Federal Reserve Bulletin, 1957-03

FEDERAL RESERVE B U LLETIN March 1957 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents International Gold and Dollar Flows 249 Preliminary Findings of the 1957 Survey of Consumer Finances 256 Interest Rates on Farm Loans 259 Interest Rates on Savings Bonds 269 Bills to Amend the Clayton Act 271 Credit Extended by Banks to Real Estate Mortgage Lenders 275 Law Department 276 Current Events and Announcements 277 1 National Summary of Business Conditions 279 Financial and Business Statistics, U. S. (Contents on p. 281) 283 International Financial Statistics (Contents on p. 337) 338 Federal Reserve Board Publications 353 Board of Governors and Staff 355 Open Market Committee and Staff; Federal Advisory Council 356 Federal Reserve Banks and Branches 356 Index to Statistical Tables 363 i Map of Federal Reserve Districts Insideback cover 5 i Volume 43 * Number 3 ======Ji 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

International Gold and Dollar Flows THE INTERNATIONAL FLOW of goods and services increased in 1956 and the interna- FOREIGN GOLD RESERVES AND DOLLAR HOLDINGS tional financial position of most major in- lions oIl ddoollars dustrial countries remained satisfactory, notwithstanding the disturbances in the second half of the year resulting from the Suez DOUAI ACCEPTANCfS AND MISC. crisis. Exports from the United States rose SHOtT -IEIM HOLDINGS to an all-time high. Although imports also reached a record high, the export surplus was the largest since 1949. There was a small net inflow of gold into the United States, the first since 1952, but foreigners continued to increase their holdings of United States dollars. The latter movement reflected the net outflow of United 1952 1953 1954 1955 1956 States private capital, which also rose to an all-time high, and the continuation of United NOTE.—Year-end data. Includes international institutions. States Government loans and grants. In- Holdings of international institutions deternational financial institutions increased clined, however, owing to a large drawing their activities to meet both long- and shortby the United Kingdom on the International term financial needs of their member coun- Monetary Fund in December. In contrast to tries. After the Suez crisis led to speculaprevious years, private foreign dollar holdtive attacks on sterling, the International ings increased more than official holdings. Monetary Fund helped to stop the drain on the reserves of the United Kingdom. TRANSACTIONS WITH THE UNITED STATES Foreign gold reserves, including the gold In 1956 United States exports of merchanholdings of the International Monetary dise and services (excluding military-aid Fund, rose slightly in 1956, as purchases transfers) rose faster than imports, and the from new production and other sources export surplus reached $2.9 billion, more exceeded gold transfers to the United States. than twice the surplus in 1955. United The sum of gold reserves and dollar hold- States Government grants and loans (exings of foreign countries and international cluding military grants) increased only institutions rose $1.4 billion, compared with slightly. The continued expansion in for- $1.9 billion in 1955. eign gold reserves and dollar holdings in All major foreign trading areas experi- the face of the doubling of the United States enced increases in their aggregate gold re- export surplus was due primarily to a growth serves and dollar holdings during 1956. in the net outflow of United States private 249 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN • MARCH 1957 SELECTED COMPONENTS OF UNITED STATES years. Continued increase in investments BALANCE OF PAYMENTS in Canada, the purchase of a British oil [In millions of dollars] company in Trinidad, and the acquisition of new oil concessions in Venezuela ac- Component 1956* counted for the greater part of the rise in such investments in 1956. Merchandise and services: Exports1 Investment in foreign stocks and bonds Imports2 increased about $500 million. Such in- Balance vestment represented mainly purchases of Net outflow of U. S. capital and new foreign issues offered in the United Govt. grants: Private capital 2,746 States, primarily by Canadian borrowers. Govt. loans3. 620 Outstanding short- and medium-term Govt. grants4 1,672 credits to foreigners increased about $700 Net transfers of gold and dollars to foreigners 914 million. The bulk of the expansion consisted of commercial bank credit; net disv Preliminary. 1 Excludes military transfers under grants. bursements on Federal Reserve gold loans 2 Includes remittances, pensions, and military expenditures abroad. 3 Includes other short-term claims. accounted for only $24 million. Commer- 4 Excludes military grants. SOURCES.—Net transfer of gold and dollars, Federal Reserve; cial bank lending represented largely direct other series, U. S. Department of Commerce. loans to foreign banks and other entercapital from $1.2 billion in 1955 to $2.7 prises; however, there was a significant billion in 1956. growth in bankers' acceptances, which re- Outflow of private capital. The net out- sulted in part from bills to finance exports flow of private capital from the United from the United States. States in 1956. exceeded that of all previous Almost all principal trading countries inyears in terms of current dollars, and in creased their indebtedness to United States terms of purchasing power it came close to banks and merchants. The largest additions the all-time peak reached in 1928. The were in the accounts of Germany, Japan, 1956 total, however, represented a much the United Kingdom, Norway, and Venesmaller proportion of the national product zuela. In contrast to earlier years, these and the international trade transactions of movements reflected the extension of reguthe United States than in the earlier year. lar commercial credit to major trading na- The increase in net outflow over 1955 was tions rather than a somewhat involuntary connected with the expansion in United lending, through accumulations of overdue States exports, for part of the increase in bills,' to a few countries with unsettled fi- United States foreign investments and public nancial conditions. This change indicates and private credits helped to finance addi- progress toward more normal international tional exports. financial relations. Direct investment abroad in foreign Government loans and grants. United States branches and subsidiaries of domestic cor- Government loans and grants (excluding porations accounted for more than half grants to finance military transfers), net of the total outflow of private capital; such of repayments, amounted to $2.3 billion, investment, amounting to $1.5 billion, was compared with $2.2 billion in 1955. The more than twice the amount in other recent increase was attributable to Government Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 251 loans and other claims, which rose from bers and by members obtaining quota in- $300 million to $600 million (net). It creases, totaled nearly $200 million. reflected mainly increased receipts of for- The International Bank for Reconstruceign currencies under the agricultural sur- tion and Development authorized new loans plus disposal program; this program pro- of more than $500 million during 1956, vides that farm products may be exported the largest calendar-year total in the Bank's against payment in the currency of the history. Disbursements amounted to $289 importing country. The United States sub- million, about the same as in recent years; scription to the International Finance Cor- less than two-thirds of that amount was disporation involved an outflow of $35 million. bursed in United States dollars, a smaller As in 1955, repayments on Export-Import proportion than in any previous year. Bank loans exceeded disbursements. The International Finance Corporation, Nonmilitary Government grants were established in 1956, received capital subabout $200 million smaller than in 1955. scriptions from its members of $45 million, Asian countries continued to receive the in addition to the subscription of the United largest part of Government loans and grants. States. The Corporation made no foreign Foreign investment. Foreigners made net investments. investments in the United States (excluding short-term assets and United States Govern- DOLLAR HOLDINGS ment securities) of $500 million. Net pur- More than half of the increase of $1,195 chases of United States corporate securities million in foreign and international dollar amounted to almost $300 million, the larg- holdings during 1956 represented deposits est of any postwar year; the rest represented with United States banks. Investments in direct investments. short-term United States Government securities and other short-term dollar holdings, TRANSACTIONS WITH INTERNATIONAL including bankers' acceptances and com- INSTITUTIONS mercial paper, also rose, while investments Drawings by member countries on the International Monetary Fund in 1956 totaled TRANSFERS OF GOLD AND DOLLARS TO FOREIGNERS 1 1956 $693 million, most of which was in United [Net transfers from, or to ( —), the United States, in millions of dollars] States dollars. By far the largest was a drawing of $561 million by the United King- Item Jan-" Apr.- July- Oct.- Mar. June Sept. Dec." dom in December. In addition, the Fund granted standby Net transfers, total 497 268 530 -381 facilities to its members of $1.1 billion, in- Net gold sales l -5 -95 -155 -25 cluding $739 million to the United King- Net increase in dollar dom. The aggregate amount involved in holdings 502 363 685 -356 the drawings and standby arrangements was Deposits — 24 290 308 70 U. S. Govt. securities: larger than the total of all previous Fund Short-term 639 -4 137 -410 Long-term —251 60 108 -51 transactions. Gold and dollar payments by Other2 f 138 17 132 35 foreign countries to the Fund, representing repurchases of currencies drawn earlier as P Preliminary. 1 Includes international institutions. well as capital subscriptions by new mem- 2 Represents principally bankers' acceptances and short-term commercial paper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN • MARCH 1957 at the year-end. At the same time, the gold F0IEI6N DOILAR HOLDINGS reserves of foreign countries (excluding the Billions of dollori U.S.S.R.) and international institutions in- 20 creased about $200 million, approximately 30 per cent of the 1955 figure. New production. Gold production in the - IS TOTAL —S^ United States amounted to $65 million in 1956, little changed from 1955. Production in the rest of the world (excluding the U.S.S.R.) continued the upward trend of recent years; it amounted to an estimated OFFICIAL - .^^^ $935 million, $40 million more than in 1955. — ** / ~^ ,„. , P R - I VAT — E — _ " _ "" ^ " ^ ^ - 5 The United States added $25 million of HOLDINGS OF INTERNATIONAL its gold output to its stock. Foreign countries bought about $475 million from new 1 1 1 I 1 1 production and other sources for their gold 1950 1952 1954 1956 reserves. Altogether, slightly less than onehalf of the new production was used for NOTE.—End-of-quarter data. Official holdings include, and private holdings exclude, certain holdings that are reported increasing official holdings, compared with as private, but are believed to be official in character. The i b s r ea e k st d im ow at n e d o . f U. S. Govt. bonds and notes by type of holder about two-thirds in 1955. Transactions with the United States. Forin United States Government bonds and eign countries sold $323 million in gold to notes declined. the United States during 1956, and the It is estimated that private holdings rose International Monetary Fund sold $200 $850 million, and official holdings (includmillion. Argentina, the United Kingdom, ing those of international institutions) $345 Uruguay, and Colombia sold the largest million in 1956, whereas in 1955 priamounts. Purchases by foreign countries vate holdings increased $310 million and from the United States amounted to $243 official $900 million. The greater increase million, of which the largest were by Venein private than in official holdings in 1956 zuela and France. In January 1957 the helps to explain the changes in the com- International Monetary Fund sold an addiposition of foreign dollar assets. Since most tional $300 million to the United States. private holders regard their dollar assets Other transactions. The price of gold in primarily as working balances, they usually London remained slightly below the equivprefer bank deposits to investments in secualent of the dollar parity of $35 per ounce rities. during the first half of 1956. As a result GOLD MOVEMENTS of the Suez crisis, the price rose above the The almost uninterrupted outflow of gold parity rate frequently between the end of that reduced the United States stock $1.8 July and mid-November. As the internabillion between mid-1952 and April 1955 tional position of sterling improved, the was reversed in 1956, and the gold stock rate dropped again and has since remained increased $305 million to $22,058 million below the parity rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 253 Member countries of the European Payments Union found it profitable in 1956 to FOREIGN GOLD RESERVES AND DOtLAR HOLDINGS settle part of their debit balances with the tutcriD ARIAS Billions of dollors Union in gold at the par rate rather than in dollars. The International Monetary Fund received $84 million in gold from its mem- OTHER WESTERN EUROPE ber countries during the year. REGIONAL CHANGES IN GOLD AND DOLLAR HOLDINGS UNITED KINGDOM AND All major foreign trading areas increased OTHER STERLING AREA their aggregate gold reserves and dollar holdings in 1956. The largest gain was again for continental Western European countries, whose holdings rose $865 million, about half as much as in 1955. Within this area, movements of individual countries 1950 1952 1954 1956 were more diverse than last year. Germany increased its holdings two and a half times NOTE.—End-of-quarter data. as much as in 1955, and Swiss holdings also Venezuela each increased its gold reserves rose substantially. France, which had shown and dollar holdings nearly $400 million; in a large increase in the previous year, suffered both cases, the increases reflected inflows of an equally large loss in 1956, and the drain United States capital. Brazil also expanded continued in early 1957. its holdings, but Argentina, Cuba, and Uru- Holdings of the United Kingdom showed guay suffered losses. a gain of about $125 million, in contrast to Asian countries increased their holdings a loss of $525 million in 1955. However, $170 million, reflecting mainly a rise in there were rather sharp fluctuations during Japan's holdings. the year. Holdings rose about $300 million between the end of 1955 and the end of ROLE OF GOLD AND DOLLAR HOLDINGS July 1956. In the last five months of the The major function of gold and foreign exyear, the period of the Suez crisis, the United change holdings is to act as means of pay- Kingdom received $175 million from the ments in international transactions. Some sale of a British oil company in Trinidad to countries hold considerable amounts of for- United States interests, and it obtained $561 eign exchange in pounds sterling; these holdmillion from the International Monetary ings have become increasingly useful as Fund. In spite of these two extraordinary limitations on sterling transfers have been receipts, the country's gold reserves and dol- gradually relaxed. However, sterling still lar holdings dropped in these five months is not so universally acceptable as the dolby about $175 million. In early 1957, lar since it cannot generally be used for however, the drain on the reserves was re- payments involving the United States or duced and then reversed. other parts of the so-called dollar area. In the Western hemisphere, Canada and Since the end of the Second World War, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN • MARCH 1957 foreign countries have added moderately to FREE WORLD, OTHER THAN THE UNITED STATES their gold reserves and greatly to their dol- [Dollar amounts in billions] lar holdings. Without these additions the Gold and Ratio: aggregate gold and dollar reserves of many Year short-term Imports column 1 to important countries would not have been dollar (c. i. f.) column 2 (in holdings i per cent) considered sufficient to permit the gradual relaxation of foreign trade and payment re- (1) (2) strictions that has taken place in recent 1947 $14.6 $45.3 32 years. 1948 14.5 52.1 28 The gold reserves of the free world (ex- 1949 15.0 52.4 29 1950 18.3 49.6 37 cluding international institutions) amount 1951 18.9 69.5 27 1952 20.0 68.5 29 to $36.5 billion. The United States, with a gold stock of $22 billion, owns approxi- 1953 22.6 64.7 35 1954. 24.7 68.4 36 mately 60 per cent of these reserves. The 1955 25.9 76.3 34 1956 27.9 e83.7 33 United States net reserves—calculated according to the Articles of Agreement of the e Estimate. International Monetary Fund, Article XIX, 1 End of year. Excludes holdings of international institutions. SOURCES.—Gold and dollar holdings: Federal Reserve. Imports: by deducting short-term liabilities to foreign International Financial Statistics for February 1957, except for 1947 and 1949, which are from issues for December 1950 and 1953, respectively. central banks and governments from its gold stock—amount to $14 billion, nearly 40 per Venezuela. Important trading nations with cent of the gold and dollar reserves of the less adequate reserves, such as France free world. and the United Kingdom, showed no sig- Reserves and international trade. As a nificant improvement or even suffered a rough measure of the adequacy of a coundeterioration in their gold and dollar try's gold and dollar holdings, its holdings positions. may be compared with its annual merchan- Reserves and foreign investment. The indise imports. Using this standard, the crease in foreign dollar holdings in the post- United States net reserves (calculated as war period has been smaller than the growth before) would be equal to about 100 per in United States private investments abroad. cent of its annual imports; this ratio is about United States private investment abroad twice as high as that of any other major inconsisted overwhelmingly of long-term asdustrial country. sets, however, while short-term dollar hold- For the free world as a whole, other than the United States, the increase in gold and ings constituted the bulk of all foreign indollar holdings during the past three years vestment in the United States. was just about in line with the expansion in In the period 1947-56, United States priforeign trade; thus the ratio of gold and vate net investment abroad amounted to dollar holdings to imports changed very $12 billion, and 85 per cent of this amount little. The largest increases in gold and represented long-term assets, largely direct dollar holdings in 1956 accrued to countries investment in foreign branches and subsidwhose reserves were already considered ade- iaries of United States enterprises. In the quate—Germany, Switzerland, Canada, and same period 80 per cent of the $11 billion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL GOLD AND DOLLAR FLOWS 255 CAPITAL FLOWS TO AND FROM THE UNITED STATES CONCLUSIONS [Net flows, in millions of dollars] Two aspects of international gold and dollar flows in 1956 give promise of continued sta- Foreign investment { Private in U. S. bility in international financial relations: Year i in'vest- | ment First, the international position of major \ abroad Short- Longtrading countries has apparently become term term i .. . . strong enough to withstand political, as well I 1947 ' 987 636 -98 as economic, shocks. The Suez crisis did 1948 I 906 602 -172 not precipitate a disruption of the mecha- 1949 { 553 -100 119 1950 1 1,265 1,027 995 nism of international payments, and there 1951 : 1,068 657 -501 was no serious flight into gold. No major 1952 : 1,158 1,244 443 industrial country found it necessary to raise 1953 • 369 1,102 124 1954 * 1,619 1,275 252 further barriers in its international trade 1955 l 1,153 682 873 1956* i 2,746 1,328 378 and payments relations. Second, the International Monetary Fund, Total, 1947-56...! 11,824 8,453 2,413 by granting large drawing and standby fap Preliminary. cilities to the United Kingdom, helped to SOURCES.—Short-term foreign investment and U. S. Govt. securities, Federal Reserve; other series, U. S. Department of Commerce. stem the speculative attack on sterling that developed in the course of the Suez crisis, of net foreign investment in the United States and helped to halt the decline in the gold represented short-term holdings. reserves and dollar holdings of the United United States Government lending Kingdom. It thus fulfilled its function of abroad, while very large in the immediate preventing international financial disturbpostwar period, has been much smaller than ances from reversing the trend toward inprivate investment in recent years. tegration of the world economy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Preliminary Findings of the 195J Survey of Consumer Finances PRELIMINARY FINDINGS of the twelfth incomes of $5,000 or more in 1956, comannual Survey of Consumer Finances in- pared with 36 per cent in 1955 and 26 dicate that consumers, with financial posi- per cent in 1952. In 1956, 17 per cent tions improved during 1956, continue opti- of all spending units reported incomes of mistic about the future and plan to make $7,500 or more; this proportion was twice major expenditures to about the same ex- as large as in 1952 and somewhat larger tent as last year. The Survey, conducted in than a year ago. Incomes covered by the January and February 1957 by the Board Survey include total money incomes before of Governors of the Federal Reserve System taxes of all members of the spending unit. in cooperation with the Survey Research The number of respondents reporting Center of the University of Michigan, in- one or more types of liquid assets increased cluded interviews with approximately 3,000 during the year. About 75 per cent of all spending units in 66 sampling areas through- spending units reported holding checking out the United States.1 accounts, savings accounts, savings and The increase in the value of total output loan or credit union shares, or United States last year was reflected in an increase in Government securities early in 1957, comconsumer incomes as reported to the Sur- pared with 72 per cent a year earlier. The vey of Consumer Finances. About 41 per increase in the number of holders was cent of all spending units reported total largely accounted for by spending units with total liquid assets of less than $500. 1 Preliminary data for 1957 are based on the first In early 1957, 45 per cent of all nonfarm 2,700 spending units reporting and have not been adspending units reported that they were justed for differential response rates. Final data covering all 3,000 spending units and adjusted for differential earning more than a year ago; this is the response rates will be available at a later date. In past largest proportion since 1953. Increases years differences between preliminary and final data have been small. were widely distributed among the various A spending unit, as defined in the Survey, consists occupational groups. About 40 per cent of of all related persons living together who pool their incomes. Husband and wife and children under 18 all spending units—the same proportion as living at home are always considered to be members of in 1956—reported that they were better the same spending unit. Other related persons in the household are separate spending units if they earn off than a year earlier. Increases in wages more than $15 a week and do not pool their incomes. and salaries were reported more frequently The Survey of Consumer Finances, like other sample surveys of this type, is subject to sampling as well this year than in either 1956 or 1955, but as response errors. As a result of such factors, undue there was also more frequent reference to importance should not be attached to small changes in higher prices as a factor tending to worsen the data from year to year. For a discussion of sampling and other errors in Survey data and a table of financial positions. sampling errors, see the Federal Reserve BULLETIN for July 1956, pp. 696-701. About 40 per cent of all spending units 256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1957 SURVEY OF CONSUMER FINANCES 257 expect further increases in their incomes 60 per cent of all spending units expect during 1957; this proportion is slightly general business conditions to be good durlarger than in 1956 or 1955 and consid- ing the next 12 months, while only 13 per erably larger than in 1954. Most respond- cent anticipate unfavorable conditions. Exents anticipating income increases in 1957 pectations concerning general business conexpect higher wage and salary rates. About ditions are similar to those reported early PRELIMINARY RESULTS OF THE FEDERAL RESERVE SURVEY OF CONSUMER FINANCES IN EARLY 1957, WITH FINAL RESULTS FOR EARLY 1952-56 x [Percentage distribution of spending units] Consumer Consumer financial 1957 1956 1955 1954 1953 1952 plans and 1957 1956 1955 1954 1953 1952 positions expectations Money income in prior year, before taxes Plans to purchase4 Under $1,000.. . 9 11 10 10 11 13 $1,000-$ 1,999... 12 12 13 13 14 15 House3 8.4 9.4 9.4 6.6 8.8 6.4 $2,000-$2,999... 12 13 14 14 16 18 Home improv. and $3,OOO-$3,999... 12 14 17 16 18 IS maint.3 5 , 24.0 22.2 22.0 19.6 16.9 $4,000-$4,999... 14 14 14 16 15 15 New automobile 8.4 8.4 8.2 7.9 9.0 $5,0OO-$7,499... 24 22 21 21 17 14 Used automobile 8.0 7.2 7.5 6.4 6.2 6.0 $7,500-$9,999... 9 8 6 5 5 4 Furniture and appli- $10,000 and over 8 6 5 .5 4 3 ances 28.8 28.0 28.5 26.9 31.9 23.2 All cases 100 100 100 100 100 100 Median planned expenditure ? Liquid asset holdings2 New automobile $2,900 $2,810 $2,800 $2,570 $2,500 $2,340 Zero 25 28 29 29 31 Used automobile 920 800 810 750 950 $1-$199 17 15 17 16 17 Furniture and appli- $200-$499 13 12 12 12 13 ances 300 290 290 330 330 300 $500-$999 12 12 10 11 9 Home improv. and $1,000-$ 1,999... 10 11 10 12 10 maint.3 5 460 370 330 300 $2,000-$4,999... 13 12 12 11 12 $5,000-$9,999... 5 6 6 5 5 $10,000 and over 5 4 4 4 3 Expected change in income rate3 All cases 100 100 100 100 100 100 Past change in income rate3 Making more year from now 40 37 39 34 36 No change 35 36 36 33 30 Making more than year Making less year from ago 45 41 38 41 48 46 now 10 8 N M o a k c i h n a g n g le e ss than year 36 38 37 34 32 33 Unce ta rt i a n i e n d , not ascer- 19 23 26 ago 17 18 23 23 16 17 Not ascertained 2 3 2 2 4 4 All cases 100 100 100 100 100 100 All cases 100 100 100 100 100 100 Expected general business conditions8 Evaluation of own financial situation Good times 60 64 59 43 (6) Better off than year ago. 40 40 38 33 Fair times 7 5 5 8 (6) No change 35 35 33 29 Bad times 13 9 12 25 (6) Worse off than year ago. 23 23 26 35 Uncertain, not ascer- Not ascertained 2 2 3 3 tained 20 22 24 24 (6) All cases 100 100 100 100 100 100 All cases 100 100 100 100 (6) 1 Preliminary data for early 1957 are based on the first 2,700 spend- 5 Includes only planned expenditures of $50 or more for improveing units interviewed and have not been adjusted for nonresponse. ment and maintenance of home. Data for previous years are based on complete surveys and adjusted 6 Data not available. r nonresponse. 7 Data for automobiles are based on planned expenditures of spend- 2 As of Jan. 1, 1952, and at time of interview in January, February, ing units that reported they would or probably would buy or had aannddd eeaarrllyy MMaarrcchh ooff ootthheerr yyeeaarrss;; lliiqquuiidd aasssseettss iinncclluuddee aallll ttyyppeess ooff already bought; data for other items include, in addition, planned U. SS. GGoovveerrnnmmeenntt bboonnddss, cchheecckkiinngg aaccccoouunnttss, ssaavviinnggss aaccccoouunnttss iinn expenditures of spending units that reported they possibly would banks, postal savings, and shares in savings and loan associations buy. Medians shown are interpolated from bracket amounts. Data and credit unions; currency is excluded. for some earlier years have been revised. 3 Includes only nonfarm spending units. * Data are based on question: "Now considering the country as a 4 Percentage of spending units that reported they would, probably whole, do you think that during the next 12 months we will have would, or possibly would buy or that had already bought in Survey good times or bad times, or what?" year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BULLETIN • MARCH 1957 in 1955, although slightly less optimistic portion of spending units than a year ago than in 1956. Early in 1954, expectations reported intentions to make expenditures of of unfavorable conditions were reported by $50 or more on home improvement and 25 per cent of all spending units. maintenance, and the average amount that Plans of consumers to purchase major they planned to spend was substantially items showed little change from early 1956. larger. There was little change in plans to The proportion of spending units report- purchase furniture and household appliing that they would or might buy new or ances. used automobiles during the year was un- The data shown on buying plans include changed at 16 per cent, about equally di- spending units that reported they would or vided between new and used cars. Pros- might buy such items during the year as pective purchasers of both new and used well as those that had made purchases in cars, however, reported intentions to spend 1957 before the date of interview. These somewhat more on the average than a year data serve as an index of the attitudes of ago. The proportion expressing plans to consumers toward such purchases early in purchase automobiles within three years the year, but are not a forecast of the numwas somewhat larger early in 1957 than ber of purchases that will actually be made in other recent years. during the year. Many consumers do not There was a slight decline from last year plan purchases, especially small purchases, in the proportion of consumers reporting as much as a year in advance, and others plans to purchase new or existing houses may not carry out purchase plans for variduring the year. A somewhat larger pro- ous reasons. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest Rates on Farm Loans INTEREST RATES on farm loans outstand- As suggested by the generally higher value ing at insured commercial banks on June of assets of the farm sector in 1956 than in 30, 1956 averaged 6.1 per cent. This was 1947 and the still relatively favorable ratio 0.4 of a percentage point higher than the of aggregate debts of farmers to their assets, average rate reported in a similar Survey net worth of farm borrowers averaged in mid-1947. The regional pattern of rates higher than in 1947. Gross cash receipts on was similar to that of 1947 with higher which farmers draw to pay carrying charges rates prevailing in the Southwest and West on debt and to repay debt aggregated about than in the Corn Belt and some parts of the the same in both years, but net income in East. Rates on farm loans appear to have 1956 was about one-fourth below 1947. advanced somewhat less over the period than Farmers with net worths under $10,000 acrates paid by small business concerns for counted for 40 per cent of the total number bank loans of similar size. of non-real-estate loans in 1956 compared The structure of interest rates on farm with 70 per cent in 1947; those with net loans shown in the 1956 Agricultural Loan worths of $10,000 to $25,000 accounted Survey was similar in many respects to for 31 per cent compared with 19 per cent that in 1947 despite changes in the com- in 1947, and those with net worths of $25,position and in the dollar amount of loans. 000 and over, 23 per cent compared with In the more recent year, the amount of 9 per cent. loans secured by farm real estate made up Small loans continued to carry signifa smaller portion, and those secured by chat- icantly higher rates than large loans. As tels a larger portion, of the farm loan port- in 1947 there was considerable concentrafolios of banks. The proportion of loans tion of rates at the 6.0 per cent level. In repayable in instalments was greater than both years, average rates on loans secured in 1947. The dollar volume of loans was by real estate were about 1 percentage point more than double that of 1947, and the lower than rates on loans otherwise secured. average note was three-fifths larger. As between different borrowers, rates varied most with size of note. They also NOTE.—This is the last of a series of articles re- varied considerably with creditworthiness porting the findings of the Agricultural Loan Survey made in 1956 by the Federal Reserve System. The as measured by net worth, with method of first article was published in the Federal Reserve repayment, and security of loan. Smaller BULLETIN for November 1956, the second in the BULLETIN for January 1957, and the third and fourth variations appeared for other loan characin the BULLETIN for February 1957. teristics—purpose, maturity, and renewal The present article was written by Wilellyn Morelle status—and for such borrower characterisof the Board's Division of Research and Statistics. Data for the Survey are from a sample of about 1,600 tics as tenure. insured commercial banks in all major areas of the Some rate differences related to general United States, including nonmember banks as well as member banks of the Federal Reserve System. economic and institutional characteristics of 259 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN • MARCH 1957 the various regions of the country, for which negotiating and administering loans. Inthe Survey provided no measures. In areas terviewing and investigating applicants, apwhere agriculture is characterized by small praisal of security, closing and collecting units and variable incomes, as in some re- loans, and keeping records are some of these gions of the South, rates may have been basic expense items. In addition, special higher, because of poorer risks, than in areas services such as counseling on farm financial with larger farms and more stable incomes, management may be provided by a bank like the Corn Belt. Sharp fluctuations in officer with special knowledge of farming. demand for loans in areas with highly sea- Since the dollar total of these expenses may sional farming activities may have been re- be little more for a large loan than for a flected in higher rates on loans. In some small one, the expense is a smaller proporregions relative scarcity of capital funds tion of the amount loaned. This tends to contributed to higher rates of interest gen- make interest rates decrease as size of loan erally, including those on farm loans. increases. In some cases, and probably Bank rates on farm loans are influenced more commonly than for larger loans, such by competition with other lenders, primarily costs on small loans may be reflected in the agencies supervised by the Farm Credit service charges or fees in addition to the Administration (the production credit as- quoted rate. sociations and the Federal land banks), in- Lower rates on large loans also reflect the surance companies, and individuals. The bargaining power of large-scale borrowers; degree of competition varies from one local- banks wish to hold the business of such bority to another and among different types of rowers and therefore tend to give them more loans. Prevailing rates on obligations in favorable terms. On the other hand, banks broader markets indirectly affect the rates may tend to lend at usual rates in varythat farmers pay, through competition for ing amounts on informal lines of credit to funds which otherwise might be invested in their regular customers; this moderates vafarm loans. riations in interest rates and is reflected in the concentration of rates around 6 per cent. SIZE OF LOAN Notes arranged by size and by interest The size of loan is the most important factor rate in Table 1 clustered around 6.0 per affecting the interest rate paid by a farmer cent in all size groups. More than two-fifths for bank credit. The 1956 Survey shows of the number of notes outstanding had rates that rates at all insured commercial banks of 6.0 per cent, and about a tenth had rates ranged from an average of 7.4 per cent for under 6.0 per cent. Almost half had rates notes under $500 to 5.3 per cent for notes of 7.0 per cent or more; this group included of $25,000 or more, a difference of 2.1 per- many small notes and the total was only centage points. This inverse relation be- about one-fifth of the amount of farm loans tween interest rate and note size existed outstanding. Though 6.0 per cent was the for loans cross-classified by security, ma- most frequent rate in each size group, the turity, purpose, and repayment method, and median rate for notes under $500 was 7 per by such borrower characteristics as net cent and for notes of $10,000 and over, 5 worth and farm tenure. per cent. Interest rates reflect certain basic costs of The range in average interest rates as- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON FARM LOANS 261 TABLE 1 FARM LOANS BY INTEREST RATE AND SIZE OF NOTE, JUNE 30, 1956 [Loans outstanding at insured commercial banks] Size of note1 Annual interest rate All (in per cent) notes Under $250- $500- $1,000- $2,000- $5,000- $10,000- $25,000 $250 $499 $999 $1,999 $4,999 $9,999 $24,999 and over Number of notes (in thousands) All rates 3,528 804 626 715 611 526 165 68 13 Less than 5.0 79 1 1 3 8 22 27 15 2 5 0 264 8 11 29 52 87 50 22 5 5 15 9 27 1 2 5 8 6 3 2 60 1,563 303 252 334 310 269 66 25 4 6.1-6.9 20 6 3 4 3 4 1 (2) 70 482 146 108 109 67 45 6 1 7.1-8.9 636 217 137 135 89 50 6 2 9 0-9 9 .... 45 8 9 11 11 5 1 10.0-10.9 161 52 38 33 24 13 1 (2) 11 0-119 26 7 6 6 5 2 12.0-12.9 161 41 40 34 30 15 1 (2) 13.0 and over 64 17 19 13 8 5 1 Percentage distribution All rates 100 100 100 100 100 100 100 100 100 Less than 5 0. 2 1 4 16 21 19 5.0 7 9 17 30 32 37 5 1-5 9 1 (3) (3) (3) 1 4 5 14 6.0 44 38 40 47 51 51 40 37 30 6169 1 1 1 j 1 7.0 14 18 17 15 11 9 2 7 189 18 27 22 19 14 9 4 2 9 0-9 9 1 1 2 2 10 0-10 9 5 7 6 5 4 2 1 (3) 11 0-119 1 1 1 1 12.0-12.9 5 5 6 5 5 3 (3) 13.0 and over 2 2 3 2 1 (3) Average rate: 6.1 7.4 7.4 7.1 6.9 6.4 5.6 5.4 5.3 Median . 6.0 7.0 7.0 6.0 6.0 6.0 5.5 5.0 5.0 1 When originally made or (if renewed) when last renewed. 4 Rates are weighted by amounts outstanding. The mean rate is 2 Less than 500 notes. used throughout the article. 3 Less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. sociated with variations in size of note was these districts were also higher, by 0.1 to wider in the West and parts of the South 0.4 of a percentage point, than for the counwhere interest rates generally are higher than try as a whole. The structure of rates was in other regions of the nation (Table 2). lower and the spread somewhat less in the In the Dallas Federal Reserve District rates Mid-West and in parts of the East than the ranged from 8.7 per cent on loans under average for the country. $250 to 5.7 per cent on loans of $25,000 PURPOSE OF LOAN and over, a spread of 3.0 percentage points. Spreads almost as wide occurred in the San Interest rates averaged 6.2 per cent on farm Francisco, Kansas City, and Atlanta Dis- loans for current expenses, 6.7 per cent on tricts. In the Dallas and San Francisco loans for intermediate-term investment pur- Districts rates on small loans were from 1.0 poses, and 5.2 per cent on loans to buy real to 1.3 percentage points above the average estate. Tables and some analysis of rates for the country. Rates on large loans in by size and purpose of loans were included Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN • MARCH 1957 TABLE 2 INTEREST RATES ON FARM LOANS, BY SIZE OF NOTE AND BY FEDERAL RESERVE DISTRICT, JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] Size of note1 Federal Reserve district si A z 1 e 1 s Under $250- $500- $1,000- $2,000- $5,000- $10,000- $25,000 $250 $499 $999 $1,999 $4,999 $9,999 $24,999 and over Boston 6.0 7.4 7.7 7.9 7.4 6.6 5.3 5.7 (2) New York .. 6.1 7.1 7.6 7.3 7.3 6.3 5.4 5.3 Philadelphia 5.2 6.8 6.8 6.4 6.1 5.6 5.1 5.0 Cleveland . .. 5.7 6.8 7.0 6.6 6.5 6.0 5.2 4.9 4.9 Richmond 5.9 6.5 6.6 6.6 6.6 6.0 5.4 5.1 4.7 Atlanta 6.5 7.7 7.5 7.3 7.0 6.6 6.0 5.5 5.1 Chicago.... 5.8 7.0 7.0 6.6 6.4 5.9 5.1 4.9 4.7 St Louis . . 6.4 7.4 7.3 7.1 6.8 6.4 5.8 5.5 5.7 Minneapolis 6.6 7.4 7.4 7.1 6.9 6.5 5.8 5.5 Kansas City 6.1 7.7 7.8 7.4 7.0 6.5 5.8 5.4 5.0 Dallas 7.0 8.7 8.7 8.1 7.7 7.2 6.5 5.9 5.7 San Francisco 6.1 8.4 8.4 7.7 7.3 6.8 5.9 5.7 5.4 All districts 6.1 7.4 7.4 7.1 6.9 6.4 5.6 5.4 5.3 1 When originally made or (if renewed) when last renewed. 2 Too few notes for a significant average. TABLE 3 INTEREST RATES ON FARM LOANS, BY PURPOSE AND SIZE OF NOTE, JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] Loans outstanding Size of note* All Purpose of loan Number Amount sizes of notes (in mil- Under $250- $500- $1,000- $2,000- $5,000- $10,000- $25,000 (in thou- lions of $250 $499 $999 $1,999 $4,999 $9,999 $24,999 and over sands) dollars) All loans 3,528 5,050 6.1 7.4 7.4 7.1 6.9 6.4 5.6 5.4 5.3 Current expenses 1,697 1,903 6.2 7.2 7.1 6.8 6.5 6.2 5.9 5.7 5.3 Feeder livestock operations. 134 497 5.5 7.0 6.5 6.4 5.9 5.7 5.6 5.4 5.1 Current operating and living expenses 1,564 1,406 6.4 7.2 7.1 6.8 6.6 6.3 6.0 5.8 5.4 Intermediate-term investments. 1,325 1,685 6.7 8.1 8.1 7.6 7.3 6.8 5.9 5.6 5.4 Other livestock 234 447 6.1 7.2 7.1 6.8 6.5 6.4 5.9 5.7 5.4 Machinery, etc 723 781 7.1 7.8 7.8 7.5 7.4 7.1 6.3 6.1 6.0 Consumer durable goods. .. 215 138 8.5 10.0 9.8 8.8 8.3 8.2 Improvement of land and buildings 153 319 5.8 7.4 7.8 7.4 6.6 6.0 5.4 5.2 5.1 Farm real estate purchase 216 883 5.2 6.9 7.1 6.3 6.1 5.7 5.1 4.9 5.0 Repayment of debt 152 346 5.9 7.3 7.4 7.0 6.6 6.2 5.7 5.4 5.1 Other, or not ascertained 137 233 5.9 7.1 6.9 6.5 6.2 6.1 5.5 5.5 5.5 1 When originally made or (if renewed) when last renewed. 2 Too few notes for a significant average. in preceding articles.1 In general, differ- rates declined as the size of the loan inences in rates related less to the purpose of creased. In most size groups, loans to fithe loans than to other characteristics. nance intermediate-term investment carried In each purpose group, as Table 3 shows, higher rates than loans for other purposes, while loans to buy real estate, which usually 1 Information on interest, rates on all loans by are secured by real estate mortgage, carried purpose appeared in the BULLETIN for Nov. 1956, p. 1173; on loans for intermediate-term investment the lowest rates. purposes, in Jan.. 1957, pp. 16-17; on loans for cur- Among loans to finance intermediaterent expenses and to buy real estate, in Feb. 1957, pp. 132 and 141, respectively. term investments, the difference in rates was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON FARM LOANS 263 most pronounced for the smaller size classes enterprises, which are concentrated in cerwhere loans to buy farm machinery and con- tain regions. sumer durable goods were concentrated. Loans for such purposes, with rates averag- LOAN CHARACTERISTICS ing 7.1 and 8.5 per cent, respectively, were Some variations in interest rates were found frequently repayable in instalments with in- for characteristics such as security, maturity, terest charged on the original amount. As method of repayment, and renewal status of will be indicated later, loans with interest the loans (Table 4). In general, these vacharged in this manner had the highest in- riations were greater for small loans than terest rates. The intermediate-term invest- for large loans. ment loans in larger size groups were fre- Security. Although security requirements quently made for the improvement of land are strongly influenced by custom and tradiand buildings and for the purchase of live- tion, which vary by region and by bank, they stock (other than feeder stock), and rates are one expression of the lender's judgment were not appreciably different from similar of the risk involved in a loan. Small and size loans for other purposes. medium-size loans showed significant va- Rates on loans for the purchase of feeder riation in rate when classified by security. livestock were consistently lower, for loans For loans in size groupings under $5,000, of the same size, than those for other current average interest rates differed 1 percentage operations or for the purchase of other live- point or more for different types of security. stock. This rate differential is explained in Almost half of the number of notes outpart by the better credit standing of the standing on June 30 were secured by chattel large scale operations typical of feeding mortgages and these notes had the highest TABLE 4 INTEREST RATES ON FARM LOANS, BY SELECTED LOAN CHARACTERISTICS AND SIZE OF NOTE, JUNE 30. 1956 [Average annual rate at insured commercial banks, in per cent] Amount Size of notex outstanding All Loan characteristic (in millions sizes of dollars) Under $500- $1,000- $5,000- $10,000 $500 $999 $4,999 $9,999 and over All loans . . 5,050 6.1 7.4 7.1 6.5 5.6 5.3 Security2: Unsecured.... . . ... 1 109 5.9 6.9 6.4 5.9 5.6 5.3 Endorsed.. 260 6.3 6.9 6.7 6.4 5.7 5.4 Chattel mortgage 2,179 6.8 8.1 7.7 7.2 6.3 5.7 Farm real estate mortgage 1,301 5.5 7.3 6.7 5.9 5.3 5.2 Repayment method: Single payment 3,482 6.1 6.9 6.7 6.2 5.7 5.4 Instalment—interest charged on the unpaid balance 1,306 5.5 6.9 6.7 6.0 5.2 5.1 Instalment—interest charged on the original amount 264 10.7 11.6 11.0 10.7 9.8 9.1 Maturity: Demand 398 5.6 6.7 6.4 5.9 5.4 5.2 1—6 months 1,914 6.1 7.0 6.7 6.2 5.8 5.4 9 months—1 year 1,286 6.4 7.9 7.3 6.6 5.9 5.6 15 months—5 years ... 889 6.8 9.6 8.7 7.5 5.7 5.3 Over 5 years 564 5.0 6.3 5.7 5.4 4.9 4.9 Renewal status: Unrenewed 3 257 6.2 7.6 7.3 6.7 5.5 5.2 Renewed by plan 1,294 5.9 6.6 6.5 6.2 5.7 5.4 Renewed other 496 6.3 7.2 7.0 6.6 6.1 5.7 1 When originally made or (if renewed) when last renewed. 2 Loans secured by Government guarantee or by "other" security not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN • MARCH 1957 rate in each size group. This differential sizes of loans, and the rising proportion of may largely reflect a greater risk ascribed loans to buy real estate within this security to these loans—indicated by the fact that grouping. lenders were not willing to make the loans Maturity and repayment method. In order on an unsecured basis. The importance of to relate both maturity and repayment chattel-secured loans in bank portfolios re- method to interest rates, average rates for a flects the substantial proportion of farm as- single size-group of loans are shown by masets invested in chattels and the practice at turity groupings and by the three repayment many banks of taking as security for the methods—single-payment, instalment with loan the chattel purchased with the proceeds interest charged on amount outstanding, and of the loan. In some regions it is customary instalment with interest charged on the origfor banks to require some security for loans inal balance (Table 5). The size-group regardless of the creditworthiness of the bor- selected is the middlemost, $l,000-$4,999, rower, and chattels are a convenient secu- which included a substantial proportion of rity. all bank loans to farmers—one-third of the Rate differentials between chattel-secured number and two-fifths of the amount. and other loans were widest for the smallest Rates on single-payment loans were genloans—reflecting concentration in this size erally a little higher than rates on instalgroup of instalment loans with interest paid ment loans of similar maturity with interest on the original amount. Rates on loans for charged on the unpaid balance. intermediate-term investment secured by Interest rates varied slightly by maturity chattel mortgages averaged 8.5 per cent for for loans of similar size and similar repayloans of less than $500. This was about 1 ment method. Among single-payment loans percentage point above the rate for loans of and instalment loans with interest paid on the same size and purpose secured by en- the outstanding balance, rates on loans with dorsement or by farm real estate, and 1.5 maturities of 9 months to 1 year were higher percentage point above that on unsecured than on loans of shorter maturities, on deloans. The relatively high rate for loans on mand loans, and on loans with maturities chattel mortgage was less evident on notes of more than 5 years. of $10,000 and over. The method of charging interest on in- Loans secured by farm real estate carried stalment loans had a marked effect on inlower interest rates than any other security terest rates. Where interest is charged on group, except among the smaller loans. A the current unpaid balance, the average rate relatively high rate on small loans secured —for loans with similar characteristics, esby real estate reflected the greater frequency pecially size—did not vary greatly from in these sizes of the use of real estate security rates on single-payment loans. A substanfor loans for current expenses or interme- tial proportion of instalment notes and esdiate-term purposes—with typically higher pecially those for large amounts were of this rates than for the purchase of land. The de- type. Where interest is charged on the origcline in average rate as size of loan increased inal amount throughout the life of the loan, was more rapid for loans secured by real however, the interest rate was much higher. estate than for other types of security, reflect- It averaged 10.7 per cent for all such instaling both the usual decline in rates on larger ment loans of this type, varying little by ma- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON FARM LOANS 265 TABLE 5 INTEREST RATES ON FARM LOANS OF SPECIFIED SIZE, BY REPAYMENT METHOD, MATURITY, AND PURPOSE JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] $1,000-54,999 notes i Inter- Repayment method and maturity pur A po ll ses e C x u pe rr n e s n e t s m in e te v d r e i m a s t t e - - e R st e a a te l na R n e c f i i n - g Other ments Single payment 6.2 6.3 6.3 5.8 6.3 6.0 Demand 5.9 6.0 5.9 5.6 5.9 5.7 1-6 months 6.2 6.2 6.2 6.0 6.3 5.9 9 months-1 year. . , 6.4 6.5 6.4 6.1 6.6 6.2 15 months-5 years. 5.9 6.0 6.2 5.4 5.4 6.1 Over 5 years 5.1 ) 5.0 Instalment—interest charged on unpaid balance. 6.0 6.2 6.3 5.5 5.7 5.8 1-6 months 5.9 6.0 5.9 5.7 6.0 5.7 9 months-1 year 6.2 6.2 6.4 5.7 6.0 6.5 15 months-5 years 6.2 6.5 6.4 5.7 5.8 5.9 Over 5 years 5.4 5.5 5.4 5.3 5.5 5.3 Instalment—interest charged on original amount. 10.7 10.2 10.7 9.8 11.5 10.7 1-6 months 11.0 11.1 10.9 9 months-1 year 10.8 9.5 11.1 10.4 15 months-5 years 10.6 10.7 10.6 9.0 11.0 10.4 Over 5 years 10.9 1 Size of note when originally made or (if renewed) when last amount of farm loans outstanding at insured commercial banks on renewed. Notes of $ 1,0CO-$4,999 are the middlemost groups ($ 1,000- June 30, 1956. $ 1,999 and $2,000-$4,999) of the size groupings shown in Table 1; 2 Too few notes for a significant average. they accounted for 32 per cent of the number and 40 per cent of the turity groups. While this rate was about 4.6 Renewal status. Almost 30 per cent of percentage points higher than the rate on the 3.5 million notes outstanding on June farm loans repaid by other methods, it was 30, 1956 had been renewed—one-fifth as about the same as the rate on similar instal- planned at the time they were made and onement loans paid by nonfarm borrowers, such tenth for other reasons. Rates on the large as buyers of new automobiles. volume of unrenewed notes were higher than While instalment loans with interest those on notes renewed by plan, especially charged on the original balance formed only for medium-size and small notes (Table 4). 11 per cent of the total number and 5 per The unrenewed loans included practically all cent of the total amount of farm loans, they of the instalment loans with interest paid on constituted a substantial portion in certain the original amount, on which interest rates classifications, especially among small notes were typically high. Also, where a singlefor intermediate-term investments with mapayment note had been renewed, probably turities of 1-3 years, and among loans that the size of the note when last renewed was the banks acquired by purchase. Some 85 often less than the original amount loaned, per cent ($224 million out of $262 million) of all the loans with interest charged while the interest rate on the renewed note on original amount were for intermediate- was frequently the rate that had been fixed term investment purposes. Of the $224 for the larger original note. These factors million, $145 million had been acquired probably explain a considerable part of the from dealers. difference in rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN • MARCH 1957 BORROWER CHARACTERISTICS middlemost of the size groups. On loans Within each size-group of loans, interest for current expense purposes in this group, rates on farm loans varied somewhat ac- the farmer borrower with net worth under cording to such borrower characteristics as $10,000 paid interest at about 7.0 per cent, net worth, type of tenure, and type of farm. compared with 6.5 per cent for a farmer Net worth. Farmers with large net worths with from $10,000 to $25,000, and 6.0 appeared to be considered better risks than per cent for a farmer with a net worth of farmers with medium-size or small net $25,000 and over. worths, and they were charged lower rates Borrowers with small net worths and of interest, especially for smaller loans large loans, most of which were secured by (Table 6). For the smaller loans, the chattels and farm real estate, paid rates that average interest rate in mid-1956 was compared favorably with rates on similararound 1 percentage point lower for bor- size loans by borrowers with larger net rowers in the largest net worth group ($25,- worths. These borrowers apparently had 000 and over) than for borrowers in the other characteristics related to creditworthismallest net worth group (less than $3,- ness (including strong endorsements or 000), irrespective of the purpose of the loan. guaranties in some cases) sufficiently favora- The differential narrowed as size of loan ble to warrant lower interest rates. increased and almost disappeared for the Tenure. Within net worth groups under largest loans. $25,000 and for loans secured by other This characteristic of the interest rate than farm real estate, tenants paid instructure of farm loans can also be viewed terest at lower rates than owner-operators by looking at loans of $l,000-$4,999, the on loans of similar size for current expenses TABLE 6 INTEREST RATES ON FARM LOANS, BY NET WORTH OF BORROWER, PURPOSE, AND SIZE OF NOTE, JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] Amount Size of note * outstanding Purpose of loan and net worth of borrower (in millions All sizes of dollars) Under $500- $1,000- $5,000- $10,000 $500 $999 $4,999 $9,999 and over All purposes* 5,050 6.1 7.4 7.1 6.5 5.6 5.3 Under $3,000 159 7.4 7.8 7.7 7.1 5.9 $3,000-$9,999 840 6.8 7.6 7.3 6.8 5.6 5.2 $l0,000-$24,999.. 1,428 6.3 7.1 7.0 6.5 5.6 5.5 $25,000 and over. 2,509 5.7 6.9 6.6 6.2 5.6 5.3 Current expenses: Under $3,000 78 7.3 7.5 7.4 7.0 $3,000-$9,999 271 7.0 7.3 7.1 6.9 6.4 $10,000-$24,999.. 422 6.5 6.9 6.7 6.5 6.1 6.2 $25,000 and over. 1,123 5.8 6.7 6.4 6.0 5.8 5.4 Intermediate-term investments: Under $3,000 55 7.9 8.6 8.1 7.4 a $3,000-$9,999 341 7.3 8.1 7.7 7.3 6.0 $10,000-$24,999 545 6.7 7.7 7.3 6.8 5.9 $25,000 and over 665 6.1 7.6 7.2 6.6 5.8 5.5 Farm real estate purchase: Under $3,000 10 6.1 7.9 7.1 6.3 $3,000-$9,999 141 5.5 6.8 6.3 5.9 $10,000-$24,999 305 5.3 6.4 6.1 5.7 5.2 5.2 $25,000 and over 408 5.1 6.1 5.5 5.2 5.0 1 When originally made or (if renewed) when last renewed. classes include notes made for repayment of debts and miscellaneous 2 Total includes about $100 million of notes acquired by banks purposes, not shown separately. for which net worth information was not reported, and all net worth 3 Too few notes for a significant average. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES ON FARM LOANS 267 TABLE 7 7 by net worth and tenure of borrower for loans in the middlemost size group, $1,000- INTEREST RATES ON FARM LOANS OF SPECIFIED SIZE, BY NET WORTH AND TENURE OF BORROWER $4,999. AND BY PURPOSE, JUNE 30, 1956 Wide regional differences in rates were [Average annual rate at insured commercial banks, in per cent] concealed, however, by the national aver- $1,000-54,999 notes not secured by ages. The favorable differential for tenants farm real estate1 prevails primarily in the Corn Belt and ad- Net worth and tenure Inter- jacent areas where tenants included a large of borrower All mediate- Current Refip p o u se r- s2 in te v r e m st- expenses nancing number of operators with substantial assets ments in machinery, livestock, and other chattels, All net worths: who rent land, and who may have a better Owner-operator 6.6 7.0 6.2 6.5 Tenant or cropper.... 6.8 7.0 6.6 6.8 production potential than owner-operators Under $3,000: with the same net worths invested largely in Owner-operator 7.6 8.0 7.5 (3) Tenant or cropper.... 7.2 7.4 7.0 7.1 land. Many loans to such tenants may also $3,000-$9,999: have been on feeder cattle which carry a Owner-operator 7.4 7.6 7.0 7.0 Tenant or cropper.... 6.9 7.1 6.7 6.7 low rate. In the South, tenants or croppers $10,000-$24,999: Owner-operator 6.8 7.1 6.5 6.6 paid interest at slightly higher average Tenant or cropper.... 6.6 6.7 6.4 7.3 rates for non-real-estate secured loans than $25,000 and over: Owner-operator 6.3 6.7 6.0 6.2 did owner-operators with similar net worths. Tenant or cropper.... 6.6 7.0 6.4 5.7 In other regions variations in rates related to 1 Size of note when originally made or (if renewed) when last renewed. tenure were not clearly defined. 2 Excluding farm real estate purchase, but including other purposes not shown separately. Type of farm. The Survey data showed 3 Too few notes for a significant average. some variation in interest rates that could be or for intermediate-term investments. In directly related to the type of farm operated order to eliminate the effect of size of loan, by the borrower. Farmers operating cotton average interest rates are arranged in Table farms, and borrowing $l,000-$4,999, paid TABLE 8 INTEREST RATES ON FARM LOANS OF SPECIFIED SIZE, BY TYPE OF FARM AND BY FEDERAL RESERVE DISTRICT, JUNE 30, 1956 [Average annual rate at insured commercial banks, in per cent] $l,000-$4,999 notesi Federal Reserve district All types a M ni e m a a t l Dairy Poultry g C r a a s i h n Cotton p m O ro t a d h jo u e r r ct General Boston 6.9 8 6.8 6.3 6.3 7.3 New York 6.6 6.4 5.9 6.1 5.8 6.1 Philadelphia 5.8 5.9 5.6 5.2 6.0 5.7 Cleveland 6.1 s3 6.6 5.9 6.2 5.9 6.1 Richmond 6.2 6.5 6.0 5.9 6.4 6.2 6.1 Atlanta 6.7 5.8 7.0 6.9 6.6 6.6 6.6 6.8 Chicago 6.1 6.3 6.0 6.1 6.2 5.9 6.2 St. Louis 6.5 5.8 6.4 6.9 6.4 6.7 6.1 6.5 Minneapolis 6.6 6.3 6.3 6.6 6.8 6.4 6.7 Kansas City 6.6 6.6 7.3 6.0 6.5 7.8 7.3 6.8 Dallas 7.4 6.2 7.8 7.4 6.9 7.5 7.6 7.2 San Francisco 7.0 7.0 7.1 6.7 6.5 8.3 6.6 7.3 6.5 All districts 6.5 6.2 6.4 6.4 6.5 7.1 6.5 6.5 1 Size of note when originally made or (if renewed) when last 2 Too few notes for a significant average. renewed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN • MARCH 1957 the highest rates—7.1 per cent on the aver- size. Lending by small banks is concenage—regardless of the purpose of the loan. trated in the smaller loans, as one would ex- Farmers operating meat animal farms paid pect, while the large banks make the greater the lowest rates for current expense and in- proportion of the larger loans to customers termediate-term investment loans in the with higher net worths. Two-thirds of the same size grouping. Average rates on loans dollar amount of farm loans outstanding at for other types of farm were between these large banks in mid-1956 were to borrowers extremes (Table 8). Similar variations in with net worths of $25,000 and over, while rates occurred in other size-of-loan group- two-thirds of the loan balances at small ings. Rate differentials associated with pur- banks were to borrowers with net worths pose of loans were about the same for all under $25,000. types of farm. The interest rate structure differed greatly for farmers' notes purchased by banks from SIZE OF BANK merchants and dealers. The general level of rates on acquired loans was above that Average interest rates for total farm loan on direct loans for all sizes of banks and all portfolios varied by size of bank. The difsizes of loans. The differential was widest ferences between the small and the large at the large banks. Three-fourths of the banks was 0.7 of a percentage point (Table acquired notes were for the purchase of ma- 9). The highest average rate on direct loans chinery and another eighth for the purchase was at the small banks and the highest on of consumer durable goods. The notes were acquired loans was at the large banks. predominantly payable in instalments and for a large proportion of them the interest TABLE 9 was charged on the original amount of the INTEREST RATES ON FARM LOANS BY SIZE OF BANK AND SIZE OF NOTE, JUNE 30, 1956 loan. For three-eighths of the dollar amount [Average annual rate at insured commercial banks, in per cent] of acquired loans for all intermediate-term Size of Size of note1 investment purposes the interest was charged ba d n ep k o ( s t i o ts ta , l All in this manner, compared with about 6 per in millions sizes Under $500- $1,000- $5,000- $10,000 of dollars) $500 $999 $4,999 $9,999 and over cent of similar loans made directly. As was brought out earlier, the interest rate on such Direct loans loans was substantially higher than on other Under 3 6.3 7.2 7.0 6.4 5.7 5.4 3-10 5.9 7.1 6.8 6.2 5.5 5.4 categories. 10 and over. . 5.6 7.3 7.0 6.2 5.4 5.3 At the large banks, the proportion of Acquired loans farm loans, especially the small ones, made by acquiring notes from merchants and Under 3 7.8 8.0 7.7 7.8 7.1 8 3-10 7.8 8.1 7.8 7.9 6.8 10 and over.. 8.5 9.0 8.7 8.6 7.7 dealers was greater than at the small banks. 7.4 At some large banks this part of their busi- 1 Size of note when originally made or (if renewed) when last renewed, ness is handled by a special department. 2 Too few notes for a significant average. Purchased notes made up a greater propor- For direct loans, which are the greater tion of the farm loan business of the larger part of the farm loan business of banks, the banks in the New York, Richmond, Atlanta, difference in average rates by size of bank and Minneapolis Federal Reserve Districts practically disappears for loans of similar than in other parts of the country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest Rates on Savings Bonds THE IMPORTANCE OF the proposal before period. Some $41 billion are now held in you lies in the contribution it can make to the E and H series. This is an important the maintenance of the economic health and and substantial part of our debt structure progress of the country. Savings currently that should be maintained. are inadequate to meet the demands for Persistent net liquidation of savings bonds funds sought by most sectors of the econ- has recently produced cash drains that have omy. All of these demands could only be greatly complicated the task of managing met at present by creation of new supplies the Treasury's cash position. Any substanof money through the banking system. That tial further reduction in savings bond holdis the high road to inflation. To the extent ings would add to the problems both of debt that United States savings bonds are made management and monetary policy. more attractive to investors, more saving Yield increases from 3 to 3lA per cent and less spending should be encouraged. as proposed for E and H bonds are needed That is clearly in the public interest. if the investment returns available on these Carrying charges on the public debt are issues are not to lag too far behind returns of concern to all of us. They will almost obtainable from alternative uses of savings. surely be increased unless more savings are Historically, savings bonds held for extended drawn into and held in these securities. periods have typically provided yields above Otherwise, the Treasury will be obliged to those paid on competitive forms of savings go to the money markets for funds to re- such as savings deposits and marketable place these savings. And the floating of United States Government securities. marketable issues at this time can hardly be In 1956, however, the relationship beaccomplished at rates lower than those here tween yields on savings bonds and marketproposed. able United States Government securities This move to increase the interest rate on was reversed. Yields on other marketable Series E and H savings bonds is designed, debt also rose sharply. As a result, the to maintain the position of these securities Treasury Department was confronted with in our public debt structure and to maintain the largest liquidation of outstanding savthe traditional role of the small saver who ings bond debt in the history of the United purchases these bonds through the payroll States savings bond program, as well as with savings plan. The savings bond program a decline in sales of new bonds. has been well established over a 20-year In accordance with the general advance in interest yields during 1955 and 1956, NOTE.—Statement of Chairman Martin of the Board many banks raised the rates paid on savings of Governors of the Federal Reserve System on bills and other time deposits. In recognition of to increase the maximum interest rate permitted on United States Savings Bonds, before the Committee this trend and the need for additional savon Ways and Means of the House of Representatives, ings at a time of inflationary pressure, the Feb. 21, 1957. 269 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN • MARCH 1957 Board of Governors of the Federal Reserve E bonds. On the other hand, examination System and the Federal Deposit Insurance of past data indicates that sales of Series J Corporation at the end of 1956 raised the and K bonds and to a lesser extent sales of maximum permissible rates that commercial large denomination E and H bonds have banks may pay on time deposits. Many been more sensitive to changes in flexible banks announced increases in their rates— interest rates than has been true of smaller some for the first time and others on top of denomination bond sales. Thus, the Treasprevious raises. Following this adjustment, ury proposal to lower the purchase limits rates paid by some other savings institu- on E and H bonds and to discontinue Series tions such as savings and loan associations, J and K bonds would tend to reduce holdwhich in most cases exceeded rates at com- ings by large investors and make for greater mercial banks, also underwent further ad- stability in the over-all savings bond provances. gram. As a result, the competitive pressure on The proposed revision represents an adthe Treasury savings bond program was justment of fixed rates of return to advances greatly increased. Net redemptions rose that have already occurred in more flexible still further. Without some adjustment in interest rates. As such it would be unlikely the relative returns obtainable from savings to create expectations of further general rate bonds as compared with other forms of in- increases. General interest rate advances vestment, net liquidation of savings bond develop when the borrowing demands of debt is likely to continue at an accelerated businesses, consumers, and governments pace, further complicating the cash financ- outrun the supply of savings. An increase ing problems of the Treasury. in the over-all volume of savings would cer- Normal experience with United States tainly lessen upward pressures on interest savings bonds indicates that although such rates. issues are demand obligations, in the aggre- With the adoption of the Treasury progate outstanding savings bond debt tends to posal, current uncertainty over the revision remain fairly stable as long as interest re- of terms would be eliminated and the deturns are sufficiently favorable. This has clining trend in E and H bond sales so far been especially true of smaller denomination this year should be reversed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Bills to Amend the Clayton Act BEFORE DISCUSSING the bills now pend- tion upon the preservation of competition in ing before this Committee that would affect the field of banking. bank mergers, it may be helpful to describe Other provisions of existing law which briefly the nature of the Board's functions vest limited authority in this general field in and responsibilities in this general field the bank supervisory agencies are those of under existing law. Section 18(c) of the Federal Deposit In- At present the Board is vested with au- surance Act. Under that section, the Board, thority to enforce the provisions of the Clay- the Comptroller of the Currency, and the ton Antitrust Act where applicable to banks. Federal Deposit Insurance Corporation, in Section 7 of that Act prohibits any corpora- their respective areas of authority, are retion from acquiring the stock of other cor- quired to pass in advance upon mergers and porations engaged in commerce where, in consolidations of banks, but only in cases any line of commerce in any section of the in which the capital stock or surplus of the country, the effect may be substantially to resulting bank will be less than the aggregate lessen competition or tend to create a mo- capital stock or aggregate surplus, respecnopoly. However, as far as banks are con- tively, of the banks involved. cerned, this section applies only to acquisitions of stock. It does not apply to acquisi- EFFECT OF PENDING BILLS tions of bank assets and does not cover bank It is understood that two bills relating to mergers and consolidations. bank mergers are now before the Committee Apart from the Clayton Act, the Board —H.R. 264 and H.R. 2143. The Federal has other functions under present law which Reserve is directly concerned with these bills involve consideration of the competitive as- only as they apply to banks. In general, pects of banking and possible tendencies to- as far as banks are concerned, the pending ward monopoly in the banking field. Under bills would amend Section 7 of the Clayton the Bank Holding Company Act, enacted Act so as to bring acquisitions of bank aslast year, every bank holding company that sets under the coverage of that section, in proposes to acquire additional banks must addition to the present coverage of acquisifirst obtain the Board's consent, and in de- tions of bank stock. The bills would also termining whether to give such consent the require prior notice of any proposed bank Board is required to consider certain factors, merger to be given to the Attorney General including the effect of the proposed acquisi- and to the Board of Governors at least 60 days (H. R. 2143) or 90 days (H. R. 264) before the merger is to take effect if the NOTE.—Statement by Chairman Martin of the Board of Governors of the Federal Reserve System combined capital accounts of the merging before the Antitrust Subcommittee of the Committee banks exceed $10 million. on the Judiciary of the House of Representatives, Mar. 8, 1957, on bills to amend the Clayton Act. The Board of Governors favors the prin- 271 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN • MARCH 1957 ciple of subjecting bank mergers and con- ble or as effective as provision for advance solidations to Federal supervision and con- approval. It would be helpful to the banks trol, with a requirement for consideration of involved to have advance consent by the the competitive effects of such mergers. It Government, since this would give them, in questions, however, whether the approach proper cases, greater assurance that the proembodied in the pending bills constitutes posed action is not inconsistent with law. the most desirable method of achieving that Also it would eliminate any necessity for an objective. effort on the part of the Government to enjoin a bank merger or to dissolve one after DESIRABILITY OF ADVANCE APPROVAL it had once taken place. There are obvious It is the Board's opinion that the law should difficulties in attempting to unscramble the require bank mergers to be approved in ad- assets and liabilities of constituent banks vance by a Federal supervisory agency. As after a merger has occurred, and particularly previously indicated, under Section 18(c) so after a lapse of several months or more. of the Federal Deposit Insurance Act the Furthermore, in many cases it is not neces- Federal bank supervisory agencies—the sary for a Government agency to have as Board, the Comptroller of the Currency, much time as 60 or 90 days in which to and the Federal Deposit Insurance Corpora- consider proposed bank mergers and the tion—are now required to pass in advance competitive aspects of such transactions. upon mergers and consolidations of banks only where there is a resulting diminution ENFORCEMENT AUTHORITY of capital or surplus. The Comptroller of The pending bills would leave unchanged the Currency has additional authority as to those provisions of the Clayton Act which approval of mergers involving national now vest in the Board of Governors authorbanks. However, because of the limited ity to enforce the provisions of Section 7 nature of the present authority, many bank of that Act where applicable to banks. mergers do not have to be approved in ad- Under present law, that authority is limited vance by any Federal agency. The Board by reason of the statute's applicability only believes it would be desirable to extend this to acquisitions of bank stock. Under the authority so as to require advance approval proposed amendment to Section 7, however, for every bank merger and consolidation, the Board's responsibilities would extend to irrespective of diminution of capital, to be all types of bank mergers, whether carried given by the Comptroller of the Currency out under Federal or State statutes. This where the resulting institution will be a na- would result in a substantial enlargement of tional bank, by the Board where the result- the Board's responsibilities in the antitrust ing institution will be a State member bank field. The Board would be called upon to of the Federal Reserve System, and by the consider the competitive or monopolistic as- FDIC where the resulting institution will be pects of every such transaction even though a nonmember insured bank. it had previously been considered and ap- The pending bills require 60-day or 90- proved by one of the other Federal bank day advance notice of mergers, but do not supervisory agencies or by the appropriate require advance approval. The Board ques- State authority. tions whether, in the case of banks, the ad- The principal functions of the Federal vance notice procedure would be as desira- Reserve System lie in the fields of monetary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

