Federal Reserve Bulletin, 1957-09

FEDERAL RESERVE B U LLETIN September 1957 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 Labor Market Developments 1005 Credit Extended by Banks to Real Estate Mortgage Lenders 1013 Law Department 1014 Current Events and Announcements 1036 National Summary of Business Conditions 1037 Financial and Business Statistics, U. S. (Contents on p. 1039) 1041 International Financial Statistics (Contents on p. 1095) 1096 Board of Governors and Staff 1111 Open Market Committee and Staff; Federal Advisory Council 1112 Federal Reserve Banks and Branches 1112 Federal Reserve Board Publications 1119 Index to Statistical Tables 1121 Map of Federal Reserve System Inside back cover Volume 43 * Number 9 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

Labor Market Developments THE LABOR MARKET this year has reflected an economy operating at advanced NONAGRICUITURAI EMPLOYMENT Millions of persons levels but with some divergent trends. Em- NONMANUFACTURING ployment increased to midyear and has >• since continued at or near record levels. Additions to the labor force have been 34 readily absorbed into productive activity, and unemployment has remained at the low rate which has prevailed since early 1955. Wage rates have increased further, influenced by continued strong demands for 1 1 1 30 many types of labor and by rising consumer MANUFACTURING DURABLE _. prices, and total wages and salaries reached a new high in August. The rise in employment this year, how- - NCNDUSABU ever, has not been so large as in 1955 or 1956 when economic expansion was more •WV 1 1 I 1 i 1 rapid and general. In agriculture, employ- 1952 19S4 1956 ment declines have apparently resumed after NOTE.—Bureau of Labor Statistics data adjusted for seasonal a period of stability. In nonfarm activities variation. Latest figures are for August 1957 (preliminary). in recent months employment, seasonally ing industries. Recent curtailment in the adjusted, has been relatively steady; expan- defense program has reduced employment sion beyond previous record levels in some somewhat in aircraft and related activities activities has offset contraction in others. where it had expanded in the last half of Demands for labor have been strongest in 1956 and early 1957. Declines this year nonmanufacturing activities, as can be seen have occurred entirely among production in the chart. Employment in trade, services, workers; the number of professional, manand State and local governments has risen agerial, and clerical workers on manusharply and without interruption since mid- facturing payrolls has continued to in- 1954. Construction employment has stabi- crease. lized this year following a rapid rise. In most major labor market areas, supply In manufacturing, employment changed and demand for workers appear to be well little last year, and so far this year the balanced currently. There are relatively number of workers and average hours few major areas with substantial labor surof work have drifted downward. Lower pluses—about the same number as a year levels of employment reflect mainly small ago—and these include mainly textile and declines among the different manufactur- coal-mining towns where the unemployment 1005 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 problem has prevailed over a long period. CONSUMER PRICES AND EARNINGS Shortages of professional, technical, and OF PRODUCTION WORKERS IN MANUFACTURING skilled workers persist despite some easing from the influx of recent graduates into the Percentage increase, or decrease (—) labor market and from curtailments in some Period activities. Consumer Average Average price weekly hourly index earnings earnings WAGES Wages have risen further this spring and 24 months ending: summer, and in August weekly earnings in July 1948 23.3 24.4 24.8 July 1950 -1.3 9.7 7.4 manufacturing were 3.5 per cent larger than July 1952 10.9 11.2 13.0 July 1954 1.0 7.7 9.1 a year earlier. As in most of the postwar 1.6 10.8 8.9 period, rising wages accompanied advanced July 1956 levels of economic activity, expanding em- 16 months ending: 5.3 4.3 6.2 ployment, and low unemployment. July 1957 The sustained rise in consumer prices NOTE.—Bureau of Labor Statistics data. since early 1956 has been an additional important factor in wage determination. The rapid price increase, money wages have about kept pace with the cost of living, and number of labor-management contracts conany gains in real earnings have been very taining cost-of-living escalator clauses has small or confined to those industries where increased sharply. Relatively large wage employees have relatively strong bargaining increases negotiated in recent months in power. In nonmanufacturing activities, the rubber, petroleum, construction, and also, advances in money earnings have been other major industries were also influenced fairly steady and widespread, but gains in by higher living costs. Moreover, in activireal earnings have occurred only during ties largely outside the sphere of direct union periods of stable consumer prices. In most bargaining, wages have advanced to new of these lines, however, money wages have highs under the pressure of rising living costs not adjusted to rising prices as promptly as as well as expanding demand for labor. Althey have in manufacturing. though in some industries wages have in- Collective bargaining. Long-term agreecreased more sharply than prices since early ments, effective for two, three, or even five 1956, the rise in average earnings for the years and generally providing for fixed aneconomy as a whole, as well as for produc- nual wage increases, have spread rapidly tion workers in manufacturing, has been and have become an outstanding feature of largely matched by the increase in consumer collective bargaining. In 1956 such agreeprices. ments were negotiated for the first time in Money earnings in manufacturing have the steel, meatpacking, and railroad indusincreased substantially in the postwar period, tries. This year, their use has been extended but increases in real earnings have been further in the construction and transportasignificant only in those periods when con- tion industries. More than 5.5 million worksumer prices were relatively steady, as may ers will receive automatic wage increases in be seen in the table. During periods of 1957, compared with 2 million in 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS 1007 Long-term agreements with fixed annual year earlier. Much of this increase occurred wage increases also frequently contain esca- in the latter part of 1956. In general, wage lator clauses providing for quarterly or semi- gains tend to be concentrated in the second annual wage adjustments for changes in con- half of the year, in part reflecting the cluster sumer prices. This year cost-of-living ad- of many major renegotiations around the justments will be given to a record number middle of the year and the timing of wage of more than 4 million workers who will also increases provided by long-term contracts. receive automatic wage increases. In addi- So far this year, however, average factory tion, at least 300,000 unorganized workers, hourly earnings have risen somewhat less mainly office workers in establishments than in the comparable months of 1956. where plant workers are under collective Some slackening in industrial activity and agreements, are covered by such clauses. in requirements for labor has been accom- Supplementary benefits—for the most part panied by further curtailment of overtime not reflected in the statistics on earnings— work, so that rising wage rates have been have continued to expand. Extension of offset in part by declines in premium pay. pension and insurance programs has been In March 1956, moreover, an increase in a feature of collective bargaining contracts minimum wages from $.75 to $1.00 affected in 1956 and 1957, as in immediately many workers in low-paying industries. preceding years. The amount of paid lei- Wage increases have been widespread but sure time provided in contracts has also have varied considerably among industries, increased: vacation periods for employees as can be seen in the chart. Workers emhave lengthened and, in addition, seven or eight paid holidays a year are now more AVERAGE HOURLY EARNINGS frequent. SELECTED INDUSTRIES Also important, although outside the Hourly Percentage increase, scope of collective bargaining, is liberaliza- INDUSTRY Earnin mid-1956 to mid-1957 tion of the Federal Social Security program. IM.«i...,.«.l $3.08 2.53 In late 1956 women became eligible for re- Fobrkoled meioL 220 tirement benefits at age 62 rather than 65. Food 191 („„,,„,„„, 2.87 Coverage was extended to additional pro- Chemicoli 2.25 H.lo.l Irorf. 167 fessional persons and self-employed farmers. Teihle-mill 1 51 Separate legislation extended contributory Petroleum 2.66 coverage to members of the armed forces. Rubber 227 Effective January 1, 1957, contribution rates Telephone 194 toundrr 109 for old age and survivors insurance were increased in order to finance disability pen- Fort,,lute 175 Apporel 1 51 sions. leoiher 153 Lumbei 183 Recent wage changes. Hourly earnings in 10 manufacturing increased at about the same rate in the past 12 months as during each of the preceding two years. In Au- NOTE.—Bureau of Labor Statistics data for earnings in selected industries. For manufacturing industries hourly earngust average hourly earnings, at $2.07, ings shown are for August 1957 (preliminary) and the annual increase is from August 1956. For the bituminous-coal, conwere 9 cents or 4.5 per cent higher than a struction, trade, telephone, and laundry industries, hourly earnings are for July 1957 and the annual increase is from July 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 ployed in manufacturing industries covered of 7 cents an hour scheduled for November by contracts containing cost-of-living pro- 1957 and for November 1958. This convisions, such as metals, meatpacking, trans- tract also provides for semiannual cost-ofportation equipment, and machinery, or em- living wage adjustments. In a number of the ployed in industries where demands have service industries percentage gains in wages remained relatively strong, have in many were generally smaller than the average for instances obtained large increases in the nonmanufacturing activities. Salaries of 12-month period. However, increases have State and local government employees rose been small in industries, such as lumber, in further but basic salary rates for Federal which demands have continued to lag or in government classified employees have relow-paying nondurable goods industries, mained unchanged this year. such as apparel and leather. LABOR FORCE Weekly earnings have increased less than hourly earnings in manufacturing since the The labor force has grown much less in fall of 1955, because of the gradual decline 1957 than in the two preceding years. In in the length of the work week. At $82.59 in the second quarter the labor force, season- August, weekly earnings were $2.80 or 3.5 ally adjusted, averaged 71 million persons, per cent higher than a year earlier. Changes about 300,000 higher than the year before. over the year in weekly earnings varied After increasing through July the labor force somewhat more than those in hourly earn- was reduced somewhat in August, mainly ings, reflecting diverse movements among because of a sharp decline in farm employindustries in the length of the work week as ment. well as in rates of pay. The largest in- Demands for additional labor in 1955 creases, more than $5 per week, were in the and 1956 greatly exceeded the growth in the primary and fabricated metals, rubber, and population of working age. In these circumchemicals industries. stances an unusually large number of Increases in earnings have also been wide- women, teenage youths, and older men spread in nonmanufacturing industries. found employment and the labor force in- Here, too, the work week has been reduced creased more than had been expected. These in many lines, and weekly earnings have ad- groups ordinarily are in the labor force in vanced somewhat less than hourly earnings. relatively small proportions. The largest gains in hourly earnings in non- In 1957 labor force participation among manufacturing have been in coal mining men 25-55 years of age, almost all of whom and construction. Coal miners received an are in the labor force and employed, conhourly increase of 15 cents on October 1, tinued to be very steady, as in past years. 1956 and 10 cents more on April 1, 1957. However, the labor force participation rates Increases have been widespread in the build- of the more marginal groups, which exing trades and average hourly earnings rose panded earlier, have tended to stabilize and more than 6 per cent, a larger gain than in in some instances have declined. This dethe preceding 12 months. Railroad work- velopment has been associated with larger ers, under the terms of a three-year contract, school enrollments and increased coverage received an increase of 12.5 cents an hour of private and government pension proin November 1956, with additional increases grams, as well as some reduction in job op- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS 1009 portunities for workers in the more marginal average. The rate for married men living groups. The proportion of women aged with their families has remained very low, 35-64 years in the labor force is now 42 per amounting to about 2.3 per cent in August. cent, which is about the same proportion as Unemployment rates have been highest a year ago and compares with 35 per cent among youths starting their working careers in 1950. Among married women in this or students looking for part-time work; this age group, who accounted for a large part is normal for a high-employment period. of the 1955-56 expansion in the labor force, the labor force rate has also changed little UNEMPLOYMENT RATE this year. For teenage youths and older Per cen! men, the downward trend in participation rates appears to have been resumed, following earlier increases. - 6 UNEMPLOYMENT AND EMPLOYMENT Unemployment has remained low in 1957, reflecting the advanced level of economic activity. In August, unemployment numbered 2.6 million persons, or 3.8 per cent of the labor force. After allowance for seasonal influences, the unemployment rate since early 1955 has fluctuated in a narrow range close to 4 per cent of the civilian 1953 1954 1955 1956 1957 labor force, as the chart shows. Over the same period, with persistent pressures for NOTE.—Bureau of Census data adjusted for seasonal variaexpansion, the labor force and employment tion. The unemployment rate is the percentage of the civilian labor force unemployed. Beginning 1957 persons waiting to increased more than 3 million. start new wage and salary jobs and those on temporary layoff, previously considered as employed, are classified as unemployed. Data for January 1957 are shown on the old and new In general, turnover among the unem- basis, and on the new basis thereafter. Latest figure is for August 1957. ployed has been rapid and duration of unemployment short, as might be expected Slower growth of employment this year when demands for labor are strong. In is in part attributable to a sharp drop in August, as in most recent months, about one- employment on farms. Nonfarm employhalf of the unemployed had been looking ment has continued to rise, although not so for work less than 5 weeks. Relatively few rapidly as in the two preceding years. persons had been unemployed for long Farm employment in 1957 has averaged periods; the number unemployed 15 weeks 400,000 below the comparable months of or longer, at around 500,000, was less than 1956. The decline appears to be in part one per cent of the civilian labor force. a resumption of the long-term downward Unemployment has also changed little trend, following relative stability from midamong major population groups except for 1953 to mid-1956. Extension of old-age seasonal fluctuations. For each age group benefits to farmers after mid-1956 also over 24 years, the unemployment rate in reduced the number of older farmers in recent years has been consistently below the the labor force. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 NONAGRICULTURAL EMPLOYMENT tivities, slightly fewer than a year earlier. Employment in nonfarm establishments, Reductions in employment this year have seasonally adjusted, as reported by the Bu- been related to small declines in output but reau of Labor Statistics, was at a record may also reflect increasing productivity. level of 52.8 million in July and August, Employment declines in manufacturing inabout 250,000 more than in late 1956, as dustries have been achieved in part by not can be seen in the table. Employment was replacing workers who quit or retired. The 3 million more than in May 1953, prior to number of layoffs has been small and has the 1954 recession, and about the same not added appreciably to unemployment number above May 1955, when recovery since most of the affected workers have been from the recession was well under way. absorbed into other activities or have left Following relative stability early this year, the labor force. About two-thirds of the employment rose during the spring. Since employment decline since late 1956 has June continued gains in many nonmanufac- been in the durable goods industries, chiefly turing industries have about offset declines in lumber, nonelectrical machinery, primary in manufacturing employment, and the total metals, and transportation equipment. Rehas changed little. ductions in aircraft employment reflect cur- Manufacturing. In August 16.8 million tailment of defense activity, which was expersons were engaged in manufacturing ac- panding in late 1956 and early 1957. Following earlier declines, employment in the electrical machinery industry rose during EMPLOYEES IN NONAGRICULTURAL the summer. ESTABLISHMENTS Within manufacturing industries, employ- [In thousands of persons] ment trends continue to diverge sharply for Increase, or decrease ( —) production workers and for professional, August 1957 from: managerial, and clerical workers. The latter Industry Aug. division 1957 group increased further this year and in Dec. May May 1956 1955 1953 August the number of salaried workers was 1.5 million or 60 per cent higher than in Total 52,788 247 2,964 2,962 1947. Meanwhile, the number of factory Manufacturing .. 16,828 -278 298 -643 workers declined and in August was about Durable 9,847 -188 324 -434 the same as in 1947 but one million below Nondurable... . 6,981 -90 -26 -209 the postwar record reached in 1953. In Nonmanufacturing... 35,960 525 2,666 3,605 Mining 846 13 68 -12 mid-1957 salaried workers accounted for Contract construc- 23 per cent of all manufacturing employees tion. . . . 3,027 -47 214 414 Transportation. . . 2,771 2 63 -136 as compared with only 16 per cent in 1947. Public utilities.... 1,421 21 121 98 Nonmanufacturing. Employment in non- Trade 11,675 267 927 1,154 Finance 2,358 38 161 333 manufacturing activities was at record levels Service 6,474 115 617 958 Government 7,388 116 495 796 in August, more than one-half million above the end of 1956 and 2.7 million higher than Federal 2,249 32 68 -77 State and local . 5,139 84 427 873 in early 1955. Large gains continued this year in services, trade, and State and local NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Self-employed and domestic servants are excluded. governments. Employment in construction, August 1957 figures are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LABOR MARKET DEVELOPMENTS 1011 which also expanded sharply during 1955 and 1956, appears to have stabilized in 1957 EMPLOYMENT IN NONMANUFACTURING INDUSTRIES 1947 -49 -100 at a level a little above 3 million. In other nonmanuf acturing activities employment has shown little change this year. Nonmanufacturing activities have added over 7.5 million employees since 1947 and now account for almost 7 out of 10 nonfarm jobs. Growth in the 10-year period, as can be seen on the chart, has been greatest in construction, services, and State and 80 local governments. Trade employment has 16O risen about 25 per cent, a higher rate than nonfarm employment. Federal government employment has remained fairly stable since 1954 following a decline from the postwar high reached during the Korean conflict. Including State and local activities, more persons are now employed in government jobs than ever before. Coal mining and railroads are the exceptions to the post- I 1 I I 80 war trend for nonmanufacturing activities 160 and have fewer workers than at the end of STATE AND LOCAL World War II. GOVERNMENT Hours of work. Average weekly hours in nonfarm industries were relatively stable during the summer at levels below last year. FEDERAL GOVERNMENT The major factor in the decline was a substantial cut in overtime hours, in part an attempt to reduce costs by eliminating premium payments. The number of nonfarm workers reporting hours in excess of the standard 40-hour week this August was 17.2 TRANSPORTATION million, 1.5 million smaller than a year ago. In manufacturing the average work week was 39.9 hours in August, nearly one-half hour shorter than a year earlier. Average weekly hours have shown little change in recent months following a fairly steady de- J L cline, in both durable and nondurable goods industries, from the high level of over 41 NOTE.—Bureau of Labor Statistics data adjusted for seasonal hours reached in late 1955. Recent reduc- variation. Transportation includes public utilities. Latest data shgwn are for August 1957 (preliminary). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 tions have mainly centered in the hard goods industries, and the work week has shortened CHANGES IN EMPLOYMENT, 1947 TO 1957 an hour or more over the past year in the OCCUPATION lumber, machinery, transportation equip- PROFESSIONAL S. TECHNICAL ment, and food industries. OCCUPATIONAL TRENDS SALES WORKERS Record investment in machines and equip- MANAGERS & PROPRIETORS ment, substantial defense requirements, and the changed pattern of consumer demand CRAFTSMEN 4 FOREMEN growing out of high incomes and increased NONFARM LABORERS leisure have been important factors sharply altering the occupational composition of the OPERATIVES nation's work force during the postwar period. As can be seen in the chart, the number of professional and technical personnel -40 -20 0 20 40 60 80 Per cent has risen 75 per cent over the past decade, and currently about 10 per cent of all jobs NOTE.—Bureau of Census data. Percentage increases shown are in this category, roughly the same are from July 1947 to July 1957. proportion as in agriculture. As might be farm laborers has fallen significantly. Over expected, the managerial, clerical, and sales the past 10 years farm employment has deoccupations have also increased in relative clined more than 2 million. The 10 per importance. These so-called white collar cent of the labor force now employed in groups are now two-fifths of all employed farming compares with 12 per cent in 1950 workers, as compared with a little over and 14 per cent in 1947. Since 1947 an one-third in 1947. In contrast, the proporincreasing number of farmers have taken tion of workers who are operatives or nonavailable second jobs outside of agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders CREDIT EXTENDED to real estate mortgage lend- million to $201 million, but this was more than ers by weekly reporting member banks as of offset by a $61 million rise in other credit ex- August 14, 1957, amounted to $1,117 million, $38 tended to real estate mortgage lenders. million more than reported at the previous survey The foregoing information was obtained by a on May 15, 1957. Commitments to extend addispecial survey of all types of credit extended by tional credit to these lenders increased $37 milcommercial banks to real estate mortgage lenders. lion to $791 million. Results of earlier surveys have been published During the current reporting period real estate mortgage loans purchased from real estate mort- quarterly in the June 1957 and earlier Federal gage lenders under resale agreement declined $23 Reserve BULLETINS. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, AUGUST 14, 1957 AND SELECTED PRIOR DATES [In millions of dollars] Increase Outstanding on (or decrease —) May 15 Aug. 8, Aug. 14, May 15, Aug. 8, Aug. 10, to 1956 to 1957 1957 1956 1955 Aug. 14, Aug. 14, 1957 1957 Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement, total 201 '224 276 338 -23 -75 Insurance companies ... . 