Federal Reserve Bulletin, 1957-07

FEDERAL RESERVE July 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 Bank Credit and Money 753 Proposed Financial Institutions Act 759 Problem of Small Business Financing 767 Law Department 769 Current Events and Announcements 770 National Summary of Business Conditions 771 Financial and Business Statistics, U. S. (Contents on p. 773) 775 International Financial Statistics (Contents on p. 831) 832 Federal Reserve Board Publications 847 Board of Governors and Staff 849 Open Market Committee and Staff; Federal Advisory Council 850 Federal Reserve Banks and Branches 850 Index to Statistical Tables 857 Map of Federal Reserve Districts Inside back cover Volume 43 Number 7 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 subscriDtions 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

CREDIT AND MONETARY DEVELOPMENTS in the first half of 1957 reflected an economy CHANGES IN BANK LOANS AND INVESTMENTS JANUArr-JUNI operating at high levels of income and em- Billions ai dollars ployment under continuing upward pressure on prices. Business outlays for plant and equipment continued to expand, though at a much less rapid pace than last year, while spending for business inventories was smaller than a year ago. Rising exports and government expenditures contributed significantly to expansion in aggregate demand. Borrowing by business concerns remained heavy but shifted toward the capital markets. Expansion of outstanding business loans at commercial banks was half as large as in the first six months of 1956 while the volume of corporate securities NOTE.—AH commercial banks. Data exclude interbank loans. Data for 1957 are preliminary. issued was one-third above a year ago. The surplus in the cash budget of the relatively high during the second quarter. United States Government and net debt re- The money supply, as represented by detirement by the Treasury were less than in mand deposits and currency in the hands of the first half of 1956. Furthermore, sub- the public, continued to exceed levels of a stantial redemptions of savings bonds and year earlier by about one per cent. Time other Government securities required the deposits rose by a record amount, however, Treasury to undertake a sizable volume of as many commercial banks advanced the cash borrowing. Commercial banks re- rates paid on such deposits. duced their Government security holdings Continued strong aggregate demand for less than in the first half of most other re- credit relative to the supply of funds availcent years. able for lending resulted in a sharp advance With economic activity at high levels and in interest rates. Following a temporary inflationary pressures still evident, Federal decline in the opening months of the year, Reserve policies continued to be directed to- interest rates generally rose in the second ward restraining the growth of bank credit. quarter to the highest levels in 25 years. Member bank borrowings at the Reserve Banks, which had shown a declining tend- BANK LOANS AND INVESTMENTS ency in the latter part of 1956, increased in Total loans and investments at commercial the early months of 1957 and remained banks declined in the first half of this year, 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN • JULY 1957 but less than in the same period of last year. strong over-all demand for funds by busi- The expansion in total loans and the decline ness concerns reflected further growth in in holdings of Government securities both plant and equipment outlays, offset in part were less than a year ago. by a slower rate of inventory accumulation. Since late 1954, commercial banks have In the first five months of the year, the been obtaining funds for a substantial por- increase in book value of business invention of their loan expansion by disposing of tories, at $2.8 billion, was two-fifths less Government securities. To this extent, the than in the same period of 1956. growth in bank loans has represented trans- The slower rate of expansion in outstandfers of loanable funds from nonbank pur- ing business loans during the first half of chasers of Government securities to borrowers at banks, rather than creation of new money. This process continued in the first BUSINESS LOANS half of 1957 but on a smaller scale than in NIW IOANS AND MPAYMINTS the comparable periods of 1955 and 1956. Billions of dollars Loans. The rapid growth in outstanding bank loans that had been under way for two years slackened in the first half of 1957. Total loans expanded $2.2 billion compared with more than $4 billion in the first half of both 1955 and 1956. The increase was greater than in most earlier years, however. Business loans outstanding rose $1.5 billion or about half as much as in the first six months of 1956. There was virtually no net expansion in the first five months of 1957, in contrast with an increase of $1.6 -JUNI JUIT-BIC. 195* billion in the same period of 1956. In June, NOTE.—Data are for a sample of large weekly reporting however, business loans grew by a record banks in 10 Federal Reserve districts that report their larger new loans and repayments by industry of borrower. Semiamount for that month. In the two weeks annual changes are based on data reported between the last Wednesdays of June and December. near the date for payment of corporate taxes, business loans outstanding at weekly report- 1957 was the result of a sharp rise in reing banks increased one-third more than in payments relative to the growth of new the same period of last year, even though loans. The volume of new lending increased corporate tax payments were smaller this at a slower rate than in earlier periods, as the June than a year ago. chart shows. In almost all major industrial While business loan expansion at banks groups new lending was up from a year ago slackened, reliance by business concerns on but repayments on outstanding loans were the capital markets was heavier. Corporate up even more. security offerings for new capital amounted Food processors and commodity dealers, to about $6.5 billion, one-third more than businesses that follow a pronounced seain the first half of 1956. The continued sonal pattern in their borrowing from banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 755 reduced their combined net indebtedness Loans to consumers at commercial banks considerably more than a year ago but increased $800 million, somewhat less than about the same amount as in 1955. Al- in the first half of 1956. While consumer though new borrowings were larger than instalment credit extensions by both banks last year, repayments were up sharply, re- and other lenders have remained relatively flecting the rapid growth of new loans made stable at high levels, repayments have conin the second half of 1956. The bank debt tinued to increase. of wholesale and retail trade concerns, Bank investments and Treasury finance. which had increased in the first half of the Commercial bank holdings of United States previous year, showed little change this Government securities declined $3.2 bilyear, when the increase in inventories held lion in the first half of this year, about twoby these concerns was less than a year ago. thirds as much as a year earlier. Banks Sales finance companies and public utili- added about $500 million to their holdings ties were the only major business groups of corporate and State and local governthat increased their indebtedness to banks ment securities, in contrast with 1956 when more than in the first half of 1956. Sales they reduced these holdings by a small finance companies increased their debt at amount. Their total security portfolios deweekly reporting banks almost $400 mil- clined $2.7 billion compared with $5.2 billion in the first half of 1957 in contrast lion in the first six months of last year. with net repayments of more than $300 mil- Although declining on balance over the lion a year earlier. These companies, how- half-year period, holdings of United States ever, borrowed less in the securities markets Government securities by commercial banks than they did in the first half of 1956. Pub- fluctuated with Treasury financing operalic utility concerns, which are making sub- tions. Despite a cash surplus in the first stantial additions to their plant and equip- half of 1957, the Treasury found it necesment, not only increased their bank debt sary to undertake new cash borrowing sevmore than last year but expanded their eral times, as savings bonds were redeemed offerings in the capital markets 50 per cent. in substantial volume and sizable amounts Real estate loans outstanding at commer- of maturing securities were presented for cial banks changed little, in contrast with an cash payment. At each of the two major increase of $1 billion in the first half of offerings, commercial banks were initial 1956. Real estate credit at city banks de- purchasers of nearly all of the new issue. clined about $200 million, reflecting con- Before and after the offerings, however, tinued repayment by mortgage lenders of banks sold securities in large volume. In funds advanced earlier under so-called ware- June, when loans expanded sharply, banks housing arrangements. At other commer- sold or redeemed $1.5 billion of Governcial banks, mortgage credit continued to in- ment securities. crease, but less than half as much as last Over the six-month period, $26 billion of year. The slackening in growth of mortgage marketable Treasury securities other than credit was more marked at commercial regular weekly bill issues reached maturity. banks than at other lending institutions. Of this amount, $15 billion was refunded Total mortgage debt increased about two- in exchange offers and about $11 billion thirds as much as in the first half of 1956. was paid off in cash by the Treasury. Of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN • JULY 1957 the cash payments $2 billion represented marketable securities for which holders did GROWTH OF SELECTED TYPES OF SAVING not accept exchange offers. In addition, JANUARY • MAY savings bond redemptions exceeded $2 Billions of dollars billion, more than twice as much as in the first half of 1956. To meet the cash drain of $13 billion from these debt operations and to add to its cash balances, the Treasury supple- COMMERCIAL BANKS mented the cash surplus of $8 billion by borrowing $6 billion of new money during the six months. The Treasury increased several of its weekly bill issues in the first quarter for a total of $1.1 billion and also offered $3.4 billion of certificates and notes in March and $1.5 billion of tax anticipa- 1956 tion bills in May. On July 3 the Treasury NOTE.—Time deposits at commercial and mutual savings borrowed an additional $3 billion on an of- banks exclude interbank deposits. Data for 1957 are preliminary. Data are for all savings and loan associations in the fering of tax anticipation bills maturing in United States and are from the Federal Savings and Loan Insurance Corporation. Data for 1954 are partly estimated March 1958. by the Federal Reserve. Data for 1956 and 1957 are preliminary. about 5 per cent above the level in the DEPOSITS AND CURRENCY fourth quarter of 1956, whereas during the Demand deposits and currency held by busi- same period a year earlier the growth was nesses and individuals declined, as is typical almost 7 per cent. in the first half of the year, but on the aver- The substantial growth of savings and age continued to exceed levels of a year time deposits in the first half of 1957 folearlier by about one per cent. On a sea- lowed the announcement of higher rates of sonally adjusted basis, demand deposits and interest on such accounts at many commercurrency increased about $600 million or a cial banks. In late 1956, the Board of little more than half as much as in the first Governors and the Federal Deposit Insursix months of 1956. In contrast, savings ance Corporation raised from 2Vi to 3 and time deposits at commercial banks in- per cent the maximum permissible rate of creased $3.5 billion, almost three times as interest payable on savings and time demuch as last year. posits at commercial banks. The rate of turnover of demand deposits While savings and time deposits at comcontinued to rise but at a somewhat slower mercial banks experienced a record growth, rate than a year earlier. In leading cities the expansion of savings accounts at mutual other than financial centers, the annual rate savings banks and of shares held at savings of turnover rose from 20.5 in the second and loan associations was only slightly less quarter of 1955 to 22.0 a year later and than last year, as the chart shows. In the to 23.3 in the second quarter of 1957. In first five months of the year, deposits at the recent quarter, the rate of turnover was mutual savings banks grew $600 million Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY 757 compared with $800 million in the same ings and excess reserves remained near these period of 1956. For savings and loan asso- levels in May and June. ciations, the growth of share capital was A major factor that supplied member $1.8 billion compared with $1.9 in 1956. bank reserves was the sale, in two transactions occurring in January and May, of BANK RESERVE POSITIONS AND FEDERAL $600 million of gold by the International RESERVE POLICIES Monetary Fund to the United States Treas- Federal Reserve policies of credit restraint ury. Additions to reserves from these transdesigned to resist advancing prices remained actions and from the usual reduction in curin force in the first half of 1957. Open mar- rency in circulation exceeded by almost $1 ket sales of United States Government se- billion the drains on reserves from a decline curities were utilized to offset the effect on in float and other factors. bank reserves of the seasonal decline in cur- In the face of these influences on bank rency and demand deposits and to exert reserves, open market operations absorbed pressure on bank reserve positions. about $1.8 billion of reserves during the first half of this year, $700 million more than in CHANGES IN MEMBER BANK RESERVES the same period of last year. With pressure [In millions of dollars] on reserves growing, member bank indebtedness to the Reserve Banks increased by Jan.- Jan. - Item June June about $300 million in contrast with a small 1957 1956 decline last year. Member bank reserves INTEREST RATES Total reserves -553 — 307 After rising sharply in the second half of Required reserves "-406 -287 1956, interest rates declined in the early Excess reserves .. p-147 -20 months of this year. The declines were most evident in the case of intermediate- Factors affecting reserves (sign indicates effect on reserves) and long-term Treasury and municipal Federal Reserve credit: securities, and appeared to reflect uncertain- Discounts and advances to member banks +317 -70 ties about the economic outlook, reinvest- F. R. holdings of U. S. Govt. securities and acceptances — 1,805 -1,082 ment of the proceeds of redeemed savings Float -463 -183 bonds and other Government securities, and Currency in circulation +874 +729 a transitory easing of bank reserve positions. Gold stock and foreign accounts... +658 +250 Other factors -131 +55 Market yields turned up again in the second quarter, accompanying a renewal of p Preliminary. NOTE.—Based on averages of daily figures for December and June. business optimism and a growing conges- Details may not add to totals because of rounding. tion in capital markets arising from con- Member bank borrowings from Federal tinued heavy offerings of corporate and Reserve Banks, after a temporary decline in State and local government securities. Un- December and January, rose sharply to der pressure from this record supply, spreads more than $1 billion in April and exceeded between yields on new and outstanding isexcess reserves by $500 million. Borrow- sues widened considerably. Securities mar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN • JULY 1957 levels in the second half of June, yields INTEREST RATES stabilized in the early part of July at levels Per cent slightly below the June peaks. Yields on 90-day Treasury bills were above the Federal Reserve discount rate during most of the six-month period. They fluctuated with demand pressures—including investment of proceeds of new issues by borrowers and of maturing securities by lenders—and with the volume of bills offered by the Treasury, but they rose less than most other market rates. On the other hand, yields on short-term securities with maturities closer to one year rose sharply to record highs as the Treasury offered new securities in that maturity range. The rate on 4- to 6-month prime commercial paper remained steady at 3.63 per cent until June when, as other yields 1954 19S5 1956 1957 rose, it advanced to 3.88 per cent. NOTE.—Market yield data are weekly averages of daily fig- Yields on outstanding high-grade corpoures. Treasury bill rates are yields on 90-day bills. Longterm U. S. Government yields are on 2'/i per cent bonds. Com- rate and State and local government securimercial paper rate is on prime 4- to 6-month open market paper. Yields on corporate and State and local government ties rose less on balance than yields on Aaa bonds are from Moody's Investors Service. Latest figures are for week ending July 6. Treasury bonds, but rates on new issues adkets were also influenced by the unex- vanced sharply. Yields on 3- to 5-year Govpectedly frequent need for Treasury cash ernment securities remained above those on financing. Additional pressures developed longer term Treasury obligations throughin June as banks disposed of a large volume out the period. of United States Government securities in Bank rates on short-term business loans order to expand loans to business borrowers. changed little in the first half of 1957, after After advancing sharply to record high rising with the prime loan rate in 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Financial Institutions Act THE BILLS that are the subject of this then direct attention to the few provisions hearing have for their objective a complete of the bill which the Board would oppose or streamlining of Federal statutes relating to with respect to which it would have serious financial institutions, including national question. banks, member banks of the Federal Re- PROVISIONS ENDORSED BY THE BOARD serve System, insured banks, Federal sav- In the order in which they occur in Title ings and loan associations, and Federal II of the bill and not necessarily in the order credit unions. The legislation would reof their importance, the following provisions arrange provisions of law on this subject in a would make substantial changes in existing more logical order, eliminate obsolete prolaw which meet with the approval of the visions, correct technical defects, and make Board or to which the Board would have a number of substantive changes designed to no objection. Most of these changes are clarify and improve the operation of these in accordance with recommendations which statutes. were made by the Board last year to the The Board of Governors is thoroughly in Senate Banking and Currency Committee. accord with the objectives of this legislation Expenditures for Federal Reserve Bank and believes that enactment of such a codibranch buildings—Sec. 4(c). The present fication of the banking laws would be in statutory dollar limitation on the aggregate the public interest. The Board's adverse costs of construction for Federal Reserve comments on a few provisions should not Bank branch buildings would be eliminated. be construed as indicating lack of general Franchise tax—Sec. 7(b). A new provision approval. would require each Federal Reserve Bank Most of the changes which would be to pay 90 per cent of its annual net earnmade by the bill in the Federal Reserve Act ings to the United States as a franchise tax. are purely technical and would merely serve This would have the effect of restoring the to bring that Act up to date by eliminating franchise tax provision which was repealed deadwood and clarifying ambiguous proin 1933 when the Reserve Banks were visions. Such changes are clearly desirable required to subscribe half of their surplus to and require no special comment. As to the the capital stock of the Federal Deposit Inchanges of substance which would be made surance Corporation. The proposed spein Federal Reserve law, it may save time cific statutory direction for the transfer of to review briefly those which the Board enannual net earnings to the Treasury would dorses or to which it has no objection and replace the somewhat complicated and awkward procedure under which the Federal NOTE.—Statement of Chairman Martin on behalf Reserve System, since 1947, has paid to of the Board of Governors of the Federal Reserve System before the House Banking and Currency Com- the Treasury approximately 90 per cent mittee, July 15, 1957, regarding the proposed "Fiof its annual net earnings. nancial Institutions Act of 1957." 759 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL RESERVE BULLETIN • JULY 1957 Rotation of membership on Federal Advi- Rotation of directors of Federal Reserve sory Council—Sec. 8(a). The bill would make Banks—Sec. 17(a). Under the bill no direcany member of the Federal Advisory Coun- tor of a Federal Reserve Bank who has cil who has served six consecutive terms of served two consecutive terms of three years one year each ineligible to serve again as a each would be eligible to serve again as a member of the Council until after an in- director until after an intervening period tervening period of not less than three years. of not less than three years, with a modifi- Such a provision for rotation in the mem- cation of the rule as to the chairman of the bership of the Council would have the ad- board of directors. Like the similar provantage of obtaining broader representation vision with respect to members of the Fedand wider experience over a period of time. eral Advisory Council, this provision would insure broader representation and wider Majority vote of Board members—Sees. 10 experience on the boards of directors of the (b), 39(1), and 42. Certain provisions of Federal Reserve Banks. present law require designated actions of the Residence of Federal Reserve directors— Board to be approved by a stated number of Sec. 17(a). Every Federal Reserve Bank di- Board members. For example, permission rector would be required to be a resident of for the carrying of reduced reserves by memthe Federal Reserve district served by his ber banks in outlying sections of reserve Federal Reserve Bank or to reside within and central reserve cities requires the af- 50 miles of the Reserve Bank. firmative vote of not less than five members Federal Reserve agents—Sec. 19. The bill of the Board. These and similar provisions would eliminate the present unnecessary rewould be modified by the bill to require quirement that Federal Reserve agents and such actions to be taken on the affirmative assistant Federal Reserve agents be persons vote of a majority of the members of the of "tested banking experience." Other pro- Board in office at the time the action is visions would make it clear that a Federal taken. Reserve agent could delegate ministerial Repeal of authority for business loans. The functions to his assistants and that an assistproposed revision of the Federal Reserve ant Federal Reserve agent could act in the Act would omit and thereby repeal Section place of the agent during a vacancy in that 13b of the present Federal Reserve Act auoffice as well as during the absence or disathorizing the Federal Reserve Banks to make bility of the agent. working capital loans to industrial or com- Reports of State member banks—Sec. 23(b). mercial businesses. This authority has not A new provision would authorize the obtainbeen utilized extensively in recent years and ing of special reports from State member in any event it is believed to be inconsistent banks and thereby enable the Board to call with central banking functions. Repeal of for relatively simple reports from smaller these provisions has heretofore been recom- banks and more detailed reports from the mended by the Board. Their repeal would larger member banks engaged in a variety mean that the Reserve Banks would repay of banking operations. to the Treasury approximately $27.5 mil- Stock acquisitions in connection with absorplion which has been paid by the Treasury tions—Sec. 23(d). A new provision would to the Reserve Banks under these provisions. permit a State member bank, with the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED FINANCIAL INSTITUTIONS ACT 761 Board's approval, to purchase and hold for Confidentiality of examination reports—Sec. not more than 90 days the stock of another 24(f). Reports of examinations of State bank as a step in connection with the absorp- member banks and related correspondence tion of such other bank. Such temporary would be made privileged against disclosure stock acquisitions would sometimes be con- without the Board's consent, except to comvenient as a step in the absorption process mittees of Congress upon request. and the requirement for the Board's approval Loans to executive officers—Sec. 28(e). would serve to prevent any abuses of this Present law prohibiting loans by member exception from the general rule against the banks to their executive officers includes an acquisition of corporate stock by member exemption with respect to loans not exceedbanks. ing $2,500. This exception would be liber- Shareholders9 lists and disclosure of stock alized by increasing the dollar limitation to ownership—Sec. 23. New provisions would $5,000. In addition, a requirement that require each State member bank to maintain executive officers make reports of their bora list of its stockholders and to notify the rowings from other banks would be modified Board of any single transaction involving to make such reports unnecessary where the the transfer of 10 per cent or more of the indebtedness does not exceed $15,000, in outstanding shares of the bank. In addition, the case of home mortgage loans, or $5,000 the record owner of any such stock would be in the case of all other extensions of credit. required to notify the Board of the names of Reserves of holding company affiliates—Sec. any persons having a beneficial or equitable 33(b). Under present law a holding cominterest in such stock in excess of 5 per cent pany affiliate is required to maintain certain of the outstanding shares of the bank. Alreserves of readily marketable assets, and though this requirement for disclosure of this requirement has been interpreted as equitable ownership might be burdensome meaning that each of several holding comin some instances, the Board believes that pany affiliates of the same member banks the proposed provisions have merit. must maintain the statutory reserve. The Investments in bank premises—Sec. 23(h). bill would make it possible, where such a Under the bill, investment in bank prem- multiple holding company situation exists, ises by a State member bank would re- for only one of the holding company afquire the Board's approval only if they ex- filiates to carry the required reserve, proceed 100 per cent of the bank's capital stock vided it is designated for that purpose by or 50 per cent of the bank's capital and the Board, and provided that the designated surplus, whichever may be greater. Existing company directly or indirectly owns or conlaw requires Board approval in all cases in trols the stock of the affiliated banks. which the investment would exceed 100 per Audits of Board's accounts—Sec. 38(h). The cent of the capital stock. bill would require the Board to have its ac- Audits of State member banks—Sec. 24(c). counts audited annually by a firm of certi- A new provision would authorize the Board, fied public accountants, and reports of such whenever it deems it necessary, to require audits would be required to be submitted to an independent audit to be made of a State the Banking and Currency Committees of member bank. Congress. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN • JULY 1957 Conflict of interests—Sec. 38(i). It would substantial change with respect to Federal be made a criminal offense for any employee Reserve notes, although existing provisions of the Board or any Federal Reserve Bank to regarding the redemption of such notes accept employment in a member bank within would be eliminated as obsolete. Redemptwo years after terminating his employment tion in the traditional sense in gold or gold with the Board or the Reserve Bank, except certificates is no longer permissible and in with the Board's approval. While the Board any event Federal Reserve notes, like other doubts that such a "conflict of interests" types of currency, have been legal tender for provision is necessary, it would not object to all purposes since 1933. the provision of the bill on this subject. Powers of foreign branches of national Trust powers of national banks. Present banks—Sec. 44(f). The Board would be emprovisions of the Federal Reserve Act relat- powered by regulation to authorize foreign ing to trust powers of national banks would branches of national banks to exercise such be transferred to the National Bank Act as further powers as might be usual in connecrevised in Title I of the bill and authority tion with the transaction of the banking busifor granting such powers and regulation ness in the foreign countries in which they thereof would be vested in the Comptroller operate. This authority is intended to enof the Currency instead of the Board. Since able foreign branches of national banks to national banks are under the supervision of operate more effectively in the foreign counthe Comptroller, the Board would have no tries in which they do business. objection to this proposal. Mergers and consolidations. Title III of the Audits of Federal Reserve Banks—Sec. bill, relating to insured banks, contains in 39(m). The Board would be required by Section 23 new provisions which would the bill to take measures to insure that ex- make it necessary for all bank mergers or aminations of the Federal Reserve Banks consolidations to be approved in advance meet the highest standards of commercial by the appropriate bank supervisory agency. audits and the Board would be authorized Thus, the Board's approval would be necesto arrange for review by certified public ac- sary in connection with any merger or concountants of the adequacy of the procedures solidation if the acquiring or resulting inand techniques followed in the examination stitution would be a State member bank. of the Reserve Banks. Copies of the reports The Board would be required in such a case of examinations of the Reserve Banks, in- to consider, not only the usual banking cluding each examination of the System open factors stated in the Federal Deposit Insurmarket account, would be required to be ance Act, but also whether the effect of the transmitted promptly to the Banking and proposed transaction might be to lessen com- Currency Committees of Congress. petition unduly or to tend unduly to create Federal Reserve notes—Sec. 43. Present a monopoly. On the question of competition, provisions of law relating to the issuance of the Board would be required to consult the Federal Reserve notes, which have become Comptroller of the Currency and the Federal antiquated over the years and in many re- Deposit Insurance Corporation and would spects are ambiguous, would be completely be authorized to request the Attorney Genrewritten for purposes of simplification and eral's opinion with respect to that question. clarification. The revision would make no The Board believes that these provisions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED FINANCIAL INSTITUTIONS ACT 763 would fill a gap in the present law. They "weight of the evidence." The Board sees would insure consideration by the Federal no sound reason for this departure from the bank supervisory agencies, on a substan- general rule laid down in the Administrative tially uniform basis, of the impact of bank Procedure Act and the Board questions mergers upon competition in the banking whether it is desirable to single out the type field. A separate bill along the lines of these of action here involved as an exception from provisions of Section 23 of Title III of the the "substantial evidence" rule uniformly pending bill was passed by the Senate last applied in the case of all other agency acyear and was endorsed by the Board, as well tions. Application of the "weight of the as by the other Federal bank supervisory evidence" rule would, of course, mean that agencies. the decision of an expert administrative agency in proceedings for the removal of a bank director or officer could be upset PROVISIONS OF TITLE II QUESTIONED BY THE BOARD by a reviewing court even though that decision was clearly supported by substantial There are two provisions in Title II of the evidence. bill which, while not of the greatest importance, would make changes in present Use of reserves of holding company affililaw which in the Board's opinion would not ates—Title II, Sec. 33. Mention has already be desirable. been made of one change which would be Removal of officers and directors—Sec. 29. made by the bill with respect to the reserve Provisions for the removal of directors and of readily marketable assets required by officers of member banks, which are now present law to be maintained by holding contained in Section 30 of the Banking Act company affiliates. Another proposed of 1933, would be repeated in substance in change in this respect would be to permit Section 29 of Title II of the bill as far as a holding company affiliate to use such State member banks are concerned. Cer- reserve for additions to capital of affiliated tain changes would be made in these provi- banks as well as for the replacement of sions as to which the Board would have no capital in such banks. This reserve was objection. The Board would, however, ob- originally intended to enable a holding ject to one of the proposed changes. Under company affiliate to come to the aid of its the Administrative Procedure Act, agency subsidiary banks in times of stress or emeraction may be set aside on judicial review gency. The Board questions whether the if the reviewing court finds that such action proposed broadening of this provision to was "unsupported by substantial evidence." permit the reserve to be used for capital Despite this provision, the bill would include additions would be consistent with the pura statement that any hearing held in connec- poses of the law, since, if it were used in tion with the removal of a director or officer normal times for such purposes, it might of a State member bank shall be held in ac- well become depleted and not be available cordance with the provisions of the Ad- when it would be needed in unusual circumministrative Procedure Act and be subject stances in order to maintain the sound conto review as therein provided, except that dition of the holding company affiliate's the review by the court shall be upon the subsidiary banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN • JULY 1957 PROVISIONS OF TITLE I QUESTIONED that minority-elected directors often can BY THE BOARD stimulate other directors to greater activity Most of the provisions of this bill outside in behalf of a bank and, furthermore, that of Title II have no direct effect upon the if a minority-elected director should engage Federal Reserve System. Title I of the bill, in unsound activities, he would be subject however, relating to national banks, includes to removal under the law. two provisions which are of concern to the Debt limit of national banks. Section 37 of Board because of their possible effect upon Title I would increase the maximum limit the soundness of the banking system. of a national bank's total indebtedness from Cumulative voting. Under present law 100 per cent of its capital stock to 100 per cumulative voting in elections of directors cent of its capital stock and surplus. This of national banks is mandatory, and this has considerable expansion in the borrowing been the case since 1933. Cumulative ability of national banks would, in the voting is based on the principle of per- Board's opinion, be unnecessary and unmitting due representation of minority desirable. Although bank borrowings may shareholders on a corporation's board of occasionally be necessary in limited amounts directors. Section 26(c) of Title I of the and for limited periods in order to avoid bill would permit cumulative voting only if liquidation of assets that might otherwise be provided for in the national bank's articles necessary, it is a practice that should not of association. The Board feels that the be encouraged because it tends to dilute the principle of cumulative voting is sound and cushion of protection which is afforded dequestions whether the proposed change positors by a bank's capital and surplus. should be made unless Congress is satisfied Enlargement of the borrowing limits as that cumulative voting has produced un- here proposed might well encourage national desirable results so great as to outweigh the banks to hold smaller amounts of liquid obvious justice of giving proper representa- assets and to rely unduly upon borrowings tion to minority interests. Since the contents for necessary adjustments. In the case of of the articles of incorporation of a national an emergency requiring unusual borrowing, bank are determined by a majority of the the discount facilities of the Reserve Banks bank's shareholders, it is obvious that the are readily available. To encourage the practical effect of the proposed change ability of national banks to borrow outside would be to eliminate all cumulative voting the Reserve Banks would tend to diminish in elections of national bank directors. Al- the restraining influence that the Reserve though proponents of this change have con- Banks are directed by law to assert upon tended that cumulative voting has given rise borrowing member banks which may be to situations in which minority shareholders making undue use of credit for speculative have been able to place an undesirable in- purposes. dividual on the board of directors of a national bank, the Board doubts whether ADDITIONAL PROVISIONS RECOMMENDED abuses of this kind have been so great as BY THE BOARD to justify abandonment of the basically Before concluding this statement, the Board sound principle of cumulative voting. It would like to bring to the attention of the should be borne in mind in this connection Committee certain proposed changes in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED FINANCIAL INSTITUTIONS ACT 765 Federal Reserve law which are not included Banks. In five instances such authority now in the pending bills but which, in the Board's exists; and it would be helpful if it existed opinion, should appropriately be incor- in all cases so as to make certain that the porated in this legislation. many activities which the Reserve Banks Repurchase agreements. For many years are required to perform on behalf of Govthe Federal Reserve Banks in connection ernment departments and agencies do not with their open market operations have become inconsistent with the over-all purutilized repurchase agreements as a conven- poses of the Reserve Banks or unduly ient and flexible means of helping to smooth burdensome. The Board, therefore, recomout temporary irregularities in the money mends that this legislation include at an market. These agreements are in the form appropriate place a provision making all of a purchase and sale and they are used fiscal agency operations of the Reserve only to implement open market operations Banks specifically subject to supervision and pursuant to regulations of the Federal Open regulation by the Board. Market Committee. However, such trans- Payment of interest on deposits. Since actions admittedly have some of the attri- 1933, the law has prohibited member banks butes of a loan and present law contains no from paying interest on demand deposits, specific reference to these transactions. directly or indirectly, by any device what- Accordingly, the Board believes that a soever, and has required the Board of clarifying amendment which would specifi- Governors to fix maximum rates of interest cally authorize such repurchase agreements which may be paid by member banks on by the Federal Reserve Banks would be time and savings deposits. Similar prodesirable. visions are contained in the Federal Deposit Fiscal agency operations by the Federal Re- Insurance Act with respect to payment of serve Banks. Under various provisions of interest on deposits by nonmember insured present law, the Federal Reserve Banks are banks. For many years, the matter of authorized or directed to act as fiscal agents determining whether particular practices of the United States and of a number of involve a payment of interest on deposits departments and agencies of the Federal has presented substantial and almost impos- Government. The activities of the Reserve sible administrative problems. Questions Banks as such fiscal agents have increased arise, for example, as to whether the furnishtremendously in recent years. More than ing of free parking facilities, special print- 3,100 of the approximately 18,600 em- ing of checks, lower rates of interest on ployees of the Federal Reserve Banks are loans to depositors, and numerous other now engaged full time in fiscal agency opera- practices constitute indirect payments of tions on behalf of more than 25 govern- interest under the broad language of the mental agencies in some 50 different capaci- statute. In order to make the law more ties. It has become increasingly evident that, workable, the Board recommends that the in addition to the general authority of the words "directly or indirectly, by any device Board to supervise the Reserve Banks, the whatsoever" be deleted from the statute and law should contain some more specific that the words "payment of interest" be authority for the over-all coordination of the expressly defined as including only cash fiscal agency operations of the Reserve payments made, or credits given, by a bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN • JULY 1957 for the account or benefit of a depositor. removing existing inequities which have In the Board's opinion such a change would arisen in this field and not for the purpose carry out the basic purposes of the statute of forcing "par clearance" upon banks that and at the same time make possible a more now charge exchange. The Board's propractical administration of the law. posal relates not to the making of exchange In this connection, the Board also recom- charges but to the absorption of such mends that the law be clarified so as to charges as a device for paying interest on make the same rules as to what constitutes deposits. The purpose is simply to make a payment of interest on deposits apply to the same rules applicable to all insured member banks and nonmember insured banks and to preclude situations in which banks alike. Obviously this was the intent nonmember insured banks are permitted to of Congress when the law was originally absorb exchange while competing State and enacted. However, in the application of the national member banks are not allowed to statute, the Board has ruled that absorpdo so. tion of exchange charges by member banks With respect to this matter, the report is a payment of interest, whereas the of the Senate Banking and Currency Com- Federal Deposit Insurance Corporation has taken the opposite position with respect to mittee recognized that the law should apply nonmember insured banks. As a result, uniformly to both classes of banks, but member banks in some sections of the stated that the Board and the Federal country have been placed at a serious com- Deposit Insurance Corporation should repetitive disadvantage with respect to non- solve the question by developing uniform member banks, and the check collection regulations for both member and nonprocess has been slowed up by the unneces- member insured banks. However, all efforts sary circuitous routing of checks drawn on for such uniform regulations, over a period nonpar banks. If the law should be amended of many years, have proved fruitless. In as previously suggested by the Board to de- the Board's opinion, the problem is one fine interest as including only cash paywhich can be resolved only by specific ments or credits, it is believed that absorplegislation. tion of exchange would come within that definition. However, if the law should not CONCLUSION be amended to include such a definition, In view of the length of this statement, it the Board believes that the law should be may be appropriate in conclusion to say amended either by including an explicit again that the Board endorses the general statement regarding absorption of exchange objectives of the pending legislation. With charges by both member and nonmember insured banks, or, in the alternative, by the few exceptions that have been indicated, authorizing either the Board or the Federal the Board approves the provisions of the bill Deposit Insurance Corporation to define a insofar as they affect the Federal Reserve "payment of interest" for both classes of System. Enactment of such a codification banks. of Federal statutes relating to financial in- It should be emphasized that this recom- stitutions is long overdue and the Board mendation is made only for the purpose of hopes that it will be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Problem of Small Business Financing THE BOARD OF GOVERNORS concurs in the situation, we combine these observations broad objective of Senate Bill 2160 now with careful analysis of a large volume of before your Committee, namely, to fill an statistical information on loans by banks apparent gap in existing credit facilities by and other financial institutions. From the providing for a new type of private invest- available information, it is possible to draw ment institution to specialize in small busi- certain broad inferences concerning the finess financing. nancing of small business. It seems likely that today the problem of We know, for example, that most loans small business financing is in the area of made by commercial banks are to small longer term credit and equity capital rather businessmen. Further insight is obtained than in that of shorter term credit. This by studying the rates of interest charged by view takes into account the fact that business commercial banks on various sizes of busiactivities now require a higher investment ness loans as reported to us in a quarterly in tools, machinery, and plant facilities than interest rate survey. We are also now in ever before in our history. the process of developing information from We also base our view in part on infor- a recent loan survey on the location of busimation concerning business and credit de- ness borrowers in relation to the institutions velopments we receive from the 12 Federal with which they bank. These and many Reserve Banks and their 24 branches. This other current efforts throw light on small information is derived not only from mem- business financing and its problems. ber banks but also from bankers and busi- This kind of information broadly subnessmen through their representation on the stantiates the thesis that the problem of boards of directors of the Reserve Banks small business financing is primarily one of and branches and through many other estab- long-term credit and equity capital, and that lished business and financial contacts. In financing difficulties arise most frequently this way it is possible for us at the Federal in the case of ventures where direct financ- Reserve Board to obtain a fairly complete ing by commercial banks or other institupicture of the extent to which credit demands tions which hold the liquid savings of the in various parts of the country are being met public is inadvisable. in total and by various categories of bor- There have been a number of attempts in rowers. recent years to cope experimentally with the In making our appraisal of the credit needs of smaller firms for capital and longer term credit. I refer particularly to regional development corporations, organized under NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal State charter with local financing, that have Reserve System, before the Subcommittee on Small been established in the New England States Business of the Senate Banking and Currency Committee, June 20, 1957. and in some other areas. 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • JULY 1957 These organizations have as their main of Federal incorporation might offer some objective the removal of impediments and advantages and attract the formation of imperfections in the market organization additional companies. for supplying intermediate and longer term An explanation of the scarcity of private funds to small- and medium-size businesses, companies in this field may lie in two operparticularly those situated away from the ating problems. One is the very high cost main stream of supply. Assuming the po- of original risk appraisal and subsequent tential borrower to be a reasonable credit supervision; the other relates to taxation. risk, sheer lack of knowledge on his part of The bill under consideration recognizes the alternative sources of financing may be a desirability of reducing the tax obstacle. problem; or a lender may lack the skill nec- As to the role of the Federal Reserve with essary to arrange the appropriate financial respect to the proposed new financing instiaccommodations for him; or insufficient tutions designed to provide longer term debt lender competition or facilities in the field or equity financing for small businesses, it may cause the difficulty. By acting as inter- would be appropriate, if the Congress sees mediaries, sometimes advancing some funds fit, for the Board of Governors and the along with those of participating lenders, at Reserve Banks to perform certain functions other times merely bringing borrower and relating to the activities of such new facililender together, these regional and local ties. These functions relate to chartering, financing institutions perform a constructive examination, and fiscal agency duties. The function. performance of such duties is consistent and The efforts of these organizations should compatible with the similar functions now certainly be encouraged, and ways and performed by the Federal Reserve. means should be explored to further the However, the Board would favor neither participation of private commercial banks the financing of such institutions by the Fedin their activities. Commercial banks, be- eral Reserve by purchase of stock or othercause of the demand nature of the bulk of wise, nor the exercise by the System of any their liabilities, must generally limit the ex- proprietary functions. For example, the tent to which they make loans outside the Board should not have the responsibility to field of higher grade, shorter term obliga- "promulgate standards to determine the elitions. They can facilitate the operations of gibility of business enterprises for the purdevelopment companies, however, by help- poses of this Act." Also, it should not be ing to minimize costs of investigating appli- responsible for regulating the borrowing of cants and by extending loans to these com- the investment companies. Such activities panies in appropriate circumstances. should be specifically governed by the Act It strikes us as noteworthy that other pri- itself. vate investment companies, organized under Our views on these matters are based on general incorporation acts of the various the fundamental objections discussed before States to specialize in the equity as well as this Subcommittee two years ago. Basically, longer term debt financing of promising our concern stems from the belief that it is small business ventures, do not now exist good government as well as good central in large numbers. In postwar years, only banking for the Federal Reserve to devote a few have been established. The privilege itself primarily to the objectives set for it by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 769 the Congress, namely, guiding monetary and techniques, and it might yield important credit policy so as to exert its influence to- by-products. The pointing out of potenward maintaining the value of the dollar tially profitable lending opportunities could and fostering orderly economic progress. stimulate private enterprise to fill the indi- While we feel that it is undesirable for cated gaps. the Federal Reserve to provide the capital Something like this happened as a result and participate in management functions in of the extensive research directed to conthe proposed institutions, this should in no sumer lending methods, practices, and exway be taken as minimizing our concern perience carried on during the late twenties with the financing problems of small busi- and the thirties. Dissemination of these ness. Despite the fact that available infor- research findings did much to spread knowlmation on the subject is illuminating, some edge of the opportunities of the instalment further investigation of the subject might be financing device through the financial comuseful. The time required for such an in- munity. This research also led to modificavestigation would preclude its use in the tions of some State laws governing consumer consideration of the pending proposed legis- lending. Wider knowledge of opportunities lation, but it might provide valuable factual and broader legislative authority powerfully information for future reconsideration of stimulated the increased provision of conthe problem. sumer credit facilities, which today make up A fresh study of the small business financ- such a large and important segment of our ing problem might confirm the existence of existing structure of private financing instigaps in the present financing facilities and tutions. Law Department Administrative interpretations, new regulations, and similar material Designation of Federal Reserve District For purposes of Regulation G, the Virgin Isfor Virgin Islands lands shall be deemed to be in or of the Second The Board of Governors, effective June 19, Federal Reserve District, effective on and after 1957, designated the Virgin Islands as being in or June 19, 1957. of the Second Federal Reserve District for the collection, under Regulation G, of noncash items FOR PURPOSES OF REGULATION J payable in such area, and for the collection, under Pursuant to Footnote 1 of Regulation J, the Regulation J, of checks drawn on nonmember par- Board of Governors has taken the following acremitting banks located therein. There are set tion: forth below texts of the designations. For purposes of Regulation J, the Virgin Islands FOR PURPOSES OF REGULATION G shall be deemed to be in or of the Second Federal Reserve District, effective on and after June Pursuant to Footnote 1 of Regulation G, the 19, 1957. Board of Governors has taken the following action: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS to the revised summary flow-of-funds tables ap- The Federal Open Market Committee met in pearing in the BULLETIN for April 1957 are now Washington on July 9, 1957. available in mimeographed form. Complimentary copies may be obtained upon request from the CHANGES IN THE BOARD'S STAFF National Income, Moneyflows, and Labor Section, Mr. Robert C. Masters was appointed Director of Division of Research and Statistics, Board of Govthe Division of Examinations effective July 1, ernors of the Federal Reserve System, Washing- 1957. Mr. Masters was employed by the Federal ton 25, D.C. Reserve Bank of Boston as an Examiner from June 1933 until he joined the Board's staff in REVISIONS IN SEASONALLY ADJUSTED DEPOSITS 1948. He was appointed as Assistant Director AND CURRENCY of the Division of Examinations on December 23, Revised seasonal adjustment factors for demand 1951, and had been serving as Associate Director deposits adjusted and currency outside banks, of that Division since November 18, 1956. together with unadjusted data and revised season- Mr. Masters succeeded Mr. George S. Sloan, ally adjusted figures for each series, are shown on who retired as Director of the Division of Examinations. Mr. Sloan became associated with pages 828-829 of this BULLETIN. the Board of Governors as a Federal Reserve Examiner on June 29, 1934, prior to which he ADMISSION OF STATE BANK TO MEMBERSHIP had been with the Federal Reserve Bank of Rich- IN THE FEDERAL RESERVE SYSTEM mond for approximately seven years. He was The following State bank was admitted to memappointed an Assistant Director of the Division bership in the Federal Reserve System during the of Examinations on November 1, 1946, and had period May 16, 1957 to June 15, 1957: been serving as Director of that Division since Minnesota June 1951. Duluth . Northwestern Bank of Commerce DEATH OF DIRECTOR Mr. William B. Pollard, President, National Bank TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY of Commerce in Memphis, Memphis, Tennessee, who had served as a director of the Memphis Latest BULLETIN Reference Branch of the Federal Reserve Bank of St. Louis Semiannually Issue Page since January 1, 1952, died on July 11, 1957. Banking offices: Mr. Pollard was on the staff of the Board of Gov- Analysis of changes in number of.... Feb. 1957 212 On, and not on, Federal Reserve Par ernors of the Federal Reserve System beginning List, number of Feb. 1957 213 Stock Exchange firms, detailed debit and in 1933, and was Assistant Director of the Board's credit balances Mar. 1957 336 Division of Examinations from July 1942 through Annually 1945. From January 1946 to June 1948 he was Earnings and expenses: Federal Reserve Banks Feb. 1957 210-211 Vice President of the Federal Reserve Bank of Member banks: Calendar year June 1957 710-718 St. Louis in charge of its Memphis Branch. First half of year Oct. 1956 1248 Insured commercial banks June 1957 719 Banks and branches, number of, by class FLOW-OF-FUNDS TABLES and State Apr. 1957 472-473 Operating ratios, member banks June 1957 720-722 Detailed flow-of-funds sector and transaction ac- Banking and monetary statistics, 1956.. (g£ gg fj£§g count tables for the years 1950-55 corresponding 770 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 15 Industrial production in June remained at the production and auto assemblies were also cur- April-May rate. Residential construction activ- tailed, mainly because of the holiday. ity increased, and total nonagricultural employ- Production of textiles and apparel was stable in ment, personal incomes, and retail sales continued June at the reduced level of recent months. Work at record levels. Average wholesale prices ad- stoppages continued in the rubber products invanced somewhat from early June to early July. dustry and output remained at the curtailed April- Total bank credit expanded sharply and security May rate. Activity in the paper, printing, and prices firmed. chemicals industries continued at advanced rates. Minerals production was maintained close to INDUSTRIAL PRODUCTION record levels. Output of coal increased and stone and earth minerals continued at high levels, while Output of factories and mines, as measured by extraction of metal ores and crude petroleum the Board's preliminary seasonally adjusted index, declined. was unchanged in June at 143 per cent of the 1947-49 average—four points below the Decem- CONSTRUCTION ber 1956 peak but two points above June a year Construction contract awards rose sharply in ago. Utility output of electricity advanced to a May, and in the first five months of the year new high, 5 per cent above June 1956. slightly exceeded the level of the corresponding Output of durable goods changed little. Auto period in 1956. In June the number of private assemblies increased and television production housing units started was unchanged at a seasonrecovered sharply further. Over-all activity in ally adjusted annual rate of close to one million producers' equipment lines edged off further, but units. Reflecting an increase in residential buildwas moderately above a year ago. Steel mill ing, the seasonally adjusted value of new construcoperations, as in May, were 86 per cent of tion put in place advanced slightly to a new capacity, and output of building materials was record. maintained. By early July, cement production EMPLOYMENT was significantly reduced by work stoppages; steel Seasonally adjusted nonfarm employment was unchanged in June at the record level of 52.6 INDUSTRIAL PRODUCTION 1947-49*100 million. Manufacturing employment declined slightly further while employment in nonmanu- TOTAL facturing industries continued to rise. Unemploy- DURABLE MANUFACTURES ment increased somewhat more than seasonally— to 3.3 million—as a large number of students entered the labor market seeking summer jobs. ^ 1 The average workweek at factories rose slightly MIN:RALS ' f**r*s* and, with hourly earnings also higher, average weekly pay increased to the highest level of MANUFACTURES the year. DISTRIBUTION Seasonally adjusted dollar sales at retail stores in June remained at the record level of the previ- ...I I ^,J 80 ous six months and were about 3 per cent above Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for June. a year earlier. Unit sales of new autos increased, 771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • JULY 1957 and for the first time this year exceeded the year services and foods were partly offset by decreases earlier rate. Sales at department stores recovered in fuels and some other commodities. further and the advance continued in early July. BANK CREDIT AND RESERVES AGRICULTURE Total credit at city banks rose $2 billion between early June and early July, mainly reflecting Total crop production this year was officially heavy business borrowing in mid-June to meet inforecast as of July 1 to be smaller than in 1956. come tax payments and bank acquisitions of new Largely reflecting the soil bank programs, cotton Treasury tax anticipation bills in early July. Duracreage in cultivation on July 1 was 15 per cent ing June, banks had reduced substantially their smaller than last year and the prospective wheat holdings of U. S. government securities. crop was off 6 per cent. While the forecasted Average member bank borrowing from the corn crop is 13 per cent smaller, the total feed Federal Reserve exceeded excess reserves by grain harvest is indicated to be close to last year's about $570 million in the four weeks ending July output. Pasture conditions as of July 1 were 10, somewhat more than in the previous four above average, and a record hay crop was in weeks. Reserves absorbed through currency outprospect. flow and an increase in required reserves exceeded those supplied through Federal Reserve purchases COMMODITY PRICES of U. S. Government securities and an increase The general level of wholesale commodity in float. prices advanced somewhat from early June to SECURITY MARKETS early July. Prices of steel were raised about 4 Yields on U. S. Government securities, followper cent and a few metal products were ining an extended rise to new postwar record levels, creased. Prices of copper, lead, and zinc declined declined in late June and early July. Yields on further. Among agricultural commodities, liveboth corporate and State and local bonds rose stock and meat prices increased further while further after mid-June, but declined somewhat in some other foodstuffs declined. early July. After a moderate decline, common The consumer price index continued to rise stock prices rose to a level slightly above the from mid-April to mid-May. Increases among previous 1957 high reached in mid-June. PRICES INTEREST RATES 1947-49 = 100 "" WHOLESALE CONSUMER OTHER yS***^ - ALL - ITEMS^^^^"^ COMMODITIES FOODS r | DISCOUNT RATE U V*\ . t ft V x FARM /\ . *, V TREASURY BILLS V WIIIHIlllIMM 1 ,M,,I,MMW ! 1 ! 1954 1955 1956 1957 1954 1955. 1956 1957 Bureau of Labor Statistics indexes. "Other" wholesale prices Weekly average market yields for long-term U. S. Governexclude processed foods, included in total but not shown ment IVi per cent bonds and for longest Treasury bills; latest separately. Monthly figures, latest shown: May for consumer shown are for week ending July 5. prices, and June for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items. . , 775 Reserve Bank discount rates; reserve requirements; margin requirements. 778 Federal Reserve Banks . .. 779 Bank debits; currency in circulation 782 All banks: consolidated statement of monetary system; deposits and currency 784 All banks, by classes. 785 Commercial banks, by classes. ... 788 Weekly reporting member banks. 790 Commercial loans; commercial paper and bankers' acceptances. 792 Interest rates 793 Security prices; stock market credit. 794 Savings institutions. . 795 Federal business-type activities. 796 Federal finance. 798 Security issues. . . 802 Business finance . . 803 Real estate credit 805 Short- and intermediate-term consumer credit 808 Selected indexes on business activity 812 Production . 813 Employment and earnings. 820 Department stores. 822 Foreign trade. . . 823 Wholesale and consumer prices. 824 National product and income series 826 Deposits and currency—seasonal adjustment factors .... 828 Tables published in BULLETIN, annually or semiannually—list, with references . 770 Index to statistical tables. 857 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. 773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES. 20 15 r- EXCESS RESERVES 2 «WjW\rv^ 0 35 - CURREN:Y IN CIRC JLATION \ j 30 \ : 25 RESERVE BANK CREDIT SN s- ^ :~ GOLD STOCK 20 TREASURY CASH AND DEPOSITS - NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES: HELD UNDER""] REPURCHASE AGREEMENTS A A DISCOUNTS AND ADVANCES I i FEDERAL RE5ERVE FLOAT ' | 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending June 26. See p. 775. 774 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 i stand- cula- ings counts Total out- repur- ad- ing tion Treas- For- Other Total Re- Exright chase vances ury eign quired2 cess2 agreement wmmmmamm Averages of daily figures 1956 May 2 23,299 23,243 56 1,089 864 25,266 21,743 5,023 30,181 786 575 338 385 99818,767 18,359 408 May 9 23,352 23,252 100 1,114 844 25,325 21,768 5,025 30,296 781 555 334 321 98218,848 18,295 553 May 16 23,279 23,226 53 1,066 937 25,298 21,769 5,026 30,359 789 563 378 314 98018,710 18,241 469 May 23 23,210 23,200 10 946 1,139 25,310 21,770 5,028 30,317 781 594 319 310 98018,809 18,275 534 May 30 23,412 23,359 53 732 835 24,995 21,771 5,032 30,327 785 507 297 328 98418,569 18,227 342 June 6 23,503 23,406 97 894 906 25,320 21,782 5,032 30,505 782 429 305 310 98318,819 18,217 602 June 13 23,516 23,491 25 747 970 25,251 21,796 5,033 30,542 779 398 332 299 98218,749 18,233 516 June 20 23,492 23,492 764 1,507 25,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27 23,478 23,452 "26 756 ,369 251,621 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 99318,902 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 3 849 1,412 2255,769 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 1,021 18,591 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 21 960 837 25,254 21,856 5,036 30,681 773 539 335 277 94718,593 18,014 579 Aug. 22. 23,574 23,446 128 878 1,17125,642 21,856 5,037 30,654 778 485 293 266 94419,117 18,464 653 Aug. 29. 23,622 23,592 30 935 82925,404 21,857 5,041 30,618 776 481 318 282 94418,883 18,375 508 Sept. 5 23,849 23,818 796 78725,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12 23,858 23,829 1,012 1,04525,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19 23,691 23,673 654 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26 23,576 23,555 705 394 2"5,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 810 1,067 25,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10. 23,840 23,766 857 990 25,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17. 23,860 23,846 714 ,215 25,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. 23,736 23,736 564 ,547 25,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31. 23,708 23,668 40 674 ,062 25,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7. 23,824 23,766 58 828 ,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 ,040 25,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 ,543 26,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28. 24,202 24,110 92 631 1,514 26,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 268 26,165 21,953 5,060 31,451 770 408 344 228 91019,068 18,682 386 Dec. 12. 24,652 24,493 159 709 ,226 26,633 21,924 5,062 31,660 775 357 342 264 1,001 19,220 18,653 567 Dec. 19. 24,785 24,489 296 555 ,835 27,223 21,927 5,064 31,835 776 498 389 169 1,011 19,535 18,922 613 Dec. 26. 24,906 24,574 332 667 2,208 27,842 21,949 5,066 31,992 765 635 393 258 1,02419,790 19,086 704 1957 Jan. 2 24,994 24,610 384 925 1,53727,524 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 2266,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 1,27825,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1,446 "2"5,636 21,951 5,067 30,827 798 199 324 268 89419,342 18,724 618 Jan. 30 23,450 23,450 528 1,078 25,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6. 23,435 23,411 640 1,040 25,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13. 23,264 23,190 741 962 24,997 22,252 5,070 30,641 820 377 366 299 ,00718,808 18,265 543 Feb. 20. 22.969 22,958 577 188 24,764 22,303 5,071 30,605 815 173 307 226 ,11618,895 18,309 586 Feb. 27. 22,854 22,854 713 217 24,813 22,303 5,073 30,544 815 297 334 382 ,13418,683 18,218 465 Mar. 6 22.913 22,895 18 755 1,179 24,871 22,304 5,077 30,566 813 479 329 212 ,131 18,721 18,231 490 Mar. 13 ?22.979 22,934 45 880 908 24,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 Mar. 20 (23,178 23,064 114 783 1,173 25,158 22,305 5,080 30,589 811 302 300 199 ,13819,204 18,578 626 Mar. 27 123.094 23,051 43 844 96'7"24,930 22,305 5,083 30,502 813 353 334 205 ,139 18,971 18,362 609 Apr. 3. 23.189 23,040 149 1,074 877 25,165 22,306 5,086 30,589 517 294 314 ,16718,868 18,525 343 Apr. 10. 23,262 23,040 1,230 25,400 22,307 5,088 30,655 814 387 340 305 ,205 19,088 18,523 565 Apr. 17. 23,282 23,146 136 1,244 967 25,520 22,313 5,089 30,681 808 478 344 300 ,20319,107 18,556 551 Apr. 24. 23,237 23,169 68 947 1,484 25,695 22,317 5,092 30,610 791 456 390 454 ,20219,201 18,639 562 May 1. 23,169 23,169 730 1,168 25,093 22,318 5,094 30,499 793 419 352 291 ,14819,000 18,621 379 May 8. 23,213 23,125 993 947 25,177 22,318 5,095 30,589 795 504 366 275 ,07818,984 18,495 489 May 15. 23,083 23,033 50 975 948 25,031 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 18,284 534 May 29. 22,930 22,901 29 903 97924,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5 23,110 22,950 160 902 954 24,987 22,620 5,104 30,837 792 485 357 323 ,072 18,846 18,378 468 June 12 22,972 22,926 46 1,059 936 24,988 22,621 5,106 30,903 791 463 379 276 ,069 18,834 18,330 504 June 19 22,930 22,880 50 1,089 1,384 25,424 22,621 5,106 30,904 782 518 389 335 ,07619,148 18,537 June 26 22,951 22,""" 63 1,003 1,320 25,294 22,622 5,106 30,849 776 477 407 254 ,087 19.171 18,603 Preliminary. For other footnotes see following page. 775 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v u g u t g h t . - h t s t ecu r a u c H r e g n h i p t r e a d i e u l e s e d e r s e r - - c v D o a a a n n u i d s c d n - - e ts s Float Total* 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 t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r g r v . - n e B s, a O nk th s er c O F o . a t u c h R - n e t r . s Total r q e u s R e i e r r - v ed es 2 c E e x ss - 2 ment Averages of daily figures 1956 June. 23,522 23,486 36 770 1,20625,516 21,795 5,033 30,536 778 485 315 304 99118,933 18,359 574 July., 23,580 23,573 7 738 1,26325,599 21,826 5,032 30,751 771 521 300 280 99918,836 18,237 599 Aug.. 3,530 23,488 42 898 91025,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Sept.. 3,728 23,695 33 792 1,19825,737 21,880 5,043 30,803 772 523 356 237 94619,024 18,446 578 Oct.. 23,781 23,742 39 715 1,18225,698 21,906 5,048 30,864 776 487 337 299 95018,939 18,419 520 Nov.. 24.024 23,951 73 745 1,30026,097 21,910 5,056 31,198 774 456 308 313 84519,169 18,579 590 Dec. 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 1957 Jan.. 24,092 24,056 36 432 1,34325,905 21,989 5,067 31,040 794 335 323 276 89619,295 18,773 522 Feb.. 23.111 23,083 28 665 1,10624,912 22,279 5,071 30,595 817 336 335 294 ,07118,816 18,302 514 Mar.. 23.061 22,997 64 859 1,024 2244,968 22,305 5,081 30,568 812 423 316 216 ,13518,884 18,366 518 Apr.. 23,239 23,121 118 1,036 1,11025,411 22,313 5,090 30,614 803 429 348 339 ,19519,087 18,580 507 May. 23,041 22,996 45 931 1,04625,041 22,358 5,098 30,645 792 521 361 276 ,07518,827 18,362 465 June. 22,989 22,917 72 1,009 1,17025,189 22,621 5,106 30,901 782 490 393 290 ,07718,982 Midyear or year-end 1929—June.... 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 ! 098 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 / 4 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941_Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945_Dec 24,262 24,2f«2 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947_Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec 25,916 25,318 598 28 935 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—Dec 24,932 24,888 44 143 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 i955_jUne 2 24 3 , , 7 6 8 0 5 7 2 24 3 , , 3 5 9 5 1 4 3 5 9 3 4 1 1 2 0 8 8 1,5 8 8 5 5 0 2 2 4 6 , , 6 5 0 0 1 7 2 2 1 1 , , 6 6 7 9 8 0 5 5, , 0 0 0 0 8 2 3 3 0 1 , , 2 1 2 5 9 8 7 81 6 2 7 3 3 8 9 0 4 4 3 0 7 2 4 4 5 4 5 8 4 9 92 7 5 21 19 8 , , 0 0 0 6 5 6 1 1 8 8 , , 1 9 3 0 9 3 - 1 7 0 3 2 Dec End of month 1956 23,758 23,712 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 June 23,438 23,438 452 95924,868 21,830 5,035 30,604 761 513 308 288 95018,308 18,104 204 July 23,854 23,828 26 832 77125,480 21,858 5,041 30,757 768 422 350 252 94318,888 18,377 511 Aug 23,680 23,590 90 664 1,12525,487 21,884 5,046 30,768 771 535 334 227 95018,831 18,450 381 Sept 23,767 23,688 79 r28 910 25,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Oct 24,385 24,255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 Nov 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 Dec 1957 Jan 23,421 23,421 668 1,07625,195 22,252 5,071 30,614 809 715 344 263 89118,882 18,517 365 A M M Fe p a a b r y r 2 2 2 2 2 3 3 3 3 2 , , , , , 1 0 1 1 8 6 3 4 0 8 9 5 9 8 7 2 2 2 2 2 3 2 2 3 2 , , , , , 1 8 9 0 9 6 5 5 4 9 9 4 0 0 4 1 1 4 3 5 0 1 3 8 9 1, 5 9 1 8 5 7 9 2 9 5 0 5 9 4 8 1 1 , , 9 1 9 1 8 9 9 2 3 0 6 9 6 6 3 2 2 2 2 2 2 4 4 4 4 55 , , , , , 7 8 9 9 2 0 1 7 6 2 4 6 0 0 4 ^ 2 2 2 2 2 2 2 2 2 2 ; , . , , 3 3 6 3 6 1 2 0 0 2 8 3 6 4 0 ' 5 5 5 5 5, , , , , 1 0 1 0 0 0 9 0 7 8 4 6 4 6 6 *> 3 3 3 3 3 0 0 0 0 1 , , , , , 5 5 5 8 0 7 8 1 3 7 5 5 9 6 4 7 7 8 8 9 8 0 0 1 8 9 4 4 4 5 5 5 9 5 9 0 6 1 8 8 9 8 4 3 3 3 3 4 1 1 2 6 9 1 6 7 0 2 2 2 3 3 9 7 0 0 0 4 4 6 4 8 , , , , ,0 0 1 1 0 7 7 3 3 7 5 9 3 7 2 1 1 1 1 1 9 8 8 8 8 , , , , , 0 5 3 6 8 4 7 2 7 6 9 6 9 6 4 ^1 1 1 1 1 8 8 8 8 8 , , , , , 3 5 5 2 5 5 2 8 9 1 1 6 8 4 2 2 2 6 1 7 8 9 1 6 2 8 7 June Wednesday 1957 23,268 23,040 228 1,121 91125,324 22,306 5,087 30,592 818 360 249 298 1,205 19,195 18,643 552 Apr. 3 23,222 23,040 182 1,227 72325,201 22,311 5,088 30,633 823 376 334 308 1,204 18,922 18,505 417 Apr. 10 23,239 23,170 69 809 1,12725,201 22,317 5,089 30,650 797 384 360 300 1,202 18,915 18,685 230 Apr. 17 23,169 23,169 674 1,07324,942 22,318 5,093 30,471 799 328 388 293 1,201 18,872 18,632 240 Apr. 24 M M M M M a a a a a y y y y y 2 2 1 2 9 8 1 5 2 2 2 2 2 3 3 3 3 2 , , , , , 1 0 0 8 1 6 1 0 9 8 9 3 8 5 0 2 2 2 2 2 3 3 3 2 2 , , , , , 1 1 0 8 9 2 6 9 0 5 1 9 5 8 0 5 63 9 1,0 9 8 6 6 9 9 6 6 0 5 1 4 9 4 1 1 1 , , , 0 7 0 7 0 1 8 8 9 8 5 5 1 0 4 2 2 2 2 2 4 5 4 4 4 , , , , , 7 3 6 8 7 8 0 7 0 9 3 5 5 7 0 2 2 2 2 2 2 2 2 2 2 , , , , , 3 3 3 3 6 1 1 2 2 2 9 8 0 0 0 5 5 5 5 5 , , , , , 1 1 0 0 0 0 0 9 9 9 1 3 6 4 6 3 3 3 3 3 0 0 0 0 0 , , , , , 6 5 8 6 5 3 1 1 0 8 4 8 0 4 0 7 7 8 7 7 9 0 9 9 9 5 3 2 6 7 4 5 3 3 5 8 6 9 6 1 7 6 9 6 8 3 3 3 3 3 1 5 4 5 6 1 3 3 3 4 2 2 2 2 2 8 8 9 4 3 3 3 3 2 4 1 1 1 1 1 , , , , , 0 0 0 0 0 7 7 7 7 7 7 4 8 3 2 1 1 1 1 1 8 9 8 8 8 , , , , , 1 7 7 6 4 2 7 6 8 9 3 9 9 5 4 1 1 1 1 1 8 8 8 8 8 , , , , , 6 4 4 3 2 4 0 3 6 7 1 3 8 7 4 4 4 2 3 2 4 8 8 0 2 1 2 2 2 0 June 5 23,108 22,950 158 538 86924,536 22,620 5,106 30,850 796 380 360 269 1,071 18,536 18,381 155 June 12 22,889 22,889 1,291 993344 25,134 22,621 5,106 30,881 791 424 395 272 1,068 19,031 18,412 619 June 19 22,871 22,871 1,044 1,35325,287 22,622 5.106 30,837 784 602 370 283 1,087 19,052^18,675 June 26 22,911 22,911 824 029 24,785 22,622 5,106 30,890 770 456 410 272 1,087 18,628^18,528 P Preliminary. r Revised separately in this table, but are given for end-of-month and Wednesday i Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 777 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.* In millions of dollars] Centralreserve Central reserve Item and period b m a b A e n e m l k r l s - Ne c w ity t>an 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 l m r k l s - Ne c w ity ban C ks hi- b s R c 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—May 18,735 4,264 1,119 7,775 5,577 1956—May 467 10 2 49 406 June 18 933 4 354 1 133 7 784 5 662 June 575 13 4 78 479 July 18,836 4,237 1,129 7,796 5,675 July 599 12 3 89 496 Aug 18 783 4 236 I 130 7 783 5 633 Aug 559 10 79 469 Sept 19,024 4,288 1,120 7,885 5,732 Sept 579 80 498 Oct 18 939 4 222 1 111 7 869 5 736 Oct 520 8 4 52 456 Nov 19 169 4 244 1 122 7 960 5 843 Nov 590 13 3 83 491 Dec 19,535 4,448 1,149 8,078 5,859 Dec 651 57 12 96 488 1957__jan 19 295 4 316 I 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 i i 65 443 May 18,827 4,234 1,101 7,794 5,697 M^ay 465 13 3 56 393 Week ending: Week ending: May 22 18 818 4 192 1 095 7 755 5 777 1957 May 21 535 9 3 51 472 May 29 18,616 4,200 1,098 7,748 5,569 May 29 350 6 62 281 June 5 18 846 4 270 I 105 7 758 5 713 June 5 468 11 56 402 June 12 18 834 4 234 I 113 7 725 5 761 June 12 503 -4 4 53 450 June 19 19,148 4,368 1,135 7,794 5,850 June 19 ^608 20 4 47 June 26 19 171 4 388 I 141 7 839 5 802 June 26 17 2 47 i>497 Required reserves:2 Borrowings at Federal Reserve Banks: 1956 May 18,268 4,254 1,117 7,726 5,171 June 18 359 4 341 [ 130 7 706 5 183 1956 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 I 129 7 704 5 164 July 738 119 50 433 136 Sept 18,446 4,288 I J20 7,805 5,234 AUR 898 168 74 461 195 Oct 18 419 4 214 1 107 7 817 5 281 Sept 792 204 93 377 118 Nov 18 579 4 231 119 7 877 5 352 Oct 715 200 118 299 98 Dec 18 883 4 392 I 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 I 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 4 308 097 7 855 5 320 Mar 834 116 257 302 159 May 18 362 4 221 098 7 739 5 305 Apr 1 011 299 210 329 173 May 909 117 169 422 201 Week ending: 1957 May 22 18,284 4,183 ,092 7,704 5,305 Week ending: May 29 18 264 4 194 097 7 685 5 288 1957 May 22 772 71 148 406 147 June 5 18 378 4 259 106 7 702 5 311 May 29 883 34 132 472 245 June 12. 18 330 4 238 109 7 672 5 311 June 5 888 86 58 511 933 June 19 ^18 537 4 348 no 7'746 ^5 313 June 12 1 051 181 49 565 256 June 26 ^18 608 4 372 1 139 7 792 P5 305 June 19 1 089 280 42 541 226 June 26 1,003 234 27 504 238 May 1956 Free reserves2 4 Deposits: 1956—May -504 -88 -153 -468 205 June -194 -33 -111 -356 305 Gross demand deposits: July. -139 -108 -48 -344 360 Total 114 067 23 106 5 952 44 796 40 213 Aug — 339 — 158 — 73 — 382 274 Interbank 12,131 3,958 1,121 5,840 1,212 Sept -213 -204 -93 -297 380 Net d O e t m he a r nd deposits3.... 1 9 0 8 1 , 9 9 1 3 1 6 2 1 0 9 . 4 1 5 4 1 9 4 5 ,2 8 6 3 2 1 3 3 8 8 ,3 9 3 5 4 6 3 39 4 ,8 0 6 0 3 1 O N c o t v. - — 1 5 1 4 95 — -2 1 1 4 92 — -1 4 1 0 14 — -1 2 9 4 3 6 3 3 5 9 8 3 Time deposits 40,829 3 282 1,292 16.510 19,745 Dec -37 -90 -85 -204 344 Demand balances due from domestic banks... 5,988 66 105 1,902 3,915 1957—Jan 117 -40 -40 -172 369 Feb -126 -123 -53 -249 299 Mar. -316 101 253 — 242 280 May 1957 Apr -505 -300 -210 -263 269 May -444 -104 -165 -367 192 Gross demand deposits: Week ending: Total 114,304 22,913 5,896 44,740 40,756 1957 May 22 -237 -62 -145 -355 325 Interbank 12 278 4 106 1 106 5 798 1 268 May 29 -533 -28 — 131 — 410 36 Other 102,026 18,807 4,790 38,941 39,488 June 5 -420 -75 -59 — 455 169 Net demand deposits3 . . . 98.640 20,161 5,160 38,047 35,273 June 12 -548 -185 -45 -512 194 Time deposits 44 340 3 778 1 317 17,801 21 445 June 19 — 260 — 38 — 494 Demand balances due June 26 P-440 -217 -25 — 457 ^259 from domestic banks... 6,030 53 102 1,927 3,948 p 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

