 243 244 242 227 227 223 241 227 223 Synthetic fibers .59 152 186 197 196 195 194 191 183 176 169 167 171 169 184 188 1.03 146 169 178 183 183 185 187 189 190 192 191 189 189 188 193 .64 118 124 165 148 152 157 141 133 123 107 93 100 123 159 157 Vegetable oils .48 113 117 162 144 147 150 134 123 110 91 75 84 115 161 154 .16 133 145 174 159 168 175 162 163 163 155 145 150 144 151 167 .71 108 110 118 115 104 109 108 111 106 109 88 118 121 116 105 Paints .66 116 125 126 126 123 125 125 124 125 126 126 129 126 126 127 Fertilizers .23 122 125 114 118 122 131 168 188 163 118 104 95 109 111 112 Petroleum and coal products 2.50 125 135 140 141 143 143 142 135 137 142 132 142 145 140 Petroleum refining .. 1.97 133 142 148 152 154 151 148 142 144 149 148 151 151 146 1.04 141 152 158 161 158 155 155 150 155 162 162 164 164 155 ^158 Automotive gasoline .98 136 147 153 156 153 151 150 144 149 156 156 158 158 149 .06 221 233 236 247 242 231 242 254 258 267 257 264 261 256 Fuel oil .56 128 138 141 149 160 158 149 140 138 141 141 146 145 142 Distillate fuel oil .30 158 175 178 187 204 203 192 182 177 186 187 195 196 188 Residual fuel oil • • . • .26 93 94 99 105 110 105 99 92 94 90 87 89 87 89 .10 110 107 112 129 126 126 112 98 96 95 97 103 108 117 Lubricating oil .. .17 108 114 126 112 119 115 119 126 123 123 113 119 116 122 Coke .26 84 104 110 111 111 111 111 110 108 104 38 92 109 109 109 Asphalt roofing and siding .15 103 110 97 66 100 86 109 120 123 131 123 57 127 125 11.51 106 109 114 103 102 106 108 112 121 129 r126 115 104 104 114 Food and beverage manufactures 10.73 106 109 114 102 102 106 107 113 122 130 nu 115 8.49 107 109 118 105 106 104 104 103 105 114 111 122 134 129 117 Meat products 1.48 117 128 150 110592 153 140 113026 131 121 111202 118 116 129 142 148 Beef. .46 135 142 146 140 158 145 142 150 147 154 154 148 151 160 154 Pork .83 103 116 148 154 146 133 129 117 103 100 95 95 113 128 140 Dairy products .69 106 107 83 84 91 99 109 121 136 150 134 120 103 91 85 Butter . .14 110 105 83 94 104 107 114 128 131 138 118 97 91 82 83 .07 116 116 87 92 96 103 116 132 153 163 133 116 105 97 93 .19 94 97 71 79 85 94 106 123 140 146 118 98 83 73 71 .28 104 109 86 76 84 93 102 109 125 149 147 144 118 102 90 Canned and frozen foods 1.13 112 118 114 95 85 83 82 85 96 115 149 234 r264 188 109 Grain-mill products... . 1.16 107 105 102 100 100 98 99 97 99 103 103 105 109 106 100 Wheat flour .46 81 83 86 84 85 81 84 79 77 80 77 85 95 91 87 Cereals and feeds .70 124 119 112 110 111 109 109 109 112 119 121 118 118 116 109 1.64 97 97 99 99 95 95 94 95 97 99 99 98 99 99 98 Susar .27 117 115 262 182 87 57 59 68 70 81 73 68 110 271 Cane sugar .11 106 113 103 112 109 102 109 123 114 124 133 127 130 123 Beet sugar .13 121 111 393 236 63 14 11 16 27 38 15 11 86 393 Confectionery . .71 99 101 129 91 112 115 97 98 90 84 73 98 152 141 130 Miscellaneous food preparations 1.41 105 106 104 ioi 99 102 103 102 107 112 107 107 106 105 105 2.24 103 107 102 91 88 97 108 117 119 128 123 118 116 120 .54 1.70 98 102 105 88 84 94 105 111 108 119 107 101 106 118 1.02 99 101 77 81 86 92 103 111 112 128 128 112 93 83 Liquor distilling .17 68 77 129 95 75 75 82 80 76 69 35 50 93 133 Liquor bottling .37 102 109 146 96 79 102 113 122 108 118 88 94 135 179 Tobacco manufactures .78 103 105 107 88 107 105 105 103 110 115 96 115 111 115 Cigarettes .46 106 109 108 91 112 107 109 106 116 122 104 120 115 119 Cigars .17 105 104 113 87 103 109 104 105 103 108 83 110 109 116 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 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1955 1956 por- Industry tion 1954 1955 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 111 122 127 127 129 127 127 130 130 131 119 130 132 132 131 MINERALS—TOTAL Mineral Fuels 8.35 113 123 128 131 133 131 130 130 128 128 121 130 129 r130 131 Coal 2.68 67 80 87 91 91 88 86 86 85 84 62 87 91 93 90 .36 52 48 51 54 61 55 46 53 42 58 42 59 67 64 59 Bituminous coal 2.32 70 85 93 97 95 94 92 91 91 89 65 91 95 98 95 Crude oil and natural gas • . • 5.67 134 143 147 151 153 151 151 151 149 148 149 150 147 147 2*150 Oil and gas extraction 4.82 128 137 142 146 147 147 148 145 142 143 142 144 143 141 *>146 4.12 122 131 134 137 138 138 139 137 135 136 136 138 135 134 ^137 N atural gas .34 172 185 196 209 219 214 210 198 185 190 182 184 189 .36 160 169 183 186 186 187 186 178 176 176 172 180 182 180 Oil and gas well drilling .85 167 175 173 177 185 173 171 188 187 180 191 183 173 177 ]\fetalf Stone> and Earth IMinerals 1.63 106 120 120 106 106 108 109 129 141 145 109 134 146 145 132 .82 90 110 105 83 87 91 91 119 139 142 72 120 140 140 120 Iron ore . . 33 84 113 92 44 42 49 46 108 164 173 19 126 179 175 .49 94 108 114 108 118 119 122 127 122 121 107 115 115 117 .24 103 123 135 127 140 138 140 148 142 141 120 132 132 132 Lead mining .09 80 84 79 82 81 88 91 94 88 89 85 90 87 92 .06 75 81 77 74 80 86 90 91 89 88 84 86 86 91 .81 123 130 135 129 124 126 128 138 142 149 147 149 151 150 144 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revisi f fo ar r m D e m c a e c m h b in e e r ry 1 , 9 5 a 3 n , d p p so . m 12 e 6 o 9 t - h 1 e 2 r 7 1 p . roducts, as discussed in the BULLETIN NA b f d b For description and back figures see BULLETIN for December 1953 pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] Annual 1955 1956 1947-49 average Series proportion 1954 1955 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. ELECTRICITY AND GAS—TOTAL 100.00 177 198 206 210 212 213 214 215 217 219 219 219 220 P222 ,224 Residential 41.34 196 216 226 230 236 236 238 239 242 244 245 246 247 Nonresidential 58.66 165 186 193 195 196 197 197 199 199 202 201 201 202 Electricity .. 76.18 176 199 207 211 214 214 215 216 217 220 219 219 '219 221 Residential 27.48 202 224 233 239 246 245 247 247 250 252 253 253 r252 253 Industrial 23.68 158 190 201 204 203 202 202 205 207 206 202 203 206 209 General industrial 23.49 150 174 181 184 183 182 182 185 187 186 182 183 187 190 Atomic energy .19 1124 2221 2656 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 Commercial and other 25.02 165 180 185 187 190 192 192 192 191 198 199 196 194 196 Gas 23.82 181 197 204 205 207 209 211 213 215 217 219 222 225 ^227 Residential • 13.86 182 201 212 214 216 219 221 223 226 228 230 233 236 6.16 188 197 200 202 203 204 205 207 209 211 214 219 224 Commercial and other 3.80 167 182 182 182 183 184 185 186 187 188 186 186 186 ^Preliminary. 'Revised 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

78 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] Annual 1947^9 average 1955 1956 Product proportion 1954 1955 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 151 150 143 137 133 132 124 124 129 127 129 125 132 Major Durables 69.72 125 164 167 165 156 148 143 142 130 130 137 134 135 130 141 Autos 32.10 131 190 196 187 171 158 148 142 119 120 122 125 119 117 148 Major household goods 36.13 122 144 143 148 146 141 141 144 142 141 153 143 151 143 136 Furniture and floor coverings. 15.32 101 116 121 121 120 119 117 116 117 115 118 121 123 118 117 Household furniture 11.31 106 120 126 125 124 123 121 121 120 120 122 122 124 122 118 Floor coverings * 4.01 Appliances and heaters 15.60 111 138 134 143 150 146 150 149 141 138 161 135 152 134 Major appliances 11.88 115 142 141 152 155 150 153 158 147 143 172 142 163 143 Ranges 2.60 79 100 90 104 113 110 111 110 107 117 125 89 98 92 Refrigeration appliances., 4.98 124 151 146 151 140 145 153 160 153 148 167 148 168 135 P133 Laundry appliances 2.51 148 193 200 227 242 221 215 211 185 171 246 200 237 227 P204 Heating apparatus 3.72 97 120 111 115 134 133 139 122 125 124 125 114 118 105 Radio and television sets 5.21 214 242 237 '240 207 194 186 207 218 220 233 232 231 245 228* Radio sets 3.42 52 77 103 101 72 66 62 55 61 55 56 69 70 85 90 Television sets 1.79 522 558 494 '506 465 439 423 496 517 536 569 542 538 551 493 Other Consumer Durables 30.28 95 106 114 114 113 111 109 110 110 110 110 112 115 112 112 A M u is to c. p h a o r m ts e a a n n d d t i p r e es rsonal goods. 1 16 4 . . 2 0 8 0 9 9 1 9 1 10 0 9 2 1 11 0 9 8 1 1 1 1 7 2 1 1 1 1 3 4 1 11 0 5 6 1 1 1 0 2 4 1 1 1 0 4 5 1 11 0 5 4 1 11 0 8 0 1 11 0 8 0 1 1 2 0 1 3 1 1 1 1 0 8 1 1 1 0 9 4 in' WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 159 148 144 143 143 141 124 124 116 120 113 128 140 Major Durables 69.72 125 164 177 165 159 157 157 154 131 130 121 122 111 133 152 Autos 32.10 131 190 212 193 173 164 163 162 127 127 127 109 59 105 164 Major household goods 36.13 122 144 150 142 150 153 155 150 136 134 117 136 159 159 142 Furniture and floor coverings. 15.32 101 116 124 125 120 123 121 117 113 112 105 117 124 124 120 Household furniture 11.31 106 120 131 130 124 125 123 118 115 116 114 121 125 127 123 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 131 130 148 156 168 162 143 143 125 121 158 142 Major appliances 11.88 115 142 133 140 161 169 183 178 152 150 131 117 158 143 Ranges 2.60 79 100 97 99 115 118 125 115 102 112 80 83 106 102 Refrigeration appliances.. 4.98 124 151 113 130 157 165 194 197 173 174 149 107 145 109 P102 Laundry appliances 2.51 148 193 220 222 235 252 237 222 176 162 162 180 251 261 Heating apparatus 3.72 97 120 125 97 109 113 121 113 113 121 106 135 157 137 Radio and television sets 5.21 214 242 279 224 239 233 218 209 184 174 130 238 265 312 270 Radio sets 3.42 52 77 105 96 72 72 70 63 67 54 37 61 66 88 91 Television sets 1.79 522 558 612 470 559 540 499 486 409 402 307 575 645 738 611 Other Consumer Durables 30.28 95 106 117 111 109 110 108 109 109 109 106 115 118 118 114 Auto parts and tires 14.00 91 102 108 104 107 101 101 103 104 103 101 109 116 110 Misc. home and personal goods. 16.28 99 109 124 118 111 116 115 114 113 115 110 121 119 125 iii' f 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] 1Private Public Year or month Total Business Other Total d R en e t s i i a - l Total In tr d i u a s l - m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - 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 - - o A th l e l r 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 1956 44,258 30,825 15,339 11,426 3,065 3,296 5,065 4 060 13 433 1 398 5,100 675 6 259 1955 Dec 3,580 2,519 1,322 870 219 262 389 327 1 061 108 432 46 475 1956 Jan.r 3,625 2,505 1.287 897 216 265 416 321 j i?o 104 470 48 498 Feb r 3,636 2,522 1,280 919 220 281 418 323 ,114 109 447 48 510 Mar.r *. 3,570 2,528 1,268 935 227 289 419 325 042 101 395 51 495 Apr r 3,683 2,582 1,297 952 243 290 419 333 ,101 112 436 53 500 Mayr 2,744 2,608 1,306 965 263 279 423 337 ,136 120 450 61 505 3,754 2,605 1,300 971 274 274 423 334 149 131 440 59 519 JUly r 3,727 2,618 1,299 976 278 273 425 343 ,109 125 411 59 514 3,725 2,617 1,297 983 279 277 427 337 1,108 120 399 59 530 Sept.r 3,701 2,596 1.286 970 271 274 425 340 I 105 121 390 58 536 Oct p 3,665 2,551 1,241 961 266 272 423 349 1,114 122 390 59 543 NOV.P 3,699 2,551 1,239 950 263 263 424 362 I 148 113 417 60 558 Decp 3,729 2,542 1,239 947 265 259 423 356 I 187 120 455 60 552 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 79 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 By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 1Q^6 24 413 8 036 16 377 1955—Dec 1,921 730 1,190 711 148 197 237 144 483 1956—jan ... 1,858 675 1,183 694 158 161 190 153 503 Feb 1 860 598 1 262 799 171 183 145 131 430 Mar . . 2,382 638 1,744 1,105 267 206 226 183 395 Apr 2,421 745 1,677 1,144 196 210 203 213 456 May 2,480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 1,466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aug. 2,069 620 1,449 874 138 184 193 232 448 Sent 2,025 671 1,354 764 171 195 185 225 485 Oct 1,706 589 1,117 656 126 168 185 196 375 Nov 1,689 582 1,107 625 130 212 199 189 335 Dec 1,576 737 839 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] Federal 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas 1955—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 Nov 1,797 116 276 114 184 177 218 334 116 47 81 134 1956—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 Nov 1,689 119 311 88 183 133 191 330 84 66 74 110 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Private Government-underwritten * Metro- Non- Year or month Total politan metro- Public areas p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam ul i t l i y - Total FHA VA 1949 1,025 n.a. n.a. QSQ 792 35 162 36 466 361 105 1950 1 396 1 022 374 1,352 1,151 42 159 44 686 486 200 1951 1,091 111 315 1,020 892 40 88 71 412 263 149 1952. 1,127 795 332 1,069 939 46 84 58 421 280 141 1953 1 104 804 300 ,068 933 42 94 36 409 252 157 1954 1,220 897 324 ,202 1,077 34 90 19 583 276 307 195s? . . .. 1,329 976 353 ,310 1,190 33 87 20 670 277 393 1956 PI 120 779 342 P .097 ?23 463 192 271 1955 Dec 76 55 21 74 66 2 5 3 38 16 22 1956 Jan 75 54 21 74 66 2 5 1 36 13 23 Feb 78 58 21 77 69 2 6 1 31 13 17 Mar . . .. 99 72 27 94 84 3 7 5 38 17 21 Apr 111 76 35 110 100 3 8 1 46 20 26 M.ay 114 78 36 111 101 3 7 3 46 20 27 June 107 75 33 105 95 3 7 3 45 19 26 July 101 70 31 99 90 3 6 2 43 18 25 Aus . 104 71 33 103 93 3 8 43 19 24 Sept 94 62 32 91 81 2 7 3 39 15 24 Oct P93 64 29 *91 n.a. n.a. n.a. v2 40 16 24 Nov *>80 55 26 *>80 n.a. n.a. n.a. 3>0 30 12 18 Dec *>64 45 19 *>64 n.a. n.a. n.a. PQ 25 10 15 P Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 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 u tu l l a t n i t o o io n n n a - l T l f a o o b r t c o a e r l Employed1 Unem- l N ab o o t r i n f o t r h c e e Total ployed Total In nonagricul- In tural industries agriculture 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 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1955—Dec 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1956—Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 Feb 118,180 68,396 65,490 62,576 57,107 5,469 2,914 49,784 Mar 118,293 68 806 65 913 63 078 57 400 5,678 2,834 49,488 Apr 118,367 69,434 66,555 63,990 57,603 6,387 2,564 48,933 May . 