33 47 104 235 -14 -71 Mortgage companies 88 103 90 -4 -15 Other i 79 85 70 12 -6 10 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers, total 803 757 1,051 982 46 -249 Insurance companies 3 4 9 11 -1 -6 Mortgage companies 715 690 974 911 25 -259 Other1 85 63 68 59 22 17 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers, total 114 99 137 88 15 -23 Insurance companies ... . . . 11 3 8 4 8 3 Mortgage companies . ... 38 37 60 24 1 -22 Other* 65 58 70 60 7 -5 Total loans to real estate mortgage lenders 1,117 1,079 1,465 1,408 38 -347 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders, total 791 754 1,064 1,295 37 -273 Insurance companies 66 64 110 183 2 -44 Mortgage companies ... 562 578 791 894 -16 -229 Otheri . ... ... 164 112 163 219 51 r Revised. commitments at Aug. 8, 1956 were not asked to report at May 15, 1 Savings and loan associations, mutual savings banks, builders and 1957, but their figures for the latter date include previously reported other organizations (other than banks) that make or hold substantial figures for comparative purposes. Details may not add to totals amounts of real estate loans. because of rounding. NOTE.—Banks reporting less than $1 million of these loans and 1013 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material APPLICATION OF TRANSAMERICA CORPORATION RELATING TO OCCIDENTAL LIFE INSURANCE COMPANY OF CALIFORNIA The Board of Governors of the Federal Reserve which the Board after due notice and hearing, and on the basis of the record made at such hearing, by System, on August 20, 1957, issued an Order order has determined to be so closely related to the denying the application of Transamerica Corpora- business of banking or of managing or controlling tion for an exemption of Occidental Life Insur- banks as to be a proper incident thereto and as to make it unnecessary for the prohibitions of this secance Company of California under Section tion to apply in order to carry out the purposes of 4(c)(6) of the Bank Holding Company Act of this Act;" . . 1956. There is published below a copy of the Transamerica Corporation, a corporation or- Board's Decision and Order (Docket No. BHC-28) ganized under the laws of Delaware, is a bank with the attached Report of the Hearing Examiner. holding company as defined in the Act. In addi- DECISION AND ORDER tion to its ownership of a majority of the shares Statement of the Case of a number of banks in the western States of the United States, Transamerica owns all or a This is a proceeding under the Bank Holding majority of the shares of a number of nonbanking Company Act of 1956 (70 Stat. 133; 12 U.S.C. organizations. The largest of these is Occi- 1841 et seq.), which is entitled "An Act to define dental Life Insurance Company of California, bank holding companies, control their future exall of the shares of which are owned directly by pansion, and require divestment of their non- Transamerica. banking interests." Transamerica applied to this Board for a de- As indicated by its title, one of the major purtermination which would exempt Occidental purposes of the Act is to require bank holding comsuant to Section 4(c)(6). As required by that secpanies to divest themselves of their nonbanking tion, a hearing was held on this matter after due interests. That purpose is implemented by Secnotice, before a duly appointed and qualified tion 4 of the Act, which provides that no bank Hearing Examiner, at which opportunity was holding company shall acquire any voting shares provided for presentation of evidence by the apof nonbanking organizations, and that after a plicant and others. Thereafter Transamerica subspecified period: mitted to the Hearing Examiner proposed Find- ". . . no bank holding company shall . . . retain ings of Fact and a brief in support thereof. direct or indirect ownership or control of any voting shares of any company which is not a bank or a On May 21, 1957 the Hearing Examiner subbank holding company. ..." mitted his Report and Recommended Decision, To this general prohibition against acquisition which is appended hereto. On the basis of his or retention of nonbanking shares, however, Con- Findings of Fact and upon the entire record in gress has provided a number of exceptions, the case, he reached the conclusion of law that: enumerated in Section 4(c) of the Act. The exception involved in this proceeding is that pre- "Occidental is not—within the meaning of Section 4(c)(6) of the Act—so closely related to the business scribed by Section 4(c)(6), which excludes from of banking or of managing or controlling banks as the prohibition: to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4(a)(2) ". . . shares of any company all the activities of which of the Act to apply in order to carry out the purposes are of a financial, fiduciary, or insurance nature and of the Act." 1014 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1015 LAW DEPARTMENT In accordance with this conclusion of law, the (1) All of the activities of the organization must Hearing Examiner recommended that the Board: be of a financial, fiduciary, or insurance nature; and "Deny the request of Transamerica Corporation for an order under Section 4(c)(6) of the Act (2) The company must be determined by the exempting Occidental Life Insurance Company of Board to be so closely related to the business of California from application of the prohibitions of Section 4(a)(2) of the Act." banking or of managing or controlling banks (a) as to be a proper incident thereto and (b) as to On July 9, 1957 counsel for Transamerica premake it unnecessary for the prohibitions of Secsented before the Board an oral argument with tion 4 of the Act to apply in order to carry out respect to the pending application and the Hearthe purposes of the Act. ing Examiner's Report and Recommended De- There is no question in the present case but cision. that all of the activities of Occidental are of an Findings of Fact insurance nature. Consequently, the only ques- The relevant facts in this matter, as developed tion is whether Occidental is so closely related to in the record, are presented in the Findings of the business of banking or of managing or of con- Fact of the Hearing Examiner, which are not distrolling banks as to meet both the additional reputed by Transamerica, and therefore they need quirements that Congress has specified with renot be fully restated here. Occidental is engaged spect to the kind of closeness that will qualify a in the business of writing life, accident and company for exemption under Section 4(c)(6). health insurance, both ordinary and group. The As the Hearing Examiner stated in his Report: general character of its business does not differ significantly from that of other leading life in- "Section 4(c)(6) itself circumscribes the area of the Board's allowable discretion. Thus, it superimsurance companies engaged in writing the same poses upon the requirement that a financial, fiduciary classes of insurance. In terms of insurance in or insurance company, to be qualified for exemption, must be 'closely related to the business of banking or force, Occidental ranks twelfth in the United of managing or controlling banks', two additional States and is by far the largest life insurance com- requirements. One is that the Board must find that pany domiciled in the western States. At the the close relationship is such as to make the nonbanking subsidiary a 'proper incident' to the business end of 1956, Occidental had $6,707,322,930 life of banking or managing or controlling banks. The insurance in force, of which individual policies other is that the Board must find that the relationship accounted for $3,755,056,058 and group coverage is such as to make it unnecessary for the divestiture provisions of the Act to apply in order to carry out amounted to $2,952,266,872. the purposes of the Act. Both of these additional Only a relatively insignificant part of Occi- requirements serve, in my view, to qualify and restrict the sense in which 'closely related' may be condental's business has a direct relationship to the sidered." business of Transamerica's subsidiary banks. For The two additional requirements are somewhat example, at the end of 1956 Occidental's credit similar in character and tend to reinforce each life insurance in force for Transamerica banks other. It is helpful to analyze each separately was only about six-tenths of one per cent of as well as to consider their relationship to each Occidental's total outstanding life insurance. Other other. relationships between Occidental and Transamer- "Proper incident". As the Hearing Examiner ica's banks are likewise of relatively slight signifihas pointed out in his Report, both legal and cance as compared with either Occidental's total nonlegal dictionaries show that the term "incibusiness or that of Transamerica's subsidiary dent" is used to describe something that "usually" banks. Relationships of Occidental with nonor "naturally" "depends upon", "appertains to", affiliated banks are also a relatively small part of or "follows" another more important thing. It Occidental's total business. is clear that Section 4(c)(6) is intended to exempt The Statutory Provision only those nonbanking businesses that "usually" Under Section 4(c)(6) the ownership by a bank or "naturally" "depend upon" or "appertain to" holding company of shares of a nonbanking or- the business of banking or of managing or conganization is exempted from the provisions of trolling banks. The section requires that a nonthe Act only if it meets the following require- banking business, in order to be exempted under ments: the provision, must be not merely an "incident" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 but a "proper incident" to banking or managing petitors, thus denying those borrowers an approor controlling banks. priate freedom of choice. "Purposes of this Act". In the absence of more To put the matter another way, Congress has specific enumeration in the Act itself of "the recognized that banking is a unique business, with purposes of this Act" as they relate to Section unique economic power and responsibilities. 4(c)(6), it is appropriate to resort to the history Banks hold the current funds of the economy of the legislation prior to its enactment. The Re- and the demand deposits that serve as the nation's port of the Hearing Examiner includes a careful principal medium of exchange. The public indescription of relevant portions of the legislative terest requires that decisions as to whether or history, which need not be repeated here. not a bank extends credit in a particular case The Act and its history demonstrate that Con- should be based, as far as possible, solely on gress recognized that whenever a holding company credit worthiness. Congress apparently felt that controls both banks and nonbanking organiza- this objective could be furthered by laying down tions the nonbanking organizations may thereby a general rule, subject to only limited exceptions, occupy a preferred position over that of their that no company should own or control both competitors in obtaining bank credit and that, banks and nonbanking enterprises. in critical times, the holding company which "Potential sources of evil". It is noteworthy controls nonbanking organizations may be sub- that Congress, in ordering this separation of funcjected to strong temptation to cause the banks tions, did not make the requirement depend upon which it controls to make loans to its nonbanking whether or not a particular nonbanking business affiliates even though such loans may not at that of a particular bank holding company had retime be in accord with current banking standards sulted in actual abuses. The language and his- (for example, see H. Rep. No. 609, 84th Cong., tory of the Act make it clear that Congress in- 1st Sess. 16 [1955]). Thus it seems evident that tended to eliminate potential evils by correcting Congress was of the view that, in general and what it considered to be unsound corporate subject to only limited exceptions, bank holding structures in bank holding company systems, and company systems should be restricted to banking that it did not wish to require proof of the existactivities and should not engage in other types ence of actual evil in each particular situation. of business for the reason that common control In other words, as the United States Supreme of banks and nonbanking organizations could Court stated in North American Co. vs. S.E.C. give rise to evils of several kinds. For example, (1946), 327 U. S. 686, 711, with respect to the Congress apparently considered the possibility Congressional intent in enacting a somewhat simithat a bank holding company might enter into lar provision in the Public Utility Holding Comtransactions with a nonbanking affiliate of risky pany Act of 1935: character that would not be entered into if the ". . . [the provision was] not designed to punish past other party were an unrelated company, and that offenders but to remove what Congress considered to this might involve undue hazard to the bank, be potential if not actual sources of evil." its depositors, and the public interest generally. This clear purpose of Section 4, namely, "to Although Section 6 of the Act prohibits some such remove . . . potential . . . sources of evil", prodealings, it would not necessarily reach all such vides a helpful guide in applying the requirements practices. The legislative history of the Act also of Section 4(c)(6). If a nonbanking business is indicates that Congress considered that, in order a "proper incident" to banking or to managing to help its nonbanking affiliates, a holding com- or controlling banks, that is, if it properly and pany bank might deny justified credit to competi- "naturally appertains" thereto, it is less likely to tors or prospective competitors of such affiliates, cause a bank to be influenced by the "unnatural" thereby restricting the vigor of competition and or extraneous considerations or temptations that denying deserved credit accommodation to legiti- are "potential sources of evil". Hence, it is more mate businesses; or that a holding company, in likely to accord with the "purposes of this Act." extending credit, might exert pressure on bor- In other words, when Section 4(c)(6) refers rowers to do business with the lending bank's to "proper incident" and to the "purposes of this affiliated corporations rather than with their com- Act" it uses the terms jointly to limit the exemp- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1017 tion in the section to situations which substan- in considering the references in 4(c)(6) to "proper tially escape the "potential sources of evil" against incident" and to "the purposes of this Act", the which the general prohibition was directed. section prescribes limits, bounds and guides which Section 5(b) of the Board's Regulation Y, is- the Board must follow in exercising its judgment sued pursuant to the Bank Holding Company Act, under the provision. provides in part as follows: Occidental's Relationships To Banking "Any bank holding company which is of the opinion and Managing of Banks that a company all of the activities of which are of a financial, fiduciary,o r insurance nature is so closely Having reviewed the general facts of this case related to the business of banking or of managing or controlling banks, as conducted by such bank holding and the applicable statute, it is necessary to concompany or its banking subsidiaries, as to be a proper sider more specifically whether or not these facts incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Act to apply in order bring Occidental reasonably within the scope of to carry out the purposes of the Act, may request the exemption. the Board for such a determination pursuant to Sec- As previously indicated, Occidental's business tion 4(c)(6) of the Act." (Emphasis supplied.) does not differ significantly from that of other In view of the discussion above, it will be seen leading life insurance companies. Only a relathat the italicized words merely explain and tively insignificant part of Occidental's business implement the general purpose of Section 4(c)(6). has a direct relationship to the business of Trans- Further considerations. As part of the analysis america's subsidiary banks or of other banks. of Section 4(c)(6) it is proper to consider two Similarities between banking and insurance. other contentions of Transamerica. Transamerica cites various elements common to Among other things, Transamerica contends the business of life insurance and the business of that the exemption provided by Section 4(c)(6) banking or of managing banks, such as the reshould not be so narrowly construed as to make ceipt of deposits in connection with insurance it in effect indistinguishable from the "servicing" policies, similarities in investments, similarities of exemption provided by Section 4(c)(l) of the management skills and experience, and similaristatute. That exemption covers companies en- ties in the extent to which insurance companies gaged solely in the business of furnishing services and banks are subject to Government supervision. to, or performing services for, the bank holding It may be conceded that a number of such company and its subsidiary banks. Its legisla- similarities exist. However, it should also be tive history clearly indicates that this exemption noted that banks and insurance companies differ was intended to cover companies engaged in in certain important respects. For example, the furnishing such services as appraising, investment so-called deposits that insurance companies recounsel, advertising, public relations, etc. It may ceive are limited to those connected with anbe conceded that the 4(c)(6) exemption was in- nuity or insurance policies they issue. Commertended, as argued by Transamerica, to go beyond cial banks receive general deposits, including desuch ordinary servicing activities. Considering mand deposits subject to check, while insurance this point, it cannot alter the fact that an organi- companies do not. Insurance companies are zation can qualify for exemption under Section primarily interested in long-term loans and in- 4(c)(6) only if it is able to meet the requirements vestments, while the typical commercial bank is of 4(c)(6) as heretofore discussed. primarily interested in short-term loans because Transamerica also contends that the Act and of the need for liquidity. Furthermore, insurits legislative history show that Congress intended ance companies have a specific product to sell— to grant to the Board, under Section 4(c)(6), a annuity and insurance policies—which banks, exdiscretion that is qualified only by the require- cept in a few limited situations, are not in a posiment that all the activities of the subsidiary com- tion to offer. pany must be of a "financial, fiduciary, or in- Although Transamerica does not expressly state surance nature". The section does require that the point, its contentions seem to be directed an organization be of the nature indicated, and toward the conclusion that life insurance comit also requires the Board to exercise a certain panies generally possess characteristics of such degree of judgment. However, as shown above nature that ownership of their shares by bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 holding companies would not be adverse to the These direct relations are not sufficient to justify public interest and should be permitted. Need- an exemption under Section 4(c)(6), either in less to say, even if we were satisfied as to the their own right or when considered in connecvalidity of such arguments, they could not affect tion with the general similarities between banking our decision in this matter except to the extent and insurance which were discussed above. that they accord with the requirements of Section 4(c)(6). Beyond that point they are argu- Conclusions ments to be addressed to Congress rather than For the reasons discussed above, the Board this Board. concludes as follows: Whatever its reasons, it is clear that Congress, 1. All the activities of Occidental are of a in Section 4(c)(6), did not provide a general financial, fiduciary or insurance nature. exemption for shares of insurance companies 2. Occidental is not—within the meaning of owned by bank holding companies. All the ac- Section 4(c)(6) of the Act—so closely related to tivities of the company must be of an "insurance the business of banking or of managing or connature" (or "financial" or "fiduciary"), but that trolling banks as to be a proper incident thereto is simply a prerequisite to eligibility for exempand as to make it unnecessary for the prohibition under Section 4(c)(6). The company must tions of Section 4(a)(2) of the Act to apply in also meet the further requirements that have been order to carry out the purposes of the Act. discussed above. 3. The issue in this proceeding and Trans- In view of those further requirements, it is clear america's exceptions and proposed findings and that the mere fact that some of Occidental's opconclusions shall be, and hereby are, determined erations resemble or are kindred to some of the in accordance with the above findings and conoperations of banks is not enough to "warrant the clusions, and kind of determination intended by Section 4 4. The request of Transamerica Corporation (c)(6). Functions may be similar to banking or under Section 4(c)(6) of the Act for an Order to managing or controlling banks without necesexempting shares of Occidental Life Insurance sarily being a "proper incident thereto", that is, Company of California from application of the without "naturally appertaining thereto". prohibitions of Section 4(a)(2) of the Act shall Stated differently, mere similarity of some funcbe, and hereby is, denied. tions is not enough to eliminate the "potential sources of evil" against which the general prohibi- Separate Statement by Governor Vardaman tion of Section 4 was aimed. This is especially the case when, as here, there are also substantial Study of the Hearing Examiner's record in differences in functions which could give rise to this case, and of his able Report and Recomsuch "potential sources of evil". mended Decision, raises in my mind some inter- Occidental's direct relations with banks. Since esting and pertinent questions relative to the Bank the similarities of functions shown in this case Holding Company Act of 1956, the regulations are not enough to justify exemption of Occidental promulgated by this Board under the Act, and under Section 4(c)(6), it is necessary to consider the record and history of operations of the comthe arguments offered as to Occidental's direct panies under inquiry. relations with Transamerica's banks and other For instance, the record indicates that control banks. and management of the companies is and has As explained more fully in the attached Re- been in the hands of men of integrity, excellent port of the Hearing Examiner, Occidental has reputation and successful business experience; and several different relationships with affiliated and that the combined operations of the companies unafnliated banks. These include insurance (credit have certainly not been contrary to the public inlife and employee group) and investment and terest. Although the association and operation lending activities. However, they are a rela- between the two companies has existed for more tively insignificant part of Occidental's business than 20 years, the record does not disclose that and of the business of Transamerica's banks. such association or operation has been in any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1019 way unsatisfactory to the law enforcement officers of California and its activities are of the kind of the United States Government, or of the State described in Section 4(c)(6) of the Bank Holding of California; or in any way contrary to law, Company Act of 1956 (12 U.S.C. 1843), and public policy or established custom. Nowhere Section 5(b) of the Board's Regulation Y (12 in the testimony or in the Examiner's Report is CFR 222.5(b)), so as to make it unnecessary for there any evidence or accusation, direct or in- the prohibitions of Section 4 of the Act with ferential, that these operations have been any- respect to retention of shares in nonbanking thing less than entirely proper, ethical, profitable organizations to apply in order to carry out the to the shareholders of both corporations, and purposes of the Act. beneficial to their customers; and nowhere is A hearing having been held pursuant to Secthere evidence, direct or inferential, that these tion 4(c)(6) of