Federal Reserve Bulletin, 1957-04

FEDERAL RESERVE B U LLETIN April 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 Residential Real Estate Markets 365 Summary Flow-of-Funds Accounts, 1950-55 372 Survey of Finance Companies, Mid-1955 392 Housing and Mortgage Finance 409 Law Department 412 Current Events and Announcements 414 National Summary of Business Conditions 415 Financial and Business Statistics, U. S. (Contents on p. 417) 419 International Financial Statistics (Contents on p. 475) 476 Federal Reserve Board Publications 491 Board of Governors and Staff 493 Open Market Committee and Staff; Federal Advisory Council 494 Federal Reserve Banks and Branches 494 Index to Statistical Tables 501 Map of Federal Reserve Districts Inside back cover Volume 43 Number 4 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

EXPENDITURES for all major types of construction except residential have been main- CONSTRUCTION OUTLAYS Billions of dollon tained in recent months at or above earlier 24 record levels. In March, total outlays for new construction were close to the highest - - 20 rate reached in 1956 and slightly larger than a year earlier. The number of new houses PRIVATE - y ^\ RESIDENTIAL started has continued to decline and is cur- / - 16 rently about one-sixth below a year ago and / PUBLIC ,. .'"w^ substantially below the highs reached in the _ 12 spring of 1955. Sales of new houses are also •' ' PRIVAIE down, while sales of existing houses have > - • been maintained at a record level. An element in the decline in residential building and in new house sales has been the unattractiveness of Federally underwritten mortgages to lenders in a period when yields | 1 1 1 on competitive investments have been rising 19S4 1955 1956 1957 and house buyers have become more se- NOTE.—Data are seasonally adjusted annual rates estimated jointly by U. S. Departments of Commerce and Labor. lective. In part to meet this selectivity, Private business includes commercial, industrial, and public utility construction. Other private construction not shown. builders have incurred increasing costs to Latest figures shown are for March. develop land—particularly suburban land houses somewhat higher. Vacancies have —and have been constructing larger, more remained at a low level suggesting confully equipped houses. tinued strength in demand for housing The availability of conventional mortgage space. Rents on occupied units were unfinancing, and the ability and willingness of changed from December to February. borrowers to use such financing, have helped Greater use of conventional first mortto maintain active markets for residential gages has probably been accompanied by properties generally. The total number of an increase in junior mortgage financing. new and used houses purchased in 1956 and Downpayment requirements typically are the amount of credit extended to finance appreciably higher under conventional than them were within 5 per cent of the 1955 under Federally underwritten financing. records. In late 1956 and early 1957, how- Rather than require downpayments comever, such activities fell somewhat further pletely in cash, house builders and sellers below the levels of a year earlier. Prices of of existing houses seem to have been willing old houses are slightly lower now than in to accept junior mortgages as part of the early 1956, and average prices of new settlement. 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN • APRIL 1957 CONSTRUCTION ACTIVITY about one-tenth larger. Continued strength Outlays for construction in 1956 reached a in these lines is indicated by a rise in conrecord level of $44 billion, about $1 billion struction contracts to record levels in the above 1955. After allowance for cost in- opening months of 1957. creases, however, the physical volume of According to the latest survey by the Dework was about the same in the two years. partment of Commerce and the Securities In the first quarter of 1957, total new con- and Exchange Commission, business construction was at a seasonally adjusted an- cerns intend to spend more on plant and nual rate of $44.8 billion. equipment in each of the first two quarters Output of some building materials that of 1957, after allowance for seasonal influhad been in short supply earlier, notably ences, than in the record fourth quarter of structural steel and cement, has increased. 1956. For the year as a whole, expendi- Production of many materials, however, tures are indicated to exceed actual outlays particularly those used in residential con- in 1956 by 6.5 per cent. Commercial and struction, has declined. The wholesale price mining companies, however, in contrast to index of all building materials has been manufacturing, transportation, and utility stable for the past year, while average hourly companies, are expecting to reduce their earnings in construction have continued to capital expenditures somewhat. advance. Construction costs, which rose Public. Public expenditures for new conabout 8 per cent from early 1955 to mid- struction have risen markedly since midsummer of 1956, have risen less than 1 per 1955 to a new high early this year. In the cent since then. first quarter outlays were 11 per cent larger Residential. The value of private residen- than in the comparable period of 1956. The tial construction in 1956 was 8 per cent be- major increases in the past year were in the low the all-time high in 1955, and has lines that have been rising for some time— fallen steadily further this year as can be schools, roads, and sewer and water faciliseen in the chart on the preceding page. ties. In view of the large amount of securi- The decline in value, which has been general ties marketed recently to finance constructhroughout the country, was not so great tion of such facilities, and the work to be done on the Interstate and Defense Highway last year as the decline in the number of System approved by Congress last summer, housing units started, as costs rose and public construction of these types will probthe proportion of higher priced houses built ably rise further. increased. The total of more than $15 billion spent for housing construction in 1956 represented a larger physical volume of HOUSING AND MORTGAGE MARKETS work than in any other year except 1955. Strong demands during the past two years Business. Private construction for busi- or so by businesses, governments, and conness purposes has been increasing again in sumers for funds to finance capital investrecent months after declining in the closing ment and purchase of goods have resulted months of 1956. Despite the decline, out- in higher interest rates generally. Reflecting lays in 1956 for manufacturing plants were the competition of these alternatives for inone-fourth larger than in 1955, and for com- vestors' funds, rates on conventional mortmercial and public utility construction were gages have also risen. In this situation, in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE MARKETS 367 vestors have been reluctant to take Federally HOUSING STARTS underwritten mortgages on which interest Thousands of units rates, fixed by law or regulation, have been PRIVATE below market rates. They have been will- BY 1YPES OF FINANCING ing to acquire such loans only at discounts from par sufficient to yield a return close to that available on alternative investments. CONVfNTIONAl Federally underwritten mortgages have -too also been unattractive to builders and sellers of houses, who have been required to bear directly the major part of the costs of mortgage discounts—that is, the difference be- 100 tween the unpaid balance of the mortgage HOHMIIIOrOllIAN and the price paid by the investor. House purchasers or borrowers are precluded by I I I I I I I I 0 statute and by administrative regulations 1953 1955 1957 1953 1955 1957 from paying more than a small part of such costs. Thus the effective price received by NOTE.—Data are from Bureau of Labor Statistics, Federal Housing Administration, and Veterans Administration. Latest the seller of the house is reduced by the figures shown are for first quarter of 1957. amount of the discount that he absorbs. financing, meanwhile, have been as numer- As long as discounts were small, builders ous in 1957 as in the comparable quarters and sellers continued to use this type of of 1956 and 1955, as may be seen in the financing, which, because of attractive terms chart. As a result, such units have acto the borrower, facilitates sales. As cap- counted for nearly 7 in 10 of all private ital markets tightened, however, investors starts this year, compared with about 6 in required increasingly large discounts. With 10 a year ago. buyers more selective, builders and sellers The decline in starts has taken place alfound it more difficult to recover the dis- most entirely in metropolitan areas, where counts in higher selling prices, and so be- the number of units started in 1956 was came less willing to pay them. In this situ- one-fifth smaller than in 1955. Builders in ation the use of conventional mortgages in- these areas, and particularly large builders creased. who relied heavily on financing insured by Construction and purchases. The steady the Federal Housing Administration or decline since the late summer of 1955 in the guaranteed by the Veterans Administration, number of private housing starts has con- reduced their building activity considerably tinued in 1957, and in March the season- as such financing became less readily availally adjusted annual rate was 880,000 units, able. In nonmetropolitan areas, on the compared with 1.1 million a year earlier and other hand, where conventional financing is the peak rate of 1.4 million in the spring of relatively more important, the number of 1955. The number of private starts in the houses placed under construction changed first three months of 1957 was almost one- little. In both types of areas, starts in the fifth smaller than in the corresponding first quarter of 1957 were below the levels period of 1956. Starts under conventional of a year earlier, and builders' plans, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

368 FEDERAL RESERVE BULLETIN • APRIL 1957 reported from various sources, suggest that other than house purchase. Lending to the number of units built in 1957 will be finance purchase of existing houses was smaller than in 1956. unchanged. More than 3 million houses changed own- During the first half of 1956, mortgage ership during 1956, of which more than 2 lending continued relatively stable at a level million were existing houses. Sales of exist- only slightly below the corresponding ing houses were a larger proportion of all months of 1955. In late summer it began house sales than in 1955 or 1950, years in to decline and has continued to fall in which new house sales were unusually large, recent months. The dollar volume of mortbut not much different from that in other gage recordings in the first quarter of 1957 recent years. Because FHA and VA loans is estimated to have been one-tenth smaller have been used relatively little in the pur- than a year earlier. chase of existing houses, reduced availability As the availability of funds for FHA of such financing in 1956 had only a small and VA mortgages diminished and housing influence on the number of transactions. In- starts continued to decline, several Federal creased use of junior mortgage financing has statutory and administrative actions were probably been a significant factor in main- taken to make terms more favorable to taining used house sales at a high level in borrowers and to supply additional funds 1956 and early 1957. for these mortgages. In late 1955, the Mortgage financing. Even with interest Federal Home Loan Bank Board had eased rates higher and terms such as maturities restrictions on borrowing by savings and and downpayments less favorable to borloan associations from the Federal home rowers, mortgage lending on 1- to 4-famloan banks, and in early 1956 the Federal ily properties in 1956 amounted to $27.1 Housing Administration and the Veterans billion compared with a record $28.5 billion Administration lengthened maximum matuin 1955. The decline, as may be seen from rities permitted on insured and guaranteed the table, was in financing of new house loans. purchases and in borrowing for purposes Last summer and autumn FHA reduced downpayment requirements on low-priced MORTGAGE LENDING ON 1- TO 4-FAMILY houses, the Federal Home Loan Bank Board NONFARM PROPERTIES further relaxed restrictions on borrowing [In billions of dollars] by savings and loan associations, and the Federal National Mortgage Association House ]purchase Other eased the conditions on which it would Year Total purposes New Existing purchase mortgages through its secondary market program. In December 1956, with 1956 27.1 9.2 13.3 4.6 funds for Federally underwritten mortgages 1955 28.5 10.2 13.3 5.0 1954. ... 23.0 7.3 11.1 4.6 still available only at large discounts, the 1953 19.7 6.6 9.2 3.9 Federal Housing Administration increased 1952 18.0 5.9 8.6 3.5 1951 16.4 6.4 6.9 3.1 the maximum interest rate on FHA-insured 1950 16.2 6.3 6.9 3.0 home loans from AV2 to 5 per cent. NOTE.—Figures for total are from Federal Home Loan Bank Effective March 29, 1957, two addi- Board and represent nonfarm mortgage recordings of $20,000 or less. All other figures are Federal Reserve estimates based on data tional administrative actions were taken to from Government and other sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE MARKETS 369 stimulate residential markets. The FHA reduced downpayment requirements on NET INCREASE IN MORTGAGE DEBT Billions of dollars houses valued above $9,000 by two per- 20 TYN or MiOKftTY centage points, to the minimum established by statute, and the Federal Home Loan - 16 Bank Board modified its regulations to permit an insured savings and loan associa- IOTAI / tion to purchase participating interests in home mortgage loans originated outside its / -- 8 regular 50-mile lending area by another ^— / I. TO 4-FAMILY insured association, provided the originat- / ing institution retains at least a 50 per cent - MU1.II - f AMIIY AND COMMER;iAt interest. -—- . ' FARM After liberalizing its terms in mid-1956, the Federal National Mortgage Association TYM or FINANON6 _ 1- TO 4- FAMILY - 8 became an increasingly important source of CONVENTIONAL ^L^mortgage funds. Under authority given in the Housing Act of 1956, the Association twice reduced the stock purchase required FHA AND VA of mortgage sellers—in August from 3 to 1 1 1 1 1 1 1 1950 1952 1954 1956 2 per cent of the amount of mortgages sold, and in September to 1 per cent. The NOTE.—Data are from Federal Home Loan Bank Board, Association also began to make standby U. S. Department of Agriculture, U. S. Department of Commerce, Federal Housing Administration, Veterans Administracommitments to purchase Federally under- tion, and Federal Reserve. written mortgages at prices well below the market, thus providing a source of funds erate increase in 1956, like the increases of to builders or lenders who were unable to earlier years, reflected changes in the debt obtain loans at a better price from private on 1- to 4-family houses. Mortgage debt investors. Reflecting these actions, FNMA on other types of nonfarm properties and on purchases and commitments to purchase farms grew about as much last year as the FHA and VA mortgages under its sec- year before. ondary market program increased sharply The slower growth in home mortgage and in the five months ending in March debt in 1956 resulted from a smaller in- 1957 amounted to about $675 million. Dur- crease in Federally underwritten mortgages. ing 1955, purchases and commitments were Conventional mortgage debt increased by a $112 million. record $6.2 billion in 1956; this was more than the increase in FHA-insured and VA- MORTGAGE DEBT guaranteed debt taken together, as it had The expansion during 1956 of nearly $15 been in each of the three years before 1955. billion in real estate mortgage debt out- In that year of extraordinarily rapid debt standing, shown in the chart, was less than expansion, VA-guaranteed debt alone inthe record increase during 1955, but larger creased almost as much as conventional than in any preceding year. The more mod- mortgage debt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDERAL RESERVE BULLETIN • APRIL 1957 MAJOR LENDERS INCREASE IN RESIDENTIAL MORTGAGE The more moderate increase in residential PORTFOLIOS OF MAJOR LENDERS mortgage debt in 1956 than in 1955 re- [In millions of dollars] flected varying portfolio adjustments by major types of lenders in response to mort- Savings Life Mutual Com- Year & loan insurance savings mercial gage and general capital market conditions. assns. cos. banks banks Growth in residential mortgage portfolios was much smaller in 1956 than in 1955 at Total residential savings and loan associations and commer- 1956.... 4,162 2,665 2,148 1,137 cial banks, as shown in the table; in contrast, 1955.... 4,997 2,656 2,357 1,736 the increase at life insurance companies was 1954.... 4,005 1,999 1,877 1,227 1953.... 3,354 1,513 1,451 737 about the same in both years, and at mutual savings banks was not much less in 1956 FHA-insured than in 1955. Savings and loan associations, which had 1956.... 87 259 226 255 1955.... 233 279 350 454 borrowed a record amount of funds from the 1954.... 124 104 311 194 Federal home loan banks in 1955 to support 1953.... 144 331 321 237 a volume of mortgage lending in excess of VA-guaranteed their net inflow of savings capital, sharply reduced such indebtedness in the first quar- 1956 773 1,244 1,455 209 ter of 1956 and borrowed little in addition 1955 1,170 1,431 1,511 361 during the remainder of the year. They also 1954 742 1,083 1,209 289 1953 585 213 816 49 acquired a record amount of United States Government securities during the year. Conventional These developments apparently reflected a desire on the part of the associations in 1956 1956 .. 3,302 1,162 467 673 1955 .. 3,594 946 496 922 to increase their liquidity and to bring mort- 1954 .. 3,139 812 357. 744 gage lending in line with the net inflow of 1953 .. 2,625 969 315 450 savings and repayments on mortgage loans. NOTE.—Figures for savings and loan associations represent loans In the early months of 1957, savings and on 1- to 4-family nonfarm houses only, which include over 95 per cent of their residential loans. Data are from Federal Home Loan Bank loan associations reduced their indebtedness Board, Federal Deposit Insurance Corporation, and Federal Reserve. Figures for 1956 for commercial and mutual savings banks and for life insurance companies are preliminary estimates made by Federal to the home loan banks to the lowest level Reserve. since the spring of 1955. The smaller volume of mortgage acquisi- be repurchased within a specified limited tions by commercial banks in 1956 than in time. The fulfillment of these agreements 1955 reflected chiefly the change in real in 1956 tended to reduce mortgage holdings estate credit outstanding to mortgage lend- of commercial banks. ers. Under mortgage warehousing arrange- Commercial banks also make business ments, these lenders had supplemented their loans to mortgage lenders, secured chiefly by funds in 1955 by short-term borrowing at the pledge of mortgages held by these lendcommercial banks. In some cases, the banks ers. Such loans approximately doubled in became temporary owners of the mortgages 1955 to a total of $1.2 billion and, after under agreement that the mortgages would changing little on balance during 1956, fell Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESIDENTIAL REAL ESTATE MARKETS 371 sharply in the early part of this year. Total ADVANCES OUTSTANDING TO MORTGAGE LENDERS credit extended by commercial banks to real Billions of dollar! estate mortgage lenders followed a pattern 2.4 similar to that for advances by the Federal home loan banks, as can be seen in the 2.0 chart. FROM COMMERCIAL In 1956 life insurance companies in- BANKS 1.6 creased sharply their acquisition of conventional mortgage loans with higher interest 1.2 rates, and reduced their purchases of Federally underwritten mortgages with less com- FROM HOME LOAN petitive rates. Even so, net acquisition of BANKS FHA and VA loans by life insurance companies was only moderately smaller than in 1955, mainly because a large volume of commitments made in 1954 and 1955 was taken up during 1956. In fulfilling these 1953 1954 1955 1956 1957 commitments and originating new loans, life insurance companies added substantially NOTE.—Data for commercial banks are from Federal Reserve quarterly survey of weekly reporting banks; latest survey, February 13. Data for Federal home loan banks are more to their holdings of mortgages than of from Federal Home Loan Bank Board; latest figure shown is for March. business securities, and they liquidated $1 billion of their Government security holding VA loans in larger volume than any other ings. The latter was the largest reduction type of lender, and these loans have represince 1951. sented by far the greater part of savings bank A striking development in mortgage acacquisitions of residential mortgages. Thentivity of mutual savings banks during 1956 continued large investment in VA loans rewas the continued increase in holdings of flects in part the ability of these predomi- VA loans at about the 1955 record pace, in nantly Eastern institutions to make out-ofcontrast to the decline in net acquisitions State purchases at discounts that provide of such loans by other institutional lenders. more favorable yields than those on invest- Since 1952, savings banks have been acquir- ments available locally. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Summary Flow-of-Funds Accounts 1950-55 THE BOARD OF GOVERNORS of the Fed- lished in the BULLETIN; such tables may be eral Reserve System first published its flow- available in mimeographed form later in of-funds system of national accounts in 1957. 1955. The Federal Reserve BULLETIN for The notes to the summary tables begin- October of that year presented a condensed ning on page 386 give brief descriptions of summary version of the accounts for the the sectors and transaction categories used years 1939-54; Flow of Funds in the in the tables presented here. More detailed United States, 1939-53 (hereafter referred descriptions appear in Flow of Funds, alto as Flow of Funds), published later in though in a few instances (indicated below) 1955, contained the full system of accounts the descriptions in that publication are no and detailed descriptions of the basic struc- longer fully applicable. ture, the sectors, the transaction categories, As was indicated in earlier publications, data sources, estimating procedures, and the structure of the accounts, the form of relationships with other statistical presenta- presentation, and the data sources and estitions, particularly the national income and mating procedures are all subject to modiproduct accounts. The full system of ac- fication. Several factors contribute to the counts presents more detail with respect to evolution of the structure of accounts: exboth sectors and transaction categories than perience in analytic use; reaction of readthe summary version. For example, in the ers; developmental work on quarterly acfull system, subsector accounts are prepared counts; availability of new sources of data; for the banking, insurance, and other in- a continuous program of re-examination vestors sectors. and re-evaluation; and the need to improve Revised summary tables for the flow-of- methods of presentation and to accelerate funds accounts for 1950-54 and a summary preparation of the accounts. The advantable for 1955 are presented in this BULLE- tages for the long run of such a program of TIN on pages 376-381. Tables on amounts flexibility and adaptability more than offset of financial assets and liabilities outstanding the inconveniences incident to some lack of by sectors for the years 1949-55 are shown continuity between the original publication on pages 382-385. The more detailed sector and description and those presented later. and transaction account tables for these While this program may ultimately result years, corresponding in form to the detailed in extensive changes, relatively few structables in Flow of Funds, will not be pub- tural changes have been incorporated as yet: With respect to the form of presenta- NOTE.—This article was prepared by Stanley J. tion, these summary tables contain more Sigel, who is in charge of the flow-of-funds work of the Board's Division of Research and Statistics, under detail on the financial transaction catethe general direction of Kenneth B. Williams, Asgories than the summary tables published sistant Director. 372 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55 373 previously. In addition, outstanding public, which are published currently in the amounts of financial assets and liabilities Treasury Bulletin; the latter series include are presented in the same form as the sum- transactions of the Federal land banks and mary flow tables; figures on amounts out- Federal home loan banks. standing were published in Flow of Funds (2) Profit-sharing plans with retirement in separate transaction accounts but were provisions, which were implicitly in the connot available in the same form as the sector sumer sector in Flow of Funds, are now inflow tables. There are also a few differ- cluded in the self-administered pension ences between the present and earlier plans subsector of the insurance sector. summary tables resulting from structural This change is a result of the improvement changes in sectoring and transaction classi- of the statistical basis of that subsector. fication in the detailed flow-of-funds system of accounts. More extensive statistical dif- CHANGES IN TRANSACTION CLASSIFICATIONS ferences have resulted from changes in sources of data and in estimating proce- A few changes have also been made in dures and from revisions in the data upon transaction classifications: which the accounts are based. (1) The currency and deposit transaction category has been divided into two CHANGES IN SECTOR COVERAGE categories—(a) currency and demand de- The sector structure differs in two respects: posits and (b) time deposits; in most (1) The treatment of Federal land banks analytic applications of the accounts a disand Federal home loan banks has been tinction is made between demand and time changed in order to facilitate use of Treas- deposits. ury data in current construction and appli- (2) Consumer credit (short- and intercation of the accounts. In Flow of Funds, mediate-term credit) is shown as a separate these two Government-sponsored institu- transaction category; it was formerly ditions were in the Federal Government sec- vided between "trade credit" and "bank tor as long as the United States Treasury loans other than mortgages." This change owned any capital stock in them. As of has been made because consumer credit can the time the Treasury's capital stock hold- be handled more easily analytically when ings were retired, the banks were shifted to it is a separate category. the financial institutions n.e.c. subsector of (3) Correspondingly, the trade credit the other investors sector; this occurred in and bank loan categories now exclude con- 1947 for the land banks and in 1951 for the sumer credit; for this reason, the title of the home loan banks. In the present treatment, bank loan category has been changed from these two institutions are kept in the Federal "bank loans other than mortgages" to "bank Government sector even after retirement of loans n.e.c." (not elsewhere classified). Treasury stock holdings in them. The new (4) A change has been made in the flowtreatment brings the coverage of the Fed- of-funds treatment of Commodity Credit eral Government sector in the flow-of-funds Corporation certificates of interest sold in accounts closer to that of the Treasury and special offerings to banks. These certifi- Budget Bureau series on receipts from, pay- cates of interest in special pools of proments to, and net cash borrowing from the ducers' notes were first offered in the autumn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL RESERVE BULLETIN • APRIL 1957 of 1953; by August 1955, all of these certifi- to the miscellaneous financial transaction cates had been retired. In the present treat- category (in 1947 for land bank bonds and ment the pool certificates of interest enter in 1951 for the home loan bank bonds) as the accounts as bank loans to the Federal of the time the institutions were removed Government sector, whereas in Flow of from the Federal Government sector. In Funds they were treated as bank loans the present accounts, with the land banks to the farmers and cooperatives whose notes and the home loan banks remaining in the formed the basis of the pool. The original Federal Government sector, their bonds retreatment viewed the certificates of interest main in the Federal obligations transaction as pooled loans guaranteed by the CCC but category. This treatment brings the Fednot otherwise involving CCC transactions. eral obligations category closer in coverage They were thus treated the same way as to the Federal net cash borrowing series of CCC guaranteed loans held by lending the Treasury Department and the Budget agencies. There are important differences, Bureau. however, between these certificates of inter- (6) Seigniorage on silver is now shown est and guaranteed loans: Guaranteed loans in the Federal Government sector account involve a single debt instrument represent- as a financial source of funds under the ing the advance of funds from banks to the Treasury currency transaction category; farmer-customers. The pool certificates of earlier it was implicitly reflected in Federal interest, on the other hand, are part of the Government receipts from sales of goods financing of CCC advances to farmers; two and services. The gold and Treasury curdebt instruments are involved, and the cer- rency transaction account is more consisttificates of interest differ in rate of interest ent internally under the present treatment and timing of issuance and redemption than under the earlier one. from the CCC advances to farmers. The new treatment, showing these pool cer- OTHER CHANGES tificates as bank loans to the Federal Gov- Changes in sources of the data used have ernment sector with corresponding loans resulted in some revisions in figures. (1) (included in the miscellaneous transaction The account for self-administered pension category) from the Federal Government plans is now based mainly on Securities and sector to the farm and noncorporate busi- Exchange Commission surveys, which have ness sectors, reflects the market characterbecome available since 1955, rather than istics of these debt relationships. on indirect evidence. (2) The assets of (5) As a result of the change in sector- insurance companies other than life coming of the Federal land banks and Federal panies beginning in 1950 are now based on home loan banks, discussed earlier, the Best's Fire and Casualty Aggregates and transaction classification of the bonds of Averages', the earlier source—the Fire and these institutions has been changed. In Casualty volumes of the Spectator Insur- Flow of Funds, these bonds were included ance Year Book—is no longer available. in the Federal obligations category while (3) Farm capital outlays are now based the institutions were part of the Federal entirely on data appearing in Farm Income Government sector, but they were shifted Situation, published by the U. S. Department Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55 375 of Agriculture. (4) More detailed estimates State and local government debt outstandof State and local government holdings of ing have been changed. financial assets are now available in Census In addition, incorporation of revisions publications. (5) Some new data on that have been made in the basic data have mortgage company holdings of mortgages resulted in changes in many of the sector (shown under corporate business in these and transaction accounts, notably those for tables), based on its Postwar Capital Mar- the farm sector, the consumer sector, and in ket Study, were made available by the Na- the recording of capital acquisitions and tional Bureau of Economic Research. other goods and services transactions. Several changes in estimating procedure In the supporting tables on amounts of have had significant effects on the estimates. financial assets and liabilities outstanding, (1) Valuation adjustments to put insur- there have also been some changes from the ance company transactions in corporate earlier published versions. As indicated securities on an appropriate flow basis have above, these estimates are now presented in been applied; in Flow of Funds the valua- sector form as well as in separate transaction adjustment was shown as a separate tion category tables. Estimates of the line in the sector account and the corporate amounts outstanding have been included for security transaction entry was unadjusted. gold and Treasury currency and the debt (2) A portion of farm capital expenditures part of the corporate securities transaction has been allocated to nonfarm landlords in category, which were shown only in terms the nonfarm noncorporate business sector. of flows in Flow of Funds. Amounts out- (3) The procedures for allocating holdings standing are still not shown for corporate of mortgages, for estimating net purchases stock issues and for a few components of of corporate securities by nonprofit organi- the miscellaneous financial transaction zations, and for estimating the amount of category. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ON SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1950 S= SOURCES OF FUNDS, U= USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e es w t o o r f ld se A ct l o l rs Transaction category S U S U S U S U S U S U S U S U S U S U S U NONFINANCIAL A Payroll 144.6 2.3 88.7 22.8 2.3 11.3 10.3 1.4 1.9 3.4 * 144.6 144.6 B Receipts from and payments on investment 53 9 12 0 7 9 17 6 14 1 32 9 1 l 13 7 .6 5.0 .6 8 4.4 1.5 2 6 4 1 2 1 l 3 1 6 86.6 86.6 C Insurance and grants 21.8 16.9 .8 8.0 .7 2.8 .4 .3 5.8 16.5 10.1 10.7 * .2 20.0 11.5 5.0 1.0 3.5 .3 68.2 68.4 D E T C a a x p e it s a l a n a d c q ta u x is i r t e i f o u n n s d . s .. 16 1 .1 7 2 5 3 4 .8 9 .2 4 2 2 3 3 .9 8 1.3 5 8 .1 3 .4 3.7 9 37 9 * 2 1 .7 2 16.5 5.7 . .1 5 _ 6 2 1.9 * * 5 1 6 8 . . 5 0 1 5 0 7 0 . . 1 2 F Net change in inventory 4.9 7.5 * 6.4 G New fixed capital^ .... 36.8 18.9 6.6 3 7 1.6 5.4 .1 1 1 9 75.2 H Other capital acquisitions 16 1 18 0 ? j 1 3 4 * * 4 * 2 'ih.'o 18.7 I Other purchases and sales 130.7443.0290.8 164.4 110.7 29.3 11.1 4.7 12.6 4.8 6.0 .7 A .2 2*4 3.6 2.6 11 5 11.3 578.7 662.2 j Total 238.1240.6452.4452.9180.5 182.6 31.2 32 0 49.1 49.3 31.9 33.5 5.1 4.2 22.8 17 1 9 7 10.2 15 4 13.2 1,035.6 1,036.2 FINANCIAL 2 K. Currency and demand deposits .7 1.7 .7 - 5 -.3 .5 6.3 2 -.1 2 2 6.3 2.9 L M T F i e m de e r a d l e p o o b s li i g ts ations 4 2 2 9 — 4 1 * * .7 1 8 -3.5 — 1 3 _ 2 1 . 5 2 .8 * -.2 8 N O S C t o a r te p o a r n a d te lo s c e a c l u r o it b ie li s g ations .... .4 7 3 4 1 1 3 3 5 3 .1 1 .1 6 3.1 4 .3 .1 .3 * 4 3 . . 0 3 4 3 . . 0 3 P Mortsases 6.9 .7 1.3 -> 1.4 5 3 1 3.6 3.3 * 2.1 10.1 10.1 Q Consumer credit . . ... 4 1 17 5 1.6 2 4.1 4.1 R Other trade credit 8 5 12 0 — 2 7 1 ~> 4 .1 9.7 13.1 T S G Ba o n ld k a lo n a d n s T r n ea e s e u ry currency ... 2 2 4 2 9 — 1 * * -1 5 . 7 7 2 1 1.7 5.7 * 5.7 U Savings and loan and credit union shares 1 7 * i.7 * 1.7 1.7 V Other .8 .8 .5 .6 -.2 * * .5 -.6 * .4 .2 '".'8 .1 .7 2.4 2.3 W Total 12.1 5.5 15.6 18.6 4.6 2.2 .3 _ 5 1.2 1.0 3.3 2.1 6.5 7.4 .4 5 9 2 2 1 4 3 6 3 0 48.3 48.0 X Valuation adjustment and discrepancy .3 4.3 -3.6 .2 -.4 .1 2 3 * .3 1.1 Y Grand total 250.5250.5 467.9467.9 185.0 185.0 31.5 31.5 50.2 50.2 35.2 35.2 11.6 11.6 23.1 23.1 12.8 12.8 16.8 16.8 1,084.7 1,084.7 Memoranda: Z GNP identifiable in J 182.8 25.9 8 8 5 6 23.1 19 4 1 — 2 2 273.3 a Bank credit in W 4 "> 1 1 3.4 -.1 -3.5 1.6 * 9.0 3 1 9.1 9.0 * Less than $50 million. 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net i For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $28.0 billion and purchases of new houses of $8.9 billion. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1951 S= SOURCES OF FUNDS, U= USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e w st o o rl f d se A ct l o l rs Transaction category S u S U S U S U S U S u S U S U S U S U S U NONFINANCIAL A Payroll 168 0 2 5 102 0 26 1 2 4 16 3 11 3 1 6 2 1 3 7 168.0 168.0 B Receipts from and payments on investment .. 58.7 13.3 8.4 18.1 15.5 36 6 1.2 15.3 .7 5 3 6 8 4.9 1.6 2.9 4 1 3 1 3 4 1 9 94.6 94.6 C Insurance and grants 20.3 18.7 1.1 9.8 .9 3.2 .4 .3 7.1 13.9 10.7 10.6 * .2 22.9 13.6 5.3 1.1 2.9 .3 71.7 71.7 D Taxes and tax refunds 1.8 32.8 .3 31.4 5 8 1 0 53.0 2 1 18 2 .6 6 * 73.3 74.2 E Capital acquisitions 17 1 55 3 .2 30.6 1.2 6.5 .6 4.8 * 3.0 * 6.9 .1 * i 2 1 19.2 109.6 F Net change in inventory 8.1 .9 6 9.6 G New fixed capital1 36.2 22.4 5.6 4.1 3.0 6.4 J * 2 1 80.1 H Other capital acquisitions.. . . 17 1 19 1 .2 1 1 2 6 .1 * .4 2 19.2 19.8 I Other purchases and sales 142.6500.0326.0 178.5 U8.9 33.1 12.4 5.3 24 5 5 2 6 0 .7 .5 .1 2 8 3 9 2 9 14.5 15 8 741 A 652.4 J Total 265.9265.1510.0517.9 196.1197.1 35.3 36.2 66.1 65.1 34.7 35.6 5.7 4.6 26.0 19.7 10.6 11.2 17.8 18.0 1,168.1 1,170.4 FINANCIAL 2 K Currency and demand deposits 2.2 1.8 1 1 .4 1 4 6 7 2 .6 -.1 -.3 6.7 6.6 L Time deposits 1 9 1 .1 .2 2.4 2.4 2.4 M Federal obligations 1 2 1 i 4 3 1 0 1 1 2 2 * -.3 -.6 N State and local obligations .5 .1 .3 2.5 2 1.1 .3 * 2.5 2.5 O Corporate securities 1.5 5.7 * 2 1 .2 4.4 .4 .3 .4 .1 6.6 6.6 P Mortgages 6 1 8 1 6' 1! i 1 2 4 7 1 2 7 3.3 2.0 9.4 9.4 Q Consumer credit 1.2 .8 .3 1 1 1.2 1.2 R Other trade credit 3.1 3.9 1.3 .4 1.6 1.0 .1 * 6.4 5.0 S Bank loans n.e.c 4.4 — .6 .5 4 5 * 2 4.5 4.5 T Gold and Treasury currency * .1 -.1 U Savings and loan and credit union shares . . 2 3 2.3 * 2.3 *2.3 V Other .1 .3 * .3 -.1 .2 .5 .5 * .4 "".2 3. 4. ,8 .8 2.4 2.1 W Total 7.5 8.3 14.8 7.6 2.1 1.0 1.3 .4 1.6 2.5 2.5 2.1 9.7 9.8 .4 6.3 3.0 3.3 1.2 .5 44.0 41.8 X Valuation adjustment and discrepancy .3 .4 -.7 .2 — 5 9 3 — 9 .5 .3 2 Y Grand total. 273.7273.7524.9524.9 198.3198.3 36.6 36.6 67.6 67.6 37.2 37.2 15.3 15.3 26.3 26.3 13.5 13.5 19.0 19.0 1,212.4 1,212.4 Memoranda: Z a G Ba N n P k i c d r e e n d t i i t f i i a n b l W e in J "Y.9 195.5 "4!9 33.2 ~\ 7.4 5 6.7 ..... 40.7 i i 21.2 * 9 1. . 1 7 * '' *' * 9.5 4 .2 "" 9 'j 31 9 5 . . 7 6 * Less than $50 million. 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net 1 For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $26.5 billion and purchases of new houses of $9.8 billion. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1952 S= SOURCES OF FUNDS, U= USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e s w t o o rl f d se A ct l o l rs Transaction category S U S U S U S U S u S u S U S U S U S U S u NONFINANCIAL A Payroll 182.2 2.5 109.4 28.1 2.3 19.2 12.4 1.8 2.3 4.1 * 182.2 182.2 B Receipts from and payments on investment... 61.7 14.6 '*8!8 18.9 i6!8 40.5 "1.2 14.9 "".9 5.5 "".7 .9 "5!6 1.9 "3!i .4 "i.5 1.4 "A 1.8 100.8 100.8 C Insurance and grants 21.8 20.3 1.3 10.7 1.0 3.6 A .4 7.3 13.7 11.3 11.2 * .2 25.8 15.2 5.7 1.3 2.2 . .2 76.8 76.9 D Taxes and tax refunds 2.1 38.5 .3 38.3 6.2 1.0 65.1 2.5 20.0 .8 .6 87.5 88.0 E Capital acquisitions 23.0 62.4 .3 25.3 "i!3 5.8 "".5 4.5 * 4.3 "Y.2 .3 2 0 * 25.2 111.9 F Net change in inventory 1.8 .3 .9 3.0 G New fixed capital1 36.2 23.3 5.6 3.6 4.2 6.7 .7 * 2.0 81.8 JJ Other capital acquisitions .. . . 23 0 26 2 3 J / 3 5 * .1 .7 5 3 25.2 27.1 I Other purchases and sales 150.0512.4329.9187.6124.6 31.9 12.0 5.5 33.6 5.3 6.0 .8 .8 3.2 4.4 3.1 15.1 15.5 763.1 678.9 J Total 290.9288.4523.0532.5206.7208.9 34.1 35.2 78.8 78.7 37.3 37.8 6.3 5.6 29.1 22.1 11.6 11.9 17.7 17.61,235.51,238.6 FINANCIAL2 K. Currency and demand deposits 3.2 .8 .2 1.9 .5 6.2 .1 .6 • .2 6.2 6.7 L Time deposits 4.1 .2 4.6 .2 4.6 4.6 M Federal obligations .8 3 4 3 1.5 2 i .2 2 1.0 4.3 4.2 N State and local obligations 1.0 .3 3.2 .2 1.2 .4 * 3.2 3.2 O Corporate securities 1 6 7 2 * .4 i 3 5.2 .5 .5 .1 * 8.0 8.0 P Mortgages 6.5 .8 .7 1.3 .5 .5 * 2.6 2.0 * 2.9 9.0 9.0 Q Consumer credit 4 8 2 2 4 1 9 3 4.8 4.8 R Other trade credit 2.6 3.7 2.1 .8 .1 .9 .1 .2 5.1 5.5 S Bank loans n.e c 1 2 6 1 5 3 4 * 2 3.5 3.4 T Gold and Treasury currency * .5 -.4 U Savings and loan and credit union shares. . . 3 3 3 4 1 3.4 3.4 V Other .2 .5 * .2 .2 * .9 .5 * .3 .1 .3 .3 1.3 .2 3.3 2.0 W Total 11.6 14.3 13.2 6.1 3.6 1.1 1.3 .2 4.6 4.6 3.2 2.7 11.5 12.0 .3 7.8 4.5 4.8 1.6 1.2 55.4 54.9 X Valuation adjustment and discrepancy .4 .1 -2.3 3 .1 2 — .4 n .5 A -2.2 Y Grand total 302.8302.8536.3536.3210.3210.3 35.4 35.4 83.3 83.3 40.6 40.6 17.8 17.8 29.5 29.5 16.0 16.0 19.3 19.31,291.31,291.3 Memoranda: Z GNP identifiable in J 204.0 27.9 6.8 6.6 53.7 22.6 1.2 * 10.0 -.2 332.8 a Bank credit in W ' 3 7 3 3 5 6 2 i i 2 '" *' * 11.5 4 "ii!6 11.5 * Less than $50 million. 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net i For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $26.2 billion and purchases of new houses of $10.0 billion. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1953 S= SOURCES OF FUNDS, U«= USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Rest of All Sector Consumer the world sectors Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs Transaction category S U S U S U S U S u S U S U S U S U S U S U NONFINANCIAL A Payroll 194.9 2.7 118.4 29.7 2.3 19.4 13.5 1.9 2.6 4.4 * 194.9 194.9 B Receipts from and payments on investment.... 61.3 16.2 20.3 'ii'.i 39.2 14.6 5.5 1.0 "6!i 2.1 .5 1.4 'A 1.9 102.7 102.7 C Insurance and grants 23.6 22.0 l!4 11.6 3.9 'A .4 7!5 15.0 1K9 11.7 * .3 28 .'2 16.5 5^9 1.3 2.7 .3 82.8 82.9 D E T C a a x p e it s a l a n a d c q t u a i x s i r t e io fu n n s ds 2 2 3 .6 7 4 67 0 .7 3 . . 5 2 2 3 5 6 .4 4 6 6 .6 6 4 3 1 .0 4 64 4> .8 4 3 .1 2 21. . 4 1 .9 1 .7 2 2 4i 1 • 2 8 6 9 . . 0 4 1 8 1 9 7 . . 5 0 F Net change in inventory .4 .4 - .2 .6 G New fixed capital^ 40 3 24 9 6 I 3 7 4 2 7 2 1 * 2 1 88.7 H Other capital acquisitions 23 7 26.9 .2 .1 1.6 .4 • .1 .1 .5 .2 26.0 27.7 I Other purchases and sales 155.6537.7343.3 194.9 130.0 31.0 12.0 5.0 37.6 5.7 6.1 .8 .9 .1 3.6 4.9 3.3 16.0 J4.9 796.1 707.1 J Total 306.2304.4549.4555.3214.7215.8 32.8 33.8 78.3 84.8 39.9 40.1 6.9 6.1 32.0 24.1 12.5 12.6 19.1 17.11,291.8 1,294.1 FINANCIAL 2 K Currency and demand deposits. .1 .4 2 * — 1.6 .6 4i .2 .2 • * L Time deposits 4 0 2 3 5 0 'A 5.0 5.0 M Federal obligations 1.7 4> 5.2 1.6 .8 .1 .1 .6 5.2 5.0 N State and local obligations 2 0 1 _ 3 3.7 7 9 * 3.7 3.7 O Corporate securities 1 0 6.6 * .6 2 .4 4.7 .4 .4 .1 7.0 7.0 P Mortgages 7.2 1.1 .8 1.4 4 4 * 2 5 2.2 4c 3.6 9.9 9.9 Q Consumer credit .. 3 8 1 8 .2 1.5 .3 3.8 3.8 R Other trade credit 5 — 7 5 2 2 — 1 2 i 1 .8 -.6 S Bank loans n.e.c 2 2 3 .2 .8 I 0 — .1 -.3 1.0 1.0 T Gold and Treasury currency .1 • — 1 1 1.2 .1 .1 U Savings and loan and credit union shares 3 9 4.0 * 4.0 4.0 V Other 6 .4 .4 .4 .4 .5 4i .2 1.2 .1 • .3 .2 .2 .1 1.1 .2 3.8 2.6 W Total 11.9 12.5 8.1 3.3 2.7 1.2 .9 4i 6.1 -.4 3.7 3.5 5.2 5.9 .3 8.3 4.6 4.9 .6 2.3 44.2 41.5 X Valuation adjustment and discrepancy .5 1.6 -1.1 .4 * .2 • -.4 .3 .5 .9 Y Grand total 318.6318.6557.5557.5217.4217.4 33.8 33.8 84.5 84.5 43.6 43.6 12.2 12.2 32.3 32.3 17.0 17.0 19.7 19.71,336.51,336.5 Memoranda: Z GNP identifiable in J 215.3 28.5 7 8 5.5 58.5 24.2 1.3 10.7 -2.0 349.8 a Bank credit in W 3 5 4 8 3 i 6 7 * 6.9 * — 2 7.0 6.9 * Less than $50 million. 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net 1 For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $29.7 billion and purchases of new houses of $10.6 billion. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

oo O SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1954 S= SOURCES OF FUNDS, U=USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e w st o o rl f d se A ct l o l rs Transaction category S U S u S U S U S U S U S U S U S U S U S U NONFINANCIAL A Payroll 193.3 2.6 115.3 30.0 2.3 18.9 14.8 2.0 2.8 4.8 « 193.3 193.3 B Receipts from and payments on investment.... 61.9 17 4 9!7 20.7 i7!9 39.7 i!6 13.7 5.8 "!8 6^3 2.2 "4!i .5 "Y.9 1.7 ""A 2.2 105.1 105.1 C Insurance and grants . . 26.7 23.7 1.5 12.0 1.2 4.1 .4 8.4 16.9 13.3 13.1 .3 29.6 17.8 6.2 1.4 2.5 .3 90.0 90.1 D Taxes and tax refunds 2.9 38 3 .4 36.3 6 7 1.1 61.9 3.3 22.7 1 0 .9 * 87.9 87.6 E Capital acquistions 27.6 69.9 .3 21.3 1.9 6.7 .4 3.5 * 3.5 .1 9.2 2 4 2 6 30.2 117.2 F Net change in inventory -2.6 — / .2 -2.5 G New fixed capitall 40.6 23.8 6.8 3.3 3.4 8.5 .2 .1 2.6 89.4 H Other capital acquisitions 27.6 29 3 .3 J 1.9 .4 * * .7 .7 .3 30.2 30.3 I Other purchases and sales 159.5518.9329.8194.3128.8 29.9 11.7 6.2 31.5 6.2 6.3 .8 1.0 .3 3.8 5.2 3.5 15.4 15.3 777.1 691.3 J Total. . 312.4311.4530.8535.5215.2215.9 31.7 32.6 77.6 79.9 43.0 44.4 7.1 6.8 34.0 26.2 13.3 14.0 18.4 17.91,283.61,284.6 FINANCIAL 2 K Currency and demand deposits 2.2 .8 .5 -.3 .3 .4 4.3 * .8 .2 .2 4.3 4.6 L Time deposits . . . 4 2 2 * .5 5 4 .4 5.4 5.4 M Federal obligations -1.8 -1.8 * 2.0 1.7 3.9 -.5 .1 .4 2.0 2.1 N State and local obligations 9 .1 — 3 4 3 .3 2 0 1.4 * 4.3 4.3 P O Q C C M o o o r n r p s tg o u a r m a g e t e e r s s c e r c e u d r i i t t . ies 9 1 .0 3 * 1 4 5 1 . 4 2 .7 2 1 4 .4 1 4 1 * .8 .2 3 * .1 8 4 2 .4 7 .5 4 . . 4 3 3 .2 •1 1 6 1 2 . . . 3 0 5 1 6 1 2 . . . 3 0 5 R Other trade credit -1.3 .5 -.4 * -.2 .2 j .1 -1.8 .6 S Bank loans n.e.c .... .4 — 1 4 1 5 -.1 .3 1.5 .2 .6 1.6 1.5 * * -.2 .3 * .1 U Savings and loan and credit union shares 4 8 4 8 .1 4.8 4.8 V Other 1 | .9 -.2 .5 .9 .2 * .2 -.1 .2 * .4 .2 .5 .4 .5 .2 3.6 2.7 W Total 11.8 12.7 3.8 .5 3.1 2.1 .5 -.3 2.4 .2 4.3 3.7 10.2 11.1 .4 8.2 6.1 6.3 1.5 1.8 44.2 46.1 X Valuation adjustment and discrepancy .5 .6 -1.4 4 -.7 - 5 -.9 .2 .5 -2.4 Y Grand total 324.6324.6534.6534.6218.3218.3 32.3 32.3 80.0 80.0 47.4 47.4 17.3 17.3 34.3 34.3 19.4 19.4 19.9 19.9 1,328.31,328.3 Memoranda: Z GNP identifiable in J 220.5 24.5 7.7 5.7 49.4 26.8 1.5 11.8 -.4 347.5 a Bank credit in W 3 0 — i i 2 2 * 4 2 2 0 * 11.2 .2 .8 11.3 11.2 * Less than $50 million. 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net i For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $29.6 billion and purchases of new houses of $11.0 billion. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF FLOW-OF-FUNDS ACCOUNTS FOR 1955 S= SOURCES OF FUNDS, U= USES OF FUNDS [Annual flows, in billions of dollars] Business Government Financial institutions Rest of All Sector Consumer the world sectors Corporate co N rp o o n ra - te Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs Transaction category S U S U S u S U S U S U S U S U S U S U S U NONFINANCIAL A Payroll 208.4 3.0 124.9 32.4 2.3 19.6 15.9 2.2 3.0 5.1 208.4 208.4 B Receipts from and payments on investment.... 65.6 18.8'ioii 22.8 "\%.l 42.7 13.3 5.7 "".9 1.3 2.4 .6 "l.l 2.1 *"!5 2.5 112.1 112.1 D C T In a s x u e r s a n a c n e d a t n ax d r g e r f a u n n t d s s 2 3 8. . 9 1 4 2 1 5 . . 2 7 1. . 7 5 3 1 5 2 . . 8 9 1.3 4 7 . 5 2 'A 1 . 4 l 6 9 3 ^ 2 5 1 3 8 . . 6 2 2 1 4 3 . . 1 4 13.1 * 1. . 2 3 3K6 19 . . 9 2 6.6 1 * .4 2.7 * .3 9 90 6 . . 8 0 9 91 6 . . 1 0 E Capital acquisitions 29.2 81.5 .3 27.9 2.8 8.3 .4 3.4 2.8 10.6 ,2 4 2.7 32.7 137.9 F Net change in inventory 2 9 1 0 3.8 G New fixed capital1 49.3 25.0 7.4 3.4 2.8 9.6 .2 2.7 100.5 H Other capital acquisitions 29 2 32 2 1 2 8 4 * * ) 9 .3 ""32.7 33.6 [ Other purchases and sales ... 168.0573.0363.1212.8142.7 29.6 12.0 7.0 29.6 6.8 6.6 .9 1.1 .2 4.0 5.4 3.8 17.2 17.1 852.9 747.9 J Total 335.2338.2586.1587.4235.5237.8 31.5 32.5 80.7 79.6 45.2 47.4 7.8 7.4 36.2 28.1 14.2 15.1 20.4 19.91,393.01,393.4 FINANCIAL 2 K. Currency and demand deposits 1 5 4 3 1 1 .2 — 1 3.1 .5 L Time deposits 3 0 2 * 1 3 0 3.0 3.0 M Federal obligations 1 8 4 3 1 1 2 1.0 -7.6 -.4 .4 \'.2 1.2 .9 N State and local obligations 1 8 2 3 6 4 1 1 0 * 3.6 3.6 P O C M o o r r p tg o a ra g t e e s securities.,. ii i 2 1 . 3 4 6 1 . 3 4 5 2 8 2 6 5 * .7 .1 - 4 .5 8 3 3 . . 5 8 . . 8 1 5. . 3 5 * .2 1 7 6 . . 2 2 1 7 6 . . 2 2 Q Consumer credit.. . 6 4 3 3 3 2.4 .4 6.4 6.4 R Other trade credit 3 3 6 6 3 1 -.2 * 1 .1 4.4 7.5 S Bank loans n.e.c. 3 6 1 8 4 1 2 7.2 .4 .5 7.3 7.2 T Gold and Treasury currency... * * .1 .1 U Savings and loan and credit union shares 5 3 * 5.4 .1 5.4 5.4 V Other 7 4 * 5 4 * * 4 5 4 2 9 .2 .8 .3 2.0 2.0 W Total 18.6 16.2 17.1 15.5 4.8 2.0 .8 2 -.2 .9 3.6 2.4 5.7 6.5 .4 8.3 7.7 6.9 1.5 1.5 59.8 60.1 i 4 1 0 4 2 — 2 .5 .5 -.3 Y Grand total 354.3354.3603.3603.3240.3240.3 32.3 32.3 80.5 80.5 48.8 48.8 13.4 13.4 36.5 36.5 21.9 21.9 21.8 21.81,453.21,453.2 Memoranda: Z GNP identifiable in J 240 3 31.2 9.6 5 4 46 0 29 2 1 7 .1 12.5 -.5 375.4 a Bank credit in W... . 6 1 6 0 i 5 6 -8.7 .1 * 6.4 .5 .5 6,6 6.4 j * Less than $50 million, 2 Financial sources of funds represent net changes in liabilities; financial uses of funds, net 1 For the consumer sector, acquisitions of new fixed capital consist of purchases of new changes in financial assets. durable goods of $34.9 billion and purchases of new houses of $14.4 billion. NOTE.—For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 to FINANCIAL ASSETS AND LIABILITIES, 1949-55 L=LIABELITIES, A=ASSETS [Amounts outstanding, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n ra - te Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e w st o o rl f d se A ct l o l rs Transaction category L A L A L A L A L A L A L A L A A December 31, 1949 K. Currency and demand deposits 42.0 26.0 12.8 7.3 5.3 7.6 118.4 2.1 3.5 .5 4.5 118.4 110.6 L Time deposits 53.5 .7 2.8 .2 1.3 58.9 .2 .1 58.9 58.9 M Federal obligations 59 4 16.6 6.9 221 8 8.2 101.8 22.9 3 8 2.9 221.8 222.5 N State and local obligations 11.8 .5 .5 24.9 3.1 6.6 2.3 .1 24.9 24.9 O Corporate bonds 4.4 35.3 .9 4.2 26.1 0 2.2 2.7 .3 38.1 38.1 P Mortgages, total 32.1 16.5 9.6 .3 16.1 4.5 2.4 .1 18.2 13.3 .4 11.8 62.7 62.7 1- to 4-family 32.1 7.4 .9 .3 4.6 1.2 * 11.2 6.2 11.3 37.6 37.6 Afulti-family and commercial 6.8 8.7 * 10.4 * .1 6.1 6.0 .4 .5 19.5 19.5 Farm 2.3 1.1 4.5 1.2 .9 1.1 * 5.6 5.6 Q Consumer credit 17.3 8.0 2.9 5.8 .6 17.3 17.3 R Other trade credit 31.6 35.0 5.3 4.9 1.6 j j .7 .8 38.7 40.8 S Bank loans nee .... i i 11 5 9 4 3 1 25 9 4 9 26.3 25.9 T Gold and Treasury currency 2 6 29.2 10.8 2.6 40.1 U Savings and loan and credit union shares.... 13.1 * 13.2 13.2 13.2 V Other 3.5 6.5 .7 2 6 j j 1 5 .1 1 2 18.2 1.8 .2 5.2 2.4 2.9 1.3 13.3 1.6 32.6 31.4 W Total of above items 54.0207.1 88.1 87.1 33.3 31.4 10.6 7.4 225.7 26.8 24.9 21.2179.1191.9 5.2 70.0 17.7 23 5 17.5 20.3 656.0 686.7 December 31, 1950 K Currency and demand deposits 42.6 27.6 13.5 6.8 5.1 8.1 124.6 2.3 3.5 .7 4.7 124.6 113.5 L Time deposits . 54 0 7 2.9 .2 1.4 59.7 .2 1 .3 59.7 59.7 M Federal obligations 59.5 19.5 6.6 221.7 8.9 98.3 21.6 3.6 4.3 221.7 222.3 N State and local obligations 12 5 5 .6 28^2 3.6 8.2 2.7 28.2 28.2 O Corporate bonds 3.6 37.1 1 1 4 3 28.6 * 2.2 3.0 .3 40.2 40.2 P Mortgages total 39 0 17 2 10 9 5 17 6 4 9 2.7 .2 21.8 16.5 .4 13 9 72.8 72.8 j- to 4-family 39.0 7.6 1.4 .5 4.7 1.5 .1 13.7 S.6 13.3 45.2 45.2 Jdulti-family and commercial .... 7.1 9 5 I 11 7 * .1 7 1 6 6 .4 6 21.6 21.6 Farm 2.5 1.2 4.9 1.2 1.0 1.3 * 6.2 6.2 Q Consumer credit 21.4 9.7 3.4 7.5 .8 21.4 21.4 R Other trade credit 39.5 47.1 5 0 5 6 1 8 1 2 .5 .7 .9 48.5 53.9 1.4 13.9 12.2 2.9 31.5 .6 1.0 32.0 31.5 T Gold and Treasury currency 2 6 j 27.5 13.0 2.6 40.5 U Savings and loan and credit union shares.... 14.7 14.8 .1 14.8 14.8 V Other 4 3 7.3 7 3 0 1 7 1 3 j 1 2 18.6 1.2 .2 5.6 2.6 3.6 1.4 13.5 1.6 34.3 33.5 W Total of above items 66.1211.5102.1105.7 37.9 33.7 10.9 6.9 226.8 27.8 28.2 23.3185.5199.3 5.6 75.2 20.4 25.6 18.2 24.2 701.7 733.2 * Less than $50 million. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued L= LIABILITIES, A= ASSETS [Amounts outstanding, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e w st o o rl f d se A ct l o l rs Transaction category L A L A L A L A L A L A L A L A L A L A L A December 31, 1951 K Currency and demand deposits 44.8 29 *5 14.6 7.2 5.1 8.5 131.3 2.5 4.0 .6 4.3 131.3 120.1 L Time deposits 55 9 7 3 0 3 1 5 62 1 2 1 .4 62.1 62.1 M Federal obligations 58.3 20 6 6.2 221.4 9.9 99.4 19.4 3.6 4.3 221.4 221.7 N State and local obligations... 13 0 6 8 30 6 3 8 9 3 3 0 1 30.6 30.6 O Corporate bonds 3.3 40 7 1.3 4.5 32.4 * 2.2 3.4 .3 44.1 44.1 P Mortgages, total 45.1 18.0 12.5 .5 18.8 5.3 3.4 .2 24.5 19.8 .4 15.8 82.2 82.2 /- to 4-farnily 45.1 7.9 1.3 .4 5.5 2.1 .1 75.5 10.7 15.1 51.7 51.7 Afulti-Jamily and cortwiarcial . 7 3 11 2 1 12 2 I 2 8 0 7 6 4 7 23.9 23.9 Farm 2.8 1 3 5.5 1.3 1.0 1.5 * 6.6 6.6 Q Consumer credit 22.6 10.5 3.7 7.5 .9 22.6 22.6 R Other trade credit 42 6 51 0 6 3 5 6 2 2 2 9 1.5 .8 .9 54.9 58.9 S Bank loans nee 1.4 18 3 11 7 3 4 36 0 6 1 2 36.5 36.0 T Gold and Treasury currency 2 7 .1 27 6 13.1 2.7 40.8 U Savings and loan and credit union snares 17.0 17.1 .2 17.1 17.1 V Other 4.4 7 6 .7 3 3 1 6 1.3 .1 1.4 19.1 1.6 .2 5.9 2.7 3.9 1.8 13.6 1.9 36.1 35.1 W Total of above items 73.6217.9 114.7 113 3 40 0 34.7 12.2 7.3 228.4 30.3 30.6 25.4 195.0209.1 5.9 81.0 23.0 28.7 18.8 24.3 742.3 771.9 December 31, 1952 K Currency and demand deposits 48.1 30.3 13.9 7.4 7.0 9.0 137.5 2.7 4.6 .6 4.6 137.5 126.8 L Time deposits 60 0 7 3 2 3 1.6 66.7 .2 .1 .6 66.7 66.7 M Federal obligations 58.3 19 8 6.5 225.8 11.5 101.5 19.2 3.8 5.3 225.8 225.9 N State and local obligations 14 0 6 1 1 33 9 4 0 10.5 3.4 33.9 33.9 O Corporate bonds 3.2 45.5 1.7 4.6 36.9 * 2.2 3.4 .3 48.9 48.9 P Mortgages, total 51.6 18.8 13.3 .6 20.1 5.8 4.0 .3 27.1 21.8 .5 18.7 91.2 91.2 7- to 4-familv 51 6 8 3 / 2 5 5.7 2 5 .1 17.3 11.9 17.9 58.5 58.5 Jvlulti-family and commercial 7.5 12.1 .1 13.0 1 2 8 7 8 2 5 8 25.6 25.6 Farm 3 0 1 4 5 8 1.4 1.1 1.7 * 7.2 7.2 Q Consumer credit 27 4 12.7 4 1 9 5 1 1 27.4 21A R Other trade credit 45 2 54 7 8 4 6 4 2 3 2 9 2 5 .9 1.1 60.0 64.5 S Bank loans n.e.c ^ 1.5 20.9 11.7 3.9 39.4 .6 1.4 40.0 39.4 T Gold and Treasury currency . 2.7 * 28.1 13.0 2.7 41.1 U Savings and loan and credit union shares 20 3 20 5 2 20.5 20.5 V Other 4 7 7 9 7 3.4 1.7 1.5 .2 1.5 20.0 2.2 .3 6.3 2.9 4.2 2.1 14.0 1.9 38.5 36.9 W Total of above items 85.1230.5 125.5 119.4 43.6 35.8 13.5 7.5 232.9 34.9 33.9 28.1 206.4221.0 6.3 88.0 26.9 33.0 19.5 25.7 793.7 823.8 * Less than $50 million. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

