Federal Reserve Bulletin, 1957-05

FEDERAL RESERVE B U LLETIN May 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 Developments in Production 503 Ownership of Demand Deposits 511 Member Bank Earnings, 1956 517 Law Department 521 Current Events and Announcements 522 National Summary of Business Conditions 524 Financial and Business Statistics, U. S. (Contents on p. 527) 529 International Financial Statistics (Contents on p. 587) 588 Federal Reserve Board Publications 603 Board of Governors and Staff 605 Open Market Committee and Staff; Federal Advisory Council 606 Federal Reserve Banks and Branches 606 Index to Statistical Tables 613 Map of Federal Reserve Districts Inside back cover Volume 43 Number 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

ACTIVITY IN MAJOR SECTORS of the econ- expansion as well as greater availability omy has been maintained this year at the of resources of manpower, materials, and record levels reached last autumn. Selective facilities. output curtailments in some lines, reflecting Demand for new equipment has been susmainly inventory adjustments, have been tained by generally high levels of activity offset by expansion in other lines as business in the economy, as well as by strong incencapital outlays and Government expendi- tives for producers to expand markets and tures have continued to grow. Consumer reduce costs. Utility output of gas and buying has been relatively stable at advanced electricity is 228 per cent of the 1947-49 levels and personal incomes have increased average, as shown in the chart, and 6 per further. Economic activity abroad has con- cent above a year ago. While residential tinued to rise this year, and export demands for United States goods have been very strong. OUTPUT IN MAJOR SECTORS 1947 .49 .100 The Board's industrial production index reached a new high of 146 per cent of the 1947-49 average last fall, remained at about that level through March, and edged down to 145 in April. The level prevailing 160 in recent months has been about 2 per cent higher than in early 1956, reflecting mainly further expansion in output of business 120 equipment and larger production of military 100 equipment. Activity in the equipment and 1955 1957 1953 1955 19S7 ordnance industries is now more than double the 1947-49 average. NOTE.—Agriculture—Department of Agriculture annual index of farm output. Freight traffic—special annual index by Projects for the enlargement and improve- Federal Reserve based mainly on Interstate Commerce Commission data on ton miles of freight by major carriers. New ment of production facilities typically re- construction—value in constant prices based on Department of Commerce and Labor monthly data, seasonally adjusted by Federal Reserve. Remaining series are Federal Reserve quire considerable time for planning. They monthly seasonally adjusted indexes. Latest monthly data are preliminary figures for April. also require a build-up of work in process in equipment industries; such accumulation building has declined substantially since late accounted for an important part of the in- 1955, the total volume of construction crease in manufacturers' physical stocks activity has remained at advanced levels as over the past two years. The continuing construction for business purposes has inrise in output of producers' equipment in creased further and the building of schools, recent months reflects the large backlog of roads, and other public projects has conorders built up primarily during the 1955 tinued to grow. The volume of freight traf- 503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN • MAY 1957 fic over the past two years has been about 1956, and in recent months auto assemblies 40 per cent above the 1947-49 average. have declined. Reductions in output of Private and public passenger travel has also these major goods have been offset by inreached new records, as have business and creased production of nondurable consumer consumer uses of most other services. goods, and over-all activity in consumer As in 1956, however, the number of new goods lines this spring has been close to autos purchased by consumers remains sub- earlier highs. Production of other durable stantially below the 1955 record level. Also, items, including replacement auto parts and the reduction in residential building has tires, has been at advanced levels this year, contributed to decreased demands for house- as indicated in the accompanying chart. hold durable goods as well as for building Output of apparel and shoes has also inmaterials. creased, and production of manufactured Total consumption of industrial materials has apparently been maintained so far this OUTPUT OF CONSUMER DURABLE GOODS year. However, output of materials and 1947 - 49. 100 parts in manufacturing and mining has declined somewhat Industrial materials generally have come to be in better supply, 140 partly because of additions to capacity, and earlier incentives to accumulate inventories 100 have weakened. Ordering by both manufacturers and distributors has been more closely in line with the recent, relatively stable rates of output and sales. Business, - 110 which accumulated inventories throughout last year at an annual rate of $3.8 billion, shifted in the first quarter of 1957 to some 140 liquidation. The changed attitude towards inven- - 100 tories is one of the influences currently at work moderating upward pressures on in- 40 dustrial commodity prices in wholesale mar- 1957 kets. Since February these prices, on the indcxoc LiBtcit dflt& sfaown average, have been at a level about 3 per cent above a year ago and 8 per cent above two years ago. Meanwhile, consumer prices foods and most other nondurable consumer of both goods and services have continued goods has been maintained in large volume. to rise. Recent manufacturing curtailments for major consumer durable goods reflect less active sales to consumers, and a consequent CONSUMER GOODS READJUSTMENTS reappraisal of the increased volume of in- Production of household durable goods was ventories at both factories and distributors. curtailed substantially beginning in late Reduced buying of these goods despite fur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN PRODUCTION 505 ther gains in consumer incomes has resulted tained large demand for replacement tires from a variety of factors, including higher and parts and repairs, dollar sales at autoprices and further increases in consumer motive retail outlets have been above yearstocks—particularly of autos; large repay- earlier levels despite lower unit sales of ments on the instalment debt accumulated autos. under the easy terms available in recent Household durable goods. An especially years; and the decline in residential con- sharp cut in television output and curtailstruction—which accounts for an important ments in appliances and other items resulted part of new installations of refrigerators in a decline in output of major household and other appliances and also influences durable goods from last autumn to early consumer purchases of household furnish- this year, as shown in the chart on the preings. ceding page. Production of television sets Sales of newer household items like air- was reduced substantially further in April, conditioning equipment have continued to but average output of major household expand. In the case of autos, those makes goods has changed little since January, at with "conspicuously different models for levels about a tenth below last year's high. 1957 have been selling at rates well above These production curtailments followed a year ago, while those with less com- a period of substantial accumulation of inprehensive changes have not sold so well. ventories, particularly by manufacturers Autos. Assemblies of autos increased and wholesale distributors, as shown in the sharply after the model-changeover in late chart for appliances and television sets. 1956, as shown in the chart on the pre- Appliance stocks, which had been low ceding page. While significantly larger relative to sales in 1955, increased about sales of 1957 than of 1956 models were expected, producers were more cautious HOUSEHOLD GOODS STOCKS than the year before about building up 1953 - 55 - 100 stocks. At the end of 1956 stocks were - 160 substantially below the high level reached a year earlier. At the spring high reached in early May, dealers' stocks were still about one-tenth below last year's peak. For the second consecutive year the spring rise in sales fell short of expectations, and auto output was cut back. In early - 80 May, however, assemblies were consider- - 60 ably above the sharply reduced rate of a year ago. 40 List prices for autos were raised about 7 1953 1955 1957 per cent last autumn when the 1957 models were introduced, and used car prices are NOTE.—Special Federal Reserve indexes based on trade assoalso higher this year. Partly reflecting this ciation and Department of Commerce physical quantity data for manufacturers and wholesale distributors. Appliance index development, as well as continued upgrad- covers ranges, refrigerators, freezers, washing machines, driers, and heating apparatus, weighted by type. Latest data shown ing of auto equipment purchases and sus- are for end of March for appliances and end of April for television. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN • MAY 1957 one-fourth during 1956; stocks of television equipment has advanced further. Dollar sets—already up considerably at the end expenditures for equipment are up more of 1955—expanded further last year by than outlays for construction of plants. about one-fourth reflecting in part the mass Exports of equipment, which account for introduction of portables. about one-seventh of domestic output, have The build-up of stocks of these and other also increased sharply. household goods, including furniture and Private outlays for nonfarm fixed capital carpets, was influenced by the earlier in 1957 are anticipated to be 6 per cent marked expansion in retail sales and by higher than in 1956 and 40 per cent above competitive pressures for a greater share 1954, according to the most recent survey of the market in 1956. Retail sales of by the Department of Commerce and the household durable goods leveled off in the Securities and Exchange Commission. All last half of 1956 and declined early this businesses except commercial, in the aggreyear. Sales have recovered somewhat re- gate, expect to increase capital outlays 12 cently, but for the first four months as a per cent this year. While smaller than last whole dollar retail sales of such household year, the increase is from an already adgoods were only slightly above a year vanced level. earlier, with the increase apparently re- While expansion in productive capacity flecting higher prices. Home builders' de- for primary metals and electricity and in mands for these goods are down consider- transportation facilities continues to be the ably this year. most dramatic aspect of the capital goods Output curtailments had terminated the boom, incentives to improve efficiency and rise in stocks of appliances, and also of reduce costs at all levels of production and furniture, by late 1956, while television distribution of both goods and services have stocks rose further. In recent months also been important in investment decisions. manufacturers' stocks of television sets have Thus, an increasing part of capital expendideclined markedly, but appliance stocks tures is for electronic equipment and other have shown little net change. Retailers' business machines to facilitate the growing stocks of television sets and other house- volume of record-keeping. hold goods over the past year and a half During 1955 and most of 1956, strong have generally not been large relative to business demands for plant and equipment sales; while retail sales are down from were adding progressively to over-all presearlier highs, they have declined much less sures on available resources in a number of than production. lines, and shortages of some materials were acting to restrain output. This year sup- CAPITAL GOODS EXPANSION plies of these materials are relatively more Recent surveys of business spending plans ample, permitting a higher level of capital and the maintenance at high levels of new goods output with reduced upward prescontracts for business construction indicate sures on prices. continuing expansion in capital goods activ- Output of equipment. Activity in the ity. Private business construction activity equipment industries, including ordnance, has increased again following some slacken- has increased about one-fourth since early ing in late 1956, and output of producers' 1955. Expansion in this sector last year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN PRODUCTION 507 was the main factor raising the Board's OUTPUT - SfIECT» EQUIPMENT INOUSTIIES index of industrial production to a new 1947-49-100 Ratio teat* high level in the autumn. At current levels, output of these products and the materials and parts used in their manufacture accounts for about one-third of total industrial production. In addition, an important part of industrial materials is used in business construction. Production of military equipment showed little rise until the last half of 1956 and for the entire period since early 1955 has increased only moderately. Output of producers' equipment alone increased about one-third and accounted for the bulk of the advance shown for equipment and ordnance in the chart on page 503. Within the broad upward movement of the past two years, the extent of expansion and its timing have varied considerably among equipment lines, reflecting demand developments in industries using the equipment and, to some extent, the kinds and amounts of materials required. As the accompanying chart shows, expansion was general in 1955. Trucks and farm machinery benefited initially by the upsurge in business demands in that year. Farm income developments remained unfavorable, however, and farm machinery production dropped sharply in early 1956. In recent months output in this industry has shown - 70 some recovery. Truck output has been 1953 1954 1955 1956 1957 relatively stable since last summer at levels considerably below the highs of late 1955 NOTE.—Seasonally adjusted indexes. Latest data shown are and early 1956 but well above 1954. preliminary figures for April. Activity in the aircraft, ship, and railroad ity for military purposes expanded again in equipment industries (summarized in the the aircraft industry, and the rate of dechart as other transportation equipment) liveries of commercial aircraft increased did not begin to increase appreciably until sharply. The backlog of orders for comlate 1955, and expansion slowed down mercial planes at the beginning of this year last summer when steel supplies were re- was substantially above a year earlier. In duced by the strike. After mid-1956, activ- late 1956, shipyards received a large volume Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN • MAY 1957 of new orders, especially for oil tankers. tricity. In recent months output of some Reflecting partly the greater availability of of these materials has declined, but insteel plates for ship construction and rail- dustrial use of electric power has changed road equipment, activity in this sector has little. increased substantially further this year. Capital outlays in 1957 by privately Output of machine tools and a broad owned utilities are indicated to be about composite of other industrial machinery one-fourth larger than last year and, in adexcluding electrical apparatus increased dition, publicly owned utilities and indusrapidly from early 1955 to the spring of trial concerns are expanding their outlays 1956 and subsequently showed a moderate for power facilities. These expenditures further gain. As indicated in the chart, will provide further large additions to capacactivity in these machinery industries is ity to generate electricity. Marked current currently about one-third above late 1954. expansion of outlays reflects in part the The build-up of inventories of materials and ordering of a large volume of electrical apgoods in process in this equipment sector, paratus in 1955 when prices for such equipwhich earlier had been quite rapid, appears ment were temporarily reduced. Expansion to have tapered off. of gas utility facilities is also proceeding Owing to the widespread uses of such rapidly as gas output has expanded about machinery—particularly machine tools— as much as electricity over the past year. throughout die metal fabricating process, Backlogs of orders for electric gennew orders built up rapidly beginning in late erators and transformers have risen sub- 1954 and reached a peak at the end of stantially from the reduced levels reached 1955. Over the past year, with shipments in late 1954, as shown in the chart. The rising further and new orders declining, the current backlog represents about one-third reported backlog of orders for machine of present installed electric generating capactools has declined from eight and one-half to five and one-half times monthly ship- ELECTRICAL APPARATUS ments. Million, of 1954 dollar. Growth in utilities. A basic factor in the 1200 growth of the economy is the expansion of - UNFILLED 1000 electric generating capacity to meet rising f \ OR J DERS / - 800 industrial, commercial, and consumer needs. The rate of increase in electricity use by - 600 industry has slowed down since late 1955, ] while commercial and residential use has ORDERS f 1 | 400 continued to rise steadily. Atomic energy L"!zj-Ff-r • ; 200 use has tended to level off following com- i 1 i— -•I'"" • ! SHI . P ME ; NTS 1 I i 0 pletion of large new atomic energy installa- 1950 1954 tions during 1955. General industrial use of power also rose more slowly after the NOTE.—Based on manufacturers' reports to Edison Electric autumn of 1955 as capacity was approached Institute. Data, for electrical generaton and transformers, in turns of power units, combined by Federal Reserve using 1954 for a number of industrial materials whose nice weights. Shipments and new orders are frmonths' totals ior pcrioclii ending April 1 and October 1» unfilled orden afe production requires a large volume of elec- for end of period. Latest data shown are preliminary figures for period ending April 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEVELOPMENTS IN PRODUCTION 509 ity of all United States utilities and indus- facilities have bulked large in the three trial concerns. Shipments of generating postwar waves of capital investment. equipment are currently scheduled to in- Vigorous business recovery rapidly took crease to a rate which would permit addi- up the slack that had developed in late tions of about 10 million kilowatts of ca- 1953 and 1954, and during 1955 average pacity in 1957 and 16 million in 1958, as output of basic materials again approached compared with actual additions of 6.1 mil- capacity rates, as had been the case during lion kilowatts in 1956. These planned in- most of the postwar period. Reflecting creases would raise United States generat- new expansion programs, growth in capacing capacity to 163 million kilowatts by the ity, which had slackened in 1954, picked up end of 1958, which would be about one' in 1955 and 1956. Despite declines in output fifth above the December 1956' level. of autos, some other .consumer durablegoods, and residential building in 1956, MATERIALS OUTPUT AND CAPACITY demands for most materials were main- Rising investment outlays since early 1955 tained by rapid expansion in output of have been reflected in further gains in ca- producers' equipment and rising outlays for pacity to produce major industrial materials, nonresidential construction. These demands as shown in the chart which summarizes and capacity operations exerted strong changes in capacity and output for such upward pressures on prices and wage rates. manufactured materials as steel, aluminum, At the beginning of this year, steel ingot cement, cotton yarn, paper, and selected capacity was rated at 133.5 million net tons, industrial chemicals. The rate of economic up 4 per cent for 1956 in contrast to inexpansion since World War II has depended creases of 2 per cent in 1955 and 1 per upon the availability of a number of these cent during 1954. In January and Febkey materials, and outlays to add new facil- ruary, with ingot tonnage at about earlier ities and increase the efficiency of existing record levels, the rate of steel capacity SELECTED MAJOR MATERIALS 1947 49 output - 100 Ratio icoU -TOTAL - -METALS -TIXTILIS - CAPACITY —^TAT^ " ' ' 1 160 : f 140 J •> «w \sy^/ OUTPUT 120 100 1 1 1 i i i i ' 1951 -52 •53 '54 •55 •57 1954 '55 •56 •57 1954 '55 •56 •57 NOTE.—Based cm monthly output and end-of-year capacity board, petroleum products, coke, and five industrial chemicals. date. _ Jflctals are pig iron, stew Ingots* primary aluminum, Indexes constructed with ratae-added weights. Output indexes and refined copper* Textiles are cotton yarn and synthetic are seasonally adjusted; latest data shown are preliminary fibers and yarn. Additional materials included in total and figures for April. not shown separately are cement, wood pulp, paper, paper- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN • MAY 1957 utilization averaged 97 per cent. Since Expansion of capacity is continuing this February steel production has been con- year for many other materials, and for all siderably curtailed, to 86 per cent of capac- materials combined the rate of growth is ity in early May, reflecting mainly sub- likely to be as rapid as last year. Meanstantially smaller takings by the auto and while, production recently has been reother consumer durable goods industries, latively stable at high levels for most main keeping with demand and output de- terials, but it has declined for others, invelopments in those lines discussed above. cluding steel and building board. Production of steel sheets and strip—the Demands for materials have been less bulk of which is used by consumer dura- active in recent months, partly as a result ble goods industries—has been curtailed of output readjustments in major consumer sharply. On the other hand, output of heavy durable goods industries. To an important structural shapes, plates, line pipe, and oil extent, however, slackening of earlier prescountry goods has been maintained close to sures on supplies of materials—which were rolling mill capacity for these products and accompanied by widespread and substantial well above year-earlier levels. price increases—stems from the growth in Demands for textiles did not increase capacity. The expanded capacity has made much in the 1955-56 expansion. Con- supplies more readily available to meet the sequently, capital outlays were mainly for continuing heavy requirements for most mareplacement and modernization of equip- terials, and over-all pressures to stock up, ment to meet rising costs and strong com- associated with earlier shortage conditions, petition among fibers, in both apparel and have abated. industrial textile markets. Additions to With business and consumer incomes and capacity to produce some of the newer with government expenditures continuing synthetic textile fibers were more than offset upward, inventory and related production by net retirements of capacity for produc- readjustments have been of a selective tion of cotton yarn and rayon and acetate character within an economy generally fiber and yarn. operating at record levels. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ownership of Demand Deposits NEARLY FOUR-FIFTHS of the total num- ship distribution of demand deposits rather ber of demand deposit accounts at insured than changes in the distribution since the commercial banks are held by individuals, date of the previous survey.1 but these accounts represent less than one- The Survey was reinstituted this year after third of the total dollar volume of demand having been suspended in 1956 to permit deposits of individuals, partnerships, and a thorough reappraisal of the needs for decorporations. Business establishments hold posit ownership information and of the only one-tenth of the number, but these rep- methods used in collecting the data. The resent about three-fifths of the dollar volume. 1957 Survey incorporates major improve- The ownership pattern for the dollar volume ments designed to increase the reliability of the results while minimizing the burden on varies considerably over the country and respondents. In addition, it permits the deamong various sizes of banks; for number termination of reliable estimates for the of accounts the ownership pattern varies number of accounts by ownership groups less. There appear to have been no major and for ownership by size of bank and size changes in the ownership distribution of of account. demand deposits since early in 1955. The principal changes in the survey de- These are some of the principal findings sign include extension of the sample to infrom the annual Survey of Demand Deposit clude insured nonmember banks, adoption Ownership, conducted as of January 30, of probability sampling methods, and simpli- 1957, by the Federal Reserve System with fication of the ownership classification by the cooperation of about 1,800 member and elimination of the industry breakdown nonmember insured commercial banks and within the nonfinancial business category. banking offices. Because of changes in A description of the survey design appears scope and statistical methods, the estimates in the Technical Appendix on page 515. obtained from the 1957 Survey are not strictly comparable with those derived from OWNERSHIP DISTRIBUTION earlier surveys. Therefore, this article discusses characteristics of the current owner- The 1957 Survey illuminates more clearly than before the importance of checking accounts in the economic life of the country. NOTE.—The methodological and substantive revisions adopted in the 1957 Survey were developed Data on the number of accounts, not preby a Federal Reserve System Committee under the viously available, show that on January 30 chairmanship of Madeline McWhinney, Chief, Financial and Trade Statistics Division, Federal Reserve there were over 52 million demand deposit Bank of New York. Joseph Daly, Chief Matheaccounts. Of these, 40.5 million or 78 matical Statistician, Bureau of the Census, provided valuable technical assistance. This article was prepared by Edward P. Snyder of *For results of the 1955 Survey, see Federal Rethe Board's Division of Research and Statistics. serve BULLETIN for June 1955, pp. 639-641. 511 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN • MAY 1957 per cent were personal accounts of indi- nonfarm spending units. If allowance is viduals, as shown in Table 1. In the United made for multiple-account ownership, for States there are approximately 50 million example, if it is assumed that one-third of the units holding demand deposit accounts TABLE 1 maintain two accounts, it appears that 60 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, per cent of all nonfarm spending units hold PARTNERSHIPS, AND CORPORATIONS demand deposit accounts. Most of these JANUARY 30, 1957 accounts are small. The average size on [Estimates for insured commercial banks] January 30, 1957, was less than $800. Percentage Type of holder N l ( i b m o u e n m i r l s - ) - Am l ( d l a b i o o o r i l u s l n - - ) nt A ( l s a d a v i g o r z e s e l e r - ) - N b u d e m i r s - tribu A ti m on ount b N th a e a l a a n r n l c y $ e 1 s , 9 0 0 o 0 f 0 p , $ e 5 a r n ,0 d c 0 e 0 l n e t s o s r h t a m h d a o n r b e a 3 . l a p n e c r e s c e o n f t h le a s d s While accounts of individuals outnum- All holders 52.2 104.4 2,000 100.0 100.0 Domestic business 5.5 61.5 11,207 10.5 58.9 bered all other accounts, they amounted to Corporate 1.8 47.6 26,466 3.4 45.7 less than 30 per cent of the total dollar Noncorporate.... 3.7 13.8 3,755 7.1 13.2 volume of deposits. Business accounts, on Financial business 0.7 11.2 15,430 1.4 10.7 Corporate 0.3 8.8 26,961 0.6 8.5 the other hand, while numbering only 10.5 Noncorporate 0.4 2.3 5,906 0.8 2.2 Nonfinancial business. 4.8 50.3 10,564 9.1 48.2 per cent of the total, accounted for about Corporate 1.5 38.8 26,355 2.8 37.2 Noncorporate 3.3 11.5 3,496 6.3 11.0 60 per cent of the dollar volume. Nonprofit organizations 2.6 4.5 1,725 5.1 4.3 Noncorporate businesses held two-thirds Farm operators 3.5 4.7 1,350 6.6 4.5 [ndividuals—personal.. 40.5 30.9 763 77.6 29.6 of the number of business accounts, but less Trust departments of banks 0.1 2.0 35,336 0.1 1.9 than one-fourth of the dollar volume. Even Foreigners 0.1 0.8 11,794 0.1 0.8 though corporate businesses held over three- NOTE.—Corporate farming enterprises are classified as corporate nonfinancial business. Details may not add to totals because of fourths of the dollar volume, more than rounding. TABLE 2 SIZE OF DEMAND DEPOSIT ACCOUNTS WITHIN OWNERSHIP GROUPS [Percentage distribution of accounts] Size of account (thousands of dollars) All sizes Under 1 1-5 5-10 10-25 25-100 100 and over Type of holder Num- Num- Num- Num- Num- Num- Number Dollar ber Dollar ber Dollar ber Dollar ber Dollar ber Dollar ber Dollar of ac- amount of ac- amount of ac- amount of ac- amount of ac- amount of ac- amount of ac- amount counts counts counts counts counts counts counts All holders 100 100 181 14 15 22 212 17 (3 4) 338 Domestic business 100 100 48 29 10 20 2 57 Corporate 100 100 32 28 3 12 3 12 7 10 19 4 67 Noncorporate 100 100 55 30 18 14 5 20 2 22 20 Financial 100 100 45 27 4 10 5 9 9 21 60 Nonfinancial 100 100 48 29 7 9 6 7 11 20 56 Nonprofit organizations 100 100 81 10 14 17 2 9 2 14 20 29 Farm operators 100 100 71 14 23 38 4 20 2 16 9 3 Individuals—personal. . 100 100 186 123 11 31 2 14 1 14 12 6 All others 100 100 52 13 1 3 1 228 226 2 369 1 Includes special checking accounts of individuals. * Less than 0.5 of one per cent. 2 Includes accounts of foreigners unclassified as to size. 5 Trust departments of banks and foreigners. 3 Includes accounts of trust departments of banks unclassified as to size. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 513 70 per cent of these accounts had balances smaller than holdings of other ownership of less than $10,000, as shown in Table groups. However, accounts of trust de- 2. The very largest corporate accounts, partments of banks, on the average, were those with balances of $100,000 or more, substantially larger than accounts of other amounted to only 4 per cent of the number ownership groups. but to two-thirds of the deposits of corporate business accounts. These large corpo- DISTRIBUTION WITHIN FEDERAL RESERVE DISTRICT rate accounts amounted to 30 per cent of the total volume of demand deposits of in- Differences in ownership patterns among dividuals, partnerships, and corporations. Federal Reserve districts are relatively minor Financial businesses held more than 10 insofar as the distribution of number of per cent of total deposits, and nonprofit or- accounts is concerned, as shown in Table 3. ganizations and farm operators each held Corporate business accounts were substanabout 4.5 per cent. Total holdings of trust tially more important in the highly indusdepartments of banks and of foreigners were trialized Boston and New York Federal Re- TABLE 3 DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 30, 1957 BY FEDERAL RESERVE DISTRICT [Percentage distribution within districts] Federal Reserve district Type of holder 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 S r a a n ncisco Number of accounts All holders 100 100 100 100 100 100 100 100 100 100 100 100 Domestic business. 14 15 10 10 9 10 11 8 10 9 9 11 Corporate 6 7 3 3 3 3 4 2 2 2 2 3 Noncorporate 9 8 7 7 6 6 8 6 8 7 7 Financial.... 1 1 1 1 1 2 1 1 2 1 2 1 Nonfinancial. 14 13 9 10 7 7 10 6 8 8 7 9 Nonprofit organizations... 5 4 6 6 5 5 6 5 7 6 5 4 Farm operators 1 3 4 6 7 9 14 19 12 7 3 Individuals—personal 80 80 81 79 80 78 74 73 64 73 79 82 All other 1 1 1 Amount of deposits All holders 100 100 100 100 100 100 100 100 100 100 100 100 Domestic business. 70 70 58 62 50 57 60 42 40 52 50 56 Corporate 60 60 44 50 36 43 47 26 23 39 35 38 Noncorporate. 10 10 14 12 14 13 13 16 17 14 15 17 Financial. 13 11 10 8 9 16 10 7 6 9 16 10 Nonfinancial. 57 59 48 54 41 40 50 34 34 43 33 46 Nonprofit organizations. i 4 5 4 8 4 4 6 4 4 3 4 Farm operators 1 2 2 5 5 5 12 20 10 7 5 Individuals—personal 22 31 29 35 33 28 39 34 33 39 34 All other i 4 4 5 3 2 2 3 1 1 1 1 2 1 Trust departments of banks and foreigners. NOTE.—Details may not add to totals because of rounding. 2 Less than 0.5 of one per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN • MAY 1957 serve Districts than elsewhere; the majority in the average size of deposits among types of these accounts represented nonfinancial of holders and among districts for the same businesses. Accounts of farm operators, on type of holder. the other hand, were more important in all other districts, but particularly in the Minne- DISTRIBUTION BY SIZE OF BANK apolis, St. Louis, and Kansas City Districts. Farm operators and corporate business were There were only minor differences among the only two ownership groups varying subdistricts in the combined percentage of the stantially in relative importance from one total number of accounts held by farm op- size class of bank to another. As shown erators and individuals. in Table 4, the importance of corporate Differences in the distribution of dollar business accounts in terms of both number amounts were more marked than differences in the distribution of number of ac- TABLE 5 counts. This was the result of differences OWNERSHIP OF DEMAND DEPOSITS RELATED TO SIZE OF ACCOUNT, JANUARY 30, 1957 TABLE 4 [Percentage distribution within size group] OWNERSHIP OF DEMAND DEPOSITS RELATED TO SIZE OF BANK, JANUARY 30, 1957 Size of account (thousands of dollars) [Percentage distribution within size group] Type of holder Size of bank (total deposits, in millions U d 1 e n r i - 1-5 5-10 2 1 5 0 - 2 2 1 5 0 - 0 o a 1 v n 0 e d 0 r3 of dollars) Type of holder Number of accounts U d 2 e n r - 2-10 10-50 2 5 5 0- 0 1 2 , 5 0 0 0 - 0 1 o a , v n 0 e d 0 r 0 All holders. 100 100 100 100 100 100 Domestic business. 22 38 49 69 83 Number of accounts Corporate 1 7 17 27 50 73 Noncorporate 5 15 22 22 19 11 All holders. 100 100 100 100 100 100 Financial 1 3 6 7 13 19 Domestic business. 8 9 11 13 12 13 Nonfinancial 5 19 33 42 56 64 Corporate.... 1 2 4 5 5 Nonprofit organizations. 5 5 5 5 5 Noncorporate. 7 7 7 8 7 Farm operators 6 11 10 6 3 Individuals—personal.. . 183 62 47 35 23 Financial. . .. 7 1 2 1 1 All other 4 (5) (5) 24 (5) 34 Nonfinancial. 7 8 9 12 11 12 Nonprofit organizations. 7 6 4 5 4 3 Amount of deposits Farm operators 17 8 6 1 2 1 Individuals—personal... 68 77 79 81 82 82 All other 1 1 All holders. 100 100 100 100 100 100 Domestic business. 24 38 50 71 87 Amount of deposits Corporate.... 8 17 28 53 80 Noncorporate. 16 22 22 18 7 All holders 100 100 100 100 100 100 Financial. . .. 3 6 8 14 17 Domestic business. 28 40 53 65 71 71 Nonfinancial. 21 33 42 57 70 Corporate 12 22 38 50 61 61 Nonprofit organizations. 5 5 5 5 5 Noncorporate 16 18 15 15 9 10 I F n a d r i m v id o u p a er ls a — tor p s ersonal... 178 7 6 1 0 1 4 1 7 0 3 6 4 2 2 1 () Financial. . .. 7 9 11 10 13 11 All other 4 (5) (5) 26 (5) 3 5 Nonfinancial. 21 31 41 54 58 61 Nonprofit organizations. 5 5 5 5 4 3 1 Includes special checking accounts. The average size of these Farm operators 22 11 5 1 1 1 accounts is $185. Individuals—personal... 44 44 36 27 20 20 2 Includes accounts of foreigners held in special ledgers. The All other i 1 2 2 4 4 average size of these accounts is $20,800. 3 Includes accounts of trust departments of banks held in special ledgers. The average size of these accounts is $394,000. 1 Trust departments of banks and foreigners. 4 Trust departments of banks and foreigners. 2 Less than 0.5 of one per cent. 5 Less than 0.5 of one per cent. NOTE.—Details may not add to totals because of rounding. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 515 and amount varied directly with size of viduals combined had about the same relabank. For farm operators the relation was tive importance in all sizes of banks. inverse. Corporate business deposits ac- DISTRIBUTION BY SIZE OF ACCOUNT counted for more than 60 per cent of the total dollar volume in the largest banks, As shown in Table 5, larger accounts are reflecting both the higher proportion of the preponderantly business accounts, particunumber and the larger average size of these larly corporate business, while the smaller accounts in the largest banks. Even in the accounts are preponderantly those of indismallest banks, those with total deposits un- viduals. The numerical importance corder $2 million, accounts of farm operators responds closely with the dollar importance represented only one-fifth of the dollar vol- in all size-of-account categories except the ume of accounts and less than a fifth of the largest, where corporate business accounts number. However, the number of farm amount to a larger proportion of the dollar operator accounts and accounts of indi- amount than of the number of accounts. TECHNICAL APPENDIX A completely revised survey design, based lished in each Federal Reserve district for on a probability sample of alphabetical clus- member banks, large insured nonmember ters of accounts, was adopted for the 1957 banks, and small insured nonmember banks. Survey of Demand Deposit Ownership. In The samples were selected independently previous surveys the sample accounts in from each frame. most Federal Reserve districts were drawn Preliminary calculations based on data in a systematic manner throughout the en- provided by several Reserve Banks from tire ledger of each reporting bank. Un- earlier deposit surveys indicated that the deder the revised procedure, demand deposit sired levels of reliability could be achieved accounts within each commercial banking with an over-all 2 per cent sample of the office were arrayed alphabetically in clusters clusters. To reduce the administrative work of 1,000, 500, or 250 accounts, depending involved in introducing the revised plan, the upon the total number of accounts in the sampling fraction for clusters in the smaller office. The clusters were arrayed by size, nonmember insured banks was reduced to and a systematic sample of clusters was 1 per cent. The selection of the sample drawn. was made centrally at the Board of Gov- To establish the necessary sampling frame, ernors. The Survey in each district was data on the number and dollar amount of administered by the Reserve Bank in that accounts in each banking office were ob- district. tained from larger banks through an earlier Banking offices containing a selected clusspecial survey and from smaller banks by a ter were requested to list on an adding maspecial tabulation of data collected in a sur- chine tape the dollar amount of each devey of accounts conducted by the Federal mand deposit account within the assigned Deposit Insurance Corporation on Septem- alphabetical cluster, and to put the ownerber 21, 1955. Separate frames were estab- ship code for the holder in the cents col- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN • MAY 1957 umns. They were also requested to enu- ownership groups, the sample design promerate accounts with balances of $1 million vides for the maintenance of an identical, or or more and to provide certain other in- nearly identical, sample for a number of formation, including the total volume of years. This will eliminate, to a large extent, demand deposits of individuals, partner- the recoding of a new set of accounts for ships, and corporations of the bank on De- each Survey. In addition, the Survey will cember 31, 1956, and January 30, 1957; be conducted annually on the last Wednesthe aggregate number and amount of spe- day in January to minimize the effects of cial checking accounts; and the number and intraweekly fluctuations in ownership patamount of accounts of trust departments of terns. banks and of foreigners where these were The present estimates were made by mulheld in special ledgers. This additional in- tiplying sample totals by the reciprocals of formation will be used to improve reliability the probabilities of selection. A study of of the estimates without increasing the num- alternative estimating methods—which may ber of accounts to be listed. reduce the variances of the estimates, but To maximize the accuracy of estimates which are not likely to affect the figures subof annual changes in the holdings of the stantially—is under way. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 1956 FOR THE YEAR 1956 member banks re- in net profits, along with an increase in ported $2,398 million of net current average total capital accounts, resulted in earnings before income taxes, $321 million a decline from 7.9 per cent to 7.7 per cent more than in 1955.1 Net profits after in the ratio of net profits to average total taxes, however, increased only $41 million capital accounts. Cash dividends declared because of a decline in profits on sales of amounted to $547 million, $46 million securities, a substantial increase in net more than in 1955. losses and charge-offs, and larger provisions The ratio of average total capital accounts for valuation reserves. The moderate rise to average total assets advanced from 7.3 per cent to 7.6 per cent during 1956, while NOTE.—This article was prepared by Lee W. Langham of the Board's Division of Bank Operations. the ratio of average total capital accounts to 1 Net current earnings are gross current operating average total assets other than cash and earnings less gross current operating expenses, before adjustments for losses, profits on sales of securities, United States Government securities derecoveries, and transfers to and from valuation reclined from 15.4 per cent to 14.6 per cent. serves, and before taxes on net income. MEMBER BANK EARNINGS, 1945-56 [Dollar amounts in millions] Item 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 Earnings V,102 $?,403 V,579 V,828 $2,986 S3,265 669 $4,120 $4,590 $4,826 $5,343 $6,078 On U. S. Government securities 997 1,054 921 855 859 865 832 929 1,011 1,066 1,118 1,101 On other securities H9 148 149 1S8 169 190 235 252 273 296 308 On loans 588 772 1,044 ,308 I All 1,634 ,003 2,306 2,632 2,711 3,083 3,725 Service charges on deposit accounts.. 87 100 119 141 158 172 187 198 219 252 274 310 Other earnings 291 328 346 367 373 403 436 452 477 523 572 634 Expenses 1,268 1,469 1,650 1,795 1,889 ?,020 ? 2,501 2,782 2,999 3,265 3,680 Salaries and wages 580 699 797 876 926 1,000 1,125 1,244 1,371 1,463 1,571 1,735 Interest on time deposits 183 212 236 250 261 271 306 365 425 494 543 650 Taxes other than income 83 82 88 90 96 109 115 118 125 140 149 157 Other expenses 422 476 529 605 640 686 775 860 902 1,002 1,138 579 Net current earnings before income taxes . 835 934 929 1 1,097 1,245 1,437 1,619 1,809 1,828 2,077 2,398 ,033 Profits on securities 239 183 90 64 82 52 29 35 375 51 28 Recoveries * 215 173 142 15355 91 93 87 84 86 117 113 124 Losses and charge-offs2 230 247 251 195 166 149 202 226 332 254 426 577 Net increase in valuation reserves.... 173 125 121 128 68 40 165 139 229 Profits before income taxes 1 058 1 043 910 854 961 1,150 1,247 1,437 1,558 1,900 1,676 1,744 Taxes on net income 270 285 257 234 275 369 491 608 692 804 691 718 Net profits 788 758 653 621 686 781 756 829 865 1,096 985 1,027 Cash dividends declared4 246 267 281 294 313 346 371 390 419 456 501 547 Ratio of net profits to average total capital accounts (per cent) 10.9 9.6 7.9 7.2 7.6 8.3 7.6 7.9 7.8 9.3 7.9 7.7 Number of banks at end of year 6,884 6,900 6,923 6,918 6,892 6,873 6,840 6,798 6,743 6,660 6,543 6,462 1 Beginning with 1948, includes recoveries credited either to un- with losses, and transfers from these reserves were included with redivided profits or to valuation reserves; see footnote 3. coveries. Such amounts are estimated to have been relatively small 2 Beginning with 1948, includes losses charged either to undivided prior to 1947. profits or to valuation reserves; see footnote 3. 4 Includes interest on capital notes and debentures. 3 Not reported separately; transfers to these reserves were included 517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL RESERVE BULLETIN • MAY 1957 The decline in the latter ratio, a continua- Gross current operating earnings were tion from 1955, reflected a substantial in- $736 million higher in 1956 than in 1955. crease in holdings of loans and a decrease This reflected to a large extent the $642 in holdings of United States Government million increase in earnings on loans. The securities. average rate of return on loans rose to 5.02 A summary of factors contributing to the per cent during the year, and average total increase in net profits of member banks in holdings expanded $9.6 billion. Interest on 1956 appears in the following table. United States Government securities, on the other hand, declined slightly during the year. FACTORS IN HIGHER NET PROFITS The average rate of return on such securi- [In millions of dollars] ties rose to 2.31 per cent, but average total holdings were $5.9 billion less than in Change Item from 19551 1955.3 Commercial and industrial loans in- Increase in net profits +41 Factors increasing net profits, total +774 creased $5.3 billion during the year; this Increase in earnings on loans 642 group accounted for the major portion of Increase in miscellaneous current earnings 99 Increase in miscellaneous recoveries 21 Increase in earnings on other securities 12 the growth in member bank loans. Large Factors decreasing net profits, total -733 increases were also reported in real estate Increase in expenses 415 Increase in losses on securities2 114 loans and in loans to individuals for house- Larger net increase in valuation reserves on loans.. 85 Increase in net losses on loans2 41 hold, family, and other personal expendi- Increase in provision for taxes on net income 27 Decrease in profits on sales of securities 23 tures. Agricultural loans and loans for pur- Decrease in earnings on U. S. Government securities 18 Increase in miscellaneous losses 5 chasing or carrying securities were lower Smaller net decrease in valuation reserves on securities 1 Details may not add to totals because of rounding. CHANGES IN MEMBER BANK LOANS AND INVESTMENTS 2 Includes recoveries credited and losses charged either to un- 1956 divided profits or to valuation reserves. [Dollar amounts in millions] EARNINGS AND EARNING ASSETS Change from Earning assets of member banks continued Dec. 31, 1955 Dec. 31, to rise and on December 31, 1956, were Item 1956 Per- $3.4 billion more than a year earlier. An Amount centage expansion of $7.1 billion in loans was Total loans and investments $138,768 $+3,408 +2.5 partly offset by a decline of $3.1 billion in Loans1 78,034 +7,051 +9.9 Commercial and industrial 36,296 +5,277 + 17.0 holdings of United States Government se- Agricultural 2,478 -247 -9.1 For purchasing and carrying securities. The net increase in earning assets curities 3,920 -790 -16.8 Real estate 17,811 + 1,420 + 8.7 in 1956 was somewhat less than the $3.8 Other loans to individuals 15,765 + 1,452 + 10.1 All other 3,147 +203 +6.9 billion reported for 1955 when an increase U. S. Government securities 47,575 -3,122 -6.2 of $10.7 billion in loans was offset to a large Treasury bills, notes, and certificates 15,345 -1.151 -7.0 Bonds2 32,230 -1,971 -5.8 extent by a reduction of $7.1 billion in hold- Other securities 13,159 -522 -3.8 ings of United States Government securities. State and local government 10,494 +49 +0.5 Other 2,665 -571 -17.6 Holdings of other securities decreased $0.5 billion; a small increase in obligations of 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. States and political subdivisions was more 2 Includes small holdings of guaranteed obligations. than offset by a decrease in other bonds, 2 Average holdings of earning assets during the year notes, and debentures. may differ considerably from year-end holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1956 519 than at the end of 1955. Sample data for pared with $176 million in the previous weekly reporting member banks indicate year. Valuation reserves on loans were 1.8 that all major classifications of business per cent of total loans at the end of 1956, loans other than those to sales finance com- an increase from 1.6 per cent on December panies and the construction industry ex- 31, 1955. panded during 1956 and that loans to manu- Net transfers to valuation reserves on sefacturers of metals and metal products ac- curities were $57 million. As in 1955, howcounted for about one-fourth of the increase. ever, losses charged directly to this reserve exceeded recoveries and reduced valuation EXPENSES reserves $32 million to $181 million at the All categories of expenses increased during year-end; this was 0.30 per cent of the book 1956, and current operating expenses rose value of all securities held by member banks. 12.7 per cent during the year to a total of The net effect of all these transactions in $3,680 million. Salaries and wages, total- nonoperating profits, recoveries, losses and ing $1,735 million, continued to be the charge-offs, and valuation reserves was a largest item of expense and accounted for reduction in net profits of $654 million, of $164 million of the increase. These pay- which $342 million was on loans, $294 milments reflected increases in both the num- lion on securities, and $18 million on all ber and the average compensation of officers other assets. The comparable net reduction and employees. in 1955 was $401 million. Interest paid on time deposits rose $107 million as a result of the growth of $1.2 bil- INCOME TAXES lion in the average volume of such deposits Provision for taxes on net income increased and an advance in the average rate of in- $27 million and amounted to 41 per cent of terest paid to 1.58 per cent from the 1955 profits before income taxes. This proporaverage of 1.36 per cent. tion was unchanged from 1955. LOSSES, CHARGE-OFFS, RECOVERIES, PROF- DIVIDENDS AND CAPITAL ITS, AND TRANSFERS TO RESERVES s Cash dividends distributed in 1956 totaled Profits from sales of securities were $23 $547 million, $46 million more than in million less, and net losses and charge-offs 1955; they represented 53 per cent of net on securities $114 million more, than in profits as compared with 51 per cent in the 1955. Net losses and charge-offs on loans earlier year. The ratio of cash dividends to increased $41 million; they amounted to average total capital accounts was 4.1 per $81 million, or 2.2 per cent of total earncent, slightly higher than in 1955. Retained ings on loans. earnings were $480 million, about the same The net increase in valuation reserves on as in 1955. Such earnings accounted for loans amounted to $261 million, as comabout 55 per cent of the increase in total capital accounts as compared with 84 per 3 In this analysis, losses and charge-offs comprise those debited to either undivided profits or valuation cent in 1955. The decline in this percentreserves, and recoveries are those credited to either age reflected largely the sales of substantial account; transfers between undivided profits and valuation reserves are not included. amounts of bank stock in 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN • MAY 1957 EARNINGS AND PROFITS BY CLASS OF BANK ranging from 11 to 14 per cent. The per- Net profits rose at all reserve classifications centages of net current earnings carried to of member banks. Percentagewise, the in- net profits varied only slightly. creases were 1 per cent at New York City The decline in ratio of net profits to central reserve city banks, 6 per cent at average total capital accounts from 7.9 per Chicago central reserve city banks, 7 per cent to 7.7 per cent at all member banks cent at reserve city banks, and 2 per cent at was reflected in all reserve classifications country banks. except central reserve city banks in Chicago Earnings on loans also increased at all where the ratio increased slightly. reserve classifications of member banks, and Increases in cash dividends at all classes earnings on United States Government se- of banks were close to the member bank curities declined at all classifications except average of 9 per cent. country banks, where they advanced $29 Summary data by class of bank are shown million. in the following table. Detailed figures on Current operating expenses rose at all earnings and related items will appear in the reserve classifications, with the increases BULLETIN for June. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1956 AND 1955 [Dollar amounts in millions] Central reserve city banks Reserve Country city banks banks Item New York Chicago 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 Earnings $6,078 $5,343 $1,014 $867 $243 $209 $2,402 $2,095 $2,419 $2,173 On U. S. Government securities 1 101 1 118 133 156 49 57 404 420 514 485 On other securities 308 296 47 51 16 15 116 112 129 117 On loans 3 725 3 083 633 484 143 105 1 511 1,232 1,438 1,263 All other 945 846 201 176 35 32 371 331 338 308 Expenses 3 680 3,265 536 472 123 111 1 441 1,274 1,579 1,408 Salaries and wages 1 735 1 571 275 253 60 56 677 605 724 658 Interest on time deposits 650 543 59 43 19 17 266 230 305 254 All other 1,295 1,151 202 176 44 39 497 440 551 496 Net current earnings before income taxes 2,398 2,077 478 395 119 98 961 821 840 764 Profits on securities 28 51 11 7 2 5 9 25 6 13 Recoveries1 124 113 34 19 7 7 38 41 45 46 Losses and charge-offs 2 577 426 109 77 40 19 222 174 206 157 Net increase in valuation reserves 229 139 67 25 7 8 63 43 91 63 Profits before income taxes 1,744 1,676 346 319 82 83 723 671 593 603 Taxes on net income 718 691 157 133 30 34 302 278 229 246 Net profits 1,027 985 189 187 52 49 421 393 364 357 Cash dividends declared3 547 501 133 124 23 21 223 202 168 154 Ratios (per cent): Net current earnings before income taxes to— Average total capital accounts 18.0 16.6 17.0 14.4 18.7 16.0 19.7 18.3 17.0 16.4 Average total assets 1.37 1.22 1.52 1.26 1.43 1.19 1.40 1.23 1.26 1.19 Net profits to— Average total capital accounts 7.7 7.9 6.7 6.8 8.2 8.1 8.6 8.8 7.4 7.7 Average total assets 0.59 0.58 0.60 0.59 0.63 0.60 0.61 0.59 0.55 0.56 1 Includes recoveries credited either to undivided profits or to 2 Includes losses charged either to undivided profits or to valuation valuation reserves. reserves. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Continental Bank and Trust Company Matter chase stock in such corporation, or to purchase stock in an affiliated corporation of such corpora- The Supreme Court of the United States on tion; provided the lender as well as the borrower March 25, 1957, denied a petition for a writ of is a partner in such member firm or a stockholder certiorari to review the decision of the United in such member corporation, or the lender is a States Court of Appeals in the case of The Confirm or corporation which is a member of a natinental Bank and Trust Company vs Emery J. tional securities exchange and the borrower is a Woodall, 239 F(2d) 707. The bank had brought partner in such firm or a stockholder in such suit to enjoin the trial examiner from conducting corporation. an administrative proceeding instituted by the (B) Make and maintain subordinated loans to Board of Governors of the Federal Reserve Sysanother creditor for capital purposes, provided— tem to determine the adequacy of the capital of (i) either the lender or the borrower is a firm the bank. The District Court had denied the inor corporation which is a member of a national junction, and the Court of Appeals had affirmed securities exchange, the other party to the loan is the decision of the District Court. The opinion an affiliated corporation of such member firm or of the Court of Appeals is printed at page 22 of corporation, and, in addition to the fact that an the Federal Reserve BULLETIN for January 1957. appropriate committee of the exchange is satisfied that the loan is not in contravention of any Margin Requirements rule of the exchange, the loan has the approval of The Board of Governors of the Federal Reserve such committee; or System, effective May 27, 1957, adopted an (ii) the lender as well as the borrower is a memamendment to Regulation T which relates to marber of such exchange, the loan has the approval gin requirements of brokers, dealers, and members of an appropriate committee of the exchange, and of national securities exchanges, so as to make the the committee, in addition to being satisfied that permissive provisions of section 4(/)(2) applicathe loan is not in contravention of any rule of the ble to certain additional types of loans for capital exchange, is satisfied that the loan is outside the purposes, particularly certain such loans between ordinary course of the lender's business, and that, a member firm or member corporation of an ex- if the borrower's firm or corporation or an affilichange and its corporate affiliate. ated corporation of such firm or corporation does The text of the amendment is as follows: any dealing in securities for its own account, the loan is not for the purpose of increasing the AMENDMENT NO. 13 TO REGULATION T amount of such dealing. Effective May 27, 1957, section 4(/)(2) of (C) For the purpose of subdivisions (A) and Regulation T is amended to read as follows: (B) of this section 4(/)(2), the term "affiliated (2) (A) Make loans, and may maintain loans, corporation" means a corporation all the common (i) to or for any partner of a firm which is a stock of which is owned directly or indirectly by member of a national securities exchange to en- the member firm or general partners and employable such partner to make a contribution of capi- ees of the firm, or by the member corporation or tal to such firm, or to purchase stock in an affili- holders of voting stock and employees of the corated corporation of such firm; or (ii) to or for any poration and an appropriate committee of the experson who is or will become the holder of stock change has approved the member firm's or memof a corporation which is a member of a national ber corporation's affiliation with such affiliated securities exchange to enable such person to pur- corporation. 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN • MAY 1957 Classification of Reserve Cities graph (4) because it meets the standard prescribed in paragraph (2) above, shall not The Board of Governors has amended its rule become effective until after one year, or for the classification of central reserve and reserve such longer period as the Board of Govercities (1948 Federal Reserve BULLETIN, pp. 41 nors may determine, from the date as of and 42). Under the amendment, the designation which such designation would be effective of any city as an additional reserve city because it in the absence of this proviso. qualifies for designation as such under the averageaggregate-deposit standard set forth in paragraph Under the rule as amended above, the Board (2) of subsection (b) of the rule, shall not be- has taken the following action: come effective until after one year, or such longer Acting in accordance with the rule regarding period as the Board may determine, from the date classification of central reserve and reserve cities as of which such designation would be effective as adopted by the Board on December 9, 1947, under paragraph (4) of subsection (b) of the effective March 1, 1948, and as amended effective rule in the absence of the amendment. The text March 1, 1957 (hereafter referred to as the of the amendment is as follows: Board's rule), and pursuant to authority con- Effective as of March 1, 1957, paragraph (4) ferred upon it by section ll(e) of the Federal of subsection (b) of the rule of the Board of Reserve Act and other provisions of that Act, Governors of the Federal Reserve System en- the Board of Governors has taken the following titled "Classification of Central Reserve and action: Reserve Cities" published at pages 41 and 42 of The city of Miami, Florida, falls within the the 1948 Federal Reserve BULLETIN, is hereby scope of paragraph (2) of subsection (b) of amended by changing the period at the end thereof the Board's rule based upon official call reports to a colon and adding after the colon the follow- of condition in the two-year period ending June ing new language: 30, 1956, and, therefore, such city is hereby Provided, that the designation of any city as designated and classified as a reserve city effective an additional reserve city under this para- May 15, 1958. Current Events and Announcements FEDERAL RESERVE MEETINGS the Federal Reserve Act as amended through De- A meeting of the Federal Open Market Committee cember 31, 1956, with an Appendix containing was held in Washington on May 7, 1957. provisions of certain other statutes affecting the The Federal Advisory Council held a meeting Federal Reserve System. The new edition, which has been prepared in the Board's Legal Division, in Washington on May 12-14, 1957, and met with brings up to date and supersedes the one which the Board of Governors on May 14. was published in 1946. Copies of the revised edition are paper bound and are being sold at REVISED EDITION OF FEDERAL RESERVE ACT $1.00 each. The Board of Governors of the Federal Reserve Upon request, a member bank may obtain System has recently published a revised edition of without charge one copy of the Act. Requests Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 523 may be sent to any of the Federal Reserve Banks ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN or to the Division of Administrative Services, THE FEDERAL RESERVE SYSTEM Board of Governors of the Federal Reserve Sys- The following State banks were admitted to memtem, Washington 25, D. C. bership in the Federal Reserve System during the period March 16, 1957 to April 15, 1957: Alabama PUBLICATION OF PART IV OF CONSUMER INSTALMENT CREDIT STUDIES Sylacauga. Peoples Bank and Trust Com- Financing New Car Purchases, Part IV of the pany of Sylacauga Board's intensive study of consumer instalment Arkansas credit, will be ready in early June for distribution North Little Rock. The Twin City Bank through the Superintendent of Documents, Washington 25, D. C. This part is in one volume and DATA FOR SUPPLEMENT TO CHART BOOK is priced at 60 cents. Data for the period September 4, 1956—April 26, Part IV presents the findings of a national sur- 1957, are now available in mimeographed form for vey of new car purchases in 1954 and 1955, based the September 1956 edition of the historical supon lenders' records of financing approximately plement to the monthly Federal Reserve Chart 5,700 credit purchases, and also on field interviews Book. Copies may be obtained upon request from with about 3,000 credit buyers and 1,600 cash the Division of Administrative Services, Board of buyers. This survey was conducted for the Board Governors of the Federal Reserve System, Washof Governors by National Analysts, Inc., of Phila- ington 25, D. C. delphia, Pa., under the direction of the Board's research staff. BULLETIN TABLES Following a summary chapter of major find- This issue of the BULLETIN includes tables (pages ings, the volume presents various aspects of new 582-585) showing final monthly data for the full car purchases in 1954-55—the numbers, prices, year 1956 and selected earlier dates for the Conand net outlays, buyer characteristics, and buyer solidated Condition Statement for Banks and the attitudes toward their purchases, with compara- Monetary System and similar data for All Banks tive analyses for cash and credit purchases. Credit in the United States, by Classes, for those series purchases are further discussed as to amounts and that are estimated monthly. These tables, together sources of credit, terms on instalment contracts, with the special set for selected banking and and repayment experience. monetary statistics for 1956 published in the February BULLETIN, will be available in a reprint. INCREASE IN MAXIMUM PERMISSIBLE RATE OF Requests for this reprint should be addressed to INTEREST ON V LOANS the Division of Administrative Services, Board of After consultation with the guaranteeing agencies, Governors of the Federal Reserve System, Washthe Board of Governors of the Federal Reserve ington 25, D. C. System raised the maximum permissible rate of interest on V loans from 5 to 6 per cent, effec- TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY tive May 15, 1957. No change has been made in the present maximum permissible commitment fee of Vi of 1 per cent or the schedule of guar- Latest BULLETIN Reference antee fees now in effect. Semiannually Issue Page Banking offices: Analysis of changes in number of.... Feb. 1957 212 ELECTION OF DIRECTOR On, and not on, Federal Reserve Par List, number of Feb. 1957 213 The Federal Reserve Bank of New York on May Stock Exchange firms, detailed debit and credit balances Mar. 1957 336 10 announced the election of Mr. Augustus C. Annually Long, Chairman, The Texas Company, New York, Earnings and expenses: New York, as a Class B director of the Bank to Federal Reserve Banks Feb. 1957 210-211 Member banks: serve for the remainder of the term expiring Calendaryear May 1956 510-518 First half of year Oct. 1956 1248 December 31, 1957. Mr. Long succeeds Mr. John Insured commercial banks May 1956 519 Banks and branches, number of, by class E. Bierwirth, whom the Board appointed a Class and State Apr. 1957 472-473 Operating ratios, member banks June 1956 650-652 C director of the Bank at the beginning of this Banking and monetary statistics, 1956.. (^ g^ year. 582^585 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 15 Economic activity generally remained at ad- further. Auto assemblies were curtailed about vanced levels in April and early May. Industrial 10 per cent to an average weekly rate of 125,000 production declined slightly, and construction units, and television set production was cut sharply activity, employment, incomes, retail sales, and following three months of stability at reduced wholesale prices continued to change little at or levels. In early May, auto production was close close to record levels. Common stock prices to the April rate. rose further. Production of textiles and apparel apparently changed little in April following further recovery INDUSTRIAL PRODUCTION in March. Production of other nondurable goods increased somewhat. Minerals extraction de- Industrial production, as measured by the clined, reflecting reductions in output of crude Board's seasonally adjusted index, was 145 per 011 and bituminous coal. cent of the 1947-49 average in April, one point below the January-March level. Output of dura- CONSTRUCTION ble goods and minerals declined while activity in nondurable goods industries advanced to a new Outlays for new construction recovered in high. April to the average level of January and Febru- Steel mill operations were reduced further, ary. At a seasonally adjusted annual rate of from 93 per cent of capacity in March to 90 per $44.7 billion, outlays were close to the record cent in April and 87 per cent in early May. In high of, June 1956. Private housing starts ad- April ingot production was 7 per cent below a vanced to a seasonally adjusted annual rate of year ago and production of iron and steel cast- 940,000 units from 880,000 in March. Value of ings and forgings continued below 1956 levels. construction contracts rose considerably in March, Activity in producers' equipment lines generally and in the first quarter of 1957 was 4 per cent continued at about the advanced rates reached in above the previous record reached a year earlier. February and averaged substantially above a year The largest increases in recent months have been ago. Output of consumer durable goods declined in awards for public utility installations, commercial facilities, hospitals, churches, and apartment buildings. INDUSTRIAL PRODUCTION 1947-49*100 EMPLOYMENT TOTAL Nonagricultural employment in April remained MAN D U U F R A A C B T L U E RES at the record seasonally adjusted level of 52 mil- / lion. Average hourly earnings of factory workers were also unchanged, but weekly earnings de- ^ ! ,.,| 1,, , . I clined slightly reflecting seasonal reductions in average weekly hours. Unemployment declined MINERALS <V*^\ about seasonally and, at 2.7 million, was little NONDURABLE changed from a year ago. MANUFACTURES DISTRIBUTION Retail sales have remained at about the record —. ! 1 1 1 - seasonally adjusted level reached in December, which in April was 6 per cent above a year ago. Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for April. As in April 1956, sales of new autos showed no 524 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 525 further seasonal rise. In recent months unit sales and holdings of Government and other securities of autos have been below last year but, partly were reduced further. due to higher prices, dollar volume at auto out- Member bank borrowings from the Federal lets has exceeded a year ago. Sales at department Reserves averaged about $860 million in the three stores declined in April, but increased in early weeks ending May 8 compared with $1,160 mil- May. lion in the previous three weeks, and excess re- COMMODITY PRICES serves remained at about $500 million. A currency inflow, a decrease in required reserves, and The general level of wholesale commodity changes in other factors made more funds availprices continued stable from mid-April to midable than were absorbed by a decline in Federal May, with both industrial and agricultural com- Reserve holdings of Government securities, mainly modities showing little change. Nonferrous metal those held under repurchase contracts. markets generally weakened, owing partly to uncertainty about Government stockpiling programs SECURITY MARKETS and further increases in producers' stocks, and prices of zinc and lead were reduced in early May. From mid-April to mid-May yields on inter- On the other hand, steel scrap prices turned up mediate and long-term Government securities in late April, after a prolonged decline from fluctuated around the higher levels reached in sharply advanced levels. Prices of textiles strength- early April. However, yields on short-term Govened, and there were increases in some paper ernment issues declined further—to less than 3 products. per cent for the longest Treasury bill—reflecting in part demand from those investors who did not BANK CREDIT AND RESERVES exercise their option to exchange maturing May Total loans and investments at city banks de- notes for the new ZVi per cent certificate or clined slightly in April, as a reduction in holdings 3% per cent note offered in the Treasury's May of U. S. Government securities more than offset refunding. increases in business, security, and consumer Yields on corporate and State and local governloans. In the week of May 8, total credit at banks ment bonds increased during late April and early in New York and Chicago declined further; loans, May. Common stock prices rose further to about particularly security loans, decreased substantially the levels at the beginning of the year. PRICES RESERVES AND BORROWINGS - ALL MIMBER BANKS 1947-49-100 Billions of dol WHOLESALE CONSUMER ALL COMMODITIES V ...I Bureau of Labor Statistics indexes. "Other" wholesale Federal Reserve data. Free reserves are excess reserves prices exclude processed foods, included in total but not less borrowings. Weekly averages, latest shown are for week shown separately. Monthly figures, latest shown: March for ending May 8. consumer prices, and April for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. 529 Reserve Bank discount rates; reserve requirements; margin requirements 532 Federal Reserve Banks. 533 Bank debits; currency in circulation 536 All banks: consolidated statement of monetary system; deposits and currency 538 All banks, by classes 539 Commercial banks, by classes 542 Weekly reporting member banks 544 Commercial loans; commercial paper and bankers' acceptances 546 Interest rates. 547 Security prices; stock market credit 548 Savings institutions. 549 Federal business-type activities. 550 Federal finance. 552 Security issues. 556 Business finance. 557 Real estate credit. . . . . 559 Short- and intermediate-term consumer credit. 562 Selected indexes on business activity. 566 Production . . 567 Employment and earnings 574 Department stores. 576 Foreign trade. 577 Wholesale and consumer prices. 578 National product and incomes series. 580 Banking and monetary statistics, 1956 582 Tables published in BULLETIN, annually or semiannually—list, with references. 523 Index to statistical tables 613 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to 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. 527 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 MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES: HELD UNDER ~~] REPURCHASE AGREEMENTS A A I DISCOUNTS AND ADVANCES |- j I FEDERAL RESERVE FLOAT i 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending April 24. See p. 529 528 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- ac- Bought under and Float Total stand- cula- ings counts Total out- repur- ad- ing tion Treas- For- Other Total Re- Exright chase vances ury eign quired2 cess 2 agreement Averages of daily figures 1956 Mar. 7. 23,518 23,426 92 749 83525,118 21,695 5,011 30,202 783 461 360 327 1,023 18,670 18,137 533 Mar. 14. 23,505 23,410 95 975 81 25,308 21,717 5,011 30,276 779 564 360 346 1,021 18,691 18,182 509 Mar. 21. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 1,069 19,204 18,587 617 Mar. 28. 23,508 23,495 13 1,196 94125,661 21,715 5,015 30,249 787 599 341 317 1,069 19,028 18,455 573 Apr. 4. 23,634 23,587 47 986 1,02225,658 21,716 5,017 30,321 784 560 347 444 1,075 18,860 18,322 538 Apr. 11. 23,521 23,518 3 ,119 82625,481 21,727 5,016 30,300 782 508 328 307 1,082 18,917 18,284 633 Apr. 18. 23,399 23,377 22 ,109 97325,497 21,741 5,018 30,290 785 531 347 313 1,081 18,909 18,318 591 Apr. 25. 23,282 23,282 ,061 1,01725,374 21,742 5,019 30,155 782 569 335 331 1,078 18,884 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 98018,809 18,275 534 May 30. 23,412 23,359 53 732 83524,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6. 23,503 23,406 97 894 90625,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13. 23,516 23,491 25 747 97025,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20. 23,492 23,492 764 1,50725,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27. 23,478 23,452 756 1,36925,621 21,799 5,033 30,485 781 570 297 290 1,00019,030 18,435 595 July 4. 23,791 23,748 644 1,231 25,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11. 23,836 23,826 880 1,169 25,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18. 23,490 23,487 849 1,412 25,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25. 23,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 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 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 705 1,39425,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 810 1,06725,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10. 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 1,21525,810 21,910 5,047 30,953 775 388 373 429 958 18,890 18,313 577 Oct. 24. 23,736 23,736 564 1,54725,866 21,909 5,048 30,864 777 505 293 291 956 19,137 18,574 563 Oct. 31. 23,708 23,668 40 674 1,06225,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 ,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 31,269 771 441 303 292 844 19,311 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. 24,293 24,293 348 1,27825,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23. 23,811 23,811 347 1,44625,636 21,951 5,067 30,827 798 199 324 268 894 19,342 18,724 618 Jan. 30. 23,450 23,450 528 1,07825,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6. 23,435 23,411 640 1,04025,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13. 23,264 23,190 741 96224,997 22,252 5,070 30,641 820 377 366 299 1,00718,808 18,265 543 Feb. 20. 22,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 1,11618,895 18,309 586 Feb. 27. 22,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 1,13418,683 18,218 465 Mar. 6. 22,913 22,895 18 755 1,17924,871 22,304 5,077 30,566 813 479 329 212 1,131 18,721 18,231 490 Mar. 13. 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 1,129 18,654 18,205 449 Mar. 20. 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 1,138 19,204 18,578 626 Mar. 27. 23,094 23,051 43 844 96724,930 22,305 5,083 30,502 813 353 334 205 1,139 18,971 18,362 609 Apr. 3. 23,189 23,040 149 1,074 87725,165 22,306 5,086 30.589 517 294 314 1,167 18,868 18,525 343 Apr. 10. 23,262 23,040 222 1,230 88125,400 22,307 5,C~~ 30,655 814 387 340 305 1,205 19,088 18,523 565 Apr. 17. 23,282 23.146 136 1,244 96725,520 22,313 5.089 30,681 808 478 344 300 1,203 19,107 18,548 ^559 Apr. 24. 23,237 23,169 68 947 1,48425,695 22,317 5,092 30.610 791 456 390 454 1,202 19,201 18.611 P590 > Preliminary. For other footnotes see following page. 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v u g u t g h t . - h t s t ecu r a u c H r e g n h i p t r e a d i u e l e s e d e r s e r - - c v D o a a a n u n i d s c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - " T h c i u o n r a e r l g s y d a h s s - - T u r w e ry a it s h - l• F e . F e s e i o R g r 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 es 2 c E es x s - 2 ment Averages of daily figures 1956 Apr 23,410 23,393 17 1,060 92525,411 21,735 5,018 30,245 783 545 338 338 1,067 18,847 18,320 527 May 23,322 23,262 60 971 92825,237 21,768 5,028 30,322 785 556 331 322 98218,735 18,268 467 June 23 522 23 486 36 770 1,206 25 516 21,795 5,033 30 536 778 485 315 304 99118 933 18 359 574 July 23,580 23,573 7 738 1,263 25,599 21,826 5,032 30,751 771 521 300 280 999 18,836 18 237 599 Aug 23,530 23,488 42 898 91025,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Sept 23 728 23 695 33 792 1,198 25 737 21,880 5,043 30 803 772 523 356 237 94619 024 18 446 578 Oct 23,781 23,742 39 715 1,182 25,698 21,906 5,048 30,864 776 487 337 299 95018,939 18,419 520 Nov 24,024 23,951 73 745 1,300 26,097 21,910 5,056 31,198 774 456 308 313 84519,169 18,579 590 Dec 24,765 24,498 267 706 1,633 27,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 1957 Jan 24,092 24,056 36 432 1,343 25,905 21,989 5,067 31,040 794 335 323 276 89619,295 18,773 522 Feb 23 111 23 083 28 665 1,106 24,912 22,279 5,071 30,595 817 336 335 294 1 07118,816 18 302 514 Mar 23,061 22,997 64 859 1,024 24,968 22,305 5,081 30,568 812 423 316 216 1,135 18,884 18,366 518 Apr 23 239 23 121 118 1 036 1 11025 411 22,313 5,090 30 613 803 429 348 339 1 19519 087 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 24,262 249 578 25,091 20,065 4,339 28,515 2,287 977 862 446 495 15,915 14,457 1 458 1947_Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 563 17,899 16,400 1 499 1950—Dec... 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec.... 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec.... 25,916 25,318 598 28 93526,880 22,030 4,894 30,781 761 346 423 493 83920,160 19,397 763 1954_Dec... 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—June... 23,607 23,554 53 128 85024,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,139 -73 Dec.... 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 End of montl 1956 Apr 23 345 23 245 100 1,204 74425,307 21,743 5,025 30,210 783 578 330 404 98418 784 18 325 459 23 474 23 360 114 1,160 726 25,377 21,772 5,030 30,513 779 515 307 309 983 18,773 18 204 569 June •.. 23 758 23 712 46 232 1,210 25,219 21,799 5,032 30,715 768 522 297 313 992 18 443 18 449 — 6 July 23.438 23,438 452 959 24,868 21,830 5,035 30,604 761 513 308 288 950 18,308 18,104 204 Aus 23 854 23 828 26 832 771 25,480 21,858 5,041 30,757 768 422 350 252 943 18,888 18 377 511 Sept 23 680 23 590 90 664 1,125 25,487 21,884 5,046 30 768 771 535 334 227 950 18 831 18 450 381 Oct 23,767 23,688 79 538 91025,236 21,910 5,054 30,839 778 495 275 297 848 18,668 18,459 209 Nov 24 385 24 255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 182 843 19 208 18 719 489 Dec 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 901 19,059 19,089 -30 1957 Jan 23 421 23 421 668 1,076 25,195 22,252 5,071 30,614 809 715 344 263 891 18,882 18 517 365 Feb 22 887 22 854 33 595 1 19624 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 30,585 804 591 311 304 1,137 18,629 18 512 117 Apr 23,169 23,169 829 93624,960^22,318^5,094^30,518 V192 509 316 294 1,079 18,864^18,560 Wednesday 1957 Feb 6 23,447 23,363 84 839 91325,229 22,252 5,070 30,584 829 314 386 239 1,008 19,189 18,413 776 Feb. 13 23,208 23,134 74 520 71724,474 22,252 5,070 30,632 828 281 304 242 1,007 18,505 18,227 278 Feb. 20 22,884 22,884 844 1,066 24,822 22,303 5,072 30,571 815 151 295 197 1,133 19,034 18,337 697 Feb. 27 22,854 22,854 451 1,177 24,508 22,303 5,076 30,516 822 300 301 198 1,134 18,615 18,242 373 Mar. 6 22,901 22,901 797 89524,616 22,304 5,077 30,568 818 406 320 210 1,130 18,545 18 183 362 Mar 13 23,069 23,032 37 639 87724,608 22,304 5,079 30,567 815 451 292 205 1,128 18,533 18,313 220 Mar 20 23 198 23 116 82 893 1,050 25 165 22,305 5.081 30,516 818 745 300 188 1 14018 844 18 569 275 Mar. 27 23,066 23,040 26 617 80724,513 22,305 5,085 30,469 811 490 345 299 1,139 18,350 18,314 36 Apr. 3 23,268 23,040 228 1,121 91125,324 22,306 5,087 30,592 818 360 249 298 1,205 19,195 18,643 552 Apr. 10 23,222 23,040 182 1,227 72325,201 22,311 5,088 30,633 823 376 334 308 1,204 18,922 18,505 417 Apr. 17 23,239 23,170 69 809 1,127 25,201 22,317 5,089 30,650 797 384 360 300 1,202 18,915^18,657 Apr. 24 23,169 23,169 674 1,073 24,942 22,318 5,093 30,471 799 328 388 293 1,201 18,872^18,604 v 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 531 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.! In millions of dollars] Centralreserve Centralreserve All city banks Re- Coun- All city banks Re- Coun- Item and period mem- serve try Item and period mem- serve try ba b n er ks New Chi- b c a i n ty ks banks ba b n er ks New Chi- b c a i n ty ks banks York cago York cago Total reserves held: Excess reserves:2 1956—Mar 18,924 4,372 ,137 7,796 5,619 1956—Mar 585 28 2 84 470 Apr 18,847 4,287 ,105 7,814 5,641 Apr 527 -12 -1 64 476 May 18,735 4,264 ,119 7,775 5,577 May 467 10 2 49 406 June 18,933 4,354 ,133 7,784 5,662 June 575 13 4 78 479 July 18,836 4,237 ,129 7,796 5,675 July 599 12 3 89 496 Aug 18,783 4,236 ,130 7,783 5,633 Aug.. 559 10 1 79 469 Sept 19,024 4,288 ,120 7,885 5,732 Sept 579 80 498 Oct 18,939 4,222 ,111 7.869 5,736 Oct 520 8 4 52 456 Nov 19,169 4,244 ,122 7^60 5,843 Nov 590 13 3 83 491 Dec 19,535 4,448 ,149 8,078 5,859 Dec 651 57 12 96 488 1957_jan 19,295 4,316 ,126 7,996 5,857 1957—Jan 523 -10 _2 58 478 Feb 18,816 4,205 ,107 7,781 5,722 Feb 514 5 66 443 Mar 18,884 4,341 ,102 7,746 5,696 Mar 518 14 4 60 440 Week ending: Week ending: 1957—Mar. 20 19,204 4,474 ,117 7,811 5,803 1957—Mar. 20 626 24 1 54 547 Mar. 27 18,971 4,323 ,091 7,783 5,774 Mar. 27 609 4 83 522 Apr. 3 18,868 4,373 ,061 7,864 5,570 Apr. 3 342 -4 64 282 Apr. 10 19,088 4,315 i;088 7,904 5,781 Apr. 10 564 14 3 73 474 Apr. 17 19,107 4,272 1,104 7,922 5,808 Apr. 17 ^559 3 2 56 M98 Apr. 24 19,201 4,310 1,102 7,925 5,864 Apr. 24 *>589 -2 -1 49 Required reserves:2 Borrowings at Federal Reserve Banks: 1956—Mar 18,340 4,344 1,135 7,712 5,149 Apr 18,320 4,299 1,106 7,750 5,165 1956—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 7,706 183 May 971 98 155 517 201 July 18,237 4,225 1,127 7,707 179 June 769 46 115 434 174 Aug 18,224 4,227 1,129 7,704 164 July 738 119 50 433 136 Sept 18,446 4,288 1,120 7,805 234 Aug 898 168 74 461 195 Oct 18.419 4,214 1,107 7,817 281 Sept 792 204 93 377 118 Nov 18^79 4,231 1,119 7,877 352 Oct 715 200 118 299 98 Dec 18,883 4,392 1,138 7,983 371 Nov 744 226 143 276 99 Dec 688 147 97 300 144 1957—Jan 18,773 4,327 1,129 7,938 379 Feb 18,302 4,200 1,107 7,715 279 1957—Jan 407 30 38 229 110 Mar 18,366 4,326 1,098 7,686 5,256 Feb 640 129 53 314 144 Mar 834 116 257 302 159 Week ending: 1957_Mar. 20 18,578 4,449 1,116 7,757 5,256 Week ending: Mar. 27 18,362 4,319 1,090 7,701 5,252 1957_Mar. 20 757 64 303 242 148 Apr. 3 18,525 4,377 1,061 7,799 5,288 Mar. 27 819 82 342 242 153 Apr. 10 18.523 4,301 1,084 7,831 5,307 Apr. 3 1,049 165 414 321 149 Apr. 17 ^18,548 4,270 1,103 7,866 *>5,309 Apr. 10 1,205 496 215 321 173 \pr. 24 ^18,611 4,312 ,103 7,875 2-5,321 Apr. 17 1,219 429 231 359 200 Apr. 24 922 234 213 315 160 March 1956 Free reserves2 4 Deposits: 1956—Mar -408 -174 -256 -298 319 Apr -533 -167 -262 -429 325 Gross demand deposits: May -504 -88 -153 -468 205 Total 114,356 23,563 6,025 44,684 40,085 June -194 -33 HI -356 305 Interbank 12,426 4,032 1,175 5,976 1,242 July -139 -108 -48 -344 360 Other 101,931 19,531 4,848 38,707 38,843 Aug -339 -158 -73 -382 274 Net demand deposits3.... 99,266 20,901 5,354 38,278 34,732 Sept -213 -204 -93 -297 380 Time deposits 40,616 3,270 1,291 16,434 19,622 Oct. -195 -192 -114 -246 358 Demand balances due Nov -154 -214 -140 -193 393 from domestic banks.. . 6,136 98 92 1,978 3,968 Dec -37 -90 -85 -204 344 1957_jan 11? -40 -40 -172 369 March 1957 Feb -126 -123 -53 -249 299 Mar -316 -101 -253 -242 280 Gross demand deposits: Week ending: Total 114,852 23,724 5,880 44,635 40,613 1957—Mar. 20 -131 -40 -302 -188 399 Interbank 12,563 4,032 1,167 6,064 1,300 Mar. 27 -210 -78 -342 -159 369 Other 102,289 19,692 4,714 38,571 39,313 Apr. 3 -707 -169 -414 -257 133 Net demand deposits3... . 98,728 20,720 5,160 37,823 35,025 Apr. 10 -641 -482 -212 -248 301 Time deposits 43,570 3,646 1,313 17,555 21,056 Apr. 17 *-660 -426 -229 -303 Demand balances due Apr. 24 P-333 -236 -214 -266 from domestic banks.. . 6,257 85 93 2,009 4,069 v Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i. e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a i n g c a e ti s o n se s c a u n re d d d b is y c o el u i n gi t b s le o f p a a n p d er Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b ob an l ( i k g la s a s t t s i o e p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Aug. 28,1956 Aug. 28, 1956 314 4 Aug. 28, 1956 New York. . . Aug. 24,1956 Aug. 24, 1956 314 3% Aug. 24, 1956 P C h le il v a e d la e n lp d h . ia .. . . . A A u u g g . . 2 2 4 7 , , 1 1 9 9 5 5 6 6 A A u u g g . . 2 2 7 4 , , 1 1 9 95 5 6 6 IS 4 31/2 A A u p g r. . 2 1 7 3 , , 1 19 9 5 5 6 6 Richmond. . . Aug. 24,1956 Aug. 24, 1956 4 Aug. 24, 1956 Atlanta Aug. 28,1956 Aug. 28, 1956 314 4 Aug. 28, 1956 C St h . ic L a o g u o is A A u u g g . . 2 2 4 8 , , 1 1 9 9 5 5 6 6 A A u u g g . . 2 2 8 4 , , 1 1 9 9 5 5 6 6 18 4 A A u u g g . . 2 2 8 4 , , 1 1 9 9 5 5 6 6 Minneapolis.. Apr. 13,1956 Apr. 13, 1956 Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31, 1956 Aug. 31, 1956 Dallas Aug. 28,1956 Aug. 28, 1956 314 Aug. 28, 1956 San Francisco Apr. 13,1956 Apr. 13, 1956 Apr. 13, 1956 4 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 RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 1930—Feb. 7 h 1942—Oct. 30 Vh Effective date J M M D u e a n a c y r e . . 2 2 1 2 0 4 4 % 1 1 1 9 9 9 4 4 50 8 6 — — — A A J A a u u p n g g r . . . . 2 2 1 1 5 1 3 2 of change C r b e e c a s n e i n t t r y k r v a s e l R b e c a s i n e ty k rv s e 1931—May 8 1953—Jan. 16 2 4 O O c c t t . . 1 9 6 1954— A Fe p b r. . 1 5 6. iy4 1932—Feb. 26 1955—Apr. 15 1917—June 21 13 10 June 24 2V2 Aug. 5 24 1933—Mar. 3 Sept. 9 214 1936—Aug. 16 15 A M p a r y . 2 7 6 b 1956— N A o p v r. . 1 1 8 3 1937— M M a a y r. 1 1 22 y4 12* Oct. 20 Aug. 24 26 1934_Feb. 2 1938_Apr. 16 1937—Aug. 27 \lA In effect May 1, 1957 3 22}* 17i/2 1941_Nov. 1 26 1942—Aug. 20 24 20 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 .. * .. . 11* 20 Aug. 16, 18*.... Aug. 25 MARGIN REQUIREMENTS 1 Sept. 1 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 Jan. 25, Feb. 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953_July 1,9* 22 19 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16,24*.... 21 1955 1955 1955 July 29, Aug. 1*. 20 In effect May 1,1957. .. 20 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements: 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 h 7 3 101/2 1214 14 6 4 12 5 5 14 6 6 16 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 533 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar. 27 Apr. Mar. Apr. Assets Gold certificate account 20,779,39120,779,39320,774,393 20,774,392 20,774,39220,779,39320,774,39220,205,989 Redemption fund for F. R. notes.. 855,435 855,646 847,893 850,086 852,147 855,435 852,146 844,885 Total gold certificate reserves. 21,634,826 21,635,03921,622,286 21,624,478 21,626,539 21,634,828 21,626,538 21,050,874 F. R. notes of other Banks 435,323 387,940 366,023 380,650 407,627 388,850 383,437 294,747 Other cash 396,598 387,803 402,683 427,626 447,367 401,067 447,031 399,717 Discounts and advances: For member banks 648,709 784,046 ,202,141 1,095,804 591,584 804,325 968,593 1,204,307 For nonmember banks, etc 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Industrial loans 775 783 786 787 795 780 772 945 Acceptances—Bought outright 24,910 24,910 24,406 23,375 22,675 24,126 23,212 13,167 Held under repurchase agreement. 3,043 U. S. Government securities: Boueht outright: Bills 434,105 434,105 304,705 304,705 304,705 434,105 304,705 356,970 Certificates—Special Other 11,362,199 11.362,199 ,362,199 ,362,199 362,199 11,362, 11,362,19910.932,699 Notes 8,571,413 8,571,413 ,571,413 ,571,413 571,413 8,571. 8,571,413 153,913 Bonds 2,801,750 2,801,750 ,801,750 ,801,750 801,750 2,801; 2,801,750 801,750 Total bought outright 23,169,46723,169,46723,040,067 23 040,067 23,040,067 23,169467 23,04006723,245,332 Held under repurchase agreement. 69,300 182,200 227,500 25,500 109000 99,600 Total U. S. Government securities. 23,169,467 23,238,767 23,222,267 23,267,567 23,065,567 23,169,467 23,149,067 23,344,932 Total loans and securities 23,868,86124,073,506 24,477,643 24,412,533 23,705,62124,023,698 24,166,64424,563,351 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 5,228,342 5,677,137 4,332,777 4,516,203 611,111 4,831, 4,164,575 ,977,081 Bank premises 76,625 76,685 76,177 75,768 75,651 76 75. 65,376 Other assets 128,066 115,344 102,971 89,433 145,430 137 152; 157,382 Total assets. 51,768,663 52,353,476 51,380,582 51,526,713 51,019,368 51,494,42151,016,42450,508,550 Liabilities Federal Reserve notes 26,326,47826,451,036 26,446,966 26,449,856 26,371,667 26,322,503 26,454,430 25,970,989 Deposits: Member bank reserves 18,871,81418,914,55918,922,04719,194,62318,349,52218,864,428 118 629,159 1,784,477 U. S. Treasurer—general account. 328,436 384,075 376,351 360,016 489,873 508,710 590,751 578,350 Foreign 387,837 360,005 334,061 249,308 344,843 316,053 311,212 330,381 Other 292,978 299,892 308,266 297,823 299,475 293,898 304,176 404,166 Total deposits. 19,881,065 19,958,531 19,940,72520,101,77019,483,71319,983,08919,835,298 20,097,374 Deferred availability cash items 4,155,362 4,550,102 3,609,908 3,604,705 3,803,917 3,895,308 3,361,219 ,233,229 Other liabilities and accrued dividends. 19,430 18,511 19,127 17,744 18,748 18,437 17,569 18,364 Total liabilities 50,382,335 50,978,18050,016,726 50,174,075 49,678,045 50,219,337 49,668,516 49,319,956 Capital Accounts Capital paid in 331,407 331,329 331,061 330,899 330,765 331,486 330,793 313,778 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 279,785 268,831 257,659 246,603 235,422 168,462 241,979 153,661 Total liabilities and capital accounts. 51,768,66352,353,476 51,380,582 51,526,71351,019,36851,494,42151,016,424 50,508,550 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.8 46.6 46.6 46.5 47.2 46.7 46.7 45.7 Contingent liability on acceptances purchased for foreign correspondents 64,178 62,886 63,838 62,542 58,935 64,065 58,416 42,213 Industrial loan commitments 1,962 1,956 1,958 1,956 1,974 1,955 1,987 2,455 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 673,709 809,046 1,227,141 1,120,804 616,584 829,325 993,593 1,204,307 Within 15 days 641,176 778,932 1,197,709 1,089,766 586,169 796,255 915,460 1,194,857 16 days to 90 days 32,533 30,114 29,432 31,038 30,415 33,070 78,133 9,450 91 days to 1 year Industrial loans—total 775 783 786 787 795 780 772 945 Within 15 days 39 39 44 45 93 48 44 2 16 days to 90 days 380 388 375 386 378 376 350 432 91 days to 1 year 145 146 147 136 104 145 158 141 Over 1 year to 5 years 211 210 220 220 220 211 220 370 Acceptances—total 24,910 24,910 27,449 23,375 22,675 24,126 23,212 13,167 Within 15 days 8,896 6,989 11,571 9,337 8,531 11,333 10,199 3,970 16 davs to 90 days 16,014 17,921 15,878 14,038 14,144 12,793 13,013 9,197 U. S. Government securities—total. 23,169,467 23 238,767 23 222,267 23,267,567 23 065,567 23.169,467 23149,067 23,344,932 Within 15 days 110,700 128,600 207,150 252,450 44,450 100,700 127,950 153,000 16 days to 90 days 323,405 374,805 279,755 279,755? 285,755 333,405 285,755 303,570 91 days to 1 year 19,946,10519 946,105|19,946,105^19 946,105 19946,10519946,10519 946,105 19,372,764 Over 1 year to 5 years 360,786: 360,786! 360,786^ 360,786 360,786! 360,786 360.786 1,087,127 Over 5 years to 10 years 013,614 1 013,614 1 013,614 1 013,614 1,013,614^ 1 013,614 1,013,614. 1,013,614 Over 10 years 414,857 1 414,857 1 414,857 1 414,857, 1,414,8571 1 414,8571 1 414,857 1,414,857 i 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