the Bank Holding Company Act operations have been in any way detrimental to of 1956 and in accordance with Sections 5(b) the public good. and 7(a) of the Board's Regulation Y (12 CFR Again, it is interesting to note that the statute 222.5(b), 222.7(a)); the recommended decision requires a bank holding company which is not of the Hearing Examiner having been filed with a bank to divest itself of nonbanking organiza- the Board; exceptions to the recommended detions, even though such ownership has been satis- cision of the Hearing Examiner, together with a factorily in force for many years prior to the brief, having been filed with the Board by Applipassage of the Act; yet, at the same time, the law cant; counsel for Applicant having made oral makes a special exception in the case of a bank argument before the Board; the Board having holding company which is a bank, so that it can given due consideration to all relevant aspects retain stock in nonbanking companies acquired of the matter; and all such steps having been in at any time prior to the date of the Act, even accordance with the Board's Rules of Practice though a bank holding company that is a. bank for Formal Hearings (12 CFR Part 263) and has many fiduciary and trust responsibilities, such applicable law: as custody of demand and savings deposits and IT IS HEREBY ORDERED that the request of trust funds, the creation of credit and of demand Transamerica Corporation under Section 4(c)(6) deposits (equivalent of money) and many other of the Bank Holding Company Act of 1956 for obligations of trusteeship, which do not accrue an Order exempting shares of Occidental Life to the bank holding company that is not a bank. Insurance Company of California from applica- However, I do not believe it to be my right tion of the prohibitions of Section 4(a)(2) of the or duty as a member of the Board to question said Act shall be, and hereby is, denied. either the apparent inconsistencies, propriety or This 20th day of August 1957. constitutionality of an Act of the Congress; but, By order of the Board of Governors. on the contrary, I believe myself to be bound as an officer of the United States Government, (Signed) S. R. CARPENTER and as a member of this Board, to enforce the Secretary. laws enacted by the Congress, and the rules and (SEAL) regulations adopted by the Board of Governors of the Federal Reserve System. REPORT AND RECOMMENDED DECISION Therefore, under the circumstances, I feel con- Statement of the Case strained to vote to sustain the Recommended Decision of the Hearing Examiner. On December 26, 1956, Transamerica Corporation, a duly registered bank holding company, herein called Transamerica, and at times the Applicant, filed with ORDER DENYING APPLICATION the Board of Governors of the Federal Reserve Sys- In the matter of the application of Trans- tem, herein called the Board, a request that the Board determine, pursuant to Section 4(c)(6) of the Bank america Corporation, San Francisco, California, Holding Company Act of 1956, 70 Stat. 133, herein a bank holding company, for a determination by called the Act, that the shares held by Transamerica the Board of Governors of the Federal Reserve in its wholly owned subsidiary, Occidental Life Insurance Company of California, herein called Occi- System that Occidental Life Insurance Company dental, are exempt from the provisions of the Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 prohibiting the retention by a bank holding company Upon the entire record in the case and from my of any voting shares of a nonbanking company.1 observation of the witnesses, I make the following: On January 22, 1957, the Board ordered that a hearing be held on the aforesaid request in accord- Findings of Fact ance with the provisions of Section 4(c)(6) of the Act and Sections 5(b) and 7(a) of the Board's Regu- I. INTRODUCTION lation Y [12 CFR 222.5(b), 222.7(a)] promulgated A. The Business of Transamerica and Its Banking under the Act. Notice of Transamerica's request for Subsidiaries such determination and of the order directing a 1. Transamerica, a Delaware corporation with its hearing thereon was published in the Federal Register principal office and place of business at San Francisco, on January 26, 1957 [22 Federal Register 527]. The California, is engaged in business primarily as a notice as published provided, inter alia, that any holding company. It has an authorized capital stock person desiring to give testimony in this proceeding of 25 million shares of a par value of $2 each, of might file a request for that purpose with the Board. which 11,372,022 were issued and outstanding at the Pursuant to the aforesaid order and notice, a hear- end of 1956. Transamerica's total assets at the year ing was held at San Francisco, California, on March end were carried on its statement at $240,158,153. Its 4 to 6, inclusive, and at Washington, D. C, on book net worth (capital stock and surplus) came to March 25, 1957, before the undersigned, Arthur Left, $231,316,030. a hearing examiner duly selected by the Civil Service 2. Transamerica is a bank holding company within Commission in accordance with the provisions of the meaning of Section 2(a) of the Act, and has Section 11 of the Administrative Procedure Act (5 duly registered as such with the Board. U. S. C. 1010) and thereafter duly designated by 3. Transamerica owns or controls more than 50 the Board to conduct the hearing in this proceeding. per cent of the stock of 25 separate banks located in Transamerica and the Board—the latter in a non- 11 Western and Rocky Mountain States. Among adversary capacity—were represented at the hearing them, the 25 banks operate 288 banking offices. by Counsel, and were afforded full opportunity to be Their total assets at the end of 1956 amounted to heard, to examine and cross-examine witnesses, to $3,053,150,124; deposits aggregated $2,781,258,290; introduce evidence bearing on the issues, and to file and loans, $1,460,982,254. The capital funds of the briefs and proposed findings. Prior to the hearing, a banks totaled $216,862,961, not including reserves request for leave to appear as a witness to oppose for possible future loan losses in the aggregate Transamerica's application for exemption was filed by amount of $16,195,908. Attached hereto as Appendix Harry J. Harding, representing the Independent Bank- A is a list of the 25 majority controlled banks, showers Association of the Twelfth Federal Reserve Dising with respect to each bank the location of its trict. The request was granted. At the hearing, the principal office, the number of branch offices it mainaforesaid witness read a prepared statement in oppositains, the percentage of its voting shares that Transtion to Transamerica's application. The submission america owns, and its total assets as reflected by its of the statement was objected to by counsel for balance sheet as of December 31, 1956.3 Transamerica upon the ground that the matter con- 4. In addition to its shareholdings in the banks tained therein consisted entirely of argument and listed in Appendix A, Transamerica directly and presented no competent evidence bearing on the indirectly owns 28.5 per cent of the voting shares of factual issues of this proceeding. While agreeing that Citizens National Trust and Savings Bank of Los the statement submitted might not be regarded as Angeles, the total resources of which at the end of having any probative value on the factual issues, the 1956 were $487,265,946. It does not own more than undersigned nevertheless ruled that the statement 5 per cent of the voting stock of any domestic bank should be allowed to remain in the record as a brief other than those already referred to.4 amicus curiae so that the Board might have the 5. All but seven of the subsidiary domestic banks benefit of the arguments therein presented. An of Transamerica are members of the Federal Reserve order correcting errors in the transcript was entered System. The exceptions are First Western Bank and on April 9, 1957. On April 10, 1957, Transamerica Trust Company, the Bank of Nevada, the Bank of submitted proposed findings of fact, along with a New Mexico, the First Bank at Gallup (New brief in support thereof. All of such proposed findings Mexico), the Lea County State Bank (New Mexico), and the arguments contained in the brief have been considered.2 the Bank of Eastern Idaho and the Bank of Glacier County. xThe particular sections of the Act here applicable are: 6. All of Transamerica's banking subsidiaries are Sec. 4(a) Except as otherwise provided in this Act, no engaged in a general commercial banking business. bank holding company shall. . . . Their banking practices and policies do not differ (2) after two years from the date of enactment of this Act . . . retain direct or indirect ownership or control of any significantly from those of other commercial banks voting shares of any company which is not a bank or a bank located in their States of domicile. They perform the holding company. . . . (c) The prohibitions of this section shall not apply. . . . 8 Of the 25 banks listed in Appendix A, only 5 are long- (6) to shares of any company all the activities of which time subsidiaries of Transamerica—the First National Bank of are of a financial, fiduciary, or insurance nature and which Portland, the National Bank of Washington, the First National the Board after due notice and hearing, and on the basis of Bank of Nevada, the Bank of Nevada, and the First National the record made at such hearing, by order has determined Bank of Arizona. Transamerica acquired First Western Bank to be so closely related to the business of banking or of and Trust Company (San Francisco) in June 1954, and managing or controlling banks as to be a proper incident Southern Arizona Bank and Trust Company in 1955. The thereto and as to make it unnecessary for the prohibitions remaining banks listed in Schedule A were all acquired in of this section to apply in order to carry out the purposes 1956 before the effective date of the Act. of this Act; .... *At one time Transamerica also owned 99 per cent of the 2 The proposed findings are adopted to the extent that their voting shares of Bank of America National Trust and Savings terms or substance are included in or are consistent with the Association, but such shareholdings were reduced to 48 per findings made below, and to the extent not so adopted are cent in 1937, to 11 per cent in 1949, and all shares were rejected. disposed of by October 1952. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1021 LAW DEPARTMENT functions normally associated with that type of $12.50 par value stock, all of which is directly owned business, including, principally, the receipt of demand by Transamerica. Two of its 11 directors, including deposits subject to withdrawal or transfer orders of Frank N. Belgrano, Transamerica's president and depositors, the transfer of money and credit through Board chairman, are also directors of Transamerica. the check collection and clearance procedures of the 2. Occidental is engaged in the business of writing commercial banking system, and the extension of life, accident and health insurance, both ordinary and short-term business credit to provide or supplement group. It is licensed to do a general life insurance working capital for industrial, commercial and other business in 47 states (all but New York) as well as business enterprises. They also engage in other ac- in the District of Columbia, the 7 provinces of tivities commonly engaged in by commercial banks, Canada, Alaska, Hawaii, Japan and Hong Kong. It including, inter alia, the purchase of Government and does business through both branch offices and general other obligations and the making of noncommercial agencies which confine their activities to the sale of and nonindustrial loans, such as real estate loans, insurance. On December 31, 1956, it had 50 branch farm loans, loans for purchasing and carrying secu- offices and 143 general agents. rities, and personal and consumer credit loans. Each 3. Since its acquisition by Transamerica in 1930, of the banks has a savings department, and five—the Occidental has grown from a relatively small company First National Bank of Portland, the National Bank to one that now ranks, in terms of insurance in force, of Washington, the First Western Bank and Trust twelfth in the nation. It is by far the largest life insur- Company, the First National Bank of Arizona and ance company domiciled in the West. At the end of the First National Bank of Nevada—have trust 1956, Occidental had $6,707,322,930 life insurance in departments. force, of which individual policies accounted for $3,- 755,056,058 and group coverage was responsible for B. Transamerica's Nonbanking Subsidiaries $2,952,266,872.7 Total premium and annuity considerations for the year 1956 amounted to $178,290,715. 1. Apart from its bank holdings referred to above, As of December 31, 1956, it had admitted assets of Transamerica owns directly or indirectly all or a $569,544,840. Its capital stock and surplus added up majority of the shares of a number of nonbanking to $63,026,910. Profits for the year totaled $13,893,corporations operating in one or more of the States 514, of which $4,252,406 represented profits realized in which it has controlling banking interests. Its on sales of investments, and the balance represented principal nonbanking subsidiaries are a legal reserve so-called underwriting earnings. life insurance company (Occidental); six fire, casualty 4. Occidental's activities are all generally related to and automobile physical damage insurance companies,5 which, considered as a group, conduct a the solicitation, writing and servicing of life insurance and related contracts; the receipt of premiums and multiple line insurance business; two industrial comother contract considerations thereon; and the investpanies, one (General Metals Corporation) engaged in ment of the accumulated funds which it holds mainly manufacturing forgings, castings and other metal as reserves to accommodate its insurance liabilities, but products, and the other (Columbia River Packers also, in much smaller part, on account of deposit Association, Inc.) engaged in packing seafood prodliabilities, as will more fully appear below. ucts; a real estate development company (Capital Company); and a company (Allied Building Credits, 5. The policies Occidental writes, the scope of its Inc.) engaged principally in financing home con- operations, and the general character and conduct of struction and improvements. The total assets of such its other business activities are not significantly differnonbanking subsidiaries at the end of 1956 amounted ent from those of other leading life insurance comto $784,193,830 and their total capital and surplus panies engaged in the sale of the same classes of accounts aggregated $139,949,013. In addition, insurance. Transamerica has a majority owned foreign sub- 6. All the activities of Occidental are of a financial, sidiary—-Banca d'America e d'ltalia—which conducts fiduciary or insurance nature. a banking business in Italy.6 The assets of Banca d'America e d'ltalia at the end of 1956 totaled $269,- II. THE ASSERTED CLOSE RELATIONSHIP BETWEEN 444,279 and its capital funds amounted to $6,951,955. OCCIDENTAL'S ACTIVITIES AND THE BUSINESS 2. Occidental—Transamerica's largest single asset OF BANKING AND MANAGING OF BANKS —is the only nonbanking company for which Trans- A. Outline of Factual Premises upon Which the america has requested exemption from the divestment Applicant Would Support Its Exemption Request provisions of the Act. As Transamerica's other non- The Applicant advances numerous factual considerbanking subsidiaries are not involved in this proceedations in support of its claim that Occidental's activities ing, their activities are not of importance here. are such as to qualify it for exemption from divestiture C. The Business of Occidental as a "closely related" company within the purview of Section 4(c)(6) of the Act. In broad outline, the 1. Occidental, a California corporation, organized Applicant urges (1) that the business of life insurance in 1906, maintains its principal office and place of and the business of banking contain many elements in business at Los Angeles, California. At present, it common, and bear a close resemblance to each other has authorized and outstanding 1,000,000 shares of in their basic nature and operations; (2) that certain 5 Pacific Fire Insurance Company and its subsidiary, Premier of Occidental's insurance underwriting activities are Insurance Company; Manufacturers Casualty Insurance Com- functionally related to the business of banking and to pany and its subsidiary, Manufacturers Fire Insurance Com- the servicing of Transamerica's subsidiary banks; (3) pany; Paramount Fire Insurance Company; and Automotive that Occidental's lending and investment activities are Insurance Company. 6 As a foreign banking company, it is excluded from the similarly related; and (4) that Occidental, moreover, is definition of "bank" contained in Section 2(c) of the Act, and is also specifically exempted from the divestment provisions of 7 Of the total insurance in force 57 per cent arose from the Act relating to nonbanking companies by the provisions writings in the 11 Western states in which Transamerica of Section 4(c)(8). See S. Rep. 1095, Pt. 2, p. 4, 84th Cong. banks are located. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 closely related to Transamerica's "business of manag- as life insurance cash values, are distinguishable from ing and controlling banks", both because Occidental savings deposits, other funds held by Occidental for presents to Transamerica the same broad supervision the accounts of policyholders do possess essential and control problems as do its banks, and because characteristics of bank savings accounts. Such funds, Occidental as a child of the same parent is in a carried on Occidental's books as deposit liabilities, are position to provide strength and stability to Trans- classified under the following items: america's banks. For purposes of orderly presentation, (a) Supplementary contracts (settlement options): the factual considerations the Applicant advances will Standard provisions of all Occidental policies accord a be fitted where they belong into the foregoing broad policyholder during his lifetime or his beneficiary upon contentions, to be considered below in the order his death the right to select a settlement option under indicated. which the payable proceeds of the policy may be left with the Company as an investment. A like right is B. The Asserted Common Elements in the Business accorded to the owner of a policy, such as an endowof Life Insurance and the Business of Banking ment policy, that may mature before death. Many On this point, the Applicant submits in general (1) forms of settlement options are offered. The settlethat Occidental's insurance policies because of their ment amount, for example, may be left on deposit with many savings and investment characteristics are com- the company at a guaranteed interest rate, subject to parable to bank savings accounts; (2) that Occidental withdrawal on the depositor's demand, or placed in performs functions identical with those of a bank's trust with the company for distribution to designated savings department by reason of its acceptance of cer- beneficiaries during their lives or over a period of tain deposits that are subject to withdrawal and carry years. Deposits made subject to withdrawal are a fixed interest rate; (3) that life insurance companies clearly like bank savings accounts. Deposits left for like banks act as guardians of the funds of others, are distribution to beneficiaries without withdrawal privisubject to similar close governmental supervision, and leges are analogous to moneys left with the trust derequire of management comparable fiduciary obliga- partment of a bank for distribution under a testitions, attitudes and temperaments; (4) that in their mentary or other trust. lending and investment activities insurance companies (b) Dividend accumulations: A policyholder under and banks engage in overlapping, duplicating and a participating policy is entitled to leave his dividends competitive activities; (5) that corresponding skills on deposit with the company at a guaranteed interest and experience are required for bank and insurance rate. Dividends thus left on deposit are subject to company management; and (6) that, just as insurance withdrawal on demand. companies perform the equivalent of banking functions (c) Coupon deposits: Occidental writes a policy in many phases of their operations, so, too, banks form known as coupon life insurance. Under it, the engage in certain phases of insurance activity. policyholder pays a premium greater than is actually 1. Savings and investment characteristics of Occi- required to carry the insurance. The excess amounts dental policies: Occidental has 50 or 55 ordinary life are represented by coupons. As a coupon matures, policy forms and approximately 12 additional group the amount represented by it may be left with the policy forms. Some of the forms, such as annuities, Company at a guaranteed rate of interest, subject to endowment policies and retirement income policies, withdrawal at any time, or applied toward the payment are specifically and primarily designed to build cash of premiums that subsequently become due. values for the policyholder returnable in his lifetime. (d) Group rating refunds: Group policies often Moreover, all ordinary life and group life policies, provide for premium refunds contingent upon a favorexcept annual term insurance policies, develop during able experience under the plan. Such rating refunds, the lifetime of the policyholder a cash value which though withdrawable, may be left by the policyholder the policyholder upon surrender of the policy may on deposit with the insurance company in an interestwithdraw, or, without surrender, provide as security bearing deposit account as a cushion against future for a loan in equal amount. The Applicant insists that increases based upon unfavorable experience or as an the cash values thus created provide savings and inadvance payment upon later premiums. Balances left vestment characteristics comparable to those contained on deposit are withdrawable prior to their actual conin a bank savings account.8 version into premium payments. 