273 BILLS TO AMEND THE CLAYTON ACT and credit policy and bank supervision. only by its stockholders and creditors but The Board of Governors and the other bank also by its depositors, and by businesses and supervisory agencies are believed to be qual- individuals in the community that must have ified by experience to determine whether ap- banking facilities in order to carry on their proval should be given with respect to pro- activities. For these reasons, banks are posed mergers. However, the prosecuting governed by special statutes and are careand adjudicatory functions involved in the fully regulated, examined, and supervised enforcement of the antitrust laws are only by Governmental authorities. indirectly related to the Board's principal The Federal bank supervisory agencies, responsibilities. They are of a character in passing upon applications and proposals quite different from the functions normally within their respective jurisdictions, give exercised by the Board in passing upon par- consideration to the competitive aspects inticular transactions in the bank supervisory volved. However, they also take into acfield. In other words, enforcement of the count such matters as the adequacy of a antitrust laws and the function of bank su- bank's capital structure, the condition of its pervision represent, we believe, different assets, the competency of its management, spheres of Governmental operations. its future earnings prospects, and the needs Under present law, in addition to the of the community. Thus, the Board, in Board's authority to bring proceedings for acting upon applications for the approval the enforcement of Section 7 of the Clayton of branches, bank mergers within its juris- Act where applicable to banks, the Attorney diction under Section 18(c) of the Federal General has an injunctive authority; and Deposit Insurance Act, and voting permits required to be obtained by holding company the Board believes for the reasons indicated affiliates, considers the possible effect of the that the enforcement of this section, whether proposed transaction upon competition with respect to acquisitions of bank stocks among banks; but in all such cases the Board or acquisitions of bank assets, is a function also considers the banking factors above which should not be vested in the Board. mentioned. EFFECTS ON COMPETITION The same is true under the recently en- Under the pending bills, any bank merger acted Bank Holding Company Act. That which might substantially lessen competi- Act specifically requires the Board, in passtion or tend to create a monopoly would ing upon applications by bank holding combe prohibited. This would seem to mean panies for the acquisition of bank stocks or that the effect on competition would be the assets, to consider whether the proposed accontrolling factor in all cases, to the exclu- quisition would be consistent with adequate sion of consideration of other factors which and sound banking, the public interest, and may well have an important bearing upon the preservation of competition in the field the maintenance of sound banking. of banking; but the Act also requires the Banking, more than any other type of Board to consider the financial history and business, directly affects credit conditions condition of the holding company and the and the basic economy of the country. If banks involved, their prospects and the a nonbanking business becomes insolvent, character of their management, and the its stockholders and creditors suffer. If a needs of the community concerned. bank fails, however, the effect is felt not There have been in the past and there will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN • MARCH 1957 doubtless be in the future instances in which embody two requirements: (1) bank merthe over-all public interest would clearly be gers should be made subject to the advance served by a bank merger or consolidation approval of the Comptroller of the Cureven though it might incidentally tend to rency, the Board of Governors, or the Fedsubstantially lessen competition. The Board eral Deposit Insurance Corporation, dependbelieves that, at least in the field of banking, ing upon the nature of the resulting bank, the test should be whether or not a merger regardless of whether there is to be a diminuwould result in an "undue" rather than a tion in capital structure, and (2) in acting "substantial" lessening of competition. upon bank mergers the Federal supervisory For these reasons, and in keeping with agency concerned should be required to conthe practice followed in passing upon other sider whether the proposed transaction types of banking transactions, the Board would unduly lessen competition, as well as believes that it would be desirable that, in the financial condition, adequacy of capital addition to providing for the prior approval and character of management of the instituof bank mergers by the appropriate Federal tion resulting from the merger; and, where supervisory agency, that agency should be the competitive factor is significant, the specifically required to consider whether agency should have authority to request the the effects of the proposed merger might be opinion of the Attorney General on that to lessen competition unduly or to tend point. unduly to create a monopoly, but with the The proposed Financial Institutions Act added stipulation that the agency should of 1957, introduced a few days ago, would also consider such factors as the financial embody these basic principles. That bill condition, adequacy of capital, and characwould require a bank merger to have the ter of management of the bank, together prior approval of one of the three Federal with the needs of the community. banking agencies, irrespective of diminution In order to maintain uniform policies as of bank capital or surplus. It would exfar as possible, each supervisory agency pressly require the banking agency conshould be required to consult the other two cerned to consider the competitive aspects before passing on a proposed merger. of each transaction, as well as the banking Moreover, it would be desirable to authorize factors involved, and—in the interest of the agencies to request the views of the Atuniform standards—to seek the views of torney General as to the effect on competieach of the other two banking agencies with tion. This would enable the supervisory respect to the question of competition. In agency, whenever it was in doubt, to asceraddition the banking agency would be autain the attitude of the Department of Justice thorized to request the opinion of the Atregarding the competitive or monopolistic torney General with respect to that question. aspects of the proposed merger before deciding whether to grant its consent. Legislation of this kind, the Board believes, would effectively accomplish the basic CONCLUSION objective of providing means for controlling To restate its views, the Board is of the bank mergers and preventing mergers that opinion that appropriate and effective legis- would unduly lessen competition in the lation with respect to bank mergers should banking field. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders CREDIT EXTENDED to real estate mortgage lend- accounted for $164 million of the decrease since ers by weekly reporting member banks amounted November. Real estate loans purchased from to $1,280 million as of February 13, 1957, $246 insurance companies decreased $40 million. million less than reported at the previous survey The foregoing information was obtained by a on November 14, 1956. Commitments to extend special survey of all types of credit extended by additional credit to these lenders increased $11 commercial banks to real estate mortgage lenders. million to $786 million. Loans to mortgage companies secured by the Results of earlier surveys have been published in pledge of real estate mortgage loans owned by the December 1956 and earlier Federal Reserve the borrowers amounted to $847 million and BULLETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES FEBRUARY 13, 1957 AND SELECTED PRIOR DATES [In millions of dollars] Increase Outstanding on (or decrease —) Nov. 14, Feb. 15, Feb. 13, Nov. 14, Feb. 15, Aug. 10, 1956 to 1956 to 1957 1956 r 1956 1955 Feb. 13, Feb. 13, 1957 1957 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 257 310 266 338 -53 -9 Insurance companies 62 102 116 235 -40 -54 Mortgage companies 98 113 107 90 -15 -9 Others* 96 95 42 12 1 53 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 921 1,087 1,066 982 -166 -145 Insurance companies 5 7 11 11 -6 Mortgage companies 847 1,011 1,001 911 -164 -154 Others * 68 69 54 59 14 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total.... 102 130 93 -27 Insurance companies 3 5 3 4 -2 Mortgage companies 43 57 40 24 -14 Others* 57 68 49 60 -11 Total loans to real estate mortgage lenders 1,280 1,526 1,425 1,408 -246 -145 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total.... 786 776 1,131 1,295 -345 Insurance companies 75 96 118 183 -21 -42 Mortgage companies 579 534 837 894 45 -258 Others 1 132 145 176 219 -14 -45 r Revised. commitments at Aug. 10, 1955 and Aug. 8, 1956 were not asked to i Savings and loan associations, mutual savings banks, builders and report in other surveys, but their Aug. 10, 1955 figures are included other organizations (other than banks) that make or hold substantial in Feb. 15, 1956 data and their Aug. 8, 1956 figures are included in amounts of real estate loans. Nov. 14, 1956 and Feb. 13, 1957 figures for comparative purposes. NOTE.—Banks reporting less than $1 million of these loans and Details may not add to totals because of rounding. 275 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Classification of Reserve Cities Indianapolis, Indiana Tulsa, Oklahoma St. Paul, Minnesota Des Moines, Iowa The rule adopted by the Board of Governors National City (National Columbus, Ohio on December 19, 1947, with respect to the classi- Stock Yards), Illinois fication of central reserve and reserve cities, pro- (3) The following cities do not fall within the vides for a triennial designation of reserve cities. scope of paragraph (2) of subsection (b) of the Acting pursuant to that rule, the Board took ac- Board's rule based upon official call reports of condition, effective March 1, 1957, for the continuance tion in the two-year period ending June 30, 1956, but of the reserve city classification of all presently a written request for the continuance of each such existing reserve cities except Cedar Rapids and city as a reserve city was received by the Federal Reserve Bank of the district in which the city is lo- Sioux City, Iowa, which ceased to be reserve cities cated on or before February 15, 1957, from every on that date. The Board has deferred, pending member bank having its head office or a branch in further consideration for a period not exceeding such city (exclusive of any member bank in an outthree months, the question whether Miami, Flor- lying district in such city permitted by the Board to ida, will be designated as a reserve city. The maintain reduced reserves), together with a certified Board's action is as follows: copy of a resolution of the board of directors of such member bank duly authorizing such request; and, ac- Acting in accordance with the rule regarding classi- cordingly, in accordance with paragraph (3) of subfication of central reserve and reserve cities which was section (b) of the Board's rule, the following cities, in adopted by the Board on December 19, 1947, and be- addition to the reserve cities classified as such under came effective March 1, 1948 (hereafter referred to paragraphs (1) and (2) above, are hereby continued as the Board's rule), and pursuant to authority con- as reserve cities: ferred upon it by section ll(e) of the Federal Reserve Wichita, Kansas Topeka, Kansas Act and other provisions of that Act, the Board of Kansas City, Kansas Pueblo, Colorado Governors has taken the following actions to become Toledo, Ohio effective March 1, 1957: (4) The following cities do not fall within the scope (1) The City of Washington, D. C, and every city of paragraph (2) of subsection (b) of the Board's except New York and Chicago in which there is sit- rule based upon official call reports of condition in the uated a Federal Reserve Bank or a branch of a Fed- two-year period ending June 30, 1956, and written requests for their continuance as reserve cities were eral Reserve Bank are hereby continued as reserve not received from all member banks in such cities; cities. and, accordingly the designation of such cities as re- (2) The following cities fall within the scope of serve cities is hereby terminated: paragraph (2) of subsection (b) of the Board's rule Cedar Rapids, Iowa based upon official call reports of condition in the Sioux City, Iowa two-year period ending on June 30, 1956, and, there- (5) The Board has deferred, pending further confore, such cities, in addition to the reserve cities sideration and for a period not exceeding three months classified as such under paragraph (1) above, are from March 1, 1957, the question whether the city of hereby continued as reserve cities: Miami, Florida, will be designated as a reserve city Milwaukee, Wisconsin Fort Worth, Texas in accordance with the Board's rule. 276 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE MEETINGS books will be sold by the Superintendent of Docu- On March 5 a meeting of the Federal Open Mar- ments, is given below: ket Committee was held. Wm. McC. Martin, Jr., Part I (2 vols.). Consumer Instalment Credit, was reelected Chairman and Alfred Hayes, Vice Growth and Import—One volume presents an integrated study of instalment credit processes and Chairman. The representative members of the issues of regulation prepared by the research staff Committee elected by the Federal Reserve Banks of the Federal Reserve System. A second volume for the period of one year beginning March 1, is composed of six supplementary reports dealing 1957, are: Alfred Hayes, Alfred H. Williams, with specialized aspects of instalment credit or of Malcolm Bryan, Carl E. Allen, and H. G. Leedy, its regulation. Volume 1 is priced at $1.25 and Presidents of the Federal Reserve Banks of New Volume 2 at $1.00. York, Philadelphia, Atlanta, Chicago, and Kansas Part II (2 vols.). Conference on Regulation City, respectively. —A set of analytical and discussion papers by The Federal Advisory Council met in Washing- university scholars, presented in two volumes and ton on February 17-19, 1957, and met with the prepared under the independent auspices of the National Bureau of Economic Research. Dr. Board of Governors on February 19. At the an- Geoffrey H. Moore, Associate Director of Renual organization meeting held on February 18, search of the National Bureau, served as chairman Robert V. Fleming, representing the Fifth Federal and organizer of this conference. Volume 1 is Reserve District, was elected President; Frank R. priced at $1.75 and Volume 2 at 60 cents. Denton, representing the Fourth Federal Reserve Part III. Views on Regulation—A digest of District, was elected Vice President; and Adrian the opinions and judgments of the consumer credit M. Massie (Second District), William R. K. industry and other interested parties on the public Mitchell (Third District), and Homer J. Living- policy issues of instalment credit regulation. Prepston (Seventh District) were elected to serve with aration of this report was the independent respon- Messrs. Fleming and Denton on the Executive sibility of Mr. George D. Bailey, acting as special Committee. Herbert V. Prochnow and William consultant to the Board of Governors. This part J. Korsvik were appointed Secretary and As- is in one volume and is priced at $1.00. Part IV of the study, Financing New Car Pursistant Secretary, respectively. chases, has not yet been completed. A separate A meeting of the Federal Open Market Comannouncement will appear in the BULLETIN when mittee was held in Washington on February 18, this volume becomes available. 1957. REVISED SEASONALLY ADJUSTED PUBLICATION OF CONSUMER INSTALMENT PRODUCTION INDEXES CREDIT STUDIES Seasonal adjustment factors for the Board's in- The first five of six books giving the results of an dexes of industrial production and output of conintensive study of consumer instalment credit, sumer durable goods have been reviewed for the undertaken by the Board on request of the Counperiod since the publication of the revisions of cil of Economic Advisers by direction of the Presthose indexes in December 1953 and May 1954 ident, are ready for distribution through the Surespectively. Revised seasonally adjusted producperintendent of Documents, Washington 25, D. C. tion indexes for the period beginning January The study is in four parts, of which two are in 1956 are shown in this month's BULLETIN on pages two separate volumes. An outline of the study, 321 and 326. Pending a complete review of together with the prices at which the separate the indexes before seasonal adjustment based on 277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN • MARCH 1957 the forthcoming 1954 Censuses of Manufactures major groups the seasonal adjustment continues and Mineral Industries, and other more compre- to be made directly to the unadjusted group inhensive data, the revised seasonal factors for the dexes. period prior to January 1956 have not been in- Seasonal adjustment factors for the entire period corporated in the published indexes but are since January 1947 are available upon request to available on request. the Division of Administrative Services, Federal Continuing review has been given to the sea- Reserve Board, Washington 25, D. C. sonal factors and limited changes have already ERRATUM IN FEBRUARY CHART BOOK been introduced in particular groups during the The series "Nonfarm Dwelling Units Started" that period from 1953 to December 1955. For the appears on page 64 of the Federal Reserve Chart total index of industrial production since January Book for February 1957 is not adjusted for sea- 1956 only the months of August and September sonal variation. The adjusted series will appear have been changed by as much as one point. in the Chart Book for March. Revisions in the group indexes have generally been small and largely offsetting in the total index. TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY The effects of the revisions on the more volatile consumer durable goods indexes have been more Latest BULLETIN Reference marked. Semiannually Issue Page New seasonally adjusted indexes have been in- Banking offices: troduced in the industrial production index for Analysis of changes in number of.... Feb. 1957 212 On, and not on, Federal Reserve Par some major components of transportation equip- List, number of Feb. 1957 213 Stock Exchange firms, detailed debit and ment, printing and publishing, chemicals and al- credit balances Mar. 1957 336 lied products, foods and beverages, and crude oil Annually and natural gas. The revised seasonally adjusted Earnings and expenses: indexes for these groups published beginning in Federal Reserve Banks Feb. 1957 210-211 Member banks: January 1956 are computed from adjusted com- Calendar year May 1956 510-518 First half of year Oct. 1956 1248 ponent indexes which in several cases are not Insured commercial banks May 1956 519 Banks and branches, number of, by class published separately. The new seasonally ad- and State Apr. 1956 398-399 Operating ratios, member banks June 1956 650-652 justed series will be a part of the regularly Banking and monetary statistics, 1956.. Feb. 1957 214-220 published indexes. For each of the remaining Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication March 15 Industrial activity in February was unchanged production remained at about 97 per cent of from the January rate, and total nonagricultural capacity in February and declined contraseasonemployment, personal incomes, and retail sales ally to 94 per cent of capacity in mid-March, recontinued at record levels. Average wholesale portedly reflecting reductions in stocks of steel prices of both industrial commodities and farm at consuming industries. products were stable from early February to early While output in the textile and apparel indus- March. Although total bank credit declined, bank tries has continued at reduced levels this year, loans to business increased. activity in the rubber products, chemicals, and printing and publishing industries has increased INDUSTRIAL PRODUCTION somewhat further and production of other non- The Board's industrial production index was durable goods has been maintained at earlier admaintained in February at the January rate of 146 vanced levels. Among minerals, output of crude per cent of the 1947-49 average. This compares oil and coal increased in February. with 147 in December and 146 in October and November. Activity in most durable and non- CONSTRUCTION durable goods industries changed little in Febru- Private housing starts were at a seasonally adary and minerals production increased somewhat justed annual rate of 915,000 units in February, to a new high. down from 1 million units in January and 1.1 Auto assemblies in late February and early million in February 1956. Outlays for new con- March were at a weekly rate of around 140,000 struction declined slightly, to a seasonally adunits, compared with a rate of 130,000 in the cor- justed annual rate of $44.5 billion. Value of responding period last year. Television set pro- contract awards rose in January and was someduction was reduced further in February, and what above the advanced level of a year earlier. output of some other household goods and of residential building materials changed little from EMPLOYMENT earlier reduced levels. Activity in most producers' Seasonally adjusted nonfarm employment was equipment industries continued to advance. Steel 52.2 million in February, about the same as in the preceding two months and 2 per cent above INDUSTRIAL PRODUCTION 1947-49=100 a year ago. Employment in manufacturing declined slightly in February, but weekly earnings at factories were maintained as both the workweek and hourly earnings were unchanged. Unemployment, on a revised basis which includes some persons not at work but formerly classified as employed, was 3.1 million, about the same as in January. DISTRIBUTION While the dollar volume of department store sales declined slightly further in February, total retail sales continued at the record level reached in December and were 7 per cent above a year ago. Stocks at department stores showed a small decrease in January, and the over-all level of Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for February. trade and manufacturing inventories appears to 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN • MARCH 1957 have increased little further since the beginning textile producers, and sales finance companies in of the year. excess of seasonal repayments by food processors and commodity dealers. COMMODITY PRICES Member bank borrowings from the Federal The average level of wholesale commodity Reserve increased further and averaged about $710 prices changed little from mid-February to midmillion in the four weeks ending mid-March; March, with both farm products and industrial excess reserves averaged $470 million in the same commodities about stable. Textiles, copper, and period. Federal Reserve holdings of U. S. Govsteel scrap declined further, but pig iron, addiernment securities declined somewhat between tional steel mill products, and some building mid-February and mid-March as further sales in materials were raised. Price increases of about late February were offset in part by subsequent 5 per cent in coal and in tinplate were announced, purchases. to take effect on April 1 and April 30, respectively. Among farm products, advances in prices SECURITY MARKETS of livestock were about offset by decreases in a number of other foodstuffs. Yields on U. S. Government securities rose moderately from mid-February to mid-March, BANK CREDIT AND RESERVES reversing the general decline of earlier this year. Total loans and investments at city banks de- A substantial rise in the bill rate reflected an inclined somewhat further between early February crease of $200 million in each of the four Treasand early March. Loans increased and invest- ury bill issues offered in this period. Yields on ment in corporate and municipal securities rose, State and local government bonds stabilized and but holdings of U. S. Government securities con- then increased sharply, while yields on corporate tinued to decline. Business loan expansion re- bonds were relatively stable. Common stock flected new borrowings by metals manufacturers, prices changed relatively little. RETAIL TRADE PRICES 1947-49-100 1947-49-100 WHOLESALE CONSUMER OTHER V^* ALL ll, IN! L ITEMS^^^-" DEPARTMENT STORES 150 COMMODITIES FOODs""*''' 140 STOCKS y-y 130 - Y\;^r^. - *-*r SALES _ . . 1 . . . 1 1 1 M 1 1 . M1 i1ll 1III MM MM ,,,, ,, , M111 ,,,, Wn<nnl«i IMIMI 1 »w ^ ..1 1 ^, Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. "Other" wholesale prices based on Department of Commerce data. Monthly figures; exclude processed foods, included in total but not shown latest shown for department store stocks is January, for other separately. Monthly figures, latest shown: January for conseries, February. sumer prices, and February for wholesale prices. 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 283 Reserve Bank discount rates; reserve requirements; margin requirements. . 286 Federal Reserve Banks 287 Bank debits; currency in circulation 290 All banks: consolidated statement of monetary system; deposits and currency. 292 All banks, by classes ... 293 Commercial banks, by classes 296 Weekly reporting member banks. . 298 Commercial loans; commercial paper and bankers' acceptances. 300 Interest rates. 301 Security prices; stock market credit. 302 Savings institutions. 303 Federal credit agencies. 304 Federal finance 306 Security issues 310 Business finance 311 Real estate credit 313 Short- and intermediate-term consumer credit. 316 Selected indexes on business activity. 320 Production ... 321 Employment and earnings. 328 Department stores 330 Foreign trade 331 Wholesale and consumer prices 332 National product and income series 334 Stock market credit 336 Tables published in BULLETIN, annually or semiannually—list, with references 278 Index to statistical tables 363 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. 281 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 o\ daily figures, 1951- Billions of dollars — MEMBER BANK RESERVE BALANCES 15 r 1 EXCESS RESERVES 1 1 1 1 2 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS ZTO FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 20 HELD UNDER REPURCHASE AGREEMENTS 1 DISCOUNTS AND ADVANCES I I FEDERAL RESERVE FLOAT | A 2 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending February 27. See p. 283. 282 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t s h e 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 s e r - - c v D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k T s r c o e t u i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - Tr u w e r a i y t s h - 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 h c R n - e t r . s Total qu R ir e e - d c E es x s - 2 ment Averages of daily figures 1956 Jan. 4 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. 11 24,308 24,191 117 801 1,24226,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18 23,804 23,802 2 922 1,125 25,872 21,692 5,008 30,632 786 360 417 321 920 19,136 18,543 593 Jan. 25 23,517 23,517 815 1,128 25,480 21,692 5,009 30,361 793 385 388 318 919 19,017 18,494 523 Feb. 1. 23,416 23,414 999 8.1.4. 25,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8. 23,423 23,423 822 840 25,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15. 23,349 23,349 976 83225,174 21,694 5,010 30,247 800 428 377 400 932 18; 693 18,144 549 Feb. 22. 23,389 23,333 56 622 1.3.3.3. 25,360 21,694 5,011 30,210 794 557 362 366 ,026 18,749 18,175 574 Feb. 29. 23,435 23,384 51 758 880 25,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7. 23,518 23,426 92 749 83525,118 21,695 5,011 30,202 783 461 360 327 023 18,670 18,137 533 Mar. 14. 23,505 23,410 95 975 81225,308 21,717 5,011 30.276 779 564 360 346 18,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725.754 21,713 5,013 30,264 783 489 333 336 19,204 18,587 617 Mar. 28. 23,508 23,495 13 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 069 19,028 18,455 573 Apr. 4. 23,634 23,587 47 986 1,022 25,658 21,716 5,017 30,321 784 560 347 ,07518,860 18,322 538 Apr. 11. 23,521 23,518 3 1,119 826 25,481 21,727 5,016 30,300 782 508 328 307 082 18,917 18,284 633 Apr. 18. 23,399 23,377 22 1,109 ... 25,497 21,741 5,018 30,290 785 531 347 313 ,08118,909 18,318 591 Apr. 25. 23,282 23,282 1,061 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 1,089 864 25,266 21,743 5,023 30,181 786 575 338 385 998 18,767 18,359 408 May 9. 23,352 23,252 100 1,114 844 25,325 21,768 5,025 30,296 781 555 334 321 982 18,848 18,295 553 May 16. 23,279 23,226 53 1,066 937 25,298 21,769 5,026 30,359 789 563 378 314 980 18,710 18,241 469 May 23. 23,210 23,200 10 946 1,139 25,310 21,770 5,028 30,317 781 594 319 310 980 18,809 18,275 534 May 30. 23,412 23,359 53 732 835 24,995 21,771 5,032 30,327 785 507 297 328 984 18,569 18,227 342 June 6. 23,503 23,406 97 894 906 25,320 21,782 5.032 30,505 782 429 305 310 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 July 4 23,791 23,748 644 1.23125,685 21,806 5,032 30.765 773 493 298 298 99318,902 18,430 472 July 11 23,836 23,826 880 1,169 25,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18 23,490 23,487 849 1,412 25.769 21,827 5,031 30.808 768 595 320 278 987 18,869 18,240 629 July 25 23,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 994 18,744 18,187 557 Aug. 1. 23,418 23,418 690 1,046 25,172 21,829 5,034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8. 23,418 23,418 917 829 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 30,681 773 539 335 277 947 18,593 18,014 579 Aug. 22. 23,574 23,446 128 878 1,1.7215,642 21,856 5,037 30.654 778 485 293 266 944 19,117 18,464 653 Aug. 29. 23,622 23,592 30 935 829 25,404 21,857 5,041 30,618 776 481 318 282 94418,883 18,375 508 Sept. 5. 23,849 23,818 796 78725,454 21,861 5,042 30.786 771 427 379 251 94318,800 18,357 443 Sept. 12. 23,858 23,829 1,012 1,04525,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19. 23,691 23,673 654 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 705 1,39425,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 810 1.0.6.7. 25,593 21,884 5.046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10. 23,840 23,766 857 990 25,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17. 23,860 23,846 714 1,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. 23,736 23,736 564 1,54725.866 21,909 5.048 30,864 777 505 293 291 956 19,137 18,574 563 Oct. 31. 23,708 23,668 40 674 1,06225,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 1,08425,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945 040 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 1,51426,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 1,268 26,165 21,953 5,060 31,451 770 408 344 228 910 19,068 18,682 386 Dec. 12. 24,652 24,493 159 709 1,226 26,633 21,924 5,062 31,660 775 357 342 264 1,001 19,220 18,653 567 Dec. 19. 24,785 24,489 296 555 1,835 27,223 21,927 5,064 31,835 776 498 389 169 1,011 19,535 18,922 613 Dec. 26. 24,906 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 1,537 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 1,539 26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 1,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1,446 25,636 21,951 5,067 30,827 798 199 324 268 89419,342 18,724 618 Jan. 30 23,450 23,450 528 1,07825,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6. 23,435 23,411 640 1,04025,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13. 23,264 23,190 741 96224,997 22,252 5,070 30,641 820 377 366 299 1,00718,808 18,265 543 Feb. 20. 22,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 1,11618,895 '18,325 *>570 Feb. 27. 22,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 1,134 1"8,683^18,240 ^443 Preliminary. For other footnotes see following page. 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 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 . t a S l .G B r o o o i u v g u g t h t . - h t t secu r a u c H e r g h n p i e r a t d e u i l s e e d e r e r s - - c v D o a a a n u n d is c d n - - e ts s Float Total i s G to o c ld k T s r c o e t u i r a u n u n e r n g r y c t a - - d y s - - r c C t e c u i i n o u i n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - T u r w e ry a it s h - r F es . F e e i o R g rv r 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 c E es x s - 2 ment Averages of daily figures 1956 Feb 23,401 26 800 965 25,183 21,694 5,011 30,214 796 480 364 351 973 18,709 18 177 532 Mar 23 522 23,'449 73 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,048 18,924 18,340 584 Apr 23,410 23,393 17 1 060 92525,411 21,735 5,018 30,245 783 545 338 338 1 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 23 522 23,486 36 770 1,206 25,516 21,795 5,033 30,536 778 485 315 304 99118,933 18 359 574 July 23,580 23,573 7 738 1,263 25,599 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 Sent 23,728 23,695 33 792 1,198 25,737 21,880 5,043 30,803 772 523 356 237 94619,024 18,446 578 Oct 23,781 23,742 39 715 1,182 25,698 21,906 5,048 30,864 776 487 337 299 95018,939 18 419 520 Nov 24,024 23,951 73 745 1,30026,097 21,910 5,056 31,198 774 456 308 313 84519,169 18,579 590 Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 1957 Jan 24 092 24,056 36 432 1,343 25,905 21,989 5,067 31,040 794 335 323 276 89619,295 18 773 522 Feb 23,111 23,083 28 665 1,106 24,912 22,279 5,071 30,595 817 336 335 294 1,071 18,816 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 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 2,287 977 862 446 495 15,915 14,457 1,458 1947—Dec ... 22 559 22 559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317.899 16 400 1 499 1950—Dec 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 714 17,681 16 509 1 172 1952—Dec ... 24 697 24 034 663 156 967 25,825 23,187 4 812 30,433 1,270 389 550 455 777 19 950 20 520 — 570 1953—Dec 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 83920,160 19 397 763 1954—Dec 24 932 24 888 44 143 808 25,885 21,713 4,985 30,509 796 563 490 441 907 18 876 18 618 258 1955__june 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 972 18,066 18 139 — 73 Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 End of month 1956 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 1,238 25,761 21,716 5,020 30,339 111 534 354 623 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 12625,377 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 30,715 768 522 297 313 992 18 443 18 449 — 6 July 23,438 23,438 452 959 24,868 21,830 5,035 30,604 761 513 308 288 950 18,308 18 104 204 Aug 23 854 23 828 26 832 771 25,480 21,858 5,041 30,757 768 422 350 252 943 18 888 18 377 511 Sept .. 23 680 23 590 90 664 1,125 25,487 21,884 5,046 30 768 771 535 334 227 950 18 831 18 450 381 Oct 23,767 23,688 79 538 910 25,236 21,910 5,054 30,839 778 495 275 297 848 18,668 18 459 209 Nov 24 385 24 255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 182 843 19 208 18 719 489 Dec 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957 Jan 23.421. 23,421 668 1,076 25.195 22.252 5,071 30,614 809 715 344 263 89118,882 18 517 365 Feb 22,887 22,854 33 595 1,196 24,704*>22,304^5,076*>30,569 458 327 206 1,133 18,576^18,329 P247 Wednesday 1956 Dec. 5 24,454 24,365 89 570 1,096 26,156 22,010 5,061 31,522 780 338 310 279 99918,999 18 691 308 Dec. 12 24,669 24,515 154 559 1,251 26,526 21,909 5,062 31,718 779 314 422 183 1.001 19.081 18,767 314 Dec. 19 24,909 24,568 341 772 2,147 27,883 21,931 5,065 31,890 787 770 405 167 1,024 19,836 19,195 641 Dec 26 24,940 24,610 330 650 1,518 27,171 21,949 5,066 32,018 766 533 382 321 1,025 19,140 19,014 126 1957 Jan. 2 24,819 24,610 209 370 1,497 26,745 21,949 5,066 31,700 785 377 291 322 90019,386 19,164 222 Jan 9 24 569 24 569 346 1,189 26,144 21,950 5,066 31,270 786 363 327 282 89919 233 18 848 385 Jan. 16 24,142 24,142 264 1,373 25,812 21,950 5,066 30,942 797 286 326 291 89619,290 18,789 501 Jan 23 23,571 23,571 358 1,319 25,278 21,951 5,067 30,684 810 259 318 259 89319,072 18,647 425 Jan. 30 23,428 23,428 678 93125,068 22,251 5,069 30,567 816 614 348 261 89318 889 18 554 335 Feb. 6 23,447 23,363 84 839 913 25,229 22,252 5,070 30,584 829 314 386 239 1 00819 189 18 413 776 Feb. 13 23,208 23,134 74 520 11124,474 22,252 5,070 30,632 828 281 304 242 1,007118,505 18,227 278 Feb 20 22 884 22 884 844 1,066 24,822 22,303 5,072 30,571 815 151 295 197 1 13311Q 014P18 359 Feb. 27 22,854 22,854 451 1,177 24,508 22,303 5,076 30.516 822 300 301 198 1,134 18,615*>18,264 P351 Preliminary. separately in this table, but are given for end-of-month and Wednesday 1 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 285 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve All city banks Re- Coun- All city banks Re- Coun- Item and period mem- serve try Item and period mem- serve try ber city banks ber city banks banks New Chi- banks banks New Chi- banks York cago York cago Total reserves held: Excess reserves:2 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 7,753 623 Feb 533 11 3 66 452 Mar 18,924 4,372 1,137 7,796 619 Mar 585 28 2 84 470 Apr 18,847 4,287 1,105 7,814 641 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 7,784 662 June 575 13 4 78 479 July 18,836 4,237 1,129 7,796 675 July 599 12 3 89 496 Aug 18,783 4,236 1,130 7,783 633 Aug 559 10 1 79 469 Sept 19,024 4,288 1,120 7,885 5; 732 Sept 579 80 498 Oct 18,939 4,222 1,111 7,869 5,736 Oct 520 8 4 52 456 Nov 19,169 4,244 1,122 7,960 5,843 Nov 590 13 3 83 491 Dec 19,535 4,448 1,149 8,078 5,859 Dec 651 57 12 96 488 1957—Jan 19,295 4,316 1,126 7,996 5,857 1957_jan 523 -10 __2 58 478 Weekending: Week ending: 1957_ J ja a r n l. . 1 2 6 3 1 1 9 9 , , 3 3 0 4 0 2 4 4 , , 3 3 0 1 1 0 1 1, , 1 1 1 2 8 6 7 8 , ,0 9 3 9 8 2 5 5 , , 8 9 3 2 6 2 1957_J J a a n n . . 2 1 3 6 5 61 3 8 7 7 2 2 1 6 8 6 0 4 5 4 4 9 8 Jan. 30 18,918 4,284 1,114 7,875 5,646 Jan. 30 367 9 49 309 Feb. 6 18,920 4,270 ,119 7,832 5,699 Feb. 6 476 2 3 63 408 Feb. 13 18,808 4,170 ,097 7,797 5,745 Feb. 13 543 7 -1 84 453 Feb. 20 18,895 4,198 1,111 7,791 5,795 Feb. 20 P572 13 3 58 *498 Feb. 27 18,683 4,193 1,109 7,715 5,666 Feb. 27 ^444 5 57 *>381 1 Required reserves:2 Borrowings at Federal Reserve Banks: 1956—Jan 18,586 4,317 ,179 7,863 5,227 Feb 18,177 4,186 1,134 7,687 5,170 1956—Jan 807 174 82 425 126 Mar 18,340 4,344 1,135 7,712 5,149 Feb 799 149 106 402 142 Apr 18,320 4,299 1,106 7,750 165 Mar 993 202 258 382 151 May 18,268 4,254 1,117 7,726 5,171 Apr 1,060 155 261 493 151 June 18,359 4,341 1,130 7,706 5,183 May 971 98 155 517 201 July 18,237 4,225 1,127 7,707 5,179 June 769 46 115 434 174 Aug 18,224 4,227 1,129 7,704 5,164 July 738 119 50 433 136 Sept 18,446 4,288 1,120 7,805 5,234 Aug 898 168 74 461 195 Oct 18,419 4,214 1,107 7,817 5,281 Sept 792 204 93 377 118 Nov 18,579 4,231 1,119 7,877 5,352 Oct 715 200 118 299 98 Dec 18,883 4,392 1,138 7,983 5,371 Nov 744 226 143 276 99 Dec 688 147 97 300 144 1957—Jan 18,773 4,327 1,129 7,938 5,379 1957—Jan 407 30 38 229 110 Week ending: 1957—Jan. 16 18,765 4,294 1,125 7,959 5,387 Week ending: Jan. 23 18,724 4,308 1,116 7,926 5,374 1957—Jan. 16 323 20 185 118 Jan. 30 18,550 4,274 1,113 7,826 5,337 Jan. 23 322 16 29 185 92 Feb. 6 18,445 4,268 1,116 7,770 5,291 Jan. 30 502 21 17 315 149 Feb. 13 18,265 4,163 1,098 7,712 5,292 Feb. 6 615 112 17 327 159 Feb. 20 ^18,325 4,185 1,109 7,733 »5,298 Feb. 13 716 171 38 331 176 Feb. 27 *>18,240 4,189 1,108 7,658 2*5,285 Feb. 20 552 108 59 268 117 Feb. 27 688 121 92 341 134 January 1956 Free reserves2 4 Deposits: 1956—Jan -255 -198 -83 -353 379 Feb -266 -138 -103 -336 310 Gross demand deposits: Mar -408 -174 -256 -298 319 Total 117,398 23,648 6,309 46, 110 41,331 -533 -167 -262 -429 325 Interbank 13,289 4,163 1,207 6,516 1,403 M^y.''.'.'.'.'.'.'.'.'.'. -504 -88 -153 -468 205 Other 104,109 19,485 5,103 39,594 39,928 June -194 -33 -111 -356 305 Net demand deposits3.... 100,931 20,755 5,566 39,132 35,478 July -139 -108 -48 -344 360 Time deposits 40,407 3,312 1,313 16,381 19,401 Aug -339 -158 -73 -382 274 Demand balances due Sept -213 -204 -93 -297 380 from domestic banks... 6,601 80 112 2,066 4,343 Oct -195 -192 -114 -246 358 Nov -154 -214 -140 -193 393 Dec -37 -90 -85 -204 344 January 1957 1957—Jan 117 -40 -40 -172 369 Gross demand deposits: Week ending: Total 118,717 23,740 6,084 46,556 42,336 1957_jan. 16 214 7 -19 -105 331 Interbank 13,656 4,342 1,210 6,665 1,440 Jan. 23 296 -14 -27 -119 456 Other 105,061 19,398 4,875 39,891 40,896 Jan. 30 -135 -12 -17 -266 160 Net demand deposits3 101,694 20,777 5,314 39,321 36,283 Feb. 6 -139 -110 -14 -264 249 Time deposits 42,460 3,426 1,317 17,209 20,509 Feb. 13 -173 -164 -39 -247 277 Demand balances due Feb. 20 *>20 -95 -56 -210 P381 from domestic banks... 6,708 62 109 2,099 4,438 Feb. 27 P-244 -116 -91 -284 *>247 p Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deeppoossiittss mmiinnuuss ccaasshh iitteemmss rreeppoorrtteedd aass iinn pprroocceessss of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Federal Reserve Bank a A o d d b v v l a i a n g n c a c e t e i s o s n s s e s e c c a u u n r r e d e d d d b i b s y c y o e G u li n g o t i v s b e le o r n f p m a a n e p d n e t r Other ( s S e e c c u . r e 1 d 0 ( a b d )) vances t b o io b a n n l ( i s k g l a s o a s t t t s i h o e p e c n r a u s r r t . e h o d S a f n e t b c h y . m e 1 d e U 3 m i ) r . e b S c e t . r (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Feb. 28 beginning— rate Feb. 28 beginning— rate Feb. 28 beginning— rate Boston Aug. 28, 1956 2% /2 Aug. 28, 1956 31,4 Aug. 28,1956 3% New York. . . Aug. 24, 1956 18 Aug. 24, 1956 314 Aug. 24,1956 IB Philadelphia.. Aug. 24, 1956 Aug. 24, 1956 3% Apr. 13,1956 Cleveland.. . . Aug. 27, 1956 4 18 Aug. 27, 1956 314 Aug. 27,1956 A Ri t c la h n m ta ond. . . A Au u g g . . 2 2 8 4 , , 1 1 9 9 5 5 6 6 2% A A u u g g . . 2 2 8 4 , , 1 1 9 9 5 5 6 6 I31B4 A A u u g g . . 2 2 8 4, ,1 1 9 9 5 5 6 6 18 Chicago Aug. 24, 1956 2% 314 Aug. 24, 1956 Aug. 24,1956 St. Louis Aug. 28, 1956 2% 18 Aug. 28, 1956 Aug. 28,1956 3Y4 Minneapolis.. Apr. 13, 1956 8 Apr. 13, 1956 Apr. 13,1956 334 Kansas City.. Aug. 31, 1956 Aug. 31,1956 Aug. 31,1956 31/2 D Sa a n ll a F s rancisco A A u p g r. . 2 1 8 3 , , 1 1 9 9 5 5 6 6 2 2% V4 18 A A u p g r. . 2 1 8 3 , , 1 1 9 9 5 5 6 6 A Ap u r g . . 2 1 8 3 , , 1 1 9 9 5 5 6 6 ! 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. 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. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATEi MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930— J D M M F u e e n a a b c y e r . . . 2 2 1 0 4 2 7 4 h % 1 1 1 1 9 9 9 9 4 5 4 4 2 0 8 6 — — — — A O A J A a u c u p n t g g r . . . . . 2 2 3 1 1 1 5 0 3 2 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t d r r y r v v a e e l C ba o tr n u y k n s - 1931—May 8 1953_jan. 16 banks Oct. 9 1954—Feb. 5 ig Oct. 16 Apr. 16 1932—Feb. 26 1955—Apr. 15 1917—June 21 13 10 7 3 3 June 24 Aug. 5 1933—Mar. 3 >* Sent. 9 1% 1936—Aug. 16 191/2 15 IOI/2 41/2 4% A M O p c a t r y . . 2 2 7 6 0 1956— N A A u o p g v r. . . 2 1 1 4 8 3 1937— M M a a y r. 1 1 2 2 2 6 3,4 2 1 0 7% 1 1 4 214 5 6 14 5 6 14 1 1 9 9 3 3 7 4 — _F A e u b g . . 2 2 7 1% In effect Mar. 1, 1957.... 2V4 1938—Apr. 16 2234 17% 12 5 5 1941_Nov. 1 26 20 14 6 6 3 1942—Aug. 20 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 16 71/2 71/2 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*.... 23% 191/2 13 5 Aug. 16, 18*.... 23 19 12 5 Aug. 25 22% 18% MARGIN REQUIREMENTS 1 Sept. 1 22 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 Mar. 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 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 287 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Feb. 27 Feb. 20 Feb. 13 Feb. 6 Jan. 30 Feb. Jan. Feb. Assets Gold certificate account 20,764,392 20,764,39120,704,39120,694,393 20,689,393 20,764,392 20.689,392 20,156,351 Redemption fund for F. R. notes.. 861,900 861,900 863,518 8-6-7',0'-5 0 —87 2,'1 •4'6 861,898 872,146 854,771 Total gold certificate reserves. 21,626,292 21,626,29121,567,909 21,561,443 21,561,539 21,626,290 21,561,538 21,011,122 F. R. notes of other Banks 466,890 469,411 481,829 519,992 554,216 455,038 549,496 330,403 Other cash 469,787 470,686 458,519 478,410 485,149 469,903 486,821 443,227 Discounts and advances: For member banks 426,316 818,566 494,505 813,736 652,854 570,456 642,554 631,568 For nonmember banks, etc 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Industrial loans 802 790 803 823 825 758 822 695 Acceptances—Bought outright 25,381 27,238 28,832 29,425 29,848 24,493 30,089 14,484 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 118,255 141,275 283,975 474,675 539,535 118,255 532,335 538,200 Certificates—Special Other 11,362,199 366,19910,918,699 10.932,699 10,932,699 11,362,19910,932. 5,920,699 Notes 8,571,413 574,913 9,129,663 153,913 9,153 ,9" 13" 8,571,41"-3 9,153! 14,165,913 Bonds 2,801,750 801,750 2,801,750 801,750 2,801,750 2,801,750 2,801; 2,801,750 Total bought outright 22,853,617 22,884,137 23,134,087 23.363,037 23,427.897 22,853.617 23,420,697 23,426,562 Held under repurchase agreement. 74,000 84,000 ; 33.000 55,900 Total U. S. Government securities. 22,853,617 22,884,137 23,208,087 23,447,037 23,427,897 22,886,617 23,420,697 23,482,462 Total loans and securities 23,331,11623,755,731 23,757,227 24,316,02124,136,424 23,507,324 24,119; 24,129,209 Due from foreign banks 22 22 22 22 22 22 22 Uncollected cash items 5,322,097 ,363,929 5,023,563 •,431,178 4,828. 5,146,306 4,755 4,509,492 Bank premises 74,834 74,885 74,577 74,432 74; 74 74 63,076 Other assets 105,374 92,859 209,748 197,806 303; 106; 305 128,302 Total assets. 51,396,412 51,853,814 51,573,394 51,579,304 51,943,78151,386,66751,852,50150,614,853 Liabilities Federal Reserve notes 26,522,483 26,577,314 26,645,117 26,652,580 26,664,12326,555,990 26,697,938 26,029,487 Deposits: Member bank reserves 18,615,414 19,034. 18,504,57119,188,73518,889,37518,575,59118,881,74018.428,104 U. S. Treasurer—general account. 300,226 150; 280,849 313,987 613,693 457,593 714,617 553,556 Foreign 300,591 303,505 386,150 347,900 327,113 343,619 363,439 Other 198,314 295; 241,533 239,146 260,681 205,882 263,439 305,492 197; Total deposits. 19,414,545 19,677,456 19,330,458 20,128,018 20,111,649 19,566,179 20,203,41519,650,591 Deferred availability cash items 4,145,298 4,297, 4,306,738 3,518,491 3,897,391 3,949,869 ,680,388 718,414 Other liabilities and accrued dividends. 15,873 14 15,359 14,842 15,749 15,092 14,248 15,841 Total liabilities 50,098,199 50,567,062 50,297,672 50,313,931 50,688,912 50,087,130 50,595,989 49,414,333 Capital Accounts Capital paid in 330,159 329,280 328,789 328,232 327,611 330,179 327,649 308,769 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 192,918 182,336 171,797 162,005 152,122 194,222 153,727 170,596 Total liabilities and capital accounts. 51,396,412 51,853,814 51,573,394 51,579,304 51,943,78151,386,66751,852,501 50,614,853 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) , 47.1 46.8 46.9 46.1 46.1 46.9 46.0 46.0 Contingent liability on acceptances purchased for foreign correspondents 58,164 63,267 62,324 62,371 61,429 58,016 62,493 36,586 Industrial loan commitments 1,970 2,304 2,297 2,302 2,322 2,014 2,315 2,444 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total... 451, 316 843,566 519 505 838,736 677 854 595,456 667,554 631,568 Within 15 days 419 903 812,401 489 330 808,848 632 792 564,297 638,941 624,776 16 days to 90 days 6 413 6,165 5 175 4,888 20 062 6,159 3,613 6,792 91 days to 1 year 25;000 25,000 25 000 25,000 25 000 25,000 25,000 Industrial loans—total 802 790 803 823 825 758 822 695 Within 15 days 35 35 36 36 36 36 36 1 16 days to 90 days 83 81 65 63 63 79 62 14 91 days to 1 year 455 445 471 482 476 414 474 589 Over 1 year to 5 years 229 229 231 242 250 229 250 91 Acceptances—total 25 381 27,238 28 832 29,425 29 848 24,493 30,089 14,484 Within 15 days 8 932 13,048 14075 9,216 6 529 8,241 7,386 5,845 16 days to 90 days 16449 14,190 14757 20,209 23 319 16,252 22,703 8,639 U. S. Government securities—tota! 22,853 617 22884,137 23 208 087 23,447,037 23,427 89722 886,617 23 420,697 23 482,462 Within 15 days 51 500 134,000 287 650 364,050 116 310 63,600 5",187,710 171,600 16 days to 90 days 66 755 7,275 582 325 706,625 5,935 225 66,755 856,625 434,500 91 days to 1 year 19,933 19941,11214,536 574,61214,574 61219,954,512 14,574,612 13 860,764 Over 1 year to 5 years 373 373,279 373 373,279 373 279 373,279 373,279 587,127 Over 5 years to 10 years 1,013 013,614 1.013 013,614 1,013 614 ,013,614 ,013,614 013,614 Over 10 years 1,414 414,857 1,414 414,857 1,414 857 ,414,857 ,414,857 414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 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 Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 885,501 5,965,1211,018,2571,876,940 1,329,857 790,429 3,670,929 820,004 313,452 846,441 721,868 2,525,593 Redemption fund for F. R. notes 56,325 180,824 61,896 76,757 67,365 50,606 154,827 43,478 22,836 41,349 25,972 79,663 Total gold certificate reserves 941,826 6,145,9451,080,1531,953,6971,397,222 841,035 3,825,756 863,482 336,288 887,790 747,840 2,605,256 F. R. notes of other Banks.. 29,090 77,813 33,289 43,395 33,622 95,539 41,838 9,512 15,040 7,119 35,264 33,517 Other cash 39,106 112,391 26,769 43,694 23,562 35,106 72,562 22,882 11,937 14,721 17,233 49,940 Discounts and advances: Secured by U. S. Govt. securities 54,240 117,475 68,295 18,402 45,025 66,997 84,880 11,925 39,245 28,227 12,271 23,400 Other 1,524 7,025 1,750 2,250 1,275 1,125 3,550 925 600 950 1,300 2,800 Industrial loans , 335 384 39 Acceptances: Bought outright , 24,493 Held under repurchase agreement , U. S. Govt. securities: Bought outright , ,256,172 5,751,7531,373,2971,976,6781,407,0741,175,110 3,987,316 954,138 516,195 990,247 908,294 2,557,343 Held under repurchase agreement , 33,000 Total loans and securities.... ,312,271 5,933,7461,443,7261,997,330 1,453,3741,243,232 4,075,746 966,988 556,0791,019,424 921,865 2,583,543 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 2 Uncollected cash items.. 390,347 934,085 330,304 486,566 367,464 385,306 904,255 191,237 126,930 247,659 282,476 499,677 Bank premises 5,316 9,525 4,737 7,883 7,258 5,223 5,842 4,637 4,957 4,502 4,275 10,649 Other assets 5,606 25,410 6,046 9,286 6,413 5,434 20,710 4,289 2,382 4,484 4,882 12,038 Total assets. 2,723,56313,238,9212,925,026 4,541,853 3,288,9162,610,876 8,946,7122,063,0281,053,614 185,700 2,013,836 5,794,622 Liabilities F. R. notes 1,560,100 6,229,8871,688,6812,520,2792,100,7721,300,866 5,,122,6311,178,588 481,217 ,052,874 681,708 2,638,387 Deposits: Member bank reserves 765,105 5,295,206 891,1921,488,589 811,372 912,2232,928,893 667,579 425,566 868,7961,004,385 :2,516,685 U. S. Treasurer—general account 549 449,014 707 556 507 563 509 533 1,935 578 599 1,543 O Fo th re e i r gn 17, 2 45 3 8 9 21 1 1 3 0 7 , , 6 6 6 9 9 3 2 1 1 0 , , 0 8 7 3 0 7 27 1 , , 0 35 9 7 0 1 3 5 , , 2 35 9 1 0 13 1, , 7 5 8 4 1 5 42,7 9 4 8 2 5 11 1, , 4 1 2 3 8 7 7,2 3 2 9 4 2 1 4 1 , , 5 4 0 3 5 8 1 3 5 , , 1 6 0 5 7 2 4 3 0 3 , , 2 7 6 3 8 7 Total deposits 783,351 5,992,582 923,8061,517,592 830,520 928,1122,973,129 680,677 435,117 885,3171,023,743 2,592,233 Deferred availability cash items 303,114 656,758 220,644 385,798 288,327 320,736 661,088 152,755 103,904 195,304 242,104 419,337 Other liabilities and accrued dividends 753 4,056 797 1,804 557 705 3,062 459 507 559 465 1,368 Total liabilities 2,647,31812,883,283 2,833,928 4,425,473 3,220,1762,550,419 8,759,9102,012,4791,020,7452,134,0541,948,020 5,651,325 Capital Accounts Capital paid in 17,098 95,012 20,944 31,761 15,086 15,857 44,966 11,265 7,246 13,255 18,375 39,314 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. 13 b) 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. 12,188 45,305 13,364 17,220 12,711 10,659 29,986 9,432 6,030 9,271 8,626 19,430 Total liabilities and capital accounts , 2,723,56313,238,9212,925,026 4,541,853 3,288,9162,610,8768,946,7122,063,0281,053,614 2,185,700 2,013,836 5,794,622 Reserve ratio 40.2% 50.3% 41.3% 48.4% 47.7% 37.7% 47.3% 46.4% 36.7% 45.8% 43.8% 49.8% Contingent liability on acceptances purchased for foreign correspondents 3,376 316,170 4,074 5,238 2,968 2,619 8,265 2,153 1,397 2,212 3,026 6,518 Industrial loan commitments.. 471 61 98 1,808 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $41,846,000 participations of other Federal Reserve 2 After deducting $216,419,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 289 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS* ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Feb. 27 Feb. 20 Feb. 13 Feb. 6 Jan. 30 Feb. Jan. Feb. F. R. notes outstanding (issued to Bank). 27,762,313 27,818,115 27,877,855 27,953,639 28,066,369 27,747,268 28,037,677 27,186,444 Collateral held against notes outstanding: Gold certificate account 11,868,00011,868,000 11868,00011,868,00011,868,00011,868,00011,868,00011,713,000 Eligible paper 45,352 116,267 75,277 113,224 173,459 108,447 190,154 156,333 U. S. Government securities 17,090,000 17,090,000 17.140,00017,205,00017,305,00017,090,00017,305,00016,925,000 Total collateral 29,003,352 29,074,267 29,083,27729,186,224 29,346,45929,066,447 29,363,154 28,794,333 EACH FEDERAL RESERVE BANK ON FEBRUARY 28, 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 Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,639,147 6,515,3531,817,120 2,606,7332,186,3981,366,274 5,240,976 1,226,665542,933 ,076,158 742,8872,786,624 Collateral held: Gold certificate acct.. 580,000 3 170,000 640,000 1,130,000 915,000 450,000 2,300,000 450,000150,000 300,000 283,000 ,500,000 Eligible paper 68,295 11,925 28,227 U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,550,0001,310,0001,000,000 3,100,000 875,000 460,000 820,000 525,000 ,500,000 Total collateral 1,730,000 6,770,000 1,908,295 2,680,000 2,225,000 1,450,000 5,400,000 1,336,925 610,000 148,227 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V» [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p 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 e o o t o t v m e n u e d - o n d i t t) ( s a t L a m o n o u o d a t u i n - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( s in a P p f t t u a m g a a o f n t t r i u i o i n i t d o o n i t u a i c - n n s n n n i t s s - c 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 e m m s i r d e e l r t a i r e a o o t b n a n i w u g o l g t d e n s u e n r i t r e a n a s t e r l g o - - 1950 3,698 651,389 4,819 2,632 3,754 J,745 1951 854 1,395 675 547 473 1951 3,736 710,931 3,513 4,687 6,036 1 ,985 1952 1,159 2,124 979 803 586 1952 3,753 766,492 1,638 3,921 3,210 J,289 1953 1,294 2,358 805 666 364 1953 3,765 803,429 1,951 1,900 3,569 *,469 1954 1,367 2,500 472 368 273 1954 3,771 818,224 520 719 1,148 ,027 1955 1,411 2,575 294 226 170 1955 3,778 826,853 305 702 2,293 1,103 1956 1956 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 Apr 3,779 828,846 45 945 2,455 ,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 1,288 May 1,435 2,663 340 256 175 June 3,780 830,116 904 2,565 ,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 I 179 Oct 1,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 ,098 Nov 1,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec 1,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 ,126 Jan 1,475 2,823 401 298 120 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing i ncluded 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

