Federal Reserve Bulletin, 1957-06

FEDERAL RESERVE B U LLETIN June 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 Business Financing in Early 1957 615 Survey of Common Trust Funds, 1956 622 1957 Survey of Consumer Finances: Housing and Durable Goods 628 Credit Extended by Banks to Real Estate Mortgage Lenders 646 Regulation of Consumer Instalment Credit—Views of the Board of Governors 647 Economic Trends as a Basis of Policy 649 Current Events and Announcements 651 National Summary of Business Conditions 652 Financial and Business Statistics, U. S. (Contents on p. 655) 657 International Financial Statistics (Contents on p. 723) 724 Federal Reserve Board Publications 739 Board of Governors and Staff 743 Open Market Committee and Staff; Federal Advisory Council 744 Federal Reserve Banks and Branches 744 Index to Statistical Tables 751 Map of Federal Reserve Districts Inside back cover Volume 43 Number 6 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

Business Financing in Early 195J BUSINESS SPENDING AND BORROWING have September and December of last year, in accontinued at high levels in the first half of cordance with the schedule of accelerated 1957, but the composition of outlays and tax payments adopted by the Federal Govthe patterns of financing have changed. ernment in 1954. While expenditures for plant and equipment Shifts in the composition of business outhave been maintained, purchasing for in- lays have been accompanied by increased ventories has been curtailed, and corpo- reliance on funds available from current rate income tax payments have been smaller than in early 1956. Profits and deprecia- CORPORATE NEW CAPITAL ISSUES tion allowances have provided a larger share Half years, in billions of dollars of the funds needed to finance outlays, and borrowing in capital markets, at record levels in early 1957, has also been a more important source of business funds than last year. Borrowing from banks, on the other hand, has moderated, and reductions in corporate liquid asset balances have been smaller than a year ago. Outlays for modernization and expansion of production facilities have continued close to the record rate reached late last year, and about one-ninth larger than in early 1956. NOTE.—Securities and Exchange Commission estimates except for 1957, which includes a Federal Reserve estimate for Spending plans reported to the Department the second quarter. New capital issues include all offerings other than those for retirement of securities. of Commerce and the Securities and Exchange Commission suggest a high level of operations and on funds obtained through such expenditures over the balance of 1957. long-term borrowing in capital markets- Outlays for additions to inventories have Profits have remained close to the very high been small, however, in contrast to the levels reached in the fourth quarter of 1956, substantial increase in inventories in early and depreciation allowances have continued 1956. Payments of Federal income taxes to grow. Corporate flotations of securities have been heavy, as is usual in the first half for new capital have been in larger volume of the year, but have exerted less pressure on than last year, as may be seen in the chart. available corporate funds than a year ago. In contrast, the expansion of business loans While tax liabilities showed little change at commercial banks in the first five months from 1955 to 1956, an increased share of of 1957 was much smaller than a year ago, the taxes owed on 1956 incomes was paid in and reductions in corporate holdings of cash 615 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESERVE BULLETIN • JUNE 1957 and United States Government securities Reflecting changes in demand and supply were more moderate than in early 1956. pressures, manufacturers of durable goods reduced their stocks of purchased materials BUSINESS INVESTMENT in the first quarter of 1957, compared with an increase a year ago. Their inventories Business expenditures on new plant and of finished goods and goods in process of equipment are estimated at $18.2 billion in fabrication, however, continued to rise, as the first half of 1957, compared with $16.3 can be seen from the table, with the increase billion in the same period of 1956. Most somewhat more rapid than in early 1956. major industrial groups have spent more this year, with the sharpest increases reported by public utilities, railroads, and industries BOOK VALUE OF MANUFACTURING AND producing primary metals, machinery, trans- TRADE INVENTORIES portation equipment other than motor vehi- [Seasonally unadjusted, in billions of dollars] cles, and chemicals. All of these industries Increase, or had increased their outlays for facilities sub- On decrease (—) stantially in 1956, and many of them are hand, Industry and type Mar. engaged in long-range expansion programs of inventory 31, 1956 1957 1957 that call for a high level of capital expendi- lstQ lstQ 2ndQ tures for some time to come. More moderate increases have occurred Total 90.1 2.8 4.0 0.3 in other industries, such as paper and paper Manufacturing products, where expansion programs last year appear to have brought capacity into Durable goods 30.6 0.8 1.4 0.9 better balance with current demand. Motor Purchased materials.. 8.0 -0.4 0.3 0.5 Goods in process.... 12.8 0.5 0.6 0.2 vehicles producers, whose capital outlays Finished goods .. 9.8 0.7 0.5 0.2 rose sharply last year, have spent less this Nondurable goods 22.0 0.2 0.2 0.7 year for new plant and equipment, as have textile producers and commercial establish- Trade ments. Wholesale 13.1 -0.2 0.3 -0.3 Retail 24.3 1.9 2.1 -1.0 In contrast to the continued high rate of spending for fixed capital, the rate of addi- NOTE.—Department of Commerce data, without adjustment to remove seasonal variation or the effect of price changes on inventory tions to business inventories has decreased values. Details may not add to totals because of rounding. substantially. A number of the incentives which stimulated inventory accumulation in Additions to retail inventories, although subearly 1956 appear to have been less strong stantial, were slightly less than is usual at this year. Continued expansion of plant this time of year and wholesale inventories has required some further growth in stocks, declined, in contrast to the rise in the first and the possibility of price increases for quarter of 1956. These inventory trends some basic materials may again be influenc- continued through April. Manufacturing ing purchasing decisions. Supply short- and trade inventories at the end of the ages are apparently not widely expected, month were virtually unchanged from the however, and financing of inventory addi- March level, compared with a rise of $800 tions has become more expensive. million in April 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 1957 617 Seasonal needs and rising prices appear same period of last year were 15 per cent to have accounted for all of the increase in higher than in early 1955. book values of business inventories this year. Department of Commerce estimates indi- FINANCING FROM INTERNAL SOURCES cate that, after allowance for price changes Funds from operations, that is, profits before and usual seasonal variations, the physical taxes and depreciation allowances, have volume of nonfarm business inventories de- supplied a greater proportion of corporate clined in the first quarter of 1957, the first financing needs this year than they did in reduction in physical stocks since late 1954. early 1956. A smaller volume of funds, however, has been obtained from reduc- OTHER OUTLAYS tions in corporate holdings of cash and Federal income tax payments, a major use United States Government securities. Corof corporate funds in the first half of the porate liquidity has declined this year, but year, have been about one-tenth smaller in the drop has been more moderate than in 1957 than a year ago. The reduction re- the first half of 1956. flects changes in the tax payment schedule, Corporate profits. Profits in early 1957 rather than a decline in total tax liabilities. were about 6 per cent larger than a year Under the present schedule, most corpora- earlier. Increases were reported in almost tions paid 20 per cent of their tax liabilities all industrial groups, with the sharpest gains on last year's incomes in the second half of among producers of electrical equipment, 1956, leaving 80 per cent to be paid in machinery, transportation equipment other March and June of this year. At the begin- than motor vehicles, and petroleum. Lower ning of 1956, 90 per cent of the liabilities on profits were reported in the textile, paper, the previous year's income remained to be and building materials industries and by air paid. Corporate payments of Federal in- transport companies. For all corporations come taxes, which amounted to almost $9 combined, profits before taxes are estimated billion in the first three months of 1956, to have been at a seasonally adjusted annual totaled a little over $8 billion in the same rate of $46.5 billion in the first quarter of period of this year. the year, close to the high levels reached in Customer financing appears also to have the final months of 1956, as may be seen in been a somewhat smaller drain on corporate the chart on the following page. * funds this year. Although some businesses The sharp rise in profits in the fourth have increased the trade credit extended to quarter of last year, following a decline over business customers, financing of consumer the first three quarters, reflected improvepurchases by merchants and by finance com- ments in sales and in profit margins from panies has expanded less rapidly than in reduced third quarter levels. The most 1956. marked improvement was in manufacturing Dividend payments have been larger than industries, where both sales and profits in in early 1956, but the rate of increase has the third quarter had been adversely affected slowed appreciably. Payments in the first by the steel strike and by curtailment of aufour months of this year were 4 per cent tomobile production. For the year 1956, larger than a year ago; payments in the profits of manufacturing companies as a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN • JUNE 1957 profit margins of manufacturing corpora- CORPORATE PROFITS BEFORE TAXES tions continued at the levels of late 1956. Billions of dollars Liquid assets. With Federal income tax payments concentrated in March and June, corporations in recent years have reduced their holdings of cash and United States Government securities in the first half of the year, and added to them in the second half. Reductions in liquid asset balances in - 30 1957 appear to have been moderate, especially in comparison with the decline of 20 nearly $8 billion in the first half of 1956. 1953 1955 1957 Corporate accumulation of liquid assets in the second half of 1956 was also smaller NOTE.—Seasonally adjusted annual rates. Department of Commerce estimates except first quarter of 1957, which is than a year earlier. In part, more moderate estimated by the Council of Economic Advisers. seasonal fluctuations in corporate liquid asgroup were slightly larger than in the previ- set holdings over the past twelve months ous year. reflect the trend toward a more even distribution of scheduled tax payments. According to data compiled by the Federal Trade Commission and the Securities Corporate liquidity, as measured by the ratio of cash and United States Government and Exchange Commission, the ratio of securities to total current liabilities, has profits after taxes to sales for manufacturing probably declined somewhat further since corporations was slightly less last year than the end of 1956. In the first half of last in 1955, but was higher than in any other year, the ratio fell sharply, from 54 to 48 year since 1950. Declines in profit margins per cent. from 1955 to 1956 were reported mainly in industries in which production was curtailed EXTERNAL FINANCING either because of work stoppages, such as Total business borrowing has continued in occurred in the iron and steel and electrical large volume this year, as a rise in financing machinery industries, or because of reduced through security flotations has offset the reconsumer buying, such as affected the motor duction in borrowing from commercial vehicles and certain building materials inbanks. The volume of corporate security dustries. issues was nearly one-third larger in the Reflecting the predominance of large first half of 1957 than the previous record producing units in most industries where volume of a year ago. Business loans at profit margins declined last year, the ratio commercial banks, on the other hand, rose of profits to sales declined for large manuonly $100 million in the first five months facturing corporations as a group. Profit of 1957, compared with an increase of $1.6 margins for small manufacturing companies, billion in the same months of 1956. In in contrast, increased. Data now available many earlier years, business loans had defor the first quarter of 1957 indicate that clined over these months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 1957 619 Bank loans. In early 1957, as in early 1956, business loans at commercial banks IUSINESS LOANS OF MMS Cumulative chango aWiag r«ar. Millions of oollori declined in January and rose sharply around . METALS MANUFACTURERS the corporate income tax payment date in 1200 March. The decline in January this year, which followed a large increase in loans in 1000 December, was more than double the decline a year earlier. Loan expansion in March 1957, while substantial, was some- 400 what less than in March 1956, when corporate income tax payments were larger. Business loans declined slightly in April and May this year, in contrast to an increase over this two-month period in each of the two preceding years. Moderate growth in bank loans to busi- FUEL, CHEMICAL. AND 400 ness this year reflects reduced use of bank RUBBER PRODUCERS credit by most major industrial groups. Information available from a sample of weekly reporting banks, shown in the chart, indicates that metal manufacturers borrowed 400 only two-thirds as much this year as in the PUBLIC UTILITIES first five months of 1956, when substantial 200 inventory accumulation, sharp increases in capital spending, and a record volume of tax payments exerted heavy pressure on availa- FOOD PROCESSORS ble funds. Petroleum, chemical, and rubber companies borrowed only one-third as much as last year. Reduced loan expansion has been accompanied by a larger volume of security issues in these industries. Among industries that generally repay SALES FINANCE COMPANIES bank debt in the early months of the year, such as food processors and commodity dealers, loan repayments were exceptionally heavy this year. Seasonal borrowing by these industries in late 1956 was also much larger than usual. Public utilities borrowed less from banks JAN. FES. MAR. AH. MAY JUNf around the March income tax date this year than in 1956, but over the full five month NOTE.—Monthly rhiny In huge loan reported by a i __ period, January-May, their bank loan ex- of more than 200 weekly npratJng banks. Chanm fa 1956 an cumulative from Dec. 28, IHSpln 1957, bom Dec 26, 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN • JUNE 1957 pansion was about one-tenth greater than Large increases in capital market financing last year. Sales finance companies have have occurred in the metals and petroleum also increased their use of bank credit in industries where bank loan expansion has 1957. In the early months of 1956, finance been more moderate than in 1956. Finance companies repaid bank debt, on balance. compam'es, on the other hand, have reduced Security issues. Corporate security issues the volume of their security flotations, and for new capital in the first six months are met more of their financing needs this year estimated at a record volume of about $6.5 through bank loans. billion, compared with $5 billion in the same As has been typical of corporate financmonths of 1956. The volume of new issues ing throughout the postwar period, flotawas particularly heavy in the first quarter of tions of debt securities have accounted for this year, when almost $3.5 billion of new the bulk of all new security offerings thus securities were offered. In recent months, far in 1957. Offerings of common stock the new issue volume has been somewhat have been in larger volume than last year, smaller, though still large in comparison and have accounted for a greater proportion with earlier periods. of all security flotations, but offerings of Financing by public utility industries has preferred stock have been relatively less imaccounted for almost half of all corporate portant than a year ago. All of the increase security offerings this year, a greater propor- in new corporate bond issues has been in tion than in 1955 or 1956. Reflecting a issues offered for public sale, rather than in sharp expansion in planned capital spending securities placed directly with institutional programs of utility companies, as well as investors. their practice of financing a major share of Despite the record volume of publicly capital outlays through security issues, the offered debt this year, market yields on corvolume of new securities offered by utility porate bonds declined in January and Febcompanies has been half again as large as ruary and did not return to their previous in 1956. peaks until early June. In part, the excel- Security flotations by manufacturing lent market reception accorded corporate companies have also exceeded last year. bond flotations in the early months of 1957 STOCK AND IOND YIELDS Per cent per annum **^<^\ STOCK / v > - 4 • BOND y .__ — — — — ,. _—-*"* .-» ! ! i 1 1 1 1 i 1 1 1 ^ 1947 1949 1951 1953 1955 1957 1955 1956 1957 NOTE.—Moody's Inrestor Sendee data for 200 common the end of the month. Bond yields are monthly averages of stocks and 30 Aaa corporate bonds. Stock yields ate as of dally figures. Annual data shown are for December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCING IN EARLY 1957 621 reflected the availability of a large volume dropped from 3.79 to 3.66 per cent, while of funds withdrawn from other investments. yields on common stocks increased. Net redemptions of United States savings Since March, the yield spread has narbonds, for example, amounted to $700 mil- rowed again. Renewed optimism in the lion, compared with $200 million in the stock market has resulted in an increase in first quarter of last year. The narrow spread common stock prices and a decline in combetween stock and bond yields also en- mon stock yields. At the same time, concouraged the flow of investment funds into tinued heavy flotations of corporate bonds the corporate bond market. have pressed against the available supply of At the beginning of the year, the spread investment funds, and yields on new bond between bond and stock yields was the nar- issues have risen sharply. Yields on outrowest in the postwar period, as can be seen standing bonds have also increased, and from the chart. The spread widened over reached a new postwar peak in mid-June, the first quarter of the year, as yields on but the spread between new and outstanding high-grade outstanding corporate bonds bonds has widened considerably. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds, 1956 THE AGGREGATE MARKET VALUE of the future surveys the reporting period of funds investment holdings of 243 common trust other than new ones will cover 12 months. funds at the end of 1956 was $1,974 Holdings of funds that began operations million. Holdings increased $106 million during 1956 are included in tabulations of during the year, or less than half the growth end-of-year figures and also in the tabulain the preceding 12-month period. The tions of purchases and sales; the cash and smaller expansion in 1956 resulted from United States Government nonmarketable smaller additions from new participations, securities contributed by the participating larger withdrawals, and from a net decline accounts on the starting date of the new in the market value of investments in con- funds are included in the tabulations of net trast with appreciation in 1955. These are additions to principal. the findings of the second Annual Survey For classification purposes, a discretionof Common Trust Funds conducted by the ary common trust fund is one in which all Board of Governors of the Federal Reserve investments are made in the discretion of System as part of a program to provide in- the trustee. Such investment power may formation concerning the uses made of be derived from a State statute (e.g., based principal accumulations of savings.1 on the prudent-man principle) or from the The 1956 Survey was expanded to ininstruments creating the individual fiduciary clude all common trust funds operated by accounts investing in the common trust banks and trust companies in the United fund. A legal common trust fund is one States and possessions administered under in which all or part of its investments are subsection (c) of Section 17 of Regulation restricted to specific investments or classes F; complete coverage was obtained. Funds of investments designated by a State statute not included in the 1955 Survey—the 24 as legal for the investment of trust funds, funds in operation less than 12 months on or one in which investment in nonlegal January 31, 1956, and two Hawaiian funds securities is limited by statute to a given per- —have been included in the 1956 Survey. centage of the fund. The limitations on The terminal date for each fund in the their investments in nonlegal securities range current Survey was the valuation date fallfrom 30 per cent to 50 per cent of the maring in the fourth quarter of the calendar ket value (in one State, inventory value) of year. Accordingly, figures for 51 funds that the fund.2 The majority of the funds classireported as of their January 1956 valuation date in the 1955 Survey cover only a nine- 2 There are only two funds in the Survey operating under statutes requiring a minimum of 50 per cent of month period in the current Survey. In the investments to be in legal investments. These 1 This article was prepared by Robert L. Hill of the funds are classified as legal although technically 50 Board's Division of Bank Operations with the collab- per cent of such funds may be invested in the disoration of the Division of Examinations. Results of cretion of the trustee; to insure compliance with the the first Survey appeared in the BULLETIN for August law, over half of the assets of such funds are held 1956, pp. 800-805. in legal investments. 622 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1956 623 TABLE 1 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 19561 [Dollar amounts in millions] Holdings, at Holdings, at end of 1955 Cost of Proceeds end of 1956 purchases from sales Type of holding2 and other and At As per- acqui- redemp- At As permarket centage sitions tions market centage value of total value of total Total holdings (including principal cash) $1,868.7 100.0 $357.6 $244.9 $1,974.4 100.0 Bonds, notes, and certificates—total... 712.0 38.1 226.1 160.2 735.1 37.2 U. S. Government—total 322.2 17.2 85.2 121.4 278.5 14.1 Marketable, maturing: One year or less 4.7 .3 35.1 34.3 5.7 .3 After one year 135.0 7.2 42.1 54.2 115.3 5.8 Nonmarketable 182.5 9.8 8.0 32.9 157.5 8.0 State and political subdivision , 31.2 1.7 14.8 2.0 39.4 2.0 Domestic corporate—total , 338.5 18.1 109.0 26.4 391.4 19.8 Manufacturing , 79.9 4.3 30.9 12.5 93.4 4.7 Public utility 166.0 8.9 52.9 9.4 192.8 9.8 Railroad 47.1 2.5 13.4 1.9 54.3 2.8 Other , 45.5 2.4 11.7 2.5 50.9 2.6 Other* 20.0 1.1 17.2 10.4 25.8 1.3 Preferred stocks—total 214.1 11.5 39.2 18.6 209.2 10.6 Manufacturing 108.1 5.8 19.9 13.3 101.4 5.1 Public utility 87.8 4.7 17.2 3.4 91.5 4.6 Railroad 4.9 .3 .6 .2 4.6 .2 Financial 5.8 .3 .7 .5 5.5 .3 Trade 7.2 .4 .8 .9 6.2 .3 Other , .3 (4) (5) .3 (5) (4) Common stocks—total 910.9 48.7 80.4 61.4 985.1 49.9 Manufacturing 561.3 30.0 48.3 41.6 626.0 31.7 Public utility 189.5 10.1 17.0 8.2 201.0 10.2 Railroad , 13.8 .7 1.6 .3 14.6 .7 Financial , 93.6 5.0 7.9 6.9 91.8 4.6 Trade 42.5 2.3 3.9 3.0 39.1 2.0 Other 10.4 .6 1.6 1.5 12.6 .6 Real estate loans 20.0 1.1 11.5 4.5 27.0 1.4 Savings accounts .6 .3 .2 .7 Principal cash , 11.1 .6 17.4 .9 1 Survey of common trust funds operated under Sec. 17(c) of and sales at proceeds realized. Conversions and exchanges of Regulation F of Board of Governors. Except for funds that reported securities are treated as sales of securities surrendered and purchases as of a January 1956 valuation date in the 1955 Survey and funds be- of securities received. Stock rights held at beginning or end of ginning operation during 1956, data are for 12 months; terminal dates reporting period are included in appropriate investment category at range from Oct. 1, 1956, through Dec. 31, 1956. The 1955 figures market value. Proceeds from sales of such rights are included in shown above include data for funds excluded from end-of-period proceeds from sales of securities during period. Details may not figures published in the 1955 Survey (funds in operation less than add to totals because of rounding. 12 months on Jan. 31, 1956, and funds in United States possessions) 3 Quasi-Government agencies, and Canadian government and and minor statistical revisions. corporations. 2 Nonmarketable U. S. Government securities are valued at cost 4 Less than .05 of one per cent. and other holdings at market value. Purchases are shown at cost 5 Less than $50,000. fied as legal in this Survey are of the limited million in 1956 as compared with $578 miltype. A special common trust fund is one lion in 1955; purchases were practically that is restricted by plan or institutional pol- unchanged, but sales and redemptions icy to one type or class of investment, i.e., were larger than in the preceding year. fixed-income investments, bonds, or com- There was a decline in the activity or turnmon stocks; it may be either discretionary over of the aggregate portfolio, although or legal. bond turnover was greater than during the earlier period.3 The higher turnover of INVESTMENT ACTIVITY 3 For this purpose, activity or turnover is measured Gross investment transactions of common by dividing the average of gross purchases and gross sales by the average of holdings at the beginning and trust funds, shown in Table 1, totaled $603 end of the reporting period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN • JUNE 1957 bonds resulted largely from the practice of other classes of investment, as indicated by using United States Government securities the estimated distribution of new money as temporary investments; however, there coming into the funds during 1956. also appeared to be some movement out of The net amount of new money coming United States Government securities into into the common trust funds during 1956 TABLE 2 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1955-561 [In millions of dollars] Special funds Diversified discretionary Diversified legal All funds funds funds Discretionary Legal Type of holding2 In- In- In- In- Increase, crease, crease, crease, crease, 1956 1955 or de- 1956 1955 or de- 1956 1955 or de- 1956 1955 or de- 19561955 or de- Total holdings 1,974.4 1,868.7 105.71,565.21,486.0 79.2 294.5 292.2 2.3 104.0 82.5 21.5 10.7 7.9 2.8 Bonds, notes, and certificates— total 735.1 712.0 23.1 532.3 518.7 13.5 143.8 145.9 -2.1 50.4 41 9.2 8.6 6.2 2.5 U. S. Govt 278.5 322.2 -43.7 200.9 235.8 -34.9 63.6 74.0 -10.5 8.8 -.5 5.2 3.1 2.1 State and political subdivision , 39.4 31.2 8.2 21.2 18.4 2.8 5.0 4.4 .6 10.9 7.3 3.6 2.3 1.1 1.2 Domestic corporate , 391.4 338.5 52.9 292.1 249 A 42.7 69.9 64.3 5.6 28.623.4 5.3 .8 1.5 -.8 Other3 25. 20.0 5.8 18.1 15.2 2.9 5.3 3.2 2.1 2.0 1.2 .4 .4 -.1 Stocks—total. 1,194.3 1,125.0 69.31,005.9 947.9 58.0 140.1138.9 1.2 46.4 36.8 9.6 1.9 1.4 .5 Preferred... 209.2 214.1 -4.9 161.0 166.3 -5.3 44.7 45.7 -1.0 2.7 .1 1.5 .8 .9 -.1 Common... 985. 910.9 74.1 844.8 781.6 63.3 95.5 93.2 2.3 43.7 35.7 8.0 1.1 .5 .6 Real estate loans and savings accounts 27.7 20.6 7.1 15.9 12.8 3.1 5.3 4.1 1.3 6.3 2.7 .1 Principal cash 17.4 11.1 6.3 11.1 6.7 4.4 5.2 3.2 2.1 .9 .1 .1 .3 -.2 Factors affecting change during year: Net additions to principal funds 118.9 80.3 11.8 23.2 3.6 Net decline in market value of investments 32.6 17.1 12.6 2.1 Net realized capital gains 19.4 15.9 3.0 1 See Table 1, note 1. 3 See Table 1, note 3. 2 See Table 1, note 2. 4 Less than $50,000. TABLE 3 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1956 * [Dollar amounts in millions] All Diversified Diversified Special Size of fund funds discretionary funds legal funds funds ! (total holdings, in millions of dollars)2 Number ho T l o d t in al gs Number ho T l o di t n al gs Number ho T l o d t in al gs Number ho T l o d t i a n l gs All funds 243 $1,974.4 156 $1,565.2 54 $294.5 33 $114.7 Under 1 51 24.5 22 10.7 14 7.3 15 6.5 1-2 43 63.5 27 41.8 10 14.2 6 7.4 2-5 .. 58 194.1 43 142.2 11 40.6 4 11.4 5-10 37 261.4 25 183.9 7 45.7 5 31.8 10-25 35 546.1 20 301.8 12 186.8 3 57.6 25-50 12 406.3 12 406.3 50-100 7 478.6 7 478.6 1 i See Table 1, note 1. 2 See Table 1, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1956 625 was $119 million, $26 million less than in end amounted to $20 million. On December the preceding period. It is estimated that 31, 1956, there were 243 funds operating in 55 per cent of this new money was invested 40 of the 49 jurisdictions (47 States, the Disin bonds, 16 per cent in common stocks, trict of Columbia, and Hawaii) that permit 17 per cent in preferred stocks, and 6 per common trust funds. The number of fiducicent in real estate loans and savings ac- ary accounts that have been invested in these counts, while 5 per cent was held in cash. common trust funds increased approxi- Compared with 1955, this represented a mately 8,000 during the year and totaled decline in the proportion invested in bonds nearly 93,000 at the end of the period. and an increase in cash holdings, real estate The size of individual funds, in general, loans, and savings accounts; proportions in- changed little during 1956, although the vested in preferred and common stocks re- market value of a larger number of funds mained approximately the same. decreased during 1956 than in 1955. This was due largely to the decline in market GROWTH value of fixed-income assets as evidenced by New funds were started during 1956 in five the relatively larger decrease in market value States—Arizona, Arkansas, North Dakota, of legal funds. Most legal funds are re- Rhode Island, and South' Carolina—that stricted by State law in the amount that may previously had no common trust funds. be invested in common stocks; on the other Throughout the United States 21 new funds hand, discretionary funds are without statuwere created during the year, as shown in Table 4; their aggregate holdings at the year- TABLE 5 TABLE 4 COMMON TRUST FUNDS AND THEIR INVESTMENT STARTING DATES OF COMMON TRUST FUNDS HOLDINGS, BY CLASS OF BANK, 1956 x Discretionary Legal Market Num- Num- h v o a l l d u i e n g o s f 3 Year Total Di- Special Di- Special Class of bank b fu e n r d o s f b b a e n r k o s f 2 ( l d i i o o n l n l m s a r o i s l ) f v f e i r e s d i- i i F n n m i c v x e o e e n m s d t t- - e C s m t o o o m c n k - v f e i r e s d i- i i F n n m c i v x e o e e n m s d t t- e - C s m t o o o m c n k - Al D l b iv a e n r k si s f , i e t d o t d al iscretionary. 2 1 4 5 3 6 1 1 9 5 5 2 1 1 , , 9 56 7 5 4 Diversified legal 54 53 294 Total 243 156 13 11 54 8 Special 33 24 115 1956 21 8 3 1 5 4 Sta D te iv m ers e i m fie b d e r d b is a c n r k e s t , i o t n o a ta ry l. . . 9 6 7 0 7 5 0 8 1 1, , 0 2 0 8 5 6 1 1 9 9 5 5 5 4 2 2 5 3 1 1 4 3 2 2 3 1 5 6 1 D Sp iv e e c r i s a i l fied legal 31 6 30 4 25 2 3 9 1953 35 23 4 3 5 1952 20 12 2 5 National banks, total , 108 95 460 1951 20 15 4 1 D D i i v v e e r r s s i i f f i i e e d d d le i g sc al retionary. 7 1 6 9 7 1 4 9 38 3 5 8 1950 22 11 11 Special , 13 11 38 1949 14 12 2 1948 8 7 1 Insured nonmember banks, total. 21 17 31 1947 16 12 3 1 Diversified discretionary 10 10 21 1946 3 2 1 Diversified legal 4 4 4 Special 7 5 6 1945 12 9 3 1944 6 4 1 1 Noninsured nonmember banks, total. 17 13 197 1943 1 1 Diversified discretionary 10 10 154 1942 5 3 1 Diversified legal 1941 5 5 Special 7 4 43 1940 4 4 1939 2 1 1 1 See Table 1, note 1. 1938 2 Details do not add to totals because some banks operate two or 1937 1 1 more funds. 3 See Table 1, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIN • JUNE 1957 tory limitation. In the aggregate, common increased in all geographic sectors. During stocks accounted for 32 per cent of the 1956 the largest numbers of new funds— assets of diversified legal funds as compared seven and five—were started in Pennsylwith 54 per cent of the assets of diversified vania and California, respectively. discretionary funds. Approximately 60 per cent of the com- In recent years eight banks have estab- mon trust fund assets are held by funds in lished "dual funds," one of which is invested the Boston, New York, and Philadelphia primarily in fixed-income assets and the Federal Reserve Districts; these funds other in common stocks. Such arrange- comprise 44 per cent of the total number ments permit participation in either or both of funds, as shown in Table 6. In a dollarfunds in accordance with the needs and size ranking of States, Pennsylvania is requirements of the individual fiduciary largest, with common trust fund assets accounts. Dual funds are classified as totaling $567 million; New York second, special funds in the Survey. with $430 million; and Massachusetts third, with $175 million. These three States rank DISTRIBUTION in the same order in terms of number of During the two years covered by the Sur- funds—with 38, 37, and 17 funds, respecveys, the number of common trust funds tively, as shown in Table 7. TABLE 6 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1956 1 [Dollar amounts in millions] Number of funds Bonds, notes, and certificates Stocks Fede d ra is l t r R ic e t serve Total D s t c d i i a i f o r i v r i e s e n y e - - d - r- D s l i e i f v g ie e a d r l - t D c i a o r r i e n y s S - - - pec L ia e l gal T h in o o g l t d s a 2 - l Total U m G er o . e n S n v - . - t p S d s s a i o u i t i c n o v a l a b i d t n i l t - e - - C r p a o o t r - e - o A th l e l r Total fe P r r r e e - d Corn- l e R o e s a t t e a c n a . t s l e , P c c i a r p i s n a h - l All districts.. 243 156 54 24 $1,974.4 $735 $278.5 $39.4 $391.4 $25.8 $1,194.3$209.2 $985.1 $27.7 $17.4 Boston 30 29 1 235.1 78.9 38.4 37.4 3.1 153.3 10.5 142.8 .7 2.2 New York... 42 21 20 1 447.5 210.0 59.0 () 143.5 7.5 232.2 25.3 206.9 1.5 3.8 Philadelphia.. 34 15 17 1 1 501.4 141.3 79.4 17.2 40.0 4.7 354.5 111.9 242.6 5.6 Cleveland 20 9 6 3 2 189.7 23.1 20.3 33.0 4.4 106.9 24.8 82.0 2.0 Richmond... 28 20 3 2 144.5 47.7 18.9 1.1 26.7 .9 83.0 9.5 73.5 12.6 1.2 Atlanta 16 12 3 I 46.9 17.8 5.1 .2 12.0 .4 27.7 7.2 20.5 1.3 .1 Chicago 21 14 1 1 92.9 42.6 16.7 .2 24.2 1.5 49.3 5.6 43.7 .4 .5 St. Louis.... 11 7 3 116.6 45.2 9.5 .2 35.2 .2 67.9 1.9 66.0 3.4 .1 Minneapolis. . 5 13.3 6.0 1.8 4.1 () 7. .4 6.8 .3 Kansas City.. 11 40.9 13.7 6.7 5.5 1.4 21.0 2.6 18.3 6.0 .3 Dallas 6 6 21.1 6.7 3.3 3.3 .2 13.7 2.5 11.2 .5 San Francisco 19 13 124.5 44.3 16.6 26.3 1.4 77.8 7.0 70.8 1.2 1 See Table 1, note 1. 3 Less than $50,000. 2 See Table 1, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1956 627 TABLE 7 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1956x Number of funds Number of funds State, with year of State, with year of legaliz t a r t u io s n t f o u f n c d o s mmon Total t D d i s o i i i s f n v c ie a e r d r e r y - - D s l i e i f v g ie e a d r l - D tio is n c a r S r e p y - eci L al egal legaliz t a r t u io st n f o u f n d c s ommon Total t D d i s o i i i s f n v c ie a e r d r e r y - - D s l i e i f v g ie e a d r l - D tio is n c a r S r e p y - eci L al egal 40 States, incl. D. C. and New Hampshire (1953)... 2 1 1 Hawaii. 243 156 54 24 9 New Jersey (1945) 6 2 4 New York (1937) 37 17 19 1 Alabama (1943) 3 2 1 North Carolina (1939)... 7 5 2 Arizona (1941) 1 1 North Dakota (1955) 1 1 Arkansas (1947) 1 1 California (1947) 9 7 2 ....... Ohio (1943) 8 7 1 Colorado (1947) 6 3 2 Oklahoma (1949) 2 2 Oregon (1951) 1 1 Connecticut (1943) 9 9 Pennsylvania (1939) 38 12 19 4 3 Delaware (1935) 3 3 Rhode Island (1956), 2 2 Dist. of Columbia (1949).... 4 2 2 Florida (1941) 4 3 1 South Carolina (1955).... 1 ...... 1 Georgia (1943) 5 5 Tennessee (1953) 6 2 Texas (1947) 6 6 Illinois (1943) 6 6 Utah (1951) 1 1 Indiana (1937) 6 6 Vermont (1933) 1 1 Kentucky (1938) 2 2 Maine (1951) 3 3 Virginia (1944) 8 7 1 Maryland (1945) 7 5 2 Washington (1943) 3 3 West Virginia (1943) 1 1 Massachusetts (1941) 17 17 Wisconsin (1943) 5 3 1 1 Michigan (1941) 5 5 Minnesota (1937) 4 2 1 1 Hawaii (1947) 4 4 Missouri (1940)2 7 4 3 Nebraska (1953) 1 1 i See Table 1, note 1. 2 By court decision; legislation was enacted in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

urve 1957 S J of Consumer Finances Housing and Durable Goods o CONSUMERS PURCHASED about as many more widespread. The proportion both of new and existing houses in 1956 as in 1955, spending units owning one car and of those but somewhat fewer major household goods, owning two or more cars increased subaccording to the Survey of Consumer Fi- stantially from early 1949 to early 1957. nances. Purchases of new and used auto- Early this year, consumers not only owned mobiles declined sharply from the record a larger number of cars, but owned on the levels established in 1955, but exceeded average much newer and better equipped those in any earlier year. In dollar amounts, cars than in early 1949. purchasers of houses, automobiles, and Consumer purchases of homes, automajor household equipment spent more in mobiles, and household durable goods dur- 1956 on the average than a year earlier.1 ing the last decade have been accompanied The number of consumers owning homes by a sharp rise in consumer debt. The proand automobiles increased from 1955 to portion of all spending units with mortgage 1956, continuing the steady rise that has debt increased from one-fifth to three-tenths prevailed throughout most of the postwar from early 1949 to early 1957, while the period. The number of home owners in- proportion with short- and intermediate-term creased about two-fifths from early 1949 to consumer instalment debt rose from oneearly 1957, and the proportion of all spend- fifth to almost one-half. The average debt ing units owning homes increased from 44 to owed also rose markedly. 54 per cent.2 Automobile ownership has also become HOUSES About 5 per cent of all nonfarm spending 1 This is the second of a series of articles presenting units purchased houses for their own octhe findings of the 1957 Survey of Consumer Finances cupancy in 1956, according to the Survey conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Re- of Consumer Finances. Two-thirds of these search Center of the University of Michigan. The purchases were existing houses. One-third first article appeared in the March Federal Reserve BULLETIN. The present article was prepared by Al- of the consumers who bought new and existfred P. Johnson of the Consumer Credit and Finances ing houses in 1956 sold another house at the Section of the Board's Division of Research and Statistics. Work at the Survey Research Center was time of the purchase. These consumers under the supervision of James N. Morgan. bought higher priced houses than other pur- 2 A spending unit, as defined in the Survey, consists chasers. As might be expected, the proporof all related persons living together who pool their incomes. Husband and wife and children under 18 tion that sold another house at time of purliving at home are always considered to be members chase increased with the age and income of of the same spending unit. Other related persons in the household are separate spending units if they earn the head of the spending unit. more than $15 per week and do not pool their in- The median (middlemost) income of comes. 628 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 629 purchasers of new and existing homes in The upward shift in income distributions 1956 was $5,640. Purchasers paid a of all nonfarm spending units and of house median price of $12,000, compared with a purchasers, shown in Table 1, has been assomedian price of $10,000 in 1955. As in ciated with the general rise in consumer other recent years, more than four-fifths of income. After allowing for changes in the the purchasers incurred mortgage debt. In level of consumer prices, the proportion of early 1957, the median mortgage debt of all nonfarm spending units receiving the 1956 purchasers who used credit was equivalent of $5,000 or more in 1954-56 $8,500.8 dollars increased from one-fifth in 1947-49 Changes in the market for houses. Through- to almost two-fifths in 1954-56. out most of the period since World War II Purchasers of nonfarm houses in the the demand for housing has been at high 1954-56 period also had substantially larger levels. One factor underlying this demand incomes than their counterparts in the early has been the backlog of housing needs car- postwar period, measured in terms of 1954ried over from the depressed 1930's and the 56 dollars. The proportion of house purwar years of the 1940's. Population in- chasers with incomes, thus measured, of creases, a high rate of family formation, $5,000 and over increased from one-third in mobility of families, movement to larger, 1947-49 to three-fifths in 1954-56.4 better equipped homes, access to mortgage Prices (in current dollars) of new and credit on liberal terms, and rising consumer existing houses have increased markedly incomes have also been important. since the early postwar period. Table 2 shows that only one-fourth of the spending TABLE 1 units that purchased houses in 1947-49 paid INCOME OF NONFARM SPENDING UNITS AND HOUSE $10,000 or more, compared with about PURCHASERS, 1947-49 AND 1954-56 three-fifths of all nonfarm spending units [Percentage distribution] that purchased houses during 1954-56. The House price advance has differed for new and Spending units purchasers2 Income before taxes existing houses. In the new house market, in 1954-56 dollars1 higher prices have reflected steady increases 1954-561947-491954-561947-49 in construction costs, which totaled about one-fourth between 1948 and 1956, and Under $3,000 34 46 12 25 $3,000-$4,999 28 32 27 42 the building of larger, better equipped $5,000-57,499 23 14 37 21 $7,500 and over 15 8 24 12 houses. For existing houses, most of the price rise occurred between 1947 and 1952; All income groups. 100 100 100 100 since then existing house prices have shown Median 3 $4,140 $3,210 $5,740 $4,060 relatively little change. 1 Income refers to total money income before taxes. Figures are based on average income for 1947-49 and for 1954-56, with those for 4 House purchase estimates for any one year are 1947-49 converted to 1954-56 dollars by adjusting reported incomes in accordance with changes in the Bureau of Labor Statistics index subject to relatively large sampling errors because of of consumer prices. the small number of house purchasers included in the 2 Includes purchases of new and existing houses. 3 Interpolated from bracket amounts. Survey sample for each year. In order to reduce sampling errors somewhat, data for house purchasers 8 It should be emphasized that the data relating to were combined and averages for two periods—1947-49 house purchasers in 1956 are based on an extremely and 1954-56—were used. The house purchase estismall sample and, therefore, that the sampling errors mates were based on about 450 cases in each 3-year associated with these estimates are relatively large. period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN • JUNE 1957 TABLE 2 The recent growth in home ownership HOUSE PURCHASES CLASSIFIED BY PRICE AND was concentrated largely among spending MORTGAGE DEBT, 1947-49 AND 1954-56 1 units with incomes of $5,000 or more in [Percentage distribution of new and existing nonfarm houses 1956 dollars. In early 1957, 79 per cent purchased] of all nonfarm spending units with incomes Price Mortgage debt of $7,500 or more, and 64 per cent of those Amount with incomes of $5,000-$7,499, were home 1954-561947-491954-561947^9 owners, as shown in the chart. The corresponding figures in early 1949 were 69 per Zero 16 22 $l-$4,999 14 34 17 36 cent and 55 per cent. In part as a result of $5,000-$7,499 12 19 20 22 the movement of spending units into higher $7,500-$9,999 14 18 18 10 $10,000-$14,999 35 18 24 7 income groups from early 1949 to early $15,000 and over 25 9 5 (2) Not ascertained (3) 2 (3) 1957, consumers with incomes of $5,000 or more owned more than one-half of all All cases 100 100 100 100 nonfarm houses early this year, compared Median 4 $11,390 $6,970 $7,920 $5,070 with only three-tenths in the earlier period. 1 Figures are based on averages of estimates of new and existing house prices and mortgage debt in 1947-49 and 1954-56. Debt is HOME OWNERSHIP mortgage debt outstanding at time of interview (early in the year Percentage of income group following year of purchase). 2 No cases reported or less than one-half of 1 per cent. (income before taxes in 1956 dollars) 3 Amount assigned, not determined in interview. 4 Interpolated from bracket amounts. EARLY 1957 ALL INCOME GROUPS I EARLY 1949 Larger mortgage debts were incurred by nonfarm house purchasers in 1954-56 than UNDER $3,000 in 1947-49. About three-tenths of the purchasers in the recent period incurred mort- $3,000 - $4,999 gage debt of $10,000 or more, compared with less than one-tenth in the earlier period. $5,000 - $7,499 The expansion in the amount of mortgage debt incurred is related to the increase in $7,500 AND OVER house prices as well as to the more liberal 100 downpayment and maturity provisions in NOTE.—Income refers to total money income before taxes effect during the recent period. in year preceding the Survey. Income for 1949 converted to 1956 dollars by adjusting reported incomes for changes in the Changes in housing status. The large Bureau of Labor Statistics index of consumer prices. number of houses constructed and sold dur- Home ownership, in general, is related to ing recent years has brought about a marked age as well as to level of income. Home change in the housing arrangements of con- ownership increased from early 1949 to sumers. The proportion of all nonfarm early 1957 in all groups headed by persons spending units owning homes increased over 24 years of age. In the group headed from 44 per cent in early 1949 to 54 per by persons 25-34 years of age the proporcent in early 1957, and the number of homes owned rose from 20 to 28 million,5 1957 corresponds closely with the proportion of household units owning homes estimated in a survey conducted by the Bureau of the Census in the sum- 5 After allowing for conceptual differences, the mer of 1956. For a presentation of the findings of Survey of Consumer Finances estimate of the pro- the Census survey, see Consumer Instalment Credit portion of all spending units owning homes in early Series, Pt. 1, Growth and Import, vol. 2, supp. IV. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 631 tion of home owners increased over this early 1949 (see Supplementary Table 2). period from 3 to 4 in 10. A large propor- Over this period the number of mortgaged tion of the purchasers in this group were owner-occupied houses increased from 9 married couples with young children who million to 16 million, and average mortgage had been renting. This group also includes debt from $3,700 to $6,100. As indicated a large proportion of veterans who have earlier, the increase in mortgage debt reflects been able in recent years to finance house the higher prices of houses in recent years purchases on very favorable terms. and the more liberal terms on which pur- Home ownership in the group headed by chases were made. persons 35 to 44 years of age increased Mortgages have increased in size more from about 5 to 6 in 10 from early 1949 to rapidly than house values. In early 1957, early 1957. This growth reflects in part almost 5 in 10 mortgages equaled 50 per the satisfying of a backlog demand. Many cent or more of the owners' estimates of of the purchasers in this age group had been home value in contrast with less than 4 in unable to purchase houses earlier because 10 in early 1949. of depression or war. The presence or absence of mortgage Spending units headed by persons 55 or debt is related to period of ownership; and more years of age also increased their owner- if there is debt, the ratio of debt to value is ship of homes. About 7 in 10 of these also related to period of ownership. The spending units reported owning a home in length of the period of ownership, in turn, is early 1957, compared with about 6 in 10 in related to the age of the owner. In early early 1949. Growth in ownership among 1957 more than four-fifths of the home this group probably reflects some expansion owners under 35 years of age had a mortin purchases as well as the retention of gage, and seven-tenths of those with a homes for longer periods by spending units mortgage had debt-value ratios of 50 per who were already owners. cent or more. The frequency of mortgage The increase in home ownership has been debt and the ratio of debt to value declined accompanied by a decline in the proporas the age of the owner increased. Only tions of all nonfarm spending units renting one-sixth of the owners 65 or more years of or living with relatives. In early 1957, 33 age had mortgage debt, and most of these per cent of all nonfarm spending units had debt-value ratios of 50 per cent or less. rented, compared with 38 per cent in early The fact that consumers in the upper age 1949. The proportion of nonfarm spending brackets have little or no debt reflects sevunits living with relatives declined from 14 eral factors. Older persons have generally to 9 per cent over this period. These owned their homes for some time and have changes are significant in view of the fact therefore retired a larger proportion of their that undoubling was more important in the debt than younger owners. Those who immediate postwar period than after 1949; have only recently purchased homes had freby the early 1950's it had ceased to be a quently sold homes in conjunction with the major factor in the demand for housing. new purchases. Also, older purchasers may Mortgage debt outstanding. In early 1957, have greater difficulty in obtaining long- 56 per cent of all home owners had mortterm credit. gage debt, compared with 45 per cent in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN • JUNE 1957 AUTOMOBILES frequency of trade-ins reflects in part a dif- Consumers purchased a substantially smaller ference in the age of the purchasers. Only number of cars in 1956 than in 1955 but 5 per cent of the new car purchasers in more than in any other year. Purchases of 1956 were between the ages of 18 and 24, used cars declined somewhat less than pur- whereas about 20 per cent of the used car chases of new automobiles, but the decline purchasers were in this age group. Many in both segments of the market was wide- of the younger purchasers were probably spread (see Supplementary Table 9). Con- entering the market for the first time and sumer expenditures for automobiles declined had no car to trade in. less from 1955 to 1956 than the number of The mean net outlay—that is, purchase units sold, however, as a result of a moderate price minus allowance for the trade-in—of increase in the mean (average) expenditure all used car purchasers was $620 in 1956, per new automobile. about the same as in the preceding year. Purchases. About 9 per cent of all spend- The mean net outlay of all new car puring units purchased new cars, and 15 per chasers, however, rose from $1,900 to cent purchased used cars in 1956, according $2,010. to the Survey of Consumer Finances.8 The PURCHASES AND EXPENDITURES FOR AUTOMOBILES mean price reported by purchasers of new cars increased from $2,940 in 1955 to PURCHASERS ! spending units - 20 $3,070 in 1956. The mean price reported by used car purchasers—$800—was only USED CARS slightly higher than in 1955.7 ^ ^. ^ - 10 NEW CARS Over four-fifths of all new car purchasers and one-half of all used car purchasers AVERAGE PRICE AND NET OUTLAY traded in or sold cars in conjunction with Dollars their 1956 purchases.8 The differential be- 3000 NEW CARS tween new and used car purchasers in the PRICE NET OUTLAY^- " ' 2000 9 Excluded are purchases by transients, residents of - institutions, and personnel living on military bases as well as purchases by business and government. _ lRS< PRICE Cars purchased during 1956 but disposed of before interview time are also excluded. In instances in NET OUTLAY which a consumer purchased more than one car during 1 1 1 1 1 1 1 1 1 1 the year and retained two or more, only the most ex- 1946 1948 1950 1952 1954 1956 pensive car purchased was included in these Survey The net outlay of all new car purchasers purchase tabulations. 7 Survey data on car prices are based on amounts has increased steadily since 1951, as shown reported as being paid by car purchasers. Such in the chart. The rise in mean net outlay prices often overstate the prices actually effective because of the widespread practice of dealers of "over- of approximately 40 per cent over this allowing" on cars traded in. For a discussion of period reflects consumer purchases of cars over-allowances on trade-ins in the 1954 and 1955 new car market, see Consumer Instalment Credit with additional optional equipment, trading Series, Pt. IV, Financing New Car Purchases. up to higher priced models, and increases 8 In order to simplify discussion, the term "tradeins" as used here should be interpreted to mean in prices of equivalent cars. The mean net sales of previously owned cars as well as trade-ins. outlay of used car buyers increased only 10 The same usage applies in the discussion of purchases of household equipment. per cent from 1951 to 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 633 Method of financing. In 1956 about in 1955 and 1956. The increased number three-fifths of the buyers of new and used of consumers with auto debt, combined with cars financed their purchases in part by a higher average debt, has been reflected in some form of credit, as shown in Table 3. a substantial rise in the volume of auto- The proportion of credit buyers of both new mobile credit outstanding, particularly in and used cars increased sharply throughout 1955. the early postwar period. Since 1953, the Cash and credit purchasers of new cars. proportion of credit buyers has increased In 1956 cash purchasers of new cars resomewhat further for new cars, while for ported paying a mean price of $3,380, comused cars it has remained relatively stable pared with $3,000 for credit buyers. The at about 60 per cent.9 differential in prices of cars purchased reflects in part differences in incomes. Almost TABLE 3 one-half of all cash purchasers had incomes METHOD OF FINANCING AUTOMOBILES, 1956 of $10,000 or more, but only one-tenth of [Percentage distribution of purchasers] the credit purchasers had such incomes. About 8 in 10 of the cash buyers and New Used Method of financing auto- auto- about 9 in 10 of the credit buyers of new mobiles mobiles cars traded in cars at the time of their 1956 purchases. Cash buyers of new cars re- Cash 34 37 ported receiving on the average about Cash only 7 23 $1,500 for their trade-ins, compared with Cash plus trade-in or sale 27 14 $1,075 for credit purchasers. Even after Credit1 63 58 deducting the amount allowed on their Credit only 1 3 trade-ins, about three-fifths of all cash pur- Credit plus trade-in or sale 32 24 Credit plus cash 4 16 chasers of new cars reported net outlays of Credit plus trade-in or sale and $2,000 or more, compared with two-fifths cash ... 25 14 of the credit purchasers of new cars. Other2 1 3 For about one-half of the credit pur- Not ascertained 2 2 chasers with trade-ins, the car traded in All purchases 100 100 apparently met the dealer's downpayment requirement and no cash payment was made. 1 Includes credit purchases for which details were not ascertained. 2 Includes cases in which automobiles were received as gifts or as The other credit purchasers made addipayment in kind. tional cash downpayments averaging $600. The number of spending units with auto- About one-third of the spending units that mobile debt increased about one-third purchased new cars on credit last year refrom early 1954 to early 1957. This inported that the original amount of debt increase reflects in part the liberal credit curred was $2,000 or more. terms and the high rates of automobile sales Cash and credit purchasers of used cars. 9 Survey of Consumer Finances data relating to In 1956 cash purchasers of used cars reyear-to-year changes in the proportion of new and ported paying a mean price of $560, comused car buyers using credit are subject to relatively pared with $980 for credit buyers. The large sampling errors. The estimates for any one year, however, provide an approximation of the pro- incomes of cash and credit purchasers of portion of car buyers using credit, and correspond used cars differed only slightly. About threegenerally with data from other sources. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN • JUNE 1957 fifths of both the cash and credit buyers of and one-third reported maturities of 24 used cars had incomes of less than $5,000, months or less. The average maturity was and about one-fourth had incomes of less somewhat longer in 1956 than in 1955. than $3,000. The lower price reported for Other sources indicate that maturities incash purchases of used cars reflects the creased only slightly in 1956, after lengtholder average age of the cars purchased. ening considerably during 1955. About 7 in 10 of the credit purchasers Maturities on instalment contracts are and 4 in 10 of the cash purchasers of used considerably shorter for used cars than for cars traded in cars at the time of their new cars. About two-fifths of the buyers 1956 purchases. Credit buyers of used that incurred debt on used cars during 1956 cars who traded in cars reported receiving reported original maturities of 12 months on the average about $340 for their tradeor less, one-half reported maturities of 13ins, which was slightly more than cash 24 months, and only one-tenth reported buyers received. maturities over 24 months. In 1956 about two-fifths of the credit The frequency of credit use as well as the purchasers and seven-tenths of the cash original maturity associated with instalment purchasers of used cars reported net outdebt incurred on used cars in 1956 varied lays of less than $500. Two-fifths of the with the price of the car and the age of the cash purchasers, moreover, reported net purchaser. Only three-tenths of all puroutlays of less than $250. Spending units chasers of used cars priced under $500 used without trade-ins had smaller net outlays on instalment credit, compared with more than the average than those with trade-ins. This three-fourths of those who purchased cars would indicate that most of the cash purpriced at $1,000 or more. Almost twochasers of used cars without trade-ins bought thirds of instalment credit contracts on cars very old cars. The undesirability of these priced under $500 had original maturities older cars as collateral, in combination with of 12 months or less, compared with less the low incomes of many of the purchasers, than one-tenth on cars priced at $1,000 or tends to limit the availability of credit on more. Maturities generally tended to be reasonable terms. shorter for buyers in the youngest age About one-half of the credit buyers of brackets, reflecting the lower prices and used cars made no cash payment at time of older age of the cars purchased. The shorter purchase. Almost all such purchasers, howmaturities also reflected the lower average ever, traded in a car. Credit purchasers income of this group compared with other who made a cash downpayment paid on groups. the average about $200. About one-half Automobile ownership. The high level of of the credit buyers of used cars reported production and sales of new automobiles original debt amounting to less than $500. since World War II has expanded greatly Maturities. According to the Survey of the ownership of automobiles. According Consumer Finances, about one-fifth of the spending units that incurred instalment debt to Survey data, consumers owned about 46 on new automobiles during 1956 reported million cars in early 1957, compared with original maturities of 31-36 months, two- 27 million in early 1949. In early 1957 fifths reported maturities of 25-30 months, about 72 per cent of all spending units Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 635 owned at least one automobile, and 10 per incomes of less than $3,000. About onecent owned two or more. The correspond- fifth of the cars owned by consumers in this ing figures for early 1949 were 51 per cent group were 10 or more years old in early and 3 per cent.10 1957 compared with three-fifths in early All income groups have increased their 1949. ownership of automobiles over this period. The proportion of spending units owning at HOUSEHOLD DURABLE GOODS least one automobile increased somewhat During 1956 an estimated 24 million units more among consumers with incomes of or about 43 per cent of all spending units less than $7,500 than among consumers purchased at least one major household with incomes above that level, where the durable good. The estimated total spent incidence of ownership was already high. on such goods in 1956 was somewhat higher The proportion of spending units with inthan in the preceding year. The rise in comes of $7,500 or more owning two or these expenditures reflected an increase in more cars increased from 18 to 30 per cent the average expenditure per purchaser that from early 1949 to early 1957. more than offset a moderate decline in the The growth in automobile ownership number of consumers purchasing furniture from early 1949 to early 1957 has been acand major household appliances. companied by a decline in the average age Almost all income groups reported fewer of cars owned. Early this year, almost onepurchases of household durable goods in half of the cars owned were 4 years old or 1956 than in the preceding year. The less, and only one-tenth were 10 or more proportion of all spending units reporting years old. In contrast, three-tenths of the purchases of washing machines in 1956 was automobiles owned in early 1949 were 4 somewhat larger than in 1955, but the years old or less, and one-half were 10 or proportions purchasing furniture, television more years old. The older average age of sets, and refrigerators declined (see Supcars in early 1949, compared with early plementary Table 19). 1957, was due mainly to the limitations on Average amounts paid for refrigerators, production of automobiles during the war washing machines, and furniture rose someand early postwar years. what from 1955 to 1956. The median ex- About two-thirds of the cars owned by penditure reported for television sets, howconsumers with incomes of $7,500 or more ever, declined to a new low. were 4 years old or younger in both early Data relating to consumers' net outlays 1949 and early 1957. Early this year all for household durable goods are presented lower income groups, however, owned subfor the first time in the 1957 Survey. The stantially larger proportions of cars in this difference between the total expenditure and age group. In both early 1949 and early net outlay by purchasers of household 1957, most of the cars 10 years of age and over were owned by spending units with durable goods is relatively small. This is understandable, however, since only about 10 Data include only automobiles owned by con- one-fifth of all buyers reported that a tradesumers in the Survey population; cars owned by tran- in was associated with a purchase, and the sients, military personnel, business, and government amount received by consumers with tradeare excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN • JUNE 1957 ins was typically small relative to total ex- stoves. About two-thirds of the couples penditures. n married less than three years bought at Characteristics of purchasers. As in other least one major household item and twoyears, income, age, and marital status were fifths of the buyers reported net outlays of among the most significant factors influenc- $500 or more. ing both the frequency and size of consumer Demand for household durable goods reexpenditures on household durable goods. mains high for a relatively long period after The importance of the latter two character- marriage, although there are changes in the istics is apparent when consumers are classi- types of goods purchased. More than onefied according to number of years married. half of the consumers married between 3 and 20 years purchased at least one durable good, but only one-fourth of the buyers had PURCHASES OF net outlays of $500 or more. Persons mar- HOUSEHOLD DURABLE GOODS, 1956 Percentage of spending units in group ried more than 20 years purchased less NET OUTLAY —, frequently. At this point, needs tend to diminish as children marry or depart from 80 the household for other reasons. Older married consumers, moreover, probably own many items of household equipment. If income declines, as it frequently does when retirement is reached, consumers may not replace some household goods even though they are not in the best state of repair. Persons not married bought major durable ALL 1 - 2 3-4 5-9 10- 20 OVER SPENDING 20 UNITS NOT goods less frequently than any other group YEARS MARRIED MARRIED and spent less for such goods. Many per- NOTE.—Net outlay is the amount spent after deduction for trade-in or sale. Not married refers to spending units headed sons in this group either live with relatives by persons unmarried, widowed, separated, or divorced. or occupy furnished quarters, and have little Persons recently married bought durable need for many types of household goods. goods with greater frequency and in larger The frequency of purchase of major volume than other consumers, as shown in household goods and the average net outlay the chart. Recently married couples, as increased as income increased. About onethey establish new households, frequently fifth of the spending units with incomes of make substantial purchases of basic equip- less than $2,000 purchased one or more ment such as furniture, refrigerators, and items of household equipment, compared with one-half of the units with incomes from $5,000 to $6,000, and almost three-fifths of 11 It is difficult to determine whether, for identical items of household equipment, the net outlays of con- those with incomes of $10,000 and over. sumers with trade-ins are less than those without The average net outlay ranged from $230 trade-ins. Prices for comparable items may vary considerably, and the seller may be willing to dispose of for purchasers in the lowest bracket (under his product at any one of a number of prices. Trade- $2,000) to $600 for consumers in the in allowances probably reflect in part discounts from highest bracket ($10,000 and over). original asking prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 637 Financing of selected household goods. Consumers' financing of washing machines Cash and credit purchasers of television sets, and refrigerators followed a somewhat washing machines, and refrigerators were similar pattern. about evenly divided, as shown in Table 4. About one-fourth of the purchasers of CONSUMER DEBT washing machines and refrigerators reported Consumer indebtedness has risen sharply in a trade-in, compared with only about one- the postwar period. Major factors in this sixth of the purchasers of television sets. expansion have been the large volume of On the average, consumers trading in wash- consumer purchases of houses and other ing machines received somewhat less ($50) durable goods, accompanied by more widethan those trading in television sets ($60) spread use of credit and larger debts. or refrigerators ($75). About two-thirds of all spending units reported that they owed some debt other than TABLE 4 charge accounts in early 1957, according to METHOD OF FINANCING SELECTED HOUSEHOLD the Survey of Consumer Finances. About DURABLE GOODS, 1956 8 per cent owed mortgage debt only, 23 per [Percentage distribution of purchasers] cent owed mortgage and personal debt, Method of financing Televi- Washing Refrig- and 36 per cent owed personal debt only. sion sets machines erators Mortgage debt was owed by a large proportion of spending units with incomes of Cash 48 49 53 $7,500 or more, while personal debt was Cash only 42 37 39 Cash plus trade-in owed most frequently by consumers with inor sale 6 12 14 comes of $3,000 to $10,000. Personal Credit 49 46 40 debt covered by the Survey includes all short- Credit only 14 8 7 and intermediate-term instalment and non- Credit plus trade-in or sale 7 7 6 instalment debt, except charge accounts. Credit plus cash 24 24 21 Almost one-half of all spending units re- Credit plus trade-in or sale and cash... 4 7 6 ported owing some instalment debt early Not ascertained 3 5 7 this year. Most of the instalment debt outstanding had been incurred in connection All purchases 100 100 100 with purchases of automobiles and household durable goods. These obligations, to- About two-fifths of the credit buyers of gether with those for home improvement television sets made no cash outlay; of these, and maintenance and for miscellaneous only about one-third reported a trade-in at purposes, were payable in regular monthly the time of the purchase. Of the credit puror weekly instalments. chasers who paid some cash, two-thirds paid $50 or less, and most of the others paid Instalment debts for two or more purbetween $50 and $100. About one-fifth of poses were owed by about one-fifth of all all television purchasers who bought on spending units. One-tenth owed auto debt credit incurred debt of less than $150, while only, and the same proportion owed housetwo-thirds incurred debt of $150-$299, and hold durables debt only (see Supplementary one-tenth incurred debt of $300 and over. Table 18). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN • JUNE 1957 In early 1957 about one-third of the 19 per cent, while most of the remaining spending units with instalment debt had one-third were obligated to make repayscheduled repayments equal to less than 10 ments amounting to 20-40 per cent of their per cent of their disposable income. disposable income. These proportions were Another third had repayments equal to 10- about the same as a year earlier. TECHNICAL NOTE Approximate sampling errors of percent- of Governors of the Federal Reserve System, ages based on Survey information are given Washington 25, D. C. in the accompanying tables. They reflect computations of sampling errors for specific SAMPLING ERRORS OF DIFFERENCES 1 statistics from the 1953 and 1954 Surveys Differences required for significance (95 per cent probability) in of Consumer Finances. The values in the comparisons of percentages derived from successive Surveys of Consumer Finances and from two different subgroups of the same Survey. tables are conservative: they are larger than specific sampling errors of many types of Size of sample or group Size of sample Survey data. or group 200 300 500 700 1,000 3,0002 Sampling errors represent only one source of error that may affect Survey estimates. * For percentages from about 35 per cent to 65 per cent Nonsampling errors, such as reporting and 200 14 nonresponse errors, while not readily meas- 300 13 11 500 12 10 9 urable, may equal or exceed sampling errors. 700 11 10 8 8 1,000 11 9 8 7 6 A discussion of the factors affecting 3,0002 10 8 7 6 5 4 sampling errors in the Survey of Consumer For percentages around 20 per cent and 80 per cent Finances is available on request from the Division of Research and Statistics, Board 200 11 300 10 9 500 9 8 7 700 9 8 7 6 1,000 9 7 6 6 5 APPROXIMATE SAMPLING ERRORS OF SURVEY FINDINGS 3,0002 8 7 5 5 4 3 The"chances are 95 in 100 that the value being estimated lies within a range equal to the reported percentage plus or minus the number For percentages around 10 per cent and of percentage points shown below. 90 per cent 300 8 7 Number of interviews 500 7 6 5 Reported 700 7 6 5 4 percentage 1 000 6 6 5 4 4 3,0001 1,000 700 500 300 100 3,0002 6 5 4 4 3 2 50 3 4 5 6 8 14 For percentages around 5 per cent and 30 or 70 2 4 5 6 7 13 95 per cent 20 or 80 2 4 4 5 6 11 10 or 90 2 3 3 4 5 8 5 or 95 1 2 2 3 4 300 6 5 500 5 4 4 700 5 4 4 3 1 Approximate size of sample, 1952-57. 1 000 5 4 3 3 3 3 0002 4 4 3 3 2 2 1 For a discussion of the types of errors that may 1 The sampling error does not measure the actual error that is affect Survey estimates, see the Technical Appendix involved in specific Survey measurements. It shows that—except for nonsampling errors, errors in reporting, in interpretation, etc.— to the article, "Consumer Indebtedness," Federal Re- differences larger than those found in the table will arise by chance in only 5 cases in 100. serve BULLETIN for July, 1956. 2 Approximate size of annual Survey sample, 1952-57. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 639 SUPPLEMENTARY TABLE 1 HOUSING STATUS OF NONFARM SPENDING UNITS, EARLY 1957 AND EARLY 1949 [Percentage distribution of nonfarm spending units within groups] Owns home Rents home Lives with relatives Other i All Group characteristic cases 1957 1949 1957 1949 1957 1949 1957 1949 All nonfarm spending units 100 54 44 33 38 14 Money income before taxes in 1956 dollars:2 Under $1,000 100 42 39 30 30 14 19 14 12 $1,000-51,999 100 40 31 41 41 13 21 6 7 $2,000-$2,999 100 39 33 35 38 22 24 4 5 $3,000-$3,999 100 40 43 42 44 13 11 5 2 $4,000-$4,999 100 50 51 40 39 8 8 2 2 $5,000-$7,499 100 64 55 31 37 4 7 1 $7,500-$9,999 100 76 64 23 30 1 4 8 2 $10,000 and over 100 83 75 17 20 2 3 Age of head of spending unit: 18-24 100 9 9 42 26 46 60 3 25-34 100 40 29 47 51 9 16 4 35^4 100 62 49 31 40 4 8 3 45-54 100 67 57 28 36 2 4 3 55-64 100 74 58 21 34 3 4 2 65 and over 100 64 56 27 29 5 7 4 Number of persons in spending unit: One 100 28 18 32 29 33 47 16 Two 100 62 49 31 41 4 6 Three 100 56 52 36 40 5 5 3 Four 100 63 54 34 38 1 4 4 Five and over 100 62 53 33 40 1 3 4 Occupation of head of spending unit: Professional and semiprofessional 100 58 43 31 37 13 7 Managerial 100 72 25 Self-employed 100 79 61 17 28 2 6 5 Clerical and sales 100 47 33 31 36 19 30 1 Skilled 100 63 28 7 Semiskilled 100 46 45 39 42 12 12 1 Unskilled and service 100 38 35 45 39 10 14 12 1 Spending units that receive housing as part of compensation, live by adjusting reported incomes in accordance with changes in the temporarily in houses they have sold, etc. Bureau of Labor Statistics consumer price index. 2 Income refers to total money income for the year preceding the 3 No cases reported or less than one-half of 1 per cent. designated Survey year. Income in 1949 was converted to 1956 dollars SUPPLEMENTARY TABLE 2 NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT [Percentage distribution of owner-occupied nonfarm houses] Value i Mortgage debt3 Amount 19572 19532 1949 19572 1953 1949 Zero 44 53 55 $ $l 2 - , $ 5 2 0 , 0 4 - 9 $ 9 4,999.... 9 3 1 7 1 23 23 27 29 $5,000-$7,499.... 14 18 19 14 12 7 $7,500-$9,999.... 15 15 16 3 $10,000-512,499.. 19 19 17 $ $ 1 1 2 5 , , 5 0 0 0 0 0 - - $ $ 1 14 9 , ,9 9 9 99 9 . . . . 1 1 0 5 1 7 3 6 7 2 $20,000 and over. 15 10 6 Not ascertained.. 6 4 All cases. 100 100 100 100 100 100 Median (thousands of dollars) . 11.0 9.0 8.0 55.6 53.5 53.0 Mean (thousands of dollars)... 12.7 10.7 9.1 56.1 54.5 53.7 1 As estimated by respondents early in year indicated, except that 3 Early in year specified. houses purchased during preceding year were valued at purchase 4 No cases reported or less than one-half of 1 per cent. price. 5 For mortgaged houses only. 2 Assigned, if not determined in interview. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN • JUNE 1957 SUPPLEMENTARY TABLE 3 MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY 1957 [Percentage distribution of home-owning nonfarm families] Amount of mortgage debt 1956 money income before taxes N c u a m o s f e b s er c A as l e l s $1- $2,000- $5,000- $7,500- $10,000 $1,999 $4,999 $7,499 $9,999 and over All income groups 1,643 100 44 8 15 14 10 Under $1,000 78 100 91 2 1 3 3 $l,000-$l,999 103 100 68 12 12 5 2 $2,000-$2,999 107 100 69 8 11 7 2 $3,000-$3,999 126 100 53 16 14 9 4 4 $4,000-$4,999 179 100 41 9 20 21 6 3 $5,000-$7,499 464 100 28 8 20 19 13 12 $7,500-$9,999 269 100 30 7 16 17 13 17 $10,000 and over., 317 100 43 5 12 10 10 20 1 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 4 MORTGAGE AND RENTAL PAYMENTS WITHIN FAMILY STATUS GROUPS, EARLY 1957 * [Percentage distribution of nonfarm primary units making payments2] Single Married All cases 3 Age 18-44 Age 45 and over Age 45 and Amount Age 8-44 over No children Children No children Children under 18 under 18 under 18 under 18 Owns Rents Owns Rents Owns Rents Owns Rents Owns Rents Owns Rents Owns Rents Under $20 3 4 ft w 5 2 3 8 3 7 7 $ $3 2 O 0- - $ $ 2 3 9 9 4 9 1 13 0 ( ( 4 4 ) ) ( 4 ) (4) 2 1 3 2 4 4 7 3 2 8 1 9 3 7 8 1 1 2 5 1 7 1 11 8 $40-$49 11 16 (4) (4) (4) 15 11 10 12 19 14 12 11 18 $50-$74 38 35 (4) (4) 34 46 41 40 37 31 28 27 26 $75-$99 21 15 i 7 22 23 23 15 18 20 19 15 $100 and over 12 6 4 3 11 10 13 4 10 9 15 11 Not ascertained 2 ( ) 2 4 1 4 1 3 4 All cases 100 100 (4) («) 100 100 100 100 100 100 100 100 100 Number of cases 941 792 13 42 39 104 55 95 493 325 158 117 138 56 * Payments are on a monthly basis. Payments of home owners 3 Includes some spending units of types not covered in separate include taxes and insurance if included in regular mortgage payment; categories or for which information was not obtained. payments of renters include charges for heat, gas, and electricity if 4 Insufficient number of cases to distribute. included in regular rental payment. 5 No cases reported or less than one-half of 1 per cent. 2 The spending unit containing the owner or lessee of the dwelling is the primary spending unit. SUPPLEMENTARY TABLE 5 SUPPLEMENTARY TABLE 6 PRICES PAID FOR NONFARM HOUSES 1 FAMILY EXPENDITURES ON HOME IMPROVEMENT AND [Percentage distribution of purchasers] MAINTENANCE Price 1956 1955 1954 1950 [Percentage distribution of home-owning nonfarm families] Under $5,000 17 26 28 Amount 1956 1955 1954 1953 $5,000-$7,499 10 15 11 16 $ $ $ $ 1 7 1 1 2 , 0 5 5 , , , 5 0 0 0 0 0 0 0 0 0 - 0 $ - - - $ $ 9 $ 1 1 , 1 9 4 2 9 9 , , , 4 9 9 9 9 9 9 9 9 9 1 1 1 1 6 5 6 9 1 1 1 9 7 8 2 1 1 1 7 9 9 1 1 1 1 4 9 7 Z $ $ 1 l e - 0 r $ o 0 1 0 $ 0 199 4 1 1 1 2 0 4 1 1 2 2 0 4 1 1 1 3 0 4 1 1 2 5 0 $20,000 and over 16 12 7 6 $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 1 1 7 1 1 1 6 1 1 1 7 0 1 9 4 All cases 100 100 100 100 N $ 1 o , t 0 0 a 0 s c a e n r d ta o in v e e d r 8 1 8 1 8 1 8 2 Median (thousands of dollars) U2.5 10.0 10.5 8.5 All cases 100 100 100 100 1 Purchasers of trailers are excluded in 1956 but included in other years. Such purchasers account for about 5 per cent of all house purchasers in any one year. If trailer purchasers had been included in 1956, median would have been $12,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 641 SUPPLEMENTARY TABLE 7 PURCHASES OF CONSUMER DURABLE GOODS Esti- Expenditure 3 Esti- Percent- mated Percent- mated Type of purchase1 sp a u e g n n e i d t o s in f g s n p u e m o n f d b i e n r g m E a s t t e i- d Type of purchase1 sp a u e g n n e i d t o s in f g s n p u e m n o d f b i e n r g e M x tu e p r d e e i n a 3 d n ipur- units Median Mean total pur- units chasing2 (in mil- (in chasing (in millions) billions) lions) Automobile: Furniture: 1956 24.7 13.8 $1,500 $1 660 $23.0 1956 16.9 9.5 $250 1955 28.1 15.5 1,370 1630 25.1 1955 18.0 9.9 225 1954 23.8 12.9 1,200 1460 18.6 1954 16.3 '8.9 205 New automobile: Television set: 1 1 1 9 9 9 5 5 5 6 5 4 1 9 7 1 . . . 3 9 0 4 5 6 . . . 3 2 1 2 3 2 , , ,7 5 1 8 5 0 0 0 0 2 2 3 0 9 7 7 4 2 0 0 0 1 1 1 7 6 1 . . . 8 0 7 1 1 1 9 9 9 5 5 5 5 6 4 1 1 1 4 5 4 . . . 0 3 3 7 8 7 . . . 8 4 8 2 2 2 2 5 7 5 0 5 Used automobile: 1956 15.4 8.6 650 800 6.9 Refrigerator: 7.2 4.0 275 1955 17.1 9.4 600 780 7.3 1956 7.7 4.2 260 1954 15.9 8.6 700 800 6.9 1955 6.3 3.4 280 1954 Furniture or major household appliance: * Washing machine: 1956 43.1 24.1 300 400 9.7 1956 9.2 5.2 220 1955 45.1 24.8 290 365 r9.0 1955 8.4 4.6 205 1954 43.3 '23.5 300 375 8.8 1954 8.3 4.5 200 r Revised. 3 Before deduction for trade-in. 1 Includes both new and used items except where otherwise specified. 4 Includes purchasers of items listed in opposite column and of 2 For automobiles, refers to spending units that purchased during other major household appliances. the given year and still owned at time of interview. SUPPLEMENTARY TABLE 8 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS [Percentage distribution of purchasers] Price paid Net outlay1 Type of purchase and amount 1956 1955 1954 1953 1956 1955 1954 1953 New automobile: Under $1 500 1 (2) (2) (2) 19 26 40 42 $l,500-$l,999 4 4 6 7 28 32 28 28 $2 000-$2 499 . .. . .. 19 25 40 39 27 22 16 18 $2 500-$2,999 22 28 23 30 15 12 8 7 $3,000-$3,499 26 22 18 14 6 4 5 2 $3 500 and over.. . . 25 20 12 9 2 3 1 3 1 1 3 1 2 2 All cases 100 100 100 100 100 100 100 100 Median $3,100 $2,780 $2,550 $2,500 $2,000 $1,840 $1,670 $1,590 $3,070 $2,940 $2,720 $2,650 $2,010 $1,900 $1,730 $1,660 325 387 294 305 325 387 294 305 Used automobile: Under $250 19 21 15 23 22 20 24 $250-$499 22 18 20 \ ) -> 29 Q 28 27 26 15 $500-$749 14 18 16 I *>* 13 18 18 21 $750-$999 12 13 14 J 25 12 13 13 16 $l,000-$l,499 12 12 18 25 13 11 12 14 $1 500-$l 999. . . . 10 8 8 12 5 4 3 6 $2 000 and over 6 6 3 6 2 2 Not ascertained 5 4 6 3 4 3 7 3 All cases 100 100 100 100 100 100 100 100 Median . $650 $600 $700 $900 $480 $470 $500 $600 $800 $780 $800 $920 $620 $610 $600 $640 Number of cases 443 482 474 409 443 482 474 409 i After deduction for trade-in or sale of automobile. 2 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN • JUNE 1957 SUPPLEMENTARY TABLE 9 AUTOMOBILE PURCHASES WITHIN VARIOUS GROUPS [Purchasers as a percentage of spending units] New Used New Used automobile automobile automobile automobile Group characteristic Group characteristic 1956 1955 1956 1955 1956 1955 1956 1955 All spending units 15 17 Occupation of head: Professional and semiprofessional.... 12 18 13 13 Money income before taxes: Managerial 17 22 13 19 Under $1,000 1 C1) 7 Self-employed 22 22 14 12 $l,O00-$l,999 2 1 14 13 Clerical and sales 9 15 13 15 $2,000-$2,999 3 7 16 20 Skilled and semiskilled 8 12 21 26 $3,000-$3,999 6 6 21 20 Unskilled and service 7 4 18 14 $4,000-$4,999 8 9 19 27 Farm operator 5 7 14 16 $5,000-57,499 12 16 17 18 $7,500-$9,999 19 26 14 12 $10,000 and over 28 36 9 Age of head: 18-24 5 6 29 38 Region:2 25-34 11 13 19 24 North East 9 10 10 13 35-44 12 16 17 18 North Central 10 12 16 17 45-54 11 11 15 15 South 9 12 18 19 55-64 11 9 9 9 West 10 11 17 22 65 and over 3 6 5 6 1 No cases reported or less than one-half of 1 per cent. includes East South Central, West South Central, and South Atlantic 2 Survey regions are denned as follows: North East includes New States other than Delaware; West includes Mountain and Pacific England, the Middle Atlantic States, and Delaware; North Central Coast States. includes West North Central and East North Central States; South SUPPLEMENTARY TABLE 10 TRADE-INS AND SALES IN CONNECTION WITH AUTOMOBILE PURCHASES [Percentage distribution of purchasers] Buyers of new and used cars Buyers of new cars Buyers of used cars Type of transaction 1956 1955 1954 1956 1955 1954 1956 1955 1954 Traded in a car } 66 62 62 84 83 48 51 Sold a car 5 5 4 3 5 7 Neither 32 32 32 13 12 14 43 46 41 Not ascertained 2 1 1 2 C1) 0) 3 1 1 All cases 100 100 100 100 100 100 100 100 100 Number of cases 818 869 768 325 387 294 443 482 474 1 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 11 AGE OF AUTOMOBILES BY INCOME OF OWNERS, EARLY 1957 AND EARLY 1949 x [Percentage distribution of automobiles within groups] 2 years or less 3^4- years 5-9 years 10 years or more Money income before taxes in All cars preceding year owned 1957 1949 1957 1949 1957 1949 1957 1949 All spending units. 100 29 21 20 41 26 10 46 Under $1,000. .. 100 10 7 6 3 60 18 24 72 $1,000-$ 1,999. . . 100 14 5 16 4 44 21 26 70 $2,000-$2,999... 100 12 12 16 5 59 28 13 55 $3,000-$3,999. . . 100 20 15 19 5 49 26 12 54 $4,000-$4,999. . . 100 23 23 18 8 47 30 12 39 $5,000-$7,499. .. 100 32 36 20 7 40 30 27 $7,500 and over. 100 43 50 25 14 27 21 15 1 Ownership of automobiles as of date of Survey. In early 1957 1950, 1951, 1952, and 1953 models; more than 7 years—1949 models automobiles were classified for age as follows: 1 year or less—1956 and earlier. Similar classifications were used in previous Surveys. and 1957 models; 2 or 3 years—1954 and 1955 models; 4 to 7 years— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 643 SUPPLEMENTARY TABLE 12 SUPPLEMENTARY TABLE 14 AUTOMOBILE OWNERSHIP WITHIN INCOME AND AGE EXPENDITURES FOR SELECTED DURABLE GOODS, 1956 GROUPS, EARLY 1957 [Percentage distribution of purchasers] [Percentage distribution of spending units] Television set Refrigerator or Owns washing machine Num- Group characteristic c b a o s e f e r s c A as l e l s m a o u 1 b to il - e m 2 o o r r e D o n w o o e t n s Amount ex T p tu o e r t n a e d l i- ou N tl e a t y i ex T p tu o e r t n e a d l i- ou N t e la t y i All spending unitsl 3,041 100 62 10 28 U $1 n 0 d 0 e - r $ 1 $ 4 1 9 0 0 ... . 1 5 3 1 5 4 1 8 4 1 9 5 19 $ U $ $ 5 2 3 6 l n , t , , 0 0 0 a d 0 x 0 0 e m 0 0 0 e r o s - - - $ 5 $ $ : n 1 2 3 l e , , , , y 0 9 9 9 0 9 9 9 0 9 9 9 income before 2 3 3 3 2 2 5 1 4 5 2 0 1 1 1 1 0 0 0 0 0 0 0 0 2 5 6 3 7 4 9 7 2 5 3 1 4 2 7 6 1 8 2 1 $ N $ $ $ $ 1 4 2 2 3 o 0 5 0 5 0 t 0 0 0 0 0 a - - - - a $ $ $ $ s n c 1 2 2 3 e d 9 4 9 9 r 9 9 9 9 t o a v in e e r d ( 2 1 1 1 2) 5 7 8 8 4 2 1 1 n 4 6 3 9 8 1 1 1 1 1 4 3 1 8 8 1 1 1 1 7 6 5 6 8 4 $ $5 4 , , 0 0 0 0 0 0 - - $ $ 7 4 , , 4 9 9 9 9 9 7 3 6 9 1 5 1 10 0 0 0 7 7 9 7 1 5 1 1 1 8 0 All cases 100 100 100 100 $ $ 7 10 ,5 ,0 0 0 0 0 -$ a 9 n ,9 d 9 9 over 3 3 4 2 7 7 1 1 0 0 0 0 7 5 1 9 2 3 3 7 4 6 Number of cases 415 415 501 i 501 Ag 2 1 e 5 8 - o - 3 2 f 4 4 head of spending unit: 2 6 7 0 1 0 1 1 0 0 0 0 7 6 4 1 2 9 3 1 7 7 2 1 N To o t a c l a s e e x s p r e e n p d o i r t t u e r d e o le r s s le s t s r a t d h e a - n in o . ne-half of 1 per cent. 35-44 686 100 71 12 17 45-54 586 100 59 17 24 55-64 433 100 63 11 26 65 and over 420 100 37 61 1 Includes units for which age was not ascertained. SUPPLEMENTARY TABLE 13 SUPPLEMENTARY TABLE 15 CREDIT PURCHASERS OF AUTOMOBILES AND OTHER CONSUMER PLANS TO PURCHASE AUTOMOBILES AND SELECTED DURABLE GOODS OTHER SELECTED DURABLE GOODS 2 [Percentage of purchasers using credit] [Prospective purchasers as a percentage of all spending units] Type of purchase 1956 1955 1954 Type of purchase 1957 1956 1955 New automobile 63 60 61 New automobile 8 8 Used automobile . 58 60 61 Used automobile 8 7 7 Furniture and major household appliances1. .. 48 52 54 Furniture and major household appliances2... 29 28 28 Furniture ... 46 45 50 Furniture 13 11 12 Television set 49 56 57 Television set 5 5 6 Refrigerator 40 51 58 Refrigerator 5 5 4 Washing machine 46 55 55 Washing machine 6 6 5 1 Includes items listed and other major appliances. Purchasers of 1 Includes spending units planning definitely, probably, or possibly two items, one for credit and one for cash, were classified as credit to buy and those having already bought in Survey year. purchasers. Charge-account purchasers are excluded. 2 Includes spending units planning purchases of items listed individually and other major household appliances. SUPPLEMENTARY TABLE 16 INSTALMENT DEBT WITHIN INCOME GROUPS, EARLY 1957 1 [Percentage distribution of spending units] Amount of instalment debt Number All No Some 1956 money income before taxes of cases cases debt debt $l-$99 $100- $200- $500- $1,000 Not $199 $499 $999 and over ascertained All income groups. 3,041 100 53 47 12 Under $1,000.... 224 100 85 15 6 4 3 1 $1,000-51,999.... 310 100 70 30 8 7 3 3 $2,000-$2,999.... 325 100 60 40 10 13 4 3 $3,000-$3,999.... 352 100 50 50 4 12 11 11 $4,000-$4,999.... 395 100 39 61 7 14 15 15 $5,000-$7,499.... 761 100 39 61 5 16 12 19 $7,500-$9,999.... 327 100 45 55 4 11 11 23 $10,000 and over. 347 100 65 35 2 6 13 1 Excludes charge accounts, single-payment loans, mortgage debt, 2 No cases reported or less than one-half of 1 per cent. and business debt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN • JUNE 1957 SUPPLEMENTARY TABLE 17 TYPE OF DEBT WITHIN INCOME GROUPS, EARLY 1957 [Percentage distribution of spending units] Personal debt only2 Mortgage debt combined with— 1956 b e m fo o r n e e y ta x in e c s ome N of u m ca b se e s r c A as l e l s d N e o bt d S e o b m ti e Mo o d r n e t b l g y t age I m ns e t n a t l- s N ta o l n m i e n n - t in a s B n s ta o t d a l t m h l n m e o i e n n n n - t - t I m n d s e e t b n a t l t - s N ta d o l e m n b i e n t n - t i a n s B n s ta o t d d a l t e m h l n m b e o t i e n n n n - t - t All spending units 3,041 100 33 67 8 15 8 13 10 4 9 Under $1,000 224 100 68 32 2 7 13 5 2 1 1 $l,000-$l,999 310 100 52 48 4 15 12 10 2 2 4 $2,000-$2,999 325 100 41 59 3 15 11 18 3 4 4 $3,000-53,999 352 100 30 70 5 21 11 19 7 4 4 $4,000-$4,999 395 100 24 76 7 22 6 19 11 2 9 $5,000-$7,499 761 100 21 79 11 16 3 14 16 3 16 $7,500-$9,999 327 100 16 84 13 11 9 8 19 8 17 $10,000 and over 347 100 34 66 18 8 7 5 13 6 10 1 Distribution of spending units by type of debt may not equal total sumer debt other than charge accounts; it excludes mortgage debt percentage indebted because of rounding. and business debt. 2 Personal debt represents all short- and intermediate-term con- SUPPLEMENTARY TABLE 18 INSTALMENT DEBT COMPOSITION WITHIN INCOME AND LIQUID ASSET GROUPS, EARLY 1957 [Percentage distribution of spending units] Debt composition Automobile debt Group characteristic sp u e A n n d i l t l i s ng st N a d o l e m b i e n t n - t i S d m n e o s e b t m n a t* l t e - m A o d o u n e b t b l o y i t l - e d H u h d o o r o a n e u b l b l s d y l t e e - s O o d n t e h l b y e t 2 r H h o o u l s d e c - omb d H i u n h o r e o a u d l b s d l e w e - s ith— Other c d H o u m h w d o r o a e u i b b b l t s i d h l t n e e - e s d durables debt and debt other debt other debt debt All spending units 100 53 47 10 10 1956 money income before taxes Under $1,000 100 84 16 2 6 $l,000-$l,999 100 70 30 6 11 $2,000-$2,999 100 60 40 4 13 $3,000-$3,999 100 50 50 11 8 $4,000-$4,999 100 39 61 10 14 8 $5,000-$7,499 100 39 61 13 10 11 $7,500-$9,999 100 45 55 18 6 $10,000 and over 100 65 35 13 9 Liquid asset holdings: None 100 45 55 16 7 9 $1-5199 100 33 67 9 10 11 11 $200-$499 100 39 61 12 13 11 6 $500-$l,999 100 59 41 14 7 7 3 $2,000 and over 100 80 20 3 5 1 1 Distribution of spending units according to composition of debt it excludes charge accounts, single-payment loans, mortgage debt, may not equal total percentage indebted because of rounding. and business debt. 2 Other instalment debt includes nonmortgage debt for home im- 3 No cases reported or less than one-half of 1 per cent. provement and maintenance and debt for miscellaneous purposes; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

