Federal Reserve Bulletin, 1957-02

FEDERAL RESERVE B U LLETIN February 1957 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM If ASWWiTOX 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 Bank Credit and Money in 1956 117 Farm Loans for Current Expenses 125 Loans to Buy Farm Real Estate 133 Impact of General Credit Policy 142 Current Events and Announcements 152 National Summary of Business Conditions 153 Financial and Business Statistics, U. S. (Contents on p. 155) 157 International Financial Statistics (Contents on p. 221) 222 Federal Reserve Board Publications 237 Board of Governors and Staff 239 Open Market Committee and Staff; Federal Advisory Council 240 Federal Reserve Banks and Branches 240 ' Index to Statistical Tables 247 Map of Federal Reserve Districts Inside back cover 1 Volume 43 * Number 2 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay Peru El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bank Credit and Money in 1956 THE MAJOR EXPANSIVE INFLUENCE on markets for both goods and loanable funds BANK LOANS AND INVESTMENTS All COMMIICIAl BANKS in 1956 was the rise in business capital ex- Billions of dollars penditures. With near-capacity output prevailing generally in basic materials industries, the increase in total spending was accompanied by rising prices and wages, despite decreased outlays for automobiles and housing construction. Increased demands for funds by business were reflected in heavy borrowing from banks and through the securities markets and in substantial reductions in business holdings of United States Government securities. Credit to consumers to finance purchases of homes and durable goods continued to expand, but by less than the large amounts of 1955. Business loans at banks rose a record amount in the first half of 1956. Their 1952 1»54 1956 growth slackened somewhat after midyear, when net new corporate security issues in- NOTE.—Figures are partly estimated. Data exclude interbank loans, and are for last Wednesday of month except for creased sharply. Loans to consumers and June and December call dates. Figures for last half of 1956 are preliminary. real estate credit at banks increased less than in 1955. purposes and moderating pressures in secu- In meeting loan demands, banks conrity markets resulting from heavy private tinued to sell United States Government borrowing. State and local government securities in the first half of the year. Theredebt rose less than in 1955 but expenditures after banks, particularly country banks, incontinued to grow. creased their Government security portfolios In view of inflationary pressures and of somewhat, as the Treasury marketed new capacity limitations on growth in total outissues of bills and certificates. put, Federal Reserve policy was generally The emergence of a cash surplus in the directed at limiting the expansion of bank Federal budget tended to dampen the credit. The supply of bank reserves was growth of private demands for goods and adjusted during the year in accordance with services. The Treasury repaid about $6 seasonal and other temporary needs, and billion of Government debt in the hands of on balance was increased moderately. Fedthe public, thus releasing funds for other eral Reserve discount rates were raised one- 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 half percentage point, in two steps at 10 LOANS AND INVESTMENTS OF COMMERCIAL Reserve Banks and in one step at the Min- BANKS neapolis and San Francisco Reserve Banks. [In billions of dollars] The money supply rose slightly less than one per cent, but it was used more actively as Increase, or Outstanddecrease (—) rising interest rates and attractive invest- Type of loan ing or investment Dec. 31, ment opportunities provided incentives to 19561 19561 1955 1954 businesses and individuals to economize the holding of cash balances. Loans and investments, total 164.6 4.3 4.6 10.2 Interest rates on all types of obligations and in all maturity ranges advanced sharply U. S. Government securities 58.6 -3.0 -7.4 5.6 during the year. The spread between short- Other securities 16.2 -0.5 0.4 1.6 and long-term rates narrowed further, and Loans, total 89.8 7.8 11.6 2.9 during most of the year yields on medium- Business 38.7 5.5 6.4 -0.3 term Government securities were above Real estate 22.6 1.8 2.4 1.7 yields on long-term Treasury bonds. Agricultural 4.2 -0.3 -0.7 0.2 Security 4.3 -0.7 0.6 0.9 In the early weeks of 1957 outstanding Consumer 14.7 1.5 2.3 (2) Other 6.9 0.4 0.9 0.6 bank credit declined sharply, due mainly to seasonal influences. Net loan repayments, 1 Data for Dec. 31, 1956, are preliminary. particularly of business loans, were consid- 2 Less than $50 million. NOTE.—Data exclude interbank loans. Total loans erably larger than in the same period of are after, and types of loans before, deductions for 1956. Although a large volume of new valuation reserves. Consumer and other loans are partly estimated for all dates. Details may not add to totals corporate and municipal security issues was because of rounding. marketed in January 1957, security yields turned down. reflected the shift in composition of total expenditures over the past two years. Re- BANK LOANS AND INVESTMENTS ductions in expenditures for residential con- Total commercial bank credit expanded struction and automobiles in 1956, followabout $4.3 billion in 1956, compared with ing record outlays in 1955 for both these $4.6 billion in the previous year. The activities, were more than offset by increased expansion in 1956 accompanied a smaller spending for business plant and equipment. growth of economic activity, as output Aggregate business loans at banks inpressed against capacity in key lines of creased less than in 1955, as the table production. The increase in loans outstand- shows. However, sales finance and morting and the reduction in security holdings gage companies, which accounted for more of banks were both smaller than in 1955. than one-fourth of the increase in business Loans. Total loans outstanding at com- loans in 1955, repaid bank debt in 1956. mercial banks rose about $7.8 billion, $4 Excluding loans to these borrowers—which billion less than the record increase in 1955. use the proceeds mainly to finance con- A large part of the difference was due to sumer purchases of durable goods and a slackening in the growth of real estate homes—other business loans rose about and consumer loans. $5.7 billion in 1956, compared with about Changes in the pattern of bank lending $4.5 billion in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1956 119 The expansion of bank loans to business city banks to the combined group of petrowas particularly strong in the first half of leum, coal, chemical, and rubber companies 1956. Heavy tax payments in March and and to public utility and transportation con- June intensified financing needs that were cerns exceeded that of the previous year by already large because of capital outlays and more than 50 per cent. additions to inventories. Business loans in- Food, liquor, and tobacco processors and creased less rapidly in the second half of commodity dealers also increased their bank the year, when net corporate borrowing in indebtedness substantially in 1956. Their security markets rose sharply. A substan- seasonal repayments in the first half of the tial increase in business loans at banks in year were less than a year earlier. New December was followed by heavy net loan borrowings by these companies in the secrepayments in January. ond half were considerably greater than a During the first half of 1956, loans to year earlier and accounted for about twoproducers of metal products, machinery, thirds of the increase in business loans at and transportation equipment accounted for weekly reporting banks in that period. more than one-half the growth of business Business groups that borrowed less than loans at city banks. In that period, orders in 1955 included wholesale and retail trade, for producers' durable equipment were ris- textile concerns, construction companies, ing rapidly and steel inventories were being and sales finance companies. In the case increased in anticipation of a work stoppage of trade, loan expansion in the early part in the steel industry. From June through of the year was somewhat greater than in October, metal fabricating companies re- the previous year. After the first quarter, paid bank debt as steel inventories were re- growth of trade inventories ceased, due priduced. Thereafter, loans to these com- marily to the decline in dealers' stocks of panies rose again and for the year as a new automobiles, and in the last three quarwhole increased $1.3 billion compared with ters of the year trade concerns borrowed $400 million in 1955. considerably less than a year earlier. Borrowing by most other industries was Sales finance companies, which had boralso greater than in 1955. Loan growth at rowed $1.3 billion in 1955 at weekly report- BUSINESS LOANS — CWMULATIVI CHANOI BUIINO YIA« UIHons of dollou uoo PETROLEUM and FOOD PROCESSORS SALES FINANCE 1*00 CHEMICALS ond 1200 1100 COMMODITY DEALERS •00 •00 -195 5 •00 1100 1100 NOTE.—Monthly changes in large loans at a sample of more series. AH changes are cumulative from the last Wednesday than 200 large banks in the weekly reporting member bank of December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 ing banks, reduced debt at these banks $200 ment of bond prices, and cessation of the million in 1956. Outstanding credit ex- rapid increase in stock prices. Agricultended by these companies to consumers tural credit, which had declined $700 miland businesses rose only $540 million in lion in 1955 as Commodity Credit Corpora- 1956, compared with $3.2 billion in 1955. tion certificates of interest were redeemed, The growth of bank lending to consumers was reduced about $300 million in 1956. was about one-third less than in 1955. Investments. The steady decline in bank Short- and intermediate-term credit to con- holdings of United States Government secusumers from all lenders expanded $3.2 bil- rities that began at the end of 1954 was lion, about one-half the record increase in reversed after mid-1956. This change was 1955. The slowdown reflected a decline accompanied by a slackening of loan in extensions of credit on automobile paper growth, particularly at country banks. Bank and a rise in repayments on all types of sales of $5.0 billion of Government secuinstalment credit. rities in the first half of the year were fol- Total real estate credit at banks grew less lowed by net acquisitions of $2.0 billion than in 1955, but a major part of the differ- in the second half, largely new issues of ence was due to a decline in 1956 in mort- short-term obligations. gages held under resale agreements with Over the entire year Government secumortgage lenders, compared with an in- rity holdings of banks declined $3.0 billion, crease in such holdings in 1955. Bank loans equivalent to about one-half the reduction to, and mortgages purchased under resale in the publicly held debt of the United agreements from, mortgage lenders had in- States. Bank holdings of other securities creased substantially in 1955 when these decreased $500 million, the first annual delenders experienced difficulty in meeting cline in the postwar period. heavy commitments to absorb new residen- Although total Government security holdtial mortgages. Although mortgage lenders ings of banks declined and the ratio of loans did not draw further on bank credit to sup- to deposits rose further in 1956, the liquidplement their usual sources of funds in 1956, ity position of banks apparently increased their indebtedness to banks declined only somewhat in the second half of the year. about $100 million and was $1.5 billion at Bank holdings of marketable Government the year-end. Of the $1 billion growth in securities maturing in one year or less— such credit at weekly reporting banks in a major liquid asset—remained unchanged 1955, about one-half consisted of business in the first half of the year, as substantial loans and about one-third, representing net sales of these short-term obligations mortgages purchased under resale agree- were offset by the movement of other Govments, was classified as real estate loans. ernment securities into the less-than-one- Outstanding loans for the purpose of pur- year category due to the passage of time. chasing or carrying securities declined $700 In the second half of 1956, bank holdmillion in 1956, in contrast to an increase ings of short-term Government securities of $600 million in 1955. This change ap- rose nearly $5 billion to $13.7 billion, the pears to reflect reduced incentives for deal- highest level since January 1955. This iners to hold securities in view of the higher crease was the result, in about equal meascost of bank credit, the downward move- ure, of substantial net purchases of new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1956 121 issues of bills and certificates and the movement of a large issue of Treasury notes into MONEY SUPPLY AND RATE OF TURNOVER the short-term category. As a result, the Seasonally adjusted, quarterly averages ratio of bank holdings of short-term Gov- Billions Annual rate of dollars of turnover ernment securities to total deposits rose from 135 4.7 per cent in both December 1955 and June 1956 to about 7 per cent in December DEMAND DEPOSITS 1956. The ratio increased at all classes 130 AND CURRENCY of banks, but remained higher at country banks than at reserve city and central re- 125 21 serve city banks. The shortening of the average maturity 120 of bank portfolios of Government securities 20 reflected a similar change in total Government debt. Although total debt other than that held by Federal agencies was reduced about $6 billion in 1956, Treasury bills and certificates held by the public rose about 18 $6 billion. As the net result of new issues, 1952 1954 1956 retirements, and exchanges, as well as the movement of note issues into the short- NOTE.—Figures for deposits and currency are quarterly averages of seasonally adjusted data for last Wednesday of month and are partly estimated. Demand deposits are for term category due to the passage of time, all banks in the United States and exclude U. S. Govt. and interbank deposits and items in process of collection. Curtotal marketable debt maturing within one rency excludes bank vault cash. Data for last half of 1956 are preliminary. Figures for turnover are quarterly averages year in the hands of the public increased of seasonally adjusted monthly data for 337 leading centers outside New York and 6 other financial centers. $7.4 billion in 1956. This development tended to offset in part the general tendency commercial banks. toward reduced liquidity that accompanied The tendency for deposits to shift away economic expansion under conditions of from central reserve city banks continued credit restraint. in 1956. Total deposits at these banks declined somewhat. While the share of re- DEPOSITS AND CURRENCY serve city banks in total deposits remained The money supply—demand deposits ad- roughly the same, country member and nonjusted and currency outside banks—in- member banks accounted for about threecreased $1.3 billion in 1956 or slightly less fourths of the growth in total deposits. than one per cent, compared with 3 per cent Over the past two years the rise in dein both 1954 and 1955. The contrast with mand deposits and currency in the hands 1955 was more marked in the rate of growth of businesses and individuals—the active of the money supply than in the rate of money supply—has been less rapid than the expansion of total bank credit. The differ- increase in money incomes and expenditures. ence was reflected partly in a greater in- A declining ratio of cash balances to income crease in time deposits in 1956. These rose and expenditures is typical of periods of $3.7 billion as against $3.1 billion in 1955, rising economic activity in which incentives with more than half of the 1956 increase at to economize holdings of money balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