778 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships r or corporations other than member Advances secured by Government banks secured by direct Federal Reserve Bank a o d b v l a i n g c a e ti s o n se s c a u n re d d d b is y c o e u li n g t i s b le o f p a a n p d er Other [ S s e e c c . u r 1 e 0 d (b ) a ] dvances obl ( ig la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. (Sees. 13 and 13a)* Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Aug. 28,1956 2% 31/2 Aug. 28,1956 314 4 Aug. 28, 1J956 334 New York Aug. 24,1956 234 3J/2 Aug. 24, 1956 314 334 Aug. 24, 11956 3i/i P R C h i le c i v h la e m d la o e n n l d p d hia... i ' i i g g s . . 2 2 2 4 7 4 , , 1 1 19 9 9 5 5 5 6 6 6 2 2 2 3 % % 4 I A A A u u u g g g . . . 2 2 2 4 4 7 , , , 1 1 1 9 9 9 5 5 5 6 6 6 3 3 31 1 1 / 4 4 4 2 4 * A A A u u p g g r. . . 2 2 1 7 4 3 , , , )1 1 1 1 ] 9 9 9 5 5 5 6 6 6 3 3 3 1 i 1 / / 4 2 2 Atlanta Aug. 28,1956 234 Aug. 28,1956 31/4 4 Aug. 28,1956 334 S C t h . i L ca o g u o is A Au u g e. . 2 2 4 8 , ,1 1 9 9 5 5 6 6 23 4 / I A A u u g g . . 2 2 4 8 , , 1 19 9 5 5 6 6 3 3 1 1 4 4 4 4 A A u u g g . . 2 2 4 8 , , 1 1 :9 9 5 5 6 6 3 31 % /2 D S M K a a a i n l n n l s a n F a s e r s a a p n C o c it i l y s is c . . o . . . . . A A A A u u p p g g r r . . . . 1 1 2 3 3 3 8 1 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 2 2 2 1 3 4 / / 2 31/2 A A A A u u p p g g r r . . . . 1 1 2 3 3 3 1 8 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 3 3 1 1 4 4 4 4 4 4 14 A A A A u u p p g g r r . . . . 1 2 3 1 3 8 1 3 , , , , J 1 1 1 1 1 1 9 9 9 9 5 5 5 5 6 6 6 6 3 3 31 % 3 / 4 2 21/2 3% 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 RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930 D J M M F u e e n a a b c y r e . . . 2 2 1 2 7 0 4 4 4 2 31 i/ / 2 2 1 1 1 1 9 9 9 9 4 5 4 4 2 0 6 8 — — — — A O A A Ja u c u p n t g g r . . . . . 2 2 3 1 1 5 1 0 3 2 1 m 2 i J4 1 * /2 Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r d r y r v v a e e l C ba o tr n u y k n s - 1931— O M c a t v . 9 8 f11/2 1 1 9 9 5 5 3 4 — — J F a e n b . . 1 5 6 WA banks Oct. 16 Apr. 16 WI 1 1 9 9 3 3 3 2 — — J A F M u e p n a b r e r . . . 2 2 4 7 6 3 2 31 V / 2 2 1955— A N S A e u o p p g v r t . . . . 1 1 9 5 8 5 I 2 * 14 1 1 1 9 9 9 3 1 3 6 7 7 — — — A J M u u a n g r e . . 2 1 1 6 1 2 1 1 2 9 3 1 3 / 4 2 1 1 1 7 5 0 1/2 I 1 O 7 2 1 1 / 4 2 4 3 5 1 1 / 4 2 4 3 5 1 1 / 4 2 O M c a t y . 2 2 6 0 21/2 1956— A A u p g r. . 2 1 4 3 21/2 May 1 26 20 14 6 6 1 19 9 3 3 7 4 — — A Fe u b g . . 2 2 7 1 IVi In effect July 1, 1957 234 1938—Apr. 16 2234 171/2 12 5 5 1941_NOV. 1 26 20 14 6 6 3 1942—Aug. 20 04 1 Under Sees. 13 and 13a, as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16, 24*.... 26 22 16 71/2 71/2 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; I949—May 1,5* 24 21 15 7 7 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 14 6 6 Aug. 1, 11* §* 191/2 13 5 Aug. 16, 18*.... 19 12 5 MARGIN REQUIREMENTS1 S A e u p g t . . 25 1 2 22 2i/2 I 1 8 8 I/2 [Per cent of market value] 1951—Jan. 11, 16* 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953__jLlly is9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16, 24* 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect July 1, 1957... 20 18 12 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements : For short sales 50 60 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements, which beginning 1 Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13. ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were * First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 779 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 June 26 June 19 June 12 June 5 May 29 June May June Gold certificate account. 21,099,39121,099,39221,099,39321,089,394 21089,39221,099,393 21,089,393 20.265,391 Redemption fund for F. R. notes.. 845,264 837,415 839,156 840,941 842,662 845,262 842,662 843,331 Total gold certificate reserves. 21,944,655 21,936,80721,938,549 21,930,335 21,932,05421,944,65521,932,055 21,108,722 F. R. notes of other Banks 317,656 317,758 310,122 304,930 315,593 288,197 308,840 241,478 Other cash 340,989 337,510 323,165 325,782 332,926 338,991 334,747 364,812 Discounts and advances: For member banks 824,047 1,043,858 1,290,512 525,818 943,741 557,913 1,157,593 232,232 For nonmember banks, etc 12,000 20,000 12,000 Industrial loans 744 725 773 764 748 742 774 904 Acceptances—Bought outright 19,916 19,415 19,419 20,718 20,719 20,950 20,692 17,903 Held under repurchase agreement. 1,607 567 U. S. Government securities: Bought outright: Bills 175,213 135,213 153,963 214,763 214,763 258,913 214,763 823,970 Certificates—Special Other 11,362. 11,362,199 11,362,199 ,362,199 11,362,199 11,362,199 11,362,199 ,932,699 Notes 8,571. 8,571,413 85577114,41133 ,571,413 8,571,413 8,571,413 8,571,413 ,153,913 Bonds 2,80i; 2,801,750 801,750 ,801,750 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 22,910,575 22,870,575 22,889,325 22,950,125 22.950,12522,994,275 22950,125 23.712,332 Held under repurchase agreement. 157,800 63,200 40,600 157,400 45,400 Total U. S. Government securities. 22,910,575 22,870,575 22,889,325 23,107,925 23,013,32523,034,875 23,107,52523,757,732 Total loans and securities 23,755,28223,934,573 24,200,029 23,667,225 23,998,533 23,616,087 24,298,584 24,009,338 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 5,224. 6,979,766 4,977,961 4,478,662 4,757,915 4,866,930 4,471,668 ,706,794 Bank premises 79. 78,919 78,387 78,162 78,193 79,112 78,155 67,800 Other assets 219; 208,070 216,250 203,627 190,431 227,727 194,266 217,951 Total assets. 51,881,74553,793,42552,044,485 618,337 50,716,917 Liabilities Federal Reserve notes 26,535,315 26,485,740 26,515,989 26 Deposits: Member bank reserves 18,628,208 19,051,89419,031,242 U. S. Treasurer—general account. 455,524 601,901 423,527 foreign 409,806 369,987 394,814 Other 272,165 282,553 271,806 Total deposits. 19,765,703 20,306,33520,121,389 Deferred availability cash items , 4,194,616 5,627,067 4,044,347 Other liabilities and accrued dividends1. 22,638 21,635 21,124 Total liabilities. 50,518,272 52,440,777 50,702,849 49,657,788 50,285,327 49,991,597 50,295,010 49,454,422 Capita] Accounts Capital paid in 332,672 332,433 332,205 332,174 332,111 332,161 315,742 Surplus (Section 7) 747,593 747,593 747,593 747,593 747,593 747,593 693,612 Surplus (Section 13b) 27,543 27,543i 27,543 27,543 27,543 27,543 27,543 Other capital accounts 255,665 245,079 234,295 223,647 213,093 216,030 225,598 Total liabilities and capital accounts 51,881,745 53,793,425 52,044,485 50,988,74551,605,667 51,361,72! 51,618,337 50,716,917 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.4 46.9 47.0 47.6 47.4 47.4 46. < 45.9 Contingent liability on acceptances purchased for foreign correspondents 61,411 62,625 63,239 62,593 59,819 62,186 62,637 44,786 Industrial loan commitments 1,778 1,800 1,752 1,803 1,820 1,780 1,794 2,565 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 824,047 1,043,858 1,290,512 537,818 963,741 557,913 1,169,593 232,232 Within 15 days 818,947 1,015,696 1,284,547 530,593 953,544 532,868 1,067,186 219,204 16 days to 90 days 5,100 28,162 5,965 7,225 10,197 25,045 102,407 13,028 91 days to 1 year Industrial loans—total 744 725 773 764 748 742 774 904 Within 15 days 62 63 61 52 362 63 52 11 16 days to 90 days 29 29 30 30 39 29 30 64 91 days to 1 year 463 441 490 481 146 460 491 478 Over 1 year to 5 years 190 192 192 201 201 190 201 351 Acceptances—total 19,916 19,415 19,419 20,718 20.719 22,557 20,692 18,470 Within 15 days 5,974 5,930 6,317 5,702 6,749 8,924 5,518 5,525 16 days to 90 days 13,942 13,485 13,102 15,016 13,970 13,633 15,174 12,945 U. S. Government securities—total. 22,910,575 ,870,575 22,889,32523,107,925 23,013,325 23,034,87523,107,52523 757,732 Within 15 days 38,450 7.500 25,250 201,450 118,613 117,750 185,850 133,400 16 days to 90 days 7,994,328 ,985,278 7,986,278 ,028,678 8,016,915 ,039,328 043,878 ,176,035 91 days to 1 year 12,088,540 088,540 12,088,540 ,088,540 12,088,540 12,088,540 088,540 ,932,699 Over 1 year to 5 years 680,635 680,635 360,786 360,786 360,786 680,635 360,786 ,087,127 Over 5 years to 10 years 750,375 750,375 1,013,614 ,013,614 1,013,614 750,375 ,013,614 ,013,614 Over 10 years. 1,358,247 , 358,247 1,414,857 ,414,857 1,414,857 ,358,247 414,857 ,414,857 1 No accrued dividends at end-of-June dates. 2 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

780 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificate account , 976,263 6,003,8111,155,3171,772,9341,303,259 777,6513,773,691 849,758 322,053 840,122 793,092 2,531,442 Redemption fund for F. R. notes 54,450 172,853 58,791 73,747 76,379 48,935 151,544 42,563 22,546 40,568 25,347 77,539 Total gold certificate reserves, ,030,713 6,176,6641,214,1081,846,6811,379,638 826,586 3,925,235 892,321 344,599 880,690 818,439 2,608,981 F. R. notes of other Banks... 12,251 54,481 18,488 22,839 13,718 71,495 20,768 9,573 11,250 6,571 22,698 24,065 Other cash 22,356 72,889 18,248 36,182 16,977 27,905 50,174 18,219 8,151 12,247 14,221 41,422 Discounts and advances: Secured by U. S. Govt. securities 26,285 70,125 22,700 128,885 61,331 62,872 29,600 10,000 67,060 60,980 5,300 12,700 Other 75 Industrial loans. , " " 327 384 31 Acceptances: Bought outright 20,950 Held under repurchase agreement , 1,607 U. S. Govt. securities: Bought outright , 1,254,246 5,750,4311,342,245 2,019,7711,469,1731,191,035 4,013,674 950,928 496,216 987,213 901,1232,618,220 Held under repurchase agreement , 40,600 Total loans and securities 1,280,858 5,883,7131,365,329 2,148,6561,530,5041,253,907 4,043,274 960,928 563,3071,048,268 906,4232,630,920 Due from foreign banks. 1 16 2 2 1 1 3 1 1 1 1 2 Uncollected cash items.. 392,490 937,079 258,202 507,973 370,245 365,149 827,551 181,623 113,616 219,475 252,057 441,470 Bank premises 5,184 10,019 4,648 9,039 7,179 5,473 6,490 5,460 5,219 4,733 5,099 10,569 Other assets 12,232 55,306 13,026 20,189 14,367 11,793 41,708 9,232 4,884 9,616 9,430 25,944 Total assets. 2,756,085 13,190,157 2,892,0514,591,5613,332,629 2,562,309 8,915,2032,077,3571,051,0272,181,6012,028,368 5,783,373 Liabilities F. R. notes 1,600,283 6,294,7801,702,537 2,514,1282,107,007 1,257,165 5,155,2921,182,137 480,6911,060,690 683,5892,643,538 Deposits: Member bank reserves 753,532 5,433,313 814,5991,478,541 786,920 881,259 2,829,311 662,824 405,801 842,3971,004,0812,483,006 U. S. Treasurer—general account 29,560 62,831 35,506 35,175 44,729 40,612 75,537 23,736 23,836 35,668 31,987 58,951 Foreign , 25,114 2137,702 30,310 38,970 22,083 19,485 61,486 16,021 10,392 16,454 22,516 48,496 Other 248,774 10,133 1,214 1,851 949 36,505 365 2,973 1,053 227 710 2,861 Total deposits 808,571 5,882,620 890,5481,553,900 856,705 943,207 2,967,283 703,634 440,256 895,2291,061,4452,626,958 Deferred availability cash items. 266,654 635.724 203,345 399,329 295,377 297,465 590,170 138,121 95,364 170,486 214,456 361,009 Other liabilities 718 3,189 486 1,759 441 450 2,398 418 407 383 315 940 Total liabilities 2,676,226 12,816,313 2,796,916 4,469,116 3,259,530 2,498,287 8,715,1432,024,310 1,016,718 2,126,7881,959,8055,632,445 Capital Accounts Capital paid in 17,120 95,177 21,066 31,985 15,322 16,122 45,540 11,372 7,310 13,525 18,714 39,443 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. 15,780 63,346 17,279 23,061 16,834 13,959 42,670 11,823 7,406 12,168 11,034 26,932 Total liabilities and capital accounts 2,756,085 13,190,157 2,892,0514,591,5613,332,629 2,562,3098,915,2032,077,3571,051,027 2,181,6012,028,368 5,783,373 Reserve ratio 42.8% 50.7% 46.8% 45.4% 46.6% 37.6% 48.3% 47.3% 37.4% 45.0% 46.9% 49.5% Contingent liability on acceptances purchased for foreign correspondents 3,561 318,040 4,298 5,526 3,131 2,763 8,719 2,272 1,473 2,333 3,193 6,877 Industrial loan commitments.. 35 14 83 1,648 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $44,146,000 participations of other Federal Reserve 2 After deducting $311,327,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 781 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 June 26 June 19 June 12 June 5 May 29 June May June F. R. notes outstanding (issued to Bank). 27,556,103 27,519,215 27,446,100 27,364,124 27,370,771 27,632,72627,371,37'5 27,177,986 Collateral held against notes outstanding : Gold certificate account 11,848,000 11,898,000 11,798,000 11,798,000 11,798,000 11,848,000 11,798,000 11,478,000 Eligible paper 182,720 205,360 207,660 108,485 213,989 93,755 272,849 79,043 U. S. Government securities 16,905,000 16,905,000 17,005,000 17,005,000 17,005,000 16,905,000 17,005,000 16,935,000 Total collateral 28,935,720 29,008,360 29,010,660 28,911,48529,016,989 28,846,75529,075,849 28,492,043 EACH FEDERAL RESERVE BANK ON JUNE 30, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - F. R. notes outstanding (issued to Bank) 1,633,615 6560,059 ,769,682 2,594,224 2i, 155,3051,312,718 5259,9991,231,886 531,5121,086,475 726,495 2,770,756 Collateral held: Gold certificate acct.. 580,000 3; 170,060 640,0001,130,000 865,000 400,000 2.400,000 450,000130,000 300,000 283,000 1,500,000 Eligible paper 22,700 10,000 61,055 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,500,000!1,310,0001,000,000 3,000,000 875,000 425,000 820,000 525,000 ,500,000 Total collateral. 1,730,000 6,770,0001,862,700 2,630,000 2,175,000 1,400,000 5,400,0001,335,000 555,000 181,055 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n 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 - o n d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( i s n a P p f t t u a m g a a f o n t t i r i u o i i n t d o o n i t u a i c - n s n 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 i t z 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 o a t d a d t e m m s r i d e e l r t i r a e a o o t b n a n i w u g o l g t d n e s u e n r i t r e a n a t s e r 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 May 3,780 829,485 45 933 2,571 1,288 May [,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 [,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 3,782 834,668 780 1,955 991 Apr 1,485 2,850 402 300 133 May 3,782 835,264 774 1,794 948 May 1,488 2,862 407 305 130 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