HOUSING AND DURABLE GOODS 645 SUPPLEMENTARY TABLE 19 PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND FAMILY STATUS GROUPS [Purchasers as a percentage of spending units] Any type of Television Washing purchase * set machine Refrigerator Furniture Group characteristic 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 All spending units 43 45 14 15 9 8 7 8 17 18 Money income before taxes: Under $1,000 15 25 4 5 2 4 3 6 4 6 $l,000-$l,999 28 30 10 8 4 4 7 7 7 8 $2,000-52,999 . . 37 42 13 19 7 6 4 8 17 10 $3,000-$3,999 40 49 13 20 10 8 9 7 17 19 $4,000-$4,999 46 50 20 17 13 10 9 10 17 21 $5,000-$7,499 54 52 19 17 11 12 8 8 21 24 $7,500-$9,999 53 57 11 18 12 10 8 6 24 30 $10,000 and over.. . 60 61 13 18 12 13 8 9 25 30 Family status: Single: Age 18-44 24 21 7 5 2 2 2 3 9 11 Age 45 and over 22 24 8 7 3 2 4 5 6 7 Married:2 Age 18-44, no children under 18 55 63 21 25 10 10 10 14 30 30 Age 18-44, children under 18.. 59 58 19 21 14 14 10 9 24 26 Age 45 and over, no children under 18. 37 43 12 15 7 6 6 7 13 15 Age 45 and over, children under 18... 45 51 14 16 9 12 7 7 15 17 1 Includes purchasers of items listed individually and of other 2 Age refers to head of spending unit. Includes only spending major household appliances. units in which both husband and wife are present. SUPPLEMENTARY TABLE 20 CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS 1 [Prospective purchasers as a percentage of spending units] Consumer durable goods Nonfarm houses, Money income before taxes in preceding year New automobiles Used automobiles h F o u u r s n e i h tu o r l e d a a n p d p l m ian aj c o e r s new and used2 1957 1956 1957 1956 1957 1956 1957 1956 All spending units , 29 28 Under $1,000 1 1 7 12 10 3 $l,000-$l,999 4 1 6 14 19 2 $2,000-$2,999 3 3 9 25 20 2 $3,000-$3,999 4 5 10 26 26 6 $4,000-$4,999 7 9 10 31 32 11 10 $5,000-$7,499 10 11 9 37 35 12 13 $7,500-$9,999 15 19 6 43 43 12 13 $10,000 and over 24 23 4 42 47 15 12 Median planned expenditure $2,800 $2,700 $800 $700 $300 $300 1 Includes spending units planning definitely, probably, or possibly medians differ from those shown in the "Preliminary Findings" pubto buy and those having already bought in* Survey year. lished in the March BULLETIN. The medians shown in this table 2 Includes nonfarm spending units only. were computed from complete listings; those in the March article 3 Based on spending units that have bought, will buy, or will were interpolated from bracket amounts, and in addition, the 1957 probably buy automobiles, and spending units that have bought, data were not based on the full sample. will buy, will probably, or will possibly buy other items. These 4 Data not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders CREDIT EXTENDED to real estate mortgage lend- counted for $155 million of the decrease since ers by weekly reporting member banks as of May February. Real estate mortgage loans purchased 15, 1957, amounted to $1,075 million, $202 mil- from real estate mortgage lenders under resale lion less than reported at the previous survey on agreement accounted for an additional $36 mil- February 13, 1957; this was a continuation of a lion of the decrease. $249 million decline reported during the previous quarter. Commitments to extend additional credit The foregoing information was obtained by a to these lenders declined $33 million to $754 special survey of all types of credit extended by million. commercial banks to real estate mortgage lenders. Loans to mortgage companies secured by the Results of previous surveys were published in the pledge of real estate mortgage loans owned by the March 1957 and earlier Federal Reserve BULborrowers amounted to $690 million and ac- LETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, MAY 15, 1957, AND SELECTED PRIOR DATES [In millions of dollars] Increase Outstanding on (or decrease — ) Item Feb. 13 May 16, May 15, Feb. 13, May 16, Aug. 10, to 1956, to 1957 1957 r 1956 1955 May 15, May 15, 1957 1957 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 220 257 276 338 -36 -56 Insurance companies . .. 47 62 113 235 -15 -66 Mortgage companies 88 98 107 90 -11 -20 Others1 85 96 56 12 -11 30 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 757 919 968 982 -162 -212 Insurance companies 4 5 10 11 -6 Mortgage companies 690 845 899 911 -155 -209 Othersx . . 63 68 59 59 -6 3 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total 99 102 110 88 -4 -11 Insurance companies ... . . . . . 3 3 4 4 -1 Mortgage companies 37 43 45 24 -5 -8 Others1 58 57 60 60 1 -2 Total loans to real estate mortgage lenders 1,075 1,278 1,354 1,408 -202 -278 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total 754 788 1,131 1,295 -33 -376 Insurance companies 64 75 106 183 -12 -42 Mortgage companies 578 581 851 894 -3 -273 Others* 112 132 173 219 -19 -61 r Revised. ments at Aug. 10, 1955, and Aug. 8, 1956, were not asked to report in , 1 Savings and loan associations, mutual savings banks, builders and other surveys, but their Aug. 10, 1955, figures are included in the May other organizations (other than banks) that make or hold substantial 16, 1956, data and their Aug. 8, 1956, figures are included in Feb. 13, amounts of real estate loans. and May 15, 1957, figures for comparative purposes. Details may NOTE.—Banks reporting less than $1 million of loans and commit- not add to totals due to rounding. 646 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Regulation of Consumer Instalment Credit Views of the Board of Governors EARLY IN 1956 the President, through Chairman of the Joint Economic Committee the Council of Economic Advisers, re- concurred in the desirability of such a study. quested the Board of Governors of the The circumstances occasioning the study Federal Reserve System to undertake a warranted intensive and comprehensive inbroad study of consumer instalment credit. vestigation. Accordingly, the Board of When this request was made a record- Governors directed its research staff to plan breaking year of expansion of this credit a survey that would examine the entire rechad just been completed. The ability of the ord of instalment financing in this and other Government to discharge its responsibilities countries. Academic scholars also particiunder the Employment Act of 1946 was pated in the study under the auspices of the felt by some to be jeopardized by this devel- National Bureau of Economic Research. opment, since credit expansion in this spe- In addition, the survey employed the facilicial sector seemed unresponsive to the gen- ties of the Bureau of the Census and a prieral monetary actions that were then being vate survey organization. The assistance of taken to restrain inflationary pressures. Federal Reserve Bank research staffs was The Board had been concerned with in- enlisted, as well as that of foreign central stalment credit developments for some time, banks. A survey of trade and other opinion and had initiated an inquiry into the effects was conducted under the direction of a speof general credit policy on consumer instal- cial consultant to the Board. ment credit as early as 1953. While neither On March 15 of this year, five of the six the Council of Economic Advisers nor the volumes reporting this study were trans- Board of Governors felt that conditions pre- mitted to the interested Congressional Comvailing early in 1956 warranted a request mittees and agencies of Government and at that time for authority to regulate con- released to the public. The final volume sumer instalment credit, they agreed that a was transmitted and released about six background study of the part played by con- weeks later. sumer credit in economic instability was The members of the Board of Governors needed and would be timely. The Chair- of the Federal Reserve System have indimen of the Banking and Currency Commit- vidually studied the report and have caretees of both Houses of the Congress and the fully considered the entire subject. Based on this study and discussion, the Board finds NOTE.—Statement transmitted by the Board of that: Governors on May 24, 1957, to the Chairmen of the Senate and House Banking and Currency Committees, (1) The use of consumer instalment of the Joint Economic Committee, and of the Council credit for the purchase of costly durable of Economic Advisers. 647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN • JUNE 1957 goods and in the management of family borrowing and to the very great expansion finances has penetrated a widening range in instalment credit outstanding that ocof income receivers and social groups. The curred. Some of the forces making for this pace of penetration, however, has been spo- rapid widening of the market for consumer radic. credit were temporary. Also, this drastic (2) In the past, the rate at which con- liberalization of credit terms and standards sumer instalment credit was granted varied exposed consumer lenders to increased risks. considerably. These variations tended to On both counts, the forces making for credit coincide with general fluctuations in eco- liberalization in that period were to an exnomic activity. tent transient and self-limiting. (3) Though of recognizable importance (7) Because of economic and social facas a factor of instability, fluctuations in con- tors likely to affect the future of instalment sumer instalment credit have been generally credit, its growth in the years ahead may be within limits that could be tolerated in a at a slower pace than in the past. The rapidly growing and dynamic economy. volatility of consumer instalment credit in (4) A possible exception to the third the past was to some extent related to its finding occurred during the 1954-56 up- rapid growth. If future growth is slower, swing in economic activity. The rapid ex- the potential instability of this factor may pansion of consumer instalment credit in be contained within tolerable margins. 1955, with its accompanying secondary im- (8) Under peacetime conditions, special pacts on capital investment, contributed to regulation of consumer instalment credit the emergence of inflationary pressures. would inevitably present problems of com- This expansion, however, combined with pliance to the financing and business conreal estate mortgage and other types of cerns subject to it, and of administration credit expansion in producing this sequence and enforcement to the agency of Governof developments. ment responsible for the regulation. (5) Since early 1956, expansion in total On the basis of the foregoing findings, instalment credit has moderated, in part as the Board of Governors believes that a a result of general monetary restraints and special peacetime authority to regulate conin part as a result of reduced demand for sumer instalment credit is not now advisable. automobiles and other consumer durable The Board feels that the broad public intergoods commonly financed by instalment est is better served if potentially unstabilizcredit. ing credit developments are restrained by (6) Liberalization of instalment credit the use of general monetary measures and terms and standards from mid-1954 through the application of sound public and private 1955, which was particularly marked in fiscal policies. connection with the purchase of new auto- The Board of Governors and its staff mobiles, contributed to the further widening will continue to follow closely developments of the practice of instalment buying and in the use of consumer instalment credit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Economic Trends as a Basis of Policy THIS COMMITTEE and the Board of Gov- other. Even so, the opportunities for vigernors share a common concern: that the orous growth and accelerated technological operations of both monetary and fiscal progress resulting in sharply rising standpolicy be directed—in the words of a report ards of living and increased security, espeissued by your Committee in January 1956 cially for those in the lower and middle in- —to "maintaining a steady and sustainable come groups, have been very great. Even rate of economic progress." greater opportunities lie ahead, ready to be On behalf of the Board of Governors, I realized if the threat of international conflict should like to outline some measures which can be reduced and the insidious inroads of we believe would contribute to the achieve- inflation curbed. ment of this common objective. Inflation is never harmless, even in its Events have moved swiftly since passage mild or "creeping" form. Neither is it inof the Employment Act of 1946. Congres- evitable. Given appropriate monetary and sional debate and expert opinion preceding fiscal policies, reasonable restraint by conpassage of that Act were in close agreement sumers and businesses in their spending in pointing to unemployment of men and decisions, and continuing keen competition, machines as the primary threat to the na- price stability with a rising standard of livtional economy. The history of the period ing can reasonably be expected. On the since the war, both in this country and other hand, acceptance of the gradually risabroad, however, has demonstrated that the ing price theory carries with it a widening primary danger was not one of idle men but expectation of further rise. This leads in was one of too much money. turn to financial overcommitments, specula- Almost everywhere in the world, pressure tion, misdirected expansion of capacity, on resources has been intense. The neces- slackened efficiency, erosion of existing savsity of preventing competing claims for ings and discouragement of new savings, scarce resources from resulting in general and an ultimate reaction of a serious nature. price increases has been a major problem. For about two years we have been ex- Defense needs have been a major claimant. periencing an intensified demand for funds Other demands on resources have been and, although the supply of savings and the bolstered by pressing individual and com- volume of bank credit have both increased, munity needs, on the one hand, and by large expanding demands have outpaced their financial assets, strong liquidity positions, availability to potential users except at risand rapidly rising current incomes, on the ing interest rates. Consequently, the price of money has risen. If bank credit had been NOTE.—Statement of William McChesney Martin, allowed to increase more rapidly under these Jr., Chairman, Board of Governors of the Federal Reserve System, before the Subcommittee on Fiscal circumstances, prices of goods and services, Policy of the Joint Economic Committee, June 14, including those purchased by Federal, State 1957. 649 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN • JUNE 1957 and local governments, would have risen building and some consumer durable goods, further under the stimulus of inflationary the slight falling off in total industrial procredit pressures. How much further no one duction and the drop in prices of some can say, but the strength of inflationary sensitive commodities. However, the genforces has been and is still formidable. eral economy is still being stretched by An increase in the volume of savings is record levels of plant and equipment outthe most effective way to deal with a situa- lays, rising demands for State and local govtion whose inflationary potential would only ernment projects, further increases in conbe aggravated by an excessive use of credit. sumer buying, and continued need for large- As these savings are made available to meet scale defense spending. On balance, the demands for more housing, schools, and situation does not seem to us to reflect a other public improvements, as well as ex- basic weakening that would call for relaxapansion of new business plant and equip- tion in efforts to curb inflationary pressures. ment, they provide the resources for stable Your Committee has indicated an interest economic growth. To the extent that fiscal in the consideration given to current and policy results'in a budgetary surplus and prospective economic trends in the formathe Federal debt is reduced, the supply of tion of Federal Reserve policy. Since Fedsavings is increased and the need for mone- eral Reserve System operations reflect to tary restraint lessened. This is because some degree all phases of the nation's ecomaintenance of a surplus permits funds to nomic life and have a pervasive influence on be channeled through Government debt re- it, they must be adjusted on a day-to-day tirement into the capital markets where they basis to the ever changing situation. Hence, would be available to meet private demands the System has need for as much current and and demands of State and local governments background economic information as it can for funds to carry through their projects for assemble. needed community facilities. Efforts are directed toward bringing to- A reduction in taxes would bring wel- gether, and combining as background for come relief to millions of taxpayers. Such our decision-making the best available staaction, however, without a corresponding tistical information and the best informed curtailment in Federal expenditures, would impressions and judgments that can be obreduce or eliminate the budget surplus, and tained from businessmen, bankers, agricultend to stimulate increased total spending tural experts, labor leaders, and from others in the economy. At the same time the sup- both in and out of government. We also ply of funds made available to the capital depend on information collected and commarkets through Federal debt retirement piled by other agencies of the Federal Govwould be reduced. ernment. For this reason it is important to As a number of witnesses who appeared the proper formulation of monetary policy before this Committee have pointed out, the that the statistical facilities of the Federal general economic situation is still one of Government be well manned. very active demands, intensive utilization of In our appraisal of economic developresources and continuing pressure toward ments maximum use is made of the decenhigher prices for goods and services. They tralized structure of the Federal Reserve have also noted the declines in residential System. Through the 12 Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 651 Banks and their 24 branches, in business Council, composed of representatives of the and financial centers all over the United member banks in each district. These oc- States, and especially because of the caliber casions make it possible to study continuand experience of men who serve as the di- ously underlying developments in all parts rectors and officers of these institutions, the of the country and all sectors of the econ- Federal Reserve is in close touch with cur- omy. rent and prospective developments through- Much of the statistical data and other inout the country. formation we collect for our own policy In accordance with provisions of the Fed- decisions is also made available to the public eral Reserve Act the Board meets frequently in general. We believe this is as important with Presidents of the Federal Reserve as its internal use, because it helps to pro- Banks, who serve as members and alter- vide a basis for better public understanding nates, on the Federal Open Market Com- and more accurate appraisal of credit and mittee. The Act also provides for quar- monetary problems and of policy actions terly meetings with the Federal Advisory designed to deal with them. Current Events and Announcements PUBLICATION OF ANNUAL REPORT ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN The Forty-third Annual Report of the Board of THE FEDERAL RESERVE SYSTEM The following State banks were admitted to mem- Governors of the Federal Reserve System, coverbership in the Federal Reserve System during the ing operations for the calendar year 1956, is period April 16, 1957 to May 15, 1957: available for distribution. Copies may be obtained upon request from the Board's Division Georgia of Administrative Services, Washington 25, D. C. Griffin. The State Bank Iowa FEDERAL RESERVE MEETINGS Manchester. First State Bank Meetings of the Federal Open Market Committee were held in Washington on May 28 and TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY June 18, 1957. Latest BULLETIN Reference A meeting of the Presidents of the Federal Reserve Banks was held on June 17, 1957, and Semiannually Issue Page Banking offices: on June 18 the Presidents met with the Board Analysis of changes in number of.... Feb. 1957 212 of Governors. On, and not on, Federal Reserve Par List, number of Feb. 1957 213 Stock Exchange 6rms, detailed debit and credit balances Mar. 1957 336 RESIGNATION OF BRANCH DIRECTOR Annually On June 17, 1957, the Board of Governors ac- Earnings and expenses: cepted the resignation of Mr. Edward W. Carter, Federal Reserve Banks Feb. 1957 210-211 Member banks: President, Broadway-Hale Stores, Inc., Los An- Calendar year June 1957 710 718 First half of year Oct. 1956 1248 geles, California, as a director of the Los Angeles Insured commercial banks June 1957 719 Banks and branches, number of, by class Branch of the Federal Reserve Bank of San Fran- and State Apr. 1957 472-473 Operating ratios, member banks June 1957 720-722 cisco. Mr. Carter had served the Branch as a di- Banking and monetary statistics, 1956.. {^ J9^7, 5J2I585 rector since January 29, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 17 Economic conditions generally remained strong erately in early June. Television production, in May. Industrial production declined slightly which had been sharply curtailed, showed some further, but construction activity, nonfarm em- recovery in May and output of other major ployment, personal incomes, and retail sales household goods changed little. Construction were maintained at record levels. Industrial materials have shown little change in recent commodity prices continued stable in May and months as lumber production has leveled out and early June and farm prices advanced somewhat. output of stone, clay, and glass products has con- Bank credit increased slightly and interest rates tinued stable. rose substantially. Production of nondurable goods was maintained in May, following some decline in April INDUSTRIAL PRODUCTION which reflected decreases for textiles, apparel, and rubber products. Activity in the paper and print- The Board's preliminary seasonally adjusted ing, chemical, and leather products industries has index of industrial production in May was 143 been generally sustained. The April-May level of per cent of the 1947-49 average, one point below minerals output was 4 per cent below the record the revised figure for April and two points below March level, reflecting curtailed crude oil extracthe revised March level. A year ago the index tion and coal and metal mining. was 141. Output of durable goods declined further in CONSTRUCTION May. Steel mills were operated at 87 per cent Private housing starts rose somewhat further of capacity compared with 90 per cent in April; in May, to a seasonally adjusted annual rate of in early June the operating rate increased slightly close to 1 million units. While 14 per cent below to 88 per cent. Activity in some producers' a year ago, starts were the highest since Decemequipment lines—farm machinery, aircraft, and ber. Seasonally adjusted construction activity industrial and commercial machinery—was curchanged little at a record level. Contract awards tailed. Auto assemblies were maintained in May in April were below the very high March rate, at the reduced April rate, and increased modbut the total for the first four months of 1957 equaled the record of the year-earlier period. INDUSTRIAL PRODUCTION 1947-49*100 EMPLOYMENT Seasonally adjusted nonfarm employment in MAN D U U F R A A C B T L U E RES May remained at the record high of recent months, despite further decreases in manufacturing employment. Unemployment changed little and, at 2.7 million, was about the same as a year ago. The factory workweek declined slightly, to an average of 39.7 hours, but hourly / NONDURABLE earnings were maintained and average weekly MANUFACTURES earnings changed little at a level 4 per cent higher than in May 1956. DISTRIBUTION Seasonally adjusted value of retail sales in May Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for May. continued at about the record level established 652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 653 last December and was 4 per cent above a Government security holdings rose in late May year earlier. Unit sales of new autos rose some- when banks purchased new Treasury tax anticipawhat, to the year-ago rate. Sales at department tion bills. Total loans declined over the period, stores recovered moderately, while volume at reflecting mainly decreases in business loans, insome other retail outlets apparently declined cluding continued net repayments by seasonal slightly. borrowers and reductions in loans to sales finance companies. COMMODITY PRICES Member bank borrowing from the Federal Reserve averaged about $450 million more than The general level of wholesale commodity excess reserves in the four weeks ending June 12, prices advanced somewhat from mid-May to midslightly more than in the preceding four week June, reflecting mainly substantial increases in period. Reserves accruing to banks, mainly prices of meats and livestock. Industrial comthrough gold purchases, were more than offset by modities continued to change little at the adcurrency outflows and declines in System holdings vanced level reached earlier this year. Steel scrap of Government securities. rose sharply further, to a level only moderately below the very advanced peak of last December, while there were additional reductions in prices SECURITY MARKETS of lead and zinc. Yields on all types of bonds and short-term Consumer prices rose further in April and were securities increased sharply from mid-May to up 4 per cent from early last year when the ad- mid-June, in most cases to levels above the highs vance began. Retail as well as wholesale prices of reached around the turn of the year. The avermeats have advanced since April. age issuing rate in the Treasury bill auction of June 3 rose to 3% per cent, a new postwar high. BANK CREDIT AND RESERVES Common stocks prices rose further, to a level exceeding the earlier 1957 high in January, but they Total credit outstanding at city banks increased were still below the 1956 peak. slightly between early May and early June. U. S. LOANS AND INVESTMENTS — MEMBER BANKS IN LEADING CITIES RESERVES AND BORROWINGS - ALL MEMBERBANKS Billions of dollars Billions of dollars BORROWINGS AT F. R. BANKS W\MAA A I V V EXCESS RESERVES — FREE RESERVES . Federal Reserve data. Loans to banks are excluded. Secu- Federal Reserve data. Free reserves are excess reserves rities other than U. S. Government are included in the total less borrowings. Weekly averages, latest shown are for week but not shown separately. Weekly figures, latest shown are ending June 12. for June 5. 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 657 Reserve Bank discount rates; reserve requirements; margin requirements. . 660 Federal Reserve Banks . . 661 Bank debits; currency in circulation 664 All banks: consolidated statement of monetary system; deposits and currency. , 666 All banks, by classes.... . .... 667 Commercial banks, by classes.... 670 Weekly reporting member banks. . 672 Commercial loans; commercial paper and bankers' acceptances. . 674 Interest rates 675 Security prices; stock market credit. 676 Savings institutions. 677 Federal business-type activities. 678 Federal finance. 680 Security issues. . . 684 Business finance . . 685 Real estate credit. 687 Short- and intermediate-term consumer credit. . 690 Selected indexes on business activity. 694 Production . 695 Employment and earnings. 702 Department stores. 704 Foreign trade. ... 705 Wholesale and consumer prices.... 706 National product and income series. 708 Member Bank Earnings, 1956 710 Member Bank Operating Ratios, 1956 . . ... 720 Tables published in BULLETIN, annually or semiannually—list, with references. 651 Index to statistical tables. ... 751 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. 655 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 EXCESS RESERVES 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 DISCOUNTS AND ADVANCES 2 0 ' PtDtKAL KtbtKVt I-LUAI ' | 2 0 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending May 29. See p. 657. 656 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 quired 2 cess 2 agreement Averages of daily figures 1956 Apr. 4 23,634 23,587 986 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 ,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 ,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 21,74f 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 30,359 789 563 378 314 980 18,710 18,241 469 May 23 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 18,809 18,275 534 May 30 23,412 23,359 53 73: 83524,995 21,771 5,032 30,327 785 507 297 328 984 18,569 18,227 342 June 6 23,503 23,406 97 894 90625,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13 23,516 23,491 25 747 97025,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20 23,492 23,492 764 1,50725,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27 23,478 23,452 "26 756 1,36925,621 21,799 5,033 30,485 781 570 297 290 1,00019,030 18,435 595 July 4 23,791 23,748 43 644 1,23125,685 21,806 5,032 30,765 773 493 298 298 99318,90: 18,430 472 July 11 23,836 23,826 10 880 1,16925,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18 23,490 23,487 849 1,41225,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25 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 31 796 78725,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12 23,858 23,829 29 1,012 1,04525,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19 23,691 23,673 18 654 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26 23,576 23,555 21 705 1,39425,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3 23,697 23,60: 95 810 1,06725,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10 23,840 23,766 74 857 99025,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17 23,860 23,846 14 714 1,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24 23,736 23,736 564 1,54725,866 21,909 5,048 30,864 777 505 293 291 956 19,137 18,574 563 Oct. 31 23,708 23,668 "40 674 1,06:25,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7 23,824 23,766 58 828 1,084 25,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14 23,940 23,882 58 945 1,04025,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21 24,033 23,959 74 662 1,543 26,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28 24,202 24,110 9: 631 1,514 26,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5 24,404 24,287 117 460 1,268 26,165 21,953 5,060 31,451 770 408 344 228 910 19,068 18,682 386 Dec. 12 24,652 24,493 159 709 1,226 26,633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19 24,785 24,489 296 555 1,835 27,223 21,927 5,064 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26 24,906 24,574 332 667 2,20827,842 21,949 5,066 31,992 765 635 393 258 024 19,790 19,086 704 1957 Jan. 2 24,994 24,610 384 925 1,537 27,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9 24,688 24,601 87 535 1,539 26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 1,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1,446 25,636 21,951 5,067 30,827 798 199 324 268 894 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 30,596 817 534 333 276 992 18,920 18,445 475 Feb. 13 23,264 23,190 741 96224,997 22,252 5,070 30,641 820 377 366 299 ,00718,808 18,265 543 Feb. 20 22,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 116 18,895 18,309 586 Feb. 27 22,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 ,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 ,13118,721 18,231 490 Mar. 13 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 Mar. 20 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 ,13819,204 18,578 626 Mar. 27 23,094 23,051 43 844 96724,930 22,305 5,083 30,502 813 353 334 205 ,13918,971 18,362 609 Apr. 3 3,189 23,040 149 1,074 87725,165 22,306 5,086 30,589 517 294 314 ,16718,868 18,525 343 Apr. 10 3,262 23,040 222 1,230 88125,400 22,307 5,088 30,655 814 387 340 305 ,20519,088 18,523 565 Apr. 17 3,282 23,146 136 1,244 96725,520 22,313 5,089 30,681 808 478 344 300 ,20319,107 18,556 551 Apr. 24 ,3,237 23,169 68 947 1,48425,695 22,317 5,092 30,610 791 456 390 454 ,20219,201 18,639 562 May 1 23,169 23,169 730 1,16825,093 22,318 5,094 30,499 793 419 352 291 ,14819,000 18,621 379 May 8 23,213 23,125 993 94725,177 22,318 5,095 30,589 795 504 366 275 ,07818,984 18,495 489 May 15 23,083 23,033 975 94825,031 22,319 5,096 30,654 787 479 366 241 ,07518,845 18,368 477 May 22 22,915 22,915 793 1,34125,070 22,320 5,098 30,645 790 525 362 273 ,07418,818 18,298 May 29 22,930 22,901 9031 97924,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,278 ^338 I Preliminary. For other footnotes see following page. 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 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 r a i 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 e r d a i u e l e s e d e r s e r - - v c D o a a a n n u i d s c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n r g y c a t - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y d a h s s - - T u r w r e y i a t s h - r F es . F e e i o R r g v r . n - e B s, a O nk th s er O F. t h R er . Total r q e u s R e i e r rv - e e d s 2 c E es x s - 2 ment Averages of daily figures 1956 May. 23,322 23,262 60 971 92825,237 21,768 5,028 30,322 785 556 331 322 982 8,735 18,268 467 June. 23,522 23,486 36 770 1,206 2255,516 21,795 5,033 30,536 778 485 315 304 991 8,933 18,359 574 July.. 23,580 23,573 7 738 1,263 5,599 21,826 5,032 30,751 771 521 300 280 999 8,836 18,237 599 Aug.. 3,530 23,488 42 898 91025,357 21,855 5,038 30,650 774 504 318 275 946 8,783 18,224 559 Sept.. 3,728 23,695 33 792 ,19825,737 21,880 5,043 30,803 772 523 356 237 946 9,024 18,446 578 Oct.., •3,781 23,742 39 715 ,18225,698 21,906 5,048 30,864 776 487 337 299 950 8,939 18,419 520 Nov.. :4,024 23,951 73 745 ,300 16,097 21,910 5,056 31,198 774 456 308 313 845 9,169 18,579 590 Dec. •4,765 24,498 267 706 ,633 •7,156 21,942 5,064 31,775 772 463 372 247 998 9,535 18,883 652 1957 Jan.. 24,092 24,056 36 432 ,343 •5,905 21,989 5,067 31,040 794 335 323 276 896 9,295 18,773 522 Feb.. 23,111 23,083 28 665 ,106 '4,912 22,279 5,071 30,595 817 336 355 294 1,071 8,816 18,302 514 Mar.. 23,061 22,997 64 859 ,024 •4,968 22,305 5,081 30,568 812 423 316 216 1,135 8,884 18,366 518 Apr.. 23,239 23,121 118 1,036 ,11025,411 22,313 5,090 '30,614 803 429 348 339 1,195 9,087 18,580 507 May. 23,041 22,996 45 931 1,046 25,041 22,358 5,098 30,645 792 521 361 276 1,075 8,827 Midyear or year-end 1929—June.... 216 148 68 1,037 5: 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 91 2,593 17,644 2,963 7,598 2,409 634 397 256 251 1,653 6,444 5,209 1941—Dec 2,254 2,254 94 2,361 22,737 3,247 11,160 2,215 867 774 586 291 2,450 9,365 3,085 1945—Dec 24,26: 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 8: 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 6' 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 777 9,950 20,520 -570 1953—Dec 25,916 25,318 598 2S 93526,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 907 8,876 18,618 258 1955—June.... 23,607 23,554 53 128 85024,601 21,678 5,002 30,229 81 380 374 448 97218,066 18,139 -73 Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 40: 554 925 9,005 18,903 102 End of month 1956 May. 23,47- 23,360 114 1,160 72625,377 21,772 5,030 30,513 779 515 307 309 98318,773 18,204 569 June. 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 52: 297 313 99218,443 18,449 -6 July., 23,438 23,438 452 959 24,868 21,830 5,035 30,604 761 513 308 288 95018,308 18,104 204 Aug.. 23,854 23,828 26 832 77125,480 21,858 5,041 30,757 768 42: 350 252 94318,888 18,377 511 Sept.. 23,680 23,590 90 664 1,125 25,487 21,884 5,046 30,768 771 535 334 227 95018,831 18,450 381 Oct.. 23,767 23,688 79 538 91025,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Nov.. 24,385 24,255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 18: 84319,208 18,719 489 Dec.. 24,915 24,610 30: 50 1,665 26,699 21,949 5,066 31,790 775 441 32: 426 90119,059 19,089 -30 1957 Jan 23,421 23,421 668 l,07i 25,195 22,252 5,071 30,61 809 715 344 263 89118,882 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 80324,970 22,306 5,086 30,585 804 591 311 304 1,13718,629 18,512 117 Apr 23,169 23,169 82! 93624,960 22,318 5,094 30,519 791 509 316 294 1,07918,864 18,588 276 May 23,108 22,950 15; 1,170 92625,224^22,620 '5,103 '30,832 *>792 568 360 27- 1,07219,049 18,365 Wednesday 1957 Mar. 6 22,90 22,90 797 89: 24,616 22,304 5,07 30,568 81 406 320 210 ,13018,545 18,183 362 Mar. 13 23,069 23,032 37 639 877 2244,608 22,304 5,079 30,567 815 45 292 205 ,12818,533 18,313 220 Mar. 20 23,198 23,116 82 893 1,051 25,165 22,305 5,081 30,516 818 745 300 188 ,14018,844 18,569 275 Mar. 27 23,066 23,040 26 617 80724,513 22,305 5,085 30,469 81 490 345 299 ,13918,350 18,314 36 Apr. 3 23,268 23,040 22? 1,12 91 25,324 22,306 5,08' 30,592 818 360 249 298 ,20519,195 18,64: 552 Apr. 10 23,222 23,040 18: 1,227 72. 25,20' 22,31 5,088 30,633 82: 376 334 308 ,20418,922 18,50: 417 Apr. 17 23,239 23,17C 6S 809 1,12 25,20 22,31 5,089 30,650 797 384 360 300 ,20218,915 18,68: 230 Apr. 24 23,169 23,16S 674 1,07 24,942 22,31 5,093 30,47 799 328 388 293 ,20 18,872 18,63: 240 May 1 23,16S 23,169 1,09. 1,01 25,30: 22,31 5,094 30,510 80: 599 31 293 ,07! 19,123 18,64 482 May 8 23.18C 23,121 804 78 24,79C 22,315 5,096 30,604 792 36< 35: 234 ,07' 18,779 18,43: 341 M M M a a a y y y 2 2 1 2 9 5. 2 2 23 3 2 , , , 0 8 0 0 9 1 1 . : 2 2 2 2 3 2 , , , 8 0 9 9 0 5 5 8 0 9 6 6 9 6 6 1 4 9 l 1 , , 0 7 0 8 9 8 . C 2 2 2 4 4 4 , , , 7 6 8 8 7 0 : . ^ 2 2 2 2 2 2 , , , 3 3 6 2 2 2 C C € 5 5 5 , , , 0 1 1 9 0 0 < : 3 3 3 O 0 0 , , , 8 5 6 8 1 3 r 4 7 7 7 9 9 9 < : 7 4 3 5 8 6 1 7 6 8 3 3 3 5 4 6 , 3 4 2 2 2 8 8 4 : : 2 , , ,0 0 0 7 7 7 : 4 1 1 1 8 8 8 , , , 6 7 4 8 6 9 : 9 4^ P 1 1 1 8 8 8 , , 4 2 3 1 6 8 ' ' * P 4 2 2 0 6 0 S 2 6 P Preliminary. r Revised 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 659 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a A b e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1956—Apr.. 18,847 4,287 1,105 7,814 5,641 1956—Apr. 527 -1 64 476 May. 18,735 4,264 1,119 7,775 5,577 May 467 2 49 406 June. 18,933 4,354 1,133 7,784 5,662 June 575 4 78 479 July. 18,836 4,237 1,129 7,796 5,675 July 599 3 89 496 Aug.. 18,783 4,236 1,130 7,783 5,633 Aug 559 1 79 469 Sept.. 19,024 4,288 1,120 7,885 5,732 Sept 579 80 498 Oct.. 18,939 4,222 1,111 7,869 5,736 Oct 520 4 52 456 Nov.. 19,169 4,244 1,122 7,960 5,843 Nov 590 13 3 83 491 Dec. 19,535 4,448 1,149 8,078 5,859 Dec 651 57 12 96 488 1957—Jan.., 19,295 4,316 1,126 7,996 5,857 1957—Jan 523 -10 -2 58 478 Feb.., 18,816 4,205 1,107 7,781 5,722 Feb 514 5 66 443 Mar.. 18,884 4,341 1,102 7,746 5,696 Mar 518 14 4 60 440 Apr.. 19,087 4,307 1,097 7,921 5,762 Apr , 506 -1 -1 65 443 Week ending: Week ending: 1957_Apr. 17., 19,107 4,272 1,104 7,922 5,808 1957_Apr. 17 552 3 2 491 Apr. 24. 19,201 4,310 1,102 7,925 5,864 Apr. 24 561 -2 -1 515 May 1. 19,000 4,342 1,121 7,908 5,628 May 1 378 16 2 314 May 8. 18,984 4,284 1,106 7,853 5,741 May 8 488 10 1 427 May 15. 18,845 4,227 1,095 7,807 5,716 May 15 477 15 1 403 May 22. 18,818 4,192 1,095 7,755 5,777 May 22 9 3 May 29. 18,616 4,200 1,098 7,748 5,569 May 29 6 1 Required reserves:2 Borrowings at Federal Reserve Banks: 1956—Apr.. 18,320 4,299 1,106 7,750 5,165 May. 18,268 4,254 1,117 7,726 5,171 1956—Apr... 1,060 155 261 493 151 June. 18,359 4,341 1,130 7,706 5,183 May.. 971 98 155 517 201 July., 18,237 4,225 1,127 7,707 5,179 June.. 769 46 115 434 174 Aug.. 18,224 4,227 1,129 7,704 5,164 July.. 738 119 50 433 136 Sept.. 18,446 4,288 1,120 7,805 5,234 Aug.. 898 168 74 461 195 Oct.., 18,419 4,214 1,107 7,817 5,281 Sept.. 792 204 93 377 118 Nov.. 18,579 4,231 1,119 7,877 5,352 Oct... 715 200 118 299 98 Dec. 18,883 4,392 1,138 7,983 5,371 Nov.. 744 226 143 276 99 Dec... 688 147 97 300 144 1957—Jan.., 18,773 4,327 1,129 7,938 5,379 Feb.., 18,302 4,200 1,107 7,715 5,279 1957—Jan.. 407 30 38 229 110 Mar.. 18,366 4,326 1,098 7,686 5,256 Feb.. 640 129 53 314 144 Apr.. 18,580 4,308 1,097 7,855 5,320 Mar.. 834 116 257 302 159 Apr.. 1,011 299 210 329 173 Week ending: 1957_Apr. 17. 18,556 4,270 1,103 7,866 5,317 Week ending: Apr. 24. 18,639 4,312 1,103 7,875 5,349 1957—Apr. 17., 1,219 429 231 359 200 May 1., 18,621 4,326 1,119 7,862 5,314 Apr. 24. 922 234 213 315 160 May 8. 18,495 4,273 1,105 7,803 5,314 May 1. 704 98 128 311 167 May 15. 18,368 4,212 1,094 7,749 5,313 May 8. 968 220 212 371 165 May 22. '18,298 4,183 1,092 7,704 ^5,319 May 15. 949 129 186 399 234 May 29. '18,278 4,194 1,097 7,685 *>5,302 May 22. 772 71 148 406 147 May 29. 883 34 132 472 245 April 1956 Free reserves2 4 Deposits: 1956—Apr... -533 -167 -262 -429 325 May.. -504 -88 -153 -468 205 Gross demand deposits: June.. -194 -33 -111 -356 305 Total 114,745 23,294 5,901 45,112 40,438 July.. -139 -108 -48 -344 360 Interbank 12,781 4,033 1,201 6,250 1,297 Aug.. -339 -158 -73 -382 274 Other 101,964 19,261 4,701 38,862 39,141 Sept.. -213 -204 -93 -297 380 Net demand deposits3. . 99,193 20,668 5,211 38,485 34,830 Oct... -195 -192 -114 -246 358 Time deposits 40,747 3,313 1,287 16,448 19,698 Nov.. -154 -214 -140 -193 393 Demand balances due Dec... -37 -90 -85 -204 344 from domestic banks.. 6,410 101 98 2,050 4,161 1957—Jan.. 117 -40 -40 -172 369 Feb.. -126 -123 -53 -249 299 \pril 1957 Mar.. -316 -101 -253 -242 280 Apr.. -505 -300 -210 -263 269 Gross demand deposits: Week ending: Total 115,873 23,293 5,866 45,487 41,227 1957—Apr. 17. 667 -426 -229 -303 291 Interbank 12,719 4,028 1,184 6,174 1,333 Apr. 24. 361 -236 -214 -266 355 Other 103,154 19,265 4,682 39,313 39,894 May 1. 326 -82 -126 -265 147 Net demand deposits3. . 99,962 20,598 5,159 38,735 35,470 May 8. 480 -210 -211 -321 262 Time deposits 44,005 3,773 1,310 17,657 21,264 May 15. 472 -114 -185 -341 169 Demand balances due May 22. -62 -145 -355 from domestic banks.. 6,380 75 93 1,990 4,222 May 29. -28 -131 -410 » 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