534 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F c S r i a s a n c n o - Assets Gold certificate account 971,050 5,870,7891,136,8831,800,638 ,312,665 803,454 3,656,460 816,421 346,098 867,220 719,023 2,478,692 Redemption fund for F. R. notes 55,466 177,299 60,517 75,410 72,408 49,794 153,356 43,050 22,708 40,999 25,678 78,750 Total gold certificate reserves. 1,026,516 6,048,0881,197,4001,876,048 ,385,073 853,248 3,809,816 859,471 368,806 908,219 744,7012,557,442 F. R. notes of other Banks... 23,897 69,547 30,542 33,209 16,953 89,418 30,090 8,805 13,142 4,747 39,492 29,008 Other cash 30,104 95,451 21,730 38,590 17,373 33,265 53,147 22,916 11,860 12,129 16,721 47,781 Discounts and advances: Secured by U. S. Govt. securities 34,020 215,930 19,920 94,925 29,345 47,200 184,880 20,225 53,360 48,990 7,050 47,300 Other 1,530 7,105 1,750 2,250 1,275 1,170 3,550 925 1,575 950 1,300 2,800 Industrial loans 331 414 35 Acceptances: Bought outright 24,126 Held under repurchase agreement U. S. Govt. securities: Bought outright ,263,802 5,794,2431,352,4712,035,160 ,480,3671,200,109 4,044,254 958,173 499,997 994,735 907,9882,638,168 Held under repurchase agreement Total loans and securities.... 1,299,683 6,041,404 1,374,5552,132,3351,510,9871,248,479 4,232,684 979,323 554,9671,044,675 916,338 2,688,268 Due from foreign banks. 1 '6 2 2 1 1 3 1 1 1 1 2 Uncollected cash items.. 404,965 922,690 319,792 446,013 371,872 407,775 790,282 185,220 106,075 211,347 214,533 450,821 Bank premises 5,251 9,721 4,692 8,653 7,230 5,334 5,819 5,024 4,927 4,684 4,687 10,648 Other assets 7,255 32,932 7,749 12,116 8,623 7,095 26,236 5,486 2,940 5,712 6,029 15,728 Total assets. 2,797,67213,219,839 2,956,462 4,546,966 3,318,1122,644,615 8,948,0772,066,2461,062,718 2,191,5141,942,502 5,799,698 Liabilities F. R. notes 1,557,728 6,193,0511,685,316 2,481,7852,081,1181,249,7545,094,409 ,174,588 482,2221,053,723 680,6682,588,141 Deposits: Member bank reserves 755,453 5,566,675 872,0591,522,736 805,618 926,4062,979,651 665,189 397,992 853,243 959,014 2,560,392 U. S. Treasurer—general account 30,351 75,451 36,571 43,477 32,554 38,288 74,188 14,738 50,581 38,570 35,483 38,458 Foreign 18,444 287,411 22,260 28,620 16,218 14,310 45,156 11,766 7,632 12,084 16,536 35,616 Other 226,515 10,311 1,725 4,116 2,058 4,510 3,096 38,471 765 1,308 687 336 Total deposits 805,013 5,956,052 941,2011,596,558 858,506 980,312 3,099,682 693,751 456,541 908,4071,014,129 2,672,937 Deferred availability cash items 358,892 716,923 239,733 351,997 310,333 354,420 567,741 147,739 90,983 178,191 182,127 396,229 Other liabilities and accrued dividends 1,024 4,547 923 2,253 879 895 3,530 600 625 658 679 1,824 Total liabilities 2,722,65712,870,573 2,867,173 4,432,5933,250,836 2,585,3818,765,362 2,016,678 2,140,9791,877,6035,659,131 Capital Accounts Capital paid in 17,127 95,106 20,980 31,961 15,197 15,985 45,287 11,346 7,278 13,313 18,488 39,418 Surplus (Sec. 7) 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 10,929 38,839 11,519 15,013 11,136 9,308 25,578 8,370 5,476 8,102 7,596 16,596 Total liabilities and capital accounts , 2,797,67213,219,839 2,956,462 4,546,966 3,318,112 2,644,6158,948,077 2,066,2461,062,718 2,191,5141,942,502 5,799,698 Reserve ratio 43.4% 49.8% 45.6% 46.0% 47.1% 38.3% 46.5% 46.0% 39.3% 46.3% 43.9% 48.6% Contingent liability on acceptances purchased for foreign correspondents 3,724 317,905 4,494 5,778 3,274 2,889 9,117 2,375 1,541 2,440 3,338 7,190 Industrial loan commitments.. 6 56 85 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $46,160,000 participations of other Federal Reserve 2 After deducting $228,642,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 535 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Apr. 24 Apr. 17 Apr. 10 Apr. 3 Mar.27 Apr Mar Apr F R notes outstanding (issued to Bank) 27,420,92627,505,53227,468,345 27,464,73327,508,75327,392, 60027,500, 45526,902 686 Collateral held against notes outstanding: Gold certificate account 11,848,000 11,848,000 11,848,000 11,848,000 11,848,000 11,848 00011,848, 00011,413 000 Eligible paper 69,030 79,630 67,090 76 46 030 79 72 785 781 U. S. Government securities 17,040,000 17,040,000 17,040,000 17,040^00017,040,000 17,040 000 17,040, 000 17,035 000 Total collateral 28,957,03028,967,63028,955,090 28,964,29528,934,03028,967 135 28,960, 785 28,671 781 EACH FEDERAL RESERVE BANK ON APRIL 30, 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 r is a a c n n o - F. R. notes outstanding (issued to Bank) ,606,885 6:454,1351,788,0332,570,4732,144,5781,316,6215,203,0551,223,269 536,9081,081,034 732,542 2,735,067 Collateral held: Gold certificate acct.. 580,000 3;170,000 640,0001,130,000 915,000 450,000 2,300,0C0 450,000130,000 300,000 283,0001,500,000 Eligible paper 9,920 20,225 48,990 U. S. Govt. securities. 1,150,000 3,600,0001,200,000 ,500,0001,310,0001,000,000 3,100,000 875,000 460,000 820,000 525,0001,500,000 Total collateral. 1,730,000 6,770,000 1,849,9202,630,000 2,225,000 1,450,000 5,400,000 1,345,225 590,000 1,168,990 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] Partici- Loans Loans Additional 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 rA e o o t o t pv m e ^ n u e d - n o d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m u t i - t n n s i g t t - ) o ( i s n a p f t ta u m g a f o n t t i i u o i n i d o o n t u a i - n n s n n n t s 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 t o h o d r A a iz t m e ed ount am To o t o u a u n l t t stand g P in u o t g a e r e t r i a d o n n - a u o a b n v n u a o t a d t e m s m r i e e l r t r e a a o o n b n a w u g g t l d n s e u e r i t r e a n t s e r 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 3,289 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 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 Mar 3,778 828,016 45 658 2,455 1,132 Mar 1,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr 1,432 2,657 335 250 180 May 3,780 829,485 45 933 2,571 1,288 May 1,435 2,663 340 256 175 June 3,780 830,116 904 2,565 1,287 June 1,441 2,710 363 270 186 July 3,781 830,630 75 954 2,427 1,262 July 1,445 2,724 364 273 176 Aug 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 1,262 Sept 1,456 2,737 369 276 145 Oct 3,781 831,882 867 2,236 1,179 Oct 1,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 1,098 Nov 1,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec 1,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 1,126 Jan 1,475 2,823 401 298 120 Feb 3,782 833,692 758 '2,014 M.017 Feb 1,481 2,829 398 296 128 Mar 3,782 834,051 772 1,987 1,012 Mar 1,482 2,842 408 304 127 r Revised. 1 Loans made by private financing institutions and guaranteed by Gov- 1 Includes applications approved conditionally by the Federal Reserve ernment procurement agencies, pursuant to the Defense Production Act Banks and under consideration by applicant. of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing 2 Includes industrial loans past due 3 months or more, which are not agencies in these transactions, and the procedure is governed by Regulaincluded in industrial loans outstanding in weekly statement of condition tion V of the Board of Governors. of Federal Reserve Banks. NOTE.—The difference between guaranteed loans authorized and sum 3 Not covered by F. R. Bank commitment to purchase or discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION VI [In effect April 30. Per cent per annum] [In effect April 30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e t e 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 , 8 Over 95 40-50 40-50 New York..., Philadelphia.. I Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta , Chicago , St. Louis Interest rate K M a i n n s n a e s a p C o i l t i y s . . . . Commitment rate. Vi 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 seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers i centers2 City centersl centers2 City centersl 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 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 1 186,540 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 Aue 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 36,886 73,423 48.9 30.2 '22.9 50.2 31.0 '23.0 Mar 197.024 74.786 42.113 80.124 48.7 32.0 22 5 47 5 29 2 22 6 Apr 192,492 72,328 40,182 79,983 46.9 *>30.3 *>22.8 47.6 ^29.4 r Revised. 2 338 centers prior to April 1955. » Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. i 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 537 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 ,182 67 2,120 6,329 9.177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Mar. 30,339 21,419 1,914 ,244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 30,210 21,320 1,922 ,241 73 2,053 6,430 9.602 8,890 2,654 5,500 299 425 4 9 May 30,513 21,621 1,939 ,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June 30,715 21,801 1,948 ,262 74 2,090 6,589 9,838 8,914 2,676 505 296 421 3 13 July. 30,604 21,709 1,957 ,258 74 2,065 6,514 9,840 8,895 2,674 500 294 415 3 8 Aug. 30,757 21,838 1,967 ,267 74 2,077 6,559 9,895 8,919 2,676 527 293 413 3 8 Sept. 30,768 21,834 1,977 ,283 74 2,085 6,549 9,866 8,934 2,673 541 293 411 3 13 Oct.. 30,839 21,877 1,995 ,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 2,713 626 291 409 3 8 Dec. 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2.771 704 292 407 3 14 1957—Jan.. 30,614 21,597 1,990 ,276 76 2,065 6,427 9,763 9,017 ,701 5,613 289 402 3 Feb.. 30.575 21.601 1,993 .269 75 2.058 6,450 9.756 8.974 .689 5.586 287 400 3 Mar. 30,585 21,639 2,000 ,270 75 2,063 6,473 9,758 8,946 2,679 5,573 286 397 3 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Kind of currency T s M t o a t 1 a n a 9 r d l . 5 i o 3 7 n u 1 g t , , - A g s a o s s g l i e d a l c v in u e a r s r n i t d ty Tr c e a a s s h ury B F F a a . n o n R d r k . s H a B F e g a a . l e n d n n R d k t b . s s y M 1 a 9 r. 5 3 7 1, Fe 1 b 9 . 5 2 7 8, M 1 a 9 r. 5 3 6 1, certificates agents Gold 22,306 21,659 2647 Gold certificates ... 21 659 18,811 2,816 33 33 34 Federal Reserve notes 27,500 97 1,429 25,974 26,001 25,734 5,086 32,403 60 447 4,578 4,541 4,571 488 194 40 6 248 247 232 Silver bullion 2,209 2,209 Silver certificates and Treasury notes of 1890.... ^2,403 337 2,066 2,040 2,126 Subsidiary silver coin 1 361 60 1,285 1,279 1,235 Minor coin 480 2 12 466 466 446 United States notes 347 2 30 315 309 315 Federal Reserve Bank notes 138 2 136 137 151 National Bank notes 63 62 62 65 Total—Mar. 31, 1957 (5) 24,062 804 18,811 4,692 30,585 Feb 28 1957 (5) 24,053 809 18,811 4,932 30,575 Mar. 31, 1956 23,485 111 18,221 4,427 30,339 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. 530. 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