122 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 become stronger. The higher cost and re- cent in the previous year. As shown in the duced availability of additional credit, as chart on the preceding page, velocity has well as favorable opportunities for financial accelerated over the past two years as and real investment, encourage more active money supply growth has slackened. use of cash balances. FEDERAL RESERVE POLICY This process, which represents a rising velocity of circulation of money, reflects the Slower growth in the money supply in 1956 adaptation of the private economy to credit reflected a Federal Reserve policy of rerestraint in the course of an upswing in eco- straint on credit expansion as buoyant overnomic activity, especially following a period all demand for labor and materials pressing of credit ease and relatively low interest against available resources maintained uprates. By drawing down cash balances, ward pressure on prices and wages. Open either to lend to others as interest rates be- market operations were used to allow for come more attractive or to spend directly on seasonal and other temporary swings in regoods and services, businesses and individ- serve needs, but together with other reserve uals are able, at least temporarily, to over- factors they were also geared to some come in part the effects of restrictions on growth in bank credit and the monetary the availability of credit. Consequently, stock. At times during the year, in rethe greater the possibility of activating sponse to changes in the climate of busicash balances—that is, of increasing vel- ness, the degree of restraint was altered ocity—the less the need for expansion of moderately, but restraint was generally sufthe active money supply in order to finance ficient to maintain member bank borrowa given increase in total expenditures. ings above excess reserves throughout the As an example of this process, nonfinan- year. cial corporations increased their aggregate On balance, the System portfolio of cash balances $1.0 billion or 3 per cent in United States Government securities rose the year ending September 1955 while sales less than $200 million in 1956. Securities rose about 10 per cent. In the same period were sold in the early part of the year to individuals and unincorporated businesses absorb reserves as demand deposits and curincreased their aggregate holdings of de- rency in circulation declined seasonally. Net mand deposits and currency $2.7 billion. purchases on a temporary basis in March On the other hand, in the year ending Sep- and again in May, June, and August protember 1956, cash balances were reduced— vided reserves in connection with heavy de- $400 million by corporations and $300 mands for funds at those times, and seasonal million by individuals and unincorporated purchases in the last two months of the year businesses—while income and expenditures were considerably larger than in the prerose steadily. vious year. A measure of the increasing velocity of Other factors contributed to bank recirculation of money is provided by the an- serves during the year. Net gold purchases nual rate of turnover of demand deposits, by the United States, along with a decline which in leading centers outside New York in foreign and other nonmember deposits at City and other financial centers rose about the Reserve Banks, added about $500 mil- 8 per cent in 1956, after increasing 7 per lion to reserves. These factors together Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1956 123 creased Vz percentage point during 1956. RESERVES AND SORROWINGS In April, 10 Reserve Banks raised discount 6,11,on, of dollar* rates XA percentage point to 2% per cent and the Minneapolis and San Francisco A i \ Banks raised the rate Vi percentage point _ r i' ! \ i EXC 1 ESS RESERVES A / to 3 per cent. In August rates at the other \A I 10 Banks were advanced to 3 per cent. ^•v IV In another action, the Board of Gov- BORROWINGS \\ ernors and the Federal Deposit Insurance 1 0 Corporation raised the maximum permis- 1.0 sible rates of interest payable by commercial iEE RESERVESik banks on time and savings deposits, beginn ning in 1957. For savings deposits and time deposits with a maturity of 6 months or more, the maximum rate was raised from IVi to 3 per cent. After this action a num- 1.0 ber of banks announced increases in rates 19S2 1953 1954 1955 1954 to be paid on savings and time deposits. Banks that increased rates hold at least one- NOTE.—Monthly averages of daily figures for member banks. Free reserves are excess reserves less borrowings. third of total time deposits at commercial banks. with an expansion of Reserve Bank float exceeded by more than $200 million the In addition to Federal Reserve policies, drain on reserves from an increase in cur- the development of a surplus in the budget rency in circulation. of the United States Government also pro- In summary, the combination of other vided restraint on the growth of demands factors with open market operations pro- for goods and services in 1956. As tax vided about $400 million in reserves in receipts rose considerably more than ex- 1956. Required reserves increased about penditures, the cash budget showed a sur- $200 million and member banks reduced in- plus of about $5.5 billion in 1956, in condebtedness to Federal Reserve Banks about trast to a deficit of $700 million in 1955. $150 million. Repayment by the Treasury of $6 billion Member bank borrowing had risen of Government debt in the hands of the rapidly in 1955 and had averaged $900 public acted to relieve pressures in secumillion in the fourth quarter, exceeding ex- rities markets stemming from strong pricess reserves by $350 minion. Member vate demands for funds. Nonfinancial corbank indebtedness reached its monthly peak porations, in particular, sold or redeemed for 1956 in April, when it totaled about about $5 billion of Government security $1.1 billion, or $500 million above excess holdings, in contrast to an increase of more reserves. In the last two quarters, the level than $4 billion in 1955. of borrowing declined, and in the fourth quarter was about $700 million, compared INTEREST RATES with excess reserves of about $550 million. The upward movement in interest rates that The cost of member bank borrowing in- began in late 1954 continued generally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 term rates did occur, nevertheless, particu- INTEREST IATES Per cent larly for United States Government securities. Treasury bond yields advanced less rapidly than corporate and municipal bonds, while yields on intermediate-term Government securities rose more and remained above long-term Treasury yields during most of the year. Yields on outstanding highest-grade corporate bonds, which increased rapidly in the last five months of the year when a record volume of new issues was sold, reached levels above 33A per cent in December 1956. Yields on highest-grade State and local government bonds exceeded 3 per cent at the year-end. The rate on 90-day Treasury bills, which is especially sensitive to money market de- J velopments, fluctuated within a wide range during the year. In the first half, as the 1 /COMMERCIAL PAI K J """ •"" volume of bills outstanding declined some- 1953 1954 1955 1956 '57 what, the bill yield varied with pressures on bank reserves. In the second half, as the NOTE.—Market yield data are weekly averages of daily Treasury marketed three new issues of bills figures. Treasury bill rates are market yields on longest bills. Long-term U. S. Govt. yields are on IVi per cent in addition to the usual weekly offerings bonds. Commercial paper rate is on prime 4- to 6-month open market paper. Yields on corporate and State and local Aaa and as money market pressures tightened, bonds are from Moody's Investors Service. Latest figures are for week ending February 9. the bill yield rose steeply. From Decemthroughout 1956, carrying most rates well ber to December the market yield on bills above earlier postwar peaks established in rose % of a percentage point, or about half 1953. Advances were particularly rapid as much as in 1955. Yields on prime comaround the first quarter tax date, in the late mercial paper and bankers' acceptances summer, and during November and Decem- moved in general with the market rate on ber. In early 1957, bond yields have again Treasury bills. turned down, offsetting much of the increase Average rates charged by banks on shortduring November and December. term business loans rose almost Vz percent- In contrast to 1955, when long-term age point during the year, as the prime loan bond yields advanced less than one-fourth rate was advanced in April and again in as much as short-term interest rates, long- August by VA percentage point. The spread and short-term rates rose more nearly to- among average rates on loans of different gether during 1956. Some further narrow- size tended to narrow as a result of greater ing of the spread between long- and short- increases in rates on larger size loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Farm Loans for Current Expenses FARM LOANS for the purpose of financ- volume of short-term cash outlays required ing current expenses made up nearly two- by present-day agriculture in this country. fifths of the dollar volume and one-half the In addition, it reflects the predominant role number of all farm loans outstanding at of commercial banks as suppliers of shortinsured commercial banks in mid-1956. term credit to farmers. Current-expense loans as used here are The growth in this type of credit to loans to finance the recurring seasonal ex- something more than double the estimated penses of crop and livestock production, volume in 1947, the date of the previous such as feed, seed, fertilizer, labor and fuel, Survey of this type, appears to have about and family living outlays, or to purchase paralleled growth in farm loans to finance feeder livestock. These are types of loans machinery and equipment and other interthat are ordinarily paid off at the end of mediate-term investments. As with bank each crop season or at the time of marketing. farm loans generally, a much larger pro- About one-half of all farm borrowers at portion of farmers were using bank credit banks and close to one-fourth of all farmers to finance current expenses in 1956 than in in the United States had one or more cur- 1947, when farm incomes were much higher rent-expense loans outstanding at midyear. in relation to costs. Loans for current operating purposes (in- The current-expense loans of many farmcluding family expenses) made up three- ers were small. The outstanding current fourths of the dollar total of loans in this expense debts of nearly one-half of the borcategory, and feeder livestock loans one- rowers with such loans totaled less than fourth. $500. These constituted only about 6 per The relatively large volume of current- cent of the total debts in this category. Inexpense loans in relation to other types of debtedness for feeder livestock purchase farm loans held by banks, as well as their averaged much larger than that for current widespread distribution, reflects the large operations. Four-fifths of the borrowers with currentexpense loans outstanding at midyear had NOTE.—This is the third of a series of articles reporting the findings of the Agricultural Loan Survey no bank loans to finance intermediate-term made in 1956 by the Federal Reserve System. The investments or to buy farm real estate. first article was published in the Federal Reserve BULLETIN for November 1956, and the second in Current-expense borrowers with smaller net the BULLETIN for January 1957. The fourth article worths tended to have no other major type appears on p. 133 of this issue. The present article was written by Philip T. Allen of loan at the bank more frequently than of the Board's Division of Research and Statistics. did borrowers of larger net worths. It Data for the Survey are from a sample of about 1,600 insured commercial banks in all major areas of the should be noted, however, that banks may United States. Nonmember banks as well as member cover different purposes with one note, in banks of the Federal Reserve System reported in the Survey. which case the whole loan was classified 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 under its principal purpose for this Survey. characteristics of farming, and to the tenure Operators of both meat-animal farms and and net worth of the borrower. cotton farms used current-expense credit frequently, but usually for different pur- RELATIVE IMPORTANCE poses. Over one-half of these loans to The proportion of farm borrowers at banks meat-animal producers were to purchase who had loans for current expenses varied feeder livestock, while almost all of those to greatly for borrowers operating different cotton farmers were for current operations. types of farms: it was three-fourths for cot- Reflecting the lag between farm expendi- ton farmers, two-thirds for meat-animal tures and receipts, current-expense loans farmers, but only about one-third for dairy were generally of short original maturities. or poultry farmers (Table 1). Around one- Consequently, the outstanding loans had half of the borrowers operating other types been made, or last renewed, very recently of farms had current-expense bank loans —all but 3 per cent of the dollar volume outstanding at midyear.1 within the 12-month period immediately The less frequent use of current-expense preceding the Survey. About one-third of loans on dairy and poultry farms and on the outstanding dollar volume, however, general farms probably reflects a rather had been renewed one or more times. Few of the loans were repayable in instalments. 1 In the middle of the year current operating loans Security for current-expense loans was are probably at or near their seasonal peak, while most frequently a chattel mortgage, al- feeder livestock loans are in perhaps two-thirds the volume reached in the fall and winter. Considering though the use of unsecured loans was fairly both types of loans together, the midyear date probcommon among borrowers of substantial net ably tends to maximize their importance in relation to credit ordinarily extended for longer periods, such worth. Security requirements appeared to as loans to buy real estate or loans to finance interbe closely related to regional practices and mediate-term investments. TABLE 1 CURRENT-EXPENSE FARM LOANS COMPARED WITH ALL FARM LOANS, JUNE 30, 1956 BY TYPE OF FARM [Loans outstanding at insured commercial banks] Amount of loans outstanding Average debt per Number of borrowers (In millions of dollars) borrower Type of farm (I s n l a o A n t a h d l n l o s s ) u- ( C e I s n x l u a o p r n t a r e h d e n n o s n s s ) u t e - - P c e h u x e l a o r r a p v c r a g e e i e n n e n n n s s g t t e - - lo A a l n l s To C ta u l rrent C -e o a u x t p r i p r e n e e r g - n n s t e lo F a s l n e t i o s e v d c e k e - r pur A po ll ses e C x u p r e r n e s n e t s All types 2,268 1,105 49 5,050 1,903 1,406 497 $2,227 $1,721 Meat-animal 212 136 64 976 576 249 327 4,599 4,249 Dairy 331 105 32 740 92 82 9 2,233 874 Poultry 34 11 32 94 20 12 8 2,769 1,762 Cash grain 245 128 52 578 222 199 23 2,354 1,738 Cotton 184 136 74 346 216 215 1 1,879 1,584 Other major product 176 105 60 428 174 170 4 2,426 1,660 General 985 474 48 1,792 596 473 124 1,818 1,260 Unclassified i 99 12 12 97 7 6 2 978 622 1 For purchased notes where the bank did not know the character- NOTE.—Details may not add to totals because of rounding. istics of the borrower, data on net worth, age of borrower, and type of farm were not required. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS FOR CURRENT EXPENSES 127 uniform flow of income over the year, as in excess of the $497 million reported as compared with cotton, meat-animal, and feeder livestock loans in the Survey. There some other kinds of farms from which in- is no doubt that bank credit is of great come typically comes in rather large importance in fattening livestock for market. amounts a few times each year. In addition, particularly on poultry farms, short- SIZE OF BORROWINGS term credit from sources other than banks, The majority of farm borrowers at commersuch as feed dealers, may be important. cial banks at mid-1956 had only small debts Tenant borrowers used current-expense outstanding for current expenses—47 per bank credit with somewhat greater relative cent had less than $500 and 66 per cent frequency than owners. Of the total bor- had less than $1,000 (Table 2). Only 7 rowers with bank loans for current expenses, per cent had current-expense debts of 29 per cent were tenants. Tenants make $5,000 or more, although these borrowers up 24 per cent of the number of all farmers, had 53 per cent of the dollar amount of such according to the Census. Average size of credits outstanding. The typical size of outstanding current-expense debt was about individual current-expense notes was simi- $1,950 for owners compared with $1,100 larly small. for tenants; within most net worth groups, Because current-expense loans are usually however, tenants' debts averaged one-half short term and not repaid in instalments, or more larger than owners' debts. there was little difference in the size distribu- Feeder livestock loans. About two-thirds tion of loans whether based on the original of the feeder livestock loans were to opera- size (or size at last renewal) or on outstandtors of meat-animal farms (Table 1). Op- ing size. For example, 52 per cent of the erators of general farms—where more in- number of loans to pay current expenses come arose from other enterprises in the were for less than $500 when made or last aggregate than from livestock feeding—had the bulk of the remaining one-third of this TABLE 2 type of loan. SIZE OF CURRENT-EXPENSE FARM BORROWINGS One major difference between feeder JUNE 30, 1956 livestock loans and current operating loans [Loans outstanding at insured commercial banks] is in geographic concentration. The Mid- Number of Number of Purpose western Federal Reserve Districts of Chicago borrowers notes (T o h f o n u o s t a e n s d ) s and Kansas City, which accounted for 37 Size of debt p ex er p e c n e s n e t b of a n t k h e lo d a o n ll s a r o v u o ts l t u a m nd e in o g f a t l o l c f u ar r m re e n r t s - or note t s h a I o n n u d - s c b e d P u n is t t e t i a r r o g - i n - e s th a I o n n d u s - c b e d P u n is t e t t i a r r o g - i n - e o a C r p t e i u e n n r r t g - - F s l e t i o v e c d e k - er at mid-1956, had some 60 per cent of all All sizes 1,105 100 1,697 100 1,564 134 feeder livestock loans. The San Francisco Under $250 293 27 570 34 560 10 $250-$499 218 20 344 20 332 12 District, where feeder cattle operations have $500-5999 214 19 332 20 312 20 $1,000-$ 1,999.... 165 15 231 14 200 31 teen expanding in recent years, accounted $2,000-54,999.... 139 13 155 9 120 36 $5,000-$9,999.. . . 48 4 42 3 28 14 for 15 per cent. $10,000-524,999.. 23 2 18 1 10 8 $25,000 and over. 6 1 5 0) 2 2 While an estimate of the value of livestock on feed at midyear is not available, 1 Less than 0.5 per cent. NOTE.—Details may not add to totals because of rounding. "Size it is probable that this value is not greatly of debt" differs from "size of note" in that, for example, a borrower with a debt of $10,000 may have two notes of $5,000 each. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 renewed, while 54 per cent had outstanding have such loans. The average size of these balances less than $500 on June 30. loans has nearly doubled since mid-1947 Loans for feeder livestock operations and their number has grown by more than were ordinarily of much larger size than one-third. Thus, the dollar volume is about loans to pay current operating expenses. two and one-half times the 1947 amount. Only 17 per cent of the number of feeder livestock loans were under $500 in out- SECURITY standing size compared with 57 per cent of Chattel mortgages were the most common the loans for current operations, and 45 security for current-expense loans, having per cent were above $2,000 in contrast with been used for about one-half the dollar 10 per cent of the current operating loans. volume of loans outstanding at mid-1956. To some extent this reflected differences in Unsecured loans constituted 37 per cent the net worth of borrowers obtaining the of the total. Endorsed loans were 6 per two types of loans—borrowers with net cent of the dollar loan volume, as were worths of $25,000 or more had about three- loans secured by farm real estate. fourths of the dollar volume of feeder live- Feeder livestock loans were more comstock loans compared with one-half of the monly secured by a chattel mortgage than loans for current operating purposes. were current operating loans, reflecting the Since 1947 there has been sharp expan- fact that the livestock purchased could sion in the size of loans for current opera- readily provide security for the mortgage. tions, along with a considerable increase in The use of livestock as security was only the number of loans and of borrowers who slightly less common among the higher than TABLE 3 SECURITY FOR FARM LOANS FOR CURRENT OPERATIONS RELATED TO TENURE AND NET WORTH OF BORROWER JUNE 30, 1956 [Loans outstanding at insured commercial banks] All Percentage distribution within groups current op l e o r a a n ti s ng Secured by: Tenure and net worth of borrower m do il ( l o l I l i a n f o r n s) s lo A a l n l s se U cu n r - ed do E r n se - d m C o h r a tg tt a e g l e F r a e r a m l Other estate1 Owner-operator: All net worth groups. 1,010 100 40 45 Under $3,000 17 100 12 57 21 $3,000-$9,999 116 100 22 53 15 $10,000-$24,999... 243 100 36 48 $25,000-$99,999. .. 385 100 48 41 $100,000 and over. 244 100 42 45 Tenant: All net worth groups. 283 100 26 10 62 Under $3,000 52 100 13 24 63 $3,000-$9,999.... 114 100 24 10 65 $10,000-$24,999. . 78 100 34 5 61 $25,000 and over. 39 100 37 4 53 1 Includes loans insured or guaranteed by U. S. Government. totals. Loans to landlords (as distinguished from owner-operators) NOTE.—Details may not add to totals because of rounding, and are omitted from this table. because borrowers whose net worth was not reported are included in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS FOR CURRENT EXPENSES 129 the lower net worth borrowers. Chattel Strong regional patterns in security use mortgages secured 61 per cent of the dollar that apparently were not related to regional volume of feeder livestock loans to bor- differences in tenure or in net worth were rowers with net worths of $25,000 or more, evident (Table 4). The use of endorsed compared with 71 per cent of such loans to notes in the Philadelphia and Richmond borrowers with net worths under $25,000. Districts was several times higher than the The net worth and also the tenure of the national average for each net worth class. farm borrower had a substantial influence For example, in these districts about twoon the type of security used for current thirds of all loans to tenants having a net operating loans (Table 3). Loans to own- worth of less than $3,000 were endorsed, ers in the smaller net worth groups were compared with the national average of onesecured by farm real estate to a considerable fourth. extent. Tenants in these net worth groups Similarly, the use of real estate security —who did not have real estate to pledge as varied by regions. Owner-borrowers in the security—utilized endorsements to a much Atlanta and Richmond Districts pledged greater than average extent. Owners and farm real estate as security with much tenants in comparable net worth groups greater than average frequency for the enobtained similar proportions of loans on an tire range of net worths. unsecured basis. Unsecured loans were most common in Nationally, and in most of the individual the Cleveland and Chicago Reserve Dis- Federal Reserve districts, the proportion of tricts, where about 70 per cent of the loan loans to farm owners secured by farm real volume was not secured. This was twice estate—and the proportion of loans to ten- the national average and reflected above ants that were endorsed—declined as the average proportions of unsecured loans in net worth of the borrower increased. each net worth and tenure group. Un- TABLE 4 SECURITY FOR FARM LOANS FOR CURRENT OPERATIONS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT [Loans outstanding at insured commercial banks] Percentage distribution within district Amount of Federal Reserve district loans Secured by: (In millions All Un- Enof loans secured dorsed Chattel Farm dollars) mortgage real Other estate 1 All districts 1,406 100 37 6 48 6 3 11 100 46 8 13 7 27 New York .... 22 100 49 11 25 4 11 Philadelphia 10 100 55 36 3 5 2 Cleveland 29 100 73 15 7 4 2 Richmond .. . 82 100 32 26 27 10 5 Atlanta 128 100 11 5 53 29 3 Chicago 190 100 68 6 23 2 St Louis 165 100 31 6 54 6 2 109 100 42 4 52 2 1 Kansas Citv 215 100 34 2 60 2 3 Dallas 198 100 19 3 71 3 4 San Francisco 246 100 42 4 46 4 5 1 Includes loans insured or guaranteed by U. S. Government. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 secured loans were also more frequent in was apparent generally, there were some the Northeast. cases of fairly marked differences by regions and by types of farms. Demand loans and MATURITIES AND INSTALMENTS loans of very short maturities were more The typically short maturities of current- frequent in the three Northeastern Federal expense loans reflected the needs of bor- Reserve districts (Table 5). Short maturowers for funds during the period when rities in this area have also been noted for crops and livestock were being prepared farm loans for other purposes. Maturities for market. Few of the loans were written of nine months and one year were more with original maturities beyond one year, common in most of the Southern districts and in these cases the loans were much and in the San Francisco District. While above average size. A considerable pro- security requirements tended to be more portion of the current-expense loans had exacting in the South and less so in the been renewed one or more times; such loans Northeast, about the reverse situation was also were above average size. true of maturities. While this broad pattern of maturities About one-fourth of the dollar volume TABLE 5 MATURITY OF CURRENT-EXPENSE FARM LOANS, JUNE 30, 1956 BY FEDERAL RESERVE DISTRICT [Loans outstanding at insured commercial banks] Original maturity! All Federal Reserve district maturities Demand mo 1 n -3 ths 6 months 9 months 1 year 1 O y v e e a r r In millions of dollars All districts 1,903 140 294 806 306 292 64 Boston 14 5 4 3 (2) 1 1 New York 25 5 10 6 1 1 3 Philadelphia 16 5 8 2 (2) 1 1 Cleveland 41 5 8 20 2 3 3 Richmond 92 6 25 31 19 9 2 Atlanta 145 6 18 51 41 21 8 Chicago 307 14 44 148 26 64 11 St. Louis 198 21 15 94 44 18 7 Minneapolis.... 139 13 21 58 20 24 3 Kansas City.... 390 16 82 223 32 34 3 Dallas 222 12 27 89 57 32 5 San Francisco.. 315 33 33 83 63 85 18 Percentage distribution within districts All districts 100 7 15 42 16 15 Boston 100 35 31 19 2 4 9 New York 100 20 39 22 5 3 11 Philadelphia 100 29 47 13 1 4 6 Cleveland 100 12 20 48 5 8 6 Richmond 100 6 27 34 21 10 2 Atlanta 100 4 13 35 28 14 6 Chicago 100 4 14 48 9 21 4 St. Louis 100 11 7 47 22 9 4 Minneapolis. . . 100 9 15 42 14 17 2 Kansas City.... 100 4 21 57 8 9 1 Dallas 100 6 12 40 26 14 2 San Francisco.. 100 10 10 27 20 27 6 1 Loans are classified under the nearest maturity listed—for 2 Less than $0.5 million or 0.5 per cent. example, 5-month and 7-month loans are included with 6-month loans. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM LOANS FOR CURRENT EXPENSES 131 of loans to poultry producers and one-eighth showed above average frequency of planned of the loans to dairymen were demand renewals. Renewals were used less often loans. These proportions, however, varied in most Reserve districts in the South and greatly among the Federal Reserve districts. in the San Francisco Federal Reserve Dis- Loans to cotton producers were longer in trict and more often in the Northeast and maturity than those for other farm types; in the Kansas City District. slightly more than one-half carried maturi- Many of the borrowers with currentties of nine months. expense loans outstanding at mid-1956 had The regional pattern of maturities re- been indebted to the bank for a considerable flected both regional variations in the pro- period. Nearly one-third had borrowed portions of farms of different types in each continuously since before 1954. Regionally, district and differences apparently not reindebtedness periods tended to be longer lated to type-of-farm variation. For exin the Northeast and shorter in the South. ample, about two-fifths of the dollar loan Borrowers longest in debt tended to be volume to dairymen had six months to one older and in the higher net worth groups, year maturity in the San Francisco District and they had larger than average debts. in contrast with about one-tenth in the About 6 per cent of the dollar volume Northeastern districts. of bank loans to farmers to pay current The original maturity of current-expense expenses included instalment repayment loans is often lengthened by renewal. Of provisions. The high frequency of renewthe current-expense loans outstanding on als, however, and the probability that some June 30, 1956, 24 per cent of the dollar partial payments were made at time of revolume had been renewed by "plan," 10 newal (the Survey did not obtain informaper cent represented unplanned renewals, tion on the extent of this practice) indicate and the remaining 66 per cent had not been that fewer than 94 per cent were made in renewed up to the time of the Survey. The expectation of a single one-time repayment. proportion of current-expense loans that had not been renewed was only slightly TABLE 6 greater than the 60 per cent figure for loans RENEWALS OF CURRENT-EXPENSE FARM LOANS to finance intermediate-term investments. JUNE 30, 1956 Renewed current-expense loans averaged BY TYPE OF FARM substantially larger in outstanding size than [Loans outstanding at insured commercial banks] unrenewed loans. Loans renewed on a planned basis were nearly double the size lo A a l n l s Perce w n i t t a h g i e n d g i r s o t u ri p b s ution o o t f h e u r n r r e e n n e e w w a e l d s a l b o o a u n t s , o n a e n -t d h ir l d o a l n a s r ge c r a . rrying Type of farm m do il ( l o l l I i a n f o r n s) s All ne N r w e o - e t d b n y e R w p e- e la d n ne o R t w h e e e - d r — On loans to cotton farmers, which had All types. U,903 100 66 24 10 longer than average maturities, planned re- Meat-animal 576 100 59 31 10 newals were relatively few (Table 6). This Dairy 92 100 55 33 11 Poultry 20 100 72 20 7 was the only instance for which the dollar Cash grain 222 100 67 22 11 Cotton 216 100 87 6 7 volume of unplanned renewals exceeded Other major product... 174 100 75 17 7 General 596 100 62 26 12 that of planned renewals. Conversely, loans 1 Includes $7 million for which type of farm was not reported. to dairymen, where maturities were shorter, NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 TABLE 7 operations were about one percentage point REPAYMENT METHOD FOR CURRENT-EXPENSE FARM above those on feeder livestock loans, but LOANS, JUNE 30, 1956 within similar size groups the spread was BY TYPE OF FARM about 0.5 percentage point (Table 8). As [Loans outstanding at insured commercial banks, in millions of dollars] with other types of farm loans made by banks, there was a rather steady decline in All other loans Instal- Type of farm c e u x lo r p A r a e e l n n l n s s t e - m lo D a a e n n - d s S p in a g y l - e- Instal- p lo a e m a g r n c e e e s n o n t a f t s - rate T s h e a s f e th w e c si u z r e r e o n f t - l e o x a p n e n in se c re lo a a s n ed s . with real ment ment all loans estate security carried somewhat higher rates All types 11,903 140 1,652 111 6 than the rest, particularly for the smaller Meat-animal 576 48 494 35 6 loans. Instalment loans on which interest Dairy 92 12 58 22 24 Poultry 20 5 12 3 14 was charged on the outstanding balance Cash grain 222 16 195 12 5 Cotton 216 7 204 6 3 had about the same rates as those for single- Other major product. 174 18 148 7 4 General 596 35 535 27 5 payment loans, but instalment loans on 1 Includes $7 million for which type of farm was not reported. which interest was charged on the original NOTE.—Details may not add to totals because of rounding. amount (only about 1 per cent of the dollar Instalment provisions were found with loan volume) had much higher rates. considerably higher than average frequency TABLE 8 on loans to dairy producers and somewhat INTEREST RATES ON CURRENT-EXPENSE FARM LOANS above average frequency on loans to poultry BY SIZE AND PURPOSE raisers (Table 7). Of the 4 per cent of [Average annual rate at insured commercial banks, in per cent] current-expense loans (by dollar volume) that carried maturities longer than one year, Purpose of loan Size of loan * about half provided for instalment repay- All current Current Buy feeder expenses operations livestock ments, perhaps largely on an annual or irregular rather than a monthly basis. All sizes 6.2 6.4 5.5 Under $250 7.2 7.2 7.0 $250-$499 7.1 7.1 6.5 INTEREST RATES $500-$999 6.8 6.8 6.4 $l,000-$l,999 6.5 6.6 5.9 $2,000-54,999 6.2 6.3 5.7 Interest rates paid by farmers on loans for $5,000-59,999 5.9 6.0 5.6 $10,000-524,999 5.7 5.8 5.4 current expenses averaged 6.2 per cent per $25,000 and over 5.3 5.4 5.1 year. Over-all rates on loans for current 1 When originally made or (if renewed) when last renewed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Loans to Buy Farm Real Estate DEBT SECURED BY MORTGAGES on farm late liquid financial assets. The amount of real estate totaled about $9.8 billion at the mortgage credit utilized to finance farm beginning of 1957, and commercial banks transfers was small in the years just before held about one-seventh of this total. Some 1947, although a relatively large number loans secured by real estate do not finance of farms were sold. Many sales were cash the purchase of farm land, and some loans transactions, and some other transactions to buy farm land are not secured by real were financed through the use of short-term estate mortgages. This article describes all loans not secured by real estate. Down types of loans made by banks to finance the payments on credit sales were relatively purchase of farm land. large, and repayments on outstanding loans The Agricultural Loan Survey made last to finance purchase of land were at a high year provides information about the char- level. acteristics of bank loans on farm real estate After 1947, a rapid advance in farm real held by various groups of banks. The re- estate values and declines in down payments sults show, for example, that about three- on purchases and in "prepayments" on outfifths of all such loans were advanced for standing loans more than offset the effects the purchase of real estate, and the remain- of a smaller number of farm transfers. In der provided funds for refinancing debts, addition, farm real estate was used increashelping to finance equipment and improve- ingly to provide security for loans to finance ments, and for operating needs. expenditures other than land purchase. The During World War II and the years im- result has been a doubling of farm mortmediately following, farm commodity prices gage debt in the past 10 years. The amount and farm income advanced to high levels outstanding has remained quite small relaand, reflecting shortages of farm machinery tive to the value of farm real estate, whicb and other goods, farmers utilized their has increased about 55 per cent. The larger incomes to retire debt and to accumu- debt secured by real estate mortgages currently amounts to 9.2 per cent of the value of farm real estate compared with 7.2 per NOTE.—This is the fourth of a series of articles reporting the findings of the Agricultural Loan Survey cent in 1947. made in 1956 by the Federal Reserve System. The Banks experienced rapid expansion in first article was published in the Federal Reserve BULLETIN for November 1956, and the second in the farm real estate loans relative to other lend- BULLETIN for January 1957. The third article appears ers in the early postwar years when the on p. 125 of this issue. The present article was written by William McD. average size of loan was small and many Herr of the Federal Reserve Bank of Chicago. Data loans were written with relatively short mafor the Survey are from a sample of about 1,600 inturities. After World War II commercial sured commercial banks in all major areas of the United States. Nonmember banks as well as member banks held nearly 11 per cent of the farm banks of the Federal Reserve System reported in the mortgage debt. By 1949, however, the por- Survey. 133 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 tion exceeded 16 per cent. In subsequent solidating and refinancing debts, and the years, as the size of loans increased in re- remainder was mainly to finance current sponse to rising land values and smaller operations. At the time of the previous down payments, and more of the purchasers Survey in mid-1947, about 30 per cent of of farm land sought loans with long-term the proceeds from bank loans outstanding maturities, other lenders provided relatively secured by farm mortgages was estimated larger amounts of the farm mortgage funds to be for purposes other than to buy land. and the banks' share of the mortgage debt In addition to the $775 million of farm declined to 14 per cent by 1957. mortgage debt that was used to help finance the purchase of farm land, $108 million of MORTGAGE LOANS VS. LOANS TO BUY LAND nonmortgage loans outstanding at commercial banks on June 30, 1956 was used Of the $5 billion of agricultural loans outto buy farm land (Table 1). In total, standing at the nation's commercial banks 205,000 borrowers had 216,000 loans at mid-1956, $1.4 billion were secured by amounting to $883 million outstanding at mortgages on farm real estate. While this banks to finance the purchase of farm real category of loan is usually thought of as estate. This amounted to about one-sixth arising from transfers of ownership of farm of the total agricultural credit granted by land, the mid-1956 Survey showed that only the nation's commercial banks. Exactly 56 per cent was for that purpose. Nineteen per cent of the amount outstanding comparable data are not available from the was used to finance investments of an in- previous nationwide survey of agricultural termediate-term nature such as improving loans. However, it is estimated that comland and buildings and buying machinery. mercial bank loans outstanding at mid-1947 Twelve per cent was for the purpose of con- to finance purchases of farm real estate TABLE 1 FARM REAL ESTATE LOANS, JUNE 30, 1956, BY FEDERAL RESERVE DISTRICT [Loans outstanding at insured commercial banks] Loans secured by farm real estatel Loans to buy farm real estate Federal Reserve district pur A p l o l ses To buy farm real estate T ( o In tal Not on s e f c a u r r m ed r b ea y l m es o t r a t t g e age m do i ( l l o l I l i n a f o r n s) s mil I o l n i f ons As o s f e a c a p u l e r l e rc d lo e n a b n t y a s ge m do il l o l l i a f o r n s) s mil I o l n i f ons o A f b s u t y a o t p a fa e l r r l m c o e a n n r t e s a a g t l o e dollars real estate dollars estate All districts 1,377 775 56 883 108 12 Boston 30 16 54 17 1 7 New York 54 35 65 38 3 8 Philadelphia 68 50 74 56 6 10 Cleveland 144 98 68 108 10 9 Richmond 129 64 50 69 5 7 Atlanta 147 54 37 57 3 5 Chicago 255 176 69 199 23 12 St Louis 162 92 57 101 9 9 Minneapolis . 78 39 49 50 11 23 Kansas City 81 46 57 64 18 29 Dallas 56 21 37 23 3 11 San Francisco 175 85 49 102 17 16 1 Includes loans insured or guaranteed by U. S. Government. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS TO BUY FARM REAL ESTATE 135 totaled about $570 million or about one- of the average farm. According to estimates fourth of the total bank credit outstanding of the United States Department of Agriculto farmers at that time. ture, loans to finance farm land purchases have averaged about 60 per cent of the SMALL SIZE OF LOANS sale value of farms in recent years. It An important characteristic of bank financ- appears, therefore, that the bulk of bank ing of farm real estate is the relatively small loans to finance farm real estate purchases size of loan as compared with average farm consists of loans for small portions of the values and with the average size of loan sales value and for transfers involving small made by other lenders. The average size farms and parcels of land to be incorporated of bank loan made to buy farm real estate into other farms. in the first half of 1956 was $4,300 com- Non-real-estate farm loans, typically pared with the average value of all United smaller and carrying shorter maturities than States farms of about $21,500 (Table 2). real estate loans, usually have a high prior- While data are not strictly comparable, it ity for country banks' loanable funds, and in is estimated that farm mortgage loans re- some areas the legal maximum size loan that corded in the same period by insurance a country bank can make is smaller than companies averaged $16,700 and loans the amount required to finance the transfer closed by Federal Land Banks averaged of commercial farms. Moreover, it may $8,700. The average for all lenders was not be considered prudent to lend a large about $7,900. part of the bank's deposits on long-term Less than 15 per cent of the number of obligations. The bulk of the large and loans to buy farm real estate outstanding long-term loans to buy land are made by at banks in mid-1956 had an original size insurance companies, Federal Land Banks, that was equivalent to at least half the value individuals and, to a lesser extent, the larger commercial banks. TABLE 2 ORIGINAL SIZE OF LOANS RELATED TO AVERAGE BORROWER CHARACTERISTICS VALUE OF ALL FARMS BY FEDERAL RESERVE DISTRICT About one-tenth of all farm borrowers at Xoans to buy farm real estate outstanding at insured commercial banks in mid-1956 had loans to buy farm banks, June 30, 1956] land. Nearly one-half of the borrowers Average size of Average size were located in three adjacent Federal Re- Average loans to buy of loan as Federal Reserve value per farm real estate a percentage district farm1 made during first of average serve districts—Cleveland, Chicago, and half of 19562 farm value St. Louis. These districts include about one- All districts $21,500 $ 4,300 20 third of the nation's farms. In the Boston, Boston $16,000 $ 6,600 41 Philadelphia, and Cleveland Districts from New York 18,000 4,000 22 Philadelphia 18,000 6,100 34 one-fifth to one-fourth of all agricultural Cleveland 18,000 4,500 25 Richmond 10,000 3,300 33 borrowers at banks had loans to buy land Atlanta 11,000 2,900 26 Chicago 30,000 5,400 18 St. Louis 12,000 3,400 28 while in Western districts the portion Minneapolis 24,000 3,000 13 Kansas City 31,000 5,000 16 dropped to about 5 per cent. Dallas 30,000 3,900 13 San Francisco 52,000 10,900 21 Net worth. About one-third of all borrowers with bank loans to buy farm land in 1 Estimated from U. S. Department of Agriculture data for Mar. 1, 2 1 9 S 5 iz 6 e . when originally made or (if renewed) when last renewed. mid-1956 also had loans for other purposes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 at the same bank. The corresponding per- $3,200 in banks with deposits of less than centage was 25 per cent in the lower net $3 million. worth groups (less than $10,000), and Age. Within the same net worth group, ranged between 35 and 40 per cent in the bank loans to buy land were larger among higher net worth groups. the younger borrowers than among the The average outstanding bank debt was older ones. This was due in part to the much larger for borrowers with loans to fact that older farmers probably made larger buy land than for farm borrowers not hav- down payments in relation to the value of ing bank loans to buy land—$5,300 as the land bought than did the less established compared with $1,900. Even within simi- operators, and many of them purchased land earlier when values were lower and lar net worth groups, the total bank debt have made more repayments. Age distribuof borrowers having loans to buy land tion was virtually the same for bank boraveraged two to three times larger than the rowers with loans to buy farm real estate as debt of other farm borrowers (Table 3). for non-real-estate borrowers. However, These differences might not appear so about 15 per cent of the borrowers were great if data were available concerning the under 35 years of age, compared with 10 debt held by other lenders. The scope of per cent of all owner-operators as shown by the Survey was limited to obtaining the the 1954 Census of Agriculture. Those 45 total debt of each farm borrower to the or more years of age, constituting 68 per reporting bank. cent of all owner-operators, made up less Large banks served a greater proportion than one-half of the borrowers with real of farm borrowers with large net worths and estate loans. credit requirements than did small banks. Part-time operation. About one-fifth of The average size of outstanding loan to the borrowers with loans to buy farm real buy land was $6,300 at banks with deposits estate were part-time farmers.1 While not of $10 million or more compared with exactly comparable, the 1954 Census classifies 15 per cent of all farmers as part-time TABLE 3 operators. Part-time farmers accounted FARM BORROWERS AND AVERAGE AMOUNT OF BANK for a somewhat larger portion of the bor- DEBT, JUNE 30, 1956 BY NET WORTH rowers to buy farm land than of farm borrowers with non-real-estate loans. Size of Borrowers with Borrowers without loans to buy loans to buy debt and net worth averaged smaller for farm land farm land Net worth of part-time farmers than for full-time farmers. borrower Per- Average Per- Average centage size centage size Type of farm. Borrowers with farms distri- of distri- of bution debt bution debt classified by the reporting banks as general2 made up more than half of all bor- All net worths 100 $ 5,320 100 $ 1,920 Under $3,000 4 1,387 14 511 $3,000-$9,999 30 2,570 33 1,016 1 The Survey defined part-time farmers as those who $10,000-$24,999 39 4,388 30 1,763 $25,000-$99,999 22 7,878 16 3,746 earned one-third or more of their incomes from off- $100,000 and over 3 29,092 2 14,816 farm sources. Not reported1 2 5,668 5 843 2 General farms were defined as those from which less than half of the income came from a single 1 For purchased notes where the bank did not know the characteristics of the borrower, data on net worth were not required. product. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS TO BUY FARM REAL ESTATE 137 rowers with loans to buy land. Dairy farm- LOAN CHARACTERISTICS ers were next in importance. Together these Loans to buy farm land were nearly three two types of borrowers accounted for 70 times larger, on the average, than other farm per cent of all borrowers with loans to buy loans outstanding at banks in mid-1956. land, compared with less than 60 per cent Thirty-nine per cent of the 216,000 loans of borrowers with no loans to buy land. to buy land had an original size of $5,000 The relatively greater frequency of loans or mQre (Table 4). In comparison, only to buy land among these two types of farm- about 5 per cent of the non-real-estate loans ers is in part due to the fact that they have outstanding had an original size of $5,000 a more stable flow of income over the year. or more. Because loans to buy farm land As a result, probably, a smaller portion are typically large relative to annual farm of farmers on general and dairy farms need income, their characteristics, such as seoperating credit than do farmers on other curity, maturity, and repayment method, types of farms such as meat-animal, cotton, are different from those of loans for other and cash grain, where income is likely to purposes. come irregularly during the year. In areas, Security. More than 80 per cent of the such as the Northeast, where dairy and gen- credit outstanding to buy farm land was eral farms make up a large portion of all secured by real estate mortgages and only farms, country banks are often able to go about 5 per cent was unsecured in the sense further in accommodating the demand for that it had no specific endorsement, mortlonger term credit than in areas where other gage, or Government guarantee. In contypes of farms predominate. trast, 25 per cent of the dollar amount of For most types of farms run by farmers farm loans for non-real-estate purposes was of similar net worth, the size of loan to unsecured. buy farm real estate was about the same, The portion of credit to buy land secured but it was typically smaller for cotton and by real estate mortgages was about the same general farms. in all net worth groups except that for TABLE 4 ORIGINAL SIZE OF LOANS TO BUY FARM LAND, JUNE 30, 1956, BY FEDERAL RESERVE DISTRICT [Percentage distribution of number outstanding at insured commercial banks within districts] Federal Reserve district N th l u o o m a u n s b s a e n ( r d I n o s) f lo A a l n l s $ U 1 n ,0 d 0 e 0 r $ $ 1 4 , , 0 9 0 9 0 9 - $ $ 5 9 , , 0 9 0 9 0 9 - a $ n 1 d 0 , o 0 v 0 e 0 r All districts 216 100 10 51 26 13 Boston 4 100 7 51 26 15 New York 9 100 6 47 34 12 Philadelphia . . . . .... 11 100 5 46 30 19 Cleveland 27 100 7 49 30 14 Richmond 19 100 17 53 21 10 Atlanta 18 100 20 63 11 7 Chicago 44 100 4 45 34 18 St. Louis 35 100 13 64 17 7 Minneapolis 17 100 20 54 20 6 Kansas City 13 100 10 49 29 13 Dallas 7 100 15 57 20 9 San Francisco 11 100 5 29 38 28 , NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 TABLE 5 NET WORTH OF BORROWER RELATED TO SECURITY FOR LOANS TO BUY FARM LAND, JUNE 30, 1956 [Percentage distribution of amount outstanding at insured commercial banks] Amount Secured by: Net worth of borrower of o m f d i ( l o l l I o i l n o l a a n n r s s s) lo A a l n l s se U cu n r - ed do E r n se - d m C o h r a tg tt a e g l e F m ar S m i real ! j 1 gr G a o n vt tee O n p t o o h t r e t r r e e d o - r 1 All net worths 883 100 6 1 4 82 I 5 1 Under $3,000 10 100 4 3 4 79 10 0) $ $1 3 0 ,0 ,0 0 0 0 0 -$ -5 9 2 ,9 4 9 ,9 9 99 3 1 0 4 5 1 1 1 0 0 0 0 2 1 7 2 4 8 8 2 9 1 4 3 0) $ $ N 2 1 o 0 5 t 0 , 0 r ,0 0 e 0 0 p 0 - o $ r a 9 te n 9 d d ,9 2 9 o 9 ver 2 1 8 2 2 5 0 3 1 1 1 0 0 0 0 0 0 0 1 8 7 ) 0 2 ) 4 7 4 8 6 3 5 9 5 1 1 7 5 0) 1 Less than 0.5 per cent. NOTE.—Details may not add to totals because of rounding. 2 See Table 3, note 1. $100,000 or more (Table 5). For this While the number of borrowers with Govgroup of borrowers loans secured by real ernment guaranteed loans to buy farm land estate mortgages accounted for 69 per cent was relatively small even among low net of the dollar amount outstanding, unsecured worth groups, guaranteed loans were subloans for 17 per cent, and the remaining stantially larger and had longer maturities portion was secured by chattels, endorse- than nonguaranteed bank loans. Guaranments, or Government guarantee. Eighty- teed loans averaged $4,900 in outstanding five per cent of the dollar amount of un- amount compared with $1,900 for nonsecured credit was advanced to borrowers guaranteed loans in the net worth group of with net worths of $25,000 or more. less than $10,000. Security characteristics of loans to buy Maturity. Loans to buy land have subland did not vary greatly by Federal Re- stantially longer maturities than other kinds serve district. In all districts, 65 per cent of farm loans. Over 40 per cent of the or more of the loans were secured by real dollar amount and 34 per cent of the numestate mortgages. Unsecured notes and ber of loans outstanding to buy farm land those secured by chattels were most fre- had maturities of six years or more (Table quent in Western districts where the net 6). Nevertheless, 32 per cent of the credit worths of borrowers averaged larger than outstanding to buy land was due on demand in other parts of the country. or had maturities of one year or less. While About 5 per cent of the dollar amount demand loans averaged $5,550 in original outstanding to buy farm real estate was size and loans with maturities of from one guaranteed by Government agencies— month to one year averaged $3,500, those Farmers Home Administration and Veter- with maturities of six years or more averans Administration. There was, of course, aged $7,000 in original size. a tendency for this credit to be concen- The term of loans to buy farm land trated among borrowers of small net worths varied substantially among Federal Reserve (less than $10,000), but at most it was districts. In the Philadelphia and Boston less than 20 per cent of the dollar amount Districts, 37 and 41 per cent, respectively, of credit borrowed by this group at banks. of the credit outstanding was due on de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS TO BUY FARM REAL ESTATE 139 TABLE 6 MATURITY OF LOANS TO BUY FARM LAND, JUNE 30, 1956, BY FEDERAL RESERVE DISTRICT * [Percentage of amount outstanding at insured commercial banks within districts] Amount of Federal Reserve district l m oa i n ll s io ( n I s n mat A ur l i l ties Demand mo 1 n -6 ths m 9 o - n 1 t 2 hs 15 5 m y o e n ar t s hs- an 6 d y e o a v rs er of dollars) All districts.. . 883 100 8 11 13 26 42 Boston 17 100 41 8 5 6 40 New York 38 100 14 6 2 13 65 Philadelphia 56 100 37 18 4 8 32 Cleveland 108 100 17 9 7 20 48 Richmond 69 100 9 21 23 15 32 Atlanta 57 100 2 12 36 32 18 Chicago 199 100 1 6 4 35 54 St. Louis 101 100 5 12 28 30 26 Minneapolis 50 100 5 10 9 42 34 Kansas City 64 100 2 22 11 42 23 Dallas 23 100 5 9 22 20 44 San Francisco. 102 100 1 8 11 18 63 1 Loans are classified under the nearest maturity listed—for ex- NOTE.—Details may not add to totals because of rounding. ample, 7-month loans are included with 1-6-month loans. mand. Four Northeastern districts ac- the National Banking Act in 1955 percounted for more than three-fourths of the mitted national banks to extend credit on dollar amount of demand loans. While farm real estate for periods of 20 instead demand notes may seem to imply loans of of 10 years. At the other extreme of the relatively short duration, nearly 45 per cent maturity distribution, 38 per cent of the of the demand credit had been made number of loans outstanding in mid-1956 or last renewed prior to 1955, or over one and 1947 were due on demand or carried and one-half years before the date of the maturities of one year or less. Survey. A similar proportion of the out- Size of loan was a major factor deterstanding amount of loans with stated ma- mining maturities of loans to buy land. For turities had also been made prior to 1955. example, about 80 per cent of the loans Apparently the effective term of demand under $1,000 were due in one year or less, notes approximated that of loans with stated and only 8 per cent had maturities of six maturities. years or more. On the other hand, 50 per Short maturities—one year or less—ac- cent of the loans of $5,000 or more had counted for 24 per cent of all credit out- terms of six years or longer. While there standing to buy land. In the Richmond was some tendency for loans to the largest and Atlanta Districts over half of the num- borrowers (net worths of $100,000 or ber of loans outstanding carried maturities more) to have shorter maturities than loans of one year or less. of similar size to borrowers with smaller The maturity distribution of loans to net worths, longer maturities for the lowbuy farm land was virtually the same in est net worth borrowers were not always mid-1956 as that shown by the mid-1947 apparent. Survey. In both 1956 and 1947 about 8 Repayment method. More than two-fifths per cent of the number of loans outstand- of the number of loans to buy land were ing had maturities exceeding 10 years, even scheduled for lump-sum payment. Singlethough loan sizes increased and changes in payment loans, which accounted for more Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 TABLE 7 MATURITY RELATED TO REPAYMENT METHOD OF BANK LOANS TO BUY FARM LAND, JUNE 30, 1956 [Loans outstanding at insured commerical banks] Repayment method Average (Percentage distribution of number original Number of of loans within maturity groups) size of loan Maturity1 loans (In thousands) Total Single- Instal- Single- Instalpayment ment payment ment All maturities. 216 100 42 58 $4,104 $6,116 Demand2 17 100 100 5,550 1-6 months , 30 100 86 14 3,313 4,160 9-12 months 36 100 80 20 3,527 3,757 15 months-5 years. 59 100 26 74 4,456 5,122 6 years and over .. 74 100 6 94 5,656 7,099 1 Loans are classified under the nearest maturity listed—for 2 All demand loans were classified as single-payment loans for example, 7-month loans are included with 1-6-month loans. purposes of the Survey because of the nature of the legal contract. than 80 per cent of the loans with terms of (which tend to be the larger loans with one year or less, averaged about $2,000 longer maturities) and 70 per cent of the smaller than instalment loans. On the single-payment loans were secured by farm other hand, instalment loans accounted for real estate mortgages. more than 75 per cent of the loans due in Renewed loans. Thirty-one per cent of over one year (Table 7). the loans to buy land had been renewed. A comparison of original and outstand- The number renewed tended to be relaing size of single-payment loans by date tively larger in Federal Reserve districts made indicates that a substantial number that typically have short loan maturities. of these loans are in effect repaid in in- In the Philadelphia Federal Reserve Disstalments. Of the single-payment notes trict, nearly one-half of the loans had been outstanding in mid-1956 and made (or renewed, and in the Richmond, Atlanta, last renewed) prior to 1955, 29 per cent and St. Louis Districts the portion was of the original amount had been repaid. about 45 per cent. Lending policies and This compares with repayment of 38 per practices probably account for a part of cent of the original amount for instalment the nominally short-term loans to buy land notes to buy farm land outstanding over and the resulting large proportions of reone and one-half years as of June 30, 1956. newals in some areas. In general, however, loans to buy land Planned renewals—those with an agreethat are scheduled to be paid in a lump sum ment between the two parties at the time are of shorter maturity and relatively few the loan was made—accounted for more have been outstanding for more than one than 80 per cent of all loans renewed. Unand one-half years. In fact, about oneplanned renewals accounted for less than half of the number of such loans outstanding were made during the first half of 1956 20 per cent of the total number of loans and, like instalment loans made during the renewed, although the portion ranged as same six-month period, a relatively small high as 58 per cent in the Dallas District portion of the principal had been repaid. where drought had been prevalent. In con- About 95 per cent of the instalment loans trast, less than 15 per cent of all renewals Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LOANS TO BUY FARM REAL ESTATE 141 were unplanned in the New York, Phila- east and North Central districts. Interest delphia, and Richmond Districts. rates averaged about 4.9 per cent on loans Interest rates. Interest rates on bank loans of $10,000 or more and 6.5 per cent on to buy farm real estate averaged 5.2 per loans of less than $1,000. cent in mid-1956. While data do not per- Lower interest rates on loans of the same mit precise comparisons, this is probably size were obtained by borrowers in the between one-quarter and one-half percent- larger net worth groups than by borrowers age point higher than in 1947. Interest with smaller financial resources. Governrates increased about the same on most ment guaranteed loans, which formed a conother types of farm loans made by banks. siderable portion of the larger loans to bor- Rates on loans to buy farm land tended rowers in the smaller net worth groups, also to be higher in Western and Southern Fed- carried lower rates than other loans to boreral Reserve districts and lower in North- rowers in these groups. TABLE 8 INTEREST RATES ON LOANS TO BUY FARM LAND, JUNE 30, 1956 BY NET WORTH OF BORROWER AND ORIGINAL SIZE OF LOAN [Average annual rate at insured commercial banks, in per cent] Size of note1 All Net worth of borrower loans Under $500- $1,000- $5,000- $10,000 $500 $999 $4,999 $9,999 and over All net worths 5.2 7.0 6.3 5.7 5.1 4.9 Under $3,000 6.1 7.9 7.1 6.3 () () $3,000-$9,999 5.5 6.8 6.3 5.9 4.9 4.5 $ $ $1 1 2 0 0 5 0 , , 0 0 ,0 0 0 0 0 0 0 - - $ $ a 2 9 n 4 9 d , , 9 9 o 9 9 v 9 9 e . . r . . . . . 4 5 5 . . . 9 3 1 6.4 6 6 . . 1 1 5 5 5 . . . 7 6 3 5 5 5 . . . 2 1 2 4 5 5 . . . 9 2 0 1 When originally made or (if renewed) when last renewed. 2 Too few for significant average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Impact of General Credit Policy ON BEHALF of the Board of Governors year, the Federal Reserve System sought to I wish to say again that we are always glad prevent too rapid expansion of bank credit to have an opportunity to appear here. We and the money supply by restricting the welcome inquiry into what monetary and availability of bank reserves. To have percredit policy can do, and cannot do, to aid mitted more rapid expansion of bank credit in achieving the goal of sustained economic and the money supply would have intengrowth and widespread prosperity. sified inflationary pressures already present The national economy continues to op- in the economy. It would not have proerate at the highest levels in history. Gross duced more goods. Rather, it would have national product reached the unprecedented increased prices further. Without relative rate of $424 billion by the last quarter of stability of the currency, continued high 1956. National income reached more than utilization of resources would have been in $352 billion, personal incomes more than jeopardy. $333 billion, and civilian employment about Commercial bank loans and investments 65,000,000. These figures mark new highs. in the aggregate rose only moderately during The year 1956 opened with the economy 1956. Banks expanded their loans substangenerally operating at near capacity levels. tially but to a large extent they obtained the A sharp rise in business expenditures for new necessary funds by reducing their investplant and equipment, combined with in- ments in Government securities. As a recreased spending by consumers and by State sult, while there was little further growth and local governments, more than offset de- in the supply of money, there was a more creased spending for automobiles and new active use of existing money, as indicated home construction, thus imposing further by an 8 per cent rise in demand deposit heavy demands upon productive resources. turnover. Wage rates as well as prices for goods and The great bulk of all loanable funds is services moved upward. The year ended provided by savings of businesses and indias it began, with the economic climate domi- viduals. Although the volume of savings nated by inflationary pressures. was somewhat higher in 1956 than in 1955, In this environment of intensive utiliza- the growth was not enough to keep pace tion of national resources, the aim of mone- with the rapidly increasing demands. Intertary policy has been to restrain inflationary est rates on borrowed funds rose sharply tendencies, while providing at the same time over the year, particularly on long-term for orderly economic growth. Over the borrowing. Interest rate changes, as well as other NOTE.—Statement of William McChesney Martin, price movements, reflect supply-demand re- Jr., Chairman, Board of Governors of the Federal lationships. Rising rates, like rises in other Reserve System before the Joint Economic Committee of Congress, February 5, 1957. prices, indicate that demand is exceeding 142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPACT OF GENERAL CREDIT POLICY 143 supply. They discourage some borrowing needs of member banks and also cushioned on the one hand and encourage increased disturbing movements in financial markets, saving on the other. Thus they perform including those arising from necessary the vital function of balancing supply and Treasury financing. From time to time, demand. Current interest rates are a signal during the course of the year, the degree of that the economy is straining its resources restraint was adjusted to variations in the by trying to accomplish more at one time financial climate and in business activity. than resources permit. Notwithstanding the combined influence Economic realities cannot be eliminated of restraint on credit expansion and the realor circumvented by Government fiat. Even ization of a substantial cash surplus in the the Congress with its enormous powers to Federal budget, prices of goods and servredirect the available resources of the coun- ices moved upward in 1956. Increases of try must operate within the aggregate of re- 4.5 per cent in wholesale prices and 3 per sources available. In other words, under cent in the consumer price index are indicaconditions of heavy utilization of resources tive of the vigor of demands. Such ingenerally, an increase in the resources made creases cannot be accepted complacently. available to any one sector of the commu- In a growing, competitive economy such nity would have to be taken from other sec- as ours, production and prices for individual tors either by taxation, or by some form of commodities fluctuate over a considerable direct rationing, or by the processes of the range in response to changes in supply and market. They cannot be made available by demand without creating serious over-all attempts to ease credit. That is the road instability. These adjustments are necesto inflation. In 1956, fully half of the in- sary to economic progress. They are part crease in gross national product represented of the process of developing and maina mark-up in prices. Had commercial taining high level employment, economic banks been enabled to generate sufficient growth, free markets, and over-all stability new money to satisfy all the demands for in the price level. Even though many comfunds that were pressing on the market, the ponents may be unstable, the total economy result perhaps would have been a smaller can still experience an upward trend in rise in interest rates, but at the expense of production and employment with a horizona sharper rise in prices of goods and services. tal trend in average prices. In the final analysis, investment must be In recent years, large shifts in the flow of financed out of saving from current income. funds through the economy have originated This economic principle cannot be vitiated in such important areas as the Federal by any form of monetary manipulation. budget, agriculture, business investment, Under our institutions there is no prac- consumer outlays for durable goods and ticable way of balancing savings and invest- housing, and State and local governments. ment without flexible interest rates. Declines in some sectors have released re- Monetary policy must be administered sources that have made possible increases in with regard to changing situations in the fi- others. Such rolling adjustments not only nancial markets. During 1956, within its are inescapable in a dynamic and unregigeneral policy of restraint, System opera- mented economy, but the ability to adjust tions met seasonal changes7 in the reserve to changes with resiliency and flexibility, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 and with a minimum of Government inter- out of the market and not in the effort to ference, is one of the great virtues of a pri- restrain inflation. All of these sectors would vate enterprise system. suffer infinitely more from further inflation- We know from experience, however, that ary bites out of the purchasing power of the pathway of economic growth cannot be the dollar than they would from temporarily free of turns and dips. Experience tells us foregoing some of their borrowing—howthat important shifts in demands in major ever worthy the purpose—if their plans and economic sectors can be so powerful as to programs cannot be financed out of saving have an excessively stimulative or depressive or, in the case of schools and roads, for eximpact on the whole economy. Where the ample, out of taxes. effects of such shifts become cumulative, It is important to recognize that the probthey can develop into serious booms and lem of monetary stability is to keep the use depressions. Monetary and credit meas- of credit in line with resources available for ures, by being adapted promptly to shifts production of goods and services. To acin total demand relative to the supply of complish this, some demands must tempoavailable resources, play an essential role in rarily go unsatisfied. Naturally, these defermoderating these cumulative forces and in ments are of great concern to all of us, but promoting orderly growth and financial unlimited supplies of easy money would stability. only complicate and worsen the situation. Considerable attention has been focused It has been suggested that the Governof late on the impact of monetary and credit ment should take action to enable certain policy on various sectors of the economy. meritorious programs to move forward rela- Higher interest rates as a mechanism for tively unhampered by the effects of moneallocating the available supply of funds tary restraint. These proposals present very among different credit seekers have been difficult questions of public policy, which sharply criticized. It is frequently con- can be decided only by the Congress. Protended that monetary policy is depriving grams designed to make funds more readily communities of such vital needs as schools, available to some users should be accomhousing, and roads. Similarly, small busi- panied by action reducing still further their ness is said to be injured. availability to others, for example, in some These are debatable matters to say the cases, by increased taxation. Otherwise, least. School and road construction, home the effect will be to intensify inflationary building, and small business activity are ac- pressures and imperil price and monetary tually at high levels. In some of these sec- stability. tors, many borrowers have been prevented The problem is not insoluble. The corfrom competing in the market for savings rection of economic imbalances takes time, by statutory or regulatory limitations on but corrective forces have been and still are the maximum interest rates they are allowed operating. Our nation unquestionably has to pay. As a result, borrowers thus affected the resources to provide for a continuously have borne a disproportionate brunt of gen- rising level of physical well-being, educaeral credit restraint. The cause of this dis- tional attainment, and cultural development. proportion, however, lies in the interest rate Our resources are steadily growing and so limitations that have kept some borrowers is our ability to use them intelligently. What Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPACT OF GENERAL CREDIT POLICY 145 cannot be accomplished today may become within limits set by the willingness of the readily attainable in the not too distant community to save. The market place has future. determined the allocation of the available supply of savings. SUPPLEMENTAL QUESTIONS ADDRESSED With aggregate demands for materials TO CHAIRMAN MARTIN and credit so large, it is obvious that avail- 1. What information do you have about able productive capacity and savings could the impact of so-called general credit connot accommodate all creditworthy applitrols upon small business as compared with cants to the full extent of their desires. big business? Upon State and local gov- All of us know of legitimate, useful projects ernments as compared with nongovernmenthat have had to be deferred or reduced in tal credit users? scale, because either the physical or finan- Small business. Manifestly, the effects of cial resources could not be obtained. credit restraint are felt by more small busi- We know of no figures that permit a nesses, numerically, than by large ones. precise measure of the relative impact of This does not necessarily mean that the im- credit restraints, in particular, on different pact of general credit restraints falls dis- groups of borrowers. We have, however, proportionately on small businesses. There assembled a considerable body of informaare over 4V4 million business enterprises in tion that may help to illuminate this troublethis country. Most of these would be con- some question. sidered small business under any standard A survey of business loans made in Octoof measurement, and only about one in a ber 1955 shows that one-fifth of the total thousand would be classed as big business. dollar volume of the business loans held by The major difference between small and member banks on that date were loans to large businesses is not in their direct access firms with assets of less than $250,000, and to some source of credit but, rather, in their more than one-third were loans to firms with access to alternate sources of credit. Un- assets of less than $1 million. Most comlike most small businesses, most large busi- mercial banks are small enterprises themnesses generally have direct contact with selves; nearly 85 per cent of our 14,000 and access to a number of banks as well as commercial banks have deposits of under to other sources of outside financing. Con- $10 million, and, necessarily, most of the sequently, at a time when over-all credit lending of these smaller banks is to small demands are greater than can be fully met businesses. In October 1955, about ninewithout inflationary impact, a greater num- tenths of the number and four-fifths of the ber of small businesses than large ones dollar volume of business loans held by find it difficult to secure their customary small banks were loans to firms with assets credit accommodation. of less than $250,000, and these loans ac- The Federal Reserve System cannot allo- counted for about one-fifth of the dollar cate credit among groups of borrowers. volume of all commercial bank loans to such With demands for goods and services exceed- small businesses. With the close and direct ing capacity to produce, monetary policy contact with customers that smaller banks over the past year has been directed toward enjoy, and with so large a stake in the finankeeping expansion of the total credit supply cial position of their small customers, it is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 evident that most commercial banks have a meet financial needs in industries characstrong incentive to maintain the volume of terized by large producing units. bank credit flowing to smaller businesses. From June to December of 1956, the Even at large banks, lending to small volume of new loans made declined about business represents a significant share of one-eighth from the peaks reached in June. their loan volume. In October 1955, banks The decline was of about equal proportion with deposits of $100 million or more ac- for both small and large loans, and there was counted for about two-fifths of all bank very little change in the average size of loan. loans to small business. At these larger With interest costs rising generally, both banks, small business loans represented large and small borrowers have had to pay three-quarters of the number and one-tenth more for their loans. Since mid-1955, the of the dollar volume of their business loan average interest paid at large banks on portfolios. Lending to small firms is profit- short-term business loans of $200,000 or able business, and most large banks are more rose by 87 basis points, to 4.20 per anxious to obtain this type of business. cent, while costs on loans of from $ 1,000 to Information on the structure of bank $100,000 went up 58 basis points, to 4.94 loans to business since late 1955 is less per cent. comprehensive. We do receive reports Loan applications to the Small Business from large banks in major financial centers Administration rose from about 3,000 in on the size distribution of new business loans 1955 to almost 6,000 in 1956. Loan apof over $1,000 made in a two-week period provals increased more rapidly, rising from of each quarter. These figures indicate that 1,148 loans, amounting to about $55 milfrom mid-1955 to mid-1956 the number and lion in 1955, to 2,890 loans, amounting to dollar volume of new short-term business about $122 million. These figures are not loans made increased to record levels. In- large relative to the size of the small busicreases were recorded in all loan-size cate- ness population or to the usual volume of gories, with the sharpest rise in loans of lending to small businesses by commercial $200,000 and over. The average size of banks. new loans increased about 30 per cent over An increasing share of the loan funds supthis period. plied by the Small Business Administration The rise in average size of business loan last year was for longer term purposes, such extended by large commercial banks re- as purchase of plant and equipment or conflected primarily the shift in patterns of in- solidation of obligations, rather than for dustrial demand that occurred last year. working capital. The proportion of SBA When the bulk of the loan demand on com- loans carrying final maturities of less than mercial banks is from industries where larger three years is small. Most maturities are business units predominate, such as public longer than are customary in commercial utilities, machinery or metals manufactur- bank business loans. ing, the average size is larger than when Reports on manufacturing corporations, most of the loan demand arises primarily compiled quarterly by the Federal Trade from the needs of retail merchants or serv- Commission, indicate that both the return ice industries. This past year there has on shareholders' equity and profits per dolbeen increased emphasis on borrowing to lar of sales increased substantially for small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPACT OF GENERAL CREDIT POLICY 147 businesses from the third quarter of 1955 to fund short-term debt incurred for public to the third quarter of 1956 (the latest data housing projects. Financing of school connow available). Over this period, return struction continued at the record level of on equity, after taxes, rose from 10.4 per the previous year, and financing of sanitacent to 15.3 per cent for small companies, tion and other community facilities increased as compared with a decline from 12.3 to sharply. 11.0 for the total. Profits per dollar of The decline in toll road financing reflected sales rose from 2.2 per cent to 3.0 per cent reconsideration of many highway projects for small companies, compared with a de- contemplated earlier. The financial difficline for all manufacturing corporations culties experienced with some recently comover the period. pleted roads (financed for the most part at These reports also indicate that the liquid- lower interest costs), rising materials, labor ity position of small corporations deterio- and credit costs, and uncertainties about derated much less last year than that of large velopments in the new Federal highway procompanies. The ratio of cash balances gram led to the deferral of several projects. and Government security holdings to total Construction outlays for public housing current liabilities for small companies de- continued at close to 1955 levels, but an clined from 37 per cent to 34 per cent over increasing share was financed through shortthe period, while for all manufacturing cor- term debt. Instead of funding the notes porations, the decline was from 71 per cent issued by local housing authorities on comto 55 per cent. pletion of construction, these notes were Statistics published by Dun and Brad- "rolled-over" and fewer long-term housing street, Inc. on business failures indicate that bonds were issued in 1956. the number of failures where the liability Deferral of long-term financing last year involved was less than $25,000 rose by one- reflected the rapid rise in costs of all types seventh, as compared with an increase of of long-term borrowing. Yields on highone-fourth in the number of firms failing §rade corporate bonds outstanding rose 63 with liabilities of $100,000 or more. The basis points, and yields on new issues rose dollar amount of debts involved in failures almost 100 points. In addition, repayment of small firms also rose less than did the terms on corporate issues became substandebts of larger firms failing last year. tially more restrictive last year, with longer State and local governments. State and "no-call" provisions and higher call prices local governments spent about $10.7 bil- required of borrowers. lion last year for construction of schools, Yields on high-grade State and local highways, and other community facilities. bonds outstanding rose 75 basis points over This was about 10 per cent more than was the year, but these bonds still offered inspent for these purposes in 1955. Bond vestors returns about three-quarters of a issues for new money floated by State and percentage point less than comparable quallocal governments during the year amounted ity corporate securities. This was close to to about $5.4 billion, about one-tenth less the average differential that existed in 1955. than was floated in 1955. All of the reduc- For investors subject to high corporate or tion in flotations was in issues to finance personal income tax rates, the exemption toll highway construction and in bond issues from Federal income taxation of interest re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 ceived on State and local government obli- end, three-fifths of the number and twogations provides an offset to the lower rate fifths of the dollar volume of the postponed of return. This feature is not one of prime issues had been sold. The pattern of issues importance to investors subject to lower postponed in the fourth quarter of 1956 tax rates, however, particularly for institu- (estimated as 135 issues, valued at $240 tional investors such as life insurance com- million) has been similar, with about 40 per panies, pension funds and mutual savings cent sold to date. banks, which receive a large share of the For some borrowers, postponement has community's long-term savings. As the meant higher costs, for others it has proved volume of State and local long-term borrow- advantageous. For example, the State of ing increases beyond the supply of invest- Michigan offered a highway bond issue in ment funds attracted by the tax-exemption early December, with a maximum interest feature, it becomes increasingly necessary ceiling of 3.50 per cent. No bids were refor these governments to compete for funds ceived. The issue was reoffered in reduced on a straight return basis. amount in mid-January, and successfully In part, the stability of the differential be- marketed at 3.37 per cent. tween yields on corporate and municipal It appears that, for the most part, State bonds reflects the acumen of the officers and local governments last year were able managing the finances of State and local to finance a very large and rising volume of governments. Because the planning and expenditures and that the rise in interest financing of large-scale construction proj- costs of bond financing was a reflection of ects is usually undertaken long before con- supply and demand factors. There were struction actually begins, finance officers are some cases, however, where borrowers were often able to time the flotation of bonds to unwilling to pay current market rates, and take advantage of temporary ebbs and flows withdrew their issues, and others where borof funds into and out of security markets. rowers were prohibited by statutory limita- On several occasions in 1956, the volume of tions from paying rates which the market security issues floated was greater than the demanded. supply of investment funds could accom- 2. Are present statutory provisions govmodate, and security dealers' inventories of erning reserve requirements satisfactory and unsold securities increased rapidly. As desirable? these situations of temporary congestion developed, finance officers postponed some The present system of reserve requireofferings. ments is not altogether equitable in its im- A survey made last year indicated that pact on individual member banks. It has about 120 issues, aggregating $175 million, not seriously impeded, however, the effecwere not sold on previously announced tiveness of monetary and credit policy in flotation dates during the third quarter of influencing the aggregate volume of bank 1956. The Board's staff has followed the credit. The problem of devising a more subsequent history of these issues; they equitable and effective structure of reserve found that 41 of the issues were sold later requirements has been under intensive study in that same quarter and 28 were sold in for many years, within the System, by the the fourth quarter of the year. By year- banking community, and by other students Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPACT OF GENERAL CREDIT POLICY 149 of monetary affairs, and many alternatives influence on liquidity conditions in the have been proposed and analyzed. It is one economy. The operations of other financial of the problems to be considered in any institutions, particularly their ability and over-all review of the existing financial or- willingness to sell United States Government ganization. and other securities in order to advance new credit to borrowers, are substantially af- 3. Is the breadth of direct control (now fected by changes in credit conditions limited to member banks) sufficient for the brought about in part by Federal Reserve workings of general monetary controls, or policies. should the direct influence of central bank As we have pointed out in the past, the operations be extended to cover other finanfact that reserve requirements of nonmemcial intermediaries, such as insurance comber banks are defined differently, and in panies, savings and loan associations, inmany cases are much lower than those of stalment credit institutions, nonmember member banks, creates some inequities and banks, etc.? problems. These differences in reserve re- Our experience of recent years indicates quirements may discourage some banks from clearly that the actions of the System under seeking or maintaining member bank status. its present authority are potent forces affect- This situation is not new and no simple ing financial developments in the economy. and practical way of making reserve require- This is true both when stimulation of addi- ments of nonmember banks consistent with tional spending to achieve full utilization of those of member banks has been devised resources is needed or when the problem without an extension of Federal banking is to achieve restraint on spending in order authority. The problems arising out of the to avoid inflation. situation are in some ways less pressing Although the direct discipline imposed by now than they were earlier in the postwar the System through control over reserve re- period, when the discrepancy between requirements, the volume of reserves, and dis- serve requirements of member and nonmemcount rates applies only to member banks, ber banks was greater than it is now. its ramifications are felt by nonmember A policy of extending to nonbanking inbanks, other financial institutions, and the stitutions a system of monetary controls financial markets generally. Federal Re- analogous to that now applied to member serve member banks, with loans and invest- banks by the Federal Reserve, however, ments of nearly $140 billion, account for would represent a basic and far-reaching more than four-fifths of the assets of all com- departure from the principles that have in mercial banks of the nation. Control over the past governed banking legislation and the rate at which new credit and money are Federal Reserve policies. Commercial created by this preponderant part of the banks have special functions that are not banking system gives the Federal Reserve presently shared by nonbank financial insti- System a substantial influence on the total tutions. Before extending monetary conflow of loan funds, which includes those of trols over these institutions a careful study individuals, savings institutions, businesses, should be given to the far-reaching impliand Government. It also has a marked cations of such a departure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 4. Is there any acceptable way of re- mum margins and maturities. straining the demand for loans without rais- Any attempt to extend similar controls to ing interest rates? other types of borrowing, however, would be balked by much greater administrative We are not in favor of interest rates any difficulties, and by the problem of selecting higher than required by the underlying ecothe borrowers to be excluded from the nomic realities, but we do not believe that market in a way that is equitable and makes there is any practicable way of preventing economic sense. Who can say which busithem from increasing during those periods ness borrowers are to be permitted to have in which desired borrowings tend to outrun credit, and how much, and for what purthe flow of savings. pose? Which State and local governments In order to keep interest rates below are to be able to borrow? Who is to be the level at which the amount of loan funds permitted access to personal loans? An supplied is equal to the amount demanded, attempt to develop any system of general it is necessary to select some classes of poadministrative rationing of credit in an effort tential borrowers and prevent them from to hold down the interest rates paid by those borrowing, by law or regulation. Essentiwho were permitted to borrow would run ally, the problem is one of rationing, and into three kinds of difficulties: (1) it would involves many of the same sorts of difficreate inequities, (2) it would require placculties and problems that have attended such ing great power in the hands of the adminprograms in other areas. In a peacetime istrators, and (3) it would tend to undereconomy, there is no acceptable way of mine the flexible and progressive character administratively determining who is to be of our economy. This would make it alpermitted to borrow and who is to be formost certain that any broad system of adbidden. ministrative rationing of all types of credit Selective credit controls affecting the deacross the board would not be effective mand for credit have been used in certain under peacetime conditions, but rather areas where special considerations and conwould become a force for inflation. ditions made them desirable and workable, Even from the narrow point of view of and are now in use in one area, applying to its effect upon the level of interest rates, stock market credit. The earlier controls such a policy would be self-defeating. The over borrowing to buy houses and consumer greatest possible threat to the maintenance durable goods were similar in nature. In of reasonably low interest rates is inflation, each of these cases, however, there were and acceptance by the public of the idea special reasons for attempting to control the that continuing depreciation of the dollar particular type of credit involved and some is to be expected. The reason for this is rough guides as to what would be reasonable simple. If borrowers expect to repay their objectives of control. Further, control of debts with dollars that are worth less than this kind was made possible by the special those borrowed, they are willing to pay high character of the borrowing, namely, that it interest rates. If lenders expect to be rewas related to specific collateral and could paid in dollars of reduced purchasing power, be regulated (though imperfectly) by set- they will lend only at interest rates that are ting minimum down payments and maxi- correspondingly high. Such behavior has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IMPACT OF GENERAL CREDIT POLICY 151 been illustrated in the extremely high levels satisfactory; nor do we believe that Federal reached by interest rates in countries under- Reserve operations in the past have been going inflation. Continued inflation, even entirely successful. Therefore, we will welif not of extreme proportions, must tend to come a comprehensive study of our financause high interest rates. cial institutions and practices by a Congres- 5. Have you any general suggestions for sional committee or by a monetary comrevision of the present institutional arrange- mission and will cooperate in every possible ments in the field of money and banking, way with such a group. Meanwhile, we do which would facilitate the use of general not wish to propose suggestions for broad credit controls for economic stabilization? changes in institutional arrangements or We are not convinced that our present techniques of control in the area of money institutional arrangements are altogether and banking. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS A meeting of the Federal Open Market Com- A revised edition of the monthly Federal Reserve mittee was held in Washington on January 28, Chart Book on Financial and Business Statistics, 1957. containing all information available through Feb- A meeting of the Presidents of the Federal ruary 21 and with space for plotting through Reserve Banks was held in Washington on Jan- 1958, will be available in early March. Most uary 28-29, and on January 29 the Presidents charts show data beginning with 1950. For earlier met with the Board of Governors. data, subscribers can refer to the historical sup- APPOINTMENTS OF BRANCH DIRECTORS plement or to a recent issue of the preceding On February 1, 1957, the Board of Governors edition of the monthly Chart Book. announced the appointment of Mr. Gordon M. The annual subscription price for 12 issues of Cairns, of College Park, Maryland, as a director the Chart Book, including one issue of the supof the Baltimore Branch of the Federal Reserve plementary historical Chart Book, is $6.00. Single Bank of Richmond for the remainder of a term copies of monthly issues or the historical suppleexpiring December 31, 1959. Mr. Cairns is Dean ment may be purchased for 60 cents each; in of Agriculture at the University of Maryland, quantities of 10 or more copies of a single issue and succeeds Mr. Theodore E. Fletcher, agricul- for shipment to one address, there is a special turist, Easton, Maryland, whose term expired. price of 50 cents per copy. The Board of Governors also announced the appointment of Mr. Edward W. Carter, of Los ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Angeles, California, as a director of the Los An- The following State bank was admitted to memgeles Branch of the Federal Reserve Bank of San bership in the Federal Reserve System during the Francisco for the remainder of a term expiring period December 16, 1956 to January 15, 1957: December 31, 1957. Mr. Carter is President of Broadway-Hale Stores, Inc., Los Angeles, and Illinois succeeds Mr. Shannon Crandall, Jr., President of Elmhurst York State Bank the California Hardware Company, Los Angeles, who recently resigned as a director of the Los TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Angeles Branch. On February 7, 1957, the Board of Governors Latest BULLETIN Reference announced the appointment of Mr. Leonard K. Semiannually Issue Page Firestone, of Los Angeles, California, as a director Banking offices: of the Los Angeles Branch of the Federal Reserve Analysis of changes in number of.... Feb. 1957 212 On, and not on, Federal Reserve Par Bank of San Francisco for the remainder of a List, number of Feb. 1957 213 Stock Exchange firms, detailed debit and term expiring December 31, 1958. Mr. Firestone credit balances Sept. 1956 994 is President of the Firestone Tire and Rubber Annually Company of California, Los Angeles, California, Earnings and expenses: and a director of the Firestone Tire and Rubber Federal Reserve Banks Feb. 1957 210-211 Member banks: Company, Akron, Ohio. As a director of the Calendar year May 1956 510-518 First half of year Oct. 1956 1248 Los Angeles Branch of the Federal Reserve Bank Insured commercial banks May 1956 519 Banks and branches, number of, by class of San Francisco he succeeds Mr. Charles Detoy, and State Apr. 1956 398-399 Operating ratios, member banks June 1956 650-652 Partner, Coldwell, Banker and Company, Los Banking and monetary statistics, 1956.. Feb. 1957 214-220 Angeles, whose term expired. 152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 15 Industrial production in January was slightly the peak rates reached in December. Steel mill below the record level of December, construction output was also at record levels in January and activity was unchanged, and nonagricultural em- the first half of February. Activity at iron and ployment, incomes, and total retail sales remained steel foundries and in the nonferrous metal fabriat record levels. Prices of some basic com- cating industries, however, was at reduced levels. modities declined but the general level of whole- Total output of nondurable goods continued to sale prices rose further to mid-February. Bank show little change in January as some further credit was reduced, due mainly to seasonal influ- declines at textile and paperboard mills were apences, and interest rates declined. parently offset by increases in other lines. Mineral production was unchanged in January. INDUSTRIAL PRODUCTION Crude oil and natural gas output increased some- The Board's preliminary seasonally adjusted in- what further, but coal production was moderately dex of production at factories and mines was 146 below the level prevailing during most of last per cent of the 1947-49 average in January, as year. compared with 147 in December and 146 in CONSTRUCTION October and November. This level was about 2 per cent above the year-earlier period. Utility Value of new construction activity changed output of electricity and gas in January was 7 per little in January and was at a seasonally adjusted cent larger than a year earlier. annual rate of $44.8 billion. While most types of private construction declined, public construction Auto assemblies so far this year have been at rose further. Private housing starts, at a seasonan average rate of about 146,000 per week and ally adjusted annual rate of one million units, were in early February were about one-tenth above the slightly below the average in the fourth quarter same period last year. Television set output, howof 1956. In that quarter contracts awarded for ever, was curtailed considerably further in Januprivate residential and nonresidential construction ary and production of furniture and most other were down considerably from earlier in the year. major household goods was below last year's advanced levels. Activity in industries producing industrial equipment generally was maintained at EMPLOYMENT Seasonally adjusted employment in nonagricul- INDUSTRIAL PRODUCTION 1947-49=100 tural establishments was unchanged in January at a record level of 52.1 million. Employment gains in nonmanufacturing activities were offset by small MAN D U U F R A A C B T L U E RES decreases in a number of manufacturing industries. The average factory workweek declined more than seasonally and, with hourly earnings unchanged, weekly pay averaged $82.41, 2 per cent below the December peak. Unemployment increased seasonally and, at 2.9 million, was about NONDURABLE the same as a year ago. MANUFACTURES DISTRIBUTION Seasonally adjusted dollar volume of retail sales | ^ in January remained at the record level of December and was 5 per cent above a year ago. Federal Reserve indexes, seasonally adjusted, Monthly figures, latest shown are for January. Sales at department stores declined slightly in 153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 January, to 126 per cent of the 1947-49 average. processors, commodity dealers, trade concerns, Meanwhile sales of new and used autos and some and sales finance companies accounted for a other goods expanded. Dealer stocks of new autos large part of the decline in business loans. increased, but remained substantially below the Member bank borrowings from the Federal record level reached early last year. Reserve rose to an average of 610 million in late January and the first half of February and excess COMMODITY PRICES reserves declined to $380 million. Over the period, more reserves were absorbed through re- Wholesale commodity prices advanced further ductions in System holdings of Government securiin January and early February. Average prices of ties and in Reserve Bank float than were supplied industrial commodities continued to rise, reflectthrough declines in currency in circulation and in ing mainly increases in steel mill and petroleum required reserves. products. Iron ore and newsprint were also advanced. Meanwhile, steel scrap and copper scrap SECURITY MARKETS declined further, refined copper and brass were Yields on U. S. Government securities declined reduced, and there were decreases among cotton further from mid-January to mid-February. Yields textiles. Farm products and foods changed on Treasury bonds showed the most pronounced little following a rise in early January, and in changes, reaching the lowest levels since early mid-February averaged 5 per cent above a year October—around 3.20 per cent for the longest earlier. In early February, reduced Federal supterm bonds. The yield on three month Treasury port levels were announced for 1957 crops of bills fell to 3.00 per cent and for the first time cotton, oilseeds, and feed grains. since mid-November was not above the discount rate. Yields on corporate and State and local BANK CREDIT AND RESERVES government bonds also showed marked decreases Total loans and investments at city banks de- during the latter part of January and early Februclined $2.9 billion during January and early Feb- ary. Common stock prices declined sharply. ruary, reflecting chiefly decreases in business and During the first week of February the Treasury security loans and in holdings of U. S. Govern- offered new securities to refund nearly $11 billion ment securities. Seasonal repayments by food of certificates and notes and $13A billion of bills scheduled to mature between February 15 and RETAIL TRADE April 1. Cash redemptions on the maturing notes 1947-49-100 160 and certificates will amount to $880 million. TOTAL RETAIL SALES 150 LOANS AND INVESTMENTS — MIMBU BANKS IN HADING CITII* Billions of dollars 120 150 • I 1 !,,,,,,,,,,,> A no 100 Federal Reserve indexes, seasonally adjusted: retail sales based on Department of Commerce data. Monthly figures: latest shown for department store stocks is December, for other Federal Reserve data. Weekly figures, latest shown are for series, January. February 6. 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. 157 Reserve Bank discount rates; reserve requirements; margin requirements 160 Federal Reserve Banks 161 Bank debits; currency in circulation 164 All banks: consolidated statement of monetary system; deposits and currency. 166 All banks, by classes. . 167 Commercial banks, by classes. 170 Weekly reporting member banks. 172 Commercial loans; commercial paper and bankers' acceptances. 174 Interest rates. ... 175 Security prices; stock market credit. 176 Savings institutions. • 177 Federal business-type activities 178 Federal finance 180 Security issues 184 Business finance . 185 Real estate credit... 187 Short- and intermediate-term consumer credit. 190 Selected indexes on business activity 194 Production . 195 Employment and earnings 202 Department stores 204 Foreign trade .... 205 Wholesale and consumer prices.... 206 National product and income series. 208 Earnings and expenses of Federal Reserve Banks during 1956. 210 Changes in number of banking offices in the United States 212 Banking offices on Federal Reserve par list and not on par list 213 Banking and monetary statistics, 1956. . . 214 Tables published in BULLETIN, annually or semiannually—list, with references 152 Index to statistical tables. 247 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. 155 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages or daily figures, 1951- Billions of dollars 25 MEMBER BANK RESERVE BALANCES 15 T r— 1 EXCESS RESERVES 1 1 1 1 2 CURRENCY IN CIRCULATION TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 30 FEDERAL RESERVE CRIDIT U.S. GOVERNMENT SECURITIES: 20 1 HELD UNDER REPURCHASE AGREEMENTS 1 DISCOUNTS AND ADVANCES ^1 2 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are week ending January 30. See p. 157. 156 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 e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H r e g n h i p t e r d a i e u l e s e d e r e s 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 c e t u i a n u n u r n g r y c t - - d y - r c C t e c u i i n i u o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s - s- Tr u w e r a i y t s h - F F e . o i R g r . n - Ba O nk th s er c O F o a . t u c h R n - e t . r s Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1955 Dec. 7. 24,364 24,039 325 935 957 26,274 21,688 5,008 31,070 780 483 424 413 931 18,869 18,411 458 Dec. 14. 24,589 24,443 146 878 994411 26,428 21,689 5,007 31,244 786 337 446 372 989 18,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,746 27,101 21,689 5,008 31,364 772 401 469 336 010 19,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 012 19,487 18,804 683 1956 Jan. 24,785 24,391 394 584 1,53926,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 24,308 24,191 117 801 1,224422 2266,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 23,804 23,802 2 922 1,1_2_5. 25,872 21,692 5,008 30,632 786 360 417 321 92019,136 18,543 593 Jan. 23,517 23,517 815 1,1 2"8 25,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 23,416 23,414 999 814 25,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 23,423 23,423 822 840 25,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15. 23,349 23,349 976 832 25,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22. 23,389 23,333 56 622 1,333 25,360 21,694 5,011 30,210 794 557 362 366 ,02618,749 18,175 574 Feb. 29. 23,435 23,384 51 758 880 25,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7. 23,518 23,426 92 749 835 25,118 21,695 5,011 30,202 783 461 360 327 ,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 812 25,308 21,717 5,011 30,276 779 564 360 346 ,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,297 25,754 21,713 5,013 30,264 783 489 333 336 ,069 19,204 18,587 617 Mar. 28. 23,508 23,495 13 1,196 941 25,661 21,715 5,015 30,249 787 599 341 317 ,06919,028 18,455 573 Apr. 4. 23,634 23,587 47 986 1,022 25,658 21,716 5,017 30,321 784 560 347 444 ,07518,860 18,322 538 Apr. 11. 23,521 23,518 3 ,119 ',481 21,727 5,016 30,300 782 508 328 307 ,08218,917 18,284 633 Apr. 18. 23,399 23,377 22 ,109 ,.. ,497 21,741 5,018 30,290 785 531 347 313 ,08118,909 18,318 591 Apr. 25. 23,282 23,282 ,061 1,017 25,374 21,742 5,019 30,155 782 569 335 331 ,07818,884 18,344 540 May 2. 23,299 23,243 56 ,089 864 25,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9. 23,352 23,252 100 ,114 844 25,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16. 23,279 23,226 53 ,066 937 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 1,139 25,310 21,770 5,028 30,317 781 594 319 310 98018,809 18,275 534 May 30. 23,412 23,359 53 732 835 24,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6. 23,503 23,406 97 894 906 25,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13. 23,516 23,491 25 747 970 25,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20. 23,492 23,492 764 507 25,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27. 23,478 23,452 756 369 25,621 21,799 5,033 30,485 781 570 297 290 1,000 19,030 18,435 595 J J u u l l y y 1 4 1 . . 2 2 3 3, , 7 8 9 3 1 6 2 2 3 3 , , 7 8 4 2 8 6 6 88 4 0 4 1V,2_ 1"3_ 6 1. 9 2 2 5 5 , , 6 9 8 0 5 3 2 2 1 1 , , 8 8 0 2 6 6 5 5 , ,0 0 3 3 1 2 3 3 0 0 , , 7 9 6 2 5 3 7 7 7 7 3 0 4 4 9 3 3 7 2 3 9 0 8 9 2 2 9 9 8 0 9 9 9 9 3 0 1 1 8 9 , , 9 0 0 4 2 0 1 1 8 8, , 2 4 8 3 5 0 4 7 7 5 2 5 July 18. 23,490 23,487 849 1,412 25,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25. 23,408 23,408 573 1,393 25,393 21,828 5,032 30,632 773 556 288 267 99418,744 18,187 557 Aug. 1. 23,418 23,418 690 1,046 25,172 21,829 5,034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8. 23,418 23,418 917 829 25,182 21,855 5,035 30,633 769 530 319 284 94918,588 18,018 570 Aug. 15. 23,439 23,418 21 960 837 25,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22. 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 94419,117 18,464 653 Aug. 29. 23,622 23,592 30 935 829 "2"5,404 21,857 5,041 30,618 776 481 318 282 94418,883 18,375 508 Sept. 5. 23,849 23,818 31 796 787 25,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12. 23,858 23,829 29 1,012 045 25,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19. 23,691 23,673 18 654 489 25,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 21 705 394 25,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 95 810 1,06725,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10. 23,840 23,766 74 857 990 25,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17. 23,860 23,846 14 714 215 25,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. 23,736 23,736 564 547 25,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31. 23,708 23,668 40 674 062 25,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 1,084 25,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945 1,040 25,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 1,54326,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28. 24,202 24,110 92 631 1~514 26,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 1,26826,165 21,953 31,451 770 408 344 228 910 19,068 18,682 386 Dec. 12. 24,652 24,493 159 709 1,222266 "2,6633 21,924 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19. 24,785 24,489 296 555 1,83527,223 21,927 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26. 34,906 24,574 332 667 2,20827,842 21,949 5,066 31,992 765 635 393 258 1,02419,790 19,086 704 1957 Jan. 2.... 24,994 24,610 384 925 ,537 27,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9.... 24,688 24,601 87 535 ,539 26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 ,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300^18,770 Jan. 23. ... 23,811 23,811 347 ,446 25,636 21,951 5,067 30,827 798 199 324 268 89419,342*>18,761 Jan. 30.... 23,450 23,450 528 ,078 25,087 22,080 5,068 30,607 809 420 329 258 89318,918^18,587 Preliminary. For other footnotes see following page. 157 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 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 P d e o a ri r t o e d T U o . ta S l . G B r o o o i u v g u g t h t . - h t t sec r u a u c H e g r h n p i r e a t d e u i l s e e d e r e r s - - c v D o a a a n n u i d s c d n - - e ts s Float Total s G to o c ld k T r s o c e t u i r a u n n u e r n r g y c t a - - d y s - - r c C t e c u i i n i u o n l r c a n r - y - - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F e . e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e ir e r e - v d e 2 s Exment Averages of daily figures 1956 Jan 23,897 23,824 73 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 52 23,449 73 993 98725,517 21,711 5,013 30,256 783 532 349 350 ,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 ,06718,847 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 23,52f 23,486 36 770 1,20625,516 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 1,19825,111 21,880 5,043 30,803 772 523 356 237 94619,024 18,446 578 Oct 23,781 23,742 39 715 1,18225,698 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 24.765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 Dec 1957 24.092 24,056 36 432 1,34325,905 21,989 5,067 31,040 794 335 323 276 89619,295 Jan Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947_Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20.778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—June.... 23,607 23,554 53 128 85024,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 End of month 1956 Jan 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 1,02518,428 18,162 266 Mar 23,636 23,587 49 872 1,23825,761 21,716 5,020 30,339 777 534 354 623 1,06918,799 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 Sept 23,680 23,590 90 664 1,12525,487 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 1,33026,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 Dec 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957 Jan 23,421 23,421 668 1,07625,195 ^30,608 P812 715 344 263 89118,882 18,565 P317 Wednesday 1956 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 1,52326,287 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 14,454 24,365 89 570 1,09626,156 22,010 5,061 31,522 780 338 310 279 99918,999 18,691 308 Dec. 12 14,669 24,515 154 559 1,251 26,526 21,909 5,062 31,718 779 314 422 183 1,00119,081 18,767 314 Dec. 19 14.909 24,568 341 772 2,14727,883 21,931 5,065 31,890 787 770 405 167 1,02419,836 19,195 641 Dec. 26 14,940 24,610 330 650 1,51827,171 21,949 5,066 32,018 766 533 382 321 1,02519,140 19,014 126 1957 Jan. 2 24.819 24,610 209 370 1,49726,745 21,949 5,066 31,700 785 377 291 322 90019,386 19,164 222 Jan. 9 24,569 24,569 346 1,18926,144 21,950 5,066 31,270 786 363 327 282 89919,233 18,848 385 Jan. 16 24,142 24,142 264 1,37325,812 21,950 5,066 30,942 797 286 326 291 89619,290 '18,826 P464 Jan. 23 23,571 23,571 358 1,31925,278 21,951 5,067 30,684 810 259 318 259 89319,072 '18,684 *388 Jan. 30 23,428 23,428 678 93125,068 22,251 5,069 30,567 816 614 348 261 89318,889 '18,591 P298 p Preliminary. separately in this table, but are given for end-of-month and Wednesday i Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 159 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.l In millions of dollars] Central reserve Central reserve 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 r n t e v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e l m r k l s - Ne c w ity ban C ks hi- b s c a R e i r n t e v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1955—Dec 19,240 4,432 1 166 7,924 5,716 1955—Dec 594 35 2 60 497 1956—Jan. 19,138 4,293 1 178 7 934 5,732 1956—Jan 552 -24 -1 72 505 Feb 18 709 4 196 1 138 7 753 5 623 Feb . . .. 533 11 3 66 452 Mar 18 924 4 372 1 137 7 796 5 619 Mar 585 28 2 84 470 Apr... 18,847 4,287 1,105 7,814 5,641 Apr 527 — 12 — 1 64 476 May 18,735 4,264 1,119 7,775 5,577 May 467 10 2 49 406 June 18,933 4 354 1,133 7,784 5,662 June 575 13 4 78 479 July 18,836 4,237 1,129 7,796 5,675 July 599 12 3 89 496 18,783 4,236 1,130 7,783 5,633 559 10 1 79 469 Sept 19 024 4 288 [ 120 7 885 5 732 Sent 579 80 498 Oct 18 939 4 222 1 111 7*869 5 736 Oct 520 8 4 52 456 Nov 19 169 4 244 I 122 7 960 5 843 Nov 590 13 3 83 491 Dec 19,535 4,448 [,149 8,078 5,859 Dec 651 57 12 96 488 Week ending: Week ending: 1956—Dec 19 19,535 4,434 ,134 8,068 5,898 1956—Dec. 19 613 12 -2 73 530 Dec. 26 19,790 4,465 ,162 8,156 6,007 Dec. 26 704 21 6 86 591 1957— J J a a n n . 2 9 . 1 1 9 9 ,8 7 5 0 6 1 4 4 ,6 3 2 9 7 9 I ,1 1 9 4 3 9 8 8 , 1 1 9 2 9 1 5 6 ,8 0 3 3 7 2 1957_ J ja a n n . 2 9 . ... 7 72 4 9 5 13 1 7 1 25 5 1 1 3 0 0 4 4 6 5 0 3 9 Jan. 16 19,300 4,301 1,126 8,038 5,836 Jan. 16 *>531 7 1 80 M43 Jan. 23 19 342 4 310 I 118 7 992 5,922 Jan. 23 *>581 2 2 66 P511 Jan. 30. . 18,918 4,284 ,114 7,875 5,646 Jan 30 P33O 9 49 P212 Required reserves:2 Borrowings at Federal Reserve Banks: 1955—Dec....... 18,646 4,397 1,164 7,865 5,220 1955—Dec 839 197 85 398 159 1956—Jan 18,586 4,317 ,179 7,863 5,227 Feb..... 18 177 4 186 134 7 687 5 170 1956—Jan 807 174 82 425 126 Mar 18 340 4 344 135 7 712 5 149 Feb. 799 149 106 402 142 Apr. 18 320 4*299 106 7 750 5 165 Mar 993 202 258 382 151 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 ,127 7,707 5,179 June 769 46 115 434 174 18,224 4,227 ,129 7,704 5,164 July 738 119 50 433 136 Sept. 18,446 4 288 120 7 805 5 234 898 168 74 461 195 Oct 18,419 4,214 1,107 7,817 5,281 Sept 792 204 93 377 118 Nov 18,579 4,231 119 7 877 5,352 Oct 715 200 118 299 98 Dec 18,883 4,392 ,138 7 983 5,371 Nov 744 226 143 276 99 Dec... . 688 147 97 300 144 Week ending: 1956—Dec. 19 18,922 4,423 ,136 7,995 5,368 Week ending: Dec. 26.... 19,086 4,444 ,156 8,070 5,416 1956—Dec. 19 527 79 78 206 164 Dec. 26 641 165 88 224 164 1957—Jan. 2 19,110 4,490 ,168 8,068 5,384 Jan. 9......... 18 971 4 388 144 8 017 5 423 1957_jan. 2 900 259 122 446 73 Jan 16 ^18,770 4,294 ,125 7,959 *>5,392 Jan 9 505 83 99 239 84 Jan. 2^ H8 761 4 308 116 7 926 v5 411 Jan. 16 323 20 185 118 Jan. 30 H8^587 4,274 in 7,826 »5,374 Jan. 23 322 16 29 185 92 Jan. 30 502 21 17 315 149 December 1955 Free reserves2 * Deposits: 1955—Dec. -245 -162 -83 -338 338 Gross demand deposits: 1956—Jan —255 -198 -83 -353 379 Total 117,558 24,062 6,222 46,097 41,176 Feb -266 -138 -103 -336 310 Interbank 12 951 4 070 1 196 6 363 1 322 Mar —408 — 174 —256 -298 319 Other 104,607 19,993 5,027 39 734 39 854 Apr -533 -167 -262 -429 325 Net demand deposits3. .. 101,264 21,130 5,491 39,162 35,481 May —504 -88 -153 -468 205 Time deposits 40,288 3,420 1,321 16,307 19,241 — 194 -33 -111 -356 305 Demand balances due July — 139 — 108 -48 — 344 360 from domestic banks... 6,452 81 110 2,048 4,212 Aug — 339 -158 -73 -382 274 Sept -213 -204 -93 -297 380 Oct — 195 — 192 — 114 -246 358 December 1956 Nov — 154 -214 -140 -193 393 Dec -37 -90 -85 204 344 Gross demand deposits: Week ending: Total 120 004 24 306 6 152 47 100 42 446 1956—Dec 19 86 — 67 — 80 — 133 366 Interbank 13,605 4,354 1,242 6,628 1,381 Dec 26 63 — 144 — 82 -138 427 Other 106,399 19,952 4,909 40,472 41,065 Net demand deposits3 ... 102,503 21,116 5,362 39,644 36,381 1957_jan. 2 -155 -122 -97 -316 380 41,716 3,374 1,310 16,931 20,101 Jan. 9 224 -72 -94 -135 525 Demand balances due Jan. 16 *208 7 -19 -105 *>325 from domestic banks... 6,707 67 107 2,110 4,424 Jan. 23 ?259 -14 -27 119 P419 Jan. 30 p-172 -12 -17 -266 v Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand i 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. * 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