660 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annurn] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Federal Reserve Bank a A o d d b v v l a i a n g n c a c e t e i s o s n s s e s e c c a u u n r r e d e d d d b i b s y y c o e G l u i n g o i t v b s e le o r n f p m a a n e p d n e t r Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances b o a b n l ( i k g la s a s t s t i e o 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 May 31 beginning— May 31 beginning— rate May 31 beginning— rate Boston Aug. 28, 1956 Aug. 28,1956 Aug. 28,1956 New York... Aug. 24, 1956 Aug. 24,1956 Aug. 24,1956 Philadelphia.. Aug. 24, 1956 Aug. 24,1956 Apr. 13,1956 Cleveland Aug. 27, 1956 Aug. 27,1956 Aug. 27,1956 Richmond... Aug. 24, 1956 Aug. 24,1956 Aug. 24,1956 Atlanta Aug. 28, 1956 Aug. 28,1956 Aug. 28,1956 Chicago Aug. 24, 1956 Aug. 24,1956 Aug. 24,1956 St. Louis Aug. 28, 1956 Aug. 28,1956 Aug. 28,1956 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 Aug. 28,1956 San Francisco Apr. 13, 1956 Apr. 13,1956 Apr. 13,1956 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATE* MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits i 1930_F J D M M u e e n a a b c y r e . . . 2 2 1 7 2 4 0 4 1 1 1 1 9 9 9 9 4 4 4 5 2 8 6 0 — — — — O J A A A c a p u u n t r g g . . . . . 2 2 3 1 1 1 5 0 2 3 Ef o fe f c c ti h v a e n g d e ate C r b e e a s n e n t r 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 Oct. 9 1954—Feb. 5 Oct. 16 Apr. 16 1932—Feb. 26 1955—Apr. 15 1917—June 21 13 10 June 24 Aug. 5 1933—Mar. 3 Sept. 9 1936—Aug. 16 19% 15 Apr. 7 Nov. 18 1937—Mar. 1 17% May 26 1956—Apr. 13 May 1 $ 20 Oct. 20 Aug. 24 1934— Feb. 2 1938—Apr. 16 17% 1937_Aug. 27 In effect June 1, 1957 1941—Nov. 1 26 20 1942—Aug. 20 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16,24*.... 26 22 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949—May 1,5* 24 21 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 Aug. 1,11*.... 8* A A u u g g . . 2 1 5 6,18*.... lfA 15* MARGIN REQUIREMENTS i Sept. 1 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 Jan. 25,Feb 1*. 24 20 Feb. 20, Jan. 4, Effec- 1953—July if9« 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 June 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 * 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- re a s n er d ve Coun- try reserve try banks city banks banks 7 3 n 10% ? 14 6 12 5 5 14 6 6 16 7% m 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 661 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 May 29 May 22 May 15 May 8 May ] May April May Assets Gold certificate account 21,089,392 20,789,39320,789,39220,789,39320,779,39321,089,393 20,779,39320,249,987 Redemption fund for F. R. notes.. 842,662 844,682 847,045 851,948 855,434 842,662 855,435 834,859 Total gold certificate reserves. 21,932,05421,634,075 21,636,437 21,641,34121,634,827 21,932,055 21,634,82821,084,846 F. R. notes of other Banks 315,593 368,141 361,534 372,825 398,222 308,840 388,850 239,419 Other cash 332,926 356,840 362,228 363,681 392,949 334,747 401,067 353,076 Discounts and advances: For member banks 943,741 649,342 666,250 778,856 1,070,490 1,157,593 804,325 1,160,025 For nonmember banks, etc 20,000 20,000 25,000 25,000 25,000 12,000 25,000 Industrial loans 748 734 774 746 774 774 780 933 Acceptances—Bought outright 20,719 19,720 20,732 23,697 23,735 20,692 24,126 16,442 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 214,763 160,100 272,955 385,805 434,105 214,763 434,105 471,970 Certificates—Special Other 11,362,19911,362,19911,362,199 ,362,199 362,199 ,362,199 11,362 10,932,699 Notes 8,571,413 ,571,413 85714,13 ,571,413 571,413 ,571,413 8,571 9,153,913 Bonds 2,801,750 2,801,750 571,413 ,801,750 801,750 ,801,750 2,801! 2,801,750 801,750 Total bought outright 22,950,125 22,895,462 23,008,317 23,121,167 23,169,467 ,950,12523,169,467 23,360,332 Held under repurchase agreement. 63,200 59,000 ... 157,400 113,400 Total U. S. Government securities. 23,013,325 22,895,46223,008,317 23,180,167 23,169,46723,107,525 23,169,46723,473,732 Total loans and securities 23,998,533 23,585,25823,721,07324,008,466 24,289,466 24,298,58424,023,69824,651,132 Due from foreign banks. 22 22 22 22 22 22 Uncollected cash items.. 4,757,915 ,239,599 5,881,575 • ,499,699 ,211,373 ,471,668 4,831 385 4,190,376 Bank premises 78,193 77,233 76,865 76,670 76,538 78,155 76 670 66,584 Other assets 190,431 178,711 165,674 153,265 140,013 194,266 137901 198,032 Total assets. 51,605,667 51,439,87952,205,40851,115,96952,143,410 51,618,337 51,494,42150,783,487 Liabilities Federal Reserve notes 26,472,513 26,313,77126,373,6 26,359,154 26,327,13226,475,827 26,322,503 26,167,514 Deposits: Member bank reserves 18,684,73118,493,50518,768,696 18,778,965 19,122,617 19,048,924 18,864,42: 18,773,171 U. S. Treasurer—general account. 487,273 517,620 365,600 365,566 598,508 568,299 508.710 515,254 Foreign 363;963 353,207 342,619 352,730 311,438 360,246 316^53 306,646 Other 282,732 283,326 241,961 234,230 293,308 274,456 293,898 308,518 Total deposits. 19,818,699 19,647,658 19,718,876 19,731,49120,325,87120,251,92519,983,08919,903,589 Deferred availability cash items 3,973,690 4,149,602 4,796,155 3,718,566 4,195,918 3,545,981 3,895,308 3,464,323 Other liabilities and accrued dividends. 20,425 19,194 18,063 18,780 17,901 21,277 18,437 22,000 Total liabilities 50,285,327 50,130,225 50,906,762 49,827,99150,866,822 50,295,010 50,219,337 49,557,426 Capital Accounts Capital paid in. 332,111 332,031 331,845 331,715 331,514 332,161 331,486 314,697 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. 213,093 202,487 191,665 181,127 169,938 216,030 168,462 190,209 Total liabilities and capital accounts. 51,605,667 51,439,87952,205,408 51,115,96952,143,410 51,618,33751,494,421 50,783,487 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) , 47.4 47.1 46.9 47.0 46.4 46.9 46.7 45.8 Contingent liability on acceptances purchased for foreign correspondents 59,819 61,056 61,862 63,155 64,136 62,637 64,065 45,290 Industrial loan commitments 1,820 1,834 1,794 1,824 1,798 1,794 1,955 2,571 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 963. 669,342 691,250 803,856 095,490 169,593 829,325 ,160,025 Within 15 days 953! 640,700 659,308 771,156 062,070 067,186 796,255 ,149,293 16 days to 90 days , 10! 28,642 31,942 32,700 33,420 102,407 33,070 10,658 91 days to 1 year 74 Industrial loans—total 748 734 774 746 774 774 780 933 Within 15 days 362 350 44 44 44 52 48 1 16 days to 90 days 39 39 377 345 374 30 376 68 91 days to 1 year 146 144 153 146 145 491 145 504 Over 1 year to 5 years 201 201 200 211 211 201 211 360 Acceptances—total 20,719 19,720 20,732 23,697 23,735 20,692 24,126 16,442 Within 15 days 6,749 7,033 6,322 9,269 11, 5,518 11,333 5,349 16 days to 90 days 13,970 12,687 14410 14,428 12,347 15,174 12,793 11,093 U. S. Government securities—total. 23,013,325 22895,46223,008,317 23,180,16723169,467 23107,52523,169,467 23,473,732 Within 15 days 118,613 80,700 94,155 221,555 135,455 185,850 100,700 152,100 16 days to 90 days ,016,915 936,965 8,036365 ,080,815 298,650 043,878 333,405 ,873,335 91 days to 1 year 12,088 12088,54012,088 12,088,54019,946,105 088,540 ,946,105 ,932,699 Over 1 year to 5 years 360 360,786 360 360,786 360,786 360,786 360,786 ,087,127 Over 5 years to 10 years 1,013 013,614 1,013 ,013,614 ,013,614 013,614 ,013,614 ,013,614 Over 10 years 1,414 414,857 1,414 ,414,857 ,414,857 414,857 414,857 ,414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificate account ,019,658 5,949,2691,066,5371,844,1491,317,652 787,466 3,840,595 840,469 357,944 855,040 725,6362,484,978 Redemption fund for F. R. notes 54,815 174,504 59,394 74,335 68,575 49,240 152,195 42,745 22,603 40,720 25,465 78,071 Total gold certificate reserves. 1,074,473 6,123,7731,125,931 1,918,4841,386,227 836,706 3,992,790 883,214 380,547 895,760 751,1012,563,049 F. R. notes of other Banks.., 15,603 52,208 22,995 26,899 15,409 75,724 25,502 7,591 11,147 4,207 30,854 20,701 Other cash 24,181 65,150 16,834 35,543 17,917 30,705 49,486 19,298 9,230 11,557 15,765 39,081 Discounts and advances: Secured by U. S. Govt. securities 62,132 233,265 131,477 58,889 73,221 69,300 154,765 37,050 77,710 74,322 36,400 97,750 Other 708 3,372 30,840 1,080 912 3,540 1,704 444 288 456 18,624 1,344 Industrial loans 327 414 33 Acceptances: Bought outright 20,692 Held under repurchase agreement , U. S. Govt. securities: Bought outright , 1,251,838 5,739,3901,339,6682,015,893 1,466,3521,188,748 4,005,967 949,102 495,264 985,318 899,3922,613,193 Held under repurchase agreement 157,400 Total loans and securities.... 1,315,005 6,154,119 ,502,399 2,075,8621,540,4851,261,588 4,162,436 986,596 573,2951,060,096 954,416 2,712,287 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items.. 356,645 824,587 281,487 439,280 318,358 301,471 768,858 164,886 111,868 233,913 228,906 441,409 Bank premises 5,217 9,849 4,670 8,679 7,208 5,374 6,483 5,261 5,219 4,72i" 4,871 10,596 Other assets 10,418 47,150 11,087 17,316 1*2,246 10,019 35,502 7,868 4,141 8,133 8,231 22,155 Total assets. 2,801,543 13,276,8422,965,405 4,522,0653,297,851 2,521,588 9,041,060 2,074,7151,095,448 2,218,3951,994,1455,809,280 Liabilities F. R. notes 1,567,654 6,256,7731,692,7672,490,7022,080,135 1,242,5755,125,6461,179,570 480,161 1,058,206 678,660 2,622,978 Deposits: Member bank reserves 789,698 5,600,796 891,5721,479,042 821,716 951,9632,981,781 668,186 432,714 858,5741,047,189 2,525,693 U. S. Treasurer—general account 40,997 85,516 23,356 46,195 41,731 48,087 75,120 26,452 43,189 42,305 34,047 61,304 F O o th re e i r gn 20,8 7 8 5 0 8 2 2 1 1 0 9 1 , , 6 4 4 0 4 6 2 1 5 0 , , 2 2 0 2 0 6 32,400 1 3 8 , , 8 36 5 0 6 16,200 51,120 13,320 8,640 13,680 1 2 8 , , 8 7 0 2 8 0 4 3 0 1 , , 3 5 2 6 0 5 1,144 1,346 706 1,070 700 633 Total deposits 852,333 6,007,362 950,354 [,558,781 885,663 1,017,596 3,108,727 709,028 485,243 915,192 1,102,764 2,658,882 Deferred availability cash items 302,999 644,545 228,969 351,756 260,895 198,826 611,518 134,107 96,078 191,547 145,136 379,605 Other liabilities and accrued dividends 1,111 6,536 1,061 2,342 924 926 3,557 685 601 745 797 1,992 Total liabilities 2,724,097 12,915,216 2,873,1514,403,5813,227,617 2,459,923 8,849,448 2,023,3901,062,083 2,165,6901,927,357 5,663,457 Capital Accounts Capital paid in 17,106 95,183 21,068 31,977 15,271 16,082 45,354 11,346 7,301 13,437 18,622 39,414 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. 13,381 51,122 14,396 19,108 14,020 11,642 34,408 10,127 6,471 10,148 9,351 21,856 Total liabilities and capital accounts , 2,801,543 13,276,842 2,965,405 4,522,0653,297,8512,521,588 9,041,060 2,074,7151,095,4482,218,395 1,994,1455,809,280 Reserve ratio 44.4% 49.9% 42.6% 47.4? 46.7% 37.0% 48.5% 46.8% 39.4% 45.4^ 42.2% 48.5% Contingent liability on acceptances purchased for foreign correspondents 3,468 319,641 4,186 5,382 3,050 2,691 8,491 >,213 1,435 2,272 3,110 6,698 Industrial loan commitments.. 6 56 84 1,648 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $42,996,000participations of other Federal Reserve 2 After deducting $258,840,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 663 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1957 1957 1956 May 29 May 22 May 15 May i May 1 May April May F. R. notes outstanding (issued to Bank) 27,370,771 27,294,017 27,357,395 27,320,83827,361,735 27,371,37527,392,600 26,993,126 Collateral held against notes outstanding: Gold certificate account 11,798,000 11,798,000 11,798,000 11,798,000 11,798,000 11,798,000 11,848,000 11,513,000 Eligible paper 213,989 134,112 127,642 114,003 94,505 272,849 79,135 285,021 U. S. Government securities 17,005,000 17,040,000 17.040,000 17,040,00017,040,000 17,005,00017,040,00016,935,000 Total collateral 29,016,989 28,972,112 28,965,64228,952,003 28,932,505 :9,075,849 28,967,135 28,733,021 EACH FEDERAL RESERVE BANK ON MAY 31, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,607,,530 6,452,5401,775,838 2,563,937 2,143,0091,298,210 5,212,0221,228,958 533,2221,084,077 730,634 2,741,398 Collateral held: Gold certificate acct.. 580,0003,170,000 640,0001,130,000 915,000 400,000 2,300,000 450,000130,000 300,000183,0001,500,000 U El . i g S i . b G le o p v a t. p s e e r curities. [\56,66o3 ;666 1, 1 2 6 0 1 0 , , 4 0 7 0 7 0i; 5o6 ,'666 [,666,6663 ',i 66,666 87 3 5 7 , , 0 0 0 5 0 0 425^666 8 7 20 4 , , 0 3 0 2 0 2 552.5^666 l]500i666 Total collateral 1,730,000 6,770,000 2,001,477 2,630,000 2,225,0001,400,000 5,400,0001,362,050 555,0001,194,322 808,0003,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r p a - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e n u - e d - n o d 1 t t) ( s a t L a m o n o u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e o u d n m u t i - t n n s i g t t - ) o ( s i a n P p t f tu a m g a a o f n t t i r o i u i n i t d o o n i u t a i c - n n s n n n i t s s - c t g i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a A r a n iz t m s e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v n u a o t d a d t m e s m r i d e e l r t i e r a a o o t n b n a i w u g o l t g d n e s u e n r i t r a e n a t s e r g l 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 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 1,017 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 Apr 1 782 834.668 780 1 955 991 Apr 1,485 2,850 402 300 133 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect May 31. Per cent per annum] [In effect May 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On commit- Portion Re- commitloans2 ments for which main- ments 70 or less 10 10 i t n io st n i tu is - p in o g r- 7 8 5 0 2 1 0 5 2 1 0 5 obligated tion 85 25 25 90 30 30 95 35 35 Boston , () Over 95 40-50 40-50 New York..., 8 Philadelphia.. Cleveland 8 Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta , Chicago St. Louis 3-31/ Interest rate Minneapolis.. Kansas City.. Commitment rate. Dallas San Francisco, i Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of % per cent per annum is made on undisbursed portion. 7 Charge of 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 Year or month Without seasonaladjustment Seasonally adjusted 3 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 1 centers2 City centers1 centers2 City centersi 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—Mar 189,793 73,214 40,132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr 176,760 65,715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June. 186,540 70,733 38,937 76,870 47.0 28.9 21.6 43.5 28.3 21.6 July 181,284 65,873 38,653 76,757 45.9 29.6 22.4 47.1 30.2 22.7 Aug 183,819 67,279 38,206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept... 167,154 61,223 34,057 71,874 44.8 27.4 22.0 43.7 27.7 21.7 Oct 193,140 70,794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22.1 Nov 185,223 66,989 39,425 78,810 48.3 31.0 23.6 48.8 30.5 22.4 Dec... 201,876 77,495 40,912 83,469 51.8 29.9 23.3 45.8 28.6 22.1 1957_j an ... '204,435 76,460 42,596 '85,378 48.3 30.0 22.8 48.1 30.6 22.6 Feb '177,468 67,035 36,886 '73,548 48.9 30.2 '23.0 50.2 31.0 '23.1 Mar 197 158 74 786 42,113 r80 259 48.7 32 0 22 5 47.5 29 2 22.6 Apr '192,628 72,328 40,182 '80,118 46.9 30.3 22.3 47.6 29.4 23.0 May. 197,181 71,780 42,128 83,273 47.1 ^30.5 *23.1 48.3 »31.0 ^23.6 r Revised. 2 338 centers prior to April 1955. * 1 B Pr o e s l t i o m n i , n a P ry h . iladelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 665 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 ,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 ,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 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 ,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 ,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 ,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 ,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Apr 30,210 21,320 ,922 1,241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 May 30,513 21,621 ,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 June 30,715 21,801 ,948 1,262 74 2,090 6,589 9,838 8,914 2,676 505 296 421 3 13 July 30,604 21,709 ,957 1,258 74 2,065 6,514 9,840 8,895 2,674 500 294 415 3 8 Aug 30,757 21,838 ,967 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 Sept 30,768 21,834 ,977 1,283 74 2,085 6,549 9,866 8,934 2,673 541 293 411 3 13 Oct 30,839 21,877 ,995 1,296 74 2,080 6,538 9,893 8,962 2,679 572 291 409 3 8 Nov 31,424 22,374 ,016 1,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 Dec 31,790 22,598 ,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Jan 30,614 21,597 ,990 1,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 Feb 30,575 21,601 ,993 1,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 Mar 30,585 21,639 2,000 1,270 75 2,063 6,473 9,758 8,946 2,679 5,573 286 397 3 Apr 30,519 21,588 2,020 1,276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 3 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation * Total out- Held by Kind of currency s A ta p 1 n r 9 d . 5 i 7 3 n 0 g , , A g s a o s g s l i e d a lv c i a n u e n r s ri 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 a B F g a a . e n n R n d k t . s s Ap 1 r 9 . 5 3 7 0, M 1 a 9 r. 5 3 7 1, Ap 1 r 9 . 5 3 6 0, certificates agents Gold 22,318 21,668 2651 Gold certificates 21,668 18,819 2,816 33 33 34 Federal Reserve notes 27,393 78 1,459 25,855 25,974 25,602 Treasury currency—total 5,094 "u',405" 62 401 4,631 4,578 4,575 Standard silver dollars 488 196 37 6 250 248 233 Silver bullion 2,209 2,209 Silver certificates and Treasury notes of 1890 32 405 306 2,100 2,066 2,124 Subsidiary silver coin 1,370 20 50 1,301 1,285 1,241 Minor coin 481 2 10 469 466 448 United States notes 347 3 29 315 315 315 Federal Reserve Bank notes 136 (4) 1 135 136 149 National Bank notes 63 (4) (4) 62 62 65 Total—Apr. 30 1957 (5) 24,073 791 18,819 4,676 30,519 Mar. 31, 1957 (5) 24,062 804 18,811 4,692 30,585 Apr. 30 1956 (5) 23,505 783 18,235 4,442 30,210 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

666 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 Bank credit a 1f s o se ta ts l , r Treas- Date c u u r r y - u. s.Government obligations 1 1" a o b t i a l- l Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d 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 J819 64,698 55 776 8 922 1 19 9 3 3 9 3 _j DUn e e c 3 3 0 0 1 4 7 , 0 6 3 4 1 4 2 2 ,2 9 8 6 6 3 4 5 2 4 , , 1 5 4 6 8 4 2 2 1 2 , , 9 1 5 5 7 7 2 1 3 0 , , 1 3 0 2 5 8 1 8 9 , , 1 4 9 1 9 7 2 1 , ,9 4 9 8 8 4 1,2 1 0 3 4 1 9 9 , , 8 3 6 0 3 ? 4 7 8 5 , , 4 17 6 1 5 4 6 2 8 ,0 3 2 5 9 9 6 6 ,4 8 3 1 6 2 1941—Dec. 31 22 737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 999 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 3,328 107?3 188,148 175 348 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 70, 670 244,135 224 943 19 193 1956 Apr 25 21 700 5,000 214,900 102,500 91,700 66,600 23,300 1.900 70, 700 241,700 221 200 20 500 May 30 21,800 5,000 214,700 103,300 91,000 65,700 23,400 ,900 20, 500 241,500 221,200 20,300 June 30 21 799 5 032 216 563 105,420 90,511 64 917 23,758 ,836 70, 63? 243 394 223 585 19 807 July 25 21 800 5,000 214,900 104,900 89,700 64,500 23,400 ,800 ?0 i400 241,800 221,400 20,400 Aug. 29 21 900 5,000 217,000 105,500 90,900 65,400 23,700 ,800 70 600 243,900 223,000 20,900 Sept. 26. 21 900 5 000 218,000 106,700 90,500 65,200 23,600 ,800 ?°j 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 70 500 245,800 224,800 21,000 Nov 28 21 900 5,100 220,800 108,200 92,200 66,200 24,300 1,700 70, 400 247,800 227 000 20 700 Dec. 31 21 949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 70 461 250,757 230,510 20,246 1957 Jan 30^ 22 300 5 100 219,300 108,000 90,800 65,700 23,400 1,700 ™J 400 246,600 226 400 20 300 Feb. 27P 22 300 5,100 218,100 108,200 89,400 64,800 22,900 1,700 70, 600 245,500 225,100 20 500 Mar. UP 22,300 5,100 219,000 109,600 88,500 63,800 23,100 700 20, 900 246,400 225,400 20,900 Apr. 24^ 22,300 5,100 221,600 110,400 90,000 65,300 23,200 1,600 21, 100 249,000 228,100 20,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b c e a a a o A v r n n c m i t d k n ia - s g l s F B . A an R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de M p b s o a a u v n s t i i k u t n 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 r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e d e s t n - - i e - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929 June 29 365 204 381 36 54 790 28 611 19 557 8,905 149 T> 540 639 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 ?9 793 6 101 1941—Dec. 31 1 498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38 99? 9 515 1945—Dec 31 2 141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 76, •90 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 85,20025,900 1950—Dec. 30 2 518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 9?,77? 75, 398 114, 300 89,80024 500 1952 Dec 31 2 501 1 270 5 259 389 194 801 65 799 40 666 22,586 2 547101 508 0J 494 124 700 97 80026 900 1953—Dec. 31 2 694 761 4,457 346 200,917 70,375 43,659 24,358 2,35910?,451 78, D91 126, 800 99,50027 300 1954—Dec. 31 . 3 329 796 4,510 563 209,684 75,282 46 844 26,302 2,136 106 550 97, R5? 129 700 102 80026 900 1955 Dec 31 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28, 285 133, 200 105,80027,400 1956 Apr 25 3 000 800 4 400 600 212 400 79 300 48 800 28,700 1 800106 100 ?7 000 133 400 106 10027 300 May 30 .. 3 000 800 5,800 400 211,200 79,600 49,000 28,900 1,800 104 700 ?7 400 133 soo 106 00027 500 June 30 3,115 .768 5,537 522 213,643 80,615 49,698 29,152 1,765 104,744 28, 284 134, 300 106,70027,600 July 25 3 100 800 3 600 600 213 300 80 700 49 700 29,200 1 700105 ?on 97 400 134 100 106 60027 500 Aug. 29 3 100 800 5,800 500 212,800 80,900 49,900 29,300 1,700 104,500 77, 500 133, 700 106 20027 500 Sept. 26 3 200 800 5,400 600 214,100 81,300 50,100 29,500 1 700105 400 77, 400 133, 500 106,10027 400 Oct 31 3 100 800 3 800 500 216 600 81 500 50 200 29,600 1 700107 400 ">1700 134 700 106 70027 500 Nov. 28 3,400 800 5,200 500 217,200 80,900 49,600 29,600 1,700 108 300 78, D00 134, 700 107,00027 700 Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 ,391 28, 335 134, 400 106,70027,700 1957 Jan 30^ 3 100 800 1 900 600 219 900 82,900 51,200 30,100 1,600 109 sno 07 400 134 100 106 50027 600 Feb. 27* 3 100 800 2,800 300 218,000 83,600 51,800 30,200 1,600 107 000 27, 400 134 500 106 90027 600 Mar. 27*> 3,100 800 3,800 500 217,200 84,600 52,600 30,400 1,600 105,200 27,400 134, 700 107,00027,700 Apr 24» 3,200 800 4,400 300 219,500 84,900 52,900 30,400 1,500 107,300 27,400 135, 000 107,30027,700 v Preliminary. seasonally adjusted data, will be published in the BULLETIN for July 19 57 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. 24y32. 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. Seasonal adjustment factors have been posits, net, and Treasury cash. Except on call dates, figures are rounded revised for the period 1950 to date. These factors, together with the 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 667 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 Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b a i a l a l p i n i 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 o a a o p u c t i n - a t t a l s l b N a b u o n e f m k r s counts 3 U.S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947_Dec. 31* 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1954—Dec. 31 183,784 85,617 77,728 20,439 44,585 231,654 211,115 16,811 4,176 116,617 73,510 17,270 14,367 1955—Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,239 76,844 18,112 14,243 1956—Apr. 25 190,810103,520 66,580 20,710 40,710 235,070 211,070 14,220 4,110 114,910 77,830 18,580 14,224 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235 115,850 79,182 18,811 14,206 July 25 190,886600 110055,960 64,490 20,410 40,770 235,260 211,250 14,560 3,290114,140 79,260 18,840 14,204 Aug. 29 192,500106,530 65,420 20,550 40,560 236,840 212,520 14,460 5,460113,050 79,550 18,960 14,207 Sept. 26 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110 115,140 79,890 19,210 14,206 Oct. 31 194,230108,220 65,510 20,500 43,160 241,370 216,570 15,380 3,480117,590 80,120 19,260 14,194 Nov. 28 195.780 110099,160 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 Feb. 27* 194,810109,350 64,820 20,640 42,350 241,310 216,170 14,280 2,510 117,070 82,310 19,480 14,158 Mar. 27? 195,440110,800 63,750 20,890 41,550 241,130 215,900 14,480 3,510 114,550 83,360 19,520 14,160 Apr. 24* 197,650111,260 65,270 21,120 42,070 243,970 218,810 14,430 4,050 116,660 83,670 19,570 14,154 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. 31 * 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 3,709 123,187 48,715 15,300 13.716 1956—Apr. 25 160,080 85,290 58,150 16,640 39,880 203,070 182,330 14,220 4,110 114,860 49,140 15,710 13,697 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 July 25 159,580 87,140 56,190 16,250 39,920 202,690 181,980 14,560 3,290114,110 50,020 15,940 13,677 Aug. 29 161,030 87,470 57,170 16,390 39,730 204,090 183,150 14,460 5,460113,020 50,210 16,040 13,680 Sept. 26 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110 115,110 50,400 16,280 13,679 Oct. 31 162,540 88,780 57,450 16,310 42,360 208,430 186,990 15,380 3,480117,560 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 3,733125,282 50,908 16,302 13,640 1957_ F ja e n b . . 3 2 0 7 * * 1 1 6 6 2 2 , , 8 4 1 9 0 0 8 8 8 9 , , 9 3 3 4 0 0 5 56 7 , , 8 7 3 1 0 0 1 1 6 6 , ,1 3 7 2 0 0 4 4 1 0 , , 5 8 1 0 0 0 2 2 0 0 7 7 , , 6 2 8 9 0 0 1 1 8 8 5 5 , , 9 9 4 3 0 0 1 14 4 , , 2 1 8 8 0 0 2 1 , , 5 62 1 0 0 1 1 1 1 8 7 , , 5 0 7 4 0 0 5 5 2 1 , , 1 5 1 6 0 0 1 1 6 6 , , 3 5 8 0 0 0 1 13 3 , , 6 6 3 3 1 6 Mar. 27* 162,860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510 114,520 52,930 16,520 13,633 Apr. 24* 164,960 90,990 57,320 16,650 41,280 210,020 188,340 14,430 4,050 116,630 53,230 16,560 13,628 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 9'/, 846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950_Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1954_Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6.660 1955—Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6; 543 1956_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 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 ,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 3,292106,850 40,909 13,655 6,462 1957—Jan. 30* 136,579 76,742 46,767 13,070 35,909 175,762 157,485 13,559 1,408 101,084 41,434 13,713 6,459 Feb. 27* 136,387 77,082 46,097 13,208 36,634 176,292 157,623 13,674 2,244 99,838 41,867 13,813 6,456 Mar. 27* 136,869 78,318 45,205 13,346 35,823 175,949 157,270 13,859 3.183 97,671 42,557 13,825 6,454 Apr. 24* 138,562 78,558 46,536 13,468 36,360 178,277 159,677 13,803 3,582 99,511 42,781 13,863 6,450 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 314 18,641 4,944 11,978 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 797 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 ,694 527 1955—Dec. 31 29,898 17,456 8,460 982 965 31.274 28.187 28,129 ,812 527 1956_Apr. 25 30,730 18,230 8,430 07Q 830 32,000 28,740 28,690 ,870 527 June 30 31,066 18,639 8,297 130 917 32,421 29,184 29,152 ,885 527 July 25 31,280 18,820 8,300 160 850 32,570 29,270 29,240 2.900 527 Aug. 29 31,470 19,060 8,250 160 830 32,750 29,370 29,340 2,920 527 Sept. 26 31,630 19,240 8,210 180 830 32,920 29,520 29,490 2,930 527 Oct. 31 31,690 19,440 8,060 190 800 32,940 29,580 29,550 2,930 527 Nov. 28 31,810 19,650 7,980 180 780 33,060 29,630 29,600 2,960 527 Dec. 31 31,940 19,777 7,971 192 920 33,311 30,032 30,001 2,947 527 1957—Jan. 30* 32,140 19,900 7,970 270 840 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 30,4301 3,000 527 Apr. 24* 32,690 20,270 7,950 4,470 790 33,950 30,470 30,440 3,010 526 * Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual sayings 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

668 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—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 o l . i S v g . t a . - O s ri e t t c h ie u e s - r i C ss a e s t h s 2 c b T a i a l l o p i i n a t t i d i t a - e a l s l Total 2 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 counts 3 U.S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30.. 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31.. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31.. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31.. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30.. 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1954—Dec. 31.. 23,880 12,039 9,342 2,499 7,581 32,193 28,252 5,709 736 19,414 2,392 2,803 21 1955—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—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 June 30.. 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 July 25. . 22,771 15,252 5,643 1,876 6,817 30,356 25,929 5,127 514 17,950 2,338 2,809 18 Aug. 29. . 23,220 15,326 5,935 1,959 6,938 30,972 26,535 5,017 1,314 17,822 2,38: 2,825 18 Sept. 26. . 23,422 15,804 5,650 1,968 7,196 31,457 26,703 5,105 993 18,200 2,405 2,815 18 Oct. 31.. 23,148 15,758 5,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 18 Nov. 28. . 23,318 16,014 5,568 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 2,873 18 1957—Jan. 30?. 23,101 15,665 5,645 1,791 7,046 31,151 26,497 4,927 188 18,905 2,47' 2,878 18 Feb. 27*>. 23,134 15,762 5,506 1,866 7,260 31,383 26,605 5,059 394 18,636 2,516 2,892 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 Apr. 24*. 23,562 16,176 5,586 1,800 7,137 31,701 26,907 5,001 686 18,467 2,753 2,902 18 Chicago: 1939—Dec. 30.. 2,105 569 1,203 333 1,446 3,595 3,330 80 1,86' 495 250 14 1941—Dec. 31. . 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,41! 476 288 13 1945—Dec. 31.. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,46: 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—Apr. 25. . 6,325 3,383 2,242 700 1,850 8,227 7,208 1,129 228 4,572 1,279 631 13 June 30.. 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 July 25.. 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 Aug. 29. . 6,325 3,541 2,159 625 1,844 8,222 7,433 1,209 342 4,595 1,287 641 13 Sept. 26. . 6,251 3,571 2,061 618 1,929 8,233 7,302 1,215 312 4,488 1,287 646 14 Oct. 31. . 6,320 3,631 2,077 612 1,947 8,327 7,350 1,253 187 4,625 1,285 654 14 Nov. 28. . 6,319 3,633 2,082 604 1,954 8,329 7,402 1,224 182 4,707 1,289 654 14 Dec. 31. . 6,473 3,77f 2,113 588 2,171 8,695 7,943 1,372 184 5,069 1,319 660 14 1957_jan. 30*\ 6,120 3,494 074 552 1,905 8,077 7,280 1,125 68 4,784 1,303 660 14 Feb. 27?. 6,171 3,514 ,073 584 2,029 8,254 7,315 1,140 139 4,727 1,309 658 14 Mar. 27*>. 6,444 3,685 ,165 594 1,706 8,203 7,127 1,212 185 4,432 1,298 651 14 Apr. 24*». 6,303 3,758 ,933 612 1,893 8,251 7,313 1,182 175 4,653 1,303 655 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945_Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,64' 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—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 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 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 Apr. 24? 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 38,029 17,42: 5,120 284 Country member banks: 1939—Dec. 30 224 4,768 3,159 2,297 4,84 15,666 13,762 598 154 7,15 5,85: 1,851 5,966 1941—Dec. 31 518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,25, 1,982 6,219 1945—Dec. 31 002 5,596 26,999 2,408 10,63f 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947_Dec. 31 324 10,199 22,857 3,268 10,77! 47,553 44,443 1,073 432 28,378 14,56i 2,934 6,519 1950—Dec. 30 558 14,988 21,377 ' 193 11,57 52,689 48,897 1,133 922 31,977 14,86 3,532 6,501 1954—Dec. 31 466 21,442 23,629 395 13,11' 64,364 59,360 1,508 1,271 37,794 18,78' 4,506 6,326 1955—Dec. 31 ,775 24,379 22,570 826 13,34: 66,988 61,636 1,523 1,061 39,68 19,37: 4,769 6,220 1956—Apr. 25 ,707 25,15 21,676 880 11,81 65,376 59,742 1,247 1,226 37,58 19,68 4,888 6,196 June 30 ,752 25,716 21,076 959 12,46! 66,147 60,591 1,353 1,372 37,89' 19,96! 4,947 6,177 July 25.... ,831 25,792 21,130 909 12,05. 65,759 60,125 1,264 1,194 37,62^ 20,04: 4,947 6,173 Aug. 29 ,163 25,81f 21,430 5,923 11,95 66,017 60,250 1,223 1,485 37,411 20,12' 4,976 6,170 Sept. 26 ,607 25,98< 21,595 6,032 12,42 66,994 61,129 1,275 1,361 38,29 20,20: 5,107 6,166 Oct. 31 ,124 26,18. 21,977 5,962 12,67 67,754 61,885 1,354 1,017 39,19< 20,31 5,124 6,162 Nov. 28 ,587 26,25: 22,341 5 12,806 68,360 62,415 1,380 1,715 39,26: 20,05: 5,134 6,155 1957_j D A F M a e e n p a b c . r r . . . . 2 2 3 2 3 4 7 0 7 1 » * ? ^ . . . . . . . . . . . . . . . . , , , , , 5 1 3 1 0 7 8 8 5 2 1 5 0 6 5 2 2 2 2 2 6 6 6 6 6 , , , , , 7 4 4 3 9 1 9 9 4 8 ( , ' 2 2 2 2 2 2 1 1 1 1 , , , , , 0 9 6 2 8 3 9 2 6 1 7 2 0 7 0 5 6 6 6 6 6, , , , , 0 1 0 0 2 7 4 3 6 3 0 2 9 7 5 1 1 1 1 1 2 2 4 2 2 , , , , , 1 3 1 1 3 0 5 8 9 6 1 ( 0 6 6 6 6 6 9 7 7 7 8 , , , , , 9 3 5 3 3 4 4 0 0 2 5 5 0 0 4 6 6 6 6 6 4 1 1 1 2 , , , , , 2 5 2 4 3 8 9 7 5 8 9 7 9 0 7 1 1 1 1 1 , , , , , 2 6 2 3 2 8 1 7 1 5 3 8 3 3 2 1 1 1 , , , 6 8 1 0 4 7 4 6 4 0 8 6 0 4 9 4 3 3 3 3 1 8 9 7 8 , , , , , 1 4 0 7 3 9 9 0 9 6 < 1 : ' : 2 2 2 2 2 0 1 1 0 0 , , , , , 3 3 1 8 6 0 6 1 5 3 : : 6 4 5 5 5 5 5 , , , , , 0 0 1 1 1 9 4 3 6 8 3 6 9 7 6 6 6 6 6 6 , , , , , 1 1 1 1 1 4 3 3 3 3 1 3 7 6 4 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $10 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 669 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o c lr la b t a e nk Total Loans o G U b o l . i S v g t a . . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t t i d - i t a e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T a o a p o u c t i n t - a a t l s l N ba b u o n e m f r ks tions ac- Time counts3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,790 21,259 71,046 6,984 25,788 76,870 69,411 10,654 1 762 41,798 15 699 6 844 13 426 1945—Dec. 31 809 25,765 88 91? 7 131 34,292 157,544 147,775 13,883 23,740 80,776 79,876 8,671 13 297 1947—Dec. 31 114,774 37,583 67,941 8,750 36,926 15?,733 141,851 1?J670 1 325 97,975 34 88? 9 734 13 398 1954—Dec. 31 1*54,115 70,127 68,017 15 976 43,161 ?00 177 187,886 16,376 4,154 115,48? 46,874 14,252 13 303 1955—Dec. 31 159,164 82,081 60 765 \6 318 46,480 708 608 190 51? 16,773 3,697 I??.,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 835 16 136 42,126 703;676 184,680 14,86? 5 221 114,89? 49,705 15 600 13 208 Dec. 31 601 89,831 *>7,837 15 933 48,352 715,514 195,953 17,78? 3,717 174,346 501608 15,988 13 195 National member banks: 1941 Dec 31 27,571 11,725 17,039 3 806 14,977 43,433 39 458 ft>786 1 088 91 76? 8 T>? 3 640 5 117 1945_Dec. 31 69,317 13,925 51,7 SO 4, H7 20,114 90,770 84 Q ??9 14 013 45,473 \f>??4 4'644 5 017 1947_Dec. 31 65,780 21,428 38,674 5 178 22,024 88,18? 87 073 8,410 795 53,541 1Q 778 5,409 5 005 1954—Dec. 31 88,509 39,712 39.392 9t405 25,662 115,835 105 851 10,714 2 508 66,4?6 ?6 ?o? 8 085 4 789 1955—Dec. 31 86,15? 43,428 33,579 9 144 25,697 113,41? 103 903 9.317 2,063 65.840 76 683 7 915 4 692 1956—J D u e n c e . 3 3 0 1 8 8 5 8 4 4 5 7 5 7 4 4 5 8 , , 8 1 6 0 0 9 3 3 0 1, 5 5 5 68 5 9 8 0 8 4 0 0 0 2 2 3 7 , , 5 0 4 0 5 6 1 1 1 1 0 7, 7 3 0 4 3 5 1 1 0 0 0 7 8 1 7 6 6 1 8 9 J , 4 8 0 4 4 4 2 2 , , 9 0 2 7 9 4 6 6 ? 7 , ,4 1 3 ? 4 3 7 2 7 7 3 81 70 0 8 8 , , 2 45 3 0 2 4 4 , 6 6 5 6 1 7 State member banks: 1941—Dec. 31 15 950 6,295 7 500 ? 155 8,145 74 688 7? 759 3,739 621 13,874 4 0?5 2 246 1 502 1945—Dec. 31 37 871 8,850 77 089 1 933 9,731 48 084 44 730 4,411 8,166 74,168 7 986 2,945 1 867 1947 Dec 31 32 566 11 200 19 240 "71?5 10 822 43 879 40 505 1 993 381 07 068 q 06? 3 055 1 918 1954—Dec. 31 43 093 20,538 18 417 4 138 12,414 56 407 51 401 5 769 1,207 33,177 11 748 4*125 1 871 1955—Dec. 31 , 49 708 27,554 17 118 4 536 15,719 66 00? 59 854 6,549 1 264 39 559 1? 48? 4 868 1 851 1956—June 30 48 973 28,923 15 671 4 379 13,992 64 117 57 563 6,104 1 877 36 781 1? 801 5 061 1 832 Dec. 31 50 791 29,924 16 007 4 359 15,900 67 530 60 744 7,01? 1,218 39,416 13,008 5,205 1 811 Insured nonmember commercial banks: 1941—Dec. 31 5 776 3,241 1 509 1 075 2,668 8 708 7 70? 179 53 4,16? 3 360 959 6 810 1945 Dec 31 14 639 2,992 10 584 1 063 4,448 19 756 18 119 744 1 560 10 635 5 680 1 083 6 416 1947—Dec. 31 16 444 4,958 10 039 448 4,083 70 691 19 340 766 149 1?,366 6,558 l'271 6 478 1954—Dec. 31 77 536 9,886 10 715 7 436 5,088 77 911 75 657 393 439 15,879 8 947 2,044 6 647 1955—Dec. 31 23 879 11,108 10 081 ? 640 5,067 ??0 76 779 408 370 16 749 9 95? 2 199 6 677 1956—June30 ?3 94? 11,600 9 6?1 7 770 4,592 28 884 76 316 355 415 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 nonirtember commercial baiDks: 1941—Dec. 31 1457 455 761 741 763 7,783 187? 3?9 1,291 753 329 852 1945 Dec. 31 2 711 318 1 693 700 514 7 768 2 45? 181 1 905 365 279 714 1947—Dec. 3H ? 009 474 1 780 755 576 7,643 7 751 363 18 1 39? 478 325 783 1954—Dec. 31 1 800 492 969 339 397 2 250 1 871 433 18 1085 335 324 536 1955—Dec. 31 1 716 520 877 370 357 7 176 1 74? 370 12 1 039 37? 320 499 1956—June 30 1 664 513 785 365 318 2 036 1 646 377 11 93? 376 326 470 Dec. 31 1521 471 714 336 369 1946 1,562 310 16 936 300 313 444 All nonmember commercial banks: 1941—Dec. 31 7 233 3,696 2 270 1266 3,431 10 992 9 573 457 5,f04 3 613 1,288 7 662 1945—Dec 31 16 849 3,310 1? 277 1 76? 4,962 22 0?4 20 571 4? 5 14 101 6 045 1 362 7 130 1947—Dec. 3H 18 454 5,432 11 318 1 70! 4,659 23 334 21 591 679 167 13 758 7 036 1,596 7 261 1954—Dec. 31 24 337 10,378 11 184 7 775 5,485 30 161 77 5?8 8?5 457 16 964 Q 78? 2 368 7 183 1955 Dec 31 25 546 11,628 10 908 3 010 5,424 31 347 28 5?? 778 382 17 788 q 574 2 519 7 176 1956—June 30 ?5 605 12,114 10 406 085 4,909 30 970 77 96? 73? 426 16 970 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 Insured mutual savings banks: 1941 Dec. 31 1693 642 629 471 151 1958 1789 1789 164 52 1945 Dec 31 10,846 3,081 7 160 606 429 11 474 10,363 10 351 1 034 192 1947—Dec. 31 12 683 3,560 8,165 958 675 13 499 1? 707 1 2 1? 1? 19? 1 252 194 1954—Dec. 31 70 830 11,651 6 117 3 062 832 21 981 19 885 3 48 19 831 1,920 218 1955—Dec. 31 22,331 13,563 5,858 7 910 785 73 458 71 737 3 3 49 71,18? 2 006 220 1956 June 10 23,168 14,514 5,636 3 018 739 24 771 21 959 2 ?4 ?1 930 2 061 220 Dec. 31 74,170 15,542 5,518 3 110 739 75 78? 7.7,886 2 3 73 7?,857 2,130 223 Noninsured rautial savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 ,846 8,744 (s 8 738 1 077 496 1945 Dec 31 5 361 1 198 522 64 180 5 596 5 0?? > *)0?0 558 350 1947 Dec 314 5 957 1,384 3,813 760 211 6,715 5 556 1 2 5 553 637 339 1954 Dec 31 7,038 3,346 ?,630 1,061 194 7,795 6.474 1 2 6 471 774 309 1955- Dec 31 7 567 3 893 ? 601 107? 180 7 816 6 950 1 2 6 947 806 307 1956 Tune 30 7,898 4,125 ?,661 1 11? 178 8J50 7,775 1 2 7 824 307 Dec. 31 7,770 4,235 2,453 ,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

670 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Loans for U. S Government obligations purchasing Obli- Cla c s a s l a l o n d f d a b te ank i m T l n a e o o v n n t a es d n a t t s l s - Total A c tu u a g r l l r - - i- b o d a s r T e r e n o e r o a c s d k c l u a - - r r i r t y o i e T t e i r n o h s s g - l R o t e a a e s t n - a e l s O l u v o i d t t a i a n h o i d - l n - e s - s r O lo t a h n e s r Total Total Bills C o d c e e f e a r d i t b t n e i - t f s - - D i- ir N ec o t tes Bonds G t a e u n e a - d r- S p t d s a i i t g o u i c o o a n v a l b a f t n d i - i - e l t s - - s O s r e i t t h c ie e u s r ers ness sions All commercial banks: 3 1947—Dec. 31..., 116,28438,05718,1671,660 830 ,220 9,393 5,,77 231,,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1954—Dec. 31..., 155,91670,61926,867 5"1 220000 2,9291,52518,4181447,75500 2,000 85;,29768,9815,065 5,361 14,672 43,861 12,586 3.729 1955—Dec. 31..., 160,88182,60133,245 4,,447755 3,,2631,774 20,80917,1853,11778,28061,5924,219 2,318 14,034 41,010 12,698 3,990 1956—June 30.... 160,00886,88736,111 44,,225544 2,6951,73821,78718,3653,286 73,12256,6202,817 1,247 12,72739,815 12,929 3,573 Dec. 31..., 165,12390,30238,720 4,1612,589 1,69122,50918,850 3,343 74,82158,5525,924 1,997 11,82338,796 12,9013,368 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,5. 45 28,03121,046 988 3,159 1_2_,797 ,102 3,651 3,333 1945—Dec. 31.... 121,80925,765 9,4611,3143,164 3,606 4,677 2,3611,181 96,04388,9122,45519,071 16,045 51,321 22 3,8733,258 1947_Dec. 31.... 114,27437,58318,0121,610 823 -,190 9,266 5,6541,028 76,69167,9412,124 7,552 5,918 52,334 14 5,129 3,621 1954—Dec. 31.... 154,11570,12726,7315,108 2,907 ,50118,30214,6761,973 83,98868,0124,901 5,27914,523 43,287 2112,3523,624 1955—Dec. 31.... 159,16482,08133,092 4;396 3,229 1 742 20,69217,1_0. 43,0,9717,083 60,7654,105 2,292 13,856 40,502 1012,465 33,853 1956—June 30.... 158,34486.37435.944 4,190 2669 ' 704 21,67118,228844 3,259 71,97155,8352,751 1,228 12, ,290 1312,6943,442 Dec. 31.... 163,60189,83138,5714,1012,565 669 22,39418,7653,32573,77057,8375,763 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 8553,133 3,378 3,455 1,9001,104 84,40878,3382,27516,98514,27144,792 16 3,,2254 2,815 1947—Dec. 31.... 97,84632,62816,9621,046 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 4455,286 10 4,,,1 199 3,105 1954—Dec. 31....131.60260,25025,0073,529 2,881 1,363 14,43312,1271,858 71,35257,8094,075 4,30712,46436,944 20 10,449 3,094 1955—Dec. 31....135,36070,98231,019 21726 3,150U560 16,391 14,3132,943 64,37750,6973,250 1,73811,508 3344,192 4443,236 1956—June 3 ....134,42874,78333,7252,552 2,586 '1 ,5"2"2 17,172 151330 3.087 59,64546,2262,013 84010,33233,029 557 2,862 Dec. 31....138,76878,03436,296 2;4782,4471,473 17,811 15,7653,147 60,73447,5754,383 1,469 9,493 ~32218 494 2,665 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947_Dec. 31.... 20,393 7,179 5,361 545 267 111 564 33013,21411,972 ,002 640 558 9,771 638 604 1954—Dec. 31.... 23,88012,039 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 9,126 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 1,691 494 609 1,59011.044 7.896 6,011 325 70 1,082 4,529 1,514 371 Dec. 31.... 23,80915,98711,266 1,409 402 617 1,558 1,049 7,822 6,057 724 194 976 4,160 1,406 358 Chicago ;4 1941—Dec. 31.... 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31.... 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1954—Dec. 31.... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—Dec. 31.... 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30.... 6,336 3,572 2,663 13 170 96 133 384 187 2,764 2,088 AC, 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 6,4*7 295 751 4,248 1,173 956 820 1945—Dec. 31.... 40,108 8,514 3,661 205 427 ,503 1,459 855 40431,59429,552 ,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 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 4,95413,736 7 3,7821,252 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 1.,.18.0 23,83718,826 813 657 4,70812,643 5 3,7781,233 1956—June 30.... 52,071 30,12213,978 520 502 676 7,357 6,306 1,26521,94917,051 374 279 4,08612,308 4 3,8231,076 Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,5121,289 22,13217,3681,185 441 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 363i 29,40726,999 630 5,102 4,54416,713 9 1,342 _1,067 1947—Dec. 31.... 36.324 10,199 3,096 818 23 227 3,827 1,979 229• 2266,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1954—Dec. 31.... 50,46621,442 5,"" ,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,73115,228 3 4,275 120 1955—Dec. 31.... 52,77524,379 6, . ..,127 189 255 8,723 6,575 128,39722,5701,774 913 5,05614,825 3 4,581 1,246 1956—June 30.... 52,75225,716 6,892 2,019 223 257 9,073 7,050 590 27,03521,076 ,267 489 4,68814,628 4 4,7311,228 Dec. 31.... 54,57126,491 7,080 1' ,9~7"2 334 261 9,407 7,256 631 28,08022,0372,362 792 4,45814,420 4 4,8271,215 AH nonmember banks:3 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,021 11,318 206 1,973 1,219 7,916 1,078 625 1954— Dec. 31.... 24,337 10,378 lf" ,671 49 161 3,993 2.623 14313,959 11.184 991 1,054 2,209 6,928 2,139 636 1955—Dec 31.... 25,546 11,628 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.... 25.605 12.114 2.385 1,702 110 216 4,625 3.036 200 13,49210,406 805 407 2,396 6,797 2,374 712 Dec. 31.... 26,381 12,279 2,424 1,683 143 218 4,708 3,085 196 14,10210,9891,541 528 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 671 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits is.e- Bal- De- Cla c s a s l a l o n d f d a b t a e nk F B s e w e R a d r i n v e e t - h k e ra s s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 ju p m s o a d a t d e s e n - i - d t d s 6 D I o n d - t e e p r o b s a i n F ts k or- G U o .S v . t. p s S o u a l t i b a n t t d i d e c i s a - l C c o a f e e i f n e f r r i d t s d - i ' - p a v n s a i I d h d r n t u i d n p c a i e o s - l , r s r - , - I b n a t n e k r- G U S a o . a n v v d S - t . . S p s a i u t o c a n b l a t i d d e l t- s i-a p v n s a I i h d r d n t i u d n c p a i o e s - l , r r s - - , B r i o n o w g r s - - C C O i a t i u c a p - n l i- ts mestic5 eign visions ch e e tc c . ks, p ti o o r n a s - ings visions p ti o o r n a s - All commercia1 banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 >,581 84,987 240 111 866 34,383 6510,059 1954—Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 \5,199 103,466 1,759 365 2,402 44,441 3114,576 1955—Dec. 31.... 18,721 2,682 12,050 109,905 13,512 j,546 3,709 10,273 5,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 5,244 101,812 1,613 332 2,493 47,205 35415,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 -5,785 111,048 1,460 330 2,384 48,193 7516,302 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 ,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 AJ.585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 \2,559 83,723 54 111 826 33,946 61 9,734 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 \5,176 102,543 1,487 365 2,348 44,160 2114,252 1955—Dec. 31.... 18,721 2,656 11,744 108,887 13,390 1,516 3,697 10, 138 \5,879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30.... 18,232 2,251 10,528 103,844 11,963 1,516 5,221 10,641 \5.217 101,034 1,383 332 2,432 46,941 33715,600 Dec. 31.... 18,706 3,237 12,490 110,487 14,226 1,755 3,717 10,350 -5,744 110,252 1,301 330 2,329 47,949 5615,988 Member banksi, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4, 240 A>,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 *>,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 A>,964 88,859 1,475 334 1,966 35,650 1512,210 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 5,638 93,687 1,353 327 1,865 36,972 13712,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 5,004 87,404 1,370 302 1,954 37,916 30213,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 '5-,475 95,163 1,289 301 1,839 38,769 4813 655 New York City."* 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 i 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 ,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 ,105 17,646 12 12 14 1,418 30 2 259 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 ,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 ,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 ,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 ,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 ,313 3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 1 639 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 8,221 763 611 22,281 30 38 160 9,563 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 ],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 All nonmembei 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 g,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 27 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