538 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u ry r- U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold rency Other and deposits misc. st o i a n u n g t d - - Total Lo n a e n t s, Total m C e a o r n c m d ia - l R Fe e d se e r r v a e l Other s ri e t c ie u s - ca n p e it t al, cur a r n e d ncy co n a u e c n t - ts, 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—Mar. 28.. 21,700 5,000 214,900 101,600 92,600 67,100 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25.. 21,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30.. 21,800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30.. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25.. 21,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29.. 21,900 5,000 217,000 105.500 90,900 65,400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26.. 21,900 5,000 218,000 106,700 90,500 65,200 23,600 1,800 20,800 244,900 224,000 20.900 Oct. 31 r. 21,900 5,100 218,900 107,300 91,000 65,500 23,800 1,800 20,500 245,800 224,800 21,000 Nov. 28 r. 21,900 5,100 220,800 108,200 92,200 66,200 24,300 1,700 20,400 247,800 227,000 20,700 Dec. 31.. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957_jan. 30*" 22,300 5,100 219,300 108,000 90,800 65,700 23,400 1,700 20,400 246,600 226,400 20,300 Feb. 27*" 22,300 5,100 218,100 108,200 89,400 64,800 22,900 1,700 20,600 245,500 225,100 20,500 Mar. 27*>. 22,300 5,100 219,000 109,600 88,500 63,800 23,100 1,700 20,900 246,400 225,400 20,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e e g 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 e a a a o A r v n n c m i t d k n ia - s g l s F B . A an 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 p b s o a a u v n s t i i k u n t s s a g 2 l 3 s S S P y a o v s s t i t e n a m g l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - y - s c a d d u d e e T r j a p m u r o n o e s t a d s n a t n e i l c t d d y s j p m u D o d a s a s d e e t n i e - - - t d d s b r C o s e a i u n u n d t c 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—Mar. 28., 800 6,500 500 210,800 79,300 48,800 28,600 ,800104,400 27,200 133.100 105,600 277,500 Apr. 25., 800 4,400 600 212,400 79,300 48,800 28,700 ,800106,100 27,000 134.400 107,200 277,200 May 30., 800 800 400 211,200 79,600 49,000 28,900 ,800104,200 27,400 133,200 105700 277,500 June 30.. 768 537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134.300 106,700 277,600 July 25. 800 600 600 213,300 80,700 49,700 29,200 ,700105,200 27,400 134.300 106.800 277,500 Aug. 29. 800 800 500 212,800 80,900 49,900 29,300 ,700104,500 27,500 133,600 106 100 277,500 Sept. 26. 800 400 600 214,100 81,300 50,100 29,500 ,700105.400 27,400 134.100 106,700 277,400 Oct. 31. 800 800 500 216,600 81,500 50,200 29,600 ,700107,400 27,700 133.600 106,100 277,500 Nov. 28 ', 800 5,200 500 217,200 80,900 49,600 29,600 ,700108,300 28,000 134,400 106,800 277,600 Dec. 31., 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,700 106,700 288,000 1957—Jan. 30? 3,100 800 1,900 600 219,900 82,900 51,200 30,100 ,600109,500 27,400 134,200 106,600 27,600 Feb. 27P 3,100 800 2,800 300 218,000 83,600 51,800 30,200 ,600! 107,000 27,400 134,400 106,800 27,600 Mar. 27*> 3,100 800 3,800 500 217.200 84,600 52,600 30,400 ,600; 105,200 27,400 134,100 106,400 27,700 v Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs stal Savings System and Treasury currency funds (the gold account slightly from the description in the BULLETIN article; stock of Federal Reserve Banks held by member banks is included in other securities and in capital and miscellaneous accounts, net, and balances of the Postal 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 iteemmss rreeppoorrtteedd aass iinn pprroocceessss ooff ccoolllleeccttiioonn.. and currency shown in the monthly Chart Book excludes foreign bank de- 55 SSeasllo nally dadjdju sted is eribeis beig in1 9in4 7 1947d and are ilabvla ilablel ofnly 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 539 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES! [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b a i a l a l p i i n c a t i - d i t - e a s l Total 2 b In a t n e k r - 2 Demand Time c c T a o a p o u c i t n - t a a t l s l b N a b u o n e m f k r s counts 3 U.S. Other Govt. All banks: 1939—Dec. 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. 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. 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. 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.. 190,7"8""0 10"0,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76,844 18,112 14,243 1956—Mar.28.. 190,530 102,730 67,080 20,720 40,830 234,910 211,140 14,210 6,170112,930 77,830 18,410 14,229 June 30.. 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 July 25.. 190,860105,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290 114,140 79,260 18,840 14,204 Aug.29.. 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 5,460113,050 79,550 18,960 14,207 Sept.26.. 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110 115,140 79,890 19,210 14,206 Oct. 31'. 194,230108,220 65,510 20,500 43,160 241,370 216,570 15,380 3,480117,590 80,120 19,260 14,194 Nov.28r. 195,780109,160 66,180 20,440 43,170 242,990 218,000 15,360 4,930 118,140 79,570 19,360 14,186 Dec. 31.. 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—Jan. 30*' 194,950108,830 65,680 20,440 41,640 240,730 216,040 14,180 1,620 118,600 81,640 19,340 14,163 F M e a b r . .2 21 7 p * r . 1 1 9 9 4 5 , , 8 4 1 4 0 0 1 1 0 1 9 0 , , 3 8 5 0 0 0 6 6 4 3 , , 8 7 2 5 0 0 2 2 0 0 , , 6 8 4 9 0 0 4 41 2 , , 5 3 5 5 0 0 2 2 4 4 1 1 , , 3 1 1 3 0 0 2 2 1 1 6 5 , , 1 9 7 0 0 0 1 14 4 , , 4 2 8 8 0 0 2 3 , , 5 51 1 0 0 1 1 1 1 7 4 , , 0 5 7 5 0 0 8 8 2 3 , , 3 3 1 6 0 0 1 1 9 9 , , 4 5 8 2 0 0 1 1 4 4 , , 1 1 5 6 8 0 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. 314. . 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—Mar. 28. . . 159:930 84,690 58,600 16,640 39,940 202,980 182,440 14,210 6,170 112,870 49,190 15,550 13,702 June 30... i6o1:,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 July 25 . . . 159;580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290114,110 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. 31r. . 162;540 88,780 57,450 16,310 42,360 208,430 186,990 15,380 3,480117,560 50,570 16,330 13,667 Nov. 28 r. . 163;970 89,510 58,200 16,260 42,390 209,930 188,370 15,360 4,930 118,110 49,970 16,400 13,659 Dec. 31... 165;123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13,640 1957—Jan. 30*r . 162;810 88,930 57,710 16,170 40,800 207,290 185,930 14,180 1,620 118,570 51,560 16,380 13,636 Feb. 27^"-. 162;490 89,340 56,830 16,320 41,510 207,680 185,940 14,280 2,510 117,040 52,110 16,500 13,631 Mar. 27*.. 162;860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510114,520 52,930 16,520 13,633 All member banks: 1939—Dec. 30.. . 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. .. 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,r- 6,619 1945—Dec. 31. . . 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 6,884 1947—Dec. 31. . . 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 7,589 6,923 1950—Dec. 30. ., 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 8,464 6,873 1954—Dec. 31. . . 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 9,695 6,660 1955—Dec. 31. . , 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,210 6,543 1956—Mar. 28. . . 72,860 48.084 13,638 35,129 172,455 154,870 13,541 5,620 96,197 39,512 12,783 6,521 1957— D J N J A O F M S J u u a e e e u o c l b n n a c p y t g v . . r e . . t . . . . 2 2 2 2 2 2 3 3 3 3 1 5 7 1 7 8 9 6 0 0 . . * . * . * . . . . . . . . . . . . . . . . . . . , , , 7 7 7 7 7 7 7 7 7 7 4 5 6 6 7 8 6 8 5 7 , , , , , , , , , , 5 7 0 3 7 3 2 0 3 0 8 0 8 0 4 1 9 3 2 8 1 5 3 5 2 8 6 4 2 2 4 4 4 4 4 4 4 4 4 4 5 7 6 6 5 7 6 6 6 6 , , , , , , , , , , 5 7 5 2 7 1 2 6 0 3 8 6 7 0 4 2 6 2 9 5 1 3 5 5 3 6 7 2 7 4 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , 4 1 2 3 1 4 0 1 3 2 1 5 0 4 9 9 7 7 2 4 9 9 8 6 8 4 0 4 0 0 4 3 3 3 3 3 3 3 3 3 2 5 7 5 5 7 7 5 6 6 , , , , , , , , , , 2 9 0 8 5 2 9 8 1 6 7 0 2 4 3 8 0 1 6 3 1 6 3 8 6 9 9 7 0 4 1 1 1 1 1 1 1 1 1 1 7 8 7 7 7 7 7 7 7 7 5 4 4 5 6 1 8 5 6 3 , , , , , , , , , , 9 9 8 8 9 0 7 8 2 2 8 4 7 3 4 6 2 7 9 1 3 9 8 4 3 2 0 4 2 0 1 1 1 1 1 1 1 1 1 1 5 5 5 5 5 5 6 5 5 5 4 8 5 7 7 9 7 7 8 7 , , , , , , , , , , 2 3 3 6 4 6 5 9 4 2 1 8 2 1 8 2 9 0 9 7 5 8 3 5 5 3 3 6 2 0 1 1 1 1 1 1 1 1 1 1 4 3 4 6 3 3 4 4 3 3 , , , , , , , , , , 7 3 5 8 5 6 8 8 6 6 8 6 0 5 5 4 5 7 1 7 1 1 8 5 9 5 9 4 7 4 4 4 4 2 4 2 3 3 3 1 , , , , , , , , , , 4 8 9 5 8 2 1 1 2 4 2 0 0 3 8 6 6 9 4 0 1 1 6 8 3 0 8 2 4 8 1 1 1 1 9 9 9 9 9 9 0 0 0 0 7 8 7 6 8 9 6 1 0 0 , , , , , , , , , , 6 3 3 9 2 8 8 0 0 4 7 8 6 3 3 0 5 8 8 5 1 1 5 9 8 4 0 4 8 2 4 4 4 4 4 4 4 4 4 4 0 0 0 0 1 2 0 0 1 0 , , , , , , , , , , 1 5 9 2 1 8 5 1 4 4 7 9 0 5 2 0 6 5 3 7 1 1 9 6 3 0 7 7 4 7 1 1 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 3 3 , , , , , , , , , , , 3 2 6 0 7 8 8 7 3 5 6 9 9 5 0 1 1 2 0 0 7 5 3 3 5 5 3 3 5 6 4 0 4 6 6 6 6 6 6 6 6 6 6 , , , , , , , , , , 4 4 4 4 4 4 4 4 4 4 9 8 6 7 8 9 5 9 5 5 1 8 2 6 3 4 9 9 4 6 All mutual saving;!s 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 10,37' 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. 314.... 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—Mar.28 30,600 18,040 8,480 4,080 890 31,930 28,700 28,640 2,860 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 July 25 31,280 18,820 8,300 4,160 850 32,570 29,270 8 29,240 2,900 527 Aug.29 31,470 19,060 8,250 4,160 830 32,750 29,370 29,340 2,920 527 Sept.26 31,630 19,240 8,210 4,180 830 32,920 29,520 29,490 2,930 527 O N c o t v . .2 3 8 1 3 3 1 1 , , 6 8 9 1 0 0 1 1 9 9 , ,6 4 5 4 0 0 7 8 , , 9 0 8 6 0 0 4 4 , , 1 1 9 8 0 0 7 8 8 0 0 0 3 3 2 3 , , 9 0 4 6 0 0 2 2 9 9 , , 5 6 8 3 0 0 (5) 2 29 9 , , 6 5 0 5 0 0 2 2 , , 9 9 3 6 0 0 5 5 2 2 7 7 Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—Jan. 30* 32,140 19,900 7,970 4,270 840 33,440 30,110 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 Mar.27* 32,580 20,170 8,010 4,400 850 33,900 30,460 30,430 3,000 527 * Preliminary. r Revised. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 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— Cla a s n s d o d f a b te ank Total Loans o G U b q l . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l p o i n i a t i t d i t a - e a l s l Total2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c i t n - t a a t l s l N ba b u o n e m f k r s tions ac- Time counts3 U. S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 A,112 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27.982 25,216 4.464 267 19.040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18.836 1,722 2,351 23 1954—Dec. 31 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33.228 29,378 5,600 756 20,719 2,303 2,745 18 1956—Mar. 28 23,563 15,382 5,976 2,205 7,076 31,372 26,951 4,958 1,401 18,210 2,382 .783 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 ,805 18 July 25 22,771 15,252 5,643 1,876 6,817 30.356 25,929 5,127 514 17,950 2,338 ,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 ,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 ,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 ,844 18 Nov. 28 23.318 16,014 5,568 1,736 7,044 31,257 26,757 5,270 871 18,322 2,294 2,852 18 Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29.149 5,987 747 19,940 2,475 873 18 1957—Jan. 30^ 23,101 15,665 5,645 1,791 7,046 31,151 26,497 4,927 188 18,905 2 All 878 18 Feb. 27? 23,134 15,762 5,506 1,866 7,260 31,383 26,605 5,059 394 18,636 2,516 892 18 Mar. 27^ 23,592 16,366 5,357 1,869 7,207 31,772 27,056 5,013 755 18,520 2,768 2,886 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4.057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6.866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4.604 1,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1.296 222 5,165 1,327 628 13 1956—Mar. 28 6,446 3,223 2,545 678 1,785 8,282 7.202 1,236 420 4,284 ,262 631 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 ,296 639 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. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,372 184 5.069 ,319 660 14 1957_ F ja e n b . . 3 27 0 * » > 6 6, , 1 1 7 2 1 0 3 3 , , 4 5 9 1 4 4 2 2 , , 0 0 7 7 4 3 5 58 5 4 2 2 1 , , 0 90 2 5 9 8 8 , , 2 0 5 7 4 7 7 7, , 3 2 1 8 5 0 1 1 , , 1 1 4 2 0 5 1 6 3 8 9 4 4 , , 7 7 2 8 7 4 , , 3 3 0 0 3 9 6 65 6 8 0 1 1 4 4 Mar. 27» 6.444 3,685 2,165 594 1,706 8,203 7,127 1,212 185 4,432 1,298 651 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 2,39b 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—Mar. 28 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 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 16,584 001 290 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. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 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 Mar. 27* 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 5,121 286 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7.158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10.109 6,258 1.982 6,219 1945—Dec. 31 35,002 5,596 26.999 2,408 10,632 46,059 43,418 1,223 5,465 24.235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22.857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2.934 6,519 1950—Dec. 30 40,558 14,988 21,377 4.193 11,571 52,689 48,897 1,133 922 31.977 14.865 3,532 6,501 1954_Dec. 31 50,466 21,442 23,629 5.395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4.506 6,326 1955—Dec. 31 52,775 24.379 22,570 5,826 13,342 66,988 61.636 1,523 1,061 39.681 19,372 4.769 6,220 1956—Mar. 28 52,469 24,905 21,726 5,838 11.837 65,161 59,573 1,226 1,519 37,175 19,653 4,832 6,199 June 30 52,752 25,716 21,076 5,959 12.463 66,147 60,591 1,353 1,372 37,897 19.969 4.947 6,177 July 25 52,831 25,792 21,130 5.909 12,054 65,759 60.125 1,264 1,194 37,624 20,043 4.947 6.173 Aug. 29 53,163 25,810 21,430 5,923 11,958 66,017 60.250 1.223 1,485 37,418 20.124 4.976 6.170 Sept. 26 53,607 25,980 21,595 6,032 12,423 66,994 61,129 1.275 1,361 38,291 20,202 5.107 6.166 Oct. 31 54,124 26,185 21,977 5,962 12,677 67,754 61,885 1,354 1,017 39,196 20,318 5.124 6,162 Nov. 28 54,587 26,258 22,341 5,988 12,806 68,360 62.415 1.380 1,715 39,268 20,052 5,134 6.155 Dec. 31 54,571 26,491 22,037 6,042 14,390 69.945 64,289 1,618 1,160 41.194 20,317 5,046 6,141 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 Mar. 27*> 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 37,797 21,165 5,167 6,136 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investmsnts 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 541 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cash lia- capital ber Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g t . a . - O se t c h u e - r assets2 c b a i a l p i n t i d i t e a s l Total2 b In an te k r - 2 Demand co a u c n - ts ba o n f ks tions ac- Time counts3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21 259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947_Dec. 31 114,274 37 583 67 941 8 750 36 926 152,733 141,851 12,670 1 325 92,975 34,882 9,734 13,398 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200.127 182,886 16,376 4,154 115,482 46,874 14,252 13.303 1955—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 16.116 42.126 203.676 184.680 14.862 5.221 114.892 49.705 15,600 13,208 Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 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 83*> 105,851 10 714 2 508 66 426 26 202 8 085 4 789 1955—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 Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 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 J.502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56.407 51,401 5.269 1,207 33,177 11,748 4,125 ,871 1955—Dec. 31 49,208 21 554 17,118 4,536 15 719 66,002 59,854 6 549 1 264 39 559 12 482 4,868 851 1956—June 30 48,973 2,3.923 15.671 4.379 13.992 64.117 57.563 6.104 1.877 36.781 12.801 5,061 83? Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 811 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—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 2.720 4.592 28 884 26.316 355 415 15.988 9,558 2.309 6 713 Dec 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1 291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 314 474 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—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—June 30 513 785 365 318 2.036 1.646 377 11 932 326 326 470 Dec 31 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 <04 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4 659 23,334 21,591 629 167 13 758 7 036 1,596 7 261 1954 Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—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 Dec 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 Lasured 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 I'? 10 351 1 034 192 1947—Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 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—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 Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2 3 23 22 857 2 130 223 Noninsured mutual savings banks: 1941-Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 t 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3 522 641 180 5 596 5,022 2 5 020 558 350 1947—Dec. 3H 5 957 1 384 3 813 760 211 6 215 5 556 1 2 5 553 637 339 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6.474 1 2 6,471 774 309 1955- Dec. 31 7,567 3,893 2 601 1,072 180 7 816 6,950 1 2 6 947 806 307 1956 Tune 30 7 898 4 125 2 661 1 112 178 8 150 7 225 1 2 7 222 824 307 Dec. 31 ... 7,770 4,235 2,453 1,082 182 8,028 7,146 1 2 7,143 817 304 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

542 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] I Loans2 Investments Com- p L u o r a c n h s a si f n o g r U. S Government obligations Obli- Total mer- or carrying ga- Cla c s a s l a l o n d f d a b te ank i m l n a e o v n n a es d n t t s s - Total2 c o m c p p i k l i p i n u n a e a e a e g d - r r - t l n , - - A c tu u a g l r l r - - i- b d a s r T e e e n o e r r o a c s s d k l u - - rit o i e T e t r h o s s - l R t o e e a s a t a - n e l s O l u v o i d t t a i n a o h 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 e a r d t b t i e i - n t f s - D - i- ir N ec o t tes Bonds G t a e u n e a - d r- S p s t d s a i i t i o u i c o o a o n v b l a f t n n d i - i e l t s - s - s O s r e i t t h c i e e u r s - All commercial banks:3 1947—Dec. 31..., 116,28438,057 , 1,,.6.60. 8301,220 9,393 5,7231,063 78,226 69,2212,193 7,789 6,034 53,191 5,276 3,729 1954—Dec 31..., 155,91670,619 26,867 5,200 2,9291,525 18,418 14 2,000 85,297 68,9815,065 5,361 14,672 43,861 121,,586 3.729 1955—Dec. 31..., 160,88182,601 ,4753,2631,774 2"0,809 185 3,117 78,280 61,5924,219 2,318 14,034 41,010 121,,698 3,990 1956—June 30.... 160,00886,887 36;111 4,2542.695 1.738 21,787 18,3653,286 73,122 56.6202,817 1,247 12,72739,815 121,,929 3,573 Dec. 31.... 165,12390,302 38720 4,1612,589 1,69122,509 18,850 3,3437744,882211 58,5525,924 1,997 11,82338,796 12,9013,368 All insured commercial banks: 1 1 9 9 4 4 5 1 — —D D e e c c . . 3 31 1 . . . . . . , . 1 4 2 9 1 , , 2 8 9 0 0 92 2 5 1 , , 7 2 6 5 5 9 9 9 , , 2 4 1 6 4 1 , ,3 4 1 5 4 0 3 6 1 1 6 4 4 3 6 60 6 6 2 4 4 , , 7 6 7 7 3 7 2,3 4 6tJ1 5 4 1, 5 181 9 28 6 , , 0 0 3 4 1 3 2 88 1 88 , ,, 0 9( 4 1 6 22, 9 4 8 5 8 519,071 1 3 6 , , 1 0 5 4 9 5 5 1 1 2, , 7 32 9 1 7 ,10 2 2 2 3 3 , , 6 8 5 7 1 3 3 3 , , 3 2 3 5 3 8 1947—Dec. 31..., 114,27437,58318,0121,610 823 190 9,266 5,654 1,028 76,69167,9412,124 7,552 5,918 52,334 14 5, 12"9 3",621 1 19 9 5 5 5 4 — _D D e e c c . . 3 3 1 1 . . . . . . , , 1 1 5 5 9 4, , 1 1 1 6 5 4 7 82 0 , , 0 1 8 2 1 7 2 3 6 3, , , 7 0 3 9 1 2 4 5, , 1 3 10 9 088 6 29 2 0 2 7 9 5 7 0 4 1 2 2 1 0 8 , , 6 3 9 0 2 21 17 4 , , 1 6 0 7 4 6 3 1 , , 0 97 9 3 1 7 8 7 3 , , 0 9 8 8 3 8 6 "6 0 8,; ,, 0i 7 1 6 2 54 4 , ,9 1 0 0 1 5 2 5 , , 2 2 9 7 2 91 1 4 3 , , 5 8 2 5 3 6 4 4 3 0 , , 2 5 8 0 7 2 2 1 1 0 1 1 2 2 , ,4 3 6 5 5 2 3 3 , . 8 6 5 24 3 1956—June 30..., 158,34486.374 35,944 4.190 2669 704 21.67118,2843,"2"59 7711,97155,8352,751 1,228 12.552 39,290 1312,"694 33,442 Dec. 31... 163,60189,83138,5714,1012,565 ,66922,39418,765 3 325 73,770 57,8375,763 1,981 11,722 38,358 1312,6753,258 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3,090 2,,:871 1945—Dec. 31...,107,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 84;408 78,3382,27516,98514,27144,792 16 ,815 1947—Dec. 31.... 97,84632,628 16,962 1,046 8111,065 7,130 4,662 952 65,218 57,9141,987 5,816 4,815 4455,286 10 4^199 3,,'105 1954—Dec. 31....131.60260,250 25,007 3,529 2,8811,36314,43312,1271,858 71,352 57,8094,075 4,30712,46436,944 20 10,449 3.094 1955—Dec. 31...,135,36070,982 31,019 2,726 3,1501^560 16,39114,313 "2 ;943 64,377 50,6973,250 1,73811,50834,192 444 3;;223366 1956—June 30....134,42874,783 33,725 2,552 2,586'1, 5—2 2 17,17215,330 3.087 59,64546,2262,013 84010,33233,029 557 2,862 Dec. 31...,138,76878,034 36,296 2,478 2,4471,47317,81115,7653,147 60,73447,5754,383 1,469 9,49332,218 494 2,665 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 8 412 169 123 554 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 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31..., 20,393 7,179 5,361 545 267 111 564 330 13,21411,972 ,002 640 558 9,771 638 604 1954_Dec. 31.... 23,88012,039 7,231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1.977 523 1955—Dec. 31..., 23,58314,640 9,12b 17 2,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30..., 23,27015,37310,191 11,691 494 609 1,5901,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Dec. 31... 23,80915,98711,266 1 ,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 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 14Q 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—Dec. 31.... 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30.... 6,336 3,572 2,663 13 170 96 133 384 187 2,764 2,088 4* 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 1,643 440 148 Reserve city banks, 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945_Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,552 ,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 366 2222,59120,196 373 2,358 1,901 15,560 3 1,342 ,053 1954—Dec. 31.... 50,73823,98610.624 956 407 622 6,134 4,912 720 26,75221,7181,326 1,695 4,954 13,736 7 3,782 ,252 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 1,180 23,83718,826 813 657 4,708 12,643 5 3,778 ,233 1956—June 30.... 52,07130,12213,978 520 502 676 7,357 6,306 1,26521,94917,051 374 279 4,086 12,308 4 3,823 ,076 Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1', 2"8"9 22,13217,368 ,185 441 3,74211,995 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 1,222 ,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 ,067 1947—Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 2266,12522,857 480 2,583 2,10817,681 6 2,006 ,262 1954_Dec. 31.... 50,46621,442 5;306 2,229 89 220 7,742 5,760 38829,02423,629 ,893 1,774 4,731 15,228 3 4,275 120 1955—Dec. 31.... 52,77524,379 6,290 2,127 189 255 8,723 6,575 57328,39722,570 ,774 913 5,05614,825 3 4,581 ,246 1956—June 30.... 52,75225,716 6,8922,019 223 257 9,073 7,050 590 27,03521,076 ,267 489 4,68814,628 4 4,731 ,228 Dec. 31.... 54,57126,491 7,0801,972 334 261 9,407 7,256 631 28,08022,0372,362 792 4,45814,420 4 4,827 ,215 AH nonmember banks: 3 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1954—Dec. 31.... 24,33710,378 1,859 1,671 49 161 3,993 2.623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—Dec 31.... 25,54611,628 2,226 1,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2.255 755 1956—June 30.... 25.60512,114 2,385 1.702 110 216 4,625 3,036 20013,49210,406 805 407 2.396 6.797 2,374 712 Dec. 31.... 26,38112,279 2,424 ,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 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 543 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F s e w e R d r i v e e t - e h ra s l C va i a n u s l h t m a w B n d e a o c i s t l - e t - h i s c p m D o a d a d s e e n i - - - t d s In d t e e p r o b s a i n ts k G U o .S v . t. p S o a l t i a n t t i d e c s al C o a f e i f n e f r i d d t - i- p v a s i I h d r n i t u p d n a s i e * - l r s , - , I b n a t n er k - G U a o n . v d S t . . S p a i t o c a n l a t i d e l t- s p v s a I i h d r n t i u d n p a i e s - l , r s - ,r B i o n o w g r s - - c C o a t a u a c p - n l i t - s Banks banks 5 justed6 m D e o st - ic5 ] ( F ei o g r n - v s i u s b io d n i- s ch c e e e tc r c . s k ' s, an p ti d o o r c n a o s - r- S in a g v s - v s i u i s c i b a o d i n i s - an p ti d o o r c n a o s - r- All commercial banks:^ 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1954_Dec. 31.... 18,734 2,469 12,202106,540 13,511 ,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 ,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—June 30 18.232 2,273 10,802104,761 12,069 ,557 5.232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 ,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 AU insured commercial banks: 1941—Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 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 [,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 ,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 337 15,600 Dec. 31.... 18,706 3,237 12,490110,487 14,226 [,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 5615,988 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 60 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31 17,797 1,672 6,270 73,528 10,978 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 37,916 302 13,293 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 48 13,655 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 ,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 :4 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1954—Dec. 31 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 600 1955—Dec. 31.... 1,135 32 141 4,349 1,246 40 222 299 85 4,781 11 6 8 1,313 3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 639 Dec. 31.... 1,158 37 174 4,272 1,318 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 AU nonmember banks: 3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1954 Dec 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 1955—Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 1956—June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 Dec. 31, 774 4,690 18,085 521 45 440 2,238 310 15,885 171 29 546 9,449 2,649 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

544 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities 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 s l - 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 u a s o t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G 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 he th rs 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 Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s ob- obliga- cun- liga- cuntions ties tions ties Total- Leading Cities 1956 Apr 86,688 85,432 49,448 27,238 480 2,409 1,294 8,38910,493 27,688 767 640 6,442 19,839 8,296 1,256 1957 Mar 87,123 85,744 52,53530,644 433 ,770 1,150 8,74010,84125,5901,425 683 4,858 18,624 7,619 1,379 Apr 88,148 87,041 53,039 30,975 418 ,875 1,164 8,69210^960 2612921,134 1,461 5,170 18,527 7,710 1,107 Mar. 6 86,249 84,975 51,887 30,007 437 ,797 ,150 8,73610,803 25,5321,251 773 4,870 18,638 7,556 1,274 Mar. 13 87,099 85,653 52,310 30,410 434 ,791 ,156 8,74010,824 25,6761,370 783 4,859 18,664 7,667 1,446 Mar. 20 88,118 86,747 53,11531,149 430 ,822 ,148 8,746 1"0 ;864 25,9901,763 761 4,842 18,624 7,642 1,371 Mar. 27 87,028 85,< 52,83131,012 431 ,670 ,146 8,740 10,874 25,1641,317 415 4,862 18,570 7,609 1,424 Apr. 3 88,298 87,253 52,944 30,906 416 ,952 ,152 8,69110,873 26,6351,243 1,608 5,215 18,569 7,674 1,045 Apr. 10 87,976 86,930 52,888 30,961 415 ,834 ,155 8; 690 10,879 26,3051,112 1,467 5,165 18,561 7,737 1,046 Apr. 17 88,389 87,268 53,25131,103 421 ,874 ,176 8", 6"9"9 11,024 26,2581,146 1,421 5,161 18,530 7,759 1,121 87,933 86,716 53,07230,928 421 ,842 ,174 8,69011,062 25,9721,034 1,347 5,141 18,450 7,672 1,217 Apr. 24 New York City 1956 23,177 22,373 14,337 9,625 1041,535 22 490 594 2,221 5,876 247 78 994 4,557 2,160 804 Apr 1957 23,535 22,720 15,43411,543 120 990 366 582 2,140 5,407 351 145 851 4,060 1,879 815 Mar 23,675 23,079 15,61911,658 1361,057 385 558 2,134 5,595 369 303 926 3,997 1,865 596 Apr Mar. 6 23,091 22,349 15,12411,217 116 1,003 366 585 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 Apr. 3 23,919 23,355 15,66011,632 1881,071 377 556 2,145 5,800 408 420 971 4,001 1,895 564 Apr. 10 23,560 23,055 15,56511,632 1321,029 381 558 2,142 5,591 375 297 919 4,000 1,899 505 Apr. 17 23,733 23,096 15,69611,747 1231,056 392 561 2,125 5,529 361 257 913 3,998 1,871 637 Apr. 24 23,489 22,812 15,56011,619 1031,070 391 561 2,124 5,457 332 236 902 3,987 1,795 677 Outside New York City 1956 Apr 63,511 63,059 35,11117,613 479 770 782 7,795 8,272 21,812 520 562 5,448 15,282 6,136 452 1957 Mar 63,588 63,024 37,10119,101 432 660 773 8,158 8,70120,183 ,074 538 4,007 14,564 5,740 564 Apr 64,473 63,962 37,42019,317 417 682 769 8,134 8,826 20,697 765 1,158 4,244 14,530 5,845 511 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 20,246 ,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 20,393 ,264 566 3,997 14,566 5,766 610 Mar. 27 63,530 63,018 37,34419,315 430 648 770 8,163 8,741 19,927 987 372 4,024 14,544 5,747 512 Apr. 3 64,379 63,898 37,28419,274 415 693 765 8,135 8,728 20,835 835 1,188 4,244 14,568 5,779 481 Apr. 10 64,416 63,875 37,32319,329 414 673 764 8,132 8,737 20,714 737 1,170 4,246 14,561 5,838 541 Apr. 17 64,656 64,172 37,55519,356 420 695 773 8,138 8,899 20,729 785 1,164 4,248 14,532 5,888 484 Apr. 24 64,444 63,904 37,51219,309 420 669 772 8,129 8,938 20,515 702 1,111 4,239 14,463 5,877 540 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 545 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 Month or date s B F w e R . a r i v e n t R h e - k s . s C va a in u s l h t b m a w B d a n e n i o a c s t l e k - h t - i s s c j p m u D o d a s a t d s e e e n i - - - d t d s i s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l a b t n d i i e l t - - s - s c C h c o a f e e e e i f n t e c f r r c d i t d k s . - i ' s - , G U o . v S t . . s p p I u n c v h a n o a a o e n i i d r r d l p r r d a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l a b t n i d i e l t - - s - s G P U S i a o n o a n . g s v v S d t s - t . a . l D D o- eman F d or- 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 Apr 13,370 955 2,602 56,306 58,094 4,125 1,964 2,73419,358 1,050 19410,598 1,544 1,197 719 827 8,681 1957 Mar 13,222 983 2,485 55,968 58,610 3,917 1,856 1,833 20,690 993 18010,307 ,524 ,251 594 1,025 9,104 Apr 13,559 956 2,437 55,997 58,304 4,058 2,107 2,836 20,871 1,017 18310,523 ,518 ,241 844 645 9,136 Mar. 6 13,217 950 2,345 55,791 :57,951 4,031 1,900 1,008 20,499 987 18010,361 ,547 ,246 670 970 9,105 Mar. 13 13,194 ,031 2,476 56,905 6"0";,:262 3,796 1,757 958 20,684 990 17910,240 ,521 ,252 475 1,079 9,100 Mar. 20 13,437 961 ',535 55 704 58,458 3,808 1,942 3,062 20,759 1,002 18110,382 ,552 ,256 781 998 9,090 Mar. 27 13,038 991 2;584 55i472 57,769 4,033 1,825 2,304 20,819 994 180 10,244 ,476 ,251 451 1,054 9,119 Apr. 3 13,818 905 2,467 55 118 57,179 4,045 2,637 3,946 20,897 1,004 18210,646 ,475 ,252 1,009 593 9,135 Apr. 10 13,482 967 2,348 55',558888 5577,763 3,872 1,753 2,756 20,912 1,009 18510,518 ,507 ,248 1,086 554 9,144 Apr. 17 13,415 956 2,541561588 59,483 4,121 2,125 2,289 20,838 1,016 18410,783 ,540 ,240 719 658 9,128 13,519 996 2,393 56',695 58,793 4,193 1,912 2,354 20,834 1,040 18210,148 ,550 ,225 562 776 9,135 Apr. 24 New York City 1956 4,212 145 7815,82417,044 265 932 867 2,122 117 50 2,900 1,204 944 80 361 2,757 Apr 1957 4,208 141 16,02217,543 252 903 565 2,548 2,845 1,208 965 24 463 2,854 Mar 4,261 140 15,69717,082 301 1,088 885 2,643 2,862 1,215 955 231 350 2,868 Apr Mar. 6 4,269 139 15,95717,268 259 965 310 2,392 2,829 1,228 961 74 495 2,858 Mar. 13 4,127 147 16,49318,117 245 841 243 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 72 15,76317,342 259 911 755 2,647 2,855 1,165 966 490 2,854 Apr. 3 4,445 135 7815,72717,045 243 1,654 ,313 2,673 2,863 1,173 965 244 345 2,866 Apr. 10 4,272 146 4415,43716,785 262 809 860 2,676 2,810 1,208 961 476 311 2,868 Apr. 17 4,037 139 50 15,77117,252 367 987 680 2,617 2,958 1,231 954 100 333 2,868 Apr. 24 42i~~ 141 5115,85417,244 333 904 2,607 2,816 1,246 940 103 412 2,870 Outside New York City 1956 Apr 9,158 810 2,524 40,482 41,050 3,860 1,032 1,86717,236 933 144 7,698 340 253 639 466 5,924 1957 Mar 9,014 842 2,430 39,946 41,067 3,665 953 1,26818,142 942 146 7,462 316 286 570 562 6,250 Apr 9,298 816 2,38140,300 41,222 3,757 1,019 1,95118,228 963 149 7,661 303 286 613 295 6,268 Mar. 6 8,948 811 2,299: 39,,834 40. 3,772 935 69818,107 937 146 7,532 319 285 596 475 6,247 Mar. 13 9,067 884 2,429 4400,,412 42, 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 3,563 1,047 2,10918,154 951 147 7,421 324 288 761 486 6,240 Mar. 27 8,830 846 2,512 39^09 40; 3,774 914 1,54918,172 943 146 7,389 311 285 451 564 6,265 Apr. 3 9,373 770 2,389 39 40,134 3,802 983 2,63318,224 951 148 7,783 302 287 765 248 6,269 Apr. 10 9,210 821 2,304 40 40,978 3,610 944 1,89618,236 954 149 7,708 299 287 610 243 6,276 Apr. 17 9,378 817 2,491 42,231 3,754 1,138 1,60918,221 962 148 7,825 309 286 '619 325 6,260 Apr. 24 9,231 855 2,342 40;84141,549 3,860 1,008 1,66618,227 988 150 7,332 304 285 459 364 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