160 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. Federa. 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 Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning— rate Boston Aug. 28, 1956 Aug.28, 1956 Aug.28, 1956 New York... Aug. 24, 1956 Aug.24, 1956 Aug.24, 1956 Philadelphia.. Aug. 24, 1956 Aug.24, 1956 38 Apr. 13, 1956 Cleveland Aug. 27, 1956 Aug.27, 1956 Aug.27, 1956 Richmond... Aug. 24, 1956 Aug.24, 1956 4 Aug.24, 1956 Atlanta Aug. 28, 1956 Aug.28, 1956 3% 4 Aug.28, 1956 Chicago Aug. 24, 1956 Aug.24, 1956 38 4 Aug.24, 1956 St. Louis Aug. 28, 1956 Aug.28, 1956 3* 4 Aug.28, 1956 Minneapolis.. Apr. 13, 1956 Apr. 13, 1956 414 Apr. 13, 1956 Kansas City.. Aug. 31, 1956 Aug.31, 1956 Aug.31, 1956 Dallas Aug. 28, 1956 Aug.28, 1956 3i4 4 Aug.28, 1956 San Francisco Apr. 13, 1956 Apr. 13, 1956 4 Apr. 13, 1956 1 Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930—Feb. 7 4 1942—Oct. 30 j* Central J D M M u e a n a c y r e . . 2 2 1 2 4 0 4 ¥ 3% 1 1 1 9 9 9 5 4 4 0 6 8 — — __ A A A ja u u p n g g r . . . . 2 2 1 1 5 1 3 2 1J4 Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s - 1931—May 8 1953—Jan. 16 2 4 banks Oct. 9 1954_Feb. 5 134 Oct. 16 Apr. 16 1932— J F u e n b e . 2 2 4 6 2% 1955— A A u p g r. . 1 5 5 •8 1917_june 21 13 10 7 3 3 1933— A M M p a a r y r . . 2 7 6 3 3 f* * 1956— N S A e o p p v r t . . . 1 1 9 8 3 2J4 1 1 9 9 3 3 6 7 — — M A M u a a g y r. . 1 1 1 6 8 191 * /i 15 l 1 1 O 2 4 V 1^ i 4 5 6 1 % /4 38 1 19 9 3 3 4 7 — — O A Fe c u b t g . . . 2 2 0 7 2 1* In effec A t u F g e . b 2 . 4 1, 1957 3 3 4 1938—Apr. 16 2234 17Vi 12 5 6 5 1941—Nov. 1 26 20 14 6 1 Under Sees. 13 and 13a, as described in table above. 1942— S A e u p g t . . 2 1 0 4 2 2 2 4 6 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 16 71/2 7Vi 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 15 7 7 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1 * . 20 14 6 6 Aug. 1,11*.... 19Vi 13 5 Aug. 16, 18*.... 19 12 5 Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July 1,9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16, 24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect Feb. 1, 1957... 20 18 12 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities.. > 50 60 70 quirements : For short sales v\ 50 60 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13, ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were * First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 161 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Jan. 30 Jan. 23 Jan. 16 Jan. 9 Jan. 2 Jan. Dec. Jan. Assets Gold certificates account 20,689,393 20,389,39320,389,392 20,389,39320,374,39120,689,392 20,374,39320,151,352 Redemption fund for F. R. notes., 872,146 875,627 879,951 879,951 894,950 872,146 894,951 859,120 Total gold certificate reserves. 21,561,539 21,265,020 21,269,343 21,269,344 21,269,34121,561,53821,269,344 21,010,472 F. R. notes of other Banks 554,216 564,296 539,031 475,370 379,133 549,496 350,598 377,208 Other cash 485,149 461,403 430,751 379,265 308,549 486,821 306,196 460,007 Discounts and advances: For member banks 652,854 332,915 238,730 316,093 345,444 642,554 25,027 852,236 For nonmember banks, etc 25,000 25,000 25,000 30,000 25,000 25,000 25,000 Industrial loans 825 785 819 794 793 822 794 692 Acceptances—Bought outright 29,848 29,829 32,775 34,550 34,554 30,089 33,541 17,562 Held under repurchase agreement. 4,834 23,734 35,222 U. S. Government securities: Bought outright: Bills 539,535 682,475 1,253,345 1,680,570 1,721,270 532,335 1,721,270 577,500 Certificates—Special Other 10,932,69910,932,69910,932,69910,932,69910;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; 9,153,91314,165,913 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 23,427,897 23,570,837 24,141,707 24,568,932 24,609,632 23,420,697 24,609,632 23,465,862 Held under repurchase agreement 209,000 305,100 Total U. S. Government securities. 23,427,897 23,570,837 24,141,707 24,568,932 24,818,632 23,420,697 24,914,732 23,465,862 Total loans and securities. 24,136,424 23,959,366 24,439,03124,955,20325,248,157 24,119,162 25,034,316 24,336,352 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 4,828,511 ,207,533 5,830,664 ,779,996 ,818,830 4,755 ,623,921 ,169,266 Bank premises 74,305 74,404 73,769 73,432 73,355 74 73,361 62,022 Other assets 303,615 292,158 281,508 269,105 255,839 305 252,054 199,670 Total assets. 51,943,78151,824,202 52,864,119 52,201,737 53,353,226 51,852,50152,909,812 50,615,019 Liabilities Federal Reserve notes 26,664,123 26,767,350 26,961,249 27,164,937 27,427,168 26,697,938 27,475,657 26,170,046 Deposits: Member bank reserves 18,889,37519,072, 19,289,86919,232,84819,385,55318,881,74019,05879018,749,546 U. S. Treasurer—general account. 613,693 258! 285,862 363,065 376,884 714,617 441,243 427,569 Foreign 347,900 317; 326,096 327,376 290,656 343,619 322294 355,399 Other 260,681 258 291,420 281,521 321,816 263,439 426,325 348,930 Total deposits. 20,111,64919,907,881 20,193,247 20,204,810 20,374,909 20,203,41520,248,65219,881,444 Deferred availability cash items , 3,897,391 3,888 4,458,086 3,590,741 4,321,734 ,680,388 3,959,006 3,383,309 Other liabilities and accrued dividends1. 15,749 is; 17,332 17,557 16,978 14,248 ,279 12,627 Total liabilities. 50,688,912 50,579,623 51,629,914 50,978,04552,140,789 50,595,989 51,700,594 49,447,426 Capital Accounts Capital paid in 327,611 327,111 326,782 326,506 325,758 327,649 325,602 305,330 Surplus (Section 7) 747,593 747,593 747,593 747,593 747,593 747,593 747,593 693,612 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 152,122 142,332 132,287 122,050 111,543 153,727 108,480 141,108 Total liabilities and capital accounts 51,943,78151,824,202 52,864,119 52,201,737 53,353,226 51,852,50152,909,812 50,615,019 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.1 45.6 45.1 44.9 44.5 46.0 44.6 45.6 Contingent liability on acceptances purchased for foreign correspondents 61,429 59,410 56,136 53,601 50,257 62,493 50,055 32,412 Industrial loan commitments 2,322 2,362 2,351 2,364 2,366 2,315 2,365 2,470 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 677,854 357,915 263,730 346,093 370,444 667,554 50,027 852,236 Within 15 days 632,792 330,094 232,603 319,066 344,317 638;941 24,130 844,915 16 days to 90 days 20,062 2,821 6,127 2,027 1,127 2I:613 897 7,321 91 days to 1 year 25,000 25,000 25,000 25,000 25,000 000 25,000 Industrial loans—total 825 785 819 794 793 822 794 692 Within 15 days 36 35 35 13 13 36 13 1 16 days to 90 days 63 63 62 61 60 62 61 14 91 days to 1 year 476 437 472 460 460 474 460 586 Over 1 year to 5 years 250 250 250 260 260 250 260 91 Acceptances—total 29,848 29,829 32,775 39,384 58,288 30089 68,763 17,562 Within 15 days 6,529 9,284 11,267 13,368 31,788 7 386 42,232 6,325 16 days to 90 days 23,319 20,545 21,508 26,016 26,500 22703 26,531 11,237 U. S. Government securities—total 23,427,897 23,570,837 24,141,707 24,568,932 24,818,663322 23,420697 24,914,732 23,,465,862 Within 15 days 116,310 167,740 288,420 451,850 715,550 5,187710 599,150 203,600 16 days to 90 days 5,935,225 6,026,735 6,476,925 740,720 726,720 856625 439,220 385,900 91 days to 1 year 14,574,61214,574,61214,574,61214,574,61214574,61214,574 15,074,612 860,764 Over 1 year to 5 years 373,279 373,279 373,279 373,279 373,279 373 373,279 587,127 Over 5 years to 10 years ,013,614 ,013,614 ,013,614 ,013,614 013,614 1,013 ,013,614 013,614 Over 10 years ,414,857 ,414,857 ,414,857 ,414,857 414,857 1,414 ,414,857 414,857 1 No accrued dividends at end-of-December. 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

162 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1957 [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 i L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S c r i a s a n c n - o Assets Gold certificate account , 969,219 5,669,6951,012,4041,846,6891,335,509 835,107 3,756,457 817,265 339,893 852,627 735,610 2,518,917 Redemption fund for F. R. notes 56,603 182,074 62,332 77,177 68,773 50,845 160,318 43,617 22,889 41,464 26,072 79,982 Total gold certificate reserves 1,025,822 5,851,769 [,074,7361,923,866 [,404,282 885,952 3,916,775 860.882 362,782 894,091 761,6822,598,899 F. R. notes of other Banks.. 42,755 88,046 52,873 48,152 43,948 87,140 54,525 11,525 21,665 9,771 42,936 46,160 Other cash 37,010 111,573 28,143 39,365 29,317 38,692 74,252 25,711 11,653 16,646 19,680 54,779 Discounts and advances: Secured by U. S. Govt. securities 37,230 130,785 93,455 33,625 52,645 66,422 46,438 44,935 38,605 51,764 18,450 28,200 Other 1,450 7,025 1,750 2,250 1,275 1,125 3,550 925 600 950 1,300 2,800 Industrial loans 335 446 41 Acceptances: Bought outright 30,089 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,287,342 5,894,4741,407,373 2,025,7261,441,9891,204,269 4,086,256 977,814 529,0031,014,819 930,832 2,620,800 Held under repurchase agreement Total loans and securities ,326,357 6,062,3731,503,024 2,061,601,495,9091,271,816 4,136,2441,023,674 568,249| 1,067,533 950,582 2,651,800 Due from foreign banks 16 2 2 1 1 3 1 1 I 1 2 Uncollected cash items 346,128 849,390 305,651 478,900 377,142 379,292 808,416 204,913 111,361 237,258 230,097 427,360 Bank premises 5,327 9,470 4,759 7,771 7,191 5,235 5,862 4,556 4,808 4,421 4,164 10,699 Other assets 16,432 75,247 18,002 26,477 18,634 15,691 55,251 12,574 6,843 13,054 12,681 34,405 Total assets 2,799,83213,047,874 2,987,190 4,586,134 3,376,424 2,683,819 9,051,328 2,143,8361,087,3622,242,7752,021,823 5,824,104 Liabilities F. R. notes ,573,385 6,235,015 ,710,970 2,531,529 2,113,8841,317,774 5,149,260 ,183,283 487,40711,054,984 696,082 2,644,365 Deposits: Member bank reserves 767,881 5,425,428 896,286 ,497,119 818,869 910,6552,996,796 691,902 428,958 887,5971,012,266 2,547,983 U. S. Treasurer—general account 62,193 128,590 44,554 52,819 43,646 63,902 87,353 41,189 40,405 49,022 47,135 53,809 Foreign 19,488 2102,010 23,520 30,240 17,136 15,120 47,712 12,432 8,064 12,768 17,472 37,657 Other 438 197,472 10,771 1,286 3,301 1,519 1,016 759 783 2,072 2,922 41,100 Total deposits 850,000 5,853,500 975,131 ,581,464 882,952 991,196 3,132,877 746,282 478,210 951,4591,079,7952,680,549 Deferred availability cash items. 301,748 611,474 212,028 358,734 312,702 315,849 587,032 164,876 89,264 185,968 181,525 359,188 Other liabilities and accrued dividends 667 3,713 735 1,720 621 586 2,793 445 473 516 375 1,604 Total liabilities 2,725,80012,703,702 2,898,864 4,473,447 3,310,159 2,625,405 8,871,962 2,094,8861,055,3542,192,9271,957,777 5,685,706 Capital Accounts Capital paid in 16,935 94,247 20,714 31,416 15,005 15,775 44,803 11,177 7,213 13,146 18,094 39,124 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 1,137 1,307 2,140 Other capital accounts. 10,138 34,604 10,822 13,872 10,317 8,698 22,713 7,921 5,202 7,582 7,137 14,721 Total liabilities and capital accounts 2,799,83213,047,874 2,987,190 4,586,134 3,376,424 2,683,819 9,051,328 2,143,8361,087,362 2,242,775 2,021,8235,824,104 Reserve ratio 42.3% 48.4% 40.0% 46.8% 46.9% 38.4% 47.3% 44.6% 37.6% 44.6% 42.9? 48.8% Contingent liability on acceptances purchased for foreign correspondents 3,561 318,347 4,298 5,526 3,131 2,763 8,719 2,272 1,473 2,333 3,193 6,877 Industrial loan commitments.. 9 78 100 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $44,146,000 participations of other Federal Reserve 2 After deducting $241,584,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 163 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Jan.30 Jan. 23 Jan. 16 Jan. 9 Jan.2 Jan Dec Jan. F R notes outstanding (issued to Bank) 28,066,36928,194,12028,295 85028,390,99328,516,04028,037,67728,532, 52727,518, 792 Collateral held against notes outstanding: Gold certificate account 11,868 000 Uj 868,000 11,918 00011,918,000 11,618 00011,868,000 11,618.00011,713,000 Eligible paper 173,459 76,711 50 392 80,101 54,137 190,154 7,722 179,793 17,305,00017,305,000 17,305 00017,305,000 17,605,00017,305 00017 60500017,025 000 Total collateral 29,346,45929,249,71129,273 392 29,303,10129,277,13729,363,15429,230 722 28,917, 793 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,651,966 6,555,563 1,828,5062,625,805 2,206,030 1,405,7355,312,240 1,238,065546,230 1,082,214 752,290 2,833,033 Collateral held: Gold certificate acct. 580,0003,170,000 640,000 ,130,000 915,000 450,000 2,300,000 450,000 150,000 300,000 28 3,000 1,500,000 Eligible paper 93,455 44,935 51,764 U. S. Govt. securities. 1,200,000 3,600,000 1,200,000 ,550,000 1,350,0001,000,000 3,200,000 900,000 460,000 820,000 525,000 ,500,000 Total collateral 1,780,000 6,770,0001,933,455 2,680,0002,265,000 1,450,0005,500,000 ,394,935610,000 1,171,764 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r p ap t - p o p l i r c d o A a a v t t m i e e o d o n u s nt (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 o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( s in a P p f t t a u m g a a o f n t t r i u i o i i n t d o n o i t u a i - c n s n n n n i t s s - c i g t - ) - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n i t z s m e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a a o u 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 e a i r a o o t b n a n i w u g o g l t d n e s u e n r i t e a r n a t s 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 l: ,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 $,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 ,027 1954 1,367 2,500 472 368 273 1955.... 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 Jan,. , 3,778 827,159 45 693 2,470 ,154 Jan 1,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 ,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 ,128 Apr 1,432 2,657 335 250 180 M*ay!!!! 3,780 829,485 45 933 2,571 ,288 May 1,435 2,663 340 256 175 June.... 3,780 830,116 904 2,565 1,287 June 1,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 1,262 July 1,445 2,724 364 273 176 Aug.... 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 ,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 ,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec 1,468 2,761 389 289 125 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

164 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect January 31. Per cent per annum] [In effect January 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 Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta r g a e n te o e f d in ( b p t y e e r r e c b s e o t n r t r p a o a g w y e a e b o r) l f e any f e b c e o o r m c r h o m a w r i g t e m e r d ent Bank On On On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 .. 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston , Over 95 40-50 40-50 New York..., Philadelphia.. () C R l i e c v h e m la o n n d d 8 Maximum Rates Fin [ a P n e c r i n c g e n I t n p st e i r t u a ti n o n n u m M ] ay Charge Borrower Atlanta Chicago St. Louis.... 3-3%" Interest rate M Ka i n n s n a e s a p C o i l t i y s . . . . 8 () Commitment rate. Dallas 8 (4) San Francisco 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 l/i per cent per annum is made on undisbursed portion. 7 Charge of X/A 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 centersl centers2 City centers' 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 45.8 28.8 21.8 1955_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. 185,223 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 29.9 23.3 45.8 28.6 22.1 1957—Jan.. 204,293 76,460 42,596 85,237 48.3 P29.9 J'22.5 48.1 *22.3 » Preliminary. 2 338 centers prior to April 1955. i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 165 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 1,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 4 11 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,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 ,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 ,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 ,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 Feb., 30,163 21,227 ,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 Mar. 30,339 21,419 ,914 1,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 Apr. 30,210 21,320 ,922 1,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 May 30,513 21,621 ,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 ,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 ,957 1,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 3 Aug. 30,757 21,838 1,967 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 Sept. 30,768 21,834 1,977 1,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct.. 30,839 21,877 1,995 1,296 74 2,080 6,538 9,893 8,962 2,679 5,572 291 409 3 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 Dec. 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held by Kind of currency T s D o ta e t 1 n a c 9 l d . 5 i 3 o 6 n 1 u g , t , - A g s a o s g s l i e d a lv c in u e a s r r n i t d ty Tr c e a a s s h ury B F F a a . n o n R d r k . s B a F g a a . e n n n R d k t . s s De 1 c 9 . 5 3 6 1, No 1 v 9 . 5 6 30, De 1 c 9 . 5 3 5 1, certificates agents Gold 21,949 21,302 2 647 Gold certificates 21 302 18,454 2,816 33 33 34 Federal Reserve notes. . 28,533 87 1,407 27,038 26,701 26,506 Treasury currency—total 5,066 3 2,412 40 306 4,720 4,690 4,618 Standard silver dollars 489 203 33 5 247 245 231 Silver bullion .. . . . 2,209 2,209 S S i u lv b e si r d c ia e r r y ti f s ic il a v t e e r s c a o n i d n . T rea . sury note . s . . of 1890.... 32 1 , 4 3 1 4 2 1 2." 23 3 8 0 2 1 , , 1 30 7 9 4 2 1 , , 1 30 5 3 3 2 1 , , 1 24 5 6 6 Minor coin 476 1 4 471 468 449 United States notes . . 347 3 27 316 317 314 Federal Reserve Bank notes 142 1 1 140 141 155 National Bank notes 63 (4) (4) 63 63 66 Total Dec 31 1956 (5) 23,714 775 18,454 4,529 31,790 Nov. 30, 1956 (5) 23,680 763 18,412 4,479 31,424 Dec 31 1955 (5) 23,462 767 18,194 4,569 31,158 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. 158. 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

166 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n m c d ia - l R Fe e d se e r r v a e l Othe* O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—June 30. 21,678 5,002 209,872 91,349 97,572 71.947 23,607 2,018 20,951 236,552 217,595 18,956 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 i.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* 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 Dec. 26* 21,900 5,100 223,400 110,100 92,900 66,300 24,900 1,700 20,400 250,400 229,800 20,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 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 F B . 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 s v n t i i k i t u n s s a g 2 l 3 s S S i P ia y o v s s i t n e ta g m l s p m o D d s a 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 r u 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 2,547 101,508 27,494 124,700 97,800 26,900 1953—Dec. 31.. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,500 27,200 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,800 26,900 1955—June 30.. 3.247 812 5,418 380 207,738 77,129 47,846 27,277 2,007 103,234 27,375 131,900 104,900 27,000 Dec. 31.. 3,167 767 4.038 394 216,577 78.378 48,359 28,129 1,890 109,914 28.285 133,300 105,800 27,500 1956—Jan. 25.. 3,100 800 2,300 500 214,400 78,400 48,300 28,300 ,900108,900 27,100 133,300 106,000 277,300 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 ,800104,200 27,400 133,200 105,700 277,500 June 30., 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,700 277,600 July 25? 3,100 800 3,600 600 213,300 80,700 49,700 29,200 ,700105,200 27,400 134,300 106,800 277,500 Aug. 29*, 3,100 800 5.800 500 212,800 80,900 49,900 29,300 ,700104,500 27,500 133,600 106,100 277,500 Sept. 26*, 3,200 800 5,400 600 214,100 81,300 50,100 29,500 ,700105,400 27,400 134,100 106,700 277,400 Oct. 31* 3,100 800 3,800 500 216,600 81,500 50,200 29,600 700 107,400 27,700 133,600 106,100 277,500 Nov. 28*, 3,400 800 5,200 500 217,100 80,900 49,600 29,600 ,700108,200 28,000 134,300 106,700 277,600 Dec. 26^, 3,400 800 4,200 500 220,900 81,900 50,300 30,000 ,600110,700 28,400 134,500 106,600 277,900 P Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24^-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. lJ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 167 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 bl q . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d i t a - e a l s l Total 2 b In an te k r - 2 Dema O nd ther c c T 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 r ks tions ac- Time counts3 U.S. Govt. Other 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. 3H 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 4,176116,617 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 5,081113,034 75,491 17,663 14,309 Dec. 31 190,778800 1^0000,057 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* 190,886600 110055,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290114,140 79,260 18,840 14,204 Aug. 29» 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 5.460113,050 79,550 18,960 14,207 Sept. 26* 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110 115,140 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 19,260 14,194 Nov. 28* 195,750109,230 66,080 20,440 43,140 242,940 217,930 15,360 4,930 118,070 79,570 19,380 14,186 Dec. 26^ 197,620111,020 66,250 20,350 45,400 247,060 222,090 16,060 3,890121,550 80,590 19,360 14,174 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 2,806 101,917 36,503 11,590 14,121 1954—Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 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 5,078 112,983 48,214 14,906 13,781 Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709 123,187 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 5,450113,520 49,320 15,820 13,691 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232 115,824 50,030 15,927 13,679 July 25* 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290114,110 50,020 15,940 13,677 Aug. 29* 161,030 87,470 57,170 16,390 39,730 204,090 183.150 14,460 5,460 113,020 50,210 16,040 13,680 Sept. 26? 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 42,360 208,430 186,990 15.380 3,480117,560 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 Dec. 26* 165,690 91,240 58,300 16,150 44,470 213,760 192,060 16,060 3,890121,520 50,590 16,420 13,647 AH 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 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. 26 136,154 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 3,168 100,088 40,591 13,654 6,483 Nov. 28* 137,613 77,296 47,143 13,174 37,271 178,043 159,593 14,617 4,401 100,452 40,123 13.706 6,476 Dec. 26* 139,409 78,879 47,460 13,070 39,176 181,767 163,134 15,302 3,501 103,653 40,678 13,717 6,465 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 ,026 29,276 26,359 26,302 2,694 527 1955_j D U e n c e . 3 3 0 1 2 2 8 9 , , 9 89 9 8 0 1 17 6 , , 4 1 5 7 6 2 8 8 , , 6 4 7 6 5 0 4 3 , , 1 9 4 8 2 2 9 96 8 5 9 3 31 0 , , 2 3 7 8 4 2 2 2 8 7 , , 1 3 8 3 7 4 2 28 7 , , 1 2 2 7 9 7 2 2 , , 7 8 5 1 7 2 5 5 2 2 8 7 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 25* 31,280 18,820 8,300 4,160 850 32,570 29,270 8 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 8 29,490 2,930 527 Oct. 31* 31,690 19,440 8,060 4,190 800 , 32,940 29,580 () 29,550 2,930 527 N De o c v . . 2 26 8 ^ * 3 3 1 1 , , 8 9 1 3 0 0 1 1 9 9 , , 6 7 5 8 0 0 7 7 , , 9 9 8 5 0 0 4 4 , , 1 2 8 0 0 0 7 9 8 3 0 0 3 3 3 3 , , 0 3 6 0 0 0 2 3 9 0 , , 6 0 3 3 0 0 (5) (5) 2 3 9 0 , . 6 0 0 0 0 0 2 2 , , 9 9 6 4 0 0 5 5 2 2 7 7 * Preliminary. c Corrected. asset and liability data are not available. Comparability of figures for i 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 a b l a l n n k o n in m e A m la b s e k r a c t o h m at m b e e rc c i a a m l e b a a n k m s e m an b d e r a l b l a m nk e m o b n e r A b p a r. n k 1 s 5 , i n 1 c 9 lu 5 d 4 i , n a g n d o n a e and 2 B in e d g i i v n i n d i u n a g l b Ju an ne k s, 3 a 0 n , d 1 b 9 y 42 m , e e r x g c e l r u s d , e e s t c r . eciprocal 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

168 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i— Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g t . a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total2 b In a t n e k r- 2 Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions rities ac- Time counts3 U. S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 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 4,941 1,049 18,103 2,295 2,798 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 July 25*> 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29*> 23,220 15,326 5,935 1,959 6,938 30,972 26,535 5,017 1,314 17,822 2,382 2,825 18 Sept. 26 23,422 15,804 5,650 1,968 7,196 31,457 26,703 5,105 993 18,201 2,405 2,815 18 Oct. 31P 23,148 15,758 5,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 18 D N e o c v . . 2 2 6 8 P P 2 2 3 4 , , 3 2 1 3 8 8 1 16 6 , , 5 0 3 1 7 4 5 5 , , 5 9 6 5 8 9 1 1 , , 7 74 3 2 6 7 7 , , 0 7 4 5 4 4 3 3 1 2 , , 2 9 5 2 7 7 2 28 6 , , 0 7 3 5 5 7 5 5 , ,5 2 0 7 9 0 8 7 7 5 1 3 1 19 8 , , 3 3 3 2 1 2 2 2 , , 2 4 9 4 4 2 2 2 , , 8 8 5 8 2 0 1 1 8 8 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1954_Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—June 30 6,288 2,846 2,742 699 1,763 8,102 7,431 1,180 343 4,606 1,303 612 13 Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 1,094 344 4,613 1,283 636 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 July 25P 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 Aug. 29? 6,325 541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 1,287 641 13 Sept. 26 6,251 3,571 2,061 618 1,929 8,233 7,302 1,215 312 4,488 1,287 646 14 Oct. 31P 6,320 2,077 612 1,947 8,327 7,350 1,253 187 4,625 1,285 654 14 Nov. 28P 6,319 2,082 604 1,954 8,329 7,402 1,224 182 4,707 1,289 654 14 Dec. 26*> 6,432 3,760 2,080 592 2,039 8,520 7,589 1,277 193 4,802 1,317 654 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1954—Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4,492 297 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 16,164 4,641 292 1956—May 30 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 June 30 52,071 30,122 17,051 4,898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 July 25*> 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 Aug. 29*> 52,515 30,645 17,057 4,813 14,308 67,999 61,105 6,332 1,780 36,530 16,463 4,951 290 Sept. 26 52,875 30,951 17,048 4,876 15,270 69,300 62,481 6,766 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 6,819 1,222 37,814 16,613 5,032 289 Nov. 28P 53,389 31,391 17,152 4,846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 5,066 289 Dec. 26*> 54,076 32,098 17,220 4,758 16,218 71,518 64,553 7,087 1,286 39,473 16,707 5,070 290 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955—June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 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 25i> 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 fl,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6,170 Sept. 26 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 67,754 61,885 1,354 1,017 39,196 20,318 5,124 6,162 Nov. 28P 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 Dec. 26*> 54,663 26,484 22,201 5,978 13,165 68,802 62,957 1,429 1,269 40,047 20,212 5,113 6,143 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 169 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* b In a t n e k r - 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e f m k r s counts3 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 '13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34 292 157,544 147,775 13 883 23 740 80,276 29 876 8 671 13,297 1947 Dec 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955 june 30 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 13,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 National member banks: 1941 Dec 31 ... ... 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69 312 13,925 51,250 4,137 20 114 90,220 84 939 9,229 14 013 45,473 16 224 4 644 5,017 1947 Dec 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1954—Dec 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955_june 30 83,315 39,424 34,673 9,219 22,892 107,741 98,636 8,314 2 849 60,919 26 554 7 714 4,744 Dec 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—june 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2 246 1,502 1945 Dec 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947 Dec 31 32 566 11 200 19 240 2 125 10 822 43 879 40 505 3 993 381 27 068 9 062 3 055 1,918 1954 Dec 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1 207 33,177 11,748 4,125 1,871 1955 june 30 . 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Dec 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1 264 39,559 12,482 4 868 1,851 1955 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 6,713 Noninsured nonmember commercial banks: 1941 Dec 31 1 457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945 Dec 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947 Dec 314 2 009 474 1 280 255 576 2,643 2,251 363 18 1,392 478 325 783 1954 Dec 31 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955 June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 Dec 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956 June 30 1,664 513 785 365 318 2,036 1,646 377 11 932 326 326 470 All nonmember commercial banks: 1941 Dec 31 7 233 3 696 2 270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 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 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954 Dec 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955 June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12,114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7,183 Insured mutual savings banks: 1941 Dec 31 1 693 642 629 421 151 1,958 1,789 1,789 164 52 1945 Dec 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947 Dec 31 12 683 3 560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1954 Dec 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 48 19,831 1,920 218 1955 June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Dec 31 22 331 13 563 5 858 2,910 785 23,458 21,237 3 49 21,182 2,006 220 1956 June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 2 24 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 314 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1954 Dec 31 7 038 3 346 2,630 1,061 194 7,295 6,474 1 2 6,471 774 309 1955 June 30 7,373 3,605 2,677 1,090 180 7,621 6,743 2 6,741 792 310 Dec 31 7 567 3 893 2 601 1,072 180 7,816 6,950 1 2 6,947 806 307 1956 June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 1 2 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

170 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 p k p i l i o p i n u n e a a a e e m e g d - r r l - r t n , - - - - A c tu u a g r l l r - - i- b o p d a L s r T e e r u n o e e r r o o r a c s s d c k a c l u a - n - h r r s a i r t y o s i e T 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 o v i d t t a a i 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 o f a e r e d i t b v t s n e i - t e s f s - - D i r - n ir m N e e c 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 t s d s a i i g t i o u o o c i a o b n a v l b a n t n l f d i - i e - l i t s - s - - s O s r e i t t h c i e e u r s - AH commercial banks:3 1947—Dec. 31.... 116,28438,05718,1671,660 8301,220 9,393 5,723 .063 78,226 69,2212,193 7,789 6,034 53,191 5,2763,729 1954—Dec. 31.... 155,91670,61926,867 5,200 2,9291,52518,41814,750 2,000 85 68,9815.065 5,36114,672 43,861 12,586 33' 729 1955—Dec. 31.... 160,88182,60133,245 4,475 3,2631',774 20,80917,185 3,117 78^80 6611,5924,219 2,31814,034 41,010 12,698 3'*990 1956—June 30..., 160,00886,88736,1114,254 2,6951,738 21,78718,365 3,286 73 56.6202,817 1,24712,727 39,815 12,9293 573 Sept. 26*..,162,03088,48036,970 4,170 2,3501,670 22,25018,500 3,930 73;550 "56,9503,090 2,38012,330 39,140 13,,0"8"0 3"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.... 121,80925,765 9,4611,314 3,164 3,606 4,677 2,3611,18196,043 8888,9122.45519,071 16,045 5"1',321 22 3,8733 258 1947—Dec. 31.... 114,27437,58318,0121,610 823 1', 1'9"0" 9,266 5,654 028 76,69167,9412 124 7,552 5,918 52,334 14 5,1-2"9 3* 621 1 1 9 9 5 5 4 5 — _D D e e c c . . 3 3 1 1 . . . . . . . . 1 1 5 5 9 4 , ,1 1 1 6 5 4 7 82 0 , , 0 1 8 2 1 72 3 6 3 , , 7 0 3 9 1 2 4 5, ^ 1 3 0 9 8 6 2 3 , , 9 2 0 29 71 I , , 5 7- 0 4" 1 2 2 1 0 8 , , 6 3 9 0 2 21 1 4 7 , , 6 1 7 0 6 4 33 1 , , 0 9 9 7 1 3 7 8 7 3 , ; 0 9 8 8 3 8 6 6 0 8 , , 7 0 6 1 5 24 4 , , 9 1 0 0 1 5 2 5 , , 2 2 9 7 2 91 1 4 3 , , 5 8 2 5 3 6 4 4 3 0 , , 2 5 8 0 7 2 2 1 1 0 1 1 2 2 , , 3 4 5 6 2 5 3. 3' . 8 6 5 24 3 1956—June 30... 158,34486,37435,944 4,190 2,6691,704 21,67118,2843,259 7-1,971 55,8352,751 1,228 12,55239,290 1312,6"9'4 3' 442 Member banks, total: 1941—Dec. 31... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 090 2 871 1945—Dec. 31... 107,18322,775 8,949 885555 3,133 3,378 3,455 1,90011,104 84; 408 7788,3382,27516,98514,27144,792 16 254 2 815 1947_Dec. 31... 97,84632,62816,9621,046 811 ',065 7,130 4,662 952 65;218 57,9141,987 5,816 4,815 45",286 10 199 _3,105 1954—Dec. 31.... 131.60260,25025,007 3^29 2,881 ,36314,43312,1271,858 71,352 57,8094.075 4,30712,464 36,944 20 10,449 3.094 1955—Dec. 31... 135,36070,98231,019 2,726 3,150 1,56016,39114,313 2", 943 64,377 50,6973,250 1,73811,508 34,192 444 3 236 1956—June" 30... 134.42874,78333,725 2 ,586 1,52217,17215,330 3,087 59,'64546.2262,013 84010,332 33,029 557 2 862 Sept. 26... 136,15476,30534,574 2^70 2,236 ,45817,60615,4483,71759; 849 46; 3542,147 1,783 9',954 32,459 687 2807 New York City:4 1941—Dec. 31... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31... 26,143 7,334 3,044 2,4531,172 80 287 18,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5.361 545 267 111 564 13,21411,9721,002 640 558 9,771 638 604 1954—Dec. 31... 23,880 12,039 7.231 204 2,041 432 467 1,232 11,841 9,342 785 597 1,924 6,026 10 1.977 523 1955—Dec. 31... 23,583 14,640 9,12b 17 2,144 511 577 1,506 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30... 23,270 15,37310,191 ' 1,691 494 609 1,590 7,896 6,011 325 70 1,082 4,529 1,514 371 Sept. 26... 23,422 15,80410,765 ,336 433 633 1,538 ,347 7,618 5,650 117 301 943 4,285 1,611 357 Chicago:4 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 2,700 170 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 8,243 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,594 2199.'.5521,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31... 36,04013,449 7,088 225 170 484 3,147 1,969 366 2""2,59120,196 373 2,358 1,901 15,560 3 1,3421,053 1954—Dec. 31... 50,73823,98610,624 956 407 622 6,134 4,912 720 26J52 21,718 1,326 1,695 4,"954 13,736 7 3,7821,252 1955—Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 1,180 23,83718,826 813 657 4,708 12,643 5 3,7781,233 1956—Jmw» 30... 52,07130,12213,978 520 502 676 7,357 6,306 1,26521,949 17,051 374 279 ,086 1122,308 4 3,8231,076 Sept. 26... 52,87530,95114,267 535 455 683 7,573 6,377 548 21,92417,048 407 603 3,89812,136 4 3,8431,033 Country banks: 1941_Dec. 31... 12,518 5,890 1,676 20 183 1,823 1.530 6,628 4 377 110 481 2,926 861 1,222 1,028 1945—Dec. 31... 35.002 5,596 1,484 42 471 1,881 707 363 29,407 26,999 630 5,102 4,54416,713 9 1,342 1,067 1947_Dec. 31... 36,32410,199 3,096 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 6 2,006 1,262 1954—Dec 31... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29,024 23,629 ,893 1,774 4,731 15,228 3 4,275 1.120 1955—Dec. 31... 52,77524,379 6,290 2,127 189 255 8,723 6,575 573 28,397 22,570 ,774 913 5,056 1144,825 3 4,581 1,246 1956—June 30... 52.75225,716 6,892 2,019 223 257 9,073 7,050 590 27,035 21,076 ,267 489 4,68814,628 4 4,731 1,228 Sept. 26... 53,60725,980 6,842 1,926 276 254 9,266 7,169 639 27,62721,595 ,579 858 4,660 '1'4,493 4 4,790 1,242 All nonmember banks: 3 1947_Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31... 24,33710,378 1,8591,671 49 161 3,993 2.623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—Dec 31... 25,54611,628 2,2261,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 1956—June 30... 25,60512,114 2,3851,702 110 216 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 171 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b t a e nk F B s e s w e R R e d a r r i e n e e v t v - - r h k e e a s s l C va i a n u s l h t b m a a w B d n e n o a i c s k t - l e t h - s i s c 5 j p u m D o s a d a t s d e e e n i - - - d t d s 6 D I o n d - t e e p r o b s a i n F ts k or- G U o . v S t . . p s S o u a l t i b a n t t d i d e c i s - al C c o a f e e i f n e f r r i d t s d - i ' - p a v n a s i I d h d r n t u i d n p c a i e o s - l , r s r - , - I b n a t n e k r- G P U S a o o . a n s v v d S t t - a . . l S p s a u i t o c a n b l a t d i d e l t- s i- p a v n a s I i h r d d n t i u d n c p a i o e s - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p - l n i t - s mestic5 eign visions checks, pora- ings visions poraetc. tions tions All commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1954—Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 3,199 103,466 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 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 Sept. 26 18,500 3,100 10,270105,410 11,820 :1,660 5,110 9,950 2,950 102,210 1,590 330 2,450 47,620!i ,62016,280 AH insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 2114,252 1955_Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 33715,600 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 [,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1954—Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 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 3,638 93,687 1,353 327 1,865 36,972 13712,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 30213,293 Sept. 26 18,502 2,296 6,429 88,768 11,400 1,615 4,538 7,684 2,696 87,859 1,346 301 1,913 38,2641,53213,570 New York City:* 1941_Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—Dec. 31.... 4,431 127 111 16,493 3,364 1,151 756 302 1,498 18,919 1,085 59 72 2,171 1 2,745 1956—June 30.... 4,331 94 89 15,695 3,080 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 2,813 1,279 993 381 1,106 16,713 1,014 36 52 2,316 580 2,815 Chicago:* 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 ,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 [,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 hanks: 1941_Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1 967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1954—Dec. 31.... 7,783 558 2.327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30.... 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Sept. 26 7,745 718 2,094 32,570 6,175 284 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1954—Dec. 31.... 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 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 1,321 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 1,243 15 1,361 4,399 805 33,088 17 145 875 19,182 166 5,107 All nonmember banks:3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1 596 1954 Dec 31 627 4,590 16,704 496 46 457 2 121 235 14 608 284 31 436 8,814 16 2,369 1955—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

172 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. S. Government obligations For purchasing or carrying securities Loans Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i m u n a a s v e n t d e n e d - s t d t s - 1 j L u o s a t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G t a T U l i o i n o o o g . b d S n v a - b . s - t d . r e o O c a k t s u l t i e e e h e r - r r s i e s s - rG t U l T i o i o o g . b o S n v a - . s - t o . t O h c t u e t i h e r r s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t f e a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s Total- Leading Cities 1956 Jan 86,859 85,725 47,87025,859 563 2,666 1,292 8,143 10,172 29,6571,407 839 6,944 20,467 8,198 1,134 88,297 87,068 53,27330,501 466 2,095 1,200 8,855 11,025 26,2341,565 718 5,202 18,749 7,561 1,229 Dec 1957 87,531 86,243 52,35330,167 451 1,794 1,193 8,82010,937 26,4601,935 692 5,149 18,684 7,430 1,288 Jan 1956 87,368 86,171 52,72230,012 468 2,071 1,197 8,84811,003 25,8201,144 720 5,184 18,772 7,629 1,197 Dec. 5 87,762 86,473 52,99730,342 469 1,985 1,197 8,85611,012 25,884 ,261 714 5,189 18,720 7,592 1,289 Dec. 12 88,853 87,704 53,59630,802 464 2,112 1,202 8,86511,017 26,578 ,919 714 5,201 18,744 7,530 1,149 Dec. 19 89,205 87,925 53,77730,848 465 2,214 1,202 8,85211,067 26,654 ,936 724 5,233 18,761 7,494 1,280 Dec. 26 1957 Jan. 2 89,024 87,634 53,37530,681 456 2,130 1,208 8,839 069 26,7742,093 703 5.222 18,756 7,485 ,390 Jan. 9 87,459 86,198 52,50130,298 455 1,745 1,201 8,83210^77 26,272 1,697 690 5; 189 18,696 7,425 ,261 Jan. 16 87,796 86,503 52,25530,143 452 1,745 1,190 8,831 10,903 26,8232,298 706 5,141 18,678 7,425 ,293 Jan. 23 86,904 85;583 51,85529,900 449 1,659 1,183 8,80710,866 26,3301,907 681 5,113 18,629 7,398 ,321 86,474 85,297 51,77629,816 444 1,689 1,182 8,79010,868 26,1011,681 680 5,082 18,658 7,420 1,177 Jan. 30 New York City 1956 23,150 22,418 13,824 9,013 1781,682 486 549 2,142 6,516 460 97 1,148 4,811 2,078 732 Jan 23,688 23,020 15,65611,337 1531,206 394 608 2,188 5,614 450 183 929 4,052 1,750 668 Dec 1957 23,373 22,575 15,05911,107 121 985 18 380 595 2,168 5,762 616 192 915 4,039 1,754 798 Jan 1956 23,176 22,534 15,42111,143 99 ,232 395 602 2,182 5,350 198 176 929 4,047 1,763 642 Dec. 5 2 2 3 3 , , 4 9 8 3 1 8 2 2 3 2, , 7 3 1 6 3 2 1 1 5 5 , , 5 80 0 7 01 1 1 1 , , 2 4 5 7 8 6 1 1 1 6 5 0 , , 1 2 4 1 7 4 3 3 9 9 3 4 6 6 1 1 1 3 2 2, , 1 2 7 0 9 2 5 5, , 8 4 0 5 6 4 2 6 9 5 6 3 1 17 8 6 4 9 92 3 7 0 4 4 , , 0 0 4 5 4 0 1 1 , , 7 7 4 5 9 9 7 57 6 6 8 Dec. 12 24,160 23,473 15,89711,471 237 ,230 395 606 2,190 5,846 651 195 932 4,068 1,730 687 Dec. 19 Dec. 26 1957 Jan. 2 24,141 23,234 15,50811,260 200 ,177 387 593 2,187 5,977 777 203 928 4,069 1,749 907 Jan. 9 23,077 22,362 15,02011,113 57 993 387 598 2,164 5,628 490 187 913 4,038 1,714 715 Jan. 16 23,543 22,768 14,99411,092 111 950 381 601 2,156 6,002 856 185 928 4,033 1,772 775 Jan. 23 23,082 22,300 14,883 107 894 376 596 2,173 5,664 539 194 914 4,017 1,753 782 Jan. 30 23,023 22,213 14,894 '030 131 909 372 587 2,163 5,538 419 190 890 4,039 1,781 810 Outside New York City 1956 Jan 63,709 63,307 34,04616,846 562 806 782 7,594 8,030 23,141 947 742 5,796 15,656 6,120 402 64,609 64,048 37,61719,164 465 736 790 8,247 8,837 20,6201,115 535 4,273 14,697 5,811 561 Dec 1957 64,158 63,668 37,29419,060 450 688 795 8,225 8,769 20,6981,319 500 4,234 14,645 5,676 490 Jan 1956 64,192 63,637 37,30118,869 467 740 786 8,246 8,82120,470 946 544 4,255 14,725 5,866 555 Dec. 5 64,281 63,760 37,49719,084 468 723 787 8,245 8,810 2200,430 965 530 4,259 14,676 5,833 521 Dec. 12 64,915 64,342 37,78919,326 463 738 792 8,252 8,838 20,7721,266 538 4,274 14,694 5,781 573 Dec. 19 65,045 64,452 37,88019,377 464 747 791 8,246 8,877 20,8081,285 529 4,301 14,693 5,764 593 Dec. 26 1957 Jan. 2 64,883 64,400 37,86719,421 455 753 802 8,246 8,882 20,797 ,316 500 4,294 14,687 5,736 483 Jan. 9 64,382 63,836 37,48119,180 454 695 796 8,234 8,813 20,644 ,207 503 4,276 14,658 5,711 546 Jan. 16 64,253 63,735 37,26119,051 451 684 791 8,230 8,747 20,821 ,442 521 4,213 14,645 5,653 518 Jan. 23 63,822 63,283 36,97218,866 448 658 789 8,211 8,693 20,666 ,368 487 4,199 14,612 5,645 539 Jan. 30 63,451 63,084 36,88218,786 443 649 793 8,203 8,705 20,563 ,262 490 4,192 14,619 5,639 367 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 173 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R . a r i v e n t R h - e k . s s C va i a n u s l h t b m a w B d a n e i a n o c t s l e k - h t - i s s c j p m u D o a d s a t d s e e n e i - - - t d d s 1 s p I p u n v c h a n o a a o i e n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i t i o u c a o i n v l a b t n i d i e t l - - s - s c C h c o f a e e e e i f n t r e r f c c s i d d t k - . * i s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i t i o u c i o a n v l a b t n i d i e t l - - s - s G P U S i a n o o a n . s g S v v d t s - . t a . l m D t D i e o c s - e - man F ei d o g r n - Time B F. a n R k . s F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions Total— Leading Cities 1956 Jan 13,708 1,034 2,570 58,528 60,726 4,191 2,030 1,248 19,330 959 20411,006 1,463 1,273 633 713 8,472 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 1957 13,604 1,048 2,619 58,057 60,914 4,136 2,007 ,037 20,094 936 18311,157 1,613 1,244 296 822 9,036 Jan 1956 13,645 1,019 2,379 56,745 59,422 3,933 1,999 2,08719,598 899 18410,806 1,689 1,280 510 978 9,043 Dec. 5 13,609 1,165 2,517 58,266 61,871 3,933 2,193 1,151 19,701 900 18510,996 1,645 1,267 399 911 9,042 Dec. 12 14,151 1,148 2,684 58,148 61,356 3,905 2,167 2,412 19,752 927 18111,368 1,662 1,274 659 828 9,036 Dec. 19 13,708 1,221 2,763 58,214 61,707 3,953 2,044 2,38019,886 922 18211,326 1,687 1,275 519 868 9,043 Dec. 26 1957 Jan. 2 13,600 1,132 3,156 57,629 61,966 4,183 2,541 2.18119,919 916 18212,640 1,719 1,250 309 788 9,040 Jan. 9 13,665 1,086 2,525 57,760 60,130 4,011 1,884 994499 20,022 935 18411,425 i;637 1,244 254 929 9,045 Jan. 16 13,587 1,000 2,62158,523 61,976 4,183 1,985 64320,143 942 18211,329 1,601 1,240 179 878 9,023 Jan. 23 13,639 1,003 2, 4"9""0 58,296 60,545 4,095 1,870 624 20,169 948 18210,537 1,583 1,242 262 830 9,027 13,530 1,017 2,304 58,076 59,951 4,211 1,755 790 20,214 939 183 9,854 1,526 1,245 475 682 9,047 Jan. 30 New York City 1956 4,185 155 6516,221 17,580 266 946 361 2,071 3,035 1,125 1,016 138 362 2,714 Jan 4,361 186 16,162 17,830 267 1,020 620 2,244 3,022 1,338 968 114 427 2,845 Dec 1957 4,177 150 6116,178 17,739 287 985 291 2,314 49 35 3,100 1,291 950 3 345 2,845 Jan 1956 4,407 166 15,839 17,316 261 977 654 2,172 2,922 1,349 971 100 422 2,837 4,234 203 16,355 18,055 292 1,120 310 2,253 2,949 1,311 968 41 387 2,846 Dec. 5 4,467 186 16,247 17,881 263 966 764 2,244 3,068 1,327 966 168 459 2,848 Dec. 12 4,336 187 16,207 18,070 252 1,016 754 2,307 3,149 1,365 967 146 441 2,847 Dec. 19 Dec. 26 1957 Jan. 2 3,951 163 16,00618,093 271 1,254 703 2,272 3,565 1,389 950 131 2,843 Jan. 9 4,322 158 15,994 17,357 237 889 276 2,295 3,083 1,314 950 394 2,845 Jan. 16 4,067 140 16,20517,863 317 953 170 2,319 3,142 1,280 950 455 2,847 Jan. 23 4,289 141 16,284 17,649 302 947 123 2,331 2,976 1,259 951 5 357 2,847 Jan. 30 4,257 148 16,397 17,732 307 879 184 2,351 2,735 1,214 952 8 386 2,845 Outside New York City 1956 Jan 9,523 879 2,505 42,307 43,146 3,925 1,084 88717,259 874 145 7,971 338 257 495 351 5,758 9,417 952 2,535 41,68143,259 3,664 1,081 ,38817,490 856 146 8,102 333 306 408 469 6,196 Dec 1957 9,427 898 2,558 41,879 43,175 3,849 1,022 74617,780 887 148 8,057 322 294 293 477 6,191 Jan 1956 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. 5 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. 12 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. 19 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 Dec. 26 1957 Jan. 2 9,649 969 3,092 41,623 433,873 3,912 ,287 1,47817,647 868 146 9,075 330 300 309 657 6,197 Jan. 9 9,343 928 2,468 41,766 422,773 3,774 995 67317,727 885 148 8,342 323 294 254 535 6,200 Jan. 16 9,520 860 2,567 42,318 44^13 3,866 ,032 47317,824 893 147 8,187 321 290 179 423 6,176 Jan. 23 9,350 862 2,432 42,012 42,896 3,793 923 50117,838 899 147 7,561 324 291 257 473 6,180 Jan. 30 9,273 869 2,235 41,679 42,219 3,904 876 60617,863 890 148 7,119 312 293 467 296 6,202 NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- 1 Demand deposits other than interbank and U. S. Govt., less cash TIN for April 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 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 Public and Period 2 t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d r i e l e e r l s , , M m p u a r c e e n o t t t d d a s a 3 l - l s ch r P l u e c e a e m o b u n t a b r m d i l o c e , , - a r l, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c - s s e u p t ( t t r o i i i a l n o r i n c t n t i s a l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n f l e e l e s r ss c c h l f N a a i n e s e s g d t i e - s c b h r w e a a i e i n p n a n n e d o l g k g k l r ' e l l s t y — 4 - 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 111 313 153 146 -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—Nov.. 154 -24 116 89 -30 31 97 60 32 -22 31 534 479 Dec 168 3 153 -58 -8 -78 104 516 136 -9 22 948 920 1957_jan 254 -23 -19 18 -21 -233 -68 -186 100 -38 -108 -833 -1,032 Week ending: 1956—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 -35 27 281 38 5 39 457 460 Dec. 26 -6 -8 -4 2 -11 -59 14 162 17 -15 -3 86 46 1957—Jan. 2 -107 -29 -84 42 -16 -116 5 86 81 -1 26 -113 -167 Jan. 9 -48 -1 -11 -12 -12 -39 -19 -131 2 -17 -43 -332 -383 Jan. 16 -33 2 53 9 12 -23 -23 -85 7 -7 -37 -126 -155 Jan. 23 -33 -4 -8 -14 -13 -35 -16 -39 -1 -12 -30 -204 -243 Jan. 30 -33 10 30 -8 8 -21 -15 -17 14 -24 -58 -84 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 paper 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 exdealers1 ( 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 2,008 510 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2 618 588 2,030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2,545 560 1,985 660 170 130 40 14 39 436 263 236 18 49 94 Apr 2,514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 May 2 607 515 2,092 643 157 113 44 16 45 424 245 252 9 33 104 June 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 July 2,600 509 2,091 723 175 111 64 18 48 483 270 237 13 74 129 Aug 2,514 548 1,966 772 189 120 70 22 51 510 271 259 21 97 124 Sept 2,463 549 1,914 805 209 127 82 17 49 529 294 258 17 113 123 Oct 2 581 573 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 Dec 2,129 506 1,623 967 227 155 72 69 50 621 261 329 2 227 148 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 175 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 p r n o m m c e t i h r - e a 6 , s l - ! 3 p d n p - c p l i a a o a r a l t n p y e o c m n c c , e e y - e t r 6 d - - a P a 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 m e r t o - n s t e h o c n R u b r a n i i t l t e e l i w s es 9 ( i m t s - a s t o o x u n e a 1 t s b h 2 3 l - e,2 3 is - y s e : u o a e r s 5 4 - Annua A l re a a v e a r n ag d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 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 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:1 19 large cities: 1956—Jan 3.00 2.88 2.45 2.41 2 456 2.50 2.74 1956—Mar 3.93 5.05 4.55 4.13 3.74 Feb 3.00 2.88 2.38 2.32 2.372 ^.38 2.65 June 4.14 5 18 4.69 4 "U 3.97 Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 Sept 4.35 5.30 4.86 4.52 4.19 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 Dec 4.38 5.32 4.90 4.63 4.20 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 New York City: June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 1956—Mar 3.75 4.92 4.49 4.05 3.62 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 June 3.97 5.00 4.61 4.23 3.86 Aug 3.28 3.01 2.65 2.60 2.6i.6 3.01 3.36 Sept 4.20 5.26 4.84 4.46 4.09 Sept 3.50 3.13 2.88 2.84 2.85C 3.17 3.43 Dec 4.22 5.18 4.88 4.57 4.10 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 7 Northern & Eastern Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 cities: Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 1956—Mar... 3.93 5.11 4.55 4.10 3.78 June 4.15 5.26 4.74 4.32 4.01 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 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 Jan. 5... 3.63 3.38 3.38 3.14 3.262 3.38 3.63 cities: Jan. 12... 3.63 3.38 3.38 3.08 3.197 3.23 3.47 1956—Mar 4.19 5.09 4.58 4.20 3.94 Jan. 19... 3.63 3.38 3.38 3.09 3.223 3.14 3.33 June 4.38 5.23 4.71 4.42 4.15 Jan. 26... 3.63 3.38 3.38 3.10 3.085 3.09 3.31 Sept 4.53 5.29 4.85 4.54 4.32 Feb. 2... 3.63 3.38 3.38 3.16 3,283 3.11 3.34 Dec 4.58 5.35 4.90 4.66 4.35 1 Averages of daily prevailing rates. 4 Consists of selected note and bond issues. 1 Based on figures for first 15 days of month. 2 Except for new bill issues, yields are averages computed from daily closing NOTE.—For description see BULLETIN for March 1949, bid 3 C pr o ic n e s s is . ts of certificates of indebtedness and selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS1 [Per cent per annum] State and local govt. bonds Corporate bonds4 Industrial stocks U. S. Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic r e n i r n a g t s io / enue Totals Old New Totals bonds6 Indus- Rail- Public Pre- Com- Comseries2 series3 Aaa Baa Aaa Baa trial road utility ferred 7 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 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 1957—Jan 3.33 3.37 3.51 2.99 4.16 3.92 4.04 3.77 4.49 4.02 4.12 3.98 4.51 4.13 Week ending: Jan 5 3 53 3 45 3 58 3.05 4.22 3.98 4.06 3.82 4.46 4.05 4.14 3.97 4.60 3.91 Jan 12 3.45 3.44 3.57 3.05 4.22 3.95 4.06 3.81 4.49 4.06 4.14 3.97 4.54 3.95 Jan. 19 3.30 3.37 3.53 3.02 4.17 3.90 4.05 3.78 4.50 4.04 4.13 3.99 4.53 4.08 Jan 26 3 22 3.31 3.47 2.96 4.13 3.84 4.03 3.73 4.48 4.00 4.11 3.98 4.44 4.12 Feb 2 3.20 3.29 3.39 2.87 4.08 3.81 4.01 3.72 4.48 3.98 4.09 3.97 4.46 4.16 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2l/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. « 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