672 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e n t n d a s t s t l s - j i L m u n a a s o v e n t d a e n e d - n s t d t s s - 1 j L us a o t d a e - n d s i C i m t n a c r o d i n i e m a a u d r l l - s - - A t c u g u r r l a - i l - a T n o d b d r e o O a c k s u l t e e e h r r r - i e s - s r G l U T o i o g b . o v a S - - t o . . t O h c e s u t e h r r s - i e - r e l R o st a e a n a t l s e O l t o h an 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 a o k n s s ties tions ties Total— Leading Cities 1956 May 86,282 85,083 50,04127,558 475 2,416 1,283 8,471 10,69527,026 675 566 6,130 19,655 8,016 1,199 1957 Apr 88,148 87,041 53,03930,975 418 1,875 1,164 8,69210,960 26,2921,134 ,461 5,170 18,527 7,710 1,107 May 87,415 86,197 53,052 30,933 419 1,803 1,162 8,66811,114 25,5581,077 ,485 4,576 18,420 7,587 1,218 Apr. 3 88,298 87,253 52,944 30,906 416 ,952 1,152 8,69110,873 26,6351,243 ,608 5,215 18,569 7,674 1,045 Apr. 10 87,976 86,930 52,88830,961 415 ,834 1,155 8,69010,879 26,3051,112 ,467 5,165 18,561 7,737 1,046 Apr. 17 88,389 87,268 53,25131,103 421 ,874 1,176 8,69911,024 26,2581,146 ,421 5,161 18,530 7,759 1,121 Apr. 24 87,933 86,716 53,072 3"0,928 421 ,842 1,174 8,69011,062 25,9721,034 ,347 5,141 18,450 7,672 1,217 May 1 88,170 87,129 53,454 31,030 420 ,113 1,173 8,67911,086 26,0341,125 ,311 5,140 18,458 7,641 1,041 May 8 87,333 86,087 52,98830,921 417 ,762 1,167 8,66511,103 25,552 880 ,302 4,930 18,440 7,547 1,246 May 15 87,153 85,905 53,13431,147 422 ,667 1,159 8,66911,117 25,221 867 ,620 4,329 18,405 7,550 1,248 May 22 86,954 85,626 52,92630,906 422 ,706 1,156 8,66411,12125,114 850 ,615 4,246 18,403 7,586 1,328 87,469 86,242 52,756 3"0",661 416 ,765 1,156 8,661 11,144 2255,8781,665 ,581 4,238 18,394 7,608 1,227 May 29 New York City 1956 22,835 22,098 14,388 9,605 1421,559 22 479 587 2,247 5,781 220 70 990 4,501 1,929 737 May 1957 23,675 23,079 15,61911,658 1361,057 385 558 2,134 5,595 369 303 926 3,997 ,865 596 May!'.['.'.'.'.'.'.'.. 23,188 22,463 15,40811,553 861,017 386 553 2,123 5,365 372 203 821 3,969 ,690 725 Apr. 3 23,919 23,355 15,66011,632 1881,071 377 556 2,145 5,800 408 420 971 4,001 ,895 564 Apr. 10 23,560 23,055 15,56511,632 1321,029 381 558 2,142 5,591 375 297 919 4,000 ,899 505 Apr. 17 23,733 23,096 15,69611,747 1231,056 392 561 2,125 5,529 361 257 913 3,998 ,871 637 Apr. 24 23,489 22,812 15,56011,619 1031,070 391 561 2,124 5,457 332 236 902 3,987 ,795 677 May 1 23,719 23,086 15,82011,662 2631,130 389 554 2,131 5,512 402 214 907 3,989 1,754 633 May 8 23,110 22,405 15,41911,591 341,030 387 557 2,130 5,314 293 177 886 3,958 1,672 705 May 15 22,982 22,268 15,37211,640 45 933 387 554 2,123 5,224 296 199 772 3,957 1,672 714 May 22 22,928 22,141 15,25911,512 36 969 383 550 2,119 5,198 255 201 773 3,969 1,684 787 May 29 23,202 22,417 15,17211,361 501,023 382 551 2,115 5,578 613 224 767 3,974 1,667 785 Outside New York City 1956 May 63,447 62,985 35,65317,953 474 715 782 7,884 8,448 21,245 455 496 5,140 15,154 6,087 462 1957 Apr 64,473 63,962 37,42019,317 417 682 769 8,134 8,82620,697 765 1,158 4,244 14,530 5,845 511 May 64,227 63,734 37,64419,380 418 700 766 8,115 8,99120,193 705 1,282 3,755 14,451 5,897 493 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 8,93820,515 702 1,111 4,239 14,463 5,877 540 May 1 64,451 64,043 37,63419,368 419 720 773 8,125 8,95520,522 733 1,097 4,233 14,469 5,887 408 May 8 64,223 63,682 37,56919,330 416 698 770 8,108 8,97320,238 587 1,125 4,044 14,482 5,875 541 May 15 64,171 63,637 37,76219,507 421 689 762 8,115 8,99419,997 571 1,421 3,557 14,448 5,878 534 May 22 64,026 63,485 37,66719,394 421 701 763 8,114 9,00219,916 595 1,414 3,473 14,434 5,902 541 May 29 64,267 63,825 37,58419,300 415 692 764 8,110! 9,02920,300 1,052 1,357 3,471 14,420 5,941 442 i Exclusive of loans to banks and after deduction of valuation reserve: 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 673 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R a . r i e v n t R - h e k . s s C va i a n u s l h t b m a w B d a n e i o n a c t s - l k e h t - i s s c j p m u D a o d s a e d t s e T n e i - - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r p l r r d a s t i - - - s - , - - , S p s d s a i t i o u c i o a n v b l a n t i d i - e l t - s - s c C h c o f a e e e e i f n t e r c f r c i t d d k s - . i ' - s, G U o . v S t . . s p I p u n c v h a n o a o a e i n i d r d r p r l r d a s t i - - - s - - , - , S p s d s a i t i o u c o i a n v b l a n t i d i - e l t - s - s G P u S i a o a o n n . s v g v t d - s s t a . . l m D t e D o i s c - - ema F n ei d o g r n - Time F B F a r . n o k m R s .F ot r h o e m rs c C o i a a t u c a p n - l - ts tions tions Total— Leading Cities 1956 May 13,258 941 2,396 55,484 57,234 4,393 2,008 3,53119,347 1,053 179 9,937 ,517 1,236 634 823 8,749 1957 Apr 13,559 956 2,437 55,997 58,304 4,058 2,107 2,836 20,871 .017 18310,523 ,518 ,241 844 645 9,136 May 13,416 936 2,389 55,369 57,821 4,391 2,013 2,657 20,979 ,081 18110,003 ,583 ,237 673 814 9,188 Apr. 3 13,818 905 2,467 55,118 57,179 4,045 2,637 3,946 20,897 ,004 182 10,646 ,475 ,252 1,009 593 9,135 Apr. 10 13,482 967 2,348 55,588 57,763 3,872 1,753 2,756 20,912 ,009 18510,518 ,507 ,248 1,086 554 9,144 Apr. 17 13,415 956 2,541 56,588 59,483 4,121 2,125 2,28920,838 ,016 184 10,783 ,540 ,240 719 658 9,128 Apr. 24 13,519 996 2',393 56,695 58,793 4,193 1,912 2,354 "2,0834 ,040 18210,148 ,550 ,225 562 776 9.135 May 1 13,736 897 2,497 56,21358,635 4,545 2,720 2,82220,870 ,063 18110,298 ,588 1,212 978 559 9,179 May 8 13,389 944 2,350 55,27356,859 4,361 1,716 2,58120,938 ,066 18110,156 ,587 1,207 634 882 9,189 May 15 13,388 929 2,,512 55,05758,910 4,297 1,966 2,327 2200,969 ,079 18210,559 ,579 1,226 532 914 9,183 May 22 13,198 966 2,,345 55,15157,316 4,315 1,751 2,33421,037 ,087 181 9,748 ,626 1,230 535 958 9,189 13,368 942 2,242 55; 149 57,383 4,439 1,912 3,214 "2'1,082 ,111 179 9,406 ,536 1,311 177 688 9,201 May 29 New York City 1956 4,109 139 68 15,410 16,661 362 1,029 1,068 2,092 104 36 2,829 1,182 982 20 307 2,769 May 1957 4,261 140 15,697 17,082 301 1,088 885 2,643 2,862 1,215 955 231 350 2,868 Apr 4,246 136 15,32016,869 339 1,058 785 2,645 2,904 1,274 942 78 343 2,879 May Apr. 3 4,445 135 15,727 17,045 243 1,654 1,313 2,673 2,863 1,173 965 244 345 2,866 Apr. 10 4,272 146 15,437 16,785 262 809 860 2,676 2,810 1,208 961 476 311 2,868 Apr. 17 4,037 139 50 15,771 17,252 367 987 680 2,617 2,958 1,231 954 100 333 2,868 Apr. 24 4,288 141 15,85417,244 333 904 688 2,607 2,816 1,246 940 103 412 2,870 May 1 4,377 131 15,742 17,419 423 1,639 859 2,621 3,014 1,260 930 258 256 2,883 May 8 4,282 140 15,291 16,463 341 823 797 2,635 2,889 1,279 929 85 344 2,886 May 15 4,239 132 15,187 17,051 329 979 614 2,632 3,040 1,265 931 15 391 2,880 May 22 4,232 137 15,261 16,628 320 838 619 2,662 2,839 1,334 928 390 2,875 May 29 4,103 140 15,123 16,784 283 1,013 1,035 2,675 2,739 1,232 991 32 332 2,872 Outside New York City 1956 May 9,149 802 2,328 40,074 40,573 4,031 979 2,463 17,255 949 143 7,108 335 254 614 516 5,980 1957 Apr 9,298 816 2,38140,300 41,222 3,757 1,019 1,951 18,228 963 149 7,661 303 286 613 295 6,268 May 9,170 800 2,333 40,049 40,952 4,052 955 1,872 18,334 1,020 149 7,129 309 295 147 595 6,309 Apr. 3 9,373 770 2,389 39,39140,134 3,802 983 2,633 18,224 951 148 7,783 302 287 765 248 6,269 Apr. 10 9,210 821 2,304 4.0.,,.1_5_1 40,978 3,610 944 1,896 18,236 954 149 7,708 299 287 610 243 6,276 Apr. 17 9,378 817 2,491 40,817 42,231 3,754 1,138 1,609 18,221 962 148 7,825 309 286 619 325 6,260 Apr. 24 9,231 855 2,342 40;84141,549 3,860 1,008 1,666 18,227 988 150 7,332 304 285 459 364 6,265 May 1 9,359 766 2,429 40,47141,216 4,122 1,96318,249 1,011 149 7,284 328 282 720 303 6,296 May 8 9,107 804 2,313 3399,,998822 40,396 4,020 1,78418,303 1,012 149 7,267 308 278 549 538 6,303 May 15 9,149 797 2,462 39,870 4"1,859 3,968 1,71318,337 1,015 150 7,519 314 295 517 523 6,303 May 22 8,966 829 2,278 39,890 40,688 3,995 1,71518,375 1,023 149 6,909 292 302 535 568 6,314 May 29 9,265 802 2,185 40,026 40,599 4,156 2,179 18,407 1,037 149 6,667 304 320 656 427 6,329 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

674 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l and Period2 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 i r l e e e r l s , , M p m u r c a e e o t n t t s a d d a 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 s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r u o i i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r b w e a a i e i p n n n a n e o d 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 -1 -41 -363 175 126 71 106 1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—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 May -96 -35 98 7 -6 10 -137 176 61 -1 -264 -267 Week ending: 1957—Mar. 6 1 17 42 50 17 -2 23 82 -21 -20 135 136 Mar. 13 -1 25 142 26 33 22 32 56 82 2 27 382 403 Mar. 20 65 32 216 27 34 43 19 225 47 16 13 699 739 Mar. 27 -27 1 43 -23 7 17 38 -71 -18 -7 -126 -137 -11 Apr. 3 -36 -2 24 -9 5 7 -20 -29 -7 -89 -106 Apr. 10 -7 15 8 -3 15 26 37 41 -23 40 55 Apr. 17 -13 1 14 28 -2 40 13 110 -3 177 142 Apr. 24 -18 -66 13 -3 -6 39 -39 -2 15 16 -155 -175 May 1 -44 17 53 -4 -28 18 12 85 69 -4 8 124 102 May 8 -23 1 17 -5 -3 29 -55 -10 -6 11 -135 -109 May 15 5 16 94 12 27 26 25 -35 44 12 23 199 226 May 22 -12 19 -17 4 2 -26 26 -90 -12 -1 18 -216 -241 May 29 -21 17 -22 -21 -1 -5 45 -82 -30 9 -237 -245 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed P di l r a e c c e t d - Total Banks Oth- p I o m r - ts p E o x r - ts Dollar ship p p o e i d n ts b e i t n w : een Total through ly into from exdealers* ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1951 1 331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1 924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,008 510 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Apr 2 514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 May 2,607 515 2,092 643 157 113 44 16 45 424 245 252 9 33 104 June 2,427 476 1,951 684 180 109 71 18 45 441 264 251 9 34 125 July 2,600 509 2,091 723 175 111 64 18 48 483 270 237 13 74 129 A us 2,514 548 1,966 772 189 120 70 22 51 510 271 259 21 97 124 Sept 2,463 549 1,914 805 209 127 82 17 49 529 294 258 17 113 123 Oct 2,581 573 2,008 843 203 135 69 20 53 567 277 281 19 133 133 Nov 2,618 568 2,050 924 242 167 75 33 52 598 277 295 10 199 143 Dec 2,129 506 1,623 967 227 155 72 69 50 621 261 329 2 227 148 1957—Jan 2 540 548 1 992 1,012 230 156 74 30 62 689 291 363 2 197 158 Feb 2,679 555 2,124 992 202 133 69 24 58 708 307 389 2 127 167 Mar 2,607 489 2,118 1,019 209 150 59 23 58 728 305 425 2 116 171 Apr 2,435 466 1,969 1,018 195 135 60 24 64 735 272 471 4 89 182 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 675 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable)2 mo Y w n e e th a e r k , , or m 4 m p P - c a o e r o t p i r n o m m c e t i h r - 6 e a , 1 l - 3 p d p c p - l i a o a r a l t y p e o c m n c , e e y - 6 t r d - - a a P b d c n e a a r c 9 c i r y n e m 0 s e s k p ' s * e - t , - M 3 k - a e m t r- onth o n R b a n i t l e e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is - y s e t u o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 0 - 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r monthsl yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1956 . 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly: i 19 large cities: 1956—May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 1956—June 4.14 5.18 4.69 4.34 3.97 June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 Sept 4.35 5.30 4.86 4.52 4.19 July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 Dec 4.38 5.32 4.90 4.63 4.20 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 1957—Mar 4.38 5.38 4.94 4.59 4.21 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 New York City: Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 1956—June 3.97 5.00 4.61 4.23 3.86 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 Sept 4.20 5.26 4.84 4.46 4.09 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 Dec 4.22 5.18 4.88 4.57 4.10 1957—Mar 4.23 5.26 4.92 4.47 4.11 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 7 Northern & Eastern Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 cities: Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 1956—June 4.15 5.26 4.74 4.32 4.01 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 Sept 4.39 5.36 4.88 4.53 4.26 May ^ 63 3.38 3.25 3.06 3.042 3.37 3.60 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 May 4... 3.63 3.38 3.25 3.00 3.039 3.43 3.54 cities: May 11 ... 3.63 3.38 3.25 2.93 2.909 3.36 3.55 1956—June 4.38 5.23 4.71 4.42 4.15 May 18. .. 3.63 3.38 3.25 2.98 2.894 3.35 3.60 Sept 4.53 5.29 4.85 4.54 4.32 May 25... 3.63 3.38 3.25 3.14 3.122 3.35 3.63 Dec 4.58 5.35 4.90 4.66 4.35 June 1 ... 3.63 3.38 3.25 3.26 3.245 3.42 3.72 1957—Mar 4.60 5.42 4.96 4.64 4.35 1 Averages of daily prevailing rates. 1 Based on figures for first 15 days of month. 2 Except for new bill issues, yields are averages computed from daily closing NOTE.—For description see BULLETIN for March 1949 bid prices. pp. 228-237. 3 Consists of certificates of indebtedness and selected note and bond issues. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] State and loc£il 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 Totals bonds6 se O ri l e d s2 se N r e ie w s3 Totals Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 m Co o m n4 - m Co o m n8 - Number of issues 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1954 average 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 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—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 15 3.19 2.94 2.53 3.52 3.32 3.62 3.43 3.93 3.55 3.72 3.60 4.24 3.83 Sept 3.19 3.24 3.06 2.63 3.60 3.50 3.75 3.56 4.07 3.68 3.83 3.73 4.39 4.04 6.00 Oct 3.18 3.24 3.12 2.66 3.67 3.55 3.82 3.59 4.17 3.75 3.89 3.82 4.42 4.03 Nov 3.30 3.30 3.39 2.87 3.98 3.85 3.90 3.69 4.24 3.82 4.01 3.86 4.56 4.05 Dec 3.43 3.36 3.57 3.04 4.19 3.95 3.99 3.75 4.37 3.95 4.08 3.93 4.63 3.90 7.60 1957 Jan 3 33 3 37 3 51 2.99 4.16 3.92 4 04 3 77 4.49 4 02 4 12 3 98 4 51 4 13 Feb 3.20 3.26 3.29 2.79 3.96 3.75 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.27 Mar 3.25 3.27 3.36 2 88 3.97 3.97 3.66 4.47 3.90 4.06 3.95 4.46 4.16 7.85 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 May 3.39 3.42 3.48 3.00 4.10 4.02 3.74 4.52 3.96 4.13 3.98 4.53 3.82 Week ending: May 4 3.35 3.42 3.44 2.97 4.03 3.99 3.71 4.48 3.93 4.10 3.96 4.50 3.89 May 11 3 35 3 41 3 45 2 99 4.05 4.01 3.72 4.50 3 93 4 12 3 97 4.50 3 89 May 18 3 39 3.41 3.45 2.99 4.06 4.02 3.73 4.53 3.94 4.14 3.97 4.54 3.83 May 25 3 40 3 42 3 49 2 99 4 15 4 03 3 75 4 54 3 96 4 14 3 99 4 56 3 83 June 1 3.48 3.45 3.57 3.10 4.23 (9) 4.06 3.79 4.56 4.03 4.14 4.01 4.56 3.82 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations s Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a 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>1/A 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

676 SECURITY MARKETS SECURITY PRICES 1 Bond prices Common stock prices Vol- Ye o ar r , w m e o ek nth, r U O ( i s l e e . o l s d - n S 2 g . -t G e r N r o i s m e e e v s w - t ) 3 . g n ( r i h M c a i i d g u p e h - a ) - l <g ( C r h r p a a i o o g d t r e - h e - - )' T S o ta t n a ( l i d n a d r e d d t x I r u n i , a a s - n 1 l - d 9 4 P 1 R r o - o o a 4 a i r 3 d l ' - = s s 1 e 0 P r u ) i i l u t t e i i y c b s l- * - Total S T e o c t M u al r a it n i e r u D s a f b a u a c l - n e t ( d u i r n E i d N r n x a d e g o b c x u n h l , - e - a 1 n 9 g T 3 p e t 9 r o i a = o C r n n t o a 1 s m - - 00 m ) P u i i l u s t t i i y s c b l i - - on T n s s a a e r e i f n a c n r r i i e v d - d c e - e e s , , M in i g n- s s t h t u i h a r n ( a o o m a o n i r g n f f d d u e e 5 - 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—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 May 89.41 94.20 106.9 103.2 46.78 50.10 30.42 34.03 352 450 419 480 297 163 286 380 2,389 Week ending: May 4 89.89 94.15 108.1 103.5 46.04 49.21 30.32 33.70 348 445 416 472 298 162 282 369 2,409 May 11 89.89 94.44 108.1 103.8 46.33 49.55 30.49 33.90 350 447 418 473 299 162 287 369 2,414 May 18 89.42 94.41 107.0 103.4 46.91 50.25 30.50 34.08 354 453 423 481 300 163 286 380 2,617 May 25 89.30 94.19 106.1 102.9 47.22 50.64 30.55 34.24 354 452 418 484 295 163 287 387 2,236 June 1 88.45 93.60 105.1 102.4 47.00 50.43 30.12 34.07 355 455 419 293 164 288 393 2,169 * 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 2>VA 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 4 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*4 per cent bonds due Exchange for a 5l/i-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 it 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 r s o 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 y a 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 TT Q (~<n\7+ ob (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 i o o b v n 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 G n 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 Apr 4,043 33 2,788 40 1,255 44 2,145 896 May.. 4,047 38 2,810 40 1,237 42 2,186 870 June 4 009 34 2,786 48 1,223 39 2,195 836 July 4,026 31 2,812 45 1,214 31 2,211 858 Aug . 3,979 33 2,785 41 1,194 38 2,048 872 Sept 3 950 33 2,782 42 1,168 42 2,071 866 Oct 3,914 36 2,748 42 1,166 45 2,086 835 Nov 3 946 32 2 784 43 1,162 43 2 071 822 Dec 3 984 33 2,823 41 1,161 46 2,132 880 1957_Jan 3 902 29 2,761 41 1,141 42 1,964 866 Feb 3,846 35 2,729 31 1,117 53 2,004 828 Mar . . .. 3,832 28 2,713 27 1,119 47 1,958 820 Apr 3,938 28 2,792 28 1,146 53 2,051 807 1 Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i. e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 677 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 t l s Total U S n ta i t t e e s d Sta U lo t . e c S a . a l nd Foreign2 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 ts r End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59 630 17 868 15,290 1,052 1 526 23 124 21 406 1 718 12 906 1 247 2,240 2 245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73 375 12 905 10,252 1,153 1 500 31 515 29,069 2 446 21 251 1 903 2,713 3 088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2.020 2,914 3,302 1954 84 486 12 262 9 070 1 846 1 346 37 300 34 032 3 268 25 976 2 298 3 127 3 523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month:4 1953—Dec 78,201 12,452 9,767 1,278 1.407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84 068 12 199 9,021 1 833 345 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_Apr 92,025 11,439 8,085 2,153 ,201 39,705 36,725 2,980 30,651 2,624 3,365 4,241 Mav 92,478 11,332 7,986 2,140 ,206 39,854 36,880 2,974 30,991 2,646 3,385 4,270 June 92,876 11,280 7,921 2,148 1,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July 93,580 11,292 7,886 2,191 [,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug 93 992 11 210 7 778 2 206 226 40 453 37 455 2 998 31 897 2 727 3 420 4 285 Sept 94,411 11,253 7,805 2,213 ,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct 94,869 11,306 7,850 2,218 1,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov 95 274 11 218 7,749 2 229 I 240 40 735 37,765 2 970 32 709 2 813 3,483 4 316 Dec 95,819 11,005 7,532 2,237 1,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957_jan 96,316 11,068 7,588 2,244 ,236 41,177 38,256 2,921 33,279 2,841 3,523 4,428 Feb 96,738 10,890 7,544 2,244 1,102 41,513 38,580 2,933 33,479 2,865 3,547 4,444 Mar r97,074 10 926 7,427 2,251 1,248 41 579 38,638 2,941 33.672 2 883 3,575 r4,439 Apr 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 r Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Reserves Total2 g M ag o e r s t- 3 o G t b i l o o i n v g s t a . - Cash Other4 S c a a v p i 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 2,420 450 356 7,386 190 146 644 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16 893 13,657 1,487 924 733 13,992 810 90 1 280 1951. 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26 733 21,962 1,920 1 479 1 297 22,846 947 80 1 901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37 719 31,461 2,342 2 067 1,791 32,192 ,412 146 2,557 1956^ 43,098 35,870 2,798 2,142 2,236 37,302 ,225 130 2,970 1956—Apr.p 39 388 32,814 2,639 1 917 1,962 33,662 ,123 110 May^ 40,023 33,259 2,684 1,926 2,099 34,137 ,119 112 40,622 33,740 2,652 2,047 2,128 34,948 ,170 118 2,749 j 1 p 40,797 34,134 2,687 1,878 2,044 35,079 ,105 124 Aug P 41,197 34,586 2,726 1,788 2,043 35,366 ,113 132 Sept v 41 574 34,939 2,739 1 745 2 098 35,633 139 138 Oct.p 42,059 35,305 2,753 1,782 2,166 36,044 1,145 128 Nov P 42,520 35,596 2,781 1,840 2,251 36,438 1,150 123 Dec P 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1957 Jan P 43,285 36,102 2,946 1,974 2,211 37,638 1,035 107 Feb P 43 684 36,371 3,061 1 935 2 265 37 953 973 99 Mar.*3 44,200 36,734 3,153 1,911 2,351 38,312 958 93 Apr p 44,696 37,136 3,181 1,863 2,466 38,625 968 96 v Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged 1 Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1955 1956 1949 1950 19512 19522 19532 1954 12 2* Loans, by purpose and agency: To aid agriculture, total 4,362 3,884 4,161 5,070 6,811 6,929 6,715 7,377 16,757 7,160 6,752 Banks for cooperatives 302 345 425 424 317 367 375 355 349 395 457 Federal intermediate credit banks. . . 437 510 633 673 590 638 689 765 898 874 734 Farmers Home Administration 523 535 539 596 648 701 681 764 3778 769 724 Rural Electrification Administration. 1,301 1,543 1,742 1,920 2,096 2,226 2,348 2,379 2,413 2,450 2,488 Commodity Credit Corporation 1,729 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2,671 2.349 Other agencies 70 52 40 31 23 18 1 (4) ( (4) ( To aid home owners, total 1,251 ,528 2,142 2,603 2,930 2,907 3,205 3,230 3,299 3,391 3,680 Federal National Mortgage Association. 828 ,347 1,850 2,242 2,462 2,461 2,641 2,683 2,729 2,807 3,072 O V t e h te e r r a n ag s e A nc d i m es inistration > 423 181 292 362 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 2 2 4 4 4 1 3 37 3 4 1 4 3 7 8 4 1 6 4 4 5 To industry, total 576 568 589 598 588 431 678 593 627 624 619 Treasury Department... 174 353 306 330 323 216 209 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 \ / 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 To financing institutions 445 824 814 864 952 870 1,419 1,143 1,178 1,147 1,233 To aid States, territories, etc., total. 408 468 744 1,020 645 272 245 239 227 244 246 Public Housing Administration.. . 285 351 589 894 500 112 90 106 90 109 106 Other agencies 124 117 155 126 145 160 155 134 137 135 140 Foreign, total 6,090 6,078 6,110 7,736 8,043 8,001 7,988 8,106 8,172 8,229 8,223 Export-Import Bank. . . 2,187 2,226 2,296 2,496 2,833 2,806 2,702 2,697 2,712 2,692 2,701 Treasury Department5. 3,750 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,519 3,470 Mutual Security (ICA). 61,515 1,537 1,624 1,767 1,832 1,885 1,958 1,995 Other agencies 153 102 64 58 53 1 58 55 60 57 All other purposes, total 76 63 35 75 119 166 256 156 176 193 213 Housing and Home Finance Administration. (4) 5 29 127 209 108 122 137 156 Other agencies 76 "'63 34 69 90 39 47 48 55 56 57 Less: Reserves for losses -476 -185 -173 -140 -203 -268 -263 1-592 -656 -309 Total loans receivable (net). 12,733 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 Investments: U. S. Government securities, total 2,047 2,075 2,226 2,421 2,602 2,967 3,236 3,677 3,719 3,720 3,739 Federal home loan banks 275 199 249 311 387 641 745 1,082 1,083 1,054 1,018 Federal Savings and Loan Insurance Corp 214 193 200 208 217 228 241 248 256 248 256 Federal Housing Administration 188 244 285 316 319 327 381 390 405 422 458 Federal Deposit Insurance Corporation 1,205 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 1,812 1,825 Other agencies 165 132 140 148 152 147 149 164 166 183 181 Investment in international institutions 3,385 3,385 385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities'? 286 266 257 223 219 197 179 252 253 283 284 Inventories, total 1,549 1,774 1,461 1,280 2,515 3,852 4,356 14,119 20,231 20,949 21,375 Commodity Credit Corporation.. 1,376 1,638 1,174 987 2,087 3,302 3,747 3,536 3,897 3,323 3,651 Defense Department 9,827 9,814 10,994 11,004 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 173 136 288 203 428 550 609 \ 5 1 6 8 7 8 6,3 1 3 8 2 8 6,4 2 1 1 8 5 6, 2 5 0 1 1 7 Land, structures, and equipment, total 2,962 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 10,028 9,985 Commerce Department (maritime activities) 4,834 4,798 4,822 4,796 4,612 4,549 4,502 Panama Canal Company8 16 18 298 ' 415' 363 421 421 421 400 398 398 Tennessee Valley Authority 830 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 Housing and Home Finance Agency 1,352 1,297 1,285 1,203 1,041 727 450 400 311 285 236 Nat. Advisory Committee for Aeronautics 278 276 Bonneville Power Administration 309 306 311 General Services Administration 1,199 1,302 1,298 Post Office Department 590 590 590 Other agencies 763 745 728 345 350 360 300 607 538 608 613 Bonds, notes, & debentures payable (not guar.), total... 772 1,190 1,369 1,330 1,182 1,068 2,379 2,425 2,607 2,742 2,711 Banks for cooperatives 78 110 170 181 150 156 185 161 152 188 257 Federal intermediate credit banks 490 520 674 704 619 640 665 725 857 865 721 Federal home loan banks 204 560 525 445 414 272 958 869 928 918 963 Federal National Mortgage Association 570 670 670 770 770 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 2 Coverage changed from preceding period (see also NOTE). age and the new classification of agencies now reported in the Treasury 3 Adjusted figures; for amounts reported for this date but excluded Bulletin. The revised statement includes a larger number of agencies, and from this figure, see BULLETIN for May 1957, p. 550, note 3. their activities are classified according to the type of fund they represent. 4 Less than $500,000. Funds are combined in the table above, but are shown separately in the 5 Figures represent largely the Treasury loan to the United Kingdom, table on the following page. Classifications by supervisory authorities and through 1952 are based in part on information not shown in Treasury are those in existence currently. Where current Treasury compilations compilation. do not provide a detailed breakdown of loans, these items have been 6 Figure derived by Federal Reserve. classified by Federal Reserve on basis of information about the type of 7 Includes investment of the Agricultural marketing revolving fund in lending activity involved. the banks for cooperatives; Treasury compilations prior to 1956 classified A few major activities and several minor ones, first reported for June this item as an interagency asset. 30, 1956, are not included for later dates, because they are not reporting 8 Figures prior to 1951 are for the Panama Railroad Company. The on a quarterly basis. Panama Canal Company, established in 1951, combined the Panama •Adjusted totals; these reflect exclusion of data for agencies reporting Railroad Company with the business activities of the Panama Canal other than quarterly, the latest data for which are shown at the bottom (not reported prior to that time). of the table on the opposite page. 9 Includes $1,000 million due under the agreement with Germany 1 Figures for trust revolving funds include interagency items. For all signed Feb. 27, 1953, and lend-lease and surplus property balances due types of funds combined, loans by purpose and agency are shown on a the United States in the principal amount of $2,161 million. gross basis; total loans and all other assets, on a net basis, i. e., after reserve for losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 679 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Date, and fund or activity Total Cash L c a e o b 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 e i - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e d n i c d s p t - , , - Other G a B t U u n a u b o . r t n S a e e y n . d r e s d - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - G i U n e o t . s e v t S r t - . . o v in w P a e t r t s i n e e - 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 1.161 23,842 329 1952—Dec. 312. 29,945 94417,826 1,280 2,421 3,429 3,213 832 1.330 1,72826,456 378 1953—Dec. 312. 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—Dec. 31 .. 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Dec. 31 . . . 45.304 1,33820,238 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 3,73051,635 651 June 302*. 66.797 4,45719,844 20,231 3,719 3,638 9,682 5,226 2,607 3,238 60,224 677 Sept. 302. . 69;143 5.' 14•4" 20.33120,949 3,720 3,66810,028 5.303 2,742 3,145 62,507 693 Dec. 312*. 69.653 4 996 20,65721,375 3.739 3,669 9.985 5,232 2.711 3,659 6.2,516 699 Classification by type of fund and activity, Dec. 31, 1956 Public Enterprise Funds—Total... 21,194 1,641 9,454 4,343 841 151 3,379 1,386 67 1,291 1,86317,973; Farm Credit Administration: Federal intermediate credit banks 830 23 734 13 721 j 13 96 Production credit corporation 42 2 42j. Federal Farm Mortgage Corporation 10 1 10 Agricultural Marketing Act, revolving fund 186 39 "\41 186|; Department of Agriculture: Commodity Credit Corporation 6.573 35 2,236 3,651 172 479 1,092 5,481 Disaster loans, etc., revolving fund 143 74 63 7 6J 137 All other 38 30 6 2 7! 31 Housing and Home Finance Agency: Public Housing Administration 373 86 105 45 136 34 400 Federal Housing Administration 755 25 458 1 271 146 543 Federal National Mortgage Association 2.459 2 2.423 (4) 33 570; 321 1.857 Office of the Administrator 719 151 347 189 32 5 714 Federal Savings and Loan Insurance Corporation.. . 267 2 256 9 13[ 254J Small Business Administration 166 59 104 3 ) ! 166 Export-Import Bank 2.736 9 2,701 () 24 33! 2.7021 Tennessee Valley Authority 2,007 112 37 1.762 96 37j 1.971 Panama Canal Company 450 29 7 398 17 23 427 Veterans Administration 712 214 464 3 27 2 2 9 703 General Services Administration 834 27 615 76 116 14 820 Treasury Department 196 87 "69 7 14 19 3 193 Post Office Department—postal fund 1,154 517 9 590 38 377 777 All other 542 119 '266 13 81 17 524 129 Intragovernmental Funds-Total. . 13,178 1,691 11,128 157 766 12,412 Defense Department: 202 i Army 8.507 948 7,376 79 304j 8.203 Navy 3,247 378 2,826 105 42 274| 2.972 Air Force 1,137 302 801 34 133! 1,004 All other 288 64 125 97 3 56 232j Certain Other Activities—Total 29,881 1,513 ,893 5,904 3,513 6,404 3,647 201 29,681 National Advisory Committee for Aeronautics 421 77 1 276 66 91 412 General Services Administration 8,087 795 "83 5,858 1,215 136 26 8,061 Bonneville Power Administration 398 37 311 42 3 395 Department of Agriculture: Farmers Home Administration 692 119 553 20 690 Rural Electrification Administration 2,621 16 2,482 124 2.621 International Affairs and Finance: Mutual security 2,015 1.995 5 2,015 Treasury Department 10,192 3,504 3,513 93.175 10.192 Department of Commerce—maritime activities 5,186 340 276 4.502 137 5.049 All other 270 114 1 100 24 246 Certain Deposit Funds—Total 4,698 95 1,682 2,886 1,220 805 1,989 684 F B e a d n e k r s a l f o D r e c p o o o s p it e r I a n t s iv u e ra s nce Corporation 1. 5 8 3 4 6 0 29 4 (4 4 ) 54 (4V1,82 43 5 257 98 3 1,7 25 4 0 2 25 Federal home loan banks 2,322 62 1,228 1,018 963 704 -3 '659 Certain Trust Revolving Funds—Total 701 56 628 200 23 462 1015 A F l e l de o r t a h l e N r ational Mortgage Association 68 1 2 9 51 5 628 (4V (4V 200 1 1 3 1 456 6 1 0( 0 4) 15 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) 220 143 77 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30, 1956) 3,024 2.571 354 137 2.887 All other—excluding OAP—(June 30, 1956) 50 27 14 15 30 10 Figure represents total trust interest. For other footnotes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash 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 B r u N e d c e t g t s e . t T P r f e u l r c u u n t s d s s : t . t I G L r n a e o t n s r v s s a : t . - . * E p T r q u f e r t u o b h o c a t l e t m a l i s s c l . : 2 B p t u e u e d n r x e g d - s e i- t p T P t f e u u e l r n u r n x u e d s d - s s : i t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a u o b y t a t h l t a l i s s e l c . : t p o p f u r a t o o h b y ( m r e l t - i s , ) c , & ( c ( o c - d r d r r I e ) i e a e n r , a d a g b e - s s e e c i t e e n n - t , .) a t i r n g G . N v e o f . n e u v . t b n t & . y L d e s ss: O d n c e t o a b h s n t h e - * r b E r i o e q n c ( N r p u g a - r a a ) e s o o y l h t s w r t : . - Cal. year—1955 63,358 10,624 2,511 71,448 1?9 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956 . . 70,994 12,398 3,027 80,330 671?16 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 jS40 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 ?9,397 33,1?5 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 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 t>J467 669 132 6,004 577 1,036 1,032 110 -106 June 11,601 1,617 1,049 1?,167 6j 937 830 703 7,064 5,103 -3,890 916 57 -4,863 July 3 485 1 112 631 3,964 5,54? 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 Sent 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 5J7?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 5,349 6 095 1,112 1,111 6,096 -747 -195 -126 367 -435 Feb 6,188 1,458 80 7,564 5,743 1,095 -250 7,088 476 142 209 -103 37 Mar 10,737 1,068 96 11,704 S 584 1,342 296 6,630 5,073 -1,160 108 -126 -1,142 Apr.*3 4,256 1,083 106 5,227 5,987 1,491 275 7,203 -1,976 -813 -468 -174 -171 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 as o u f r e p r e r o i f o d U ) nited Period B s d u u N e r o f d p e i r g c l t u i e t s t ac l T f a c u r t o u u n i r m o d s n t u- t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s a ( G s g + N a u e o r ) a e n v k o n t c t e c . y f t e i i n s a n G e v g N c . e o F . e n v e b ( t c t d . y - y . ) I d n ( e d g c - c i r r ) o r r o e , e e r a s c a i s s n t s e e , T o r H u e t a e s s l i d u d r e y a T u c r c r e e o a r u ' s s n - t Balance ( B F a a . v D n a R k e il . s p - osi T ts T a r u x in e r a y a s n - d O as n t s h e e t e ts r (-) deficit obliga- & trust public able Loan (-) tions5 funds 5 debt funds) Accts. Fiscal year—1953 -9,449 3,641 -250 -59 —3.147 6,966 -2,299 4,670 132 3,071 J 467 1954 -3,117 1,951 -46 -14 .609 5,189 257 2,096 6,766 875 4,836 1,055 1955 ... -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 I 471 1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 Semiannual totals: 1954—July-Dec -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 1,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 [ 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—Apr -1,305 r-85 249 47 r3O3 -556 13 -1,360 5,712 578 3,781 353 May -417 936 -49 48 -983 941 -73 548 6,259 515 4,593 ,151 June 4,664 787 -349 51 -934 -3,978 -45 287 6 546 522 4 633 391 July -2,057 83 -34 22 -277 -105 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 4 628 282 Oct -2,812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 ,272 Nov.. -908 374 129 -70 -305 1,734 -119 1,074 5 778 463 4 159 156 Dec -307 185 -875 -11 91 -389 45 -1,350 4 427 441 2 924 062 1957 Jan — 1 286 — 462 390 205 374 — 399 — 17 — 1 162 3 265 715 1 161 389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 364 Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 1,170 Apr -1,731 -408 333 253 402 -991 1 -2,142 5,532 509 3,516 1,507 " 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 681 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t O ag ld e T - ran H s w f i e g a r y h s - to 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 r C a o ti r o p n o l - ta c E x i x s e e - s1 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 . - ' ' f t u r n u d st 3 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 ",165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 Semiannual totals: 1954—July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 1,480 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 Monthly: 1956—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 1.119 Mar 10,737 632 120 50 606 12,145 2,083 785 7,327 931 692 327 231 138 Apr 4,256 617 124 15 1,130 6,142 819 2,827 520 812 633 531 n.a. 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 3,954 1,791 2,216 6,583 4,298 2,426 2,936 r 1,476 r2,502 1,474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 ^1,315 r814 1,239 1955 64,570 40,626 35,533 '2,292 1,857 2,181 6,438 4,457 2,552 4,411 rl,202 rl,502 1,201 19566 66,540 40,641 35,791 r2,611 1,651 1,846 6,846 4,756 2,776 4,913 n,io4 '2,028 1,629 Semiannual totals:6 1955—July-Dec.. 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 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 ,181 Monthly: 6 1956—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 3,335 177 182 111 655 410 330 551 87 85 100 Feb 5,743 3,576 3,245 136 150 143 592 407 236 312 94 268 98 n.a. Not available. r Revised. 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

682 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d T d g i e r o r o b e t s a c t s 2 l t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o t i s - - f Notes B e b l a l i e g n i k 4 - Bon s d t B s r r i a c e n t - e k d b C v o i e b o n r l n d e t- - s Total 5 b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S is p s e u c e ia s l 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278 7 278 1 255.7 198.8 17.0 38 2 23.0 68 4 52 2 " 56 9 48 2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec 256 7 256 7 220 6 152 5 13 6 5 4 39 3 44 6 49 6 68 1 58 0 8 6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280 8 280 8 233.9 163.3 22.3 15.7 43.3 81 9 11.4 59 2 57.9 (6) 43.9 1956—May 276 8 276 7 229.6 159.6 20 8 20.8 36 1 81 9 11.1 58 9 57.7 44.3 June 272.8 272.8 224.8 155.0 20.8 16.3 36.0 81.9 11.1 58.7 57.5 45.1 July 272.7 272.6 224.6 155.0 20.8 16.3 36.0 81.9 11.1 58.6 57.4 45.4 Aug 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 Oct 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 Nov 211A 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 May 275.3 275.2 226.9 160.3 26.8 21.8 30.9 80.8 10.3 56.3 55.2 46.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $448 million on May 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. sjgregated $8,511 million on Apr. 30, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held bythe public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n i g n c g lu u d a - r- trust funds1 Federal Com- Mutual Insur- Other State Individuals Misc. s a e n ti c t e e u s e r ) i d - S i p ss e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o s - g l o oc v a ts l . S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s 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—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 19.0 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 19.8 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 Mar 275.1 45.6 8.6 221.0 23.1 58.2 8.1 12.6 19.9 16.0 49.6 17.2 16.3 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $250 million on June 30, 1956. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust-funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 683 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont. June 6, 1957 800 June 24, 1957 3*4 1,312 Apr. 1,1961 \Vi 144 Aug. 15, 1963 2V 6,755 June 13, 1957 802 Oct. 1,1957 314 7,271 Oct. 1,1961 1V£ 332 June 15, 1962-67... 2V 2,114 J J J u u u n n n e e e 2 2 2 4 4 0 , , , 1 1 1 9 9 9 5 5 5 7 7 7 , , 6 7 6 0 5 0 4 0 1 A Fe p b r . . 1 1 4 5 . , 1 1 9 9 5 5 8 8 3 3 3 V /8 2 1 2 0 , , 3 8 5 5 1 1 A Fe p b r . . 15 1 , , 1 1 9 9 6 6 2 2 3 V 3 / f i c 64 3 7 1 D J D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 4 3 - - - 6 6 6 9 9 8 . . ... 2V 3 3 2 , , , 7 8 8 4 2 2 9 4 3 June 27, 1957 ,601 Treasury notes Treasury bonds Mar. 15, 1965-70. 4,709 J J u u l l y y 1 5 1 , , 1 1 9 9 5 5 7 7 , , 6 6 0 1 4 1 A A u u g g . . 1 1 5, , 1 1 9 9 5 5 7 7 2Y 2 4 1 3 2 , , 7 0 9 5 2 6 M Se a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 8 9 3 3 . . . . 2 2 1 \h 4 3 1 , , 8 4 1 4 9 9 J M un a e r. 1 15 5 , , 1 1 9 9 6 6 7 6 - - 7 7 2 1. . 2 1 , , 9 8 5 6 5 2 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 8 7 I \ V Vi i 8 38 2 3 4 J M un a e r. 1 1 5 5 , , 1 1 9 9 5 5 8 7 -59.. .2 2 3 % /8 4,2 9 4 2 5 7 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . 2 3 , , 7 7 1 7 6 4 Aug. 1,1957 ,702 June 15, 1958 2% 4,392 June 15, 1958-63 4.. 234 919 June 15, 1978-83. 1,605 Aug. 8, 1957 ,699 Oct. 1,1958 1V4 121 Dec. 15, 1958 2Vi 2,368 Feb. 15, 1995 .3 2,744 Aug. 15, 1957 ,700 Feb. 15, 1959 V/% 5,102 June 15, 1959-62... 214 5,271 Aug. 22, 1957 ,800 Apr. 1,1959 IVi 119 Dec. 15, 1959-62... 214 3,460 Panama Canal Loan 3 50 S A e u p g t . . 2 2 9 3 , , 1 1 9 9 5 5 7 7 , ,5 8 0 0 1 1 A O p ct r . . 1 1 , , 1 1 9 9 6 5 0 9 1 1 % % 1 9 9 9 8 D N e o c v . . 1 15 5 , , 1 1 9 9 6 60 0 - 65 4.. 2 23 i/ 4 8 3 1 , , 8 48 0 5 6 Convertible bonds O M c a t y . 1 1 5 , , 1 1 9 9 6 6 0 0 3 IV V2 i 2, 2 40 7 6 8 S N e o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 V 34 i 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . s tm 1, e 1 n 9 t 7 S 5 e r 8 ie 0 s . . B . 2*4 10,347 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. 675. int 4 e r P e a st r t p ia a l y ly m t e a n x t - e d x a e te m s p . t. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le s e 2 t- v b e C 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—Feb 28 171 496 25,876 20,216 33,940 80,868 10,596 160,899 67,508 42,604 17,892 32,895 Mar 31 170,430 25,262 19,433 34,367 80,861 10,507 159,924 66,981 42,163 17,891 32,889 U. S. Govt. agencies and trust funds: 1954—June 30 6,985 46 41 64 3,395 3,439 3,546 107 205 494 2,740 1955 June 30 7,162 40 8 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3.030 Dec 31 8 242 142 353 842 3,669 3,236 5,006 928 708 317 3,053 1957—Feb 28 8,442 308 392 899 3,654 3,190 5,252 1,039 840 319 3,055 Mar. 31 8,390 185 388 1,000 3,651 3,166 5,224 940 908 321 3,055 Federal Reserve Banks: 1 19 9 5 5 5 4 — j j U Un n e e 3 3 0 0 2 2 5 3 ,0 6 3 0 7 7 2,3 8 1 8 6 6 6 8 , , 6 2 0 7 0 4 1 1 3 1 , , 0 6 2 4 9 6 2 3 , , 8 0 0 9 2 3 2 2 5 3 , , 0 6 3 0 7 7 1 1 7 6 , , 4 2 0 8 5 0 6 3 , . 3 7 0 7 7 3 1 1 , , 0 0 3 1 5 4 1 1 ,4 4 1 1 5 5 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 Feb 28 22 887 143 11,367 8,574 2,802 22,887 20,085 373 1,014 1 415 Mar 31 23 149 319 11,418 8,606 2,806 23,149 20,341 380 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—Feb 28 50,105 3,939 1,869 10,184 33,966 147 49,958 9,851 24,836 10,350 4,920 Mar 31 50 547 2 944 3,027 10,559 33,873 144 50,403 10,376 24,768 10 325 4 934 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 Feb 28 7,527 205 71 350 5,790 1,111 6,416 347 1,082 654 4,333 Mar 31 7,552 217 97 367 5,763 1,108 6,444 402 1,075 650 4,317 Insurance companies: 1954_june 30 13,520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 1955 June 30... < 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5.285 Dec 31 11,331 349 66 781 7,464 2,671 8.660 726 1,749 1,136 5,049 1957 Feb 28 11,343 510 77 720 7,413 2,622 8,722 822 1,753 1,136 5,011 Mar 31 11,163 367 92 741 7,372 2,591 8,572 709 1,740 1,121 5,003 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 1957—Feb 28 71,190 20,770 6,439 13,212 27,244 3,525 67,665 35,366 13,719 4,420 14,160 Mar. 31 69,629 21,230 4,411 13,094 27,396 3,497 66,131 34,212 13,292 4,461 14,166 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

684 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Grossproceeds,all issuers2 Propos a e l d l u co se r s p o o r f a t n e e t i s p s r u o e c r e s6 eds, Noncorporate Corporate New capital Year or Remonth Bonds Re- tire- Total G U o . v S t . . 3 ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Others Total Total o P f l f i u e c b r ly e - d p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on ew ey7 p l M p c a o o u e n u s i l r s e e s - - - - s m b d e ti t a e o r c e b n e f . n k t - 8 t , m s ri e o t e c i f e n u s t - 1939 5.687 33^ 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 12577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8 495 7 960 535 260* 1954 29,765 458 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 6^8 746 5 977 182 10 240 7 420 4 119 3 301 635 2 185 8 821 7 957 864 1,227 1956 '22.405 5 517 169 '5,446 334 10,939 r8,002 '4,225 '3,777 '636 '2,301 '10,384 '9,663 '721 '364 1956—Apr 1,877 453 60 391 58 '916 673 340 '333 '31 '212 '818 702 '116 '80 Mi ay 2,123 451 491 1 1,180 '977 686 '291 65 139 1,146 1,105 '41 15 June. . . 2,164 437 736 '98 '893 661 270 391 50 '182 '841 '782 '59 '35 July 1,972 484 379 3 1,106 '901 588 '313 16 189 1,063 1,003 '60 '26* 1,493 436 109 213 '40 '693 '551 250 '302 50 92 '654 '550 104 25 Sept 1,581 355 336 (9) '890 '681 '514 167 33 176 '838 '816 '23 '35 Oct 1,892 414 646 58 '773 '485 '315 170 139 150 '745 660 '84 111 Nov 1,829 389 311 '5 1,123 '451 '179 '272 '45 627'1,089 '1,048 '41 '211 Dec r1,955 390 427 23 '1,114 '915 401 '514 16 '183 1,088 1,049 '39 1H 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 r3,248 1 3^7 '503 32 1,386 1,072 643 429 38 276 1,344 1,271 73 21 Apr 2,340 390 203 702 123 922 612 385 227 49 261 892 827 65 9 Proposed uses of neiproceeds, major groups of corporate issuers Year or Manufacturing C m om isc m e e ll r a 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- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 49 474 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 '3,336 '243 '682 '51 '694 20 '2,474 14 '1,384 '21 '1 815 '17 1956 Apr '259 78 '29 1 '53 1 '292 1 15 170 '(9) May. '467 11 '58 r(9) 86 2 335 r(9) '81 (9) 118 June '281 '77 54 5 '226 '6 11 192 '4 July '333 '8 '95 16 '36 '237 (9) 261 '102 '2 Aus 196 16 '83 1 '37 154 '82 r(9) 102 '7 S O e c p t t ' r 2 3 0 1 6 4 10 '3 3 1 6 2 4 1 ' ' 6 37 3 '2 2 2 4 7 2 r 4 5 68 6 r '2 ' 3 68 6 ( ( 9 9) ) Nov 147 19 110 '2 45 153 '. 596 1 37 Dec '526 r5 '33 '3 148 157 (9) '73 '1 '151 '1 1957_jan 381 8 42 101 247 105 1 187 Feb 543 2 94 4 31 247 14 46 108 2 Mar 366 4 32 85 490 16 281 1 91 Apr 296 4 49 5 50 355 47 94 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debts are included under the uses for which the bank 5 Represents foreign government, International Bank, and domestic debt was incurred. eleemosynary and other nonprofit organizations. 9 Less than $500,000. 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 685 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1957 1951 1952 1953 1954 1955' 1956 Manufacturing Total (200 corps.): Sales 52,940 54,51763,343 58,110 69,876 71,92017,017 18,13918,15018,457 16,119 19,193 19,764 Profits before taxes 8,869 7,308 8,375 7,244 10,250 '9,251 2,407 2,612 2,601 2,507 1,701 '2,441 2,732 Profits after taxes 3,548 3,192 3,649 3,825 5,231 '4,825 1,218 1,399 1,286 1,303 915 '1,321 1,394 Dividends 2,075 2,073 2,154 2,384 2,827 2,976 659 1,015 703 710 723 841 750 Nondurable goods industries (94 corps.):1 Sales 18.916 19,266 20,694 20,620 23,106'24,778 5,779 6,043 6,095 6,135 6,084 '6,464 6,610 Profits before taxes 3,447 2,853 3,028 2,753 3,4133,459 871 895 901 873 808 877 945 Profits after taxes 1,533 1,392 1,526 1,581 1,9181,978 484 523 497 488 466 526 535 Dividends 925 946 972 1,064 1,202l,24f 283 402 290 295 305 359 313 Durable goods industries (106 corps.):2 Sales 34,024 35,25142,649 37,490 46,770'47,14211,23812,09612,05512,321 10,036 '12,73013,154 Profits before taxes 5,422 4,455 5,346 4,491 6,836 1,537 1,717 1,701 1,634 893 '1,564 1,787 Profits after taxes 2,015 1,800 2,123 2,244 3,313 r2',847 734 876 789 815 449 '794 859 Dividends 1,149 1,127 1,182 1,320 1,625 1,728 376 613 413 415 418 482 437 Selected industries: Foods and kindred products (28 corps.): Sales ,909 5,04: 5,411 5,476 5,833 6,305 1,491 1,495 1,535 1,569 1,561 1,640 1,618 Profits before taxes 473 453 465 462 499 558 140 128 123 149 141 145 136 Profits after taxes 227 203 21 224 244 27: 68 66 55 71 71 75 64 Dividends 159 154 154 156 160 166 39 50 37 38 41 50 39 Chemicals and allied products (26 corps.): Sales 5,965 6,373 6,182 7,222 7,726 1,799 1,891 1,879 1,957 1,889 2,001 2,044 Profits before taxes ,490 1,259 1,308 1,153 1,535 1,493 390 400 385 377 342 389 395 Profits after taxes 521 486 520 593 78' 774 198 210 195 194 178 207 197 Dividends 381 396 41 499 597 602 134 234 138 141 143 181 150 Petroleum refining (14 corps.): Sales ,078 5,411 5,8 6,015 6,556 7ASi 1,632 1,745 1,764 1,742 1,770 1,909 2,048 Profits before taxes 911 728 841 751 854 916 218 228 248 223 218 226 298 Profits after taxes 560 524 603 567 624 686 156 173 176 162 163 184 217 Dividends 262 283 290 294 317 346 80 83 82 82 89 93 91 Primary metals and products (39 corps.): Sales :,50711,56413,75011,52214,95 16,065 3,753 4,030 4,212 4,415 3,098 4,340 4,274 Profits before taxes 1,098 1,14" 1,81 1,357 2,377 2,369 584 674 693 711 267 697 679 P D r i o v f i i d ts e n a d f s ter taxes 7 3 7 8 8 2 564 7 3 9 7 0 7 4 7 0 0 ' 5 1,1 5 9 2 5 : 1,2 6 2 0 9 6 2 1 9 1 3 8 3 1 4 8 8 2 3 14 4 1 4 3 1 6 3 2 7 1 1 4 4 5 0 3 1 7 8 8 8 3 1 4 5 4 7 Machinery (27 corps.): 369 Sales i,168 7,077 8,005 7,745 8,477 '9,798 2,095 2.237 2,167 2,463 2,422 '2,746 2,624 Profits before taxes ,000 971 1,011 914 91 945 224 194 200 268 235 243 265 Profits after taxes 365 375 40f 465 465 460 111 114 75 139 126 120 111 Dividends 19: 199 237 263 281 325 67 81 78 82 79 87 79 Automobiles and equipment (15 corps.): Sales 1,70'13,03816,61114,13718,82616,336 4,246 4,688 4,578 4,195 3,347 4,215 4,993 Profits before taxes ,950 1,982 2,078 l,78r 3,023 1,943 589 714 690 511 272 '470 719 Profits after taxes 71 709 758 863 1,394 '891 261 346 313 243 118 '218 344 Dividends 486 469 469 536 693 656 161 309 162 164 164 166 167 Public Utility Railroad: Operating revenue 10,3911058110,664 9,37110,10610,551 2,632 2,640 2,535 2,704 2,590 2,722 2,575 Profits before taxes 1,260 ,438 1,436 908 1,341 1,267 370 353 252 343 298 375 247 Profits after taxes 693 825 903 68: 927 874 243 264 163 237 208 266 161 Dividends 328 338 412 379 448 445 78 176 110 116 70 148 124 Electric power: Operating revenue 6,058 ,549 7,136 7,588 8,360 '9,059 2,025 2,185 2,398 2,185 2,175 '2,302 2,478 Profits before taxes 48: ,740 1,895 2,049 2,304 2,45^ 536 595 710 592 568 586 720 Profits after taxes '814 94 1,030 1,134 1,244 1,329 285 325 374 321 302 331 382 Dividends 651 725 780 868 942 1,013 224 253 247 256 248 262 269 Telephone: Operating revenue 3,729 ,136 4,525 4,902 425 5,966 1,368 1,419 1,439 1,480 1,495 1,552 1.560 Profits before taxes 691 787 925 1,050 1,430 325 336 339 352 359 380 '353 Profits after taxes 341 384 45: 525 638 715 161 169 169 176 180 190 161 Dividends 318 355 412 448 496 552 126 130 132 136 137 147 148 ' Revised. Revisions for the third and fourth quarters of 1955 and for obtained from reports of the Federal Power Commission, except that the year 1955 are for most of the figures shown. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 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 t e o r r P b t r e a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a a r r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1949 26.2 10.4 15.8 7.5 8.3 1950 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1951 41 2 22 5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 . . 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 33.2 16.8 16.4 10.0 6.4 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 42.7 21.5 21.1 11.2 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 43.7 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 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 1956—1 43.7 22.1 21.6 11.8 9.8 2 3,367 1,487 1,880 2,245 817 1,428 1,122 671 452 2 .. 42.9 21.7 21.3 12.2 9.1 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 3 41.2 20.8 20.4 12.3 8.1 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 4 46.7 23.6 23.1 11.9 11.2 1957—1 3,919 783 3,137 2,630 553 2,077 1,289 230 1,059 1957—11 46.5 23.5 23.0 12.3 10.7 i Reflects cash transactions only. As contrasted with data shown on p. 684, new issues 1 Preliminary estimates by Council of Economic exclude foreign and include offerings of open-end investment companies, sales of securities Advisers. held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 684. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d a b a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties U. S. Other U. S. Other bilities Govt.2 Govt.2 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 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21 3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.9 31.2 21.6 2.6 65.9 67.2 2.4 99.0 2.2 57.3 18.7 20.7 1954 95.0 188.5 32.0 19.8 2.4 67.3 64.4 2.6 93.5 2.4 54.9 15.3 20.8 1955—3 101.5 200.2 31.6 21.2 2.2 75.6 66.6 3.0 98.7 2.2 58.9 15.1 22.6 4 102.9 208.1 32.6 24.0 2.3 77.3 69.1 2.9 105.2 2.3 62.6 18.1 22.3 1956—1 104 8 206.8 29.9 21.1 2.3 78.2 72.1 3.2 102.0 2.3 62 0 15.0 22.8 2 106.4 207.9 30.7 18.0 2.3 79.9 73.9 3.1 101.5 2.5 63.9 12.1 22.9 3 107.2 213.4 31.2 18.0 2.4 83.6 75.1 3.1 106.2 2.5 65.4 14.2 24.0 4 108.2 218.6 33.2 19.2 2.6 84.1 76.4 3.0 110.4 2.4 67.3 16.6 24.2 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT * [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n i t n g u d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l rs road ing 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1956—1.. . 7.5 3.2 .7 Q 2.6 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 2 8 9 4.1 7 I 2 2 9 1951 . 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 3 8.9 4.1 .7 1.3 2.7 1952 26.5 11.6 1.0 1.4 .5 3.9 1.5 5.6 4.. . 9.8 4.8 .8 L5 2.8 1953 28.3 11.9 1.0 1.3 .6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1957—U 8.3 3.8 .7 2 2.6 1955 28.7 11.4 1.0 .9 .6 4.3 2.0 7.5 2 M 9.9 4.7 .9 .6 2.6 1 1 9 9 5 57 6 4 .. . 3 3 7 5 . . 4 1 1 16 5 . . 4 0 1 1 . . 2 2 1 1 . . 5 2 1. . 8 7 4 6 . . 9 1 2.7 10.4 8.4 34.!".'.'. 9.6 4.5 9 s 2 5 r Revised. 3 Includes communications and other. 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 687 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 i r ly 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 ti l n n - s - S F a e e c g l d e i e e e c n r s te a - d l v o I i t a n d h n u d e d a i r - l s s h A e o r l l s d l - Total t F u in i c t n i i s o a a ti l n n - s - O h e o th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O h e o 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 t l i n n - s - h O ol t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 4.8 6.4 1.5 4.9 1945........ 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.2 59.5 2.0 20.7 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.6 2.6 4.0 1952 91.3 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 26.9 117.4 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". 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. 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* [In millions of dollars] Commercial bankholdings2 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 - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1949 11 644 8 676 2 060 909 6,705 5,569 J 099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 "2,921 '4^929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3',675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953.. 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4 106 3,350 6 695 3,263 1,159 15,007 13,211 3 800 4 262 5 149 740 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 ,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 1,801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956— Mar 21,450 16,180 4,610 3,770 7,800 3,950 1,320 18,045 16,123 4,210 6,155 5,758 1,860 62 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." 22,670 16,905 4,775 3,825 8,305 4,430 1,335 20,105 18,045 4,450 7,360 6,235 2,000 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

688 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 Farm Total Farm Total FHA- g V u A ar - - Other Total FHA- g V u A ar - - Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 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—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 2,424 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sent . .. 454 430 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 Nov . 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30,546 6,654 7,318 16,574 2,471 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 Apr 454 419 49 93 277 35 33,840 31,334 6,671 7,603 17,060 2,506 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) By type of lender Total (without seasonal adjustment) 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 in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r 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 g o a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i 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 1,064 1952. 6,617 2,105 2,955 18,396 904 3,394 14,098 1951. 16,405 5,295 1,615 3,370 1,013 1953. 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952. 18,018 6,452 1,420 3,600 1,137 1954. 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953. 19,747 7,365 1,480 3,680 1,327 1955. 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954. 22,974 8,312 1,768 4,239 1,501 1956. 10,545 3,771 4,727 35,870 1,492 6,664 27,714 1955. 28,484 10,452 1,932 5,617 1,858 1956. 27,088 9,532 1,799 5,458 1,824 1956 1956 Apr.. 932 359 388 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 1,476 6,530 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 * i i 492'^ 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 Apr.. 899 317 391 Mar.. 2,011 1,937 744 115 334 99 Apr.. 2,044 798 116 357 110 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 689 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 underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y o g p r e e t s - 1 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 - y q E e u n a a d r r t o o e r f r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 ,319 892 1,021 594 1,426 793 628 1950 4,343 ,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4.3 4.1 .2 14.3 1951 3,220 ,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 ,259 1,030 259 1,334 3,064 2,044 1,014 1950 . . 45 2 18 9 8 6 10.3 26.3 1954 3,066 ,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 1955 3,807 ,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33.1 1956 3,461 ,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1954 75.7 32.1 12.8 19.3 43.6 1956—Apr 253 87 116 4 46 493 333 159 1955 . . 88 2 38 9 14.3 24.6 49.3 May 270 87 123 2 59 469 307 162 1956* 99.1 43.9 15.5 28.4 55.2 June 280 86 121 10 62 421 265 155 July 279 83 125 10 61 465 291 174 1955—Sept 85.6 37.0 13.9 23.1 48.6 Aug 312 97 141 8 67 505 320 184 Dec oo 2 38.9 14.3 24.6 49.3 Sept 278 82 122 15 59 508 321 186 Oct 341 96 134 26 86 501 331 169 1956— Mar.*.... 90.8 40.2 14.7 25.5 50.6 Nov 279 89 124 4 62 462 315 146 June*.... 93.7 41.3 15.0 26.3 52.4 Dec 249 76 98 27 48 472 321 150 Sept.* 96.6 42.4 15.2 27.2 54.2 Dec* 99.1 43.9 15.5 28.4 55.2 1957_jan 300 87 107 29 77 555 393 162 Feb 266 74 85 50 56 431 316 113 1957—Mar.*.... 101.1 45.1 15.7 29.4 56.0 Mar 317 75 86 96 60 380 285 94 Apr 264 68 90 41 66 350 271 78 * 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] Mortgtige holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts yor month Total FH in A - - g V u A ar - - d u i n s - - Total S te h r o m rt 1 - L te o r n m g 2 sured anteed c P ha u s r e - s Sales bursed 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 1,177 1 044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 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 16 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 May 2,677 907 1,769 25 1 81 1956—May 44 48 1,123 697 427 June 2,704 915 1,789 40 92 June. 99 49 730 443 July 2,729 915 1,814 43 91 July 93 159 l,$08 700 408 Aus 2,758 919 1,839 46 1 92 Aug 66 57 1,116 713 403 Sept 2,781 920 1,861 40 1 130 Sept 72 46 1,142 741 401 Oct 2,838 934 1,904 69 1 232 Oct 67 61 1,148 752 397 Nov 2 953 957 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 [,009 2,173 147 411 1957_jan 77 267 1,038 660 378 Feb 3 295 026 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 Mav 3,551 ,087 2,464 75 1 518 May 73 52 993 559 434 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