546 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY * [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l and Period 2 t l o F i b q a o a n u o c d o d c r , o , a T l p e e a p a x n t a t h d r i e l e e r l s , , M m p u r a c e e o n t t t s a d a d l 3 - l s ch r P l u c e e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( r T w e a s r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t t ( t r o u i i i a l n o b r i n c t n t l i s a l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch b r w e a a i e n i p n n a n e d o l g k g k 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 i -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42.243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—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 Apr -74 6 -19 29 11 64 -83 92 -39 4 -18 -27 -84 Week ending: 1957—Feb. 6 -40 16 18 10 20 -16 -25 -1 -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 i 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 Apr. 3 -36 -2 24 -9 1 5 7 -20 -29 -7 -23 -89 -106 A A A p p p r r r . . . 2 1 1 4 0 7 - - - 1 1 7 8 3 -8 1 1 5 -6 1 6 8 4 -3 2 1 8 3 - - 2 3 15 - 4 2 6 0 6 - - - 3 1 3 7 3 9 - 1 3 4 1 9 1 0 - - 8 2 '"- 1 3 5 " -1 1 1 6 -1 1 5 4 7 5 0 7 -1 1 7 5 4 5 5 2 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 Total d t P h e r l a a o l c e u e r g s d h * ( p P d f a i i l n r a p l e a y c e c n e r t c d ) - e 2 Total T ta o l - O bi w ll n s bo B u il g ls ht Ow B n ank F s or- O e t r h s - U S p i I n t o n m a i r t t t o t - e e s s d U S p f E r n t o o a i x r t m t t - e e s s d c D h e o a x l n - l g ar e U sh n i i p t p e p o d e i d n ts b F e o i t n r w e : e ig e n n States countries 1951 1,331 449 882 490 197 119 79 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 565 285 182 17 300 89 1955 2,008 510 1,498 642 175 126 49 405 252 210 17 63 100 1956—Mar. 2,545 560 1,985 660 170 130 40 436 263 236 18 49 94 Apr. 2,514 508 2,006 628 146 108 39 427 235 240 10 43 100 May 2,607 515 2,092 643 157 113 44 424 245 252 9 33 104 June, 2,427 476 1,951 684 180 109 71 441 264 251 9 34 125 July. 2,600 509 2,091 723 175 111 64 483 270 237 13 74 129 Aug. 2,514 548 1,966 772 189 120 70 510 271 259 21 97 124 Sept. 2,463 549 1,914 805 209 127 82 529 294 258 17 113 123 Oct.. 2,581 573 2,008 843 203 135 69 567 277 281 19 133 133 Nov. 618 568 2,050 924 242 167 75 598 277 295 10 199 143 Dec. 2,129 506 1,623 967 227 155 72 621 261 329 2 227 148 1957_jan.. 2,540 548 1,992 ,012 230 156 74 689 291 363 2 197 158 Feb.. 2,679 555 2,124 992 202 133 69 708 307 389 2 127 167 Mar. 2,607 489 2,118 ,019 209 150 59 728 305 425 2 116 171 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 547 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or 4 m p P - c a e r o t p i r o m m c e i r - 6 e a , l - p d n p c p l i a a o a r a n p e c m n c c e e y - t e r d - a a P b c n e a r c i c r n e m s e k p ' s e - t , - 3-mon s t e h c u b r i i l t l i s es ( 9 t - a t x o a 1 b 2 le - )2 3- to 5- Area and period lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r month ! 3- l t y o , 6- da 9 y 0 s1 M ke a t r- o R n a n t e e w i m ss o u n e t s h 3 is y s e u a e r s4 Annual averages, months* yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1 19 9 5 5 5 4 a a v v e e r r a a g g e e 2 1 . .5 1 8 8 1 1 . . 4 9 2 7 1 1 . . 3 7 5 1 1. . 7 9 3 4 1. . 7 9 5 5 3 3 1. . 8 9 9 2 2 1 . .8 5 2 0 1956 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly: * 19 large cities: 1956—Apr 3.14 2.93 2.44 2.60 2.613 2.83 3.11 1956—June 4.14 5.18 4.69 4.34 3.97 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 Sept 4.35 5.30 4.86 4.52 4.19 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 Dec 4.38 5.32 4.90 4.63 4.20 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 1957—Mar 4.38 5.38 4.94 4.59 4.21 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 New York City: Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 1956—June 3.97 5.00 4.61 4.23 3.86 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 Sept 4.20 5.26 4.84 4.46 4.09 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 Dec 4.22 5.18 4.88 4.57 4.10 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 1957—Mar 4.23 5.26 4.92 4.47 4.11 7 Northern & Eastern 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 cities: Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 1956—June 4.15 5.26 4.74 4.32 4.01 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 Sept 4.39 5.36 4.88 4.53 4.26 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 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. 30... 3.63 3.38 3.13 2.97 3.034 3.35 3.38 cities: Apr. 6... 3.63 3.38 3.13 3.03 3.050 3.36 3.42 1956—june 4.38 5.23 4.71 4.42 4.15 Apr. 13... 3.63 3.38 3.18 3.13 3.154 3.41 3.46 Sept 4.53 5.29 4.85 4.54 4.32 Apr. 20... 3.63 3.38 3.25 3.11 3.194 3.44 3.49 Dec 4 58 5.35 4.90 4.66 4.35 Apr. 27... 3.63 3.38 3.25 3.02 3.054 3.44 3.51 1957—Mar 4.60 5.42 4.96 4.64 4.35 1 Averages of daily prevailing rates. i Based on figures for first 15 days of month. 2 Except for new bill issues, yields are averages computed from daily closing NOTE.—For description see BULLETIN for March 1949 bid prices. pp. 228-237. 3 Consists of certificates of indebtedness and selected note and bond issues. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt. bonds Corporate bonds4 Industrial stocks U. S. Govt. bonds Ye o ar r , w m e o ek nth, (long-term) ob G 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 Total5 bonds 6 se O ri l e d s2 se N ri e e w s 3 Total5 Aaa Baa 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 - 1 Corn- m Co o m n8 - Number of issues.... 3-7 1-2 20 10 120 30 30 40 40 40 14 125 125 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1956 average 3.05 3.11 2.94 2.51 3.50 3.26 3.57 3.36 3.88 3.50 3.65 3.54 4.25 3.89 6.93 1956—Apr 3.05 3.10 2.84 2.43 3.38 3.07 3.41 3.24 3.68 3.37 3.47 3.38 4.15 3.69 May 2.93 3.03 2.83 2.46 3.37 3.06 3.46 3.28 3.37 3.40 3.53 3.44 4.22 3.97 June 2.89 2.98 2.71 2.34 3 26 3.02 3.46 3.27 3.75 3.39 3.55 3.44 4.17 3.82 6.95 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 3.19 2.94 2.53 3 52 3.32 3.62 3.43 3.93 3.55 3.72 4.24 3.83 Sept 3.24 3.06 2.63 3 60 3.50 3.75 3.56 4.07 3.68 3.83 4.39 4.04 6.00 Oct 3.24 3.12 2.66 3 67 3.55 3.82 3.59 4.17 3.75 3.89 4.42 4.03 Nov 3.39 2.87 3 3.85 3.69 4.24 4.01 4.56 4.05 Dec 3.43 3.57 3.04 4.19 3.95 3.75 4.37 4.08 3.93 4.63 3.90 1957_Jan 3.33 3.37 3.51 2.99 4.16 3.92 4.04 3.77 4.49 4.02 4.12 3.98 4.51 4.13 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 Apr 3.30 3.35 3.35 2.88 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 3.96 Week ending: 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 Apr. 6 3.22 3.30 3.32 2.84 3.93 3.96 3.66 4.42 3.88 4.04 3.94 4.46 4.13 Apr. 13 3.25 3.32 3.32 2.84 3.93 3.95 3.66 4.42 3.87 4.05 3.93 4.44 4.05 Apr. 20 3.33 3.34 3.33 2.87 3.93 3.96 3.67 4.44 3.88 4.06 3.94 4.46 4.02 Apr. 27 3.36 3.40 3.43 2.96 4.00 3.98 3.69 4.45 3.91 4.07 3.95 4.50 3.99 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a lmited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3^ per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1995. 9 Series discontinued as of Mar. 15, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume U (l . o n S g . -t G er o m vt ) . Stan (i d n a d r e d x , a n 1 d 9 4 P 1 o - o 4 r 3 ' = s s 1 e 0 r ) ies* Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series tr o a f d- Ye o ar r w m e o ek nth, r O i s e e l s - d * r N i s e e e s w - 3 g n ( r h i M c a i i g d u p h e - a ) - l <g ( C r h r p a a i o o g d t r e - h e - - )' Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N ra g d 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 c b l- - T n s a a r e i f n a c n r i e - v d d c - e e , , M in i g n- s s t h i h a n ( a o o n i r g n f d u e s 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 average 95.97 103.36 123.1 114.4 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—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_Jan 89.96 95.14 108.6 102.8 45.43 48.43 31.36 32.32 338 429 406 451 310 157 285 371 2,189 Feb 91.51 97.08 110.9 104.3 43.47 46.10 29.59 32.29 325 409 386 431 292 157 278 346 1,978 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 1,698 Apr 90.45 95.45 109.8 104.3 45.05 48.06 29.78 33.03 339 431 404 455 291 160 281 352 2,300 Week ending: 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 1,710 Apr. 6 91.30 96.25 110.7 104.6 44.39 47.30 29.62 32.62 332 421 395 445 289 159 281 344 1,948 Apr. 13 90.93 95.99 110.7 104.4 44.83 47.82 29.72 32.83 339 431 404 455 291 160 282 352 2.398 Apr. 20 90.06 95.62 109.4 104.1 45.12 48.16 29.64 32.98 341 435 407 461 290 160 280 356 2,168 Apr. 27 89.74 94.59 108.5 103.9 45.58 48.67 29.92 33.44 342 436 410 460 296 161 280 357 2,683 * 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 1978-83 and, beginning Feb. 1, 1955, and 3 of daily figures; for (2) municipal and corporate bond prices are based per cent bond of February 1995. on Wednesday closing prices; and for (3) the Securities and Exchange * Prices derived from average yields, as computed by Standard and Commission series on common stock prices are based on weekly closing Poor's Corporation, on basis of a 4 per cent, 20-year bond. prices. 5 Average daily volume of trading in stocks on the New York Stock 2 Series composed of fully taxable, marketable 2*6 per cent bonds due Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k i t f S i b r t m a o l c s a k n i c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n t e o t mer T T Q (~in\/+ free o ( b c c l o i o g l l . a . t 3 5 io ) + 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 ti o o v ns t. se o c O u th r n i e t r ies ba c l r a e n d c it es 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—Mar 4 038 31 2 786 40 1,252 50 2,127 960 Apr 4,043 33 2,788 40 1,255 44 2,145 896 May 4,047 38 2,810 40 1,237 42 2,186 870 June 4 009 34 2,786 48 1,223 39 2,195 836 July 4,026 31 2,812 45 1,214 31 2,211 858 Aug 3,979 33 2,785 41 1,194 38 2,048 872 Sept 3 950 33 2 782 42 1,168 42 2,071 866 Oct 3,914 36 2,748 42 1,166 45 2,086 835 Nov 3,946 32 2,784 43 ,162 43 2,071 822 Dec 3,984 33 2 823 41 1,161 46 2,132 880 1957_jan r3 902 29 2 761 41 1,141 42 1,964 866 Feb 3,846 35 2,729 31 I 117 53 2,004 828 Mar 3,832 28 2,713 27 1,119 47 1,958 820 r Revised. Data are as of the end of the month, except money borrowed, which is as 1 Ledger balances of member firms of the New York Stock Exchange of the last Wednesday of the month beginning June 1955. carrying margin accounts, as reported to the Exchange. Customers' debit 2 Data, except as noted below, are for all weekly reporting member and free credit balances exclude balances maintained with the reporting banks, which account for about 70 per cent of all loans to others for purfirm by other member firms of national securities exchanges and balances chasing or carrying securities. Figures are for the last Wednesday of the of the reporting firm and of general partners of the reporting firm. Bal- month. Some loans for purchasing or carrying U. S. Govt. securities are ances are net for each customer—i. e., all accounts of one customer are included in column 5 after 1952; loans for that purpose are shown sepconsolidated. Money borrowed includes borrowings from banks and arately in column 4 for all weekly reporting member banks in 1952 and from other lenders except member firms of national securities exchanges. for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 549 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U S n ta i t t e e s d Sta U lo t . e c a S a l . ndForeign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s 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 J 240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 [,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 ,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 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952.. . 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of months 1953—Dec 78 201 12 452 9,767 1,278 ,407 34,265 31 926 2,339 23,275 1,994 2,894 3,321 1954—Dec . 84,068 12,199 9,021 1,833 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Mar 91,543 11,415 8,045 2,153 ,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 Apr 92,025 11,439 8,085 2,153 ,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 May 92,478 11,332 7,986 2,140 ,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 92,876 11,280 7,921 2,148 ,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July 93,580 11,292 7,886 2,191 ,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug 93,992 11,210 7,778 2,206 ,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 SeDt.. 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 1,236 41,177 38,256 2,921 33,279 2,841 3,523 4,428 Feb 96,738 10,890 7,544 2,244 1,102 41,513 38,580 2,933 33,479 2,865 3,547 4,444 Mar 97,023 10,926 7,427 2,251 1,248 41,579 38,638 2,941 33,672 2,883 3,575 4,388 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values 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 Total 2 g M ag o e rt s - 3 o G t b i o l o i v n g t s a . - Cash Other* S ca a p vi i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,42 450 356 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 Q?4 733 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— Mar. v 38,892 32,405 2,583 ,975 1,873 33,332 1,134 102 Apr.*. # 39 388 32 814 2,639 I 917 1 962 33 662 1 123 110 May* 40,023 33,259 2,684 ,926 2 099 34,137 1,119 112 June* 40,622 33,740 2,652 >,047 2,128 34,948 1,170 118 2,749 July* 40 797 34,134 2,687 ,878 2 044 35 079 1 105 124 Aug.p 41,197 34,586 2,726 ,788 2,043 35,366 1,113 132 Sept.* 41 574 34 939 2,739 745 2 098 35 633 1 139 138 Oct.* 42 059 35,305 2,753 ,782 2 166 36,044 1 145 128 Nov.* 42,520 35,596 2,781 ,840 2,251 36,438 1,150 123 Dec * 43,098 35,870 2,798 1,142 2,236 37,302 1,225 130 2,970 1957 Jan.* 43,285 36,102 2,946 ,974 2,211 37,638 1,035 107 Feb.P. . 43 684 36,371 3,061 ,935 2 265 37 953 973 99 Mar.p 44,200 36,734 3,153 ,911 2,351 38,312 958 93 * Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged i Figures arc 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

550 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 activityl 1955 1956 1949 1950 19512 19522 1953 2 1954 32 Loans, by purpose and agency: To aid agriculture, total 4,362 3,884 4,161 5,070 6,811 6,929 5,853 6,715 7,377 35, 757 7,160 Banks for cooperatives 302 345 425 424 377 367 359 375 355 349 395 Federal intermediate credit banks... 437 510 633 673 590 638 833 689 765 898 874 Farmers Home Administration 523 535 539 596 648 701 755 681 764 3778 769 Rural Electrification Administration. 1,301 1,543 1,742 1,920 2,096 2,226 2,316 2,348 2,379 2,413 2,450 Commodity Credit Corporation 1,729 898 782 1,426 3,076 2,981 1,590 2,621 3,114 2,319 2,671 Other agencies 70 52 40 31 23 18 1 1 (4) (4) (4) To aid home owners, total 1,251 1,528 2,142 2,603 2,930 2,907 3,122 3,205 3,230 3,299 3,391 Federal National Mortgage Association 828 1,347 1,850 2,242 2,462 2/ 1 2,590 2,641 2,683 2,729 2,807 V O e th te e r r a n ag s e A nc d i m es inistration > 423 181 292 362 ' , 1 3 6 0 8 0 38 6 3 3 45 7 6 6 48 8 0 4 4 1 2 2 4 4 4 1 3 3 3 7 4 1 4 3 7 8 To industry, total 576 568 589 598 588 431 718 678 593 627 624 Treasury Department... 174 353 328 306 330 323 216 C O o th m e m r a e g rc e e n c D ie e s partment. 576 568 589 598 > 413 79 f I 2 9 9 7 2 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 To financing institutions 445 824 814 864 952 870 1,277 1,419 1,143 1,178 1,147 To aid States, territories, etc., total. 408 468 744 1,020 645 272 247 245 239 227 244 Public Housing Administration.. 285 351 589 894 500 112 94 90 106 90 109 Other agencies 124 117 155 126 145 160 153 155 134 137 135 Foreign, total 6,090 6,078 6,110 7,736 8,043 8,"01 8,025 7,988 8,106 8,172 8,229 Exj ort-Import Bank. .. 2,187 2,226 2,296 2,496 2,833 2.806 2,735 2,702 2,697 2,712 2,692 Treasury Departments., 3,750 3,750 3,750 3,667 3,620 3,570 3,567 3,519 3,519 3,519 3,519 Mutual Security (ICA). 61,515 1,537 1,624 1,722 1,767 1,832 1,885 1,958 Other agencies 153 102 64 58 53 1 58 55 60 All other purposes, total 76 63 35 75 119 166 230 256 156 176 193 Housing and Home Finance Administration. 5 29 127 186 209 108 122 137 Other agencies "63 69 90 39 44 47 48 55 56 Less: Reserves for losses -476 -185 -173 -140 -203 -228 -411 -268 -255 3-5P2 -656 Total loans receivable (net). 12,733 13,228 14,422 17,826 19,883 19,348 19,061 20,238 20,580 319,844 20,331 Investments: U. S. Government securities, total 2,047 2,075 2,226 2,421 2,602 2,967 2,909 3,236 3,677 3,719 3,720 Federal home loan banks 275 199 249 311 387 641 443 745 1,082 1,083 1,054 Federal Savings and Loan Insurance Corp.. 214 193 200 208 217 228 234 241 248 256 248 Federal Housing Administration 188 244 285 316 319 327 370 381 390 405 422 Federal Deposit Insurance Corporation 1,205 1,307 1,353 1,437 1,526 1,624 1,705 1,720 1,793 1,810 1,812 Other agencies 165 132 140 148 152 147 158 149 164 166 183 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 5,555 3,385 3,385 3,385 Other securities7 286 266 257 223 219 197 179 179 252 3253 283 Inventories, total 1,549 1,774 1,461 1,280 2,515 3,852 4,129 4,356 14,119 820,231 20,949 Commodity Credit Corporation.. 1,376 1,638 1,174 978 2,087 3,302 3,518 3,747 3,536 3,897 3,323 Defense Department 9,827 9.814 10,994 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. 173 136 288 203 428 550 611 609 / \ 5 18 6 8 7 6,3 1 3 8 2 8 6. 2 41 15 8 Land, structures, and equipment, total 2,962 2,945 3,353 3,213 8,062 8,046 7,799 7,822 8,056 99,682 10,028 Commerce Department (maritime activities). 4,834 4,798 4,812 4,822 4,796 4,612 4,549 Panama Canal Company^ 16 298 415 363 421 422 421 421 400 398 Tennessee Valley Authority 830 8 T.048 1,251 1,475 1,739 1,823 1,829 1,831 1,723 1,712 Housing and Home Finance Agency 1,352 1,297 1,285 1,203 1,041 727 502 450 400 311 285 Nat. Advisory Committee for Aeronautics... 278 Bonneville Power Administration 309 306 General Service Administration 1,199 1,302 Post Office Department 590 590 Other agencies 763 745 728 345 350 360 241 300 607 538 608 Bonds, notes, & debentures payable (not guar.) total. 772 1,190 1,369 1,330 1,182 1,068 2,086 2,379 2,425 2,607 2,742 Banks for cooperatives 78 110 170 181 150 156 160 185 161 152 188 Federal intermediate credit banks 490 520 674 704 619 640 821 665 725 857 865 Federal home loan banks 204 560 525 445 414 272 534 958 869 928 918 Federal National Mortgage Association 570 570 670 670 770 NOTE.—Statistics beginning Mar. 31, 1956, effect the expanded $33; FHA, $33; reserves for losses, $6; and total loans (net), $27; investcoverage and the new classification of agencies now reported in the ments—other securities, $57. See also second paragraph of Note. Treasury Bulletin. The revised statement includes a larger number of 4 Less than $500,000. agencies, and their activities are classified according to the type of fund 5 Figures represent largely the Treasury loan to the United Kingdom, they represent. Funds are combined in the table above, but are shown and through 1952 are based in part on information not shown in Treasury separately in the table on the following page. Classifications by super- compilation. 6 Figure derived by Federal Reserve. visory authorities are those in existence currently. Where current Treasury 7 Includes investment of the Agricultural marketing revolving fund in compilations do not provide a detailed breakdown of loans, these items the banks for cooperatives; Treasury compilations prior to 1956 classified have been classified by Federal Reserve on basis of information about this item as an interageney asset. the type of lending activity involved. 8 Excludes $1,574 million for Atomic Energy Commission, and $7 A few major activities and several minor ones, first reported for June million for other agencies. 30, 1956, are not included for Sept. 30, 1956, because they are not yet 9 Excludes $5,196 million for Atomic Energy Commission, $2,571 reporting on a quarterly basis. Totals for June 30 have been adjusted million for Bureau of Reclamation, and $14 million for other agencies. to exclude data for these activities. i° Figures prior to 1951 are for the Panama Railroad Company. The * Adjusted totals; see second paragraph of NOTE. Panama Canal Company, established in 1951, combined the Panama 1 Figures for trust revolving funds include interageney items. For all Railroad Company with the business activities of the Panama Canal types of funds combined, loans by purpose and agency are shown on a (not reported prior to that time). gross basis; total loans and all other assets, on a net basis, i.e., after 11 Includes $1,000 million due under the agreement with Germany reserve for losses. signed Feb. 27, 1953, and lend-lease and surplus property balances due 2 Coverage changed from preceding period (see also NOTE). the United States in the principal amount of $2,161 million. 3 Amounts excluded are (in millions): loam—to aid agriculture, total, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 551 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency itemsl 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 r e o b e i a l - v e n - s t v o I e r n i n - e - s P s r d u i e t e b c i b l e I u m i n t s c - v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e n d i c d s p t - , , - Other G a B t U u n a u b o . r t n a e e y n d S r e s d - . d s p d , a e 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 t S r t - . . o v in w P a e t t r s n e e i t - r l e y - d All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 1,728 2"'6,456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 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 1,068 4,18335,610 508 1955—Sept. 30. .. 41,183 1,45619,061 4,129 2,909 3,414 7,799 2,415 2,086 2,01336,460 583 Dec. 31 . . . 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Mar. 312. . 58,485 3,73120,58014,119 3,677 3,638 8,056 4,685 2,425 3,730 51,635 651 June 302*. 66,797 4,45719,844 2200,231 3,719 3,638 9,682 5,226 2,607 3,238 60,224 677 Sept. 302. . 69,143 5,144 20,33120,949 3,720 3,66810,028 5,303 2,742 3,145 62,507 693 Classification by type of fund and activity, Sept. 30, 1956 Public Enterprise Funds—Total 20,889 1,590 9,576 4,009 799 151 3,372 1,393 58 1,436 1,395 18,001 Farm Credit Administration: Federal intermediate credit banks 980 27 874 13 865 102 Production credit corporations 42 2 42 Federal Farm Mortgage Corporation 10 1 10 10 Agricultural marketing revolving fund.. 186 39 'J47 186 Department of Agriculture: Commodity Credit Corporation 6,196 38 2,198 3,323 169 469 649 5,547 Disaster loans, etc., revolving fund 152 49 98 5 1 151 All other 52 34 4 14 17 35 Housing and Home Finance Agency: Public Housing Administration 404 112 108 47 137 31 373 Federal Housing Administration 721 35 422 1 262 57 149 515 Federal National Mortgage Association. 2,483 1 2,455 (4) 27 570 38 1,875 Office of the Administrator 750 162 318 238 32 7 743 Federal Savings and Loan Insurance Corporation... 258 3 248 7 11 248 Small Business Administration 174 74 96 4 174 Export-Import Bank 2,712 2,692 () 19 (4)35 2,677 Tennessee Valley Authority 2,017 134 34 1,712 137 37 1,980 Panama Canal Company 447 24 9 398 16 23 424 Veterans Administration 655 177 447 4 23 2 2 11 645 General Services Administration 830 39 598 71 121 7 823 Treasury Department 394 67 264 19 15 30 7 386 Post Office Department—postal fund 1,103 471 9 590 33 339 764 All other 323 104 "22 13 129 56 19 303 Intragovernmental Funds—Total 13,130 1,650 11,113 199 169 72512,406 Defense Department: Army 8,504 946 7,375 105 78 304 ,200 Navy 3,230 368 2.831 31 248 ,980 Air Force 1,106 260 788 58 120 987 All other 290 75 119 "94 3 52 238 Certain Other Activities—Total. 30,169 1,789 8,881 5,828 3,513 6,457 3,694 222 29,947 Nat. Advisory Committee for Aeronautics 439 97 278 63 430 General Services Administration 8,150 919 ""83 5,781 1,225 142 25 8,126 Bonneville Power Administration 401 45 306 42 395 Department of Agriculture: Farmers Home Administration 746 150 568 28 735 Rural Electrification Administration 2,613 48 2,444 122 2,613 International Affairs and Finance: Mutual security 1,977 1,958 13 1,977 Treasury Department 10,275 3,551 3,513 H3,21O [0,275 Department of Commerce—maritime activities 5,268 381 276 ,549 26 142 5,126 All other 300 144 1 99 48 272 Certain Deposit Funds—Total. 4,530 46 1,534 2,909 37 1,106 787 1,962 675 Banks for cooperatives 461 17 392 43 9 188 247 25 Federal Deposit Insurance Corporation. 1,832 2 1,812 18 114 1,718 Federal home loan banks 2,237 27 1,142 1,054 10 671 * 651 2 Certain Trust Revolving Funds—Total. 424 70 341 9 200 16 192 1217 Federal National Mortgage Association. 409 67 341 2 200 192 1211 All other 15 3 126 Agencies reporting annually (June 30, 1956) Atomic Energy Commission 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation.... 3,024 93 6 2,571 354 137 2,887 All other 324 137 27 1 57 14 6 15 303 12 Figure represents total trust interest. For other footnotes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federa Government cash transactions 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 from, In- Less: B r u N ec d e t g t s e . t T P r f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a . t : - * . E p T r u f q e r t o b u o h c t l a m t e a i s l c l . s 2 : B p t e u u e n d r x e d g - s i e - t p T P t f e u u e r l n x r u n u d e - s d s s i : t - A m L d e e j n s u t s s s : t 3 - E p p t T q o u a o u b y t t a h l t a i s l e l c s . : t p o p u a t o h y b ( r e t l - s i ) c . , ( c ( c o - d r d r r e ) e i e , r a d a b e s s e i c t e e n - t , a in G g N v e o . n e v . t b t & . y O d n c e t a o b h s n t e h - 4 r b E r i o e q n c N r p g u a r a a e s o t y h l o s w t r : . - & 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 80,330 67 j216 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 j?74 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 j77? 7,204 3,117 71,860 -232 5,186 2,055 618 2 512 1955 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956 68 165 11 685 2,743 77,084 66 j540 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 47,687 33,415 5,040 2; 266 36,187 11,499 -7,597 1,835 254 -9,689 July-Dec 28,069 6,169 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 Monthly: 1956—Mar 11,313 757 86 11,981 399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr 4,082 871 96 4,854 5,387 1,006 386 6,008 -1,154 -545 -364 15 -197 May 5 050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 June 11,601 1,617 1,049 1?,167 937 830 703 7,064 5,103 -3,890 916 57 -4,863 July. 3 485 1 112 631 ,964 <j54? 1,029 676 5,895 -1,931 -93 312 33 — 439 Aug 4,954 1,419 83 6,286 5,90? 801 17 6,686 -400 2,982 645 -35 2 372 Sept 6,218 753 78 6,889 4 918 846 65 5,699 1,191 -1,126 -214 33 -946 Oct 3 184 660 93 3,747 5,995 959 285 6,671 -2,924 1,017 -266 43 1 240 Nov 4,818 1,231 71 5,972 7?6 857 227 6,355 -383 1,661 292 37 1,333 Dec 5,412 994 617 5,785 5,718 809 -785 7,312 -1,527 -405 -123 -501 219 1957 Jan 4 809 650 106 ,349 6,09 S 1,112 1,111 6,096 -747 -195 -126 367 — 435 Feb 6,188 1,458 80 7,564 s 743 1,095 -250 7,088 476 142 209 -103 37 10,737 1,068 92 11,708 5,584 1,342 291 6.635 5,073 -1,160 108 -126 -1,142 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) 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 s B d u N u e r o f d p e i r g c l t u i e t s t ac d l T f a c e u r t o u f n i u i r m o c d s i n t u t - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e i i n & s a n G e v g N c . e o t F . e r n v e u t b ( c t d s . y y - t . ) I d n ( p e d g c - u c i r r ) o r r b e o , e e r a l s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u s 's n - t Balance ( B F a a a . v b D n a l R k e e il . p s - osi T t T s a L u r x i o e n r a a y a n s n - d O as n t s e h e t e ts r tions5 funds5 debt funds) Accts. Fiscal year—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 ,055 1955 -4,180 991 -29 60? -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 [ 391 Semiannual totals: 1 19 9 5 5 5 4 — _ju Ja ly n _ .- D Ju e n c e -9 5 , , 2 1 9 1 4 4 2 7 3 5 4 7 -6 6 8 6 9 0 - 7 1 5 5 4 2 - - 9 4 5 1 0 2 -4 7 , , 3 4 7 9 5 0 -7 4 1 0 2 0 -1 1 , , 5 0 8 3 7 6 6 5 , , 2 1 1 8 6 0 5 38 6 0 3 4 3 , , 3 4 6 6 5 1 1 1, , 4 1 7 5 1 6 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 [,391 July-Dec -5,732 866 -483 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 Monthly: 1956—Mar 5,914 f-29 170 40 -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 ,353 May.. -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 151 June 4,664 787 -349 51 -934 -3,978 -45 287 6,546 522 4,633 1,391 July -2,057 83 -34 -277 -105 1 -2,369 4,178 513 2,451 ,214 Aug... -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4 644 131 Sept 1,300 -94 145 -14 214 -1,304 -1 249 6,445 535 4,628 1,282 Oct . — 2 812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2 937 [ 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 ?05 374 -399 -17 -1,162 3,265 715 1,161 ,389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2 027 I 364 Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 1,170 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 553 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 N u e r i d e e p - g t t e s t O ag ld e T - ran H s w f i e g a r y h s - to R : r . e- R. fu R r o n e e f d - - s B c T u e r o d i e p t g - a t e l s t W I i n th d - ividual C ra o ti r o p n o 1 - ta c E x i x s e e - si t p m a E l x o e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' t f r u u n s d t t f r u u n s d t m tir e e n - t ceipts held i Other i acct. Fiscal year—1953 . . 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954.. 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955.. 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956.. 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 Semiannual totals: 1954—July-Dec. 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 ,453 767 1,480 1955—Jan.-June. 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 ,290 805 1,694 July-Dec.. 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 ,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 ,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 ,648 817 1,876 Monthly: 1956— Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 n.a. 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 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 1,160 298 197 132 \ n.a. Mar.. 10,737 632 120 50 606 12,145 2,083 785 7,327 931 692 327 n.a. n.a. Budget expenditures4 Major national security Agri- Vet- culture Period Intl. erans' and Nat- Com- Gen- Total affairs Inter- serv- Labor agri- ural merce eral Defense Mutual and est ices and and cul- re- and govern- Totals Dept., security, Atomic finance bene- welfare tural sources housing ment military military energy fits resources Fiscal year: 1953 74,274 50,363 43,611 954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2,612 1,474 1954 67,772 46,904 40,335 629 1,895 1,732 6,470 4,256 2,485 2,557 1,220 909 1,239 1955 64,570 40,626 35,533 291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 19566 66,540 40,641 35,791 612 1,651 1,831 6,846 4,756 2,776 4,929 992 2,135 1,635 Semiannual totals: 1955—July-Dec. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 1956—Jan.-June 33,415 20,647 17,873 1,654 854 1,107 3,497 2,438 1,380 2,234 502 924 691 July-Dec. 33,801 20,595 18,547 914 930 933 3,587 2,291 1,421 2,183 736 879 1,181 Monthly: 6 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 1957—Jan 6,095 3,741 3,335 177 182 121 655 410 330 551 87 85 100 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

554 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f T d g e r o o b t s t a * s l d T d g i e r o r o b e t s a t c s 2 l t Total Certifi- Bonds C ve o r n t- - T an a d x S is p s e u c e ia s l Total Bills c i 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 TotaP b i o n n g d s s n s in o a g v te s - s ble4 stricted 1941 Dec 64 3 57 9 50 5 41 6 2 0 6 0 33 6 8 9 6 1 2 5 7.0 1945 Dec . 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256 9 225 3 165 8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950 Dec 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951 Dec 259 5 259 4 221 2 142 7 18 1 29 1 18.4 41.0 36.0 ii.i 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 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 Julv ... 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 Apr 274.1 274.0 226.9 160.0 25.3 19.4 34.4 80.9 10.4 56.5 55.4 45.2 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $449 million on April 30, 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 $8,552 million on Mar. 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g n e n ti c c t e g e u l s u u e r ) d i a d - r - - S is p s t e u r 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 k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t e s l . S b a o v n in I d n g s d s ivi s d e u O c a u t l h r s i e ti r es i M t n o v r is e s c s 3 . - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950 Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953 Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954_june 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.9 13.9 49.5 15.0 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.8 14.4 50.0 13.1 13.9 1955_june 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 19.3 14.7 50.2 14.6 14.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 24.0 15.1 50.2 14.7 15.6 1956—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 r19.0 15.8 50.2 '17.0 16.3 Nov 277.1 45.7 8.5 222.9 24.4 58.7 8.1 13.0 r19.8 15.8 50.1 '16.9 '16.2 Dec 276.7 45.6 8.4 222.7 24.9 59.4 8.0 12.8 '19.2 15.7 50.1 '16.5 16.0 1957_jan 276.3 45.3 8.6 222.4 23.4 58.5 8.1 12.9 '21.1 15.8 49.9 '16.6 16.3 Feb 276.4 45.5 8.6 222.3 22.9 57.8 8.1 12.8 22.4 15.8 49.7 16.6 16.2 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $250 million on June 30, 1956. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 555 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 1957* [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 Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont. May 2,1957 ,700 June 24, 1957 3% 1,312 Oct. 1, 1960 IV2 278 Aug. 15, 1963 2V2 6,755 May 9, 1957 ,700 Oct. 1, 1957 314 7,271 Apr. 1,1961 IVi 144 June 15, 1962-67... 2^ 2,114 May 16, 1957 ,700 Feb. 14. 1958 3% 10,851 Oct. 1, 1961 JVi 332 Dec. 15, 1963-68... 2 i/i 2,823 May 23, 1957 ,800 Apr. 1,1962 11/2 6 June 15, 1964-69... 214 3,750 M Ju a n y e 31 6 , , 1 1 9 9 5 57 7 , , 8 8 0 0 2 0 Tre M as a u y r y 1 5 n , o t 1 e 9 s 57 1% 4,155 Treasury bonds D M e a c r . . 1 1 5 5 , , 1 1 9 9 6 6 5 4 - - 7 6 0 9 . . . . . . 2 21 i/ / i 2 4 3 , , 7 8 1 2 1 4 June 13, 1957 ,802 Aug. 1,1957 2% 12,056 Mar. 15, 1956-58 3.. 2^ ,449 Mar. 15, 1966-71.. .2% 2,955 June 20, 1957 ,604 Aug. 15, 1957 2 3,792 Sept. 15, 1956-59 3.. 214 3,819 June 15, 1967-72... 21/2 1,862 June 24, 1957 ,601 Oct. 1, 1957 P/2 824 Mar. 15, 1957-59.. .2% 927 Sept. 15, 1967-72... 21/2 2,716 J J J u u u l n n y e e 2 2 4 5 7 , , , 1 1 1 9 9 9 5 5 5 7 7 7 , , , 6 6 7 0 0 5 1 4 0 J A O u p c n t r e . . 1 1 5 1 , , , 1 1 1 9 9 9 5 5 5 8 8 8 1 2 n 1 % / / 2 2 4,3 3 1 9 8 2 2 3 1 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 8 8 -63 4.. 2 2 2 % & V4 4 2 , . 2 3 9 6 4 19 8 5 J D F u e e n b c e . . 1 1 15 5 5 , , , 1 1 19 9 9 9 7 6 5 8 7 - - 8 7 3 2 . . . . . . 3 21 V / 3 2 4 2 3 1 , , , 7 6 7 0 4 7 5 4 7 July 11, 1957 ,611 Feb. 15, 1959 1% 5,102 June 15, 1959-62...214 5.271 J J u u l l y y 2 1 5 8 , , 1 1 9 9 5 5 7 7 , , 6 6 0 0 0 0 A O p ct r . . 1 1 , , 1 1 9 9 5 5 9 9 l i i y / 2 2 1 9 1 9 9 D N e o c v . . 1 1 5 5 , , 1 19 9 6 5 0 9 -62... 2 2V V s 4 3 3 . . 4 8 6 0 0 6 Panama Canal Loan 3 50 Apr. 1,1960 IVi 198 Dec. 15, 1960-65 4.. 2 34 1.485 Convertible bonds May 15, 1960 3i/2 2,406 Sept. 15, 1961 2Y4 2.239 Investment Series B Nov. 15, 1961 2V2 11.177 Apr. 1 1975-80.. 2V4 10,448 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. 547. 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, b)> 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 r d k 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 ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 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 1956—June 30 166,050 20 808 16.303 35 952 81 890 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 Feb. 28 171,496 25,876 20,216 33,940 80,868 10,596 160,899 67,508 42,604 17,892 32,895 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 ^.439 3.723 74 199 506 2,944 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 I957—jan. 31 8,400 294 347 866 3 673 3 220 5 180 1,085 720 319 3,056 Feb 28 8,442 308 392 899 3,654 3,190 5,252 1,039 840 319 3,055 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 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 Feb. 28 22,887 143 11,367 8,574 2,802 22,887 20,085 373 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 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 Feb. 28 50,105 3,939 1,869 10,184 33,966 147 49,958 9,851 24,836 10,350 4,920 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 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 ,049 657 4,346 Feb 28 7,527 205 71 350 5,790 1,111 6,416 347 ,082 654 4,333 Insurance companies: 1954—June 30 13 520 622 209 691 8 805 3 193 10,327 1,190 .045 2,171 5,921 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 ,339 2,027 5,796 1956 June 30 11,702 318 44 760 7,789 2,791 8,911 632 ,192 1,802 5,285 Dec 31 11 331 349 66 781 7 464 2 671 8,660 726 ,749 1,136 5,049 1957—Jan. 31 11,405 474 65 771 7,439 2,655 8,750 859 ,738 1,133 5,019 Feb 28 11,343 510 77 720 7,413 2,622 8,722 822 753 1,136 5,011 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 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 I957—Jan. 31 69,886 19,439 6,081 13,624 27,183 3,559 66,327 34,850 12,819 4,511 14,147 Feb 28 71,190 20,770 6,439 13,212 27,244 3,525 67,665 35,366 13,719 4,420 14,160 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