2. Deposit accounts: Though the reserve items, such (e) Advance premiums: These are amounts deposited against premiums not yet due in an interest- 8 There is, however, a fundamental difference between the bearing deposit account. Until actually applied toward cash value of an unmatured policy and a bank savings account. An essential characteristic of a savings deposit is the payment of a premium, the amounts on deposit that the money left on deposit may, to the exact amount may be withdrawn by the policyholder. deposited, plus accumulated interest, be unconditionally withdrawn by the depositor. That is not true of the cash value (f) Discounted premiums: These are like advance of an unmatured life insurance policy. The value there repre- premiums except that they are paid in advance at a sents not the sum of the premiums paid in, part of which prescribed rate of discount. has already been applied toward insurance coverage previously provided. It represents rather the accumulated amount (g) Deposits administration fund: These are dethat is being held by the company as the reserve which the posits made to a fund created by an agreement, company actuarially requires, along with future premium pay- usually an employee pension fund plan, under which ments and interest earned on the reserve, to enable the company to meet its liabilities under the policy. As the term Occidental undertakes to credit the fund with deposits "cash surrender value" implies, withdrawal of the value may and interest earned thereon, with provisions made for not be made unconditionally, but only upon forfeit of future withdrawals from the fund to provide retirement aninsurance coverage, at least pro tanto to the proportion of the cash value withdrawn. That the amount paid the policyholder nuities for the fund's beneficiaries as and when indiis simply a cancellation refund of his developed equity in future vidual beneficiaries become eligible for retirement. insurance is confirmed by the fact that the policyholder who Funds thus placed on deposit are freely withdrawable would receive the cash but retain the insurance may do so by the employer unless he has divested himself of only by borrowing the money at interest against the pledge of his equitable interest in the reserve. the right to do so by agreement made with third Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1023 parties. Where there has been an agreement to parable to a bank with respect to the standards of divest, the fund held by Occidental is analogous to fiduciary responsibility and managerial attitudes and a trust fund managed by the trust department of a temperament that must be expected of its managebank; absent such an agreement, the fund on deposit ment. may be likened to a savings account. (b) Because the business of a life insurance com- The following table shows with respect to each of pany, like that of a bank, is affected with a public the aforesaid deposit accounts the total on deposit at interest, it, also like a bank, is made subject by law the end of the year 1956, as well as the amounts to close governmental controls. Occidental's investdeposited during that year: ment and noninvestment activities are regulated under the Insurance Code of the State of California and by the Insurance Commissioner of that State. It is also SCHEDULE OF DEPOSIT ACCOUNTS subject to tri-annual examinations by a Committee of [In thousands] the Convention of Insurance Examiners made up of representatives of both. California and other States Balance, in which Occidental does business. In addition, in Account Dec. 31, each State in which it does business it is required to 1956 procure a license for the privilege of writing insurance, to submit its policy forms for advance approval and to obtain licenses for each of its selling agents.9 Supplementary contracts not in- 4. Extent to which Occidental's lending and involving life contingencies $16,444 vestment activities are comparable to those of banks: Dividend accumulations 2,629 (a) A general idea of the character of Occidental's Coupons 16,946 lending and investment activities may be gathered Group rating refunds 3,276 from a survey of its assets. Occidental's assets, as of Advance premiums 1,992 December 31, 1956, were as follows: Discounted premiums 3,843 Mortgages $274,701,000 Deposit administration funds 419 Bonds 183,792,000 Stocks 32,196,000 Total $45,549 Collateral loans 264,000 Policy loans and liens 23,273,000 Investment real estate 10,102,000 It must be observed, however, that the deposit items Other real estate 2,673,000 shown above add up to only about 10 per cent of the Funds in escrow 434,000 total funds which Occidental is required to hold Investment income due and against its contract liabilities and from which it de- accrued 2,944,000 rives in the main its investment capital. The bulk of Cash 11,183,000 such funds is made up of reserve items, principally Premiums receivable 26,179,000 the reserve values of life insurance policies as dis- Miscellaneous 553,000 cussed above. As shown by Occidental's last annual statement, its reserve liabilities at the end of 1956 Total assets $568,294,000 were as follows: Of the items listed above, only the first six bear on Life insurance $295,893,268 the character of Occidental's investments.10 Annuities (including supple- (b) As the foregoing table shows, mortgages prementary contracts with life dominate among Occidental's assets, constituting contingencies) 58,573,987 about 49 per cent of the total. The mortgages Occi- Supplementary contracts with dental holds include FHA loans, VA loans and conlife contingencies 9,551,800 ventional type mortgages. As in the case of banks, Accidental death benefits 622,655 life insurance companies are to some extent at least Disability—active lives 2,375,499 restricted by law with regard to the mortgage loans Disability—disabled lives 2,243,529 they may acquire although the restrictions are not Miscellaneous reserves 16,626,648 precisely the same.11 It appears, however, that, unlike Accident and health policy reserves 12,551,264 9 In at least five States—California not included—banks and insurance companies are regulated by the same State offices Total $398,551,264 or departments. See New Jersey Stats. Anno., Sec. 17:1-2; Pub. Laws of Rhode Island, 1939, Ch. 660, Sec. 121 (Administrative Act of 1939); Tennessee Code Anno., off. ed., 3. Similarity in fiduciary responsibilities and gov- 1956, Titles 4-414, 45-118; Vermont Stats. 1947, Sec. 8617; ernmental controls: (a) Even though the funds from Minnesota Stats. Anno., Sec. 45.01. which Occidental derives its investment capital may 10 "Other real estate" consists of Occidental's office building, not, except in relatively small part, be strictly equated property acquired for future uses and miscellaneous foreclosure properties. "Funds in escrow" are asset items in the form of to bank savings deposits, the fact remains that such moneys on deposit against the purchase of loans or other investfunds—whether styled deposits or reserves—are funds ments. The other noninvestment items are self-explanatory. in which others have an interest, similarly to the 11 For example, Occidental may advance not more than 66% funds that are employed by a bank in its business per cent of the appraised value of the property offered as activities. As a guardian of funds held for the benefit security. In that respect the restriction is similar to that imposed on a national bank. See Section 24 of the Federal Reserve Act, of others, it is undoubtedly as important for a life as amended Aug. 11, 1955 (12 U.S.C., Sec. 371). It is, howinsurance company as for a bank to maintain public ever, more liberal than the restriction California imposes on confidence in its financial stability. Moreover, a life its State banks, which are prohibited from lending in excess of 60 per cent on such valuation (Deering's California Codes, insurance company may fairly be regarded as com- Fin. Code Anno., Sec. 1227). On the other hand, life insurance Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 banks which normally originate their own mortgage loans—similar skills are required, and there is a loans, Occidental's mortgage loans most usually are cross-adaptability of acquired experience. Moreover, not made directly, but are acquired by Occidental the financial accounting required in insurance operafrom other primary lending sources, including banks, tions has many elements of similarity with the finanbuilding and loan and savings and loan institutions, cial accounting required in banking. Five of Occiand private individuals engaged in the loan origina- dental's 11 present board members and about 30 tion business.12 Occidental's appraisal practices, risk per cent of its officers have had actual banking standards, and general administration practices with experience. However, as witnesses for the Applicant regard to mortgage loans are substantially similar to conceded, specific banking experience by managethose followed by banks, except that Occidental has ment personnel is not indispensable to the successful a much larger proportion of its mortgage loans serv- operation of a life insurance company. The same iced by others, including banks. skills and management attitudes can be developed (c) Occidental's bond portfolio constitutes the in personnel who work their way up the insurance second largest item of its assets—approximately 32 company ladder. per cent of the total. It is made up of a wide variety 6. Insurance activities by banks: As evidence of of bonds and debentures, ranging from Governments its assertion that banks engage in some insurance to industrials. Occidental's bond investments are activities, just as insurance companies engage in some generally similar to those of banks—at least banks functions comparable to banking, the Applicant calls governed by California law—except that its bonds attention to the following: may average longer in maturity. For the most part, (a) Both insurance companies and banks, the lat- Occidental's bond investment portfolio is composed ter through their trust departments, are now engaged of marketable securities acquired as a result of pur- in the expanding field of pension plan management. chases of public offerings. The record reflects, how- Where a bank's trust department engages in such ever, that since 1940 Occidental has participated in operations, it must undertake actuarial burdens and 106 private placements, in about 30 of which banks develop skills of a kind normally associated with the were also participants.13 life insurance business. As to this asserted resem- (d) The remaining asset items of a loan or in- blance, it is to be observed, however, that Occidental's vestment character require little discussion. Collateral pension plan operations, thus far at least, constitute loans represent a relatively insignificant proportion but a very minor part of its total operations. The of the total. Occidental does not seek such loans record does no disclose whether any of Transameriand rarely makes them; only two such loans were held ca's five banks which have trust departments are by it at the end of 1956. Policy loans are loans to engaged in any business of this type. Occidental policyholders against the cash values of (b) In three States—Connecticut, New York and policies. Banks also lend on the security of the Massachusetts—savings banks are permitted to write cash surrender value of policies written by life insur- life insurance directly. But, it should be noted that ance companies. Common stocks are investments this is an exception to a general prohibition against that banks are prohibited from carrying in their in- banks engaging in this type of business, a prohibition vestment portfolios, although they may qualify as which may imply recognition of a basic dissimilarity investment holdings by bank trust departments. There between the business of banking and the business of is no statutory prohibition on the proportion of Occi- insurance. Moreover, it should be observed that dental's assets that it may invest in stocks, but Occi- national banks (except in towns with a population dental's self-imposed policy is to restrict such holdings not exceeding 5,000)u as well as most State banks to a maximum of 10 per cent; the value of the stocks are not even permitted to act as agents in the writing it held at the end of 1956 came to 6 per cent. In- of life insurance.15 vestment real estate represents investments made (c) Some banks, as a promotional feature to enunder Section 1194(8) of the California Code which courage savings accounts, have plans under which allows insurance companies, but not banks, to enter depositors receive life insurance coverage under cerinto so-called "purchase and lease-back" arrange- tain circumstances.16 ments under which the insurance company purchases property and then leases the same property back to C. Extent of Occidental's Insurance Relationship with the vendor, usually for a long term of years. Affiliated and Other Banks (e) Except as noted above, Occidental does not Occidental's insurance relationships with banks are engage in any other of the many forms of lending confined to the writing of two general classes of activity commonly engaged in by commercial banks. insurance—credit life and employee group insurance. 5. Similarity of management skills and experience: To the extent that insurance companies and banks " 15 U O .S f .C th .A e . 1 9 1 2 . States in which Transamerica's banks are engage in comparable activities—such as the purchase located, only California affirmatively grants its banks authority and sale of bonds and the acquisition of mortgage to act as an insurance agent, but even so limits such authority to banks located in towns having a population of less than 5,000. (Deering's California Codes, Fin. Code Anno., Sec. companies domiciled in California, as distinguished from banks 1208.) Three other States—Arizona, Montana and New generally, have no statutory restrictions on the maximum term Mexico—allow corporations generally to act as such agents, of their mortgage loans or the proportion of their assets that without affirmatively denying the privilege to banks. may be placed in mortgages. Such companies, moreover, may 16 For example, at one California bank—not in the Translend on unimproved property. As to term and proportions, how- america family—the depositor receives life insurance coverage ever, Occidental has self-imposed restrictions not radically sufficient to guarantee a specified amount in his account if different from statutory limitations imposed on banks, and he dies before the account reaches that amount. Under it only infrequently makes mortgage loans on unimproved another plan, developed in the East, a depositor's beneficiary real estate. receives double the amount of the deposit in his account at the time of his death. So far as appears, however, the in- ^ As will be shown below in another section of this Report, surance under such plans is underwritten not by the banks the mortgage loans acquired from banks constitute but a but by independent life insurance companies, and it seems minor proportion of the total mortgage loans acquired. to be stretching a point to refer to such insurance as a bank ^ Of this, more later. activity. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1025 LAW DEPARTMENT 1. Credit life insurance: (a) This is insurance on individually.18 Occidental's total credit life insurance the life of a borrower sufficient to cancel the balance in force for Transamerica banks, as of December 31, of the indebtedness should the borrower die before 1956, amounted to $40,660,687. This was only sixrepayment. It serves the dual purpose of protecting tenths of one per cent of the $6,705,248,000 figure the lending institution's loan and of relieving the representing all life insurance that Occidental had in estate of the borrower of the indebtedness in the force on that date. Premiums received in 1956 from event of death before repayment. Occidental writes Transamerica-affiliated banks on credit life insurance two forms of credit life insurance for use by lending totaled $299,441, or 17/100 of one per cent of the institutions, both with the lending institution as the total premiums Occidental received that year from policyholder. One, called the outstanding balance all sources. In assessing the substantiality of this type, is most often used by banks to support un- relationship, another measure is to compare the secured personal loans and appliance loans. This volume of loans insured by this class of insurance to form is applied uniformly to borrowers in designated the total loans made by Transamerica banks. As of classes, covering all in the class, with the direct cost December 31, 1956, loans outstanding for all Transborne by the bank. The other, known as the single america banks aggregated $1,460,982,254. As of premium type, is more often used in automobile the same date loan balances covered by credit life lending. This form is generally extended to bank insurance amounted to $40,660,587. It thus appears borrowers at the option of the borrower, although in that less than 3 per cent of Transamerica's total loans some cases the bank may insist on the coverage, and was covered by Occidental credit life insurance. the cost of the insurance is separately charged to 2. Employee group insurance: (a) Occidental the borrower as a financing cost. writes group life, group casualty, and group retire- (b) Credit life insurance policies of the types ment insurance for the benefit of employees of emdescribed are sold by Occidental to lending institu- ployer policyholders. Such policies are available to tions generally, and are not confined to Transamerica banks as well as other employers. There is nothing banks. Occidental applies the same rate schedules on about such policies that is peculiarly related to the the policies it sells to Transamerica-affiliated banks business of banking or to the conduct of any banking as on the policies it sells to others. Substantially activity as such. Similar employee group policies are similar coverage is obtainable by banks from perhaps written by nearly all life insurance companies. 50 other insurance companies that compete with (b) At present, six of Transamerica's banking sub- Occidental for the sale of such insurance. A witness sidiaries—the so-called older banks—carry employee for the Applicant conceded that it made no difference group life, casualty and retirement policies with Occito Transamerica-affiliated banks whether such insur- dental under an umbrella insurance plan negotiated ance was written by Occidental or by any other com- by Transamerica in 1954 on behalf of all its then pany, as long as the insurance provided the banks affiliated banks.19 In addition, two other banks, both with adequate protection and was adaptable to the located in New Mexico, carry life insurance coverage loan circumstances. According to this witness, the on their employees under an Occidental policy issued principal advantage to a Transamerica bank in deal- to New Mexico Bankers Association. Moreover, an ing with Occidental rather than with some other employee group casualty policy is carried with Occicompany on this class of insurance was to be found dental by Citizens National Trust and Savings Bank in the mutual confidence and convenience of negotia- of Los Angeles, in which Transamerica holds a tion that an intra-family relationship promotes. minority interest.20 The total of Occidental's group (c) The credit life insurance aspect of Occidental's life insurance in force on December 31, 1956, under business represents but a very small part of its total employer policies written for Transamerica's subinsurance operations. Occidental's aggregate credit sidiary banks was $67,815,000. That figure is to be life insurance in force for all banks, including Trans- compared with the figure of $2,952,267,000, representing all group life insurance in force (approxiamerica banks, on December 31, 1956, was $145,mately 2.5 per cent) and with the figure of $6,705,- 364,000. That figure is to be compared with the 248,000, representing the aggregate, ordinary and figure of $6,705,248,000, representing the total life group, of all life insurance that Occidental then had insurance of all kinds that Occidental had in force in force (approximately one per cent). Total preon that date. In terms of percentage, the credit life miums during 1956 on all forms of employee group insurance in force amounted to only 2.2 per cent of life, group casualty and group retirement policies the total life insurance in force. On the basis of carried by Transamerica banks—including in this premiums received during the year 1956, the ratio is instance premiums paid by Citizens National— even less. The total premiums Occidental received amounted to $2,996,573. That figure is to be comfrom all sources in 1956 amounted to $178,290,715. pared with Occidental's total group life, casualty and Premiums on credit life insurance policies of both retirement premiums for the year, amounting to types issued to all banks, including Transamerica $97,140,775 (approximately 3 per cent) and with its banks, amounted in 1956 to $1,137,010, or approximately six-tenths of one per cent of the total premiums 18 According to the Applicant's witnesses, however, Transreceived. america was engaged at the time of the hearing in working out a master credit life insurance plan with Occidental that (d) As for Transamerica-affiliated banks, only 6 would cover all of Transamerica's banks, so that each could of the 25 are now provided with credit life insurance gain the cost advantage of the volume business. under Occidental policies.17 Such insurance is sup- 19 According to testimony in the record, plans are now under consideration to extend the umbrella plan to all subplied through group policies written with the banks sequently acquired banks. 20 Apart from the banks already adverted to, 12 additional Transamerica banks carry partial employee casualty coverage, 17 The six include five of the six so-called "older banks"— applying only to accidents occurring in the course of travel. all but the First National Bank of Arizona—and the Bank of As appears from the premium figures, the amounts involved Glacier County. are relatively insignificant. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 total premiums from all sources for the year, amount- That may occur, for example, where a requested ing to $178,290,715 (less than 2 per cent). loan is of too short a maturity to satisfy Occidental's (c) The Applicant concedes that it is not essential investment requirements. Witnesses for the Applifor its subsidiary banks to obtain their insurance cant testified that Transamerica banks have no policy from an affiliated insurer. It contends, however, that requiring that referrals by them be to Occidental an insurance affiliation is helpful and desirable, as it rather than to some competing life insurance commakes for more convenient contract negotiation, pany; similarly, that Occidental has no established gives the subsidiary banks the benefit of more objec- policy requiring that referrals by it be to Transtive and disinterested underwriting advice, and pro- america affiliated banks rather than to others. The vides the banks with a better means of checking on record reflects that unaffiliated banks make many the fairness of the rates charged. This, it says, per- more loan referrals to Occidental than do affiliated mits from the banks' point of view a more efficient banks. As to the volume of referrals of the kind imhandling of their insurance needs. mediately under review, there is no precise statistical information in the record. Some of the quantitative D. Occidental's Relationships with Affiliated and data later set out, however, peripherally bears on this Unaffiliated Banks in Its Investment subject. and Lending Activities 2. Mortgage loan purchases: (a) Occidental's principal contact with banks arises from its purchases The Applicant asserts that Occidental's operations from banks of mortgage loans. As was earlier obare functionally related to the business of banking, served, however, Occidental does not acquire such not only by virtue of its insurance activities already loans exclusively from banks—indeed the loans it reviewed, but also because, on the investment and acquires from bank sources represent but a minor lending side of its operations, Occidental is in a fraction of its total acquisitions of that kind. Other position to, and does, supplement, complement and sources include building and loan associations, savservice bank lending activities. To support that asser- ings and loan associations, mortgage companies, and tion the Applicant adduced evidence showing that individuals engaged in the mortgage loan origination Occidental in the conduct of its business has referred business. loans to banks and has had loans referred to it by (b) The following schedule in evidence, covering banks; has frequently and regularly purchased mortthe years 1954, 1955, and 1956, reflects the amount gage loans from banks; has participated with banks in of mortgage loans acquired by Occidental in those joint lending transactions, including both mortgage years from subsidiary and other banks, as well as transactions and private placements of bonds and from all other sources. debentures; and has accepted arrangements with banks for the repurchase of bank loans after the Acquired from: 1954 1955 1956 short-term payout. Additionally, the Applicant adduced evidence to show that Occidental often employs Subsidiary banks $ 0 $1,581,772 $5,039,229 banks as mortgaging servicing agents, and, at times, Other banks 2,284,615 2,060,046 4,071,286 as escrow agents or trustees in large loan participa- Totalbanks $2,284,615 $3,641,818 $9,110,515 tions. It is the purpose of this subsection of the Report to indicate the extent to which—as reflected All other sources 42,865,724 63,032,731 44,755,047 by the record—Occidental has engaged in activities Total mortgages and transactions of the kinds mentioned, both in its acquired $45,150,339 $66,674,549 $53,865,562 relations with banks generally and—more specifically —in its relations with Transamerica banking sub- Reduced to terms of percentages, it appears from sidiaries. the foregoing that in 1954 Occidental acquired only 1. Cross-referrals: As an insurance company, Oc- 5 per cent of its mortgage loans from banks, none cidental is primarily interested in long-term mortgage that year from affiliated banks; in 1955 Occidental loans and investments. Banks, on the other hand, are acquired 2.4 per cent from subsidiary banks ^ and primarily interested in short-term loans because of 3.1 per cent from unaffiliated banks, or a total of their need for greater liquidity. Occasions arise also 5.5 per cent from all banks; and in 1956 Occidental where a bank is unable to meet the loan requirements acquired 9.3 per cent from subsidiary banks and of a valued customer, either because it has reached 7.4 per cent from unaffiliated banks,23 or a total from its legal loan limits, or because the customer's re- all banks of 16.7 per cent of its aggregate mortgage quirements involve a transaction prohibited to a bank loan acquisitions during that year. but not to an insurance company, such as, for ex- (c) The limited extent to which Occidental has ample, a loan on unimproved property or a purchase dealt with Transamerica affiliated banks in the acand lease-back of real estate. For such or other quisition of mortgage loans is further reflected by reasons, banks, both affiliated and unaffiliated, often another schedule in evidence listing the mortgage loans find it desirable or expedient to refer loan applicants acquired from Transamerica affiliated banks in the to Occidental.21 Conversely, occasions also arise 11-year period beginning in 1946 and ending in 1956. where Occidental refers loan applications to a bank. That schedule shows that Occidental acquired mortgage loans from subsidiary banks in only 6 of the 21 This may be done by prearrangement, with the bank 11 years, no loans at all having been acquired in acting as agent for Occidental. As an example involving T w r i a th n s O am cc e i r d ic e a n ta s l u n b e si g d o i t a i r a i t e e s d , i t n h e N o re v c e o m rd b er r ef 1 e 9 r 5 s 6 t b o y a T r t a r n a s n a s m ac e t r i i o c n a 22 The mortgage loans, totaling $1,581,772, acquired by acting on behalf of a number of its newly acquired State Occidental in 1955, were acquired from four separate subbanks. Under it, Occidental agreed to allow these banks, sidiary banks, First National Bank of Portland, First Western which then either were at their loan limits or were unable Bank & Trust Co., Bank of Nevada, and First National Bank because of the tight money market to find other mortgage of Nevada. loan outlets, to act as agent or broker for Occidental in 23 In 1956, the mortgage loans amounting to $5,039,229 were making mortgage loans for Occidental up to specified amounts, acquired entirely from one subsidiary bank—First Western totaling for all such banks $5 million. Bank & Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1027 LAW DEPARTMENT 1949 and in the 4-year period between 1950 and cooperative loans the banks involved with Occidental 1955. No more than one bank was involved in were unaffiliated with Transamerica. The record acquisitions made during any one year in the 11- shows, moreover, that Transamerica banks frequently year period, except in 1948 when two banks were participate in such joint mortgage lending with ininvolved and in 1955 when four banks were in- surance companies other than Occidental. Thus it volved. The mortgage loans acquired from all sub- affirmatively appears, for example, that two of Transsidiary banks during that 11-year period, according america's largest banks—First Western and First Nato this schedule, totaled $14,080,941. tional Bank of Portland—have a standing arrange- (d) The record does not contain complete com- ment with Equitable Life Assurance Society of New parative figures for the same 11-year period that would York under which all their long-term farm loans are show the extent to which Transamerica banks disposed purchased by Equitable after a two-year payout. of mortgage loans to purchasers other than Occidental. 