782 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect June 30. Per cent per annum] [In effect June 30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e te o e f d in (p te e r r e c s e t n t p a a g y e a b o l f e any fe c e o c m h m ar i g t e m d ent Bank On On by borrower) borrower On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 i t n io st n i t i u s - 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 4-6 Over 95 40-50 40-50 New York () Philadelphia (5) Cleveland (3) Maximum Rates Financing Institution May Charge Borrower Richmond (3) [Per cent per annum] Atlanta 4 (3) () K C S M t h a . i i n n L c s n a o a e g s u a o i p C s o i l t i y s 4 3 3 31 - - - 5 5 6 /2 1 i - / / 5 2 2 1 3 3 ^ -51/2 3 ( - 4 5 ) 1/2 C In o te m re m s i t tm ra e te nt rate. Dallas.. 3-51/2 San Francisco 3-5i/2 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act c Corrected. of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing 1 Rates on industrial loans, discounts or purchases of loans, and com- agencies in these transactions, and the procedure is governed by Regulamitments under Sec. 13b of the Federal Reserve Act. Maturities not tion V of the Board of Governors. exceeding five years. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. « Twenty-five per cent of loan rate. Charge of l/i per cent per annum is made on undisbursed portion. 7 Charge of *4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers * centers2 City centersJ 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 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 Aue 183,819 67,279 38,206 78,333 44.4 27.4 21 3 51 3 29 9 22 7 Sept 167,154 61,223 34,057 71,874 44.8 27.4 22.0 43.7 27 7 21 7 Oct 193,140 70,794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22.1 Nov 185,223 66,989 39,425 78,810 48.3 31 0 23 6 48 8 30 5 22 4 Dec 201,876 77,495 40,912 83,469 51.8 29.9 23.3 45.8 28 6 22 1 1957—Jan 204,435 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 80,259 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 2 48 3 31 0 23 7 June 193,303 74,512 39,942 78,849 51.4 30.5 23.2 47.6 ^23.2 v Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 783 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 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2 119 6,565 9 819 9,146 2,732 5 581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9.665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—May 30,513 21,621 1,939 1,264 73 2,090 6,539 9,716 8,892 2,662 5,498 298 423 3 8 June .. 30,715 21,801 1,948 1,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 July 30 604 21 709 I 957 1,258 74 2 065 6 514 9 840 8,895 2 674 5 500 294 415 3 8 Aug 30,757 21,838 1,967 1,267 74 2,077 6,559 9,895 8,919 2,676 5,527 293 413 3 g Sept 30,768 21,834 977 1,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct 30,839 21,877 l"995 1,296 74 2 080 6 538 9,893 8,962 2,679 5 572 291 409 3 8 Nov .. 31,424 22,374 2,016 1,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 8 Dec 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Jan 30 614 21,597 1,990 1,276 76 2 065 6,427 9,763 9,017 2,701 5 613 289 402 3 8 Feb 30,575 21.601 1,993 1,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 g Mar 30,585 21,639 2 000 1 270 75 2,063 6 473 9,758 8,946 2,679 5 573 286 397 8 Apr 30,519 21,588 2,020 ,276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 3 8 May 30,836 21,905 2,029 301 76 2,093 6,554 9,852 8,931 2,679 5,564 284 393 3 8 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 circulation1 Total out- Held by Kind of currency s M ta 1 a n 9 y d 5 i 3 7 n 1 g , , A g s a o g s l e d a c in u a s r n i t d ty Treasury B F F . a o n R r k . s B F a a . n n R d k . s May 31, Apr. 30, May 31, silver cash and agents 1957 1957 1956 certificates agents Gold 22.620 21,965 2656 Gold certificates 21,965 19,117 2]816 ' 33 33" 34 Federal Reserve notes 27,371 74 1.204 26,093 25,855 25,853 Treasury currency^total . . 5,104 ' "u,'4O5' ' 58 '335 4,711 4,631 4,626 Standard silver dollars 488 196 35 7 251 250 235 Silver bullion 2,209 2,209 Silver certificates and Treasury notes of 1890 . 32 405 240 " 2^165 "iiioo" 2,158 Subsidiary silver coin 1,378 18 53 1,307 1.301 1.253 Minor coin 484 2 10 471 469 451 United States notes 347 2 23 322 315 318 Federal Reserve Bank notes 135 (4) 2 133 135 148 National Bank notes 62 (4) (4) 62 62 64 Total May 31 1957 (5) 24,369 788 19,117 4,355 30,836 Apr. 30, 1957 (5) 24,073 791 18,819 4,676 30,519 May 31 1956 (5) 23,535 779 18.269 4.234 ''3O^5i3 " 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. 776. 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. * 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

784 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o 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 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31. 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—May 30. 21,800 5,000 214,700 103,300 91,000 65,700 23,400 ,900 20,500 241,500 221,200 20,300 June 30. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 ,836 20,632 243,394 223,585 19,807 July 25. 21,800 5,000 214,900 104,900 89,700 64,500 23,400 ,800 20,400 241,800 221,400 20,400 Aug. 29. 21,900 5,000 217,000 105,500 90,900 65,400 23,700 ,800 20,600 243,900 223,000 20,900 Sept. 26. 21,900 5,000 218,000 106,700 90,500 65,200 23,600 ,800 20,800 244,900 224,000 20,900 Oct. 31. 21,900 5,100 218,900 107,300 91,000 65,500 23,800 ,800 20,500 245,800 224,800 21,000 Nov. 28. 21,900 5,100 220,800 108,200 92,200 66,200 24,300 ,700 20,400 247,800 227,000 20,700 Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Jan. 30? 22,300 5,100 219,300 108,000 90,800 65,700 23,400 ,700 20,400 246,600 226,400 20,300 Feb. 27? 22,300 5,100 218,100 108,200 89,400 64,800 22,900 ,700 20,600 245,500 225,100 20,500 Mar. 27? 22,300 5,100 219,000 109,600 88,500 63,800 23,100 ,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 May 29*>, 22,600 5,100 221,400 110,700 89,400 64,900 23,000 1,600 21,300 249,100 228,200 21,000 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b c e a a a o A r v n n c m i t d k n ia - s g l s B F. A a n R t k . s Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u v n s t i i u k n ts a s 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 s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e 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 s d t e n - i e - - t d d s b r C o e s a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30.. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31.. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945_Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,80024,500 1952—Dec. 31.. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 2"6',900 1953—Dec. 31.. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,800 99,500 27,300 1954_Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129,700 102,80026,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105,800 2'7",400 1956—May 30.. 3,000 800 5,800 400 211,200 79,600 49,000 28,900 1,800 104,200 27,400 133,500 106,000 27,500 June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 1,765 104,744 28,284 134,300 106,700 27,600 July 25.. 3,100 800 3,600 600 213,300 80,700 49,700 29,200 1,700 105,200 27,400 134,100 106,600 27,500 Aug. 29.. 3,100 800 5,800 500 212,800 80,900 49,900 29,300 1,700 104,500 27,500 133,700 106,200 27,500 Sept. 26.. 3,200 800 5,400 600 214,100 81,300 50,100 29,500 1,700 105,400 27,400 133,500 106,100 27,400 Oct. 31., 3,100 800 3,800 500 216,600 81,500 50,200 29,600 1,700 107,400 27,700 134,200 106,700 27,500 Nov. 28., 3,400 800 5,200 500 217,200 80,900 49,600 29,600 1,700 108,300 28,000 134,700 107,000 27,700 Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,400 106,700 27,700 1957_ F ja e n b . . 3 2 0* 7 > * 3 3 , , 1 1 0 0 0 0 8 8 0 0 0 0 2 1 , ,9 8 0 0 0 0 6 3 0 0 0 0 2 2 1 1 9 8 , , 9 0 0 0 0 0 8 8 2 3 , , 9 6 0 0 0 0 5 5 1 1 , , 2 8 0 0 0 0 3 3 0 0 , , 1 2 0 0 0 0 1 1 , , 6 6 0 0 0 0 1 1 0 0 9 7 , , 5 0 0 0 0 0 2 2 7 7 , , 4 4 0 0 0 0 1 1 3 3 4 4 , , 1 5 0 0 0 0 1 1 0 0 6 6 , , 5 9 0 0 0 0 2 2 7 7 , , 6 6 0 0 0 0 Mar. 27*>. 3,100 800 3,800 500 217,200 84,600 52,600 30,400 1,600 105,200 27,400 134,700 107,000 27,700 Apr. 24^ 3,200 800 4,400 300 219,500 84,900 52,900 30,400 1,500 107,300 27,400 135,000 107,300 27,700 May 29*>, 3,200 800 5,300 500 218,300 85,600 53,500 30,600 1,500 104,800 27,900 134,600 106,600 28,000 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. Seasonal adjustment factors have been to nearest $100 million and may not add to the totals. revised for the period 1950 to date. For back figures, see this BULLETIN, pp. 828-829. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 785 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 bl q . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total 2 b In a t n e k r - 2 Demand c c T o a a o p u c i t - n t a a t l s l b N a b u o n e m f k r s tions ac- Time counts3 U. S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947_Dec. 314 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 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—May 30 190,640104,430 65,700 20,510 40,800 235,010 210,890 13,690 5,450113,580 78,170 18,710 14,218 June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 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 3^480 117^590 80,120 19,260 14,194 Nov. 28 195,780109,160 66,180 20,440 43,170 242,990 218,000 15,360 4,930118,140 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 3,510114,550 83,360 19,520 14,160 Apr. 24? 197,650111,260 65,270 21,120 42,070 243,970 218,810 14,430 4,050116,660 83,670 19,570 14,154 May 29* 197,770111,620 64,850 21,300 41,640 243,650 217,880 13,670 5^040 114J10 84,460 19,690 14,145 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32, 513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44, 349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105, 921 30,241 8,950 14,011 1947—Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1954—Dec. 31 155,916 70,619 68,981 16,316 43,559 202,378 184,757 16,809 4,172 116,567 47,209 14.576 13,840 1955—Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13.716 1956—May 30 159,690 85,960 57,310 16,420 39,970 202,780 181,980 13,690 5,450113,520 49,320 15,820 13,691 June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 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—Jan. 30* 162,810 88,930 57,710 16,170 40,800 207,290 185,930 14,180 1,620 118,570 51,560 16,380 13,636 Feb. 27? 162,490 89,340 56,830 16,320 41,510 207,680 185,940 14,280 2,510 117,040 52,110 16,500 13,631 Mar. 27* 162,860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510 114,520 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 May 29* 164,860 91,180 56,910 16,770 40,840 209,460 187,240 13,670 5,040114,680 53,850 16,660 13,619 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1954—Dec. 31 131,602 60,250 57,809 13,543 38,076 172,242 157,252 15,983 3,715 99,604 37,950 12,210 6,660 1955—Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6,543 1956—May 30 134,114 73,930 46,818 13,366 35,279 172,156 154,405 13,044 4,912 96,827 39,622 13,234 6,510 June 30 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 Aug. 29 135,223 75,322 46,581 13,320 35,048 173,210 155,323 13,781 4,921 96,365 40,256 13,393 6,491 Sept. 26 136,154 76,305 46,354 13,494 36,817 175,983 157,615 14,361 4,538 98,239 40,477 13,570 6,488 Oct. 31 136,443 76,581 46,622 13,240 37,289 176,878 158,492 14,645 3,168100,088 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 1,408101,084 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 May 29* 138,307 78,590 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 31 * 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1954—Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 26,302 2,694 527 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—May 30 30,950 18,470 8,390 4,090 830 32,230 28,910 28,850 2,890 527 June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 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 4,180 830 32,920 29,520 29,490 2,930 527 Oct. 31 31,690 19,440 8,060 4,190 800 32,940 29,580 29,550 2,930 527 Nov. 28 31,810 19,650 7,980 4,180 780 33,060 29,630 29,600 2,960 527 Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_ F M ja e n b a . . r . 3 2 2 0 7 7 * * * 3 3 3 2 2 2 , , , 1 3 5 4 2 8 0 0 0 2 2 1 0 0 9 , , , 0 1 9 1 7 0 0 0 0 7 7 8 , , , 0 9 9 1 9 7 0 0 0 4 4 4 , , , 3 2 4 2 7 0 0 0 0 8 8 8 4 4 5 0 0 0 3 3 3 3 3 3 , , , 6 4 9 3 4 0 0 0 0 3 3 3 0 0 0 , , , 1 2 4 1 3 6 0 0 0 8 (5) 3 3 3 0 0 0 , , , 0 2 4 8 0 3 0 0 0 2 2 3 , , , 9 9 0 8 6 0 0 0 0 5 5 5 2 2 2 7 7 7 Apr. 24* 32,690 20,270 7,950 4,470 790 33,950 30,470 30,440 3,010 526 May 29* 32,910 20,440 7,940 4,530 800 34,190 30,640 30,610 3,030 526 (5) P Preliminary. asset and liability data are not available. Comparability of figures for i All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities 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

786 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U bl o . i S v g t . a . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l p o i n i a t i t 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 t i n - t a a t l s l N ba b u o n e m f k r s tions rities 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—May 30 22,918 15,153 5,871 1,894 6,957 30,607 26,388 4,941 1,049 18,103 2,295 2,798 18 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5.327 1,166 18,902 2,381 2,805 18 Aug. 29 23,220 15,326 5,935 1,959 6,938 30,972 26.535 5,017 1,314 17,822 2,382 2,825 18 Sept. 26 23,422 15,804 5,650 1,968 7,196 31,457 26,703 5,105 993 18,200 2,405 2,815 18 Oct. 31 23,148 15,758 5,545 1,845 7,484 31,529 26.789 5,219 742 18,453 2,375 2,844 18 Nov. 28 23,318 16,014 5,568 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 2,477 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 May 29^ 23,279 15,907 5,706 1,666 7,300 31,556 26,914 4,962 1,032 18,084 2,836 2,904 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 229 174 4,604 1,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 321 251 4,977 1,295 600 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 296 222 5,165 1,327 628 13 1956—May 30 6,219 3,400 2,124 695 1,903 8,176 7,334 094 344 4,613 1,283 636 13 June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 195 350 4,781 1,304 639 13 Aug. 29 6,325 3,541 2,159 625 1,844 8,222 7,433 209 342 4,595 1,287 641 13 Sept. 26 6,251 3,571 2,061 618 1,929 8,233 7,302 215 312 4,488 1,287 646 14 Oct. 31 6,320 3,631 2,077 612 1,947 8,327 7.350 253 187 4,625 1,285 654 14 Nov. 28 6,319 3,633 2,082 604 1,954 8,329 7,402 224 182 4,707 1,289 654 14 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 372 184 5,069 1,319 660 14 I957_jan. 30? 6,120 3,494 2,074 552 1,905 8,077 7,280 125 68 4,784 1,303 660 14 Feb. 27P 6,171 3,514 2,073 584 2,029 8,254 7,315 140 139 4,727 1,309 658 14 Mar. 27P 6,444 3,685 2,165 594 1,706 8,203 7.127 212 185 4,432 1,298 651 14 Apr. 24P 6,303 3,758 1,933 612 1,893 8,251 7,313 1,182 175 4,653 1,303 655 14 May 29^ 6,249 3,776 1,876 597 1,941 8,247 7,259 1,081 195 4,669 1,314 662 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1954_Dec. 31 50,738 23,986 21,718 5,034 15,424 67,165 61,796 7,444 1,457 37,418 15,476 4,300 300 1955—Dec. 31 52,459 28,622 18,826 5,011 16,994 70.478 64,733 7,446 1,288 39,835 16,164 4,641 292 1956—May 30 52,057 29,886 17,280 4,891 14,629 67,829 60,959 5,852 2,017 36,803 16,287 4,875 291 June 30 52,071 30,122 17,051 4,898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 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 17,048 876 15,270 69,300 62,481 6,766 1,871 37,260 16,584 5,001 290 Oct. 31 52,851 31,007 17,023 821 15,181 69,268 62,468 6,819 1,222 37,814 16,613 5,032 289 Nov. 28 53,389 31,391 17,152 846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 066 289 Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 076 289 1957—Jan. 30*> 52.978 31,234 17,056 4,688 14,802 69,034 62,111 6,224 474 38,393 17,020 082 290 Feb. 27*> 52,897 31,308 16,898 4,691 15,161 69,310 62,253 6,223 865 37,979 17,186 124 291 Mar. 27^ 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 121 286 Apr. 24P 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 38,029 17,422 120 284 May 29^ 53,401 31,574 16,830 4,997 14,807 69,518 62,299 5,809 1,716 37,153 17,621 5,168 283 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955_Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39.681 19,372 4,769 6,220 1956—May 30 52,920 25,491 21,543 5,886 11,790 65,544 59,724 1,157 1,502 37,308 19,757 4,925 6,188 June 30 52,752 25,716 21,076 5,959 12,463 66.147 60,591 1,353 1,372 37,897 19.969 4,947 6,177 Aug. 29 53,163 25,810 21,430 5,923 11,958 66,017 60,250 1,223 1,485 37,418 20,124 4,976 6,170 Sept. 26 53,607 25,980 21,595 6,032 12,423 66,994 61,129 1,275 1,361 38,291 20,202 5,107 6,166 Oct. 31 54,124 26,185 21,977 5,962 12,677 67,754 61,885 1,354 1,017 39,196 20,318 5,124 6,162 Nov. 28 54,587 26,258 22,341 5,988 12,806 68,360 62,415 1,380 1,715 39,268 20,052 5,134 6.155 Dec. 31 54,571 26,491 22,037 6,042 14,390 69.945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1957_Jan. 30^ 54,380 26.349 21,992 6.039 12,156 67,500 61,597 1,283 678 39,002 20,634 5,093 6,137 Feb. 27^ 54,185 26,498 21,620 6,067 12.184 67,345 61,450 1,252 846 38,496 20,856 5,139 6,133 Mar. 27P 54.156 26,719 21,267 6.170 12,166 67,300 61,279 1,273 1,044 37,797 21,165 5,167 6,136 Apr. 24P 55,025 26,980 21,810 6,235 12,301 68,324 62,387 1,313 1,409 38,362 21,303 5,186 6,134 May 29*> 55,378 27,333 21,747 6,298 12,026 68,399 62,183 1,215 1,571 37,867 21,530 5,213 6,129 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 787 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES*—Continued [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 b o l . i v g S t a . . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i n i a t i d i - t e a s l Total 2 b In a t n e k r - 2 Demand c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f r ks tions ac- Time counts3 U. S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13 883 23 740 80 276 29 876 8 671 13 297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34 882 9,734 13 398 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200.127 182,886 16,376 4,154 115,482 46,874 14,252 13.303 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3 697 122,149 48 393 14 980 13 216 1956 June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17 282 3 717 124,346 50 608 15 988 13 195 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8 322 3 640 5 117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88 182 82,023 8 410 795 53 541 19 278 5 409 5 005 1954 Dec. 31 . 88,509 39,712 39,392 9,405 25,662 115.835 105,851 10,714 2.508 66,426 26,202 8,085 4,789 1955—Dec. 31 86 152 43 428 33 579 9 144 25,697 113 412 103,903 9 317 2 063 65 840 26 683 7 915 4 692 1956— June 30 85,455 45,860 30,555 9,040 23.545 110,703 100,826 8,404 2,929 62,123 27 370 8 232 4*667 Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4 651 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13 874 4 025 2 246 1945—Dec 31 . 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947 Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56.407 51,401 5.269 1,207 33 177 11 748 4 125 I 871 1955—Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 1,851 1956—June 30 48,973 23,923 15,671 4,379 13,992 64 117 57.563 6 104 1 877 36 781 12 801 5 061 I 832 Dec 31.. 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 81 t Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3 360 959 6 810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6 416 1947—Dec. 31 16,444 4,958 10 039 1 448 4,083 20 691 19,340 266 149 12 366 6 558 1 271 6 478 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8 947 2 044 6 647 1955 Dec 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956 June 30 23,942 11,600 9,621 2 720 4,592 28 884 26.316 355 415 15 988 9 558 2 309 6 713 Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9 724 2 336 6 737 Noninsured nonmember commercial banks: 1941 Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1 2Q1 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947 Dec 314 2,00^ 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1954—Dec. 31 1.800 492 969 339 397 2.250 1,871 433 18 1,085 335 324 536 1955—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956 June 30 1,664 513 785 365 318 2.036 1.646 377 11 932 326 326 470 Dec. 31 1,521 All 714 336 369 1,946 1,562 310 16 936 300 313 444 All nonmember commercial banks: 1941 Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5 i04 3 613 1 288 7 662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7 130 1947—Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954 Dec 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7.183 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9 574 2 519 7 176 1956 June 30 25.605 12.114 10,406 3,085 4,909 30 920 27.962 732 426 16 920 9 884 2 636 7 183 Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2 649 7 181 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 ]2 10 351 1 034 192 1947 Dec 31. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1954—Dec. 31 20,830 11,651 6.117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955 Dec 31 22,331 13 563 5,858 2,910 785 23,458 21,237 3 3 49 21 182 2 006 220 1956 June 30 23,168 14,514 5,636 3,018 739 24.271 21.959 3 2 24 21,930 2 061 220 Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 2 3 23 22,857 2,130 223 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 < 8,738 1 077 496 1945 Dec 31 5 361 1 198 3 522 641 180 5 596 5 022 > 5 020 558 350 1947—Dec 3H 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6.474 1 2 6,471 774 309 1955- Dec 31 7,567 3,893 2,601 1,072 180 7,816 6,950 1 2 6,947 806 307 1956 Tune W. 7 898 4 125 2 661 1,112 178 8,150 7.225 1 2 7 222 824 307 Dec 31 7,770 4,235 2,453 1,082 182 8,028 7,146 1 2 7,143 817 304 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Com- Loans for U. S Government obligations mer- purchasing Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - Total2 c o m c p p k i l i p i n u n a e a e a e g d - r r - t l n - , - A c t g u u a r r l l i - - - b o d a s r T e r e n o e r o a d c s k c l u a - - r r i r t y o i e T e i t r n h o 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 n a o h i d l - n - e s - s r O lo t a h n e s r Total Total Bills C o d c e e f e a r d i b t 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- O s r e i t t h c i e u e r s ers All commercial banks: 3 1947—Dec. 31..., 116,28438,05718,167 1,660 830 .220 9.393 5,723 .063 78,22669.2212.193 7.789 6503453,191 5.276 3.729 1955—Dec. 31..., 160,88182,60133,245 4,475 31,263 ,77420,80917,185 3,117 783,28061.5924,219 2,318 14,034 41,010 12,6983,990 1956—June 30..., 160,00886,887 "3'6,111 4,254 2,695 1,73821,78718,365 3,286 733,12256.6202,817 1,247 12,727 39,815 12,9293,573 Dec. 31.... 165,12390,302 ,1612,589 1,69122,50918,850 3,343i 74,82158,5525,924 1,997 11,82338,796 12,9013,368 1957_Mar. 14.... 163,60290,020 38524 4,1552,363 1,623 22,44218,713 3,809 73;582 5"6',9054,842 2,266 11,12538,659 13,2423,435 All insured com* mercia! banks: 1941—Dec. 31.... 49,29021,259 9,214 ,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 4,102 3,651 3,333 1945—Dec. 31.... 121,80925,765 9,461 ,331144 3,164 3,606 4,677 2,361 1,18196,043 8888,9122,45519,071 16,04551,321 22 3,873 ~3,258 1947_Dec. 31..., 114,27437,58318,0121,610 8231,190 9,266 5,654 1,002288 76,69167.9412,124 7,552 5,918 5-,2334 14 5,129 3.621 1955—Dec. 31..., 159,16482,08133,092 4^96 3,229 I',742 20,69217,1043,09177,083 6600,7654,105 2,292 13,856 40,502 1012,4653,853 1956—June 30..., 158,34486,37435.944 4,190 2 ,6"6"9 704 21,67118,284 3J259 7-1'971:55,8352,751 1,228 12,55239,290 1312,669944 33,442 Dec. 31..., 163,60189,83138,5714,1012,565 669 22,39418,765 3,325 73,770 5"7",8375,763 1,981 11,722 "3,8358 1312,6753,258 Member banks, total: 1941—Dec. 31..., 43,52118,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,090 2,,871 1945_Dec. 31.... 107,18322,775 8,949 8553,133 3,378 3,455 1,900 1,10484,40878,3382,27516,98514,27144,792 16 3,,2254 2,815 1947—Dec. 31..., 97,84632,62816,962 ,046 8111,065 7,130 4,662 995522 6'"5,218 57.9141,987 5,816 4,815 4455,286 1Q ,.1 99 3105 1955—Dec. 31.... 135,36070,98231,019 2,726 3 150 1,560 16,39114,313 2,943 64,,37750,6973,250 1,73811,50834,192 9140,,1444 3,236 1956—June 30..., 134,42874,783 33,,7252,552 2586 1,522 17,17215,330 3.087 59,645 46',2262,013 84010,33233,029 1210,557 2,862 Dec. 31..., 138,76878,034 36,296 2,478 2,4471,47317,81115,765 3,147 60,734 47,5754,383 1,469 9,493 3322,218 1210,494 2,665 1957_Mar. 14..., 137,49277,76036,1072,474 2,2161,40217,75315,633 3,61359,732 46,2353,540 1,679 8,91432,090 1210,780 2,716 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 2871 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 5641 33013,21411,9721,002 640 558 9,771 638 604 1955—Dec. 31.... 23,58314,640 9,126 17 2',144 511 577 1,506 1,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30.... 23,27015,37310,191 1 ,691 494 609 1,5901,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Dec. 31.... 23,80915,98711,266 11,409 402 617 1,558 1,049 7,822 6,057 724 194 976 4,160 1,406 358 1957_Mar. 14.... 23,79316,21311,465 11,292 373 599 1,509 1,292 7,580 5,661 444 176 895 4,142 1,578 341 Chicago:4 1941—Dec. 31.... 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945_Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 ,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1.801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1955—Dec. 31.... 6,542 3,342 2,390 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30.... 6,336 3,572 2,663 170 96 133 384 187 2,764 2,088 46 3 476 1.564 489 188 Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—Mar. 14.... 6,434 3,621 2,789 160 95 135 348 180 2,813 2,209 314 26 271 1,598 465 139 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 4271,503 1,459 855 40431,,559944 2299,5521,034 6,982 5,653 15,878 5 1,126 916 1947_Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1.969 366 2222,59120,196 373 2,358 1,90115,560 3 1,3421,053 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,9161,18023,83718,826 813 657 4,70812,643 5 3,7781,233 1956—June 30.... 52,07130,12213,978 520 502 676 7,357 6,306 1,26521,949 1"7,051 374 279 4,08612,308 4 3,8231,076 Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1,28922,132 17,3681,185 441 3,74211,995 4 3,820 944 1957_Mar. 14.... 52,86931,30714,798 463 443 679 7,569 6,446 1,46821,56116,828 868 548 3,50211,907 4 3,770 963 Country banks: 1941_Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 1,342 ,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26; 125 22,857 480 2,583 2,10817.681 2,006 .262 1955—Dec. 31.... 52,77524,379 6,2"90 2,127 189 255 8,723 6,575 573 28,39722,5701,774 913 5,056 14,825 4,581 ,246 1956—June 30.... 52,75225,716 6,892 2,019 223 257 9,073 7,050 590 27,03521,0761,267 489 4,68814,628 4,731 ,228 Dec. 31.... 54,57126,491 7,0801,972 334 261 9,407 7,256 63128,08022,0372,362 792 4,45814,420 4,827 ,215 1957—Mar. 14.... 54,39626,619 1,0'5"5 "2,003 321 256 9,451 7,330 67321,11121,5371,914 929 4,24614,444 4,968 ,272 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 1955—Dec 31.... 25,54611,628 2,2261,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 1956—June 30.... 25,60512,114 2,3851,702 110 216 4,625 3.036 200 13,49210,406 805 407 2,396 6,797 2,374 712 Dec. 31..., 26,38112,279 2,4241,683 143 218 4,708 3,085 19614,102 10,9891,541 528 2,330 6,588 2,409 704 i 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 789 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES * [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b te ank F B s e w e R d a r i n e e v t - r k h e a s s l C va i a n u s l h t b m a a w B d n e n a o i c s k t l - e t - h s i s c 5 ju p m D s o a d a t d s e e e n i - - - d t d s 6 m D e I o s n d t - t e i e c p r 5 o b s a i n F e ts i k o g r n - G U o .S v . t. p v s S o i u a l s t i b a n i t o t d i d e c n i s a - s l c C h c o e a f e e e i f t n c e f r r c i d . s t d k - i ' - s, p a v n a s p i I t d h i d r n o o t u i d r n c p n a a i e o s s - l - , r s r - - , I b n a t n er k - G P U S i a n o o . a n g s v v d S t s - a t . . l v S p s i a i u s t o c a n i b l a o t i d d e l t n - i s s - p a v n a s p t I i h i r d d n o o t i u d r n c p n a a i o e s s - - l , r r s - - B r i o n o w g r s - - c C < a > t a a c u p - l i n - ts All commercial banks:3 1947—Dec. 31.... 17.796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10 273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10 768 3,244 101,812 1,613 332 2,493 47,205 354 15,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10 449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—Mar. 14.... 18,627 2,875 10,345108,290 11,453 1,582 2,040 9,998 3,093 105,731 1,486 328 2,522 49,7481,70816,483 AH insured commercial banks: 1941._Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6 692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10 138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 337 15.600 Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 5615,988 Member banks, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955_Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 1956—June 30 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 302 13,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—Mar. 14.... 18,628 2,196 6,287 91,311 11,059 1,546 ,789 7,778 2,807 91,017 1,308 296 1,965 40,0281,56413,796 New York City:* 1941 Dec 31 5 105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945__Dec. 31 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,'l20 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1955_Dec. 31.... 4,431 127 111 16,493 3,364 1,151 756 302 1,498 18,919 1,085 59 72 2,171 1 2,745 1956—June 30 4,331 94 89 15,695 3,080 1,190 1,166 396 1,110 17,396 1,058 35 60 2,285 38 2,805 Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957_Mar. 14 4,458 151 51 16,763 2,833 1,216 286 261 1,107 18,556 977 34 46 2,612 430 2,880 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 3 737 196 21 72 285 63 3 853 2 9 902 426 1955—Dec. 31.... 1,135 32 141 4,349 1,246 40 222 299 85 4,781 11 6 8 1,313""3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957_Mar. 14 1,004 29 103 4,088 1,100 38 88 316 72 4,397 7 4 12 1,296 255 654 Reserve city banks: 1941—Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2.844 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 1957_Mar. 14 7,624 697 2,033 33,173 5,851 277 704 2,667 768 34,683 294 114 995 16,139 592 5,101 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 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—June 30 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4, 538 1,183 35,473 22 146 847 19,324 21 5,046 1957—Mar. 14 5,542 1,319 4,099 37,287 1,275 14 711 4,533 860 33,381 31 143 912 19,981 287 5,162 All nonmember banks: s 1947 Dec 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1.596 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 * 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