556 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propose a d ll u co se r s p o o r f a t n e e t i s p su ro e c r e s6 eds Noncorporate #Corporate New capital Year or Remonth Total G U o . v S t. . 3 g F e e e r n a d c l - y' S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f o i u e c n r l b y e d - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l M p c a o o u e n u s i l r e s e s - - - - s m d b e t R i t e a o r e c e b n e f . n - t k - 3 t , m s r t i e i t o r e c i e 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 1941 15,157 11,466 38 956 30 2,667 2,390 1.578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1949 21,110 11,804 216 2.907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6.361 4,920 2,360 2,560 631 811 4,990 4.006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3.228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4.119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,392 5,517 169 5,409 334 10,963 8,020 4,224 3,796 633 2,30910,362 9,625 737 415 1956—Mar 1,787 518 401 9 861 675 393 282 42 143 790 762 28 56 Apr 1,876 453 60 391 58 915 673 340 332 32 210 816 702 114 82 May 2,128 451 491 1,185 983 686 297 65 137 1,144 1,116 28 21 June 2.161 437 736 99 889 661 270 391 50 179 830 768 61 43 July 1,975 484 379 3 1,109 911 588 323 15 183 1,066 1,012 53 27 Aug 1,508 436 109 213 41 708 565 250 315 50 92 669 563 107 25 Sept 1,591 355 336 (9) 900 682 513 168 33 186 836 802 34 47 Oct 1,898 414 646 58 780 491 316 176 139 149 747 660 87 15 Nov 1,829 389 311 4 1,125 453 178 275 44 627 1,088 1,042 47 24 Dec 1,967 390 427 23 1,126 920 401 519 16 191 1,094 1,040 54 17 1957_Jan '2,432 496 72 685 '84 '1,094 '916 641 '276 '34 '144'1,063 '1,026 '38 '11 Feb '2,123 386 '569 '53 '1,116 '761 514 '248 '26 '329'1,071 '927 '144 '22 Mar 3,228 1,327 483 32 1,386 1,072 643 429 38 276 1,344 1,271 73 21 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e a f l 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 capital i o secu- capital1 secu- capital10 secu- capital10 secu- capital10 secu- :apital10 securities rities rities rities rities rities 1949 1,347 44 310 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2.254 174 1,045 77 1,812 56 1956 3,375 284 713 60 20 2,479 14 1,389 19 1,719 18 1956—Mar 249 22 48 3 71 10 187 1 103 17 132 3 Apr 258 78 27 1 51 1 294 15 170 1 May 465 14 67 4 86 2 335 80 *(9)' 109 2 June 276 26 76 2 54 5 231 11 182 6 July 331 9 100 17 31 240 261 103 1 Aug 194 21 94 3 38 154 83 106 1 Sept 227 22 36 21 61 242 56 214 Oct 326 10 33 4 36 226 68 59 Nov 147 21 110 1 45 154 596 37 Dec 524 12 38 1 148 157 77 150 1957—Jan '381 '42 '1 '101 '247 r(9) '105 '187 Feb '543 '94 '4 '31 '247 '14 '46 '108 Mar 366 32 85 490 16 281 91 ' 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. 1 o Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 557 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 63,34358,110 69,443 71,925 ,92916,88718,02818,150 18,457 16,119 19,198 Profits before taxes , 8,869 7,308 8,375 77,224444 9,267 ,767 2,388 2,619 2,601 2,507 1,701 2,457 Profits after taxes 3,548 3,192 3,649 3,825 4,841 ,392 1,206 1,408 1,286 1,303 915 1,337 Dividends 2,075 2,073 2,154 2,384 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 ,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 , 34,02435,25142,649 37,490 46,378 47,14812,18711,11111,99012,05512,321 10,036 12,736 Profits before taxes 5,422 4,455 5,346 4,491 6,818 5,809 919 1,518 1,730 1,701 1,634 893 1,580 Profits after taxes , 2,015 1,800 2,123 2,244 3,305 2,864 920 723 888 789 815 449 811 Dividends , 1.149 1,127 1,182 1,320 1,625 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 83 82 82 89 93 Primary metals and products (39 corps.): Sales 1.50711,56413,75011,52214,92716,065 3,858 3,746 4,024 4,212 4,415 3,098 4,340 Profits before taxes 1,098 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 i,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 2,026 2,175 2,398 2,185 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 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Sales data are obtained from the Long Lines and General departments of American Telephone and the Securities and Exchange Commission; other data from published Telegraph Company) and for two affiliated telephone companies, which company reports. together represent about 85 per cent of all telephone operations. Divi- Railroads. Figures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric power. Figures are for Class A and B electric utilities (which before Federal income taxes and dividends. For detailed description of account for about 95 per cent of all electric power operations) and are series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); obtained from reports of the Federal Power Commission, except that pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 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 Y qu e a a r r te o r r P b t r e a o f x o f e i r s t e s c ta I o x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a a r r te o r r 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 1956r 43.7 22.1 21.7 12.1 9.6 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—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 2 42.9 21.7 21.3 12.2 9.1 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 3 41.2 20.8 20.4 12.3 8.1 2 3,367 1,487 1,880 2,245 817 1,428 1,122 671 452 4 46.7 23.6 23.1 11.9 11.2 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 1957—n 46.5 23.5 23.0 12.3 10.7 i Reflects cash transactions only. As contrasted with data shown on p. 556, new issues r Revised. exclude foreign and include offerings of open-end investment companies, sales of securities 1 Preliminary estimates by Council of Economic held by affiliated companies or RFC, special offerings to employees, and also new stock Advisers. issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 556. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year wo N rk e i t ng U.S. Not r e e s c e a i n v d ab a le ccts. Note p s a a y n a d b le accts. F in e c d o e m ra e l 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 G U o . v S t. . 2 Other G U o . v S t . .2 Other bilities 1949 72.4 133.1 26.5 16.8 4: .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 A 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l 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 1.1 .2 3.3 1.1 5.7 1951 25.6 10.9 .9 .5 .5 3.7 1.3 5.9 1956—1 7.5 3.2 .7 .9 2.6 1952 26.5 11.6 1.0 .4 .5 3.9 1.5 5.6 2 8.9 4.1 .7 1 2 2 9 1953 . . 28.3 11.9 1.0 .3 .6 4.6 1.7 6.3 3 8.9 4.1 .7 1.3 2.7 1954 26.8 11.0 1.0 .9 .5 4.2 1.7 6.5 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 35.1 15.0 1.2 .2 7 4.9 11.0 1957—H 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 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 559 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm End of year h O ol t d h e e r r s 1- to 4-family houses com M m u e l r t c i- i f a a l m p il r y o p a e n r d ties1 or quarter 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 n r s t a e - l d v o I i 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 - Total t F u i i n c t n i i s o a a ti l n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r h A o er 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 47.1 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 85.6 51.7 41.1 10.7 23.9 15.9 8.0 6.6 2.6 4.0 1952 '91.3 66.9 2.4 '22.0 '84.2 58.5 46.8 11.7 '25.7 17.2 '8.4 7.2 2.8 4.3 1953 101.2 75.1 2.8 '23.4 '93.6 66.1 53.6 12.5 '27.5 18.5 '9.0 7.7 3.0 4.6 1954 113.7 85.8 2.8 '25.1 105.5 75.7 62.5 13.2 '29.8 20.0 '9.8 8.2 3.3 4.9 1955 129.9 99.4 3.1 '27.4 120.9 '88.2 73.8 14.4 '32.7 '21.9 '10.8 9.0 3.6 5.3 1956* 144.6 111.4 3.6 29.6 134.9 99.1 83.6 15.6 35.8 23.9 11.9 9.7 3.9 5.8 1955—Sept.. 126.2 96.3 3.0 117.4 '85.6 71.4 '14.2 31.8 21.4 '10.5 3.6 5.2 Dec... •129.9 99.4 3.1 '27.4 120.9 '88.2 73.8 14.4 '32.7 '21.9 '10.8 9.0 3.6 5.3 1956—Mar.* 133.4 102.3 3.2 28.0 124.2 90.8 76.2 14.6 33.4 22.4 11.0 9.2 3.7 5.5 June*9. 137.4 105.6 3.2 28.6 128.0 93.7 78.8 14.9 34.3 23.0 11.3 9.5 3.8 5.6 Sept.? 141.2 108.8 3.3 29.2 131.6 96.6 81.4 15.1 35.1 23.5 11.6 9.6 3.9 5.7 Dec.?. 144.6 111.4 3.6 29.6 134.9 99.1 83.6 15.6 35.8 23.9 11.9 9.7 3.9 5.8 1957—Mar.? 147.2 113.2 4.0 30.0 137.4 101.1 85.1 16.0 36.2 24.2 12.0 9.8 3.9 6.0 p Preliminary. ' Revised. 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 holdings 3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1949 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 "l\92\ "4; 929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3',675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 . 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 J954 18,573 14 152 4 106 3 350 6 695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 ... 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956* 22,719 17,004 4 803 3 902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1.984 59 1955—Sept . 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 ,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 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 ,860 62 June 21,990 16,500 4 668 3 837 7,995 4,137 1,353 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec. . . . .. 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 ,984 59 1957—Mar.*3 22,670 16,905 4,775 3,825 8,305 4,430 1,335 20,105 18,045 4,450 7,360 6,235 : >,000 60 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5 529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 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—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 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 Nov 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30,546 6,654 7,318 16,574 2,471 1957—Jan . 553 512 51 141 320 41 33,279 30,810 6,658 7,420 16,732 2,469 Feb 402 356 43 98 215 46 33,479 31,001 6,671 7,493 16,837 2,478 Mar 429 376 43 73 260 53 33,672 31,179 6,666 7,556 16,957 2,493 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] [In millions of dollars] Loans made Loans outstanding (end of period) Total (witho B ut y s t e y a p s e o n o a f l le a n d d ju e s r tment) Year or month Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H i r n A e - - d a g n V u t A a e r e - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s ly o - n- W s a e d a i j t s u h o s o n t- u a t l in l S o g a s a v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - Mu s i t n a u g v a - s l justed l ment2 assns. panies banks banks 1941. 1,379 437 581 4,578 1945. 1,913 181 1,358 5,376 1941. 4,732 1,490 404 1,165 218 1945. 5,650 2,017 250 1,097 217 1949. 3,636 1,083 1,559 11,616 717 2,586 8,313 1950. 5,237 1,767 2,246 13,657 848 2,973 9,836 1949. 11,828 3,646 1,046 2,446 750 1951. 5,250 1,657 2,357 15,564 866 3,133 11,565 1950. 16,179 5,060 1,618 3,365 ,064 1952. 6,617 2,105 2,955 18,396 904 3,394 14,098 1951. 16,405 5,295 1,615 3,370 ,013 1953. 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952. 18,018 6,452 1,420 3,600 ,137 1954. 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953. 19,747 7,365 1,480 3,680 ,327 1955. 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954. 22,974 8,312 1,768 4,239 ,501 1956. 10,545 3,771 4,727 35,870 1,492 6,664 27,714 1955. 28,484 10,452 1,932 5,617 ,858 1956. 27,088 9,532 1,799 5,458 ,824 1956 1956 Mar.. 908 331 386 32,405 1,424 6,082 24,899 Apr.. 932 359 388 Mar.. 2,313 2,271 816 152 468 128 May. 986 356 434 Apr.. 2,325 2,269 827 148 470 128 June. 976 349 449 33,740 1,458 6,338 25,944 May. 2,327 2,434 872 158 508 152 July. . 949 341 439 June. 2,316 2,417 877 165 494 162 Aug.. 1,037 358 483 July.. 2,329 2,374 851 159 464 168 Sept.. 850 292 397 34,939 * i i 4766,530 26;933 Aug.. 2,266 2,544 921 163 508 181 Oct.. 922 323 422 Sept.. 2,250 2,185 779 139 441 163 Nov.. 784 277 360 Oct.. 2,174 2,425 848 154 475 183 Dec. 710 250 320 35]870 6^664 Nov. 2,119 2,108 717 136 408 152 Dec. 2,094 1,951 660 138 366 148 1957 1957 Jan... 714 245 326 Feb.. 709 243 318 Jan.. 2,056 1,942 659 134 353 117 Mar.. 842 298 366 36,734 1,509 6,796 28,429 Feb.. 2,050 1,749 644 105 308 96 Mar.. 1,937 744 115 334 99 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Excludes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 561 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 ect- erty Total p e N r r t o e i w e p s - p e is E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o o e f r r Total underwritten t C i v o e o n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total in- guarsured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 628 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37.6 15 0 6 9 8 1 22.6 1953 3,882 1,259 1,030 259 ,334 3,064 2,044 1,014 1950 45.2 18.9 8.6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51 7 22 9 9.7 13.2 28.8 1 1 9 95 5 5 6 3 3 , , 8 4 0 6 7 1 1 1, , 1 2 3 6 3 9 1 1, , 5 8 0 1 5 6 1 7 3 6 0 6 6 4 9 6 2 7 5 , , 1 8 5 6 6 8 4 3 , , 5 91 8 0 2 2 1 , , 5 9 6 4 4 8 1 19 9 5 5 3 2 6 5 6 8 . . 1 5 2 2 5 8 . . 4 1 1 1 0 2 .0 8 1 1 4 6 .1 6 3 3 3 8 . . 1 0 1954 . 75.7 32.1 12 8 19 3 43 6 1956—Mar. 298 105 127 18 48 468 331 136 1955 oo 2 38.9 14.3 24.6 49.2 Apr. 253 87 116 4 46 493 333 159 1956^ 99.1 43.9 15.5 28.4 55.2 May 270 87 123 2 59 469 307 162 June 280 86 121 10 62 421 265 155 1955_Sept 85.6 37.0 13.9 23.1 48.6 J A u u l g y . . 2 3 7 1 9 2 9 8 7 3 1 14 2 1 5 1 8 0 6 6 7 1 4 50 6 5 5 2 3 9 2 1 0 1 1 7 8 4 4 Dec 88.2 38.9 14.3 24.6 49.2 D O N S c e e o p t c v t . . . . . 2 2 2 3 4 7 7 4 9 9 8 1 9 7 8 8 6 6 2 9 1 1 1 9 2 3 2 8 2 4 4 2 2 1 4 6 7 5 4 5 6 8 8 9 2 6 4 4 5 50 6 0 7 1 2 8 2 3 3 3 3 2 2 3 1 1 1 1 5 1 1 1 1 8 6 4 5 6 9 6 0 1956— J D S M u e e p n c a t e . . r * p * . 7 P > . . . . . . . . 9 9 9 9 0 3 9 6 . . . . 8 7 1 6 4 4 4 4 2 3 0 1 . . . . 4 9 2 3 1 1 1 1 4 5 5 5 . . . . 7 5 2 0 2 2 2 2 5 8 7 6 . . . . 5 4 2 3 5 5 5 5 0 4 2 5 . . . . 2 6 4 2 1957—Jan.. 300 87 107 29 77 555 393 162 1957—Mar.P.. .. 101.1 45.1 15.7 29.4 56.0 Feb.. 266 74 85 50 56 431 316 113 Mar. 317 75 86 96 60 380 285 94 p Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Housing Administration, Veterans Administration and loans, gross amount of loans closed. Figures do not take account of principal repayments Federal Reserve. 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 o s f o p u e ts r t i a o n d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total Short- 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 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2.434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1956 Aor 2,665 907 1,758 23 68 1956—Apr., 42 53 1,127 709 418 May 2,677 907 1,769 25 1 81 May, 44 48 1,123 697 427 June 2 704 915 1,789 40 92 June, 99 49 1,173 730 443 July 2,729 915 1,814 43 91 July. 93 159 1,108 700 408 Aug 2,758 919 1,839 46 i 92 Aug. 66 57 1,116 713 403 Sept 2,781 920 1,861 40 l 130 Sept. 72 46 1,142 741 401 Oct 2,838 934 1,904 69 232 Oct.. 67 61 1,148 752 397 Nov 2,953 957 1,996 129 317 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 Apr 3,491 1,074 2,417 95 493 Apr., 73 62 971 544 427 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e l co p g O n a o s t p o h u e d e m r s r i er e a r n R l n d o i e a z 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 11,590 4,555 3 706 898 2,431 5,715 1,532 2,795 1,388 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4 880 1 085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6 751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,648 29,020 13,468 7,626 1,670 6,256 9,628 2,992 4,544 2,092 1956 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 1956—Mar 37,761 29,112 13,743 7,300 1,631 6,438 8,649 3,050 3,469 2,130 Apr 38,222 29,419 13,892 7,337 1,643 6,547 8,803 3,094 3,531 2,178 May 38,919 29,763 14,059 7,401 1,677 6,626 9,156 3,258 3,701 2,197 June 39 454 30 084 14,255 7 417 1,700 6,712 9,370 3,335 3 804 2,231 July 39,478 30,297 14,381 7,421 1,710 6,785 9,181 3,261 3,674 2,246 39,878 30,644 14,530 7,493 1,734 6,887 9,234 3,295 3,696 2,243 Sept 40,074 30,707 14,533 7,497 1,758 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 4,085 2,173 Feb 40,513 31,233 14,410 7 805 1,759 7,259 9,280 3,433 3,662 2,185 Mar 40,503 31,273 14,501 7,698 1,754 7,320 9,230 3,527 3,500 2,203 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 institutioni Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k 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 it s p f s i C a c n u n o a m o i m n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4 503 3 065 1 079 1,197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2 462 1 776 745 300 102 629 686 131 240 17 28 270 1949 11,590 9,257 4,439 2,944 438 1 436 2 333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1 082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4 042 1 064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1 052 1955 29,020 24,441 10,601 8,443 1,680 2,656 1,061 4,579 1,511 1,052 381 535 1 100 1956 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1,407 1,020 378 572 1,137 1956 Mar 29,112 24,870 10,796 8,526 1,732 2,739 1,077 4,242 1,377 984 355 544 982 Apr 29,419 25,208 11,009 8,575 1,767 2,773 1,084 4,211 1,380 974 349 548 960 May 29,763 25,528 11,170 8,641 1,806 2,805 1.106 4,235 1,389 971 351 554 970 June .. 30,084 25,963 11,394 8,765 1,848 2 845 111 4 121 [ 247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 1,108 4 104 [ 239 967 359 568 971 Aue 30,644 26,475 11,548 8,953 1,933 2,920 1,121 4,169 1,286 973 365 575 970 Sent 30,707 26,551 11,548 8,989 1,960 2,924 1,130 4 156 I 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 1,155 4,178 1,230 988 373 573 1 014 Dec 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1 407 1,020 378 572 1,137 1 oso 1957 Jan 31,298 26,931 11,616 9,077 2,045 3,041 1,152 4 367 1 380 975 364 568 Feb 31,233 26,967 11,641 9,035 2,074 3,051 1,166 4,266 1,345 957 362 568 1 034 Mar 31,273 27,101 11,711 9,048 2,108 3,056 1 178 4,172 1,298 936 357 570 1,011 * 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 563 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 o o f 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 n a a s - ir - s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A p o a u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a d n a p ti n d e a o s r i n r n- s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1 797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1949 2,944 2,265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 . . ... 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6 144 4 870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 ,429 2,105 1956—Mar 8,526 6,995 1,024 24 483 1956—Mar. 10,796 3,347 2,133 2,051 ,303 1,962 Apr 8,575 7,037 1,024 24 490 Apr.. 11,009 3,403 2,167 2,118 ,313 2,008 May 8 641 7,099 1,021 24 497 May. 11,170 3,462 2,193 2,155 ,335 2,025 June ... 8,765 7,199 1,039 24 503 June. 11,394 3,521 2,207 2,265 ,356 2,045 July 8,849 7,264 1,049 24 512 July. 11,476 3,560 2,210 2,276 ,367 2,063 Aufi 8,953 7,344 1,061 24 524 Aug. 11,548 3,598 2,218 2,266 ,384 2,082 Sept 8,989 7,366 1,071 23 529 Sept. 11,548 2,199 2,271 ,403 2,084 Oct 8 973 7,333 1 083 24 533 Oct.. 11,606 2,180 2,335 ,421 2,086 Nov 9,075 7,305 1,202 24 544 Nov. 11,634 3,578 2,177 2,364 ,430 2,085 Dec 9,100 7,283 1,227 23 567 Dec. 11,682 3,579 2,181 2,388 ,429 2,105 1957_jan 9,077 7,222 1,261 23 571 1957—Jan.. 11,616 3,584 2,198 2,306 ,413 2,115 Feb 9 035 7 190 1 247 23 575 Feb.. 11,641 3,611 2,216 2,290 ,399 2,125 Mar 9,048 7,190 1,255 22 581 Mar. 11,711 3,649 2,258 2,275 ,392 2,137 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets (single-pay- (charge E o n r d m o o f n y t e h ar i T m n o s e t t n a a l t l - m A p o a u p b t e o il r - e s g O c u o t o m o h n d e e - r s r m R iz o a e a d n p ti d e a o r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i T m n n o s o e t t n n a a - l t l - C m om en - t loans) D a e c - counts) S c e r r e v d i i c t e credit paper loans credit m ci e a r l - Other m pa e r n t- t Other banks stores * 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 . . .. 3,087 693 152 275 1,370 597 1949 1,874 259 146 93 1,376 1945 3,203 674 72 290 1,322 845 1950 2,296 360 200 121 1,615 1951 2,699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 1,388 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,397 709 506 307 3,875 1953 8,238 1,899 288 772 3,352 1,927 1956 6,256 821 582 341 4,512 1954 8,724 2,096 312 793 3,515 2,008 1955 9,628 2.635 357 862 3,682 2,092 1956—Mar. 5,548 724 527 304 3,993 1956 10,311 2,975 446 895 3,807 2,188 Apr. 5,624 737 532 306 4,049 May 5,717 751 544 318 4,104 1956—Mar 8,649 2,680 370 579 2,890 2,130 J Ju u l n y e . 5 5, , 8 8 6 0 8 4 7 7 6 7 6 9 5 5 5 6 4 0 3 3 1 2 9 0 4 4 , , 1 2 6 1 4 0 A M p a r y 9 8 , , 1 8 5 0 6 3 2 2 . , 7 7 2 6 0 6 4 3 9 7 2 4 5 58 7 5 3 2 3 , , 9 1 5 1 8 6 2 2 , , 1 1 7 9 8 7 Aug. 5,974 795 572 326 4,281 June 9,370 2,880 455 574 3,230 2,231 Sept. 6,014 801 575 332 4,306 July 9,181 2,885 376 523 3,151 2,246 Oct.. 6,056 807 581 336 4,332 Aug 9,234 2,894 401 531 3,165 2,243 Nov. 6,137 816 581 343 4,397 Sept 9,367 2,926 435 588 3,192 2,226 Dec. 6,256 821 582 341 4,512 Oct 9,385 2,897 413 612 3,263 2,200 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 Mar. 6,342 834 566 340 4,602 1957_jan 9,618 2,960 400 728 3,357 2,173 Feb 9,280 2,983 450 617 3.045 2,185 Mar 9,230 3,007 520 571 2,929 2,203 NOTE.—Institutions included are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a i t r i 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—Mar 3,167 3,305 1.278 J. 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 ,407 930 949 132 145 943 969 3,049 3,390 1,175 ,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 ,393 951 952 122 137 1,019 1,022 Seot 3,153 2,981 1,191 ,150 883 840 117 125 962 866 Oct 3,363 3,382 1,308 284 942 1,010 125 140 988 948 Nov 3,453 3,387 1,354 1,225 973 1,037 120 125 1,006 1,000 Dec 3,368 3,735 1,311 1,195 939 1,266 108 100 1,010 1,174 1957—Jan 3,512 3,079 1,477 1,258 899 111 119 91 1,017 953 Feb 3,496 2,954 1,426 1,214 914 727 120 93 1,036 920 Mar 3,299 3,319 ,324 1,374 878 809 115 105 982 1,031 Repayments 1949 15,514 5,430 5,060 689 4 335 1950 18,445 7,011 6,057 717 4,660 1951 22,985 9,058 7,404 772 5,751 1952 25,405 10,003 7,892 917 6 593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1 255 8 255 1955 33,676 13,084 9,740 1,305 9,547 1956 37,070 14,565 10,502 1,325 10,678 1956 Mar 2,894 3,108 I m J 209 823 892 102 110 838 897 Apr 3,142 3,022 1,256 ,196 869 857 118 111 899 858 3,060 3,126 1,224 ,240 857 885 111 111 868 890 June 3,006 3,069 1,156 ,195 868 867 104 105 878 902 July 3,158 3,103 1,227 ,211 890 868 121 117 920 907 AUK . 3,145 3,157 1,212 ,244 891 880 112 113 930 920 Sept 3,085 2,918 1,184 ,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 ,208 918 879 104 104 927 1,016 1957—Jan 3,311 3,333 ,326 ,305 935 978 110 112 940 938 Feb 3,214 3,019 ,286 ,193 874 860 112 106 942 860 Mar 3,160 3,279 .244 .283 875 916 106 110 935 970 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—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 SeDt +68 +63 +7 + 3 -9 +4 + 13 +24 +57 +32 Oct + 181 + 104 +25 -55 +60 + 104 + 12 +23 +84 +32 Nov +293 +213 + 123 -29 +69 + 151 + 15 + 16 +86 +75 Dec + 183 +528 +75 -13 +21 + 387 +4 +83 + 158 1957_ F ja e n b + + 2 2 0 8 1 2 -2 -6 5 5 4 + + 1 1 5 4 1 0 + -4 2 7 1 + -3 4 6 0 - - 2 1 0 3 1 3 + + 9 8 - - 2 1 1 3 + + 7 9 7 4 + + 6 1 0 5 Mar + 139 +40 + 80 +91 +3 -107 +9 -5 +47 +61 1 Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for the period January 1940-August 1956 are incurred under the instalment contract. Renewals and refinancing of shown on pp. 1043-1054 of the BULLETIN for October 1956. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 565 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 Mar 3,167 3,305 1,102 1,201 799 822 759 808 507 474 Apr 3,402 3,329 1,299 1,308 787 769 780 766 536 486 May 3,255 3,470 1,178 1,279 770 842 775 800 532 549 June . . . 3,049 3,390 1,182 1,324 716 847 751 803 400 416 July 3,293 3,316 1,218 1.231 752 819 811 795 512 471 Aue 3,350 3,504 1,174 ,232 772 871 846 844 558 557 Sept 3,153 2,981 1,135 ,070 740 722 770 707 508 482 Oct 3,363 3,382 1,259 ,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 ,193 798 785 796 939 539 818 1957—Jan. i 3,512 3,079 1,285 1,204 955 785 818 742 454 348 Feb 3,496 2,954 1,265 ,105 840 691 845 750 546 408 Mar 3,299 3,319 1,150 [.208 834 821 817 842 498 448 Repayments 1949 15,514 5,633 3,363 3,011 3 507 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33 676 12 304 7 901 7 547 5 924 1956 37,070 13,347 8,943 8,567 6,213 1956— Mar 2,894 3,108 1.006 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 [,118 775 776 690 707 503 525 June 3,006 3,069 ,077 1,100 699 723 699 716 531 530 July 3,158 3,103 ,148 1,149 763 735 746 731 501 488 Aug 3,145 3,157 ,146 1,160 746 767 751 738 502 492 Sept 3,085 2,918 ,122 .070 706 686 723 667 534 495 Oct 3,182 3,278 ,162 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 * 3,311 3,333 ,183 1,195 846 808 766 760 516 570 Feb 3,214 3,019 ,153 1,080 790 733 758 697 513 509 Mar 3,160 3,279 .107 1,138 773 808 767 791 513 542 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—Mar +273 + 197 +96 + 128 + 102 +66 +78 + 89 -3 -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.* +201 -254 +28 -66 + 109 -23 + 52 -18 + 12 -147 Feb +282 -65 + 112 + 25 + 50 -42 + 87 +53 + 33 -101 Mar + 139 +40 +43 +70 +61 + 13 +50 +51 -15 -94 1 Data for extensions at retail outlets and repayments at commercial A discussion of the composition and characteristics of the data and banks have been adjusted to eliminate the effect of a large repurchase of a description of the methods used to derive the estimates are shown other consumer goods paper. As a result, the differences between exten- in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment sions and repayments for these institutions do not equal the changes in credit extended and repaid are based on information from accounting outstanding credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except in January 1957 as indicated in footnote 1. loans, repurchases and resales of instalment paper, and certain other trans- NOTE.—Monthly figures for the period January 1940-August 1956 are actions may increase the amount of both credit extended and credit shown on pp. 1043-1054 of the BULLETIN for October 1956. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 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 ) io * n 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 payrolls2 Departor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia n s l i - - o A th l e l r p N m t a c e u l g u m o o e r r l n a n y i - - l - t - - pr E o M m d m u a p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r l s s - F i l n c o re a g a i r d s g - * - ht s ( v m s r a a t e l o l e t e u a n r s e e i t * l ) p s C r u i m o c n e e - s r 2 m p W c r s o o i h a c d m l o e i e t l s - y e 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 A 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 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 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 oo 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 H6 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114 4 110 1 1954 125 127 137 116 215 232 204 110.7 101.8 137.7 86 114.8 110 3 1955 139 140 155 126 122 261 280 248 114.2 105.5 152.5 95 120 114 5 110 7 1956 143 144 159 129 129 268 271 266 117.7 106.5 161 1 97 125 116 2 114 3 1956 Mar 141 144 143 157 128 129 287 317 267 116.7 106.4 106.1 157.9 100 122 114 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 Aug 143 142 144 158 130 130 260 264 257 118.2 106.0 107.1 161.4 93 128 116 8 114 7 Sept . .. 144 146 146 162 130 131 251 250 251 118.1 105.7 107.8 165 8 96 129 117 1 115 5 Oct 146 151 147 163 131 131 248 230 260 118.7 107.1 108.7 168.7 96 117 7 115 6 Nov 146 147 147 165 129 130 242 197 272 118.8 107.1 108.0 167.7 97 111 117 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 146 145 147 164 131 130 n.a. n.a. 297 119.0 106.8 106.0 165.1 98 125 118 2 116 9 Feb ... . 146 147 147 164 131 r132 n.a. n.a. 323 119.1 r106.1 r105.7 r164 6 96 125 118 7 117 0 Mar 146 148 147 162 131 133 n.a. n.a. 282 119.0 105.7 105.4 163.7 98 *>127 118 9 116 9 Apr ^145 P146 ^132 2>129 ^118.9 105.6^104.4e161.4 P90 nn 117.2 e Estimated. p Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes personi Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 567 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar, SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 141 143 141 141 136 143 144 146 146 147 146 146 146 MANUFACTURES—TOTAL 90.02 140 144 143 144 143 142 138 144 146 147 147 149 147 147 147 Durable Manufactures—Total 45.17 155 159 157 159 157 157 148 158 162 163 165 167 164 164 162 Primary metals 6.70 140 138 145 146 141 136 69 125 148 147 146 145 144 143 137 Metal fabricating 28.52 165 172 167 770 168 75P 772 174 775 180 753 750 750 779 Fabricated metal products 5.73 134 135 132 136 130 132 130 134 139 140 139 141 137 '139 137 Machinery 13.68 155 170 163 169 169 169 172 174 175 174 175 176 173 171 171 Nonelectrical machinery 9.04 135 151 148 148 149 149 152 155 157 156 154 156 154 154 154 Electrical machinery 4.64 194 207 193 208 208 208 210 211 210 211 214 216 208 r204 204 Transportation equipment 7.54 203 199 196 193 187 188 189 191 193 203 216 223 221 '224 222 Autos, trucks, and parts 4.80 153 125 131 123 110 110 110 112 112 121 137 143 139 '140 136 Other transportation equipment 2.74 272 310 291 295 302 306 308 311 317 328 336 344 347 P352 353 Instruments and related products 1.29 149 166 160 162 164 163 167 171 171 172 172 173 173 174 173 Clay, glass, and lumber products 5.91 138 140 735 139 141 141 143 145 739 735 735 735 733 '733 732 Stone, clay, and glass products 2.82 149 158 154 158 162 161 161 160 154 157 157 158 155 '155 155 Lumber and products 3.09 127 123 118 122 121 123 127 130 126 120 119 117 114 '113 110 Furniture and misc. manufactures 4.04 132 135 133 135 135 735 735 735 735 735 134 134 737 '729 730 Furniture and fixtures 1.64 119 122 121 123 123 122 123 122 122 122 119 120 118 '118 119 Miscellaneous manufactures 2.40 141 141 144 143 144 145 145 146 146 144 144 140 136 137 Nondurable Manufactures—Total.... 44.85 126 129 128 130 129 128 128 130 130 131 129 130 131 131 131 Textiles and apparel 11.87 109 108 107 107 107 106 106 107 108 105 106 104 105 108 Textile mill products 6.32 107 104 107 106 103 100 100 102 103 105 103 103 100 101 103 Apparel and allied products 5.55 113 112 108 109 111 112 112 112 113 117 108 110 109 '109 114 Rubber and leather products 3.20 122 117 119 720 114 770 772 777 775 777 114 775 722 '725 124 Rubber products 1.47 143 133 135 136 127 120 125 135 132 134 126 137 145 147 143 Leather and products 1.73 105 104 105 106 103 101 102 102 102 101 104 102 102 '106 108 Paper and printing 8.93 137 145 142 145 145 145 146 147 745 148 147 147 148 147 147 Paper and allied products 3.46 152 159 157 160 160 161 162 161 159 160 160 157 159 157 156 Printing and publishing 5.47 127 136 132 135 135 135 136 138 137 140 139 140 141 141 141 Newsprint consumption 1.85 128 132 129 132 132 131 132 134 131 133 132 133 135 132 132 Job printing and periodicals 3.62 127 138 134 136 137 137 138 140 140 144 142 144 145 146 145 Chemical and petroleum products 9.34 159 167 757 168 7<57 755 164 757 755 757 755 770 174 772 772 Chemicals and allied products 6.84 167 111 176 179 177 176 176 176 177 177 177 179 184 ••183 183 Industrial chemicals 2.54 184 196 197 198 197 191 191 192 194 196 195 199 205 205 202 Petroleum and coal products 2.50 135 141 144 139 140 140 132 139 143 140 143 145 147 143 142 Foods, beverages, and tobacco 11.51 109 112 777 772 777 770 777 773 773 773 773 773 777 773 Food and beverage manufactures 10.73 109 113 112 113 111 111 112 114 114 113 114 114 111 112 113 Food manufactures 8.49 109 113 111 112 111 111 112 115 115 114 113 113 111 113 112 Beverages 2.24 107 112 113 114 111 108 110 112 112 111 115 117 113 111 Tobacco manufactures .78 105 107 105 108 106 106 106 105 106 106 109 107 112 116 MINERALS—TOTAL 9.98 122 129 129 129 128 129 123 130 131 131 130 130 130 132 133 Mineral fuels 8.35 123 129 130 128 128 727 732 730 730 729 730 730 rl32 733 Coal 2.68 80 85 90 89 85 85 75 85 86 85 87 80 80 86 92 Anthracite .36 48 55 51 56 41 55 48 61 56 56 57 57 49 47 46 Bituminous coal 2.32 85 90 96 94 92 90 79 88 91 90 91 84 85 92 100 Crude oil and natural gas 5.67 143 150 148 147 149 149 152 154 151 151 149 '153 '153 153 152 Crude oil 4.12 131 137 135 132 134 136 139 142 139 138 137 141 142 144 Natural gas and gas liquids .70 177 191 190 191 190 192 190 193 193 192 191 189 '188 P194 Metal, stone, and earth minerals 1.63 120 127 727 135 729 128 700 722 733 735 735 134 737 '732 737 Metal mining .82 110 114 117 129 118 113 •"60 103 123 132 128 127 120 122 120 Stone and earth minerals .81 130 141 138 141 140 143 142 140 143 141 142 141 142 142 143 r Revised. Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 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 1956P Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 144 144 141 141 128 142 146 151 147 144 145 147 148 MANUFACTURES—TOTAL 90.02 140 144 145 146 142 142 129 143 148 153 149 146 146 149 150 Durable Manufactures—Total 45.17 155 159 161 162 157 156 139 155 161 168 166 166 164 167 166 Primary metals 6.70 140 138 152 152 144 140 62 118 145 149 146 142 146 149 144 Ferrous metals 5.03 138 135 149 149 143 138 41 114 146 149 146 145 147 148 144 Pig iron and steel 3.51 144 142 159 158 152 145 24 117 156 160 158 157 159 159 153 Pig iron .37 134 131 145 145 140 135 22 104 145 148 147 149 148 149 147 Steel 3.05 146 143 160 159 154 146 24 119 158 162 159 158 160 160 154 Carbon steel 2.62 141 139 155 155 149 144 23 116 153 157 156 156 157 159 152 Alloy steel .43 171 167 192 181 182 157 34 135 183 191 181 170 178 167 163 Ferrous castings and forgings 1.52 124 119 128 129 120 123 79 106 122 123 118 118 118 '124 122 Iron and steel castings 1.29 123 117 126 127 119 121 78 106 122 122 118 117 117 122 119 Steel forgings .23 133 126 142 141 129 134 105 120 127 120 121 126 133 137 Nonferrous metals 1.67 146 147 160 160 149 145 124 130 144 148 146 135 '146 '150 145 Primary nonferrous metals .38 164 175 182 185 181 179 172 143 168 181 180 180 180 176 175 Copper smelting .09 122 133 142 143 147 142 117 124 122 133 127 129 135 '139 131 Copper refining .06 123 132 141 146 143 139 123 120 114 134 135 128 137 146 141 Lead .04 103 115 120 121 106 109 107 107 123 122 116 120 113 118 116 Zinc .10 120 123 125 125 111 111 114 123 128 127 130 134 128 133 132 Aluminum .09 261 280 287 294 296 296 298 182 269 293 295 292 289 259 267 Secondary nonferrous metals .13 123 118 124 135 121 110 93 108 115 124 116 108 116 125 Nonferrous shapes and castings 1.16 142 140 157 154 '142 137 112 128 139 140 138 123 138 144 137 Copper mill shapes .63 114 115 127 123 116 112 79 109 120 111 116 98 111 121 105 Aluminum mill shapes .20 208 215 241 242 228 215 222 187 202 218 196 175 203 '200 204 Nonferrous castings .33 156 146 166 160 140 137 111 129 141 149 146 141 150 156 Metal Fabricating 28.52 165 172 171 174 167 166 160 167 172 180 181 183 181 r184 183 Fabricated metal products 5.73 134 135 134 136 130 132 124 135 144 145 138 139 136 '139 139 Structural metal parts 2.68 136 141 138 140 138 138 129 137 144 150 149 152 148 '150 150 Stampings and misc. metal products 2.12 130 125 126 125 121 119 111 117 123 130 132 134 130 130 128 Tin cans .30 142 151 127 189 121 159 168 214 220 186 100 105 113 116 127 Furnaces, gas ranges, and heaters .63 111 110 115 106 105 112 94 123 143 128 98 82 '84 103 Machinery 13.68 155 170 168 172 167 165 157 167 176 181 177 177 175 '176 176 Nonelectrical machinery 9.04 135 151 154 154 151 150 146 146 153 152 151 157 157 159 160 Farm and industrial machinery 8.13 130 147 146 148 147 147 144 145 148 149 150 155 153 154 155 Farm machinery 1.02 91 86 94 92 88 87 82 79 79 73 77 82 86 '89 92 Industrial and commercial machinery.. 7.11 135 156 154 156 155 155 153 155 158 160 160 165 163 164 164 Machine tools and presses .68 163 197 196 197 197 194 194 193 199 201 201 209 203 '204 202 Laundry and refrigeration appliances.... .69 144 149 183 175 ••145 143 128 108 159 139 125 142 148 158 Electrical machinery 4.64 194 207 196 206 198 195 178 209 220 237 227 208 '210 208 Electrical apparatus and parts 3.23 174 198 184 202 200 199 193 198 '203 209 211 214 210 210 208 Radio and television sets .74 242 224 218 209 185 174 130 238 266 312 271 218 188 201 196 Transportation equipment 7.54 203 199 202 201 189 188 '185 186 '181 202 218 225 224 '231 227 Autos, trucks, and parts 4.80 153 125 139 136 116 111 107 104 92 121 139 144 141 '148 142 Autos 1.50 190 138 163 162 127 127 127 109 59 105 164 177 174 178 171 Trucks .66 115 112 130 133 117 123 99 101 98 103 102 101 98 113 109 Light trucks .22 114 92 104 102 89 89 76 81 75 92 100 92 97 110 105 Medium trucks .19 69 58 68 69 58 68 56 53 51 52 43 45 42 57 52 Heavy trucks .14 172 218 258 265 237 246 198 192 201 195 195 207 182 200 193 Truck trailers .07 183 167 191 208 191 .. 203 145 160 148 146 133 121 134 155 161 Auto and truck parts 2.58 141 121 128 122 109 98 97 102 109 135 135 136 134 140 Other transportation equipment 2.74 272 310 294 295 298 303 305 311 317 325 336 348 '351 '356 356 Aircraft and parts 1.30 481 548 513 516 520 531 536 555 '570 582 601 619 624 '630 628 Shipbuilding and repair .81 115 118 121 119 120 121 '119 114 '114 '116 118 126 127 '129 131 Railroad equipment .53 42 63 66 68 69 66 62 58 51 60 68 75 '78 '84 87 Railroad cars 49 73 m '86 .35 30 54 57 60 61 56 51 36 52 64 98 Instruments and related products 167 175 174 1.29 149 166 161 164 163 163 162 171 173 174 173 174 Clay, Glass, and Lumber Products ... 149 129 131 5.91 138 140 135 142 143 145 135 145 146 138 125 132 Stone, clay, and glass products 156 164 157 156 148 151 154 Glass and pottery products 2.82 149 158 153 158 162 163 130 142 127 165 161 143 143 145 145 Flat glass and vitreous products 1.09 134 140 140 143 142 140 150 161 159 149 147 173 167 '167 166 Flat and other glass .60 155 164 163 166 164 160 146 160 158 173 174 177 171 169 168 Glass containers .47 156 165 163 165 163 158 133 145 113 177 177 114 127 134 138 Home glassware and pottery .26 126 132 130 135 136 142 72 90 61 147 135 96 98 '102 100 .23 91 87 93 92 93 86 86 92 Cement .32 148 157 137 159 174 175 173 177 174 171 157 144 113 116 Structural clay products .35 127 137 137 138 '141 '145 140 144 140 '142 136 126 120 '120 123 Brick .12 131 134 132 140 145 144 140 148 135 139 131 106 94 96 101 Clay firebrick, pipe, and tile .20 127 142 142 138 139 148 141 144 147 147 141 142 140 138 140 Concrete and plaster products .48 180 194 181 192 202 208 204 208 204 199 192 187 173 '177 180 Misc. stone and earth manufactures .58 166 173 171 172 172 171 167 171 176 177 177 180 174 '177 178 ' Revised. * Preliminary For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 569 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956^ Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 127 123 119 126 125 129 116 135 133 130 117 104 104 112 111 Lumber 2.05 112 107 105 112 111 118 104 115 118 111 101 91 89 98 100 Millwork and plywood. .60 197 189 193 199 187 181 161 216 200 206 181 155 167 181 170 Millwork .39 144 121 118 123 124 133 107 152 139 130 103 82 90 105 102 Softwood plywood. ., .12 284 301 316 324 290 260 248 320 299 332 310 277 295 306 282 Wood containers , .29 90 91 91 92 93 92 90 90 90 93 90 86 86 Furniture and Misc. Manufacturing. 4.04 132 135 134 132 131 132 127 136 140 143 138 137 128 130 Furniture and fixtures 1.64 119 122 122 119 111 118 115 123 125 127 111 125 118 119 120 Household furniture 1.10 120 121 123 118 115 116 114 121 125 127 123 125 116 118 119 Fixtures and office furniture. 115 122 120 120 120 123 117 127 126 127 126 121 120 .54 122 121 Miscellaneous manufactures 141 144 142 141 140 141 135 145 150 154 145 137 139 2.40 150 136 Nondurable Manufactures—Total. 126 129 130 129 128 128 119 131 134 137 125 131 133 44.85 132 128 Textiles and Apparel 109 108 114 111 107 103 90 109 105 100 112 115 11.87 106 106 Textile mill products 107 104 110 108 105 100 86 103 102 109 99 105 106 Cotton and synthetic fabrics. 6.32 113 108 115 112 109 99 87 104 101 113 105 104 101 111 111 Cotton consumption 3.72 103 102 108 107 105 96 81 101 97 108 109 93 108 101 102 Synthetic fabrics 2.30 137 118 132 119 108 102 101 102 110 118 104 123 99 129 124 Fabric finishing .97 100 98 98 103 108 90 71 103 82 105 119 99 129 102 110 .45 90 87 Wool textiles .97 79 86 85 89 90 90 76 92 87 94 86 78 74 '81 79 Wool apparel yarns. .16 85 88 89 97 98 85 83 94 79 93 76 77 80 85 85 Wool fabrics .75 78 86 84 87 89 92 75 92 90 96 90 79 72 80 78 Knit goods 1.15 110 108 110 110 108 111 95 109 114 111 109 99 100 105 108 Hosiery .65 106 100 105 105 99 102 r76 96 105 100 101 90 98 103 106 Full-fashioned hosiery. .45 110 102 110 112 102 104 77 97 106 100 98 90 98 104 109 Seamless hosiery .20 99 96 93 90 91 97 75 94 103 101 107 90 97 101 97 Knit garments .50 115 119 117 116 120 123 120 126 125 125 119 110 102 108 112 Floor coverings1. .48 Woven carpets. .31 79 83 91 89 80 78 50 86 97 87 78 79 86 '92 91 Apparel and allied products... 5.55 113 112 120 114 110 108 95 116 108 118 108 101 113 119 126 Men's outerwear 1.78 111 110 118 119 121 104 79 120 101 116 98 96 119 111 113 Men's suits and coats .73 92 95 99 103 107 91 59 109 91 103 90 89 107 95 101 Men's suits .50 90 93 101 99 100 85 54 103 85 100 92 93 114 100 104 Men's outercoats .13 77 78 67 92 110 93 63 110 90 91 57 53 51 50 63 Shirts and work clothing. .99 123 118 130 129 129 111 90 126 106 124 101 98 126 121 120 Women's outerwear 1.85 116 112 127 115 104 '112 100 116 108 117 107 89 108 130 148 Women's suits and coats. .76 134 128 135 95 90 122 132 152 138 146 128 101 131 157 169 Misc. apparel and allied mfrs 1.92 111 113 114 108 104 107 105 113 116 121 119 117 112 117 118 Rubber and Leather Products 3.20 122 117 125 122 113 111 97 117 118 123 113 111 123 131 130 Rubber products 1.47 143 133 140 140 129 123 105 111 135 144 129 132 147 150 148 Tires and tubes .70 131 121 130 133 125 122 99 110 120 121 108 122 126 136 134 Auto tires .40 140 123 131 135 125 115 97 113 121 124 113 130 136 150 151 Truck and bus tires .30 120 119 130 130 125 130 103 106 118 117 101 110 111 117 111 Miscellaneous rubber products. .77 154 144 149 146 133 124 110 142 148 165 147 141 166 162 162 Leather and products. . . 1.73 105 104 112 106 99 100 90 108 104 104 100 95 102 115 115 Le C at a h t e tl r ehide leathers. . .2 4 9 4 9 9 2 9 9 9 1 9 1 9 0 5 3 1 9 0 6 3 1 9 0 5 3 9 9 1 9 7 7 3 9 9 9 0 7 9 9 0 9 9 9 0 9 1 9 0 0 0 8 9 5 5 8 9 9 8 r99 Skin leathers .15 79 76 82 80 76 61 76 73 74 70 65 72 108 82 Shoes and slippers1 .90 Miscellaneous leather products. .39 99 97 98 91 89 96 96 102 99 101 97 95 90 96 95 Paper and Printing. 8.93 137 145 146 148 145 135 145 147 154 151 143 144 147 151 Paper and allied products 3.46 152 159 163 165 160 163 144 163 160 169 162 145 157 161 162 Pulp and paper 1.76 149 157 161 163 162 161 143 160 152 162 159 142 158 160 158 Wood pulp .51 169 179 183 184 187 184 165 182 171 185 183 160 182 181 181 Paper and board 1.25 140 148 153 154 152 152 134 151 145 152 149 135 149 151 149 Printing paper .22 127 140 141 142 142 143 130 143 139 145 146 135 140 139 137 Fine paper .14 133 145 152 153 148 148 129 143 148 149 146 138 140 147 152 Coarse paper .20 129 136 140 142 139 141 121 139 131 135 138 123 139 139 131 Miscellaneous paper .18 158 170 170 177 168 169 160 172 169 183 174 159 184 189 185 Paperboard .41 149 155 159 161 162 159 135 157 148 159 155 139 154 155 154 Building paper and board. .10 137 131 148 141 141 141 127 139 128 131 118 94 118 r128 120 Converted paper products. 1.70 156 162 165 168 157 165 146 166 168 177 165 148 156 163 167 Shipping containers .51 155 159 165 162 154 165 140 167 168 172 161 144 148 156 163 Sanitary paper products. .11 158 170 163 184 163 163 162 163 166 189 173 158 179 183 177 r Revised. P Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 19 p 4 ro 7 - ^9 average 1956 1957 portion 1955 1956* Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 135 137 136 134 129 133 139 145 144 142 136 139 144 Newsprint consumption 1.85 128 132 134 141 140 131 115 121 133 143 145 131 123 128 137 Job printing and periodicals. 3.62 127 138 135 135 135 136 136 140 143 145 144 147 143 144 147 Chemical and Petroleum Products. 9.34 159 167 169 168 166 165 157 164 168 171 171 171 275 175 174 Chemicals and allied products 6.84 167 111 179 180 176 173 166 111 111 182 181 181 184 186 186 Industrial chemicals 2.54 184 196 201 200 197 192 182 188 192 198 199 199 205 207 206 Basic inorganic chemicals .57 180 189 204 201 195 185 158 171 186 191 191 193 198 '208 206 Industrial organic chemicals 1.97 186 197 200 200 197 194 188 193 194 200 201 200 r208 '207 206 Plastics materials .24 242 256 264 266 263 r252 213 247 254 272 274 247 263 277 Synthetic rubber .11 213 236 243 244 242 227 227 223 241 227 222 242 243 238 242* Synthetic fibers .59 186 181 191 183 176 169 167 171 169 185 189 187 r205 '202 196 Miscellaneous organic chemicals. 1.03 169 189 187 189 190 192 191 189 189 188 189 193 193 '190 191 Vegetable and animal oils. .64 124 132 141 133 123 107 93 100 159 157 143 147 152 134 Vegetable oils .48 117 124 134 123 110 91 75 84 115 161 154 139 143 143 129 Grease and tallow .16 145 158 162 163 163 155 145 150 144 151 167 157 159 181 150 Soap and allied products. .71 110 111 111 114 109 112 91 121 124 119 108 110 120 117 128 Paints .66 125 124 124 124 124 125 125 127 125 124 123 123 122 '121 121 Fertilizers .23 12/5 129 168 188 163 118 104 95 109 119 112 120 125 '135 169 Petroleum and coal products. 2.50 135 141 142 135 137 142 132 142 145 140 143 145 148 145 Petroleum refining 1.97 142 150 148 142 144 149 148 151 151 146 152 158 160 154 P149 Gasoline 1.04 152 159 155 150 155 162 162 164 164 155 160 165 164 157 Automotive gasoline.. .98 147 153 150 144 149 156 156 158 158 149 155 159 158 153 Aviation gasoline.... .06 233 254 242 254 258 267 257 264 261 256 251 260 263 242 Fuel oil .56 138 147 149 140 138 141 141 146 145 142 149 161 170 164 Distillate fuel oil. .30 175 193 192 182 177 186 187 195 196 188 195 210 225 216 Residual fuel oil. .26 94 95 99 92 94 90 87 89 87 89 97 105 108 104 Kerosene .10 107 111 112 98 96 95 97 103 108 117 126 124 120 116 Lubricating oil. .17 114 119 119 126 123 123 113 119 116 122 122 116 118 114 Coke .26 104 102 111 110 108 104 38 92 109 109 109 110 110 110 Asphalt roofing and siding. .15 110 104 127 86 109 125 120 123 131 123 84 49 94 77 Foods, Beverages, and Tobacco. 11.51 109 112 104 106 108 114 112 121 129 126 116 105 103 106 102 Food and beverage manufactures. 10.73 109 113 104 106 108 114 114 122 130 121 111 106 '102 105 Food manufactures 8.49 109 113 102 103 105 110 111 123 134 129 119 108 101 104 103 Meat products 1.48 128 133 136 131 121 122 118 116 129 142 148 138 104 132 129 Beef .46 142 151 142 150 147 154 154 148 151 160 154 149 139 151 144 Pork .83 116 119 129 117 103 100 95 95 113 128 140 127 163 117 117 121 Dairy products .69 107 110 109 121 136 150 134 120 103 91 85 86 91 102 109 Butter .14 105 107 114 128 131 138 118 97 91 82 83 96 102 109 117 Natural cheese .07 116 117 116 132 153 163 133 116 105 97 93 96 100 107 115 Concentrated milk. .19 97 101 106 123 140 146 118 98 83 73 71 77 85 96 105 Ice cream .28 109 112 102 109 125 149 147 144 118 102 90 80 82 97 101 Canned and frozen foods. 1.13 118 133 82 85 96 115 149 234 264 188 116 98 87 85 Grain-mill products 1.16 105 101 99 97 99 103 103 105 109 106 99 99 100 100 99 Wheat flour .46 83 84 84 79 77 80 77 85 95 91 87 88 92 92 90 Cereals and feeds .70 119 113 109 109 112 119 121 118 118 116 107 107 105 '106 105 Bakery products. 1.64 97 98 95 95 97 100 100 99 100 101 100 99 95 96 96 Sugar .27 115 122 59 68 70 81 73 '67 110 271 296 222 85 57 Cane sugar.... .11 113 116 109 123 114 124 133 127 130 123 100 102 102 96 Beet sugar .13 111 121 11 16 27 38 15 11 86 393 459 320 65 20 Confectionery .71 101 107 97 98 90 84 73 98 152 141 130 91 113 123 119 Miscellaneous food preparations. 1.41 106 105 103 102 107 112 107 107 106 105 105 102 101 '102 104 Beverages 2.24 107 112 108 117 119 128 123 118 116 120 110 98 90 97 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 102 105 105 111 108 119 107 101 106 118 109 93 93 Beer and ale 1.02 101 101 103 111 112 128 128 112 93 83 80 84 86 Liquor distilling... .17 77 78 82 80 76 69 35 50 93 133 92 80 85 Liquor bottling. .. .37 109 119 113 122 108 118 94 135 179 175 115 105 Tobacco manufactures. .78 105 107 105 103 110 115 96 115 111 115 111 87 110 114 Cigarettes .46 109 111 109 106 116 122 104 120 115 119 114 92 117 119 Cigars .17 104 104 104 105 103 108 83 110 109 116 113 83 101 112 ' Revised. Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 571 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 127 130 130 131 119 131 132 132 130 129 129 131 131 MINERALS—TOTAL 8.35 123 129 130 130 128 128 121 130 129 130 130 132 133 '134 134 Mineral Fuels 2.68 80 85 86 86 85 84 62 87 90 93 90 83 84 86 88 Coal .36 48 55 46 53 42 58 42 59 62 64 59 55 49 47 42 Anthracite 2.32 85 90 92 91 91 89 65 91 95 98 95 87 89 92 96 Bituminous coal Crude oil and natural gas 5.67 143 150 151 151 149 148 149 150 147 147 149 155 157 157 Oil and gas extraction 4.82 137 145 148 144 142 143 142 144 143 141 146 -150 152 156 H57 Crude oil 4.12 131 137 139 137 135 136 136 138 135 134 137 141 143 147 P149 Natural gas and liquids .70 177 191 198 189 181 182 177 182 186 187 197 202 ^204 ^209 Natural gas .34 185 199 210 198 185 190 182 184 189 194 209 214 Natural gas liquids .36 169 182 186 178 176 176 172 180 182 180 186 191 J90" 194 Oil and gas well drilling .85 175 180 171 188 187 180 191 183 173 177 170 181 182 160 Metal, Stone, and Earth Minerals 1.63 120 127 no 129 141 146 110 135 147 146 129 116 109 173 113 Metal mining .82 110 114 93 121 140 144 73 121 142 Ul 114 94 91 r97 94 Iron ore .33 113 104 46 108 164 173 19 126 179 175 109 62 49 50 48 No C L Z n e i o f n a e p c d r p r m e o m r u i i n s m n i i n m i n n g g e in ta g l mining . . . . 4 2 0 0 9 4 9 6 1 1 8 8 2 0 4 1 3 8 1 1 8 8 2 3 8 7 0 6 1 1 9 9 2 4 1 0 4 0 1 1 9 9 3 4 4 1 0 8 1 1 8 8 2 4 8 9 5 2 1 1 8 4 2 9 1 4 1 1 8 8 0 2 5 4 9 0 1 1 9 8 3 1 0 6 2 8 1 1 8 8 1 3 7 6 7 2 1 1 9 9 3 2 2 1 4 0 1 1 8 1 3 7 8 2 1 1 8 2 1 3 9 5 1 1 r ' 8 9 3 2 9 2 3 0 r1 1 2 9 9 4 9 6 6 4 1 * 9 2 9 7 3 6 ' Stone and earth minerals .81 130 141 128 138 142 149 147 149 151 150 144 138 128 129 133 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] 1947-49 Annual pro- average 1956 1957 Series portion 1955 1956 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ELECTRICITY AND GAS—TOTAL 100.00 198 217 213 215 218 220 219 218 219 220 221 222 ^225 P227 P22S Residential 41 34 216 241 237 239 244 246 245 244 244 243 244 246 Nonresidential 58.66 186 200 197 198 200 202 200 200 201 204 205 205 Electricity 76.18 199 218 213 214 216 220 219 219 219 221 223 224 227 229 Residential 27.48 224 250 245 245 248 252 253 253 254 253 257 258 260 266 Industrial 23.68 190 206 202 203 207 206 202 203 205 211 212 211 213 211 General industrial 23.49 173 186 182 183 187 186 182 183 186 192 192 191 193 191 Atomic energy .19 2221 2697 2710 2720 2720 2720 2700 2680 2650 2660 2670 2720 '2740 2720 Commercial and other 25.02 180 194 190 190 191 196 197 196 194 196 197 199 204 205 Gas 23.82 197 215 213 218 224 221 219 217 216 215 214 216 P220 ?>223 Residential 13 86 202 223 222 229 238 233 229 227 224 222 220 221 Industrial 6.16 197 218 212 214 216 218 219 221 224 226 228 230 Commercial and other 3.80 182 180 184 184 184 183 179 177 175 173 172 173 *> 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