4. Participation with banks in private placements Such comparative figures are available only with of bonds and debentures: (a) Occidental, apart from respect to the six older banks for the years 1955 its mortgage loans, participates at times with banks and 1956. They show that during 1955 the six or others in the private placement of bonds and affiliated banks sold mortgage loans amounting to debentures. Arrangements may be made under which $1,852,362 to insurance companies other than Oc- banks will take the earlier maturities and Occidental cidental and, in addition, loans amounting to $6,- the later maturities. Such private placements are 561,745 to other unaffiliated purchasers, making an sometimes spearheaded by Occidental, sometimes by aggregate of $8,414,107. The aggregate of $8,414,107 others. is to be compared with the figure of $1,581,772, rep- (b) In the 15-year period since 1941, Occidental resenting the amount of mortgage loans sold by has participated in 106 private placements of bonds such Transamerica banks to Occidental in 1955. The and debentures. However, in only a minority of comparative figures show that during 1956 the six such private placements—34 to be exact—have banks Transamerica banks sold mortgage loans amounting also been participants. It is noteworthy, moreover, to $1,378,164 to insurance companies other than that, except for those instances in which the Bank Occidental plus loans amounting to $10,086,829 to of America participated while it was still an affiliate other unaffiliated purchasers. The aggregate of $11,of Transamerica, no Transamerica banking subsidiary 464,993 is to be compared with the figure $5,039,229, has ever joined Occidental in any such private placerepresenting the amount of mortgage loans sold by ment participation. Transamerica banking affiliates to Occidental in 1956. Thus, during 1955 approximately 16 per cent of 5. Occidental's other relationships with banks: (a) mortgage loans sold by such Transamerica banks Under private placement aggreements, provision is were sold to Occidental, and the balance to others. usually made for the appointment of a bank as a During 1956, a period of a tighter money market, the trustee or escrow agent. In situations where the percentage of mortgage loans sold by such Trans- placement group is developed by Occidental, it may america banks to Occidental was approximately 30 ask that one of Transamerica's banks be appointed per cent, with approximately 70 per cent sold to such trustee or escrow agent. The bank is then other mortgage outlets. placed in a position to profit by the fee it receives for the performance of such agency or trust services. 3. Participation with banks in joint or coordinated (b) When Occidental acquires a mortgage, it at mortgage loan transactions: (a) Occasions not untimes appoints the originating bank as its servicing commonly arise when Occidental is requested by agent for the mortgage loan. For such services the banks, both affiliated and unaffiliated, to engage with bank collects a fee running from Vi to % of one them in joint or coordinated lending transactions. per cent of the amount of its remittances. Of the Thus, for example, Occidental has often made ar- 75 servicing agents that Occidental now has, about rangements with banks for mortgage takeout com- 30 are banks. An analysis showing, in terms of mitments. Under such an arrangement a bank will volume, the servicing distribution of all mortgage advance money to a building contractor to finance loans held by Occidental on December 31, 1956, the construction of a home development project, was introduced in evidence. It follows: and Occidental will simultaneously agree to take over the mortgage loans from the individual purchasers as and when homes are completed and sold. Through Loan Percentage such cooperative activity the bank is able at once Service agent balance of total to accommodate a customer and gain the benefits (In thousands) of the interim financing, while maintaining a revolving Transamerica banks $15,623 5.6 fund that it may draw upon to help finance other transactions of the same kind in its community.24 Other banks 32,029 11.6 Home office 49,406 17.9 (b) The record does not supply details to show Nonbank agents the extent to which Occidental makes mortgage loans (Mortgage companies, savof such joint or coordinate character. There is testi- ings and loan, etc.) 179,663 64.9 mony, however, that in a "high percentage" of such Total 25 $276,721 100.0 24 Another and somewhat different example of a joint mortgage lending transaction to which the Applicant made specific reference involved a 10-year loan of $2,250,000 to a hotel secured by a mortgage on the real property and a chattel mortgage on the furnishings. The loan was partici- 25 The total admitted value of mortgage loans as shown pated in by Occidental and two Transamerica-affiliated banks. on Occidental's 1956 annual statement is $274,701,000. The The banks between them took $750,000 of the loan to be discrepancy is accounted for in the record as due to certain amortized monthly over a period of three years, and Occi- adjustments to the borrower's balances required by the Indental took the balance with amortization payments to it surance Commissioner to produce the admitted assets shown beginning at the end of the third year. on the statement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 E. The Asserted Close Relationship of Occidental to ture of its interest in the Bank of America. And Transamerica's Business of "Managing notwithstanding divestiture Occidental still continues or Controlling Banks" to participate with the Bank of America in private placements. Moreover, lack of affiliation has not To establish that Occidental is "closely related" blocked subsidiaries of Transamerica from achieving not only to the business of banking, but to Trans- cooperative activity in private placements with other america's business of "managing or controlling banks", lending organizations. In the field of real estate the Applicant adduced testimony that was largely lending, the record does reflect some degree of coargumentative in character. The principal points ordinated activity between Occidental and affiliated stressed are set forth below: banks, it is true. But the record also shows a far (1) It is asserted that Occidental, through the greater volume of such coordinated lending by Ocprinciple of diversification, is able to play a stabilizing cidental and unaffiliated banks. The arrangement role in the bank holding company structure of which found above, between two of Transamerica's largest it is part. To support this assertion, the Applicant banks and the Equitable Life Assurance Society for points to the substantial dividends Occidental pays the acquisition by Equitable of the banks' farm loans to Transamerica,20 dividends which provide Trans- after a short-term payout, provides striking proof america with a reservoir of capital reserves that may that coexistence in a holding company is not required be used, and at times has been used, to contribute for coordinated lending activity by a bank and an additional capital to subsidiary banks,27 thereby pro- insurance company. viding additional safety and protection to Transamerica's banks and their depositors. It may be F. As to the Effect of Divestiture on Transamerica observed that a like point could be made, and with Banking Operations equal force, as to any profitable nonbanking com- Concerning the effect that divestiture of Occidental pany that Transamerica may control. would have on Transamerica's banking operations, (2) It is asserted that the business of life insurance Oscar H. Keller, Transamerica's vice president in and the business of banking have a natural relacharge of its Banking Division, testified as follows: tionship and for that reason present to the parent Hearing Examiner: I would like to ask a very bank holding company many of the same problems broad question. If Transamerica were required to of management and control. To support this asdivest itself of Occidental, how would that prejudice sertion, the Applicant points to the facts already Transamerica in its managing or control of its subfound concerning the comparability between the busisidiary banks, or prejudice the bank subsidiaries in ness of life insurance and the business of banking the conduct of their banking business? with regard to trustee orientation, cross-adaptability The Witness: I wouldn't know at this time how of management skills and experience, financial acit would affect it. counting, and governmental regulation. As to the Hearing Examiner: Do you think it could have an significance of such common facets on the particular effect one way or another? issue in this proceeding, comment is reserved for a later section of this Report. The Witness: I don't know. Only time will answer that question, in my opinion. (3) It is asserted that because Transamerica as a Hearing Examiner: Well, can you anticipate any holding company can coordinate activities of Occidamaging effect to the business of Transamerica in dental along with those of its banks, it is better able managing or controlling the banks or any damaging to facilitate the investment and lending operations effects to the banks in the operation of the banking of each, and thereby also to serve the public inbusiness? terest. To support this assertion, the Applicant points The Witness: No, I can't anticipate any damaging to the fact that Transamerica is in a position to, and effect. I can anticipate probably some inconvenience frequently does, consult with both Occidental and to the banks, their customers, that might come about. Its banking subsidiaries on their investment practices. It is thus able, it says, to call new investment or lending opportunities to the attention of both, and III. ANALYSIS AND CONCLUSIONS to serve as an originator and conduit for effective A. As to the Meaning of the Statute and the coordinated lending activity by Occidental and its Standards to be Applied Thereunder banks. This, it adds, serves the public interest, because an insurance company and a bank acting in 1. The problem of interpretation presented: Do combination have a far broader range than either the facts found above add up to enough to support acting alone, and together can arrange for almost any a favorable determination of the Applicant's exemptype of loan that businessmen may require. tion request? The suggestion that Transamerica's retention of At the threshold of this inquiry we are met with Occidental is required for the effective promotion what are essentially questions of law, concerning the of coordinated investment and lending activities must meaning of Section 4(c)(6), the allowable area of be appraised against other record facts. Thus it ap- the Board's discretionary authority thereunder, and pears that in the field of private placement of bonds the standards, if any, that Congress intended should and debentures there has in fact been no coordinated govern the Board's determination. activity between Occidental and Transamerica bank- 2. The position of the Applicant: The Applicant ing subsidiaries, at least since Transamerica's divesti- would have the Board construe the Act as imposing no finite limitations on the "closely related" concept 26 The record discloses that Transamerica has received contained in Section 4(c)(6). It contends that when more than $30 million in dividends from Occidental since Congress charged the Board with responsibility to 1940. determine "closely related" questions, it intended to 27 In 1956, Transamerica contributed almost $7 million to grant the Board full freedom of discretionary action, the capital of subsidiary banks either by stock subscriptions or contributions to surplus. qualified only by the single requirement that all the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1029 activities of the nonbanking subsidiary for which related as an incident to banking had it intended that divestiture exemption was sought must be of a fi- any possible kind of relation, if only substantial nancial, fiduciary or insurance nature. In the Appli- enough, might be viewed by the Board as qualifying cant's view, Congress did not mean to confine the the subsidiary for exemption from divestiture. The Board to the application of any specific criteria, but "incident" requirement operates at once to modify imposed upon the Board, rather, an obligation, in the the scope of the words "closely related" and to point words of its brief, "to base its determination on all the direction of Congress' purpose. Webster's New evidence of record as to the character and business International Dictionary, Unabridged, Second Edioperations of the particular company and the simi- tion, defines the legal meaning of the noun "incident" larity of, and the relationship of, these operations as follows: "Something appertaining to, passing with, and characteristics to either the 'business of banking' or depending on another, called the principal." or 'the business of managing and controlling banks'." Bouvier's Law Dictionary, Unabridged, defines the More specifically, the Applicant argues that it would same term as follows: "This term is used both subbe wrong for the Board to interpret the phrase stantively and adjectively as a thing which either "closely related" as requiring the activities of the usually, or naturally and inseparably depends upon, nonbanking company to be related in a functional, appertains to, or follows another that is more worthy." operational or servicing sense to particular banking When the words "closely related" are read in conactivities engaged in by subsidiary banks of its parent text with the modification which follows, and incompany. The quoted phrase, the Applicant insists, terpreted in the light of the definition of "incident", must be read in its broadest sense, so as to include I think this construction fairly emerges:—that it within its compass, not only that which is functionally was Congress' purpose to have the Board exempt integrated, but that also which is generally allied or from divestiture only those financial, fiduciary, or kindred in character, and even that which is simply insurance companies that are engaged in activities proximate in terms of normal business relations. so intimately tied in with banking operations, man- Consequently, according to the Applicant, the Board agement or control as to make them in effect a reaneed not, and should not, allow its determination in sonably required part or adjunct of the banking this proceeding to be controlled by its judgment on business. Under that construction, it would be of whether Occidental may properly be found to be little materiality to the "closely related" issue, and an adjunct to Transamerica banking operations, or certainly of no controlling importance, whether or on whether Occidental's continued presence in the not the nonbanking subsidiary may be found to be Transamerica family is required for the performance related to banking in other ways, for example, in of banking activities by Transamerica's banking sub- terms of kindred characteristics or of propinquity in sidiaries. In arguing for the exemption of Occi- business contacts. dental, the Applicant, as has already been found, The construction just stated is fortified by the places some reliance upon its contention that Occi- further requirement of Section 4(c)(6), that the dental performs servicing functions for Transamerica close relationship be such "as to make it unnecessary banks—particularly in the writing of credit life and for the prohibitions of [Section 4(a) and (b)] to employee group insurance. But the principal thrust apply in order to carry out the purposes of the of its argument appears to be that Occidental should Act." A primary purpose of the Act is to confine be found "closely related", because its operations bank holding companies to activities connected with have characteristics that resemble banking and be- the management and control of banks, on the theory cause its business contacts with banks in the lending that it is in the public interest to keep bank ventures and investment field are such as to make it a natural in a field of their own, separate and apart from nonally of the business of banking. banking enterprises.28 It is clear that Congress re- 3. Construction of the statutory language: From garded financial, fiduciary and insurance companies, my own reading of the statute and its legislative his- prima facie at least, as enterprises outside the field tory, I am unable to agree that Congress intended of banking29—and this though it was made aware to confer on the Board virtually complete discretion, that such companies in certain aspects of their opwithout limiting standards, to determine what might erations possessed points of comparability with bankbe considered as closely related within the meaning ing, and though it presumably also knew that such of Section 4(c)(6). companies normally enjoyed some measure of busi- Section 4(c)(6) itself circumscribes the area of ness relations with banks. Clearly, then, Congress the Board's allowable discretion. Thus, it superim- must have expected something more than a showing poses upon the requirement that a financial, fiduciary of common traits or normal business consanguinity or insurance company, to be qualified for exemption, as a predicate for a "closely related" exemption. The must be "closely related to the business of banking key to what more was expected is to be found, I or of managing or controlling banks", two addi- think, not alone in the statute's requirement for a tional requirements. One is that the Board must find "proper incident" finding, but also in its requirement that the close relationship is such as to make the that a "closely related" exemption, if it is to be nonbanking subsidiary a "proper incident" to the allowed, must be found by the Board to be in business of banking or managing or controlling banks. harmony with the purposes of the Act. Divestiture The other is that the Board must find that the re- exemption of nonbanking companies can be reconlationship is such as to make it unnecessary for the ciled with the legislative objective of keeping bank divestiture provisions of the Act to apply in order ventures in a field of their own only if the "closely to carry out the purposes of the Act. Both of these related" provision is construed as limited in its appliadditional requirements, serve, in my view, to qualify and restrict the sense in which "closely related" may be considered. 