00 FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued L= LIABILITIES, A= ASSETS [Amounts outstanding, in billions of dollars] Business Government Financial institutions Sector Consumer Corporate co N rp o o n r - ate Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs th R e e s w t o o r f ld se A ct l o l rs Transaction category L A L A L A L A L A L A L A L A L A L A L A December 31, 1953 K Currency and demand deposits 48.1 30.6 14.1 7.3 5.4 9.7 137.5 2.9 4.8 .6 4.4 137.5 126.8 L Time deposits 64.0 .7 3.4 .3 2.0 71.7 .2 1 1.0 71.7 71.7 M Federal obligations 58.4 21.5 6.5 231.0 13.1 102.4 19.3 3.9 5.9 231.0 230.9 N State and local obligations 16.0 .7 ' .s 3716 4.4 11.2 4 3 2 37.6 37.6 O Corporate bonds 3.1 50.3 2.3 4.9 40.8 2.3 3.3 .3 53.6 53.6 P Mortgages total 58.8 19.9 14.1 6 21.5 6.2 4.4 .3 29.6 24 0 5 22 3 101.1 101.1 7- to 4-family 58.8 /./ .5 6.1 2.8 ./ 19.3 13.4 21.3 66.1 66.1 Afulti-family and commercial 8.0 12.9 1 13 9 1 .2 9.2 8 7 5 1 0 27.4 27.4 3.2 1.5 6.2 1.5 1.1 1.9 * 7.7 7.7 Q Consumer credit 31 2 14 5 4 3 11 0 1 5 31.2 31.2 R Other trade credit 45.7 54.0 8.9 6.6 2.1 2.9 2.3 1.0 1.2 60.7 63.9 S Bank loans ncc i 7 20 7 12 1 4 2 8 40 4 5 i i 41.0 40.4 X Gold and Treasury currency 2.8 * 27.0 14.6 2.8 41.6 U Savings and loan and credit union shares . 24 2 24.5 .3 24.5 24.5 V Other 5.3 8.3 1.1 3.8 2.1 2.0 .2 1.7 21.6 2.3 .3 6.6 3.1 4.4 2.2 14.3 1.9 41.4 39.7 W Total of above items 97.0241.9 131.8 122.7 46.3 37.0 14.4 7.5 239.1 34.9 37.6 31.6211.5226.8 6.6 95.5 31.1 37.6 19.3 28.1 834.7 863.6 December 31, 1954 K Currency and demand deposits 50.3 31.4 14.6 7.0 5.7 10.0 141.8 2.8 5.6 .8 4.7 141.8 131.4 L Time deoosits 68 3 7 3 6 .3 2.4 77.0 2 1 1.4 77.0 77.0 M Federal obligations. 56.6 19.7 6.6 233.0 14.8 106.3 18.8 4.0 6.3 233.0 233.0 N State and local oblisations 16 9 8 5 4i 9 4 7 13.2 5 7 2 41.9 41.9 O Corporate bonds 2.6 54.0 3.0 4.9 44.1 * 2.3 3.3 .3 57.3 57.3 P Mortgages, total 68.1 21.3 15.3 .8 23.0 6.6 4.4 .4 33.4 26.7 .6 26.5 113.6 113.6 1- to 4-fcunilv . 68.1 9.3 1.4 .7 6.2 2.7 .1 22.2 15.4 25.3 75.7 75.7 Afulti-family and commercial 8.7 13.9 .2 15.2 .2 -> 10.0 9.3 .6 1.2 29.7 29.7 Farm 3.4 1.6 6.6 1.6 1.2 2.0 * 8.2 8.2 Q Consumer credit 32.3 15 2 4 4 11.0 1.7 32.3 32.3 R Other trade credit 44.4 54.5 8.5 6.4 2.1 2.6 2.6 1.1 1.3 58.9 64.5 S Bank loans nee 2 0 19.4 13 6 4 1 1 2 41.9 6 1 7 42.6 41.9 T Gold and Treasury currency 2.8 * 26.8 15.5 2.8 42.3 U Savings and loan and credit union shares 29 0 29 3 4 29.3 29.3 V Other 6.4 9.2 .9 4.4 3.1 2.2 .2 1.9 21.6 2.6 .3 7.0 3.3 4.9 2.6 14.1 2.2 44.3 42.4 W Total of above items 108.9254.2 133.9 123.2 49.4 38.6 15.0 7.2 241.5 35. 41.9 35.3221.4237.7 7.0 102.6 36.8 43.5 19.9 30.4 875.6 907.7 * Less than $50 million. NOTE.—Revised data. For description of sectors and of transaction categories, see notes on pp. 386-391. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL ASSETS AND LIABILITIES, 1949-55—Continued L= LIABILITIES, A= ASSETS [Amounts outstanding, in billions~of dollars] Business Government Financial institutions Sector Consumer th R e e w st o o rl f d se A ct l o l rs Corporate co N rp o o n ra - te Farm Federal St. and loc. Banking Insurance in O ve th st e o r rs Transaction category L A L A L A L A L A L A L A L A L A L A L A December 31, 1955 K Currency and demand deposits 50.5 31.9 14.6 6.8 5.6 10.4144.9 2.9 5.6 .9 4.6 144.9 131.9 71.2 .7 3.8 .3 2.4 80.0 .2 1.3 80.0 80.0 M Federal obligations. 58.4 24.1 6.7 234.1 15.8 98.7 18.4 4.4 7.5 234.1 233.9 18.7 1.1 ' !5*45!5 5.0 13.3 6.7 .2 45.5 45.5 O Corporate bonds 3 9 58 5 3 7 4 3 47.1 * 2.4 3.1 .3 61.7 61.7 P Mortgages, total 79.3 22.7 16.8 1.4 25.7 7.3 4.9 .4 38.3 30.2 .7 31.9 129.7 129.7 79.3 9.6 1.5 1.2 7.3 2.9 ./ 26.0 17.9 30.4 88.1 88.1 Multi-family and commercial 9.5 15.2 .2 16.7 .2 .2 10.9 10.0 .7 1.5 32.6 32.6 3.6 1.7 ' 7.3 1.8 1.3 2.3 * 9.0 9.0 38 6 18.5 4.7 13.3 2.1 38.6 38.6 R Other trade credit 47.7 61.1 9.6 7.2 2.2 2.4 2.6 1.2 1.4 63.3 72.1 2 3 25.4 14.4 4 5 49.1 1.1 2.2 49.9 49.1 T Gold and Treasury currency 2.8 * 26 8 16.2 2.8 43.0 U Savings and loan and credit union shares 34 2 * 34.7 .4 34.7 34.7 V Other 7.1 9.6 .9 4.5 3.5 1.8 .2 i.9 22.0 2.0 .3 7.4 3.5 5.8 2.8 14.1 2.4 45.5 44.2 W Total of above items 127.4269.3149.3138.8 54.2 40.5 15.7 7.0241.3 36.0 45.5 37.6227.0244.1 7.4 110.1 43.7 49.9 20.3 32.3 931.7 965.5 * Less than $50 million. NOTE.—For description of sectors and of transaction categories, see notes on pp. 386-391. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN • APRIL 1957 NOTES TO TABLES excludes farmer cooperatives and nonfarm landlords of farm property. It also excludes the non- These notes summarize the contents of the farm business activities of farm families and most sectors and transaction groupings used in the preof their consumer activities (other than housing). ceding tables. More detailed descriptions are The Federal Government sector covers, with given in the appropriate chapters of Flow of certain exceptions, all departments and branches Funds in the United States, 1939-1953; in a few of the Government, including all trust funds and instances, however, those descriptions have been deposit fund accounts and all Government corsuperseded by the material here, as indicated in porations, credit agencies, and other Federal enfollowing paragraphs. terprise funds, whether wholly or partially owned by the Government. It includes two Govern- SECTOR COVERAGE ment-sponsored and Government-supervised insti- The consumer sector comprises persons in their tutions—the Federal land banks and Federal capacity as members of households; it also re- home loan banks—that became wholly privately flects the activities of personal trusts and welfare owned when the Treasury capital interest in them funds. The sector excludes the business activities was retired. (See page 373 for discussion of of individuals as proprietors of farms and nonchange in treatment.) The following instrumenfarm unincorporated businesses, the lessorship talities of the Government are not included in activities of individuals acting as landlords, selfthis sector: (a) the Postal Savings System, the administered pension plans, and nonprofit, re- Exchange Stabilization Fund, the Board of Govligious, and welfare organizations. ernors of the Federal Reserve System, and cer- The corporate business sector consists of all pri- tain monetary accounts, all of which are in the vate domestic corporations other than banks, inbanking sector, and (b) the District of Columbia, surance companies, investment companies, savings which is included in the sector for State and local and loan associations, corporate farms, and some governments. The sector account is on a conmiscellaneous agricultural credit corporations. It solidated basis, that is, transactions between comincludes some financial corporations, such as sales ponents of the Federal Government sector are not finance companies, mortgage companies, etc., as shown. The nonfinancial transactions of Governwell as industrial and commercial corporations. ment enterprises are, in general, shown on a gross The activities of pension, welfare, and profitbasis. sharing plans established by corporate business The State and local government sector comare excluded insofar as possible. prises all State and local political subdivisions in The nonfarm noncorporate business sector inthe United States and its possessions and the govcludes all unincorporated businesses other than ernment of the District of Columbia. It includes (a) farms, (b) mutual financial institutions such all departments, trust and sinking funds, corporaas credit unions, and (c) nonprofit institutions tions and enterprises (such as State liquor monopserving individuals—schools, religious organizaolies and municipally owned utilities), and autions, and philanthropic groups. It includes muthorities (such as toll roads and port authorities) tual organizations engaged in production or comof such governmental units. The sector account merce—such as farm marketing, purchasing, and is a combined statement of consolidated accounts utility cooperatives—but not farm financial cofor each governmental unit. However, the conoperatives. The lessorship activities of individuals solidation is not complete with respect to debt are included, as are nonprofit organizations servand interest transactions between governmental ing business, e.g., trade associations. The sector units and their own sinking and trust funds, e.g., includes some financial enterprises, such as securboth the assets and liabilities in the sector account ity brokers and dealers and personal loan cominclude the securities of any given State governpanies, as well as industrial and commercial enment held by trust funds of that government. terprises. It excludes the consumer activities of business proprietors. The banking sector consists of 4 subsectors: The farm business sector covers all farm op- (1) commercial banks in the continental United erating enterprises, including corporate farms. It States, (2) mutual savings banks and the Postal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55 387 Savings System, (3) Federal Reserve System, and CLASSIFICATION OF NONFINANCIAL TRANSACTION CATEGORIES (4) Treasury monetary funds, which consist of the Exchange Stabilization Fund, the gold ac- Line A—payroll. Mainly cash wages and salaries before withholdings for income taxes and for emcount, the silver account, and an account conployee contributions to social insurance. Excludes structed from various Treasury data to record wages paid in kind and employer contributions to currency liabilities of the Federal Government not social insurance funds and to private pension and elsewhere classified and the assets underlying welfare funds. Includes wages paid by conthese liabilities. The banking sector is shown in sumers to domestic servants, nurses, etc. a consolidated account. In the detailed system of Line B—receipts from and payments on investaccounts, both subsector and sector accounts are ment. Gross payments and receipts of monetary shown. interest, rents and royalties, dividends and branch The insurance sector consists of all domestic profits, and net withdrawals of funds by proprieinsurance companies (life and nonlife), selftors from unincorporated enterprises. Excludes administered pension and retirement plans (that imputed interest and imputed rents. is., not administered by an insurance company), Line C—insurance and grants. Gross insurand the insurance activities of fraternal orders. ance premiums and benefits and gross payments It excludes governmental insurance and retirement and receipts of grants and donations. The insurprograms, which are in the government sectors. ance transactions cover all types of private and In the detailed system of accounts, both sector government insurance, including retirement and and subsector accounts are shown. pension programs; they include employment taxes The other investors sector is a combination of and benefits under the various social insurance three subsectors—(1) nonprofit organizations, programs. Grants and donations include intersuch as nonprofit private schools and hospitals, governmental grants (foreign and domestic), charitable, welfare, and religious organizations, donations to and by philanthropic and other nonand foundations; (2) savings and loan associa- profit organizations, and government and busitions; and (3) financial institutions not elsewhere ness grants to consumers, etc. Gifts in kind are classified, which comprise credit unions, invest- excluded where identifiable in the basic data. ment companies, banks in United States posses- Line D—taxes and tax refunds. All taxes other sions, agencies of foreign banks in the United than employment taxes, which are included in States, and miscellaneous farm credit institutions. insurance premiums in line C. Taxes and re- In the detailed system of accounts, both sector funds are recorded as of the time paid and reand subsector accounts are shown. ceived, not as of the time accrued. The rest of the world sector comprises the Line E—capital acquisitions. Expenditures recorded as capital acquisitions are shown in residents and governments of countries outside three subgroups: inventories, new fixed capital, the United States and its territories and possesand other; these are discussed below. Sources of sions. It includes international organizations funds under capital acquisitions consist mainly (such as the International Monetary Fund, the of receipts from the sales of real estate; receipts International Bank for Reconstruction and Defrom sales of capital goods (corresponding to velopment, and the United Nations) and emcapital purchases) other than of real estate are, ployees of these organizations who are not citizens in general, recorded in line I (other purchases and of the United States. The definition of the rest sales) rather than in line E. of the world is approximately the same as that in Line F—net change in inventories. Shown the United States balance-of-payments statement, only for business sectors. Inventory change is although the classification and coverage of trans- after valuation adjustment. Changes in farm inactions are somewhat different. The account is ventories are at cost rather than market value consolidated; it records only transactions of the and include changes in inventories held under rest of the world with the United States and not CCC direct and guaranteed loans. Line F is part transactions within the rest-of-the-world sector, of the flow-of-funds transaction category "other i.e., among other countries. goods and services." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN • APRIL 1957 Line G—new fixed capital Expenditures for goods and services." Purchases and sales in the new durable equipment and new construction. real estate transfer category are included in line For consumer sector: purchases of new con- E and in line H. Purchases and sales of "other sumer durable goods and purchases of new non- goods and services" are divided between lines E farm homes (excluding cost of land). For all and L Capital expenditures in the transaction business sectors: expenditures for new plant and category "other goods and services" are shown equipment; corporate and noncorporate business in line E but, in general, the corresponding sales capital expenditures also include purchases of are in line I. new nonfarm residential housing for tenant- Line 1—^total nonfinancial transactions. The occupancy and the net change in work-in-process sum of lines A through E and line I. on all nonfarm residential construction; capital expenditures of the farm business sector include CLASSIFICATION OF FINANCIAL TRANSACTION outlays for new farm dwellings as weU as for CATEGORIES new service buildings and equipment. For gov- Financial transaction categories are presented ernment sectors: expenditures for construction. both in terms of flows in the flow-of-funds tables For the banking, insurance, and other investors and in terms of amounts outstanding in the supsectors: expenditures for construction and equipplementary tables on amounts of assets and liabilment. Line G is part of the flow-of-funds transities outstanding. Both presentations use the action category "other goods and services." same letter designations for corresponding lines. Line H—other capital acquisitions. For con- With a few exceptions, the figures for amounts sumer sector: purchases of existing houses, land outstanding correspond in coverage to the finan- (including that associated with new-home pur- cial flow figures in the main summary tables, and chases), used consumer durable goods, and bro- the following notes apply, in general, to both kerage fees and settlement costs in connection with flows and amounts outstanding (with approprihome purchases; sales of existing homes, land, ate changes in wording to reflect flows and and used consumer durable goods. For corpo- amounts outstanding). Major differences in covrate business sector: purchases of land for resi- erage between corresponding series in the two dential construction, costs of security flotations, sets of tables occur in lines O (corporate securiand brokerage fees and settlement costs; and ties), T (gold and Treasury currency), and V sales of properties under lease-back agreements. (other financial transactions); the discussions of For noncorporate business sector: net receipts these lines indicate the differences. from real estate transfers. For farm sector: net In the flow tables, lines K through W present receipts from transfers of farm land. For gov- the net changes in each sector's liabilities (both ernment sectors: purchases and sales of land. For net increases and net decreases) under sources financial institutions sectors: purchases of prop- of funds and the net changes in each sector's erties in lease-back agreements; net receipts from financial assets (both net increases and net detransfers of foreclosed properties. Line H covers creases) under uses of funds. The financial all transactions in the flow-of-funds real estate sources and uses of funds for each sector are thus transfers category and some transactions in the recorded in terms of net changes in liabilities and "other goods and services" transaction category. net changes in financial assets rather than in terms Line I—other purchases and sales. All ex- of gross financial sources and uses of funds. penditures for, and receipts from the sale of, Line K—currency and demand deposits. All goods and services other than those listed sepa- demand deposits (other than domestic interbank rately in the summary tables, that is, all transac- deposits) at commercial and mutual savings tions in the flow-of-funds category "other goods banks in the continental United States; Governand services" except the capital transactions cov- ment and foreign deposits at Federal Reserve ered in line E. Banks; United States currency held outside the Purchases and sales under capital acquisitions banking sector; and foreign currencies and de- (line E) and other purchases and sales (line I) posits held by domestic sectors. The banking together make up the two flow-of-funds transac- sector's liability for currency and demand detion categories—real estate transfers and "other posits differs from the sum of amounts held by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55 389 all other sectors principally because of mail float. well as net funds raised through these securities; In the currency and demand deposit totals for all hence they differ somewhat from the debt transsectors, liabilities of the rest of the world for action figures reflected in the flow tables. No American-held foreign currency and deposits are table on levels of corporate securities was pronetted against foreign holdings of American cur- vided in Flow of Funds. rency and deposits; in the sector column for the Line P—mortgages. All debt and holdings of rest of the world, these two items are shown on debt secured by real estate. Includes mortgages a gross basis. on residential (1- to 4-family and multi-family), farm, and commercial properties. The tables on Line L—time deposits. Time and savings deamounts outstanding show detail on 1- to 4posits in mutual savings banks, in savings departfamily, multi-family and commercial, and farm ments of commercial banks, and in the Postal mortgages not presented in the flow tables. Savings System. No changes in holdings of such deposits have been attributed to the corporate Re-examination of data sources and estimating business and farm sectors for recent years be- procedures has resulted in a discontinuance of the former allocation of mortgage holdings to cause of inadequate basic data. noncorporate business until a more adequate Line M—Federal obligations. Treasury and series can be established. Corporate holdings are Federal agency debts other than the following those of corporate mortgage companies. Government liabilities: certain accounts payable, Line Q—consumer credit. Consumer instalwhich are in trade debt (line R); CCC pool cerment and noninstalment credit for short- and intificates of interest, which are in Federal Govtermediate-term; includes bank and nonbank ernment liabilities for bank loans (line S); Treascredit. Corporate and noncorporate business ury currency liabilities (line T); and trust and sector holdings include consumer credit paper deposit liabilities (line V). Includes all Treasheld by finance companies as well as that held ury and Federal agency securities—direct, fully by retail establishments. Holdings of the other guaranteed, and not guaranteed—except holdings investors sector consist of consumer paper held by agencies and funds that are part of the Fedby savings and loan associations and credit unions. eral Government sector. Includes accrued inter- In terms of the transaction classifications used est on outstanding savings bonds and Treasury in previous flow-of-funds publications, line Q is bills. Differs from series in Flow of Funds in a combination of consumer liabilities in the trade that the latter excluded bonds of Federal land credit transaction category and the consumer banks and Federal home loan banks beginning credit component of bank loans other than mort- 1947 and 1951, respectively. gages. The total amounts of consumer credit Line N—State and local obligations. Total shown are the same as the estimates of consumer debt—securities and loans—of all State and local credit published regularly in the Federal Reserve governmental units. Debt and holdings of debt BULLETIN. of the State and local government sector include Line R—other trade credit. Trade credit holdings of own debt by State and local governother than consumer short- and intermediate-term ments and their agencies. credit. Differs from the trade credit transaction Line O—corporate securities. The flow tables category in previous flow-of-funds publications record net issues, sales, and purchases of private because of the exclusion of consumer credit. domestic corporate debt and equity securities and Line S—bank loans n.e.c. (not elsewhere clasof foreign securities. sified). All bank loans other than domestic The line for the corporate securities transac- interbank loans, mortgage loans, and consumer tion category in the tables on amounts outstand- credit loans. Differs from transaction category ing covers only the debt part of the category; no "bank loans other than mortgages" in Flow of estimates of the amounts of corporate stocks Funds because of the exclusion of bank holdings outstanding are included. The estimates for of consumer credit paper. For consumer sector: amounts outstanding are tentative and subject to mainly bank loans to purchase securities. For reappraisal. Year-to-year changes in the amounts corporate business sector: mainly commercial outstanding reflect writedowns of securities as and industrial loans, including bank loans to fi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN • APRIL 1957 nance companies. For noncorporate business gold and silver are treated as physical rather than sector: commercial and industrial loans, loans to financial assets. security brokers and dealers, and other bank Line U—savings and loan and credit union loans. For farm sector: bank loans to farmers shares. These are part of the flow-of-funds transguaranteed by CCC and other bank loans to farm- action category "miscellaneous financial transacers. For Federal Government: bank holdings of tions." Practically all shares are held by the con- CCC pool certificates of interest. For other sumer sector; other allocations of holdings are investors sector: bank loans to nonprofit organi- made to the Federal Government and to credit zations and to savings and loan associations. For unions, both of which hold small amounts of savrest-of-the-world sector: mainly commercial and ings and loan shares. Savings and loan associaindustrial loans, but also includes commercial tions and credit unions are in the other investors sector. bank loans and Federal Reserve Bank advances to foreign banks. Line V—other financial transactions. Lines U Line T—gold and Treasury currency. Gold and V make up the flow-of-funds transaction cateheld as a monetary reserve; silver held as mone- gory "miscellaneous financial transactions." In tary reserve by domestic economy; and certain line V, consumer sector sources of funds are loans asset-debt relationships between the Federal Gov- on insurance policies and customer debit balances ernment and the banking system in connection with security brokers and dealers; consumer uses with the monetary system. (See Chapter 17 of of funds are mainly deposit claims on insurance companies and credit balances with security bro- Flow of Funds.) kers and dealers. The transaction flows for this category exclude commercial and industrial purchases and sales of Corporate business sector sources of funds on line V are loans from the Federal Government. gold and silver and foreign transactions in silver. Noncorporate business sector sources of funds are Federal Government sector sources of funds are customer credit balances owed by security brokers changes in Treasury currency liabilities (including and dealers, Federal Government loans to utility seigniorage, which was not shown as part of Treascooperatives and CCC loans to agricultural marury currency liabilities in Flow of Funds); Fedketing cooperatives; noncorporate business uses eral Government sector uses of funds consist of of funds are mainly customer debit balances with changes in holdings of silver bullion held at cost security brokers and dealers. Farm sector sources value by the Treasury. Banking sector uses of of funds are nonmortgage nonbank debts; these funds in this transaction category are net increases are debts owed mainly to the Federal Governin gold (including the active gold of the Exchange ment and include loans held by CCC and Farm- Stabilization Fund), silver, and other Treasury ers Home Administration. currency assets. Rest-of-the-world uses of funds Federal Government sector sources of funds are gold transactions with the United States. are private capital subscriptions to Federal agen- In the table on amounts outstanding, foreign cies, and trust and deposit liabilities; Federal gold assets reflect net foreign gold production Government uses of funds are mainly funds ad- (output less consumption and net increase in vanced (other than through mortgages and trade private holdings) as well as foreign gold transcredit) to business, cooperatives, farmers, finanactions with the United States. Year-to-year cial institutions, and the rest of the world. changes in this figure differ from the correspond- Banking sector sources of funds are misceling figures in the flow tables by the amount of this laneous currency and deposit liabilities excluded net foreign production. No tables on amounts of from the currency and deposit transaction categold holdings and of Treasury currency were progory, balances owed to foreign branches, paid-in vided in Flow of Funds. The large difference be- capital of Federal Reserve Banks, and other mistween total assets and total liabilities in this cate- cellaneous liabilities; changes in some assets of gory results from the fact that gold and silver are the banking sector—Federal Reserve float and shown in the accounts as assets of the sectors Postal Savings System deposits with the Treasury holding them, but no sector is shown as bearing —are netted against sources of funds rather than the corresponding liabilities. In this respect the shown under uses of funds. Banking sector uses Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY FLOW-OF-FUNDS ACCOUNTS, 1950-55 391 of funds are paid-in capital of Federal Reserve represent total net changes in liabilities; the totals Banks. Insurance sector sources of funds are under uses represent total net changes in finanmainly deposit liabilities of life insurance com- cial assets. panies; insurance sector uses of funds are mainly Line Y—grand total. Sum of line J, line W, policy loans by life insurance companies. Other and line X (valuation adjustments and statistical investors sector sources of funds are savings and discrepancies). The size of the totals on line Y loan association borrowing from Federal home for each sector is dependent upon the methods loan banks and miscellaneous savings and loan and detail of presentation of the financial transliabilities, foreign deposits with United States actions. agencies of foreign banks and deposit liabilities Differences between total sources of funds and of banks in United States possessions, and capital total uses of funds for each sector (as shown in stock and debts of various farm credit institu- line X) and for each transaction category (as tions; other investors sector uses of funds are indicated in the "total" column) are attributable mainly savings and loan associations' deposits to data inadequacies, estimating errors, valuation with and holdings of capital stock of Federal differences, timing differences, and other classihome loan banks, miscellaneous savings and loan fication and statistical inconsistencies. and credit union assets, loans other than mort- Line Z—GNP identifiable in flow-of-funds gages of banks in United States possessions, and nonfinancial transactions. Line Z records the assets of farm credit institutions. (Differs from amount of gross national product, as measured Flow of Funds because of changed treatment of in the national income accounts of the United Federal land banks and Federal home loan States Department of Commerce, that can be said banks.) For the rest-of-the-world sector, sources to be covered by the nonfinancial transactions in of funds are loans from the United States Gov- each flow-of-funds sector account. While the ernment and liabilities to the United States pri- memorandum line is shown under uses of funds vate economy other than obligations incurred in the summary tables, line Z is to some extent through securities and bank loans; rest-of-the- net of receipts included in flow-of-funds nonfinanworld sector uses of funds are foreign deposits cial sources of funds because several elements in with United States agencies of foreign banks, and the GNP are on a "net" basis. The contents of foreign claims against the United States not clas- the line, its derivation, and the detailed relationsified elsewhere. ship to the GNP are described in an appendix In the tables on amounts outstanding, estimates to Flow of Funds. of unallocated or unidentified assets and liabili- Line (a)—bank credit in line W. Net changes ties of the rest of the world and of foreign gov- in each sector's obligations held by the banking ernment debts to the United States arising from system. Bank credit recorded for the banking World War I are omitted from line V. Year-to- sector on line (a) differs from banking sector's year changes in these tables thus differ from the total change in all financial assets shown in line corresponding figures in the flow tables. W in that the former excludes changes in holdings Line W—total financial transactions. The sum of gold, silver, and other Treasury currency of lines K through V. The totals under sources assets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Finance Companies, Mid-1955 A SURVEY of sales and personal finance a description of the methods used in preparcompanies was conducted in mid-1955 by ing these estimates is included in the technithe Board of Governors of the Federal Re- cal note at the end of this article. The data serve System to obtain comprehensive infor- presented in the text and tables of this article mation for the Board's consumer credit represent estimates for all finance comstatistics and to acquire further insight into panies. the financial structure and operations of these companies. The revision of the con- STRUCTURE OF INDUSTRY sumer credit statistics that appeared in the The Survey covers several types of finan- BULLETIN for October 1956 was based in cial institutions that engage in consumer part on information obtained in the Survey. lending. There are differences among these This article and the accompanying supple- institutions with respect to the laws under mentary tables contain additional material which they operate, the purposes for which on the types of credit outstanding at these they make loans, the ways in which they companies and information on other asset acquire loans, and the types of contractual and liability items.1 arrangements they use. Some purchase con- The Survey undertook to obtain informa- sumer instalment paper from retail stores; tion from all sales finance and personal fi- others make loans directly to the consumer; nance companies (including consumer fi- and some do both. Consumer credit is the nance companies), an estimated total of major business of most of the companies about 8,000 companies. Reports were re- covered by the Survey, although not the sole ceived from about 5,200 companies, which activity of many of them. A few are oraccounted for 90 per cent of the estimated ganized primarily as investment or mortgage amount of consumer credit outstanding at companies and make consumer loans or buy such lending institutions on June 30, 1955. consumer paper only as a supplement to For companies that did not report, estimates their other activities. were prepared on the basis of reported data Most finance companies concentrate on a for companies of comparable size and type; single type of lending: One large group specializes in buying automobile paper from xThe survey of finance companies was conducted by the Consumer Credit and Finances Section of the automobile dealers. Another engages pri- Board's Division of Research and Statistics with the marily in making small loans under State cooperation and assistance of the Federal Reserve small loan laws directly to consumers. A Banks and of industry trade associations. This article was prepared by Paul F. Smith and Francis R. few companies specialize in purchasing in- Pawley. Miss Elsie T. Nelson assisted the authors in stalment paper on durable goods other than organizing the Survey and in editing and processing the results. automobiles. 392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 393 On the other hand, some companies—in- panies include the following types of entercluding many of the largest—engage in a prises: (1) companies operating in States variety of lending operations. Many in this that do not have small loan laws or have group engage in both business and consumer inoperative ones, (2) companies operating financing. They frequently extend credit on under industrial loan or other cash lending the inventories of retail stores that sell them laws, (3) employee loan funds, and (4) consumer paper. Others make loans of vari- remedial, fraternal, or church loan groups. ous types to businesses. Some companies On the basis of this classification, the Surconduct their operations through subsidi- vey covered about 2,600 sales finance comaries that specialize in particular types of panies, 3,200 consumer finance companies, loans while others operate under a single and 2,200 other personal finance companies. corporate organization. Supplementary tables on pages 403-408 The diversity of activities makes it diffi- show estimated assets and liabilities of each cult to classify finance companies by type of of these groups classified by size of company, business. For purposes of this Survey and and the percentage distributions of their the consumer credit statistics, all companies assets and liabilities. were classified according to the composition The sales finance group is the largest in of their consumer receivables. For holding terms of consumer loans. Table 1 indicompanies and multiple-office organizations, cates that in mid-1955 its loans outstanding the consolidated lending operations of the totaled $7.3 billion. Consumer finance head office and all branches or subsidiaries companies on the same date had consumer were used. loans of $2.4 billion, and other personal Companies were divided into two major finance companies only $0.7 billion. groups—sales finance companies and per- A few large companies conduct a subsonal finance companies. Companies with stantial part of the business of finance com- 50 per cent or more of their consumer re- TABLE l ceivables in automobile, other consumer TYPES OF FINANCE COMPANIES, JUNE 30, 1955 goods, or repair and modernization paper were classified as sales finance; the others— Personal finance with 50 per cent or more of their consumer Item fi S n a a l n e c s e Consumer finance Other receivables in personal loans—as personal finance. Number of companies 2,620 3,180 2,200 Number of offices 5,970 8,830 3,640 The personal finance group was then sub- Outstanding consumer loans divided into consumer finance and other per- (in millions) $ 7,317 $2,398 $ 748 Total assets (in millions) $10,077 $2,891 $1,419 sonal finance companies. Consumer finance NOTE.—Estimates for all companies based on the survey of sales companies were defined as those with 50 per and personal finance companies as of June 30, 1955. cent or more of their consumer receivables mated from State supervisory reports, amounted to in loans made under effective State small $1,885 million. About 8 per cent of these loans are loan laws.2 Other personal finance com- included in categories other than personal loans. All three types of finance companies make some 2 It is estimated that about 60 per cent of all per- loans under effective State small loan laws, but consonal loans of sales and personal finance companies sumer finance companies hold most of these loans. are made under State laws that are generally classified Sales finance companies account for an estimated 12 by authorities in this field as effective small loan per cent, and other personal finance companies for laws. Such loans outstanding on June 30, 1955, esti- 3 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN • APRIL 1957 parties. This is true especially for sales fi- companies, however, are typically very small nance companies, where the 10 largest com- —their consumer loans averaged only about panies held 70 per cent of the consumer $250,000 per company. Except in the other receivables for the entire group. The 10 personal finance group, single-office comlargest companies classified as consumer fi- panies held a relatively small part of the nance or as other personal finance held total loans of their respective groups. about 50 per cent and 25 per cent, respec- Both types of personal finance companies, tively, of their group totals. Among the 10 which lend primarily through direct loans largest companies in each group, sales fi- to individuals, had a larger number of offices nance companies on an average were also in relation to total business than sales fimuch larger than those in the other groups. nance companies. Consumer finance com- Average consumer loans for this group in panies had nearly 50 per cent more offices mid-1955 amounted to $520 million, com- than sales finance companies although their pared with $120 million for the 10 largest consumer loans were only one-third as large. consumer finance companies and $20 million for the 10 largest other personal finance ASSETS companies. The resources of sales and personal finance Most finance companies are single-office companies reflect their diverse activities. companies. Ninety per cent of both sales Considerable variation appears in the extent finance and other personal finance com- to which they specialize in different types of panies had only one office, and 85 per cent consumer loans and in the extent to which of the consumer finance companies con- they make loans to business or invest funds ducted their business through a single out- in other ways. Variations also appear, allet, as shown in Table 2. The single-office though to a lesser extent, among companies specializing in similar types of loans; these TABLE 2 differences reflect the special policies and NUMBER OF FINANCE COMPANIES AND AMOUNT OF CONSUMER LOANS, BY NUMBER OF OFFICES situations of individual companies. JUNE 30, 1955 Distribution. Most of the resources of [Percentage distribution within type-of-company group] finance companies are devoted to their con- Other sumer loans. The ratio of these loans to Number Sales Consumer personal of offices co f m ina p n a c n e ies co f m ina p n a c n e ies co f m ina p n a c n e ies total assets varies, however, with the size and type of company. Consumer finance com- Number of companies panies reported the greatest concentration in 1 89.5 85.4 91.8 consumer loans. About 85 per cent of their 2 to 5 7.2 10.0 6.0 6 to 10 1.8 2.1 total assets on June 30, 1955 consisted of 11 to 50 1.0 2.0 0.9 Over 50 0.5 0.5 0.2 these loans (Table 3). About 10 per cent Total 100.0 100.0 100.0 of their assets were in loans to businesses or Amount of consumer loans in investments. This pattern seemed fairly outstanding consistent for all sizes of companies except 1 13.3 16.7 55.9 the smallest (with consumer loans of less 2 to 5 4.6 7.3 10.9 6 to 10 6.1 4.5 7.6 than $100,000), which had a considerably 11 to 50 7 0 16 2 6 8 Over 50 69.0 55.3 18.8 larger proportion of assets in business loans Total 100.0 100.0 100.0 and investments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 395 TABLE 3 for these companies than they are for sales fi- MAJOR TYPES OF ASSETS OF FINANCE COMPANIES nance or consumer finance companies. Con- JUNE 30, 1955 sumer loans accounted for only a little more [Percentage distribution within type-of-company groups] than half of their total assets in mid-195 5. Other About 30 per cent of their assets were in Sales Consumer personal Type of asset finance finance finance companies companies companies investments, compared with 6 per cent for sales finance companies and 7 per cent Loans: Consumer 72.6 83.0 52.7 for consumer finance companies. Business Nonconsumer 20.9 3.4 ^7.6 loans, which accounted for 8 per cent of Total loans (gross) 93.5 86.4 60.3 Less: Reserves -7.9 -5.1 -3.9 their assets, were somewhat less important Total loans (net) 85.6 81.3 56.4 for these companies than for sales finance Investments 5.7 7.3 29.8 Cash and bank balances 6.6 8.0 8.4 companies. Other assets 2.1 3.4 5.4 All three types of finance companies re- Total assets 100.0 100.0 100.0 ported about 7 or 8 per cent of their assets in cash or bank balances (Table 3). Dif- Sales finance companies, which usually ferences by size of company showed no conengage in wholesale operations as well as sistent pattern. Sales finance companies on retail business, had 73 per cent of their as- an average reported slightly lower percentsets in consumer loans. Since the opera- ages of cash balances, but the differences tions of these companies place them in di- were relatively small. rect contact with automobile dealers and Consumer loans. Most finance companies other retailers, they also frequently make specialize in a single type of consumer lendloans to retailers or make loans on noncon- ing. About seven-tenths of all personal fisumer items—such as trucks or farm equip- nance companies reported that 90 per cent ment—sold by retailers. The wholesale or more of their consumer lending reprefinancing of automobiles and other durable sented personal loans. Nearly half of the goods inventories accounted for 13 per cent sales finance companies had 90 per cent or of the assets of sales finance companies in more of their consumer loans in retail aumid-1955, and other business loans ac- tomobile paper; another eighth dealt almost counted for 8 per cent. Real estate mort- exclusively in household appliance loans, gages, corporate and government securities, and a small number concentrated on repair and other investments were relatively unim- and modernization loans. The remaining portant in the portfolios of most sales fi- sales finance companies, about two-fifths of nance companies. These investments ac- the total, did not confine their portfolios to a counted for only 6 per cent of total assets single type of paper, but they usually held of the group. Some smaller companies, a substantial proportion of their receivables however, had relatively large proportions of in automobile paper. their funds in investments. For the smallest Automobile paper accounted for more size group (consumer loans of less than than four-fifths of total consumer loans held $100,000) the figure was nearly 25 per cent. by sales finance companies on June 30, The group "other personal finance com- 1955 (Table 4). The concentration in panies" is so heterogeneous that uses of automobile paper was slightly greater funds vary widely. Loans are less important among the large companies than among the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN • APRIL 1957 small ones, but even the smallest reported Holdings of automobile paper and of other that about three-fifths of their consumer consumer goods paper varied among difloans were on automobiles. The smaller ferent size groups from 2 to 12 per cent of sales finance companies supplemented their total consumer loans. Repair and modernholdings of automobile paper mainly with ization loans accounted for 2 per cent or appliance paper. The four smallest size less of total consumer loans for each size groups had one-fifth or more of their con- group. sumer loans in this type of paper as compared with only one-eighth for all sales fi- SOURCES OF FUNDS nance companies combined. Repair and The differences in the relative importance modernization loans accounted for less than of financing methods used by finance com- 1 per cent of sales finance company loans, panies reflect in part factors peculiar to and personal loans for only 6 per cent. the individual companies. These include By definition, consumer finance com- management, the length of time the companies engage primarily in making personal pany has been in business, the location loans. All size groups had four-fifths or of its offices, and the particular types of more of their loans in this form. The pro- customers served. Certain major differences in financing sources, which reflect the TABLE 4 general type of business, can be distin- TYPES OF CONSUMER LOANS OUTSTANDING AT FINANCE guished; that is to say, whether it is a sales COMPANIES, JUNE 30, 1955 finance, consumer finance, or other personal [Percentage distribution within type-of-company groups] finance company, and whether the company Other is relatively large or small in relation to Sales Consumer personal Type of loan finance finance finance other companies in its group.3 companies companies companies Type of business. The type of lending Automobile paper 81.7 6.2 6.4 Other consumer goods paper.... 12.3 11.3 7.4 operation is an important factor in deter- Repair and modernization loans. 0.3 0.1 1.4 5.7 82.4 84.8 mining the extent to which a consumer All types 100.0 100.0 100.0 lender is able and willing to borrow from given sources and the extent to which a portion of their loans made for the purchase given source is willing and able to lend to it. of automobiles or other consumer goods va- The criteria basic to these arrangements and ried somewhat among different size groups, the attitudes that exist between borrowers but without a pattern. Automobile loans and lenders have developed over a period of varied from 5 per cent for the largest com- many years; they have gradually evolved as panies to 11 per cent for one of the medium- a result of accumulated experience, and of sized groups. The largest companies had the established interpretations of this exthe largest proportion of household appli- perience by lenders in terms of profitability ance loans, 16 per cent, and the smallest and exposure to risk of loss. companies had the smallest proportion, 3 8 For a more detailed analysis of the financial charper cent. acteristics of principal sales finance and consumer The distribution of consumer loans among finance companies, which includes some historical other personal finance companies was simi- perspective, see the Board's publication, Consumer Instalment Credit, Part I, volume 2, supplement I lar to that at consumer finance companies. (Washington, D. C, 1957). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 397 The major differences among the three panies obtained only one-third. Thus, the types in the sources of their financing relate relatively lower capital ratios of the sales to dependence on borrowed funds. The finance companies were accompanied by a most striking difference perhaps is the rela- relatively high ratio of short-term debt. On tively small proportion of capital and the the other hand, the higher capital ratios of large proportion of debt shown by the sales the other personal finance companies, comfinance companies, compared with those for pared with consumer finance companies, consumer finance companies and the other were reflected mainly in their varying propersonal finance companies. Ratios of capi- portions of long-term debt, at 10 per cent tal to total liabilities for the three groups on and 31 per cent, respectively, while their June 30, 1955 (Table 5), were: sales fi- short-term debt ratios were approximately nance companies, 15 per cent; consumer the same at 35 per cent. finance companies, 30 per cent; and other The long-term debt total in Table 5 inpersonal finance companies, 44 per cent; at cludes subordinated debentures. These the same time total debt was 80 per cent, obligations contain provisions that in gen- 66 per cent, and 45 per cent, respectively, of eral make their lien on assets junior to shortthe total liabilities for the three classes. term debt and to senior long-term debt. Another characteristic is the distribution Holders of senior debt often regard subordiof debt between short- and long-term obli- nated debentures as part of a company's gations. Sales finance and consumer finance capital base, that is, as being available to groups each had about the same ratio of protect senior lenders if the company enlong-term debt to total resources—about 30 counters financial difficulties. If subordiper cent. Sales finance companies acquired nated debentures are added to capital and nearly half of their resources from short- surplus, the ratios to total liabilities differ term debt whereas consumer finance com- somewhat less among the three types of companies than ratios based on capital and sur- TABLE 5 plus alone: the capital base thus determined MAJOR TYPES OF LIABILITIES OF FINANCE COMPANIES was 22 per cent for sales finance companies, JUNE 30, 1955 [Percentage distribution within type-of-company groups] 36 per cent for consumer finance companies, and 47 per cent for other personal finance Other Sales Consumer personal companies. Type of liability finance finance finance companies companies companies Variations in the ratio of capital to debt Short-term notes payable to and of short-term debt to long-term debt are banks 25.0 24.4 14.4 Commercial paper and other the result of many complex influences, but short-term debt 23.0 10.2 20.8 certain broad considerations that have a Total short-term debt 48.0 34.6 35.2 Long-term notes payable to bearing on the distribution of financing banks 2 3 3 4 1 9 Other long-term debt (excluding sources may be noted. In general, consumer subordinated debentures) 22.0 20.9 4.8 Subordinated debentures 7.5 6.7 3.0 lenders may desire a relatively high ratio of Total long-term debt 31.8 31.0 9.7 debt to capital because the larger "leverage Total debt 79.8 65.6 44.9 factor" permits more revenue and profit per Other liabilities 5.3 4.8 11.3 dollar of owners' capital investment. On Capital and surplus 14.9 29.6 43.8 the other hand, the risk tends to increase Total liabilities 100.0 100.0 100.0 with the debt-equity ratio, so that at some Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN • APRIL 1957 point lenders tend to restrict further expan- some extent the variability in the business sion of debt ratios. of such companies, accounted for partly by The variability in the volume of business the large proportion of nonconsumer paper also influences the relation between debt and they held. The lower ratios of short-term capital as well as the ratio of short- to long- debt to capital for consumer finance comterm debt. During periods of rapid expan- panies reflected in part the greater stability sion, such as 1955, these ratios may in- of their business. crease temporarily pending an opportunity Size of business. Beyond the differences to arrange for new capital or for long-term in financing sources that appear in the comdebt financing. The more variable the level parisons of ratios of aggregate debt to capiof business, the more desirable it may be tal for the different types of business is the for the lending institution to expand or coneffect of variations in size of company. The tract its financing through use of short-term companies in the strongest positions in terms debt. The more stable the business, the less of profitability and risk experience tend to the need for a large proportion of shorthave the highest ratios of debt to capital. term to long-term debt. Although size is not necessarily a measure Beside considerations of profitability and of a company's financial strength, Survey risk, the debt-capital ratio tends to be reladata indicate that for all three types of tively low for particular types of lenders, business the debt-capital ratio tended, with such as the industrial loan companies in the some exceptions, to be higher as the size "other" group, because their loan funds are of the business increased. The ability and obtained to a large extent from capital dewillingness of certain consumer lenders to posits or certificates. borrow more in relation to their capital than On this basis, the comparatively high ratio others appear to be both an effect and a of aggregate debt to capital for the sales ficause of their larger size. Differences in size nance companies as a group, under the conas well as other influences were reflected also ditions of heavy demands for consumer in the relation between short- and long-term credit that existed in 1955, would seem to debt, although this relationship varied conreflect in part the financial strength of the siderably among the three types of busimajor companies that dominate the aggrenesses, as may be seen in Supplementary gate data. The comparatively high ratio of Table 6. short-term debt in this group reflected to TECHNICAL NOTE The objective of the Survey was to ob- ciation rosters, reports of State supervisory tain data on the principal assets and liabili- authorities, and telephone directories. ties of all financial institutions other than Forms were mailed to the head offices of banks, credit unions, savings and loan asso- all companies and to subsidiaries and ciations, and pawnbrokers that were en- branches if there was any question about the gaged in instalment lending to consumers. corporate structure of the company. The Mailing lists were developed from the 1950 report form, a copy of which appears on Regulation W registration lists, trade asso- pages 401-402, requested information on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 399 the consolidated assets and liabilities of each companies accounting for about 95 per cent company. Subsidiaries and branches were of the estimated consumer loans held by this instructed not to fill out the form but merely type of company. The accompanying table to report the name and address of their head compares the coverage for various types of office or parent company. companies. A second request was mailed to all com- ESTIMATES FOR NONREPORTERS panies that did not reply to the first. The original form was used again for the large To provide totals for all finance companies companies, but a less detailed form was sent for use in the consumer credit statistics, to small companies. The less detailed form estimates were prepared for the companies requested information on total consumer that did not reply. For this purpose, nonloans, total assets, loans made under State reporting companies were divided into two small loan laws, and number of offices. Ad- groups: ditional attempts were made to obtain infor- 1. Companies that had reported in the mation from a few large companies that did 1950 Regulation W registration. not respond to the first two requests. 2. New companies that had not been About 10,000 replies were received. Alin business in 1950. most half of these were from offices or subsidiaries of reporting companies or were Estimates for June 1955 for the comfrom companies that no longer made loans panies in group 1 were based in part upon to consumers or were unusable. It is esti- information for these companies in the 1950 mated that the remaining 5,200 reports ac- Regulation W registration statements. Percounted for about 65 per cent of all sales centage changes in consumer loans for the and personal finance companies and for period from September 1950 to June 1955 about 90 per cent of the consumer loans were computed, by size and type of comof these companies. The most complete pany, for the companies that reported in coverage was obtained for sales finance both the Regulation W registration and in companies: reports were received from the 1955 Survey. These changes were ap- REPORTING AND NONREPORTING FINANCE COMPANIES: NUMBER, AND AMOUNT OF CONSUMER LOANS, JUNE 30, 1955 Sales finance Consumer finance Other personal All types companies companies finance companies Reporting status Consumer Consumer Consumer Consumer Number loans (in Number loans (in Number loans (in Number loans (in millions) millions) millions) millions) •Companies reoorting: On long form 2,665 $8,760 1,219 $6,637 1,109 $1,852 337 $271 On short form... 2.528 606 741 281 731 112 1,056 213 Total 5J93 9,366 1,960 6,918 1,840 1,964 1,393 484 Companies not reporting (estimates): Registered in 1950 2.130 924 580 361 940 390 610 173 New companies. . . .... 680 171 80 35 400 44 200 92 Total 2,810 1,095 660 396 1,340 434 810 265 All companies 8,000 10,463 2,620 7,317 3,180 2,398 2,200 748 Reporting companies as a percentage of all companies 65 90 75 95 58 82 63 65 NOTE.—Data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN • APRIL 1957 plied to the consumer loan figures of group 1 porting. These estimates were based upon companies for September 1950 to obtain the distribution of comparable asset and estimates of their consumer loans as of June liability items for companies of similar size 30, 1955. These estimates by type of com- and type of business that submitted company are shown in the accompanying table. plete reports. To obtain estimates for group 2, the new Three asset items—total consumer credit, total assets, and loans made under State companies, it was assumed that the nonsmall loan laws—were available for comresponse rate was the same for new companies reporting on the short form. Ratios panies as for companies in existence since of each type of consumer credit to total con- 1950. The proportion of nonreporting to sumer loans were computed for reporting reporting companies was computed by type companies of each size and type. These and size of company for those that regisratios were applied to total consumer credit tered under Regulation W in 1950; these of the companies that reported on the short proportions were applied to the data acform to obtain estimates of the breakdown tually received from new companies to obof their credit. Ratios of other asset and tain estimates of the number of new comliability items to total assets were then companies that did not report. Estimates of the puted for reporting companies of each size amount of their consumer loans were based and type. These ratios were applied to the on averages for companies of similar size total asset figures obtained on the short forms and type. The amount estimated for this to get estimates of the missing items. Difgroup was relatively small compared with ferences between the sum of the estimated the data actually reported, as shown in the items and reported figures for total assets accompanying table. were reconciled by adjustments in other assets or other liabilities. ASSET AND LIABILITY ITEMS Estimates for companies that did not re- Estimates of selected asset and liability items port in the 1955 Survey were obtained by were made for concerns that reported on applying the appropriate asset or liability the short form and also for those not re- ratio to the estimates of consumer loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 401 CONFIDENTIAL Form F.R. 624a Form approved Budget Bureau No. 55- 5501 ASSETS AND LIABILITIES OF FINANCE COMPANIES AS OF JUNE 30, 1955 Name of company. Location. (Street address) (City) (County) (State) IMPORTANT: In the following items include the consolidated domestic operations of the parent company and all subsidiaries engaged in consumer financing activities, whether wholly or partly owned. Exclude domestic subsidiaries engaged in business financing, insurance or manufacturing and all foreign subsidiaries. For other instructions, see reverse side. Amount in dollars Item (omit cents) Assets 1. Cash and bank balances 2. Accounts and notes receivable—total (before reserves xxxxxxxxx for unearned inmme and losses) X (If the following breakdown is not available from your accounting records, please estimate.) a. Retail passenger automobile paper b. Other consumer goods paper c. Residential repair and modernization loans d. Personal loans e. Retail paper on commercial vehicles, trucks, taxicabs, and farm equipment f. Wholesale paper on automobiles g. Other wholesale paper h. Business loans i. Other accounts and notes receivable j. Less; reserves for unearned income and losses ( ) 3. Other loans and investments (include investment in subsidiaries excluded from this statement) 4. Other assets 5. Total assets (sum of items 1 through 4 minus 2j) Liabilities, Capital and Surplus 6. Short-term notes payable to banks (exclude commercial paper) 7. Commercial paper and other short-term indebtedness 8. Long-term notes payable to banks 9. Other long-term indebtedness (exclude subordinated debentures) 10. Subordinated debentures 11. Other liabilities 12. Capital and surplus 13. Total liabilities, capital and surplus (sum of items 6 through 12) 14. Amount of loans outstanding made under State small loan license $_ Amount of these loans included above in item 2d, Personal loans $_ 15. Number of offices covered by figures above Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN • APRIL 1957 INSTRUCTIONS Assets 1. Cash and bank balances. All currency, bank checks, f. Wholesale paper on automobiles. Paper arising drafts, postal money orders, etc., and all demand or from transactions between manufacturers and time deposits with banks or other financial institu- dealers or other floor plan loans secured by tions. passenger automobiles or commercial vehicles. g. Other wholesale paper. Paper arising from 2. Accounts and notes receivable. transactions between manufacturers or jobbers a. Retail passenger automobile paper. Both direct and dealers or other floor plan loans secured by loans and purchased paper arising from the commodities other than automobiles. retail sale of new or used passenger automoh. Business loans. Other loans against collateral biles. Do not include loans on commercial such as cargoes, warehouse stocks, accounts vehicles, trucks, taxicabs, or farm equipment. receivable, etc.; loans on open credit; dealer b. Other consumer goods paper. Both direct loans capital loans. Include small loans used and purchased paper arising from the retail sale primarily for business purposes. of furniture, household appliances, radios, telei. Other accounts and notes receivable. All acvision sets, trailers, musical instruments and counts and notes receivable not included in other consumer goods or from automobile items 2a-h above. Include factoring receivrepairs. ables. c. Residential repair and modernization loans. j. Reserves for unearned income and losses. All Loans to finance alterations or improvements in unearned income on accounts and notes reexisting residential properties occupied by the ceivable and all reserves for bad debts, unborrower. Do not include loans secured by allocated charge-offs, and other valuation real estate mortgages. reserves. d. Personal loans. Secured and unsecured loans (not included in items 2a, b, c) made to indi- 3. Other loans and investments. All U. S. Government viduals for household, family or other personal obligations, bonds, stocks, mortgages, etc., not inexpenses, including any such paper purchased cluded in item 2 above. Include investment in from other institutions. These loans may be subsidiaries not otherwise included in the statement unsecured or secured by life insurance policies, of assets and liabilities. automobiles already paid for, or other collateral. Do not include loans for business or 4. Other assets. Land, buildings, office equipment, investment purposes. deferred charges and all other asset items regularly e. Retail paper on commercial vehicles, trucks, carried in balance sheet statement but not included taxicabs, and farm equipment. Paper or loans in items 1-3. arising from the sale of all types of commercial vehicles and farm equipment. 5. Total assets. Sum of items 1-4 minus 2 j. Liabilities, Capital and Surplus 6. Short-term notes payable to banks. All loans and 9. Other long-term indebtedness. All loans or notes or notes payable to banks with original maturities of other indebtedness with original maturities of one less than one year. Exclude commercial paper sold year or more. Include certificates of deposit or to banks. investment with original maturities of one year or more. Exclude subordinated debentures. 7. Commercial paper and other short-term indebtedness. All loans, notes, or accounts payable to individuals 10. Subordinated debentures. Debt which includes or companies other than commercial banks. Include specific provisions in the indenture subordinating it all commercial paper whether sold to banks or to bank borrowing or other senior debt. others. Include deposit liabilities or certificates of 11. Other liabilities. All liabilities not included in deposit or investment with original maturities of less items 6-10, inclusive. than one year. 12. Capital and surplus. All common or preferred stock 8. Long-term notes payable to banks. All loans or and other capital or surplus accounts. notes payable to commercial banks or originally sold to commercial banks with original maturities 13. Total liabilities, capital and surplus. The sum of of one year or more. items 6-12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 403 SUPPLEMENTARY TABLE 1 ASSETS AND LIABILITIES OF SALES FINANCE COMPANIES, BY SIZE OF COMPANY [In millions of dollars] Size of company (consumer loans outstanding, in thousands of dollars) Balance sheet item Total Less than 100- 500- 1,000- 5,000- 25,000 100 499 999 4,999 24,999 and over Assets Cash and bank balances 660 10 17 22 106 86 419 Consumer loans 7,317 34 205 288 634 640 5,516 Retail passenger automobile paper 5,976 20 134 199 409 492 4,722 Other consumer goods paper 897 11 48 63 151 86 538 Residential repair and modernization loans 23 1 4 3 7 6 2 Personal loans 421 2 19 23 67 56 254 2,106 19 50 46 223 143 1,625 Retail paper on nonconsumer goods1. 452 4 7 5 90 11 335 Wholesale paper on automobiles .. 1,176 1 5 15 44 60 1,051 Other wholesale paper 95 2 2 5 6 80 Business loans 222 (27) 19 14 10 33 139 Other accounts and notes receivable 161 7 17 10 74 33 20 9,423 53 255 334 857 783 7,141 Less: Reserves for unearned income and losses 795 3 19 33 107 71 562 Investments* 578 28 24 39 230 18 239 Other assets 211 32 45 12 30 20 72 Total assets 10,077 120 322 374 1,116 836 7,309 Liabilities and capital Short-term notes payable to banks 2,521 17 71 129 495 421 1,388 Commercial paper and other short-term debt 2 317 5 28 51 156 76 2,001 Long-term notes payable to banks .. 230 12 16 21 30 24 127 Other long-term debt (excl. subordinated debentures) . 2,222 22 40 19 53 71 2,017 Subordinated debentures 758 1 12 11 61 56 617 Other liabilities 531 8 27 31 74 50 341 Capital and surplus 1,498 55 128 112 247 138 818 Total liabilities and capital 10,077 120 322 374 1,116 836 7,309 Number of companies4 2,620 850 930 440 320 61 20 Number of offices4 5,970 880 1,010 590 960 554 1,982 1 Represents retail paper on commercial vehicles, trucks, taxicabs, 3 Includes investments in subsidiaries not engaged in lending to and farm equipment. consumers. 2 Zero, or less than $500,000. 4 Data have been rounded to nearest ten except in the two largest size groups where coverage was complete. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN • APRIL 1957 SUPPLEMENTARY TABLE 2 ASSETS AND LIABILITIES OF CONSUMER FINANCE COMPANIES, BY SIZE OF COMPANY [In millions of dollars] Size of company (consumer loans outstanding, in thousands of dollars) Balance sheet item Total Less than 100- 500- 1,000- 5,000- 25,000 100 499 999 4,999 24,999 and over Assets 232 12 24 5 23 62 106 2,398 58 352 70 222 470 1,226 148 4 23 7 24 28 62 272 2 21 8 17 30 194 Residential repair and modernization loans 1 S' 0) 1 Personal loans 1,977 181 969 Nonconsumer loans 98 39 22 4 6 16 11 6 4 1 1 Wholesale paper on automobiles 16 1 1 g 2 1 0) 1 Business loans 2 5 2 2 4 1 4 2 1 1 11 2 2 2,496 97 374 74 228 486 1,237 Less' Reserves for unearned income and losses 148 17 13 4 13 30 71 Investments 3 212 3 21 5 5 14 164 Other assets 99 7 18 2 12 23 37 Total assets 2,891 102 424 82 255 555 1,473 Liabilities and capital Short-term notes payable to banks , 706 25 97 26 97 191 270 Commercial paper and other short-term debt. 294 9 49 7 11 62 156 98 2 18 4 9 11 54 Other long-term debt (excl. subordinated debentures) 604 12 34 6 16 67 469 194 4 22 8 37 62 61 Other liabilities 139 4 17 5 11 26 76 Capital and surplus 856 46 187 26 74 136 387 Total liabilities and capital 2,891 102 424 82 255 555 1,473 Number of companies * 3,180 1,390 1,520 100 110 48 10 Number of offices4 8,830 1,420 1,920 240 1,100 1,586 2,560 1 Zero, or less than $500,000. 3 Includes investments in subsidiaries not engaged in lending to 2 Represents retail paper on commercial vehicles, trucks, taxicabs, consumers. and farm equipment. 4 Data have been rounded to nearest ten except in the two largest size groups where coverage was complete. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 405 SUPPLEMENTARY TABLE 3 ASSETS AND LIABILITIES OF OTHER PERSONAL FINANCE COMPANIES, BY SIZE OF COMPANY [In millions of dollars] Size of company (consumer loans outstanding, in thousands of dollars) Balance sheet item Total Less than 100- 500- 1,000- 5,000 100 499 999 4,999 and over i Assets Cash and bank balances 119 10 12 49 40 Consumer loans 748 44 130 59 306 209 Retail passenger automobile paper 48 3 14 7 18 6 Other consumer goods paper 55 1 11 5 33 5 Residential repair and modernization loans 11 3 1 6 (2) Personal loans 634 39 102 46 249 198 Nonconsumer loans 707 24 17 5 51 10 Retail paper on nonconsumer goods3 14 3 1 1 8 Wholesale paper on automobiles 5 3 Other wholesale paper 4 1 Business loans 53 4 34 Other accounts and notes receivable 31 14 5 Total loans—gross 855 68 147 64 357 219 Less: Reserves for unearned income and losses.. 55 3 12 5 24 11 Investments* 423 37 66 17 90 213 77 26 16 9 17 9 Other assets 1,419 138 229 93 489 470 Total assets Liabilities and capital 204 11 31 84 70 Short-term notes payable to banks 295 29 10 21 216 19 Commercial paper and other short-term debt 27 3 6 5 13 Long-term notes payable to banks 68 18 13 10 7 Other long-term debt (excl. subordinated debentures) 43 1 4 1 17 20 Subordinated debentures 161 11 79 28 30 13 Other liabilities 621 65 86 20 122 328 Capital and surplus Total liabilities and capital 1,419 138 229 93 489 470 N N u u m m b b e e r r o o f f c o o ff m ice p s a n 5 iesS 2 3 , , 2 6 0 4 0 0 1 1 , , 4 5 2 1 0 0 9 5 2 3 0 0 1 9 5 0 0 7 1 1 5 0 0 35 1 2 1 1 Includes data for two companies with consumer loans of more 4 Includes investments in subsidiaries not engaged in lending to than $25 million each. consumers. 2 Zero, or less than $500,000. 5 Data have been rounded to nearest ten except in the largest size 3 Represents retail paper on commercial vehicles, trucks, taxicabs, group where coverage was complete. and farm equipment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN • APRIL 1957 SUPPLEMENTARY TABLE 4 DISTRIBUTION OF ASSETS OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY [In per cent] Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of asset Total Under 100- 500- 1,000- 5,000- 25,000 100 499 999 4,999 24,999 and over Sales finance companies Cash and bank balances 6.6 8.3 5.3 5.9 9.5 10.3 5.7 Loans: Consumer 72.6 28.4 63.7 77.0 56.8 76.6 75.5 Nonconsumer 20.9 15.8 15.5 12.3 20.0 17.1 22.2 Less' Reserves for unearned income and losses 7.9 2.5 5.9 8.8 9.6 5.5 7.7 Investments ^ 5.7 23.3 7.4 10.4 20.6 2.1 3.3 Other assets 2.1 26.7 14.0 3.2 2.7 2.4 1.0 Total assets.. . 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Consumer finance companies Cash and bank balances . . .. 8.0 11.8 5.7 6.1 9.0 11.2 7.2 Loans: Consumer 83.0 56.9 83.0 85.4 87.0 84.7 83.2 Nonconsumer 3.4 38.2 5.2 4.9 2.4 2.9 0.8 Less: Reserves for unearned income and losses 5.1 16.7 3.1 4.9 5.1 5.4 4.8 Investments * . . 7.3 2.9 5.0 6.1 2.0 2.5 11.1 Other assets 3.4 6.9 4.2 2.4 4.7 4.1 2.5 Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Other personal finance companies Cash and bank balances .... 8.4 7.2 5.2 8.6 10.0 I? 5 Loans: Consumer .. . . . .. 52.7 31.9 56.8 63.4 62.6 44.5 Nonconsumer 7.6 17.4 7.4 5.4 10.4 2.1 Less: Reserves for unearned income and losses 3,9 2.2 4.9 2.3 Investments * 29.8 26.8 28.8 18.3 18.4 45.3 Other assets 5.4 18.9 7.0 9.7 3.5 1.9 Total assets 100.0 100.0 100.0 100.0 100.0 100.0 i Includes investments in subsidiaries not engaged in lending to consumers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF FINANCE COMPANIES, MID-1955 407 SUPPLEMENTARY TABLE 5 DISTRIBUTION OF LOANS OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY [In per cent] Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of loan Total Under 100- 500- 1,000- 5,000- 25,000 100 499 999 4,999 24,999 and over Sales finance companies Consumer loans 77.7 64.2 80.4 86.2 74.0 81.7 77.2 Retail passenger automobile paper 63.4 37.7 52.5 59.6 47.8 62.8 66.1 Other consumer goods paper 9.5 20.8 18.8 18.8 17.6 11.0 7.5 Residential repair and modernization loans... 0.3 1.9 1.6 0.9 0.8 0.8 (0 Personal loans 4.5 3.8 7.5 6.9 7.8 7.1 3.6 Nonconsumer loans 22.3 35.8 19.6 13.8 26.0 18.3 22.8 Retail paper on nonconsumer goods 2 4.8 7.5 2.7 1.5 10.5 1.4 4.7 Wholesale paper on automobiles 12.5 1.9 2.0 4.5 5.1 7.7 14.7 B O u th si e n r e w ss h l o o l a e n sa s le paper 2 1 . . 3 0 ffia 0 7 . . 8 5 0 4 . . 6 2 0 1 . . 6 2 4 0 . . 2 8 2 1 . . 0 1 Other accounts and notes receivable 1.7 6.6 3.0 8.6 4.2 0.3 13.2 Total loans—gross 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Reserves for unearned income and losses 8.4 5.7 7.5 9.9 12.5 9.1 7.9 Consumer finance companies Consumer loans 96.1 59.8 94.1 94.6 97.4 96.7 99.1 Retail passenger automobile paper 5.9 4.1 6.1 9.5 10.5 5.7 5.0 Other consumer goods paper 10.9 2.1 5.6 10.8 7.5 6.2 15.7 Residential repair and modernization loans... 0.1 0) 0) C1) C1) 0) 0.1 Personal loans 79.2 53.6 74.3 79.4 78.3 82.4 84.8 Nonc R on e s ta u i m l e p r a p lo e a r n o s n nonconsumer goods2 3 0 . . 9 2 4 0 0 ) .2 5 1 . . 9 1 5 1 . . 4 3 0 2 . . 4 6 0 3 ) .3 C 0 1) .9 Wholesale paper on automobiles 0.6 0.3 1.4 0.9 0.6 0.6 B O O u t t h h si e e n r r e w a ss c h c l o o o l u a e n n sa s ts le a p n a d p n er otes receivable 2 0 0 . . . 1 9 1 3 0 4 5 1 ) . . . 1 0 1 0 3 1 . . . 3 1 1 ¥ 1 . . 3 4 0 0 0 ) . . 4 9 9 0 . . 3 4 0 0 0 ) . . 1 2 Total loans—gross 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Reserves for unearned income and losses 5.9 17.5 3.5 5.4 5.7 6.2 5.7 Other personal finance companies Consumer loans 87.5 64.7 88.4 92.2 85.7 95.4 Retail passenger automobile paper 5.6 4.4 9.5 10.9 5.0 2.7 Other consumer goods paper 6.4 1.5 7.5 7.8 9.2 2.3 Residential repair and modernization loans... 1.3 1.5 2.0 1.6 1.7 Personal loans 74.2 57.3 69.4 71.9 69.8 Nonconsumer loans 12.5 35.3 11.6 7.8 14.3 4.6 Retail paper on nonconsumer goods 2 1.6 4.4 0.7 1.6 2.3 0.5 Wholesale paper on automobiles 0.6 0.7 0) 0.8 0.5 Other wholesale paper 0.5 0) 0) 0.3 0) Business loans 6.2 5.9 4.1 1.6 9.5 3.6 Other accounts and notes receivable 3.6 20.6 6.1 4.6 1.4 C1) Total loans—gross 100.0 100.0 100.0 100.0 100.0 100.0 Reserves for unearned income and losses 6.4 4.4 8.2 7.8 6.7 5.0 1 Zero, or less than .05 of one per cent. 2 Represents retail paper on commercial vehicles, trucks, taxicabs, and farm equipment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN • APRIL 1957 SUPPLEMENTARY TABLE 6 DISTRIBUTION OF LIABILITIES OF FINANCE COMPANIES, BY SIZE AND TYPE OF COMPANY [In per cent] Size of company (consumer loans outstanding, in thousands of dollars) Type of company, and type of liability Tofc Under 100- 500- 1,000- 5,000- 25,000 100 499 999 4,999 24,999 and over Sales finance companies Short-term notes payable to banks 25.0 14.2 22.0 34.5 44.4 50.3 19.0 Commercial paper and other short-term debt 23.0 4.2 8.7 13.6 14.0 9.1 27.4 Long-term notes payable to banks 2.3 10.0 5.0 5.6 2.7 2.9 1.7 Other long-term debt (excl. subordinated debentures) 22.0 18.3 12.4 5.1 4.7 8.5 27.6 Subordinated debentures 7.5 0.8 3.7 2.9 5.5 6.7 8.4 Other liabilities 5.3 6.7 8.4 8.3 6.6 6.0 4.7 Capital and surplus 14.9 45.8 39.8 30.0 22.1 16.5 11.2 Total liabilities and capital 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Consumer finance companies Short-term notes payable to banks 24.4 24.5 22.9 31.7 38.1 34.4 18.3 Commercial paper and other short-term debt 10.2 8.8 11.6 8.5 4.3 11.2 10.6 Long-term notes payable to banks 3.4 2.0 4.2 4.9 3.5 2.0 3.7 Other long-term debt (excl. subordinated debentures) 20.9 11.8 8.0 7.3 6.3 12.0 31.8 Subordinated debentures 6.7 3.9 5.2 9.8 14.5 11.2 4.1 Other liabilities 4.8 3.9 4.0 6.1 4.3 4.7 5.2 Capital and surplus 29.6 45.1 44.1 31.7 29.0 24.5 26.3 Total liabilities and capital 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Other personal finance companies Short-term notes payable to banks 14.4 8.0 13.5 8.6 17.2 14.9 Commercial paper and other short-term debt 20.8 21.0 4.4 22.6 44.2 4.0 Long-term notes payable to banks 1.9 2.2 2.6 5.4 2.7 Other long-term debt (excl. subordinated debentures) 4.8 13.0 5.7 10.7 1.4 Subordinated debentures 3.0 0.7 1.7 1.1 3.5 4.3 Other liabilities 11.3 8.0 34.5 30.1 6.1 2.7 Capital and surplus 43.8 47.1 37.6 21.5 24.9 69.8 Total liabilities and capital 100.0 100.0 100.0 100.0 100.0 100.0 1 Zero, or less than .05 of one per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Housing and Mortgage Finance ONE OF MY early responsibilities after I Each spring witnesses before this Comassumed my duties as Chairman of the Fed- mittee and others have testified that the eral Reserve Board was to testify on housing nonavailability of mortgage money would and mortgage finance before the Senate shortly bring about the collapse of the hous- Committee on Banking and Currency. That ing industry in the United States. Letters was in May 1951, just about six years ago. and telegrams from all over the United We were then concerned over the high cost States have come to your desks and to mine of housing. Yet because of the pressure confirming this impending crisis. Despite to build houses as well as plants, we have these gloomy predictions, each year houswitnessed a steady rise in construction costs, ing starts have exceeded a million units, and the typical home purchaser finds a new often by a substantial margin. house today costs about 15 per cent more What concerns me about this is not so than in 1951. much the misleading impression that may The volume of home mortgage debt now have been created in the past—that is water totals about $100 billion. It is about equal over the dam. Rather, it is that these past in size to long-term corporate debt, and over alarms make it difficult to discern whether three times as large as consumer instal- the situation confronting the building inment debt. It is more than one-third the dustry and the country today is as serious size of our gigantic Federal Government as some observers would have us believe. debt. It may well be that the mortgage finance In the past decade, home mortgage debt situation is more serious than in previous has grown by $76 billion, long-term cor- years. Housing starts in February dropped porate debt by $60 billion, and consumer sharply to the lowest rate, seasonally adinstalment debt by $27 billion. During the justed, since the spring of 1949. The whole same period, Federal Government debt in- of the drop was concentrated in starts ficreased by only $17 billion. nanced through Federally sponsored fi- During 1956 alone, home mortgage debt nancing instruments. Comparing the first grew $11 billion, long-term corporate debt two months of 1957 with the same months $9 billion, consumer instalment debt $2.5 of 1955 and 1956, respectively, starts fibillion, while Federal Government debt de- nanced by the Veterans Administration clined $4 billion. The growth in home mortgage program were off 60 per cent mortgage debt during 1956 was much and 46 per cent and starts financed through larger than for any other year except 1955 the Federal Housing Administration mortwhen it grew by $12.5 billion. gage program were off 53 per cent and 33 per cent. Starts financed with conventional NOTE.—Statement by William McChesney Martin, mortgages did not decline at all. Actually Jr., before the Subcommittee on Housing of the Senate Banking and Currency Committee, Mar. 19, 1957. they appear to have risen very slightly from 409 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN • APRIL 1957 the level of the two preceding years. Con- cent rate stated on the face of the mortventional financing currently accounts for gages. The workability of this mechanism nearly seven out of ten starts, whereas two diminished as the AVz per cent ceiling got years ago it accounted for less than half. further and further out of line with com- The slower rate of home building during petitive rates in other leading areas. the past two years may represent, in part, The total volume of VA financed home a corrective action to the unusually high mortgages was over $7 billion in 1955, rate of starts in early 1955 and, in part, and nearly $6 billion in 1956. So long as consumer resistance to rising construction the present relationship between demands costs. However, the fact that the recent for and the supply of new savings prevails, decline in starts has been confined to the there is no possibility that lenders will in- Federally aided programs indicates that the vest at anything approaching this volume ceilings on interest rates on FHA and VA in VA mortgages subject to a AV2 per cent mortgages have interfered with the smooth ceiling. There have been several suggesfunctioning of the housing industry. tions directed toward relieving this situation A growth in competing demands for the through further Government investment in savings that might otherwise be invested in mortgages. The ones which appear to have home mortgages is clearly evident. During received most serious consideration are— the past two years, the demand for savings (1) an increase in direct VA loans, (2) an to finance industrial growth, expansion of increase in FNMA operations, or (3)' abpublic utility and commercial facilities, in- sorption of VA mortgages in the Governstalment and consumer purchases, roads, ment trust funds. schools, and other public works have None of these proposals operates to enmounted. These demands, together with courage new savings, that is, to increase those for home mortgage financing, have the total flow of funds from which all deexceeded the supply of current savings, mands for long-term investment must be large as it has been. This has caused a met. All three, furthermore, require that rise in interest rates. In the last two years, the Federal Government borrow in the yields on Government bonds and high- market more than it would otherwise borgrade State and municipal securities have row. This additional borrowing by the risen about one percentage point, and on Treasury would not only be inflationary conventional mortgages and high-grade but would tend to raise market rates of incorporate bonds almost as much. terest still further and thus increase the bar- The AVi per cent ceiling rates that for- rier that is already impeding the flow of merly prevailed on both FHA and VA home private investment funds into VA mortmortgages gradually became an increasing gages. barrier to the ability of borrowers using These three programs would, of course, these programs to compete with other bor- make funds available up to the limits prorowers for the savings that were available. vided in the legislation, and in some cases For a time, contact with the market was would help certain individuals to purchase maintained through resort to discounts homes. To the extent that already existing which had the effect of providing a higher VA mortgages were acquired from institugross yield to the lenders than the AV2 per tions, however, it might simply provide Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND MORTGAGE FINANCE 411 those institutions with funds to lend in other currently. The existence of mortgage debt markets. Hence, tracing the effects of these is closely associated with the recency of proposed programs, we find that under them home purchase. Almost 7 in 8 of the the Federal Government would have as- families who have bought homes since 1954 sumed large additional responsibilities, have mortgage debt, while only 2 in 5 of without, in the end, restoring the market the home owners who purchased before for VA mortgages. In a time when stren- 1954 are still making mortgage payments. uous efforts are being made to reduce Gov- The sheer magnitude of these figures, and ernment expenditures, it should be kept in the need to continue to make home ownermind that outlays of this nature by the Fed- ship available to large segments of the poperal Government, even though they may not ulation indicates the seriousness of the probappear in the budget, place the same strain lem before us. The home building industry on money markets and have the same inflamust be kept operative, but not on a basis tionary effect on the economy as an inthat leads to skyrocketing costs, overcomcrease in budget expenditures not covered mitments and, ultimately, to market saturaby taxes. tion and collapse—which would be dam- The home construction industry is probaging not only to builders and suppliers ably the most important single industry in but to the millions of Americans who have the country, and home ownership is the undertaken home purchase as the primary most important asset for many American basis for their savings. families. Almost 30 million, or 6 in 10, Nearly a billion dollars of new funds households own their home. About 80 per every month is required to support the level cent of the home owners have incomes of of home construction we have had in reless than $7,500 a year. Significantly, the cent years. In order to maintain a flow trend in home ownership in recent years of funds of this magnitude, it is essential is most evident among families that in the that all the major types of financing mainpast usually included a large proportion of tain contact with the market. At the morenters, such as wage workers, young peoment, this contract has been severed, parple, and those in the middle or lower inticularly in the case of VA-guaranteed mortcome brackets. This "catching up" in home gages, by the prescription of unrealistic ceilownership reflects the rising incomes, inings on the rate of interest. creased stability of employment, availabil- In my judgment the essential thing is to ity of financing, and other economic derestore contact with the free market. Only velopments of recent years. in that way can we look forward to a strong, Home mortgage debt is the most imporhealthy private building industry, which tant liability and the most common obligation of American families. Over 15 million can contribute its full share to the stable households are making mortgage payments growth of our country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Time Certificate of Deposit with Automatic tificate in the form proposed would be properly Renewal classifiable as a "time certificate of deposit" under the regulation. The Board of Governors has been asked to Such certificate in no event is payable prior to consider whether a proposed certificate which the expiration of the original 12 months' period recites that the deposit evidenced thereby would or one of the successive renewal periods of 6 be payable to the depositor on return of the months each. Therefore, under the principle apcertificate 12 months after date with interest at plicable to time certificates of deposit with altera certain per cent per annum payable seminate fixed maturities stated in the Board's interannually, but which contains a legend on the pretation at 1956 Federal Reserve BULLETIN 833, face thereof which states that it is "continuous," it would be permissible for the certificate in questhat "no renewal is necessary," and refers to the tion to bear interest at a rate not to exceed 3 per reverse side of the certificate for "further procent per annum. This conclusion would not be visions," complies with the provisions of Regulaaffected by the fact that either the bank or the tion Q. depositor may prevent automatic renewal of the The reverse side of the certificate recites that certificate by giving written notice of intended it "shall be considered renewed automatically withdrawal or redemption 30 days prior to an aufor an additional period of 6 months beyond its tomatic renewal date. original term and thereafter for additional periods The additional fact that the depositor may preeach of 6 months; unless presented for redempvent automatic renewal by presenting the certifition within 10 days after the end of the original cate for payment within 10 days after the end of term or any subsequent term provided for herein, or unless the depositor shall have given written the original term or any subsequent renewal penotice to the bank of his desire to redeem this riod, would not, in the Board's opinion, be objec- Certificate 30 days prior to the original or any tionable in view of the principle established by subsequent maturity date." It is recited further the interpretation published at 1936 Federal Rethat the bank retains the right to redeem the serve BULLETIN 419. Of course, payment of the certificate on the original or any subsequent certificate pursuant to presentment within such maturity date upon 30 days' prior written notice, 10-day period would preclude the bank from payand reserves the right to change the interest rate ing interest for any part of such period. for any subsequent renewal period from time to Bank Holding Company Indirectly Owning time upon 30 days' written notice prior to the Nonbanking Company Through Subsidiaries beginning of such renewal. The Board would have no objection to the The Board of Governors has been requested classification of the proposed certificate as a for an opinion regarding the exemptions contained "time certificate of deposit" merely because it in section 4(c)(5) of the Bank Holding Company would be labelled as a "Savings Certificate." Act of 1956. It is stated that Y Company is an However, for a certificate to be classified as a investment company which is not a bank holding "time certificate of deposit," section l(c) of the company and which is not engaged in any busiregulation requires that the provisions of the cer- ness other than investing in securities, which tificate relating to the manner and terms of pay- securities do not include more than 5 per centum ment appear "on its face." The provisions which of the outstanding voting securities of any comappear on the reverse side of the certificate with pany and do not include any asset having a value respect to automatic renewal and redemption are greater than 5 per centum of the value of the of a kind that should appear on the face of the total assets of X Corporation, a bank holding certificate. Otherwise, the Board believes a cer- company. It is stated that direct ownership by 412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 413 X Corporation of voting shares of Y Company January 1957 Federal Reserve BULLETIN, the would be exempt by reason of section 4(c)(5) Board expressed the opinion that the first exempfrom the prohibition of section 4 of the Act tion in section 4(c) (5) — against ownership by bank holding companies of . .. is as applicable to such shares when nonbanking assets. held by a banking subsidiary of a bank holding It was asked whether it makes any difference company, and, in the absence of a clear manthat the shares of Y Company are not owned diholding company itself. While the exemption rectly by X Corporation but instead are owned specifically refers only to shares held or acthrough Subsidiaries A and B. X Corporation quired by the bank holding company, the proowns all the voting shares of Subsidiary A, which hibition of the Act against retention of nonowns one-half of the voting shares of Subsidiary banking interests applies to indirect as well as B. Subsidiaries A and B each own one-third of direct ownership of shares of a nonbanking the voting shares of Y Company. company, and, in the absence of a clear man- Section 4(c)(5) is divided into two parts. The date to the contrary, any exception to this first part exempts the ownership of securities of prohibition should be given equal breadth with nonbanking companies when the securities do the prohibition. Any other interpretation not include more than 5 per cent of the voting would lead to unwarranted results. securities of the nonbanking company and do not have a value greater than 5 per cent of the value The Board is of the view that the principles of the total assets of the bank holding company. stated in that opinion are also applicable to the The second part exempts the ownership of securi- second exemption in section 4(c)(5), and that ties of an investment company which is not a they apply whether or not the subsidiary owning bank holding company and is not engaged in the shares is a banking subsidiary. Accordingly, any business other than investing in securities, on the basis of the facts presented, the Board provided the securities held by the investment is of the opinion that the second exemption in company meet the 5 per cent tests mentioned section 4(c)(5) applies to the indirect ownership above. by X Corporation of shares of Y Company In an interpretation published at page 21 of the through Subsidiaries A and B. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS turned to the Federal Reserve Bank of Minne- A meeting of the Presidents of the Federal apolis as President on July 1, 1952. Reserve Banks,was held in Washington on March Effective April 1, 1957, Mr. Frederick L. Dem- 26, 1957. ing, First Vice President of the Federal Reserve Meetings of the Federal Open Market Com- Bank of St. Louis, was appointed President of mittee were held in Washington on March 26 the Federal Reserve Bank of Minneapolis. He and April 16, 1957. joined the staff of the Federal Reserve Bank of St. Louis in 1941 and had served as an officer of CHANGES IN BOARD'S STAFF the Bank from June 10, 1948, and as First Vice Mr. George B. Vest, General Counsel of the President from January 1, 1953. Mr. Deming Board of Governors of the Federal Reserve obtained his A.B., A.M., and Ph.D. degrees from System, retired on March 31, 1957, after nearly Washington University, St. Louis, Missouri. He 35 years of service as a member of the Board's has served with a number of national and local staff. Mr. Vest, a native of Charlottesville, economic, educational, and planning groups and Virginia, and a graduate of the University of Federal Reserve System committees, and is the Virginia Law School, entered the Legal Division author of numerous articles on economics. of the Board of Governors from private practice in 1922. He had served successively as Assistant APPOINTMENT OF MR. FREUTEL AS FIRST VICE Counsel, Assistant General Counsel, and, since PRESIDENT OF THE FEDERAL RESERVE BANK March 16, 1945, as General Counsel. OF ST. LOUIS TO SUCCEED MR. DEMING Mr. Guy S. Freutel was appointed First Vice Mr. Howard H. Hackley, Associate General President of the Federal Reserve Bank of St. Counsel, was appointed General Counsel to suc- Louis, effective April 1, 1957, to succeed Mr. ceed Mr. Vest, effective April 1, 1957. He joined Deming. Mr. Freutel served the Reserve Bank the staff of the Legal Division of the Board of as a Research Consultant from July 1, 1951, to Governors in 1933. On February 1, 1939, he August 1, 1955, when he was appointed as an was appointed Assistant Counsel and on February officer of the Bank. He received his A.B. and 1, 1951, Assistant General Counsel. On Novem- A.M. degrees from the University of California, ber 18, 1956, he was promoted to the position of Los Angeles, and continued graduate study at Associate General Counsel. A native of Wash- Harvard University during 1948-1950. ington, D. C, he received his B.A. and LL.B degrees from the University of Virginia and his APPOINTMENT OF BRANCH DIRECTORS LL.M. degree from Columbia University. The Federal Reserve Bank of San Francisco on March 26 announced the election of Mr. N. Loyall RETIREMENT OF MR. POWELL AS PRESIDENT OF THE McLaren, Partner, Haskins & Sells, San Francisco, FEDERAL RESERVE BANK OF MINNEAPOLIS AND APPOINTMENT OF MR. DEEMING AS HIS California, as a Class B director of the Bank to SUCCESSOR serve for the remainder of the term expiring Mr. Oliver S. Powell, President of the Federal December 31, 1959. Mr. McLaren succeeds Mr. Reserve Bank of Minneapolis, retired March 31, Alden G. Roach, who died late last year. 1957. He became associated with the Bank in 1920, was made an officer of the Bank on ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM January 1, 1935, and was appointed Vice Presi- The following State Bank was admitted to memdent and Secretary effective July 18, 1936. He bership in the Federal Reserve System during the served as First Vice President from November period February 16, 1957 to March 15, 1957: 19, 1936, until September 1, 1950, when he became a member of the Board of Governors of New York the Federal Reserve System. Mr. Powell re- Long Beach. State Bank of Long Beach 414 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication April 15 Economic activity, incomes, and wholesale further in the aircraft, railroad equipment, shipprices in March and early April generally changed building, and farm machinery industries, while little, remaining at or above earlier record levels. output of industrial and commercial machinery Bank credit expanded substantially and common and electrical equipment continued at peak rates, stock prices advanced moderately. which were substantially above a year ago. Auto assemblies declined in March and early April, INDUSTRIAL PRODUCTION but total automotive output, including parts, in The Board's seasonally adjusted index of in- March was at the year-earlier level. Production dustrial production remained in March at the of some consumer appliances has been reduced January-February level of 146 per cent of the substantially this year. Television set output, how- 1947-49 average and was 3 per cent above March ever, has been maintained recently following a a year ago. While minerals production reached curtailment of 30 per cent from October to a new high, over-all manufacturing activity was January. again unchanged. In the utility industries, elec- Activity in nondurable goods industries in tricity output in March and early April was main- March continued at earlier record levels. Protained at the advanced level reached in January duction of textiles and leather products showed and was 6 per cent above a year ago. some recovery from the reduced rates in Janu- Steel mill operations decreased from 97 per- ary, and output in other nondurable goods lines cent of capacity in January and February to 93 changed little. Output of mineral fuels rose conin March and 91 in early April. In tonnage terms, siderably as crude oil production advanced to a steel ingot output recently has been about 5 per- new peak and bituminous coal output increased cent below a year ago, while activity in most partly in anticipation of a further rise in coal major steel consuming industries, including non- prices on April 1. In early April there was residential construction, has been at or above some curtailment in crude oil and coal producyear-earlier levels. During March activity increased tion. CONSTRUCTION The value of new construction declined slightly INDUSTRIAL PRODUCTION 1947-49=100 in March, after adjustment for seasonal variation, but at an annual rate of $44.8 billion in the first quarter of 1957 activity exceeded any other quarter. Outlays for business construction expanded in March, but outlays for residential building declined further. The number of private housing starts, seasonally adjusted, declined further in March to an annual rate of 880,000 units, which was the lowest since the spring of 1949. Contract awards in February were close to the year-ago level. _ EMPLOYMENT Seasonally adjusted employment in nonagricultural establishments continued in March at the record level of 52 million persons, and unemploy- Federal Reserve indexes, seasonally adjusted. Monthly fig- ment declined about seasonally, to 2.9 million. ures, latest shown are for March. 415 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN • APRIL 1957 Employment in manufacturing and the average sharply, particularly business loans, reflecting factory workweek declined slightly further, how- borrowing to meet March 15 income tax payever. Average hourly earnings of factory workers ments. In late March business loans declined continued unchanged but, reflecting the shorter somewhat while holdings of U. S. Government workweek, average weekly earnings declined. securities increased as banks purchased new Treasury certificates and notes. DISTRIBUTION Member bank borrowings from the Federal Sales at department stores, seasonally adjusted, Reserve increased somewhat, averaging about recovered in March to about the advanced level $960 million over the four weeks ending April at the end of 1956, and the dollar value of total 10, compared with $710 million in the preceding retail sales remained at about the record level four weeks. Excess reserves showed little change, of the preceding three months. Unit sales of new averaging $530 million in the recent period. autos rose less than seasonally in March and Reserves absorbed through increases in required were 3 per cent below the rate a year earlier. reserves, associated with bank credit expansion, and through other factors were offset only in COMMODITY PRICES part by Federal Reserve acquisitions of U. S. Average prices of both industrial commodities Government securities and declines in Treasury and farm products changed little from mid-March deposits at the Reserve Banks. to mid-April, and average commodity prices at wholesale continued at about the level reached SECURITY MARKETS in January. Steel scrap prices declined further to Yields on Treasury bills declined sharply in the mid-April, as the steel operating rate was reduced, second half of March to levels below the Federal but nonferrous metal scrap strengthened. Among Reserve discount rate, but recovered during the agricultural commodities, prices of livestock and first half of April. Yields on other Government meats rose further. securities in mid-April were also at about the mid-March levels. Corporate bond yields were BANK CREDIT AND RESERVES stable during the period, while yields on State Total loans and investments at city banks in- and local government securities declined somecreased $2.3 billion between early March and what. Common stock prices advanced moderearly April. In mid-March credit expanded ately. LOANS AND INVESTMENTS — MEMBER BANKS IN LEADING CITIES INTEIEST IATES Billion* of dollars P«r cent 1954 1956 1957 Federal Reserve data. Loans to banks are excluded. Secu- Weekly average market yields for long-term U. S. Govern- rities other than U. S. Government are included in the total ment 2Vi per cent bonds and for longest Treasury bills; latest but not shown separately. Weekly figures, latest shown are shown are for week ending Apr. 6. for Apr. 3. 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 419 Reserve Bank discount rates; reserve requirements; margin requirements. . 422 Federal Reserve Banks 423 Bank debits; currency in circulation 426 All banks: consolidated statement of monetary system; deposits and currency. 428 All banks, by classes . . 429 Commercial banks, by classes 432 Weekly reporting member banks. . 434 Commercial loans; commercial paper and bankers' acceptances. . 436 Interest rates .... 437 Security prices; stock market credit. 438 Savings institutions 439 Federal business-type activities. 440 Federal finance 442 Security issues . . 446 Business finance . . 447 Real estate credit 449 Short- and intermediate-term consumer credit. . 452 Selected indexes on business activity. . 456 Production 457 Employment and earnings. . 464 Department stores . 466 Foreign trade 467 Wholesale and consumer prices. . . 468 National product and income series 470 Banks and branches in operation on December 31, 1956. 472 Index to statistical tables. . 501 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. 417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars ~~ 25 MEMBER BANK RESERVE BALANCES 20 CURRENCY IN CIRCULATION 25 RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT 25 BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES: 20 HELD UNDER""] 2 REPURCHASE AGREEMENTS _A 0 DISCOUNTS AND ADVANCES - 2 0 ; ' FEDERAL Rt5tRVt PLOAT J J 2 0 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending March 27. See p. 419 418 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves U. S. Govt. securities ury Cur- Treas- with F. R. Banks cur- rency ury Other Week Dis- Gold rency in cash F. R. ending Held counts stock out- cir- hold- Bought under and Float Total stand- cula- ings Total out- repur- ad- ing tion Treas- For- Other Total Re- Exright chase vances ury eign quired2 agreement Averages of daily figures 1956 Feb. 1 . 23,416 23,414 999 81425,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8. 23,423 23,423 822 84025,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15. 23,349 23,349 976 83225,174 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22. 23,389 23,333 56 622 1,33325,360 21,694 5,011 30,210 794 557 362 366 1,02618,749 18,175 574 Feb. 29. 23,435 23,384 51 758 25,089 21,695 5,012 30,181 792 542 354 306 1,02518,596 18,137 459 Mar. 7. 23,518 23,426 92 749 83525,118 21,695 5,011 30,202 783 461 360 327 1,02318,670 18,137 533 Mar. 14. 23,505 23,410 95 975 81225,308 21,717 5,011 30,276 779 564 360 346 1,02118,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 1,06919,204 18,587 617 Mar. 28. 23,508 23,495 13 ,196 94125,661 21,715 5,015 30,249 787 599 341 317 1,06919,028 18,455 573 Apr. 4. 23,634 23,587 47 986 1,02225,658 21,716 5,017 30,321 784 560 347 444 1,07518,860 18,322 538 Apr. 11. 23,521 23,518 3 ,119 82625,481 21,727 5,016 30,300 782 508 328 307 1,08218,917 18,284 633 Apr.. 18. 23,399 23,377 22 ,109 97325,497 21,741 5,018 30,290 785 531 347 313 1,08118,909 18,318 591 Apr.. 25. 23,282 23,282 ,061 1,01725,374 21,742 5,019 30,155 782 569 335 331 1,07818,884 18,344 540 May 2. 23,299 23,243 56 ,089 86425,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9. 23,352 23,252 100 ,114 84425,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16. 23,279 23,226 53 ,066 93725,298 21,769 5,026 30,359 789 563 378 314 98018,710 18,241 469 May 23. 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 980 18, 18,275 534 May 30. 23,412 23,359 53 732 83524,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6. 23,503 23,406 97 894 90625,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 J J u u n n e e 2 1 0 3 . . 2 2 3 3 , , 5 4 1 9 6 2 2 2 3 3 , , 4 4 9 9 1 2 25 7 7 4 6 7 4 1, 9 5 7 0 0 7 2 2 5 5 , , 2 7 5 7 1 9 2 2 1 1 , , 7 7 9 9 6 8 5 5 , , 0 0 3 3 3 3 3 30 0 , , 5 5 4 4 1 2 7 7 7 7 9 4 5 3 3 9 5 8 3 33 3 1 2 2 3 9 1 9 7 9 99 8 8 21 19 8 , , 1 7 1 4 6 9 1 1 8 8 , , 2 5 3 0 3 0 5 6 1 1 6 6 June 27. 23,478 23,452 756 $,36925,621 21,799 5,033 30,485 781 570 297 290 1,00019,030 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 1,16925,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18. 23,490 23,487 849 1,41225,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25. 13,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 99418,744 18,187 557 Aug. 1 . 23,418 23,418 690 1,04625,172 21,829 5.034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8. 23,418 23,418 917 82925,182 21,855 5,035 30,633 769 530 319 284 94918,588 18,018 570 Aug. 15. 23,439 23,418 21 960 83725,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22. 23.574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 94419,117 18,464 653 Aug. 29. 23,622 23,592 30 935 82925,404 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 ',48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 705 ,39425,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 810 ,06725,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct.. 10. 23,840 23,766 857 99025,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct.. 17. 23,860 23,846 714 ,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. "13,736 23,736 564 ,54725,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct.. 31. 23,708 23,668 40 674 ,06225,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 ,08425,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945 ,04025,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 ,54326,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28. 24,202 24,110 92 631 ,51426,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 ,26826,165 21,953 5,060 31,451 770 408 344 228 91019,068 18,682 386 Dec. 12. 24,652 24,493 159 709 ,22626,633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19. 24,785 24,489 296 555 ,83527,223 21,927 5,064 31,835 776 498 389 169 1,01119,535 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 1,53926,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16. n.4,293 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 1,078 25,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6. 13,435 23,411 640 1,04025,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13. 13,264 23,190 741 96224,997 22,252 5,070 30,641 820 377 366 299 ,00718,808 18,265 543 Feb. 20. 12,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 ,11618,895 18,309 586 Feb. 27. 12,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 ,13418,683 18,218 465 Mar. 6. 12,913 22,895 18 755 1,17924,871 22,304 5,077 30,566 813 479 329 212 ,13118,721 18,231 490 Mar. 13. 12,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 Mar. 20. 13,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 ,13819,204 '18,577 P627 Mar. 27. 13,094 23,051 43 i 844 96724,930 22,305 5,083 30,502 813 353 334 205 ,13918,971 '18,360 p Preliminary. For other footnotes see following page. 419 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . ta S l . G B r o o o i u v g u g t h t . - h t t secu r u c H e r h n i p e t a d u i l s e e d r e s r - c v D o a a a n u n i d s c d n - - e ts s Float TotaU s G to o c ld k T s r o c e t u i r a n u 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 n r - - 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 i o R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e i e r r - e v d e 2 s c E e x s - s2 agreement Averages of daily figures 1956 Mar 23 52223,449 73 993 98725,517 21,711 5,013 30,256 783 532 349 350 1,04818,924 18,340 584 Apr 23,410 23,393 17 ,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 1,26325,599 21,826 5,032 30,751 771 521 300 280 9..9.9 18,836 18,237 599 Aug 23,530 23,488 42 898 910 25,357 21,855 5,038 30,650 774 504 318 275 946 18,783 18,224 559 Sept 23,728 23,695 33 792 ,19825,737 21,880 5,043 30,803 772 523 356 237 946 19,024 18,446 578 Oct 23,781 23,742 39 715 ,18225,698 21,906 5,048 30,864 776 487 337 299 95018,939 18,419 520 Nov 24,024 23,951 73 745 26,097 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 24,056 432 1,34325,905 21,989 5,067 31,040 794 335 323 276 89619,295 18,773 522 Feb 23,111 23.083 665 1,106 2244,912 22,279 5,071 30,595 817 336 335 294 1,07118,816 18,302 514 Mar 23,061 22,997 859 1,02424,968 22,305 5,081 30,568 812 423 316 216 1,13518,884 Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941 _Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 714 17,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 25 ,.88521,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955_june.... 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 972 18,066 18,139 -73 Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 End of month 1956 Mar 23,636 23,587 49 872 1,23825,761 21,716 5,020 30,339 777 534 354 623 1,06918,799 18,276 523 J J S N D A O A M u u e u e o c p l n a p c t y g v r y e t 2 2 2 2 2 2 2 2 2 3 4 3 3 3 3 4 3 3 , , , , , , , , , 9 7 4 3 3 4 7 6 8 1 5 4 8 3 7 6 5 8 5 8 5 5 8 4 7 4 0 2 2 2 2 2 2 2 2 2 3 3 3 3 4 3 3 4 3 , , , , , , , , , 4 2 7 8 2 6 5 6 3 3 4 5 1 2 8 9 1 6 8 5 5 2 8 8 0 0 0 3 1 1 1 4 2 9 0 7 1 0 3 6 6 0 5 9 4 0 0 , , 2 4 5 5 8 6 2 1 3 5 5 1 3 6 3 0 6 2 2 0 8 8 4 2 4 0 1 1 1 1 , , , , 7 9 7 1 6 7 9 2 3 2 6 7 1 2 5 4 1 3 5 5 1 0 6 9 4 0 0 2 2 2 2 2 2 2 2 2 2 5 5 6 5 4 5 5 5 5 6 , , , , , , , , , 2 6 3 2 8 3 4 4 2 1 9 3 7 6 0 8 6 8 9 9 6 7 8 7 7 7 0 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 , , , , , , , , , 7 9 7 7 8 8 8 9 9 9 4 4 7 5 8 3 1 1 9 3 9 2 8 4 0 0 0 5 5 5 5 5 5 5 5 5 , , , , , , , , , 0 0 0 0 0 0 0 0 0 4 6 2 3 3 3 5 4 6 1 1 5 2 0 5 4 6 6 3 3 3 3 3 3 3 3 3 0 1 0 0 0 0 0 0 1 , , , , , , , , , 7 5 7 7 8 2 6 7 4 1 1 6 3 9 5 1 0 2 5 3 8 9 0 7 0 4 4 7 7 7 7 7 7 7 7 7 6 7 6 8 7 6 7 6 7 1 1 8 3 9 3 5 8 8 4 4 4 4 5 5 5 5 5 4 9 6 1 1 2 7 3 2 1 5 3 5 3 2 8 5 2 2 2 3 3 3 3 3 3 3 9 7 0 0 5 3 5 3 2 7 5 7 8 6 0 0 4 2 4 4 2 2 2 3 3 2 1 2 8 0 1 0 5 9 2 8 6 8 4 3 9 2 7 7 2 9 9 9 9 9 99 8 8 0 8 9 5 4 5 4 88 1 3 2 0 3 0 8 44 1 1 1 1 1 1 1 1 1 8 8 8 9 8 8 8 8 9 , , , , , , , , , 8 4 3 0 8 7 6 2 7 3 4 0 5 7 8 6 0 8 1 3 8 9 3 8 8 8 4 1 1 1 1 1 1 1 1 1 9 8 8 8 8 8 8 8 8 , , , , , , , , , 0 4 7 3 2 4 3 4 1 8 2 4 1 0 5 7 5 0 9 5 9 9 4 9 7 0 4 - 4 4 5 2 2 5 3 - 3 5 8 6 1 0 0 8 6 0 9 9 9 1 4 9 1 1957 Jan 23,421 23,421 668 076 25,195 22,252 5,071 30,614 809 715 344 263 89118,882 18,517 365 Feb 22,887 22,854 33 595 196 24,704 22,304 5,076 30,575 809 458 327 206 1,13318,576 18,294 282 Mar 23,149 23,040 109 994 '803 24,970'22,306^5,086"30,584 591 311 304 1,13718,629^18,510 P119 Wednesday 1957 Jan. 2 24,819 24,610 209 370 1,49726,745 21,949 5,066 31,700 785 377 291 322 900 19,386 19,164 222 J J J J a a a a n n n n . . . . 2 3 1 9 3 0 6 2 2 2 2 4 3 3 4 , , , , 5 1 5 4 7 4 6 2 1 2 9 8 2 2 2 2 3 4 3 4 , , , , 5 5 4 1 7 6 2 4 1 9 8 2 2 3 6 3 6 7 5 4 4 8 8 6 1 1 1 , , , 3 9 3 1 1 7 8 3 9 3 9 1 2 2 2 2 5 6 5 5 , , , , 8 1 2 0 1 7 6 4 2 8 8 4 2 2 2 2 1 2 1 1 , , , , 2 9 9 9 5 5 5 5 1 1 0 0 5 5 5 5 , , , , 0 0 0 0 6 6 6 6 7 6 9 6 3 3 3 3 0 1 0 0 , , , , 9 5 2 6 4 6 8 7 2 7 4 0 7 7 8 8 9 8 1 1 7 6 6 0 2 2 6 3 5 8 1 6 9 6 4 3 3 3 3 3 1 4 2 2 8 8 6 7 2 2 2 2 9 6 5 8 1 1 9 2 8 8 8 8 9 9 9 9 3 6 9 3 1 1 1 1 9 8 9 9 , , , , 2 8 2 0 3 8 9 7 3 9 0 2 1 1 1 1 8 8 8 8 , , , , 7 8 6 5 8 4 4 5 9 8 7 4 4 5 3 3 0 2 3 8 1 5 5 5 Feb. 6 23,447 23,363 839 91325,229 22,252 5,070 30,584 829 314 386 239 1,00819,189 18,413 776 Feb. 13 23,208 23,134 520 71724,474 22,252 5,070 30,632 828 281 304 242 1,00718,505 18,227 278 Feb. 20 22,884 22,884 844 1,066 2244,822 22,303 5,072 30,571 815 151 295 197 ,13319,034 18,337 697 Feb. 27 22,854 22,854 451 1,17724,508 22,303 5,076 30,516 822 300 301 198 ,13418,615 18,242 373 Mar. 6 22,901 22,901 797 89524,616 22,304 5,077 30,568 818 406 320 210 ,13018,545 18,183 362 Mar. 13 23,069 23,032 639 87724,608 22,304 5,079 30,567 815 451 292 205 ,12818,533 18,313 220 Mar. 20 23,198 23,116 893 1,05025,165 22,305 5,081 30,516 818 745 300 188 ,14018,844^18,567 7 Mar. 27 23,066 23,040 617 80724,513 22,305 5,085 30,469 811 490 345 299 ,13918,350^18,312 * 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 421 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Central reserve Central reserve All city banks Re- Coun- All city banks Re- Coun- Item and period b m a b e n e m r ks - New Chi- b s c a e i r n t v y k e s ba tr n y ks Item and period b m a b e n e m r k - s New Chi- b s c a e i n r t v y k e s ba tr n y ks York cago York cago Total reserves held: Excess reserves:2 1956—Feb 18,709 4,196 1,138 7,753 5,623 1956— Feb 533 11 3 66 452 Mar 18,924 4,372 1,137 7,796 5,619 Mar 585 28 2 84 470 Apr 18,847 4,287 ,105 7,814 5,641 Apr 527 -12 — 1 64 476 May 18,735 4,264 ,119 7,775 5,577 May 467 10 2 49 406 June 18,933 4,354 1,133 7,784 5,662 June 575 13 4 78 479 July 18,836 4,237 1,129 7,796 5,675 July 599 12 3 89 496 Aug 18,783 4,236 1,130 7,783 5,633 Aug. 559 10 1 79 469 Sept 19,024 4,288 1,120 7,885 5,732 Sept 579 80 498 Oct 18,939 4,222 1,111 7,869 5,736 Oct 520 8 4 52 456 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 Feb 18,816 4,205 1,107 7,781 5,722 Feb 514 5 66 443 Week ending: Week ending: 1957—Feb. 20 18,895 4,198 1,111 7,791 5,795 1957_Feb. 20 587 13 3 58 513 Feb. 27 18,683 4,193 1,109 7,715 5,666 Feb. 27 466 5 1 57 403 Mar. 6 18,721 4,248 1,115 7,707 5,652 Mar. 6 490 13 3 71 403 Mar. 13 18,654 4,254 1,097 7,663 5,641 Mar. 13 448 -12 2 62 396 Mar. 20 19,204 4,474 1.117 7,811 5,803 Mar. 20 ^627 24 1 54 Mar. 27 18,971 4,323 1:091 7,783 5,774 Mar. 27 *>611 4 83 Required reserves:2 Borrowings at Federal Reserve Banks: 1956—Feb 18,177 4,186 1,134 7,687 5,170 Mar 18,340 4,344 1,135 7,712 5,149 1956— Feb 799 149 106 402 142 Apr 18,320 4,299 1,106 7,750 5,165 Mar 993 202 258 382 151 May 18,268 4,254 1,117 7,726 5,171 Apr 1,060 155 261 493 151 June 18,359 4,341 1,130 7,706 5,183 May 971 98 155 517 201 July 18,237 4,225 1,127 7,707 5,179 June 769 46 115 434 174 Aug 18,224 4,227 1,129 7,704 5,164 July 738 119 50 433 136 Sept 18,446 4,288 1,120 7,805 5,234 Aug 898 168 74 461 195 Oct 18,419 4,214 1,107 7,817 5,281 Sept 792 204 93 377 118 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 Feb 18,302 4,200 1,107 7,715 5,279 1957—Jan 407 30 38 229 110 Feb 640 129 53 314 144 Week ending: 1957—Feb. 20 18,309 4,185 1,109 7,733 5,282 Week ending: Feb. 27 18,218 4,189 1,108 7,658 5,263 1957_Feb. 20 552 108 59 268 117 Mar. 6 18,231 4,235 1,112 7,635 5,249 Feb. 27 688 121 92 341 134 Mar. 13 18,205 4,265 1,094 7,601 5,245 Mar. 6 730 133 128 336 133 Mar. 20 *>18,577 4,449 1,116 7,757 ^5,255 Mar. 13 854 142 111 398 203 Mar. 27 ^18,360 4,319 1,090 7,701 ^5,250 Mar. 20 757 64 303 242 148 Mar. 27 819 82 342 242 153 February 1956 Free reserves2 * Deposits: 1956—Feb -266 -138 -103 -336 310 Mar -408 -174 -256 -298 319 Gross demand deposits: Apr , -533 -167 -262 -429 325 Total 113,535 22,626 6,042 44,505 40,362 May , -504 -88 -153 -468 205 Interbank 12,381 3,985 1,134 5,989 1,273 June , -194 -33 -111 -356 305 Other 101,153 18,641 4,908 38,516 39,089 July -139 -108 -48 -344 360 Net demand deposits 3.... 98,587 20,123 5,346 38,155 34,963 Aug , -339 -158 -73 -382 274 Time deposits 40,390 3,219 1,301 16,372 19,498 Sept -213 -204 -93 -297 380 Demand balances due Oct -195 -192 -114 -246 358 from domestic banks... 6,079 65 99 1,926 3,989 Nov , -154 -214 -140 -193 393 Dec -37 -90 -85 -204 344 February 1957 1957—Jan 117 -40 -40 -172 369 Feb -126 -123 -53 -249 299 Gross demand deposits: Week ending: Total 114,786 23,126 5,932 44,781 40,947 1957_Feb. 20 35 -95 -56 -210 396 Interbank 12,529 4,077 1,139 6,024 1,289 Feb. 27 -222 -116 -91 -284 269 Other 102,257 19,049 4,793 38,757 39,658 Mar. 6 -240 -120 -125 -265 270 Net demand deposits3.... 98,713 20,134 5,208 38,026 35,344 Mar. 13 -406 -154 -109 -336 193 Time deposits 42,945 3,462 1,315 17,407 20,760 Mar. 20 P -130 -40 -302 -188 ^400 Demand balances due Mar. 27 P-208 -78 -342 -159 ^371 from domestic banks... 6, 171 61 101 1,949 4,059 » Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 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 s n s e s e s e e c s c a . u u n r 1 r e d 3 e d d d a b i n b s y d y c o e 1 l G u i 3 n g o a i t v b s ) i 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 a b n n l ( s i k g l a s o a s t t t s i h e o 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 Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning— rate Mar. 31 beginning— rate Mar. 31 beginning— rate Boston Aug. 28, 1956 234 Aug. 28, 1956 314 4 Aug. 28, 1956 New York... Aug. 24, 1956 234 Aug. 24, 1956 314 334 Aug. 24, 1956 Philadelphia.. Aug. 24, 1956 234 Aug. 24, 1956 31/4 Apr. 13, 1956 Cleveland Aug. 27, 1956 Aug. 27, 1956 Aug. 27, 1956 Richmond. .. Aug. 24, 1956 2 34 Aug. 24, 1956 4 Aug. 24, 1956 Atlanta Aug. 28, 1956 234 Aug. 28, 1956 18 4 Aug. 28, 1956 Chicago Aug. 24, 1956 234 Aug. 24, 1956 4 Aug. 24, 1956 St. Louis Aug. 28, 1956 234 Aug. 28, 1956 4 Aug. 28, 1956 Minneapolis.. Apr. 13, 1956 18 Apr. 13, 1956 414 Apr. 13, 1956 Kansas City.. Aug. 31, 1956 Aug. 31,1956 314 4 Aug. 31, 1956 Dallas Aug. 28, 1956 IS Aug. 28, 1956 4 Aug. 28, 1956 San Francisco Apr. 13, 1956 Apr. 13, 1956 4 Apr. 13, 1956 1 Rates shown also apply to advances secured by obligations of Federal 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 deposits 1 1930 Feb. 7 4 1942_Oct. 30 2 Vi Effective date J M M un a a y r e . 2 1 0 2 4 f 1 1 9 9 4 4 8 6_ _ A J A a p u n r g . . . 2 1 1 5 2 3 WA of change C re e c s n i e t t r y r v a e l Re c s i e ty rve Dec. 24 1950—Aug. 21 18 banks banks 1931—May 8 1953—Jan. 16 k Oct. 9 2i/i 1954_Feb. 5 Oct. 16 I* Apr. 16 1932—Feb. 26 1955_Apr. 15 I* 1917—June 21 13 10 June 24 Aug. 5 1933_Mar. 3 21/2 Sept. 9 18 1936—Aug. 16 191/2 15 Apr. 7 i* Nov. 18 1937—Mar. 1 2234 17i/i O M c a t y . 2 2 0 6 1956— A A u p g r. . 2 1 4 3 1* May 1 26 20 1934—Feb. 2 21/2 1938—Apr. 16 2234 17i/i 1937_Aug. 27 In effect Apr. 1, 1957 3 1941_Nov. 1 26 20 1942—Aug. 20 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948_Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949_May 1,5* 24 21 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. J A u u n g e . 30 1 , , J 1 u 1 ly * . 1 . * .. . lfA 2 1 0 9i/i Aug. 16, 18*.... 19 MARGIN REQUIREMENTS 1 A Se u p g t . . 25 1 2 2 2 2 1/2 I 1 8 8 I/2 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 Jan. 25, Feb. 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953_july i?9* 22 19 S P ec re u s r c it r i i e b s e d E x in ch a a c n c g o e r d A a c n t c e o f w 1 i 9 th 34 J 1 a 9 n 5 . 3 4 - , A 1 p 9 r 5 . 5 2 - 2, Ap ti r v . e 23, 1954_june 16, 24*.... 21 1955 1955 1955 July 29, Aug. 1 *. 20 In effect Apr. 1, 1957. .. 20 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements: For short sales 50 60 70 Minimum 13 Regulation U: Maximum 26 For loans by banks on stocks 50 60 70 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 00 00 Time deposits Central Coun- reserve Coun- try and try banks reserve banks city banks 7 3 3 IOV2 4i/2 41/2 1 1 4 214 2* t A 12 14 5 5 6 6 16 71/2 7i>2 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 1 Demand deposits subject to reserve requirements, which beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and series E bond accounts during the period Apr. 13, 1943-June 30, 1947). * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 423 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 27 Mar. Feb. Mar. Assets Gold certificate account 20,774,392 20,764,394 20,764,392 20,764,39120,764,39220,774,392 20,764,392 20.190,987 Redemption fund for F. R. notes.. 852,147 854,396 856,566 858,600 861,900 852,146 861,898 845,172 Total gold certificate reserves. 21,626,53921,618,790 21,620,95821,622,99121,626,292 21,626,53821,626,290 21,036,159 F. R. notes of other Banks 407,627 414,420 417,928 446,892 466,890 383,437 455,038 288,742 Other cash 447,367 450,019 451,224 465,094 469,787 447,031 469,903 392,056 Discounts and advances: For member banks 591,584 867,739 613,584 772,027 426,316 968,593 570,456 871,673 For nonmember banks, etc 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Industrial loans 795 783 801 800 802 772 758 658 Acceptances—Bought outright 22,675 23,172 23,161 22,911 25,381 23,212 24,493 14,498 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills ;.... 304,705 380,955 296,455 165,755 118,255 304,705 118,255 699,000 Certificates—Special Other 11,362,199 362,19911,362,199 ,362,19911,362,19911,362 ,362,199 10,932,699 Notes 8,571,413 571,413 8,571,413 ,571,413 8,571,413 8,57L ,571,413 9,153,913 Bonds 2,801,750 801,750 2,801,750 ,801,750 2,801,750 2,80L ,801,750 2,801,750 Total bought outright 23,040,067 23.116,317 23.031,81722,901,117 22,853,617 23,040067 22,853,617 23,587,362 Held under repurchase agreement. 25,500 81,800 37,200 109;000 33,000 48,400 Total U. S. Government securities. 23,065,567 23,198,117 23,069,017 22,901,117 22,853,617 23,149,067 22 617 23,635,762 Total loans and securities 23,705,62124,114,81123,731,56323,721,855 23,331,116 24,166,64423,507,324 24,522,591 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 4,611,111 6,497,862 4,976,927 ,576,876 5,322,097 4,164, ,146,306 4,396,427 Bank premises 75,651 75,645 75,425 74,814 74,834 75; 74,804 64,311 Other assets 145,430 132,869 133,497 120,316 105,374 152; 106,980 121,535 Total assets. 51,019,368 53,304,438 51,407,544 51,028,86051,396,412 51,016,424 51,386,667 50,821,843 Liabilities Federal Reserve notes 26,371,667 26,431,48826,488,841 540,142 26,522,48326,454,430 26,555,990 26,097,556 Deposits: Member bank reserves 18,349,522 18,843,63818,533,001 544,53718,615,414 18,629,15918,575,59118,799,472 U. S. Treasurer—general account. 489,873 744,770 451,288 406,225 300,226 590,751 457,593 534,187 Foreign 344,843 300,088 292,350 319,506 300,591 311,212 327,113 354,496 Other 299,475 188,092 204,634 210,465 198,314 304,176 205,882 622,765 Total deposits. 19,483,71320,076,588 19,481,273 19,480,733 19,414,545 19,835,298 19,566,179 20,310,920 Deferred availability cash items 3,803,917 5,447,988 4,100,380 3,682,362 4,145,298 3,361,219 3,949.869 3,,158.470 Other liabilities and accrued dividends. 18,748 17,881 17,177 16,702 15,873 17,569 15,092 17,576 Total liabilities 49,678,045 51,973,945 50,087,67149,719,939 50,098,199 49,668,516 50,087,130 49,584,522 Capital Accounts Capital paid in 330,765 330,630 330,452 330,284 330,159 330,793 330,179 310,001 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 235,422 224,727 214,285 203,501 192,918 241,979 194,222 206,165 Total liabilities and capital accounts. 51,019,368 53,304,438 51,407,544 51,028,860 51,396,412 51,016,424 51,386,66750,821,843 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.2 46.5 47.0 47.0 41A 46.7 46.9 45.3 Contingent liability on acceptances purchased for foreign correspondents 58,935 58,237 58,904 57,952 58,164 58,416 58,016 38,793 Industrial loan commitments 1,974 1,986 1,970 1,971 1,970 1,987 2,014 2,455 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 616,584 892,739 638,584 797, 027 451,316 993,593 595,456 871,673 Within 15 days 586,169 863,370 608,069 767! 108 419,903 915,460 564,297 861,522 16 days to 90 days 30,415 29,369 30,515 4,919 6,413 78,133 6,159 10,138 91 days to 1 year 25;000 25,000 25,000 13 Industrial loans—total 795 783 801 800 802 772 758 658 Within 15 days 93 99 36 36 35 44 36 11 16 days to 90 days 378 360 430 430 83 350 79 346 91 days to 1 year 104 105 105 104 455 158 414 212 Over 1 year to 5 years 220 219 230 230 229 220 229 89 Acceptances—total 22,675 23,172 23,161 22 911 25,381 23,212 24,493 14,498 Within 15 days 8,531 6,946 7,725 8 334 8,932 10,199 8,241 3,747 16 days to 90 days 14,144 16,226 15,436 14577 16,449 13,013 16,252 10,751 U. S. Government securities—total. 23,065,567 23.198,11723,069,017 22,901 117 22853,617 23.149,067 22,886,617 23,635,762 Within 15 days 44,450 136,000 73,400 36 100 51,500 127,950 63,600 59,300 16 days to 90 days 285,755 326,755 260,255 129655 66,755 285,755 66,755 688,100 91 days to 1 year 19,946,10519,946,10519,933,61219,933 19,933,612 19,946,105 ,954,512 ,872,764 Over 1 year to 5 years 360,786 360,786 373,279 373 373,279 360,786 373,279 ,587,127 Over 5 years to 10 years ,013,614 ,013,614 013,614 1,013 1,013,614 ,013,614 ,013,614 ,013,614 Over 10 years ,414,857 ,414,857 414,857 1,414 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