572 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1956 1957 Product portion 1955 1956 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED CONSUMER DURABLES TOTAL 100.00 147 131 133 132 125 123 127 127 123 123 132 141 137 138 134 69.72 164 140 144 141 132 128 135 132 127 129 143 154 147 149 144 Autos 32.10 190 138 145 140 118 120 122 124 106 117 152 168 169 167 159 M^ajor household goods 36.13 144 144 144 145 141 138 148 141 148 142 136 143 130 134 132 Furniture and floor coverings . 15*. 32 116 117 118 117 117 114 117 117 118 115 114 115 114 113 113 Household furniture 11.31 120 121 122 121 120 119 122 121 122 121 118 121 119 117 118 Floor coverings * 4.01 Appliances and heaters 15.60 i38 143 149 147 137 134 152 136 149 136 130 144 128 136 Major appliances 11.88 144 151 155 155 143 140 161 142 158 144 138 156 135 143 2.60 100 103 110 120 106 108 105 91 98 96 85 104 95 104 Refrigeration Eippli&nces 4.98 151 150 156 155 147 142 160 146 159 132 136 151 127 151 Laundry appliances 2.51 193 216 215 211 185 180 236 200 233 231 211 233 209 183 177 Heat in 2 aooaratus 3 72 120 118 129 121 118 114 123 115 120 112 102 108 r105 114 Radio and television sets . 5.21 242 224 209 219 226 218 227 231 232 237 218 218 181 189 185 3.42 77 70 67 66 67 66 59 68 71 72 74 75 71 81 80 Television sets . 1.79 558 519 480 512 531 509 549 542 538 551 493 491 392 395 388 Other Consumer Durables 30.28 106 111 108 111 110 110 111 114 113 110 109 113 114 114 111 Auto parts and tires 14.00 102 105 105 105 104 100 102 106 108 102 102 109 112 114 112 Misc home and personal goods 16.28 109 116 111 116 116 118 118 121 117 117 115 117 116 113 110 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 147 131 143 141 124 124 116 120 113 128 139 141 137 143 142 69.72 164 140 157 154 131 130 121 122 111 132 151 154 148 156 155 32.10 190 138 163 162 127 127 127 109 59 105 164 177 174 178 171 M!aior household goods 36.13 144 144 155 150 136 134 117 136 158 158 141 137 128 140 143 Furniture and floor coverings 15.32 116 117 121 116 112 111 104 116 122 122 117 118 113 116 116 Household furniture 11.31 120 121 123 118 115 116 114 121 125 127 123 125 116 118 119 Floor coverings * 4.01 Appliances and heaters . 15.60 138 143 168 162 143 143 125 121 158 142 122 128 124 143 ]VIajor appliances 11.88 142 151 183 178 152 150 131 117 158 143 127 141 136 157 Ranges 2.60 100 103 125 115 102 112 80 83 106 102 82 94 94 116 Refrigeration appliances 4.98 151 150 194 197 173 174 149 107 145 109 103 128 129 160 2.51 193 216 237 222 176 162 162 180 251 261 230 229 207 208 195 Heatins aooaratus 3 72 120 118 121 113 113 121 106 135 157 137 104 85 rQQ 101 Radio and television sets 5.21 242 224 218 209 184 174 130 238 265 312 270 217 188 201 196 Radio sets 3.42 77 70 70 63 67 54 37 61 66 88 91 92 73 83 84 Television sets • •. 1.79 558 519 499 486 409 402 307 575 645 738 611 456 408 427 411 Other Consumer Durables 30.28 106 111 108 109 108 109 106 115 118 118 112 110 110 112 111 Auto parts and tires 14.00 102 105 101 103 104 103 101 109 116 110 101 103 109 110 107 Misc home and personal goods 16.28 109 116 115 114 113 114 110 121 119 125 121 117 111 114 114 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 es ti i a - l Total In tr d i B u al s u - sin m e C s e s o r m ci - al P u u ti b li l t i y c O n d r t e t o e i h a s n n i e l - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3 344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7 000 111 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 1955 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 1,239 947 265 259 423 356 1 187 120 455 60 552 1957 Jan '3,742 '2.502 1,211 '945 261 257 '427 346 1,240 111 489 59 581 Febp '3,712 '2,501 1.187 '965 265 264 '436 349 1,211 113 466 59 573 Marp '3,654 '2,487 1,157 '981 272 279 '430 349 '1 167 '102 429 63 573 Apr p 3,726 2,519 1,145 1,019 277 289 453 355 1,207 106 450 67 584 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 573 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 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 5,580 195(5—Mar 2,382 638 1 744 1,105 267 r229 225 r160 395 Apr 2,421 745 1,677 1,144 196 210 203 213 456 May 2,480 714 1,766 1,129 159 217 202 242 531 June 2,198 732 1,466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aus 2,069 620 1 449 874 138 184 193 232 448 Sept 2,025 671 1,354 764 171 195 185 225 485 Oct 1,706 589 1,117 656 126 168 185 196 375 Nov 1,689 582 1,107 625 130 212 199 189 335 Dec 1,576 737 839 451 104 155 200 164 502 1957 Jan 11,778 679 1,099 1612 197 211 184 170 405 Feb 11,718 664 1,053 1676 167 175 178 167 354 M^ar . 12 448 1861 182 303 222 208 670 r Revised. 1 Figure not comparable with earlier months. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Month Total Boston Y N o 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 S ra an ncisco 1956 Jan 2 221 105 283 92 254 149 211 281 101 49 134 160 403 Feb 2,230 131 294 111 213 145 212 266 84 62 128 192 392 Mar 2,770 129 285 109 219 178 279 506 121 98 163 192 491 1957 Jan 2,300 75 266 98 127 218 274 323 116 56 137 166 444 Feb 2,161 90 186 87 173 199 277 331 130 42 142 133 372 Mar 3,078 117 476 128 250 225 289 403 134 98 153 253 552 NOTE.—Figures for January 1956 and January 1957 are not comparable with those for other months. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Total Non- Pri\'ate Government-underwritten1 Year or month a s n a e p n d a r u s j i u v o a s l n a t t a e r e l d a , ly te Total p M a o r e l e i t t a r a o s n - p m a o e r l e t i r t a a o s n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1949 1,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950 1,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 1,091 111 315 [,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 1,118 780 338 1.094 981 31 82 24 463 192 271 1956 Apr J 157 111 76 35 110 100 3 8 1 46 20 26 May ,146 114 78 36 111 101 3 7 3 46 20 27 June ,091 107 75 33 105 95 3 7 3 45 18 26 July 070 101 70 31 99 90 3 6 2 43 18 25 Aug ,136 104 71 33 103 93 3 8 43 19 24 Sept . . 008 94 62 32 91 81 2 7 3 39 15 24 Oct ,052 94 65 29 91 81 3 8 2 40 16 24 Nov .027 77 55 23 77 68 3 7 0 30 12 18 Dec 1,020 64 45 19 63 53 2 8 1 26 11 15 1957 Jan 975 63 44 19 60 50 2 8 3 20 8 12 Feb ?910 ^65 46 19 *>63 n.a. n.a. n.a. *>3 19 10 10 Mar ?88O ?83 56 27 ?76 n.a. n.a. n.a. P8 24 12 11 Apr 2*940 P92 64 28 ^90 n.a. n.a. n.a. P3 26 12 13 * 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

574 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed1 Not in the Year or month institutional labor population force 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—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 Apr . .. . . 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50,286 1 Includes self-employed, unpaid family, and domestic service workers. 1956 shown above are: Labor force, 69,773; employment—total 64,472; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 58,714; agricultural, 5,758; and unemployment, 2,481. 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. April 1957 data comparable to April data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Manufac- Contract tion and State and Year or month Total turing Mining construction public Trade Finance Service local 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—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 52,046 17,033 804 3,021 4,174 11,304 2,317 6,070 7,323 Feb '52,108 '16,980 '804 '3,079 '4,152 '11,356 '2,327 '6,080 '7,330 Mar 52,063 16,931 803 3,118 4,149 11,311 2,322 6.086 7,343 Apr 51,992 16,919 813 3,083 4,150 11,269 2,323 6,073 7,362 WITHOUT SEASONAL ADJUSTMENT 1956—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 16,809 812 257 4,181 11,091 2,320 6,089 7,150 July 50,896 16,291 746 270 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 3,301 4,177 11,288 2,312 6,045 7,298 Nov 52,484 17,151 811 3,191 4,170 11,496 2,313 6,010 7,342 Dec 53,131 17,133 811 3,029 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 '51,205 '16,928 '804 '2,725 '4,104 '11,065 '2,304 '5,928 '7,347 Mar 51,369 16,897 803 2,806 4,128 11,089 2,310 5,964 7,372 Apr 51,628 16,767 805 2,929 4,143 11,197 2,323 6,073 7,391 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 April 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 575 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 13,251 13,125 13,069 13,061 13,114 13,079 13,042 12,918 Durable goods 7,675 '7,663 7,609 7,574 7,674 '7,679 7,640 7,572 Ordnance and accessories 84 79 79 79 84 79 79 79 Lumber and wood products 658 '594 576 584 642 '567 559 569 Furniture and fixtures 317 304 308 310 315 310 311 308 Stone, clay, and glass products 478 '464 463 464 478 '457 461 464 Primary metal industries 1,136 '1,115 1,105 1,098 1,136 1.121 1,111 1,098 Fabricated metal products 895 '896 891 894 895 '905 900 894 Machinery except electrical 1,273 1,287 1,288 1,272 1,292 1,306 1,307 1,291 Electrical machinery 874 '875 867 862 874 '884 876 862 Transportation equipment 1,332 1,438 1,423 1,393 1,332 1,438 1,423 1,393 Instruments and related products 230 233 231 231 231 233 233 232 Miscellaneous manufacturing industries. 398 378 378 387 394 378 380 383 Nondurable goods 5,576 '5,462 5,460 5,487 5,440 '5,400 5,402 5,346 Food and kindred products 1,116 1,111 1,112 1,114 1,023 1,004 1,005 1,019 T T e o x b t a il c e c - o m m ill a p n r u o f d ac u t c u t r s es 97 9 1 1 '9 r 1918 91 8 3 9 91 8 2 6 97 7 1 9 '9 '8 2 7 7 92 7 2 9 91 7 2 4 Apparel and other finished textiles 1,090 1,053 1,056 1,088 1,068 1,090 1,093 1,066 Paper and allied products 465 '465 466 468 460 '463 464 463 Printing, publishing and allied industries 550 '559 560 564 547 '556 560 561 Chemicals and allied products 563 r55O 549 550 569 '553 557 556 Products of petroleum and coal 173 175 174 174 171 172 172 172 Rubber products 222 218 218 205 219 219 218 202 Leather and leather products 335 '322 323 326 332 '330 331 323 r Revised. nearest the 15th of the month. Figures for April 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 78.99 82.41 82.21 81.80 40.3 40.2 40.1 39.9 1.96 2.05 2.05 2.05 Durable goods 85.49 88.75 88.73 88.51 41.1 40.9 40.7 40.6 2.08 2.17 2.18 2.18 Ordnance and accessories 90.29 '96.18 95.68 96.79 41.8 '42.0 41.6 41.9 2.16 '2.29 2.30 2.31 Lumber and wood products 70.22 68.73 69.17 71.24 39.9 39.5 39.3 39.8 1.76 1.74 1.76 1.79 Furniture and fixtures 67.13 '69.14 69.72 68.11 40.2 '40.2 40.3 39.6 1.67 1.72 1.73 1.72 Stone, clay, and glass products 79.32 '81.20 81.81 80.00 41.1 '40.6 40.7 40.2 1.93 2.00 2.01 1.99 Primary metal industries 96.00 '99.14 98.65 97.76 41.2 '40.3 40.1 39.9 2.33 '2.46 2.46 2.45 Fabricated metal products 83.84 '87.74 87.53 87.72 41.1 '41.0 40.9 40.8 2.04 '2.14 2.14 2.15 Machinery except electrical 92.65 '95.11 95.30 94.21 42.5 '41.9 41.8 41.5 2.18 2.27 2.28 2.27 Electrical machinery 80.36 83.64 83.43 83.21 41.0 40.6 40.5 40.2 1.96 2.06 2.06 2.07 Transportation equipment 91.76 98.29 96.87 97.17 40.6 41.3 40.7 41.0 2.26 2.38 2.38 2.37 Instruments and related products 81.38 '85.28 85.06 85.27 41.1 41.0 40.7 40.8 1.98 2.08 2.09 2.09 Miscellaneous manufacturing industries. . 70.47 72.94 73.89 73.16 40.5 40.3 40.6 40.2 1.74 1.81 1.82 1.82 Nondurable goods 70.17 73.10 73.30 72.74 39.2 39.3 39.2 38.9 1.79 1.86 1.87 1.87 Food and kindred products 74.37 '78.18 77.41 78.00 40.2 '40.3 39.9 40.0 1.85 1.94 1.94 1.95 Tobacco manufactures 56.47 '56.98 57.61 55.90 37.9 '38.5 37.9 36.3 1.49 1.48 1.52 1.54 Textile-mill products 56.20 '58.65 58.20 57.75 39.3 '39.1 38.8 38.5 1.43 1.50 1.50 1.50 Apparel and other finished textiles.... 51.77 54.02 54.17 52.92 36.2 36.5 36.6 36.0 1.43 1.48 1.48 1.47 Paper and allied products 81.32 84.80 84.60 85.02 42.8 42.4 42.3 42.3 1.90 2.00 2.00 2.01 Printing, publishing and allied industries.. 93.51 '95.23 96.36 95.87 38.8 38.4 38.7 38.5 2.41 '2.48 2.49 2.49 Chemicals and allied products 85.28 88.78 88.78 89.21 41.2 41.1 41.1 41.3 2.07 2.16 2.16 2.16 Products of petroleum and coal 104.65 104.45 104.75 105.01 41.2 40.8 40.6 40.7 2.54 2.56 2.58 2.58 Rubber products 85.79 '91.21 90.13 89.95 39.9 '40.9 40.6 40.7 2.15 2.23 2.22 2.21 Leather and leather products 54.90 '58.60 58.52 57.51 36.6 '38.3 38.0 37.1 1.50 1.53 1.54 1.55 f Revised. April 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

576 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 120 112 107 117 115 131 142 117 121 109 123 140 123 1956 125 114 113 122 120 138 150 123 127 116 126 144 129 SEASONALLY ADJUSTED 1956 Mar . . . 122 102 107 '115 116 137 '144 124 129 112 '127 144 128 Apr 122 111 104 121 120 131 144 117 123 112 124 144 131 May 122 112 110 121 118 135 146 120 129 112 125 145 122 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 128 118 117 124 121 145 156 126 129 116 131 148 131 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 125 109 119 121 118 144 151 120 125 118 122 140 131 Feb 125 117 115 119 123 136 153 121 125 114 121 141 127 Mar. 110 115 124 120 149 126 125 118 143 133 WITHOUT SEASONAL ADJUSTMENT 1956—Mar 111 91 98 111 106 125 '147 109 116 95 '113 134 110 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 Jan . 95 86 94 91 92 99 116 91 94 84 90 111 101 Feb 97 88 93 r91 95 101 122 93 98 90 94 113 100 Mar 89 98 107 99 137 105 107 95 125 104 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 Mar 135 127 '121 130 122 159 162 128 133 130 148 156 '141 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 AUK . 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 1957—Jan . 141 127 131 136 128 169 162 137 141 134 144 156 144 Feb 139 128 '129 134 127 171 165 134 141 134 142 156 141 Mar P140 127 132 136 127 173 166 135 133 133 ^143 ^145 WITHOUT SEASONAL ADJUSTMENT 1956—Mar 139 129 '124 134 126 164 169 130 141 134 153 162 142 Apr 142 133 130 140 129 168 172 134 144 133 151 162 149 139 132 127 134 126 165 161 131 135 128 145 155 148 June. . 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 AUR 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 126 116 116 118 114 151 149 123 123 123 129 139 127 Feb 132 121 '121 129 122 159 163 128 134 129 138 152 130 Mar P144 130 134 140 131 178 174 138 141 137 ^145 P Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 577 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Out- Stocks Period Sales i Stocks^ stand- Re- New Out- plus (total (end ing ceipts2 orders 3 stand- out- Refor of orders * (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 1.0 1949 361 925 373 358 358 2.7 1.1 3.8 10 1950 376 1,012 495 391 401 2.8 1.4 4.2 1 1951 ... 391 1,202 460 390 379 3.2 1.3 4.4 .0 1952 397 1,097 435 397 401 2.9 1.2 4.1 .0 1953 406 1,163 421 408 401 3.0 1.1 4.1 0 1954 409 1,140 388 410 412 3.0 1.0 4.0 .0 1955 437 1 195 446 444 449 2 9 1 l 4.0 0 1956 452 1,281 469 459 457 3.0 1.1 4.1 .0 Month: 1956—Mar '433 '1 282 '402 '500 '451 3 0 0 9 3 9 Apr 385 1,314 336 428 363 3.4 0.9 4.3 l.l May. 438 1,275 338 399 401 2.9 0.8 3.7 () 9 June 417 1 187 501 329 492 2 8 1 2 4.0 () 8 July 337 1,173 587 323 409 3.5 1.7 5.2 1.0 Aug 412 1,253 573 492 478 3.0 1.4 4.4 .2 Sept 444 1,335 598 526 551 3.0 1.3 4.4 Oct 485 1,475 588 625 615 3.0 1.2 4.3 .3 Nov 577 1,525 473 627 512 2.6 0.8 3.5 Dec 821 1,214 340 510 377 1.5 0 4 1.9 () 6 1957—Jan 362 '1,197 '430 '345 435 3.3 1.2 4.5 • .0 Feb.. 336 1,252 461 391 422 3.7 1.4 5.1 Mar.*1 395 1,362 415 505 459 3.4 1.1 4.5 L.3 * 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 exports1 military-aid shipments2 Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1.168 1,284 '1,676 1.083 1.202 '1,579 871 1,073 1,119 Feb [ 238 1 362 '1 607 1,143 1,271 '1 486 850 1,051 992 Mar 1,344 1,582 2,143 [,252 1,478 2,013 1,019 1,102 1,130 Apr 1,264 1,512 [,170 1,399 871 991 May [ 323 1 716 [ 192 1 521 959 '1,095 June [,321 1,698 ,193 1,492 937 '1,034 July I 269 1 639 ,142 1,288 885 1,051 Au2 [,239 1,536 ,111 1,378 961 r1.055 Sept ,254 1,530 ,155 1,423 947 '995 Oct 398 1 670 ,279 1,559 1,011 '1.121 Nov ,321 1,537 ,248 1,417 1,065 '^86 Dec 407 2 002 . 323 1.880 1,008 '1,053 Jan -Mar 3,750 4,228 5,426 3,478 3,951 5,078 2,740 3,226 3,241 ' Revised. 2 Department of Defense shipments of grant-aid military equipment 1 Exports of domestic and foreign merchandise. and 3 G su e p n p e l r i a e l s i u m nd p e o r r ts th e in M clu u d tu in a g l S im ec p u o r r it t y s f P o r r o g im ra m m e . diate consumption plus entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 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- H o h p o o e u l r d s a e - - p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g d e n a- g s a i 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 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106 6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1956—Mar 114.7 109.0 120.7 131.6 111 7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 May 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 June 116.2 113.2 121.4 132.5 111 7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 AUK 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 Mar 118.9 113.2 124.9 134.4 112.4 139.2 104.9 126.2 106.8 135.1 136.4 122.9 110.5 124.2 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim lusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - P F u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a r t a a i e c n o p r l 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 F t o i m a e 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 u a b r u n c o e b t d d r s - - w p L u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l e t d d p e s d - r , ,M m p u a r e e c n o t t t d a d a s l - l s | | n c M e e o l i l s u a - - s 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 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 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 108.3 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 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 102.5 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 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 91.0 1956 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 146.5 134.7 118.1 127.9 121 88.2 Apr 113.6 88.0 100.4 121.6 95. 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107. 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121.0 131.5 123.1 89.2 Nov 115.9 87.9 103.6 124.2 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121.1 131.2 123.5 91.2 Dec 116.3 88.9 103.1 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 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 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.1 92.4 Mar 116.9 103.7 125.4 95.4 98.3 119.4 108.8 144.3 120.1 128.7 151.0 144.6 121.8 133.2 124.1 92.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 579 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 106.5 100.7 96.1 94.1 Grains 84 5 89 5 87 0 87 5 Paperboard 130 6 136 2 136 2 136 2 Livestock and poultry. 67.5 73.9 75.0 76.6 Converted paper and paperboard.... 122.7 125.6 125.6 125.6 Plant and animal fibers 105.5 102.9 103.9 104.0 Building paper and board 133.3 141.1 141.1 141.1 Eggs 85.0 65.7 66.3 63.8 Metals and Metal Products: Hay and seeds 82.5 86.6 84.7 85.1 Other farm products 143.7 148.8 148.2 146.0 Iron and steel 149.4 164.3 '163.9 163.8 Nonferrous metals 162 0 148 7 '145.4 143.4 Processed Foods: Metal containers 137.9 147.5 '147.4 148.0 Hardware 152.8 161.5 162.0 162.2 Cereal and bakery products 115.4 115.8 115.9 116.7 Plumbing equipment 133.1 133.4 133.4 132.0 Meats, poultry, and fish 74.6 84.8 83.9 84.6 Heating equipment 117 1 122.3 '122.8 122.5 Dairy products and ice cream 106.1 112.5 112.5 111.3 Fabricated structural metal products. 129.8 133.7 133.3 133.4 Canned, frozen fruits, and vegetables. 108.6 105.6 105.9 105.9 Fabricated nonstructural metal Sugar and confectionery. 109 6 113 1 112 0 112 3 products 132 7 141 6 142.0 143.0 Packaged beverage materials 192.8 196.3 '194.5 190.9 Other processed foods 97.4 95.0 95.7 95.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.1 131.8 '132.1 132.2 Cotton products 94 A 92.3 91.9 91.2 Construction machinery and equip- Wool products 102.1 109.1 109.5 109.0 ment 143.5 156.2 156.3 156.6 Synthetic textiles . . 84.5 82 1 82 0 81 7 M^etal working machinery 151 9 163.4 '163.8 163.9 Silk products. 119.5 122.8 123.2 123.0 General purpose machinery and Apparel 99 7 99 7 99 6 99 6 equipment 142 6 155 5 155.8 155.8 Other textile products 72.0 76.8 75.9 76.1 Miscellaneous machinery 134.0 142.5 '143.0 143.3 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 133.6 146.0 147.1 147.3 Motor vehicles 129.0 134.3 '134.6 134.6 Hides and skins 58.3 52 1 50 1 51 0 Leather 90.9 88.2 87.8 88.6 Furniture and Other Household Dura- Footwear 116.5 120.8 120.8 120.9 bles: Other leather products. . , 98.3 97.9 '97.4 97.5 Household furniture 117.5 122.0 122.0 122.0 Fuel, Power, and Lighting Materials: Commercial furniture 138.3 146.9 146.9 146.9 Floor covering 130.5 135.1 '134.3 134.3 Coal 110.1 124 1 124 0 123 6 Household appliances 105 3 106.5 106.8 106.7 Coke. 145 4 159 1 162 2 161 9 Radio 89 7 91 1 91 1 91 1 Gas 122 7 119 9 '122 3 122 3 Television 69 9 69 9 69.9 69.5 Electricity 94.3 94.9 '94.3 94.3 Other household durable goods 139.2 146.8 147.0 147.0 Petroleum and products 116.8 124.9 131.0 130.7 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 120.0 123 5 123.2 122 9 Concrete ingredients 130.0 134.6 134.8 135.1 Prepared paint. 119 1 124 1 124 1 124 1 Concrete products 121 1 125 6 125.6 125.7 Paint materials 101.4 99 0 100 6 100 1 Structural clay products . 145 9 150.6 150.7 150.8 Drugs, Pharmaceuticals, cosmetics. .. 91.9 92.6 '93.1 93.2 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 55.0 58 7 58 0 58 0 Prepared asphalt roofing 106 5 111.2 115.3 118.2 Mixed fertilizers 107 9 110 2 '109 3 108 6 Other nonmetallic minerals 122 3 124 3 126.0 127.5 Fertilizer materials . 112.8 105.9 105.9 106.8 Other chemicals and products 102.3 104.5 '105.1 105.2 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 Crude rubber 149 4 145 4 140 2 142 0 Cigars 104 2 104.2 105.1 105.1 Tires and tubes 151 8 148 8 '149 0 149 0 Other tobacco products 122 5 126 0 126.0 126.0 Other rubber products .. 137.9 140.0 140.0 140.0 Alcoholic beverages 114.7 119.0 119.0 119.0 Nonalcoholic beverages 148.1 148.7 148.7 149.0 Lumber and Wood Products: Miscellaneous: Lumber . . . 129.9 122.6 '121.9 121.1 Millwork 128.9 128.7 128.7 128.7 Toys, sporting goods, small arms.... 115.7 117.5 117.5 117.5 Plywood 107 5 97 1 96 4 96 2 Manufactured animal feeds 67 2 • 74.4 72.8 72.0 Notions and accessories 93.9 96.7 96.7 96.7 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 104.8 107.5 107.7 107.6 Other miscellaneous 123.1 126.1 126.3 126.5 Woodpulp 116.8 118.0 118.0 118.0 Wastepaper 142 6 77.3 76.4 75.4 Paper 136.2 139.2 139.2 140.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 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 rate; Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 403.4 408.3 413.8 423.8 427.1 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.8 31.3 34.0 32.9 33.6 34.4 35.1 35.8 Indirect business tax and related liabilities 7.0 7. 11.3 23.7 28.1 30.2 30.2 32.5 34.6 33.7 34.1 35. 35.6 36.1 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 1.8 1.1 1.1 .3 n.a. Plus: Subsidies less current surplus of gov- r.6 .0 ernment enterprises .0 .1 .2 -.1 -.4 -.2 .3 .7 .7 .9 1.1 .9 1.4 Equals: National income 87.8 40.2 104.7 240.0 290.2 302.1 298.3 324.0 334.9 338.7 343.5 n.a. '342.7 353.0 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.1 36.9 36.0 32.9 40.9 r41.2 40.9 39.8 40.4 43.4 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.6 8.7 9.7 11.1 12.5 12. 12.3 12.7 13.0 14.4 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 12.0 12.9 15.0 16.1 17.3 16.9 17.3 17.2 17.6 18.5 Net interest paid by government 1.0 1.2 1.3 4.7 4.9 5.0 5.2 5.2 5.5 5.4 5.5 5.6 5.7 5.8 Dividends 5.8 2.1 4.5 9.2 9.0 9.3 10.0 11.2 12.0 11.8 12.2 12.3 11.9 12.3 Business transfer payments .7 .5 .8 1.2 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 1.4 Equals: Personal income 85.8 47.2 96.3 227.1 271.8 286.0 287.3 306.1 325.2 317.5 322.9 326.9 333.2 336.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 34.4 35.8 32.9 35.5 38.5 37.3 38.1 38.8 39.9 41.0 Federal 1.3 .5 2.0 18.2 31.2 32.4 29.1 31.3 33.9 32.9 33.6 34.1 35.1 36.1 1.4 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.4 4.6 4.9 State and local 1.0 4.4 4.8 83.1 93.0 206.1 237.4 250.2 254.4 270.6 286.7 280.2 288.2 295.4 Equals: Disposable personal income 45.7 284.9 293.3 79.0 81.9 194.0 218.3 230.5 236.5 254.0 265.7 261.7 266.8 275.0 Less: Personal consumption expenditures.... 46.4 263.7 270.9 4.2 11.1 12.1 19.0 19.7 17.9 16.6 20.9 18.6 21.4 20.4 Equals: Personal saving -.6 21.2 22.4 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 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 '342.7 334.9 338.7 343.5 353.0 Compensation of employees 51.1 29.5 64.8 154.3 195.1 208.1 206.9 223.2 239.1 233.0 237.2 240.4 245.5 248.7 Wages and salaries1 50.4 29.0 62.1 146.5 184.9 197.3 195.5 210.4 225.1 219.4 223.5 226.2 231.1 233.6 Private 45.5 23.9 51.9 124.3 152.0 163.5 161.2 174.5 187.5 182.5 186.2 188.3 192.9 194.7 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.5 9.6 9.5 9.5 9.5 9.4 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.1 27.3 27.8 28.5 28.7 29.4 Supplements to wages and salaries .7 .5 2.7 7.8 10.2 10.8 11.4 12.8 14.0 13.6 13.8 14.2 14.4 15.1 Proprietors and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 48.9 49.1 50.5 49.5 49.9 50.7 51.7 51.5 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 29.1 28.2 28.9 29.5 29.9 30.1 Farm 6.0 2.4 6.5 13.3 15.1 13.3 12.5 11.7 11.6 11.5 11.3 11.6 12.1 11.7 Rental income of persons 5.4 2.0 3.5 8.5 9.9 10.2 10.5 10. 9.7 9.8 9.7 9.7 9.7 9.7 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 32.9 40.9 '41.2 40.9 39.8 40.4 43.4 n.a. Corporate profits before tax 9.6 .2 17.0 40.0 35.9 37.0 33.2 42.7 r43.7 43.7 42.9 41.2 46.7 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 16.8 21.5 '22.1 22.1 21.7 20.8 23.6 n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 16.1 16.7 16.4 21. '21.7 21.6 21.3 20.4 23.1 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.5 -2.8 -3.1 -3.3 -2.6 Net interest 6.4 5.0 4.5 5.9 7.4 8.7 9.7 10.8 11.9 11.5 11.7 12.0 12.4 12.6 r Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 581 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390.9 412.4 403.4 408.3 413.8 423.8 427.1 Personal consumption expenditures 79.0 46.4 81.9 194.0 218.3 230.5 236.5 254.0 265.7 261.7 263.7 266.8 270.9 275.0 Durable goods 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.7 34.0 34.8 33.4 33.0 34.8 35.9 Nondurable goods 37.7 22.3 43.2 100.4 116.1 119.1 120.9 126.2 132.9 130.5 132.3 134.0 134.7 136.4 Services 32.1 20.7 29.0 65.0 75.6 81.7 86.3 92.1 98.9 96.4 98.0 99.7 101.4 102.7 Gross private domestic investment 16.2 1.4 18.1 51.2 49.8 50.3 48.0 60.6 65.4 63.1 64.7 65.1 68.5 63.3 New construction* 8.7 1.4 6.6 22.7 23.7 25.8 27.9 32.7 33.2 32.6 33.6 33.6 32.9 32.5 Residential, nonfarm 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 15.3 15.6 15.5 14.9 14.2 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.4 16. 17.8 17.3 18.0 18.1 18.0 18.2 Producers' durable equipment 5.9 1.6 6.9 21.1 23.1 24.3 22.4 23.7 28.7 26.4 27.5 29.5 31.5 32.0 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -2.3 4.2 3.5 4.1 3.5 2.0 4.1 -1.2 Nonfarm only 1.8 -1.4 4.0 6.4 2. .9 -2.7 3.8 3.8 4.2 3.9 2.4 4.4 -.9 Net foreign investment .8 .2 1.1 -2.2 -.2 -2.0 -.4 -.5 1.4 .1 1.2 1.7 2.4 4.0 Government purchases of goods and services 8.5 8.0 24.8 42.0 77.5 84.4 76.5 76.8 79.8 78.5 78.7 80.2 82.0 84.9 Federal 1.3 2.0 16.9 22.1 54.3 59.5 48.9 46.7 47.0 46.4 46.1 47.2 48.3 49.8 National security 13.8 18.5 48.8 51.5 43.0 41.2 41.6 40.5 40.7 41.9 43.2 45.0 Other 1.3 2.0 3.2 3.9 5.8 8.4 6.3 5.9 5.8 6.3 5.8 5.7 5.5 5.3 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 State and local 7.2 6.0 7.8 19.9 23.2 24.9 27.6 30.1 32.8 32.1 32.6 33.0 33.7 35.0 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 dends personal Year or month1 in s P c o e o n r m a - l e Total p m i C r n o o g o d d m i u i n t - c y - - D i u n is t d i t u v ri s e b - - S in e tr r d i v u e i s s c - e m G er o e n n v - t - in O la c t b o h o m e r r e2 p in r r P e a c i n e r n o o t t d m o a - l r e s 3 ' i i n n s p a t c o e e n o n r r d m a e - l s e t m T p r e f a a e n y n r t - s s - 4 b c i s u o n o f t s n o c i u o t i r r a r n i - l - s a in g N t c u r o o i r c m a n u l - e l- 6 dustries tries ance5 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 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—Apr., 321.7 222.9 96.8 59.1 29.8 37.2 7.2 49.7 29.1 18.6 5.8 306.8 May 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June, 324.9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 July. 324.3 224.0 95.9 59.9 30.4 37.8 7.3 50.5 29.7 18.6 5.8 309.4 Aug. 328.1 227.1 98.3 60.3 30.6 37.9 7.3 51.0 29.8 18.8 5.9 312.8 Sept. 328.5 228.5 99.1 60.5 30.8 38.1 7.3 50.9 30.0 18.7 5.9 313.4 Oct.. 332.5 229.7 100.6 60.2 30.9 38.0 7.4 52.3 30.2 18.9 6.0 316.3 Nov. 333.5 231.0 101.1 60.6 31.1 38.2 7.4 30.3 19.1 6.0 317.9 Dec. 334.0 232.9 102.3 60.9 31.3 38.4 7.4 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. 336.6 233.9 101.9 61.5 31.4 38.9 7.5 51.5 30.7 19.9 6.7 321.3 Mar. 338.1 234.5 102.0 62.0 31.5 39.0 7.5 51.6 30.9 20.3 6.7 322.7 Apr.; 339.3 235.0 102.3 61.9 31.7 39.1 7.5 51.5 31.1 20.9 6.7 324.0 * Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u ry r- U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C e a o r n c m 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 it d t al, c d u e r a p r n o e d n si 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 ,204 9,302 75,171 68,359 6,812 1941—Dec. 31 22,mi 3,247 64,653 26,605 29,049 25,511 2,254 ,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 ,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 ,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 14,741 199,009 184,385 14,624 1951—Dec. 31 22,695 4,709 181,323 67,597 97,808 71.343 23,801 664 15,918 208,727 193,410 15,317 1952—Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 571 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—June 30 21,927 4,959 200,628 81,210 99,827 72,525 25,037 2,265 19,591 227,514 209.354 18,161 Dec. 31 21.713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—June 30 21,678 5,002 209,872 91.349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 Dec. 31 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25 21,700 5,000 214.200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28 21,700 5,000 214,900 101,600 92,600 67,100 23.600 1,900 20,700 241,700 221.600 20,100 Apr. 25 21,700 5,000 214,900 102,500 91,700 66,600 23,300 1,900 20,700 241,700 221,200 20,500 May 30 21.800 5,000 214,700 103,300 91,000 65,700 23,400 1,900 20,500 241,500 221,200 20,300 June 30 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25 21.800 5,000 214,900 104,900 89.700 64,500 23.400 1,800 20.400 241,800 221,400 20,400 Aug. 29 21.900 5,000 217,000 105,500 90,900 65.400 23,700 1,800 20,600 243,900 223.000 20,900 Sept. 26 21,900 5.000 218,000 106,700 90,500 65.200 23,600 1,800 20.800 244,900 224.000 20,900 Oct. 31 21.900 5,100 218,900 107,300 91,000 65,500 23,800 1,800 20;500 245,800 224,800 21,000 Nov. 28 21,900 5,100 220.800 108,200 92,200 66,200 24,300 1,700 20,400 247.800 227,000 20.700 Dec. 31 21.949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20.461 250,757 230,510 20,246 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b c e a a a o A v r n n c m i t d k n ia - s g l s B F. a A n t R ks . Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u v n s t i i u k n ts a s gg 2 3 l s S S P l;a y o v s s i t n e ta g m l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e d s 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 63,253 27,059 15,258 10,523 1,278 29.793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38^992 9,615 1945—Dec. 31 2,141 2.287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30 2,518 1,293 2,989 668 176,917 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1951—Dec. 31 2,279 1,270 3,615 247 185,999 61,450 37,859 20,887 2,704 98,234 26,315 120,100 94,400 25,700 1952—Dec. 31 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,800 26,900 1953—Dec. 31 2.694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,700 99,500 27,200 1954_ D ju e n c e . 3 3 0 1 3 3 . . 3 2 2 5 9 6 7 8 9 1 6 1 4 5 , , 5 8 1 9 0 5 5 8 6 7 3 5 2 1 0 9 9 8 , , 6 5 8 1 4 7 7 75 3 , , 2 2 8 9 2 2 4 4 6 5 , ,6 8 5 4 3 4 2 2 6 5 , , 3 3 0 8 2 8 2 2, , 2 1 5 3 1 6 1 9 0 8 6 , , 1 5 3 5 2 0 2 2 7 7 , , 0 8 9 5 3 2 1 1 2 2 6 9 , , 7 7 0 0 0 0 1 9 0 9 2 , , 7 8 0 0 0 0 2 2 7 6 , . 0 9 0 0 0 0 1955—June 30 3.247 812 5,418 380 207,738 77,129 47,846 27,277 2,007 103,234 27,375 131,900 104,900 27,000 Dec. 31 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,300 105,800 27,500 1956—Jan. 25 ,100 800 2,300 500 214,400 78,400 48,300 28,300 1,900 108,900 27,100 133,300 106,000 27.300 Feb. 29 .000 800 4,000 600 211,600 78,800 48,500 28,400 1,800 105,600 27,200 132,700 105,400 27.300 Mar. 28 ;ooo 800 6,500 500 210,800 79,300 48,800 28,600 1,800 104.400 27,200 133,100 105.600 27;500 Apr. 25 .000 800 4,400 600 212,400 79,300 48,800 28,700 1,800 106,100 27,000 134,400 107,200 27,200 May 30 ,000 800 5,800 400 211,200 79,600 49,000 28,900 1,800 104,200 27.400 133,200 105,700 27,500 June 30 ,115 768 5,537 522 213,643 80,615 49,698 29,152 1,765 104,744 28;284 134,300 106,700 27,600 July 25 ,100 800 3,600 600 213,300 80,700 49,700 29,200 1,700 105,200 27,400 134,300 106,800 27,500 Aug. 29 ,100 800 5,800 500 212,800 80,900 49,900 29,300 1,700 104,500 27,500 133,600 106,100 27,500 Sept. 26 ,200 800 5,400 600 214,100 81,300 50,100 29,500 1,700 105,400 27,400 134,100 106,700 27,400 Oct. 31 3,100 800 3,800 500 216,600 81,500 50,200 29,600 1,700 107,400 27,700 133,600 106,100 27,500 Nov. 28 3,400 800 5,200 500 217.200 80,900 49.600 29,600 1,700 108,300 28,000 134,400 106,800 27,600 Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,700 106,700 28,000 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article: stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits 5 Seasonally adjusted series begin in 1947 and are available only for and currency shown in the monthly Chart Book excludes foreign bank delast Wednesday of the month. For back figures, see BULLETIN for posits, net, and Treasury cash. Except on call dates, figures are rounded March 1955, pp. 252-255, and this table in subsequent issues. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 583 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— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n v g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b a i a l l a p i i n c a t i d - i t - e a s l Total 2 b In a t n e k r - 2 Demand Time capital ba b o n e f k r s counts3 U.S. Govt. Other All banks: 1939—Dec. 30.. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32 516 25,852 8,194 15,035 1941—Dec. 31. . 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44 355 26,479 8,414 14,826 1945—Dec. 31.. 140,227 30,362101,288 8,577 35,415 177,332 165,612 14,065 105935 45,613 10,542 14,553 1947_Dec. 314. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30.. 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1951—Dec. 31. . 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 3,362 108,282 59,025 14,623 14,618 1952—Dec. 31. . 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944 111,690 63,598 15,367 14,575 1953—Dec. 31.. 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16.118 14,509 1954—June 30. . 173,343 81,227 72,525 19,591 42,556 218,900 199,508 15,500 5,594 107,043 71.371 16,664 14,465 Dec. 31.. 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,511 17,270 14,367 1955—June 30. . 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5.081 113,034 75,491 17,663 14,309 Dec. 31. . 190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,238 76,844 18,112 14,243 1956—Jan. 25. . 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2,010 117,600 76,* 18,160 14,250 Feb. 29. . 188,700 100,360 67,640 20,700 41,430 233,720 210,130 14,060 3,640 115,140 77,290 18,360 14,230 Mar. 28. . 190,530 102,730 67,080 20,720 40,830 234,910 211,140 14,210 6,170 112,930 77.830 18,410 14,229 Apr. 25. . 190,810 103,520 66,580 20,710 40,710 235,070 211,070 14,220 4,110 114,910 77,830 18,580 14,224 May 30. . 190,640 104,430 65,700 20,510 40,800 235,010 210,890 13,690 5,450 113,580 78,170 18,710 14,218 June 30.. 191,074 105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235 115,850 79,182 18.811 14,206 July 25. . 190,860 105,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290 114,140 79,260 18,840 14,204 Aug. 29. . 192,500 106,530 65,420 20.550 40,560 236,840 212,520 14,460 5,460 113,050 79,550 18,960 14,207 Sept. 26. . 193,660 107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110 115,140 79,890 19,210 14,206 Oct. 31.. 194,230 108,220 65,510 20,500 43,160 241,370 216,570 15,380 3,480 117,590 80,120 19,260 14,194 Nov. 28. . 195,780 109,160 66,180 20,440 43,170 242,990 218,000 15,360 4,930 118,140 79,570 19.360 14,186 Dec. 31. . 197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 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 105921 30,241 8,950 14,011 1947—Dec. 314. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,3431 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 1951—Dec. 31 . . 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 3,359 108,259!38,137 12,216 14,089 1952—Dec. 31.. 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 41,012 12,888 14,046 1953—Dec. 31.. 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604!43.997 13.559 13,981 1954—June 30. . 146,383 67,337 63,508 15,538 41,569 190,585 174,068 15,497 5,591 106,996|45.983 14,038 13,937 Dec. 31 . . 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14,576 13,840 1955—June 30. . 155,264 75,183 63,271 16,809 41,025 199,249 181,516 15,242 5,078 112,983 48.214 14,906 13,781 Dec. 31. . 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709 123,187 48,715 15,300 13,716 1956—Jan. 25.. 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010 117,550 48,610 15,340 13,723 Feb. 29. . 158,350 82,540 59,170 16,640 40,530 202,040 181,670 14,060 3,640 115,090 48,* 15.510 13,703 Mar. 28. . 159.930 84,690 58,600 16,640 39,940 202,980 182,440 14,210 6,170 112.870 49,190 15,550 13,702 Apr. 25. . 160,080 85,290 58,150 16,640 39,880 203,070 182,330 14,220 110 114,860 49,140 15.710 13,697 J M u a n y e 3 30 0 . . . . 1 16 5 0 9 , , 0 6 0 9 8 0 8 8 5 6 , , 9 88 6 7 0 5 5 7 6 , , 3 6 1 2 0 0 1 1 6 6 , , 4 5 2 0 0 2 4 3 2 9 , , 4 9 4 7 4 0 2 2 0 0 2 5 , , 7 71 8 2 0 1 1 8 8 1 6, , 3 9 2 8 6 0 1 15 3 , , 2 6 3 9 9 0 5, 4 2 5 3 0 2 1 1 1 1 3 5 : , 5 8 2 2 0 4 4 5 9 0 . , 3 0 2 3 0 0 1 1 5 5 , . 8 92 2 7 0 1 1 3 3 , , 6 6 9 7 1 9 July 25. . 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 ,290 114,110 50,020 15^40 13,677 Aug. 29. . 161,030 87,470 57,170 16,390 39,730 204,090 183,150 14,460 ,460 113,020 50,210 16,040 13,680 Sept. 26. . 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110 115,110 50,400 16,280 13,679 Oct. 31. . 162,540 88,780 57,450 16,310 42,360 208,430 186,990 15,380 3,480 117,560 50,570 16,330 13,667 Nov. 28. . 163,970 89,510 58,200 16,260 42,390 209,930 188,370 15,360 4,930 118,110 49,970 16.400 13,659 Dec. 31. . 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733 125,282!50.908 16,302 13,640 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 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 1951—Dec. 31 .. 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 3,101 92,867 30,623 10,218 6,840 1952—Dec. 31. . 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32.890 10,761 6,798 1953—Dec. 31. . 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1954—June 30. . 123,185 57,197 53,111 12,876 36,722 162,203 148,252 14,733 5,165 91,454 36,900 11,709 6,721 Dec. 31.. 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99.604 37,950 12.210 6,660 1955—June 30. . 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12.461 6,611 Dec. 31. . 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 105,400 39,165 12,783 6,543 1956—Jan. 25.. 133,999 70,329 50,133 13,537 35,366 172,055 154,952 13,850 1,693 100,360 39,049 12,813 6,540 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 Mar. 28. . 134,582 72,860 48,084 13,638 35,129 172,455 154,870 13,541 5,620 96,197 39,512 13,005 6,521 Apr. 25. . 134,643 73,386 47,639 13,618 35,101 172,483 154,715 13,541 3,666 98,037 39,471 13,134 6,517 May 30. . 134,114 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 June 30.. 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 July 25. . 133,966 75,005 45,763 13,198 35,160 171,934 154,215 13,874 2,860 97,381 40,100 13,304 6,494 Aug. 29. ., 135,223 75,322 46,581 13,320 35,048 173,210 155,323 13,781 4,921 96,365 40,256 13,393 6,491 Sept. 26. . 136,154 76,305 46,354 13,494 36,817 175,983 157,615 14,361 4,538 98,239 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. 31. . 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292 106,850 40,9091 13,655 6,462 For footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i n v S 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 a i a a l p i n c t i d i - t e a s l Total2 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 k r s counts 3 U.S. Other Govt. All mutual savings banks: 1939—Dec 30 10,216 4,927 3 101 2 188 818 11 852 10,524 3 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3 704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec 31 16 208 4 279 10 682 1 246 609 17 020 15,385 14 15 371 1 592 542 1947—Dec. 314 18,641 4,944 11 978 1,718 886 19 714 17,763 1 3 14 17,745 1,889 533 1950 Dec 30 21 346 8 137 10 868 2 342 797 22 385 20 031 3 19 20 009 2 247 529 1951—Dec 31 22,259 9,862 9 819 2,579 886 23 439 20,915 2 3 23 20,888 2,407 529 1952—Dec. 31 24,003 11,349 9,422 3,231 918 25,233 22,621 2 3 30 22,586 2,479 529 1953—Dec 31 . 25,810 12,925 9 184 3 701 983 27 130 24,398 3 3 35 24 358 2,559 528 1954—June 30 26,959 13,890 9,017 4,052 987 28,315 25,440 3 3 47 25,388 2,626 528 Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 3 4 50 26,302 2,694 527 1955—June 30. 28,990 16,172 8 675 4 142 989 30 382 27,334 3 3 51 27.277 2,757 528 Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 3 4 51 28,129 2,812 527 1956—Jan. 25 30,120 17,620 8,480 4,020 910 31,450 28,320 50 28,270 2,820 527 Feb 29 30,350 17,820 8 470 4 060 900 31 680 28,460 (5) 50 28 410 2,850 527 Mar. 28 30,600 18,040 8,480 4,080 890 31,930 28,700 60 28,640 2,860 527 Apr 25 30,730 18,230 8 430 4 070 830 32 000 28,740 (5) 50 28 690 2,870 527 May 30 30,950 18,470 8 390 4,090 830 32,230 28,910 (5) 60 28,850 2,890 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 3 3 26 29,152 2,885 527 July 25. . 31,280 18,820 8 300 4 160 850 32 570 29,270 (5) (5) 30 29,240 2,900 527 Aug. 29 31,470 19,060 8,250 4,160 830 32,750 29,370 30 29,340 2,920 527 Sept 26 31,630 19,240 8 210 4 180 830 32 920 29,520 (5) (5) 30 29 490 2,930 527 Oct. 31 31,690 19,440 8 060 4 190 800 32,940 29.580 (5) (5) 30 29,550 2,930 527 Nov. 28 31,810 19,650 7,980 4,180 780 33,060 29,630 30 29,600 2,960 527 Dec 31 . 31,940 19,777 7 971 4 192 920 33 311 30,032 2 3 25 30 001 2,947 527 Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 A,112 1.272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec 31 12,896 4 072 1 265 1 559 6 637 19 862 17 932 4 207 866 12 051 807 1 648 36 1945_Dec 31.. 26,143 7,334 17 574 1 235 6 439 32 887 30,121 4,657 6 940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 '267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2.104 8,564 30,464 26,859 4,832 858 19,490 1,679 2,425 22 1952—Dec 31 22,130 12,376 7 678 2 076 8 419 31 053 27,309 4,965 1 143 19,361 1 840 2,505 22 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 '778 18,895 2,150 2,572 22 1954—June 30.. 22,681 11,619 8 695 2 367 7 524 30 771 27,225 5,516 1 378 18,114 2,216 2,630 22 Dec. 31 23,880 12,039 9,342 2.499 7,581 32,193 28,252 5,709 '736 19,414 2,392 2,803 21 1955_june 30 23,099 13,016 7 782 2 300 7 748 31 559 27,791 5 454 1 131 18,926 2 281 2 715 18 Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 '756 20,719 2,303 2,745 18 1956—Jan. 25 22,945 14,134 6 671 2 140 6 789 30,477 25,965 5,020 215 18,465 2,265 2,749 18 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 Mar 28 23,563 15 382 5 976 2 205 7 076 31 372 26 951 4,958 1 401 18,210 2 382 2,783 18 Apr 25 23,201 15,099 6,027 2 075 6,862 30,773 26,499 4,929 '805 18,456 2,309 2,793 18 May 30 22,918 15,153 5 871 I'894 6 957 30 607 26,388 4,941 1 049 18,103 2,295 2,798 18 June 30 23 270 15 373 6 011 1 885 7 753 31 801 27 775 5 327 1 166 18 902 2 381 2 805 18 July 25 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29. . 23,220 15,326 5 935 [ 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 I 845 7 484 31 529 26,789 5,219 742 18,453 2 375 2 844 18 Nov 28 23,318 16,014 5,568 ,736 7,044 31,257 26,757 5,270 871 18,322 2,294 2,852 18 Dec. 31 23,809 15,987 6 057 765 8 629 33 381 29,149 5,987 747 19,940 2,475 2 873 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1 446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 .... 2,760 954 1 430 376 1 566 4 363 4 057 ,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 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 1,103 490 13 1951—Dec. 31 5,731 2,468 2 711 552 2 196 7 972 7,402 ,307 242 4 710 1 143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,350 343 4,789 1,205 541 13 1953—Dec 31. 6 204 2 776 2 856 572 2 115 8 366 7 724 387 259 4 836 1 242 566 13 1954_june 30 5,975 2,589 2,825 561 2 036 8,064 7,419 ,340 410 4,403 1,267 583 13 Dec 31 6,518 2,784 3,120 614 ,954 8,520 7,845 ,321 251 4,977 1,295 600 13 1955_june 30 6,288 2 846 2 742 699 763 8 102 7 431 180 343 4 606 1 303 612 13 Dec. 31 6,542 3,342 2,506 695 >,132 8,720 8,010 ,296 222 5,165 1,327 628 13 1956 Jan 25 6,435 3,239 2,535 661 ,985 8,469 7,749 ,144 74 5,230 1,301 626 13 Feb 29. . 6,237 3,097 2,472 668 ,953 8,245 7,397 ,160 216 4,731 J ?90 631 13 Mar. 28 6,446 3,223 2,545 678 785 8,282 7,202 ,236 420 4,284 ,262 631 13 Apr 25 6,325 3,383 2,242 700 1,850 8,227 7,208 ,129 228 4,572 ,279 631 13 May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 ,094 344 4,613 ,283 636 13 June 30 6,336 3,572 2 088 676 1 959 8 349 7 631 195 350 4 781 304 639 13 July 25. 6,187 3,500 2,057 630 1,799 8,035 7,243 ,144 142 4,661 ,296 639 13 Aug. 29 6,325 3,541 2,159 625 1,844 8,222 7,433 ,209 342 4,595 ,287 641 13 Sept 26 6,251 3,571 2,061 618 1,929 8,233 7,302 ,215 312 4,488 287 646 14 Oct. 31 6,320 3,631 2,077 612 1,947 8,327 7,350 ,253 187 4,625 ,285 654 14 Nov. 28 6,319 3,633 2,082 604 1,954 8,329 7,402 224 182 4,707 ,289 654 14 Dec 31 6,473 3,772 2,113 588 2,171 8,695 7,943 ,372 184 5,069 ,319 660 14 For footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 585 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v S g t . a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total2 b In a t n e k r - 2 Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions ac- Time counts 3 U.S. Other Govt. 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 1951—Dec. 31 42,694 19,651 19,194 3,849 15,199 58,654 54,466 6,976 1,124 34,094 12,272 3,521 321 1952—Dec. 31 45,583 21,697 19,624 4,262 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953—Dec. 31 46,755 22,763 19.559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954_june 30 47,056 22,453 19,813 4,791 14,656 62,624 57,665 6,636 2,015 34,058 14,957 4,124 310 Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 1,843 36,459 16,007 4,492 297 Dec. 31 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,446 1,288' 39,835 16,164 4,641 292 1956—Jan. 25 52,058 28,519 18,603 4,936 14,581 67,687 61,299 6,365 509 38,326 16,099 4,656 293 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 Mar. 28 52,104 29,350 17,837 4,917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 Apr. 25 52,410 29.753 17,694 4,963 14,578 68,107 61,266 6,236 1,407 37,421 16,202 4,822 290 May 30 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 June 30 52,071 30,122 17,051 4,898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 July 25 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 Aug. 29 52,515 30,645 17,057 4,813 14,308 67,999 61,105 6,332 1,780 36,530 16,463 4,951 290 Sept. 26 52,875 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. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,1 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 ,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 ,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 .133 922 31,977 14,865 3,532 6,501 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 ,309 876 34,572 15,530 760 6,484 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 ,301 1,267 36,022 16,585 970 6,444 1953—Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 ,315 1,216 36,519 17,690 4,194 6,389 1954—June 30 47,474 20,537 21,779 5,158 12.506 60,745 55,943 ,241 1,362 34.880 18,460 4,372 6,376 Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 ,508 1,271 37,794 18,787 4,506 6,326 1955—June 30 50,806 22,799 22.321 5.685 12,092 63,732 58,594 ,283 1,339 36,751 19,220 4,642 6,283 Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 ,523 1,061 39,681 19,372 4,769 6,220 1956—Jan. 25 52,561 24,437 22,324 5,800 12,011 65,422 59,939 .321 895 38,339 19,384 4,782 6,216 Feb. 29 52,421 24,604 21,970 5.847 11,872 65,158 59,594 ;248 1.037 37,795 19,514 4,819 6,203 Mar. 28 52,469 24.905 21,726 5,838 11,837 65,161 59,573 ,226 1,519 37,175 19,653 4,832 6,199 Apr. 25 52,707 25,151 21.676 5,880 11,811 65,376 59,742 ,247 1,22< 37,588 19,681 4,888 6,196 May 30 52,920 25,491 21,543 5,886 11,790 65,544 59,724 ,157 1,502 37,308 19,757 4,925 6,188 June 30 52,752 25.716 21,076 5,959 12,463 66,147 60,591 ,353 1,372 37.897 19,969 4,947 6,177 July 25 52,831 25,792 21,130 5,909 12,054 65.759 60,125 ,264 1,194 37,624 20.043 4,947 6,173 Aug. 29 53,163 25.810 21,430 5,923 11,958 66,017 60,250 ,223 1,485 37,418 20,124 4,976 6,170 Sept. 26 53,607 25,980 21,595 6,032 12,423 66,994 61,129 ,275 1,361 38,291 20,202 5,107 6,166 Oct. 31 54,124 26,185 21,977 5,962 12,677 67,754 61,885 ,354 1.017 39,196 20,318 5,124 6,162 Nov. 28 54,587 26,258 22,341 5,S 12,806 68,360 62,415 ,380 1,715 39,268 20,052 5,134 6,155 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1 All banks in the United States. All banks comprise all commercial 2 Beginning June 30, 1942, excludes reciprocal balances, which on banks and all mutual savings banks. All commercial banks comprise Dec. 31, 1942, aggregated $513 million at all member banks and $525 all nonmember commercial banks and all member banks, including one million at all insured commercial banks. bank in Alaska that became a member bank on Apr. 15, 1954, and a 3 Includes other assets and liabilities not shown separately. noninsured State member nondeposit trust company, but excluding three 4 Beginning with Dec. 31, 1947, the all-bank series was revised as anmutual savings banks that became members in 1941. Stock savings nounced in November 1947 by the Federal bank supervisory agencies. banks and nondeposit trust companies are included with commercial At that time a net of 115 noninsured nonmember commercial banks banks. Number of banks includes a few noninsured banks for which with total loans and investments of about $110 million was added, and asset and liability data are not available. Comparability of figures for 8 banks with total loans and investments of $34 million were transferred classes of banks is affected somewhat by changes in Federal Reserve from noninsured mutual savings to nonmember commercial banks. membership, insurance status, and the reserve classifications of cities 5 Less than $5 million. and individual banks, and by mergers, etc. 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