28 H. Rep. 602, pp. 1, 11, 16, 84th Cong.; S. Rep. 1095, pp. 1, 2, 5, 84th Cong. Manifestly, Congress would not have required a 29 See, for example, H. Rep. 609, p. 11, 84th Cong.; Cong. finding that the nonbanking subsidiary must be closely Rec. Vol. 102, Pt. 5, pp. 6858, 6935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 cation to companies whose activities are so func- Committee, contained no provision such as the prestionally integrated with or required for banking op- ent Section 4(c)(6). It did have, however, a soerations as to make them in effect part and parcel called servicing exemption which excluded from the of such operations. Where nonbanking activities divestiture provisions of the bill companies engaged are found to be an adjunct to banking, it is en- solely in holding or operating bank properties, or tirely reasonable to disassociate such activities from in conducting a safe deposit business, or in serving the legislative object of keeping banking and non- a holding company and its subsidiaries in auditing, banking enterprises separate and apart—but not appraising, investment counsel, or liquidating bankotherwise. ing assets. (Compare Section 4(c)(l) of the present What has just been said also serves to suggest that Act, hereinafter referred to as the "servicing exemp- Congress intended the Board to base its "closely tion".) At the House hearings, Chairman Martin related" determinations primarily on the nature and of the Board, commenting on the divestment prodegree of the functional relationship between, on vision of H. R. 2674, recommended that, "as against the one hand, the company for which exemption is numerous specific exemptions, it would seem prefersought and, on the other, the business of banking or able to vest the administering agency with limited of managing and controlling banks as specifically authority" to exempt companies "closely related to conducted by that company's parent holding com- the business of banking or of managing or conpany and the latter's banking subsidiaries. A con- trolling banks".32 Chairman Martin explained that trary view, in my opinion, would clash with the the proposed authority should extend to "excepstatutory purpose to ban combination under single tional" cases where exemption "may actually be holding company control of both banking and non- necessary in the public interest".33 Testifying on banking enterprises. Moreover, if such direct func- the same point, Governor Robertson made plain tional integration were not contemplated, it would that the Board's recommendation contemplated that make practically meaningless at least part of the exemption should be permissible only where a non- "incident" requirement; for it is difficult to perceive banking business was operated as a part of or an how a company can be found "an incident" of the adjunct to banking activities. In response to an inmanagement or control of banks unless its own quiry from a committee member as to whether loan functions are tied to the company that manages or companies in a bank holding company group would controls. In any event, this precise question can be qualified for a "closely related" exemption, Govno longer be regarded as an open one, for me at ernor Robertson stated: ** least. As appears from Section 5(b) of the Board's Regulation Y, issued pursuant to the Bank Holding "That would be determined by the character of Company Act of 1956, the Board has already con- their business and whether or not those companies strued the "closely related" provision of Section would be considered to be merely an arm of the 4(c)(6) of the Act as having the restricted refer- bank itself. If not, I think they would be covered ence suggested above.30 For reasons earlier indi- by the bill [requiring divestiture]". cated, I am persuaded that the Regulation Y con- During the House hearings, one holding company struction comports with Congress' intent; but even witness—E. O. Jenkins, President of the First Bank if I thought otherwise, I should still be obliged to Stock Corporation—proposed an amendment to H. R. look to Section 5(b) of Regulation Y as containing 2674 which would have added a new exemption suban authoritative Board interpretation binding on me. section. The wording of the proposed subsection was substantially identical to the language now 4. Legislative history: The Legislative history tends contained in Section 4(c)(6) of the Act, except on the whole to support the statutory construction that it did not contain the present limitation to comset out above. panies of a financial, fiduciary or insurance nature, The Bank Holding Company Act was considered and, moreover, unmistakably required that all the and enacted by the 84th Congress following the sequence of events set out in the marginal note.31 H. R. activities of the nonbanking company be closely related to the business of banking or of managing or 2674, on which hearings were held by the House controlling banks. In supporting the proposed amend- 30 Section 5(b) to the extent here pertinent provides: "Any ment, Mr. Jenkins stated: ** bank holding company which is of the opinion that a com- "We also feel that reasonable discretion should be pany all the activities of which are of a financial, fiduciary, or insurance nature is so closely related to the business of given to the Board to permit continued holdings of banking or of managing or controlling banks, as conducted subsidiaries which are of service to a bank holding by such bank holding company or its banking subsidiaries, company group and engage in a clearly allied busias to be a proper incident thereto and as to make it unnecessary for the prohibitions of Section 4 of the Act to ness". (Emphasis supplied.) apply in order to carry out the purposes of the Act, may The House Committee reported out H. R. 6227, request the Board for such a determination pursuant to Section 4(c)(6) of the Act." (Emphasis supplied.) without acceding to the suggestion that the Board 31 The House Committee on Banking and Currency, after be given discretionary authority to exempt "closely holding hearings in February and March 1955 on H. R. 2674, related" companies. In its Report, the Committee reported out a revised bill, H. R. 6227 (H. Rep. 609). The expressed agreement with an objection made by House passed H. R. 6227 on June 14, 1955. The Senate Com- Comptroller Delano in 1950, on the occasion of mittee on Banking and Currency held hearings on H. R. 6227, along with S. 880 and S. 2350, in July 1955. On July hearings on an earlier bill when the Board had ad- 25, 1955, it reported out a compromise bill agreed upon in vanced a similar recommendation. Comptroller Delexecutive session—S. 2577 (S. Rep. 1095). Additional hear- ano had then illustrated what he considered to be ings were held on S. 2577 by the Senate Committee in February 1956, resulting in certain additional amendments to the vice in giving the Board broad discretionary au- S. 2577 that were reported out on Mar. 6, 1956 (S. Rep. thority, by pointing to the competitive advantage a 1095, Pt. 2). After S. 2577 was debated, the Senate amended holding company system could gain over independent H. R. 6227 by striking all its provisions and substituting therefor the text of S. 2577, and then passed H. R. 6227, banks if the Board were to find that a finance comas so amended, on Apr. 25, 1956. On Apr. 26, 1956, the House without further debate passed H. R. 6227 as amended 82 Hearings before House Committee on Banking and by the Senate, and sent the bill to the President who signed Currency on H. R. 2674, p. 18, 84th Cong., 1st Sess. it on May 9, 1956. ™Ibid., p. 14. **Ibid., p. 119. & Ibid., p. 364. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1031 pany, engaged in acquiring consumer paper from erations and were required by them to protect their other business areas and funneling such business into bank loans.41 The arguments of those who supholding company banks, was a "proper incident" to ported a "closely related" exemption, met with the business of managing, operating or controlling opposition, however.42 In an effort perhaps to make banks.36 The Committee recommended that Con- the "closely related" provision more palatable, J. gress exempt only "certain specific businesses" al- Cameron Thomson, president of Northwest Banready spelled out in the servicing exemption and de- corporation, at one point of his testimony offered a clared by the Committee to be "obviously incidental compromise proposal, which may have laid the seed to the business of banking".37 It is not, however, to for the provision the Senate ultimately adopted. be inferred from the Committee's objection to the Thomson suggested that the Board's discretionary inclusion of a "closely related" exemption that the authority to exempt "closely related" businesses be Committee construed such exemption as extending confined to financial, fiduciary or insurance combeyond companies that were engaged in business as panies.43 But Thomson also seems to have been an "arm" of banking. Indeed, the example which thinking in terms of a servicing concept. Thus, his the Committee used to support its objection pre- precise proposal was to amend Section 4(c)(l) of supposed precisely such a functional integration. S. 2350 (the section quoted above) by adding after What apparently lay at the heart of the Committee's the word company—at the second place where it objection was a fear that the Board in the exercise appears—the words, "engaged in a financial, fiduciary of its discretion to determine what was a "proper or insurance business". It is noteworthy that under incident", might find to be "proper" that which Con- Thomson's proposed reading, Section 4(c)(l) would gress would not. have required all the activities of the financial, The Senate Committee, as noted, held hearings on fiduciary, or insurance company to be "closely re- S. 880 and S. 2350, as well as on H. R. 6227 which by lated" to banking as an incident thereto. Thomson's then had already passed the House. Only S. 2350 belief that Section 4(c)(l), even as amended, would made reference to a "closely related" exemption. still be restricted to companies that serviced or were That bill in effect adopted the recommendation the adjuncts to banking operations is further revealed by Board had earlier made before the House Committee the following colloquy:44 to substitute for the numerous specific exemptions in Senator Robertson: An insurance company would the servicing subsection of H. R. 6227 authority in not be closely related to banking or would it? the Board to determine what was an incident of Mr. Thomson: Well it might be. For instance, banking. S. 2350 would have applied exemption as to banking generally, independent and bank hold- "To shares of any company engaged solely in a ing company and branch have gone more into insafe deposit or fiduciary business or any company stalment credit. There has been a service built all the activities of which the Board has determined up that is very valuable, and is in general demand to be so closely related to the business of banking or by borrowers. That is credit life—credit life inof managing or controlling banks as to be a proper surance. Credit life insurance has become an adincident thereto and as to make it unnecessary for the junct of certain types of lending in banks today. prohibitions of this section to apply to carry out the That is one type of insurance company. purpose of this Act". After the hearings, the Senate met in executive At the Senate hearings, Chairman Martin ex- session and agreed upon a compromise bill, S. 2577. pressed substantially the same position on this sub- This, with some minor modifications, ultimately beject that he had taken at the House hearings.38 Other came the law. S. 2577 separated the "closely rebank holding company witnesses also supported the lated" exemption provision from Section 4(c)(l) flexible provision in S. 2350 as against the rigidly in which it had appeared in S. 2350, and placed it defined servicing exemption subsection in H. R. in a separate section, in the form in which it now 6227. It appears to have been generally assumed, appears in the Act.45 In its Report accompanying however, that even the S. 2350 provision would be S. 2577, the Committee stated the following conapplicable only to companies that serviced or were cerning Section 4(c)(6):46 otherwise operated as an integral part or adjunct to "Exemption (6) has been included—as a necesholding company banking operations. E. O. Jenkins, sary provision to enable the administering authority arguing in support of the broader provision, indi- —to permit the retention by a bank holding comcated that he considered it applicable to situations pany of activities found to be closely related to bankof clear functional integration. As an example of ing. ... In the opinion of your committee certain the type of company he thought might be exempted activities of a financial, fiduciary, or insurance nature under it, he referred to a finance company engaged are obviously so closely related to banking as to in the origination of consumer paper that it sold only to banks.39 Witnesses for the Morris Plan 411 regard this testimony as particularly significant since it seems to have formed the basis for the example of the credit stressed that the Plan had found it imperative, belife insurance company later cited in the Senate Report to cause of the personal loan and consumer credit ac- illustrate the kind of nonbanking operation Congress thought tivities in which its banking subsidiaries were heavily ought to be considered "closely related" as "an incident" to engaged, to establish and maintain certain nonbanking ba 4 n 2 k I i b n i g d . , p. 44. 4S Ibid, p. 330. ** Ibid, p. 328. operations as an essential adjunct to its banking op- 45 Section 4(c)(l) in S. 2577 provided for automatic exerations.40 They referred especially to a credit life emptions, without the necessity for a hearing, of companies insurance company and an automobile physical dam- engaged solely in holding or operating bank needed properties, or engaged solely in conducting a safe deposit business age insurance company which, they pointed out, "or serving the holding company and banks in its system where intimately tied to their central banking op- with respect to such functions as audits, appraisals, investment counsel, or the liquidation of assets. . . ." The quoted portion was later revised to its present form—"or furnishing 36 H. Rep. 609, pp. 16, 17, 84th Cong. & Ibid. services to or performing services for such holding company 38 Hearings before Subcommittee of Senate Committee on and banks with respect to which it is a bank holding com- Banking and Currency on S. 880, S. 2350, and H. R. 6627, pany, or in liquidating assets acquired from such bank holding pp. 44, 78, 84th Cons., 1st Sess. company and such banks". 39 Ibid, p. 132. ^Ibid, pp. 151, 152, 169, 177, 178. 46 S. Rep. 1095, Pt. 1, p. 13, 84th Cong. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 require no divestment by a bank holding company. The ordinary category of services, as the Commit- For example, the operation of a credit life insurance tee saw it, included activities such as "audits, apcompany in connection with bank loans is clearly praisal, investment counsel or the liquidation of aswithin the scope of banking operations as presently sets acquired by [banks]";49 also, "advertising, public conducted. So is the operation of an insurance pro- relations, developing new business, organization, gram under which the insurance proceeds retire the operations, preparing tax returns [and] personnel".60 outstanding balance of the mortgage upon the death These are all services that banks may, and commonly of the mortgagor in cases where the bank holds the do, perform with their own personnel. Bank holding mortgage. However, there are many other activities company subsidiaries performing such services solely of a financial, fiduciary, or insurance nature which for their parent company and its subsidiary banks cannot be determined to be closely related to bank- are clearly no more than administrative departments ing without a careful examination of the particular of the bank holding company organization. They are type of business carried on under such activity. For so apparently an incident of banking operations, manthis reason your committee deems it advisable to agement or control as to require no hearing to estabprovide a forum—in which decisions concerning the lish that fact. The same cannot be said of financial, relationship of such activities to banking can be de- fiduciary or insurance company subsidiaries in a termined in each case on its merits". holding company family. Such subsidiaries, even While the Report is scarcely crystal clear on the when engaged in activities that are of service to standards Congress wanted the Board to apply, I do banking operations, do not perform the type of not think it may fairly be read as conveying the services ordinarily associated with administrative thought that Congress meant to impose on the Board operations. Determination of whether such subsidno limiting standards at all. Certainly, the Commit- iaries are operated as an "arm of subsidiary banks" tee's language would seem to exclude from "related" cannot be made except on the particular facts of each that which is simply similar in kind, such as compa- case, necessitating a hearing for that purpose. There is rable management skills or responsibilities. The Re- thus a sound basis for separation of the "closely port refers repeatedly to the relationship of "activi- related" exemption from the servicing exemption, at ties" to banking, thereby clearly implying that a func- variance with that suggested by the applicant. The tional test was meant. Moreover, and more im- statutory separation of the sections does not in my portant, the only specific examples cited in the Report view negate the construction otherwise drawn from concern situations of functional integration in which the language of the statute, and found supported genthe nonbanking activities are in effect conducted as erally by legislative history, that Congress intended reasonably required adjuncts to the business of bank- Section 4(c)(6) to require as a condition to exemping. All this, of course, is clearly consistent with the tion that the nonbanking subsidiary be an integral statutory construction advanced earlier in this Report. part or adjunct of banking operations, management, or control within the holding company system of The Applicant apparently agrees that the "closely which it is part. related" provision, when first proposed by the Board at the hearings, was set in the context of a servicing The restricted construction stated above comports exemption. But the Applicant argues that when the with the commonly understood interpretation of Sec- Senate later placed that provision in a separate sec- tion 4(c)(6) at the time the legislation was pending. tion, divorced from the servicing exemption, it After the Senate Committee reported out S. 2577, ac- "severed the cord that had tied the 'closely related' companied by its Report No. 1095, it held additional exemption to the servicing concept." Consequently, hearings on the bill. F. M. Belgrano, president of contends the Applicant, Section 4(c)(6) may not now Transamerica, appearing as a witness, urged the combe interpreted as being limited to companies which mittee to rewrite the divestiture provisions so as at serve as an "arm of subsidiary banks" or which are least to allow bank holding companies to retain the otherwise an integral part or adjunct of banking as financial, fiduciary and insurance companies they then conducted by the banks within the holding company owned. With specific reference to Section 4(c)(6), system—and this notwithstanding anything in the Mr. Belgrano stated: Board's Regulation Y to the contrary.47 I am un- "Section 4(c)(6) of the present bill, as interpreted able to agree that Congress separated the "closely in the Committee report, contemplates that the Fedrelated" exemption from the servicing exemption be- eral Reserve Board will permit a bank holding comcause it intended thereby to make clear that functional pany to continue to hold a credit life-insurance comintegration was not to be the touchstone for exemption pany, at least if its operations are wholly or largely qualification under Section 4(c)(6). After amending confined to writing insurance in connection with loans the provisions of Section 4(c)(l), as noted above, the made by subsidiary banks. This is on the theory that Senate Committee in its second Report explained its the activities of such a company are sufficiently reasons for separating the servicing exemptions, which closely related to banking to be a proper incident require no hearing, from the Section 4(c)(6) exemp- thereto". (Emphasis supplied.) tions, which do, as follows: tt Mr. Belgrano went on to argue that if that was not "Such financial, fiduciary or insurance activities contrary to the public interest, neither was the operado not come within the scope of the meaning of the tion of a straight life insurance company which was phrase 'furnishing services to or performing services "fully separated and operated in competition with all for a bank holding company.' The servicing exemp- other insurance companies".51 Mr. Belgrano's intertion should not be interpreted to include activities bepretation of Section 4(c)(6), as requiring a direct yond the ordinary category of such services". and substantial functional integration between the nonbanking subsidiary and the banking subsidiaries *7As to Section 5(b) of Regulation Y, the Applicant disputes the authority of the Board to express by general regulation a limiting view of the "closely related" exemption, 46 Ibid, Pt. 1, p. 12. ™Ibid, Pt. 2, p. 3. stating that all questions under Section 4(c) (6) must be 51 Hearings on Amendments to S. 2577 before the Senate decided on the basis of hearings held under that section. Committee on Banking and Currency, Pt. 2, p. 83, 84th « S. Rep. 1095, Pt. 2, p. 3, 84th Cong. Cong., 2d Sess. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1033 in the same holding company system, was not chal- another mold. The Board now has no choice left lenged. but to carry out the will of Congress. And if any doubt remained on that point, such What has just been said applies with equal force to doubt was finally laid at rest during the Senate debates other assertions of the Applicant that are without dion the bill. In presenting the bill which ultimately rect relevancy to the issue of functional integration. became law, Senator Robertson, the Senate manager Thus, it is argued earnestly that Transamerica should of the bill, had this to say: B3 be permitted to retain Occidental because Occidental, "Nothing is more fundamental in the Banking Act as a source of additional capital, plays a stabilizing of 1933 than the principle that banks should be re- role in the bank holding company system of which stricted to banking activities, and not engage in other it is now a member. That argument also comes too types of business. . . . The divestment requirements late and is made to the wrong forum. It, too, was of S. 2577 would correct that situation, but still would urged before Congress, and by it rejected.5* If Ocmake liberal allowance for holding companies to cidental is in a position to strengthen Transamerica, continue to carry on functions closely related to bank- and through it Transamerica's banks, so also are ing which are essential for their efficient operation". Transamerica's other profitable nonbanking enter- (Emphasis supplied.) prises. But that does not make Occidental any more The emphasized portion seems to me clearly to con- than the others an "incident" of banking. firm the correctness of the statutory construction that Other considerations relied upon by the Applicant is here reached. require more extended discussion, as they impinge, 5. Conclusion as to meaning of Section 4(c)(6): to some extent at least, upon functional relations be- For all the reasons set out above, I am persuaded, tween Occidental and Transamerica's banking suband conclude, that Section 4(c)(6) must be inter- sidiaries. They are advanced by the Applicant to preted as requiring, as a condition for exemption support the broad contention, expressed in its brief, thereunder, that the activities of the nonbanking that "Occidental is 'closely related to the business of company for which exemption is sought must be so banking' as a company whose activities bring it into functionally related to the business of banking, or of daily contact with banks and which . . . performs managing or controlling banks, as conducted by its and supplies valuable services for banks, both afparent bank holding company and the latter's banking filiated and unaffiliated." More specifically, they are subsidiaries, as to be an integral part or essential ad- referable to the findings made in Section II C above, junct of such business.53 dealing with the insurance—both employee group and credit life—that Occidental writes for banks, and to B. As to the Application of Section 4(c)(6) to the the findings made in Section II D, above, dealing with Facts of this Proceeding Occidental's business relations with banks on the investment side of its operations. With Section 4(c)(6) thus clarified, its applica- The assertion that Occidental is "closely related" tion to the facts of this particular proceeding presents to Transamerica's banks because of the employee no special difficulty. group insurance it writes for them is one that need Many of the considerations the Applicant relies not detain us long. As has been observed above, it is upon may be ruled out at once as having no significant not all business relations that fit into the statutory bearing on the issue of whether Occidental meets the frame of reference, but only those that may reason- "closely related" standards as interpreted above. ably be said to be an "incident" to "the business of Thus, the facts set out in Section II B of this report banking or of managing or controlling banks". The show only that there are respects in which the busiwriting of employee group insurance can scarcely be ness of life insurance and the business of banking said to be incident to the business of banking, as such. possess kindred characteristics. But they are of little Occidental's relationship to banks in the sale of this or no aid in establishing that Occidental's activities class of insurance is simply an ordinary business are an incident to Transamerica's banking operations relationship, not different from its relationship to any in the functional sense that Congress had in mind. other policyholder to whom it may sell insurance. The existence of a natural kinship, if such there is, Occidental does not depend on banks for the sale of between life insurance and banking may provide a such insurance, nor they on Occidental for its purcogent argument against the wisdom of a statute that chase. Moreover, the group employee insurance Ocwould not allow both businesses, on that basis alone, cidental writes for Transamerica banks