790 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i T l n o a v o n a e t d n a s s t l - i L m n a a o v e n d a e n d - n s t t s s - Lo ad a - ns C m c o i e a m r l - - A c g ul r - i- a T n o d b d r e o a k l e e r r s s l o others e R st e a a t l e Other Total Rills o c C t f a i e f t i i e r - n - s - Notes Bonds2 O s ri e t t c h ie u e s - r b L ei o t n o a k n s s justed * justed1 indus- tura loans debttrial G U l t o i i o g o b . v a S n - t - . s . O c t s u t i e h e r - s i e - r G U l t o i i o g o b . v a S n - - t . s . O c t s u t i e h e r - s i e - r n e e d s - s Total- Leading Cities 1956 June 86 870 85,480 50 760 78 079 469 2,465 68 8 560 10 824 775 690 510 6 056 19 519 7,945 1 390 1957 Mi ay 87 415 86 197 53 059 30,933 419 1,803 1,162 8,668 11,114 ,558 1077 1 485 4,576 18 490 7 587 1 918* June 88 050 86 901 53 784 31 495 424 1,880 1,168 8 665 ! 1 ?5 507 1 437 ,513 4 909 18,348 7 610 1 149 Mi ay 1 88 170 87,P9 53,454 31 030 420 2,113 1,173 8 679 11 086 ?6,034 1 1,311 5 140 18,458 7,641 1041 May 8 87,333 86 087 5? 988 30 9?1 417 1,762 1,167 8 665 11 103?5 55? 880 1,302 4 930 18,440 7,547 1 946 M[ay 15 87 153 85,905 53,13431 147 422 1.667 1,159 8,669 11,11795,991 867 ,620 4 399 18 405 -7 550 1 948 22 86 954 85,696 59 j996 30 906 422 1,706 1,156 8 664 11 ?5,114 850 ,615 4 946 18,403 7 586 I May 29 87,469 86 756 30 661 416 1,765 1,156 8 661 11 144?5 878 1 665 1,581 4 938 18,394 7,608 1 997 June 5 87 634 86 ?10 5? 834 30 750 420 ,767 1,163 8 649 11 134?5 790 1 638 ,561 4 ?98 18 363 7,586 1 494. June 12 87 647 86 754 53 413 31 094 425 ,940 1,168 8 667 II 16795 690 1 585 536 4 996 18 343 7 651 K9T June 19 88 795 87 670 54,434 3? 039 424 ,969 1,170 8 675 11 ?05 ?5 633 541 ,527 4 18 339 7 603 1 055 June 26 88, 196 86,972 54,45432097 428 .842 1,169 8 667 11,30124,917 985 .429 4 151 18,352 7,601 1,224 New York City 1956 June 311 435 14 790 9 981 1 182 1,559 22 469 591 2. 2.38 5 751 738 91 1000 4 49? ,894 876 1957 May 93 188 463 15 408 11 553 86 1,017 10 386 553 9 5,365 379 203 891 3 969 690 795 June 93 583 99 871 15 737 11 785 82 1,086 10 389 558 148 5 477 539 205 767 3 966 ,657 719 May ?3 719 ?3 086 8?0 11 662 263 1,130 11 389 554 2,131 5,512 407 214 907 3 989 754 633 May 8 93 110 99 405 15 419 11 591 34 1,030 10 387 557 o 130 5 314 ?93 177 886 3 958 ,672 705 May 15 . . 92 989 00 968 15,379 11 640 45 933 10 387 554 ,1?3 5 996 199 779 3 957 672 714 May 22 99 00 141 15 959 11 51? 36 969 10 383 550 2 119 5 198 955 201 773 969 ,684 787 May 29 23,202 22 417 15,17211 361 501,023 10 382 551 2,115 5,578 613 224 767 3 974 ,667 785 June 5 435 99 511 15 ?39 11 396 331,055 10 383 55? 2.124 5 615 666 211 768 3 970 ,664 994 June 12 23,354 22 828 15,55911 554 971,134 10 389 561 2,135 5,588 645 209 771 3 963 ,681 526 June 19 o~>, 998 93 16091 19081 1391,089 10 393 569 138 5 550 594 224 770 3 969 641 646. June 26 23,614 22 863 16,067 12 110 591.066 10 393 556 2,194 5,156 251 177 757 3 971 ,640 751 Outside New York City 1956 J une 63,559 63 045 35,970 18048 468 724 111 7 969 8,58621,024 452 419 5,056 15097 t,051 514 1957 May 64 9^7 63 734 37 64419 380 418 700 166 8 115 8,991?0,193 705 1,282 3 75* 14451 897 493 June 64 467 64 030 38,047 19 710 423 712 769 8 107 9 053 030 898 1,308 3 449 14 389 953 437 May 64 451 64 043 37 634 19 368 419 720 773 8 1?5 8 955 90, 5?9 1,097 4,933 14 469 887 408 May 8 64 99^ 63 689 37,569 19,330 416 698 770 8 108 8 973 ?0 ?38 587 1,125 4,044 14 489 875 541 May 15 64, 171 63 637 37,76? 19 507 421 689 762 8 115 8 994 9 997 S71 1,421 3 557 14,448 ,878 534 May 22 64 096 63 485 37,667 19,394 421 701 763 8 114 9,00? 9 916 595 1,414 3,473 14 434 902 541 May 29 64,967 63 895 37,584 19 300 415 692 764 8 110 9 0?9 ?0 300 05? 1,357 3,471 14 490 941 44? June 5 64,199 63 699 37,60219,354 419 679 770 8 097 9,010 20,175 972 1,350 3,460 14,393 ,922 500 June 12 64 993 63 9?6 37 85419 540 424 709 769 8 106 9.032 70 10? 940 1,327 4*5 14 380 ,970 367 June 19 64 797 64 388 38 343 19 958 423 741 767 8 113 9 067 90 083 947 1.303 3 463 14 370 962 409 June 26 64,582 64, 109 38,387 19,987 427 717 766 8,111 9,107 9,761 734 1,252 3,394 14,381 5,961 473 c Correction. 2 Includes guaranteed obligations. 1 Exclusive of loans to banks and after deduction of valuation reserves; See also NOTE on opposite page. individual loan items are shown gross. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 791 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . a r i v n R th e k . s s C va i a n u s l h t b m a w a d n e n c o i s t e k - h ti s s c j p m u o s a d a t d s e e n i - - d t d s 1 s p p u n c v h a o a a o i e n i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t n d i 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 d i t d k s . i - ' - s, G U o . v S t . . s p p u n c v h a o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i i t o u i c o a n v l a b t n d i i e l t - s - - s G P U S i a n o o a . n g s v v d S t s t - a . . l m D ti e o c s - - F ei 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 it a a p l tions tions Total— Leading Cities 1956 June. 13,402 975 2,516 56.43258,549 4,231 1,932 2,835 19.572 1,033 17710,278 1,477 1,293 466 1,018 8,780 1957 May. 13,416 936 2,389 55,369 57,821 4,391 2,013 2,657 20,979 1,081 181:l0,033 1,583 1,237 673 814 9,188 June. 13,397 985 2,414 55.94358,495 4,305 1,888 2.451 21,156 1,106 18010,183 1,579 1,295 741 713 9,218 May 1. 13,736 897 2,497 56,21358,635 4,545 2,720 2,822 20,870 ,063 18110,298 1,588 1,212 978 559 9,179 May 8. 13,389 944 2,350 55,27356,859 4,361 ',716 2,58120,938 ,066 18110,156 1,587 1,207 634 882 9,189 May 15. 13,388 929 2, ,05758,910 4,297 ,966 2,327.2.0.,969 ,079 18210,559 1,579 1,226 532 914 9,183 May 22. 13,198 966 2,345 55,15157,316 4,315 ,751 2,334 "2'1,037 ,087 181 9,748 1,626 1,230 535 958 9,189 May 29. 13,368 942 2,24255;i49 57,383 4,439 ,912 3,214 21,082 ,111 179 9,406 1,536 1,311 C759 9,201 June 5 13.113 924 2,358 55,320 57 144 4,371 ,750 2,36721.129 .105 18010,173 1,524 1,320 366 1,019 9,220 June 12 13.619 1,013 2,432 56,448 59,718 4,272 .768 1,511 21,,180 ,097 18110,330 1,525 1,305 1.071 468 9,212 June 19 13.505 977 2,457 56,276 59,105 4.092 ,993 2.800 21.111 ,098 18010,327 1,593 1,279 910 610 9,209 June 26 13,350 1,026 2,409 55,72958,013 4,483 2,042 3.125 1.205 ,124 181 9,903 1,674 1,275 615 755 9,233 New York City 1956 June. 4.234 144 5615,97817,313 305 897 800 2,211 84 35 2,900 1,160 1,018 29 382 2,770 1957 May. 4,246 136 15,320 16,869 339 1,058 785 2,645 2,904 1,274 942 78 343 2,879 June. 4.233 145 15,78417,314 262 893 745 2,642 2,8'~ 1,278 970 150 294 2,877 May 1. 4,377 131 15,742 17,419 423 1,639 859 2,621 3,014 ,260 930 258 256 2,883 May 8. 4,282 140 15,29116,463 341 823 797 2,635 2,889 ,279 929 85 344 2,886 May 15. 4,239 132 15,18717,051 329 979 614 2,632 3,040 ,265 931 15 391 2,880 May 22. 4,232 137 15,26116,628 320 838 619 2,662 2,839 ,334 928 390 2,875 May 29. 4,103 140 15,12316,784 283 1,013 1,035 2,675 2,739 ,232 991 32 332 2,872 June 5. 3,992 139 15,38916,722 278 817 803 2.679 2.848 ,228 994 378 2,882 June 12. 4.510 150 15.96317,654 269 798 465 2,703 2;835 ,229 968 327 212 2,876 June 19. 4.226 135 16,00217,518 245 893 770 2,59f 2,889 ,273 962 275 296 2,874 June 26. 4,203 154 15.78017,364 254 1,063 942 2,593 2,822 ,381 955 2,877 Outside New York City 1956 June. 9.168 831 2,460 40,454 41 ,236 1,035 2.03517,361 949 142 7,378 317 275 437 636 6,010 1957 May 9,170 800 2,333 40,049 40,952 4,052 955 1,872 18,334 1,020 149 7,129 309 295 C595 '471 6,309 June 9,164 840 2,369 40,159 41,181 4,043 995 1,706 18,514 1,033 150 7,335 301 325 591 419 6,341 May 1. 9,359 766 2,429 40,47141,216 4,122 1,081 1,96318,249 1,011 149 7,284 328 282 720 303 6,296 May 8. 9,107 804 2,313 3399 ,,9'98822 40,396 4,020 893 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 3,968 987 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 3,995 913 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 June 5. 9.121 785 2,,3 15 39,,9 31 40.422 4,093 933 1,56418,450 1,030 150 7,325 296 326 366 641 6,338 June 12. 9.109 863 2.386 4400,448855 42,064 4,003 970 K046 18,477 1,022 151 7,495 296 337 744 256 6,336 June 19. 9.279 842 2^^407 40,274 41,587 3.847 1,100 2,030 18,519 1,026 150 7,438 320 317 635 314 6,335 June 26. 9.147 872 2,365 39,949 40,649 4,229 979 2,183,18,612 1,052 151 7,081 293 320 615 467 6.356 c Corrected. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- 1 Demand deposits other than interbank and U. S. Govt., less cash TIN for Aoril 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 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 iq b a o u n a o c d o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u r a c e e o n t t t s a d d a l 3 - l s ch r P l u e c e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( 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 a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c t n t l i 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 b r w e a i a e i n p n a n n e d o g l k g k l ' r e l l s t — y 4 - 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -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—Apr -74 6 -19 29 11 64 -83 92 -39 4 -18 -27 -84 May -96 -35 98 7 -6 10 -137 -176 61 i 11 -264 -267 June 19 40 295 201 97 48 -66 315 351 29 85 1,414 1,443 Week ending: 1957_Apr. 3 -36 -2 24 -9 1 5 7 -20 -29 -7 -23 -89 -106 Apr. 10 -7 15 8 -3 15 26 -37 41 -8 -11 40 55 Apr. 17 -13 1 14 28 -2 40 -13 110 -3 16 177 142 Apr. 24 -18 -8 -66 13 -6 -39 -39 -2 15 -155 -175 May 1 -44 -17 53 -4 -28 18 -12 85 69 -4 o 124 102 M Ma a y y 1 8 5 -23 5 16 1 -1 9 1 4 1 1 7 2 -5 27 26 -5 - - 2 2 9 5 - - 3 5 5 5 -1 4 0 4 -6 12 -1 2 1 3 -1 1 3 9 5 9 -1 2 0 2 9 6 May 22 -12 -19 -17 4 2 -26 -26 -90 -12 i -18 -216 -241 May 29 -21 -17 -22 -21 -1 c -45 -82 -30 9 -237 -245 June 5 -10 1 1 30 7 -23 76 -6 7 17 100 89 June 12 -4 12 74 66 38 15 -22 47 48 10 40 324 344 June 19 45 11 186 72 44 31 7 279 223 3 5 905 945 June 26 -13 17 33 34 9 3 -28 -87 86 9 23 86 65 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 44 PPrriioorr ttoo wweeeekk eennddiinngg JJaain. 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 $$3318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit' eextended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Doll.ir acceptances Commercial andfinance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Placed Total Banks Im- Ex- shipped between Placed direct- Oth- ports ports Dollar pointsfin: Total through ly into from exdealers1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w lls n 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 . '2,020 510 '1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956—May '2,618 515 '2,103 643 157 113 44 16 45 424 245 252 9 33 104 June -2,443 476 '1,967 684 180 109 71 18 45 441 264 251 9 34 125 July r2,626 509 '2,117 723 175 111 64 18 48 483 270 237 13 74 129 AUK '2,539 548 '1,991 772 189 120 70 22 51 510 271 259 21 97 124 Sept '2,490 549 '1,941 805 209 127 82 17 49 529 294 258 17 113 123 Oct '2,618 573 '2,045 843 203 135 69 20 53 567 277 281 19 133 133 Nov '2,660 568 '2,092 924 242 167 75 33 52 598 277 295 10 199 143 Dec '2,166 506 '1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957__Jan '2,575 548 '2,027 1,012 230 156 74 30 62 689 291 363 2 197 158 Feb '2,714 555 '2,159 992 202 133 69 24 58 708 307 389 2 127 167 Mar '2,650 489 '2,161 1,019 209 150 59 23 58 728 305 425 2 116 171 Apr '2,485 466 '2,019 1,018 195 135 60 24 64 735 272 471 4 89 182 May 2,728 483 2,245 984 188 142 46 21 63 713 227 501 5 73 111 r Revised. Revisions, which began in September 1955, reflect the addi- 2 As reported by finance companies that place their paper directly with tion of one finance company. investors. 1 As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 793 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 Prime com- Prime All mo Y w n e e th e a k , r , or m 4 m p c - o a e o t n r p o m c t e h i e - r a - s , l i 3 p d p p l - i a a r l a t y p e c n o c , e e y e t r d - - a a b d c n e a a c 9 c r n y e 0 s e p k s ' s 1 t - , - M 3 k - e a m t r- ont o h R n b a n i t l e e l w s 9 i m s - s t o o u n e 1 t s h 2 3 - 3 is - y s e t u o a e r s 5 4 - Annua A l r a e v a e a ra n g d e s p , eriod loans 1 1 - 0 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:1 19 large cities: 1956—June 3.38 3.00 2.45 2.49 2.527 2.69 2.87 1956—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 June 4.40 5.37 4.94 4.61 4.23 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 New York City: Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 1956—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 June 4.23 5.24 4.86 4.49 4.12 Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 7 Northern & Eastern Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 cities: Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 1956—Sept .. . 4.39 5.36 4.88 4.53 4.26 May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 Dec 4.40 5.41 4.94 4.63 4.25 June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 1957—Mar 4.40 5.41 4.91 4.61 4.26 June. . 4.39 5.39 4.94 4.61 4.25 Week ending: 11 Southern & Western June 1... 3.63 3.38 3.25 3.26 3.245 3.42 3.72 cities: June 8... 3.70 3.38 3.30 3.30 3.374 3.51 3.69 1956—Sept 4.53 5.29 4.85 4.54 4.32 June 15... 3.75 3.40 3.38 3.27 3.256 3.53 3.68 Dec 4.58 5.35 4.90 4.66 4.35 June 22... 3.85 3.55 3.38 3.36 3.404 3.59 3.84 1957_Mar 4.60 5.42 4.96 4.64 4.35 June 29... 3.88 3.59 3.38 3.23 3.231 3.58 3.86 June 4.65 5.42 4.99 4.70 4.43 1 Averages of daily prevailing rates. 1 Based on figures for first 15 days of month. 2 Except for new bill issues, yields are averages computed from daily closing NOTE.—For description see BULLETIN for March 1949, bid prices. pp. 228-237. 3 Consists of certificates of indebtedness and selected note and bond issues. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds4 Industrial stocks U. S. Govt. State and local Ye o ar r , w m e o ek nth, (lo b n o g n -t d e s rm) govt. bonds4 By r a s t e in le g c s ted gr B ou y ps D pr iv ic i e d e r n a d ti s o / p E r a i r c n e i n ra g t s i o / Totals se O ri l e d s2 se N r e ie w s 3 Totals Aaa Baa Aaa 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 - 6 Corn- m Co o m n7 - Number of issues 3-7 1-2 20 5 120 30 30 40 40 40 14 125 125 1954 average 2.53 2.70 2.46 2.04 3.09 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 3.25 3.06 3.19 3.34 3.22 4.01 3.93 8.04 1956 average 3.05 3.11 2.94 2.51 3.50 3.57 3.36 3.50 3.65 3.54 4.25 3.89 6.93 1956—June 2.89 2.98 2.71 2.34 3.26 3.46 3.27 3.75 3.55 3.44 4.17 3.82 6.95 July 2.97 3.05 2.79 2.40 3.34 3.50 3.80 3.59 3.48 4.16 3.68 Aug 3.15 3.19 2.94 2.53 3.52 3.62 3.93 3.55 3.72 3.60 4.24 3.83 Sept 3.19 3.24 3.06 2.63 .60 3.75 4.07 .68 3.83 3.73 4.39 4.04 6! 66 Oct 3.18 3.24 3.12 2.66 3.67 3.82 4.17 3.75 3.89 3.82 4.42 4.03 Nov 3.30 3.30 3.39 2.87 3.90 4.24 3.82 4.01 3.86 4.56 4.05 Dec 3.43 3.36 3.57 3.04 3.99 3.75 4.37 3.95 4.08 3.93 4.63 3.90 'i',60 1957_ F ja e n b 3.33 3 3 . . 2 3 6 7 3 3 . . 2 5 9 1 2 2 . . 7 9 9 9 4 3 . . 1 9 6 6 4 3 . . 0 9 4 9 3 3 . . 7 6 7 7 4 4 . . 4 4 9 7 4 3 . . 0 9 2 4 4 4 . . 0 1 6 2 3 3 . . 9 9 7 8 4 4. . 4 5 7 1 4 4. . 2 1 7 3 Mar 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 3.35 3.35 2.88 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 3.96 May 3.42 3.48 3.00 4.10 4.02 3.74 4.52 3.96 4.13 3.98 4.53 3.82 June 3.61 3.54 3.65 3.19 4.32 4.15 3.91 4.63 4.14 4.26 4.06 4.69 3.79 Week ending: June 1 3.48 3.45 3.57 3.10 4.23 4.06 3.79 4.56 4.03 4.14 4.01 4.56 3.82 June 8 3.51 3.47 3.60 3.14 4.27 4.09 3.82 4.59 4.06 4.21 4.02 4.58 3.80 June 15 3.54 3.49 3.64 3.17 4.31 4.14 3.88 4.62 4.12 4.25 4.05 4.65 3.74 June 22 3.70 3.62 3.68 3.23 4.33 4.18 3.94 4.66 4.17 4.28 4.08 4.74 3.83 June 29 3.68 3.60 3.69 3.23 4.35 4.21 3.97 4.68 4.20 4.32 4.11 4.78 3.79 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 1955, the 3 per cent bond of February 1995. and corporate bonds. Yields of State and local govt. general obligations 4 Moody's Investors Service. State and local govt. bonds include genare based on Thursday figures; of revenue bonds, on Friday figures; and eral obligations only. of preferred stocks, on Wednesday figures. Figures for common stocks s Includes bonds rated Aa and A, data for which are not shown sepaare as of the end of the period, except for annual averages. rately. Because of a lmited number of suitable issues, the number of 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first corporate bonds in some groups has varied somewhat. callable after 12 years, through Sept. 30, 1955, and those due or callable 6 Standard and Poor's Corporation. Ratio is based on 8 median yields in 10-20 years, beginning Oct. 1, 1955. in a sample of noncallable issues—12 industrial and 2 public utility. 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 7 Computed by Federal Reserve from data published by Moody's Investors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- U. S. Govt. Standard and Poor's series* Securities and Exchange Commission series u o m f e (long-term) Cor- (index, 1941-43= 10) (index, 1939= 100) trad- Year month, Mu- po- ing^ or week nicipal rate Manufacturing Trade, (in r O i s e e l s - d 2 N ri s e e e s w - 3 g (h ra ig d h e - )4 g (h ra ig d h e - )4 Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Total r D ab u l - e N ra d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - n s a a e i f n c n r i v e d - c - e, M in i g n- s s t h h a a o n o r f d u es s - ) Number of issues... 3-7 1-2 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1954 average 99.51109.60 125.8 117.2 29.69 30.25 23.96 27.57 230 271 245 295 233 136 236 267 2,270 1955 average 95.97103.36 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average 93.04 99.88 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1956—June 95.03102.22 119.2 110.5 46.27 49.38 34.22 31.93 341 434 393 471 328 155 300 352 1,771 July 93.94100.98 118.6 110.3 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- June 87.12 91.88 103.5 101.1 47.55 51.30 30.11 33.35 355 457 421 489 293 160 283 390 2,224 Week ending: June 1 88.45 93.60 105.1 102.4 47.00 50.43 30.12 34.07 355 455 419 488 293 164 288 393 2,169 June 8 88.08 93.29 104.2 101.8 47.43 51.02 29.97 34.02 356 457 420 491 292 162 287 402 2,172 June 15 87.83 92.81 103.9 101.0 47.94 51.69 30.29 33.87 359 463 427 496 296 162 286 393 2,646 June 22 86.23 90.62 103.1 100.8 47.72 51.54 30.16 33.16 351 452 417 484 290 157 279 383 2,181 June 29 86.33 90.78 102.8 100.6 47.13 50.95 30.03 32.36 352 455 421 486 294 157 282 380 1,897 * New series. or first callable after 12 years through Sept. 30, 1955, and, beginning 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard Oct. 1, 1955, those due or callable in 10-20 years. and Poor's common stock indexes, and volume of trading are averages 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3 of daily figures; for (2) municipal and corporate bond prices are based per cent bond of February 1995. on Wednesday closing prices; and for (3) the Securities and Exchange 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^i per cent bonds due Exchange for a SVi-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 o th f o m r o l n a t s h t o s t T e h c e o u r t r a i t t h i l e - a s n N N ew et Y d o e r b k i f t i S b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n t r h g s e ) s r e s fo c ( r u t h r p i a t u i n e r- s2 Money borrowed Cus n t e o t mer U. S. Govt. free o ( b c c l o i o g l l . a . t 3 i 5 o + ) ns U o S b e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. 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 1,665 780 88 1,074 713 1954—Dec., 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec., 4,030 34 2,791 32 ,239 51 2,246 894 1956—May 4,047 38 2,810 40 ,237 42 2,186 870 June 4,009 34 2,786 48 ,223 39 2,195 836 July. 4,026 31 2,812 45 ,214 31 2,211 858 Aug. 3,979 33 2,785 41 ,194 38 2,048 872 Sept. 3,950 33 2,782 42 ,168 42 2,071 866 Oct.. 3,914 36 2,748 42 ,166 45 2,086 835 Nov. 3,946 32 2,784 43 ,162 43 2,071 822 Dec. 3,984 33 2,823 41 ,161 46 2,132 880 1957_Jan.. 3,902 29 2,761 41 ,141 42 1,964 866 Feb.. 3,846 35 2,729 31 ,117 53 2,004 828 Mar. 3,832 28 2,713 27 ,119 47 1,958 820 Apr. 3,938 28 2,792 28 1,146 53 2,051 807 May 3,924 26 2,794 39 1,130 52 2,063 817 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 795 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data In millions of dollars] Government securities Business securities Date a T s o s t e a ts l U S n ta i t t e e s d St U ate .S a . nd Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r local End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 1,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 End of month."* 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—May 92,478 11,332 7,986 2,140 1,206 39,854 36,880 2,974 30,991 2,646 3,385 4,210 June 92,876 11,280 7,921 2,148 1,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July 93,580 11,292 7,886 2,191 1,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug 93,992 11,210 7,778 2,206 1,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept 94,411 11,253 7,805 2,213 1,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct 94,869 11,306 7,850 2,218 1,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov 95,274 11,218 7,749 2,229 1,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 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 1,236 41,177 38,256 2,921 33,279 2,841 3,523 4,428 Feb 96,738 10,890 7,544 2,244 1,102 41,513 38,580 2,933 33,479 2,865 3,547 4,444 Mar 97,074 10,926 7,427 2,251 1,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 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 May 97,868 10,895 7,340 2,290 1,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 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 bl q i v g t a . - Cash Other 4 S c a a v p i i n ta g l s und a i n v d ided tions FHLB Other profits advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1956—May. . 40,023 33,259 2,684 1,926 2,099 34,137 1,119 112 June.. 40,622 33,740 2,652 2,047 2,128 34,948 1,170 118 2,749 July... 40,797 34,134 2,687 1,878 2,044 35,079 1,105 124 Aug.. . 41,197 34,586 2,726 1,788 2,043 35,366 1,113 132 Sept.. . 41,574 34,939 2,739 1,745 2,098 35,633 1,139 138 Oct.... 42,059 35,305 2,753 1,782 2,166 36,044 1,145 128 Nov.. . 42,520 35,596 2,781 1,840 2,251 36,438 1,150 123 Dec... 43,098 35,870 2,798 2,142 2,236 37,302 1,225 130 2,970 1957—Jan... 43,285 36,102 2,946 1,974 2,211 37,638 1,035 107 Feb.. 43,684 36,371 3,061 1,935 2,265 37,953 973 99 Mar.. 44,200 36,734 3,153 1,911 2,351 38,312 958 93 Apr.. 44,696 37,136 3,181 1,863 2,466 38,625 968 96 May. 45,352 37,595 3,196 1,901 2,611 39,093 990 95 1 Figures are for all savings and loan associations in the United States. 3 Net of mortgage pledged shares. Data beginning 1950 are based on monthly reports of insured associa- 4 Includes other loans, stock in the Federal home loan banks and other tions and annual reports of noninsured associations. Data prior to investments, real estate owned and sold on contract, and office building 1950 are based entirely on annual reports. and fixtures. 2 Includes gross mortgages with no deduction for mortgage pledged NOTE.—Data for 1956 and for all months are preliminary. shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 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 1956 1957 Asset or liability, and activity 1 1950 19512 19522 19532 1954 1955 2* 4* Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 6,715 7,377 16,757 7,160 6,752 7,261 Banks for cooperatives 345 425 424 377 367 375 355 349 395 457 423 Federal intermediate credit banks... 510 633 673 590 638 689 765 898 874 734 4845 Farmers Home Administration 535 539 596 648 701 681 764 3778 769 724 823 Rural Electrification Administration. 1,543 1,742 1,920 2,096 2,226 2,348 2,379 2,413 2,450 2,488 2,544 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2,671 2,349 2,626 Other agencies 52 40 31 23 18 1 (5) (5) (5) (5) (5) To aid home owners, total 1,528 2,142 2,603 2,930 2,907 3,205 3,230 3,299 3,391 3,680 4,076 Federal National Mortgage Association. 1,347 1,850 2,242 2,462 2,461 2,641 2,683 2,729 2,807 3,072 3,433 V O e th te e r r a n ag s e A nc d i m es inistration \ 181 292 362 ' k 1 3 6 0 8 0 38 6 3 3 48 8 0 4 4 1 2 2 4 4 4 1 3 3 3 7 4 1 4 3 7 8 4 1 6 4 4 5 4 1 8 5 8 5 To industry, total 568 589 598 588 431 678 593 627 624 619 629 Treasury Department... 174 353 306 330 323 216 209 209 C O o th m er m a e g rc e e n c D ie e s partment. 568 589 598 \ 413 79 r 26i 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 I 112 To financing institutions 824 814 864 952 870 1,143 1,178 1,147 1,233 966 1,419 To aid States, territories, etc., total 468 744 1,020 645 272 245 239 227 244 246 272 Public Housing Administration 351 589 894 500 112 90 106 90 109 106 120 Other agencies 117 155 126 145 160 155 134 137 135 140 153 Foreign, total 6,078 6,110 7,736 8,043 8,001 7,988 8,106 8,172 8,229 8,223 8,237 Export-Import Bank 2,226 2,296 2,496 2,833 2,806 2,702 2,697 2,712 2,692 2,701 2,678 Treasury Department6 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,519 3,470 3,470 International Cooperation Administration. 71,515 1,537 1,624 1,767 1,832 1,885 1,958 1,995 2,035 Other agencies 102 64 58 53 1 58 55 60 57 54 All other purposes, total 63 55 75 119 166 256 156 176 193 213 240 Housing and Home Finance Agency . (5) 5 29 127 209 108 122 137 156 184 Other agencies "*63 34 69 90 39 47 48 55 56 57 56 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -263 3 -592 -656 -309 -327 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,677 3,719 3,720 3,739 3,923 Federal home loan banks 199 249 311 387 641 745 1,082 1,083 1,054 1,018 1,095 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 248 256 248 256 265 Federal Housing Administration 244 285 316 319 327 381 390 405 422 458 479 Federal Deposit Insurance Corporation.... 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 1,812 1,825 1,898 Other agencies 132 140 148 152 147 149 164 166 183 181 186 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities* 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 1,774 1,461 1,280 2,515 3,852 4,356 14,119 20,231 20,949 21,375 21,303 Commodity Credit Corporation.. 1,638 1,174 987 2,087 3,302 3,747 3,536 3,897 3,323 3,651 3,362 Defense Department 9,827 9,814 10,994 11,004 11,094 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. 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 6,6 1 5 93 4 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 10,028 9,985 9,875 Commerce Department (maritime activities). 4,834 4,798 4,822 4,796 4,612 4,549 4,502 4,470 Panama Canal Company9 18 298 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 1,751 Housing and Home Finance Agency ,297 1,285 1,203 1,041 727 450 400 311 285 236 144 Nat. Advisory Committee for Aeronautics. . 278 276 277 Bonneville Power Administration 309 306 311 317 General Services Administration 1,199 1,302 1,298 1,226 Post Office Department 590 590 590 590 Other agencies 745 728 345 350 360 300 607 538 608 613 704 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,425 2,607 2,742 2,711 2,975 Banks for cooperatives 110 170 181 150 156 185 161 152 188 257 231 Federal intermediate credit banks 520 674 704 619 640 665 725 857 865 721 803 Federal home loan banks 560 525 445 414 272 958 869 928 918 963 720 Federal National Mortgage Association 570 670 670 770 770 1,220 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 Effective Jan. 1, 1957, the production credit corporations were merged Funds are combined in the table above, but are shown separately in the in the Federal intermediate credit banks, pursuant to the Farm Credit table on the following page. Classifications by supervisory authorities Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations are those in existence currently. Where current Treasury compilations of the banks (including the corporations) are classified as trust revolving do not provide a detailed breakdown of loans, these items have been transactions. classified by Federal Reserve on basis of information about the type of 5 Less than $500,000. lending activity involved. 6 Figures represent largely the Treasury loan to the United Kingdom, A few major activities and several minor ones, first reported for June and through 1952 are based in part on information not shown in Treasury 30, 1956, are not included for later dates, because they are not reporting compilation. 7 Figure derived by Federal Reserve. on a quarterly basis. 8 Includes investment of the Agricultural marketing revolving fund in •Adjusted totals; these reflect exclusion of data for agencies reporting the banks for cooperatives; Treasury compilations prior to 1956 classified other than quarterly, the latest data for which are shown at the bottom this item as an interagency asset. of the table on the opposite page. 9 Figures prior to 1951 are for the Panama Railroad Company. The 1 Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis; total loans and all other assets, on a net basis, i. e., after (not reported prior to that time). reserve for losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 797 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 it e e r m t s h 1 an Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s to v I e r n i n - e - s P s r u d i e t b e c i b l e u I i m n t s c - v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u a t q a r r n e u u n e n d i c d s p t - , , - Other G a B t U u n a u b o r t n . a e e y n S d r e s d - . d s d p , e a O n b y o e t a h t n b e e - l s r e , 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 t r s e n e i t r l e - y - d All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 1,,772288 "2 6,456 378 1953—Dec. 312 38,93 1,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954_Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 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. 31 58,485 3,73120,580 14,119 3,677 3,638 8,056 4,685 2,425 3,730 51,635 651 June 30* 66,797 4,457 19,,844 20 3,719 3,638 9,682 5,226 2,607 3,238 60,224 677 Sept. 30 69,143 5,144 20,33120J949 3,720 3,66810,028 5,303 2,742 3,14562,507 693 Dec. 31* 69,653 4,996 20,657 2211,375 3,739 3,669 9,985 5,232 2,711 3,659 ,516 699 1957—Mar. 31 69,895 4,44121;353 21,303 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,511 9,069 4,112 775 149 3,294 1,403 68 570 1,842 17,831 Farm Credit Administration:4 Federal Farm Mortgage Corporation 11 1 10 10 Agricultural Marketing Act, revolving fund. . . 186 39 147 186 Department of Agriculture: Commodity Credit Corporation 6,543 38 2,518 3,362 169 456 1,112 5,431 Disaster loans, etc., revolving fund 140 47 86 6 2 138 All other 3 26 9 2 3 34 Housing and Home Finance Agency: Public Housing Administration 371 64 119 156 34 337 Federal Housing Administration 780 20 479 279 67 143 570 Federal National Mortgage Association 2,431 1 2,402 () 27 570 31 1,830 Office of the Administrator 74^ 175 397 144 31 741 Federal Savings and Loan Insurance Corporation... 276 1 265 11 14 262 Small Business Administration 17: 44 126 1 171 Export-Import Bank 2,733 35 2,677 () () 19 31 2,701 Tennessee Valley Authority 2,019 110 39 1,751 119 32 1,986 Panama Canal Company 456 32 7 396 21 24 432 Veterans Administration 731 236 488 4 2 1 11 721 General Services Administration 901 39 677 71 115 16 886 Treasury Department 380 115 '225 1 9 30 3 377 Post Office Department—postal fund 1,023 386 9 590 39 364 659 Interior Department 216 50 7 129 21 6 209 All other 160 51 6 57 10 149 Intragovernmental Funds—Total 13,022 1,444 11,220 202 156 80212,220 Defense Department: Army 8,242 649 7,411 105 77 320 7,921 Navy 3,342 418 2,881 42 293 3,048 Air Force 1,137 302 801 34 133 1,004 All other 302 75 126 97 3 246 Certain Other Activities—Total 29,996 1,358 9,066 5,971 3,563 6,379 3,652 19229,804 National Advisory Committee for Aeronautics 408 59 1 277 70 9 398 General Services Administration 8,049 665 82 5,929 1,214 158 12 8,036 Bonneville Power Administration 393 28 5 317 42 388 Department of Agriculture: Farmers Home Administration 765 121 623 21 754 Rural Electrification Administration 2,767 103 2,538 127 2,766 International Cooperation Administration 2,054 3 2,035 16 2,054 Treasury Department 0,215 3,505 3,563 103,146 10,215 Department of Commerce—maritime activities 5,115 "302 283 4,470 25 133 4,982 Allother 232 76 1 100 47 211 Certain Deposit Funds—Total 4,530 60 1,381 3,036 37 951 835 2,007 737 B Fe 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 r s ance Corporation 1, 5 92 0 0 2 2 2 6 ( 4 5) 19 (5V1,89 4 8 3 1 1 0 9 231 15 3 1 1, 2 76 3 9 8 30 Federal home loan banks 2,109 31 961 1,095 720 681 707 Certain Trust Revolving Funds—Total 2,035 68 1,837 106 1,453 42 502 H38 Federal National Mortgage Association 1,047 51 992 650 19 357 U21 Federal intermediate credit banks 969 11 845 100 805 13 145 All other 19 5 6 10 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) 220 143 77 1 219 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 93 6 2,571 354 137 2,887 All other—excluding OAP—(June 30, 1956) 50 6 27 1 14 2| 15 30 io Includes $1,000 million due under the agreement with Germany ll Figure represents total trust interest. signed Feb. 27, 1953, and lend-lease and surplus property balances due For other footnotes, see opposite page. the United States in the principal amount of $2,086 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 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 r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t . : - . 1 E p T r f u q e r t o u b o h c a t l m t e a i s l c l s . 2 : B p t u e u e n d r x e d g - s i e - t p T P t f e u u e r l n r u x n u e d s - d s s i : t - A m L d e e j n s u s t s s : t 3 - E p t p T o q u a o u b y t t a l h t a i l s e l s c . : t p o p fr u a t o o h b y ( m r e l t - i s ) c , . , c ( c o d r d r r I e e i e n r a a d b e - s s e c t e e - t , a in G g N v e o . n e v . t b t & . L y ess: O d n c e a o t b h s n t e h - 4 r b E i o n q c N r g u a r e s a o h o t l w s r : - & agen.) tr. funds Cal. year—1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956. 70,994 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,910 Fiscal year—1953 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956 68,165 11,685 2,743 77,084 66,540 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 Semiannual totals: 1954—July-Dec 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June 38,118 5,168 1,222 42,051 33,004 4,935 2,186 35,752 6,299 -3,535 1,145 197 -4,875 July-Dec 25,240 5,456 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan.-June 42,925 6,229 1,454 47,687 33,415 5,040 2,266 36,187 11,499 -7,597 1,835 254 -9,689 July-Dec 28,069 6,169 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 Monthly: 1956—May 5,050 1,605 70 6,581 5,467 669 132 6,004 577 1,036 1,032 110 -106 June 11,601 1,617 1,049 12,167 6,937 830 703 7,064 5,103 -3,890 916 57 -4,863 July 3,485 1,112 631 3,964 5,542 1,029 676 5,895 -1,931 -93 312 33 -439 Aug 4,954 1,419 83 6,286 5,902 801 17 6,686 -400 2,982 645 -35 2,372 Sept 6,218 753 78 6,889 4,918 846 65 5,699 1,191 -1,126 -214 33 -946 Oct 3,184 660 93 3,747 5,995 959 285 6,671 -2,924 1,017 -266 43 1,240 Nov 4,818 1,231 71 5,972 5,726 857 227 6,355 -383 1,661 292 37 1,333 Dec 5,412 994 617 5,785 5,718 809 -785 7,312 -1,527 -405 -123 -501 219 1957—Jan 4,809 650 106 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 5,584 1,342 296 6,630 5,073 -1,160 108 -126 -1,142 Apr 4,256 1,083 90 5,244 5,987 1,491 258 7,220 -1,976 -813 -469 -174 -170 May? 5,282 2,121 94 7,303 5,944 1,344 343 6,945 358 1,432 1,241 257 -66 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u N e r o f d p e i r g c l t u i e t s t a d l c T f a e c u r t o f u n i u i r o m c d s n i t 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 o a ( G s g + b N a u e o l r ) a i e n v k g o n t c e t a c f . y t - e in i & s a n G e v g N c . e o t F . r e n v u e t b c ( t s d . y y - t . ) I d n ( p e d g - c c u i ) r r o r r b , o e e e r a l s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a a . v b D n a l R k e e il . p s - osi T t T s a L u x r i o e r n a y a a n s n - d O as n t s e h e t e ts r tions 5 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 ,467 1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 ,391 Semiannual totals: 1954—July-Dec -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 ,156 1955—Jan.-June 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 ,391 July-Dec -5,732 866 -483 -5 -697 3,877 -55 -2,119 4,427 441 2,924 ,062 Monthly: 1956—May -417 -49 48 '-958 941 -73 548 6,259 515 4,593 ,151 June 4,664 787 -349 51 -934 -3,978 -45 287 6,546 522 4,633 ,391 July -2,057 83 -34 22 -277 -105 -2,369 4,178 513 2,451 ,214 Aug -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 ,131 Sept 1,300 -94 145 -14 214 -1,304 -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 May -662 777 59 153 -1,255 1,226 -11 308 5,840 568 4,318 954 v Preliminary. r Revised. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist prriinmruarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between International Monetary Fund and to Treasury by Govt. agencies, transfers to trust accounts representing and the Treasury, (5) reconciliation items to Treasury cash, and (6) net Budget expenditures, and payroll deductions for Federal employees re- operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consist primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in footnote 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 799 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budgetreceipts (I S n e t l . e R cte e d v . e S x e c r i v se . r t e a p x t e s s .) 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 t a ru g ld s e T - t ran H s t w f r i e u g a r s y h s t - to R : t r i . r e e - R - . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i l n t d h d 1 - ivid O u t a h l er 1 r C a o ti r o p n o 1 - ta c E x i x s e e s - 1 t p m a E l x o m e 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 . - ' ' fund 3 fund ment acct. Fiscal year—1953 64,825 4,086 6?0 3,118 72,649 21,351 11,417 21 595 9,934 4,983 3,369 2 781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 Semiannual totals: 1954—July-Dec 22,272 2,305 322 339 25,239 10,230 2,323 3,767 4,527 2,668 1,724 1,453 767 1,480 1955—Jan.-June 38,118 2,735 ?77 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—May 5,050 973 91 993 7,107 3,356 865 492 877 1,067 450 256 149 June 11,601 549 54 395 12,598 1,969 1,487 7,195 855 604 488 264 143 \ n.a. 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 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 4 256 617 121- 1,130 6,142 819 2,827 520 812 633 531 214 133 Mav 5,282 1,229 109 83 1,057 7,759 3,690 897 502 965 1,314 391 n.a. n.a. n.a. Budget expenditures'* 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 1 476 2 502 1 474 1954 67,772 46,904 40,335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 40,626 35,533 2,292 1,857 2,181 6,438 4,457 2,552 4,411 1,202 1,502 1,201 19566 66,540 40,641 35,791 2,611 1,651 1,846 6,846 4,756 2,776 4,913 1,104 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 1,181 Monthly:6 1956—Mar 5,399 3,284 805 299 146 167 566 400 168 438 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*9?? 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, 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, 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 18? 121 655 410 330 551 87 85 100 Feb 5 743 3,576 3 136 150 143 592 407 236 312 94 268 98 Mar 5,584 3,700 3,224 261 169 131 606 414 209 397 85 -19 81 n.a. Not available. 4 For more details, see the 1958 Budget of the United States, pp. 1076-84 1 Corporation and estate and gift taxes are from Internal Revenue and 1149-50. Service reports prior to July 1953. Excise taxes and n on withheld 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

800 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 Nonmarketeible E m n o d n t o h f T d g e r o o b t s a t* s l T d d g i e r o r o b e t s a t c 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 i t s - - f Notes B e b l a l ig e n i 4 k - Bon s d t B s r r i a c e n - te k d b C v i o b e o n r l n d e t- - s Totals 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 i p ss 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!i" 23.0 68.4 * *52!i*" 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 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 Au2 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 Oct 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 Nov 277.1 277.0 228 7 159.8 24.2 19.5 35.2 80.9 10.9 58 1 56.9 45.7 Dec 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 Jan 276.3 276.2 228.4 160.5 25.3 19.0 35.3 80.9 10.7 57.2 56.0 45.3 Feb 276.4 276.3 228 4 160.9 25.9 20.2 33 9 80.9 10 6 57 0 55.8 45.5 Mar 275.1 275.0 227.2 159.9 25.3 19.4 34.4 80.9 10.5 56.7 55.6 45.6 Apr 274.1 274.0 226.9 160.0 25.3 19.4 34.4 80.9 10.4 56.5 55.4 45.2 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 June 270.6 270.5 221.7 155.7 23.4 20.5 31.0 80.8 10.3 55.7 54.6 46.8 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $446 million on June 30, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,732 million on May 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in (i g n c g l u u a d 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 is p s 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 i p o o n - s g lo o c v a ts l . S b a o v n in d g s s se O cu th ri e ti r es m to 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__ D jU e n c e 2 2 8 7 0 4 . . 8 4 4 4 3 3 . . 9 3 7 7 . .3 8 2 22 2 9 3 . . 1 9 2 2 4 3 . . 8 6 6 6 3 2 . . 5 0 8 8 . .7 5 1 1 4 4 . . 8 3 2 1 4 9 . . 0 3 1 1 5 4 . . 1 7 5 5 0 0 . . 2 2 1 1 4 4 . . 7 6 1 14 5 .6 4 1956 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 M^ay 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 Aus 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 13.1 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 Apr 274.1 45.2 8.5 220.4 23.2 58.1 8.0 12.5 19.8 16.2 49.4 17.3 16.0 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to 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 801 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 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—Coat. Treasury bonds—Cont. 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 O Fe c b t. . 1 1 4 , . 1 1 9 95 5 8 7 3 3 V V * 4 1 7 0 , , 2 8 7 5 1 1 A O p ct r . . 1 1 , , 1 1 9 9 6 6 1 1 1 \ V V 4 i 3 1 3 4 2 4 J A u u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 1 1/ / 6 2, , 1 7 1 5 4 5 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 Apr. 15, 1958 3i/2 2,351 F A e p b r . . 15 1 , , 1 1 9 9 6 6 2 2 3 \V % i 64 8 7 0 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 3 - - 6 6 9 8 . . 3 2 , , 7 8 4 2 9 3 Aug. 1,1957 ,702 Treasury notes Dec. 15, 1964-69. 3,824 A A u u g g . . 1 8 5 , , 1 1 9 9 5 5 7 7 , , 6 7 9 0 9 0 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 Tre M as a u r. r y 1 5 b , o n 1 d 9 s 56-58 3.. 2V> 1,449 M M a a r r . . 1 15 5 , , 1 1 9 9 6 6 5 6- - 7 7 1 0 . . , , 4 2 , , 7 9 0 5 9 4 Aug. 22, 1957 ,800 Oct. 1,1957 li/i 824 Sept. 15, 1956-59 3.. 21 3,819 June 15, 1967-72., 1,860 Aug. 29, 1957 ,801 Apr. 1,1958 V/i 383 Mar. 15, 1957-593.. 2\ 927 Sept. 15, 1967-72. 2,716 Sept. 5, 1957 ,800 June 15, 1958 2% 4,392 June 15, 1958......2\ 4,245 Dec. 15, 1967-72. 3,772 Sept. 12, 1957 ,800 Oct. 1,1958 1V4 121 June 15, 1958-63 *.. 2% 919 June 15, 1978-83. 1,605 Sept. 19, 1957 ,600 Feb. 15, 1959 1% 5,1.02 Dec. 15, 1958 2*' 2,368 Feb. 15, 1995 .3 2,744 Sept. 23, 1957 ,501 Apr. 1,1959 V/i 119 June 15, 1959-62... 2> 5,271 Sept. 26, 1957 ,602 Oct. 1,1959 \Vi 99 Dec. 15, 1959-62... 2* 3,460 Panama Canal Loan 3 50 Apr. 1,1960 1 Vi 198 Nov. 15, 1960 2\ 3,806 May 15, 1960 3% 2,406 Dec. 15, 1960-654.. V 1,485 Convertible bonds Oct. 1,1960 1% 278 S N e o p v t . . 1 15 5 , , 1 1 9 9 6 6 1 1 2 2 Y V A 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 . 2V4 10,280 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. 793. interest payment dates. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES i [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk 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 5-10 O y v e e a r rs 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—Mar. 31 170,430 25,262 19,433 34,367 80,861 10,507 159,924 66,981 42,163 17,891 32,889 Apr. 30 170,417 25,277 19,434 34,407 80,852 10,448 159,969 67,369 41,829 17,890 32,881 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_Mar. 31 8,390 185 388 1,000 3,651 3,166 5,224 940 908 321 3,055 Apr. 30 8,346 140 380 1,013 3,657 3,156 5,189 830 979 319 3,062 Federal Reserve Banks: 1954—June 30 25,037 2,316 6,600 13,029 3,093 25,037 16,280 6,307 1,035 1,415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3.773 1.014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 Dec. 31 24,915 1,918 10,975 9,219 2,802 24,915 22,113 373 1,014 1,415 1957—Mar. 31 23,149 319 11,418 8,606 2,806 23,149 20,341 380 1,014 1,415 Apr. 30 23,169 434 11,362 8,571 2,802 23,169 20,380 361 1,014 1,415 Commercial banks: 1 19 9 5 5 5 4 — _ J ju u n n e e 3 3 0 0 5 5 6 5 , , 1 6 9 6 9 7 4 2, , 7 1 2 8 1 7 4 1 , , 9 4 4 5 2 5 1 1 1 5 , , 4 3 2 8 3 5 3 3 5 5 , , 4 9 8 4 1 2 1 1 6 6 5 4 5 55 6 , , 5 0 0 3 3 4 1 7 7 , , 1 6 8 8 7 4 2 1 1 4 , , 7 6 1 2 2 4 2 1 1 8 , ,7 1 4 1 1 0 4 5 , , 9 4 8 9 5 4 1956—June 30 49,673 181 1,004 11.620 34,712 155 49,517 7,433 18,234 19,132 4.719 Dec. 31 51,466 934 1,600 10I714 34,071 147 51,319 11,635 24,528 10,242 4,914 1957—Mar. 31 50,547 944 3,027 10,559 33,873 144 50,403 10,376 24,768 10,325 4,934 Apr. 30 50,453 3,200 2,701 10,553 33,855 144 50,309 10,495 24,584 10,242 4,987 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—Mar. 31 7,552 217 97 367 5,763 1,108 6,444 402 1,075 650 4,317 Apr. 30 7,472 168 89 386 5,726 1,104 6,368 357 1,061 639 4,311 Insurance companies: 1954—June 30 13,520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 1 1 9 9 5 5 5 6 — —J J u u n n e e 3 3 0 0 s... 1 1 3 1 , , 1 7 1 0 7 2 6 31 3 8 0 4 7 4 4 7 78 6 9 0 7 8 , , 7 4 8 7 9 9 2 3 . , 7 1 9 4 1 5 9 8, , 9 9 1 7 1 2 6 8 3 1 2 0 1 1, , 1 3 9 3 2 9 2 1 , , 0 8 2 0 7 2 5 5 . , 2 7 8 9 5 6 Dec. 31 11,331 349 66 781 7,464 2,671 8,660 726 1,749 1,136 5.049 1957—Mar. 31 11,163 367 92 741 7,372 2,591 8,572 709 1,740 1,121 5,003 Apr. 30 11,160 406 101 736 7,350 2,567 8,593 763 1,724 1,111 4,994 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—Mar. 31 69,629 21,230 4,411 13,094 27,396 3,497 66,131 34,212 13,292 4,461 14,166 Apr. 30 69,732 20,929 4,801 13,148 27,463 3,391 66,341 34,544 13,120 4,566 14,111 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