424 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 31, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou 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 , 971,461 5,725,289 1,058,6871,899,3791,388,316 865,3473,368,802 870,820 362,446 902,289 779,5512,582,005 Redemption fund for F. R. notes 55,807 178,712 61,064 75,944 64,374 50,179 153,985 43,223 22,765 41,138 25,795 79,160 Total gold certificate reserves 1,027,268 5,904,001 1,119,7511,975,3231,452,690 915,526 3,522,787 914,043 385,211 943,427 805,346 2,661,165 F. R. notes of other Banks.., 18,796 61,563 23,218 36,927 19,507 101,360 24,130 8,305 12,342 4,984 42,158 30,147 Other cash , 36,015 104,994 23,885 43,185 21,017 34,055 67,440 23,287 12,259 14,263 20,348 46,283 Discounts and advances: Secured by U. S. Govt. securities , 38,420 148,855 30,885 9,523 54,225 52,172 521,650 9,650 46,746 32,250 14,200 3,150 Other , 1,502 7,165 1,750 2,250 1,275 7,800 3,550 925 600 950 1,300 2,800 Industrial loans , 335 400 37 Acceptances: Bought outright , 23,212 Held under repurchase agreement U. S. Govt. securities: Bought outright ,266,420 5,798,678 1,384,5011,992,8041,418,5541,184,697 4,019,847 961,923 520,406 998,326 915,704 2,578,207 Held under repurchase agreement 109,000 Total loans and securities.... ,306,677 6,086,910 ,417,536 2,004,577 ,474,0541,244,669 4,545,047 972,498 567,789 ,031,526 931,204 2,584,157 Due from foreign banks. 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items.. 289,642 740,932 276,031 430,522 306,358 332,768 704,578 162,826 107,409 206,827 210,617 396,065 Bank premises 5,285 9,612 4,715 8,104 7,235 5,270 5,824 4,804 4,929 4,579 4,441 10,698 Other assets 8,081 36,861 8,949 13,180 9,202 7,785 28,777 6,179 3,376 6,379 6,712 17,200 Total assets 2,691,765 12,944,879 2,874,087 4,511,820 3,290,064 2,641,434 8,898,586 2,091,9431,093,316 2,211,986 2,020,827 5,745,717 Liabilities F. R. notes ,548,861 6,232,455 1,679,940 2,498,667 2,090,1751,272,554 5,114,8701,177,575 480,8621,052,731 683,2482,622,492 Deposits: Member bank reserves 751,397 5,369,873 847,1961,479,904 809,115 960,042 2,923,045 679,731 436,421 859,9421,017,2652,495,228 U. S. Treasurer—general account 37,957 74,572 30,759 28,897 47,903 48,421 72,303 35,677 44,434 51,102 48,807 69,919 O Fo th re e i r gn 18,154 2 2 2 8 9 6 , , 0 1 8 4 6 0 21 9 , , 9 1 1 4 0 2 28 1 , , 1 79 7 9 0 1 4 5 , , 3 9 0 6 9 3 14 1 , ,6 0 9 8 9 5 44 1 , , 4 1 4 5 6 2 1 2 1 , , 4 5 4 8 0 1 7,512 1 10 1 , , 0 8 8 9 8 4 1 2 6 , , 8 2 3 76 4 4 3 0 5 , , 6 0 1 8 0 1 540 477 Total deposits 808,048 5,759,671 909,0071,538,770 877,2901,024,247 3,040,946 729,429 488,844 933,0261,085,182 2,640,838 Deferred availability cash items 255,165 580,085 190,262 351,890 250,317 280,947 543,315 131,983 88,841 171,921 184,232 332,261 Other liabilities and accrued dividends 902 4,357 854 2,156 684 832 3,400 619 962 591 583 1,629 Total liabilities 2,612,97612,576,568 2,780,063 4,391,483 3,218,466 2,578,580 8,702,5312,039,606 1,059,509 2,158,2691,953,2455,597,220 Capital Accounts Capital paid in 17,116 95,082 20,967 31,872 15,142 15,929 45,084 11,292 7,272 13,304 18,383 39,350 Surplus (Sec. 7) 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521! 1,073 1,137 1,307 2,140 Other capital accounts. 14,714 57,908 16,267 21,066 15,513 12,984 39,121 11,193 6,942 11,293 10,384 24,594 Total liabilities and capital accounts 2,691,76512,944,879 2,874,087 4,511,820 3,290,064 2,641,434 8,898,586 2,091,9431,093,316 2,211,986 2,020,8275,745,717 Reserve ratio 43.6% 49.2% 43.3% 48.9% 49.0% 39.9% 43.2% 47.9% 39.7% 47.5% 45.5% 50.6% Contingent liability on acceptances purchased for foreign correspondents 3,416 316,067 4,123 5,301 3,004 2,650 8,364 2,179 1,414 2,238 3,063 6,597 Industrial loan commitments.. 21 61 97 u 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $42,349,000 participations of other Federal Reserve 2 After deducting $225,047,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 425 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1957 1957 1956 Mar. 27 Mar. 20 Mar. 13 Mar. 6 Feb. 27 Mar. Feb. Mar. F. R. notes outstanding (issued to Bank). 27,508,753 27,585,80827,617,136 27,695,199 27,762,31327,500,455 27,747,268 27,028,277 Collateral held against notes outstanding: Gold certificate account 11,848,000 11,858,000 11,868,000 11,868,000 11,868,000 11,848,000 11,868,000 11,413,000 Eligible paper 46,030 59,668 55,817 114,667 45,352 72,785 108,447 150,023 U. S. Government securities 17,040,000 17,090,000 17,090,000 17,090,000 17,090,000 17,040,000 17,090,000 17,035,000 Total collateral 28,934,030 29,007,66829,013,817 29,072,66729,003,352 28,960,785 29,066,447 28,598,023 EACH FEDERAL RESERVE BANK ON MARCH 31, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago 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) 1,612,298 6,485,462 ,798,400 2,581,353 21,155,2781,339,9115,195,7261,218,910 540,0401,076,366 737,724 2,758,987 Collateral held: E G l o ig ld ib l c e e r p ti a f p ic e a r te acct.. 580;000 3,170,000 64 3 0 0 , , 0 88 0 5 0 1,130,000 915,000 450,000 2,300,000 450 9 , , 0 6 0 5 0 0 130,000 3 3 0 2 0 , ,0 2 0 5 0 0 283,0001,500,000 U. S. Govt. securities. ,150,000 3,600,000 ,200,0001,500,0001,310,000 ,000,000 3 j i 66 i 666875,000 460,000 820,000 525,0001,500,000 Total collateral ,730,000 6,770,000 870,885 2,630,000 2,225,000 ,450,000 5,400,000 1,334,650 590,0001,152,250 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r p a - 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 A e o o t o t m p v e n u - e d - n o d i t t) ( s a t L a m o n o u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( s i a n P p f t ta u m g a a o f n t t i r i u o i n i d t o o n i t u a i c - n n s n n n i s t s g - c t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a A r a n iz t m s 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 a e rt e r i a d o n n - a u a o A b n v n u o a t d a d t e m m s r i d e e l r t i r a e o a o t b n a n i w u g o l g t d n e s u e n r i t r e a n a t s e r l g o - - 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 ?,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 Feb 3,778 827,529 45 695 2,444 1,152 Feb ,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 1,132 Mar ,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr ,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 ,288 May ,435 2,663 340 256 175 June 3,780 830,116 904 2,565 ,287 June ,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 ,262 July ,445 2,724 364 273 176 Aug...... 3,781 830,995 959 2,447 ,273 Aug ,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 ,262 Sept ,456 2,737 369 276 145 Oct 3,781 831,882 867 2,236 ,179 Oct ,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 ,098 Nov ,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 ,129 Dec ,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 ,126 Jan ,475 2,823 401 298 120 Feb 3,782 833,692 758 2,334 ,097 Feb ,481 2,829 398 296 128 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements, outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi [In effect March 31. Per cent per annum] [In effect March 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta r g an e te o e f d in (p te e r r e c s e t n t p a a g y e a b o l f e any f e c e o c m h m ar i g tm ed ent Bank On On by borrower) borrower On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston () Over 95 . .. 40-50 40-50 New York... Philadelphia.. Cleveland (4) Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago St. Louis.... Interest rate Minneapolis.. Kansas City.. Commitment rate. Dallas San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the 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 Vi per cent per annum is made on undisbursed portion. 7 Charge of V4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonaladjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersl centers2 City centers 1 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 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 Aus 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 '177,343 67,035 r36,886 r73,423 48.9 30.2 23.0 50.2 31.0 23.1 Mar 197,024 74,786 42,113 80,124 48.7 ^30.8 ^22.5 47.5 P28.1 ^22.6 r Revised. 2 338 centers prior to April 1955. v Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 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 427 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 culatoni Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,59' 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 ,274 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 195! 29,206 20,530 .654 ,182 67 2,120 6,329 9.177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 ,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 ,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 ,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956_Feb 30,163 21,227 ,900 ,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar 30,339 21,419 ,914 ,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr 30,210 21,320 ,922 ,241 73 2,053 6,430 9.602 8,890 2,654 5,500 299 425 4 9 May 30,513 21,621 ,939 ,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 June 30,715 21,801 ,948 ,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 July 30,604 21,709 ,957 ,258 74 2,065 6,514 9,840 8.895 2,674 5,500 294 415 3 Aug 30,757 21,838 ,967 .267 74 2,077 6.559 9,895 8,919 2,676 5,527 293 413 3 Sept 30,768 21,834 ,977 ;283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct 30,839 21,877 ,995 ,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 ,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 Dec 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 1957—Jan 30,614 21,597 ,990 ,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 Feb 30,575 21,601 ,993 ,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Helc1 in the Treasury Currency in circulation i Held by Kind of currency T s F t o a e t 1 n b a 9 d . l 5 i 2 o 7 n 8 u g , t , - A g s a o s s g l i e d a lv c in u e a r s r n i t d ty Tr c e a a s s h ury B F a F a . n n o R d r k . s a B F g a a . e n n n R d k t . s s Fe 1 b 9 . 5 2 7 8, Ja 1 n 9 . 5 3 7 1, Fe 1 b 9 . 5 2 6 9, certificates agents Gold 22,304 21,659 2645 Gold certificates 21,659 18,811 2,816 33 33 34 Federal Reserve notes 27 747 100 1 646 26 001 26,051 25,628 Treasury currency—total 5,076 32,394 65 470 4,541 4,530 4,501 Standard silver dollars 489 185 50 6 247 247 231 Silver bullion 2 209 2 209 Silver certificates and Treasury notes of 1890.... 32,394 354 2,040 2,035 2,072 Subsidiary silver coin 1,351 10 62 1,279 1,277 1,224 Minor coin 479 2 11 466 466 445 United States notes 347 3 35 309 304 311 Federal Reserve Bank notes 139 2 137 138 152 National Bank notes 63 62 63 65 Total—Feb 28 1957.. 24,053 809 18,811 4,932 30,575 Jan. 31, 1957 (5) 23 998 809 18 746 5 192 30,614 Feb 29 1956 23,447 789 18,196 4,746 30,163 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates in table on p. 420. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 4 Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net— Date c u u ry r- U. S. Government obligations l T i i a t o i b e ta i s l l - Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31 22,030 4.894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954_Dec. 31 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—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—Feb. 29 21,700 5,000 213,100 99,400 93,000 67,600 23,500 ,900 20,700 239,800 219,900 20,000 Mar. 28 21,700 5,000 214,900 101,600 92,600 67,100 23,600 ,900 20,700 241,700 221,600 20,100 Apr. 25 21,700 5.000 214,900 102,500 91,700 66,600 23,300 ,900 20,700 241,700 221,200 20,500 May 30 21,800 5,000 214,700 103,300 91,000 65,700 23,400 ,900 20,500 241,500 221,200 20,300 June 30 21,799 5,032 216,563 105,420 90,511 64,917 23,758 ,836 20,632 243,394 223,585 19,807 July 25? 21,800 5,000 214,900 104,900 89,700 64,500 23,400 ,800 20,400 241,800 221,400 20,400 Aug. 29^ 21,900 5,000 217,000 105,500 90,900 65,400 23,700 ,800 20,600 243,900 223,000 20,900 Sept. 26*> 21,900 5,000 218,000 106,700 90,500 65,200 23,600 ,800 20,800 244,900 224,000 20,900 Oct. 3\P 21,900 5,100 218,900 107,400 91,000 65,500 23,800 ,800 20,500 245,800 224,800 21,000 Nov. 28* 21,900 5,100 220,800 108,200 92,100 66,100 24,300 ,700 20,400 247,700 227,000 20,800 Dec. 26*> 21,900 5,100 223,400 110,100 92,900 66,300 24,900 ,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 ,700 20,400 246,500 226,000 20,500 Feb. 27*> 22,300 5,100 218,100 108,300 89,200 64,600 22,900 ,700 20,600 245,400 224,700 20,700 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 u r 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 t R 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 b p s a o a u n v s t i i k u n t s a s g 3 2 l s S S P y a o v s s t i e t n a m g l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - y - s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o d a s a d s e t e 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 63,254 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_Feb. 29.. 3,000 800 4,000 600 211,600 78,800 48,500 28,400 ,800105,600 27,200 132,700 105,400 277,300 Mar. 28.. 3,000 800 6,500 500 210,800 79,300 48,800 28,600 ,800104,400 27,200 133,100 105,600 277,500 Apr. 25.. 3,000 800 400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134,400 107,200 277,200 May 30.. 000 800 800 400 211,200 79,600 49,000 28,900 ,800104,200 27,400 133,200 105,700 277,500 June 30.. 115 768 537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,700 277,600 July 25P, 100 800 600 600 213,300 80,700 49,700 29,200 ,700105,200 27,400 134,300 106,800 277,500 Aug. 29*>. 100 800 800 500 212,800 80,900 49,900 29,300 700 104,500 27,500 133,600 106,100 277,500 Sept. 26? 200 800 400 600 214,100 81,300 50,100 29,500 105,400 27,400 134,100 106,700 277,400 Oct. 3IP. 100 800 800 500 216,600 81,500 50,200 29,600 700 107,400 27,700 133,600 106,100 277,500 Nov. 28 P, 3,400 800 5,200 500 217,100 80,900 49,600 29,600 700 108,200 28,000 134,300 106,700 277,600 Dec. 26^ 3,400 800 4,200 500 220,900 81,900 50,300 30,000 600 110,700 28,400 134,500 106,600 277,900 1957_jan. 30P, 3,100 800 1,900 600 219,500 82,900 51,200 30,100 ,600 109,200 27,300 133,800 106,300 27,500 Feb. 27*>, 3,100 800 2,800 300 217,700 83,500 51,800 30,200 ,600 106,800 27,300 134,100 106,600 27,500 v Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24^-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 429 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS. BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U bl q . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d i t a - e a l s l Total 2 b In an te k r - 2 Dema O nd ther c c T o a a p o u c i t n - t a t a l s l b N a b o u n e f m r ks tions ac- Time counts 3 U. S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8.194 15,035 1941_Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14.065 105.935 45.613 10,542 14,553 1947_Dec. 31* 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53.105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101.936 56.513 13,837 14.650 1954—Dec. 31 183,784 85,617 77.728 20,439 44,585 231,654 211,115 16,811 4.176116,617 73.510 17,270 14.367 1955—Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76.844 18.112 14 243 1956— Feb. 29 188,700100,360 67,640 20,700 41.430 233,720 210,130 14,060 640115,140 77,290 18,360 14,230 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 235115,850 79,182 18,811 14,206 July 25* 190,860105,960 64,490 20,410 40,770 235,260 211,250 14,560 290114,140 79,260 18,840 14.204 Aug. 29* 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 460113,050 79,550 18,960 14,207 Sept. 26* 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 110115,140 79,890 19,210 14,206 Oct. 31* 194,230108,270 65,460 20,500 43,160 241,370 216,570 15,380 480117,590 80,120 19,260 14,194 Nov. 28* 195,750109,230 66,080 20,440 43,140 242,940 217,930 15,360 4,930118,070 79,570 19,380 14,186 Dec. 26* 197,620111,020 66,250 20.350 45,400 247,060 222,090 16,060 3,890121,550 80,590 19,360 14,174 1957—Jan. 30* 194,810108,910 65,460 20,440 41,590 240,550 215,870 14,260 1,620118,350 81,640 19,350 14,163 Feb. 27* 194,700109,430 64,630 20,640 42,320 241,180 216,050 14,370 2,510116,890 82,280 19,490 14,158 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15.331 6.885 14.484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14.065 105,921 30,241 8.950 14,011 1947—Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52.249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1954—Dec. 31 155,916 70,619 68,981 16.316 43,559 202,378 184,757 16.809 4,172 116,567 47,209 14,576 13,840 1955—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—Feb. 29 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14,060 3,640 115,090 48,880 15,510 13,703 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5.232 115,824 50,030 15,927 13,679 July 25* 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290114,110 50,020 15,940 13.677 Aug. 29* 161,030 87,470 57,170 16,390 39,730 204,090 183.150 14,460 5,460113,020 50,210 16,040 13,680 Sept. 26* 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110 115,110 50,400 16,280 13,679 Oct. 31* 162,540 88,830 57,400 16,310 42,360 208,430 186,990 15.380 3,480 117,560 50,570 16,330 1?,667 Nov. 28* 163,940 89,580 58,100 16,260 42,360 209,880 188,300 15,360 4,930 118,040 49,970 16,420 13,659 Dec. 26* 165,690 91,240 58,300 16,150 44,470 213,760 192,060 16,060 3,890121,520 50,590 16.420 13,647 1957_ F ja e n b . . 3 2 0 7 * * 1 1 6 6 2 2 , , 6 3 7 8 0 0 8 8 9 9 , , 0 4 1 2 0 0 5 5 7 6 , , 4 6 9 4 0 0 1 1 6 6 , , 1 3 7 2 0 0 4 4 0 1 , , 7 4 5 8 0 0 2 2 0 0 7 7 , , 1 5 1 5 0 0 1 1 8 8 5 5 , , 7 8 6 2 0 0 1 1 4 4 , , 2 3 6 7 0 0 2 1 , ,6 5 2 1 0 0 1 1 1 1 6 8 , ,3 8 2 6 0 0 5 5 1 2 , , 5 0 6 8 0 0 1 1 6 6 , , 3 5 9 1 0 0 1 1 3 3 , ,6 6 3 3 1 6 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 3,327105,400 39,165 12.783 6,543 1956_Feb. 29 133,008 70,812 48,571 13,625 35,697 171,491 154,064 13,384 3,278 98,136 39,266 12,966 6,525 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 98,239 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 Feb. 27* 136,387 77,082 46,097 13,208 36,634 176,292 157,623 13,674 2,244 99,838 41,867 13,813 6,456 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—Feb. 29 30,350 17,820 8,470 4,060 900 31,680 28,460 28,410 2,850 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 July 25* 31,280 18,820 8,300 4,160 850 32,570 29,270 () 29,240 2,900 527 Aug. 29* 31,470 19,060 8,250 4,160 830 32,750 29,370 (5) 29,340 2,920 527 Sept. 26* 31,630 19,240 8,210 4,180 830 32,920 29,520 (*) 29,490 2,930 527 Oct. 31* 31,690 19,440 8,060 4,190 800 32,940 29,580 (5) 29,550 2,930 527 Nov. 28* 31,810 19,650 7,980 4,180 780 33,060 29,630 (5) 29,600 2,960 527 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) 30,080 2,960 527 Feb. 27* 32,320 20,010 7,990 4,320 840 33,630 30,230 30,200 2,980 527 * Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at ail 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