Financial Statistics * International * International capital transactions of the United States. 588 Gold production. 592 Net gold purchases and gold stock of the United States. 593 Reported gold reserves of central banks and governments. 594 Estimated foreign gold reserves and dollar holdings. 595 International Bank and Monetary Fund. 596 Central banks. 596 Money rates in foreign countries. 601 Foreign exchange rates. 602 Index to statistical tables. 613 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. 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 ENTTL 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 Gerterna- many, Switz- United Other Total Latin All Date t i i n o s n t a i- l Official France R F e e p d . . Italy la e n r- d K d i o n m g- Europe Europe Canada America Asia other tutions2 and Official of private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 ,642 5,621 1,536 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 1,032 2,000 2,189 360 1956—Mar. 31.... 1,894 12,463 7,395 1,123 1,487 806 733 770 1,622 6,542 1,178 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 1,686 864 758 837 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 1,805 924 812 745 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 1,441 2,276 2,402 316 Nov. 30.... 2,008 13,112 7,840 641 ,850 926 797 635 1,653 6,501 1,453 2,415 2,408 335 Dec. 3!"... 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 L565 2,306 2,329 389 Mar. 31*... 1,558 13,050 7,530 424 1,763 891 797 929 1,732 6,536 1,493 2,341 2,279 401 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u ey r- Y sla u v g i o a - o A th l e l r 1953—Dec 31.. 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 1,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956 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 59 133 1 50 199 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 Mar 31* 1,732 296 141 76 59 178 120 76 123 1 32 228 14 14 374 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 o m ia - - Cuba p m 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 c m u a e b n a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 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—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 2,415 150 27 249 85 140 228 69 55 422 67 101 82 21 70 536 113 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 Mar. 31* 2,341 138 25 232 91 190 217 78 74 409 66 117 82 41 74 374 133 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. 589 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date Total m M C a h o n a i s d i n n a a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R l u e i e b a c - - , p P i i h n p i e - l s - T la h n a d i- Other Total A tra u l s i - a C g B o i e n a l n g - o Egypt U S A o n f o u r i f i o t c h n a Other land of 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—Dec. 31 2,189 75 55 73 174 37 53 901 88 252 138 343 360 75 42 72 53 119 1956—Mar. 31 2,28? 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 2,408 94 62 69 185 22 36 1,043 100 274 144 379 335 82 45 46 42 119 Dec. 31*.... 2,431 96 66 76 186 20 45 1,039 99 272 143 388 339 77 44 50 53 114 1957_jan. 31*.... 2,393 99 64 75 179 21 37 1,020 101 269 153 375 349 75 42 52 58 122 Feb. 28*.... 2,329 100 60 76 166 31 38 947 102 254 161 393 389 80 44 69 63 133 Mar. 31^.... 2,279 103 56 80 145 40 35 908 103 244 167 398 401 93 42 60 61 145 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. 2 2 4 n a British denendencies 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 Cambodia n.a. .2 13.1 17.2 .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 10.1 10.7 3.5 5.3 Iceland 7.5 8.9 4 8 Laos . . n a 1 23 1 n.a. 14.1 14.3 13.7 9.1 Lebanon 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. Poland6 2.2 2.1 2.5 3.3 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 < 2.0 1.8 .7 .8 All other: Other Latin America: 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 Libya 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 N H i o c n a d ra u g ra u s a 1 1 6 8 . . 0 7 1 10 7 . . 3 3 1 9 2 . . 7 8 1 1 0 1 . . 2 8 N Po e r w tu g Z u e e a s la e n d d ependencies 2 5 . . 1 0 2 8. . 3 3 5 1 . . 3 9 22..28 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: 36.1 35.7 33.5 22.4 2.7 5.1 4.1 5.3 Tunisia .6 .4 .7 .5 Bahrein Islands .6 .6 .5 n.a. P Preliminary, 4 Beginning Aug. 31, includes certain accounts previously classified as n.a. Not available. "private." 1 Short-term liabilities reported in [hese 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 und 3 e R r e O pr t e h s e e r n E ts u r f o u p nd e. s held with banks and bankers in the United States t a h s a o t f i s M su a e r ) , 3 ta 1 b , l 1 es 9 5 r 4 ef , le a c s t w c e h l a l n a g s e c s h i a n n r g e e p s o i r n ti n c g o n f t o e r n m t, s s a e n le d c t i i n o s n t , r u a c n t d io n a s rr a m n a g d e e - (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

590 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 . d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o he p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 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—Feb 29 1,515 14 93 28 27 67 157 387 135 718 236 39 Mar. 31 1,510 14 92 36 28 69 162 400 132 701 232 44 Apr. 30 1,527 14 100 32 28 69 164 407 124 718 231 47 May 31 1,603 16 118 33 28 83 171 449 112 734 264 45 June 30 1 633 17 122 32 24 82 167 444 121 755 268 46 July 31 t,629 15 118 32 28 78 168 439 123 758 265 43 Aug. 31 ... . 1,698 65 120 33 27 78 163 486 124 772 274 42 Sept. 30 1 729 66 125 35 28 81 169 504 123 116 280 46 Oct. 31 1,825 67 127 29 28 86 177 514 176 799 289 46 Nov. 30 1,789 19 134 32 30 94 174 483 155 797 308 45 Dec. 31* 1,944 18 157 43 29 104 216 567 145 829 359 43 I957_Jan. 31* 2,046 23 168 50 30 109 213 593 158 867 381 48 Feb. 28* . . 2,066 18 176 53 33 126 211 619 145 860 396 46 Table 2a. Other Europe Date E O ur th o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain 1953—Dec. 31 88 1 13 6 2 1 9 1 24 1954—Dec. 31 109 20 10 3 3 16 2 (2) 4 1955 Dec 31 158 16 13 3 4 11 9 2 5 1956 Feb 29 157 2 18 11 2 4 13 9 1 8 Mar. 31 162 3 20 10 2 4 15 9 1 6 Apr. 30 164 4 24 7 3 4 17 10 J 6 May 31 171 6 22 10 4 4 15 11 7 June 30 167 6 20 9 4 3 16 11 9 July 31 168 7 17 8 4 3 16 12 11 Aug 31 163 7 17 7 5 4 19 16 Sept. 30 169 7 19 6 5 5 16 15 Oct. 31 177 9 18 10 4 5 16 16 Nov 30 174 7 22 10 3 5 13 17 Dec. 31* 216 7 28 12 4 4 21 23 2 J957__jan. 31* 213 6 30 12 4 4 20 23 2 Feb 28* 211 7 29 10 3 4 21 17 1 oooovc Swe- Tur- Yugo- den key slavia 3 16 5 4 41 1 7 78 2 7 69 6 7 70 6 7 68 5 8 71 7 71 8 74 10 63 10 70 12 73 5 11 72 8 13 88 9 12 85 7 14 86 voio — All other 7 5 7 7 8 7 6 5 6 1 6 I 6 6 6 (2) 7 (2) 6 8 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R c m u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 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—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. 30 797 13 4 65 15 145 84 7 7 201 5 12 32 14 14 132 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 Feb. 28* 860 25 4 72 20 145 91 13 7 218 3 10 32 8 11 146 54 * Preliminary. (excluded from these statistics) amounted to $790 million on Feb. 28, i 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, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 591 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Date 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 1 14 23 26 6 6 25 25 8 6 (2) 2 8 1954—Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—Dec. 31 233 8 3 5 1 18 10 103 19 8 57 43 11 5 1 8 17 1956—Feb. 29 236 8 5 5 1 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31 232 8 5 7 1 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 1 20 10 100 9 9 63 47 12 6 2 8 20 May 31 264 8 6 6 1 22 10 113 11 9 78 45 12 6 2 7 18 June 30 268 8 5 6 1 22 11 121 7 10 77 46 12 8 3 7 16 July 31 265 8 5 6 1 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 (2) 23 12 131 11 8 75 46 11 8 3 7 17 Oct. 31 289 8 4 6 (2) 22 13 134 12 9 82 46 12 7 3 7 17 Nov. 30 308 8 4 6 (2) 20 13 159 13 8 77 45 11 7 3 6 19 Dec. 31* 359 7 4 6 (2) 20 16 193 16 9 88 43 11 6 2 8 17 1957—Jan. 31* 381 8 5 7 (2) 22 23 207 17 10 81 48 11 5 2 8 21 Feb. 28* 396 8 6 7 (2) 22 24 214 18 10 86 46 11 5 2 7 22 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month 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 1956* 883 1,018 -135 1,907 1,615 291 607 1,004 -397 749 865 -115 1956—Feb.. 30 44 -14 136 123 13 35 42 56 64 -7 Mar.. 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr.. 48 13 34 179 161 18 40 27 13 74 95 -20 May. 32 18 13 196 137 59 40 117 -76 90 118 -28 June. 28 16 12 130 108 22 41 75 -35 64 70 -6 July., 324 298 26 178 140 38 48 129 -82 76 97 -21 Aug.. 87 14 73 160 155 5 31 60 -30 65 87 -23 Sept.. 21 12 9 131 96 35 32 42 -10 49 54 -5 Oct.. , 37 18 20 143 108 35 174 146 28 52 47 5 Nov.. 21 67 -46 144 140 4 49 101 -53 43 44 -1 Dec.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 Feb.* 135 43 92 152 93 59 32 131 -99 41 40 1 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Inter- Total Year or month national foreign France insti- countutions tries 1953 23 -34 -42 1954 78 72 17 1955 -21 706 2 1956* 82 74 -121 1956 Feb 1 -1 Mar -264 -139 Apr (w2) 52 3 May. 72 3 June 35 2 July 61 1 Aufi 74 4 3 Sept 1 43 3 Oct 1 53 1 Nov -42 Dec* 9 1957—Jan * 7 71 Feb.* 1 150 otot otot Germany, United Latin Federal Italy Switzer- King- Other Total Canada Amer- Asia All Repub- land dom Europe Europe ica other lic of 8 57 71 -24 62 -121 25 -1 -1 73 70 -20 139 -187 113 3 7 147 96 85 329 265 76 29 7 7 234 8 33 161 -124 34 -1 4 1 -1 -5 -9 13 6 -7 -1 1 1 25 -27 -30 -168 -86 3 -13 -1 1 44 7 -2 52 -5 3 2 1 (2) 47 14 5 69 -2 2 1 1 (2) 12 19 -1 32 1 -1 1 2 | 24 20 19 65 -7 1 1 1 6 11 2 22 -18 1 1 21 10 8 43 -8 6 •2\ 1 23 11 9 46 __ i 7 1 1 S3 -2 -40 1 -39 -11 6 1 18 -14 3 -3 8 1 j (2) 31 6 19 58 5 6 3 -1 25 46 16 90 56 5 -1 1 * Preliminary For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 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 1 BY AREAS [Innullions of dollars] [Net sales, (-]. In millions of dollars Assets in custody Y m e o a n r t o h r na I i n t n i t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m at 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 tutions tries 1953 — 61 — 11 96 -138 35 -30 26 1955—Dec. 31 402 3,543 126 1954 -164 -137 -9 -133 33 -34 7 1955 .. — 27 —4 —46 74 24 -49 1956—Apr. 30 330 3,717 153 1956P -33 —479 7 -448 17 -40 -16 May 31 307 3,751 155 June 30 297 3,629 158 1956—Feb.... -3 -12 -5 3 -2 1 July 31 308 3,663 164 Aug. 31 350 3,630 168 A J M M u p a a n r r y e . . . . . . . . . . . . . . - - 1 - - 2 5 2 2 -1 - - 1 3 - 0 2 8 9 2 - - - - 6 5 7 4 - - 1 9 -9 0 2 5 2 2 1 1 - - - 3 7 6 2 — ( 2 l) 1 1 2 S O N D e e c o p c t v . t . . . 3 3 3 3 1 0 0 1 3 2 3 3 3 7 2 5 4 5 2 6 3 3 3 3 , , . , 7 7 8 5 8 2 5 5 2 3 6 3 1 1 1 1 7 6 7 3 8 7 7 9 July.... -2 -101 -18 -94 2 -2 11 D A N S O e u e o c p g c v t t . . . . P . . . . . . . . . . . - - ( 3 2 0 2 - - - - 5 5 1 5 3 5 0 7 0 2 - - 2 6 4 1 1 2 7 2 - - - - 5 5 1 4 3 5 6 8 7 - 0 1 ) 3 1 1 - — - 8 8 4 1 1 -1 — 3 3 3 1 l 1957— A F M Ja e p n a b r r . . . . 2 3 3 3 8 0 1 1 3 3 3 3 4 1 2 1 4 1 7 6 3 3 3 3 , , , , 6 7 7 7 7 2 0 4 1 7 7 4 1 1 1 1 6 6 5 5 5 4 6 8 1957—Jan.*... -71 -6 15 -18 2 -9 3 1957—Apr. 3 249 3,741 162 Feb.*.. 9 -107 -7 -98 2 -5 0) A A p p r r . . 1 1 0 7 3 36 3 0 4 3 3 , , 6 7 9 4 9 9 1 1 6 6 3 3 Apr. 24 388 3,761 165 Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthljr Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. U.S.S.R.) Total S A o f u ri t c h a R de h s o ia - 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 1= 15ttigrains ofgold 9/lofine: i. e, an ounce of finegold= $.35 1949 ... 840 0 753 2 409.7 18.5 12.9 67.3 144.2 14 2 12.6 6 1 7 7 31 3 5 7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13 8 15.1 6.1 8 8 31 3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37 7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 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 18.8 21.9 64.3 153.9 15.3 7.6 1956—Feb 68.9 42.9 1.5 .1 1.1 4.6 12.4 .9 1.2 .3 .7 2.7 .5 Mar 74.9 45 4 1.8 1.2 5.0 13.5 1.1 I 2 .2 7 2 8 .6 Apr 73.9 45.2 6 2.1 1.0 4.7 12.9 .9 I 3 .2 .6 2.7 .6 May . 77.7 47.3 .6 2.2 1.0 5.4 13.1 1.3 .2 .2 .6 3.0 .6 June 77.7 47.4 6 2.1 1.1 5.1 13.4 1.1 .3 .7 3 2 .5 Julv 47 9 6 2 2 1 l 5 9 12 3 2 3 3 6 Aug 48.5 .6 2.3 1.0 6.3 12.3 .4 .3 .6 3.0 .6 Sept 47.3 6 2.3 1.0 6.0 12.4 .5 .6 3.2 .6 Oct 47 8 6 2 2 1.1 6.2 12.9 2 4 3 0 Nov 47.3 5 2.2 5.6 12.9 2 6 3 4 Dec 45.8 5 2.2 4.6 12.8 .7 .6 1957_Jan 48.3 2.3 5.0 12.6 1.5 .6 Feb 46.3 4.4 12.0 .5 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 593 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: Belgium 1-43.0 1-58.0 !-18.3 1-5.8 1-94.8 3.4 3.4 -84.8 —20 0 -67.5 -33.8 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 "-23,*5 ""-79 '.8 "-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 "-40.'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 -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -%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 -.1 100.3 100.3 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 55.1 40.1 Colombia 7.0 "*-i6!6 17.5 -22.8 -3.5 28 1 28 1 Cuba -10.0 28.2 -20.0 IMexico -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 -.3 17.2 3.0 -.7 -•i -.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 Asia 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -4.9 — .2 -.2 -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 H5.0 725.0 Grand total 193.3-1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 u 5.2 9 0 155.0 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. * Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) 1 I i n n s g c t r o o t e o l c d a t k a se l i e m g x ( N o o p p - e r l ) o o d t r r t t, g m c o c o r E l r a r e d e r a a : a i k r n s s d - e e e - d e , - D p ti r c o t o i m o g d n o u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a t l h 1 ) I i n n s g c t r o o t e o c ld a t k a se l i 7 m g N o - o p e r l T o d t rt, g m c o c o r E l r a r e d e r a a a : i k r n s s d e - e e - d e , - D t p ic o r t i o m o g d o n e u l s d c - - (-) (-) 1944 20 619 20,631 -1,349.8 -845.4 -459.8 35 8 1956—Apr 21,743 21,792 27.4 9.9 16 9 4 7 I945 20,065 20,083 -547.8 -106.3 -356.7 32.0 May 21,772 21,821 28.3 25.3 1 .8 5.4 1946 20,529 20,706 623.1 311 .5 465.4 51 .2 June.. 21.799 21,868 47.6 18.4 29.9 5 1 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 July. . 21 83021,918 49.4 4.8 43.9 5.9 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Aug... 21,858 21,965 47.1 4.7 43.2 6.3 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Sept... 21,884 22,032 67.6 -18.0 86.9 6.0 Oct.. . 21,910 21,999 -33.6 4.6 -34.3 6.2 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Nov... 21,910 22,106 107.6 12.5 105.7 5.6 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Dec. . 21,949 22,058 -47.7 2.7 51.2 4.6 1952 23,187 23,252 379.8 684.3 -304.8 67.4 1953 . . 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 1957— Jan 22,252 22,377 319.0 -53.9 295.9 5.0 1954 21,713 21,793 -297.2 16.6 - 325.2 65.1 Feb 22,304 22,396 18.6 — 29 » 28.0 4.4 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Mar 22,306 22,406 10.2 -8.8 16.0 0) 1956 21,949 22,058 305.9 106.5 318.5 64.3 Apr ^22,318*>22,423 *17.1 (3) 4-5.8 (3) P Preliminary. J Not yet available 1 See footnote 2 on following page. 4 Gold held under earmark at the Federa* Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,288.7 million on Apr. 30, 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