118,537 70,711 67,846 65,238 58,092 7,146 2,608 47,826 June 118,632 72,274 69,430 66,503 58,627 7,876 2,927 46,357 July . 118,762 72,325 69,489 66,655 58,955 7,700 2,833 46,437 Aug 118 891 71,787 68 947 66,752 59 487 7,265 2,195 47,105 Sept 119,047 70,896 68,069 66,071 58,683 7,388 1,998 48,151 Oct 119,198 70,905 68,082 66,174 59,000 7,173 1,909 48,293 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 Dec 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 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 twelfth 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 f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43 315 14,178 918 2 165 3 949 9,513 1,765 4,972 5 856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47 347 16 104 916 2 603 4 166 10,012 1 892 5,264 6 389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49 681 17 238 852 2 622 4 221 10,527 2 038 5,538 6 645 1954 48,431 15,995 111 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 1956 51,483 16,890 795 3 038 4 145 11,144 2,300 6,000 7 172 SEASONALLY ADJUSTED 1955—Dec 50,948 16,975 779 2,827 4,136 11,020 2,254 5,942 7,015 1956—Jan 51,080 16,944 111 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 16,864 814 3,078 4,149 11,164 2,321 6,015 7,271 Oct '51,902 '17,026 '812 '3,085 '4,166 11,217 '2,324 '6,015 '7,257 Nov 51,943 17,057 805 3,085 4 160 11,212 2 326 6,041 7 257 Dec 51,988 17,078 805 3,077 4,154 11,218 2,325 6,063 7,268 WITHOUT SEASONAL ADJUSTMENT 1955—Dec 51,996 17,027 783 2,756 4,161 11,849 2,243 5,853 7,324 1956—Jan 50,284 16,842 111 2,588 4 083 10,920 2 238 5,803 7 033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7,084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 May 51,197 16,715 786 3,040 4,138 10,985 2,289 6,041 7,203 June 51,709 16,809 812 3,257 4,181 11,091 2,320 6,089 7,150 July 50,896 16,291 746 3,270 4,148 11,015 2,342 6,137 6,947 Aug 51,881 17,034 817 3,353 4,178 11,047 2,355 6,137 6,960 Sept 52,261 17,121 818 3,340 4,179 11,164 2,321 6,105 7,213 Oct '52,455 17.222 r812 '3,301 '4,177 11,288 '2,312 '6,045 '7,298 Nov 52,472 17^160 809 3,193 4,171 11,478 2,314 6,011 7,336 Dec 53,048 17,134 809 3,000 4,178 12,058 2,313 5,972 7,584 ' Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for December 1956 and annual averages for 1956 are preliminary. Back during, or received pay for, the pay period ending nearest the 15th of the data may be obtained from 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 81 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 13,399 13,248 13,260 13,275 13,451 '13,439 13,368 13,329 Durable goods 7,800 '7,714 7,764 7,770 7,838 '7,751 7,813 7.807 Ordnance and accessories 87 '82 83 83 87 '82 83 83 Lumber and wood products 667 '645 621 616 654 '664 630 604 Furniture and fixtures 319 316 310 310 325 322 318 316 Stons, clay, and glass products 474 '477 473 474 474 '484 478 474 Primary metal products 1,135 1,132 1,134 1,130 1,141 1,132 1,134 1,136 Fabricated metal products 919 906 904 901 928 911 913 910 Machinery except electrical 1,244 '1,290 1,292 1,287 1,250 '1,264 1,279 1,293 Electrical machinery 851 '905 906 895 868 '914 920 913 Transportation equipment 1,471 1,319 1,406 1,442 1,471 1,319 1,406 1,442 Instruments and related products 229 '236 236 234 231 '237 237 236 Misc. manufacturing industries 404 '406 399 398 408 '424 415 402 Nondurable goods 5,599 '5,534 5,496 5,505 5,613 '5,688 5,555 5,522 Food and kindred products 1,116 '1,122 1,102 1,109 1,079 '1,226 1,126 1,076 Tobacco manufactures 95 •"92 92 92 101 '110 100 98 Textile-mill products 985 952 939 932 1,000 952 948 946 Apparel and other finished textiles 1,105 '1,075 1,085 1,073 1,122 '1,091 1,090 1,089 Paper and allied products 463 '463 462 468 465 '468 467 470 Printing, publishing and allied products 537 '558 558 563 545 '564 564 571 Chemical and allied products 553 '549 550 549 556 '554 553 552 Products of petroleum and coal 173 175 175 175 171 175 174 173 Rubber products 226 '218 203 214 231 '220 206 218 Leather and leather products 346 '330 330 330 346 '328 328 330 ' Revised. nearest the 15th of the month. Figures for December 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 earning (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 Dec. Oct. Nov. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 79.71 82.21 82.42 84.05 41.3 40.7 40.6 41.0 1.93 2.02 2.03 2.05 Durable goods 86.52 '89.01 89.99 91.34 42.0 '41.4 41.2 41.9 2.06 2.15 2.16 2.18 Ordnance and accessories 86.73 '95.18 94.73 96.93 41.3 '42.3 42.1 42.7 2.10 2.25 2.25 2.27 Lumber and wood products 68.47 73.03 70.58 69.77 41.0 40.8 40.1 40.1 1.67 1.79 1.76 1.74 Furniture and fixtures 69.37 71.55 69.26 72.14 42.3 41.6 40.5 41.7 1.64 1.72 1.71 1.73 Stone, clay, and glass products 79.19 '81.77 81.59 82.00 41.9 '41.3 41.0 41.0 1.89 1.98 1.99 2.00 Primary metal industries 97.21 98.74 99.31 101.84 41.9 40.8 40.7 41.4 2.32 2.42 2.44 2.46 Fabricated metal products 85.06 '89.25 88.18 90.30 41.9 '41.9 41.4 42.0 2.03 2.13 2.13 2.15 Machinery except electrical 93.31 94.73 94.05 96.48 43.2 42.1 41.8 42.5 2.16 2.25 2.25 2.27 Electrical machinery 79.68 83.64 83.64 85.08 41.5 41.2 41.0 41.5 1.92 2.03 2.04 2.05 Transportation and equipment 95.53 '99.48 101.10 104.35 41.9 '41.8 42.3 43 !3 2.28 2.38 2.39 2.41 Instruments and related products 80.73 '83.64 83.23 83.85 41.4 41.0 40.8 40.9 1.95 '2.04 2.04 2.05 Miscellaneous manufacturing industries 70.04 '72.04 71.73 72.85 41.2 '40.7 40.3 40.7 1.70 1.77 1.78 1.79 Nondurable goods 70.30 72.83 73.26 74.03 40.4 39.8 39.6 39.8 1.74 1.83 1.85 1.86 Food and kindred products 75.66 '76.41 78.88 78.53 41.8 '41.3 41.3 40.9 1.81 1.85 1.91 1.92 Tobacco manufactures 53.70 54.25 55.44 57.57 39.2 39.6 38.5 38.9 1.37 1.37 1.44 1.48 Textile-mill products 58.50 '59.20 60.15 61.00 41.2 40.0 40.1 40.4 1.42 '1.48 1.50 1.51 Apparel and other finished products. .. 50.83 '53.87 53.07 54.24 37.1 '36.4 36.1 36.4 1.37 1.48 1.47 1.49 Paper and allied products 81.97 '84.94 84.74 84.74 43.6 '42.9 42.8 42.8 1.88 1.98 1.98 1.98 Printing, publishing and allied products 94.25 '95.80 94.57 96.68 39.6 '39.1 38.6 39.3 2.38 2.45 2.45 2.46 Chemicals and allied products 84.85 '87.97 88.40 89.02 41.8 '41.3 41.5 41.6 2.03 '2.13 2.13 2.14 Products of petroleum and coal 98.40 '104.45 104.86 105.01 41.0 '40.8 40.8 40.7 2.40 '2.56 2.57 2.58 Rubber products 89.21 90.17 88.70 91.46 41.3 40.8 40.5 41.2 2.16 2.21 2.19 2.22 Leather and leather products 55.91 '56.09 56.24 57.15 39.1 '36.9 37.0 37.6 1.43 1.52 1.52 1.52 ' Revised. December 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

82 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 a i po n l n i e s - K C a i n t s y as Dallas F c S r i a 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 Nov 122 116 110 121 118 135 143 120 124 110 124 139 126 Dec 123 114 110 122 119 132 147 121 125 110 124 147 123 1956 Jan 124 111 114 120 117 138 147 120 127 116 123 144 129 Feb 118 111 105 118 116 129 143 112 123 108 117 139 124 Mar 122 102 107 116 116 137 143 124 129 112 126 144 128 Apr 122 111 104 121 120 131 144 117 123 112 124 144 131 May 122 112 110 121 118 135 146 120 129 112 125 145 122 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug. 128 118 117 124 121 145 156 126 129 116 131 148 131 Sept 129 117 120 127 127 140 157 127 127 129 128 139 131 Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 119 120 126 123 157 130 134 122 "131 146 132 WITHOUT SEASONAL ADJUSTMENT 1955—Nov 148 141 139 159 147 165 166 146 149 126 142 158 147 Dec 212 206 194 213 205 237 255 204 208 180 211 247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb 92 84 85 91 90 96 114 87 96 84 92 111 97 Mar 111 91 98 111 106 125 146 109 116 95 112 134 110 Apr 113 106 97 109 109 122 136 110 115 109 117 132 117 May 121 112 108 120 114 136 143 119 129 113 124 143 120 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 111 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 131 125 122 131 127 144 152 132 130 137 128 139 128 Oct 128 115 120 124 122 144 150 123 131 119 129 142 131 Nov 143 151 165 152 "179 182 159 161 140 166 154 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 127 122 115 122 117 146 152 121 124 121 135 143 133 SEASONALLY ADJUSTED 1955—Nov 132 123 119 128 119 155 159 123 130 128 142 153 140 Dec 134 126 121 131 124 157 156 127 133 132 143 159 141 1956 Jan 137 124 122 132 123 161 158 131 139 133 148 158 149 Feb 138 128 124 131 124 163 164 131 138 132 148 158 146 Mar * 135 127 122 130 122 159 162 128 133 130 148 156 142 Apr 136 128 124 131 123 157 165 131 137 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 132 127 132 125 159 161 132 139 127 144 157 143 AUK 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 142 131 129 135 129 174 174 134 137 139 150 158 147 Nov 131 136 "130 175 135 138 137 "157 "149 WITHOUT SEASONAL ADJUSTMENT 1955—Nov 149 144 136 147 135 168 180 143 147 142 158 170 153 Dec 119 117 110 116 110 131 137 115 120 118 129 143 118 1956—Jan 123 113 108 115 110 144 146 118 121 122 133 140 131 Feb 131 120 116 126 119 152 162 124 131 127 143 153 136 Mar 139 129 125 134 126 164 169 130 141 134 153 162 142 Apr 142 133 130 140 129 168 172 134 144 133 151 162 149 May 139 132 127 134 126 165 161 131 135 128 145 155 148 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 AUK ... 138 128 124 130 123 167 163 129 136 128 148 158 148 Sept 145 136 130 142 132 175 174 138 145 134 153 166 154 Oct . 159 148 145 156 144 192 190 153 153 151 162 174 167 Nov 150 157 "147 188 "195 157 156 153 "175 »Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 83 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales * Period m S ( a t o f o l o n e t r s t a h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t n o d i a n d n u e n g r t t d h - s o - * ) f m c ( e t o R f i o o p n e t r - t a t s h l 2 ) o m ( r N t o f d o o e n e t r w t a r h l s ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1948 381 979 494 386 363 2.7 4.1 1.0 1949 361 925 373 358 358 2.7 3.8 1.0 1950 376 ,012 495 391 401 2.8 4.2 1.1 1951 391 ,202 460 390 379 3.2 4.4 1.0 1952 397 ,097 435 397 401 2.9 4.1 1.0 1953 406 ,163 421 408 401 3.0 4.1 1.0 1954 409 ,140 388 410 412 3.0 4.0 1.0 1955 435 ,189 445 441 446 2.9 4.0 1.0 Month: 1955_Nov.. ••552 ,425 »-488 r616 '522 2.6 0.9 1.1 Dec. 817 ,139 357 541 411 1.4 0.4 0.7 1956—Jan... 348 ,133 435 342 420 3.3 1.3 4.5 1.0 Feb... 332 ,205 450 404 419 3.6 1.4 5.0 1.2 Mar.. 429 ,271 401 495 446 3.0 0.9 3.9 1.2 Apr... 385 ,314 336 428 363 3.4 0.9 4.3 1.1 May.. 438 ,275 338 399 401 2.9 0.8 3.7 0.9 June.. 417 ,187 501 329 492 2.8 1.2 4.0 0.8 July.. 337 ,173 587 323 409 3.5 1.7 5.2 1.0 Aug.. 412 ,253 573 492 478 3.0 1.4 4.4 1.2 Sept.. 444 ,335 598 526 551 3.0 1.3 4.4 1.2 Oct... 485 ,475 588 625 615 3.0 1.2 4.3 1.3 578 ,522 477 625 514 2.6 0.8 3.5 1.1 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1955, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports i Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1,093 1,168 '1,283 923 1,083 1,201 833 871 1,073 Feb 1,183 1,238 1,361 999 1,143 1,272 809 850 1,051 Mar 1,126 1,344 1,582 923 1,252 1,478 865 1,019 1,102 Apr.... 1.426 1,264 1,513 1,259 1,170 1.401 957 871 991 May 1,402 1,325 rl,717 1,137 ,194 1,522 829 959 ,093 1,475 1,319 1,690 1,115 ,191 r1,492 947 937 ,033 July 1,290 1,269 1,619 1,023 ,142 r ,289 822 885 ,051 1,156 1,236 1,526 956 ,108 r1,374 825 961 .050 Sept 1,115 1,256 1,522 962 ,157 1,422 780 946 '993 Oct 1,270 1,396 1,657 1,166 ,277 1,556 767 1,011 1,120 Nov .252 1,321 ^1,515 1,167 ,249 V .408 840 1,065 *>986 Dec 1^320 1,405 1,222 .321 943 1,008 13,788 14,136 ^16,985 11,630 12,966 »15,415 9,274 10,375 *11,543 * Preliminary. 2 Department of Defense shipments of grant-aid military equipment ' Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