430 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 t a e nk Total Loans o G U t b i o o l . i v n g S t a s . . - O s r e i t t c h i u e e - r s a C ss a e s t h s2 c b a i a l a l p i n i a c 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 o n e f r ks counts3 G U o .S vt . . Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 6,703 16,413 14.507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 ,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 ,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 ,242 7,261 27.982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 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—Feb. 29 22,750 14,392 6,140 2,218 7,215 30,730 26,317 4,934 690 18,402 2,291 2,794 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 July 25* 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29* 23,220 15,326 5,935 1,959 6,938 30.972 26,535 5,017 1,314 17,822 2,382 2,825 18 Sept. 26 23,422 15,804 5,650 1,968 7,196 31,457 26,703 5,105 993 18,200 2,405 2,815 18 Oct. 31* 23,148 15,758 5,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 18 Nov. 28* 23,318 16,014 5,56 1,736 7,044 31,257 26,757 5,270 871 18,322 2,294 2,852 18 Dec. 26* 24,238 16,537 5,959 1,742 7,754 32,927 28,035 5,509 753 19,331 2,442 2,880 18 1957__ F ja e n b . . 3 2 0 7 * * 2 2 3 3 , , 1 1 0 3 1 4 1 1 5 5 , , 6 7 6 6 5 2 5 5 , , 6 5 4 0 5 6 1 1 , , 7 8 9 6 1 6 7 7, , 2 0 6 4 0 6 3 3 1 1. , 1 3 5 8 1 3 2 2 6 6 , , 6 4 0 9 5 7 4 5 . , 9 0 2 5 7 9 3 1 9 8 4 8 1 1 8 8 , , 9 6 0 3 5 6 2 2, , 5 4 1 7 6 7 2 2 , , 8 8 7 9 8 2 1 1 8 8 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 ,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 ,295 600 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 ,327 628 13 1956—Feb. 29 6,237 3,097 2,472 668 1,953 8,245 7,397 1,160 216 4,731 ,290 631 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 ,304 639 13 July 25* 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 639 13 Aug. 29* 6,325 3,541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 [287 641 13 Sept. 26 6,251 3,571 2,061 618 1,929 8,233 7,302 1,215 312 4,488 ,287 646 14 Oct. 31* 6,320 3,631 2,077 612 1,947 8,327 7,350 1,253 187 4,625 ,285 654 14 Nov. 28* 6,319 3,633 2,082 604 1,954 8,329 7,402 1,224 182 4,707 ,289 654 14 Dec. 26* 6,432 3,760 2,080 592 2,039 8,520 7,589 1,277 193 4,802 ,317 654 14 1957—Jan. 30* 6,120 3 494 2.074 552 1,905 8,077 7.280 1,125 68 4,784 ,303 660 14 Feb. 27* 6,171 3,514 2,073 584 2,029 8,254 7,315 1,140 139 4,727 ,309 658 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—Feb. 29 51,600 28,719 17,989 4,892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 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 16,584 5,001 290 Oct. 31* 52,851 31,007 17,023 4,821 15,181 69,268 62,468 6,819 1,222 37,814 16,613 5,032 289 Nov. 28* 53,389 31,391 17,152 4,846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 5,066 289 Dec. 26* 54,076 32,098 17,220 4,758 16,218 71,518 64,553 7,087 1,286 39,473 16,707 5,070 290 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 Feb. 27* 52,897 31,308 16,898 4,691 15,161 69,310 62,253 6,223 865 37,979 17,186 5,124 291 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 ,271 37,794 18,787 4,506 6,326 1955—Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 ,061 39,681 19,372 4,769 6,220 1956—Feb. 29 52,421 24,604 21,970 5,847 11,872 65,158 59,594 1,248 ,037 37,795 19,514 4,819 6,203 June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 ,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 ,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 ,485 37,418 20,124 4,976 6,170 Sept. 26 53,607 25,980 21,595 6,032 12,423 66,994 61,129 1,275 ,361 38,291 20,202 5,107 6,166 Oct. 31* 54,124 26,185 21,977 5,962 12,677 67,754 61,885 1,354 ,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 ,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 ,269 40,047 20,212 5,113 6,143 1957—Jan. 30* 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 Feb. 27* 54,185 26,498 21,620 6,067 12,184 67,345 61,450 1,252 846 38,496 20,856 5,139 6,133 4 Beginning with Dec. 31, 1947, the a 11-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 431 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments 1Deposits Total assets— 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 n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i d i - - a t e a l s l Total 2 b In a t n e k r- 2 Dema O nd ther Time c c T o a a o p u c i t n - t a t a l s l b N a b u o n e m f k r s 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 1 867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec 31 43,093 20,538 18 417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 1 871 1955_jUne 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 1,867 Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 1 851 1956 June 30 48,973 28,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 1,832 Insured nonmember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6 810 1945 Dec. 31 14,639 2,992 10 584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6 416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6 478 1954 Dec 31 22,536 9,886 10 215 2 436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6 647 1955_june 30 22,723 10,385 9,811 2,527 4,388 27,417 25,082 332 408 15,251 9,090 2,121 6 660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6 677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6 713 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945 Dec. 31.. 2,211 318 1 693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1954 Dec 31.. 1,800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955—June 30 1,776 491 930 355 340 2,172 1,788 448 13 990 337 327 513 Dec 31 . 1 716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2,036 1,646 377 11 932 326 326 470 All nonmember commercial banks: 1941 Dec 31 . 7 233 3 696 2 270 1,266 3,431 10 992 9,573 457 5 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 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7 261 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955 June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7,173 Dec 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7 176 1956—June 30 25,605 12,114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7,183 Insured mutual savings banks: 1941 Dec 31 1 693 642 629 421 151 1 958 1,789 1,789 164 52 1945 Dec 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947 Dec 31 12 683 3,560 8 165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1954 Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955 June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 218 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 3 3 49 21,182 2,006 220 1956 June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 3 2 24 21,930 2,061 220 Noninsured mutual savings banks: 1941 Dec 31 8 687 4 259 3 075 1 353 642 9,846 8,744 ( 8,738 1,077 496 1945 Dec 31 5 361 1,198 3,522 641 180 5,596 5,022 > 5,020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 [954 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 2 6,947 806 307 1956 June 30 .... 7,898 4,125 2,661 1,112 178 8,150 7,225 2 7,222 824 307 1 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

432 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for U. S Government obligations Oblimer- purchasing ga- Cla c s a s l a l o n d d f a b te ank i m T l n o a v o e n a e t n n d a s t s t l s - Total2 e o m c i p k l i p i n u n a a a e e g d - r l - t n , - - A c tu a u g r i l r - - i- b o d a r s T e r o e e n r o a c s k c d l u a - - r r r it y o i T e i e t r n o h s s g - l R o t e a a e s t - n a e l s O l v u o i d t t i a a n h o i d - l n - e s - s r O lo t a h n e s r Total Total Bills C o d c e e f a e r i d t b t n e i - t f s - - D i- ir N ec o t tes Bonds G t a e u n e a - d r- S p t d s a i i t o u c o o i a n v l b a t f n i d e i - l t s - - s O s ri e t t h c ie e u s r per ers ness sions All commercial kD 1 o 9 ann 4 lrk 7 es _ :« D 3° ec. 31.... 16,28438,057 18,167 1,660 830 1,220 9,393 5,723 1 063 78,22669,2212 193 7 789 6,034 53, 191 14 5 276 3,729 1954—Dec. 31.... 55,91670, 619 26,8675,2002,92911,525 18,418 14,7502,000 85,29768,9815,065 5 361 14.67243, 861 22 12 586 3 729 1955—Dec. 31.... 60,881 82, 601 33,2454,4753.2631,774 20, 809 17, 1853, 11778,28061,5924,219 2 318 14,03441,010 1112 698 3,990 1956—June 30.... 160,00886, 887 36,1114,2542,695 1,738 21,787 18,365 3,28673,12256,6202 817 1 247 12,727 39, 815 14 12 929 3,573 All insured commercial bankst 1941 Dec 31 49 29021 259 9 2141 450 614 662 4 773 4 545 28 031 21 046 988 3, 159 12 797 4 102 3 651 3 333 1945—Dec! 31.... 21!80925;765 9,461 1;3143,164 3,606 4, 677 2, 361 18196,04388,9122 455 19 071 16,045 51,321 22 3 873 3; 258 1947—Dec. 31.... 14,27437, 583 18,0121,610 823 1,190 9,266 5,654 1 028 76,69167,9412 124 7 552 5,918 52, 334 14 5 1293,621 1954—Dec. 31.... 154,11570, 12726,7315,1082,907 1,501 18,302 14,676 \\973 83,98868,0124*901 5 279 14,52343, 287 21 12 352 3.624 1955—Dec. 31.... 159,16482 081 33,0924,3963,2291,742 20, 692 17, 1043,091 77,08360,7654, 105 2 292 13,85640, 502 10 12 465 3,853 1956—June 30.... 158,34486 374 35,9444,1902,669 1,704 21 671 18,284 3,259 71,97155,8352 751 1 228 12,552 39,290 13 12 694 3,442 Member banks total: 1941 Dec 31 43 52118 021 8 671 972 594 598 3,494 3 692 25 500 19,539 971 3 007 11,729 3 832 3 090 2 871 1945—Dec. 3i!".;; 107', 18322 775 8',949 855 3,1333,378 3,455 1,900|l,10484,40878,3382 275 i6 985 14;271 44, 792 16 3 254 2^15 1947—Dec. 31.... 97,846 32 628 16,9621,046 811 1,065 7,130 4, 662 952 65,21857,914 i;987 5 816 4, 81545, 286 10 4 1993,105 1954—Dec. 31.... 131.60260,25025,0073.5292,881 1,363 14,433 12, 127 1,85871,35257,8094,075 4 307 12,464 36,944 20 10 449 3.094 1955—Dec. 31.... 135,36070 982 31,0192,7263,150 1,560 16,391 14,3132.943 64,37750,6973,250 1 738 11,508 34, 192 9 10 444 3,236 1956—June 30.... 134.42874 783 33.7252,5522,586 1,522 17, 172 15.330 3.087 59,64546,2262 013 840 10,332 33,029 12 10 5572,862 Dec. 31.... 138,76878 034 36,2962,4782,447 1,473 17,811 15,765 3, 14760,73447,5754;383 1 469 9,493 32, 218 12 10 494 2,665 New York Citv:* 1941 Dec. 31.... 12 896 4 072 2 807 g 412 169 123 554 8,823 7 265 311 1,623 3 652 1 679 729 830 1945_Dec. 31.... 26]143 7 334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 3 433 3,325 10,337 1 606 629 1947 Dec 31 20 393 7 179 5 361 545 267 111 564 330 13 214 11 9721,002 640 558 9 771 638 604 1954—Dec! 3l!... 23;880 12 039 7,231 *2042,041 432 467 1,232 644 11,841 9,342 785 597 1,924 6,026 10 1 977 523 1955—Dec. 31.... 23,583 14 640 9,12b 172,144 511 577 1,506 1,006 8,943 6,796 552 100 1 f141 5,002 2 1,609 539 1956— D Ju e n c. e 3 31 0 . . . . . . . . 2 23 3 , , 8 2 0 7 9 0 1 1 5 5 9 3 8 7 7 3 1 1 0 1 , , 1 2 9 6 1 6 11 1 , , 6 4 9 0 1 9 4 4 9 0 4 2 6 6 1 0 7 9 1 1,' 5 55 9 8 0 1 1 , ,0 0 4 4 9 4 7 7, , 8 8 2 9 2 6 6 6 , , 0 0 1 5 1 7 7 3 2 2 4 5 1 7 9 0 4 150 97 8 6 2 4 4 , , 5 1 2 6 9 0 4 3 1 1 , , 5 4 1 0 4 6 3 3 7 5 1 8 Chicago:* 1941 Dec. 31.... 2.760 954 732 6 48 52 22 95 1 806 1,430 256 153 903 119 182 193 1945 Dec. 31*.!!". 5 931 1 333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1 864 181 204 1947 Dec. 31 5! 088 1 801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1954 Dec. 31 6.518 2 784 1,847 140 345 89 91 223 105 3,734 3,t2O 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 Dec. 31 6,473 3 772 2,781 17 203 97 134 439 178 2,701 2,113 112 42 316 15643 440 148 Reserve city banks : 1941 Dec. 31 15 347 7 105 3 456 300 114 194 527 1 512 8 243 6 467 295 751 4 248 1 173 956 820 1945—Dec! 31!!!! 40!l08 8 514 3; 661 205 427 1,503 l' 459 855 404 31,59429 ,'5521,034 6 982 5,653 15;878 5 1,126 916 1947_Dec. 31.... 36.040 13 449 7,088 225 170 484 3; 147 1 969 36622,59120,196 373 2 358 1 901 15,560 3 1,3421,053 1954_Dec. 31.... 50,73823 986 10.624 956 407 622 6,134 4,912 72026,75221,718 1,326 1 695 4,954 13,736 7 3,782 1.252 1955—Dec. 31.... 52,459?8 622 13,212 566 542 696 6,962 5,916 1 18023,83718,826 813 657 4,708 12,643 5 3,778 1,233 1956—June 30 52.071 30 122 13,978 520 502 676 7,357 6.306 1 ?65 21 949 17 051 374 279 4, 086 12,308 4 3,823 1,076 Dec. 31.... 53,915 31 783 15,170 489 501 712 7,654 6,512 1,28922,132 17,368 1,185 441 3,742 11,995 4 3,820 944 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 1222 1 028 1945—Dec. 31.... 35,002 5 596 1,484 648 42 471 i;881 707 36329,40726,999 630 5,102 4 544 16,713 9 1!3421^067 1947—Dec. 31.... 36,324 10 199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2 108 17,681 6 2,0061,262 1954_Dec. 31.... 50,46621 442 5,3062,229 89 220 7,742 5,760 38829,02423,629 1 893 1,774 4 731 15,228 3 4,275 1.120 1955—Dec. 31.... 52,77524 379 6,2902,127 189 255 8,723 6,575 57328,39722,570 1 774 913 5 056 14,825 3 4,581 1,246 1956—June 30.... 52,75225 716 6,8922,019 223 257 9 073 7,050 59027,03521,076 1 267 489 4 688 14,628 4 4,731 1,228 Dec. 31.... 54,57126 491 7,080 1,972 334 261 9,407 7,256 631 28,08022,0372 362 792 4,458 14,420 4 4,827 1,215 All nonmembei banks:3 1947—Dec. 31.... 18,454 5 432 1,205 614 20 156 2 266 1 061 111 13,021 11,318 206 1,973 1 219 7,916 4 1,078 625 1954—Dec. 31.... 24,337 10,378 1,859 ],671 49 161 3 993 2 623 143 13,959 11,184 991 1,054 2 209 6,928 1 2,139 636 1955—Dec 31.... 25,546 11,628 2,226 1,750 113 214 4 428 2 872 174 13,918 10,908 970 580 2 527 6,829 2 2,255 755 1956—June 30... 25,605 12,114 2,385 1,702 110 216 4 625 3 036 200 13,49210,406 805 407 2 396 6 797 1 2,374 712 1 All commercial banks in the United States. These figures exclude membership, insurance status, and the reserve classifications of cities and data for banks in U. S. possessions except for one bank in Alaska that individual banks, and by mergers, etc. became a member bank on Apr. 15, 1954. During 1941 three mutual 2 Beginning June 30, 1948, figures for various loan items are shown savings banks became members of the Federal Reserve System; these gross (i e., before deduction of valuation reserves); they do not add to the banks are included in member banks but are not included in all insured total and are not entirely comparable with prior figures. Total loans commercial banks or all commercial banks. Comparability of figures continue to be shown net. for classes of banks is affected somewhat by changes in Federal Reserve For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 433 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES * [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 e v t v - r k h e e a s s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 j p u m o s a d a t d s e e n - i - d t d s 6 m D e I s o n d t - t e i e c p r s o b s a i n F e ts i k 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 c r d i . s d t k - i ' - s, p a v n s a p i t I h d d i r n o o t i u d r n p c n a a i e o s s - l - , r s r - , - I b n a t n e k r- 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 - i s s - p a v n a s p t I i h r d i d n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u c a p - n l i t - s All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1954—Dec. 31.... 18,734 2,469 12,202 106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 3114,576 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30.... 18,232 2,273 10,802 104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 All insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 2114,252 1955—Dec. 31.... 18,721 2,656 11,744 108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30 18,232 2,251 10,528 103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 33715,600 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1954_Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 1512,210 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 13712,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 30213,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 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 Dec. 31 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 Chicago:* 1941_Dec. 31 1,021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945_Dec. 31 942 36 200 3,153 ,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 1,070 30 175 3 737 ,196 21 72 285 63 3,853 2 9 902 426 1954—Dec. 31.... 1,177 29 162 4,400 ,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—Dec. 31.... 1,135 32 141 4,349 ,246 40 222 299 85 4,781 11 6 8 1,313 3 628 1956—June 30.... 1,115 27 124 4,092 ,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Dec. 31.... 1,158 37 174 4,272 ,318 46 184 294 85 4,690 7 5 12 1,302 4 660 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—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 Country banks: 1941_Dec. 31 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1954_Dec. 31.... 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—June 30.... 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 AH nonmember 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

434 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a s a o v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - n d s i C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U n o o . d v S b t d . . r e o O a k l t e e h r r e s s rG U T o . o v S t o . . t O h s e t e h r - s er e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds 2 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 t l i o i o g b n a - s - c t u ie r s i- t l i o i o g b n a - s - c t u ie r s i- Total- Leading Cities 1956 Mar 86,701 85,452 48,882 26,741 530 2,545 ,292 8,30110,322 28,309 925 687 6,649 20,048 8,261 1,249 1957 Feb 86,227 85,001 51,726 29,831 439 ,726 ,152 8,77010,824 25,7811,397 773 4,977 18,634 7,494 1,226 Mar 87,123 85,744 52,53530,644 433 ,770 ,150 8,74010,84125,590 1,425 683 4,858 18,624 7,619 1,379 Feb. 6 86,103 85,069 51,664 29,726 436 ,761 ,155 8,77010,833 25,9211,443 780 5,070 18,628 7,484 1,034 Feb. 13 86,239 84,828 51,712 29,817 440 ,694 ,151 8,78210,843 25,672",257 743 5,044 18,628 7,444 ',411 Feb. 20 86,131 85,069 51,748 29,910 437 ,689 ,153 8,76610,808 25,809 ,426 823 4,917 18,643 7,512 ,062 Feb. 27 86,435 85,038 51,779 29,871 443 ,760 ,148 8,76210,813 25,723 ,461 746 4,878 18,638 7,536 ,397 Mar. 6 86,249 84,975 51,887 30,007 437 ,797 ,150 8,73610,803 25,532 ,251 773 4,870 18,638 7,556 1,274 Mar. 13 87,099 85,653 52,310 30,410 434 ,791 ,156 8,74010,824 25,676 ,370 783 4,859 18,664 7,667 1,446 Mar. 20 88,118 86,747 53,11531,149 430 ,822 ,148 8,74610,864 25,990 ,763 761 4,842 18,624 7,642 1,371 87,028 85,604 52,83131,012 431 1,670 ,146 8,74010,874 25,164 ,317 415 4,862 18,570 7,609 1,424 Mar. 27 New York City 1956 23,303 22,619 14,453 9,686 1631,546 22 486 586 2,211 5,971 185 72 1,071 4,643 2,195 684 Mar 1957 22,882 22,212 14,95911,091 138 925 365 586 2,157 5,433 300 187 898 4,048 1,820 670 Feb 23,535 22,720 15,43411,543 120 990 366 582 2,140 5,407 351 145 851 4,060 1,879 815 Mar Feb. 6 22,783 22,206 14,89610,999 212 874 366 587 2,158 5,502 322 211 923 4,046 u 577 Feb. 13 22,879 22,170 14,95911,089 179 875 366 592 2,161 5,418 258 207 904 4,049 709 Feb. 20 22,805 22,218 14,97911,156 66 956 364 583 2,157 5,420 298 181 889 4,052 1,793 587 Feb. 27 23,061 22,254 15,00111,121 95 995 362 582 2,152 5,395 321 148 878 4,048 1,819 807 1,858 Mar. 6 23,091 22,349 15,12411,217 1161,003 366 585 2,143 5,362 257 172 859 4,074 1,863 742 Mar. 13 23,562 22,715 15,36911,440 158 979 365 583 2,150 5,430 320 169 860 4,081 1,916 847 Mar. 20 23,989 23,228 15,75511,816 167 997 365 582 2,135 5,597 499 195 845 4,058 1,876 761 Mar. 27 23,498 22,586 15,48711,697 39 983 366 577 2,133 5,237 330 43 838 4,026 1,862 912 Outside New York City 1956 Mar 63,398 62,833 34,42917,055 524 836 784 7,715 8,11122,338 740 615 5,578 15,405 6,066 565 1957 Feb 63,345 62,789 36,76718,740 438 663 773 8,184 8,66720,3481,097 586 4,079 14,586 5,674 556 Mar 63,588 63,024 37,10119,101 432 660 773 8,158 8,70120,1831,074 538 4,007 14,564 5,740 564 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 Mar. 6 63,158 62,626 36,76318,790 436 678 772 8,151 8,660 20,170 994 601 4,011 14,564 5,693 532 Mar. 13 63,537 62,938 36,94118,970 433 654 779 8,157 8,674 20,2461,050 614 3,999 14,583 5,751 599 Mar. 20 64,129 63,519 37,36019,333 429 658 772 8,164 8,729 20,3931,264 566 3,997 14,566 5,766 610 Mar. 27 63,530 63,018 37,34419,315 430 648 770 8,163 8,74119,927 987 372 4,024 14,544 5,747 512 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 435 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex e c m e a p n t d i n d te e r p b o a s n it k s, ex T c im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings 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 a d n e n i c o s t k e - h ti s s c j p m u o a d s a t d s e e n i - - d t d s i s p p u n c h v a 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 i t o u i c o a n v l a b t n i d i e l t - - s - s c C h c o f a e e e e i f t n e c f r r c i d t d k s . - i ' s - , G U o . v t S . . s p p u c n h v a o a a o e n i i r r d p l r r d a s t - - - s - , - , S p s d s a i i t o u i c 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 S d 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 a u c a p n - l - ts tions tions Total— Leading Cities 1956 Mar 13,382 958 2,502 56,56358,432 4,108 1,875 2,90919,391 1,013 19510,249 1,509 1,173 653 860 8,605 1957 Feb 13,457 988 2,392 56,470 59,256 4,025 ,802 1,197 20,333 961 18010,242 1,516 1,243 532 922 9,093 Mar 13,222 983 2,485 55,96858,610 3,917 ,856 1,833 20,690 993 18010,307 1,524 1,251 594 1,025 9,104 Feb. 6 13,756 920 2,330 56,874 58,685 4,083 ,770 873 20,268 956 18110,338 1,514 1,242 723 728 9,088 Feb. 13 13,119 1,040 2,44156,423 60,408 3,888 ,815 844 20,292 959 17910,500 1,479 1,247 359 1,115 9,090 Feb. 20 13,595 980 2,43156,214 58,701 4,030 ,824 1,51820,363 965 18010,140 1,533 1,237 741 745 9,075 Feb. 27 13,359 1,014 2,364 56,370 59,228 4,099 ,800 1,5""5"4 20,407 964 183 9,991 1,539 1,245 304 1,101 9,117 Mar. 6 13,217 950 2,345 55,79157,951 4,031 ,900 1,008 20,499 987 18010,361 1,547 1,246 670 970 9,105 Mar. 13 13,194 1,031 2,476 56,905 6'"0,262 3,796 ,757 958 20,684 990 17910,240 1,521 1,252 475 1,079 9,100 Mar. 20 13,437 961 2,535 55,704 58,458 3,808 ,942 3,062 20,759 1,002 18110,382 1,552 1,256 781 998 9,090 13,038 991 2,584 55,472 57,769 4,033 ,825 2,304 20,819 994 18010,244 1,476 1,251 451 1,054 9,119 Mar. 27 New York City 1956 4,310 144 7516,005 17,319 283 904 898 2,119 107 54 2,926 1,166 923 106 370 2,749 Mar 1957 4,342 151 15,764 17,342 284 874 300 2,363 2,893 1,203 953 127 532 2,862 Feb 4,208 141 16,02217,543 252 903 565 2,548 2,845 1,208 965 24 463 2,854 Mar Feb. 6 4,589 140 15,910 17,164 271 886 232 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 151700 17,149 275 863 370 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 Mar. 6 4,269 139 15,957 17,268 259 965 310 2,392 2,829 1,228 961 74 495 2,858 Mar. 13 4,127 147 16,493 18,117 245 841 243 2,550 2,736 1,211 965 356 2,853 Mar. 20 4,228 133 15,87617,446 245 895 953 2,605 2,961 1,228 968 20 512 2,850 Mar. 27 4,208 145 15,763 17,342 259 911 755 2,647 2,855 1,165 966 490 2,854 Outside New York City 1956 Mar 9,072 814 2,427 40,558 41,113 3,825 971 2,01117,272 906 141 7,323 343 250 547 490 5,856 1957 Feb 9,115 837 2,344 40,706 41,914 3,741 928 897 17,970 912 145 7,349 313 290 405 390 6,231 Mar 9,014 842 2,430 39,946 41,067 3,665 953 1,268 18,142 942 146 7,462 316 286 570 562 6,250 Feb.. 6 9,167 780 2,283 40,964 41 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! 3,626 911 640,17,951 910 144 7,515 305 290 284 440 6,225 Feb. 20 9,243 826 2,380 40,514 41 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 3,771 956 1,16018,016 914 147 7,135 319 289 304 587 6,258 Mar. 6 8,948 811 2,299 39,834 40,683 3,772 935 69818,107 937 7,532 319 285 596 475 6,247 Mar. 13 9,067 884 2,429 40,412 42,145 3,551 916 71518,134 939 145 7,504 310 287 475 723 6,247 Mar. 20 9,209 828 2,481 39,828 41,012 3,563 1,047 2,10918,154 951 147 7,421 324 288 761 486 6,240 Mar. 27 8,830 846 2,512 39,709 40,427 3,774 914 1,54918,172 943 146 7,389 311 285 451 564 6,265 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