802 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Grossproceeds, all issuers2 Propose a d ll u co se r s p o o r f a t n e e t i s p s r u o e c r e s e 6 ds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t. . 3 ag F e e e r n a d c l - y4 S n m a p t i n a a c u d t l i - e - Others Total Total o B P f l f o i u e c n r l b y e d - d s p v l P a a t r c e i e l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N o e n w ey7 p l M p c a o o u e n u s i l r e s e s - - - - s m b d e t R i t e a o r e c b n e e f . n - k t - 8 t , m s r t i e i o t r e c i e f e n u - s t - 1939 .... 5,687 332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11466 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 11804 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 P 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1 369 8 716 8 180 537 664 1953 28,824 n 957 106 5,558 306 8,898 7,083 3,856 489 1,326 8,495 7,960 535 260 1954 29,765 12532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 26 772 9 628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8 821 7,957 864 1 227 1956 22,405 5 517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,384 9,663 721 • 364 1956 May 2 123 451 491 1 1 180 977 686 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 Sent . . 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 11 Nov 1 829 389 311 r5 1,123 451 179 45 627 1 089 1,048 41 21 Dec ... . 1 955 390 427 23 1,114 915 401 514 16 183 1,088 1,049 39 11 1957 Jan .. 2 432 496 72 685 84 1,094 916 641 276 34 144 1 063 1,026 38 11 Feb 2,123 386 569 53 1,116 761 514 248 26 329 1,071 927 144 22 Mar 3 248 1 327 503 32 1,386 1,072 643 38 276 1 344 1,271 73 21 Apr r2,323 390 125 r763 123 922 612 385 227 49 261 892 827 65 9 May 1,712 394 502 49 767 658 437 221 25 84 738 692 46 14 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d 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 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3 712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954 2 044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1956 May 467 11 58 86 2 335 81 118 1 June 281 19 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 (9) 102 7 Sept 206 10 36 21 63 242 4 56 236 Oct 314 7 31 4 37 227 68 68 (9} Nov . 147 19 110 2 45 153 596 37 (9) Dec 526 5 33 3 148 157 73 1 151 r\ 1957_Jan 381 8 42 1 101 247 (9) 105 1 187 Feb 543 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 (9) 47 (9) 94 May 118 4 53 3 71 339 81 76 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 803 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 54,517 63,34358,110 69,876'71,90117,01718,139 18,131 18,45716,11919,19319,764 Profits before taxes 7,308 8,375 7,24410,250 '9,253 2,407 2,612 '2,603 '2,509'1,700 2,441 2,732 Profits after taxes 3,548 3.192 3,649 3,825 5.231 '4.842 1,218 1,399 '1,302 '1,305 '914 1,321 1,394 Dividends 2,075 2,073 2,154 2,384 2,827 '2,972 659 1,015 703 '706 723 841 750 Nondurable goods industries (94 corps.):l Sales 18,91619,266 20,694 >0,62023,106 ••24.762 5,779 6,043 '6,079 6,135 6,084 6,464 6,610 Profits before taxes 3,447 2,853 3,028 2,753 3,413 '3,468 871 895 '907 '876 808 877 945 Profits after taxes 1,533 1,392 1,526 1,581 1,918 'K985 484 523 '503 '491 466 526 535 Dividends 925 946 972 1,064 1,202 1,249 283 402 290 295 305 359 313 Durable goods industries (106 corps.):1 Sales 34,02435,25142,64937,490 46770 r47,13911.23812,096 12,052 "12,32210,03612,73013,154 Profits before taxes 5 4224,455 5,346 4,491 6,836 '5,784 1,537 1,717 '1,696 '1,633 892 1,564 1,787 Profits after taxes 2,015 1,800 2,123 2,244 3,313 '2,857 734 876 '799 815 "448 794 859 Dividends 1,149 1,127 1,182 1,320 1,625 '1,724 376 613 413 '411 418 482 437 Selected industries: Foods and kindred products (28 corps.): Sales ,909 :,042 5,411 5,476 5,833 '6,300 1,491 1,495 '1,530 1,569 1,561 1,640 1,618 Profits before taxes 473 453 465 462 499 '561 140 128 '126 149 141 145 136 Profits after taxes 227 203 212 224 244 '275 68 66 '58 71 71 '74 64 Dividends 159 154 154 156 160 166 39 50 37 38 41 50 39 Chemicals and allied products (26 corps.): Sales ,882 ,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 ,259 1,308 1,153 1,535 '1,500 390 400 '388 '380 342 389 395 Profits after taxes 521 486 520 593 782 '776 198 210 '196 '195 178 207 197 Dividends 381 396 417 499 597 602 134 234 138 141 143 181 150 Petroleum refining (14 corps.): Sales ,078 ,411 5,883 6,015 6,556 7,185 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 '688 156 173 '177 '163 163 184 217 Dividends 262 283 290 294 317 346 80 83 82 82 89 93 91 Primary metals and products (39 corps.): Sales 507 ,56413,75011,52214,952 16,062 3,753 4,030 '4,209 4,415 3,098 4,340 4,274 Profits before taxes 098 ,147 1,817 1,357 2,377 '2,366 584 674 '690 '712 267 697 679 Profits after taxes 778 564 790 705 1,195 '1,233 293 348 '346 '363 145 378 344 Dividends 382 369 377 407 522 606 118 182 141 137 140 188 157 Machinery (27 corps.): Sales 168 ,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 1,011 914 912 '943 224 194 200 '267 '233 243 265 Profits after taxes 365 375 402 465 465 460 111 114 '76 139 '125 120 111 Dividends 192 199 237 263 281 '321 67 81 78 '78 79 87 79 Automobiles and equipment (15 corps.): Sales 707 ,03816,61114,13718,826 16,336 4,246 4,578 4,195 3,347 4,215 4,993 Profits before taxes 950 ,982 2,078 1,789 3,023 '1.940 589 714 '689 '509 272 470 719 Profits after taxes 717 709 758 863 1,394 '898 261 346 '320 '242 118 218 344 Dividends 486 469 469 536 693 656 161 309 162 164 164 166 167 Public Utility Railroad: Operating revenue 10,39110,58110,664 9,37110,106 10,551 2,632 2,640 2,535 2,704 2,590 2.722 2,575 Profits before taxes 1,260 1,438 1,436 908 1,341 1,267 370 353 252 343 298 '375 247 Profits after taxes 693 825 903 682 927 874 243 264 163 237 208 266 161 Dividends 328 338 412 379 448 445 78 176 110 116 70 148 124 Electric power: Operating revenue 6,058 6,549 7,136 7,588 8,360 9,059 2,025 2,185 2,398 2,185 2,175 2,302C2.563 Profits before taxes 1,482 1,740 1,895 2,049 2,304 2,457 536 595 710 592 568 586 C731 Profits after taxes 814 947 1,030 1,134 1,244 1,329 285 325 374 321 302 331 C392 Dividends 651 725 780 942 1,013 224 253 247 256 248 262 269 Telephone: Operating revenue 3,729 4,136 4,525 4,902 5,425 5,966 1,368 1,419 1,439 1,480 1,495 1,552 1,560 Profits before taxes 691 787 925 1,050 1,282 1,430 325 336 339 352 359 380 353 Profits after taxes 341 384 452 525 638 715 161 169 169 176 180 190 161 Dividends 318 355 412 448 496 552 126 130 132 136 137 147 148 c Corrected ' Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric 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 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURHTESi [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 ea ar 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 - s e P t a r a f o x te f e i r s ts d C d e i a n v s d i h - s t U p ri r n b o d u fi t i t e s s - d Y qu ea ar 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'' 33.5 17.4 16.0 9.9 6.1 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955' 42.5 21.5 21.0 11.0 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956' 43.0 22.0 21.0 11.9 9.2 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'' 46.1 23.4 22.7 12.0 10.7 1956—1 2,827 1,043 1 784 1,678 707 970 1,149 336 813 1956—lr 43.3 22.1 21.2 11.7 9.5 2 . . 3,367 1,487 1,880 2,245 817 1,428 1,122 671 452 2r 42.4 21.6 20.7 12.0 8.7 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 3r 40.8 20.8 19.9 12.1 7.8 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 4r 45.6 23.3 22.3 11.5 10.8 1957—1 r3,666 783 '2,884 '2,337 553 rl,824 1,289 230 1,059 1957—1 43.9 22.4 21.5 12.4 9.1 r Revised. r Revised. 1 Reflects cash transactions only. As contrasted with data shown on p. 802, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 802. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. Federal End of year working U.S. receivable payable income or quarter capital Total Cash s G ec o u v r t i . - I t n o v ri e e n s - Other Total l t i a a x - Other ties G U o . v S t . .2 Other G U o . v S t . .2 Other bilities 1949 72.4 133.1 26.5 16.8 4:.0 45.3 1.4 60.7 31.5 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 r 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1 1 9 9 5 5 4 5 r r 9 9 1 8 . . 8 9 2 1 1 9 4 4 . . 6 6 3 34 3 . . 0 4 2 1 3 9 . . 3 2 2 2 .3 4 7 8 1 1 . . 2 6 7 65 0 .0 3 3 3 .5 1 1 1 0 1 2 5 . . 8 7 2 2. . 3 4 6 6 1 9 .9 4 1 1 5 8 .4 5 2 2 5 3 . . 1 5 1956 1r 101.0 213.4 30.9 20.8 2.3 82.4 73.1 3.9 112.4 2.3 69.2 15.3 25.6 2r 102.7 214.7 32.1 17.4 2.3 84 3 74 8 3 8 112.1 2.5 71 4 12 3 25.8 3r . 103.4 220.4 32.6 17.5 2.4 88.1 76.0 3.8 117.0 2.5 73.0 14.4 27.1 4r 104.4 225.7 34.7 18.6 2.6 88.8 77.3 3.6 121.3 2.4 74.9 16.8 27.2 1957—1 106.0 224.9 31.9 18.0 2.5 89.4 79.1 4.0 118.9 2.5 74.1 14.4 28.0 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude 1 Excludes banks and insurance companies. amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Transportation factur- 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 s l i i - c c m C at o u i m o n n i - - s Other 2 Quarter Total m a in n in g d - T p t o r i a r o t n n a s - - P u u t t i b i e l s l i i - c ot A h l e l r* road ing 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1956—1 7.5 3.2 .7 .9 2.6 1950 20.6 7.5 .7 l.l 1.2 3.3 1.1 5.7 2 8.9 4.1 .7 1.2 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 L4 L.5 3.9 1.5 5.6 4 9.8 4.8 .8 1.5 2.8 1953 28.3 11.9 1.0 L3 1.6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1957—1 8.3 3.8 .7 1.2 2.6 1955. 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 24 9.9 4.7 .9 1.6 2.6 1956 35.1 15.0 1.2 1.2 1.7 4.9 2.7 8.4 34 9.6 4.5 .9 1.8 2.5 19574 37.4 16.4 1.2 1.5 1.8 6.1 10.4 * Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. * Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 805 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm E o n r d q o u f a r y t e e a r r h A e o r l l d s l - t F u i i n c t n i i s a o a ti l n n - s - S F e a e l c d g e i e e c e r n t h s e a O - o d l l t d h e e v o r r I i s t a d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il l i n n y - s - ho O h u e o t s r h l e d s e s - r c T o o m t M a m l u e l r t c i t F - i u i f a i n a c t l n i i s m a o a t l i n n p i - l s - r y o p a e O h n r e o d t t h r l ie d s e s - r 1 h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62.7 42.9 1.1 18.7 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.P 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*7. 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.P 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 i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 Residential Residential End of year 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 1,099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 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 1,831 58 1956* 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1955 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 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 1,984 59 1957—Mar.p 22,670 16,905 4,775 3,825 8,305 4,430 1,335 20,105 18,045 4,450 7,360 6,235 >,000 60 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6 442 5 529 815 4 714 913 1945 976 6,636 5,860 1,394 4,466 776 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1 224 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—May 618 568 92 140 336 50 30,991 28,612 6,574 6,665 15,373 2,379 June 546 507 58 136 313 39 31,284 28,884 6,584 6,764 15,536 2,400 July 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 Aug . 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sept 454 430 51 102 277 24 32,111 29,656 6,614 7 044 15 998 2,455 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 Nov 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30,546 6,654 7,318 16,574 2,471 1957_Jan 553 512 51 141 320 41 33,279 30,810 6,658 7,420 16,732 2,469 Feb 402 356 43 98 215 46 33,479 31,001 6,671 7,493 16,837 2,478 Mar 429 376 43 73 260 53 33,672 31,179 6,666 7,556 16 957 2,493 Apr. 454 419 49 93 277 35 33,840 31,334 6,671 7,603 17,060 2,506 May 426 391 44 94 253 35 34,022 31,498 6,673 7,656 17,169 2,524 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Year or month Total* s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total2 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 - l - * Y m e o a n r th or Se a a a l d s l o y - n- W s a e d a i j t s u h o s o n t- u a t l in l S o g a a s 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^ 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 ,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 ,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 ,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 A,121 35,870 ,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 May 986 356 434 33,259 1,444 6,243 25,572 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 34,134 1,463 6,377 26,294 June 2,316 2,417 877 165 494 162 Aug 1,037 358 483 34,586 1,470 6,464 26,652 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 35,305 1,481 6,567 27,257 Sept 2,250 2,185 779 139 441 163 Nov 784 277 360 35,596 1,487 6,622 27,487 Oct .. 2,174 2,425 848 154 475 183 Dec 710 250 320 35,870 1,492 6,664 27,714 Nov 2,119 2,108 717 136 408 152 Dec 2,094 1,951 660 138 366 148 1957 1957 Jan 714 245 326 36,102 1,496 6,679 27,927 Feb 709 243 318 36,371 ,501 6,729 28,141 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 37,136 1,519 6,838 28,779 Mar 2,011 1,937 744 115 334 99 May 968 360 412 Apr 2,042 2,044 798 116 357 110 May 2,144 840 125 374 121 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 807 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month t e y c p t- e e i r m ty - underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m ag o e r s t- i p l m o r a o e n v n s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 628 1 19 9 5 5 1 0 4 3 , , 3 22 4 0 3 1 1, , 2 6 1 3 6 7 7 8 1 5 3 6 1, 5 1 8 5 2 7 7 6 0 9 8 4 3 3, , 6 0 1 7 4 2 2 1 , , 6 86 6 5 7 1, 9 2 4 0 2 2 1945 18.6 4.3 4.1 .2 14-3 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 3 5 6 4 2 3 3 3 3 3 , , , , , 8 8 0 4 1 0 6 6 8 1 7 6 1 2 3 1 1 1 1 , , , , 9 2 0 2 1 6 6 3 3 5 9 9 3 5 9 1 1 1 , , , 9 9 5 8 0 0 0 1 7 3 7 4 5 6 0 2 2 3 1 5 3 7 2 3 9 2 6 2 0 1, 8 6 6 8 3 9 4 4 9 3 1 6 8 2 4 4 7 2 3 5 , , , , , 1 2 7 8 0 5 5 1 6 6 6 7 9 8 4 2 4 2 3 1 , , , , ,8 9 6 0 5 2 1 8 4 8 3 0 6 4 2 2 1 1 1 , , , , 8 5 9 5 0 6 4 9 1 6 0 6 8 4 4 1 1 1 1 1 9 9 9 9 9 5 4 5 5 5 1 9 3 0 2 4 5 5 6 3 5 1 6 8 7 . . . . . 2 7 6 5 2 2 2 1 1 2 5 8 8 5 . . . . . 9 4 1 9 0 i 1 r 9 6 8 J . . . . 8 9 6 0 7 1 1 1 l. 4 8 0 3 ' . . . . . 1 6 3 2 l 2 2 2 3 3 6 2 8 3 8 . . . . . 3 8 1 6 0 1954.. 75.7 32.1 12.8 19.^ 43.6 1956—May, 270 87 123 2 59 469 307 162 1955 88.2 38.9 *4.3 24.6 49.3 June, 280 86 121 10 62 421 265 155 1956? 99.1 43.9 .5.5 28.4 55.2 July. 279 83 125 10 61 465 291 174 Aug. 312 97 141 8 67 505 320 184 1955—Sept 85.6 37.0 13.9 23.1 48.6 Sept. 278 82 122 15 59 508 321 186 Dec 88.2 38.9 14.3 24.6 49.3 Oct.. 341 96 134 26 86 501 331 169 Nov. 279 89 124 4 62 462 315 146 1956—Mar.*>. ... 90.8 40.2 14.7 25.5 50.6 Dec. 249 76 98 27 48 472 321 150 June*. 93.7 41.3 15.0 26.3 52.4 1957— F J e a b n . . . . 2 3 6 0 6 0 7 8 4 7 1 8 0 5 7 2 5 9 0 7 5 7 6 4 5 3 5 1 5 3 3 1 9 6 3 1 1 1 6 3 2 D Se e p c t . . * * 9 9 9 6 . .6 1 4 43 2 . . 9 4 1 1 5 5 . . 5 2 2 2 7 8 . . 2 4 5 5 4 5 . . 2 2 Mar. 317 75 86 96 60 380 285 94 1957—Mar.p.... 101.1 45.1 15.7 29.4 56.0 Apr.. 264 68 90 41 66 350 271 78 May. 292 60 94 80 58 286 218 68 » 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 ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a 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 ,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 ,646 677 111 239 1951 423 433 806 508 298 1952 . . 2,242 320 ,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 ,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 ,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 ,714 411 62 76 1955 1 251 702 1,417 991 426 1956 3,047 978 1,069 609 5 360 1956 745 934 1,228 798 430 1956—June 2,704 915 ,789 40 92 1956—June 99 49 1,173 730 443 July 2,729 915 ,814 43 91 July 93 159 1,108 700 408 AUE .. . . 2,758 919 ,839 46 1 92 66 57 1,116 713 403 Sept 2,781 920 ,861 40 1 130 Sept 72 46 1,142 741 401 Oct 2,838 934 ,904 69 1 232 Oct 67 61 1,148 752 397 Nov 2,953 957 .996 129 317 Nov 59 54 1,153 756 397 Dec 3,047 978 2^069 109 360 Dec . 121 47 1,228 798 430 1957_jan 3,182 1,009 2,173 147 411 1957 Jan .. 77 267 1,038 660 378 Feb 3,295 1,026 2,269 129 436 Feb 30 91 976 601 375 Mar .. 3,409 1,053 2,356 127 483 Mar 68 83 961 563 398 Apr 3,491 1,074 2,417 95 493 Apr 73 62 971 544 427 May 3,551 1,087 2,464 75 1 518 May 73 52 993 559 434 June 135 48 1,079 614 465 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of more than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i * co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e a z p n m a a s t o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7 222 4,503 1,497 1 620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1949 17 305 11,590 4,555 3 706 898 2 431 5 715 1,532 2 795 1,388 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6 174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32 292 23,568 9,809 6 751 1 616 5 392 8 724 2 408 4 308 2,008 1955 38,648 29,020 13,468 7,626 1,670 6,256 9,628 2,992 4,544 2,092 1956 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 1956 May 38,919 29,763 14,059 7,401 1,677 6,626 9,156 3,258 3,701 2,197 June 39,454 30,084 14,255 7,417 1,700 6,712 9,370 3,335 3,804 2,231 July 39,478 30,297 14,381 7,421 1,710 6,785 9,181 3,261 3,674 2,246 Aug 39,878 30,644 14,530 7 493 1,734 6,887 9,234 3,295 3,696 2,243 Sept 40,074 30,707 14,533 7,497 1,758 6,919 9,367 3,361 3,780 2,226 Oct 40 196 30,811 14,478 7 601 1 781 6 951 9 385 3,310 3,875 2 200 Nov 40,631 31,024 14,449 7,752 1,797 7,026 9,607 3,401 4,029 2,177 Dec 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 1957—Jan 40 916 31,298 14,389 7 938 1 772 7 199 9 618 3 360 4 085 2 173 Feb 40,513 31,233 14,410 7,805 1,759 7,259 9,280 3,433 3,662 2,185 Mar 40,503 31,273 14,501 7,698 1,754 7,320 9,230 3,527 3,500 2,203 Apr 41,015 31,532 14,659 7 671 1,760 7,442 9,483 3,536 3,687 2,260 May 41,707 31,901 14,852 7,731 1,783 7,535 9,806 3,741 3,785 2,280 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 End of year instal- Sales Con- Houseor month c m re e d n i t t Total m b C e a o r n c m k ia s - l f p i c n a o a n m n ie c - s e u C n r i e o d n i s t p f s i c a n u n o a m i m n e e c s - r e 1 Other i Total D s m t e o p e re a n s r t t 2 - F s t t u o u r r r n e e i s - s a h a t p o n o p r c l l e d e i s - d m A ea o u l b e to i r l s - e 3 Other 1939... 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1949 11,590 9,257 4,439 2,944 438 1,436 2 333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4 042 1 064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 Q11 4,118 1,242 984 377 463 1,052 1955 29,020 24,441 10,601 8,443 1,680 2,656 ,061 4,579 1,511 1,052 381 535 1,100 1956 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 1,407 1,020 378 572 1,137 1956—May 29,763 25,528 11,170 8,641 1,806 2 805 ,106 4 235 I 389 971 351 554 970 June 30,084 25,963 11,394 8,765 1,848 2,845 ,111 4,121 1,247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 ,108 4,104 1,239 967 359 568 971 Aug 30,644 26,475 11,548 8,953 1,933 2,920 ,121 4,169 1,286 973 365 575 970 Seot 30,707 26,551 11,548 8,989 1,960 2,924 ,130 4,156 1,269 970 368 576 973 Oct 30,811 26,635 11,606 8,973 994 2,938 ,124 4,176 1,269 974 368 574 991 Nov 31,024 26,846 11,634 9,075 2,021 2 961 ,155 4 178 I 230 988 373 573 1 014 Dec . 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1,407 1,020 378 572 1,137 1957—Jan 31,298 26,931 11,616 9,077 2,045 3,041 1,152 4,367 1,380 975 364 568 1,080 Feb 31,233 26,967 11,641 9,035 2,074 3,051 1,166 4,266 1,345 957 362 568 1,034 Mar 31,273 27,101 11,711 9,048 2,108 3,056 1,178 4,172 1 298 936 357 570 1 011 Apr 31,532 27,493 11,960 9,104 2,154 3,095 ,180 4 039 I 170 922 354 575 1 018 May 31,901 27,810 12,123 9,176 2,194 3,110 I 207 4,091 I 222 923 356 581 1,009 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 809 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r le ect s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s i - r - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m p o h n d e e e - r r s r m R iz l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 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 ,137 1,374 1953 5 927 4 688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 ,429 2,105 1956—May 8,641 7,099 1,021 24 497 1956— May. 11,170 3,462 2,193 2,155 ,335 2,025 June 8,765 7,199 1,039 24 503 June. 11,394 3,521 2,207 2,265 ,356 2,045 July 8,849 7 264 1,049 24 512 July. 11,476 3,560 2,210 2,276 ,367 2,063 AUK 8,953 7,344 1,061 24 524 Aug. 11,548 3,598 2,218 2,266 ,384 2,082 Sept 8,989 7,366 [,071 23 529 Sept. 11,548 3,591 2,199 2,271 ,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_jari 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 May 9,176 7,272 I 285 22 597 May. 12,123 3,775 2,361 2,364 1,410 2,213 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 pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m c m o i e a m e r l - n - t lo O an th s) er m p D a e a e r n c - t- t coun O ts t ) her S c e r r e v d i i c t e banks stores! 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2 719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1949 1,874 259 146 93 1,376 1945 3,203 674 72 290 1,322 845 1950 2,296 360 200 121 1,615 1951 2,699 373 233 134 1,959 1949 5 715 1 334 198 587 2,208 1,388 1952 3,346 452 310 188 2,396 1950 6 692 1 576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951.. . . 7 323 1 684 250 698 2,907 1,784 1954 4,510 539 375 282 3,314 1952 7 998 1 844 276 728 3,283 1,867 1955 5,397 709 506 307 3,875 1953 8 238 1 899 288 772 3,352 1,927 1956 6,256 821 582 341 4,512 1954 8,724 2,096 312 793 3,515 2,008 1955 9 628 2 635 357 862 3,682 2,092 1956—May 5,717 751 544 318 4,104 1956 10,311 2,975 446 895 3,807 2,188 June 5,804 766 554 320 4,164 July. 5,868 779 560 319 4,210 1956—May 9 156 2 766 492 585 3,116 2,197 Aug. 5,974 795 572 326 4,281 June 9,370 2,880 455 574 3,230 2,231 Sept. 6,014 801 575 332 4,306 July 9 181 2 885 376 523 3,151 2,246 Oct.. 6,056 807 581 336 4,332 Aug 9 234 2 894 401 531 3,165 2,243 Nov. 6,137 816 581 343 4,397 Sept 9,367 2,926 435 588 3,192 2,226 Dec. 6,256 821 582 341 4,512 Oct 9 385 2 897 413 612 3,263 2,200 Nov 9,607 2,894 507 672 3,357 2,177 1957—Jan.. 6,238 817 572 336 4,513 Dec 10,311 2,975 446 895 3,807 2,188 Feb.. 6,291 825 570 337 4,559 Mar. 6,342 834 566 340 4,602 1957_jan 9,618 2 960 400 728 3,357 2,173 Apr., 6,429 846 569 341 4,673 Feb 9,280 2,983 450 617 3.045 2,185 May, 6,511 863 572 351 4,725 Mar 9,230 3,007 520 571 2,929 2,203 Apr 9 483 3 055 481 597 3,090 2,260 May .. 9,806 3,135 606 599 3,186 2,280 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

810 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Year or month 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 May 3,255 3,470 t 250 1,407 930 949 132 145 943 969 3,049 3,390 1,175 1,391 839 883 115 128 920 988 July 3,293 3,316 [,246 1,337 925 872 121 127 1,001 980 3,350 3,504 1,258 1,393 951 952 122 137 1,019 1,022 Sept 3,153 2,981 1,191 1,150 883 840 117 125 962 866 Oct 3,363 3,382 1,308 1,284 942 1,010 125 140 988 948 Nov 3,453 3,387 1,354 1,225 973 1,037 120 125 1,006 1,000 Dec 3,368 3,735 1,311 1,195 939 1,266 108 100 1,010 1,174 1957__jan 3,512 3,079 1,477 1,258 899 111 119 91 1,017 953 Feb 3,496 2,954 1,426 1,214 914 727 120 93 1,036 920 Mar . 3,299 3,319 1,324 1,374 878 809 115 105 982 1,031 Apr 3,505 3,558 38Q 1,460 896 856 118 116 1,102 1,126 May 3,485 3,709 l|349 1,511 948 966 127 139 1,061 1,093 Repayments 1949 15,514 5,430 5,060 689 4,335 1950 18,445 7,011 6,057 717 4,660 1951 22,985 9,058 7,404 772 5,751 1952 25,405 10,003 7,892 917 6,593 1953 27,956 10,879 8,622 1,119 7,336 1954 30,488 11,833 9,145 1,255 8,255 1955 33,676 13,084 9,740 1,305 9,547 1956 37,070 14,565 10,502 1,325 10,678 1956—May 3,060 3,126 1.224 1.240 857 885 111 111 868 890 June 3,006 3,069 1,156 1,195 868 867 104 105 878 902 July 3,158 3,103 1,227 1,211 890 868 121 117 920 907 Aug 3,145 3,157 1,212 1,244 891 880 112 113 930 920 Sept 3,085 2,918 1,184 [,147 892 836 104 101 905 834 Oct 3,182 3,278 1,283 1,339 882 906 113 117 904 916 Nov 3,160 3,174 1,231 [,254 904 886 105 109 920 925 Dec 3,185 3,207 1,236 1,208 918 879 104 104 927 1,016 1957 Jan 3,311 3,333 ,326 1,305 935 978 110 112 940 938 Feb 3,214 3,019 ,286 1,193 874 860 112 106 942 860 Mar . 3,160 3,279 ,244 1,283 875 916 106 110 935 970 Apr 3,301 3,299 .317 1,302 860 114 110 1,010 1,004 May 3,274 3,340 1^303 1,318 880 980863 116 116 975 1,000 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—May + 195 +344 +26 + 167 +73 +64 +21 +34 +75 +79 +43 +321 + 19 + 196 -29 +ll +23 +42 +86 July + 135 +213 + 19 + 126 +35 + 10 +81 +73 Aug +205 +347 +46 + 149 +60 + 10 +24 +89 + 102 S O e c p t t + + 1 6 8 8 1 + + 1 6 0 3 4 ++275 - + 55 3 + - 6 9 0 + ^ 1 + 0 4 4 ++ 1123 + + 2 2 3 4 + + 5 8 7 4 ++3322 Nov +293 +213 + 123 -29 +69 + 151 + 15 + 16 +86 +75 Dec + 183 +528 +75 -13 +21 +387 +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 May +211 + 369 +46 + 193 +68 + 60 + 11 +23 + 86 +93 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 811 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce O i t n h s e t r i tu fi t n io a n n s cial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,543 4,296 3,305 3,964 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8,358 5,467 4,788 4,963 1952 ... 29,514 11 123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11 267 7 260 6,983 5,541 1955 39,128 14,109 10,200 8,434 6,385 1956 39,602 14,428 9,600 9,426 6,148 1956—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 [,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 [,285 [,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 May 3,485 3,709 1.253 1.361 817 886 866 897 549 565 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 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 1,160 746 767 751 738 502 492 Sept 3,085 2,918 1,122 1,070 706 686 723 667 534 495 Oct 3,182 3,278 1,162 1,186 789 837 718 732 513 523 Nov 3,160 3,174 1,122 1,120 756 779 748 754 534 521 Dec 3,185 3,207 1,163 1,145 763 760 738 820 521 482 1957—Jan.* 3,311 3,333 1,183 1,195 846 808 766 760 516 570 Feb . 3,214 3,019 1,153 1,080 790 733 758 697 513 509 Mar 3,160 3,279 1,107 1,138 773 808 767 791 513 542 Apr * 3,301 3,299 1,166 1,182 814 799 811 807 510 511 May 3,274 3,340 1,172 1.198 815 814 794 815 493 513 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—May + 195 + 344 +86 + 161 -5 +66 + 85 +93 +29 +24 June +43 + 321 + 105 +224 + 17 + 124 +52 +87 -131 -114 July.... + 135 +213 +70 + 82 -11 +84 +65 +64 + 11 -17 Aus +205 + 347 +28 +72 +26 + 104 +95 + 106 +56 Sept +68 +63 + 13 0 +34 +36 +47 +40 -26 13 Oct + 181 + 104 +97 + 58 +28 -16 +75 +42 -19 +20 Nov +293 +213 +99 +28 + 173 + 102 +87 +81 -66 +2 Dec + 183 +528 +72 +48 +35 +25 +58 + 119 + 18 +336 1957—Jan.* +201 -254 +28 -66 + 109 -23 + 52 -18 + 12 -147 Feb +282 -65 + 112 +25 +50 -42 + 87 +53 +33 -101 Mar + 139 +40 +43 +70 +61 + 13 +50 + 51 -15 -94 Apr. i +204 +259 +204 +249 +36 + 56 +67 + 87 -103 -133 M^ay +211 + 369 + 81 + 163 +2 +72 +72 + 82 + 56 + 52 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 crediVextended, 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