176 SECURITY MARKETS SECURITY PRICES1 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, 1936= 100) trad- Ye o a r r , w m e o ek nth, n M ici u p - al C r p a o o t r - e - Pub- Manufacturing Trade, t i h n O o g n u s r O i s e e l s - d 2 N ri s e e e s w - 3 g ( r h a ig d h e - )4 g (h ra ig d h e - )4 Total d t I r u n i s a - - l R ro a a i d l- u i l t t i i y c l- Total Du- Non- T p t r o i a o r n n ta s - - P u u l t i i b c l - - n a a f n n i- d ce, M in i g n- s s h a a o n r f d es s ) 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 1956 average 93.04 99.88 116.3 109.1 342 397 253 155 345 439 410 465 327 156 306 358 2,216 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 88102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 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 1957_jan 89.96 95.14 108.6 102.8 335 389 236 156 338 429 406 451 310 157 285 371 2,189 Week ending: Jan. 5 87.67 93.67 108.0 102.0 340 397 237 153 346 442 419 462 318 156 290 382 2,654 Jan 12 88.58 93.76 107.9 102.3 340 396 243 156 343 437 414 458 317 158 290 371 2,372 Jan. 19 90.30 95.16 108.4 102.8 334 388 236 156 331 419 396 440 304 157 280 367 2 301 Jan 26 91.17 96.28 109.1 103.2 331 384 231 156 332 420 396 443 303 157 280 366 2,100 Feb 2 91.49 96.59 109.6 103.7 330 382 232 158 330 416 392 439 300 158 281 354 1,810 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 3% 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. 2 Series composed of fully taxable, marketable 2% per cent bonds due 5 Average daily volume of trading in stocks on the New York Stock or first callable after 12 years through Sept. 30, 1955, and, beginning * Exchange for a five and one-half hour trading day. 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 m da o y n t o h 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 i Exchange ch b a ro si k n e g r s a n a d n d c a d r e r a y l i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n to et 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 1953—Dec. 2,445 31 1,665 88 780 88 1,074 713 1954—Dec, 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec., 4,030 34 2,791 32 1,239 51 2,246 894 1956—Jan.. 4,040 36 2,786 37 1,254 41 2,129 905 Feb.. 3,991 34 2,740 36 1,251 52 2,137 913 Mar. 4,038 31 2,786 40 1,252 50 2,127 960 Apr., 4,043 33 2,788 40 1,255 44 2,145 896 May. 4,047 38 2,810 40 1,237 42 2,186 870 June, 4,009 34 2,786 48 1,223 39 2,195 836 July. 4,026 31 2,812 45 1,214 31 2,211 858 Aug., 3,979 33 2,785 41 1,194 38 2,048 872 Sept. 3,950 33 2,782 42 1,168 42 2,071 866 Oct.. 3,914 36 2,748 42 1,166 45 2,086 835 Nov. 3,946 32 2,784 43 1,162 43 2,071 822 Dec. 3,984 33 2,823 41 1,161 46 2,132 880 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 177 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 St U at . e S a . ndForeign: Total Bonds Stocks gages estate loans assets local 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 2,020 914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 290 3,742 End of month:4 1952—Dec... 73,034 12,814 10,195 1,126 1,493 31,286 29,095 2,191 21,245 1,868 2,699 3,122 1953—Dec... 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec... 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Nov... r89,495 12,096 8,891 1,987 1,218 r38,544 '35,646 '2,898 r28,867 2,523 '3,284 '4,181 Dec... 90,219 11,758 8,546 1,998 1,214 38,855 35,932 2,923 29,433 2,557 3,293 4,323 1956—Jan.. . 90,842 11,751 8,393 2,125 1,233 39,146 36,216 2,930 29,800 2,568 3,307 4,270 Feb... 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar... 91,543 11,415 8,045 2,153 1,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 Apr.. . 92,025 11,439 8,085 2,153 1,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 May.. 92,478 11,332 7,986 2,140 1,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June.. 92,876 11,280 7,921 2,148 1,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July.. 93,580 11,292 7,886 2,191 1,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug... 93,992 11,210 7,778 2,206 1,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept... 94,411 11,253 7,805 2,213 1,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct 94,869 11,306 7,850 2,218 1,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov... 95,274 11,218 7,749 2,229 1,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 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 rt s - 3 o G t b i o l o i v n g s t a . - Cash Other4 C Sa a v p i i n t g al s 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 8Q9 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 ,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 ,791 32,192 1,412 146 2,557 1955 Nov 37,216 31,243 2,339 1,799 1,776 31,408 1,361 143 Dec 37,719 31,461 2,342 2,067 1,791 32,192 J 41? 146 2,557 1956 Jan v 37,995 31,697 2,450 2,019 1,772 32,615 ,242 119 Feb P . . 38,429 32,002 2,526 2 019 1,825 32,973 178 109 Mar.*9 38,892 32,405 2,583 1,975 1,873 33,332 1,134 102 Apr 'P 39,388 32,814 2,639 1,917 962 33,662 1,123 110 May*3 40,023 33,259 2,684 1,926 2,099 34,137 1,119 112 Junep 40,622 33,740 2,652 2,047 2,128 34,948 1,170 118 2,749 JulyP 40,797 34,134 2,687 1,878 2,044 35,079 1,105 124 Aug.p 41,197 34,586 2,726 1,788 2,043 35,366 1,113 132 Sept v 41,574 34,939 2,739 1,745 2,098 35,633 1,139 138 Octp . . .. 42,059 35,305 2,753 1,782 2,166 36,044 .145 128 Nov.p. 42,520 35,596 2,781 1,840 2,251 36,438 1,150 123 P 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

178 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 activity * 1955 1956 1949 1950 19512 19522 19532 1954 12 Loans, by purpose and agency: To aid agriculture\ total 4,362 3,884 4,161 5,070 6,811 6,929 6,362 5,555 6,715 7,377 6,790 Banks for cooperatives 302 345 425 424 311 367 322 359 375 355 349 Federal intermediate credit banks... 437 510 633 673 590 638 847 833 689 765 898 Farmers Home Administration 523 535 539 596 648 701 770 755 681 764 808 Rural Electrification Administration. 1,301 1,543 1,742 1,920 2,096 2,226 2,286 2,316 2,348 2,379 2,413 Commodity Credit Corporation 1,729 898 782 1,426 3,076 2,981 2,137 1,590 2,621 3,114 2,319 Other agencies 70 52 40 31 23 18 1 1 1 (3) 3 To aid home owners, total 1,251 1,528 2,142 2,603 2,930 2,907 3,095 3,122 3,205 3,230 3,299 Federal National Mortgage Association. 828 1,347 1,850 2,242 2,462 2,461 2,593 2,590 2,641 2,683 2,729 V O e th te e r r a n ag s e A nc d i m es inistration > 423 181 292 362 3 1 0 6 0 8 3 6 8 3 3 4 7 3 2 0 4 7 5 6 6 48 8 0 4 4 1 2 2 4 4 4 1 3 3 3 7 To industry, total 576 568 589 598 588 431 439 718 675 593 627 Treasury Department... 174 353 348 328 306 330 323 C O o th m e m r a e g rc e e n c D ie e s partment. 576 568 589 598 413 79 91 f t 2 9 9 7 2 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 To financing institutions 445 824 814 864 952 870 1,019 7,277 1,419 7,745 1,178 To aid States, territories, etc., total 408 468 744 1,020 645 272 255 247 245 239 227 Public Housing Administration 285 351 589 894 500 112 98 94 90 106 90 Other agencies 124 117 155 126 145 160 158 153 155 134 137 Foreign, total 6,090 6,075 6,110 7,736 8,043 8,001 5,052 5,025 7,988 8,106 8,172 Exj ort-Import Bank. . . 2,187 2,226 2,296 2,496 2,833 2,806 2,774 2,735 2,702 2,697 2,712 Treasury Department4. 3,750 3,750 3,750 3,667 3,620 3,570 3,567 3,567 3,519 3,519 3,519 Mutual Security (ICA). 51,515 1,537 1,624 1,692 1,722 1,767 1,832 1,885 Other agencies 153 102 64 58 53 1 58 55 All other purposes, total 76 63 35 75 119 166 219 230 256 756 176 Housing and Home Finance Administration. 5 29 127 172 186 209 108 122 Other agencies 76 "63 ^ 69 90 39 47 44 47 48 55 Less: Reserves for losses -476 -185 -173 -140 -203 -228 -494 -477 -265 -263 -595 Total loans receivable (net). 12,733 13,228 14,422 17,826 19,883 19,348 18,927 19,061 20,238 20,580 19,871 Investments: U. S. Government securities, total 2,047 2,075 2,226 2,421 2,602 2,967 5,705 2,909 3,236 3,677 3,719 Federal home loan banks 275 199 249 311 387 641 661 443 745 1,082 1,083 Federal Savings and Loan Insurance Corp.. 214 193 200 208 217 228 241 234 241 248 256 Federal Housing Administration 188 244 285 316 319 327 354 370 381 390 405 Federal Deposit Insurance Corporation 1,205 1,307 1,353 1,437 1,526 1,624 1,706 1,705 1,720 1,793 1,810 Other agencies 165 132 140 148 152 147 146 158 149 164 166 Investment in international institutions. 3,385 3,385 5,555 3,385 3,385 3,385 5,555 5,555 5,555 3,385 5,555 Other securities^ 286 266 257 223 219 197 795 77P 779 252 570 Inventories, total 1,549 1,11 A 1,461 1,280 2,515 3,852 3,476 4,129 4,356 21,812 Commodity Credit Corporation.. 1,376 1,638 1,174 978 2,087 3,302 2,910 3,518 3,747 14,119 3,897 Defense Department 3,536 9,814 Atomic Energy Commission 9,827 1,574 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. \ 173 136 288 203 428 550 566 611 609 ' { 1 5 8 6 8 7 6,3 19 3 5 2 Land, structures, and equipment, total 2,962 2,945 3,358 3,213 8,062 8,046 7,821 7,799 7,822 8,056 17,463 Commerce Department (maritime activities). 4,834 4,798 4,807 4,812 4,822 4,796 4,612 Panama Canal Company7 16 18 298 415 363 421 422 422 421 421 400 Tennessee Valley Authority 830 886 1,048 1,251 1,475 1,739 1,812 1,823 1,829 1,831 1,723 Housing and Home Finance Agency 1,352 1,297 1,285 1,203 1,041 727 536 502 450 400 310 Atomic Energy Commission 5,196 Bonneville Power Administration 309 Bureau of Reclamation 2,571 Post Office Department 590 Other agencies 763 745 728 345 350 360 244 241 300 607 1,752 Bonds, notes, and debentures payable (not guaranteed), total 772 1,190 1,369 1,330 1,182 1,068 1,840 2,086 2,379 2,425 2,607 Banks for cooperatives 78 110 170 181 150 156 123 160 185 161 152 Federal intermediate credit banks 490 520 674 704 619 640 811 821 665 725 857 Federal home loan banks 204 560 525 445 414 272 336 534 958 869 928 Federal National Mortgage Association 570 570 570 670 670 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded 1 Figures for trust revolving funds include interagency items. For all coverage and the new classification of agencies now reported in the types of funds combined, loans by purpose and agency are shown on a Treasury Bulletin. The revised statement includes a larger number of gross basis; total loans and all other assets, on a net basis, i.e., after agencies, and their activities are classified according to the type of fund reserve for losses. they represent. Funds are combined in the table above, but are shown 2 Coverage changed from preceding period (see also "NOTE"). separately in the table on the following page. Classifications by super- 3 Less than $500,000. visory authorities are those in existence currently. Where current Treasury 4 Figures represent largely the Treasury loan to the United Kingdom, compilations do not provide a detailed breakdown of loans, these items and through 1952 are based in part on information not shown in Treasury have been classified by Federal Reserve on basis of information about compilation. the type of lending activity involved. For other footnotes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 179 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 i e te r m th s1 an Date, and fund or activity Total Cash L c a o r e b e a i l v - n e - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s r s t i e - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e d n i c d s p t - , , - Other a t B G u n a b o r t u n e e y n 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 , O li i a t t i b h e i e s l r - G i U n e o t . s e S v t r . t - . v o in P a w e t t r s e e n i t - l r e y - d rities U. S. All activities 1949_Dec. 31.. 23,733 44112,733 1,549 2,047 3,492 2,962 509 772 1,720 21,030 183 1950—Dec. 31.. 24,635 64213,228 1,774 2,075 3,473 2,945 499 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 94417,826 1,280 2,421 3,429 3,213 832 1,330 1,728 2"6,456 378 1953—Dec. 312. 38,937 ,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954_Dec. 31.. 41,403 ,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—June 30.. 40,639 ,24418,927 3,476 3,108 3,430 7,821 2,634 1,840 3,019 35,171 568 Sept. 30.. 41,183 ,45619,061 4,129 2,909 3,414 7,799 2,415 2,086 2,013 36,460 583 Dec. 31.. 45,304 ,33820,238 4,356 3,236 3,414 7,822 4,900 2,379 2,703 39,583 596 1956—Mar. 312. ".485 3,73120,580 14,119 3,677 3,638 8,056 4,685 2,425 3,730 51,635 651 June 302. ,668 6,10319,87121,812 3,719 3,695 17,463 6,005 2,607 3,582 71,895 980 Classification by type of fund and activity, June 30, 1956 Public Enterprise Funds—Total 20,578 1,213 9,330 4,544 780 154 3,391 1,166 49 1,427 1,643 17,459 Farm Credit Administration: Federal intermediate credit banks 981 12 11 857 112 Production credit corporations. 43 42 Federal Farm Mortgage Coporation 12 10 12 Agricultural Marketing Act revolving fund. 186 36 150 186 Department of Agriculture: Commodity Credit Corporation 6,301 29 1,908 3,897 147 319 913 5,387 Disaster loans, etc., revolving fund 152 39 109 4 152 All other 28 19 3 7 20 Housing and Home Finance Agency: Public Housing Administration 306 30 89 47 139 31 275 Federal Housing Administration 683 30 405 1 247 48 141 494 Federal National Mortgage Association 2,510 1 2,496 (3) 13 570 38 1,902 Office of the Administrator 692 93 303 263 33 686 Federal Savings and Loan Insurance Corporation 265 1 256 253 Small Business Administration 127 45 81 1 126 Export-Import Bank 2,738 1 2,712 () () 24 39 2,699 Tennessee Valley Authority 2,005 130 30 1,723 121 36 1,968 Panama Canal Company 444 21 9 400 15 22 421 V T P G A o r e l e e l s t n a e t o e s r O t r a u h a n r f e l f y s i r c S A D e e r d e D v p m i e a c i p e r n t a m i A r s t t e d m r n m a e t t i n i n o t i — n s . tr p a o t s io ta n l fund 7 6 9 2 3 9 4 9 8 8 3 9 7 2 5 3 1 9 2 5 5 8 4 8 8 4 8 " '2 4 2 7 3 2 6 3 57 1 3 9 9 3 4 20 5 1 7 9 2 1 3 0 2 9 5 1 2 2 3 2 8 9 8 0 1 34 1 1 9 4 5 2 4 6 7 2 6 3 7 4 8 3 8 9 0 5 8 1 Intragovernmental Funds—Total 12,332 1,989 9,922 198 222 482 11,850 Defense Department: Army 7,922 720 6,938 158 155 7,767 Navy 3,002 866 2,101 3. 174 2,828 Air Force 1,130 336 775 20 100 1,031 All other 278 67 108 93 9 53 224 Certain Other Activities—Total. 40,588 2,621 8,768 7,345 3,478 13,873 4,502 549 40,039 Atomic Energy Commission 8,532 1,416 1,574 5,196 346 201 8,331 General Services Administration 7,941 833 5,723 •(3)' 1,121 263 49 7,891 Bonneville Power Administration 406 27 6 309 64 397 Department of Interior—Bureau of Reclamation. . . 3,024 93 6 2,571 354 137 2,8 Department of Agriculture: Farmers Home Administration 60 18 564 25 606 Rural Electrification Administration 2,534 8 2,407 120 2,534 International Affairs and Finance: Mutual security 1,911 23 1,911 Treasury Department 10,300 3,551 3,478 14 ^3,255 10,298 Department of Commerce—maritime activities 5,13 179 276 4,612 29 4,984 All other 201 51 43 198 22 84 Certain Deposit Funds—Total. 4,554 2,936 26 1,080 889 1,92: 664 Banks for cooperatives 41 66 1,519 4: 9 152 1 237 25 Federal Deposit Insurance Corporation. 1,822 1 346 1,810 10 132 1,691 Federal home loan banks 2,318 1,083 928 756 — 6 640 4' 1,173 Certain Trust Revolving Funds—Total. 616 100 21 625 9316 21 253 Federal National Mortgage Association. 29' 100 4 299 97 All other™ 316 141 22267 (3) 88 326 9309 For other footnotes, see opposite page. Panama Canal Company, established in 1951, combined the Panama 5 Figure not published in Treasury compilation, but derived by Railroad Company with the business activities of the Panama Canal Federal Reserve. (not reported prior to that time). 6 Includes investment of the Agricultural Marketing Act revolving 8 Includes $1,000 million due under the agreement with Germany fund in the banks for cooperatives; Treasury compilations prior to 1956 signed Feb. 27, 1953, and lend-lease and surplus property balances due classified this item as an interagency asset and on that basis it had been the United States in the principal amount of $2,204 million. excluded from this table. 9 Figure represents total trust interest. 7 Figures prior to 1951 are for the Panama Railroad Company. The 10 Represents largely the Office of Alien Property. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 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 t s e . t T P r f e u r l c u u n t s d s s : t . t I G L r n a e o t n s r v s s a : t . - . 1 E p T r u f q e r t u b o o h c a l t m t e i a s l c s l . : 2 B p t u e u e n d x re d g - s i e - t p T P t f e u u e l r n x u r n u e d - s d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u b y t a t h l t a l i s e s l c . : t p p o fr u a t o o h b y ( m r e l t - i s ) , c . , c ( c o d r d r r I e e i e n r a d a b e - s s e t c e e - t , a i G g n N e v o n . e v . t b t & . y Le O d n c e t a o h b s n t e h - 4 r b E r i o e q n c N r p u g a r a a s e o o h y t l w s r t : . - & agen.) tr. funds Cal year—1955 63,358 10,624 2,511 71,448 66, 1?9 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956 70,994 12 398 2,980 80,377 67, '16 10,342 2,701 74,853 5,525 -3,561 2,482 -136 -5,911 Fiscal year 1 19 9 5 5 4 3 . 6 6 4 4 , , 6 8 5 2 5 5 9 8 , 1 9 5 2 5 9 2 2 , , 1 1 9 1 9 0 7 7 1 1 , , 4 6 9 2 9 7 7 67 4 j t7 7 7 7 4 ? 7 5 , , 2 2 0 8 4 8 2 3 , ,1 7 1 9 7 0 7 7 6 1 , , 7 8 7 6 3 0 -5 - , 2 27 3 4 2 6 5, , 1 9 8 4 6 0 2 3 , , 0 3 5 0 5 0 7 6 2 1 2 8 2 2 , , 9 5 1 1 9 2 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,S40 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 Semiannual totals: 1954—July-Dec 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,52! 388 447 6,684 1955—Jan.-June.... 38,118 5,168 1,222 42,051 33,304 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 ••4,396 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 '5,040 2,266 36,187 11,499 -7,597 1,835 254 -9,689 July-Dec . 28,069 6,169 1,526 32,690 33,801 5,302 437 38,666 -5,974 4,036 647 -390 3,778 Monthly: 1955 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -935 599 130 130 340 1956 Jan 4 684 371 90 4,964 774 904 608 5,570 -606 -722 -87 83 -717 Feb 6,195 1,009 62 7,140 4 950 870 142 5,679 1,462 238 210 3 25 M^ar 11 313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 4,082 871 96 4,854 387 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 5,90? 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 4,818 1,231 71 5,972 5 7?6 857 227 6,355 -383 1,661 292 37 1,332 Dec * 5,412 994 570 5,832 5,718 809 -833 7,360 -1,527 -405 -122 -501 218 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 Net Trust m N ar e k t et in N v. e ( t -) Incr o e r ase, Deposits in s B d u u e r o f d p i r g c lu i e t s t ac d l F a c e n o t u f i r i r m o i c r n i i u t - t c o R i l c e T i a a c r s t o e i h n o a - n s. i o a s ( G s g + b u e o l ) a i n v g o n c t a f c y . - e i & s a n G e g c e o t F . r n v e u b c d t s y y . t d p e d g c u i r r r o b e e ' l s c a i s c t se T o r H u ea t e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a a . v b n a R l k e il . s - T T a L r x u o e r a a y a n s n - d O as n t s h e e t e ts r tions 5 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 1,471 1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 Semiannual totals: 1954 July-Dec -9,294 757 -689 -412 7,490 -712 -1,587 5,180 563 3 461 1,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec .... -7 885 1,060 92 139 -1,217 6,394 -24 -1,671 4 545 397 3 036 1 112 1956—Jan.-June.... 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 1,391 July-Dec -5,732 866 -483 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 Monthly: 1955 Dec -761 178 -464 -33 -146 632 -20 -574 4 545 397 3 036 1 112 1956 Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 1,350 Feb 1,245 139 57 -140 60 -16 1,504 4 756 554 2 914 1 288 Mar 5,914 -4 170 40 -69 -3,764 -28 2,316 7 072 534 5 345 1,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 1,353 M^ay. • -417 936 -49 48 -983 941 -73 548 6 259 515 4 593 1 151 4,664 787 -349 51 934 3,978 -45 287 6,546 522 4 633 1,391 July ... -2,057 83 -34 22 -277 -105 1 -2,369 4,178 513 2,451 1,214 AUK -948 617 -21 111 -703 2,919 -44 2,019 6 197 422 4 644 1 131 Sept 1,300 -94 145 -14 214 -1,304 t 249 6,445 535 4,628 1,282 Oct -2,812 -299 173 -45 282 1,022 62 -1,741 4 704 495 2 937 1 272 Nov -908 374 129 70 -305 1,734 -119 1,074 5,778 463 4 159 1,156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 1,062 n.a. Not available. p 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 181 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 e p g - t t e s t t f O r u u l n d s d T - t ran H s t f w f r u i e u g n a r s y d h s t - to R : m t r i . r e e e n - R - t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i l n t d h d i - ivid O u t a h l er i C ra o ti r o p n o - i ta c E x i x e se s - * t p m a E l x o e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e . s ' - ' acct. Fiscal yr.—1953 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4.983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 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—July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 1,480 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 n.a. n.a. n.a. Monthly: 1955—Dec 4,889 339 54 5,337 1,768 350 1,449 766 395 609 211 113 913 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 3,333 103 380 936 662 291 325 142 n.a. Dec 5,412 299 144 -12 5,898 2,067 324 1,825 815 355 512 n.a. n.a. n.a. Budget expenditures 3 Major national security Agri- Vet- culture Period Total Total 4 D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l , A en t e o r m gy ic fi a n I f a f n a n a n t i d l c r . s e In e t s e t r- ic e b e s r f e e s a i r n t n v a s e s n - - ' d w L a e a n l b f d o ar r e t a c a u r g u n e r r l a d - i - l - so N u r u r e a a r - t c l - es h m C o a u o e n s r m d i c n e - g g G m o e v r e e a e n n l r - t nsources Fiscal year: 1953 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 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 ,348 2,775 614 1,137 940 Monthly: 5 1955—Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—Jan 5,274 3,005 2,811 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 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 n7o8 302 652 Aug 5,902 3,608 3,235 156 164 193 573 369 263 554 129 99 Sept 4,918 3,152 2,868 96 149 158 574 353 219 187 108 58 117 Oct 5,995 3,750 3,400 160 164 157 589 396 314 466 159 35 109 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

182 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 Total E m n o d n t o h f d T g e r o o b t s a t s i l d d g i e r r o b e s c t s 2 t Total Certifi- Bonds C ve o r n t- - T an a d x S is p s e u c e ia s l Total Bills c i a n t d e e s b o t- f Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s edness eligi- re- notes ble* stricted 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7 0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259 5 259.4 221.2 142.7 18.1 29.1 18.4 41 0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec.. 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Jan.. 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 43.6 Feb 280.2 280.1 233.6 163.4 22.3 15.7 43.4 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 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 1957—Jan.. . 276.3 276.2 228.4 160.5 25.3 19.0 35.3 80.9 10.7 57.2 56.0 45.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $453 million on Jan. 31, 1957) 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 $8,399 million on Dec. 31, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n s a i g n e n t i c c t e g e u l s u u e r ) d i d a - - r- S i p ss t e u r c u e i s a s t l fun P i d s u s s b u i 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 e r - - 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 t e 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 r is e s c s 3 . - 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.9 13.9 49.5 15.0 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.8 14.4 50.0 13.1 13.9 1955—June 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 19.3 14.7 50.2 14.6 14.4 1955—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 Nov 277.1 45.7 8.5 222.9 24.4 58.7 8.1 13.0 19.4 15.8 50.1 17.1 16.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to $250 million on June 30, 1956. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. 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 183 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19571 [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. F F F F F e e e e e b b b b b . . . . . 2 2 1 1 7 8 1 4 5 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 7 7 7 7 1 1 1 1 1 , , , , , 6 6 6 6 7 0 0 0 5 0 1 1 0 0 0 J M O F u e c n a 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 3 3 2 2 V V % % 4 4 7 7 3 1 , , , , 2 2 2 3 2 1 7 1 1 9 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 P i \ \ y y y /2 2 2 2 2 1 1 1 7 9 5 4 8 8 6 4 J D J A D u u e e u n n c c g e e . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 4 4 2 3 - - - - 6 6 6 6 9 9 7 8 . . . . I 2 6 3 3 2 , , , , , 1 7 8 7 8 1 5 2 5 2 4 0 6 5 3 Mar. 7, 1957 1,600 Treasury notes Treasury bonds Mar. 15, 1965-70. 4,712 M M a a r r . . 2 1 1 4 , , 1 1 9 9 5 5 7 7 1 1, , 6 6 0 0 0 0 A M p a r r . . 1 1 5, , 1 1 9 9 5 5 7 7 2 1 ? % /8 2,9 5 9 3 7 1 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 2 1 1 4 4 3 1 , , 8 4 2 4 0 9 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 6 8 M M Ap a a r r r . . . 2 22 8 4 , , , 1 1 1 9 9 9 5 5 5 7 7 7 1 1 1 , , , 6 0 6 1 0 0 5 6 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 1 Y % 2 4 1 4 3 2 , , , 1 7 0 5 9 5 5 2 6 J J M u u n n a e e r. 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 8 7 - - 6 5 3 9 5 .. . . . 2 2 2 Y % 34 & 4,2 9 9 4 1 2 5 9 7 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 . . . SB 2 3 1 , , , 7 6 7 1 0 8 6 6 4 A A A p p p r r r . . . 2 1 1 5 8 1 , , , 1 1 1 9 9 9 5 5 5 7 7 7 , 1 1 1 , , , 6 6 6 0 0 0 1 0 0 J A O u p c n t r e . . 1 1 5 1 , , , 1 1 1 9 9 9 5 5 5 8 7 8 2 l \ i % y /2 2 4,3 8 3 9 2 8 2 4 3 J D D u e e n c c e . . 1 1 1 5 5 5, , , 1 1 1 9 9 9 5 5 5 8 9 9 - - 6 6 2 2. . . . . . 2 2 2 1 1 % 4 4 2 5 3, , , 4 3 2 6 6 7 1 8 3 Pa F n e a b m . a 1 C 5 a , n 1 a 9 l 9 L 5 o an .3 3 2,74 5 5 0 May 2,1957, 1,700 Oct. 1,1958 lyfc 121 Nov. 15, 1960 iy% 3,806 June 24,1957. 1,601 Feb. 15, 1959 1% 5,102 Dec. 15, 1960-65 5.. 2 34 1,485 Convertible bonds Apr. 1,1959 11/2 119 Sept. 15, 1961 2% 2,239 Investment Series "• Oct. 1,1959 11/2 99 Nov. 15, 1961 iy2 11,177 Apr. 1 1975-80... V4 10,695 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 C e o r o t n i n b d - l s e Total W 1 i y th ea 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: 19^4—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 Oct. 31 168 919 22,410 19,523 35,194 80,888 10,903 158,016 66,289 29,744 29,071 32,912 Nov. 30 170 643 24 161 19,523 35 223 80 883 10,852 159,791 68,039 40 950 17 893 32,908 U. S. Govt. agencies and trust funds: 1 19 9 5 5 5 4 _j JUu n n e e 3 3 0 0 6 7 ,1 9 6 8 2 5 4 4 6 0 41 8 1 6 1 4 9 3 3 ,5 3 5 9 6 5 3 3 , , 4 4 3 3 9 9 3 3 ,7 5 2 4 3 6 1 7 07 4 2 1 0 9 5 9 4 5 9 0 4 6 2 2. , 9 7 4 4 4 0 Dec. 31 7 676 338 47 304 3 548 3,439 4 237 422 373 426 3,016 1956—June 30 8 236 273 355 688 3,575 3,345 4,891 927 500 434 3.030 Oct. 31 8,280 232 292 843 3,638 3,275 5,005 957 566 436 3,046 Nov 30 8,297 191 358 843 3,650 3,254 5,04? 985 693 319 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 Oct. 31 23 767 850 10,938 9 177 2 802 23,767 20,966 373 1 014 1,415 Nov 30 24,385 1,415 10,998 9,171 2,802 24,385 21,583 373 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 Oct 31 50,141 3,038 1,816 n;ooo 34,134 153 49,988 10,128 17,317 17,677 4,866 Nov. 30 50,707 3,911 1,803 34,042 152 50,555 10,905 24,517 10,242 4,891 10,799 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 Oct. 31 7,521 119 29 330 5,910 1,132 6,388 245 653 1,100 4,390 Nov 30 .... 7,466 115 23 307 5,872 1,129 6,317 224 1,059 666 4,369 Insurance companies: 1954 June 30 13 520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 1955—June 30 13,117 630 74 789 8,479 . 3,145 9,972 810 1,339 2,027 5,796 Dec 31 12 667 515 83 842 8 286 2,941 9,726 694 1,502 1,840 5,689 1956 June 30 11 702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5.285 Oct 31 ... 11 658 569 72 758 7,516 2,742 8,915 976 1,222 1,655 5,062 Nov 30 11 549 485 66 771 7,502 2,725 8,824 881 1,729 1,156 5,059 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 Tune 30 59 260 15 153 3 973 12,502 23 927 3,706 55,554 24,062 10,633 7,626 13,233 Dec 31 67 700 16 047 7,612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13,696 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29.233 10,443 7,612 14,013 Oct 31 67,553 17,602 6,375 13,086 26,889 3,601 63,953 33,017 9,612 7,190 14,134 Nov. 30 68,258 18,044 6,275 13,332 27,015 3,592 64,666 33,462 12,579 4,497 14,128 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