436 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'J Period 2 t l o F iq b a o u n a o o c d d c r , o , a T l p e e a a p x n t a t h d r il e e e r l s , , M m p u a r e c e n o t t t d a d s a 3 l - l s ch r P l e c u e a e m o b u t n a r b m i d l o c e , , a - r l, Other ( T r w e s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a n l o r b i n c t n t l i a l s i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o h i p n l f e e l e r s ss c c h l N f a a ie n s e d s g t i e - s ch b r w e a i a e a n i p n a n n e n d o l g k k g d l ' 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 -1 -41 -363 -175 126 71 106 -1,314 -1 496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955 Jan -June .. -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2 124 *2 243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 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 Mar . 39 75 443 80 92 80 -111 292 90 2 8 1,089 1,141 Week ending: 1957_jari. 2 -107 -29 -84 42 -16 -116 5 86 81 -1 26 -113 -167 Jan 9 -48 -1 -11 -12 -12 -39 -19 -131 -2 -17 -43 -332 -383 Jan. 16 -33 2 53 9 12 -23 -23 -85 7 -7 -37 -126 -155 Jan 23 -33 -4 -8 -14 -13 -35 -16 -39 -1 -12 -30 -204 -243 Jan 30 -33 10 30 -8 8 -21 -15 -17 14 -1 -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 Mar 6 1 17 42 50 17 -2 -23 82 -21 -8 -20 135 136 Mar. 13 -1 25 142 26 33 22 -32 56 82 2 27 382 403 Mar 20 65 32 216 27 34 43 -19 225 47 16 13 699 739 Mar 27 -27 1 43 -23 7 17 -38 -71 -18 -7 -11 -126 -137 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly Utn- into from exdealers^ ( p fi a n p a e n r c ) e 2 T ta o- l O bi w ll n s b B ou il g ls ht O ac w ct n . c F e o i o g r r r n - . U S n ta it t e e d s U S n ta it t e e d s change U S n ta i t t e e s d c F o o u r n e t i r g i n es 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 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 Sent 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 Feb 2,679 555 2,124 992 202 133 69 24 58 708 307 389 2 127 167 1 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 437 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 m 4 m p P - c a o e r o t p i r n o m m c e t i h r - 6 e a , 1 l - 3 p d p c p - l i a o a r a t e p c o m n c e e y t - 6 r d - - a a P b d c n e a r a c 9 i c r n y e m 0 s e k p s ' s e 1 - t , - M 3 k - e a m t r- onth o R n b a n i t l e e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is - y s e t u o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod 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 months1 yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 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:1 19 large cities: 1956—Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 1956—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 1957—Mar 4.38 5.38 4.94 4.59 4.21 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 New York City: Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 1956—June 3.97 5.00 4.61 4.23 3.86 Sept 3.50 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 1957—Mar 4.23 5.26 4.92 4.47 4.11 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 7 Northern & Eastern cities: 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 1956—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 Sept 4.39 5.36 4.88 4.53 4.26 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 Dec 4.40 5.41 4.94 4.63 4.25 1957—Mar 4.40 5.41 4.91 4.61 4.26 Week ending: 11 Southern & Western Mar. 2... 3.63 3.38 3.38 3.25 3.288 3.29 3.38 cities: Mar. 9... 3.63 3.38 3.38 3.18 3.246 3.33 3.39 1956—June 4.38 5.23 4.71 4.42 4.15 Mar. 16... 3.63 3.38 3.38 3.15 3.238 3.38 3.37 Sept 4.53 5.29 4.85 4.54 4.32 Mar. 23... 3.63 3.38 3.18 3.00 3.041 3.35 3.39 Dec 4.58 5.35 4.90 4.66 4.35 Mar. 30. .. 3.63 3.38 3.13 2.97 3.034 3.35 3.38 1957—Mar 4.60 5.42 4.96 4.64 4.35 1 Averages of daily prevailing rates. 1 Based on figures for first 15 days of month. 2 Except for new bill issues, yields are averages computed from daily closing NOTE.—For description see BULLETIN for March 1949 bid prices. pp. 228-237. 3 Consists of certificates of indebtedness and selected note and bond issues. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] State and local govt.bonds Corporaite bonds4 Industrial stocks U. S.Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By r a s t e in le g c s ted gro B u y ps D pr i i v c i e d e r n a d ti s o / p E r a ic r e n in ra g t s i / o enue Totals bonds6 se O ri l e d s2 se N r e ie w s3 Totals Aaa Baa 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 m Co o m n4 - m Co o m n8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 195 *> 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 6.93 1956 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 r6 90 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 J M un ay e 2 2 .9 8 3 9 2 3 .0 9 3 8 2 2. . 7 8 1 3 2 2 . . 4 3 6 4 3 3 . . 3 2 7 6 3 3 . . 0 0 6 2 3 3 .4 4 6 6 3 3 . . 2 2 8 7 3 3 .3 7 7 5 3 3 .4 3 0 9 3 3 . . 5 5 5 3 3 3 .4 4 4 4 4 4 .2 1 2 7 3 3 .9 8 7 2 r6 95 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 '6.00 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 '7.60 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 Mar 3 25 3.27 3.36 2 88 3.97 3.97 3.66 4.47 3.90 4.06 3.95 4.46 4.16 Week ending: 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 Mar 9 3 30 3 26 3.37 2.90 3.99 3.85 3.97 3.66 4 45 3 92 4.04 3.95 4 45 4.19 Mar 16 3.25 3.26 3.36 2.88 3.99 (9) 3.97 3.66 4.43 3.90 4.04 3.95 4.46 4.18 Mar 23 3.24 3.28 3.36 2.88 3.97 3.97 3.67 4.42 3.90 4.04 3.96 4.45 4.18 Mar 30 3.21 3.29 3.33 2.86 3.93 3.96 3.66 4.42 3.88 4.05 3.94 4.46 4.16 r Revised. 4 Moody's Investors Service. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 5 Includes bonds rated Aa and A, data for which are not shown sepaand corporate bonds. Yields of State and local govt. general obligations rately. Because of a lmited number of suitable issues, the number of are based on Thursday figures; of revenue bonds, on Friday figures; and corporate bonds in some groups has varied somewhat. of preferred stocks, on Wednesday figures. Figures for common stocks 6 Dow-Jones and Co. are as of the end of the period, except for annual averages. 7 Standard and Poor's Corporation. Ratio is based on 8 median yields 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first in a sample of noncallable issues—12 industrial and 2 public utility. callable after 12 years, through Sept. 30, 1955, and those due or callable 8 Computed by Federal Reserve from data published by Moody's Inin 10-20 years, beginning Oct. 1, 1955. vestors Service. 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 9 Series discontinued as of Mar. 15, 1957. 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- U (l . o n S g . - G ter o m vt ) . Cor- Stan (i d n a d r e d x , a n 1 d 9 4 P 1 o -4 o 3 r ' = ss 1 e 0 r ) ies* Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 6 = C o 1 m 00 m ) ission series t u r o m a f d e - Year, month, Mu- po- ings or week r O i s e e l s - d 2 N ri s e e e s w - 3 g n ( i h r c a i i g d p h e a - ) l 4 g (h r r a a ig d te h e - )4 Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Tot M al anu r D f a a b u c l - e turin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y b c l- - T n s a a r e i f c n a n r i e v - d d c - e e , , M in i g n- s s t h h a a ( o n o i r n f d e u s s - ) Number of issues... 3-7 1-2 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1954 average 99.51 109.60 125.8 117.2 29.69 30.25 23.96 27.57 230 271 245 295 233 136 236 267 2,270 1955 averase 95 97103.36 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average 93.04 99.88 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1956 Mar 94.88 102.41 120.3 113.2 47.49 50.59 35.24 33.21 351 443 412 472 344 160 322 373 2,874 Apr 92.86 100.05 116.9 111.2 48.05 51.38 36.12 32.50 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 46.54 49.64 35.83 31.81 347 441 398 480 342 156 306 364 2,420 June 95.03 102.22 119.2 110.5 46.27 49.38 34.22 31.93 341 434 393 471 328 155 300 352 1,771 July 93.94 100.98 118.6 110.3 48.78 52.27 34.63 33.01 359 460 421 495 335 159 315 369 2,177 Aug 91.81 98.38 115.8 108.4 48.49 51.89 33.72 33.39 359 460 432 484 329 160 313 373 1,936 Sept 91.43 97.39 113.8 105.8 46.84 50.15 31.98 32.29 345 440 422 457 313 155 302 349 1,959 Oct 91.53 97.50 112.8 105.2 46.24 49.52 32.22 31.67 342 437 422 451 318 152 299 337 1,754 Nov 90.22 96.35 109.1 103.7 45.76 48.92 31.73 31.82 338 431 417 445 311 153 296 355 2,178 Dec 88 74 95.19 108.1 102.8 46.44 49.79 31.75 31.70 344 441 425 457 315 152 287 362 2,443 1957_ F ja e n b 9 8 1 9 . . 5 9 1 6 9 97 5 . . 0 1 8 4 1 1 1 0 0 8 . . 9 6 1 1 0 0 2 4 . . 8 3 4 43 5 . . 4 4 7 3 4 46 8 . . 1 4 0 3 2 3 9 1 . . 5 3 9 6 3 3 2 2 . . 3 2 2 9 3 32 3 5 8 4 40 2 9 9 4 3 0 8 6 6 4 4 3 5 1 1 2 3 9 1 2 0 1 1 5 5 7 7 2 27 8 8 5 3 3 7 4 1 6 2.1 9 8 7 9 8 Mar 90.88 96.88 110.0 104.5 44.03 46.86 29.37 32.45 328 415 388 440 288 159 280 344 ,698 Week ending: Mar 2 90.72 96.84 110.8 104.5 43.45 46.09 29.26 32.35 326 411 386 435 289 158 276 347 65? Mar. 9 90.38 97.03 110.0 104.4 44.18 46.98 29.60 32.58 328 414 387 440 288 159 281 346 ,810 Mar 16 90 84 97.16 109.7 104.5 43.94 46.76 29.28 32.40 329 416 389 441 286 159 282 340 658 Mar. 23 90.99 96.74 109.7 104.4 44.03 46.90 29.20 32.43 328 415 388 440 288 159 281 342 61? Mar. 30 91.37 96.58 110.3 104.5 44.03 46.90 29.36 32.41 330 417 390 442 288 158 281 345 ,710 * New series. or first callable after 12 years through Sept. 30, 1955, and, beginning 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard Oct. 1, 1955, those due or callable in 10-20 years. and Poor's common stock indexes, and volume of trading are averages 3 The 3*4 per cent bond of 197883 and beginning Feb 1 1955 and 3 of daily figures; for (2) municipal and corporate bond prices are based on Wednesday closing prices; and for (3) the Securities and Exchange Commission series on common stock prices are based on weekly closing prices. 5 Average daily volume of trading 2 Series composed of fully taxable, marketable 2l/2 per cent bonds due Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 Net debit balances with Bank loans to others (than Total- New York Stock Exchange brokers and dealers) for pur- Money borrowed End of month or last securities firms i chasing and carrying securities2 Customer Wednesday of month other than net U. S. Govt. free ob (c c l o i o g l l a . . t 3 i 5 o + ) ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v ns t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. sec o O u th r n i e t r ies ba c l r a e n d c it es 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 Feb 3,991 34 2,740 36 [,251 52 2,137 913 Mar 4,038 31 2,786 40 1,252 50 2,127 960 Apr 4 043 33 2,788 40 ,255 44 2 145 896 May 4,047 38 2,810 40 ,237 42 2,186 870 June 4,009 34 2,786 48 1,223 39 2,195 836 July 4,026 31 2,812 45 ,214 31 2 211 858 Aug 3,979 33 2,785 41 ,194 38 2,048 872 Sept 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 '2,761 41 ,141 42 1,964 C866 Feb 3,846 35 2,729 31 ,117 53 2,004 828 r Revised. c Corrected. Data are as of the end of the month, except money borrowed, which is as 1 Ledger balances of member firms of the New York Stock Exchange of the last Wednesday of the month beginning June 1955. carrying margin accounts, as reported to the Exchange. Customers' debit 2 Data, except as noted below, are for all weekly reporting member and free credit balances exclude balances maintained with the reporting banks, which account for about 70 per cent of all loans to others for purfirm by other member firms of national securities exchanges and balances chasing or carrying securities. Figures are for the last Wednesday of the of the reporting firm and of general partners of the reporting firm. Bal- month. Some loans for purchasing or carrying U. S. Govt. securities are ances are net for each customer—i. e., all accounts of one customer are included in column 5 after 1952; loans for that purpose are shown sepconsolidated. Money borrowed includes borrowings from banks and arately in column 4 for all weekly reporting member banks in 1952 and from other lenders except member firms of national securities exchanges. for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 439 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 a lo t . e c S a a l . nd Foreign2 Total Bonds Stocks gages estate loans assets End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month:4 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... 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956_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 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July. . . 93,580 11,292 7,886 2,191 '215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug.... 93,992 11,210 7,778 2,206 ,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept..., 94,411 11,253 7,805 2,213 ,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct 94,869 11,306 7,850 2,218 ,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov... 95.274 11,218 7,749 2,229 ,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 Dec..., 95,819 11,005 7,532 2,237 ,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957—Jan.. . . '96,316 11,068 7,588 2,244 ,236 41,177 38,256 2,921 33,279 2,841 3,523 -4,428 Feb... . 96,738 10,890 7,544 2,244 ,102 41,513 38,580 2,933 33,479 2,865 3,547 4,444 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 an d 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 r s t- 3 o G b o li v g t a . - Cash Other 4 S c a a v p i i n ta g l s FHLB und a i n v d ided tions Other profits 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 1956^ 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1956—Feb.P 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 [ 134 102 Aprp. . .. . .. 39,388 32,814 2,639 1,917 1,962 33,662 ,123 110 MayP 40 023 33 259 2 684 1 926 2 099 34 137 119 112 June1* .... 40,622 33,740 2,652 2,047 2,128 34,948 [,170 118 2,749 JUlyP 40,797 34,134 2,687 1,878 2,044 35,079 ,105 124 AUK P 41,197 34,586 2,726 1,788 2,043 35,366 .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.P 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1957_Jan.2> 43,285 36,102 2,946 1,974 2,211 T7.638 1,035 107 Feb P 43,684 36,371 3,061 1,935 2,265 37,953 973 99 P Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged 1 Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 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 2 3 4 12 22 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 437 510 633 673 590 638 847 833 689 765 898 523 535 539 596 648 701 770 755 681 764 811 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 1,729 898 782 1,426 3,076 2,981 2,137 1,590 2,621 3,114 2,319 Other agencies .. . 70 52 40 31 23 18 1 1 1 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 t t h e e r r a n a s g A en d c m i i e n s istration . .. } 423 181 292 362 / \ 3 1 0 6 0 8 3 6 8 3 3 43 7 0 2 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 Commerce Department \ 576 568 589 598 / 292 261 193 221 Other agencies .. .. .... 79 91 \ 97 112 70 83 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 Export-Import Bank 2,187 2,226 2,296 2,496 2,833 2,806 2,774 2,735 2,702 2,697 2,712 Treasury Department4 3,750 3,750 3,750 3,667 3,620 3,570 3,567 3,567 3,519 3,519 3,519 Mutual Security (ICA) 51,515 1,537 1,624 1,692 1,722 1,767 1,832 1,885 Other agencies .... 153 102 64 58 53 1 58 55 All other purposes total 76 63 35 75 119 166 219 230 256 156 176 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: 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 1 083 214 193 200 208 217 228 241 234 241 248 256 Federal Housing Administration 188 244 285 316 319 327 354 370 381 390 405 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 14,119 21,812 Commodity Credit Corporation 1,376 1,638 1,174 978 2,087 3,302 2,910 3,518 3,747 3,536 3,897 Defense Department . 9,827 9,814 Atomic Energy Commission 1,574 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration } 173 136 288 203 428 550 566 611 609 / \ 5 1 6 8 7 8 6,3 1 3 9 2 5 Land, structures, and equipment, total 2,962 2,945 3,358 3,213 8,062 8,046 7,821 7,799 7,822 8,056 17,463 Commerce Department (maritime activities) 4,834 4,798 4,807 4,812 4,822 4,796 4,612 Panama Canal Company7 16 18 298 415 363 421 422 422 421 421 400 Tennessee Valley Authority 830 886 1,048 1,251 1,475 1,739 1,812 1,823 1,829 1,831 1,723 Housing and Home Finance Agency 1,352 1,297 1,285 1,203 1,041 727 536 502 450 400 310 5,196 Bonneville Power Administration 309 Bureau of Reclamation 2 571 Post Office Department 590 763 745 728 345 350 360 244 241 300 607 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 * 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 441 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets,other thaninteragency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Date, and fund or activity Total Cash L c a o r e b e a i l v - n e - s t v o I e r n i n - e - s P s d e u e c b b I u m l n t i - c v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u t a q a r r n e u u n e n d i c d s p t - , , - Other a B t G u n a b o r t u n e y e n a d e s d r d - s d p , e a n O b y o e a t t h n b e e - l s e r , l O i i a t t i b h e i e s l r - G i U n e o t . s e v S t r t . - . v o in P a w e t t r s e n e i t l - r e y - d rities U. S. All activities 1949 Dec. 31 23,733 441 733 1,549 2,047 3j 49? 2,962 509 28 77? 17^0 21 030 183 1950—Dec. 31 24,635 64? 13 ??8 1,774 2,075 3.473 2,945 499 23 1 190 1 19321 99^ 234 1951—r>ec. 312.. 26,744 93114;422 1,461 2,226 3,463 3,358 882 43 369 1,16123,842 329 1952—Dec. 312 29,945 94417,8?6 1,280 2,421 3,4?9 3,213 832 53 1 330 17^826 456 378 1953 Dec 312 38,937 1,19019,883 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 1068 4,18335,610 508 1955—June 30 40,639 1,?44 18,9?7 3,476 3,108 3,430 7,821 2,634 41 1840 %01935 171 568 Sept. 30 41,183 1 456 19 061 4,129 2,909 3,414 7,799 2,415 43 ? 086 013 36,460 583 Dec. 31 45,304 1,338?0,?38 4,356 3,236 3 414 7,822 4,900 44 ? 379 0 703 39 583 596 1956—Mar. 312 58.485 3 731 ?0 580 14,119 3,677 3,638 8,056 4,685 44 ? 4? 5 730 51 635 651 June 302 78,677 6 103 19 871 21,812 3,719 63 695 17,463 c6.014 49 ->607 3 58^>71,457 980 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 1? 898 60 11 857 11 112 Production credit corporations 43 40 2 (3) t3) 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 ")496 (3) 13 570 38 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 (3) 1 126 Export-Import Bank . 2,738 1 2,712 1 24 39 2,699 Tennessee Valley Authority 2,005 130 30 1.723 121 36 1,968 Panama Canal Company 444 ?1 9 400 15 22 421 Veterans Administration ... 649 188 433 3 20 2 1 9 640 793 78 573 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 AH other 297 94 22 14 129 38 (3) 12 285 ( Intragovernmental Funds—Total 12,332 1,989 9,922 (3) 198 222 48211,850 Defense Department: 7,922 7^0 6 938 106 1^5 7 767 Navy 3,002 866 2,101 1 3 5 5 8 174 2*828 Air Force. 1,130 336 775 20 100 1 031 All other 278 67 108 93 9 53 224 Certain Other Activities—Total 40,588 2,621 8,768 7,345 3,478 13,873 4,502 54940,039 Atomic Energy Commission 8,532 416 1,574 5,196 346 ^W 8 331 General Services Administration 7,941 833 5,723 (3) 1 121 263 7 891 Bonneville Power Administration 406 ~>1 6 309 64 <? 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 1 606 Rural Electrification Administration 2,534 8 2,407 120 (3) 2,534 International Affairs and Finance: Mutual security . .. .. ... 1,911 73 1885 3 1 911 Treasury Department 10,300 ? 3 5S1 1 3,478 14 83,255 110 298 Department of Commerce—maritime activities 5,132 179 ?76 36 4,612 29 147 4 984 All other 201 22 84 1 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 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 8 998 756 -6 640 625 213 253 (3) 3 57 C98 100 21 187 Federal National IVlortgage Association 299 79 ?*>6 (3) 100 4 187 97 All other1** 326 141 27 (3) 3 57 97 17 9309 For other footnotes, see opposite page. Panama Canal Company, established in 1951, combined the Panama 5 Figure not published in Treasury compilation, but derived by Railroad Company with the business activities of the Panama Canal Federal Reserve. (not reported prior to that time). 6 Includes investment of the Agricultural Marketing Act revolving 8 Includes $1,000 million due under the agreement with Germany fund in the banks for cooperatives; Treasury compilations prior to 1956 signed Feb. 27, 1953, and lend-lease and surplus property balances duo classified this item as an interagency asset and on that basis it had been the United States in the principal amount of $2,204 million. excluded from this table. 9 Figure represents total trust interest. 7 Figures prior to 1951 are for the Panama Railroad Company. The 10 Represents largely the Office of Alien Property. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 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 e d c e t g t s e . t T r P f e u r l c u n u t d s s s : t . t I G L r n a e o t n s r v s s a t : , - . i E p T r f u q r e t o b u h o c t l a t m e a i s c l l . s 2 : B p t u e u e n d x r g d e - s e i- t p T P t f e u u e r l n u r x n u e d s - d s s : i t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a o u b y t t a h t l a i s l e l c s . : t p p o fr u a t o o h b y ( m r e - t li s ) c , . , ( c ( c o d - r d r r e I ) e i e n r a a d , b e s - i s e c t e n e - t , a i G n g N e v o n . e v . t b t & . y Less: O d n c e a t o b h s n t h e - 4 r b E T i o n c q N r g a u r s e T o a h o t w l r s - : & agen.) tr. funds Cal. year—1955 63,358 10 624 2,511 71,448 66,1?9 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956 70,994 12,398 3,027 8C,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 67,77? 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955 60,390 9,536 2,061 61,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956 68 165 11 685 2,743 71,084 66,540 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 Semiannual totals: 1954—July-Dec 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June.... 38,118 5,168 1,222 42,051 33,004 4,935 2,186 35,752 6,299 -3,535 1,145 197 -4,875 July-Dec 25,240 5,456 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan.-June 42,925 6,229 1,454 AH,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—Feb 6 195 1 009 62 7,140 4,9S0 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 S.399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4 082 871 96 4,854 <>,387 1,006 386 6,008 — 1,154 -545 -364 15 — 197 May 5,050 1,605 70 f,581 467 669 132 6,004 577 1,036 1,032 110 -106 June.... 11 601 1 617 1 049 17,167 6,937 830 703 7,064 5,103 -3,890 916 57 -4,863 July 3,485 1,112 631 3,964 5.S4? 1,029 676 5,895 -1,931 -93 312 33 -439 Aug 4 954 1 419 83 f,286 90? 801 17 6,686 -400 2,982 645 — 35 2,372 Sept 6 218 753 78 ,889 4,918 846 65 5,699 1,191 -1,126 —214 33 -946 Oct 3,184 660 93 1,747 995 959 285 6,671 -2,924 1,017 -266 43 1,240 Nov 4 818 1 231 71 ,972 7?6 857 227 6,355 -383 1,661 292 37 1,333 Dec 5,412 994 617 ,785 5,718 809 -785 7,312 -1,527 -405 -123 -501 219 1957—Jan 4,809 650 106 5,349 6,095 1,112 1,111 6,096 -747 -195 -126 367 -435 Feb 6,188 1,458 80 7,564 5,743 1,095 -250 7,088 476 142 209 -103 37 Effects of operations on Treasurer's account Operating transactions Financing transactions :i C nc a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t te 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 Net Trust m N ar e k t et in N v e .( t -) Incr o e r ase, Deposits in s B d u u ( e r o f d - p i r ) g c lu i e t s t ac d la c e t o u f i i r m o ci 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. is o a ( G s + g b u e o l ) a i n v g o n c t a c f . y - e i & s a G n e g c e o t F . r n v e u b c t d s y y t . d ( p e d g - c u i r ) r r , b o e e s l c a i i s n c t se 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 o e er a u ' s n s - t Balance ( B F a a a v . b n a R l k e il . s - T T L a r u x o e r a a a y n s n - d O as n t s h e e t e ts r (-) tions 5 funds5 debt funds) Accts. Fiscal yr.—1953 -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956 1 626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1.391 Semiannual totals* 1954_july_Dec -9,294 757 -689 -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 1,471 July-Dec -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 1956—Jan.-June.... 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 1,391 July-Dec -5,732 866 -483 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 Monthly: 1956— Feb 1,245 r114 57 128 r-115 60 -16 1,504 4,756 554 2,914 1,288 Mar 5,914 _4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 1,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 1,353 May -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 1,151 June 4 664 787 -349 51 -934 - 3,978 -45 287 6,546 522 4,633 1,391 July -2,057 83 -34 22 -277 -105 -2,369 4,178 513 2,451 1,214 -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 1,131 Sept 1,300 -94 145 -14 214 -1,304 249 6,445 535 4,628 [,282 Oct ... — 2 812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 1,272 Nov -908 374 129 -70 -305 1,734 -119 1,074 5,778 463 4,159 (.156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 1,062 1957—Jan — 1 286 -462 390 205 374 -399 -17 -1,162 3,265 715 1,161 1.389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 1,364 p Preliminary. r Revised. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and the and to Treasury by Govt. agencies, transfers to trust accounts representing Treasury, (5) reconciliation items to Treasury cash, and (6) net operating Budget expenditures, and payroll deductions for Federal employees re- 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 443 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t t f O a r u u g l n d s e d T - t ran H s t f w r f u i e u g n a r s y h d s t - to R m : ti r . r e e e n - R - t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e s l t W he I i l n t d h d i - ivid O u t a h l er i r C a o ti r o p n o J - ta c E x i x s e e - si t p m a E x lo e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d f l r e r s r e . s f - ' acct. Fiscal yr.—1953 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 Semiannual totals: 1 19 9 5 5 5 4 — __ J ju a l n y . - - D Ju e n c e 2 3 2 8 , ,1 2 1 7 8 2 2 2 , , 3 73 0 5 5 2 3 7 2 7 2 3, 3 0 3 8 9 7 4 2 4 5 , , 2 2 1 3 5 9 1 1 0 1 , , 2 0 3 2 0 4 2 8 , , 3 0 2 7 3 3 1 3 4 , , 7 49 6 8 7 4 4 , , 5 6 2 8 7 4 2 3 , , 6 5 6 5 8 2 2 1 , , 3 72 8 4 4 1 1 , , 4 2 5 9 3 0 8 7 0 6 5 7 1 1, , 6 4 9 8 4 0 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4.013 2 361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 Monthly: 1956—Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 15 897 5,562 810 2,555 509 750 586 352 239 126 May 5,050 973 91 993 7,107 3,356 865 492 877 1,067 450 256 149 883 June 11,601 549 54 395 12,598 1,969 1,487 7,195 855 604 488 264 143 July 3,485 295 23 124 3,927 988 457 837 827 320 498 236 127 Aug 4,954 799 10 81 115 5,959 3,415 125 352 910 881 276 245 157 \ 890 Sept 6,218 397 150 53 79 6,897 1,935 1,752 1,709 805 451 245 255 128 Oct 3,184 182 175 25 95 3,660 1,282 244 451 1,033 207 443 354 155 Nov 4,818 587 164 74 62 5,705 3,333 103 380 936 662 291 325 142 986 Dec 5,412 299 144 55 -12 5,898 2,067 324 1,825 815 355 512 233 108 j 1957__jan 4,809 255 141 21 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb 6,188 3807 205 83 203 7,486 3,838 871 445 874 1,160 298 n.a. Budget expenditures4 Major national security Agri- Vet- culture Period Total Totals D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l , A en t e o r m gy ic fi a n I f a f a n n a n t d i l c r . s e In e t s e t r- ic e b e s r f e e s a i n r 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 - so N u r u r e a r a - t c l - es h m o C a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r t - nsources Fiscal year: 1953 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 19566 66,540 40,641 35,791 2,612 1,651 1,831 6,846 4,756 2,776 4,929 992 2,135 1,635 Semiannual totals:6 1955—July-Dec.. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 6 1955—Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—Jan 5,274 3,005 2,811 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 June 6,937 4,478 3,534 754 138 195 607 403 311 452 96 263 136 July 5,542 2,945 2,473 298 140 121 631 361 221 222 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 Dec 5,718 3,576 3,295 103 153 132 635 405 197 435 106 142 102 n.a. Not available. 4 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- 5 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. 6 Monthly figures prior to May 1956 are not fully comparable with 2 Represents the sum of taxes for old-age insurance, railroad retire- subsequent months nor with the fiscal year totals. (For description see ment, and unemployment insurance. Treasury Bulletin, table 3 of section on Budget receipts and expenditures). 3 Beginning February 1957, includes transfers to Federal disability insurance trust fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f T d g e r o o b t s a t s i l d T d g i e r o r o b e t s a t c s l 2 t Total Certifi- Bonds C ve o r n t- - T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n s in o a g v te s - s ble 4 stricted 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945 Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950 Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 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 Mar 276.4 276.3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59.0 57.7 (6) 43.7 Apr 275.8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 May 276.8 276.7 229.6 159.6 20.8 20.8 36.1 81.9 11.1 58.9 57.7 44.3 June 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 July 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 Aug 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 Oct 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 Nov 277.1 277.0 228.7 159.8 24.2 19.5 35.2 80.9 10.9 58.1 56.9 45.7 Dec 276.7 276 6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 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 Mar 275.1 275.0 227.2 159.9 25.3 19.4 34.4 80.9 10.5 56.7 55.6 45.6 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $451 million on March 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,603 million on Feb. 28, 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 i c c t e g e u l s u u e r ) d i d a - r - - S i p ss t e r u c u e i s a s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b av a 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 o n r - s g S l a o o t n v c a d a t t e s l . S b a o v n in I d n g s d s ivi s d e u O c a u t l h r s i e ti r es i M t n o v i r s e s c s 3 . - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.9 13.9 49.5 15.0 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.8 14.4 50.0 13.1 13.9 1955_j D Un e e c 2 2 7 8 4 0 . . 4 8 4 43 3 . . 9 3 7 7 . . 3 8 2 22 2 9 3 . . 1 9 2 24 3 . . 8 6 6 6 3 2 . . 5 0 8 8 . . 7 5 1 1 4 4 . . 8 3 2 1 4 9 . . 0 3 1 15 4 . . 1 7 5 5 0 0 . . 2 2 1 14 4 . . 7 6 1 1 4 5 . . 4 6 1956—Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 24.4 15.6 50.4 16.2 16.4 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 21.1 15.7 50.4 16.8 16.5 Apr 275.8 43.4 8.2 224.3 23.3 58.5 8.5 13.6 21.1 15.7 50.4 16.6 16.5 May 276.8 44.3 8.2 224.3 23.5 57.8 8.4 13.5 21.5 15.8 50.4 16.7 16.6 June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 18.0 15.7 50.3 16.6 16.2 July 272.7 45.4 8.4 218.9 23.4 56.5 8.4 13.3 18.3 15.8 50.3 16.8 16.2 Aug 275.6 46.1 8.4 221.2 23.9 57.6 8.3 13.1 19.1 15.8 50.3 16.9 16.3 Sept 274.3 45.8 8.3 220.2 23.7 57.6 8.3 13.1 18.0 15.8 50.2 17.1 16.3 Oct 275.4 45.5 8.4 221.5 23.8 58.0 8.1 13.2 18.9 15.8 50.2 17.1 16.3 Nov 277.1 45.7 8.5 222.9 24.4 58.7 8.1 13.0 19.4 15.8 50.1 17.1 16.4 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 1957—Jan 276.3 45.3 8.6 222.4 23.4 58.5 8.1 12.9 20.6 15.8 49.9 17.0 16.3 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 445 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont, Treasury bonds—Cont. A A A A M p p p p a r r r r y . . . . 2 1 1 2 4 5 8 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 7 7 7 7 . . . . . , , , , , 6 6 7 6 6 0 0 0 0 0 1 0 0 0 0 Tr J e O F u a e c b s n t . u e . r y 2 1 4 4 1 n , , , o 1 1 t 1 e 9 9 9 s 5 5 5 7 7 8 3 3 3 V * 3/ 4 4 8 1 7 1 0 , , , 2 3 8 7 1 5 1 2 0 A M O O c c p a t t r y . . . 1 1 1 5 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 0 0 3 I i i V y i y / 2 2 2 2 2,4 2 2 1 0 7 8 4 6 8 9 4 J A D J D u u e e u n c n c g . . e e . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 3 4 4 2 3 - - - - 6 6 6 6 9 9 7 8 . . . . 2 2 V ii 2 3 6 2 3 2 , , , , , 7 1 8 7 8 1 5 2 5 2 4 0 5 5 3 M M M M J J J a a a a u u u y y y y n n n e e e 2 3 1 2 1 3 1 6 9 0 3 6 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 7 7 7 7 7 7 7 . . . . , , , , , , , 7 8 6 8 7 8 8 0 0 0 0 0 0 0 0 2 4 0 0 0 2 J A A A A M O u u p u c p n a t g r g r y e . . . . . 1 1 1 5 1 1 5 1 1 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 5 5 5 5 5 5 5 8 7 8 7 7 7 7 2 2 i W i i % Y y y y 2 2 2 8 4 2 1 4 4 3 2 , , , , 1 3 8 3 7 0 8 2 5 9 9 5 3 4 5 9 2 6 2 Tr J J D e M S M u u a e e s n n c a a p . u e e r r t . . . r y 1 1 1 1 1 1 5 5 5 5 5 5 b , , , , , , o n 1 1 1 1 1 1 9 d 9 9 9 9 9 5 5 s 5 5 5 5 8 8 8 6 6 7 - - - - 6 5 5 5 3 9 8 9 3 4 3 .. . . . . . . . 2 2 2 2 2 2 1 3 V 3 % & 4 / 4 2 8 4 2 3 1 , , , , 3 2 8 4 9 9 4 1 6 4 1 2 9 9 8 5 9 7 J D J F S M M u u e e e b n c n a a p . . e r e r t . . . 1 1 1 1 1 1 1 5 5 5 5 5 5 5 , , , , , , , 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 7 6 6 6 6 6 5 8 7 7 5 6 7 - - - - - - 7 7 7 8 7 7 2 0 2 1 3 2 . . . . . . :2B .. 3 4 2 2 2 3 1 1 , , , , , , , 7 7 9 8 6 7 7 6 0 1 4 1 5 8 6 6 1 6 4 5 0 J J u u n n e e 2 2 4 4 , , 1 1 9 9 5 57 7 . . , , 7 6 5 0 0 1 O Fe c b t . . 15 1 , , 1 1 9 9 5 5 8 9 1 iy % 2 5,1 12 0 1 2 J D u e n c. e 1 15 5 , , 1 1 9 9 5 5 9 9 - - 6 6 2 2 . . . . . .2 2 1 1 4 4 5 3 , , 2 4 7 6 1 1 Panama Canal Loan 3 50 June 27, 1957 ,601 A O A p c p t r r . . . 1 1 1 , , , 1 1 1 9 9 9 5 5 6 9 9 0 1 n i 1 y / / 2 2 2 1 1 1 9 9 9 8 9 D N N S e e o o c p . v v t . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 1 1 0 0 -65 4.. 2 2 2 2 1 V V % /2 A s 1 2 3 1 1 , , , , 4 2 8 1 8 3 0 7 5 9 7 6 Co I A n n v p v e r e r . s ti t b m 1 l , e e 1 n b 9 t o 7 S n 5 e d - r s 8 ie 0 s . . B . 2>/A 10,507 1 Direct public issues. 3 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. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le s e 2 t- v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1954 June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 Dec. 31 174,639 22 313 15,741 43 285 81 912 11 387 163 251 60 631 38,307 31,365 32,949 1956—June 30 166,050 20,808 16,303 35,952 81,840 11,098 154,953 58,714 31,997 31,312 32.930 Dec 31 171,137 25,179 19,023 35,294 80,878 10,763 160,374 68,557 41,021 17,893 32,904 1957 Jan 31 171,213 25,275 19,023 35,347 80,873 10,695 160,518 68,653 41,073 17,893 32,899 U. S. Govt. agencies and trust funds: 1954—June 30 6 985 46 41 64 3 395 3 439 3 546 107 205 494 2,740 1955—June 30 7,162 40 8 119 3,556 3,439 3,723 74 199 506 2,944 Dec. 31 7,676 338 47 304 3 548 3 439 4 237 422 373 426 3,016 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3.030 Dec. 31 8 242 142 353 842 3 669 3 236 5 006 928 708 317 3,053 1957—Jan 31 8,400 294 347 866 3,673 3,220 5,180 1,085 720 319 3,056 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 Dec 31 24,915 1,918 10,975 9,219 2,802 24,915 22,113 373 1,014 1,415 1957 Jan 31 23,421 532 10,933 9,154 2,802 23,421 20,619 373 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 Dec 31 . 51,466 4,934 1,600 10,714 34,071 147 51,319 11,635 24,528 10,242 4,914 1957_jan. 31 50,601 4,332 1,556 10,611 33,954 147 50,454 10,905 24,374 10,259 4,915 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 Dec 31 7,431 131 24 312 5,849 1,115 6,316 241 1,057 659 4,358 1957—Jan 31 7,500 204 42 320 5,821 1,113 6,387 335 1,049 657 4,346 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 Dec. 31 11 331 349 66 781 7 464 2 671 8 660 726 1,749 1,136 5,049 1957 Jan 31 11,405 474 65 771 7,439 2,655 8,750 859 1,738 1,133 5,019 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 Dec 31 67,752 17,705 6,004 13,426 27,024 3,593 64,159 32,914 12,605 4,525 14,114 1957_jan# 31 69,886 19,439 6,081 13,624 27,183 3,559 66,327 34,850 12,819 4,511 14,147 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

446 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Proposed uses of net proceeds Gross proceeds, al issuersI all corporate issuers 6 Noncorporate Corporate New capital Year or Remonth Bonds Re- tire- 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 a c u d l t i - e - Others Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e l - y 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 c o a o u e n u s i l r s e e s - - - - s m b d e ti e t a o r e c b n e f n . k t - 3 t , m s ri e o t e c i f 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 1 19 9 4 4 5 1 5 1 4 5 , , 7 1 1 5 2 7 4117 j 4 3 6 5 6 3 50 3 6 8 9 7 5 9 6 5 4 3 7 0 2 6 , ,0 6 1 67 1 2 4 , , 3 8 9 5 0 5 3 1 , , 8 5 5 7 1 8 1, 8 0 1 0 1 4 7 1 5 6 8 7 3 1 9 1 7 0 1 1 , , 0 3 4 4 1 7 1,0 8 8 68 0 1 2 3 8 3 1 13 4 4 4 4 1 , , 5 5 5 8 5 3 1949 21,110 11804 216 2 907 132 6 052 4,890 2,437 425 736 5,558 t1.606 315 637 401 1950 19,893 9 687 30 3,532 282 6,361 4,920 2,360 ?;560 631 811 4,990 4.006 364 620 1,271 1951 21,265 9 778 110 3 189 446 7 741 5,691 2,364 3,3?6 838 1,212 7,120 (3,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 X$,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 1? 53? 458 6,969 289 9,516 7,488 4,003 3 484 816 1,213 7,490 (5.780 709 1,875 1955 26,772 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 3,7% 633 2,309 10,362 <),625 737 415 1956 Feb .. 1 998 544 709 744 478 149 329 128 139 704 664 40 26 Mar 1,787 518 401 9 861 675 393 42 143 790 762 28 56 Apr 1,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May 2,128 451 491 1 185 983 686 65 137 1 144 1,116 28 21 June . 2 161 437 736 99 889 661 270 391 50 179 830 768 61 43 July 1,975 484 379 3 1,109 911 588 323 15 183 1,066 ,012 53 27 1,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 Sent 1,591 355 336 900 682 513 168 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 1,967 390 427 23 1,126 920 401 16 191 1,094 1,040 54 17 1957_jan r2,413 496 72 '685 83 1,078 908 641 267 28 142 1,039 998 41 19 Feb 1,988 386 497 51 1,055 703 514 190 24 327 1,002 855 147 29 Proposed uses of net proceeds, major groups of corporate is.juers Year or Manufacturing C m om is m ce e l r l c a i n a e l ou a s nd Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1949 1,347 44 310 28 784 11 2,043 233 517 4S 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 « 449 66 1952 3 712 261 512 24 758 225 2,539 88 747 t 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6C> 788 273 1955 2,397 i533 769 51 544 338 2,254 174 1,045 7Tr 1,812 56 1956 3,375 >84 713 60 688 20 2,479 14 1,389 IS) 1,719 18 1956—Feb 197 23 41 1 39 1 196 37 (») 194 1 Mar 249 22 48 3 71 10 187 1 103 nr 132 3 Apr 258 78 27 1 51 294 1 15 170 1 May 465 14 67 4 86 2 335 80 (9) 109 2 June 276 26 76 2 54 5 231 5 11 182 6 Julv .. 331 9 100 17 31 240 261 103 1 Aug 194 21 94 3 38 154 83 106 Sept 227 22 36 21 61 242 4 56 214 Oct . 326 10 33 4 36 226 68 ) 59 Nov 147 21 110 1 45 154 (9) 596 i 37 (9) Dec 524 12 38 148 157 (9) 77 (9) 150 3 1957 Jan 370 15 41 2 94 232 94 1 209 Feb 558 12 47 3 22 228 13 46 (9) 100 2 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debts are included under the uses for which the bank 5 Represents foreign government, International Bank, and domestic debt was incurred. eleemosynary and other nonprofit organizations. 9 Less than $500,000. i ° 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 447 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1951 1952 1953 1954 1955 1956 Manufacturing Total (200 corps.): Sales 52,940 54,517 63,343 58,110 69,44371,92517,92916,88718,02818,15018,457 16,119 19,198 Profits before taxes 8,869 7,308 8,375 7,244 10,226 9,267 2,767 2,388 2,619 2.601 2,507 '1,701 2,457 Profits after taxes 3,548 3,192 3,649 3,825 5,221 4,841 1,392 1,206 1,408 1,286 1,303 '915 1,337 Dividends 2,075 2,073 2,154 2,384 2,827 2,976 577 659 1,015 703 710 '723 841 Nondurable goods industries (94 corps.):1 Sales 18,91619,266 20,694 20,620 23,065 24.777 5,742 5,776 6,037 6,095 6,135 '6,084 6,463 Profits before taxes , 3,447 2,853 3,028 2,753 3,408 3,459 849 869 889 901 873 '808 877 Profits after taxes 1,533 1,392 1,526 1,581 1,916 1,978 471 483 520 497 488 466 526 Dividends 925 946 972 1,064 1,202 1,249 260 283 402 290 295 '305 359 Durable goods industries (106 corps.):2 Sales , 34,024 35,25142,64937,490 46,378 47,14812,18711,1 11,99012,05512,321 10,036 12,736 Profits before taxes 5,422 4,455 5,346 44,449911 5, 1,919 1,518 1,730 1,701 1,634 '893 1,580 Profits after taxes , 2,015 1,800 2,123 2,244 2,864 920 723 888 789 815 '449 811 Dividends 1,149 1,127 1,182 1,320 1,728 317 376 613 413 415 418 482 Selected industries: Foods and kindred products (28 corps.): Sales ,909 5,042 5,411 5,476 5,813 6,305 1,462 1,491 1,502 1,535 1,569 '1,561 1,640 Profits before taxes 473 453 465 462 499 558 131 139 129 123 149 141 145 Profits after taxes 227 203 212 224 245 272 63 68 68 55 71 71 75 Dividends 159 154 154 156 160 166 36 39 50 37 38 41 50 Chemicals and allied products (26 corps.): Sales ,882 5.965 6,373 6,182 7,222 7,726 1,811 1,799 1,891 1,879 1,957 '1,889 2,001 Profits before taxes ,490 1,259 1,308 1,153 1,535 1,493 381 390 399 385 377 '342 389 Profits after taxes 521 486 520 593 782 774 193 198 209 195 194 '178 207 Dividends 381 396 417 499 597 602 115 134 234 138 141 '143 181 Petroleum refining (14 corps.): Sales ,078 5,411 5,883 6,015 6,556 7,185 1,613 1,632 1,745 1,764 1,742 1,770 1,909 Profits before taxes 911 728 841 751 854 916 200 218 226 248 223 218 226 Profits after taxes 560 524 603 567 624 686 147 156 172 176 162 163 184 Dividends 262 283 290 294 317 346 77 80 83 82 82 89 93 Primary metals and products (39 corps.): Sales ,50711,56413,75011,52214,92716,065 3,858 3,746 4,024 4,212 4,415 '3,098 4,340 Profits before taxes ,098 1,147 1,817 1,357 2,375 2,369 633 582 674 693 711 '267 697 Profits after taxes 778 564 790 705 1.194 1,229 313 290 350 344 362 '145 378 Dividends 382 369 377 407 '522 606 108 118 182 141 137 140 188 Machinery (27 corps.): Sales ,168 7,077 8,005 7,745 8,110 9,804 2,045 1,977 2,135 2,167 2,463 2,422 2,752 Profits before taxes ,000 971 1,011 914 894 945 251 208 206 200 268 '235 243 Profits after taxes 365 375 402 465 458 460 120 103 124 75 139 '126 120 Dividends 192 199 237 263 281 325 66 67 81 78 82 79 87 Automobiles and equipment (15 corps.): Sales ,70713,03816,61114,13718,82516,336 5,101 4,246 4,688 4,578 4,195 '3,347 4,215 Profits before taxes ,950 1,982 2,078 1,789 3,023 1,959 894 589 715 690 511 '272 486 Profits after taxes 717 709 758 863 1,394 908 418 261 346 313 243 '118 234 Dividends 486 469 469 536 693 656 114 161 309 162 164 164 166 Public Utility Railroad: Operating revenue. . . 10,39110,58110,664 9,371 10,10610,551 2,524 2,634 2,643 2,535 2,704 2,590 2,722 Profits before taxes.., 1,260 1,438 1,436 908 1,342 1,267 358 370 355 252 343 298 375 Profits after taxes 693 825 903 682 925 874 242 243 265 '163 237 208 266 Dividends 328 338 412 379 421 445 90 74 156 '110 116 70 148 Electric power: Operating revenue. . . 6,058 6,549 7,136 7,588'8,328 9,110 1.986 r2,026 r2,175 '2,398r2,185 '2,175 2,352 Profits before taxes... 1,482 1,740 1,895 2,049'2,305 2,457 539' 535 594 710 592 568 586 Profits after taxes 814 947 1,030 1,134 1,247 1,329 296 284 326 374 321 302 331 Dividends 651 725 780 868 930 1,013 229 229 247 247 256 248 262 Telephone: Operating revenue. . . 3,729 4,136 4,525 4,902 5,425 5,966 1,340 1,368 1,419 1,439 1,480 1,495 1,552 Profits before taxes... 691 787 925 1,050 1,282 1,430 315 325 336 339 352 359 380 Profits after taxes 341 384 452 525 638 715 156 161 169 169 176 180 190 Dividends 318 355 412 448 496 552 122 126 130 132 136 137 147 ' Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operat extile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows : Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data 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. 90S 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

448 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Profits In- Profits Cash Undis- Year or before come after divi- tributed quarter taxes taxes taxes dends profits quarter 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 1955 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 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 1,487 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 i Reflects cash transactions only. As contrasted with data shown on p. 446, new issues Advisers. exclude foreign and include offerings of open-end investment companies, sales of securities NOTE.—Quarterly data are at seasonally adjusted held by affiliated companies or RFC, special offerings to employees, and also new stock annual rates. 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. 446. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. Federal End of year working U. S. receivable payable income or quarter capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties U. S. Other U. S. Other bilities Govt.2 Govt.2 1949 72.4 133.1 26.5 16.8 41.0 45.3 1.4 60.7 3: .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 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 4 108.2 218.6 33.2 19.2 2.6 84.1 76.4 3.0 110.4 2.4 67.3 16.6 24.2 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n 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 g u 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 r3 road ing 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1955—4 8.4 3 8 .7 1 2 2 6 1950 20.6 7.5 .7 l.l 7 3.3 1.1 5.7 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1956—1 7.5 3 2 .7 9 2 6 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 2 8.9 4.1 .7 1.2 2.9 1953 ... . 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 3 8.9 4 1 7 1 3 2 7 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 4 9.8 4.8 .8 1.5 2.8 1955 28.7 11.4 1.0 9 6 4.3 2.0 7.5 1956 C35.1 15.0 1.2 1.2 1.7 4.9 11.0 1957_14 8.8 4.2 .8 1 3 2 5 19574 37.4 16.4 1.2 .5 1.8 6.1 10.4 24 9.7 4.5 .9 1.6 2.7 c Corrected. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 449 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Sfonfarm Farm 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 t l i n n - s - S F e a e c l g d e i e e e c h n r s t O e a o - d l l t d h e e v o r r I i s t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u a i i n c t m n i i s o a a i t l l i n n y - s - ho O h u o e t s h r l e s d e s - r c T o o m t M a m l u e l r t c i t F - i u i f a i n c a t n l i i s m o a a t p l i n n i - l r s - y o p a e O h n r e o d t t i h r l e s d e s - r 1 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 - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 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 1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7 2 5 6 2 1 3 5 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2 3 3 7 1951 82 2 59 5 2 0 20.7 75.6 51.7 41.1 10.7 23.9 15 9 8 0 6 6 2 6 4 0 1952 91.2 66.9 2.4 21.9 84.1 58.5 46.8 11.7 25.6 17.2 8.3 7.2 2 8 4 3 1953 101.1 75.1 2.8 23.3 93.5 66.1 53.6 12.5 27.4 18.5 8.9 7.7 3.0 4.6 1954 113.6 85 8 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 5.8 195 5—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 O Q 3.6 5 2 Dec. . 129.7 99.4 3.1 27.3 120.8 OO. 1 73.8 14.4 32.6 22.0 10.7 9.0 3.6 5.3 195,5—Mar.*5 133.3 102.3 3.2 27.9 124.1 90.8 76.2 14.6 33.3 22.4 10 9 9.2 3 7 5 5 137.3 105.6 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 v 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.? 144.5 111.4 3.6 29.5 134.8 99.2 83.5 15.6 35.6 24.0 11.6 9.7 3.9 5.8 p Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions include commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 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 1£4 44 1951 14,732 11,270 *3[42i * *2*92i"4]929 2,458 1,004 9,916 8,595 2,567 1 726 4,303 1,274 47 1952 . 15 867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2 237 4 477 I 444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4 262 5,149 1,740 56 1955 21 004 15 888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5 773 5 645 I 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 I 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 1,320 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 1,353 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept v 22,500 16,845 4,730 3,905 8,210 4,290 1,365 19,225 17,218 4,333 6 885 6,000 1,936 71 Dec.? 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 9 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