290 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect February 28. Per cent per annum] [In effect February 28] 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 Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank On On by borrower) borrower On commit- Portion Re- commitloans2 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 1 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia. . (5) Cleveland.... Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago 3-5% St. Louis.... 3-3% Interest rate Minneapolis. . Kansas City.. Commitment rate. Dallas 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. 6 Twenty-five per cent of loan rate. Charge of % per cent per annum is made on undisbursed portion. 7 Charge of *4 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 adjusted 3 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 centersi 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—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 30.0 22.8 48.1 30.6 22.6 Feb.. 178,049 67,035 37,551 73,463 48.9 P30.7 P22.9 »31.5 ^23.0 p Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 291 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 ,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 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 ... . 27,741 19,305 1,554 ,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 ,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 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21,236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,163 21,227 1,900 ,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar 30,339 21,419 1,914 ,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30,210 21,320 1,922 1,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 9 May 30,513 21,621 1,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June 30,715 21,801 1,948 1,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 July. 30,604 21,709 1,957 1,258 74 2,065 6,514 9,840 8,895 2,674 5,500 294 415 3 g Aug 30,757 21,838 1,967 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 8 Sent 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 8 Nov 31,424 22,374 2,016 I 324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 g 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 1957—Jan 30,614 21,597 1,990 1,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Kind of currency T s J o t a a t 1 n n a 9 . l d 5 3 i o 7 n 1 u g , t . - A g s a o s s g l i e d a l c v 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 H B a F e g a a . l e n d n n R d k t b . s s y Ja 1 n 9 . 5 3 7 1, De 1 c 9 . 5 3 6 1, Ja 1 n 9 . 5 3 6 1, certificates agents Gold 22,252 21,594 2657 21,594 18,746 2,816 33 33 34 Federal Reserve notes 28 038 97 1,889 26,051 27,038 25,720 Treasury currency—total 5,071 *2,404 54 487 4,530 4,720 4,474 Standard silver dollars 489 194 41 7 247 247 230 Silver bullion 2,209 2,209 Silver certificates and Treasury notes of 1890 $2,404 369 2,035 2,174 2,053 Subsidiary silver coin 1,346 7 61 1,277 1,309 1,221 Minor coin 478 2 1© 466 471 445 United States notes 347 4 38 304 316 306 Federal Reserve Bank notes 140 (4) 2 138 140 154 National Bank notes 63 (<) (4) 63 63 65 Total—Jan. 31 1957 (5) 23,998 809 18,746 5,192 30,614 Dec 31 1956 (5) 23,714 775 18,454 4,529 31,790 Jan. 31 1956 (5) 23,440 797 18,195 5,002 30,228 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 arc 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. 284. 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 Treas ury 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

292 ALL BAINKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Date Gold T s r t o c e r u i a u n e n u r n a r y g c t d - - s y - - Total Loans, Tot U al . S. G m o C v a e o n e r m c r d i n a - m l ent F R e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p r o n o e t d n s a i l c t y s C c m o a a n a u p n i c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2.254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—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. ,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. ,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28. ,700 5,000 214,900 101,600 92,600 67,100 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25. ,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30. ,800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30. ,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25* ,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29* ,900 5,000 217,000 105,500 90,900 65.400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26* ,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* ,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* ,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* ,900 5,100 223,400 110,100 92,900 66,300 24,900 1,700 20,400 250,400 229,800 20,600 1957_jan. 30* 22,300 5,100 219,200 108,100 90,600 65,500 23,400 1,700 20,400 246,500 226,000 20,500 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s g e 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 k n ia - s g l s F B . A a n 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 t u k n s a s 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 i e n t - - s d 4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u o r n o e s t a d s n a t n e i l c t d d y s j m p u D o a d s a s d e e t n i e - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941_Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947__Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31.. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1953—Dec. 31.. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359102,451 28,091 126,700 99,500 27,200 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4.038 394 216,577 78.378 48,359 28,129 1,890109,914 28.285 133,300 105,800 27.500 1956—Jan. 25.. 3,100 800 2,300 500 214,400 78,400 48,300 28,300 1,900 108,900 27,100 133,300 106,,000 277,300 Feb. 29.. 3,000 800 4,000 600 211,600 78,800 48,500 28,400 1,800 105,600 27,200 132,700 105,400 277,300 Mar. 28.. 3,000 800 6,500 500 210,800 79,300 48,800 28,600 1,800 104,400 27,200 133,100 105,600 277,500 Apr. 25.. 3,000 800 4,400 600 212,400 79,300 48,800 28,700 800 106,100 27,000 134,400 107,200 277,200 May 30., 3,000 800 5,800 400 211,200 79,600 49,000 28,900 800 104,200 27,400 133,200 105,700 277,500 June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 1,765 104,744 28,284 134,300 106,700 277,600 July 25*, 3,100 800 3,600 600 213,300 80,700 49,700 29,200 700 105,200 27,400 134,300 106,800 277,500 Aug. 29*, 3.100 800 5.800 500 212,800 80,900 49,900 29,300 1,700 104,500 27.500 133,600 106.100 277,500 Sept. 26*, 3,200 800 5,400 600 214,100 81,300 50,100 29,500 1,700 105,400 27,400 134,100 106,700 277,400 Oct. 31* 3,100 800 3,800 500 216,600 81,500 50,200 29,600 1,700 107,400 27,700 133,600 106,100 277,500 Nov. 28*. 3,400 800 5,200 500 217,100 80,900 49,600 29,600 1,700 108,200 28,000 134,300 106,700 277,600 Dec. 26*. 3,400 800 4,200 500 220,900 81,900 50,300 30,000 1,600 110,700 28,400 134,500 106,600 277,900 1957—Jan. 30*. 3,100 800 1,900 600 219,500 82,900 51,200 30,100 1,600109,200 27,300 133,800 106,300 27,500 * 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. Sayings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 293 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES! [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b i l o o . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t i t - d i t a - e a l s l Total2 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 - a ta t l s l b N a b o u n e f m k r s counts 3 U.S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 31 < 134,924 43,002 81,199 10,723 38.388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1954—Dec. 31 183,784 85,617 77.728 20,439 44.585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14.367 1955—Dec. 31 190,780100,057 70,052 20.670 47,803 242,008 220,441 16,646 3,712 123,239 76,844 18,112 14,243 1956—Jan. 25 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2,010 117,600 76,880 18,160 14,250 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235 115,850 79,182 18,811 14,206 July 25* 190,860105,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290 114,140 79,260 18,840 14,204 Aug. 29P 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 5,460 113,050 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 3,480 117,590 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, 6'2"0 111,020 66,250 20.350 45,400 247,060 222,090 16,060 3,890 121,550 80,590 19,360 14,174 1957—Jan. 30* 194,810 108,910 65,460 20,440 41,590 240,550 215,870 14,260 1,620 118,350 81,640 19,350 14,163 AH commercial banks: 19 39 —Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806101,917 36,503 11,590 14,121 1954—Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172116,567 47,209 14,576 13,840 1955—Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48.715 15,300 13.716 1956—Jan. 25 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010117,550 48,610 15,340 13,723 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 July 25* 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290 114,110 50,020 15,940 13,677 Aug. 29* 161,030 87,470 57,170 16,390 39,730 204,090 183,150 14,460 5,460113,020 50,210 16,040 13,680 Sept. 26* 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110115,110 50,400 16,280 13,679 Oct. 31* 162,540 88,830 57,400 16,310 42,360 208,430 186,990 15.380 3,480 117,560 50,570 16.330 13,667 Nov. 28* 163,940 89,580 58,100 16,260 42,360 209,880 188,300 15,360 4,930 118,040 49,970 16.420 13,659 Dec. 26* 165,690 91,240 58,300 16,150 44,470 213,760 192,060 16,060 3,890 121,520 50,590 16 420 13,647 1957—Jan. 30*.... 162,670 89,010 57,490 16,170 40,750 207,110 185,760 14,260 1,620 118,320 51,560 16,390 13,636 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68.121 61,717 10,525 1,709 37,136 12,347 5.886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35.524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1954—Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6.660 1955—Dec. 31 135.360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 105,400 39,165 12.783 6,543 1956—Jan. 25 133,999 70,329 50,133 13,537 35,366 172,055 154,952 13,850 1,693 100,360 39,049 12,813 6,540 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 1957—Jan. 30* 136,579 76,742 46,767 13,070 35,909 175,762 157,485 13,559 1,408 101,084 41,434 13,713 6,459 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. 31 • 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1954—Dec. 31 27,868 14,998 8,748 4.123 1,026 29,276 26.359 26,302 2,694 527 1955—Dec. 31 29,898 17.456 8.460 3,982 965 31,274 28.187 28,129 2,812 527 1956—Jan. 25 30,120 17,620 8,480 4,020 910 31,450 28,320 28,270 2,820 527 June 30 31,066 18,639 8,297 130 917 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 N O o ct v . . 2 3 8 1 * * 3 3 1 1 , , 8 6 1 9 0 0 1 1 9 9 , , 6 4 5 4 0 0 7 8 , , 9 0 8 6 0 0 4 4 , , 1 18 9 0 0 7 8 8 0 0 0 3 33 2 , , 0 9 6 4 0 0 2 2 9 9 , ,6 5 3 8 0 0 8 2 2 9 9 , . 5 60 5 0 0 2 2 , , 9 9 3 6 0 0 5 5 2 2 7 7 Dec. 26* 31,930 19,780 7,950 4,200 930 33,300 30,030 (5) 30,000 2,940 527 1957—Jan. 30*.... 32,140 19,900 7,970 4,270 840 33,440 30,110 5) (5) 30,080 2,960 527 * Preliminary. asset and liability data are not available. Comparability of figures for i AH banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 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 t b i o o l . i S n v g . s t a . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i n i c a t i - d i t - e a s l Total* b In a t n e k r- 2 Demand Time c c a o a p u c i n - ta ts l ba b n e k r s 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 195O_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—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2.303 2,745 18 1956—Jan. 25 22,945 14,134 6,671 2,140 6,789 30,477 25,965 5,020 215 18,465 2,265 749 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 805 18 July 25* 22,771 15,252 ,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 809 18 Aug. 29* 23,220 15,326 ,935 1,959 6,938 30,972 26,535 5,017 1,314 17,822 2,382 825 18 Sept. 26 23,422 15,804 ,650 1,968 7,196 31,457 26,703 5,105 993 18,201 2,405 2,815 18 Oct. 31* 23,148 15,758 ,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 18 Nov. 28* 23,318 16,014 ,568 1,736 7,044 31,257 26,757 5,270 871 18,322 2,294 2,852 18 Dec. 26* 24,238 16,537 ,959 1,742 7,754 32,927 28,035 5,509 753 19,331 2,442 2,880 18 1957—Jan. 30* 23,101 15,665 5,645 1,791 7,046 31,151 26,497 4,927 188 18,905 2,477 2,878 18 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—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—Jan. 25 6,435 3,239 2,535 661 1,985 8,469 7,749 1,144 74 5,230 1,301 626 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 July 25* 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 Aug. 29* 6,325 3,541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 1,287 641 13 Sept. 26 6,251 3,571 2,061 618 1,929 8,233 7,302 1,215 312 4,488 1,287 646 14 Oct. 31* 6,320 3,631 2,077 612 1,947 8,327 7,350 1,253 187 4,625 1,285 654 14 Nov. 28* 6,319 3,633 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 1957—Jan. 30* 6,120 3,494 2,074 552 1,905 8,077 7,280 1,125 68 4,784 1,303 660 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—Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288 39,835 16,164 4,641 292 1956—Jan. 25 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 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 16,583 001 290 Oct. 31* 52,851 31,007 17,023 4,821 15,181 69,268 62,468 6,819 1,222 37,814 16,613 032 289 Nov. 28* 53,389 31,391 17,152 4,846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 066 289 Dec. 26* 54,076 32,098 17,220 4,758 16,218 71,518 64,553 7,087 1,286 39,473 16,707 070 290 1957—Jan. 30* 52,978 31,234 17,056 4,688 14,802 69,034 62,111 6,224 474 38,393 17,020 5,082 290 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—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 6,120 1956—Jan. 25 52,561 24,437 22,324 5,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 July 25* 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,624 20,043 4,947 6,173 Aug. 29* 53,163 25,810 21,430 5,923 11,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6, HO 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 6,1 6 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. 28* 54,587 26,258 22,341 5,988 12,806 68,360 62,415 1,380 1,715 39,268 20,052 5,134 6,155 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 1957—Jan. SQP 54,380 26,349 21,992 6,039 12,156 67,500 61,597 1,283 678 39,002 20,634 5,093 6,137 * 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 295 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i 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 i n a t t i d i a - t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T o a a o p u c t i n - a t t a l s l b N a b u o n e m f k r s tions ac- Time counts3 U.S. Other Govt. AH 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 I 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 I 918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 ,871 1955—June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 867 Dec 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 ,851 1956—June 30 48,973 23,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 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 i,: 91 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947 Dec 31 * 2,00^ 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,f04 3,613 1,288 7 662 1945 Dec 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7 130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7 183 1955 June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7 173 Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12.114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7 183 Insured mutual savings banks: 1941 Dec 31 1,693 642 629 421 151 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 12 12,192 1,252 194 1954—Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 2 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 2 3 49 21,182 2,006 220 1956 June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 2 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 3H 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 1 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