690 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m a n a t s i o 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 84-5 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1 612 845 1949 17,305 11,590 4,555 3,706 898 2,431 5,715 1,532 2 795 1 388 1950 21 395 14 703 6 074 4 799 016 2 814 6 692 1 821 3 291 1 580 1951 22 617 15,294 5,972 4,880 ,085 3,357 7.323 1 934 3'605 1 784 1952 27,401 19.403 7,733 6,174 1,385 4,111 7,998 2,120 4 011 1,867 1953 31 243 23 005 9,835 6 779 610 4 781 8 238 2 187 4 124 1 927 1954 32,292 23,568 9,809 6,751 616 5,392 8,724 2 408 4 308 2 008 1955 38,648 29,020 13,468 7,626 ,670 6.256 9,628 2,992 4.544 2.092 1956 41,863 31,552 14,436 8,139 ,793 7,184 10,311 3,421 4,702 2,188 1956 Apr 38,222 29,419 13,892 7,337 ,643 6,547 8,803 3,094 3.531 2,178 May 38,919 29.763 14,059 7,401 ,677 6,626 9,156 3 258 3 701 2 197 June 39,454 30,084 14,255 7,417 ,700 6,712 9,370 3,335 3,804 2,231 July 39 478 30,297 14,381 7,421 710 6 785 9,181 3 261 3 674 2 246 Aug 39,878 30,644 14,530 7,493 ,734 6.887 9,234 3,295 3 696 2 243 Sept .. . 40 074 30 707 14 533 7 497 I 758 6 919 9 367 3 361 3 780 2 226 Oct 40 196 30,811 14,478 7.601 781 6,951 9,385 3 310 3 875 2 200 Nov 40,631 31,024 14.449 7,752 .797 7,026 9,607 3,401 4.029 2,177 Dec 41,863 31,552 14,436 8,139 ,793 7,184 10,311 3,421 4,702 2,188 1957—Jan 40 916 31,298 14,389 7,938 772 7 199 9 618 3 360 4 085 2 173 Feb 40,513 31,233 14,410 7,805 ,759 7,259 9,280 3,433 3,662 2,185 Mar 40 503 31 273 14,501 7 698 754 7 320 9 230 3 527 3 500 2 203 Apr 41,015 31,532 14,659 7,671 760 7,442 9,483 3,536 3,687 2,260 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions ; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n a o m i m n n e e c s - - r e * Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o 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 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 ,124 2,137 777 4,042 ,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 ,342 2,257 911 4,118 ,242 984 377 463 1,052 1955 29,020 24,441 10,601 8,443 ,680 2,656 ,061 4.579 ,511 1,052 381 535 1,100 1956 31,552 27,038 11,682 9,100 ,048 3,049 ,159 4,514 ,407 1,020 378 572 1,137 1956— Apr. 29,419 25,208 11,009 8,575 ,767 2,773 ,084 4,211 ,380 974 349 548 960 May 29,763 25,528 11,170 8,641 ,806 2,805 ,106 4,235 ,389 971 351 554 970 June 30,084 25,963 11,394 8,765 ,848 2,845 ,111 4,121 ,247 973 354 562 985 July. 30,297 26,193 11,476 8,849 ,880 2,880 ,108 104 ,239 967 359 568 971 Aug. 30,644 26,475 11,548 8,953 ,933 2,920 ,121 169 ,286 973 365 575 970 Sept. 30,707 26,551 11,548 8,989 ,960 2.924 ,130 156 ,269 970 368 576 973 Oct.. 30,811 26,635 11,606 8,973 ,994 2,938 ,124 176 ,269 974 368 574 991 Nov. 31,024 26,846 11,634 9,075 2,021 2,961 ,155 178 ,230 988 373 573 1,014 Dec. 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 ,407 1,020 378 572 1,137 1957—Jan.. 31,298 26,931 11,616 9,077 2.045 3.041 ,152 4,367 .380 975 364 568 1,080 Feb.. 31,233 26,967 11,641 9,035 2,074 3,051 ,166 4,266 ,345 957 362 568 1,034 Mar. 31,273 27,101 11,711 9,048 2,108 3,056 ,178 4,172 ,298 936 357 570 1,011 Apr. 31,532 27,493 11,960 9,104 2,154 3,095 ,180 4,039 ,170 922 354 575 1,018 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 691 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r le ect s g O p c u o a o t m o p h n d e e e - r r s r R e m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A p o a u p b to e il r - e s O g p c u o a t o m p o h n d e e e - r r s r m R i l z o o a e a d a n p ti n e d a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 . 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1949 2,944 2 265 447 90 142 1949 4,439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 . 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3 630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 . 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 1,429 2,105 1956 Apr . . 8,575 7,037 1,024 24 490 1956—Apr 11,009 3,403 2,167 2,118 1,313 2,008 May 8,641 7,099 1,021 24 497 May 11,170 3,462 2,193 2,155 1,335 2,025 June 8,765 7,199 1,039 24 503 June 11,394 3,521 2,207 2,265 1,356 2,045 July 8,849 7,264 1,049 24 512 July 11,476 3,560 2,210 2,276 1,367 2,063 Aug 8,953 7,344 1,061 24 524 11,548 3,598 2,218 2,266 1,384 2,082 Sept 8,989 7,366 1,071 23 529 Sept 11,548 3,591 2,199 2,271 1,403 2,084 Oct 8,973 7,333 1,083 24 533 Oct 11,606 3,584 2,180 2,335 1,421 2,086 Nov 9,075 7,305 1 202 24 544 Nov 11,634 3,578 2,177 2,364 1,430 2,085 Dec 9,100 7,283 1,227 23 567 Dec 11,682 3,579 2,181 2,388 1,429 2,105 1957_jan 9,077 7,222 1,261 23 571 1957_jan 11,616 3,584 2,198 2,306 1,413 2,115 Feb 9,035 7,190 1,247 23 575 Feb 11,641 3,611 2,216 2,290 1,399 2,125 Mar 9,048 7,190 1,255 22 581 Mar 11,711 3,649 2,258 2,275 1,392 2,137 Apr 9,104 7,212 1,279 22 591 Apr 11,960 3,713 2,313 2,359 1,397 2,178 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets (single-pay- (charge E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A p o a u p b t e o il r - e s g O p c u o t a o m h o p n e e d e - r r s r m R iz l o o a e a d n a p ti e n d a o r s i n n r - s l P o o e a n r n a - s l 12 o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m c m o i e a m e r l - n - t lo O an th s) er m p D a e a e r n c - t- t coun O ts t ) her S c e r r e v d i i c t e banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939. 2,719 625 162 236 1,178 518 1941. 3,087 693 152 275 1,370 597 1 1 9 9 4 5 9 0 2 1 , , 2 87 9 4 6 2 3 5 6 9 0 2 1 0 4 0 6 1 9 2 3 1 1 1, , 6 3 1 7 5 6 1945. 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1949. 5 715 1 334 198 587 2 208 1,388 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 1956— M Ap a r y . 5 5, , 7 6 1 2 7 4 7 75 3 1 7 5 5 3 4 2 4 3 3 1 0 8 6 4 4 , , 0 1 4 0 9 4 1 19 9 5 5 6 5 . . 1 9 0 ,3 6 1 2 1 8 2 2 ,9 6 7 3 5 5 4 3 4 5 6 7 8 8 6 9 2 5 3 3 ,8 6 0 8 7 2 2 2 , , 0 1 9 8 2 8 June 5,804 766 554 320 4,164 1956—Anr 8,803 2.720 374 573 2,958 2,178 July. 5,868 779 560 319 4,210 May 9,156 2,766 492 585 3,116 2,197 Aug. 5,974 795 572 326 4,281 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 9,234 2,894 401 531 3,165 2,243 D N e o c v . . 6 6 , , 1 2 3 5 7 6 8 82 1 1 6 5 5 8 8 1 2 3 34 4 1 3 4 4 , , 3 5 9 1 7 2 S O e c n t t 9 9 , , 3 3 8 6 5 7 2 2 , , 8 9 9 2 7 6 4 4 3 1 5 3 6 5 1 8 2 8 3 3, , 1 2 9 6 2 3 2 2 , , 2 2 0 2 0 6 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 Apr. 6,429 846 569 341 4,673 Feb 9,280 2,983 450 617 3,045 2,185 Mar 9,230 3 007 520 571 2 929 2,203 Apr 9,483 3,055 481 597 3,090 2,260 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 i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 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 r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,967 5,865 734 4,542 1950 21,558 8,530 7,150 835 5,043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,128 16,743 10,615 1,359 10,411 1956 39,602 15,533 11,015 1,448 11,606 1956—Apr.. 3,402 3,329 ,324 1,345 966 894 128 123 984 967 May. 3,255 3,470 ,250 1,407 930 949 132 145 943 969 June. 3,049 3,390 ,175 1,391 839 883 115 128 920 988 July., 3,293 3,316 ,246 1,337 925 872 121 127 1,001 980 Aug.. 3,350 3,504 ,258 1,393 951 952 122 137 1,019 1,022 Sept.. 3,153 2,981 ,191 1,150 883 840 117 125 962 866 Oct.. 3,363 3,382 ,308 1,284 942 1,010 125 140 988 948 Nov.. 3,453 3,387 ,354 1,225 973 1,037 120 125 1,006 1,000 Dec. 3,368 3,735 ,311 1,195 939 1,266 108 100 1,010 1,174 1957_jan.. 3,512 3,079 ,477 1,258 899 111 119 91 1,017 953 Feb.. 3,496 2,954 ,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 Apr.. 3,505 3,558 ,389 1,460 896 856 118 116 1,102 1,126 Repayments 1949 15,514 5,430 5,060 689 4,335 1950 18,445 7,011 6,057 111 4,660 1951 22,985 9,058 7,404 111 5,751 1952 25,405 10,003 7,892 917 6,593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,676 13,084 9,740 1,305 9,547 1956 37,070 14,565 10,502 1,325 10,678 1956—Apr.. 3,142 3,022 ,256 1,196 869 857 118 111 899 858 May. 3,060 3,126 ,224 1,240 857 885 111 111 868 890 June. 3,006 3,069 ,156 ,195 868 867 104 105 878 902 July.. 3,158 3,103 ,227 ,211 890 868 121 117 920 907 Aug.. 3,145 3,157 ,212 ,244 891 880 112 113 930 920 Sept.. 3,085 2,918 ,184 ,147 892 836 104 101 905 834 Oct.. 3,182 3,278 ,283 ,339 882 906 113 117 904 916 Nov.. 3,160 3,174 ,231 ,254 904 886 105 109 920 925 Dec. 3,185 3,207 ,236 ,208 918 879 104 104 927 1,016 1957_jan.. 3,311 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 Apr., 3,301 3,299 1,317 ,302 860 114 110 1,010 1,004 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—Apr.. +260 + 307 +68 + 149 +97 + 37 + 10 + 12 +85 + 109 May. + 195 +344 +26 + 167 +73 +64 +21 + 34 +75 +79 June. +43 +321 + 19 + 196 -29 + 16 + 11 +23 +42 +86 July., + 135 +213 + 19 + 126 + 35 +4 0 + 10 +81 +73 Aug.. +205 +347 +46 + 149 +60 +72 + 10 +24 +89 + 102 Sept.. +68 +63 +7 +3 -9 +4 + 13 +24 +57 + 32 Oct.. + 181 + 104 +25 -55 +60 + 104 + 12 +23 +84 +32 Nov.. +293 +213 + 123 -29 +69 + 151 + 15 + 16 +86 +75 Dec. + 183 +528 +75 -13 +21 +387 +4 -4 +83 + 158 1957—Jan.. +201 -254 + 151 -47 -36 -201 +9 -21 +77 + 15 Feb.. +282 -65 + 140 +21 +40 -133 + 8 -13 +94 +60 Mar. + 139 +40 + 80 +91 + 3 -107 +9 -5 +47 +61 Apr.. +204 +259 +72 + 158 + 36 -27 +4 +6 +92 + 122 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 693 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce O i t n h s e t r i tu fi t n io a n n s cial Retailoutlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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—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 Aug .. . .... 3,350 3,504 1,174 1,232 772 871 846 844 558 557 Sept 3,153 2,981 1,135 1,070 740 722 770 707 508 482 Oct 3,363 3,382 1,259 1,244 817 821 793 774 494 543 Nov 3,453 3,387 1,221 1,148 929 881 835 835 468 523 Dec 3,368 3,735 1,235 1,193 798 785 796 939 539 818 1957_Jan.i ' 3,512 3,079 1,285 1,204 955 785 818 742 454 348 Feb 3,496 2,954 1,265 1,105 840 691 845 750 546 408 Mar 3,299 3,319 1,150 1,208 834 821 817 842 498 448 Apr. i 3,505 3,558 1,286 1,347 850 855 878 894 491 462 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—Apr ... 3,142 3,022 1,126 1,095 761 720 720 690 535 517 May 3,060 3,126 1,092 1,118 775 776 690 707 503 525 June 3,006 3,069 1,077 1,100 699 723 699 716 531 530 July 3,158 3,103 1,148 1.149 763 735 746 731 501 488 Aug 3,145 3,157 1,146 ,160 746 767 751 738 502 492 Sent 3,085 2,918 1,122 ,070 706 686 723 667 534 495 Oct 3,182 3,278 1,162 ,186 789 837 718 732 513 523 Nov 3,160 3,174 1,122 ,120 756 779 748 754 534 521 Dec .. 3,185 3,207 1,163 ,145 763 760 738 820 521 482 1957_jan i 3,311 3,333 1,183 [,195 846 808 766 760 516 570 Feb 3,214 3,019 1,153 ,080 790 733 758 697 513 509 Mar 3,160 3,279 1,107 ,138 773 808 767 791 513 542 Apr i ... 3,301 3,299 1,166 .182 814 799 811 807 510 511 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 Apr +260 + 307 + 173 +213 +26 +49 +60 +76 + 1 -31 May + 195 + 344 + 86 + 161 +66 +85 +93 +29 +24 June +43 + 321 + 105 +224 + 17 + 124 +52 +87 -131 -114 Julv + 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 i +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 Apr i +204 +259 +204 + 249 + 36 +56 +67 + 87 -103 -133 1 Data on extensions and repayments for retail outlets and commercial A discussion of the composition and characteristics of the data and banks have been adjusted to avoid duplications resulting from large a description of the methods used to derive the estimates are shown transfers of other consumer goods paper. As a result, the differences in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment between extensions and repayments for these institutions do not equal the credit extended and repaid are based on information from accounting changes in 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 as indicated in note 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