450 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 116 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4 532 1 486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3 925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6 623 6 108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,686 6,179 857 1,647 3,675 507 33,017 30,546 6,654 7,318 16,574 2,471 1956—Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar ... 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 July 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 Aug 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sept 454 430 51 102 111 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 Feb 402 356 43 98 215 46 33,479 31,001 6,671 7,493 16,837 2,478 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r th or Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g V n u t A e a e r - - d ti C v o e o n n n a - - l 2 Y m e o ar n t o h r N b u e m r - Total i i a l n S o s g a s a s n v n s - & s . p I c n a a o n s n m u c ie e r - - s b C m c a o i n e a m r k l - s - M b i s a u n a n t g v u k s - a s l 1941 1,379 437 581 4,578 1941. 1,628 4,732 1,490 404 1,165 218 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 11,616 111 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 ,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 ,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 ,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 ,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 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 Feb 709 243 318 Feb 237 1,749 644 105 308 96 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 451 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 Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a e y g o c p e t r - e s t- i p l m o e r i r o a m e t n v y n - e s 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 e o o r f r Total underwritten 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 ,021 594 1,426 793 628 1950 4,343 1,637 856 ,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 1 1 1 1 9 9 9 9 5 5 5 5 5 3 6 4 3 3 3 3 , , , , 8 4 8 0 0 6 8 6 7 1 2 6 1 1 1 1 , , , , 0 2 1 2 3 6 3 5 5 9 3 9 1 1 1 , , , 9 5 8 0 0 1 0 3 5 7 6 0 2 2 1 5 7 3 3 9 6 2 0 1, 6 8 6 3 9 4 3 9 1 6 2 4 4 7 3 5 , , , , 1 2 0 8 5 5 6 6 6 7 4 8 2 4 2 3 , , , , 5 6 0 9 8 8 4 1 6 2 4 0 2 1 1 1 , , , , 5 5 0 9 6 6 4 1 6 4 8 4 1 1 1 1 9 9 9 9 5 5 5 5 2 1 3 0 4 6 5 5 5 6 1 8 . . . . 2 7 1 5 2 2 2 1 2 5 8 8 . . . . 9 4 1 9 1 1 9 8 2 0 . . . . 7 6 0 8 1 1 1 1 0 6 4 3 . . . . 3 1 6 2 2 2 3 38 6 8 3 . . . 1 3 8 0 1954.. . 75.7 32 1 12.8 19 3 43.6 1956—Feb.. 287 114 127 5 41 535 372 162 1955 88.1 38.9 14.3 24.6 49.2 Mar. 298 105 127 18 48 468 331 136 1956*> 99.2 43.8 15.5 28.3 55.4 Apr., 253 87 116 4 46 493 333 159 May 270 87 123 2 59 469 307 162 1955—June 82.2 35.3 13.5 21.8 46.9 June 280 86 121 10 62 421 265 155 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 O S c e t p . t . . 2 34 7 1 8 9 8 6 2 1 1 2 3 2 4 2 1 6 5 5 8 9 6 5 50 0 1 8 3 3 2 3 1 1 1 1 8 6 6 9 1956—M Ju a n r. e p 2* .. . .. ... 9 9 0 3 . . 8 7 4 4 0 1 . . 2 3 1 1 4 5 . . 7 0 2 2 5 6 . . 5 3 5 5 0 2 . . 6 4 Nov. 279 89 124 4 62 462 315 146 Sept.P 96.6 42.4 15.2 27.2 54.2 Dec. 249 76 98 27 48 472 321 150 Dec.* 99.2 43.8 15.5 28.3 55.4 1957—Jan.. 300 87 107 29 77 555 393 162 Feb.. 266 74 85 50 56 431 316 113 * 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 tr M an o s r a t c g t a io ge ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 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 ,922 538 56 323 1952 586 528 864 565 299 1953 .. . ... 2,462 621 ,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 ,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 ,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 1,069 609 5 360 1956 745 934 1,228 798 430 1956—Mar 2,657 909 ,748 28 62 1956—Mar.. 26 69 1,138 730 408 Apr 2,665 907 ,758 23 1 68 Apr.. 42 53 1,127 709 418 May 2,677 907 ,769 25 1 81 May. 44 48 1,123 697 427 June 2,704 915 ,789 40 92 June. 99 49 1,173 730 443 July 2 729 915 ,814 43 91 July.. 93 159 1,108 700 408 Aug 2,758 919 ,839 46 1 92 Aug.. 66 57 1,116 713 403 Sept 2,781 920 ,861 40 1 130 Sept.. 72 46 1,142 741 401 Oct 2 838 934 ,904 69 1 232 Oct... 67 61 1,148 752 397 Nov 2,953 957 .996 129 317 Nov.. 59 54 1,153 756 397 Dec 3,047 978 2,069 109 360 Dec. 121 47 1,228 798 430 1957 Jan 3,182 1,009 2,173 147 411 1957—Jan... 77 267 1,038 660 378 Feb . 3 295 1,026 2,269 129 436 Feb.. 30 91 976 601 375 Mar 3,409 1,053 2,356 127 483 Mar.. 68 83 961 563 398 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new * 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

452 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 - 1 e co p g O n a o s t p o h u e d e m r s r 1 er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s 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 U 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 1,385 4,111 7,998 2,120 4 011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32 292 23,568 9,809 6 751 ,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 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 1,677 6,626 9,156 3,258 3,701 2,197 June . 39,454 30,084 14,255 7 417 1,700 6,712 9,370 3,335 3 804 2 231 July 39,478 30,297 14,381 7,421 ,710 6,785 9,181 3,261 3,674 2,246 A.U2 . • 39 878 30,644 14,530 7 493 I 734 6,887 9,234 3 295 3 696 2 243 Sent 40,074 30,707 14,533 7,497 .758 6,919 9,367 3,361 3,780 2,226 Oct 40 196 30 811 14 478 7 601 1 781 6 951 9,385 3 310 3 875 2 200 Nov 40,631 31,024 14.449 7,752 1,797 7,026 9,607 3,401 4 029 2,177 Dec 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 1957 jan 40,916 31,298 14 389 7 938 1 772 7 199 9,618 3,360 4 08S 2 173 Feb 40,513 31,233 14,410 7,805 1,759 7,259 9,280 3,433 3,662 2,185 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions ; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i t l t - Total m b C e a o r n c m k i s a - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a C c n u n o a o m i m n n e e c s - - r e ! Other1 Total D s m t e o p e r a e n s r t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4 503 3,065 1,079 1,197 132 657 1,438 354 439 181 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1949 11 590 9 257 4 439 2 944 438 1 436 2 333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1 082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4 042 1.064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 1 052 1955 29 020 24 441 10 601 8 443 1,680 2 656 061 4 579 511 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—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 ,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 I 380 974 349 548 960 May 29,763 25,528 11,170 8,641 [,806 2,805 ,106 4,235 ,389 971 351 554 970 30,084 25,963 11,394 8,765 1,848 2,845 ,111 4,121 1,247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 ,108 4 104 [,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 Sent 30,707 26,551 11,548 8,989 .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 1,124 4,176 1,269 974 368 574 991 Nov 31 024 26,846 11 634 9,075 2,021 2 961 I 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 57*> 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 Feb 31,233 26,967 11,641 9,035 2,074 3,051 1,166 4,266 1,345 957 362 568 1,034 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 453 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 s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s 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- l s P o o a e n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1949 2,944 2,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 ,037 1951 3,654 2,863 452 63 276 1951. 5,771 1,135 1,311 1,315 888 ,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 ,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 ,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 ,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 ,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 1,429 2,105 1956—Feb., 8,460 6,940 1,024 24 472 195 6—Feb... 10,668 3,294 2,089 2,040 1,305 ,940 Mar. 8,526 6,995 1,024 24 483 Mar.. 10,796 3,347 2,133 2,051 1,303 ,962 Apr. 8,575 7,037 ,024 24 490 Apr... 11,009 3,403 2,167 2,118 1,313 2,008 May 8,641 7,099 ,021 24 497 May.. 11,170 3,462 2,193 2,155 ,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 Aug.., 11,548 3,598 2,218 2,266 ,384 2,082 Sept. 8,989 7,366 ,071 23 529 Sept.. 11,548 3,591 2,199 2,271 1,403 2,084 Oct.. 8,973 7,333 ,083 24 533 Oct... 11,606 3,584 2,180 2,335 1,421 2,086 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 1,429 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 Feb. 9,035 7,190 ,247 23 575 Feb... 11,641 3,611 2,216 2,290 1,399 2,125 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o h p n d e e e - r r s r m R i o l z e a o d a p n t a e a i d n r i o s n r n - l s 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 s e a m i e r n l - n - g t le lo -p O a a n t y h s - ) er m p D a e a e r n c ( t - - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939. 2,719 625 162 236 1,178 518 1941 3 087 693 152 275 1,370 597 1 1 9 9 4 5 9 0 2 1 , , 2 87 9 4 6 2 3 5 6 9 0 2 1 0 4 0 6 1 9 2 3 1 1 1, , 6 3 1 7 5 6 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 1,388 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 5 6 4 2 4 4 5 3 6 , , , , , 0 5 3 2 3 3 1 9 5 4 8 0 7 6 6 4 5 5 7 8 5 3 2 3 0 2 9 1 8 9 5 3 3 5 3 0 7 7 1 8 6 5 0 0 2 2 2 3 3 1 4 8 4 0 8 7 2 1 7 8 2 2 4 3 3 , , , , , 8 3 5 3 8 1 8 9 1 7 4 3 6 2 5 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 1 2 4 0 3 6 7 7 8 8 , , 3 2 9 6 7 2 3 9 9 2 3 8 2 8 4 2 1 1 1 1 , , , , 6 5 0 8 8 8 7 9 9 4 4 6 9 6 4 2 2 2 2 3 4 5 8 7 1 0 8 6 2 5 6 6 7 7 7 9 5 2 9 7 8 8 3 2 0 2 2 3 3 3 , , , , , 6 9 5 2 3 4 0 1 8 5 1 7 5 3 2 2 1 1 1 1 , , , , 0 7 9 5 8 8 2 8 0 6 4 7 0 8 7 1955 9,628 2,635 357 862 3,682 2,092 1956—Feb. 5,459 713 517 299 3,930 1956 10 311 2,975 446 895 3,807 2,188 Mar. 548 724 527 304 3,993 Apr. 624 737 532 306 4,049 1956—Feb 8,559 2,625 307 596 2,934 2,097 J M un ay e 5, 8 71 0 7 4 7 75 6 1 6 5 5 4 5 4 4 3 3 1 2 8 0 4 4 , , 1 1 0 6 4 4 A M p a r r 8 8 , , 6 8 4 0 9 3 2 2 , . 6 7 8 2 0 0 3 37 7 4 0 5 5 7 7 9 3 2 2 , ,9 8 5 9 8 0 2 2, , 1 1 7 3 8 0 July. 5,868 779 560 319 4,210 May 9,156 2,766 492 585 3,116 2,197 Aug. 5,974 795 572 326 4,281 June 9,370 2,880 455 574 3,230 2,231 D S O N e e o c p c t v t . . . . . 6 6 6 6 , , , , 1 0 0 2 1 3 5 5 4 7 6 6 8 8 8 0 1 0 1 6 7 5 5 5 5 8 8 7 8 1 1 5 2 3 3 3 34 4 3 3 1 3 2 6 4 4 4 4 , , , , 3 3 3 5 0 9 3 1 6 7 2 2 J A S O u e u c l p g y t t 9 9 9 9 , , 3 2 1 3 8 3 8 6 5 4 1 7 2 2 2 2 , , 8 8 9 8 9 9 8 2 4 7 5 6 4 4 4 3 0 3 1 76 1 5 3 5 5 5 6 2 3 8 1 3 1 8 2 3 3 3 3 , , , , 1 1 1 2 5 6 9 6 1 5 2 3 2 2 2 2 , , , , 2 2 2 2 4 2 4 0 6 6 3 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 Feb. 6,291 825 570 337 4,559 1957_jan 9 618 2,960 400 728 3,357 2,173 NOTE.—Institutions included are consumer finance companies, credit Feb 9,280 2,983 450 617 3,045 2,185 unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions <>f dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasona variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p um er 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 Feb 3,317 2,918 j 3on 1 236 883 731 122 97 922 854 Mar 3,167 3,305 1,278 1,378 858 821 119 113 912 993 Apr 3,402 3,329 1,324 [,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 [,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 [,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 . . .. r3,512 r3,079 1,477 ,258 '899 mi 119 91 1,017 953 Feb 3,496 2,954 1,426 ,214 914 in 120 93 1,036 920 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 7,404 111 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—Feb 2,946 2,889 1,182 1.143 821 847 110 107 833 792 Mar .. 2 894 3 108 1,131 1,209 823 892 102 110 838 897 Apr 3,142 3,022 1,256 1,196 869 857 118 111 899 858 May .. 3 060 3,126 1,224 [,240 857 885 111 111 868 890 3,006 3,069 1,156 1,195 868 867 104 105 878 902 July 3 158 3,103 1,227 ,211 890 868 121 117 920 907 Aug 3,145 3,157 1,212 1,244 891 880 112 113 930 920 Sept 3 085 2,918 1,184 1,147 892 836 104 101 905 834 Oct 3,182 3,278 1,283 ,339 882 906 113 117 904 916 Nov 3 160 3,174 1,231 .254 904 886 105 109 920 925 Dec 3,185 3,207 1,236 1,208 918 879 104 104 927 1,016 1957—Jan r3 311 1,326 1,305 r935 r978 110 112 940 938 Feb 3,214 3,019 1,286 1,193 874 860 112 106 942 860 Change in outstanding credit1 1949 +2,594 + 1,537 + 805 +45 +207 1950 . +3,113 + 1,519 + 1,093 + 118 + 383 1951 +591 — 102 + 81 +69 +543 1952 +4,109 + 1,761 + 1,294 +300 +754 1953 . + 3,602 +2,102 +605 +225 +670 1954 +563 — 26 -28 +6 +611 1955 +5,452 + 3,659 + 875 +54 + 864 1956 . +2,532 +968 +513 + 123 +928 1956—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 Sent ... +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 '+201 -254 + 151 -47 '-36 -201 +9 -21 +77 + 15 Feb +282 -65 + 140 +21 +40 -133 + 8 -13 +94 +60 r Data for extensions and repayments of other consumer goods paper A discussion of the composition and characteristics of the data and have been revised to eliminate the effect of a large repurchase of other a description of the methods used to derive the estimates are shown consumer goods paper. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1 Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for the period January 1940-August 1956 are loans, repurchases and resales of instalment paper, and certain other shown on pp. 1043-1054 of the BULLETIN for October 1956. transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 455 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 an n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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—Feb 3,317 2,918 1.195 1.088 834 717 758 699 530 414 Mar 3,167 3,305 ,102 1,201 799 822 759 808 507 474 Apr 3,402 3,329 ,299 1,308 787 769 780 766 536 486 May 3,255 3,470 ,178 ,279 770 842 775 800 532 549 June 3,049 3,390 .182 1,324 716 847 751 803 400 416 July 3,293 3,316 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 1,135 1,070 740 722 770 707 508 482 Oct.. 3,363 3,382 1,259 I 244 817 821 793 774 494 543 Nov 3,453 3,387 1,221 ,148 929 881 835 835 468 523 Dec 3,368 3,735 1,235 1,193 798 785 796 939 539 818 1957 Jan 13,512 13,079 1,285 ,204 955 785 818 742 1454 1348 Feb 3,496 2,954 1,265 ,105 840 691 845 750 546 408 Repaj•orients 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 Feb 2,946 2,889 1.059 1,038 717 693 663 633 507 525 Mar 2,894 3,108 ,006 1,073 697 756 681 719 510 560 Apr 3,142 3,022 ,126 1 095 761 720 720 690 535 517 May 3,060 3,126 ,092 1,118 775 776 690 707 503 525 June 3,006 3,069 ,077 1.100 699 723 699 716 531 530 July. . 3,158 3,103 ,148 .149 763 735 746 731 501 488 Aug 3,145 3,157 ,146 1,160 746 767 751 738 502 492 Sept 3,085 2,918 ,122 1,070 706 686 723 667 534 495 Oct 3,182 3,278 ,162 1,186 789 837 718 732 513 523 Nov 3,160 3,174 ,122 1,120 756 779 748 754 534 521 Dec 3,185 3,207 .163 1,145 763 760 738 820 521 482 1957—Jan 13,311 13,333 11,183 11,195 846 808 766 760 516 570 Feb 3,214 3,019 1,153 1,080 790 733 758 697 513 509 Change in outstanding credit2 1949 +2 594 +910 +933 +294 +457 1950 + 3,113 + 1,359 +767 +422 +565 1951 + 591 -27 — 57 +403 +272 1952 +4,109 + 1,753 + 1,057 + 647 +652 1953 + 3,602 + 1,474 + 1 216 + 692 +220 1954 + 563 -202 +217 +472 +76 1955 + 5,452 + 1,805 +2,299 + 887 +461 1956 +2,532 + 1,081 +657 + 859 -65 1956—Feb. + 371 +29 + 136 +50 + 117 +24 +95 +66 +23 -111 Mar +273 + 197 +96 + 128 + 102 +66 +78 + 89 -86 Apr +260 + 307 + 173 +213 +26 +49 +60 +76 + 1 -31 May + 195 + 344 + 86 + 161 -5 +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 r+201 -254 +28 -66 + 109 -23 + 52 -18 r+12 -147 Feb. + 282 -65 + 112 +25 + 50 -42 + 87 + 53 + 33 -101 r Revised. NOTE.—Monthly figures for the period January 1940-August 1956 are 1 Data for extensions at retail outlets and repayments at commercial shown on pp. 1043-1054 of the BULLETIN for October 1956. banks have been revised to eliminate the effect of a large repurchase of A discussion of the composition and characteristics of the data and other consumer goods paper. As a result, the differences between exten- a description of the methods used to derive the estimates are shown sions and repayments for these institutions do not equal the changes in in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except in January 1957 as indicated in footnote 1. incurred under the instalment contract. Renewals and refinancing of loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o r c d n o e s n d t t r r u a ( c v c t a t i s l o u n e)1 Employment and payrolls 2 Depart- Manufactures Non- Manufacturing F c re a i r g - ht m sto en re t s C um on e - r W s h a o le leagri- production workers load- sales* prices2 comor Y m e o ar nth Total Total r D ab u l - e N ra d o b u n - le - M era in ls - Total R d t e e ia s n l i - - other p m t e c u l u m o e r l n a y - - l t - Em m p e l n o t y- P ro a l y ls - ings* v (r a e l t u a e i ) l m pr o ic d e i s ty 2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad-Unad- Ad- Ad- Unad- Unadjusted justed justed justed jsuted justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 • 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32 6 84 35 61.4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29 9 76 35 59 4 50 1 1940 . .. 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62*9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943 . .. 127 133 162 103 87 37 24 45 96.3 121.4 99 0 104 56 74.0 67 0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 ... . 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78 7 1947 100 100 101 99 100 84 86 83 99 4 103.4 97 7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108 2 106.4 129 8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 95 120 114 5 110.7 1956 2143 2144 2159 2129 v\29 268 271 266 117.7 106.5 161.1 97 125 116.2 114.3 1956 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 141 143 143 157 128 129 287 317 267 116.7 106.4 106.1 157.9 100 122 114 7 112 8 Apr 143 144 144 159 130 129 277 315 252 117.3 107.1 106.0 158.2 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 June 141 141 142 157 128 129 256 269 248 118.0 106.3 105.7 158.2 95 124 116 2 114 2 July 136 128 138 148 128 123 255 265 249 116.6 102.6 101.2 151.0 81 128 117.0 114.0 Aus .... 143 142 144 158 130 130 260 264 257 118.2 106.0 107.1 161.4 93 128 116.8 114.7 Sent 144 146 146 162 130 131 251 250 251 118.1 105.7 107.8 165.8 96 129 117 1 115 5 Oct 146 151 147 163 131 131 248 230 260 118.7 107.1 108.7 168.7 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 r131 130 n.a. n.a. 297 119.0 106.8 r106.0 r165.1 98 125 118 2 116 9 Feb 146 147 147 164 131 131 n a n a 119 1106 2 105 8164 7 96 2124 118 7 117 0 Mar 2146 2148 *147 J>163 *131 2135 2118.92105.72105.5 "163.4 298 «129 116.9 « Estimated. 2 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 person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, dat* a.I IUALW d-IeUsUcIrUipII tio11n1V Yo lfl lgt hCel Vi ^nXd CeIJx3W , mLa/UyO VbUe Vollb tAa i. neTdT . fXrjo'WmUg uVth eV -DWl ipvvii sMioLnIW Ho f HVr1e fXlXeJLc tWin1Vg ,U l 1b1e1VgUi n1nVi1nVgV O,J anluialt ryW U1O9U51311, Vt1h e±J 1i n1WcVl uXsiilUo^nA . o13f UsolWm Aet VnleOwCU sdeVrilleVsO )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 457 INDUSTRIAL PRODUCTION [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*3 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 143 141 143 141 141 136 143 144 146 146 147 146 146 MANUFACTURES—TOTAL 90.02 140 144 144 143 144 143 142 138 144 146 147 147 149 147 147 Durable Manufactures—Total 45.17 155 159 158 157 159 157 157 148 158 162 163 165 167 164 164 Primary metals 6.70 140 138 146 145 146 141 136 69 125 148 147 146 145 144 143 Metal fabricating 28.52 165 772 168 167 770 167 168 769 772 174 776 180 183 180 750 Fabricated metal products 5.73 134 135 134 132 136 130 132 130 134 139 140 139 141 137 137 Machinery 13.68 155 170 163 163 169 169 169 172 174 175 174 175 176 173 171 Nonelectrical machinery 9.04 135 151 147 148 148 149 149 152 155 157 156 154 156 '154 154 Electrical machinery 4.64 194 207 194 193 208 208 208 210 211 210 211 214 216 '208 205 Transportation equipment 7.54 203 199 199 196 193 187 188 189 191 193 203 216 223 221 223 Autos, trucks, and parts 4.80 153 125 135 131 123 110 110 110 112 112 121 137 143 '139 138 Other transportation equipment 2.74 272 310 293 291 295 302 306 308 311 317 328 336 344 '347 353 Instruments and related products 1.29 149 166 161 160 162 164 163 167 171 171 172 172 173 '173 174 Clay, glass, and lumber products 5.91 138 140 138 135 759 141 141 143 145 739 138 138 736 r133 134 Stone, clay, and glass products 2.82 149 158 155 154 158 162 161 161 160 154 157 157 158 155 156 Lumber and products 3.09 127 123 123 118 122 121 123 127 130 126 120 119 117 114 114 Furniture and misc. manufactures 4.04 132 135 135 133 135 135 135 136 736 736 736 134 134 737 725 Furniture and fixtures 1.64 119 122 122 121 123 123 122 123 122 122 122 119 120 118 117 Miscellaneous manufactures 2.40 141 144 143 141 144 143 144 145 145 146 146 144 144 140 136 Nondurable Manufactures—Total... 44.85 126 130 128 130 129 128 130 130 131 129 130 r131 131 Textiles and apparel 11.87 109 108 112 107 107 107 706 106 107 108 111 105 106 104 105 Textile mill products 6.32 107 104 110 107 106 103 100 100 102 103 105 103 103 100 101 Apparel and allied products 5.55 113 112 114 108 109 111 112 112 112 113 117 108 110 109 110 Rubber and leather products 3.20 722 118 726 779 120 114 770 772 7/7 776 777 114 r118 722 724 Rubber products 1.47 143 133 143 135 136 127 120 125 135 132 134 126 137 '145 147 Leather and products 1.73 105 104 111 105 106 103 101 102 102 102 101 104 102 102 105 Paper and printing 8.93 137 145 742 142 145 145 745 146 147 145 148 147 147 148 747 Paper and allied products 3.46 152 159 157 157 160 160 161 162 161 159 160 160 157 159 157 Printing and publishing 5.47 127 136 132 132 135 135 135 136 138 137 140 139 140 141 141 Newsprint consumption 1.85 128 132 131 129 132 132 131 132 134 131 133 132 133 135 132 Job printing and periodicals 3.62 127 138 132 134 136 137 137 138 140 140 144 142 144 '145 146 Chemical and petroleum products 9.34 159 167 167 767 168 767 766 164 767 168 767 768 770 '774 772 Chemicals and allied products 6.84 167 111 176 176 179 177 176 176 176 111 177 177 179 '184 182 Industrial chemicals 2.54 184 196 199 197 198 197 191 191 192 194 196 195 '199 '205 204 Petroleum and coal products 2.50 135 141 142 144 139 140 140 132 139 143 140 143 145 '147 145 Foods, beverages, and tobacco 11.51 109 772 772 777 772 777 770 777 773 773 773 773 773 '777 773 Food and beverage manufactures 10.73 109 113 113 112 113 111 111 112 114 114 113 114 114 '111 113 Food manufactures 8.49 109 113 113 111 112 111 111 112 115 115 114 113 113 111 113 Beverages. *. 2.24 107 112 113 114 111 108 110 112 112 111 115 117 113 Tobacco manufactures .78 105 107 107 105 108 106 106 106 105 106 106 109 107 112 MINERALS—TOTAL 9.98 122 129 129 129 129 128 129 123 130 131 131 130 131 130 131 Mineral fuels 8.35 123 729 72P 130 128 725 729 727 732 730 730 729 730 '730 73/ Coal 2.68 80 85 88 90 89 85 85 75 85 86 85 87 80 80 86 Anthracite .36 48 55 55 51 56 41 55 48 61 56 56 57 57 49 47 Bituminous coal 2.32 85 90 94 96 94 92 '90 79 88 91 90 91 84 85 92 Crude oil and natural gas 5.67 143 150 148 148 147 149 149 152 154 151 151 149 154 154 152 Crude oil 4.12 131 137 135 r135 132 134 136 139 142 139 138 137 141 142 Natural gas and gas liquids .70 177 191 185 190 191 190 192 190 193 193 P194 Metal, stone, and earth minerals 1.63 120 727 727 727 735 729 128 700 722 733 736 135 134 '730 131 Metal mining .82 110 114 116 117 129 118 113 '60 103 123 132 128 ill 119 120 Stone and earth minerals .81 130 141 138 138 141 140 143 142 140 143 141 142 141 '142 142 r Revised. Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 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* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 144 143 144 141 141 128 142 146 151 147 144 145 147 MANUFACTURES—TOTAL 90.02 140 144 146 145 146 142 142 129 143 148 153 149 146 146 149 Durable Manufactures—Total 45.17 155 159 161 161 162 157 156 139 155 161 168 166 166 164 167 Primary metals 6.70 140 138 152 152 152 144 140 62 118 145 149 146 142 146 149 Ferrous metals 5.03 138 135 149 149 149 143 138 41 114 146 149 146 145 147 148 Pig iron and steel 3.51 144 142 158 159 158 152 145 24 117 156 160 158 157 159 159 Pig iron .37 134 131 143 145 145 140 135 22 104 145 148 147 149 148 149 Steel 3.05 146 143 159 160 159 154 146 24 119 158 162 159 158 160 160 Carbon steel 2.62 141 139 153 155 155 149 144 23 116 153 157 156 156 157 159 Alloy steel .43 171 167 199 192 181 182 157 34 135 183 191 181 170 178 167 Ferrous castings and forgings 1.52 124 119 130 128 129 120 123 79 106 122 123 118 118 118 123 Iron and steel castings 1.29 123 117 128 126 127 119 121 78 106 122 122 118 117 117 122 Steel forgings .23 133 126 142 142 141 129 134 105 120 127 120 121 -126 133 Nonferrous metals 1.67 146 147 161 160 160 149 145 124 130 144 148 146 135 145 149 Primary nonferrous metals .38 164 175 177 182 185 181 179 172 143 168 181 180 180 180 176 Copper smelting .09 122 133 136 142 143 147 142 117 124 122 133 127 129 135 138 Copper refining .06 123 132 134 141 146 143 139 123 120 114 134 135 128 137 146 Lead .04 103 115 117 120 121 106 109 107 107 123 122 116 120 113 118 Zinc .10 120 123 126 125 125 111 111 114 123 128 127 130 134 128 133 Aluminum .09 261 280 279 287 294 296 296 298 182 269 293 295 292 '289 259 Secondary nonferrous metals .13 123 119 134 124 135 121 110 93 108 115 124 116 108 116 Nonferrous shapes and castings 1.16 142 140 159 157 154 141 137 112 128 139 140 138 123 138 144 Copper mill shapes .63 114 115 132 127 123 116 112 79 109 120 111 116 98 111 121 Aluminum mill shapes .20 208 215 225 241 242 228 215 222 187 202 218 196 175 203 201 Nonferrous castings .33 156 146 170 166 160 140 137 111 129 141 149 146 150 Metal Fabricating 28.52 165 172 172 174 167 166 160 167 172 180 181 183 181 183 Fabricated metal products 5.73 134 135 135 134 136 130 132 124 135 144 145 138 139 136 137 Structural metal parts 2.68 136 141 138 138 140 138 138 129 137 144 150 149 152 148 149 Stampings and misc. metal products.... 2.12 130 125 129 126 125 121 119 111 117 123 130 132 134 130 130 Tin cans .30 142 151 116 127 189 121 159 168 214 220 186 100 105 113 116 Furnaces, gas ranges, and heaters .63 110 110 115 106 105 112 94 123 143 128 98 82 83 Machinery 13.68 155 170 168 168 172 167 165 157 167 176 181 177 177 175 177 Nonelectrical machinery 9.04 135 151 152 154 154 151 150 146 146 153 152 151 157 157 159 Farm and industrial machinery 8.13 130 147 145 146 148 147 147 144 145 148 149 150 155 '153 154 Farm machinery 1.02 91 86 95 94 92 88 87 82 79 79 73 77 82 86 90 Industrial and commercial machinery. 7.11 135 156 153 154 156 155 155 153 155 158 160 160 165 '163 164 Machine tools and presses .68 163 197 195 196 197 197 194 194 193 199 201 201 209 '203 203 Laundry and refrigeration appliances.. . .69 144 149 173 183 175 146 143 128 108 159 139 125 142 '148 Electrical machinery 4.64 194 207 200 196 206 198 195 178 209 220 237 227 216 '208 211 Electrical apparatus and parts 3.23 174 198 184 184 202 200 199 193 198 202 209 211 IK 210 210 Radio and television sets .74 242 224 233 218 209 185 174 130 238 266 312 271 188 201 Transportation equipment 7.54 203 199 205 202 201 189 188 186 186 180 202 218 224 228 Autos, trucks, and parts 4.80 153 125 143 139 136 116 111 107 104 92 121 139 225 141 144 Autos 1.50 190 138 164 163 162 127 127 127 109 59 105 164 144 174 178 Tru L c ig k h s t trucks . . 2 6 2 6 1 1 1 1 5 4 1 9 1 2 2 1 10 2 9 5 1 1 0 3 4 0 1 13 0 3 2 1 8 1 9 7 1 8 2 9 3 9 7 9 6 1 8 0 1 1 9 7 8 5 1 9 0 2 3 1 1 0 0 2 0 r 1 1 7 0 7 1 ' 9 9 7 8 1 1 1 1 3 0 Medium trucks .19 69 58 71 68 69 58 68 56 53 51 52 43 92 '42 57 Heavy trucks .14 172 218 227 258 265 237 246 198 192 201 195 195 45 '182 200 Truck trailers .07 183 168 187 191 208 191 203 145 160 148 146 133 207 134 155 Auto and truck parts 2.58 141 121 135 128 122 109 98 97 102 109 135 135 121 134 136 Other transportation equipment 2.74 272 310 296 294 295 298 303 305 311 317 325 336 '348 '350 357 Aircraft and parts 1.30 481 548 521 513 516 520 531 536 555 569 582 601 619 '624 634 Shipbuilding and repair .81 115 118 119 121 119 120 121 121 114 113 115 118 '126 '127 128 Railroad equipment .53 42 63 60 66 68 69 66 62 58 51 60 68 75 74 80 Railroad cars .35 73 30 54 49 57 60 61 56 51 49 36 52 64 72 80 Instruments and related products 1.29 175 149 166 161 161 164 164 163 162 167 171 173 174 '173 174 Clay, Glass, and Lumber Products .. 5.91 138 140 135 135 142 143 145 135 149 145 146 138 r125 131 Stone, clay, and glass products 2.82 149 158 150 158 162 163 156 164 157 161 156 '148 151 Glass and pottery products 1.09 134 141 141 153 143 142 140 130 142 127 165 147 143 143 145 Flat glass and vitreous products .60 155 165 163 140 166 164 160 150 161 159 149 174 173 '167 166 Flat and other glass .47 156 165 167 163 165 163 158 146 160 158 173 177 177 171 169 Glass containers .26 126 132 130 163 135 136 142 133 145 113 177 135 114 127 134 Home glassware and pottery .23 91 87 96 130 92 93 86 72 90 61 147 92 96 101 93 86 Cement .32 148 157 123 137 159 174 175 173 177 174 171 157 144 113 Structural clay products .35 127 138 132 137 138 140 146 140 144 140 143 136 126 120 121 Brick 12 131 134 124 132 140 145 144 140 148 135 139 131 106 94 Clay firebrick, pipe, and tile .20 127 142 139 142 138 139 148 141 144 147 147 141 142 140 Concrete and plaster products .48 180 194 177 181 192 202 208 204 208 204 199 192 187 173 179 Misc. stone and earth manufactures.... .58 166 173 171 172 172 167 176 177 177 180 174 176 r Revised. Preliminary For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 459 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 19 p p 4 r o 7 o r - - - 49 average 1956 1957 tion 1955 1956* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 127 123 121 119 126 125 129 116 135 133 130 117 104 104 113 Lumber 2.05 112 108 104 105 112 111 118 104 115 118 111 101 91 89 98 Millwork and plywood. .60 197 189 201 193 199 187 181 161 216 200 206 181 155 167 181 Millwork .39 144 121 128 118 123 124 133 107 152 139 130 103 82 90 105 Softwood plywood... .12 284 301 321 316 324 290 260 248 320 299 332 310 277 295 306 Wood containers .29 90 91 91 91 92 93 92 90 90 90 93 90 86 Furniture and Misc. Manufacturing . 4.04 132 135 136 134 132 131 132 127 136 140 143 138 137 r128 130 Furniture and fixtures 1.64 119 122 123 111 119 111 118 115 123 125 111 111 125 118 119 Household furniture 1.10 120 121 125 123 118 115 116 114 121 125 127 123 125 r116 118 Fixtures and office furniture. 115 122 119 120 120 120 123 117 126 127 122 126 121 121 .54 127 Miscellaneous manufactures 141 144 145 142 141 140 141 135 150 154 150 145 136 137 2.40 145 Nondurable Manufactures—Total. 126 129 131 130 129 127 127 119 134 137 132 125 128 131 44.85 131 Textiles and Apparel 109 108 119 114 111 107 90 105 106 100 106 112 11.87 109 Textile mill products 107 104 115 110 108 105 100 86 103 109 105 99 101 105 Cotton and synthetic fabrics. 6.32 113 108 123 115 112 109 99 87 102 101 113 109 104 108 111 Cotton consumption 3.72 103 102 112 108 107 105 96 81 104 97 108 104 93 99 101 Synthetic fabrics 2.30 137 118 141 132 119 108 102 101 101 110 118 119 123 129 129 Fabric finishing .97 100 98 118 98 103 108 90 71 102 82 105 90 99 87 102 .45 103 Wool textiles .97 79 86 84 85 89 90 90 76 92 87 94 86 78 •74 80 Wool apparel yarns. .16 85 89 97 89 97 98 85 83 94 79 93 76 77 80 85 Wool fabrics .75 78 86 81 84 87 89 92 75 92 90 96 90 79 72 80 Knit goods 1.15 110 108 114 110 110 108 111 95 109 114 111 109 99 r100 105 Hosiery .65 106 100 114 105 105 99 102 77 96 105 100 101 90 98 103 Full-fashioned hosiery. .45 110 102 117 110 112 102 104 77 97 106 100 98 90 98 104 Seamless hosiery .20 99 96 108 93 90 91 97 75 94 103 101 107 90 97 101 Knit garments .50 115 119 115 117 116 120 123 120 126 125 125 119 110 r102 108 Floor coverings1. .48 Woven carpets. .31 79 83 93 91 89 80 78 50 86 97 87 78 79 '86 95 Apparel and allied products... 5.55 113 112 124 120 114 109 108 95 116 108 118 108 101 113 119 Men's outerwear 1.78 111 110 124 118 119 121 104 79 120 101 116 98 96 119 111 Men's suits and coats .73 92 95 99 99 103 107 91 59 109 91 103 90 89 107 95 Men's suits .50 90 93 103 101 99 100 85 54 103 85 100 92 93 114 100 Men's outercoats .13 77 78 59 67 92 110 93 63 110 90 91 57 53 51 50 Shirts and work clothing. .99 123 118 141 130 129 129 111 90 126 106 124 101 98 '126 121 Women's outerwear 1.85 116 112 132 127 115 104 100 116 108 117 106 89 108 130 Women's suits and coats. .76 134 155 135 95 90 122 132 152 138 146 128 101 131 128 157 Misc. apparel and allied mfrs 1.92 111 117 114 108 104 107 105 113 116 121 119 117 112 113 117 Rubber and Leather Products . 3.20 122 132 125 122 113 111 97 118 123 113 111 123 118 130 Rubber products 1.47 143 133 146 140 140 129 123 105 127 135 144 128 132 147 Tires and tubes .70 131 121 134 130 133 125 122 99 110 120 121 108 122 126 150 Auto tires .40 140 123 135 131 135 125 115 97 113 121 124 113 130 136 136 Truck and bus tires .30 120 119 132 130 130 125 130 103 106 118 117 101 110 111 150 Miscellaneous rubber products. .77 154 144 157 149 146 133 124 110 142 148 165 147 141 166 117 162 Leather and products. . . 1.73 105 104 120 112 106 99 100 90 108 104 104 100 95 102 113 Leather .44 92 91 103 95 96 95 91 73 90 90 90 90 85 89 95 Cattlehide leathers. .29 99 99 110 103 103 103 99 79 97 99 99 100 95 98 108 Skin leathers .15 79 76 90 80 82 76 61 76 73 74 70 65 r72 82 Shoes and slippers i , .90 Miscellaneous leather products. .39 99 97 103 98 91 89 96 96 102 99 101 97 95 96 Paper and Printing. 8.93 137 145 146 148 145 145 135 145 154 143 Paper and allied products 3.46 152 159 162 163 165 160 163 144 163 160 169 162 US 157 161 Pulp and paper 1.76 149 157 163 161 163 162 161 143 160 152 162 159 142 158 160 Wood pulp .51 169 179 185 183 184 187 184 165 182 171 185 183 160 182 181 Paper and board 1.25 140 148 154 153 154 152 152 134 151 145 152 149 135 149 151 Printing paper .22 127 140 144 141 142 142 143 130 143 139 145 146 135 140 139 Fine paper .14 133 145 142 152 153 148 148 129 143 148 149 146 138 140 147 Coarse paper .20 129 136 145 140 142 139 141 121 139 131 135 138 123 139 139 Miscellaneous paper .18 158 170 169 170 177 168 169 160 172 169 183 174 159 184 189 Paperboard .41 149 155 163 159 161 162 159 135 157 148 159 155 139 154 155 Building paper and board. .10 137 131 139 148 141 141 141 127 139 128 131 118 94 118 127 Converted paper products.. 1.70 156 162 162 165 168 157 165 146 166 168 177 165 148 156 163 Shipping containers .51 155 159 157 165 162 154 165 140 167 168 172 161 144 148 156 Sanitary paper products.. .11 158 170 173 163 184 163 163 162 163 166 189 173 158 179 183 rRevised. ^Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 1957 portion 1955 1956^ Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 130 135 137 136 134 129 133 139 145 144 142 136 139 Newsprint consumption 1.85 128 132 127 134 141 140 131 115 121 133 143 145 131 123 128 Job printing and periodicals. 3.62 127 138 131 135 135 135 136 136 140 143 145 144 143 145 147 Chemical and Petroleum Products. 9.34 159 170 169 168 166 165 157 164 168 171 175 175 171 Chemicals and allied products 6.84 167 177 179 179 180 176 173 166 111 111 182 181 184 186 Industrial chemicals 2.54 184 196 201 201 200 197 192 182 188 192 198 199 181 '205 207 Basic inorganic chemicals .57 180 189 203 204 201 195 185 158 171 186 191 191 '193 198 209 Industrial organic chemicals 1.97 186 197 201 200 200 197 194 188 193 194 200 201 200 r207 206 Plastics materials .24 242 256 264 264 266 263 253 213 247 254 272 274 247 263 Synthetic rubber .11 213 236 249 243 244 242 227 227 223 241 227 222 242 243 '238* Synthetic fibers .59 186 181 194 191 183 176 169 167 171 169 185 189 187 202 197 Miscellaneous organic chemicals. 1.03 169 189 185 187 189 190 192 191 189 189 189 193 193 192 Vegetable and animal oils. .64 124 132 157 141 133 123 107 93 100 123 159 157 143 147 152 Vegetable oils .48 117 124 150 134 123 110 91 75 84 115 161 154 139 143 143 Grease and tallow .16 145 158 175 162 163 163 155 145 150 144 151 167 157 159 181 Soap and allied products. .71 110 111 111 111 114 109 112 91 121 124 119 108 110 120 117 Paints .66 125 124 125 124 124 124 125 125 127 125 124 123 123 122 122 Fertilizers .23 125 129 131 168 188 163 118 104 95 109 119 112 120 125 134 Petroleum and coal products. 2.50 135 141 143 142 135 137 142 132 142 145 140 143 145 148 *146 Petroleum refining 1.97 142 150 151 148 142 144 149 148 151 151 146 152 158 160 Gasoline 1.04 152 159 155 155 150 155 162 162 164 164 155 160 165 164 Automotive gasoline.. .98 147 153 151 150 144 149 156 156 158 158 149 155 159 158 Aviation gasoline.... .06 233 254 132 242 254 258 267 257 264 261 256 251 260 263 Fuel oil .56 138 148 158 149 140 138 141 141 146 145 142 149 161 170 167 Distillate fuel oil. .30 175 193 203 192 182 177 186 187 195 196 188 195 210 225 Residual fuel oil. .26 94 95 105 99 92 94 90 87 89 87 89 97 105 108 Kerosene .10 107 111 126 112 98 96 95 97 103 108 117 126 124 120 Lubricating oil. .17 114 119 115 119 126 123 123 113 119 116 122 116 118 Coke .26 104 102 111 110 108 104 38 92 109 109 109 110 110 110 Asphalt roofing and siding. .15 110 104 100 127 86 109 125 120 123 131 123 49 94 84 77 Foods, Beverages, and Tobacco. 11.51 109 112 103 104 106 108 129 126 105 103 116 102 Food and beverage manufactures. 10.73 109 113 102 104 106 108 114 114 122 130 111 106 103 Food manufactures 8.49 109 113 104 102 103 105 110 111 123 134 129 111 108 101 104 Meat products 1.48 128 133 140 136 131 121 122 118 116 129 142 119 138 104 132 Beef .46 142 151 145 142 150 147 154 154 148 151 160 148 149 139 151 Pork .83 116 119 133 129 117 103 100 95 95 113 128 154 127 163 117 140 121 Dairy products .69 107 99 109 121 136 150 134 120 103 91 85 86 91 102 Butter .14 105 107 107 114 128 131 138 118 97 91 82 83 96 102 109 Natural cheese .07 116 117 103 116 132 153 163 133 116 105 97 93 96 100 107 Concentrated milk. .19 97 101 94 106 123 140 146 118 98 83 73 71 77 85 96 Ice cream .28 109 112 93 102 109 149 147 144 118 102 90 80 82 97 Canned and frozen foods. 1.13 118 133 83 82 85 96 115 149 234 264 188 116 98 '87 85 Grain-mill products , 1.16 105 101 98 99 97 99 103 103 105 109 106 99 99 100 100 Wheat flour .46 83 84 81 84 79 77 80 77 85 95 91 87 88 92 92 Cereals and feeds .70 119 113 109 109 109 112 119 121 118 118 116 107 107 105 105 Bakery products. 1.64 97 98 95 95 95 97 100 100 99 100 101 100 99 95 96 Sugar .27 115 122 57 59 68 70 81 73 68 110 271 296 85 Cane sugar.... .11 113 116 102 109 123 114 124 133 127 130 123 100 102 102 Beet sugar .13 111 121 14 16 27 38 15 11 86 393 459 320 65 Confectionery .71 101 107 115 97 98 90 84 73 98 152 141 130 91 113 123 Miscellaneous food preparations. 1.41 106 105 102 103 102 107 112 107 107 106 105 105 102 101 103 Beverages 2.24 107 112 97 108 117 119 128 123 118 116 120 110 98 90 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 102 104 94 105 111 108 119 107 101 106 118 109 93 86 Beer and ale 1.02 101 101 92 103 111 112 128 128 112 93 83 80 84 88 Liquor distilling... .17 77 78 75 82 80 76 69 35 50 93 133 92 80 79 Liquor bottling. .. .37 109 119 102 113 122 108 118 88 94 135 179 175 115 81 Tobacco manufactures. .78 105 107 105 105 103 110 115 96 115 111 115 111 87 110 Cigarettes .46 109 111 107 109 106 116 122 104 120 115 119 114 92 117 Cigars .17 104 104 109 104 105 103 108 83 110 109 116 113 83 101 r Revised. p Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 461 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Annual 1947-49 average 1956 1957 pro- Industry portion 1955 1956* Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 127 127 130 130 131 119 131 132 132 130 129 130 130 MINERALS—TOTAL Mineral Fuels .. 8.35 123 129 131 130 130 128 128 121 130 129 130 130 132 134 133 Coal . . .. 2 68 80 85 88 86 86 85 84 62 87 90 93 90 83 84 86 Anthracite .36 48 55 55 46 53 42 58 42 59 62 64 59 55 49 47 Bituminous coal 2.32 85 90 94 92 91 91 89 65 91 95 98 95 87 89 92 Crude oil and natural gas . 5 67 143 150 151 151 151 149 148 149 150 147 147 149 155 157 pl55 Oil and gas extraction 4.82 137 145 147 148 144 142 143 142 144 143 141 146 151 153 ^153 Crude oil 4 12 131 137 138 139 137 135 136 136 138 135 134 137 141 143 PI44 Natural gas and liquids .70 177 191 200 198 189 181 182 177 182 186 ^188 *>197 P206 ^208 Natural gas .34 185 214 210 198 185 190 182 184 189 Natural gas liquids .36 169 182 187 186 178 176 176 172 180 182 180 186 191 190 .85 175 180 173 171 188 187 180 191 183 173 177 170 181 182 Metal, Stone, and Earth Minerals 1.63 120 127 109 no 129 141 146 110 135 147 146 129 116 no9 113 .82 110 114 92 93 121 140 144 73 111 142 142 114 94 r91 96 Iron ore.... . 33 113 104 49 46 108 164 173 19 126 179 175 109 62 49 50 Nonferrous metal mining .49 108 120 122 124 130 125 124 109 118 117 120 118 115 119 127 Copper mining .24 123 136 138 140 148 142 141 120 132 132 134 132 129 133 144 Lead mining .09 84 88 88 91 94 88 89 85 90 87 92 87 83 86 Zinc mining .06 81 87 86 90 91 89 88 84 86 86 91 88 86 90 Stone and earth minerals .81 130 141 126 128 138 142 149 147 149 151 150 144 138 128 129 P 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] Annual 19 p 4 r 7 o - - 49 average 1956 1957 Series portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ELECTRICITY AND GAS—TOTAL.. 100.00 198 217 212 '212 '213 215 '218 '220 219 '218 '219 220 221 222 ^225 -226 Residential 41.34 216 241 '233 '235 '237 239 '244 '246 245 '244 '244 243 244 246 Nonresidential 58.66 186 200 196 '196 197 '198 '200 202 '200 '200 '201 204 205 205 Electricity. 76.18 199 218 '212 '213 '213 '214 '216 220 219 219 219 221 '223 224 227 P227 Residential ... 27.48 224 250 '242 '243 '245 '245 '248 252 253 253 '254 253 '257 258 260 Industrial 23.68 190 206 203 202 202 '203 207 206 202 203 '205 '211 212 211 213 General industrial 23.49 '173 186 183 182 182 '183 187 186 182 183 '186 '192 192 191 193 Atomic energy .19 2221 2697 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 2670 2720 2750 Commercial and other 25.02 180 194 190 '190 '190 '190 191 '196 '197 196 194 196 197 199 204 Gas . . .. 23.82 197 215 '209 '211 '213 '218 '224 '221 219 '217 '216 215 214 216 P220 Residential 13.86 '202 223 '217 219 '222 '229 '238 '233 '229 '227 '224 222 220 221 Industrial 6.16 197 218 '205 '209 '212 '214 '216 '218 '219 '221 224 226 228 230 Commercial and other 3.80 182 180 '184 184 '184 '184 '184 '183 '179 '177 '175 173 172 173 v Preliminary. NOTE.—For description and back figures see BULLETIN for October adjustment factors for these indexes may be obtained from the Division of 1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob- Administrative Services, Board of Governors of the Federal Reserve tained from the Division of Research and Statistics. Revised seasonal System, Washington 25, D. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1956 1957 pro- Product portion 1955 1956? Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 137 133 132 125 123 127 127 123 123 132 141 137 Major Durables 69.72 164 140 149 144 141 132 128 135 132 127 129 143 154 147 Autos 32.10 190 138 155 145 140 118 120 122 124 106 117 152 168 167 Major household goods 36.13 144 144 146 144 145 141 138 148 141 148 142 136 143 131 Furniture and floor coverings. 15.32 116 117 120 118 117 117 114 117 117 118 115 114 115 112 Household furniture 11.31 120 121 124 122 121 120 119 122 121 122 121 118 121 116 Floor coverings 1 4.01 Appliances and heaters 15.60 138 143 148 149 147 137 134 152 136 149 136 130 144 127 Major appliances 11.88 444 151 154 155 155 143 140 161 142 158 144 138 156 135 Ranges 2.60 100 103 106 110 220 206 108 105 91 98 96 85 104 95 Refrigeration appliances. . 4.98 151 150 156 156 155 147 142 160 146 159 132 136 151 127 Laundry appliances 2.51 193 216 221 215 211 185 180 236 200 233 231 211 233 209 Heating apparatus 3.72 120 118 128 129 121 118 114 123 115 120 112 102 108 102 Radio and television sets 5.21 242 224 218 209 219 226 218 227 231 232 237 218 218 181 189 Radio sets 3.42 77 70 70 67 66 67 66 59 68 71 72 74 75 71 81 Television sets 1.79 558 519 500 480 512 531 509 549 542 538 551 493 491 392 395 Other Consumer Durables 30.28 106 111 111 108 111 110 110 111 114 113 110 109 113 114 114 Auto parts and tires 14.00 102 105 106 105 105 104 100 102 106 108 102 102 109 112 114 Misc. home and personal goods. 16.28 109 116 115 111 116 116 118 118 121 117 117 115 117 116 113 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 143 143 141 124 124 116 120 113 128 139 141 137 142 Major Durables 69.72 164 140 157 157 154 131 130 121 122 111 132 151 154 148 155 Autos 32.10 190 138 164 163 162 127 127 127 109 59 105 164 177 174 178 Major household goods 36.13 144 144 153 155 150 136 134 117 136 158 158 141 137 128 137 Furniture and floor coverings. 15.32 116 117 123 121 116 112 111 104 116 122 122 117 118 113 115 Household furniture 11.31 120 121 125 123 118 115 116 114 121 125 127 123 125 ni6 118 Floor coverings * 4.01 Appliances and heaters 15.60 138 143 156 168 162 143 143 125 121 158 142 122 128 124 Major appliances 11.88 142 151 169 183 178 152 150 131 117 158 143 127 141 136 Ranges 2.60 100 103 118 125 115 102 112 80 83 106 102 82 94 94 Refrigeration appliances. . 4.98 151 150 165 194 197 173 174 149 107 145 109 103 128 129 Laundry appliances 2.51 193 216 252 237 222 176 162 162 180 251 261 230 229 ••207 Heating apparatus 3.72 120 118 113 121 113 113 121 106 135 157 137 104 85 86 Radio and television sets 5.21 242 224 233 218 209 184 174 130 238 265 312 270 217 188 201 Radio sets 3.42 77 70 72 70 63 67 54 37 61 66 88 91 92 73 83 Television sets 1.79 558 519 540 499 486 409 402 307 575 645 738 611 456 408 427 Other Consumer Durables 30.28 106 111 110 108 109 108 109 106 115 118 118 112 110 110 112 Auto parts and tires 14.00 102 105 101 101 103 104 103 101 109 116 110 101 103 109 110 Misc. home and personal goods. 16.28 109 116 116 115 114 113 114 110 121 119 125 121 117 111 114 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 a B l s u - sin m e C s e o s r m ci - al P u u ti b li l t i y c O n r d t e 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 2,212 4,341 3,774 11,929 1,030 3,870 704 6 325 1955 42,991 30,572 16,595 10,046 2,399 3,043 4,604 3,931 12 419 1 297 4 520 593 6 009 1956 44,258 30,825 15.339 11,426 3,065 3,296 5,065 4,060 13,433 1,398 5 100 675 6'260 1956 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 1,300 971 274 274 423 334 1 149 131 440 59 519 July 3,727 2,618 1,299 976 278 273 425 343 1,109 125 411 59 514 Aug 3,725 2,617 1,297 983 279 277 427 337 1 108 120 399 59 530 Sept 3,701 2.596 1,286 970 271 274 425 340 1 105 121 390 58 536 Oct 3,665 2,551 1,241 961 266 272 423 349 1,114 122 390 59 543 Nov 3,699 2,551 1,239 950 263 263 424 362 1 148 113 417 60 558 Dec 3,729 2,542 ,239 947 265 259 423 356 1,187 120 455 60 552 1957 Jan.*3 3,769 2,529 ,211 972 261 257 454 346 1,240 111 489 59 581 Feb v 3 740 2,529 ,187 993 265 264 464 349 1 211 113 466 59 573 Mar & 3,695 2,522 1,151 1,022 272 279 All 349 1,173 108 429 63 573 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 463 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 t e y r p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1956 24,413 8,036 16,377 9,826 1,918 2,355 2,314 2,419 5,580 1956—Feb... 1,860 598 ,262 799 171 '202 145 r112 430 Mar.. 2,382 638 ,744 1,105 267 206 225 183 395 Apr... 2,421 745 ,677 1,144 196 210 203 213 456 May.. 2,480 714 ,766 1,129 159 217 202 242 531 June.. 2,198 732 ,466 826 144 224 192 234 577 July.. 2,149 736 ,412 758 152 242 196 258 543 Aug.. 2,069 620 ,449 874 138 184 193 232 448 Sept.. 2,025 671 ,354 764 171 195 185 225 485 Oct... 1,706 589 ,117 656 126 168 185 196 375 Nov.. 1,689 582 ,107 625 130 212 199 189 335 Dec... 1,576 737 839 451 104 155 200 164 502 1957—Jan... M,778 679 ,099 1612 197 211 184 170 405 Feb... 11,718 664 ,053 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 San 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 ci r s a c n o - 1955—Dec 1,921 152 364 134 226 169 254 280 89 47 81 126 n.a. 1956—Jan 2,221 105 283 C92 P254 C149 211 C281 101 C49 134 c160 c403 Feb 2,230 131 294 111 213 145 212 266 84 62 128 192 392 Dec 1,576 117 318 85 169 113 177 278 70 58 77 114 n.a. 1957_jan 2,300 75 C266 C98 127 218 C274 f323 116 C56 137 cl66 444 Feb 2,161 90 186 87 173 199 277 331 130 42 142 133 372 n.a. Not available. NOTE.—Figures for January 1956 and January 1957 are not comparable c Corrected. with those for other months. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a s n a e p n d a T r u s j i o u o v a s t l n a a t t a e l r e l d a , ly te Total p M a o r e l e i t t a r a s o n - p m N a o e r l o e t it r n a a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en i 1949. ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950. ,396 1,022 374 ,352 [,151 42 159 44 686 486 200 1951. ,091 777 315 ,020 892 40 88 71 412 264 149 1952. ,127 795 332 ,069 939 46 84 59 421 280 141 1953. ,104 804 300 ,068 933 42 94 36 409 252 157 1954. ,220 897 324 ,202 ',077 34 90 19 583 276 307 1955. ,329 976 353 ,310 ,190 33 87 20 670 277 393 1956. ,118 780 338 ,094 981 31 82 24 463 192 271 1956—Mar.. 1,094 99 72 27 94 84 3 5 38 17 21 Apr.. 1,157 111 76 35 110 100 3 1 46 20 26 May. 1,146 114 78 36 111 101 3 3 46 20 27 June.. 1,091 107 75 33 105 95 3 3 45 19 26 July. . 1,070 101 70 31 99 90 3 2 43 18 25 Aug.. 1,136 104 71 33 103 93 3 1 43 19 24 Sept.. 1,008 94 62 32 91 81 2 3 39 15 24 Oct.. . 1,052 94 65 29 91 81 3 2 40 16 24 Nov.. 1,027 77 55 23 77 68 3 0 30 12 18 Dec... 1,020 64 45 19 63 53 2 26 11 15 1957—Jan.. ^1,010 46 19 n.a. n.a. n.a. n 20 12 Feb.. ^910 46 19 n.a. n.a. n.a. 19 10 10 Mar. 56 27 ^76 n.a. n.a. n.a. 23 12 11 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