184 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o es ra o te f n is e s t u p e r r o s6 ceeds Noncorporate Corporate New capital Year or Remonth State Bonds Mis- t R ir e e - - m ti e re n - t Total G U o . v S t . .3 ag F e e e r n a d c l - y4 n m a p i n c a u d l i - - Others Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l p c a o o u e n u s l r e e s - - - s m b d e e a t o e c b n f n . k t 3 t , s ri e o t c i f e u s - 1939 ,687 ? 33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 ,157 j j 466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47 j 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1.080 133 134 4,555 1949 ,110 11 804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 1^,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4.006 364 620 1,271 1951 265 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 (5,531 226 363 486 1952 If>,929 12*577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 iJ,180 537 664 1953 ?f,824 IV957 106 5,558 306 8,898 7,083 3,856 489 1,326 8,495 7,960 535 260 1954. . ?c> 765 P 458 6.969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 (5.780 709 1,875 1955 It>,772 9 6?8 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 2:>,392 5 517 169 5,409 334 10,963 8,020 4,224 3,796 633 2,309 10,362 <?,625 737 415 1955 Dec i,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 ,998 544 709 744 478 149 329 128 139 704 664 40 26 Mar ... ,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr .876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May .. > 128 451 491 1 1 185 983 686 297 65 137 1 144 1,116 28 21 June >, 161 437 736 99 889 661 270 391 50 179 830 768 61 43 July 975 484 379 3 1 109 911 588 323 15 183 1 066 1,012 53 27 Aug ,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 Sept ,591 355 336 900 682 513 168 33 186 836 c802 34 47 Oct ,898 414 646 '58 '780 '491 316 '176 139 '149 '747 '660 '87 '15 Nov ,829 389 '311 178 '275 '44 '627 '1,088 1,042 '47 '24 Dec ,929 390 390 23 1,126 920 401 519 16 191 1,094 1,040 54 17 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing <Commercial and Transportation Public utility Communication Real estate Year or miscellaneous and financial 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 1949 . 1,347 44 310 28 784 11 2,043 233 517 4S> 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 * 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 (> 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 \ 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6() 788 273 1955 2.397 533 769 51 544 338 2,254 174 1,045 7"1 1,812 56 1956 3,375 284 713 60 688 2,479 14 1,389 IS) 1,719 18 1955 Dec 287 54 79 4 130 1 269 2 35 \ 100 1956—jan 180 26 45 2 26 1 63 3 (9) 263 2 Feb 197 23 41 39 1 196 37 194 1 Mar 249 22 48 3 71 10 187 103 r 132 3 Apr 258 78 27 1 51 1 294 1 15 170 1 May 465 14 67 4 86 2 335 80 109 2 June 276 26 76 2 54 5 231 5 11 182 6 July .. 331 9 100 17 31 240 261 103 1 Aug 194 21 94 3 38 154 1 83 106 1 Sept 227 22 36 21 61 242 4 56 214 (9) Oct . . '326 '10 r33 '4 '36 '226 r(9) '68 r(9) '59 r(9) Nov '147 '21 '110 1 '45 '154 r(9) '596 '37 Dec 524 12 38 1 148 157 77 150 3 ' Revised. c Corrected. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United Spates. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign government, International Bank, and domestic 9 Less than $500,000. eleemosynary and other nonprofit organizations. 1 ° Represents all issues other than those for retirement of securities. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 185 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annua totals Quarterly totals Industry 1955 1956 1950 1951 1952 1953 1954 1955 1 2 3 4 1 2 3 Manufacturing Total (200 corps.): Sales 45,78752,94054,51763,34358,11069,443 16,599 17,929 16,887 18,028 18,150 18,45716,239 Profits before taxes 8 176 8 869 7 308 8 375 7,244 10,226 2 452 2 767 2 388 2 619 2 601 2 507 1 692 Profits after taxes 4,222 3,548 3,192 3,649 3,825 5,221 1,215 1,392 1,206 1,408 1,286 1,303 903 Dividends 2 339 2 075 2 073 2 154 2,384 2 827 575 577 659 1 015 703 710 721 Nondurable goods industries (94 corps.): i Sales 16 25218 91619 26620 69420,62023,065 5 509 5 742 5 776 6 037 6 095 6 135 6 085 Profits before taxes 2,947 3,447 2,853 3,028 2,753 3,408 801 849 869 889 901 873 809 Profits after taxes 1 661 1 533 1 392 1 526 1,581 1,916 442 471 483 520 497 488 466 Dividends 977 925 946 972 1,064 1,202 256 260 283 402 290 295 304 Durable goods industries (106 corps.):2 Sales 29,535 34,02435,25142,64937,49046,378 11,090 12,187 11,111 11,990 12,055 12,321 10,154 Profits before taxes 5,229 5,422 4,455 5,346 4,491 6,818 1,651 1,919 1,518 1,730 1,701 1,634 883 Profits after taxes 2,560 2,015 1,800 2,123 2,244 3,305 773 920 723 888 789 815 437 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 4,402 4,909 5,042 5,411 5,476 5,813 1,358 1,462 1,491 1,502 1,535 1,569 1,563 Profits before taxes 532 473 453 465 462 499 99 131 139 129 123 149 141 Profits after taxes . . .. 289 227 203 212 224 245 46 63 68 68 55 71 71 Dividends 161 159 154 154 156 160 36 36 39 50 37 38 41 Chemicals and allied products (26 corps.): Sales 4 817 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 1,178 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 4 359 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 712 911 728 841 751 854 210 200 218 226 248 223 218 Profits after taxes 492 560 524 603 567 624 150 147 156 172 176 162 163 Dividends 236 262 283 290 294 317 77 77 80 83 82 82 89 Primary metals and products (39 corps.): Sales 10 44812 50711 56413 75011,522 14,927 3,300 3 858 3,746 4,024 4 212 4 415 3 212 Profits before taxes 1,706 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 1 194 241 313 290 350 344 362 144 Dividends 378 382 369 377 407 522 114 108 118 182 141 137 140 Machinery (27 corps.): Sales 5,049 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 208 192 199 237 263 281 67 66 67 81 78 82 79 Automobiles and equipment (15 corps.): Sales 11,969 12,707 13,038 16,611 14,137 18,825 4,791 5,101 4,246 4,688 4,578 4,195 3,352 Profits before taxes 2 332 1 950 1 982 2 078 1,789 3,023 825 894 589 715 690 511 273 Profits after taxes . . . .. 1,101 717 709 758 863 1,394 369 418 261 346 313 243 119 Dividends 679 486 469 469 536 693 109 114 161 309 162 164 164 Public Utility Railroad: Operating revenue 9,473 10,391 10,581 10,664 9,371 10,106 2,305 2,524 2,634 2,643 2,535 2,704 2,590 Profits before taxes 1 385 1,260 1 438 1,436 908 1,342 259 358 370 355 252 343 298 Profits after taxes 784 693 825 903 682 925 175 242 243 265 164 237 208 Dividends 312 328 338 412 379 421 101 90 74 156 116 70 Electric power: Operating revenue 5 528 6 058 6 549 7 136 7,588 8,395 2,169 1,999 2,034 2J93 2,412 2,201 2,185 Profits before taxes 1 313 1 482 1 740 1 895 2,049 2 304 636 539 535 594 710 592 568 Profits after taxes . 822 814 947 1,030 1,134 1,247 341 296 284 326 374 321 302 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 4,902 5,425 1,298 1,340 1,368 1,419 1,439 1,480 1,495 Profits before taxes 580 691 787 925 1,050 1,282 306 315 325 336 339 352 359 Profits after taxes 331 341 384 452 525 638 152 156 161 169 169 176 180 Dividends 276 318 355 412 448 496 118 122 126 130 132 136 137 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r te o r r P b t r e a o f x o f e i r t s e s c ta o I x n m - e e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s - d Y qu e a ar r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1949.... 26.2 10.4 15.8 7.5 8.3 1950 40.0 17.8 22.1 9.2 12.9 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1951.... 41.2 22.5 18.7 9.1 9.6 1949 6,731 1,875 4,856 4,667 1,583 3,284 1,864 292 1,572 1952 35.9 19.8 16.1 9.0 7.1 1950 7,224 3,501 4,806 80? 004 ,418 698 1,770 1953.... 37.0 20.3 16.7 9.3 7.4 1951 9,048 2,772 6^277 5,682 2,105 3,577 3,366 666 2,700 1954.... 33.2 16.8 16.4 10.0 6.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1955.... 42.7 21.5 21.1 11.2 9.9 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1956.... 43.4 21.9 21.5 12.0 9.5 1954 11,694 5,629 6,065 7,837 4,033 3,799 3,867 1,596 7 1955 12,595 5,372 7,223 7,712 3, 199 4,513 4,883 2,173 2,710 1955—3. 43.5 22.0 21.5 11.0 10.5 4. 46.4 23.4 23.0 12.1 10.9 1955 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 4 3,795 1,165 ,630 o,391 806 1,404 359 1,046 1956—1. 43.7 22.1 21.6 11.8 9.8 2. 42.9 21.7 21.3 12.2 9.1 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 3. 41.2 20.8 20.4 12.3 8.1 2 ... . 3,367 1,488 1,880 2,245 817 428 1,122 671 452 41 46.0 23.2 22.8 '11.9 '10.9 3 3,336 991 2,345 2,182 650 l',531 1,154 340 814 r Revised. i Reflects cash transactions only. As contrasted with data shown on p. 184, new issues i 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 NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 184. 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 v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a y an ab d l e accts. F in e c l t d i a o a e x m - ra e l Other ties G U o . v S t. . 2 Other G U o . v S t . .2 Other bilities 1948 68 6 133 0 25.3 14 8 4: .4 48.9 1.6 64.4 3( .3 11 5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81 6 161.5 28.1 19 7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16 7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90 1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18 1 18.7 1953 91.8 190.9 31.2 21.6 2.6 65.9 67.2 2.4 99.0 2.2 57.3 18.7 20.7 1954 95.0 188.5 32.0 19.8 2.4 67.3 64.4 2.6 93.5 2.4 54.9 15.3 20.8 1955 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] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- 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 fa m a i c n n i t n g u d - r- T p t o r i a r o 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^ road ing 1948 22.1 9.1 .9 1.3 1.3 2.5 .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 .3 4.7 4 8 4 3 8 7 1 2 2 6 1950 20.6 7.5 .7 1.1 1.2 3.3 5.7 1951 25.6 10.9 .9 1.5 1.5 3.7 .'.3 5.9 1956—1 7.5 3.2 .7 .9 2.6 1952 26.5 11.6 1.0 1.4 1.5 3.9 .5 5.6 2 8.9 4.1 .7 1.2 2.9 1953 . 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 3 8.9 4.1 .7 1.3 2.7 1954 26.8 11.0 1.0 .9 1.5 4.2 .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 I 8 4.8 1C.9 1957—14 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 187 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 r d tiesl 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 a e e c l g d e i e e e c n r s t a e - l d v o I i a t d n h n u d e d a i r - l s s h e o r l s d- Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r ho er l s d- tu in c ti i s o a ti l n - s h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.7 1.4 19.8 66.7 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 1956^ 144.5 111.4 3.6 29.5 134.8 99.2 83.5 15.6 35.6 24.0 11.6 9.7 3.9 5.8 1955—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.P 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 June* 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 Dec.*3 144.5 111.4 3.6 29.5 134.8 99.2 83.5 15.6 35.6 24.0 11.6 9.7 3.9 5.8 p Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual sayings 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 holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1949 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13 664 10 431 2,264 968 8,261 7,054 1,164 44 1951 . 14,732 11,270 3,421 2,921 4,929 2,458 ,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16 850 12 925 3 912 3,061 5 951 2 843 ,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 ,159 15,007 13,211 3,800 4,262 5,149 ,740 56 1955 21 004 15 888 4,560 3,711 7,617 3,819 ,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956? . . . 22,775 17,025 4,815 3,920 8,290 4,390 ,360 19,760 17,716 4,376 7,228 6,112 1,970 74 1955 June 19,940 15,128 4,361 3,601 7,166 3,549 ,263 16,173 14,339 4,000 4,976 5,362 ,775 59 Sept 20 540 15 560 4 475 3 675 7 410 3,700 ,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 ,297 17,457 15,568 4,150 5,773 5,645 ,831 58 1956—Mar 21,450 16,180 4,610 3,770 7,800 3,950 ,320 18,045 16,123 4,210 6,155 5,758 ,860 62 21,990 16 500 4,668 3,837 7,995 4,137 ,353 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept.25. . . .. 22,500 16,845 4,730 3,905 8,210 4,290 ,365 19,225 17,218 4,333 6,885 6,000 ,936 71 Dec.23 22,775 17,025 4,815 3,920 8,290 4,390 ,360 19,760 17,716 4,376 7,228 6,112 ,970 74 v Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 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 FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941... 6,442 5,529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 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 1956 6,686 6,179 1,647 3,675 507 33,017 30,546 6,654 7,318 16,574 2,471 857 1955—Dec 857 811 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 150 1956 Jan 646 595 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 Feb 564 503 105 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 7756 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June •. 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 July 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 AuR 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sent ... 454 430 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 Nov . 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30,546 6,654 7,318 16,574 2,471 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l 2 Y m e o a n r th or N b u e m r - Total i i a l n S o s g a s a s n v n - s & s . p I c n a a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b i s 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 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 I 618 3 365 1,064 1951 5,250 1 657 2,357 15,564 866 3,133 11,565 1951 2,878 16,405 5,295 ,615 3,370 1,013 1952.. 6,617 2,105 2,955 18,396 904 3,394 14 098 1952 3,028 18,018 6,452 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 ,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 1956 . 10,545 3 771 4,727 35,870 1,492 6,664 27,714 1956 3,602 27,088 9,532 .799 5,458 .824 1955 1955 Dec 746 253 351 31,461 1,405 5,891 24,165 Dec 293 2,188 700 156 457 166 1956 1956 Jan 712 251 316 Jan 275 2,059 665 148 435 131 Feb 778 284 333 Feb 278 2,050 700 136 421 127 Mar 908 331 3.86 32,405 1,424 6,082 24,899 Mar 309 2,271 816 152 468 128 Apr 932 359 388 . ... Apr 303 2,269 827 148 470 128 May. 986 356 434 May 324 2,434 872 158 508 152 June 976 349 449 33 740 1 458 6 338 25 944 June 319 2 417 877 165 494 162 July 949 341 439 July 312 2,374 851 159 464 168 AUK 1,037 358 483 Aug 336 2,544 921 163 508 181 Sept. 850 292 397 34 939 rl 476 r6 530 r26 933 Sept 290 2 185 779 139 441 163 Oct 922 323 422 Oct 322 2,425 848 154 475 183 Nov 784 277 360 Nov 277 2 108 717 136 408 152 Dec 710 250 320 35,870 1,492 6,664 27 714 Dec 257 1,951 660 138 366 148 r Revised. 1 Includes amounts for other lenders, not shown separately. 1 Includes loans for other purposes (for repair, additions and alterations, Source.—Federal Home Loan Bank Board. refinancing, etc.) not shown separately. 2 Excludes shares pledged against mortgage loans. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 189 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans mo H r o tg m a e ges Proj- P e r r o ty p- mo H r o tg m a e ges Government- Year or month ect- im- underwritten Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- * p l m o ro a e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - y q E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 629 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37.6 15.0 6.9 8.1 22.6 1953 3,882 1,259 1,030 259 1,334 3,064 2,045 1,014 1950 45.2 18.9 8.6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 1955 3,807 1,269 1,816 76 646 7J56 4,582 2,564 1952 58.5 25.4 10.8 14.6 33.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1954 75.7 32.1 12.8 19.3 43.6 1955—Dec 326 118 144 10 55 620 413 206 1955 88.1 38.9 14.3 24.6 49.2 1956^ 99.2 43.8 15.5 28.3 55.4 1956—Jan 335 133 148 1 53 570 403 166 Feb.... 287 114 127 5 41 535 372 162 1955—June 82.2 35.3 13.5 21.8 46.9 Mar 298 105 127 18 48 468 331 136 Sept 85.5 37.0 13.9 23.1 48.5 Apr 253 87 116 4 46 493 333 159 Dec.... 88.1 38.9 14.3 24.6 49.2 May 270 87 123 2 59 469 307 162 June 280 86 121 10 62 421 265 155 1956—Mar.*.. 90.8 40.2 14.7 25.5 50.6 July 279 83 125 10 61 465 291 174 June?.. 93.7 41.3 15.0 26.3 52.4 Aug 312 97 141 8 67 505 320 184 Sept. P.. 96.6 42.4 15.2 27.2 54.2 Sept 278 82 122 16 59 508 321 186 Dec.?. . 99.2 43.8 15.5 28.3 55.4 Oct 341 96 134 26 86 501 331 169 Nov 279 89 124 4 62 462 315 146 Dec 249 76 98 27 48 472 321 150 *> 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 ACTIVITY1 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 re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 ,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 ,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 ,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 ,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 ,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 ,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 >,069 /609 5 360 1956 745 934 1,228 798 430 1956—Jan 2,623 900 ,722 22 1 75 1956—Jan 42 213 1.246 833 413 Feb 2,642 907 ,736 35 66 Feb 13 78 ,181 770 411 Mar 2 657 909 748 28 62 Mar 26 69 ,138 730 408 Apr 2,665 907 ,758 23 1 68 Apr 42 53 ,127 709 418 May 2,677 907 ,769 25 1 81 May 44 48 ,123 697 427 June • • • .... 2,704 915 ,789 40 92 99 49 ,173 730 443 July 2,729 915 ,814 43 91 July 93 159 .108 700 408 2,758 919 ,839 46 1 92 Aug 66 57 i;il6 713 403 Seot 2,781 920 ,861 40 1 130 Sept 72 46 1,142 741 401 Oct 2,838 934 ,904 69 1 232 Oct 67 61 1,148 752 397 Nov 2,953 957 .996 129 317 Nov 59 54 1,153 756 397 Dec 3,047 978 2,069 109 (0 360 Dec 121 47 1,228 798 430 1957—Jan 3,182 1,009 2,173 147 411 1957 Jan 77 267 1,038 660 378 c Corrected. 1 Secured or unsecured loans maturing in one year or less. i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 2 Secured loans, amortized quarterly, having maturities of more than charter, under which it maintains three separate programs: secondary one year but not more than ten years. market, special assistance, and management and liquidation. Source.—Federal Home Loan Bank Board. Source.—Federal National Mortgage Association. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 CONSUMER CREDIT , CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s 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 o r 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 1949 17,305 11,590 4,555 3,706 898 2,431 5,715 1,532 2,795 1,388 1950 21,395 14,703 6,074 4,799 [,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 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 [,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 1956 . .. 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 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 Apr 38,222 29,419 13,892 7,337 1,643 6,547 8,803 3,094 3,531 2,178 May 38,919 29,763 14,059 7,401 1,677 6,626 9,156 3,258 3,701 2,197 June 39,454 30,084 14,255 7,417 1,700 6,712 9,370 3,335 3,804 2,231 July 39,478 30,297 14,381 7,421 1,710 6,785 9,181 3,261 3,674 2.246 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 Dec 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 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 m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a c C u n n o a m o i m n n e e c s - - r e ^ Other i Total D s m t e o p e r a e n r s t t 2 - F 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 1949 11,590 9,257 4,439 2,944 438 1,436 2 333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 ,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 29,020 24,441 10,601 8,443 .680 2,656 1,061 4,579 1,511 1,052 381 535 1,100 1956 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 ,407 1,020 378 572 1 137 1956—Jan 28,886 24,447 10,618 8,436 1,668 2,670 1,055 4,439 ,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 30,084 25,963 11,394 8,765 1,848 2,845 1,111 4,121 1,247 973 354 562 985 July 30,297 26,193 11,476 8,849 [,880 2,880 1,108 4,104 1,239 967 359 568 971 30,644 26,475 11,548 8,953 1,933 2,920 1,121 4,169 1,286 973 365 575 970 Sept . .. 30,707 26,551 11,548 8,989 1,960 2,924 1,130 4,156 [,269 970 368 576 973 Oct 30,811 26,635 11,606 8,973 .994 2,938 1,124 4,176 1,269 974 368 574 991 Nov 31,024 '26,846 11,634 r9,075 2,021 2,961 1,155 r4,178 1,230 988 373 573 1,014 Dec 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 [ 407 1,020 378 572 1,137 r Revised. 2 Includes mail-order houses. i Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 191 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 a n p o iz n d d a n a s - ir - s l P o o e n a r a n - l s 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 O c u o a o t m p o h n d e e e - r s r r m i R z l o o a e a d a n p ti n e d a o s r i n r n- s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1949 2,944 2,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 .. 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 1,429 2,105 1956—Jan 8,436 6,919 1,024 25 468 1956—Jan.. 10,618 3,252 2,072 2,049 1,314 1,931 Feb 8,460 6,940 1,024 24 472 Feb., 10,668 3,294 2,089 2,040 1,305 1,940 Mar 8,526 6,995 1,024 24 483 Mar. 10,796 3,347 2,133 2,051 1,303 1,962 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 1,335 2,025 June 8,765 7,199 1,039 24 503 June 11,394 3,521 2,207 2,265 1,356 2,045 July 8,849 7,264 1,049 24 512 July. 11,476 3,560 2,210 2,276 1,367 2,063 8,953 7,344 1,061 24 524 Aug. 11,548 3,598 2,218 2,266 1,384 2,082 Sept 8,989 7,366 1,071 23 529 S O e c p t t .. . 1 1 1 1 , , 5 6 4 0 8 6 3 3, , 5 5 9 8 1 4 2 2 , , 1 1 9 8 9 0 2 2, , 3 2 3 7 5 1 1 [, , 4 4 2 0 1 3 2 2 , , 0 0 8 8 4 6 O N c o t v r9 8 , , 0 9 1 7 5 3 7 7 , , 3 3 3 0 3 5 n 1 , ,0 2 8 0 3 2 2 2 4 4 5 5 3 4 3 4 Nov. 11,634 3,578 2,177 2,364 1,430 2,085 Dec 9,100 7,283 1,227 23 567 Dec. 11,682 3,579 2,181 2,388 1,429 2,105 r Revised. 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 (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 O p c u o a o t m o p h n d e e e - r r s r m i R z lo o a e a a n d p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a - i l t l t - C m c m o i e a m e r l - n - t lo O an th s) er m p D a e a e r n - c t- t coun O ts t ) her S c e r r e v d i i c t e 1939 789 81 24 15 669 banks stores * 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 .. 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1949 1,874 259 146 93 1,376 1945 3,203 674 72 290 1,322 845 1950 2,296 360 200 121 1,615 1951 2,699 373 233 134 1,959 1949 . 5,715 1,334 198 587 2,208 1,388 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,397 709 506 307 3,875 1953 8,238 1,899 288 772 3,352 1,927 1956.. 6,256 821 582 341 4,512 1954 8,724 2,096 312 793 3,515 2,008 1955 9,628 2,635 357 862 3,682 2,092 1956 Jan 5,393 703 510 299 3,881 1956 . 10,311 2,975 446 895 3,807 2,188 Feb 5,459 713 517 299 3,930 Mar 5,548 724 527 304 3,993 1956—Jan 8,962 2,632 288 706 3,255 2,081 Apr 5,624 737 532 306 4,049 Feb 8,559 2,625 307 596 2,934 2,097 May 5,717 751 544 318 4,104 Mar 8,649 2,680 370 579 2,890 2,130 June 5,804 766 554 320 4,164 Apr 8,803 2,720 374 573 2,958 2,178 July 5,868 779 560 319 4 210 May 9,156 2,766 492 585 3,116 2,197 Aus 5,974 795 572 326 4,281 June 9,370 2,880 455 574 3,230 2,231 Sept 6,014 801 575 332 4,306 July 9,181 2,885 376 523 3,151 2,246 Oct 6,056 807 581 336 4,332 Aug 9,234 2,894 401 531 3,165 2,243 Nov 6,137 816 581 343 4,397 Sept 9,367 2,926 435 588 3,192 2,226 Dec 6,256 821 582 341 4,512 Oct 9,385 2,897 413 612 3,263 2,200 9,607 2,894 507 672 3,357 2,177 Dec 10,311 2,975 446 895 3,807 2,188 NOTE.—Institutions included are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Year or month Unad- Unad- Unad- Unad- Unad- Adjusted* justed Adjusted* justed Adjusted* justed Adjusted" justed Adjusted* justed Extensions 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 ,217 7,347 1953 31,558 12,981 9,227 ,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,128 16,743 10,615 ,359 10,411 1956 39,602 15,533 11,015 ,448 11,606 1955—Dec. 3,315 3,785 1,389 1,303 904 1,282 124 118 1,082 1956—Jan.. . 3,432 2,885 1,448 1,192 926 760 119 939 845 Feb.. 3,317 2,918 1,390 1,236 883 731 122 97 922 854 Mar.. 3,167 3,305 1,278 1,378 858 821 119 113 912 993 Apr.. 3,402 3,329 1,324 1,345 966 894 128 123 984 967 May. 3,255 3,470 1,250 1,407 930 949 132 145 943 969 June. 3,049 3,390 1,175 1,391 839 883 115 128 920 988 July. . 3,293 3,316 1,246 1,337 925 872 121 127 1,001 980 Aug.. 3,350 3,504 1,258 1,393 951 952 122 137 1,019 1,022 Sept.. 3,153 2,981 1,191 1,150 883 840 117 125 962 866 Oct.. . 3,363 3,382 1,308 1,284 942 1,010 125 140 988 948 Nov.. 3,453 3,387 1,354 1,225 973 1,037 120 125 1,006 1,000 Dec.. 3,368 3,735 1,311 1,195 939 1,266 108 100 1,010 1,174 Repayments 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 ,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 1956. 37,070 14,565 10,502 1,325 10,678 1955—Dec. 2,918 3,034 1,143 1,161 833 825 108 109 834 939 1956—Jan.. . 3,107 3,019 1,243 1,179 887 899 121 120 856 821 Feb.. 2,946 2,889 1,182 1,143 821 847 110 107 833 792 Mar.. 2,894 3,108 1,131 1,209 823 892 102 110 838 897 Apr.. 3,142 3,022 1,256 1,196 869 857 118 111 899 858 May. 3,060 3,126 1,224 1,240 857 885 111 111 868 890 June. 006 3,069 1,156 1,195 868 867 104 105 878 902 July.. 158 3,103 1,227 1,211 890 868 121 117 920 907 Aug.. 145 3,157 1,212 1,244 891 880 112 113 930 920 Sept.. 085 2,918 1,184 1,147 892 836 104 101 905 834 Oct.. . 182 3,278 1,283 1,339 882 906 113 117 904 916 Nov.. 160 3,174 1,231 1,254 904 886 105 109 920 925 Dec. 3,185 3,207 1,236 1,208 918 879 104 104 927 1,016 Change in outstanding credit1 1949 +2,594 + 1,537 + 805 +45 +207 1950 + 3,113 + 1,519 + 1,093 + 118 + 383 1951 + 591 -102 + 81 +69 + 543 1952 +4,109 + 1,761 + 1,294 + 300 +754 1953 +3,602 +2,102 + 605 +225 +670 1954 + 563 -26 -28 + 6 +611 1955 + 5,452 + 3,659 + 875 + 54 + 864 1956 +2,532 +968 + 513 + 123 +928 1955—Dec. + 397 +751 +246 + 142 +71 +457 + 16 +9 + 64 + 143 1956—Jan.. . + 325 -134 +205, + 13 + 39 -139 -2 -32 +83 +24 Feb.. + 371 +29 +208 +93 + 62 -116 + 12 -10 + 89 +62 Mar.. +273 + 197 + 147 + 169 + 35 -71 + 17 + 3 +74 +96 Apr.. +260 + 307 + 68 + 149 +97 + 37 + 10 + 12 + 85 + 109 May. + 195 + 344 +26 + 167 +73 + 64 +21 + 34 +75 +79 June. +43 + 321 + 19 + 196 -29 + 16 + H +23 +42 +86 July.. + 135 + 213 + 19 + 126 + 35 +4 0 + 10 + 81 +73 Aug.. +205 + 347 +46 + 149 +60 +72 + 10 +24 + 89 + 102 Sept.. +68 + 63 +7 + 3 -9 +4 + 13 +24 + 57 + 32 Oct.. + 181 + 104 +25 -55 + 60 + 104 + 12 +23 + 84 +32 Nov.. +293 + 213 + 123 -29 +69 + 151 + 15 + 16 + 86 +75 Dec. + 183 + 528 +75 -13 + 21 + 387 +4 + 83 + 158 * Monthly data for 1956 revised to bring annual totals into agreement a description of the methods used to derive the estimates are shown with totals for unadjusted data. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1 Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for the period January 1940-August 1956 are incurred under the instalment contract. Renewals and refinancing of shown on pp. 1043-1054 of the BULLETIN for October 1956. loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit A discussion of the composition and characteristics of the data and repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 193 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 i n es ce Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Year or month Adjusted* U ju n st a e d d - Adjusted* U ju n s a te d d - Adjusted* U ju n s a te d d - Adjusted* U ju n s a te d d - Adjusted* U ju n st a e d d - Extensions 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 1956 39 602 14,428 9,600 9,426 6,148 1955—Dec 3,315 3,785 1,179 1,171 840 838 746 906 550 870 1956—Jan 3,432 2,885 1,110 886 704 752 656 564 415 Feb . 3,317 2,918 1,195 1,088 834 717 758 699 530 414 Mar 3,167 3,305 [,102 t 201 799 822 759 808 507 474 Apr 3,402 3,329 ,299 1,308 787 769 780 766 536 486 May 3,255 3,470 ,178 1,279 770 842 775 800 532 549 June 3,049 3,390 ,182 1,324 716 847 751 803 400 416 July 3,293 3,316 ,218 [,231 752 819 811 795 512 471 Aus 3,350 3,504 1,174 1,232 772 871 846 844 558 557 Sept 3,153 2,981 ,135 1,070 740 722 770 707 508 482 Oct 3,363 3,382 259 1,244 817 821 793 774 494 543 Nov 3,453 3,387 1,221 1,148 r881 835 835 '468 '523 Dec 3,368 3,735 ,235 1,193 798 785 796 939 539 818 Repayments 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 1956 37,070 13,347 8,943 8,567 6,213 1955—Dec 2,918 3,034 1,043 1,059 692 717 668 759 515 499 1956—Jan 3,107 3,019 ] 174 J 0Q1 771 711 690 660 522 555 Feb 2,946 2,889 ,059 1,038 717 693 663 633 507 525 Mar 2,894 3,108 ,006 1,073 697 756 681 719 510 560 Apr 3,142 3,022 ,126 1,095 761 720 720 690 535 517 May 3,060 3,126 ,092 1,118 775 776 690 707 503 525 June 3,006 3,069 ,077 1,100 699 723 699 716 531 530 July 3,158 3,103 ,148 1,149 763 735 746 731 501 488 Aug... 3,145 3,157 ,146 1,160 746 767 751 738 502 492 Sept 3,085 2,918 ,122 ,070 706 686 723 667 534 495 Oct.... 3,182 3,278 ,162 ,186 789 837 718 732 513 523 Nov ' 3,160 3,174 122 1,120 756 779 748 754 534 521 Dec 3,185 3,207 ,163 .145 763 760 738 820 521 482 Change in outstanding credit1 1949 +2,594 +910 +933 4-294 4-457 1950 +3 113 + 1 359 +767 +422 +565 1951 +591 — 27 — 57 4-403 4-272 1952 +4,109 4-1,753 4-1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 4-692 4-220 1954 +563 -202 +217 +472 +76 1955 4-5,452 4-1,805 +2,299 4-887 +461 1956 + 2 532 + 1 081 + 657 + 859 -65 1955—Dec +397 +751 + 136 f 112 4-148 + 121 +78 4-147 + 35 +371 1956—Jan + 325 -134 + 106 + 115 -7 + 62 -4 +42 -140 Feb + 371 t-29 + 136 + 50 + 117 4-24 +95 4-66 +23 -111 Mar +273 + 197 +96 + 128 + 102 +66 +78 4-89 -86 Apr +260 + 307 + 173 +213 + 26 4-49 +60 4-76 + 1 -31 May + 195 +344 + 86 + 161 4-66 + 85 4-93 +29 4-24 June +43 +321 + 105 +224 + 17 + 124 + 52 + 87 -131 -114 July + 135 +213 +70 +82 -11 +84 +65 +64 + 11 -17 Aue +205 +347 + 28 +26 + 104 +95 + 106 +56 4-65 Sept +68 +63 + 13 0 + 34 +36 +47 f40 -26 -13 O No ct v + +2 1 9 8 3 1 + 4- 2 1 1 0 3 4 + +9 9 9 7 + + 5 2 8 8 r+ + 17 2 3 8 '•+ - 1 1 0 6 2 + + 7 8 5 7 + + 4 8 2 1 r -1 6 9 6 + '+ 20 2 Dec + 183 + 528 +72 +48 + 35 +25 + 58 + 119 + 18 + 336 r Revised. a description of the methods used to derive the estimates are shown * Monthly data for 1956 revised to bring annual totals into agreement in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment with totals for unadjusted data. credit extended and repaid are based on information from accounting 1 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for the period January 1940-August 1956 are loans, repurchases and resales of instalment paper, and certain other transshown on pp. 1043-1054 of the BULLETIN for October 1956. actions may increase the amount of both credit extended and credit A discussion of the composition and characteristics of the data and repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49 == 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) io * n Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i Departor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia n s l i - - o A th l e l r N p m t a c e u l g m u o o e r r l a n n y i - - - l - t - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - F i r l n c o e a g i a g r s d - h * - t v ( s m s r a a t e l l o e t e u a n r s e e i t * ) l p s C r u i o m ce n 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 - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 39 38 38 37 45 34 26 39 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. 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. 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 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 r120 114.5 110.7 1956.. 117.7 P106.5 116.2 114.3 1955 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. 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 14: 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 O N c o t v . . . . 1 1 4 4 6 6 -• 1 1 4 5 ' 1 1 14 4 ' 8 1 16 6 5 4 1 1 3 2 1 9 •• 1 1 2 2 8 9 2 2 4 4 8 2 2 1 3 9 0 7 2 27 6 : 0 r1 1 1 1 8 8 . . 8 7 1 1 0 0 7 7 . . 1 1 1 1 0 0 8 8 . . 0 7 r1 1 6 68 7 . . 9 9 6 7 1 13 2 1 2 1 1 1 1 7 7 . . 7 8 1 1 1 1 5 5 . . 6 9 Dec. 147 144 148 166 130 130 119.0 107.3 107.7 170.9 100 P129 118.0 116.3 1957 Jan.. P146 ^130 H19A ^106.8^106.0 465.1 P9S 426 116.9 e Estimated. p Preliminary. r Revised. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim 2 The indexes of employment and payrolls, wholesale commodity prices, adjusted" and "old" indexes converted to the base 1947-49 = 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 195 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 144 143 143 141 143 141 141 136 142 145 146 146 147 MANUFACTURES—TOTAL 90.02 127 140 146 145 144 142 144 143 143 137 144 147 148 147 148 Durable Manufactures-—Total 45.17 137 155 161 160 158 156 159 157 157 118 158 163 164 165 166 Primary metals 6.70 108 140 150 148 148 145 146 141 138 68 124 148 147 146 146 Metal fabricating 28.52 150 165 172 770 168 166 171 167 168 169 172 176 777 180 752 Fabricated metal products 5.73 123 134 138 136 134 132 135 130 132 129 134 142 142 138 139 Machinery 13.68 142 155 164 164 162 162 169 168 168 172 174 176 176 176 176 Nonelectrical machinery 9.04 125 135 146 146 147 147 148 149 149 152 155 158 155 154 155 Electrical machinery 4.64 177 194 199 197 192 191 208 206 205 210 211 212 215 r218 218 Transportation equipment 7.54 175 203 212 205 202 197 193 186 189 r190 193 196 •"202 215 221 Instruments and related products 1.29 140 149 159 160 161 160 162 164 163 167 171 171 172 172 173 Clay, glass, and lumber products 5.91 123 138 139 140 139 137 139 141 141 142 144 139 139 139 136 Stone, clay, and glass products 2.82 131 149 154 154 155 156 158 162 161 159 160 154 157 159 157 Lumber and products 3.09 115 127 126 128 124 121 122 121 123 125 129 126 122 120 116 Furniture and misc. manufactures 4.04 121 132 137 135 134 132 134 135 136 136 138 137 136 132 134 Furniture and fixtures 1.64 106 119 123 122 120 120 121 121 123 124 124 124 122 118 120 Miscellaneous manufactures 2.40 131 141 146 144 143 141 142 145 145 145 148 146 146 142 143 Nondurable Manufactures—Total.... 44.85 116 126 130 129 130 128 129 128 128 127 129 130 131 129 130 Textiles and apparel 11.87 100 109 112 111 '•111 107 107 106 106 107 108 111 r106 106 Textile mill products 6.32 95 107 109 108 109 106 106 103 101 100 102 103 106 104 102 Apparel and allied products 5.55 105 113 116 113 114 108 109 111 112 112 112 113 117 108 110 Rubber and leather products 3.20 104 122 125 126 125 119 120 116 111 111 116 116 r777 779 Rubber products 1.47 115 143 144 147 140 135 137 131 122 119 132 133 136 126 139 Leather and products 1.73 95 105 108 108 112 105 106 104 102 104 102 101 100 102 Paper and printing 8.93 125 137 140 141 141 142 144 145 146 147 148 146 147 147 146 Paper and allied products 3.46 134 152 159 159 157 157 160 160 161 162 163 159 158 160 157 Printing and publishing 5.47 120 127 128 131 131 132 134 135 136 137 139 138 141 139 139 Ch C e h m e i m ca i l c a a l n s d a p n e d tr o al l l e i u ed m p p r r o o d d u u c c t t s s 9 6. . 8 3 4 4 1 1 4 4 2 8 1 1 5 6 9 7 1 17 6 5 6 1 17 6 3 5 1 17 6 4 6 1 1 6 7 6 4 r 1 1 7 6 8 8 1 1 8 6 0 9 ' 1 1 7 6 8 8 1 1 6 7 6 8 1 17 6 7 7 m16i8 ' 1 1 7 6 8 8 " 1 1 7 6 6 7 1 1 7 7 0 9 Petroleum and coal products 2.50 125 135 141 142 143 144 139 140 142 132 139 143 139 146 Foods, beverages, and tobacco 11.51 106 109 113 111 112 HI 113 111 '111 110 113 113 774 nu 113 Food and beverage manufactures 10.73 106 109 113 111 112 111 114 111 111 110 114 114 114 113 Tobacco manufactures .78 103 105 107 109 107 107 107 110 108 105 102 103 106 114 108 MINERALS—TOTAL 9.98 111 122 129 131 131 130 130 129 130 122 128 128 128 129 130 Mineral fuels 8.35 113 123 130 132 131 131 130 r129 130 126 130 128 727 128 129 Coal 2.68 67 80 87 87 88 86 86 89 90 77 87 87 85 83 80 Anthracite .36 52 48 58 62 55 50 55 41 55 54 61 '59 53 54 59 Bituminous coal 2.32 70 85 92 91 94 92 91 96 95 81 91 91 90 87 83 Crude oil and natural gas 5.67 134 143 151 153 151 151 151 149 148 149 150 147 147 149 153 Me M ta e l t , a s l t m on i e n , i n a g nd earth minerals 1. . 6 8 3 2 1 9 0 0 6 1 1 2 1 0 0 1 1 2 1 3 2 1 r1 2 3 4 0 H 1 3 2 1 3 m13i0 1 1 2 2 0 9 ' 1 1 1 2 9 9 1 '1 1 3 9 1 n ' o 6 i 1 r 1 1 0 2 1 0 119 1 1 2 3 6 3 r 1 1 2 3 4 4 1 1 3 2 4 4 Stone and earth minerals .81 123 130 135 137 138 139 139 138 143 142 139 143 141 143 144 WITHOUT SEASONAL ADJUSTMENT (Major divisions only) 100.00 125 139 142 143 144 143 144 141 141 128 142 146 151 147 144 Industrial Production—Total 90.02 127 140 143 144 146 145 146 142 142 129 143 148 153 149 146 Manufactures—Total 45.17 137 155 161 160 161 161 162 157 156 139 155 161 168 167 166 Durable manufactures 44.85 116 126 125 128 131 130 129 127 127 119 131 134 137 132 126 Nondurable manufactures 9.98 111 122 127 129 127 127 130 130 131 119 131 132 130 128 128 Minerals—Total ' Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p p 4 r o 7 o r - - - 49 a A v n e n ra u g a e l 1955 1956 tion 1954 1955 Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL.... 100.00 125 139 142 143 144 143 144 141 141 128 142 146 151 147 144 MANUFACTURES—TOTAL 90.02 127 140 143 144 146 145 146 142 142 129 143 148 153 149 146 Durable Manufactures—Total 45.17 137 155 161 160 161 161 162 157 156 139 155 161 168 166 165 Primary metals 6.70 108 140 147 151 152 152 152 144 140 62 118 145 149 146 143 Ferrous metals 5.03 105 138 145 149 149 149 149 143 138 41 114 146 149 146 145 Pig P S t i i e g C A r e o a i l l n r l r o o b a y n o n n s d t e s s e t t e l e e e l l 2 3 3 . . . . . 0 5 6 4 3 5 1 2 3 7 1 1 1 1 1 0 0 1 0 0 9 8 5 1 8 1 1 1 1 17 4 4 4 3 1 1 6 4 4 1 1 1 1 1 4 5 4 5 8 1 3 9 4 2 1 1 1 1 1 5 5 4 5 9 9 8 3 3 7 1 1 1 1 1 4 5 9 5 5 3 9 9 8 3 1 1 1 1 1 5 4 5 6 9 9 5 5 0 2 1 1 1 1 1 8 4 5 5 5 1 5 9 8 5 1 1 1 1 1 5 4 5 8 4 2 9 4 2 0 1 1 1 1 1 4 4 3 5 4 6 5 5 7 4 2 2 2 2 3 4 2 4 3 4 1 1 1 1 1 3 1 1 0 1 5 9 6 4 7 1 1 1 1 1 8 5 5 4 5 3 8 3 5 6 1 1 1 1 1 9 5 4 6 6 1 7 8 0 2 1 1 1 1 18 5 5 5 4 1 9 8 6 7 1 1 1 1 1 4 7 5 5 5 9 0 8 6 7 Ferrous castings and forgings 1.52 97 124 128 128 130 128 129 120 123 79 106 122 123 r118 117 Iron and steel castings 1.29 95 123 126 125 128 126 127 119 121 78 106 122 122 118 117 Steel forgings .23 106 133 141 143 142 142 141 129 134 88 105 120 127 120 121 Nonferrous metals 1.67 120 146 153 159 161 160 160 149 145 124 130 144 148 146 136 Primary nonferrous metals .38 147 164 175 173 177 182 185 181 179 172 143 168 181 180 180 Copper smelting .09 101 122 128 134 136 142 143 147 142 117 124 122 133 127 127 Copper refining .06 109 123 143 122 134 141 146 143 139 123 120 114 134 135 128 Lead .04 105 103 112 114 117 120 121 106 109 107 107 123 122 116 120 Zinc .10 101 120 127 124 126 125 125 111 111 114 123 128 127 130 Aluminum .09 244 261 277 276 279 287 294 296 296 298 182 269 293 295 292* Secondary nonferrous metals .13 105 123 125 131 134 124 135 121 110 93 108 115 124 Nonferrous shapes and castings 1.16 113 142 148 158 159 157 154 141 137 112 128 139 140 138 124 Copper mill shapes .63 100 114 120 134 132 127 123 116 112 79 109 120 111 116 98 Aluminum mill shapes .20 154 208 210 226 225 241 242 228 215 222 187 202 218 195 175 Nonferrous castings .33 114 156 164 163 170 166 160 140 137 111 129 141 149 146 Metal Fabricating 28.52 150 165 173 172 172 171 174 167 166 160 167 172 180 181 182 Fabricated metal products < .... 5.73 123 134 137 135 134 134 136 130 132 124 135 144 145 138 138 Structural metal parts 2.68 126 136 144 140 138 138 140 138 138 129 137 144 150 149 152 Stampings and misc. metal products 2.12 117 130 137 131 129 126 125 121 119 111 117 123 130 132 134 Tin cans .30 131 142 102 109 116 127 189 121 159 168 214 220 186 100 105 Furnaces, gas ranges, and heaters .63 90 111 92 109 110 115 106 105 112 94 123 143 128 98 Machinery 13.68 142 155 164 167 168 168 172 167 165 157 167 176 181 177 176 Nonelectrical machinery 9.04 125 135 147 149 152 154 154 151 150 146 146 153 152 151 156 Farm and industrial machinery 8.13 121 130 143 144 145 146 148 147 147 144 145 148 149 150 154 I F n a d r u m s t m ria a l c h a i n n d e r c y ommercial machinery.... 7 1. . 0 1 2 1 1 7 2 9 7 1 9 3 1 5 1 9 5 7 0 1 9 5 8 0 1 9 5 5 3 1 9 5 4 4 1 9 5 2 6 1 8 5 8 5 1 8 5 7 5 1 8 5 2 3 1 7 5 9 5 1 7 5 9 8 1 7 6 3 0 1 r 6 77 0 1 8 6 3 4 Machine tools and presses .68 160 163 190 190 195 196 197 197 194 194 193 199 201 201 208 Laundry and refrigeration appliances .69 114 144 141 164 173 183 175 146 143 128 108 159 139 123 Electrical machinery 4.64 177 194 197 201 200 196 206 198 195 178 209 220 '237 227 216 Electrical apparatus and parts 3.23 160 174 184 184 184 184 202 200 199 193 198 202 209 211 214 Radio and television sets .74 214 242 225 240 233 218 209 185 174 130 238 266 312 271 218 Transportation equipment 7.54 175 203 214 206 205 202 201 189 188 186 186 180 202 224 Autos, trucks, and parts 4.80 109 153 159 147 143 139 136 116 111 107 104 92 121 139 142 Autos 1.50 131 190 193 173 164 163 162 127 127 127 109 59 105 164 177 Trucks .66 92 115 122 113 125 130 133 117 123 99 101 98 103 102 101 Light trucks .22 95 114 106 101 109 104 102 89 89 76 81 75 92 100 92 Medium trucks .19 59 69 67 67 71 68 69 58 68 56 53 51 52 43 45 Heavy trucks .14 133 172 216 194 227 258 265 237 246 198 192 201 195 195 207 Truck trailers .07 130 183 192 173 187 191 208 191 203 145 160 148 146 133 126 Auto and truck parts 2.58 10i 141 150 141 135 128 122 109 98 97 102 109 135 135 Aircraft and parts 1.30 474 481 516 517 521 513 516 520 531 536 555 569 582 619 Shipbuilding and repair .81 112 115 111 111 119 121 119 120 121 121 114 113 115 118 124 Railroad equipment .53 39 42 51 54 60 66 68 69 66 62 58 51 60 68 75 Railroad cars .35 29 30 36 40 49 57 60 61 56 51 49 36 52 64 73 Instruments and related products 29 140 149 161 160 161 161 164 164 163 162 167 171 173 174 175 Clay, Glass, and Lumber Products 91 123 138 132 132 135 135 142 143 145 135 149 145 146 138 129 Stone, clay, and glass products 82 131 149 153 150 150 153 158 162 163 156 164 157 165 161 156 Glass and pottery products 09 118 134 141 141 141 140 143 142 140 130 142 127 149 147 143 Flat glass and vitreous products .60 131 155 172 168 163 163 166 164 160 150 161 159 173 174 173 Flat and other glass .47 133 156 174 171 167 163 165 163 158 146 160 158 177 177 176 Glass containers .26 117 126 111 121 130 130 135 136 142 133 145 113 147 135 114 Home glassware and pottery .23 85 91 96 91 96 93 92 93 86 72 90 61 86 96 Cement .32 135 148 136 126 123 137 159 174 175 173 177 174 171 157 Structural clay products .35 111 127 130 129 132 137 138 140 146 140 144 140 143 136 126 Brick .12 113 131 122 122 124 132 140 145 144 140 148 135 139 131 106 Clay firebrick, pipe, and tile .20 111 127 137 136 139 142 138 139 148 141 144 147 147 141 142 Concrete and plaster products .48 161 180 181 175 177 181 192 202 208 204 208 204 199 192 187 Misc. stone and earth manufactures .58 140 166 176 171 171 171 172 172 171 167 171 176 177 177 180 ' Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 197 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100J 19 p 4 r 7 o - - 49 a A v n e n r u a a g l e 1955 1956 Industry portion 1954 1955 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 115 127 113 116 121 119 126 125 129 116 135 133 130 Ill 104 2.05 106 112 98 100 104 105 112 111 118 104 115 118 111 101 91 .60 161 197 173 189 201 193 199 187 181 161 216 200 206 181 155 Millwork .39 123 144 110 114 128 118 123 124 133 107 152 139 130 103 82 Softwood plywood....••• .12 222 284 278 313 321 316 324 290 260 248 320 299 332 310 277 .29 88 90 94 90 91 91 92 93 92 90 90 90 93 r88 90 Furniture and Misc. Manufacturing . . .4.04 121 132 140 133 136 134 132 131 '132 127 136 140 143 138 137 1.64 106 119 128 122 123 111 119 '117 118 115 123 125 127 122 125 Household furniture • • 1.10 106 120 130 124 125 123 118 115 116 114 121 125 127 123 125 Fixtures and office furniture - . .54 107 115 122 119 119 120 120 126 126 120 123 117 127 127 122 IVIiscellaneous manufactures •• 2.40 131 141 149 141 145 142 141 150 146 140 141 135 145 154 150 Nondurable Manufactures—Total 44.85 116 126 125 128 131 130 129 134 126 127 127 119 131 137 132 11.87 100 109 106 113 119 114 111 107 90 109 105 114 r106 100 6.32 95 107 105 111 115 110 108 '105 100 86 102 103 '109 105 98 Cotton and synthetic fabrics 3.72 100 113 110 119 123 115 112 109 99 87 104 101 113 109 103 2.30 97 103 101 110 112 108 107 105 96 81 101 97 108 104 93 .97 108 137 131 135 141 132 119 108 102 101 102 110 118 119 120 Fabric finishing .45 93 100 92 111 118 98 103 108 90 71 103 82 105 90 99 Wool textiles .97 66 79 80 83 84 85 89 90 90 76 92 87 94 86 78 .16 76 85 78 94 97 89 97 98 85 83 94 79 93 76 79 .75 64 78 82 80 81 84 87 89 92 75 92 90 96 90 79 1.15 106 110 107 107 114 110 110 108 '111 95 109 99 Hosiery .65 108 106 99 106 114 105 105 99 102 77 96 105 100 101 90 .45 113 110 100 107 117 110 112 102 104 77 97 106 100 98 90 Seamless hosiery , .20 97 99 96 102 108 93 90 91 97 75 94 103 101 107 90 .50 103 115 118 110 115 117 116 120 123 120 126 125 125 119 111 .48 .31 71 79 84 83 93 91 89 80 78 50 86 97 87 79 5.55 105 113 107 117 124 120 114 109 108 95 116 108 118 108 101 1.78 103 111 102 119 124 118 119 121 104 79 120 101 116 r98 96 Men's suits and coats .73 83 92 84 99 99 99 103 107 91 59 109 91 103 90 89 .50 82 90 86 103 103 101 99 100 85 54 103 85 100 9? 93 .13 67 77 55 55 59 67 92 110 93 63 110 90 91 57 53 .99 116 123 113 132 141 130 129 129 111 90 126 106 124 101 98 ^^ omen's outerwear 1.85 109 116 98 118 132 127 115 104 111 100 116 108 117 106 89 .76 129 134 119 145 155 135 95 90 138 146 101 122 132 152 128 1.92 103 111 119 113 117 114 108 104 116 121 118 107 105 113 119 3.20 104 122 119 127 132 125 122 113 118 r123 113 111 97 117 r113 1.47 115 143 138 149 146 140 140 129 135 '144 133 .70 105 131 120 129 134 130 133 125 112232 10959 112170 120 121 112088 122 Auto tires .40 110 140 121 131 135 131 135 125 115 97 113 121 124 113 130 Truck and bus tires .30 99 120 118 126 132 130 130 125 130 103 106 118 117 101 110 Miscellaneous rubber products .77 124 154 156 167 157 149 146 133 124 110 142 148 165 147 143 1.73 95 105 102 109 120 112 106 99 100 90 108 104 104 100 Leather . . .44 87 92 95 93 103 95 96 95 91 73 90 90 90 90 Cattlehide leathers .29 92 99 103 100 110 103 103 103 99 79 97 99 99 100 .15 75 79 80 80 90 80 82 80 76 61 76 73 74 70 .90 Miscellaneous leather products .39 90 99 104 98 103 98 91 89 96 96 102 99 101 97 8.93 125 137 137 138 142 146 148 145 145 135 145 154 151 143 Paner and allied ornducts 3.46 134 152 146 157 162 163 165 160 163 144 163 160 169 162 145 1.76 132 149 144 158 163 161 163 162 161 143 160 152 162 159 142 .51 148 169 164 181 185 183 184 187 184 165 182 171 185 183 160 1.25 125 140 136 149 154 153 154 152 152 134 151 145 152 149 135 .22 118 127 127 137 144 141 142 142 143 130 143 139 145 146 135 .14 120 133 129 144 142 152 153 148 148 129 143 148 149 146 139 .20 119 129 125 137 145 140 142 139 141 121 139 131 135 138 123 Miscellaneous paper .18 137 158 154 172 169 170 177 168 169 160 172 169 183 174 159 .41 130 149 144 159 163 159 161 162 159 135 157 148 159 155 139 .10 124 137 124 127 139 148 141 141 141 127 139 128 131 118 94 1.70 136 156 149 156 162 165 168 157 165 146 166 168 177 165 148 Shiooinc containers .51 133 155 149 147 157 165 162 154 165 140 167 168 172 161 144 .11 145 158 148 179 173 163 184 163 163 162 163 166 189 173 158 r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 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 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 120 127 130 127 130 135 137 136 134 129 133 139 145 144 142 1.85 119 128 126 119 127 134 141 140 131 115 121 133 143 145 131 3.62 121 127 133 131 131 135 135 135 136 136 140 143 145 144 147 Chemical and Petroleum Products ..... 9.34 142 159 167 168 170 169 168 166 r165 157 164 168 mi 171 172 6.84 148 167 177 177 179 179 180 176 173 166 172 mi 182 181 181 2.54 153 184 197 199 201 201 200 197 192 182 188 192 198 199 200 .57 157 180 194 197 203 204 201 195 185 158 171 186 191 191 191 Industrial orsanic chemicals 1.97 152 186 198 200 201 200 200 197 194 188 193 194 r200 201 202 . .1 24 1 1 1 8 3 4 6 2 21 42 3 2 2 5 3 3 3 2 2 4 61 1 2 24 64 9 2 2 4 64 3 2 2 4 66 4 2 2 6 4 3 2 2 2 5 2 3 7 2 2 1 2 3 7 2 22 47 3 2 24 54 1 2 22 72 7 r2 2 7 2 4 2 242 .59 152 186 196 195 194 191 183 176 169 167 171 169 185 189 187 1.03 146 169 183 183 185 187 189 190 192 191 189 189 188 189 193 .64 118 124 148 152 157 141 133 123 107 93 100 123 159 157 143 Vegetable oils .48 113 117 144 147 150 134 123 110 91 75 84 115 161 154 139 Grease and tallow. .16 133 145 159 168 175 162 163 163 155 145 150 144 151 167 157 Soar* and allied oroducts .71 108 110 115 105 111 111 114 109 112 '91 121 124 119 108 110 Paints .66 116 125 126 123 125 124 124 124 125 125 127 125 124 123 123 .23 122 125 118 122 131 168 188 163 118 104 95 109 119 112 121 Petroleum and coal oroducts•• 2.50 125 135 141 143 143 142 135 137 142 132 142 145 140 143 1.97 133 142 152 154 151 148 142 144 149 148 151 151 146 152 P159 Gasoline 1.04 141 152 161 158 155 155 150 155 162 162 164 164 155 160 ^166 .98 136 147 156 153 151 150 144 149 156 156 158 158 149 155 .06 221 233 247 242 231 242 254 258 267 257 264 261 256 251 Fuel oil .56 128 138 149 160 158 149 140 138 141 141 146 145 142 149 nei Distillate fuel oil .30 158 175 187 204 203 192 182 177 186 187 195 196 188 195 Residual fuel oil .26 93 94 105 110 105 99 92 94 90 87 89 87 89 97 Kerosene .10 110 107 129 126 126 112 98 96 95 97 103 108 117 126 Lubricatinsz oil .... .17 108 114 112 119 115 119 126 123 123 113 119 116 122 122 Coke .26 84 104 111 111 111 111 110 108 104 38 92 109 109 109 .15 103 110 57 66 100 127 86 109 125 120 123 131 123 84 49 11.51 106 109 104 103 103 104 106 108 114 112 121 129 126 105 Food &nd beverase manufactures. 10.73 106 109 105 102 102 104 106 108 114 114 111 130 127 117 106 8 1 . . 4 4 9 8 1 1 0 1 7 7 1 1 0 2 9 8 1 10 5 9 2 1 1 0 5 6 3 1 1 0 4 4 0 1 1 0 3 2 6 1 1 0 3 3 1 1 12 05 1 1 1 1 2 0 2 1 1 1 1 1 8 ' 1 12 1 3 6 1 1 3 2 4 9 1 1 2 4 9 2 1 1 1 4 9 8 1 13 07 8 Beef. .46 135 142 140 158 145 142 150 147 154 154 148 151 160 154 149 pork .83 103 116 154 146 133 129 117 103 100 95 95 113 128 140 127 .69 106 107 84 91 99 109 121 136 150 134 120 103 91 85 86 Butter .14 110 105 94 104 107 114 128 131 138 118 97 91 82 83 96 .07 116 116 92 96 103 116 132 153 163 133 116 105 97 93 96 .19 94 97 79 85 94 106 123 140 146 118 98 83 73 71 77 .28 104 109 76 84 93 102 109 125 149 147 144 118 102 90 80 1.13 112 118 95 85 83 82 85 96 115 149 234 264 188 116 98 1.16 107 105 100 100 98 99 97 99 103 103 105 109 106 199 100 .46 81 83 84 85 81 84 79 77 80 77 85 95 91 87 88 .70 124 119 110 111 109 109 109 112 119 121 118 118 116 107 108 Bakery products 1.64 97 97 99 95 95 r95 95 97 100 100 '99 100 101 100 99 .27 117 115 182 87 57 59 68 70 81 73 68 110 271 296 .11 106 113 112 109 102 109 123 114 124 133 127 130 123 100 Beet su&ar .13 121 111 236 63 14 11 16 27 38 15 11 86 393 459 Confectionery .71 99 101 91 112 115 97 98 90 84 73 98 152 141 130 91 Miscellaneous food preparations 1.41 105 106 101 99 102 103 102 107 112 107 107 106 105 105 102 2.24 103 107 91 88 97 108 117 119 128 123 118 116 120 110 Bottled soft drinks .54 1.70 98 102 88 84 94 105 111 108 119 107 101 106 118 109 1.02 99 101 81 86 92 103 111 112 128 128 112 93 83 80 Liquor distilling .17 68 77 95 75 75 82 80 76 69 35 50 93 133 92 .37 102 109 96 79 102 113 122 108 118 88 94 135 179 175 .78 103 105 88 107 105 105 103 110 115 96 115 111 115 111 Cigarettes .46 106 109 91 112 107 109 106 116 122 104 120 115 119 114 Cigars .17 105 104 87 103 109 104 105 103 108 83 110 109 116 113 P Preliminary. For other footnotes see end of table. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 199 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 por- Industry tion 1954 1955 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 111 122 127 129 127 127 130 130 131 119 131 132 132 130 128 MINERALS—TOTAL Mineral Fuels 8.35 113 123 131 133 131 130 130 128 128 121 130 129 130 130 Coal . . 2.68 67 80 91 91 88 86 86 85 84 62 87 '90 93 90 83 Anthracite 2. . 3 3 2 6 7 5 0 2 4 8 8 5 9 5 7 4 9 6 5 1 9 5 4 5 4 9 6 2 9 5 1 3 4 9 2 1 5 8 8 9 4 6 2 5 9 5 1 9 r6 9 2 5 9 6 8 4 9 5 5 9 5 8 5 7 Crude oil and natural gas 5.67 134 143 151 153 151 151 151 149 148 149 150 147 147 149 Oil and gas extraction ... 4.82 128 137 146 147 147 148 144 142 143 142 144 143 141 146 p151 4.12 122 131 137 138 138 139 137 135 136 136 138 135 134 137 P141 Natural gas .34 172 185 209 219 214 210 198 185 190 182 184 189 Natural gas liquids .36 160 169 186 186 187 186 178 176 176 172 180 182 180 186 .85 167 175 177 185 173 171 188 187 180 191 183 173 177 170 Metal, Stone, and Earth Minerals .... 1.63 106 120 106 106 no9 mo 129 141 r146 mo r135 r147 r146 115 .82 90 110 83 r89 r92 r93 121 140 144 r73 142 142 114 92 Iron ore .33 84 113 44 42 49 46 108 164 173 19 126 179 175 109 Nonferrous metal mining . .49 94 108 108 120 •122 124 130 125 124 109 118 117 120 118 2*115 Copper mining.. .... .24 103 123 127 140 138 140 148 142 141 120 132 132 •134 132 #129 .09 80 84 82 81 88 91 94 88 89 85 90 87 92 87 ^83 .06 75 81 74 80 86 90 91 89 88 84 86 86 91 88 .81 123 130 129 124 126 128 138 142 149 147 149 151 150 144 138 » Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTTLITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-^49 average^ 100] Annual 1947-49 average 1955 1956 Series proportion 1954 1955 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ELECTRICITY AND GAS—TOTAL 100.00 177 198 210 212 213 214 215 217 219 219 219 220 .222 ,224 ,225 Residential . 41.34 196 216 230 236 236 238 239 242 244 245 246 247 58.66 165 186 195 196 197 197 199 199 202 201 201 202 Electricity 76.18 176 199 211 214 214 215 216 217 220 219 219 219 221 222 Residential 27.48 202 224 239 246 245 247 247 250 252 253 253 252 253 254 Industrial 23.68 158 190 204 203 202 202 205 207 206 202 203 206 209 212 General industrial 23.49 150 174 184 183 182 182 185 187 186 182 183 187 190 192 .19 1124 2221 2710 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 2670 (Commercial and other . 25.02 165 180 187 190 192 192 192 191 198 199 196 194 196 197 23.82 181 197 205 207 209 211 213 215 217 219 222 225 3>227 P228 Residential 13.86 182 201 214 216 219 221 223 226 228 230 233 236 Industrial 6.16 188 197 202 203 204 205 207 209 211 214 219 224 3.80 167 182 182 183 184 185 186 187 188 186 186 186 ^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

200 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1955 1956 Product proportion 1954 1955 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 116 147 150 145 138 134 132 124 123 129 127 128 124 131 138 Major Durables 69.72 125 164 165 158 150 144 142 131 129 137 133 134 130 140 149 Autos 32.10 131 190 187 171 158 148 142 119 120 122 125 119 117 148 162 Major household goods 36.13 122 144 148 149 144 143 144 142 139 152 142 150 143 134 139 Furniture and floor coverings. 15.32 101 116 121 120 118 116 116 U6 115 117 120 122 116 '113 114 H Fl o o u o s r e h co o v ld e r f in u g rn s* iture 1 4 1 . . 0 3 1 1 106 120 125 124 123 121 121 120 120 122 122 124 122 118 120 Appliances and heaters 15.60 111 138 143 150 146 150 149 141 138 161 135 152 134 123 Major appliances 11.88 115 142 152 155 150 153 158 147 143 172 142 163 143 133 Ranges 2.60 79 100 104 113 110 111 110 107 117 125 89 98 92 76 Refrigeration appliances., 4.98 124 151 151 140 145 ;153 160 153 148 167 148 168 135 134 149 Laundry appliances 2.51 148 193 227 242 221 215 211 185 171 246 200 237 227 ^204 Heating apparatus 3.72 97 120 115 134 133 139 122 125 124 125 114 118 105 92 Radio and television sets 5.21 214 242 240 r232 -•215 '203 '212 '222 r211 233 232 231 245 228 232 Radio sets 3.42 52 77 101 72 66 62 55 61 55 56 69 70 85 90 97 Television sets 1.79 522 558 506 '537 '500 '471 '512 '531 '508 569 542 538 551 493 491 Other Consumer Durables 30.28 95 106 114 113 111 109 110 110 110 110 112 115 112 109 113 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 1 4 6 . . 0 2 0 8 9 9 1 9 1 10 0 9 2 1 1 1 1 2 7 1 1 1 1 3 4 1 11 0 5 6 1 1 0 1 4 2 1 1 0 1 5 4 1 1 1 0 5 4 1 11 0 8 0 1 1 1 0 8 0 1 12 0 1 3 1 1 1 1 0 8 1 1 1 0 9 4 1 1 0 1 1 7 1 11 1 6 0 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 116 147 148 144 143 143 141 124 124 116 120 113 128 139 140 Major Durables 69.72 125 164 165 159 157 157 154 131 130 121 122 111 132 151 153 Autos 32.10 131 190 193 173 164 163 162 127 127 127 109 59* 105 164 177 Major household goods 36.13 122 144 142 150 153 155 150 136 134 117 136 158 158 140 134 Furniture and floor coverings. 15.32 101 116 125 120 123 121 116 112 111 104 116 •122 U7 118 Household furniture 11.31 106 120 130 124 125 123 118 115 116 114 121 125 127 123 125 Floor coverings1 4.01 Appliances and heaters 15.60 111 138 130 148 156 168 162 143 143 125 121 158 142 120 Major applia 11.88 115 142 140 161 169 183 178 152 150 131 117 158 143 125 2.60 79 100 99 115 118 125 115 102 112 80 83 106 102 82 Refrigeration appliances. 4.98 124 151 130 157 165 194 197 173 174 149 107 145 109 103 Laundry appliances 2.51 148 193 222 235 252 237 222 176 162 162 180 251 261 222 Heating apparatus 3.72 97 120 97 109 113 121 113 113 121 106 135 157 137 104 Radio and television sets 5.21 214 242 224 239 233 218 209 184 174 130 238 265 312 270 217 Radio sets 3.42 52 77 96 72 72 70 63 67 54 37 61 66 88 91 92 Television sets 1.79 522 558 470 559 540 499 486 409 402 307 575 645 738 611 456 Other Consumer Durables 30.28 95 106 111 109 110 108 109 108 109 106 115 118 118 112 111 Auto parts and tires 14.00 91 102 104 107 101 101 103 104 103 101 109 116 110 101 103 Misc. home and personal goods. 16.28 99 109 118 111 116 115 114 113 114 110 121 119 125 117 I ' Revised. carpets, appliances, heating apparatus, radio sets, and television sets may 1 Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i u B al s u - sin m e C s e o s r m ci - al P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- s C e ti 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 1956 Jan 3,625 2,505 1,287 897 216 265 416 321 1,120 104 470 48 498 Feb 3,636 2,522 1,280 919 220 281 418 323 I 114 109 447 48 510 Mar 3,570 2,528 1,268 935 227 289 419 325 1,042 101 395 51 495 Apr . 3,683 2,582 1,297 952 243 290 419 333 I 101 112 436 53 500 May 2,744 2,608 1,306 965 263 279 423 337 I 136 120 450 61 505 June . ... 3,754 2,605 1,300 971 274 274 423 334 1,149 131 440 59 519 July 3,727 2,618 1,299 976 278 273 425 343 109 125 411 59 514 Aug 3,725 2,617 1,297 983 279 277 427 337 1', 108 120 399 59 530 Sept 3,701 2,596 1,286 970 271 274 425 340 1 105 121 390 58 536 Oct 3,665 2,551 1,241 961 266 272 423 349 1 114 122 390 59 543 Novv 3,699 2,551 1,239 950 263 263 424 362 1 148 113 417 60 558 Dec p 3,729 2,542 1,239 947 265 259 423 356 1,187 120 455 60 552 1957 Jan * 3,733 2,496 1,207 942 260 255 427 347 1,237 115 489 59 574 J> Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 201 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - 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 1956 24,413 8,036 16,377 9,826 1,918 2,355 2,314 2,419 5,580 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 Sept . 2,025 671 ,354 764 171 195 185 225 485 Oct 1,706 589 ,117 656 126 168 185 196 375 Nov 1,689 582 I 107 625 130 212 199 189 335 Dec . . 1,576 737 839 451 104 155 200 164 502 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] Federa1 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 la le 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—Oct 1,863 114 298 123 221 210 219 310 106 52 86 124 Nov ,797 116 276 114 184 177 218 334 116 47 81 134 Dec ... . 1,921 152 364 134 226 169 254 280 89 47 81 126 1956—Oct 1,706 110 309 81 190 160 203 320 95 53 73 113 Nov ,689 119 311 88 183 133 191 330 84 66 74 110 Dec I 376 117 318 85 169 113 177 278 70 58 77 114 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Total PriA^ate Government-underwritten * private, Metro- Non- Year or month seasonally Total politan metro- Public an a n d u ju a s l te ra d te 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 ,025 n.a. n.a. 989 792 35 162 36 466 c360 105 1950 . . ,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 ,091 111 315 1,020 892 40 88 71 412 C264 149 1952 ,127 795 332 1,069 939 46 84 C59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 ,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 V .120 779 342 ^1,097 *23 463 192 271 1956 Jan 1 195 75 54 21 74 66 2 5 1 36 13 23 Feb 1,127 78 58 21 77 69 2 6 1 31 13 17 Mar I 094 99 72 27 94 84 3 7 5 38 17 21 Apr 1,157 111 76 35 110 100 3 8 1 46 20 26 May 1,146 114 78 36 111 101 3 7 3 46 20 27 June [ 091 107 75 33 105 95 3 7 3 45 C18 26 July 1,070 101 70 31 99 90 3 6 2 43 18 25 Aug [ 136 104 71 33 103 93 3 8 1 43 19 24 Sent 1,008 94 62 32 91 81 2 7 3 39 15 24 Oct 1,052 94 65 29 91 81 3 8 2 40 16 24 Nov V 061 P80 55 26 *>80 n.a. n.a. n.a. VQ 30 12 18 Dec V ,030 *64 45 19 *>64 n.a. n.a. n.a. P0 C26 cll 15 n 1957—Jan V1,009 *>65 46 19 *>62 n.a. n.a. n.a. 20 8 12 P Preliminary. n.a. Not available. c Corrected. 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