represents to be operated as parts of a single holding company an insignificant part of its total writings—approxisystem. That precise argument, indeed, was forcemately one per cent in terms of insurance in force. fully presented to Congress when the bank holding The same insurance coverage may be obtained by company legislation was being considered. But Con- Transamerica's banks from other carriers and at subgress rejected that argument and cast the statute in stantially the same rates. The fact that Transameriss Cong. Rec, Vol. 102, Pt. 5, p. 6755. ca's banking subsidiaries may find it more convenient 53 Lest the scope of this construction be misunderstood, to negotiate with a member of their own family is several caveats may be noted. First, the term "essential" as not a persuasive reason to support exemption. In used above is to be considered in the sense of "reasonably required" rather than in the sense of "indispensable". Second, sum, Occidental's relations with Transamerica banks the fact that a financial, fiduciary or insurance subsidiary with regard to employee group insurance contribute is found to be an integral or required part or adjunct of nothing of substance to buttress the Applicant's conits holding company's banking operations is not alone enough to support an exemption determination. There would yet tention that Occidental is an incident to the operaremain the question of whether its activities are a "proper tions, management, or control of Transamerica's incident", a question calling for a discretionary determination banking subsidiaries. in light of all the circumstances of the case and the purposes the Act was designed to carry out. Third, the question as to Occidental's writing of credit life insurance stands whether all the activities of the financial, fiduciary or in- on a somewhat different footing. Such insurance, unsurance company must be closely related as an incident to the holding company's banking operations is not here passed 54 Hearings before Senate Committee on Banking and Curupon, since, for reasons later to be indicated, it is not essen- rency on S. 2577, Pt. 2, p. 83, 84 Cong. 2d Sess.; Cong. Rec, tial to the determination of this case. Vol 102, Pt. 5, pp. 6933-4, 6941, 6995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 like employee group insurance, does bear a specific being from nonbanking sources. It is clear, morerelationship to a banking activity. But that alone is over, that, just as Occidental does not look to Transnot enough to establish that Occidental is "closely america's banks as a primary source for such acquisirelated" to Transamerica's banking operations as an tions, so, too, Transamerica banking subsidiaries do "incident" thereto within the statutory purview. For not depend on Occidental as an outlet for mortgage purposes of determination here it is unnecessary to loans they would dispose of. This is illustrated by reach the question as to whether Congress intended, the fact that during the past 11 years, there have as a condition to exemption, that all activities of an been only 2 years in which mortgage loans were sold insurance company must be closely related to the to Occidental by more than one Transamerica bank, business of banking. For it is at least certain that and 5 years in which no mortgage loan at all was sold Congress expected much more than a casual relation- to Occidental by any Transamerica bank. In conship when it phrased the statute in terms of requiring trast, it appears that even during the years when the a relationship so close as to be an incident of bank- volume of sales by Transamerica's banks to Occiing, and as to make it unnecessary for the divestiture dental was greatest, they amounted to less than 30 provisions to apply in order to carry out the purposes per cent of the total mortgage loans sold by such of the Act. For reasons already stated, I am satis- banks, the balance having been disposed of to insurfied that Congress, even if it did not contemplate a ance companies besides Occidental as well as to total servicing relationship as a predicate for exemp- other unaffiliated purchasers. Nor does the record tion, at least contemplated that the over-all activities establish that Occidental is reasonably needed by of the subsidiary insurance company would be so Transamerica in its bank holding company system substantially knotted to the banking activities of af- for the effective promotion of coordinated investment filiated banking subsidiaries as to support a finding and lending activities. As has been found above, in that the insurance company's continued presence in the field of private placements there has in fact been the holding company system was reasonably required no coordinated activity between Occidental and for the continued efficient conduct of their banking Transamerica banking subsidiaries since Transamerica activities. I do not think such a finding is supported divested itself of its interest in the Bank of America. here. There is no suggestion in the record that Trans- And though there has been some in the field of real america acquired Occidental for its holding company estate lending, this is not necessarily attributable to system, or retained it there, because it needed Oc- affiliation. Even without affiliation, Transamerica's cidental as an adjunct to its banking operations. On banks appear to have experienced no difficulty in cothe contrary, it is conceded that Transamerica has ordinating their lending activity, where necessary, available to it some 50 unaffiliated insurance com- with that of other insurance companies and lendpanies that are in a position to provide it with the ing institutions. same insurance coverage at substantially the same Although Occidental's widespread insurance and terms. Moreover, as a general life insurance cominvestment activities touch upon Transamerica's pany, Occidental is not primarily concerned with the banking operations at scattered points, they cannot writing of credit life insurance for banks. The credit when viewed as a whole be said to be so closely life insurance it writes for Transamerica's banks is related to Transamerica banking operations as to peripheral to its principal operations and but a be an integral part or adjunct thereof. Confirmation trivial part of its total business. Whether considered that Occidental is not required for the efficient conquantitatively or in terms of need, it is not reasonduct of such banking operations is to be found in ably to be concluded that Occidental's insurance the Applicant's inability at the hearing to cite any operations are so substantially linked to the business specific respect in which Transamerica's banking of banking conducted by Transamerica's banking suboperations would be damaged if divestiture of Ocsidiaries as to warrant Occidental's exemption on that cidental were required. It was substantially conaccount as a "closely related" insurance subsidiary ceded by the Applicant at the hearing that Occidenwithin the specific contemplation of Section 4(c)(6). tal's business is not significantly distinguishable in its Nor do I think the substantial functional intergrageneral character and conduct from that of any other tion the statute requires may be spelled out from the leading life insurance company engaged in the sale contacts and dealings Occidental has with Transof the same classes of insurance. The question thus america banking subsidiaries on the investment side boils down to whether, absent a showing of a special of its operations. The business relations Occidental functional integration, a bank holding company enjoys with Transamerica banks are no more than should be allowed to retain—or to acquire, for the the normal business relations that life insurance comcontrolling considerations are, or ought to be, the panies as a class have with banks as a class in the same—a general life insurance company such as Ocusual conduct of their respective businesses. Morecidental. A proper reading of the statute, and more over, they are for the most part no different from so its legislative history requires, I am persuaded, a those which Occidental also has with various non- negative answer.55 banking enterprises whose activities similarly bring them into business contact with life insurance com- Upon the basis of the foregoing findings of fact, panies. This is made apparent when the principal and upon the entire record in the case, I make the points the Applicant stresses are put under scrutiny. following: Thus, since Occidental's principal investment activity consists of the acquisition of mortgage loans, it is to Conclusions of Law be expected that Occidental will at times purchase mortgage loans from Transamerica banks which 1. All the activities of Occidental are of a finanoperate in the area where Occidental conducts the cial, fiduciary or insurance nature. greater part of its business. The amount that Oc- 2. Occidental is not—within the meaning of Seccidental acquires from Transamerica banks, and even from banks generally, represents but a very minor part of its total acquisitions, about 80 to 90 per cent 55 See, for example, H. Rep. 609, p. 16, 84 Cong.; Cong. Rec, Vol. 102, Pt. 5, pp. 6858, 6935. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1035 tion 4(c)(6) of the Act—so closely related to the proceeding in accordance with the findings of fact business of banking or of managing or controlling and conclusions of law made above, and banks as to be a proper incident thereto and as to 2. Deny the request of Transamerica Corporation make it unnecessary for the prohibitions of Section 4 for an order under Section 4(c)(6) of the Act ex- (a) (2) of the Act to apply in order to carry out the empting Occidental Life Insurance Company of Calipurposes of the Act. fornia from application of the prohibitions of Section 4(a)(2) of the Act. Recommendation Dated at Washington, D. C, this 21st day of It is recommended that the Board of Governors of May, 1957. the Federal Reserve System (Signed) ARTHUR LEFF 1. Enter an order determining the issue in this Hearing Examiner. APPENDIX A LIST OF TRANSAMERICA'S MAJORITY CONTROLLED BANKS Number Percentage Name and location of of Resources offices Ownership California: First Western Bank and Trust Company, San Francisco 84 73.07 $909,639,176 Oregon: The First National Bank of Portland, Portland 74 58.82 891,728,316 Utah: Walker Bank & Trust Company, Salt Lake City 90.55 175,447,106 Washington: National Bank of Washington, Tacoma 21 53.64 167,111,906 Nevada: First National Bank of Nevada, Reno 18 96.09 220,330,076 Bank of Nevada, Las Vegas 5 73.26 32,986,583 Arizona: First National Bank of Arizona, Phoenix 40 61.23 229,753,095 Southern Arizona Bank and Trust Company, Tucson 95.53 96,318,552 Colorado: The American National Bank of Denver, Denver 95.04 57,277,518 Englewood State Bank, Englewood 96.22 12,976,932 The First National Bank in Fort Collins, Fort Collins 90.08 10,949,420 New Mexico: Bank of New Mexico, Albuquerque , 91.48 27,032,112 First State Bank at Gallup, Gallup 90.00 9,612,791 Lea County State Bank, Hobbs 66.38 20,979,933 Roswell State Bank, Roswell 53.50 7,985,221 Santa Fe National Bank, Santa Fe , 76.61 22,261,710 Idaho: Bank of Eastern Idaho, Idaho Falls , 98.17 12,273,298 Continental State Bank, Boise , 99.36 19,513,001 The First National Bank of Caldwell, Caldwell 98.00 17,102,291 Montana: Bank of Glacier County, Cut Bank 87.00 7,728,691 The Conrad National Bank, Kalispell 89.31 17,665,532 Montana Bank, Great Falls , 90.98 22,238,618 Wyoming: The Casper National Bank, Casper 92.67 40,001,928 The First National Bank of Laramie, Laramie 92.00 16,530,070 The First National Bank of Riverton, Riverton , 91.82 7,706,248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS DEATH OF DIRECTOR Mr. Henry Banks, who had served as a director Meetings of the Federal Open Market Committee of the Memphis Branch of the Federal Reserve were held in Washington on August 20 and Sep- Bank of St. Louis since January 1, 1953, died tember 10, 1957. on September 4, 1957. Mr. Banks was engaged The Federal Advisory Council held a meeting in farming in Clarkedale, Arkansas. in Washington on September 15-17, 1957, and met with the Board of Governors on September 17. HISTORICAL SUPPLEMENT TO MONTHLY CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS FEDERAL ADVISORY COUNCIL The 1957 edition of the historical supplement to the monthly Federal Reserve Chart Book on The Federal Reserve Bank of Minneapolis has Financial and Business Statistics will be available selected Mr. Gordon Murray, President, First for distribution early in October, on the terms National Bank of Minneapolis, as a member of indicated on page 1119. Charts will include the the Federal Advisory Council representing the latest data available on September 4, 1957. Ninth Federal Reserve District, to succeed Mr. Julian B. Baird, who resigned to become Under TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Secretary of the Treasury. Latest BULLETIN Reference INCREASE IN FEDERAL RESERVE DISCOUNT RATES Semiannually Issue Page As announced in the August BULLETIN, by Au- Banking offices: Analysis of changes in number of.... Aug. 1957 974 gust 16, 1957 nine of the twelve Federal Reserve On, and not on, Federal Reserve Par List, number of Aug. 1957 975 Banks had raised their discount rates from 3 to 3Vi per cent. By August 22 the remaining three Annually Earnings and expenses: Reserve Banks had taken similar action. Federal Reserve Banks Feb. 1957 210-211 Member banks: The effective date of the 3V£ per cent rate was Calendaryear June 1957 710-718 Wednesday, August 21, 1957 at the Federal First half of year Nov. 1956 1248 Insured commercial banks June 1957 719 Reserve Bank of St. Louis, and Friday, August Banks and branches, number of, by class and State Apr. 1957 472-473 23, 1957 at the Federal Reserve Banks of New Operating ratios, member banks June 1957 720-722 Stock Exchange firms, detailed debit and York and Cleveland. credit balances Mar. 1957 336 Banking and monetary statistics, 1956.. {{-gj J9,?.7, 1036 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication September 16 Industrial production and nonagricultural em- 79 per cent in July, a less than seasonal rise; in ployment in August remained at the June-July early September the rate was 82 per cent. level. Personal incomes and retail sales, mean- Production in the nondurable goods industrieswhile, continued to reach new highs. From early increased slightly in August as activity in the rub- August to early September, the general level of ber, chemical, and petroleum refining industries, wholesale prices was stable. Bank loans showed increased and output of textiles and apparel consome seasonal expansion. tinued at reduced levels. Output of minerals, changed little. INDUSTRIAL PRODUCTION The Board's seasonally adjusted index of indus- CONSTRUCTION trial production in August was unchanged at 144 Private housing starts advanced in August toper cent of the 1947-49 average, as activity in a seasonally adjusted annual rate of slightly more manufacturing industries showed the usual sea- than one million units. Value of new construcsonal rise. tion activity increased somewhat and was at a Auto assemblies rose substantially prior to the record seasonally adjusted annual rate of $47.5" model change-over cutbacks this month. House- billion, about 3 per cent above a year earlier. hold goods production declined slightly as output Contract awards in July were down from the of television edged off from the advanced July rate. record volume of the two preceding months, re- There were further curtailments in the aircraft in- flecting declines for most types of nonresidential dustry, but activity in most other equipment lines construction. changed little at advanced levels. Output of build- EMPLOYMENT ing materials remained at the July rate as cement Employment in nonagricultural establishments, production recovered following work stoppages continued at a record seasonally adjusted level of and lumber production declined. Steel mill op- 52.8 million in August. Unemployment declined: erations increased to 81 per cent of capacity from 400,000, to 2.6 million, as many students withdrew from the labor market. Average weekly earnings- INDUSTRIAL PRODUCTION at factories advanced somewhat, reflecting a slight 1947-49=100 increase in average hours of work. DISTRIBUTION Seasonally adjusted dollar sales at retail roseslightly further in August and were 7 per cent above a year earlier. The sustained rise since April, amounting to about 5 per cent, has reflected? mainly increases in sales at food, apparel, and department stores. In early September department store sales remained near the new high reached in August. AGRICULTURE Reflecting further improvement during August, total crop output was officially forecast as of Federal Reserve indexes, seasonally adjusted, Monthly fig- September 1 at 105 per cent of the 1947-49 averures, latest shown are for August. 1037 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 age, only 1 per cent below last year's record out- Average member bank borrowing from the Fedput. Compared with last year, indications are for eral Reserve was about $380 million greater than some decreases in wheat and cotton harvests, and excess reserves during early September, a somea rise in feed grains. what smaller amount than a month earlier. Reserves supplied principally through Federal Re- COMMODITY PRICES serve purchases of U. S. Government securities The general level of wholesale commodity were absorbed only in part by currency outflows prices was stable from early August to early Sep- and increases in required reserves. tember. Copper, steel scrap, rubber, wool, and fuel oils declined, but some metal products were SECURITY MARKET advanced and average prices of industrial com- During late August and early September yields modities remained at the new high reached in early on short-term U. S. Government securities con- August. Among farm products, ogg prices in- tinued near their midsummer highs. In the first creased substantially while livestock and corn de- half of September, 3-month bills held above the clined. 3.50 per cent Federal Reserve discount rate, and The consumer price index rose one-half of one yields on most 1958 maturities remained close to per cent further in July. The rise reflected mainly 4.00 per cent. Yields on intermediate and longincreases in meats and some other foods, but prices term issues declined from their mid-August highs, of consumer services continued to advance. but most of the decline was erased in mid-September with the announcement of a $3 billion Treas- BANK CREDIT AND RESERVES ury cash financing. The financing included three Total credit at city banks increased $350 million 4 per cent issues: a short-term certificate, a note between early August and early September-, commaturing in 5 years but redeemable at the option pared with a rise of $1.3 billion in the same period of the investor in 2Vi years, and a 12-year bond. a year ago. This year's increase reflected principally seasonal growth in business loans. Loans Yields on both corporate and State and local to food processors, commodity dealers, sales government bonds increased further in late Aufinance companies, and public utilities increased gust, but declined slightly in early September. while those to metals concerns declined. Hold- Common stock prices declined on balance from ings of U. S. Government securities changed little. mid-August to mid-September. INTEREST RATES RESERVES AND BORROWINGS - ALL MEMBER BANKS BORROWINGS A AAA AT F R. BANKS f\ k A V V EXCESS RESERVES 1 w | K FREE RESERVES A 1 . . .. 1 . . . . . . . . . .. 1955 1956 1957 Federal Reserve data. Free reserves are excess reserves less Weekly average market yields for long-term U. S. Governborrowings. Weekly averages, latest shown are for week end- ment V/i per cent bonds and for longest Treasury bills; latest ing Sept. 8. shown are for week ending Sept. 13. 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. 1041 Reserve Bank discount rates; reserve requirements; margin requirements. 1044 Federal Reserve Banks. . . 1045 Bank debits; currency in circulation. . . . . 1048 All banks: consolidated statement of monetary system; deposits and currency. 1050 All banks, by classes. . . 1051 Commercial banks, by classes. 1054 Weekly reporting member banks. 1056 Commercial loans; commercial paper and bankers' acceptances. 1058 Interest rates 1059 Security prices; stock market credit. . 1060 Savings institutions . 1061 Federal business-type activities. 1062 Federal finance 1064 Security issues 1068 Business finance 1069 Real estate credit. . . . 1071 Short- and intermediate-term consumer credit. 1074 Selected indexes on business activity. 1078 Production . 1079 Employment and earnings. 1086 Department stores 1088 Foreign trade . . 1089 Wholesale and consumer prices. . . . 1090 National product and income series. 1092 Tables published in BULLETIN, annually or semiannually—list, with references 1036 Index to statistical tables. 1121 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. 1039 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION 25: RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS -FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES: 20 HELD UNDER ~| REPURCHASE AGREEMENTS A A j DISCOUNTS AND ADVANCES ' FEDERAL RESERVE FLOAT ' i 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending Aug. 28. See p. 1041. 1040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves U. S. Govt. securities ury Cur- Treas- with F. R. Banks Week cur- rency ury Other ending Dis- Gold rency in cash F. R. Held count; stock out- cir- hold- ac- Bought under and Float Total stand- cula- ings counts Total out- repur- ad- ing tion Treas- For- Other Total Re- Exright chase vances ury eign quired 2 cess2 agreement Averages of daily figures 1956 July 4 23,791 23,748 644 1,23125,685 21,806 5,032 30,765 773 493 298 298 99318,902 18,430 472 July 11 23,836 23,826 880 1,169 2255,903 21,826 5,031 30,923 770 437 309 290 99019,040 18,285 755 July 18 23,490 23,487 849 412 25,769 21,827 5,031 30,808 768 595 320 278 98718,869 18,240 629 July 25 23,408 23,408 573 1,' 39325,393 21,828 5,032 30,632 773 556 288 267 994 18,744 18,187 557 Aug. 1 23,418 23,418 690 1,046 25,172 21,829 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 1,171 25,642 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 31 796 787 25,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12 23,858 23,829 29 1,012 ,045 25,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19 23,691 23,673 18 654 ,489 25,852 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 95 810 067 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 ,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24 23,736 23,736 564 ,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31 23,708 23,668 40 674 062 25,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7....... 23,824 23,766 58 828 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 66: 1,543 26,266 21,910 ,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 ,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 ,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 ,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19 24,785 24,489 296 555 835 27,223 21,927 ,064 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26 24,906 24,574 332 66' 2,20827,842 21,949 5,066 31,992 765 635 393 258 1,02419,790 19,086 704 1957 Jan. 2. 24,994 24,610 384 925 1,537 27,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9. 24,688 24,601 87 535 "26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16. 24,293 24,293 348 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23. 23,811 23,811 34' 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 30,607 420 329 258 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 1,00718,808 18,265 543 Feb. 20. 22,969 22,958 57' ,18824;,764 22,303 5,071 30,605 815 173 307 226 1,11618,895 18,309 586 Feb. 27. 22,854 22,854 713 217 24,813 22,303 5,073 30,544 815 297 334 382 1,13418,683 18,218 465 Mar. 6. 22,913 22,895 18 755 1,179 24,871 22,304 5,077 30,566 813 479 329 212 1,131 18,721 18,231 490 Mar. 13. 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 1,129 18,654 18,205 449 Mar. 20. 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 1,138 19,204 18,578 626 Mar. 27. 23,094 23,051 43 844 967 24,930 22,305 5,083 30,502 813 353 334 205 1,139 18,971 18,362 609 Apr. 3. 23,189 23,040 149 1,074 877 25,165 22,306 5,086 30,589 808 517 294 314 1,167 18,868 18,525 343 Apr. 10. 23,262 23,040 222 1,230 25,400 22,307 5,088 30,655 814 387 340 305 1,205 19,088 18,523 565 Apr. 17. 