812 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms 'adjusted" and"unadjusted i•efer to adjustment of monthly figuresfor seasonal variation] Construction Industrial production contracts Employment and payrolls 2 (physicalvolume)* awarded (value)1 Departor Y m e o a n r th Total Tot M al an r u D a f b a u l c - e ture N r s a d o b u n l - e - A er /f a in ls Total R d t e i e a n s l i - - ot A h 1 e 1 r p N m t a e c u l g m u o o e r r l a n y n i - - - l t - - pr E o M m d m u a p e n c l n t u o i t f o y a n - c tu w r o in r P r k g o a e l y l r s s - F i l n c o re a g a i r s d g - * - ht v s ( m s r a a t e l o l e e t u r n a s e e i t * ) l p s C r u i o m c n e e - s r 2 m p W c r s o o i h a c d m l o e e i l t s - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad-Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923. 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32 4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73 3 62 9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71 4 56 1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52 0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51 1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90 9 103.9 72 2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74 0 67 0 1944 . .. 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83 4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97 7 108 98 95 5 96 4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102 8 103 1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 112 114 4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114 8 110 3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152 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 May 141 141 143 157 129 128 257 286 237 118.4 107.1 105.6 156.4 98 122 115.4 114.4 June 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 81 128 117.0 114.0 143 142 144 158 130 130 260 264 257 119.3 106.2 107.2 161.5 93 128 116 8 114.7 Sent 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 146 148 148 164 131 132 n.a. n.a. 323 120.2 106.4 106.0 165.0 96 125 118 7 117 0 Mar 145 148 147 162 131 132 n.a. n.a. 282 120.1 106.0 105.8 164.3 98 127 118 9 116 9 Apr 143 144 145 160 129 130 n.a. n.a. 287 120.2105.9 104.8 161.5 91 122 119 3 117 2 May 143 143 145 159 130 131 n.a. n.a. n.a. 120.3 105.7 104.2 160.9 90 ^125 119.6 117.1 June P131 ^120.3H05A ^104.6163.1 P90 117.4 • Estimated. * Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes person- • Average per working day. nel in the armed forces. The figures on employment and payrolls incorpoi 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 January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 813 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 ro 7 - -49 average 1956 1957 Industry portion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 141 141 136 143 144 146 146 147 146 146 145 '143 143 MANUFACTURES—TOTAL 90.02 140 144 143 142 138 144 146 147 147 149 147 148 147 145 145 Durable Manufactures—Total 45.17 155 159 157 157 148 158 162 163 165 167 164 164 162 r160 159 Primary metals 6.70 140 138 141 136 69 125 148 147 146 145 144 143 137 '134 133 Metal fabricating 28.52 755 772 757 755 759 772 774 775 750 755 750 750 779 775 175 Fabricated metal products 5.73 134 135 130 132 130 134 139 140 139 141 137 138 137 '140 136 Machinery 13.68 155 171 171 170 173 175 175 175 175 177 173 172 172 '166 168 Nonelectrical machinery 9.04 135 153 151 151 154 157 158 156 155 157 154 155 155 '151 152 Electrical machinery 4.64 194 207 208 208 210 211 210 211 214 216 208 204 204 196 199 Transportation equipment 7.54 203 199 187 188 189 191 193 203 216 223 221 224 222 217 212 Autos, trucks, and parts 4.80 153 125 110 110 110 112 112 121 137 143 139 140 135 '126 124 Other transportation equipment 2.74 272 310 302 306 308 311 317 328 336 344 347 352 355 '356 348 Instruments and related products 1.29 149 166 164 163 167 171 171 172 172 173 173 174 173 '172 171 Clay, glass, and lumber products 5.91 138 140 141 141 143 145 759 755 755 755 755 755 752 755 755 Stone, clay, and glass products 2.82 149 158 162 161 161 160 154 157 157 158 155 155 155 '155 157 Lumber and products 3.09 127 123 121 123 127 130 126 120 119 117 114 113 111 '113 115 Furniture and misc. manufactures 4.04 132 135 135 135 755 755 755 755 134 134 757 729 750 '752 752 Furniture and fixtures 1.64 119 122 123 122 123 122 122 122 119 120 118 118 118 121 121 1 Miscellaneous manufactures 2.40 141 144 143 144 145 145 146 146 144 144 140 136 137 '139 139 ' Nondurable Manufactures—Total... 44.85 126 129 129 128 128 130 130 131 129 130 131 131 131 r129 130 Textiles and apparel 11.87 109 108 107 106 106 107 108 111 105 106 104 105 105 104 105 Textile mill products 6.32 107 104 103 100 100 102 103 105 103 103 100 101 101 99 98 Apparel and allied products 5.55 113 112 111 112 112 112 113 117 108 110 109 110 111 109 113 Rubber and leather products 3.20 122 777 114 770 772 777 775 777 114 775 722 124 f123 775 775 Rubber products 1.47 143 133 127 120 125 135 132 134 126 137 145 145 r142 '131 129 Leather and products 1.73 105 104 103 101 102 102 102 101 104 102 102 106 107 '106 104 Paper and printing 8.93 137 145 145 145 146 147 145 148 147 147 148 147 147 147 149 Paper and allied products 3.46 152 159 160 161 162 161 159 160 160 157 159 157 157 156 159 Printing and publishing 5.47 127 136 135 135 136 138 137 140 139 140 141 141 141 141 142 Newsprint consumption 1.85 128 132 132 131 132 134 131 133 132 133 135 132 132 128 132 Job printing and periodicals 3.62 127 138 137 137 138 140 140 144 142 144 145 146 145 '147 147 Chemical and petroleum products 9.34 159 757 757 755 164 757 755 757 755 770 174 772 777 772 775 Chemicals and allied products 6.84 167 177 177 '175 176 176 177 177 177 179 184 183 182 183 185 Industrial chemicals 2.54 184 196 197 190 191 192 194 196 195 199 205 205 202 '203 205 Petroleum and coal products 2.50 135 141 140 140 132 139 143 140 143 145 147 143 141 142 141 Foods, beverages, and tobacco 11.51 709 772 777 770 777 775 775 775 775 775 777 775 775 '770 770 Food and beverage manufactures 10.73 109 113 111 111 112 114 114 113 114 114 111 113 113 '110 110 Food manufactures 8.49 109 113 111 111 112 115 115 114 113 113 111 113 113 111 111 Beverages 2.24 107 112 111 108 110 112 112 111 115 117 113 111 115 108 Tobacco manufactures .78 105 107 106 106 106 105 106 106 109 107 112 116 111 109 MINERALS—TOTAL 9.98 122 129 128 129 123 130 131 131 130 130 130 132 132 '130 131 Mineral fuels 8.35 123 729 128 729 727 752 750 750 729 750 750 752 752 '750 752 Coal 2.68 80 85 85 85 75 85 86 85 87 80 81 87 93 88 84 Anthracite .36 48 55 41 55 48 61 56 56 57 57 57 52 48 49 49 Bituminous coal 2.32 85 90 92 90 79 88 91 90 91 84 85 92 100 94 89 Crude oil and natural gas 5.67 143 150 149 149 152 154 151 151 149 153 153 154 151 150 154 Crude oil 4.12 131 137 134 136 139 142 139 138 137 141 142 144 144 139 142 Natural gas and gas liquids .70 177 191 190 192 190 193 193 192 191 189 188 192 190 ?196 Metal, stone, and earth minerals 1.63 120 727 729 128 700 722 755 755 755 134 757 752 752 '729 727 Metal mining .82 110 114 118 113 60 103 123 132 128 127 120 122 121 '118 113 Stone and earth minerals .81 130 141 140 143 142 140 143 141 142 141 142 142 143 '140 141 * Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947^49 average= 100] Annual 1947-49 average 1956 1957 pro- Industry portion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 141 141 128 142 146 151 147 144 145 148 148 144 143 MANUFACTURES—TOTAL 90.02 140 144 142 142 129 143 148 153 149 146 146 149 150 146 144 Durable Manufactures—Total 45.17 155 159 157 156 139 155 161 168 166 166 164 167 166 163 159 Primary metals 6.70 140 138 144 140 62 118 145 149 146 142 146 149 144 '140 136 Ferrous metals 5.03 138 135 143 138 41 114 146 149 146 145 147 149 144 138 134 Pig iron and steel 3.51 144 142 152 145 24 117 156 160 158 157 159 159 154 148 143 Pig iron .37 134 131 140 135 22 104 145 148 147 149 148 149 147 144 141 Steel 3.05 146 143 154 146 24 119 158 162 159 158 160 160 154 147 142 Carbon steel 2.62 141 139 149 144 23 116 153 157 156 156 157 159 152 146 141 Alloy steel .43 171 167 182 157 34 135 183 191 181 170 178 167 163 151 149 Ferrous castings and forgings 1.52 124 119 120 123 79 106 122 123 118 118 118 124 122 115 Iron and steel castings 1.29 123 117 119 121 78 106 122 122 118 117 117 122 119 113 Steel forgings .23 133 126 129 134 88 105 120 127 120 121 126 133 137 124 116 Nonferrous metals 1.67 143 '144 147 142 '121 ••128 '142 '146 '143 '133 143 '148 '142 145 141 Primary nonferrous metals .38 153 164 170 '168 156 135 159 '170 '169 '170 170 '167 '166 175 171 Copper smelting .09 122 133 147 142 117 124 122 133 127 129 135 139 132 140 130 Copper refining .06 123 132 143 139 123 120 114 134 135 128 137 146 141 146 148 Lead .04 103 115 106 109 107 107 123 122 116 120 113 118 116 129 115 Zinc .10 120 123 111 111 114 123 128 127 130 134 128 133 132 137 133 Aluminum .09 261 280 296 296 298 182 269 293 295 292 289 259 267 283 285 Secondary nonferrous metals .13 123 118 121 110 93 108 115 124 116 108 116 125 120 120 Nonferrous shapes and castings 1.16 142 140 142 137 112 128 139 140 138 123 138 144 137 138 135 Copper mill shapes .63 114 115 116 112 79 109 120 111 116 98 111 121 105 113 107 Aluminum mill shapes .20 208 215 228 215 222 187 202 218 196 175 203 200 '206 213 215 Nonferrous castings .33 156 146 140 137 111 129 141 149 146 141 150 156 157 141 Metal Fabricating 28.52 165 172 167 166 160 167 172 180 181 183 181 185 184 179 Fabricated metal products 5.73 134 135 130 132 124 135 144 US 138 139 136 138 138 140 136 Structural metal parts 2.68 136 141 138 138 129 137 144 150 149 152 148 149 149 148 149 Stampings and misc. metal products.... 2.12 130 125 121 119 111 117 123 130 132 134 130 130 129 126 124 Tin cans .30 142 151 121 159 168 214 220 186 100 105 113 116 127 190 122 Furnaces, gas ranges, and heaters .63 111 110 105 112 94 123 143 128 98 82 84 103 101 98 Machinery 13.68 155 171 168 167 158 168 177 182 178 178 175 177 177 169 166 Nonelectrical machinery 9.04 135 153 153 152 148 147 155 153 152 158 158 160 161 157 154 Farm and industrial machinery 8.13 130 147 147 147 144 145 148 149 150 155 153 154 154 152 149 Farm machinery 1.02 91 86 88 87 82 79 79 73 77 82 86 89 92 90 86 Industrial and commercial machinery. 7.11 135 156 155 155 153 155 158 160 160 165 163 164 163 161 158 Machine tools and presses .68 163 197 197 194 194 193 199 201 201 209 203 204 202 198 193 Laundry and refrigeration appliances. .. .69 144 168 174 171 152 127 174 150 137 155 152 175 190 164 158 Electrical machinery 4.64 194 207 198 195 178 209 237 208 210 208 194 189 Electrical apparatus and parts 3.23 174 198 200 199 193 198 203 209 211 214 210 210 208 204 200 Radio and television sets .74 242 224 185 174 130 238 266 312 271 218 188 201 196 159 153 Transportation equipment 7.54 203 199 189 188 185 186 181 202 218 225 224 231 228 222 213 Autos, trucks, and parts 4.80 153 125 116 111 107 104 92 121 139 144 141 148 142 135 127 Autos 1.50 190 138 127 127 127 109 59 105 164 177 174 178 171 155 144 Trucks .66 115 112 117 123 99 101 98 103 102 101 98 113 109 120 113 Light trucks .22 114 92 89 89 76 81 75 92 100 92 97 110 105 107 100 Medium trucks .19 69 58 58 68 56 53 51 52 43 45 42 57 52 69 61 Heavy trucks .14 172 218 237 246 198 192 201 195 195 207 182 200 193 224 214 Truck trailers .07 183 167 191 203 145 160 148 146 133 121 134 156 162 154 148 Auto and truck parts 2.58 141 121 109 98 97 102 109 135 135 136 134 140 134 127 Other transportation equipment 2.74 272 310 298 303 305 311 317 325 336 348 351 356 356 345 Aircraft and parts 1.30 481 548 520 531 536 555 570 582 601 619 624 630 633 630 607 Shipbuilding and repair .81 115 118 120 121 119 114 114 116 118 126 127 129 132 131 134 Railroad equipment .53 42 63 69 66 62 58 51 60 68 75 78 84 88 r81 76 Railroad cars 73 77 98 86 .35 30 54 61 56 51 49 36 52 64 86 81 Instruments and related products 175 173 174 174 1.29 149 166 163 163 162 167 171 173 174 174 171 Clay, Glass, and Lumber Products .. 129 125 132 135 5.91 138 140 143 145 135 149 145 146 138 131 137 Stone, clay, and glass products 156 157 156 148 153 155 157 Glass and pottery products 2.82 149 158 162 163 130 164 127 165 161 143 143 151 145 141 141 Flat glass and vitreous products 1.09 134 140 142 140 150 142 159 149 147 173 167 145 165 161 160 Flat and other glass .60 155 164 164 160 146 161 158 173 174 177 171 166 167 164 162 Glass containers .47 156 165 163 158 133 160 113 177 177 114 127 168 138 132 137 Home glassware and pottery .26 126 132 136 142 72 145 61 147 135 96 98 134 100 100 96 .23 91 87 93 86 90 86 92 102 Cement .32 148 157 174 175 173 177 174 171 157 144 113 116 133 145 Structural clay products .35 127 137 141 145 140 144 140 142 136 126 120 120 121 129 129 Brick .12 131 134 145 144 140 148 135 139 131 106 94 96 101 119 122 Clay firebrick, pipe, and tile .20 127 142 139 148 141 144 147 147 141 142 140 139 138 138 137 Concrete and plaster products .48 180 194 202 208 204 208 204 199 192 187 173 177 181 185 194 Misc. stone and earth manufactures.... .58 166 173 172 171 167 171 176 177 177 180 174 177 177 176 176 * Preliminary r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 815 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947^9 average 1956 1957 pro- Industry portion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 127 123 125 129 116 135 133 130 117 104 104 112 112 Ill 118 LuLmubmerb earnd products 2.05 112 107 111 118 104 115 118 111 101 91 89 98 100 100 99 Millwork and plywood .. .60 197 189 187 181 161 216 200 206 181 155 167 181 170 191 196 Millwork .39 144 121 124 133 107 152 139 130 103 82 90 105 102 107 110 .12 284 301 290 260 248 320 299 332 310 277 295 306 282 330 Wood containers . .29 90 91 93 92 90 90 90 93 88 90 88 86 86 ''87 88 Furniture and Misc. Manufacturing... 4.04 132 135 131 132 127 136 140 143 138 137 128 130 131 r129 128 Furniture and fixtures 1.64 119 111 111 118 115 123 125 127 111 125 118 119 119 mi 115 Household furniture 1.10 120 121 115 116 114 121 125 127 123 125 116 118 119 111 114 Fixtures and office furniture .54 115 122 120 123 117 127 126 127 122 126 121 121 121 118 118 Miscellaneous manufactures 2.40 141 144 140 141 135 145 150 154 150 145 136 137 139 136 1T7 Nondurable Manufactures—Total 44.85 126 129 128 128 119 131 134 137 132 125 128 131 133 128 Textiles and Apparel 11.87 109 108 107 103 90 109 105 114 106 100 106 112 115 104 105 Textile mill products 6.32 107 104 105 100 86 103 102 109 105 99 101 105 106 99 100 Cotton and synthetic fabrics 3.72 113 108 109 99 87 104 101 113 109 104 108 111 111 103 106 Cotton consumption 2.30 103 102 105 96 81 101 97 108 104 93 99 101 102 95 99 Synthetic fabrics .97 137 118 108 102 101 102 110 118 119 123 129 129 123 117 111 .45 100 98 108 90 71 103 82 105 90 99 87 102 110 '87 107 Wool textiles .97 79 86 90 90 76 92 87 94 86 78 74 81 79 78 80 Wool apparel yarns .16 85 88 98 85 83 94 79 93 76 77 80 85 85 82 87 Wool fabrics .75 78 86 89 92 75 92 90 96 90 79 72 80 78 77 79 Knit goods 1.15 110 108 108 111 95 109 114 111 109 99 100 105 109 102 102 Hosiery .65 106 100 99 102 76 96 105 100 101 90 98 103 106 92 89 Full-fashioned hosiery .45 110 102 102 104 77 97 106 100 98 90 98 104 109 91 87 Seamless hosiery .20 99 96 91 97 75 94 103 101 107 90 97 101 97 93 95 Knit garments .50 115 119 120 123 120 126 125 125 119 110 102 108 113 116 119 .48 Woven carpets .31 79 83 80 78 50 86 97 87 78 79 86 92 91 '85 68 Apparel and allied products 5.55 113 112 110 108 95 116 108 118 108 101 113 119 126 110 111 Men's outerwear 1.78 111 110 121 104 79 120 101 116 98 96 119 111 113 99 110 .73 92 95 107 91 59 109 91 103 90 89 107 95 101 88 10? Men's suits .50 90 93 100 85 54 103 85 100 92 93 114 100 104 90 100 Men's outercoats .13 77 78 110 93 63 110 90 91 57 53 51 50 63 60 85 Shirts and work clothing .99 123 118 129 111 90 126 106 124 101 98 126 121 120 104 in Women's outerwear 1.85 116 112 104 112 100 116 108 117 107 89 108 130 148 119 115 Women's suits and coats .76 134 128 90 122 132 152 138 146 128 101 131 157 169 102 96 Misc. apparel and allied mfrs 1.92 111 113 104 107 105 113 116 121 119 117 112 117 118 111 110 Rubber and Leather Products 3.20 122 117 113 111 97 117 118 123 113 112 123 130 r130 ni9 114 Rubber products 1.47 143 133 129 123 105 111 135 144 129 132 147 148 148 135 n? Tires and tubes .70 131 121 125 122 99 110 120 121 108 122 126 136 134 121 125 Auto tires .40 140 123 125 115 97 113 121 124 113 130 136 150 151 135 137 Truck and bus tires .30 120 119 125 130 103 106 118 117 101 110 111 117 111 103 108 Miscellaneous rubber products .77 154 144 133 124 110 142 148 165 147 141 166 159 161 147 139 Leather and products 1.73 105 104 99 100 90 108 104 104 100 95 102 115 115 106 100 Leather .44 92 91 95 91 73 90 90 90 90 85 89 99 r95 89 Cattlehide leathers .29 99 99 103 99 79 97 99 99 100 95 98 108 103 96 Skin leathers .15 79 76 80 76 61 76 73 74 70 65 72 82 81 76 .90 Miscellaneous leather products .39 99 97 89 96 96 102 99 101 97 95 90 96 96 '90 86 Paper and Printing 8.93 137 145 145 145 135 145 147 154 151 143 144 147 151 150 149 Paper and allied products 3.46 152 159 160 163 144 163 160 169 162 145 157 161 163 161 159 1.76 149 157 162 161 143 160 152 162 159 142 158 160 159 159 161 Wood pulp .51 169 179 187 184 165 182 171 185 183 160 182 181 181 182 Paper and board 1.25 140 148 152 152 134 151 145 152 149 135 149 151 150 150 .22 127 140 142 143 130 143 139 145 146 135 140 139 137 136 Fine paper .14 133 145 148 148 129 143 148 149 146 138 140 147 152 147 Coarse paper .20 129 136 139 141 121 139 131 135 138 123 139 139 131 130 Miscellaneous paper .18 158 170 168 169 160 172 169 183 174 159 184 189 186 192 Paperboard .41 149 155 162 159 135 157 148 159 155 139 154 155 158 155 Building paper and board.... .10 137 131 141 141 127 139 128 131 118 94 118 128 120 126 Converted paper products 1.70 156 162 157 165 146 166 168 177 165 148 156 163 167 163 158 Shipping containers .51 155 159 154 165 140 167 168 172 161 144 148 156 163 155 155 Sanitary paper products .11 158 170 163 163 162 163 166 189 173 158 179 183 177 184 v Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1956 1957 portion 1955 1956 May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 5.47 127 136 136 134 129 133 139 145 144 142 136 139 144 143 143 PriNnetwisnpg rainndt pcuobnlsiushmipntgion . 1.85 128 132 140 131 115 121 133 143 145 131 123 128 137 137 140 Job printing and periodicals 3.62 127 138 135 136 136 140 143 145 144 147 143 144 147 146 144 Chemical and Petroleum Products 9.34 159 167 166 165 157 164 168 171 171 171 175 175 174 172 171 Chemicals and allied products 6.84 167 177 176 173 166 111 111 182 181 181 184 186 186 184 184 Industrial chemicals 2.54 184 196 197 192 182 188 192 198 199 199 205 207 206 '205 205 Basic inorganic chemicals .57 180 189 195 185 158 171 186 191 191 193 198 208 206 '210 209 Industrial organic chemicals 1.97 186 197 197 194 188 193 194 200 201 200 208 207 206 '204 204 Plastics materials . .... .24 242 256 263 252 213 247 254 272 274 247 263 277 280 273 Synthetic rubber .11 213 236 242 227 227 223 241 227 222 242 243 238 242 219 245 .59 186 181 176 169 167 171 169 185 189 187 205 202 196 '201 195 Miscellaneous organic chemicals 1.03 169 189 190 192 191 189 189 188 189 193 193 191 190 '188 191 Vegetable and animal oils .64 124 132 123 107 93 100 122 159 157 143 147 152 134 '121 116 Vegetable oils .48 117 124 110 91 75 84 115 161 154 139 143 143 129 '113 103 Grease and tallow .16 145 158 163 155 145 150 144 151 167 157 159 181 150 146 155 Soap and allied products .71 110 111 109 112 91 121 124 119 108 110 120 117 128 113 115 Paints .66 125 124 124 125 125 127 125 124 123 123 122 121 120 122 122 Fertilizers .23 12;5 129 163 118 104 95 109 119 112 120 125 135 166 '181 171 2.50 135 141 137 142 132 142 145 140 143 145 148 145 139 137 ^138 1.97 142 150 144 149 148 151 151 146 152 158 160 154 149 145 ^148 Gasoline 1.04 152 159 155 162 162 164 164 155 160 165 164 157 156 154 *>158 Automotive sasoline .98 147 153 149 156 156 158 158 149 155 159 158 153 150 149 Aviation gasoline .06 233 254 258 267 257 264 261 256 251 260 263 242 254 247 Fuel oil .... .... .56 138 147 138 141 141 146 145 142 149 161 170 164 151 143 ^146 Distillate fuel oil .30 175 193 177 186 187 195 196 188 195 210 225 216 197 187 Residual fuel oil .26 94 95 94 90 87 89 87 89 97 105 108 104 99 93 Kerosene .10 107 111 96 95 97 103 108 117 126 124 120 116 109 93 Lubricating oil .17 114 119 123 123 113 119 116 122 122 116 118 114 116 126 Coke .26 104 102 108 104 38 92 109 109 109 110 110 110 111 107 Asphalt roofing and siding . .15 110 104 109 125 120 123 131 123 84 49 77 94 73 92 79 Foods Beverages, and Tobacco 11.51 109 112 108 114 112 121 129 126 116 105 102 103 105 no4 107 Food and beverage manufactures 10.73 109 113 108 114 114 111 130 111 111 106 101 103 105 '104 107 Food manufactures 8.49 109 113 105 110 111 123 134 129 119 108 104 104 104 102 104 1.48 128 133 121 122 118 116 129 142 148 138 139 133 131 123 124 Beef .46 142 151 147 154 154 148 151 160 154 149 163 151 144 139 148 Pork ,83 116 119 103 100 95 95 113 128 140 127 121 117 117 108 104 Dairy products .69 107 110 136 150 134 120 103 91 85 86 91 102 109 '122 140 Butter .14 105 107 131 138 118 97 91 82 83 96 102 109 117 122 139 Natural cheese .07 116 117 153 163 133 116 105 97 93 96 100 107 115 135 161 Concentrated milk .19 97 101 140 146 118 98 83 73 71 77 85 96 105 128 151 .28 109 112 125 149 147 144 118 102 90 80 82 97 101 109 122 Canned and frozen foods 1.13 118 133 96 115 149 234 264 188 116 98 87 84 82 '89 90 1.16 105 101 99 103 103 105 109 106 99 99 100 100 99 95 96 Wheat flour .46 83 84 77 80 77 85 95 91 87 88 92 92 90 82 81 .70 119 113 112 119 121 118 118 116 107 107 105 106 106 104 107 Bakery products . 1.64 97 98 97 100 100 99 100 101 100 99 95 96 96 '98 99 .27 115 122 70 81 73 67 110 271 296 222 85 57 54 60 Cane sugar .11 113 116 114 124 133 127 130 123 100 102 102 96 107 110 .13 111 121 27 38 15 11 86 393 459 320 65 20 3 13 .71 101 107 90 84 73 98 152 141 130 91 113 123 119 96 84 Miscellaneous food preparations 1.41 106 105 107 112 107 107 106 105 105 102 101 103 103 '102 106 2.24 107 112 119 128 123 118 116 120 110 98 90 97 r110 110 .54 1.70 102 105 108 119 107 101 io6 118 109 93 86 93 105 102 1.02 101 101 112 128 128 112 93 83 80 84 88 86 104 108 Liquor distilling .17 77 78 76 69 35 50 93 133 92 80 79 85 86 81 Liquor bottling .37 109 119 108 118 88 94 135 179 175 115 81 105 111 95 Tobacco manufactures .78 105 107 110 115 96 115 111 115 111 87 110 114 111 104 .46 109 111 116 122 104 120 115 119 114 92 117 119 115 109 Cigars .17 104 104 103 108 83 110 109 116 113 83 101 112 110 102 Preliminary. r Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 817 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p p 4 o r 7 o r - - - 49 A av n e n ra u g a e l 1956 1957 tion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 130 131 119 131 132 132 130 129 130 131 130 '130 133 MINERALS—TOTAL Mineral Fuels 8.35 123 129 128 128 121 130 129 130 130 132 134 134 r133 r132 131 Coal 2.68 80 85 85 84 62 87 90 93 90 83 85 87 88 84 83 Anthracite .36 48 55 42 58 42 59 62 64 59 55 57 52 43 46 50 Bituminous coal 2.32 85 90 91 89 65 91 95 98 95 87 89 92 96 90 88 Crude oil and natural gas 5.67 143 150 149 148 149 150 147 147 149 155 157 157 155 154 Oil and gas extraction 4.82 137 145 142 143 142 144 143 141 146 150 152 156 '155 152 ^149 Crude oil 4.12 131 137 135 136 136 138 135 134 137 141 143 147 148 145 .70 177 191 181 182 177 182 186 187 197 202 205 208 198 Natural gas .34 185 199 185 190 182 184 189 194 209 214 222 222 208 • —• Natural gas liquids .36 169 182 176 176 172 180 182 180 186 191 190 194 189 Oil and gas well drilling .85 175 180 187 180 191 183 173 177 170 181 182 160 151 168 Metal, Stone, and Earth Minerals 1.63 120 127 141 146 110 135 147 146 129 116 109 113 114 r124 139 nu .82 110 114 140 144 73 121 142 142 114 94 91 98 95 135 Iron ore .33 113 104 164 173 19 126 179 175 109 62 49 50 48 87 .49 108 120 125 124 109 118 117 120 118 115 120 130 127 127 119 Copper mining. . . .24 123 136 142 141 120 132 132 134 132 129 133 145 141 '140 133 .09 84 88 88 89 85 90 87 92 87 83 89 96 94 '94 87 Zinc mining . ... .06 81 87 89 88 84 86 86 91 88 86 92 96 98 '99 86 .81 130 141 142 149 147 149 151 150 144 138 128 129 133 '137 144 P Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual Series pro- average 1956 1957 portion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ELECTRICITY AND GAS—TOTAL 100.00 '199 '218 '219 220 219 '219 '220 '221 '222 '223 225 227 227 v221 P227 Residential 41.34 '217 241 244 246 245 244 244 243 244 246 248 252 252 Nonresidential 58.66 '187 '201 '201 '203 '201 '202 '202 '205 '206 '207 210 209 207 Electricity 76.18 199 218 216 220 219 219 219 221 223 224 227 229 227 228 Residential 27.48 224 250 248 252 253 253 254 253 257 258 260 266 266 263 Industrial 23 68 190 206 207 206 202 203 205 211 212 211 213 211 209 214 General industrial 23.49 173 186 187 186 182 183 186 192 192 191 193 191 188 193 Atomic energy .19 2221 2697 2720 2720 2700 2680 2650 2660 2670 2720 2740 2720 2750 2790 Commercial and other 25.02 180 194 191 196 197 196 194 196 197 199 204 205 202 203 Gas 23.82 '200 '218 '226 '224 '222 '221 '220 '219 '218 '219 z>220 P22\ ^223 P774 Residential 13.86 '203 223 238 233 229 227 224 222 220 221 ^224 Industrial 6.16 '201 218 216 218 219 221 224 226 '229 '228 ^220 Commercial and other 3.80 '185 '197 '199 '199 '201 '203 '199 '196 '194 '197 P201 * Preliminary. ' Revised. 1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures see BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o ^ - 19 A av n e n ra u g a e l 1956 1957 Product portion 1955 1956 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 125 123 127 127 123 123 132 141 137 138 134 124 124 Major Durables 69.72 164 140 132 128 135 132 127 129 143 154 147 149 144 131 132 Autos 32.10 190 138 118 120 122 124 106 117 152 168 169 167 159 141 139 Major household goods 36.13 144 144 141 138 148 141 148 142 136 143 130 134 132 124 126 Furniture and floor coverings. 15.32 116 117 117 114 117 117 118 115 114 115 114 113 113 114 112 Household furniture 11.31 120 121 120 119 122 121 122 121 118 121 119 117 118 120 118 Floor coverings* 4.01 Appliances and heaters 15.60 138 143 137 134 152 136 149 136 130 144 128 137 133 119 Major appliances 11.88 144 151 143 140 161 142 158 144 138 156 136 144 140 121 124 Ranges 2.60 100 103 106 108 105 91 98 96 85 104 95 103 100 88 85 Refrigeration appliances. 4.98 151 150 147 142 160 146 159 132 136 151 128 153 151 136 138 Laundry appliances 2.51 193 216 185 180 236 200 233 231 211 233 209 183 177 133 152 Heating apparatus 3.72 120 118 118 114 123 115 120 112 102 108 105 114 111 110 Radio and television sets 5.21 242 224 226 218 227 231 232 237 218 218 181 189 185 167 186* Radio sets 3.42 77 70 67 66 59 68 71 72 74 75 71 81 80 75 67 Television sets 1.79 558 519 531 509 549 542 538 551 493 491 392 395 388 343 413 Other Consumer Durables 30.28 106 111 110 110 111 114 113 110 109 113 114 114 111 108 108 Auto parts and tires 14.00 102 105 104 100 102 106 108 102 102 109 112 114 112 104 103 Misc. home and personal goods. 16.28 109 116 116 118 118 121 117 117 115 117 116 113 110 112 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 124 124 116 120 113 128 139 141 137 143 142 130 124 Major Durables 69.72 164 140 131 130 121 122 111 132 151 154 149 157 155 140 131 Autos 32.10 190 138 127 127 127 109 59 105 164 177 174 178 171 155 144 Major household goods 36.13 144 144 136 134 117 136 158 158 141 137 129 140 143 128 122 Furniture and floor coverings. 15.32 116 117 112 111 104 116 122 122 117 118 113 116 116 113 108 Household furniture 11.31 120 121 115 116 114 121 125 127 123 125 116 118 119 117 114 Floor coverings * 4.01 Appliances and heaters 15.60 138 143 143 143 125 121 158 142 122 128 125 144 151 131 Major appliances 11.88 142 151 152 150 131 117 158 143 127 141 137 158 166 140 133 Ranges 2.60 100 103 102 112 80 83 106 102 82 94 94 116 114 92 82 Refrigeration appliances., 4.98 151 150 173 174 149 107 145 109 103 128 131 162 188 173 163 Laundry appliances 2.51 193 216 176 162 162 180 251 261 230 229 207 208 195 140 144 Heating apparatus 3.72 120 118 113 121 106 135 157 137 104 85 88 100 104 103 Radio and television sets 5.21 242 224 184 174 130 238 265 312 270 217 188 201 196 159 153* Radio sets 3.42 77 70 67 54 37 61 66 88 91 92 73 83 84 72 67 Television sets 1.79 558 519 409 402 307 575 645 738 611 456 408 427 411 326 318 Other Consumer Durables 30.28 106 111 108 109 106 115 118 118 112 110 110 112 111 107 106 Auto parts and tires 14.00 102 105 104 103 101 109 116 110 101 103 109 110 107 101 103 Misc. home and personal goods. 16.28 109 116 113 114 110 121 119 125 121 117 111 114 114 111 108 ' 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] Private Public Year or month Total Total d R en es ti i a - l Indu B s u - sine C s o s m- Public O n r d e o t e h s n n i e - - - r Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - o A th l e l r Total trial mercial utility tial 1949' 24,163 17,759 9,642 5,322 972 1,027 3,323 2,795 6,404 137 2,131 852 3,284 1950' 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951r 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952' 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953' 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954' 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955' 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11,961 1,313 4,050 701 5,897 1956' 46,060 33,242 17,632 11,828 3,084 3,631 5,113 3,782 12,818 1,395 4,470 826 6,127 1956—June' 3,879 2,792 ,475 1,006 268 315 423 311 1,087 122 392 70 503 July'. 3,873 2,788 ,464 1,010 273 308 429 314 1,085 121 375 72 517 Aug.' 3,861 2,780 ,466 995 276 292 427 319 1,081 122 360 77 522 Sept.r 3,857 2,768 ,459 987 276 288 423 322 ,089 121 368 74 526 Oct.'. 3,890 2,778 ,451 1,001 273 296 432 326 ,112 118 381 72 541 Nov.' 3,894 2,822 ,468 1,025 269 304 452 329 ,072 113 341 73 545 Dec.' 3,904 2,799 ,460 1,009 269 305 435 330 ,105 111 369 72 553 1957_jan... 3,904 2,721 ,411 983 264 292 427 327 ,183 115 441 70 557 Feb.. 3,851 2,728 ,397 999 270 283 446 332 ,123 108 406 70 539 Mar.. 3,895 2,737 ,388 1,013 274 292 447 336 ,158 104 434 70 550 Apr.? 3,888 2,726 ,360 1,027 277 295 455 339 ,162 104 414 74 570 May^ 3,911 2,750 ,335 1,070 278 304 488 345 1,165 102 410 74 575 June11 3,939 2,778 1,364 1,064 273 303 488 350 1,161 104 414 76 567 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 819 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1949. 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950. 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951. 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952. 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953. 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954. 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955. 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1956. 24,413 8,036 16,377 9,826 1,918 2,355 2,314 2,419 5,580 1956—May.. 2,480 714 ,766 1,129 159 '234 202 '225 531 June.. 2,198 732 ,466 826 144 224 192 234 577 July.. 2,149 736 ,412 758 152 242 196 258 543 Aug.. 2,069 620 ,449 874 138 184 193 232 448 Sept.. 2,025 671 ,354 764 171 195 185 225 485 Oct... ,706 589 ,117 656 126 168 185 196 375 Nov.. ,689 582 ,107 625 130 212 199 189 335 Dec... ,576 737 839 451 104 155 200 164 502 1957-Jan... ,778 679 ,099 1612 197 211 184 170 405 Feb.., ,718 664 ,053 1676 167 175 178 167 354 Mar.. 12,448 757 ,690 1861 182 303 222 208 670 Apr.. 12,150 652 ,498 1965 118 180 165 162 559 May. 12,675 11,021 129 246 244 247 788 r Revised. i Figure not comparable with earlier months. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Month Total Boston Y N o 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— Mar 2,770 129 285 109 219 178 279 506 121 98 163 192 491 Apr... 3,045 142 408 128 246 203 263 485 133 154 163 179 543 May 2,980 135 342 133 232 212 320 488 125 137 159 215 482 1957—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 May 3,400 192 405 171 278 175 317 568 157 136 147 224 632 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 u o o v a s t n l a a t a t e l r e l d a l , y 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 a n a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en * 1949 1,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950 1,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 1,091 777 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1 077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1956 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 2 8 1 26 11 15 1957 Jan '962 63 44 19 60 50 2 8 3 20 8 12 Feb r935 66 47 19 63 53 2 8 3 19 9 10 Mar 933 87 59 29 79 68 3 9 8 23 11 11 Apr *940 P92 64 28 290 n.a. n.a. n.a. 23 26 12 13 2980 2102 68 34 296 n.a. n.a. n.a. ^6 27 15 12 June *970 68 29 292 n.a. n.a. n.a. 25 28 15 13 2 Preliminary. n.a. Not available. r Revised. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information, sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employed * Not in the Year or month i p n o st p it u u l t a i t o io n n al l f a o b rc o e r Unem- labor force Total In nonagricul- In ployed Total tural industries agriculture 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 . 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 .... 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1956 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 AUK 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 Sept 119,047 70,896 68,069 66,071 58,683 7,388 1,998 48,151 Oct 119,198 70,905 68,082 66,174 59,000 7,173 1,909 48,293 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 Dec 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 1957 Jan 2 . .. 119,614 68,638 65,821 62,578 57,643 4,935 3,244 50,973 Feb 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 Mar 119,899 69,562 66,746 63,865 » 58,431 5,434 2,882 50,337 Apr 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50,286 May 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 June 120,383 72,661 69,842 66,504 58,970 7,534 3,337 47,722 1 Includes self-employed, unpaid family, and domestic service workers. shown above are: Labor force, 72,742; employment—total, 66,892; non- 2 Beginning 1957 persons waiting to start new wage and salary jobs and agricultural, 59,345; agricultural, 7,547; and unemployment, 3,030. 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. June 1957 data comparable to June 1956 data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 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—June 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 Sept 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 52,568 16,965 841 3,059 4; 160 11,501 2,320 6,400 7,322 May 52,639 16,935 844 3,095 4,160 11,532 2,331 6,415 7,327 June 52,615 16,893 847 3,087 4,153 11,522 2,334 6,450 7,329 WITHOUT SESAONAL ADJUSTMENT 1956—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 52,245 16,822 833 2,906 4,153 11,428 2,320 6,432 7,351 May 52,420 16,748 836 3,080 4,157 11,401 2,331 6,511 7,356 June 52,727 16,826 851 3,210 4,170 11,448 2,357 6,547 7,318 NOTE.—Data include all full- and part-time employees who worked were revised by the Bureau of Labor Statistics in June 1957 to first-quarter during, or received pay for, the pay period ending nearest the 15th of the 1956 bench-mark levels indicated by data from government social insurmonth. Proprietors, self-employed persons, domestic servants, unpaid ance programs. Back data may be obtained from the Bureau of Labor family workers, and members of the armed forces are excluded. Figures Statistics, for May and June, 1957 are preliminary. The series for recent years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 821 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 June Apr. May June June Apr. May June Total 13,178 13,094 13,068 13,006 13,108 12,960 12,886 12,935 Durable goods 7,628 7,637 7,609 7,571 7,636 7,635 7,587 7,575 Ordnance and accessories 83 78 76 76 83 78 76 76 Lumber and wood products 689 628 632 637 713 612 635 659 Furniture and fixtures 322 314 316 321 312 312 308 311 Stone, clay, and glass products 475 455 456 453 477 455 456 455 Primary metal industries 1,119 1,101 1,095 1,091 1,119 1,101 1,090 1,091 Fabricated metal products 875 889 887 886 871 889 883 882 Machinery except electrical 1,261 1,258 1,243 1,221 1,274 1,277 1,255 1,233 Electrical machinery 871 853 854 855 862 853 845 846 Transportation equipment 1,299 1,446 1,431 1,413 1,299 1,446 1,431 1,413 Instruments and related products 230 229 228 226 229 230 227 225 Miscellaneous manufacturing industries 404 386 391 392 398 382 383 386 Nondurable goods 5,550 5,457 5,459 5,435 5,472 5,325 5,299 5,360 Food and kindred products 1,111 1,077 1,069 1,059 1,094 990 1,005 1,045 Tobacco manufactures 89 86 84 83 78 74 73 73 Textile-mill products 966 919 918 911 966 919 913 911 Apparel and other finished textiles 1,094 1,091 1,093 1,094 1,050 1,069 1,038 1,050 Paper and allied products 467 472 470 471 467 467 465 471 Printing, publishing and allied industries 549 562 559 559 549 559 556 559 Chemicals and allied products 557 544 549 546 549 549 546 538 Products of petroleum and coal 172 175 174 176 175 173 175 179 Rubber products 203 194 206 201 203 191 205 201 Leather and leather products 342 337 337 335 340 334 325 333 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 May and June, 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 June Apr. May June June Apr. May June June Apr. May June Total 79.19 81.59 81.78 82.59 40.2 39.8 39.7 39.9 1.97 2.05 2.06 2.07 Durable goods 85.27 88.29 87.64 88.70 40.8 40.5 40.2 40.5 2.09 2.18 2.18 2.19 Ordnance and accessories 91.52 95.63 94.42 94.37 41.6 41.4 40.7 40.5 2.20 2.31 2.32 2.33 Lumber and wood products 73.31 72.00 73.35 74.56 40.5 40.0 40.3 40.3 1.81 1.80 1.82 1.85 Furniture and fixtures 68.11 68.28 67.82 70.00 40.3 39.7 39.2 40.0 1.69 1.72 1.73 1.75 Stone, clay, and glass products 81.14 81.20 82.21 82.42 41.4 40.4 40.7 40.8 1.96 2.01 2.02 2.02 Primary metal industries 95.71 97.91 97.42 98.80 40.9 39.8 39.6 40.0 2.34 2.46 2.46 2.47 Fabricated metal products 84.46 87.94 87.94 89.40 41.0 40.9 40.9 41.2 2.06 2.15 2.15 2.17 Machinery except electrical 92.20 94.39 93.71 94.35 42.1 41.4 41.1 41.2 2.19 2.28 2.28 2.29 Electrical machinery 79.98 83.02 82.21 83.22 40.6 40.3 40.1 40.4 1.97 2.06 2.05 2.06 Transportation equipment 91.37 96.22 94.56 96.32 39.9 40.6 39.9 40.3 2.29 2.37 2.37 2.39 Instruments and related products 81.20 85.26 83.81 85.26 40.6 40.6 40.1 40.6 2.00 2.10 2.09 2.10 Miscellaneous manufacturing industries. . 69.77 72.22 71.86 72.04 40.1 39.9 39.7 39.8 1.74 1.81 1.81 1.81 Nondurable goods 70.95 72.74 73.13 73.90 39.2 38.9 38.9 39.1 1.81 1.87 1.88 1.89 Food and kindred products 75.21 77.20 78.38 78.96 41.1 40.0 40.4 40.7 1.83 1.93 1.94 1.94 Tobacco manufactures 59.58 57.04 61.46 61.30 39.2 36.8 38.9 38.8 1.52 1.55 1.58 1.58 Textile-mill products 55.87 57.90 57.60 58.50 38.8 38.6 38.4 39.0 1.44 1.50 1.50 1.50 Apparel and other finished textiles 51.48 52.84 52.98 52.84 35.5 35.7 35.8 35.7 1.45 1.48 1.48 1.48 Paper and allied products 82.41 84.20 84.00 85.87 42.7 42 42.0 42.3 1.93 2.00 2.00 2.03 Printing, publishing and allied industries.. 93.80 95.87 96.64 96.13 38.6 38.5 38.5 38.3 2.43 2.49 2.51 2.51 Chemicals and allied products 87.77 89.40 90.42 91.65 41.4 41.2 41.1 41.1 2.12 2.17 2.20 2.23 Products of petroleum and coal 104.81 106.71 107.01 108.12 41.1 41.2 41.0 40.8 2.55 2.59 2.61 2.65 Rubber products 84.74 87.60 89.02 89.47 39.6 40.0 40.1 40.3 2.14 2.19 2.22 2.22 Leather and leather products 55.95 56.83 55.90 58.59 37.3 36.9 36.3 37.8 1.50 1.54 1.54 1.55 NOTE.—Data are for production and related workers. Figures for indicated in note to table above, Back data are available from the Bureau May and June, 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