694 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms *adjusted" and"unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r ic ia a l l p v r o o lu d m uc e t ) i * on aw C a o r c d n o e n st d t r r u a (v c c t a t i s l o u n e)1 Employment and payrolls2 Depart- Manufactures Non- Manufacturing F c r a e r ig - ht m sto e r n e t s C um on e - r W sa h l o e leagri- production workers load- sales* prices 2 com- Year Resi- cul- ings* (retail modity or month Total Total r D ab u l - e N r d a o u b n l - e - M era in ls Total d t e ia n l - ot A h ll er p m t e u l m o e r n y a - t - l Em m p en lo t y- P ro a l y ls - value) prices2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad-Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67 5 65.5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35 0 115 38 73 3 61 9 1930. 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58 7 52 0 1936 « 56 55 49 61 63 30 22 35 65.8 63.9 27 2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56 8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72 2 104 50 69 7 64 2 1943. 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949. . . 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952. 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114.4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137 7 86 111 114 8 HO 3 1955 139 140 155 126 122 261 280 248 r114.4 105.6 152.9 95 120 114.5 110 7 1956 143 144 159 129 129 268 271 266 118.6 106.7 161.4 97 125 116.2 114.3 1956 Apr 143 144 144 159 130 129 277 315 252 '118.0 107.3 106.2 158.5 99 122 114.9 113.6 May 141 141 143 157 129 128 257 286 237 ^118.4 107.1 105.6 156.4 98 122 115.4 114 4 141 141 142 157 128 129 256 269 248 118.9 106.5 106.0 158.5 95 124 116.2 114.2 July 136 128 138 148 128 123 255 265 249 117.6 102.8 101.4 150.5 81 128 117.0 114.0 Aug . . .. 143 142 144 158 130 130 260 264 257 119.3 106.2 107.2 161.5 93 128 116 8 114 7 Sept 144 146 146 162 130 131 251 250 251 119.2 106.0 107.9 166.7 96 129 117.1 115.5 Oct 146 151 147 163 131 131 248 230 260 119.7 107.3 108.9 169.0 96 122 117 7 115 6 Nov 146 147 147 165 129 130 242 197 272 119.9 107.4 108.3 168.2 97 131 117.8 115.9 Dec 147 144 149 167 130 130 n.a. n.a. 311 120.1 107.5 107.9 171.4 100 129 118.0 116.3 1957 Jan 146 145 147 164 131 130 n.a. n.a. 297 120.0 107.0 106.3 165.5 98 125 118.2 116.9 Feb 146 r148 r148 164 131 132 n.a. n.a. 323 120.2 106.4 106.0 165 0 96 125 118 7 117 0 Mar r145 148 147 162 131 133 n.a. n.a. 282 120.1 106.0 105.8 164.3 98 127 118 9 116 9 Apr 144 144 145 161 130 128 n.a. n.a. 287 120.2 105.8 104.7 162.2 91 P122 119.3 117 2 May. *>143 *143 *145 H60 *130 *128 »120.2*105.2"103.7 160.2 *90 124 117.1 • Estimated. » Preliminary. T 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. Nonagricultural employment covers employees only and excludes person- * Average per working day. nel in the armed forces. The figures on employment and payrolls incorpo- 1 Three-month moving average, based on F. W. Dodge Corporation rate revisions to first-quarter 1956 bench-mark levels. The consumer data. A description of the index may be obtained from the Division of price index is the revised series, reflecting, beginning January 1953, the Research and Statistics. inclusion of some new series and revised weights; prior to Januaryfl953, 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 695 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average = 100] I9 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 143 141 141 136 143 144 146 146 147 146 146 '145 144 MANUFACTURES—TOTAL 90.02 140 144 144 143 142 138 144 146 147 147 149 147 148 147 145 Durable Manufactures—Total 45.17 155 159 159 157 157 148 158 162 163 165 167 164 164 162 161 Primary metals 6.70 140 138 146 141 136 69 125 148 147 146 145 144 143 137 136 Metal fabricating 28.52 165 172 770 167 168 75P 772 174 775 750 755 750 750 '779 775 Fabricated metal products 5.73 134 135 136 130 132 130 134 139 140 139 141 137 138 137 139 Machinery 13.68 155 171 170 171 170 173 175 175 175 175 177 173 172 '172 167 Nonelectrical machinery 9.04 135 153 150 151 151 154 157 158 156 155 157 154 155 '155 152 Electrical machinery 4.64 194 207 208 208 208 210 211 210 211 214 216 208 204 204 196 Transportation equipment 7.54 203 199 193 187 188 189 191 193 203 216 223 221 224 222 217 Autos, trucks, and parts 4.80 153 125 123 110 110 110 112 112 121 137 143 139 140 '135 127 Other transportation equipment 2.74 272 310 295 302 306 308 311 317 328 336 344 347 352 '355 355 Instruments and related products 1.29 149 166 162 164 163 167 171 171 172 172 173 173 174 173 173 Clay, glass, and lumber products 5.91 138 140 139 141 141 143 145 759 755 755 755 755 755 752 755 Stone, clay, and glass products 2.82 149 158 158 162 161 161 160 154 157 157 158 155 155 155 156 Lumber and products 3.09 127 123 122 121 123 127 130 126 120 119 117 114 113 '111 112 Furniture and misc. manufactures 4.04 132 135 135 755 755 755 755 755 755 134 134 757 729 750 755 Furniture and fixtures 1.64 119 122 123 123 122 123 122 122 122 119 120 118 118 '118 121 Miscellaneous manufactures 2.40 141 144 144 143 144 145 145 146 146 144 144 140 136 137 141 Nondurable Manufactures—Total.... 44.85 126 129 130 129 128 128 130 130 131 129 130 131 131 131 130 Textiles and apparel 11.87 109 108 107 107 106 106 107 108 111 105 106 104 105 r105 104 Textile mill products 6.32 107 104 106 103 100 100 102 103 105 103 103 100 101 '101 99 Apparel and allied products 5.55 113 112 109 111 112 112 112 113 117 108 110 109 110 '111 109 Rubber and leather products 3.20 122 117 120 114 770 772 777 775 777 114 775 722 r124 124 775 Rubber products 1.47 143 133 136 127 120 125 135 132 134 126 137 145 145 '144 130 Leather and products 1.73 105 104 106 103 101 102 102 102 101 104 102 102 106 '107 107 Paper and printing 8.93 137 145 145 145 745 146 147 145 148 147 147 148 147 147 147 Paper and allied products 3.46 152 159 160 160 161 162 161 159 160 160 157 159 157 '157 156 Printing and publishing 5.47 127 136 135 135 135 136 138 137 140 139 140 141 141 141 141 Newsprint consumption 1.85 128 132 132 132 131 132 134 131 133 132 133 135 132 132 128 Job printing and periodicals 3.62 127 138 136 137 137 138 140 140 144 142 144 145 146 145 148 Chemical and petroleum products 9.34 159 167 168 167 755 164 757 755 757 755 770 174 772 '777 772 Chemicals and allied products 6.84 167 177 179 111 176 176 176 177 177 177 179 184 183 '182 183 Industrial chemicals 2.54 184 196 198 197 191 191 192 194 196 195 199 205 205 202 204 Petroleum and coal products 2.50 135 141 139 140 140 132 139 143 140 143 145 147 143 '141 142 Foods, beverages, and tobacco 11.51 109 112 112 777 770 777 775 775 775 775 775 777 775 '775 772 Food and beverage manufactures 10.73 109 113 113 111 111 112 114 114 113 114 114 111 113 113 112 Food manufactures 8.49 109 113 112 111 111 112 115 115 114 113 113 111 113 '113 111 Beverages 2.24 107 112 114 111 108 110 112 112 111 115 117 113 111 114 Tobacco manufactures .78 105 107 108 106 106 106 105 106 106 109 107 112 116 111 MINERALS—TOTAL 9.98 122 129 129 128 129 123 130 131 131 130 130 130 132 133 128 Mineral fuels 5.55 129 128 129 127 750 129 750 750 752 755 725 Coal 2.68 80 85 89 85 85 75 85 86 85 87 80 '81 '87 '93 88 Anthracite .36 48 55 56 41 55 48 61 56 56 57 57 '57 '52 '48 49 Bituminous coal 2.32 85 90 94 92 90 79 88 91 90 91 84 85 92 100 94 Crude oil and natural gas 5.67 143 150 147 149 149 '152 154 151 151 149 153 153 '154 152 Crude oil 4.12 131 137 132 134 136 139 142 139 138 137 141 142 144 144 Natural gas and gas liquids .70 177 191 191 190 192 190 193 193 192 191 189 P188 P194 Metal, stone, and earth minerals 1.63 120 127 135 129 128 700 722 755 755 755 134 757 752 '752 725 Metal mining .82 110 114 129 118 113 '60 103 123 132 128 127 120 122 121 117 Stone and earth minerals .81 130 141 141 140 143 142 140 143 141 142 141 142 142 143 139 f Revised. 9 Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1956 1957 pro- average Industry portion 1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. . 100.00 139 143 144 141 141 128 142 146 151 147 144 145 148 148 144 MANUFACTURES—TOTAL 90.02 140 144 146 142 142 129 143 148 153 149 146 146 149 150 146 Durable Manufactures—Total 45.17 155 159 162 157 156 139 155 161 168 166 166 164 167 166 163 Primary metals 6.70 140 138 152 144 140 62 118 145 149 146 142 146 149 144 141 Ferrous metals 5.03 138 135 149 143 138 41 114 146 149 146 145 147 149 144 138 Pig iron and steel 3.51 144 142 158 152 145 24 117 156 160 158 157 159 159 154 148 Pig iron .37 134 131 145 140 135 22 104 145 148 147 149 148 149 147 144 Steel 3.05 146 143 159 154 146 24 119 158 162 159 158 160 160 154 147 Carbon steel 2.62 141 139 155 149 144 23 116 153 157 156 156 157 159 152 146 Alloy steel .43 171 167 181 182 157 34 135 183 191 181 170 178 167 163 151 Ferrous castings and forgings 1.52 124 119 129 120 123 79 106 122 123 118 118 118 124 122 Iron and steel castings 1.29 123 117 127 119 121 78 106 122 122 118 117 117 122 119 Steel forgings .23 133 126 141 129 134 105 120 127 120 121 126 133 137 '124' Nonferrous metals 1.67 146 147 160 149 145 124 130 144 148 146 135 146 150 145 150 Primary nonferrous metals .38 164 175 185 181 179 172 143 168 181 180 180 180 176 175 185 Copper smelting .09 122 133 143 147 142 117 124 122 133 127 129 135 139 132 140 Copper refining .06 123 132 146 143 139 123 120 114 134 135 128 137 146 141 146 Lead .04 103 115 121 106 109 107 107 123 122 116 120 113 118 116 129 Zinc .10 120 123 125 111 111 114 123 128 127 130 134 128 133 132 136 Aluminum .09 261 280 294 296 296 298 182 269 293 295 292 289 259 267 283 Secondary nonferrous metals .13 123 118 135 121 110 93 108 115 124 116 108 116 125 120 Nonferrous shapes and castings 1.16 142 140 154 142 137 112 128 139 140 138 123 138 144 137 "\'AV Copper mill shapes .63 114 115 123 116 112 79 109 120 111 116 98 111 121 105 113 Aluminum mill shapes .20 208 215 242 228 215 222 187 202 218 196 175 203 200 204 213 Nonferrous castings .33 156 146 160 140 137 111 129 141 149 146 141 150 156 157 Metal Fabricating 28.52 165 172 174 167 166 160 167 172 180 181 183 181 r185 r184 179 Fabricated metal products 5.73 134 135 136 130 132 124 135 144 US 138 139 136 138 138 139 Structural metal parts 2.68 136 141 140 138 138 129 137 144 150 149 152 148 149 149 147 Stampings and misc. metal products 2.12 130 125 125 121 119 111 117 123 130 132 134 130 130 129 126 Tin cans .30 142 151 189 121 159 168 214 220 186 100 105 113 116 127 190 Furnaces, gas ranges, and heaters .63 111 110 106 105 112 94 123 143 128 98 82 84 103 101 Machinery 13.68 155 171 173 168 167 158 168 177 182 178 178 175 177 177 171 Nonelectrical machinery 9.04 135 153 157 -153 152 148 147 155 153 152 158 158 160 161 158 Farm and industrial machinery 8.13 130 147 148 147 147 144 145 148 149 150 155 153 154 154 152 Farm machinery 1.02 91 86 92 88 87 82 79 79 73 77 82 86 89 92 90 Industrial and commercial machinery 7.11 135 156 156 155 155 153 155 158 160 160 165 163 164 163 161 Machine tools and presses .68 163 197 197 197 194 194 193 199 201 201 209 203 204 202 198 Laundry and refrigeration appliances. . . .69 144 168 '203 174 171 152 127 174 150 137 155 152 175 190 Electrical machinery 4.64 194 207 206 198 195 178 209 220 237 227 217 208 210 208 195 Electri cal apparatus and parts 3.23 174 198 202 200 199 193 198 203 209 211 214 210 210 208 204 Radio and television sets .74 242 224 209 185 174 130 238 266 312 271 218 188 201 196 159 Transportation equipment 7.54 203 199 201 189 188 185 186 181 202 218 225 224 231 '228 222 Autos, trucks, and parts 4.80 153 125 136 116 111 107 104 92 121 139 144 141 148 142 135 Autos 1.50 190 138 162 127 127 127 109 59 105 164 177 174 178 171 155 Trucks .66 115 112 133 117 123 99 101 98 103 102 101 98 113 109 120 Light trucks .22 114 92 102 89 89 76 81 75 92 100 92 97 110 105 107 Medium trucks .19 69 58 69 58 68 56 53 51 52 43 45 42 57 52 69 Heavy trucks .14 172 218 265 237 246 198 192 201 195 195 207 182 200 193 224 Truck trailers .07 183 167 208 191 203 145 160 148 146 133 121 134 156 162 154 Auto and truck parts 2.58 141 121 122 109 98 97 102 109 135 135 136 134 140 134 Other transportation equipment 2.74 272 310 295 298 303 305 311 317 325 336 348 351 356 '358 355 Aircraft and parts 1.30 481 548 516 520 531 536 555 570 582 601 619 624 630 '633 629 Shipbuilding and repair .81 115 118 119 120 121 119 114 114 116 118 126 127 129 131 130 Railroad equipment .53 42 63 68 69 66 62 58 51 60 68 75 78 84 '88 8C Railroad cars .35 77 86 98 86 30 54 60 61 56 51 49 36 52 64 73 Instruments and related products 1.29 173 174 174 175 149 166 164 163 163 162 167 171 173 174 175 Clay, Glass, and Lumber Products ... 5,91 125 131 132 135 138 140 142 143 145 135 149 145 146 138 129 Stone, clay, and glass products 2.82 158 163 156 157 148 151 153 156 Glass and pottery products 1.09 149 158 143 162 140 130 164 127 165 161 156 143 145 145 141 Flat glass and vitreous products .60 134 140 166 142 160 150 142 159 149 147 143 167 166 165 162 Flat and other glass .47 155 164 165 164 158 146 161 158 173 174 173 171 168 167 165 Glass containers .26 156 165 135 163 142 133 160 113 177 177 177 127 134 138 132 Home glassware and pottery .23 126 132 92 136 86 72 145 61 147 135 114 98 102 100 99 91 87 93 90 86 92 96 Cement .32 148 157 159 174 175 173 177 174 171 157 144 113 116 133 Structural clay products .35 127 137 138 141 145 140 144 140 142 136 126 120 120 121 'J29* Brick .12 131 134 140 145 144 140 148 135 139 131 106 94 96 101 119 Clay firebrick, pipe, and tile .20 127 142 138 139 148 141 144 147 147 141 142 140 139 138 138 Concrete and plaster products .48 180 194 192 202 208 204 208 204 199 192 187 173 177 181 186 Misc. stone and earth manufactures .58 166 173 172 172 167 171 176 | 177 177 180 174 177 177 177 ' Revised. Preliminary For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 697 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 9 p 4 r 7 o- -49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr, WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products.... 3.09 127 123 126 125 129 116 135 133 130 117 104 104 112 112 117 Lumber 2.05 112 107 112 111 118 104 115 118 111 101 91 89 98 100 100 Millwork and plywood. .60 197 189 199 187 181 161 216 200 206 181 155 167 181 170 191 Millwork .39 144 121 123 124 133 107 152 139 130 103 82 90 105 102 107 Softwood plywood. . .12 284 301 324 290 260 248 320 299 332 310 277 295 306 282 330 Wood containers .29 90 91 92 93 92 90 90 90 93 90 86 86 Furniture and Misc. Manufacturing . 4.04 132 135 132 131 132 127 136 143 138 137 128 130 731 130 Furniture and fixtures 1.64 119 111 119 117 118 115 123 125 111 122 125 118 119 119 118 H Fi o x u tu se re h s o l a d n d fu o rn ff i i t c u e r e furniture. 1. . 1 5 0 4 1 11 2 5 0 121 1 1 1 2 8 0 1 1 1 2 5 0 1 12 1 3 6 1 11 1 7 4 1 1 2 2 1 7 1 1 2 2 5 6 1 1 2 2 7 7 1 1 2 2 3 2 1 1 2 2 5 6 1 1 2 1 1 6 1 12 1 1 8 r 1 1 1 2 9 1 1 1 1 1 7 8 122 Miscellaneous manufactures 2.40 141 141 140 141 135 145 150 154 150 145 136 137 139 138 144 Nondurable Manufactures—Total. . . 44.85 126 129 128 128 119 131 134 137 132 125 128 131 133 129 129 Textiles and Apparel 11.87 109 107 103 90 109 114 106 100 106 112 104 108 Textile mill products 6.32 107 108 105 100 86 103 102 109 105 99 101 105 106 99 Cotton and synthetic fabrics 3.72 113 104 112 109 99 87 104 101 113 109 104 108 111 111 102 Cotton consumption 2.30 103 108 107 105 96 81 101 97 108 104 93 99 101 102 95 Synthetic fabrics .97 137 102 119 108 102 101 102 110 118 119 123 129 129 123 117 Fabric finishing .45 100 118 103 108 90 71 103 82 105 90 99 87 102 110 83 98 Wool textiles .97 79 86 89 90 90 76 92 87 94 86 78 74 81 79 78 Wool apparel yarns .16 85 88 97 98 85 83 94 79 93 76 77 80 85 85 82 Wool fabrics .75 78 86 87 89 92 75 92 90 96 90 79 72 80 78 77 Knit goods 1.15 110 108 110 108 111 95 109 114 111 109 99 100 105 109 102 Hosiery .65 106 100 105 99 102 76 96 105 100 101 90 98 103 106 92 Full-fashioned hosiery. . .45 110 102 112 102 104 77 97 106 100 98 90 98 104 109 91 Seamless hosiery .20 99 96 90 91 97 75 94 103 101 107 90 97 101 97 93 Knit garments .50 115 119 116 120 123 120 126 125 125 119 110 102 108 '113 117 Floor coverings *. .48 Woven carpets. .31 79 83 89 80 78 50 86 97 87 78 79 86 92 82 Apparel and allied products 5.55 113 112 114 110 108 95 116 108 118 108 101 113 119 126 111 Men's outerwear 1 78 111 110 119 121 104 79 120 101 116 98 96 119 113 99 Men's suits and coats .73 92 95 103 107 91 59 109 91 103 90 89 107 95 101 88 Men's suits .50 90 93 99 100 85 54 103 85 100 92 93 114 100 104 90 Men's outercoats .13 77 78 92 110 93 63 110 90 91 57 53 51 50 63 60 Shirts and work clothing .99 123 118 129 129 111 90 126 106 124 101 126 121 120 104 Women's outerwear 1.85 116 112 115 104 112 100 116 108 117 107 89 108 130 148 121 Women's suits and coats. .76 134 128 95 90 122 132 152 138 146 128 101 131 169 102 157 Misc. apparel and allied mfrs 1.92 111 113 108 104 107 105 113 116 121 119 112 118 111 117 Rubber and Leather Products . . 3.20 122 117 122 113 111 117 118 123 113 111 123 131 120 r130 Rubber products 1,47 143 133 140 129 123 105 111 135 144 129 132 147 US r150 134 Tires and tubes .70 131 121 133 125 122 99 110 120 121 108 122 126 136 134 121 Auto tires .40 140 123 135 125 115 97 113 121 124 113 130 136 150 151 135 Truck and bus tires .30 120 119 130 125 130 103 106 118 117 101 no 111 117 111 103 Miscellaneous rubber products .77 154 144 146 133 124 110 142 148 165 166 '159 r\b5 146 141 Leather and products. . . 1.73 105 104 106 99 100 90 108 104 104 100 95 102 115 115 107 Leather .44 92 91 96 95 91 73 90 90 90 90 85 89 99 % Cattlehide leathers. .29 99 99 103 103 99 79 97 99 99 100 95 98 108 104 Skin leathers .15 79 76 76 61 76 73 70 65 72 82 81 Shoes and slippers1 .90 Miscellaneous leather products... .39 97 91 96 96 102 99 101 97 95 96 Paper and Printing. 8.93 145 135 154 151 143 144 150 Paper and allied products 3.46 152 159 165 160 163 144 163 160 169 162 145 157 161 163 161 Pulp and paper 1.76 149 157 163 162 161 143 160 152 162 159 142 158 160 '159 159 Wood pulp .51 169 179 184 187 184 165 182 171 185 183 160 182 181 181 182 Paper and board 1 .25 140 148 154 152 152 134 151 145 152 149 135 149 151 '150 150 Printing paper .22 127 140 142 142 143 130 143 139 145 146 135 140 139 137 136 Fine paper '.14 133 145 153 148 148 129 143 148 149 146 138 140 147 152 147 Coarse paper .20 129 136 142 139 141 121 139 131 135 138 123 139 139 131 130 Miscellaneous paper .18 158 170 177 168 169 160 172 169 183 174 159 184 189 '186 192 Paperboard .41 149 155 161 162 159 135 157 148 159 155 139 154 155 '158 155 Building paper and board. .10 137 131 141 141 141 127 139 128 131 118 94 118 128 120 126 Converted paper products., 1.70 156 162 168 157 165 146 166 168 177 165 148 156 163 167 163 Shipping containers .51 155 159 162 154 165 140 167 168 172 161 144 148 156 163 155 Sanitary paper products. .11 158 170 163 163 162 163 166 189 173 158 179 183 177 184 r Revised. v Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 9 p 4 r 7 o- - 49 I average 1956 1957 por- ! tion 955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 137 136 134 129 133 139 145 144 142 136 139 144 143 Newsprint consumption 1.85 128 132 141 140 131 115 121 133 143 145 131 123 128 137 137 Job printing and periodicals. 3.62 127 138 135 135 136 136 140 143 145 144 147 143 144 147 146 Chemical and Petroleum Products 9.34 159 167 168 166 165 157 164 168 171 171 171 175 175 174 172 Chemicals and allied products 6.84 167 111 180 176 173 166 111 111 182 181 181 184 186 186 184 Industrial chemicals 2.54 184 196 200 197 192 182 188 192 198 199 199 205 207 206 206 Basic inorganic chemicals .57 180 189 201 195 185 158 171 186 191 191 193 198 208 206 207 Industrial organic chemicals 1.97 186 197 200 197 194 188 193 194 200 201 200 208 207 206 205 Plastics materials .24 242 256 266 263 252 213 247 254 272 274 247 263 277 280 Synthetic rubber .11 213 236 244 242 227 227 223 241 227 222 242 243 238 242 Synthetic fibers .59 186 181 183 176 169 167 171 169 185 189 187 205 202 196 199 Miscellaneous organic chemicals 1.03 169 189 189 190 192 191 189 189 188 189 193 193 '191 190 191 Vegetable and animal oils. .64 124 132 133 123 107 93 100 122 159 157 143 147 152 134 120 Vegetable oils .48 117 124 123 110 91 75 84 115 161 154 139 143 143 129 112 Grease and tallow .16 145 158 163 163 155 145 150 144 151 167 157 159 181 150 146 Soap and allied products. .71 110 111 114 109 112 91 121 124 119 108 110 120 117 128 113 Paints .66 125 124 124 124 125 125 127 125 124 123 123 122 121 r120 122 Fertilizers .23 129 188 163 118 104 95 109 119 112 120 125 135 183 Petroleum and coal products. 2.50 135 141 135 137 142 132 142 145 140 143 145 148 145 139 '138 Petroleum refining 1.97 142 150 142 144 149 148 151 151 146 152 158 160 154 149 '146 Gasoline 1.04 152 159 150 155 162 162 164 164 155 160 165 164 157 156 '156 Automotive gasoline.. .98 147 153 144 149 156 156 158 158 149 155 159 158 153 150 Aviation gasoline.... .06 233 254 254 258 267 257 264 261 256 251 260 263 242 254 Fuel oil .56 138 147 140 138 141 141 146 145 142 149 161 170 164 151 143 Distillate fuel oil. .30 175 193 182 177 186 187 195 196 188 195 210 225 216 197 Residual fuel oil. .26 94 95 92 94 90 87 89 87 89 97 105 108 104 99 Kerosene .10 107 111 98 96 95 97 103 108 117 126 124 120 116 109 Lubricating oil. .17 114 119 126 123 123 113 119 116 122 122 116 118 114 116 Coke .26 104 102 110 108 104 38 92 109 109 109 110 110 110 111 107 Asphalt roofing and siding. .15 110 104 86 109 125 120 123 131 123 49 77 94 73 92 84 Foods, Beverages, and Tobacco. 11.51 109 112 106 108 114 112 121 129 126 105 102 103 ri05 106 116 Food and beverage manufactures. 10.73 109 113 106 108 114 114 111 130 127 106 101 103 105 105 Food manufactures 8.49 109 113 103 105 110 111 123 134 129 111 108 104 104 r104 102 Meat products 1.48 128 133 131 121 122 118 116 129 142 119 138 139 ••133 '131 123 Beef .46 142 151 150 147 154 154 148 151 160 148 149 163 151 144 139 Pork .83 116 119 117 103 100 95 95 113 128 154 127 121 117 117 108 140 Dairy products .69 107 110 121 136 150 134 120 103 91 85 86 102 121 Butter .14 105 107 128 131 138 118 97 91 82 83 96 102 109 117 122 Natural cheese .07 116 117 132 153 163 133 116 105 97 93 96 100 107 115 135 Concentrated milk. .19 97 101 123 140 146 118 98 83 73 71 77 85 96 105 128 Ice cream .28 109 112 109 125 149 147 144 118 102 90 80 82 97 101 Canned and frozen foods. 1.13 118 133 85 96 115 149 234 264 188 116 98 87 '84 82 Grain-mill products 1.16 105 101 97 99 103 103 105 109 106 99 99 100 100 99 95 Wheat flour .46 83 84 79 77 80 77 85 95 91 87 88 92 92 90 82 Cereals and feeds .70 119 113 109 112 119 121 118 118 116 107 107 105 106 106 104 Bakery products. 1.64 97 98 95 97 100 100 99 100 101 100 99 95 96 96 97 Sugar .27 115 122 68 70 81 73 67 110 271 296 222 85 57 54 Cane sugar .11 113 116 123 114 124 133 127 130 123 100 102 102 96 107 Beet sugar .13 111 121 16 27 38 15 86 393 459 320 65 20 3 Confectionery .71 101 107 98 90 84 73 152 141 130 91 113 123 119 96 Miscellaneous food preparations. 1.41 106 105 102 107 112 107 106 105 105 102 101 '103 '103 103 Beverages 2.24 107 112 117 119 128 123 118 116 120 110 98 90 97 109 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 102 105 108 119 101 106 118 109 93 86 93 105 Beer and ale 1.02 101 101 112 128 112 93 83 80 84 88 86 104 Liquor distilling... .17 77 78 76 69 50 93 133 92 80 79 85 86 Liquor bottling... .37 109 119 108 118 94 135 179 175 115 81 105 111 Tobacco manufactures. .78 105 107 110 115 115 111 115 111 87 110 114 111 Cigarettes .46 109 111 116 122 120 115 119 114 92 117 119 115 Cigars .17 104 104 103 108 110 109 116 113 83 101 112 110 r Revised. 0 Preliminary. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 699 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 130 130 131 119 131 132 132 130 129 '130 131 '130 129 MINERALS—TOTAL 8.35 123 129 130 128 128 121 130 129 130 130 132 r134 134 134 130 Coal 2.68 80 85 86 85 84 62 87 90 93 90 83 '85 '87 88 84 Anthracite 36 48 55 53 42 58 42 59 62 64 59 55 '57 '52 '43 46 2.32 85 90 91 91 89 65 91 95 98 95 87 89 92 96 90 Crude oil and natural gas 5.67 143 150 151 149 148 149 150 147 147 149 155 157 157 155 "151 Oil and gas extraction 4.82 137 145 144 142 143 142 144 143 141 146 150 152 156 156 Crude oil 4 12 131 137 137 135 136 136 138 135 134 137 141 143 147 148 "144 Natural gas and liquids 70 177 191 189 181 182 177 182 186 187 197 202 "204 "209 "202 Natural gas 34 185 199 198 185 190 182 184 189 194 209 214 Natural gas liquids .36 169 182 178 176 176 172 180 182 180 186 191 190 194 i89 Oil and gas well drilling .85 175 180 188 187 180 191 183 173 177 170 181 182 160 151 Metal, Stone, and Earth Minerals . 1.63 120 127 129 141 146 110 135 147 146 129 116 109 113 nu 123 .82 110 114 121 140 144 73 121 142 142 114 94 91 '98 95 110 I N ro o n nf e o r r r e ous metal mining .4 3 9 3 1 10 1 8 3 1 12 0 0 4 1 13 0 0 8 1 12 6 5 4 1 12 7 4 3 10 1 9 9 1 11 2 8 6 1 11 7 7 9 1 12 7 0 5 1 11 0 8 9 1 6 15 2 1 4 20 9 '13 5 0 0 '12 4 7 8 127 Copper mining .24 123 136 148 142 141 120 132 132 134 132 129 133 '145 141 141 Lead mining .09 84 88 94 88 89 85 90 87 92 87 83 89 96 '94 96 Zinc mining .06 81 87 91 89 88 84 86 86 91 88 86 92 96 '98 97 Stone and earth minerals .81 130 141 138 142 149 147 149 151 150 144 138 128 129 133 136 » Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. 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 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ELECTRICITY AND GAS—TOTAL 100.00 198 217 215 218 220 219 218 219 220 221 222 nis 2>227 "226 P228 Residential 41.34 216 241 239 244 246 245 244 244 243 244 246 58.66 186 200 198 200 202 200 200 201 204 205 205 Electricity 76.18 199 218 214 216 220 219 219 219 221 223 224 in 229 227 "229 Residential 27.48 224 250 245 248 252 253 253 254 253 257 258 260 266 266 Industrial 23.68 190 206 203 207 206 202 203 205 211 212 211 213 211 209 General industrial 23.49 173 186 183 187 186 182 183 186 192 192 191 193 191 188 .19 2221 2697 2720 2720 2720 2700 2680 2650 2660 2670 2720 2740 2720 2750 Commercial and other 25.02 180 194 190 191 196 197 196 194 196 197 199 204 205 202 Gas 23.82 197 215 218 224 221 219 217 216 215 214 216 P220 *>223 *>223 "225 13.86 202 223 229 238 233 229 227 224 222 220 221 Industrial 6.16 197 218 214 216 218 219 221 224 226 228 230 Commercial and other 3.80 182 180 184 184 183 179 177 175 173 172 173 * Preliminary* 1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures see BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [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 Product portion 1955 1956 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 132 125 123 127 127 123 123 132 141 137 138 134 126 Major Durables 69.72 164 140 141 132 128 135 132 127 129 143 154 147 149 144 133 Autos 32.10 190 138 140 118 120 122 124 106 117 152 168 169 167 159 141 Major household goods 36.13 144 144 145 141 138 148 141 148 142 136 143 130 134 132 128 Furniture and floor coverings. 15.32 116 117 117 117 114 117 117 118 115 114 115 114 113 113 113 Household furniture 11.31 120 121 121 120 119 122 121 122 121 118 121 119 117 118 120 Floor coverings 1 4.01 Appliances and heaters 15.60 138 143 147 137 134 152 136 149 136 130 144 128 137 133 Major appliances 11.88 144 151 155 143 140 161 142 158 144 138 156 136 r144 140 Ranges 2.60 100 103 120 106 108 105 91 98 96 85 104 95 103 100 Refrigeration appliances. 4.98 151 150 155 147 142 160 146 159 132 136 151 128 '153 151 Laundry appliances 2.51 193 216 211 185 180 236 200 233 231 211 233 209 183 177 Heating apparatus 3.72 120 118 121 118 114 123 115 120 112 102 108 105 114 111 Radio and television sets 5.21 242 224 219 226 218 227 231 232 237 218 218 181 189 185 167 Radio sets 3.42 77 70 66 67 66 59 68 71 72 74 75 71 81 80 75 Television sets 1.79 558 519 512 531 509 549 542 538 551 493 491 392 395 388 343 Other Consumer Durables 30.28 106 111 111 110 110 111 114 113 110 109 113 114 114 111 110 Auto parts and tires 14.00 102 105 105 104 100 102 106 108 102 102 109 112 114 112 Misc. home and personal goods. 16.28 109 116 116 116 118 118 121 117 117 115 117 116 113 110 iii' WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 141 124 124 116 120 113 128 139 141 137 143 142 132 Major Durables .' 69.72 164 140 154 131 130 121 122 111 132 151 154 149 157 155 142 Autos 32.10 190 138 162 127 127 127 109 59 105 164 177 174 178 171 155 Major household goods 36.13 144 144 150 136 134 117 136 158 158 141 137 129 140 143 132 Furniture and floor coverings 15.32 116 117 116 112 111 104 116 122 122 117 118 113 116 116 113 Household furniture 11.31 120 121 118 115 116 114 121 125 127 123 125 116 118 119 117 Floor coverings! 4.01 Appliances and heaters 15.60 138 143 162 143 143 125 121 158 142 122 128 125 144 151 Major appliances 11.88 142 151 178 152 150 131 117 158 143 127 141 137 158 166 Ranges 2.60 100 103 115 102 112 80 83 106 102 82 94 94 116 114 92 Refrigeration appliances 4.98 151 150 197 173 174 149 107 145 109 103 128 131 162 188 Laundry appliances 2.51 193 216 222 176 162 162 180 251 261 230 229 207 208 195 Heating apparatus 3.72 120 118 113 113 121 106 135 157 137 104 85 88 100 104 Radio and television sets 5.21 242 224 209 184 174 130 238 265 312 270 217 188 201 196 159 Radio sets 3.42 77 70 63 67 54 37 61 66 88 91 92 73 83 84 72 Television sets 1.79 558 519 486 409 402 307 575 645 738 611 456 408 427 411 326 Other Consumer Durables 30.28 106 111 109 108 109 106 115 118 118 112 110 110 112 111 109 A M u is to c. p h a o r m ts e a a n n d d ti p r e es rsonal goods. 1 1 4 6 . .2 0 8 0 1 10 0 9 2 1 1 0 1 5 6 1 1 0 1 3 4 1 11 0 3 4 1 1 0 1 3 4 1 1 0 1 1 0 1 12 0 1 9 1 1 1 1 6 9 1 12 1 5 0 1 1 0 2 1 1 1 1 0 1 3 7 1 11 0 1 9 1 11 1 4 0 1 1 0 1 7 4 iii' r Revised. be obtained from the Division of Research and Statistics. For a descripi Publication suspended pending revision for the period 1952 to date. tion of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven carpets, appliances, heating apparatus, radio sets, and television sets may VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] 1'rivate Public Business Other Year or month Total Total d R en e t s i i a - l Total In tr d i u al s- m C e o r m ci - al P u u ti b li l t i y c n r d t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6,405 137 2,131 793 3,344 1950 28,454 21.454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2,272 881 3,670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3,574 9,418 887 2,518 853 5,160 1952 33.008 22.107 11,100 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 854 5,839 1953 35,271 23.877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 830 6,097 1954 37,782 25,853 13,496 8,583 2,030 2,212 4,341 3.774 11,929 1,030 3,870 704 6,325 1955 42,991 30,572 16,595 10,046 2,399 3,043 4,604 3,931 12,419 1,297 4,520 593 6,009 1956 44,258 30.825 15,339 11,426 3,065 3,296 5,065 4,060 13,433 1,398 5,100 675 6,260 1956 Mav 3,744 2,608 1.306 965 263 279 423 337 1,136 120 450 61 505 June 3,754 2,605 ,300 971 274 274 423 334 1,149 131 440 59 519 July 3,727 2,618 ,299 976 278 273 425 343 1,109 125 411 59 514 Aug 3,725 2.617 ,297 983 279 277 427 337 1,108 120 399 59 530 Sept 3,701 2,596 ,286 970 271 274 425 340 1.105 121 390 58 536 Oct 3.665 2.551 ,241 961 266 272 423 349 1,114 122 390 59 543 Nov 3,699 2,551 ,239 950 263 263 424 362 148 113 417 60 558 Dec 3,729 2,542 ,239 947 265 259 423 356 1,187 120 455 60 552 1957 Jan r 3,904 2,721 ,411 983 264 292 427 327 ,183 115 441 70 557 Feb r 3,851 2,728 ,397 999 270 283 446 332 1?3 108 406 70 539 Mar Pr 3,895 2,737 ,388 1,013 274 292 447 336 1,158 104 434 70 550 Aprvr 3,888 2,726 ,360 1,027 277 295 455 339 ,162 104 414 74 570 May? 3,910 2,745 ,330 1,070 278 304 488 345 1,165 107 410 77 571 P Preliminary. NOTE.—Revisions for periods prior to 1957 will be shown in r Revised. the BULLETIN for July. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 701 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1949 10 359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15 751 6 122 9 629 6 205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17 443 6 334 11 109 6 479 2 051 1,489 1,720 1 695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23 745 7 475 16 270 10 185 1 878 2 359 2 134 2, 126 5,063 1956 24 413 8,036 16-377 9,826 1,918 2,355 2,314 2,419 5,580 1956—Apr 2,421 745 1,677 1,144 196 '226 203 196 456 May 2 480 714 1 766 1 129 159 217 202 242 531 June 2 198 732 1 466 826 144 224 192 234 577 July 2,149 736 1,412 758 152 242 196 258 543 Aug . . 2 069 620 I 449 874 H8 184 193 232 448 Sept 2.025 671 1,354 764 171 195 185 225 485 Oct 706 589 I 117 656 126 168 185 196 375 Nov 689 582 .107 625 130 212 199 189 335 Dec 1,576 737 839 451 104 155 200 164 502 1957 Jan 1 778 679 U 099 16P 197 211 184 170 405 Feb l ,718 664 11,053 1676 167 175 178 167 354 M_ar V> 448 757 11,690 1861 182 303 222 208 670 Apr 12,150 652 11,498 r Revised. [ 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 c S i r s a a c n n o - 1956— 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 A pi 3,045 142 408 128 246 203 263 485 133 154 163 179 543 1957_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 Apr 2.776 137 414 98 191 188 271 428 106 116 153 146 528 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a s n a e p n d a T r u s j i o u o v a s t l n a a t a t e l 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 N a o e r l o e i t t r n a a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nd erwri V tt A enJ 1949 ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950 ,396 1,022 374 ,352 ,151 42 159 44 686 486 200 1951 ,091 777 315 ,020 892 40 88 71 412 264 149 1952 ,127 795 332 ,069 939 46 84 59 421 280 141 1053 ,104 804 300 ,068 933 42 94 36 409 252 157 1954 ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955 ,329 976 353 ,310 1,190 33 87 20 670 277 393 1956 ,118 780 338 ,094 981 31 82 24 463 192 271 1956—May 1,146 114 78 36 111 101 3 7 3 46 20 27 June 1,091 107 75 33 105 95 3 7 3 45 18 26 July 1,070 101 70 31 99 90 3 6 2 43 18 25 Aug 1,136 104 71 33 103 93 3 8 1 43 19 24 Sept 1,008 94 62 32 91 81 2 7 3 39 15 24 Oct 1,052 94 65 29 91 81 3 8 2 40 16 24 Nov 1,027 77 55 23 77 68 3 7 0 30 12 18 Dec 1,020 64 45 19 63 53 1 26 15 1957—Jan.. . 975 63 44 19 60 50 2 3 20 8 12 Feb.. . 923 66 47 19 63 53 2 3 19 10 10 Mar. . ^880 *>83 56 27 ?76 n.a. n.a. n.a. 24 12 11 Apr... ^940 P92 64 28 P90 n.a. n.a. n.a. 26 12 13 May. . P990 34 P96 n.a. n.a. n.a. 27 15 12 P Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Year or month institutional labor Employed * Not in the population force Total Unem- labor force Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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 Mav 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 Seot 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 May. 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 1 Includes self-employed, unpaid family, and domestic service workers. 1956 shown above are: Labor force, 70,777 employment—total 65,467; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 58,804; agricultural, 6,663; and unemployment, 2,489. 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. May 1957 data comparable to May data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5 077 6 026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6 389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2,593 4 009 10,520 2 122 5 664 6 751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6 231 7 178 SEASONALLY ADJUSTED 1956 May 51,799 16,919 814 2,985 4,152 11,253 2,299 6,189 7,188 52,026 16,895 829 3,113 4,174 11,307 2,305 6,227 7 176 July 51,456 16,468 769 3,043 4,130 11,303 2 303 6 265 7 175 Aug . 52,180 16,901 831 3,083 4,159 11,364 2,326 6,262 7,254 Sect 52,148 16,874 838 3,080 4,160 11,319 2,325 6 291 7 261 Oct 52,367 17,045 836 3,080 4,178 11,372 2,327 6,280 7,249 Nov 52,441 17,072 833 3,067 4,173 11,388 2 326 6 327 7 255 Dec 52,541 17,106 833 3,074 4,169 11,408 2,320 6,359 7 272 1957 Jan 52,493 17,053 832 2,963 4,188 11,465 2,316 6 366 7 310 Feb 52,577 16,995 833 3,020 4,168 11,519 2,324 6,401 7,317 Mar 52,522 16,962 831 3,062 4 168 11 490 2 322 6 381 7 306 Apr 52,567 16,952 841 3,069 4,165 11,497 2,319 6 403 7 321 May 52,569 16,868 838 3,081 4,164 11,546 2,333 6,401 7,338 WITHOUT SESAONAL ADJUSTMENT 1956—May 51,578 16,730 806 2,970 4,149 11,126 2,299 6 282 7 216 June 52,135 16,825 833 3,237 4,191 11,236 2,328 6,320 7,165 July 51,258 16,301 765 3,256 4,161 11,164 2 349 6 296 6 966 Aug 52,258 17,035 839 3,361 4,190 11,198 2,361 6,293 6,981 Sept 52,663 17,119 842 3,342 4,191 11,319 2,325 6,322 7,203 Oct 52,952 17,238 836 3,296 4,189 11,445 2,315 6 343 7 290 Nov . ... 53,007 17,180 837 3,174 4,184 11,657 2,314 6,327 7,334 Dec 53,639 17,159 837 2,997 4,194 12,260 2,308 6,295 7,589 1957 Jan 51,716 16,959 832 2,667 4,126 11,298 2,293 6,239 7,302 Feb 51,704 16,945 833 2,673 4,120 11,225 2 301 6 273 7 334 Mar 51,894 16,933 831 2,756 4,147 11,265 2,310 6 317 7 335 Apr 52,242 16,807 833 2,916 4,158 11,424 2,319 6,435 7,350 May 52,354 16,685 830 3,066 4,161 11,415 2,333 6,497 7,367 NOTE.—Data include all full- and part-time employees who worked for April and May, 1957 are preliminary. The series for recent years during, or received pay for, the pay period ending nearest the 15th of the were revised by the Bureau of Labor Statistics in June 1957 to first-quarter month. Proprietors, self-employed persons, domestic servants, unpaid 1956 bench-mark levels indicated by data from government social insurfamily workers, and members of the armed forces are excluded. Figures ance programs. Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 703 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 May Mar. Apr. May May Mar. Apr. May Total 13,248 13,109 13,090 13,011 13,063 13,085 12,956 12,831 Durable goods 7,667 7,662 7,628 7,584 7,648 7,693 7,625 7,564 Ordnance and accessories 83 79 78 78 83 79 78 78 Lumber and wood products 680 611 627 624 683 593 611 627 Furniture and fixtures 321 309 313 316 313 312 311 308 Stone, clay, and glass products 473 453 456 456 473 451 456 456 Primary metal industries 1,124 1,106 1,099 1,095 1,118 1,112 1,099 1,090 Fabricated metal products 886 889 889 880 882 898 889 876 Machinery except electrical 1,267 1,272 1,258 1,239 1,280 1,291 1,277 1,251 Electrical machinery 875 860 853 859 866 869 853 850 Transportation equipment 1,324 1,474 1,436 1,418 1,324 1.474 1,436 1,418 Instruments and related products 229 229 230 228 228 231 231 227 Miscellaneous manufacturing industries 405 380 389 391 397 382 385 383 Nondurable goods 5,581 5,447 5,462 5,427 5,415 5,392 5,331 5,267 Food and kindred products 1,112 1,090 1,075 1,071 1,042 989 989 1,006 Tobacco manufactures 90 87 86 84 78 77 74 73 Textile-mill products 974 920 920 915 969 929 920 910 Apparel and other finished textiles 1,101 1,061 1,090 1,072 1,046 1,098 1,068 1,018 Paper and allied products. 469 469 472 468 464 467 467 463 Printing, publishing and allied industries 550 559 563 563 547 559 560 560 Chemicals and allied products 559 542 547 547 556 550 552 544 Products of petroleum and coal 171 175 174 172 172 173 172 173 Rubber products 212 211 198 202 211 211 195 201 Leather and leather products 343 333 337 333 331 341 334 321 NOTE.—Data cover production and related workers only (full- and part- Statistics in June 1957 to first-quarter 1956 bench-mark levels indicated time) who worked during, or received pay for, the pay period ending by data from government social insurance programs. Back data may be nearest the 15th of the month. Figures for April and May, 1957 are pre- obtained from the Bureau of Labor Statistics, liminary. The series for recent years were revised by the Bureau of Labor 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 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 78.40 82.21 81.99 81.78 40.0 40.1 39.8 39.7 1.96 2.05 2.06 2.06 Durable goods 84.86 88.94 88.29 87.23 40.8 40.8 40.5 40.2 2.08 2.18 2.18 2.17 Ordnance and accessories 90.71 95.68 95.40 93.61 41.8 41.6 41.3 40.7 2.17 2.30 2.31 2.30 Lumber and wood products 71.38 70.27 71.64 72.62 40.1 39.7 39.8 39.9 .78 1.77 1.80 1.82 Furniture and fixtures 66.47 69.55 68.28 67.12 39.8 40.2 39.7 38.8 .67 1.73 1.72 1.73 Stone, clay, and glass products 80.93 82.21 81.20 81.20 41.5 40.7 40.4 40.4 .95 2.02 2.01 2.01 Primary metal industries 95.53 98.65 97.66 97.91 41.0 40.1 39.7 39.8 .33 2.46 2.46 2.46 Fabricated metal products 83.03 87.74 87.31 87.29 40.7 41.0 40.8 40.6 .04 2.14 2.14 2.15 Machinery except electrical 92.42 95.30 94.39 93.30 42.2 41.8 41.4 41.1 .19 2.28 2.28 2.27 Electrical machinery 79.77 83.43 82.81 82.81 40.7 40.5 40.2 40.2 .96 2.06 2.06 2.06 Transportation equipment 89.89 97.82 96.87 94.80 39.6 41.1 40.7 40.0 .27 2.38 2.38 2.37 Instruments and related products 81.39 85.47 85.47 84.02 40.9 40.7 40.7 40.2 .99 2.10 2.10 2.09 Miscellaneous manufacturing industries.. 69.95 73.49 72.40 72.04 40.2 40.6 40.0 39.8 .74 1.81 1.81 1.81 Nondurable goods 70.20 73.12 72.56 72.94 39.0 39.1 38.8 38.8 .80 1.87 1.87 1.88 Food and kindred products 74.12 76.81 77.20 78.38 40.5 39.8 40.0 40.4 .83 1.93 1.93 1.94 Tobacco manufactures 58.35 57.99 57.20 62.09 38.9 37.9 36.9 39.3 .50 1.53 1.55 1.58 Textile-mill products 56.16 58.35 57.90 57.60 39.0 38.9 38.6 38.4 .44 1.50 1.50 1.50 Apparel and other finished textiles 50.91 54.75 52.84 52.98 35.6 36.5 35.7 35.8 .43 1.50 1.48 1.48 Paper and allied products 80.79 84.60 84.20 83.80 42.3 42.3 42.1 41.9 .91 2.00 2.00 2.00 Printing, publishing and allied industries. 93.65 96.61 95.87 96.25 38.7 38.8 38.5 38.5 2.42 2.49 2.49 2.50 Chemicals and allied products 86.32 89.40 89.40 90.64 41.3 41.2 41.2 41.2 2.09 2.17 2.17 2.20 Products of petroleum and coal 102.97 104.60 107.23 104.23 40.7 40.7 41.4 40.4 2.53 2.57 2.59 2.58 Rubber products 85.79 89.28 88.00 88.18 39.9 40.4 40.0 39.9 2.15 2.21 2.20 2.21 Leather and leather products 54.75 58.52 56.67 55.29 36.5 38.0 36.8 35.9 1.50 1.54 1.54 1.54 NOTE.—Data are for production and related workers. Figures for indicated in note to table above, Back data are available from the Bureau April and May, 1957 are preliminary. Data for recent years revised as of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A an t t - 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 - SALES i 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 112 105 102 113 121 126 111 112 104 112 125 115 1954 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—Apr 122 111 '106 121 120 131 '147 '118 123 112 124 144 131 May ... . 122 112 110 121 118 135 146 120 129 112 125 145 122 June 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug 128 118 117 124 121 145 156 126 129 116 131 148 131 Sept 129 117 120 127 127 140 157 127 127 129 128 139 ni Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 Nov 131 120 126 123 146 157 130 134 123 131 146 132 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 127 110 115 124 120 146 149 126 125 118 122 143 133 Apr ^122 107 109 121 117 ^136 120 125 113 p\2l 135 127 WITHOUT SEASONAL ADJUSTMENT 1956—Apr 113 106 '98 109 109 122 '138 '111 115 109 '118 132 117 May 121 112 108 120 114 136 143 119 129 113 124 143 P0 June 119 114 117 113 128 131 121 117 105 119 130 120 July 84 83 88 98 111 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 131 125 122 131 127 144 152 132 130 137 128 139 128 Oct 128 115 120 124 122 144 150 123 131 119 129 142 131 Nov 158 143 151 165 152 179 182 159 161 141 150 166 153 Dec 222 210 204 220 212 251 267 215 216 202 218 252 231 1957_ F j e an b 9 9 5 7 8 8 6 8 9 9 4 3 9 9 1 1 9 9 2 5 1 9 0 9 1 1 1 1 2 6 2 9 9 1 3 9 9 4 8 8 9 4 0 9 9 0 4 1 1 1 1 1 3 1 10 0 1 0 Mar 106 98 107 99 117 137 105 107 95 104 125 104 Apr "122 111 109 121 118 ^143 119 123 114 ^120 132 123 STOCKS1 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 12* 195* 128 122 116 123 117 147 152 122 124 121 136 147 134 1956 139 129 126 133 125 165 165 132 137 132 '146 157 145 SEASONALLY ADJUSTED 1956 Apr 136 128 124 131 123 157 165 131 137 128 145 154 143 May 134 128 123 129 121 156 160 130 135 126 143 154 138 June 137 132 126 132 124 162 162 131 138 128 144 155 142 July 138 132 127 132 125 159 161 132 139 127 144 157 143 Aug 141 132 127 135 127 164 166 133 136 132 149 159 154 Sept 139 132 123 135 126 170 167 131 134 128 148 156 148 Oct 142 131 129 135 129 175 174 134 137 139 150 158 147 Nov 142 130 131 136 129 176 173 n* 137 137 147 1*6 14Q 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 141 '129 '131 136 127 173 '170 U* 133 143 1*6 145 Apr 128 131 135 127 ^168 173 136 136 136 ^144 ^156 P147 WITHOUT SEASONAL ADJUSTMFNT 1956 Anr 142 133 130 140 129 168 172 134 144 133 151 162 '148 Mav ... 139 132 127 134 126 165 161 131 135 128 145 155 148 June 131 123 119 124 118 158 152 123 127 121 138 144 143 July . . 130 118 116 119 115 155 151 124 128 124 138 149 142 Aus 138 128 124 130 123 167 163 129 136 128 148 158 148 Sept 145 136 130 142 132 17* 174 138 145 134 153 166 154 Oct 159 148 145 156 144 193 190 153 153 151 162 174 167 Nov 161 1*2 1*0 1 *7 '46 190 195 157 1*4 153 163 174 164 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 144 '132 134 140 131 178 '179 138 141 137 147 162 145 Apr P147 133 138 144 133 180 139 143 142 P Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, se 1 * • FFiigguurreess 1UfoI rS ttslCaSl ecsU Ca lrlelC tahveeia £a;v<re r1>aTgI el ianueiru gt ruaadji, n«gu ndv ayui,u ,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 705 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Out- Stocks Period Sales i Stocksi stand- Re- New Out- plus (total (end ing ceipts2 orders3 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 1.0 1950. 376 1 012 495 391 401 2.8 1.4 4.2 1.1 1951. 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952. 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953. 406 1,163 421 408 401 3.0 I 4.1 1.0 1954. 409 1,140 388 410 412 3.0 '.o 4.0 1.0 1955. 437 1,195 446 444 449 2.9 ,i 4.0 1.0 1956. '453 '1,282 469 459 457 3.0 .i 4.1 1.0 Month: 1956—Apr.. '388 r1,320 ••337 '426 '361 3.4 0.9 4.3 1.1 May., 438 1,275 338 399 401 2.9 0.8 3.7 0.9 June.. 417 1,187 501 329 492 2.8 1.2 4.0 0.8 July.. 337 1,173 587 323 409 3.5 1.7 5.2 1.0 Aug.. 412 ,253 573 492 478 3.0 1.4 4.4 1.2 Sept.. 444 1,335 598 526 551 3.0 1.3 4.4 1.2 Oct... 485 ,475 588 625 615 3.0 1.2 4.3 1.3 Nov.. 577 ,525 473 627 512 2.6 0.8 3.5 1.1 Dec... 821 ,214 340 510 377 1.5 0.4 1.9 0.6 1957—Jan.... 362 ,197 430 345 435 3.3 1.2 4.5 1.0 Feb... 336 ,252 461 391 422 3.7 1.4 5.1 1.2 Mar.. . 394 ,356 414 498 451 3.4 1.1 4.5 1.3 Apr. P. 441 :,397 346 482 414 3.2 0.8 4.0 1.1 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 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 '1,678 1 .083 ,202 '1,581 871 1,073 1,119 Feb 1,238 1,362 '1,606 ,143 ,271 rl,485 850 1 051 992 Mar 1,344 1,582 2,147 ,252 478 '2,017 1 019 1 102 '1,131 Apr 1 964 1,512 1.862 ,170 1,399 1,779 871 991 1,118 May ,323 1,716 ,192 ,521 959 1,095 June . . ... ,321 1,698 ,193 ,492 937 1,034 July ,269 1.639 ,142 ,288 885 1,051 Aug ,239 1,536 ,111 ,378 961 1,055 Sept ,254 1,530 ,155 .423 947 995 Oct ,398 1,670 ,279 ,559 1,011 1,121 Nov 321 1 537 248 417 1 065 986 Dec 407 2,002 880 1,008 1,053 Jan -Apr 5,014 5,740 7,293 4,648 5,350 6,862 3,611 4,217 4,360 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of erant-aid military equinment and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 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 G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- 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 a i c n n r g e d a- g s a o e n o rv d d - s Total Rent elec- and nish- opera- tion ices 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 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 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122 A Sent 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 Apr 119.3 113.8 125.2 134.5 112.4 138.1 105.1 126.4 106.5 135.5 136.9 123.3 111.8 124.2 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - 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 a r t a i e c o n p l r x t e d - d e s - l - l H s e p u k a a r i c n o i t d n h t d d e s s e - s , r ,p l F t o m i 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 h l r c l c n o e a i t e d l m d s s d - - p R u a b r u c n o e b t d d r s - - p L w u a b r u o c n o e m o t d d r s d - - p p P a u a a l r u l c n o p i l t e d d e p s d - r , , M m p u a r e e c n o t t t d a d a s l - l s p c M u m a t e r h i n c o v r i o a t y n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d n e s a e d s e r - i- -e s N t r t m m t a a u r o l l u i r e s l n n a i c - — c - l - - b b e m o b T a a r e t a n f c o t r v g l c d - s e - e o . d s n c M e e o l i l s u a - - s 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1956 Apr 113.6 88.0 100.4 121.6 95.1 100.6 110.6 106.9 145.0 128.5 127.4 147.7 135.7 118.0 128.6 121.7 92.1 May 114.4 90.9 102.4 121.7 94.9 100.0 110.8 106.9 143.5 128.0 127.3 146.8 136.5 118.0 128.6 121.6 96.1 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107. 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 r98.4 '119.2 108.8 144.3 120. 128.7 151.0'144.8 121.9 133.2 124.1 92.0 Apr 117.2 90.6 104.3 125.4 95.3 98.8 119.5 109.1 144.5 120.2 128.6 150.1 145.0 121.5 134.6 124.5 91.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 707 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 101.8 96.1 94.1 103.0 Grains 89 5 87 0 87 5 87 3 Parjerboard 134 5 136 2 136 2 136 2 Livestock and poultry ... 70.8 75.0 76.6 79.3 Converted paper and paperboard.... 123.3 125.6 125.6 125.2 Plant and animal fibers 105.8 103.9 104.0 104.3 Building paper and board 138.1 141.1 141.1 141.7 Fluid milk 89.9 97.5 95.6 95.0 Eggs 79.9 66.3 63.8 68.5 Metals and Metal Products: 86.7 84.7 85 1 85 2 Other farm products 143.4 148 2 146 0 144 7 Iron and steel .. 151 0 163 9 163.8 161.9 Nonferrous metals 163.2 145.4 r143.2 142.5 Processed Foods: 137.9 147.4 148.0 148.0 Hardware - 153.9 162.0 162.2 163.5 Cereal and bakery products 115.6 115.9 116.7 116.8 Plumbing equipment 133.9 133.4 132.0 131.6 Meatsr poultry, and fish 79.3 83 9 84 6 88 2 Heating equipment 117 3 122 8 r121.6 121 6 Dairy products and ice cream 105.9 112.5 111.3 111.4 Fabricated structural metal products. 131.6 133.3 133.4 132.8 Canned, frozen fruits, and vegetables. 109.0 105.9 105.9 104.9 Fabricated nonstructural metal Sugar and confectionery 105.3 112.0 112 3 112 1 products 132.6 142.0 r142.8 143.3 Packaged beverage materials 187.4 194.5 190.9 183.7 Other processed foods 97.8 95.7 95.1 95.2 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.1 132.1 r132.4 132.4 Cotton products 93.7 91.9 r91.1 90.8 Construction machinery and equip- Wool products 102.5 109 5 109 0 109 9 ment 144 8 156.3 r156.7 157.5 Synthetic textiles 80.6 82.0 81.7 81.5 Metal working machinery 153.8 163.8 164.9 165.3 Silk products 121.0 123.2 123.0 124.8 General purpose machinery and Apparel 99.5 99 6 99 6 99 6 equipment 144.0 155.8 r155.9 156.2 71.1 75.9 76.1 75.9 Miscellaneous machinery 134.3 143.0 143.3 143.7 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 135.6 147.1 r147.5 147.8 Motor vehicles 129.1 134.6 134.6 134.7 Hides and skins 61.9 50.1 51 0 51 8 Leather 94.6 87.8 88.6 88.6 Furniture and Other Household Dura- Footwear 119.9 120.8 120.9 121.5 bles: 98.9 97.4 r97.8 97.8 117.8 122.0 122.2 122.4 Fuel, Power, and Lighting Materials: Commercial furniture 138.5 146.9 146.9 147.3 Floor covering 130.5 134.3 134.3 133.8 Coal 111.7 124 0 123 6 123 2 Household appliances 105.2 106.8 r106.8 105.4 Coke 145.4 162.2 161.9 161 9 Radio 89.7 91.1 91.1 91.1 Gas 117.5 122 3 r118 4 118 4 Television 69 5 69 9 69.5 69.5 Electricity 93.2 94.3 '94.9 96.6 Other household durable goods 139.1 147.0 147.0 147.0 Petroleum and products 117.5 131.0 130.7 130.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 120.9 123.2 122.9 123 6 Concrete ingredients 130.0 134.8 135.1 135.7 Prepared paint 119.1 124.4 124 1 124 1 Concrete products 121 7 125.6 125.7 126.6 101.6 100.6 100.1 99 8 Structural clay products. 146.0 150.7 150.8 155.0 Drugs, Pharmaceuticals, cosmetics. .. 91.9 93.1 93.2 93.5 127.1 127.1 127.1 127.1 Fats and oils, inedible 58.1 58.0 r57.9 58 2 Prepared asphalt roofing .. 111.9 115.3 118.2 121.6 Mixed fertilizers 108.1 109 3 r108 5 108 6 Other nonmetallic minerals 123 4 126.0 127.5 128.3 Fertilizer materials 112.4 105.9 106 8 107 5 Other chemicals and products 102.4 105.1 105.2 105.2 Tobacco Manufacturers and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 124.0 144.2 140.2 142 0 143 2 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 151.8 149 0 149 0 149 0 Other tobacco products 122 5 126.0 126.0 126.9 137.9 140.0 140.0 140.0 Alcoholic beverages 114.7 119.0 119.0 119.6 Nonalcoholic beverages 148.1 148.7 149.0 149.3 Lumber and Wood Products: Miscellaneous: Lumber 130.6 121 9 r121 2 121 2 Millwork. 128.9 128.7 128.7 128.3 Toys, sporting goods, small arms.... 115.8 117.5 117.5 117.5 Plywood 106.9 96.4 96.2 96.7 Manufactured animal feeds 74.4 72.8 72.0 71.0 Notions and accessories 95.4 96.7 96.7 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 105.0 107.7 107.6 107.6 123.1 126.3 126.5 126.8 Woodpulp . .. 118.0 118.0 118.0 118.0 Wastepaper 127.4 76.4 75.4 68.6 Paper 136.2 139.2 140.1 140.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1956 1957 1929 1933 1 QS9 1 Q^I 1 QS4 1QC/T 1 2 3 4 1 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 360.7 390 « 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 7.1 11.3 23.7 28.1 30.2 30.2 32.5 34.6 33.7 34.1 35.1 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 1.8 .6 1.1 1.1 .3 .0 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 -.1 -.4 -.2 .3 .9 .7 .7 .9 1.4 1.1 Equals: 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 n.a. Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 32.9 40.9 41.2 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 12.1 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 .6 .7 .5 .8 1.2 1.4 1.4 1.4 1.4 1.4 1 4 1 4 1 4 1 4 Equals: Personal income 85.8 7.2 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 7.5 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 State and local 1.4 1.0 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.4 4.4 4.6 4.8 4.9 Equals: Disposable personal income 83.1 45.7 93.0 206.1 237.4 250.2 254.4 270.6 286.7 280.2 284.9 288.2 293.3 295.4 Less: 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 Equals: Personal saving 4.2 — .6 11.1 12.1 19.0 19.7 17.9 16.6 20.9 18.6 21.2 21 4 22 4 20.4 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 n.a. 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 62.1 146.5 184.9 197.3 795.5 210.4 225.1 219.4 223.5 226.2 231.1 233.6 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 .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 3.2 10.9 22.9 25.7 25.9 25.9 27.3 29. 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 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 77.0 40.0 35.9 37.0 33.2 42.7 43.7 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 21.1 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 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 709 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates 1956 1957 1929 1933 194 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. 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 construction1 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 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 16.1 17.8 17.3 18.0 18.1 18.0 18.2 Producers' durable equ pment.. 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 2.1 .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 22.1 54.3 59.5 48.9 46.7 47.0 46.4 46.1 47.2 48.3 49.8 National security 2.0 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 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 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 State and local 6.0 19.9 23.2 24.9 27.6 30.1 32.8 32.1 32.6 33.0 33.7 35.0 7.2 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage andsalary disbursements Divi- Less Pro- dends personal Year or month1 in s P c o e o n r m a - l e Total p d m i C r u n o o s g o d d t m r i u i i n t e - c y - s - D i u n i t s r t d i i t e u v ri s s e b - - S in e tr r d i v e u i s s c - e G m er o e n v n - - t in O la c t b o h o m e r r e2 p in r r e a c i n e n o t t d m o al 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 f r e e a a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n i 5 - l - s a in g N t c u r o i o r c a n m u l - l e - 6 19^9 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 o O 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—May 322.8 223.2 96.8 59.1 30.0 37.3 7.2 50.1 29.4 18.7 5.8 307.6 June.... 324.9 225.2 97.5 59.9 30.2 37.6 7.3 50.0 29.6 18.6 5.8 310.3 July 324.3 224.0 95.9 59.9 30.4 37.8 7.3 50.5 29.7 18.6 5.8 309.4 Aug 328.1 227.1 98.3 60.3 30.6 37.9 7.3 51.0 29.8 18.8 5.9 312.8 Sept . 328.5 228.5 99 1 60.5 30.8 38.1 7.3 50.9 30.0 18.7 5.9 313 4 Oct 332.5 229.7 100.6 60.2 30.9 38.0 7.4 52.3 30.2 18.9 6.0 316.3 Nov 333.5 231.0 101.1 60.6 31.1 38.2 7.4 51.7 30.3 19.1 6.0 317 9 Dec 334.0 232.9 102.3 60.9 31.3 38.4 7.4 51.2 29.2 19.3 6.0 318.8 1957—Jan 335 0 232 7 101 2 61.5 31.3 38.7 7.5 51.3 30.6 19.6 6.7 319 7 Feb 336.6 233.9 101.9 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 339.3 234.9 102.2 61.8 31.7 39.2 7.5 51.6 31.1 20.9 6.7 324.0 May*3 340.4 234.7 101.6 62.1 31.7 39.3 7.5 51.7 31.3 21.8 6.7 325.1 P Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 MEMBER BANK EARNINGS, 1956 EARNINGS OF ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] All member banks1 n m a e t A m io l b l n e a r l m S e A m ta l t b l e er cit C y e m nt e r m al b r e e r s e b r a v n e ks m Re e c s m i e ty b rv e e r C m o e u m n b tr e y r Item banks banks New York Chicago banks banks 1953 1954 1955 1956 Year 1956 Earnings 4,590,236 4,826,113 5,342,589 6,078,173 3,820,540 2,257,633 1,014,059 242,768 2,401,916 2,419,431 Interest and dividends on securities: U. S. Govt 1,011,000 1,066,379 1,118,106 1,100,589 735,039 365,550 132,911 48,994 404,348 514,336 Other 251,777 272,808 295,606 307,846 201,823 106,023 46,876 15,615 116,097 129,258 Interest and discount on loans 2,591,483 2,662,168 3,021,843 3,662,480 2,314,120 1,348,360 623,611 141,715 1,477,866 1,419,289 Other charges on loans 40,538 49,079 61,362 62,685 37,773 24,912 9,733 1,415 32,676 18,862 Service charges on deposits.. 218,831 252,266 274,024 310,165 210,674 99,491 24,569 2,202 126,683 156,710 Other charges, fees, etc 92,324 102,484 109,755 121,585 69,931 51,654 23,055 2,572 44,995 50,963 Trust department 207,218 235,655 266,992 309,105 116,794 192,311 104,947 24,055 120,236 59,866 Other current earnings 177,065 185,274 194,902 203,719 134,386 69,333 48,357 6,200 79,015 70,147 Expenses 2,781,518 2,998,535 3,265,126 3,679,898 2,327,841 1,352,057 535,992 123,363 1,441,237 1,579,306 Salaries—officers 447,142 478,877 511,736 553,292 358,031 195,261 63,021 16,096 186,398 287,777 Salariesandwages—others... 924,348 983,820 1,059,667 1,181,906 716,822 465,084 211,486 43,621 491,069 435,729 Directors' fees, etc 23,714 25,541 27,189 29,161 19,252 9,909 2,034 296 5,219 21,612 Interest on time deposits 424,738 493,649 543,122 649,679 435,444 214,235 59,103 19,187 266,409 304,980 Interest on borrowed money. 22,657 7,985 21,942 43,793 25,542 18,251 13,235 4,759 20,084 5,716 Taxes other than income.... 125,192 140,162 148,987 157,227 106,219 51,008 14,219 5,228 69,039 68,741 Recurring depreciation 67,047 75,626 86,837 102,854 69,967 32,887 9,969 1,147 35,045 56,693 Other current expenses 746,681 792,874 865,647 961,985 596,564 365,421 162,925 33,029 367,973 398,059 Net current earnings before income taxes 1,808,718 1,827,578 2,077,463 2,398,275 1,492,699 905,576 478,067 119,405 960,678 840,125 Recoveries, transfers from reserves, and profits 132,274 551,971 212,508 225,807 119,005 106,802 74,654 13,787 87,773 49,593 On securities: Recoveries 9,847 11,709 18,317 12,578 10,082 2,496 58 2,371 5,216 4,933 Transfers from reserves.... 25,877 43,142 37,547 39,745 25,462 14,283 11,077 5,730 17,450 5,488 Profits on securities 34,603 374,610 50,668 27,526 11,414 16,112 10,708 2,219 8,941 5,658 On loans : Recoveries 23,158 27,353 20,741 14,309 10,494 3,816 1,244 414 2,088 10,563 Transfers from reserves.... 15,729 54,558 47,728 73,279 32,930 40,349 24,834 487 37,422 10,536 Allother 23,060 40,599 37,508 58,370 28,623 29,747 26,733 2,566 16,655 12,415 Losses, charge-offs, and transfers to reserves 383,477 479,263 613,959 879,830 536,031 343,799 207,005 51,066 325,510 296,250 On securities: Losses and charge-offs 139,880 58.549 195,493 276,573 182,519 94,054 61,140 23,944 80,506 110,983 Transfers to reserves 48,299 118,857 63,086 97,001 61,319 35,682 15,877 4,048 67,234 9,842 On loans: Losses and charge-offs.... 20,416 17,771 17,843 21,851 11,119 10,732 6,280 65 1,900 13,606 Transfers to reserves 111,976 196,140 265,632 407,544 232,893 174,651 114,047 19,063 144,436 129,996 Allother 62,906 87,946 71,904 76,862 48,181 28,681 9,661 3,945 31,433 31,823 Profits before income taxes 1,557,515 1,900,286 1,676,013 1,744,253 1,075,673 668,580 345,716 82,127 722,942 593,468 Taxes on net income 692,252 804,188 690,770 717,688 430,366 287,322 156,693 29,950 302,064 228,981 Federal 660,206 762.686 655,361 677,206 411,649 265,557 138,563 29,950 288,190 220,503 State 32,045 41,502 35,410 40,482 18,717 21,765 18,130 13,874 8,479 Net profits 865,263 1,096,099 985,242 1,026,565 645,307 381,258 189,023 52,177 420,878 364,487 Cash dividends declared 418,652 456,145 500,941 546,931 329,230 217,701 133,200 22,964 223,075 167,692 On preferred stock 2 1,955 2,030 1,730 1,592 177 1,415 45 68 234 1,246 On common stock 416,697 454,116 499,211 545,339 329,053 216,286 133,156 22,896 222,841 166,446 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 767 2,936 2,719 3,185 2,945 240 724 2,059 402 On loans 28,930 34,682 33,589 35,443 26,663 8,780 4,986 1,609 12,300 16,547 Losses charged to reserves (not included in losses above): On securities 33,926 15,247 65,502 92,830 56,170 36,660 3,321 2,750 76,959 9,801 On loans 74,494 74,746 75,669 108,536 66,863 41,673 28,916 9,077 30,854 39,690 Loans 56,142,000 57,513,000 64,651,000 74,279,000 15,255,000 3,454,000 30,093,000 25,477,000 U. S. Govt. securities 51,091,000 54,485,000 53,453,000 47,554,000 5,992,000 2,235,00017,528,000 21,800,000 Other securities 11,923,000 12,844,000 13,876,000 13,421,000 1,978,000 650,000 4,878,000 5,915,000 Cash assets 35,608,000 35,774,000 36,047,000 36,924,000 7,362,000 1,939,000 155,205,00012,418,000 Other assets 2,049,000 2,306,000 2,620,000 2,883,000 793,000 53,000 1,137,000 900,000 Total assets 156,813,000162,921,000170,646,000 175,061,000 31,380,000 8,331,000 68,840,000 66,510,000 Time deposits 34,647,000 38,053,000 39,983,000 41,200,000 3,350,000 1,302,000 16,654,000 19,894,000 Total deposits 142,380,000148,198,000000 154,464,000157,561,000 27,010,000 7,477,000 62,236,000 60,838,000 Total capital accounts 11,043,000 11,724,000 12,499,000 13,270,000 2,807,000 640,000 4,878,000 4,946,000 Number of officers 54,639 56,541 58,623 61,325 41,923 19,402 4,216 1,006 17,892 38,211 Number of employees 315,972 323,945 342,181 363,639 228,463 135,176 52,552 11,673 146,866 152,548 Number of banks 6,743 6,660 6,543 6,462 4,651 1,811 18 14 289 6.141 For footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1956 711 EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 306,361 1,522,886 330,221 489,982 278,707 318,894 884,047 209,075 165,949 260,190 317,106 994,756 Interest and dividends on securities: U. S. Govt 45,623 219,933 54,721 105,747 55,474 62,723 217,561 43,520 32,313 56,529 53,412 153,034 Other 12,537 75,786 18,906 28,503 11,799 17,042 49,216 11,569 8,473 14,087 16,031 43,895 Interest and discount on loans.. 181,639 938,778 203,633 280,768 167,416 185,528 493,726 129,204 97,851 151,910 202,798 629,229 Other charges on loans 1,155 14,233 2,134 4,182 2,003 3,210 6,580 1,177 1,693 1,401 2,561 22,357 Service charges on deposits.... 17,461 61,524 12,196 20,867 15,999 19,173 39,121 8,263 10,435 16,291 14,093 74,744 Other charges, fees, etc 7,829 32,344 4,322 7,372 7,630 9,164 15,122 3,905 6,034 4,269 4,716 18,879 Trust department 26,904 117,890 25,260 26,011 11,173 9,255 40,948 6,274 4,242 6,128 6,162 28,858 Other current earnings 13,212 62,398 9,051 16,532 7,215 12,799 21,773 5,164 4,908 9,574 17,334 23,760 Expenses 187,016 887,670 205,127 290,729 172,189 200,069 534,987 122,703 103,536 153,480 193,265 629,127 Salaries—officers 29,548 111,977 30,705 41,244 30,181 32,712 79,678 23,489 20,074 33,661 37,781 82,243 Salaries and wages—others.... 63,993 314,522 64,231 87,578 52,564 60,477 170,793 35,968 28,906 44,479 52,845 205,550 Directors' fees, etc 1,746 5,506 3,357 2,600 2,034 1,795 4,012 1,704 1,132 1,810 1,938 1,530 Interest on time deposits 21,431 140,172 33,139 57,103 29,350 26,602 102,982 16,938 17,807 18,781 21,440 163,935 Interest on borrowed money... 1,572 15,490 2,952 2,565 1,317 1,693 7,624 1,168 1,577 1,535 1,577 4,724 Taxes other than income 7,406 26,196 8,981 19,424 7,747 10,485 23,583 5,867 3,611 5,102 16,463 22,364 Recurring depreciation 6,041 21,194 6,654 8,566 6,327 7,807 12,467 3,573 2,791 4,772 7,346 15,316 Other current expenses 55,279 252,614 55,110 71,650 42,669 58,499 133,849 33,996 27,638 43,342 53,875 133,465 Net current earnings before income taxes 119,345 635,217 125,094 199,253 106,518 118,825 349,059 86,373 62,413 106,709 123,840 365,629 Recoveries, transfers from reserves, and profits 14,027 94,611 6,607 20,489 4,941 6,160 34,736 5,395 4,312 5,284 8,102 21,144 On securities: Recoveries 878 491 824 821 306 267 5,167 106 583 416 82 2,638 Transfers from reserves 2,036 12,938 301 1,489 691 1,937 9,149 747 897 258 2,335 6,968 Profits on securities 610 13,690 841 1,929 593 922 4,058 751 365 807 553 2,408 On loans: Recoveries 691 2,772 600 593 502 425 1,166 900 1,234 2,206 2,154 1,067 Transfers from reserves 5,219 34,062 1,186 14,254 1,603 991 8,914 2,397 425 512 817 2,900 All other 4,594 30,657 2,855 1,402 1,247 1,618 6,283 495 809 1,086 2,161 5,163 Losses, charge-offs, and transfei to reserves 49,193 283,257 39,610 77,559 29,703 38,540 153,745 27,069 22,833 30,204 38,735 89,384 On securities: Losses and charge-offs 15,859 78,513 9,500 12,518 11,292 15,567 70,254 11,753 11,338 10,745 8,279 20,956 Transfers to reserves 1,463 21,617 2,115 30,904 2,795 1,824 10,874 2,286 812 1,590 1,385 19,336 On loans: Losses and charge-offs 286 7,250 727 780 565 780 1,395 1,090 1,372 2,664 3,838 1,105 Transfers to reserves 22,488 160,617 21,329 28,088 12,126 17,514 58,376 9,007 7,801 10,861 20,706 38,632 All other 9,098 15,261 5,938 5,269 2,925 2,855 12,846 2,934 1,510 4,345 4,527 9,355 Profits before income taxes. 84,179 446,570 92,091 142,183 81,757 86,445 230,051 64,699 43,892 81,790 93,207 297,389 Taxes on net income. 35,457 193,999 35,624 50,991 34,574 35,029 84,647 25,694 17,835 33,948 36,660 133,231 Federal 30,686 172,217 35,624 50,991 34,246 34,389 84,484 25,184 16,094 32,587 36,647 124,057 State 4,771 21,78: 640 163 510 1,741 1,361 12 9,174 328 Net profits 48,722 252,571 56,46' 91,192 51,417 145,404 39,005 26,057 47,842 56,548 164,158 47,183 Cash dividends declared. 29,178 167,501 34,163 40,774 21,390 61,942 17,169 14,195 18,216 29,473 90,245 On preferred stock 2. . 14 1,287 22,684 10 212 34 23 On common stock 29,164 166,214 34,159 40,774 21,380 61,730 17,135 * 14,195 18,216 ' '29,473 90,222 22,67' Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 43 909 19 387 12 726 149 6 119 816 On loans 1,674 8,368 1,359 1,771 1,06: 1,240 5,556 1,111 1,014 2,788 3,216 6,283 Losses charged to reserves (not included in losses above): On securities 1,891 8,667 2,503 36,44: 2,769 876 10,640 4,351 2,355 3' 22,300 On loans 5,896 38,574 6,356 4,154 2,463 4,08: 19,097 2,158 1,612 5,072 6,573 12,501 Loans 3,656,00021,131,0003,986,000 5,786,0003,131,0003,388,00010,130,0002,577,0001,820,0002:,, 839,,000 3,924,00011,912,000 U. S. Govt. securities 1,966,000 9,748,0002,322,000 4,481,0002,402,0002,685,000 9,374,0001,875,0001,321,000 2" ,408,000>2,331,OOO 6,641,000 Other securities 606,000 3,277,000 789,000 1,192,000 529,000 728,000 2,253,000 489,000 370,000 656,000 586,000 1,945,000 Cash assets 1,618,000 9,500,0001,774,000 2,818,000 ,786,0002,196,000 5,635,0001,478,000 920,0002,003300,,000000 2,643,000 4,527,000 Other assets 138,000 995,000 157,000 190,000 124,000 146,000 266,000 53,000 79,000 212,000 448,000 74,000 Total assets 7,984,00044,651,0009,027,00014,467,0007,973,0009,143,00027,657,000 4,484,0008,012,000 9,697,00025,472,000 6,493,000 Time deposits ,414,000 8,056,0002,338,000 4,149,0001,836,0001,649,000 7,650,000 1,166,0001,119,0001,365,000 9,213,000 Total deposits 7,124,00039,084,0008,011,00013,078,0007,238,0008,380,00025,358,00051,,922414,,0000004,077,0007,327,000 8,862,00023,101,000 Total capital accounts 697,000 3,784,000 837,000 1,169,000 610,000 624,000 1,829,000 484,000 316,000 590,000 718,000 1,613,000 Number of officers 3,31 9,761 3,87' 4,580 3,71 3,789 7,971 3,078 2,64: 4,436 4,544 9,618 Number of employees 22,209 86,097 21,17' 27,322 18,415 21,243 51,905 13,003 10,08' 15,311 17,847 59,023 Number of banks 299 58' 54' 606 470 391 1,023 492 473 753 634 187 1 Includes figures for all banks that were members of the Federal Re- 2 Includes interest on capital notes and debentures. serve System at the end of the year (including those becoming members 3 Not available on the 13-month basis used for all member banks. See during the year whose returns may cover operations for only part of the Note on following page. year); and in addition includes appropriate adjustments for member banks in operation during part of the year but not at the end of the year. For other footnote see following page. Data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 MEMBER BANK EARNINGS, 1956 EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 109,917 67,550 139,393 286,596 121,376 127,107 281,229 100,669 53,829 126,86' 153,916 833,468 Interest and dividends on securities: U. S. Govt 13,283 7,957 13,558 55,428 22,767 22,059 74,059 16,584 7,280 24,467 21,076 125,830 Other 3,279 3,683 6,685 17,676 4,944 6,521 14,851 5,044 2,514 6,769 6,920 37,213 Interest and discount on loans.. 65,441 44,95" 91,179 163,912 70,666 75,992 154,050 66,096 34,613 77,337 102,567 531,056 Other charges on loans 44 807 1,121 3,005 864 1,394 2,490 638 716 709 1,838 18,655 Service charges on deposits. . . . 3,028 4,163 4,542 10,759 6,995 5,628 15,906 3,029 2,331 5,511 2,888 61,904 Other charges, fees, etc 4,720 1,170 1, 4,293 4,236 3,884 4,970 1,674 1,039 1,164 1,878 14,083 Trust department 13,733 1,528 16,316 21,899 7,255 5,120 9,823 5,249 3,441 5,118 5,012 25,744 Other current earnings 5,992 3,28^ 4,108 9,625 3,649 6,510 5,080 2,355 1,896 5,791 11,738 18,984 Expenses 57,384 45,734 82,65 162,680 73,398 77,903 175,350 55,396 32,123 69,663 88,191 520,762 Salaries—officers 8,762 5,559 11,011 19,034 11,741 10,679 20,376 8,188 4,467 10,546 12,330 63,706 Salaries and wages—others. . . . 22,481 14,996 31,792 55,093 26,147 24,862 64,637 19,208 11,900 23,595 24,089 172,272 Directors' fees, etc 188 284 438 551 534 422 766 236 154 331 320 995 Interest on time deposits 2,752 9,281 4,971 29,980 9,099 8,883 30,804 6,086 3,423 7,728 12,136 141,270 Interest on borrowed money... 681 625 2,42 2,241 848 1,210 2,507 1,011 1,304 1,284 1,434 4,516 Taxes other than income 2,171 1,151 3,645 10,506 3,77' 5,215 7,687 2,442 695 2,349 9,833 19,567 Recurring depreciation 1,648 804 1,841 3,879 2,300 2,340 3,880 1,373 647 2,084 3,05: 11,197 Other current expenses 18,703 13,035 26,53f 41,395 18,95f 24,29: 44,694 16,85~ 9,533 21,747 24,999 107,240 Net current earnings before income taxes 52,533 21,816 56,739 123,916 47,978 49,205 105,879 45,273 21,706 57,203 65,725 312,706 Recoveries, transfers from reserves, and profits 8,939 7,821 3,247 16,306 3,321 3,979 15,214 3,426 1,500 2,047 3,245 18,730 On securities: Recoveries 116 30 41 299 79 63 2,139 24 14: 149 21 2,114 Transfers from reserves 1,029 207 135 658 680 1,586 3,044 586 449 211 1,921 6,945 Profits on securities 135 1,553 200 1,432 348 603 962 557 138 644 270 2,099 On loans: Recoveries 261 30 90 111 177 72 154 15 410 150 138 481 Transfers from reserves 3,767 5,263 685 13,180 1,444 848 7,315 2,064 38 334 72 2,413 All other 3,631 739 2,097 626 592 1,600 180 323 560 823 4,678 Losses, charge-offs, and transfers to reserves 21,640 17,250 17,598 55,245 14,222 18,903 55,549 14,509 6,779 14,359 16,796 72,660 On securities: Losses and charge-offs 5,819 603 2,502 3,828 3,656 9,095 22,745 5,773 4,036 5,377 3,322 13,752 Transfers to reserves 756 2,683 1,556 30,012 2,162 1,415 5,651 1,968 47 1,087 840 19,057 On loans: Losses and charge-offs 2 79 125 101 107 17 463 2 206 256 6 537 Transfers to reserves 10,339 12,910 10,181 18,272 798 7,611 22,097 5,062 2,221 6,000 10,782 32,164 All other 4,725 975 3,033 499 765 4,593 1,705 269 1,640 1,847 7,149 3,233 Profits before income taxes 39,832 12,387 84,978 37,076 34,280 65,543 34,190 16,4,./ 44,891 52,173 258,777 42,388 Taxes on net income. 17,583 5 074 28,534 16,116 14,458 24,703 14,035 7,067 20,107 22,190 115,781 Federal 14,892 4,169 16,416 28,534 15,979 14,219 24,610 13,670 6,109 19,270 22,190 108,132 State 2,690 906 16,416 137 239 92 365 7,649 958 838 Net profits 22,249 7,312 25,972 56,444 20,960 19,822 40,840 20,155 29,983 142,995 9,360 24,784 Cash dividends declared. 13,198 5,805 17,113 26,545 10,872 9,516 18,382 9,812 17,873 79,883 On preferred stock2 . . 189 40 5,16' 8,915 5 On common stock. .. 13,198 5,617 17,113 ' 26,545 10,872 9,516 18,342 9,812 5,160 8,915 17,873 79,878 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 34 11 7 382 719 144 6 116 639 On loans 619 333 488 733 243 401 1,585 472 116 976 1,309 5,026 Losses charged to reserves (not included in losses above): On securities 1,137 1,757 1,957 35,330 2,448 855 6,331 4,037 1,378 21,729 On loans 2,327 1,484 3,565 1,862 738 5,244 522 247 1,793 1,973 10,112 Loans ,466,000 868,000 ,900,000 3,558,000 ,461,000 ,510,000 3,081,000 ,440,000 712,000 ,620,000 ,221,00010,255,000 U. S. Govt. securities 554,000 362,000 598,000 2,342,000 ,013,000 961,000 3,110,000 746,000 319,000 ,081,000 969,000 5,473,000 Other securities 143,000 147,000 252,000 693,000 216,000 258,000 689,000 200,000 116,000 311,000 188,000 1,666,000 Cash assets 640,000 356,000 913,000 1,824,000 896,000 ,005,000 1,898,000 839,000 401,000 ,169,000 ,403,000 3,860,000 Other assets 53,000 32,000 77,000 114,000 60,000 57,000 97,000 40,000 18,000 46,000 143,000 400,000 Total assets ,857,000 l,766;0003,740,000 8,532,000 3,645,000 3,791,000 8,875,000 ,265,000 ,564,0004,227,000 4,924,000 11,654,000 Time deposits 225,000 497,000 348,000 1,998,000 604,000 539,000 2,634,000 426,000 209,000 472,000 762,000 7,940,000 Total deposits ,499,000 1,598,00013,274,000 7,664,0003,308,0003,453,000 8,211,0002,953,000 ,392,000 ,851,000 4,452,000 9,581,000 Total capital accounts . . 278,000 129,000 337,000 707,000 261,000 254,000 513,000 244,000 115,000 303,000 376,000 1,361,000 Number of officers 806 537 1,440 1,032 986 1,638| 762 418 1,007 991 7,377 Number of employees 7,376 4,632 9,732 15,624 8,601 8,310 19,0051 6,600 3,668i 7,571 7,580| 48,!67 Number of banks 9 10! 23 25 21 20 26| 26 * Not including central reserve city banks. are as of the end of the year. Cash assets are comprised of cash, balances NOTE.—The figures of assets, deposits, and capital accounts are aver- with other banks (including reserves balances), and cash items in process ages of the amounts reported for the call dates at the beginning, middle, of collection. Total capital accounts are comprised of the aggregate and end of each year, plus the last-Wednesday-of-the-month figures for book value of capital stock, capital notes and debentures, surplus, unthe 10 intervening months. The number of officers, employees, and banks divided profits, reserves for contingencies, and other capital reserves. For other footnotes see preceding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1956 713 EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 196,444 441,278 190,829 203,^86 157,331 191,787 360,050 108,406 112,120 133,323 163,189 161,288 Interest and dividends on securities: U. S. Govt 32,340 79,066 41,163 50,319 32,707 40,664 94,508 26,936 25,033 32,062 32,336 27,204 Other 9,258 25,228 12,221 10,828 6,855 10,522 18,750 6,525 5,959 7,318 9,111 6,683 Interest and discount on loans. . 116,198 270,210 112,454 116,856 96,750 109,536 197,961 63,107 63,238 74,573 100,231 98,174 Other charges on loans 714 3,694 1,013 1,177 1,138 1,816 2,675 540 978 693 723 3,702 Service charges on deposits 14,433 32,792 7,653 10,109 9,004 13,546 21,013 5,235 8,104 10,779 11,205 12,839 Other charges, fees, etc 3,109 8,119 2.437 3,079 3,394 5,279 7,580 2,231 4,995 3,105 2,838 4,796 Trust department 13,172 11,415 8,944 4,112 3,918 4,135 7,071 1,024 801 1,011 1,150 3,115 Other current earnings 7,220 10,755 4,943 6.907 3,565 6,290 10,493 2,809 3,012 3,782 5,596 4,776 Expenses 129,632 305,944 122,474 128,049 98,790 122,167 236,275 67,307 71,413 83,817 105,074 108,364 Salaries—officers 20,787 43,397 19,694 22,210 l«440 22,033 43,206 15,301 15,606 23,115 25,452 18,537 Salaries and wages—others.... 41,512 88,039 32,440 32,485 26,417 35,615 62,536 16,759 17,006 20,884 28,757 33,279 Directors' fees, etc 1,558 3,187 2,919 2,048 1,499 1,373 2,949 1,468 978 1,479 1,618 535 Interest on time deposits 18,680 71,789 28,168 27,123 20,251 17,719 52,991 10,852 14,385 11,053 9,304 22,665 Interest on borrowed money... 891 1,631 527| 324 470 483 359 157 273 251 142 208 Taxes other than income 5,236 10,825 5,335 8,918 3,969 5,270 10,668 3,426 2,916 2,752 6,631 2,797 Recurring depreciation 4,393 10,422 4,813 4 687 4,027 5,467 7,440 2,200 2,144 2,687 4,294 4,119 Other current expenses 36,576 76,654 28,577 30,255 23,717 34,207 56,126 17,144 18,105 21,595 28,876 26,226 Net current earnings before income taxes 66,812 135,334 68,355 75,337 58,541 69,620 123,776 41,100 40,707 49,506 58,115 52,923 Recoveries, transfers from reserves, and profits 5,089 12,136 3,360 4,183 1,620 2,181 5,735 1,969 2,812 3,237 4,858 2,414 On securities: Recoveries 762 403 783 522 227 205 657 82 441 267 61 524 Transfers from reserves 1,007 1,655 166 831 11 351 374 161 448 47 414 23 Profits on securities 475 1,429 642 497 245 319 877 194 226 163 283 309 On loans: Recoveries 430 1,499 510 482 324 354 598 884 824 2,056 2,016 586 Transfers from reserves 1,451 3,965 5-M 1,074 158 144 1,112 333 387 178 745' 487 All other 963 3,185 759 776 656 810 2,117 315 485 526 1,338 485 Losses, charge-offs, and transfers to reserves 27,553 59,002 22,012 22,314 15,480 19,636 47,130 12,560 16,054 15,845 21,939 16,724 On securities: Losses and charge-offs 10,040 16,769 6,998 8,691 7,636 6,472 23,566 5,980 7,302 5,368 4,957 7,204 Transfers to reserves 707 3,058 559 892 633 409 1,175 319 765 503 545 278 On loans: Losses and charge-offs 284 891 602 679 458 763 866 1,089 1,166 2,408 3,832 568 Transfers to reserves 12,149 33,660 11,148 9,816 5,328 9,903 17,215 3,945 5,580 4,861 9,924 6,468 All other 4,373 2,704 1,426 2 090 4,308 1,228 1,241 2,705 2,680 2,206 4,625 2,237 Profits before income taxes 44,348 49,703 44,680 52,165 82,381 30,509 27,465 36,899 41,034 38,613 88,468 57,205 Taxes on net income 17,874 19,208 18,458 20,571 29,995 11,659 10,768 13,841 14,469 17,450 Federal 15,793 32,232 19,208 22,458 18,267 20,170 29,924 11,514 9,985 13,318 14,457 15,924 State 2,081 29,486 22,458 190 401 71 145 784 12 1,525 Net profits. 26,474 2,746 30,495 34 748 26,223 31,594 52,387 18,850 16,697 523 26,564 21,163 56,236 23,058 Cash dividends declared 15,981 28,495 17,050 14,229 11,812 11,874 20,596 7,357 9,035 11,600 10,362 On preferred stock 2 14 1,054 5 7 10 104 34 9,301 18 On common stock 15,967 27,441 17,046 14,229 11,805 11,864 20,492 7,323 9,035 9,301 1,600 10,344 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 9 174 5 12 7 5 3 177 On loans 1,055 3,050 871 1,038 819 839 2,363 640 898 1,812 1,907 1,257 Losses charged to reserves (not included in losses above): On securities 754 3,589 546 1,112 321 21 1,559 314 77 37 571 On loans 3,569 8,174 2,791 2,292 1,724 3,094 4,776 1,637 1,365 3,279 4,600 2,389 Loans 2,189,000 5,008,000 2,086,000 2,228,0001,671,0001,878,000 3,594,0001,137,0001,108,0001,219,0001,703,000 1,657,000 U. S. Govt. securitb\ 1,412,000 3,394,0001,724,000 2,139,0001,389,0001,724,000 4 029,0001,129,0001,002,0001,327,0001,362,000 1 168,000 Other securities . 463,000 1,152,000 537,000 499,000 312,000 469,000 914,000 289,000 254,000 346,000 399,000 280.000 Cash assets 978,000 1,782,000 861,000 993,000 890,0001,191,000 1 797,000 639,000 520,000 861,0001,240,000 667,000 Other assets 85,000 170,000 80,000 75,000 65,000 90,000 117,000 34,000 36,000 33,000 69,000 48,000 Total assets. 5,! 27,00011 504,000 5,288,000 5,934,000 4,327,000 5,352,00010,451,000 3,229,0002,920,000 3,785,000 4,774,000 3,819,000 Time deposits 1,189,000 4,209,0001,990,000 2,151,0001,232,000 1,109,000 3,714,000 818,000 958,000 648,000 603,000 1,273,000 Total deposits 4,625,00010", 447755,,000000 4,773388,,000000 5>,41133;,O0O0O0 3,930,000 4,926,000 9", 6,66699,0,00000 2,,996688,,000000 2:,6,68855,,000000 3,,447766,,000000 4,,441100,,000000 3,520,000 Total capital accounts. 419,000 848,000 500,000 462,000 349,000! 370,000 677,000 239,000 202,000 287,000 342,000 252,000 Number of officers 2,508 5,008 2,979 3,140 2,682 2,803 5,327 2,316 2,225 3,4291 3,553 2,241 Number of employees. 14,833 28,913 11,445 11,698 9,814 12,933) 21,227 6,403 6,419 7,740 10,267 10,856 Number of banks 290 559 583; 445 370| 938! 472 464J 712| 608 For footnotes see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 MEMBER BANK EARNINGS, 1956 EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Earnings 6,019,552 60,170 264,756 350,000 555,662 438,652 471,441 1,406,833 2,472,037 Interest and dividends on securities: U. S. Govt 1,089,721 14,540 64,962 81,837 124,680 94,509 93,132 249,260 366,801 Other 305,793 2,754 15,398 21,924 31,211 23,067 23,621 64,274 123,544 Interest and discounts on loans 3,643,802 36,666 156,848 203,545 316,347 250,401 275,100 842,588 1,562,308 Other charges on loans 62,495 190 971 1,934 4,618 3,738 5,182 12,376 33,486 Service charges on deposits 308,081 3,067 14,956 23,450 40,819 31,394 30,047 68,240 96,108 Other charges, fees, etc 121,063 1,876 5,913 7,237 12,651 7,907 9,152 27,854 48,474 Trust department 287,041 58 542 2,423 10,177 13,040 18,319 86,023 156,460 Other current earnings 201,556 1,019 5,166 7,651 15,159 14,596 16,889 56,219 84,857 Expenses 3,640,531 39,949 173,589 229,351 368,429 288,521 304,735 864,937 1,371,020 Salaries—officers 547,397 13,842 46,570 49,298 65,344 45,712 45,766 119,289 161,576 Salaries and wages—others... 1,167.868 6,095 34,609 54,707 101,129 85,398 95,406 294,832 495,692 Directors' fees, etc 28,874 1,210 4,957 4,711 5,344 2,768 2,216 4,271 3,398 Interest on time deposits 644,998 6,659 34,611 47,793 73,627 54,875 50,804 128,259 248,370 Interest on borrowed money. 43,680 47 307 437 843 1,232 2,513 10,083 28,218 Taxes other than income 156,108 1,919 7,843 10,399 15,307 12,448 13,161 38,877 56,154 Recurring depreciation 102,044 1,176 6.181 8,620 13,843 10,174 10,195 24,397 27,457 Other current expenses , 949,563 9,000 38,512 53,386 92,992 75,915 84,675 244,929 350,153 Net current earnings before income taxes. 2,379,022 20,222 91,167 120,649 187,233 150,130 166,707 541,896 1,101,018 Recoveries, transfers from reserves, and profits 216,607 1,584 4,962 5,848 10,035 8,825 8,023 42,617 134,712 On securities: Recoveries 11,520 44 292 717 755 1,417 740 4,989 2,566 Transfers from reserves 34,783 10 102 422 976 1,036 946 11,850 19,442 Profits on securities 27,335 71 456 774 1,127 872 1,217 6,286 16,533 On loans: Recoveries 13,917 1,146 2,631 2,068 2,010 1,229 501 1,884 2,448 Transfers from reserves 73,147 42 424 705 1,771 1,380 2,338 10,441 56,047 All other 55,904 271 1,058 1,163 3,397 2,891 2,282 7,166 37,677 Losses, charge-offs, and transfers to reserves 875,168 4,702 23,635 38,523 65,874 58,343 60,283 192,827 430,980 On securities: Losses and charge-offs 274,196 8,624 16,006 28,286 24,242 20,011 65,987 110,232 Transfers to reserves 96,854 50 505 775 2,119 1,963 4,234 14,999 72,209 On loans: Losses and charge-offs 21,610 2.014 4,198 3,319 2,229 1,098 330 1,242 7,180 Transfers to reserves 406,076 1,153 7,313 13,900 25,895 25,193 29,008 91,019 212,597 All other 76,431 678 2,995 4,524 7,345 5,847 6,701 19,580 28,762 Profits before income taxes. 1,720,461 17,104 72,494 87,974 131,394 100,613 114,446 391,685 804,750 Taxes on net income. 709,264 4,679 21,915 31,024 51,978 41,271 48,091 169,414 340,893 Federal 669,649 4,493 21,152 30,072 50,284 40,116 46,282 162,557 314,694 State 39,615 186 763 952 1,695 1,155 1,809 6,858 26,198 Net profits 1,011,197 12,425 50,579 56,950 79,416 59,342 66,356 222,2 463,858: Cash dividends declared. 542,423 4,703 19,306 23,716 35,117 28,364 31,941 113,528 285,749 On preferred stock2.. 1.591 2 25 26 127 50 187 1,175 On common stock. . . 540,833 4,701 19,281 23,690 34,991 28,314 31,753 112,353 '285,"749 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,699 13 39 16 6 23 749 1,853 On loans , 35,334 395 2,058 3,206 3,760 2,677 2,901 6,201 14,136 Losses charged to reserves (not included in losses above): On securities 92,801 6 111 402 1,336 1,569 5,158 15,855 68,365 On loans 108,356 854 4,081 6,270 8,351 6,855 7,576 17,025 57,345 Loans 77,953,449 601,778 2,723.660 3,625,275 5,892,787 4,877,302 5,445,92317,774,37237,012,352 U. S. Govt. securities. 47,403,972 606,676 2,708,786 3,473,196 5,320,758 4.120,028 4,106.42810,969,35616,098,744 Other securities 13,122,114 120,414 706,580 1,030,635 1,513,378 1,083,143 1,080,804 2,761,685 4,825,475 Cash assets 42,797,002 391,616 1,652,422 2,124,881 3,332,938 2,776,382 3,214,44210,718,40618,585,915 Other assets 3,186,142 13,764 77,221 120,776 226,051 195,201 207,983 675,953 1,669,193 Total assets. 184,462,679 1,734,248 7,868,66910,374,76316,285,91213,052,05614,055,580J42,899,77278,191,679 Time deposits 42,083,773 439,204 2,323,532 3,233,385 5,182,858 3,749,371 3,411,3811 8,412,833 15,331,209 Total deposits 167,582,253 1,554,731 7,167,885 9,527,42314,996,52512,065,01412,986,445i39.417,259 69,866,971 Total capital accounts. 13,581,559 174,596 672,982 792,525 1,156,659 859,997 914,425 2,932,815 6,077,560 Number of officers 60,957 3,169 8,134 7,175 7,982 4,999 4,641 10.874 13,983 Number of employees. 361,036 3,073 14,210 20,180 35,631 29,206 32,071 92,696 133,969 Number of banks 6,417 1,149 2,166 1,353 984 353 187 181 44 1 Totals are for banks operating during the entire year, except three NOTE.—The figures for assets, deposits, capital accounts, number of trust companies having no deposits. officers and employees, and number of banks are as of the end of the 2 Includes interest on capital notes and debentures. year. See note on second preceding page regarding the composition of cash assets and total capital accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1956 715 EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city member Reserve banks city Country member member banks banks New York Chicago 1953 1954 1955 1956 Year 1956 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 16.4 15.6 16.6 18.1 17.0 18.7 19.7 17.0 Profits before income taxes 14.1 16.2 13.4 13.1 12.3 12.8 14.8 12.0 Net profits 7.8 9.3 7.9 7.7 6.7 8.2 8.6 7.4 Cash dividends declared 3.8 3.9 4.0 4.1 4.7 3.6 4.6 3.4 Percentage of total assets: Total earnings 2.93 2.96 3.13 3.47 3.23 2.91 3.49 3.64 Net current earnings before income taxes 1.15 1.12 1.22 1.37 1.52 1.43 1.40 1.26 Net profits .55 .67 .58 .59 .60 .63 .61 .55 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 22.0 22.1 20.9 18.1 13.1 20.2 16.8 21.3 Other securities 5.5 5.7 5.6 5.1 4.6 6.4 4.8 5.3 Earnings on loans 57.3 56.2 57.7 61.3 62.5 59.0 62.9 59.4 Service charges on deposit accounts 4.8 5.2 5.1 5.1 2.4 .9 5.3 6.5 Other current earnings 10.4 10.8 10.7 10.4 17.4 13.5 10.2 7.5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 29.9 30.3 29.4 28.5 27.1 24.6 28.2 29.9 Interest on time deposits 9.3 10.2 10.2 10.7 5.8 7.9 11.1 12.6 Other current expenses 21.6 21.5 21.3 18.3 20.7 22.8 21.4 20.0 Total expenses 62.1 61.1 60.5 50.8 60.0 65.3 60.6 52.9 Net current earnings before income taxes 37.9 38.9 39.5 49.2 40.0 34.7 39.4 47.1 Net losses including transfers (or recoveries and profits +) 5.4 + 1.5 7.5 10.8 13.1 15.4 9.9 10.2 Taxes on net income 15.1 16.7 13.0 11.8 15.4 12.3 12.6 9.4 Net profits 18.9 22.7 18.4 16.9 18.6 21.5 17.5 15.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 1.98 1.96 2.09 2.31 2.22 2.19 2.36 Interest and dividends on other securities 2.11 2.12 2.13 2.29 2.37 2.40 2.19 Net losses (or recoveries and profits +)1 .20 + .47 .28 .53 .66 .77 .40 Return on loans: Earnings on loans 4.69 4.71 4.77 5.02 4.15 4.14 5.02 5.64 Net losses .08 .05 .06 .11 .19 .21 .06 .10 Distribution of assets: Percentage of total assets: U. S. Govt. securities 32.6 33.4 31.3 27.2 19.1 26.8 25.5 32.8 Other securities 7.6 7.9 8.1 7.7 6.3 7.8 7.1 8.9 Loans 35.8 35.3 37.9 42.4 48.6 41.5 43.7 38.3 Cash assets 22.7 22.0 21.1 21.1 23.5 23.3 22.1 18.7 Other assets 1.3 1.4 1.6 1.6 2.5 .6 1.6 1.3 Other ratios: Total capital accounts to: Total assets 7.0 7.2 7.3 7.6 8.9 7.7 7.1 7.4 Total assets less U. S. Govt. securities and cash assets... 15.8 16.1 15.4 14.6 15.6 15.4 13.5 15.3 Total deposits 7.8 7.9 8.1 8.4 10.4 8.6 7.8 8.1 Time to total deposits 24.3 25.7 25.9 26.1 12.4 17.4 26.8 32.7 Interest on time deposits to time deposits 1.23 1.30 1.36 1.58 1.76 1.47 1.60 1.53 Number of banks 6,743 6,660 6,543 6,462 18 289 6,141 1 Net losses is the excess of (a) actual losses charged against net profits have an equally important influence on the result. In the ratios based plus losses charged against valuation reserves over (b) actual recoveries on aggregates presented here, the experience of those banks in each group and profits credited to net profits plus recoveries credited to valuation whose figures are largest have a much greater influence than that of the reserves; net recoveries and profits is the reverse. Transfers to and many banks with smaller figures. (For example, the 120 largest member from valuation reserves are excluded. banks have total earnings which, combined, are larger than those of all the other member banks, numbering about 6,340.) Ratios based on NOTE.—The ratios in this and the following three tables were computed aggregates show combined results for the banking system as a whole, from the dollar aggregates shown in preceding tables. Many of these and, broadly speaking, are the more significant for purposes of general ratios vary substantially from the average of individual bank ratios, analyses of credit and monetary problems, while averages of individual which are shown on pp. 720-722 of this BULLETIN, in which each bank's ratios are useful primarily to those interested in studying the financial figures—regardless of size or amount— are weighted equally and in general results of operations of individual banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 MEMBER BANK EARNINGS, 1956 EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 17.1 16.8 14.9 17.0 17.5 19.0 19.1 17.8 19.8 18.1 17.2 22.7 Profits before income taxes 12.1 11.8 11.0 12.2 13.4 13.9 12.6 13.4 13.9 13.9 13.0 18.4 Net profits 7.0 6.7 6.7 7.8 7.7 8.2 7.9 8.1 8.2 8.1 7.9 10.2 Cash dividends declared Percentage of total assets: Total earnings 3.84 3.41 3.66 3.39 3.50 3.49 3.20 3.22 3.70 3.25 3.27 3.91 Net current earnings before income taxes. 1.49 1.42 1.39 1.38 1.34 1.30 1.26 1.33 1.39 1.33 1.28 1.44 Net profits .61 .57 .63 .63 .59 .56 .53 .60 .58 .60 .58 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U S Govt securities 14.9 14.4 16.6 21.6 19.9 19.7 24.6 20.8 19.5 21.7 16.8 15.4 Other securities. . 4 1 5.0 5 7 5.8 4 2 5 3 5.6 5.5 5.1 5.4 5.1 4.4 Earnings on loans 59.7 62.6 62.3 58.2 60.8 59.2 . s.. 6 62.4 60.0 58.9 64.8 65.5 Service charges on deposit accounts 5.7 4.0 3.7 4.2 5.8 6.0 4.4 4.0 6.3 6.3 4.4 7.5 Other current earnings 15.6 14.0 11.7 10.2 9.3 9.8 8.8 7.3 9.1 7.7 8.9 7.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30 5 28.0 28 8 26.3 29 7 29.2 28.3 28.4 29.5 30.0 28.6 28.9 Interest on time deposits 7.0 9.2 10.0 11.6 10.6 8.3 11.7 8.1 10.7 7.2 6.8 16.5 Other current expenses 23.5 21.1 23.3 21.4 21.5 25.2 20.5 22.2 22.2 21.8 25.6 17.8 Total expenses.. 61.8 61.0 58.3 62.1 59.3 62.7 60.5 58.7 62.4 59.0 61.0 63.2 Net current earnings before income taxes 38 2 39.0 41.7 37.9 40.7 37.3 39.5 41.3 37.6 41.0 39.0 36.8 Net losses including transfers (or recoveries and profits -|-) 11.5 12.4 10.0 11.7 8.9 10.2 13.5 10.3 11.2 9.6 9.6 6.9 Taxes on net income 11 6 12.7 10 8 10 4 12 4 11 0 9.6 12.3 10.7 13.0 11 .6 13.4 Net profits 15.9 16.6 17.1 18.6 16.9 16.1 16.4 18.7 15.7 18.4 17.8 16.5 Rates of returns on securities and loans: Return on securities: Interest on U. S Govt. securities 2.32 2.26 2.36 2.36 2 31 2.34 2.32 2.32 2.45 2.35 2.29 2.30 Interest and dividends on other securities. 2.07 2.31 2.40 2.39 2.23 2.34 2.18 2.37 2.29 2.15 2.74 2.26 Net losses1. . 63 .55 33 81 45 45 .61 .64 .61 .39 .26 .44 Return on loans: Earnings on loans 5.00 4.51 5.16 4.92 5.41 5.57 4.94 5.06 5.47 5.40 5.23 5.47 Net losses 1 .10 .16 .13 .04 .05 .09 .14 .05 .04 .10 .13 .05 Distribution of assets: Percentage of total assets: U. S. Govt. securities 24.6 21.8 25.7 31.0 30 1 29.4 33.9 28.9 29.5 30.1 24.0 26.1 Other securities 7 6 7.3 8 7 8 2 6 6 8 0 8.1 7 5 8.2 8.2 6.0 7 6 Loans 45.8 47.3 44.2 40.0 39.3 37.0 36.6 39.7 40.6 35.4 40.5 46.8 Cash assets. . 20 3 21 3 19 7 19 5 22 4 24 0 20.4 22.8 20.5 25.3 27.3 17.8 Other assets 1.7 2.3 1.7 1.3 1.6 1.6 1.0 1.1 1.2 1.0 2.2 1.7 Other ratios: Total capital accounts to: Total assets 8 7 8.5 9 3 8.1 7 7 6 8 6.6 7 5 7 0 7.A 7.4 6.3 Total assets less U. S. Govt. securities and cash assets 15.8 14.9 17.0 16.3 16.1 14.6 14.5 15.4 14.1 16.5 15.2 11.3 Total deposits Time to total deposits 19 8 20.6 29 2 31.7 25 4 19 7 30.2 21 0 28.6 15.3 15.4 39.9 Interest on time deposits to time deposits. . . 1.52 1.74 1.42 1.38 1.60 1.61 1.35 1.36 1.53 1.68 1.57 1.78 Number of banks 299 587 547 606 470 391 1,023 492 473 753 634 187 1 Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries is the reverse. Transfers to and from valuation plus losses charged against valuation reserves over (b) actual recoveries reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1956 717 EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 18.9 16.9 16.8 17.5 18.4 19.4 20.6 18.6 18.9 18.9 17.5 23.0 Profits before income taxes 14.3 9.6 12.6 12.0 14.2 13.5 12.8 14.0 14.3 14.8 13.9 19.0 Net profits 8 0 5 7 7 7 8 0 8.0 7 8 8.0 8.3 8 1 8.2 8.0 10.5 Cash dividends declared .. 4.7 4.5 5.1 3.8 4.2 3.7 3.6 4.0 4.5 2.9 4.8 5.9 Percentage of total assets: Total earnings 3.85 3.83 3.73 3.36 3.33 3.35 3.17 3.08 3.44 3.00 3.13 3.85 Net current earnings before income taxes. 1.84 1.24 1.52 1.45 1.32 1.30 1.19 1.39 1.39 1.35 1.33 1.44 Net profits .78 .41 .69 .66 .58 .52 .46 .62 .60 .59 .61 .66 Sources and disposition of earnings: Percentage of total earnings : Interest and dividends on: U. S. Govt securities.. . 12.1 118 9.7 19.3 18.8 17 4 26.3 16.5 13.5 19.3 13.7 15.1 Other securities 3.0 5.5 4.8 6.2 4.1 5.1 5.3 5.0 4.7 5.3 4.5 4.5 Earnings on loans.. 59 9 67 7 66.2 58 2 58.9 60 9 55.7 66.3 65.6 61.6 67.8 66.0 Service charges on deposit accounts 2.8 6.2 3.3 3.8 5.8 4.4 5.7 3.0 4.3 4.3 1.9 7.4 Other current earnings 8.8 16.0 12.5 12.4 7.0 9.2 11.9 9.5 12.1 7.0 22.2 12.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30 4 30.7 25.9 31.2 30.2 27.2 30.4 26.9 23.7 28.3 Interest on time deposits 228..54 13.7 3.6 10.5 7.5 287 .00 11.0 6.0 6.4 6.1 7.9 16.9 Other current expenses 21.3 23.6 25.0 20.4 21.8 26.3 21.2 21.8 22.9 21.9 25.7 17.3 Total expenses 52.2 67.7 59.3 56.8 60.5 61.3 62.4 55.0 59.7 54.9 57.3 62.5 Net current earnings before income taxes 47.8 32 3 40.7 43 2 39.5 38 7 37.6 45.0 40.3 45.1 42.7 37.5 Net losses including transfers (or recoveries and profits +) 11.6 14.0 10.3 13.6 8.9 11.7 14.3 11.0 9.8 9.8 8.8 6.4 T N a e x t e p s r o o f n i ts net income 2 1 0 6 . . 2 0 1 7 0 .8 5 1 1 1 8 . . 8 6 1 9 9 .7 9 1 1 3 7 . . 3 3 1 1 1 5 .6 4 1 8 4 . . 8 5 2 1 0 4 . . 0 0 1 1 3 7 . . 1 4 1 1 5 9 . . 8 5 1 1 4 9 . . 4 5 1 1 3 7 . . 9 2 Rates of return on securities and loans: Return on securities: Interest on U S Govt. securities 2 40 2 20 2 27 2 37 2.25 2 30 2.38 2.22 2.28 2.26 2.18 2.30 Interest and dividends on other securities. 2.29 2.51 2.65 2.55 2.29 2.53 2.16 2.52 2.17 2.18 3.68 2.23 Net losses1 .96 .15 .50 1.22 .46 .76 .66 .96 .86 .43 .25 .43 Return on loans: Earnings on loans. . .. 4 49 5 27 4 86 4 69 4.90 5 12 5.08 4.63 4.96 4.82 4.70 5.36 Net losses (or recoveries +)1 2 .10 .14 .16 .03 .03 .04 .13 .0 + .01 .06 .02 .05 Distribution of assets: Percentage of total assets: U. S. Govt. securities 19 4 20 5 16 0 27 4 27.8 25 3 35.0 22.8 20.4 25.6 19.7 25.3 Other securities 5.0 8.3 6.7 8.1 5.9 6.8 7.8 6.1 7.4 7.4 3.8 7.7 Loans ... 51 3 49 2 50 8 41 7 40.1 39 8 34.7 44.1 45.5 38.3 45.1 47.4 Cash assets 22.4 20 2 24.4 21 4 24.6 26 5 21.4 25.7 25.6 27.7 28.5 17.8 Other assets 1.9 1.8 2.1 1.4 1.6 1.6 1.1 1.3 1.1 1.0 2.9 1.8 Other ratios: Total capital accounts to : Total assets 9.7 7.3 9.0 8.3 7.2 6.7 5.8 7.5 7.4 7.2 7.6 6.3 Total assets less U. S. Govt. securities and cash assets 16 7 12 3 15 1 16 2 15 0 13 9 13 3 14 5 13.6 15.3 14.7 11.0 Total deposits . . 11.1 8.1 10.3 9.2 7.9 7.4 6.2 8.3 8.3 7.9 8.4 7.0 Time to total deposits 9.0 31.1 10.6 26.1 18.3 15.6 32.1 14.4 15.0 12.3 17.1 40.5 Interest on time deposits to time deposits.. . 1.22 1.87 1.43 1.50 1.51 1.65 1.17 1.43 1.64 1.64 1.59 1.78 Number of banks 9 10 8 23 25 21 71 20 9 41 26 26 * Not including central reserve city banks. and profits credited to net profits plus recoveries credited to valuation i Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. 2 Ratios of less than .005 are shown as .0. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 MEMBER BANK EARNINGS, 1956 EARNINGS RATIOS OF COUNTY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 15.9 16.0 13.7 16.3 16.8 18.8 18.3 17.2 20.2 17.2 17.0 21.0 Profit before income taxes 10.6 10.4 9.9 12.4 12.8 14 1 12.2 12.8 13.6 12.9 12.0 15.3 Net profits 6.3 6 6 6.1 7.5 7.5 8 5 7.7 7.9 8 3 8 0 7 8 8.4 3.8 3 4 3.4 3.1 3 4 3 ? 3.0 3.1 4 5 3.-> 3 4 4.1 Percentage of total assets: Total earnings 3.83 3.84 3.61 3.43 3 64 3 58 3.45 3.36 3.84 3.52 3.42 4.22 Net current earnings before income taxes. 1.30 1.18 1.29 1.27 1 35 130 1.18 1.27 1.39 31 1.22 1.39 .52 .49 .58 .59 61 59 .50 .58 .57 61 .56 .55 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 16. 5 17 9 21.6 24.7 ?0 8 71 7 26.3 24.9 22.3 24.0 19.8 16.9 Other securities 4.7 7 6.4 5.3 4 4 5 5 5.2 6.0 5.3 5.s 5.6 4.1 Earnings on loans 59.5 to 1 59.5 58.0 62 ? 58 1 55.7 58.7 57.3 56.5 61 8 63.2 Service charge on deposit accounts 7.3 7 4 4.0 5.0 5 7 7 0 5.8 4.8 7.2 8 1 6.9 8.0 Other current earnings 12.0 6.9 8.5 7.0 6.9 8 2 7.0 5.6 7.9 5.9 5.9 7.8 Total earnings 100.0 1000 100.0 100.0 100.0 1000 100.0 100.0 100.0 1000 100.0 100.0 Salaries and wages.. 31.7 29.8 27.3 26.9 28 5 30 1 29.4 29.6 29.1 33.0 33.2 32.1 Interest on time deposits . 9.5 16? 14.8 13.3 129 9 ? 14.7 10.0 12.8 8 5 7 14.1 Other current expenses 24.8 23.3 22.1 22.8 21 4 24 4 21.5 22.5 21.8 21 6 25.5 21.0 Total expenses 66.0 69.3 64.2 63.0 62 8 63 7 65.6 62.1 63.7 62 9 64.4 67.2 Net current earnings before income taxes 34.0 30 7 35.8 37.0 37 7 36 3 34.4 37.9 36.3 37 1 35.6 32.8 Net losses including transfers (or recoveries and profits -j-) 11.4 10 7 9.8 8.9 8 8 9 1 11.5 9 8 11.8 9 4 10 5 8.9 Taxes on net income 9.1 7 3 10.0 11.0 11 7 10 7 8.4 10.7 9.6 10 4 8 8 10.8 Net profits 13.5 12.7 16.0 17.1 16 7 16 5 14.5 17.4 14.9 17 3 16.3 13.1 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities .. 2.29 ? 33 2.39 2.35 2 35 ? 36 2.35 2.39 2.50 2 4? 2 37 2.33 Interest and dividends on other securities. 2.00 2.19 2.28 2.17 2 20 2 24 2.05 2.26 2.35 2 12 2.28 2.39 Net losses * .51 40 .27 .33 44 77 .48 .42 53 35 26 .47 Return on loans: Earnings on loans 5.34 5 47 5.44 5.30 5 86 5 93 5.58 5.60 5.80 6 17 5.93 6.15 Net losses1 .11 .09 .10 .07 06 14 .07 .11 .07 15 .26 .07 Distribution of assets: Percentage of total assets: U. S. Govt. securities 27.5 29.5 32.6 36.0 32 32 ? 38.6 35.0 34.3 35 1 28.5 30.6 Other securities 9.0 10 0 10.2 8.4 7 ? 8 8 8.7 9 0 8 7 9 8 4 7.3 Loans .... 42.7 43.5 39.4 37.6 38 6 35.1 34.4 35.2 38.0 32 2 35.7 43.4 Cash assets 19.1 IS 5 16.3 16.7 20 6 22 ? 17.2 19.8 17.8 22 7 26 0 17.5 Other assets 1.7 1.5 1.5 1.3 1 5 1.7 1.1 1.0 1.2 9 1.4 1.2 Other ratios: Total capital accounts to: Total assets. 8.2 7.4 9.5 7.8 8.1 6.9 6.5 7.4 6.9 7 6 7.2 6.6 Total assets less U. S. Govt. securities and cash assets 15.3 13.4 18.5 16.5 17.0 15.2 14.6 16.4 14.4 180 15.7 12.7 Total deposits 9.1 8.1 10.6 8.5 8.9 7.5 7.0 8.1 7.5 8 3 7.8 7.2 Time to total deposits 25.7 40.2 42.0 39.7 31.3 22.5 38.4 27.6 35.7 186 13.7 36.2 Interest on time deposits to time deposits.. 1.57 1.71 1.42 1.26 1.64 1.60 1.43 1.33 1.50 171 1.54 1.78 290 559 539 583 i145 370 938 472 464 712 608 161 i Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (b) actual recoveries valuation reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1956 719 EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1953-56 [Amounts in thousands of dollars] Banks not members of All insured commercial banks 1 Federal Reserve System Item 1953 1954 1955 1956 1953 1954 1955 1956 Earnings 5,483,954 5,773,787 6,377,705 7,231,921 894,387 948,458 1,035,960 1,154,684 Interest and dividends on securities: U. S. Govt 1,206,965 1,272,731 1,333,690 1,342,842 196,261 206,658 215.895 242,577 Other 297,739 324,823 351,041 370,045 45,997 52,083 55;504 62,275 Interest and discount on loans 3,107,885 3,205,894 3,625,528 4,339,866 516,720 544,082 604,089 677,862 Other charges on loans 47,850 57,550 71,048 73,562 7,314 8,474 9,690 10,888 Service charges on deposits 271,444 311,806 339,975 385,927 52,613 59,540 65,951 75,762 Other charges, fees, etc 132,978 144,140 155,004 168,497 40,661 41,664 45,260 46,923 Trust department 217,996 246,223 281,841 322,117 10,781 10,603 14,886 13,043 Other current earnings 201,101 210,621 219,579 229,068 24,044 25,355 24,685 25,356 Expenses 3,375,552 3,638,087 3,960,173 4,457,198 594,593 640,177 695,736 778,055 Salaries—officers 582,405 622,862 666,152 720.866 135,335 144,077 154,506 167,671 Salaries and wages—others 1,069,890 1,139,013 1,229,756 1,372,262 145,597 155,260 170,161 190,430 Directors' fees, etc 34,591 37,197 39,563 42,614 10,882 11,662 12,380 13,459 Interest on time deposits 534,493 618,341 678,237 805,857 110,097 125,056 135,533 156,635 Interest on borrowed money 24,171 8,556 23,093 45,392 1,514 571 1,151 1,599 Taxes other than income 148,783 166,452 176,840 187,526 23,606 26,306 27,872 30,318 Recurring depreciation 84,085 94,720 108,306 128,085 17,042 19,099 21,473 25,238 Other current expenses 897,137 150,522 158,146 172,661 950,945 1,038,228 1,154,600 192,710 Net current earnings before income taxes 2,108,398 299,790 308,281 340,225 2,135,700 2,417,533 2,774,724 376,630 Recoveries, transfers from reserves, and profits... 152,373 20,101 79,533 27,094 On securities: 631,496 239,598 250,171 24,365 Recoveries 11,454 20,586 14,090 1,608 3,203 2,270 1,512 Transfers from reserves 27,545 14,912 39,930 41,001 1,668 17,413 2,383 1,256 Profits on securities , 38,865 60,555 57,085 31,151 4,264 41,915 6,418 3,625 On loans: 416,520 Al R T l r e o a c t n h o s e v f r e e r r i s e s from reserves 2 2 1 8 1 8 , , , 4 1 2 2 9 9 3 2 A 4 3 5 7 7 4 , , , 9 5 0 6 3 1 5 0 4 2 4 5 7 3 0 , , , 8 3 7 9 7 2 9 9 2 2 7 6 0 7 5 , , ,5 6 7 6 0 6 3 6 2 2 4 5 , , , 7 5 2 3 6 6 4 3 5 6 3 6, , , 9 6 4 3 0 6 1 7 4 6 3 6 , , , 1 2 6 7 1 4 1 4 0 4 6 7 , , , 3 1 4 2 9 5 7 3 3 Losses, charge-offs, and transfers to reserves. 448,323 552,606 707,155 993,534 64,854 73,346 93,200 113,710 On securities: Losses and charge-offs 155,969, 66,670 221,232 317,381 16,096 8,122 25,741 40,810 Transfers to reserves 54,160 126,173 67,276 101,830 5,861 7,316 4,190 4,829 On loans: Losses and charge-offs 31,774 29,269 28,159 32,018 11,358 11,498 10,316 10,167 Transfers to reserves 132,127 222,998 303,600 452,940 20,151 26,858 37,968 45,396 All other 74,291 107,497 86,886 89,369 11,387 19,553 14,984 12,511 Profits before income taxes 1,812,451 2,214,591 1,949,976 2,031,360 255,040 314,469 274,118 287,283 Taxes on net income 786,490 907,560 793,737 814,636 94,238 103,378 102,974 96,952 Federal 750,796 862,065 753,883 769,843 90,590 99,385 98,528 92,641 State 35,693 45,495 39,855 44,793 3,648 3,993 4,446 4,311 Net profits 1,025,963 1,307,032 1,156,240 1,216,725 160,804 211,091 171,146 190,332 Cash dividends declared 473,866 516,977 566,124 616,890 55,214 60,862 65,214 69,979 On preferred stock 2 2,979 2,912 2,581 2,389 1,024 882 851 797 On common stock 470,888 514,066 563,543 614,501 54,191 59,980 64,363 69,182 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,232 3,154 3,146 3,332 1,465 218 427 147 On loans 33,612 40,384 39,794 42,717 4,68f 5,70: 6,205 7,274 Losses charged to reserves (not included in losses above): On securities 38,480 15,841 68,140 95,505 4,554 594 2,638 2,675 On loans 89,186 89,495 88.417 123,529 14,69: 14,749 12,748 14,993 Loans 65,213,144 68,148,039 75,800,688 86,291,628 9,083,796 9,752,81810,627,05411,701,999 U. S. Govt. securities 60,868,295 64,372,065 63,808,049 58,257,149 9,652,460 9,876,64810,137,42410,103,450 Other securities 14,082,070 15,209,165 16,294,075 16,179,498 2,195,092 2,385,813 2,578,832 2,762,758 Cash assets 43,192,523 42,976,798 43,510,745 45,728,691 4,827,446 4,919,537 4,916,121 5,111,725 Other assets 2,329,251 2,633,54- 2,918,119 3,255,814 260,710 287,041 317,900 357,596 Total assets 185,685,283193,339,614 202,331,676 209,712,78026,019,504 27,221,85728,577,33130,037,528 Time deposits 43,047,556 46,842,306 49,311,341 51,096,090 8,228,876 8,846,025 9,267,15! 9,701,782 Total deposits 170,075,888176,865,497184,734,232190,786,52223,923,316 2144,998,746 2166,198,4433-4 2V77,461,076 Total capital accounts 12,941,478 13,761,339 14,631,680 15,553,298 1,894,427 2,018,722 2,149,634 2,312,174 Number of officers 79,574 82,16' 84,931 88,46: 24,94 25,64: 26,323 27,153 Number of employees 376,750 386,62: 408,791 433,563 60,79' 62,70: 66,638 69,949 Number of banks 13,43: 13,323 13,237 13,218 6,692 6,66' 6,698 6,760 1 Excludes three mutual savings banks and for 1955 and 1956 a non- NOTE.—The figures of assets, deposits, and capital accounts are averages insured nondeposit trust company; these are State member banks of the of the amounts reported for call dates at the beginning, middle, and end Federal Reserve System and are included in member banks figures on of each year. The number of officers, employees, and banks are as of the preceding pages. end of the each year. 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1956 [Average of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) Item All groups 1,000 1,000- 2,000- 5,000- 10,000-25,000- 50,000- Over Under 50 u a n n d d er 2,000 5,000 10,000 25,000 50,000 100,000100,000 25 25-50 and Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 15.3 10.1 12.5 14.5 16.2 17.4 18.8 19.6 19.5 15.9 15.6 13.4 Profits before income taxes 11.5 8.6 10.5 11.4 11.8 12.1 12.6 13.2 13.9 12.0 11.7 10.4 Net profits 7.7 6 3 7.7 8.0 7.7 7.3 7.5 7.6 7.9 8.0 7.7 7.2 Cash dividends declared 3.1 2.5 2.8 3.0 3.1 3.2 3.3 3.6 4.1 3.3 3.0 2.7 Percentage of total assets: Total earnings 3.56 3.69 3.60 3.53 3.55 3.60 3.53 3.54 3.41 3.43 3.63 3.64 Net current earnings before income taxes, 1.22 1.15 1.21 1.22 1.22 1.21 1.21 1.26 1.34 1.28 1.21 1.12 Net profits .63 .71 .75 .68 .58 .51 .49 .50 .55 .66 .61 .61 Sources and disDosition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 24.5 22.5 25.5 25.8 24.6 23.5 23.0 20.8 18.6 24.6 24.4 24.8 Other securities 5.7 4.1 4.8 5.9 6.6 6.0 5.4 5.1 4.8 5.7 5.6 6.1 Earnings on loans 58.5 64.1 60.1 58.5 57.3 56.7 56.6 58.8 60.6 57.6 58.2 60.5 Service charges on deposit accounts 5.9 4.6 5.1 5.5 6.6 7.2 7.1 6.2 4.5 6.5 6.2 4.3 Other current earnings 5.4 4.7 4.5 4.3 4.9 6.6 7.9 9.1 11.5 5.6 5.6 4.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.9 36.4 32.9 30.7 29.7 30.0 29.8 29.8 28.8 34.1 30.0 26.2 Interest on time deposits 12.5 8.8 11.1 12.8 13.6 13.5 12.5 10.8 9.1 4.8 14.5 23.2 Other current expenses 22.2 23.8 22.2 21.7 22.1 22.9 23.2 23.6 22.3 23.4 22.2 20.1 Total expenses 65.6 69.0 66.2 65.2 65.4 66.4 65.5 64.2 60.2 62.3 66.7 69.5 Net current earnings before income taxes 34.4 31.0 33.8 34.8 34.6 33.6 34.5 35.8 39.8 37.7 33.3 30.5 Net losses i 5.5 3.3 4.0 5.0 6.3 6.5 7.0 7.3 6.8 6.3 5.4 4.1 Net increase in valuation reserves 2.3 1.3 1.0 1.9 2.7 3.4 4.0 4.1 4.1 2.2 2.5 2.1 Taxes on net income 8.7 7.1 7.7 8.3 9.2 9.5 10.2 12.4 9.6 8.4 7.4 Net profits 17.9 19.3 21.1 19.6 16.7 14.5 14.0 14.2 16.5 19.6 17.0 16.9 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities. 2.47 2.54 2.55 2.52 2.45 2.39 2.33 2.31 2.27 2.47 2.46 2.49 Interest and dividends on other securities. 2.49 3.14 2.89 2.50 2.32 2.25 2.24 2.32 2.48 2.56 2.43 2.49 Net losses i .29 .05 .11 .24 .34 .43 .44 .46 .56 .29 .30 .26 Return on loans: Earnings on loans 5.91 6.57 6.19 6.01 5.70 5.45 5.38 4.98 6.07 5.86 5.71 Net lossesJ .1 .21 .20 .13 .12 .09 .08 .07 .18 .11 .07 Distribution of assets: Percentage of total assets: U. S. Government securities 33.7 31.0 34.4 34.5 34.0 33.7 33.2 30.5 26.6 32.4 34.8 Other securities 8.6 5.9 6.8 10.1 9.6 8.6 7.9 6.8 8.3 8.7 9.1 Loans 35.9 37.0 35.7 35.2 35.2 36.2 37.1 38.9 41.6 33.5 36.6 39.2 Cash assets 20.7 25.4 22.4 20.5 19.5 19.1 19.7 21.2 23.4 24.8 19.1 15.9 Real estate assets 1 .0 .6 .7 1.0 1.2 1.2 1.1 1.0 .9 1.0 .9 Other ratios: Total capital accounts to: Total assets 10.0 7.3 6.7 6.6 7.0 8.6 Total assets less Government securities and cash assets 19. R 28.6 24.8 21.0 17.7 16.1 14.8 14.0 14.3 21.5 18.7 18.6 Total deposits 9.4 13.4 11.2 9.7 8.6 8.0 7.3 7.2 7.7 9.5 9.1 9.8 Time to total deposits 31.8 22.8 28.7 32.4 34.7 35.2 31.6 27.4 22.4 12.2 37.3 58.6 Interest on time deposits2 1.4' 1.57 1.54 1.51 1.48 1.44 1.46 1.46 1.50 1.41 1.53 1.57 Trust department earnings to total earnings2 3.0 1.5 1.1 1.6 1. 3.0 3.4 4.5 6.1 3.7 2.9 2.0 Number of banks3 6,404 283 958 2,199 1,302 943 328 179 212 2,466 2,695 1,243 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 721 OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1956 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All groups Size group—total deposits (in thousands of dollairs) 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 15 3 12 3 15.3 18.1 19.5 11.8 14.4 16.9 19.1 11.3 13.2 14.2 18.2 Profits before income taxes 11.5 10.1 11.9 12.8 14.0 10.2 11.5 12.0 12.6 9.9 10.6 10.5 10.5 Net profits 7 7 7 4 8 4 8 0 7.9 7 4 8 0 7.6 7.5 7 3 7 5 6 8 6 8 Cash dividends declared 3.1 3.1 3.3 3.3 3.8 2.5 2.9 3.1 3.6 2.3 2.6 2.9 3.1 Percentage of total assets: Total earnings . 3.56 3 53 3.39 3.45 3.32 3.71 3.61 3.62 3.64 3.72 3.63 3.61 3.78 Net current earnings before income taxes 1.22 1.24 1.28 1.30 1.32 1.16 1.21 1.21 1.23 1.13 1.13 1.10 1.05 Net profits .63 .75 .70 .58 .54 .74 .68 .55 .49 .73 .65 .53 .41 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 24.5 24.7 26.7 24.2 19.8 24.8 25.1 24.3 22.2 25.4 25.6 23.8 23.1 Other securities . .. 5.7 4.5 6.3 6.4 4.9 4.7 5.6 6.0 5.3 5.0 5.7 7.0 5.6 Earings on loans 58 5 60 9 56.0 55.7 59.4 60 6 59.4 56.8 57.3 61 8 61.0 59.7 58.4 Service charges on deposit accounts 5.9 5.6 6.5 7.8 5.4 4.8 5.4 7.1 6.6 3.5 3.9 4.9 7.2 Other current earnings 5.4 4.3 4.5 5.9 10.5 5.1 4.5 5.8 8.6 4.3 3.8 4.6 5.7 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages... 30.9 37.1 34.8 32.6 29.9 31.8 29.7 29.8 29.6 27.6 25.8 25.7 26.9 Interest on time deposits 12 5 3 8 4 3 5.6 6.0 14 5 15.0 14.3 14.1 22 4 23.4 23.4 23 8 Other current expenses 22 2 23 7 22.8 23.8 23.8 22.2 21.7 22.4 22.4 19.8 19.6 20.6 21.2 Total expenses 65 6 64 6 61.9 62.0 59.7 68.5 66.4 66.5 66.1 69 8 68.8 69.7 71.9 Net current earnings before income taxes... 34 4 35 4 38.1 38.0 40.3 31.5 33.6 33.5 33.9 30 2 31.2 30.3 28.1 Net lossesl 5.5 4.8 6.1 7.6 7.2 3.2 4.6 6.2 7.0 2.2 3.9 5.0 6.1 Net increase in valuation reserves 2.3 1.1 1.8 3.0 3.8 .9 1.9 3.1 4.2 1.2 1.8 2.7 5.2 Taxes on net income 8 7 7 9 9 1 10.2 12.6 7 4 8.1 o o 9.2 7 1 7 4 7.7 5.8 Net profits 17.9 21.6 21.1 17.2 16.7 20.0 19.0 15.4 13.5 19.7 18.1 14.9 11.0 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 2 47 2 55 2 51 2 44 2.29 2 54 2.52 2.42 2.31 2 56 2 53 2 42 2.35 Interest and dividends on other securities 2.49 3.04 2.51 2.28 2.38 2.88 2.47 2.29 2.29 2.83 2.53 2.31 2.31 Net losses1 .29 .10 .25 .40 .53 .08 .23 .38 .45 .10 .24 .34 .39 Return on loans: Earnings on loans 5.91 6.46 6.17 6.03 5.14 6.19 6.00 5.77 5.43 5.90 5.73 5.61 5.45 Net lossesJ .13 .26 .18 .15 .09 .18 .11 .09 .08 .07 .07 .06 .05 Distribution of assets Percentage of total assets: U. S. Government securities 33.7 32.4 34.2 32.7 27.5 34.7 34.4 34.6 33.3 35.4 35.3 34.1 33.5 Other securities 8 6 6 2 9.2 9.8 7.0 6.8 8.5 9.6 8.6 7.1 8.5 10.7 9.1 Loans 35.9 34 1 31.6 32.6 38.7 36.9 36.4 36.1 38.7 39.5 39.2 38.8 41.3 Cash assets 20 7 26 6 24 2 23.7 25.3 20.8 19.6 18.5 18.0 17.3 16.0 15.2 14.6 Real estate assets 1.0 .6 .8 1.0 1.1 .8 1.0 1.1 1.1 .7 .9 1.0 1.2 Other ratios Total capital accounts to: Total assets 8 5 10 4 8.6 7.5 7.0 10.4 8.7 7.5 6.7 10.3 9.0 8.1 6.0 Total assets less Government securities and cash assets 19.8 27.4 22.4 18.1 15.2 24.6 20.5 16.7 14.1 22.8 19.4 16.4 12.0 Total deposits 9 4 11 8 9 5 8.2 7.7 11.7 9.7 8.2 7.3 11.6 10.0 8.9 6.5 Time to total deposits 31.8 9.4 11.1 14.8 15.0 37.2 37.8 37.3 36.4 59.4 59.2 57.9 56.2 Interest on time deposits2 1 49 1 50 1.40 1.36 1.40 1.60 1.56 1.48 1.51 i:i7 1.57 1.70 Trust department earnings to total earnings2 3.0 1.4 1.8 2.8 5.2 1.1 1.7 2.5 4.2 2.3 1.7 \umber of banks ^ ... 6,404 622 844 665 335 393 855 1,114 333 226 500 466 51 For footnotes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT, 1956 [Averages of individual ratios, expressed as percentages] Federal Reserve district AH Item tr d i i c s t - s B to os n - Y N o e r w k P p d h h e i l i l - a a - C la le n v d e m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F S r a a n n- Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. 15.3 13.6 13.1 12.2 14.6 14.9 16.9 16.4 15.2 18.1 15.6 15.5 19.3 Profits before income taxes 11.5 9.6 9.7 9.4 11.6 12.0 12.8 11.8 11.7 13.2 12.1 11.4 14.8 Net profits 7.7 6.2 6.6 6.3 7.7 7.8 8.4 8.0 7.9 8.7 8.0 7.9 9.4 Cash dividends declared 3.1 3.2 2.8 2.7 2.8 3.0 3.0 2.8 2.9 4.0 3.3 3.3 3.2 Percentage of total assets: Total earnings 3.56 3.85 3.69 3.56 3.44 3.65 3.66 3.33 3.27 3.86 3.53 3.52 4.08 Net current earnings before income taxes. 1.22 1.24 1.08 1.20 1.24 1.27 1.23 1.15 1.22 1.31 1.27 1.23 1.29 Net profits .63 .58 .55 .63 .66 .68 .62 .58 .65 .65 .67 .64 .64 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Government securities 24.5 18.9 21.5 24.3 25.9 22.4 22.2 29.8 28.1 24.5 25.0 21.1 20.7 Other securities 5.7 4.7 6.6 6.6 5.7 4.9 6.0 5.4 6.1 5.9 5.7 5.9 4.2 Earnings on loans 58.5 59.6 59.8 60.8 59.0 63.0 59.6 53.6 57.1 54.9 57.3 62.5 59.7 Service charges on deposit accounts. 5.9 9.5 7.3 3.4 4.5 4.7 6.5 6.0 3.9 6.4 7.1 5.9 8.5 Other current earnings 5.4 7.3 4.8 4.9 4.9 5.0 5.7 5.2 4.8 8.3 4.9 4.6 6.9 Total earnings. 00.0 00.0 100.0 100.0 100.0 100.0 00.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.9 31.7 29.9 26.2 27.0 28.1 31.2 31.0 30.8 30.6 35.2 35.4 32.1 Interest on time deposits. 12.5 10.7 18.8 18.5 14.6 15.5 11.2 13.1 9.2 14.1 7.1 4.3 15.9 Other current expenses. . 22.2 25.4 22.1 21.7 22.4 21.5 23.8 21.1 22.7 21.1 25.0 19.9 21.4 Total expenses 65.6 67.8 70.8 66.4 64.0 65.1 66.2 65.2 62.7 65.8 64.7 67.9 63.7 Net current earnings before income taxes. 34.4 32.2 29.2 33.6 36.0 34.9 33.8 34.8 37.3 34.2 35.3 32.1 36.3 Net lossesi 5.5 6.7 4.3 4.9 4.8 4.2 4.9 6.3 6.3 5.8 6.8 4.4 Net increase in valuation reserves. 2.3 2.5 2.8 2.3 2.3 2.0 2.9 2.7 1.7 2.8 5.5 2.0 2.5 Taxes on net income 8.7 8.0 7.0 8.5 9.5 10.0 8.7 8.2 9.3 8.6 1.7 7.9 9.0 Net profits 17.9 15.0 15.1 17.9 19.4 18.7 17.3 17.6 20.0 17.0 9.5 18.6 16.2 19.6 Rates of return on securities and loans Return on securities: Interest on U. S. Government securities 2.47 2.40 2.41 2.48 2.45 2.46 2.46 2.4: 2.47 2.63 2.49 2.53 2.44 Interest and dividends on other securities 2.49 2.4: 2.31 2.70 2.56 2.48 2.5: 2.33 2.56 2.45 2.43 2.69 2.79 Net losses i .29 .4: .28 .27 .26 .31 .27 .34 .33 .34 .24 .17 .30 Return on loans: Earnings on loans. 5.91 5.76 5.56 5.65 5.54 6.09 6.35 5.53 5.83 5.89 6.37 6.53 6.25 Net lossesi , .13 .08 .09 .08 .05 .07 .08 .13 .14 .41 .11 Distribution of assets Percentage of total assets: U. S. Government securities. 33.7 29.1 31.5 33.9 35.3 31.8 31.4 39.2 35.8 35.0 33.8 27.8 32.3 Other securities 8.6 8.0 10.4 9.3 8.3 7.5 9.0 8.3 8.3 9.3 8.8 8.5 6.9 Loans 35.9 40.4 40.3 38.8 37.2 38.3 34.9 32.7 32.7 36.5 32.6 34.7 39.4 Cash assets 20.7 21.0 16.5 16.8 18.1 21.0 23.4 19.0 22.4 18.2 24.1 27.8 20.0 Real estate assets 1.0 1.3 1.1 1.1 1.0 1.2 1.2 .7 .7 .6 1.1 1.2 Other ratios Total capital accounts to: Total assets 8.5 9.6 8.6 10.3 8.9 8.9 7.8 7.4 8.4 7.7 8.6 8.4 7.1 Total assets less Government securities and cash assets 19.8 20.1 17.5 21.8 20.2 19.7 18.0 19.1 22.4 17.5 21.9 20.0 15.8 Total deposits 9.4 10.8 9.6 11.6 9.9 9.9 8.6 8.1 9.3 8.4 9.5 9.3 7.8 Time to total deposits 31.8 28.6 44.4 49.3 42.1 36.5 25.8 35.3 23.4 38.4 16.0 10.3 36.7 Interest on time deposits2 1.49 1.4: 1.6' 1.4! 1.26 1.64 1.61 1.30 1.34 1.5: 1.62 1.5' 1.87 Trust department earnings to total earnings2. 3.0 4.4 2.9 3.4 3.9 3.2 2.6 2.7 2.3 2.5 2.3 1.6 3.8 Number of banks3. 6,404 298 586 538 605 469 378 1,013 490 469 747 627 184 1 Net losses is the excess of (a) actual losses charged against net profits useful primarily to those interested in studying the financial results of plus losses charged against valuation reserves over (b) actual recoveries operations of individual banks, while ratios based on aggregates show and profits credited to net profits plus recoveries credited to valuation combined results for the banking system as a whole and, broadly speaking, reserves. Transfers to and from reserves are excluded. are the more significant for purposes of general analyses of credit and 2 Banks with no time deposits, or no trust department earnings, as the monetary problems. case may be, were excluded in computing this average. Figures of earnings, expenses, etc., used in the calculations were taken 3 The ratios for 57 member banks in operation at the end of 1956 were from the annual earnings and dividends reports for 1956. Balance oxcluded from the compilations because of unavailability of data covering sheet figures used in the compilations were obtained by averaging the the complete year's operations, certain accounting adjustments, lack of amounts shown in each bank's official condition reports submitted for comparability, etc. One member bank in Alaska also excluded. Dec. 31, 1955, and June 30 and Sept. 26, 1956 (and Apr. 10 and Dec. 31, NOTE.—These ratios, being arithmetic averages of the operating ratios 1956, for the New York District), except for a limited number of banks of individual member banks, differ in many cases from corresponding for which all reports were not available; such reports as were available ratios computed from aggregate dollar amounts shown on pp. 715-718 were used in those instances. Savings deposits are included in the time oi this BULLETIN. Such differences result from the fact that each bank's deposit figures used in these tables. Banks with no time deposits (208 in figures have an equal weight in calculation of the averages whereas the number) are included with the banks having ratios of time to total deposits figures of the many small and medium-sized banks have but little influence of less than 25 per cent. on the aggregate dollar amounts. Averages of individual ratios are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 724 Gold production. 728 Net gold purchases and gold stock of the United States. 729 Reported gold reserves or central banks and governments 730 Estimated foreign gold reserves and dollar holdings. 731 International Bank and Monetary Fund. 732 Central banks. 732 Money rates in foreign countries. 737 Foreign exchange rates 738 Index to statistical tables. 751 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. 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total 1'oreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n i r t d - z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r 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 ,373 579 672 640 1,642 5,621 1,536 1,906 1,825 265 1955—Dec. 31.... l,81il '"11,720 '6,953 1,081 ,454 785 757 550 '1,519 '6,147 1,032 2,000 '2,181 360 1956—Apr. 30.... 1,978 '12,510 '7,334 867 ,524 812 742 781 '1,825 '6,552 1,207 2,165 '2,270 316 May 31.... 2,001 '12,536 '7,438 907 ,580 831 709 758 '1,679 '6,464 1,272 2,180 '2,297 323 June 30 2,007 '12,648 '7,459 877 ,638 861 736 750 '1,619 '6,482 1,285 2,182 '2,353 347 July 31.... 2,016 '12,815 '7,445 813 ,686 864 758 837 '1,631 '6,588 1,352 2,194 '2,361 319 Aug. 31.... 1,998 '12,994 '47,778 770 ,759 904 792 '664 r ,708 '6,597 1,435 2,265 '2,382 315 Sept. 30 2,005 '13,231 '7,934 755 ,805 '926 812 745 ,701 '6,745 1,435 '2,318 '2,412 322 Oct. 31.... 2,015 '13,131 '7,952 735 1,855 939 795 645 ,721 6,690 1,441 2,276 '2,409 316 Nov. 30.... 2,008 '13,111 7,840 '640 ,850 '927 797 635 ,653 6,501 1,453 2,415 2,408 335 Dec. 31.... 1,452 13,501 8,044 626 1,833 930 836 1,012 ,627 6,863 1,516 2,346 2,431 346 1957—Jan. 31*>... 1,804 13,211 7,744 541 1,789 902 801 859 [,669 6,562 1,530 2,377 2,393 349 Feb. 28^... 1,681 13,106 7,531 492 1,762 890 775 868 ,730 6,517 1,565 2,306 2,329 389 Mar. 31"... 1,558 13.050 7,551 424 1,763 891 111 929 1,752 6,536 1,493 2,341 2,279 401 Apr. 3'»;. .. 1,358 13,095 47,794 416 1,727 909 753 901 1,800 6,506 1,522 2,506 2,148 412 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 1 519 261 108 60 49 176 164 '82 132 8 104 153 9 13 201 1956—Apr 30 1 825 246 123 71 49 184 223 '56 134 7 102 167 10 5 447 May 31 1,679 242 107 67 49 182 227 '54 135 7 96 162 8 8 334 June 30 1,619 247 105 68 47 165 206 '55 124 7 90 169 7 9 319 July 31 1 631 251 108 69 50 160 201 '57 124 6 85 188 7 10 314 Aug 31 1,708 266 110 68 57 141 182 '58 125 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 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957—-Jan. 31? 1,669 293 122 64 54 181 117 69 137 1 42 230 16 14 330 Feb. 28^ 1 730 297 133 76 61 184 122 67 134 1 40 229 22 17 347 Mar. 31? 1,752 296 141 76 59 178 120 76 123 1 32 228 14 14 394 Apr 30p 1 800 298 142 71 60 181 110 73 117 1 28 245 20 11 442 Table lb. Latin America Neth- A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- I l W S a a n e u n n d e r r d d - i s i e s - t s l a p P i R m c u a e b n - o a - - , f Peru v S a E d a l l o - r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a e i 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—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.... r2 318 141 25 259 106 123 271 64 53 '395 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 2,346 146 29 225 91 153 211 68 64 433 69 109 84 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 Apr. 30? 2,506 211 26 216 86 200 226 85 77 393 65 116 78 39 71 479 139 v Preliminary. r Revised. 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. 725 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES1—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date mosa rea, Phil- Bel- Union and Hong Indo- Re- ip- Thai- Aus- gian of Total China Kong India nesia Iran Israel Japan pub- pines land Other Total tralia Congo Egypt South Other Main- lic 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 ''2,181 75 55 73 174 37 53 '893 88 252 138 343 360 75 42 72 53 119 1956—Apr. 30 r2,270 75 58 75 133 25 48 '990 92 274 146 354 316 58 43 65 32 118 May 31 r2.297 76 55 64 124 32 49 '1,005 92 277 143 380 323 58 40 62 37 125 June 30 '"2.353 79 54 82 117 31 55 '1,039 95 282 141 379 347 79 41 62 30 135 July 31 a. 361 79 55 81 102 38 56 '1.055 96 275 141 383 319 72 42 54 34 116 Aug. 31 '2.382 83 59 81 154 32 51 '1,045 98 275 142 361 315 69 47 50 33 116 Sept. 30 '2,412 85 60 '81 158 36 43 '1,066 98 278 142 365 322 71 48 48 34 122 Oct. 31 '2,409 88 59 '68 180 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 1,033 99 272 148 389 346 84 44 50 53 114 1957—Jan. 31 v 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. 31P.... 2,279 103 56 80 145 40 35 908 103 244 167 398 401 93 42 60 61 145 Apr. 30p 2,148 111 58 79 129 33 30 823 106 224 165 390 412 101 42 61 56 152 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 1956 1953 1954 1955 1956 Other Europe: Other Asia—Cont. Albania .2 2 .4 n.a. British dependencies 9.1 9.8 9.8 8.8 British dependencies .4 '.6 .4 .4 Burma 23.0 29.7 19.1 7.0 B C u ze lg c a h r o ia slovakia6 .6 6 .7 6 .7 7 .5 2 C Ce a y m lo b n odia 17.1 18.8 2 3 1 2 3 .9 1 4 1 1 7 . 2 2 Eastern Germany n.a. 1.2 1.3 1.2 Iraq . . .. .... ... 13.8 10.0 14.7 16.9 Estonia 1.9 1.9 1.8 n a. Jordan .9 .8 1.2 2.0 Hungary 1.0 1.0 1.0 .8 Kuwait 10.1 10.7 3.5 5.3 Iceland 7.5 8.9 4.8 3.1 Laos n a .1 23.1 n.a. Ireland, Republic of... .... 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 r20 2 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 Syria .... 20.5 21.5 13.1 17.1 Trieste 2.5 2.2 1.4 1.4 Viet-Nam n.a. 8.1 62.3 50.1 U. S. S. R.6 2.0 1 8 7 8 All other: Other Latin America: British dependencies 1 6 1 4 2 4 3.8 British dependencies 18 0 19 0 16 6 24 1 Ethiopia and Eritrea 9 1 18 0 23 7 24 2 Costa Rica 13.4 15.3 17.6 14.6 French dependencies 5.7 8!7 8.0 10.5 Ecuador 17.7 21 2 14 9 18 0 Liberia 11 8 5 6 13 1 23 7 French West Indies and French Guiana... .6 .4 .6 1.0 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 Honduras ... 18 7 17 3 9 7 10 2 New Zealand 2 1 2 3 1 9 2 2 Nicaragua 16.0 10.3 12.8 11.8 Portuguese dependencies 5.0 8.3 5.3 2.8 Paraguay . 6.0 3.6 3.6 4.0 Spanish dependencies .. 2 .5 .7 .3 Sudan n.a. n.a. .4 Other Asia: Tangier.... 3n6 a1. 35 7 33.5 22.4 Afghanistan 2.7 5.1 4.1 5.3 Tunisia .6 .4 .7 .5 Bahrein Islands .6 .6 .5 n.a. •P Preliminary. r Revised, 4 Includes for the first time certain accounts previously classified as n.a. Not available. "private." 1 Short-term liabilities reported in these statistics represent principally 5 These data are based on reports by banks in the Second (New York) deposits and U. S. Govt. obligations maturing in not more than one year Federal Reserve District and include funds held in an account with the from their date of issue, held by banking institutions in the United States; U. S. Treasury. They represent a partial breakdown of the amounts small amounts of bankers' acceptances and commercial paper and of shown in the "other" catagories in tables la-lc. liabilities payable in foreign currencies are also included. 6 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, NOTE.—Statistics on international capital transactions of the United International Monetary Fund, and United Nations and other international States are based on reports by banks, bankers, brokers, and dealers. organizations. Excludes Bank for International Settlements, reported Beginning with the BULLETIN for June 1954 (as explained on p. 591 of under Other Europe. that issue), tables reflect changes in reporting forms and instructions made 3 Represents funds held with banks and bankers in the United States as of Mar. 31, 1954, as well as changes in content, selection, and arrange- (and in accounts with the U. S. Treasury) by foreign central banks and by ment of material published. For discontinued tables and data reported foreign central governments and their agencies (including official pur- under previous instructions, see BULLETIN for May 1954, pp. 540-545. chasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 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 m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O ur th o e p r e E T u o ro ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 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—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. 1,606 16 118 33 28 83 171 449 115 734 264 45 June 30. 1,639 17 122 32 24 82 167 444 127 755 268 46 July 31. 1,634 15 118 32 28 78 168 439 128 758 265 43 Aug. 31. 1,706 65 120 33 27 78 163 486 132 772 274 42 Sept. 30. 1,737 66 125 35 28 81 169 504 131 776 280 46 Oct. 31. 1,835 67 127 29 28 86 177 514 186 799 289 46 Nov. 30. 1,803 19 134 32 30 94 174 483 170 797 308 45 Dec. 31. 1,957 18 157 43 29 104 216 567 157 829 360 43 1957—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 Mar. 31? 2,179 26 175 59 26 159 219 665 149 898 418 49 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 D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain 1953—Dec. 31 88 1 13 6 2 1 9 1 1 24 1954 Dec. 31 109 20 10 3 3 16 2 4 1955—Dec. 31 158 2 16 13 3 4 11 9 2 5 1956—Mar. 31 162 3 20 10 2 4 15 9 1 6 Apr. 30 164 4 24 7 3 4 17 10 1 6 May 31 171 6 22 10 4 4 15 11 1 7 June 30 167 6 20 9 4 3 16 11 1 9 July 31 168 7 17 8 4 3 16 12 1 11 Aug. 31 163 7 17 7 5 4 19 16 1 8 Sept. 30 169 7 19 6 5 5 16 15 1 8 Oct. 31 177 9 18 10 4 5 16 16 1 6 Nov. 30 174 7 22 10 3 5 13 17 1 5 Dec 31 216 7 28 12 4 4 21 23 2 1957 Jan. 31* 213 6 30 12 4 4 20 23 2 Feb. 28* 211 7 29 10 3 4 21 17 1 Mar 31* 219 8 34 11 3 5 20 18 2 00 ONt- Swe- den 3 4 7 7 7 8 7 11 00OC Tur- Yugo- All key slavia other 16 5 7 41 1 5 78 2 7 70 6 8 68 5 7 71 6 6 7 7 1 4 5 56 63 6 70 8 6 12 73 6 11 72 8 6 13 88 7 12 85 6 14 86 2 8 14 83 2 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 m p D i R c u i a o e b n n - - - - G m u a a l t a e- M ic e o x- I l W a a n e n n d r e d d - i s e s t s a p P R m u a e b n a - - - , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r lic Suri- lic of 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 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—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 Mar. 31* 898 37 5 76 22 158 89 10 8 216 3 13 37 8 12 152 51 * Preliminary. r Revised. (excluded from these statistics) amounted to $808 million on Mar. 31, 1 Short-term claims reported in these statistics represent principally the 1957. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, 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. 727 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 14 23 26 6 6 25 25 8 6 2 8 1954_Dec. 31 143 8 3 5 16 11 50 7 6 36 37 14 6 6 10 1955—Dec. 31 233 8 3 5 18 10 103 19 8 57 43 11 5 1 8 17 1956—Mar. 31 232 8 5 7 20 10 96 12 9 64 44 12 5 2 7 18 Apr. 30 231 8 5 6 ; 20 10 100 9 9 63 47 12 6 2 8 20 May 31 264 8 6 6 22 10 113 11 9 78 45 12 6 2 7 18 J Ju u l n y e 3 3 0 1 2 2 6 6 8 5 8 8 5 5 6 6 si 2 2 2 1 1 1 1 2 1 1 2 1 1 2 9 7 1 9 0 7 8 7 3 4 4 6 3 1 1 2 1 8 8 3 3 7 7 1 1 6 4 Aug. 31 274 8 5 5 > 22 12 126 13 8 73 42 11 8 2 7 14 Sept. 30 280 8 5 7 23 12 131 11 8 75 46 11 8 3 7 17 Oct. 31 289 8 4 6 1) 22 13 134 12 9 82 46 12 7 3 7 17 D N e o c. v . 3 3 1 0 3 3 0 6 8 0 8 8 4 4 6 6 ( (2 2 2 2 2 0 0 1 1 6 3 1 1 5 9 9 3 1 1 6 3 9 8 7 8 7 8 4 4 3 5 1 1 1 1 7 6 2 3 8 6 1 1 7 9 1957 Jan. 31* 381 8 5 7 (> 22 23 207 17 10 81 48 11 5 2 8 21 Feb. 28* 396 8 6 7 22 24 214 18 10 86 46 11 5 2 7 22 Mar. 31* 418 8 6 9 > 23 24 236 18 10 84 49 13 5 1 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 1,615 291 607 992 -385 749 875 -126 1956_Mar.. 208 444 -236 176 205 -29 34 38 -4 74 99 -25 Apr... 48 13 34 179 161 18 40 27 13 74 '105 '-31 May.. 32 18 13 196 137 59 40 117 -76 90 118 -28 June.. 28 16 12 130 108 22 41 75 '-34 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 '-29 65 87 -23 Sept.. 21 12 9 131 96 35 32 '41 r_9 49 54 -5 Oct.. . 37 18 20 143 108 35 174 '145 '29 52 47 5 Nov.. 21 67 -46 144 140 4 49 101 -53 43 44 -1 Dec... 13 39 -26 145 108 37 25 77 -52 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 Mar.* 76 48 28 122 104 19 34 37 A 42 49 -7 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Ger- Inter- Total many, United Latin Year or month national foreign France Federal Italy Switzer- King- Other Total Canada Amer- Asia Aninsti- coun- Repub- land dom Europe Europe ica other tutions tries lic of 1953 23 -34 -42 1 57 71 -24 62 -121 25 1954 78 72 17 73 70 -20 139 -187 113 1955 -21 706 -2 147 96 85 329 265 76 29 1956 82 75 -121 234 8 33 161 -124 34 -1 1956—Mar.. -264 -139 25 -27 -30 -168 -86 3 -13 Apr.. 52 3 44 7 -2 52 -5 3 2 May. 72 3 47 14 5 69 -2 2 1 June. () 35 2 12 19 -1 32 1 -1 11 July.. 4 61 1 24 20 19 65 -7 1 Aug.. 74 4 3 6 11 2 22 -18 1 Sept.. 1 43 3 21 10 8 43 -8 6 Oct... 1 53 1 23 11 9 46 -1 7 Nov.. -42 2 -2 -40 1 -39 -11 6 1 Dec. 10 2 19 -14 -3 3 -3 1 1957_jan.*. 71 2 (2) 31 6 19 58 5 3 F M e a b r . . * * . 1 4 5 6 0 2 1 8 2 1 5 2 4 2 6 9 1 4 6 9 4 0 7 - 5 1 6 -1 * Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i m a c t a i e n r- Asia o A th l e l r Date Deposits U se . c S u . r i G tie o s v 2 t. la M n i e s o ce u l s - 3 1953 — 61 — 11 96 — 138 35 — 30 26 1955—Dec. 31 402 3,543 126 1 1 1 9 9 9 5 5 5 4 5 6 — - — 2 1 7 3 6 3 4 — — 4 1 7 3 4 8 7 - — 46 8 9 - — 1 4 3 7 3 4 4 7 2 3 1 4 3 7 - - - 4 3 4 9 4 0 - - 1 7 6 7 1956— J J M u u l n a y y e 3 3 3 0 1 1 2 3 3 9 0 0 7 7 8 3 3 3 , . . 7 6 6 5 2 6 1 9 3 1 1 1 6 5 5 4 5 8 1956— A M p a r r . . . . . . . . - - 1 5 2 '- - 1 1 3 8 - - 7 6 - r-6 10 2 1 - - 3 3 1 A S O e u c p t g . t . . 3 3 3 1 1 0 2 3 3 7 5 3 5 0 4 3 3 3, , , 7 7 6 8 2 3 2 3 0 1 1 1 6 7 6 8 8 7 J M u a n y e . . . . . . - - 2 2 - '- 1 3 0 8 2 - - 5 4 - - 9 9 2 2 1 - - 7 6 -2 0 2 ) D N e o c v . . 3 3 1 0 3 32 5 2 6 3 3, , 8 5 5 5 6 3 1 13 7 9 7 July.... -2 -101 -18 -94 2 -2 11 A S O N D e c u o e p t c g v t . . . . . . . . . . . . . . . . -2 0 2 o ) r r- - - _ 1 4 5 4 r 5 3 9 1 5 3 - - 6 4 2 1 1 2 7 3 r r- - - _ 1 4 5 4 5 7 7 3 r8 -1 3 1 1 - - - 8 8 1 4 1 - - 1 1 C 3 3 3 1) 1957_J A F M M a e p n a a b r . y r . . . 2 3 3 3 3 8 1 0 1 1 3 3 3 3 3 4 1 6 2 1 4 6 0 7 1 3 3 3 3 3 . , , , , 6 7 7 7 6 7 0 2 4 0 1 7 7 4 0 1 1 1 1 1 6 5 6 6 5 4 8 5 4 6 1957_ M F ja e n a b .p r .* . . p 5 . . . . . . - - 7 1 1 9 -1 - 0 - 1 6 7 0 -7 15 1 - - - 1 1 9 8 1 8 C 2 2 1) -5 4 <) 0 4 3 ) 1957_M M M a a a y y y 1 8 1 5 3 3 3 1 5 4 1 3 3 3 3 3, , . 6 6 6 1 8 5 7 7 3 1 1 1 6 6 6 4 5 3 May 22 353 3,662 162 p Preliminary. r Revised. i Less than $500,000. May 29 364 3,614 161 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthl} Estimated 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 A So fr u ic th 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= 15Higrains ofgold Hofine: i.e., an ounce of fine gold= $"35 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144 2 \A 1 12.6 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155 4 14 3 13 3 6 7 8 0 30 4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 O O 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156 5 16 1 14 8 6 2 o. o 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 98 .19 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 36 1 1956—Mar 74.9 45.4 1 5 1 8 J 2 5 0 13 5 1 l 1 2 2 7 2 8 .6 Apr 73.9 45.2 1.6 2.1 1.0 4.7 12.9 .9 1.3 .2 .6 2.7 .6 May 77.7 47.3 1.6 2.2 1.0 5.4 13.1 1.3 1.2 .2 .6 3.0 .6 77.7 47.4 1.6 2 1 1 5 1 13 4 1 l 1 3 3 7 3 2 5 July. 47 9 1 6 2 2 1 5 9 12 3 1 6 2 6 3 3 6 Aug 48.5 1.6 2.3 1.0 6.3 12.3 1.4 .3 .6 3.0 .6 Sept 47.3 1.6 2.3 1.0 6.0 12.4 1.2 .5 .6 3.2 .6 Oct . 47 8 1 6 2 2 1 6 2 12 9 1 2 4 6 3 0 6 Nov 47 3 1 5 2 2 5 6 12 9 1 2 2 6 3 4 Dec 45.8 1.5 2.2 4.6 12.8 7 .6 2.9 1957_jan 48.3 1 6 2.3 5 0 12 6 1 5 6 3 0 Feb 46.3 2.3 4.4 12.0 1.2 .5 Mar 2 2 5.1 13.2 6 1 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 729 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 1956 1957 Jan.- Apr.- July- Oct.- Jan.- 1949 1950 1951 1952 1953 1954 1955 1956 Mar. June Sept. Dec. Mar. Continental Western Europe: Belgium 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3.4 France -84.8 -20.0 -67.5 -33.8 — 33 8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands... "-2315 * * —79^8 -100.0 -65.0 "26.0 Portugal 14.0 -15.0 -34!9 -5.0 -59.9 -54.9 -5.0 "is'i — 22 9 — 32 0 — 20 0 — 15 0 Switzerland. .. -38.0 -15.0 22.5 -65.0 -15.5 -8 0 — 8 0 Bank for Intl. Settlements.... -34!3 -65.3 -30.4 (2) -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 4.0 1.0 3.0 7.0 Total -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -19.2 -32.8 -5.0 18.6 30.4 Sterling Area: United Kingdom 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 100 3 100.3 Union of South Africa .... 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 -.5 -.1 Total 645 2— 1 003 4 525 6 451 2 — 480 5 — 50 5 _ j 100 3 100 3 Canada 3.4 -100.0 -10.0 7.2 14.6 14.6 5.2 Latin America: Argentina -49.9 -49.9 -20.0 -84.8 115.3 20.1 55.1 40.1 10.0 Colombia 7.0 17.5 -22.8 -3.5 28.1 28.1 Cuba -10.0 28^2 -20.0 Mexico -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay — 14 4 — 64 8 22 2 14 9 — 15 0 — 5 0 11 0 29 1 2 0 27 1 Venezuela -50.0 -.9 -30.0 -200.0 -200.0 Other -10.5 ""-Y.2 -34.7 -.3 17.2 -.7 ''''—'2 ""-'.2 -.2 -3.6 Total -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -28 3 - 2 19 9 85 0-133.0 6.5 Asia 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -4.9 2 -.2 -.4 Eastern Europe.... -6.2 13.7 13.1 13.1 All other .4 6-44.2 6-76.0 <*> A 7200.0 725.0 775.0 775.0 725.0 7300.0 Grand total 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 5.2 94.9 155.0 25.2 341.5 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950 $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 6 Includes sales of gold to Egypt as follows: 1950 $44.8 million and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Ear- Gold stock Ear- (end of year) Net marked Domes- (end of month) Net marked Domes- Increase gold gold: de- tic gold Increase gold gold: de- tic gold Year in total import, crease, produc- Month in total import, crease, produc- Treas- gold or or in- tion Treas- gold or or in- tion ury Total i stock export crease ury Total i stock export crease 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—May 21,772 21,821 28.3 25.3 1.8 5.4 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 June 21,799 21,868 47.6 18.4 29.9 5.1 1946 20,529 20,706 623.1 311.5 465.4 51.2 July 21,830 21 918 49 A 4.8 43.9 5.9 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Aug 21,858 21,965 47.1 4.7 43.2 6.3 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Sept 21,884 22,032 67.6 -18.0 86.9 6.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 Nov 21,910 22,106 107.6 12.5 105.7 5.6 1950 22 706 22 820— 1 743 3— 371 3— 1 352 4 80 1 Dec 21 949 22 058 — 47 7 2 7 51 2 4 6 1951 22,695 22,873 52.7 -549.0 '617.6 66.3 1952 23,187 23 252 379 8 684 3 304.8 67.4 1957—Jan 22 252 22 377 319.0 -53.9 295 9 5.0 1953 22,030 22,091 -1,161.9 2.2 -1,170.8 69.0 Feb 22,304 22,396 18.6 -29.8 28.0 4.4 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Mar 22,306 22,406 10.2 -8.8 16.0 5.1 1955 21,690 21,753 -40.9 97.6 -132.4 65.7 Apr 22,318 22,424 17.4 20.8 -5.8 1956 21,949 22,058 305.9 106.5 318.5 64.3 May 2*22,6202*22,726 2*302.3 4285.4 (3) p Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,003.3 million on May 31, 1957. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 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 TotaP 1950—Dec 35 810 22,706 22 820 216 88 587 317 590 40 271 31 19 97 1951—Dec 35,960 22,695 22,873 268 112 621 317 850 45 311 31 22 174 1952 Dec 36,260 23,187 23,252 112 706 317 896 42 214 31 23 174 1953—Dec 36 680 22,030 22,091 371 117 776 321 996 42 186 31 23 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 1,080 42 186 31 23 174 1955 Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 136 31 23 174 1956 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 Aug 21,858 21,965 162 964 323 1,114 46 136 31 22 174 Sept '38,455 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 38,495 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 *>38 745 22 306 22 406 848 324 1,112 46 31 22 188 Apr 22,318 22,424 849 324 1,114 46 31 22 174 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 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952 Dec . 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec .. 35 861 920 27 247 81 138 352 142 865 45 48 35 1956 Apr . . 35 861 1,035 27 247 81 138 352 164 877 45 48 35 May 35 861 1 056 27 247 81 138 352 164 864 45 48 35 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 Aug 35 861 1,274 27 247 46 138 360 166 853 46 49 35 Sept 35 861 1,294 27 247 46 138 360 166 854 46 49 35 Oct 35 861 1 329 27 247 45 138 362 166 854 47 49 35 Nov 35 861 1,376 27 247 45 138 370 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957_jan 35 861 1 566 27 247 44 138 325 167 834 45 49 35 Feb 35 861 1,661 27 247 44 138 819 45 49 35 Mar 35 861 1 756 27 247 43 138 814 45 49 35 Apr 35 861 1,834 42 138 809 48 49 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 F t u ar n y d S m e e tt n l t e s - 1950 Dec 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 1,702 193 1954—Dec 429 29 199 56 265 1 513 113 144 2,762 227 403 1 740 196 1955—Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956—Apr 436 28 210 56 269 1,606 112 144 2,328 216 403 1,761 190 May .. 436 28 217 56 266 1 579 112 144 2,369 216 403 1 741 216 June 436 28 215 56 257 1,571 112 144 2,385 216 403 1,743 199 July 436 28 212 56 260 1,598 112 144 2,405 216 403 1,718 207 Aue .. . 442 28 216 56 262 1 622 112 144 2,276 214 403 1 695 212 Sept 442 28 214 56 263 1,634 112 144 2,328 214 403 1 711 199 Oct 442 28 214 56 265 1,635 112 144 2,244 192 503 1,687 214 Nov 448 28 220 56 265 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 1 692 179 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 56 252 1 636 112 144 2,209 669 1 438 168 Apr 32 230 56 249 1,621 144 2,320 669 160 P Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 731 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1955 Mar. 31, 1956 June 30, 1956 Sept. 30, 1956 Dec. 31, 1956 Mar. 3 , 1957^ u. s. Area and country Gold& U. S. Gold& 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 .... 326 10 317 10 312 10 342 10 361 10 368 9 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,242 12 1,221 12 1,265 12 1,227 12 1,169 11 Denmark 91 7 102 6 99 6 95 6 96 6 107 6 Finland 84 5 80 5 82 5 90 5 88 5 94 5 France (and dependencies) *.. 1,957 151 1,999 6 1,753 7 1,631 7 1,505 7 1,303 8 Germany (Federal Republic of) 2,374 8 2,490 10 2,742 11 3,099 13 3,327 14 3,519 14 Greece 187 194 176 161 187 (2) 188 Italy 1 137 2 1 158 2 1 214 2 '1 286 2 31 268 31 216 2 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,143 22 1,145 23 1,113 23 1,071 9 1,024 10 Norway 127 '99 69 100 73 109 79 117 87 121 95 Portugal (and dependencies). 601 53 606 602 617 628 628 Spain (and dependencies) 221 216 3 206 3 185 3 160 3 148 3 Sweden 429 3 444 426 453 483 (2) 480 Switzerland 2 354 2 341 70 2 307 117 2 446 126 2 512 131 2 413 135 Turkey 153 44 154 151 158 164 158 Other* 872 1,011 7 1,108 10 1,055 14 916 12 888 15 Total 13,214 343 13,596 222 13,644 279 14,105 300 14,110 298 13,824 313 Sterling Area: United Kingdom 2,600 282 2,820 241 2,875 253 2,820 266 2,812 203 2,854 246 United Kingdom dependencies 84 4 87 4 83 3 90 4 103 4 93 4 Australia 219 230 243 177 191 200 India 320 330 1 329 1 '328 1 323 1 327 1 Union of South Africa 265 255 1 245 1 248 277 1 294 1 Other 214 7 210 7 208 7 211 14 222 14 220 24 Total 3,702 295 3,932 254 3,983 265 '3,874 286 3,928 223 3,988 276 Canada 2,173 437 2,305 369 2,394 362 2,547 352 2,629 367 2,605 438 Latin America: Argentina 509 511 476 399 360 332 Bolivia 26 27 25 25 29 25 (2) Brazil 466 2 538 2 540 2 582 1 549 1 556 1 Chile 139 141 1 147 1 151 1 137 1 137 1 Colombia 217 222 224 '202 232 269 Cuba 389 169 374 167 399 167 407 167 347 167 353 167 Dominican Republic 77 79 81 77 79 89 Guatemala 72 91 93 80 91 101 Mexico 556 4 583 4 523 4 '561 4 600 4 3576 4 Panama, Republic of 86 1 82 94 1 104 109 1 117 Peru. 127 127 115 117 119 117 E U l r u S g a u lv a a y dor 28 5 1 2 1 28 7 9 4 ^ J 28 7 3 3 1 29 5 0 3 25 5 9 3 1 26 7 0 3 $ 2 Venezuela 668 3 627 3 734 3 808 3 1,058 3 1,043 2 Other 124 15 147 14 154 14 133 14 113 12 133 12 Total 3,789 195 3,912 192 3,961 193 '3,989 191 4,135 190 4,181 190 Asia: Indonesia. . . 255 15 236 171 204 231 188 Iran 175 166 169 174 158 178 Japan 1,021 4 1,084 4 1,167 4 1,194 4 1.161 4 1,036 4 Philippines 268 6 285 6 300 6 298 6 '294 6 267 6 Thailand 250 263 1 253 1 254 260 1 279 1 Other 647 4 '664 5 '694 5 677 6 707 6 731 6 Total. .. '2,616 30 '2,698 16 '2,754 16 '2,801 17 2,811 17 2,679 17 Eastern Europe 5 308 7 294 6 294 6 288 8 287 8 288 8 All other: Egypt 246 242 236 222 238 248 Other 109 1 121 133 117 108 140 Total '355 1 '363 369 339 346 388 (2) Total foreign countries '26,157 1,308 '27,100 1,059 '27,399 1,121 '27,943 1,154 28,246 1,103 27,953 1,242 International 6.. 3,689 321 '3,680 319 3,750 317 3,717 392 3,144 391 2,996 396 Grand total '29,846 1,629 '30,780 1,378 '31,149 1,438 '31,660 1,546 31,390 1,494 30,949 1,638 p Preliminary. ' Revised. International Monetary Fund, and United Nations and other inter- 1 Excludes gold holdings of French Exchange Stabilization Fund. national organizations. 2 Less than $500,000. NOTE.—Gold and short-term dollars include reported and estimated 3 Includes latest available figure (Jan. 31) for gold reserves. 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 transac- 6 Represents International Bank for Reconstruction and Development, tions. For back figures see BULLETIN for March 1956, pp. 304-305. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 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. 430 365 386 407 425 Gold 1,420 1,687 1718 1,761 1,811 Other currencies and securities 1.... 901 931 960 938 947 Investments 8 200 200 125 50 Effective loans* 2,378 2,238 2,094 2,002 1,959 Currencies: United States i 1,423 1,697 759 1,777 1,708 Other assets3 54 41 42 29 40 Other i 5,051 4,387 4 319 4,333 4,403 Unpaid member subscripts3ns 824 942 815 815 815 IBRD bonds outstanding 948 848 849 850 850 Other assets 3 2 1 1 Undisbursed loans 676 609 530 477 485 Other liabilities 20 11 10 11 10 Member subscriptions .. 8,929 8,929 8 751 8,751 8,750 Reserves 266 254 240 228 216 Accumulated net income.. -10 -14 -14 -14 -14 Capital3 1,853 1,853 1,853 1,810 1,810 Reserves and liabilities 2 Loans by country, Apr. 30, 1957 Quota Cumul o a n ti v t e h e n F et u n d d rawings Outstanding Country9 Paid 1957 1956 Area and member country4 Total m Prin- Dis- Re- gold Mar. Feb. Mar. cipal bursed paid Sold Total to others* Brazil 150 38 38 38 66 15 1 15 15 15 Colombia 50 13 25 25 25 Continental W. Europe, total 1,124 971 184 787 73 Cuba 50 13 23 23 Belgium and Luxembourg. 118 118 9 108 25 Egypt 60 10 30 30 France 267 267 14 253 18 525 108 100 40 45 Italy 163 72 72 7 India 400 28 128 60 13 Netherlands 221 221 141 81 16 Indonesia 110 16 55 55 15 Other 355 293 20 273 7 35 9 25 25 9 Philippines 15 4 15 15 10 Sterling area, total 951 639 64 575 89 United Kingdom 1,300 236 562 562 Australia 318 259 8 251 26 United States 2,750 688 10-1,251 10-1,123 10-393 India 224 113 23 89 13 Union of S. Africa 135 123 17 106 21 United Kingdom 146 72 2 70 26 Footnotes to tables on international institutions: Other 128 72 14 58 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 703 521 49 473 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. Colombia 111 79 13 66 4 3 Excludes uncalled portions of capital subscriptions. Mexico 141 131 9 122 10 4 Loans to dependencies are included with member. Other 257 147 16 131 13 5 * I I n n c c l l u u d d e e s s $ al 5 s 9 o m ef i f l e li c o ti n v e i n l o lo a a n n s s a n gr o e t e y d e t t o e f b fe e c s ti o v l e d . but not yet disbursed. Asia (excl. Sterling area).... 219 102 98 15 7 Includes $182 million not guaranteed by the Bank. * U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excl. Sterling area).. 9 Countries shown are those with cumulative net drawings of $15 million or more on the latest date. Total 63,006 2,242 301 1,941 7205 1 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 pounds sterling) Assets of issue department Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i s n a - t d s - Se ti c e u s ri- ci t r i c o u 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 ,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18.1 1952 Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—May 30 .4 1,900.0 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 2,000.0 2.0 37.4 23.8 254.1 ,963.0 215.6 11.9 .2 71.3 18.3 Aug. 29 .4 1,950.0 2.0 42.9 26.6 254.6 1,907.5 222.4 13.0 72.1 18.5 Sept. 26 .4 1,925.0 2.0 44.7 18.3 269.7 1,880.6 230.9 12.9 72.4 18.5 Oct. 31 .4 1,925.0 2.0 47.5 28.2 285.1 1,877.8 256.6 15.1 73.3 17.8 Nov. 28 .4 1,925.0 2.0 19.0 26.8 279.9 1,906.3 220.0 13.8 75.8 18.0 Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957—Jan. 30 .4 1,925.0 2.0 63.7 34.9 240.3 1,861.6 232.1 14.4 76.0 18.3 Feb. 27 .4 1,925.0 2.0 52.0 15.8 261.0 [,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 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 1,952.2 202.4 11.5 74.5 17.8 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 733 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date Sterling Dominion and provin- Deposits and cial govt. securities Other U d S o n t l a i l t t a e e r s d s S t h er o m rt- Other O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other li c a a b a p i n l i i d t t a ie l s 1949—Dec. 31 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31. 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31. 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31. 57.4 ,283.8 1,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—May 31. 67.2 ,065.6 ,190.2 131.3 ,706.1 542.8 30.2 29.9 145.3 June 30 60.1 ,041.3 ,289.8 192.7 ,734.9 574.7 51.1 32.2 191.0 July 31, 59.9 029.6 ,316.7 104.9 ,762.3 500.0 49.8 39.6 159.4 Aug. 31, 62.1 ,019.3 ,351.3 180.7 ,764.6 580.6 65.4 35.6 167.2 Sept. 29. 57.7 ,041.3 ,353.0 150.1 ,769.5 564.0 46.0 45.2 177.3 Oct. 31. 51.4 ,031.3 ,360.4 128.0 ,780.9 575.3 55.0 30.7 129.3 Nov. 30. 61.1 ,021.2 ,380.3 158.7 ,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 ,025.0 ,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957_jan. 31, 53.5 ,091.7 ,202.2 113.5 ,738.9 524.0 57.8 34.3 105.8 Feb. 28. 60.8 ,052.7 ,189.4 118.6 ,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 ,105.2 ,176.3 213.5 ,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 ,158.0 1,190.2 119.2 ,756.3 546.9 62.9 22.5 129.2 Bank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Note Deposits O lia t b h i e l r - Gold ex- Other circula- ities change m O a p r e k n et Special Other Current Other assets tion G m ov en er t n- Other3 ca a p n i d tal 1949—Dec. 29. 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28, 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27. 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 (4) 176.8 41.3 1952—Dec. 31, 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 (4) 138.6 49.3 1953—Dec. 31, 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30, 201.3 57.3 236.8 48.9 ,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29, 301.2 200.2 226.7 45.2 ,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—May 31, 301.2 152.0 214.7 ,314.4 183.0 518.8 368.4 2,861.9 135.9 62.5 June 28, 301.2 144.1 301.6 5.2 ,374.8 183.0 490.2 324.2 2,890.5 162.8 70.9 July 26, 301.2 128.0 292.4 2.8 ,489.6 179.0 496.5 297.0 2,932.2 161.7 92.6 Aug. 30, 301.2 116.5 290.7 2.4 ,556.7 179.0 499.3 265.3 2,979.0 162.0 70.0 Sept. 27, 301.2 106.7 277.1 8.7 ,611.6 171.5 479.8 271.7 2,982.0 («) 164.6 81.8 Oct. 31, 301.2 91.7 293.7 21.4 ,546.6 158.8 479.8 342.2 2,988.4 158.7 88.3 Nov. 29, 301, 68.4 270.7 30.5 ,638.1 178.9 479.8 251.5 2,964.6 (4) 169.4 85.1 Dec. 27, 301, 49.6 289.2 30.5 ,753.7 179.0 479.8 236.4 3,046.9 (4) 173.8 98.8 1957_jan. 31. 301, 33.0 270.3 26.8 175.0 479.8 233.8 3,045.0 .1 149.4 84.9 Feb. 28. 301, 32.9 317.4 25.0 ,735.7 171.3 479.8 245.7 3,065.8 161.1 82.2 Mar. 28 301 23.1 310.3 27.6 175.0 479.8 192.6 3,051.6 % 214.3 80.6 Apr. 25, 301.2 12.2 325.2 24.9 !87l!9 158.3 479.8 5196.9 3,044.1 .1 222.7 103.6 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 765 809 830 1,623 Gold and foreign exchange 441 394 374 259 Other gold and foreign exchange 2,718 1,387 998 -392 Checks and bills of other banks.. 6 4 3 9 Gold contribution to Intl. Fund . 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,892 4,819 4,774 "4J04 ury bills) 471 485 504 504 Rediscounts and loans to banks... 112,106110,567108,781 93,288 Other assets 68 73 76 126 Other assets 1,612 1,446 1,253 417 Note circulation 403 382 380 383 Currency circulation 44,559 43,853 43,151 37,084 Deposits of Trading Banks: Deposits—Nationalized 68,192 67,349 65,856 53,476 Special 340 322 304 Other sight obligations 2,847 1,521 1,505 3,134 Other 18 30 42 22 Other liabilities and capital 6,652 6,462 6,282 5,946 Other liabilities and capital 224 223 230 208 Footnotes to central bank table on this and opposite page: 5 Includes advance of 6.8 billion francs to Stabilization Fund. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Rcichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 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 Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 2 004 2 004 2 004 1 744 Fund) 162 163 163 230 Foreign exchange (net) 8,326 8,287 8,332 6,830 Net claim on Intl. Fund1 -10 -10 -10 13 6,472 6,654 6,577 5,692 49 53 54 50 Claim against Government 1,354 1,385 1,505 1,717 Credits to Government 101 107 118 96 Other assets 600 574 611 828 Other assets 75 74 74 79 Note circulation 14 009 13 909 13 847 12 824 Note circulation 451 444 437 438 Deposits Banks 979 1,104 1,197 639 Deposits 231 224 235 296 Other 956 1,018 1,117 519 Other liabilities and capital 27 26 25 22 Blocked 1,110 1,114 1,131 1,406National Bank of Czechoslovakia2 Other liabilities and capital 1,703 1,760 1,737 1,424 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs) • Gold 68 68 68 68 Gold 42,448 42,379 43,221 48,499 568 645 608 795 Foreign claims and balances (net). 12,247 10,476 10,330 11,195 Loans and discounts 223 208 140 182 Loans and discounts 11,740 10,530 11,210 3,389 Securities 494 496 493 491 Consolidated Govt. debt 34,456 34,456 34,605 34,660 Govt. compensation account 3,047 3,047 3,050 3,099 Govt securities .. 7,475 8,899 8,985 7,808 Other assets 1,002 913 1 081 561 Other assets 5,569 5,752 5,569 5,250 2,205 2,248 2,219 2 102 Note circulation 108 514109 388110 399 105 126 Deposits—Government 1 560 1 533 1 520 1 294 Deposits Demand 1,257 1,521 1,935 1,880 Other 1,395 1,357 1,419 1 560 ECA 20 20 20 48 Other liabilities and capital 241 238 282 240 Other liabilities and capital 4,144 1,562 1,565 3,748 Central Bank of Bolivia—Monetary (Dec. Central Bank of the Dominican Redept. (millions of bolivianos): 1956)* public (thousands of pesos): 513 506 Gold 11,405 11,396 11,396 12 526 Foreicn exchan&e (net) 22 769 449 Foreign exchange (net) 11,794 12,081 9 897 14 836 195,858 80,717 Net claim on Intl. Fund1 2,500 2,500 2,500 1 250 Govt securities 5 170 2 505 Loans and discounts 4 987 5 987 2 500 Other assets 1,832 959 Govt. securities 7,830 7,830 7'830 8'360 160,015 58,172 Other assets 21,258 19,617 19,636 16 545 Deposits 34 942 20 602 Note circulation 47,874 47 559 47 848 45 522 31,186 6,362 Demand deposits 8,549 8,616 7,231 7,864 Central Bank of Ceylon (millions of Other liabilities and capital 3,352 3,236 3,168 2,631 rupees): Central Bank of Ecuador (millions of 680 703 718 690 sucres): Govt securities 19 11 10 24 Gold 325 325 344 Other assets 8 7 3 6 Foreign exchange (net) -2 17 -108 Currency in circulation .. 468 441 439 423 Net claim on Intl. Fund1 38 38 19 Deposits—Government 45 71 84 128 Credits—Government 531 496 504 Banks 90 106 108 86 Other 213 224 223 Other liabilities and capital 104 102 99 83 Other assets 235 231 249 Central Bank of Chile (millions of Note circulation 661 683 611 pesos): Demand deposits—Private banks. 212 203 191 Gold 6,648 7,257 7,684 8,063 Other 175 184 139 Foreign exchange (net) 1,003 999 1,194 645 Other liabilities and capital 293 260 290 Net claims on Intl. Fund1 19 19 19 National Bank of Egypt (millions of Discounts for member banks 10,131 7,550 7,306 2,976 pounds): 26,244 26,245 20,245 16,153 Gold 61 66 66 61 Other loans and discounts 46,690 42,506 42,291 22,052 Foreign assets 112 107 110 125 30,137 33,059 31,488 16,291 Egyptian Govt. securities 168 164 164 94 70,695 68,983 67,447 49,931 Clearing and other accounts (net). 11 -10 -7 H 7,390 7,797 6,586 7,192 34 34 43 23 Other 2,356 2,752 3,271 2,608 5 2 2 2 Other liabilities and capital 40,432 38,102 32,923 6,449 Note circulation 212 217 223 172 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government.. 8 9 11 '23 lions of pesos) * Others 131 119 127 r85 Gold and foreign exchange 311 286 262 276 Other liabilities and capital 17 17 17 17 Net claim on Intl. Fund1 52 52 52 24Central Reserve Bank of El Salvador Loans and discounts ... 649 646 634 464 (thousands of colones): Govt loans and securities 663 667 669 496 Gold 78,775 78,827 78,879 70,777 Other assets 390 390 355 111 Foreign exchange (net) 53,359 60,281 54,559 56,929 Note circulation 789 781 787 669 Net claim on Intl. Fund1 1,562 1,562 1,563 1,573 Deposits 960 949 871 537 74,353 75,482 78,258 53 297 Other liabilities and capital 314 312 315 167 Govt. debt and securities 12,923 12,660 15,674 13,642 Central Bank of Costa Rica (millions Other assets 7,289 7,085 7,050 7,180 of colones): Note circulation 105,377 111,553 113,873 98,634 Gold 12 12 12 12 Deposits 111,118 112,802 109,536 94 691 Foreicn exchan&e 103 96 82 106 Other liabilities and capital 11,766 11,542 12,574 10,072 Net claim on Intl. Fund1 7 7 7 7Bank of Finland (millions of markkaa): 92 91 97 86 Gold 7,849 7,849 7,849 7,849 Securities 18 18 18 7 Foreign assets and liabilities (net). 14,429 15,656 18,237 23,103 Other assets 26 26 24 27 Loans and discounts 42,076 50,146 43,371 45 087 157 156 158 154 Securities—Government 17,500 17,500 17,500 18,750 Demand deoosits 63 55 46 56 Other 1,583 1,620 1,756 1,814 Other liabilities and capital 38 38 37 35 Other assets 11,501 11,013 10,819 10,836 National Bank of Cuba (millions of Note circulation 55,764 54,967 58,245 54 951 pesos) * Deposits 6 172 11 987 5 497 27 269 Gold 136 136 136 136 Other liabilities and capital 33,002 36,830 35,790 25 220 Foreien exchan&e (net) 195 171 163 153 r Revised. • Latest month available. 3 Includes figure for Sudan Government 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 For last available reports for Czechoslovakia and Hungary (March of the month. and February 1950, respectively) see BULLETIN for September 1950, pp. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 735 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 14,338 ,707 18,348 2,054 Gold 7,661 7,334 6,931 ,337 Foreign exchange 89,874 ,074 85,643 124,490 Foreign exchange 11,859 11,590 11,814 652 Clearing accounts (net) 286 ,146-4,745 9,048 Loans and discounts 1,943 2,083 1,691 870 Loans and discounts 40,792 ,531 26,063 19,592 Loans to Government 4,088 4,014 4,129 ,121 Advances to Government 18,843 125,166 20,908 Other assets 985 1,168 1,215 870 Other Govt. accounts 102,378 72,111 42,172 Note circulation 15,179 14,670 14,590 ,882 Govt. securities 148,630 151,389 139,812 Deposits—Government 5,114 5,077 5,254 ,492 Other assets 48,007 10,018 21,891 Banks 3,886 4,075 3,616 ,666 Notes and coin in circulation 243,173240; 146 241,180 204,782 Other 249 226 218 245 Deposits—Government 30,758 568 28,245 31,658 Other liabilities and capital 2,107 2,141 2,101 ,567 Other 173,324 ,125200,246 128,970 Bank of Greece (millions of drachmae): Other liabilities and capital 15,891 764 14,323 14,558 Gold and foreign exchange (net).. 5,879 5,999 5,576 B.;ank of Italy (billions of lire): Loans and discounts 171 172 148 Gold 4 4 4 4 Advances—Government 7,896 7,571 ,472 Foreign exchange 71 71 71 70 Other 4,770 4,745 ,487 Advances to Treasury 567 567 567 567 Other assets 2,322 2,323 ,758 Loans and discounts 469 458 507 436 Note circulation 5,669 5,524 ,329 Govt. securities 423 423 401 408 Deposits—Government 947 929 793 Other assets 966 966 917 845 Reconstruction and Note circulation 1,653 1,647 1,633 1,531 relief accts 7,109 7,087 ,251 Deposits—Government 8 12 13 25 Other 5,102 4,545 ,741 Demand 123 119 99 79 Other liabilities and capital 2,211 2,726 ,327 Other 555 557 564 552 Bank of Guatemala (thousands of Other liabilities and capital 161 154 157 144 quetzales): Bank of Japan (billions of yen): Gold 27,237 27,237 27,237 241 Bullion () Foreign exchange (net) 50,951 48,928 44,150 267 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 1,250 250 Loans and discounts 274 278 244 28 Rediscounts and advances 7,345 8,235 9,010 140 Govt. securities 361 510 344 521 Other assets 42,763 41,009 42,783 645 Other assets 234 248 238 243 Circulation—Notes 58,151 58,527 58,501 129 Note circulation 684 666 659 585 Coin 4,195 4,178 4,160 913 Deposits—Government 53 237 40 64 Deposits—Government 9,735 7,952 5,671 920 Other 37 35 33 59 Banks 27,354 26,633 26,793 170 Other liabilities 96 99 93 84 Other liabilities and capital 30,111 29,368 29,306 410 Bankof Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve8 1,921 1,903 1,909 1,775 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,153 5,299 5,373 5,306 Issue department: Bills and discounts 938 786 787 380 Gold at home and abroad5 1,178 1,178 400 Other assets 389 334 292 334 Foreign securities 4,125 4,125 ,814 Note circulation 5,074 5,122 5,152 4,763 Indian Govt. securities 8,850 8,750 ,987 Demand liabilities 2,611 2,491 2,482 2,335 Rupee coin 1,226 1,220 ,072 Other liabilities and capital 716 709 727 696 Note circulation 15,261 15,062 etherlands Bank (millions of Banking department: guilders): Notes of issue department 118 211 223 Gold 3,058 3,077 3,097 3,322 Balances abroad 1,143 1,064 442 Silver (including subsidiary coin).. 6 6 6 11 Bills discounted 30 20 124 Foreign assets (net) 691 695 686 1,401 Loans to Government 77 77 18 Loans and discounts 176 161 255 84 Other assets 2,629 1,776 ,324 Govt. debt and securities 660 660 660 440 Deposits 2,286 1,640 ,536 Other assets 410 439 414 353 Other liabilities and capital 1,710 1,508 595 Note circulation 4,074 3,869 3,910 4,106 Bank Indonesia (millions of rupiahs): Deposits—Government 56 49 111 177 Gold and foreign exchange (net)... 147 313 567 ,231 ECA 218 368 368 466 Loans and discounts 1,005 968 1,153 920 Other 459 510 486 669 Advances to Government 12,611 11,442 10,801 ,880 Other liabilities and capital , 196 243 243 194 Other assets 463 539 495 394 Resesrrve Bank of New Zealand (thou- Note circulation 9,778 9,196 9,108 ,564 sands of pounds): Deposits—ECA 282 282 28:' 448 Gold 6,162 6,162 6,162 6,162 Other 2,504 2,19: 1,963 ,530 Foreign exchange reserve 42,824 35,084 32,135 36,757 Other liabilities and capital l,66f 1,591 1,663 Loans and discounts , 40,015 39,922 36,759 38,014 Bank Melli Iran 6 (millions of rials): Advances to State or State un- Gold 4,340 4,340 4,24: ,242 dertakings , 26,288 50,310 53,434 20,588 Foreign exchange 624 624 52: 244 Investments 38,173 38,173 53,173 38,279 Gold contribution to Intl. Fund.. . 28: 28: 28: 282 Other assets 1,914 1,636 1,638 1,742 Govt.-secured debt 7,923 7,923 7,623 ,187 Note circulation 74,899 71,998 71,557 70,330 Govt. loans and discounts 12,55^ 12,908 12,314 ,545 Demand deposits 68,669 87,989100,715 60,441 Other loans and discounts 6,240 6,455 6,426 ,916 Other liabilities and capital 11,f" 11,300 11,030 10,770 Securities 838 838 916 449 Bl;ank of Norway (millions of kroner): Other assets 4,045 2,82: 3,073 34: Gold 227 207 209 209 Note circulation 11,000 12,23: 10,828 033 Foreign assets (net) 295 317 184 -87 Deposits—Government 4,48" 3,466 4,27" 239 Clearing accounts (net) -44 -59 -79 -74 Banks 1,398 1,316 1,406 231 Loans and discounts 103 103 101 136 Other 16,35" 15,636 15,41" 316 Securities 105 108 108 84 Other liabilities and capital 3,606 3,54f 3,474 390 Occupation account (net) 5,546 5,546 5,546 5,546 Central Bank of Ireland (thousands of Other assets 109 103 103 104 pounds): Note circulation 3,231 3,210 3,221 3,096 Gold 2,646 2,646 2,646 Deposits—Government 1,656 1,736 1,465 1,453 Sterling funds 71,387 72,249 70,708 Banks 444 386 492 389 Note circulation 74,033 74,895 73,354 FOA 26 26 26 88 Other liabilities and capital 983 967 968 892 * 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