202 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 i o o n n n a - l T l f a o o b r t c o a e r l Total In E n m o p n l a o g y r e i d cu 1 l- In U pl n o e y m ed - l N ab o o t r i n f o t r h c e e Total 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 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 1957—Jan 119,614 68,647 65,830 62,890 57,947 4,943 2,940 50,967 i 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 0*56 10,803 2 215 5,854 6 915 1956 51,490 16,893 795 3,037 4,145 11,144 2,300 6,000 7,176 SEASONALLY ADJUSTED 1956—Jan 51,080 16,944 in 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 Aufi ......... 51,702 16,890 809 3,076 4,147 11,211 2,320 6,017 7,232 Sent 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 . .. '51,950 r17,043 '807 '3,083 '4,159 '11,230 '2,325 '6,040 '7,263 Dec 52,071 17,079 807 3,075 4,145 11,248 2,320 6,063 7,334 1957_jan 801 52,112 17,033 3,060 4,186 11,348 2,320 6,064 7,300 WITHOUT SEASONAL ADJUSTMENT 1956—jan 111 Feb 5500,,228446 1166,,884224 780 22,,558888 44,,008833 1100,,982109 22 223580 55 ,881083 77 008343 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 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 AUR 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 17,222 812 3,301 4,177 11,288 2,312 6,045 7,298 Nov '52,484 '17,151 '811 '3,191 '4,170 '11,496 '2,313 '6,010 '7,342 Dec 53,134 17,129 811 2,998 4,169 12,091 2 308 5,972 7 656 1957_jan 51,297 16,935 801 2,754 4,124 11,182 2,297 5,912 7,292 r Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for January 1957 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 203 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1956 1957 1956 1957 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 13,356 13,244 13,266 13,207 13,260 13,353 13,316 13,117 Durable goods 7,770 '7,752 7,759 7,720 7,751 '7,802 7,798 7,709 Ordnance and accessories t 87 '82 83 82 87 '82 83 82 Lumber and wood products 672 '625 616 608 635 '634 604 575 Furniture and fixtures 317 310 312 306 322 318 318 311 Stone, clay, and glass products 480 '474 473 469 468 '479 473 457 Primary metal industries 1,135 1,132 1,131 1,131 1,141 1,132 1,137 1,137 Fabricated metal producis 904 '902 901 892 913 '911 910 901 Machinery except electrical 1,249 '1,286 1,280 1,277 1,261 1,273 1,286 1,290 Electrical machinery 846 '904 886 882 854 '918 904 891 Transportation equipment 1,449 1,402 1,449 1,447 1,449 1,402 1,449 1,447 Instruments and related products 229 236 234 234 230 237 236 235 Miscellaneous manufacturing industries 402 399 394 392 392 415 398 382 Nondurable goods 5,586 '5,492 5,507 5,487 5,509 '5,551 5,518 5,408 Food and kindred products 1,115 1,108 1,120 1,127 1,022 1,131 1.082 1,030 Tobacco manufactures 93 '93 92 87 95 101 97 89 Textile-mill products 986 '940 929 927 991 '949 943 932 Apparel and other finished textiles 1,094 1,083 1,074 1,051 1,105 1,088 1,090 1,062 Paper and allied products 460 462 467 468 458 467 469 466 Printing, publishing and allied industries 538 558 560 561 538 564 568 561 Chemicals and allied products 553 r547 549 545 556 '550 552 548 Products of petroleum and coal 174 176 176 177 171 175 174 173 Rubber products 228 196 212 215 230 199 216 217 Leather and leather products 345 '329 328 329 345 '327 328 329 r Revised. nearest the 15th of the month. Figures for January 1957 are preliminary. NOTE.—Data cover production and related workers only (full- and part- Back data may be obtained from the Bureau of Labor Statistics. time) who worked during, or received pay for, the pay period ending HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1956 1957 1956 1957 1956 1957 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 78.55 "82.22 84.05 82.41 40.7 '40.5 41.0 40.2 1.93 2.03 2.05 2.05 Durable goods 84.87 '88.99 91.34 89.38 41.2 41.2 41.9 41.0 2.06 2.16 2.18 2.18 Ordnance and accessories 87.56 '94.50 96.93 97.55 41.3 '42.0 42.7 42.6 2.12 2.25 2.27 2.29 Lumber and wood products 66.73 '71.20 69.60 67.25 40.2 '40.0 40.0 39.1 1.66 1.78 1.74 1.72 Furniture and fixtures , 67.32 '69.43 71.62 68.06 40.8 '40.6 41.4 39.8 1.65 1.71 1.73 1.71 Stone, clay, and glass products , 78.12 '81.79 82.61 81.81 40.9 '41.1 41.1 40.5 1.91 1.99 2.01 2.02 Primary metal industries 97.63 '99.06 101.19 100.78 41.9 '40.6 41.3 40.8 2.33 2.44 2.45 2.47 Fabricated metal products 83.03 88.18 90.52 87.95 40.9 41.4 42.1 41.1 2.03 2.13 2.15 2.14 Machinery except electrical 92.66 94.05 96.28 94.92 42.7 41.8 42.6 42.0 2.17 2.25 2.26 2.26 Electrical machinery 78.94 83.64 84.46 83.22 40.9 41.0 41.2 40.4 1.93 2.04 2.05 2.06 Transportation and equipment 91.35 '100.86 105.46 100.38 40.6 '42.2 43.4 42.0 2.25 2.39 2.43 2.39 Instruments and related products 79.97 '83.64 84.67 82.40 40.8 40.8 41.1 40.0 1.96 '2.05 2.06 2.06 Miscellaneous manufacturing industries, 69.66 '71.33 73.21 72.94 40.5 40.3 40.9 40.3 1.72 1.77 1.79 1.81 Nondurable goods 69.83 73.26 74.03 72.54 39.9 39.6 39.8 39.0 1.75 1.85 1.86 1.86 Food and kindred products 76.36 78.88 78.72 78.38 41.5 41.3 41.0 40.4 1.84 1.91 1.92 1.94 Tobacco manufactures 52.96 '55.87 58.76 58.11 38.1 '38.8 39.7 39.0 1.39 1.44 1.48 1.49 Textile-mill products 57.37 '60.30 60.30 58.65 40.4 '40.2 40.2 39.1 1.42 1.50 1.50 1.50 Apparel and other finished textiles 50.37 53.07 53.72 52.90 36.5 36.1 36.3 35.5 1.38 1.47 1.48 1.49 Paper and allied products 81.46 84.74 85.57 84.38 43.1 42.8 43.0 42.4 1.89 1.98 1.99 1.99 Printing, publishing and allied industries 91.72 94.57 95.80 93.70 38.7 38.6 39.1 38.4 2.37 2.45 2.45 2.44 Chemicals and allied products 84.87 '88.18 89.02 88.58 41.4 '41.4 41.6 41.2 2.05 2.13 2.14 2.15 Products of petroleum and coal 99.95 105.11 105.78 103.17 41.3 '40.9 41.0 40.3 2.42 2.57 2.58 2.56 Rubber products 87.91 '88.29 92.96 92.51 40.7 40.5 41.5 41.3 2.16 '2.18 2.24 2.24 Leather and leather products 56.55 '56.09 57.30 57.75 39.0 '36.9 37.7 37.5 1.45 1.52 1.52 1.54 r Revised. January 1957 are preliminary, Back data are available from the Bureau NOTE.—Data are for production and related workers. Figures for of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c C a hi g - o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 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 lfO 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 ... 120 112 107 117 115 131 142 117 121 109 123 140 123 1956 2*125 P122 2*138 2*150 2*144 2*129 SEASONALLY ADJUSTED 1955 Dec 123 114 110 122 119 132 147 120 125 112 123 147 124 1956 Jan 124 111 114 120 117 138 147 120 127 116 123 144 129 Feb 118 111 105 118 116 129 143 112 123 108 117 139 124 Mar 122 102 107 116 116 137 143 124 129 112 126 144 128 Apr 122 111 104 121 120 131 144 117 123 112 124 144 131 May 122 112 110 121 118 135 146 120 129 112 125 145 122 June 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug 128 118 117 124 121 145 156 126 129 116 131 148 131 Sept 129 117 120 127 127 140 157 127 127 12-9 128 139 131 Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 Nov 131 119 120 126 123 146 157 130 134 122 131 146 132 Dec 2*129 116 116 125 122 128 124 128 150 131 WITHOUT SEASONAL ADJUSTMENT 1955 Dec 212 206 194 213 205 '238 •"254 r202 208 182 211 247 r219 1956 Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb 92 84 85 91 90 96 114 87 96 84 92 111 97 Mar 111 91 98 111 106 125 146 109 116 95 112 134 110 Apr . . . 113 106 97 109 109 122 136 110 115 109 117 132 117 121 112 108 120 114 136 143 119 129 113 124 143 120 June 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 111 128 97 104 91 107 129 115 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 158 143 151 165 152 179 182 159 161 141 150 166 153 Dec 2*223 210 205 220 212 2*250 216 202 218 252 231 STOCKS 1 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 128 122 116 123 117 147 152 122 124 121 136 ••147 134 1956 2*139 2>126 2>125 2*165 ^165 2^137 2*146 SEASONALLY ADJUSTED 1955 Dec 135 126 121 131 124 158 156 127 133 132 ••145 161 143 1956—Jan 137 124 122 132 123 161 158 131 139 133 148 158 149 Feb 138 128 124 131 124 163 164 131 138 132 148 158 146 135 127 122 130 122 159 162 128 133 130 148 156 142 Apr . 136 128 124 131 123 157 165 131 137 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 June 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 132 127 132 125 159 161 132 139 127 144 157 143 Aus 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 142 130 131 136 129 176 173 135 137 137 147 156 149 Dec P129 132 137 2*169 2>136 139 WITHOUT SEASONAL ADJUSTMENT 1955—Dec 119 117 110 116 110 132 137 115 120 118 131 145 120 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 142 133 130 140 129 168 172 134 144 133 151 162 149 139 132 127 134 126 165 161 131 135 128 145 155 148 June 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 Aus 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 . . . 161 152 150 157 146 190 195 157 154 153 163 174 164 Dec 121 121 2*148 2*148 2*123 2*123 124 2*131 * Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see 1 Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are"as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 205 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 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 i d a n d u n n e g t t d r - h o s - ) f l m c ( e t o R f i o o p n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 92S 373 358 358 2.7 l.l 3.8 1.0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1 1951 391 1,202 460 390 379 3.2 L.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 .2 4.1 0 1953 406 1,163 All 408 401 3.0 .1 4.1 1.0 1954 409 1,140 388 410 412 3.0 .0 4.0 1.0 1955 r437 ,195 '446 r444 r449 2.9 .1 4.0 1.0 1956 ^452 ,280 P469 ^458 ^457 ^3.0 V 1 0 Month: 1955—Dec '825 1,149 O60 r549 M21 1.4 0.4 1.8 0-7 1956—Jan 348 1,133 435 342 420 3.3 1.3 4.5 .0 Feb 332 1,205 450 404 419 3.6 1.4 5.0 Mar 429 1,271 401 495 446 3.0 0.9 3.9 1.2 Apr 385 1,314 336 428 363 3.4 0.9 4.3 l.l May 438 1,275 338 399 401 2.9 0.8 3.7 ( June 417 1,187 501 329 492 2.8 1.2 4.0 () 8 July 337 1,173 587 323 409 3.5 1.7 5.2 0 Aug ... 412 1,253 573 492 478 3.0 1.4 4.4 .2 Sept 444 1,335 598 526 551 3.0 1.3 4.4 Oct.. . . 485 1,475 588 625 615 3.0 1.2 4.3 1.3 Nov 577 1 525 473 627 512 2.6 0.8 3.5 1 823 1 212 342 510 379 1.5 0.4 1.9 0.6 PP PPrreelliimmiinnaarryy.. rr RReevviisseedd.. 3 Derived from receipts and reported figures on outstanding orders. ii TThh ese ffiigures are not estimates for all department stvojres in the United 4 The first three ratios are of stocks and /or orders at the end of the Ssttaatteess,. Tinheeyy aarree ttnhee aaccttuuaall adoonllaarr aammoouunnttss rreeppoorrtteedd bby a group of de- month to sales during the month. The final ratio is based on totals of ppaarrttmmeenntt ssttoorreess llooccaatteedd iinn vvaarriioouuss cciittiieess tthhrroouugghhoouutt tthhee ccoouunnttrryy.. IInn 11995555,, sales and receipts for the month. sales by these stores accounted for aabboouutt 5500 ppeerr cceenntt ooff eessttiimmaatteedd ttoottaall 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 se -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 imports 3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1,093 1.168 ^1.284 923 1.083 '1.202 833 871 1.073 Feb 1,183 1,238 1,362 999 1,143 ,272 809 850 1,051 Mar 1,126 1,344 1,582 923 1,252 ,478 865 1,019 1,102 Apr 1,426 1 264 1,512 [ 259 1 170 r 400 957 871 991 May 1,402 1,323 1,714 ,137 1,192 r ,520 829 959 1,093 1,475 1,321 1,690 ,115 1,193 ,492 947 937 1,033 July 1 290 1 269 620 I 023 1 142 289 822 885 rI 050 Aug 1,156 1,239 r1,529 956 r ,377 825 961 .050 Sent 1,115 1,254 r1,523 962 1 ^ 155 r ,423 780 946 993 Oct 1,270 1,398 r ,659 1,166 1,279 r ,558 767 1,011 1,120 Nov 1,252 1,321 1,520 ,167 1,248 r ,412 840 1,065 r983 Dec 1,320 r1 .407 P .995 . 222 1 .323 V .892 943 1,008 «l,023 Jan -Dec .. 15,108 15,547 ^18,989 12,852 14,291 ^17,313 10,217 11,383 *12,561 e Estimated. 2 Department of Defense shipments of grant-aid military equipment P Preliminary. and supplies under the Mutual Security Program. r Revised. 3 General imports including imports for immediate consumption plus i Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 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 P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n r 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 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 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1956 Jan 114 6 109.2 120.6 131.4 111.7 129.5 102.0 121.2 104.1 126.8 130.7 118.5 107.3 120.8 Feb 114.6 108.8 120.7 131.5 111.7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126 A 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 Aug 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 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108.5 123.0 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109.0 123.2 Dec 118.0 112.9 123.5 134.2 112.0 136.1 104.1 124.8 107.0 133.1 134.7 121.8 109.3 123.3 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a a t r a i e n c o p l r x t e d d e - s - l - l H s p e u k a a r i n c o i t d n h t d d e s s e s - , r ,p l F t o i e m a i g u w n r n h i a e g d a e t - l l - r , s ,C p a i u a h l c r l c n o a e ie t l d d m s s d - - p R u a b r u n c o e t b d d r s - - w p 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 a l r u l c n o p i l e t d d p e s d r - , ,M m p 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 n l h u r r e r l d s e n a e d s e r - i- -e s N t r t m m t a a u r o l l r i u s l e n a n i c — - c - l - - b b e m o b a T a r t e a n f c t o r v g l c d s e - e - o . d s n c M e e o l i l u s a - - s 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 1956 Jan 111.9 84.1 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121.7 89.6 Feb 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121.7 88.7 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121.7 88.2 Apr 113.6 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121.7 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June.. 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 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 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121.0 131.5 123.1 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 Dec 116.2 88.6 103.1 124.6 95.6 99.4 113.1 108.3 147.9 120.9 127.9 152.4 143.5 121.4 131.3 123.6 91.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 207 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 95.6 97.6 104.3 102.6 Grains 82.7 84.0 87.9 88.8 Paperboard 130.3 136.3 136.2 136.2 Livestock and poultry 59.3 73.0 68.6 71.7 Converted paper and paperboard 119.2 124.3 124.3 124.5 Plant and animal fibers 100.8 100.0 100.8 101.3 133.3 138.1 138.1 138.1 94.4 '97.2 98.8 98.2 Eggs . 99.2 87.4 79.3 74.3 Metals and Metal Products: Hay and seeds 77.6 78.6 84.0 85.1 Other farm products . 139.1 149.9 147.4 145.5 Iron and steel 147.2 161.1 '162.5 163.3 Nonferrous metals 155.8 154.1 149.7 149.7 Processed Foods' 137.9 143.4 147.5 147.5 Hardware 151.6 159.8 160.1 160.1 Cereal and bakery products 115.2 115.3 115.8 115.4 Plumbing equipment 133.1 133.9 133.9 133.9 Meats, poultry, and fish 75.3 85.7 82.7 81.4 117.1 121.9 '122.0 122.1 Dairy products and ice cream 107.2 110.9 113.6 112.5 Fabricated structural metal products. 128.0 137.1 '137.5 137.5 Canned, frozen fruits, and vegetables. 107.9 106.4 106.4 105.9 Fabricated nonstructural metal Sugar and confectionery 109.4 110 8 111 8 112 3 products.... 132.2 141.2 141.2 141.2 Packaged beverage materials 176.6 201.6 201.6 196.3 Other processed foods 97.9 95.3 95.7 95.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.5 129.5 '130.8 130.9 Cotton products.... 93.7 92.7 92.8 92.7 Construction machinery and equip- Wool products 102.8 104 8 106.1 107 7 ment 143.1 154.7 155.5 155.6 Synthetic textiles 84.8 80.9 80.3 80.5 148.5 161.4 163.0 163.2 Silk products 120.6 123.6 122.7 122.8 General purpose machinery and Apparel .. 99.1 99.7 99.7 99.7 141.5 153.0 '154.0 154.4 Other textile products 71.3 75.3 76.2 78.7 Miscellaneous machinery 133.5 140.4 '142.0 142.2 Electrical machinery and equip- Hides, Skins, and Leather Products: ment ... 132.1 143.2 '145.2 145.3 Motor vehicles 126.7 130.8 '134.2 134.3 Hides and skins 61.1 57.8 59.0 53.8 Leather 88.4 90.8 '90.6 90.9 Furniture and Other Household Dura- Footwear 115.4 120.7 120.8 120.8 bles: 96.7 '98.6 98.6 98.9 Household furniture 116.5 120.8 121.2 121.2 Fuel, Power, and Lighting Materials: Commercial furniture 137.1 146.8 '146.9 146.9 Floor covering. . . 129.3 131.8 131.9 131.9 Coal 109.4 121.0 '122.0 123.5 Household appliances 105.8 106.5 '106.5 106.5 Coke 138.8 156.3 156.3 156.3 Radio 89.8 91.1 91.1 91.1 Gas 115.5 111.1 111.1 111 1 Television 69.7 69.9 '69.9 69.7 Electricity 93.8 94.9 '94.3 94.3 Other household durable goods 136.7 145.0 145.0 146.7 115.6 118.3 117.5 120.9 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 119 4 122 6 122 5 122 4 Concrete ingredients 126.0 131.6 131.6 131.7 Prepared paint 115.8 122.4 123.6 124.1 120.2 125.0 125.3 125.3 Paint materials 97.4 98.8 99.4 99.6 Structural clay products 144.6 150.1 150.3 150.4 Drugs, Pharmaceuticals, cosmetics... 92.3 91.9 '92.3 92.5 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils inedible 56.6 55.8 '57.8 59.4 Prepared asphalt roofing 101.0 117.5 '114.4 114.4 Miixed fertilizers .... 107.9 109.5 '109.6 109 4 122.1 124.3 124.3 124.3 Fertilizer materials 112.3 104.1 105.7 105.7 Other chemicals and oroducts 104.5 103.6 104.2 104.4 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 168 3 141 9 147 0 151 1 Cigars 104.2 104.2 104.2 104.2 Tires and tubes 151.8 153.4 153.4 153 4 122.5 122.5 122.5 126.0 Other rubber products 139.6 139 5 139 5 139 7 Alcoholic beverages 114.7 117.2 118.1 118.1 Nonalcoholic beverages 148.1 148.7 148.7 148.7 Lumber and Wood Products: Miscellaneous: Lumber... . 126.4 123.6 123.1 122.4 Millwork 128.8 128.6 128.5 128.5 Toys, sporting goods, small arms.... 115.0 116.7 116.8 116.8 Plvwood • 105 7 96 1 94 8 94 6 68.8 68.2 71.9 72.6 Notions and accessories 91.0 96.5 96.5 96.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 104.3 105.2 105.2 105.4 124.0 124.7 125.1 125.1 Woodpulp 114.2 118.0 118.0 118.0 ^^astepaper 133.9 92.5 77.3 78.3 132.6 139.1 139.2 139.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 1 2 3 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.1 31.3 34.0 32.2 32.9 33.6 34.4 35.1 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 28.1 30.2 30.2 32.5 34.6 33.4 33.7 34.1 35.1 35.6 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments .6 . . 7 9 . . 5 4 . . 8 2 2 1 . . 0 2 2 1 . . 6 4 1.4 1 1 . . 8 4 1.4 1.4 1 i .4 j 1 1. . 1 4 1. . 4 3 n 1 . . a 4 . Plu e s rn : m S e u n b t s i e d n ie te s rp le r s is s e s current surplus of gov- -.1 .0 .1 .2 I -.4 .3 .9 .6 •7 .9 1.4 Equals: National income 87.8 40.2 104.7 240.0 290.2 302.1 298.3 324.0 .9 .2 334.9 338.7 343.5 n.a. 342.4 334.4 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 32 9 40.9 40.9 43.4 40.9 39.8 40.4 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.6 8.7 9.1 11. 12.5 11.4 12.1 12.3 12.7 13.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments' .9 1.5 2.6 14.3 12.0 \23 15.0 16.1 17.3 16.3 16.9 17.3 17.2 17.6 Net interest paid by government 1.0 1.2 1.3 4.7 4.9 5.0 5.2 5.2 5.5 5.3 5.4 5.5 5.6 5.7 Dividends 5.8 2.1 4.5 9.2 9.0 9.3 10.0 11.2 12.0 12.1 11.8 12.2 12.3 11.9 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Equals: Personal income 85.8 47.2 96.3 227.1 271.8 286.0 287.3 306.1 325.2 314.6 317.5 322.9 326.9 333.2 Less: Personal tax and related payments 2.6 7.5 3.3 20.9 34.4 35.8 32.9 35.5 38.5 36.3 37.3 38.1 38.8 39.9 Federal 1.3 .5 2.0 18.2 31.2 32.4 29.1 31.3 33.9 32.0 32.9 33.6 34.1 35.1 1.4 1.0 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.3 4.4 4.4 4.6 4.8 State and local 83.1 45.7 93.0 206.1 237.4 250.2 254.4 270.6 286.7 278.4 280.2 284.9 288.2 293.3 Equals: Disposable personal income 79.0 46.4 81.9 194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.1 19.0 19.7 17.9 16.6 20.9 18.8 18.6 21.2 21.4 22.4 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 4 National income 87.8 40.2 104.7 240.0 290.2 302.1 298.3 324.0 342.4 334.4 334.9 338.7 343.5 n.a. Compensation of employees 51.1 29.5 64.8 154.3 195.1 208.1 206.9 223.2 239.1 230.3 233.0 237.2 240.4 245.5 Wages and salariesl 50.4 29.0 62.1 146.5 184.9 197.3 195.5 210.4 225.1 277.0 219.4 223.5 226.2 231.1 Private ... 45.5 23.9 51.9 124.3 152.0 163.5 161.2 174.5 187.5 180.5 182.5 186.2 188.3 192.9 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.5 9.7 9.6 9.5 9.5 9.5 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.1 26.8 27.3 27.8 28.5 28.7 Supplements to wages and salaries .5 2.7 7.8 10.2 10.8 11.4 12.8 14.0 13.3 13.6 13.8 14.2 14.4 Proprietors and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 48.9 49.1 50.5 49.3 49.5 49.9 50.7 51.7 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 29. 28.0 28.2 28.9 29.5 29.9 Farm 6.0 2.4 6.5 13.3 15.1 13.3 12.5 11.7 11.6 11.4 11.5 11.3 11.6 12.1 Rental income of persons 5.4 2.0 3.5 8.5 9.9 10.2 10.5 10. 9.7 9.8 9.7 9.7 9.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 32.9 40.9 40.9 43.4 40.9 39.8 40.4 n.a. Corporate profits before tax 9.6 2 77.0 40.0 35.9 37.0 33.2 42.7 43.4 46.4 43.7 42 9 41.2 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 16.8 21.5 21.9 23.4 22.1 21.7 20.8 n.a. Inv C e o n r t p o o ry ra v te a l p u r a o t f i i o t n s a a f d te ju r st t m ax e . nt 8. . 3 5 - - 2 . . 4 1 -2 9 . . 5 4 - 2 4 2 . . 9 1 1 1 6 . .1 0 - 1 1 6 .0 .7 1 - 6 .3 .4 - 2 1 1 . . 7 1 - 2 2 1 .5 .5 - 2 3 3 .0 .0 - 2 2 1 .8 .6 - 2 3 1 .1 .3 20.4 -3 n. .3 a. Net interest 6.4 5.0 4.5 5.9 7.4 8.7 9.7| 10.8 11.9 11.3 11.5 11.7 12.0 12.4 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 209 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8 Personal consumption expenditures 79.0 46.4 81.9 194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9 Durable goods 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.7 34.0 35.4 34.8 33.4 33.0 34.8 Nondurable goods 37.7 22.3 43.2 100.4 116.1 119.1 120.9 126.2 132.9 129.2 130.5 132.3 134.0 134.7 Services 32.1 20.7 29.0 65.0 75.6 81.7 86.3 92.1 98.9 94.9 96.4 98.0 99.7 101.4 Gross private domestic investment 16.2 1.4 18.1 51.2 49.8 50.3 48.0 60.6 65.4 65.1 63.1 64.7 65.1 68.5 New constructionl 8.7 1.4 6.6 22.7 23.7 25.8 27.9 32.7 33.2 33.0 32.6 33.6 33.6 32.9 Residential, nonfarm 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 16.2 15.3 15.6 15.5 14.9 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.4 16.1 17.8 16.8 17.3 18.0 18.1 18.0 Producers' durable equipment 5.9 1.6 6.9 21.1 23.1 24.3 22.4 23.7 28.7 25.9 26.4 27.5 29.5 31.5 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -2.3 4.2 3.5 6.1 4.1 3.5 2.0 4.1 Nonfarm only 1.8 -1.4 4.0 6.4 2.1 .9 -2.7 3.8 3.8 5.9 4.2 3.9 2.4 4.4 Net foreign investment : .8 .2 1.1 -2.2 2 -2.0 -.5 1.4 .1 1.2 1.7 2.4 Government purchases of goods and services 8.5 8.0 24.8 42.0 77.5 84.4 76.5 76.8 79.8 78.1 78.5 78.7 80.2 82.0 Fede N ra a l tional security 1.3 2.0 1 1 6 3 . . 9 8 2 1 2 8 . . 1 5 5 4 4 8 . . 3 8 5 5 9 1 . . 5 5 4 48 3 . . 9 0 4 41 6 . . 2 7 4 47 1 . . 0 6 4 4 7 0 . . 2 6 4 4 6 0 . . 4 5 4 46 0 . . 1 7 4 47 1 . . 2 9 4 4 8 3 . . 3 2 Other 1.3 2.0 3.2 3.9 5.8 8.4 6.3 5.9 5.8 7.1 6.3 5.8 5.7 5.5 Less: Government sales2 .0 .0 .3 .4 .4 .4 .4 .4 .5 .4 .4 .4 .4 State and local .0 6.0 7.8 19.9 23.2 24.9 27.6 30.1 32.8 30.9 32.1 32.6 33.0 33.7 7.2 1 Includes expenditures for crude petroleum 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] Wage and salary disbursements Divi- Less Year or month 1 in s P o c e o n r m a - l e Total p m C ro o o d d m u it - c y - D u is ti t v ri e b- S in e d rv u i s c - e G er o n v - - in O la c t b o h o m e r r e 2 p in r r P e a c i n e r n o o t t d m o a - l r e s' in d s p a t o e e e n n n r r d d a e - s l st m T p r e f a a e n y n r t - s s - 4 p b c s e u o o r f t n o c s io t o i r r a n n i l - s al a in g N t c u r o o i r c m n a u l - e l- 6 ing in- indus- tries ment income insurdustries tries ance5 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 1956 325.2 225.1 97.7 59.5 30.3 37.6 7.3 50.5 29.4 18.7 5.8 310.0 1955—Dec... 317.5 218.2 94.5 57.6 29.4 36.7 7.3 49.2 30.2 18.0 5.4 302.8 1956—Jan 316.7 219.0 94.8 57.9 29.5 36.8 7.3 49.4 28.5 18.2 5.7 301.6 Feb.. . . 317.1 218.9 94.7 57.9 29.5 36.8 7.2 49.7 28.7 18.3 5.7 301.5 Mar.... 318.6 220.3 95.1 58.4 29.6 37.2 7.2 49.5 28.8 18.5 5.7 304.0 Apr.... 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 May.. . 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June.. . 324.9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 July. . . 324.3 224.0 95.9 59.9 30.4 37.8 7.3 50.5 29.7 18.6 5.8 309.4 Aug 328.1 227.1 98.3 60.3 30.6 37.9 7.3 51.0 29.8 18.8 5.9 312.8 Sept.... 328.5 228.5 99.1 60.5 30.8 38.1 7.3 50.9 30.0 18.7 5.9 313.4 Oct.. .. 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.... 333.5 231.0 101.1 60.6 31.1 38.2 7.4 51.7 30.3 19.1 6.0 317.9 Dec.P. . 333.5 232.5 102.1 60.9 31.2 38.3 7.4 51.2 29.2 19.2 6.0 318.3 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Phila- Item Total Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $23,024,697 $788,287 $5,617,842$!,903,609 $1,905,478 $893,227 $1,377,298 Industrial loans 35,621 9,770 23,260 Commitments to make industrial loans 14,972 190 2.115 26 Acceptances 547,170 547,170 U. S. Govt. securities 571,788,48631,363,787145,564,629 34,351,192 49,229.89934,751,76929,334,395 All other 238,146 16,992 39 944 "0 —88 8 1-9~, 7_1.3~ 15.579 25,731 JL, OOO Total current earnings 595,649,09232,178,836151,769,58536,291,138 51,157,205 35,660,60130,737,424 Current Expenses Salaries: Officers 5,449,677 326,580 998,266 372,850 451,817 419,688 450,762 Employees 72.810,052 4,373,726 16,116,623 4,081,418 6,590.282 4,598,632 4,389,395 Directors and other fees 348,008 21,233 46,272 19,413 29,940 19,761 38,320 Retirement contributions 6,920,835 412,457 1,460,562 387,020 622,997 446,569 438,144 Traveling expenses 1,464,312 89,437 214,186 63,391 138,818 130,156 110,488 Postage and expressage 15,586,655 1,246,644 2,344,388 824,418 1,262 852 1.483,925 1,336,636 Telephone and telegraph 1,190,712 60,290 259,957 59.959 91,563 87,199 107,217 Printing, stationery, and supplies 5,574,919 423,458 1,000,137 278;776 486,611 372,880 394,003 Insurance 11284,29 74,864 201,315 50,176 114,499 87,825 76,244 Taxes on real estate 128,429 507,615 684,919 123,384 262,139' 140,385 151,397 Depreciation (building) ,138,279 403,814 284,591 268,149 •602,964| 275.415 154,351 Light, heat, power, and water .229,455 108,414 224,855 87,838 130.584 109,405 61,931 Repairs and alterations ;278,129 30,916 65,381 94,084 157,3181 138,650 50,696 Rent ,380,489 9,991 5,060 15,679 78,391] 4,467 121,476 Furniture and equipment: 458,354 Purchases 2,343,523 53,328 136,276 76,354 254,742I 460,617 149,563 Rentals 4,582,017 389,863 643,067 313,735 403,23l| 302,571 285,648 Assessment for expenses of Board of Governors 5,339,800 315,700 1,521,200 382,800 483,000 272,100 237,200 Federal Reserve currency 5,603,176 349,827 1,520,639 261,649 236,766 516,920 411,347 All other 11,712,081 124,472 301,644 127,448 430,753! 110.026 119,440 Total 1139,538,902 9,322,629 28,029,337 7,888,54112,829,269! 9,977,191 9,084,258 Less reimbursement for certain fiscal agency and other expenses, 118,356,406 953,996 3,485,188 918,438 l,785,49lj 1,033,5641 1,296,262 Net expenses 121,182,496 8,368,632 24,544,149 6,970,10411,043,7781 8,943,627| 7,787,996 Profit and Loss Current net earnings 474,466,59623,810,203127,225,436 29,321,035 40,113,427;26,716.97422,949,428 Additions to current net earnings: Profits on sales of U. S. Govt. securities (net) 268,090 16,548 64,613 16,492 24,350i 16,960 14,623 91,025 5,350 13,898 441 5,926! 4,039 131 All other 359,115 21,898 78,511 16,933 30,276! 20,999 14,753 Total additions Deductions from current net earnings: 20,147 147|. C R h es a e rg rv e e -o s ff f s o r o c n o n b t a in n g k e p n r c e ie m s ises 3 2 4 2 0 , , 1 2 3 7 5 0 37 1 , ,8 0 3 1 1 7 16, 4 4 2 7 8 5 7 89 4 6 2 | j 52 1 , , 9 4 2 2 : 6 14,5 5 9 5 1 1 All other 382,551 38,848 58,907 16,903 38.785! 54,354 15,141 Total deductions 23,436 16,950 + 19,604 + 31 8,510j 33.355 388 Net deductions 474,443,160 23,793,253127,245,040 29,321,066 40,104,917J26,683,619 22,949,039 Net earnings before payments to U. S. Treasury 401,555,581 20,531,028109,579,944 25 295,834 34,468.38023,237,535 19.731,928 Paid U. S. Treasury (interest on F. R. notes) 18,904,897 981,028 5,489,626 214,605 1,806;754] 864,154 878,877 Dividends paid 53,982,682 2,281,197 12,175,470 2,810,627 3,829. 2,581,930 2,338,235 Transferred to surplus (Sec. 7) 693,611,31641,666,629195,826!856 49,490,515 62",563; 35,011,853 30,841,102 Surplus (Sec. 7) January 1 747,593,99843,947,826 208,002,326 52,301,142 66,392,961 37,593,783 33,179,336 Surplus (Sec. 7) December 31 1 After deducting $415,326 of prorated inter-Bank expenses to avoid instances, the last digit of "Surplus (Sec. 7) January 1" differs from the duplication in combined totals. corresponding figure in previously published tables because of the change NOTE.—Details may not add to totals because of rounding. In some in treatment of rounded figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 211 FEDERAL RESERVE BANKS DURING 1956 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings $5,942,710 $627,153 $1,010,077 $1,363,059 $830,142 $765,815 Discounts and advances 2,591 Industrial loans 274 12,367 Commitments to make industrial loans Acceptances 99,442,889 23,764,913 13,086,844 24,718,650 22,699,658 63,479,860 U. S. Govt. securities 32,204 10,026 13,764 21,258 13,264 16,783 All other 105,418,077 24,402,093 14,113,276 26,115,335 23,543,065 64,262,458 Total current earnings Current Expenses Salaries: 563,973 390,141 306,858 361,865 375,169 431,708 Officers 11,584,900 4.159,956 2,177,066 3 774,458 3,465,474 7,498,122 Employees 31,172 31,368 19,545 31,396 24,002 35,586 Directors and other fees 1,085,475 398,097 238,341 377,264 355,103 698,806 Retirement contributions 194,902 96,312 78,398 86,372 97,196 164,656 Traveling expenses 2,249,258 822,107 496,231 866,245 790,905 1,863,046 Postage and expressage 140,825 69.254 41,820 69,033 75,932 127,663 Telephone and telegraph 964,650 363.037 159,928 335,045 270,818 525,576 Printing, stationery, and supplies 163,234 75.727 47,716 77,153 60,297 99,379 Insurance 413,408 107,448 165,196 136,911 81,769 363,708 Taxes on real estate 300,238 178,988 43,991 82,172 33,394 601,388 Depreciation (building) 166,330 89,447 44,276 95,386 50,501 109,162 Light, heat, power, and water 45,379 179,936 383,976 29.960 49,855 154,338 Repairs and alterations 88,874 2,889 61,468 678 50,914 18,467 Rent Furniture and equipment: 262,540 329,798 184,450 67,774 214,801 153,280 Purchases 708,545 273.948 175,882 265,133 239,648 580,746 Rentals 749,600 201;500 132,600 204,300 269,900 569,900 Assessment for expenses of Board of Governors 961,660 245.642 25,614 223,298 84,406 765,408 Federal Reserve currency 293,802 106,449 87,627 136,612 95,945 193,189 All other 20,968,765 8,122,044 4,870,983 7,221,055 6,686,029 14,954,128 Total 3,319,761 1,190,764 524,399 1,306,406 1,073,099 1,884,366 Less reimbursement for certain fiscal agency and other expenses 17,649,004 6,931.280 4,346,585 5,914,650 5,612,930 13,069,761 Net expenses Profit and Loss 87,769,073 17,470,813 9,766,691 20,200,686 17,930,135 51,192,697 Current net earnings Additions to current net earnings: 43,529 12.665 7,371 11,702 11,537 27,700 Profits on sales of U. S. Govt. securities (net) 44,821 4,541 377 1,388 37 10,076 All other 88,350 17,206 7,748 13,090 11,574 37,776 Total additions Deductions from current net earnings: Charge-offs on bank premises 41,017 i7.370 11,458 19,999 17,892 38,572 Reserves for contingencies 2,360 2,812 438 343 641 6,711 All other 43,377 20,182 11,896 20,341 18,533 45,282 Total deductions +44,973 2,976 4,148 7,251 6,959 7,507 Net deductions 87,814,045 17,467,836 9,762,543 20,193,435 17,923,176 51,185,190 Net earnings before payments to U. S. Treasury 76,747,423 15.135,639 8,406,449 17,409,249 13,223,260 37,788,912 Paid U. S; Treasury (interest on F. R. notes) 2,539,170 '650,481 422,045 760,994 1,039,339 2,257,825 Dividends paid 8,527,453 1,681,716 934,049 2,023,192 3,660,577 11,138,453 Transferred to surplus (Sec. 7) 101,893,599 27,649,493 17,586,155 25,959,962 33,847,072 71,274,903 Surplus (Sec. 7) January 1 110,421,051 29.331,210 18,520,204 27,983,154 37,507,649 82,413,356 Surplus (Sec. 7) December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Type of office and type of change banks Member banks Nonmember banks Total Total i tio N n a a - l ! me S m ta b te er2 Total su In re - d in N s o ur n e - d su I r n e - d2 in N su o r n e - d Banks (head offices) Dec. 31 1934. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec. 31, 1941 14,825 14,277 6,619 5,117 ,502 7,661 6,810 851 52 496 Dec 31 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec 31 1953 14,509 13,981 6,743 4,856 ,887 7,241 6,672 569 219 309 Dec. 31, 1954 14,367 13,840 6,660 4,789 :1,871 7,183 6,647 536 218 309 Dec 31 1955 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 Dec. 31, 1956 14,167 13,640 6,462 4,651 .811 7,181 6,737 444 223 304 Branches and additional offices Dec. 31, 1934 3,133 3,007 2,224 1,243 981 783 4783 4126 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec 31 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec. 31, 1953 6,096 5,826 4,398 2,746 1,652 1,428 1,387 41 192 78 Dec. 31, 1954 6,614 6,306 4,787 3,056 1,731 1,519 1,483 36 221 87 Dec 31 1955 7,253 6,923 5,304 3,365 1,939 1,619 1,584 35 234 96 Dec. 31, 1956 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Changes, Jan. 1-Dec. 31, 1956 Banks: N Su e s w p e b n a s n io k n s s -> + 1_23 + 123 + 36 j + 30 + 6 + - 8 2 7 + - 7 1 2 + - 1 15 Consolidations and absorptions: Banks converted into branches -166 -166 -101 -65 -36 -65 -61 -4 Other -23 -23 -13 -10 -3 -10 -8 o Voluntary liquidations 6 -7 -7 -2 -1 -5 -4 i Conversions: National into State -3 -3 + 3 + 3 Fede S ra ta l t R e e i s n e to rv n e a M tio e n m al bership:7 +7 +9 ""-2* -6 -1 Admissions of State banks + 10 + 10 -10 -8 -2 Fede W ral i th D d e r p a o w s a it l s i n o s f u S ra ta n t c e e : b 8 anks 14 -14 + 14 + 14 Admissions of State banks , ... -59 +3 -3 +59 Net increase or decrease -76 -76 -81 -41 -40 +5 -55 +3 -3 +60 Number of banks, Dec. 31, 1956 14,167 13,640 6,462 4,651 1,811 7,181 444 223 304 6,737 Branches and additional offices except Banking facilities:9 De novo branches . . +560 + 522 +419 + 307 + 112 + 103 + 100 + 3 + 17 +21 Banks converted into branches + 166 + 166 + 144 +94 + 50 +22 +22 Discontinued -38 -36 -28 -12 -16 -8 -8 -1 -1 Interclass branch changes: National to State member -6 +6 S St t a a t t e e m m e em m b b e e r r t t o o n no at n i m on e a m l ber g +26 -2 -8 6 + 8 +8 Nonmember to national +24 +24 -24 -24 Nonmember to State member + 19 + 19 -19 -19 Noninsured to insured + 1 -1 +7 -7 Net increase or decrease +688 +652 + 570 +433 + 137 + 82 +2 +23 + 13 + 80 Number of branches and additional offices, Dec 31 1956 7,728 7,362 5,682 3,629 2,053 1,680 37 257 109 1,643 Banking facilities:9 Established +20 +20 + 17 + 16 + 1 +3 Discontinued -6 -6 -6 -6 + 3 Interclass change + 1 + 1 -1 -1 Net increase + 14 + 14 + 12 + 11 + 1 +2 +2 Number of facilities, Dec. 31, 1956 227 227 204 180 24 23 23 1 Excludes banks in United States territories and possessions except one 5 Exclusive of new banks organized to succeed operating banks. national bank in Alaska, with no branches, that became a member of the 6 Exclusive of liquidations incident to succession, conversion, and Federal Reserve System on Apr. 15, 1954. absorption of banks. 2 State member bank and insured mutual savings bank figures both in- 7 Exclusive of conversions of national banks into State bank members, clude, since 1941, three member mutual savings banks not included in or vice versa. Shown separately under conversions. the total for commercial banks. State member bank figures also in- 8 Exclusive of insured nonmember banks converted into national banks clude, since 1954, one noninsured trust company without deposits. or admitted to Federal Reserve membership, and vice versa. 3 As of June 30, 1947, the series was revised. The revision resulted in 9 Banking facilities (other than branches) that are provided at military a net addition of 115 banks and 9 branches. and other Government establishments through arrangements made by 4 Separate figures not available. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 213 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LISTi Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Total, including Alaska and Hawaii:2 Dec. 31, 1955. . . 13 647 6 975 11 862 6 645 6 537 5 304 5 325 1 341 1.785 330 Dec. 31, 1956 13,569 7,641 11,815 7,314 6,456 5,886 5,359 1,428 1,754 327 Districts, Dec. 31, 1956: Boston 435 550 435 550 298 441 137 109 New York 685 1,382 685 1,382 586 1,282 99 100 Philadelphia. . 717 444 717 444 547 361 170 83 Cleveland 986 664 986 664 606 586 380 78 Richmond. 987 885 819 735 470 479 349 256 168 150 Atlanta 1 298 370 721 324 391 274 330 50 577 46 Chicago 2,477 863 2,477 863 1,020 491 1,457 372 St. Louis 1 465 233 1,165 163 492 98 673 65 300 70 Minneapolis 1,287 122 688 78 473 32 215 46 599 44 Kansas City. . 1 764 37 1,758 37 752 26 1 006 11 6 Dallas 1,075 110 986 97 634 71 352 26 89 13 San Francisco2 393 1,981 378 1,977 187 1,745 191 232 15 4 State or area, Dec. 31, 1956: Alabama 237 53 145 52 94 52 51 92 1 Arizona 9 111 9 111 4 88 5 23 Arkansas.. . . 236 27 125 7 73 4 52 3 111 20 California 132 1 302 132 1 302 82 1 180 50 122 Colorado 157 5 157 5 95 4 62 1 Connecticut 89 119 89 119 51 97 38 22 Delaware 28 40 28 40 10 17 18 23 District of Columbia 17 54 17 54 13 44 4 10 Florida 252 12 205 11 106 10 99 1 47 1 Georgia 412 67 133 65 65 57 68 8 279 2 Idaho 33 72 33 72 18 67 15 5 Illinois 925 4 923 4 521 4 402 2 Indiana 469 193 469 193 234 121 235 72 Iowa 667 161 667 161 165 4 502 157 Kansas 598 3 596 3 214 3 382 2 Kentucky 365 96 365 96 109 66 256 30 Louisiana 180 129 73 104 52 84 21 20 107 25 M^aine 57 101 57 101 36 63 21 38 Maryland 150 180 150 180 68 105 82 75 Massachusetts 170 278 170 278 133 238 37 40 Michigan 405 416 405 416 228 350 177 66 Minnesota 681 6 278 6 207 6 71 403 Mississippi 196 103 49 38 34 19 15 19 147 65 Missouri 606 4 549 4 175 4 374 57 Montana 113 113 84 29 Nebraska.. 415 2 415 2 140 2 275 Nevada 6 29 6 29 5 25 1 4 New Hampshire 73 2 73 2 51 1 22 1 New Jersey 273 308 273 308 233 271 40 37 New Mexico 52 35 52 35 34 19 18 16 New York 480 1,106 480 1,106 418 1,048 62 58 North Carolina 202 357 111 213 53 118 58 95 91 144 North Dakota 154 26 57 7 40 1 17 6 97 19 Ohio 617 435 617 435 395 387 222 48 Oklahoma.. . 385 6 379 6 222 4 157 2 6 Oregon 50 151 50 151 19 140 31 11 Pennyslvania 786 538 786 538 601 470 185 68 Rhode Island 10 73 10 73 6 57 4 16 South Carolina 148 95 73 89 33 72 40 17 75 6 South Dakota 171 54 72 29 60 24 12 5 99 25 Tennessee 295 152 213 137 82 98 131 39 82 15 Texas 947 22 907 22 579 22 328 40 Utah 48 54 48 54 48 27 6 Vermont 60 16 60 16 35 7 25 9 Virginia 312 199 311 199 203 140 108 59 1 Washington 93 229 93 229 38 222 55 7 West Virginia 182 181 112 69 1 Wisconsin 550 150 550 150 164 22 386 128 Wyoming 53 1 53 1 40 1 13 Alaska2 18 13 3 9 1 2 9 15 4 Hawaii2 5 52 5 52 5 52 i Comprises all commercial banking offices on which checks are drawn, Alaska and Hawaii. including 227 banking facilities. Number of banks and branches differs 2 Alaska and Hawaii assigned to the San Francisco District for purfrom the preceding table because of banks and trust companies on which poses of Regulation J, "Check Clearing and Collection." no checks are drawn, 3 mutual savings member banks, and banks in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 BANK RESERVES AND RELATED ITEMS, 1956 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. In millions of dollars] Central reserve Central reserve week en M d o in n g t h W , o e r dnesday m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry York cago York cago Total reserves held Required reserves1 1956 Jan... . 19 138 4,293 1.178 7,934 5,732 18,586 4,317 1,179 7,863 5,227 Feb 18,709 4,196 1,138 7,753 5,623 18,177 4,186 1,134 7,687 5,170 Mar . 18 924 4 372 I 137 7,796 5,619 18,340 4,344 1 135 7,712 5,149 Apr 18.847 4,287 1,105 7,814 5,641 18,320 4,299 1,106 7,750 5,165 May 18 735 4 264 1 119 7,775 5 577 18,268 4,254 1 117 7,726 5,171 June 18,933 4,354 1,133 7,784 5,662 18,359 4,341 1,130 7,706 5,183 July 18,836 4,237 1,129 7,796 5,675 18,237 4,225 1,127 7,707 5,179 Aug 18,783 4,236 1,130 7,783 5,633 18,224 4,227 1,129 7,704 5,164 Sept 19,024 4,288 1,120 7,885 5,732 18,446 4,288 1,120 7,805 5,234 Oct.. 18 939 4 222 I 111 7,869 5 736 18,419 4,214 1 107 7,817 5,281 Nov 19,169 4,244 1,122 7,960 5,843 18,579 4,231 1,119 7,877 5,352 Dec 19,535 4,448 1,149 8,078 5,859 18,883 4,392 1,138 7,983 5,371 Jan. 4 19,464 4,493 1,203 8,056 5,712 18,887 4,494 1,205 7,961 5,227 Jan. 11 19 453 4 371 1,192 8,017 5,872 18,725 4,360 1 186 7,920 5,259 Jan. 18 19,136 4,268 1,169 7,966 5,733 18,543 4,273 1,167 7,875 5,228 Jan. 25 19 017 4 252 I 171 7,898 5,696 18,494 4,272 1 174 7,833 5,215 Feb. 1 18 834 4 278 I 172 7,806 5 579 18 350 4 247 1 166 7,745 5 192 Feb. 8 18,773 4,208 1,139 7,771 5,655 18,230 4,213 1,138 7,705 5,174 Feb 15 18 693 4 179 I 132 7,756 5 627 18 144 4 155 1 129 7 684 5 176 Feb. 22 18 749 4,143 1,140 7,765 5,702 18,175 4,164 1 137 7,696 5,178 Feb. 29 18,596 4,238 1,130 7,721 5,507 18,137 4,197 1,128 7.655 5,157 Mar. 7 18,670 4,239 1,140 7,702 5,589 18,137 4,245 1,138 7.617 5,137 Mar. 14 18 691 4,289 1,134 7,690 5 579 18,182 4,284 1 132 7 6^5 5 141 Mar. 21 19,204 4,454 1,157 7,882 5,711 18,587 4,449 1,155 7,822 5.161 Mar. 28 19,028 4,416 1,140 7,835 5,637 18,455 4,388 1,140 7.770 5,157 Apr. 4 18 860 4 373 I 077 7,820 5 590 18 322 4 367 J 074 7 7^3 5 148 Apr. 11 18,917 4 298 1,105 7,798 5,716 18,284 4,292 I 104 7.727 5,161 Apr. 18 18,909 4,279 125 7,826 5,679 18,318 4,274 1,123 7.764 5,157 Apr. 25 18,884 4,307 1,101 7,819 5,657 18,344 4,295 ,107 7,756 5,186 May 2 18 767 4,323 1,126 7,824 5,495 18,359 4,314 118 7,770 5 157 May 9 18,848 4,278 1,116 7,807 5,648 18,295 4,275 ,115 7,735 5,170 May 16 18,710 4,226 1,114 7,796 5,574 18,241 4,221 I 111 7,742 5 167 May 23 18,809 4,264 1,115 7,776 5,654 18,275 4,243 1,115 7,728 5,189 May 30 18 569 4 236 1,121 7,762 5 451 18,227 4 250 I 124 7 689 5 164 June 6 18 819 4,291 1,125 7,749 5,654 18,217 4,257 I 116 7,670 5,174 June 13 18,749 4,289 1,109 7,738 5,612 18,233 4,291 1,108 7,656 5,178 June 20 19 116 4 424 1,139 7,819 5 734 18 500 4 414 138 7,758 5 190 June 27 19,030 4,393 1,146 7,798 5,692 18,435 4,369 145 7,729 5,192 July 4 18,902 4,361 1,156 7,825 5,559 18,430 4,372 1 158 7 733 5,167 July 11 19 040 4 280 1 137 7 829 5 794 18 285 4 244 1 133 7 718 5 190 July 18 18,869 4,204 1,130 7,824 5,711 18,240 4,192 1,129 7,739 5.180 July 25 18,744 4,189 1,114 7,767 5 674 18 187 4,197 1 110 7 695 5 185 Aug. 1... 18,591 4,212 1,110 7,724 5,545 18,115 4,185 1 1M 7,658 5.159 Aug. 8 18,588 4,144 1,119 7,709 5,616 18,018 4,137 I 112 7,637 5 132 Aug. 15 18,593 4,133 1,114 7,701 5,645 18,014 4,144 ,113 7,621 5,136 Aug. 22 19,117 4,349 1,145 7,851 5,773 18,464 4,319 1,145 7,787 5,213 Aug. 29 18,883 4,308 1,151 7,859 5,564 18,375 4,288 1,142 7,764 5,181 Sept. 5 18,800 4,292 1 141 7,831 5,536 18,357 4,286 1,139 7,754 5,178 Sept 12 19,088 4,267 1,127 7,881 5,813 18,394 4,260 1,125 7,788 5,221 Sept. 19 19,220 4,317 1,125 7,903 5,875 18,524 4,306 ,123 7,839 5,256 Sept. 26 18,980 4,305 1,097 7,874 5,705 18,477 4,302 1,102 7,815 5,258 Oct 3 18.935 4,294 1,121 7,871 5,649 18,456 4,293 1,114 7.810 5,239 Oct. 10 . 18.929 4,195 1,102 7,854 5,778 18,322 4,190 1,100 7,777 5.255 Oct. 17 18,890 4,156 1,106 7,898 5,730 18,313 4,145 1,104 7,810 5,254 Oct 24 19,137 4,247 1,113 7,923 5,854 18,574 4,258 1,110 7,872 5,334 Oct. 31 18,810 4,245 1,113 7,874 5,578 18,451 4,228 [,110 7,817 5 296 Nov. 7 19 004 4,218 1,125 7,876 5,785 18,443 4,211 1,122 7,813 5,297 Nov. 14 18 996 4,173 1 116 7,891 5 817 18 377 4 163 I 112 7 799 5 303 Nov. 21 19,311 4,229 1,129 8,003 5,949 18,701 4,240 1,127 7,939 5^395 Nov. 28 19,375 4,332 1,115 8,032 5,896 18,754 4 289 I 113 7,946 5,406 Dec. 5 19,068 4,301 1,129 7,958 5,680 18,682 4,311 1,126 7,901 5,344 Dec. 12 19,220 4,320 1,118 7,966 5,817 18,653 4,298 1,114 7,896 5,345 Dec. 19 19,535 4,434 1,134 8,068 5,898 18,922 4,423 1,136 7,995 5,368 Dec. 26...' 19,790 4,465 1,162 8,156 6,007 19,086 4,444 1,156 8,070 5,416 For footnote see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS, 1956 215 MEMBER BANK RESERVES AND BORROWINGS—Continued [Averages of daily figures. In millions of dollars] Central reserve Central reserve Central reserve Month, or week m A e l m l - city banks s R e e r - ve Coun- m A e l m l - city banks s R e e r - ve Coun- m A e l m l - city banks s R e e rv - e Counending Wednesday ber city try ber city try ber city try banks New Chi- banks banks banks New Chi- banks banks banks New Chi- banks banks York cago York cago York cago Excess reserves1 Borrowings atFederal Reserve Banks Free reserves1 1956 Jan 552 -24 — 1 72 505 807 174 82 425 126 -255 -198 -83 -353 379 Feb 533 11 3 66 452 799 149 106 402 142 -266 -138 -103 -336 310 Mar 585 28 2 84 470 993 202 258 382 151 -408 -174 -256 -298 319 Apr .. • 527 -12 — 1 64 476 1 060 155 261 493 151 -533 -167 -262 -429 325 May 467 10 2 49 406 971 98 155 517 201 -504 -88 -153 -468 205 June 575 13 4 78 479 769 46 115 434 174 -194 -33 — 111 -356 305 July 599 12 3 89 496 738 119 50 433 136 -139 -108 -48 -344 360 Aug 559 10 1 79 469 898 168 74 461 195 -339 -158 -73 -382 274 Sept 579 80 498 792 204 93 377 118 -213 -204 -93 -297 380 Oct . . 520 8 4 52 456 715 200 118 299 98 -195 -192 -114 -246 358 Nov 590 13 3 83 491 744 226 143 276 99 -154 -214 -140 -193 393 Dec 651 57 12 96 488 688 147 97 300 144 -37 -90 -85 -204 344 Jan 4 576 _3 95 485 583 137 50 325 71 -7 -138 -53 -230 414 Jan 11. 727 11 7 96 613 799 177 99 389 134 -72 -166 -92 -293 479 Jan. 18 592 -6 1 92 505 920 248 115 435 122 -328 -254 -114 -343 383 Jan 25 523 -20 -3 65 481 814 193 71 441 109 -291 -213 -74 -376 372 Feb. 1 485 31 6 61 387 999 165 88 562 184 -514 -134 -82 -501 203 Feb 8 543 67 481 822 100 86 494 142 -279 -105 -86 -427 339 Feb. 15 550 24 3 72 451 973 288 102 417 166 -423 -264 -99 -345 285 Feb 22 574 -21 2 69 524 622 128 87 310 97 -48 -149 -85 -241 427 Feb. 29 460 41 2 67 350 758 87 140 372 159 -298 -46 -138 -305 191 Mar. 7 533 -6 2 85 452 749 71 115 413 150 -216 -77 -113 -328 302 Mar. 14 509 5 1 65 438 975 115 218 463 179 -466 -110 -217 -398 259 Mar. 21 617 5 2 60 550 934 265 292 265 112 -317 -260 -290 -205 438 Mar. 28 572 27 65 480 1,196 325 383 322 166 -624 -298 -383 -257 314 Apr. 4 537 6 2 87 442 985 126 292 443 124 -448 -120 -290 -356 318 Apr 11 634 6 2 71 555 1,119 222 252 504 141 -485 -216 -250 -433 414 Apr. 18 591 5 2 62 522 1,109 214 263 481 151 -518 -209 -261 -419 371 Apr. 25 539 12 -6 62 471 1,060 117 282 517 144 -521 -105 -288 -455 327 May 2 408 9 7 54 338 1,089 126 236 538 189 -681 -117 -229 -484 149 May 9 553 3 1 71 478 1,114 124 195 593 202 -561 -121 -194 -522 276 May 16 467 5 2 53 407 1,066 165 186 508 207 -599 -160 -184 -455 200 May 23 534 21 48 465 946 73 164 556 153 -412 -52 -164 -508 312 May 30 343 -14 -3 73 287 732 23 46 414 249 -389 -37 -49 -341 38 June 6 602 34 9 79 480 892 82 127 499 184 -290 -48 -118 -420 296 June 13 516 -2 2 82 434 742 9 131 416 186 -226 -11 -129 -334 248 June 20 615 10 1 60 544 764 28 141 448 147 -149 -18 -140 -388 397 June 27 595 24 2 69 500 756 57 84 401 214 -161 -33 -82 -332 286 July 4 472 -10 -2 92 392 643 88 45 403 107 -171 -98 -47 -311 285 July 11 755 37 3 111 604 878 175 78 467 158 -123 -138 -75 -356 446 July 18 629 12 1 85 531 849 212 54 442 141 -220 -200 -53 -357 390 July 25 557 -8 4 72 489 573 42 31 398 102 -16 -50 -27 -326 387 Aug 1 , 477 27 2 66 386 690 59 46 419 166 -213 -32 -48 -353 220 Aug. 8 570 7 7 72 484 917 167 41 541 168 -347 -160 -34 -469 316 Aug 15 579 — 11 1 80 509 960 139 54 509 258 -381 -150 -53 -429 251 Aug 22 654 30 64 560 878 175 99 435 169 224 -145 -99 -371 391 Aug 29 508 20 9 96 383 935 225 115 395 200 -427 -205 -106 -299 183 Sept. 5 443 6 2 77 358 796 137 58 427 11A -353 -131 -56 -350 184 Sept 12 694 7 2 93 592 1 012 314 78 451 169 -318 -307 -76 -358 423 Sept. 19 698 11 3 64 619 654 178 91 306 79 44 -167 -88 -242 540 Sept 26 503 2 -5 59 447 705 168 128 328 81 -202 -166 -133 -269 366 Oct 3 479 1 7 61 410 810 219 116 384 91 -331 — 218 -109 -323 319 Oct 10 607 5 2 77 523 857 256 111 406 84 -250 -251 -109 -329 439 Oct 17 578 11 2 89 476 714 239 109 263 103 -136 -228 -107 -174 373 Oct. 24. 563 -11 3 51 520 564 117 131 252 64 -128 -128 -201 456 Oct 31 359 17 3 57 282 674 169 116 242 147 -315 -152 -113 -185 135 Nov 7 562 7 3 64 488 828 227 171 323 107 -266 -220 -168 -259 381 Nov. 14 619 10 3 92 514 942 318 156 329 139 -323 -308 -153 -237 375 Nov 21 609 — 11 2 64 554 660 248 147 203 62 -51 -259 -145 -139 492 Nov 28 622 43 2 87 490 629 170 125 252 82 -7 -127 -123 -165 408 Dec. 5 386 -10 3 57 336 458 24 55 280 99 -72 -34 -52 -223 237 Dec 12 567 22 3 70 472 699 133 103 286 111 -132 — 111 -100 -216 295 Dec 19 613 12 -2 73 530 527 79 78 206 164 86 -67 -80 -133 366 Dec. 26 704 21 6 86 591 641 165 8O8O 224 164 63 -144 -82 -138 427 i Weekly figures for all member banks and country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 WEEKLY REPORTING MEMBER BANKS, 1956 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loansl U. S. Government obligations For purchasing or carrying securities Loans Total and Cerloans invest- Com- To brokers tifi- Other Loans Month or date and ments Loans mer- Agri- and dealers To others Real cates secu- to invest- ad- ad- cial cul- estate Other Total Bills of in- Notes Bonds2 rities banks ments justed i justed1 and tural loans loans debtindus- U.S. U. S. edtrial Govt.OtherGovt.Other ness ob- se- ob- seliga- curi- liga- curi- 1956 Jan 86,859 85,725 47,870 "25,859 563 2,666 1,292 8,143 10,172 29,6571,407 839 6,944 20,467 r8,198 1,134 Feb 85,375 84,281 47,611 25,719 565 2,485 1,289 8,186 10,20028,506 983 631 6,727 20,165 8,164 1,094 Mar 86,701 85,452 48,882 26,741 530 2,545 1,292 8,301 10,322 28; 925 687 6,649 20,048 8,261 1,249 Apr 86,688 85,432 49,448 27,238 480 2,409 1,294 8,389 10,493 27; 767 640 6,442 19,839 8,296 1,256 May 86,282 85,083 50,041 27,558 475 2,416 1,283 8,471 10,69527,026 675 566 6,130 19,655 8,016 1,199 June 86,870 85,480 50,760 28,029 469 2,465 1,268 8,56010,824 26,775 690 510 6,056 19,519 7,945 1,390 July 86,379 85,018 50,904 28,253 461 2,334 1,267 8,62210,82826,306 590 359 5,952 19,405 7,808 1,361 Aug 86,563 85,292 51,043 28,517 451 2,116 1,243 8,70810,873 26; 565 900 5,817 19,205 7,762 1,271 Sept 87,151 85,768 51,520 29,111 471 1,928 1,219 8,782 ,879 26; 601 1,064 5,662 19,054 7,867 1,383 Oct 86,820 85,661 51,832 29,347 481 1,952 1,218 8,83010,88126,024 726 863 5,515 18,920 7,805 1,159 Nov 87,150 85,968 52,42!" 29,871 483 1,940 1,200 8,861 10,95125,937 939 787 5,349 18,862 7,603 1,182 Dec 88,297 87,068 53,273 30,501 466 2,095 1,200 8,855 11,02526,2341,565 718 5,202 18,749 7,561 1,229 Jan. 4 88,014 86,513 "48,327 26,112 561 2,840 1,297 8,135 10,204 29,9571,535 866 6,956 20,600 r8,229 1,501 Jan. 11 86,608 85,710 "47,856'25,860 566 2,662 1,295 8,127 10,172 29,6861,395 859 6,949 20,483 r8,168 898 Jan. 18 86,533 85,467 "47,739"25,790 562 2,633 1,283 8,150 10,148 29,5091,348 811 6,943 20,407 r8,219 1,066 Jan. 25 86,282 85,209 "47,559r25,676 565 2,529 1,291 8,160 10,16329,4751,351 820 6,928 20,376 r8,175 1,073 Feb. 1 85,642 84,694 47,741 25,720 570 2,625 1,302 8,154 10,19728,8221,044 698 6,850 20,230 8,131 948 Feb. 8 85,135 84,140 47,515 25,635 576 2,492 1,281 8,161 10,19828,498 938 638 6,743 20,179 8,127 995 Feb. 15 85,502 84,310 47,611 25,737 564 2,482 1,288 8,197 172 28,5421,074 617 6,681 20,170 8,157 1,192 Feb. 22 85,169 84,072 47,494 25,707 564 2,407 1,285 8,194 10,17528,395 948 613 6,690 20,144 8,183 1,097 Feb. 29 85,430 84,190 47,694 25,796 550 2,422 1,287 8,22410,25928,272 910 586 6,673 20,103 8,224 1,240 Mar. 7 85,639 84,338 47,914 25,944 540 2,463 1,290 8,25410,26828,157 763 563 6,722 20,109 8,267 1,301 Mar. 14 86,571 85,349 48,655 26,536 541 2,549 1,293 8,28710,300 2288,431 987 611 6,727 20,106 8,263 1,222 Mar. 21 87,588 86,489 49,586 27,217 524 2,732 1,293 8,32010,350 28,6541,113 865 6,624 20,052 8,249 1,099 Mar. 28 87,006 85,631 49,373 27,266 515 2,436 1,292 8,341 373 27,995 837 708 6,524 19,926 8,263 1,375 Apr. 4 86,703 85,454 49,277 27,095 483 2,495 1,294 8,344 10,420 27,852 750 663 6,541 19,898 8,325 1,249 Apr. 11 86,583 85,447 49,383 27,202 481 2,444 1,287 8,37710,447 27,696 699 645 6,504 19,848 8,368 1,136 Apr. 18 86,743 85,487 49,504 27,291 479 2,350 1,298 8,412 10,53027,695 839 635 6,398 19,823 8,288 1,256 Apr. 25 86,724 85,340 49,628 27,364 478 2,347 1,295 8,42410,;5"7"5" 2277,509 782 618 6,324 19,785 8,203 1,384 May 2 86,567 85,448 49,953 27,583 470 2,412 1,298 8,43010,618 27,357 753 588 6,258 19,758 8,138 1,119 May 9 85,943 84,887 49,942 27,558 473 2,378 1,281 8,45710,652.26,939 572 568 6,125 19,674 8,006 1,056 May 16 86,422 85,241 50,167 27,726 477 2,363 1,278 8,471 10,710 2277,082 736 578 6,121 19,647 7,992 1,181 May 23 86,422 85,115 50,243 27,615 478 2,492 1,280 8,49410,74326,877 634 549 6,095 19,599 7,995 1,307 May 30 86,054 84,724 49,900 27,307 477 2,435 1,277 8,50310,756 2266,873 679 544 6,050 19,600 7,951 1,330 June 6 86,18: 84,726 50,060 27,498 473 2,430 1,273 8,50810,732 26,719 629 517 6,035 19,538 7,947 1,456 June 13.... 86,599 85,236 50,483 27,775 483 2,452 1,259 8,54710,82126,745 651 543 6,031 19,520 8,008 1,363 June 20 87,618 86,336 51,354 28,453 463 2,598 1,269 8,582 ;846 27,055 796 622 6,123 19,514 7,927 1,282 June 27.... 87,081 85,622 51,144 28,389 456 2,380 1,271 8,60610,899 26,582 683 358 6,036 19,505 7,896 1,459 July 4.... 86,980 85,521 51,097 28,381 462 2,398 1,278 8,591 10,849 26,559 355 6,002 19,514 7,865 1,459 July 11 86,458 85,132 50,922 28,275 459 2,335 1,270 8,619 10,827 26,,349 583 345 5,989 19,432 7,861 1,326 July 18.... 86,279 84,905 50,876 28,195 462 2,362 1,264 8,62710,82426,264 538 372 5,964 19,390 7,765 1,374 July 25 85;799 84,515 50,723 28,160 463 2,241 1,259 8,651 813 26,050 551 362 5,852 19,285 7,742 1,284 Aug. 1 85,976 84,609 50,925 28,291 443 2,269 1,255 8,671 10,864 25,978 498 350 5,888 19,242 7,706 1,367 Aug. 8 85,726 84,402 50,814 28,282 445 2,142 1,247 8,67810,88625,824 435 321 5,863 19,205 7,764 1,324 Aug. 15 87,256 86,051 51,131 28,577 452 2,150 1,238 8,716 10,862 2277,199 716 1,383 5,843 19,257 7,721 1,205 Aug. 22 87,131 85,857 51,227 28,724 458 2,069 1,243 8,73710,86126,859 626 1,260 5,775 19,198 7,771 1,274 Aug. 29 86,725 85,541 51,120 28,711 457 1,948 1,235 8,73810,89526,576 548 1,187 5,718 19,123 7,845 1,184 Sept. 5 87,010 85,684 51,295 28,894 461 1,905 1,233 8,74710,92526,501 463 1,117 5,768 19,153 7,* 1,326 Sept. 12 87,337 85,868 51,457 29,084 470 1,864 1,223 8,77510,913 2266,545 575 1,114 5,689 19,167 7,866 1,469 Sept. 19 87,291 85,843 51,599 29,220 474 1,925 1,210 8,79810,84326,383 760 1,056 5,614 18,953 7,861 1,448 Sept. 26 86,965 85,677 51,729 29,246 478 2,019 1,210 8,810 835 26,096 605 970 5,576 18,945 7,852 1,288 Oct. 3 86,615 85,655 51,798 29,371 478 1,930 1,230 8,79410,87125,979 486 953 5,597 18,943 7,878 960 Oct. 10 86,597 85,338 51,765 29,356 477 1,902 1,224 8,815 10,870 2255,732 347 905 5,532 18,948 7,841 1,259 Oct. 17 87.525 86,066 51,858 29,349 487 1,958 1,217 8,83410,88826,3921,070 851 5,529 18,942 7,816 1,459 Oct. 24 86,584 85,584 51,747 29,211 481 1,997 1,211 8,849 10,,887766 2266,057 909 813 5,461 18,874 7,780 1,000 Oct. 31 86,781 85,660 51,992 29,449 482 1,975 1,208 8,85710,90025,961 818 790 5,458 18,895 7,707 1,121 Nov. 7 86,639 85,602 52,209 29,636 485 1,970 1,198 8,85710,94125,752 630 825 5,423 18,874 7,641 1,037 Nov. 14 86,92 85,630 52,495 29,948 491 1,911 1,199 8,87010,995544 2255,599 601 783 5,367 18,848 7,536 1,292 Nov. 21 87,597 86,431 52,545 29,973 476 1,963 1,198 8,86010,95326,254 ,265 779 5,326 18,884 7,632 • 1,166 Nov. 28.... 87,441 86,207 52,461 29,928 479 1,915 1,205 8,85510,95626,141 ,260 762 5,279 18,840 7,605 1,234 Dec. 5.... 87,368 86,171 52,722 30,012 468 2,071 1,197 8,84811,00325,820 ,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 8,85611,012 25;884 ,261 714 5,189 18,720 7,592 1,289 Dec. 19.... 88,853 87,704 53,596 30,802 464 2,112 1,202 8,86511,017 26,578 ,919 714 5,201 18,744 7,530 1,149 Dec. 26.... 89,205 87,925 53,777 30,848 465 2,214 1,202 8,85211,06726,654 ,936 724 5,233 18.761 7,494 1,280 r Revised. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; See also NOTE on opposite page. individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1956 217 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex em ce a p n t d i n d te e r p b o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Month or date s B F w e R . a r i v e n t R h e - k . s s C va i a n u s l h t b m a w B a n d e n a i c o s t l e k - h t - s i s c ju p m D s o a d a t d s e e e n i - - - d t d s i s p I p u n c v h a n o a a o e n i i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t d n i i e l t - - s - s c C h c o a f e e e e i f n t c e f r r c d i t k d s . - i ' s - , G u o . v t s . . s p I p u n c v h a n o a a o e n i i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l a b t n i d i e l t - - s - s P G U S o i a n o s . a n g t v v d S a s - t l . . m D ti D e o c s - e - man F e d i 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 t u a c a p n - l - ts tions tions 1956 Jan 13,708 1,034 2,570 58.528 60,726 4,191 2,030 1,248 19,330 959 20411,006 ,463 1,273 633 713 8,472 Feb 13,384 945 2,424 56;676 58,629 4,277 1,896 1,815 19,279 976 20510,162 ,491 1,197 689 712 8,555 Mar 13,382 958 2,50256563 58,432 4,108 1,875 2,909 19,391 1,013 19510,249 ,509 1,173 653 860 8,605 Apr 13,370 955 2,602 56306 58,094 4,125 1,964 2,734 19,358 1,050 194 10,598 ,544 1,197 719 827 8,681 May 13,258 941 2,396 55484 57,234 4,393 2,008 3,531 19,347 1,053 179 9,937 ,517 1,236 634 823 8,749 June 13,402 975 2,516 56 58,549 4,231 1,932 2,835 19,572 1,033 17710,278 ,477 1,293 466 1,018 8,780 July 13,353 975 2,53555,62058,065 4,132 2,180 2,553 19,600 1,003 18210,805 ,525 1,311 435 1,062 8,812 Aug 13,206 951 2,404 55213 57,318 3,971 1,964 3,033 19,626 1,008 17810,418 ,591 1,288 512 992 8,858 Sept 13,370 1,002 2,534 55:495 58,468 3,799 1,901 2,898 19,709 983 18310,951 ,590 1,311 471 1,100 8,892 Oct 13,475 974 2,49155,62058,620 3,758 1,809 2,489 19,773 943 18910,958 ,558 1,317 601 884 8,941 Nov 13,446 1,031 2,52556,00159,407 3,770 2,015 2,442 19,630 893 18511,062 ,636 1,312 521 946 8,992 Dec 13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,008 19,734 912 18311,124 ,671 1,274 522 896 9,041 Jan. 4 13,916 1,061 2,76858,384 61,156 4,122 2,203 2,101 19,363 961 20711,703 ,486 1,311 344 1,096 8,477 Jan. 11 13,706 1,068 2,534 5"8" ;""' 60,813 4,046 2,041 1,13919,356 961 20211,137 ,427 1,263 702 484 8,480 Jan. 18 13,734 1,011 2,554 58,572 60,959 4,081 2,057 88019,327 955 20410,972 ,469 1,259 751 657 8,458 Jan. 25 13,474 995 2,422 58,735 59,977 4,516 1,820 87219,272 959 20310,213 ,468 1,259 733 615 8,475 Feb. 1 13,609 919 2,390 57,607 58,946 4,399 2,175 1,477 19,251 963 20210,165 ,523 1,229 836 504 8,512 Feb. 8 13,422 942 2,304 57,047 58,004 4,284 1,657 1,191 19,273 969 20810,174 ,472 1,212 718 672 8,530 Feb. 15 13,591 960 2,590 566,39159,798 4,241 1,885 1,862 19,250 982 20910,627 ,490 1,192 851 843 8,557 Feb. 22 13,015 972 2,456 565;,1 10055 "5 8,069 4,145 1,893 2,155 19,291 975 206 9,968 ,486 1,183 545 687 8,571 Feb. 29 13,284 931 2,,377 556,23058,326 4,319 1,870 2,391 19,331 992 202 9,878 ,481 1,167 496 851 8,602 Mar. 7 13,288 917 2,383 56,417 57,701 4,113 1,895 1,722 19,354 983 19810,323 ,515 ,168 507 960 8,601 Mar. 14 13,389 986 2,552 57,603 60,553 4,020 1,806 1,614 19,412 1,010 19510,522 ,516 ,172 574 843 8,599 Mar. 21 13,470 929 2,53956,500 58,329 4,044 2,048 3,958 19,393 1,025 19510,155 ,486 ,174 966 701 8,596 Mar. 28 13,382 2,53355,73357,147 4,254 1,752 4,342 19,406 1,032 195 9,996 ,518 ,177 566 936 8,622 Apr. 4 13,291 914 2,62255,39256,886 4,122 1,814 3,404 19,414 1,044 20010,858 ,550 ,179 541 857 8,640 Apr. 11 13,417 979 2,664 5"6',21158,392 4,014 2,014 2,426 19,382 1,044 19710,932 ,580 ,178 864 727 8,703 Apr. 18 13,452 957 2,678 56,71358,842 4,083 2,017 2,483 19,323 1,055 20010,662 ,527 ,214 722 857 8,684 Apr. 25 13,321 2,44556,908'",257 4,281 2,009 2,624 19,311 1,058 180 9,939 ,521 ,218 747 865 8,698 May 2 13,412 895 2,42155,896 57,224 4,632 2,161 3,343 19,304 1,072 17910,235 ,517 ,212 792 666 8,735 May 9 13,344 948 2,29455,55956,694 4,339 1,823 2,998 19,334 1,050 18010,064 ,519 ,211 852 672 8,742 May 16 13,204 917 2 ,5"5"5" 5544,99957,943 4,315 1,969 3,848 19,352 1,049 18010,362 ,526 ,234 556 844 8,748 May 23 13,197 966 2:35955,444 56,988 4,231 2,246 3,797 19,368 1,054 180 9,561 ,522 ,262 590 982 8,756 May 30 13,133 980 2,350 5"5",52157,319 4,451 1,841 3,669 19,378 1,041 177 9,464 ,498 ,262 381 949 8,764 June 6 13,180 925 2,34155,64157,057 4,230 1,871 2,61419,492 1,049 17610,241 ,493 ,262 365 1,104 8,780 June 13 13,570 1,003 2,57156,974 6600,050 4,128 1,870 2,19019,548 1,027 17510,363 ,482 ,273 529 984 8,775 June 20 13,573 967 2,54156,90559,128 4,200 2,106 3,11619,596 1,025 17710,335 ,463 ,309 637 965 8,778 June 27 13,283 1,003 2,61156,210 5"7,960 4,367 1,882 3,42019,652 1,031 17610,171 ,468 ,327 343 1,017 8,787 July 4 13,649 922 2,64555,24857,689 4,471 2,230 3,605 19,641 1,002 18410,977 ,496 ,342 471 1,129 8,816 July 11 13,287 1,025 2,55955,346 5"8",026 4,089 1,835 2,477 19,588 999 18311,194 ,491 ,326 526 1,057 8,818 July 18 13,381 979 2,56255, ,677 3,923 2,739 2,334 19,576 1,006 18210,921 ,536 ,285 380 1,061 8,801 July 25 13,095 974 2,374 56J114 57 4,044 1,917 1,794 19,593 1,007 18010,129 ,576 ,290 362 1,003 8,813 Aug. 1 13,048 915 2,42755,556 57,492 4,168 2,125 2,085 19,596 1,004 18010,465 ,594 ,300 315 1,079 8,854 Aug. 8 12,960 936 2,287 5"5",42856,968 3,948 1,784 1,371 19,616 1,011 18010,481 ,617 ,282 570 1,096 8,855 Aug. 15 13,456 934 2,52354,69758,167 3,922 2,035 4,006 19,613 1,009 17810,945 ,605 ,272 669 928 8,848 Aug. 22 13,448 953 2,,'36"8 "5"5,00756,939 3,891 1,973 4,053 19,645 1,009 17810,147 ,589 ,282 685 1,002 8,857 Aug. 29 13,120 1,017 2,41355,38157,026 3,928 1,901 3,648 19,661 1,005 17810,052 ,552 ,305 322 852 8,875 Sept. 5 13,290 931 2,462 54,920 57,327 3,949 1,760 3,205 19,657 998 18010,843 ,594 ,288 574 1,114 8,887 Sept. 12 13,251 1,059 2,561 59,485 3,777 1,811 2,294 19,727 992 18111,307 ,566 ,324 487 1,200 8,887 Sept. 19 13,529 994 2,581 59,098 3,640 1,993 2,689 19,713 976 18511,112 ,610 ,316 344 1,158 8,881 Sept. 26 13,412 1,024 2,533 55,374 5""7,961 3,831 2,039 3,404 19,739 966 18310,543 ,590 ,317 479 929 8,913 Oct. 3 13,627 927 507 54,91557,448 3,800 1,866 3,010 19,760 971 19010,980 ,560 ,304 902 666 8,932 Oct. 10 13,286 1,011 404 55,28957,904 3,741 1,672 2,264 19,778 948 18911,012 ,532 ,313 511 1,013 8,935 Oct. 17 13,428 968 70855;623 60,057 3,570 1,879 2,752 19,769 939 18911,510 ,543 ,317 398 1,173 8,924 Oct. 24 13,630 1,003 ; ; ,713 3,673 1,767 2,114 19,765 930 18910,563 ,553 ,324 767 748 8,936 Oct. 31 13,402 963 2,446 56,06958,980 4,007 1,863 2,303 19,794 929 18910,725 ,603 ,325 427 817 8,979 Nov. 7 13,441 990 2,504 55,588 58,529 3,710 1,912 1,822 19,771 895 18411,146 ,585 ,329 1,006 768 8,991 Nov. 14 13,082 1,067 2,670 55,882 60,431 3,691 1,980 1,769 19,629 889 18511,594 ,637 ,310 267 1,115 8,982 Nov. 21 13,741 977 2,44155,900 59,370 3,772 2,200 3,301 19,565 889 18410,864 ,662 ,307 547 980 8,983 Nov. 28 13,518 1,092 2,48756,632 59,296 3,909 1,966 2,877 19,556 18610,646 ,660 ,303 265 921 9,011 Dec. 5 13,645 1,019 2,379 56,745 59,422 3,933 2,087 19,598 899 18410,806 ,689 ,280 510 978 9,043 Dec. 12 13,609 1,165 2,517 ,871 3,933 2,193 1,151 19,701 900 18510,996 ,645 ,267 399 911 9,042 Dec. 19 14,151 1,148 2,684 58; 148 61,356 3,905 2,167 2,412 19,752 927 18111,368 ,662 ,274 659 828 9,036 Dec. 26 13,708 1,221 2,763 58,214 61,707 3,953 2,044 2,380 19,886 922 18211,326 ,687 ,275 519 9,043 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