296 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 n lo a v o e n a e n t n d a s t s t l s - TotaP C c o m m c p p k i l i p o i n u n a e e a a e e m g d - r r r - t l n , - - - - A c tu u a g r l l r - - i- b o p d a L s r e T e r u e n o e r r o o a r s d c s k c 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 r n n o h o s s g g r - 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 i a n h o i d l - n - e s - s r O lo t a h n e s r Total Total B U i . l l S s C G o d c n e e f e a o r e d i t b t v s n e i - t s f e - s - D i r - n ir m N ec e o t n te t s ob B li o g n a d ti s on G s t a e u n e a d - r- S p O s t d s a i i g t i o u c o i o a o b n v a l b a f t n n l d i - i e - l i t s - s - - s O s r e i t t h c ie e u s r - All commercial banks:3 1947—Dec. 31.... 116,28438,05718,167 ,660 8301,220 9,393 5,7231,063 78,22669,2212,193 7,789 6,03453,191 14 5,276 3,729 1954—Dec 31.... 155,91670,61926,867 5;200 2,9291,52518,41814,750 2,000 85,29768.9815,065 5,361 14,672 4"3,861 22 12,586 3729 1955—Dec. 31.... 160,88182,60133,245 4,475 3,2631,77420,80917,185 3,117 78,28061,5924,219 2,318 14,034 41,010 698 3,990 1956—June 30.... 160,00886,88736,111 4,254 2,695I',738 21,78718,365 3,286 73,12256.6202,817 1,247 12, ,815 929 3573 Sept. 26"... 162,03088,480 36;970 4,170 :,35O1,670 22,25018,500 3,930 73,55056,9503,090 2,380 12,330 39,140 10 13,080 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 9,4611,331144 3,164 3,606 4,677 2,3611,181 96,04388.9122,45519,071 16,045 51,321 22 3,873 "3,258 1947—Dec. 31.... 114,27437,58318,0121,610 8231,190 9,266 5,6541,002288 76.69167,9412,124 7,552 5,918 52,334 14 5,129 3621 1954_Dec. 31.... 154,11570,,112277 2266,731 5:, 1,08 2,9071,50118,30214,6761,973 83,98868,0124,901 5,27914,523 43,287 2112,352 3624 1955—Dec. 31.... 159,16482,08133,092 4,396 3,2291,742 "20,692 17,104",09177,08360,7654,105 2,292 13,856 40,502 1012,4653^853 1956—June 30.... 158,34486,374 35;944 4190 2,6691,704 21,67118,284 3|259 71,97155,8352,751 1,228 12,552 39,290 1312,6943 442 Member banks, total: 1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 111,729 3,832 090 21,871 1945—Dec. 31.... 107,18322,775 8,949 885555 3,133 3,378 3,455 1,90011,10484,40878,3382,27516,98514,271 4*4,792 16 254 2815 1947—Dec. 31.... 97,84632,62816,9621,046 8111,065 7,130 4,662. 9™52 6"5",21857,9141,987 5,816 4,815 45;,286 10 199 3,105 1954_Dec. 31.... 131.60260,25025,007 3;529 2,8811,36314,43312,127 1,858 71,35257,8094,075 4,30712,464 36,,9!44 20 449 31.094 1955—Dec. 31.... 135,36070,982 3i;019 2726 3,1"5"0 1,56016,39114,313 2,943 64,37750,6973,250 1,73811,508 34,,192 9 444 3,236 1956—June 30.... 134,42874,783 33,725 2552 2,586 ,52217,17215,330 3,087 59,64546,2262,013 840 10,332 33,029 12 557 2! 862 Sept. 26.... 136,15476,30534,574 2,470 2,236 ,45817,60615,448 3,71759,84946,3542,147 1,783 9,954 32,459 11 687 2.807 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 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 33013,21411,972 ,002 640 558 9,771 638 604 1954—Dec. 31.... 23,880 12,039 7,231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1.977 523 1955—Dec. 31.... 23,583 14,640 9,126 1"7 22,144 511 577 1,506 ,006 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 1,5901,044 7.896 6,011 325 70 1,082 4,529 1,514 371 Sept. 26.... 23,422 15,80410,765 1,336 433 633 1,5381,347 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 40431,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947_Dec. 31..., 36.04013,449 7,088 225 170 484 3,147 1,969 366 2222,59120,196 373 2,358 1,90115,560 3 1,342 ,053 1954—Dec. 31.... 50,73823,986 10624 956 407 622 6,134 4.912 720 26,75221,7181,326 1,695 4,95413,736 7 3,782 ,252 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 180 23,83718,826 813 657 4,70812,643 5 3,778 ,233 1956—June 30..., 52,07130,12213,978 520 502 676 7,357 6,306 i;26521,94917,051 374 279 4,086 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 1,676 659 20 183 1,823 1,530 6,628 4 377 110 481 2,926 861 1,2221,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363i 29,40726,999 630 5,102 4,544 166,713 9 1,3421,067 1947_Dec. 31..., 36.32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,0061,262 1954—Dec. 31.... 50,46621,442 5|306 2,229 89 220 7,742 5,760 388 29,02423,629 ,893 1,774 4,73115,228 3 4,2751.120 1955—Dec. 31.... 52,77524,379 6,290 2,127 189 255 8,723 6,575 573 28,39722,570 ,774 913 5,05614,825 3 4,5811,246 1956—June 30... 52,75225,716 6.892 2,019 223 257 9.073 7,050 590 27,03521,0761,267 489 4,68814,628 4 4,7311,228 Sept. 26... 53,60725,980 6,8421,926 276 254 9,266 7,169 639 27,62721,5951,579 858 4,66014,493 4 4,7901,242 All nonmember banks:3 1947_Dec. 31... 18,454 5,43: 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31... 24,33710,378 1,859 1,671 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 2,3851,70: 110 216 4,625 3,036, 20013,49210,406 805 407 2,396 6,797 2,374 712 • 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 297 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s e s w e R e d a r r i n e v e 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 n d e n o i c s k t - e t h s i s c 5 j p u m o s a d a t s d e e n i - - d t d s 6 m D e I o s n d t - t e i e p c r 5 o b s a i n F t e s k i o g r n - G U o . v S t . . p v s S o i u a l t s i b a n i t o t d i d e c n i s a - s l c C h c o a e f e e e i f t n e c f r r c d i t s . d k - i ' - s, p a v n a s p i I t d h d r i n o o t u i d r n p c n a a i e s o s - l - , r s r - , - I b n a t n er k - G P U S i a n o o a n . g s v v d S t s t - a . . l v S p s i a u i t s o c a n i b l a o t i d d e l t n - s i s - a p v n s p a I i t h d d i n r o o i t u d r c p n n a a i o s 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 - n l i t - s AH commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 ,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. 3!.... 18,721 2,682 12,050109,905 13,512 ,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 ,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 Sept. 26e... 18,500 3,100 10,270105,410 11,820 ,660 5,110 9,950 2,950 102,210 1,590 330 2,450 47,6201,62016,280 All insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12,566 ,24823,740 5,098 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 ,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 ,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 ,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 ,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 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1954—Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 1512,210 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 ,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:4 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3 853 2 9 902 426 1954—Dec. 31 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—Dec. 31.... 1,135 32 141 4,349 1,246 40 222 299 85 4,781 11 6 8 1,313 3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Sept. 26.... 1,125 29 103 3,820 1,169 37 312 303 66 4,119 9 5 11 1,271 198 646 Reserve city banks : 1941__Dec. 31.... 4,060 425 2,590 11,117 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_E>ec. 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 ,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 ,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

298 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Total Loans Month or date i m l n o a v e n a e n n d s t s t s - i m n a a v e n d e n d - s t t s - Lo ad a - ns C m a c o n i e a m d r l - - A c g u r l- i- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e O lo t a h n e s r Total Bills o c C t f a i e f t i i e r n - - s - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s justed i justed i i t n r d ia u l s- tural G U o . v S t . .OtherG U o . v S t . . O s t e h - er loans d n e e e d b s - t s t l i o i o g b n a - s - c t u ie n s - t l i o i o g b n a - s - c t u ie r s i- Total— Leading Cities 1956 Feb 85,375 84,281 47,61125,719 565 2,485 ,289 8,186 10,200 28,506 983 631 6,727 20,165 8,164 1,094 1957 Jan 87,531 86,243 52,353 30,167 451 1,794 ,193 8,82010,937 26,4601,935 692 5,149 18,684 7,430 1,288 Feb 86,227 85,001 51,726 29,831 439 1,726 ,152 8,77010,824 25,7811,397 773 4,977 18,634 7,494 1,226 Jan. 2 89,024 87,634 53,375 30,681 456 2,130 ,208 8,83911,069 26,774 2,093 703 5,222 18,756 7,485 1,390 Jan. 9 87,459 86,198 52,50130,298 455 1,745 ,201 8,83210,977 26,272 ,697 690 5,189 18,696 7,425 1,261 Jan. 16 87,796 86,503 52,255 3"0",143 452 1,745 ,190 8,831 10,903 26,823 2,298 706 5,141 18,678 7,425 1,293 Jan. 23 86,904 85,583 51,855 29,900 449 1,659 ,183 8,80710,866 26,330 ,907 681 5,113 18,629 7,398 1,321 Jan. 30 86,474 85,297 51,776 29,816 444 1,689 ,182 8,79010,868 26,101 ,681 680 5,082 18,658 7,420 1,177 Feb. 6 86,103 85,069 51,664 29,726 436 1,761 ,155 8,77010,833 25,921 ,443 780 5,070 18,628 7,484 1,034 Feb. 13 86,239 84,828 51,712 29,817 440 1,694 ,151 8,78210,843 25,6721,257 743 5,044 18,628 7,444 1,411 Feb. 20 86,131 85,069 51,748 29,910 437 1,689 ,153 8,766 10,808 25;809',426 823 4,917 18,643 7,512 1,062 86,435 85,038 51,779 29,871 443 1,760 ,148 8,76210,813 25,723 ,461 746 4,878 18,638 7,536 1,397 Feb. 27 New York City 1956 22,513 21,909 13,734 9,027 1441,592 19 483 548 2,162 6,043 232 40 1,089 4,682 2,132 604 Feb 1957 23,373 22,575 15,05911,107 121 985 380 595 2,168 5,762 616 192 915 4,039 ,754 798 Jan 22,882 22,212 14,95911,091 138 925 365 586 2,157 5,433 300 187 898 4,048 ,820 670 Feb Jan. 2 24,141 23,234 15,50811,260 200 ,177 387 593 2,187 5,977 777 203 928 4,069 ,749 907 Jan. 9 23,077 22,362 15,02011,118 57 993 387 598 2,164 5,628 490 187 913 4,038 ,714 715 Jan. 16 23,543 22,768 14,99411,092 111 950 381 601 2,156 6,002 856 185 928 4,033 ,772 775 Jan. 23 23,082 22,300 14,88311,034 107 894 376 596 2,173 5,664 539 194 914 4,017 ,753 782 Jan. 30 23,023 22,213 14,89411,030 131 909 372 587 2,163 5,538 419 190 890 4,039 ,781 810 Feb. 6 22,783 22,206 14,89610,999 212 874 366 587 2,158 5,502 322 211 923 4,046 577 Feb. 13 22,879 22,110 14,95911,089 179 875 366 592 2,161 5,418 258 207 904 4,049 ,793 709 Feb. 20 22,805 22,218 14,97911,156 66 956 364 583 2,157 5,420 298 181 889 4,052 ,819 587 Feb. 27 23,061 22,254 15,00111,121 95 995 362 582 2,152 5,395 321 148 878 4,048 ,858 807 Outside New York City 1956 Feb 62,862 62,372 33,87716,692 554 749 787 7,638 8,03822,463 751 591 5,638 15,483 6,032 490 1957 Jan 64,158 63,668 37,29419,060 450 688 795 8,225 8,769 20,698 ,319 500 4,234 14,645 5,676 490 Feb 63,345 62,789 36,76718,740 438 663 773 8,184 8,667 20,348 ,097 586 4,079 14,586 5,674 556 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 8,70520,5631,262 490 4,192 14,619 5,639 367 Feb. 6 63,320 62,863 36,76818,727 435 675 773 8,183 8,675 20,4191,121 569 4,147 14,582 5,676 457 Feb. 13 63,360 62,658 36,75318,728 439 640 772 8,190 8,682 20,254 999 536 4,140 14,579 5,651 702 Feb. 20 63,326 62,851 36,76918,754 436 667 776 8,183 8,65120,3891,128 642 4,028 14,591 5,693 475 Feb. 27 63,374 62,784 36,77818,750 442 670 774 8,180 8,66120,3281,140 598 4,000 14,590 5,678 590 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 299 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 Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . a r i v n t R h e k . s s C va i a n u s l h t b m a w n a d e n i c o s t e k - h t s i s c j m p u o a d s a t d s e e n i - - d t d s i s p p u n c v a h o a a o e i n i r d r l p r r d a s t - - - s - , - , S p d s a i t o u i c a n v l a b t i d i e l t - - - s c C h c o a f e e e e i f n t e c f r r c d i d t s k . - i ' s - , G U o . v S t . . s p p u n c a v h o a a o e n i i r r d l p r r d a s t - - - 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 l t - - s - s G P U S i a n o o . a n g s v v d S t s - t a . . l m D t e i o c s - - F ei 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 n p - l - ts tions tions Total- Leading Cities 1956 Feb 13,384 945 2,424 56,676 58,629 4,277 1,896 1,81519,279 976 20510,162 1,491 1,197 689 712 8,555 1957 Jan 13,604 1,048 2,619 58,057 60,914 4,136 2,007 1,037 20,094 936 18311,157 1,613 1,244 296 822 9,036 Feb 13,457 988 2,392 56,470 59,256 4,025 1,802 1,197 20,333 961 18010,242 1,516 1,243 532 922 9,093 Jan. 2 13,600 ,132 3,156 57,629 61,966 4,183 2,541 2,181 19,919 916 18212,640 1,719 1,250 309 788 9,040 Jan. 9 13,665 ,086 760 60,130 4,011 1,884 949 20,022 935 18411,425 1,637 ,244 254 929 9,045 Jan. 16 13,587 ,000 ,523 61,976 4,183 1,985 643 20,143 942 18211,329 1,601 ,240 179 878 9,023 Jan. 23 13,639 ,003 2;490 58,296 60,545 4,095 1,870 624 20,169 948 18210,537 1,583 ,242 262 830 9,027 Jan. 30 13,530 ,017 2,304 58,076 59,951 4,211 1,755 790 20,214 939 183 9,854 1,526 ,245 475 682 9,047 Feb. 6 13,756 920 2,330 56,874 58,685 4,083 1,770 873 20,268 956 18110,338 1,514 ,242 723 728 9,088 Feb. 13 13,119 1,040 2,441 423 60,408 3,888 1,815 844 20,292 959 17910,500 1,479 ,247 359 1,115 9,090 Feb. 20 13,595 980 2,431 58,701 4,030 1,824 1,518 20,363 965 18010,140 1,533 ,237 741 745 9,075 13,359 1,014 2,364 56,370 5"9,228 4,099 1,800 1,554 20,407 964 183 9,991 1,539 ,245 304 1,101 9,117 Feb. 27 New York City 1956 4,229 137 6415,67517,081 290 927 495 2,053 85 60 2,888 1,155 942 134 356 2,746 Feb 1957 4,177 150 16,17817,739 287 985 291 2,314 3,100 ,291 950 3 345 2,845 Jan 4,342 151 15,764 17,342 284 874 300 2,363 2,893 ,203 953 127 532 2,862 Feb Jan. 2 3,951 163 64 16,00618,093 271 1,254 703 2,272 3,565 ,389 950 131 2,843 Jan. 9 4,322 158 15,99417,357 237 889 276 2,295 3,083 ,314 950 394 2,845 Jan. 16 4,067 140 16,20517,863 317 953 170 2,319 3,142 ,280 950 455 2,847 Jan. 23 4,289 141 16,28417,649 302 947 123 2,331 2,976 ,259 951 357 2,847 Jan. 30 4,257 148 16,39717,732 307 879 184 2,351 2,735 ,214 952 386 2,845 Feb. 6 4,589 140 15,91017,164 271 886 232 2,340 2,858 1,197 949 295 500 2,864 Feb. 13 4,207 161 15,60317,588 262 904 204 2,341 2,985 1,174 957 75 675 2,865 Feb. 20 4,352 154 15,70017,149 275 863 370 2,378 2,873 1,221 951 138 440 2,859 Feb. 27 4,220 148 15,84217,465 328 844 394 2,391 2,856 1,220 956 514 2,859 Outside New York City 1956 Feb 9,155 2,360 41,00141,548 3,987 969 1,32017,226 891 145 7,274 336 255 555 356 5,809 1957 Jan 9,427 2,558 41,879 43,175 3,849 1,022 746 17,780 887 148 8,057 322 294 293 477 6,191 Feb 9,115 837 2,344 40,706 41,914 3,741 928 89717,970 912 145 7,349 313 290 405 390 6,231 Jan. 2 9,649 969 3,092 41,623 43,873 3,912 1,287 1,47817,647 868 146 9,075 330 300 309 657 6,197 Jan. 9 9,343 928 2,468 41,766 42,773 3,774 995 67317,727 885 148 8,342 323 294 254 535 6,200 Jan. 16 9,520 860 2,567 42,318 44,113 3,866 1,032 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 Feb. 6 9,167 780 2,283 40,964 41,521 3,812 884 64117,928 907 146 7,480 317 293 428 228 6,224 Feb. 13 8,912 879 2,394 40,820 42,820 3,626 911 64017,951 910 144 7,515 305 290 284 440 6,225 Feb. 20 9,243 826 2,380 40,51441,552 3,755 961 1,14817,985 916 145 7,267 312 286 603 305 6,216 Feb. 27 9,139 866 2,315 40,528 41,763 3,771 956 1,16018,016 914 147 7,135 319 289 304 587 6,258 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

300 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F iq b a o n u a o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u a r c e e n o t t t d a d 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 o l c e , , - a r l, Other ( T w re s a r h t a n a a o l d d e i l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a n a m l n i e e c s - s e u P p t ( t t r u i o i i a l n o b r i n c t n t l i s a l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch b r w e a a i a e i n p n a n n n e d o l g k g k l d ' r e s l l 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 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1956—Dec 168 3 153 -58 -8 -78 104 516 136 o 22 948 920 1957—jan -254 -23 -19 18 -21 -233 -68 -186 100 -38 -108 -833 -1,032 Feb -90 84 138 -45 42 29 -74 30 -50 -8 -33 23 55 Week ending: 1956—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 o A -2 -11 -59 14 162 17 -15 -3 86 46 1957__jan. 2 -107 -29 -84 42 -16 -116 5 86 81 i 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 i -12 -30 -204 -243 Jan. 30 -33 10 30 -8 8 -21 -15 -17 14 -24 -58 -84 Feb. 6 -40 16 18 10 20 -16 -25 -69 -4 -9 -101 -90 Feb. 13 -18 25 61 12 10 18 -26 -13 7 -4 7 79 91 Feb. 20 -18 30 24 26 9 9 -27 29 2 2 -10 75 93 Feb. 27 -13 13 35 -93 3 18 2 15 11 2 -24 -30 -39 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial andfinance company paj>er Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Baiiks Im- Ex- shipped between Total t P hr la o c u e g d h dir l e y ct- OtVi p i o n r to ts p fr o o r m ts Do ex ll - ar points in: dealers1 ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta 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 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 1957 Jan 2,540 548 1,992 1,012 230 156 74 30 62 689 291 363 2 197 158 * 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 301 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable)2 mo Y w n e e t a h e r k , , or 4 m p P - c a e r o t i p r o m m c e i r - 6 a e l - p d p c p l i a o a r a e p c m n c e e y t - r d - a a b c n e a c r c n e s e k p ' s - t , - 3-month bills 9-to 12- 3- to 5- A J • J lo A a l n l s 1 1 - 0 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r monthsi 3- l t y o , 6- da 9 y 0 s1 M ke a t r- o R n a n t e e w i m ss o u n e t s h 3 issues4 Annual averages> months1 yield issues 19 large cities: _ 1QS4 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4 0 3.5 1954 average 1.58 1.42 1.35 .94 953 .92 1.82 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:! 19 large cities: 1956—Feb 3.00 2.88 2.38 2.32 2 372 ^.38 2 65 1956 Mar 3.93 5.05 4.55 4.13 3.74 Mar 3.00 2 88 2.38 2.25 2.310 2.43 2.83 June 4 14 5 18 4 69 4 34 3 97 Apr 3.14 2.93 2.44 2.60 2.613 2.83 3 11 Sept 4.35 5.30 4.86 4.52 4.19 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 Dec .. 4 38 5.32 4 90 4 63 4 20 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 New York City: July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 1956—Mar 3 75 4.92 4 49 4 05 3 62 AUK 3.28 3.01 2.65 2 60 2.6C6 3.01 3 36 June 3.97 5.00 4.61 4.23 3.86 Sept 3.SO 3.13 2.88 2.84 2.850 3.17 3.43 Sept 4 20 5 26 4 84 4 46 4 09 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 Dec 4.22 5.18 4.88 4 57 4.10 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 7 Northern & Eastern Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 cities • 1956—Mar 3.93 5.11 4.55 4.10 3.78 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 June 4.15 5.26 4.74 4 32 4.01 Feb .... 3.63 3.38 3.38 3.11 3.165 3.23 3 33 SeDt 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 Feb. 2... 3.63 3.38 3.38 3.16 3.283 3.11 3.34 cities: Feb. 9... 3.63 3.38 3.38 3.05 3.132 3.15 3.27 1956— Mar 4.19 5.09 4.58 4 20 3.94 Feb. 16. .. 3.63 3.38 3.38 3.01 3.057 3.24 3.29 June .. 4 38 5 23 4 71 4 42 4.15 Feb. 23... 3.63 3.38 3.38 3.15 3.182 3.29 3.36 Sept 4.53 5.29 4.85 4 54 4.32 Mar. 2... 3.63 3.38 3.38 3.25 3.288 3.29 3.38 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. i 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 prices. pp. 228-237. 3 Consists of certificates of indebtedness and selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U.S. Govt. bonds Ye o a r r , w m ee o k nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By ra s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic rn e i r n a g t s io / enue Totals se O ri l e d s2 se N r e ie w s 3 Totals Aaa Baa bonds6 Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 C m o o m n4 - C m o o m n8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1954 avera.se 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—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 7.73 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 Feb 3.20 3.26 3.29 2.79 3.96 3.75 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.27 Week ending: 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 Feb 9 . . 3 15 3.22 3.33 2.81 4.00 3.80 4.01 3.69 4.48 3.97 4.08 3.98 4.46 4.28 Feb. 16 3.15 3.26 3.26 2.76 3.94 3.70 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.28 Feb 23 3.24 3.29 3.24 2.76 3.90 3.70 3.98 3.66 4.46 3.93 4.06 3.96 4.48 4.23 Mar 2 . . 3.27 3.28 3.34 2.83 3.99 3.83 3.98 3.66 4.47 3.93 4.05 3.96 4.46 4.25 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 2V4 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

302 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1936= 100) trad- Ye o ar 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 i g n u s - Old New (high- (high- In- lic Trans- Pub- fi- sands ri s e e s - 2 ri s e e s - 3 grade)* grade)* Total d tr u ia s- l R ro a a i d l- u i t t i y l- Total Du- Non- p t o io r n ta- u l t i i c l- n a a n n d ce, M in i g n- sha o r f es) Total rable du- ity servrable ice Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 300 341 248 152 305 374 352 394 320 153 297 313 2,578 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—Feb 95.94 103.28 122.3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,874 Apr 92.86 100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 June 95.03 102.22 119.2 110.5 341 397 257 154 341 434 393 471 328 155 300 352 1,771 July. 93.94 100.98 118.6 110.3 357 417 260 157 359 460 421 495 335 159 315 369 2 177 Aug 91.81 98.38 115.8 108.4 357 418 254 159 359 460 432 484 329 160 313 373 1,936 Sept 91.43 97.39 113.8 105.8 344 402 240 155 345 440 422 457 313 155 302 349 1,959 Oct 91.53 97.50 112.8 105.2 337 394 241 151 342 437 422 451 318 152 299 337 1,754 Nov 90.22 96.35 109.1 103.7 334 390 238 152 338 431 417 445 311 153 296 355 2,178 Dec. 88.74 95.19 108.1 102.8 340 398 236 151 344 441 425 457 315 152 287 362 2,443 1957 Jan 89 96 95.14 108.6 102.8 335 389 236 156 338 429 406 451 310 157 285 371 2,189 Feb 91.51 97.08 110.9 104.3 322 372 222 156 325 409 386 431 292 157 278 346 1,978 Week ending: Feb. 2 91.49 96.59 109.6 103.7 330 382 232 158 330 416 392 439 300 158 281 354 1,810 Feb 9 92 05 97.78 110.2 103.8 323 374 226 157 322 406 383 427 291 157 275 341 2 088 Feb. 16 92.10 97.08 111.1 104.1 318 368 221 155 324 408 387 428 290 157 278 344 2,388 Feb. 23 91.03 96.60 111.4 104.6 324 375 222 156 324 408 383 430 287 157 278 344 1,741 Mar. 2.. 90.72 96.84 110.8 104.5 322 373 219 157 326 411 386 435 289 158 276 347 1,652 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*4 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 * 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 1 Exchange ch b a r s o i k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n to et mer U S Govt free obligations credit (col. 3-f 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 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 ,252 50 2,127 960 Apr 4,043 33 2,788 40 ,255 44 2 145 896 May 4,047 38 2,810 40 ,237 42 2,186 870 June 4,009 34 2,786 48 ,223 39 2,195 836 July 4,026 31 2,812 45 ,214 31 2 211 858 Aug 3,979 33 2,785 41 1,194 38 2,048 872 SeDt 3,950 33 2,782 42 ,168 42 2 071 866 Oct 3,914 36 2,748 42 ,166 45 2,086 835 Nov. 3,946 32 2,784 43 ,162 43 2,071 822 Dec 3,984 33 2,823 41 ,161 46 2,132 880 1957 Jan 3,903 29 2,762 41 1,141 42 1,964 886 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 303 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 ate .S a . nd Foreign 2 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 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month:4 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—Dec... r90,267 '11,757 '8,545 1,998 1,214 '38,851 '35,930 '2,921 '"29,425 2,557 '3,294 '4,383 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 7,778 206 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 ,218 1,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov..., 95,274 11,218 7,749 ,229 1,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 Dec.., 95,819 11,005 7,532 2,237 1,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957_jan 96,311 11,068 7,588 2,244 1,236 41,177 38,256 2,921 33,279 2,841 3,523 4,423 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' [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Reserves Total2 g M ag o e rt s - 3 o G t b io l o i n v 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 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 . 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31 736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1956 Jan v 37,995 31,697 2,450 2,019 1,772 32,615 1,242 119 38,429 32,002 2,526 2,019 1,825 32,973 1,178 109 Mar P 38 892 32 405 2 583 1 975 1 873 33 332 I 134 102 Apr.3*. 39,388 32,814 2,639 1,917 1,962 33,662 1,123 110 May*3 40 023 33,259 2,684 1,926 2,099 34,137 1,119 112 June27 40,622 33,740 2,652 2,047 2,128 34,948 .170 118 2,749 40,797 34,134 2,687 1,878 2,044 35,079 1^105 124 Aug.27 41 197 34,586 2,726 1,788 2,043 35,366 1,113 132 Sept p 41,574 34,939 2,739 1,745 2,098 35,633 1,139 138 Oct.P 42 059 35 305 2,753 1,782 2 166 36,044 1,145 128 NOV.P 42 520 35,596 2,781 1,840 2,251 36,438 1,150 123 Dec? 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1957—Jan.P. 43,285 36,102 2,946 1,974 2,211 37,638 1,035 107 * Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged i Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1955 1956 1949 1950 19512 19522 19532 1954 Loans, by purpose and agency: To aid agriculture\ total 4,362 3,884 4,161 5,070 6,811 6,929 6,362 5,853 6,715 7,377 6,790 Banks for cooperatives 302 345 425 424 377 367 322 359 375 355 349 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 C811 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 (3) c(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 , 1 30 6 0 8 3 6 8 3 3 4 7 3 2 0 45 7 6 6 48 8 0 4 4 1 2 2 4 4 4 1 3 3 3 7 To industry, total 576 568 589 598 588 431 439 718 678 593 627 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. 1 576 568 589 598 > 413 79 91 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 1,277 1,419 1,143 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 6,078 6,110 7,736 8,043 8,001 8,032 8,025 7,988 8.106 8,172 Exr. ort-Import Bank. .. 2,187 2,226 2,296 2,496 2,833 2,806 2,11A 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 75 119 166 219 230 256 156 176 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 -411 -268 -263 -598 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 3,108 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 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities* 286 266 257 223 219 197 195 179 179 252 310 Inventories, total 1,549 1,774 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 e S n e c rv ie ic s es Administration. \ 173 136 288 203 428 550 566 611 609 \ f 5 1 6 8 7 8 6.3 1 3 95 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 Company? 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 c Corrected coverage and the new classification of agencies now reported in the 1 Figures for trust revolving funds include interagency items. For all Treasury Bulletin. The revised statement includes a larger number of types of funds combined, loans by purpose and agency are shown on a agencies, and their activities are classified according to the type of fund gross basis; total loans and all other assets, on a net basis, i.e., after they represent. Funds are combined in the table above, but are shown reserve for losses. separately in the table on the following page. Classifications by super- 2 Coverage changed from preceding period (see also NOTE). visory authorities are those in existence currently. Where current Treasury 3 Less than $500,000. compilations do not provide a detailed breakdown of loans, these items 4 Figures represent largely the Treasury loan to the United Kingdom, have been classified by Federal Reserve on basis of information about and through 1952 are based in part on information not shown in Treasury the type of lending activity involved. compilation. For other footnotes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 305 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items* interagency items1 Date, and fund or activity Loans In- I m nv e e n s ts t- L st a ru n c d - , B tu a o r n e n d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o t . e S v r . t - . o v in w P a t t r n e e i- l r e y - d Total Cash c a e b i l v e - t v o e ri n e - s P d u e b b l t ic O se t c h u e - r e a q n u d ip- Other a G nt u e a e r d - li i a ti b e i s l- est secu- rities ment by Other rities U.S. AH activities 1949 Dec 31 23,733 441 12,733 1,549 2,047 3,492 2 962 509 28 772 1 72021 030 183 1950—Dec. 31 24,635 642 13,228 1,774 2,075 3,473 2,945 499 23 1,190 1,19321,995 234 1951 Dec 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952 Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1 72826 456 378 1953 Dec 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833,429 434 1954 Dec 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955 June 30 40,639 1,244 18,927 3,476 3,108 3,430 7,821 2,634 41 1,840 3,01935,171 568 Sept. 30 41,183 1,456 19,061 4,129 2,909 3,414 7,799 2,415 43 2,086 2 01336 460 583 Dec 31 .. 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—Mar 312 58.485 3,731 20,580 14,119 3,677 3,638 8,056 4 685 44 2,425 3 73051 635 651 June 302 <78,677 6,103 19,87121,812 3,719 63,69517,463 c6,014 49 2,607 3,582 C71,457 980 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 1,64317,459 Farm Credit Administration: Federal intermediate credit banks 981 12 898 60 11 857 11 112 Production credit corporations 43 40 2 42 Federal Farm Mortgage Coporation 12 10 (3) 12 Agricultural Marketing Act revolving fund 186 36 150 (3) 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 (3) 1 247 48 141 494 Federal National Mortgage Association 2,510 1 2,496 13 570 38 1,902 Office of the Administrator 692 93 303 263 33 6 686 Federal Savings and Loan Insurance Corporation.... 265 1 256 9 12 253 Small Business Administration 127 45 81 1 1 126 Export-Import Bank 2 738 1 2,712 C3) 1 (3) 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 Veterans Administration 649 188 433 3 20 2 1 9 640 General Services Administration 793 28 573 73 120 14 779 Treasury Department 385 58 276 9 (3) 15 28 5 381 Post Office Department—postal fund 982 354 9 590 29 344 638 All other 297 94 22 14 129 38 (3) (3) 12 285 Intragovernmental Funds—Total 12,332 1,989 9,922 (3, 198 222 482 11,850 Defense Department: A Na rm vy y 7 3 , , 9 0 2 0 2 2 7 86 2 6 0 2 6 ,9 1 3 0 8 1 106 13558 117545 2 7 8 7 2 6 8 7 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) 3,47813,873 4,502 54940,039 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 8 397 Department of Interior—Bureau of Reclamation.... 3,024 93 6 2,571 354 137 2,887 Department of Agriculture: Farmers Home Administration 607 18 564 (3) 25 606 Rural Electrification Administration 2,534 8 2,407 120 2,534 International Affairs and Finance: M'utual security 1,911 23 1,885 3 1,911 Treasury Department 10,300 2 3,551 3,478 1483,255 110.298 Department of Commerce—maritime activities 5,132 179 276 36 4.612 29 147 4,984 All other 201 22 84 51 43 3 198 Certain Deposit Funds—Total 4,554 66 1,519 2,936 6 26 1,080 889 1,922 664 Banks for cooperatives 414 17 346 43 (3) 9 152 1 237 25 Federal Deposit Insurance Corporation 1,822 3 1,810 10 132 1,691 Federal home loan banks 2,318 47 1,173 1,083 6 8 928 756 -6 640 Certain Trust Revolving Funds—Total '625 213 253 3 57 f98 100 21 C187 9316 A Fe ll d e o r t a h l e N r1 a 0 tional Mortgage Association C 2 3 9 2 9 6 1 7 4 2 1 22 2 6 7 (3) 3 57 (3) 1 100 1 4 7 930 9 9 7 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. i Figures prior to 1951 are for the Panama Railroad Company. The !0 Represents largely the Office of Alien Property. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 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 transactors Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N ec d e t g s t e . t T r P f e u r l c n u u t d s s s t . : t I G L r n a e o t n r s v s a s t . - : . 1 E T r f q e r t o o h u c t m t e a a s l l . s: B p t e u u e n d r x e d g - s i e - t p T P f e u e r l n x n u u d - d s s i t : - A m L d e e j n u s t s s s : t 3 - E p p t T o q u a o u b y t t h l a t a i s e l l c . s: t p p o fr u a t o o h b y ( m r e l - t i s ) c , . , ( c c o ~ r d r r I e e e ) n a d a b , - s s e i t e n e - , i G n N v o . e v t b t. L y ess: O n ca o th s n e h - r b E i o n c q N r a g u r s e o a o h t w l r s - : public* tures (direct agen. & debt * & agen.) tr. funds Cal. year—1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956. 70,994 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,910 Fiscal year—1953.. 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954.. 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955.. 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956.. 68,165 11,685 2,743 77,084 66,540 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 Semiannual totals: 1 19 9 5 5 5 4 — _ju J l a y n _ .- D Ju e n c e .. . 2 3 2 8 , ,1 2 1 7 8 2 4 5 , ,1 3 6 6 8 8 1, 8 2 3 2 9 2 4 2 2 5 , , 0 7 5 8 1 5 3 3 1 3 , , 5 0 6 0 6 4 4 3 , ,6 9 1 3 1 5 2,1 3 8 9 6 2 3 3 4 5 , , 7 7 8 5 6 2 -9 6 , , 0 2 0 9 1 9 -3 7 , , 5 5 3 2 5 1 1, 3 14 8 5 8 4 1 4 9 7 7 -4 6 , , 8 6 7 8 5 4 July-Dec.. 25,240 5,456 1,289 29,397 33,125 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 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 Monthly: 1956—Jan 4,684 371 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -717 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 June 11,601 1,617 1,049 12,167 6,937 830 703 7,064 5,103 -3,890 916 57 -4,863 July 3,485 1,112 631 3,964 5,542 1,029 676 5,895 -1,931 -93 312 33 -439 Aug 4,954 1,419 83 6,286 5,902 801 17 6,686 -400 2,982 645 -35 2,372 Sept 6,218 753 78 6,889 4,918 846 65 5,699 1,191 -1,126 -214 33 -946 Oct 3,184 660 93 3,747 5,995 959 285 6,671 -2,924 1,017 -266 43 1,240 Nov 4,818 1,231 71 5,972 5,726 857 227 6,355 -383 1,661 292 37 1,333 Dec 5,412 994 617 5,785 5,718 809 -785 7,312 -1,527 -405 -123 -501 219 1957—Jan.* 4,809 650 24 5,431 6,095 1,112 1,029 6,178 -747 -195 -127 367 -435 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period s B d u u N e r o f d p i e r c g l t u i e t s t ac l T f a c u r t o u i n u r m o d s n t u- t c o R i l c e T i a a c r s t o e i h o n a n s - . i m a s ( G s g + N a u e o ) r a n e v k o n c t t e c f y . t e i i s a n G n e g N c v e o F . n e v ( e c t b t - d y . ) y . I d n ( e d g c - c i r r ) o r r o e e . e r a s i c a n s s s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a . v D n a R k e il . p s - osi T t T s a r u x i e n r a y a s n - d O as n t s h e e t e ts r () deficit obliga- & trust public able Loan () 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 ,467 1954. -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955, -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956, 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 ,391 Semiannual totals: 1954—July-Dec. -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 ,391 July-Dec. -5,732 866 -483 c -697 3,877 -55 -2,119 4,427 441 2,924 ,062 Monthly: 1956—Jan... -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 ,350 Feb.. 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 ,288 Mar.. 5,914 -4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 ,193 Apr.., -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 ,353 May.. -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 ,151 June., 4,664 787 -349 51 -934 3,978 -45 287 6,546 522 4,633 ,391 July.. -2,057 83 -34 22 -277 -105 -2,369 4,178 513 2,451 ,214 Aug.. -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 ,131 Sept.. 1,300 -94 145 -14 214 -1,304 249 6,445 535 4,628 ,282 Oct... -2,812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 ,272 Nov.. -908 374 129 -70 -305 1,734 -119 1,074 5,778 463 4,159 ,156 Dec. -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 ,062 1957—Jan., -1,286 -462 390 205 374 -399 -1,162 3,265 715 1,161 ,389 n.a. Not available. *» Preliminary. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consist primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in footnote 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 307 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 O ag ld e T - ran H s w f i e g a r y h s - to: fu R r o n e e f - d - s B c T u e r o i d e p t - g a t e l s t W I i n th d - ividual C ra o ti r o p n o - ' ta c E x i x s e e s - l t p m a E l x e o m e n y s - t - ? 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 f l e r r s r e . s ' - ' trust trust ceipts held* Other' fund fund 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 ,024 8,073 14,498 4,684 3,552 2,384 I 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 t956—Jan.-June.. 42,925 3,410 316 3,188 49,839 12.700 8,623 17,190 4.952 4 on 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 2,267 1,648 817 1,876 2,876 Monthly I95t>—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 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 I .752 1,709 805 451 245 255 128 Oct.. 3,184 182 175 95 3.660 1,2X2 244 451 1.033 207 443 354 155 Nov.. 4,818 587 164 62 S.7O5 3 333 103 380 936 662 291 325 142 986 Dec. 5,412 299 144 -12 5,898 2,067 324 1,825 815 355 512 233 108 1957—Jan... 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total TotaH m D D e il e f i e p t n a t. r s , y e m s M e i c u l u i t t r u a i a r t y y l , A en t e o r m gy ic fi a n I f a a f n n a n t d i l c r . s e In e t s e t r- ic e b s e r f e e s a i r n t n v a s e s n - - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l - a d - i l - N ur a a t l - h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - n- Fiscal year: 1953 74,274 50,363 43,611 3,954 ,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 ,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 ,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 ,651 1,831 6,846 4.756 2,776 4,929 992 2,135 1,635 Semiannual totals:5 1955—July-Dec.. 33,125 19.994 17,917 956 797 639 3.349 2,330 1,348 2,775 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 8 135 245 631 401 297 340 83 168 104 Feb 4,950 3.214 2.941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 June 6,937 4,478 3,534 754 138 195 607 403 311 452 96 263 136 July 5,542 2,945 2,473 298 140 121 631 361 221 222 78 302 652 Aug 5,902 3.608 3,235 156 164 193 573 369 263 554 110 129 99 Sept 4,918 3.152 2,868 96 149 158 574 353 219 187 108 58 117 Oct 5,995 3.750 3.400 160 164 157 589 396 314 466 159 35 109 Nov 5,726 3,564 3,276 101 160 172 585 407 207 319 175 213 102 n.a. Not available. 3 For more details, see the 1958 Budget of the United States, pp. 1076-84 1 Corporation and estate and gift taxes are from Internal Revenue and 1149-50. 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

308 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o b o t s t a * s l d d T g i e r o r b o t e s a t c s l 2 t Total Total Bills c C i e n a d e t d e n r e t s e b i f s o t i s - - f Notes B el a ig n i k - Bond B s r a e n - k b C v i o f e o o n r l n d t o - - s Totals b c i o n f n l g v d s s n s i T a n a o n a g v t d x e s - s S i p ss e u c e ia s l ble * stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278 7 278 1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8 2 20 0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec.. 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec .. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 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 Feb 276.4 276.3 228.4 160.9 25.9 20.2 33.9 80.9 10.6 57.0 55.8 45.5 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $452 million on Feb. 28, 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 $8,559 million on Jan. 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n t c i c t g e u l e s u u r e ) a d i d - r - - S i p ss e t u r c u e ia s s l t fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - s - r c O a o t t r i h p o e n o r - s g S l a o o t n v c a a t d t s e l . S b a o v n in I d n g s d s ivi s d e O u cu a t l h r s i e t r ies 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 6.7 121.6 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.T 223.9 23.6 63.5 8.7 14.8 19.3 14.7 50.2 14.6 14.4 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 4«'. 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 <5.8 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 Dec 276.7 45.6 8.4 222.7 24.9 59.4 8.0 12.8 18.8 15.7 50.1 16.9 16.0 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 309 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, FEBRUARY 28, 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. M M M a a a r r r . . . 2 1 7 1 4 , , , 1 1 1 9 9 9 5 5 5 7 7 7 , , , 6 6 6 0 0 0 0 0 0 J O M u c a n t r . e . 2 2 2 4 1 , , , 1 1 1 9 9 9 5 5 5 7 7 7 3 2 3 3 % » 1 4 4 3 7 1 , , , 2 2 3 7 2 1 1 1 2 A O M p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 0 0 0 l 3 W * i / / 2 i 2 1,4 2 1 6 7 9 3 8 8 J A D u e u n c g . e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 3 3 2 - - 6 6 8 7. . . . . . 2 2 2 V V ^ i i 6 2 2 , , , 7 1 8 5 1 2 4 5 3 Mar. 22, 1957 ,006 Feb. 14, 1958 3% 8,412 Apr. 1,1961 IVi 144 June 15, 1964-69... 2Vi 3,750 Mar. 28, 1957 ,615 Oct. 1,1961 \lA 224 Dec. 15, 1964-69... 2% 3,825 Apr. 4,1957 ,600 Treasury notes Mar. 15, 1965-70.. .2Vi 4,712 Apr. 11,1957 ,600 Mar. 15, 1957 2% 580 Treasury bonds 1,449 Mar. 15, 1966-71...2V4 2,955 Apr. 18,1957 ,600 Apr. 1,1957 IVi 10 Mar. 15, 1956-584.. 2% 3,820 June 15, 1967-72... 2Vi 1,867 Apr. 25,1957 ,601 May 15, 1957 1% 4,155 Sept. 15, 1956-59 4.. 21/4 927 Sept. 15, 1967-72...2Vi 2,716 M Ma a y y 9 2 , , 1 1 9 9 5 5 7 7 , , 7 7 0 0 0 0 A A u u g g . . 15 1 , , 1 1 9 9 5 5 7 7 iy 2 4 1 3 2 , , 7 0 9 5 2 6 J M u a n r e . 1 1 5 5 , , 1 1 9 9 5 5 8 7 -59.. .2 2 % % 4,2 9 4 1 5 9 J D u e n c. e 1 1 5 5 , , 1 19 9 6 7 7 8 - - 7 8 2 3 . . . . . . 2 3 1 V /4 i 3 1, , 6 7 0 8 6 2 May 16, 1957 .700 Oct. 1, 1957 V 824 June 15, 1958-63 5.. 2 34 2,368 Feb. 15, 1995 3 2,744 May 23, 1957 ,800 Apr. 1,1958 1 383 Dec. 15, 1958 2% 5,272 May 31, 1957 .802 June 15, 1958 2} 4,392 June 15, 1959-62... 214 3,461 Panama Canal Loan 3 50 June 24, 1957 ,601 Oct. 1,1958 " 121 Dec. 15, 1959-62...214 3,806 June 24, 1957 .750 Feb. 15, 1959 1 5,102 Nov. 15, 1960 2V» 1,485 Convertible bonds Apr. 1,1959 V 119 Dec. 15, 1960-65 5.. 234 2,239 Investment Series ^ Oct. 1, 1959 1 99 Sept. 15, 1961 2% 11,177 Apr. 1 1975-80... 2*4 10,596 Nov. 15, 1961 2Vi 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 i [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b e C o r o t n n ib d - l s e Total W 1 i y t e h a in r y 1 e — ar 5 s y 5 e - a 1 r 0 s O y v e e a r r 1 s 0 AH holders: 1954 June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955_j D U e n c e . 3 3 0 1 1 17 6 4 6 , , 6 8 3 8 9 2 2 1 2 9 , , 3 5 1 1 3 4 1 15 3 , , 7 8 4 3 1 6 4 4 0 3 , ,2 7 8 2 5 9 8 8 1 1 , , 1 9 2 1 8 2 1 11 1 , , 3 6 8 7 7 6 1 1 6 5 3 5 , , 2 2 5 0 1 6 4 6 9 0 , ,6 7 3 0 1 3 3 3 8 8 , , 1 30 8 7 8 3 3 3 1 , , 6 36 8 5 7 3 3 3 2 , , 6 9 2 4 8 9 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 Nov. 30 . . ; 170,643 24,161 19,523 35,223 80,883 10,852 159,791 68,039 40,950 17,893 32,908 Dec. 31 171,137 25,179 19,023 35,294 80,878 10,763 160,374 68,557 41,021 17,893 32,904 U. S. Govt. agencies and trust funds: 1 1 9 9 5 5 5 4 _j J U u n n e e 3 3 0 0 7 6 , , 1 9 6 8 2 5 4 4 0 6 41 8 1 6 1 4 9 3 3 , , 5 39 5 5 6 3 3 , , 4 4 3 3 9 9 3 3 , , 7 5 2 4 3 6 1 7 0 4 7 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 Nov 30 8,297 191 358 843 3,650 3,254 5,043 985 693 319 3,046 Dec. 31 8,242 142 353 842 3,669 3,236 5,006 928 708 317 3,053 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 Nov. 30 24 385 1,415 10,998 9,171 2 802 24 385 21,583 373 1 014 1 415 Dec 31 24,915 1,918 10,975 9,219 2,802 24,915 22,113 373 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 Nov 30 50,707 3,911 1,803 10,799 34,042 152 50,555 10,905 24,517 10,242 4,891 Dec. 31 51 466 4 934 1,600 10 714 34 071 147 51 319 11 635 24 528 10 242 4 914 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 Nov. 30 7 466 115 23 307 5,872 1,129 6,317 224 1,059 666 4,369 Dec 31 7,431 131 24 312 5,849 1.115 6,316 241 1,057 659 4,358 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 Nov 30 11,549 485 66 771 7,502 2,725 8,824 881 1,729 1,156 5,059 Dec. 31 11,331 349 66 781 7,464 2.671 8.660 726 1,749 1.136 5,049 Other investors: 1954—June 30 52 121 12,248 6,511 6,531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 1955_june 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 Dec. 31 67 700 16 047 7.612 14,705 25,675 3,661 64,039 30,831 12,245 7 267 13,696 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29.233 10,443 7,612 14,013 Nov 30 68 258 18,044 6,275 13,332 27,015 3,592 64,666 33,462 12,579 4 497 14 128 Dec. 31 67,752 17,705 6,004 13,426 27,024 3,593 64,159 32,914 12,605 4,525 14,114 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

310 SECURITY ISSUES NEW SECURITY ISSUES' [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Prop a o l s l e c d o r u p s o es r a o te f n is e s t u p e r r o s6 ceeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t l i - e - Others Total Total o B P f l o f i u e c n b r l d e y - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 p l M p a c o o u e n u s i l r s e e s - - - - s m b d e t R i t e a o r e c e b n f e . n - k t - 3 t , m s r t i e i o t e r c i f e e n u - s t - 1939 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2.667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1949 21,110 11,804 216 2,907 132 6,052 4.890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2.560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3.484 816 1,213 7,490 6 780 709 1,875 1955 26,772 9.628 746 5,977 182 10,240 7.420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,392 5,517 169 5,409 334 10,963 8,020 4,224 3,796 633 2,30910,362 9,625 737 415 1956-Jan.. 1,710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb.. 1,998 544 709 744 478 149 329 128 139 704 664 40 26 Mar. 1,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr.. 1,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May. 2,128 451 491 1 1,185 983 686 297 65 137 1,144 1,116 28 21 June. 2,161 437 736 99 889 661 270 391 50 179 830 768 61 43 July. 1,975 484 379 3 1,109 911 588 323 15 183 1,066 1,012 53 27 Aug., 1,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 Sept. 1,591 355 336 (9) 900 682 513 168 33 186 836 802 34 47 Oct.. 1,898 414 646 58 780 491 316 176 139 149 747 660 87 15 Nov. 1,829 389 311 4 1,125 453 178 275 44 627 1,088 1,042 47 24 Dec. rl,967 390 '427 23 1,126 920 401 519 16 191 1,094 1,040 54 17 1957—Jan.. 2,365 496 72 637 83 1,078 908 641 267 28 142 1,039 998 41 19 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- New New ment of New ment of New ment of New ment of New ment of capital10 capital10 secu- capital ° secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities 1949. 1,347 310 28 784 11 2,043 233 517 49 558 35 1950. 1,026 474 63 609 196 1,927 682 314 81 639 100 1951. 2,846 462 56 437 53 2,326 85 600 5 449 66 1952. 3,712 512 24 758 225 2,539 88 747 6 448 60 1953. 2,128 502 40 553 36 2,905 67 871 3 1,536 24 1954. 2,044 831 93 501 270 2,675 990 651 60 788 273 1955. 2 397 769 51 544 338 2.254 174 T.045 77 1,812 56 1956. 3,375 713 60 688 c20 2,479 14 1,389 19 1,719 18 1956—Jan... 180 45 2 26 1 63 3 263 Feb... 197 41 1 39 1 196 37 194 Mar.. 249 48 3 71 10 187 103 132 Apr.., 258 27 1 51 1 294 15 170 May.. 465 67 4 86 2 335 80 109 June., 276 76 2 54 5 231 11 182 July.. 331 100 17 31 240 261 103 Aug.. 194 94 3 38 154 83 106 Sept.. 227 36 21 61 242 56 214 Oct.. 326 33 4 36 226 68 59 Nov.. 147 110 1 45 154 596 37 Dec. 524 38 148 157 77 150 1957—Jan.. . 370 41 94 232 94 209 c Corrected 6 Estimated net proceeds are equal to estimated gross proceeds less cost r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 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. i o Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 311 SALES, PROFrTS, AND DIVIDENDS OF LARGE CORPORATIONS [Tn millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1950 1951 1952 1953 1954 1955 Manufacturing Total (200 corps.): Sales 45,787 52,940 54,517 63,343 58,110 69,443 16,59917,929 16,88718,02818,150 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 16,25218,91619,266 20,694 20,620 23,065 5,509 5,742 5,776 6,037 6,095 6,135 6,085 Profits before taxes 2,947 3,447 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 29,53534,024 35,25142,649 37,490 46,37811,09012,18711,11111,99012,055 12,32110,154 Profits before taxes 5,229 5,422 4,455 5,346 " ,4-9-1 ' 818 1,651 1,919 1,518 1,730 1,701 1.634 883 P D r i o v f i i d ts e n a d f s ter taxes 2 1 , , 5 36 6 2 0 2 1 , , 0 1 1 4 5 9 , ,1 8 2 0 7 0 2 1 , , 1 18 2 2 3 , , 2 3 4 2 4 0 6 3 2 0 5 5 7 3 7 1 3 9 9 3 2 1 0 7 7 3 2 7 3 6 8 61 8 3 8 4 7 1 8 3 9 4 8 1 1 5 5 4 41 3 8 7 Selected industries: Foods and kindred products (28 corps.): Sales ,402 4,909 5,042 5,411 5,476 5,813 1,358 1,462 1,491 1,502 1,535 1,569 1,563 Profits before taxes 532 473 453 465 462 499 99 131 139 129 123 149 141 Profits after taxes 289 227 203 212 224 245 46 63 68 68 55 71 71 Dividends 161 159 154 154 156 160 36 36 39 50 37 38 41 Chemicals and allied products (26 corps.): Sales •,817 5,882 5,965 6,373 6,182 7,222 1,721 1,811 1,799 1,891 1,879 1,957 1,884 Profits before taxes ,178 1,490 1,259 1,308 1,153 1,535 366 381 390 399 385 377 340 Profits after taxes 597 521 486 520 593 782 182 193 198 209 195 194 177 Dividends 467 381 396 417 499 597 114 115 134 234 138 141 142 Petroleum refining (14 corps.): Sales ,359 5,078 5,411 5,883 6,015 6,556 1,566 1,613 1,632 1,745 1,764 1,742 1,770 Profits before taxes 712 911 728 841 751 854 210 200 218 226 248 223 218 Profits after taxes 492 560 524 603 567 624 150 147 156 172 176 162 163 Dividends 236 262 283 290 294 317 77 77 80 83 82 82 89 Primary metals and products (39 corps.): Sales 1,44812,50711,56413,75011,52214,927 3.300 3,858 3,746 4,024 4,212 4,415 3,212 Profits before taxes ,706 2,098 1,147 1,817 1,357 2,375 487 633 582 674 693 711 266 Profits after taxes 857 778 564 790 705 1,194 241 313 290 350 344 362 144 Dividends 378 382 369 377 407 522 114 108 118 182 141 137 140 Machinery (27 corps.): Sales ,049 6,168 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 ,969 12,70713,03816,61114,13718,825 4,791 5,101 4,246 4,578 4,195 3,352 Profits before taxes ,332 1,950 1,982 2,078 1,789 3,023 825 894 589 715 690 511 273' Profits after taxes ,101 717 709 758 863 1,394 369 418 261 346 313 243 119 Dividends 679 486 469 469 536 693 109 114 161 309 162 164 164 Public Utility Railroad: Operating revenue 9,473 10,39110,58110,664 9,37110,106 2,305 2,524 2,634 2,643 2,535 2,704 2,590 Profits before taxes 1,385 1,260 1,438 1,436 908 1,342 259 358 370 355 252 343 298 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 74 156 111 116 70 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,588 8,395 2,169 1,999 2,034 2,193 2,412 2,201 2,185 Profits before taxes 1,313 1,482 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

312 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [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 a r 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 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 33.2 16.8 16.4 10.0 6.4 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 42 7 21.5 21.1 11.2 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 43.4 21.9 21.5 12.0 9.5 1955r 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1956 13,007 4,519 8,488 7,937 2,768 5,170 5,070 1,751 3,319 1955—3 43.5 22.0 21.5 11.0 10.5 4 .. 46.4 23.4 23.0 12.1 10.9 1955—4 r 3,709 1,201 2,509 2,305 836 1,469 1,404 365 1,039 1956 1.. 43.7 22.1 21.6 11.8 9.8 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 2 42.9 21.7 21.3 12.2 9.1 2 3,367 cl,487 1,880 2,245 817 1,428 1,122 671 452 3 41.2 20.8 20.4 12.3 8.1 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 41 46.0 23.2 22.8 11.9 10.9 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 1 Preliminary estimates by Council of Economic c Corrected. r Revisions for early years are because of change in method of rounding. Advisers. 1 Reflects cash transactions only. As contrasted with data shown on p. 310, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 310. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d bl a e ccts. F in e c l t d i a o a e x m - ra e l Other ties U.S. Other U.S. Other bilities Govt.2 Govt.2 1948 68.6 133.0 25.3 14.8 4: .4 48.9 1.6 64.4 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 i 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 g u 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 u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l rs road ing 1948 22 1 9 1 .9 1 3 1.3 2.5 1 7 5 2 1955 4 8 4 3 8 7 1 2 2 6 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1950 20.6 7.5 .7 ? 3.3 1.1 5.7 1956—1 7.5 3.2 .7 .9 2 6 1951 25.6 10.9 .9 1.5 .5 3.7 1.3 5.9 2 8.9 4.1 .7 1.2 2.9 1952 26.5 11.6 1.0 1.4 5 3.9 1.5 5.6 3 8.9 4.1 .7 1.3 2 7 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 4 . 9.8 4.8 .8 1.5 2.8 1954 26.8 11.0 1.0 .9 4.2 1.7 6.5 1955 28.7 11.4 1.0 .9 6 4.3 2.0 7.5 1957__14r o o 4.2 .8 1.3 2 5 1956 35.0 15.0 1.2 1.2 7 4.9 11.0 24 9.7 4.5 .9 1.6 2.7 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 313 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm h O ol t d h e e r r s 1- to 4-family houses com M m u e l r ti c - i f a a l m p i r ly o p a e n rt d ies* E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a 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 A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O h e o th r l s d e - r h A e o r l l s d l - t F u in i c t n i i s o a a ti l n n - s - ho O l t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62 7 42 9 1 l 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.» 133.3 102.3 3.2 27.9 124.1 90.8 76.2 14.6 33.3 22.4 10.9 9.2 3.7 5.5 Junep 137.3 105.6 3.2 28.5 127.8 93.7 78.8 14.9 34.1 23.0 11.2 9.5 3.8 5 6 Sept.P 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.p 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 * Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings 3 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 - - n fa 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 J954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4 262 5 149 1 740 56 1955 . . . 21,004 15,888 4,560 3,711 7,617 3,819 ,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956* 22,775 17,025 4,815 3,920 8,290 4,390 1,360 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 1,263 16,173 14,339 4,000 4,976 5,362 1,775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 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 1,860 62 21,990 16,500 4,668 3,837 7,995 4,137 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept.* 22,500 16,845 4,730 3,905 8,210 4,290 ,365 19,225 17,218 4,333 6,885 6,000 1,936 71 Dec.p 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 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

314 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 VA- Farm Total VA- Farm Total FHA- guar- Other Total FHA- 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 1,224 7,090 ,138 1950. 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 ,327 1951. 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 ,527 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 ,705 1953. 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 _,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 6,179 857 1,647 3,675 507 33,017 30,546 6,654 7,318 16,574 2,471 1956—Jan... 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 Feb.. 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar.. 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 May! 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June. 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 July.. 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 Aug.. 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sept.. 454 430 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 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 1957—Jan. 553 512 51 141 320 41 33,279 30,810 6,658 7,420 16,732 2,469 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Year or Num- Y m e o a n r t o h r Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e TotaP F su H in r A e - d - a g V n u t A e a e r - - d ti C v o e o n n n a - - P month ber Total i i a n l S o s g a s a s n v n s - & s . p I c a n a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b s i a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941 1,628 4,732 1,490 404 1,165 218 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 1,618 3,365 1,064 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1951 2,878 16,405 5,295 1,615 3,370 1,013 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1952 3,028 18,018 6,452 1,420 3,600 1,137 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1953 3,164 19,747 7,365 1,480 3,680 1,327 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1954 3,458 22,974 8,312 1,768 4,239 1,501 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1955 3,913 28,484 10,452 1,932 5,617 1,858 1956 10,545 3,771 4,727 35,870 1,492 6,664 27,714 1956 3,602 27,088 9,532 1,799 5,458 1,824 1956 1956 Jan 712 251 316 Jan 275 2,059 665 148 435 131 Feb 778 284 333 Feb 278 2,050 700 136 421 127 Mar 908 331 386 32,405 1,424 6,082 24,899 Mar 309 2,271 816 152 468 128 Apr 932 359 388 Apr 303 2,269 827 148 470 128 May 986 356 434 May 324 2,434 872 158 508 152 June 976 349 449 33,740 1,458 6,338 25,944 June 319 2,417 877 165 494 162 July 949 341 439 July 312 2,374 851 159 464 168 Aug 1,037 358 483 Aug 336 2,544 921 163 508 181 Sept 850 292 397 34,939 1,476 6,530 26,933 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 1957 1957 Jan 714 245 326 Jan 258 1,942 659 134 353 117 1 Includes loans for other purposes (for repair, additions and alterations, 1 Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Federal Home Loan Bank Board. 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 315 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 Home Home mortgages Proj- Prop- mortgages Government- Year or month t e y c p t- e e i r m ty - underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m ag o e r s t- i 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 - q y E u e n a a d r r t o o er f r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 628 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 2,044 1,014 1950 45.2 18 9 8 6 10 3 26 3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 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 1956—Jan 335 133 148 1 53 570 403 166 1955 88.1 38.9 14.3 24 6 49.2 Feb 287 114 127 5 41 535 372 162 1956^ 99 2 43 8 15 5 28 3 55 4 Mar 298 105 127 18 48 468 331 136 Apr 253 87 116 4 46 493 333 159 1955—June 82.2 35.3 13.5 21.8 46.9 J M un ay e 2 2 7 8 0 0 8 8 7 6 1 12 2 1 3 1 2 0 5 62 9 4 42 6 1 9 2 3 6 0 5 7 1 15 6 5 2 Sept 85.5 37.0 13.9 23.1 48.5 July 279 83 125 10 61 465 291 174 Dec 88.1 38.9 14.3 24.6 49.2 Aug 312 97 141 8 67 505 320 184 1956—Mar.*\ ... 90.8 40.2 14.7 25.5 50.6 O Se c p t t 2 34 7 1 8 9 8 6 2 1 1 3 2 4 2 2 1 6 6 5 8 9 6 5 50 0 1 8 3 33 2 1 1 1 1 6 8 9 6 June*3.... 93.7 41.3 15.0 26.3 52.4 D N e o c v 2 24 7 9 9 7 8 6 9 1 9 2 8 4 2 4 7 4 6 8 2 4 4 7 6 2 2 3 32 1 1 5 1 1 4 5 6 0 D Se e p c t. ? P 9 9 6 9 . . 6 2 4 43 2 . . 8 4 1 1 5 5 . . 2 5 2 2 7 8 . . 2 3 • 5 5 4 5 . . 2 4 1957—Jan 300 87 107 29 77 555 393 162 p Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed 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 ACTIVITYi FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings Mortgage Advances outstanding transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total FH in A - - g V u A ar - - d u i n s - - Total S te h r o m rt 1 - L te o r n m g 2 sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 ,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 ,228 798 430 1956 Feb 2,642 907 1,736 35 66 1956—Feb. 13 78 ,181 770 411 Mar 2,657 909 1,748 28 r 62 Mar. 26 69 ,138 730 408 Apr 2,665 907 1,758 23 68 42 53 ,127 709 418 May 2,677 907 1,769 25 i 81 MPay 44 48 ,123 697 427 June 2,704 915 1,789 40 92 June 99 49 ,173 730 443 July 2,729 915 1,814 43 91 July. 93 159 ,108 700 408 Aug 2,758 919 1,839 46 i 92 Aug. 66 57 ,116 713 403 Sept . 2,781 920 1,861 40 130 Sept. 72 46 ,142 741 401 Oct 2,838 934 1,904 69 1 232 Oct.. 67 61 ,148 752 397 Nov 2,953 957 1,996 129 317 Nov. 59 54 ,153 756 397 Dec 3,047 978 2,069 109 360 Dec. 121 47 ,228 798 430 1957 Jan 3,182 1,009 2,173 147 411 1957—Jan.. 77 267 1,038 660 378 Feb 3,295 1,026 2,269 129 436 Feb. 30 91 976 601 375 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e 1 co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m n a a t s o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1 414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1949 17 305 11,590 4,555 3 706 898 2 431 5,715 1 532 2 795 1 388 1950 21,395 14,703 6,074 4,799 ,016 2,814 6,692 1,821 3 291 1 580 1951 22 617 15,294 5,972 4,880 ,085 3 357 7,323 1 934 3 605 1 784 1952 27,401 19,403 7,733 6,174 ,385 4,111 7,998 2,120 4 011 l'867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1 927 1954 32 292 23,568 9,809 6,751 ,616 5,392 8,724 2 408 4 308 2 008 1955 38,648 29,020 13,468 7,626 ,670 6,256 9,628 2,992 4 544 2 092 1956 41,863 31,552 14,436 8,139 ,793 7,184 10,311 3,421 4,702 2,188 1956 Jan 37,848 28,886 13,481 7,487 ,638 6,280 8,962 2,920 3,961 2,081 Feb 37,474 28,915 13,574 7,371 ,628 6,342 8,559 2 932 3 530 2 097 Mar 37 761 29 112 13 743 7 300 631 6 438 8 649 3 050 3 469 2 130 Apr 38,222 29,419 13,892 7,337 ,643 6,547 8,803 3 094 3 531 2 178 May 38,919 29,763 14,059 7,401 ,677 6,626 9,156 3,258 3,701 2,197 June 39 454 30,084 14,255 7,417 ,700 6,712 9,370 3 335 3 804 2 231 July 39,478 30,297 14,381 7,421 ,710 6,785 9,181 3,261 3 674 2 246 Aug . 39 878 30,644 14.530 7 493 ,734 6 887 9,234 3 295 3 696 2 243 Sept 40,074 30,707 14,533 7,497 ,758 6,919 9,367 3 361 3 780 2 226 Oct 40,196 30,811 14,478 7,601 ,781 6,951 9,385 3,310 3,875 2.200 Nov 40 631 31,024 14,449 7,752 ,797 7,026 9,607 3 401 4 029 2 177 Dec 41,863 31,552 14,436 8,139 793 7,184 10,311 3,421 4,702 2,188 1957 Jan 40,916 31,298 14,389 7,938 1,772 7,199 9,618 3,360 4,085 2,173 1 Represents all consumer instalment credit ex NOTE.—Monthly figures for the period December 1939 through 1947 and a general description of the series are shown on pp. 336-354 of the BULLETIN for April 1953. Revised monthly figures for the period January 1948-August 1956, together with a description of the revision, are shown iJJX.nVAX T IpVlUaMlrkJt Vf* oUrU WVb11uJsiness. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions ; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i 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 f s i c C n u o a m o m n n e c - - 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 u o r r r n e e i s - H a h a o p n o u p c l l s d e i e - - d m A ea o u l b t e o i r l - s e 3 Other panies * stores 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 2,137 777 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 29,020 24,441 10,601 8,443 1,680 2,656 ,061 4,579 1,511 1,052 381 535 1,100 1956 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 1,407 1,020 378 572 1,137 1956—Jan.. 28,886 24,447 10,618 8,436 1,668 2,670 ,055 4,439 1,471 1,018 371 535 1,044 Feb. 28,915 24,587 10,668 8,460 1,697 2,701 ,061 4,328 1,436 1,001 362 538 991 Mar. 29,112 24,870 10,796 8,526 1,732 2,739 ,077 4,242 1,377 984 355 544 982 Apr. 29,419 25,208 11,009 8,575 1,767 2,773 ,084 4,211 1,380 974 349 548 960 May 29,763 25,528 11,170 8,641 1,806 2,805 ,106 4,235 1,389 971 351 554 970 June 30,084 25,963 11,394 8,765 1,848 2,845 ,111 121 1,247 973 354 562 985 July. 30,297 26,193 11,476 8,849 1,880 2,880 ,108 4,104 1,239 967 359 568 971 Aug. 30,644 26,475 11,548 8,953 1,933 2,920 ,121 4,169 1,286 973 365 575 970 Sept. 30,707 26,551 11,548 8,989 1,960 2.924 ,130 4,156 1,269 970 368 576 973 Oct.. 30,811 26,635 11,606 8,973 1,994 2,938 ,124 4,176 1,269 974 368 574 991 Nov. 31,024 26,846 11,634 9,075 2,021 2,961 ,155 4,178 1,230 988 373 573 1,014 Dec. 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 1,407 1,020 378 572 1,137 1957—Jan.. 31,298 26,931 11,616 9,077 2,045 3,041 1,152 4,367 1,380 975 364 568 1,080 1 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. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 317 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 le ect g O p c o a o t o p h n d e e - r r s e R m l r t o a e n i o n a p o iz n d d a n a s - ir - l P o e a r n - 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 p o a u p b t e o il r - e s g p O c u o a t o m p o h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e 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 RRR 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 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,682 3,579 2,181 2,388 1,429 2,105 1956—Jan.. 8,436 6,919 ,024 25 468 1956 Jan . . 10 618 3 252 2 072 2,049 I 314 1,931 Feb. 8,460 6,940 ,024 24 472 Feb 10,668 3,294 2,089 2,040 1,305 1,940 Mar. 8,526 6,995 ,024 24 483 Mar 10 796 3 347 2 133 2 051 I 303 1,962 Apr. 8,575 7,037 ,024 24 490 Apr 11,009 3,403 2,167 2,118 1,313 2,008 May 8,641 7,099 ,021 24 497 May 11,170 3,462 2,193 2,155 1,335 2,025 June 8,765 7,199 ,039 24 503 June 11,394 3,521 2,207 2,265 1,356 2,045 July. 8,849 7,264 ,049 24 512 July 11,476 3,560 2,210 2,276 [,367 2,063 Aug. 8,953 7,344 ,061 24 524 Au2. 11 548 3 598 2,218 2,266 I 384 2,082 Sept. 8,989 7,366 ,071 23 529 Sept 11,548 3,591 2,199 2,271 1,403 2,084 Oct.. 8,973 7,333 ,083 24 533 Oct 11 606 3 584 2 180 2,335 I 421 2 086 Nov. 9,075 7,305 ,202 24 544 Nov 11,634 3,578 2,177 2,364 1,430 2,085 Dec. 9,100 7,283 ,227 23 567 Dec 11,682 3,579 2,181 2,388 I 429 2,105 1957—Jan.. 9,077 7,222 ,261 23 571 1957 Jan 11,616 3,584 2,198 2,306 1,413 2,115 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets (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 p o a u p b t e i o l r - e s g O p c u o a t o m o h p n d e e e - r r s r m R i o l z e a d o a p n t a e a i d n r i o s 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 banks stores! 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 . . 3,087 693 152 275 1,370 597 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 ,959 1949 5,715 1,334 198 587 2,208 1,388 1952 • 3,346 452 310 188 ,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 D A N S O e e u c o p c t g v t 6 6 6 5 6 , , , , , 1 0 2 9 0 3 1 5 7 5 7 4 6 4 6 7 8 8 8 8 0 9 2 1 0 1 5 1 6 7 5 5 5 5 5 8 7 8 7 8 1 5 1 2 2 3 3 3 3 34 2 4 3 3 1 6 3 2 6 4 4 4 4 4 , , , , , 2 3 3 3 5 8 9 0 3 1 1 7 6 2 2 J J A S O u u e u c l n p y t g e t 9 9 9 9 9 , , , , , 1 3 2 3 3 8 3 7 8 6 1 4 0 5 7 2 2 2 2 2, , , , , 8 8 8 8 9 9 8 9 8 2 7 5 4 0 6 4 4 4 4 3 5 0 3 1 7 5 1 5 3 6 5 5 5 5 6 8 3 7 1 2 8 1 4 2 3 3 3 3 3 3 , , , , , 1 1 1 2 2 6 5 9 3 6 5 1 2 0 3 2 2 2 2 2 , , , , , 2 2 2 2 2 3 2 4 4 0 1 6 3 6 0 Nov 9,607 2,894 507 672 3,357 2,177 1957—Jan 6,238 817 572 336 4,513 Dec 10,311 2,975 446 895 3,807 2,188 NOTE.—Institutions included are consumer finance companies, credit 1957_jan 9,618 2,960 400 728 3,357 2,173 unions, industrial loan companies, mutual savings banks, savings and oan associations, and other lending institutions holding consumer 1 Includes mail-order houses. nstalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,967 5,865 734 4,542 1950 21 558 8 530 7 150 835 5,043 1951 23 576 8,956 7,485 841 6 294 1952 29,514 11,764 9,186 1,217 7,347 1953 . . 31,558 12 981 9 227 1 344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,128 16,743 10,615 1,359 10,411 1956 39,602 15,533 11,015 1,448 11,606 1956—Jan 3,432 2,885 1,448 1.192 926 760 119 88 939 845 Feb 3,317 2,918 1,390 1,236 731 122 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 .311 1,195 939 1,266 108 100 1,010 1 174 1957—Jan 3,613 3,154 1,477 1,258 1,000 852 119 91 1,017 953 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 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955. ... . .. 33 676 13,084 9,740 1,305 9 547 1956 37,070 14,565 10,502 1,325 10,678 1956—Jan 3,107 3,019 1.243 1,179 887 899 121 120 856 821 Feb 2,946 2,889 ,182 1,143 821 847 110 107 833 792 Mar 2 894 3 108 ,131 1.209 823 892 102 110 838 897 Apr 3,142 3,022 ,256 ,196 869 857 118 111 899 858 May.. 3 060 3,126 ,224 ,240 857 885 111 111 868 890 June 3,006 3,069 ,156 ,195 868 867 104 105 878 902 July 3,158 3,103 ,227 ,21J 890 868 121 117 920 907 Aug 3,145 3,157 ,212 ,244 891 880 112 113 930 920 Sept... . 3,085 2,918 ,184 ,147 892 836 104 101 905 834 Oct 3,182 3,278 ,283 ,339 882 906 113 117 904 916 Nov.. 3 160 3 174 ,231 ,254 904 886 105 109 920 925 Dec 3,185 3,207 .236 .208 918 879 104 104 927 1,016 1957—jan ... 3,385 3,408 ,326 1,305 1,009 1,053 110 112 940 938 Change in outstanding crediti 1949 +2,594 + 1,537 +805 +45 +207 1950 + 3,113 + 1,519 + 1,093 + 118 + 383 1951 + 591 -102 + 81 +69 + 543 1 19 9 5 5 3 2 . + + 4 3 ,6 10 0 9 2 + + 2 1 , 1 7 0 6 2 1 + + 1 60 29 5 4 + + 2 3 2 0 5 0 + + 7 6 5 7 4 0 1954 + 563 -26 -28 +6 + 611 1955 + 5,452 + 3,659 + 875 + 54 + 864 1956. +2,532 +968 + 513 + 123 +928 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 + 11 +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 -4 + 83 + 158 1957__jan + 228 -254 + 151 -47 — 9 -201 +9 -21 +77 + 15 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting 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 A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 319 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce O i t n h s e t r i tu fi t n io a n n s cial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 1956—Jan 3,432 2,885 1.230 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 1,102 1 201 799 822 759 808 507 474 Apr 3,402 3,329 1,299 1 30S 787 769 780 766 536 486 May ... 3,255 3,470 I 178 1 279 770 842 775 800 532 549 June 3,049 3,390 1,182 1,324 716 847 751 803 400 416 July 3,293 3,316 1,218 1,231 752 819 811 795 512 471 Aug 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 ,221 1,148 929 881 835 835 468 523 Dec 3,453 3,735 235 1 193 798 785 796 939 539 818 1957—Jan. 3,613 3,154 1,285 1,204 955 785 818 742 555 423 Repa}tonents 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 1956—Jan 3,107 3,019 1.124 1.093 771 711 690 660 522 555 Feb 2'946 2,889 ,059 1,038 717 693 663 633 507 525 Mar 2,894 3,108 ,006 ,073 697 756 681 719 510 560 Apr 3,142 3,022 ,126 ,095 761 720 720 690 535 517 May 3,060 3,126 ,092 ,118 775 776 690 707 503 525 June 3,006 3,069 ,077 ,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 ,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 1957—Jan... 3,385 3,408 1,257 1,270 846 808 766 760 516 570 Change in outstanding credit1 1949 + 2,594 4-910 +933 +294 +457 1 19 9 5 5 1 0 + 3 + 1 5 1 9 3 1 + 1 - 3 2 5 7 9 + - 7 5 6 7 7 + + 4 4 0 2 3 2 + + 5 2 6 7 5 2 1952 +4,109 + 1,753 + 1 057 + 647 + 652 1953 + 3 602 + 1 474 + 1 216 + 692 + 220 1954 + 563 -202 + 217 +472 + 76 1955 + 5 452 + 1 805 + 2 299 + 887 +461 1956 + 2,532 + 1,081 + 657 + 859 -65 1956—Jan + 325 -134 + 106 + 17 + 115 -7 + 62 -4 4-42 -140 Feb + 371 + 29 + 136 + 50 + 117 + 24 +95 + 66 + 23 Mar +273 + 197 +96 + 128 + 102 +66 +78 + 89 -86 Apr + 260 + 307 + 173 + 213 +26 +49 + 60 + 76 4-1 -31 May + 195 + 344 + 86 + 161 c + 66 + 85 + 93 + 29 +24 June +43 + 321 + 105 + 224 + 17 + 124 + 52 + 87 -131 -114 July + 135 +213 +70 + 82 -11 + 84 + 65 + 64 + 11 -17 Aug +205 + 347 + 28 +72 +26 + 104 +95 + 106 + 56 + 65 Sept + 68 +63 + 13 0 + 34 + 36 +47 +40 -26 -13 Oct + 181 + 104 +97 + 58 + 28 -16 +75 +42 -19 +20 Nov + 293 + 213 + 99 +28 + 173 + 102 + 87 + 81 -66 + 2 Dec + 183 + 528 +72 +48 + 35 + 25 + 58 + 119 + 18 + 336 1957_jan + 228 -254 + 28 -66 + 109 -23 + 52 -18 + 39 -147 i 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 trans- A discussion of the composition and characteristics of the data and actions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. for January 1954, pp. 9-17. Estimates of instalment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49 = 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value)1 Departor Y m e o ar nth Total Manufactures A er /T a in ls Total R de e n si - - ot A h 1 e 1 r N t a c u g o u r r n l a i - - - l pro M d a u n c u ti f o a n c tu w r o i r n k g ers Fr i l c n o e a g i a g r d s - h * - t v s ( m s r a a t e l l o e t e u n r a s e e t i * ) l p s C r u i o m c n e e s - r 2 m p W c r s o o i a h c d m l o e e i s t l - e y 2 - Du- Non- tial em- Employ- Pay- Total rable r d a u b - le p m lo en y t - ment rolls 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 HI 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67 9 64.2 32.8 112 37 73.3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66 6 59.5 28 3 99 35 71.4 56 1 1931 40 39 31 48 51 34 22 41 60 3 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42 8 1934 40 39 30 49 51 17 7 24 58 8 55.1 20 4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66 1 59.6 25 3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73 3 71 2 34 0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82 8 87 9 49 3 98 44 62 9 56 8 1942 . . 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94 4 97 9 81 2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99i4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101 6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954 125 127 137 116 111 215 232 204 110 7 101 8 137 7 86 111 114 8 110 3 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 95 120 114.5 110.7 1956 *>143 P144 *>159 P129 P129 n.a. n.a. 266 117.7 106.5 161.1 97 125 116.2 114.3 1956 143 143 145 160 r130 r129 300 290 306 116.8 108.0 107.2 159.1 103 124 114.6 111.9 Feb 143 144 144 158 130 129 306 318 298 116.9 107.2 106.8 157.7 100 118 114.6 112.4 Mar 141 143 143 157 128 r129 287 317 267 116.7 106.4 106.1 157.9 100 122 114.7 112.8 Apr 143 144 144 159 r130 129 277 315 252 117.3 107.1 106.0 158.2 99 122 114.9 113.6 May 141 141 143 157 '129 128 257 286 237 117.6 106.9 105.4 157.3 98 122 115.4 114.4 141 141 r142 157 128 129 256 269 248 118.0 106.3 105.7 158.2 95 124 116.2 114.2 July 136 128 138 148 128 r123 255 265 249 116.6 102.6 101.2 151.0 81 128 117.0 114.0 Aue '143 142 144 158 '130 130 260 264 257 118.2 106.0 107.1 161.4 93 128 116.8 114.7 Sept '144 146 146 162 130 131 251 250 251 118.1 105.7 107.8 165.8 96 129 117.1 115.5 Oct 146 151 147 r163 131 r131 248 230 260 118.7 107.1 108.7 168.7 96 122 117.7 115.6 Nov . 146 147 147 165 129 130 242 197 272 118.8 107.1 108.0 167.7 97 131 117.8 115.9 Dec 147 144 149 167 130 131 n.a. n.a. 311 119.0 107.2 107.6 170.9 100 129 118.0 116.3 1957 Jan . 146 145 147 164 130 130 n.a. n.a. 297 119.0 106.8 106.1 164.8 98 *>125 118.2 116.9 Feb *>146 P147 P147 *>164 ^130 ^132 ^119.2?106.2^105.8 164.8 96 124 117.0 « Estimated. * Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes personi 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 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 321 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] Annual 947-49 average 1956 1957 Industry p p r o o r - tion 1955 1956* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. . 00.00 139 143 143 143 141 143 141 141 136 143 144 146 146 147 146 MANUFACTURES—TOTAL 90.02 140 144 145 144 143 144 143 142 138 144 146 147 147 149 147 Durable Manufactures—Total 45.17 155 159 160 158 157 159 157 157 148 158 r162 163 165 167 164 Primary metals 6.70 140 138 148 146 145 146 141 136 '69 125 148 147 146 145 144 Metal fabricating 28.52 165 172 170 168 757 '170 757 168 759 772 "174 '775 750 '753 750 Fabricated metal products 5.73 134 135 136 134 132 136 130 132 130 134 139 140 139 141 137 Machinery 13.68 155 170 165 163 163 169 169 169 172 174 175 174 175 176 173 Nonelectrical machinery 9.04 135 151 146 147 148 148 149 149 152 155 157 156 154 156 156 Electrical machinery 4.64 194 207 201 194 193 208 '208 '208 210 211 '210 '211 '214 '216 207 Transportation equipment 7.54 203 199 '200 199 196 193 187 188 189 191 193 '203 '216 '223 221 Autos, trucks, and parts 4.80 153 125 140 135 131 123 110 110 110 112 112 121 137 143 140 Nonautomotive transportation equipment 2.74 272 310 288 293 291 295 302 306 308 311 317 328 336 344 344 Instruments and related products 1.29 149 166 160 161 160 162 164 163 167 171 171 172 172 173 172 Clay, glass, and lumber products 5.91 138 140 r138 '735 139 747 141 r143 r145 739 r138 735 735 134 Stone, clay, and glass products 2.82 149 158 156 155 154 158 162 161 161 160 154 157 157 158 157 Lumber and products 3.09 127 123 128 123 118 122 121 123 127 130 126 120 119 117 114 Furniture and misc. manufactures 4.04 132 135 136 '135 r133 '135 735 '135 735 r136 '735 735 134 134 737 Furniture and fixtures 1.64 119 122 122 122 121 123 123 122 123 122 122 122 119 120 118 Miscellaneous manufactures 2.40 141 144 146 143 141 144 143 144 145 145 146 146 144 '144 140 Nondurable Manufactures—Total 44.85 126 129 130 130 128 r130 r129 128 '128 r130 130 131 129 130 130 Textiles and apparel 11.87 109 108 111 r112 107 107 107 106 106 107 108 111 r105 106 104 Textile mill products 6.32 107 104 110 110 107 106 103 100 100 102 103 105 103 103 100 Apparel and allied products 5.55 113 112 113 114 108 109 111 112 112 112 113 117 108 110 109 Rubber and leather products 3.20 122 118 •127 '126 779 720 '114 '110 '772 '777 775 777 779 722 Rubber products '. 1.47 143 133 141 143 135 136 mi 120 125 135 132 134 126 139 147 Leather and products 1.73 105 104 109 111 105 106 103 101 102 102 102 101 104 102 Paper and printing 8.93 137 145 142 r142 142 '145 145 '145 '146 '747 '145 '148 147 '147 148 Paper and allied products 3.46 152 159 159 157 157 160 160 161 162 161 159 160 160 157 159 Printing and publishing 5.47 127 136 132 132 132 135 135 135 136 138 137 140 139 140 141 Newsprint consumption 1.85 128 132 131 131 129 132 132 131 132 134 131 133 132 133 135 Job printing and periodicals 3.62 127 138 132 132 134 136 137 137 138 140 140 144 142 144 144 Chemical and petroleum products 9.34 159 167 r167 '167 '167 168 '757 '755 '164 757 755 '757 '755 770 773 Chemicals and allied products 6.84 167 111 176 176 176 179 177 176 176 176 177 177 177 179 182 Industrial chemicals 2.54 184 196 199 199 197 198 197 191 191 192 194 196 195 198 203 Petroleum and coal products 2.50 135 141 142 142 144 139 140 '140 132 139 143 140 143 145 146 Foods, beverages, and tobacco 11.51 109 112 '112 112 777 '772 777 110 '777 773 773 '773 '773 773 772 Food and beverage manufactures 10.73 109 113 112 113 112 113 111 111 112 114 114 113 114 114 112 Food manufactures 8.49 109 113 113 113 111 112 111 111 112 115 115 114 113 113 111 Beverages 2.24 107 112 110 111 113 114 111 108 110 112 112 111 115 117 Tobacco manufactures .78 105 107 109 107 105 108 106 106 106 105 106 106 109 107 MINERALS—TOTAL 9.98 122 129 129 129 129 129 128 '129 123 130 '131 131 '130 '131 130 Mineral fuels 8.35 123 129 r129 '129 '129 '128 '128 '729 '727 '732 '730 '730 r729 '730 737 Coal 2.68 80 85 8T 88 '90 '89 '85 '85 '75 '85 '86 85 '87 80 80 Anthracite .36 48 55 '61 55 '51 '56 41 55 '48 61 '56 '56 '57 '57 49 Bituminous coal 2.32 85 90 91 94 '96 '94 '92 '90 '79 '88 91 90 '91 '84 85 Crude oil and natural gas 5.67 143 150 149 148 148 147 149 149 152 154 151 151 149 154 154 Crude oil 4.12 131 137 137 135 134 132 134 136 139 142 139 138 137 141 Natural gas and gas liquids .70 177 191 186 185 190 191 190 192 190 193 193 P192 P193 Metal, stone, and earth minerals 1.63 120 127 r127 '127 '127 '135 729 '725 '700 '722 '733 '735 r135 134 729 Metal mining .82 110 114 117 116 117 129 118 113 '60 103 123 132 128 mi 119 Stone and earth minerals .81 130 141 138 138 138 141 140 143 142 140 143 141 142 141 140 ' Revised. p Preliminary. For other footnotes see end of table. NOTE.—For announcement of revisions in seasonal adjustment factors, see pp. 277-278. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956^Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 143 144 143 144 141 141 128 142 146 151 147 144 145 MANUFACTURES—TOTAL 90.02 140 144 144 146 145 146 142 142 129 143 148 153 149 146 146 Durable Manufactures—Total 45.17 155 159 160 161 161 162 157 156 139 155 161 168 166 166 164 Primary metals 6.70 140 138 151 152 152 152 144 140 62 118 145 149 146 142 147 Ferrous metals 5.03 138 135 149 149 149 149 143 138 41 114 146 149 146 145 148 Pig iron and steel 3.51 144 142 158 158 159 158 152 145 24 117 156 160 158 157 159 Pig iron .37 134 131 143 143 145 145 140 135 22 104 145 148 147 149 148 Steel 3.05 146 143 159 159 160 159 154 146 24 119 158 162 159 158 160 A C l a l r o b y o n st e s e te l el 2. . 6 4 2 3 1 1 7 4 1 1 1 1 3 6 9 7 1 15 9 3 7 1 1 9 5 9 3 1 1 5 9 5 2 1 18 5 1 5 1 1 4 8 9 2 1 1 5 4 7 4 2 3 3 4 1 1 3 1 5 6 1 18 5 3 3 1 1 9 5 1 7 1 18 5 1 6 1 1 5 7 6 0 1 17 5 8 7 Ferrous castings and forgings 1.52 124 119 128 130 128 129 120 123 79 106 122 123 118 118 121 I S r t o e n el a fo n r d g i s n te g e s l castings 1. . 2 2 9 3 1 1 3 2 3 3 1 1 2 1 6 7 1 14 2 3 5 1 1 4 2 2 8 1 1 4 2 2 6 1 14 2 1 7 1 1 2 1 9 9 1 1 2 3 1 4 78 1 10 0 5 6 1 1 2 2 0 2 1 1 2 2 7 2 1 1 1 2 8 0 1 1 2 1 1 7 i25* Nonferrous metals 1.67 146 147 159 161 160 160 149 145 124 130 144 148 146 135 145 Primary nonferrous metals .38 164 175 173 177 182 185 181 179 172 143 168 181 180 180 180 Copper smelting .09 122 133 134 136 142 143 147 142 117 124 122 133 127 129 135 Copper refining .06 123 132 122 134 141 146 143 139 123 120 114 134 135 128 137 Lead .04 103 115 114 117 120 121 106 109 107 107 123 122 116 120 113 Zinc .10 120 123 124 126 125 125 111 111 114 123 128 127 130 134 128 Aluminum .09 261 280 276 279 287 294 296 296 298 182 269 293 295 292 288 Secondary nonferrous metals .13 123 119 131 134 124 135 121 110 93 108 115 124 116 108 Nonferrous shapes and castings 1.16 142 140 158 159 157 154 141 137 112 128 139 140 138 123 137 Copper mill shapes .63 114 115 134 132 127 123 116 112 79 109 120 111 116 98 111 Aluminum mill shapes .20 208 215 226 225 241 242 228 215 222 187 202 218 196 175 203 Nonferrous castings .33 156 146 163 170 166 160 140 137 111 129 141 149 146 141 Metal Fabricating 28.52 165 172 172 172 171 167 166 160 167 172 180 181 183 181 Fabricated metal products 5.73 135 134 135 134 134 136 130 132 124 135 144 145 138 139 136 Structural metal parts 2.68 136 141 140 138 138 140 138 138 129 137 144 150 149 152 148 Stampings and misc. metal products 2.12 130 125 131 129 126 125 121 119 111 117 123 130 132 134 130 Tin cans .30 142 151 109 116 127 189 121 159 168 214 220 186 100 105 113 Furnaces, gas ranges, and heaters .63 111 110 109 110 115 106 105 112 94 123 143 128 82 Machinery 13.68 155 170 167 168 168 172 167 165 157 167 176 181 177 177 175 Nonelectrical machinery 9.04 135 151 149 152 154 154 151 150 146 146 153 152 151 157 159 Farm and industrial machinery 8.13 130 147 144 145 146 148 147 147 144 145 148 149 150 155 157 Farm machinery 1.02 91 86 98 95 94 92 88 87 82 79 79 73 77 '82 87 Industrial and commercial machinery.. 7.11 135 156 150 153 154 156 155 155 153 155 158 160 160 165 166 Machine tools and presses . .68 163 197 190 195 196 197 197 194 194 193 199 201 201 209 242 Laundry and refrigeration appliances.... .69 144 149 164 173 183 175 146 143 128 108 159 139 125 142 143 Electrical machinery 4.64 194 207 178 209 220 216 207 Electrical apparatus and parts 3.23 174 198 184 184 202 200 199 193 198 202 209 211 214 210 Radio and television sets .74 242 224 240 233 218 209 185 174 130 238 266 312 271 218 188 Transportation equipment 7.54 203 199 206 205 202 201 189 188 186 186 180 202 218 '225 224 Autos, trucks, and parts 4.80 153 125 147 143 139 136 116 111 107 104 92 121 139 144 142 Autos 1.50 190 138 173 164 163 162 127 127 127 109 59 105 164 177 174 Trucks .66 115 112 113 125 130 133 117 123 99 101 98 103 102 102 105 Light trucks .22 114 92 101 109 104 102 89 89 76 81 75 92 100 92 97 Medium trucks .19 69 58 67 71 68 69 58 68 56 53 51 52 43 45 64 Heavy trucks .14 172 218 194 227 258 265 237 246 198 192 201 195 195 207 186 Truck trailers .07 183 168 173 187 191 208 191 203 145 160 148 146 133 128 134 Auto and truck parts 2.58 141 121 141 135 128 122 109 98 97 102 109 135 135 136 Nonautomotive transportation equipment 2.74 272 310 291 296 294 295 298 303 305 311 317 325 336 347 348 Aircraft and parts 1.30 481 548 517 521 513 516 520 531 536 555 569 582 601 619 620 Shipbuilding and repair .81 115 118 111 119 121 119 120 121 121 114 113 115 118 124 126 Railroad equipment .53 42 63 54 60 66 68 69 66 62 58 51 60 68 75 74 Railroad cars 36 73 72 .35 30 54 40 49 57 60 61 56 51 49 52 64 Instruments and related products 171 175 172 1.29 149 166 160 161 161 164 164 163 162 167 173 174 Clay, Glass* and Lumber Products ... 129 126 5.91 138 140 132 135 135 142 143 145 135 149 146 138 Stone, clay, and glass products 150 153 162 156 164 157 156 150 Glass and pottery products 2.82 149 158 150 141 140 158 142 163 130 142 127 165 161 143 142 Flat glass and vitreous products 1.09 134 141 141 163 163 143 164 140 150 161 159 149 147 173 165 Flat and other glass .60 155 165 168 167 163 166 163 160 146 160 158 173 174 177 168 Glass containers .47 156 165 171 130 130 165 136 158 133 145 113 177 177 114 128 Home glassware and pottery .26 126 132 121 96 93 135 93 142 72 90 61 147 135 96 98 .23 91 87 91 92 86 86 92 Cement .32 148 157 126 159 174 175 173 177 174 171 157 144 Structural clay products .35 127 138 129 132 137 138 140 146 140 144 140 143 136 126 ii9 Brick .12 131 134 122 124 132 140 145 144 140 148 135 139 131 106 94 Clay firebrick, pipe, and tile .20 127 142 136 139 142 138 139 148 141 144 147 147 141 142 139 Concrete and plaster products , .48 180 194 175 177 181 192 202 208 204 208 204 199 192 187 173 Misc. stone and earth manufactures , .58 166 173 171 171 171 172 172 171 167 171 176 177 177 180 174 r Revised. Preliminary For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 323 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1956 1957 Industry p p r o o r- tion 1955 1956? Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products...... 3.09 127 123 116 121 119 126 125 129 116 135 133 130 117 104 104 Lumber 2.05 112 108 100 104 105 112 111 118 104 115 118 111 101 91 89 Millwork and plywood. .60 197 189 189 201 193 199 187 181 161 216 200 206 181 155 167 Millwork .39 144 121 114 128 118 123 124 133 107 152 139 130 103 82 90 Softwood plywood. .. .12 284 301 313 321 316 324 290 260 248 320 299 332 310 277 295 Wood containers .29 90 91 90 91 91 92 93 92 90 90 90 93 90 Furniture and Misc. Manufacturing . 4.04 132 135 133 136 134 132 131 132 127 136 140 143 138 129 Furniture and fixtures 1.64 119 111 111 123 122 119 111 118 115 123 125 111 111 125 118 Household furniture 1.10 120 121 124 125 123 118 115 116 114 121 125 121 123 125 117 Fixtures and office furniture. 115 122 119 119 120 120 120 117 126 127 122 126 121 .54 123 127 Miscellaneous manufactures 141 144 141 145 142 141 140 135 150 154 150 145 136 2.40 141 145 Nondurable Manufactures—Total. . . 126 129 128 131 130 129 127 119 134 137 132 125 128 44.85 127 131 Textiles and Apparel 109 108 113 119 90 105 114 106 100 106 11.87 103 109 Textile mill products 107 104 111 115 110 108 105 100 86 103 109 105 '99 10.1 Cotton and synthetic fabrics. 6.32 113 108 119 123 115 112 109 99 87 102 101 113 109 104 108 Cotton consumption 3.72 103 102 110 112 108 107 105 96 81 104 97 108 104 93 99 Synethetic fabrics 2.30 137 118 135 141 132 119 108 102 101 101 110 118 119 123 129 Fabric finishing .97 100 98 111 118 98 103 108 90 71 102 82 105 90 99 87 .45 103 Wool textiles .97 79 86 83 84 85 90 90 76 92 87 94 86 78 73 Wool apparel yarns. .16 85 89 94 97 89 97 98 85 83 94 79 93 76 ni 80 Wool fabrics .75 78 86 80 81 84 87 89 92 75 92 90 96 90 79 72 Knit goods 1.15 110 108 107 114 110 110 108 111 95 109 114 111 109 99 Hosiery .65 106 100 106 114 105 105 99 102 77 96 105 100 101 90 Full-fashioned hosiery. .45 110 102 107 117 110 112 102 104 77 97 106 100 98 90 Seamless hosiery .20 99 96 102 108 93 90 91 97 75 94 103 101 107 90 Knit garments .50 115 119 110 115 116 120 123 120 126 125 125 119 110 101 Floor coveringsl. .48 Woven carpets. .31 79 83 83 93 91 89 80 78 50 86 97 87 78 79 84 Apparel and allied products... 5.55 113 112 117 124 120 114 109 108 95 116 108 118 108 101 113 Men's outerwear 1.78 111 110 119 124 118 119 121 104 79 120 101 116 98 96 119 Men's suits and coats.... .73 92 95 99 99 99 103 107 91 59 109 91 103 90 89 107 Men's suits .50 90 93 103 103 101 99 100 85 54 103 85 100 92 93 114 Men's outercoats .13 77 78 55 59 67 92 110 93 63 110 90 91 57 53 51 Shirts and work clothing. .99 123 118 132 141 130 129 129 111 90 126 106 124 101 98 Women's outerwear 1.85 116 112 118 132 115 104 100 116 108 117 106 89 108 Women's suits and coats. .76 134 145 155 135 95 90 122 132 152 138 146 101 131 128 128 Misc. apparel and allied mfrs 1.92 113 117 114 108 104 107 113 116 121 117 113 119 Rubber and Leather Products . 3.20 127 132 125 122 113 111 118 123 123 118 113 Rubber products 1.47 143 149 146 140 140 129 123 105 127 135 144 128 133 148 Tir A es u t a o n d ti re tu s bes . .4 7 0 0 1 1 3 4 1 0 1 1 3 2 3 1 129 1 1 3 3 5 4 1 13 3 1 0 1 1 3 3 3 5 1 1 2 2 5 5 1 1 1 2 5 2 9 9 7 9 1 1 1 1 3 0 1 12 2 1 0 1 1 2 2 1 4 1 11 0 3 8 1 1 2 3 2 0 1 1 2 3 6 6 Truck and bus tires .30 120 132 130 130 125 130 103 106 118 117 101 110 Miscellaneous rubber products. .77 154 144 167 157 146 133 110 142 148 147 143 Leather and products 1.73 104 109 120 112 106 99 100 90 108 104 104 100 95 Leather .44 91 93 103 95 96 95 91 73 90 90 90 90 85 Cattlehide leathers .29 99 100 110 103 103 103 99 79 97 99 99 100 95 Skin leathers .15 76 80 90 80 82 80 76 61 76 73 74 70 65 Shoes and slippers* .90 Miscellaneous leather products. .39 99 97 103 98 91 89 96 96 102 99 101 97 95 Paper and Printing. 8.93 137 138 146 145 135 145 147 154 151 143 144 Paper and allied products 3.46 152 159 157 162 163 165 160 163 144 163 160 169 162 145 157 Pulp and paper 1.76 149 157 158 163 161 163 162 161 143 160 152 162 159 142 158 Wood pulp .51 169 179 181 185 183 184 187 184 165 182 171 185 183 160 182 Paper and board 1.25 140 148 149 154 153 154 152 152 134 151 145 152 149 135 149 Printing paper .22 127 140 137 144 141 142 142 143 130 143 139 145 146 135 142 Fine paper .14 133 145 144 142 152 153 148 148 129 143 148 149 146 138 140 Coarse paper .20 129 136 137 145 140 142 139 141 121 139 131 135 138 123 139 Miscellaneous paper .18 158 170 172 169 170 177 168 169 160 172 169 183 174 159 181 Paperboard .41 149 155 159 163 159 161 162 159 135 157 148 159 155 139 153 Building paper and board . .10 137 131 127 139 148 141 141 127 139 128 131 118 94 117 Converted paper products 1.70 156 162 156 162 165 168 157 165 146 166 168 177 165 148 156 Shipping containers .51 155 159 147 157 165 162 154 165 140 167 168 172 161 144 148 Sanitary paper products .11 158 170 179 173 163 184 163 163 162 163 166 189 173 158 179 'Revised. ^Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1956 1957 portion 1955 1956* Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 127 130 135 137 136 134 129 133 139 145 144 142 136 Newsprint consumption 1.85 128 132 119 127 134 141 140 131 115 121 133 143 145 131 123 Job printing and periodicals 3.62 127 138 131 131 135 135 135 136 136 140 143 145 144 147 143 Chemical and Petroleum Products... 9.34 159 167 168 170 169 168 166 165 157 164 168 171 171 '171 173 Chemicals and allied products 6.84 167 111 111 179 179 180 176 173 166 172 111 182 181 181 183 Industrial chemicals 2.54 184 196 199 201 201 200 197 192 182 188 192 198 199 '198 203 Basic inorganic chemicals .57 180 189 197 203 204 201 195 185 158 171 186 191 191 191 Industrial organic chemicals 1.97 186 197 200 201 200 200 197 194 188 193 194 200 201 r200 *205' Plastics materials .24 242 256 261 264 264 266 263 253 213 247 254 272 274 247 Synthetic rubber .11 213 236 241 249 243 244 242 227 227 223 241 227 222 242 '243' Synthetic fibers .59 186 181 195 194 191 183 176 169 167 171 169 185 189 187 202 Miscellaneous organic chemicals. 1.03 169 189 183 185 187 189 190 192 191 189 189 188 189 193 192 Vegetable and animal oils. .64 124 132 152 157 141 133 123 107 93 100 123 159 157 143 147 Vegetable oils .48 117 124 147 150 134 123 110 91 75 84 115 161 154 139 143 Grease and tallow .16 145 158 168 175 162 163 163 155 145 150 144 151 167 157 159 Soap and allied products. 110 111 105 111 111 109 112 91 121 124 119 108 110 120 Paints .66 125 124 123 125 124 124 124 125 125 127 125 124 123 123 122 Fertilizers .23 12/5 129 122 131 168 188 163 118 104 95 109 119 112 '120 124 Petroleum and coal products . 2.50 135 141 143 143 142 135 137 142 132 142 145 140 143 145 Petroleum refining 1.97 142 150 154 151 148 142 144 149 148 151 151 146 152 158 Gasoline 1.04 152 159 158 155 155 150 155 162 162 164 164 155 160 165 ^163 Automotive gasoline.. .98 147 153 153 151 150 144 149 156 156 158 158 149 155 159 Aviation gasoline.... .06 233 254 242 132 242 254 258 267 257 264 261 256 251 260 Fuel oil .56 138 148 160 158 149 140 138 141 141 146 145 142 149 161 Distillate fuel oil. .30 175 193 204 203 192 182 177 186 187 195 196 188 195 210 Residual fuel oil. .26 94 95 110 105 99 92 94 90 87 89 87 89 97 105 Kerosene .10 107 111 126 126 112 98 96 95 97 103 108 117 126 124 Lubricating oil. .17 114 119 119 115 119 126 123 123 113 119 116 122 122 116 Coke .26 104 102 111 111 111 110 108 104 38 92 109 109 109 110 110 Asphalt roofing and siding. .15 110 104 66 100 127 86 109 125 120 123 131 123 84 49 Foods, Beverage, and Tobacco. 11.51 109 112 103 103 104 106 108 114 112 121 129 126 116 105 102 Food and beverage manufactures. 10.73 109 113 102 102 104 106 108 114 114 111 130 127 117 106 102 Food manufactures 8.49 109 113 106 104 102 103 105 110 111 123 134 129 119 r108 105 Meat products 1.48 128 133 153 140 136 131 121 122 118 116 129 142 148 138 139 Beef .46 142 151 158 145 142 150 147 154 154 148 151 160 154 149 163 Pork .83 116 119 146 133 129 117 103 100 95 95 113 128 140 127 121 Dairy products .69 107 111 91 99 109 121 136 150 134 120 103 91 85 86 91 Butter .14 105 107 104 107 114 128 131 138 118 97 91 82 83 96 102 Natural cheese .07 116 117 96 103 116 132 153 163 133 116 105 97 93 96 101 Concentrated milk. .19 97 101 85 94 106 123 140 146 118 98 83 73 71 77 85 Ice cream .28 109 112 84 93 102 109 125 149 147 144 118 102 90 80 82 Canned and frozen foods. 1.13 118 133 85 83 82 85 96 115 149 234 264 188 116 98 86 Grain-mill products 1.16 105 101 100 98 99 97 99 103 103 105 109 106 r99 '99 100 Wheat flour .46 83 84 85 81 84 79 77 80 77 85 95 91 87 88 92 Cereals and feeds .70 119 113 111 109 109 109 112 119 121 118 118 116 107 105 Bakery products. 1.64 97 98 95 95 95 95 97 100 100 99 100 101 100 99 95 Sugar .27 115 122 87 57 59 68 70 81 73 68 110 271 296 222 Cane sugar.... .11 113 116 109 102 109 123 114 124 133 127 130 123 100 102 Beet sugar .13 111 121 63 16 27 38 15 11 86 393 459 320 Confectionery .71 101 107 112 115 97 98 90 84 73 98 152 141 130 91 113 Miscellaneous food preparations. 1.41 106 105 99 102 103 102 107 112 107 107 106 105 105 102 100 Beverages 2.24 107 112 97 108 117 119 128 123 118 116 120 110 98 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 102 104 84 94 105 111 108 119 107 101 106 118 109 93 Beer and ale 1.02 101 101 86 92 103 111 112 128 128 112 93 83 80 84 Liquor distilling... .17 77 78 75 75 82 80 76 69 35 50 93 133 92 80 Liquor bottling. .. .37 109 119 79 102 113 122 108 118 94 135 179 175 115 Tobacco manufactures. .78 105 107 107 105 105 103 110 115 96 115 111 115 111 87 Cigarettes .46 109 111 112 107 109 106 116 122 104 120 115 119 114 92 Cigars .17 104 104 103 109 104 105 103 108 83 110 109 116 113 83 r Revised. Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 325 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956? Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. WITHOUT SEASONAL ADJUSTMENT —Continued MINERALS—TOTAL. 9.98 122 129 129 127 127 130 130 131 119 131 132 132 130 129 130 Mineral Fuels 8.35 123 129 133 131 130 130 128 128 121 130 129 130 130 132 Coal 2.68 80 85 91 88 86 86 85 84 62 87 90 93 90 83 84 A Bi n t t u h m ra in ci o t u e s coal 2. . 3 3 2 6 4 8 8 5 9 5 0 5 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 9 6 5 2 9 6 8 4 9 5 5 9 5 8 5 7 4 8 9 9 Crude oil and natural gas.. . . 5.67 143 150 153 151 151 151 149 148 149 150 147 147 149 155 Oil and gas extraction 4.82 137 145 147 147 148 144 142 143 142 144 143 141 146 151 Crude oil 4.12 131 137 138 138 139 137 135 136 136 138 135 134 137 141 Natural gas and liquids. .70 177 191 202 200 198 189 181 182 177 182 186 '197 Natural gas .34 185 219 214 210 198 185 190 182 184 189 Natural gas liquids. .. .36 169 186 187 186 178 176 176 172 180 182 180 186 191 Oil and gas well drilling... .85 175 180 185 173 188 187 180 191 183 173 177 170 181 Metal, Stone, and Earth Minerals . 1.63 120 127 106 109 110 129 141 146 110 135 147 146 129 116 108 Metal mining .82 110 114 89 92 93 111 140 144 73 121 142 142 114 '94 90 Iron ore .33 113 104 42 49 46 108 164 173 19 126 179 175 109 62 Nonferrous metal mining. .49 108 120 120 122 124 130 125 124 109 118 117 120 118 115 Copper mining .24 123 136 140 138 140 148 142 141 120 132 132 134 132 129 133 Lead mining .09 84 88 81 88 91 94 88 89 85 90 87 92 87 83 86 Zinc mining .06 81 87 80 86 90 91 89 84 86 86 91 86 90 Stone and earth minerals. .81 130 141 124 126 128 138 142 149 147 149 151 150 144 138 126 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953, group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1956 1957 Series portion 1954 1955 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. ELECTRICITY AND GAS—TOTAL 100.00 177 198 212 213 214 215 217 219 219 219 220 .222 ,224 -225 P227 Residential 41.34 196 216 236 236 238 239 242 244 245 246 247 Nonresidential. . . 58.66 165 186 196 197 197 199 199 202 201 201 202 Electricity 76.18 176 199 214 214 215 216 217 220 219 219 219 221 222 224 nis Residential 27.48 202 224 246 245 247 247 250 252 253 253 252 253 254 258 Industrial 23.68 158 190 203 202 202 205 207 206 202 203 206 209 212 211 General industrial 23.49 150 174 183 182 182 185 187 186 182 183 187 190 192 191 Atomic energy . . .. .19 1124 2221 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 2670 2720 Commercial and other 25.02 165 180 190 192 192 192 191 198 199 196 194 196 197 199 Gas 23.82 181 197 207 209 211 213 215 217 219 222 225 P228 P229 ^232 Residential 13.86 182 201 216 219 221 223 226 228 230 233 236 Industrial • . . 6.16 188 197 203 204 205 207 209 211 214 219 224 Commercial and other 3.80 167 182 183 184 185 186 187 188 186 186 186 P Preliminary. 1956, pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures see BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o- -4! A av n e n ra u g a e l 1956 1957 Product portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.! Dec, Jan. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 144 137 133 132 125 123 127 123 123 132 141 138 Major Durables 69.72 164 140 157 149 144 141 132 128 135 127 129 143 154 148 Autos 32.10 190 138 168 155 145 140 118 120 122 106 117 152 168 169 Major household goods 36.13 144 144 149 146 144 145 141 138 148 148 142 136 143 131 Furniture and floor coverings. 15.32 116 117 122 120 "118 "117 "117 114 117 118 '115 '114 115 114 Household furniture 11.31 120 121 127 124 "122 121 120 119 122 "122 121 118 119 Floor coverings * 4.01 Appliances and heaters 15.60 138 153 148 149 147 137 134 152 136 149 136 '130 144 Major appliances 11.88 142 160 154 155 155 143 140 161 142 158 144 '138 156 Ranges 2.60 100 116 106 110 110 106 108 105 '91 98 '96 '85 104 Refrigeration appliances. 4.98 151 •154 156 156 155 147 142 160 "146 159 132 '136 151 ^133 Laundry appliances 2.51 193 238 221 215 211 185 180 '236 200 '233 '231 211 233 217 Heating apparatus 3.72 120 129 "128 129 121 118 114 123 115 120 112 '102 108 Radio and television sets 5.21 242 231 "218 '209 '219 '226 '218 '227 231 "232 '237 '218 r218 l*8i' Radio sets 3.42 77 '70 '70 '67 '66 '67 '66 '59 '68 '71 '72 '74 '75 71 Television sets 1.79 558 537 500 "480 512 531 '509 "549 542 538 551 493 491 392 Other Consumer Durables 30.28 106 113 111 108 111 110 110 111 114 113 110 109 113 115 A M u is t c o . p h a o r m ts e a a n n d d t i p re er s sonal goods. 1 16 4 . . 2 0 8 0 1 1 0 0 9 2 1 1 1 1 6 0 1 1 1 0 5 6 1 11 0 1 5 1 1 1 0 6 5 " 1 1 0 1 4 6 1 1 1 0 8 0 1 1 0 1 2 8 1 1 0 2 6 1 1 1 0 1 8 7 1 "1 0 1 2 7 ' '1 1 1 0 5 2 1 1 0 1 9 7 ii6* WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL... 00.00 147 131 144 143 141 124 124 116 113 128 139 141 138 Major Durables 69.72 164 140 159 157 154 131 130 121 111 132 151 154 149 Autos 32.10 190 138 173 164 162 127 127 127 59 105 164 177 174 Major household goods 36.13 144 144 150 153 150 136 134 117 158 158 141 137 130 Furniture and floor coverings. 15.32 116 117 120 123 116 112 111 104 122 122 117 118 113 Household furniture 11.31 120 121 124 125 118 115 116 114 125 127 123 125 117 Floor coveringsx 4.01 Appliances and heaters 15.60 138 143 148 156 168 162 143 143 125 121 158 'J42" 122 128 Major appliances 11.88 142 151 161 169 183 178 152 150 131 117 158 143 "127 141 Ranges 2.60 100 103 115 118 125 115 102 112 80 83 106 102 82 94 Refrigeration appliances. 4.98 151 150 157 165 194 197 173 174 149 107 145 109 103 128 •136 Laundry appliances 2.51 193 216 235 252 237 222 176 162 162 180 251 261 230 229 214 Heating apparatus 3.72 120 118 109 113 121 113 113 121 106 135 157 137 104 85 Radio and television sets 5.21 242 224 239 233 218 209 184 174 130 238 265 312 270 217 188* Radio sets 3.42 77 70 72 72 70 63 67 54 37 61 66 88 91 92 73 Television sets 1.79 558 519 559 540 499 486 409 402 307 575 645 738 611 456 408 Othe A M r u C i t s o o c n . s p h a u o r m m t e s r e a D a n u n d r d a t b i p l r e e e r s s sonal goods.. 3 1 1 0 4 6 . . . 2 0 2 8 0 8 1 1 1 0 0 0 6 9 2 1 1 1 1 0 1 1 5 6 1 1 1 0 1 0 9 1 7 1 1 1 1 0 1 0 1 6 1 1 0 0 8 1 1 1 0 0 9 3 1 1 1 0 0 1 8 4 3 1 1 1 0 1 0 9 4 3 1 1 1 0 0 1 6 1 0 1 1 1 1 0 2 5 9 1 1 1 1 1 1 1 8 6 9 1 1 1 1 2 1 8 5 0 1 1 1 1 0 2 2 1 1 1 1 1 1 1 0 0 7 3 1 ii 1 i 1 ' r Revised. v Preliminary. be obtained from the Division of Research and Statistics. For a descrip- 1 Publication suspended pending revision for the period 1952 to date. tion of this index, see BULLETIN for May 1954, pp. 438-447. NOTE. Individual indexes without seasonal adjustment for woven For announcement of revision in seasonal factors, see pp. 277-278. ;arpets, appliances, heating apparatus, radio sets, and television sets may 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 s o r m ci - al P ut u i b li l t i y c O n r d t e t o e i h s a n n i l e - - - 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 21? 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 12,4*19 1,297 4.520 593 6 009 44,258 30,825 15,339 11,426 3,065 3,296 5,065 4.060 13,433 1,398 5 100 675 6 260 1956 Feb 3,636 2,522 1.280 919 220 281 418 323 1,114 109 447 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 1 101 112 436 53 500 May 3,744 2,608 1,306 965 263 279 423 337 1,136 120 450 61 505 June 3,754 2,605 [, 300 971 274 274 423 334 1 149 131 440 59 519 July 3,727 2,618 ,299 976 278 273 425 343 1,109 125 411 59 514 Aug 3,725 2,617 [,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 Nov ... 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 v r3,740 '2,500 ,211 942 260 255 427 347 r\ 240 '111 489 59 r581 Feb.? 3,708 2,497 1,197 949 259 257 433 351 1,211 113 466 59 573 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 327 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] B ow y n ty er p s e h i o p f By type of construction Year or month Total ]^Jonresidential 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 6,2t)5 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 1956—Jan 1 858 675 1 183 694 158 r174 190 r139 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar 2 382 638 1 744 1 105 267 206 225 183 395 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 2,198 732 1,466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aug 2,069 620 1,449 874 138 184 193 232 448 Sept 2,025 671 1,354 764 171 195 185 225 485 Oct 1,706 589 1,117 656 126 168 185 196 375 Nov 1,689 582 1,107 625 130 212 199 189 335 Dec 1,576 737 839 451 104 155 200 164 502 1957_jan 11,778 1612 197 211 184 170 405 r Revised. i Figure not comparable with earlier months. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Month Total Boston Y N o ew rk 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 a- K C an it s y as Dallas c F S i r s a a c n n o - 1955_Nov 1,797 116 276 114 184 177 218 334 116 47 81 134 n.a. Dec 1,921 152 364 134 226 169 254 280 89 47 81 126 n.a. 1956—Jan 2,221 105 283 96 253 146 211 275 101 54 134 158 405 Nov 1,689 119 311 88 183 133 191 330 84 66 74 110 n.a. Dec 1,376 117 318 85 169 113 177 278 70 58 77 114 n.a. 1957 Jan 2,300 75 262 102 127 218 273 316 116 64 137 167 444 n.a. Not available. NOTE.—Figures for January 1956 and January 1957 are not comparable with those for other months. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Total Private Government-underwritten * private, Metro- Non- Year or month seasonally Total politan metro- Public an a n d u ju a s l te r d ate areas p a o r l e it a a s n Total fam 1- ily fan 2 u - 'ly M fam ul i t l i y - Total FHA VA 1949 1,025 n.a n a. 989 792 35 162 36 466 360 105 1950 1,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 1,091 111 315 1,020 892 40 oo 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953. 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 . . PI,120 779 342 Pi,097 *>23 463 192 271 1956—Feb 1 127 78 58 21 77 69 2 6 1 31 13 17 Mar 1,094 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 1,091 107 75 33 105 95 3 7 3 45 18 26 July 1 070 101 70 31 99 90 3 6 2 43 18 25 Aug 1,136 104 71 33 103 93 3 8 43 19 24 Sept 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 1,027 77 55 23 77 68 3 7 0 30 12 18 Dec ^1,030 P64 45 19 *>64 n.a. n.a. n.a. P0 C26 11 15 1957 Jan. . .. *l,010 P65 46 19 *>62 n.a. n.a. n.a. P3 20 8 12 Feb *>910 P65 46 19 *63 n.a. n.a. n.a. 10 P Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i T p n o s o t p t i a t u u l l t a n i t o o i n o n n a - l T l f a o o b r t o c a e r l Total In E m no p n lo a y gr e i d c u i 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—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 Aus 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. 2 119,614 68,638 65,821 62,578 57,643 4,935 3,244 50,973 Feb . 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 t 2 l I B n e c g lu in d n e i s n g s el 1 f 9 -e 5 m 7 p p lo e y rs e o d n , s un st p a a rt id in g fa m ne i w ly , w an ag d e d a o n m d e s s t a ic la s ry er v jo ic b e s w a o n r d k e o r n s. ob N ta O in T e E d . — th I r n o f u o g rm h a i t n io te n r vi r e e w la s t in o g f h to o u p se e h rs o o l n d s s o 1 n 4 a y e s a a r m s p o le f a b g a e si s a . nd M o o v n e t r h l i y s temporary layoff, previously included among the employed as with a job data beginning July 1955 relate to the calendar week that contains the but not at work, are classified as unemployed. February 1957 data twelfth day; annual data are averages of monthly figures. comparable to February 1956 shown above are: employment, 63,434; nonagriculture, 58,235; agriculture, 5,199; and unemployment, 2,881. 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 ns o t n r t u r c a t c io t n ti p o u n b a li n c d Trade Finance Service Sta 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 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6,915 1956 51,491 16,890 795 3,040 4,145 11,148 2,299 6,000 7,174 SEASONALLY ADJUSTED 1956—Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 7,068 Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 7,095 Apr 51,327 16,918 798 3,003 4,128 11,120 2,278 5,979 7,103 May 51,454 16,909 794 3,055 4,141 11,110 2,289 5,981 7,175 June 51,600 16,877 808 3,132 4,164 11,162 2,297 5,999 7,161 July 51,003 16,460 750 3,056 4,117 11,152 2,296 6,017 7,155 Aug 51,702 16,890 809 3,076 4,147 11,211 2,320 6,017 7,232 Sept 51,676 16,864 814 3,078 4,149 11,164 2,321 6,015 7,271 Oct 51,902 17,026 812 3,085 166 11,217 2,324 6,015 7,257 Nov 51,950 17,043 807 3,083 159 11,230 2,325 6,040 7,263 Dec '52,072 '17,080 807 '3,107 156 '11,250 2,320 '6,067 '7,285 1957_jan 52,063 17,030 803 3,026 4,172 11,324 2,318 6,070 7,320 Feb 52,151 16,960 801 3,097 4,151 11,393 2,334 6,081 7,334 WITHOUT SEASONAL ADJUSTMENT 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7,084 1956—Feb 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Mar 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 Apr 51,197 16,715 786 3,040 4,138 10,985 2,289 6,041 7,203 May 51,709 16,809 812 3,257 4,181 11,091 2,320 6,089 7,150 June 50,896 16,291 746 3,270 4,148 11,015 2,342 6,137 6,947 July 51,881 17,034 817 3,353 4,178 11,047 2,355 6,137 6,960 Aug 52,261 17,121 818 3,340 4,179 11,164 2,321 6,105 7,213 Sept 52,455 17,222 812 3,301 4,177 11,288 2,312 6,045 7,298 Oct 52,484 17,151 811 3,191 4,170 11,496 2,313 6,010 7,342 Nov '53,131 '17,133 811 '3,029 '4,180 '12,092 2,308 '5,976 '7,602 Dec 1957—Jan 51,253 16,934 803 2,723 4,110 11,158 2,295 5,9i8 7,312 Feb 51,245 16,908 801 2,741 4,103 11,100 2,311 5,929 7,352 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 February 1957 are preliminary. Back data may be obtained from the during, or received pay for, the pay period ending nearest the 15th of the Bureau of Labor Statistics. month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 329 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 13,263 13,262 13,216 13,138 13,212 13,312 13,126 13,091 Durable goods 7,681 •7,754 7,725 7,664 7,692 '7,791 7,713 7,679 Ordnance and accessories 86 83 81 80 86 83 81 80 Lumber and wood products 665 '619 610 n.a. 635 '607 576 n.a. Furniture and fixtures 316 312 306 305 322 318 311 311 Stone, clay, and glass products 473 473 472 462 466 473 460 455 Primary metal industries 1,132 '•1,127 1,126 1,123 1,138 1,133 1,132 1,129 Fabricated metal products 890 '900 896 892 899 '909 905 901 Machinery except electrical 1,255 '1,283 1,288 1,291 1,274 1,289 1,301 1,310 Electrical machinery 841 '889 884 877 849 '907 894 886 Transportation equipment 1,392 1,439 1,439 1.428 1,392 1,439 1,439 1,428 Instruments and related products 231 234 234 236 231 236 235 236 Miscellaneous manufacturing industries. 400 '395 389 380 400 '399 379 380 Nondurable goods 5,582 '5,508 5,491 5,474 5,520 '5,521 5,413 5,412 Food and kindred products 1,122 '1,119 1,123 1110099 1,013 1,082 1,028 1,003 Tobacco manufactures 94 92 91 92 90 '98 93 88 Textile-mill products 979 '928 923 920 989 '942 928 929 Apparel and other finished textiles 1,093 1.072 1,058 ,060 1,131 1,088 1,069 1,097 Paper and allied products 458 '468 467 465 456 '470 465 463 Printing, publishing and allied industries 543 '558 557 559 540 '566 557 556 Chemicals and allied products 555 549 550 548 558 552 553 551 Products of petroleum and cfoal 173 175 176 176 170 173 172 173 Rubber products 224 '218 220 221 225 '222 222 222 Leather and leather products 341 '329 326 324 350 '329 326 332 ' Revised. n.a. Not available. nearest the 15th of the month. Figures for February 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 Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Total 78.17 84.05 82.21 82.41 40.5 41.0 40.1 40.2 1.93 2.05 2.05 2.05 Durable goods 84.05 91.34 88.54 89.16 41.0 41.9 40.8 40.9 2.05 2.18 2.17 2.18 Ordnance and accessories 88.19 '96.70 96.22 96.87 41.6 '42.6 42.2 42.3 2.12 2.27 2.28 2.29 Lumber and wood products 66.80 '69.65 67.42 n.a. 40.0 '39.8 39.2 n.a. .67 1.75 1.72 n.a. Furniture and fixtures 67.82 71.62 68.06 69.32 41.1 41.4 39.8 40.3 .65 1.73 1.71 1.72 Stone, clay, and glass products 77.90 '82.40 80.40 81.20 41.0 '41.2 40.2 40.6 .90 '2.00 2.00 2.00 Primary metal industries 95.35 '100.94 101.27 99.79 41.1 '41.2 41.0 40.4 .32 2.45 2.47 2.47 Fabricated metal products 83.02 90.52 86.90 87.74 41.1 42.1 40.8 41.0 .02 2.15 2.13 2.14 Machinery except electrical 92.44 '96.70 94.47 95.11 42.6 42.6 41.8 41.9 .17 '2.27 2.26 2.27 Electrical machinery 78.36 84.46 83.22 83.64 40.6 41.2 40.4 40.6 .93 2.05 2.06 2.06 Transportation and equipment 89.38 -105.95 97.88 98.53 39.9 '43.6 41.3 41.4 .24 2.43 2.37 2.38 Instruments and related products 80.36 '84.46 83.63 84.86 41.0 '41.0 40.4 40.8 .96 2.06 2.07 2.08 Miscellaneous manufacturing industries 69.43 '72.67 71.82 71.82 40.6 '40.6 39.9 39.9 .71 1.79 1.80 1.80 Nondurable goods 69.65 74.03 72.73 72.91 39.8 39.8 39.1 39.2 .75 1.86 1.86 1.86 Food and kindred products 74.48 78.72 78.18 77.79 40.7 41.0 40.3 40.1 .83 1.92 1.94 1.94 Tobacco manufactures 50.87 '58.51 56.98 56.83 36.6 '39.8 38.5 38.4 .39 1.47 1.48 1.48 Textile-mill products 57.51 60.30 58.26 58.80 40.5 40.2 39.1 39.2 .42 1.50 1.49 1.50 Apparel and other finished textiles 51.61 '54.09 52.98 54.17 37.4 36.3 35.8 36.6 .38 1.49 1.48 1.48 Paper and allied products 79.85 85.57 84.38 84.60 42.7 43.0 42.4 42.3 .87 1.99 2.00 Printing, publishing and allied industries 91.87 '96.19 93.35 93.97 38.6 39.1 38.1 38.2 2.38 2.45 2.46 Chemicals and allied products 84.67 '89.44 88.58 87.53 41.3 41.6 41.2 40.9 2.05 2.15 2.14 Products of petroleum and coal 99.72 105.37 106.19 103.94 40.7 41.0 41.0 40.6 2.45 '2.57 2.59 2.56 R ubber products 85.81 '93.15 92.48 91.43 40.1 '41.4 41.1 41.0 2.14 '2.25 2.25 2.23 Leather and leather products 57.67 57.30 58.14 59.44 39.5 37.7 38.0 38.6 1.46 1.52 1.53 1.54 ' Revised. n.a. Not available. February 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

330 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 P a p h d 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 nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 . 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 120 112 107 117 115 131 142 117 121 109 123 140 123 1956 125 114 113 122 120 138 150 123 127 116 126 144 129 SEASONALLY ADJUSTED 1956—Jan 124 111 114 120 117 '139 '148 120 127 116 '122 '143 '130 Feb 118 105 118 116 129 143 112 123 108 117 139 124 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 129 117 120 127 127 140 157 127 127 129 128 139 131 Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 Nov 131 119 120 126 123 146 157 130 134 '123 131 146 132 Dec 129 116 116 125 122 139 154 128 130 124 128 150 131 1957—Jan 109 119 121 118 P\44 119 126 118 140 131 WITHOUT SEASONAL ADJUSTMENT 1956 Jan 95 87 90 90 91 95 '114 91 95 83 93 '113 100 Feb 92 84 85 91 90 96 114 87 96 84 92 97 Mar 111 91 98 111 106 125 146 109 116 95 112 134 110 Apr . 113 106 97 109 109 122 136 110 115 109 117 132 117 May 121 112 108 120 114 136 143 119 129 113 124 143 120 June 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 124 138 126 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 222 210 '204 220 212 251 267 '215 216 202 218 252 231 1957_jan 86 94 91 92 91 94 84 P90 111 102 STOCKS i 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 H5 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 139 129 126 133 125 165 165 132 137 132 147 157 145 SEASONALLY ADJUSTED 1956—Jan 137 124 122 132 123 161 158 131 139 133 148 158 '148 Feb . . 138 128 124 131 124 163 164 131 138 132 148 158 146 Mar 135 127 122 130 122 159 162 128 133 130 148 156 142 Apr 136 128 124 131 123 157 165 131 137 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 June 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 132 127 132 125 159 161 132 139 127 144 157 143 Aug 141 132 127 135 127 164 166 133 136 132 149 159 154 Sept. 139 132 123 135 126 '170 167 131 H4 128 148 156 148 Oct 142 131 129 135 129 '175 174 134 137 139 150 158 147 Nov 142 130 131 M6 129 176 173 135 137 137 147 156 149 Dec 142 129 '131 '138 130 176 169 137 136 '140 145 160 144 1957_jan 127 131 137 128 137 141 135 144 ^158 WITHOUT SEASONAL ADJUSTMENT 1956—Jan 123 113 '110 115 110 144 146 118 121 122 133 140 131 Feb.. 131 120 116 126 119 152 162 124 131 127 143 153 136 Mar 139 129 125 134 126 164 169 130 141 134 153 162 142 Apr.. . 142 133 130 140 129 168 172 134 144 133 151 162 149 May 139 132 127 134 126 165 161 131 135 128 145 155 148 June 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 Aug 138 128 124 130 123 167 163 129 136 128 148 158 148 Sept 145 136 130 142 132 175 174 138 145 134 153 166 154 Oct 159 148 145 156 144 '193 190 153 153 151 162 174 167 Nov. 161 152 150 157 146 190 195 157 154 153 163 174 164 Dec 126 120 '120 '122 116 147 149 123 123 '125 131 144 121 1957_jan 116 116 119 114 123 123 124 129 p Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 331 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios tc> sales4 Period m S ( a t o f o l o n e t r s t a h i l ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t n o d i a n d u n e n g r t t d - s h o - ) f * m c ( e t o R f i o o n p e t r t a t - h s l 2 ) o m ( r N t o d f o o e n e t r w t a r h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t o p r t i a o d n u l n u c e g t d - k s rs - s ce R i e p - ts Annual average: 1948 381 979 494 386 363 2.7 1-4 4.1 1.0 1949 361 925 373 358 358 2.7 l.l 3.8 1.0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 [,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 [,163 421 408 401 3.0 4.1 1.0 1954 409 1,140 388 410 412 3.0 '.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 l.l 4.0 1.0 1956 452 281 469 459 457 3.0 l.l 4.1 1.0 Month: 1956—Jan '351 '1,144 '437 '347 '424 3.3 r .2 4.5 1-0 Feb 332 1,205 450 404 419 3.6 .4 5.0 1.2 Mar 429 1,271 401 495 446 3.0 0.9 3.9 1.2 Apr 385 1,314 336 428 363 3.4 0.9 4.3 l.l May 438 J. 275 338 399 401 2.9 0.8 3.7 June 417 ,187 501 329 492 2.8 1.2 4.0 ) 8 July 337 ,173 587 323 409 3.5 1.7 5.2 1.0 412 ,253 573 492 478 3.0 1.4 4.4 1.2 Sept 444 ,335 598 526 551 3.0 1.3 4.4 .2 Oct 485 ,475 588 625 615 3.0 1.2 4.3 1.3 Nov 577 ,525 473 627 512 2.6 0.8 3.5 1.1 Dec 821 .214 340 510 377 1.5 0.4 1.9 0.6 1957—Jan.? 366 1,198 433 350 443 3.3 1.2 4.5 1.0 v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1956, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports* Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1 .168 1,284 ,1,675 1,083 1,202 PI 588 871 pl 135 Feb 1,238 1,362 1,143 1,272 850 ,051 Mar . 1 344 1 582 J 9S2 1 478 1 019 102 Apr 1,264 1,512 ,170 1,400 871 991 May 1,323 1,714 ,192 1,520 959 ' ,094 June . . . . . . .. I 321 1 690 193 1 492 937 033 July 1,269 1,620 ,142 1,289 885 ' ,051 AUK .. . . I 239 1 529 111 1 377 961 nsi Sept 1,254 1,523 ,155 1,423 '947 993 Oct 1,398 1,659 ,279 1,558 1,011 '1,116 Nov I 321 1 520 948 1 412 1 065 r984 Dec .407 1,993 1,323 1,890 1,008 1,052 jan 1,168 1,284 Pi,675 1,083 1,202 * 1,588 871 1,073 •1,135 • Estimated. 2 Department of Defense shipments of grant-aid military equipment P Preliminary. and supplies under the Mutual Security Program. ' Revised. 3 General imports including imports for immediate consumption plus * Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 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 li d l d s 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 a p re - l T p t o r i a r o t n n a s - - M c ic a e a r d l e - s c P 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 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 May 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 June 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122 6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 Aue 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 Oct . . 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108.5 123.0 Nov 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109.0 123.2 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 1957 Jan 118.2 112.8 123.8 134.2 112.3 138.9 104.0 125.4 106.4 133.6 135.3 122.1 109.9 123.8 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 l s i ; - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a t a r a i e n c p o l r x t e d - d e s - l - l H s p e u k a a r i n c t i d o n h t d d e s s e s - , r ,p l t F o i m a e i g u w n r n h a i e g d e a t - l r - , ls ,C p a i u a h l c r l n c a o e ie t d m l d s s d - - p R u a b r u n c o e b t d d r s - - p L w u a b r u o c n o e m o t d d r s d - - p p P a u a l a r u l n c o p i l e t d d p e s d - r , , M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t h e r i n c r o v i o a t n y d d e - s - - - h F d o h t b a o u t u u o h n l u r r e r l e d s n a d s e e r - i - - e s N r t m t t m a u a r o l l r i u l e s n n a i c — - c - - l - b b e m o b T a r a t e a n f c o t r v g l c d - e s - e o . d s n c M e e l o i l s u 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 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 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 oo 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 91.3 114.7 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 '116.3 '88.9 103.1 124.7 95.6 r99.2 r114.0 108.3 147.9 r121 0 r128 0 M52.3 r143 6r121 2 131 3 123 6 r91 7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132.0 124.0 93.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 333 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1955 Subgroup Subgroup Jan. Nov. Dec Jan. Jan. Nov. Dec. Jan. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 105.0 104.3 102.6 100.7 Grains 81.5 87.9 88.8 89.5 Paperboard 130.7 136.2 136.2 136.2 Livestock and poultry 63.0 68.6 71.7 73.9 Converted paper and paperboard... 119.9 124.3 124.5 125.6 Plant and animal fibers 101.9 100.8 101.3 102.9 Building paper and board 133.3 138.1 138.1 141.1 Fluid milk 93.9 98.8 '99.0 98.3 Eggs 85.9 79.3 74.3 65.7 Metals and Metal Products: Hay and seeds 78.9 84.0 '85.4 86.6 Other farm products 139.7 147.4 147.9 148.8 Iron and steel 149.4 162.5 163.3 164.3 Nonferrous metals , 156.6 149.7 149.6 148.6 Processed Foods: Metal containers 137.9 147.5 147.5 147.5 Hardware 151.5 160.1 160.2 160.1 Cereal and bakery products 115.1 115.8 115.4 115.8 Plumbing equipment 133.1 133.9 133.9 133.4 Meats, poultry, and fish 75.7 82.7 '81.5 84.8 Heating equipment 117.3 122.0 122.1 122.3 Dairy products and ice cream 106.1 113.6 112.6 112.5 Fabricated structural metal products, 128.7 137.5 137.5 135.8 Canned, frozen fruits, and vegetables 108.1 106.4 105.6 105.6 Fabricated nonstructural metal Sugar and confectionery 109.4 111.8 112.3 113.1 products 132.2 141.2 141.2 141.6 Packaged beverage materials 176.6 201.6 196.3 196.3 Other processed foods 98.1 95.7 95.7 95.0 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.8 130.8 131.2 131.9 Cotton products 93.8 92.8 92.7 92.3 Construction machinery and equip- Wool products 102.6 106.1 107.7 109.2 ment 143.2 155.5 155.9 156.2 Synthetic textiles 84.2 80.3 80.5 82.0 Metal working machinery 150.7 163.0 163.3 163.3 Silk products 120.5 122.7 122.8 122.8 General purpose machinery and Apparel 99.5 99.7 99.7 99.7 equipment 141.4 154.0 154.6 155.1 Other textile products 71.4 76.2 78.7 76.8 Miscellaneous machinery 133.6 142.0 142.2 142.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 132.4 145.2 145.4 146.0 Motor vehicles 126.7 134.2 134.3 134.3 Hides and skins 56.6 59.0 53.8 52.1 Leather 89.5 90.6 90.9 88.2 Furniture and Other Household Dura- Footwear 115.7 120.8 120.8 120.8 bles: Other leather products 97.7 98.6 r98.3 97.9 Household furniture 117.4 121.2 121.2 121.8 Fuel, Power, and Lighting Materials: Commercial furniture 137.3 146.9 146.9 146.9 Floor covering 130.5 131.9 131.9 134.9 Coal 109.9 122.0 123.5 123.6 Household appliances 105.6 106.5 105.9 106.5 Coke 145.4 156.3 156.3 159.1 Radio 89.7 91.1 '91.0 91.1 Gas 121.1 111.1 119.9 119.9 Television 69.7 69.9 69.7 69.9 Electricity 94.3 94.3 94.3 94.3 Other household durable goods. 138.6 145.0 146.7 146.8 Petroleum and products 117.2 117.5 120.9 124.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 120.0 122.5 122.5 123.5 Concrete ingredients 129.7 131.6 131.7 134.5 Prepared paint 117.0 123.6 124.1 124.1 Concrete products 121.1 125.3 125.3 125.6 Paint materials 98.6 99.4 '99.5 99.0 Structural clay products 145.3 150.3 150.5 150.5 Drugs, Pharmaceuticals, cosmetics. . 92.6 92.3 92.5 92.6 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 55.6 57.8 59.4 58.7 Prepared asphalt roofing 99.6 114.4 114.4 111.2 Mixed fertilizers 108.2 109.6 109.3 110.2 Other nonmetallic minerals. 122.1 124.3 124.3 124.3 Fertilizer materials 113.1 105.7 105.7 105.9 Other chemicals and products 102.3 104.2 104.4 104.5 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 160.0 147.0 151.1 145.1 Cigars 104.2 104.2 104.2 104.2 Tires and tubes 151.8 153.4 153.4 148.2 Other tobacco products 122.5 122.5 126.0 126.0 Other rubber products 137.8 139.5 139.7 139.9 Alcoholic beverages 114.7 118.1 118.1 119.0 Nonalcoholic beverages 148.1 148.7 148.7 148.7 Lumber and Wood Products: Miscellaneous: Lumber 127.6 123.1 '122.5 122.6 Millwork 129.2 128.5 128.5 128.8 Toys, sporting goods, small arms... 115.8 116.8 116.9 117.5 Plywood 107.5 94.8 94.6 97.1 Manufactured animal feeds 69.9 71.9 72.6 74.4 Notions and accessories 92.5 96.5 96.6 96.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 104.4 105.2 105.4 107.6 Other miscellaneous 123.9 125.1 125.4 126.1 Woodpulp 116.8 118.0 118.0 118.0 Wastepaper 133.9 77.3 78.3 77.3 Paper 134.6 139.2 139.2 139.3 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

334 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 4 1 2 3 4 104.4 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 28.8 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 6 7 5 8 1 2 1 4 1 4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Statistical discrepancy .3 .9 .4 .2 2.0 2.6 1.8 1.8 .9 .6 1.1 1.1 .3 n.a. Plus: Subsidies less current surplus of government enterprises o 1 2 — .1 4 -.2 .3 .9 .2 .7 .7 .9 1.4 Equals: 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. 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 9.7 11.1 12.5 11.4 12.1 12.3 12.7 13.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments' .9 1.5 2.6 14.3 12.0 12.9 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 g 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 1.5 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 State and local 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 Equals: Disposable personal income 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 Less: 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 Equals: Personal saving 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 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 1 2 3 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 salaries *• .. 50 4 29 0 62 1 146 5 184.9 197.3 195.5 210.4 225.1 2/7.0 219.4 223.5 226.2 231.1 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 .7 .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 29.1 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 10.1 9.7 9.8 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 17 0 40.0 35.9 37.0 33.2 42.7 43.4 46.4 43.7 42.9 41.2 n.a. 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. Corporate profits after tax 8.3 -.4 9.4 22.1 16.1 16.7 16.4 21.1 21.5 23.0 21.6 21.3 20.4 n.a. .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.5 -3.0 -2.8 -3.1 -.8 -3.3 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 335 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. 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 construction 1 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. 12.6 13.8 14.4 16. 17.8 16.8 17.3 18.0 18.1 18.0 Producers' durable equipment 5.9 1.6 6.9 21. 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 .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 Federal 1.3 2.0 16.9 22.1 54.3 59.5 48.9 46.7 47.0 47.2 46.4 46.1 47.2 48.3 National security 1.3 2.0 13.8 18.5 48.8 51.5 43.0 41.2 41.6 40.6 40.5 40.7 41.9 43.2 Other 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 .0 .3 .4 .4 .4 .4 .4 .5 .4 .4 .4 .4 State and local 7.2 6.0 7.8 19.9 23.2 24.9 27.6 30. 32.8 30.9 32.1 32.6 33.0 33.7 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 * in s P c o e o n r m a - l e Total p m i C r n o o g o d d m i u i n t - c y - - D i u n is t d i t u v ri s e b - - S in e tr r d i v u e i s s c - e G m er o e n v n - - t in O la c t b o h o m e r r e2 p in r r P e a c i r n e n o o t t d m - o al r e s 3 ' i i n n d s p a t c e o e e n o n n r r d m d a e - s l s e t m T p r e f a a e n y n r t - s s - 4 p b c i s e u o n o r f t n s s o c i u o o t i r r a r n n i - l - a s l a in g N t c u r o i o r c n a m u l - l e - 6 dustries tries ance 5 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 88.0 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 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. 334.0 232.9 102.3 60.9 31.3 38.4 7.4 51.2 29.2 19.3 6.0 318.8 1957—Jan. *> 335.2 233.0 101.8 61.4 31.2 38.6 7.5 51.2 30.6 19.6 6.7 320.0 *> 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

336 STOCK MARKET CREDIT DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE CARRYING MARGIN ACCOUNTS, JUNE AND DECEMBER, 1951-56 [End of month figures. Amounts in millions of dollars] 1951 1952 1953 1954 1955 1956 Item June Dec. June Dec. June Dec. June Dec. June Dec. June Dec. DEBIT BALANCES Cash on hand and in banks 364 378 365 343 282 297 309 348 337 331 322 336 Securities borrowed 50 51 43 38 37 62 64 91 85 75 65 79 Securities sold, delivery pending (failed to deliver) 94 97 79 100 67 99 121 207 214 168 148 183 Net debit balances due from member firms of national securities exchanges: Member firms of New York Stock Exchange. 72 75 81 82 100 88 77 114 144 162 151 157 Member firms of other exchanges 14 13 12 15 11 10 10 15 16 13 14 16 Net debit balances due from all other customers exclusive of firms' own partners: Secured by U. S. Government obligations. . . \1,275 1,292 1,327 1,362 1 .684 1.694 1,857 2,443 2,768 2,830 2,811 / 34 Secured by other collateral \2,832 Net debit balances in partners' individual investment and trading accounts 10 12 9 8 7 8 10 11 14 18 21 20 Debit balances in firm investment and trading accounts: In firm investment accounts \ 375 392 427 406 347 404 492 626 673 707 625 / 215 In firm trading and underwriting accounts... \ 348 Commodity margins on deposit with banks, and commodity guaranty funds on deposit. 43 52 42 49 37 37 41 44 35 38 38 34 All other debit balances 93 96 110 105 93 105 98 116 144 188 137 134 Total 2,390 2,458 2,493 2,506 2.665 2.804 3,080 4,014 4,430 4,530 4,332 4,388 CREDIT BALANCES Money borrowed: Secured by U. S. Government obligations. .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 48 Other money borrowed:l From banks and trust companies in New York City 615 622 825 807 1.066 982 976 1,343 1,744 2,010 1,872 1,712 From banks and trust companies elsewhere in the United States 55 65 77 91 130 173 183 260 331 309 359 366 From other lenders (not including members of national securities exchanges).. . 10 7 10 22 20 15 14 14 40 27 35 69 Securities loaned 74 83 72 72 68 110 116 162 156 130 124 140 Securities bought, delivery pending (failed to receive) . 94 98 85 98 67 97 123 201 218 167 156 177 Net credit balances due to member firms of national securities exchanges: Member firms of New York Stock Exchange. 64 63 71 63 89 75 68 96 126 129 123 125 Member firms of other exchanges 10 10 9 10 6 8 11 14 11 7 8 8 Credit balances of other customers exclusive of firms' own partners: Free credit balances 834 816 708 724 653 709 838 1,023 919 889 837 878 Other net credit balances 259 219 200 163 208 248 207 229 Net credit balances in partners' individual in- 225 287 239 227 vestment and trading accounts 42 23 35 23 28 23 34 36 Credit balances in firm investment and trading 26 53 31 44 accounts 11 16 9 16 31 45 34 37 All other credit balances (except those included 13 65 62 27 in next item) 67 55 59 45 54 64 78 90 Net balance in capital and profit and loss ac- 51 95 83 102 counts and partners' drawing accounts. ... 314 324 315 319 313 372 466 471 319 401 469 462 Total 2,390 2,458 2,493 2,506 2.665 2,804 3,080 4,014 4,430 4,530 4,332 4,388 Memorandum: Value of securities sold under repurchase agreements n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 14 Number of firms 289 288 292 291 287 281 278 296 299 301 303 306 n.a. Not available. See footnote 1. of the reporting firms. The items "net debit balances due from all other i Prior to December 1956, these items include loans secured by U. S. customers exclusive of firms' own partners," "money borrowed," and Govt. obligations. "credit balances of other customers exclusive of firms' own partners—free NOTE.—For explanation of these figures see "Statistics on Margin Ac- credit balances" are conceptually identical to these items (including debit counts" in BULLETIN for September 1936. This article describes the balances secured by and money borrowed on U. S. Govt. obligations), as method by which the figures are derived and reported, distinguishes the shown in the table on Stock Market Credit, p. 302, but the data differ table from a statement of financial condition, and explains that the item somewhat because of minor differences in coverage, statistical discrep- "net balance in capital and profit and loss accounts and in partners ancies in reporting, and—since June 1955 for the item "money bordrawing accounts" is not to be taken as representing the actual net capital rowed"—the date of reporting. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* International * International capital transactions of the United States 338 Gold production. 342 Net gold purchases and gold stock of the United States 343 Reported gold reserves of central banks and governments 344 Estimated foreign gold reserves and dollar holdings. 345 International Bank and Monetary Fund 346 Central banks 346 Money rates in foreign countries 351 Foreign exchange rates 352 Index to statistical tables. 363 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. 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total 1'oreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m F a e n d y . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions 2 and Official of private 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 [,373 579 672 640 ,642 5,621 1,536 1.906 1.825 265 1955—Dec. 31.... 1,881 '11,724 6.956 1,081 ,454 785 757 '550 ,516 '6,143 1,032 2,000 2,189 360 1956—Jan. 31.... 1,867 '11,875 6,989 1,066 ,458 785 741 '659 ,561 '6,270 ,084 1,952 2,216 353 Feb. 29.... 1,876 '12,004 '7.056 1.035 1,467 '799 739 '682 ,596 '6,318 089 2,001 2.244 353 Mar. 31.... 1,894 '12,463 7; 395 1,123 1,487 806 733 '770 ,622 '6,542 !l78 2,105 2,283 355 Apr. 30.... 1,978 '12,515 7.339 867 ,524 812 742 '781 .822 '6,549 ,207 2,165 2.278 316 May 31.... 2,001 '12.541 '7,442 907 1,580 831 709 '758 ,676 '6,461 ,272 2,180 2,306 323 June 30 2,007 '12,654 '7.463 877 1,638 861 '736 '750 ,616 '6,478 .285 2,182 2,362 347 July 31.... 2,016 '12,820 '7,449 813 1,686 864 758 837 r ,627 '6,585 1,352 2,194 2.370 319 Aug. 31 1,998 '12,995 '47.783 770 1,759 '904 792 659 r ,705 '6,589 1.435 2,265 2.391 315 Sept. 30.... 2,005 13,232 7.931 755 1,805 924 812 745 ,701 6,743 1,435 2,319 2,414 322 Oct. 31*>... 2,015 13,116 7,960 733 1.852 936 791 636 ,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 13,481 8,032 627 1^833 928 839 1,007 1,612 6,846 1,515 2,350 2,431 339 1957—Jan. 31*... 1,804 13,192 7,705 541 1,789 902 821 859 1,649 6,562 1,530 2,359 2.393 349 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N e e r t - h- N w o ay r- t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u ey r- Y sla u v g i o a - o A t l he l r lands 1953—Dec. 31. .558 191 130 96 38 101 243 119 72 6 36 117 14 ! 388 1954—Dec. 31. ,642 273 100 71 41 113 249 103 91 8 71 141 363 1955—Dec. 31. 1,516 261 108 60 49 176 164 79 132 8 104 153 201 1956—Jan. 31. 1,561 254 113 64 45 200 183 63 127 8 102 154 12 226 Feb. 29. 1,596 253 115 69 46 188 183 49 128 8 103 160 13 273 Mar. 31. 1,622 252 124 71 45 183 193 51 133 8 99 171 10 270 Apr. 30. 1,822 246 123 71 49 184 223 52 134 7 102 167 10 447 May 31 . 1,676 242 107 67 49 182 227 51 135 7 96 162 8 334 June 30. 1,616 247 105 68 47 165 206 52 124 7 90 169 7 319 July 31. r1,627 251 108 69 50 160 201 54 124 6 85 188 7 '314 Aug. 31. r1,705 266 110 68 57 141 182 54 125 6 75 181 7 '424 Sept. 30. [,701 277 117 64 55 150 168 63 132 2 68 190 14 391 Oct. 31 * 1,721 300 118 70 56 158 162 57 133 1 55 202 14 385 Nov. 30? 1,653 297 125 68 53 166 131 57 133 1 52 199 14 341 Dec. 31 P 1,612 296 114 65 53 176 134 65 137 1 43 217 20 272 1957—Jan. 31 * 1,649 293 122 64 54 181 117 69 137 1 42 230 16 310 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 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 2 319 141 25 259 106 123 271 64 53 396 67 104 82 25 76 405 121 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* 2,350 146 29 226 91 153 211 68 64 433 69 108 88 25 73 455 111 1957_jan. 31P 2,359 139 27 242 86 161 217 67 66 421 66 109 84 37 76 447 114 3 Preliminary. r Revised. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CVFL CAPITAL TRANSACTIONS OF THE U. S. 339 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Cont inued [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 d s i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l e i e b a c - - , p P i h n i e l s - T la h n a d i- Other Total A tr u a s li - a C g B o i e n a l n - go Egypt U S A o n f o u r i f i o t c h n a Other land of 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 48 48 34 122 Oct. 31P.... 2,417 88 59 61 180 31 38 1,065 98 281 140 375 316 74 45 46 34 116 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 1957_jan. 31*.... 2,393 99 64 75 179 21 37 1,020 101 269 153 375 349 75 42 52 58 122 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1952 1953 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. Azores .3 .4 .2 n.a. British dependencies.... 25.5 19.8 21.1 13.8 British dependencies .4 .4 .6 .4 Burma 16.9 23.0 29.7 19.1 Bulgaria .6 .6 .6 .7 Cambodia n.a. n.a. .2 13.1 Czechoslovakia 6 .6 .6 .7 .7 Ceylon 13.9 17.1 18.8 n.a. Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10.0 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan .6 .9 .8 1.2 Hungary 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 Lebanon 19.3 23.9 16.5 18.0 Ireland, Republic of 12.6 14.1 14.3 n.a. Pakistan 14.4 9.7 3.8 5.7 Latvia 1.3 1.3 1.0 1.0 Palestine .1 .1 n.a. Lithuania .6 .4 .5 .3 Portuguese dependencies. 2.8 5.3 US 2.0 Luxembourg 5.0 4.0 4.5 3.1 Saudi Arabia 15.9 18.5 61.5 79.5 Monaco 2.6 3.0 5.3 .6 Syria. 11.4 20.5 21.5 13.1 Poland** 3.4 2.2 2.1 2.5 Viet-Nam n.a. n.a. 8.1 62.3 Trieste 4.1 2.5 2.2 1.4 U. S. S. R.6 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 Except where noted, these data are based on reports by banks in the deposits and U. S. Govt. obligations maturing in not more than one year Second (New York) Federal Reserve District only and represent a partial from their date of issue, held by banking institutions in the United States ; breakdown of the amounts shown in the "other" categories in tables small amounts of bankers' acceptances and commercial paper and of la-lc. For each date the Second District reported at least 90 per cent of liabilities payable in foreign currencies are also included. the total amount in the "other" categories. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. und 3 e R r e O pr t e h s e e r n E ts u r f o un p d e. s held with banks and bankers in the United States B th e a g t in is n s i u n e g ) , w ta i b th le s t h r e e fl B e U ct L L c E h T an IN g e f s o i r n J r u e n p e o rt 1 i 9 n 5 g 4 f o (a rm s s e x a p n l d a i i n n e s d t ru o c n t io p n . s 5 9 m 1 a d o e f (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported chasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES I [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r it - d z- U K d n i o i n m t g e - d E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 1952—Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1953 Dec 31 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31 1,549 12 88 30 26 109 158 423 144 706 233 43 1956 Jan 31 1,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29 1,515 14 93 28 27 67 157 387 135 718 236 39 Mar 31 1,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30 1,527 14 100 32 28 69 164 407 124 718 231 47 May 31 1,603 16 118 33 28 83 171 449 112 734 264 45 June 30 '1,633 17 122 32 24 82 167 444 121 '755 268 46 July 31 1,629 15 118 32 28 78 168 439 123 758 265 43 Aug. 31 '1,698 65 120 33 27 78 163 486 124 r772 274 42 Sept. 30 1 729 66 125 35 28 81 169 504 123 lie 280 46 Oct. 31* 1,834 67 127 29 28 107 177 535 167 798 288 46 Nov. 30* 1 809 19 134 32 30 115 175 505 155 800 304 45 Dec. 3\P 1,944 18 157 43 29 104 216 567 145 829 359 43 Table 2a. Other Europe Other Aus- Bel- Date Europe tria gium 1952—Dec. 31 98 1 16 1953 Dec 31 88 1 13 1954—Dec. 31 109 (2) 20 1955 Dec 31 158 2 1956 Jan 31 158 2 Feb. 29 157 2 Mar 31 162 3 Apr. 30 164 4 May 31 171 6 June 30 167 6 July 31 168 7 Aug. 31 163 7 Sept. 30 169 7 Oct 31p 177 9 Nov. 30? 175 7 Dec 31^ 216 7 NOtf 00 0t-i 3— m D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - 2 6 (2) 4 2 6 2 j 9 10 3 3 16 2 13 3 4 11 13 3 3 12 11 2 4 13 20 10 2 4 15 24 7 3 4 17 22 10 4 4 15 20 9 4 3 16 17 8 4 3 16 17 7 5 4 19 19 6 5 5 16 18 10 4 5 16 22 10 4 5 13 28 12 4 4 21 ON ONON 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 7 (2) 4 4 41 1 5 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 6 16 8 10 63 1 6 15 8 10 70 (2) 6 16 1 6 12 73 6 17 1 5 11 72 6 23 2 8 13 88 7 (2) Table 2b. Latin America Neth- Do- er- Pan- 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 ia - Brazil Chile l C o b m i o a - - Cuba p m i R c u a i e b n n - - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d s ie t s s l a p i R c m u e 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 lic Surinam 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—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 '755 10 5 66 10 '162 '90 5 6 '161 8 13 29 7 15 130 39 July 31 758 12 6 64 10 155 89 4 6 170 6 12 28 6 22 130 38 Aug. 31 '772 12 4 65 12 147 86 4 6 178 6 11 32 6 29 '131 44 Sept. 30 776 11 4 63 15 145 81 4 7 184 6 11 32 8 26 133 46 Oct. 31* 798 11 4 65 14 151 80 7 7 194 6 11 32 12 18 140 46 Nov. 30P 800 13 4 65 15 145 84 7 7 201 5 12 32 14 14 134 47 Dec. 31? 829 15 4 72 16 145 90 7 7 202 5 12 35 11 15 144 49 p Preliminary. r Revised. (excluded from these statistics) amounted to $833 million on Dec. 31, 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

INT'L CAPITAL TRANSACTIONS OF THE U. S. 341 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars) Table 2c. Asia and All Other Asia All other For- Date mosa Union and Hong Indo- Phil- Thai- Aus- Bel- of Total China Kong India nesia Iran Israel Japan ippines land Other Total tralia gian Egypt South Other Main- Congo Africa land 1952—Dec. 31 90 10 1 4 1 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 14 23 26 6 6 25 25 8 6 (?) 2 8 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—Dec. 31 233 8 3 5 I 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 ) 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29 236 8 5 5 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 20 10 100 9 9 63 47 12 6 2 8 20 May 31 264 8 6 6 22 10 113 11 9 78 45 12 6 2 7 18 June 30 268 8 5 6 22 11 121 7 10 77 46 12 8 3 7 16 July 31 265 8 5 6 21 12 112 9 9 83 43 11 8 3 7 14 Aug. 31 274 8 5 5 (2) 22 12 126 13 8 73 42 11 8 2 7 14 S O N e c o p t v . t . . 3 3 3 t 0 * 0 > ? 2 2 3 8 8 0 8 0 4 1 7 8 0 4 4 5 6 7 6 g ( ( 2 2 ) ) 2 2 2 3 2 0 1 1 1 2 3 3 1 1 1 3 5 3 1 9 4 1 9 9 1 9 8 8 7 8 7 5 2 7 4 4 4 6 6 5 1 1 1 1 1 2 7 7 8 3 3 3 7 7 6 1 1 1 7 9 7 Dec. 31P 359 7 4 6 ) 20 16 193 16 9 88 43 11 6 2 8 17 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month Net pur- Net pur- Net pur- Net pur- Pur- Sales chases, or Pur- Sales chases, or Pur- Sales chases, or Pur- Sales chases, or chases sales (-) chases sales (-) chases sales ( —) chases sales (-) 1953 646 728 802 731 70 543 622 -79 310 303 7 1954 801 793 ,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 .886 1,730 156 693 509 184 664 878 -214 1956P 884 1,018 -134 ,908 1,615 293 597 994 -397 737 856 -119 1955—Dec 132 86 46 148 145 42 57 -15 58 63 -5 1956—Jan 34 34 -1 188 135 53 60 139 -79 61 53 Feb 30 44 -14 136 123 13 35 42 -8 56 64 -7 Mar 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr 48 13 34 179 161 18 40 27 13 74 95 -20 May 32 18 13 196 137 59 40 117 -76 90 118 — 28 June 28 16 12 130 108 22 41 75 -35 64 70 -6 July '324 298 '26 178 140 38 48 '129 '-82 76 '97 '-21 Aug 87 14 73 160 155 5 '31 60 -30 '65 '87 -23 Sept 21 12 9 131 96 35 32 42 -10 49 54 -5 Oct.P 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 Dec.*3 13 39 -26 145 108 37 25 85 -60 45 38 7 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Ger- Inter- Total many, United Latin Year or month national foreign France Federal Italy Switzer- King- Other Total Canada Amer- Asia All insti- coun- Repub- land dom Europe Europe ica other tutions tries lic of 1953 23 -34 -42 57 71 -24 62 -121 25 -1 1954 78 72 17 — 1 73 70 — 20 139 -187 113 3 1955 -21 706 _2 -7 147 96 85 329 265 76 29 7 1956*5 82 -121 7 8 33 161 -120 34 -1 4 78 234 1955—Dec -14 1 -3 4 -5 41 7 3 1 2 47 8 1956—Jan 6 12 35 10 5 2 1 F M e a b r -1 1 -26 5 4 2 -139 1 1 — 1 1 —2 1 5 8 5 - — 27 9 -3 1 0 3 -168 -86 6 -7 3 -13 _ j Apr 52 3 1 1 44 7 -2 52 -5 3 2 May 72 3 47 14 5 69 -2 2 1 June 35 2 12 19 32 1 -1 1 2 July 4 '61 1 24 20 '19 '65 7 1 1 Aug 74 4 3 -1 6 11 2 22 -18 1 n\ Sept .. 1 43 3 1 21 10 8 43 -8 6 3 Oct.2' 1 56 1 23 11 9 46 1 7 1 j -41 2 1 2 -40 1 -38 -10 6 1 _ j Dec v 2 9 -> 18 -14 -3 3 8 1 j Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, ( —). In millions of dollars] Assets in custody Inter- Total Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - Amer- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. l M an i e s o ce u l s - 3 tutions tries 1953 — 61 — 11 96 -138 35 -30 26 1955—Dec. 31 402 3,543 126 1 1 1 9 9 9 5 5 5 5 4 6^... — - — 2 1 7 3 6 3 4 - — 1 - 3 4 4 7 83 -4 -9 6 9 - - 1 4 3 6 7 3 5 4 2 3 1 4 3 9 - - - 3 4 4 4 9 0 - - 7 5 7 1956— A M Fe p a b r r . . . 3 3 2 0 1 9 3 3 3 3 5 6 0 4 3 3 3 3 , , , 7 7 7 9 1 9 1 7 3 1 1 15 3 3 3 6 2 1955—Dec... 2 -18 17 -7 4 -8 -23 J M u a n y e 3 3 0 1 2 3 9 0 7 7 3 3 , , 7 6 5 2 1 9 1 15 5 8 5 1956— F J e a b n . . . . . . . . - - 5 3 - -6 1 6 2 -5 12 -7 _ 5 7 3 1 - - 5 2 0) J A S u e u l p y g t . . 3 3 3 1 0 1 3 3 3 5 0 3 0 8 4 3 3 3 , , , 6 6 7 3 6 2 0 3 3 1 1 1 6 6 6 8 4 7 A M p a r r . . . . . . . . - - 1 5 2 -1 -2 8 - - 7 6 -10 5 2 1 - - 3 3 1 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 1 7 7 8 7 May... -2 -102 -5 -92 1 -7 0) Dec. 31 322 3,856 139 June... -2 -39 -4 -9 2 -6 — 22 J A S u e u l p g y t .... - - 2 2 2 '-1 - - 5 1 0 0 7 1 -1 - - 6 4 8 r_ - - 9 4 1 4 8 6 2 1 1 - - 1 2 4 -1 11 3 1957— F Ja e n b . . 2 3 8 1 3 3 4 2 4 7 3 3, , 6 7 7 0 1 7 1 1 6 5 4 6 N D O o e c v c t. . . p * * . 9 . . . . - C 3 2 1) - - 4 5 2 8 0 1 2 1 1 2 8 2 - - - 5 5 6 5 8 0 3 ) 1 -8 o 1 3 - 1 3 1957_F F F e e e b b b . . . 2 1 6 0 3 2 3 3 9 8 0 5 6 3 3 3 3 , , , 7 6 7 4 7 6 5 0 4 1 1 1 6 6 6 3 2 2 Feb. 27 301 3,718 156 p Preliminary. ' Revised. 1 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] Productionreported monthljr Estimated Y m e o a n r t o h r pro w d o u r c l t d ion Africa North and South America Other - U. ( S e . x S c . l R . .) Total S A o f u ri t c h a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - ! Au li s a tra- India 1= 15Higrains ofgold Hofine: i. e, an oumze of finegold= $?.5. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5 7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 o o 31.3 7.9 1952 868 0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8 9 34 3 8 9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1955—Dec 70.5 42.9 1.5 1.1 5.0 13.3 1.0 .8 .2 .6 3.4 .6 1956—Jan 71.2 43.4 1.6 .1 1.2 4.8 13.0 1.0 1.9 .2 .7 2.9 .5 Feb 68.9 42.9 1.5 j 4.6 12.4 .9 I 2 .3 .7 2.7 .5 Mar... 74.9 45.4 1.5 1.8 I 2 5.0 13.5 1.1 I 2 .2 7 2 8 6 Apr 73.9 45.2 1.6 2.1 0 4.7 12.9 .9 I 3 .2 .6 2.7 .6 May 77 7 47.3 1 6 2.2 0 5.4 13.1 1 3 [ 2 2 6 3 0 6 June... 77.7 47.4 1.6 2.1 5.1 13.4 1.1 I 3 .3 .7 3 2 5 J A u u ly g . 4 4 7 8 . . 9 5 1 1 . . 6 6 2 2 . . 2 3 'o 6 5 . . 3 9 1 1 2 2 . . 3 3 1.6 4 .2 .6 6 3 3 .3 0 .6 6 Sept 47 3 1 6 2 3 0 6 0 12 4 6 3 2 Oct 47.8 1.6 2.2 6.2 12.9 2 6 6 Nov 47.3 2.2 5.6 12.9 2 6 Dec 45.8 2.2 4.6 12.8 .6 1 Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo, and India, data for which are from American 2 Less than $50,000. Bureau of Metal Statistics. For the United States, annual figures are Sources.—World production: estimates of U. S. Bureau of Mines. from the U. S. Bureau of the Mint and monthly figures are from American Production reported monthly: reports from individual countries except Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 343 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 1949 1950 1951 1952 1953 1954 1955 1956 Oct.- Jan.- Apr.- July- Oct.- Dec. Mar. June Sept. Dec. Continental Western Europe: 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 3 4 3.4 France -84.8 -20.0 — 67.5 — 33 8 — 33 8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands -23*5 —4*5— 100 0 —65 0 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 Sweden . -22 9 -32 0 — 20 0 — 15 0 15 2 15 2 Switzerland -40.0 -38.0 -15.0 22.5 -65.0 -15.5 — 8 0 — 8 0 Bank for Intl. Settlements -34.3 -65.3 -30.4 (2) -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 4.0 1.5 1.0 3 0 Total -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -19.2 1.5 -32.8 -5.0 18.6 Sterling Area: United Kingdom. . 446 3— 1 020 0 469 9 440 0 — 480 0 — 50 0 100 3 100 3 Union of South Africa 195.7 13.1 52.1 11.5 Other. 3.2 3.5 3.6 -.3 -.5 -.5 -.1 Total 645 2— 1,003 4 525 6 451 2 — 480 5 — 50 5 _ j 100 3 100 3 Canada 3 4 — 100 0 —10 0 7 2 14 6 14 6 Latin America: -49.9 -49.9 -20.0 -84.8 115 3 20.1 55.1 40.1 Colombia 7 0 — 10 0 17 5 — 22 8 — 3 5 28 1 28 1 Cuba -10.0 28.2 -20 0 Mexico — 16 1 — 118 2 — 60 2 87 7 — 28 1 80 3 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 2.0 27.1 Venezuela — 50 0 — 9 — 30 0 200 0 200 0 Other -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 7 -.1 -.2 -.2 -.2 -.2 Total -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 i -.2 19.9 85.0 -133.0 Asia 4-55.4 5-38.9 5-53.7 -6.7 — 5 7 — 9 9 -4.9 _ 2 — 2 Eastern Europe -6.2 13.7 13 1 13 1 All other .4 6-44.2 6-76.0 (2) -.4 7200.0 725.0 775.0 775.0 725.0 Grand total 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 1.4 5.2 94.9 155.0 25.2 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l i I i n n s g c t r o o t e o c l a d t k a se l i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a ( r e d e r - a a a : k i ) r s n s d - e e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l i ) I i n n s g c t r o o t e o l c a d t k a se l i e m g x ( N o o - p p e ) r l o o d t r r t t, g m c o c o r E l r a ( r e d e r - a a : a k i ) r s n s d e - e e - d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—Feb 21,695 21,757 2.1 18.6 -15.7 4.6 1945 .... 20 065 20,083 - 547.8-106.3 -356.7 32.0 Mar. ... 21 71621,765 7.7 11.5 -2.9 5 0 1946 20,529 20,706 623.1 311.5 465.4 51.2 Apr 21,743 21,792 27.4 9.9 16.9 4.7 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 May 21,772 21,821 28.3 25.3 1.8 5.4 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 June 21,799 21,868 47.6 18.4 29.9 5.1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 July 21,830 21,918 49.4 4.8 43.9 5.9 Aug 21,858 21,965 47.1 4.7 43.2 6.3 1950 22 706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Sept 21 88422 032 67.6 -18.0 86 9 6.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Nov 21,910 22,106 107.6 12.5 105.7 5.6 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 1955 21 69021,753 -40.9 97.6 -132.4 65.7 1957 Jan 22 252 22 377 319.0 -53.9 295 9 5 0 1956 21,949 22,058 305.9 106.5 318.5 64.3 Feb ^22,304^22,396 HS.6 (3) 428.0 (3) P Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,298.9"million on Feb. 28, 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

344 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollarsj Estimated United States E m n o d n t o h f ota ( l e x w c o l. 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 D m e a n rk - E d c o u r a- Egypt U.S.S.R.)i Treasury Total2 1950 Dec 35 810 22 706 22 820 216 88 587 317 590 40 271 31 19 97 1951—Dec 35,960 22,695 22,873 268 112 621 317 850 45 311 31 22 174 1952 Dec 36,260 23,187 23,252 112 706 317 896 42 214 31 23 174 1953—Dec 36 680 22 030 22 091 371 117 776 321 996 42 186 31 23 174 1954—Dec 37,340 21,713 21.793 371 138 778 322 1,080 42 186 31 23 174 1955—Dec 38,000 21,690 21 753 371 144 929 323 1,141 44 136 31 23 174 1956 Jan 21,693 21,755 371 147 942 323 1.136 44 136 31 23 174 Feb 21 695 21,757 371 151 955 323 1,129 42 136 31 23 174 Mar .. 38,190 21 716 21 765 371 154 953 323 1,127 43 136 31 23 174 Apr 21,743 21,792 371 157 970 323 1,113 43 136 31 23 174 May 21,772 21,821 371 161 958 323 1,107 46 136 31 23 174 June 38,360 21,799 21,868 164 952 323 1,109 46 136 31 23 174 July 21 830 21 918 165 965 323 1 114 46 136 31 23 174 21,858 21,965 162 964 323 1,114 46 136 31 22 174 Sept 38,430 21,884 22,032 258 106 972 323 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 1 124 45 136 31 22 181 Dec ^38,500 21,949 22,058 928 324 1,113 46 136 31 22 188 1957 Jan 22,252 22,377 877 1,116 43 136 31 22 188 Ger- E m n o d n t o h f l F a i n n d - France3 R F m e e p d a u n e b r y a l , 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 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 35 861 1,035 27 247 81 138 352 164 877 45 48 35 May 35 861 1,056 27 247 81 138 352 164 864 45 48 35 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 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 1,329 27 247 45 138 166 854 47 49 Nov 35 861 1,376 27 247 45 138 167 854 47 49 Dec 35 861 1,494 247 45 138 167 844 50 49 1957—Jan 35 861 44 138 45 49 United Intl. Bank for 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 a i n tz d er- T la h n a d i- Turkey K do in m g 4 - U gu r a u y - V zu e e n l e a - M ta o r n y e- S I e n tt t l l e . - Fund ments 1950 Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951 Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952 Dec 286 2S 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 1 709 193 |Q54_ Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 U740 196 1955 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 1,808 217 1956—Jan 431 28 211 56 278 ,593 112 144 2,149 216 403 1,811 193 Feb 431 28 216 56 272 592 112 144 2 210 216 • 403 1 811 183 Mar 431 28 212 56 273 .608 112 144 2.277 216 403 1,786 197 Apr 436 28 210 56 269 ,606 112 144 2.328 216 403 1,761 190 May 436 28 217 56 266 ,579 112 144 2.369 216 403 1,741 216 436 28 215 56 257 ,571 112 144 2.385 216 403 1,743 199 July 436 28 212 56 260 598 112 144 2,405 216 403 I 718 207 Aug 442 28 216 56 262 ,622 112 144 2.276 214 403 1,695 212 Sept 442 28 214 56 263 634 112 144 2,328 214 403 I 711 199 Oct 442 28 214 56 265 ,635 112 144 2,244 192 503 1,687 214 Nov . .. 448 28 220 56 265 ,658 112 144 1,965 186 503 .692 175 Dec 448 28 224 56 266 676 112 144 2,133 186 603 179 1957 Jan .... 28 226 56 256 144 2,084 186 603 202 P Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 345 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1954 Dec. 31, 1955 Mar. 31, 1956 June 30, 1956 Sept. 30, 1956 Dec. 31, 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 12 322 10 313 10 308 10 338 10 357 10 Belgium-Luxembourg (and Belgian Congo). 1,044 10 1,201 10 1,242 12 1,221 12 1,265 12 1,224 12 Denmark 102 7 91 7 102 6 99 6 95 6 96 6 F F r in a l n a c n e d (and dependencies)1 1,32 7 8 2 16 3 1 21,98 8 6 4 15 5 1 2,02 8 8 0 5 6 1,78 8 2 2 7 5 1,66 9 0 0 5 7 1,53 8 4 8 7 5 Germany (Federal Republic of). 1,999 2,374 8 2,490 10 2,742 11 3,099 13 3,327 14 Greece 124 187 194 176 161 187 Italy 925 10 1,137 2 1,158 1,214 2 1,284 2 1,288 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,100 44 1.143 22 1,145 23 1,113 23 1,071 9 N Po o r r t w ug a a y l (and dependencies) 5 1 6 4 0 8 6 6 1 0 2 1 4 53 6 9 0 6 6 69 6 9 0 7 2 73 6 1 1 0 7 9 79 6 1 2 1 8 5 87 Spain (and dependencies) 188 3 221 3 216 3 206 184 3 160 3 Sweden. . 406 1 429 444 426 453 483 Switzerland 2,185 38 2,354 44 2,341 70 1,307 117 2,446 126 2,515 131 Turkey 152 1S3 154 151 158 164 Other* 947 4 876 6 1,015 7 1,112 10 1,060 14 911 12 Total.... 11,627 260 13,240 343 13,622 222 '13,670 279 14,132 300 14,148 298 Sterling Area: United Kingdom 3 190 216 1 600 282 1 820 241 1 875 253 2 820 266 2 807 203 United Kingdom dependencies 103 4 88 '4 91 '4 87 '3 94 4 103 4 Australia 186 219 230 243 177 192 India 334 320 1 330 329 1 321 1 323 1 Union of South Africa 232 1 265 1 255 245 1 248 1 277 1 Other 178 3 210 '7 206 '7 204 '7 207 14 220 14 Total... 4,223 225 '3,702 295 '3,932 254 '3.983 265 3,867 286 3,922 223 Canada 2,616 93 2,173 437 2,305 369 2,394 362 2,547 352 2,628 368 Latin America: Argentina 531 509 511 476 (3) 399 360 Bolivia 32 26 27 25 25 29 (3) Brazil 442 466 538 2 540 2 582 1 550 1 Chile 112 1 139 (3) 141 \ 147 1 151 1 137 1 Colombia 308 (3) 217 (3) 222 (3) 224 (3) 181 (3) 211 Cuba 423 124 389 169 374 167 399 167 407 167 347 167 Dominican Republic 72 (3) 77 (3) 79 (3) 81 77 (3) 79 (3) Guatemala 62 72 91 93 (3) 80 91 Mexico 391 4 556 4 583 4 523 4 562 4 600 4 Panama, Republic of 74 1 86 1 82 94 1 104 108 Peru 118 127 127 115 117 123 (3) El Salvador 59 52 74 73 53 53 (3) Uruguay 317 1 281 1 289 283 1 290 1 259 1 Venezuela 597 3 668 3 627 3 734 3 808 3 1,058 3 Other 135 10 124 15 147 14 154 14 133 14 114 12 Total... 3,673 146 3,789 195 3,912 192 3,961 193 3,969 191 4,119 190 Asia : Indonesia 181 255 15 ^36 171 204 (3) 231 Iran 169 175 166 169 174 158 (3) Japan 851 3 1 0^9 4 1 092 4 1 175 4 1 203 4 1 167 Philippines 266 6 268 6 285 6 300 6 298 6 294 6 Thailand 236 (3) 250 1 263 1 253 1 254 1 255 1 Other 521 647 4 665 5 695 5 677 6 700 6 Total 2,224 16 2.624 30 2,707 16 2,763 16 2,810 17 2,805 17 Eastern Europe5 309 6 308 7 294 6 294 6 288 8 287 8 All other: Egypt 221 246 242 236 222 238 Other 68 79 1 91 '104 88 82 Total . 289 325 1 333 '340 310 (3) 320 Total foreign countries 24,961 746 16,161 1,308 17.105 1,059 17,405 1,121 27,923 1,154 28.229 1,104 International6 3,510 354 3.689 321 3.681 319 3,750 317 3,717 392 3,144 391 Grand total 28,471 1,100 19,850 1,629 '30,786 1,378 '31.155 1,438 31,640 1.546 31,373 1,495 v Preliminary. r Revised. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. 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

346 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 loans2 2,238 2,094 2,002 1,959 1,936 Currencies:1 Other assets3 41 42 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 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 Capital3 1,853 1,853 1,810 1,810 Accumulated net income -14 -14 -14 -14 -12 Loans by country, Jan. 31, 1957 Quota Cumulative net drawings on the Fund Outstanding Country 9 Area and member country4 Prin- Dis- Re- Total P i a n id 1956 1955 cipal bursed paid Sold gold Total to Dec. Nov. Dec. others5 Brazil 150 38 38 66 66 Continental W. Europe, total 1,125 942 178 764 75 Burma 15 1 15 15 Belgium and Luxembourg. 118 116 7 109 25 Chile 50 9 12 12 13 France 268 267 14 253 18 Colombia 50 13 25 25 25 Italy 163 53 52 7 Cuba 50 13 13 Netherlands 221 221 139 82 17 Egypt 60 10 15 15 Other 355 285 19 266 7 Indonesia 110 16 55 55 15 Iran 35 9 25 25 18 Sterling area, total 947 611 56 556 82 Philippines 15 4 15 15 10 Australia 318 259 5 254 27 Turkey 43 11 15 15 15 India 220 98 22 76 13 United Kingdom 1,300 236 562 Union of S. Africa 135 118 16 102 13 United States 2,750 688 10-969 10 —418 10-387 United Kingdom 146 69 1 68 26 Other 128 69 12 56 5 1 Currencies include demand obligations held in lieu of deposits. Latin America, total 698 496 45 451 29 2 Represents principal of authorized loans, less loans not yet effective, Brazil 194 163 10 153 3 repayments, the net amount outstanding on loans sold or agreed to be Colombia 111 75 13 62 4 sold to others, and exchange adjustment. Mexico 141 126 7 118 11 3 Excludes uncalled portions of capital subscriptions. 252 133 14 118 12 4 Loans to dependencies are included with member. Other 5 Includes also effective loans agreed to be sold but not yet disbursed. 219 72 69 6 Includes $255 million in loans not yet effective. Asia (excl. Sterling area) 7 Includes $172 million not guaranteed by the Bank. 9 8 U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excl. Sterling area). . 9 Countries shown are those with cumulative net drawings of $10 62,997 2,129 282 1,847 7195 million or more on the latest date. Total 1 ° Represents sales of U. S. dollars by Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r i c o u n l 1 a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1949—Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950 Dec 27 .4 1.375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85 0 18 1951 Dec 26 .4 1,450.0 1.7 12.5 18.2 389.2 1.437.9 299.8 13.4 .6 89.8 18 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18. 1953 Dec 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70 4 18 :> 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18. 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 1956 Feb 29 .4 I 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 [,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 1,871.3 231.6 11.4 3.1 77.0 18.0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 1,893.4 238.2 10.5 .2 78 5 18 1 July 25 .4 I 000.0 2.0 37.4 23.8 254.1 [,963.0 215.6 11.9 .2 71 3 18 3 Aug 29 4 I 950 0 2 0 42 9 26 6 254.6 I 907 5 222 4 13 0 72 1 18 5 Sept 26 .4 ,925.0 2.0 44.7 18.3 269.7 1,880.6 230.9 12.9 72.4 18 5 Oct 31 4 I 925.0 2.0 47.5 28.2 285.1 1,877.8 256.6 15.1 73 3 17 8 Nov 28 .. .4 .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 M.9 27.7 11.0 267.7 1.997.7 203.6 11.6 74 9 18 1 1957 Jan 30 .4 1,925.0 2.0 63.7 34.9 240.3 1,861.6 232.1 14.4 76.0 18.3 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 347 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date St a er n l d ing 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- Other Note Deposits lia O b t i h li e ti r es U d S o n t l a i l t t a e e r s d s S t h e o rm rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t i . on Other ca a p n i d tal 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 ,031.3 1,360.4 128.0 ,780.9 575.3 55.0 30.7 129.3 Nov. 30 61.1 ,021.2 1,380.3 158.7 ,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 ,025.0 1,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31. 53.5 1,091.7 1,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Bank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits O lia t b h i e l r - Gold ch e a x n - ge m O a p rk en et Special Other Current Other assets tion G m ov en er t n- Other 3 ca i a t p n ie i d t s al 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 (4) 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 (4) 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 130.2 195.0 617.6 277.2 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 (4) 142.9 71.8 1956—Feb. 23 301 178.5 197.5 27.7 1,189.2 183.0 539.5 302.7 2,741.5 .1 116.8 60.9 Mar. 29 301 178.6 237.7 19.5 1,334.5 183.0 519.6 316.1 2,876.7 (4) 156.3 57.2 Apr. 26 301 162.6 269.4 14.6 1,274.0 183.0 518.1 331.4 2,834.4 (4) 148.1 71.8 J J M u u l n a y y e 2 3 2 8 1 6 3 3 3 0 0 0 1 1 1 1 1 1 5 2 4 2 8 4. . . 1 0 0 2 2 3 1 9 0 4 2 1 . . . 7 6 4 7 2 5 . . . 8 9 2 1 1 1 , , , 3 4 3 1 8 7 4 9 4 . . . 4 6 8 1 1 1 8 7 8 3 9 3 . . . 0 0 0 4 4 5 9 9 18 6 0 . . . 8 5 2 2 3 3 9 6 2 7 8 4 . . . 0 4 2 2 2 2 , , , 8 8 9 6 9 3 1 0 2 . . . 9 5 2 ( # # 4 ) 1 1 1 1 1 6 3 6 2 5 1 . . . 8 9 7 7 9 6 2 0 2 . . . 6 9 5 Aug. 30 301 116.5 290.7 2.4 1,556.7 179.0 499.3 265.3 2,979.0 (4) 162.0 70.0 Sept. 27 301 106.7 277.1 8.7 1,611.6 171.5 479.8 271.7 2,982.0 (4) 164.6 81.8 Oct. 31 301 91.7 293.7 21.4 1,546.6 158.8 479.8 342.2 2,988.4 .1 158.7 88.3 Nov. 29 301 68.4 270.7 30.5 1,638.1 178.9 479.8 251.5 2,964.6 (4) 169.4 85.1 Dec. 27 301 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,046.9 (4) 173.8 98.8 1957__jan. 31 301.2 33.0 270.3 26.8 1,759.5 175.0 479.8 5233.8 3,045.0 .1 149.4 84.9 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 851 940 983 1,623 Gold and foreign exchange 349 325 310 298 Other gold and foreign exchange.. 799 454 275 -436 Checks and bills of other banks.. 6 7 5 5 Gold contribution to Intl. Fund. . 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,735 4,714 5,666 5,004 ury bills) 520 557 556 510 Rediscounts and loans to banks... 104,844 104,845100,741 85,208 Other assets 58 41 43 82 Other assets 1,049 '653 872 326 Note circulation 385 421 384 372 Currency circulation 42,593 42,802 39,238 37,072 Deposits of Trading Banks: Deposits—Nationalized 62,228 r61,528 61,593 47,043 Special 279 270 270 265 Other sight obligations 1,495 1,372 1,326 2,144 Other 43 24 35 35 Other liabilities and capital. 6,120 '6,061 6,537 5,468 Other liabilities and capital 227 215 225 222 Footnotes to central bank table on this and opposite page: 4 Less than 50 million francs. r Revised. 5 Includes advance of 37.3 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (Feburary 1945), see BULLETIN for December 1946, p. 1424. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1 967 1 757 1 745 1 743 Fund) 167 169 167 707 8 400 8 418 8 610 6 927 Net claim on Intl Fund1 • 13 13 6,479 6,991 6 996 5,686 Loans and discounts 5} 49 42 55 Claim asainst Government • • * 1476 1 759 1 559 1,431 106 113 131 56 Other assets 609 876 780 1081 Other assets 74 74 77 80 Note circulation 13 758 14 759 13 774 17 681 Note circulation 499 459 418 417 1 996 798 1 349 853 Deposits .. . . 99S 99^ 298 224 Other 915 899 785 590 Other liabilities and capital 74 73 77 70 Blocked 1 196 1 166 1415 1 434National Bank of Czechoslovakia2 Other liabilities and capital 1 717 1 555 1,598 1,309National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs) * Gold 68 68 68 68 Gold 43 85? 46 398 47 045 47 097 Foreign exchange 669 697 777 749 Foreign claims and balances (net). 10707 11384 12,308 10,965 Loans and discounts 205 189 125 235 10764 7 564 7 406 6 585 Securities . 495 498 505 514 Consolidated Govt debt 34605 34 660 34,660 34,660 Govt. compensation account 3,050 3,051 3,071 3,104 Govt securities 7 491 8 853 7 497 3775 889 1091 960 894 Other assets 5 594 5 978 5 775 4 987 Note circulation 2 738 7 377 7 738 7 097 Note circulation • 109 773 109 883 108 918 103 747 Deposits—Government 1477 461 1,450 1604 1 799 1 477 1 597 469 Other 1 378 14P 1 501 1 570 ECA 70 78 40 56 Other liabilities and capital 777 774 766 787 Other liabilities and capital 1 429 3 399 4,137 3,305Central Bank of the Dominican Re- Central Bank of Bolivia—Monetary public (thousands of pesos): dept. (millions of bolivianos): (Sept.)* Gold 11,396 11,396 11,276 12,076 Gold at home and abroad 513 502 Foreign exchange (net) ... 10,463 13,928 12,427 17,712 P4 -4 4 9 3 2 0 54,9 3 ? 7 9 8 N Lo e a t n c s l a a im nd o d n i s I c n o t u l. n F ts und1 6 5 8 0 8 0 8 9 5j9 5 8 0 8 0 4 9,5 0 0 5 0 0 4 1 0 9 6 5 0 0 2 505 7 505 Govt. securities 8,030 8,360 8 360 8 560 5 843 703 Other assets 19 551 19,907 19,931 14,861 109,439 43,506 Note circulation 48,375 50 778 47 225 47 904 18 173 1? 056 Demand deposits 7,379 7 899 7 8 159 Other liabilities and caoital 5,237 3,898 Other liabilities and capital 3,074 3,402 3,389 2,456 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreien exchange 736 737 737 648 Gold 395 195 395 344 Govt securities 10 11 11 18 Foreign exchange (net) 47 29 55 -45 Other assets 7 7 8 6 Net claim on Intl. Fund1 38 38 38 19 Currency in circulation 444 443 433 414 Credits—Government 489 513 477 491 Deposits—Government 61 67 76 45 Other 254 296 310 225 Banks 159 150 153 134 Other assets 740 971 958 938 Other liabilities and capital 89 95 93 79 Note circulation 694 752 743 612 Central Bank of Chile (millions of Demand deposits—Private banks. 232 230 233 213 pesos): Other 170 165 147 166 Gold 7 069 7,314 7,394 5,872 Other liabilities and capital 296 326 340 281 Foreien ex chance fneO ,301 ,551 ,677 2,317National Bank of Egypt (millions of Net claims on Intl Fundl 19 19 19 pounds): Discounts for member banks 6,866 8,725 8,379 5,767 Gold 66 66 63 61 Loans to Government 18370 18537 15987 16 153 106 109 114 149 Other loans and discounts 41,832 37,381 30,304 18,061 Egyptian Govt. securities 155 150 144 92 Other assets 78 501 26 830 24,568 8,709 Clearing and other accounts (net). -7 -10 -8 -9 61 443 64,416 55,094 49,146 Loans and discounts -11 44 23 6 984 7 557 593 550 Other assets 9 4 3 2 Other 4 639 3 101 j 918 7 106 ?99 991 990 174 Other liabilities and capital 30,893 25,283 25,772 7,077 Deposits—Egyptian Government.. 11 5 10 Bank of the Republic of Colombia (mil- Other 3 . 114 114 112 MI0 lions of pesos): Other liabilities and capital 16 19 19 17 Gold and foreign exchange 343 329 277 281Central Reserve Bank of El Salvador 52 52 52 24 (thousands of colones): Loans and discounts 593 684 54? 485 Gold 70, 70 983 70 343 70 973 Govt loans and securities 637 638 615 491 Foreign exchange (net) 51,259 18,118 5,068 34,464 Other assets 731 178 146 101 Net claim on Intl. Fund1 676 — 4677 -4 677 1571 Note circulation 812 964 778 684 Loans and discounts 87,429 97,803 93,657 66,970 730 559 559 539 Govt. debt and securities 18097 16 616 18 615 15554 Other liabilities and capital 315 315 794 167 Other assets 7,364 6 784 7 647 6 721 Central Bank of Costa Rica (millions Note circulation . 114,683 109 682 96,019 100,697 of colones): Deposits. . . 102726 83 291 82,503 85,235 Gold 1? P 1? 1? Other liabilities and capital .. . P 978 11 954 P 132 10322 Foreign exchange 7C 54 46 100Bank of Finland (millions of markkaa): Net claim on Intl Fund1 7 7 Gold . 7 849 7,849 7,849 7,849 110 130 126 87 Foreign assets and liabilities (net). 20 178 20 926 22,368 27,996 Securities 18 18 17 8 Loans and discounts 39 094 -1944 S 41 666 34 671 Other assets 78 79 77 Securities—Government . 17 500 17 500 P 500 20 000 153 164 145 155 Other 1 755 1 794 1 989 1 901 Demand deposits 56 44 53 49 Other assets 10 515 10 715 11,280 9,675 Other liabilities and capital 36 36 38 34 Note circulation 54 160 60 735 58,468 50.539 National Bank of Cuba (millions of Deposits 7 952 13 077 6 28,400 pesos): Other liabilities and capital 34 779 34 420 38J59 23,153 Gold 136 136 136 136 Foreicn exchange (net) • 150 172 182 115 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 349 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Jan. Dec. Nov. Jan. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 11,138 8,44: 2,045 Gold 6,531 6,231 5,763 3,992 Foreign exchange 89,317 91,711 95,069 Foreign exchange 11,808 11,824 11,919 9,271 Clearing accounts (net) -6,550 -7,74" 7,732 Loans and discounts 1,770 3,084 2,014 4,111 Loans and discounts 32,725 35,124 16,907 Loans to Government 4,037 4,225 4,203 4,163 Advances to Government 118,302117,136 27,900 Other assets 1,128 1,063 1,327 982 Other Govt. accounts 64,957 59,773 24,682 Note circulation 14,173 14,511 14,631 13,358 Govt. securities 151,568151,654 132,588 Deposits—Government 5,227 4,123 5,083 3,911 Other assets 9,415 9,613 17,089 Banks 3,542 5,140 3,480 3,406 Notes and coin in circulation.... 238; 845 239,865 188,170 Other 210 290 245 216 Deposits—Government 29,664 32,853 28,582 Other liabilities and capital 2,121 2,363 1,787 1,627 Other 189,034179,151 95,533 Bank of Greece (millions of drachmae): Other liabilities and capital..... 13,328 13,838 11,728 Gold and foreign exchange (net).. 5,663 5,950 Bank of Italy (billions of lire): Loans and discounts 180 133 Gold 4 4 4 4 Advances—Government 7,011 6,918 Foreign exchange 71 71 71 70 Other , 5,058 4,567 Advances to Treasury 567 567 567 567 Other assets 2,016 1,273 Loans and discounts , 475 535 475 403 Note circulation 5,450 4,821 Govt. securities 406 406 398 418 Deposits—Government , 1,080 805 Other assets 1,001 1,052 974 r977 Reconstruction and Note circulation 1,654 1,818 1,620 1,547 relief accts 7,286 7,640 Deposits—Government 11 8 7 22 Other 4,067 4,538 Demand 102 123 84 Other liabilities and capital 2,045 1,038 Other 600 503 581 645 Bank of Guatemala (thousands of Other liabilities and capital , 156 182 170 '140 quetzales): Bank of Japan (billions of yen): Gold 27,238 27,238 27,239 Bullion () Foreign exchange (net) 36,432 30,135 24,542 Advances to Government , Gold contribution to Intl. Fund.. 1,250 1,250 1,250 Loans and discounts 169 143 75 40 Rediscounts and advances 11,789 11,553 11,618 Govt. securities , 452 587 484 483 Other assets 43,953 40,754 42,260 Other assets 232 232 231 244 Circulation—Notes 58,517 56,403 50,767 Note circulation 676 785 626 583 Coin 4,168 4,071 3,841 Deposits—Government 48 54 42 52 Deposits—Government 4,809 5,844 8,232 Other 35 31 36 62 Banks 28,494 22,038 20,737 Other liabilities 93 92 87 71 Other liabilities and capital 24,674 22,576 23,331 Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserves , 1,939 1,965 1,863 1,754 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,513 5,522 5,261 5,344 Issue department: Bills and discounts 824 872 730 324 Gold at home and abroad5... 1,178 1,178 1,178 400 Other assets 263 281 383 306 Foreign securities 4,274 4,473 4,572 6,671 Note circulation 5,203 5,611 5,128 4,790 Indian Govt. securities 8,401 '7,853 7,655 5,884 Demand liabilities , 2,553 2,251 2,325 2,227 Rupee coin 1,238 1,248 1,253 1,066 Other liabilities and capital 783 779 784 712 Note circulation 14,855 14,661 14,385 13,791 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 236 91 272 230 Gold 3,154 3,192 ,230 ,275 Balances abroad 832 826 793 670 Silver (including subsidiary coin). , 6 4 4 41 Bills discounted 33 71 49 Foreign assets (net) 705 718 784 ,452 Loans to Government , 75 73 30 18 Loans and discounts 175 345 174 32 Other assets 1,666 1,823 1,547 1,089 Govt. debt and securities 694 825 660 453 Deposits 1,292 1,372 1,304 1,548 Other assets 378 420 366 398 Other liabilities and capital... 1,526 1,475 1,409 508 Note circulation 3,892 4,073 ,923 ,877 Bank Indonesia (millions of rupiahs): Deposits—Government 252 157 334 Gold and foreign exchange (net). 734 608 739 1,863 ECA 368 368 368 490 Loans and discounts 1,077 1,083 960 664 Other 613 587 552 730 Advances to Government 10,970 10,367 9,846 8,282 Other liabilities and capital 239 223 218 220 Other assets.. 510 514 478 460 Reserve Bank of New Zealand (thou- Note circulation 9,135 8,640 8,288 8.232 sands of pounds): Deposits—ECA 282 282 320 495 Gold 6,162 6,162 6,162 6,162 Other 2,330 2,221 2,129 1,709 Foreign exchange reserve 27,298 29,457 32,270 21,447 Other liabilities and capital 1,544 1,429 1,288 833 Loans and discounts 31,068 25,894 27,255 35,526 Bank Melli Iran6 (millions of rials): Advances to State or State un- Gold 4,242 4,242 4,242 4,242 dertakings 50,880 51,298 53,665 53,133 Foreign exchange 522 534 534 244 Investments 53,173 53,173 38,173 41,278 Gold contribution to Intl. Fund.. 282 282 282 282 Other assets 1,398 2,304 1,966 1,301 Govt.-secured debt 7,623 7,623 7,623 7,187 Note circulation 71,959 83,257 74,726 69,966 Govt. loans and discounts 12,480 11,945 12,227 10,307 Demand deposits 87,187 73,565 74,730 79,198 Other loans and discounts 6,343 6,537 6,403 5,319 Other liabilities and capital 10,834 11,466 10,035 9,682 Securities 916 916 469 444 Bank of Norway (millions of kroner): Other assets 3,698 3,401 3,571 3,111 Gold... 209 244 218 209 Note circulation 10,994 11,097 11,066 10,012 Foreign assets (net) 216 181 106 -99 Deposits—Government 5,047 4,574 5,041 4,232 Clearing accounts (net) -63 -68 -39 -55 Banks 1,394 1,329 1,259 1,778 Loans and discounts 110 116 111 120 Other 15,291 15,030 14,776 11,848 Securities 106 107 74 91 Other liabilities and capital 3,378 3,448 3,208 3,266 Occupation account (net) 5,546 ,546 5,546 5,546 Central Bank of Ireland (thousands of Other assets 106 125 138 100 pounds): Note circulation 3,258 ,502 3,204 3,107 Gold 2,646 2,646 2,646 2,646 Deposits—Government 1,349 ,167 1,542 1,196 Sterling funds 69,461 72,774 70,905 69,603 Banks 631 608 425 650 Note circulation 72,107 75,420 73,551 72,249 FOA 26 26 26 106 Other liabilities and capital 967 948 957 852 • 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. * 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

350 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Jan. Dec. Nov. Jan. Dec. Nov. Jan. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor) : rupees): Gold 564' 586 584 612 Issue department: Foreign assets. 1.080| 1,072! 1,038 929 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 •129| 129 129 129 Sterling securities 875 864 870 844 Swedish Govt. securities and ad- Pakistan Govt. securities 1.683 1,653 1,527 1.224 vances to National Debt Office3. 4.140; 4,390| 4.010 3,693 Govt. of India securities 246 246 176 275 Other domestic bills and advances. 20 27 24 India currency 430 430 430 431 Other assets 1,020: 1,0381 1.023 1,095 Rupee coin 53 59 61 72 Note circulation 5.334! 5.598 5.316 5,047 Notes in circulation 3,288 3,264 3,077 2,867 Demand deposits—Government. . 291 260 199 287 Banking department: Other 179! 244 119 277 Notes of issue department 115 103 104 93 Other liabilities and capital 1.178 871 Bills discounted 1 10 30 6 Swiss National Bank (millions of Loans to Government 1 2 37 francs): Other assets 778 671 661 527 Gold 7.0621 7,103 7.025 6,667 Deposits 725 616 627 536 Foreign exchange 553 j 627 587 582 Other liabilities and capital 169 170 168 127 Loans and discounts.... 229! 459 254 141 Central Bank of Paraguay (millions of Other assets 106; 135! 121 90 guaranies): Note circulation 5.394! 5.810! 5.483 5,130 Gold* 11 11 Sight liabilities 2.335! 2'286! 2,277 2,142 Foreign exchange (net) 460 463 Other liabilities and capital 220! 227 208 Net claim on Int. Fund2 53 53 8 Central Bank of the Republic of Turkey Loans and discounts 1,620 1,572 '1.498 (millions of pounds): Govt. loans and securities 551 535 382 Gold 402; 402 402 402 Other assets 354 368 '70 Foreign exchange and foreign i Note and coin issue 1,218 1,169 908 clearings 229: 2421 219 204 Deposits—Government 270 290 204 Loans and discounts 4,084 4,079( 3.891 3,442 Other 267 311 200 Securities 301 30! 31 30 Other liabilities and capital 1,292 1,231 717 Other assets 241 235| 234 158 Central Reserve Bank of Peru (millions Note circulation 2.459J 2,526! 2,433 1.913 of soles): Deposits—Gold 155 155| 155 155 Gold and foreign exchange 849 719 481 Other 1.733! 1,6941 1.586 1,616 Net claim on Intl. Fund2 67 67 67 j Other liabilities and capital 639 613! 604 552 Loans and discounts to banks. . . 716 786 840;Bank of the Republic of Uruguay (mil- Loans to Government 1.390 1,306 9921 lions of pesos): (Oct.) Other assets 135 148 193 Gold 305 327 Note circulation 2.280 2,176 l,865j Silver 10 10 Deposits 638 601 440 Advances to State and Govt. Other liabilities and capital 239 249 269 bodies 277 219 Central Bank of the Philippines Other loans and discounts 527 478 (millions of pesos): Other assets 741 643 Gold 45 43 41 32| Note circulation 495 493 Foreign exchange 356 385 401 322 Depost—Government 205 165 Net claim on Intl. Fund2 10 Other 351 348 Loans 85 96 84 25 Other liabilities and capital 810 671 Domestic securities 456 451 436 392 Central Bank of Venezuela (millions Other assets 155 156 153 157 of bolivares): Circulation—Notes 672 692 661 610 Gold 1.744 1.747 1.438 1,234 Coin 85 86 86 86 Foreign exchange (net) 1.003! 1,045 1.297 289 Demand deposits 246 265 284 1751 Other assets 188! 206 219 121 Other liabilities and capital 92 87 67 Note circulation 1.223; 1.290 1.170 1,091 Bank of Portugal (millions of escudos): Deposits 427! 368 i 413 277 Gold 5,911 5,846 5.627 Other liabilities and capital 1.284 1.339 1.372 275 Foreign exchange (net) 13,911 13,735 13,548 National Bank of Federal Peoples' Re- Loans and discounts 1.306 1,259 883 public of Yugoslavia (billions of I Advances to Government 1.378 1,375 1.377 dinars): Other assets 1.903 1.333 Gold 5 Note circulation 11.521 11J36 10.695 Gold contribution to Intl. Fund. . 2 Demand deposits—Government. . 1.479 1,739 1,648 Foreign assets 62 59 ECA 89 89 117 Loans (short-term) 1,036 779 Other 8,245 8,064 7,768 Govt. debt (net) 56 9 Other liabilities and capital 3,075 3,071 2,540 Other assets 59 27 South African Reserve Bank (millions Notes and coin in circulation 94 83 of pounds): Demand deposits 252 169 Gold 80 79 78 75 Foreign liabilities 107 121 Foreign bills 54 5: 47 38 Long-term liabilities (net) 578 409 Other bills and loans 24, 25 13 21 Other liabilities and camtal 190 99 Other assets 46 48 4' 55 Bank for International Settlements Note circulation 110 118 n: 106 (millions of Swiss gold francs): D O e th p e o r s i l t i s abilities and capital 7 1 8 6 7 1 0 6 5 1 6 7 6 1 7 7 G Ca o s l h d o in n b h a a r n s d and with banks. . . 61 6 8 5 1 ! 5 4 4 9 7 53 6 6 7 59 5 2 3 Bank G o o f l d Spain (millions of pesetas): 617 61 617 616 Re a d n i c s e c s o u ( n at t a c b o l s e t ) bills and accept- 559J 509 658 389 Silver 323 323 321 321 Time funds at interest 57i 67 100 125 Govt. loans and securities 15.785 15.258 16,12' 15,573 Sundry bills and investments 539| 524 572 428 Other loans and discounts 48,538 49.693 44,149 35.789 Funds invested in Germany 297! 297 297 297 Other assets 57,322 58.168 53, 43,987 Other assets 2 2 1 Note circulation 53,642 55.821 51,254 45,314 Demand deposits—Gold 633 720 467 Deposits—Government... . 3.840 2.545 3,652 5,581 Other 994! 832 982 899 Other 13,7011 13.138 12,035 6,818 Long-term deposits: Special 2291 229 229 229 Other liabilities and capital 51,403 52,556 48.074 38.573 Other liabilities and capital 304| 303 30! 291 I * Latest month available. 3 Includes small amount of nongovernment bonds. 1 On Mar. 1, 1956, gold revalued from 0.0423177 to 0.0148112 grams of NOTE.—All figures, including gold and foreign exchange, are compiled fin 2 e T go h l i d s f p ig e u r r g e u r a e r p a r n e i s . ents the amount of the country's subscription to the f o r f o m th e o f m fic o i n a t l h r . eports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 351 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 e m l- m De a n rk - m G a e n r- y Greece N la e e n r t - d h s - N wa o y r-Spain S d w e e n - T k u e r y - U K d n i o i n m t g ed - C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a d I i n a - 2 Japan2 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 Apr 3.75 M^ay 4.5 5 5 June 4.5 July S 0 Aug 3.0 3.5 2.0 8.03 Sept 6.0 4.5 : Oct 2 25 7 0 i I Nov, 5.0 2.75 1956—Feb 3 0 5 5 Mar 4.5 i i ! 3.25 Apr 3 0 i i May 5.5 10.0 June 6 0 Aug 3.25 3 25j ; Sect 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 Feb 5.0 4.01; . . -! In effect Feb. 28, 1957 5.0 3.5 5 5 4.5 10.0 3.75 3.5 4.25 4.0 6.0 5.0 4.01 7 0 4.5 3 5 8.03 Other selected central banks—rates in effect on Feb. 28, 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 Ar c e o a u n a t n r d y 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 i R^ die ! e M ffe o ct n iv th e Europe: Asia: Asia—Cont.: Latin Am.—Cont.\ France 3.0 Dec. 1954 Burma 3.0 Feb. 1948 Philippines... 1.5 Feb. 1954 El Salvador2. 3.0 ! Mar. 1950 Italv 4.0 Apr. 1950 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Mexico 4.5 i 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 discounts or makes advances against eligible commercial paper and/or government securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate shown is the one at which the largest proportion of central bank credit operations is understood to be transacted. In certain cases other rates for these countries are given in the following footnote. 2 Discounts or advances at other rates include: India—4 per cent, since Feb. 1, for discounts of and advances on government securities (rate shown per cent for most agricultural paper. is for advances on commercial paper on which a stamp duty of one-half 3 Since Nov. 1, the discount rate is set each week at 1/A per cent above the of 1 per cent was levied, beginning Feb. 1, 1957); Japan—various rates latest average tender rate for Treasury bills. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden ! Switzer- Month 3 T m re b o a il n s l u s th ry sx D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y ' s D m a d o y a n - y e t o y - ; 1 3 L u m p o o a n t n o t s hs d P i r s r i c a v o t a e u te nt 1954—Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 ! 314-514 ,50 1955—Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 j 414-61/2 ,50 1956—Feb 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 .00 4>4-6V .50 Mar 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 .00 ,50 A M p a r y 2 2 . . 8 8 3 4 2 2 . . 6 6 5 6 . . 2 1 7 4 4 5. . 1 9 1 5 - 4 4 . . 0 1 5 3 3 3 . . 5 5 0 0 3 3 . . 0 1 8 0 1 1 . . 5 7 9 6 . .2 2 5 3 4 41 4 4- 6 6V /2 2 , , 5 5 0 0 June 2.63 2.68 .20 5.09 4.16 3.02 2.38 .43 414-61/2 .50 July 2.53 2.52 .10 5.01 3.96 3.21 2.74 .50 414-6V2 .50 Aug 2.94 2.63 .08 5.03 4.14 3.02 3.00 .50 414-61/2 .50 Sept 3.06 2.67 .18 5.11 4.26 3.00 3.00 .50 414-61/2 .50 Oct 3.30 2.83 5.14 5.04 4.21 3.47 3.30 .50 4M-6V2 .50 Nov 3.40 2.89 5.08 5.01 4.24 3.71 3.25 .50 41/2-63/4 .50 Dec 3.61 3.18 5.07 4.94 4.15 3.55 3.48 .50 41/2-634 .50 1957—Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 41/2-634 1.50 1 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- British Year or month tralia Austria Belgium Malay- Canada Ceylon Basic P e r n e t f i e a r l - Free (pound) (schilling) (franc) (do s l i l a ar) (dollar) (rupee) 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 U3.333 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—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 8580 2.0049 32.368 101.907 20.858 Sept. 5.556 3.190 221.76 8580 2.0064 32.373 102.274 20.873 Oct.. 5.556 3.177 221.88 8580 2.0084 32.384 102.732 20.878 Nov. 5.556 2.987 221.71 8580 2.0022 32.360 103.725 20.871 Dec. 5.556 2.806 221.92 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 Feb.. 5.556 2.681 222.96 3.8536 1.9900 32.561 104.334 20.960 Year or month (k m D r a o e r n 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—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 Feb.. .4354 .2855 23.797 20.947 279.81 .2779 8.006 Year or'month ( e g N r u l i e a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a 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— 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.. c26.106 276.80 14.008 49.677 3.4900 278.53 19.333 23.329 279.57 Feb. 26.111 277.04 14.008 49.687 3.4900 278.76 19.333 23.308 279.81 c Corrected. 3 New free market rate, became effective Oct. 28, 1955. 1 Annual averages based on quotations through Oct. 27, 1955. 4 Based on quotations beginning Nov. 26, 1956. 2 Official rate. The basic and preferential rates were discontinued and 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. 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL RESERVE BULLETIN • MARCH 1957 REPRINTS able for earlier years from 1952, 1953, 1954, (From Federal Reserve Bulletin unless preceded by and 1955 BULLETINS.) an asterisk) SURVEY OF BANK LOANS FOR COMMERCIAL AND THE MONETARY SYSTEM OF THE UNITED STATES. INDUSTRIAL PURPOSES. Business Loans of February 1953. 16 pages. Member Banks. April 1956. 14 pages. Credit INFLUENCE OF CREDIT AND MONETARY MEASURES Lines and Minimum Balance Requirements. ON ECONOMIC STABILITY. March 1953. 16 June 1956. 7 pages. (Other articles on this pages. Survey will appear in later issues of the BUL- LETIN.) Reprints on a similar Survey are avail- FEDERAL FINANCIAL MEASURES FOR ECONOMIC able from March, May, June, July, and August STABILITY. May 1953. 7 pages. 1947 BULLETINS. * DETAILED DESCRIPTION OF SOURCES AND METH- FINANCING OF LARGE CORPORATIONS, 1951-55. ODS USED IN REVISION OF SHORT- AND INTER- June 1956. 9 pages. (Also similar reprint MEDIATE-TERM CONSUMER CREDIT STATISTICS. from June 1955 BULLETIN.) April 1953. 25 pages. SURVEY OF COMMON TRUST FUNDS. August 1956. DEPARTMENT STORE SALES AND STOCKS, BY 6 pages. MAJOR DEPARTMENTS (Revised Indexes) November 1953. 65 pages. WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1953. 96 pages. tober 1956. 24 pages. (Also, similar reprint from April 1953 BULLETIN.) NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 10 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at Commercial Banks. November 1956. 20 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. De- Farm Loans to Finance Intermediate-Term Incember 1954. 8 pages. vestments. January 1957. 9 pages. Farm SEASONAL ADJUSTMENT FACTORS FOR DEMAND Loans for Current Expenses. February 1957. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE 8 pages. Loans to Buy Farm Real Estate. Feb- BANKS. March 1955. 4 pages. ruary 1957. 9 pages. Interest Rates on Farm UNITED STATES BANKS AND FOREIGN TRADE FI- Loans. March 1957. 10 pages. NANCING. April 1955. 11 pages. UNITED STATES BANKING ORGANIZATION ABROAD. BANKERS' ACCEPTANCE FINANCING IN THE UNITED December 1956. 16 pages. STATES. May 1955. 13 pages. BANKING AND MONETARY STATISTICS, 1956. (Se- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- lected series of banking and monetary statistics COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- for 1956 only) February 1957. 8 pages. (Simiber 1955. 40 pages. lar reprints of 1954 and 1955 data, February and May 1955 and February and May 1956 MONETARY POLICY AND THE REAL ESTATE MAR- KETS. December 1955. 6 pages. BULLETINS.) THE 1957 BUDGET. February 1956. 11 pages. BANK CREDIT AND MONEY IN 1956. February 1957. 8 pages. 1956 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1956. 3 pages. The INTERNATIONAL GOLD AND DOLLAR FLOWS. Financial Position of Consumers. June 1956. March 1957. 7 pages. (Also similar reprint 14 pages. Consumer Indebtedness. July 1956. from March 1956 BULLETIN.) 17 pages. Durable Goods and Housing. August 1957 SURVEY OF CONSUMER FINANCES. PRE- 1956. 17 pages. (Similar Surveys are avail- LIMINARY FINDINGS. March 1957. 3 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 355 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN • MARCH 1957 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman CARL E. ALLEN H. G. LEEDY M. S. SZYMCZAK C. CANBY BALDERSTON A. L. MILLS, JR. JAMES K. VARDAMAN, JR. MALCOLM BRYAN J. L. ROBERTSON ALFRED H. WILLIAMS CHAS. N. SHEPARDSON WINFIELD W. RIEFLER, Secretary ARTHUR W. MARGET, Associate Economist ELLIOTT THURSTON, Assistant Secretary GEORGE W. MITCHELL, Associate Economist GEORGE B. VEST, General Counsel H. V. ROELSE, Associate Economist FREDERIC SOLOMON, Assistant General Counsel CLARENCE W. TOW, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist THOMAS R. ATKINSON, Associate Economist ROBERT G. ROUSE, Manager of System Open KARL R. BOPP, Associate Economist Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON COMER J. KIMBALL, ATLANTA ADRIAN M. MASSIE, NEW YORK HOMER J. LIVINGSTON, CHICAGO WILLIAM R. K. MITCHELL, PHILADELPHIA LEE P. MILLER, ST. LOUIS FRANK R. DENTON, CLEVELAND JULIAN B. BAIRD, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND WALTER B. JACOBS, DALLAS President FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. 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 357 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 H. 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 Hosteller 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

358 FEDERAL RESERVE BULLETIN • MARCH 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 359 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, 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 Geo. E. Kroner Fred Burton, in charge of of Memphis Branch Dale M. Lewis Little Rock Branch Donald L. Henry, in charge H. H. Weigel of Louisville Branch 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

360 FEDERAL RESERVE BULLETIN • MARCH 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

361 FEDERAL RESERVE BANKS AND BRANCHES 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 1. 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

362 FEDERAL RESERVE BULLETIN • MARCH 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 W. 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', 300, 301 Department stores: Agricultural loans of commercial banks, 296, 298 Merchandising data, 331 Agriculture, Govt. agency loans, 304, 305 Sales and stocks, 320, 330 Assets and liabilities {See also Foreign liabilities Deposits {See also specific types of deposits): and claims reported by banks): Adjusted, and currency, 292 Banks and the monetary system, consoli- Banks, by classes, 293, 297, 299 dated, 292 Federal Reserve Banks, 287, 288, 342 Corporate, current, 312 Postal savings, 292 Domestic banks, by classes, 293, 296, 298 Turnover of, 290 Federal business-type activities, by fund or ac- Deposits, reserves, and borrowings, by class of memtivity, 304, 305 ber bank, 285 Federal Reserve Banks, 287, 288 Discount rates, 286, 351 Foreign central banks, 346 Discounts and advances by Federal Reserve Automobiles: Banks, 283, 287 Consumer instalment credit, 316, 317, 318 Dividends, corporate, 311, 312 Production index, 322, 326 Dollar assets, foreign, 342, 345 Dwelling units started, 327 Bankers' balances, 297, 299 {See also Foreign liabilities and claims reported Earnings and hours, manufacturing indusby banks) tries, 320, 329 Banks and the monetary system, consolidated state- Employment, 320, 329 ment, 292 Export-Import Bank, loans, etc., 304, 305 Bonds {See also U. S. Govt. securities): Farm mortgage loans, 304, 313, 314 New issues, 310, 312 Federal business-type activities, assets and liabilities, Prices and yields, 301, 302 by fund or activity, 304, 305 Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 296, 298 assets, etc., 304, 305 Business expenditures on new plant and equip- Federal finance: ment, 312 Cash transactions, 306 Business indexes, 320 Receipts and expenditures, 307 Business loans {See Commercial and industrial loans) Treasurer's balance, 306 Federal home loan banks, loans, etc., 304, 305, 315 Capital accounts: Federal Housing Administration, loans, etc., 304, 305, Banks, by classes, 293, 297, 299 313, 314, 315 Federal Reserve Banks, 287, 288 Federal National Mortgage Association, Carloadings, 320 loans, etc., 304, 305, 315 Central banks, foreign, 344, 346, 351 Federal Reserve Banks: Coins, circulation of, 291 Condition statement, 287, 288 Commercial banks: U. S. Govt. securities held by, 283, 287, 288, Assets and liabilities, 293, 296 308, 309 Consumer loans held, by type, 317 Federal Reserve credit, 283, 287, 288 Number, by classes, 293 Federal Reserve notes, 287, 288, 289, 291 Real estate mortgages held, by type, 313 Finance company paper, 300, 301 Commercial and industrial loans: Foreign central banks, 344, 346, 351 Commercial banks, 296 Foreign deposits in U. S. banks, 283, 287, 288, 292, Weekly reporting member banks, 298, 300 297, 299 Commercial paper, 300, 301 Foreign exchange rates, 352 Commodity Credit Corporation, loans, etc., 304, 305 Foreign liabilities and claims reported by Condition statements {See Assets and liabilities) banks, 338, 340, 342 Construction, 320, 326, 327 Foreign trade, 331 Consumer credit: Instalment credit, 316, 317, 318, 319 Gold: Major parts, 316, 318 Earmarked, 343 Noninstalment credit, by holder, 317 Net purchases by U. S., 343 Consumer durable goods output indexes, 326 Production, 342, 343 Consumer price indexes, 320, 332 Reserves of central banks and governments, 344 Consumption expenditures, 334, 335 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 311, 312 institutions, 345 Corporate security issues, 310, 312 Stock, 283, 292, 343 Corporate security prices and yields, 301, 302 Gold certificates, 287, 288, 289, 291 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 283, 291 Gross national product, 334, 335 Customer credit, stock market, 302, 336 Home owners, Govt. agency loans, 304, 305 Debits to deposit accounts, 290 Hours and earnings, manufacturing indus- Demand deposits: tries, 320, 329 Adjusted, banks and the monetary system, 292 Adjusted, commercial banks, by classes, 297 Industrial advances by Federal Reserve Banks, 287, Banks, by classes, 293, 299 288, 289, 290 Type of holder, at commercial banks, 297 Industrial production indexes, 320, 321, 326 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

364 FEDERAL RESERVE BULLETIN • MARCH 1957 Instalment loans, 316, 317, 318, 319 Real estate loans—Continued Insurance companies, 303, 308, 309, 314 Type of property mortgaged, 313, 314, 315 Insured commercial banks, 295, 296 Regulation V, loan guarantees, 289, 290 Interbank deposits, 293, 297, 299 Reserve requirements, member banks, 286 Interest rates: Reserves: Bond yields, 301 Commercial banks, 297 Business loans by banks, 301 Federal Reserve Banks, 287, 288 Federal Reserve rates, 286, 290 Foreign central banks and governments, 344 Foreign countries, 351 Foreign countries and international institu- Open market, 301, 351 tions, 345 Regulation V loans, 290 Member banks, 283, 285, 287, 288, 297, 299 Stock yields, 301 Residential mortgage loans, 313, 314, 315 International capital transactions of the U. S., 338 International financial institutions, 344, 345, 346 Sales finance companies, consumer loans of, 316, Inventories, 335 317, 319 Investments {See also specific types of investments): Savings, 334 Banks, by classes, 293, 296, 298 Savings deposits {See Time deposits) Federal Reserve Banks, 287, 288 Savings institutions, principal assets, 303 Govt. agencies, etc., 304, 305 Savings and loan associations, 303, 314 Life insurance companies, 303 Securities, international transactions, 341, 342 Security issues, 310, 312 Savings and loan associations, 303 Silver coin and silver certificates, 291 Labor force, 328 State member banks, 295 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 293, 296, 298 New issues, 310 Federal Reserve Banks, 283, 285, 287, 288, Prices and yields, 301, 302 289, 290 States and political subdivisions: Govt. agencies, etc., 304, 305 Deposits of, 297, 299 Insurance companies, 303, 314 Holdings of U. S. Govt. securities, 308 Savings and loan associations, 303, 314 Ownership of obligations of, 296, 303 Loans insured or guaranteed, 289, 313, 314, 315 Stock market credit, 302, 336 Stocks: Manufacturers, production indexes, 320, 321, 326 New issues, 310 Margin requirements, 286 Prices and yields, 301, 302 Member banks: Assets and liabilities, by classes, 293, 296 Tax receipts, Federal, 307 Borrowings at Federal Reserve Banks, 283, 285 Time deposits, 285, 292, 293, 297, 299 Deposits and reserves, by classes, 285 Treasurer's account balance, 306 Number, by classes, 293 Treasury cash, 283, 292 Reserve requirements, by classes, 286 Treasury currency, 283, 291, 292 Reserves and related items, 283 Treasury deposits, 283, 287, 288, 306 Weekly reporting series, 298 Unemployment, 328 Minerals, 'production indexes, 320, 321 U. S. Govt. balances: Money rates {See Interest rates) Commercial bank holdings, by classes, 297, 299 Mortgages {See Real estate loans) Consolidated monetary statement, 292 Mutual savings banks, 292, 293, 295, 308, 309, 313 Treasury deposits at Federal Reserve Banks, 283, 287, 288, 306 National banks. 29s U. S. Govt. securities: National income, 334 Bank holdings, 292, 293, 296, 298, 308, 309 National securitv expenditures, 307, 335 Federal Reserve Bank holdings, 283, 287, 288, Nonmember banks, 287, 295, 296 308, 309 Payrolls, manufacturing, index, 320 Foreign and international holdings, 345 Personal income, 335 International transactions, 341 Postal Savings System, 292 New issues, gross proceeds, 310 Prices: Outstanding, by type of security, 308, 309 Consumer, 320, 332 Ownership of, 308, 309 Security, 302 Prices and yields, 301, 302 Wholesale commodity, 320, 332 United States notes, outstanding and in circula- Production, 320, 321, 325, 326 tion, 291 Profits, corporate, 311, 312 Utility output index, 325 Veterans Administration, loans, etc., 304, 305, 313, Real estate loans: 314, 315 Commercial banks, 296, 298, 313 Type of mortgage holder, 313, 314, 315 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM o) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES • 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