736 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 Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 550 556 564 593 Issue department: Foreign assets , 1,112 1,158 1,025 925 Gold at home and abroad. 115 115 115 11 Net claim on Intl. Fund1 , 129 129 129 129 Foreign exchange—Approved., 1,044 1,083 1,072 ,135 Swedish Govt. securities and ad- Other 57 57 57 vances to National Debt Office2, 4,326 4,32 4,103 3,791 Pakistan Govt. securities 1,716 1,676 1,717 ,205 Other domestic bills and advances, 18 19 20 23 India currency 430 430 430 431 Other assets 985 1,007 1,021 1,019 Rupee coin 53 '53 '53 '66 Note circulation 5,359 5,271 5,337 5,130 Notes in circulation 3,281 3,276 3,307 ,882 Demand deposits—Government.. 140 316 269 202 Banking department: Other 14 146 104 168 Notes of issue department 134 13! 138 126 Other liabilities and capital 1,475 1,458 1,153 980 Bills discounted 1 Swiss National Bank (millions of Loans to Government 126 36 francs): Other assets 809 711 570 Gold 6,866 6,931 6,999 6,754 Deposits 876 763 694 575 Foreign exchange 461 496 547 581 Other liabilities and capital 193 186 193 121 Loans and discounts 15 154 176 132 Central Bank of Paraguay (millions of Other assets 108 14: 94 93 guaranies): Note circulation 5,533 5,491 5,417 5,205 Gold 10 10 11 Sight liabilities 1,839 2,012 2,178 2,141 Foreign exchange (net) 629 548 77 Other liabilities and capital 220 219 221 213 Net claim on Int. Fund1 53 53 23Central Bank of the Republic of Turkey Loans and discounts 1,613 1,600 ,552 (millions of pounds): Govt. loans and securities 609 566 384 Gold 40: 402 402 402 Other assets 194 235 '84 Foreign exchange and foreign Note and coin issue 1,109 1,126 949 clearings 293 267 241 207 Deposits—Government 425 373 230 Loans and discounts 4,194 4,265 4,138 3,473 Other 269 250 182 Securities 30 30 30 29 Other liabilities and capital 1,306 1,263 769 Other assets 246 245 237 142 Central Reserve Bank of Peru (millions Note circulation 2,652 2,582 2,481 1,955 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 684 700 517 Other 1,721 1,755 1,792 1,561 Net claim on Intl. Fund * 67 67 67 Other liabilities and capital 637 717 621 583 Loans and discounts to banks 851 801 832 Bt;ank of the Republic of Uruguay (mil- Loans to Government 1,577 1,475 ,064 lions of pesos): (Jan.)* Other assets 140 169 195 Gold 283 327 Note circulation 2,276 2,257 ,962 Silver 10 10 Deposits 821 705 437 Advances to State and Govt. Other liabilities and capital 222 250 276 bodies 285 239 Central Bank of the Philippines Other loans and discounts 558 483 (millions of pesos): Other assets 743 663 Gold 48 47 46 35 Note circulation 550 509 Foreign exchange 278 303 310 377 Deposits—Government 190 196 Loans 95 66 117 52 Other 362 336 Domestic securities 528 548 479 378 Other liabilities and capital 111 680 Other assets 158 155 153 133Central Bank of Venezuela (millions Circulation—Notes 705 697 684 642 of bolivares): Coin 86 86 86 86 Gold 1,947 1,947 1,948 1,234 Demand deposits 223 245 247 171 Foreign exchange (net) 1,134 788 807 458 Other liabilities and capital 92 91 77 Other assets 156 157 226 128 Bank of Portugal (millions of escudos): Note circulation 1,254 1,257 1,241 1,063 Gold 5,872 5,889 5,922 724 Deposits 534 547 546 328 Foreign exchange (net) 13,622 13,729 13,808 720 Other liabilities and capital 1,448 1,087 1,194 428 Loans and discounts 1,281 1,227 1,255 957National Bank of Federal People's Re- Advances to Government 1,376 1,374 1,373 380 public of Yugoslavia (billions of Other assets 1,859 1,868 1,863 420 dinars): Note circulation 11,065 11,129 11,235 497 Gold 5 5 Demand deposits—Government. . 1,683 1,482 1,622 575 Gold contribution to Intl. Fund. . 2 2 ECA 90 90 90 81 Foreign assets 38 60 Other 8,184 8,385 8,280 484 Loans (short-term) 716 820 Other liabilities and capital 2,989 3,001 2,994 565 Govt. debt (net) 53 27 South African Reserve Bank (millions Other assets 33 28 of pounds): Notes and coin in circulation 91 89 Gold 82 83 81 74 Demand deposits 276 158 Foreign bills 46 53 55 31 Foreign liabilities 81 123 Other bills and loans 33 33 30 40 Long-term liabilities (net) 279 432 Other assets 42 43 48 58 Other liabilities and capital 120 140 Note circulation 113 111 110 107 Bankk for International Settlements Deposits 77 89 91 77 (millions of Swiss gold francs): Other liabilities and capital 13 12 14 19 Gold in bars 490 513 604 581 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 54 57 39 54 Gold 617 617 617 617 Rediscountable bills and accept- Silver 323 323 323 321 ances (at cost) 835 696 589 868 Govt. loans and securities 16,302 16,253 16,191 ,880 Time funds at interest 137 146 143 92 Other loans and discounts 52,293 50,634 48,750 ,873 Sundry bills and investments 683 697 685 483 Other assets 62,860 60,684 57,246 ,050 Funds invested in Germany 297 297 297 297 Note circulation 56,711 55,869 54,530 ,253 Other assets 3 3 1 Deposits—Government 2,747 2,708 2,875 ,465 Demand deposits—Gold 593 627 652 597 Other 16,579 15,240 14,414 ,395 Other 1,369 1,249 1,176 1,254 Other liabilities and capital 56,356 54,695 51,308 ,628 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 306 305 304 295 ' 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 Fund 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 737 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1955 Month effective 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- S la w e n r i d tz- T k u ey r- U K d n i o i n m t g e - d C a a d n a - I d n ia - p J a a n - 2 P p h in il e ip s - Chile 2 va S E d a o l l- r2 In effect Dec. 31, 1955 3.0 3.0 3.5 9.0 2.50 3.75 3.75 1.5 4.5 4.5 2.75 3.00 8.03 1.5 4.5 3.0 1956 Feb 3.00 5.5 Mar 4.5 3.25 Apr 3.00 5.5 10.0 June .... 6.0 3.25 3.25 Sept 5.0 4.25 Oct 3.75 3.50 4.00 33.77 3.50 Dec 3 5 3.92 1957—Jan 4.5 3.95 Feb 5.0 4.01 6.0 Mar 3 95 8 40 Apr 4.0 4.00 2.0 4.0 2.5 4.01 44.00 9.13 In effect May 31, 1957 3.5 4.0 4.5 10.0 3.75 4.25 4.00 2.5 6.0 5.0 4.01 4.00 9.13 2.0 6.0 4.0 Other selected central banks—rates in effect on May 31, 1957 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Ar c e o a u n a t n r d y Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin America— Austria 5.0 Nov. 1955 Burma 3.0 Feb. 1948 Thailand 7.0 Feb. 1945 Cont. : Denmark 5.5 May 1955 Ceylon 2.5 June 1954 Latin America: Venezuela.... 2.0 May 1947 Italy 4.0 Apr. 1950 Indonesia2... 3.0 Apr. 1946 Costa Rica2.. 3.0 Apr. 1939 AH other: 3.5 Feb. 1955 Pakistan 3.0 July 1948 Mexico 4.5 June 1942 New Zealand. 7.0 Oct. 1955 Portugal 2.5 Jan. 1944 Peru2 6.0 Nov. 1947 South Africa. 4.5 Sept. 1955 1 Rates shown represent mainly those at which the Central bank either are applied to rediscounts in excess of 50 per cent of the rediscounting discounts or makes advances against eligible commercial paper and/or bank's capital and reserves; Indonesia—various rates dependent on type government securities for commercial banks or brokers. For countries of paper, collateral, commodity involved, etc.; Costa Rica—5 per cent with more than one rate applicable to such discounts or advances, the for paper related to commercial transactions (rate shown is for agriculrate shown is the one at which the largest proportion of central bank tural and industrial paper); El Salvador—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other and industrial paper; and Peru—4 per cent for industrial, and mining rates for these countries are given in the following footnote. paper and 3 per cent for most agricultural paper. 2 Discounts or advances at other rates include: 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. central bank, including 8.40 per cent for discount of paper related to do- 4 Since May 16, this rate applies to advances against commercial paper mestic commercial transactions (rate shown is for advances on commercial as well as against government securities and other eligible paper. paper and miscellaneous collateral); Chile—rates in excess of 6 per cent 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 n s l u s th r s y i D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m p o o a n t n o t s hs d P i r s r i c a v o t a e u te nt 1954—Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 1955—Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4K-6* 1.50 1956—May 2.84 2.66 5.14 4.95 4.13 3.50 3.10 1.76 1.25 1.50 June 2.63 2.68 5.20 5.09 4.16 3.50 3.02 2.38 1.43 1.50 July 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 41/_6i/4 1.50 2.94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 1.50 41/ gi/ 1.50 Seot 3.06 2.67 5.18 5.11 4.26 3.50 3.00 3.00 1.50 4^4—614 1.50 Oct 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.18 1.50 4\&.— 6V> 1.50 Nov 3.40 2.89 5 08 5.01 4.24 3.50 3.71 3.25 1.50 4 LA _63/ 1.50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 1.50 41/ gw 1.50 1957 Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 1.69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.36 3.47 1.50 41A_63/ 1.75 Mar 3.71 3.65 4.25 4.07 3.55 3.00 3.71 3.61 1.50 41y4_63/ 1.75 Apr . • 3.72 3.69 4.18 4.01 3.59 3.00 3.97 3.63 1.50 4Vi-63/4 1.75 i 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