464 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed i Not in the Year or month i p n o st p it u u l t a i t o io n n al l f a o b rc o e r Unem- labor force Total ployed In nonagricul- In 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—Mar 118,293 68,806 65,913 63,078 57,400 5,678 2,834 49,488 Apr 118,367 69,434 66,555 63,990 57,603 6,387 2,564 48,933 May 118 537 70 711 67,846 65,238 58 092 7 146 2,608 47,826 June 118,632 72,274 69,430 66,503 58,627 7,876 2,927 46,357 July 118,762 72,325 69,489 66,655 58,955 7,700 2,833 46,437 Aug 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 Sept 119,047 70,896 68,069 66,071 58,683 7,388 1,998 48,151 Oct 119 198 70 905 68,082 66,174 59 000 7 173 1,909 48,293 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 Dec 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 1957—Jan 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 Mar 119,899 69,562 66,746 63,865 58,431 5,434 2,882 50,337 1 Includes self-employed, unpaid family, and domestic service workers. 1956 shown above are: Labor force, 69,565; employment—total, 64,049; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 58,607; agricultural, 5,442; and unemployment, 2,700. those on temporary layoff, previously considered as employed (with a job NOTE.—Information relating to persons 14 years of age and over is but not at work), are classified as unemployed, and a small group in school obtained through interviews of households on a sample basis. Monthly and waiting to start new jobs (previously included as employed) are classi- data relate to the calendar week that contains the twelfth day; annual fied as not in the labor force. March 1957 data comparable to March data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 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—Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 7,095 Apr 51,327 16,918 798 3,003 4,128 11,120 2,278 5,979 7,103 May 51,454 16,909 794 3,055 4,141 11,110 2,289 5,981 7,175 June 51,600 16,877 808 3,132 4,164 11,162 2,297 5,999 7,161 July 51,003 16,460 750 3,056 4,117 11,152 2,296 6,017 7,155 Aug 51,702 16,890 809 3,076 4,147 11,211 2,320 6,017 7,232 Sept 51,676 16,864 814 3,078 4,149 11,164 2,321 6,015 7,271 Oct 51,902 17,026 812 3,085 4,166 11,217 2,324 6.015 7,257 Nov 51,950 17,043 807 3,083 4,159 11,230 2,325 6,040 7,263 Dec 52,072 17,080 807 3,107 4,156 11,250 2,320 6,067 7,285 1957—Jan r52,046 '17,033 '804 '3,021 '4,174 '11,304 '2,317 6,070 '7,323 Feb 52,105 16,977 805 3,078 4,151 11,353 2,328 6,081 7,332 Mar 52,008 16,930 803 3,107 4,143 11,282 2,321 6,084 7,338 WITHOUT SEASONAL ADJUSTMENT 1956—Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr 50,848 16,769 790 2,853 4,121 10,928 2,278 5,979 7,130 May 51,197 16,715 786 3,040 4,138 10,985 2,289 6,041 7,203 June 51,709 16,809 812 3,257 4,181 11,091 2,320 6,089 7,150 July 50,896 16,291 746 3,270 4,148 11,015 2,342 6,137 6,947 Aug 51,881 17,034 817 3,353 4,178 11,047 2,355 6,137 6,960 Sept 52,261 17,121 818 340 4,179 11,164 2,321 6,105 7,213 Oct 52,455 17,222 812 301 4,177 11,288 2,312 6,045 7,298 Nov 52,484 17,151 811 191 4,170 11,496 2,313 6,010 7,342 Dec 53,131 17,133 811 029 4,180 12,092 2,308 5,976 7,602 1957—Jan '51,238 '16,937 '804 '2,719 '4,112 '11,139 '2,294 5,918 '7,315 Feb 51,199 16,922 805 2,724 4,103 11,062 2,305 5,929 7,349 Mar 51,344 16,898 803 2,796 4,122 11,061 2,309 5,962 7,393 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 March 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 465 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 13,158 -13,204 13,131 13,074 13,125 -13,117 13,084 13,048 Durable goods 7,594 '7,715 7,665 7,618 7,621 -7,703 7,680 7,649 Ordnance and accessories 84 81 79 79 84 81 79 79 Lumber and wood products 638 -606 596 573 619 -573 569 556 Furniture and fixtures 315 -305 304 306 318 -310 310 309 Stone, clay, and glass products 474 -473 465 468 472 -461 458 466 Primary metal industries 1,124 -1.124 1,114 1,111 1,130 -1.130 1.120 1,117 Fabricated metal products 884 -897 894 886 893 -906 903 895 Machinery except electrical 1,262 -1,286 1,289 1,288 1,281 -1,299 1,308 1,307 Electrical machinery 834 -883 874 867 842 -892 883 876 Transportation equipment 1,354 -1,440 1,439 1,431 1,354 -1,440 1.439 1,431 Instruments and related products 229 -233 233 233 231 -234 233 235 Miscellaneous manufacturing industries. 396 -387 378 376 398 -377 378 378 Nondurable goods 5,564 ^5,489 5,466 5,456 5,504 -5,414 5,404 5,399 Food and kindred products 1,130 -1,121 1,113 1,110 1,021 -1,027 1,005 1,005 Tobacco manufactures 92 -90 92 89 82 -92 88 79 Textile-mill products 971 -924 916 912 981 -929 925 921 Apparel and other finished textiles 1,078 -1,060 1.053 1,059 1,116 -1,071 1,090 1,096 Paper and allied products 459 467 464 464 457 465 462 462 Printing, publishing and allied industries 545 557 560 560 545 557 557 560 Chemicals and allied products 558 550 552 549 566 553 555 557 Products of petroleum and coal 174 -173 175 174 172 -170 172 172 Rubber products 221 220 218 216 221 222 219 216 Leather and leather products 336 -327 323 323 344 -327 331 331 - Revised. nearest the 15th of the month. Figures for March 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 78.78 -82.41 82.41 82.00 40.4 -40.2 40.2 40.0 1.95 2.05 2.05 2.05 Durable goods 84.25 -89.16 88.75 88.73 40.9 -40.9 40.9 40.7 2.06 -2.18 2.17 2.18 Ordnance and accessories 88.80 -95.76 96.37 96.56 41.3 -42.0 41.9 41.8 2.15 2.28 2.30 2.31 Lumber and wood products 67.72 -67.25 68.73 68.38 39.6 -39.1 39.5 39.3 .71 1.72 1.74 1.74 Furniture and fixtures 68.47 68.06 68.97 69.72 41.0 39.8 40.1 40.3 .67 1.71 1.72 1.73 Stone, clay, and glass products 78.31 -81.00 81.40 81.61 41.0 -40.3 40.7 40.6 .91 -2.01 2.00 2.01 Primary metal industries 95.12 101.27 98.98 98.00 41.0 41.0 40.4 40.0 .32 2.47 2.45 2.45 Fabricated metal products 83.23 86.90 87.54 87.95 41.0 40.8 41.1 41.1 .03 2.13 2.13 2.14 Machinery except electrical 92.01 94.47 94.89 94.85 42.4 41.8 41.8 41.6 .17 2.26 2.27 2.28 Electrical machinery 78.96 -82.82 83.64 83.64 40.7 40.4 40.6 40.6 .94 -2.05 2.06 2.06 Transportation equipment 90.90 -99.25 98.29 96.63 40.4 -41.7 41.3 40.6 .25 -2.38 2.38 2.38 Instruments and related products 80.38 -84.25 84.87 86.53 40.8 -40.7 41.0 41.4 .97 2.07 2.07 2.09 Miscellaneous manufacturing industries. . 69.89 -72.40 72.94 73.53 40.4 -40.0 40.3 40.4 .73 -1.81 1.81 1.82 Nondurable goods 70.49 -72.91 73.10 73.30 39.6 -39.2 39.3 39.2 .78 1.86 1.86 1.87 Food and kindred products 75.11 78.18 77.99 78.00 40.6 40.3 40.2 40.0 .85 1.94 1.94 1.95 Tobacco manufactures 55.57 -57.42 57.22 56.09 37.8 -38.8 38.4 36.9 .47 1.48 1.49 1.52 Textile-mill products 57.06 -58.65 58.50 58.20 39.9 39.1 39.0 38.8 .43 -1.50 1.50 1.50 Apparel and other finished textiles 52.48 -53.13 54.02 54.17 36.7 -35.9 36.5 36.6 .43 1.48 1.48 1.48 Paper and allied products 81.27 84.38 84.80 84.60 43.0 42.4 42.4 42.3 .89 1.99 2.00 2.00 Printing, publishing and allied industries.. 93.60 -93.84 94.85 95.73 39.0 -38.3 38.4 38.6 2.40 2.45 2.47 2.48 Chemicals and allied products 84.46 88.58 88.78 88.78 41.2 41.2 41.1 41.1 2.05 2.15 2.16 2.16 Products of petroleum and coal 103.82 106.45 104.45 104.45 41.2 -41.1 40.8 40.8 2.52 2.59 2.56 2.56 Rubber products 84.93 -91.84 90.98 90.58 39.5 -41.0 40.8 40.8 2.15 -2.24 2.23 2.22 Leather and leather products 56.92 58.14 58.83 58.21 38.2 38.0 38.2 37.8 1.49 1.53 1.54 1.54 f Revised. March 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

466 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 a sc 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—Feb r119 r112 105 118 116 r130 r146 r113 123 108 r118 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 .. . .. 125 109 119 121 118 144 151 r120 125 118 122 140 131 Feb P124 117 115 119 123 ^136 ?156 121 ^125 114 P121 141 127 WITHOUT SEASONAL ADJUSTMENT 1956—Feb '93 84 85 91 90 r97 nn 87 96 84 92 111 r98 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 98 111 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 131 125 122 131 127 144 152 132 130 137 128 139 128 Oct 128 115 120 124 122 144 150 123 131 119 129 142 131 Nov 158 143 151 165 152 179 182 159 161 141 150 166 153 Dec 222 210 204 220 212 251 267 215 216 202 218 252 231 1957_ F j e an b » 9 9 5 7 8 8 6 8 9 9 4 3 9 9 1 2 9 9 2 5 ^10 9 1 9 P1 1 1 1 7 6 9 9 1 3 P 9 9 4 8 9 8 0 4 P 9 9 0 4 1 1 1 1 1 3 r1 1 0 0 1 0 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 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955.... 128 122 116 123 117 147 152 122 124 121 136 147 134 1956 139 129 126 133 125 165 165 132 137 132 147 157 145 SEASONALLY ADJUSTED 1956—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 139 132 123 135 126 170 167 131 134 128 148 156 148 Oct 142 131 129 135 129 175 174 134 137 139 150 158 147 Nov 142 130 131 136 129 176 173 135 137 137 147 156 149 Dec 142 129 131 138 130 176 169 137 136 140 145 160 144 I957_jan 141 127 131 r136 128 169 162 137 141 r134 144 156 144 Feb ?140 128 132 134 127 171 P\64 134 141 134 *143 ^154 ^141 WITHOUT SEASONAL ADJUSTMENT 1956_Feb . ... 131 120 116 126 119 r151 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 126 116 116 r118 114 151 149 123 123 '123 129 139 127 Feb *>133 121 124 129 122 159 ^162 128 134 129 *>138 P153 ^131 * 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 467 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Out- Stocks Period Sales i Stocks i stand- Re- New Out- plus (total (end ing ceipts2 orders 3 stand- out- Refor of orders1 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1949 361 925 373 358 358 2.7 1.1 3.8 1950 376 1,012 495 391 401 2.8 1.4 4.2 1951 391 1,202 460 390 379 3.2 1.3 4.4 1952 397 1,097 435 397 401 2.9 1.2 4.1 1953 406 1,163 421 408 401 3.0 1.1 4.1 1954 409 1,140 388 410 412 3.0 1.0 4.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1956 452 1,281 469 459 457 3.0 1.1 4.1 Month: 1956—Feb.. '336 1,215 ••451 '407 '421 3.6 1.3 5.0 1.2 Mar.. 429 1,271 401 495 446 3.0 0.9 3.9 1.2 Apr.. 385 1,314 336 428 363 3.4 0.9 4.3 1.1 May. 438 1,275 338 399 401 2.9 0.8 3.7 0.9 June. 417 1,187 501 329 492 2.8 1.2 4.0 0.8 July.. 337 ,173 587 323 409 3.5 1.7 5.2 1.0 Aug.. 412 ,253 573 492 478 3.0 1.4 4.4 1.2 Sept.. 444 ,335 598 526 551 3.0 1.3 4.4 1.2 Oct... 485 ,475 588 625 615 3.0 1.2 4.3 1.3 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... 362 ,196 431 344 435 3.3 1.2 4.5 1.0 Feb.*> 336 ,261 459 401 429 3.8 1.4 5.1 1.2 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 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 BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports excluding Merchandise exports * military-aid shipments 2 Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan ,168 1,284 1,679 1,083 1,202 1,592 871 1,073 1,119 Feb 238 1 362 1 605 143 1,272 1 498 850 1 051 M^ar ,344 1,582 1,252 1,478 1,019 1,102 Apr ,264 1,512 170 1,400 871 991 M^ay . . . . 323 1 716 t 192 1 521 959 I 094 June .321 1,691 ,193 1,493 937 1.033 July ,269 1,621 1.142 1,290 885 1,051 Aus* ,239 1,531 ,111 1,378 961 051 Sept ,254 1,524 1,155 1,424 947 993 Oct 398 1 659 I 279 1,558 1 011 1 116 Nov 321 1 5?4 248 r1 416 1 065 984 Dec: 407 r2 000 323 1.897 1,008 1 051 Jan.-Feb 2,406 2,646 3,284 2,226 2,474 3,090 1,721 2,124 ^2,123 P Preliminary. 2 Department of Defense shipments of grant-aid military equipment r Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 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 d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a c i i n n o r g e d n a- g s i a o e c n o r 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 IP 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 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 114.9 109.6 120.8 131.7 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 May 115.4 111 0 120 9 132 2 1118 127.9 102.6 122.4 104.8 127.1 131 9 119 6 108 2 121.5 June 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 Aug 116.8 113.1 122.2 133.2 112 1 129.5 102.6 123.4 105.5 128.5 133.3 120 3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 Oct 117 7 113 1 122 8 133 4 112 0 132.9 103 6 124.2 106 8 132 6 134 1 120 8 108 5 123.0 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 Feb 118.7 113.6 124.5 134.2 112.4 139.3 105.0 125.6 106.1 134.4 135.5 122.6 110.0 124.0 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - F u u a c c r t t m s s f P e o s r o s o e d c d s - Total p p T u a a r t a i e c n o p l r x t e d - d e s - l - l H s e p u k a a r i c n i o t d n h t d d e s s e - s , r ,p l t F o i m e a i g u w n r n h a i e g d a e - t l - l r , s , C p a i u a l h c r l c n o a e i t e d l d m s s d - - p R a b r u n o e b d d r - - p L w u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l t e d d p e s d - r , ,M m p u a r e e c n o t t t d a d a s l - l s p c M m u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d e n s a e d s e r - i- -e s N r t m t m t a a u r o l l i r u e s l n n a i - — c c - l - - b b e m o b T a a r t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1949 99.2 92.8 95.7 101.3 95.5 96. 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 1C6.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 11C.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 99.3 111.2 107.2 145.8 125.4 127.2 148.3 137. 119.1 129.6 122.3 91.0 1956 Feb 112.4 86.0 99.0 120.6 96.0 97. 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121.7 88.7 Mar 112. 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126. 146.5 134.7 118.1 127.9 121.7 88.2 Apr 113.6 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121.7 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121.0 131.5 123.1 89.2 Nov 115.9 87.9 103.6 124.2 95.4 99. 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 r88.9 103. •124.7 95.6 r99.2 114.0 108.3 147.9 rl2l.O "128.0 152.3 r143.6 121.2 131.3 123.6 '91.7 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 Feb 117.0 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124. 92.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 469 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Feb. Dec. Jan. Feb. Feb. Dec. Jan. Feb. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 98.2 102.6 100.7 96.1 Grains 82.9 88.8 89.5 87.0 Paperboard 130.7 136.2 '136.2 136.2 Livestock and poultry 67.7 71.7 73.9 75.0 Converted paper and paperboard... 120.6 124.5 125.6 125.6 Plant and animal fibers 105.7 101.3 102.9 103.9 Building paper and board 133.3 138.1 141.1 141.1 Fluid milk 94.0 99.0 '98.1 97.5 Eggs 81.3 74.3 65.7 66.3 Metals and Metal Products: Hay and seeds 80.4 85.4 86.6 84.7 Other farm products 145.8 147.9 148.8 148.2 Iron and steel 149.1 163.3 164.3 163.7 Nonferrous metals 157.1 149.6 '148.7 144.8 Processed Foods: Metal containers 137.9 147.5 147.5 147.5 Hardware 151.6 160.2 162.0 Cereal and bakery products 115.4 115.4 115.8 115.9 Plumbing equipment 133.1 133.9 133.4 133.4 Meats, poultry, and fish 76.1 81.5 84.8 83.9 Heating equipment 117.1 122.1 122.3 122.9 Dairy products and ice cream 106.1 112.6 112.5 112.5 Fabricated structural metal products, 128.8 137.5 133.7 133.3 Canned, frozen fruits, and vegetables 108.9 105.6 105.6 105.9 Fabricated nonstructural metal Sugar and confectionery 109.3 112.3 113.1 112.0 products 132.5 141.2 141.6 142.0 Packaged beverage materials 183.8 196.3 196.3 196.3 Other processed foods 97.7 95.7 95.0 95.7 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.8 131.2 '131.8 131.7 Cotton products 94.3 92.7 92.3 91.9 Construction machinery and equip- Wool products 102.7 107.7 109.1 109.5 ment , 143.5 155.9 156.2 156.3 Synthetic textiles 84.8 80.5 '82.1 82.0 Metal working machinery 151.2 163.3 163.4 163.5 Silk products 119.5 122.8 122.8 123.2 General purpose machinery and Apparel 99.5 99.7 99.7 99.6 equipment 141.7 154.6 '155.5 155.8 Other textile products 71.6 78.7 76.8 75.9 Miscellaneous machinery 133.7 142.2 142.5 142.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment , 133.2 145.4 146.0 147.1 Motor vehicles 127.5 134.3 134.3 134.4 Hides and skins 58.2 53.8 52.1 50.1 Leather 90.9 88.2 87.8 Furniture and Other Household Dura- Footwear 115.8 120.8 120.8 120.8 bles: Other leather products 98.1 98.3 97.9 97.6 Household furniture , 117.3 121.2 "122.0 122.0 Fuel, Power, and Lighting Materials: Commercial furniture 138.3 146.9 146.9 146.9 Floor covering , 130.5 131.9 135.1 135.1 Coal 109.9 123.5 124.1 124.0 Household appliances , 105.7 105.9 106.5 106.8 Coke 145.4 156.3 159.1 162.2 Radio 89.7 91.0 91.1 91.1 Gas 122.0 119.9 119.9 119.9 Television , 69.9 69.7 69.9 69.9 Electricity 94.3 94.3 '94.9 94.9 Other household durable goods , 139.2 146.7 146.8 147.0 Petroleum and products 117.5 120.9 124.9 131.0 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 119.9 122.5 123.5 123.2 C oncrete ingredients 129.9 131.7 134.6 134.8 Prepared paint 119.1 124.1 124.1 124.1 Concrete products 121.1 125.3 125.6 125.6 Paint materials 100.4 99.5 99.0 100.6 Structural clay products 145.6 150.5 150.6 150.7 Drugs, Pharmaceuticals, cosmetics. .. 92.0 92.5 92.6 92.9 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 54.4 59.4 58.7 58.0 Prepared asphalt roofing 99.6 114.4 111.2 115.3 Mixed fertilizers 108.2 109.3 110.2 109.5 Other nonmetallic minerals 123.0 124.3 124.3 126.0 Fertilizer materials 113.0 105.7 105.9 105.9 Other chemicals and products 102.3 104.4 104.5 104.9 Tobacco Manufacturers and Bottled Beverages: Rubber and products : Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 153.5 151.1 145.4 140.2 Cigars , 104.2 104.2 104.2 105.1 Tires and tubes 151.8 153.4 148.8 148.8 Other tobacco products 122.5 126.0 126.0 126.0 O'ther rubber products 137.9 139.7 140.0 140.0 Alcoholic beverages 114.7 118.1 119.0 119.0 Nonalcoholic beverages , 148.1 148.7 148.7 148.7 Lumber and Wood Products: Miscellaneous: Lumber 128.2 122.5 122.6 121.8 Millwork 129.1 128.5 128.7 128.7 Toys, sporting goods, small arms 115.8 116.9 117.5 117.5 Plywood 107.5 94.6 97.1 96.4 Manufactured animal feeds 68.2 72.6 74.4 72.8 Notions and accessories 92.5 96.6 96.7 96.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 104.8 105.4 107.5 107.7 Other miscellaneous 123.3 125.4 126.1 126.3 Woodpulp 116.8 118.0 118.0 118.0 V/astepaper 142.6 78.3 77.3 76.4 Paper 135.0 139.2 139.2 139.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 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 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.8 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 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Statistical discrepancy .3 .9 .4 .2 2.0 2.6 1 1.8 1. 1.1 n.a. Plus: Subsidies less current surplus of gov- .9 .6 .3 ernment enterprises -.1 .0 .2 j -.4 -.2 .3 .7 .7 1.4 .9 .2 .9 Equals: National income 87.8 40.2 104.7 240.0 290.2 302.1 298.3 324.0 334.9 338.7 n.a. 342.4 334.4 343.5 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. 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. 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 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Equals: Personal income 85.8 47.2 96.3 227.1 271.8 286.0 287.3 306.1 325.2 314.6 317.5 322.9 326.9 333.2 Less: Personal tax and related payments 2.6 7.5 3.3 20.9 34.4 35.8 32.9 35.5 38.5 36.3 37.3 38.1 38.8 39.9 Federal 1.3 .5 2.0 18.2 31.2 32.4 29. 31.3 33.9 32.0 32.9 33.6 34.1 35.1 1.4 1.3 3.2 3.4 3.8 4.2 4.6 4.3 4.4 4.4 4.6 4.8 State and local 1.0 2.7 83.1 93.0 237.4 250.2 254.4 270.6 286.7 278.4 280.2 284.9 288.2 293.3 Equals: Disposable persona] income 45.7 206.1 79.0 81.9 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9 Less: Personal consumption expenditures.... 46.4 194.0 4.2 11.1 19.0 19.7 17.9 16.6 20.9 18.8 18.6 21.2 21.4 22.4 Equals: Personal saving -.6 12.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 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 salaries1 50.4 29.0 62.1 146.5 184.9 197.3 195.5 210.4 225.1 277.0 219.4 223.5 226.2 231.1 Private 45.5 23.9 51.9 124.3 152.0 163.5 161.2 174.5 187.5 180.5 182.5 186.2 188.3 192.9 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.5 9.7 9.6 9.5 9.5 9.5 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26. 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. 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 77.0 40.0\ 35.9 37.0 33.2 42.7 43.4 46.4 43.7 42.9 41.2 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 16.8 21.5 21.9 23.4 22.1 21.7 20.8 n.a. 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. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.5 -3.0 -2.8 -3.1 -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 471 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1952 1953 1954 1955 1956 4 1 2 3 4 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 401.9 403.4 408.3 413.8 423.8 Personal consumption expenditures 79.0 46.4 81.9 194.0 218.3 230.5 236.5 254.0 265.7 259.5 261.7 263.7 266.8 270.9 Durable goods.. 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.7 34.0 35.4 34.8 33.4 33.0 34.8 Nondurable goods 37.7 22.3 43.2 100.4 116.1 119.1 120.9 126.2 132.9 129.2 130.5 132.3 134.0 134.7 Services 32.1 20.7 29.0 65.0 75.6 81.7 86.3 92.1 98.9 94.9 96.4 98.0 99.7 101.4 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 8.7 1.4 6.6 22.7 23.7 25.8 27.9 32.7 33.2 33.0 32.6 33.6 33.6 32.9 Residential nonfarm . ... 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 16.2 15.3 15.6 15.5 14.9 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.4 16.1 17.8 16.8 17.3 18.0 18.1 18.0 5.9 1.6 6.9 21.1 23.1 24.3 22.4 23.7 28.7 25.9 26.4 27.5 29.5 31.5 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -2.3 4.2 3.5 6.1 4.1 3.5 2.0 4.1 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 .8 .2 1.1 -2.2 -.2 -2.0 -.4 -.5 1.4 — .8 .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 / 13.8 18.5 48.8 51.5 43.0 41.2 41.6 40.6 40.5 40.7 41.9 43.2 O Le th ss e : r Government sales2 \ ) 1 I' 3 .0 3 2. . 0 0 1 1 3. o 2 3. . 9 3 5. . 8 4 8. . 4 4 6. . 3 4 5. . 9 4 5. . 8 4 7. . 1 5 6. . 3 4 5. . 8 4 5. . 7 4 5.5 State and local 7.2 6.0 7.8 19.9 23.2 24.9 27.6 30.1 32.8 30.9 32.1 32.6 33.0 33.7 i 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 e u 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 c o i u o o t i r r a r n n i - l - s al a in g N t c u r o o i r c n a m u l - l e - « 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 1 19 9 4 3 1 3 9 4 6 7 . . 3 2 2 62 9 . . 1 0 2 9 7 . . 8 5 1 8 6 . . 8 3 5 8. . 1 2 1 5 0 . . 1 2 . . 7 4 2 7 0 . . 6 9 1 8 0 . . 3 3 2 3. . 1 1 .2 4 8 3 8 . . 6 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—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 5.7 304.0 321.7 222.9 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... 335.0 232.7 101.2 61.5 31.3 38.7 7.5 51.3 30.6 19.6 6.7 319.7 Feb.* 336.7 233.9 101.9 61.6 31.5 38.9 7.5 51.5 30.6 19.9 6.7 321.4 v Preliminary. well as consumer bad debts and other business transfers. * 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 aro 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

472 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1956 All banks, by class of bank All banks maintaining branches or additional offices (except banking facilities), by class of bank * Commercial banks Commercial 1banks Mutual sav- Mutual sav- State Member Nonmember ings banks Member Nonmember ings banks banks banks banks banks Total Total Total Total ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n re n - d - ti N on a- al m S b t e a e m t r e - su In re - d s N u i o n re n - d - su In re - d s N u i o n r n e - d - United States2 14,167 313,640 4,651 31,811 6,737 3444 3223 304 1,962 1,790 627 327 815 21 100 72 Alabama 237 237 69 25 143 17 17 13 3 1 Arizona 10 10 3 1 5 1 7 7 2 1 3 1 Arkansas 236 236 54 19 158 5 23 23 3 20 California 139 139 49 33 50 7 54 54 19 15 19 1 Colorado 170 170 77 18 61 14 1 1 1 Connecticut 166 95 38 13 34 10 5 66 50 35 15 9 11 2 13 Delaware 30 28 8 2 17 1 8 7 2 4 1 1 District of Columbia 17 17 8 5 4 14 14 7 4 3 Florida 261 261 94 12 150 5 Georgia 412 412 52 13 287 60 18 18 8 5 5 Idaho 33 33 10 8 15 9 9 5 2 2 Illinois 928 928 393 128 401 6 Indiana 474 3470 123 3112 229 7 33 1 87 87 27 10 50 Iowa 668 668 95 70 457 46 118 118 3 113 2 Kansas .... 598 598 170 44 334 50 Kentucky 365 365 89 20 243 13 46 46 15 6 25 Louisiana 180 180 41 11 127 1 53 53 16 6 31 Maine 90 58 30 6 15 7 10 22 30 28 10 4 8 6 2 Maryland 158 150 56 12 81 1 7 50 45 14 8 22 1 5 Massachusetts 362 173 110 24 33 6 1 188 128 71 35 18 17 1 1 56 Michigan 408 408 75 153 173 7 99 99 20 35 44 Minnesota 683 682 178 29 465 10 1 2 2 2 Mississippi 196 196 27 7 159 3 49 49 6 1 42 Missouri .. . 610 610 76 100 413 21 2 2 2 Montana 114 114 40 44 29 1 Nebraska 421 421 123 17 242 39 1 1 1 Nevada 6 6 3 2 1 4 4 1 2 1 New Hampshire 108 74 50 1 11 12 12 22 3 2 1 1 1 New Jersey 299 276 174 59 40 3 23 109 100 56 31 13 9 New Mexico 52 52 26 8 18 19 19 10 9 New York 612 483 289 130 53 11 129 209 141 64 58 16 3 68 North Carolina 214 214 47 6 160 1 88 88 23 4 60 1 North Dakota 154 154 38 2 109 5 18 18 1 17 Ohio 620 617 229 166 220 2 3 133 131 61 32 38 2 Oklahoma 386 386 197 25 156 8 1 1 Oregon 52 51 12 7 30 2 1 11 11 2 1 8 Pennsylvania 799 792 510 91 177 14 7 161 157 98 29 28 2 4 Rhode Island 18 10 5 1 2 2 6 2 11 7 3 1 2 1 4 South Carolina 148 148 27 6 106 9 29 29 14 15 South Dakota . 171 171 34 26 111 29 29 4 25 Tennessee 297 297 73 9 208 7 51 51 19 2 30 T U e t x ah as 9 4 4 8 9 9 4 4 8 9 452 7 12 1 7 4 3 2 3 6 8 32 1 1 3 1 1 3 1 i 6 3 4 Vermont 68 61 34 1 25 1 7 12 10 4 1 5 2 Virginia 312 312 132 71 109 82 82 33 15 34 Washington 97 93 27 11 52 3 4 22 20 11 3 6 2 West Virginia 182 182 76 36 66 4 Wisconsin 555 3551 95 371 381 6 33 1 90 90 4 4 81 1 53 53 25 15 13 Alaska2 1 1 1 1 Banking facilities are shown separately; see footnote 4. and other Government establishments through arrangements made by 2 Excludes banks in United States territories and possessions except the Treasury Department; they are operated by 165 banks, 77 of which one national bank in Alaska, with no branches, that became a member have no other type of branch or additional office. of the Federal Reserve System on Apr. 15, 1954. 5 Each bank is reported once only—according to the widest area in 3 The figures for member (commercial) banks and those for mutual which it operates branches or additional offices. savings (noncommercial) banks both include one mutual savings bank NOTE.—Each branch and additional office is located in the same State in Indiana and two in Wisconsin. The total for all banks includes such as its parent bank except that one national bank in New Jersey has a banks only once, and the total for commercial banks excludes them. branch in Pennsylvania, one national bank in California has two branches State member bank figures also include one noninsured trust company in Washington and one in Oregon, and one noninsured (unincorporated) without deposits, which is not included with noninsured nonmember bank in New York has one branch in Massachusetts and one in Pennbanks. sylvania. In the table these branches are shown according to their own 4 Banking facilities (other than branches) that are provided at military location, rather than that of the parent bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 473 NUMBER OF BANKS AND BRANCHES IN OPERATION ON DECEMBER 31, 1956—Continued All branches and additional offices (except banking facilities), by class of bankl All branches and additional offices (except banking facilities), by location i Banking Commercial banks facili- Mutual ties at State savings Outside head office city Govt. Total Total M b e a m nk b s er Non b m an e k m s ber banks o h f e I f n i a c d e In head In con- I c n o n n t o ig n - - m e l s e i t s n a h t b - s - 4 ti N on a- al m S e t m at b e er su In re - d in N s o ur n e - d su In re - d in N s o u n re - d city c o o f u fi n c t e y c t o ig u u n o ti u e s s co u u o n u t s ies United States 7,728 7,362 3,629 2,053 1,643 37 257 109 3,279 2,246 1,006 1,197 227 Alabama 47 47 42 4 1 21 14 4 8 6 Arizona 110 110 77 6 22 5 20 35 33 22 6 26 26 3 23 1 20 4 1 1 California .... ... 1,266 1,266 944 198 122 2 262 148 211 645 38 Colorado 1 1 1 1 4 Connecticut 145 118 54 42 22 2 25 57 58 27 3 1 Delaware . 40 39 17 20 2 1 10 18 12 1 District of Columbia.. 49 49 27 12 10 49 5 Florida 12 Georgia 58 58 36 14 8 42 1 6 9 9 Idaho . . 71 71 62 4 5 5 6 9 51 1 Illinois 4 Indiana 190 190 92 26 72 101 88 1 3 Iowa 161 161 4 155 2 118 43 Kansas 3 Kentucky 93 93 44 19 30 60 31 2 3 Louisiana 125 125 67 13 45 73 43 6 3 4 Maine 101 99 26 35 28 10 2 16 47 37 3 Maryland 196 168 44 54 68 2 28 98 43 48 7 12 Massachusetts 359 277 146 90 39 2 1 81 207 143 8 1 2 Michigan 415 415 156 193 66 242 116 47 10 1 M^innesota 6 6 6 6 Mississippi 100 100 10 6 84 23 50 21 6 3 Missouri 2 2 2 2 2 Montana . .. Nebraska 1 1 1 Nevada 27 27 16 7 4 4 4 6 13 2 New Hampshire 3 2 1 i 3 New Jersey 319 303 167 99 37 16 150 169 5 30 30 17 13 17 9 3 1 5 New York 1 229 1 099 322 715 58 4 130 833 284 80 32 11 North Carolina 354 354 67 49 235 3 97 66 95 96 3 North Dakota 26 26 1 25 15 11 Ohio 443 432 202 183 47 11 259 178 6 3 Oklahoma 1 1 1 1 5 151 151 137 3 11 26 12 16 97 Pennsylvania 565 531 316 148 64 3 34 242 216 106 1 7 Rhode Island oo 71 39 16 15 1 17 30 33 13 12 2 South Carolina 91 91 68 23 26 17 10 38 4 South Dakota 53 53 23 30 23 18 12 1 Tennessee 146 146 78 16 52 85 46 7 8 6 Texas. 3 3 3 3 19 Utah 49 49 31 12 6 7 9 6 27 5 Vermont ... 26 16 6 9 10 1 11 12 2 182 182 82 43 57 117 30 26 9 17 Washington... ... 230 223 205 11 7 7 66 39 43 82 6 West Virginia Wisconsin 150 150 15 7 127 1 18 106 26 Wyoming 1 Nonmember Mutual Member banks COmmercial Danks savingsbanks Distribution by ocation of branches with Total respect to head office Non- Non- National State Insured insured Insured insured Banks with branches oradditional offices (except banking facilities)5 1,962 627 327 815 21 100 72 In head office cityonly 601 231 127 124 5 83 31 Outside head officecity but not beyond head office count}T 980 301 137 491 10 6 35 Outside head officecounty but not beyond cont guous coimties 295 58 40 176 4 11 6 In counties not coiitiguous to head office county 86 37 23 24 2 Branches and additiona offices (except banking facilities) . . 7,728 3,629 2,053 1 643 37 257 109 In head office city. 3,279 1,398 1,239 354 14 218 56 Outside head officecity: In head officecounty.. 2,246 901 467 799 14 19 46 In contiguouscounties, 1,006 406 222 345 6 20 7 In noncontiguous counties 1,197 924 125 145 3 Banking facilities at mi]itary andother Government establishmeiits4 227 180 24 23 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 476 Gold production. . 480 Net gold purchases and gold stock of the United States. 481 Reported gold reserves of central banks and governments 482 Estimated foreign gold reserves and dollar holdings. . 483 International Bank and Monetary Fund. 484 Central banks . 484 Money rates in foreign countries. 489 Foreign exchange rates. 490 Index to statistical tables. . 501 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. 475 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 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 foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official 3 of private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 ,296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 ,536 1,906 1,825 265 1955—Dec. 31.... 1,881 11,724 6,956 1,081 1,454 785 757 550 1,516 6,143 ,032 2,000 2,189 360 1956—Feb. 29.... 1,876 12,004 7,056 1,035 1,467 799 739 682 1,596 6,318 ,089 2,001 2,244 353 Mar. 31.... 1,894 12,463 7,395 1,123 1,487 806 733 770 1,622 6,542 ,178 2,105 2,283 355 Apr. 30.... 1,978 12,515 7,339 867 1,524 812 742 781 1,822 6,549 ,207 2,165 2,278 316 May 31.... 2,001 12,541 7,442 907 1,580 831 709 758 1,676 6,461 ,272 2,180 2,306 323 June 30 2,007 12,654 7,463 877 1,638 861 736 750 1,616 6,478 ,285 2,182 2,362 347 July 31.... 2,016 12,820 7,449 813 ,686 864 758 837 1,627 6,585 1,352 2,194 2,370 319 Aug. 31 1,998 12,995 47,783 770 1,759 904 792 659 1,705 6,589 1,435 2,265 2,391 315 Sept. 30.... 2,005 13,232 7,931 755 ,805 924 812 745 1,701 6,743 1,435 2,319 2,414 322 Oct. 31.... 2,015 13,124 7,945 735 ,855 939 795 645 1,721 6,690 ,441 2,276 2,402 316 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 13,211 7,724 541 1,789 902 821 859 1,649 6,562 1,530 2,377 2,393 349 Feb. 28*... 1,681 13,106 7,511 492 1,762 890 795 868 1,710 6,517 1,565 2,306 2,329 389 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m D a e r n k - l F a i n n d - Greece N 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 th l e l r lands 1953—Dec. 31.. 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31.. ,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31.. 1,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956—Feb. 29. . ,596 253 115 69 46 188 183 49 128 8 103 160 13 9 273 Mar. 31.. 1,622 252 124 71 45 183 193 51 133 8 99 171 10 13 270 Apr. 30. . 1,822 246 123 71 49 184 223 52 134 7 102 167 10 5 447 May 31. . 1,676 242 107 67 49 182 227 51 135 7 96 162 8 8 334 June 30.. 1,616 247 105 68 47 165 206 52 124 7 90 169 7 9 319 July 31. . 1,627 251 108 69 50 160 201 54 124 6 85 188 7 10 314 Aug. 31. . 1,705 266 110 68 57 141 182 54 125 6 75 181 7 9 424 Sept. 30. . 1,701 277 117 64 55 150 168 63 132 2 68 190 14 11 391 Oct. 31. . 1,721 300 118 70 56 158 162 57 133 1 55 202 14 11 385 Nov. 30^. 1,653 297 125 68 53 166 131 57 133 1 52 199 14 16 341 Dec. 31*. 1,612 296 114 65 53 176 134 65 137 1 43 217 20 17 272 1957—Jan. 31*. 1,649 293 122 64 54 181 117 69 137 1 42 230 16 14 310 Feb. 28*. 1,710 297 133 76 61 184 122 67 134 1 40 229 22 17 327 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p D i R c u li i o e a b c n - - n - - G m u a a l t a e- M ic e o x- I l W S a a n e u n n d 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—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 2,276 148 24 242 95 126 250 71 52 408 67 105 84 19 72 397 115 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. 31* 2,377 139 27 242 86 180 217 67 66 421 66 109 84 37 76 447 114 Feb. 28* 2,306 142 27 240 86 171 222 76 69 413 67 112 82 39 76 363 120 * Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 477 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date Total m M C a h o n a i d s i n n a a - H K o o n n g g India I n n e d s o ia - Ir an Israel Japan p r R l u e i e b c a - - , p P i i h n p i e - l s - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt S U A o n f o u r f i i t o 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—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. 31 2,402 88 59 61 180 31 38 1,061 98 281 140 365 316 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. 31P.... 2,393 99 64 75 179 21 37 1,020 101 269 153 375 349 75 42 52 58 122 Feb. 28P.... 2,329 100 60 76 166 31 38 947 102 254 161 393 389 80 44 69 63 133 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 1956 1953 1954 1955 1956 Other Europe: Other Asia—Cont. Albania .2 .2 .4 n.a. British dependencies '9.1 '9.8 '9.8 8.8 British dependencies .4 .6 .4 .4 Burma . . 23.0 29.7 19.1 7.0 .6 .6 .7 .2 n a. .2 13.1 17.2 Czechoslovakia ^ .6 .7 .7 .5 Ceylon 17.1 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 Iraq .... 13.8 10.0 14.7 16.9 1.9 1.9 1.8 .9 .8 1.2 2.0 Hungary 1.0 1.0 1.0 .8 Kuwait 10.1 10.7 3.5 5.3 Iceland 7.5 8.9 4.8 3.1 Laos n a. 23.1 n.a. 14.1 14.3 13.7 9.1 23.9 16.5 18.0 22.3 Latvia . 1.3 1.0 1.0 .6 Pakistan 9.7 3.8 5.7 18.8 Lithuania ,4 .5 .3 .4 Portuguese dependencies 5.3 1.8 2.0 2.7 Luxembourg. 4.0 4.5 3.1 13.2 Ryukyu Islands n.a. 26.9 34.0 n.a. Monaco 3.0 5.3 5.6 4.3 Saudi Arabia 18 5 61.5 79.5 n.a. Poland 6 2.2 2.1 2.5 3.3 Syria ... . 20.5 21.5 13.1 17.1 Trieste 2.5 2.2 1.4 1 4 Viet-Nam n a. 8 1 62.3 50.1 U. S. S. R.6 2.0 1.8 .7 .8 All other: Other Latin America: British dependencies 1.6 1.4 2.4 3.8 British dependencies 18.0 19.0 16.6 24.1 Ethiopia and Eritrea 9.1 18.0 23.7 24.2 Costa Rica. 13.4 15.3 17.6 14.6 French, dependencies .. '5.7 '8.7 '8.0 10.5 Ecuador 17.7 21.2 14.9 18.0 Liberia ... . 11.8 5.6 13.1 23.7 French West Indies and French Guiana... .6 .4 .6 1.0 3.0 1.7 9.9 3.7 Haiti 9 3 12 7 12 1 8 9 Morocco 15.9 7.6 14.8 13.6 Honduras 18.7 17.3 9.7 10.2 New Zealand 2.1 2.3 1.9 2.2 Nicaragua 16.0 10.3 12.8 11.8 Portuguese dependencies 5.0 8.3 5.3 2.8 Paraguay 6.0 3.6 3.6 4.0 Spanish dependencies .2 .5 .7 .3 Sudan n.a. n.a. n.a. .4 Other Asia: Tangier 36.1 35.7 33.5 22.4 Afghanistan 2 7 5 1 4 1 5 3 Tunisia 6 4 7 5 Bahrein Islands .6 .6 .5 n.a. P Preliminary. r Revised. 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 These data are based on reports by banks in the Second (New York) deposits and U. S. Govt. obligations maturing in not more than one year Federal Reserve District and include funds held in an account with the from their date of issue, held by banking institutions in the United States; U. S. Treasury. They represent a partial breakdown of the amounts small amounts of bankers' acceptances and commercial paper and of shown in the "other" categories in tables la-lc. liabilities payable in foreign currencies are also included. 6 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, NOTE.—Statistics on international capital transactions of the United International Monetary Fund, and United Nations and other international States are based on reports by banks, bankers, brokers, and dealers. organizations. Excludes Bank for International Settlements, reported Beginning with the BULLETIN for June 1954 (as explained on p. 591 of under Other Europe. that issue), tables reflect changes in reporting forms and instructions made 3 Represents funds held with banks and bankers in the United States as of Mar. 31, 1954, as well as changes in content, selection, and arrange- (and in accounts with the U. S. Treasury) by foreign central banks and by ment of material published. For discontinued tables and data reported foreign central governments and their agencies (including official pur- under previous instructions, see BULLETIN for May 1954, pp. 540-545. chasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e . n r d y o - . , f Italy S l w e a i r n t - z d - U K n d i i o n t m g e - d E O u t r h o e p r e Eu To r t o a p l e C a a d n a - A L m a i e t c i r a n - Asia ot Al he l r 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 [ 633 17 122 32 24 82 167 444 121 755 268 46 July 31 ,629 15 118 32 28 78 168 439 123 758 265 43 Aug. 31 ,698 65 120 33 27 78 163 486 124 772 274 42 Sept. 30 L 729 66 125 35 28 81 169 504 123 776 280 46 Oct. 31 1,825 67 127 29 28 86 177 514 176 799 289 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 1957_jan. 31*> >,046 23 168 50 30 109 213 593 158 867 381 48 Table 2a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal Spain den key slavia other lands 1953—Dec. 31., 88 ! 13 6 2 1 9 1 1 24 3 16 5 1954—Dec. 31.. 109 20 10 3 3 16 2 (2) 4 4 41 1 1955—Dec. 31.. 158 2 16 13 3 4 11 9 2 5 7 78 2 1956—Jan. 31.. 158 2 18 13 3 3 12 9 5 7 74 4 Feb. 29.. 157 2 18 11 2 4 13 9 8 7 69 6 Mar. 31.. 162 3 20 10 2 4 15 9 6 7 70 6 Apr. 30.. 164 4 24 7 3 4 17 10 6 7 68 5 May 31.. 171 6 22 10 4 4 15 11 7 8 71 6 June 30.. 167 6 20 9 4 3 16 11 9 7 71 5 July 31.. 168 7 17 8 4 3 16 12 11 8 74 1 Aug. 31.. 163 7 17 7 5 4 19 16 8 10 63 1 Sept. 30.. 169 7 19 6 5 5 16 15 8 10 70 (2) Oct. 31.. 177 9 18 10 4 5 16 16 6 12 73 (2) Nov. 30^, 175 7 22 10 4 5 13 17 5 11 72 (2) Dec. 3 1P, 216 7 28 12 4 4 21 23 2 8 13 88 (2) 1957_jan. 31*. 213 6 30 12 4 4 20 23 - I 9 12 85 e> Table 2b. Latin America Neth- Do- er- Date A L m a i e t c r i a - nAr t g i e n n a - l B i o vi - a Brazil Chile l C b o o i m - a - Cuba p m i R u i c e b n a - - - n G m u a a l te a - M i e c x o - l I W a n a e n d n s i d d t e s s l a P p i R u a m c e b n a - - - , of Peru v S a E a d l l o - r U g r u u a - y V z e u n el e a - A O L m t a i h t c e i e a r n r lic Surinam 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. 31 799 11 4 65 14 150 83 7 7 194 6 11 32 11 18 139 46 Nov. 30*> 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 1957_jan. 31*...... 867 15 5 77 22 145 99 13 8 216 4 13 34 8 12 145 52 P Preliminary. (excluded from these statistics) amounted to $823 million on Jan. 31, 1 Short-term claims reported in these statistics represent principally the 1957. 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, organizanpt 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. 479 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 1953 -Dec. 31 115 8 3 4 : 14 23 26 6 6 25 25 8 6 (? 2 8 1954—Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 6 10 1955—Dec. 31 233 8 3 5 18 10 103 19 8 57 43 11 5 8 17 1 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 I 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 Sept. 30 280 8 5 7 ( 23 12 131 11 8 75 46 11 8 3 7 17 Oct. 31 289 8 4 6 ) 22 13 134 12 9 82 46 12 7 3 7 17 Nov. 30^ 304 7 4 6 20 13 159 9 8 77 45 11 7 3 6 19 Dec. 31^ 359 7 4 6 ) 20 16 193 16 9 88 43 11 6 2 8 17 (2 1957__jan. 3ip 381 8 5 7 (2) 22 23 207 17 10 81 48 11 5 2 8 21 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 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 — 214 1956P 884 1,018 -134 1,906 1,615 291 602 991 -389 743 859 -116 1956 Jan 34 34 188 135 53 60 139 -79 61 53 8 Feb 30 44 -14 136 123 13 35 42 — 8 56 64 — 7 M!ar .. 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 Sent 21 12 9 131 96 35 32 42 -10 49 54 -5 Oct 37 18 20 143 108 35 174 146 28 52 47 5 Novp 22 67 -45 143 139 4 44 89 -45 37 38 -1 DCC.P 13 39 -26 145 108 37 25 85 -60 45 38 7 1957 Jan * ... 49 27 22 163 106 56 41 118 -77 54 53 1 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 (2) 57 71 -24 62 -121 25 (1 1954 78 72 17 (2) 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 147 96 85 329 265 76 7 1956* 82 75 -121 7 234 33 161 -123 34 29 4 1956—Jan... 1 52 18 6 12 35 10 5 4-1 1 Feb.. 1 -1 (2) 1 -5 -9 13 6 -7 -1 Mar.. -264 -139 1 25 -27 -30 -168 -86 3 -1 J J A M u u p a l n r y y e . . . . . . 4 6 7 5 3 1 2 2 5 2 3 3 (2 1 ) 4 2 4 1 7 4 4 2 2 1 1 7 0 4 9 - - 1 2 1 5 9 6 5 6 3 5 2 9 2 - - - 5 2 7 1 -1 2 3 1 2 1 1 Aug.. 74 4 3 6 11 2 22 -18 (2) Sept.. 1 43 3 21 10 8 43 -8 6 (23} Oct... 1 53 23 11 9 46 7 Nov.* -41 2 -2 -40 1 -38 -10 6 1 Dec.P 9 2 18 -14 -3 3 -3 8 l 1 1957—Jan.». 71 31 19 58 3 -l v Preliminary. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i t i s o e o ti n r n - - a s l f c o T t o r r o e i u t e i n a g s - l n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 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 6 4 * — — - 2 1 7 3 6 3 4 — -4 - 7 1 4 2 37 - - 4 9 6 9 — -4 5 1 7 3 3 4 3 2 3 1 4 3 7 - - -4 4 3 0 9 4 - - 5 7 7 1956— A M M p a a r y r . . 3 3 3 0 1 1 3 3 3 3 0 5 0 7 4 3 3 3, , , 7 7 7 5 9 1 1 1 7 1 1 1 5 5 3 3 5 6 1956—Jan.... -5 -66 12 -75 1 -5 0) J Ju u l n y e 3 3 0 1 2 3 9 0 7 8 3 3 , , 6 66 2 3 9 1 16 5 4 8 F M e a b r . . . . . . . . - - 1 3 2 - -1 1 8 2 -5 H - - 1 7 0 2 3 - - 2 3 1 1 A Se u p g t . . 3 3 1 0 3 33 5 4 0 3 3 , , 6 7 3 2 0 3 1 1 6 6 8 7 A M p a r y . . . . . . . - - 5 2 -1 - 0 2 2 - - 5 6 -92 5 1 1 -3 7 0) 1 N O o ct v . . 3 3 0 1 2 3 7 5 5 6 3 3, , 5 7 5 8 3 2 1 17 7 7 8 J J u u l n y e . . . . . . . - - 2 2 -1 -3 0 9 1 - - 1 4 8 - - 9 9 4 2 2 - - 6 2 -2 1 2 1 Dec. 31 322 3.856 139 A N S O O e u c p g V t t . . . P . . . . . . . . C 2 2 2 1) - - - 1 4 5 3 7 8 0 2 - - 4 6 2 1 2 8 - - - 5 4 1 8 8 6 7 -1 3 1 1 - - 1 8 4 1 -1 3 3 -5 1957— F M Ja e a n b r . . . 2 3 3 8 1 1 3 3 31 4 2 1 4 7 3 3 3 , , , 6 7 7 7 0 4 1 7 4 1 1 1 6 5 5 4 6 8 Dec. P.. -3 -50 12 -55 0) -8 1 1957—Mar. 6 319 3,663 155 1957—Jan.*... -71 -6 15 -18 2 -9 3 M M a a r r . . 2 1 0 3 2 3 9 0 2 0 3 3, , 7 7 3 3 5 6 1 1 5 5 9 6 Mar. 27 345 3,721 159 Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Productionreportedmonthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. Total U.S.S.R.) 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 - 1 Au li s a tra- India $/= 15Hi grains ofgold Yiofine: i. e., an ounce of finegold= $3.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 C.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 1 1 1 9 9 9 5 5 5 1 3 2 8 8 86 4 6 4 0 8 . . 0 0 5 7 7 7 5 7 8 8 6 0 . . . 3 5 9 4 4 41 1 0 7 3 3 . . 7 1 9 1 1 1 7 7 7 . . . 4 5 0 2 2 2 3 2 5 . . . 8 9 4 1 1 1 2 3 2 . . . 9 0 3 6 6 69 7 6 . . . 0 4 3 1 1 1 5 4 5 6 2 3 . . . 5 4 7 1 1 1 6 3 6 . . 8 1 9 1 1 1 5 4 5 . . 8 1 3 4 6 6 . . 1 2 6 9 o 8 Q . o 1 9 Q 3 3 3 7 4 1 .3 7 3 7 7 8 .9 8 9 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 1956 556.2 21.9 64.3 153.9 15.3 7.6 1956—Jan 71.2 43.4 1.6 .1 1.2 4.8 13.0 1.0 1.9 .2 7 2 9 5 Feb 68.9 42.9 1.5 .1 1 4.6 12.4 .9 1.2 .3 .7 2.7 .5 Mar 74.9 45.4 1.5 1.8 ? 5.0 13.5 1.1 1.2 .2 7 2 8 6 73.9 45.2 1.6 2.1 0 4.7 12.9 .9 1.3 .2 .6 2.7 6 May 77.7 47.3 1.6 2.2 0 5.4 13.1 1 3 1 2 .2 6 3 0 6 June 77.7 47.4 1.6 2.1 1 5.1 13.4 1.1 1.3 .3 7 3 2 5 July 47 9 1 6 2 2 1 5 9 12 3 1 6 2 3 3 6 Aug 48.5 1.6 2.3 0 6.3 12.3 1.4 .3 6 3 0 6 Sept 47 3 1 6 2 3 o 6 0 12 4 1 2 5 3 2 Oct 47.8 1.6 2.2 1 6.2 12.9 1 2 .6 3.0 .6 Nov 47.3 1.5 2.2 5.6 12.9 1.2 6 3 4 Dec 45.8 2.2 4.6 12.8 .7 .6 1957_jan 2.3 5.0 .6 i Gold exports, representing about 90 per cent of total production. Ghana, Belgian Congo, and India, data for which are from American Sources.—World production: estimates of U. S. Bureau of Mines. Bureau of Metal Statistics. For the United States, annual figures through Production reported monthly: reports from individual countries except 1955 are from the U. S. Bureau of the Mint and figures for 1956 and 1957 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 481 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 "-23! 5 — j^'s —4 5— 100 0 — 65 0 "Portugal 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... "-4o!6 -38.0 -15.0 *"22!5 -65.0 -15.5 -8.0 -8!6 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 -50.5 100 3 100.3 Canada 3.4 -100.0 -10.0 7.2 14 6 14.6 Latin America: Argentina -49.9 -49.9 -20.0 -84.8 115.3 20.1 55. J 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 Uruguay -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 2.0 27.1 -50.0 -.9 -30.0 -200.0 -200.0 Other -10.5 -7.2 -34 7 — 2 4 o 17.2 3.0 -.1 -.2 -.2 2 2 Total . .. -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 -.1 -.2 19.9 85.0 -133.0 4-55 4 5 — 38 95 — 53 7 — 6 7 — 5 7 —9 9 —4 9 -.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) l1 I i n n s g c to o r t e o c ld a t k a se l i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a a : k i r s n s - e d e e - d , e- D p ti r c o t o i m o g d n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a t l h i ) I i n n s g c t r o o t e o l c d a t k a s l e i e m g x N ( o o p - p e r ) l o o d t r r t t, g m c o c o r E l r a r e d e r a a a : k i r s n s e - d e e - d , e- D t p ic o r t i o m o g d n o e u l s d c - - (-) (-) 1944 .... 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—Mar 21,716 21,765 7.7 11.5 -2 9 5.0 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Apr 21.743 21,792 27.4 9.9 16.9 4.7 1946 .... 20,529 20,706 623.1 311.5 465.4 51.2 May 21,772 21,821 28.3 25.3 1.8 5.4 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 June 21.799 21,868 47.6 18.4 29.9 5.1 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 July 21,830 21,918 49.4 4.8 43.9 5.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Aug 21,858 21,965 47.1 4.7 43.2 6.3 Sept 21,884 22,032 67.6 -18.0 86.9 6.0 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Nov 21,910 22,106 107.6 12.5 105.7 5.6 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 1957—Jan 22,252 22,211 ?19.0 -53.9 295.9 5.0 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Feb 22,304 22,396 18.6 -29.8 28.0 (3) 1956 21,949 22,058 305.9 106.5 318.5 64.3 Mar ^22,306^22,406 *>10.1 (3) 416.0 (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 $6,282.9 million on Mar. 31, 1957. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w c o l. rld A t r i g n e a n- t A ra u l s i - a g B iu e m l- Brazil Canada Chile Cuba m De a n rk - E d c o u r a- Egypt U.S.S.R.)1Treasury 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—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 [,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 AUE 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 22 377 877 324 I 116 43 136 31 22 188 Feb 22,304 22,396 864 324 1,110 136 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 l a , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 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—Feb 35 861 991 27 247 81 138 352 163 872 45 48 35 Mar 35 861 1.003 27 247 81 138 352 164 875 45 48 35 Apr 35 861 1,035 27 247 81 138 352 164 877 45 48 35 May 35 861 1,056 27 247 81 138 352 164 864 45 48 35 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July... . 35 861 1,189 27 247 54 138 353 165 853 45 49 35 Aug 35 861 1,274 27 247 46 138 360 166 853 46 49 35 Sept 35 861 1,294 27 247 46 138 360 166 854 46 49 35 Oct 35 861 1,329 27 247 45 138 362 166 854 47 49 35 Nov 35 861 1,376 27 247 45 138 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 167 844 50 49 35 1957 Jan 35 861 [ 566 27 247 44 138 834 45 49 35 Feb 35 861 1,661 44 138 819 45 49 35 United Intl. Bank for End of Portu- El Sal- South Spain Sweden Switzer- Thai- Turkey King- Uru- Vene- Mone- Intl. month gal vador Africa land land dom4 guay zuela tary Settle- 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 ,452 113 151 2,335 221 373 1,530 115 1952 Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 ,459 113 143 2,518 227 373 1,702 193 t954 Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 1,740 196 1955—Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956 Feb 431 28 216 56 272 1,592 112 144 2,210 216 403 1,811 183 Mar 431 28 212 56 273 1,608 112 144 2,277 216 403 1,786 197 Apr ........ 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May 436 28 217 56 266 1,579 112 144 2,369 216 403 1,741 216 436 28 215 56 257 ,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1,598 112 144 2,405 216 403 1,718 207 Aug 442 28 216 56 262 1,622 112 144 2,276 214 403 1,695 212 Sent 442 28 214 56 263 1,634 112 144 2,328 214 403 1,711 199 Oct 442 28 214 56 265 1,635 112 144 2,244 192 503 1,687 214 Nov 448 28 220 56 265 1,658 112 144 1,965 186 503 ,692 175 Dec 448 28 224 56 266 1,676 112 144 2,133 186 603 .692 179 1957 Jan 452 28 226 56 256 1,667 144 2,084 186 603 1,420 202 Feb 461 32 227 56 256 1,652 144 2,147 669 197 v 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 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 483 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 '326 10 '317 10 '312 10 '342 10 361 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 Finland 72 3 84 5 80 5 82 5 90 5 88 5 France (and dependencies) * '1,306 161 '21,957 151 '1,999 6 '1,753 7 '1,631 7 1,506 7 Germany (Federal Republic of) 1,999 (3) 2,374 8 2,490 10 2,742 11 3,099 13 3,327 14 Greece 124 (3) 187 194 176 (3) 161 (3) 186 (3) Italy 925 10 1,137 2 1,158 2 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 Norway 148 6 124 53 96 69 97 73 109 79 115 87 560 601 606 602 617 (3) 628 (3) Spain (and dependencies). 188 3 221 3 216 206 '185 3 160 Sweden 406 429 (3) 444 (3) 426 (3) 453 483 (3) Switzerland 2,185 38 2,354 44 2 341 70 2,307 117 2,446 126 2 515 131 Turkey 152 153 (3) 154 (3) 151 (3) 158 (3) 164 (3) Other4 '948 4 '872 6 '1,011 '1,108 10 '1,055 14 907 12 Total '11,606 260 '13,211 343 '13,593 222 '13,641 279 '14,103 300 14,119 298 Sterling Area: United Kingdom 3,190 216 2,600 282 2,820 241 2,875 253 2,820 266 2,807 203 United Kingdom dependencies . '92 4 '84 '87 4 '83 3 '90 4 103 4 Australia 186 219 230 (3) 243 (3) 177 192 (3) India 334 1 320 j 330 1 329 1 321 1 323 1 Union of South Africa 232 1 265 1 255 1 245 248 1 277 1 Other '189 3 '214 7 '210 7 '208 7 '211 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 531 509 511 476 399 360 32 (3) 26 (3) 27 (3) 25 (3) 25 (3) 29 Brazil. 442 2 466 2 538 2 540 2 582 j 550 Chile 112 1 139 (3) 141 1 147 1 151 1 137 308 (3) 217 ,8 222 (3) 224 181 211 (3) Cuba 423 124 389 374 167 399 167 407 167 347 167 Dominican Republic 72 (3) 77 (3) 79 (3) 81 77 79 (3) Guatemala 62 72 (3) 91 (3) 93 80 91 Mexico 391 4 556 4 583 4 523 4 562 4 600 4 Panama, Republic of 74 1 86 82 (3) 94 1 104 108 1 Peru 118 (3) 127 (3) 127 115 (3) 117 (3) 123 (3) El Salvador 59 52 (3) 74 (3) 73 (3) 53 (3) 53 Uruguay 317 281 289 1 283 1 290 1 259 j 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 15 236 P) 171 204 231 (3) Iran 169 (3) 175 (3) 166 (3) 169 (3) 174 (3) 158 Japan .. . 851 3 1 029 4 1 092 4 1 175 4 1,203 4 1,167 4 266 6 268 6 285 6 300 6 298 6 294 6 Thailand 236 (3) 250 1 263 1 253 1 254 255 1 Other 521 647 4 665 5 695 5 677 6 707 6 Total 2,224 16 2,624 30 2,707 16 2,763 16 2,810 17 2,812 17 Eastern Europe 5 309 6 308 7 294 6 294 6 288 8 287 8 All other: Egypt 221 246 (3) 242 236 222 238 Other '89 '108 1 '120 '133 '117 110 Total '310 (3) '354 1 '362 (3) '369 (3) '339 (3) 348 (3) Total foreign countries 24,961 746 26,161 1,308 27,105 1,059 27,405 1,121 27,923 1,154 28,235 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 29,850 1,629 30,786 1,378 31,155 1,438 31,640 1,546 31,379 1,495 P 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. >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