84 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 e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A ar p e - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a i c i n n o re g d n a- g s a i o c e n o e v d d s - s tricity fuel oil ings tion 1929 . 73.3 65.6 117.4 60.3 1933 55 3 41 6 83 6 45 9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103 4 105.2 1951 . 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114 6 117.9 104 5 118.7 108 5 111.8 105 8 126 2 117.3 111 8 107 0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955—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 A 104.6 126.9 130.9 118.9 107.5 120.9 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108 2 121.4 May 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 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 Aus 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 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 Nov 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109.0 123.2 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 - - F p u r a c o r t m d 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 e i c n o p r l x t d e - e d s - l - l H s p e u k a a r i c n i o d t n h t d d e s s e s - , r ,p l F t o m i 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 w L u a b r u o c n o e m o t d d r s d - - p p P a u a l a r u l c n o p i l t e d d p e s d - , r, M p m u a r e e c n o t t t d a d a s l - l s p c M m u a t r e h i c n o v r i o a t y n d d e s - - - - h F d o h t b o a u u t u o l n u h r r e r l s d e n a e d s e r - i- -e s N r t t m m t a a u r o l l I i r u l e s n n a i c — - c - l - - b b e m •< b T a o a r e a f n t c o t r v g c d l - s e - e o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106. 103.4 104.4 102.1 107.1 103.8 102.1 107.2 102.9 103.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114. 113.6 108. 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 Nov 111.2 84.1 98.8 119.4 95.6 96.4 108.6 106.6 150.6 125.0 123.2 142.9 132.5 117.2 125.2 121.7 88.0 Dec 111.3 82.9 98.2 119.8 95.6 96.7 109.3 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7 1956 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121 89.6 Feb 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121 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. 127.9 121 88.2 Apr 113.6 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 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. 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100. 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 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. 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 r95.3 99.7 r111.7 107.7 145.8 122.0 r128.1 r152.2 141.1 r121.0 131.5 123.1 89.2 Nov 115.9 87.9 103.6 124.2 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121.1 131.2 123.5 91.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 85 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 102.6 95.3 97.6 104.3 Grains 79.8 90.7 84.0 87.9 Paperboard 130.1 136.3 136.3 J36.2 Livestock and poultry 62.2 75.7 73.0 68.6 Converted paper and paperboard 119.0 123.8 124.3 124.3 Plant and animal fibers 100.9 98.4 100.0 100.8 Building paper and board 133.3 138.1 138.1 138.1 Fluid milk 95.0 96.1 r97.2 98.8 Eggs 98.9 91.2 87.4 79.3 Metals and Metal Products: Hay and seeds 75.8 76.5 78.6 84.0 Other farm products 140.1 152.9 149.9 147.4 Iron and steel 146.0 161.5 161.1 162.4 Nonferrous metals 153.9 154.8 r154.1 149.7 Processed Foods: Metal containers 138.0 143.4 143.4 147.5 Hardware 151.6 158.8 159.8 160.1 Cereal and bakery products 115.1 114.6 115.3 115.8 Plumbing equipment 133.1 133.9 133.9 133.9 Meats, poultry, and fish 77.8 89.3 85.7 82.7 Heating equipment 117.4 121.0 '•121.9 121.9 Dairy products and ice cream 105.9 109.7 110.9 113.6 Fabricated structural metal products 127.6 137.1 137.1 137.2 Canned, frozen fruits, and vegetables 107.7 106.8 106.4 106.4 Fabricated nonstructural metal Sugar and confectionery 109.7 110.0 110.8 111.8 products 132.1 136.9 141.2 141.2 Packaged beverage materials 176.6 201.5 201.6 201.6 Other processed foods 97.4 95.9 95.3 95.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.1 127.4 129.5 130.9 Cotton products 93.2 91.5 92.7 92.8 Construction machinery and equip- Wool products 102.8 103.9 104.8 106.1 ment 142.4 151.5 154.7 155.5 Synthetic textiles 85.8 80.4 80.9 80.3 Metal working machinery 148.0 159.6 161.4 163.0 Silk products 120.8 120.1 123.6 122.7 General purpose machinery and Apparel 99.0 99.7 99.7 99.7 equipment 140.4 151.6 153.0 153.7 Other textile products 72.5 74.7 75.3 76.2 Miscellaneous machinery 133.5 138.9 140.4 141.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 131.4 142.0 143.2 143.7 Motor vehicles 126.5 129.4 130.8 135.9 Hides and skins 60.2 63.3 57.8 59.0 Leather 87.7 90.8 90.8 90.8 Furniture and Other Household Dura- Footwear 115.4 120.5 120.7 120.8 bles: Other leather products 96.2 98.5 r98.6 98.6 Household furniture 116.4 120.4 120.8 121.2 Fuel, Power, and Lighting Materials: Commercial furniture 137.1 146.8 146.8 146.8 Floor covering 128.7 131.9 131.8 131.9 Coal 109.0 114.4 121.0 121.9 Household appliances 106.3 105.5 106.5 106.7 Coke 138.8 156.3 156.3 156.3 Radio 89.8 91.0 91.1 91.1 Gas 110.8 110.3 111.1 111.1 Television , 69.5 70.1 '69.9 71.0 Electricity 94.3 94.9 94.9 94.9 Other household durable goods 136.0 140.2 145.0 145.0 Petroleum and products 115.0 118.4 118.3 117.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 119.3 121.9 122.6 122.5 Concrete ingredients 125.6 130.7 131.6 131.6 Prepared paint 115.0 119.1 "122.4 123.6 Concrete products 120.2 124.8 125.0 125.3 Paint materials 97.1 97.9 98.8 99.4 Structural clay products 144.5 150.1 150.1 150.3 Drugs, Pharmaceuticals, cosmetics. . 92.3 91.9 91.9 92.1 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 57.6 55.4 55.8 57.6 Prepared asphalt roofing 101.0 117.5 117.5 114.9 Mixed fertilizers 108.5 109.6 109.5 109.5 Other nonmetallic minerals 122.0 123.6 124.3 124.3 Fertilizer materials 112.3 104.5 104.1 105.7 Other chemicals and products 104.6 103.4 103.6 104.2 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 166.8 142.2 141.9 147.0 Cigars 104.2 104.2 104.2 104.2 Tires and tubes 151.8 153.4 153.4 153.4 Other tobacco products 122.5 122.5 122.5 122.5 Other rubber products 139.4 139.1 139.5 139.5 Alcoholic beverages 114.7 116.9 117.2 118.1 Nonalcoholic beverages 148.1 148.4 148.7 148.7 Lumber and Wood Products: Miscellaneous: Lumber 126.4 125.2 123.6 123.1 Millwork 127.9 129.2 128.6 128.5 Toys, sporting goods, small arms 114.3 116.6 116.7 116.8 Plywood 105.9 99.2 96.1 94.8 Manufactured animal feeds 67.8 69.6 68.2 71.9 Notions and accessories 91.0 96.5 96.5 96.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 104.3 104.8 105.2 105.2 Other miscellaneous 122.9 124.8 124.7 125.1 Woodpulp 114.2 118.0 118.0 118.0 Wastepaper 133.9 97.5 92.5 77.3 Paper 131.7 138.9 139.1 139.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [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 Gross national product 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8 Less: Capital consumption allowances..... 8.6 7.2 9.0 20.5 23.5 23.9 26.5 28.8 31.3 31.7 32.2 32.9 33.6 34.4 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.2 32.5 32.8 33.4 33.7 34.1 35.1 S B t 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 m ents , , . . 6 3 . . 7 9 . . 5 4 . . 2 8 1 1 . . 0 3 2 1 . . 0 2 2 1 . . 6 4 1 1 . . 8 4 1 1 . . 8 4 2 1 . . 7 4 1.4 1 1 . . 1 4 1 1 . . 1 4 1.4 Plus: Subsidies less current surplus of gov- .6 .3 ernment enterprizes -.1 .0 .1 .2 .2 -.1 -.4 -.2 .3 .1 .7 .7 .2 .9 Equals: National income 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.9 338.7 334.4 343.5 Less: Corporate profits and inventory valuation adjustment , 10.1 -2.0 14.5 35.1 39.9 36.9 36.0 32.9 40.9 41.6 43.4 40.9 39.8 40.4 Contributions for social insurance , .2 .3 2.8 6.9 8.2 8.6 8.7 9.7 11.1 11.3 11.4 12.1 12.3 12.7 Excess of wage accruals over disbursements , .0 .0 .0 .0 .1 .0 -.1 .0 .0 -.6 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 12.9 15.0 16.1 16.0 16.3 16.9 17.3 17.2 Net interest paid by government , 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.2 5.2 5.3 5.4 5.5 5.6 Dividends 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 11.0 12.1 11.8 12.2 12.3 Business transfer payments .6 .5 .8 1.0 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 .7 Equals: Personal income 85.8 96.3 227.1 255.3 271.8 286.0 287.3 306.1 309.6 314.6 317.5 322.9 326.9 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 29.3 34.4 35.8 32.9 35.5 35.9 36.3 37.3 38.1 38.8 Federal 1.3 1.5 2.0 18.2 26.3 31.2 32.4 29.1 31.3 31.7 32.0 32.9 33.6 34.1 1.4 .5 1.3 2.7 3.2 3.4 3.8 4.2 4.2 4.3 4.4 4.4 4.6 State and local 3.0 83.1 1.0 93.0 206.1 237.4 250.2 254.4 270.6 273.8 278.4 280.2 284.9 288.2 Equals: Disposable personal income 226.1 79.0 45.7 81.9 194.0 218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8 Less: Personal consumption expenditures.... 208.3 4.2 46.4 11.1 12.1 19.0 19.7 17.9 16.6 15.9 18.8 18.6 21.2 21.4 Equals: Personal saving 17.7 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 3 4 1 2 3 87.8 40.2 104.7 240.0 277.0 290.2 302.1 298.3 324.0 328.3 334.4 334.9 338.7 343.5 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 .7 .5 2.7 7.8 9.5 10.2 10.8 11.4 12.8 13.2 13.3 13.6 13.8 14.2 20.2 7.6 20.9 44.6 49.9 50.8 49.3 48.9 49.1 49.0 49.3 49.5 49.9 50.7 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 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 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 40.4 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 41.2 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 20.8 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 20.4 Inventory valuation adjustment .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 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 87 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 3 4 1 2 3 104.4 56.0 125.8 285.1 328.2 345.4 363.2 360.7 390.9 396.8 401.9 403.4 408.3 413.8 79.0 46.4 81.9 194.0 208.3 218.3 230.5 236.5 254.0 257.8 259.5 261.7 263.7 266.8 Durable goods 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.4 35.7 37.2 35.4 34.8 33.4 33.0 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.1 119.1 120.9 126.2 127.6 129.2 130.5 132.3 134.0 32.1 20.7 29.0 65.0 70.1 75.6 81.7 86.3 92.1 92.9 94.9 96.4 98.0 99.7 16.2 1.4 18.1 51.2 56.9 49.8 50.3 48.0 60.6 62.3 65.1 63.1 64.7 65.1 New construction * 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.9 32.7 33.5 33.0 32.6 33.6 33.6 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 17.2 16.2 15.3 15.6 15.5 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.4 16.1 16.4 16.8 17.3 18.0 18.1 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.3 22.4 23.7 25.0 25.9 26.4 27.5 29.5 1.7 -1.6 4.5 7.4 10.4 3.0 .3 -2.3 4.2 3.7 6.1 4.1 3.5 2.0 Nonfarm only 1.8 -1.4 4.0 6.4 9.0 2.1 .9 -2.7 3.8 3.4 5.9 4.2 3.9 2.4 .8 .2 1.1 -2.2 .2 -.2 -2.0 -.4 -.5 .2 -.8 .1 1.2 1.7 Government purchases of goods and 8.5 8.0 24.8 42.0 62.8 77.5 84.4 76.5 76.8 76.5 78.1 78.5 78.7 80.2 Federal 1.3 2.0 16.9 22.1 41.0 54.3 59.5 48.9 46.7 46.6 47.2 46.4 46.1 47.2 National security / 13.8 18.5 37.3 48.8 51.5 43.0 41.2 41.3 40.6 40.5 40.7 41.9 Other \ i i 2.0 { 3.2 3.9 4.2 5.8 8.4 6.3 5.9 5.8 7.1 6.3 5.8 5.7 .0 .3 .4 .4 .4 .4 .4 .4 .5 .4 .4 .4 State and local 7.2 6.0 7.8 19.9 21.8 23.2 24.9 27.6 30.1 29.9 30.9 32.1 32.6 33.0 Includes expenditures for crude petrolum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month * in s P c o e o n r m a - l e Total W p d a m i C g r n u o o e g s o d d t m r a i u i i n t n e - c y - d s - sa D i l u n a t i r s r t d i i y t e u v r s i e s b d - - isbu S i r n e t s r r d e i v e u m i s s c e - e nts G m er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r 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 D p t a c o e e e i o n n n v r r m d d a e - i l s - s e t m T p r e f a a e n y n r t - s s - 4 p b e c i s a u r n o L o n f s t s n o c e c i o u o t i s r e n r a r s n i 5 - a l - s l i a n g N t c u r o o i r c a n m u l - l e - ' 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.3 195.5 83.6 51.8 25.8 34.3 6.3 48.9 24.9 16.4 4.6 271.4 1955 306.1 210.4 90.9 55.4 28.2 35.9 7.0 49.1 27.3 17.6 5.2 290.9 1955—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 5.8 309.4 328.1 227.1 98.3 60.3 30.6 37 9 7.3 51 0 29.8 18.8 5.9 312.8 Sent 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 332.5 229.7 100.6 60.2 30 9 38 0 7 4 52 3 30.2 18.9 6.0 316.3 NOV.P 333.6 230.7 101.2 60.4 31.1 38.0 7.4 52.0 30.4 19.1 6.0 317.7 v 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 corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 90 Gold production. 94 Net gold purchases and gold stock of the United States 95 Reported gold reserves of central banks and governments 96 Estimated foreign gold reserves and dollar holdings. 97 International Bank and Monetary Fund. 98 Central banks 98 Money rates in foreign countries 103 Foreign exchange rates 104 Index to statistical tables. 115 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. 89 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o 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 Officials of private 1952—Dec. 31.... 1,585 8,961 4,654 343 551 309 642 818 1,093 3,755 1,421 1,613 1,837 336 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954_Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955_Nov. 30.... 1,823 11,823 6,964 1,069 1,431 810 747 645 1,489 6,190 1,125 1,946 2,217 344 Dec. 31.... 1,881 11,722 6,956 1,081 1,454 785 757 548 1,516 6,141 1,032 2,000 2,189 360 1956—Jan. 31.... 1,867 11,873 6,989 1,066 1,458 785 741 657 1,561 6,268 1,084 1,952 2,216 353 Feb. 29.... 1,876 12,000 7,055 1,035 1,467 798 739 679 1,596 6,314 1,089 2,001 2,244 353 Mar. 31.... 1,894 12,459 7,395 1,123 1,487 806 733 766 1,622 6,538 1,178 2,105 2,283 355 Apr. 30.... 1,978 12,511 7,339 867 1,524 812 742 777 1,822 6,545 1,207 2,165 2,278 316 May 31.... 2,001 12,534 7,441 907 1,580 831 709 753 1,676 6,456 1,269 2,180 2,306 323 June 30.... 2,007 12,650 7,461 877 1,638 861 737 746 1,616 6,475 1,285 2,182 2,362 347 July 31.... 2,016 12,827 7,457 813 1,686 864 758 837 1,634 6,592 1,352 2,194 2,370 319 Aug. 31*... 1,998 12,999 47,766 771 1,759 898 797 654 1,711 6,591 1,436 2,266 2,391 315 Sept. 30P... 2,005 13,227 7,929 754 1,805 925 812 737 1,699 6,733 1,437 2,322 2,414 322 Oct. 312*... 2,015 13,116 7,960 733 1,852 936 791 636 1,721 6,669 1,436 2,279 2,417 316 Nov. 30*... 2,008 13,096 7,849 639 1,849 920 797 623 1,653 6,481 1,448 2,422 2,413 332 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m 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 Ru- Spain S d w e e n - T k u e r y - Y sla u v g i o a - o A t l he l r 1952—Dec. 31. ,093 91 124 70 29 47 203 110 57 19 91 224 1953—Dec. 31. ,558 191 130 96 38 101 243 119 72 36 117 14 388 1954—Dec. 31. ,642 273 100 71 41 113 249 103 91 71 141 363 1955—Nov. 30. ,489 270 98 64 44 159 173 68 125 112 149 200 Dec. 31. ,516 261 108 60 49 176 164 79 132 104 153 201 1956—Jan. 31. ,561 254 113 64 45 200 183 63 127 102 154 226 Feb. 29. ,596 253 115 69 46 188 183 49 128 103 160 273 Mar. 31. ,622 252 124 71 45 183 193 51 133 99 171 270 Apr. 30. ,822 246 123 71 49 184 223 52 134 102 167 447 May 31. ,676 242 107 67 49 182 227 51 135 96 162 334 June 30. 1,616 247 105 68 47 165 206 52 124 90 169 319 July 31. 1,634 251 108 69 50 160 201 54 124 85 188 321 Aug. 31* 1,711 266 110 68 58 141 180 54 125 75 182 431 Sept. 30* 1,699 276 117 64 55 150 168 63 132 68 190 390 Oct. 312> 1,721 300 118 70 56 158 162 57 133 55 202 385 Nov. 30* 1,653 297 125 68 53 166 131 57 133 52 199 341 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b 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 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 2,194 138 28 238 89 133 267 66 63 355 62 98 75 39 71 341 131 Aug. 31* 2,266 136 30 228 93 125 263 66 60 376 68 101 83 31 82 399 125 Sept. 30* 2,322 141 25 259 106 123 271 64 53 396 70 104 82 25 76 405 122 Oct. 31* 2,279 148 24 241 95 126 250 71 52 408 67 104 84 19 72 402 115 Nov. 302' 2,422 150 27 248 85 140 228 69 55 422 67 100 86 21 70 541 113 Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 91 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—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 K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , p P i i h p n - i e l s - T la h n a d i- Other Total A tr u a s l - ia C g B o i e n a l- n go Egypt U S A o f n o r u f i i o t c h n a Other land Of5 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_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 2,370 79 55 81 102 38 56 1,063 96 275 141 383 319 72 42 54 34 116 Aug. 31^ 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. 31*\... 2,417 88 59 61 180 31 38 1,065 98 281 140 375 316 74 45 46 34 116 Nov. 30^ 2,413 94 62 69 185 22 36 1,049 100 274 144 378 332 82 42 46 43 119 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 Czechoslovakia 7 .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. Jordan .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 Lebanon 23.9 16.5 18.0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan 9.7 3.8 5.7 Latvia 1.3 1.3 1.0 1.0 Palestine .1 n.a. Lithuania .6 .4 .5 .3 Portuguese dependencies 1.8 2.0 Luxembourg 5.0 4.0 4.5 3.1 Saudi Arabia 18.5 61.5 79.5 Monaco 2.6 3.0 5.3 5.6 Syria 20.5 21.5 13.1 Poland? 3.4 2.2 2.1 2.5 Viet-Nam n.a. 8.1 62.3 Trieste 4.1 2.5 2.2 1.4 U. S. S. R.7 1.7 2.0 .7 All other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea 3.5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 1.1 .3 .3 n.a. Ecuador 23.7 17.7 21.2 14.9 Liberia 10.3 11.8 5.6 13.1 French West Indies and French Guiana. . 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11.6 9.3 12.7 12.1 New Zealand 3.5 2.1 2.3 1.9 Honduras 15.4 18.7 17.3 9.7 Portuguese dependencies 6.3 5.0 8.3 5.3 Nicaragua 13.4 16.0 10.3 12.8 Spanish dependencies .2 .2 .5 .7 Paraguay 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.5 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; 6 Except where noted, these data are based on reports by banks in the small amounts of bankers' acceptances and commercial paper and of Second (New York) Federal Reserve District only and represent a partial liabilities payable in foreign currencies are also included. breakdown of the amounts shown in the "other" categories in Tables 2 Includes International Bank for Reconstruction and Development, la-lc. For each date the Second District reported at least 90 per cent of International Monetary Fund, and United Nations and other international the total amount in the "other" categories. organizations. Excludes Bank for International Settlements, reported 7 Based on reports by banks in all Federal Reserve districts. under Other Europe. NOTE.—Statistics on international capital transactions of the United 3 Represents funds held with banks and bankers in the United States States are based on reports by banks, bankers, brokers, and dealers. (and in accounts with the U. S. Treasury) by foreign central banks and by Beginning with the BULLETIN for June 1954 (as explained on p. 591 of foreign central governments and their agencies (including official pur- that issue), tables reflect changes in reporting forms and instructions made chasing missions, trade and shipping missions, diplomatic and consular as of Mar. 31, 1954, as well as changes in content, selection, and arrangeestablishments, etc.). ment of material published. For discontinued tables and data reported under previous instructions, see BULLETIN for May 1954, pp. 540-545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 EVFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o he 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 in r- Asia o A th l e l r Rep. of 1952—Dec. 31. 1,049 32 27 18 7 30 98 212 62 662 90 22 1953—Dec. 31. 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31. 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Oct. 31. 1,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30. 1,473 12 81 30 24 74 163 383 131 670 239 49 Dec. 31. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Jan. 31. 1,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29. 1,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31. 1,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30. 1,527 14 100 32 28 69 164 407 124 718 231 47 May 31. 1,603 16 118 33 28 83 171 449 112 734 264 45 June 30. 1,634 17 122 32 24 82 167 444 121 756 268 46 July 31. 1,629 15 118 32 28 78 168 439 123 758 265 43 Aug. 31*> 1,706 65 120 33 27 87 163 495 124 770 274 42 Sept. 30^ 1,733 66 125 35 28 81 169 504 123 779 280 46 Oct. 31* 1,834 67 127 29 28 107 111 535 167 798 288 46 Table 2a. Other Europe Other Date Europe 1952—Dec. 31 1953 Dec 31 1954—Dec. 31 1955_Oct. 31 Nov. 30 Dec. 31 1956 Jan 31 Feb. 29 Mar. 31 Apr 30 May 31 June 30 July 31 Aug. 31p Sept. 30p.. .. Oct. 31P ON OOO IT 0000ON O> 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 1 16 2 6 4 2 1 11 3 39 9 5 1 13 6 2 9 1 24 3 16 5 7 20 10 3 3 16 2 4 4 41 1 5 1 13 9 2 3 13 4 7 5 93 6 163 1 15 9 4 4 11 5 7 7 92 1 6 158 2 16 13 3 4 11 9 5 7 78 2 7 158 2 18 13 3 3 12 9 5 7 74 4 7 157 2 18 11 2 4 13 9 g 7 69 6 7 162 3 20 10 2 4 15 9 6 7 70 6 8 164 4 24 7 3 4 17 10 6 7 68 5 7 171 6 22 to 4 4 15 11 7 8 71 6 6 167 6 20 9 4 3 16 11 9 7 71 5 5 168 7 17 8 4 3 16 12 11 8 74 6 163 7 17 7 5 4 14 16 8 10 63 6 169 7 19 6 5 5 16 15 8 10 70 6 177 9 18 10 4 5 16 16 1 6 12 73 (2) 6 Table 2b. Latin America Neth- Do- er- 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 p m i R c l u i i 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 u n n d e r d d i s i e s - t s l a p P i R c m u a e b n a o - - - , 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. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 125 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—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 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 6 162 8 13 29 7 15 130 39 July 31 758 12 6 64 10 155 89 4 6 170 6 12 28 6 22 130 38 Aug. 31*> 770 12 4 65 12 147 86 4 6 178 6 11 32 6 29 129 44 Sept. 30*> 779 11 4 64 15 145 81 4 7 184 6 11 32 8 26 135 46 Oct. 31? 798 11 4 65 14 151 80 7 194 6 11 32 12 18 140 46 7 P Preliminary. (excluded from these statistics) amounted to $774 million on Oct. 31, 1 Short-term claims reported in these statistics represent principally the 1956. The term foreigner is used to designate foreign governmentsfollowing items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organiza, not 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

INTL CAPITAL TRANSACTIONS OF THE U. S. 93 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Date mosa Union Total C M a h n i a n d i a n- H Ko o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h i i n l e - s T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n - go Egypt A S f o r o u i f c t a h Other land 1952—Dec. 31 90 10 1 4 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 (2) 2 8 1954—Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 1 6 10 1955—Oct. 31 243 8 4 5 L 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 6 21 12 112 9 9 83 43 8 3 7 14 Aug. 31» 274 8 5 5 ) 22 12 126 13 8 73 42 11 8 2 7 14 Sept. 30*> 280 8 5 7 23 12 131 11 8 75 46 11 8 3 7 17 Oct. 31P 288 10 4 6 (2) 22 13 134 9 9 82 46 12 7 3 7 17 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [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 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 - 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 ch P a u s r e - s Sales c s N h a a e l s t i e s 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 1,405 1,264 141 792 841 -49 393 I 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955—Oct 21 30 154 141 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 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 July 317 298 20 178 140 38 48 123 -75 76 96 -20 Aug.2' 87 14 73 160 157 3 30 60 -30 63 83 -20 Sept.*3 19 11 8 130 97 33 31 41 -10 48 55 -7 O 37 18 20 145 108 37 169 149 20 45 44 2 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i r n - - a s l f c T o t o r r o e i u t e i n a g s l - n France F R m l e G e i d a c p e n e u r o r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada 1952 15 300 5 (2) (2) 51 70 -16 111 192 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 1954 78 72 17 -1 73 70 -20 139 -187 1955 -21 706 2 9 -7 147 96 85 329 265 1955—Oct 1 4 2 3 (2) 8 2 -7 8 -5 Nov (2) -24 (2) (2) -7 -4 3 -7 -20 Dec 2 47 -14 1 (2) 8 -3 4 -5 41 1956—Jan 1 52 (2) (2) (2) 18 6 12 35 10 Feb 1 — 1 (2) 1 -1 -5 -9 13 (2) 6 Mar -1 -264 -139 \ 1 25 -27 -30 -168 -86 Apr (2) 52 3 I 1 44 7 -2 52 -5 May 1 72 3 (2) (2) 47 14 5 69 -2 June (2) 35 2 (2) (2) 12 19 -1 32 1 July 4 54 1 1 24 20 12 58 -7 Aug.p. .. 74 2 3 (2) — I 6 11 2 22 -20 Sept.*.. . 1 40 3 1 (2) 21 10 8 42 -8 Oct.P 1 56 1 1 23 11 9 46 1 ' Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

94 EVFL 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 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 Europe C a a d n a - A L i m a c t a e in 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 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 g -133 33 -34 7 1955—Dec. 31 402 3,543 126 1955 — 27 — 4 —46 74 24 — 49 — 7 1956—Jan. 31 355 3,724 122 1955—Oct -3 11 8 3 2 -3 0) Feb. 29 363 3,793 132 N D o e v c . . . . . . . -2 2 -18 5 17 9 -7 6 4 1 -1 -8 1 -2 0 3 ) A M p a r r . . 3 3 1 0 3 3 5 3 4 0 3 3 , , 7 7 9 1 1 7 1 1 5 3 3 6 May 31 307 3,751 155 1956—Jan.... -5 -66 12 -75 1 -5 0) June 30 297 3,629 158 M Fe a b r . . . . . . . . -1 -3 2 - - 1 1 2 8 - - 5 7 -10 7 2 3 -3 2 1 1 A Ju u ly g . 3 3 1 1 3 3 0 5 8 0 3 3 , , 6 6 6 3 3 0 1 1 6 6 4 8 A M p a r y .. .. . . . - - 5 2 -1 - 0 2 2 - - 6 5 -92 5 1 1 - - 3 7 0) 1 O Se c p t. t . 3 3 1 0 2 3 7 3 5 4 3 3 , , 7 7 2 8 3 2 1 1 6 7 7 8 J J u u l n y e . . . . . . . _ -2 2 - - 3 9 9 3 -1 -4 8 -8 -9 6 2 2 -6 2 -22 11 D N e o c v . . 3 3 0 1 3 3 5 2 6 2 3 3, , 8 5 5 5 6 3 1 1 7 3 7 9 Aug.*3.. -2 -48 -6 -45 1 -1 3 Sept.**.. 2 -19 -5 -18 1 4 — i 1956—Dec. 5 310 3,538 177 Oct.*5. . 0) 21 22 -6 1 1 3 Dec. 12 422 3,637 176 Dec. 19 405 3,683 162 Dec. 26 382 3,946 154 > 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 month production (excl. U.S.S.R.) Total S A o fr u i t c h a - R de h s o i - a B A W r f i r t e 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 - Mex- Co b l i o a m- Chile r N ag ic u a a - 1 Austra- India $1 grains of gold %o 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 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 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. 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1955—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 .4 .6 3.3 .6 Dec. 70.5 42.9 1.5 1.1 5.0 13.3 1.0 .2 3.4 1956—Jan... 71.2 43.4 1.6 1.2 4.8 13.0 1.0 1.9 .2 2.9 .5 Feb... 68.9 42.9 1.5 1.1 4.6 12.4 .9 1.2 .3 2.7 .5 Mar.. 45.4 1.5 1.8 1.2 5.0 13.5 1.2 .2 2.8 .6 Apr... 45.2 1.6 2.1 1.0 4.7 12.9 1.3 .2 2.7 .6 May.. 47.3 1.6 2.2 1.0 5.4 13.1 1.2 .2 3.0 .6 June.. 47.4 1.6 2.1 1.1 5.1 13.4 1.3 .3 3.2 .5 July.. 47.9 1.6 2.2 1.1 5.9 12.3 1.6 3.3 .6 Aug.. 48.5 1.6 2.3 1.0 6.3 12.3 1.4 3.0 .6 Sept.. 47. 2.3 1.0 6.0 12.4 1.2 .6 Oct... 47.8 1.1 6.2 12.9 .6 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures are from the U. S. Bureau of the Mint and monthly figures are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 95 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 15 8 — 84 8 20 0 67 5 — 33 8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 "'40'.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 S S w w e it d z e e n rland 3.0 "-4o!6 - - 2 3 2 8 . . 9 0 - - 3 1 2 5 . . 0 0 "'22]5 - - 2 6 0 5 . . 0 0 - -1 1 5 5 . . 5 0 "-k'.b 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 -50.0 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 5 -.5 -.1 Total 1,232.9 645.2 -1,003.4 525.6 451.2 — 480 5 — 50 5 _ j 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 ii.6 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 -.i -.1 -.2 -.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 6-44.2 6-76.0 (2) A 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 a t k a r l ) i I i n n s g c to o r t e o c ld a t k a s l e 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 r l a r e d e r a a a : i k r s n s d - e e e - d e , - D p ti r c o t o i m g o d n o u 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 t d r r t t, g m c o c o r E r l 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 n u e l c s d - - 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—Dec 21,690 21,753 1.9 26.7 -23.8 5.0 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1945 20 065 20,083 -547.8 -106.3 -356.7 32.0 1956—jan 21,693 21,755 2.5 11.4 -8.2 4 8 1946 20,529 20,706 623.1 311.5 465.4 51.2 Feb . 21,695 21,757 2.1 18.6 -15.7 4.6 1947 22 754 22,868 22,162.1 1,866.3 210.0 75.8 Mar 21 716 21 765 7.7 11.5 -2 9 5 0 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Apr 21,743 21,792 27.4 9.9 16.9 4 7 1949 24,427 24,563 164.6 686.5 -495.7 67.3 May 21,772 21,821 28.3 25.3 1.8 5.4 June 21,799 21,868 47.6 18.4 29.9 5.1 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 July 21,830 21,918 49.4 4.8 43.9 5.9 1951 22 695 22,873 52.7 -549.0 617.6 66.3 Aug .. 21 858 21 965 47.1 4.7 43 2 6 3 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Sept 21,884 22,032 67.6 -18.0 86.9 6 0 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 1954 21 713 21,793 -297.2 16.6 -325.2 65.1 Nov 21 910 22,106 107.6 12.5 105.7 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Dec n1,949 *>22,058 P-48.1 451.2 *> 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 $6,622.7 million on Dec. 31, 1956. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 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* 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 37 i 117 776 321 996 42 186 31 23 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 J 080 42 186 31 23 174 1955—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 ,127 43 136 31 23 174 Apr .. . . 21,743 21,792 371 157 970 323 ,113 43 136 31 23 174 May 21,772 21,821 371 161 958 323 ,107 46 136 31 23 174 38,360 21,799 21,868 164 952 323 ,109 46 136 31 23 174 July 21,830 21,918 965 323 ,114 46 136 31 23 174 21,858 21,965 964 323 1,114 46 136 31 22 174 Sept ... ^38 490 21 884 22 032 972 323 112 45 136 31 22 174 Oct 21,910 21,999 949 323 ,119 45 136 31 22 181 Nov 21,910 22,106 941 323 ,152 31 22 181 Germany, E m n o d n o th f l F a i n n d - France3 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_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 ,035 27 247 81 138 352 164 877 45 48 35 May 35 861 ,056 27 247 81 138 352 164 864 45 48 35 June 35 861 ,104 27 247 54 138 353 165 853 45 49 35 July 35 861 ,189 27 247 54 138 353 165 853 45 49 35 Aug 35 861 ,274 27 247 46 138 360 166 853 46 49 35 Sept 35 861 294 27 247 46 138 854 46 49 Oct 35 861 329 27 247 45 138 854 47 49 Nov 35 861 M6 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 4 - d U gu r a u y - V zu e e n l e a - M F I t n a u o r t n n y l d . e- B S m a I e n n e t k t n t l l t e . f s - or 1949 Dec 178 17 128 85 70 1.504 118 154 1,688 178 373 1.451 68 1950—Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951 Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 ,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 ,740 196 1955—Nov 428 28 213 56 278 1,560 112 144 2,283 216 403 ,756 234 Dec 428 28 212 56 276 [,597 112 144 2,120 216 403 ,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 2,277 216 403 ,786 197 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May!!!!!!.. 436 28 217 56 266 1,579 112 144 2,369 216 403 1,741 216 June.• 436 28 215 56 257 1,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1,598 112 144 2,405 216 403 1,718 207 Aug 442 28 216 56 262 1,622 112 144 2,276 214 403 ,695 212 Sept 442 28 214 56 263 1,634 112 144 2,328 214 403 1,711 199 Oct 442 28 214 56 265 1.635 112 144 2,244 192 503 1.687 214 Nov 28 220 265 144 1,965 503 175 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 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 97 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1954 Sept. 30, 1955 Dec. 31, 1955 Mar. 31, 1956 June 30,1956 Sept. 30, 1956* Area and country Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & 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 1,328 161 1,593 161 21,986 151 2,028 6 1,782 7 1,659 7 Germany (Federal Republic of) 1,999 8 2,250 5 2,374 8 2,490 10 2,742 11 3,099 13 124 145 187 194 176 161 (3) Italy 925 1,105 1,137 1,158 1,214 1,278 1 2 Netherlands (and Netherlands West Indies 10 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 (3) Spain (and dependencies) 1S8 3 237 2 221 216 2 206 2 185 W3 406 1 411 (3) 429 (3) 444 (3) 426 (3) 453 Switzerland 2,185 38 2,197 44 2,354 44 2,341 2,308 117 2,446 126 Turkey 152 153 153 (3) 154 (3) 151 158 (3) Other* 947 4 1,273 2 876 6 1,015 7 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 Australia 186 210 (3) 219 230 243 (3) 241 (3) India 334 1 339 1 320 j 330 j 329 321 1 Union of South Africa 232 1 251 1 265 1 255 1 245 1 248 1 Other 178 3 194 3 210 206 204 (3) 207 Total 4,223 225 3,894 302 3,700 295 3,928 254 3,979 265 3,923 277 Canada 2,616 93 2,320 397 2,173 437 2,305 369 2,394 362 2,549 357 Latin America: 531 (3) 536 8 509 8 511 8 476 399 (3) Bolivia 32 (3) 26 26 27 25 (3) 25 (3) Brazil 442 2 469 466 538 2 540 2 582 1 Chile 112 1 129 8 139 141 1 147 1 151 1 308 184 217 (3) 222 224 181 Cuba 423 124 423 169 389 169 374 399 167 407 167 Dominican Republic. 72 82 77 8 79 8 81 77 8 Guatemala 62 (3) 70 72 91 93 (3) 80 Mexico 391 4 481 556 4 583 4 523 4 5562 4 P Pe a r n u ama, Republic of 1 7 1 4 8 8 1 8 2 5 4 if 1 8 2 6 7 1 8 2 2 7 8 1 9 1 4 5 1 1 1 0 1 4 7 (3) El Salvador 59 61 52 (3) 74 (3) 73 (3) 53 (3) Uruguay 317 277 281 289 1 283 1 290 597 3 662 3 668 3 627 3 734 3 808 3 Other 135 10 140 14 124 15 147 14 154 14 134 14 Total 3,673 146 3,749 194 3,789 195 3,912 192 3,961 193 3,970 191 Asia: Indonesia 181 8 201 15 255 15 236 171 8 204 169 174 175 (3) 166 (3) 169 174 (3) Japan 851 992 2 1,029 4 1,092 4 1,175 4 1,203 'A 266 6 266 6 268 6 285 6 300 6 298 6 Thailand 236 235 1 250 263 253 254 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 8 222 8 oth?r.. :...::..::::::::::::::::: 68 87 1 79 91 103 86 Total 289 321 1 325 1 333 339 308 (3) Total foreign countries 24,961 746 25,870 1,274 26,159 1,308 27,101 1,059 27,401 1,121 27,974 1,154 International7 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 v 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 4 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 (Aug. 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

98 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. Oct. July Apr. Jan. Oct. Dollar deposits and U. S. securities 386 407 425 428 440 Gold 1,687 1,718 1,761 1,811 1 751 Other currencies and securities 1... 960 938 947 966 977 Investments8 200 125 50 Effective loans* 2,094 2,002 1,959 1,936 1,837 Currencies: * Other assets 3 42 29 40 37 36 United States 1,697 1,759 1,777 1,708 1,633 Other 4 387 4,319 4,333 4 403 4 539 IBRD bonds outstanding 849 850 850 849 849 Unpaid member subscriptions . 942 815 815 815 815 O U t n h d e i r s b li u a r b s i e l d it ie lo s ans 53 1 0 0 47 1 7 1 48 1 5 0 49 9 4 42 9 9 Other assets 2 1 1 1 1 Reserves 240 228 216 205 193 Member subscriptions 8,929 8,751 8,751 8,750 8,751 Capitals 1,853 1,810 1,810 1,810 1,810 Accumulated net income -14 -14 -14 -14 -12 Loans by country, Nov. 30, 1956 Quota Cumul o a n ti v t e h e n e F t u n d d rawings Outstanding Area and member country* Prin- Dis- Re- Country 9 Paid 1956 1955 cipal bursed paid Sold Total in Total to gold Oct. Sept. Oct. others5 Brazil 150 38 66 66 66 Continental W. Europe, total 1,125 930 177 753 74 15 1 15 15 Belgium and Luxembourg. 118 114 6 108 25 Chile 50 9 13 13 13 France 268 266 13 252 18 50 13 25 25 25 Italy 163 50 50 6 Egypt 60 10 15 15 Netherlands 221 221 139 83 18 Indonesia 110 16 55 55 15 Other 355 279 19 261 7 35 9 26 26 18 15 4 15 15 10 Sterling area, total 877 599 55 544 77 Turkey 43 11 15 15 20 Australia 268 257 5 253 22 United States 2,750 688 10-418 io_418 10-457 India 200 91 21 71 13 Union of S.Africa 135 115 16 100 13 United Kingdom 146 68 1 67 26 1 Currencies include demand obligations held in lieu of deposits. Other 128 66 12 54 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 698 480 43 437 30 sold to others, and exchange adjustment. Brazil 194 162 9 152 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 72 13 59 4 * Loans to dependencies are included with member. Mexico 141 121 7 114 11 5 Includes also effective loans agreed to be sold but not yet disbursed. 252 126 13 112 12 6 Includes $198 million in loans not yet effective. Other 7 Includes $168 million not guaranteed by the Bank. 120 70 68 10 8 U. S. Treasury bills purchased with proceeds of sales of gold. Asia (excl. Sterling area) 9 Countries shown are those with cumulative net drawings of $10 9 million or more on the latest date. Africa (excl. Sterling area).. 1 o Represents sales of U. S. dollars by Fund to member countries for 62,828 2,087 278 1,809 7192 local currencies, less repurchases of such currencies with dollars. Total 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 Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n D o a d n u i c s n a - e t d s s - Se t c ie u s ri- ci t r i c o u n l 1 a- Bankers' Pub D li e c posit E s CA Other C su a a r n p p i d l t u a s l 1949—Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 [,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 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 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Jan. 25 .4 1,825.0 2.3 53.7 32.8 251.9 1,771.7 236.9 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 1,842.0 225.9 12.8 3.1 76.4 17.8 May 30 .4 ,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 ,950.0 2.0 57.0 15.6 271.0 ,893.4 238.2 10.5 .2 78.5 18.1 July 25 .4 !,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 l,907.5 222.4 13.0 72.1 18.5 Sept. 26 .4 1,925.0 2.0 44.7 18.3 269.7 1,880.6 230.9 12.9 72.4 18.5 Oct. 31 .4 1,925.0 2.0 47.5 28.2 285.1 i,877.8 256.6 15.1 73.3 17.8 Nov. 28 .4 ,925.0 2.0 19.0 26.8 279.9 ,906.3 220.0 13.8 75.8 18.0 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 99 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date S U d S t o a e n t l a r n i l l t t a d i e e n r s d s g Do c S t m i h e a o r l i n m r g t i - o o n vt . a n se d c u O p r t r i h t o i e e v r s in- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i i . t o s n Other li c a O a b a p t i n h l i i d t e t a i r e l s 1949—Dec. 31 74.1 1,781.4 227.8 42.5 [,307.4 541. 7 30.'i 126.9 119.2 1950—Dec. 30 111.4 I 229.3 712.5 297.1 1,367.4 578. 6 24.' 207.1 172.6 1951—Dec. 31 117.8 1,141.8 1,049.3 135.2 1,464.2 619. 0 94.S> 66.1 200.0 1952—Dec. 31 77 1 I 459 8 767.2 77.3 1,561.2 626. 6 16.:> 44.5 132.9 1953—Dec. 31 54.9 1,376.6 893.7 112.0 1,599.1 623. 9 51 .f 29.5 133.1 1954—Dec. 31 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.: 30.5 161.0 1955—Dec. 31 57.4 [ 283.8 1,093.7 185.2 1,738.5 551.0 89.:> 34.0 207.5 1956—Jan. 31 54.4 091.5 1,146.0 119.2 ,648.7 528. 4 76.1 42.1 115.7 Feb. 29 56.5 ,065.6 1,143.3 108.2 ,641.1 493. 6 60. i 35.0 143.0 Mar. 31 58.8 965 9 I 285.0 95.0 ,677.2 506. 1 48.1 31.4 141.9 Apr. 30 52.3 764.1 1,538.1 121.4 ,686.3 564. 9 54.1 30.6 140.0 May 31 67 2 065 6 I 190 2 131.3 ,706.1 542. 8 30.: 29.9 145.3 June 30 60.1 ,041.3 1,289.8 192.7 ,734.9 574. 7 51.1 32.2 191.0 July 31 59.9 ,029.6 1,316.7 104.9 ,762.3 500. 0 49.1 39.6 159.4 Aug. 31 62.1 1 019.3 1,351.3 180.7 ,764.6 580. 6 65.A[ 35.6 167.2 Sept. 29 57.7 1,041.3 ,353.0 150.1 ,769.5 564. 0 46.C) 45.2 177.3 Oct. 31 51.4 1 031 3 I 360.4 128.0 ,780.9 575. 3 55.C) 30.7 129.3 Nov. 30 61.1 1,021.2 1,380.3 158.7 ,793.5 624. 9 1AI 31.7 163.9 Bank of France (billions of francs) Assets Liabilities Date Foreign Domestic bills A G d o v v a e n rn c m es e n to t Other Note Deposits O lia t b he il 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 e t rn- Others ca a p n i d tal 1949—Dec. 29 62 3 61 9 137.7 28.!> 335 7 157.9 561.0 112.7 1/>78.2 1.2 159.0 19.4 1950—Dec. 28 182 8 162.0 136.9 34. 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 32.0 741 160.0 481.0 190.8 1, J341.6 176.8 41.3 1 1 9 9 5 5 2 3 — — D D e e c c . 3 3 1 1 2 2 0 0 0 1 .3 2 3 1 1 5 . . 1 4 2 29 7 2 4 . . 5 0 5 61 7 . .0 9 8 3 9 1 1 6 5 2 1 0 7 0 2 . . 0 0 4 6 8 79 0 . . 8 0 1 1 5 7 9 0 . . 7 0 ?J 1 5 2 1 3 0 . . 5 5 ( ( 4 4 ) ) 1 1 3 44 8 . . 9 6 4 5 9 6 . . 3 3 1954—Dec. 30 201 3 57 3 236.8 48.9 195.0 617.6 277.2 V 538.5 .1 157.8 67.9 1955—Dec. 29 301 2 200.2 226.7 45.:> ,194 7 190.0 539.8 336.8 2 1320.0 142.9 71.8 1956 Jan. 26. 301 2 197 9 184 5 34 *\ 1 183.0 533.3 325.9 741.1 (4) 143.5 73.6 Feb. 23 301 2 178.5 197.5 27.'7 .IS4) 183.0 539.5 302.7 V 741.5 1 116.8 60.9 Mar. 29 301.2 178.6 237.7 19.1 W4 5 183.0 519.6 316.1 2J$76.7 156.3 57.2 Apr. 26 301 2 162.6 269 4 14.6 ,214 0 183.0 518.1 331.4 2J?34.4 (4) 148.1 71.8 May 31 301.2 152.0 214.7 7.S) ,M4 4 183.0 518.8 368.4 2,}S61.9 135.9 62.5 June 28 301 2 144 1 301 6 5.:> ,W4 8 183.0 490.2 324.2 2,1J90.5 .1 162.8 70.9 July 26 301 2 128.0 292.4 2.1 ,489 6 179.0 496.5 297.0 2,932.2 161.7 92.6 Aug. 30 301 2 116 5 290 7 2.4 7 179.0 499.3 . 265.3 2,979.0 (4) 162.0 70.0 Sept. 27 301 2 106 7 277 1 8.'7 1.611 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 1,546 6 158.8 479.8 342.2 2,988.4 \ 158.7 88.3 Nov. 29 301.2 68.4 270.7 30.!> 1,638 178.9 479.8 5251.5 2,964.6 169.4 85.1 1956 1955 1956 1955 Central bank, monetary unit. Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 997 1 081 1,623 Gold and foreien exchanee 310 286 285 300 Other gold and foreign exchanoe.. 37 -198 -17 Checks and bills of other banks>... 5 6 6 7 Gold contribution to Intl Fund 157 157 Securities (incl. Govt. and Treas- Govt securities 5 045 4 974 4 461 ury bills) 556 567 545 549 Rediscounts and loans to banks 98 302 97 885 80 996 43 53 65 48 Other assets 850 857 423 Note circulation 384 380 382 374 Currency circulation 38,116 38,303 34,069 Deposits of Trading Banks: Deposits—Nationalized 59 55? 58 306 45 805 270 270 255 265 Other sieht oblieations 1 3P 1 181 1 723 Other 35 33 43 35 Other liabilities and capita1 6,409 6,966 5,889 Other liabilities and capital.. 225 230 221 229 Footnotes to central bank table on this and opposite page: 5 Includes advance of 95.3 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (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

100 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 Nov. Oct. Sept. Nov. Nov. Oct. Sept, Nov. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,745 1,74: 1,745 1,742 Fund) 16: 194 221 212 Foreign exchange (net) 8,610 8,638 8,376 7,305 Net claim on Intl. Fund1 13 13 13 13 Loans and discounts 6,226 5,890 6,059 5,627 Loans and discounts 42 44 41 55 Claim against Government 1,559 1,559 1,560 1,547 Credits to Government 131 120 121 60 Other assets 780 715 557 1,159 Other assets 77 77 77 81 Note circulation 13,774 13,550 13,509 12,498 Note circulation 418 418 421 409 Deposits—Banks 1,349 1,338 1,155 1,474 Deposits 298 31 314 275 Other 785 711 769 666 Other liabilities and capital 27 26 26 22 Blocked 1,41 1,370 1,353 1,376 National Bank of Czechoslovakia2 Other liabilities and capital 1,598 1,577 1,510 1,365 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68, 68 Gold 47,045 47,460 48,586 46,088 Foreign exchange 727 724] 668 714 Foreign claims and balances (net).. 12,308 12,375 10,379 10,241 Loans and discounts 125 164 145 189 Loans and discounts 7,406 6,769 5,539 4,368 Securities 505 495 493 545 Consolidated Govt. debt 34,660 34,660 34,660 34,660 Govt. compensation account 3,071 3,072 3,072 3,123 Govt. securities 7,497 9,366 8,735 8,597 Other assets 960 721 751 1,032 Other assets.. 5,775 5,679 5,755 5,277 Note circulation 2,238 2,169 2,107 2,068 Note circulation 108,918110,733108,238 104,104 Deposits—Government 1,450 1,412 1,407 1,539 Deposits—Demand 1,597 1,445 1,339 1,079 Other 1,501 1,397 1,426| 1,797 ECA 40 40 40 56 Other liabilities and capital 2661 266 257 267 Other liabilities and capital 4,137 4,091 4,038 3,794 Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (July) Gold 11,276 11,276 12,526 12,076 Gold at home and abroad 507 500 Foreign exchange (net) 12,427 15,692 13,920 16,493 Foreign exchange (net) , 488 712 Net claim on Intl. Fund1 2,500 2,500 1,250 1,250 Loans and discounts 99,4001 48,307 Loans and discounts 4,050 2,950 2,972 2,500 Govt. securities , 2,505( 2,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets , 1,115 994 Other assets 19,931 19,910 20,027 14,998 Note circulation , 84,443 37,939 Note circulation 47,225 48,068 47,595 44,930 Deposits , 14,429 10,748 Demand deposits 7,929 9,309 8,255 8,414 Other liabilities and capital 5,142 4,331 Other liabilities and capital 3,389 3,311 3,205 2,863 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange , 737 725 729 640 Gold 325 325 325 344 Govt. securities , 11 12 18 Foreign exchange (net) 55 42 25 Other assets 8 7 11 Net claim on Intl. Fund1 38 38 38 19 Currency in circulation , 433 441 420 Credits—Government 477 491 527 417 Deposits—Government 76 63 46 43 Other 3101 328 358 230 Banks 153 151 172 144 Other assets 258! 273 266 285 Other liabilities and capital 93 90 87 63 Note circulation 743 757 782 660 Central Bank of Chile (millions of Demand deposits—Private banks. 233 235 231 195 pesos): Other 147, 172| 154 146 Gold 8,111 8,529 5,814 Other liabilities and capital 340 333 3481 319 Foreign exchange (net) 1,621 1,236 1,435 National Bank of Egypt (millions of Discounts for member banks 7,174 6,466 6,670 pounds): Loans to Government 15,986 15,987 16,269 Gold 63 63 61 61 Other loans and discounts 26,900 27,445 16,881 Foreign assets 114 114 117 156 Other assets 26,894 25,965 6,088 Egyptian Govt. securities 144 128 126| 84 Note circulation 54,036 57,676 38,245 Clearing and other accounts (net). o -7 -7 -17 Deposits—Bank 6,665 6,916 5,477 Loans and discounts 44 40! 21 26 Other 2,166 1,295 2,346 Other assets 2 4 Other liabilities and capital 23,818 19,741 7,088 Note circulation 220 2001 188 177 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 10 14 r6 lions of pesos): Other3 112 108 97 '109 Gold and foreign exchange 277, 257 244 270 Other liabilities and capital 19 19 22 Net claim on Intl. Fund1 52 52 52 24 Central Reserve Bank of El Salvador Loans and discounts 542 535 566 520 (thousands of colones): Govt. loans and securities 615, 611 602 471 Gold 70,343 70,402 70,474 71,119 Other assets 146 138 137 104 Foreign exchange (net) 5,068 8,404 22,306 19,579 Note circulation 778 726 722 658 Net claim on Intl. Fund1 -4,677 1,573 1,573 1,569 Deposits 559 564 574 547 Loans and discounts 93,657 82,514 71,503 61,980 Other liabilities and capital 294i 303 305 183 Govt. debt and securities 18,615 17,780 17,498 11,576 Central Bank of Costa Rica (millions Other assets 7,647 6,868 7,236 6,990 . of colones): Note circulation 96,019 91,942 90,956 88,249 Gold 12 12 Deposits 82,503 83,724 88,155 74,299 Foreign exchange 48 104 Other liabilities and capital 12,132 11,875 11,477 10,264 Net claim on Intl. Fund1 7 Bank of Finland (millions of markkaa): Loans and discounts 126 116| 92 Gold 7,849| 7,849 7,850 7,879 Securities 17 16, 8 Foreign assets and liabilities (net). 22,368 23,073 20,940 30,239 Other assets.. 27 24 26 Loans and discounts 41,666 37,982 44,560 23,864 Note circulation 145 142 157 Securities—Government 17,500 17,500 17,500 20,000 Demand deposits 53 46, 59 Other 1,989 1,998 2,028 1,999 Other liabilities and capital 38 37 36 34 Other assets. 11,280 12,123 13,658 10,852 National Bank of Cuba (millions of Note circulation 58,468 56,795 58,831 53,493 pesos): Deposits 6,025 6,588 10,040| 22,528 Gold 136 136 136 141 Other liabilities and capital 38,159|37,143 37,664 18,812 Foreign exchange (net) 182 172 153 144 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 Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 For last available reports for Czechoslovakia and Hungary (March of the month. 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 101 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept, Nov. Nov. Oct. Sept. Nov. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,116 2,040 Gold 5,763 5,571 5,412 644 Foreign exchange 85,116 83,850 Foreign exchange 11,919 11,782 11,458 132 Clearing accounts (net) -1,387 3,536 Loans and discounts 2,014 2,178 3,149 223 Loans and discounts 21,296 12,730 Loans to Government 4,203 4,215 4,040 353 Advances to Government 72,595 36,993 Other assets 1,327 1,061 1,118 032 Other Govt. accounts 72,647 21,565 Note circulation 14,631 14,141 14,379 380 Govt. securities 146,220 134,398 Deposits—Government 5,083 5,028 4,953 890 Other assets 14,932 16,735 Banks 3,480 3,653 3,839 292 Notes and coin in circulation 220,537 188,614 Other 245 203 223 201 Deposits—Government 35,462 12,947 Other liabilities and capital 1,787 1,781 1,781 621 Other 139,973 94,576 Bank of Greece (millions of drachmae): Other liabilities and capital 17,563 15,711 Gold and foreign exchange (net).. 5,816 5,821 256 Bank of Italy (billions of lire): Loans and discounts 155 149 166 Gold 4 4 4 4 Advances—Government 7,005 7,060 ,843 Foreign exchange 71 71 71 69 Other 5,130 4,994 899 Advances to Treasury 567 567 567 567 Other assets 1,999 2,117 ,651 Loans and discounts 475 493 479 386 Note circulation 5,467 5,534 ,453 Govt. securities 398 393 399 399 Deposits—Government 1,097 1,043 ,253 Other assets 974 935 961 953 Reconstruction and Note circulation 1,620 1,602 1,633 1,504 relief accts 7,387 7,403 ,672 Deposits—Government 7 16 15 27 Other 3,824 3,693 ,510 Demand 111 98 98 88 Other liabilities and capital 2,329 2,469 ,928 Other 581 582 570 608 Bank of Guatemala (thousands of Other liabilities and capital 170 165 163 152 quetzales): Bank of Japan (billions of yen): Gold 27,239 27,239 227 Bullion Foreign exchange (net) 26,592 27,068 245 Advances to Government , Gold contribution to Intl. Fund.. 1,250 1,250 250 Loans and discounts 75 97 78 Rediscounts and advances 13,131 9,545 201 Govt. securities 484 471 435 448 Other assets 38,355 38,372 ,431 Other assets 231 229 231 256 Circulation—Notes 54,314 53,070 ,870 Note circulation 626 611 600 559 Coin 4,033 3,974 ,778 Deposits—Government 42 48 52 65 Deposits—Government 4,877 4,945 ,076 Other 36 34 30 89 Banks 21,823 19,991 Other liabilities 87 88 82 70 Other liabilities and capital 19,520 21,495 752 Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve® 1,863 1,854 1,815 1,662 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,261 5,164 5,033 4,999 Issue department: Bills and discounts 730 724 755 291 Gold at home and abroad 1,178 51,178 400 400 Other assets 383 448 410 411 Foreign securities 4,572 4,920 5,867 ,471 Note circulation , 5,128 5,010 4,859 4,602 Indian Govt. securities 7,655 7,207 7,037 ,486 Demand liabilities , 2,325 2,406 2,401 2,045 Rupee coin 1,253 1,215 1,201 ,097 Other liabilities and capital , 784 775 754 715 Note circulation 14,385 14,189 14,092 ,238 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 272 331 413 216 Gold 3,230 3,230 3,230 3,241 Balances abroad 793 902 283 726 Silver (including subsidiary coin)., 4 3 4 40 Bills discounted 71 48 39 58 Foreign assets (net) 784 978 972 1,334 Loans to Government 30 39 28 19 Loans and discounts 174 328 226 31 Other assets 1,546 1,506 1,311 851 Govt. debt and securities , 660 661 660 622 Deposits 1,304 1,461 1,555 ,469 Other assets 366 377 382 405 Other liabilities and capital... 1,409 1,365 519 401 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New 3,923 4,007 3,915 3,852 Gold and foreign exchange (net).. 739 587 408 ,807 Deposits—Government 157 318 253 268 Loans and discounts 960 987 801 721 ECA 368 419 419 490 Advances to Government 9,846 9,568 10,003 ,135 Other 552 616 672 827 Other assets 478 479 462 429 Other liabilities and capital 218 215 216 208 Note circulation 8,288 8,178 8,046 ,957 RR(eserve Bank of New Zealand (thou- Deposits—ECA 320 320 327 495 sands of pounds): Other 2,129 1,931 2,301 ,801 Gold 6,162 6,162 6,162 6,162 Other liabilities and capital 1,288 1,191 1,000 838 Foreign exchange reserve 32,270 40,582 46,917 34,689 Bank Melli Iran6 (millions of rials): Loans and discounts 27,255 29,307 16,184 25,211 Gold 4,242 4,242 4,242 ,242 Advances to State or State un- Foreign exchange 534 341 244 244 dertakings 53,665 49,708 41,641 46,884 Gold contribution to Intl. Fund.. 282 282 282 282 Investments 38,173 38,173 38,173 33,278 Govt.-secured debt 7,623 7,333 7,187 ,187 Other assets 1,966 1,488 2,083 1,429 Govt. loans and discounts 12,227 12,264 12,296 ,836 Note circulation 74,726 70,242 69,639 70,140 Other loans and discounts 6,403 6,494 6,241 ,786 Demand deposits 74,730 85,294 72,163 68,280 Securities 469 469 469 444 Other liabilities and capital 10,035 9,884 9,358 9,233 Other assets 3,571 3,999 3,586 ,017Bank of Norway (millions of kroner): Note circulation 11,066 10,897 10,545 ,970 Gold 218 218 210 209 Deposits—Government 5,041 5,829 4,916 ,758 Foreign assets (net) 106 73 59 -98 Banks 1,259 1,153 1,468 ,645 Clearing accounts (net) -39 -20 -27 -45 Other 14,776 14,289 14,268 ,436 Loans and discounts 111 117 118 116 Other liabilities and capital 3,208 3,255 3,350 ,229 Securities 74 74 75 96 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds): Other assets 138 123 113 105 Gold 2,646 2,646 2,646 Note circulation 3,204 3,162 3,154 3,142 Sterling funds 70,905 69,785 69,163 Deposits—Government 1,547 1,657 1,626 1,365 Note circulation 73,551 72,431 71,809 Banks 425 364 389 504 FOA 26 23 23 106 Other liabilities and capital 95 927 903 812 * 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

102 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 Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 584 583 579 612 Issue department: Foreign assets 1,038 961 956 998 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 , 129 129 129 129 Sterling securities 870 921 940 694 Swedish Govt. securities and ad- Pakistan Govt. securities 1,527 1,296 1,197 ,124 vances to National Debt Office 3, 4,010 3,959 3,759 3,282 Goyt. of India securities 176 177 177 '275 Other domestic bills and advances. 27 22 108 81 India currency 430 430 430 431 Other assets , 1,023 1,002 997 1,051 Rupee coin 61 64 66 29 Note circulation 5,316 5,235 5,129 5,029 Notes in circulation 3,077 2,907 2,834 :,601 Demand deposits—Government., 199 85 164 142 Banking department: Other , 119 163 70 152 Notes of issue department 104 96 91 67 Other liabilities and capital , 1,178 1,173 1,164 829 Bills discounted 30 21 26 21Swiss National Bank (millions of Loans to Government 5 francs): Other assets 661 699 688 540 Gold 7,025 6,925 6,921 6,526 Deposits . 627 636 660 523 Foreign exchange 587 590 590 601 Other liabilities and capital 168 180 146 110 Loans and discounts 254 173 154 173 Central Bank of Paraguay (millions of Other assets 121 114 100 111 guaranies): Note circulation 5,483 5,383 5,391 5,255 Goldi 11 4 Sight liabilities 2,277 2,194 2,149 1,946 Foreign exchange (net) 515 101 Other liabilities and capital 227 225 224 211 Net claim on Int. Fund2 53 88 Central Bank of the Republic of Turkey Loans and discounts 1,545 ,346 (millions of pounds): Govt. loans and securities 507 523 Gold 402 402 402 402 Other assets 219 r411 Foreign exchange and foreign Note and coin issue 1,163 876 clearings 219 222 224 173 Deposits—Government 301 215 Loans and discounts 3,891 3,844 3,813 3,459 Other 288 220 Securities 31 31 29 30 Other liabilities and capital 1,098 ,082 Other assets 234 231 247 140 Central Reserve Bank of Peru (millions Note circulation 2,433 2,369 2,299 1,965 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 719 731 624 467 Other 1,586 1,585 1,615 1,531 Net claim on Intl. Fund2 67 67 67 67 Other liabilities and capital 604 621 646 554 Loans and discounts to banks 786 780 838 810 Bank of the Republic of Uruguay (mil- Loans to Government 1,306 1,305 1,287 ,037 lions of pesos): Other assets 148 125 166 206 Gold 324 327 Note circulation 2,176 2,175 2,153 ,831 Silver 10 10 Deposits 601 609 567 463 Advances to State and Govt. Other liabilities and capital 249 224 263 293 bodies 277 207 Central Bank of the Philippines Other loans and discounts 524 475 (millions of pesos): Other assets 690 667 Gold 41 41 39 28 Note circulation 491 471 Foreign exchange 401 401 407 270 Deposits—Government 212 149 Net claim on Intl. Fund2 10 Other 371 329 Loans 84 136 141 32 Other liabilities and capital 751 738 Domestic securities 436 371 365 372 Central Bank of Venezuela (millions Other assets 153 149 147 179 of bolivares): Circulation—Notes 661 646 645 603 Gold 1,438 1,538 ,234 1,234 Coin 86 86 86 87 Foreign exchange (net) 1,297 834 962 380 Demand deposits 284 283 286 151 Other assets 219 194 175 131 Other liabilities and capital 85 81 82 51 Note circulation 1,170 1,104 ,088 1,065 Bank of Portugal (millions of escudos): Deposits 413 415 357 236 Gold 5,835 5,728 ,610 Other liabilities and capital 1,372 1,047 926 444 Foreign exchange (net) 13,625 13,510 423 National Bank of Federal People's Re- Loans and discounts 1,420 1,161 ,008 public of Yugoslavia (billions of Advances to Government 1,373 1,373 391 dinars): Other assets 1,937 1,869 ,372 Gold 5 5 5 Note circulation 11,114 10,985 10,740 Gold contribution to Intl. Fund. . 