218 COMMERCIAL LOANS, 1956 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY! [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Public and Trade Sales utilities All Net ind'l Metals Petro- (whole- Com- finance (incl. Con- other changes change— Period2 Food, Textiles, and leum, sale modity com- trans- struc- types classi- all liquor, apparel, metal coal, Other and dealers panies porta- tion of fied weekly and and prod- :hemical, retail) tion) business reporttobacco leather ucts 3 and ing rubber banks 1956 Jan -113 6 66 48 10 -68 -38 -221 65 -4 -81 -331 4-470 Feb -120 48 250 45 59 57 8 -257 13 -29 2 75 120 Mar 43 84 510 111 145 107 -73 158 226 3 60 1,374 1,470 Apr -55 87 57 18 91 -80 41 -118 28 -21 48 98 May -81 38 53 -7 32 20 -107 -101 -44 33 103 -62 -57 June 25 62 396 170 106 -35 -96 59 222 24 86 1,019 1,082 July -100 29 -121 64 75 -4 142 -204 -28 -16 24 -139 -229 Aug 115 48 -139 54 60 2 108 137 52 19 86 541 551 Sept 196 16 16 227 20 57 81 -107 57 -15 27 575 535 Oct 290 -77 -97 52 -45 170 208 -305 102 -24 -14 260 203 Nov 154 -24 116 89 -30 31 97 60 32 -22 31 534 479 Dec 168 3 153 -58 -78 104 516 136 -9 22 948 920 Week ending: Jan. 4 -47 -4 -1 38 -2 -38 -10 52 54 -6 -33 2 -34 Jan. 11 -26 4 38 6 10 -10 -9 -222 4 12 -25 -218 4-252 Jan. 18 -18 7 25 -10 2 -11 -9 -6 7 -5 -11 -30 -70 Jan. 25 -22 -1 5 15 -1 -10 -10 -44 1 c -12 -85 -114 Feb. 1 -21 18 33 -3 1 -14 4 -2 13 n -12 11 44 Feb. 8 -21 10 25 4 11 16 -1 -135 -6 -19 11 -104 -85 Feb. 15 -24 30 83 21 17 13 -58 18 96 102 Feb. 22 -19 -24 47 9 18 17 -81 4 -2 -6 -35 -30 Feb. 29 -36 15 62 14 13 25 5 18 -16 107 -1 Mar. 7 -5 20 52 47 36 14 -14 -26 12 -5 136 148 Mar. 14 15 40 166 26 44 45 -8 72 123 4 37 565 592 Mar. 21 49 10 262 13 46 42 -11 104 92 6 30 647 681 Mar. 28 -16 14 31 26 19 6 -40 7 -1 11 -1 26 49 -19 Apr. 4 -29 — 9 67 4 9 -17 29 -185 3 -26 -146 -171 Apr. 11 -8 61 -12 -25 19 -22 -28 48 17 28 85 107 Apr. 18 11 2 32 8 21 48 -31 -15 -5 9 -15 65 89 Apr. 25 -28 -18 4 -6 17 15 -11 55 24 -1 44 73 May 2 -2 16 61 -6 14 30 -12 30 45 4 40 220 219 May 9 -10 14 53 -1 15 7 -17 -45 -76 14 7 -39 -25 May 16 -24 24 88 25 17 9 -37 -8 -9 10 57 152 168 May 23 -35 -3 3 -16 -14 -18 -53 4 7 -1 -124 -111 May 30 -11 -14 -151 -10 -14 -12 -24 -26 -1 -271 -308 June 6 -20 7 29 159 34 4 -25 -43 26 2 21 195 191 June 13 16 18 114 24 29 -52 -21 -27 77 16 36 230 277 June 20 25 26 215 -13 48 22 -26 242 105 13 664 678 June 27 4 11 37 -5 -24 -112 13 16 -70 -64 July 4 -25 16 -28 21 1 4 10 -11 27 23 July 11 -46 18 -39 8 70 1 2 -100 -16 1 12 -89 -106 July 18 -14 -4 -37 15 10 -4 42 -46 Q -4 -5 -56 -80 July 25 -15 -1 -17 20 -5 -67 -3 -1 -10 -17 -35 Aug. 1 19 -15 -20 -11 56 66 5 25 129 131 Aug. 8 2 19 -35 -9 -5 42 -42 -10 10 16 -12 n Aug. 15 22 19 -9 32 16 17 3 76 44 45 264 295 Aug. 22 34 4 -57 84 28 -12 7 27 20 13 148 147 Aug. 29 38 -3 -23 -32 10 13 10 -7 6 12 -13 Sept. 5 30 9 -36 175 -2 10 14 -18 16 -9 181 183 Sept. 12 55 12 15 13 19 14 19 -17 16 43 188 190 Sept. 19 44 7 43 19 9 28 25 7 -14 -4 6 170 136 Sept. 26 67 -12 -5 21 -6 5 23 -79 39 -1 -15 36 26 Oct. 3 83 -47 16 -4 13 41 -47 48 -1 7 109 125 Oct. 10 67 1 -41 18 -6 47 65 -207 33 -14 12 -24 -15 Oct. 17 66 -20 -16 15 -11 38 22 -55 -13 -5 -26 -5 -7 Oct. 24 29 -23 -57 -21 -16 21 36 -29 2 2 -27 -89 -138 Oct. 31 45 -34 64 24 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 c -27 25 25 Nov. 28 11 -24 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 82 -56 2 -35 27 281 38 5 39 457 460 Dec. 26 -6 -4 -2 -11 -59 14 162 17 -15 -3 86 46 1 Data for a sample of about 210 banks reporting changes in their 2 Monthly figures are based on weekly changes during month. larger loans; these banks hold over 90 per cent of total commercial 3 Includes machinery and transportation equipment. and industrial loans of all weekly reporting member banks and nearly 4 Prior to week ending Jan. 11, 1956, included changes in agricultural 70 per cent of those of all commercial banks. loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1956 219 MONEY MARKET RATES [Per cent per annum] U. S. Government securities (taxable) Month or week com p P a m ri p m e e r r e c , ial pa c d p F o i e i m r n r e a p c p n t a l l c a n y e c y , ed ac b c a P ep n ri t k m a e n e r c s e ' s, 3-month bills 9-to 12- 3- to 5- 4- to 6- 3- to 6- 90 daysi month year months * months * Market Rate on issues2 issues3 yield new issues 1956 Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 Feb .00 2.88 2.38 2.32 2.372 2.38 2.65 Mar .00 2.88 2.38 2.25 2.310 2.43 2.83 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 Week ending: Jan. 7 3.00 2.88 2.50 2.51 2.489 2.69 2.87 Jan. 14 3.00 2.88 2.50 2.53 2.596 2.58 2.81 Jan. 21 3.00 2.88 2.45 2.39 2.493 2.41 2.68 Jan. 28 3.00 2.88 2.38 2.28 2.245 2.39 2.66 Feb. 4 3.00 2.88 2.38 2.29 2.402 2.40 2.65 Feb. 11 3.00 2.88 2.38 2.26 2.271 2.34 2.63 Feb. 18 3.00 . oo 2.38 2.36 2.388 2.34 2.63 Feb. 25 3.00 2.88 2.38 2.40 2.429 2.41 2.67 Mar. 3 3.00 2.88 2.38 2.24 2.409 2.47 2.71 Mar. 10 3.00 2.88 2.38 2.24 2.173 2.42 2.75 Mar. 17 3.00 2.88 2.38 2.36 2.374 2.44 2.81 Mar. 24 3.00 2.88 2.38 2.26 2.422 2.42 2.89 Mar. 31 3.00 2.88 2.38 2.19 2.173 2.42 2.94 Apr. 7 3.00 2.88 2.38 2.38 2.397 2.68 3.02 Apr. 14 3.05 2.88 2.38 2.55 2.497 2.78 3.07 Apr. 21 3.25 2.98 2.50 2.74 2.769 2.93 3.18 Apr. 28 3.25 3.00 2.50 2.71 2.788 2.92 3.16 May 5 3.25 3.00 2.50 2.61 2.741 2.91 3.10 May 12 3.25 3.00 2.50 2.55 2.524 2.88 3.11 May 19 3.25 3.00 2.50 2.67 2.708 2.87 3.08 May 26 3.25 3.00 2.50 2.65 2.702 2.75 2.97 June 2 3.38 3.00 2.50 2.55 2.573 2.74 2.91 June 9 3.38 3.00 2.50 2.53 2.562 2.82 2.92 June 16 3.38 3.00 2.50 2.51 2.581 2.72 2.85 June 23 3.38 3.00 2.40 2.41 2.430 2.60 2.83 June 30 3.38 3.00 2.38 2.48 2.535 2.60 2.90 July 7 3.34 2.97 2.38 2.33 2.409 2.56 2.85 July 14 3.31 2.94 2.38 2.33 2.387 2.54 2.90 July 21 3.29 2.94 2.43 2.26 2.237 2.55 2.96 July 28 3.19 2.94 2.50 2.32 2.303 2.74 3.09 Aug. 4 3.19 2.94 2.50 2.29 2.378 2.85 3.19 Aug. 11 3.19 2.94 2.50 2.40 2.399 2.92 3.26 Aug. 18 3.25 2.90 2.60 2.64 2.603 3.00 3.37 Aug. 25 3.35 3.10 2.73 2.82 2.818 3.10 3.43 Sept. 1 3.38 3.13 2.85 2.72 2.832 3.10 3.46 Sept. 8 3.50 3.13 2.88 2.68 2.736 3.14 3.49 Sept. 15 3.50 3.13 2.88 2.79 2.770 3.19 3.48 Sept. 22 3.50 3.13 2.88 2.91 2.908 3.36 Sept. 29 3.50 3.15 2.88 2.94 2.985 3.39 Oct. 6 3.63 3.35 2.88 2.87 2.899 3.11 3.25 Oct. 13 3.63 3.38 2.88 2.96 3.013 3.10 3.25 Oct. 20 3.63 3.38 2.88 2.94 3.024 3.06 3.23 Oct. 27 3.63 3.38 2.88 2.86 2.907 3.02 3.34 Nov. 3 3.63 3.38 2.88 2.85 2.889 3.09 3.45 Nov. 10 3.63 2.88 2.91 2.914 3.09 3.45 Nov. 17 3.63 3.06 2.98 2.979 3.10 3.42 Nov. 24 3.63 3.13 3.04 3.043 3.16 3.45 Dec. 1 3.63 3.19 3.08 .174 3.23 3.60 Dec. 8 3.63 3.26 3.12 .102 3.26 3.67 Dec. 15 3.63 3.38 3.24 ,268 3.30 3.68 Dec. 22 3.63 3.38 3.27 .331 3.37 3.66 Dec. 29 3.63 3.38 3.38 3.20 3.217 3.40 3.57 1 Data are averages of daily prevailing rates. 3 Includes selected note and bond issues. 2 Includes certificates of indebtedness and selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 INTEREST RATES, 1956 BOND AND STOCK YIELDS 1 [Per cent per annum] State and local govt. bonds Corporate bonds4 Industrial stocks U. S. Govt. bonds General By selected By Dividends/ Earnings/ Month or week (long-term) obligations4 Rev- ratings groups price ratio price ratio enue Totals bonds6 Old New Indus- Rail- Public Pre- Corn- Comseries2 series 3 Totals Aaa Aaa Baa trial road utility ferred 7 mons 1956 Number of Issues..,. 3-7 1-2 20 10 120 30 40 40 40 40 14 125 125 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 60 3.24 3.37 3.27 4.01 3.68 6.99 Apr 3.05 3.10 2.84 2.43 3.38 3.07 3.41 3.24 3.68 3.37 3.47 3.38 4.15 3.69 May 2.93 3.03 2.83 2.46 3.37 3.06 3.46 3.28 3.73 3.40 3.53 3.44 4.22 3.97 June 2.89 2.98 2.71 2.34 3.26 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4.17 3.82 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: Jan. 7 2.90 2.96 2.72 2.29 2.94 3.33 3.14 3.62 3.25 3.43 3.31 4.04 3.95 Jan. 14 2.88 2.95 2.69 2.27 2.91 3.32 3.13 3.61 3.24 3.43 3.29 4.03 3.98 Jan. 21 2.83 2.93 2.68 2.27 2.90 3.30 3.11 3.60 3.23 3.40 3.27 4.02 4.09 Jan. 28 2.83 2.94 2.67 2.27 2.90 3.29 3.09 3.59 3.21 3.39 3.26 4.01 4 13 Feb. 4 2.81 2.92 2.66 2.24 3.22 2.89 3.28 3.09 3.59 3.20 3.39 3.26 3.99 4.02 Feb. 11 2.81 2.93 2.64 2.18 3.22 2.89 3.28 3.08 3.58 3.20 3.37 3.26 3.97 4.11 Feb. 18 2.80 2.93 2.62 2.17 3.20 2.89 3.27 3.07 3.58 3.20 3.37 3.26 3.99 4.04 Feb. 25 2.83 2.94 2.62 2.17 3.20 2.89 3.27 3.07 3.58 3.19 3.37 3.24 3.99 3.93 Mar. 3 2.84 2.94 2.62 2.18 3.20 2.90 3.27 3.07 3.58 3.20 3.37 3.25 3.99 3.88 Mar. 10 2.86 2.96 2.63 2.18 3.20 2.91 3.27 3.08 3.58 3.21 3.36 3.25 3.99 3.83 Mar. 17 2.89 2.97 2.67 2.25 3.23 2.96 3.29 3.10 3.59 3.23 3.37 3.26 3.99 3.72 Mar. 24 2.93 2.99 2.70 2.27 3.26 2.98 3.31 3.12 3.60 3.27 3.38 3.28 4.01 3.67 Mar. 31 2.96 3.01 2.75 2.33 3.29 3.00 3.33 3.14 3.62 3.30 3.39 3.30 4.05 3.68 Apr. 7 3.03 3.07 2.78 2.38 3.33 3.01 3.35 3.16 3.64 3.33 3.42 3.32 4.08 3.65 Apr. 14 3.05 3.09 2.80 2.38 3.35 3.06 3.39 3.21 3.67 3.36 3.45 3.34 4.11 3 72 Apr. 21 3.08 3.13 2.85 2.43 3.40 3.10 3.43 3.27 3.70 3.41 3.49 3.39 4.18 3.74 Apr. 28 3.07 3.11 2.91 2.51 3.44 3.12 3.46 3.30 3.72 3.40 3.52 3.45 4.23 3 74 May 5 2.99 3.08 2.91 2.51 3.44 3.10 3.46 3.72 3.39 3.54 3.44 4.23 3.67 May 12 2.97 3.05 2.86 2.48 3.40 3.06 3.45 3.72 3.39 3.52 3.44 4.19 3.78 May 19 2.94 3.03 2.83 2.44 3.37 3.04 3.45 3.73 3.40 3.53 3.44 4.20 3.81 May 26 2.89 3.00 2.80 2.44 3.33 3.04 3.46 3.73 3.40 3.54 3.44 4.23 4.02 June 2 2.87 2.99 2.77 2.42 3.31 3.03 3.46 3.27 3.74 3.39 3.54 3.44 4.23 3.96 June 9 2.87 2.98 2.74 2.38 3.28 3.02 3.46 3.27 3.75 3.39 3.56 3.44 4.18 3 96 June 16 2.87 2.97 2.70 2.33 3.23 3.00 3.46 3.26 3.75 3.39 3.56 3.44 4.17 3.89 June 23 2.88 2.98 2.70 2.32 3.26 3.01 3.46 3.26 3.75 3.39 3.56 3.44 4.17 3.84 June 30 2.92 3.00 2.72 2.34 3.26 3.03 3.47 3.27 3.77 3.40 3.55 3.46 4.17 3.82 July 7 2.90 2.98 2.76 2.38 3.31 3.04 3.48 3.26 3.41 3.57 3.46 4.18 3.74 July 14 2.95 3.01 2.78 2.38 3.34 3.05 3.49 3.27 3.40 3.58 3.47 4.15 3.70 July 21 2.98 3.05 2.79 2.40 3.35 3.08 3.49 3.41 3.59 3.48 4.16 3.65 July 28 3.02 3.10 2.80 2.41 3.37 3.11 3.52 3.44 3.61 3.49 4.16 3 69 Aug. 4 3.06 3.13 2.84 2.45 3.42 3.55 3.35 3.85 3.48 3.65 3.52 4.17 3.66 Aug. 11 3.09 3.14 2.87 2.47 3.46 3.59 3.38 3.90 3.51 3.68 3.57 4.20 ! 3 69 Aug. 18 3.14 3.18 2.94 2.53 3.54 3.62 3.42 3.94 3.55 3.71 3.61 4.24 ! 3.70 Aug. 25 3.21 3.23 2.99 2.59 3.57 3.65 3.47 3.95 3.59 3.74 3.62 4.28 3.76 Sept. 1 3.21 3.23 3.04 2.62 3.60 3.68 3.49 3.97 3.61 3.78 3.64 4.32 3 83 Sept. 8 3.22 3.25 3.07 2.62 3.60 3.71 3.53 4.01 3.66 3.80 3.67 4.36 3.80 Sept. 15 3.21 3.06 2.63 3.60 3.50 3.74 3.55 4.05 3.68 3.81 3.72 4.41 3.86 Sept. 22 3.15 3.06 2.63 3.61 3.48 3.76 3.56 4.09 3.69 3.84 3.76 4.39 3.91 Sept. 29 3.17 3.23 3.06 2.62 3.60 3.49 3.78 3.58 4.12 3.70 3.87 3.78 4.38 4.04 Oct. 6 3.14 3.21 3.05 2.61 3.58 3.49 3.79 3.58 4.14 3.72 3.87 3.79 4.42 3.96 Oct. 13 3.16 3.21 3.07 2.63 3.62 3.52 3.80 3.57 4.16 3.74 3.86 3.80 4.40 3.91 Oct. 20 3.16 3.22 3.14 2.68 2.71 3.56 3.81 3.57 4.16 3.75 3.87 3.82 4.38 3.94 Oct. 27 3.22 3.27 3.21 2.72 3.77 3.64 3.83 3.61 4.18 3.76 3.92 3.82 4.43 3.98 Nov. 3 3.26 3.29 3.24 2.74 3.82 3.71 3.86 3.65 4.20 3.77 3.95 3.84 4.46 3.99 Nov. 10 3.27 3.29 3.29 2.79 3.89 3.80 3.87 3.66 4.21 3.78 3.97 3.85 4.48 3.99 Nov. 17 3.26 3.29 3.38 2.85 3.99 3.87 3.88 3.67 4.22 3.79 3.99 3.85 4.54 4.03 Nov. 24 3.30 3.29 3.49 2.98 4.09 3.91 3.92 3.71 4.26 3.85 4.04 3.87 4.59 4 09 Dec. 1 3.36 3.53 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 3.55 3.02 4.15 3.94 3.96 3.72 4.32 3.90 4.07 3.91 4.65 3.90 —Dee, 15. ;.w,,, 3,38 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 3.58 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 I 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations s Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Includes fully taxable, marketable 2% per cent bonds due or callable 7 Standard and Poor's Corporation. Ratio is based on 9 median yields in 10-20 years. in a sample of noncallable issues, 12 industrial and 2 public utility. 3 The 314 per cent bonds of 1978-83 and the 3 per cent bond of February 8 Computed by Federal Reserve from data published by Moody's In- 1995. vestors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 222 Gold production. . 226 Net gold purchases and gold stock of the United States. 227 Reported gold reserves of central banks and governments 228 Estimated foreign gold reserves and dollar holdings. 229 International Bank and Monetary Fund. 230 Central banks . 230 Money rates in foreign countries. 235 Foreign exchange rates 236 Index to statistical tables 247 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. 221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i i e n o r s n n t a a i- l - Official France m R F a e e n d p 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 u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions2 and Official of private 1952—Dec. 31.... 1,585 8,961 4,654 343 551 309 642 818 ,093 3,755 1,421 1,613 1,837 336 1953—Dec. 31... 1,629 10,019 5,667 429 899 466 674 709 ,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 ,642 5,621 1,536 1,906 1,825 265 1955—Dec. 31... 1,881 11,722 6,956 1,081 1,454 785 757 548 ,516 6,141 ,032 2,000 2,189 360 1956—Jan. 31... 1,867 11,873 6,989 1,066 1,458 785 741 657 ,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 ,596 6,314 ,089 2,001 2,244 353 Mar. 31... 1,894 12,459 7,395 1,123 1,487 806 733 766 ,622 6,538 1,178 2,105 2,283 355 Apr. 30... 1.978 12,511 7,339 867 1,524 812 742 in 1,822 6,545 1,207 2,165 2,278 316 May 31....' 2;ooi 12,534 7,441 907 L,58O 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 12,996 47,782 770 1,759 899 792 659 1,711 6,590 1,435 2,265 2,391 315 Sept. 30*. .. 2,005 13,227 7,929 754 1,805 925 812 737 1,699 6,733 1,437 2,322 2,414 322 Oct. 3 1P... 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 Dec. 31*... 1,452 13,467 8,026 627 1,822 928 839 999 1,612 6,827 1,515 2,355 2,431 339 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- 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 m R a u n - ia Spain S d w en e- T k u e r y - Y sla u v g i o a - o A th n e - r 1952—Dec. 31 J.093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953—Dec. 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31... 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 1,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956—Jan. 31 1,561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb. 29... 1,596 253 115 69 46 188 183 49 128 8 103 160 13 9 273 Mar. 31 1,622 252 124 71 45 183 193 51 133 8 99 171 10 13 270 Apr. 30... 1,822 246 123 71 49 184 223 52 134 7 102 167 10 5 447 May 31 1,676 242 107 67 49 182 227 51 135 7 96 162 8 8 334 June 30 1,616 247 105 68 47 165 206 52 124 7 90 169 7 9 319 July 31 1,634 251 108 69 50 160 201 54 124 6 85 188 7 10 321 Aug. 31 1,711 266 110 68 57 141 182 54 125 6 75 181 7 9 431 Sept. 30? 1,699 276 117 64 55 150 168 63 132 2 68 190 14 11 390 Oct. 31* .721 300 118 70 56 158 162 57 133 1 55 202 14 11 385 Nov. 30* 1,653 297 125 68 53 166 131 57 133 1 52 199 14 16 341 Dec 31 P 1,612 296 114 65 53 176 134 65 137 43 217 20 17 272 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 i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S a a n e u n n d e r r d d - i s i e - s t s l a P p i R m c u a e n b o a - - - , f Peru v S a E a d l l o - r g U u 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—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 2,265 136 27 231 92 125 263 66 59 376 68 101 83 31 81 399 125 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. 30* 2,422 150 27 248 85 140 228 69 55 422 67 100 86 21 70 541 113 Dec. 31* 2,355 146 29 226 91 153 211 68 64 433 69 108 88 25 73 460 111 Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 223 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date Total m M C a h o n a i s d i n a n a - H K o o n n g g India I n n e d si o a - Iran Israel Japan p r R u l e i e b a c - - , p P i i h n p i - e l s - T la h n a d i- Other Total A tr u a s li - aC g B o i e a n l n g - o Egypt U S A o n f o u r i f i t o 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—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 Dec. 31*>.. 2,431 96 66 76 186 20 45 1,039 99 272 143 388 339 77 44 50 53 114 Table Id. Supplementary Areas and Countries6 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 n.a. Afghanistan 2.7 5.1 n.a. Azores .4 .2 n.a. British dependencies. 19.8 21.1 13.8 British dependencies .4 .6 Burma. 23.0 29.7 19.1 Bulgaria .6 .6 .6 .7 Cambodia. n.a. .2 13.1 Czechoslovakia7 .6 .6 .7 .7 Ceylon 17.1 18.8 n.a. Eastern Germany n.a. n.a. 1.2 1.3 Iraq 13.8 10.0 14.7 Estonia .9 1.9 1.9 n.a. Jordan. .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. 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 1.8 .7 All other: British dependencies 1.6 1.6 1.4 2.4 Other Latin America: Ethiopia and Eritrea.... 3.5 9.1 18.0 23.7 British dependencies 14.6 18.0 19.0 16.6 French dependencies.... 27.0 22.3 16.8 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 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-tc. 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

224 ENT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e n . d r y o - . , f 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 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_Nov. 30 1.473 12 81 30 24 74 163 383 131 670 239 49 Dec 31 ,549 12 88 30 26 109 158 423 144 706 233 43 1956 Jan 31 ,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 . .. . ,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31 ,510 14 92 36 28 69 162 400 132 701 232 44 Apr 30 ,527 14 100 32 28 69 164 407 124 718 231 47 May 31 603 16 118 33 28 83 171 449 112 734 264 45 June 30 ,634 17 122 32 24 82 167 444 121 756 268 46 July 31 . ,629 15 118 32 28 78 168 439 123 758 265 43 Aug. 31 697 65 120 33 27 78 163 486 124 770 274 42 Sept. 30? ,733 66 125 35 28 81 169 504 123 779 280 46 Oct. 31? ,834 67 127 29 28 107 177 535 167 798 288 46 Nov. 30? ,809 19 134 32 30 115 175 505 155 800 304 45 Date Other Europe 1952—Dec. 31 1953 Dec. 31 . 1954—Dec. 31 1955—Nov. 30 Dec 31 1956 Jan 31 Feb. 29.. Mar. 31 Apr 30 . May 31 June 30 July 31 . Aug 31 Sept. 30p. Oct. 31* Nov 30 P ONOOO VC OOOOON c<n Table 2a. Aus- Bel- Den- Fin- tria gium mark land 1 16 2 6 1 13 6 2 20 10 3 1 15 9 4 158 2 16 13 158 2 18 13 157 2 18 11 162' 3 20 10 164 4 24 7 171 6 22 10 167 6 20 9 168 7 17 8 163 7 17 7 169 7 19 6 177 9 18 10 175 7 22 10 CO COfN Other Europe Neth- Nor- Greece er- lands way 1 4 2 9 1 16 2 4 11 5 4 11 3 12 4 13 2 4 15 3 4 17 4 4 15 4 3 16 4 3 16 5 4 19 5 5 16 4 5 16 4 5 13 ON ONO> t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - o A th l e l r 11 3 39 9 5 24 3 16 5 j ' (2) 4 4 41 I 7 7 92 1 6 I 5 7 78 2 7 5 7 74 4 7 8 7 69 6 7 9 6 7 70 6 8 10 6 7 68 5 7 11 7 8 71 6 6 11 9 7 71 5 5 12 11 8 74 1 6 16 8 10 63 1 6 15 8 10 70 (2) 6 16 6 12 73 6 17 5 11 72 6 (2) Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e c b 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 c m u a e n b o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952—Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29 718 10 3 66 19 151 81 5 5 163 2 20 31 7 20 102 34 Mar. 31 701 12 4 60 6 160 81 4 6 152 3 20 30 7 13 108 35 Apr. 30 718 11 3 62 7 165 87 4 7 154 2 18 30 6 12 113 36 May 31 734 11 3 61 7 168 85 4 6 157 3 19 29 6 7 133 35 June 30 756 10 5 66 10 160 92 5 6 162 8 13 29 7 15 130 39 July 31 758 12 6 64 10 155 89 4 6 170 6 12 28 6 22 130 38 A Se u p g t . . 3 30 1 * > t 7 77 7 9 0 1 1 2 1 4 4 6 6 5 4 1 1 2 5 1 1 4 4 5 7 8 8 6 1 4 4 7 6 1 1 8 7 4 8 6 6 1 1 1 1 3 3 2 2 6 8 2 2 6 9 1 1 2 3 9 5 4 4 6 4 Oct. 31P 798 11 4 65 14 151 80 7 7 194 6 11 32 12 18 140 46 Nov. 30^ 800 13 4 65 15 145 84 7 7 201 5 12 32 14 14 134 47 P Preliminary. (excluded from these statistics) amounted to $798 million on Nov. 30, 1 Short-term claims reported in these statistics represent principally the 1956. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 225 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 Bel- Union Total C M a h n i a n d i a n- H K o o n n g g India I n n e d si o a - 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 o i n a g n o 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 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 2 8 1954—Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 6 10 1955—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 J A S u e u l p y g t . . 3 3 3 0 1 1 ^ 2 2 2 6 7 8 5 4 0 8 8 8 5 5 5 7 6 5 I ( 1 2i 2 2 2 2 1 3 1 1 1 2 2 2 1 1 13 2 1 1 6 2 1 1 9 3 1 9 8 8 7 7 8 3 5 3 4 4 4 3 2 6 i 1 1 i 1 1 8 8 8 2 3 3 7 7 7 1 1 1 4 7 4 Oct. 31* 288 10 4 6 22 13 134 9 9 82 46 12 7 3 7 17 Nov. 30? 304 7 4 6 20 13 159 9 8 77 45 11 7 3 6 19 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 fin millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r ch P a u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1955_Nov.., 35 38 -4 121 141 -20 38 37 1 57 55 2 Dec... 132 86 46 148 145 3 42 57 -15 58 63 -5 1956—Jan... 34 34 -1 188 135 53 60 139 -79 61 53 8 Feb... 30 44 -14 136 123 13 35 42 -8 56 64 -7 Mar... 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr... 48 13 34 179 161 18 40 27 13 74 95 -20 May.. 32 18 13 196 137 59 40 117 -76 90 118 -28 June.. 28 16 12 130 108 22 41 75 -35 64 70 -6 July. . 317 298 20 178 140 38 48 123 -75 76 96 -20 Aug... 87 14 73 160 155 5 30 60 -30 64 86 -23 Sept.P. 19 11 8 130 97 33 31 41 -10 48 55 -7 Oct.*>. 37 18 20 145 108 37 169 149 20 45 44 2 NOV.P 22 67 -45 143 139 4 44 89 -45 37 38 -1 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n France F R m l e G e i d c a p e n e u r o r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g ed -. E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r 1952 15 300 5 p> 51 70 -16 111 192 5 -9 2 1953 23 -34 -42 57 71 -24 62 — 121 25 — 1 1954. 78 72 17 -i 73 70 -20 139 — 187 113 4 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1955 Nov (1l -24 8 -7 -4 3 -7 -20 2 Dec 47 -14 1 8 -3 4 -5 41 7 3 1 1956 Jan 1 52 i2/ 18 6 12 35 10 5 2 1 Feb 1 -1 1 -5 -9 13 6 -1 Mar -264 -139 1 l 25 -27 -30 -168 -86 3 -13 -1 Apr 52 3 1 44 7 -2 52 — 5 3 2 1 May 72 3 47 14 5 69 -2 2 1 1 June 35 2 12 19 -1 32 1 1 2 July 4 54 1 24 20 12 58 -7 1 1 1 74 4 3 6 11 2 22 -18 1 Oct p 1 1 4 5 0 6 3 1 1 pi 2 2 1 3 1 1 0 1 9 8 4 4 2 6 -8 1 7 5 1 1 j Nov P .. -41 2 1 -2 -40 1 -38 -10 6 1 -1 0 Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