822 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average*3 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a h d i e l l - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a hi g - o Lo S u t i . s M ap i o n l n i e s - K C a i n t s y as Dallas F S r a a n nphia cisco SALESi 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 120 112 107 117 115 131 142 117 121 109 123 140 123 1956 125 114 113 122 120 138 150 123 127 116 126 144 129 SEASONALLY ADJUSTED 1956 May 122 112 110 121 118 135 149 120 129 112 126 144 122 June 124 114 115 125 118 134 147 124 119 114 124 143 126 July 128 116 116 119 128 140 160 123 135 113 130 152 132 Aug 128 118 117 124 121 145 156 126 129 116 131 148 131 Sept 129 117 120 127 127 140 157 127 127 129 128 139 131 Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 Nov 131 119 120 126 123 146 157 130 134 123 131 146 132 Dec 129 116 116 125 122 139 154 128 130 124 128 150 131 1957 Jan 125 109 119 121 118 144 151 120 125 118 122 140 131 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 122 107 109 121 117 136 146 120 125 113 121 135 127 *>125 112 115 124 118 123 127 116 141 126 WITHOUT SEASONAL ADJUSTMENT 1956 May 121 112 108 120 114 136 146 119 129 113 125 143 120 June 119 114 111 117 113 128 131 121 117 105 119 130 120 July 101 84 83 88 98 111 128 97 104 91 107 129 115 Aug 113 95 90 100 110 122 140 113 118 111 124 138 126 Sept 131 125 122 131 127 144 152 132 130 137 128 139 128 Oct 128 115 120 124 122 144 150 123 131 119 129 142 131 Nov 158 143 151 165 152 179 182 159 161 141 150 166 153 Dec . 222 210 204 220 212 251 267 215 216 202 218 252 231 1957 Jan . 95 86 94 91 92 99 116 91 94 84 90 111 101 Feb 97 88 93 91 95 101 122 93 98 90 94 113 100 Mar 106 89 98 107 99 117 137 105 107 95 104 125 104 Apr . 122 110 109 121 118 143 149 119 123 114 120 132 123 May 112 113 123 114 121 127 118 140 124 STOCKS 1 1949 , 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 HI 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 . . 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 128 122 116 123 117 147 152 122 124 121 136 147 134 1956 139 129 126 133 125 165 165 132 137 132 146 157 145 SEASONALLY ADJUSTED 1956—May 134 128 123 129 121 156 160 130 135 126 143 154 137 137 132 126 132 124 162 162 131 138 128 144 155 142 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 Sent 139 132 123 135 126 170 167 131 134 128 148 156 148 Oct 142 131 129 135 129 175 174 134 137 139 150 158 147 Nov 142 130 131 136 129 176 173 135 137 137 147 156 149 Dec 142 129 131 138 130 176 169 137 136 140 145 160 144 1957 Jan .. 141 127 131 136 128 169 162 137 141 134 144 156 144 Feb 139 128 129 134 127 171 165 134 141 134 142 156 141 Mar 141 129 131 136 127 173 170 135 133 133 143 156 145 Apr 141 127 131 135 127 168 173 136 136 136 144 157 146 May ^140 128 131 135 125 167 168 137 138 134 WITHOUT SEASONAL ADJUSTMENT 1956—May 139 132 128 134 126 165 161 131 135 128 145 155 148 June . •. .. 131 123 119 124 118 158 152 123 127 121 138 144 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 138 128 124 130 123 167 163 129 136 128 148 158 148 Sent . 145 136 130 142 132 175 174 138 145 134 153 166 154 Oct 159 148 145 156 144 193 190 153 153 151 162 174 167 Nov 161 152 150 157 146 190 195 157 154 153 163 174 164 Dec 126 120 120 122 116 147 149 123 123 125 131 144 121 1957_jan 126 116 116 118 114 151 149 123 123 123 129 139 127 Feb .. . 132 121 121 129 122 159 163 128 134 129 138 152 130 Mar 144 132 134 140 131 178 179 138 141 137 147 162 145 Apr 147 132 138 144 133 180 180 139 143 142 149 165 152 May 144 132 136 140 130 111 169 138 138 136 » Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. re 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 823 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 ceipts 2 orders 3 stand- out- Refor of orders1 (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 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 l.l 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 1.1 4.1 .0 1954 409 ,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1 195 446 444 449 2.9 1.1 4.0 1.0 1956 453 1,282 469 459 457 3.0 1.1 4.1 1.0 Month: 1956—May.. '442 '1,284 '340 '406 '409 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 1,253 573 492 478 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 1,475 588 625 615 3.0 1.2 4.3 1.3 Nov.. 577 1,525 473 627 512 2.6 0.8 3.5 1.1 Dec... 821 1,214 340 510 377 1.5 0.4 1.9 0.6 1957—Jan... 362 1,197 430 345 435 3.3 1.2 4.5 1.0 Feb... 336 1,252 461 391 422 3.7 1.4 5.1 1.2 Mar.. 394 1.356 414 498 451 3.4 1.1 4.5 1.3 Apr... 441 Ii381 346 466 398 3.1 0.8 3.9 1.1 Mayp, 450 1,353 355 422 431 3.0 0.8 3.8 (3.9 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 shipments 2 Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1.168 1.284 1,678 1,083 1,202 1,581 871 1 073 1 119 Feb ,238 1,362 1,606 1.143 1 271 1 485 850 1 051 992 Mar ,344 [,582 2,147 ,252 1,478 2,017 1,019 1,102 '1,131 Apr 1,264 [,512 r1.860 ,170 1.399 rl,776 871 991 1,118 Mtay [,323 1,716 1,811 ,192 I 521 1,709 959 1 095 vl 109 June .. 1,321 1,698 193 1 492 937 1 034 July ,269 1,639 ,142 1,288 385 1 051 Aug .. :1,239 1,536 ,111 1,378 961 1,055 SeDt [,254 [,530 ,155 1,423 947 995 oct ....: ,398 1,670 279 1 559 1 011 1 121 Nov .321 537 ?4R 1 417 1 065 986 Dec 1,407 2,002 1,323 880 1 008 1 053 Jan -May . 6,337 7,456 9,102 5,840 6,871 8,568 4,570 5,312 ^5,469 P Preliminary ' 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 grant-aid military equipment and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a d c s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - p A a p re - l T p t o r i a r o n t n a s - - M c i a c e a r d l e - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s i a o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 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 Mav 115.4 111.0 120.9 132.2 111.8 127.9 102.6 122.4 104.8 127.1 131.9 119.6 108.2 121.5 June 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132 0 119 9 107 6 121 8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 AU2 . . . 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108 4 122.7 Oct 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108.5 123.0 Nov 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109 0 123.2 Dec 118.0 112.9 123.5 134.2 112.0 136.1 104.1 124.8 107.0 133.1 134.7 121.8 109.3 123.3 1957_jan 118.2 112.8 123.8 134.2 112.3 138.9 104.0 125.4 106.4 133.6 135.3 122.1 109.9 123.8 Feb 118.7 113.6 124.5 134.2 112.4 139.3 105.0 125.6 106.1 134.4 135.5 122.6 110 0 124 0 Mar 118.9 113.2 124.9 134.4 112.4 139.2 104.9 126.2 106.8 135.1 136.4 122.9 110.5 124.2 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 May 119.6 114.6 125.3 134.7 112.3 135.4 104.2 127.3 106.5 135.3 137.3 123.4 111.4 124.3 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c A t o o ie m l d s l i - - P F u r a c o r t m d s - f P e o s r o s o e d c d s - Total p p T u a r t a a e i c n o p l r x t e d d - e s - l - l H s p e u k a r a i c n i o d t n h t d d e s s e - s , r ,p l F t o i m e a i g u w n r n h a i e g d a e - t l - l r , s , C p a i u a h l c r l c n o a e i t e d l d m s s d - - p R u a b r u c n o e b t d d r s - - L w p 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 m u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b a o u u t u o l n h u r r e r l d e n s a e d s e r - i- - e s N t r t m m t a u a r o l l i r u e l s n n a i - c — c - l - - b b e m o b T a a r e t a f n c o t r v g d l c - s e - e o . d s n c M e el o i l s u a - - s 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952. 111.6 107.0 108.8 113.2 99.8 97.2 1C6.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110. 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 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. 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. 137.7 119.1 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121.0 131.5 123.1 89.2 Nov 115.9 87.9 103.6 124. 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152. 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 88.8 103.9 125.5 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 88.8 103.7 125.4 95.4 98.4 119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1 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 May 117. 89.5 104.9 125.2 95.4 99.0 118.5 109.1 144.7 119.7 128.9 150.0 145.1 121.6 135.0 124.5 89.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 825 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index1, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products— Continued: 111.8 94.1 103.0 111.8 Grains ... 90.5 87.5 87 3 85 4 Paperboard 136.4 136.2 136.2 136.2 Livestock and poultry 74.4 76.6 79.3 78.7 Converted paper and paperboard.... 123.2 125.6 125.2 125.3 105.9 104.0 104.3 104.3 Building paper and board 138.1 141.1 141.7 141.7 Fluid milk 92.7 95.6 95 0 92.4 Eggs 80.2 63.8 68.5 57.5 Metals and Metal Products: Hay and seeds . . . 90.1 85.1 85.2 84.4 Other farm oroducts 144 4 146 0 144 7 144 1 Iron and steel 150.8 163.8 161 9 162.9 Nonferrous metals 160.0 143.2 142.5 139.9 Processed Foods * 141.2 148.0 148.0 152.5 Hardware 154.0 162.2 163.5 164.6 Cereal and bakery products 115.5 116.7 116.8 116.5 135.0 132.0 131.6 130.1 Meats poultry and fish 82 1 84 6 88 2 91 5 Heating equipment . 117.3 121.6 121.6 121.5 Dairy products and ice cream 107.9 111.3 111.4 110.7 Fabricated structural metal products. 129.4 133.4 132.8 132.2 Canned, frozen fruits, and vegetables. 109.3 105.9 104.9 104.7 Fabricated nonstructural metal Sugar and confectionery. 109.6 112.3 112.1 112.8 products ... 132.6 142.8 143.3 143.3 Packaged beverage materials 187.4 190.9 183.7 183.7 97.5 95.1 95.2 95.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equip- 126.5 132.4 132.4 132.5 Cotton products .. 93.1 91.1 90.8 90.7 Construction machinery and equip- Wool products 102.9 109.0 109.9 110.9 ment 146.6 156.7 157.5 157.5 80.3 81.7 81.5 81.8 154.5 164.9 165.3 165.6 Silk products 125.0 123.0 124.8 124.7 General purpose machinery and Apparel .. 99.4 99.6 99.6 99.5 equipment 146.0 155.9 156.2 156.0 Other textile products 70 3 76 1 75 9 76 9 Miscellaneous machinery 135.2 143.3 143.7 143.8 Electrical machinery and equip- Hides, Skins, and Leather Products • 137.0 147.5 147.8 147.8 Motor vehicles 129.1 134.6 134.7 134.7 59.0 51.0 51.8 55.8 Leather 92.9 88.6 88.6 88.8 Furniture and Other Household Dura- Footwear . 120 0 120 9 121.5 121.1 bles- Other leather products 99.2 97.8 97.8 97.6 Household furniture 118.0 122.2 122.4 122.4 Fuel, Power, and Lighting Materials: 138.5 146.9 147.3 147.3 Floor covering 130.5 134.3 133.8 133.8 Coal 111.9 123.6 123.2 123.2 Household appliances 105.0 106.8 105.4 105.1 Coke 145 4 161 9 161 9 161 9 Radio 89.6 91.1 91.1 91.1 Gas 115 4 118.4 118 4 118.4 69.3 69.5 69.5 69.5 Electricity 93.2 94.9 96.6 96.6 Other household durable goods 139.2 147.0 147.0 147.6 Petroleum and products. 118.3 130.7 130.4 129.8 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 131.1 135.7 135.7 135.7 Industrial chemicals 120.8 122.9 123.6 123.6 Concrete ingredients 130.1 135.1 135.7 135.7 Preoared oaint 119 1 124 1 124 1 124 7 Concrete products 121 7 125.7 126 6 126.7 Paint materials .. 101.2 100.1 99.8 99.8 Structural clay products 146.1 150.8 155.0 155.0 Drugs, Pharmaceuticals, cosmetics... 92.1 93.2 93.5 93.3 127.1 127.1 127.1 127.1 Fats and oils inedible 60 3 57 9 58 2 59 2 Prepared asphalt roofing 111.9 118.2 121.6 125.8 Mixed fertilizers 107.9 108.5 108.6 108.4 Other nonmetallic minerals 122.8 127.5 128.3 128.3 Fertilizer materials 109.1 106.8 107.5 107.2 Other chemicals and products 102.4 105.2 105.2 105.2 Tobacco Manufacturers and Bottled Beverages: Rubber and products: 124.0 124.0 124.0 124.0 Crude rubber.... 139 5 142 0 143 2 144 0 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 151.8 149 0 149 0 149.0 122.5 126.0 126.9 126.9 Other rubber products 136.7 140.0 140.0 139.9 Alcoholic beverages 114.6 119.0 119.6 119.6 Nonalcoholic beverages . 148.1 149.0 149.3 149.3 Lumber and Wood Products: Miscellaneous: 130.4 121.2 121.2 120.6 Millwork . 129.2 128.7 128.3 128.3 Toys, sporting goods, small arms.... 115.8 117.5 117.5 117.5 Plywood 102 7 96 2 96 7 96 8 Manufactured animal feeds 81.8 72.0 71.0 67.2 Notions and accessories 95.7 96.7 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 105.0 107.6 107.6 107.6 Other miscellaneous ... 123.1 126.5 126.8 126.8 118.0 118.0 118.0 118.0 Wastepaper 116.4 75.4 68.6 66.1 Paper 136.2 140.1 140.7 142 A ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 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 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 405.2 410.8 416.7 426.0 429.1 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.9 31.6 34.3 33.3 33.9 34.6 35.3 36.0 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 28.1 30.2 30.1 32.9 35.0 34.1 34.7 35.1 36.1 36.4 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Statistical discrepancy .3 .9 .4 .2 2.0 2.6 1.7 2.1 1.6 1.5 1.3 2.3 1.6 1.8 Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 -.1 -.4 -.2 .2 1.1 .8 1.0 1.1 1.6 1.4 Equals: National income 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 335.8 340.6 344.5 353.3 355.1 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 33.1 40.7 40.4 40.5 39.1 39.8 42.4 41.2 Contributions for social insurance .2 .3 2.8 6.9 8.6 8.7 9.7 11.0 12.4 12.0 12.2 12.5 12.8 14.2 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 17.2 16.6 17.1 17.4 17.7 18.4 Net interest paid by government 1.0 1.2 1.3 4.7 4.9 5.0 5.2 5.2 5.7 5.5 5.7 5.8 5.9 6.0 Dividends 5.8 2.1 4.5 9.2 9.0 9.3 9.9 11.0 11.9 11.7 12.0 12.1 11.5 12.4 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Equals: Personal income 85.8 96.3 227.1 271.8 286.0 287.4 305.9 326.9 318.5 325.3 328.7 334.5 337.7 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 34.4 35.8 33.0 55. 39.7 38.9 39.5 39.8 40.5 42.2 Federal 1.3 7.5 2.0 18.2 31.2 32.4 29.2 31.5 35.1 34.4 35.0 35.2 35.8 37.4 State and local 1.4 .5 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.5 4.5 4.6 4.7 4.9 Equals: Disposable personal income 83.1 1.0 93.0 206.1 237.4 250.2 254.5 270.2 287.2 279.6 285.8 288.8 294.0 295.5 Less: Personal consumption expenditures 79.0 45.7 81.9 194.0 218.3 230.5 236.6 254.4 267.2 262.8 265.0 268.6 272.3 276.7 Equals: Personal saving 4.2 46.4 11.1 12.1 19.0 19.7 17.9 15.8 20.0 16.8 20.8 20.3 21.7 18.9 -.6 NOTE. Data for 1954-56 and all quarterly figures have been revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 National income 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 335.8 340.6 344.5 353.3 355.1 Co W mp a e g n e s s a a ti n o d n s o a f la e r m ie p s1 loyees 5 5 0 1 . . 4 1 2 29 9 . . 0 5 6 6 2 4 . . 1 8 1 1 4 5 6 4 . . 5 3 1 18 9 4 5 . . 9 1 2 19 0 7 8 . . 3 1 2 1 0 95 6 . . 5 8 2 2 1 2 0 3 . . 3 1 2 2 2 4 7 1 . . 2 4 2 2 2 3 0 4 . . 9 5 2 2 2 4 6 0 . . 1 0 2 2 2 4 8 2 . . 3 7 2 2 3 4 3 7 . . 3 9 2 2 3 5 5 1 . . 9 1 Private 45.5 23.9 51.9 124.3 152.0 163.5 161.2 174.4 189.4 183.9 188.4 190.1 194.7 196.8 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.7 9.7 9.7 9.7 9.7 9.6 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.2 27.3 27.9 28.5 28.9 29.4 Supplements to wages and salaries .7 .5 2.7 7.8 10.2 10.8 11.3 12.7 14.1 13.7 13.9 14.4 14.6 15.3 Proprietors' and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 49.1 49.4 49.9 49.3 49.7 50.0 50.7 50.3 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 28.0 27.7 28.0 28.2 28.3 28.4 Farm 6.0 2.4 6.5 13.3 15.1 13.3 12.7 11.9 11.6 11.4 11.5 11.5 12.0 11.5 Rental income of persons 5.4 2.0 3.5 8.5 9.9 10.2 10.6 10.2 10.3 10.2 10.3 10.4 10.4 10.4 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.9 36.0 33.1 40.7 40.4 40.5 39.1 39.8 42.4 41.2 Corporate profits before tax 9.6 .2 17.0 40.0 35.9 37.0 33.5 42.5 43.0 43.3 42.4 40.8 45.6 43.9 Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 17.4 21.5 22.0 22.1 21.6 20.8 23.3 22.4 Corporate profits after tax 8.3 -.4 9.4 22.1 16.1 16.7 16.0 21.0 21.0 21.2 20.7 19.9 22.3 21.5 Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.6 -2.8 -3.2 -1.0 -3.2 -2.7 Net interest 6.4 5.0 4.5 5.9 7.4 8.7 9.8 10.9 11.9 11.5 11.7 12.0 12.3 12.5 1 Includes employee contributions to social insurance funds. NOTE.—Data for 1954-56 and all quarterly figures have been revised. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 827 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 1941 1950 1952 1953 1954 1955 1956 Gross national product. 104.4 56.C 125.8 285.1 345.4 363.2 361.2 391.7 414.7 405.2 410.8 416.7 426.0 429.1 Personal consumption expenditures 79.0 46 4 81.9 194.0 218.3 230.5 236.6 254.4 267.2 262.8 265.0 268.6 272.3 276.7 Durable goods 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.6 33.9 34.6 33.3 33.0 34.8 35.9 Nondurable goods 37.7 22.3 43.2 100.4 116.1 119 120.6 126.0 133.3 130.9 132.7 134.4 135.3 137.3 Services 32.1 20.7 29.0 65.0 75.6 81.7 86.6 92.8 99.9 97.2 99.0 101.1 102.2 103.4 Gross private domestic investment. 16.2 1.4 18.1 51.2 49.8 50.3 48.4 60.6 65.9 64.4 65.3 65.5 68.5 62.7 New construction1 8.7 1.4 6.6 22.7 23.7 25.8 27.8 32.7 33.3 32.9 33.6 33.2 33.4 32.8 Residential, nonfarm 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 15.7 15.5 15.1 15.1 14.4 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.3 16.1 18.0 17.3 18.1 18.1 18.4 18.5 Producers' durable equipment.. 5.9 1.6 6.9 21.1 23.1 24.3 22.5 23.7 28.1 26.3 27.2 29.0 29.9 30.7 Change in business inventories. 1.7 -1.6 4.5 7.4 3.0 .3 -1.9 4.2 4.6 5.2 4.6 3.3 5.1 -.8 Nonfarm only , 1.8 -1.4 4.0 6.4 2.1 .9 -2.4 4.0 5.0 5.4 5.0 3.9 5.7 -.3 Net foreign investment .2 1.1 -2.2 -.2 -2.0 -.4 1.4 -.2 1.2 2.0 2.4 4.1 Government purchases of goods and services 8.5 8.0 24.8 42.0 77.5 84.4 76.6 77.1 80.2 78.2 79.3 80.6 82.8 85.6 Federal 1.3 2.0 16.9 22.1 54.3 59.5 48.9 46.8 47.2 46.2 46.4 47.3 49.0 50.3 National security 2.0 13.8 18.5 48.8 51.5 43.1 41.3 42.4 41.1 41.6 42.7 44.2 45.5 Other 1.3 3.2 3.9 5.8 8.4 6.2 5.9 5.2 5.5 5.2 4.9 5.1 5.2 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 State and local 6.0 7.8 19.9 23.2 24.9 27.7 30.3 33.0 32.0 32.9 33.3 33.9 35.3 7.2 1 Includes expenditures for crude petroleum and natural gas drilling. NOTE.—Data for 1954-56 and all quarterly figures have been revised. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month1 in s P c o e o n r m a - l e Total W p d a m i C r g u n o o e s g o d t d m r a i u i i n t n e - c y - s d - sa D i l u n a i t s r r t d i i y t u e v r i s s e d b - i - sbu S i r n e t s r r d e i v m e u i s s c e - e nts G m er o e n v n - - t in O la c t b o h o m e r r e2 p in r r P e a c i r n e n o o t t d m - o al r e s' i i D n n d s p a t c e o i e e n o n v n r r d m d i a e - - s l s e t m T p r f e a e a n r y n t - - s s ^ - p b c i a s e u o n L o n r f t n s s e o c c i u o t o s i r e r a r s n n i 5 - l - s al a in g N t c u r o i o r c n a m u l - l e - 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 88.0 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.4 195.5 83.6 51.9 25.8 34.3 6.2 49.1 24.9 16.2 4.6 271.3 1955 305.9 210.3 90.9 55.4 28.2 35.9 6.9 49.4 27.1 17.4 5.2 290.6 1956 326.9 227.2 98.3 60.1 31.1 37.9 7.5 49.9 29.5 18.5 5.7 311.7 1956—June 326.8 227.3 98.1 60.3 31.0 37.9 7.5 49.7 29.5 18.5 5.7 312.0 July 325.6 225.7 96.3 60.2 31.2 38.0 7.5 49.9 29.7 18.5 5.7 310.7 Aug 329.3 228.8 98.6 60.5 31.5 38.2 7.6 50.1 29.9 18.7 5.8 314.1 Sept 331.1 230.4 99.6 60.9 31.5 38.4 7.6 49.9 30.1 18.8 5.7 316.1 Oct 334.1 231.8 100.8 60.8 31.8 38.4 7.7 51.3 30.2 18.9 5.8 317.7 Nov 334.9 233.1 101.2 61.4 31.9 38.6 7.7 50.7 30.4 18.9 5.9 319.3 Dec 334.8 235.3 102.7 61.6 32.2 38.8 7.7 50.2 28.5 19.0 5.9 319.6 1957_jan 335.9 234.5 101.4 62.0 32.2 38.9 7.7 50.2 30.7 19.5 6.7 320.7 Feb 337.9 235.9 102.0 62.4 32.4 39.1 50.4 30.8 19.7 6.7 322.7 Mar 339.5 237.2 102.3 63.0 32.6 39.3 50.4 30.9 20.0 6.8 324.5 Apr 340.6 237.1 102.4 62.7 32.9 39.1 7.8 50.6 31.0 20.8 6.7 325.3 May 342.9 238.3 102.4 63.4 33.0 39.5 7.8 50.8 31.2 21.6 6.8 327.5 J 343.8 239.2 102.8 63.6 33.1 39.7 7.9 50.8 31.2 21.5 6.8 328.3 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are r v e a n lu ta a l t i i o n n c o a m d e j u o s f t m un en in t. corporated enterprise; also a noncorporate inventory not 6 i R n e c p lu re d s e e d n t i s n p p e e r r s s o o n n a a l l in in c c o o m m e e e . xclusive 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. NOTE.—Data for 1954-56 and all monthly figures have been revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 DEPOSITS AND CURRENCY DEMAND DEPOSITS ADJUSTED—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION 1 [Figures are as of last Wednesday of month and are partly estimated] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Unadjusted series (in billions of dollars) 1946 2 76.8 76.4 75.0 77.5 78.6 79.5 80.3 80.6 81.4 82.4 83.0 83.3 1947 82.5 80.6 80.4 81.3 81.5 82.5 83.0 83.3 84.1 85.4 85.9 87.1 1948 86.6 84.6 81.5 82.7 82.8 82.7 83.3 83.8 83.9 85.1 85.2 85.8 1949 . 85.4 83.4 81.1 82.4 82.5 82.2 83.1 83.4 83.1 84.3 85.0 86.7 1950 86.4 84.5 83.2 84.3 85.0 85.4 86.5 87.4 88.0 89.2 90.3 93.2 1951 91.6 90.6 89.0 89.5 89.5 89.5 90.7 91.4 92.0 95.0 96.3 98.1 1952 97.9 95.7 94.8 95.1 95.3 95.8 95.7 95.8 96.4 98.6 99.4 101.5 1953 100.5 98.3 97.4 98.0 97.5 97.2 97.4 97.5 97.7 100.3 100.2 103.3 1954 102.3 99.6 96.7 98.6 98.7 98.1 100.0 99.4 101.2 103.1 104.0 106.7 1955 107.0 104.5 102.4 104.5 103.3 103.2 103.9 103.9 104.9 106.1 106.9 109.8 1956 108.9 105.6 104.4 106.1 104.2 105.0 105.2 104.5 105.4 107.4 108.3 110.8 1957 ^109.5 ^107.0 ^105.2 *>107.3 2>104.8 Seasona adjustment factors (per cent)3 1946 100.3 98.5 496.2 98.7 99.0 99.8 100.1 100.1 100.5 101.3 101.6 102.3 1947 100.3 98.5 97.8 98.7 99.0 99.8 100.1 100.1 100.5 101.3 101.6 102.3 1948 102.3 99.8 496.5 98.3 98.6 98.4 99.2 99.8 99.8 101.3 101.6 102.8 1949 102.3 99.8 497.1 98.3 98.6 98.4 99.2 99.8 99.8 101.3 101.6 102.8 1950 102.3 99.8 497.6 98.3 98.6 98.4 99.2 99.4 99.5 101.0 101.6 103.8 1951 102.3 100.1 98.9 99.1 98.6 98.4 98.7 98.7 98.8 101.0 101.6 103.8 1952 102.8 100.1 98.9 99.1 98.6 98.4 98.7 98.4 98.8 101.0 101.4 103.8 1953. .... 102.8 100.1 98.9 99.1 98.6 98.4 98.7 98.4 98.8 101.0 101.4 103.8 1954 102.8 100.1 497.3 99.1 98.6 98.4 98.7 98.4 99.3 100.7 101.2 103.8 1955 102.8 100.1 497.9 99.4 98.3 98.4 98.7 98.4 99.3 100.7 101.2 103.8 1956 102.8 100.1 98.3 100.0 98.3 98.4 98.7 98.4 99.3 100.7 101.2 103.8 1957 102.8 100.1 98.3 100.0 98.3 98.4 98.7 98.4 99.3 100.7 101.2 103.8 Adjusted series (in billions of dollars) 19462 76.6 77.6 78.0 78.5 79.4 79.6 80.2 80.5 81.0 81.3 81.7 81.4 1947 82.3 81.8 82.2 82.4 82.3 82.7 82.9 83.2 83.7 84.3 84.5 85.2 1948 84.7 84.8 84.5 84.1 84.0 84.0 84.0 84.0 84.1 84.0 83.9 83.5 1949 83.5 83.6 83.5 83.8 83.7 83.5 83.8 83.6 83.3 83.2 83.7 84.3 1950 84.5 84.7 85.2 85.8 86.2 86.8 87.2 87.9 88.4 88.3 88.9 89.8 1951 89.5 90.5 90.0 90.3 90.8 91.0 91.9 92.6 93.1 94.1 94.8 94.5 1952 95.2 95.6 95.9 96.0 96.7 97.4 97.0 97.4 97.6 97.6 98.0 97.8 1953 97.8 98.2 98.5 98.9 98.9 98.8 98.7 99.1 98.9 99.3 98.8 99.5 1954 . 99.5 99.5 99.4 99.5 100.1 99.7 101.3 101.0 101.9 102.4 102.8 102.8 1955 104.1 104.4 104.6 105.1 105.1 104.9 105.3 105.6 105.6 105.4 105.6 105.8 1956 105.9 105.5 106.2 106.1 106.0 106.7 106.6 106.2 106.1 106.7 107.0 106.7 1957 ?106.5 *>106.9 ^107.0 *>107.3 "106.6 p Preliminary. 4 The seasonal adjustment factor for March is affected by the date on 1 Demand deposits adjusted are total demand deposits, other than which the last Wednesday of the month falls (see discussion in the Federal interbank and U. S. Govt., less cash items reported as in process of collec- Reserve BULLETIN for March 1955, p. 254). When the last Wednesday tion. falls on March 29-31, the decline in demand deposits adjusted is larger 2 Data are for last day of month. than the normal seasonal decline by the following percentage points: 3 To adjust for seasonal movements, the unadjusted figure should be March 29—0.5; March 30—1.0; and March 31—1.6. divided by the appropriate seasonal adjustment factor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPOSITS AND CURRENCY 829 CURRENCY OUTSIDE BANKS—BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION 1 [Figures are as of last Wednesday of month and are partly estimated] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Unadjusted series (in billions of dollars) 1947 26.1 26.2 26.1 26.1 26.1 26.0 26.0 26.1 26.3 26.2 26.5 26.5 1948 25.8 25.7 25.6 25.4 25.4 25.6 25.5 25.6 25.7 25.7 25.9 25.7 1949... 25.2 25.1 25.1 24.9 25.0 25 0 24 9 25.1 24 9 24 9 25.1 25 0 1950 24.5 24.7 24.6 24.6 24.7 24.6 24.4 24.5 24.5 24.6 24.9 25.0 1951 24.6 24.6 24.4 24.6 24.9 25.0 25.1 25.3 25 4 25.7 25.8 26 3 1952 25.6 25.6 25.7 25.9 26.0 26.0 26.2 26.3 26.6 26.7 27.4 27.5 1953. 26.8 26.9 26.9 27.0 27.0 27.1 27.2 27.3 27.5 27.4 27.9 27.8 1954 26.9 26.9 26.9 26.7 26.8 27.1 26.8 26.9 26.9 26.9 27.5 27.4 1955 26.8 26.8 26.7 26.7 26.8 27.1 27.1 27.3 27.2 27.3 27.9 27.9 1956 27.1 27.2 27.2 27.0 27.4 27.5 27.4 27.5 27.4 27.7 28.0 28.5 1957 ^27.4 *>27.4 ?27.4 *27.4 P27.9 Seasonal adjustment factors (per cent)2 1947 99.4 99.4 99.0 99.4 99.5 99.1 99.5 99.7 100.3 100.3 102.1 102.3 1948 99.3 99.3 99.2 98.6 99.1 100.4 99.5 99.9 100.5 100.2 102.3 101.7 1949 99.4 99.7 99.1 98.8 99.4 100.2 99.5 100.6 100.2 100.3 101.4 101.4 1950 99.4 99.6 98.9 98.8 99.9 99.8 99.6 100.2 99.8 100.3 101.5 102.2 1951 99.5 99.5 98.8 98.9 99.7 99.8 99.5 99.9 100.0 100.6 101.0 102.8 1952 99.4 99.4 99.1 99.4 99.5 99.2 99.4 99.7 100.3 100.4 102.1 102.1 1953 99.2 99.2 99.2 99.1 99.3 99.5 99.5 99.9 100.5 100.3 102.3 102.0 1954 99.3 99.3 99.2 98.6 99.2 100.2 99.6 100.0 100.2 100.2 102.3 101.9 1955 99.4 99.4 99.0 98.7 99.3 100.0 99.7 100.5 100.0 100.2 101.9 101.9 1956 99.4 99.6 98.8 98.9 99.7 99.8 99 5 99 9 100.0 100.6 101.0 102.8 1957 99.4 99.4 98.9 98.9 99.6 99.5 99.4 99.8 100.2 100.4 101.6 102.9 Adjusted series (inbillions of dollars) 1947 26.3 26.4 26.4 26.3 26.2 26.2 26.1 26.2 26.2 26.1 26.0 25.9 1948 26.0 25.9 25.8 25.8 25.6 25.5 25.6 25.6 25.6 25.6 25.3 25.3 1949 25.4 25.2 25.3 25.2 25.2 25 0 25 0 25 0 24.9 24.8 24.8 24.7 1950 24.6 24.8 24.9 24.9 24.7 24.6 24.5 24.5 24.5 24.5 24.5 24.5 1951 24.7 24.7 24.7 24.9 25.0 25.1 25.2 25.3 25.4 25.5 25.5 25.6 1952 25.8 25.8 25.9 26.1 26.1 26.2 26.4 26.4 26.5 26.6 26.8 26.9 1953 . 27 0 27 1 27 1 27 2 27.2 27 2 27 3 27 3 27 4 27.3 27.3 27.3 1954 27.1 27.1 27.1 27.1 27.0 27.0 26.9 26.9 26.8 26.8 26.9 26.9 1955 27.0 27.0 27.0 27.1 27.0 27.1 27.2 27.2 27.2 27.2 27.4 27.4 1956 27.3 27.3 27.5 27.3 27.5 27.6 27.5 27.5 27.4 27.5 27.7 27.7 1957 *>27.6 ?27.6 P27.7 P27.7 ^28.0 p Preliminary. 2 The amount of currency outside banks varies with the date on which 1 Currency outside banks is total currency outstanding less the amounts the last Wednesday of the* month falls (see discussion in the FEDERAL held by the Treasury, the Federal Reserve Banks, and vault cash at all RESERVE BULLETIN for March 1955, p. 255). To adjust for seasonal banks. movements, the unadjusted figure should be divided by the appropriate seasonal adjustment factor. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 832 Gold production 836 Net gold purchases and gold stock of the United States. . 837 Reported gold reserves of central banks and governments. 838 Estimated foreign gold reserves and dollar holdings. 839 International Bank and Monetary Fund 840 Central banks. 840 Money rates in foreign countries. 845 Foreign exchange rates. 846 Index to statistical tables 857 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, 831 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n i r t d - z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions2 and Official of private 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 11,149 '6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—May 31.... 2,001 12,536 7,438 907 1,580 831 709 758 1,679 6,464 1,272 2,180 2,297 323 June 30 2,007 12,648 7,459 877 1,638 861 736 750 1,619 6,482 1,285 2,182 2,353 347 July 31.... 2,016 12,811 7,445 813 1,686 864 758 837 1,631 6,588 1,352 2,194 '2,358 319 Aug. 31.... 1,998 12,986 47,778 770 1,759 904 792 664 1,708 6,597 1,435 2,265 '2,374 315 Sept. 30.... 2,005 13,223 7,934 755 1,805 926 812 745 1,701 6,745 1,435 2,318 '2,404 322 Oct. 31.... 2,015 13,124 7,952 735 1,855 939 795 645 1,721 6,690 1,441 2,276 '2,402 316 Nov. 30.... 2,008 13,103 7,840 640 1,850 927 797 '642 ,653 '6,508 1,453 2,415 '2,392 335 Dec. 31.... 1,452 13,477 8,044 626 1,835 930 836 1,012 1,627 '6,865 1,516 2,346 '2,405 346 1957—Jan. 31.... 1,809 13,195 7,753 538 1,790 905 801 867 1,674 6,575 1,526 2,376 2,371 348 Feb. 28*... 1,681 13,080 7,531 492 1,762 890 775 868 1,730 6,517 1,565 2,306 2,304 389 Mar. 31*>... 1,558 13,005 7,550 424 1,763 891 111 929 1,752 6,536 1,493 2,341 2,234 401 Apr. 30*\ .. 1,358 13,095 47,794 416 1,727 909 753 901 1,800 6,506 1,522 2,506 2,148 412 May 31*\.. 1,700 13,091 7,803 367 1,735 937 775 925 1,753 6,492 1,613 2,545 2,045 395 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 ,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954_Dec. 31.. I 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—May 31 ,679 242 107 67 49 182 227 54 135 7 96 162 8 8 334 June 30 ,619 247 105 68 47 165 206 55 124 7 90 169 7 9 319 July 31 ,631 251 108 69 50 160 201 57 124 6 85 188 7 10 314 Aug. 31 .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 55 202 14 11 385 Nov. 30 . 1 653 297 125 68 53 166 131 59 133 50 199 14 16 341 Dec. 31 1,627 296 117 65 53 177 134 67 137 43 217 20 17 281 1957—Jan. 31 1,674 294 125 64 54 181 117 69 138 42 230 16 14 330 Feb. 28*\ 1,730 297 133 76 61 184 122 67 134 40 229 22 17 347 Mar. 31^ 1,752 296 141 76 59 178 120 76 123 32 228 14 14 394 Apr 3O*3 1,800 298 142 71 60 181 110 73 117 28 245 20 11 442 May 31*> 1,753 298 120 65 59 175 111 75 120 25 251 12 12 430 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o e a b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R m c u a e b n - o a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1953—Dec. 31 1 768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954_Dec. 31 1 906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—May 31 2,180 120 25 198 91 139 261 65 68 386 56 94 83 44 66 349 136 June 30 . 2 182 125 25 217 101 138 263 68 66 358 62 94 80 45 67 331 141 July 31 2 194 138 28 238 89 133 267 66 63 355 62 98 75 39 71 341 131 Aug. 31 2,265 136 27 231 92 125 263 66 59 376 68 101 83 31 81 399 125 Sept 30 . 2 318 141 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 2 376 140 27 241 86 180 217 67 66 421 66 109 81 37 76 448 114 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 May 31» 2,545 185 25 184 79 206 241 82 72 375 62 118 79 43 66 588 139 > Prel iminary. 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. 833 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Date 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 iTvV/Tia i*nn- lic Africa 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 1,821 70 61 87 100 31 41 '•721 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—May 31 2,297 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 r2,358 79 55 81 102 38 56 1,051 96 275 141 383 319 72 42 54 34 116 Aug. 31 '•2,374 83 59 81 154 32 51 1,037 98 275 142 361 315 69 47 50 33 116 Sept. 30 '2,404 85 60 81 158 36 43 1,058 98 278 142 365 322 71 48 48 34 122 Oct. 31 r2 402 88 59 68 180 31 38 1,054 98 281 140 365 316 74 45 46 34 116 Nov. 30 a! 392 94 62 69 185 22 36 1,027 100 274 144 379 335 82 45 46 42 119 Dec. 31 '2,405 96 66 76 186 20 45 1,007 99 272 148 389 346 84 44 50 53 114 1957_jan. 31 2,371 99 64 75 179 21 37 982 101 269 158 385 348 75 42 52 58 121 Feb. 28*\... 2,304 100 60 76 166 31 38 922 102 254 161 393 389 80 44 69 63 133 Mar. 3\P 2,234 103 56 80 145 40 35 863 103 244 167 398 401 93 42 60 61 145 Apr. 30*> 2,148 111 58 79 129 33 30 823 106 224 165 390 412 101 42 61 56 152 May 31*.... 2,045 111 56 78 126 29 40 719 106 216 166 399 395 87 41 59 58 151 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 Bulgaria 6 6 7 2 Cambodia n a 2 13 1 17 2 Czechoslovakia ^ .6 .7 .7 .5 Ceylon. . 17.1 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 Iraq 13.8 10.0 14.7 16.9 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 20.2 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. Poland** 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. n.a. .4 Other Asia: Tangier 36.1 35.7 33.5 22.4 Afghanistan 2.7 5.1 4.1 5.3 Tunisia .6 .4 .7 .5 Bahrein Islands .6 .6 .5 n.a. P Preliminary. r Revised, 4 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

834 BVFL 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] Ger- Date Total France R m e F a p e n . d y o . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur th o e p r e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r 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—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 'I,631 15 118 32 28 78 168 439 128 758 '262 43 Aug. 31 '1,698 65 120 33 27 78 163 486 132 772 '266 42 Sept. 30 '1,729 66 125 35 28 81 169 504 131 776 '272 46 Oct. 31 rl,828 67 127 29 28 86 177 514 186 799 '282 46 Nov. 30 '1,787 19 134 32 30 94 174 483 170 797 '292 45 Dec. 31 1,942 18 157 43 29 104 216 567 157 '840 '334 43 1957_Jan. 31 2,034 23 168 50 30 108 213 593 171 867 356 48 Feb. 28* 2,040 18 176 53 33 126 211 619 145 860 371 46 Mar. 31* 2,133 26 175 59 26 159 219 665 149 898 372 49 Apr 30* 2,144 60 177 58 27 151 208 680 113 918 391 41 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 S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1953—Dec. 31 88 1 13 6 2 1 9 1 1 24 3 16 5 7 1954 Dec 31 109 (2) 20 10 3 3 16 2 4 4 41 1 5 1955—Dec. 31 158 16 13 3 4 11 9 5 7 78 2 7 1956—Apr. 30 164 4 24 7 3 4 17 10 6 7 68 5 7 May 31 171 6 22 10 4 4 15 11 7 8 71 6 6 June 30 167 6 20 9 4 3 16 11 9 7 71 5 5 July 31 168 7 17 8 4 3 16 12 11 8 74 1 6 Aug 31 163 7 17 7 5 4 19 16 8 10 63 1 6 Sept. 30 169 7 19 6 5 5 16 15 8 10 70 (2) 6 Oct. 31 177 9 18 10 4 5 16 16 6 12 73 6 Nov. 30 174 7 22 10 3 5 13 17 1 5 11 72 (2) 6 Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 n 1957_jan. 31 213 6 30 13 4 4 20 23 2 9 13 85 6 Feb. 28* 211 7 29 10 3 4 21 17 1 7 14 86 8 Mar. 31* 219 8 34 11 3 5 20 18 2 11 14 83 2 8 Apr 30* 208 8 29 9 3 5 23 17 2 10 14 79 (2) 9 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—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 ••840 15 4 72 16 145 90 7 7 '213 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 Apr. 30* 918 42 5 78 25 151 92 11 8 213 4 15 36 9 12 163 55 * Preliminary. r Revised. (excluded from these statistics) amounted to $837 million on Apr. 30, i Short-term claims reported in these statistics represent principally the 1957. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 835 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 For- Date mosa and Total China Mainland 1953—Dec. 31 115 8 1954 Dec. 31 143 1955—Dec. 31 233 1956—Apr. 30 231 May 31 264 June 30 268 July 31 r262 Aug. 31 ... r266 O Se c p t. t . 3 3 1 0 r r 2 2 8 7 2 2 Nov. 30 '292 Dec. 31 r334 1957_jan. 31 356 Feb. 28? 371 Mar. 31P 372 Apr. 30^ 391 oooo oooo Hong Indo- Phil- Thai- Kong India nesia Iran Israel Japan ippines land 3 4 1 14 23 26 6 6 3 5 1 16 11 50 7 3 5 1 18 10 103 19 5 6 1 20 10 100 9 6 6 1 22 10 113 11 8 5 6 1 22 11 121 7 8 5 6 1 21 12 r108 9 8 5 5 22 12 118 13 8 5 7 23 12 11 8 4 6 22 13 127 12 8 4 6 20 13 143 13 8 4 6 (2) 20 16 167 16 8 5 7 (2) 22 23 182 17 8 6 7 hi 22 24 188 18 8 6 9 23 24 190 18 8 7 10 (2> 24 206 19 VOOO ONO> All other Union Aus- Bel- of Other Total tralia gian Egypt South Other Congo Africa 25 25 8 6 (2) 2 8 36 37 14 6 6 10 57 43 11 5 1 8 17 63 47 12 6 2 8 20 78 45 12 6 2 18 10 77 46 12 8 3 7 16 9 83 43 11 8 3 7 14 8 73 42 11 8 2 7 14 8 75 46 11 8 3 7 17 9 82 46 12 7 3 7 17 8 77 45 11 7 3 6 19 9 88 43 11 6 2 8 17 10 81 48 11 5 2 8 21 10 86 46 11 5 2 7 22 10 84 49 13 5 1 7 22 12 84 41 10 5 8 17 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month Net pur- Net pur- Net pur- Net pur- Pur- Sales chases, or Pur- Sales chases, or Pur- Sales chases, or Pur- Sales chases, or chases sales (-) chases sales (-) chases sales (-) chases sales (-) 1953 646 728 -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—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 -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 47 29 17 163 107 57 49 172 -123 54 53 Feb.p 135 43 92 152 93 59 32 131 -99 41 40 1 Mar P . ... 76 48 28 122 104 19 34 37 -4 42 49 n Apr.p 26 10 16 134 113 21 67 209 -142 53 55 -2 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( — ). In millions of dollars] Ger- Inter- Total many, United Latin Year or month national foreign France Federal Italy Switzer- King- Other Total Canada Amer- Asia All insti- coun- Repub- land dom Europe Europe ica other tutions tries lic of 1 1 9 9 5 5 4 3 2 7 3 8 -3 7 4 2 -4 1 2 7 e « 7 5 3 7 7 7 1 0 - - 2 2 4 0 1 6 3 2 9 - — 12 1 1 87 1 2 1 5 3 3 -1 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 8 33 161 -124 34 -1 4 1956 Apr 52 3 1 i 44 7 -2 52 -5 3 ? 1 May 1 72 3 47 14 5 69 -2 2 i1 July . . 4 3 6 5 1 2 1 1 2 1 4 2 2 1 0 9 -1 19 6 3 5 2 -7 1 — 1 1 Aug 74 4 3 6 11 2 22 -18 1 Seot 43 3 21 10 8 43 -8 6 (2: Oct 53 1 23 11 9 46 -1 7 Nov -42 2 -2 -40 1 -39 -11 6 Dec 10 2 1 19 -14 -3 3 -3 8 1957 Jan 2 72 2 (2) 29 6 19 57 5 6 i F M e a b r . . * ? 1 4 5 6 0 2 1 (2) i 2 1 5 2 4 2 6 9 1 4 6 9 4 0 7 56 5 1 (2) i 36 (2) 9 21 10 42 -9 2 (2) Preliminary. r Revised. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 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 na I i n n ti t s o e t n i r - - al f c T o o r o e u t i n a g l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U se . c S u . r i G ti o es v 2 t. la M n i e s o c u el s - 3 tutions tries 1953 — 61 — 11 96 -138 35 -30 26 1955_Dec. 31 402 3,543 126 1 1 1 9 9 9 5 5 5 5 4 6 -1 - — 2 6 7 4 33 - — 1 - 3 4 4 7 78 -46 9 8 - -4 1 4 3 7 7 3 4 2 3 1 4 3 7 - - - 4 4 3 9 0 4 - - 1 7 6 7 1956— J A J u u u l n y g e . 3 3 3 1 1 0 2 3 3 9 0 5 7 8 0 3 3 3 , , , 6 6 6 2 6 3 9 3 0 1 1 1 6 6 5 4 8 8 1956—Apr.... c -13 -6 -6 -3 1 Sept. 30 334 3,723 167 Oct. 31 275 3,782 178 J J M u u a l n y y e . . . . . . . . . . - - - 2 2 2 - - 1 1 -3 0 0 8 2 1 - - - 1 5 4 8 - - - 9 9 9 2 4 2 2 1 - - - 7 6 2 -2 0 1 2 1 ) D N e o c v . . 3 3 1 0 3 3 5 2 6 2 3 3, , 8 5 5 5 6 3 1 1 3 7 9 7 A S O N D e c u o e p t g c v t . . . . . . . . . . . . _ -3 0 2 2 2 ) - - - -4 4 1 5 3 1 9 5 5 3 - - 4 6 2 1 1 2 7 3 - - - - 4 1 5 4 7 5 3 7 8 -1 C 3 1 1 1) - - - 1 8 8 4 1 - - 1 1 0 3 3 3 ) 1957— A F M M Ja e p n a a b r y . r . . . 2 3 3 3 3 8 1 0 1 1 3 3 3 3 3 6 2 4 1 1 0 7 4 6 1 3 3 3 3 3 , , , , , 6 6 7 7 7 7 0 4 0 2 1 0 4 7 7 1 1 1 1 1 5 6 6 6 5 8 4 5 4 6 1957—Jan -71 -52 16 -72 2 -9 11 June 30 449 3,685 164 A M Fe p a b r r . . P .? . P .. .. . -5 9 1 - - 1 1 -1 0 3 0 7 9 9 j -1 - -1 9 4 1 8 7 0 2 ) 1 - - - 5 4 2 0 0 4 ) ) 1957_j J J U u u n n n e e e 1 1 5 2 9 3 3 3 6 7 9 0 0 5 3 3 3 , , , 6 7 6 0 4 7 8 7 3 1 1 1 6 6 6 5 4 4 June 26 410 3,754 163 Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthlj Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. Total U.S.S.R.) A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India $i= 15Hi grains of ,gold H ifine: i.e., an ourice of fine gold= "j35 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 556 2 18 8 21 9 64 3 153 9 15 3 3 3 7 6 36 1 7 2 1956 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 2 .2 .6 3.0 .6 June 77.7 47.4 1.6 2.1 1.1 5.1 13.4 1.1 .3 .3 .7 3.2 r.6 July ... 47.9 1.6 2.2 1.1 5.9 12.3 6 .2 .6 3.3 48.5 1.6 2.3 1.0 6.3 12.3 4 .3 .6 3.0 r 7 Sept 47.3 1.6 2.3 1.0 6.0 12.4 .2 .5 .6 3.2 .6 Oct 47.8 1.6 2.2 6.2 12.9 .4 .6 3 0 .6 Nov 47 3 1 5 2 2 5 6 12 9 "> 2 6 3 4 5 Dec 45 8 1 5 2 2 4 6 12 8 7 3 6 2 9 5 1957 Jan 48.3 1.6 2.3 5.0 12.6 .6 3.0 Feb 46.3 1.5 2.3 4.4 12.0 2 .5 2 8 Mar 49.2 2.2 5.1 13.2 .6 Apr 49 1 4 7 12 9 6 r Revised. Ghana and Belgian Congo, data for which are from American Bureau of 1 Gold exports, representing about 90 per cent of total production. Metal Statistics. For the United States, annual figures through 1955 are Sources.—World production: estimates of U. S. Bureau of Mines. from the U. S. Bureau of the Mint and figures for 1956 and 1957 are from American Bureau of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 837 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: 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 "-23"!5 ""'-79!8 "-4i5 -100.0 -65.0 "ioio Portugal 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 Sweden -22.9 -32.0 -20.0 -15.0 15.2 15.2 Switzerland. -40.6 -38.0 -15.0 "*22.'5 -65.0 -15.5 -8.0 — 8 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 — .1 100 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 7.0 -10.0 17.5 -22.8 -3.5 28.1 28.1 Cuba -10.0 28.2 -20.0 Mexico -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 2.0 27.1 Venezuela -50.0 -.9 -30.0 -200.0 -200 0 Other -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 -.7 -.2 -.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 Allother .4 6-44.2 6-76.0 (2) -.4 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—June 21,799 21,868 47.6 18.4 29.9 5.1 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 July 21,830 21,918 49.4 4.8 43.9 5.9 1946 20,529 20,706 623.1 311.5 465.4 51.2 Aug 21,858 21,965 47.1 4.7 43.2 6.3 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Sept 21,884 22,032 67.6 -18.0 86.9 6.0 1948 24 244 24 399 1 530 41 680 4 — 159.2 70.9 Oct 21 910 21 999 — 33 6 4 6 — 34 3 6 2 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Nov 21,910 22,106 107.6 12.5 105.7 5.6 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1957—Jan 22,252 22,377 319.0 -53.9 295.9 5.0 1952 23 187 23 252 379 8 r684 1 -304.8 67 4 Feb 22 304 22,396 18 6 —29 8 28 0 4 4 1953 . 22 030 22,091 -1,161.9 r2.0 -1,170.8 69.0 Mar 22,306 22,406 10.2 -8 8 16.0 5.1 1954 21,713 21,793 -297.2 r16.1 -325.2 65.1 Apr 22,318 22,424 17.4 20.8 -5.8 4.7 1 1 9 9 5 5 5 6 . . . 2 2 1 1 , , 6 94 9 9 0 2 22 1 , , 0 7 5 5 8 3 - 3 4 0 0 5 . . 9 9 '1 '9 0 7 6 . . 3 1 -1 3 3 1 2 8 . . 4 5 6 6 5 4 . . 7 3 J M u a n y e ^ 2 2 2 2 , , 6 62 2 3 0 ^ 2 2 2 2 , ,7 7 3 2 1 6 302.6 20.0 4- 2 6 85 .0 .4 (3) p Preliminary. r Revised, 3 Not yet available. •1i^ SXS eeXe eV 1 Jff.o1o1Joo.1t1tnInCo1o1t tJee • 22 oonn ffoolllloowwiinnXggW ppYaaglOg<teU.t 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 miilllliioonn in gold as United States gold sub- and international accounts amounted to $6,009.3 million on June 30, 1957. scription to the International Moneettaarryy 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

838 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.)! Treasury Total* 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 37i 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—May 21,772 21,821 371 161 958 323 1,107 46 136 31 23 174 June r38,370 21,799 21,868 164 952 323 1,109 46 136 31 23 174 July 21 830 21 918 165 965 323 I 114 46 136 31 23 174 Aug 21,858 21,965 162 964 323 1,114 46 136 31 22 174 Seot r38,440 21,884 22,032 258 106 972 323 ,112 45 136 31 22 174 Oct 21 910 21 999 106 949 323 ,119 45 136 31 22 181 Nov 21,910 22,106 106 941 323 ,124 45 136 31 22 181 Dec r38,490 21,949 22,058 107 928 324 ,113 46 136 31 22 188 1957 Jan 22 252 22 377 877 324 ,116 43 136 31 22 188 Feb 22,304 22,396 864 324 1,110 46 136 31 22 188 Mar ^38 765 22 306 22 406 848 324 112 46 136 31 22 188 Apr 22,318 22,424 849 324 1,114 46 136 31 22 174 May 22,620 22,726 849 324 1,116 46 136 31 22 183 Ger- E m n o d n t o h f l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952 Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955 Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956 May 35 861 J 056 27 247 81 138 352 164 864 45 48 35 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 I 566 27 247 44 138 325 167 834 45 49 35 Feb 35 861 1,661 27 247 44 138 350 167 819 45 49 35 Mar 35 861 [ 756 27 247 43 138 814 45 49 35 Apr 35 861 .834 247 42 138 809 48 49 May 35 861 41 806 47 49 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - M I ta n o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 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 [ 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_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 Aug 442 28 216 56 262 [,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 [ 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 ,636 112 144 2,209 183 669 1 438 168 Apr . . 461 32 230 56 249 I 621 144 2,320 183 669 1,439 160 May 463 31 235 56 231 ,615 144 2,345 669 148 *> Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement * 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 839 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. 31, 1957? Area and country Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 326 10 317 312 342 361 368 Belgium-Luxembourg (and Belgian Congo)., 1,201 10 1,242 1,221 1,265 1,227 1.170 11 Denmark. 91 7 102 99 95 96 107 6 Finland 84 5 80 82 90 88 94 5 France (and dependencies)1 1,957 151 1,999 1,753 1,631 1,505 1,303 8 Germany (Federal Republic of) 2,374 2,490 2,742 3,099 '3,329 3,519 14 Greece 187 194 176 161 187 189 Italy 1,137 1,158 1,214 1,286 1,268 31,241 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,143 1,145 23 1,113 23 1,071 9 1,024 10 Norway 127 53 99 100 73 109 79 117 87 121 95 Portugal (and dependencies) 601 (2) 606 602 (2) 617 (2) 628 (2) 628 (2) Spain (and dependencies) 221 216 206 185 160 148 Sweden 429 (2) 444 426 (2) 453 (2) 483 (2) 480 (2) Switzerland 2,354 44 2,341 2,307 117 2,446 126 2,512 131 2,413 135 Turkey 153 (2) 154 151 (2) 158 (2) 164 (2) 158 (2) Other* 872 6 1,011 1,108 10 1,055 14 '915 12 15 Total. 13,214 343 13,596 222 13,644 279 14,105 300 14,111 298 13,851 313 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 (2) 230 243 (2) 177 191 200 India 320 330 329 328 323 327 Union of South Africa 265 1 255 245 1 248 277 294 1 Other 214 7 210 208 7 211 14 '228 226 24 Total. 3,702 295 3,932 254 3,983 265 3,874 286 r3,934 223 3,994 276 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 Brazil 466 538 540 582 549 556 Chile 139 141 147 151 137 137 Colombia 217 () 222 () 224 (2) H80 () r210 () 247 Cuba 389 169 374 167 399 167 407 167 347 167 353 Dominican Republic.. 77 79 81 77 (2) 79 89 Guatemala 72 91 93 80 (2) 91 101 Mexico 556 583 523 561 600 3576 Panama, Republic of., 86 82 8 94 104 109 117 Peru 127 127 115 117 119 117 El Salvador 52 74 73 53 53 73 () Uruguay 281 289 (2) 283 290 259 257 Venezuela 668 627 734 808 1,058 1,043 2 Other 124 147 154 133 113 133 12 3 Total 3,789 195 3,912 11924 3,961 193 r3,967 191 190 4,156 190 Asia: Indonesia. . 255 236 171 204 231 () 188 I J r a a p n an 1,0 1 2 7 1 5 1,0 1 8 6 4 6 1,1 1 6 6 7 9 rl,1 1 8 74 6 M.1 1 3 5 5 8 P2 9 1 9 7 1 8 Philippines. 268 285 300 298 294 267 Thailand... 250 263 253 254 260 279 Other 647 664 694 677 r708 6 731 1 Total 2,616 30 2,754 r2,793 17 r2,786 176 2,634 17 Eastern Europe5 308 7 294 288 287 288 All other: Egypt 246 () 236 222 238 248 Other r116 r140 M26 117 149 Total. r362 1 '376 '348 '355, 397 Total foreign countries. 26,164 1,308 27,406 1,121 '27,922 1,154 '28,215 1,103 27,925 1,242 International6 3,689 321 3,750 317 3,717 392 r3,145 391 2,996 396 Grand total 29,853 1,629 31,156 1,438 31,639 1,546 r31,360 1,494 30,921 1,638 P Preliminary. r 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 (Feb. 28) 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

840 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1957 1956 1957 1956 Item Item Apr. Jan. Oct. July Apr. Mar. Dec. Sept. June Mar. Gold 1,439 1,420 1,687 1,718 1,761 Dollar deposits and U. S. securities. 430 365 386 407 425 Investments 8 200 200 200 125 50 Other currencies and securities1.... 901 931 960 938 947 Currencies: United Stites1 ... 977 1,423 1,697 1,759 1,777 Effective loans2 2,378 2,238 2,094 2,002 1,959 Other i... 489 5 051 4 387 4 319 4 333 Other assets3 54 41 42 29 40 Unpaid member subscriptions. 817 824 942 815 815 Other assets 5 3 2 1 1 IBRD bonds outstanding 948 848 849 850 850 Undisbursed loans 676 609 530 477 485 Member subscriptions 8,932 8,929 8,929 8,751 8,751 Other liabilities 20 11 10 11 10 Accumulated net incoine . -6 -10 -14 -14 -14 Reserves 266 254 240 228 216 Reserves and liabilitie3 2 2 Capital^ 1,853 1,853 1,853 1,810 1,810 Quota Cumulative net drawings on the Fund Loans by country, May 31, 1957 Country9 Paid 1957 1956 Outstanding Total in Area and member country4 gold Apr. Mar. Apr. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 otherss Belgium 225 56 50 Brazil 150 38 38 38 66 Colombia 50 13 25 25 25 Continental W. Europe, total 1,139 979 187 792 71 Cuba 50 13 23 23 Belgium and Luxembourg. 118 118 10 108 25 Egypt 60 10 30 30 France 267 267 16 252 16 France 525 108 160 100 Italy 163 77 77 7 India 400 28 128 128 Netherlands 236 221 141 81 16 Indonesia . ... 110 16 55 55 15 Other 355 296 20 275 7 Iran 35 9 25 25 9 United Kingdom.... 1,300 236 562 562 Sterling area, total 961 646 68 578 88 United States 2,750 688 10--1,436 10-1,251 1C-340 Australia 318 259 8 251 26 India 234 118 23 95 13 Union of S. Africa 135 123 21 102 20 Footnotes to tables on international institutions: United Kingdom 146 72 2 70 25 1 Currencies include demand obligations held in lieu of deposits. Other 128 73 14 59 4 2 Represents principal of authorized loans, less loans not yet effective, repayments, the net amount outstanding on loans sold or agreed to be Latin America, total 703 528 52 476 28 sold to others, and exchange adjustment. Brazil 194 165 11 153 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 81 16 65 3 4 Loans to dependencies are included with member. Mexico 141 132 9 123 10 5 Includes also effective loans agreed to be sold but not yet disbursed. Other 257 151 16 134 13 6 Includes $74 million in loans not yet effective. 7 Includes $180 million not guaranteed by the Bank. Asia (excl. Sterling area).... 219 104 100 15 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $20 Africa (excl. Sterling area). . 9 million or more on the latest date. 1 ° Represents sales of U. S. dollars by Fund to member countries for Total 63,030 2,265 311 1,954 7203 local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r io cu n l i a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1949_Dec. 28 . , .4 ,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18. 1950—Dec. 27 .4 ,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18. 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.:• 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18. 1955—Dec. 28 , , .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18. 1956—June 27 .4 1,950.0 2.0 57.0 15.6 271.0 ,893.4 238.2 10.5 .2 78.5 18. July 25 .4 2,000.0 2.0 37.4 23.8 254.1 1,963.0 215.6 11.9 .2 71.3 18..I 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.(i Nov. 28 .4 1,925.0 2.0 19.0 26.8 279.9 1,906.3 220.0 13.8 75.8 18.() 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 18.5 Feb. 27 .4 1,925.0 2.0 52.0 15.8 261.0 1,873.4 225.2 13.5 73.7 18.5 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. May 29 .4 1,975.0 2.4 21.7 40.5 243.2 1,953.7 204.4 10.1 75.3 18. For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 841 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date S U te a n r n i l t d i e n d g Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v e i s n- Other Note Deposits lia O b t i h li e ti r es d S o t l a l t a e r s s S t h e o rm rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t i . on Other ca a p n i d tal 1949—Dec. 31 74.1 ,781.4 227.8 42.5 ,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 ,229.3 712.5 297.1 ,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31 117.8 ,141.8 1,049.3 135.2 ,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31 77.1 ,459.8 767.2 77.3 ,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31 54.9 ,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 ,283.8 1,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—June 30, 60.1 ,041.3 1,289.8 192.7 ,734.9 574.7 51.1 32.2 191.0 July 31 59.9 ,029.6 1,316.7 104.9 ,762.3 500.0 49.8 39.6 159.4 Aug. 31 62.1 ,019.3 1,351.3 180.7 ,764.6 580.6 65.4 35.6 167.2 Sept. 29 57.7 ,041.3 1,353.0 150.1 ,769.5 564.0 46.0 45.2 177.3 Oct. 31 51.4 ,031.3 1,360.4 128.0 ,780.9 575.3 55.0 30.7 129.3 Nov. 30 61.1 ,021.2 1,380.3 158.7 ,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 ,025.0 1,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957_jan. 31 53.5 ,091.7 1,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Feb. 28 60.8 ,052.7 1,189.4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 ,105.2 1,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 ,158.0 1,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31 52.3 ,165.9 1,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n Open Domestic bills A G d o v v a e n rn c m es e n to t O as t s h e e ts r ci N r ti c o o u t n l e a- Gove D rn e - posits O li i a a t t n i b h e d i e s l r market Special Other Current Other ment Others capital 1949__Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 ,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—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. 301.2 68.4 270.7 30.5 ,638.1 178.9 479.8 251.5 2,964.6 169.4 85.1 Dec. 27. 301.2 49.6 289.2 30.5 ,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957—Jan. 31. 301.2 33.0 270.3 26.8 ,759.5 175.0 479.8 233.8 3,045.0 149.4 84.9 Feb. 28. 301.2 32.9 317.4 25.0 ,735.7 171.3 479.8 245.7 3,065.8 (*) 161.1 82.2 Mar. 28. 301.2 23.1 310.3 27.6 ,836.8 175.0 479.8 192.6 3,051.6 214.3 80.6 Apr. 25. 301.2 12.2 325.2 24.9 ,871.9 158.3 479.8 196.9 3,044.1 222.7 103.6 May 29. 301.2 12.0 322.9 20.2 ,948.1 175.0 479.8 192.4 3,106.9 263.1 81.6 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 760 765 809 1,623 Gold and foreign exchange 454 441 394 266 Other gold and foreign exchange.. 2,797 2,718 1,387 -649 Checks and bills of other banks... 3 6 4 Gold contribution to Intl. Fund... 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,860 4,892 4,819 5,449 ury bills) 456 471 485 517 Rediscounts and loans to banks... 111,887700 112,106110,567 92,468 Other assets 55 68 73 116 Other assets 1,681 1,612 1,446 427 Note circulation 378 403 382 372 Currency circulation 44,800 44,559 43,853 37,285 Deposits of Trading Banks: Deposits—Nationalized 67,674 68,192 67,349 52,503 Special 340 340 322 265 Other sight obligations 2,810 2,847 1,521 3,303 Other 25 18 30 46 Other liabilities and capital 6,843 6,652 6,452 6,227 Other liabilities and capital 224 224 223 224 Footnotes to central bank table on this and opposite page: 4 Less than 50 million francs. 1 Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 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 May Apr. Mar. May May Apr. Mar. May Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) , 201 195 171 150 Gold 2,005 2,004 2,004 1,744 Foreign exchange (Stabilization Foreign exchange (net) 8,632 8.326 8,287 6,950 Fund) , 177 162 163 241 Loans and discounts 6,515 6,472 6,654 5,729 Net claim on Intl. Fund» -10 -10 -10 13 Claim against Government 1,343 1,354 1,385 1,506 Loans and discounts 41 49 53 38 Other assets 614 600 574 860 Credits to Government , 100 101 107 109 Note circulation 14,239 14,009 13,909 12,913 Other assets , 75 75 74 77 Deposits—Banks 1,101 979 1,104 552 Note circulation , 451 451 444 433 Other 986 956 1,018 469 Deposits , 243 231 224 307 Blocked 1,058 1,110 1,114 1,416 Other liabilities and capital 28 27 26 23 Other liabilities and capital 1,725 1,703 1,760 ,438 National Bank of Czechoslovakia2 National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 42,435 42,448 42,379 47,919 Gold 68 68 68 Foreign claims and balances (net). 11,056 12,247 10,476 10,643 Foreign exchange 501 568 645 741 Loans and discounts 13,969 11,740 10,530 5,165 Loans and discounts , 176 223 208 116 Consolidated Govt. debt 34,456 34,456 34,456 34,660 Securities 491 494 496 491 Govt. securities 7,755 7,475 8,899 8,432 Govt. compensation account 3,047 3,047 3,047 3,097 Other assets 5,844 5,569 5,752 5,486 Other assets 1,150 1,002 913 865 Note circulation 109,343108,514109,388 107,194 Note circulation 2,195 2,205 2,248 2,099 Deposits—Demand 1,895 1,257 1,521 1,424 Deposits—Government 1,550 1,560 1,533 1,330 EC A 20 20 20 40 Other 1,433 1,395 1,357 1,710 Other liabilities and capital 4,256 4,144 1,562 3,648 Other liabilities and capital , '256 241 238 240 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (Feb.) Central Bank of the Dominican Re- Gold at home and abroad 513 507 public (thousands of pesos): Foreign exchange (net) 33,157 203 Gold 11,405 11,405 11,396 12,526 Loans and discounts 193,511 86,981 Foreign exchange (net) 11,732 11,794 12,081 16,541 Govt. securities 6,540 2,505 Net claim on Intl. Fund* 2,500 2,500 2,500 1,250 Other assets . 1,764 953 Loans and discounts 4,973 4,987 5,987 3,000 Note circulation... 179,711 67,158 Govt. securities 7,830 7,830 7,830 8,360 Deposits 11,817 17,052 Other assets 22,131 21,258 19,617 17,911 Other liabilities and capital 43,957 6,940 Note circulation 47,567 47,874 47,559 46,156 Central Bank of Ceylon (millions of Demand deposits 9,571 8,549 8,616 10,693 rupees): Other liabilities and capital 3,434 3,352 3,236 2,740 Foreign exchange 609 680 703 695 Central Bank of Ecuador (millions of Advances to Govt 21 sucres): Govt. securities 27 19 11 18 Gold 325 325 325 344 Other assets 8 8 7 10 Foreign exchange (net) -19 -2 11 -104 Currency in circulation 463 468 441 454 Net claim on Intl. Fund1 38 38 38 19 Deposits—Government 6 45 71 83 Credits—Government 525 531 511 514 Banks 90 90 106 109 Other 212 213 229 245 Other liabilities and capital 106 104 102 77 Other assets 250 235 224 227 Central Bank of Chile (millions of Note circulation 664 661 661 623 pesos): Demand deposits—Private banks. 200 212 217 189 Gold 5,598 6,648 7,257 Other 155 175 184 147 Foreign exchange (net) 1,030 1,003 999 637 Other liabilities and capital 311 293 276 286 Net claims on Intl. Fund* 19 19 19 National Bank of Egypt (millions of Discounts for member banks 11,112 10,131 7,550 4,250 pounds): Loans to Government 26,245 26,244 26,245 16,153 Gold 64 61 66 61 Other loans and discounts 51,542 46,690 42,506 21,422 Foreign assets 98 112 107 120 Other assets 26,427 30,137 33,059 20,233 Egyptian Govt. securities 164 168 164 101 Note circulation 70,937 70,695 68,983 52,326 Clearing and other accounts (net). -6 -It -10 -6 Deposits—Bank 7,098 7,390 7,797 6,846 Loans and discounts 23 34 34 23 Other 2,357 2,356 2,752 1,700 Other assets 2 5 2 2 Other liabilities and capital 41,580 40,432 38,102 10,812 Note circulation 207 212 217 166 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government.. 8 8 9 27 lions of pesos): Other 111 3131 3119 389 Gold and foreign exchange 327 311 286 277 Other liabilities and capital 18 17 17 18 Net claim on Intl. Fund i 52 52 52 24 Central Reserve Bank of El Salvador Loans and discounts 624 649 646 514 (thousands of colones): Govt. loans and securities 696 663 667 495 Gold 78,740 78,775 78,827 70,699 Other assets 397 390 390 114 Foreign exchange (net) 51,856 53,359 60,281 57,461 Note circulation 864 789 781 685 Net claim on Intl. Fund * 1,562 1,562 1,562 1,573 Deposits 910 960 949 570 Loans and discounts 80,280 74,353 75,482 53,386 Other liabilities and capital 321 314 312 169 Govt. debt and securities 12,204 12,923 12,660 12,940 Central Bank of Costa Rica (millions Other assets 7,793 7,289 7,085 6,985 of colones): Note circulation 101,428105,377111,553 94,983 Gold 12 12 12 12 Deposits 118,990111,1181.12,802 97,468 Foreign exchange 94 103 96 97 Other liabilities and capital 12,017 11,766 11,542 10,592 Net claim on Intl. Fundl 7 7 7 7Bank of Finland (millions of markkaa): Loans and discounts 91 92 91 93 Gold 7,849 7,849 7,i 7,849 Securities 18 18 18 6 Foreign assets and liabilities (net). 11,990 14,429 15,656 19,405 Other assets 22 26 26 26 Loans and discounts 44,069 42,076 50,146 48,375 Note circulation 154 157 156 150 Securities—Government 16,250 17,500 17,500 18,750 Demand deposits 50 63 55 54 Other 1,556 1,583 1,620 2,048 Other liabilities and capital 39 38 38 36 Other assets 12,166 11,501 11,013 12,259 National Bank of Cuba (millions of Note circulation , 56,311 55,764 54,967 57,361 pesos): Deposits 5,180 6,172 11,987 8,453 Gold 136 136 136 136 Other liabilities and capital 32,389 33,002 36,830 42,871 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 843 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May Bank of German States4 (millions of Bank of Israel (thousands of pounds) : German marks): Gold 8,941 19,707 2,057 Gold 8,035 7,661 7,334 4,421 Foreign exchange 00,767 80,074 125,814 Foreign exchange 12,063 11,859 11,590 10,066 Clearing accounts (net) 4,088 -4,146 11,152 Loans and discounts 2,086 1,943 2,083 4,284 Loans and discounts 32,045 50,531 20,509 Loans to Government 4,103 4,088 4,014 4,145 Advances to Government 36,792 26,178 Other assets 1,054 985 1,168 937 Other Govt. accounts 10,080 65,000 42,371 Note circulation 15,333 15,179 14,670 14,065 Govt. securities 50,424148^30 150,002 141,428 Deposits—Government 5,513 5,114 5,077 4,580 Other assets 31,775 007 65,436 21,871 Banks 4,289 3,886 4,075 3,363 Notes and coin in circulation 239,620 173240,146 205,104 Other 225 249 226 273 Deposits—Government 31,014 758 5,568 33,691 Other liabilities and capital 1,981 2,107 2,141 1,573 Other 79,230 324166,125 137,089 Bank of Greece (millions of drachmae): Other liabilities and capital 25,049 891 14,764 15,497 Gold and foreign exchange (net).. 6,373 5,879 5,488 Bank of Italy (billions of lire): Loans and discounts 178 171 160 Gold 4 4 4 4 Advances—Government 7,909 7,896 6,667 Foreign exchange 71 71 71 70 Other 4,924 4,770 4,673 Advances to Treasury 567 567 567 567 Other assets 2,220 2,322 1,809 Loans and discounts 447 469 458 419 Note circulation 6,167 5,669 5,324 Govt. securities 423 423 423 410 Deposits—Government 1,059 947 799 Other assets 977 966 966 866 Reconstruction and Note circulation 1,644 1,653 1,647 1,544 relief accts 7,109 7,109 7,314 Deposits—Government 5 8 12 22 Other 5,127 5,102 3,737 Demand 122 123 119 83 Other liabilities and capital 2,142 2,211 1,624 Other 555 555 557 545 Bank of Guatemala (thousands of Other liabilities and capital 163 161 154 142 quetzales): Bank of Japan (billions of yen): Gold 27,237 27,237 27,241 Bullion Foreign exchange (net) 50,951 48,928 41,077 Advances to Government Gold contribution to Intl. Fund... 1,250 1,250 1,250 Loans and discounts 325 274 278 32 Rediscounts and advances 7,345 8,235 3,342 Govt. securities 300 361 510 508 Other assets 42,763 41,009 33,636 Other assets 192 234 248 224 Circulation—Notes 58,151 58,527 51,883 Note circulation 639 684 666 561 Coin 4,195 4,178 3,900 Deposits—Government 54 53 237 86 Deposits—Government 0,735 7,952 5,555 Other 35 37 35 36 Banks 27,354 26,633 22,597 Other liabilities 96 99 81 Other liabilities and capital 30,111 29,368 22,610 Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserves 1,934 1,921 1,903 1,807 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,986 5,153 5,299 5,274 Issue department: Bills and discounts 1,019 938 786 475 Gold at home and abroad5 1,178 1,178 1,178 400 Other assets 508 389 334 382 Foreign securities 4,125 4,125 4,125 6,814 Note circulation 5,039 5,074 5,122 4,686 Indian Govt. securities 9,399 9,249 8,850 6,988 Demand liabilities 2,696 2,611 2,491 2,541 Rupee coin 1,259 1,273 1,226 .,049 Other liabilities and capital 713 716 709 711 Note circulation 15,700 15,619 15,261 15,061 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 260 206 118 190 Gold 3,050 3,058 ,077 3,271 Balances abroad 426 924 1,143 307 Silver (including subsidiary coin).. 8 6 6 6 Bills discounted 23 125 30 89 Foreign assets (net) 731 691 695j 1,361 Loans to Government 190 163 77 22 Loans and discounts 56 176 161 43 Other assets ,847 2,221 2,629 1,327 Govt. debt and securities 759 660 660 440 Deposits 149 2,019 2,286 1,296 Other assets 414 410 439 376 Other liabilities and capital 1,597 1,618 1,710 639 Note circulation 4,041 4,074 ,869 4,006 Bank Indonesia (millions of rupiahs): Deposits—Government 56 49 125 Gold and foreign exchange (net)... 139 147 313 984 ECA 230 218 368 466 Loans and discounts 97! 1,005 968 1,141 Other 550 459 510 704 Advances to Government 14,261 12,611 11,442 8,107 Other liabilities and capital 196 196 243 195 Other assets 466 463 539 407 Reserve Bank of New Zealand (thou- Note circulation 10,201 9,778 9,196 7,878 sands of pounds): Deposits—ECA 28f 282 28: 411 Gold 6,162 6,162 6,162 Other 3,58: 2,504 2,19: 1,421 Foreign exchange reserve 42.824 35,084 48,950 Other liabilities and caoital 1,773 1,662 1,591 929 Loans and discounts 40,015 39,922 32,824 Bank Melli Iran (millions of rials): Advances to State or State un- Gold 4,533 4,340 4,340 4,242 dertakings 26,2: 50,310 28,115 Foreign exchange 624 624 244 Investments 38.173 38,173 38,174 Gold contribution to Intl. Fund.. . 663 282 28: 282 Other assets 1,914 1,636 1,401 Govt.-secured debt 7,923 7,923 7,923 7,187 Note circulation 74,899 71,998 68,755 Govt. loans and discounts 11,324 12,557 12,908 11,890 Demand deposits 68;669 87,989 75,730 Other loans and discounts 6,835 6,240 6,455 5,079 Other liabilities and capital 11,808 11,300 11,141 Other assets 6 14,233 r4,883 '3,660 r3,606 Bank of Norway (millions of kroner): Note circulation , 11,215 11,000 12,23" 10,229 Gold 221 227 207 208 Deposits—Government 5,119 4,487 3,466 4,781 Foreign assets (net) 279 295 317 -64 Banks , 1,520 1,398 1,316 .,050 Clearing accounts (net) -26 -44 -59 -70 Other 17,119 16,357 15,636 13,468 Loans and discounts 105 103 103 165 Special Account—Profits of reval- Securities 107 105 108 80 uation 7,110 Occupation account (net) 5,546 ,546 ,546 5,546 Other liabilities and capital 3,429 3,606 3,542 3,002 Other assets 87 109 103 94 Central Bank of Ireland (thousands of Note circulation 3,161 ,231 ,210 3,063 pounds): Deposits—Government 1,708 ,656 ,736 1,526 Gold 2,646 2,646 2,646 2,646 Banks 404 444 386 392 Sterling funds 70,284 71,387 72,249 68,537 FOA 26 26 26 90 Note circulation , 72,930 74,033 74,895 71,183 Other liabilities and capital 1,020 983 967 889 * 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 runee. (25 per cent) against notes and other demand liabilities. 6 Includes (1) gold and foreign exchange in banking department and For other footnotes see opposite page. (2) in May 1957, the profit resulting from revaluation of gold from .0275557 to .0117316 grams of fine gold per rial. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 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 May Apr. Mar. May May Apr. Mar. May State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 509 550 556 585 Issue department: Foreign assets 1,214 1,112 1,158 852 Gold at home and abroad 115 115 115 114 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved.. 1,038 1,044 1,083 ,136 Swedish Govt. securities and ad- Other... 57 57 57 57 vances to National Debt Office2. 4,411 4,326 4,322 3,591 Pakistan Govt. securities.... 1,692 1,716 1,676 ,204 Other domestic bills and advances. 124 18 19 111 India currency 430 430 430 430 Other assets 933 985 1,007 1,003 Rupee coin 53 53 53 '65 Note circulation 5,299 5,359 5,271 4,968 Notes in circulation 3,250 3,281 3,276 ,875 Demand deposits—Government.. 213 140 316 231 Banking department: Other 143 147 146 81 Notes of issue department 136 134 139 131 Other liabilities and capital 1,665 1,475 1,458 1,058 Bills discounted 1 1 Swiss National Bank (millions of Loans to Government 126 3 francs): Other assets 918 809 805 587 Gold 6,837 6,866 6,931 6,684 Deposits 858 876 763 574 Foreign exchange 611 461 496 557 Other liabilities and capital 197 193 186 144 Loans and discounts 161 157 154 145 Central Bank of Paraguay (millions of Other assets 105 108 142 102 guaranies): Note circulation 5,538 5,533 5,491 5,166 Gold 10 11 Sight liabilities 1,953 1,839 2,012 2,105 Foreign exchange (net) 629 130 Other liabilities and capital...... 223 220 219 218 Net claim on Int. Fund1 53 23 Cientral Bank of the Republic of Turkey Loans and discounts 1,613 ,517 (millions of pounds): Govt. loans and securities 609 483 Gold 402 402 402 402 Other assets 194 50 Foreign exchange and foreign Note and coin issue 1,109 ,046 clearings 273 293 267 206 Deposits—Government. 425 225 Loans and discounts 4,230 4,194 4,265 3,515 Other 269 138 Securities 33 30 30 29 Other liabilities and capital 1,306 805 Other assets 244 246 245 144 Central Reserve Bank of Peru (millions Note circulation 2,703 2,652 2,582 2,005 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 679 684 545 Other 1,614 1,721 1,755 1,560 Net claim on Intl. Fund1 67 67 67 Other liabilities and capital 711 637 111 577 Loans and discounts to banks.... 862 851 837 Bank of the Republic of Uruguay (mil- Loans to Government 1,612 1,577 0—65 lions of pesos): (Jan.) Other assets 145 140 188 Gold 283 327 Note circulation 2,337 2,276 997 Silver 10 10 Deposits 798 821 433 Advances to State and Govt. Other liabilities and capital 230 222 272 bodies 285 243 Central Bank of the Philippines Other loans and discounts 558 489 (millions of pesos): Other assets 743 678 Gold 50 48 47 36 Note circulation 550 504 Foreign exchange 271 278 303 391 Deposits—Government 190 217 Loans 118 95 66 53 Other 362 337 Domestic securities 540 528 548 386 Other liabilities and capital 111 690 Other assets 160 158 155 134 Central Bank of Venezuela (millions Circulation—Notes 703 705 697 647 of bolivares): Coin 86 86 86 86 Gold 1,947 1,947 1,947 1,234 Demand deposits 246 223 245 186 Foreign exchange (net) 1,406 1,134 788 659 Other liabilities and capital 103 91 Other assets 181 156 157 141 Bank of Portugal (millions of escudos): Note circulation 1,272 1,254 1,257 1,064 Gold 5,889 5,872 5,889 750 Deposits 514 534 547 323 Foreign exchange (net) 13,665 13,622 13,729 700 Other liabilities and capital 1,748 1,448 1,087 647 Loans and discounts 1,275 1,281 1,227 053 National Bank of Federal People's Re- Advances to Government 1,374 1,376 1,374 ,379 public of Yugoslavia (billions of Other assets 1,910 1,859 1,868 ,475 dinars): Note circulation 11,129 11,065 11,129 ,640 Gold 5 5 Demand deposits—Government.. 1,775 1,683 1,482 ,473 Gold contribution to Intl. Fund.. 2 2 ECA 90 90 90 84 Foreign assets 37 63 Other 8,074 8,184 8,385 556 Loans (short-term) 725 839 Other liabilities and capital 3,046 2,989 3,001 604 Govt. debt (net) 59 21 South African Reserve Bank (millions Other assets I 34 27 of pounds): Notes and coin in circulation 90 77 Gold 82 83 Demand deposits 283 160 Foreign bills 46 53 Foreign liabilities 77 124 Other bills and loans 33 33 Long-term liabilities (net) 293 439 Other assets 42 43 Other liabilities and capital 119 156 Note circulation 113 111 108 Bank for International Settlements Deposits 77 89 66 (millions of Swiss gold francs): Other liabilities and capital 13 12 19 Gold in bars 453 490 513 660 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 56 54 57 59 Gold 618 617 617 617 Rediscountable bills and accept- Silver 323 323 323 323 ances (at cost) 775 835 696 545 Govt. loans and securities........ 14,571 16,302 16,253 ,113 Time funds at interest 151 137 146 95 Other loans and discounts 51,734 52,293 50,634 ,463 Sundry bills and investments 708 683 697 437 Other assets 64,054 62,860 60,684 129 Funds invested in Germany 297 297 297 297 Note circulation 56,694 56,711 55,869 ,059 Other assets 2 1 3 1 Deposits—Government 1,500 2,747 2,708 ,256 Demand deposits—Gold 547 593 627 623 Other 16,633 16,579 15,240 386 Other 1,358 1,369 1,249 945 Other liabilities and capital 56,474 56,356 54,695 ,943 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 308 306 305 297 r Revised. * Latest month available. 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 845 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 l w a e n r i - t d z- 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 - Chile2 va S d E a o l l- r 2 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 May 5.5 10.0 June 6.0 Aug 3.25 3.25 Sept. 5 0 4 25 Oct 3 75 3.50 Nov 4 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 May 2.5 4.01 44.00 9.i3 June 4 06 In effect June 30, 1957 3.5 4.0 4.5 10.0 3.75 4.25 4.00 2.5 6.0 5.0 4.06 4.00 9.13 2.0 6.0 4.0 Other selected central banks—rates in effect on June 30, 1957 Ar c e o a u n an tr 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 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe- Asia: Asia—Cont.: Latin 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 All other: Norway 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—A 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 XA 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 Switzerland Month 3 T m re b o a il n s l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s s c ' e D m a d o y a n - y e to y - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1954 Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 314-51/2 .50 1955—Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-61/2 .50 1956—June 2.63 2.68 5.20 5.09 4.16 3.50 3.02 2.38 1.43 414-61/2 .50 July 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 414-61/2 .50 AUK 2 94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 .50 41^-61/2 .50 Sept 3.06 2.67 5.18 5.11 4.26 3.50 3.00 3.00 1.50 414-61/2 .50 Oct 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.18 .50 41/4-61/2 .50 Nov 3.40 2.89 5.08 5 01 4.24 3.50 3.71 3.25 1.50 .50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 .50 41/2-634 .50 1957 Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 .69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.36 3.47 1.50 41/2-634 .75 Mar 3.71 3.65 4.25 4.07 3.55 3.00 3.71 3.61 1.50 41/2-634 .75 Apr 3 72 3.69 4.18 4.01 3.59 3.00 3.97 3.63 1.50 .75 May 3.77 3.71 4.04 3.84 3.48 3.00 3.59 I 50 41/2-634 75 1 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- British Year or month Prefer- (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a 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 U3.333 17.183 222.41 3.8580 1.9905 32.624 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 32.582 101.600 20.946 1956—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. 556 3.190 221.76 3.8580 2.0064 32.373 102.274 20.873 Oct.. 556 3.177 221.88 3.8580 2.0084 32.384 102.732 20.878 Nov. 556 2.987 221.71 3.8580 2.0022 32.360 103.725 20.87! Dec. 5.556 2.806 221.92 3.8580 1.9945 32.475 104.095 20.881 1957—Jan.. 5.556 2.642 222.77 3.8570 1.9912 32.529 104.085 20.948 Feb.. 5.556 2.681 222.96 3.8536 1.9900 32.561 104.334 20.960 Mar. 5.556 2.586 222.55 3.8536 1.9900 32.532 104.577 20.921 Apr.. 5.556 2.478 222.22 3.8536 1.9887 32.512 104.184 20.890 May. 5.556 2.564 222.39 3.8536 1.9862 32.526 104.638 20.895 June. 5.556 2.477 222.33 3.8536 1.9875 32.523 104.891 20.898 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 n c c e ) ( G d m e e r u a m t r s k a c n ) h y e ( I ru n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) M (p e e x s i o c ) o 1951. 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. .4354 .2856 21.049 281.27 11.607 1954. .4354 .2856 23.838 21.020 280.87 9.052 1955. .4354 .2856 23.765 20.894 279.13 8.006 1956. .4354 .2855 23.786 20.934 279.57 4.2779 8.006 1956—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 June. .4354 .2855 23.798 20.896 279.02 .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 a u t l d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U p K 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—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 June. 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 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. A more complete list, including periodic releases and additional reprints, appeared on pages 739-42 of the June 1957 Bulletin. 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 af- ANNUAL REPORT OF THE BOARD OF GOVERNORS fecting the Federal Reserve System. 385 pages. OF THE FEDERAL RESERVE SYSTEM. $1.00. FEDERAL RESERVE BULLETIN. Monthly. Sub- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. scription price in the United States and its pos- A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. 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. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. 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 Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. 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. 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 and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 847 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL RESERVE BULLETIN • JULY 1957 REPRINTS FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint (From Federal Reserve Bulletin unless preceded from June 1955 BULLETIN.) by an asterisk) WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 from April 1953 BULLETIN.) pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. March 1953. 7 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at Commercial Banks. November 1956. 20 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- Farm Loans to Finance Intermediate-Term In- ODS USED IN REVISION OF SHORT- AND INTERvestments. January 1957. 9 pages. Farm MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. Loans for Current Expenses. February 1957. 8 pages. Loans to Buy Farm Real Estate. Feb- DEPARTMENT STORE SALES AND STOCKS, BY ruary 1957. 9 pages. Interest Rates on Farm MAJOR DEPARTMENTS (Revised indexes). No- Loans. March 1957. 10 pages. vember 1953. 65 pages. UNITED STATES BANKING ORGANIZATION ABROAD. FEDERAL RESERVE MONTHLY INDEX OF INDUS- December 1956. 16 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. BANKING AND MONETARY STATISTICS, 1956. (Selected series of banking and monetary statistics NEW INDEXES OF OUTPUT OF CONSUMER DUfor 1956 only) February and May 1957. 12 RABLE GOODS. May 1954. 15 pages. pages. (Similar reprints of 1954 and 1955 DIRECTLY PLACED FINANCE COMPANY PAPER. De- data, February and May 1955 and February cember 1954. 8 pages. and May 1956 BULLETINS.) SEASONAL ADJUSTMENT FACTORS FOR DEMAND INTERNATIONAL GOLD AND DOLLAR FLOWS. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE March 1957. 7 pages. BANKS. March 1955. 4 pages. 1957 SURVEY OF CONSUMER FINANCES. Prelimi- UNITED STATES BANKS AND FOREIGN TRADE FI- nary Findings. March 1957. 3 pages. HOUS- NANCING. April 1955. 11 pages. ING AND DURABLE GOODS. June 1957. 18 BANKERS' ACCEPTANCE FINANCING IN THE UNITED pages. (Similar Surveys are available for ear- STATES. May 1955. 13 pages. lier years from 1952, 1953, 1954, 1955, and 1956 BULLETINS.) A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. ber 1955. 40 pages. April 1957. 20 pages. MONETARY POLICY AND THE REAL ESTATE MAR- SURVEY OF FINANCE COMPANIES, MID-1955. KETS. December 1955. 6 pages. April 1957. 17 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND OWNERSHIP OF DEMAND DEPOSITS. May 1957. INDUSTRIAL PURPOSES. Business Loans of 6 pages. Member Banks. April 1956. 14 pages. Credit SURVEY OF COMMON TRUST FUNDS. June 1957. Lines and Minimum Balance Requirements. 6 pages. (Also, similar reprint from August June 1956. 7 pages. (Other articles on this 1956 BULLETIN.) Survey will appear in later issues of the BUL- LETIN.) Reprints on a similar Survey are avail- BANK CREDIT AND MONEY. July 1957. 6 pages. able from March, May, June, July, and August (Also, similar reprints from February and July 1947 BULLETINS. 1956 and February 1957 BULLETINS.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION ROBERT C. MASTERS, Director HOWARD H. HACKLEY, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director9 DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve Examiner G. HOWLAND CHASE, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director THOMAS J. O'CONNELL, Assistant General Counsel DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director H. FRANKLIN SPRECHER, JR., Assistant Director RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser LISTON P. BETHEA, Director ROLAND I. ROBINSON, Adviser JOSEPH E. KELLEHER, Assistant Director KENNETH B. WILLIAMS, Assistant Director SUSAN S. BURR, Assistant Director OFFICE OF DEFENSE LOANS ALBERT R. KOCH, Assistant Director GARDNER L. BOOTHE, II, Administrator LEWIS N. DEMBITZ, Assistant Director OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 849 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDERAL RESERVE BULLETIN • JULY 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 Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis 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 851 District 2—FEDERAL RESERVE BANK OF NEW YORK-continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse I. B. Smith, in charge John Exter Robert V. Roosa of Buffalo Branch M. A. Harris Robert G. Rouse T. G. Tiebout H. H. Kimball V. Willis A. Phelan R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Raymond E. Olson John W. Remington Leland B. Bryan Ralph F. Peo Clayton G. White, Charles H. Diefendorf Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England R. Russell Pippin Lester V. Chandler Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman John A. Byerly Joseph B. Hall George P. MacNichol, Jr. King E. Fauver Charles Z. Hardwick Frank J. Welch Edison Hobstetter W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen R. G. Johnson, in charge of A. H. Laning Roger R. Clouse Cincinnati Branch Martin Morrison C. Harrell J. W. Kossin, in charge of H. E. J. Smith L. Merle Hostetler Pittsburgh Branch Paul C. Stetzelberger CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett Anthony Haswell, Chairman Franklin A. McCracken Bernard H. Geyer W. Bay Irvine William A. Mitchell Ivan Jett PITTSBURGH BRANCH—BOARD OF DIRECTORS Frank C. Irvine Ben Moreell John C. Warner, John H. Lucas Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN • JULY 1957 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Robert Gage Robert O. Huffman D. W. Colvard Joseph E. Healy W. A. L. Sibley L. Vinton Hershey Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas 1. Storrs J. Dewey Daane Upton S. Martin C. B Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman Charles A. Piper Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Ernest Patton G. G. Watts Charles D. Parker I. W. Stewart T. Henry Wilson Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher, Chairman John R. Downing John E. Urquhart Robert M. Cleckler E. W. McLeod Adolph Weil, Sr. Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. 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 853 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

854 FEDERAL RESERVE BULLETIN • JULY 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 (Vacancy) District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling Frederick L. Deming, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge M. B. Holmgren H. G. McConnell of Helena Branch A. W. Johnson M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland, J. Willard Johnson Chairman George R. Milburn District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley Joseph S. Handford 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 855 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 1. 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

856 FEDERAL RESERVE BULLETIN • JULY 1957 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick (Vacancy) Joe D. Paxton Leonard K. Firestone James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley, Chairman John B. Rogers E. C. Sammons J. H. McNally William H. Steiwer, Sr. SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, Chairma 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, Chairmt Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 792, 793 Demand deposits—Continued Agricultural loans of commercial banks, 788, 790 Adjusted, and currency, 828 Agriculture, Govt. agency loans, 796, 797 Banks, by classes, 785, 791 Assets and liabilities {See also Foreign liabilities and Type of holder, at commercial banks, 789 claims reported by banks): Department stores: Banks and the monetary system, consoli- Merchandising data, 823 dated, 784 Sales and stocks, 812, 822 Corporate, current, 804 Deposits {See also specific types of deposits): Domestic banks, by classes, 785, 788, 790 Adjusted, and currency, 784 Federal business-type activities by fund or Banks, by classes, 785, 789, 791 activity, 796, 797 Federal Reserve Banks, 779, 780, 836 Federal Reserve Banks, 779, 780 Postal savings, 784 Foreign central banks, 840 Turnover of, 782 Automobiles: Deposits, reserves, and borrowings, by class of Consumer instalment credit, 808, 809, 810 member bank, 777 Production index, 814, 818 Discount rates, 778, 845 Discounts and advances by Federal Reserve Bankers' balances, 789, 791 Banks, 775, 779 {See also Foreign liabilities and claims reported by Dividends, corporate, 803, 804 banks) Dollar assets, foreign, 836, 837 Banks and the monetary system, consolidated state- Dwelling units started, 819 ment, 784 Bonds {See also U. S. Govt. securities): Earnings and hours, manufacturing indus- New issues, 802, 804 tries, 812, 821 Prices and yields, 793, 794 Employment, 812, 821 Brokers and dealers in securities, bank Export-Import Bank, loans, etc., 796, 797 loans to, 788, 790 Business expenditures on new plant and equip- Farm mortgage loans, 796, 805, 806 ment, 804 Federal business-type activities, assets and liabilities, Business indexes, 812 by fund or activity, 796, 797 Business loans {See Commercial and industrial loans) Federal Deposit Insurance Corporation, assets, etc., 796, 797 Capital accounts: Federal finance: Banks, by classes, 785, 789, 791 Cash transactions, 798 Federal Reserve Banks, 779, 780 Receipts and expenditures, 791 Carloadings, 812 Treasurer's balance, 798 Central banks, foreign, 838, 840, 845 Federal home loan banks, loans, etc., 796, 797, 807 Coins, circulation of, 783 Federal Housing Administration, loans, etc., 796, 797, Commercial banks: 805, 806, 807 Assets and liabilities, 785, 788 Consumer loans held, by type, 809 Federal National Mortgage Association, Number, by classes, 785 loans, etc., 796, 797, 807 Real estate mortgages held, by type, 805 Federal Reserve Banks: Commercial and industrial loans: Condition statement, 779, 780 Commercial banks, 788 U. S. Govt. securities held by, 775, 779, 780, Weekly reporting member banks, 790, 792 800, 801 Commercial paper, 792, 793 Federal Reserve credit, 775, 779, 780 Commodity Credit Corporation, loans, etc., 796, 797 Federal Reserve notes, 779, 780, 781, 783 Condition statements {See Assets and liabilities) Finance company paper, 792, 793 Construction, 812, 818, 819 Foreign central banks, 838, 840, 845 Consumer credit: Foreign deposits in U. S. banks, 775, 779, 780, 784, Instalment credit, 808, 809, 810, 811 789, 791 Major parts, 808, 810 Foreign exchange rates, 846 Noninstalment credit, by holder, 809 Foreign liabilities and claims reported by Consumer durable goods output indexes, 818 banks, 832, 834, 836 Consumer price indexes, 812, 824 Foreign trade, 823 Consumption expenditures, 826, 827 Corporate sales, profits, taxes, and dividends, 803, 804 Gold: Corporate security issues, 802, 804 Earmarked, 837 Corporate security prices and yields, 793, 794 Net purchases by U. S., 837 Cost of living {See Consumer price indexes) Production, 836, 837 Currency in circulation, 775, 783 Reserves of central banks and governments, 838 Currency outside banks, 829 Reserves of foreign countries and international Customer credit, stock market, 794 institutions, 839 Debits to deposit accounts, 782 Stock, 775, 784, 837 Demand deposits: Gold certificates, 779, 780, 781, 783 Adjusted, banks and the monetary system, 784 Govt. debt {See U. S. Govt. securities) Adjusted, commercial banks, by classes, 789 Gross national product, 826, 827 857 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN • JULY 1957 Home owners, Govt. agency loans, 796, 797 Real estate loans: Hours and earnings, manufacturing indus- Commercial banks, 788, 790, 805 tries, 812, 821 Type of mortgage holder, 805, 806, 807 Type of property mortgaged, 805, 806, 807 Industrial advances by Federal Reserve Banks, 779, Regulation V, loan guarantees, 781, 782 780, 781, 782 Reserve requirements, member banks, 778 Industrial production indexes, 812, 813, 818 Reserves: Instalment loans, 808, 809, 810, 811 Commercial banks, 789 Insurance companies, 795, 800, 801, 806 Federal Reserve Banks, 779, 780 Insured commercial banks, 787, 788 Foreign central banks and governments, 838 Interbank deposits, 785, 789, 791 Foreign countries and international institu- Interest rates: tions, 839 Bond yields, 793 Member banks, 775, 777, 779, 780, 789, 791 Business loans by banks, 793 Residential mortgage loans, 805, 806, 807 Federal Reserve rates, 778, 782 Foreign countries, 845 Sales finance companies, consumer loans of, 808, Open market, 793, 845 809, 811 Regulation V loans, 782 Savings, 826 Stock yields, 793 Savings deposits {See Time deposits) International capital transactions of the U. S., 832 Savings institutions, principal assets, 795 International financial institutions, 838, 839, 840 Savings and loan associations, 795, 806 Inventories, 827 Securities, international transactions, 835, 836 Investments {See also specific types of investments): Security issues, 802, 804 Banks, by classes, 785, 788, 790 Silver coin and silver certificates, 783 Federal Reserve Banks, 779, 780 State member banks, 787 Govt. agencies, etc., 796, 797 State and municipal securities: Life insurance companies, 795 New issues, 802 Savings and loan associations, 795 Prices and yields, 793, 794 States and political subdivisions: Labor force, 820 Deposits of, 789, 791 Loans {See also specific types of loans): Holdings of U. S. Govt. securities, 800 Banks, by classes, 785, 788, 790 Ownership of obligations of, 788, 795 Federal Reserve Banks, 775, 777, 779, 780, Stock market credit, 794 781, 782 Stocks: Govt. agencies, etc., 796, 797 New issues, 802 Insurance companies, 795, 806 Prices, and yields, 793, 794 Savings and loan associations, 795, 806 Loans insured or guaranteed, 781, 805, 806, 807 Tax receipts, Federal, 799 Time deposits, 777, 784, 785, 789, 791 Manufacturers, production indexes, 812, 813, 818 Treasurer's account balance, 798 Margin requirements, 778 Treasury cash, 775, 784 Member banks: Treasury currency, 775, 783, 784 Assets and liabilities, by classes, 785, 788 Treasury deposits, 775, 779, 780, 798 Borrowings at Federal Reserve Banks, 775, 777 Deposits and reserves, by classes, 777 Unemployment, 820 Number, by classes, 785 U. S. Govt. balances: Reserve requirements, by classes, 778 Commercial bank holdings, by classes, 789, 791 Reserves and related items, 775 Consolidated monetary statement, 784 Weekly reporting series, 790 Treasury deposits at Federal Reserve Minerals, production indexes, 812, 813 Banks, 775, 779, 780, 798 Money rates {See Interest rates) U. S. Govt, securities: Mortgages {See Real estate loans) Bank holdings, 784, 785, 788, 790, 800, 801 Mutual savings banks, 784, 785, 787, 800, 801, 805 Federal Reserve Bank holdings, 775, 779, 780, 800, 801 National banks, 787 Foreign and international holdings, 839 National income, 826 International transactions, 835 National security expenditures, 799, 827 New issues, gross proceeds, 802 Nonmember banks, 779, 787, 788 Outstanding, by type of security, 800, 801 Ownership of, 800, 801 Payrolls, manufacturing, index, 812 Prices and yields, 793, 794 Personal income, 827 United States notes, outstanding and in circula- Postal Savings System, 784 tion, 783 Prices: Utility output index, 817 Consumer, 812, 824 Security, 794 Veterans administration, loans, etc., 796, 797, 805, Wholesale commodity, 812, 824 806, 807 Production, 812, 813, 817, 818 Profits, corporate, 803, 804 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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