484 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 1957 1956 Item Item Dec. Sept. June Mar. Dec. Jan. Oct July Apr. Jan. Dollar deposits and U. S. securities. 365 386 40' 425 428 Gold 1,420 1,687 718 1 li51 1,811 Other currencies and securities1.... 931 96C) 93* 947 966 Investments8 200 200 1 125 SO Effective loans2 2,238 2,0941- 2,00^- 1,959 1,936 Currencies: United States1 1,423 1,697 1,759 1.777 1,708 Other assets3 41 47 2S> 40 37 Other i 5 051 4,387 4 ^19 4 ^m 4 403 Unpaid member subscripti3ns 824 942 815 8 5 815 I U B n R d D is b b u o rs n e d d s l o o u a t n s s tanding 8 6 4 0 8 9 8 53 4 C 5 4 8 7 5 " C) r 4 8 8 5 5 0 4 8 9 4 4 9 Other assets .. 3 2 1 1 1 Other liabilities 11 1C) 11 10 9 Member subscriptions 8,929 8,929 8 751 R 751 8,750 C Re a s p e i r t v a e l3 s 1,8 2 5 5 3 4 1,8 24 5 C : ) 1,8 2 1 2 C £ ) 1,8 2 1 16 0 1,8 2 1 0 0 5 A Re c s c e u r m ve u s l a a te n d d n li e a t b i i l n it c i o es me. — 1 2 0 — 14 -14 - 4 — 14 I Loans by country, Feb. 28, 1957 Quota Cumul o a n ti v t e h e n e F t u d nd rawings Area and member country4 P ci r p in a - l b D ur i s s e - d p R a e id - T O o u t t a s l tand S i t o n o l g d Country • Total P go i a n l i d d Jan. 1957 Dec. 1 Ja 9 n 5 . 6 others* Brazil 150 38 38 38 66 Continental W. Europe, total.. 1,124 958 179 779 76 Burma 15 15 15 Belgium and Luxembourg... 118 116 7 110 26 Chile 50 9 12 12 13 ?67 267 14 253 18 Colombia 50 13 25 25 25 Italy 163 66 66 7 Cuba 50 13 13 13 Netherlands ??1 221 139 82 17 60 10 15 15 Other 35<; 286 19 267 7 Indonesia. 110 16 55 55 15 Iran 35 9 25 25 18 Sterling area total . . 945 620 59 561 83 Philippines 15 4 15 15 10 Australia 318 259 5 254 28 United Kingdom 1,300 236 562 562 ?18 100 23 77 12 United States... 2,750 688 10-991 10-969 K-386 Union of S Africa ns 121 16 105 14 146 71 2 69 26 Other 1?8 69 14 55 4 Footnotes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. Latin America, total 698 502 47 455 29 2 Represents principal of authorized loans, less loans not yet effective, Brazil 194 164 11 153 3 repayments, the net amount outstanding on loans sold or agreed to be 111 76 13 63 4 sold to others, and exchange adjustment. Mexico 141 127 9 119 10 3 Excludes uncalled portions of capital subscriptions. Other ?s? 135 15 120 13 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Asia (excl Sterling area) . . 219 84 3 81 14 6 Includes $155 million in loans not yet effective. 7 Includes $179 million not guaranteed by the Bank. Africa (excl. Sterling area).... 9 8 8 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $10 Total 62, 995 ,171 288 1,883 7202 million or more on the latest date. 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) Assets of issue department 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 ti c e 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.J 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.. .. .4 450.0 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 I 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—Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 1,841.3 243.3 11.1 3.2 76.5 18.5 Apr 25 .4 1,875.0 2.0 33.4 30.3 270.4 1,842.0 225.9 12.8 3.1 76.4 17.8 May 30 .4 I 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 1,000.0 2.0 37.4 23.8 254.1 1,963.0 215.6 11.9 .2 71.3 18.3 Aug 29 .4 I 950.0 2.0 42.9 26.6 254.6 1,907.5 222.4 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 li925.6 2.0 47.5 28.2 285.1 1,877.8 256.6 15.1 73.3 17.8 Nov 28 .4 1 925.0 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 1.9 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 Feb. 27 .4 1,925.0 2.0 52.0 15.8 261.0 1,873.4 225.2 13.5 73.7 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 485 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date S T d S t T o e a t n l a r n i l t l t < a d i e » n r s H s g D S o c t i m h e a o r l i m r n g t i - o o v n t . a s n e d c u O p r r i t o t h i v e e i s r n- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i i . t o s n . Other li c a O a b a p t i n h l i d i t e t a i r e l s 1949—Dec. 31 74.1 1.781.'I 227.8 42.5 1.307.4 541. 7 30.7 126.9 119.2 1950 Dec 30 111.4 ,229. 712.5 297.1 1,367.4 578. 6 24.7 207.1 172.6 1951—Dec. 31 117.8 ,141. * 1,049.3 135.2 1,464.2 619. 0 94.9 66.1 200.0 1952—Dec. 31 77.1 1,459.ft 767.2 77.3 1,561.2 626. 6 16.2 44.5 132.9 1953—Dec. 31 54.9 ,376. <> 893.7 112.0 [ 599.1 623. 9 51.5 29.5 133.1 1954—Dec. 31 54.2 ,361. S 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955 Dec 31 57.4 1,283.s 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207.5 1956 Mar 31 58.8 965. ? 1,285.0 95.0 1,677.2 506. 1 48.1 31.4 141.9 Apr. 30 52.3 764. 1 1,538.1 121.4 1,686.3 564. 9 54.1 30.6 140.0 May 31 67.2 1,065.5 1,190.2 131.3 1,706.1 542. 8 30.2 29.9 145.3 June 30 60.1 1,041. 1,289.8 192.7 I 734.9 574. 7 51.1 32.2 191.0 July 31 59.9 I 029. 1,316.7 • 104.9 I,762.3 500. 0 49.8 39.6 159.4 Aug. 31 62.1 1,019. 1 351.3 180.7 I 764.6 580. 6 65.4 35.6 167 2 Sept. 29 57.7 1,041. 1,353.0 150.1 .769.5 564. 0 46.0 45.2 177.3 Oct 31 51.4 1,031. 1 360.4 128.0 1'780.9 575. 55.0 30.7 129 3 Nov. 30 61.1 1,021.? 1,380.3 158.7 1,793.5 624. 9 7.4 31.7 163.9 Dec 31 60.8 n25. [) 1,392.0 69.9 1,868.7 511. 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 Feb 28 60.8 1,052.7 1,189.4 118.6 1,717.9 497. 5 52.7 27.2 126.3 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t h o t er O as t s h e e ts r ci N r ti c o o u t n l e a- G m ov en e t r D n e - po O si t t h s er 3 c l O a i i a a t p t n i b h e i d t i e s l a r - l 1949 Dec 29 62.3 61.9 137.7 ?8 5 335 7 157.9 561.0 112.7 1/ £78.2 1.2 159.0 19 4 1950—Dec. 28 182.8 162.0 136.9 34 1 393 1 158.9 481.0 212.8 1, 560.6 176.8 24.2 1951 Dec 27 .... 191.4 28.3 234.9 3? 0 741 160.0 481.0 190.8 1 ,f$41.6 (4) 176.8 41 3 1952—Dec 31 200.2 31.1 274.0 57 0 937 172.0 480.0 159.7 ?. 123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61 1 891 6 200.0 679.8 170.0 ? HO.5 (4) 144.9 56.3 1954 Dec 30 201.3 57.3 236.8 48 9 11(1? 195.0 617.6 277.2 ?, 538.5 .1 157.8 67 9 1955—Dec. 29 301.2 200.2 226.7 45 ?, ,194 7 190.0 539.8 336.8 1 i320.0 142.9 71.8 1956 Mar 29 301.2 178.6 237.7 19.5 1,334.5 183.0 519.6 316.1 2,1376.7 <«> 156.3 57.2 Apr 26 301.2 162.6 269.4 146 ,?74 0 183.0 518.1 331.4 ?, 334.4 148.1 71.8 May 31 301.2 152.0 214.7 7.9 1,314.4 183.0 518.8 368.4 2, 361.9 .1 135.9 62.5 June 28 301.2 144.1 301.6 5 ? ,W4 8 183.0 490.2 324.2 01390.5 162.8 70.9 J A u u ly g 2 3 6 0 . . 3 3 0 0 1 1 . . 2 2 1 11 2 6 8 . . 5 0 2 2 9 9 2 0 . . 4 7 2 2 .4 8 1, j 5 48 5 < 6 3 .7 6 1 1 7 7 9 9 . . 0 0 4 4 9 9 9 6. . 5 3 2 2 6 9 5 7. . 0 3 2 ? ,< <m J79 .2 .0 (4) 1 1 6 6 1 2 . . 7 0 7 9 0 2 . . 0 6 Sept 27 301.2 106.7 277.1 8-7 I 611 6 171.5 479.8 271 7 0 <)82.0 (4) 164.6 81 8 Oct 31 301.2 91.7 293.7 21.4 1,546.6 158.8 479.8 342.2 2,«J88.4 158.7 88.3 Nov. 29 301.2 68.4 270.7 30 5 ,63fl 1 178.9 479.8 251.5 ? )64.6 (4) 169.4 85.1 Dec 27 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,(346.9 173.8 98.8 1957—jan# 31 301.2 33.0 270.3 ?6 8 j75<J 175.0 479.8 233.8 3 (345.0 .1 149.4 84.9 Feb 28 301.2 32.9 317.4 25.0 735.7 171.3 479.8 5245.7 3,(365.8 161.1 82.2 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately. 830 851 940 1,623 Gold and foreign exchange 374 349 325 286 Other gold and foreign ex(:hange.. 998 799 454 -426 Checks and bills of other banks... 3 6 7 9 Gold contribution to Intl.Fund.. 157 157 157 Securities (incl. Govt. and Treas- Govt securities 4 774 4 735 4 714 5 613 nrv hiiisS 504 52C 557 522 Rediscounts and loans to banks... 108,781104,844 104,845 85,928 Other assets 76 58 41 116 Other assets 1 253 1 049 653 488 Note circuittinn 380 385 421 374 Currency circulation . 43,151 42,593 42,802 36,895 Depositsof Trading Banks: Deposits—Nationalized... 65,856 62,228 61,528 48,710 Specia 304 279 270 300 Other sisht oblisations 1,505 1,495 1,372 1,937 Other. 42 43 24 30 Other liabilities and capitaLI . ... 6,282 6,120 6,061 5,685 Other liabilities and c< 230 227 215 228 Footnotes to central bank table on this and opposite page: 5 Includes advance of 29.9 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (Feburary 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 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 Feb. Jan, Dec. Feb. Feb. Jan. Dec. Feb. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 2,004 1,967 1,752 1,743 Fund) 163 162 162 206 Foreign exchange (net) 8,332 8,400 8,418 6,969 Net claim on Intl. Fund1 -10 13 Loans and discounts 6,577 6,479 6,923 5,500 Loans and discounts 54 53 42 59 Claim against Government 1,505 1,426 1,759 .,412 Credits to Government 4118 106 113 72 Other assets 611 609 826 929 Other assets 74 74 79 Note circulation 13,847 13,758 14,259 12,614 Note circulation 429 452 424 Deposits—Banks 1,197 1,296 1,798 636 Deposits 228 223 245 Other 1,117 915 899 561 Other liabilities and capital 24 23 20 Blocked 1,131 1,196 1,166 .,413 National Bank of Czechoslovakia 2 Other liabilities and capital 1,737 1,717 1,555 1,329 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 43,221 43,852 46,398 47,749 Foreign exchange 608 669 692 740 Foreign claims and balances (net). 10,330 10,707 11,384 10,307 Loans and discounts 140 205 189 139 Loans and discounts 11,210 10,764 7,564 4,985 Securities 4931 495 498 505 Consolidated Govt. debt 34,605 34,605 34,660 34,660 Govt. compensation account 3,050 3,050 3,051 3,104 Govt. securities 8,985 7,491 8,853 7,247 Other assets 1,081 882 1,021 1,154 Other assets 5,569 5,594 5,928 5.122 Note circulation 2,219 2,238 2,372 2,075 Note circulation 110,399109,773109,883 104^249 Deposits—Government 1,520 1,477 1,461 1,669 Deposits—Demand 1,935 1,792 1,477 2,109 Other 1,419 1,378 1,412 1,676 ECA 20 20 28 49 Other liabilities and capital 282 277 274 290 Other liabilities and capital 1,565 1,429 3,399 3,665 Central Bank of Bolivia—Monetary Central Bank of the Dominican Redept. (millions of bolivianos): public (thousands of pesos): Gold at home and abroad 502 Gold 11,396 11,396 11,396 12,526 Foreign exchange (net) -492 3 109 Foreign exchange (net) 9,897 10,463 13,928 16,151 Loans and discounts 124,430 56,969 Net claim on Intl. Fundi 2,500 2,500 2,500 1,250 Govt. securities 2,505 2,505 Loans and discounts 6,988 6,888 5,988 2,750 Other assets 5,843 950 Govt. securities 7,830 8,030 8,360 8,360 Note circulation 109,439 45,977 Other assets 19,636 19,551 19,907 14,802 Deposits 18,123 10,582 Note circulation 47,848 48,375 50,778 46,698 Other liabilities and capital 5,237 4,476 Demand deposits 7,231 7,379 7,899 6,634 Central Bank of Ceylon (millions of Other liabilities and capital 3,168 3,074 3,402 2,507 rupees): Central Bank of Ecuador (millions of Foreign exchange 718 736 737 657 sucres): Govt. securities 10 10 11 34 Gold 325 325 325 344 Other assets 3 7 7 4 Foreign exchange (net) 17 47 29 -68 Currency in circulation 439 444 443 409 Net claim on Intl. Fund1 38 38 38 19 Deposits—Government 84 61 67 104 Credits—Government 496 489 513 485 Banks 108 159 150 95 Other 224 254 296 216 Other liabilities and capital 99 89 95 86 Other assets 231 240 271 243 Central Bank of Chile (millions of Note circulation 683 694 752 612 pesos): Demand deposits—Private banks. 2031 232 230 198 Gold 7,069 7,314 7,037 Other 184 170 165 162 Foreign exchange (net) 1, 01 1,551 839 Other liabilities and capital 260 296 326 266 Net claims on Intl. Fund1 19 19 National Bank of Egypt (millions of Discounts for member banks 6,866 8,725 6,246 pounds): Loans to Government 18,370 18,537 16,153 Gold 66i 66 66 61 Other loans and discounts 41,832 37,381 18,964 Foreign assets 106| 109 136 Other assets 28,501 26,830 8,837 Egyptian Govt. securities no' 150 85 Note circulation 61,443 64,416 43,932 Clearing and other accounts (net). 164 — 10 — 10 Deposits—Bank 6,984 7,557 5,674 Loans and discounts -7 41 42 23 Other 4,639 3,101 2,054 Other assets 43 2 4 1 Other liabilities and capital 30,893 25,283 6,416 Note circulation 2 222 223 173 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government.. 223 11 5 lions of pesos): Other3 11 114 114 '105 Gold and foreign exchange 262 343 329 256 Other liabilities and capital 127 16 19 17 Net claim on Intl. Fundx 52 52 52 24 Central Reserve Bank of El Salvador 17 Loans and discounts 634 593 684 488 (thousands of colones): Govt. loans and securities 669 637 638 489 Gold 78,879 70,283 70,898 Other assets 355 231 128 108 Foreign exchange (net) 54,559 18,118 52,084 Note circulation 787 812 964 674 Net claim on Intl. Fund1 1,563 -4,677 1,571 Deposits 871 730 552 518 Loans and discounts 78,258 97,803 55,381 Other liabilities and capital 315 315 315 174 Govt. debt and securities 15,674 16,616 16,216 Central Bank of Costa Rica (millions Other assets 7,050 6,784 6,749 of colones): Note circulation 113,873 109,682 104,213 Gold 12 12 12 12 Deposits 109,536 83,291 88,817 Foreign exchange 82 70 54 Ill Other liabilities and capital 12,574 11,954 9,868 Net claim on Intl. Fund1 7 7 7 7 Bank of Finland (millions of markkaa): Loans and discounts 97 110 130 81 Gold 7,849 7,849 7,849 7,849 Securities 18 18 18 7 Foreign assets and liabilities (net). 18,237 20,178 20,926 27,538 Other assets 24 28 22 24 Loans and discounts 43,371 39,094 49,448 40,596 Note circulation 158 153 164 158 Securities—Government 17,500 17,500 17,500 20,000 Demand deposits 46 56 44 50 Other 1,756 1,755 1,794 1,888 Other liabilities and capital 37 36 36 34 Other assets 10,819 10,515 10,715 9,954 National Bank of Cuba (millions of Note circulation 58,245 54,160 60,735 53,870 pesos): Deposits 5,497 7,952 13,077 30,260 Gold 136 136 136 136 Other liabilities and capital 35,790 34,779 34,420 23,696 Foreign exchange (net) 163 150 172 124 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 487 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. Bank, of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 18,348 11,138 8,442 2,050 Gold 6,931 6,531 6,231 Foreign exchange 85,643 89,317 91,711 104,286 Foreign exchange 11,814 11,808 11,824 Clearing accounts (net) -4,745 -6,550 -7,745 6,925 Loans and discounts 1,691 1,770 3,084 Loans and discounts 26,063 32,725 35,124 17,628 Loans to Government 4,129 4,037 4,225 Advances to Government 25,166118,302 17,136 21,120 Other assets 1,215 1,128 1,063 Other Govt. accounts 72,111 64,957 59,773 31,348 Note circulation 14,590 14,173 14,511 Govt. securities 51,389151,568 51,654 132,632 Deposits—Government 5,254 5,227 4,123 Other assets 10,018 9,415 9,613 17,272 Banks 3,616 3,542 5,140 Notes and coin in circulation •41,180238,845 39,865 193,631 Other 218 210 290 Deposits—Government 28,245 29,664 32,853 27,276 Other liabilities and capital 2,101 2,121 2,363 Other 200.246189,034 79,151 99,650 Bank of Greece (millions of drachmae) : (Nov.)* Other liabilities and capital 14,323 13,328 13,838 12,706 Gold and foreign exchange (net).. 5,663 5,937 Bankk of Italy (billions of lire): Loans and discounts 180 133 Gold 4 4 4 Advances—Government 7,011 551 Foreign exchange 71 71 70 Other 5,058 ,611 Advances to Treasury 567 567 567 567 Other assets 2,016 ,285 Loans and discounts 507 475 535 424 Note circulation 5,450 ,941 Govt. securities 401 406 406 408 Deposits—Government 1,080 820 Other assets 917 1,001 1,052 r887 Reconstruction and Note circulation 1,633 1,654 1,881188 1,529 relief accts 7,286 ,146 Deposits—Government 13 11 8 25 Other 4,067 ,180 Demand 99 102 123 80 Other liabilities and capital 2,045 ,429 Other 564 600 503 586 Bank of Guatemala (thousands of Other liabilities and capital 157 156 182 140 quetzales): Bank of Japan (billions of yen): Gold 27,237 27,238 27,238 238 Bullion Foreign exchange (net) 44,150 40,370 36,432 431 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 1,250 250 Loans and discounts 244 169 143 32 Rediscounts and advances 9,010 10,202 11,789 409 Govt. securities 344 452 587 465 Other assets 42,783 41,161 43,953 ,371 Other assets 238 232 232 251 Circulation—Notes , 58,501 57,810 58,517 105 Note circulation 659 676 785 569 Coin 4,160 4,144 4,168 ,860 Deposits—Government 40 48 54 43 Deposits—Government , 5,671 5,952 4,809 ,144 Other 33 35 31 63 Banks 26,793 25,357 28,494 ,389 Other liabilities 93 93 92 76 Other liabilities and capital 29,306 26,956 24,674 201Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve8.. 1,909 1,939 1,965 1,824 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,373 5,513 5,522 5,571 Issue department: Bills and discounts 787 824 872 341 Gold at home and abroad 5 1,178 1,178 1,178 400 Other assets 292 263 281 327 Foreign securities 4,125 4,274 4,473 ,672 Note circulation 5,152 5,203 5,611 4,820 Indian Govt. securities 8,750 8,401 7,853 ,032 Demand liabilities 2,482 2,553 2,251 2,478 Rupee coin 1,220 1,238 1,248 ,050 Other liabilities and capital , 727 783 779 767 Note circulation 15,063 14,855 14,661 ,029Netherlands Bank (millions of Banking department: guilders): Notes of issue department 211 236 91 126 Gold 3,097 3,154 3,192 3,302 Balances abroad 1,064 832 826 677 Silver (including subsidiary coin)., 6| 6 4 33 Bills discounted 20 11 33 42 Foreign assets (net) 686 705 718 1,422 Loans to Government 7 75 73 36 Loans and discounts 255 175 345 35 Other assets 1,776 ••1,665 1,823 ,208 Govt. debt and securities 660 694 825 442 Deposits 1.640 1,292 1,372 ,538 Other assets 414 378 420 409 Other liabilities and capital 1,508 1,526 1,475 55: Note circulation 3,910 3,89: 4,073 3,876 Bank Indonesia (millions of rupiahs): Deposits—Government 111 25: 302 Gold and foreign exchange (net).. 567 734 608 .710 ECA 368 368 368 490 Loans and discounts 1,153 1,077 1,083 919 Other 486 613 58' 751 Advances to Government 10,801 10,970 10,36^ 626 Other liabilities and capital 243 239 223 223 Other assets 495 510 514 445Reserve Bank of New Zealand (thou- Note circulation 9,108 9,135 8,640 847 sands of pounds): Deposits—ECA 282 28f 28: 448 Gold 6,162 6,162 6,162 6,162 Other 1,963 2,330 2,221 551 Foreign exchange reserve 32,135 27,298 29,457 31,418 Other liabilities and capital 1,663 1,544 1,429 853 Loans and discounts 36,759 31,068 25,894 29,192 Bank Melli Iran <* (millions of rials): Advances to State or State un- Gold 4,242 4,24: 4,242 242 dertakings 53,434 50,880 51,298 50,610 Foreign exchange 522 522 534 244 Investments 53,173 53,173 53,173 41,279 Gold contribution to Intl. Fund.. 282 28 282 282 Other assets 1,638 1,398 2,304 1,731 Govt.-secured debt 7,623 7,623 7,623 187 Note circulation 71,557 71,959 83,257 68,882 Govt. loans and discounts 12,31 12,480 11,945 161 Demand deposits 100,715 87,187 73,565 81,343 Other loans and discounts 6,426 6,343 6,537 651 Other liabilities and capital 11,030! 10,83- 11,466 10,166 Securities 916 916 916 449Bank of Norway (millions of kroner): Other assets 3,073 3,698 3,401 780 Gold 209 209 24 210 Note circulation 10,828 10,994 11,097 053 Foreign assets (net) 184 216 181 -144 Deposits—Government 4,272 5,047 4,574 225 Clearing accounts (net) -79 -63 -68 -42 Banks 1,406 1,394 1,329 475 Loans and discounts 101 110 116 124 Other 15,4r 15,291 15,030 052 Securities 108 106 107 90 Other liabilities and capital 3,47- 3,378 3,448 191 Occupation account (net) 5,546 5,546 5,546 5,546 Central Bank of Ireland (thousands of Other assets 103 106 125 110 pounds): Note circulation 3,221 3,258 3,502 3,079 Gold 2,646 2,646 2,646 ,646 Deposits—Government 1,465 1,349 1,167 1,359 Sterling funds 70,708 69,461 72,77- ,278 Banks 492 63 608 491 Note circulation 73,354 72,107 75,420 ,92- FOA 26 26 26 106 Other liabilities and capital 968 96' 948 859 • 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

488 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 Feb. Jan. Dec. Feb. Feb. Jan, Dec. Feb. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 564 564 586 598 Issue department: Foreign assets 1,025 1,080 1,072 958 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 880 875 864 894 Swedish Govt. securities and ad- Pakistan Govt. securities 1,717 1,683 1,653 1,224 vances to National Debt Office 3. 4,103 4,140 4,390 3,630 Govt. of India securities 246 246 246 275 Other domestic bills and advances. 20 20 21 25 India currency 430 430 430 431 Other assets 1,021 1,020 1,038 1,056 Rupee coin 56 53 59 69 Note circulation 5,337 5,334 5,598 4,777 Notes in circulation 3,307 3,288 3,264 2,917 Demand deposits—Government. . 269 291 260 396 Banking department: Other 104 179 244 351 Notes of issue department 138 115 103 90 Other liabilities and capital 1,153 1,149 1,134 872 Bills discounted 1 10 2 Swiss National Bank (millions of Loans to Government 36 1 2 19 francs): Other assets 711 778 671 574 Gold 6,999 7,062 7,103 6,665 Deposits 694 725 616 566 Foreign exchange 547 553 627 618 Other liabilities and capital 193 169 170 120 Loans and discounts 176 229 459 128 Central Bank of Paraguay (millions of Other assets 94 106 135 91 guaranies): Note circulation 5,417 5,394 5,810 5,126 Goldi 10 11 11 4 Sight liabilities 2,178 2,335 2,286 2,163 Foreign exchange (net) 548 503 460 42 Other liabilities and capital 221 220 228 213 Net claim on Int. Fund2 53 53 53 8 Central Bank of the Republic of Turkey Loans and discounts 1,600 1,605 1,620 r 1,48 8 (millions of pounds): Govt. loans and securities 566 563 551 380 Gold 402 402 402 402 Other assets 235 221 354 r146 Foreign exchange and foreign Note and coin issue 1,126 1,143 1,218 890 clearings 241 229 242 201 Deposits—Government 373 351 270 210 Loans and discounts 4,138 4,084 4,079 3,465 Other 250 284 267 178 Securities 30 30 30 30 Other liabilities and capital 1,263 1,177 1,292 789 Other assets 237 241 235 156 Central Reserve Bank of Peru (millions Note circulation 2,481 2,459 2,526 1,948 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 744 849 442 Other 1,792 1,733 1,694 1,600 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital 621 639 613 552 Loans and discounts to banks 753 716 844 Bank of the Republic of Uruguay (mil- Loans to Government 1,393 1,390 1,089 lions of pesos): Other assets 135 135 167 Gold 283 327 Note circulation 2,210 2,280 1,884 Silver 10 10 Deposits 667 638 481 Advances to State and Govt. Other liabilities and capital 214 239 245 bodies 285 232 Central Bank of the Philippines Other loans and discounts 558 476 (millions of pesos): Other assets 743 683 Gold 46 45 43 33 Note circulation 550 506 Foreign exchange 310 356 385 330 Deposits—Government 190 173 Net claim on Intl. Fund2 10 Other 362 341 Loans 117 85 96 39 Other liabilities and capital 777 708 Domestic securities 479 456 451 374 Central Bank of Venezuela (millions Other assets 153 155 156 156 of bolivares): Circulation—Notes 684 672 692 626 Gold 1,948 1,744 1,747 1,234 Coin 86 85 86 86 Foreign exchange (net) 807 1,003 1,045 277 Demand deposits 247 246 265 156 Other assets 226 188 206 115 Other liabilities and capital 88 92 87 73 Note circulation 1,241 1,223 1,290 1,084 Bank of Portugal (millions of escudos): Deposits 546 427 368 257 Gold '5,988 5,666 Other liabilities and capital 1,194 1,284 1,339 284 Foreign exchange (net) '13,922 13,586 National Bank of Federal Peoples' Re- Loans and discounts r\,5\6 1,000 public of Yugoslavia (billions of Advances to Government '1,379 1,376 dinars): Other assets 1,862 1,363 Gold 5 5 5 Note circulation 11,636 10,716 Gold contribution to Intl. Fund. . 2 2 2 Demand deposits—Government. . 1,432 1,440 Foreign assets 37 36 60 ECA 89 118 Loans (short-term) 728 1,065 787 Other r8,511 8,149 Govt. debt (net) 31 40 36 Other liabilities and capital '3,000 2,567 Other assets 39 81 26 South African Reserve Bank (millions Notes and coin in circulation 90 95 83 of pounds): Demand deposits 290 271 159 Gold 81 80 79 76 Foreign liabilities 80 78 123 Foreign bills 55 54 52 34 Long-term liabilities (net) 272 610 421 Other bills and loans 30 24 25 32 Other liabilities and capital 111 175 130 Other assets 48 46 48 61 Bank for International Settlements Note circulation 110 110 118 105 (millions of Swiss gold francs): Deposits 91 78 70 80 Gold in bars 604 618 547 561 Other liabilities and capital 14 16 16 18 Cash on hand and with banks 39 65 49 55 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 616 ances (at cost) 589 559 509 465 Silver 323 323 323 321 Time funds at interest 143 57 67 102 Govt. loans and securities 16,191 15,785 15,258 15,889 Sundry bills and investments 685 539 524 443 Other loans and discounts 48,750 48,538 49,693 35,285 Funds invested in Germany 297 297 297 297 Other assets 57,246 57,322 58,168 43,356 Other assets 3 2 2 2 Note circulation 54,530 53,642 55,821 45,289 Demand deposits—Gold 652 611 633 485 Deposits—Government 2,875 3,840 2,545 4,323 Other 1,176 994 832 919 Other 14,414 13,701 13,138 7,227 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 51,308 51,403 52,556 38,628 Other liabilities and capital 304 304 303 293 ' Revised. 3 Includes small amount of nongovernment bonds. 1 On Mar. 1,1956, gold revalued from 0.0423177 to 0.0148112 grams of NOTE.—All figures, including gold and foreign exchange, are compiled fine 2 T go h l i d s f p ig er u r g e u r a e r p a r n e i s . ents the amount of the country's subscription to the f o r f o m th e o m ffi o ci 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 489 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since June 1955 Month effective Neth- United New Un.of Aus- Bel- Ger- Greece er- Spain Swe- Tur- King- Can- Zea- South India 2 Japan2 tria gium many lands den key dom ada land Africa In effect June 30, 1955 4.5 2.75 3.0 9.0 2.5 3.75 3.75 4.5 4.5 1.5 4.0 4.0 3.0 6.57 1955—July 5.0 Aug 3 0 3 5 2 6 8.03 Sept 6.0 4 5 Oct 2 25 7 0 Nov 5 0 2.75 1956—Feb 3.0 5.5 Mar 4.5 3.25 Apr 3 0 May 5.5 10.0 June 6 6 Aug 3.25 3.25 Sept 5.0 4.25 Oct 3 75 3 5 Nov 4.0 33.77 3.5 Dec 3 5 3 92 1957—Jan 4 5 3 95 Feb 5.0 4.01 Mar 3.95 In effect Mar. 31 1957 5.0 3.5 4.5 10.0 3.75 4.25 4.0 6.0 5.0 3.95 7.0 4.5 3.5 8.03 Other selected central banks—rates in effect on Mar. 31, 1957 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e 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 Rate e M ffe o c n ti t v h e Europe: Europe—Cont.: Asia—Cont.: Latin America: Denmark 5.5 May 1955 Switzerland... 1.5 Nov. 1936 Indonesia2... 3.0 Apr. 1946 Costa Rica2.. 3.0 Apr. 1939 France 3.0 Dec. 1954 Asia: Pakistan 3.0 July 1948 El Salvador2. 3.0 Mar. 1950 Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Philippines... 1.5 Feb. 1954 Mexico 4.5 June 1942 Norway 3.5 Feb. 1955 Ceylon 2.5 June 1954 Thailand 7.0 Feb. 1945 Peru2 6.0 Nov. 1947 Portugal 2.5 Jan. 1944 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either dependent on type of paper or transaction and extent of borrowing from discounts or makes advances against eligible commercial paper and/or central bank, including 7.665 per cent for discount of paper related to dogovernment securities for commercial banks or brokers. For countries mestic commercial transactions (rate shown is for advances on commercial with more than one rate applicable to such discounts or advances, the paper and miscellaneous collateral); Indonesia—various rates dependent rate shown is the one at which the largest proportion of central bank on type of paper, collateral, commodity involved, etc.; Costa Rica—5 per credit operations is understood to be transacted. In certain cases other cent for paper related to commercial transactions (rate shown is for rates for these countries are given in the following footnote. agricultural and industrial paper); El Salvador—2 per cent for agricul- 2 Discounts or advances at other rates include: India—4 per cent, since tural paper; and Peru—4 per cent for industrial, and mining paper and 3 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 lA 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 Switzerland Month 3 T m re b o a il n s l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 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 1.50 1955—Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1956—Mar 2.62 2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 414-61/i 1.50 Apr 2.83 2.65 5.27 5.11 4.05 3.50 3.08 1.59 1.23 1.50 May 2.84 2.66 5.14 4.95 4.13 3.50 3.10 1.76 1.25 414—6^ 1.50 June 2.63 2.68 5.20 5.09 4.16 3.50 3.02 2.38 1.43 414-61/2 1.50 July 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 414-61/2 1.50 Aug 2.94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 1.50 4i4_6i/2 1.50 S O e c p t t 3 3. . 3 0 0 6 2 2 . . 6 8 7 3 5 5 . . 1 1 8 4 5 5 . . 1 0 1 4 4 4. . 2 2 1 6 3 3 . . 5 5 0 0 3 3. . 4 0 7 0 r3 3 . . 1 0 8 0 1 1. . 5 5 0 0 4i4_6i/2 1 1 . . 5 5 0 0 Nov 3.40 2.89 5.08 5.01 4.24 3.50 3.71 3.25 1.50 414-634 1.50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 1.50 1.50 1957—Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 41/2-634 1.69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.36 3.47 1.50 41/2-634 1.75 r Revised. 2 Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 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 Prefer- (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l l a a a y r - ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) Basic ential Free 1951 20.000 13.333 7.067 223.07 1.9859 32.849 94.939 20.849 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 20.903 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 21.017 1955 120.000 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—Mar. 5.556 2.454 223.50 8580 2.0023 32.798 100.122 21.004 Apr.. 5.556 2.536 223.72 8580 2.0035 32.761 100.302 21.024 May. 5.556 2.657 223.71 8580 2.0029 32.700 100.803 21.022 June. 5.556 2.872 223.28 8580 2.0032 32.608 101.476 20.977 July. 5.556 3.090 222.58 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 Mar. 5.556 2.586 222.55 3.8536 1.9900 32.532 104.577 20.921 Year or month (k m D ro e a n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) M (p e e x s i o c ) o 1951. 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. .4354 .2856 21.049 281.27 11.607 1954. .4354 .2856 23.838 21.020 280.87 9.052 1955. .4354 .2856 23.765 20.894 279.13 8.006 1956. .4354 .2855 23.786 20.934 279.57 4.2779 8.006 1956—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 Mar.. .4354 .2855 23.793 20.913 279.30 .2779 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a 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 r e o d n e a n ) z ( e S fr r w a la n i n t c - d ) ( U K p d n o i o i n u m t n g e - d d ) 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1956—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 4900 277.27 19.333 23.335 278.31 Sept. 26.110 275.55 14.008 49.677 4900 277.26 19.333 23.335 278.30 Oct.. 26.124 275.70 14.008 49.677 4900 277.42 19.333 23.331 278.46 Nov. 26.105 275.49 14.008 49.677 4900 277.21 19.333 23.335 278.25 Dec. 26.101 275.75 14.008 49.674 4900 277.46 19.333 23.335 278.50 1957—Jan.. 26.106 276.80 14.008 49.677 4900 278.53 19.333 23.329 279.57 Feb.. 26.111 277.04 14.008 49.687 4900 278.76 19.333 23.308 279.81 Mar. 26.119 276.54 14.008 49.695 3.4900 278.26 19.333 23.318 279.30 1 Annual averages based on quotations through Oct. 27, 1955. 3 New free market rate, became effective Oct. 28, 1955. 2 Official rate. The basic and preferential rates were discontinued and 4 Based on quotations beginning Nov. 26, 1956. the new official rate of 18 pesos per U. S. dollar became effective Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. 491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN • APRIL 1957 REPRINTS SURVEY OF BANK LOANS FOR COMMERCIAL AND (From Federal Reserve Bulletin unless preceded by INDUSTRIAL PURPOSES. Business Loans of an asterisk) Member Banks. April 1956. 14 pages. Credit THE MONETARY SYSTEM OF THE UNITED STATES. Lines and Minimum Balance Requirements. February 1953. 16 pages. June 1956. 7 pages. (Other articles on this INFLUENCE OF CREDIT AND MONETARY MEASURES Survey will appear in later issues of the BUL- ON ECONOMIC STABILITY. March 1953. 16 LETIN.) Reprints on a similar Survey are availpages. able from March, May, June, July, and August 1947 BULLETINS. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- from June 1955 BULLETIN.) MEDIATE-TERM CONSUMER CREDIT STATISTICS. SURVEY OF COMMON TRUST FUNDS. August 1956. April 1953. 25 pages. 6 pages. DEPARTMENT STORE SALES AND STOCKS, BY WORLD TRADE AND PAYMENTS IN 1955-56. Octo- MAJOR DEPARTMENTS (Revised Indexes) No- ber 1956. 8 pages. vember 1953. 65 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- FEDERAL RESERVE MONTHLY INDEX OF INDUS- tober 1956. 24 pages. (Also, similar reprint TRIAL PRODUCTION, 1953 Revision. December from April 1953 BULLETIN.) 1953. 9.6 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- NEW INDEXES OF OUTPUT OF CONSUMER DU- ber 1956. 15 pages. RABLE GOODS. May 1954. 15 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at WORLD TRADE AND PRODUCTION IN 1953-54. Oc- Commercial Banks. November 1956. 20 pages. tober 1954. 10 pages. Farm Loans to Finance Intermediate-Term Investments. January 1957. 9 pages. Farm DIRECTLY PLACED FINANCE COMPANY PAPER. December 1954. 8 pages. Loans for Current Expenses. February 1957. 8 pages. Loans to Buy Farm Real Estate. Feb- SEASONAL ADJUSTMENT FACTORS FOR DEMAND ruary 1957. 9 pages. Interest Rates on Farm DEPOSITS ADJUSTED AND CURRENCY OUTSIDE Loans. March 1957. 10 pages. BANKS. March 1955. 4 pages. UNITED STATES BANKING ORGANIZATION ABROAD. UNITED STATES BANKS AND FOREIGN TRADE FI- December 1956. 16 pages. NANCING. April 1955. 11 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED BANKING AND MONETARY STATISTICS, 1956. (Se- STATES. May 1955. 13 pages. lected series of banking and monetary statistics for 1956 only) February 1957. 8 pages. (Simi- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AClar reprints of 1954 and 1955 data, February COUNTS, ANNUAL ESTIMATES, 1939-54. Octoand May 1955 and February and May 1956 ber 1955. 40 pages. BULLETINS.) MONETARY POLICY AND THE REAL ESTATE MAR- BANK CREDIT AND MONEY IN 1956. February KETS. December 1955. 6 pages. 1957. 8 pages. THE 1957 BUDGET. February 1956. 11 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. 1956 SURVEY OF CONSUMER FINANCES. Prelimi- March 1957. 7 pages. nary Findings. March 1956. 3 pages. The 1957 SURVEY OF CONSUMER FINANCES. PRE- Financial Position of Consumers. June 1956. LIMINARY FINDINGS. March 1957. 3 pages. 14 pages. Consumer Indebtedness. July 1956. 17 pages. Durable Goods and Housing. August SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. 1956. 17 pages. (Similar Surveys are avail- April 1957. 20 pages. able for earlier years from 1952, 1953, 1954, SURVEY OF FINANCE COMPANIES, MID-1955. and 1955 BULLETINS.) April 1957. 17 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE S. SLOAN, Director HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Associate Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner JEROME W. SHAY, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General GLENN M. GOODMAN, Assistant Director Counsel HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTIC S EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director OFFICE OF DEFENSE LOANS ALBERT R. KOCH, Assistant Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN • APRIL 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 HOWARD H. HACKLEY, 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 495 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 Hostetler Pittsburgh Branch Paul C. Stetzelberger CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett Anthony Haswell, Chairman Franklin A. McCracken Bernard H. Geyer W. Bay Irvine William A. Mitchell Ivan Jett PITTSBURGH BRANCH—BOARD OF DIRECTORS Frank C. Irvine Ben Moreell John C. Warner, John H. Lucas Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN • APRIL 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 497 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 Guy S. Freutel, 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

498 FEDERAL RESERVE BULLETIN • APRIL 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 Frederick L. Deming, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge M. B. Holmgren H. G. McConnell of Helena Branch A. W. Johnson M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland, J. Willard Johnson Chairman George R. Milburn District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear C. L. Priddy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 499 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 N. Loyall McLaren Philip I. Welk John A. Schoonover 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

500 FEDERAL RESERVE BULLETIN • APRIL 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, Chairm 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, Chairm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 436, 437 Department stores: Agricultural loans of commercial banks, 432, 434 Merchandising data, 467 Agriculture, Gqvt. agency loans, 440, 441 Sales and stocks, 456, 466 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 428 Banks and the monetary system, consolidated, Banks, by classes, 429, 433, 435 428 Federal Reserve Banks, 423, 424, 480 Corporate, current, 448 Postal savings, 428 Domestic banks, by classes, 429, 432, 434 Turnover of, 426 Federal business-type activities, by fund or ac- Deposits, reserves, and borrowings, by class of memtivity, 440, 441 ber bank, 421 Federal Reserve Banks, 423, 424 Discount rates, 422, 489 Foreign central banks, 484 Discounts and advances by Federal Reserve Automobiles: Banks, 419, 423 Consumer instalment credit, 452, 453, 454 Dividends, corporate, 447, 448 Production index, 458, 462 Dollar assets, foreign, 480, 483 Dwelling units started, 463 Bankers' balances, 433, 435 (See also Foreign liabilities and claims reported Earnings and hours, manufacturing indusby banks) tries, 456, 465 Banks and branches, number, by class and State, 472 Employment, 456, 465 Banks and the monetary system, consolidated state- Export-Import Bank, loans, etc., 440, 441 ment, 428 Bonds (See also U. S. Govt. securities): Farm mortgage loans, 440, 449, 450 New issues, 446, 448 Federal business-type activities, assets and liabilities, Prices and yields, 437, 438 by fund or activity, 440, 441 Brokers and dealers in securities, bank Federal Deposit Insurance Corporation, loans to, 432, 434 assets, etc., 440, 441 Business expenditures on new plant and equip- Federal finance: ment, 448 Cash transactions, 442 Business indexes, 456 Receipts and expenditures, 443 Business loans (See Commercial and industrial loans) Treasurer's balance, 442 Federal home loan banks, loans, etc., 440, 441, 451 Capital accounts: Federal Housing Administration, loans, etc., 440, 441, Banks, by classes, 429, 433, 435 449, 450, 451 Federal Reserve Banks, 423, 424 Federal National Mortgage Association, Carloadings, 456 loans, etc., 440, 441, 451 Central banks, foreign, 482, 484, 489 Federal Reserve Banks: Coins, circulation of, 427 Condition statement, 423, 424 Commercial banks: U. S. Govt. securities held by, 419, 423, 424, Assets and liabilities, 429, 432 444, 445 Consumer loans held, by type, 453 Federal Reserve credit, 419, 423, 424 Number, by classes, 429, 472 Federal Reserve notes, 423, 424, 425, 427 Real estate mortgages held, by type, 449 Finance company paper, 436, 437 Commercial and industrial loans: Foreign central banks, 482, 484, 489 Commercial banks, 432 Foreign deposits in U. S. Banks, 419, 423, 424, 428, Weekly reporting member banks, 434, 436 433, 435 Commercial paper, 436, 437 Foreign exchange rates, 490 Commodity Credit Corporation, loans, etc., 440, 441 Foreign liabilities and claims reported by Condition statements (See Assets and liabilities) banks, 476, 478, 480 Construction, 456, 462, 463 Foreign trade, 467 Consumer credit: Instalment credit, 452, 453, 454, 455 Gold: Major parts, 452, 454 Earmarked, 481 Noninstalment credit, by holder, 453 Net purchases by U. S., 481 Consumer durable goods output indexes, 462 Production, 480, 481 Consumer price indexes, 456, 468 Reserves of central banks and governments, 482 Consumption expenditures, 470, 471 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 447, 448 institutions, 483 Corporate security issues, 446, 448 Stock, 419, 428, 481 Corporate security prices and yields, 437, 438 Gold certificates, 423, 424, 425, 427 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 419, 427 Gross national product, 470, 471 Customer credit, stock market, 438 Home owners, Govt. agency loans, 440, 441 Debits to deposit accounts, 426 Hours and earnings, manufacturing indus- Demand deposits: tries, 456, 465 Adjusted, banks and the monetary system, 428 Adjusted, commercial banks, by classes, 433 Industrial advances by Federal Reserve Banks, 423, Banks, by classes, 429, 435 424, 425, 426 Type of holder, at commercial banks, 433 Industrial production indexes, 456, 457, 462 501 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN • APRIL 1957 Instalment loans, 452, 453, 454, 455 Regulation V, loan guarantees, 425, 426 Insurance companies, 439, 444, 445, 450 Reserve requirements, member banks, 422 Insured commercial banks, 431, 432, 472 Reserves: Interbank deposits, 429, 433, 435 Commercial banks, 433 Interest rates: Federal Reserve Banks, 423, 424 Bond yields, 437 Foreign central banks and governments, 482 Business loans by banks, 437 Foreign countries and international institu- Federal Reserve rates, 422, 426 tions, 483 Foreign countries, 489 Member banks, 419, 421, 423, 424, 433, 435 Open market, 437, 489 Residential mortgage loans, 449, 450, 451 Regulation V loans, 426 Stock yields, 437 Sales finance companies, consumer loans of, 452, International capital transactions of the U. S., 476 453, 455 International financial institutions, 482, 483, 484 Savings, 470 Inventories, 471 Savings deposits (See Tinie deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 439 Banks, by classes, 429, 432, 434 Savings and loan associations, 439, 450 Federal Reserve Banks, 423, 424 Securities, international transactions, 479, 480 Govt. agencies, etc., 440, 441 Security issues, 446, 448 Life insurance companies, 439 Silver coin and silver certificates, 427 Savings and loan associations, 439 State member banks, 431, 472 State and municipal securities: Labor force, 464 New issues, 446 Loans (See also specific types of loans): Prices and yields, 437, 438 Banks, by classes, 429, 432, 434 States and political subdivisions: Federal Reserve Banks, 419, 421, 423, 424, Deposits of, 433, 435 425, 426 Holdings of U. S. Govt. securities, 444 Govt. agencies, etc., 440, 441 Ownership of obligations of, 432, 439 Insurance companies, 439, 450 Stock market credit, 438 Sayings and loan associations, 439, 450 Stocks: Loans insured or guaranteed, 425, 449, 450, 451 New issues, 446 Manufacturers, production indexes, 456, 457, 462 Prices and yields, 437, 438 Margin requirements, 422 Member banks: Tax receipts, Federal, 443 Assets and liabilities, by classes, 429, 432 Time deposits, 421, 428, 429, 433, 435 Borrowings at Federal Reserve Banks, 419, 421 Treasurer's account balance, 442 Deposits and reserves, by classes, 421 Treasury cash, 419, 428 Number, by classes, 429, 472 Treasury currency, 419, 427, 428 Reserve requirements, by classes, 422 Treasury deposits, 419, 423, 424, 442 Reserves and related items, 419 Weekly reporting series, 434 Unemployment, 464 Minerals, production indexes, 456, 457 U. S. Govt. balances: Money rates (See Interest rates) Commercial bank holdings, by classes, 433, 435 Mortgages (See Real estate loans) Consolidated monetary statement, 428 Mutual savings banks, 428, 429, 431, 444, 445, Treasury deposits at Federal Reserve 449, 472 Banks, 419, 423, 424, 442 National banks, 431, 472 U. S. Govt. securities: National income, 470 Bank holdings, 428, 429, 432, 434, 444, 445 National security expenditures, 443, 471 Federal Reserve Bank holdings, 419, 423, 424, Nonmember banks, 423, 431, 432, 472 444, 445 Foreign and international holdings, 483 Payrolls, manufacturing, index, 456 International transactions, 479 Personal income, 471 New issues, gross proceeds, 446 Postal Savings System, 428 Outstanding, by type of security, 444, 445 Prices: Ownership of, 444, 445 Consumer, 456, 468 Prices and yields, 437, 438 Security, 438 United States notes, outstanding and in circula- Wholesale commodity, 456, 468 Production, 456, 457, 461, 462 tion, 427 Profits, corporate, 447, 448 Utility output index, 461 Real estate loans: Veterans Administration, loans, etc., 440, 441, 449, Commercial banks, 432, 434, 449 450, 451 Type of mortgage holder, 449, 450, 451 Type of property mortgaged, 449, 450, 451 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend —• Boundaries of Federal Reserve Districts Boundaries of Federal Reserve BranchTerritories © 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