226 INTL 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 1 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 I a u i n n t t i t i s o o e t n r i n - - a s l f c o T t o r r o e u i 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 se . c S u . r i G ti o es v 2 t. la M n i e s o c u e s l- 3 1952 -118 -100 20 -141 25 -10 6 1955—Dec. 31 402 3,543 126 1953 .. .. -61 — 11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1956—Jan. 31 355 3,724 122 1955 -27 -4 -46 74 24 -49 -7 Feb. 29 363 3,793 132 Mar. 31 354 3,791 136 1955—Nov.... -2 5 9 6 1 -11 0) Apr. 30 330 3,717 153 Dec.... -2 -18 17 n 4 -8 -23 May 31 307 3,751 155 June 30 297 3,629 158 1956—Jan.... -5 -66 12 -75 1 -5 (i) July 31 308 3,663 164 F M e a b r . . . .. .. - - 1 3 2 - - 1 1 2 8 - - 5 7 - - 1 7 0 2 3 - - 2 3 1 1 A Se u p g t . . 3 3 1 0 3 3 5 3 0 4 3 3, , 7 6 2 3 3 0 1 16 6 7 8 Apr.... -5 -2 -6 5 1 -3 1 N O o ct v . . 3 3 0 1 2 3 7 5 5 6 3 3, , 5 7 5 8 3 2 1 17 7 7 8 J M u a n y e . . . . - - 2 2 -1 -3 0 9 2 - - 5 4 - - 9 9 2 2 1 - - 7 6 -2 Dec. 31 322 3,856 139 J A u u l g y . . . . . . - - 2 2 - - 9 5 3 0. - - 1 6 8 - - 4 8 8 6 2 1 - - 1 2 1 3 1 1957—Jan. 31 344 3,707 164 S O e c p t t . . p * . . 0 2 ) -1 2 9 1 -5 22 -1 -6 8 1 1 4 1 — 3 1 1957_jan. 2 291 3,854 136 Nov.*. 2 -48 18 -58 3 -8 -3 J J a a n n . . 1 9 6 3 3 2 2 7 6 3 3 , ,7 8 9 2 1 0 1 14 3 8 9 Jan. 23 318 3,765 157 *> Preliminary. Jan. 30 348 3,741 163 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 monthl) Estimated world Africa Year or production month (excl. Total U.S.S.R.) South- Rho- Africa desia $1= 755 1948 805.0 728.1 405.5 18.0 1949 840.0 753.2 409.7 18.5 1950 864.5 777.1 408.2 17.9 1951 840.0 758.3 403.1 17.0 1952 868.0 780.9 413.7 17.4 1953 864.5 776.5 417.9 17.5 1954 913.5 826.2 462.4 18.8 1955 959.0 873.8 510.7 18.4 1955 Nov 74.9 43.3 Dec 70.5 42.9 1956—Jan 71.2 43.4 Feb 68.9 42.9 Mar 74.9 45.4 Apr 73.9 45.2 May 47 3 June 47.4 July 47.9 Aug 48.5 Sept 47.3 Oct 47 8 Nov 47 3 MC MC N3 r North and South America British A W fr e ic s a t B C e o l n gi g a o n U S n ta it te e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 h grainsof gold)iofine: i. e.t an ounce offme gold=$35. 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 1.9 .8 6.3 13.6 1.3 1.1 .4 1.1 5.0 13.3 1.0 .8 .2 .1 4.8 13.0 1.0 J-9 .2 1 5 .1 1 4.6 12.4 .9 2 .3 1.5 1.8 1.2 5.0 13.5 1.1 .2 .2 6 2.1 0 4.7 12.9 .9 3 .2 2 2 o 5.4 13.1 2 1.6 2.1 1 5.1 13.4 .3 1.6 2.2 5.9 12.3 6 1.6 2.3 1.0 6.3 12.3 4 1.6 2.3 0 6.0 12.4 2 2 1 6 2 12 9 ? 2 2 5.6 12.9 NO NO J- Other Au li s a tra- India 31.2 6.5 31.3 5.7 30.4 6.7 31.3 7.9 34.3 8.9 37.7 7.8 39.1 8.4 36.7 7.4 3.3 3.4 2.9 .7 2.7 .7 2.8 .6 2.7 6 3 0 .7 3.2 .6 3.3 .6 3.0 .6 3.2 6 6 NONO ML .5 .6 .6 6 .5 .6 .6 .6 1 Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—World production: estimates of U. S. Bureau of Mines. figures are from the U. S. Bureau of the Mint and monthly figures are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 227 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 i_18 3 1-5 8 1—94 8 France 15.8 -84.8 -20.0 — 67 5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands *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 Sweden 3.0 -22 9 -32.0 —20 0 — 15 0 -40.0 -38.0 -15.0 22.5 -65.0 -15 5 -8.0 O Ba th n e k r for Intl. Settlements -5 4 . . 6 8 3- - 1 3 2 4 3 . . 3 4 - - 1 6 6 5 . . 4 3 - -2 3 9 0 . . 7 4 J&.3 - -1 9 7 4 . . 5 3 -20 2 . . 0 6 ""5.0 ""i.*5 ""i!6 "'To Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 1.5 -32.8 -5.0 Sterling Area: United Kingdom 734.3 446 3— 1 020 0 469 9 440 0 —480 0 —50 0 Union of South Africa 498.6 195.7 13.1 52.1 11.5 Other.... 3.2 3.5 3.6 -.3 -.5 -.5 -.1 Total 1 232 9 645 2— 1 003 4 525 6 451 2 —480 5 — 50 5 _ . 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 'Ujo o 17 5 — 22 8 — 3 5 28 1 Cuba -10 0 — 10 0 28 2 — 20 0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28 1 80 3 Uruguay 10 7 — 14 4 — 64 8 22 2 14 9 — 15 0 — 5 0 11 0 11 0 2 0 Venezuela -108.0 -50.0 g — 30 0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 -.1 -.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 5-38.9 5-53.7 -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 «-76.0 (2) -.4 725.0 775.0 775.0 Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 8.7 1.4 5.2 94.9 155.0 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. < 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. * Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i I i n n s g c t o o r t e o l c d a t k a se l i e m x g N o p o p e r l o o d t r r t t, g m c o c o r E l r a r d e e r a a a : k i r s n s d e - e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) I i n n s g c t o o r to e l c d a t k a se l i e m g x N p o o p e l r o o d t r r t t, g m c o c o r E l r a r d e e r a a : a k i r s n s d e - e e - d e , - p D ti r c o t o i m g o d o n u e l c s d - - 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956 Jan 21 69321,755 2.5 11.4 -8.2 4.8 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Feb . 21,695 21,757 2.1 18.6 -15.7 4 6 1946 20,529 20,706 623.1 311.5 465.4 51.2 Mar 21 71621 765 7.7 11.5 — 2 9 5 0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Apr . 21,743 21,792 27.4 9.9 16.9 4.7 1948. 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 May.. 21 77221 821 28.3 25.3 1 8 5 4 1949 24,427 24,563 164.6 686.5 -495.7 67.3 June.... . 21,799 21,868 47.6 18.4 29.9 5.1 July . 21,830 21,918 49.4 4.8 43.9 5.9 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Aug.... 21 85821 965 47.1 4.7 43.2 6 3 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Sept . 21,884 22,032 67.6 -18.0 86.9 6.0 1952 . . 23,187 23,252 379.8 684.3 -304.8 67.4 Oct 21 91021 999 -33.6 4.6 -34 3 6 2 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 Nov . 21 91022,106 107.6 12.5 105.7 5 6 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Dec . 21,949 22,058 -47.7 2.7 51.2 4.6 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 1956 21,949 22,058 305.9 106.5 318.5 64.3 1957_jan . ^22,251^22,377 -318.8 (3) 4295.9 ($} P Preliminary. 3 Not yet available. 1 See footnote 2 on following page. * 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 $6,326.9 million on Jan. 31, 1957. 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

228 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 ar n k - E d c o u r a- Egypt U.S.S.R.)1Treasury Total2 1949_Dec 35,380 24,427 24,563 216 88 698 317 496 40 299 32 21 53 1950—Dec 35,810 22,706 22,820 216 88 587 317 590 40 271 31 19 97 1951—Dec. . .. 35 960 22 695 22,873 268 112 621 317 850 45 311 31 22 174 1952 Dec 36 260 23 187 23 252 112 706 317 896 42 214 31 23 174 1953—Dec 36,680 22,030 22,091 371 117 776 321 996 42 186 31 23 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 [,080 42 186 31 23 174 1955—Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 136 31 23 174 1956—Jan 21,693 21,755 371 147 942 323 1,136 44 136 31 23 174 Feb 21,695 21,757 371 151 955 323 1,129 42 136 31 23 174 Mar 38,190 21,716 21,765 371 154 953 323 1,127 43 136 31 23 174 Apr 21,743 21,792 371 157 970 323 [,113 43 136 31 23 174 May 21,772 21,821 371 161 958 323 1,107 46 136 31 23 174 June 38,360 21,799 21,868 164 952 323 1,109 46 136 31 23 174 July. 21 830 21,918 965 323 1,114 46 136 31 23 174 21,858 21,965 964 323 1,114 46 136 31 22 174 Sent. »38,500 21,884 22,032 258 972 323 1,112 45 136 31 22 174 Oct 21,910 21,999 949 323 1,119 45 136 31 22 181 Nov 21 910 22,106 941 323 I 124 45 136 31 22 181 Dec 21,949 22,058 928 1,113 46 136 31 22 188 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 r l a i 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 Dec. 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—Jan 35 861 953 27 247 81 138 352 163 865 45 48 35 Feb 35 861 991 27 247 81 138 352 163 872 45 48 35 Mar 35 861 1,003 27 247 81 138 352 164 875 45 48 35 Apr 35 861 1,035 27 247 81 138 352 164 877 45 48 35 May 35 861 [,056 27 247 81 138 352 164 864 45 48 35 June . ... 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 Aug 35 861 1,274 27 247 46 138 360 166 853 46 49 35 Sept 35 861 1,294 27 247 46 138 360 166 854 46 49 Oct 35 861 [,329 27 247 45 138 854 47 49 Nov 35 861 .376 27 247 45 138 854 47 49 Dec 35 861 45 844 50 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 it n z 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 I t n a o r t n y l e . - B S a I e n n t k t t l l e . f - or Fund ments 1949—Dec 178 17 128 85 70 1 504 118 154 1 688 178 373 1 451 68 1950—Dec 192 23 197 61 90 [,470 118 150 3,300 236 373 1,494 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1 530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 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 [,513 113 144 2 762 227 403 1 740 196 1955 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956—Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 1,811 193 Feb 431 28 216 56 272 1,592 112 144 2 210 216 403 1 811 183 Mar 431 28 212 56 273 1,608 112 144 2,277 216 403 1,786 197 Apr 436 28 210 56 269 I 606 112 144 2 328 216 403 1 761 190 May 436 28 217 56 266 1,579 112 144 2,369 216 403 1,741 216 436 28 215 56 257 [,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1,598 112 144 2 405 216 403 1 718 207 442 28 216 56 262 1,622 112 144 2,276 214 403 1,695 212 Sept .... 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 . . 448 28 220 56 265 6*58 144 1,965 186 503 1,692 175 Dec 448 28 224 266 144 2,133 603 179 P Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 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 229 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1954 Sept. 30, 1955 Dec. 31, 1955 Mar. 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 Prance (and dependencies) 1 1,328 161 1,593 161 21,986 151 2,028 6 1,782 7 1,659 7 Germany (Federal Republic of) 1,999 2,250 5 2,374 8 2,490 10 2,742 11 3,099 13 124 145 187 194 (3) 176 161 (3) Italy 925 10 1,105 2 1,137 2 1,158 2 1,214 2 1,285 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,074 41 1,100 44 1,143 22 1,145 23 1,116 23 148 6 113 53 124 53 96 69 97 73 109 83 Portugal (and dependencies) 5 1 6 8 0 8 2 5 3 8 7 1 2 6 2 0 1 1 2 6 1 0 6 6 (3, 2 6 0 0 6 2 6 1 1 8 7 5 (3\ 406 1 411 (3) 429 (3) 444 426 (3) 453 Switzerland 2,185 38 2,197 44 2,354 44 2,341 70 2,308 117 2,446 126 Turkey 152 153 153 (3) 154 (3) 151 (3) 158 Other*. . ...... 947 4 1,273 2 876 6 1,015 1,112 10 1,059 14 Total 11,627 260 12,790 345 13,240 343 13,622 222 13,671 279 14,133 304 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 186 210 219 230 243 241 India 334 1 339 1 320 1 330 1 329 1 321 1 232 1 251 1 265 1 255 1 245 1 248 1 Other.... 178 3 194 3 210 206 204 207 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: Argentina 531 536 509 511 476 399 (3) 32 (3) 26 (3) 26 (3) 27 (3) 25 (3) 25 Brazil.... 442 2 469 2 466 2 538 2 540 2 582 Chile 112 1 129 (3) 139 (3) 141 1 147 1 151 1 Colombia 308 •3 184 (3) 217 (3) 222 224 181 Cuba 423 423 169 389 169 374 167 399 407 167 72 82 77 79 81 77 Guatemala 62 70 72 91 93 80 391 481 4 556 4 583 4 523 4 562 4 Panama, Republic of 74 1 85 1 86 1 82 94 1 104 Peru 118 124 (3) 127 127 (3) 115 117 (3) El Salvador 59 (3) 61 (3) 52 (3) 74 (3) 73 (3) 53 (3) 317 j 277 j 281 j 289 1 283 1 290 1 597 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: 181 201 15 255 15 236 171 204 (3) Iran ..... 169 (3) 174 175 166 (3) 169 (3) 174 851 3 992 3 1,029 4 1,092 4 1,175 4 1,203 Philippines 266 6 266 6 268 6 285 6 300 6 298 6 Thailand 236 235 1 250 1 263 1 253 1 254 1 Other 521 7 621 3 647 4 665 5 695 5 678 6 Total. .. 2,224 16 2,489 28 2,624 30 2,707 16 2,763 16 2 811 17 309 6 307 7 308 7 294 6 294 6 287 g Al E l g o y th p e t r: 221 234 246 242 236 (? 222 (3) Other 68 87 1 79 1 91 103 86 Total 289 (3) 321 1 325 1 333 (3) 339 (3) 308 (3) 24,961 746 25,870 1,274 26,159 1,308 27,101 1,059 27,401 1,121 27,981 1,154 3,510 354 3,595 320 3,689 321 3,681 319 3,750 317 3,717 392 Grand total 28,471 1,100 29,465 1,594 29,848 1,629 30,782 1,378 31,151 1,438 31,698 1,546 P Preliminary. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. 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 Excludes gold reserves of the U. S. S. R. survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL MONETARY FUND [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1956 1955 1956 1955 Item Item Dec. Sept. June Mar. Dec. Oct. July Apr. Jan, Oct. Dollar deposits and U. S. securities. 365 386 407 425 428 Gold 1,687 1,718 1,761 1,811 1,751 Other currencies and securities1... . 931 960 938 947 966 Investments8 200 125 50 Effective loans* 2,238 2,094 2,002 1,959 1,936 Currencies:* Other assets 3 41 42 29 40 37 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 848 849 850 850 849 Unpaid member subscriptions 942 815 815 815 815 Undisbursed loans 609 530 477 485 494 Other assets 2 1 1 1 Other liabilities 11 10 11 10 9 Reserves 254 240 228 216 205 Member subscriptions 8,929 8,751 8,751 8,750 8,751 Capital 1,853 1,853 1,810 1,810 1,810 Accumulated net income -14 -14 -14 -14 -12 Loans by country, Dec. 31, 1956 Quota Cumulative net drawings on the Fund Area and member country4 P ci r p in a - l b D ur i s s e - d p R a e id - Outstand S i o n l g d Country9 Total P go i a n l i d d 1956 1955 Total to Nov. Oct. Nov. others5 Brazil 150 38 66 66 66 Continental W. Europe, total 1,125 935 178 757 75 Burma 15 1 15 15 Belgium and Luxembourg. 118 115 6 109 25 Chile 50 9 12 13 13 France 268 267 14 253 18 Colombia 50 13 25 25 25 Italy 163 50 50 7 Egypt 60 10 15 15 Netherlands 221 221 139 82 17 Indonesia.... 110 16 55 55 15 Other 355 281 19 263 7 Iran 35 9 25 26 18 Philippines... 15 4 15 15 10 Sterling area, total 947 606 56 551 77 Turkey 43 11 15 15 15 Australia 318 259 5 254 22 United States 2,750 688 10-418 10-418 10-457 India 220 96 21 75 13 Union of S. Africa 135 116 16 100 13 United Kingdom 146 68 1 67 26 1 Currencies include demand obligations held in lieu of deposits. Other 128 67 12 55 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 698 488 43 445 30 sold to others, and exchange adjustment. Brazil 194 163 9 153 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 73 13 60 4 4 Loans to dependencies are included with member. Mexico 141 124 7 117 11 5 Includes also effective loans agreed to be sold but not yet disbursed. Other 252 129 13 115 12 6 Includes $206 million in loans not yet effective. 7 Includes $169 million not guaranteed by the Bank. Asia (excl. Sterling area).... 144 71 68 10 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $10 Africa (excl. Sterling area). . million or more on the latest date. i o Represents sales of U. S. dollars by Fund to member countries for Total 62,922 2,108 279 1,829 7192 local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Li£ibilities of banking department Date Note Gold (fi O a i d s s u s t s h u c e e i 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 i a- Bankers' Pub D li e c pc>sit E s CA Other C su a a r p n p i d l t u a s l 1949 Dec 28 ... .4 1,350.0 5.3 28.4 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18.1 1950 Dec 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec 26 .4 1,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954 Dec 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955—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 Feb 29 .4 1,825.0 2.3 37.5 20.6 300.8 1,787.9 258.1 10.6 3.1 70.9 18.5 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 1,841.3 243.3 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 1,900.0 2.0 29.1 15.3 294.6 11871.3 231.6 11.4 3.1 77.0 18.0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 1,893.4 238.2 10.5 .2 78.5 18.1 July 25 .4 2,000.0 2.0 37.4 23.8 254.1 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 1,907.5 222.4 13.0 72.1 18.5 Sept 26 4 l'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 1,877.8 256.6 15.1 73.3 17.8 Nov 28 4 l'925.0 2.0 19.0 26.8 279.9 1,906.3 220.0 13.8 75.8 18.0 Dec. 26 .4 2,025.0 2.0 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 231 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date Sterling Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v e i s n- Deposits Other U d S o a n t l a n i l t t a d e e r s d s S t h er o m rt- Other 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 Do g m o i v n t i . on Other li c a a b a p i n l i i d t t a ie l s 1949—Dec. 31 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 ,283.8 1,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—Feb. 29 56.5 ,065.6 1,143.3 108.2 ,641.1 493.6 60.8 35.0 143.0 Mar. 31 58.8 965.9 1,285.0 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 1,190.2 131.3 ,706.1 •542.8 30.2 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 49.8 39.6 159.4 Aug. 31 62.1 ,019.3 1,351.3 180.7 ,764.6 580.6 65.4 35.6 167.2 Sept.-29, 57.7 ,041.3 1,353.0 150.1 ,769.5 564.0 46.0 45.2 177.3 Oct. 31 51.4 1,031.3 1,360.4 128.0 ,780.9 575.3 55.0 30.7 129.3 Nov. 30 61.1 1,021.2 1,380.3 158.7 ,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 1,025.0 1,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 Bank of France (billions of francs) Assets Liabilities Date Advances to Gold F c o h e r a e x n i - g g e n Open Domestic bills Government O as t s h e e ts r ci N r ti c o o u t n l e a- Gover D n e - posits l O i i a a t t n i b h e d i e s l r market Special Other Current Other ment Other 3 capital 1949—Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Feb. 23 301.2 178.5 197.5 27.7 1,189.2 183.0 539.5 302.7 2,741.5 116.8 60.9 Mar. 29 301.2 178.6 237.7 19.5 1,334.5 183.0 519.6 316.1 2,876.7 156.3 57.2 Apr. 26 301.2 162.6 269.4 14.6 1,274.0 183.0 518.1 331.4 2,834.4 () 148.1 71.8 May 31 301.2 152.0 214.7 7.9 1,314.4 183.0 518.8 368.4 2,861.9 135.9 62.5 June 28 301.2 144.1 301.6 5.2 1,374.8 183.0 490.2 324.2 2,890.5 .1 162.8 70.9 July 26 301.2 128.0 292.4 2.8 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 1,556.7 179.0 499.3 265.3 2,979.0 162.0 70.0 Sept. 27 301.2 106.7 277.1 8.7 1,611.6 171.5 479.8 271.7 2,982.0 164.6 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 30.5 1,638.1 178.9 479.8 251.5 2,964.6 169.4 85.1 Dec. 27 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 5236.4 3,046.9 173.8 98.8 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 940 983 997 1,623 Gold and foreign exchange 310 286 297 Other gold and foreign exchange.. 454 275 37 -250 Checks and bills of other banks.., 5 6 7 Gold contribution to Intl. Fund. . 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,714 5,666 5,045 5,145 ury bills) 556 567 570 Rediscounts and loans to banks... 106,882100,741 98,302 85,167 Other assets 43 53 62 Other assets 638 872 850 127 Note circulation 384 380 413 Currency circulation 42,802 39,238 38,116 37,466 Deposits of Trading Banks: Deposits—Nationalized 63,669 61,593 59,552 46,714 Special 270 270 265 Other sight obligations 1,372 1,326 1,312 2,117 Other 35 33 38 Other liabilities and capital 5,942 6,537 6,409 5,515 Other liabilities and capital 225 230 219 Footnotes to central bank table on this and opposite page: 5 Includes advance of 71.6 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. (Feburary 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

232 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1 752 745 1 745 1 743 Fund) 16? 16? 194 210 8 418 8 610 8 638 6 990 Net claim on Intl Fund1 13 13 13 Loans and discounts 923 6 5 890 5 995 Loans and discounts .. 42 42 44 54 Claim against Government 1 1 559 1 559 1 8?3 Credits to Government 113 131 63 Other assets 826 780 715 1 348 Other assets 74 77 77 82 Note circulation 14,259 13,774 13,550 13,026 Note circulation 452 418 418 431 Deposits—Banks . 1798 1 349 1 338 161? Deposits ?98 31? ?40 Other 899 785 711 591 Other liabilities and capital ?3 ?7 ?6 19 Blocked 1,166 1,415 1,370 1,346National Bank of Czechoslovakia2 Other liabilities and capital 1,555 1,598 1,577 ,324National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs) * Gold 68 68 68 68 Gold 46 398 47 045 47 460 46 44? Foreign exchange 69? 7?7 7?4 705 Foreign claims and balances (net). 11,384 12,308 12375 9 766 Loans and discounts 189 125 164 248 Loans and discounts 7 564 7 406 6 769 7 Securities 498 505 495 539 Consolidated Govt debt 34,660 34,660 34 660 34660 Govt. compensation account 3,051 3,071 3,072 3,123 Govt securities . . .. 8 853 7,497 9 366 8 6?6 Other assets 960 1,016 Other assets 5,9?8 5 775 5 679 5 381 Note circulation 2 37? 2 ?38 2,169 ? Note circulation . 109,883108,918110733 106399 Deposits—Government 1,461 1,450 1,412 1,562 Deposits Demand 1477 597 1445 1768 Other 1412 1501 1 397 1644 ECA ' ?8 40 40 56 Other liabilities and capital. . . ?74 ?66 ?66 276 Other liabilities and capital 3,399 4,137 4,091 3771Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (July)* Gold 11,396 11,276 11,276 12,076 Gold at home and abroad 507 502 Foreign exchange (net) 13,928 12,427 15,692 17,150 Foreign exchange (net) .. 488 1?06 Net claim on Intl. Fund * 500 2.500 ,500 1250 Loans and discounts 99 400 52 886 Loans and discounts 5 988 4,050 ? 950 4 500 Govt securities 505 505 Govt. securities 8 360 8 360 8 360 8 890 Other assets 1 115 993 Other assets 19 907 19 931 ,910 15 075 Note circulation 84 443 4? 364 Note circulation.. . . 50 778 47 48 068 49 531 Deposits 14 4?9 11 573 Demand deposits 7 899 7 9?9 9 309 6,492 Other liabilities and capital 5 142 4 155 Other liabilities and capital 3,402 3,389 3,311 2,917 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 737 737 7?5 655 Gold 3?5 3?5 3?5 344 Govt. securities 11 1? 18 Foreign exchange (net) ?9 55 4? — 11 Other assets 7 8 7 15 Net claim on Intl. Fundi.... 38 38 38 19 Currency in circulation 443 433 441 4? 5 Credits—Government 513 477 491 456 Deposits Government 67 76 63 46 Other . 296 310 328 235 Banks.... 150 153 151 138 Other assets ?58 ?73 251 Other liabilities and capital 95 93 90 79 Note circulation . 752 743 757 664 Central Bank of Chile (millions of Demand deposits—Private banks. 230 233 235 217 pesos): Other 165 147 17? 141 Gold 7,314 7 394 8 111 5 870 Other liabilities and capital. . 3?6 340 333 270 Foreign exchange (net) 1,551 1 677 1,621 2 583 National Bank of Egypt (millions of Net claims on Intl. Fund1 19 19 pounds): Discounts for member banks 8,725 8 379 7,174 7 991 Gold 66 63 63 61 Loans to Government 18,537 15987 15,986 Foreign assets 109 114 114 146 Other loans and discounts 37,381 30 304 ?6 900 18 691 Egyptian Govt. securities 150 144 87 Other assets 26,830 24 568 26 894 9 075 Clearing and other accounts (net). -10 -8 -7 -9 Note circulation 64,416 55024 54 036 44 829 Loans and discounts 42 44 40 30 Deposits—Bank 7 5 59^ 6 665 5758 Other assets 4 3 6 Other 101 1 9^8 166 2 303 Note circulation ?00 180 Other liabilities and capital 25,283 25 772 23 818 7 474 Deposits—Egyptian Government.. 5 10 12 r2 Bank of the Republic of Colombia (mil- Others 114 11? 108 lions of pesos): Other liabilities and capital 19 19 19 23 Gold and foreign exchange 329 277 257 273Central Reserve Bank of El Salvador Net claim on Intl. Fund * 5? 5? 5? ?4 (thousands of colones): Loans and discounts 684 542 535 616 Gold 70,283 70,343 70,402 71,048 Govt. loans and securities 638 615 611 487 Foreign exchange (net) 18,118 5 068 8,404 17298 Other assets 146 138 104 Net claim on Intl. Fund!.... ,677 -4 ,677 1 573 1 569 Note circulation 964 778 726 800 Loans and discounts 97,803 93,657 82,514 73,718 Deposits 55? 559 564 5?5 Govt. debt and securities \f>,616 18,61S 17,780 13777 Other liabilities and capital 315 294 303 180 Other assets 6,784 7,647 6,868 6,632 Central Bank of Costa Rica (millions 109,68? 96 019 91,94? 96 926 of col ones): Deposits 83,291 82,503 83,724 76,930 Gold 12 12 12 12 Other liabilities and capital 11,954 12,132 11,875 10,188 Foreign exchange 54 46 38 98Bank of Finland (millions of markkaa): Net claim on Intl. Fund1 7 7 7 7 Gold 7 849 7,849 7 849 7 849 Loans and discounts 130 126 121 99 Foreign assets and liabilities (net). 20,926 22,368 23,073 27,401 Securities 18 17 17 9 Loans and discounts .. 49,448 41,666 37,982 37,556 ?7 ?5 ?3 Securities—Government 17 500 17,500 17 500 ?0 000 Note circulation .. ... 164 145 142 168 Other ,794 1,989 ,998 1,915 Demand deposits 44 53 41 47 Other assets 10 715 11?80 1? 9 211 36 38 37 33 Note circulation 60,735 58 468 56,795 55 883 National Bank of Cuba (millions of Deposits 13,077 6,025 6,588 25,556 pesos): Other liabilities and capital 34,420 38,159 37,143 22,493 Gold 136 136 136 136 Foreign exchange (net) 172 182 172 134 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled 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 233 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Bank of German States4 (millions of Sank of Israel (thousands of pounds): (Sept.)* German marks): Gold 2,116 2 042 Gold 5 763 5,571 3,867 Foreign exchange 85,116 88 819 11919 11 782 9 038 Clearing accounts (net) . . 1 387 3 674 7 014 2,178 4 105 Loans and discounts °1796 15 814 T nans to Government 4}703 4,215 4,019 Advances to Government 77 595 31 777 1 3?7 1,061 917 Other Govt. accounts 77, 647 19 7QQ 631 14,141 17 708 Govt. securities 146 770 134 3HK 083 5 028 3 761 Other assets 14 937 16 062 Banks 3 480 3,653 4 135 Notes and coin in circulation 770 537 183 561 Other 745 203 706 Deposits—Government 35 467 r16 977 Other liabilities and carntal 1787 1,781 167$ Other 139 973 99 438 Bank of Greece (millions of drachmae): Other liabilities and capital 17,563 ni 854 Gold and foreign exchange (net) 5,663 5,816 r5,609 Sank of Italy (billions of lire): 180 155 '143 Gold 4 4 4 4 7,011 7,005 r6,985 Foreign exchange 71 71 71 70 Other assets Other 7 5 s j 0 0 4 5 5 1 0 6 8 5 5 1 , , , 1 9 4 9 3 6 9 0 7 r r r 4 1 4 9 6 7H S 51 9 1 A L G o d o a v v n a t. s n c s a e e n c s d u t r o d it i i T s e c s r o ea u s n u ts ry 4 5 5 0 3 6 6 5 7 4 5 3 7 6 9 5 8 7 4 5 3 9 9 6 3 3 7 4 4 5 1 1 6 7 5 7 Denosits Government 1080 1,097 r866 Other assets 1,052 974 935 Reconstruction and Note circulation 1,818 1,620 1,602 1671 Ot r h e e l r ief accts 7 4 0 7 6 8 7 6 7 3 , , 3 8 8 2 7 4 r r 7 4 4 5K 08 4 Deposits—G D o em ve a r n n d ment 123 8 111 7 9 1 S 6 1 7 0 1 2 Other liabilities and caoital 7 045 2,329 8Q9 Other 503 581 5K7 513 Bank of Guatemala (thousands of Other liabilities and capital 182 170 165 r163 quetzales): Sank of Japan (billions of yen): Gold 9 3 7 6 J 4 7 3 3 ^ 8 7 30 7,7 1 3 3 8 5 2 2 7 6 , , 2 5 3 9 9 2 7 7 7 2 7 5 3 9 4 1 B A u d l v li a o n n ces to Government (7) Gold contribution to Intl. Fund.. 1,250 1,250 1,250 1,250 Loans and discounts 143 75 80 45 11789 11 553 13,131 11719 587 484 471 554 Other assets 43 j953 40 754 38,355 39 615 Other assets 232 231 -OQ °61 58 517 56 403 54,314 51 043 Note circulation 785 626 611 674 Coin 4 168 4 071 4,033 3 851 Deposits—Government 54 42 48 51 4 809 S44 4 877 6 I'M Other 31 36 M 65 Banks 494 038 21,823 20 531 Other liabilities 92 87 8R 77 24,674 22 576 19,520 20 659Bank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve8 1,863 1 854 1,770 Reserve Bank of India (millions of "Authorized" holdings of securup Is e s e u s e ) : department: Bil r l i s t i a es n , d e d tc iscounts 5,2 7 6 3 1 0 5 7 1 2 6 4 4 5 ,3 3 6 0 4 3 Gold at home and abroad 1,178 1 178 51,178 400 Other assets 383 448 336 Foreign securities 4 473 4 577 4,920 6 869 Note circulation 5,128 5 010 4 997 Tndian Govt securities 7 854 7 655 7,207 5 3fl7 Demand liabilities 2 325 0 406 2 082 Runee coin 1 748 1 753 1,215 1 084 Other liabilities and capital 784 775 694 Note circulation 14 661 14 385 14,189 13 670 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 91 272 331 120 Gold.... 3,192 3,230 3 230 3,275 Balances abroad 876 793 902 483 Silver (including subsidiary coin). . 4 4 3 43 33 71 48 121 Foreign assets (net) 718 784 978 1,362 T oatis to Government 73 30 39 37 Loans and discounts 345 174 37R 51 Other assets 1 873 n 547 1,506 1 084 Govt. debt and securities 825 660 661 1 377 1 1 461 3S3 420 366 377 413 Other liabilities and capital . 1 475 1409 1,365 461 Note circulation—Old 78 Bank Indonesia (millions of rupiahs): New 4,073 3,923 4 007 3,955 Gold and foreign exchange (net).. 608 739 587 1 902 Deposits—Government. 252 157 318 326 1 083 960 987 067 ECA 368 368 419 490 10 367 9 846 9,568 7 913 Other 587 552 616 656 Other 3ssets 514 478 479 440 Other liabilities and capital. 223 218 71S op Note circulation 8 640 8 ?88 8,178 8 Reserve Bank of New Zealand (thou- Denosits ECA 282 320 320 495 sands of pounds): Other 221 129 1 931 1 877 Gold. 6 162 6 162 6 162 162 1429 1288 1,191 794 Foreign exchange reserve. 29,457 32,270 40 582 29,244 Bank Melli Iran<> (millions of rials): Loans and discounts 25,894 27,255 29 307 26,220 Gold 4 247 4 ?4? 4,242 4 74? Advances to State or State un- 534 534 341 244 51,298 53,665 49 708 55,848 Gold contribution to Intl. Fund.. 282 282 282 282 Investments 53,173 38,173 38 173 41,278 7 67? 7 673 7 333 7 1S7 2 304 1 966 1 4SK 1 525 11945 P 227 12 264 10 320 Note circulation. 83 25774 726 70 242 81 090 Other loans and discounts 6 403 6 494 5 7R0 73 565 74 730 ft5^94 68 753 Securities 916 469 469 444 Other liabilities and capital 11,466 10 035 9 884 10 433 Other assets • 3 401 3 571 3,999 3 005Bank of Norway (millions of kroner): 11 097 11 066 10 897 1001S Gold. 218 71R 709 4 574 5,041 5,829 4,080 Foreign assets (net) , 106 73 -96 Banks 1 379 1759 1 153 1 846 Clearing accounts (net) — 39 — 70 — 58 Other 15 030 14 776 14 289 11 R7f? 111 117 po Other liabilities and capital 3,448 3,208 3,255 3,230 Securities 74 74 93 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 pounds): Other assets 138 123 106 Gold 2,646 2,646 2,646 2,646 Note circulation 3,204 3,162 3,305 Sterling funds 72,774 70,905 69,785 73,635 1,542 1,657 1,060 Note circulation 75 -170 73 551 72 431 76 7R1 Banks 425 364 640 FOA 26 23 106 Other liabilities and capital 957 927 807 * 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

234 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 586 584 583 608 Issue department: 1,072 1,038 961 1,004 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 129 129 129 129 864 870 921 824 Swedish Govt. securities and ad- Pakistan Govt. securities 1,653 1,527 1,296 1,194 vances to National Debt Office 3. 4,390 4,010 3,959 4,023 Govt. of India securities 246 176 177 275 Other domestic bills and advances. 21 27 22 25 India currency 430 430 430 431 Other assets 1,038 1,023 1,002 1,095 Ruoee coin 59 61 64 24 Note circulation 5,598 5,316 5,235 5,319 3,264 3,077 2,907 2,779 Demand deposits—Government.. 260 199 85 321 Banking department: Other 244 119 163 427 Notes of issue department 103 104 96 84 1,134 1,178 1,173 819 Bills discounted 10 30 21 11Swiss National Bank (millions of Loans to Government 2 12 francs): Other assets 671 661 699 519 Gold 7,103 7,025 6,925 6,686 Deposits 616 627 636 512 Foreign exchange 627 587 590 624 Other liabilities and capital.... 170 168 180 113 Loans and discounts 459 254 173 286 Central Bank of Paraguay (millions of Other assets 135 121 114 125 froaranies*) • Note circulation 5,810 5,483 5,383 5,516 Gold1 11 11 11 4 Sight liabilities 2,286 2,277 2,194 1,990 460 463 564 93 Other liabilities and capital 228 227 225 215 Net claim on Int. Fund2 53 53 53 8Central Bank of the Republic of Turkey 1,620 1,572 1,524 1,443 (millions of pounds): Govt. loans and securities 551 535 520 517 Gold .. 402 402 402 402 354 368 329 511 Foreign exchange and foreign Note and coin issue 1 218 1 169 1 181 920 clearings 242 219 222 188 Deposits Government 270 290 303 218 4,079 3,891 3,844 3 574 Other 267 311 323 185 Securities 30 31 31 30 Other liabilities and capital 1,292 1,231 1,192 1,255 Other assets 235 234 231 144 Central Reserve Bank of Peru (millions Note circulation 2,526 2,433 2,369 2,008 of soles): Deposits—Gold 155 155 155 155 719 731 554 Other 1,694 1,586 1,585 1,604 67 67 67 Other liabilities and capital 613 604 621 571 Loans and discounts to banks 786 780 820Bank of the Republic of Uruguay (mil- Loans to Government 1,306 1,305 1,024 lions of pesos): Other assets 148 125 143 Gold. 305 327 Note circulation 2 176 2 175 1,890 Silver 10 10 601 609 460 Advances to State and Govt. Other liabilities and cat)ital 249 224 bodies 277 226 Central Bank of the Philippines 527 467 (millions of pesos): Other assets 741 632 Gold 43 41 41 31 495 518 385 401 401 340 Deposits—Government.. . 205 159 Net claim on Intl Fund2 10 Other 351 336 Loans . ... 96 84 136 13 Other liabilities and capital 810 649 451 436 371 396Central Bank of Venezuela (millions Other assets 156 153 149 155 of bolivares): Circulation Notes 692 661 646 625 Gold 1,747 1,438 1,538 1 234 Coin 86 86 86 86 Foreign exchange (net) 1,045 1,297 834 374 Demand deoosits 265 284 283 177 Other assets 206 194 137 87 85 81 57 Note circulation 1,290 1,170 1,104 1,154 Bank of Portugal (millions of escudos): Deposits 368 413 415 263 Gold 5,835 5,680 Other liabilities and capital 1,339 1,372 1,047 326 13,625 13,588National Bank of Federal People's Re- 1,420 l!087 public of Yugoslavia (billions of 1,373 dinars): Other assets 1 937 Gold 5 5 5 11,114 ll'075 Gold contribution to Intl. Fund. . 2 2 2 Demand deposits—Government 1 873 1,459 Foreign assets 62 61 59 ECA 89 117 1,036 1,004 787 Other 7 974 7 880 Govt. debt (net) 56 54 14 Other liabilities and capital.. 3 139 2,520 Other assets 59 65 80 South African Reserve Bank (millions Notes and coin in circulation 94 86 88 of pounds): Demand deposits 252 229 159 Gold 79 78 76 75 107 108 121 Foreign bills . 52 47 42 45 Long-term liabilities (net) 578 583 409 Other'bills and loans 25 13 16 19 Other liabilities and capital.... 190 185 171 Other assets 48 47 44 55Bank for International Settlements Note circulation 118 113 110 111 (millions of Swiss gold francs): Deposits .. 70 56 51 66 Gold in bars 547 536 654 664 Other liabilities and capital 16 17 17 18 Cash on hand and with banks.... 49 67 55 54 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 616 ances (at cost) 509 658 675 269 Silver 321 347 320 Time funds at interest 67 100 98 142 16,124 15,948 14,863 Sundry bills and investments 524 572 628 430 Other loans and discounts 44,149 44 370 36,719 Funds invested in Germany 297 297 297 297 Other assets 53 803 53 240 43 886 2 2 2 Note circulation 51,254 51,222 47,045 Demand deposits—Gold 633 720 744 516 3,652 5 085 3,715 Other 832 982 1,137 822 Other 12,035 11,179 6,644 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 48,074 47,007 39,000 Other liabilities and capital 303 302 299 290 1 On Mar. 1,1956, gold revalued from 0.0423177 to 0.0148112 grams of 3 Includes small amount of nongovernment bonds. fine gold per guarani. NOTE.—All figures, including gold and foreign exchange, are compiled 2 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 235 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1954 Month effective A tr u ia s- g B iu el m - m D a e r n k - m G a e n r- y Greece N la e e n r t - h d - s N w o a r y - Spain S d w en e- T k u e r y - U K d n i o i n t m g ed - C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a d I i n a - 2 Japan* In effect Dec 31 1954 3.5 2.75 5.0 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 3.75 May 4.5 5.5 4.5 July 5 0 Aug 3.0 3.5 2.0 8.03 Sept 6 0 4 5 Oct 2.25 7.0 Nov 5.0 2 75 1956 Feb 3.0 5 5 Mar 4.5 3.25 3 0 5.5 10.0 6 0 3.25 3 25 Sept 5.0 4.25 Oct 3.75 3 5 Nov 4.0 33.77 3.5 Dec 3.5 3.92 1957_jan 4.5 3.95 In effect Jan. 31, 1957 5.0 3.5 5.5 4.5 10.0 3.75 3.5 4.25 4.0 6.0 5.5 3.95 7.0 4.5 3.5 8.03 Other selected central banks—rates in effect on Jan. 31, 1957 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. France 3.0 Dec. 1954 3.0 Feb. 1948 Philippines... 1.5 Feb. 1954 El Salvador2. 3.0 Mar. 1950 Italy 4.0 Apr. 1950 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Mexico 4.5 June 1942 Portugal 2.5 Jan. 1944 Indonesia2... 3.0 Apr. 1946 Latin America: Peru2 6.0 Nov. 1947 Switzerland... 1.5 Nov. 1936 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 most 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 1/A per cent above the latest average tender rate for Treasury bills. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m r b e o a il n s l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a m a a c n n c o e k c n p e e t s t r h - s s ' 3 T r m b ea 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 a e 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 b ea i o l s n l u s t r h y s D m a d o y a n - y t e o y - 3 u L m p o o a t n n o t s hs d P is r r i c a v o t a e u t n e t I954 Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 3^-5^ 1.50 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 AVA-WL .50 1956 J F a e n b 2 2. . 5 5 1 8 2 2 . . 4 3 9 4 4 4 . . 2 7 2 7 4 4 . . 0 6 7 9 3 3 . . 0 6 3 8 2 2 . . 5 9 0 8 2 3 . . 9 0 5 5 1 1 . . 3 5 8 3 1 1 . . 1 0 5 0 A AV V A A - - & ^A A 1 1 . . 5 5 0 0 Mar 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 VA-^VI 1.50 Apr 2.83 2.65 5.27 5.11 4.05 3.50 3.08 1.59 1.23 AVA-61A .50 May 2.84 2.66 5.14 4.95 4.13 3.50 3.10 1.76 [.25 AVA-6VI 1.50 2.63 2.68 5.20 5.09 4.16 3.50 3.02 2.38 1.43 A1/A-&A 1.50 July 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 AVA-6VL 1.50 2.94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 1.50 AVA-&A 1.50 Sept 3.06 2.67 5.18 5.11 4.26 3.50 3.00 3.00 1.50 1.50 Oct 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.30 1.50 AVA-SVI 1.50 Nov 3.40 2.89 5.08 5.01 4.24 3.50 3.71 3.25 1.50 rVh-&/A L.50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.48 1.50 1.50 r Revised. 2 Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 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 Basic P e r n e t f i e a r l - Free (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a si l l a l a a y r - ) C (d a o n l a la d r a ) ( C r e u y p l e o e n ) 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 1956—Jan.. 5.556 2.587 223.63 3.8580 2.0001 32.819 100.122 21.019 Feb.. 5.556 2.386 223.62 3.8580 2.0000 32.816 100.080 21.017 Mar. 5.556 2.454 223.50 3.8580 2.0023 32.798 100.122 21.004 Apr.. 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 21.024 May. 5.556 2.657 223.71 3.8580 2.0029 32.700 100.803 21.022 June. 5.556 2.872 223.28 3.8580 2.0032 32.608 101.476 20.977 July. 5.556 3.090 222.58 3.8580 2.0074 32.510 101.835 20.917 Aug. 5.556 3.249 221.76 3.8580 2.0049 32.368 101.907 20.858 Sept. 5.556 3.190 221.76 3.8580 2.0064 32.373 102.274 20.873 Oct.. 5.556 3.177 221.88 3.8580 2.0084 32.384 102.732 20.878 Nov. 5.556 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 1957—Jan.. 5.556 2.642 222.77 3.8570 1.9912 32.529 104.085 20.948 Year or month (k m D ro e 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 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 1957_jan., .4354 .2855 23.808 20.939 279.57 .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 K p d n o i o n i u m t g n 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 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 1957—Jan.. 20.106 276.80 14.008 49.677 3.4900 278.53 19.333 23.329 279.57 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 CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. 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. 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 REPRINTS 1956 SURVEY OF CONSUMER FINANCES. Prelimi- (From Federal Reserve Bulletin unless preceded by nary Findings. March 1956. 3 pages. The an asterisk) Financial Position of Consumers. June 1956. THE MONETARY SYSTEM OF THE UNITED STATES. 14 pages. Consumer Indebtedness. July 1956. February 1953. 16 pages. 17 pages. Durable Goods and Housing. August 1956. 17 pages. (Similar Surveys are avail- INFLUENCE OF CREDIT AND MONETARY MEASURES able for earlier years from 1952, 1953, 1954, ON ECONOMIC STABILITY. March 1953. 16 pages. and 1955 BULLETINS.) SURVEY OF BANK LOANS FOR COMMERCIAL AND FEDERAL FINANCIAL MEASURES FOR ECONOMIC INDUSTRIAL PURPOSES. Business Loans of STABILITY. May 1953. 7 pages. Member Banks. April 1956. 14 pages. Credit * DETAILED DESCRIPTION OF SOURCES AND METH- Lines and Minimum Balance Requirements. ODS USED IN REVISION OF SHORT- AND INTER- June 1956. 7 pages. (Other articles on this MEDIATE-TERM CONSUMER CREDIT STATISTICS. Survey will appear in later issues of the BUL- April 1953. 25 pages. LETIN.) Reprints on a similar Survey are available from March, May, June, July, and August DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes) No- 1947 BULLETINS. vember 1953. 65 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December from June 1955 BULLETIN.) 1953. 96 pages. SURVEY OF COMMON TRUST FUNDS. August 1956. 6 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint WORLD TRADE AND PRODUCTION IN 1953-54. Ocfrom April 1953 BULLETIN.) tober 1954. 10 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- USE OF MONETARY INSTRUMENTS SINCE MIDber 1956. 15 pages. 1952. December 1954. 8 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at DIRECTLY PLACED FINANCE COMPANY PAPER. De- Commercial Banks. November 1956. 20 pages. cember 1954. 8 pages. Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. Farm SEASONAL ADJUSTMENT FACTORS FOR DEMAND Loans for Current Expenses. February 1957. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. 8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pages. BANKING AND MONETARY STATISTICS, 1956. (Selected series of banking and monetary statistics A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- for 1956 only) February 1957. 8 pages. (Simi- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- lar reprints of 1954 and 1955 data, February ber 1955. 40 pages. and May 1955 and February and May 1956 MONETARY POLICY AND THE REAL ESTATE MAR- BULLETINS). KETS. December 1955. 6 pages. BANK CREDIT AND MONEY IN 1956. February THE 1957 BUDGET. February 1956. 11 pages. 1957. 8 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 ARTHUR H. LANG, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel 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 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN • FEBRUARY 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 241 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

242 FEDERAL RESERVE BULLETIN • FEBRUARY 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 Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman Charles A. Piper Clarence R. Zarfoss John W. Stout 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 243 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, Chairman 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. Longwell Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Victor M. Longstreet, in charge Fred Burton, in charge of of Memphis Branch of Louisville Branch Little Rock Branch Geo. E. Kroner H. H. Weigel Dale M. Lewis J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. T. Winfred Bell Shuford R. Nichols A. Howard Stebbins, Jr., E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman 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 Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland, J. Willard Johnson Chairman 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 245 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, Chairman 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, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres Burton Dunn Alex R. Thomas, J. W. Beretta V. S. Marett Chairman E. C. Breedlove Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard 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 R. H. Morrill H. F. Slade Salt Lake City Branch John A. O'Kane W. F. Volberg, J. M. Leisner, in charge of J. A. Randall, in charge of in charge of Seattle Branch Portland Branch Los Angeles Branch E. R. Millard O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone Joe D. Paxton Edward C. Carter, Chairman 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, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 174, 175, 219 Demand deposits—Continued Agricultural loans of commercial banks, 170, 172 Banks, by classes, 167, 173 Agriculture, Govt. agency loans, 178, 179 Type of holder, at commercial banks, 171 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 205 Banks and the monetary system, consolidated, 166 Sales and stocks, 194, 204 Corporate, current, 186 Deposits (See also specific types of deposits): Domestic banks, by classes, 167, 170, 172 Adjusted, and currency, 166 Federal business-type activities, by fund or Banks, by classes, 167, 171, 173 activity, 178, 179 Federal Reserve Banks, 161, 162, 226 Federal Reserve Banks, 161, 162 Postal savings, 166 Foreign central banks, 230 Turnover of, 164 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 190, 191, 192 ber bank, 159 Production index, 196, 200 Discount rates, 160, 235 Discounts and advances by Federal Reserve Bankers' balances, 171, 173, 217 Banks, 157, 161 (See also Foreign liabilities and claims reported by Dividends, corporate, 185, 186 banks) Dollar assets, foreign, 226, 229 Banking and monetary statistics for 1956, 214 Dwelling units started, 201 Banking offices: Changes in number, 212 Earnings and expenses, Federal Reserve Banks, 210 On, and not on, Par List, number, 213 Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 194, 203 ment, 166 Employment, 194, 203 Bonds (See also U. S. Govt. securities): Export-Import Bank, loans, etc., 178, 179 New issues, 184, 186 Prices and yields, 175, 176, 220 Farm mortgage loans, 178, 187, 188 Brokers and dealers in securities, bank Federal business-type activities, assets and liabilities, loans to, 170, 172, 216 by fund or activity, 178, 179 Business expenditures on new plant and equip- Federal Deposit Insurance Corporation, ment, 186 assets, etc., 178, 179 Business indexes, 194 Federal finance: Business loans (See Commercial and industrial loans) Cash transactions, 180 Receipts and expenditures, 181 Capital accounts: Treasurer's balance, 180 Banks, by classes, 167, 171, 173 Federal home loan banks, loans, etc., 178, 179, 189 Federal Reserve Banks, 161 162 Federal Housing Administration, loans, etc., 178, 179, Carloadings, 194 187, 188, 189 Central banks, foreign, 228, 230, 235 Federal National Mortgage Association, Coins, circulation of, 165 loans, etc., 178, 179, 189 Commercial banks: Federal Reserve Banks: Assets and liabilities, 167, 170 Condition statement, 161, 162 Consumer loans held, by type, 191 Earnings and expenses, 210 Number, by classes, 167 U. S. Govt. securities held by, 157, 161, 162, Real estate mortgages held, by type, 187 182, 183 Commercial and industrial loans: Federal Reserve credit, 157, 161, 162 Commercial banks, 170 Federal Reserve notes, 161, 162, 163, 165 Weekly reporting member banks, 172, 174, 218 Finance company paper, 174, 175, 219 Commercial paper, 174, 175, 219 Foreign central banks, 228, 230, 235 Commodity Credit Corporation, loans, etc., 178, 179 Foreign deposits in U. S. banks, 157, 161, 162, 166, Condition statements (See Assets and liabilities) 171, 173,217 Construction, 194, 200, 201 Foreign exchange rates, 236 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 190, 191, 192, 193 banks, 222, 224, 226 Major parts, 190, 192 Foreign trade, 205 Noninstalment credit, by holder, 191 Consumer durable goods output indexes, 200 Gold: Consumer price indexes, 194, 206 Earmarked, 227 Consumption expenditures, 208, 209 Net purchases by U. S., 227 Corporate sales, profits, taxes, and dividends, 185, 186 Production, 226, 227 Corporate security issues, 184, 186 Reserves of central banks and governments, 228 Corporate security prices and yields, 175, 176, 220 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 229 Currency in circulation, 157, 165 Stock, 157, 166, 227 Customer credit, stock market, 176 Gold certificates, 161, 162, 163, 165 Debits to deposit accounts, 164 Govt. debt (See U. S. Govt. securities) Demand deposits: Gross national product, 208, 209 Adjusted, banks and the monetary system, 166 Adjusted, commercial banks, by classes, 171 Home owners, Govt. agency loans, 178, 179 247 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN • FEBRUARY 1957 Hours and earnings, manufacturing indus- Production, 194, 195, 199, 200 tries, 194, 203 Profits, corporate, 185, 186 Industrial advances by Federal Reserve Real estate loans: Banks, 161, 162, 163, 164 Commercial banks, 170, 172, 187, 216 Industrial production indexes, 194, 195, 200 Type of mortgage holder, 187, 188, 189 Instalment loans, 190, 191, 192, 193 Type of property mortgaged, 187, 188, 189 Insurance companies, 177, 182, 183, 188 Regulation V, loan guarantees, 163, 164 Insured commercial banks, 169, 170, 212 Reserve requirements, member banks, 160 Interbank deposits, 167, 171, 173 Reserves: Interest rates: Commercial banks, 171 Bond yields, 175, 220 Federal Reserve Banks, 161, 162 Foreign central banks and governments, 228 Business loans by banks, 175 Foreign countries and international institu- Federal Reserve rates, 160, 164 tions, 229 Foreign countries, 235 Member banks, 157, 159, 161, 162, 171, 173, Open market, 175, 219, 235 214, 217 Regulation V loans, 164 Residential mortgage loans, 187, 188, 189 Stock yields, 175, 220 International capital transactions of the U. S., 222 Sales finance companies, consumer loans, of, 190, International financial institutions, 228, 229, 230 191, 193 Inventories, 209 Savings, 208 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 167, 170, 172 Savings institutions, principal assets, 177 Federal Reserve Banks, 161, 162 Savings and loan associations, 177, 188 Govt. agencies, etc., 178, 179 Securities, international transactions, 225, 226 Life insurance companies, 177 Security issues, 184, 186 Savings and loan associations, 177 Silver coin and silver certificates, 165 State member banks, 169, 212 Labor force, 202 State and municipal securities: Loans, (See also specific types of loans): New issues, 184 Banks, by classes, 167, 170, 172 Prices and yields, 175, 176, 220 Federal Reserve Banks, 157, 159, 161, 162, States and political subdivisions: 163, 164 Deposits of, 171, 173, 217 Govt. agencies, etc., 178, 179 Holdings of U. S. Govt. securities, 182 Insurance companies, 177, 188 Ownership of obligations of, 170, 177 Sayings and loan associations, 177, 188 Stock market credit, 176 Loans insured or guaranteed, 163, 187, 188, 189 Stocks: New issues, 184 Manufacturers, production indexes, 194, 195, 200 Pricjs and yields, 175, 176 Margin requirements, 160 Member banks: Tax receipts, Federal, 181 Assets and liabilities, by classes, 167, 170 Time deposits, 159, 166, 167, 171, 173 Banking offices, changes in number, 212 Treasurer's account balance, 180 Borrowings at Federal Reserve Banks, 157, Treasury cash, 157, 166 159, 215 Treasury currency, 157, 165, 166 Deposits and reserves, by classes, 159 Treasury deposits, 157, 161, 162, 180 Number, by classes, 167 Reserve requirements, by classes, 160 Unemployment, 202 Reserves and related items, 157 U. S. Govt. balances: Weekly reporting series, 172, 216 Commercial bank holdings, by classes, 171, 173 Minerals, production indexes, 194, 195 Consolidated monetary statement, 166 Money rates (See Interest rates) Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 157, 161, 162, 180 Mutual savings banks, 166, 167, 169, 182, 183, U. S. Govt. securities: 187, 212 Bank holdings, 166, 167, 170, 172, 182, 183 Federal Reserve Bank holdings, 157, 161, 162, National banks, 169, 212 182, 183 National income, 208 Foreign and international holdings, 229 National security expenditures, 181, 209 International transactions, 225 Nonmember banks, 161, 169, 170, 212 New issues, gross proceeds, 184 Outstanding, by type of security, 182, 183 Ownership of, 182, 183 Par List, banking offices on, ad not on, number, 213 Prices and yields, 175, 176, 219, 220 Payrolls, manufacturing, index, 194 United States notes, outstanding and in circulation, 165 Personal income, 209 Utility output index, 199 Postal Savings System, 166 Prices: Veterans Administration, loans, etc., 178, 179, 187, Consumer, 194, 206 188, 189 Security, 176 Wholesale commodity, 194, 206 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