594 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 ia - g B iu e m l- Brazil Canada Chile Cuba m De a n rk - E d c o u r a- Egypt U.S.S.R.)1 Treasury Total2 2950 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 J955—Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 136 31 23 174 1956 Mar 38,190 21,716 21,765 371 154 953 323 1,127 43 136 31 23 174 Apr ... 21,743 21,792 371 157 970 323 1,113 43 136 31 23 174 May 21,772 21,821 371 161 958 323 1,107 46 136 31 23 174 June 38,360 21,799 21,868 164 952 323 1,109 46 136 31 23 174 JUly 21,830 21,918 165 965 323 1,114 46 136 31 23 174 Aiig 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 21,999 106 949 323 1,119 45 136 31 22 181 Nov 21,910 22,106 106 941 323 1,124 45 136 31 22 181 Dec ^38,470 21,949 22,058 107 928 324 1,113 46 136 31 22 188 1957—Jan , 22,252 22,377 877 324 1,116 43 136 31 22 188 Feb 22,304 22,396 864 324 1,110 46 136 31 22 188 Mar 22,306 22,406 848 324 1,112 31 22 188 Germany, E m n o d n t o h f l F a i n n d - France3 R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of )950 Dec 12 523 27 247 209 140 256 208 311 50 27 31 2951 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 3956 Mar 35 861 1.003 27 247 81 138 352 164 875 45 48 35 Apr 35 861 ,035 27 247 81 138 352 164 877 45 48 35 May 35 861 ,056 27 247 81 138 352 164 864 45 48 35 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 I 189 27 247 54 138 353 165 853 45 49 35 Aus 35 861 ,274 27 247 46 138 360 166 853 46 49 35 Sept 35 861 294 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 35 861 376 27 247 45 138 370 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957 Jan 35 861 566 27 247 44 138 834 45 49 35 Feb 35 861 [ 661 27 247 44 138 819 45 49 35 Mar 35 861 1,756 43 814 45 49 35 End of Portu- El Sal- South Spain Sweden Switzer- Thai- Turkey U K n in it g e - d Uru- Vene- M In o t n l. e- Ba I n n k tl . for 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 1,452 113 151 2,335 221 373 I 530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953 Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 [ 702 193 1954 Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 I 740 196 1955 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 L 808 217 1956 Mar .... 431 28 212 56 273 1,608 112 144 2,277 216 403 ,786 197 Apr 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May 436 28 217 56 266 1 579 112 144 2,369 216 403 741 216 June 436 28 215 56 257 1,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1,598 112 144 2,405 216 403 ,718 207 Aug 442 28 216 56 262 1 622 112 344 2 276 214 403 695 212 Sept 442 28 214 56 263 1,634 112 144 2,328 214 403 711 199 Oct 442 28 214 56 265 1,635 112 144 2,244 192 503 [,687 214 Nov 448 28 220 56 265 1,658 112 144 1,965 186 503 1,692 175 Dec 448 28 224 56 266 1,676 112 144 2,133 186 603 M7 179 1957 Jan . 452 28 226 56 256 1,667 112 144 2,084 186 603 1 420 202 Feb 461 32 227 56 256 1,652 112 144 2,147 186 669 1 433 197 Mar 461 32 233 252 1 636 144 2,209 669 168 » Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equaliza~ of 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 595 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3I, 1954 Dec. 3I, 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 2,374 8 2,490 10 2,742 11 3,099 13 3,327 14 124 187 194 176 161 186 Italy 925 1,137 2 1,158 2 1,214 2 1,284 1,266 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 Portugal (and dependencies) 560 601 606 602 617 628 Spain (and dependencies) . 188 221 3 216 3 206 3 185 160 3 Sweden 406 1 429 444 426 453 483 2,185 38 2,354 44 2,341 70 2,307 117 2,446 126 2,515 131 Turkey 152 153 154 151 158 (3) 164 S Other* 948 4 872 1,011 1,108 1,055 14 907 Total 11,606 260 13,211 343 13,593 222 13,641 279 14,103 300 14,097 298 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 4 87 83 90 4 103 4 Australia 186 219 (3) 230 243 177 184 India 334 1 320 330 329 321 323 (3.' Union of South Africa 232 1 265 1 255 1 245 1 248 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 3,914 223 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 B B o ra li z v il ia 44 3 2 2 (3 2 ) 46 2 6 6 2 5 2 3 7 8 2 5 2 4 5 0 $ 5 2 8 5 2 j 5 2 50 9 (3 j \ Chile 112 139 141 147 i 151 1 137 | Colombia 308 (3) 217 P) 222 P) 224 181 211 Cuba 423 124 389 169 374 167 399 407 167 347 Dominican Republic 72 77 P) 79 81 (3) 77 79 P G M a u e n a x a t i e m c m o a al R a epublic of. .. 39 7 6 1 4 2 (4 1 5 7 5 8 2 6 6 < 3 1 i 5 9 8 8 1 3 2 ( 8 4 5 9 2 9 3 3 4 (3 4 ) 1 5 1 6 8 0 2 0 4 (4 6 1 9 0 0 1 0 8 /•3 4 V t Peru 118 127 127 115 117 (3) 123 f3\ El Salvador 59 (3) 52 74 73 53 <? 53 /"3Y Uruguay 317 281 1 289 l 283 290 259 / Venezuela 597 3 668 3 627 3 734 3 808 3 1,058 a 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 (3) 171 204 231 Iran 169 175 166 169 174 158 o\ Japan 851 1 029 1 092 (34) 1,175 4 1,203 4 1.167 Philippines . 266 6 268 6 285 6 300 6 298 6 294 6 Thailand 236 250 1 263 1 253 254 1 255 1 Other 521 7 647 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 17 309 6 308 7 294 6 294 6 288 8 287 8 All other: Eevpt 221 246 242 236 8 222 8 238 8 Other 89 108 120 133 117 110 Total 310 354 1 362 369 339 348 0) Total foreign countries 24,961 746 26,161 1,308 27,105 1,059 27,405 1,121 27,923 1,154 28,205 1,104 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 31,349 1,495 P Preliminary. 6 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (tables 1 and la-Id of the preceding section). U. S. Govt by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 5 Excludes gold reserves of the U. S. S. R. survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 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] 1957 1956 1957 1956 Item Item Mar. Dec. Sept. June Mar. Jan. Oct July Apr. Jan. Dollar deposits and U. S. securities. 430 36! 38(> 407 425 Gold 1,420 1,687 1,718 1,761 1,811 Other currencies and securities1.... 901 931 96() 938 947 Investments 8 200 200 125 50 Effective loans2 2,378 2,236 2,09'I 2,002 1,959 1,423 1,697 1,759 1 777 1 708 Other assets3 54 41 4:> 29 40 Other i . .. 5,051 4,387 4,319 4,333 4,403 Unpaid member subscriptions 824 942 815 815 815 IBRD bonds outstandinR 948 84?1 84S) 850 850 Other assets 3 2 1 1 1 Undisbursed loans . 676 60S> 53C) 477 485 Other liabilities 20 U H) 11 10 8,929 8,929 8,751 8 751 8,750 266 254\ 24() 228 216 Accumulated net income -10 -14 -14 -14 -14 Capital^ 1,853 i,85: i,85:$ 1,810 1,810 Reserves and liabilities 2 Loans by country, Mar. 31, 1957 Quota Cumul o a n ti v t e h e n e F t u d nd rawings Outstanding Country • Paid 1957 1956 Area and member country4 Total in Prin- Dis- Re- gold Feb. Jan. Feb. cipal bursed paid Sold Total to others5 Brazil 150 38 38 38 66 15 1 15 15 Colombia 50 13 25 25 25 Continental W. Europe, total. . 1,124 963 182 781 74 Cuba 50 13 23 13 Belgium and Luxembourg... 118 117 9 108 25 Egypt 60 10 30 15 ?67 267 14 253 18 France 525 108 40 45 Italy 163 69 69 7 India 400 28 60 13 ??1 221 139 82 18 Indonesia .. .. 110 16 55 55 15 Other 355 289 20 269 7 Iran 35 9 25 25 9 Philippines 15 4 15 15 10 Sterling area total 951 632 63 569 87 United Kingdom 1 300 236 562 56? Australia • • 318 259 8 250 26 United States 2,750 688 io-l,123 io_99i 10-378 India ??4 108 23 86 13 Union of S Africa 135 123 17 106 18 United Kinsdom 146 71 2 70 26 Footnotes to tables on international institutions: Other 1?8 71 14 57 4 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Latin America total 703 510 48 461 29 repayments, the net amount outstanding on loans sold or agreed to be Brazil 194 164 11 153 3 sold to others, and exchange adjustment. 111 78 13 65 4 3 Excludes uncalled portions of capital subscriptions. Mexico 141 129 9 120 10 4 Loans to dependencies are included with member. Other ?57 139 16 123 13 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $118 million in loans not yet effective. Asia fexcl Sterling area) 219 98 3 95 15 7 Includes $182 million not guaranteed by the Bank. 8 U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excl. Sterling area).... 9 8 1 7 9 Countries shown are those with cumulative net drawings of $15 million or more on the latest date. Total 63 006 1,211 297 1,914 7205 i o 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 poundssterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r io cu n l i a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1949 Dec 28 .4 1,350.0 5.3 28.4 14.8 489.6 1.321.9 299.2 11 .6 97.9 111 2 18 1 1950 Dec 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 3J3.5 15.4 .4 85.0 18. 1951 Dec 26 .4 J.450.0 1.7 12.5 18.2 389.2 ,437.9 299 8 13 4 6 89 8 18 1 1952 Dec. 31 .4 ,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78 5 18 ] 1953 Dec 30 .4 ,675.0 2.4 55.4 4.9 338.1 .619.9 290.2 14.9 7.2 70.4 18.: 1954 Dec 29 .4 ,775.0 2.4 23.7 8.9 350.7 .751.7 276.1 15 4 9 6 66 3 18 1 1955 Dec 28 .4 ,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18 1956 Aor 25 .4 ,875.0 2.0 33.4 30.3 270.4 .842.0 225.9 12.8 3.1 76.4 17.8 May 30 .4 I 900.0 2.0 29.1 15.3 294.6 871 3 231 6 11 4 3 1 77 0 18 0 June 27 .4 1,950.0 2.0 57.0 15.6 271.0 ,893.4 238.2 10.5 .2 78 5 18 1 July 25 .4 I,000.0 2.0 37.4 23.8 254.1 .963.0 215.6 11.9 .2 71.3 18.3 Aug 29 .4 I 950.0 2.0 42.9 26.6 254.6 907.5 222.4 13 0 72 1 18 5 Sept 26 .4 ,925.0 2.0 44.7 18.3 269.7 ,880.6 230.9 12.9 72 4 18 5 Oct 31 .4 L 925.0 2.0 47.5 28.2 285.1 877 8 256 6 15 1 73 3 17 8 Nov 28 .4 1,925.0 2.0 19.0 26.8 279.9 ,906.3 220 0 13 8 75 8 18 0 Dec. 26 .4 1,025.0 1.9 27.7 11.0 267.7 ,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 ,861.6 232.1 14.4 76 0 18 3 Feb. 27 .4 ,925.0 2.0 52.0 15.8 261.0 .873.4 225.2 13.5 73 7 18 5 Mar 27 .4 1,925.0 2.3 22.5 18.6 290.3 1,902.8 228.9 13.7 72.5 18.5 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 597 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date St a er n l d ing Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v es in- Deposits Other United Other Note liabilities States circulation and dollars S t h e o rm rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capital 1949—Dec. 31 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30, 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31, 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31, 77.1 1,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31, 54.9 1,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 1,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31, 57.4 1,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—Apr. 30 52.3 764.1 ,538.1 121.4 1,686.3 564.9 54.1 30.6 140.0 May 31, 67.2 1,065.6 ,190.2 131.3 1,706.1 542.8 30.2 29.9 145.3 June 30 60.1 1,041.3 ,289.8 192.7 1,734.9 574.7 51.1 32.2 191.0 July 31, 59.9 1 029.6 ,316.7 104.9 1,762.3 500.0 49.8 39.6 159.4 Aug. 31 62.1 1,019.3 ,351.3 180.7 1,764.6 580.6 65.4 35.6 167.2 Sept. 29, 57.7 1,041.3 ,353.0 150.1 1,769.5 564.0 46.0 45.2 177.3 Oct. 31 51.4 1,031.3 ,360.4 128.0 1,780.9 575.3 55.0 30.7 129.3 Nov. 30 61.1 1,021.2 ,380.3 158.7 1,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 1,025.0 ,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957_jan. 31, 53.5 1,091.7 ,202.2 113.5 1,738.9 524,0 57.8 34.3 105.8 Feb. 28. 60.8 1,052.7 . 189 4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 1,105.2 ,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Bank of France (billions of francs) Assets Liabilities Date Advances to Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu G rr o e v n e t rnm O e t n h t er O as t s h e e ts r ci N t r i 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 O l a i i a a t p t n i b h e i d i t e s l a r - l 1949—Dec. 29, 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1.560.6 .1 176.8 24.2 1951—Dec. 27, 191.4 28.3 234,9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31, 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Apr. 26 301.2 162.6 269.4 14.6 1,274.0 183.0 518.1 331.4 2,834.4 148.1 71.8 May 31, 301 152.0 214.7 7.9 1,314.4 183.0 518.8 368.4 2,861.9 135.9 62.5 June 28 301 144.1 301.6 5.2 1,374.8 183.0 490.2 324.2 2,890.5 162.8 70.9 July 26 301 128.0 292.4 2.8 1,489.6 179.0 496.5 297.0 2,932.2 161.7 92.6 Aug. 30 301 116.5 290.7 2.4 1,556.7 179.0 499.3 265.3 2,979.0 162.0 70.0 Sept. 27 301 106.7 277.1 8.7 1,611.6 171.5 479.8 271.7 2,982.0 164.6 81.8 Oct. 31 301 91.7 293.7 21.4 1,546.6 158.8 479.8 342.2 2,988.4 158.7 88.3 Nov. 29, 301 68.4 270.7 30.5 1,638.1 178.9 479.8 251.5 2,964.6 169.4 85.1 Dec. 27 301.2 49.6 289.2 30.5 1.753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957_ F ja e n b . . 3 2 1 8 . , 3 3 0 0 1 1 . , 2 2 3 3 3 2 . . 0 9 2 3 7 1 0 7 . . 3 4 2 2 6 5 . . 8 0 1 1 , , 7 7 5 3 9 5 . . 5 7 1 1 7 7 5 1 . . 0 3 4 4 7 7 9 9 . . 8 8 2 2 3 4 3 5 . . 8 7 3 3 , , 0 0 4 6 5 5 . . 0 8 1 16 4 1 9 . . 1 4 8 8 4 2 . . 9 2 Mar. 28 301.2 23.1 310.3 27.6 1,836.8 175.0 479.8 5192.6 3,051.6 214.3 80.6 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Feb. Jan. Mar. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil (millions of pesos): lions of pounds): Gold reported separately 809 830 851 1,623 Gold and foreign exchange 394 374 349 270 Other gold and foreign exchange.. 1,387 998 799 -254 Checks and bills of other banks.. 4 3 6 Gold contribution to Intl. Fund.. 157 157 157 Securities (inch Govt. and Treas- Govt. securities 4,819 4,774 4,735 "^682 ury bills) 485 504 520 560 Rediscounts and loans to banks... 110,567108,781 104,844 89,829 Other assets 73 76 58 119 Other assets 1,446 1,253 1,049 370 Note circulation 382 380 385 384 Currency circulation 43,853 43,151 42,593 37,078 Deposits of Trading Banks: Deposits—Nationalized 67,349 65,856 62,228 52,624 Special 322 304 279 300 Other sight obligations 1,521 1,505 1,495 1,791 Other 421 43 r/ Other liabilities and capital 6,462 6,282 6,120 5,759 Other liabilities and capital 223 230! I 227 235 Footnotes to central bank table on this and opposite page: 5 Includes advance of 19.1 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report data 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. * Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 2,004 2,004 1,967 1,743 Fund) 163 162 217 Foreign exchange (net) 8,287 8,332 8,400 6,847 Net claim on Intl. Fund* -10 13 Loans and discounts 6,654 6,577 6,479 5,625 Loans and discounts 54 53 62 Claim against Government 1,385 1,505 1,426 1,617 Credits to Government 118 106 76 Other assets 574 611 609 832 Other assets 74 74 81 Note circulation 13,909 13,847 13,758 12,882 Note circulation 437 429 437 Deposits—Banks 1,104 1,197 1,296 496 Deposits 235 228 271 Other 1,018 1,117 915 544 Other liabilities and capital 25 24 21 Blocked 1,114 1,131 1,196 , 388 National Bank of Czechoslovakia^ Other liabilities and capital 1,760 1,737 1,717 ,355 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 42,379 43,221 43,852 47,638 Foreign exchange 645 608 669 769 Foreign claims and balances (net). 10,476 10,330 10,707 11,194 Loans and discounts 208 140 205 182 Loans and discounts 10,530 11,210 10,764 4,220 Securities 496 493 495 495 Consolidated Govt. debt 34,456 34,605 34,605 34,660 Govt. compensation account 3,047 3,050 3,050 3,100 Govt. securities 8,899 8,985 7,491 7,498 Other assets 913 1,081 882 971 Other assets 5,752 5,569 5,594 5,311 Note circulation 2,248 2,219 2,238 2,149 Note circulation 109,388110,399109,773 105,005 Deposits—Government 1,533 1,520 1,477 1,697 Deposits—Demand 1,521 1,935 1,792 1,869 Other 1,357 1,419 1,378 1,501 ECA 20 20 20 49 Other liabilities and capital 238 282 277 238 Other liabilities and capital 1,562 1,565 1,429 599 Central Bank of Bolivia—Monetary (Dec.)* Central Bank of the Dominican Redept. (millions of bolivianos): 1956) public (thousands of pesos): Gold at home and abroad 513 506 Gold 11,396 11,396 11,396 12,526 Foreign exchange (net) 22,769 251 Foreign exchange (net) 12,081 9,897 10,463 17,301 Loans and discounts 195,858 71,402 Net claim on Intl. Fundl 2,500 2,500 2,500 1,250 Govt. securities 5,170 2,505 Loans and discounts 5,987 6,988 6,888 2,500 Other assets 1,832 958 Govt. securities 7,830 7,830 8,030 8,360 Note circulation 160,015 51,305 Other assets 19,617 19,636 19,551 16,278 Deposits 34,94" 18,693 Note circulation 47,559 47,848 48,375 47,658 Other liabilities and capital 31,186 5,625 Demand deposits 8,616 7,231 7,379 7,989 Central Bank of Ceylon (millions of Other liabilities and capital 3,236 3,168 3,074 2,568 rupees): Central Bank of Ecuador (millions of Foreign exchange 703 718 736 674 sucres): Govt. securities 11 10 10 37 Gold 325 325 344 Other assets 7 17 Foreign exchange (net) 17 47 -102 Currency in circulation 441 439 444 416 Net claim on Intl. Fund* 38 38 19 Deposits—Government 71 84 61 125 Credits—Government 496 489 484 Banks 106 108 159 98 Other 224 254 220 Other liabilities and capital 99 88 Other assets 231 240 242 Central Bank of Chile (millions of Note circulation 683 694 617 pesos): Demand deposits—Private banks. 203 232 183 Gold 7,25' 7,684 7,069 ,901 Other 184 170 142 F N o e r t e c ig la n i m ex s c o h n a n I g n e t l. ( n F e u t) nd1 99 1 9 9 1,19 1 4 9 1,30r1 782 Natio O n t a h l er B l a i n ab k i li o t f ie s E g an y d p t ca (m pi i t l a l l ions of 260 296 265 Discounts for member banks 7,550 7,306 6,866 6,031 pounds): Loans to Government 26,245 20,245 18,370 16,153 Gold 66 66 66 61 Other loans and discounts 42,506 42,291 41,83" 20,747 Foreign assets 107 110 106 129 Other assets 33,059 31,488 28,501 10,295 Egyptian Govt. securities 164 164 15 97 Note circulation 68,983 67,447 61,443 47,839 Clearing and other accounts (net). -10 — 7 -7 -8 Deposits—Bank 7,79' 6,586 6,984 5,740 Loans and discounts 34 43 41 24 Other 2,752 3,271 4,639 1,942 Other assets 2 2 1 Other liabilities and capital 38,10f 32.923 30,893 6,387 Note circulation 217 223 22: 176 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government.. 9 11 11 '10 lions of pesos): Other 3 119 12 114 M02 Gold and foreign exchange 286 26: 343 276 Other liabilities and capital 17 17 16 17 Net claim on Intl. Fund1 5: 52 52 24 Central Reserve Bank of El Salvador Loans and discounts 646 634 593 517 (thousands of colones): Govt. loans and securities 667 669 637 501 Gold 78,827 78,879 70,214 70,833 Other assets 390 355 231 111 Foreign exchange (net). .. 60,281 54,559 51,259 55,572 Note circulation 781 787 812 678 Net claim on Intl. Fund *. 1,56: 1,563-4,676 1,571 Deposits 949 871 730 55: Loans and discounts 75,48: 78,258 87,429 55,890 Other liabilities and capital , 312 315 315 178 Govt. debt and securities 12,660 15,674 18,097 14,557 Central Bank of Costa Rica (millions Other assets 7,085 7,050 7,364 6,760 of colones) : Note circulation 111,553113,873114,683 103,751 Gold 12 12 12 1 Deposits 112,802109,536102,726 91,465 Foreign exchange , 96 70 113 Other liabilities and capital 11,542 12,574 12,278 9,968 Net claim on Intl. Fund * Bank of Finland (millions of markkaa): Loans and discounts 91 110 Gold 7,849 7,849 7,849 7,849 Securities 18 18 18 Foreign assets and liabilities (net) 15,656 18,237 20,178 26,453 Other assets 26 24 28 24 Loans and discounts 50,146 43,371 39,094 39,336 Note circulation 156 158 153 158 Securities—Government 17,500 17,500 17,500 18,750 Demand deposits 55 46 56 48 Other 1,620 1,756 1,755 1,851 Other liabilities and capital 38 37 36 35 Other assets 11,013 10,819 10,515 10,420 National Bank of Cuba (millions of Note circulation 54,967 58,245 54,160 54,252 pesos): Deposits 11,( 5,497 7,952 26,767 Gold 136 136 136 Other liabilities and capital 36,830 35,790 34,779 23,641 Foreign exchange (net) 163 150 145 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fu 2 n d F o le r ss la t s h t e a b v a a n il k ab 's l e l o r c e a p l o c r u ts r re f n or c y C l z ia e b c i h l o it s y l o t v o a k th ia e F an u d n d H . ungary (March o fr f o m th e o m ffi o ci n a t l h . reports of individual banks and are as of the last report date 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 599 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 19,707 18,348 ,138 2,053 Gold 7,334 6,931 6,531 ,202 Foreign exchange 80,074 85,643 ,317 117,523 Foreign exchange 11,590 11,814 11,808 j 464 Clearing accounts (net) -4,146 -4,745 -6,550 7,500 Loans and discounts 2,083 1,691 1,770 5,052 Loans and discounts 50,531 26,063 32,725 18,540 Loans to Government 4,014 4,129 4,037 4,032 Advances to Government 25,166 18,302 Other assets 1,168 1,215 1,128 922 Other Govt. accounts 65^666 72,111 64,957 Note circulation 14,670 14,590 14,173 14,089 Govt. securities 50,002 51,389 51,568 146,092 Deposits—Government 5,077 5,254 5,227 . 293 Other assets 65,436 10,018 9,415 35,372 Banks 4,075 3,616 3,542 3.415 Notes and coin in circulation '40,146241,180 138,845 207,931 Other 226 218 210 255 Deposits—Government 5,568 28,245 29,664 3,159 Other liabilities and capital 2,141 2,101 2,121 1,621 Other 66,125200,246 89,034 101,865 Bank of Greece (millions of drachmae): Other liabilities and capital 14,764 14,323 13,328 14,125 Gold and foreign exchange (net).. 5,901 5,490 Bank of Italy (billions of lire): Loans and discounts 184 134 Gold 4 4 4 4 Advances—Government 7,238 , 525 Foreign exchange 71 71 71 70 Other 4,621 4.416 Advances to Treasury 567 567 567 567 Other assets 2,111 1,628 Loans and discounts 458 507 475 422 Note circulation 5,578 4,999 Govt. securities 423 401 406 418 Deposits—Government 867 810 Other assets 966 917 1,001 '894 Reconstruction and Note circulation 1,647 1,633 1,654 1,564 relief accts 7,187 7,161 Deposits—Government 12 13 11 23 Other 4,400 4,219 Demand 119 99 102 83 Other liabilities and capital 2,023 1,005 Other 557 564 600 566 Bank of Guatemala (thousands of Other liabilities and capital 154 157 156 '139 quetzales): Bank of Japan (billions of yen): Gold 27,237 27,238 27,241 Bullion () Foreign exchange (net) 44,150 40,370 35,913 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 1,250 Loans and discounts 278 244 169 37 Rediscounts and advances 9,010 10,202 6,907 Govt. securities 510 344 452 561 Other assets 42,783 41,161 39,749 Other assets 248 238 232 253 Circulation—Notes 58,501 57,810 53,774 Note circulation 666 659 676 575 Coin 4,160 4,144 3,919 Deposits—Government 237 40 48 138 Deposits—Government 5,671 5,952 6,817 Other 35 33 35 56 Banks 26,793 25,357 22,051 Other liabilities 99 93 93 84 Other liabilities and capital 29,306 26,956 24,499 Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve8 1,903 1,909 1,939 1,803 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,299 5,373 5.513 5,407 Issue department: Bills and discounts 786 787 824 385 Gold at home and abroad 5 1,178 1,178 400 Other assets 334 292 263 335 Foreign securities 4,125 4,274 6,564 Note circulation 5,122 5,152 5,203 4,956 Indian Govt. securities 8,750 8,401 6,788 Demand liabilities 2,491 2,482 2,553 2,255 Rupee coin 1,220 1,238 j 032 Other liabilities and capital 709 727 783 719 Note circulation 15,062 14,855 14,666 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 211 236 118 Gold.. 3,077 3,097 3,154 3,315 Balances abroad 1,064 83: Silver (including subsidiary coin). . 6 6 6 24 Bills discounted , 20 11 122 Foreign assets (net) 695 686 705 1,380 Loans to Government 7 75 Loans and discounts 161 255 175 38 Other assets 1,776 1,665 ,451 Govt. debt and securities 660 660 694 440 Deposits 1,640 1,292 ,993 Other assets 439 414 378 394 Other liabilities and capital 1,508 1,526 595 Note circulation 3,869 3,910 3,892 3,851 Bank Indonesia (millions of rupiahs): Deposits—Government 49 111 321 Gold and foreign exchange (net)... 313 567 734 516 ECA 368 368 '"368 490 Loans and discounts 968 1,153 1,077 728 Other 510 486 613 704 Advances to Government 11,442 10,801 10,970 968 Other liabilities and capital 243 243 239 225 Other assets 539 495 510 Reserve Bank of New Zealand (thou- Note circulation 9,196 9,108 9,135 sands of pounds): Deposits—ECA 282 282 282 Gold 6,162 6,162 6,162 6,162 Other 2,192 1,963 2,330 Foreign exchange reserve 35,084 32,135 27.298 28,715 Other liabilities and capital 1,591 1,663 1,544 Loans and discounts 39,92" 36,759 31,068 33,930 Bank MelH Iran 6 (millions of rials): Advances to State or State un- Gold 4,340 4,24: 4,242 dertakings 50,310 53,434 50,880 50,789 Foreign exchange 62- 522 522 Investments 38,173 53,173 53,173 38,279 Gold contribution to Intl. Fund.. 282 282 282 Other assets 1,636 1,638 1.398 2,108 Govt.-secured debt 7,923 7,623 7,623 Note circulation 71,998 71,557 71,959 70,224 Govt. loans and discounts 12,908 12,31 12,480 Demand deposits 87,989100,715 87,187 79,219 Other loans and discounts 6,455 6,426 6,343 Other liabilities and capital 11,300 11,030 10,83'' 10,541 Securities 838 916 916 Other assets 2,822 3,073 3,698 ,988 Gold 207 209 209 209 Note circulation 12,232 10,828 10,99- ,157 Foreign assets (net) 317 184 216 -110 Deposits—Government 3,466 4,272 5,04' ,193 Clearing accounts (net) -59 — 79 -63 -70 Banks 1,316 1,406 1,394 400 Loans and discounts 103 101 110 133 Other 15,636 15,417 15,29' ,097 Securities 108 108 106 89 Other liabilities and capital 3,542 3,47- 3,378 ,510 Occupation account (net) 5,546 5,546 5,546 5,546 Central Bank of Ireland (thousands of Other assets 103 103 106 111 pounds): Note circulation 3,210 3,22! 3,258 3,150 Gold 2,646 2,646 2,646 ,646 Deposits—Government 1,736 1,465 1,34r 1,477 Sterling funds 72,249 70,708 69,46 ,458 Banks 386 492 631 339 Note circulation 74,895 73,35. 72,10' ,104 FOA 26 26 26 88 Other liabilities and capital 967 968 967 855 4 Includes figures for the nine Land Central Banks. 7 Holdings in each month were 448 million yen. 5 In October 1956, gold held by bank was revalued from 8.47512 to 8 Includes gold, silver, and foreign exchange forming required reserve 2.88 grains of fine gold per rupee. (25 per cent) against notes and other demand liabilities. 6 Items for issue and banking departments consolidated. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 556 564 564 601 Issue department: Foreign assets 1,158 1,025 1,080 934 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund1 129 129 129 129 Sterling securities 891 880 875 894 Swedish Govt. securities and ad- Pakistan Govt. securities 1,676 1,717 1,683 ,224 vances to National Debt Office2. 4,322 4,103 4,140 3,603 Goyt. of India securities 246 246 246 275 Other domestic bills and advances. 19 20 20 44 India currency 430 430 430 431 Other assets 1,007 1,021 1,020 1,046 Rupee coin 56 56 53 69 Note circulation 5,271 5,337 5,334 5,073 Notes in circulation 3,276 3,307 3,288 Demand deposits—Government. . 316 269 291 213 Banking department: Other 146 104 179 111 Notes of issue department 139 138 115 109 Other liabilities and capital 1,458 1,153 1,149 959 Bills discounted 1 1 1Swiss National Bank (millions of Loans to Government 3 36 1 francs): Other assets 805 711 778 563 Gold 6,931 6,999 7,062 6,731 Deposits 763 694 725 557 Foreign exchange 496 547 553 590 Other liabilities and capital 186 193 169 115 Loans and discounts 154 176 229 127 Central Bank of Paraguay (millions of Other assets 142 94 106 90 guaranies): Note circulation 5,491 5,417 5,394 5,263 Gold 10 11 11 Sight liabilities 2,012 2,178 2,335 2,067 Foreign exchange (net). . 548 503 116 Other liabilities and capital 219 221 220 209 Net claim on Int. Fund1. 53 53 23 Oentral Bank of the Republic of Turkey Loans and discounts 1,600 1,605 ,467 (millions of pounds): Govt. loans and securities 566 563 384 Gold 402 402 402 402 Other assets 235 221 rJ29 Foreign exchange and foreign Note and coin issue.. , 1,126 1,143 884 clearings 267 241 229 208 Deposits—Government 373 351 200 Loans and discounts 4,265 4,138 4,084 3,527 Other 250 284 186 Securities 30 30 30 29 Other liabilities and capital 1,263 1,177 860 Other assets 245 237 241 139 Central Reserve Bank of Peru (millions Note circulation 2,582 2,481 2,459 1,986 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 700 744 430 Other 1,755 1,792 1,733 1,590 Net claim on Tntl. Fundl 67 67 67 Other liabilities and capital 717 621 639 575 Loans and discounts to banks... 801 753 852 Bankof the Republic of Uruguay (mil- Loans to Government 1,475 1,393 ,086 lions of pesos): Other assets 169 135 208 Gold 283 327 Note circulation 2,257 2,210 ,922 Silver 10 10 Deposits 705 667 434 Advances to State and Govt. Other liabilities and capital 250 214 286 bodies 285 242 Central Bank of the Philippines Other loans and discounts 558 484 (millions of pesos): Other assets 743 648 Gold 47 46 45 33 Note circulation 550 530 Foreign exchange 303 310 356 340 Deposits—Government 190 180 Net claim on Intl. Fund1 10 Other 362 343 Loans 66 117 85 52 Other liabilities and capital 777 657 Domestic securities 548 479 456 375 GCentral Bank of Venezuela (millions Other assets 155 153 155 162 of bolivares): Circulation—Notes 697 684 672 638 Gold 1,947 1,948 1,744 1,234 Coin 86 86 85 86 Foreign exchange (net) 788 807 1,003 262 Demand deposits 245 247 246 172 Other assets 157 226 188 110 Other liabilities and capital 91 92 75 Note circulation 1,257 1,241 1,223 1,087 Bank of Portugal (millions of escudos): Deposits 547 546 427 300 Gold 5,929 5,711 Other liabilities and capital 1,087 1,194 1,284 219 Foreign exchange (net) 13,970 13,720 N[;ational Bank of Federal Peoples' Re- Loans and discounts 1,248 985 public of Yugoslavia (billions of Advances to Government 1,370 ,381 dinars): Other assets 1,864 ,385 Gold.... 5 5 5 Note circulation 11,277 ,687 Gold contribution to Intl. Fund. . 2 2 2 Demand deposits—Government. . 1,769 ,402 Foreign assets 38 37 60 ECA 90 81 Loans (short-term) 716 728 798 Other 8,222 ,450 Govt. debt (net) 53 31 34 Other liabilities and capital 3,024 ,561 Other assets 33 39 23 South African Reserve Bank (millions Notes and coin in circulation 91 90 80 of pounds): Demand deposits 276 290 158 Gold 83 81 80 Foreign liabilities 81 80 122 Foreign bills 53 55 54 Long-term liabilities (net) 279 272 432 Other bills and loans 33 30 24 Other liabilities and capital 120 111 130 Other assets 43 48 46 64Baiink for International Settlements Note circulation 111 110 110 107 (millions of Swiss gold francs): Deposits 89 91 78 101 Gold in bars 513 604 618 602 Other liabilities and capital 12 14 16 18 Cash on hand and with banks.... 57 39 65 57 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 617 ances (at cost) 696 589 559 481 Silver 323 323 322 Time funds at interest 146 143 57 99 Govt. loans and securities 16,191 15,785 798 Sundry bills and investments 697 685 539 448 Other loans and discounts 48,750 48,538 316 Funds invested in Germany 297 297 297 297 Other assets 57,246 57,322 925 Other assets 3 3 2 2 Note circulation 54,530 53,642 811 Demand deposits—Gold 627 652 611 552 Deposits—Government 2,875 3,840 524 Other 1,249 1,176 994 911 Other 14,414 13,701 432 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 51,308 51,403 211 Other liabilities and capital 305 304 304 294 •• Revised. NOTE.— All figures, including gold and foreign exchange, are compiled 1 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date 1'und less the bank's local currency liability to the Fund. of the month. 2 Includes small amount of nongovernment bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 601 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 A tr u ia s- g B iu e m l- France m G a e n r- y Greece N la e e n r t d - h s - Spain S d w en e- T k u ey r- U K d n i o i n m t g e - d C a a d n a - N Z la e e n a w d - A U S f o n r u i . c t o a h f d I i n a - 2 p J a a- n2 P p h in il e ip s - Chile 2 In effect June 30, 1955... 4.5 2.75 3.0 3.0 9.0 2.5 3.75 3.75 4.5 4.5 1.50 4.0 4.0 3.00 6.57 1.5 4.5 1955__july 5.0 Aug . 3.0 3 5 2.00 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 3.00 May 5.5 10.0 June 6.0 Aug 3 25 3.25 Sept 5 0 4 25 Oct 3 75 3.50 Nov 4.6 33.77 3.50 Dec 3 5 3 92 1957 Tan 4 5 3 95 Feb 5.0 4.01 6.0 Mar 3 95 8 40 Apr 4.0 4 00 2 0 In effect Apr. 30, 1957... 5.0 3.5 4.0 4.5 10.0 3.75 4.25 4.0 6.0 5.0 4.00 7.0 4.5 3.50 8.40 2.0 6.0 Other selected central banks—rates in effect on Apr. 30, 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 Pakistan 3.0 July 1948 Cont. Italy 4.0 Apr. 1950 Asia: Thailand 7.0 Feb. 1945 Mexico 4.5 June 1942 Norway 3.5 Feb. 1955 Burma 3.0 Feb. 1948 Latin America: Peru2 6.0 Nov. 1947 Portugal 2.5 Jan. 19*4 Ceylon 2.5 June 1954 Costa Rica2.. 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 Indonesia2... 3.0 Apr. 1946 El Salvador 2. 3.0 Mar. 1950 t Rates shown represent mainly those at which the Central bank either central bank, including 7.67 per cent for discount of paper related to dodiscounts or makes advances against eligible commercial paper an/!/or mestic commercial transactions (rate shown is for advances on commercial government securities for commercial banks or brokers. For countries paper and miscellaneous collateral); Chile—rates in excess of 6 per cent with more than one rate applicable to such discounts or advances, the are applied to rediscounts in excess of 50 per cent of the rediscounting rate shown is the one at which the largest proportion of central bank bank's capital and reserves; Indonesia—various rates dependent on type credit operations is understood to be transacted. In certain cases other of paper, collateral, commodity involved, etc.; Costa Rica—5 per cent rates for these countries are given in the following footnote. for paper related to commercial transactions (rate shown is for agricul- 2 Discounts or advances at other rates include: India—4 per cent, since tural and industrial paper); El Salvador—2 per cent for agricultural Feb. 1, for discounts of and advances on government securities (rate shown paper; and Peru—4 per cent for industrial, and mining paper and 3 per is for advances on commercial paper on which a stamp duty of one-half cent for most agricultural paper. of 1 per cent was levied, beginning Feb. 1, 1957): Japan—various rates 3 Since Nov. 1, the discount rate is set each week at lA per cent above the dependent on type of paper or transaction and extent of borrowing from latest average tender rate for Treasury bills. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il s n 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 t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p 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 19^4—Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 314-51/4 1.50 1955 —Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-6^ 1.50 1956—Apr 2.83 2.65 5.27 5.11 4.05 3.50 3.08 1.59 1.23 414-61,4 1.50 May 2.84 2 66 5 14 4 95 4.13 3 50 3.10 1.76 .25 4^/4—^/2, [.50 June 2.63 2.68 5.20 5 09 4 16 3.50 3.02 2.38 .43 4V4-6V2 1.50 Julv 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 .50 414-61,4 1.50 Aus 2.94 2.63 5.08 5.03 4 14 3.50 3.02 3.00 .50 1.50 Sept 3.06 2.67 5.18 5 11 4.26 3.50 3.00 3.00 .50 4i4_6i^ 1.50 Oct 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.18 .50 1.50 Nov 3 40 2 89 5 08 5 01 4.24 3.50 3.71 3.25 .50 4.1A —63/ 1.50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 .50 41/ —63>& 1.50 1957 J,n 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 .50 41^-634 .69 Feb 3.76 3.48 4.44 4.30 3 66 3.10 3.36 3.47 .50 4i,£_63/4 .75 Mar 3.71 3.65 4.25 4.07 3.55 3.00 3.71 3.61 .50 41/2-634 1.75 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- British Year or month tralia Austria Belgium Malay- Canada Ceylon Basic P e r n e t f i e a r l - Free (pound) (schilling) (franc) (do si l a lar) (dollar) (rupee) 1951 20.000 13.333 7.067 223.07 1.9859 32.849 94.939 20.849 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 20.903 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 21.017 1955 120.000 U3.333 17.183 222.41 3.8580 1.9905 32.624 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 32.582 101.600 20.946 1956—Apr.. 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 21.024 May. 5.556 2.657 223.71 3.8580 2.0029 32.700 100.803 21.022 June. 5.556 2.872 223.28 3.8580 2.0032 32.608 101.476 20.977 July. 5.556 3.090 222.58 3.8580 2.0074 32.510 101.835 20.917 Aug. 5.556 3.249 221.76 3.8580 2.0049 32.368 101.907 20.858 Sept. 5.556 3.190 221.76 3.8580 2.0064 32.373 102.274 20.873 Oct.. 5.556 3.177 221.88 3.8580 2.0084 32.384 102.732 20.878 Nov. 5.556 2.987 221.71 3.8580 2.0022 32.360 103.725 20.871 Dec. 5.556 2.806 221.92 3.8580 1.9945 32.475 104.095 20.881 1957—Jan.. 5.556 2.642 222.77 3.8570 1.9912 32.529 104.085 20.948 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 Apr.. 5.556 2.478 222.22 3.8536 1.9887 32.512 104.184 20.890 Year or month (k m D r e o a n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n nc c ) e ( G d m e e r u a m t r s k a c ) n h y e ( I ru 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—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 Apr.. .4354 .2855 23.790 20.890 278.89 .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 e o p l ) - ic (e P s o g c r u a t l d u o - ) (p A S o o fr u u i n c th a d) S (k w ro ed 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 u n 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—Apr. 26.125 277.99 14.008 49.677 3.4900 279.72 19.333 23.335 280.77 May, 26.110 277.98 14.008 49.677 3.4900 279.71 19.333 23.332 280.76 June 26.106 277.44 14.008 49.677 3.4900 279.17 19.333 23.334 280.22 July. 26.106 276.57 14.008 49.677 3.4900 278.29 19.333 23.335 279.33 Aug. 26.111 275.55 14.008 49.677 3.4900 277.27 19.333 23.335 278.31 Sept. 26.110 275.55 14.008 49.677 3.4900 277.26 19.333 23.335 278.30 Oct.. 26.124 275.70 14.008 49.677 3.4900 277.42 19.333 23.331 278.46 Nov. 26.105 275.49 14.008 49.677 3.4900 277.21 19.333 23.335 278.25 Dec 26.101 275.75 14.008 49.674 3.4900 277.46 19.333 23.335 278.50 1957_j F a e n b .. . 2 26 6 . . 1 1 1 0 1 6 2 2 7 7 6 7 . . 8 0 0 4 1 1 4 4 . . 0 0 0 0 8 8 4 4 9 9 . . 6 68 7 7 7 3 3 . . 4 4 9 9 0 0 0 0 2 2 7 7 8 8 . . 5 7 3 6 1 1 9 9 . . 3 3 3 3 3 3 2 2 3 3 . . 3 3 2 0 9 8 2 27 7 9 9 . . 8 5 1 7 Mar. 26.119 276.54 14.008 49.695 3.4900 278.26 19.333 23.318 279.30 Apr. 26.137 276.12 14.008 49.695 3.4900 277.84 19.333 23.329 278.89 1 Annual averages based on quotations through Oct. 27, 1955. 3 New free market rate became effective Oct. 28, 1955. 2 Official rate. The basic and preferential rates were discontinued and 4 Based on quotations beginning Nov. 26, 1956. the new official rate of 18 pesos per U. S. dollar became effective Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed below may be obtained from serve Bulletin on this page, single copies 60 cents the Division of Administrative Services, Board of each or in quantities of 10 or more for single Governors of the Federal Reserve System, Wash- shipment 50 cents each; elsewhere 70 cents per ington 25, D. C. Where a charge is indicated, copy. remittance should be made payable to the order of the Board of Governors of the Federal Reserve THE FEDERAL RESERVE ACT, as amended through System. A more complete list, including periodic December 31, 1956, with an Appendix conreleases and reprints, appeared on pages 1389-92 taining provisions of certain other statutes afof the December 1956 Bulletin. fecting the Federal Reserve System. 385 pages. $1.00 per copy. THE FEDERAL RESERVE SYSTEM—PURPOSES AND FUNCTIONS. November 1955. 208 pages. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture ANNUAL REPORT OF THE BOARD OF GOVERNORS OF the flow of funds through the major sectors of THE FEDERAL RESERVE SYSTEM. Issued each the national economy. December 1955. 390 year. pages. $2.75 per copy. FEDERAL RESERVE BULLETIN. Issued monthly. THE DEVELOPMENT OF BANK DEBITS AND CLEAR- Subscription price in the United States and its INGS AND THEIR USE IN ECONOMIC ANALYSIS. possessions, Bolivia, Canada, Chile, Colombia, January 1952. 175 pages. 25 cents per copy; Costa Rica, Cuba, Dominican Republic, Ecuain quantities of 10 or more copies for single dor, Guatemala, Haiti, Republic of Honduras, shipment, 15 cents each. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 A STATISTICAL STUDY OF REGULATION V LOANS. per annum or 60 cents per copy; elsewhere September 1950. 74 pages. 25 cents per copy; $7.00 per annum or 70 cents per copy. Group in quantities of 10 or more copies for single subscriptions in the United States for 10 or shipment, 15 cents each. more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- FEDERAL RESERVE CHART BOOK ON FINANCIAL ments. November 1943. 979 pages. $1.50 AND BUSINESS STATISTICS. Issued monthly. per copy. No charge for individual sections Annual subscription includes one issue of His- (unbound). torical Supplement listed on this page. Subscription price in the United States and the RULES OF ORGANIZATION AND RULES OF PROCEcountries listed above is $6.00 per annum, 60 DURE—Board of Governors of the Federal Recents per copy, or 50 cents each in quantities serve System (with Amendments). September of 10 or more of a particular issue for single 1946. 31 pages. shipment; elsewhere $7.00 per annum or 70 cents per copy. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Individual HISTORICAL SUPPLEMENT TO FEDERAL RESERVE regulations with amendments and supplements CHARTS ON BANK CREDIT, MONEY RATES, AND thereto. BUSINESS. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed under Federal Rp 9 pages. 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN • MAY 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 FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1947 BULLETINS. STABILITY. May 1953. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint * DETAILED DESCRIPTION OF SOURCES AND METHfrom June 1955 BULLETIN.) ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. SURVEY OF COMMON TRUST FUNDS. August 1956. April 1953. 25 pages. 6 pages. WORLD TRADE AND PAYMENTS IN 1955-56. Octo- DEPARTMENT STORE SALES AND STOCKS, BY ber 1956. 8 pages. MAJOR DEPARTMENTS (Revised Indexes) November 1953. 65 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint FEDERAL RESERVE MONTHLY INDEX OF INDUSfrom April 1953 BULLETIN.) TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- AGRICULTURAL LOAN SURVEY. Farm Loans at RABLE GOODS. May 1954. 15 pages. Commercial Banks. November 1956. 20 pages. WORLD TRADE AND PRODUCTION IN 1953-54. Oc- Farm Loans to Finance Intermediate-Term Intober 1954. 10 pages. vestments. January 1957. 9 pages. Farm DIRECTLY PLACED FINANCE COMPANY PAPER. De- Loans for Current Expenses. February 1957. cember 1954. 8 pages. 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. December 1956. 16 pages. UNITED STATES BANKS AND FOREIGN TRADE FI- NANCING. April 1955. 11 pages. BANKING AND MONETARY STATISTICS, 1956. (Selected series of banking and monetary statistics BANKERS' ACCEPTANCE FINANCING IN THE UNITED for 1956 only) February and May 1957. 12 STATES. May 1955. 13 pages. pages. (Similar reprints of 1954 and 1955 A FLOW-OF-FUNDS SYSTEM OF NATIONAL ACdata, February and May 1955 and February COUNTS, ANNUAL ESTIMATES, 1939-54. Octoand May 1956 BULLETINS.) ber 1955. 40 pages. BANK CREDIT AND MONEY IN 1956. February MONETARY POLICY AND THE REAL ESTATE MAR- 1957. 8 pages. KETS. December 1955. 6 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. THE 1957 BUDGET. February 1956. 11 pages. March 1957. 7 pages. 1956 SURVEY OF CONSUMER FINANCES. Prelimi- 1957 SURVEY OF CONSUMER FINANCES. PREnary Findings. March 1956. 3 pages. The LIMINARY FINDINGS. March 1957. 3 pages. Financial Position of Consumers. June 1956. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. 14 pages. Consumer Indebtedness. July 1956. April 1957. 20 pages. 17 pages. Durable Goods and Housing. August SURVEY OF FINANCE COMPANIES, MID-1955. 1956. 17 pages. (Similar Surveys are avail- April 1957. 17 pages. able for earlier years from 1952, 1953, 1954, OWNERSHIP OF DEMAND DEPOSITS. May 1957. and 1955 BULLETINS.) 6 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 C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel 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 GLENN M. GOODMAN, Assistant Director THOMAS J. O'CONNELL, Assistant General Counsel HLNRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser ROLAND 1. 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 605 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN • MAY 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 KARL R. BOPP, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, 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 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 Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 607 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 Pouglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN • MAY 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 1. 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. Gamer 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 609 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

610 FEDERAL RESERVE BULLETIN - MAY 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 611 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

612 FEDERAL RESERVE BULLETIN • MAY 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. tt McNally William H. Steiwer, Sr. SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, Chairman George S. Eccles Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan Charles F. Frankland S. B. Lafromboise Lyman J. Bunting D. K. MacDonald, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 546, 547 Demand deposits—Continued Agricultural loans of commercial banks, 542, 544 Adjusted, commercial banks, by classes, 543 Agriculture, Govt. agency loans, 550, 551 Banks, by classes, 539, 545, 583 Assets and liabiliteis (See also Foreign liabilities and Type of holder, at commercial banks, 543 claims reported by banks): Department stores: Banks and the monetary system, consoli- Merchandising data, 577 dated 538, 582 Sales and stocks, 566, 576 Corporate, current, 558 Deposits (See also specific types of deposits): Domestic banks, by classes, 539, 542, 544, 583 Adjusted, and currency, 538, 582 Federal business-type activities, by fund or Banks, by classes, 539, 543, 545, 583 activity, 550, 551 Federal Reserve Banks, 533, 534, 592 Federal Reserve Banks, 533, 534 Postal savings, 538, 582 Foreign central banks, 596 Turnover of, 536 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 562, 563, 564 ber bank, 531 Production index, 568, 572 Discount rates, 532, 601 Discounts and advances by Federal Reserve Bankers' balances, 543 545 Banks, 529, 533 (See also Foreign liabilities and claims reported by Dividends, corporate, 557, 558 banks) Dollar assets, foreign, 592, 593 Banking and monetary statistics for 1956, 582 Dwelling units started, 573 Banks and the monetary system, consolidated state- Earnings and hours, manufacturing indusment, 538, 582 tries, 566, 575 Bonds (See also U. S. Govt. securities): Employment, 566, 575 New issues, 556, 558 Export-Import Bank, loans, etc., 550, 551 Prices and yields, 547, 548 Brokers and dealers in securities, bank Farm mortgage loans, 550, 559, 560 loans to, 542, 544 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equip- by fund or activity, 550, 551 ment, 558 Federal Deposit Insurance Corporation, Business indexes, 566 assets, etc., 550, 551 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 552 Capital accounts: Receipts and expenditures, 553 Banks, by classes, 539, 543, 545, 583 Treasurer's balance, 552 Federal Reserve Banks, 533, 534 Federal home loan banks, loans, etc., 550, 551, 561 Carloadings, 566 Federal Housing Administration, loans, etc., 550, 551, Central banks, foreign, 594, 596, 601 559, 560, 561 Coins, circulation of, 537 Federal National Mortgage Association, Commercial banks: loans, etc., 550, 551, 561 Assets and liabilities, 539, 542, 583 Federal Reserve Banks: Consumer loans held, by type, 563 Condition statement, 533, 534 Number, by classes, 539, 583 U. S. Govt. securities held by, 529, 533, 534, Real estate mortgages held, by type, 559 554, 555 Commercial and industrial loans: Federal Reserve credit, 529, 533, 534 Commercial banks, 542 Federal Reserve notes, 533, 534, 535, 537 Weekly reporting member banks, 544, 546 Finance company paper, 546, 547 Commercial paper, 546, 547 Foreign central banks, 594, 596, 601 Commodity Credit Corporation, loans, etc., 550, 551 Foreign deposits in U. S. banks, 529, 533, 534, 538, Condition statements (See Assets and liabilities) 543, 545, 582 Construction, 566, 572, 573 Foreign exchange rates, 602 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 562, 563, 564, 565 banks, 588, 590, 592 Major parts, 562, 564 Foreign trade, 577 Noninstalment credit, by holder, 563 Gold: Consumer durable goods output indexes, 572 Earmarked, 593 Consumer price indexes, 566, 578 Net purchases by U. S., 593 Consumption expenditures, 580, 581 Production, 592, 593 Corporate sales, profits, taxes, and dividends, 557, 558 Reserves of central banks and governments, 594 Corporate security issues, 556, 558 Reserves of foreign countries and international Corporate security prices and yields, 547, 548 institutions, 595 Cost of living (See Consumer price indexes) Stock, 529, 538, 582, 593 Currency in circulation, 529, 537 Gold certificates, 533, 534, 535, 537 Customer credit, stock market, 548 Govt. debt (See U. S. Govt. securities) Gross national product, 580, 581 Debits to deposit accounts, 536 Demand deposits: Home owners, Govt. agency loans, 550, 551 Adjusted, banks and the monetary Hours and earnings, manufacturing indussystem, 538, 582 tries, 566, 575 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN • MAY 1957 Industrial advances by Federal Reserve Banks, 533, Real estate loans—Continued 534, 535, 536 Type of mortgage holder, 559, 560, 561 Industrial production indexes, 566, 567, 572 Type of property mortgaged, 559, 560, 561 Instalment loans, 562, 563, 564, 565 Regulation V, loan guarantees, 535, 536 Insurance companies, 549, 554, 555, 560 Reserve requirements, member banks, 532 Insured commercial banks, 541, 542 Reserves: Interbank deposits, 539, 543, 545, 583 Commercial banks, 543 Interest rates: Federal Reserve Banks, 533, 534 Bond yields, 547 Foreign central banks and governments, 594 Business loans by banks, 547 Foreign countries and international institu- Federal reserve rates, 532, 536 tions, 595 Foreign countries, 601 Member banks, 529, 531, 533, 534, 543, 545 Open market, 547, 601 Residential mortgage loans, 559 560, 561 Regulation V loans, 536 Stock yields, 547 Sales finance companies, consumer loans of, 562 International capital transactions of the U. S., 588 563, 565 International financial institutions, 594, 595, 596 Savings, 580 Inventories, 581 Savings deposits {See Time deposits) Investments {See also specific types of investments): Savings institutions, principal assets, 549 Banks, by classes, 539, 542, 544, 583 Savings and loan associations, 549, 560 Federal Reserve Banks, 533, 534 Securities, international transactions, 591, 592 Govt. agencies, etc., 550, 551 Security issues, 556, 558 Life insurance companies, 549 Silver coin and silver certificates, 537 Savings and loan associations, 549 State member banks, 541 State and municipal securities: Labor force, 574 New issues, 556 Loans {See also specific types of loans): Prices and yields, 547, 548 Banks, by classes, 539, 542, 544, 583 States and political subdivisions: Federal Reserve Banks, 529, 531, 533, 534, Deposits of, 543, 545 535, 536 Holdings of U. S. Govt. securities, 554 Govt. agencies, etc., 550, 551 Ownership of obligations of, 542, 549 Insurance companies, 549, 560 Stock market credit, 548 Sayings and loan associations, 549, 560 Stocks: Loans insured or guaranteed, 535, 559, 560, 561 New issues, 556 Prices and yields, 547, 548 Manufacturers, production indexes, 566, 567, 572 Margin requirements, 532 Tax receipts, Federal, 553 Member banks: Time deposits, 531 538, 539, 543, 545, 582, 583 Assets and liabilities, by classes, 539, 542, 583 Treasurer's account balance, 552 Borrowings at Federal Reserve Banks, 529, 531 Treasury cash, 529, 538, 582 Deposits and reserves, by classes, 531 Treasury currency, 529, 537, 538, 582 Number, by classes, 539, 583 Treasury deposits, 529, 533, 534, 552 Reserve requirements, by classes, 532 Reserves and related items, 529 Unemployment, 574 Weekly reporting series, 544 U. S. Govt. balances: Minerals, production indexes, 566, 567 Commercial bank holdings, by classes, 543, 545 Money rates {See Interest rates) Consolidated monetary statement, 538, 582 Mortgages {See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 538, 539, 541, 554, 555, Banks, 529, 533, 534, 552 559, 582, 584 U. S. Govt. securities: Bank holdings, 538, 539, 542, 544, 554, 555, National banks, 541 582, 583 National income, 580 Federal Reserve Bank holdings, 529, 533, 534, National security expenditures, 553, 581 554, 555 Nonmember banks, 533, 541, 542 Foreign and international holdings, 595 International transactions, 591 Payrolls, manufacturing, index, 566 New issues, gross proceeds, 556 Personal income, 581 Outstanding, by type of security, 554, 555 Postal Savings System, 538, 582 Ownership of, 554, 555 Prices: Prices and yields, 547, 548 Consumer, 566, 578 United States notes, outstanding and in circula- Security, 548 tion, 537 Wholesale commodity, 566, 578 Utility output index, 571 Production, 566, 567, 571, 572 Profits, corporate, 557, 558 Veterans Administration, loans, etc., 550, 551, 559, 560, 561 Real estate loans: Commercial banks, 542, 544, 559 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(P THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis