Federal Reserve Bulletin, 1957-08

FEDERAL RESERVE B U LLETIN August 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 Interest Rates in Leading Countries 859 Winning the Battle against Inflation 866 1957 Survey of Consumer Finances: The Financial Position of Consumers 878 The Balance Sheet of Agriculture, 1957 902 Law Department 911 Current Events and Announcements 915 National Summary of Business Conditions 916 Financial and Business Statistics, U. S. (Contents on p. 919) 921 International Financial Statistics (Contents on p. 977) 978 Board of Governors and Staff 993 Open Market Committee and Staff; Federal Advisory Council 994 Federal Reserve Banks and Branches 994 Federal Reserve Board Publications 1001 Index to Statistical Tables 1003 Map of Federal Reserve Districts Inside back cover Volume 43 * Number 8 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Interest Rates in Leading Countries INTEREST RATES have been generally ris- ECONOMIC EXPANSION AND INTEREST RATES ing since 1954 in the leading countries of the free world, as economic activity has been In early 1957 industrial production in the increasing to record levels. The economic free world was about 20 per cent higher than expansion has continued thus far in 1957, in 1954. The upswing followed the modespecially in continental Europe. In some erate recession of 1953-54 in the United countries where activity leveled off in 1956, States and Canada, but in Europe it was it has since regained momentum. largely a continuation of the expansion be- Under the stimulus of economic expan- gun in 1952-53. sion, demands for loan funds have increased Since 1954, output of capital goods has sharply, creating strong upward pressures on generally risen faster than total output. In interest rates in money and capital markets. Western Europe, gross fixed capital forma- The fiscal positions of governments, and in tion increased about 20 per cent in physical some instances the inflow or outflow of funds volume from 1954 to 1956, while gross through international transactions, have ac- product rose 10 per cent. In the United centuated or mitigated the pressures brought States, where gross national product also about by the economic upswing. rose 10 per cent in volume, output of busi- In most leading countries the upswing has ness construction and producers' durable been accompanied by some inflationary equipment increased 15 per cent. strain as aggregate demand from individuals, Greatly increased demands for funds to businesses, and governments tended to ex- finance this expansion have exerted strong pand faster than available supplies of goods upward pressures on interest rates. Rates and services. The monetary authorities have began to rise in the United States in the attempted to contain inflationary forces by second half of 1954, and in Canada and keeping the expansion of credit in line with most European countries in 1955. available productive resources. Rising inter- In leading countries except France, the est rates have helped in this task by curbing spread between short- and long-term rates demand for credit and encouraging growth has narrowed or disappeared since 1954. in the supply of funds through savings. Short-term rates rose particularly rapidly in Interest rates in the United States have re- 1955. As expansion of economic activity mained below those in other leading coun- proceeded, investment in fixed capital protries. In all countries, rates are currently vided the major stimulus in the United below the levels reached in the 1920's. The States, Canada, and many Western Eurorelation of rates among countries appears to pean countries, and increasing demands for be broadly consistent with the availabilities funds for such purposes made long-term of capital. rates also rise substantially. 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESERVE BULLETIN • AUGUST 1957 INFLATION AND INTEREST RATES Economic expansion since 1954 has been UNITED STATES characterized by a high degree of utilization INTEREST RATES of human and material resources and by evidence of inflationary strains in leading countries of the free world. In the United States prices of industrial commodities, and in Canada wholesale prices generally, began to rise during 1955. In both countries consumer prices remained stable until early 1956, but by mid-1957 had increased about 5 per cent. \ f" In Western Europe consumer prices rose V TREASURY BILLS in the United Kingdom, Germany, and the o Netherlands during 1954, and were increasno ing in all other countries by the end of 1955. Over the period 1954-57 increases in con- GROSS 100 NATIONAL PRODUCT sumer prices for most Western European 1953 volume - 100 90 J 1 I „ countries ranged from 6 per cent to almost 1952 1954 19S6 15 per cent. In some countries, France in particular, inflationary strains have also been NOTE.—Interest rates on government securities are monthly, reflected in substantial foreign trade deficits with latest figures for July 1957 except in the case of France and Germany, which are for May. Latest discount rates of and losses of foreign exchange reserves. central banks shown are for Aug. 16, 1957; beginning November 1956 the rate for Canada is a monthly average of weekly rates. For discount rates in the period 1954-57 and To combat inflationary tendencies, the footnotes, see table on p. 865. Country details on government security yields—United monetary authorities in most countries have States: average of daily yields—long-term govt. (old series) including fully taxable, marketable 2'/2 per cent bonds due endeavored to limit the amount of central or first callable after 12 years through September 1955, and thereafter those due or callable in 10-20 years; Treasury bills, bank credit available to the commercial market yields on 90-day issues. Canada: Bank of Canada data—long-term govt., theoretical 15-year yield on Governbanking system. In some countries ceilings ment of Canada bonds based on midmonth quotations; Treasury bills, average rate on last 3-month issue in month. United Kingdom: Bank of England data—2VS per cent conhave been placed on commercial bank loans sols, monthly average of daily yields; Treasury bills, average of weekly tenders on 3-month issues. France: end-of-month and new security issues have been subjected data from Institut National de la Statistique et des Etudes Economiques—long-term govt., average of 13 maturities of to licenses. All these policies have been de- repayable and guaranteed issues; day-to-day money rate shown rather than Treasury bill rate. Germany: Bank deutscher signed to keep expansion of bank and other Laender data for end of month—5Vi per cent bond is taxfree; Treasury bills, market yield on 3-month issues. credit consistent with the growth in produc- Gross national product data are annual, with latest figures for 1956. United States: U. S. Department of Commerce tive resources. figures converted to 1953 = 100 by Federal Reserve: Other countries: 8th report of the Organization for European As pressures of the sharply increased de- Economic Cooperation. mands for investable funds against the more ities did not act promptly to restrain inflagradually rising supplies of such funds tionary forces, market interest rates have pushed interest rates up, central banks have risen nevertheless under the pressure of deraised their discount rates, in most cases in mands for funds. In some countries the order to bring them in line with market con- expectation of continued advances in comditions. modity prices may have contributed to the In a few countries where monetary author- rise in long-term interest rates; such expec- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 861 CANADA UNITED KINGDOM INTEREST RATES INTEREST RATES p«r cent LONG - TERM GOVT v DISCOUNT RATE X7 TREASURY BILLS TREASURY BILLS 0 0 no no GROSS 100 GROSS 100 NATIONAL PRODUCT NATIONAL PRODUCT 19S3 volume = 100 1953 volum* = 100 I I --I 90 I | I 90 1952 1954 1956 1952 1954 1956 FRANCE GERMANY INTEREST RATES INTEREST RATES p* r c - 6 5 /j PER CENT r/*~" ~ *^\ BOND -^t / V LONG • TERM GOVT. j: jpr* £-M DAY • TO - DAY MONEY Tyy h V DISCOUNT RATE / u DISCOUNT RATE - TREASURY BILLS — i 1 1 1 1 1 1 1 1 1 - 120 120 ^ ^^ NATION G A R L O SS PRODUCT - 100 ' ' NATION G A R L OS P S RODUCT -~ 100 1953 volum* = 100 1953 volum* = 100 1 I 1 1 I 1 1 1 1 . . 1952 1954 1956 1952 1954 1956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN • AUGUST 1957 tations may have induced lenders to ask for, its investable funds and thus tends to moderand borrowers to concede, higher rates than ate advances in interest rates; a deficit—unwould have been acceptable at a relatively less offset by credits or grants from abroad— stable price level. usually increases the net demand for such Fiscal authorities in most leading coun- funds and thus tends to accentuate upward tries have tried to achieve balance in their pressures on interest rates. In the United cash budgets, if not surpluses, in order to States the international balance plays a restrain aggregate demand. A budget sur- minor role because of the relatively small plus, when achieved, has also enabled the share of the country's foreign transactions in fiscal authorities to repay public debt and the national product; in many other counthereby to release funds to finance new pri- tries, however, where this share is very large, vate investments. In addition, the cash sur- changes in the foreign balance may have as plus has facilitated the refinancing of matur- important monetary effects as purely domesing government debt and thus has helped to tic factors. moderate the rise in interest rates for treasury obligations at a time of capital strin- PATTERNS OF INTEREST RATE MOVEMENTS gency. Changes in the pattern of interest rate move- In the United States, for example, a cash ments from one country to another and surplus of about $5.5 billion in 1956 tended within particular countries beginning in late to restrain expansionist tendencies in the 1954 have reflected variations in the timing economy; and the repayment of nearly $6 and intensity of the expansion in economic billion of government debt made funds avail- activity and other economic factors, as well able to meet some of the strong private bor- as changes in the demands of particular rowing demands and thus helped to mod- types of borrowers. Despite these variations, erate the upward pressure on rates. In Can- there has been a striking similarity of interest ada also, the retirement of marketable gov- rate movements in the United States, Canernment debt in 1955 and 1956 increased ada, the United Kingdom, and the leading the volume of investable funds available to financial countries of continental Europe— private borrowers. Belgium, France, Germany, the Nether- In Germany, where substantial cash sur- lands, and Switzerland. pluses were realized in recent years, the For the period 1954-57 as a whole, short- Government followed a policy of sterilizing term rates generally rose more than mediumthe surplus in the central bank. Accord- term rates, and medium-term more than ingly, loan funds that might otherwise have long-term rates. After 1955, however, the reduced pressures on interest rates were im- momentum of the advance shifted from pounded. On the other hand, Germany ex- short-term to medium- and long-term rates. perienced a large balance-of-payments sur- At the beginning of the upswing in late plus, which substantially increased the do- 1954 and 1955, the relation between the mestic supply of investable funds. rates on securities of different maturity fol- A surplus in a country's current balance of lowed a pattern that had been customary international payments—unless offset by since the 1930's: short-term rates were lower credits or grants to foreign countries—usu- than medium-term rates, and medium-term ally leads to an increase in the net supply of lower than long-term rates. The initially Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 863 stronger upward movement of shorter rates, In the United States the average rate on therefore, led to a narrowing—and in some short-term business loans by banks increased cases elimination—of the spread between only 1 percentage point between mid-1954 rates of different maturities. In early 1956 and mid-1957, less than half the increase short-term rates in the United Kingdom rose in the Treasury bill rate. temporarily above medium- and long-term Bank loan rates in the United States are rates, and since mid-195 6 yields on medium- typically slower to change than the Treasury term government securities in the United bill rate; they also declined very little during States and Canada have been above those the recession of 1953-54, when the bill on long-term securities. In the first half of 1957, however, the spread between short- SHORT • TERM RATES BY COUNTRIES and long-term rates widened again in some GOVHNMENT SICURITIIS Per cent countries, particularly in the United Kingdom and Germany. -- 6 SHORT-TERM RATES K uNiiri KINGDOM/ / ^^ Short-term rates have risen in all leading -A Vv >v*/ v'RANCt if \ countries since late 1954, but the timing, speed, and amplitude of movements have OERM/NV \_y—"V ,/ /""^ /A/ n. I* ^v/V varied. Increases in Treasury bill rates were UNITED S ATES - 2 most marked in the United Kingdom, Germany, the Netherlands, and Canada; in each —*** CAN/DA r of these countries the rate moved over a 1952 1953 1954 1955 1956 1957 range of 3 percentage points or more. In the United States the range was about 2.7 NOTE.—For France, day-to-day money rate; for other details see chart subscript on p. 860. percentage points. In the United States and Canada much of the sharp initial advances rate fell about 1.5 percentage points. The represented recovery from the extreme lows slower response of nonmarket rates such established during the preceding recession. as those on bank loans results to some Current differences in Treasury bill rates extent from the fact that other terms in the among leading countries are remarkably loan contract—such as the repayment schedsmall. In the latest month for which com- ule and collateral and minimum-balance parable figures are available for all leading provisions—also tend to vary; they are countries (June 1957), the lowest rate pre- tightened at times of rising demand for vailed in the United States (3.3 per cent) funds and eased when demands decline. and the highest in Germany (4.4 per cent). In the United Kingdom and some con- Rates for short-term commercial paper in tinental European countries, bank rates on general moved parallel with the Treasury bill business loans are customarily tied to the rate, but interest rates on short-term bank central bank discount rate; in the United loans to business, which are normally higher States banks often follow this practice in the than rates on readily marketable paper, rose case of term loans. Such rates, accordingly, in most cases less than the Treasury bill rate. moved parallel with the discount rate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN • AUGUST 1957 LONG-TERM RATES 1957), the lowest yields on long-term gov- Changes in long-term rates, as measured by ernment securities prevailed in the United yields on long-term government securities, States (3.4 per cent) and Switzerland (3.7 were almost uniform in most leading coun- per cent). Yields were highest in France tries during the 1954-57 period. The rise (6.9 per cent), Germany (6.1 per cent), from the low to the high was generally not and the United Kingdom (4.8 per cent). In less than 1.0, and not more than 1.4, per- general, these levels correspond to the relacentage points. It was largest in the United tive availabilities of long-term capital funds, Kingdom and in Canada and amounted to which in turn reflect the recent economic 1.2 percentage points in the United States. history of the countries concerned. The United States has become a source LONG • TERM RATES BY COUNTRIES of long-term capital funds for most of the GOVERNMENT SECURITIES free world, and Switzerland since the war Per cent has been the only European country in which capital funds were so abundant that the Government has stimulated foreign lending. Germany's real and financial capital base, on the other hand, was virtually destroyed by the war. France emerged from the war - 4 in a somewhat better position but diverted large amounts of funds, that otherwise might have reconstituted its capital assets, to its _ 2 military involvements, first in the Far East and then in North Africa. The United King- 1952 1953 1954 1955 1956 1957 dom has strained its resources in providing capital for the reconstruction and growth of NOTE.—For details concerning series see chart subscript on its domestic economy and of the underp. 860. developed parts of the British Commonwealth as well as in undertaking large de- Yields on outstanding long-term corpofense expenditures. rate bonds rose more than those on longterm government securities in some coun- These differences in the scarcity of longtries, including France, Germany, the term capital funds do not determine the in- Netherlands, and after mid-1956, the United ternational distribution of short-term funds, States. In most other countries the increase however. Most countries keep part of their in rates on corporate issues was about com- monetary reserves and international working parable with that on government bonds. In balances in the form of deposits or other all countries, yields on new corporate issues liquid assets in foreign currencies in which have been higher than those on outstanding they have confidence. Just as a commercial issues of similar quality and maturity. banker receives deposits from his borrowers, the financial institutions of the United States, Current differences in long-term interest acting as bankers for much of the rest of rates among countries are more substantial the world, receive and hold balances from than differences in short-term rates. In the abroad, even though interest rates abroad latest month for which comparable figures are higher than in the United States. are available for all leading countries (May Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES IN LEADING COUNTRIES 865 CENTRAL BANK DISCOUNT RATES, SELECTED COUNTRIES, 1954-57 [Per cent] Month United United Nether- Switzer- Canada Belgium France Germany effective States* Kingdom lands land In effect Jan. 1,1954.. 2.00 2.00 3.50 2.75 3.50 3.50 2.50 1.50 1954—Feb 1.75 3.25 Apr 1.50 May 3.00 3.00 Dec.. 3.00 1955_jan 3.50 Feb 1.50 4.50 i Apr 1.75 Aug 2.00 2.00 3.00 3.50 Sept 2.25 Oct 2.25 Nov 2.50 2.75 1956—Feb 5.50 3.00 Mar 4.50 Apr 2.75 3.00 May .... 5.50 Aug 3.00 3.25 3.25 Sept 5.00 Oct 3.50 3.75 Dec . . 23.86 3.50 1957—Jan 4.50 Feb 5.00 Mar 23.96 Apr. .. . . .. 4.00 May 2.50 June 2 4.05 July 4.50 4.25 Aug *3.5O 5.00 5.00 In effect Aug. 19,1957 l 3.50 4.28 5.00 4.50 5.00 4.50 5.00 2.50 1 Rate is that at the Federal Reserve Bank of New York, except for NOTE.—Discount rates shown represent those at which the central August, 1957 where it represents nine other Federal Reserve Banks. bank (Federal Reserve Banks in the United States) either discounts 2 Beginning Nov. 1, 1956, Canada's discount rate has been pegged or makes advances against eligible paper and /or government securities to the weekly Treasury bill rate; beginning December 1956, the rate for commercial banks or brokers. shown is the average for the last month of each quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Winning the Battle against Inflation OUR COUNTRY has been experiencing a tion. There are undeniably practical limitaperiod of unusual prosperity, featured by tions of timing and scope upon both, but heavy spending, both governmental and pri- they are the most effective weapons in the vate. As a nation, we have been trying to arsenal against this destructive invader. In spend more than we earn through produc- fact they are indispensable. tion, and to invest at a rate faster than we By way of preface and for the record I save. The resulting demands, strong and should like to outline first the general strucincessant, have pressed hard upon our re- ture and organization of the Federal Reserve sources, both human and material. In con- System. Then I want to go into the nature sequence, prices have been rising, and the and character of the problems the nation is purchasing power of the dollar has been now facing. falling. It is of the utmost importance to bring to FEDERAL RESERVE STRUCTURE bear on this critical problem all of the in- The Federal Reserve Act of 1913 was the formation and intelligence that we can outgrowth of prolonged Congressional study muster. That is what you are seeking, and of the history of central banking in other that is why this opportunity to appear here countries and of our own experience, particis timely and most welcome. We are not ularly with the First and Second Banks of facing a new, or insoluble problem—it is as the United States. The Congress, seeking to old as the invention of money—and history avoid either political or private domination is marked with both defeats and triumphs of the money supply, created an independent in dealing with this invisible but deadly institution which is an ingenious blending of enemy of inflation. The question is not public and private participation in the Syswhether we can solve the problem, but how tem's operations under the coordination of best to deal with it under our form of gova public body—the Federal Reserve Board ernment and free enterprise institutions. —here in Washington. Solve it we can—and must. This question of "independence" has been You have been inquiring particularly into thoroughly debated throughout the long hisfiscal policies and it is equally important to tory of central banking. On numerous ocinquire into credit and monetary policies. They are closely interrelated, and are the casions when amendments to the Federal two paramount and time tested means availa- Reserve Act were under consideration the ble to the Government in combating infla- question has been reexamined by Congress and it has reaffirmed its original judgment that the Reserve System should be independ- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal ent—not independent of Government, but Reserve System, before the Committee on Finance of independent within the structure of the Govthe United States Senate, Aug. 13, 1957. 866 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 867 ernment. That does not mean that the in formulating and carrying out credit and reserve banking mechanism can or should monetary policies. pursue a course that is contrary to the ob- Board of Governors. The Board of Govjectives of national economic policies. It ernors, as you know, is composed of seven does mean that within its technical field, in members appointed by the President and deciding upon and carrying out monetary confirmed by the Senate, each for a term and credit policy, it shall be free to exercise of 14 years. In appointing the members of its best collective judgment independently. the Board, the President is required to give The Reserve System is an instrument of due regard to a fair representation of the Government designed to foster and protect financial, agricultural, industrial, and comthe public interest, so far as that is possible mercial interests, as well as the geographical through the exercise of monetary powers. divisions of the country. From among these Its basic objective is to assure a monetary members the President designates a Chairclimate that permits economic growth to- man and a Vice Chairman for terms of four gether with stability in the value of our years. Some of the functions of the Board money. Private citizens share in admin- of Governors are (1) to exercise supervision istering the System but, in so doing, they over the Federal Reserve Banks; (2) to fix, are acting in a public capacity. The mem- within statutory limits, the reserves which bers of the Board of Governors and the of- members banks are required to maintain ficers of the Federal Reserve Banks are in against their deposit liabilities; (3) to review a true sense public officials. The processes and determine the discount rates which are of policy determination are surrounded with established biweekly at each Federal Reserve carefully devised safeguards against domina- Bank, subject to approval of the Board in tion by any special interest group. Washington; (4) to participate, as members Broadly, the Reserve System may be of the Federal Open Market Committee, in likened to a trusteeship created by Congress determining policies whereby the System into administer the nation's credit and mone- fluences the availability of credit primarily tary affairs—a trusteeship dedicated to help- through the purchase or sale of Government ing safeguard the integrity of the currency. securities in the open market; (5) to fix Confidence in the value of the dollar is vital margin requirements on loans on stock exto continued economic progress and to the change collateral; and (6) to perform varpreservation of the social values at the heart ious supervisory functions with respect to of free institutions. commercial banks that are members of the The Federal Reserve Act is, so to speak, System and to administer Federal Reserve, a trust indenture that the Congress can alter Holding Company, and other legislation. or amend as it thinks best. The existing Federal Reserve Banks. Each Federal Re- System is by no means perfect, but experi- serve Bank has a board of nine directors, of ence prior to 1914 suggests that either it or whom six are elected by the member banks. something closely approximating it is indis- Of these, three are bankers, one from a large, pensable. In its present form, it has the ad- one from a medium, and one from a small vantage of being able to draw upon the bank. Three more must not be bankers, knowledge and information of the directors but must be engaged in some nonbanking and officers of its 12 banks and 24 branches business. The other three members are ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN • AUGUST 1957 pointed by the Board of Governors in Wash- for a term of one year. The Council is reington, which also designates one to be the quired by law to meet in Washington at least Chairman and another the Deputy Chair- four times each year. It is authorized to man. None of these three may be an officer, confer directly with the Board of Governors director, employee, or stockholder of any respecting general business conditions and bank. The directors of a Reserve Bank to make recommendations concerning matsupervise its affairs. Subject to approval of ters within the Board's jurisdiction. the Board of Governors, they appoint the Judging economic trends. The work of the President and First Vice President. Subject System requires a continuous study and exto review and determination by the Board ercise of judgment in order to be alert to the of Governors, they establish discount rates. way the economy is trending and what Fed- The stock of each Federal Reserve Bank eral Reserve actions will best contribute to is held by the member banks of its district. sustained economic growth. Such decisions This stock does not have the normal attri- are often hard to make because of the existbutes of corporate stock; rather, it represents ence of cross-currents in the economy. Even a required subscription to the capital of the in generally prosperous times, some parts Reserve Bank, dividends being fixed by law of the economy may not fare as well as at 6 per cent. The residual interest in the others. Credit policy must, however, fit the surplus of the Federal Reserve Banks be- general situation and not reflect unduly longs to the United States Government, not either the condition of certain industries exto the Bank's stockholders. periencing poor business, or that of other Federal Open Market Committee. The industries enjoying a boom. Residential Federal Open Market Committee consists, construction illustrates this point. In 1956 according to law, of the seven members of and so far in 1957 demand pressures on the Board of Governors, together with five available resources have been generally Presidents of the Federal Reserve Banks. strong and prices have been moving up, but Four of these five Presidents serve on a housing construction has receded considerarotating basis; the fifth, the President of the bly from its 1955 peak. The home-building Federal Reserve Bank of New York, is a industry undoubtedly could supply housing permanent member of the Committee. Since at a faster rate than is now prevailing. But June 1955, when its Executive Committee even at the current volume, building costs was abolished, this Committee has usually continue to increase. The prices of some met at three-week intervals to direct the sale building materials have fallen, it is true, but and purchase of securities in the open the over-all cost of housing construction has market. In practice, all 12 Presidents at- increased appreciably even in the face of tend these meetings and participate freely moderately lower demand. The explanain the discussion, although only those who tion is to be found in the fact that expendiare members of the Committee vote. tures for all major types of construction Federal Advisory Council. The Federal except residential have been maintained at Reserve Act also provides for a Federal Ad- or above record levels. This example shows visory Council of 12 members. One is why credit policy must take account of the elected by the Board of each Reserve Bank over-all situation, and cannot be deterred un- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 869 duly by special cases that are not typical of inflationary price increases and the ecothe whole. nomic imbalances that have resulted. Another factor complicating economic in- This is the overriding problem that faces terpretation is that even in a period of broad the Federal Reserve System today, for a advance and upward pressure on prices, spiral of mounting prices and wages seeks there may be lulls when conditions seem to more and more financing. It creates be stabilizing and the next turn of events is demands for funds in excess of savings, and difficult to appraise. since these demands cannot be satisfied in Purposes. The objective of the System is full, the result is mounting interest rates and always the same—to promote monetary and a condition of so-called tight money. If the credit conditions that will foster sustained gap between investment demands and economic growth together with stability in available savings should be filled by creating the value of the dollar. This goal may be additional bank money, the spiral of inflathought of in human terms. The first part tion which tends to become cumulative and may be considered as concerned with job self-perpetuating would be given further opportunities for wage earners; the latter as impetus. If the Federal Reserve System directed to protecting those who depend were a party to that process, it would betray upon savings or fixed incomes, or who rely its trust. upon pension rights. In fact, however, a Conflicting views on causes. There is much realization of both aims is vital to all of us. current discussion of the origin of inflation- They are inseparable. Price stability is es- ary pressures. Some believe they reflect a sential to sustainable growth. Inflation recurrence of demand-pulls, similar to those fosters maladjustments. In some periods present in the earlier postwar period. Others these broad aims call for encouraging credit believe they originate in a cost-push enexpansion; in others, for restraint on the gendered by administered pricing policies growth of credit. The latter is what is re- and wage agreements that violate the limits quired at present, for clearly the most critical of tolerance set by advances in productivity. economic problem now facing this country These distinctions present an oversimis that of inflation, or put in the terms of the plification of the problem. Inflation is a man on the street, it is the rising cost of process in which rising costs and prices living. mutually interact upon each other over time with a spiral effect. Inflation always has the attributes, therefore, of a cost-push. At THE CURRENT PROBLEM OF INFLATION the same time, demand must always be suffi- This problem is far different from the one cient to keep the spiral moving. Otherwise that beset us during the depressed 1930's, the marking up of prices in one sector of and left an indelible impression on our think- the economy would be offset by a reduction ing. The problem then was one of drastic of prices in other sectors. deflation with widespread unemployment, There is much to be said for the view that both of men and material resources. To- contractual or other arrangements designed day's problem has persisted through the as shelters or hedges from inflation have the years since World War II. It consists of effect of quickening its tempo. The 5 per Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN • AUGUST 1957 cent rise in the cost of living which we have the general level of costs and prices is inexperienced over the last two years has evitably pushed upward. Recently, this probably reflected and been reflected in more general pressure has been expressing itself rapidly rising wage costs because of the particularly in rising prices for services as prevalence of cost of living clauses in many compared with goods. Despite the existence modern wage contracts. Cost-plus contracts in some lines of reduced employment and tend to have the same quickening effect on slack demand, many employers now face the inflationary spiral. rising costs when they seek to expand activ- The spiral is also, however, a demand ity by adding appreciably to the number spiral. At each point of time in the devel- employed. Often, the additional manpower opment of the inflationary spiral, there must required has to be bid away from other embe sufficient demand to take the higher ployers. As a result, many current plans priced goods off the market and thus keep for further expansion of capacity place great the process moving. emphasis on more efficient, more productive The inflationary spiral. The workings of equipment rather than on more manpower. the spiral of inflation are illustrated by the This generalized pressure on resources economy of the moment. As has been comes to a head in financial markets in the brought out at some of the earlier hearings form of a shortage of saving in relation to of this Committee, we are now faced with the demand for funds. A considerable volthe seeming paradox that prices are expected ume of expenditure is financed at all times to continue to rise, even though the specific out of borrowed funds. When these funds bottlenecks in capacity that impeded the are borrowed from others who have curgrowth of production in 1956 have now been tailed their own expenditures, no additional largely relieved, and investment in produc- demand for resources is generated. On baltive facilities continues at very high levels. ance, however, demands for funds by those Houses, automobiles, household appliances, who have wanted to borrow money to spend and other consumer goods, as well as most in excess of their current incomes have outbasic materials, are all readily available— run savings. Those who have saved by at a price. The problem is no longer one of limiting their current expenditures, and thus specific shortages or bottlenecks causing made funds available for lending, have still prices of individual commodities to be bid not kept pace with the desire of governup because of limited availability but rather ments, businesses, and individuals to borrow it is one of broad general pressure on all of in order to spend. our resources. In other words, aggregate Just as an intense general pressure on demand is in excess of aggregate availabili- available resources manifests itself in rising ties of these resources at existing prices. wages and prices, a deficiency of savings Taking the situation as a whole, as in- relative to the demand for borrowed money dividuals, corporations, and governments manifests itself in an increase in the price proceed with their expenditure plans, but- of credit. In such circumstances, interest tressed by borrowed funds, they are in the rates are bound to rise. The rise in rates position of attempting to bid the basic fac- might be temporarily held down by creating tors of production—land, labor, and capital new bank money to meet borrowing de- —away from each other and in the process mands, but this, as I have said, would add Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 871 fuel to inflation and bring about further in- sion of productive facilities at a rate concreases in demands. In the end, as prices sistent with growing consumption demands. rose ever faster, interest rates could not be Only in this way can the standard of living held down. In summary, whatever the spe- for a growing population be improved and cial features of the current inflation, the the value of savings be maintained. important fact is that it is here, and that it Such constructive adaptations, if made has created demands for borrowed funds in in time at the onset of inflationary pressures, excess of financial savings, even though need not be large in order to restore balance these have grown appreciably. Any attempt between prospective demands and the reto substitute newly created bank money for sources available to meet them. It is esthis deficiency in savings can only aggravate sential, however, that the adjustment be the problem and make matters worse. made. Otherwise prospective expenditures will continue to exceed the resources avail- EFFECTS OF HIGHER INTEREST RATES able and the pressure of excess demand will The response to higher interest rates is comfoster an inflationary spiral. plex. One result is that some would-be borrowers draw on cash balances to finance EXPECTATIONS OF CONTINUING INFLATION projected expenditures or lenders draw on Once such a spiral is set in motion it has their balances to lend at the higher rates, a strong tendency to feed upon itself. If thus reducing their liquidity and increasing prices generally are expected to rise, incenthe turnover of the existing money supply. tives to save and to lend are diminished and In recent years, with the large volume of incentives to borrow and to spend are in- Federal Government securities outstanding, creased. Consumers who would normally many holders of these securities—both in- be savers are encouraged to postpone saving stitutions and individuals—have liquidated and, instead, purchase goods of which they their holdings in order to shift funds to other are not in immediate need. Businessmen, uses. This has been an important influence likewise, are encouraged to anticipate in bringing about the decline in bond prices. growth requirements for new plant and To the extent that accumulated cash bal- equipment. Thus, spending is increased on ances or other past savings can be used both counts. But, because the economy is more actively, expenditures remain high rel- already operating at high levels, further inative to available resources and prices tend creases in spending are not matched by to rise, but the reduced financial liquidity corresponding increases in production. Ineventually exerts restraint on borrowing and stead, the increased spending for goods and spending. services tends to develop a spiral of mount- Another result of higher interest costs, ing prices, wages, and costs. together with greater difficulty in obtaining Unfortunately, during the past year, as loans, is that many potential borrowers re- price indexes gradually rose, some segments vise or postpone their borrowing plans. To of the community apparently became rethe extent that expenditures are revised or conciled to the prospects of a "creeping" deferred, inflationary pressures are reduced. if not a "runaway" inflation. One of the The most constructive result is the en- baneful effects of inflation stems from the couragement of a volume of savings and expectation of inflation. While a price ininvestment that permits continued expan- crease, in itself, may cause serious disloca- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

872 FEDERAL RESERVE BULLETIN • AUGUST 1957 tions and inequities, other and more serious of people, pensioners, Government emeffects occur if the price rise brings with it ployees, all who have fixed incomes, includan expectation of still other increases. Ex- ing people who have part of their assets in pectations clearly have a great influence on savings accounts and long-term bonds, and economic and financial decisions. In fact, other assets of fixed dollar value. The decisions to spend or to invest too much in heaviest losers would be those unable to a given time are a direct cause of inflation. protect themselves by escalator clauses or Also, if further inflation is expected, spec- other offsets against prices that were steadily ulative commitments are encouraged and creeping up. the pattern of investment and other spend- Moreover the expectation of inflation ing—the decisions on what kinds of things would react on the composition of savings. to buy—will change in a way that threatens A large part of the savings of the country balanced growth. is mobilized in savings deposits and similar "Creeping inflation." The unwarranted as- claims that call for some stated amount of sumption that "creeping inflation" is inevit- dollars. If people generally come to feel able deserves comment. This term has been that inflation is inevitable, they will not save used by various writers to mean a gradual in this form unless they are paid a much rise in prices which, they suggest, could be higher interest premium to compensate them held to a moderate rate, averaging perhaps for the depreciation of their saved dollars. 2 per cent a year. The idea of prices rising It is for this reason that it is impossible, in 2 per cent in a year may not seem too star- a period of demand in excess of savings, to tling—in fact, during the past year, average maintain lower interest rates through a polprices have increased by more than 2 per icy of "easy" credit. The country is expercent—but this concept of creeping inflation iencing a period of generally high employimplies that a price rise of this kind would ment in which investment outlays remain be expected to continue indefinitely. Ac- high, but if fears of inflation cause people cording to those who espouse this view, to spend more of their incomes and save rising prices would then be the normal less, the result could only be more rapid expectation and the Federal Reserve ac- inflation and still less saving in relation to cordingly would no longer strive to keep income. Such saving as remained, furtherthe value of money stable but would simply more, would be less and less in the form of try to temper the rate of depreciation. Busi- loanable funds to finance homes, highways, ness and investment decisions would be school construction, and other community made in the light of this prospect. needs. Such a prospect would work incalculable Effects on productive enterprise. An inhardship. If monetary policy were directed flationary psychology also impairs the effiwith a view to permitting this kind of in- ciency of productive enterprise—through flation—even if it were possible to control which our standard of living has made unit so that prices rose no faster than 2 per paralleled strides. In countries that have cent a year—the price level would double had rapid or runaway inflations, this process every 35 years and the value of the dollar has become so painfully obvious that no would be cut in half each generation. doubt remained as to what was happening Losses would thus be inflicted upon millions to productivity. In the making of decisions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 873 on whether or not to increase inventory, or surance contracts. The great majority of make a capital investment, or engage in those who operate their own businesses or some other business operation, the question farms, or own common stocks or real estate, of whether the operation would increase the or even those who have cost of living agreeprofit from inflation became far more im- ments whereby their wages will be raised, portant than whether the proposed venture cannot escape the effects of speculative inwould enable the firm to sell more goods or fluences that accompany inflation and impair to produce them at lower cost. The incen- reliance upon business judgments and comtive to strive for efficiency no longer gov- petitive efficiency. erned business decisions. Finally, in addition to these economic effects, we should not overlook the way that PRODUCTIVITY—KEY TO SUSTAINED inflation could damage our social and politi- PROSPERITY cal structure. Money would no longer serve Why have real wages in this country risen as a standard of value for long-term savings. to the highest levels in the world, thus per- Consequently, those who would turn out to mitting our standard of living to rise corhave savings in their old age would tend to respondingly? Certainly, it is not just bebe the slick and clever rather than the hardcause wages have risen as the cost of living working and thrifty. Fundamental faith in has risen. The big source of increase has the fairness of our institutions and our Govbeen the increasing productivity of our naernment would deteriorate. The underlying tional economy. Real incomes have gone strength of our country and of our political up because the total size of the pie, out of institutions rests upon faith in the fairness which everybody receives his share, has of these institutions, in the fact that producgrown so magnificently. What has enabled tive effort and hard work will earn an apthe productivity of the American economy propriate economic reward. That faith canto achieve the levels that make all this posnot be maintained in the face of continuing sible? One vital factor has been the striving chronic inflation. by so many people, each in his own field, There is no validity whatever in the idea for better and more efficient ways of doing that any inflation, once accepted, can be things. Equally important has been the willconfined to moderate proportions. Once the ingness to set aside a part of current income assumption is made that a gradual increase to provide the machines, tools, and other in prices is to be expected, and this assumpequipment for further progress. Both are tion becomes a part of everybody's expectaessential if our standard of living and matetions, keeping a rising price level under rial welfare are to go on advancing. control becomes incomparably more difficult than the problem of maintaining stability EFFECTS OF INFLATION when that is the clearly expressed goal of Inflation does not simply take something public policy. Creeping inflation is neither away from one group of our population and a rational nor a realistic alternative to stagive it to another group. Universally, the bility of the general price level. standard of living is hurt, and countless people injured, not only those who are depend- "PEGGING" THE MARKET ent on annuities or pensions, or whose It has been suggested, from time to time, savings are in the form of bonds or life in- that the Federal Reserve System could re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

874 FEDERAL RESERVE BULLETIN • AUGUST 1957 lieve current pressures in money and capital ously explained, rising interest rates result markets without, at the same time, contrib- primarily from an excess of borrowing deuting to inflationary pressures. These sug- mands over the available supply of savings. gestions usually involve Federal Reserve Since these demands are stimulated by insupport of the United States Government flation, under these circumstances rising insecurities market through one form or an- terest rates are an effect of inflationary other of pegging operations. There is no pressures, not a cause. Any attempt to way for the Federal Reserve System to peg prevent such a rise by creating new money the price of Government bonds at any given would lead to a much more rapid rise in level unless it stands ready to buy all of the prices and in costs than would result from bonds offered to it at that price. This proc- any likely increase in interest rates. Such ess inevitably provides additional funds for an attempt, moreover, would not remove the banking system, permits the expansion the need for a fundamental adjustment in of loans and investments and a comparable the relation between saving and consumpincrease in the money supply—a process tion and would probably fail in its purpose sometimes referred to as monetization of the of stabilizing interest rates. public debt. The amount of the inflationary force generated by such a policy depends to BASIC FACTORS IN RECENT INFLATIONARY PRESSURES some extent upon the demand pressures in the market at the time. It would be danger- A major cause of recent inflationary presously inflationary under conditions that pre- sures has been the attempt to crowd into vail today. In the present circumstances the this period a volume of investment greater Reserve System could not peg the Govern- than the economy could take without curment securities market without, at the same tailing consumption more than consumers time, igniting explosive inflationary fuel. have been willing to do. In fact, there has been some increase in consumption on bor- DO RISING INTEREST RATES rowed funds. Increases in interest rates ADD TO INFLATION? naturally come about under such conditions; We must be clear in viewing these relation- they are the economy's means of protecting ships to distinguish cause from effect and itself against such excessive bunching of not to confuse them. It is sometimes said investment or the building up of an unsusthat rising interest rates, by increasing the tainable rate of consumption. While the cost of doing business, lead to higher prices effect of a moderate change in interest rates and thus contribute to inflation. This view on the cost of goods currently being prois based upon an inadequate conception of duced and sold is small and relatively unthe role of interest rates in the economy, important, changes in interest rates do asand upon a mistaken idea of how interest sume importance as a cost in the planning costs compare with total costs. In munici- of new investment outlays. These costs do pal government budgets, it is about 2 per not affect current operations or add to upcent; in many utilities, it is 3 to 5 per cent. ward price pressures to any substantial ex- Thus, as an element of cost, interest rates tent. They do tend to deter the undertaking are relatively small; but as a reflection of of new investment projects and to keep the demand pressures in markets for funds, in- amount of investment spending that is being terest rates are highly sensitive. As previ- undertaken in line with the economy's ability Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 875 to produce investment goods. To maintain 1. The release of a previously created overartificially low interest rates under these con- hang of pent-up money demand (such as existed when direct controls broke down or were relaxed ditions, without introducing any other force at the end of the war). to restrain investment, would be to invite 2. The creation in volume of new money dean unbridled investment boom, inflation, mand through excessive credit expansion and/or and an inevitable collapse later. activation of existing cash balances (such as hap- It is necessary to emphasize that there are pened when war broke out in Korea). many influences, other than monetary pol- 3. The widespread existence in the economy of icies and interest rates, that affect the volume escalators which act automatically to transfer risof consumption, investment, and saving and ing costs or prices into rising prices and costs (cost of living clauses in collective bargaining their relationships. Monetary policies opagreements, cost-plus contracts, etc.). erate directly through the volume of bank 4. The degree to which a speculative psychology credit and bank-created money. The volbacked by effective demand pervades business ume of current saving out of income and decisions. the uses made of new and outstanding sav- C. The tempo of interaction between ings have a more important bearing upon costs and prices will also be affected by the the availability of investment funds than degree to which administered prices and bank credit. Interest rates, therefore, are wage rates are prevalent in the economy. influenced by the relationship between in- These effects are not always in the same vestment demands and the availability of direction. The net effect of the many and savings, independently of monetary policies. various factors influencing administered Interference with these relationships through prices and wages sometimes tend to slow monetary policies, in fact, may prevent necup and sometimes to accelerate price moveessary and healthy adjustments that help ments, depending upon the particular cirto maintain equilibrium in economic growth. cumstances. IN A NUTSHELL D. Whatever the mix of the above in- A. An inflationary spiral is always charac- gredients, an inflation once under way will terized by: tend to persist as long as the credit neces- 1. An interaction between rising costs and ris- sary to finance the rising level of costs and ing prices; and prices is forthcoming. Credit may be sup- 2. An increase in over-all effective demand suf- plied through new bank credit expansion ficient to keep the spiral going. As prices generally or by activation of already existing money. keep rising, a larger and larger volume of demand (in dollar terms) is needed to sustain the same E. Whatever its antecedent characterisvolume of transactions (in physical terms). tics, an inflation will tend to feed upon itself and be accentuated once the investing and As long as it persists, therefore, an inflasaving public come to think of further intion will always show evidence of both deflation as the prospect. mand-pulls and cost-pushes with their relative manifestations shifting as the inflation F. It is the nature of inflation hedges to runs its course. act as aggravating rather than equilibrating factors. B. The tempo of interaction between rising costs and rising prices will be speeded G. No one suffers more than the little up if the situation is characterized by: man from the ravages of inflation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN • AUGUST 1957 H. A monetary authority dedicated to the timing and execution of policy and acpromoting the public welfare must not relax tion. We have every reason to believe, restraints in the face of continuing infla- nevertheless, that we can discern and follow tionary pressures, since any efforts to relax the right path. Thus, it is clear that the merely add to the forces tending to keep the present situation calls both for a larger inflation in motion. budgetary surplus than we have had or have in prospect, and a continuance of restraint WHAT MORE CAN BE DONE? upon creation of new supplies of money. How, then, may further inflation be restrained? Bluntly, the answer is to be found ACTION REQUIRED in a moderation of spending, both govern- Let us not follow the defeatist path of mental and private, until the demands for believing that widespread unemployment is funds are balanced by savings. This pru- the alternative to inflation. dence must be coupled with sound fiscal There is no question that the Federal policy, which means a larger budget surplus Government and the American people, pullas well as effective monetary policy to re- ing together, have the power to stabilize the strain the growth of bank credit. cost of living. The only question is whether Among the factors influencing saving and there is the will to do so. consumption are those fiscal policies relating If the will is there, and it is demonstrated to taxes and governmental budgets. These convincingly to the American people, the require special attention because they are cost of living can be stabilized, interest rates not as responsive to changes in the availa- will relax, and a sufficient volume of savings bility of credit and interest rates as are pri- will be encouraged to provide for the ecovate activities. Untimely fiscal policies can nomic growth needed in this generation and create or aggravate imbalance in the eco- the next. nomy and thus dilute the effectiveness of This Committee and the Congress can monetary policies. On the other hand, fiscal contribute greatly to that end by declaring measures that help to maintain balance can resolutely—so that all the world will know reduce the degree of restraint that monetary —that stabilization of the cost of living is policies might otherwise have to exert. a primary aim of Federal economic policy. Experience over the centuries has demon- The goal of price stability, now implicit strated that there is no tolerable alternative in the Employment Act, can be made exto adequate fiscal and monetary policies, plicit by a straightforward declaration and operating in an environment of open, com- directive to all agencies of the Government petitive markets under our system of human that anti-inflationary actions are to be taken freedoms. Neither an economic dictator- promptly whenever the cost of living begins ship nor complacent acceptance of creeping to rise. inflation is a rational or tolerable way of life The Executive and Legislative branches for the American people. of Government, in conjunction, can assure There is no panacea, no magical means of adjustment of Federal revenues and expendassuring orderly economic growth, nor are itures so that, in times when total spending we much more likely in the future than in threatens to burst the bounds of capacity and the past to achieve perfect performance in drive up the cost of living, the Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WINNING THE BATTLE AGAINST INFLATION 877 Government will set an example of restraint mine sustained prosperity and growth of our in outlays and at the same time produce a economy. surplus to counter inflationary pressures In all of these ways we can, if we have the from any quarter. will, set the face of the nation so resolutely The Congress and the Executive can take against inflation as to keep that enemy from steps to assure that free and vigorous com- our gates. petition is maintained in all segments of the No greater tragedy, short of war, could economy as the bedrock of our free enter- befall the free world than to have our counprise system. try surrender to the easy delusion that a little The Federal Reserve System, itself a crea- inflation, year after year, is either inevitable tion of the Congress, can—and I assure you or tolerable. For that way lies ultimate that it will—make every effort to check economic chaos and incalculable human excesses in the field of money and credit that suffering that would undermine faith in the threaten the cost of living and thus under- institutions of free men. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1957 Survey of Consumer Finances The Financial Position of Consumers CONSUMER INCOMES have risen to new debtors reaches a peak among middle inhighs in recent years both in dollar amounts come consumers and those under 45 years and in purchasing power. The additions of age. to income in 1956 and earlier years were distributed widely among various groups in INCOME the economy. Holdings of liquid assets Consumer incomes have been increasing and marketable securities have also risen. with only minor interruptions throughout the Liquid assets, which increased more rap- postwar period, as is shown by the chart. idly than income during the war, have increased less rapidly than income in the AVERAGE INCOME OF CONSUMERS postwar period. Debts of consumers have Thousands of dollars reached new highs, largely in connection with purchases of houses, automobiles, and household durable goods.1 Financial assets and debts are distributed widely among the various groups in the population, but important differences in frequency, type, and amount are associated with variations in income and age. Holdings of financial assets increase with income and with age to about retirement age. The proportion of financial assets held in the form of marketable securities is greatest in the income and age groups having the largest total assets. Personal debt is most frequent in the groups having moderate holdings of financial assets. The proportion of 1946 1948 1950 1952 1954 1956 1This is the third of a series of articles presenting spe N n O d T in E g .— u M ni e t d s i . a n I m nc o o n m ey e i i n n c om 19 e 5 6 be d f o o l r l e a rs t ax w e a s s o o f b ta c i o n n e s d u m b e y r the findings of the 1957 Survey of Consumer Finances adjusting reported incomes for changes in the Bureau of Labor Statistics consumer price index. conducted by the Board of Governors of the Federal Reserve System in cooperation with the Survey Research Center of the University of Michigan. Earlier According to the Survey of Consumer Fiarticles appeared in the March and June BULLETINS. nances, the median (middlemost) income The present article was prepared by Mona E. Dingle of the Consumer Credit and Finances Section of the of all spending units has doubled since 1945 Board's Division of Research and Statistics. Work in terms of current dollars and, after allowat the Survey Research Center was under the superviance for increases in consumer prices, its sion of James N. Morgan. 878 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 879 purchasing power has risen about 40 per TABLE 1 cent.2 Most of this advance in real income TOTAL INCOME AND EMPLOYMENT INCOME, 1956 has occurred since 1951, although about [Percentage distribution of spending units] one-half of the increase in dollar income took place before 1951. The increase in Total Income from wages, salary, and selfmoney both dollar and real income continued in employment i Amount income 1956. before taxes Distribution of income. According to Sur- Head Wife vey data, the median income for all spend- Zero (2) 21 3 78 ing units rose from $3,960 in 1955 to Under $1,000 9 8 8 $4,250 in 1956, or about 7 per cent. Mean $l,00O-$l,999 12 7 5 $2,000-$2,999 12 9 4 reported income—that is, total consumer $3,000-$3,999 12 $4,000-$4,999 14 ! * 4 income divided by the number of spending $5,000-57,499 24 } » units—rose from $4,650 to $5,140.3 In- $7,500-$9,999 9 1 $10,000 and over 8 4 (2) creases in consumer incomes were distrib- Not ascertained (4) 1 (2) uted widely among occupational and age All cases 100 100 100 groups and among geographic regions. About 41 per cent of all spending units 1 Includes income from professional practice as well as from wages and salaries; excludes income from ownership of business or farm. reported 1956 incomes of $5,000 or more, 2 3 N In o cl u c d as e e s s s r p e e p n o d r i t n e g d u o n r i t l s e s i s n t w h h an ic h o n th e- e h h a e lf a d o f o f 1 t p he e r u c n e it n t i . s unmarried (29 per cent) and married spending units in which the wife is not 26 per cent reported $3,000 to $5,000, and employed (49 per cent). 4 Assigned, if not determined in interview. 33 per cent reported less than $3,000 (Table 1). The proportion of spending units re- and 65 and over, which included one-fourth ceiving $5,000 or more has almost doubled of all spending units, accounted for one-half since 1951, and the proportion receiving of all incomes of less than $3,000.4 Among less than $3,000 has declined more than spending units headed by persons 25 to 54 one-fourth. years of age, more than one-half earned Many of the lower incomes reported to $5,000 or more in 1956 and only one-fifth the Survey were received by spending units earned less than $3,000. Average income headed by young men and women just start- increased sharply with age through the 35 ing work or by older persons who are re- to 44 group and changed little for the 45 tired. The two age groups 18 to 24 years to 54 group. Income declined for the 55 2 A spending unit, by Survey definition, consists of covered in one series but not the other. The major all related persons living together who pool their in- difference, however, is probably due to sampling comes. Husband and wife and children under 18 living errors in Survey of Consumer Finances data, which at home are always considered to be members of the are especially large for means and aggregates. For same spending unit. Other related persons in the a discussion of sampling errors in the Survey, see the household are separate spending units if they earn Federal Reserve BULLETIN, July 1956, pp. 696-701. more than $15 a week and do not pool their incomes. 4 The Survey of Consumer Finances excludes resi- 3 The relative increase in total and mean income dents of institutions, military personnel living on bases, as shown by the Survey of Consumer Finances was and residents of hotels and large rooming houses. greater than that shown by Department of Commerce Since a large proportion of military personnel living personal income data. The difference may be due on bases and college students living in dormitories or in part to differential movements of incomes of groups large rooming houses are young, the income shown in included in the personal income series but not in Sur- Supplementary Table 2 may not be representative of vey of Consumer Finances data or to types of income that of all members of the youngest age group. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

880 FEDERAL RESERVE BULLETIN • AUGUST 1957 to 64 group and dropped sharply for the time throughout the year; of these, one-half group 65 and over.5 earned $3,000 or more. Sources of income. Incomes covered by Spending units without income from the Survey are total money incomes before wages, salaries, or self-employment genertaxes received by spending units from all ally received income from the ownership of sources—wages, salaries, and self-employ- a business, a farm, real estate, or securities, ment income; business and farm earnings; or from transfer payments; and many spendinterest, dividends, and rent; and transfer ing units with wage, salary, or self-employpayments such as pensions, annuities, and ment income had supplementary income veterans' benefits. Nonmonetary income is from such sources. In general, business inexcluded. come, interest, dividends, and rent were received most frequently in the higher income The major income of most spending units groups, while farm income and transfer payis that received by the head of the unit in ments were received most frequently in the the form of wages, a salary, or self-employment income.6 About four-fifths of all lower income groups.7 spending units had some income of this Median total income of spending units type in 1956, and one-third of these re- headed by persons currently in the labor ceived $5,000 or more (Table 1). In force, including those working for themselves, ranged from $2,320 for farm operageneral, the largest wage and salary incomes tors to $7,500 for self-employed businesswere earned by professional and managerial men in 1956.s The median income of employees, the smallest by unskilled and spending units headed by retired persons service workers. was $1,350. With the exception of the re- In one-third of all spending units with a tired group, only farm operators and unmarried head, the income of the head was skilled and service workers had median total supplemented by some wage, salary, or selfincomes below $4,000. Median incomes employment income earned by his wife. of the skilled, semiskilled, and clerical and The high frequency of very low incomes sales groups were all between $4,000 and shown for wives reflects the prevalence of $6,000, and those of the professional and part-time and part-year employment. Only managerial groups as well as self-employed one-third of all employed wives worked full businessmen exceeded $6,000. 5 The decline in income prior to age 65 probably businessmen results primarily from their own labor and reflects early retirement for some persons and a rela- in this respect is similar to self-employment income. tively high frequency of persons with little education Income from closely held corporations may be reamong the older age groups. Each year more spend- ported as salaries or as dividends but not as business ing units in the 55 to 64 group report income in- income. creases than declines, but apparently the increases for 7 Estimates of interest and dividend incomes based this group have not kept pace with the general rise on Survey of Consumer Finances data are substanin income. tially smaller than independent estimates. It is known G Income is classified as self-employment income for that many persons, including some in the lower in- Survey purposes only if it can be attributed entirely come brackets, fail to report interest and dividend inor almost entirely to the personal efforts of the worker. come although they report the ownership of savings If any significant part of the income is attributable deposits or other financial assets yielding interest or to the investment of capital, the income is all classified dividend returns. as business income. Professional persons in practice 8 Since many farmers produce part of their own food for themselves are the major groups receiving self- and fuel, the income of farmers may be understated employment income; owners of unincorporated manu- by the money income concept used in the Survey. facturing and trade establishments receive business Some service workers also receive food and lodging income. In practice the income of many farmers and as well as money income. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 881 OWNERSHIP OF FINANCIAL ASSETS not covered by the Survey because of the About three-fourths of all spending units difficulty of obtaining accurate reports. reported owning financial assets—either Marketable securities included in the liquid assets or marketable securities—early 1957 Survey are marketable bonds issued in 1957. Among the most important factors by the United States Government, State and affecting the frequency and amount of hold- local governments, and corporations, and common and preferred stocks of corporaings are the income and age of the members. tions.10 Such securities, unlike liquid assets, While spending units in the lower income can be liquidated only by sales at prices prebrackets tend to spend most or all of their vailing in the market, which may fluctuate incomes, those in the upper brackets are substantially. Prices of bonds are affected able on balance to save larger amounts. by changes in market rates of interest as Both the incentive and the ability to save well as changes in the credit position of tend to increase with age until retirement. issuers. Prices of stocks reflect expectations More important, the number of years during concerning the earning power of issuing which the spending unit may have accumucompanies as well as general economic and lated assets increases with age. The types financial developments. of assets held reflect the purposes for which Composition of holdings. Early in 1957, the assets are held, the amount of funds about 76 per cent of all spending units reavailable, and expectations of future develported owning either liquid assets or marketopments affecting the various types of assets able securities. More than one-half of the and general economic conditions. owners reported holdings of less than Assets included in the Survey. The 1957 $1,000, while almost one-sixth reported Survey of Consumer Finances collected data $5,000 or more. The median amount reon the ownership of both liquid assets and ported by holders was about $750. The marketable securities. Liquid assets covered mean holding of all spending units with such include checking accounts, savings accounts, assets was about $4,600, and the mean savings and loan and credit union shares, holding of owners and nonowners combined and United States Government savings was about $3,5OO.11 bonds. Checking accounts serve as means A substantially larger proportion of all of payment. Savings accounts, savings and loan and credit union shares, and savings 10 In the 1946-56 Surveys, marketable U. S. Government bonds were included with liquid assets. This bonds are readily convertible into currency method of treatment was originally adopted because or checking accounts without loss; these of the stability of prices of such securities under the support program in effect during the war and early assets, unlike checking accounts, yield interpostwar years. Since such securities were held by only est returns to their owners.9 Currency is 1 per cent of all spending units in early 1957, the effect of the change in classification on Survey data is minor. 0 Banks, savings and loan associations, and credit 11 Aggregate and mean holdings of most types of unions can legally demand notice for withdrawal of financial assets derived from the Survey of Consumer savings accounts and share capital, but in practice such Finances are substantially smaller than those derived notice is seldom required. Although the yield is refrom independent sources. The discrepancy is unduced slightly on savings bonds redeemed prior to doubtedly due in part to incomplete coverage of the maturity, investors are assured of receiving the amount very large holders. It is believed that data are more invested, together with some interest return if the satisfactory for medians and proportions than for bonds are held as long as six months. means. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

882 FEDERAL RESERVE BULLETIN • AUGUST 1957 spending units held liquid assets than held TABLE 2 marketable securities. Practically all own- LIQUID ASSET COMPOSITION a ers of the financial assets covered had some [Percentage distribution of spending units] liquid assets, but only 11 per cent of all spending units owned marketable securities. Type of holding 1957 1950 1946 Nearly all owners of marketable securities owned stocks; marketable bonds were re- None 24 31 24 Checking account only.... 17 13 5 ported by only 2 per cent of all spending Savings account only 12 11 6 Savings bonds only 3 4 16 units. Checking account and savings account 15 6 2 Among liquid assets, checking accounts Checking account and savwere reported most frequently. About 55 ings bonds 6 10 16 Savings account and savper cent of all spending units held checking ings bonds 7 13 20 Checking account, savings accounts, compared with 50 per cent holdaccount, and savings ing savings accounts or savings and loan or bonds 16 12 11 credit union shares and 32 per cent holding All cases .... 100 100 100 savings bonds.12 Checking accounts were reported as the only liquid asset held by 17 Holders as a percentage of all spending units: per cent of all spending units and savings Checking accounts 55 41 34 Savings accounts 50 42 39 accounts or shares by 12 per cent (Table 2). Savings bonds 32 39 63 Spending units that held savings bonds usually also held some checking accounts or 1 For definition of terms, see Supplementary Table 9. NOTE.—Details may not add to totals because of rounding. savings accounts. During the past decade there has been a the declining importance of bond drives and substantial increase in the proportion of the payroll savings plan after the war, inspending units holding checking accounts creasing rates of interest and dividends availand a substantial decline in the proportion able on savings accounts and savings and holding savings bonds. The proportion loan and credit union shares, and increasing holding savings accounts has also risen. recognition of the convenience of making Early in 1946 almost two-thirds of all spend- payments with checks. ing units held savings bonds, and about one- Both the number of assets held and the sixth held savings bonds alone. Changes in average amount of each type increase with the composition of liquid asset holdings the total amount of financial assets. Small since that time have reflected the redemption holdings typically consist of only one type of savings bonds purchased during the war, of asset, usually one of the more liquid forms. While substantial amounts of the 12 Savings accounts in commercial and mutual sav- more liquid assets appear in the larger holdings banks, postal savings, savings and loan shares, and ings, the less liquid, higher yielding forms credit union shares are usually combined for Survey purposes. These assets serve many of the same pur- are increasingly important as total financial poses from the standpoint of their owners, although assets expand. the characteristics of the owners and the activity of Two-thirds of all spending units with fithe assets vary somewhat. For a discussion of the characteristics of owners of the various assets, see nancial assets of less than $200 held check- "The Financial Position of Consumers," Federal Reing accounts early in 1957 (Table 3). The serve BULLETIN, June 1956, pp. 565-66. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 883 bulk of these had no other financial assets. pared with only one-half of those with in- While almost all holdings of $25,000 or comes of less than $2,000. While the promore included some checking accounts, portion of spending units with such assets other financial assets accounted for at least increased with income, the average amount 80 per cent of the total in 9 out of 10 cases. held by owners was relatively stable for in- On the average such holdings included at comes up to $5,000, and increased only least two types of assets other than checking slightly in the $5,000 to $7,500 bracket. accounts. Corporate stocks, which were in- Average holdings increased sharply, howfrequent in holdings of less than $5,000, ever, for incomes of $7,500 or more. The were in almost 80 per cent of all holdings median amount of financial assets reported of $25,000 or more, and they accounted early in 1957 was about $500 for holders for 60 per cent or more of the total in about with incomes of less than $5,000 and almost one-half of the cases. Marketable bonds of $6,000 for those with incomes of $10,000 or all types were also found most frequently in more. The corresponding mean amounts large portfolios. were $2,200 and $23,000. The sizable Spending units with total financial assets number of moderately large holdings of fifrom $1,000 to $25,000 owned savings ac- nancial assets among spending units with counts and savings and loan and credit union incomes of less than $3,000 may be attrishares more frequently than any of the other buted to the frequency in the lower income assets covered. Such assets provide a com- brackets of retired persons who accumulated bination of liquidity and interest return for such assets when their incomes were higher. medium-sized holdings. Many of the younger spending units in the Distribution among income groups. Almost lower income groups held none of the assets all spending units with incomes of $10,000 covered. or more owned some financial assets, com- Savings accounts and checking accounts were held with about equal frequency by TABLE 3 spending units with incomes below $5,000, but checking accounts were held more fre- OWNERSHIP OF FINANCIAL ASSETS EARLY 1957 x quently by spending units with incomes of [Owners as a percentage of spending units] $5,000 or more. Among spending units with incomes of $10,000 or more, almost Check- Sav- Total ing ings Sav- Cor- one-half owned some corporate stocks and ings porate financial assets ac- acbonds stocks about one-sixth had 60 per cent or more count count of their total financial assets in this form. All spending units 55 50 32 11 Distribution among age groups. The aver- All owners of finanage amount of financial assets held increased cial assets 72 66 43 14 with age to about 65 years and then de- $1-$199 64 39 20 1 $200-$499 69 59 26 1 clined, as shown by the chart on the next $500-$999 70 69 42 5 page. About 80 per cent of all spending $l,000-$l,999 68 74 52 10 $2,000-$4,999 77 84 57 13 units headed by persons 25 to 64 years of $5,000-$9,999 79 86 65 38 $10,000-$24,999 82 87 70 55 age and 70 per cent of those in the oldest $25,000 and over 95 75 71 77 and youngest age brackets owned some of the assets covered. Both the average num- 1 For definition of terms, see Supplementary Table 10. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN • AUGUST 1957 large expected or unexpected expenditures. AVERAGE FINANCIAL ASSETS, EARLY 1957 Thousands of dollars Accumulation of such assets is usually limited in this period, however, by heavy expenses, including in many cases the cost of MARKETABLE SECURITIES LIQUID ASSETS buying a home and durable goods that may be expected to serve for some time. The rate of accumulation of financial assets rises after the major expenses of establishing a home and rearing children have been met. Many parents can look forward to a number of years of increasing income after their homes and major durable goods have been paid for and their children have become self-supporting. Moreover, the incentive to accumulate funds in anticipation of retirement becomes greater as retirement age approaches. After retirement, some ALL 18-24 25-34 35-44 45-54 55-64 65 AND AGES OVER spending units are forced to draw on accu- NOTE.—Mean liquid assets and marketable securities of all mulated assets, although others may live spending units within specified age groups. For assets included, see Supplementary Table 10. Age refers to head of spending entirely on retirement incomes and returns unit. from investments. ber of assets owned and the average amount Savings accounts and savings and loan of each type increased with age through the and credit union shares were the assets most 55 to 64 year bracket; the increase was frequently owned by spending units headed particularly sharp beginning with age 45. by persons under 25 years of age. For per- While the proportion of spending units with sons just starting out, savings accounts profinancial assets declined for the 65 and over vide a convenient means of accumulating group, average holdings of those with assets funds for specific expenditures or to build changed little. Early in 1957 median hold- up a reserve. Checking accounts were ings of spending units with assets varied owned more frequently than any other type from less than $300 in the group headed by of asset by spending units headed by persons persons under 25 to about $2,000 in the 25 to 64 years of age. For this economically group headed by persons 55 and over, while active group, the convenience of having mean holdings of holders varied between checking accounts may outweigh service $600 and almost $9,000. charges on small accounts and the loss of Young persons usually start out with small interest involved in holding larger accounts. asset holdings and small incomes from which The average checking account balance to accumulate assets. As they grow older, increased with the age of the holder, but their incomes increase and the period of proportionately less than other assets. The accumulation lengthens. As they marry and average size of savings accounts and savings establish families, they have greater incen- and loan and credit union shares increased tive to have financial assets available for sharply with age. About 16 per cent of all making regular payments and for meeting spending units headed by persons 55 to 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 885 years of age owned stocks early in 1957, counterparts had accumulated in an earlier compared with 7 per cent of those headed period. Meanwhile, persons in younger by persons under 35. The percentage of age groups accumulated fewer assets than financial assets held in the form of stocks their counterparts had during the war, and and other marketable securities was also sub- in some instances they drew down previstantially larger for spending units in the ously accumulated assets. upper age brackets, as shown by the chart The form in which assets are held as well on page 884. Holdings of every type of as the amounts owned may reflect earlier asset declined in frequency beginning with economic and financial developments. Atage 65, but the decline was less for savings titudes toward investment in the various asaccounts than for other types. sets may reflect past developments affecting Data on holdings of financial assets within the value of such assets, and in some cases age groups merely show differences existing spending units may continue to hold assets among such groups at the present time; they acquired earlier even though they would not cannot be used to predict developments for acquire such assets under present conditions. any given group over the course of a life- Assets excluded from the Survey. Survey time. The current position of each group data on financial assets exclude several types reflects economic and financial develop- of assets in which spending units may have ments during its lifetime, and future con- investments, including equities in life insurditions for the group now in the younger ance policies and retirement funds and direct age brackets may differ substantially from investments in businesses, farms, and real those prevailing during the earlier life of the estate. The primary motives involved in group now retired. Many spending units acquiring such assets may differ from those now in the older age groups accumulated in acquiring the financial assets just distheir funds in part when incomes generally cussed, and liquidation of such assets may were lower both in dollar terms and in terms present more difficulties than selling stocks of the goods and services they would buy. and bonds in the market. Some persons in these age brackets may Protection for the family is usually the first have lost their savings as the result of un- consideration in acquiring life insurance, favorable economic or financial develop- and participants in retirement funds often ments in the past. Moreover, incentives to have little choice concerning their participasave may differ for persons of a given age tion. The terms for cashing in insurance at different times, as a result of differing policies or withdrawing from retirement retirement provisions and other factors. funds may tend to discourage such with- Early in 1957, the median amount of drawals. Persons investing in unincorpoliquid assets reported by spending units rated businesses or closely held corporations, headed by persons 65 years of age and over farms, or real estate may look upon such inwas higher than the median for the cor- vestments primarily as means of providing responding group 10 years earlier, while opportunities for self-employment. Morethe median reported by the group under 45 over, the market for such properties may be was lower. As dollar income increased limited. Owners of equities in insurance after the war, persons nearing retirement policies and retirement funds and of busiage accumulated more assets than their nesses, farms, and real estate are less likely Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN • AUGUST 1957 to know the value of their assets than are accounts tended to be smaller in relation to owners of bank accounts or of securities income for spending units that had savings quoted regularly in the market. accounts as well as checking accounts. Spending units with savings accounts can USE OF FINANCIAL ASSETS place temporarily excess funds in such ac- In order to shed additional light on the uses counts and transfer funds from them to make made of the various financial assets, the large or irregular payments. 1957 Survey of Consumer Finances included Only about one-half of all owners of several questions on activity in these assets checking accounts held $200 or more at the and attitudes toward holding them. time of interview. About one-fourth of Activity in financial assets. From one- these reported that they tried to keep minifourth to one-third of all spending units that mum balances from $200 to $500 and anowned savings accounts, savings bonds, and other one-fourth that they tried to keep $500 stocks at any time during 1956 reported or more. About three-fifths of those trying an increase in the amount held during the to maintain minimum balances were interyear. A similar proportion reported a de- ested primarily in having a reserve for miscline in holdings of savings accounts and cellaneous or emergency purposes, but savings bonds, while very few reported a de- about one-fifth were interested primarily in cline in stock holdings. Increases in sav- avoiding or minimizing service charges. ings account balances were particularly fre- Savings accounts and shares. While savquent among the groups with higher incomes ings accounts and savings and loan and and larger asset holdings. Increases and credit union shares are held in part for decreases in checking account balances were longer range purposes, they may be drawn each reported by about one-fifth of all cur- down to finance occasional large expendirent holders. In many cases changes in the tures and in some instances to make regamount of assets held reflected both addi- ular payments. About 55 per cent of tions and subtractions during the year. all current owners of savings accounts (28 Checking accounts. Most holders of per cent of all spending units) made withchecking accounts draw on them frequently drawals from their accounts at least once in making current payments. Checking ac- during 1956 (Table 4). In addition, ancount balances may be kept at the minimum other 5 per cent of all spending units had consistent with convenience in making pay- savings accounts at the beginning of 1956 ments and any excess funds placed where but exhausted them during the year. About they will earn interest. 20 per cent of the current owners have never At the time of interview early in 1957, drawn on such accounts. about two-fifths of all holders of checking One-third of the spending units drawing accounts had current balances equal to less on their savings accounts in 1956 made only than 5 per cent of annual income after taxes one withdrawal, but another one-third made and only one-fifth had balances equal to four or more. Withdrawals were less fre- 20 per cent or more of income after taxes. quent among large holders than among small The lowest ratios were found among middle holders; they were also less frequent among income spending units and those headed by spending units holding savings accounts and persons under 45 years of age. Checking other liquid assets than among those hold- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 887 TABLE 4 1956 but exhausted their holdings during the year. About 34 per cent of current USE OF SAVINGS ACCOUNTS AND SAVINGS BONDS [Percentage of current owners of specified asset] owners have never redeemed savings bonds. Reasons given for redeeming savings Withdrawal or Savings Savings bonds in 1956 were similar to those for redemption history accounts i bonds drawing down savings accounts, except that Transactions in 1956 55 27 transfers to other financial assets were mentioned by a larger proportion of those re- One 19 (2) 2-3 18 (2) deeming savings bonds. About 14 per cent 4-11 14 (2) 12 or more 3 n\ of all spending units purchased savings Not ascertained . . 1 n\ bonds in 1956. Year of last transaction: As would be expected from the relatively 1955 9 1 1953-54... 6 8 low frequency with which spending units 1947-52 3 12 reported owning stocks, only a small pro- 1941-46 5 Before 1941 (3) 1 portion—about 4 per cent—of all spending Never 20 34 units carried out any transactions in the Not ascertained 7 6 stock market last year. One-fourth of all All cases 100 100 stock owners purchased stocks, but only a small proportion of the owners sold stocks. 1 Includes savings and loan and credit union shares as well as savings deposits in banks and postal savings. Both purchases and sales were most frequent 2 Data not available. 3 No cases reported or less than one-half of 1 per cent. among large stockholders. Investment preferences. Types of financial ing savings accounts alone. About oneassets held and changes during the year rethird of those making withdrawals used flect present and past opinions concerning funds to purchase houses or durable goods. the advantages of holding the various assets. About one-sixth mentioned medical ex- In addition to data on holdings and changes, penses, and another sixth such items as the 1957 Survey of Consumer Finances obeducation, vacation, and moving. Onetained data on opinions of spending units third referred to withdrawals for meeting concerning the best place to put funds. The regular living expenses; as would be exquestion asked mentioned savings accounts, pected, mention of this use was most fresavings bonds, real estate, and common quent among spending units making nustock but permitted the respondent to specmerous withdrawals. Transfers to other ify other uses of funds if he chose to do so.13i financial assets were mentioned by fewer About 58 per cent of all spending units than one-tenth of those making withdrawals. with incomes of $3,000 or more expressed Savings bonds and stocks. Redemptions a preference for one or both of the fixed of savings bonds were less frequent than value assets—savings accounts and savings withdrawals from savings accounts in 1956. Only 27 per cent of all current owners of 13 The question asked was as follows: "Suppose a savings bonds (9 per cent of all spending man has some money over and above what he needs, for his expenses. What do you think would be the units) redeemed any bonds in 1956. An best thing for him to do with it nowadays—put it in additional 3 per cent of all spending units a savings account, buy Government bonds with it, invest it in real estate, or buy common stock, or what?"1 owned savings bonds at the beginning of . . . Why do you make that choice?" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN • AUGUST 1957 bonds—and 24 per cent expressed a pref- held and with changes in holdings during erence for one or both of the fluctuating 1956. Savings accounts and savings bonds value assets—common stock and real estate. were each held by a somewhat larger pro- About 10 per cent preferred a combination portion, and corporate stocks by a substanof these two general types of assets, and the tially larger proportion, of spending units remainder preferred assets other than those expressing a preference for such assets than specified or failed to state a preference. of other spending units with incomes of Among the 58 per cent preferring fixed $3,000 or more. value assets, 25 per cent preferred savings Role of life insurance. Although no data accounts, 26 per cent savings bonds, and 7 were collected on equity in life insurance per cent expressed no preference.14 Among policies, data were collected on the paythe 24 per cent preferring fluctuating value ment of premiums in 1956. Protection of assets, 10 per cent preferred common stock, dependents is the major reason for carrying 12 per cent real estate, and 2 per cent ex- life insurance. Nevertheless, many life inpressed no preference. surance policies provide an outlet for savings The proportion of spending units ex- which may be competitive to some extent pressing a preference for savings bonds has with the outlets already discussed. Early in declined substantially since 1954, when a 1957, 79 per cent of all spending units resimilar question was last asked, while the ported that they carried life insurance and proportion stating a preference for each of 74 per cent that they had paid some prethe other assets has increased. The pro- miums during 1956.15 About two-fifths of portion preferring real estate, however, is the premium payments were less than $100 still below the peak reached in 1951 and and most of the rest were between $100 and 1952. The reason most frequently men- $500. About one-sixth of all spending units tioned this year in favor of savings bonds acquired one or more new policies in 1956. was their safety, while the reason most fre- Ownership of life insurance policies was quently mentioned in favor of savings ac- widespread among all income, age, and asset counts was their liquidity. A high rate of groups. About two-thirds of the spending return was the most frequent reason for units without any of the financial assets dispreferring common stock and real estate. cussed above carried insurance, compared As in other recent years, the proportion with about five-sixths of the holders of such preferring savings bonds and savings ac- assets. Premium payments increased with counts was largest among groups with rela- income and with holdings of financial astively low incomes and small amounts of sets; among age groups, they were at a peak financial assets, while the proportion prefer- among spending units headed by persons 35 ring common stock was largest among to 44 years of age. spending units with large incomes and sub- Protection of dependents was by far the stantial assets. Investment preferences cor- most frequent reason for carrying life insurresponded fairly well with the types of assets ance given by all groups of spending units 14 Those expressing no preference included two dif- 15 Policy owners not paying premiums in 1956 inferent groups: respondents believing that either would cluded, in addition to any purchasers early in 1957, be equally satisfactory and respondents expressing a those owning only paid-up policies and those covered definite opinion in favor of diversification between only by policies paid for by others, including emthe two. ployers and relatives outside the spending unit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 889 with incomes of $3,000 or more, while pro- TABLE 5 vision for burial or medical expenses was PERSONAL DEBT—LIQUID ASSET RELATION 1 the most frequent reason given by spending [Percentage distribution of spending units] units with incomes of less than $3,000. About one-eighth of all policy owners men- Age of head All tioned saving, the provision of retirement Relation spending income, or the creation of an estate as a rea- units Under 45 and 45 over son for carrying life insurance.10 As would be expected, such reasons were mentioned No debt 42 29 57 most frequently by spending units with large No liquid assets 8 4 12 premium payments; these are also the spend- Some liquid assets 34 25 45 ing units with relatively large holdings of Some debt 58 71 43 the financial assets discussed above. No liquid assets 16 18 13 Some liquid assets—debt as a percentage of liquid PERSONAL DEBT assets: Many holders of the financial assets covered Under 20 8 7 9 21-60 6 7 4 by the Survey, as well as a number of spend- 61-100 3 4 3 101-250 6 8 5 ing units without such assets, owed short- 251-500 5 7 2 term or long-term debt. Most of the debts 501 and over 11 17 5 were incurred in connection with purchases Amount of debt not ascertained 3 3 2 of homes, automobiles, or household durable goods, but some were incurred in con- All cases 100 100 100 nection with other types of purchases or to take care of emergency needs. Thirty per 1 For definition of personal debt, see Supplementary Table 15, note 1; for definition of liquid assets, see Supplementary Table 9, note 1. cent of all spending units owed mortgage debt early in 1957 and 59 per cent owed establish credit standing. About two-thirds personal debt. The median amount of mortof all spending units with incomes from gage debt was about $5,600 and the median $3,000 to $10,000 owed some personal debt amount of personal debt was about $500.17 early in 1957. Within each income group, Personal debt for Survey purposes includes debt was most frequent on the part of spendall short- and intermediate-term consumer ing units that either lacked liquid assets or debt except charge accounts. had assets of less than $500. About three- Characteristics of debtors. Personal debt fourths of all spending units headed by perwas owed most frequently by groups of sons 25 to 44 years of age owed personal spending units with small or moderate debt, compared with one-fourth of those amounts of financial assets but with suffiheaded by persons 65 years of age and over, cient present and prospective income to and the average amount of debt owed was 16 Some respondents gave more than one reason for largest in the 25 to 44 year age group. carrying life insurance. About one-fourth of all spending units " For a discussion of the terms of debts incurred with personal debt had no liquid assets other in connection with purchases of houses and durable than currency (Table 5). Of debtors with goods and the distribution of such debts among various classes of spending units, see the article "Hous- liquid assets, almost one-fourth owed an ing and Durable Goods" in the Federal Reserve BULamount equal to 20 per cent or less of their LETIN, June 1957, pp. 628-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN • AUGUST 1957 liquid assets, but another one-fourth owed 55 to 64 years of age and more than onean amount more than five times as great as half of those 65 or more years of age retheir liquid assets. About one-half of the ported that they had never bought anything spending units with personal debt exceed- on the instalment plan. The differences are striking, even after allowance for the possiing five times their liquid assets held only bility that some older persons may have forchecking accounts. As would be expected, gotten instalment purchases made many the frequency of high debt-asset ratios was years in the past. greatest among spending units headed by Among spending units that had used inpersons under 45 years of age. stalment credit, about two-thirds of those Credit use. The lower frequency of perheaded by persons 65 or more years of age sonal debt among spending units in the older and one-half of those headed by persons 55 age groups reflects in part reduced claims on to 64 were free from debt at the date of incomes and the desire to improve financial interview. In each of these groups about positions in anticipation of retirement. In one-third of those that had paid off their part it may be due to the fact that many debts had done so more than 10 years beolder persons developed their buying habits fore, one-third from 3 to 10 years before, when instalment credit was less widely used and one-third not more than 3 years before. than at present. Economic developments Among units headed by persons 25 to 44 during the 1930's also may have influenced years of age, fewer than one-fourth of those the attitudes of older persons toward instalthat had ever used credit were free from debt ment credit. at the time of interview. A large proportion While about five-sixths of all spending of credit users in the younger age brackets units headed by persons 25 to 34 years of apparently remain in debt most of the time, age reported the use of instalment credit in while current users in the older age brackets recent years, more than one-third of those may use credit only from time to time. TECHNICAL NOTE Results of the 1957 Survey of Consumer unit is defined as all persons living in the Finances are based on 3,041 interviews dur- same dwelling, and related by blood, maring January and February in 2,726 dwelling riage, or adoption, who pool their incomes units. These dwelling units are located in to meet their major expenses. A husband the 12 largest metropolitan areas and in 54 and wife living together are always included additional sampling areas chosen to rep- in the same spending unit even though they resent a cross section of the population liv- do not pool their separate incomes. All ing in private households in the continental children under 18 years of age are included United States. Transients, residents of in- in the spending unit of their closest relative. stitutions, and persons living on military The spending unit containing the owner or reservations are not represented. lessee of the dwelling is the primary spend- Within dwellings, interviews are con- ing unit. Children 18 or more years of ducted with each spending unit. A spending age and other relatives who earn more than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 891 $15 per week and who do not pool their in- SPENDING UNITS AND FAMILY UNITS IN SURVEY POPULATION comes with that of the primary spending unit [Estimated number, in millions] are classified as related secondary spending units. Spending units composed of persons Year of Survey in the dwelling unit who are not related to Type of unit 1957 1956 1955 1954 1953 members of the primary unit are designated as unrelated secondary spending units. a. Primary spending unit (equals occupied dwelling Since the spending unit includes those unit) 49.5 48.7 47.7 46.8 46.2 b. Related secondary spending persons, and only those persons, who make unit 4.9 4.6 5.0 5.3 5.9 joint financial decisions, it is the unit most c. Unrelated secondary spending unit 1.7 1.7 1.6 1.9 1.8 frequently used in tabulations of Survey Family (a plus c) 51.2 50.4 49.3 48.7 48.0 financial data. Some Survey data, however, Spending unit (a plus b notably those on housing, are presented for plus c)1 56.1 55.0 54.3 54.0 53.9 family units. A family unit is defined as all r Revised. 1 Estimates of the number of spending units, which depend upon persons living in the same dwelling who are the ratio of primary spending units to all spending units, are subject to sampling error. The size of the sampling error is such that there related by blood, marriage, or adoption. is one chance in 20 that the estimates shown in the table are above or below the true figure by 1 million. Survey family units include individuals living alone as well as groups of related persons. and family units in the Survey population. To obtain data on a family basis, informa- Aggregate data are obtained for the popution for related secondary spending units is lation covered by the Survey of Consumer combined with that for the primary spend- Finances by multiplying data on proportions ing units to which they are related and with and means obtained in the Survey by the which they live. The head of the primary estimated total number of spending units or spending unit is considered to be the head family units. Estimates of the number of of the family. The number of family units units with given characteristics are obtained equals primary spending units plus un- by multiplying the proportion shown by the related secondary spending units. sample to have that characteristic by the Estimates of the total number of spend- estimated total number of units. Estimates ing units in the population covered by the of aggregate assets, debt, expenditures, and Survey are derived by multiplying the num- other variables are obtained by multiplying ber of occupied dwelling units, or house- the mean amount derived from the sample holds, estimated from Census data, by the by the number of units. All data in the foreaverage number of spending units per dwell- going article are based on the estimate of ing unit included in the Survey sample. The 56.1 million spending units and 51.2 million number of family units is estimated in a family units in the Survey population early similar manner. Both the estimated num- in 1957. Data in earlier articles in this ber of dwelling units and the average num- series were based on preliminary estimates ber of spending units and family units per differing slightly from the final estimates. dwelling unit are subject to sampling error. A more detailed description of Survey The accompanying table shows the estimated methods was published in the Federal number of dwelling units, spending units, Reserve BULLETIN for July 1950. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN • AUGUST 1957 SUPPLEMENTARY TABLE 1 INCOME DISTRIBUTION OF SPENDING UNITS, FAMILY UNITS, AND TOTAL MONEY INCOME BEFORE TAXES ] [Per cent] Spending units2 Family units3 Money income Distribution of units Total money income Distribution of units Totalmoney income before taxes 1956 1955 1954 1956 1955 1954 1956 1955 1954 1956 1955 1954 Under $1 000 9 11 10 1 1 8 11 9 I i 1 $1 000-$l 999 . 12 12 13 3 4 5 11 11 12 4 $2,000-$2,999 12 13 14 6 7 8 10 11 5 6 $3 000-$ 3 999 12 14 17 8 10 13 11 13 15 7 9 11 $4,000-$4,999 14 14 14 12 13 14 13 13 14 10 11 12 $5,000-$7,499 24 22 21 28 28 28 25 24 24 27 28 29 $7,500-$9 999 9 8 6 15 14 11 11 9 8 16 15 13 $10,000 and over 8 6 5 27 23 20 11 8 7 31 27 24 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Median income4 $4,250 $3,960 $3,700 $4,700 $4,260 $4,100 Mean income5 $5,140 $4,650 $4,420 $5,640 $5,060 $4,900 Number of cases 3,041 3,014 3,119 2,770 2,729 2,805 1 Income data for each year are based on interviews early in the who are related by blood, marriage, or adoption. Single-person following year. families are included. 2 A spending unit includes all persons living in the same dwelling 4 Median income is that of the middle spending unit or family and related by blood, marriage, or adoption, who pool their incomes unit in a ranking of all units by size of money income before taxes. to meet major expenses. Single-person spending units are included. 5 Mean income is obtained by dividing aggregate money income 3 A family unit includes all persons living in the same dwelling before taxes by number of spending units or family units. SUPPLEMENTARY TABLE 2 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN SPECIFIED GROUPS, 1956 [Per cent] 1956 money income before taxes Num- All Group characteristic ber of income cases groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over All spending units 3,041 100 Age of head of spending unit: 18-24 271 100 12 16 27 20 12 1 1 25-34 600 100 2 4 14 21 33 9 6 35-44 686 100 4 6 7 12 16 31 14 10 45-54 586 100 5 10 9 11 25 14 15 55-64 433 100 7 14 12 16 12 21 10 65 and over 420 100 30 33 15 6 6 6 3 Family status: Single: Age 18-44 271 100 13 19 23 19 Age 45 and over. 386 100 30 25 14 10 Married:i Age 18-44, no children under 18 214 100 4 13 14 18 26 11 10 Age 18-44, children under 18 1,007 100 3 8 12 19 36 12 8 Age 45 and over, no children under 18... 661 100 17 12 12 19 9 13 Age 45 and over, children under 18 350 100 10 9 28 16 13 Employment status of wife:2 Not employed 1,544 100 10 Employed: Full time, 11-12 months 243 100 () 7 10 29 29 20 Full time, 10 months or less 196 100 4 12 16 36 16 7 Part time 232 100 11 9 18 32 6 Region:4 North East 854 100 5 11 10 15 16 26 10 North Central. 939 100 10 11 12 12 12 26 9 South 794 100 13 16 14 11 12 17 West 454 100 5 9 9 13 16 30 1 Includes only spending units in which both husband and wife are 4 Survey regions are defined as follows: North East includes New present. Age refers to head of spending unit. England, the Middle Atlantic States, and Delaware; North Central 2 Excludes single spending units, those in which wife is self- includes West North Central and East North Central States; South employed, and those for which percentage of time employed or other includes East South Central, West South Central, and South Atlantic data relating to employment of wife were not ascertained. States other than Delaware; West includes Mountain and Pacific 3 No cases reported or less than one-half of 1 per cent. Coast States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 893 SUPPLEMENTARY TABLE 3 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS1 [Per cent] Money income P p a r r o o n f f d e e s s s s s e i i m o o n n i- a a l l Managerial bu e s m in S p e e lo s lf s y - m ed an a C nd le r s i a c l a e l s an S s d k k i i s l l l l e e e m d d i- U s n e a s r k n v i d i l c le e d op F e a r r a m tor before taxes 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 <? Under $1,000 (2) 2 (2) 2 2 3 2 2 2 12 14 16 19 $l,000-$l,999 2 4 7 7 6 6 5 16 23 23 29 $2,000-$2,999 3 3 2 2 6 6 12 15 10 11 19 23 25 15 $3,000-$3,999 10 8 6 9 9 10 16 18 13 16 21 19 12 15 $4,000-$4,999 16 12 10 15 9 10 17 15 20 22 12 11 7 10 $5,000-$7,499 31 37 36 28 19 25 27 29 36 32 17 8 10 10 $7,500-$9,999 17 16 21 21 18 14 12 10 9 10 2 2 3 1 $10,000 and over 20 20 23 23 33 26 6 5 4 2 1 (2) 4 1 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median income $6,250 $6,250 $7,000 $6,760 $7,500 $6,000 $4,600 $4,290 3$4,940 $4,660 $3,000 $2,520 $2,320 $2,190 Mean income $7,770 $8,140 $8,790 $8,280$10,750 $8,180 $5,190 $4,980 3$5,O3O $4,830 $3,250 $2,840 $3,350 $2,860 Number of cases 314 313 223 183 261 262 372 365 795 810 287 299 187 154 1 Income data for each year are based on interviews early in the 3 The median income of skilled workers was $5,350 in 19563~and following year. Occupation refers to head of spending unit. that of semiskilled workers was $4,400. Mean incomes were $5,640 2 No cases reported or less than one-half of 1 per cent. and $4,480, respectively. SUPPLEMENTARY TABLE 4 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES, BY INCOME TENTHS ' Percentage of total money income Mean income within tenth Lowest income within tenth Income tenth 1956 1955 1954 1953 1956 1955 1954 1953 1956 1955 1954 1953 Highest tenth 31 29 29 31 $15,760 $13,830 $12,950 $14,340 $9,050 $8,440 $7,720 $7,680 Second 15 16 15 15 7,850 7,330 6,770 6,750 7,000 6,500 6,000 6,000 Third 12 13 13 12 6,330 5,910 5,490 5,450 5,850 5,380 5,060 5,000 Fourth 10 11 11 10 5,370 5,010 4,740 4,710 5,000 4,640 4,350 4,400 Fifth 9 9 9 9 4,660 4,260 4,020 4,080 4,270 3,960 3,700 3,780 Sixth 8 8 8 3,920 3,590 3,430 3,480 3,520 3,240 3,120 3,150 Seventh 6 6 6 3,130 2,830 2,810 2,840 2,740 2,470 2,500 2,500 Eighth 5 4 5 2,310 2,070 2,110 2,150 1,900 1,650 1,760 1,800 Ninth 3 3 3 1,450 1,260 1,370 1,380 1.050 900 1,000 1,000 Lowest tenth 1 1 1 660 470 540 530 (2) (2) 1 Income data for each year are based on interviews early in the according to money income before taxes. following year. Tenths were obtained by ranking spending units 2 Data not available. SUPPLEMENTARY TABLE 5 RECIPIENTS OF SELECTED TYPES OF INCOME WITHIN INCOME TENTHS, 1956 [Percentage of spending units] Income tenth1 s W a a l a a n g r d i e e s s em in p S c lo o e y l m f m - e e 2 nt B in u c s o in m e e ss 3 in F c a o r m m e4 di I v n i a t d e n e r d n e d st s 5 Rent 6 p T ay ra m n e s n fe ts r 7 All spending units 79 10 6 7 16 9 25 Highest tenth 80 13 19 3 45 19 13 Second 91 8 12 3 22 13 13 Third 95 9 5 I 19 8 17 Fourth 91 11 4 3 13 10 14 Fifth 91 7 3 10 8 16 Sixth . . 91 10 3 5 9 5 20 Seventh 84 8 5 8 13 6 24 Eighth 75 8 3 15 14 8 33 Ninth 48 12 3 13 9 8 53 Lowest tenth 44 10 1 12 8 8 45 1 Tenths were obtained by ranking spending units according to 4 Excludes farm income of nonfarmers. money income before taxes. 5 Interest, dividends, and royalties. 2 Income of professional men and artisans; excludes business 6 Excludes payments by roomers. income. 7 Includes income from pensions, annuities, and social security 3 Income from unincorporated businesses. and veterans' benefits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN • AUGUST 1957 SUPPLEMENTARY TABLE 6 FINANCIAL ASSETS WITHIN INCOME GROUPS, EARLY 1957 [Percentage distribution of spending units] 1956 money income before taxes All Type and size of holding spending units Under $1,000- $2,000- $3,000- $1,000 $1,999 $2,999 $3,999 Total financial assets: * Zero 24 55 46 34 32 $1-$199 17 8 14 20 19 $200-$499 13 12 8 12 17 $500-$999 11 6 8 10 8 $1 000 $1 999 10 3 8 8 9 $2,000-$4,999 12 10 9 8 8 $5,000-$9,999 5 3 3 4 3 $10 000-$24 999 4 2 3 2 2 $25,000 and over 3 1 1 Not ascertained 1 1 1 1 All cases 100 100 100 100 100 Stocks:3 Zero. 89 97 95 95 96 $1-$199 1 (2) (2) $200 $499 1 $500-$999.... 1 (2) (2) 1 1 $1 000 $1 999 1 1 $2,000-$4 999. 2 1 1 $5,000-$9,999 1 1 $10 000 and over 3 1 1 Not ascertained 1 1 1 1 All cases . 100 100 100 100 100 Total liquid assets: Zero 24 55 46 34 32 $1-$199 17 8 14 20 19 $200-$499 . . 14 12 8 12 17 $500-$999 12 7 8 11 $1 000-$ 1 999 3 9 8 $2,000-$4,999 13 11 10 9 $5,000-$9,999 5 3 3 3 $10,000 and over 4 1 2 3 All cases 100 100 100 100 U. S. savings bonds: Zero 68 88 78 73 $1—$199 12 5 9 12 $200-$499 6 2 2 4 $500 $999 4 1 6 3 $l,000-$l,999 4 1 2 3 $2,000 and over 6 3 3 5 All cases 100 100 100 100 Savings accounts: 4 Zero 50 69 72 67 $1—$199 11 4 5 8 $200-$499 10 6 6 6 $500-$999 7 6 3 5 $1 000-$ 1 999 7 3 6 4 $2,000 and over 15 12 8 9 All cases 100 100 100 100 Checking accounts: Zero 45 74 67 59 $1-$199 24 10 15 18 $200 $499 14 9 6 10 $500-$999 8 4 5 8 $1,000-51,999 4 1 4 3 $2,000 and over 5 1 3 3 All cases 100 100 100 100 Number of cases 3,041 224 310 325 OOOO $4,000- $5,000- $7,500- $10,000 $4,999 $7,499 $9,999 and over 19 10 3 (2) 27 19 11 2 14 17 15 5 12 15 17 8 9 14 11 14 10 14 23 16 5 6 12 10 3 3 4 17 2 23 2 5 100 100 100 100 94 oo 80 57 1 2 (2) 3 2 3 4 1 2 2 2 1 2 4 7 1 1 2 4 2 1 2 19 1 2 5 100 100 100 100 20 10 3 (2) 27 20 13 14 18 17 6 13 16 17 11 8 14 13 16 12 15 22 21 3 4 5 12 14 2 2 2 3 29 100 100 100 100 100 73 71 63 48 46 12 13 15 18 11 6 7 7 10 8 3 3 6 8 7 3 4 4 9 3 3 2 5 7 25 100 100 100 100 100 56 47 36 30 28 12 17 16 14 4 10 9 13 15 7 5 8 10 8 12 6 6 11 9 10 11 13 14 24 39 100 100 100 100 100 56 49 32 20 6 22 27 36 31 10 12 12 16 26 20 5 7 10 11 17 3 3 3 6 19 2 2 2 6 28 100 100 100 100 100 352 395 761 327 347 1 Includes marketable U. S. Government bonds and corporate, 4 Includes savings accounts in banks, postal savings, and shares in State, and local government bonds, as well as items shown separately. savings and loan associations and credit unions. 2 No cases reported or less than one-half of 1 per cent. 3 Excludes stock of privately owned corporations. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 895 SUPPLEMENTARY TABLE 7 FINANCIAL ASSETS WITHIN AGE GROUPS, EARLY 1957 [Percentage distribution of spending units] All Age of head of spending unit Type and size of holding spending units * 18-24 25-34 35-44 45-54 55-64 65 and over Total financial assets:2 Zero 24 29 22 21 22 20 31 $1-$199 17 30 25 20 11 9 6 $200-$499 13 18 16 14 12 10 8 $500-$999 11 11 12 12 13 9 9 $l,000-$l,999 10 10 11 11 11 9 $2,000-54,999 12 9 12 14 16 17 $5,000-$9,999 5 5 4 6 10 7 $10,000-$24,999... 4 1 3 5 8 6 $25,000 and over. . 3 1 5 5 5 Not ascertained 2 1 2 2 All cases. 100 100 100 100 100 100 100 Stocks:4 Zero 96 93 89 86 84 $1-$199 2 1 1 (3) $200-$499 1 1 $500-$999 1 1 2 2 $l,000-$l,999 1 2 2 $2,000-$4,999 3 2 2 $5,000-$9,999 1 3 $10,000 and over 2 5 5 Not ascertained 2 1 All cases. 100 100 100 100 100 100 100 Total liquid assets: Zero 24 29 22 21 22 20 31 $1-$199 17 30 25 21 12 10 6 $200-$499 14 19 17 15 12 11 8 $500-$999 12 11 13 12 13 10 10 $1,000-$ 1,999 11 7 10 12 12 12 9 $2,000-$4,999 13 3 9 12 16 19 19 $5,000-$9,999 5 1 3 7 9 $10,000 and over. 4 1 6 9 All cases 100 100 100 100 100 100 100 U. S. savings bonds: Zero 68 73 70 67 65 59 73 $1-$199 12 18 15 14 12 9 7 $200-$499 6 6 7 7 5 7 2 $500-$999 4 2 5 4 5 6 5 $1,000-$ 1,999. .. 4 1 4 5 7 4 $2,000 and over. 6 4 12 9 All cases. 100 100 100 100 100 100 100 Savings accounts:5 Zero 50 55 51 48 48 45 53 $1-$199 11 18 16 14 10 7 1 $200-$499 10 14 11 11 6 $500-$999 7 7 7 6 7 $l,000-$l,999 7 3 7 8 7 $2,000 and over 15 3 18 26 26 All cases. 100 100 100 100 100 100 100 Checking accounts: Zero 45 65 43 40 40 41 56 $1-$199 24 23 33 31 18 17 11 $200-$499 14 9 13 14 16 17 11 $500-$999 8 1 7 9 12 9 10 $1,000-$ 1,999. .. 4 2 3 7 5 $2,000 and over. 5 4 9 7 All cases. 100 100 100 100 100 100 100 Number of cases.. 3,041 271 600 686 586 433 420 1 Includes cases in which age of head of spending unit was not 4 Excludes stock of privately owned corporations. ascertained. 5 Includes savings accounts in banks, postal savings, and shares in 2 Includes marketable U. S. Government bonds and corporate, savings and loan associations and credit unions. State, and local government bonds, as well as items shown separately. 3 No cases reported or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN • AUGUST 1957 SUPPLEMENTARY TABLE 8 LIQUID ASSET COMPOSITION WITHIN INCOME AND AGE GROUPS, EARLY 1957 [Percentage distribution of spending units] Number All Income and age of cases cases All spending units 3,041 1956 money income before taxes: Under $1,000 224 $l,000-$l,999 310 $2,000-$2,999 325 $3,000-$3,999 352 $4,000-$4,999 395 $5,000-$7,499 , 761 $7,500-$9,999 327 $10,000 and over.. 347 Age of head of spending unit: 18 24 .... 271 25-34 600 35 44 .... 686 45 54 586 55 64 433 65 and over 420 8 88888888 888888 Checking Checking Checking Savings account, No Some Checking Savings Savings account account account savings liquid liquid account account bonds and and and account, assets assets only onlyi only savings savings savings and account bonds bonds savings bonds 24 76 17 12 3 15 6 7 16 55 45 10 16 1 8 3 2 5 46 54 16 12 4 4 6 6 6 34 66 21 5 7 7 8 7 32 68 16 13 4 12 4 7 12 20 80 19 18 3 15 5 8 12 10 90 18 11 2 23 6 9 21 3 97 13 7 2 24 11 9 31 100 20 3 23 7 3 44 30 70 15 21 6 7 4 8 9 22 78 20 12 2 16 6 7 15 21 79 17 9 3 19 7 6 18 22 78 18 9 2 16 6 7 20 20 80 14 10 3 15 9 8 21 31 69 14 15 2 13 5 8 12 1 Includes savings accounts in banks, postal savings, and shares in 2 No cases reported or less than one-half of 1 per cent. savings and loan associations and credit unions. SUPPLEMENTARY TABLE 9 LIQUID ASSET HOLDINGS OF SPENDING UNITS AND FAMILY UNITS1 [Per cent] Distribution of spending units Distribution of family units Amount 1957 1956 1955 1950 1946 1957 1956 1955 1950 1946 Zero 24 28 29 31 24 23 28 28 29 23 $1-$199 17 15 17 16 15 17 14 16 15 14 $200-$499 14 12 12 11 14 13 12 12 12 13 $500-$999 12 12 10 10 14 12 11 10 9 13 $1 000-$l 999. 10 10 14 11 11 11 11 15 $2 000-$4 999 13 12 12 13 13 13 13 13 14 14 $5 000-$9,999 5 6 6 6 4 6 6 6 6 5 $10,000 and over 4 4 4 3 2 5 5 4 4 3 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases 3,041 3,014 3,119 3,512 2,890 2,770 2,729 2,805 3,069 2,565 1 Liquid assets included are U. S. Government savings bonds, checking accounts, savings accounts in banks, postal savings, and shares in savings and loan associations and credit unions; currency is excluded. Data prior to 1957 include also marketable U. S. Gov- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 897 SUPPLEMENTARY TABLE 10 RATIO OF SPECIFIED ASSETS TO TOTAL FINANCIAL ASSETS, EARLY 1957 X [Percentage distribution of spending units with financial assets] All Total financial assets spending Percentage ratio units with fi a n s a s n e c ts ia 2 l $1-$199 $ $ 2 4 0 9 0 9 - $ $9 5 9 0 9 0- $ $ 1 1 , , 0 9 0 9 0 9 - $ $ 2 4 , , 0 9 0 9 0 9 - $ $ 5 9 , , 0 9 0 9 0 9 - $ $ 1 2 0 4 , , 0 9 0 9 0 9 - a $ n 2 d 5 , o 0 v 0 e 0 r Stocks:3 Zero. 86 99 99 95 90 87 62 45 23 Under 20 3 3 5 12 16 8 20-39 2 1 2 2 2 7 12 7 40-59 2 (4) (4) 2 2 7 9 11 60-79 2 1 2 5 9 14 80-99 3 2 2 7 10 37 100 1 All cases 100 100 100 100 100 100 100 100 100 Total liquid assets: Zero 1 l (4) (4) Under 20 3 2 7 10 41 20-39 2 1 C4) 2 8 9 15 40-59 2 1 3 6 10 11 60-79 . 3 1 2 3 4 8 14 8 80-99 3 (4) (4) (4) 4 4 10 16 8 100 85 99 99 95 89 85 61 42 17 All cases 100 100 100 100 100 100 100 100 100 U. S. savings bonds: Zero 57 80 74 58 48 43 35 30 29 Under 20 15 5 13 20 25 32 40 46 20-39 9 3 9 9 15 13 9 14 8 40-59 6 5 4 7 6 7 13 8 8 60-79 4 1 4 4 5 5 7 5 3 80-99. . 3 1 1 4 3 6 4 3 3 100 4 9 2 4 3 1 2 All cases.... 100 100 100 100 100 100 100 100 100 Savings accounts:5 Zero 34 61 41 31 26 16 14 13 25 Under 20 10 4 6 9 8 10 12 21 49 20-39 7 2 4 8 8 7 16 13 8 40-59 8 4 7 8 7 11 16 17 8 60-79 . 12 5 11 14 17 18 14 17 5 80-99 13 2 8 15 20 27 22 17 2 100 15 22 23 16 13 11 6 3 3 All cases 100 100 100 100 100 100 100 100 100 Checking accounts: Zero 28 36 31 30 32 23 21 18 5 Under 20 27 2 12 23 27 49 61 62 85 20-39 9 4 11 12 12 12 9 10 5 40-59 .. 6 5 8 8 8 3 4 6 1 60-79 4 4 4 4 5 3 1 1 80-99 3 3 4 4 5 3 3 100 21 46 30 19 10 6 4 1 2 All cases.... 100 100 100 100 100 100 100 100 100 Number of cases 2,476 482 386 359 310 413 200 162 115 1 Financial assets include U. S. Government savings bonds, check- ascertained and so exceeds sum of ratio groups shown. ing accounts, savings accounts in banks, postal savings, and snares in 3 Excludes stock of privately owned corporations. savings and loan associations and credit unions; marketable U. S. 4 No cases reported or less than one-half of 1 per cent. Government bonds; corporate, State, and local government bonds; 5 Includes savings accounts in banks, postal savings, and shares in and corporate stocks. savings and loan associations and credit unions. 2 Total includes cases in which amount of financial assets was not NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN • AUGUST 1957 SUPPLEMENTARY TABLE 11 INVESTMENT PREFERENCE WITHIN INCOME GROUPS [Percentage distribution of spending units] Spending units with Money income before taxes in preceding year incomes of $3,000 Preference1 and over $3,000-$4,999 $5,000-$7,499 $7,500 and over 1957 1954 1952 1957 1954 1952 1957 1954 1952 1957 1954 1952 Assets of fixed value 58 73 65 68 80 71 59 74 61 43 51 44 Savings accounts 25 22 16 32 24 17 23 23 16 19 13 14 Savings bonds 26 42 43 29 46 48 28 40 38 19 32 26 Savings accounts and savings bonds 7 9 6 7 10 6 8 11 7 5 6 4 Assets of fluctuating value 24 16 26 15 11 20 25 17 30 37 32 45 Common stock 10 7 8 5 3 6 10 8 8 18 19 19 Real estate 12 8 17 9 7 14 13 8 20 15 10 20 Common stock and real estate 2 1 1 2 1 2 4 3 6 Combination of fixed and fluctuating items listed 10 8 5 5 5 4 10 7 6 15 15 8 Assets not listed 3 1 1 3 1 3 1 2 4 1 1 Not ascertained 5 2 3 9 3 5 3 1 1 1 2 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Number of cases 2,182 2,029 1,729 747 912 906 761 670 490 674 447 333 1 In 1957 the following question was asked of spending units with savings account, buy Government bonds with it, invest it in real; incomes of $3,000 and over: "Suppose a man has some money over estate, or buy common stock, or what?" Similar questions were and above what he needs for his expenses. What do you think asked in the other years. would be the best thing for him to do with it nowadays—put it in a 2 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 12 LIFE INSURANCE PREMIUMS WITHIN INCOME AND AGE GROUPS, 1956 * [Percentage distribution of spending units within groups] Amount of premium payment All Does Owns Income and age sp u e n n i d t i s ng n p o o t l o ic w y n policy Zero $1- $50- $100- $200- $500- $1,000 Not as- $49 $99 $199 $499 $999 and over certained All spending units2 100 21 79 14 16 20 16 1956 money income before taxes Under $1,000 100 57 43 7 15 11 4 1 $l,000-$l,999 100 47 53 6 25 15 4 2 $2,000-$2,999 100 33 67 5 23 17 11 6 $3,000-$3,999 100 19 81 10 16 23 20 10 $4,000-$4,999 100 9 91 5 16 24 27 15 () () $5,000-$7,499 100 7 93 5 6 17 33 27 $7,500-$9,999 100 3 97 2 7 28 41 6 2 $10,000 and over 100 4 96 4 3 18 26 17 18 Age of head of spending unit: 18-24 100 31 69 21 20 14 3 25-34 100 12 88 4 13 18 27 20 35-44 100 14 86 2 9 15 25 25 45-54 100 15 85 3 12 17 21 20 55-64 100 19 81 9 14 18 20 13 65 and over 100 44 56 10 18 12 7 6 1 Ownership at time of interview and payments during 1956. 3 No cases reported or less than one-half of 1 per cent. 2 Includes cases in which age of head was not ascertained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 899 SUPPLEMENTARY TABLE 13 PERSONAL DEBT OF SPENDING UNITS WITHIN INCOME AND AGE GROUPS, EARLY 1957 [Percentage distribution of spending units] Number All Income and age of cases cases All spending units2 3,041 1956 money income before taxes: Under $1 000 224 $l,000-$l,999 310 $2 000-$2 999 325 $3,OOO-$3 999 352 $4,000-$4,999 395 $5 000-$7 499 761 $7,500-$9,999 327 $10 000 and over 347 Age of head of spending unit: 18-24 271 25-34 600 35-44 686 45-54 586 55-64 433 65 and over 420 8 8888 Amount of personal debt1 No Some debt debt $l-$99 $ $ 1 1 0 9 0 9 - $ $ 2 4 0 9 0 9 - $ $ 5 9 0 9 0 9 - a $ n 1 d , 0 o 0 v 0 er c N er o ta t i a n s e - d 42 58 9 6 12 11 16 4 71 29 10 5 7 4 2 1 56 44 14 6 11 6 4 3 45 55 10 9 15 10 6 5 35 65 10 6 14 16 14 5 100 31 69 10 5 17 15 17 5 100 32 68 5 6 15 13 26 3 100 30 70 8 4 12 12 31 3 100 53 47 4 2 5 8 22 6 100 39 61 9 7 13 13 16 3 100 24 76 8 6 17 16 25 4 100 29 71 9 7 13 13 23 6 100 40 60 8 5 14 13 16 4 100 59 41 10 5 11 6 7 2 100 75 25 10 3 4 2 2 4 1 Includes all short- and intermediate-term consumer debt other 2 Includes cases in which age of head of spending unit was not than charge accounts; excludes mortgage and business debt. ascertained. SUPPLEMENTARY TABLE 14 PERSONAL DEBT—LIQUID ASSET RELATION WITHIN INCOME GROUPS, EARLY 1957 1 [Percentage distribution of spending units] All Relation spending units No debt 42 No liquid assets 8 Some liquid assets 34 Some debt 58 No liquid assets Some liquid assets—debt as a percentage of liquid assets: Under 20 21 60 . . .. 61 100 101-250 251 500 501 and over Amount of debt not ascertained 3 . All cases so oo s3 1956 money income before taxes Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500- $10,000 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 and over 71 56 45 35 31 32 30 53 36 18 10 5 3 2 1 35 38 35 30 28 30 29 53 29 44 55 65 69 68 70 47 18 29 25 27 17 8 3 3 6 4 6 8 10 16 11 2 3 4 6 5 9 9 6 3 2 1 4 3 5 4 6 5 6 1 1 3 7 9 9 9 8 5 3 4 8 7 9 5 11 2 9 9 14 19 14 6 3 1 1 3 3 3 2 4 6 100 100 100 100 100 100 100 100 100 1 Personal debt and liquid assets as of time of interview, income 2 No cases reported or less than one-half of 1 per cent. before taxes in preceding year. For definition of personal debt, see 3 Includes both holders and nonholders of liquid assets. Supplementary Table 13, note 1; for definition of liquid assets, see Supplementary Table 9, note 1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN • AUGUST 1957 SUPPLEMENTARY TABLE 15 PERSONAL DEBT OF SPENDING UNITS AND FAMILY UNITS ] [Percentage distribution of units] Distribution of spending units Distribution of family units Amount 1957 1956 1955 1954 1953 1952 1957 1956 1955 Zero 42 46 45 46 48 49 39 44 42 $1 $99 9 9 9 9 13 I 9 $100-$199 6 7 8 8 8 8 8 $200-$499 12 14 15 13 14 13 13 14 15 $500-$999 11 11 12 12 10 9 12 12 13 $1,000 and over 16 13 11 12 9 7 17 14 13 Not ascertained 4 1 4 (2) All cases 100 100 100 100 100 100 100 100 100 Number of cases 3,041 3,014 3,119 3,000 3,097 2,820 2,770 2,729 2,805 1 Personal debt includes all short- and intermediate-term consumer 2 Assigned, if not determined in interview. debt other than charge accounts; excludes mortgage and business debi. For definition of spending unit and family unit, see Supplementary Table 1, notes 2 and 3. SUPPLEMENTARY TABLE 16 USE OF INSTALMENT CREDIT WITHIN INCOME AND AGE GROUPS 1 [Percentage distribution of spending units] Past use, with years since final payment Income and age sp u e A n n i d l t l i s ng Pr u e s s e ent 1 or More Neither t a a N s i c n o e e t r d less 1-3 3-10 than 10 All spending units 100 47 29 1956 money income before taxes: Under $1,000 100 16 5 58 $l,000-$l,999 100 30 6 44 $2,000-$2,999 100 40 3 33 $3,000-$3,999 100 50 2 28 $4,000-$4,999 100 61 2 19 $5,000-$7,499 100 61 2 17 $7,500-$9,999 100 55 3 18 $10,000 and over 100 35 10 33 Age of head of spending unit: 18-24 100 50 1 (2) 37 2 3 5 5 - - 3 4 4 4 1 1 0 0 0 0 6 5 5 9 4 6 (2) 2 1 0 6 45-54 100 46 7 5 24 55-64 100 30 10 10 35 65 and over 100 14 56 i Spending units were classified on the basis of instalment indebted- instalment plan or on any arrangement where you made regular ness reported as of date of interview in early 1957 and, for nondebtors, payments? (If yes) When did you finish paying for it?" replies to the questions: "Have you ever bought anything on the 2 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 901 SUPPLEMENTARY TABLE 17 TYPES OF DEBT WITHIN AGE GROUPS, EARLY 1957 [Percentage distribution of spending units] Personal debt only2 Mortgage debt and A s g p e e n o d f i n h g e a u d n i o t f N c u a m o s f e b s er c A as l e l s d N e o bt S de o b m t e i M g o d a n e o g b l r y e t t - I m ns e ta n l t - N m s o t e n a n l i - n t - m s n t I e a n o n l s n m t t i a a e n l n n - - d t I m n d s e e t b n a t t l- i N m n d s e o e t b n n a t l - t - m s n t I e a n d o n l s e n m t t b i a a e n t l n n - - d t All spending units3.... 3,041 100 33 67 8 15 8 13 10 4 9 18-24 271 100 37 63 1 27 11 20 1 (4) 2 25-34 600 100 17 83 6 21 8 21 11 13 35-44 686 100 17 83 12 16 6 14 16 6 13 45-54 586 100 31 69 9 12 9 13 11 5 10 55-64.. 433 100 49 51 10 11 9 5 9 2 5 65 and over 420 100 70 30 5 6 10 4 1 1 4 1 Details by type of debt may not add to totals in this column 3 Includes cases in which age of head was not ascertained. bec 2 a I u n s c e l u o d f e r s o u a n ll d i s n h g o . rt- and intermediate-term consumer debt other 4 No cases reported or less than one-half of 1 per cent. than charge accounts; excludes mortgage and business debt. SUPPLEMENTARY TABLE 18 RATIO OF SELECTED REGULAR PAYMENTS TO DISPOSABLE INCOME WITHIN INCOME AND AGE GROUPS EARLY 1957x [Percentage distribution of spending units] Regular payments as a percentage of disposable income2 Number All Income and age of cases cases 40 Not Zero 1-9 10-19 20-39 and over ascertained All spending units 3,041 100 20 33 15 1956 money income before taxes: Under $1,000 224 100 28 19 7 10 27 $1,000-1,999 310 100 14 26 7 24 24 5 $2,000-2,999 325 100 7 28 15 24 12 14 $3,000-3,999 352 100 4 21 12 32 20 11 $4,000-4,999 395 100 3 17 12 39 15 14 $5,000-7,499 761 100 2 13 17 44 12 12 $7,500-9,999 327 100 15 26 44 4 $10,000 and over 347 100 31 28 28 2 Age of head of spending unit: 18-24 271 100 3 30 14 27 17 9 25-34 600 100 1 11 13 44 19 12 35-44 686 100 2 11 17 41 15 14 45-54 586 100 3 20 19 34 11 13 55-64 433 100 6 36 16 24 10 65 and over 420 100 29 27 9 16 15 1 Selected regular payments include mortgage and rent payments, 2 Annual rate of payments at time of interview; income after taxes payments on short- and intermediate-term debt, life insurance in preceding year. premiums, and payments into social security and retirement funds. 3 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, 195J The major factual portion of the thirteenth in Jones, W. H. Scofield, F. D. Stocher, and J. A. a series of annual reports on the financial condi- Munger. tion of agriculture, issued by the United States Data relating to the inventories of livestock, Department of Agriculture, is given below.1 The crops, machinery, and household equipment were full report will be published as an Agriculture prepared under the direction of the following per- Information Bulletin of the Department of Agri- sons: Livestock—JR. H. Moats; crops—C. E. Burkculture. head, J. J. Morgan, George D. Harrell; machinery The study was prepared under the direction of —E. W. Grove, Robert H. Masucci; household Norman J. Wall, Head, Agricultural Finance equipment—Jean L. Pennock. Data relating to Section, Farm Economics Research Division, Agri- farm income and expenditures were compiled cultural Research Service, by F. L. Garlock, L. A. under the direction of E. W. Grove. THE 1957 BALANCE SHEET IN GENERAL On January 1, 1957, the value of farm assets value of this asset have been mainly responsible reached a new peak of nearly $177 billion, about for increases in the total value of farm assets. But 5 per cent more than a year earlier. Farm assets from the beginning of 1940 to the beginning of rose in value each year from 1940 through 1948, 1946, large increases occurred also in the value of and in 1950 and 1951, but they declined slightly other physical farm assets and in the value of the in 1949 and to a greater extent in 1952 and 1953. financial assets owned by farmers. In the follow- Since resuming their upward climb in 1954, they ing period, from the end of the war to the beginhave moved to higher levels than any recorded ning of 1952, both farm real estate and other earlier. The equity of farm operators and other physical farm assets made additional large gains. owners of farm properties also has moved to new Farmers invested heavily during this period in heights although farm debts have almost doubled tractors, farm machinery, farm improvements, and since 1940. At the beginning of 1957, this equity household furnishings. Moreover, the prices of amounted to more than $157 billion, compared both crops and livestock rose sharply. These dewith $149 billion a year earlier. velopments rapidly built up the value of farm real The principal farm asset is farm real estate. estate and other farm assets; but little change Throughout the period since 1940, increases in the occurred in the financial assets owned by farmers. 1 The Balance Sheet views agriculture as though it ferent States and regions and among individual were one large enterprise. It is an aggregate of in- farmers. dividual series of farm assets and the claims to those The first printed report on the Balance Sheet of assets. In effect, it is comparable to a consolidated Agriculture was issued in August 1945 as Miscellanebalance sheet of all farms, but it is not restricted to ous Publication 567 of the U. S. Department of Agrithe assets and debts of farm operators. It includes, in culture. In that report, the nature and significance of addition, the farm assets owned and the farm mortgage the financial structure of agriculture were analyzed, debt owed by nonoperators. and the meaning, use, and limitations of the Balance In a country as vast and diversified as ours, financial Sheet and its individual items were considered. Many changes are never entirely uniform, either for geo- of the considerations in that publication are still pergraphic areas or for individuals. Thus, even when tinent. They may be referred to with profit by those the Balance Sheet accurately reflects the aggregate, it who examine the Balance Sheet of Agriculture for does not reveal the differences that are found in dif- the first time. 902 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1957 903 After 1951, farm income dropped steadily per cent, and the financial assets owned by farmers until 1955, mainly because of a decline in the increased about $0.3 billion. prices of crops and livestock, and then rose only Farmers' expenditures for all classes of motor slightly in 1956. In the 1951-56 period, farm real vehicles and farm machinery, except motortrucks, estate made further large gains in value, despite were lower in 1956 than in 1955. Expenditures the decline in farm prices and farm income, and did not equal depreciation, but prices increased the financial assets owned by farmers also increased slightly. But a sharp decline in prices of TABLE 1 livestock reduced the total value of other physical assets, even though the values of machinery and COMPARATIVE BALANCE SHEET OF AGRICULTURE UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-57 motor vehicles and of household furnishings and equipment increased substantially. [In billions of dollars] It was the strength of the market for farm real Net change1 estate that raised the total value of farm assets, (Per cent) Item 1940 1950 1956 1957 and the value of owners' equities, to new record 1940-57 1956-57 levels after 1951. To operate efficiently, farmers now need larger farms than formerly. Their ef- Assets forts to increase the size of their farms have com- Physical assets: bined with the expansion of urban areas and with Real estate 33.6 75.3 102.7109.5 +225.5 + 6.6 Non-real-estate: the development of highways and recreational Livestock 5.1 212.9 210.7 11.2 + 118.4 +4.7 Machinery and facilities to create a strong market for farm land. motor vehicles... 3.1 11.2 216.5 17.0 +456.8 + 3.1 Crops stored on and off farms3... 2.7 7.6 8.3 8.4 +214.0 + .4 Household furnish- ASSETS ings and equipment 4 4.3 7.7 211.6 12.0j +181.7 +4.1 Farm assets rose during 1956 to a new record Financial assets: Deposits and curvalue of $176.8 billion on January 1, 1957 (Table rency2 3.2 9.1 9.5 9.5 + 194.3 + .6 United States savings 1). These assets include the financial assets, auto- bonds 2.2 4.8 5.6 5.7+2,181.9 +2.1 Investments in comobiles, and household goods owned by farmers operatives 2.1 3.3 3.5 + 323.9 +6.1 as well as all assets used directly in farm produc- Total2 5 53.0 130.7168.2176.8 +233.1 +5.2 tion, such as farm land and buildings, livestock, Claims tractors, motortrucks, and farm machinery. In- Liabilities: ventories of stored crops, excepting those owned Real estate debt 6.6 5.6 29.1 9.9 + 50.3 +9.2 Non-real-estate debt: by the Commodity Credit Corporation, are also To principal institutions : included. The total value of assets increased Excluding loans held and guarabout $8.6 billion, or 5 per cent, during 1956. anteed by ccc 4.4 + 197.2 + 1.1 This was the largest increase in total assets since Loans held and 1951. guaranteed by .4 1.7 1.9 1.6 +253.9 -16.3 CCC6 1.5 2.4 3.5 3.5 + 133.3 0 The increase in the total value of farm assets To others? Total liabilities5 10.0 12.5 218.9 19.5 + 3.1 during 1956 reflects principally an increase of about $6.8 billion, or nearly 7 per cent, in the Proprietors' equities2.., 0 118. 1493157.3 "+5.4 Total2 5 53.0130.7168.2176.8 +233.1 + 5.2 value of farm real estate. Farm real estate values increased from 5 to 10 per cent in most States; 1 Computed from unrounded data. 2 Revised. about 17 per cent in Florida. But in Iowa and a 3 Includes all crops held on farms for whatever purpose and crops number of the Mountain and Plains States that held off farms as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1957 totaled $1,058 million. suffered from drought or shortages of water for 4 Estimated valuation for 1940, plus purchases minus depreciation since then. irrigation, values increased less and, in some cases, 5 Total of rounded data. <5 Although these are nonrecourse loans, they are included as decreased. liabilities because borrowers must either repay in cash or deliver the commodities on which they were based. The values of the under- Other types of farm assets also increased in lying commodities are included among the assets; hence the loans must be included as liabilities to avoid overstating the amount of value during 1956. Physical assets other than proprietors' equities. 7 Includes individuals, merchants, dealers, and others. Estimates real estate rose, in total, about $1.5 billion, or 3 based on fragmentary data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN • AUGUST 1957 TABLE 2 debts, increased about 9 per cent to $9.9 billion on January 1, 1957. But price-support and storage PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 loans to individuals, which were made or guaran- PRICES, JANUARY 1, SELECTED YEARS, 1940-57 teed by the Commodity Credit Corporation, de- [In billions of dollars] creased about $0.3 billion or 16 per cent. They Net change1 amounted to $1.6 billion on January 1, 1957. (Per cent) Assets 1940 1950 1956 1957 Other non-real-estate farm loans and credits, 1940-571956-57 which are used chiefly for current production and living expenses and to purchase livestock and Real estate2 33.6 35.8 37.5 37.6 + 11.9 + .4 machinery, increased only fractionally to $8.0 Livestock 5.1 4.8 35.1 5.0 -2.0 -2.3 Machinery and motor billion at the beginning of 1957. vehicles 3 3.1 6.0 7.5 7.4 + 142.3 -1.6 Crops stored on and off The amount of farm mortgages recorded confarms. . 2.7 3.2 3.5 3.4 + 27.5 -4.1 Household furnishings tinued at near record levels in 1956, although it and equipment4 4.3 5.4 6.6 6.7 + 57.7 +2.0 was slightly below the amount in 1955. All types TotaP 5 48.8 55.2 60.2 60.1 + 23.5 -.2 of lenders increased their holdings of farm mort- 1 Computed from unrounded data. gages in 1956. The farm real estate debt of 2 This series is based on data for Census years developed by Alvin S. Tostlebe in cooperation with the National Bureau of Economic farmers increased more during 1956 in the Research. It takes into account changes in the area in farms, acreage Northern Plains, Southeast, and Mountain regions of improved land, and number and condition of farm structures. (See U. S. Department of Agriculture, Agricultural Finance Review, than elsewhere. Major lenders report that delin- November 1952.) Data for inter-censal years, and for 1951-57, are extensions from Census benchmarks based on net investment in quency continues to be low on the farm mortgages farm structures (gross investment minus depreciation). 3 Revised. they hold. 4 Purchases since 1940 are deflated by an index of prices paid by farmers for housefurnishings. A reduction of farm expenditures for automo- 5 Total of rounded data. biles, tractors, and farm machinery, accompanied sufficiently to raise the inventory value of motor by only small changes in farm income and farm vehicles and machinery on farms. A further in- operating expenses, probably explains why the crease also occurred in the value of household fur- non-real-estate debt of farmers for purposes other nishings and equipment on farms. than price support showed little change during The small increase in value of financial assets 1956. Data for the principal lenders indicate that owned by farmers during 1956 resulted from this type of farm debt dropped slightly during accrual of interest on United States savings bonds 1956 in the Mountain and Plains regions but rose and continued growth in the net worth of farmers' slightly in all other regions. cooperative associations. No significant change in The decline during 1956 in price-support and the currency and deposits of farmers is indicated. storage loans made or guaranteed by the Com- Because of an increase in prices of goods and serv- modity Credit Corporation resulted chiefly from ices that farmers buy, the purchasing power of the a reduction in the quantity of cotton under loan liquid financial reserves of farmers, which include from 5.4 million bales at the beginning of 1956 United States savings bonds in addition to deposits to 3.6 million bales at the end of the year. and currency, dropped about 3 per cent. AGRICULTURAL INCOME DEBTS Total gross farm income in 1956 amounted to Farm debt increased further during 1956 to a $33.9 billion, an increase of about 1 per cent from total of $19.5 billion on January 1, 1957. This the $33.5 billion in 1955 (Table 3). This is the debt includes loans for price-support and storage first increase since 1951. Cash receipts from purposes that are made or guaranteed by the Com- farm marketings—the main source of income— modity Credit Corporation, loans and contracts rose from $29.5 billion to $30.4 billion. Governsecured by farm real estate, and other agricultural ment payments to farmers also increased, from loans and credits. $229 million to $554 million, mainly because of During 1956, the debt secured by farm real the soil bank. The estimated value of farm products estate, which arises chiefly from the purchase and used at home and the rental value of dwellings improvement of farms and from refinancing of changed only slightly. Crop and livestock inven- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1957 905 TABLE 3 larger quantities of products. The volume of products marketed and consumed in the home rose COMPARATIVE INCOME STATEMENT FOR AGRICULTURE 5 per cent to a level of 17 per cent above the UNITED STATES, SELECTED YEARS, 1950-56 1947-49 average. Average prices received for all [In millions of dollars] commodities combined were about the same as in Item 1950 19551 1956 1955, with higher average prices received for crops offsetting a slight decline in average prices How net income was obtained received for livestock and livestock products. Total gross farm income: Total production costs (excluding wages, net Cash receipts from farm marketings. . . 28,405 29,542 30,372 Government payments to farmers 283 229 554 rent to nonfarm landlords, and interest on mort- Home consumption of farm products.. 2,051 1,704 1,716 Rental value of farm dwellings 1,366 1,737 1,727 gage debt) continued to rise. In 1956 they Net change in inventory 2 859 271 -470 amounted to $17.9 billion compared with $17.4 Total. 32,964 33.483 33,899 billion in 1955. All classes of expenditures rose Production costs, other than wages, rent, and interest on mortgages: except seed and fertilizer, which declined slightly. Feed bought 3,330 3,728 3,919 Wages to hired labor, rent, and interest on farm Livestock bought, except horses and mules 2,000 1,530 1,611 mortgages also were higher in 1956 than in 1955. Fertilizer and lime bought 978 1,266 1,247 Repairs and operation of capital items... 2,969 3,393 3,511 Because of increased costs, the total net income Depreciation and other consumption of farm capital 2,743 3,752 3,821 of farm operators declined. But as a result of the Taxes on farm real estate and personal property 919 1.187 1,208 liquidation of $470 million in crop and livestock S M e i e s d c e b l o la u n g e h o t u s , 1,6 5 1 3 1 1 1,9 5 6 9 5 7 541 inventories, the net income which operators actu- 2,042 ally realized was $12.1 billion, about 4 per cent Total 15,081 17,418 17,900 more than in 1955. Net income from agriculture 17,883 16,065 Ti,999 The purchasing power of realized net income How net income was distributed of farm operators increased about 2 per cent be- Wages to hired labor (cash and perquisites) 2,750 2,736 2,790 Net rent and Government payments to tween 1955 and 1956. This increase occurred landlords not living on farms 3 1,153 1.067 1.180 Interest on farm mortgage debt 264 410 429 despite a 2 per cent rise in the prices farmers paid Net income of farm operators 13,716 11,852 11,600 for items used in family living. Prior to 1956 Net income from agriculture 17,883 16,065 15,999 the purchasing power of realized net income had Realized net income of farm operators shrunk every year since 1951. It is still low com- Net income of farm operators. 13.716 .852 11.600 pared with World War II and early postwar years. Net change in inventory 859 271 -470 On an index basis, with 1940 equaling 100, the Realized net income of farm operators. . . 12,857 ,581 12.070 index of purchasing power for 1956 was 123; for 1 Revised. 1950 and 1945 it was 148 and 199, respectively. 2 Reflects the physical changes during the year in all livestock and crops on farms, except crops under CCC loans, with the changes Income that the farm population received from valued at average prices for the year. 3 After subtraction of taxes, mortgage interest, and other expenses nonfarm sources, not including such payments as paid by such landlords. retirement pay and veterans' pensions, reached a record high of $6.7 billion in 1956, equal to about tories on farms declined $470 million during 1956, 42 per cent of the total net income from agriculcompared with an increase of $271 million in ture. Nonfarm income has increased every year 1955. except 1953 and 1954 since the end of World War The increase over 1955 in cash receipts from II. In 1945, nonfarm income of $4.2 billion was marketings was mainly the result of marketing only 26 per cent of net farm income. THE 1957 BALANCE SHEET IN DETAIL The foregoing pages have summarized the Bal- record high of $109.5 billion on March 1, 1957. ance Sheet in general terms. In this section, each This was an increase of $6.8 billion, or 7 per cent, item of the 1957 Balance Sheet is treated in detail. from a year earlier. The value of farm buildings ASSETS was estimated at $24.6 billion, or 22.5 per cent Farm real estate. The market value of farm of the value of farm real estate. real estate (land and buildings) reached a new The increase in the market value of farm real Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN • AUGUST 1957 years. Many thousands of commercial farmers CHANGES IN DOLLAR VALUE have found that larger acreages of land are needed OF FARM LAND* to make more efficient use of labor and of the es, March 1956 to March 1957 machinery they now have or would like to buy. The cutback in crop acreage as a result of the acreage-allotment and price-support programs also {31111 has given farmers the incentive to acquire additional land with allotments. Consequently, they 9 have continued to bid actively for the limited CREASE HIT / -3 s 2 - 4 acreage of land that is for sale. The return from ^^^^^^Mr 5 7 the land added is often higher than would be 8 & over HANGE realized if it were operated as a single farm unit U. S. INCREASE ^» 1 or less 7% ^00fiT *fiAS£O ON (NDfX NUMSER5 0f VALUE ^ i^ D CREASE because little, if any, additional equipment is 2 4 needed to farm the larger unit. Livestock and poultry on farms. The combined estate in the past year is a continuation of a trend value of livestock and poultry on farms on Janthat has been underway since 1954. The only uary 1, 1957 was nearly 5 per cent higher than a exceptions are in those States that have been most year earlier (Table 4). All classes of livestock seriously affected by drought. Prior to 1954, only showed increases in value per head and decreases two short interruptions to the steady increase in in number. Poultry inventories were up and value values of farm real estate had occurred since per head was down from 1956. 1941. Values dipped slightly in 1949 in response An increase of $7 per head in the value of hogs to minor postwar adjustments, and again in 1953 led the way to higher values of livestock on farms. when the inflationary pressures that were gen- A sharp increase in hog prices during the latter erated by the Korean outbreak slackened. De- part of 1956 more than offset the decline of 5 spite a decline in farm income, land values per cent in hog numbers. The 1956 spring pig turned upward in 1954, and increased 4 per crop was reduced 8 per cent, and the fall crop 4 cent in each of the two succeeding years. Thus, per cent, from the 1955 crops. the 7 per cent rise in the year ended March 1, 1957 was the largest since 1951-52, and brought the total increase since the post-Korean low in TABLE 4 November 1953 to 15 per cent. LIVESTOCK AND POULTRY ON FARMS: NUMBER, VALUE The level of market prices for land in some PER HEAD, AND TOTAL VALUE, UNITED STATES areas reflects location with respect to population JANUARY 1, 1956 AND 1957 centers and the present and expected rate and 19561 direction of urban and industrial expansion. Prest h e o n ig t h b w e a n a b d y u i p a lt n r o ti o g c r r i a p m i a m te , p d r s o e h v rv i e g e d h w t u o a n y d d s e i , f r f u p s t a h e r e t i t c h n u e e l w a e r l f y f F e c e t t d h s e o r o s a e f l N l ( i M b o u e n m i r l s - - ) V ( h l D p a e a r e o l a s u r l d ) - e T v ( l d l M a a i o o o r l t i l u s n l a - ) - e l N l ( i M b o u e n m i r l s - - ) V ( h l D p a e a r e o a l s u r l d ) - e T v ( l d l M a a i o o o r l t i l u s n a l - ) - e l population growth into rural areas by extending the area from which it is practical to commute Cattle 97 88.00 8,524 95 91.60 8,715 to nonfarm employment. They also encourage Ho M gs ilk cows2 2 5 3 5 1 1 3 7 9 . . 7 00 0 3, 9 2 7 2 8 0 2 5 3 2 1 2 4 4 7 . . 7 0 0 0 3 1 , ,2 3 8 8 7 3 further dispersal of industry. In a market en- Horses and mules.... 4 62.60 246 4 71.60 255 All sheep3 31 14.25 446 31 14.97 462 vironment of this kind, market prices for land Stock sheep4 27 14.30 385 26 14.90 394 Chickens 383 1.26 481 393 1.17 460 often bear little relationship to past or expected Turkeys 5 5.50 27 6 5.05 29 income from farming. Total. 10,702 11,208 The strongest force within agriculture that has 1 Revised. contributed to higher prices for farm land is the 2 Included in cattle. 3 Includes sheep and lambs on feed for market. rapid rate of adoption of new technology in recent 4 Included in all sheep. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1957 907 The number of cattle on farms January 1, 1957 preciation over purchases of new machinery and was down 2 per cent or 1.6 million head from the motor vehicles during 1956. all-time high a year earlier. The number of cattle Crops. Crop inventories of farmers, including kept for milk was down 1 per cent, while the num- crops pledged under loan to the Commodity Credit ber kept primarily for beef was down 2 per cent. Corporation, were valued at $8.4 billion at the be- This decrease ended a seven-year expansion in the ginning of 1957, slightly more than a year earlier. number of cattle. Value per head of cattle was 2 The increase in value of crops stored on farms, per cent above January 1, 1956. from $7.0 billion to $7.3 billion, was mainly the result of higher values for corn and soybeans. Machinery and motor vehicles on farms. The Crops stored off farms under CCC loan decreased value of farm machinery and motor vehicles on during 1956 chiefly because of a smaller volume farms reached a record high of $17.0 billion on of cotton. The physical quantity of crops owned by farm- TABLE 5 ers, as measured in 1940 prices, decreased slightly FARM MACHINERY AND MOTOR VEHICLES: VALUE BY between January 1956 and January 1957, from CLASSES, UNITED STATES, JANUARY 1, $3.5 to $3.4 billion. There were smaller quantities SELECTED YEARS, 1940-57 in storage for every major class of crops except the [In millions of dollars] oil and vegetable crops. In the feed grain class the increase in quantity of corn was not sufficient Other Year Total Tractors m A o u b t i o le - s M tru o c to k r s - m fa a r c m h- to offset the decreases in oats, barley, and grain inery sorghum. Liquid financial assets. At the beginning of 1940 3,060 503 958 262 1,337 1957 bank deposits, currency, and United States 1950 11,216 2,365 2,324 1,445 5,082 savings bonds owned by farmers were estimated 19551 15,981 3 150 3 613 1,934 7,284 at $15.2 billion. A year earlier they totaled $15.1 19561 16,528 3,309 3,685 2,022 7,512 billion (Table 6). These items account for the I9572 17,037 3,369 3,585 2,257 7,826 bulk of the financial assets held by farmers. The 1 Revised. 2 Preliminary. TABLE 6 January 1, 1957. This was about 3 per cent above LIQUID FINANCIAL ASSETS OWNED BY FARMERS the previous record of $16.5 billion on January 1, JANUARY 1, SELECTED YEARS, 1940-57 1956 (Table 5). The rise in value occurred de- [In billions of dollars] spite a 6 per cent drop in expenditures for new farm machinery and motor vehicles. Deposits! United Nearly all of the major classes of farm ma- Year Total 1 re C n u c r y - 1 s S av ta i t n e g s s chinery and motor vehicles were up in value. The Demand Time bonds2 most important exception was a decline in the 1940 3.4 .7 1.3 1.2 .2 total value of automobiles from $3.7 billion on 1945 11.3 2.6 3.6 1.7 3.4 January 1, 1956 to $3.6 billion a year later. The 1950 13.9 2.5 4.5 2.1 4.8 value of automobiles on farms on January 1, 1957 1951 14.0 2.4 4.6 2.1 4.9 1952 14.3 2.4 4.8 2.2 4.9 was at the lowest level since 1953. 1953 14.4 2.3 4.8 2.3 5.0 1954 14.6 2.3 4.7 2.4 5.2 Increases in value were largely the result of 1955 14.8 2.2 4.7 2.5 5.4 1956 15.1 2.2 4.7 2.6 5.6 price advances during 1956. Total expenditures 1957 15.2 2.2 4.7 2.6 5.7 for farm machinery and motor vehicles in 1956 were at the lowest level since 1947. In 1940 1 Revised. Demand and time deposits have been adjusted to the level of current estimates of demand deposits for 1957, as made by prices, the value of farm machinery and motor the Board of Governors of the Federal Reserve System. The demand deposits series was lowered by amounts ranging from a maxivehicles on January 1, 1957 totaled $7.4 billion, mum of $0.9 billion in the period 1947-56 to a minimum of $0.2 billion in 1940. The series on time deposits was revised to keep the 2 per cent below a year earlier. The decline in previous relationship with demand deposits. Each estimate of the currency series was lowered by 20 per cent. value, at constant prices, reflects the excess of de- 2 Redemption value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN • AUGUST 1957 cash value of life insurance policies and corporate securities owned by some farmers may be sub- ASSETS1 USED IN PRODUCTION stantial but farmers' holdings of such assets are $ n believed to be relatively less important than those held by nonfarmers. 20 Deposits and currency. Farmers' demand de- Total OTHER 1 \y posits (checking accounts) are estimated to have 15 totaled $4.7 billion at the beginning of 1957. This LIVESTOCK A/MM^^^^ was about the same amount as on January 1, 1956. 10 The use of checks is a very important method of - MACHINERY making expenditures by many farmers. A survey 5 made by the Federal Reserve Board revealed that farm operators held nearly 3.5 million checking 1940 1945 1950 1955 1950 accounts on January 30, 1957. Some of these may be multiple accounts of one person but it is probable that about two-thirds of all farmers have ment in automobiles, and most of the financial accounts. For the United States the average size assets, totaled $132.3 billion on January 1, 1957. of checking account was $1,350. Total value of the productive assets has almost Time deposits (savings accounts) of farmers doubled since 1945. Not only has the investment increased only slightly during 1956 and when expanded rapidly but it is in the hands of fewer rounded in billions remained at $2.6 billion. Curfarm operators and workers. rency held by farmers was estimated to be the same, or slightly less, on January 1, 1957 than a CLAIMS year earlier. United States savings bonds. The cash value Farm real estate debt. Farm real estate debt of United States savings bonds held by farmers rose in 1956 for the eleventh consecutive year, increased from $5.6 billion to $5.7 billion during as shown in the chart below. Total debt out- 1956. This slight net increase resulted from the standing on January 1, 1957 was about $9.9 accrual of interest on outstanding bonds. Farmers billion as compared with $9.1 billion a year earlier. cashed more, and bought fewer, bonds than in All major lender groups shared in the increase. 1955. By lenders, the percentage increases in mortgage Net worth of farmers' cooperatives. Farmers' holdings during 1956 were: Federal land banks, cooperatives continue their steady financial growth. 16 per cent; Farmers Home Administration, 4 On January 1, 1957 their combined net worth per cent; life insurance companies, 9 per cent; reached $3.5 billion. This compares with $3.3 and all other lenders, 8 per cent (Table 7). billion a year earlier, $2.1 billion in 1950, and $1.2 billion in 1945. Cooperatives which market farm products are most important and have net FARM MORTGAGE DEBT HELD worths aggregating $1,320 million. Next in im- BY MAJOR LENDERS portance, are the associations through which BIL DOLLAR* | | | ^ HJ Farmers Home Adm. £3 Joint-stock land banks ] farmers buy feed, seed, fertilizer, and other 12 E£)Fed. Farm Mort. Corp. B§9 F«.rT Innd bank* I supplies, and the credit cooperatives operating 1 M Life in, cos. J^S—L m Banks* under the Federally sponsored Farm Credit Sys- 9 tem. Each of these groups had a net worth of mm - $640 million. 6 Productive assets in agriculture. Assets used 3 in farm production represent about 75 per cent ^^INDIVIDUALS & OTHERS^g^gSgg^ of the total assets of the agricultural sector. These 0- 1910 1920 1930 1940 1950 1960 productive assets, which exclude dwellings, household goods, crops held for sale, part of the invest- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1957 909 TABLE 7 Census. The proportion of owner-operated farms under mortgage increased from 30 to 35 per cent FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS during this six-year period. Interest rates on total UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-57 farm mortgage debt outstanding rose from 4.5 per cent in 1950 to 4.7 per cent in 1956. Owners' Amount outstanding Percentage equities in full-owner mortgaged farms averaged (In millions of dollars) changei Lender $14,200 in 1956 as compared with $9,123 in 1950. 1940 1950 1956 19572 1950-571956-57 Non-real-estate debt. Non-real-estate loans to farmers held by the principal lending agencies (ex- Total 6,586 5,579 39,066 9,902 77.5 9.2 cluding loans made or guaranteed by the Com- F F e e d d e e r r a a l l l F a a n r d m b M an o k r s t- 4. 2,010 906 1,480 1,722 90.1 16.4 modity Credit Corporation) amounted to $4.5 g ti a o g n e 4 5 Corpora- 713 59 0 0 billion on January 1, 1957, as shown in the chart. Farmers Home This reflected an increase in such loans during Adm. 6 332 3193 278 290 49.8 4.2 Life insurance com- 1956 of only 1.1 per cent. Loans of all operating panies4. . 984 1,172 2,272 2,472 110.9 8.8 Ensured commercial banks decreased nearly 0.9 per cent but those of banks 534 879 1,270 1,311 49.1 3.2 Individuals and mis- the production credit associations increased about cellaneous 32,31332,37033,766 4,107 73.3 9.1 8.5 per cent. The non-real-estate debt of farmers to nonreporting creditors, such as finance com- 1 Computed from unrounded data. 2 Preliminary. panies, small loan companies, merchants, dealers, 3 Revised. 4 Includes regular mortgages, purchase-money mortgages, and professional people, and other individuals, is estisales contracts. 5 Loans were made for the Corporation by the Land Bank Com- mated to have been $3.5 billion on January 1, missioner. Authority to make new loans expired July 1, 1947. On June 30, 1955 loans of the Federal Farm Mortgage Corporation were 1957, the same amount as a year earlier (Table 8). sol 6 d F to o r th 1 e 9 4 1 0 2 t e F n e a d n e t r - a p l u l r a c n h d a s b e a l n o k a s n . s and direct soil and water loans to Farmers' debts on price-support and storage loans, individuals only. 1950-57 also includes farm-enlargement; farm- which are made or guaranteed by the Commodity development; project-liquidation loans; beginning July 1950, farmhousing loans; and beginning 1955, building-improvement loans. Credit Corporation, decreased from $1.9 billion Data also include similar loans from State Corporation trust funds. at the beginning of 1956 to $1.6 billion at the Recordings of farm mortgages declined slightly end of the year. from the near record amount in 1955 but were Most non-real-estate debts of farmers are inhigher than in any other year since 1923. curred to meet operating and living expenses and The purposes of farm mortgage loans changed to buy livestock and machinery. This is shown little in 1956. Refinancing of debts and purchase by studies conducted by the Federal Reserve Sysof farm real estate continued to account for the tem and the Farm Credit Administration during major share of money borrowed. Principal re- the last year. Of the outstanding non-real-estate payments during 1956 were generally higher rela- loans to farmers (excluding price-support loans) tive to the total farm mortgage debt outstanding held by banks on June 30, 1956, 81 per cent than in 1955. Delinquencies and foreclosures continued low. Interest rates on farm mortgages continued to NON-REAL-ESTATE FARM LOANS move upward in 1956. Seven of the Federal land Held by Banks and Federally Sponsored Agencies* banks now have a 5 per cent rate on new loans $EIL. and five banks charge 5Vi per cent. Life insur- • F. H. A 4' ance companies generally reported higher rates ES53 Prod.:redit assns* M k in 1956 than in 1955, and are now charging a 4 erating I | i k basic rate of 5 to 6 per cent. ii The value of farm real estate kept pace with 2 ~A 5 \ \ A s II i I s the increase in debt so that the ratio of debt to T If88888 888 58888inki isill value for mortgaged farms of 25.0 per cent in iiii 1956 was about the same as in 1950, according to 1910 1920 1930 1940 1950 I960 a joint farm mortgage survey recently conducted by the Farm Economics Research Division, Agricultural Research Service and the Bureau of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 FEDERAL RESERVE BULLETIN • AUGUST 1957 had been made for these purposes. A slightly tions and for capital goods, apparently created higher percentage of the loans made by production little, if any, need for an increase in non-realcredit associations during the year ended on that estate farm debt in 1956. This was true also of date had been made for such purposes. In seek- the situation of farmers with respect to financial ing explanations of changes in the non-real-estate reserves, which changed little during the year. farm debt, attention naturally turns to changes in Interest charges and loan service fees on the farm expenditures for these purposes. But changes non-real-estate loans of farmers held by the prinin farm income, farm inventories, and the finan- cipal lending institutions are estimated to have cial reserves owned by farmers must also be con- increased from an average of about 6.3 per cent sidered, as they affect the ability of farmers to during 1955 to an average of about 6.4 per cent pay debts and to make expenditures without use during 1956. This increase was not as large as of credit. the increase that occurred in central money market In the country as a whole, none of these factors rates. changed much from 1955 to 1956. Cash farm Many of the production credit associations inoperating expenses were slightly higher in 1956 creased their interest rates during 1956. At the than in 1955, but farm expenditures for capital beginning of 1956, 52 per cent of the proequipment and farm improvements were lower. duction credit associations had interest rates as The total of these expenditures was about 2 high as 6 per cent. At that time the discount rate per cent larger in 1956 than in 1955. Cash re- of ten of the twelve Federal intermediate credit ceipts from farming were up about 4 per cent. banks was 3 per cent. Most of the associations If farmers used more credit to increase their ex- had operating spreads of from 2.5 to 3 per cent. penditures in 1956, they also had greater cash By the end of 1956, about 87 per cent of the receipts with which to repay loans obtained for associations had loan rates of 6 per cent or more, the purpose. Thus the situation with respect to but nine of the Federal intermediate credit banks cash receipts, and to cash expenditures for opera- were charging 4 per cent on loans discounted. Despite the increase in their loan rates, operating TABLE 8 spreads of a large proportion of the associations had been reduced to 1.5 or 2 per cent. No data FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES JANUARY 1, SELECTED YEARS, 1940-57 are available on the interest rates currently charged by banks on loans to farmers. But the rates [In billions of dollars] charged by country banks usually change slowly. Type of debt 1940 1950 1956 1957 Total farm debt. Excluding price-support loans, the aggregate of farm mortgage debt and Price-support loans made or guaranteed by Commodity Credit Corporation 1 .4 1.7 1.9 1.6 non-real-estate farm debts rose from $17.0 billion Other loans by banks and Federally sponsored agencies 1.5 2.8 4.4 4.5 at the beginning of 1956 to $17.9 billion at the Loans and book credits by miscellaneous lenders2. . 1.5 2.4 3.5 3.5 end of the year. This debt has increased about Total, excluding CCC loans 3.0 5.2 7.9 8.0 124 per cent since January 1, 1946 when it reached Total, including CCC loans 3.4 6.9 9.8 9.6 the lowest point since World War I. Despite this large increase it equaled only about 10 per cent 1 Although these are nonrecourse loans, they are treated as debts. Borrowers must either pay them in cash or deliver the commodities of the value of farm assets on January 1, 1957 on which they are based. 2 Estimates based on fragmentary data. compared with 7.5 per cent on January 1, 1946. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Necessity for Prompt Payment and Delivery the creditor [broker-dealer] in good faith" that in Special Cash Accounts the customer will "promptly" make full cash payment for the security, if funds sufficient for the The Board recently received an inquiry conpurpose are not already in the account; and, subcerning whether purchases of securities by certain ject to certain exceptions, section 4(c)(2) promunicipal employees' retirement or pension sysvides that the creditor shall promptly cancel or tems on the basis of arrangements for delayed liquidate the transaction if payment is not made delivery and payment might properly be effected by the customer within seven business days after by a creditor subject to Regulation T in a spethe date of purchase. As indicated in the Board's cial cash account under section 4(c) of the reguinterpretation at 1940 Federal Reserve BULLETIN lation. 1172, a necessary part of the customer's under- It appears that in a typical case the supervisors taking pursuant to section 4(c)(l)(A) is that he of the retirement system meet only once or twice "should have the necessary means of payment each month, at which times decisions are made readily available when he purchases a .security to purchase any securities wished to be acquired in the special cash account. He should expect for the system. Although the securities are availto pay for it immediately or in any event within able for prompt delivery by the broker-dealer firm the period (of not more than a very few days) selected to effect the system's purchase, it is arthat is as long as is usually required to carry ranged in advance with the firm that the system through the ordinary securities transaction." will not accept delivery and pay for the securities The arrangements for delayed delivery and paybefore some date more than seven business days ment in the case presented to the Board and outafter the date on which the securities are purlined above clearly would be inconsistent with chased. Apparently, such an arrangement is the requirement of section 4(c)(l)(A) that the occasioned by the monthly or semi-monthly meetpurchase be made in reliance upon an agreement ings of the system's supervisors. It was indicated accepted by the creditor in good faith that the that a retirement system of this kind may be supercustomer will "promptly" make full cash payment vised by officials who administer it as an incidental for the security. Accordingly, the Board said that part of their regular duties, and that meetings transactions of the kind in question would not requiring joint action by two or more supervisors qualify as a "bona fide cash transaction" and. may be necessary under the system's rules and therefore, could not properly be effected in a procedures to authorize issuance of checks in payspecial cash account, unless a contrary conclusion ment for the securities purchased. It was indiwould be justified by the exception in section cated also that the purchases do not involve ex- 4(c)(5). empted securities, securities of the kind covered Section 4(c)(5) provides that if the creditor, by section 4(c) (3) of the regulation, or any ship- "acting in good faith in accordance with" section ment of securities as described in section 4(c) (4). 4(c)(l), purchases a security for a customer Regulation T provides that a creditor subject "with the understanding that he is to deliver the thereto may not effect for a customer a purchase security promptly to the customer, and the full in a special cash account under section 4(c) un- cash payment to be made promptly by the cusless the use of the account meets the limitations tomer is to be made against such delivery," the of section 4(a) and the purchase constitutes a creditor may at his option treat the transaction "bona fide cash transaction" which complies with as one to which the period applicable under secthe eligibility requirements of section 4(c)(l)(A). tion 4(c) (2) is not the seven days therein specified One such requirement is that the purchase be but 35 days after the date of such purchase. It made "in reliance upon an agreement accepted by will be observed that the application of section 911 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN • AUGUST 1957 4(c)(5) is specifically conditioned on the credi- texts of these regulations are as follows: tor acting in good faith in accordance with sec- INVESTMENT SECURITIES REGULATION tion 4(c)(l). As noted above, the existence of the arrangements for delayed delivery and pay- SECTION 1—SCOPE AND APPLICATION ment in the case presented would prevent this (a) This regulation is issued by the Compcondition from being met, since the customer troller of the Currency under authority of paracould not be regarded as having agreed to make graph Seventh of section 5136 of the Revised full cash payment "promptly." Furthermore, Statutes, as amended (12 U.S.C. 24); such arrangements clearly would be inconsistent (b) This regulation applies to the purchase for with the requirement of section 4(c)(5) that the its own account of investment securities by a creditor "deliver the security promptly to the national bank or a State member bank of the customer." Federal Reserve System. Section 4(c)(5) was discussed in the Board's SECTION 2—DEFINITION OF THE TERM published interpretation referred to above, which "INVESTMENT SECURITIES" states that "it is not the purpose of section 4(c) (a) An obligation of indebtedness which may (5) to allow additional time to customers for be purchased for its own account by a national making payment. The 'prompt delivery' debank or State member bank of the Federal Rescribed in section 4(c)(5) is delivery which is serve System in order to constitute an "investment to be made as soon as the broker or dealer can security" within the meaning of paragraph Seventh reasonably make it in view of the mechanics of of section 5136 of the Revised Statutes, must be the securities business and the bona fide usages a marketable obligation, i.e., it must be salable of the trade. The provision merely recognizes under ordinary circumstances with reasonable the fact that in certain circumstances it is an promptness at a fair value; and except as provided established bona fide practice in the trade to obin (b) and (c) below, there must be present one tain payment against delivery of the security to or both of the following characteristics: the customer, and the further fact that the me- (1) A public distribution of the securities chanics of the trade, unrelated to the customer's must have been provided for or made in a readiness to pay, may sometimes delay such manner to protect or insure the marketability delivery to the customer." of the issue; or, In the case presented, it appears that the only (2) Other existing securities of the obligor reason for the delay is related solely to the cusmust have such a public distribution as to tomer's readiness to pay and is in no way attributprotect or insure the marketability of the issue able to the mechanics of the securities business. under consideration. Accordingly, it is the Board's view that the exception in section 4(c) (5) should not be regarded (b) In the case of investment securities for as permitting the transactions in question to be which a public distribution as set forth in (1) effected in a special cash account. or (2) above cannot be so provided, or so made, and which are issued by established commercial Regulations of Comptroller of the Currency or industrial businesses or enterprises, that can The Comptroller of the Currency has revised demonstrate the ability to service such securities, his Investment Securities Regulation, which is is- the debt evidenced thereby must mature not later sued pursuant to authority contained in paragraph than ten years after the date of issuance of the Seventh of section 5136 of the Revised Statutes. security and must be of such sound value or so The Comptroller has also issued, pursuant to secured as reasonably to assure its payment; and authority contained in paragraph (8) of section such securities must, by their terms, provide for 5200 of the Revised Statutes, a new Regulation the amortization of the debt evidenced thereby regarding National Bank Loans Secured by Direct so that at least 75% of the principal will be ex- Obligations of the United States. Sections 9 and tinguished by the maturity date by substantial ll(m) of the Federal Reserve Act make these periodic payments: Provided, that no amortizaregulations applicable also to State banks that are tion need be required for the period of the first members of the Federal Reserve System. The year after the date of issuance of such securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 913 (c) Special revenue obligations of States or unless the amortization which would be neceslocal governments or of duly constituted public sary to meet the latter requirement would not Authorities thereof which possess a high degree be allowable as a deduction from gross income of credit soundness, so as to assure sale under under applicable Federal Internal Revenue laws ordinary circumstances with reasonable prompt- and regulations issued thereunder, in which ness at a fair value, but which do not meet the case the rate of amortization shall be sufficient distribution standards of (a) (1) or (a) (2) to extinguish the premium by maturity; or above, may be considered to constitute "invest- (2) Set up a reserve account to amortize ment securities." the premium, said account to be credited pe- (d) Where the security is issued under a trust riodically with an amount not less than the agreement, the agreement must provide for a amount required for amortization under (1) trustee independent of the obligor, and such above. trustee must be a bank or trust company. (e) Purchase of securities convertible into (e) All purchases of investment securities by stock at the option of the issuer is prohibited. national and State member banks for their own (f) Purchase of securities convertible into account must be securities "in the form of bonds, stock at the option of the holder or with stock notes, and/or debentures, commonly known as purchase warrants attached is prohibited if the investment securities"; and every transaction price paid for such security is in excess of the which is in fact such a purchase must, regardless investment value of the security itself, considered of its form, comply with this regulation. independently of the stock purchase warrants or conversion feature. If it is apparent that the SECTION 3—LIMITATIONS AND RESTRICTIONS ON price paid for an otherwise eligible security re- PURCHASE OF INVESTMENT SECURITIES flects the investment value of the security and does FOR BANK'S OWN ACCOUNT not include any speculative value based upon the presence of a stock purchase warrant or conver- (a) Although the bank is permitted to purchase sion option, the purchase of such security is not "investment securities" for its own account for prohibited. If the price paid for a convertible purposes of investment under the provisions of security provides a yield reasonably similar to R. S. 5136 and this regulation, the bank is not that of non-convertible securities of similar quality permitted otherwise to participate as a principal and maturity, a speculative value will not be in the marketing of securities. deemed to exist. (b) The statutory limitation on the amount of (g) All investment securities shall be supported the "investment securities" of any one obligor or by adequate information in the files of the bank maker which may be held by the bank is to be as to their investment quality. determined on the basis of the par or face value of the securities, and not on their market value. SECTION 4—EXCEPTION TO LIMITATIONS (c) The purchase of "investment securities" in AND RESTRICTIONS which the investment characteristics are distinctly or predominantly speculative, or the purchase of The restrictions and limitations of this regulasecurities which are in default, whether as to tion do not apply to securities acquired through principal or interest, is prohibited. foreclosure on collateral, or acquired in good (d) Purchase of an investment security at a faith by way of compromise of a doubtful claim price exceeding par or face value is prohibited, or to avert an apprehended loss in connection unless the bank shall: with a debt previously contracted, or to real estate securities acquired pursuant to Section 24 of the (1) Provide for the regular amortization of Federal Reserve Act, as amended. the premium paid so that the premium shall be entirely extinguished at or before the maturity SECTION 5—EFFECTIVE DATE of the security, and the security (including This regulation is effective August 16, 1957. premium) shall at no intervening date be carried at an amount in excess of that at which RAY M. GIDNEY the obligor may legally redeem such security, Comptroller of the Currency Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN • AUGUST 1957 REGULATION REGARDING NATIONAL surplus in addition to such 10 per centum of such BANK LOANS SECURED BY DIRECT capital and surplus." OBLIGATIONS OF THE UNITED STATES SECTION 1—SCOPE AND APPLICATION Section 5200 U.S.R.S. (12 U.S.C. 84) provides as follows: (a) This regulation is issued by the Comptroller of the Currency with the approval of the "Sec. 5200. The total obligations to any Secretary of the Treasury under authority of national banking association of any person, coparagraph (8) of section 5200 of the Revised partnership, association, or corporation shall at Statutes, as amended (12 U.S.C. 84), and section no time exceed 10 per centum of the amount of 321 (b) of the Act of August 23, 1935 (49 the capital stock of such association actually paid Stat. 713); in and unimpaired and 10 per centum of its unimpaired surplus fund. The term 'obligations' (b) This regulation applies to loans made by shall mean the direct liability of the maker or national banks secured by direct obligations of acceptor of paper discounted with or sold to such the United States which will mature in not exceedassociation and the liability of the indorser, ing 18 months. drawer, or guarantor who obtains a loan from or discounts paper with or sells paper under his SECTION 2—GENERAL AUTHORIZATION guaranty to such association and shall include in The obligations to any national banking assothe case of obligations of a copartnership or ciation in the form of notes of any person, coassociation the obligations of the several members partnership, association, or corporation, secured thereof and shall include in the case of obligations by not less than a like amount of direct obligaof a corporation all obligations of all subsidiaries tions of the United States which will mature in thereof in which such corporation owns or connot exceeding eighteen months from the date such trols a majority interest. Such limitation of 10 obligations to such national banking association per centum shall be subject to the following exare entered into shall be limited to 75 per centum ceptions : of the capital and surplus of such association in addition to the 10 per centum of such capital and surplus prescribed in the opening paragraph of "(8) Obligations of any person, copartnership, said section 5200 and the 15 per centum limitaassociation, or corporation in the form of notes tion referred to in paragraph (8) of section 5200. secured by not less than a like amount of bonds or notes of the United States issued since April SECTION 3—EFFECTIVE DATE 24, 1917, or certificates of indebtedness of the This regulation is effective August 16, 1957. United States, Treasury bills of the United States, or obligations fully guaranteed both as to prin- RAY M. GIDNEY cipal and interest by the United States, shall Comptroller of the Currency (except to the extent permitted by rules and regulations prescribed by the Comptroller of the Currency, with the approval of the Secretary of Approved: the Treasury) be subject under this section to a GEORGE M. HUMPHREY limitation of 15 per centum of such capital and Secretary of the Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Antonio, Texas, who had served as a director of The Federal Open Market Committee met in the Federal Reserve Bank of Dallas since January Washington on July 30, 1957. 1, 1955, died on July 28, 1957. Mr. Drought also had served as a director of the San Antonio INCREASE IN FEDERAL RESERVE DISCOUNT RATES Branch from November 1946 through 1954. As of August 16, 1957, the Board of Governors of the Federal Reserve System had approved ac- TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY tions by the directors of nine Federal Reserve Banks raising the discount rates of these banks Latest BULLETIN Reference from 3 to ZVi per cent. Semiannually Issue Page The effective date of the new rate was Friday, Banking offices: August 9, 1957 at the Federal Reserve Banks of Analysis of changes in number of.... Aug. 1957 974 On, and not on, Federal Reserve Par Philadelphia, Chicago, Minneapolis, and Kansas List, number of Aug. 1957 975 Stock Exchange firms, detailed debit and City; Tuesday, August 13, 1957 at the Federal credit balances Mar. 1957 336 Reserve Banks of Atlanta, Boston, and Dallas; Annually Thursday, August 15, 1957 at the Federal Re- Earnings and expenses: Federal Reserve Banks Feb. 1957 210-211 serve Bank of San Francisco; and Monday, August Member banks: 19, 1957 at the Federal Reserve Bank of Rich- Calendar year June 1957 710-718 First half of year Nov. 1956 1248 mond. Insured commercial banks June 1957 719 Banks and branches, number of, by class and State Apr. 1957 472-473 Operating ratios, member banks June 1957 720-722 DEATH OF DIRECTOR Banking and monetary statistics, 1956.. {JJ^ J9^7, Mr. Henry P. Drought, Attorney at Law, San 915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 15 Industrial production in July continued at the Output of nondurable goods continued in large moderately improved June rate. Nonfarm em- volume in July. Minerals production declined ployment, incomes, and retail sales reached new moderately, reflecting further cut-backs in crude record levels. Wholesale commodity prices re- petroleum output to a rate about 3 per cent bemained at the advanced midyear level. Interest low a year ago. rates generally increased further. CONSTRUCTION INDUSTRIAL PRODUCTION Value of new construction contracts in June Industrial activity showed the usual large sea- was a record for this time of year but down somesonal decline in July and the Board's seasonally what from the all-time high reached the preceding adjusted index remained at the revised June level month. In the first half of this year, contract of 144 per cent of the 1947-49 average. This is 1 awards were 5 per cent larger than the record point above the April-May rate, 3 points below volume in the corresponding period in 1956. Prithe high reached last December. vate housing starts in July were maintained at a The small expansion in industrial production in seasonally adjusted annual rate slightly below one June reflected mainly increases in household dur- million units. able goods and lumber and various other building EMPLOYMENT materials. In July over-all output of consumer durable goods remained at the advanced June rate, Manufacturing employment in July continued after seasonal allowances, as production of tele- to show little change, after allowing for seasonal vision sets and some other household goods in- influences, while total employment in trade, servcreased further and auto assemblies declined mod- ice, and other nonmanufacturing industries inerately. Truck production and activity in pro- creased further to a new record. Unemployment ducers' equipment industries were generally main- decreased by 300,000 to 3 million in July, as the tained. Military aircraft production schedules large number of students and graduates seeking were curtailed further. Steel ingot production de- jobs the previous month either found employment creased seasonally to 79 per cent of capacity, as or left the labor market. compared with 86 per cent in June, and in early August remained near the July rate. DISTRIBUTION Seasonally adjusted total dollar sales at retail INDUSTRIAL PRODUCTION stores in July were at a new high, 7 per cent above 1947-49=100 a year earlier, continuing the steady rise indicated TOTAL by revised figures for recent months. Larger sales DURABLE at food and other nondurable goods stores have MANUFACTURES accounted for most of the rise. At department / stores, sales were up sharply in July and were 5 ^, ! [ 1 1 ^ per cent above a year earlier. New auto sales were below their advanced June rate and dealer MINERALS f**^\ stocks returned to levels near their earlier highs. AGRICULTURE Crop production as of August 1 was officially forecast at 3 per cent under last year's large 1 [ 1 .,„ harvest, a less marked reduction than had been indicated a month earlier. Curtailments averaging Federal Reserve indexes, seasonally adjusted. Monthly figures, latest shown are for July. about 11 per cent were indicated for wheat, corn, 916 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 917 cotton, rice, and tobacco—crops for which planted declined substantially. Loans also declined reacreage has been considerably reduced under the flecting principally repayments of business loans soil bank programs. On the other hand, sharp following heavy borrowing in June. increases were in prospect for hay and forage Average member bank borrowing from the Fedcrops, feed grains other than corn, and fruits. eral Reserve Banks exceeded excess reserves by Beef and pork production in recent weeks has around $600 million during the first week of continued about 4 per cent below year-earlier August, about the same as a month earlier. Relevels. Milk and egg output in July was somewhat serves supplied through currency inflows and above a year ago. declines in required reserves were absorbed principally through reductions in Federal Reserve COMMODITY PRICES holdings of U. S. Government securities and de- The average level of wholesale commodity prices clines in float. advanced to a record high in mid-July reflecting increases in prices of steel mill products and live- SECURITY MARKETS stock and meats, and changed little in late July U. S. Government security yields on intermediand early August. While copper prices declined ate- and long-term issues declined somewhat folfurther after mid-July and aluminum and a few lowing the Treasury's large refunding in late July finished products were advanced, industrial com- and reacted only moderately to recently announced modities generally were stable. Wholesale prices increases in rates on prime loans of commercial of farm products also changed little. Increases of banks, commercial paper, and bankers' accept- 4 to 7 per cent in railroad freight rates were ances, and the raising of Federal Reserve discount authorized. rates. On August 12, however, the average issuing The consumer price index continued to advance rate in the regular Treasury bill auction rose to from mid-May to mid-June. The rise reflected in- 3.50 per cent, a new postwar high, and on August creases in prices of foods and a number of other 14 a special Treasury bill offering of $1.75 billion commodities and services. was auctioned at an average rate of 4.17 per cent. By August 15 eight Reserve Banks had raised BANK CREDIT AND RESERVES their discount rates from 3 per cent to 3.5. Total credit at city banks declined about $1.6 Following slight declines in early July, yields billion over the four weeks ending August 7. on all categories of corporate and State and local Holdings of U. S. Government securities which government bonds resumed their upward movehad increased in early July when banks acquired ment. Stock prices reached a 1957 high in midnew Treasury tax anticipation bills subsequently July and have declined steadily since then. PRICES LOANS AND INVESTMENTS — MEMBER BANKS IN LEADING CITIES 1947-49-100 WHOLESALE CONSUMER OTHER y S ^^ ALL ^^ ITEMS^^—"""^ COMMODITIES FOODS "* ^\ M lj 1 II 1 1 I 1 1 1 II 1 II . , 1 I 1 I II 1 1 i II 1 f 1 1 1 1 1 1 l l »VMA Bureau of Labor Statistics indexes. "Other" wholesale prices Federal Reserve data. Loans to banks are excluded. Secuexclude processed foods, included in total but not shown rities other than U. S. Government are included in the total separately. Monthly figures, latest shown: June for consumer but not shown separately. Weekly figures, latest shown are prices, and July for wholesale prices. for Aug. 7. 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 921 Reserve Bank discount rates; reserve requirements; margin requirements. . 924 Federal Reserve Banks 925 Bank debits; currency in circulation 928 All banks: consolidated statement of monetary system; deposits and currency. 930 All banks, by classes 931 Commercial banks, by classes 934 Weekly reporting member banks. 936 Commercial loans; commercial paper and bankers' acceptances. 938 Interest rates .... 939 Security prices; stock market credit. 940 Savings institutions 941 Federal business-type activities. . 942 Federal finance. 944 Security issues. . . 948 Business finance . 949 Real estate credit 951 Short- and intermediate-term consumer credit. 954 Selected indexes on business activity. 958 Production . 959 Employment and earnings. 966 Department stores. 968 Foreign trade. 969 Wholesale and consumer prices. 970 National product and income series 972 Changes in number of banking offices in the United States 974 Number of banking offices on Federal Reserve par list and not on par list 975 Tables published in BULLETIN, annually or semiannually—list, with references 915 Index to statistical tables. 1003 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. 919 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES VWj*VvVW**wW CURRENCY IN CIRCULATION 25 RESERVE BANK CREDIT GOLD STOCK 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES'- HELD UNDER"I REPURCHASE AGREEMENTS A A DISCOUNTS AND ADVANCES ; ' PEDtKAL KEbEKVt PLOAI ' 1 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending July 31. See p. 921 920 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, 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 quired 2 cess 2 agreement Averages of daily figures 1956 June 6. 23,503 23,406 894 906 25,320 21,782 5,032 30,505 782 429 305 310 983 18,819 18,217 602 June 13. 23,516 23,491 747 970 25,251 21,796 5,033 30,542 779 398 332 299 982 18,749 18,233 516 June 20. 23,492 23,492 764 507 25,779 21,798 5,033 30,541 774 535 331 317 99819,116 18,500 616 June 27. 23,478 23,452 756 369 25,621 21,799 5,033 30,485 781 570 297 290 1,00019,030 18,435 595 July 4. 23,791 23,748 644 1,23125,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11. 23,836 23,826 880 169 25,903 21,826 5,031 30,923 770 437 309 290 990 19,040 18,285 755 July 18. 23,490 23,487 849 1,41225,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25. 23,408 23,408 573 1,39325,393 21,828 5,032 30,632 773 556 288 267 994 18,744 18,187 557 Aug. 1. 23,418 23,418 690 1,046 25,172 24,829 5,034 30,575 772 519 284 273 1,02118,591 18,115 476 Aug. 8. 23,418 23,418 917 829 25,182 21,855 5,035 30,633 769 530 319 284 94918,588 18,018 570 Aug. 15. 23,439 23,418 21 960 837 25,254 21,856 5,036 30,681 773 539 335 277 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 30 935 829 25,404 21,857 5,041 30,618 776 481 318 282 94418,883 18,375 508 Sept. 5. 23,849 23,818 796 78725,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12. 23,858 23,829 29 1,012 1,04525,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19. 23,691 23,673 18 654 1,489 2255,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26. 23,576 23,555 21 705 1,394 25,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3. 23,697 23,602 95 810 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 74 857 990 25,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17. 23,860 23,846 14 714 1,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24. 23,736 23,736 564 1,54725,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31. 23,708 23,668 "40 674 1,062 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 1,084 25,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945 1,040 25,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 1,543 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 1,,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 1,226 26,633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19. 24,785 24,489 296 555 1,,835 27,223 21,927 5,064 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26. 24,906 24,574 332 667 2,20827,842 21,949 5,066 31,992 765 635 393 258 1,024 "19,790 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,,553399 "2'6,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16. 24,293 24,293 348 1,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23. 23,811 23,811 347 1,446 25,636 21,951 5,067 30,827 798 199 324 268 89419,342 18,724 618 Jan. 30. 23,450 23,450 528 1,078 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 30,605 815 173 307 226 116 18,895 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 ,13118,721 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 30,589 811 302 300 199 138 19,204 18,578 626 Mar. 27. 23,094 23,051 43 844 967 24,930 22,305 5,083 30,502 813 353 334 205 ,13918,971 18,362 609 Apr. 3. 23,189 23,040 149 1,074 877 25,165 22,306 5,086 30,589 808 517 294 314 ,16718,868 18,525 343 Apr. 10. 23,262 23,040 222 1,230 25,400 22,307 5,088 30,655 814 387 340 305 ,20519,088 18,523 565 Apr. 17. 23,282 23,146 136 1,244 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 29 903 979 24,833 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 ,07218,846 18,378 468 June 12. 22,972 22,926 46 ,059 936 24,988 22,621 5,106 30,903 791 463 379 276 ,06918,834 18,330 504 June 19. 22,930 22,880 50 ,089 384 25,424 22,621 30,904 782 518 389 335 ,07619,148 18,546 602 June 26. 22,951 22,888 63 ,003 320 25,294 22,622 30,849 776 477 407 254 ,08719,171 18,625 546 July 3. 23,098 23,031 67 ,068 1,198 25,387 22,623 31,150 763 546 420 296 ,07718,865 18,521 344 July 10. 23,443 23,260 183 ,213 1,11125,792 22,623 31,313 765 431 339 290 ,07719,308 18,732 576 July 17. 23,319 23,252 67 ,062 I,,2"3'6 "2"5 64122,625 31,184 770 455 413 279 ,07319,200^18,635 July 24. 23,342 23,235 107 739 1,35125,456 22,625 30,999 774 507 385 267 ,07019,189 18,564 July 31. 23,360 23,084 276 553 998 24,932 22,626 5,110 30,909 771 494 370 278 96118,885 18,489 Preliminary. For other notes see following page. 921 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 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 S a . l G B o r o o i v g u u t h t . g - t h se t cu r a u c H e r g n h i p r e t a d i e u l e s e d e r e s r - - c v D o a a a n n u d is c d n - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s - s- T u r w e ry a it s h - r F es F . e e i o R g r r v n . - e B s, a O nk th s er c O F o a . t u h c R n - e t r . s Total r q e u s R e ir r e e v - d e 2 s c E es x s - 2 ment Averages of daily figures 1956 July 23,580 ?3 573 7 738 1,?63 599 876 5 03? 30 751 771 521 300 280 999 18 836 18,237 599 Aug 23,530 ?3,488 42 898 910 ?5 357 21 855 5 038 30,650 774 504 318 275 946 18,783 18 224 559 Sept 23,728 ?3 695 33 792 1 19875,737 21'880 5 043 30 803 772 523 356 237 946 19 074 18,446 578 N Oc o t v 2 2 3 4 , , 7 0 8 2 1 4 ? ? 3 3 ,7 9 4 51 ? 7 3 3 9 7 7 1 4 5 5 1 1 ,1 3 8 0 ? 0 ? 7 5 6 , ,0 6 9 9 7 8 71 J 9 91 0 0 6 5 5 0 0 4 5 8 6 3 31 0,8 1 6 9 4 8 7 7 7 7 6 4 4 4 5 8 6 7 3 3 0 3 8 7 2 3 9 1 9 3 9 8 5 4 0 5 1 1 9 8 9 1 3 6 9 9 1 1 8 8 ,5 4 7 1 9 9 5 5 2 9 0 0 Dec 24 765 ?4,498 267 706 1,631 156 21 949 5,064 31,775 772 463 372 247 998 19 535 18 883 652 1957 Jan . ... 24 092 94,056 36 432 1,343 905 989 5,067 31,040 794 335 323 276 896 19 995 18 773 522 Feb 23,111 ?3,083 28 665 1,10674,91? 22'779 5,071 30 595 817 336 335 294 ,071 18 816 18 302 514 Mar 23,061 997 64 859 1 074 ?4,968 22 305 5 081 30 568 812 423 316 216 135 18 884 18,366 518 Apr 23,239 93 118 1,036 1,11075 411 22 313 5 090 30,614 803 429 348 339 195 19 087 18,580 507 May 23,041 22,996 45 931 1,04625,041 22,358 5,098 30,645 792 521 361 276 ,075 18,827 18,362 465 J J u u l n y e 2 2 3 2 , 3 9 5 8 1 9 2 9 3 9,9 1 1 9 7 8 1 7 53 2 1,0 9 0 1 9 7 1 1 1 17 7 5 09 75 5, 4 1 6 8 6 9 9 79 9j 6 6 9 95 1 5 5 ,1 1 0 0 6 8 3 31 09 1 0 16 ? 7 76 8 9 2 4 48 9 0 0 3 37 9 7 3 2 27 9 9 0 1 0 04 7 8 71 19 89 1 8 9 9 9 18 485 497 Midyear or year-end 1929—June 216 148 68 1,037 52 1,400 4 037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June ... 1 998 1.998 164 4 9 990 4 031 ,?86 5,434 264 35 15 151 346 9 999 1 817 475 1939—Dec 2,484 2,484 7 91 2,593 17 644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941 Dec 2 254 ,?54 3 94 9 361 99 737 1,?47 160 2,215 867 774 586 291P 450 9 365 3 085 1945—Dec 24,262 ?4 249 578 75 091 70 065 4 339 78 515 2,287 977 862 446 495 15 915 14 457 1 458 1947 Dec 22 559 99,559 85 535 91 181 99 754 4 569 98, 868 1 336 870 392 569 563 17 899 16 400 1 499 1950—Dec 20 778 ?0,7?5 53 67 1,368 706 4 636 741 1,293 668 895 565 714 17 681 16 509 1 172 1952—Dec 24,697 24,034 663 156 96725,825 23 187 4,812 30,433 1,270 389 550 455 77719,950 20,520 -570 1953—Dec ... 25 916 95,318 598 28 935 96,880 79 030 4,894 30,781 761 346 423 493 83990 160 19 397 763 1954—Dec 24,932 24, OOO 44 143 80825,885 21 713 4,985 30,509 796 563 490 441 90718,876 18.618 258 1955—June . 23 607 ?3,554 53 128 850 94 601 91 678 5,009 30,999 812 380 374 448 97218066 18 139 — 73 Dec 24,785 24,391 394 108 ,585 26,507 21 690 5,008 31,158 767 394 402 554 92519,005 18,903 102 End of month 1956 July 23,438 ?3 438 452 959 868 830 5035 30 604 761 513 308 288 950 18,108 18,104 204 Aug 23,854 91 898 26 832 771 ?5J480 21 858 5 041 30 757 768 422 350 252 943 18 8S8 18 377 511 Sept 23 680 91 590 90 664 1 P5 75 487 21 884 5,046 30 768 771 535 334 227 950 18 831 18 450 381 Oct 23,767 ?3 688 79 ^38 910 736 21 910 5 054 30 839 778 495 275 297 848 18,668 18,459 209 Nov 24,385 ?55 130 518 1 330 76 767 21 910 5 061 31 474 763 463 356 182 843 19 908 18 719 489 Dec 24 915 94 610 305 50 1 665 96 699 2i 949 5 066 31 790 775 441 322 426 901 19 059 19 089 -30 1957 Jan 23 421 91 421 668 1 076 95 195 99 959 5 071 30 614 809 715 344 263 891 18 517 365 Feb 22,887 99,854 33 595 1 19694, 704 304 5 076 30,575 809 458 327 206 133 18'576 18 294 282 Mar 23 149 040 109 994 801 94 970 99 306 5 086 30 585 804 591 311 304 137 18 18 512 117 23,169 23 169 829 916 74 960 318 5 094 30 519 791 509 316 294 079 18 864 18 588 276 May 23,108 99,950 158 1,170 996 994 99 6?0 5,104 30,836 788 568 360 274 072 0-19 18 351 698 Tune 23,035 22,994 41 558 1,19924 \816 22 623 5,107 31,082 758 498 449 308 .075 18,376 18,543 -167 July 23,355 23,079 276 420 89624 691 626 ,112^30,929 ^764 504 364 296 94218,630 ^18,516 ^114 Wednesday 1957 May 1 23,169 91,169 1 095 101595 305 79 318 5,094 30,510 803 599 311 293 I 07819 PI 18 641 482 May 8 23,180 ?3,191 59 804 781 74 790 319 5,096 30,604 792 366 353 234 I 07718'779 18 438 341 May 15 23,008 23,008 691 1,08524 807 22 320 5,096 30,634 795 366 343 242 1,07418,769 18,367 402 May 22 22,895 99,895 669 109094 675 99 3?0 5,101 30 580 796 518 353 283 I 073IS 18 274 220 May 29 23,013 ,950 63 964 78424 783 22 620 5,103 30 818 797 487 364 283 1,07218,685 18,403 282 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 99 889 1 291 91495 134 99 691 5 106 30 881 791 424 395 272 I 06819031 18 412 619 June 19 22 871 9? 871 1 044 1 351 95 987 99 699 5 106 30 837 784 602 370 283 1 08719 18 692 360 June 26 22,911 22,911 824 ,02924 785 22,622 5,106 30 890 770 456 410 272 1,087 18,628 18,549 79 July 3 23,404 ?3,168 236 1 106 1 16895 709 22 691 5 108 31 318 768 552 414 264 1 07719090 18 484 536 July 10 23,330 23,290 40 908 98125 243 22.624 5,108 31 235 767 408 345 279 1,074 18,868 18,711 157 July 17 23,374 23,307 67 644 ,34125 382 22:625 5,108 31 071 778 527 454 267 1,073 tt,947^18,678 July 24 23,461 91 185 276 406 1 01694 904 22 626 5 109 30 903 779 469 383 277 1 067 759 p18 532 P227 July 31 23,355 23,079 276 420 896 24 691 ,626 ,112 929 504 364 296 942 18,630^18,516 Preliminary. separately in this table, but are given for end-of-month and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 923 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e v y k - e s C ba t o r n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i r n t e 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—June 18.933 4,354 1,133 7,784 5,662 1956—June 575 78 479 July 18,836 4,237 1,129 7,796 5,675 July 599 89 496 Aug 18,783 4,236 1,130 7,783 5,633 Aug 559 79 469 Sept 19,024 4,288 1,120 885 5,732 Sept 579 80 498 Oct 18,939 4,222 1,111 869 5,736 Oct 520 4 52 456 Nov 19,169 4,244 1,122 960 5,843 Nov 590 13 3 83 491 Dec 19,535 4,448 1,149 078 5,859 Dec 651 57 12 96 488 1957—Jan 19,295 4,316 1,126 7,996 5,857 1957—Jan 523 -10 -2 58 478 Feb 18,816 4,205 1,107 7,781 5,722 Feb 514 5 66 443 Mar 18,884 4,341 1,102 7,746 5,696 Mar 518 14 4 60 440 Apr 19,087 4,307 1,097 7,921 5,762 Apr 506 -1 -1 65 443 May 18.827 4,234 1,101 7,794 5,697 May. ...•;.... 465 13 3 56 393 June 18,982 4,335 1,121 7,774 5,751 June 496 15 -2 45 438 Week ending: Week ending: June 19 19,148 4,368 1,135 7,794 5,850 1957 June 19 599 4 47 528 June 26 19,171 4,388 1,141 7,839 802 June 26 546 2 47 480 July 3 18,865 4,375 1,118 7,787 585 July 3 344 2 60 282 July 10 19,308 4,365 1,137 7,932 874 July 10 577 6 45 520 July 17 19,200 4,277 1,131 7,952 839 July 17 564 3 58 492 July 24 19,189 4,282 1,121 7,915 871 July 24 622 6 70 512 July 31 18,885 4,257 1,126 7,853 5,649 July 31 392 5 65 313 Required reserves:2 Borrowings at Federal 1956—June 18,359 4,341 1,130 7,706 5,183 Reserve Banks: July 18,237 4,225 1,127 7,707 5,179 Aug 18,224 4,227 1,129 7,704 5,164 1956—June 769 46 115 434 174 Sept 18,446 4,288 1,120 7,805 5,234 July 738 119 50 433 136 Oct 18,419 4,214 1,107 7,817 281 Aug 898 168 74 461 195 Nov 18,579 4,231 1,119 7,877 352 Sept 792 204 93 377 118 Dec 18,883 4,392 1,138 7,983 371 Oct 715 200 118 299 98 Nov 744 226 143 276 99 1957_jan 18,773 4,327 1,129 7,938 5,379 Dec 688 147 97 300 144 Feb 18,302 4,200 1,107 7,715 5,279 Mar 18,366 4,326 1,098 7,686 5,256 1957—Jan 407 30 38 229 110 Apr 18,580 4,308 1,097 7,855 5,320 Feb 640 129 53 314 144 May 18,362 4,221 1,098 7,739 5,305 Mar 834 116 257 302 159 June 18,485 4,320 1,123 7,729 5,314 Apr 1,011 299 210 329 173 May 909 117 169 422 201 Week ending: June 1,005 200 46 531 228 1957—June 19 18,546 4,348 1,130 7,746 5,322 June 26 18,625 4,372 1,139 7,792 5,322 Week ending: July 3 18,521 4,371 1,120 727 5,303 1957—June 19 1,089 280 42 541 226 July 10 18,732 4,360 1,131 887 5,354 June 26 1,003 234 27 504 238 July 17 18,636 4,266 1,129 894 5,347 July 3 1,067 173 99 632 163 July 24 18.568 4,248 1,116 845 5,359 July 10 1,213 273 51 692 197 July 31 4,247 1,122 7,788 5,336 July 17 1,059 290 15 575 179 July 24 739 156 31 416 136 July 31 553 38 7 302 206 June 1956 Free reserves:2 4 Deposits: 1956—June -194 -33 -111 -356 305 Gross demand deposits: July -139 -108 -48 -344 360 Total 115,186 23,668 6,065 44,973 40,479 Aug -339 -158 -73 -382 274 Interbank 12,449 4,048 1,177 6,004 1,221 Sept -213 -204 -93 -297 380 Other 102,736 19,620 4,889 38,969 39,258 Oct -195 -192 -114 -246 358 Net demand deposits 3. . 99,287 20,851 5,323 38,190 34,924 Nov -154 -214 -140 -193 393 Time deposits 41,181 3,406 1,301 16,630 19,844 Dec -37 -90 -85 -204 344 Demand balances due from domestic banks... 6,212 67 104 1,994 4,046 1957—Jan 117 -40 -40 -172 369 Feb -126 -123 -53 -249 299 Mar -316 -101 -253 -242 280 June 1957 -505 -300 -210 -263 269 M^y!'.['.'.'.'.'.'.'.'. -444 -104 -165 -367 192 June -508 -185 -48 -486 210 Gross demand deposits: Total 115,561 23,591 6,059 44,948 40,963 Week ending: Interbank 12,470 4,132 1,149 5,912 1,277 1957_june 19 -490 -260 -38 -494 302 Other 103,091 19,458 4,910 39,036 39,686 June 26 -457 -217 -25 -457 242 Net demand deposits3. . 99,139 20,653 5,280 37,934 35,271 July 3 -723 -169 -101 -572 119 Time deposits 44,757 3,786 1,331 18,013 21,627 July 10 -636 -267 -45 -647 323 Demand balances due July 17 -495 -279 -12 -517 313 from domestic banks... 6,187 55 107 968 4,057 July 24 -117 -122 -25 -346 376 U July 31 -161 -29 -2 -237 107 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

924 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a i n g c a e ti ( s o S n s e e s e c s a . u n r 1 e d 3 d d a b i n s y d c o e 1 l u i 3 n g a i t ) b s i le o f p a a n p d er Other [ S s e e c c . u 1 re 0 d (b a )] dvances o b b an li ( k g la s a s t t s i o e p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning— rate July 31 beginning— rate July 31 beginning— rate Boston Aug. 28,1956 Aug. 28, 1956 WA Aug. 28, 1956 WA New York. . . Aug. 24,1956 Aug. 24, 1956 WA Aug. 24, 1956 31/2 Philadelphia.. Aug. 24,1956 Aug. 24, 1956 WA 31/2 Apr. 13, 1956 WA Cleveland.... Aug. 27,1956 VA Aug. 27, 1956 WA 4 Aug. 27, 1956 WI Richmond Aug. 24,1956 2VA Aug. 24, 1956 WA 4 Aug. 24, 1956 Atlanta Aug. 28,1956 2YA Aug. 28, 1956 i8 4 Aug. 28, 1956 Chicago Aug. 24,1956 2YA Aug. 24, 1956 4 Aug. 24, 1956 WA St. Louis Aug. 28,1956 18 Aug. 28, 1956 4 Aug. 28, 1956 Minneapolis.. Apr. 13,1956 Apr. 13, 1956 414 Apr. 13, 1956 Kansas City.. Aug. 31,1956 Aug. 31, 1956 4 Aug. 31, 1956 WA Dallas Aug. 28,1956 Aug. 28, 1956 4 Aug. 28, 1956 WA San Francisco Apr. 13,1956 2i/2 Apr. 13, 1956 4 Apr. 13, 1956 31/2 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 deposits 1 Time deposits 1 1 9 93 3 1 0 — — D J M M M F u e e a a n a c b y r y e . . . 2 2 1 2 7 0 4 8 4 4 2 3 1 1 1 1 / / / 2 2 2 1 1 1 1 1 9 9 9 9 9 4 5 4 4 5 2 0 6 8 3 — — — — _ A O A j A J a a u n c u p n . t g g r . . . . . 1 2 2 3 1 1 6 5 1 0 3 2 i W 2 1 i 1 A A / 1 2 /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 a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r b e e e a c a s s n i n e e n t t r r d y k r v v s a e e l C ba o tr n u y k n s - Oct. 9 1954—Feb. 5 Oct. 16 Apr. 16 WA 1932—Feb. 26 1955_Apr. 15 11/2 1917—June 21 13 10 7 3 3 June 24 21/2 Aug. 5 WA 1933—Mar. 3 3i/2 Sept. 9 2VA 1936—Aug. 16 15 IOI/2 41/2 41/2 A M p a r y . 2 7 6 21/2 1956— N A o p v r. . 1 1 8 3 1937— M M a a y r. 1 1 26 2 1 0 71/2 \fA 5 6 VA 5 6 VA Oct. 20 Aug. 24 3 4 I934—Feb. 2 11/2 1938—Apr. 16 22YA 171/2 5 5 1937—Aug. 27 In effect Aug. 1, 1957 3 12 1941—Nov. 1 26 20 6 6 1942—Aug. 20 24 14 1 Under Sees. 13 and 13a. as described in table above. Sept. 14 22 2 Preferential rate for advances secured by Govt. securities maturing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948—Feb. 27 22 advances secured by eligible paper. June 11 24 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955 and 1956 Sept. 16, 24*.... 26 22 16 71/2 71/2 this rate was the same as the discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; 1949—May 1,5* 24 21 15 7 7 Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75. June 30, July 1*. 20 14 6 6 Aug. 1, 11* 13 5 Aug. 16, 18*.... 12 5 Aug. 25 221/2 I8V2 MARGIN REQUIREMENTS 1 Sept. 1 22 18 [Per cent of market value] 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25, Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July i}9* 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954—June 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect Aug. 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 925 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 July 31 July 24 July 17 July 10 Fuly3 July June July Assets Gold certificate account 21, 105,39221,095,39421,095,39221,096,39121,096,39121 105,39221,099, 39320,296, 392 Redemption fund for F. R. notes 840,758 842,586 845,668 848,149 848,149 840,758 845,262 854,782 Total gold certificate reserves 21,946,15021,937,98021,941,06021,944,54021,944,54021,946,15021,944,65521, 151 174 F R notes of other Banks 184 176 396 816 354 373 307 611 865 384 176 988 197 910 Other cash 386,694 376,822 355 483 330,419 312,775 386,694 338,991 396 201 Discounts and advances: For member banks 969 405,876 643 795 908 960 1 106 313 4^0 969 557 911 451 680 For nonmember banks etc Industrial loans 608 560 651 7^4 710 608 749 954 Acceptances—Bought outright 19,431 21,541 22,923 22 923 21,925 19,431 20,950 17,643 Held under repurchase agreement 890 1,607 U. S. Government securities: Bought outright: Bills 343,563 449,579 571,279 554,029 433,129 343,563 258,913 549,570 Certificates Special Other 369 199 11 369 199 11 369 199 11 369 199 11 369 199 11 369 199 11 369 199 10 919 6QQ Notes 8 571,413 8 571,413 8,571,413 8,571,413 8,571,413 8 571,413 8,571,413 9,153,913 Bonds 2 801,750 2 801,750 2,801,750 2,801,750 2,801,750 2 801,750 2,801,750 2,801 750 Total bought outright 23 078,92523 184,94123,306,64123,289,39123, 168,49123 078,92522,994,27523,437,932 Held under repurchase agreement 275,800 275,800 67,500 40,200 235,800 275,800 40,600 Total U. S. Government securities 23 354,725 23 460,741 23,374 14123,329,591 23,404 291 23 354,725 23,034, 875 23 437 932 Total loans and securities 23 795,02623 888,71824 041 51024,261,52824 534 14923 795,02623,616,08723 908 209 Due from foreign banks 22 22 22 22 22 22 22 22 Uncollected cash items . 4 872,763 4 809 641 5 940 437 4,653 362 5 022 827 4 872,763 4,866,930 4 278 840 Bank premises 80 4? 5 80 369 79 599 79 4P 79 974 804^5 79 112 69 683 Other assets 288,187 275 161 260 831 247,896 234 574 288,187 227,727 200 279 Total assets 51 753 443 51 765 542 52,973 308 51,824 790 52 390 026 51 753,443 51 361 721 50 326 618 Liabilities Federal Reserve notes 26 671,49626 659 27826,766 55226,852 28226 893 49226 671,49626 681 83726 370 250 Deposits: Miember bank reserves 18630 26618759 43218,946 88518867 94019020 21318630 26618 375 58418 307 716 U S. Treasurer—general account.... . .... 504451 469 435 526 859 407 568 119 504451 498 519 990 Foreign 364 113 383 004 453 509 344 516 414 183 364 113 449 029 308 308 Other 296 158 277 406 266 561 279 132 264 477 296 158 307 615 287 535 Total deposits 19794 98819889 27720 193 80719899 15620 251 18519794 98819630 35619416 479 Deferred availability cash items 3 976 349 3 793 989 4 599 602 3 671 936 3 854 649 3 976 349 3 667 500 3 319 556 Other liabilities and accrued dividendsl 13925 14031 15938 15204 15641 13925 11904 14 343 Total liabilities 50 456 75850 356 57551 575 89950 438 57851 014 96750 456 75849 991 59749 120 628 Capital Accounts Capital paid in 337 634 333 940 333 275 333 079 332 962 337 634 332 696 317 236 Surplus (Section 7) . .... 747 591 747 591 747 591 747 593 747 593 747 591 747 591 691 6P Surplus (Section 13b) 27 543 27 543 27,543 27 543 27 543 27 543 27 543 27 543 Other capital accounts 183 915 299 891 288,998 277 997 266 961 183915 262 292 167 599 Total liabilities and capital accounts 51 753 443 51,765 542 52 973 308 51 824 790 52 390 026 51,753 443 51 361 721 50 326 618 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.2 47.1 46.7 46.9 46.5 47.2 47.4 46.2 Contingent liability on acceptances purchased for foreign correspondents 70,148 67,321 63,910 64,916 64,232 70,148 62,186 47,927 Industrial loan commitments 1,795 1,843 1,758 1,757 1,781 1,795 1,780 2,427 Maturity Distribution of Loans andU. S. Government Securitie52 Discounts and advances—total 420,262 405,876 643,795 908,260 1,106,313 420,262 557,913 451,680 Within 15 days 409,852 396,316 639,805 903,295 1,100,048 409,852 532,868 446,599 16 days to 90 days .... 10,410 9,560 3,990 4,965 6,265 10,410 25,045 4,838 91 davs to 1 vear 243 Industrial loans total 608 560 651 754 730 608 742 954 Within 15 days ... 69 60 103 61 61 69 63 9 16 days to 90 days 64 71 35 7? 7? 64 99 165 91 days to 1 year 294 248 332 431 407 294 460 456 Over 1 year to 5 years 181 181 181 190 190 181 190 111 Acceptances—total 19 431 91 541 99 993 99 993 22 815 19 411 9? 557 17 641 Within 15 days 7 848 7 840 7 699 6 991 6 966 7 848 8 994 5 886 16 days to 90 days .... 11 581 13,701 15 994 16 009 15,849 11 581 13 633 11,757 U S Government securities—total.... 91,354 ?3 460 741 93 374 141 93 399 591 93 404 93 354 7? 593 034 875 91 437 919 Within 15 days 8 188 965 8 ?99 981 8 050 781 164 166 366 950 8 188 965 117 750 94 990 16 days to 90 days ... 6 869,510 6 914 510 7,027 110 14869 175 14,741,791 6 869 510 8 039 398 454,650 91 days to 1 year 506,993 5 506 993 5,506.993 5,506 993 5,506 993 5 506 991 P 088 540 11 439,699 Over 1 year to 5 years 680,635 680,635 680,635 680,635 680,635 680,635 680,635 9,027,192 Over 5 years to 10 years ... 750,375 750,375 750 175 750,375 750 375 750 375 750,375 1,013,614 Over 10 years 1,358,247 1,358,247 1,358,247 1,358,247 ,358,247 1,358,247 1,358,247 1,414,857 1 1 No accrued dividends at end of June. 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

926 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Assets Gold certificate account 1,002,759 5,684,717 ,128,9041,915,961 ,330,017 818,200 3,856,440 852,655 360,481 888,078 817,3822,449,798 Redemption fund for F. R. notes 55,992 171,076 58,045 74,960 74,000 48,558 150,693 42,331 22,484 40,362 25,187 77,070 Total gold certificate reserves, 1,058,751 5,855,7931,186,949 1,990,9211,404,017 866,758 4,007,133 894,986 382,965 928,440 842,5692,526,868 F. R. notes of other Banks.., 31,028 71,287 44,301 22,587 24,494 71,347 27,476 9,045 21,821 7,353 18,951 34,486 Other cash 26,261 87,275 22,846 36,604 20,347 31,437 58,133 20,855 8,464 11,913 14,643 47,916 Discounts and advances: Secured by U. S. Govt. securities 31,575 65,375 26,755 45,019 36,435 31,970 67,310 6,730 25,423 40,770 15,750 7,150 Other 20,000 Industrial loans 327 251 30 Acceptances: Bought outright 19,431 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,258,863 5,771,6011,347,1862,027,2071,474,5821,195,419 4,028,449 954,429 498,043 990,847 904,440 2,627,859 Held under repurchase agreement 275,800 Total loans and securities 1,290,765 6,132,2071,394,192 1,072,2261,511,0171,227,389 4,095,759 961,159 523,496 ,031,617 920,190 2,635,009 Due from foreign banks 16 2 2 1 3 1 1 1 2 Uncollected cash items 369,916 856,916 299,067 423,735 355,786 354,411 845,842 193,177 117,680 307,917 257,602 490,714 Bank premises 5,150 10,339 4,625 9,171 7,149 5,622 6,476 5,553 5,119 4,761 5,448 11,012 Other assets 15,388 72,677 16,424 25,381 18,073 14,805 51,682 11,654 6,141 12,151 11,726 32,085 Total assets. 2,797,260 13,086,500 2,968,406 4,580,6273,340,884 2,571,770 9,092,504 2,096,4301,065,687 2,304,153 2,071,130 5,778,092 Liabilities F. R. notes 1,598,054 6,281,991 1,693,212 2,528,373 2,101,0431,247,6315,174,4261,183,931 473,3441,061,521 696,426 2,631,544 Deposits: Member bank reserves 766,232 5,381,175 869,7131,492,597 813,062 888,786 2,993,250 674,872 425,082 853,4051,015,3322,456,760 U. S. Treasurer—general account 35,807 70,692 38,107 44,926 36,896 50,401 50,101 18,606 21,583 58,376 40,333 38,623 Foreign 20,590 2108,868 24,850 31,950 18,105 15,975 50,410 13,135 8,520 13,490 18,460 39,760 Other 228,727 10,605 1,365 1,913 5,306 3,352 3,481 37,684 459 1,577 883 806 Total deposits 823,088 5,789,462 943,2751,570,838 869,976 960,4683,097,113 708,190 456,068 926,077 1,077,606 2,572,827 Deferred availability cash items 299,386 654,290 240,694 363,455 300,851 302,901 632,498 153,634 103,175 264,478 230,867 430,120 Other liabilities 952 3,253 656 1,989 589 581 2,801 485 467 539 399 1,214 Total liabilities 2,721,48012,728,996 2,877,837 4,464,6553,272,459 2,511,5818,906,8382,046,240 1,033,054 2,252,6152,005,298 5,635,705 Capital Accounts Capital paid in 17,171 99,404 21,116 32,120 15,350 16,180 45,649 11,385 7,323 13,579 18,823 39,534 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 11,650 42,779 12,663 16,453 12,132 10,068 28,167 8,953 5,717 8,839 8,194 18,300 Total liabilities and capital accounts 2,797,26013,086,500 2,968,406 4,580,627 3,340,884 2,571,770 9,092,504 2,096,4301,065,6872,304,1532,071,130 5,778,092 Reserve ratio (per cent) 43.7 48.5 45.0 48.6 47.3 39.3 48.4 47.3 41.2 46.7 47.5 48.6 Contingent liability on acceptances purchased for foreign correspondents 4,072 319,674 4,914 6,318 3,580 3,159 9,969 2,597 1,685 2,668 3,650 7,862 Industrial loan commitments. 52 13 82 1,648 * After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $50,474,000 participations of other Federal Reserve 2 After deducting $255,245,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 927 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 July 31 July 24 July 17 July 10 July 3 July June July F. R. notes outstanding (issued to Bank). 27,686,355 27,686,127 27,765,137 27,796,880 27,738,218 27,686,355 27,632,726 27,313,323 Collateral held against notes outstanding: Gold certificate account 11,878,000 11,878,000 11,878,000 11,878,000 11,878,000 11,878,000 11,848,000 11,498,000 Eligible paper 94,255 76,100 116,455 227,365 232,450 94,255 93,755 132,060 U. S. Government securities 16,955,000 16,955,000 16,955,000 16,955,000 16,905,000 16,955,000 16,905,000 16,985,000 Total collateral , 28,927,255 28,909,100 28,949,455 29,060,365 29,015,450 28,927,25528,846,755 28,615,060 EACH FEDERAL RESERVE BANK ON JULY 31, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,655,050 6,517,5511,770,807 2,596,216 2:, 165,7091,318,8815,279,839 1,236,835527,901 1,092,1941745,245 2,780,127 Collateral held: Gold certificate acct.. 580 000 3,170,000 640,000 1,130,000 895,000 400,0002,400,000 450,000 130,000 300,000! 28 3,000 1,500,000 Eligible paper 46,755 6,730 40,770 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,550,0001,310,000 1,000,000 3,000,000 875,000 425,000 120,000 525,000 1,500,000 Total collateral 1,730,000 6,770,0001,886,7552,680,000 2,205,0001,400,000 5,400,000 1,331,730 555,00011,160,7701808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e n u - e d - o n d ^ t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( i s n a p P f t ta u m g a a o f n t t i r i u o i n i d t o o n i t u a i c - n n s n n n i t s s g - c t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t t L o h o o d a r A a n iz t m s e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v n u a o t d a d t e m s m r i d e e l t r r i e a a o o t n b n a i w u g o g l 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 June 3,780 830,116 904 2,565 1,287 June 1,441 2,710 363 270 186 July 3,781 830,630 954 2,427 1,262 July 1,445 2,724 364 273 176 Aug 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept 3,781 831,409 938 2,416 1,262 Sept 1,456 2,737 369 276 145 Oct 3,781 831,882 867 2,236 1,179 Oct 1,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 1,098 Nov 1,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec 1,468 2,761 389 289 125 75 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 June 3,783 835,766 742 1,780 919 June 1,493 2,867 412 307 126 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 outstand8i0ng 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 Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED [In effect July 31. Per cent per annum] UNDER REGULATION Vi [In effect July 31] To c b o i u n m s d i m u n s e e t s r r s c i e a ia s l l or To financing institutions Fees I P ns a t y i a tu b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On commit- Portion Re- commitloans2 ments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 .. . 25 25 90 30 30 B N o ew st on York... 4 33 - 4 6 -51/2 1 9 O 5 ver 95 40 3 - 5 50 40 3 - 5 50 Philadelphia. , 21/2-6 C R l i e c v h e m la o n n d d . . . . . . . 2 31 i/ / i 2 - - 5 6 1 Maximum Rates Fin [ a P n e c r i n c g e n I t n s p t e i r t u a ti n o n n u m M ] ay Charge Borrower Atlanta 3%-5i/2 C S M t h . i i n c L n a o e g a o u p i o s l . i . s . . . , 3 3i - / 5 2 i - / 5 2 i/2 3 3- - 3 5 1 V /2 i 3-51/2 Interest rate Kansas City.. Commitment rate. Dallas 3-5 San Francisco 3-51 1 Schedule of fees and rates established by the Board of Governors on /oans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F u e re d m er e a n l t R a e g se e r n v c e i e B s, a n p k u s r s a u c a t n a t s t f o i sc t a h l e ag D e e n f t e s n s o e f t P h r e o d g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexc 2 e I e n d c in lu g d f i i n v g e l y o e a a n r s s . made in participation with financing institutions. tion V of the Board of Governors. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of V2 Per cent per annum is made on undisbursed portion. 7 Charge of 14 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 deposits 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 centers 2 City centersx centers2 City centers1 centers2 1949 1,206,293 446,224 260,897 499,172 27.9 20.9 15.9 1950 . .. 1 380 112 509 340 298 564 572,208 31.1 22.6 17.2 1951 1 542 554 544 367 336 885 661 302 31.9 24.0 18.4 1952 . . . .. 1 642 853 597 815 349,904 695,133 34.4 24.1 18.4 1953 1 759 069 632 801 385 831 740 436 36.7 25.6 18.9 1954 1 887 366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2 043 548 766 890 431 651 845,007 42.7 27.3 20.4 1956 2 200 643 815,856 462,859 921,928 45.8 28.8 21.8 1956 Mav 185,584 69,452 38,766 77,367 46.0 28.7 21.7 47.2 29.1 22.1 June 186,540 70,733 38,937 76,870 47.0 28.9 21.6 43.5 28.3 21.6 July 181 284 65 873 38 653 76 757 45.9 29.6 22.4 47.1 30.2 22.7 Aug . . . .. 183 819 67 279 38 206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sent 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 '22.9 48.1 30.6 22.6 Feb 177,468 67,035 36,886 73,548 48.9 30.2 '22.9 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 M!ay 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 30.4 23.1 47.6 29.8 23.1 July 200,547 74,509 41,711 84,327 49.5 30.6 23.5 50.8 P31.1 ^24.0 ' Revised. 2 338 centers prior to April 1955. » Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 929 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28 515 20,683 1 274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27 741 19 305 1 554 L 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 I 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—June 30,715 21,801 1,948 1,262 74 2,090 6,589 9,838 8,914 2,676 5,505 296 421 3 13 July 30 604 21 709 1 957 I 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 8 Sept 30,768 21,834 1,977 1,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct 30 839 21 877 1 995 I 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 [,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 I 269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 8 Mar 30,585 21,639 2,000 1,270 75 2,063 6,473 9,758 8,946 2,679 5,573 286 397 3 8 Apr. . 30 519 21 588 2 020 I 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 1,301 76 2,093 6,554 9,852 8,931 2,679 5,564 284 393 3 8 June 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 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 Kind of currency T s J o t u a t 1 n n a 9 e l d 5 i o 3 7 n u 0 g , t , - A g a s o s g l s i d a l e v i c n e a u s r n r t i d ty Tr c e a a s s h ury B F a F . a n o n R d r k . s H B a F e g a a . l e n d n n R d k t b . s s y Ju 1 n 9 e 5 3 7 0, M 1 a 9 y 5 3 7 1, Ju 1 n 9 e 5 3 6 0, certificates agents Gold .... 22,623 21,977 2646 Gold certificates 21 977 19,129 2,816 33 33 33 Federal Reserve notes 27,633 64 1.239 26,329 26,093 26,055 Treasury currency—total 5,107 32,477 48 339 4,720 4,711 4,626 Standard silver dollars 488 202 27 7 253 251 237 Silver bullion 2,209 2.209 Silver certificates and Treasury notes of 1890. . . . 32,411 \i" 249 2,163 2.165 2,150 Sibsidiary silver coin 1,382 50 1.315 1,307 1,259 Minor coin 485 2 9 474 471 453 N F U e a n d t i i e t o e r d n a l a S l R t b a e a t s e n e s r k v n e n o o t B e te a s s nk notes 3 1 4 6 3 7 2 4 ( ( 4 4 ) ) * - " > (4) 23 1 3 1 2 6 3 1 2 3 3 1 2 6 3 2 2 3 3 1 1 6 4 8 4 7 Total June 30 1957 (5) 24,389 758 19,129 4,394 31,082 May 31, 1957 (5) 24,369 788 19.117 4,355 30,836 June 30 1956 (5) 23,562 768 18,293 4,233 30,715 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. 922. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 4 5 L B e e s c s a u th se a n s o $ m 50 e 0 o ,0 f 0 t 0 h . e types of currency shown are held as collateral or E at a c l h ea F st e d 2 e 5 r a p l e R r e c s e e n rv t e a g B a a i n n k s t m it u s s t F m ed a e i r n a t l a in R e a s e re rv se e r v n e o t i e n s g i o n l d a c ce tu rt a i l f ic c a i t r e c s u l o a f reserves 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

930 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u 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 r n 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 e c n s 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.. 22,111 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—June 30.. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 July 25., 21,800 5,000 214,900 104,900 89,700 64,500 23,400 1,800 20,400 241,800 221,400 20,400 Aug. 29., 21,900 5,000 217,000 105,500 90,900 65,400 23,700 1,800 20,600 243,900 223,000 20,900 Sept. 26., 21,900 5,000 218,000 106,700 90,500 65,200 23,600 1,800 20,800 244,900 224,000 20,900 Oct. 31., 21,900 5,100 218,900 107,300 91,000 65,500 23,800 1,800 20,500 245,800 224,800 21,000 Nov. 28., 21,900 5,100 220,800 108,200 92,200 66,200 24,300 ,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. 27P, 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 ,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 June 26^. 22,600 5,100 221,900 112,900 87,600 63,100 22,900 1,600 21,400 249,600 229,100 20,600 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b c e a a a o A v r n n c m i t d n k ia - g s l s B F. A a n R t k . ; Total Total m T b C e i a o r m n c m k i e a s - l de M p b s o a a u v n s t i i k u n t s s a g 3 2 l s S S P y a o v s s t i e t n a m g l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e d s t e n - i e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933_june 30., 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30., 1,217 2,409 846 634 63,254 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 89,800 24,500 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 26,900 1953—Dec. 31.. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359102,451 28,091 126,800 99,500 27,300 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 1'0"9,914 28,285 133,200 105,800 27,400 1956—June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,700 27,600 July 25. 3,100 800 3,600 600 213,300 80,700 49,700 29,200 700 105,200 27,400 134,100 106,600 27,500 Aug. 29. 3.100 800 5,800 500 212,800 80,900 49,900 29,300 700 104,500 27,500 133,700 106,200 27,500 Sept. 26. 3:200 800 5,400 600 214,100 81,300 50,100 29,500 ,700105,400 27,400 133,500 106,100 27,400 Oct. 31. 3,100 800 3,800 500 216,600 81,500 50,200 29,600 ,700107,400 27,700 134,200 106,700 27,500 Nov. 28. 3,400 800 5,200 500 217,200 80,900 49,600 29,600 ,700108,300 28,000 134,700 107,000 27,700 Dec. 31., 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27,700 1957__jan. 30* 3,100 800 1,900 600 219,900 82,900 51,200 30,100 ,600109,500 27,400 134,100 106,500 27,600 Feb. 27* 3,100 800 2,800 300 218,000 83,600 51,800 30,200 ,600107,000 27,400 134,500 106,900 27,600 Mar. 21* 3,100 800 3,800 500 217,200 84,600 52,600 30,400 ,600105,200 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 110077,300 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 June 26*\ 3,400 800 4,800 500! 219,700 86,300 54,000 30,900 1,500105,500 27,800 135,100 107,200 27,900 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-829. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 931 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 b o l . i v g S t a . . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b a i a l 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 T a o p t it a a l l b N a b u o n e m f k r s tions ac- Time counts 3 U.S. Other Govt. All banks: 1939—Dec. 30.. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31.. 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 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—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 Nov.28.. 195,780109,160 66,180 20,440 43,170 242,990 218,000 15,360 4,930 118,140 79,570 19,360 14,186 Dec. 31. . 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—Jan. 30*. 194,950 1"0,8830 65,680 20,440 41,640 240,730 216,040 14,180 1,620 118,600 81,640 19,340 14,163 Feb. 27*. 194,810 109,350 64,820 20,640 42,350 241,310 216,170 14,280 2,5101117,070 82,310 19,480 14,158 Mar. 27*. 195,440 110,800 63,750 20,890 41,550 241,130 215,900 14,480 3,510 114,550 83,360 19,520 14,160 Apr. 24*. 197,650 111,260 65,270 21,120 42,070 243,970 218,810 14,430 4,050 116,660 83,670 19,570 14,154 May 29 v 197,770 111,620 64,850 21,300 41,640 243,650 217,880 13,670 5,0401114,710 84,460 19,690 14,145 June26*.' 198,290113,810 63,110 21,370 42,420 244,910 219,650 14,310 4,490 115,650 85,200 19,740 14,140 AUfcommercial 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 3,709 123,187 48,715 15,300 13.716 1956—June 30. .. 160,008 86,887 56,620 16,50: 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 Nov. 28... 163,970 89,510 58,200 16,260 42,390 209,930 188,370 15,360 4,930 118,110 49,970 16,400 13,659 Dec. 31. .. 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17.593 3,733 125,282 50,908 16,302 13,640 1957__ F j e an b . . 2 3 7 0 * * . . . . 1 1 6 6 2 2 , , 8 4 1 9 0 0 8 8 8 9 , , 9 3 3 4 0 0 5 5 7 6 , , 7 8 1 3 0 0 1 1 6 6 , , 1 3 7 2 0 0 4 4 0 1 , , 8 5 0 1 0 0 2 2 0 0 7 7 , , 2 6 9 8 0 0 1 1 8 8 5 5 , , 9 9 3 4 0 0 1 1 4 4 , , 1 2 8 8 0 0 2 1 , ,6 5 2 1 0 0 1 1 1 1 8 7 , , 5 0 7 4 0 0 5 5 1 2 , , 5 1 6 1 0 0 1 1 6 6 , , 3 5 8 0 0 0 1 13 3 , , 6 6 3 3 1 6 Mar. 27*.. 162,860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510 114,520 52,930 16,520 13,633 Apr. 24*. . 164,960 90,990 57,320 16,650 41,280 210,020 188,340 14,430 4,050 116,630 53,230 16,560 13,628 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 June 26*.. 165,290 93,280 55,250 16,760 41,550 210,570 188,740 14,310 4,490 115,620 54,320 16,730 13,615 All member banks: 1939—Dec. 30.. 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 . . 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 .. 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31.. 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30. . 44,705 52,365 10,355 35,524 144,660 133,08' 13,448 2,523 87,783 29,336 9,695 6,873 1954—Dec. 31 .. 60,250 57,809 13,543 38,076 172,242 157,25: 15,983 3,715 99,604 37,950 12,210 6,660 1955—Dec. 31.. 70,98: 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6,543 1956—June 30. . 74,783 46,226 13,41" 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 Nov. 28. . 77,296 47,143 13,174 37,271 178,043 159,593 14,617 100,452 40,123 13,706 6,476 Dec. 31 . . 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*. 76,74!" 46,767 13,070 35,909 175,762 157,485 13,559 1,408 101,084 41,434 13,713 6,459 Feb. 27*. 77,08: 46,097 13,208 36,634 176,292 157,623 13,674 2,244 99,838 41,867 13,813 6,456 Mar. 27*. 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^. 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*. 78,5901 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 June 26*. 80,529 44,808 13,511 36,660 178,816 160,116 13,704 4,086 98,673 43,653 14,004 6,438 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,85: 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947—Dec. 314 18,641 4.944 11,978 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—June 30 31,066 18,639 8.297 4,130 91 32,421 29,18- 29.152 2,885 527 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—Jan. 30* 32,140 19,900 7,970 4,270 840 33,440 30,110 30,080 2,960 527 Feb. 27* 32,320 20,010 7,990 4,320 840 33,630 30,230 30,200 2,980 527 Mar. 27* 32,580 20,170 8,010 4,400 850 33,900 30,460 30,430 3,000 527 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 June 26* 33,000 20,530 7,860 4,610 870 34,340 30,910 30,880 3,010 525 ' Preliminary. available. Comparability of figures for classes of banks is affected somei All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 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 t a e nk Total Loans o G U t b io q l . i S n v g . s t a . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l a l p o i n i a c t t i - d - i t a e a l s l Total2 b In a t n e k r- 2 Dema O nd ther Time c c T a o a p o u c t i n - t a a t l s l N ba b u o n e m f k r s counts 3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,172 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—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 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__ F j e an b . . 3 2 0 lv ? 2 2 3 3 , , 1 1 0 3 1 4 1 1 5 5 , , 6 7 6 6 5 2 5 5 , , 5 6 0 4 6 5 1 1 , , 7 8 9 6 1 6 7 7 , , 0 2 4 6 6 0 3 3 1 1 , , 1 3 5 8 1 3 2 26 6 , , 6 4 0 9 5 7 4 5 , , 9 05 2 9 7 3 1 9 8 4 8 1 1 8 8 , , 9 6 0 3 5 6 2 2 , , 4 5 7 1 7 6 2 2 , , 8 8 7 9 8 2 1 1 8 8 Mar. 2lv 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 June 26*> 23,686 16,776 5,270 1,640 7,384 32,053 27,565 5,158 938 18,722 2,747 2,909 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5; 569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1954—Dec. 31 6,518 2,784 3,120 614 1,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 Nov. 28 6,319 3,633 2,082 604 1,954 8,329 7,402 1,224 182 4,707 1,289 654 14 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 1,372 184 5,069 1,319 660 14 1957—Jan. 30*> 6,120 3,494 2,074 552 1,905 8,077 7,280 1,125 68 4,784 1,303 660 14 Feb. 27*> 6,171 3,514 2,073 584 2,029 8,254 7,315 1,140 139 4,727 1,309 658 14 Mar. 27P 6,444 3,685 2,165 594 1,706 8,203 7,127 1,212 185 4,432 1,298 651 14 Apr. 24* 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 June 26*> 6,293 3,893 1,847 553 1,912 8,258 7,407 1,153 305 4,630 1,319 663 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—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 Nov. 28 53,389 31,391 17,152 4,846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 5,066 289 Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957—Jan. 30* 52.978 31,234 17,056 4,688 14,802 69,034 62,111 6,224 474 38,393 17,020 5,082 290 Feb. 27* 52,897 31,308 16,898 4,691 15,161 69,310 62,253 6,223 865 37,979 17,186 5,124 c290 Mar. 27* 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 5,121 C285 Apr. 24P 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 38,029 17,422 5,120 C283 J M u a n y e 2 2 9 6 * ? > 5 5 3 3 , , 4 6 0 4 1 9 3 32 1 , , 1 5 6 7 8 4 1 16 6 , , 5 8 2 3 9 0 4 4 , , 9 9 9 5 7 2 1 1 5 4 , , 1 8 5 0 0 7 6 70 9 , , 0 5 8 1 3 8 6 6 2 2 , , 2 8 9 8 9 6 5 6, , 1 8 3 0 8 9 1 1 , , 7 6 1 3 6 4 3 3 7 7 , , 1 2 5 7 3 6 1 1 7 7 , , 6 8 2 3 1 8 5 5, , 1 1 9 6 5 8 C 2 2 8 8 2 2 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—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 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 C6,134 Mar. 27*> 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 37,797 21,165 5,167 C6,137 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 C6,135 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 C6,131 June 26*> 55,220 27,692 21,162 6,366 12,214 68,422 62,258 1,255 1,209 38,045 21,749 5,237 6,124 c Corrected. < 8 banks with total loans and investments of $34 million were transferred * Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. At that time a net of 115 noninsured nonmember commercial banks For other notes see preceding and opposite pages. with total loans and investments of about $110 million was added, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 933 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i n v S g s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i d i - a t - e a l s l Total 2 b In an te k r - 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l b N , b i o u n e f m k r s counts 3 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 i1,789 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 i1,692 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 t1,667 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 A•,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 1,502 1945_Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7 986 2 945 1,867 1947—Dec 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56.407 51,401 5,269 1,207 33,177 11 748 4 125 [,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 28,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 1,832 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 1,811 Insured nonmember commercial banks: 1941 Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 5,810 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 5 416 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 5,478 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 5 647 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 5 677 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 5,713 Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 5,737 Noninsured nonmember commercial banks: 1941 Dec. 31 1,457 455 761 241 763 2,283 1,872 329 91 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 l,c>05 365 279 714 1947 Dec. 314 2,009 474 1,280 255 576• 2,643 2,251 363 18 1,392 478 325 783 1954—Dec. 31 1.800 492 969 339 397 2,250 1,871 433 18 1,085 335 324 536 1955 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 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 All nonmember commercial banks: 1941 Dec. 31 7,233 3,696 2 270 1,266 3 431 10 992 9 573 457 5 «504 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 21,59? 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 (s 8,738 1,077 496 1945 Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 I 5,020 558 350 1947—Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1954 Dec 31 7,038 3,346 2,630 1,061 194 7,295 6.474 2 6,471 774 309 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 2 6 947 806 307 1956—Tune 30 7,898 4,125 2,661 1,112 178 8,150 7,225 2 7,222 824 307 Dec 31 7,770 4,235 2,453 1,082 182 8,028 7,146 2 7,143 817 304 For other notes 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

934 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for U. S Government obligations Oblimer- purchasing ga- Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e a n e n t n d a s t s t l s - TotaP c o m c p p i k l i p i n u n a a e a e e g d - l r r - t n , - - A c tu u a g r l l r - - i- b o d a s r T e e r n e o e r r o a c s c d s k l u a - - r r r it y o i T e i e t r n h o s s g - l R o t e a a e s t n a - e l s O lo u v i d t t a a n i h o i d l - n - e s - s r O lo t a h n e s r Total Total Bills C o d c e e f a e r d t b i t e n i - t f s - D - i- ir N ec o t tes Bonds G t a e u n e a - d r- S p s t d s a i i i t o u c o i o o a n v l b a n t f n d i i e - l t s - s - s O s r e i t t h c i e e u r s - All commercial banks:3 1947—Dec. 31....16,284 8,057 8,,167 1,660 8301.220 9.393 5.7231.063 78,226 i9.2212.193 7.789 6?03453,191 5.276 3.729 1955—Dec. 31.... 60,881 82,60133,245 4,4753,263 774 20,809 17,185 3,11778,280 il ,5924,219 2,31814,034 41,010 12,698 3,990 1956—June 30.... 60,00886,88736,1114,2542.695 .738 21,787 18,365 3,28673,122 56.6202,817 1,24712,72739,815 12,929 3,573 Dec. 31.... 65,12390,30238,720 4,1612,589 ,691 22,509 18,850 3,34374,821 !8,5525,924 1,99711,82338,796 12,901 33,368 1957—Mar. 14....63,60290,020381524 4,1552,3631,623 22,442 18,713 3,80973,582 16,9054,842 2,26611,12538,659 '3,242 "3,435 AH insured commercial banks: 1941—Dec. 31....49,290 1,259 9,214 ,450 614 662 4,773 4,-545 28,03121,046 988 3,159 12,797 ,102 3,6513,333 1945—Dec. 31....21,809 255,765 9,4611,314 3,164 3,6064,677 2,3611,18196,04388,9122,45519,07116,04551,321 22 3,873 "3,258 1947—Dec. 31....14,274 17,583 8,012 ,610 8231,190 9,266 5,6541,002288 76,69167.9412,124 7,552 5,91852,334 14 5,129 3,621 1955—Dec. 31....59,164 12,08133,092 4,396 3,2291,74220,69217,1043,09177,083 60J65 4,105 2,292 13,856 40,502 1012,465 3,853 1956—June 30.... 58,34486,374 35^944 4,1902,6691,70421,67118,228844 3^259 71,97155,8352,751 1,228 12,552 39.290 1312,694 3",442 Dec. 31.... 63,601 19,83138,571 4,1012,565 ,66922,39418,7653,32573,770 7,8375,763 1,981 11,,722 38,358 1312,6753,258 Member banks, total: 1941—Dec. 31.... 43,521 8,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 3,090 ,871 1945—Dec. 31.... 07,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 84,408 78,3382,27516,98514,27144,792 16 3,254 ,815 1947_Dec. 31.... 97,84632,62816,962 .046 8111,065 7,130 4,662 '95265,21857.9141,987 5,816 4,815 4'5-,286 10 4,199 3.105 1955—Dec. 31.... 35,360^0,98231,019 2,726 3,150 560 16,39114,3132,943 64,377>0,6973,250 1,73811,508 34,192 910,444 3,236 1956—June 30.... 34,428 r4,78333,7252:,552 :,5861,522 17,172 15 ^6,2262,013 84010,33233,029 1210,557 ,862 Dec. 31.... 38,768 '8,034 36;, 296 2,4782,4471,473 17,81115,7653; 147 60,734 47,5754,383 1,469 9,49332,218 1210,494 ,665 1957—Mar. 14.... 137,492 7"7,76036,107 2,4742,2161,402 17,75315,633 3,61359,732 46,2353,540 1,679 8',914 32,090 1210,7802,716 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 ,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,4531,172 80 287 29818,809 177,574 477 3,433 3,32510,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 330 13,21411,9721,002 640 558 9,771 638 604 1955—Dec. 31.... 23,583 4,640 9,126 17 2,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30..., 23,270 5,37310,191 11,691 494 609 1,590 1,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Dec. 31.... 23,809 5,98 11,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1.406 358 1957—Mar. 14..., 23,793 6,213 11,465 11,292 373 599 1,5091,292 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 . '67 749 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 3,77: 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 6,467 295 751 4,248 ,173 956 820 1945—Dec. 31... 40,108 8,514 3,661 205 4271,503 1,459 855 404 3i;594 29,5521,034 6,982 5,65315,878 1,126 916 1947—Dec. 31..., 36,04013,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 1,3421,053 1955—Dec. 31... 52,45928,62213,212 566 542 696 6,962 5,916 180 23.83^18,826 813 657 4,70812,643 3,7781,233 1956—June 30... 52,07130,12213,978 520 502 676 7,357 6,3061,26521,94917,051 374 279 4,08612,308 3,8231,076 1957— D M e a c. r . 3 1 1 4 . . . . . . 5 52 3 , , 8 9 6 1 9 53 3 1 1 , , 7 3 8 0 3 7 1 1 5 4 , ,7 1 9 7 8 0 4 46 8 3 9 4 50 4 1 3 7 67 1 9 7 7 , , 6 56 5 9 4 6 6 , , 5 4 1 4 2 6 1 1, , ,2 4 8 6 9 8 2 2 2 i;561 1 1 7 6 , , 3 8 6 2 8 8 1, 8 1 6 8 8 5 4 5 4 4 1 8 3 3 , , 7 5 4 0 2 2 1 1 1 1 , , 9 9 9 0 5 7 3 3 , , 8 7 2 7 0 0 9 9 4 6 4 3 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... 35,00: 5,596 1,484 648 42 471 1,881 707 "36329,407 26.999 630 5,10: 4,54416,713 1,342 ,067 1947—Dec. 31... 36,32410,199 3,096 818 23 227 3,827 1,979 22926,12522,857 480 2,583 2,10817.681 2,006 .262 1955—Dec. 31... 52,77524,379 6,2902,127 189 255 8,723 6,575 57328,39722.570 ,774 913 5,05614,825 4,581 ,246 1956—June 30... 52,75225,716 6,8922,019 223 257 9,073 7,050 590 2277,03521,076 ,267 489 4,68814,628 4,731 ,228 Dec. 31... 54,57126,491 7,0801,972 334 261 9,407 7,256 63128,08022,03"2,362 79: 4,45814,420 4,827 ,215 1957—Mar. 14... 54,39626,619 7,0552,003 321 256 9,451 7,330 67327,77721,53'1,914 929 4,24614,444 4,968 1,272 All nonmember banks:3 1947_Dec. 31... 18,454 5.432 1,205 614 20 156 2,266 1.061 11113,02111,318 206 1,973 1.219 7,916 1,078 625 1955—Dec 31... 25,54611,628 2,2261,750 113 21 4,428 2,872 17'13,91810,908 970 580 2,52" 6,829 2,255 755 1956—June 30... 25,60512,114 2,3851.702 110 216 4.625 3.036 20013,49210,406 805 407 2.396 6,797 2,374 712 Dec. 31... 26,38 12,279 2,4241,683 143 218 4,708 3,085 19614,10210,989 ,541 528 2,330 6,588 2,409 704 l 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 notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 935 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits p. IV©" Bal- De- Cla c s a s l a l o n d f d a b t a e nk F B s e w e R d a r i n e v e t - r k h e a s s l C va i a n u s l h t b m a a w d n e n o i c s k t - e t h s i s c 5 ju m p s d a o a t d e s e n i - - d t d s « m D e I o n s d t - t e i e p c r 5 o b s a i n ] t < F e s k i o g r n - G U o .S v . t. p v s S o i u a l s t b i a n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f t n e f c r r c i d s t . d k - i ' - s, p a v n s a p i I t d h i d r n o o t u i d n r p c 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 - t a . . l v S p s i a u i i s t o c c a n i b l a a o t i d d e l i t n - s i s - p a v n a s p t I i h i d r d n o o t i u d r n c p n a a i o e s s - - l , r r s - - ,r B i o n o w g r s - - c C o a t a u a c p - l n i t - s All commercial banks:* 1947—Dec. 31.... 17.796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30.... 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 ,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—Mar. 14.... 18,627 2,875 10,345108,290 11,453 ,582 2,040 9,998 3,093 105,731 1,486 328 2,522 49,7481,70816,483 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 • 1,077 36,544 158 59 492 15,146 10 6,844 1945_Dec. 31.... 15,810 1,829 11,075 14,122 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 14514,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 33715.600 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 13712,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 30213,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957—Mar. 14.... 18,628 2,196 6,287 91,311 11,059 1,546 1,789 7,778 2,807 91,017 1,308 296 1,965 40,02811,56413,796 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 2,120 1947_Dec. 31 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 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 1 196 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 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"W, 91219,981 287 5,162 All nonmember banks: 3 1947_Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1.596 1955—Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9 071 22 2,519 1956—June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 Dec. 31 ,. 774 4,690 18,085 521 45 440 2,238 310 15,885 171 29 546 9,449 2,649 27 3 Breakdowns of loan, investment, and deposit classifications are 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. * Beginning June 30, 1942, excludes reciprocal bank balances, which on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e t n n d a s t s l t s - j i L m u n a o s a v e n t d a e n e d - n s t d t s s - 1 j L us o a t d a e - n d s i C i m t n a c r o d i n e i a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U l t o i n i o g o o b . d a v S n - b - t d . s r . e o O a c k t l s u t i e e e h e r r r - s e i s s - rG U l t T o i i o g o b . o v a S n - - t o . s . t O h c t e u t i h e r n s s e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total— Leading Cities 1956 July 86,379 85,018 50,904 28,253 461 2,334 1,267 8,62210,82826,306 590 359 5,952 19,405 1,361 1957 June 88,050 86,901 53,784 31,495 424 1,880 1,168 8,66511,20125,507 ,437 1,513 4,209 18,348 7,610 1,149 July 88,287 87,097 53,834 31,587 430 1,710 1,157 8,65811,34825,687 ,811 1,402 4,239 18,235 7,576 1,190 June 5 87,634 86,210 52,83430,750 420 1,767 1,163 8,64911,13425,790 ,638 1,561 4,228 18,363 7,586 1,424 June 12 87,647 86,754 53,41331,094 425 1,940 1,168 8,66711,167 2255,690 ,585 1,536 4,226 18,343 7,651 893 June 19 88,725 87,670 54,434 3~~2,039 424 1,969 1,170 8,67511,20525,633 ,541 1,527 4,233 18,332 7,603 1,055 June 26 88,196 86,972 54^,,454 32,097 428 1,842 1,169 8,66711,30124,917 985 1,429 4,151 18,352 7,601 1,224 July 3 89,303 88,204 54,282 31,877 433 1,892 1,184 8,64911,30326,3102,334 1,475 4,229 18,272 7,612 1,099 July 10 88,670 87,581 53,972 31,755 431 1,710 1,162 8,645 11,324 2266,0202,013 1,455 4,236 18,316 7,589 1,089 July 17 88,260 87,090 53,852 31,641 429 1,679 1,157 8,65711,34525,6421,725 1,409 4,319 18,189 7,596 1,170 July 24 87,605 86,244 53,496 31,355 428 1,610 1,143 8,66611,350 2255,2231,481 1,327 4,203 18,212 7,525 1,361 87,597 86,365 53,56831,310 428 1,660 1,142 8,67511,412 25,2411,504 1,342 4,207 18,188 7,556 1,232 July 31 New York City 1956 23,084 22,279 14,736 10,094 721,541 20 471 585 2,200 5,666 196 74 1,017 4,379 1,877 805 July 1957 23,583 22,871 15,73711,785 821,086 389 558 2,148 5,477 539 205 767 3,966 1,657 712 June 23,378 22,646 15,55111,750 68 950 388 548 2,157 5,422 453 180 851 3,938 1,673 732 July June 5 23,435 22,511 15,232 11,396 331,055 383 552 2,124 5,615 666 211 768 3,970 1,664 924 June 12 23,354 22,828 15,55911,554 971,134 389 561 2,135 5,588 645 209 771 3,963 1,681 526 June 19 23,928 23,282 16,09112,081 1391,089 393 562 2,138 5,550 594 224 770 3,962 1,641 646 June 26 23,614 22,863 16,06712,110 591,066 393 556 2,194 5,156 251 177 757 3,971 1,640 751 July 3 23,946 23,231 15,92411,949 821,085 402 542 2,175 5,644 659 188 834 3,963 1,663 715 July 10 23,412 22,11A 15,67311,846 68 961 389 548 2,171 5,429 432 164 868 3,965 1,672 638 July 17 23,354 22,571 15,51911,761 44 938 385 546 2,156 5,379 422 180 814 3,963 1,673 783 July 24 23,122 22,273 15,27411,580 42 894 383 550 2,137 5,336 382 181 868 3,905 1,663 849 July 31 23,058 22,383 15,36811,616 107 874 37 553 2,150 5,322 368 186 871 3,897 1,693 675 Outside New York City 1956 July 63,295 62,739 36,16818,159 460 721 776 8,037 8,628 20,640 394 285 4,935 15,026 5,931 556 1957 June 64,467 64,030 38,04719,710 423 712 769 8,107 9,05320,030 1,308 3,442 14,382 5,953 437 July 64,909 64,451 38,28319,837 429 692 759 8,110 9,19120,2651,358 1,222 3,388 14,297 5,903 458 June 5 64,199 63,699 37,60219,354 419 679 770 8,097 9,010 20,175 972 ,350 3,460 14,393 5,922 500 June 12 64,293 63,926 37,85419,540 424 709 769 8,106 9,032 20,102 940 ,327 3,455 14,380 5,970 367 June 19 64,797 64,388 38,34319,958 423 741 767 8,113 9,067 20,083 947 ,303 3,463 14,370 5,962 409 June 26 64,582 64,109 38,38"19,987 427 717 766 8,111 9,107 19,761 734 ,25: 3,394 14,381 5,961 473 July 3 65,357 64,973 38,35819,928 432 725 772 8,107 9,12820,666 ,675 ,287 3,395 14,309 5,949 384 July 10 65,258 64,807 38,29919,909 430 681 762 8,097 9,15320,591 ,581 ,291 3,368 14,351 5,917 451 July 17 64,906 64,519 38,33319,880 428 697 762 8,111 9,18920,263 ,303 ,229 3,505 14,226 5,923 387 July 24 64,483 63,971 38,22219,775 42' 674 751 8,116 9,213 19,887 ,099 ,146 3,335 14,307 5,862 512 July 31 64,539 63,982 38,20019,694 42' 679 754 8,12: 9,262 19,919 ,136 1,156 3,336 14,291 5,863 557 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 937 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D ex em ce a p n t d i n d te e r p b o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . a r i v n t R h e k . s s v C a a i u s n l h t b m a w a d n e n o c i s t e k - h ti s s c j p m u o a d s a t d s e n e i - - t d d s 1 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 s a t - - - s - , - , S p s d s a i t i o u i c a o n v l b a 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 c f r c r i d t d k s . - i ' s - , G U o .S v . t. s p p u n c v a h o a a o e i n i r d r l p r r d a s t - - - s - , - , S p s d s a i i t o u c i o a n v l b a t n i d i e l t - - s - s G P u S i a o n o a n . g s v v d t s s - t a . l . m D ti e o c s - - F ei o g r n - Time F B F r . a o n R m k . s F ot r h o e m rs c C o i a t a u c a p n - l - ts tions tions Total— Leading Cities 1956 July. 13,353 975 2,535 55,620 58,065 4,132 2,180 2,553 19,600 1,003 18210,805 1,525 1,311 435 1,062 8,812 1957 June. 13,397 985 2,414 55,943 58,495 4,305 2,45121,156 1,106 18010,183 1,579 1,295 741 713 9,218 July. 13,387 975 2,440 55,069 57,982 4,059 1,971 3,324 21,202 1,124 18710,557 1,665 1,254 573 667 9,269 June 5. 13,113 924 2,358 55,320 57,144 4,371 1,750 2,367 21,129 1,105 18010,173 1,524 1,320 366 1,019 9,220 June 12. 13,619 1,013 " "•" 59,718 4,272 1.768 1,51121,180 1,097 18110,330 1,525 1,305 1,071 468 9,212 June 19. 13,505 977 2;457 56,276 59,105 4,092 1,993 2,800 2"1',111 1,098 18010,327 1,593 1,279 910 610 9,209 June 26. 13,350 1,026 2,409 55,729 58,013 4,483 2,042 3,12521,205 1,124 181 9,903 1,674 1,275 615 755 9,233 July 3. 13,576 899 2,463 54,30757,306 4,238 2,141 5,004 21,171 1,125 18810,576 1,641 1,261 970 618 9,246 July 10. 13,351 1,026 2,359 54,750 5577,438 4,109 1,892 3,820 21,174 1,116 18710,664 1,662 1,274 792 544 9,244 July 17. 13,400 988 2,513 55,16758,972 3,836 2,011 3,060 21,221 1,132 18610,814 1,660 1,252 564 664 9,227 July 24. 13,334 995 2,404 570 57,915 3,945 1,908 2,349 21,227 1,125 18610,286 1,697 1,243 270 826 9,232 July 31. 13,275 966 2,463 550 58,276 4,169 1,903 2,38121,219 1,123 18710,447 1,667 1,238 271 682 9,396 New York City 1956 July 4,131 141 6515,44516,807 278 1,137 789 2,172 72 36 3,005 1,204 ,022 22 496 2,778 1957 June 4,233 145 15,78417,314 262 893 745 2,642 2,848 ,278 970 150 294 2,877 July 4,150 138 15,24116,788 284 978 1,041 2,533 2,916 ,362 935 71 259 2,918 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 2,592 2,889 ,273 962 275 296 2,874 June 26 4,203 154 15,78017,364 254 1,063 942 2,593 2,822 ,381 955 288 2,877 July 3 4,117 132 15,15616,766 272 1,062 1,678 2,538 2,934 1,346 941 125 225 2,892 July 10 4,204 150 15,10116,536 278 923 1,211 2,531 2,909 1,341 952 152 289 2,892 July 17 4,068 138 15,27016,955 275 1,008 908 2,539 2,926 1,356 931 78 276 2,887 July 24 4,079 138 15,37216,711 297 958 679 2,526 2,874 1,394 927 185 2,891 July 31 4,281 130 15,30616,973 299 940 726 2,529 2,935 1,372 926 318 3,029 Outside New York City 1956 July 9,222 834 2,470 40,17541,258 3,854 1,043 1,764 17,428 931 146 7,800 321 289 413 566 6,034 1957 June 9,164 840 2,369 40,159 41,181 4,043 995 1,706 18,514 ,033 150 7,335 301 325 591 419 6,341 July 9,237 837 2,391 39,828 41,194 3,775 993 2,283 18,669 ,05f 152 7,641 303 31 50: 408 6,351 June 5 9,121 785 2,315 39,931 40.422 4,093 933 1,564 18,450 ,030 150 7,325 296 326 366 641 6,338 June 12 9,109 863 2,386 40,485 42,064 4,003 970 1,046 18,477 ,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 ,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 ,052 151 7,081 293 320 615 467 6,356 July 3 9,459 767 2,409 39,15140,540 3,966 1,079 3,32618,633 1,052 153 7,642 295 320 845 393 6,354 July 10 9,147 876 2; 322 39;649 40,902 3,831 969 2,609 18,643 1,044 151 7,755 321 322 640 255 6,352 July 17 9,332 850 2,461 39,897 42,017 3,561 1,003 2,152 18,682 1,059 151 7,888 304 321 486 388 6,340 July 24 9,255 857 2,357 40,198 41,204 3,648 950 1,670 18,701 1,053 151 7,412 303 316 270 641 6,341 July 31 8,994 836 2,414 40,244 41,303 3,870 963 1,655 18,690 1,052 152 7,512 295 312 271 364 6,367 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

938 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and Period2 t l o F i b q a o n a u o c d o d c r , o , a T l p e e a p a x n t a t h d i r l e e e r l s , , M m p u r a c e e o n t t t s a d a d l 3 - l s ch P l e c e a e m o u n t a r m d i o l c , , - al, 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 t n l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r w e a i e i p n n a n e o d l g k g l r ' e l l t — y rubber banks* 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 -71 428 178 739 98 350 -66 176 2,719 2,459 72 1957—Jan.-June -456 148 935 291 i -539 366 513 -12 -54 1,404 1,249 214 1957—May -96 -35 98 7 10 -137 -176 61 -1 11 -264 -267 June 19 40 295 201 -6 48 -66 315 351 29 85 1,414 '1,436 July . -83 21 -229 -27 97 -42 42 -280 -83 9 T -665 -787 9 Week ending: 1957—May 1 -44 -17 53 -4 -28 18 -12 85 69 -4 8 124 102 May 8 -23 1 -11 17 -5 -3 -29 -55 -10 -6 -11 -135 -109 May 15 5 16 94 12 27 26 -25 -35 44 12 23 199 226 May 22 -12 -19 -17 4 2 -26 -26 -90 -12 -18 -216 -241 May 29 -21 -17 -22 -21 -5 -45 -82 -30 -3 9 -237 -245 June 5 -10 1 1 30 7 -1 -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 July 3 -31 3 -32 -32 -12 -10 9 43 -121 o 28 -162 -220 July 10 7 -33 8 8 -5 4 -130 -2 15 -4 -130 -122 July 17 -32 4 -15 14 8 -4 15 -96 22 7 -17 -94 -114 July 24 -28 -6 -86 -14 2 -21 14 -109 20 -13 -11 -253 -286 July 30 6 13 -63 -4 3 -2 12 -2 7 2 -28 -45 r Revised. 3 Includes machinery and transportation equipment. 1 Data for a sample of about 210 banks reporting changes in their 4 Prior to week ending Jan. 11, 1956, included changes in agricultural larger loans; these banks hold over 90 per cent of total commercial loans. and industrial loans of all weekly reporting member banks and nearly 5 Includes increase of $318 million resulting from errors disclosed 70 per cent of those of all commercial banks. incident to survey of credit extended to real estate mortgage lenders. 2 Figures for periods other than weekly are based on weekly changes. 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 Total t P hr la o c u e g d h P di l r a l e c y c e t d - TY»ta1 Banks Oth- p i I o n m r to - ts p f E r o o x r m - ts Do ex ll - ar ship p p o e i d n ts b e i t n w : een dealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1951... . 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 "28' 33 405 252 210 17 63 100 1956—June 2,443 476 1,967 684 180 109 71 18 45 441 264 251 9 34 125 July 2,626 509 2,117 723 175 111 64 18 48 483 270 237 13 74 129 Aug 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. r2,775 483 '2,292 984 188 142 46 21 63 713 227 501 5 73 177 June . 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 r Revised. Revision includes two additional finance companies. 2 As reported by finance companies that place their paper directly with 1 As reported by dealers; includes finance company paper as well ; investors. other commercial paper sold in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 939 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) nance securities (taxable) 2 mo Y w n e e th a e r k , , or m 4 m p P - c o a e r o t i p r n o m m c e t i h r - e a 6 , s l - 1 3 p d p c p - l i a o a r a l t y p e c m o n c , e e y e - t r d - - a a P b d c n e a r a c 9 i r c n y e m s 0 e k p s ' s e 1 t - , - M 3 k - e m a t r o - nt o h R n b a n i t l e e l w s 9 i m s - s t o u o n e t 1 s h 2 3 - 3 is - y s e u to a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months l 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—July 3.27 2.94 2.43 2.31 2.334 2.62 2.97 1956—Sept 4.35 5.30 4.86 4.52 4.19 Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 Dec 4.38 5.32 4.90 4.63 4.20 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 1957—Mar 4.38 5.38 4.94 4.59 4.21 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 June 4.40 5.37 4.94 4.61 4.23 Nov. 3.63 3.38 3.05 2.99 3.000 3.15 3.49 New York City: Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 1956—Sept 4.20 5.26 4.84 4.46 4.09 Dec 4.22 5.18 4.88 4.57 4.10 1957_jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 1957—Mar 4.23 5.26 4.92 4.47 4.11 Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 June 4.23 5.24 4.86 4.49 4.12 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 7 Northern & Eastern Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 cities: May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 1956—Sept 4.39 5.36 4.88 4.53 4.26 June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 Dec 4.40 5.41 4.94 4.63 4.25 July 3.88 3.63 3.38 3.16 3,165 3.71 3.89 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 July 6... 3.88 3.63 3.38 3.19 3.238 3.66 3.82 cities: July 13... 3.88 3.63 3.38 3.13 3.171 3.68 3.83 1956—Sept 4.53 5.29 4.85 4.54 4.32 July 20... 3.88 3.63 3.38 3.04 3.092 3.70 3.90 Dec 4.58 5.35 4.90 4.66 4.35 July 27... 3.88 3.63 3.38 3.18 3.158 3.74 3.98 1957—Mar 4.60 5.42 4.96 4.64 4.35 Aug. 3... 3.88 3.63 3.38 3.34 3.363 3.79 3.91 June 4.65 5.42 4.99 4.70 4.43 1 Average of daily prevailing rates. 2 Except for new bill issues, i Based on figures for first 15 days of month. yields are averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-237. * Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bonds4 Industrial stocks Year, month, U (l . o b n S o g . - n t G d e s r o m vt ) . S g ta o t v e t . a b n o d n l d o s c 4 al By selected By Dividends / Earnings / or week ratings groups price ratio price ratio Totals se O ri l e d s2 se N r e ie w s 3 Totals Aaa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 6 I m C o o n m 4 - C m o o m n7 - Number of issues 3-7 1-2 20 120 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 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1956 average 3.05 3.11 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 3.89 6.93 1596—July 2.97 3.05 2.79 2.40 3.34 3.50 3.28 3.80 3.42 3.59 3.48 4.16 3.68 Aug 3.15 2.94 2.53 3.62 3.43 3.93 3.55 3.72 3.60 4.24 3.83 Sept 3.19 3.06 2.63 3.75 3.56 4.07 3.68 3.83 3.73 4.39 4.04 6.00 Oct 3.18 2.66 3.82 3.59 4.17 3.75 3.89 4.42 4.03 Nov 3.30 2.87 3.90 3.69 4.24 3.82 4.01 4.56 4.05 Dec 3.43 3.04 3.99 3.75 4.37 3.95 4.08 4.63 3.90 7.60 1957_jan 3.33 3.37 3.51 2.99 4.16 4.04 3.77 4.49 4.02 4.12 3.98 4.51 4.13 Feb 3.20 3.26 3.29 2.79 3.96 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.27 Mar 3.25 3.27 3.36 2.88 3.97 3.97 3.66 4.47 3.90 4.06 3.95 4.46 4.16 7.85 Apr .30 3.35 3.35 2.88 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 3.96 May .39 3.42 3.48 3.00 4.10 4.02 3.74 4.52 3.96 4.13 3.98 4.53 3.82 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 July 3.63 3.58 3.65 3.17 4.29 4.26 3.99 4.73 4.19 4.39 4.19 4.75 3.75 Week ending: July 6 3.61 3.56 3.67 3.20 4.33 4.24 4.00 4.71 4.20 4.36 4.16 4.70 3.73 July 13 3.58 3.56 3.59 3.11 4.24 4.23 3.97 4.72 4.16 4.36 4.17 4.70 3.67 July 20 3.63 3.57 3.63 3.14 4.28 4.25 3.98 4.72 4.17 4.40 4.19 4.74 3.69 ! July 27 3.68 3.61 3.69 3.22 4.30 4.28 4.01 4.74 4.21 4.42 4.21 4.82 3.69 Aug. 3 3.64 3.62 3.71 3.25 4.30 4.31 4.05 4.76 4.26 4.42 4.26 4.80 3.76 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 5 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 limited number of suitable issues, the number of 2 Consists of fully taxable, marketable 2lA 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. 1 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

940 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume U (l . o n S g . - G te o rm vt ) . Cor- Sta ( n in d d a e rd x , a 1 n 9 d 4 1 P - o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series tr o a f d- Ye o a r r , w m e o ek nth, ni M ci u p - al r p a o te - Manufacturing Trade, in (i g n ^ r O i s e e l s d - * N ri s e e e s w - 3 g (h ra ig d h e - )4 g (h ra ig d h e - )' Total d t I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total 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- e v d c - e, M in i g n- s t s h h a a o o n r f u d 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—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 July 86.88 91.31 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 Week ending: July 6 87.03 91.54 103.8 100.4 48.12 52.07 30.38 32.93 362 468 432 501 296 159 289 390 2,314 July 13 87.39 91.74 104.1 100.5 48.92 52.99 31.25 33.29 365 472 439 504 307 160 292 383 2,649 July 20 86.95 91.56 103.9 100.1 48.74 52.80 31.61 33.02 361 467 433 498 304 158 292 382 2,224 July 27 86.32 90.83 103.1 99.5 48.54 52.58 31.61 32.73 360 465 431 496 303 157 290 375 1,806 Aug. 3 86.91 90.67 102.8 99.4 47.84 51.80 30.92 32.52 355 458 422 491 300 156 288 372 1,775 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 314 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 2l/i per cent bonds due Exchange for a 5Vi-hour trading day. or first callable after 12 years through Sept. 30, 1955, and, beginning STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 Net debit balances with Bank loans to others (than W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e h c o e u t r a r i l t t — h ie a s n New York f S ir t m oc s k 1 Exchange ch b a ro si k n e g r s a n a d n d c a d r e ry al i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n t e o t mer U. S. Govt. free o ( b c l o ig l. a t 3 io + ns U S . e c S u . r e G d o b v y t. Sec o u t r h e e d r by U. S. Govt. Other U. S O . n Govt. o O th n er ba c l r a e n d c it es col. 5) obligations securities obligations securities obligations securities 1953—Dec., 2,445 31 1,665 88 780 88 1,074 713 1954—Dec., 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec, 4,030 34 2,791 32 1,239 51 2,246 894 1956—July. 4,026 31 2,812 45 1,214 31 2,211 858 Aug., 3,979 33 2,785 41 1,194 38 2,048 872 Sept. 3,950 33 2,782 42 1,168 42 2,071 866 Oct.. 3,914 36 2,748 42 1,166 45 2,086 835 Nov. 3,946 32 2,784 43 1,162 43 2,071 822 Dec, 3,984 33 2,823 41 1,161 46 2,132 880 1957_Jan.. 3,902 29 2,761 41 1,141 42 1,964 866 Feb.. 3,846 35 2,729 31 1,117 53 2,004 828 Mar. 3,832 28 2,713 27 1,119 47 1,958 820 Apr. 3,938 28 2,792 28 1,146 53 2,051 807 May 3,924 C39 2,794 C26 1,130 52 2,063 817 June 4,031 C31 2,887 C25 1,144 52 2,104 820 July. 4,004 32 2,885 23 1.119 59 2,078 829 c Corrected. 2 Figures are for last Wednesday of month for weekly reporting member 1 Ledger balances of member firms of the New York Stock Exchange banks, which account for about 70 per cent of all loans for this purpose. carrying margin accounts, as reported to the Exchange. Customers' debit Column 5 includes some loans for purchasing or carrying U. S. Govt. and free credit balances exclude balances maintained with the reporting securities (such loans are reported separately only by New York and firm by other member firms of national securities exchanges and balances Chicago banks). On June 30, 1956, reporting banks outside New York of the reporting firm and of general partners of the reporting firm. Bal- and Chicago held $51 million of such loans. On the same date insured ances are net for each customer—i. e., all accounts of one customer are commercial banks not reporting weekly held loans of $28 million for consolidated. Money borrowed includes borrowings from banks and purchasing and carrying U. S. Govt. securities and of $384 million for from other lenders except member firms of national securities exchanges. other securities. Noninsured banks had $33 million of such loans, Data are as of the end of the month, except money borrowed, which is as probably mostly for purchasing or carrying other securities. of the last Wednesday of the month beginning June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 941 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d Sta lo te c a a l nd! Foreign2 Total Bonds Stocks gages estate loans assets (U. S.) End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1949 59,630 17,868 15,290 1,052 ,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 End of month:4 1953—Dec... 78,201 12,452 9,767 1,278 ,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec..., 84,068 12,199 9,021 1,833 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec... 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—June.. 92,876 11,280 7,921 2,148 ,211 39,963 36,999 2,964 31,284 2,673 3,409 4,267 July.., 93,580 11,292 7,886 2,191 ,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug 93,992 11,210 7,778 2,206 ,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept... 94,411 11,253 7,805 2,213 ,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct.. . 94,869 11,306 7,850 2,218 ,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov... 95,274 11,218 7,749 2,229 ,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 Dec... 95,819 11,005 7,532 2,237 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 June.. 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS 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 b o li v g t a . - Cash Other4 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 ,412 146 2,557 1956 43,098 35,870 2,798 2,142 2,236 37,302 ,225 130 2,970 1956—June. 40,622 33,740 2,652 2,047 2,128 34,948 ,170 118 2,749 July. 40,797 34,134 2,687 1,878 2,044 35,079 ,105 124 Aug. 41,197 34,586 2,726 1,788 2,043 35,366 ,113 132 Sept. 41,574 34,939 2,739 1,745 2,098 35,633 ,139 138 Oct.. 42,059 35,305 2,753 1,782 2,166 36,044 ,145 128 Nov. 42,520 35,596 2,781 1,840 2,251 36,438 ,150 123 Dec. 43,098 35,870 2,798 2,142 2,236 37,302 ,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 June 45,998 38,048 3,161 2,075 2,665 39,950 1,077 108 3,154 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

942 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 2* Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 6,715 7,377 35,757 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) 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 e m r a e g rc e e n c D ie e s partment. 568 589 598 \ 413 79 f { 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 To financing institutions 824 814 864 952 870 1,419 1,143 1,178 1,147 1,233 966 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 58 53 1 58 55 60 57 54 All other purposes, total 63 75 119 166 256 156 176 193 213 240 Housing and Home Finance Agency . 5 29 121 209 108 122 137 156 184 Other agencies '"*63 69 90 39 47 48 55 56 57 56 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -263 3-592 -555 -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 1,11 A 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 General Services Administration. ' 567 6,332 6,418 6,517 6,654 Other agencies 136 288 203 428 550 609 L 188 188 215 201 193 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 1,297 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 i 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 Cana 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 943 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items i Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Invest- Bonds, notes, U.S. Pri- Date, and fund or activity Loans In- ments L st a ru n c d - , tu a r n e d s d p e a b y e a n b - le Other G in o te v r t - . o v in w a t t n e e r l e y - d Total Cash c a e b i l v e - to ve ri n e - s P s r d u i e t e b c i b l e u i t s c - O s ri e t t c h ie u e s - r e m a q n e u n d ip t - Other G a U n u b t . a e y S r e . - d Other li i a ti b e i s l- est All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,72826,456 378 1953—Dec 312 38 937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833,429 434 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955 Dec 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956 Mar 31. 58,485 3,73120,58014,119 3,677 3,638 8,056 4,685 44 2,425 3,73051,635 651 June 30* 66 797 4 45719,84420,231 3,719 3,638 9,682 5,226 49 2,607 3,23860,224 677 Sept. 30 69,143 5,14420,33120,949 3,720 3,66810,028 5,303 58 2,742 3,14562,507 693 Dec 31* 69 653 4 99620,65721 375 3,739 3,669 9 985 5,232 67 2,711 3,65962,516 699 1957—Mar. 31 69,895 4,44121,35321,303 3,923 3,729 9,875 5,272 68 2,975 3,71362,364 775 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 M^ortgage 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 37 26 9 2 3 34 Housing and Home Finance Agency: Public Housing Administration 371 64 119 32 156 34 337 Federal Housing Administration 780 20 479 (5) 1 279 67 143 570 Federal National Mortgage Association 2,431 1 2,402 27 570 31 1,830 Office of the Administrator 747 175 397 31 7 741 Federal Savings and Loan Insurance Corporation... 276 1 265 11 14 262 Small Business Administration . ... 172 44 126 1 171 Export-Import Bank 2,733 35 2,677 1 19 31 2,701 Tennessee Valley Authority 2,019 110 39 : !. 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 (5) 9 30 3 377 Post Office Department—postal fund 1,023 386 9 590 39 364 659 Interior Department 216 50 7 7 129 21 6 209 All other 160 51 14 6 31 57 <*> 10 149 (5) 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 56 246 Certain Other Activities—Total 29,996 1,358 9,066 5,971 7 3,563 6,379 3,652 19229,804 National Advisory Committee for Aeronautics 408 59 277 70 9 398 General Services Administration.. 8,049 665 82 5,929 (5) 1,214 158 12 8,036 Bonneville Power Administration 393 28 5 317 42 6 388 Department of Agriculture: Farmers Home Administration. 765 121 623 21 11 754 Rural Electrification Administration 2,767 103 2,538 127 1 2,766 International Cooperation Administration.. 2,054 3 2,035 16 2,054 Treasury Department 10 215 3 505 3 563 103 146 10,215 Department of Commerce—maritime activities 5,115 302 283 34 4,470 25 133 4,982 All other 232 76 1 1 7 100 47 21 211 Certain Dsposit Funds—Total 4,530 60 1,381 3,036 17 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 3 (5) 10 231 3 238 30 Federal Deposit Insurance Corporation 1,920 2 1,898 19 151 1,769 Federal home loan banks 2,109 31 961 1,095 14 8 720 681 707 Certain Trust Revolving Funds—Total.. 2,035 68 1,837 106 24 1,453 42 502 1138 Federal National Mortgage Association 1 047 51 992 5 650 19 357 1121 Federal intermediate credit banks 969 11 845 100 13 805 13 145 118 All other 19 5 6 (5) 7 10 119 Latest data for agencies not reporting quarterly Office of Alien Prooertv (Dec 31 1956} 220 143 77 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30 1956) 3 024 93 6 2,571 354 137 2,887 All other excluding OAP—(June 30 1956) 50 6 27 1 14 2 5 15 30 10 Includes $1,000 million due under the agreement with Germany 11 Figure represents total trust interest. signed Feb. 27, 1953, and lend-lease and surplus property balances due For other notes, 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

944 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 from, In- Less: Equals: B r u N e d c e t g t s e . t T P r f e u r l c n u u t d s s s : t . t I G L r n a e o t n s r v s s a t . : - . 1 E p T r f u q e r t b o u o h c l t a m t e i a s c l l . s 2 : B p t e u u e n d x re d g - s i e - t p T P t f e u u e r l n x r n u u e d - d s s s i : t - A m L d e e j n s u t s s s : t - 3 E p p t T q o u a o u b y t t a h l t a i s l e l c s . : t p o p u a t o h b y ( r e l t - i s ) c . , ( c ( c o - d r d r r e ) e i e r , a d a b e s s e c i t e e n - t , a in G g N v e o n . e v . t b t & . y O d n c e a o t b h s n e t h - * r b r i o e n c N r p a g r a s e o y o h t w t 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—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 1957? 70,989 14,365 3,192 82,115 69,344 12,970 2,323 79,992 2,124 -1,054 2,336 -292 -3,098 Semiannually: 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 1957—Jan.-June^... 42,920 8,196 1,619 49,472 35,543 7,668 1,838 41,374 8,098 -5,090 1,690 -6,877 Monthly: 1956—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 2,121 117 7,280 5,944 1,344 367 6,923 358 1,432 1,241 257 -67 June^ 11,648 1,816 1,130 12,331 6,190 1,283 56 7,417 4,914 -4,496 727 -123 -5,100 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a ., s h o r b a d l e a c n . c ( e — s: ) Acco S un ta t t e o s f ( T en re d a s o u f r e p r e r o io f d U ) nited Period s B u d u N e r o p f d e i r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e i i n s & a n G e v g N c . e o t F . r n e v e u b ( t c t d s . 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 s l a c a i i s s c n s t e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n a e l R k e i p l . s o - sit T s T a L in u r x o e r — a a y a n s n - d O as n t s h e e t e ts r tions5 funds 5 debt funds) Accts. Fiscal year—1954... -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955... -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956... 1,626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957?.. 1,645 1,395 -529 1,085 -2,299 -2,224 29 -956 5,590 498 4,082 1,010 Semiannually: 1955—Jan.-June.. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec... -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 1956—Jan.-June.. 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 1,391 July-Dec... -5,732 866 -482 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 1957—Jan.-June*3. 7,377 529 -47 1,090 -1,602 -6,101 84 1,163 5,590 498 4,082 1,010 Monthly: 1956—June. 4,664 r851 -349 51 -1,004 -3,978 -45 287 6,546 522 4,633 1,391 July.. -2,057 83 -34 22 -277 -105 -2,369 4,178 513 2,451 1,214 Aug.. -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 1,131 Sept.. 1,300 -94 145 -14 214 -1,304 -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 -1,271 112 824 7,673 591 5,912 ,170 Ap -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 June?. 5,458 533 -905 147 -708" -4,707 68 -250 5,590 498 4,082 1,010 » Preliminary. r Revised. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between 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 note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in note 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 945 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t Old T - rans H fe i r g s h - to R. R. fu R o n e f d - s B c T u e r o d i e p t g - a t e l s t Individual Corpo- ta c E x i x s e e - s t p m a E l x o m e e n y s - t - 1 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 r s e s . - ' ' age way re- re- With- ration trust trust tire- ceipts held Other fund 2 fund ment acct. Fiscal year—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 1957? 70,989 6,634 1,479 616 3,917 83,635 26,710 12,302 21,531 10,655 7,581 4,857 n.a. n.a. n.a. Semiannually: 1955—Jan.-June 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 1,694 July-Dec.. . 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 1957—Jan.-June? 42,920 4,075 836 304 3,454 51,590 13,690 9,298 15,978 5,330 4,705 2,590 n.a. n.a. n.a Monthly: June 11,601 549 395 12,598 1,969 1,487 ,195 855 604 488 264 143 n.a. July 3,485 295 124 3,927 988 457 837 827 320 498 236 127 Aug 4,954 799 10 115 5,959 3,415 125 352 910 881 276 245 157 890 Sept 6,218 397 150 79 6,897 1,935 1,752 ,709 805 451 245 255 128 Oct 3,184 182 175 95 3,660 1,282 244 451 1,033 207 443 354 155 Nov 4,818 587 164 62 5,705 3,333 103 380 936 662 291 325 142 Dec 5,412 299 144 -12 5,898 2,067 324 ,825 815 355 512 233 108 986 1957—Jan 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb 6,188 2807 205 203 7,486 3,838 871 445 874 ,160 298 197 132 Mar 10,737 632 120 606 12,145 2,083 785 7,327 931 692 327 231 138 1,119 Apr 4,256 617 124 1,130 6,142 819 2,827 520 812 633 531 214 133 May 5,282 1,229 109 1,057 7,759 3,690 897 502 965 ,314 391 243 161 J 11,648 536 137 406 2,779 2,235 1,818 6,722 892 589 523 n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Intl. erans' and Nat- Com- Gen- Total affairs Inter- serv- Labor agri- ural merce eral Defense Mutual Atomic and est ices and and cul- re- and govern- Total 4 m D i e li p ta t. r , y s m ec il u it r a it r y y , energy finance b f e i n ts e- welfare tu re ra - l sources housing ment sources 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 19565 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 Semiannually:5 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: 5 1956—Apr 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 May.... 5,467 3,434 2,922 306 152 202 565 431 197 288 87 145 120 June.... 6,937 4,478 3,534 754 138 195 607 403 311 452 96 263 136 July 5,542 2,945 2,473 298 140 121 631 361 221 222 78 302 652 Aug 5,902 3,608 3,235 156 164 193 573 369 263 554 110 129 99 Sept 4,918 3,152 2,868 96 149 158 574 353 219 187 108 58 117 Oct 5,995 3,750 3,400 160 164 157 589 396 314 466 159 35 109 Nov 5,726 3,564 3,276 101 160 172 585 407 207 319 175 213 102 Dec 5,718 3,576 3,295 103 153 132 635 405 197 435 106 142 102 1957—Jan 6,095 3,741 3,335 177 182 121 655 410 330 551 87 85 100 Feb 5,743 3,576 3,245 136 150 143 592 407 236 312 94 268 98 Mar 5,584 3,700 3,224 261 169 131 606 414 209 397 85 -19 81 Apr 5,987 3,-913 3,544 155 183 142 611 419 285 455 82 -6 101 P Preliminary, 3 For more details, see the 1958 Budget document, pp. 1076-1084 and n.a. Not available. pp. 1149-1150. 1 Represents the sum of taxes for old-age insurance, railroad retire- 4 Includes stockpiling and defense production expansion not shown ment, and unemployment insurance. separately. 2 Beginning February 1957, includes transfers to Federal disability 5 Monthly figures prior to May 1956 are not fully comparable with insurance trust fund. subsequent months nor with the fiscal year totals. (For description see Treasury Bulletin, table 3 of section on Budget receipts and expenditures). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 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 Nonmarketsible End of Total T gr o o t s a s l Special month d g e ro b s t* s d d i e r b e t c 2 t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x issues Total Bills c in at d e e s b o t- f Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s edness eligi- re- notes ble* stricted 1941 Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225 3 165 8 15.1 21 2 11.4 68 4 49 6 59.5 52.1 5.4 29.0 1950 Dec 256 7 256 7 220 6 152 5 13 6 5 4 39 3 44 6 49 6 68 1 58 0 8 6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29'.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16 7 30.3 58 9 21 0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—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 Aus 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 July 272.6 272.5 224.3 158.8 26.4 20.5 31.1 80.8 10.2 55.3 54.3 46.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $444 million on July 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-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 $8,724 million on June 30, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g e n n t i c c t e g e u l s u u e r ) d i a d - r - - S is p s t e u r c u e ia s s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h p o e o n r - s g S l a o o t n v c a d a t ts e l . S b a o v n i I n d n g d s s ivid se u O c a u t l h r s i e ti r es i M t n o v r i e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954—June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 '16.6 13.9 49.5 '15.3 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 '19.2 14.4 50.0 '13.7 13.9 1955—June 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 '18.7 14.7 50.2 '15.2 14.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 '23.3 15.1 50.2 '15.4 15.6 1956—May 276.8 44.3 8.2 224.3 23.5 57.8 8.4 13.5 '20.9 15.8 50.4 '17.3 16.6 June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 '17.4 15.7 50.3 '17.2 16.2 July 272.7 45.4 8.4 218.9 23.4 56.5 8.4 13.3 '17.7 15.8 50.3 '17.4 16.2 Aug 275.6 46.1 8.4 221.2 23.9 57.6 8.3 13.1 '18.0 15.8 50.3 '17.4 16.3 Sept 274.3 45.8 8.3 220.2 23.7 57.6 8.3 13.1 '17.5 15.8 50.2 '17.7 16.3 Oct 275.4 45.5 8.4 221.5 23.8 58.0 8.1 13.2 '18.5 15.8 50.2 '17.6 16.3 Nov 211A 45.7 8.5 222.9 24.4 58.7 8.1 13.1 '19.2 15.8 50.1 '17.5 16.2 Dec 276.7 45.6 8.4 222.7 24.9 59.4 8.0 12.8 '18.0 15.7 50.1 '17.1 16.0 1957—Jan 276.3 45.3 8.6 222.4 23.4 58.5 8.1 12.9 '20.2 15.8 49.9 '17.5 16.3 Feb 276.4 45.5 8.6 222.3 22.9 57.8 8.1 12.8 '20.9 15.8 49.7 '18.1 16.2 Mar 275.1 45.6 8.6 221.0 23.1 58.2 8.1 12.6 '18.0 16.0 49.6 '19.1 16.3 Apr 274.1 45.2 8.5 220.4 23.2 58.1 8.0 12.5 '17.9 16.2 49.4 '19.2 16.0 May 275.3 46.1 8.7 220.5 23.1 57.8 8.0 12.4 18.3 16.1 49.3 19.4 16.2 T Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $250 million on June 30, 1956. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 947 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates Treasury notes—Cont. Treasury bonds—Cont. Aug. 1,1957 1,702 Oct. 1,1957 3*4 7,271 Apr. 1,1961 1% 144 Aug. 15, 1963 21/ 6,755 Aug. 8,1957 1,699 Feb. 14. 1958 3% 10,851 Oct. 1,1961 \Vi 332 June 15, 1962-67. 2,114 Aug. 15, 1957 1,700 Apr. 15, 1958 3Vi 2,351 Feb. 15, 1962 3Yg 647 Dec. 15, 1963-68. 2,822 Aug. 22, 1957 1,800 Apr. 1,1962 li/i 176 June 15, 1964-69. 3,749 Aug. 29, 1957 1,801 Treasury notes Dec. 15, 1964-69. 3,824 -Sept. 5, 1957 1,800 Aug. 1,1957 2% 12,056 Treasury bonds Mar. 15, 1965-70. 4,708 Sept. 12, 1957 1,800 Aug. 15, 1957 2 3,792 Mar. 15, 1956-58 3.. 2% 1,449 Mar. 15, 1966-71. 2,954 Sept. 19, 1957 1,600 Oct. 1,1957 \Vi 824 Sept. 15, 1956-59 3.. 214 3,819 June 15, 1967-72. 1,860 S S e e p p t t . . 2 26 3 , , 1 1 9 9 5 5 7 7 1 1 , , 6 50 0 1 2 J A u p n r e . 1 1 5 , , 1 1 9 9 5 5 8 8 2 li % /2 4,3 38 9 3 2 J M un ar e . 1 1 5 5 , , 1 19 9 5 5 8 7 -593. 2 . Y 2 & % 4,2 9 4 2 5 7 D Se e p c t . . 1 1 5 5 , , 1 1 9 9 6 6 7 7 - - 7 7 2 2 . . 2 3 , , 7 7 1 7 6 0 Oct. 3,1957 1,599 Oct. 1,1958 lVz 121 June 15, 1958-63 4.. 2^4 919 June 15, 1978-83. 1,605 O O c c t t . . 1 1 0 7 , , 1 1 9 9 5 5 7 7 1 1 , ,6 6 0 0 1 0 A Fe p b r . . 1 1 5, , 1 1 9 9 5 5 9 9 V IV /% 2 5,1 1 0 1 2 9 J D u e n c e . 1 15 5 , , 1 19 9 5 5 8 9 -62... 2 2 1 % 4 2 5 , , 3 2 6 7 8 0 Feb. 15,1995 3 2,744 O M c a t r . . 2 2 4 4 , , 1 1 9 9 5 5 8 7 3 1 , ,6 0 0 0 1 2 A O p ct r . . 1 1 , , 1 1 9 95 6 9 0 I l V V 2 i 1 9 9 9 8 D N e o c v . . 1 1 5 5 , , 1 19 9 6 5 0 9 -62... 2 2 1 V / 4 6 3 3 , , 4 8 5 0 9 6 Panama Canal Loan 3 50 May 15, 1960 3Vi 2,406 Dec. 15, 1960-654.. 2y4 1,485 Convertible bonds Oct. 1,1960 lVi 278 S N e o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 Y i/ 4 i 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . s t 1 m , e 1 n 9 t 7 S 5 e - r 8 ie 0 s . . B . 2V4 10,179 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. 939. interest payment dates. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk l d e e s t 2 - v b C e o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1954—June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955_jUne 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 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_Apr. 30 170,417 25,277 19,434 34,407 80,852 10,448 159,969 67,369 41,829 17,890 32,881 May 31 170,678 26,777 21,785 30,924 80,845 10,347 160,331 67,065 42,501 17,890 32,875 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_Apr. 30 8,346 140 380 1,013 3,657 3,156 5,189 830 979 319 3,062 May 31 8,563 125 422 1,273 3,664 3,080 5,483 733 1,370 319 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_Apr. 30 23,169 434 11,362 8,571 2,802 23,169 20,380 361 1,014 1,415 May 31 23,108 353 11,373 8,571 2,810 23,108 20,318 361 1,014 1,415 Commercial banks: 1954_jUne 30 56,199 4,187 4,942 11,423 35,481 165 56,034 17,684 14,624 18,741 4,985 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30 49,673 2,181 1,004 11.620 34,712 155 49,517 7,433 18,234 19,132 4,719 Dec. 31 51,466 4,934 1,600 10;714 34,071 147 51,319 11,635 24,528 10,242 4,914 1957_Apr. 30 50,453 3,200 2,701 10,553 33,855 144 50,309 10,495 24,584 10,242 4,987 May 31 50,188 3,975 3,214 9,025 33,830 144 50,044 10,180 24,612 10,300 4,952 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 ,057 659 4,358 1957_Apr. 30 7,472 168 89 386 5,726 1,104 6,368 357 ,061 639 4,311 May 31 7,454 170 110 366 5,705 1,103 6,351 351 ,059 636 4,305 Insurance companies: 1954_june 30 13,520 622 209 691 8,805 3,193 10,327 1,190 ,045 2,171 5,921 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 ,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 ,192 1,802 5.285 Dec. 31 11,331 349 66 781 7,464 2,671 8,660 726 ,749 1,136 5,049 1957_Apr. 30 11,160 406 101 736 7,350 2,567 8,593 763 ,724 1,111 4,994 May 31 11,039 354 148 642 7,342 2,553 8,485 650 ,736 1,104 4,995 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 23.92? 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_Apr. 30 69,732 20,929 4,801 13,148 27,463 3,391 66,341 34,544 13,120 4,566 14,111 May 31 70,326 21,800 6,518 11,047 27,494 3.467 66,859 34,833 13,362 4,517 14,147 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and trust funds and Federal Reserve Banks. NOTE.—Commercial banks, mutual savings banks, and insurance com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propose a d ll u co se r s p o o r f a t n e e t i s p s r u o e c r e s e 6 ds, Noncorporate Corporate New capital Year or Remonth State Bonds Mis- t R ir e e - - m tir e e n - t Total G U o . v S t. . 3 g F e e e r n a d c l - y' n m a p i n c a u d i l - - Others Total Total P li u c b ly - v P at r e i- ly 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 New l p a c o u e n u l r e s - - - m b d a e o e n b f n k t t , s ri e o t c i f e u s offered placed poses etc. 8 1 19 9 4 3 1 9 1 5 5 , , 6 1 8 5 7 7 1 2 1 , , 3 4 3 66 2 3 1 8 3 1, 9 1 5 2 6 8 5 3 0 0 2 2 , , 1 6 6 6 4 7 2 1 , , 3 98 9 0 0 1 1, , 5 2 7 7 8 6 7 8 0 1 3 1 1 9 6 8 7 n8o7 1,0 4 4 2 1 0 8 3 6 2 8 5 2 2 6 8 1 6 4 9 4 1 1 , , 6 5 9 8 5 3 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,384 9,663 721 364 1956—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 Aug 1,493 436 109 213 40 693 551 250 302 50 92 654 550 104 25 Sept 1,581 355 336 (9) 890 681 514 167 33 176 838 816 23 35 Oct 1,892 414 646 58 773 485 315 170 139 150 745 660 84 11 Nov 1,829 389 311 '5 ,123 451 179 272 45 627 1,089 1,048 41 21 Dec 1,955 390 427 23 ,114 915 401 514 16 183 1,088 1,049 39 11 1957_Jan 2,432 496 72 685 84 ,094 916 641 276 34 144 1,063 1,026 38 11 Feb 2,123 386 569 53 ,116 761 514 248 26 329 1,071 927 144 22 Mar 3,248 1,327 503 32 ,386 1,072 643 429 38 276 1,344 1,271 73 21 Apr '2,362 390 125 763 '128 '956 '647 385 '262 '46 '264 '924 '864 '61 '13 May '1,785 394 '539 '51 '802 '691 437 '254 25 '85 '707 '64 '15 June 2,364 362 "'66' 350 44 1,547 1,074 633 441 66 407 1,489 1,419 69 31 Proposed uses of net proceeds, major groups of corporate issuers Commercial and Real estate Year or Manufacturing miscellaneous Transportation Public utility Communication and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital i o secu- capital1 secu- capital™ secu- capital1 secu- capital1 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—June, 281 19 77 1 54 226 11 192 4 July. 333 8 95 16 36 237 261 102 2 Aug. 196 16 83 1 37 154 82 102 7 Sept. 206 10 36 21 63 242 56 236 Oct.. 314 7 31 4 37 227 68 68 Nov. 147 19 110 2 45 153 596 37 Dec. 526 5 33 3 148 157 73 151 n 1957__Jan.. 381 42 1 101 247 () 105 187 F M A e a p b r r . . . , ' 5 3 3 4 6 1 3 6 4 ' 4 2 3 ' 9 3 5 4 2 3 ( 4 9) ' 8 3 6 5 1 5 '3 4 2 5 9 4 1 0 7 1 1 '5 4 6 2 4 8 4 7 1 6 1 '9 9 0 3 1 8 2 May, '135 4 '55 '4 '80 '348 '82 '72 June, 626 21 29 3 51 436 137 210 r(9) 1 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. * 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 debt are included under the uses for which the bank 5 Represents foreign governments. International Bank for Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit 9 Less than $500,000. organizations. i o Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 949 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annu£il totals Quarterly totals Industry 1955 1956 1957 1951 1952 1953 1954 1955 1956 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 52,94054,51763,34358 11069,876 71 90117 01718 139 18 131 18 45716 11919 19319 764 Profits before taxes . . . 8,869 7,308 8,375 7,244 10,250 9,253 2 407 2 612 2 603 2 509 1 700 2 441 2 73? 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 K394 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):l 2,075 2,073 2,154 2,384 2,827 2 972 659 1 015 703 706 723 841 750 Sales 18,916 19,26620,69420,62023,106 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 1,985 484 523 503 491 466 526 535 Dividends 925 946 972 1,064 1,202 1,249 283 402 290 295 305 359 313 Durable goods industries (106 corps.):1 Sales 34,02435,25142,649 37,49046,770 47,139 11,238 12.096 12,052 12.322 10,036 12,730 13.154 Profits before taxes 5,422 4,455 5,346 4,491 6,836 5 784 1 537 1 717 1 696 1 633 89? 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 f 437 Selected industries: Foods and kindred products (28 corps.): Sales 4,909 5,042 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 5,882 5,965 6,373 6,182 7,222 7,726 1 799 1 891 1 879 1 957 1 889 2 001 2 044 Profits before taxes 1,490 1,259 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 5,078 5,411 5,883 6,015 6,556 7,185 1 632 1 745 1 764 1 74? 1 770 1 909 ? 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 . . 12,507 11,564 13,750 11,522 14,952 16,062 3 753 4 030 4 209 4 415 3 098 4 340 4 274 Profits before taxes 2,098 1,147 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 6,168 7,077 8,005 7,745 8,477 9.798 2 095 2,237 2 167 2 463 2 422 2 746 2 624 Profits before taxes 1,000 971 1,011 914 912 943 224 194 200 267 233 243 265 Profits after taxes 365 375 402 465 465 460 114 139 125 120 111 Dividends 192 199 237 263 281 321 67 81 78 78 79 87 79 Automobiles and equipment (15 corps.): Sales 12,707 13,038 16,611 14,137 18,826 16,336 4,246 4,688 4.578 4,195 3,347 4.215 4.993 Profits before taxes 1,950 1 982 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 10,391 10,581 10,664 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 2,302 2.563 Profits before taxes .... 1 482 1 740 1,895 2 049 2 304 2 457 536 595 710 592 568 586 731 Profits after taxes 814 947 1,030 1,134 1,244 1,329 285 325 374 321 302 331 392 Dividends 651 725 780 868 942 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 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). quarterly figures on operating revenue and profits before taxes are partly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

950 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t e r a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s d - Y qu e a a r r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1949 . 26.2 10.4 15.8 7.5 8.3 1950 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950.. 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 . 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 33.5 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—1 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 2 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 3 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 4 45.6 23.3 22.3 11.5 10.8 1957—1 3,666 783 2,884 2,337 553 1,824 1,289 230 1,059 1957—1 43.9 22.4 21.5 12.4 9.1 1 Reflects cash transactions only. As contrasted with data shown on p. 948, 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. 948. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u v s S r t i . . - N U o . t r S e e s . c e a i n va d b O a le t c h c e ts r . I t n o v ri e e n s - Other Total N U o . t S e p s . a a y n ab d l O e a t c h c e ts r . F i b n e i c t l l d i a i o a t e x m i - r e a s e l Other Govt.2 Govt.2 1949 72.4 133.1 26.5 16.8 A:.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 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 1954 91.8 194.6 33.4 19.2 2.4 71.2 65.3 3.1 102.8 2.4 61.4 15.5 23.5 1955 98.9 214.6 34.0 23.3 2.3 81.6 70.0 3.5 115.7 2.3 69.9 18.4 25.1 1956—1 101.0 213.4 30.9 20.8 2.3 82.4 73.1 3.9 112.4 2.3 69.2 15.3 25.6 2 102.7 214.7 32.1 17.4 2.3 84.3 74.8 3.8 112.1 2.5 71.4 12.3 25.8 3 103.4 220.4 32.6 17.5 2.4 88.1 76.0 3.8 117.0 2.5 73 0 14.4 27.1 4 104.4 225.7 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 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n g u u r- - M in i g n- Rail- Other P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other* Quarter Total fa m a i c n n i tu n g d r - - T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l 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 1.1 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 1.4 1.5 3.9 1.5 5.6 4 9.8 4.8 .8 1.5 2.8 1953 28.3 11.9 1.0 1.3 6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1957—1 8.3 3.8 .7 1.2 2 6 1955 28.7 11.4 1.0 .9 .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 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 i 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 951 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 in i c t n i s i a o a ti l n n - s - S F e a e c l d g e i e e e c n h r s t O e a - o d l l t d h e e v o r r I i t a d s n h n u d e d a i r - l s s h A e o r l l d s l - T 1 o - t a to l 4- t F f u a i i n c t m n i i s a o a t i i l l 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 n i c a t n l i s i m a a o t p i l n n i - r l - s y o p a e O n h r e d o t t r i h l e d s e s - r 1 h A e o r l l d s l - t F u in i c t n i i s a o a ti l n n - s - h O ol t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 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 '82.3 59.5 2.0 '20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 '6.7 2.6 '4.1 1952 '91.4 66.9 2.4 '22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 '7.3 2.8 '4.4 1953 '101.3 75.1 2.8 '23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 '7.8 3.0 '4.8 1954 .. '113.8 85.8 2.8 '25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 '8.3 3.3 '5.0 1955 '130.0 99 A 3.1 '27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 '9.1 3.6 '5.4 1956^ 144.8 111.3 3.6 29.9 134.9 99.1 83.5 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1955—Dec. '130.0 99.4 3.1 '27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 '9.1 3.6 r5.4 1956—Mar." 133.6 102.3 3.2 28.1 124.2 90.8 76.2 14.6 33.4 22.4 11.0 9.4 3.7 5.7 June?7 137.6 105.6 3.2 28.8 128.0 93.7 78.9 14.9 34.3 23.0 11.3 9.6 3.8 5.8 141.4 108.8 3.3 29.4 131.6 96.5 81.4 15.1 35.1 23.5 11.6 9.8 3.9 5.9 Dec v 144.8 111.3 3.6 29.9 134.9 99.1 83.5 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957—Mar P 147.5 113.2 4.0 30.3 137.4 101.1 85.1 16.0 36.3 24.2 12.0 10.1 3.9 6.2 Junep 150.4 115.4 4.2 30.8 140.1 103.3 86.9 16.4 36.8 24.6 12.2 10.3 3.9 6.4 P Preliminary. ' Revised. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) 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 represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1949 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 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 ,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 ,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 ,831 58 1956* 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 ,984 59 1955 Dec 21 004 15 888 4 560 3 711 7 617 3 819 297 17 457 15 568 4 150 5 773 5 645 ] 831 58 1956—Mar 21,450 16,180 4,610 3,770 7,800 3,950 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 ,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 19,225 17,218 4,350 6,840 6,028 ,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 336 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 18,035 4,455 7,330 6,250 >,010 60 22,740 16,895 4,735 3,725 8,435 4,500 1,345 20,475 18,380 4,505 7,525 6,350 1,035 60 v Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Ban 3 k F i C gu a r ll e s R e fo p r o rt 1 9 a 4 n 1 d a f n ro d m 1 9 w 4 e 5 e , k e l x y c r e e p p t o f r o ti r n g th e m e g m ra b n e d r t b o a t n al k , s. are estimates C ag o e r n p c o i r e a s t , io C n o m fr p o t m ro ll d e a r t a o f s u th p e p l C ie u d r r b e y n c F y e , d a e n r d a l F a e n d d e r S al t a R te e s b e a rv nk e. supervisory Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V u A ar - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4 532 1 486 938 2 108 362 16,102 14,775 4,573 2 026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 . 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 . .. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 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 AUK . . 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 32,989 30,508 6,627 7,304 16,577 2,481 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 Mav .. . . .... 426 391 44 94 253 35 34,022 31,498 6,673 7,656 17,169 2,524 June 367 338 48 53 237 29 34,159 31,620 6,670 7,677 17,273 2,539 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) Y m e o a n r t o h r Total i s N c t t o i r e o n u w n - c- H c p h o u a m r s - e e Total2 F su H in r - e A d - a g V n u t A a e r e - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r 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 S lo g a a s v n & - I c a n o n s m u c - e r- C m c o i e m a r l - - M s i u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 . 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1949 3,636 1 083 1,559 11,616 717 2,586 8,313 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1949 .. 11,828 3,646 1,046 2,446 750 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 1,618 3,365 1,064 1952. 6 617 2 105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 . 18,018 6,452 1,420 3,600 1,137 1954. . 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956. 10,545 3 771 4,727 35,870 1,492 6,664 27,714 1955 28,484 10,452 1,932 5,617 1,858 1956 27,088 9,532 1,799 5,458 I 824 1956 1956 June 976 349 449 33,740 ,458 6,338 25,944 July 949 341 439 34,134 ,463 6,377 26,294 June 2,316 2,417 877 165 494 162 Aug.. 1,037 358 483 34,586 ,470 6,464 26,652 July 2,329 2,374 851 159 464 168 Sept 850 292 397 34,939 ,476 6,530 26,933 Aug 2,266 2,544 921 163 508 181 Oct.. 922 422 35,305 ,481 6,567 27,257 Sept 2,250 2,185 779 139 441 163 Nov 784 277 360 35,596 ,487 6,622 27,487 Oct 2,174 2,425 848 154 475 183 Dec 710 250 320 35,870 ,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 36,102 ,496 '6,699 '27,909 Feb 709 243 318 36,371 501 '6,739 '28,131 Jan .. . 2,056 1,942 659 134 353 117 Mar 842 298 366 36,734 ,509 '6,786 '28,439 Feb 2,050 1,749 644 105 308 96 Apr 899 317 391 37,136 519 '6,828 '28,789 Mar 2,011 1,937 744 115 334 99 May 968 360 412 37,595 ,530 '6,872 '29,193 Apr 2,042 2,044 798 116 357 110 June 925 319 415 38,048 539 6,913 29,596 May 2,031 2,144 840 125 374 121 June 2,028 795 119 363 126 ' Revised. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Excludes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 953 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month ect- erty Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m a ty g o p e r e s t- i p l m o r i o a m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total underwritten t C i v o o e n n n a - - l FHA- VA- 1945 665 257 217 20 171 192 Total su in re - d a g n u t a e r e - d 1949 3,826 1,319 892 1,021 594 1,426 793 628 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18 6 4 3 4 1 2 14 3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37 6 15 0 6 9 8 1 22 6 1953. . . 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1950 45 2 18 9 8 6 10 3 26 3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9 7 13 2 28.8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33 1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28 1 12 0 16 1 38 0 1954 75.7 32.1 12.8 19.3 43.6 1956—June.. 280 86 121 10 62 421 265 155 1955 88 2 38 9 14 3 24 6 49 3 July 279 83 125 10 61 465 291 174 1956*> 99.1 43 9 15 5 28 4 55.2 Au2 312. 97 141 8 67 505 320 184 Sept 278 82 122 15 59 508 321 186 1955—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.P. ... 90.8 40.2 14.7 25.5 50.6 Dec 249 76 98 27 48 472 321 150 Junep.... 93.7 41.3 15.0 26.3 52.4 1957_ F ja e n b 2 3 6 00 6 7 87 4 1 8 07 5 2 5 9 0 7 5 7 6 4 5 3 55 1 3 3 9 1 3 6 1 16 1 2 3 D Se e p c t .p .? 9 99 6 . . 1 5 4 43 2 . . 9 4 1 1 5 5 . . 5 2 2 2 8 7 . . 4 2 5 5 4 5 . . 2 2 A M M p a a r y r . 2 2 3 6 9 1 4 2 7 7 6 6 8 5 0 9 9 8 0 4 6 4 9 8 1 6 0 6 6 5 6 0 8 2 3 3 8 5 8 0 6 0 2 2 2 7 1 8 1 8 5 9 7 6 8 4 8 1957—M Ju a n r. e P ? . 7 . . . . . .. 1 1 0 0 1 3 . . 1 3 4 4 5 5 . . 1 9 1 15 5 . . 9 7 2 3 9 0 . . 4 0 5 5 7 6 . . 4 0 June 247 60 104 18 65 276 213 63 P Preliminary. 1 Monthly figures do not reflect mortgage amendments included in annual totals. NOTE.—For total debt outstanding, figures for first 2 These loans are not ordinarily secured by mortgages. three quarters of year are Federal Reserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such For conventional, figures are derived. oans 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 ri t o an d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - - ed Total S te h r o m rt 1 - L t o er n m g - 2 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1956 July 2,729 915 1,814 43 91 1956—July. 93 159 1,108 700 408 Aus .. 2,758 919 1,839 46 j 92 Aug. 66 57 1,116 713 403 Sept 2,781 920 1,861 40 1 130 Sept. 72 46 1,142 741 401 Oct 2,838 934 1,904 69 1 232 Oct.. 67 61 1,148 752 397 Nov . 2,953 957 1,996 129 317 Nov. 59 54 1,153 756 397 Dec 3,047 978 2,069 109 360 Dec. 121 47 1,228 798 430 1957 jan 3 182 J.009 2,173 147 411 1957—Jan.. 77 267 1,038 660 378 Feb 3,295 ,026 2,269 129 436 Feb.. 30 91 976 601 375 Mar 3,409 1,053 2,356 127 483 Mar. 68 83 961 563 398 Apr 3 491 1,074 2,417 95 493 Apr., 73 62 971 544 427 May 3,551 1,087 2,464 75 1 518 May 73 52 993 559 434 June 3,605 ,100 2,505 69 1 525 June, 135 48 1,079 614 465 July 3,654 ,112 2,541 83 626 July. 132 171 1,040 638 402 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e 1 co p g O n a o s p t o u h e d m e r s r i er e a r n R l n o d i e a z p n m a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i o y n m a g n l e e s n - t a C cc h o a u r n g t e s 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 [,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 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 June 42,245 32,344 15,092 7,806 1,801 7,645 9,901 3,702 3,903 2,296 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions ; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia - s l f p i c S n a o a a n m l n e ie - c s s e u C n r i e o d n it s p f s i c C a u n o n o m a m i n n e e - - s c r l e Other i Total D s m t e o p e r a n e r s t t 2 - F st t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b e t i o 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 QOX 1952 19 403 15,581 7,524 4,711 837 1,866 643 3 822 1 107 943 301 389 082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 ,064 1 004 377 527 070* 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 1,052 1955 29,020 24,441 10,601 8,443 1,680 2,656 ,061 4 579 511 1 052 381 535 I 100» 1956 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 ,407 1,020 378 572 1V7 1956—June 30,084 25,963 11,394 8,765 1,848 2,845 ,111 4,121 ,247 973 354 562 985 July 30,297 26,193 11,476 8,849 1,880 2,880 1,108 4,104 ,239 967 359 568 971 Aug 30,644 26,475 11,548 8,953 1,933 2,920 1,121 4 169 286 973 365 575 970 Sept 30,707 26,551 11,548 8,989 1,960 2,924 1,130 4,156 ,269 970 368 576 975 Oct 30,811 26,635 11,606 8,973 1.994 2,938 1,124 4,176 ,269 974 368 574 QQ1 Nov. 31 024 26,846 11,634 9,075 2,021 2,961 1,155 4 178 230 988 373 573 I 014 Dec 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1,407 1,020 378 572 I 137 1957_jan 31,298 26,931 11,616 9,077 2,045 3,041 1,152 4,367 I 380 975 364 568 [ 08O Feb 31,233 26,967 11,641 9,035 2,074 3,051 [,166 4,266 ,345 957 362 568 034 Mar 31,273 27,101 11,711 9,048 2,108 3,056 1,178 4,172 1,298 936 357 570 ,011 Apr 31,532 27,493 11,960 9,104 2,154 3,095 .180 4,039 [ 170 922 354 575 018 May 31,901 27,810 12,123 9,176 2,194 3,110 l',207 4,091 1,222 923 356 581 1,009 June 32,344 28,205 12,300 9,300 2,255 3,142 1,208 4,139 1,243 923 360 590 I 023 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 955 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 n o a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a 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 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2 078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6 919 I 034 25 465 1955 10,601 3,243 2,062 2 042 1 338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,682 3,579 2,181 2,388 1,429 2,105 1956 June 8,765 7,199 1,039 24 503 1956 June 11,394 3,521 2,207 2,265 1,356 2,045 July 8,849 7,264 1,049 24 512 July 11,476 3,560 2,210 2,276 1,367 2,063 Aug 8,953 7,344 [,061 24 524 11,548 3,598 2,218 2,266 1,384 2,082 Sect 8,989 7,366 1,071 23 529 SeDt 11,548 3,591 2,199 2,271 1,403 2,084 Oct 8,973 7,333 .083 24 533 Oct 11 606 3,584 2,180 2 335 1 421 2,086 Nov . .. 9,075 7,305 1,202 24 544 Nov 11,634 3,578 2,177 2,364 1,430 2,085 Dec 9,100 7,283 1,227 23 567 Dec 11,682 3,579 2,181 2,388 1,429 2,105 1957_jan 9,077 7,222 1,261 23 571 1957_ F ja e n b 1 1 1 1 ,6 6 4 1 1 6 3 3, , 6 5 1 8 1 4 2 2 , , 1 2 9 1 8 6 2 2 ,2 3 9 0 0 6 1 1 , , 4 39 1 9 3 2 2 , , 1 12 1 5 5 F M e a b r . 9 9, , 0 0 4 3 8 5 7 7 , , 1 1 9 9 0 0 1 1, , 2 2 5 4 5 7 2 2 3 2 5 5 7 8 5 1 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 1,285 22 597 May 12 123 3,775 2 361 2 364 1 410 2 213 June 9,300 7,376 1,296 22 606 June 12,300 3,843 2,399 2,388 1,426 2,244 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 o t m o p h n d e e e - r s r r m i R o l z e a o d a p n t a e a d i n r i o s n r n - l s P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n a n a i - l t l t - C m m o e m e r- n - t lo O an th s) er p D a a e r - c t- coun O ts t ) her S c e r r e v d i i c t e cial ment 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—June 5,804 766 554 320 4,164 1956 10,311 2,975 446 895 3,807 2,188 July. 5,868 779 560 319 4,210 Aug. 5,974 795 572 326 4,281 1956—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 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 6, , 4 3 2 4 9 2 8 8 4 3 6 4 5 56 6 9 6 3 34 4 1 0 4 4, , 6 6 7 0 3 2 1957_ F ja e n b 9 9 , , 6 2 1 8 8 0 2 2 , , 9 9 6 8 0 3 4 4 0 5 0 0 7 6 2 1 8 7 3 3 , , 3 0 5 4 7 5 2 2 , , 1 1 7 8 3 5 May 6,511 863 572 351 4,725 Mar 9,230 3,007 520 571 2,929 2,203 June 6,605 884 573 353 4,795 Apr .... 9,483 3,055 481 597 3,090 2,260 May 9,806 3,135 606 599 3,186 2,280 June 9,901 3,176 526 585 3,318 2,296 NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer * Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

956 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Personal loans 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—June 3,049 3,390 1,175 1,391 839 883 115 128 920 988 July 3,293 3,316 1,246 1,337 925 872 121 127 1,001 980 Aug 3,350 3,504 1,258 1,393 951 952 122 137 1,019 1,022 Sept 3,153 2,981 1,191 1,150 883 840 117 125 962 866 Oct 3,363 3,382 1,308 1,284 942 1,010 125 140 988 948 Nov 3,453 3,387 1,354 1,225 973 1,037 120 125 1 006 1,000 Dec 3,368 3,735 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 1,214 914 111 120 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 1,389 1,460 896 856 118 116 1,102 1,126 May 3,485 3,709 1,349 1,511 948 966 127 139 1,061 1,093 June 3,412 3,638 1,314 1,490 939 946 118 126 1,041 1,076 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—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 ,212 1,244 891 880 112 113 930 920 Sept 3,085 2,918 1,184 1,147 892 836 104 101 905 834 Oct 3,182 3,278 1,283 1,339 882 906 113 117 904 916 Nov 3,160 3,174 1,231 1,254 904 886 105 109 920 925 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 1,286 1,193 874 860 112 106 942 860 Mar .. 3,160 3,279 1,244 1,283 875 916 106 110 935 970 Apr 3 301 3,299 [,317 1,302 860 883 114 110 1 010 1 004 M^ay 3 274 3,340 . 303 1,318 880 906 116 116 975 1,000 June 3,251 3,195 1,258 1,250 905 871 110 108 978 966 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— June +43 +321 + 19 + 196 -29 + 16 + 11 +23 +42 +86 July + 135 +213 + 19 + 126 + 35 +4 0 + 10 +81 +73 Aug +205 +347 +46 + 149 +60 +72 + 10 +24 +89 + 102 S O e c p t t + + 1 6 8 8 1 + + 1 6 0 3 4 + + 2 7 5 - + 55 3 + - 6 9 0 + 1+044 ++ 1132 + + 2 2 4 3 ++ 5874 ++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 June + 161 +443 +56 +240 + 34 +75 +8 + 18 +63 + 110 i Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for the period January 1940-August 1956 are incurred under the instalment contract. Renewals and refinancing of shown on pp. 1043-1054 of the BULLETIN for October 1956. loans, repurchases and resales of instalment paper, and certain other 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 957 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks S c a o le m s p f a in n a ie n s ce O i t n h s e t r i tu fi t n io an n c s ial Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,543 4,296 3,305 3,964 1950 21,558 8 135 5 098 3 826 4 499 1951. ... 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5,750 1953.. .. 31,558 12,099 7,560 6,375 5 524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,128 14,109 10,200 8,434 6 385 1956 39,602 14,428 9,600 9,426 6,148 1956— 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 ,174 1,232 772 871 846 844 558 557 Sept 3,153 2,981 1,135 ,070 740 722 770 707 508 482 Oct 3,363 3,382 ,259 1,244 817 821 793 774 494 543 Nov 3,453 3,387 ,221 1,148 929 881 835 835 468 523 Dec 3,368 3,735 ,235 ,193 798 785 796 939 539 818 1957—Jan.1 3,512 3,079 ,285 1,204 955 785 818 742 454 348 Feb. 3,496 2,954 ,265 1,105 840 691 845 750 546 408 Mar 3,299 3,319 1,150 [,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 [,361 817 886 866 897 549 565 June 3,412 3,638 1,235 1.332 800 904 842 870 535 532 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—June 3,006 3,069 1,077 1.100 699 723 699 716 531 530 July 3,158 3,103 1.148 ,149 763 735 746 731 501 488 Aug... 3,145 3,157 ,146 ,160 746 767 751 738 502 492 Sept 3,085 2,918 ,122 1,070 706 686 723 667 534 495 Oct 3,182 3,278 ,162 ,186 789 837 718 732 513 523 Nov 3,160 3,174 ,122 1,120 756 779 748 754 534 521 Dec 3,185 3,207 ,163 1,145 763 760 738 820 521 482 1957 Jan l 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 ,107 [,138 773 808 767 791 513 542 Apr.i 3,301 3,299 1,166 1,182 814 799 811 807 510 511 May 3,274 3,340 ,172 ,198 815 814 794 815 493 513 June 3,251 3,195 .177 .155 783 780 786 776 505 484 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—June +43 + 321 + 105 +224 + 17 + 124 +52 + 87 -131 -114 July. + 135 +213 +70 + 82 -11 + 84 +65 +64 + 11 -17 Aug +205 + 347 +28 +72 +26 + 104 +95 + 106 +56 +65 Sept +68 +63 + 13 0 + 34 + 36 +47 +40 -26 -13 Oct.. + 181 + 104 +97 + 58 +28 -16 +75 +42 -19 +20 Nov +293 +213 +99 +28 + 173 + 102 +87 + 81 -66 +2 Dec + 183 +528 +72 +48 + 35 +25 +58 + 119 + 18 + 336 1957—Jan.* +201 -254 +28 -66 + 109 -23 + 52 -18 + 12 -147 Feb +282 -65 + 112 +25 +50 -42 + 87 +53 +33 -101 Mar + 139 +40 +43 +70 +61 + 13 +50 +51 -15 -94 Apr. i +204 +259 +204 +249 +36 + 56 +67 +87 -103 -133 May +211 + 369 +81 + 163 +2 +72 +72 + 82 + 56 + 52 June. + 161 +443 + 58 + 177 + 17 + 124 + 56 +94 + 30 +48 1 Data on extensions and repayments for retail outlets and commercial A discussion of the composition and characteristics of the data and banks have been adjusted to avoid duplications resulting from large a description of the methods used to derive the estimates are shown transfers of other consumer goods paper. As a result, the differences in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment between extensions and repayments for these institutions do not equal the credit extended and repaid are based on information from accounting changes in outstanding credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit"extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit NOTE.—Monthly figures for the period January 1940-August 1956 are repaid without adding to the amount of credit outstanding. shown on pp. 1043-1054 of the BULLETIN for October 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. Theterms ''adjusted" and "unadjusted" i•efer to adjustment of monthly figures for seasonal variation] Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value) * Depart- Freight ment Whole- Non- Manufacturing car- store Con- sale or Y m e o a n r th Total Tot M al anu r D a f b a u l c - e ture N r s a d o b u n - le - A e / r T a i l n s Total R d t e e ia n s l i - - ot A h 1 e 1 r p m t a c e u l g m u o e r r l n a y i - - - l t - pr E od m m u p e c l n t o i t y o - n wor P r k o a e l y r ls s - i l n o g ad s* - s v (r a a e l l e t u a s e i * ) l p s r u i m ce e s r 2 m p c r o o ic d m e it - s y 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 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 Aug 143 142 144 158 130 130 260 264 257 119.3 106.2 107.2 161.5 93 128 116.8 114 7 Sept 144 146 146 162 130 131 251 250 251 119.2 106.0 107.9 166.7 96 129 117.1 115 5 Oct 146 151 147 163 131 131 248 230 260 119.7 107.3 108.9 169.0 96 122 117.7 115 6 Nov 146 147 147 165 129 130 242 197 272 119.9 107.4 108.3 168.2 97 131 117 8 115 9 Dec 147 144 149 167 130 130 n.a. n.a. 311 120.1 107.5 107.9 171.4 100 129 118.0 116 3 1957 Jan 146 145 147 164 131 130 n.a. n.a. 297 120.0 107.0 106.3 165.5 98 125 118 2 116 9 Feb 146 148 148 164 131 132 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. 287 120.2 105.9 104.8 161.5 91 122 119 3 117 2 May 143 143 145 159 130 r130 n.a. n.a. 260 r120.4 105.7 104 2r161.0 90 125 119 6 117 1 June 144 145 146 162 130 129 n.a. n.a. n.a. 120.6 105.4 104.8 163.9 90 *>127 120 2 117 4 July P\44 *>135 ^146 *>162 2>130 P127 n.a. n.a. n.a. ^120.7^104.7^103.2 *161.8 85 *133 118.1 e Estimated. Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes person- 1 Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 959 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - ^9 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 141 136 143 144 146 146 147 146 146 145 143 143 144 MANUFACTURES—TOTAL 90.02 140 144 142 138 144 146 147 147 149 147 148 147 145 145 146 Durable Manufactures—Total 45.17 155 159 157 148 158 162 163 165 167 164 164 162 160 159 162 Primary metals 6.70 140 138 136 69 125 148 147 146 145 144 143 137 134 132 132 Metal fabricating 28.52 165 172 168 169 172 174 176 180 183 180 180 779 775 775 777 Fabricated metal products 5.73 134 135 132 130 134 139 140 139 141 137 138 137 140 136 139 Machinery 13.68 155 171 170 173 175 175 175 175 177 173 172 172 166 168 171 Nonelectrical machinery 9.04 135 153 151 154 157 158 156 155 157 154 155 155 151 152 151 Electrical machinery 4.64 194 207 208 210 211 210 211 214 216 208 204 204 196 199 210 Transportation equipment 7.54 203 199 188 189 191 193 203 216 223 221 224 222 217 '213 213 Autos, trucks, and parts 4.80 153 125 110 110 112 112 121 137 143 139 140 135 126 124 124 Other transportation equipment 2.74 272 310 306 308 311 317 328 336 344 347 352 355 356 '349 350 Instruments and related products 1.29 149 166 163 167 171 171 172 172 173 173 174 173 172 171 170 Clay, glass, and lumber products 5.91 138 140 141 143 145 139 138 138 136 733 733 132 733 r136 141 Stone, clay, and glass products 2.82 149 158 161 161 160 154 157 157 158 155 155 155 155 159 158 Lumber and products 3.09 127 123 123 127 130 126 120 119 117 114 113 111 113 115 125 Furniture and misc. manufactures 4.04 132 135 135 136 136 136 136 134 134 737 72P 730 732 132 734 Furniture and fixtures 1.64 119 122 122 123 122 122 122 119 120 118 118 118 121 111 122 Miscellaneous manufactures 2.40 141 144 144 145 145 146 146 144 144 140 136 137 140 139 142 Nondurable Manufactures—Total... 44.85 126 129 128 128 130 130 131 129 130 131 131 131 129 130 Textiles and apparel 11.87 109 108 106 106 107 108 777 105 106 104 105 105 104 105 106 Textile mill products 6.32 107 104 100 100 102 103 105 103 103 100 101 101 99 98 100 Apparel and allied products 5.55 113 112 112 112 112 113 117 108 110 109 110 111 109 113 113 Rubber and leather products 3.20 122 117 110 112 117 775 777 774 118 122 124 123 118 r115 775 Rubber products 1.47 143 133 120 125 135 132 134 126 137 145 145 142 131 130 128 Leather and products. 1.73 105 104 101 102 102 102 101 104 102 102 106 107 106 102 104 Paper and printing 8.93 137 145 145 146 147 145 148 147 147 148 147 147 147 r148 148 Paper and allied products 3.46 152 159 161 162 161 159 160 160 157 159 157 157 156 158 159 Printing and publishing 5.47 127 136 135 136 138 137 140 139 140 141 141 141 141 142 141 Newsprint consumption 1.85 128 132 131 132 134 131 133 132 133 135 132 132 128 132 132 Job printing and periodicals 3.62 127 138 137 138 140 140 144 142 144 145 146 145 147 147 146 Chemical and petroleum products 9.34 759 167 166 164 167 168 167 168 770 174 772 777 772 r174 77/ Chemicals and allied products 6.84 167 111 175 176 176 177 177 111 179 184 183 182 183 185 182 Industrial chemicals 2.54 184 196 190 191 192 194 196 195 199 205 205 202 r204 '206 200 Petroleum and coal products 2.50 135 141 140 132 139 143 140 143 145 147 143 141 142 142 140 Foods, beverages, and tobacco 11.51 109 112 110 HI 113 775 773 773 773 777 773 773 770 777 Food and beverage manufactures 10.73 109 113 111 112 114 114 113 114 114 111 113 113 110 111 111 Food manufactures 8.49 109 113 111 112 115 115 114 113 113 111 113 113 111 111 112 Beverages 2.24 107 112 108 110 112 112 111 115 117 113 111 115 108 111 Tobacco manufactures .78 105 107 106 106 105 106 106 109 107 112 116 111 109 112 MINERALS—TOTAL 9.98 122 129 129 123 130 131 131 130 130 130 132 132 130 130 129 Mineral fuels 8.35 123 129 129 127 132 130 130 129 130 130 732 732 730 "130 129 Coal 2.68 80 85 85 75 85 86 85 87 80 81 87 93 88 84 86 Anthracite .36 48 55 55 48 61 56 56 57 57 57 52 48 49 49 60 Bituminous coal 2.32 85 90 90 79 88 91 90 91 84 85 92 100 94 89 90 Crude oil and natural gas 5.67 143 150 149 152 154 151 151 149 153 153 154 151 150 152 Crude oil 4.12 131 137 136 139 142 139 138 137 141 142 144 144 139 141 Natural gas and gas liquids .70 177 191 192 190 193 193 192 191 189 188 192 190 P197 Metal, stone, and earth minerals 1.63 120 127 128 100 722 133 136 735 134 737 732 732 729 727 73/ Metal mining .82 110 114 113 60 103 123 132 128 127 120 122 121 118 113 119 Stone and earth minerals .81 130 141 143 142 140 143 141 142 141 142 142 143 140 142 142 P Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947_49 Annual 1956 1957 pro- average Industry portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. .. 100.00 139 143 141 128 142 146 151 147 144 145 148 148 144 143 145 MANUFACTURES TOTAL .. . 90.02 140 144 142 129 143 148 153 149 146 146 149 150 146 144 146 45.17 155 159 156 139 155 161 168 166 166 164 167 166 163 159 161 6.70 140 138 140 62 118 145 149 146 142 146 149 144 140 135 136 Ferrous metals . . . 5.03 138 135 138 41 114 146 149 146 145 147 149 144 138 133 134 Pig iron and steel 3.51 144 142 145 24 117 156 160 158 157 159 159 154 148 143 141 .37 134 131 135 22 104 145 148 147 149 148 149 147 144 141 139 Steel 3.05 146 143 146 24 119 158 162 159 158 160 160 154 147 142 140 2.62 141 139 144 23 116 153 157 156 156 157 159 152 146 141 141 Alloy steel .. . .... .43 171 167 157 34 135 183 191 181 170 178 167 163 151 149 136 Ferrous castings and forgings . . 1.52 124 119 123 79 106 122 123 118 118 118 124 122 115 109 117 Iron and steel castings 1.29 123 117 121 78 106 122 122 118 117 117 122 119 113 108 115 Steel forgings .23 133 126 134 88 105 120 127 120 121 126 133 137 124 116 126 1.67 143 144 142 121 128 142 146 143 133 143 148 142 145 140 142 Primary nonferrous metals . ... .38 153 164 168 156 135 159 170 169 170 170 167 166 175 171 167 Copper smelting .09 122 133 142 117 124 122 133 127 129 135 139 132 140 131 133 Copper refining .06 123 132 139 123 120 114 134 135 128 137 146 141 146 148 136 Lead .04 103 115 109 107 107 123 122 116 120 113 118 116 129 115 110 Zinc .10 120 123 111 114 123 128 127 130 134 128 133 132 137 133 129 Aluminum . .09 261 280 296 298 182 269 293 295 292 289 259 267 283 285 280 Secondary nonferrous metals . .13 123 118 110 93 108 115 124 116 108 116 125 120 118 Nonferrous shapes and castings 1.16 142 140 137 112 128 139 140 138 123 138 144 137 138 132 138 Copper mill shapes .63 114 115 112 79 109 120 111 116 98 111 121 105 113 107 114 Aluminum mill shapes . .. .20 208 215 2H 222 187 202 218 196 175 203 200 206 213 215 211 Nonferrous castings .33 156 146 137 111 129 141 149 146 141 150 156 157 141 131 139 Metal FtxttricatiftfC 28.52 765 772 166 760 767 772 180 7S7 183 181 185 184 779 774 775 Fabricated metal products 5.73 134 135 132 124 135 144 145 138 139 136 138 138 140 136 139 Structural metal parts 2.68 136 141 138 129 137 144 150 149 152 148 149 149 148 149 152 Stampings and misc metal products... 2.12 130 125 119 111 117 123 130 132 134 130 130 129 126 124 125 Tin cans .30 142 151 159 168 214 220 186 100 105 113 116 127 190 122 149 Furnaces gas ranges and heaters .63 111 110 112 94 123 143 128 98 82 84 103 101 98 95 104 Machinery 13.68 155 171 167 158 168 177 182 178 178 175 177 177 169 166 168 Nonelectrical machinerv . . 9.04 135 153 152 148 147 155 153 152 158 158 160 161 157 154 153 Farm and industrial machinery 8.13 130 147 147 144 145 148 149 150 155 153 154 154 152 149 148 Farm machinery . .. .. 1.02 91 86 87 82 79 79 73 77 82 86 89 92 90 r87 84 Industrial and commercial machinery.... 7.11 135 156 155 153 155 158 160 160 165 163 164 163 161 158 157 Machine tools and presses .68 163 197 194 194 193 199 201 201 209 203 204 202 198 193 189 Laundry and refrigeration appliances .69 144 168 171 152 127 174 150 137 155 152 175 190 164 158 160 Electrical machinery 4.64 194 207 195 178 209 220 237 227 217 208 210 208 194 189 197 Electrical apparatus and parts 3.23 174 198 199 193 198 203 209 211 214 210 210 208 204 200 201 Radio and television sets .74 242 224 174 130 238 266 312 271 218 188 201 196 159 153 180 Transportation eQuipment 7.54 203 199 188 185 186 181 202 218 225 224 231 228 222 213 213 Autos trucks and parts . . 4.80 153 125 111 107 104 92 121 139 144 141 148 142 135 127 125 Autos 1.50 190 138 127 127 109 59 105 164 177 174 178 171 155 144 156 Trucks .66 115 112 123 99 101 98 103 102 101 98 113 109 120 113 118 Light trucks .22 114 92 89 76 81 75 92 100 92 97 110 105 107 100 108 Medium trucks .19 69 58 68 56 53 51 52 43 45 42 57 52 69 61 64 Heavy trucks .14 172 218 246 198 192 201 195 195 207 182 200 193 224 214 221 Truck trailers .07 183 167 203 145 160 148 146 133 121 134 156 162 154 148 156 Auto and truck parts. ... 2.58 141 121 98 97 102 109 135 135 136 134 140 134 127 121 Other transportation equipment 2.74 272 310 303 305 311 317 325 336 348 351 356 359 356 345 346 1.30 481 548 531 536 555 570 582 601 619 624 630 633 630 r608 605 Shipbuilding and repair .81 115 118 121 119 114 114 116 118 126 127 129 132 131 134 135 Railroad equipment .53 42 63 66 62 58 51 60 68 75 78 84 88 81 76 84 Railroad cars . 30 54 56 51 49 36 52 64 73 77 86 98 86 81 88 .35 Instruments and related products 149 166 163 162 167 171 173 174 175 173 174 174 174 171 170 1.29 Clay, Glass, and Lumber Products 138 140 745 735 749 745 746 138 729 725 131 732 735 r138 745 5.91 Stone, clay, and glass products 2.82 149 158 163 156 164 157 165 161 156 148 151 153 155 159 159 Gl F as l s a t a g n l d a s p s o a t n te d r y v i p tr r e o o d u u s c t p s roducts 1. . 0 6 9 0 1 1 3 5 4 5 1 1 4 6 0 4 1 1 4 6 0 0 1 1 3 5 0 0 1 16 4 1 2 1 1 2 5 7 9 1 1 4 7 9 3 1 1 7 4 4 7 1 1 4 7 3 3 1 16 4 7 3 1 1 4 6 5 6 1 1 4 6 5 5 1 1 4 6 1 1 1 1 4 6 1 0 1 15 4 9 0 Flat and other glass .47 156 165 158 146 160 158 177 177 177 171 168 167 164 163 162 .26 126 132 142 133 145 113 147 135 114 127 134 138 132 137 144 Home glassware and pottery .23 91 87 86 72 90 61 86 92 96 98 102 100 100 r97 86 Cement .32 148 157 175 173 177 174 171 157 144 113 116 133 145 161 Structural clay products .35 127 137 145 140 144 140 142 136 126 120 120 121 129 130 133 Brick .12 131 134 144 140 148 135 139 131 106 94 96 101 119 122 123 Clay firebrick, pipe, and tile .20 127 142 148 141 144 147 147 141 142 140 139 138 138 138 144 Concrete and plaster products .48 180 194 208 204 208 204 199 192 187 173 177 181 185 194 201 Misc. stone and earth manufactures .58 166 173 171 167 171 176 177 177 180 174 177 177 176 177 177 * Preliminary r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 961 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 ro 7 - ^9 average 1956 1957 Industry portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 127 123 129 116 135 133 130 117 104 104 112 112 117 118 131 LuLmubmerb earnd products. 2.05 112 107 118 104 115 118 111 101 91 89 98 100 100 99 110 Millwork and plywood .60 197 189 181 161 216 200 206 181 155 167 181 170 191 196 219 Millwork .39 144 121 133 107 152 139 130 103 82 90 105 102 107 110 146 Softwood plywood .12 284 301 260 248 320 299 332 310 277 295 306 282 330 339 339 Wood containers .29 90 91 92 90 90 90 93 88 90 88 86 86 87 88 88 Furniture and Misc. Manufacturing ... 4.04 132 135 132 127 136 140 143 138 137 128 130 131 129 128 131 Furniture and fixtures 1.64 119 122 118 115 123 125 127 122 125 118 119 119 111 115 118 Household furniture 1.10 120 121 116 114 121 125 127 123 125 116 118 119 117 114 117 Fixtures and office furniture .54 115 122 123 117 127 126 127 122 126 121 121 121 118 118 139 Miscellaneous manufactures 2.40 141 144 141 135 145 150 154 150 145 136 137 139 ''137 137 139 Nondurable Manufactures—Total 44.85 126 129 128 119 131 134 137 132 125 128 131 133 128 129 130 Textiles and Apparel . 11.87 109 108 103 90 109 105 114 106 100 106 112 115 104 r106 704 Textile mill products 6.32 107 104 100 86 103 102 109 105 99 101 105 106 99 100 100 Cotton and svnthetic fabrics 3.72 113 108 99 87 104 101 113 109 104 108 111 111 103 106 103 Cotton consumption 2.30 103 102 96 81 101 97 108 104 93 99 101 102 95 99 96 Synthetic fabrics .97 137 118 102 101 102 110 118 119 123 129 129 123 117 ^110 110 Fabric finishing .45 100 98 90 71 103 82 105 90 99 87 102 110 87 107 100 Wool textiles .97 79 86 90 76 92 87 94 86 78 74 81 79 78 r81 87 Wool apparel yarns .16 85 88 85 83 94 79 93 76 77 80 85 85 82 '89 88 Wool fabrics .75 78 86 92 75 92 90 96 90 79 72 80 78 77 79 88 Knit goods 1.15 110 108 111 95 109 114 111 109 99 100 105 109 102 102 106 Hosiery .65 106 100 102 76 96 105 100 101 90 98 103 106 92 89 92 Full-fashioned hosiery .45 110 102 104 77 97 106 100 98 90 98 104 109 91 87 87 Seamless hosiery .20 99 96 97 75 94 103 101 107 90 97 101 97 93 95 103 Knit garments .50 115 119 123 120 126 125 125 119 110 102 108 113 116 M18 124 .48 Woven carpets .31 79 83 78 50 86 97 87 78 79 86 92 91 85 64 Apparel and allied products 5.55 113 112 108 95 116 108 118 108 101 113 119 126 110 109 Men's outerwear 1.78 111 110 104 79 120 101 116 98 96 119 111 113 99 110 102 Men's suits and coats .73 92 95 91 59 109 91 103 90 89 107 95 101 88 102 91 Men's suits .50 90 93 85 54 103 85 100 92 93 114 100 104 90 100 88 Men's outercoats .13 77 78 93 63 no 90 91 57 53 51 50 63 60 85 78 Shirts and work clothing .99 123 118 111 90 126 106 124 101 98 126 121 120 104 113 108 Women's outerwear 1.85 116 112 112 100 116 108 117 107 89 108 130 148 119 115 112 Women's suits and coats. . .76 134 128 122 132 152 138 146 128 101 131 157 169 102 96 129 Misc apparel and allied mfrs 1.92 111 113 107 105 113 116 121 119 117 112 117 118 111 110 112 Rubber and Leather Products 3.20 122 117 111 97 117 118 123 113 112 123 130 130 119 114 116 Rubber products 1.47 143 133 123 105 127 135 144 129 132 147 148 148 135 rl33 132 Tires and tubes .70 131 121 122 99 110 120 121 108 122 126 136 134 121 125 123 Auto tires .40 140 123 115 97 113 121 124 113 130 136 150 151 135 137 136 Truck and bus tires . .. .30 120 119 130 103 106 118 117 101 110 111 117 103 108 105 Miscellaneous rubber products .77 154 144 124 110 142 148 165 147 141 166 159 lbl 147 r140 139 Leather and products. . 1.73 105 104 100 90 108 104 104 100 95 102 115 115 106 r98 103 Leather .44 92 91 91 73 90 90 90 90 85 89 99 95 89 88 Cattlehide leathers .29 99 99 99 79 97 99 99 100 95 98 108 103 96 94 Skin leathers . .15 79 76 76 61 76 73 74 70 65 72 82 81 76 75 Shoes and slippers 1 .90 Miscellaneous leather products .39 99 97 96 96 102 99 101 97 95 90 96 96 90 87 92 Paper and Printing 8.93 137 145 145 135 145 147 154 151 143 144 147 751 750 149 148 Paper and allied products 3.46 152 159 163 144 163 160 169 162 145 157 161 163 161 r158 161 Pulp and paper 1.76 149 157 161 143 160 152 162 159 142 158 160 159 159 r157 155 Wood pulp .51 169 179 184 165 182 171 185 183 160 182 181 181 182 182 175 Paper and board 1.25 140 148 152 134 151 145 152 149 135 149 151 150 150 147 147 Printing paper .22 127 140 143 130 143 139 145 146 135 140 139 137 136 136 136 Fine paper . .. .14 133 145 148 129 143 148 149 146 138 140 147 152 147 143 142 Coarse paper .20 129 136 141 121 139 131 135 138 123 139 139 131 r131 125 125 Miscellaneous paper .18 158 170 169 160 172 169 183 174 159 184 189 186 192 182 187 Paperboard .41 149 155 159 135 157 148 159 155 139 154 155 158 155 157 153 Building paper and board .10 137 131 141 127 139 128 131 118 94 118 128 120 126 124 126 Converted paper products 1.70 156 162 165 146 166 168 177 165 148 156 163 167 163 r160 167 Shipping containers .51 155 159 165 140 167 168 172 161 144 148 156 163 155 155 160 Sanitary paper products .... .11 158 170 163 162 163 166 189 173 158 179 183 177 184 174 185 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

962 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1956 1957 portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 134 129 133 139 145 144 142 136 139 144 143 '142 140 Newsprint consumption 1.85 128 132 131 115 121 133 143 145 131 123 128 137 137 140 132 Job printing and periodicals. 3.62 127 138 136 136 140 143 145 144 147 143 144 147 146 144 144 Chemical and Petroleum Products. 9.34 159 167 165 157 164 168 171 171 171 175 175 174 172 r172 169 Chemicals and allied products 6.84 167 177 173 166 111 177 182 181 181 184 186 186 184 184 180 Industrial chemicals 2.54 184 196 192 182 188 192 198 199 199 205 207 206 r206 '206 202 Basic inorganic chemicals .57 180 189 185 158 171 186 191 191 193 198 208 206 210 209 198 Industrial organic chemicals 1.97 186 197 194 188 193 194 200 201 200 208 207 206 '205 '205 204 Plastics materials .24 242 256 252 213 247 254 272 274 247 263 277 280 '275 278 Synthetic rubber .11 213 236 227 227 223 241 227 222 242 243 238 242 219 245 225°" Synthetic fibers .59 186 181 169 167 171 169 185 189 187 205 202 196 '203 '198 189 Miscellaneous organic chemicals. 1.03 169 189 192 191 189 189 188 189 193 193 191 190 188 '188 193 Vegetable and animal oils. .64 124 132 107 93 100 122 159 157 143 147 152 134 121 116 109 Vegetable oils .48 117 124 91 75 84 115 161 154 139 143 143 129 113 103 94 Grease and tallow .16 145 158 155 145 150 144 151 167 157 159 181 150 146 155 154 Soap and allied products. .71 110 111 112 91 121 124 119 108 110 120 117 128 113 115 104 Paints .66 125 124 125 125 127 125 124 123 123 122 121 120 122 122 124 Fertilizers .23 135 129 118 104 95 109 119 112 120 125 135 166 181 '172 118 Petroleum and coal products. 2.50 135 141 142 132 142 145 140 143 145 148 145 139 137 139 Petroleum refining 1.97 142 150 149 148 151 151 146 152 158 160 154 149 145 148 P149 Gasoline 1.04 152 159 162 162 164 164 155 160 165 164 157 156 154 161 H6A Automotive gasoline.. .98 147 153 156 156 158 158 149 155 159 158 153 150 149 155 Aviation gasoline.... .06 233 254 267 257 264 261 256 251 260 263 242 254 247 255 Fuel oil .56 138 147 141 141 146 145 142 149 161 170 164 151 143 143 Distillate fuel oil. .30 175 193 186 187 195 196 188 195 210 225 216 197 187 190 Residual fuel oil. .26 94 95 90 87 89 87 89 97 105 108 104 99 93 90 Kerosene .10 107 111 95 97 103 108 117 126 124 120 116 109 93 89 Lubricating oil. .17 114 119 123 113 119 116 122 122 116 118 114 116 126 122 Coke .26 104 102 104 38 92 109 109 109 110 110 110 111 107 108 107 Asphalt roofing and siding. .15 110 104 125 120 123 131 123 49 77 94 73 92 '80 104 84 Foods, Beverages, and Tobacco. 11.51 109 112 112 121 129 126 105 102 103 105 rlG8 115 116 Food and beverage manufactures. 10.73 109 113 114 114 122 130 111 106 101 103 105 104 107 115 Food manufactures 8.49 109 113 110 111 123 134 129 117 108 104 104 104 102 104 110 Meat products 1.48 128 133 122 118 116 129 142 119 138 139 133 131 123 124 120 Beef. .46 142 151 154 154 148 151 160 148 149 163 151 144 139 148 148 Pork .83 116 119 100 95 95 113 128 154 127 121 117 117 108 104 97 140 Dairy products .69 107 110 150 134 120 103 91 85 86 91 102 109 122 140 151 Butter .14 105 107 138 118 97 91 82 83 96 102 109 117 122 139 145 Natural cheese .07 116 117 163 133 116 105 97 93 96 100 107 115 135 161 165 Concentrated milk. .19 97 101 146 118 98 83 73 71 77 85 96 105 128 151 142 Ice cream .28 109 112 149 147 144 118 102 90 80 82 97 101 109 122 149 Canned and frozen foods. 1.13 118 133 115 149 234 264 188 116 98 87 84 82 89 '91 111 Grain-mill products 1.16 105 101 103 103 105 109 106 99 99 100 100 99 95 '97 98 Wheat flour .46 83 84 80 77 85 95 91 87 88 92 92 90 82 81 87 Cereals and feeds .70 119 113 119 121 118 118 116 107 107 105 106 106 104 '108 105 Bakery products. 1.64 97 98 100 100 99 100 101 100 99 95 96 96 98 99 103 Sugar .27 115 122 81 73 67 110 271 296 222 85 57 54 60 68 Cane sugar .11 113 116 124 133 127 130 123 100 102 102 96 107 110 117 Beet sugar .13 111 121 38 15 11 86 393 459 320 65 20 13 21 Confectionery .71 101 107 84 73 98 152 141 130 91 113 123 119 96 84 95 Miscellaneous food preparations. 1.41 106 105 112 107 107 106 105 105 102 101 103 103 102 106 114 Beverages 2.24 107 112 128 123 118 116 120 110 98 90 97 110 110 119 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 102 105 119 107 101 106 118 109 93 86 93 105 102 107 Beer and ale 1.02 101 101 128 128 112 93 83 80 84 88 86 104 108 116 Liquor distilling... .17 77 78 69 35 50 93 133 92 80 79 85 86 81 80 Liquor bottling... .37 109 119 118 94 135 179 175 115 81 105 111 95 97 Tobacco manufactures. .78 105 107 115 96 115 111 115 111 87 110 114 111 104 115 Cigarettes .46 109 111 122 104 120 115 119 114 92 117 119 115 109 121 Cigars .17 104 104 108 83 110 109 116 113 83 101 112 110 102 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 963 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 131 119 131 132 132 130 129 130 131 130 130 131 133 MINERALS—TOTAL 8.35 123 129 128 121 130 129 130 130 132 134 134 133 132 130 129 Mineral Fuels 2.68 80 85 84 62 87 90 93 90 83 85 87 88 84 Coal .36 48 55 58 42 59 62 64 59 55 57 52 43 46 64 Anthracite 2.32 85 90 89 65 91 95 98 95 87 89 92 96 90 92 Bituminous coal Cru O O d i i l C N l e a a r a o N N u n n t i u d d d l a a e r t a t a g g u u n l o a a r r d s s a a i g l l l n a e w s a g g x e t a a t a l u r s s l n a r a d d c li l r t q i i l o l g u i l q n a i in d u s g s ids 4 4 5 . . . . . . . 6 8 1 8 3 3 7 7 2 2 5 4 6 0 1 1 1 1 1 1 1 4 6 8 3 3 7 7 3 9 5 1 7 7 5 1 1 1 1 1 1 1 5 9 3 4 9 8 8 0 9 7 5 1 0 2 1 1 1 1 1 1 1 4 4 9 3 8 8 7 8 3 0 6 2 0 6 1 1 1 1 1 1 1 4 3 4 8 7 9 7 9 6 2 2 7 1 2 1 1 1 1 1 1 1 5 3 4 8 8 8 8 0 8 4 4 2 3 0 1 1 1 1 1 1 1 4 3 8 8 4 7 8 7 5 9 2 3 3 6 1 1 1 1 1 1 1 4 4 3 8 9 7 8 7 1 4 7 4 7 0 1 2 1 1 1 1 1 0 4 3 4 7 9 8 9 9 7 6 0 7 6 2 2 1 1 1 1 1 1 0 5 4 5 9 8 4 2 5 1 0 1 1 2 2 1 1 1 1 1 0 2 5 5 4 8 9 5 2 7 2 3 2 0 2 1 2 1 1 1 1 2 0 5 4 5 6 9 2 8 7 7 6 0 4 2 1 1 1 1 1 1 0 5 4 5 9 8 5 8 5 8 5 8 9 1 P 1 1 1 1 1 1 5 9 4 5 8 6 4 4 5 2 8 8 ^1 1 1 1 1 1 4 8 5 4 8 6 3 7 2 9 6 8 ^ ^ 1 1 3 4 9 6 Metal, Stone, and Earth Minerals 1.63 120 727 146 110 135 147 146 129 116 109 113 114 124 "140 150 Metal mining .82 110 114 144 73 111 142 142 114 94 91 98 95 111 135 151 Iron ore .33 113 104 173 19 126 179 175 109 62 49 50 48 87 159 193 Nonferrous metal mining .49 108 120 124 109 118 117 120 118 115 120 130 127 >i26 r118 123 Copper mining .24 123 136 141 120 132 132 134 132 129 133 145 141 140 133 141 Lead mining .09 84 88 89 85 90 87 92 87 83 89 96 94 94 r88 84 Zinc mining .06 81 87 84 86 86 91 86 92 96 98 99 86 91 Stone and earth minerals .81 130 141 149 147 149 151 150 144 138 128 129 133 137 145 148 p Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual pro- average 1956 1957 Series portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June ELECTRICITY AND GAS—TOTAL 100.00 199 218 220 219 219 220 221 222 223 225 227 '226 nil P229 P231 Residential 41.34 217 241 246 245 244 244 243 244 246 248 252 252 Nonresidential 58.66 187 201 203 201 202 202 205 206 207 210 209 207 Electricity 76.18 199 218 220 219 219 219 221 223 224 227 229 227 228 231 '233 Residential 27.48 224 250 252 253 253 254 253 257 258 260 266 266 263 267 Industrial 23.68 190 206 206 202 203 205 211 212 211 213 211 209 214 215 General industrial 23.49 173 186 186 182 183 186 192 192 191 193 191 188 193 194 Atomic energy .19 2221 2697 2720 2700 2680 2650 2660 2670 2720 2740 2720 2750 2790 2880 Commercial and other 25.02 180 194 196 197 196 194 196 197 199 204 205 202 203 207 Gas 23.82 200 218 224 222 221 220 219 218 219 220 221 221 ^223 Residential 13.86 203 223 233 229 227 224 222 220 221 223 224 225 Industrial 6.16 201 218 218 219 221 224 22< 229 228 225 222 220 Commercial and other 3.80 185 197 199 201 203 199 196 194 197 203 205 207 v Preliminary. r 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

964 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average^ 100] Annual 19 p 4 r 7 o - - 49 average 1956 1957 Product portion 1955 1956 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 123 127 127 123 123 132 141 137 138 134 124 124 129 Major Durables 69.72 164 140 128 135 132 127 129 143 154 147 149 144 131 131 137 Autos 32.10 190 138 120 122 124 106 117 152 168 169 167 159 141 139 144 Major household goods 36.13 144 144 138 148 141 148 142 136 143 130 134 132 124 126 133 Furniture and floor coverings. 15.32 116 117 114 117 117 118 115 114 115 114 113 113 -114 112 113 Household furniture 11.31 120 121 119 122 121 122 121 118 121 119 117 118 120 118 121 Floor coverings* 4.01 Appliances and heaters 15.60 138 143 134 152 136 149 136 130 144 128 137 133 119 119 123 Major appliances 11.88 144 151 140 161 142 158 144 138 156 136 144 140 121 124 127 Ranges 2.60 100 103 108 105 91 98 96 85 104 95 103 100 88 85 85 Refrigeration appliances. 4.98 151 150 142 160 146 159 132 136 151 128 153 151 136 138 135 Laundry appliances 2.51 193 216 180 236 200 233 231 211 233 209 183 177 133 152 167 Heating apparatus 3.72 120 118 114 123 115 120 112 102 108 105 114 111 110 104 108 Radio and television sets 5.21 242 224 218 227 231 232 237 218 218 181 189 185 167 186 226 Radio sets 3.42 77 70 66 59 68 71 72 74 75 71 81 80 75 67 69 Television sets 1.79 558 519 509 549 542 538 551 493 491 392 395 388 343 413 524 Other Consumer Durables 30.28 106 111 110 111 114 113 110 109 113 114 114 111 109 108 108 Auto parts and tires 14.00 102 105 100 102 106 108 102 102 109 112 114 112 104 103 104 Misc. home and personal goods. 16.28 109 116 118 118 121 117 117 115 117 116 113 110 113 112 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 124 116 120 113 128 139 141 137 143 142 130 124 131 Major Durables 69.72 164 140 130 121 122 111 132 151 154 149 157 155 140 131 140 Autos 32.10 190 138 127 127 109 59 105 164 177 174 178 171 155 144 156 Major household goods 36.13 144 144 134 117 136 158 158 141 137 129 140 143 128 122 129 Furniture and floor coverings. 15.32 116 117 111 104 116 122 122 117 118 113 116 116 113 108 110 Household furniture 11.31 120 121 116 114 121 125 127 123 125 116 118 119 117 114 117 Floor coverings1 4.01 Appliances and heaters 15.60 138 143 143 125 121 158 142 122 128 125 144 151 131 125 131 Major appliances 11.88 142 151 150 131 117 158 143 127 141 137 158 166 140 133 136 Ranges 2.60 100 103 112 80 83 106 102 82 94 94 116 114 92 82 88 Refrigeration appliances. 4.98 151 150 174 149 107 145 109 103 128 131 162 188 173 163 164 Laundry appliances 2.51 193 216 162 162 180 251 261 230 229 207 208 195 140 144 150 Heating apparatus 3.72 120 118 121 106 135 157 137 104 85 88 100 104 103 99 114 Radio and television sets 5.21 242 224 174 130 238 265 312 270 217 188 201 196 159 153 180 Radio sets 3.42 77 70 54 37 61 66 88 91 92 73 83 84 72 67 57 Television sets 1.79 558 519 402 307 575 645 738 611 456 408 427 411 326 318 414 Other Consumer Durables 30.28 106 111 109 106 115 118 118 112 110 110 112 111 107 106 108 Auto parts and tires 14.00 102 105 103 101 109 116 110 101 103 109 110 107 101 103 108 Misc. home and personal goods. 16.28 109 116 114 110 121 119 125 121 117 114 114 2 r109 108 r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision for the period 1952 to date. appliances, heating apparatus, radio sets, and television sets may be obtained from the Division of Research and Statistics. NOTE.—For a description of these indexes, see BULLETIN for May 1954, pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of doilarsj Private Public Year or month Total Total d R en e t s i i a - l Indu B s u - sine C s o s m- Public O n r d e t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 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 1951 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—July.. 3,873 2,788 1,464 1,010 273 308 429 314 ,085 121 375 72 517 Aug.. 3,861 2,780 ,466 995 276 292 427 319 ,081 122 360 77 522 Sept.. 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 MayP 3,911 2,750 1,335 1,070 278 304 488 345 ,161 102 410 74 575 JuneP 3,930 2,768 1,354 1,064 273 303 488 350 ,162 99 418 73 572 July*7 3,865 2,740 1,357 1,045 265 289 491 338 ,125 104 395 77 549 v Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 965 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1949. 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950. 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951. 15 751 6 122 9 629 6,205 2,883 915 1 335 1,689 2,723 1952. 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953. 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954. 19,770 6,558 13 212 8,518 1,274 1,815 2,063 1,958 4,142 1955. 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1956. 24,413 8,036 16,377 9,826 1,918 2,355 2,314 2,419 5,580 1956-—June 2,198 732 1,466 826 144 '239 192 '219 577 July 2,149 736 1 412 758 152 242 196 258 543 Aug . 2,069 620 1,449 874 138 184 193 232 448 Sept 2,025 671 1,354 764 171 195 185 225 485 Oct 1,706 589 1 117 656 126 168 185 196 375 Nov.. . 1,689 582 1,107 625 130 212 199 189 335 Dec 1,576 737 839 451 104 155 200 164 502 1957_Ian 1l 778 679 U 099 1612 197 211 184 170 405 Feb 11,718 664 11,053 1676 167 175 178 167 354 Mar 12,448 757 11,690 1861 182 303 222 208 670 Apr ci2,151 652 CI1499 ci966 118 180 165 162 559 May c*2,674 1,029 c 11,645 c1,020 129 246 244 247 788 June 12,413 930 11,483 r Revised. c Correction. 1 Figure not comparable with earlier months. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month dis- San tricts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - 1956—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 June 2,947 177 404 130 255 238 236 407 165 96 147 136 557 1957 Apr C2,778 137 C415 98 191 188 271 428 106 116 153 146 528 May ..... C3,398 192 c403 171 278 175 317 568 157 136 147 224 632 June 3,243 138 401 146 276 218 271 465 112 140 237 157 683 c Correction. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d a T u r j s i o a u o v l t s n a a t r a t l e e a l d l t y e) Total p M o e li t t r a o n - p m N a o e r l o e t it r n a a o s - n - Total fam 1- il P y rivat l e am 2 ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en i 1949.. ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950.. ,396 1,022 374 ,352 1,151 42 159 44 686 486 200 1951.. ,091 777 315 ,020 892 40 88 71 412 264 149 1952.. ,127 795 332 ,069 939 46 84 59 421 280 141 1953.. ,104 804 300 ,068 933 42 94 36 409 252 157 1954.. ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955.. ,329 976 353 ,310 1,190 33 87 20 670 277 393 1956.. ,118 780 338 ,094 981 31 82 24 463 192 271 1956—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 2 40 16 24 Nov.. 1,027 77 55 23 77 68 3 0 30 12 18 Dec. 1,020 64 45 19 63 53 2 1 26 11 15 1957—Jan.. 962 63 44 19 60 50 2 3 20 12 Feb.. 935 66 47 19 63 53 2 3 19 10 10 Mar. 933 87 59 29 79 68 3 9 24 12 11 Apr.. 962 94 64 30 91 79 3 10 26 12 13 May. *980 ?102 68 34 *>96 n.a. n.a. n.a. 27 15 12 J J u u n ly e . . P970 v91 6 6 8 3 2 3 9 3 P P 9 9 2 0 n n . . a a . . n n . . a a . . n n . . a a . . 2 2 9 9 1 1 6 7 13 p Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

966 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Employedl Not in the Year or month i p n o st p i u tu la ti t o io n n al l f a o b rc o e r Unem- labor force Total Total In nonagricul- In ployed 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—July 118,762 72,325 69,489 66,655 58,955 7,700 2,833 46,437 Aug... 118,891 71,787 68,947 66,752 59,487 7,265 2,195 47,105 Sept 119 047 70 896 68 069 66 071 58,683 7,388 1,998 48,151 Oct 119,198 70,905 68,082 66,174 59,000 7,173 1,909 48,293 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 Dec 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 1957_jan.2 119 614 68 638 65 821 62 578 57,643 4,935 3,244 50,973 Feb 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 Mar 119,899 69,562 66,746 63,865 58,431 5,434 2,882 50,337 Apr 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50,286 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 July 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 1 Includes self-employed, unpaid family, and domestic service workers. shown above are: Labor force, 73,056; employment—total, 67,546; non- 2 Beginning 1957 persons waiting to start new wage and salary jobs and agricultural, 59,742; agricultural, 7,804; and unemployment, 2,687. 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 12th 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 a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1 1 9 9 5 5 0 1 4 4 4 7 , , 7 3 3 4 8 7 1 1 4 6 , , 9 1 6 0 7 4 9 8 1 8 6 9 2, , 3 6 3 0 3 3 4 3 , , 1 9 6 7 6 7 1 9 0 , , 6 0 4 1 5 2 1 1, , 8 8 9 2 2 4 5 5 , , 0 2 7 6 7 4 6 6 , , 0 3 2 8 6 9 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 2,038 538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 231 7,178: SEASONALLY ADJUSTED 1956—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 2,963 188 11,465 2,316 6,366 7,310 Feb 52,577 16,995 833 3,020 168 11,519 2,324 6,401 7,317 Mar 52,522 16,962 831 3,062 168 11,490 2,322 6.381 7,306 Apr 52,568 16,965 841 3,059 160 11,501 2,320 6,400 7,322 May 52,672 16,946 843 3,097 159 11,542 2,329 6,424 7,332 June 52,762 16,915 855 3,109 165 11,575 2,336 6.455 7,352 July 52,786 16,844 856 3,075 4,172 11,629 2,345 6.488 7,377 WITHOUT SEASONAL ADJUSTMENT 1956—July 51,258 16,301 765 3,256 161 11,164 2,349 6,296 6,966 Aug 52,258 17,035 839 3,361 190 11,198 2,361 6,293 6,981 Sept 52,663 17,119 842 3,342 191 11,319 2,325 6,322 ,203 Oct 52,952 17,238 836 3,296 189 11,445 2,315 6,343 ,290 Nov 53,007 17,180 837 3,174 184 11,657 2.314 6,327 ,334 Dec 53,639 17,159 837 2,997 194 12,260 2; 308 6,295 ,589 1957_jan 51,716 16,959 832 2,667 4,126 11,298 293 6,239 ,302 Feb 51,704 16,945 833 2,673 120 11,225 301 6,273 ,334 Mar 51,894 16,933 831 2,756 4,147 11,265 310 6,317 ,335 Apr 52,245 16,822 833 2,906 4,153 11,428 320 6,432 ,351 May 52,456 16,762 835 3,082 4,156 11,411 329 6,520 ,361 June 52,874 16,847 859 3,233 4,182 11,501 359 6,552 341 July 52,574 16,671 852 3,290 4,203 11,486 2,392 6,520 7,160 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for June and July 1957 are preliminary. Back data may be obtained month. Proprietors, self-employed persons, domestic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 967 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 July May June July July May June July Total 12,712 13,073 13,031 12,951 12,536 12,894 12,962 12,768 Durable goods 7,225 7,621 7,595 7,552 7,113 7,600 7,601 7,436 Ordnance and accessories 82 77 77 75 82 77 77 75 Lumber and wood products. 689 635 638 635 703 638 660 648 Furniture and fixtures 319 316 322 319 306 308 312 306 Stone, clay, and glass products 471 456 458 448 466 456 460 444 Primary metal industries 755 1,098 1,092 1,091 747 1,093 1,092 1,080 Fabricated metal products 848 887 889 897 823 883 885 870 Machinery except electrical 1,265 1,243 1,227 1,226 1,247 1,255 1,239 1,208 Electrical machinery 880 856 864 872 849 847 855 841 Transportation equipment 1,280 1,435 1,412 1,372 1,280 1,435 1,412 1,372 Instruments and related products 231 227 224 224 226 226 223 220 Miscellaneous manufacturing industries. 404 391 392 393 384 383 386 373 Nondurable goods 5,487 5,452 5,436 5,399 5,423 5,294 5,361 5,332 Food and kindred products 1,088 1,068 1,071 1,058 1,140 1,004 1,056 1,105 Tobacco manufactures 87 84 83 79 76 73 73 69 Textile-mill products 957 916 912 914 928 911 912 887 Apparel and other finished textiles 1,073 1,094 1,090 1,060 1,025 1,039 1,046 1,012 Paper and allied products 467 470 470 465 462 465 470 460 Printing, publishing and allied industries 549 558 557 562 544 555 557 556 Chemicals and allied products 550 547 544 542 539 544 536 531 Products of petroleum and coal 167 173 174 175 170 174 177 178 Rubber products 209 205 200 209 203 204 200 203 Leather and leather products 340 337 335 335 337 325 333 332 NOTE.—Data covering production and related workers only (full- and liminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics. nearest the 15th of the month. Figures for June and July 1957 are pre- 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 July May June July July May June July July May June July Total 78.60 81.78 82.80 82.99 40.1 39.7 40.0 39.9 1.96 2.06 2.07 2.08 Durable goods 84.25 87.85 88.91 88.44 40.7 40.3 40.6 40.2 2.07 2.18 2.19 2.20 Ordnance and accessories 91.74 94.02 94.60 95.51 41.7 40.7 40.6 40.3 2.20 2.31 2.33 2.37 Lumber and wood products 72.36 73.16 75.30 72.40 40.2 40.2 40.7 40.0 1.80 1.82 1.85 1.81 Furniture and fixtures 67.54 67.82 69.08 68.03 40.2 39.2 39.7 39.1 1.68 1.73 1.74 1.74 "Stone, clay, and glass products 80.77 82.42 83.44 82.21 41.0 40.8 40.9 40.1 1.97 2.02 2.04 2.05 Primary metal industries 91.88 97.42 99.45 99.90 40.3 39.6 40.1 39.8 2.28 2.46 2.48 2.51 Fabricated metal products 83.44 88.34 89.40 88.73 40.7 40.9 41.2 40.7 2.05 2.16 2.17 2.18 Machinery except electrical 91.96 93.71 94.53 93.61 41.8 41.1 41.1 40.7 2.20 2.28 2.30 2.30 Electrical machinery 79.40 82.21 83.42 83.21 40.1 40.1 40.3 40.2 1.98 2.05 2.07 2.07 Transportation equipment 93.84 94.56 96.96 97.12 40.8 39.9 40.4 40.3 2.30 2.37 2.40 2.41 Instruments and related products 81.81 84.42 85.46 85.44 40.5 40.2 40.5 40.3 2.02 2.10 2.11 2.12 Miscellaneous manufacturing industries. . 68.90 72.04 72.00 72.04 39.6 39.8 40.0 39.8 1.74 1.81 1.80 1.81 Nondurable goods 71.71 73.13 74.09 75.05 39.4 38.9 39.2 39.5 1.82 1.89 1.90 Food and kindred products 75.03 78.38 79.13 79.32 41.0 40.4 41.0 41.1 1.83 .94 1.93 1.93 Tobacco manufactures 58.74 61.78 61.85 64.96 38.9 39.1 38.9 40.1 1.51 .58 1.59 1.62 Textile-mill products 55.87 57.60 58.20 58.20 38.8 38.4 38.8 38.8 1.44 .50 1.50 1.50 Apparel and other finished textiles 52.27 52.98 53.34 54.09 35.8 35.8 35.8 36.3 1.46 .48 1.49 1.49 Paper and allied products 84.28 84.42 85.46 86.92 43.0 42.0 42.1 42.4 1.96 2.01 2.03 2.05 Printing, publishing and allied industries.. 93.80 96.38 96.13 96.00 38.6 38.4 38.3 38.4 2.43 2.51 2.51 2.50 Chemicals and allied products 87.76 90.64 91.88 92.25 41.2 41.2 41.2 41.0 2.13 2.20 2.23 2.25 Products of petroleum and coal 107.01 106.75 109.06 111.87 41.8 40.9 41.0 41.9 2.56 2.61 2.66 2.67 Rubber products 85.75 88.80 91.21 92.93 39.7 40.0 40.9 41.3 2.16 2.22 2.23 2.25 Leather and leather products 56.62 55.90 58.21 59.06 38.0 36.3 37.8 38.6 1.49 1.54 1.54 1.53 NOTE.—Data are for production and related workers. Figures for June and July 1957 are preliminary. Back data are available from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

968 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t n - ta c Ch a i g - o Lo S u t. is M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952.. 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 120 112 107 117 115 . 131 142 117 121 109 123 140 123 1956 125 114 113 122 120 138 150 123 127 116 126 144 129 SEASONALLY ADJUSTED 1956—June '125 114 '114 '124 118 134 '149 124 119 114 '125 '150 126 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 May 125 112 115 124 118 139 153 123 127 116 124 r151 126 June . 110 117 130 117 ^155 123 119 117 ^125 161 131 WITHOUT SEASONAL ADJUSTMENT 1956—June 119 114 111 117 113 128 '133 '122 117 105 '120 '136 120 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 r124 104 Apr 122 110 109 121 118 143 149 119 123 114 120 132 123 May. . 124 112 113 123 114 140 150 121 127 118 123 124 June ni\ 110 113 122 113 121 116 108 ^120 147 125 STOCKS i 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951... 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 195*> . . 128 122 116 123 117 147 152 122 124 121 136 147 134 1956 139 129 126 133 125 165 165 132 137 132 146 157 145 SEASONALLY ADJUSTED 1956—June 137 132 126 132 124 162 162 131 138 128 144 '158 142 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 SeDt . 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 '127 131 135 125 167 168 137 138 134 142 165 142 June P143 128 134 139 H21 175 169 139 139 134 147 WITHOUT SEASONAL ADJUSTMENT 1956—June 131 123 119 124 118 158 152 123 127 121 138 r147 143 July 130 118 116 119 115 155 151 124 128 124 138 149 142 Aug 138 128 124 130 123 167 163 129 136 128 148 158 148 Sept 145 136 130 142 132 175 174 138 145 134 153 166 154 Oct 159 148 145 156 144 193 190 153 153 151 162 174 167 Nov 161 152 150 157 146 190 195 157 154 153 163 174 164 Dec 126 120 120 122 116 147 149 123 123 125 131 144 121 1957 Jan 126 116 116 118 114 151 149 123 123 123 129 139 127 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 145 '131 136 '141 130 111 169 138 138 136 145 166 153 June ^137 119 126 130 170 159 130 128 127 ^136 ^159 148 * Preliminary. r Revised. NOTE.—For description and monthly indexes for back years, see l Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 969 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 orders * (total (total Stocks ing stand- ceipts month) month) (end of for for orders ing month) month) month) orders Annual average: 1948 381 979 494 386 363 2.7 4.1 1.0 1949 361 925 373 358 358 2.7 3.8 1.0 1950 376 1,012 495 391 401 2.8 4.2 1.1 1951 391 1,202 460 390 379 3.2 4.4 1.0 1952 397 1,097 435 397 401 2.9 4.1 1.0 1953 406 1.163 421 408 401 3.0 4.1 1.0 1954 409 1,140 388 410 412 3.0 4.0 1.0 1955 437 1 195 446 444 449 2.9 4.0 1.0 1956 453 1,282 469 459 457 3.0 4.1 1.0 Month: 1956—June. '420 '1,196 '504 '332 '496 2.8 .2 4.0 0.8 July.. 337 1,173 587 323 409 3.5 .7 5.2 .0 Aug.. 412 1,253 573 492 478 3.0 .4 4.4 .2 Sept.. 444 1,335 598 526 551 3.0 .3 4.4 .2 Oct... 485 1,475 588 625 615 3.0 .2 4.3 .3 Nov.. 577 1,525 473 627 512 2.6 0.8 3.5 .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 .0 Feb... 336 1,252 461 391 422 3.7 1.4 5.1 .2 Mar.. 394 1,356 414 498 451 3.4 1.1 4.5 .3 Apr... 441 1,381 346 466 398 3.1 0.8 3.9 .1 May. 449 1,353 355 421 430 3.0 0.8 3.8 0.9 J 409 1,258 520 314 479 3.1 1.3 4.3 0.8 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 exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r ip ts m e e x n c ts lu 2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan ,168 1,284 M,680 ,083 1,202 1,583 871 ,073 1,113 Feb . . . ,238 1,362 '1,609 143 1 271 '1 487 850 051 993 Mar ,344 ,582 '2,151 ,252 1,478 '2,021 1,019 ,102 '1,132 Apr . . . ,264 ,512 '1,864 ,170 1 399 '1 780 871 991 1,118 May ,323 ,716 '1,813 ,192 1,521 '1,711 959 ,095 '1,104 June ,321 r1,696 1,782 ,193 r1,491 1,648 937 ,034 983 July ,269 1,639 ,142 1,288 885 ' ,052 Aug 239 rI 535 111 1 377 961 Sept .. ,254 r ,533 ,155 1 426 947 995 Oct 398 671 279 1 560 1 011 1 121 Nov ,321 r . 543 .248 1 423 1,065 '987 Dec 1.407 2,002 1,323 1.879 1,008 '1,059 Jan -June 7,658 9,152 10,899 7,033 8,362 10,230 5,507 6,346 6,443 r Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e 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 o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41 6 83.6 45.9 1941... 62.9 52.2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1956—June 116.2 113.2 121.4 132.5 111.7 128.4 102.8 122.6 104.8 126.8 132.0 119.9 107.6 121.8 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132.7 120.1 107.7 122.2 AUK 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 Sept 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 Oct 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108.5 123.0 Nov 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109.0 123.2 Dec 118.0 112.9 123.5 134.2 112.0 136.1 104.1 124.8 107.0 133.1 134.7 121.8 109.3 123.3 1957 Jan . 118.2 112.8 123.8 134.2 112.3 138.9 104.0 125.4 106.4 133.6 135.3 122.1 109.9 123.8 Feb 118.7 113.6 124.5 134.2 112.4 139.3 105.0 125.6 106.1 134.4 135.5 122.6 110.0 124.0 Mar 118.9 113.2 124.9 134.4 112.4 139.2 104.9 126.2 106.8 135.1 136.4 122.9 110.5 124.2 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 119.6 114.6 125.3 134.7 112.3 135.4 104.2 127.3 106.5 135.3 137.3 123.4 111.4 124.3 120.2 116.2 125.5 135.0 112.3 135.3 104.6 127.6 106.6 135.3 137.9 124.2 111.8 124.6 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49— 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - Total p p T u a a t r a i e c n o p l r x t e d d - e s - l - l H s p e u k a a r i o c n i t d n h t d d e s s e - s , r ,p l t F o i m e a i g u w n r n h a i e g d a e - t l r l - , s , C p a i u a l h c r l c n o a e i t e d l d m s s d - - p R u a b r u c n o e b t d d r s - - p L w u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l t e d d p e s d - r , , M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t r e h i c n o v r o i a t y n d 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 r t t m t m a a u r o l l i r u s e l n n a i — c - c - l - - b b e m o b T a r a t e a f n c o t r v g l c d - s e - e o . d s n c M e e o l i l s u a - s - 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1956 June 114.2 91.2 102.3 121.5 94.9 100.2 110.5 107.1 142.8 127.3 127.4 145.8 136.8 118.1 128.9 121.6 92.9 July 114.0 90.0 102.2 121.4 94.9 100.1 110.7 107.3 143.3 126.6 127.7 144.9 136.9 118.3 130.6 121.7 91.3 Aug 114.7 89.1 102.6 122.5 94.8 100.0 110.9 107.3 146.9 125.2 127.9 150.2 137.7 119.1 130.8 122.5 91.1 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121.0 131.5 123.1 89.2 Nov 115.9 87.9 103.6 124.2 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121.1 131.2 123.5 91.2 Dec 116.3 88.9 103.1 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 91.7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132.0 124.0 93.2 Feb 117.0 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 117.1 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 June 117.4 90.9 106.1 125.2 95.5 100.0 117.7 109.3 145.1 119.7 129.0 150.5 145.2 121.6 135.1 124.6 87.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 971 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 120.2 103.0 r109.0 105.4 Grains 86.9 87.3 85.4 83.9 Paperboard 136.5 136.2 136.2 136.2 Livestock and poultry 74.8 79.3 78.7 83.5 Converted paper and paperboard 123.2 125.2 125.3 125.3 Plant and animal fibers 106.1 104.3 104.3 104.8 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 92.7 95.0 r92.2 92.0 Eggs 78.7 68.5 57.5 61.0 Metals and Metal Products: Hay and seeds 87.5 85.2 84.4 83.3 Other farm products 147.1 144.7 144.1 145.7 Iron and steel 149.5 161.9 162.9 165.4 Nonferrous metals 158.0 142.5 139.9 138.1 Processed Foods: Metal containers 141.2 148.0 152.5 152.5 Hardware 154.7 163.5 164.3 164.3 Cereal and bakery products 115.3 116.8 116.5 117.0 Plumbing equipment 134.1 131.6 130.1 129.1 Meats, poultry, and fish 83.1 88.2 91.5 96.6 Heating equipment 117.4 121.6 121.4 121.4 Dairy products and ice cream 108.0 111.4 110.7 108.1 Fabricated structural metal products. 129.4 132.8 132.2 131.7 Canned, frozen fruits, and vegetables. 109.7 104.9 '103.5 102.0 Fabricated nonstructural metal 132.5 143.3 143.3 143.1 Sugar and confectionery 109.5 112.1 112.8 113.5 products , Packaged beverage materials 191.0 183.7 183.7 183.7 Other processed foods 97.4 95.2 95.3 95.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.6 132.4 132.3 132.3 Cotton products 92.7 90.8 90.7 90.6 Construction machinery and equip- Wool products 102.9 109.9 110.9 111.5 ment 146.8 157.5 "157.6 157.6 Synthetic textiles 80.2 81.5 81.8 81.9 Metal working machinery 155.2 165.3 165.6 165.6 Silk products 124.7 124.8 124.7 122.4 General purpose machinery and Apparel 99.7 99.6 99.5 99.5 equipment 145.6 156.2 156.0 156.5 Other textile products 70.0 75.9 76.9 76.8 Miscellaneous machfri-ry , 135.5 143.7 143.8 143.8 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 137.6 147.8 148.2 148.3 Motor vehicles 129.1 134.7 134.7 134.7 Hides and skins 61.2 51.8 55.8 59.4 Leather 91.7 88.6 88.8 91.1 Furniture and Other Household Dura- Footwear 120.5 121.5 121.1 121.2 bles: Other leather products 99.1 97.8 '97.5 97.5 Household furniture 118.1 122.4 122.4 122.4 Fuel, Power, and Lighting Materials: Commercial furniture 138.5 147.3 147.3 147.3 Floor covering 130.5 133.8 133.8 133.8 Coal 112.3 123.2 r123.3 123.3 Household appliances 105.1 105.4 105.1 105.2 Coke 145.4 161.9 161.9 161.9 Radio 89.7 91.1 91.1 91.1 Gas 111.3 118.4 r116.5 116.5 Television 69.1 69.5 69.5 69.5 Electricity 93.8 96.6 '94.9 94.9 Other household durable goods 1.Q.3 147.0 147.7 147.7 Petroleum and products 118.3 130.4 129.8 128.4 Nonmetallic Minerals—Stru^. ural: Chemicals and Allied Products: Flat glass 131.8 135.7 135.7 135.7 Industrial chemicals 121.1 123.6 123.6 124.0 Concrete ingredients !?0.4 135.7 135.7 135.8 Prepared paint 119.1 124.1 124.7 125.5 Concrete products 121.9 12^.6 126.7 126.7 Paint materials 99.4 99.8 99.8 99.7 Structural clay products 146.5 155.0 '55. C 155.1 Drugs, Pharmaceuticals, cosmetics... 92.1 93.5 93.3 93.2 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 55.1 58.2 59.2 60.1 Prepared asphalt roofing 111.9 121.6 125.8 125.8 Mixed fertilizers 107.9 108.6 108.4 108.4 Other nonmetallic minerals 123.1 128.3 128.3 128.3 Fertilizer materials 108.7 107.5 107.2 106.3 Other chemicals and products.. 103.8 105.2 105.2 105.2 Tobacco Manufacture and Bottled Beverages: Rubber and products: Cigarettes , 124.0 124.0 124.0 124.0 Crude rubber 137.5 143.2 144.0 145.9 Cigars , 104.^ 105.1 105.1 105.1 Tires and tubes 151.8 149.0 149.0 149.0 Other tobacco products. 122.5 126.9 127.7 130.8 Other rubber products 136.0 140.0 139.9 139.9 Alcoholic beverages 114.6 119.6 119.6 119.6 Nonalcoholic beverages. 148.1 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 129.6 121.2 120.6 120.5 Millwork 129.5 128.3 128.3 128.5 Toys, sporting goods, small arms.. 115.8 117.5 117.5 117.5 Plywood 101.0 96.7 96.8 97.7 Manufactured animal feeds 75.9 71.0 67.2 63.4 Notions and accessories 95.7 97.4 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment 104.8 107.6 107.6 106.8 Other miscellaneous 123.2 126.8 126.8 127.0 Woodpulp 118.0 118.0 118.0 118.0 Wastepaper 114.3 68.6 66.1 66.1 Paper 137.0 140.7 142 A 142.5 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 410.8 416.7 426.0 429.1 434.3 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.9 31.6 34.3 33.9 34.6 35.3 36.1 36.6 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 28.1 30.2 30.1 32.9 35.0 34.7 35.1 36.1 36.4 36.6 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 1.3 2.3 1.6 "1.6 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .0 .2 -.1 -.4 -.2 .2 1.0 1.6 1.4 1.6 Equals: National income ; 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 340.6 344.5 353.3 355.1 n.a. 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 39.1 39.8 42.4 41.2 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.6 8.7 9.7 11.0 12.4 12.2 12.5 12.8 14.2 14.3 Excess of wage accruals over disbursements .0 .0 .0 .0 .0 .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 17.1 17.4 17.7 18.4 20.0 Net interest paid by government 1.0 1.2 1.3 4.7 4.9 5.0 5.2 5.2 5.7 5.7 5.8 5.9 6.0 6.0 Dividends 5.8 2.1 4.5 9.2 9.0 9.3 9.9 11.0 11.9 12.0 12.1 11.5 12.4 12.5 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 96.3 227.1 271.8 286.0 287.4 305.9 326.9 325.3 328.7 334.5 337.7 342.4 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 34.4 35.8 33.0 35.8 39.7 39.5 39.8 40.5 42.2 42.9 Federal 1.3 7.5 2.0 18.2 31.2 32.4 29.2 31.5 35.1 35.0 35.2 35.8 37.4 38.0 1.4 .5 1.3 2.7 3.2 3.4 3. 4.2 4.6 4.5 4.6 4.7 4.9 4.9 State and local 83.1 1.0 93.0 206.1 237.4 250.2 254.5 270.2 287.2 285.8 288.8 294.0 295.5 299.5 Equals: Disposable personal income 79.0 45.7 81.9 194.0 218.3 230.5 236.6 254.4 267.2 265.0 268.6 272.3 276.7 278.9 Less: Personal consumption expenditures.... 4.2 46.4 11.1 12.1 19.0 19.7 17.9 15.8 20.0 20.8 20.3 21.7 18 9 20.6 Equals: Personal saving -.6 r Revised. NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 National income 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 340.6 344.5 353.3 355.1 n.a. Compensation of employees 51.1 29.5 64.8 154.3 195.1 208.1 206.8 223.1 241.4 240.0 242.7 247.9 251.1 253.6 Wages and salaries1 50.4 29.0 62.1 146.5 184.9 197.3 195.5 210.3 227.2 226.1 228.3 233.3 235.9 238.2 Private 45.5 23.9 51.9 124.3 152.0 163.5 161.2 \14A 189.4 188.4 190.1 194.7 196.8 198.8 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.7 9.7 9.7 9.7 9.6 9.7 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.2 27.9 28.5 28.9 29.4 29.7 Supplements to wages and salaries .7 .5 2.7 7.8 10.2 10.8 11.3 12.7 14.1 13.9 14.4 14.6 15.3 15.4 Proprietors' and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 49.1 49.4 49.9 49.7 50.0 50.7 50.3 50.7 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 28.0 28.0 28.2 28.3 28.4 28.7 Farm 6.0 2.4 6.5 13.3 15. 13.3 12.7 11.9 11.6 11.5 11.5 12.0 11.5 11.7 Rental income of persons s. 5.4 2.0 3.5 8.5 9.9 10.2 10.6 10.2 10.3 10.3 10.4 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 39.1 39.8 42.4 41.2 n.a. Corporate profits before tax 9.6 .2 77.0 40.0 35.9 37.0 35.5 42.5 43.0 42.4 40.8 45.6 43.9 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 17.4 21.5 22.0 21.6 20.8 23.3 22.4 n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 16.1 16.7 16.0 21.0 21.0 20.7 19.9 22.3 21.5 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 "7 -1.7 -2.6 -3.2 -1.0 -3.2 -2.7 -1.3 Net interest 6.4 5.0 4.5 5.9 7.4 8.7 9.8 10.9 11.9 11.7 12.0 12.3 12.5 12.7 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 973 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1956 1957 1929 1933 194! 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 410.8 416.7 426.0 429.1 434.3 Personal consumption expenditures 79.0 46.4 81.9 194.0 218.3 230.5 236.6 254.4 267.2 265.0 268.6 272.3 276.7 278.9 Durable goods 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.6 33.9 33.3 33.0 34.8 35.9 35.0 Nondurable goods 37.7 22.3 43.2 100.4 116. 119.1 120.6 126.0 133.3 132.7 134.4 135.3 137.3 139.1 Services 32.1 20.7 29.0 65.0 75.6 81.7 86.6 92.8 99.9 99.0 101.1 102.2 103.4 104.9 Gross private domestic investment 16.2 1.4 18.1 51.2 49.8 50.3 48.4 60.6 65.9 65.3 65.5 68.5 62.7 65.0 New construction1 8.7 1.4 6.6 22.7 23.7 25.8 27.8 32.7 33.3 33.6 33.2 33.4 32.8 32.7 Residential, nonfarm 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 15.5 15.1 15.1 14.4 13.9 Other , 5 1.0 3.1 10.1 12.6 13.8 14.3 16.1 18.0 18.1 18.1 18.4 18.5 18.9 Producers' durable equipment 5.9 1.6 6.9 21.1 23. 24.3 22.5 23.7 28.1 27.2 29.0 29.9 30.7 30.5 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -1.9 4.2 4.6 4.6 3.3 5.1 -.8 1.7 Nonfarm only 1. -1.4 4.0 6.4 2.1 .9 -2.4 4.0 5.0 5.0 3.9 5.7 -.3 2.2 Net foreign investment .8 ,2 1.1 -2.2 -.2 -2.0 -.4 -.4 1.4 1.2 2.0 2.4 4.1 3.5 Government purchases of goods and services 8.5 8.0 24.8 42.0 77.5 84.4 76.6 77.1 80.2 79.3 80.6 82.8 85.6 86.9 Fede N ra a l tional security 1.3 2 2 . . 0 0 1 1 6 3 . . 9 8 2 1 2 8 . . 1 5 4 54 8 . . 3 8 5 5 9 1 . . 5 5 4 48 3 . . 9 1 4 46 1 . . 8 3 4 4 7 2 . . 2 4 4 46 1 . . 4 6 4 4 7 2 . . 3 7 4 4 9 4 . . 0 2 5 4 0 5 . . 3 5 5 4 1 6 . . 1 3 Other 1.3 3.2 3.9 5.8 8.4 6.2 5.9 5.2 5.2 4.9 5.1 5.2 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 32.9 33.3 33.9 35.3 35.8 7.2 i Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month* in s P c o o e n r m a - l e Total p d m i C r n u o o g s o d t d m r i u i i n t e - c y - s - D i u n i tr s t d i i t u e v ri s s e b - - S in e tr d r i v u e i s s c - e G m er o e n v n - - t in O la c t b o h o m e r r e2 p in r r P e a c i r n e n o o t t d m - a o l r e s 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p f r e e a a n r y n - t - s s - 4 p b c s i a e u o n o n r f t n s o c s i c u o t o i r e r a r n n i 5 - l - s al a in g N t c u r o i o r c a n 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. i 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 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—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 7.8 50.4 30.8 19.7 6.7 322.7 Mar 339.5 237.2 102.3 63.0 32.6 39.3 7.8 50.4 30.9 20.0 6.8 3241* 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 June 344.8 240.1 103.3 63.8 33.2 39.8 7.9 50.9 31.2 21.5 6.8 329.3 July*3 345.5 240.9 103.3 64.2 33.4 40.0 7.9 51.0 31.3 21.2 6.8 330.1 » Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutual savings banks Type of office and type of change All banks Member banks Nonmember banks Total Na- State In- Non- In- Non- Total i tional l member2 Total sured insured sured2 insured Banks (head offices) Dec. 31, 1934 16 063 15 484 6 442 5 462 980 9 042 7 699 1 343 68 511 Dec. 31, 1941 14 825 14 277 6 619 5 117 I 502 7 661 6 810 851 52 496 Dec. 31, 19473 14 714 14 181 6 923 5 005 [ 918 7 261 6 478 783 194 339 Dec. 31, 1951 14 618 14 089 6 840 4 939 I 901 7'252 6 602 650 202 327 Dec. 31, 1954 14,367 13,840 6,660 4,789 1,871 7,183 6,647 536 218 309 Dec. 31, 1955 14 243 13 716 6 543 4 692 I 851 7 176 6 677 499 220 307 Dec. 31, 1956 14 167 13 640 6 462 4 651 811 7 181 6 737 444 223 304 June 30, 1957 14,140 13,615 6,438 4,641 707 7,180 6,755 425 234 291 Branches and additional offices Dec. 31, 1934 3 133 3 007 2 224 1 243 qsi 783 4783 4126 Dec. 31, 1941 3 699 3 564 2 580 1 565 015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 ,181 1,110 1,043 67 124 47 Dec. 31, 1951 5 383 5 153 3 837 2 370 I 467 1 316 1 275 41 165 65 Dec. 31, 1954 6 614 6 306 4 787 3 056 I 731 1 519 1 483 36 221 87 Dec. 31, 1955 7 253 6 9^3 5 304 3 365 cno 1 619 1 584 35 234 96 Dec. 31, 1956 7 955 7 589 5 886 3 809 2 077 1 703 1 666 37 257 109 June 30, 1957 8 226 7 843 6,091 3 956 2 135 1 752 1,714 38 270 113 Changes, Jan. 1-June 30, 1957 Banks: New banks5 +48 +48 + 15 + 13 +2 + 33 +28 +5 Suspensions _3 Consolidations and absorptions: Banks converted into branches -62 -60 -29 -22 -7 -31 -28 -3 -1 -i Other Q 8 — 4 2 2 4 2 — 2 Voluntary liquidations 6. . _3 3 3 Conversions: National into State 2 _2 +2 +2 State into national -f 1 +3 _2 — 1 — 1 Federal Reserve Membership: i Admission of national bank in Virgin Islands -f 1 -f 1 + 1 Admissions of State banks + 5 +5 — 5 -5 Withdrawals of State banks _9 _9 +9 +9 Federal Deposit insurance: 8 Admissions of State banks + 15 -15 + 12 -12 Net increase or decrease -27 -25 -24 -10 -14 -1 + 18 -19 + 11 -13 Number of banks, June 30, 1957 14 140 13 615 6 438 4 641 1 797 7 180 6,755 425 234 291 Branches and additional offices except banking facilities:9 De novo branches .. +219 +203 + 154 + 112 +42 +49 +47 +2 + 10 + 6] D Ba is n c k o s n c ti o n n u v e e d rted into branches + 6 2 2 0 +6 1 0 9 +5 1 1 5 + 3 9 3 + 1 6 8 +9 + 8 A + 1 + 1 + 1 Interclass branch changes: National to State member — 4 +4 State member to national... State member to nonmember _3 _3 + 3 + 3 Nonmember to national +7 +7 — 7 — 7 Nonmember to State member +2 +2 _2 — 2 Noninsured to insured +2 -2 +2 -2 Other (Virgin Islands member) + 1 + 1 + 1 + 1 Net increase or decrease +262 +245 + 197 + 141 +56 +48 +47 + 1 + 13 + 4 Number of branches and additional offices, June 30, 1957 7,990 7,607 5,879 3,770 2,109 1,728 1,690 38 270 113 Banking facilities:9 Established + 11 + 11 + 10 +8 +2 + 1 + 1 Discontinued 2 Net increase +9 +9 +8 +6 +2 + 1 + 1 Number of facilities, June 30, 1957 236 236 212 186 26 24 24 1 Excludes banks and branches in United States territories and posses- 4 Separate figures not available. sions except one national bank in Alaska, with no branches, that became 5 Exclusive of new banks organized to succeed operating banks. a member of the Federal Reserve System on Apr. 15, 1954, and one na- 6 Exclusive of liquidations incident to succession, conversion, and tional bank in the Virgin Islands, with one branch, that became a member absorption of banks. of the Federal Reserve System on May 31, 1957. 7 Exclusive of conversions of national banks into State bank members, 2 State member bank and insured mutual savings bank figures both in- or vice versa. Shown separately under conversions. clude, since 1941, three member mutual savings banks not included in 8 Exclusive of insured nonmember banks converted into national banks the total for commercial banks. State member bank figures also in- or admitted to Federal Reserve membership, and vice versa. clude, since 1954, one noninsured trust company without deposits. 9 Banking facilities (other than branches) that are provided at military 3 As of June 30, 1947, the series was revised. The revision resulted in and other Government establishments through arrangements made by a net addition of 115 banks and 9 branches. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 975 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST* Total banks on On par list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Alaska, Hawaii, and Virgin Islands:2 Dec. 31, 1956 13,569 7,641 11,815 7,314 6,456 5,886 5,359 1,428 1,754 327 June 30, 1957 13,549 7,898 11,802 7,567 6,432 6,091 5,370 1,476 1,747 331 Districts, June 30, 1957: Boston 434 573 434 573 295 460 139 113 New York 2 675 1,420 675 1,420 576 1,313 99 107 Philadelphia 707 465 707 465 541 377 166 88 Cleveland 983 686 983 686 604 607 379 79 Richmond 984 919 818 769 469 504 349 265 166 150 Atlanta 1,307 389 731 339 394 284 337 55 576 50 Chicago 2,482 886 2,482 886 1,024 511 1,458 375 St. Louis 1,463 239 1,162 168 492 107 670 61 301 71 Minneapolis 1,289 123 690 79 475 33 215 46 599 44 Kansas City 1,763 37 1,757 37 750 26 1,007 11 6 Dallas 1,080 113 996 101 632 73 364 28 84 12 San Francisco2 382 2,048 367 2.044 180 1,796 187 248 15 4 State or area, June 30, 1957 Alabama 239 56 147 55 94 53 53 2 92 Arizona 8 118 8 118 4 93 4 25 Arkansas 236 27 125 7 74 4 51 3 California 126 ,339 126 ,339 78 1,208 48 131 Colorado 157 5 157 5 94 4 63 1 Connecticut 127 127 50 102 38 25 Delaware 27 42 27 42 9 18 18 24 District of Columbia... 17 54 17 54 13 44 4 10 Florida 259 13 213 12 110 10 103 2 46 Georgia 411 68 132 66 64 58 279 Idaho 29 77 29 77 17 72 12 Illinois 930 4 928 4 523 4 405 Indiana 468 210 468 210 235 136 233 74 Iowa 669 161 669 161 167 4 502 157 Kansas 597 3 595 3 214 3 381 Kentucky 364 99 364 99 109 68 255 31 Louisiana 181 135 76 109 52 87 24 22 26 Maine 56 108 56 108 36 69 20 39 Maryland 149 186 149 186 68 111 81 75 Massachusetts 171 285 171 285 132 245 39 40 Michigan 402 426 402 426 228 358 174 68 Minnesota 682 6 280 6 208 6 72 402 Mississippi 196 107 50 41 34 22 16 19 146 66 Missouri 605 4 548 4 173 4 375 57 Montana 114 1 114 85 1 29 Nebraska 415 415 2 140 2 275 Nevada 6 30 6 30 5 26 4 New Hampshire 73 3 73 3 51 2 22 1 New Jersey 269 321 269 321 229 282 40 39 New Mexico 52 36 52 36 34 19 18 17 New York 473 1,128 473 1,128 411 1,068 62 60 North Carolina 200 372 110 228 52 127 58 101 90 144 North Dakota 154 26 57 7 40 1 17 6 97 19 Ohio 615 452 615 452 394 404 221 48 Oklahoma 386 6 380 6 222 4 158 Oregon 52 152 52 152 19 140 33 12 Pennsylvania 776 558 776 558 595 486 181 72 Rhode Island 10 75 10 75 6 58 4 17 South Carolina 147 101 73 95 32 76 41 19 74 6 South Dakota 171 54 71 29 60 24 11 5 100 25 Tennessee 295 157 211 140 82 105 129 35 84 17 Texas 952 22 915 22 577 22 338 37 Utah 49 57 49 57 21 50 28 7 Vermont 59 17 59 17 34 7 25 10 Virginia 312 206 311 206 203 146 108 60 Washington 90 240 90 240 36 233 54 7 West Virginia 183 182 113 69 Wisconsin 551 551 * i 5 i" 163 23 388 "i28* Wyoming 53 53 40 1 13 Alaska2 18 14 3 10 2 10 15 Hawaii2 5 54 5 54 5 54 Virgin Islands2 2 2 2 2 1 1 1 Comprises all commercial banking offices in the continental United companies on which no checks are drawn and 3 mutual savings member States, Alaska, Hawaii, and the Virgin Islands on which checks are drawn, banks. including 236 banking facilities. Number of banks and branches differs 2 Alaska and Hawaii assigned to the San Francisco District for purfrom that in the preceding table because this table includes banks in poses of Regulation J, "Check Clearing and Collection." Virgin Islands Alaska, Hawaii, and the Virgin Islands, but excludes banks and trust assigned to the New York District. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 978 Gold production. 982 Net gold purchases and gold stock of the United States. . 983 Reported gold reserves of central banks and governments. 984 Estimated foreign gold reserves and dollar holdings. 985 International Bank and Monetary Fund. 986 Central banks. 986 Money rates in foreign countries. 991 Foreign exchange rates. 992 Index to statistical tables. 1003 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. 977 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 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 i a - - l Official France m R F a e e n p d y . . , Italy S l w a e n i r t d - z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e ti r n ica Asia o A th l e l r tutions2 and Officials 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—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 ,701 6,745 1,435 2,318 2,404 322 Oct. 31.... 2,015 13,124 7,952 735 1,855 939 795 645 ,721 6,690 ,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 ,627 6,865 1,516 2,346 2,405 346 1957—Jan. 31.... 1,809 13,195 7,753 538 [,790 905 801 867 ,674 6,575 ,526 2,376 2,371 348 Feb. 28.... 1,681 13,082 7,546 490 1,764 885 111 869 ,733 6,518 ,559 2,306 2,323 375 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 ,800 6,506 1,522 2,506 2,148 412 May 31"... 1,700 13,091 7,803 367 1,735 937 775 925 ,753 6,492 1,613 2,545 2,045 395 June 30"... 1,573 13,260 7,929 403 1,690 966 814 965 ,782 6,620 1,583 2,680 1,986 391 Tablela. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N e e r t - h- N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u ey r- Y sla u v g i o a - o A th l e l r lands 1953—Dec 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec 31. . 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—June 30 1,619 247 105 68 47 165 206 55 124 7 90 169 7 9 319 July 31 1,631 251 108 69 50 160 201 57 124 6 85 188 7 10 314 Aug 31. 1,708 266 110 68 57 141 182 58 125 6 75 181 7 9 424 Sept 30 1,701 277 117 64 55 150 168 63 132 2 68 190 14 11 391 Oct. 31 1,721 300 118 70 56 158 162 57 133 1 55 202 14 11 385 Nov. 30 1,653 297 125 68 53 166 131 59 133 1 50 199 14 16 341 Dec. 31 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957—Jan. 31 1,674 294 125 64 54 181 117 69 138 1 42 230 16 14 330 Feb 28 1,733 297 135 76 61 184 122 67 134 1 40 229 22 17 348 Mar. 31" 1,752 296 141 76 59 178 120 76 123 1 32 228 14 14 394 Apr 30" 1,800 298 142 71 60 181 110 73 117 1 28 245 20 11 442 May 31* 1,753 298 120 65 59 175 111 75 120 1 25 251 12 12 430 June 30" 1,782 302 119 61 59 166 110 87 120 1 25 268 14 11 439 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 i D R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R m c u a e b n 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—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 86 172 220 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 June 30" 2,680 166 24 143 87 205 257 87 70 339 58 135 75 50 65 778 141 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 979 TABLE 1. SHORT.TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1—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 M^ain- lic land of 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,821 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—June 30 2,353 79 54 82 117 31 55 1,039 95 282 141 379 347 79 41 62 30 135 July 31 2,358 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 2,402 88 59 68 180 31 38 1,054 98 281 140 365 316 74 45 46 34 116 Nov. 30 2,392 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 2,323 100 61 76 166 31 38 937 102 254 161 396 375 68 44 69 63 132 Mar. 31P.... 2,234 103 56 80 145 40 35 863 103 244 167 398 401 93 42 60 61 145 Apr. 30P.... 2,148 111 58 79 129 33 30 823 106 224 165 390 412 101 42 61 56 152 May 31*\... 2,045 111 56 78 126 29 40 719 106 216 166 399 395 87 41 59 58 151 June 30P 1,986 115 59 76 128 35 36 626 107 217 167 422 391 75 40 58 60 158 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 B B C r u z i e l t g i c s a h h r o ia s d l e o p v . e . a . n k d ia e n ^ cies . . 4 6 6 . . 6 7 6 . . 4 7 7 . . 5 4 2 B C C u e a y m rm lo b a n o di . a 2 1 n 3 7 a . . 0 1 2 1 9 8 . . 7 82 1 13 9 .1 1 4 1 7 1 7 . . 0 2 2 Eastern Germany n.a. 1.2 1.3 1.2 Iraq .... 13.8 10.0 14.7 16.9 Estonia 1.9 1.9 1.8 n a Jordan .9 8 1.2 2.0 Hungary 1.0 1.0 1.0 .8 Kuwait 10.1 10.7 3.5 5.3 Iceland 7.5 8.9 4.8 3 1 Laos n a 1 23 1 n.a. Ireland, Republic of 14 1 14 3 13 7 9 1 Lebanon 23 9 16 5 18 0 22 3 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 Poland6 2.2 2.1 2.5 3.3 Syria 20.5 21.5 13.1 17.1 Trieste 2.5 2 2 1 4 1 4 Viet-Nam n a 8 1 62 3 50 1 U. S. S. R.6 2 0 1 8 7 8 All other: Other Latin America: 1.6 1.4 2.4 3.8 British dependencies 18 0 19 0 16 6 24 1 Ethiopia and Eritrea 9 1 18 0 23 7 24 2 Costa Rica 13.4 15.3 17.6 14.6 French dependencies 5.7 8.7 8.0 10.5 Ecuador 17 7 21 2 14 9 18 0 Liberia . . .. 11 8 5 6 13 1 23 7 French West Indies and French Guiana... .6 .4 .6 1.0 3.0 1.7 9.9 3.7 Haiti 9.3 12.7 12.1 8 9 Morocco 15 9 7 6 14 8 13.6 Honduras 18 7 17 3 9 7 10 2 New Zealand 2 1 2 3 1 9 2 2 Nicaragua 16.0 10.3 12.8 11.8 Portuguese dependencies 5.0 8.3 5.3 2.8 Paraguay 6.0 3.6 3.6 4.0 Spanish dependencies .2 .5 .7 .3 Sudan n.a. n a n a. .4 Other Asia: Tangier 36 1 35 7 33 5 22.4 Afghanistan 2.7 5.1 4 1 5 3 Tunisia 6 4 7 5 Bahrein Islands .6 .6 .5 n.a. P Preliminary. n.a. Not available. 4 Beginning Aug. 31, 1956, and Apr. 30, 1957, respectively, data include 1 Short-term liabilities reported in these statistics represent principally certain accounts previously classified as "private." deposits and U. S. Govt. obligations maturing in not more than one year 5 These data are based on reports by banks in the Second (New York) from their date of issue, held by banking institutions in the United States; Federal Reserve District and include funds held in an account with the small amounts of bankers' acceptances and commercial paper and of U. S. Treasury. They represent a partial breakdown of the amounts liabilities payable in foreign currencies are also included. shown in the "other" catagories in tables la-lc. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. under Other Europe. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of 3 Represents funds held with banks and bankers in the United States that issue), tables reflect changes in reporting forms and instructions made (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported chasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France R m e G F a p e e n . r d y - . o , f Italy S l w e a i r n t - z d - U K n d i i o n t m g e - d E O u t r h o e p r e Eu To r t o a p l e C a a d n a - A L m a i e t c i r a n - Asia ot A h 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—May 31 1 606 16 118 33 28 83 171 449 115 734 264 45 June 30 1,639 17 122 32 24 82 167 444 127 755 268 46 July 31 1 631 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 1 828 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 2 060 18 176 55 33 127 211 621 157 861 375 46 Mar. 31P 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 May 31^ 2,172 72 174 61 27 176 188 699 114 888 425 46 Table 2a.Other Europe Date E O u t r h o e p r e A t u r s i - a g B i e u l- m m D a en r - k l F a i n n- d Greece N l e a e t n r d h - s - N w o a r y - t P u o g r a - l Spain S d w e e n - 1953—Dec. 31 88 1 13 6 2 1 9 1 1 24 3 1954—Dec 31 109 20 10 3 3 16 2 4 4 1955—Dec. 31 158 2 16 13 3 4 11 9 2 5 7 1956—May 31 171 6 22 10 4 4 15 11 1 7 8 June 30 167 6 20 9 4 3 16 11 1 9 7 July 31 168 7 17 8 4 3 16 12 1 11 Aug. 31 . 163 7 17 7 5 4 19 16 1 8 Sept. 30 169 7 19 6 5 5 16 15 1 8 Oct. 31 177 9 18 10 4 5 16 16 1 6 Nov 30 . 114 7 22 10 3 5 13 17 1 5 Dec. 31 216 7 28 12 4 4 21 23 2 8 1957—Jan. 3i 213 6 30 13 4 4 20 23 2 9 Feb 28 211 7 29 10 3 4 21 17 1 7 Mar. 31*> 219 8 34 11 3 5 20 18 2 11 Apr. 30*> 208 8 29 9 3 5 23 17 2 10 May 31^ 188 6 28 8 4 4 19 16 1 11 OOO Tur- Yugo- All key slavia other 16 5 7 41 1 5 78 2 7 71 6 6 71 5 5 74 1 6 63 6 10 70 (2) 6 12 73 (2) 6 11 72 (2) 6 13 88 (2) 7 13 85 (2) 6 14 86 2 8 14 83 2 8 14 79 9 14 67 (2) 10 Table 2b. Latin America Neth- Date A L m a i e t c r i a - n Ar t g in en a - l B i o vi - a Brazil Chile l C b o o i m - a - Cuba p m D i R u i c o e b n a - - - - n G m u a a l t a e- M i e c x o - l I W a a n e e n d n r s i d d - t e s s l a P p R i a m u e c n b a - - - , of Peru v S a E a d l l o - r U gu r a u y - V z e u n el e a - A O L t m a i h t c e i e a r n r lic Surinam 1953—Dec. 31. 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—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. 3i 867 15 5 77 22 145 99 13 8 216 4 13 34 8 12 145 52 Feb. 28 861 25 4 72 20 148 90 13 7 219 3 10 32 8 11 144 54 Mar. 31P 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 May 31^ 888 43 5 73 26 144 93 9 7 211 3 8 35 8 13 154 57 » Preliminary. (excluded from these statistics) amounted to $863 million on May 31, 1 Short-term claims reported in these statistics represent principally the 1957. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners tha.t 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. 981 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia For- Date mosa and Total China Mainland 1953—Dec. 31 115 1954—Dec. 31 143 1955—Dec. 31 233 1956—May 31 264 June 30 268 July 31 262 Aug. 31 266 Sept. 30 272 Oct. 31 282 Nov. 30 292 Dec. 31 334 1957—Jan. 31 356 Feb. 28 375 Mar. 31^ 372 Apr. 30? 391 May 31* 425 000000 00 00 00 00 00 00 00 00 0000000000 All other Union Hong Indo- Phil- Thai- Aus- Bel- of Kong India nesia Iran Israel Japan ippines land Other Total tralia gian Egypt South Other Congo Africa 3 4 14 23 26 6 6 25 25 8 6 2 8 3 5 16 11 50 7 6 36 37 14 6 1 6 10 3 5 18 10 103 19 8 57 43 11 5 1 8 17 6 6 22 10 113 11 9 78 45 12 6 2 7 18 5 6 22 11 121 7 10 77 46 12 8 3 7 16 5 6 21 12 108 9 9 83 43 11 8 3 7 14 5 5 22 12 118 13 8 73 42 11 8 2 7 14 5 7 » 23 12 123 11 8 75 46 11 8 3 7 17 4 6 (2 22 13 127 12 9 82 46 12 7 3 7 17 4 6 20 13 143 13 8 77 45 11 7 3 6 19 4 6 ) 20 16 167 16 9 88 43 11 6 2 8 17 5 7 (2) 22 23 182 17 10 81 48 11 5 2 8 21 6 7 22 24 192 18 10 86 46 11 5 2 7 22 6 9 ) 23 24 190 18 10 84 49 13 5 1 7 22 7 10 (2 24 22 206 19 12 84 41 10 5 8 17 7 11 (2 23 25 243 24 13 72 46 13 6 1 8 18 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES i [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—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 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 H -52 45 38 7 1957—Jan 47 29 17 163 107 57 49 172 -123 54 53 Feb 134 42 91 146 91 55 34 132 -98 43 42 1 Mar.p 76 48 28 122 104 19 34 37 — 4 42 49 Apr v 26 10 16 134 113 21 67 209 -142 53 55 -2 Mayp 105 148 -43 179 160 19 42 189 -147 59 76 -16 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, United Latin Year or month national foreign France Federal Italy Switzer- King- Other Total Canada Amer- Asia All insti- coun- Repub- land dom Europe Europe ica other tutions tries lic of 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 (2) _j 1954 78 72 17 73 70 -20 139 -187 113 3 3 1955 -21 706 2 (1\ -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 (2) 234 8 33 161 -124 34 -1 4 1956—May 1 72 3 47 14 5 69 -2 2 1 June 35 2 (2) 12 19 -1 32 -1 2 July 4 61 1 (2) 24 20 19 65 -7 1 Aug 74 4 3 6 11 2 22 -18 1 Sept 1 43 3 1 21 10 8 43 -8 6 3 (2) Oct .. . 1 53 1 1 (2) 23 U 9 46 7 1 f2) Nov -42 2 1 (2) 2 -40 1 -39 -11 6 (2) Dec 1 10 2 (2) 19 -14 -3 3 -3 8 1 1 1957_jan 2 72 2 29 6 19 57 5 6 3 1 F M eb ar * . 1 1 1 4 4 6 5 2 1 (2) 1 2 1 4 2 4 2 1 9 1 4 7 4 8 7 6 54 5 1 1 (2) Apr.P 1 36 n\ 9 21 10 42 -9 2 (2) 1 -25 1 2 m P) 7 9 11 29 -24 -5 (2) 9 Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 iNT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (—). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U se . c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 1953. -61 — 11 96 — 138 35 -30 26 1955—Dec. 31 402 3,543 126 1954 -164 -137 -9 -133 33 -34 7 1955 -27 -4 -46 74 24 -49 -7 1956—July 31 308 3,663 164 1956 . -33 -478 8 -447 17 -40 -16 A Se u p g t . . 3 3 1 0 3 3 5 3 0 4 3 3, , 7 6 2 3 3 0 1 1 6 6 8 7 1956—May... -2 -102 -5 -92 -7 0) Oct. 31 275 3,782 178 J Ju u l n y e . - - 2 2 -1 -3 0 8 1 -1 -4 8 -9 -9 4 2 2 - - 2 6 -22 11 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 D N e e u c o p c t g v . t . . . . . - - 2 3 0 2 2 ) - - - - 4 4 1 5 1 9 3 5 5 3 - - 6 4 2 1 1 2 7 3 - - - - 4 1 4 5 7 5 7 3 8 — 0 3 ) 1 1 1 - - 8 8 4 i 1 -1 -1 0 3 3 3 ) 1957_j A F M M a e n p a a b . r y r . . . 2 3 3 3 3 8 1 1 0 1 3 3 3 3 3 1 1 2 4 6 6 1 7 4 0 3 3 3 3 3 , , , , , 6 7 7 7 6 7 0 2 4 0 1 7 7 4 0 1 1 1 1 1 6 6 5 6 5 5 4 8 4 6 1957— F Ja e n b.... -71 9 -1 -5 0 2 6 -7 16 - - 7 9 2 6 2 2 -6 g 11 1 J Ju u l n y e 3 3 0 1 4 3 4 6 9 4 3 3 , , 6 7 8 3 5 0 2 1 7 6 8 4 A M M p a a r y r . . ? ? p . . . . . . -8 -1 1 r -1 - - 1 8 3 0 2 9 9 1 1 -1 - - 1 8 4 1 1 7 0 2 ) - - - 4 2 4 0 4 ) 1 1957— J J J u u u l l l y y y 1 1 3 0 7 4 4 3 5 1 4 4 4 5 3 3 3 , , , 7 9 8 2 3 2 9 0 2 2 1 1 0 0 0 7 8 8 July 24 383 3,794 207 Preliminary, i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 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 monthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India $ grains cf>gold Hifine: /.e.y an ourtee of fine gold= J"35 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 13 1 64 3 153 9 15 3 3 3 7 6 36 1 7 2 1956 May 77.7 47.3 1 6 2.2 1.0 5.4 13.1 1.3 1 2 .2 .6 3.0 .6 June 77.7 47.4 .6 2.1 1.1 5.1 13.4 1.1 1.3 .3 .7 3.2 .6 July 47.9 6 2.2 1.1 5.9 12.3 6 .2 6 3 3 7 Aug 48.5 .6 2.3 1.0 6.3 12.3 1.4 .3 .6 3.0 .7 Sept 47.3 .6 2.3 1.0 6.0 12.4 1.2 .5 .6 3.2 6 Oct 47.8 6 2.2 1.1 6.2 12.9 ? .4 6 3 0 .6 Nov 47 3 2 2 1 5 5 6 12 9 2 6 3 4 5 Dec. . 45.8 S 2.2 1.0 4.6 12.8 .7 .3 .6 2.9 .5 1957 Jan 48.3 1.6 2.3 .9 5.0 12.6 1.5 .4 .6 3.0 Feb 46.3 1.5 2.3 1.1 4.4 12.0 0 5 2 8 M!ar 49 2 1 5 2 2 1.5 5 1 13 2 0 6 3 1 Apr 49 1 2.2 1.1 4.7 12.9 7 6 May 50.6 1.0 5.0 13.1 6 1 Gold exports, representing about 90 per cent of total production. Ghana and Belgian Congo, data for which are from American Bureau of Sources.—World production: estimates of U. S. Bureau of Mines. Metal Statistics. For the United States, annual figures through 1955 are Production reported monthly: reports from individual countries except from the U. S. Bureau of the Mint and figures for 1956 and 1957 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 983 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1956 1957 Jan- Apr- July- Oct- Jan- 1949 1950 1951 1952 1953 1954 1955 1956 Mar. June Sept. Dec. Mar. Continental Western Europe: Belgium 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 3 4 3.4 3.4 -84.8 -20.0 — 67 5 33 8 33 8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands "-23i5 -100.0 -65.0 'io.'d Portugal 14.0 — 15!o -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 -65.0 -15.5 -8.0 — 8 0 Bank for Intl. Settlements -34.3 -65.3 -30.4 -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 '•"5.0 ""4.6 ""i'.b 3 0 ""iio 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 Colombia 7.0 17.5 -22.8 -3.5 28 1 28 1 Cuba -10.0 28!2 -20.0 Mexico -16.1 -118.2 -60.2 87.7 -28.i 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 ""-i'.'i -34.7 "-2A -'.3 17.2 -.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 All other .4 6-44.2 6-76.0 <*> -.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] Year T ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l 1 I i n n s g c t r o o t e o c ld a t k a se l i e m g x N o o p p e r l o o d t r r t t, g m o c o c r E r l a r e d e r a i a : a k n r s s - e d - e e d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n G e r d a y o s o l - d f s m T to o o c n t k a th l 1 ) I i n n s g c t r o o t e o c ld a t k a se l i e m g x N o o p p e r l o o d t r r t t, g m o c o c r E r l r a e d e r a i a : a k n r s s - e d - e e d e , - D p ti r c o t o i m g o d o n u e l c s d - - ' 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—July 21,830 21,918 49.4 4.8 43.9 5.9 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Aug 21,858 21,965 47.1 4.7 43.2 6.3 1946 20 529 20 706 623.1 311.5 465.4 51.2 Sept 21,884 22,032 67.6 -18.0 86.9 6.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 1948 24 244 24,399 1,530.41,680.4 -159.2 70.9 Nov 21,910 22,106 107.6 12.5 105.7 5.6 1949 24,427 24,563 164.6 686.5 -495.7 67.3 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 1957—Jan 22,252 22,377 319.0 -53.9 295.9 5.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Feb 22,304 22,396 18.6 -29.8 28.0 4.4 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Mar 22,306 22,406 10.2 -8.8 16.0 5.1 1953 22 030 22,091 -1,161.9 2.0 -1,170.8 69.0 22,318 22,424 17.4 20.8 -5.8 4.7' 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 May 22,620 22,726 302.6 20.0 285.4 5.0^ 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 June 22,623 22,732 5.5 10.0 -6.0 4.9 1956 21,949 22,058 305.9 106.1 318.5 64.3 July ^22,626^22,735 ^3.3 4-.8 P Preliminary. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,010.1 million on July 31, 1957.. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States,* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 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 lo C m o b - ia Cuba m De a n rk - Egypt U.S.S.R.)! Treasury Total* 1950—Dec 35,810 22,706 22,820 216 88 587 317 590 40 74 271 31 97 1951 Dec 35,960 22,695 22,873 268 112 621 317 850 45 48 311 31 174 1952—Dec 36,260 23,187 23,252 112 706 317 896 42 76 214 31 174 1953 Dec 36 680 22,030 22,091 371 117 776 321 996 42 86 186 31 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 1,080 42 86 186 31 174 1955—Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 86 136 31 174 1956 June 38 370 21 799 21,868 164 952 323 1.109 46 85 136 31 174 July 21,830 21,918 165 965 323 1,114 46 85 136 31 174 A112 21 858 21 965 162 964 323 I 114 46 78 136 31 174 Sept 38,440 21,884 22,032 258 106 972 323 1,112 45 57 136 31 174 Oct 21,910 21,999 106 949 323 1,119 45 57 136 31 181 Nov 21 910 22 106 106 941 323 t 124 45 136 31 181 Dec 38,490 21,949 22,058 107 928 324 1,113 46 136 31 188 1957 Jan 22,252 22,377 109 877 324 1,116 43 136 31 188 Feb 22,304 22,396 113 864 324 1,110 46 136 31 188 Mar ^38 770 22 306 22 406 113 848 324 I 112 46 136 31 188 Apr 22,318 22,424 849 324 1,114 46 136 31 174 May 22,620 22,726 849 324 1,116 46 136 31 183 June 22,623 22,732 842 324 1,121 43 136 31 188 Germany, E m n o d n t o h f l F a i n n d - France3 R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d si o a - 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 June 35 861 1,104 27 247 54 138 353 165 853 45 49 35 July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 AUK 35 861 1,274 27 247 46 138 360 166 853 46 49 35 Sent 35 861 1,294 27 247 46 138 360 166 854 46 49 35 Oct 35 861 1,329 27 247 45 138 362 166 854 47 49 35 Nov 35 861 1,376 27 247 45 138 370 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957—Jan 35 861 1,566 27 247 44 138 325 167 834 45 49 35 Feb 35 861 1,661 27 247 44 138 350 167 819 45 49 35 Mar 35 861 1 756 27 247 43 138 166 814 45 49 35 Apr 35 861 1,834 27 247 42 138 809 48 49 35 Nlay 35 861 1 924 27 247 41 138 806 47 49 35 June 35 575 2,029 40 138 806 46 49 35 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 in i m t g e 4 - d U gu r a u y - V zu e e n l e a - M I t n a 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 1,459 113 143 2 518 227 373 1 702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1 740 196 1955 Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956—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 Aus 442 28 216 56 262 1,622 112 144 2 276 214 403 1 695 212 Sent 442 28 214 56 263 1,634 112 144 2 328 214 403 1 711 199 Oct 442 28 214 56 265 1,635 112 144 2,244 192 503 1 687 214 Nov 448 28 220 56 265 1,658 112 144 1,965 186 503 1,692 175 Dec .. 448 28 224 56 266 1,676 112 144 2,133 186 603 1,692 179 1957__jan 452 28 226 56 256 1,667 112 144 2,084 186 603 1 420 202 Feb 461 32 227 56 256 1,652 112 144 '2,147 186 669 1 433 197 Mar 461 32 233 56 252 1,636 112 144 2 209 183 669 1 438 168 Apr 461 32 230 56 249 1,621 112 144 2,320 183 669 1 439 160 May 463 31 235 56 231 1,615 112 144 2,345 183 669 1,141 148 June 458 31 234 56 231 1,633 144 2,381 669 205 p Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 985 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1955 Mar. 31, 1956 June 30, 1956 Sept. 30, 1956 Dec. 3 , 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 10 312 10 342 10 361 10 368 9 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,242 12 1,221 12 1,265 12 1,227 12 1,170 11 Denmark 91 7 102 6 99 6 95 6 96 6 107 6 Finland 84 5 80 5 82 5 90 5 88 5 94 5 France (and dependencies) 1 .. 1,957 151 1,999 6 1,753 7 1,631 7 1,505 7 1,303 8 Germany (Federal Republic of) 2,374 8 2,490 10 2,742 11 3,099 13 3,329 14 3,519 14 Greece 187 194 176 161 187 189 Italy 1 137 2 1,158 2 1 214 2 1 286 2 1,268 2 31 241 2 Netherlands (and Netherlands West Indies and Surinam) 1 100 44 1,143 22 1 145 23 1 113 23 1,071 9 1 024 10 Norway 127 53 99 69 100 73 109 79 117 87 121 95 Portugal (and dependencies) 601 606 602 617 628 G) 628 Spain (and dependedcies) 221 216 3 206 3 185 A 160 148 3 Sweden 429 (2) 444 426 (2) 453 483 (2) 480 (2) Switzerland 2 354 44 2,341 70 2 307 117 2 446 2,512 131 2 413 135 Turkey 153 (2) 154 (2) 151 (2) 158 (2) 164 (2) 158 (2) Other4 872 6 1,011 7 1,108 10 1,055 14 915 12 888 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 219 230 243 177 191 206 India 320 1 330 1 329 328 1 323 1 327 1 Union of South Africa 265 1 255 1 245 1 248 1 277 1 294 1 Other. . ..... 214 7 210 7 208 7 211 14 228 14 226 24 Total 3,702 295 3,932 254 3,983 265 3,874 286 3,934 223 4,000 276 Canada 2 173 437 2,305 369 2 394 362 2 547 352 2,629 367 2 605 438 Latin America: Argentina 509 (2) 511 (2) 476 (2) 399 (2) 360 (2) 332 (2) Bolivia 26 27 25 (2) 25 29 25 (2) Brazil 466 538 2 540 2 582 1 549 1 556 1 Chile 139 (2) 141 1 147 151 1 137 1 137 Colombia 217 222 224 (2) 180 210 247 (2) Cuba 389 169 374 167 399 167 407 167 347 167 353 167 Dominican Republic 77 (2) 79 81 77 79 89 (2) Guatemala 72 (2) 91 (2) 93 (2) 80 (2) 91 (2) 101 Mexico 556 4 583 4 523 4 561 4 600 4 575 4 Panama Republic of 86 1 82 94 1 104 109 1 117 1 Peru 127 (2) 127 (2) 115 (2) 117 (2) 119 (2) 117 (2) El Salvador 52 (2) 74 73 53 53 73 (2) Uruguay 281 1 289 1 283 1 290 1 259 1 257 2 Venezuela 668 3 627 3 734 3 808 3 1,058 3 1,043 2 Other 124 15 147 14 154 14 133 14 113 12 134 12 Total... 3,789 195 3,912 192 3,961 193 3,967 191 4,113 190 4,156 190 Asia: Indonesia 255 15 236 171 204 231 188 Iran 175 166 169 174 158 178 (2) Japan 1,021 (24) 1,084 4 1 167 4 1,186 4 1,135 4 99! 4 Philippines 268 6 285 6 300 6 298 6 294 6 267 6 Thailand 250 1 263 1 253 1 254 260 1 279 1 Other 647 4 664 5 694 5 677 6 708 6 731 6 Total 2,616 30 2,698 16 2,754 16 2,793 17 2,786 17 2,634 17 Eastern Europe5... ... 308 7 294 6 294 6 288 8 287 8 288 8 All other: Egypt 246 (2) 242 (2) 236 222 238 248 (2) Other 116 128 140 126 117 (2) 149 Total 362 1 370 376 348 355 397 Total foreign countries 26,164 1,308 27,107 1,059 27,406 1,121 27,922 1,154 28,215 1,103 27,931 1,242 International *> 3,689 321 3,680 319 3,750 317 3,717 392 3,145 391 2,996 396 Grand total 29,853 1,629 30,787 1,378 31,156 1,438 31,639 1,546 31,360 1,494 30,927 1,638 P Preliminary. 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- ^ 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

986 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. June Mar. Dec. Sept. June Gold 1 439 1 420 1 687 1 718 1 761 Dollar deposits and U. S. securities. 484 430 365 386 407 Investments 8 200 200 200 125 ' 50 Other currencies and securitiesl 873 901 931 960 938 Currencies: United St<ites1 977 1,423 1,697 1,759 1,777 Effective loans2 2,437 2,378 2,238 2,094 2,002 Other i... 5,489 5,051 4,387 4,319 4,333 Other assets3 72 54 41 42 29 Unpaid member subscriptions. 817 824 942 815 815 Other assets 5 3 2 1 IBRD bonds outstanding 1,034 948 848 849 850 Undisbursed loans 670 676 609 530 477 Member subscriptions 8,932 8,929 8,929 8,751 8,751 Other liabilities 19 20 11 10 11 Accumulated net incoine -6 -10 -14 -14 -14 Reserves 289 266 254 240 228 Reserves and liabilities> 2 2 Capital3 1,854 1,853 1,853 1,853 1,810 Quota Cumulative net drawings Loans by country, June 30, 1957 on the Fund Country9 Paid 1957 1956 Outstanding Total in Area and member country4 gold May Apr. May Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others^ Belgium 225 56 50 50 Brazil 150 38 38 38 66 Colombia 50 13 25 25 25 Continental W. Europe, total 1,144 983 187 795 76 Cuba 50 13 23 23 Belgium and Luxembourg. 123 118 10 108 26 Egypt 60 10 30 30 France 267 267 16 251 16 France 525 108 220 160 Italy 163 79 78 7 India 400 28 128 128 Netherlands 236 221 141 80 21 Indonesia 110 16 55 55 15 Other 355 298 20 278 7 Iran 35 9 25 25 9 United Kingdom.... 1,300 236 562 Sterling area, total 961 654 69 585 87 United States. . 2,750 688 10--1,497 10-1,436 10-344 Australia 318 260 9 251 25 India 234 123 23 100 13 Union of S. Africa 135 124 21 103 20 Notes to tables on international institutions: United Kingdom 146 74 2 71 25 1 Currencies include demand obligations held in lieu of deposits. Other 128 74 14 60 4 2 Represents principal of authorized loans, less loans not yet effective, reppaayments, the net amount outstanding on loans sold or agreed to be Latin America, total 678 536 52 484 30 solIdd to others, and exchange adjustment. Brazil 169 165 11 154 3 3 Excludes uncalled portions of capital subscriptions. Colombia 111 82 16 66 3 4 Loans to dependencies are included with member. Mexico 141 134 9 125 10 5 Includes also effective loans agreed to be sold but not yet disbursed. 257 156 16 139 14 6 Includes $59 million in loans not yet effective. Other 7 Includes $185 million not guaranteed by the Bank. 219 115 111 8 U. S. Treasury bills purchased with proceeds of sales of gold. Asia (excl. Sterling area) 9 Countries shown are those with cumulative net drawings of $20 24 miii1ll1lliii/V-oo\UTnnU-\1 1Uoof^XrrrV Ommm /OooM11rr-UjeeW* HooA nnnC U V+tt h hV»Lee£ll» Vll Oaal^o tteet1assctt t ddHaaottfee/a.. Africa (excl. Sterling area). . 1100 RReepprreesseennttss ssaalleess ooff UU.. SS.. ddoollllaarrss bbyy tthhee FFuunndd ttoo mmeemmbbeerr ccoouuntries 63,025 2,296 313 1,983 7208 forr llooccaall ccuurrrreenncciieess , lleessss rreeppuurrcchhaasseess ooff ssuucchh ccuurrrreenncciieess wwiitthh ddollar: Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bsink of England (millions of pounds sterling) Assets of issue Assets of banking department u.ibilities of banking department department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r i c o u n l 1 a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1949 Dec 28 4 1 350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18 ) 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18. 1951_Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18. 1952—Dec 31 .4 1 575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.:> 1954 Dec 29 4 1 775 0 2.4 23.7 8 9 350.7 1 751.7 276.1 15.4 9.6 66.3 18 1955—Dec 28 . . .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18. 1956—July 25 .4 2,000.0 2.0 37.4 23.8 254.1 1,963.0 215.6 11.9 .2 71.3 18.3 Aug. 29 .4 1,950.0 2.0 42.9 26.6 254.6 1,907.5 222.4 13.0 72.1 18.5 Sept 26 4 1 925.0 2.0 44.7 18.3 269.7 1,880.6 230.9 12.9 72.4 18 5 Oct 31 4 1 925 0 2 0 47 5 28 2 285 1 1 877 8 256 6 15 1 73 3 17 8 Nov. 28 .4 1,925.0 2.0 19.0 26.8 279.9 1,906.3 220.0 13.8 75.8 18.0 Dec 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957 Jan 30 .4 1,925.0 2.0 63.7 34.9 240.3 1,861.6 232.1 14.4 76.0 18.3 Feb 27 4 1 925 0 2 0 52 0 15 8 261 0 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 l',902.8 228.9 13.7 72.5 18.5 Apr 24 4 1 975.0 2.4 23.1 21 5 259.2 1 952.2 202.4 11.5 74.5 17 8 May 29 4 1 975 0 2 4 21 7 40 5 243 2 1 953 7 204 4 10.1 75 3 18 0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 1,985.5 216.3 12.2 71.8 18.1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 987 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date St a er n l d ing Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v e i s n- Deposits Other United Other Note liabilities States assets circulation and dollars S t h e o rm rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capital 1949—Dec. 31 74.1 ,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30 111.4 ,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31, 117.8 ,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31 77.1 ,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31. 54.9 ,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 .361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 ,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—July 31. 59.9 ,029.6 ,316.7 104.9 1,762.3 500.0 49.8 39.6 159.4 Aug. 31, 62 A ,019.3 ,351.3 180.7 1,764.6 580.6 65.4 35.6 167.2 Sept. 29, 57.7 ,041.3 ,353.0 150.1 1,769.5 564.0 46.0 45.2 177.3 Oct. 31 51.4 ,031.3 ,360.4 128.0 1,780.9 575.3 55.0 30.7 129.3 Nov. 30, 61.1 ,021.2 ,380.3 158.7 1,793.5 624.9 7.4 31.7 163.9 Dec. 31 60.8 ,025.0 ,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31. 53.5 ,091.7 ,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Feb. 28, 60.8 ,052.7 ,189.4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 ,105.2 ,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Apr. 30, 50.3 ,158.0 ,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31 52.3 ,165.9 ,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 June 29 57.3 ,213.3 ,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 Bank of France (billions of francs) Assets Liabilities Date Advances to Gold Fo e r x e - ign Domestic bills Government Other ci N rc o u t l e a- Deposits O li i a t t i b h e i e s l r change m O a p r e k n et Special Other Current Other assets tion Govern- Other 4 ca a p n i d tal 1949—Dec. 29. 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28. 182. 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27. 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31. 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31. 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30. 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29. 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—July 26. 301.2 128.0 292.4 2.8 1,489.6 179.0 496.5 297.0 2,932.2 161.7 92.6 Aug. 30. 301.2 116.5 290.7 2.4 1,556.7 179.0 499.3 265.3 2,979.0 162.0 70.0 Sept. 27. 301.2 106.7 277.1 8.7 1,611.6 171.5 479.8 271.7 2,982.0 164.6 81.8 Oct. 31. 301.2 91.7 293.7 21.4 1,546.6 158.8 479.8 342.2 2,988.4 158.7 88.3 Nov. 29. 301.2 68.4 270.7 30.5 1,638.1 178.9 479.8 251.5 2,964.6 169.4 85.1 Dec. 27. 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957_jan. 31. 33.0 270.3 26.8 1,759.5 175.0 479.8 233.8 3,045.0 149.4 84.9 Feb. 28. 32.9 317.4 25.0 1,735.7 171.3 479.8 245.7 3,065.8 () 161.1 82.2 Mar. 28. 23.1 310.3 27.6 1,836.8 175.0 479.8 192.6 3,051.6 214.3 80.6 Apr. 25. 12.2 325.2 24.9 1,871.9 158.3 479.8 196.9 3,044.1 A 222.7 103.6 May 29. 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 A 263.1 81.6 June 27. 3201.2 12.0 274.9 16.1 2,014.1 175.0 594.1 3267.0 3,130.0 A 330.9 93.6 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item June May Apr. June June May Apr. June Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 760 760 765 1,458 Gold and foreign exchange 467 454 441 273 Other gold and foreign exchange.. 2,277 2,797 2,718 -1,013 Checks and bills of other banks... 3 6 7 Gold contribution to Intl. Fund... 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,841 4,860 4,892 5,374 ury bills) 454 456 471 502 Rediscounts and loans to banks. .. 112,869 111,870112,106 94,059 Other assets 52 55 68 104 Other assets 1,785 1,681 1,612 503 Note circulation 381 378 403 373 Currency circulation 44,849 44,800 44,559 37,489 Deposits of Trading Banks: Deposits—Nationalized 68,179 67,674 68,192 52,749 Special 340 340 340 255 Other sight obligations 2,613 2,847 3,695 Other 28 25 18 33 Other liabilities and capital 7,049 6,652 6,447 Other liabilities and capital 231 224 224 225 Notes to central bank table on this and opposite page: 4 Beginning 1950, includes Economic Cooperation Administration. 1 Notes issued, less amounts held in banking department. 5 Less than 50 million francs. 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control NOTE.—All figures, including gold and foreign exchange, are compiled Board in return for short-term Govt. securities (see BULLETIN for July 1940, from official reports of individual banks and are as of the last report date pp. 677-678). of the month. For details relating to individual items, see BULLETIN for 3 Other assets include 100.0 billion francs of gold loaned to Stabiliza- April 1955, p. 443. For last available report from the Reichsbank tion Fund. (February 1945), see BULLETIN for December 1946, p. 1424. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 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 June May Apr. June June May Apr. June Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 206 201 195 144 Gold 2,066 2,005 2,004 1.744 Foreign exchange (Stabilization Foreign exchange (net) 9,046 8,632 8,326 7,143 Fund) 1851 177 162 242 Loans and discounts 6,601 6,515 6,472 6,181 Net claim on Intl. Fund1 -10 -10 13 Claim against Government 1,343 1,343 1,354 1,994 Loans and discounts 45! 41 49 31 Other assets 599 614 600 868 Credits to Government , 100 101 100 Note circulation 14,635 14,239 14,009 13,442 Other assets 76 75 75 76 Deposits—Banks 1,342 1,101 979 1,191 Note circulation 448 451 451 427 Other 1,126 986 956 451 Deposits 243 231 290 Blocked 823 1,058 1,110 1,388 Other liabilities and capital 28 27 23 Other liabilities and capital 1,729 1,725 1,703 1,457 National Bank of Czechoslovakia2 National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 42,108 435 42,448 47,605 Gold 68 68 68 Foreign claims and balances (net). 10,770 056 12,247 11,476 Foreign exchange 773 501 i 568 716 Loans and discounts 13,596 969 11,740 4.745 Loans and discounts 228 176| 223 178 Consolidated Govt. debt 34,456 456 34,456 34,660 Securities 492 491! 494 490 Govt. securities 8,743 755 7,475 8.441 Govt. compensation account 3,023 3,047 3,047 3,073 Other assets 5,700 844 5,569 5,611 Other assets 712 1,150 1,002 704 Note circulation 109,625 343108,514 106,612 Note circulation 2,203 2,195 2,205 2,171 Deposits—Demand 1,383 895 1,257 ,745 Deposits—Government 1,527 1.550 1,560 1,337 ECA 20 20 20 40 Other 1,319 1.433 1,395 1,478 Other liabilities and capital 4,345 256 4,144 4,141 Other liabilities and capital 248! 256 241 243 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (Feb.)* Central Bank of the Dominican Re- Gold at home and abroad 513 506 public (thousands of pesos): Foreign exchange (net) 33,157 60 Gold 11,405; 11,405 11,405 12,526 Loans and discounts 193,511 92,505 Foreign exchange (net) , 14.8971 11,732! 11,794 13,720 Govt. securities 6,540 2,505 Net claim on Intl. Fundx , 2.500 2,500 2,500 1,250 Other assets 1,764 1,112 Loans and discounts 2,973 4,973 4,987 3,473 Note circulation 179,711 75,114 Govt. securities 7.830; 7,830 7,830 8,360 Deposits 11,817 15,535 Other assets 22,099' 22,131 21,258 17,997 Other liabilities and capital 43,957 6,040 Note circulation , 48,509 47,567 47,874 45,951 Central Bank of Ceylon (millions of Demand deposits , 9,685 9,571 8,549 8,569 rupees): Other liabilities and capital 3,510 3,434 3,352 2,805 Foreign exchange 588 609 680 729 Gentral Bank of Ecuador (millions of Advances to Govt 21 sucres): Govt. securities 46 27 19 17 Gold 325| 325 325 344 Other assets 8 8 8 Foreign exchange (net) 38| -19 -2 -115 Currency in circulation 459 463 468 443 Net claim on Intl. Fundl -37j 38 38 19 Deposits—Government 4 6 45 126 Credits—Government 521| 525 531 563 Banks 97 90 90 107 Other 247! 212 213 275 Other liabilities and capital 109 106 104 79 Other assets 241! 250 235 232 Central Bank of Chile (millions of Note circulation 690 664 661 638 pesos): Demand deposits—Private banks, 203! 200 212 208 Gold 4,774 5.598 6,648 Other 1511 155! 175 158 Foreign exchange (net) 1,056 1,030 1,003 272 Other liabilities and capital 290' 311 293 313 Net claims on Intl. Fundl 19 19 19 National Bank of Egypt (millions of Discounts for member banks 12,047 11,112 10,131 "3^933 pounds): Loans to Government 26.245 26,245 26,244 16,153 Gold 66 64 61 61 Other loans and discounts 54,724 51,542 46,690 24,300 Foreign assets 98; 98 112 117 Other assets 26.952 26,427 30.137 22,875 Egyptian Govt. securities 162! 164 168 105 Note circulation 71,976 70,937 70,695 53,747 Clearing and other accounts (net) , -16! -6 -11 -5 Deposits—Bank 7.241 7,098 7.390 7,078 Loans and discounts 21! 23 34 20 Other 5,089 2,357 2.356 3,003 Other assets 2j 2 5 2 Bank O o t f h e th r e l i R ab ep il u it b ie li s c a o n f d C c o a lo p m ita b l ia (mil- 41,510 41,580 40.432 12,673 N De o p te o s c i i t r s c — ul E at g i y on ptian Government 19 5 7 ! 2071 212 8 17 1 1 0 lions of pesos): Other 112 ! 3131 3 100 N G e o t l d c l a a n im d f o o n r e I ig n n tl . e F x u ch n a d n 1 ge 3 5 8 2 2 32 5 7 2 31 5 1 2 27 2 2 4 G'entr O a t l h R er e s l e ia r b v i e l it B ie a s n k a n o d f c E ap l it S al alvador 19 18! 17 19 Loans and discounts 799 624 649 540 (thousands of colones): Govt. loans and securities .... 695 696 663 514 Gold 78,706 78,740! 78,775 70,638 Other assets 436 397 390 118 Foreign exchange (net) 71,846 51,856 53,359 58,245 Note circulation 954 864 789 741 Net claim on Intl. Fundl 1,562 1,562 1,562 1,573 Deposits 1,086 910 960 529 Loans and discounts 66,036 80,280 74,353 52,146 Other liabilities and capital 323 321 314 198 Govt. debt and securities 12,068 12,204 12,923 14,766 Central Bank of Costa Rica (millions Other assets 7,949 7. ,,7.9._3 7,289 7,233 of colones): Note circulation 101,650| 101,428 105,377 93,539 Gold 12 12 12 Deposits 124,2281118,990 111,118 100,211 Foreign exchange 94 94 103 Other liabilities and capital 12,288 12,017 11,766 10,850 Net claim on Intl. Fund * 7 7 7 7B:•ank of Finland (millions of markkaa): Loans and discounts 95 91 92 98 Gold 7,849 7,849 7,849 7,849 Securities 17 18 18 6 Foreign assets and liabilities (net) 11,105 11,990 14,429 17,402 Other assets 19 22 26 24 Loans and discounts 50,760 44,069 42,076 47,718 Note circulation 155 154 157 148 Securities—Government 16,250 16,250 17,500 18,750 Demand deposits 52 50 63 55 Other 1,547 1,556 1,583 2,039 Other liabilities and capital 36 39 38 34 Other assets 13,610 12,166 11,501 14,421 National Bank of Cuba (millions of Note circulation 56,177 56,311 55,764 57,911 pesos): Deposits 11,476 5,180 6,172 7,460 Gold 136 136 136 136 Other liabilities and capital 33,469 32,389 33,002 42,808 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 989 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item June May Apr. June June May Apr. June Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 8,944 ,941 14,338 2,107 Gold 8,478 8,035 7,661 4,626 Foreign exchange 93,934 ,767 89,874 131,147 Foreign exchange 12,127 12,063 11,859 10,570 Clearing accounts (net) 2,006 ,088 286 7,805 Loans and discounts 2,964 2,086 1,943 4,183 Loans and discounts 27,395 ,045 40,792 21,309 Loans to Government 3,911 4,103 4,088 4,011 Advances to Government 67,668 ,792 18,843 30,497 Other assets 1,049 1,054 985 869 Other Govt. accounts .13,425 ,080102,378 39,800 Note circulation 15,437 15,333 15,179 14,169 Govt. securities 50,172 ,424148,630 139,228 Deposits—Government 5,316 5,513 5,114 4,629 Other assets 10,895 775 48,007 17,855 Banks 5,233 4,289 3,r' 3,550 Notes and coin in circulation 241 i 855 239^620 243,173208,938 Other 208 225 249 237 Deposits—Government 27,339 -' 0~1 4' 30,758 .32,792 Other liabilities and capital 2,335 1,981 2,107 1,673 Other 79,875 230173,324 132,841 Bank of Greece (millions of drachmae): Other liabilities and capital 25,371 049 15,891 15,177 Gold and foreign exchange (net).. 6,456 6,373 5,811 Bank of Italy (billions of lire): Loans and discounts 175 178 157 Gold 4 7? 4 4 Advances—Government 7,505 7,909 6,641 Foreign exchange 71 71 70 D O N e t o h p t e e o r s c i a i t r s s c s — u et l G s R a O t o e i r o t c v e h n o l e e i n r e r n s f m tr a u e c c c n t t t i s on and 4 2 7 5 1 , , , , , 1 9 8 1 1 7 6 9 1 0 5 7 9 2 4 4 2 6 7 1 , , , , , 1 1 9 2 0 0 6 2 5 2 9 7 4 9 0 4 7 5 1 , , , , 3 8 7 3 9 0 7 1 4 4 4 7 6 6 8 D A L G N O o e d o t o h p a v v t e e n o a t r . s n s c i c s a i t a e e r s s n c c s s — d u e u t t l r o G s a d i t t i o i T i s e o v c s r n e o e r a u n s n m u ts r e y nt , 4 4 9 5 6 7 2 9 6 6 1 3 3 4 7 7 1, 4 4 9 5 6 2 4 7 6 4 3 7 7 7 4 1, 4 4 9 5 6 2 6 6 6 5 3 9 8 6 7 3 1, 4 5 3 8 5 3 6 8 4 3 5 6 7 7 6 3 4 Other 5,203 5,127 3,736 Demand 149 l 123 98 Other liabilities and capital 1,961 2,142 1,722 Other 543 555 476 Bank of Guatemala (thousands of Other liabilities and capital 168 u 161 148 quetzales): Bank of Japan (billions of yen): Gold 27,243 27,237 27,241 Bullion () () () Foreign exchange (net) 47,119 50,951 40,071 Loans and discounts 476 71 Gold contribution to Intl. Fund. . 1.250 1,250 1,250 Govt. securities 218 300! 455 Rediscounts and advances , 6,878 7,345 3,208 Other assets 161 192 274 221 Other assets , 41,277 42,763 34,844 Note circulation 677 639 361 597 Circulation—Notes 56.868 58,151 52,383 Deposits—Government 53 54 234 42 Coin 4,146 4,195 3,910 Other 37 35 684 31 Deposits—Government , 7,471 9,735 4,990 Other liabilities 87 89 53 77 Banks 26,265 27,354 22,374 Bank of Mexico (millions of pesos): 37 Natio O n t a h l e B r a l n ia k b i o li f ti e H s u a n n g d a r c y a 2 pital 29,016 30,111 22,957 M "A o u n t e h t o a r ry iz e re d s " e rv h e o s ldings of secu- 1,899 1,934 1,99261 1,765 Reserve Bank of India (millions of rities, etc 4,549 4.986 5,1531 4,981 rupees): Bills and discounts 1,041 1.019! 938 593 Issue department: Other assets 831 508, 389 446 Gold at home and abroad 5 .... 1,178 1,178 1,178 400 Note circulation 5,101 5.039^ 5,074! A,111 Foreign securities 4.125 4,125 4,125 6,466 Demand liabilities 2,496 2.696 2.611 2,281 Indian Govt. securities 9,248 9,399 9,249 7,087 Other liabilities and capital 723 713! 716 726 Rupee coin 1,266 M,258 1,273 1,077 NNetherlands Bank (millions of Note circulation 15,422 15.700 15,619 14, 747 guilders): Banking department: Gold 3,050 3.050; 3,058 3,231 Notes of issue department 395 260 206 283 Silver (including subsidiary coin)., o 8j 6 4 Balances abroad 408 426 924 350 Foreign assets (net) 697 731! 691 1,176 Bills discounted 1 23 125 84 Loans and discounts 153| 56; 176 63 Loans to Government 239 190 163 24 Govt. debt and securities 660 759! 660 540 Other assets 3,226 2.84' 2,221 1,318 Other assets 403 414; 410 393 Deposits 2,620 2,149 2,019 1,376 Note circulation 3,968 4.041' 4,074 3,925 Other liabilities and capital 1,650 1,597 1,618 681 Deposits—Government 97| 56 58 Bank Indonesia (millions of rupiahs): ECA 230 2301 218 466 Gold and foreign exchange (net). 274 139 147 881 Other 479 550 459 758 Loans and discounts 998 972 1,005 864 Other liabilities and capital 197 1961 196 199 Advances to Government 14,336 14,261 12,611 8,406 Reserve Bank of New Zealand (thou- Other assets 550 466 463 405 sands of pounds): Note circulation 10,539 10,201 9,778 7,796 Gold 6,162 6.162! 6.162 6,162 Deposits—ECA 28: 28 282 356 Foreign exchange reserve 55,307 46.395: 42,824 52,128 Other 3.553 3.58: 2,504 1,459 Loans and discounts 34,691 37,8451 40,015 31,680 Other liabilities and capital 1,784 1,773 1,662 944 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 30,407 26,333i 26,28 37,042 Gold 4,533 4,533 4.340 4.242 Investments 38,124 43,123! 38,173 38,173 Foreign exchange 624 244 Other assets 1,581 l,979i 1,914 1,472 Gold contribution to Intl. Fund. 663 663 28: 282 Note circulation 72,712 72,7111 74,899 69,431 Govt.-secured debt 7,923 7,923 7,923 7,187 Demand deposits 81,297 77,341! 68,669 88,641 Govt. loans and discounts 11,574 11,324 12,557 11,688 Other liabilities and capital 12,263 11.786; 11,808 8,585 Other loans and discounts 6,498 6,835 6,240 5,486 Bank of Norway (millions of kroner): Other assets6 13,070 14,233 4,883 r3,907 Gold 213 221! 227 208 Note circulation 11.273 11,215 11,000 10,437 Foreign assets (net) 223 279 295 -63 Deposits—Government 4,651 5,119 4,487 4,796 Clearing accounts (net) j -26! — 44 -50 Banks 1.500 1,520 1,398 1,068 Loans and discounts 85 105! 103 137 Other 16,060 17,119 16,357 13,534 Securities 107 1071 105 81 Special Account—Profits of reval- Occupation account (net) 5,546 5,546 5,546 5,546 uation 7,110 7,110 Other assets 121 87 109 122 Other liabilities and capital 3,667 3,429 3,606 3,202 Note circulation 3,284 3,161 3,231 3,219 Central Bank of Ireland (thousands of Deposits—Government 1,708 1,656 1,384 pounds): Banks 310 404 444 406 Gold 2,646 2,646 2,646 2,646 FOA 26 26 26 90 Sterling funds 70,441 70,28< 71,387 67,994 Other liabilities and capital 1,020 983 882 Note circulation 73,087 72,930 74,033 4 Includes figures for the nine Land Central Banks. 7 Holdings in each month were 448 million yen. 5 In October 1956, gold held by bank was revalued from 8.47512 to 8 Includes gold, silver, and foreign exchange forming required reserve 2.88 grains of fine gold per rupee. (25 per cent) against notes and other demand liabilities. 6 Indues (1) gold and foreign exchange in banking department and For other notes 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

990 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 June May Apr. June June May Apr. June State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 509 509 550 566 Issue department: Foreign assets 1,272 1,214 1,112 922 Gold at home and abroad 115 115 115 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved.. 861 1,038 1,044 1,136 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2. 4,493 4,411 4,326 3,787 Pakistan Govt. securities 1,799 1,692 .716 1,154 Other domestic bills and advances. 16 124 18 207 India currency 430 430 430 430 Other assets 931 933 985 978 56 53 53 '68 5 461 5 5 359 5 108 Notes in circulation 3,202 3,250 3,281 2,835 Demand deposits—Government.. 103 213 140 207 Banking department: Other 177 143 147 116 Notes of issue department 117 136 134 125 Other liabilities and capital 1,660 1,665 1,475 1,157 Bills discounted 1 1 1Swiss National Bank (millions of francs): Other assets 1 OP 918 809 778 Gold 6 917 6 837 6 866 6 649 977 858 876 706 676 611 461 633 Other liabilities and capital.... 202 197 193 147 Loans and discounts 199 161 157 180 Central Bank of Paraguay (millions of 95 105 108 102 guaranies): Note circulation 5,635 5.538 5 533 5,251 Gold 10 10 11 Sight liabilities 2 074 1953 1839 7 094 589 661 296 229 223 220 218 Net claim on Int. Fundl 53 53 53Central Bank of the Republic of Turkey 1,746 1,710 ,,499 (millions of pounds): Govt loans and securities 706 663 476 Gold 407 402 407 402 Other assets 254 203 123 Foreign exchange and foreign 1,246 1?00 1,081 415 77^ 793 188 Deposits—Government 508 468 244 Loans and discounts 4,434 4,230 4 194 3,654 Other 241 ?63 185 Securities 33 33 30 79 Other liabilities and capital 1,362 j 369 9/J7 Other assets 754 244 746 203 Central Reserve Bank of Peru (millions Note circulation 2,816 2,703 2 652 2,108 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 696 679 511 Other 1,841 1,614 1721 1,549 67 67 67 Other liabilities and capital 776 711 637 663 Loans and discounts to banks 857 862 784Bank of the Republic of Uruguay (mil- 1,584 i,612 1,182 lions of pesos): (Jai.)* Other assets 166 145 186 Gold 783 327 Note circulation 2,385 2,337 2,061 Silver 10 10 Deposits 731 798 394 Advances to State and Govt. Other liabilities and capital. 253 230 276 bodies 285 258 Central Bank of the Philippines Other loans and discounts 558 494 (millions of pesos): Other assets 743 569 Gold 50 48 36 Note circulation 550 499 Foreign exchange 241 271 278 396 Deposits—Government 190 217 Loans 137 118 95 147 Other 367 349 540 5?8 385 Other liabilities and capital 777 594 Other assets . 163 160 158 134Central Bank of Venezuela (millions Circulation—Notes 688 703 705 633 of bolivares): Coin 86 86 86 86 Gold 1 947 1947 j 947 1 234 Demand deposits 224 246 306 Foreign exchange (net) 2,015 1,406 134 633 Other liabilities and capital 105 103 92 67 Other assets . .. 227 181 156 166 Bank of Portugal (millions of escudos): 1,277 1,272 1254 1,062 Gold . . 5,866 5,889 5,872 5,706 Deposits 579 514 534 292 Foreign exchange (net) 13676 13,665 13670 13 Other liabilities and capital 7 337 1748 1448 677 Loans and discounts 1 797 1,275 1,281 ,021National Bank of Federal People's Re- Advances to Government . 1,376 1,374 1,376 1,383 public of Yugoslavia (billions of 1890 1.910 1859 1437 dinars): Note circulation 700 11,129 11 065 10 605 Gold 5 5 5 Demand deposits—Government. . 1,835 1,775 1.683 1,661 Gold contribution to Intl Fund 2 2 2 ECA 40 90 90 88 Foreign assets 39 38 67 Other 7,931 8,074 8,184 8,204 Loans (short-term) 779 748 855 Other liabilities and capital 3,049 3,046 2,989 2,583 Govt debt (net) 94 78 20 South African Reserve Bank (millions Other assets 37 38 62 of pounds): Notes and coin in circulation. 93 99 81 Gold 83 83 87 76 Demand deposits 363 310 155 Foreign bills 43 44 46 38 Foreign liabilities 81 82 123 Other bills and loans 16 23 33 13 Long-term liabilities (net) 296 294 477 41 42 47 50 Other liabilities and capital.... 118 174 171 Note circulation 114 113 113 109Bank for International Settlements 55 68 77 53 (millions of Swiss gold francs): 13 12 13 15 Gold in bars 627 453 490 610 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 54 56 54 60 Gold 618 618 617 617 Rediscountable bills and accept- Silver 323 323 323 322 ances (at cost) 611 775 835 549 Govt. loans and securities 16,100 14,571 16.302 15.806 Time funds at interest 185 151 137 115 Other loans and discounts 52,841 51,734 52.293 37.486 Sundry bills and investments 754 708 683 477 Other assets 62,716 64,054 62.860 47.875 Funds invested in Germany 297 297 297 297 Note circulation 57 684 56.694 56 711 46 495 Other assets . 1 9 1 2 1 861 1.500 2 747 4 000 Demand deposits—Gold 703 547 593 666 Other 17,147 16.633 16.579 9,429 Other 1,286 1,358 1 369 919 Other liabilities and capital 55,906 56.474 56.356 42,184 Long-term deposits: Special 229 229 229 229 310 308 306 298 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 991 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 n i m t g e - d C a a d n a - d In ia - p J a a n - 2 P p h in il e ip s - Chile 2 va S E d a o l l- r2 In effect Dec. 313 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 i.. . . 2 5 4 0144 00 9 13 June 4.06 July 4.5 4 25 5 00 5 00 4 05 In effect July 31, 1957 4.5 4.0 4.5 10.0 4.25 5.00 5.00 2.5 6.0 5.0 4.05 4.00 9.13 2.0 6.0 4.0 Other selected central banks—rates in effect on July 31, 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; El Salvador—3 per cent for agricultural and government securities for commercial banks or brokers. For countries industrial paper; Indonesia—various rates depending on type of paper, with more than one rate applicable to such discounts or advances, the collateral, commodity involved, etc.; Costa Rica—5 per cent for paper rate shown is the one at which the largest proportion of central bank related to commercial transactions (rate shown is for agricultural and credit operations is understood to be transacted. In certain cases other industrial paper); and Peru—4 per cent for industrial paper and mining rates for these countries are given in the following note. paper, and 3 per cent for most agricultural paper. 2 Discounts or advances at other rates include: Japan—various rates 3 Since Nov. 1, the discount rate is set each week at lA per cent above the depending 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 a s e i n r t s c s ' e D m a d o y a n - y e to y - T 3 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 t e o y - 3 L m u o p o a n t n o t s hs d P is r r c i 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 3i^_5i/2 1 50 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-61/2 1.50 1956 July 2.53 2.52 5.10 5.01 3.96 3.50 3.21 2.74 1.50 41/4-61/2 1.50 Au° 2.94 2.63 5.08 5.03 4.14 3.50 3.02 3.00 1.50 4i4_6i/2 1.50 Sept 3.06 2.67 5.18 5.11 4.26 3.50 3.00 3.00 1.50 414-61/2 1.50 Oct 3.30 2.83 5.14 5.04 4.21 3.50 3.47 3.18 1.50 414-61/2 1.50 Nov 3.40 2.89 5.08 5.01 4.24 3.50 3.71 3.25 1.50 41/2-634 1.50 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 1.50 4i/2-634 1.50 1957—Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 41/2-6% 1.69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.36 3.47 1.50 4i/2_634 1.75 A M p a r r . . 3 3 . . 7 7 1 2 3 3 . . 6 6 5 9 4 4 . . 2 1 5 8 4 4 . . 0 0 1 7 3 3 . . 5 5 5 9 3 3 . . 0 0 0 0 3 3 . . 7 9 1 7 3 3 . . 6 6 1 3 1 1 . . 5 5 0 0 4 4 i i / /2 2 _ _ 6 6 3 3 4 4 1 1 . . 7 7 5 5 May 3.77 3.71 4.04 3.84 3.48 3.00 4.11 3.59 1.50 41/2-634 1.75 June 3.80 3.80 4.08 3.87 3.45 3.00 3.60 1.50 41/2-634 2.50 1 Based on average yield of weekly tenders during the month. 2 Based on weekly averages of daily closing rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- British Year or month Prefer- (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l l a a a y r - ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) 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 !7.183 222.41 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—July. 5.556 3.090 222.58 3.8580 2.0074 32.510 101.835 20.917 Aug. 5.556 3.249 221.76 3.8580 2.0049 32.368 101.907 20.858 Sept. 5.556 3.190 221.76 3.8580 2.0064 32.373 102.274 20.873 Oct.. 5.556 3.177 221.88 8580 2.0084 32.384 102.732 20.878 Nov. 5.556 2.987 221.71 8580 2.0022 32.360 103.725 20.871 Dec. 5.556 2.806 221.92 8580 1.9945 32.475 104.095 20.881 1957—Jan.. 5.556 2.642 222.77 3.8570 1.9912 32.529 104.085 20.948 Feb. 5.556 2.681 222.96 3.8536 1.9900 32.561 104.334 20.960 Mar. 5.556 2.586 222.55 3.8536 1.9900 32.532 104.577 20.921 Apr. 5.556 2.478 222.22 3.8536 1.9887 32.512 104.184 20.890 May 5.556 2.564 222.39 3.8536 1.9862 32.526 104.638 20.895 June 5.556 2.477 222.33 3.8536 1.9875 32.523 104.891 20.898 July. 5.556 2.365 222.14 3.8536 1.9908 32.495 105.150 20.890 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 (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) M (p e e x s i o c ) o 1951. 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952. 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. .4354 .2856 21.049 281.27 11.607 1954. .4354 .2856 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—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 July.. .4354 .2856 23.800 20.884 278.78 .2779 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) (p A S o o f u r u i n c th d a ) S (k w ro ed n e a n ) z ( e S fr r w a la n i n t c - d ) ( U K p d n o i o i u n m t n g e d - d ) 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14 008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1956—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 211.9% 19.333 .23.335 279.02 July.. 26.121 276.02 14.008 49.695 3.4900 211.1 A 19.333 23.332 278.78 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

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. CONKLINO, 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 Director DAVID B. HEXTER, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve G. HOWLAND CHASE, Assistant General Counsel Examiner JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director THOMAS J. O'CONNELL, Assistant General HENRY BENNER, Assistant Director 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 993 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE BULLETIN • AUGUST 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. Sheperdt 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 995 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 Walter H. Rozell, Jr. 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

996 FEDERAL RESERVE BULLETIN • AUGUST 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

997 FEDERAL RESERVE BANKS AND BRANCHES 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

998 FEDERAL RESERVE BULLETIN • AUGUST 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 999 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 D. A. Hulcy J. B. Thomas John M. Griffith J. Edd McLaughlin Sam D. Young (Vacancy) Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Floyd Childress D. F. Stahmann John P. Butler James A. Dick, Chairman E. J. Workman Thomas C. Patterson HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan S. Marcus Greer L. R. Bryan, Jr. A. E. Cudlipp Tyrus R. Timm John C. Flanagan, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres Burton Dunn Alex R. Thomas, J. W. Beretta V. S. Marett Chairman E. C. Breedlove Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard N. Loyall McLaren Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of R. H. Morrill H. F. Slade Salt Lake City Branch John A. O'Kane W. F. Volberg, J. M. Leisner, in charge of J. A. Randall, in charge of in charge of Seattle Branch Portland Branch Los Angeles Branch E. R. Millard O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN • AUGUST 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, Chairma Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. Subscription price in the United States and its pos- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 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, 1001 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL RESERVE BULLETIN • AUGUST 1957 REPRINTS INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) AGRICULTURAL LOAN SURVEY. Farm Loans at Commercial Banks. November 1956. 20 pages. THE MONETARY SYSTEM OF THE UNITED STATES. Farm Loans to Finance Intermediate-Term In- February 1953. 16 pages. vestments. January 1957. 9 pages. Farm Loans for Current Expenses. February 1957. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 8 pages. Loans to Buy Farm Real Estate. Febpages. ruary 1957. 9 pages. Interest Rates on Farm Loans. March 1957. 10 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. March 1953. 7 pages. UNITED STATES BANKING ORGANIZATION ABROAD. * DETAILED DESCRIPTION OF SOURCES AND METH- December 1956. 16 pages. ODS USED IN REVISION OF SHORT- AND INTER- BANKING AND MONETARY STATISTICS, 1956. (Se- MEDIATE-TERM CONSUMER CREDIT STATISTICS. lected series of banking and monetary statistics April 1953. 25 pages. for 1956 only) February and May 1957. 12 DEPARTMENT STORE SALES AND STOCKS, BY pages. (Similar reprints of 1954 and 1955 MAJOR DEPARTMENTS (Revised indexes). No- data, February and May 1955 and February vember 1953. 65 pages. and May 1956 BULLETINS.) FEDERAL RESERVE MONTHLY INDEX OF INDUS- INTERNATIONAL GOLD AND DOLLAR FLOWS. TRIAL PRODUCTION, 1953 Revision. December March 1957. 7 pages. 1953. 96 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- 1957 SURVEY OF CONSUMER FINANCES. Prelimi- RABLE GOODS. May 1954. 15 pages. nary Findings. March 1957. 3 pages. HOUS- ING AND DURABLE GOODS. June 1957. 18 SEASONAL ADJUSTMENT FACTORS FOR DEMAND pages. THE FINANCIAL POSITION OF CONSUM- DEPOSITS ADJUSTED AND CURRENCY OUTSIDE ERS. August 1957. 24 pages. (Similar Sur- BANKS. March 1955. 4 pages. veys are available for earlier years from 1952, A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1953, 1954, 1955, and 1956 BULLETINS.) COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. April 1957. 20 pages. MONETARY POLICY AND THE REAL ESTATE MAR- KETS. December 1955. 6 pages. SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of OWNERSHIP OF DEMAND DEPOSITS. May 1957. Member Banks. April 1956. 14 pages. Credit 6 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this SURVEY OF COMMON TRUST FUNDS. June 1957. 6 pages. (Also, similar reprint from August Survey will appear in later issues of the BUL- LETIN.) Reprints on a similar Survey are avail- 1956 BULLETIN.) able from March, May, June, July, and August BANK CREDIT AND MONEY. July 1957. 6 pages. 1947 BULLETINS. (Also, similar reprints from February and July FINANCING OF LARGE CORPORATIONS, 1951-55. 1956 and February 1957 BULLETINS.) June 1956. 9 pages. (Also similar reprint INTEREST RATES IN LEADING COUNTRIES. August from June 1955 BULLETIN.) 1957. 7 pages. WORLD TRADE AND PAYMENTS IN 1955-56. October 1956. 8 pages. WINNING THE BATTLE AGAINST INFLATION. August 1957. 12 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint THE BALANCE SHEET OF AGRICULTURE, 1957. from April 1953 BULLETIN.) August 1957. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 938, 939 Demand deposits—Continued Agricultural loans of commercial banks, 934, 936 Adjusted, commercial banks, by classes, 935 Agriculture, Gqvt. agency loans, 942, 943 Banks, by classes, 931, 937 Assets and liabilities (See also Foreign liabilities and Type of holder, at commercial banks, 935 claims reported by banks): Department stores: Banks and the monetary system, consoli- Merchandising data, 969 dated, 930 Sales and stocks, 958, 968 Corporate, current, 950 Deposits (See also specific types of deposits): Domestic banks, by classes, 931, 934, 936 Adjusted, and currency, 930 Federal business-type activities, by fund or ac- Banks, by classes, 931, 935, 937 tivity, 942, 943 Federal Reserve Banks, 925, 926, 982 Federal Reserve Banks, 925, 926 Postal savings, 930 Foreign central banks, 986 Turnover of, 928 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 954, 955, 956 ber bank, 923 Production index, 960, 964 Discount rates, 924, 991 Discounts and advances by Federal Reserve Bankers' balances, 935, 937 Banks, 921, 925 (See also Foreign liabilities and claims reported by Dividends, corporate, 949, 950 banks) Dollar assets, foreign, 982, 983 Banking offices: Dwelling units started, 965 Changes in number, 974 On, and not on, Par List, number, 975 Earnings and hours, manufacturing indus- Banks and the monetary system, consolidated state- tries, 958, 967 ment, 930 Employment, 958, 967 Bonds (See also U. S. Govt. securities): Export-Import Bank, loans, etc., 942, 943 New issues, 948, 950 Farm mortgage loans, 942, 951, 952 Prices and yields, 939, 940 Federal business-type activities, assets and liabilities, Brokers and dealers in securities, bank by fund or activity, 942, 943 loans to, 934, 936 Federal Deposit Insurance Corporation, Business expenditures on new plant and equipassets, etc., 942, 943 ment, 950 Federal finance: Business indexes, 958 Cash transactions, 944 Business loans (See Commercial and industrial loans) Receipts and expenditures, 937 Capital accounts: Treasurer's balance, 944 Banks, by classes, 931, 935, 937 Federal home loan banks, loans, etc., 942, 943, 953 Federal Reserve Banks, 925, 926 Federal Housing Administration, loans, etc., 942, 943, Carloadings, 958 951, 952, 953 Central banks, foreign, 984, 986, 991 Federal National Mortgage Association, Coins, circulation of, 929 loans, etc., 942, 943, 953 Commercial banks: Federal Reserve Banks: Assets and liabilities, 931, 934 Condition statement, 925, 926 Consumer loans held, by type, 955 U. S. Govt. securities held by, 921, 925, 926, Number, by classes, 931 946, 947 Real estate mortgages held, by type, 951 Federal Reserve credit, 921, 925, 926 Commercial and industrial loans: Federal Reserve notes, 925, 926, 927, 929 Commercial banks, 934 Finance company paper, 938, 939 Weekly reporting member banks, 936, 938 Foreign central banks, 984, 986, 991 Commercial paper, 938, 939 Foreign deposits in U. S. banks, 921, 925, 926, 930, Commodity Credit Corporation, loans, etc., 942, 943 935, 937 Condition statements (See Assets and liabilities) Foreign exchange rates, 992 Construction, 958, 964, 965 Foreign liabilities and claims reported by banks, 978, Consumer credit: 980, 982 Instalment credit, 954, 955, 956, 957 Foreign trade, 969 Major parts, 954, 956 Gold: Noninstalment credit, by holder, 955 Earmarked, 983 Consumer durable goods output indexes, 964 Net purchases by U. S., 983 Consumer price indexes, 958, 970 Production, 982, 983 Consumption expenditures, 972, 973 Reserves of central banks and governments, 984 Corporate sales, profits, taxes, and dividends, 949, 950 Reserves of foreign countries and international Corporate security issues, 948, 950 institutions, 985 Corporate security prices and yields, 939, 940 Stock, 921, 930, 983 Cost of living (See Consumer price indexes) Gold certificates, 925, 926, 927, 929 Currency in circulation, 921, 929 Govt. debt (See U. S. Govt. securities) Customer credit, stock market, 940 Gross national product, 972, 973 Debits to deposit accounts, 928 Home owners, Govt. agency loans, 942, 943 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 930 tries, 958, 967 1003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN • AUGUST 1957 Industrial advances by Federal Reserve Banks, 925, Real estate loans: 926, 927, 928 Commercial banks, 934, 936, 951 Industrial production indexes, 958, 959, 964 Type of mortgage holder, 951, 952, 953 Instalment loans, 954, 955, 956, 957 Type of property mortgaged, 951, 952, 953 Insurance companies, 941, 946, 947, 952 Regulation V, loan guarantees, 927, 928 Insured commercial banks, 933, 934 Reserve requirements, member banks, 924 Interbank deposits, 931, 935, 937 Reserves: Interest rates: Commercial banks, 935 Bond yields, 939 Federal Reserve Banks, 925, 926 Business loans by banks, 939 Foreign central banks and governments, 984 Federal Reserve rates, 924, 928 Foreign countries and international institu- Foreign countries, 991 tions, 985 Open market, 939, 991 Member banks, 921, 923, 925, 926, 935, 937 Regulation V loans, 928 Residential mortgage loans, 951, 952, 953 Stock yields, 939 Sales finance companies, consumer loans of, 954, International capital transactions of the U. S., 978 955, 957 International financial institutions, 984, 985, 986 Savings, 972 Inventories, 973 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 941 Banks, by classes, 931, 934, 936 Savings and loan associations, 941, 952 Federal Reserve Banks, 925, 926 Securities, international transactions, 981, 982 Govt. agencies, etc., 942, 943 Security issues, 948, 950 Life insurance companies, 941 Silver coin and silver certificates, 929 Savings and loan associations, 941 State member banks, 933, 974 Labor force, 966 State and municipal securities: Loans (See also specific types of loans): New issues, 948 Banks, by classes, 931, 934, 936 Prices and yields, 939, 940 Federal Reserve Banks, 921, 923, 925, 926, States and political subdivisions: 927, 928 Deposits of, 935, 937 Govt. agencies, etc., 942, 943 Holdings of U. S. Govt. securities, 946 Insurance companies, 941, 952 Ownership of obligations of, 934, 941 Savings and loan associations, 941, 952 Stock market credit, 940 Loans insured or guaranteed, 927, 951, 952, 953 Stocks: New issues, 948 Manufacturers, production indexes, 958, 959, 964 Prices and yields, 939, 940 Margin requirements, 924 Member banks: Tax receipts, Federal, 945 Assets and liabilities, by classes, 931, 934 Time deposits, 923, 930, 931, 935, 937 Banking offices, changes in number, 974 Treasurer's account balance, 944 Borrowings at Federal Reserve Banks, 921, 923 Treasury cash, 921, 930 Deposits and reserves, by classes, 923 Treasury currency, 921, 929, 930 Number, by classes, 931 Treasury deposits, 921, 925, 926, 944 Reserve requirements, by classes, 924 Unemployment, 966 Reserves and related items, 921 U. S. Govt. balances: Weekly reporting series, 936 Commercial bank holdings, by classes, 935, 937 Minerals, production indexes, 958, 959 Consolidated monetary statement, 930 Money rates (See Interest rates) Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 921, 925, 926, 944 Mutual savings banks, 930, 931, 933, 946, 947, U. S. Govt. securities: 951, 974 Bank holdings, 930, 931, 934, 936, 946, 947 Federal Reserve Bank holdings, 921, 925, 926, National banks, 933, 974 946, 947 National income, 972 Foreign and international holdings, 985 National security expenditures, 945, 973 International transactions, 981 Nonmember banks, 925, 933, 934, 974 New issues, gross proceeds, 948 Par List, banking offices on, and not on, number, 975 Outstanding, by type of security, 946, 947 Payrolls, manufacturing, index, 958 Ownership of, 946, 947 Personal income, 973 Prices and yields, 939, 940 Postal Savings System, 930 United States notes, outstanding and in circula- Prices: tion, 929 Consumer, 958, 970 Utility output index, 963 Security, 940 Veterans Administration, loans, etc., 942, 943, 951, Wholesale commodity, 958, 970 952, 953 Production, 958, 959, 963, 964 Profits, corporate, 949, 950 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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