2 2 2 Demand deposits—Government.. 1,873 1,616 ,840 Foreign assets 61 67 61 ECA 89 89 107 Loans (short-term) 1,004 940 760 Other 7,974 7,894 ,523 Govt. debt (net) 54 41 Other liabilities and capital 3,139 3,057 ,594 Other assets 65 67 64 South African Reserve Bank (millions Notes and coin in circulation 86 85 88 of pounds): Demand deposits 229 211 176 78 76 76 Foreign liabilities 108 119 104 Foreign bills 47 42 38 Long-term liabilities (net) 583 518 387 Other bills and loans 13 16 19 Other liabilities and capital 185 190 137 Other assets 47 44 49 54 Bank for International Settlements Note circulation 113 110 111 107 (millions of Swiss gold francs): Deposits 56 51 55 55 Gold in bars 536 654 608 716 Other liabilities and capital 17 17 15 18 Cash on hand and with banks.... 67 55 71 50 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 616 ances (at cost) 658 675 637 269 Silver 321 317 323 321 Time funds at interest 100 98 104 138 Govt. loans and securities 16,124 15,948 15,849 ,995 Sundry bills and investments 572 628 691 469 Other loans and discounts 44,149 44,370 43,520 ,109 Funds invested in Germany 297 297 297 297 Other assets 53,803 53,240 51,430 ,026 Other assets 1 2 Note circulation 51,254 51,222 50,453 ,379 Demand deposits—Gold 720 744 759 588 Deposits—Government 3,652 5,085 5,188 ,504 Other 982 1,137 1,124 835 Other 12,035 11,179 10,556 ,460 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 48,074 47,007 45,543 ,723 Other liabilities and capital 302 299 298 289 r Revised. 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 fin 2 e 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 103 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per an n urn] Central banks with new rates since December 1954 Month effective A tr u i s a - g B iu e m l- m D a e r n k - "ranee m G a e n r y - Greece N la e e n r t - d h s - N w o ay r- Spain S d w en e- T k u ey r- U K d n i o i n m t g 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 - 2Japan2 In effect Dec. 31, 1954 3.5 2.75 5.0 3.0 3.0 10.0 2.5 2.5 3.75 2.75 3.0 3.0 2.0 4.0 4.0 3.0 6.57 1955_jan 9.0 3.5 Feb 3.5 4 5 1.5 Apr 3.75 May 4.5 5.5 4.5 July 5.0 3.0 3.5 2.0 8.03 Sept 6.6 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 Seot.. 5 0 4 25 Oct 3.75 3.5 Nov 4.0 33.77 3.50 Dec 3.5 3.92 In effect Dec. 31, 1956 5.0 3.5 5.5 3.0 5.0 10.0 3.75 3.5 4.25 4.0 6.0 5.5 3.92 7.0 4.5 3.50 8.03 Other selected central banks—rates in effect on Dec. 31, 1956 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Philippines... 1.5 Feb. 1954 El Salvador 2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Mexico 4.5 June 1942 Switzerland... 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Latin America: Peru2 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa 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 industrial, and mining paper and 3 per cent for mos t for discounts and for advances on government securities (rate shown agricultural paper. is for advances on commercial paper); Japan—various rates dependent 3 Since Nov. 1, the discount rate is set each week at 14 per cent above the latest average tender rate for Treasury bills. OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land Month 3 T m re b o a il n s l u t s h ry s 1 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 a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 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 .50 1954—Dec. 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 .50 1955_Nov.. 2.38 2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 4V4-6V .50 Dec. 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4%6 .50 1956—Jan... 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 4J4-6J/2 .50 Feb... 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 .50 Mar.. 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 41/2-61/2 .50 Apr.. 2.83 2.65 5.27 5.11 4.05 3.50 3.08 1.59 1.23 4J/4-61,* .50 May. 2.84 2.66 5.14 4.95 4.13 .50 3.10 1.76 1.25 .50 June. 2.63 2.68 5.20 5.09 4.16 .50 3.02 2.38 1.43 .50 July.. 2.53 2.52 5.10 5.01 3.96 .50 3.21 2.74 1.50 414-61^ .50 Aug.. 2.94 2.63 5.08 5.03 4.14 .50 3.02 3.00 1.50 .50 Sept.. 3.06 2.67 5.18 5.11 4.26 3.50 3.00 3.00 1.50 .50 Oct... 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.30 1.50 414-6V .50 Nov.. 3.40 2.89 5.08 5.01 4.24 3.50 3.25 1.50 414-6V .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

104 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 (peso) Aus- British Year or month tralia Austria Belgium Malay- Canada Ceylon Prefer- (pound) (schilling) (franc) (do s l i l a ar) (dollar) (rupee) Basic ential Free 1951 20.000 13.333 7.067 223.07 1.9859 32.849 94.939 20.849 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 20.903 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 21.017 1955 120.000 113.333 17.183 222.41 3.8580 1.9905 32.624 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 32.582 101.600 20.946 1955—Dec. 5.556 2.806 223.32 3.8580 1.9986 32.764 100.048 20.988 1956—Jan.. 556 2.587 223.63 3.8580 2.0001 32.819 100.122 21.019 Feb., 556 2.386 223.62 3.8580 2.0000 32.816 100.080 21.017 Mar. 556 2.454 223.50 3.8580 2.0023 32.798 100.122 21.004 Apr., 556 2.536 223.72 3.8580 2.0035 32.761 100.302 21.024 May, 556 2.657 223.71 3.8580 2.0029 32.700 100.803 21.022 June 556 2.872 223.28 3.8580 2.0032 32.608 101.476 20.977 July. 556 3.090 222.58 3.8580 2.0074 32.510 101.835 20.917 Aug. 556 3.249 221.76 3.8580 2.0049 32.368 101.907 20.858 Sept. 556 3.190 221.76 3.8580 2.0064 32.373 102.274 20.873 Oct.. 556 3.177 221.88 3.8580 2.0084 32.384 102.732 20.878 Nov. 556 2.987 221.71 3.8580 2.0022 32.360 103.725 20.871 Dec. 5.556 2.806 221.92 3.8580 1.9945 32.475 104.095 20.881 Year or month (k m D r e o a n r n k - e) ( F m i a n r l k an 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 re o l u a n n d d ) J ( a y p e a n n ) M (p e e x s i o c ) o 1951. 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. .4354 .2856 21.049 281.27 11.607 1954. .4354 .2856 23.838 21.020 280.87 9.052 1955. .4354 .2856 23.765 20.894 279.13 8.006 1956. .4354 .2855 23.786 20.934 279.57 4.2779 8.006 1955—Dec.. .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan... .4354 .2854 23.719 21.019 280.66 8.006 Feb.. .4354 .2855 23.717 21.017 280.64 8.006 Mar.. .4354 .2855 23.716 21.004 280.49 8.006 Apr.. .4354 .2855 23.716 21.024 280.77 8.006 May. .4354 .2855 23.729 21.022 280.76 8.006 June. .4354 .2855 23.797 20.977 280.22 8.006 July.. .4354 .2855 23.839 20.911 279.33 8.006 Aug.. .4354 .2855 23.853 20.830 278.31 8.006 Sept.. .4354 .2855 23.853 20.840 278.31 8.006 Oct.. .4354 .2855 23.843 20.856 278.46 8.006 Nov.. .4354 .2855 23.832 20.840 278.25 4.2779 8.006 Dec. .4354 .2855 23.823 20.861 278.50 .2779 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a e u 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 u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U p K d o n i o u n i m t n g e d - d ) 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 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1955—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 Dec 26.101 275.75 14.008 49.674 3.4900 277.46 19.333 23.335 278.50 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. A more complete list, including periodic copy. releases and reprints, appeared on pages 1389-92 of the December 1956 Bulletin. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture THE FEDERAL RESERVE SYSTEM—PURPOSES AND the flow of funds through the major sectors of FUNCTIONS. November 1955. 208 pages. the national economy. December 1955. 390 pages. $2.75 per copy. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Issued each THE DEVELOPMENT OF BANK DEBITS AND CLEARyear. INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 pages. 25 cents per copy; FEDERAL RESERVE BULLETIN. Issued monthly. in quantities of 10 or more copies for single Subscription price in the United States and its shipment, 15 cents each. possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecua- A STATISTICAL STUDY OF REGULATION V LOANS. dor, Guatemala, Haiti, Republic of Honduras, September 1950. 74 pages. 25 cents per copy; Mexico, Nicaragua, Panama, Paraguay, Peru, in quantities of 10 or more copies for single El Salvador, Uruguay, and Venezuela is $6.00 shipment, 15 cents each. per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group BANKING AND MONETARY STATISTICS. Statistics of subscriptions in the United States for 10 or banking, monetary, and other financial developmore copies to one address, 50 cents per copy ments. November 1943. 979 pages. $1.50 per month, or $5.00 for 12 months. 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. Sub- serve 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. 105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN • JANUARY 1957 REPRINTS MONETARY POLICY AND THE REAL ESTATE MAR- (From Federal Reserve Bulletin unless preceded by KETS. December 1955. 6 pages. an asterisk) BANKING AND MONETARY STATISTICS, 1955. (Se- THE MONETARY SYSTEM OF THE UNITED STATES. lected series of banking and monetary statistics February 1953. 16 pages. for 1955 only) February and May 1956. 12 INFLUENCE OF CREDIT AND MONETARY MEASURES pages. (Similar reprint of 1954 data, Febru- ON ECONOMIC STABILITY. March 1953. 16 ary and May 1955 BULLETINS). pages. THE 1957 BUDGET. February 1956. 11 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. 1956 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1956. 3 pages. The * DETAILED DESCRIPTION OF SOURCES AND METH- Financial Position of Consumers. June 1956. ODS USED IN REVISION OF SHORT- AND INTER- 14 pages. Consumer Indebtedness. July 1956. MEDIATE-TERM CONSUMER CREDIT STATISTICS. 17 pages. Durable Goods and Housing. August April 1953. 25 pages. 1956. 17 pages. (Similar Surveys are available for earlier years from 1952, 1953, 1954, DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes) No- and 1955 BULLETINS.) vember 1953. 65 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND FEDERAL RESERVE MONTHLY INDEX OF INDUS- INDUSTRIAL PURPOSES. Business Loans of TRIAL PRODUCTION, 1953 Revision. December Member Banks. April 1956. 14 pages. Credit 1953. 96 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this EXTENSIONS AND REPAYMENTS OF CONSUMER IN- Survey will appear in later issues of the BUL- STALMENT CREDIT. January 1954. 14 pages. LETIN.) Reprints on a similar Survey are avail- NEW INDEXES OF OUTPUT OF CONSUMER DU- able from March, May, June, July, and August RABLE GOODS. May 1954. 15 pages. 1947 BULLETINS. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- FINANCING OF LARGE CORPORATIONS, 1951-55. tember 1954. 10 pages. June 1956. 9 pages. (Also similar reprint RECENT FINANCIAL CHANGES IN WESTERN GER- from June 1955 BULLETIN.) MANY. October 1954. 10 pages. BANK CREDIT AND MONEY. July 1956. 7 pages. WORLD TRADE AND PRODUCTION IN 1953-54. Oc- SURVEY OF COMMON TRUST FUNDS. August 1956. tober 1954. 10 pages. 6 pages. USE OF MONETARY INSTRUMENTS SINCE MID- WORLD TRADE AND PAYMENTS IN 1955-56. Octo- 1952. December 1954. 8 pages. ber 1956. 8 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint SEASONAL ADJUSTMENT FACTORS FOR DEMAND from April 1953 BULLETIN.) DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at Commercial Banks. November 1956. 20 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- UNITED STATES BANKING ORGANIZATION ABROAD. ber 1955. 40 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 S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Associate Director KENNETH A. KENYON, Assistant Secretary GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary JOHN R. FARRELL, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel ROBERT C. MASTERS, Associate Director HOWARD H. HACKLEY, Associate General C. C. HOSTRUP, Assistant Director Counsel FRED A. NELSON, Assistant Director FREDERIC SOLOMON, Assistant General Counsel DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner G. HOWLAND CHASE, Assistant General Counsel GLENN M. GOODMAN, Assistant Director JEROME W. SHAY, Assistant General Counsel HENRY BENNER, Assistant Director THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser LISTON P. BETHEA, Director ROLAND I. ROBINSON, Adviser JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, 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 107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