738 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- British Year or month Prefer- (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a si l l a l a a y r - ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) Basic ential Free 1951 20.000 13.333 7.067 223.07 1.9859 32.849 94.939 20.849 1952 20.000 13.333 7.163 222.63 1.9878 32.601 102.149 20.903 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 32.641 102.724 21.017 1955 120.000 113.333 17.183 222.41 3.8580 1.9905 32.624 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 32.582 101.600 20.946 1956—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 8580 2.0064 32.373 102.274 20.873 Oct.. 5.556 3.177 221.88 8580 2.0084 32.384 102.732 20.878 Nov. 5.556 2.987 221.71 8580 2.0022 32.360 103.725 20.871 Dec. 5.556 2.806 221.92 8580 1.9945 32.475 104.095 20.881 1957—Jan.. 5.556 2.642 222.77 3.8570 1.9912 32.529 104.085 20.948 Feb.. 5.556 2.681 222.96 3.8536 1.9900 32.561 104.334 20.960 Mar. 5.556 2.586 222.55 3.8536 1.9900 32.532 104.577 20.921 Apr.. 5.556 2.478 222.22 3.8536 1.9887 32.512 104.184 20.890 May. 5.556 2.564 222.39 3.8536 1.9862 32.526 104.638 20.895 Year or month (k m D ro a e r n n k - e) ( F m i a n r l k an k d a) F (f r r a a n nc c ) e ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) M (p e e x s i o c ) o 1951. 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. .4354 .2856 21.049 281.27 11.607 1954. .4354 .2856 23.838 21.020 280.87 9.052 1955. .4354 .2856 23.765 20.894 279.13 8.006 1956. .4354 .2855 23.786 20.934 279.57 4.2779 8.006 1956—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 May. .4354 .2856 23.796 20.896 279.10 .2779 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) (p A S o o fr u u i n c th a d) S (k w r e o d n e a n ) z ( e S fr r w a la n i n t c - d ) ( U K p d n o i o i 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—May. 26.110 277.98 14.008 49.677 3.4900 279.71 19.333 23.332 280.76 June. 26.106 277.44 14.008 49.677 3.4900 279.17 19.333 23.334 280.22 July. 26.106 276.57 14.008 49.677 3.4900 278.29 19.333 23.335 279.33 Aug. 26.111 275.55 14.008 49.677 3.4900 277.27 19.333 23.335 278.31 Sept. 26.110 275.55 14.008 49.677 3.4900 277.26 19.333 23.335 278.30 Oct.. 26.124 275.70 14.008 49.677 3.4900 277.42 19.333 23.331 278.46 Nov. 26.105 275.49 14.008 49.677 3.4900 277.21 19.333 23.335 278.25 Dec. 26.101 275.75 14.008 49.674 3.4900 277.46 19.333 23.335 278.50 1957—Jan.. 26.106 276.80 14.008 49.677 3.4900 278.53 19.333 23.329 279.57 Feb.. 26.111 277.04 14.008 49.687 3.4900 278.76 19.333 23.308 279.81 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 May, 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23.335 279.10 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 Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL RESERVE ACT, as amended through FUNCTIONS. April 1957. 208 pages. December 31, 1956, with an Appendix containing provisions of certain other statutes affecting the Federal Reserve System. 385 pages. ANNUAL REPORT OF THE BOARD OF GOVERNORS $1.00. OF THE FEDERAL RESERVE SYSTEM. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. FEDERAL RESERVE BULLETIN. Monthly. Sub- A new accounting record designed to picture scription price in the United States and its pos- the flow of funds through the major sectors of sessions, Bolivia, Canada, Chile, Colombia, the national economy. December 1955. 390 Costa Rica, Cuba, Dominican Republic, Ecua- pages. $2.75. dor, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. January 1952. 175 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. A STATISTICAL STUDY OF REGULATION V LOANS. September 1950. 74 pages. 25 cents per copy; FEDERAL RESERVE CHART BOOK ON FINANCIAL in quantities of 10 or more copies for single AND BUSINESS STATISTICS. Monthly. Annual shipment, 15 cents each. subscription includes one issue of Historical Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial developper annum, 60 cents per copy, or 50 cents each ments. November 1943. 979 pages. $1.50. in quantities of 10 or more of a particular issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Reserve System. 1946. 31 pages. HISTORICAL SUPPLEMENT TO FEDERAL RESERVE CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. The separate books are available at the following prices: Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN • JUNE 1957 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- BY INDUSTRY MENTS CHANGES IN STATE BANK MEMBERSHIP FEDERAL RESERVE PAR LIST (Also annual list. CONDITION OF WEEKLY REPORTING MEMBER Both available at Federal Reserve Banks only) BANKS IN CENTRAL RESERVE CITIES INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN LEADING CITIES WEEKLY AVERAGES OF MEMBER BANK RESERVES, MONTHLY DEPARTMENT STORE SALES RESERVE BANK CREDIT, AND RELATED ITEMS MONTHLY DEPARTMENT STORE SALES AND AND STATEMENT OF CONDITION OF THE FED- STOCKS, BY DEPARTMENTS ERAL RESERVE BANKS MONTHLY DEPARTMENT STORE STOCKS WEEKLY DEPARTMENT STORE SALES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY FOREIGN EXCHANGE RATES OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY REVIEW OF PERIODICALS (Available only RETAIL FURNITURE REPORT for domestic distribution) WEEKLY U. S. GOVERNMENT SECURITY YIELDS SALES FINANCE COMPANIES AND PRICES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM AND NONMEMBER BANKS THAT MAIN- SEMIMONTHLY TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS U. S. GOVERNMENT SECURITY YIELDS AND PRICES SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY SEMIANNUAL-QUARTERLY ALL BANKS IN THE UNITED STATES AND POSSES- MONTHLY SIONS—PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSINESS LOANS UNITED STATES (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK LOANS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS BUSINESS INDEXES CONSUMER CREDIT (Short- and Intermediate- ANNUAL Term and Consumer Instalment Credit Ex- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS tended and Repaid) DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 741 REPRINTS REVISED INDEXES OF DEPARTMENT STORE SALES (From Federal Reserve Bulletin unless preceded by AND STOCKS. December 1951. 53 pages. an asterisk) REVISED WEEKLY INDEX OF DEPARTMENT STORE THE HISTORY OF RESERVE REQUIREMENTS FOR SALES. April 1952. 4 pages. BANKS IN THE UNITED STATES. November 1938. 20 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X. June 1952. 18 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. MEASUREMENT OF PRODUCTION. September 1940. 16 pages. RECENT CENTRAL BANKING DEVELOPMENTS IN SOUTHEAST ASIA. December 1952. 9 pages. FEDERAL RESERVE BANK LENDING POWER NOT DEPENDENT ON MEMBER BANK RESERVE BAL- THE MONETARY SYSTEM OF THE UNITED STATES. ANCES. February 1941. 2 pages. February 1953. 16 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- INFLUENCE OF CREDIT AND MONETARY MEASURES tion of method used by Board in adjusting ON ECONOMIC STABILITY. March 1953. 16 economic data for seasonal variation. June pages. 1941. 11 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC ESTIMATES OF GROSS NATIONAL PRODUCT, 1919- STABILITY. May 1953. 7 pages. 28. September 1945. 2 pages. VALUES AND LIMITATIONS OF CONSUMER FINAN- ^DETAILED DESCRIPTION OF SOURCES AND METH- CIAL SURVEYS FOR ECONOMIC RESEARCH. March ODS USED IN REVISION OF SHORT- AND INTER- 1947. 9 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929. January 1948. 9 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. July 1948. 6 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN THE PHILIPPINE CENTRAL BANK ACT and Text of AMERICA. May 1953. 6 pages. the Act. In part a reprint from the August DEPARTMENT STORE SALES AND STOCKS, BY 1948 BULLETIN. 36 pages. MAJOR DEPARTMENTS (Revised Indexes). No- NEW STATISTICS OF INTEREST RATES ON BUSINESS vember 1953. 65 pages. LOANS. March 1949. 10 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. TRIAL PRODUCTION, 1953 Revision. December November 1949. 14 pages. 1953. 96 pages. MEASUREMENT OF CONSUMER CREDIT. Novem- EXTENSIONS AND REPAYMENTS OF CONSUMER INber 1950. 9 pages. STALMENT CREDIT. January 1954. 14 pages. *THE TREASURY—CENTRAL BANK RELATIONSHIP NEW INDEXES OF OUTPUT OF CONSUMER DUR- IN FOREIGN COUNTRIES—PROCEDURES AND ABLE GOODS. May 1954. 15 pages. TECHNIQUES. November 1950. April 1951. 19 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOW- ING THE INTRODUCTION OF REAL ESTATE CREDIT USE OF MONETARY INSTRUMENTS SINCE MID- REGULATION. July 1951. 23 pages. 1952. December 1954. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN • JUNE 1957 DIRECTLY PLACED FINANCE COMPANY PAPER. AGRICULTURAL LOAN SURVEY. Farm Loans at December 1954. 8 pages. Commercial Banks. November 1956. 20 pages. Farm Loans to Finance Intermediate-Term In- SEASONAL ADJUSTMENT FACTORS FOR DEMAND vestments. January 1957. 9 pages. Farm DEPOSITS ADJUSTED AND CURRENCY OUTSIDE Loans for Current Expenses. February 1957. BANKS. March 1955. 4 pages. 8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. Interest Rates on UNITED STATES BANKS AND FOREIGN TRADE FI- Farm Loans. March 1957. 10 pages. NANCING. April 1955. 11 pages. UNITED STATES BANKING ORGANIZATION ABROAD. BANKERS' ACCEPTANCE FINANCING IN THE UNITED December 1956. 16 pages. STATES. May 1955. 13 pages. BANKING AND MONETARY STATISTICS, 1956. (Se- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AClected series of banking and monetary statistics COUNTS, ANNUAL ESTIMATES, 1939-54. Octofor 1956 only) February and May 1957. 12 ber 1955. 40 pages. pages. (Similar reprints of 1954 and 1955 data, February and May 1955 and February SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of and May 1956 BULLETINS.) Member Banks. April 1956. 14 pages. Credit BANK CREDIT AND MONEY IN 1956. February Lines and Minimum Balance Requirements. 1957. 8 pages. June 1956. 7 pages. (Other articles on this Survey will appear in later issues of the BUL- INTERNATIONAL GOLD AND DOLLAR FLOWS. LETIN.) Reprints on a similar Survey are avail- March 1957. 7 pages. able from March, May, June, July, and August 1947 BULLETINS. 1957 SURVEY OF CONSUMER FINANCES. Preliminary Findings. March 1957. 3 pages. HOUS- FINANCING OF LARGE CORPORATIONS, 1951-55. ING AND DURABLE GOODS. June 1957. 18 June 1956. 9 pages. (Also, similar reprint pages. (Similar Surveys are available for earfrom June 1955 BULLETIN.) lier years from 1952, 1953, 1954, 1955, and 1956 BULLETINS.) BANK CREDIT AND MONEY. July 1956. 7 pages. (Also, similar reprint from February 1956 SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. BULLETIN.) April 1957. 20 pages. WORLD TRADE AND PAYMENTS IN 1955-56. Oc- SURVEY OF FINANCE COMPANIES, MID-1955. tober 1956. 8 pages. April 1957. 17 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- OWNERSHIP OF DEMAND DEPOSITS. May 1957. tober 1956. 24 pages. (Also, similar reprint 6 pages. from April 1953 BULLETIN.) SURVEY OF COMMON TRUST FUNDS. June 1957. INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- 6 pages. (Also, similar reprint from August tober 1956. 15 pages. 1956 BULLETIN.) 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. KEN YON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION GEORGE S. SLOAN, Director HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Associate Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner JEROME W. SHAY, Assistant General Counsel THOMAS J. O'CONNELL, Assistant General GLENN M. GOODMAN, Assistant Director Counsel HENRY BENNER, Assistant Director DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND 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 I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director OFFICE OF DEFENSE LOANS ALBERT R. KOCH, Assistant Director LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 743 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN • JUNE 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 745 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. Iryine Ben Moreell John C. Warner, John H. Lucas Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN • JUNE 1957 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Robert Gage Robert O. Huffman D. W. Colvard Joseph E. Healy W. A. L. Sibley L. Vinton Hershey Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman Charles A. Piper Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Ernest Patton G. G. Watts Charles D. Parker I. W. Stewart T. Henry Wilson Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher, Chairman John R. Downing John E. Urquhart Robert M. Cleckler E. W. McLeod Adolph Weil, Sr. Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith W. E. Ellis James L. Niblack McGregor Smith J. Wayne Reitz, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 747 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

748 FEDERAL RESERVE BULLETIN • JUNE 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. MeConnell 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. Milbura 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 749 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

750 FEDERAL RESERVE BULLETIN • JUNE 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 h H. McNally William H. Steiwer. Sr. SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, Chairnu 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, Chairnu Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 674, 675 Department stores: Agriculture loans of commercial banks, 670, 672 Merchandising data, 705 Agriculture, Govt. agency loans, 678, 679 Sales and stocks, 694, 704 Assets and liabilities (See also Foreign liabilities and Deposits (See also specific types of deposits): claims reported by banks): Adjusted, and currency, 666 Banks and the monetary system, consoli- Banks, by classes, 667, 671, 673 dated, 666 Federal Reserve Banks, 661, 662, 728 Corporate, current, 686 Postal savings, 666 Domestic banks, by classes, 667, 670, 672 Turnover of, 664 Federal business-type activities, by fund or Deposits, reserves, and borrowings, by class of memactivity, 678, 679 ber bank, 659 Federal Reserve Banks, 661, 662 Discount rates, 660, 737 Foreign central banks, 732 Discounts and advances by Federal Reserve Automobiles: Banks, 657, 661 Consumer instalment credit, 690, 691, 692 Dividends, corporate, 685, 686 Production index, 696, 700 Dollar assets, foreign, 728, 729 Dwelling units started, 701 Bankers' balances, 671, 673 (See also Foreign liabilities and claims reported by Earnings and expenses: banks) Insured commercial banks, 719 Banks and the monetary system, consolidated state- Member banks, 710 ment, 666 Earnings and hours, manufacturing industries, 694, 703 Bonds (See also U. S. Govt. securities): Employment, 694, 703 New issues, 684, 686 Export-Import Bank, loans, etc., 678, 679 Prices and yields, 675, 676 Brokers and dealers in securities, bank Farm mortgage loans, 678, 687, 688 loans to, 670, 672 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equipby fund or activity, 678, 679 ment, 686 Federal Deposit Insurance Corporation, Business indexes, 694 assets, etc., 678, 679 Business loans (See Commercial and industrial loans) Federal finance: Capital accounts: Cash transactions, 680 Banks, by classes, 667, 671, 673 Receipts and expenditures, 681 Federal Reserve Banks, 661, 662 Treasurer's balance, 680 Carloadings, 694 Federal home loan banks, loans, etc., 678, 679, 689 Central banks, foreign, 730, 732, 737 Federal Housing Administration, loans, etc., 678, 679, Coins, circulation of, 665 687, 688, 689 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 667, 670 loans, etc., 678, 679, 689 Consumer loans held, by type, 691 Federal Reserve Banks: Number, by classes, 667 Condition statement, 661, 662 Real estate mortgages held, by type, 687 U. S. Govt. securities held by, 657, 661, 662, Commercial and industrial loans: 682, 683 Commercial banks, 670 Federal Reserve credit, 657, 661, 662 Weekly reporting member banks, 672, 674 Federal Reserve notes, 661, 662, 663, 665 Commercial paper, 674, 675 Finance company paper, 674, 675 Commodity Credit Corporation, loans, etc., 678, 679 Foreign central banks, 730, 732, 737 Condition statements (See Assets and liabilities) Foreign deposits in U. S. Banks, 657, 661, 662, 666, Construction, 694, 700, 701 671, 673 Consumer credit: Foreign exchange rates, 738 Instalment credit, 690, 691, 692, 693 Foreign liabilities and cliams reported by Major parts, 690, 692 banks, 724, 726, 728 Noninstalment credit, by holder, 691 Foreign trade, 705 Consumer durable goods output indexes, 700 Consumer price indexes, 694, 706 Gold Consumption expenditures, 708, 709 Earmarked, 729 Corporate sales, profits, taxes, and dividends, 685, 686 Net purchases by U. S., 729 Corporate security issues, 684, 686 Production, 728, 729 Corporate security prices and yields, 675, 676 Reserves of central banks and governments, 730 Cost of living (See Consumer price indexes) Reserves of foreign countries and international Currency in circulation, 657, 665 institutions, 731 Customer credit, stock market, 676 Stock, 657, 666, 729 Gold certificates, 661, 662, 663, 665 Debits to deposit accounts, 664 Govt. debt (See U .S. Govt. securities) Demands deposits: Gross national product, 708, 709 Adjusted, banks and the monetary system, 666 Adjusted, commercial banks, by classes, 671 Home owners, Govt. agency loans, 678, 679 Banks, by classes, 667, 673 Hours and earnings, manufacturing indus- Type of holder, at commercial banks, 671 tries, 694, 703 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN • JUNE 1957 Industrial advances by Federal Reserve Banks, 661 Real estate loans: 662, 663, 664 Commercial banks, 670, 672, 687 Industrial production indexes, 694, 695, 700 Type of mortgage holder, 687, 688, 689 Instalment loans, 690, 691, 692, 693 Type of property mortgaged, 687, 688, 689 Insurance companies, 677, 682, 683, 688 Regulatioin V, loan guarantees, 663, 664 Insured commercial banks, 669, 670, 719 Reserve requirements, member banks, 660 Interbank deposits, 667, 671, 673 Reserves: Interest rates: Commercial banks, 671 Bond yields, 675 Federal Reserve Banks, 661, 662 Business loans by banks, 675 Foreign central banks and governments, 730 Federal Reserve rates, 660, 664 Foreign countries and international institu- Foreign countries, 737 tions, 731 Open market, 675, 737 Member banks, 657, 659, 661, 662, 671, 673 Regulation V loans, 664 Residential mortgage loans, 687, 688, 689 Stock yields, 675 International capital transactions of the U. S., 724 Sales finance companies, consumer loans of, 690, International financial institutions, 730, 731, 732 691, 693 Inventories, 709 Savings, 708 Investments {See also specific types of investments): Savings deposits {See Time deposits) Banks, by classes, 667, 670, 672 Savings institutions, principal assets, 677 Federal Reserve Banks, 661, 662 Savings and loan associations, 677, 688 Govt. agencies, etc., 678, 679 Securities, international transactions, 727, 728 Life insurance companies, 677 Security issues, 684, 686 Savings and loan associations, 677 Silver coin and silver certificates, 665 State member banks, 669, 710 Labor force, 702 State and municipal securities: Loans {See also specific types of loans): New issues, 684 Banks, by classes, 667, 670, 672 Prices and yields, 675, 676 Federal Reserve Banks, 657, 659, 661, 662, States and political subdivisions: 663, 664 Deposits of, 671, 673 Govt. agencies, etc., 678, 679 Holdings of U. S. Govt. securities, 682 Insurance companies, 677, 688 Ownership of obligations of, 670, 677 Sayings and loan associations, 677, 688 Stock market credit, 676 Loans insured or guaranteed, 663, 687, 688, 689 Stocks: New issues, 684 Manufacturers, production indexes, 694, 695, 700 Prices and yields, 675, 676 Margin requirements, 660 Member banks: Tax receipts, Federal, 681 Assets and liabilities, by classes, 667, 670 Time deposits, 659, 666, 667, 671, 673 Borrowings at Federal Reserve Banks, 657, 659 Treasurer's account balance, 680 Deposits and reserves, by classes, 659 Treasury cash, 657, 666 Earnings and expenses, 710 Treasury currency, 657, 665, 666 Number, by classes, 667 Treasury deposits, 657, 661, 662, 680 Operating ratios, 720 Reserve requirements, by classes, 660 Unemployment, 702 Reserves and related items, 657 U. S. Govt. balances: Weekly reporting series, 672 Commercial bank holdings, by classes, 671, 673 Minerals, production indexes, 694, 695 Consolidated monetary statement, 666 Money rates {See Interest rates) Treasury deposits at Federal Reserve Mortgages {See Real estate loans) Banks, 657, 661, 662, 680 Mutual savings banks, 666, 667, 669, 682, U. S. Govt. securities: 683, 687 Bank holdings, 666, 667, 670, 672, 682, 683 Federal Reserve Bank holdings, 657, 661, 662, National banks, 669, 710 682, 683 National income, 708 Foreign and international holdings, 731 National security expenditures, 681, 709 International transactions, 727 Nonmember banks, 661, 669, 670, 719 New issues, gross proceeds, 684 Operating ratios, member banks, 720 Oustanding, by type of security, 682, 683 Ownership of, 682, 683 Payrolls, manufacturing, index, 694 Prices and yields, 675, 676 Personal income, 709 United States notes, outstanding and in circula- Postal Savings System, 666 tion, 665 Prices: Utility output index, 699 Consumer, 694, 706 Security, 676 Veterans Administration, loans, etc., 678, 679, 687, Wholesale commodity, 694, 706 688, 689 Production, 694, 695, 699, 700 Profits, corporate, 685, 686 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(p THE FEDERAL RESERVE SYSTEM °) 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