108 FEDERAL RESERVE BULLETIN • JANUARY 1957 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 LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO ADRIAN M. MASSIE, NEW YORK LEE P. MILLER, ST. LOUIS WILLIAM R. K. MITCHELL, PHILADELPHIA JULIAN B. BAIRD, MINNEAPOLIS FRANK R. DENTON, CLEVELAND R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND WALTER B. JACOBS, DALLAS COMER J. KIMBALL, ATLANTA 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. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Oliver B. Ellsworth William D. Ireland Harold I. Chandler Milton P. Higgins Harry E. Umphrey Harvey P. Hood 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 John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Clarence Francis Howard C. Sheperd Ferd I. Collins Franz Schneider Lansing P. Shield (Vacancy) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 109 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse I. B. Smith, in charge John Exter Robert V. Roosa of Buffalo Branch M. A. Harris Robert G. Rouse T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Raymond E. Olson John W. Remington Leland B. Bryan Ralph F. Peo Clayton G. White, Charles H. Diefendorf Chairman 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 R. Russell Pippin Lester V. Chandler Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes 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 Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph Thompson, Deputy Chairman John A. Byerly Joseph B. Hall George P. MacNichol, Jr. King E. Fauver Charles Z. Hardwick Frank J. Welch Edison Hobstetter W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen R. G. Johnson, in charge of A. H. Laning Roger R. Clouse Cincinnati Branch Martin Morrison C. Harrell J. W. Kossin, in charge of H. E. J. Smith L. Merle Hostetler Pittsburgh Branch Paul C. Stetzelberger CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett Anthony Haswell, Chairman Franklin A. McCracken Bernard H. Geyer W. Bay Irvine William A. Mitchell Ivan Jett PITTSBURGH BRANCH—BOARD OF DIRECTORS Frank C. Irvine Ben Moreell John C. Warner, John H. Lucas Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN • JANUARY 1957 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 Robert Gage Robert O. Huffman D. W. Colvard Joseph E. Healy W. A. L. Sibley L. Vinton Hershey Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Wm. Purnell Hall Charles A. Piper Stanley B. Trott James W. McElroy John W. Stout Clarence R. Zarfoss (Vacancy) CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Ernest Patton G. G. Watts Charles D. Parker I. W. Stewart T. Henry Wilson Paul T. Taylor 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 Joseph T. Lykes 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, Chairman John R. Downing John E. Urquhart Robert M. Cleckler E. W. McLeod Adolph Weil, Sr. Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith W. E. Ellis James L. Niblack McGregor Smith J. Wayne Reitz, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 111 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Jo H. Anderson J. R. Kellam, Jr. Frank B. Ward Stewart Campbell Ernest J. Moench C. L. Wilson A. Carter Myers, Chairman NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer J. Spencer Jones H. A. Pharr Joel L. Fletcher, Jr. G. H. King, Jr. E. E. Wild, Chairman D. U. Maddox 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 A. L. Olson W. R. Diercks George W. Mitchell R. A. Swaney, in charge A. M. Gustavson H. J. Newman of Detroit Branch Paul C. Hodge W. W. Turner DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah Howard P. Parshall Ernest W. Potter Ira A. Moore C. V. Patterson J. Thomas Smith Raymond T. Perring District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS Pierre B. McBride, Chairman and Federal Reserve Agent Joseph H. Moore, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Harold O. McCutchan Phil E. Chappell J. E. Etherton Leo J. Wieck J. H. Long well 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 Bargef E. C. Benton J. V. Satterfield, Jr. T. Winfred Bell H. C. McKinney, Jr. A. Howard Stebbins, Jr. Shuford R. Nichols Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • JANUARY 1957 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Magnus J. Kreisle J. D. Monin, Jr. Philip Davidson W. Scott Mclntosh Merle E. Robertson M. C. Minor MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks A. E. Hohenberg, Chairman John D. Williams J. H. Harris John A. McCall John K. Wilson William B. Pollard 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 M. B. Holmgren H. G. McConnell of Helena Branch A. W. Johnson M. H. Strothman, Jr. C. W. Groth E. B. Larson Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland J. Willard Johnson George R. Milburn 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 C. L. Priddy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES U3 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr. George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford John M. Griffith J. B. Thomas Henry P. Drought D. A. Hulcy Sam D. Young J. Edd McLaughlin 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 Floyd Childress D. F. Stahmann John P. Butler James A. Dick E. J. Workman Thomas C. Patterson HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan S. Marcus Greer L. R. Bryan, Jr. A. E. Cudlipp Tyrus R. Timm John C. Flanagan SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres E. C. Breedlove Alex R. Thomas J. W. Beretta Burton Dunn Harold Vagtborg V. S. Marett 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 John A. Schoonover Philip I. Welk (Vacancy) 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

114 FEDERAL RESERVE BULLETIN • JANUARY 1957 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick (Vacancy) Joe D. Paxton (Vacancy) James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley, Chairman John B. Rogers E. C. Sammons J. H. McNally William H. Steiwer, Sr. SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, Chairman George S. Eccles Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan Charles F. Frankland S. B. Lafromboise Lyman J. Bunting D. K. MacDonald, Chairmai Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 52, 53 Demand deposits—Continued Agricultural loans of commercial banks, 48 Adjusted, commercial banks, by classes, 49 Agriculture, Govt. agency loans, 56, 57 Banks, by classes, 45, 51 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 49 claims reported by banks): Department stores: Banks and the monetary system, consolidated, 44 Merchandising data, 83 Corporate, current, 64 Sales and stocks, 72, 82 Domestic banks, by classes, 45, 48, 50 Deposits (See also specific types of deposits): Federal Reserve Banks, 39, 40 Adjusted, and currency, 44 Foreign central banks, 98 Banks, by classes, 45, 49, 51 Govt. corporations and credit agencies, by type Federal Reserve Banks, 39, 40, 94 and agency, 56, 57 Postal savings, 44 Automobiles: Turnover of, 42 Consumer instalment credit, 68, 69, 70 Deposits, reserves, and borrowings, by class of mem- Production index, 74, 78 ber bank, 37 Discount rates, 38, 103 Bankers' balances, 49, 51 Discounts and advances by Federal Reserve (See also Foreign liabilities and claims reported by Banks, 35, 39 banks) Dividends, corporate, 63, 64 Banks and the monetary system, consolidated state- Dollar assets, foreign, 94, 97 ment, 44 Dwelling units started, 79 Bonds (See also U. S. Govt. securities): New issues, 62, 64 Earnings and hours, manufacturing industries 72, 81 Prices and yields, 53, 54 Employment, 72, 81 Brokers and dealers in securities, bank Export-Import Bank, loans, etc., 56, 57 loans to, 48, 50 Farm mortgage loans, 56, 65, 66 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 64 by fund or activity, 56, 57 Business indexes, 72 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 56, 57 Federal finance: Capital accounts: Cash transactions, 58 Banks, by classes, 45, 49, 51 Receipts and expenditures, 59 Federal Reserve Banks, 39, 40 Treasurer's balance, 58 Carloadings, 72 Federal home loan banks, loans, etc., 56, 57, 67 Central banks, foreign, 96, 98, 103 Federal Housing Administration, loans, etc., 56, 57, Coins, circulation of, 43 65, 66, 67 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 45, 48 loans, etc., 56, 57, 67 Consumer loans held, by type, 69 Federal Reserve Banks: Number, by classes, 45 Condition statement, 39, 40 Real estate mortgages held, by type, 65 U. S. Govt. securities held by, 35, 39, 40, 60, 61 Commercial and industrial loans: Federal Reserve credit, 35, 39, 40 Commercial banks, 48 Federal Reserve notes, 39, 40, 41, 43 Weekly reporting member banks, 50, 52 Finance company paper, 52, 53 Commercial paper, 52, 53 Foreign central banks, 96, 98, 103 Commodity Credit Corporation, loans, etc., 56, 57 Foreign deposits in U. S. banks, 35, 39, 40, 44, 49, 51 Condition statements (See Assets and liabilities) Foreign exchange rates, 104 Construction, 72, 78, 79 Foreign liabilities and claims reported by Consumer credit: banks, 90, 92, 94 Instalment credit, 68, 69, 70, 71 Foreign trade, 83 Major parts, 68, 70 Noninstalment credit, by holder, 69 Gold: Consumer durable goods output indexes, 78 Earmarked, 95 Consumer price indexes, 72, 84 Net purchases by U. S., 95 Consumption expenditures, 86, 87 Production, 94, 95 Corporate sales, profits, taxes, and dividends, 63, 64 Reserves of central banks and governments, 96 Corporate security issues, 62, 64 Reserves of foreign countries and international Corporate security prices and yields, 53, 54 institutions, 97 Cost of living (See Consumer price indexes) Stock, 35, 44, 95 Currency in circulation, 35, 43 Gold certificates, 39, 40, 41, 43 Customer credit, stock market, 54 Govt. debt (See U. S. Govt. securities) Gross national product, 86, 87 Debits to deposit accounts, 42 Demand deposits: Home owners, Govt. agency loans, 56, 57 Adjusted, banks and the monetary system, 44 Hours and earnings, manufacturing industries, 72, 81 115 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • JANUARY 1957 Industrial advances by Federal Reserve Banks, 39, 40, Real estate loans: 41, 42 Commercial banks, 48, 50, 65 Industrial production indexes, 72, 73, 78 Type of mortgage holder, 65, 66, 67 Instalment loans, 68, 69, 70, 71 Type of property mortgaged, 65, 66, 67 Insurance companies, 55, 60, 61, 66 Regulation V, loan guarantees, 41, 42 Insured commercial banks, 47, 48 Reserve requirements, member banks, 38 Interbank deposits, 45, 49, 51 Reserves: Interest rates: Commercial banks, 49 Bond yields, 53 Federal Reserve Banks, 39, 40 Business loans by banks, 53 Foreign central banks and governments, 96 Federal Reserve rates, 38, 42 Foreign countries and international institu- Foreign countries, 103 tions, 97 Open market, 53, 103 Member banks, 35, 37, 39, 40, 49, 51 Regulation V loans, 42 Residential mortgage loans, 65, 66, 67 Stock yields, 53 International capital transactions of the U. S., 90 Sales finance companies, consumer loans of, 68, 69, 71 International financial institutions, 96, 97, 98 Savings, 86 Inventories, 87 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 55 Banks, by classes, 45, 48, 50 Savings and loan associations, 55, 66 Federal Reserve Banks, 39, 40 Securities, international transactions, 93, 94 Govt. agencies, etc., 56, 57 Security issues, 62, 64 Life insurance companies, 55 Silver coin and silver certificates, 43 Savings and loan associations, 55 State member banks, 47 State and municipal securities: Labor force, 80 New issues, 62 Loans (See also specific types of loans): Prices and yields, 53, 54 Banks, by classes, 45, 48, 50 States and political subdivisions: Federal Reserve Banks, 35, 37, 39, 40, 41, 42 Deposits of, 49, 51 Govt. agencies, etc., 56, 57 Holdings of U. S. Govt. securities, 60 Insurance companies, 55, 66 Ownership of obligations of, 48, 55 Savings and loan associations, 55, 66 Stock market credit, 54 Stocks: Loans insured or guaranteed, 41, 65, 66, 67 New issues, 62 Prices and yields, 53, 54 Manufacturers, production indexes, 72, 73, 78 Margin requirements, 38 Tax receipts, Federal, 59 Member banks: Time deposits, 37, 44, 45, 49, 51 Assets and liabilities, by classes, 45, 48 Treasurer's account balance, 58 Borrowings at Federal Reserve Banks, 35, 37 Treasury cash, 35, 44 Deposits and reserves, by classes, 37 Treasury currency, 35, 43, 44 Number, by classes, 45 Treasury deposits, 35, 39, 40, 58 Reserve requirements, by classes, 38 Reserves and related items, 35 Unemployment, 80 Weekly reporting series, 50 U. S. Govt. balances: Minerals, production indexes, 72, 73 Commercial bank holdings, by classes, 49, 51 Money rates (See Interest rates) Consolidated monetary statement, 44 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Banks, 35, Mutual savings banks, 44, 45, 47, 60, 61, 65 39, 40, 58 U. S. Govt. securities: National banks, 47 Bank holdings, 44, 45, 48, 50, 60, 61 National income, 86 Federal Reserve Bank holdings, 35, 39, 40, 60, 61 Foreign and international holdings, 97 National security expenditures, 59, 87 International transactions, 93 Nonmember banks, 39, 47, 48 New issues, gross proceeds, 62 Outstanding, by type of security, 60, 61 Payrolls, manufacturing, index, 72 Ownership of, 60, 61 Personal income, 87 Prices and yields, 53, 54 Postal Savings System, 44 United States notes, outstanding and in circula- Prices: tion, 43 Consumer, 72, 84 Utility output index, 77 Security, 54 Wholesale commodity, 72, 84 Veterans Administration, loans, etc., 56, 57, 65, 66, 67 Production, 72, 73, 77, 78 Profits, corporate, 63, 64 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM o) 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