23,282 23,146 136 1,244 25,520 22,313 5,089 30,681 808 478 344 300 1,203 19,107 18,556 551 Apr. 24. 23,237 23,169 68 94' 1,484 25,695 22,317 5,092 30,610 791 456 390 454 1,202 19,201 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 94825,031 22,319 5,096 30,654 787 479 366 241 ,07518,845 18,368 477 May 22. 22,915 22,915 793 1,341 25,070 22,320 5,098 30,645 790 525 362 273 074 18,818 18,284 534 May 29. 22,930 22,901 29 903 979 2-"4,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5. 23,110 22,950 160 90: 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 1,059 936 24,988 22,621 5,106 30,903 791 463 379 276 ,06918,834 18,330 504 June 19. 22,930 22,880 50 1,089 1,384 25,424 22,621 5,106 30,904 782 518 389 335 ,07619,148 18,546 602 June 26. 22,951 22,888 63 1,003 1,32025,294 22,622 5,106 30,849 776 477 407 254 ,08719,171 18,625 546 July 3. 23,098 23,031 67 1,068 1,19825,387 22,623 5,107 31,150 763 546 420 296 ,07718,865 18,521 344 July 10. 23,443 23,260 183 1,213 1,11125,792 22,623 5,108 31,313 765 431 339 290 ,07719,308 18,732 576 July 17. 23,319 23,252 67 1,06: 1,2"3"6 2255,641 22,625 5,108 31,184 770 455 413 279 ,07319,200 18,636 564 July 24. 23,342 23,235 107 739 1,35125,456 22,625 5,108 30,999 774 507 385 267 ,07019,189 18,568 621 July 31. 23,360 23,084 276 553 99824,93f 22,626 5,110 r3O,91O r770 494 370 278 96118,885 18,493 392 Aug. 7. 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 ,11618,868 18,331 537 Aug. 14. 23,047 23,047 1,161 874 25,102 22,627 5,114 31,069 764 475 363 273 ,11318,786 18,195 591 Aug. 21. 23,034 23,034 931 1,227 25,211 22,625 5,116 31,055 762 513 343 270 ,20318,806^18,231 Aug. 28. 23,220 23,215 915 977 25,133 22,626 5,118 30,998 764 475 339 268 ,20318,831^18,371 Preliminary. r Revised. For other notes see following page. 1041 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v g u u t h t . g - t h s t ecu r a u c H e r g n h i p r t e d a i e u l e s e d e r e s r - - v c D o a a a n n u i d s c d n - - e ts s Float Total* s G to o c ld k T r s o c e t u i r a n u n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a n r - - y - T h c i u o r n a e r l g s a y d h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e i e r r - v ed es 2 c E es x s - 2 ment Averages of daily figures 1956 Aug.. 23,530 23,488 42 898 910 25,357 21,855 5,038 30,650 774 504 318 275 94618,783 18,224 559 Sept.. 23,728 23,695 33 792 ,198 25,737 21,880 5,043 30,803 772 523 356 237 94619,024 18,446 578 Oct.. 23,781 23,742 39 715 ,182 25,698 21,906 5,048 30,864 776 487 337 299 950 18,939 18,419 520 Nov.. 24,024 23,951 73 745 ,300 26,097 21,910 5,056 31,198 774 456 308 313 84519,169 18,579 590 Dec. 24,765 24,498 267 706 ,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 1957 Jan.. 24,092 24,056 36 432 ,343 25,905 21,989 5,067 31,040 794 335 323 276 89619,295 18,773 522 Feb.. 23,111 23,083 28 665 ,106 24,912 22,279 5,071 30,595 817 336 335 294 ,07118,816 18,302 514 Mar.. 23,061 22,997 64 859 ,024 24,968 22,305 5,081 30,568 812 423 316 216 ,13518,884 18,366 518 Apr.. 23,239 23,121 118 1,036 ,110 25,411 22,313 5,090 30,614 803 429 348 339 ,19519,087 18,580 507 May. 23,041 22,996 45 931 ,046 25,041 22,358 5,098 30,645 792 521 361 276 ,075 18,827 18,362 465 June. 22,989 22,917 72 1,009 170 25,189 22,621 5,106 30,902 782 490 393 290 ,07718,982 18,485 497 July.. 23,351 23,198 153 917 ,17525,466 22,625 5,108 31,116 769 480 377 279 ,04819,129 18,595 534 Aug.. 23,146 23,129 17 1,010 989 25,166 22,626 5,115 31,035 764 490 349 273 ,16318,834 Midyear or year-end 1929—June 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 4 2,220 4,031 2,286 5,434 .264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 91 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941_Dec 2,254 2,254 3 94 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 57825,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 53523,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 907 18,876 18,618 258 1955—Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 992 18,443 18,449 -6 1956—June End of month 1956 Aug.. 23,854 23,828 26 832 77125,480 21,858 5,041 30,757 768 422 350 252 94318,888 18,377 511 Sept.. 23,680 23,590 90 664 1,12525,487 21,884 5,046 30,768 771 535 334 227 950 18,831 18,450 381 Oct.. 23,767 23,688 79 538 910 25,236 21,910 5,054 30,839 778 495 275 297 84818,668 18,459 209 Nov.. 24,385 24,255 130 518 1,330 26,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 Dec. 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957 Jan.. 23,421 23,421 668 1,076 25,195 22,252 5,071 30,614 809 715 344 263 89118,882 18,517 365 Feb.. 22,887 22,854 33 595 1,19624,704 22,304 5,076 30,575 809 458 327 206 1,13318,576 18,294 282 Mar.. 23,149 23,040 109 994 80324,970 22,306 5,086 30,585 804 591 311 304 1,13718,629 18,512 117 Apr.. 23,169 23,169 829 93624,960 22,318 5,094 30,519 791 509 316 294 1,07918,864 18,588 276 May. 23,108 22,950 158 1,170 92625,224 22,620 5,104 30,836 788 568 360 274 1,07219,049 18,351 698 June. 23,035 22,994 41 558 1,19924,816 22,623 5,107 31,082 758 498 449 308 1,07518,376 18,543 -167 July.. 23,355 23,079 276 420 89624,691 22,627 5,111 30,933 759 504 364 296 94218,630 18,520 110 Aug.. 23,539 23,475 64 986 86525,418*22,626 31,123 477 342 285 1,19818,975 '18,279 *696 Wednesday 1957 June 5 23,108 22,950 158 538 86924,536 22,620 5,106 30,850 796 380 360 269 ,07118,536 18,381 155 June 12 22,889 22,889 1,291 934 2255,134 22,621 5,106 30,881 791 424 395 272 ,06819,031 18,412 619 June 19 22,871 22,871 1,044 1,35325,287 22,622 5,106 30,837 784 602 370 283 ,08719,052 18,692 360 June 26 22,911 22,911 824 1,02924,785 22,622 5,106 30,890 770 456 410 272 ,08718,628 18,549 79 July 3 23,404 23,168 236 1,106 1,16825,702 22,623 5,108 31,338 768 552 414 264 ,07719,020 18,484 536 July 10 23,330 23,290 40 908 98125,243 22,624 5,108 31,235 767 408 345 279 ,07418,868 18,711 157 July 17 23,374 23,307 67 644 1,34125,382 22,625 5,108 31,071 778 527 454 267 ,07318,947 18,682 265 July 24 23,461 23,185 276 406 1,016 2244,904 22,626 5,109 30,903 779 469 383 277 ,06718,759 18,536 223 July 31 23,355 23,079 276 420 896 24,691 22,627 5,111 30,933 759 504 364 296 94218,630 18,520 110 Aug. 7 23,076 23,076 808 76824,673 22,627 5,113 31,017 772 341 367 271 114 18,531 18,270 261 Aug. 14 23,050 23,050 546 97924,595 22,625 5,115 31,058 765 409 385 274 112 18,333 18,196 137 Aug. 21 23,034 23,034 709 1,02824,791 22,626 5,117 31,001 764 480 342 257 18,487^18,233 Aug. 28 23,348 23,312 36 792 772 24,935 22,626 5,119 31,007 768 484 352 274 ,202 18,594*>18,365 p 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 1043 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 e a i r n t e v y k - e s C ba o tr 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 t o r n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1956—July 18,836 4,237 1,129 7,796 5,675 1956—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 7,885 5,732 Sept 579 80 498 Oct 18,939 4,222 1,111 7,869 5,736 Oct 520 4 52 456 Nov 19,169 4,244 1,122 7,960 5,843 Nov 590 13 3 83 491 Dec 19,535 4,448 1,149 8,078 5,859 Dec 651 57 12 96 488 1957—Jan 19,295 4,316 1,126 7,996 5,857 1957—Jan 523 -10 -2 58 478 Feb 18,816 4,205 1,107 7,781 5,722 Feb 514 5 66 443 Mar 18,884 4,341 1,102 7,746 5,696 Mar 518 14 4 60 440 Apr 19,087 4,307 1,097 7,921 5,762 Apr 506 -1 -1 65 443 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 July 19,129 4,294 1,131 7,906 5,799 July 534 6 7 66 455 Week ending: Week ending: 1957—July 24 19,189 4,282 1,121 7,915 5,871 1957_july 24 622 6 70 512 July 31 18,885 4,257 1,126 7,853 5,649 July 31 392 5 65 313 Aug. 7 18,868 4,186 1,126 7,786 5,770 Aug. 7 536 2 55 479 Aug. 14 18,786 4,123 1,107 7,764 5,791 Aug. 14 590 21 2 75 492 Aug. 21 18,806 4,117 1,111 7,755 5,823 Aug. 21 2574 -4 -2 58 *522 Aug. 28 18,831 4,203 1,144 7,805 5,679 Aug. 28 2461 23 6 40 2392 Required reserves:2 Borrowings at Federal 1956—July 18,237 4,225 1,127 7,707 5,179 Reserve Banks: Aug 18,224 4,227 1,129 7,704 5,164 Sept 18,446 4,288 1,120 7,805 5,234 1956—July 738 119 50 433 136 Oct 18,419 4,214 1,107 7,817 5,281 Aug 898 168 74 461 195 Nov 18,579 4,231 1,119 7,877 5,352 Sept 792 204 93 377 118 Dec 18,883 4,392 1,138 7,983 5,371 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 July 18,595 4,288 1,124 7,840 5,344 May 909 117 169 422 201 June 1,005 200 46 531 228 Week ending: July 917 186 34 519 177 1957—July 24 18,568 4,248 1,116 7,845 5,359 July 31 18,493 4,247 1,122 7,788 5,336 Week ending: Aug. 7 18,331 4,187 1,123 7,730 5,291 1957—July 24 739 156 31 416 136 Aug. 14 18,195 4,102 1,105 7,689 5,299 July 31 553 38 7 302 206 Aug. 21 218,231 4,120 1,113 7,698 25,300 Aug. 7 1,060 304 23 541 192 Aug. 28 P18,371 4,181 1,138 7,765 25,287 Aug. 14 1,156 361 32 522 242 Aug. 21 925 350 14 388 173 Aug. 28 907 279 33 394 200 July 1956 Free reserves:2 4 Deposits: 1956—July -139 -108 -48 -344 360 Gross demand deposits: Aug -339 -158 -73 -382 274 Total 114,892 23,010 6,065 45,156 40,661 Sept -213 -204 -93 -297 380 Interbank 13,051 4,155 1,197 6,384 1,315 Oct -195 -192 -114 -246 358 Net d O e t m he a r nd deposits3... 1 9 0 8 1 , , 5 8 7 4 1 1 2 1 0 8 , , 2 8 7 5 9 5 4 5, , 3 8 0 6 6 8 3 3 8 8, ,1 7 7 7 3 3 3 3 4 9 , , 8 3 1 4 3 5 D N e o c v - - 1 3 5 7 4 - - 2 9 1 0 4 - - 1 8 4 5 0 - - 1 2 9 0 3 4 3 3 4 9 4 3 Time deposits 41,434 3,388 1,306 16,716 20,024 De f m ro a m n d d om ba e l s a t n ic c e b s an d k u s e .. 6,510 68 108 2,027 4,307 1957_ F ja e n b -1 1 2 1 6 7 - - 1 4 2 0 3 - - 4 5 0 3 - -2 1 4 7 9 2 2 3 9 6 9 9 Mar -316 -101 -253 -242 280 Apr -505 -300 -210 -263 269 July 1957 May , -444 -104 -165 -367 192 June -508 -185 -48 -486 210 July -383 -181 -28 -452 278 Gross demand deposits: Total 116,304 23,340 6,062 45,593 41,309 Week ending: Interbank 12,973 4,232 1,178 6,193 1,370 1957—July 24 -117 -122 -25 -346 376 Other 103,331 19,108 4,884 39,400 39,938 July 31 -161 -29 2 -237 107 Net demand deposits3... 99,728 20,527 5,287 38,502 35,412 Aug. 7 -524 -304 -21 -486 287 Time deposits 45,057 3,650 1,331 18,185 21,891 Aug. 14 -566 -340 -30 -447 250 Demand balances due Aug. 21 *-351 -354 -16 -330 2349 from domestic banks.. 6,422 56 103 1,981 4,281 Aug. 28 2-446 -256 -27 -354 2192 2 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

1044 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Aug. 31 beginning— rate Aug. 31 beginning— rate Aug. 31 beginning— rate Boston Aug. 13, 1957 Aug. 13,1957 Aug. 13,1957 4 New York. . . Aug. 23, 1957 Aug. 23,1957 Aug. 23,1957 WA Philadelphia.. Aug. 9, 1957 Aug. 9,1957 Aug. 9,1957 Wi Cleveland Aug. 23, 1957 Aug. 23,1957 Aug. 23,1957 Richmond. . . Aug. 19,1957 Aug. 19,1957 Aug. 19,1957 4 Atlanta Aug. 13,1957 Aug. 13,1957 Aug. 13,1957 4 Chicago Aug. 9, 1957 Aug. 9,1957 Aug. 9,1957 4 St. Louis Aug. 21,1957 Aug. 21,1957 Aug. 21,1957 4 Minneapolis.. Aug. 9, 1957 Aug. 9,1957 Aug. 9,1957 4VA Kansas City.. Aug. 9, 1957 Aug. 9,1957 Aug. 9,1957 4 Dallas Aug. 13,1957 Aug. 13,1957 Aug. 13,1957 4 San Francisco Aug. 15,1957 Aug. 15,1957 Aug. 15,1957 4 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand depositsl 1930— M M Fe a a b y r . . 1 7 2 4 h 1 1 1 9 9 9 4 4 4 2 8 6 — — — O J A a c p n t r . . . 2 3 1 5 0 2 2 k lA Ef o fe f c t c i h v a e n g d e ate C re e s n e t r r v a e l Reserve June 20 Aug. 13 city city Dec. 24 21/2 1950—Aug. 21 I* banks banks 1931—May 8 1953—Jan. 16 Oct. 9 1954_Feb. 5 WA Oct. 16 Apr. 16 IV2 1 1 9 9 3 3 2 3 — — J F M u e n a b e r . . 2 2 4 6 3 2 3 31 i / / 2 2 2 1955_A A Se p u p r g . t . . 1 9 5 5 2 IV V A A 1 1 9 9 1 3 7 6 — — J A u u n g e . 2 1 1 6 1 1 3 9i/i 1 1 0 5 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 lfA 2 17 0 1/2 Oct. 20 Aug. 24 3 1934—Feb. 2 1957—Aug. 23 31/2 1938—Apr. 16 22VA 1714 1937_Aug. 27 In effect Sept. 1, 1957 31/2 1941—Nov. 1 26 20 1942—Aug. 20 24 Sept. 14 22 1 Under Sees. 13 and 13a. as described in table above. Oct. 3 20 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1948—Feb. 27 22 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 11 24 advances secured by eligible paper. Sept. 16,24*.... 26 22 NOTE. Repurchase rate on U. S. Govt. securities. In 1955, 1956, and 1957 this rate was the same as the discount rate except in the following 1949—May 1,5* 24 21 periods (rates in percentages): 1955—May 4—6, 1.65; Aug. 4, 1.85; Sept. June 30, July 1*. 20 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Aug. 1,11*.... 1957—Aug. 22, 3.50. Aug. 16, 18*.... Aug. 25 g* il* Sept. 1 MARGIN REQUIREMENTS 1 1951—Jan. 11, 16*.... 23 19 [Per cent of market value] Jan. 25, Feb. 1*. 24 20 1953—July 1,9* 22 19 Feb. 20, Jan. 4, Effec- Prescribed in accordance with 1953- 1955- tive 1954—June 16,24*.... 21 Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, July 29, Aug. 1*. 20 1955 1955 1955 In effect Sept. 1, 1957.. 20 Regulation T: Present statutory re- For extensions of credit by brokers and quirements : dealers on listed securities 50 60 70 13 For short sales 50 60 70 Maximum 26 Regulation U: For loans by banks on stocks 50 60 70 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were effective after the close of business on those dates. 00 00 Time deposits Central Coun- re a s n er d ve Country reserve try banks city banks banks 7 3 3 n IOI/2 41/2 1214 14 2* 12 6 5 5 14 6 6 ! 16 71/2 71/2 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1045 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Aug. 28 Aug. 21 Aug. 14 Aug. 7 July 31 Aug. July Aug. Assets •Gold certificate account 21,100,39221,102,394 21,105,393 21 105,392 21,105,392 21 100,392 21 105,392 20,331,392 Redemption fund for F. R. notes.. 838,306 838,499 836,986 838,662 840,758 838,306 840,758 847,442 Total gold certificate reserves. 21,938,69821,940,893 21,942,379 21,944,05421,946,150 21,938,698 21,946,150 21,178,834 F. R. notes of other Banks 404,243 396,620 371,825 371,527 384,176 382,814 384,176 320,386 Other cash 393,018 394,149 381,647 380,209 386,694 398,413 386,694 384,831 Discounts and advances: For member banks 776,436 703,669 540,636 803,195 420,262 979,986 420,262 832,102 For nonmember banks, etc 16,000 5,000 5,000 5,000 6,000 Industrial loans 529 607 643 609 608 619 608 959 Acceptances—Bought outright 22,622 19,421 19,428 19,425 19,431 25,357 19,431 19,313 Held under repurchase agreement. 1,740 2,909 U.S. Government securities: Bought outright: Bills 576,973 298,463 314,963 341,063 343,563 739,673 343,563 940,170 Certificates—Special Notes Other.... 19,933,61219,! ,933,61219,933,6121 8 1 , , 5 3 7 6 1 2 , ,1 4 9 1 9 3 19,! 8, , 5 3 7 6 1 2, , 1 4 9 1 9 3 1059 1 3 5 2 3 , , 6 9 9 1 9 3 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 i750 2,801,750 801,750 Total bought outright 23,312,335 23,033,825 23,050,32523,076,425 23,078,92523,475,03523,078,92523.828,532 Held under repurchase agreement. 35,600 . 275,800 63,900 275,800 25,700 Total U. S. Government securities. 23,347,93523,033,82523,050,32523,076,425 23,354,72523,538,93523,354,725 23,854,232 Total loans and securities 24,163,522 23,762,522 23,616,032 23,904,654 23,795,026 24,552,637 23,795,026 24,709,515 Due from foreign banks. 22 22 22 22 22 22 22 22 Uncollected cash items.. 4,501,846 5,114,725 5,550,729 4,385,772 4,872,763 4,185,445 4,872,763 3,675,968 Bank premises 81,149 81,085 80,799 80,655 80,425 81,175 80,425 70,496 Other assets 80,076 65,423 144,142 128,127 288,187 86,333 288,187 252,823 Total assets. 51,562,574 51,755,439 52,087,57551,195,020 51,753,443 51,625,537 51,753,443 50,592,875 Liabilities Federal Reserve notes.... . 26,765,46126,754,627 26,778,642 26,744,59326,671,496 26,860,818 26,671,496 26,509,778 Deposits: Member bank reserves 18,594,09818,487 18,332,735 18,530,70618,630,26618,974,70118,630,26618,888,238 U. S. Treasurer—general account. 483,987 480 408. 341 504 477 504,451 421,537 Foreign 351,989 341 384; 366; 364; 341. 364,113 349,949 Other 273,618 256 273: 270. 296. 284; 296,158 251,608 Total deposits. 19,703,692 19,566,117 19,400,083 19,509,469 19,794,988 20,078,96319,794,988 19,911,332 deferred availability cash items 3,730,040 4,086 4,571,681 3,617,804 3,976,349 3,320,427 3,976,349 2,905,081 Other liabilities and accrued dividends. 18,716 14 14,679 13,798 13,925 19,186 13,925 18,324 Total liabilities 50,217,909.50,421,912 50,765,085 49,885,66450,456,758 50,279,394 50,456,758 49,344,515 Capital Accounts Capital paid in. 338,125 338,046 337,967 337,908 337,634 338,138 337,634 318,153 Surplus (Section 7) 747,593 747,593 747,593 747,593 747,593 747,593 747,593 693,612 Surplus (Section 13b). . 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 231,404 220,345 209,387 196,312 183,915 232,869 183,915 209,052 Total liabilities and capital accounts. 51,562,574 51,755,439 52,087,575 51,195,020 51,753,443 51,625,537 51,753,44350,592,875 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.2 47.4 47.5 47.4 47.2 46.7 47.2 45.6 Contingent liability on acceptances purchased for foreign correspondents 68,468 71,771 75,533 73,778 70,148 67,705 70,148 50,785 Industrial loan commitments. 1,918 1,839 1,814 1,793 1,795 1,815 1,795 2,447 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 792,436 708,669 545,636 808,195 420,262 985,986 420,262 832,102 Within 15 days 782;799 699,957 536,209 795,403 409,852 962,674 409,852 808,505 16 days to 90 days...... 480 8,652 9,345 7,703 10,410 23,155 10,410 23,412 91 days to 1 year 157 60 82 5,089 157 185 Industrial loans—total 529 607 643 609 608 619 608 959 Within 15 days.... 60 60 69 69 69 61 69 3 16 days to 90 days 73 73 64 63 64 70 64 64 91 days to 1 year 225 303 329 296 294 317 294 572 Over 1 year to 5 years 171 171 181 181 181 171 181 320 Acceptances—total. 22 622 19,421 19,428 19,425 19,431 27,097 19,431 22,222 Within 15 days 4 597 5,147 5,091 6,219 7,848 5,630 7,848 6,773 16 days to 90 days 18025 14,274 14,337 13,206 11,583 21,467 11,583 15,449 U. S. Government securities—total 23,347 935 23033,825 23050,32523,076,425 23354,725 23,538,935 23354,725 23,854,232 Within 15 days.... 145 123 159,063 164,963 142,100 " 188,965 135,160 " 188,965 113,780 16 days to 90 days.. 453 950 139,400 150,000 198,963 869,510 654,913 869,510 852,090 91 days to 1 year. 19,959 19,946,10519,946,10519,946,105 506,99319959,605 5,506,993 ,372,764 Over 1 year to 5 years. 680 680,635 680,635 680,635 680,635 680,635 680,635 ,087,127 Over 5 years to 10 years. 750 750,375 750,375 750,375 750,375 750,375 750,375 013,614 Over 10 years ,358 1,358,247 1,358,247 ,358,247 ,358,247 ,358,247 1,358,247 ,414,857 ifHoldings 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

1046 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Assets Gold certificate account 991,960 5,757,066 ,093,7631,871,165 ,310,602 784,1353,818,369 832,028 387,977 863,491 824,6212,565,215 Redemption fund for F. R. notes 55,619 169,432 57,444 75,295 71,847 48,220 149,934 42,144 22,411 42,208 27,070 76,682 Total gold certificate reserves, 1,047,579 5,926,4981,151,2071,946,460 1,382,449 832,3553,968,303 874,172 410,388 905,699 851,6912,641,897 F. R. notes of other Banks.., 41,030 57,130 59,104 23,275 25,473 72,570 22,521 9,470 19,458 10,056 15,450 27,277 Other cash 26,150 90,554 28,576 36,879 22,710 31,508 56,298 21,248 8,516 13,233 15,919 46,822 Discounts and advances: Secured by U. S. Govt. securities 50,125 255,490 76,665 74,091 51,575 81,680 163,500 48,550 22,283 72,050 30,875 49,200 Other 348 1,686 420 540 506 3,770 852 222 144 228 514 672 Industrial loans 318 272 29 Acceptances: Bought outright 25,357 Held under repurchase agreement 1,740 U. S. Govt. securities: Bought outright 1,280,469 5,870,660 1,370,3082,062,0001,499,8911,215,9374,097,591 970,810 506,5911,007,854 919,963 2,672,961 Held under repurchase agreement 63,900 Total loans and securities.... 1,331,260 6,218,8331,447,6652,136,6311,551,9721,301,387 4,261,9431,019,582 529,0471,080,132 951,352 2,722,833 Due from foreign banks 1 16 2 2 1 1 3 1 1 2 Uncollected cash items 304,803 756,913 254,575 386,441 325,348 319,949 741,866 161,006 117,225 198,223 205,203 413,893 Bank premises 5,119 10,471 4,603 9,328 7,165 5,789 6,559 5,638 5,136 4,791 5,621 10,955 Other assets 4,600 20,117 4,771 7,761 5,348 4,517 16,768 3,419 1,944 3,677 3,958 9,453 Total assets. 2,760,54213,080,522 2,950,503 4,546,777 3,320,466 2,568,076 9,074,2612,094,5361,091,7152,215,812 2,049,195 5,873,132 Liabilities F. R. notes 1,591,480 6,321,8771,693,950 2,541,965 2,137,7481,249,464 5,225,6241,193,245 466,327 1,066,726 709,246 2,663,166 Deposits: Member bank reserves 784,353 5,413,520 894,2391,508,594 806,861 937,6413,000,920 677,544 459,322 867,2881,032,337 2,592,082 U. S. Treasurer—general account 31,971 78,944 31,352 32,251 21,959 33,964 50,018 29,827 25,359 53,377 43,449 44,883 Foreign 19,778 296,741 23,870 30,690 17,391 15,345 48,422 12,617 8,184 12,958 17,732 38,192 Other 221,445 10,126 1,995 1,887 1,188 2,396 567 1,201 2,909 39,028 544 1,702 Total deposits 836,646 5,810,650 959,5871,573,530 848,098 988,138 3,101,756 721,690 493,432 934,8241,096,427 2,714,185 Deferred availability cash items 252,953 572,198 202,724 308,695 262,368 266,903 548,837 126,972 97,629 159,937 175,268 345,943 Other liabilities and accrued dividends 1,257 5,193 897 2,316 911 914 3,068 664 758 748 632 1,828 Total liabilities 2,682,33612,709,918 2,857,158 4,426,506 3,249,125 2,505,419 8,879,285 2,042,5711,058,146 2,162,2351,981,5735,725,122 Capital Accounts Capital paid in 17,177 99,500 21,145 32,137 15,351 16,192 45,880 11,407 7,325 13,588 18,884 39,552 Surplus (Sec. 7) 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 14,070 55,783 15,410 20,735 15,047 12,524 37,246 10,706 6,651 10,869 9,923 23,905 Total liabilities and capital accounts 2,760,54213,080,522 2,950,503 4,546,777 3,320,466 2,568,076 9,074,2612,094,5361,091,715 2,215,812 2,049,1955,873,132 Reserve ratio (per cent) 43.1 48.8 43.4 47.3 46.3 37.2 47.7 45.7 42.8 45.2 47.2 49.1 Contingent liability on acceptances purchased for foreign correspondents 3,973 318,454 4,795 6,165 3,493 3,082 9,727 2,535 1,644 2,603 3,562 7,672 Industrial loan commitments. 18 68 81 1,648 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $49,251,000 participations of other Federal Reserve 2 After deducting $245,179,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1047 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Aug. 28 Aug. 21 Aug. 14 Aug. 7 July 31 Aug. July Aug. F. R. notes outstanding (issued to Bank). 27,753,54527,722,982 27,710,41227,675,15527,686,35527,779,876 27,686,355 27,380,017 Collateral held against notes outstanding: Gold certificate account 11,978,00011,878,00011,878,00011,878,00011,878,00011,978,00011,878,00011,498,000 Eligible paper 153,435 100,370 54,675 139,820 94,255 189,265 94,255 208,677 U. S. Government securities 16,955,00016,955,00016,955,00016,955,00016,955,00016,995,00016,955,00016,985,000 Total collateral 29,086,435 28,933,370 28,887,67528,972,820 28,927,25529,162,265 28,927,25528,691,677 EACH FEDERAL RESERVE BANK ON AUGUST 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 r is a a c n n o - F. R. notes outstanding (issued to Bank) 1,663,6816,526,1681,767,2412,610,218 2:, 189,5201,310,9725,309,9141,234,611523,2491,096,913759,019 2,788,370 Collateral held: Gold certificate acct.. 580,000 3,170,000 640,0001,130,000 895,000 400,000 2,500,000 450,000130,000 300,000 283,0001,500,000 Eligible paper 68,665 48,550 72,050 U. S. Govt. securities. 1,150,000 3i600i6661,200,0001,550,0001,350,0001,000,000 3,000,000 875,0-~0~0 425 ^ 666 820,000 525,0001,500,000 Total collateral 1,730,000 6,770,0001,908,6652,680,000 2,245,000 1,400,000 5,500,0001,373,550 555,000 ,192,050 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION VI [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n o t o h f r N b u A e m r p a - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p v m e u n - e d - n o d 1 t t ) ( s a t L a m o n o u o d a t u i n - 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 a n p P f t t u m a g a a o f n t t i r u i o i n i t d o o n i t u a i c - n n s n n n i s t s - c t g i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n i t z m s e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v n u o a t d a d t e m s m r i d e e l r t i r e a a o o t b n a n i w u g o g l t d n e s u e n r i t r a e n a t s e r g l o - - 1951.. 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952.. 3,753 766,492 1,638 3,921 3,210 3,289 1952 ,159 2,124 979 803 586 1953.. 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954.. 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955.. 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 July.. 3,781 830,630 75 954 2,427 1,262 July [,445 2,724 364 273 176 Aug.. 3,781 830,995 959 2,447 1,273 Aug 1,448 2,727 351 262 174 Sept.. 3,781 831,409 938 2,416 1,262 Sept 1,456 2,737 369 276 145 Oct... 3,781 831,882 867 2,236 1,179 Oct 1,459 2,743 364 272 145 Nov.. 3,781 832,071 801 2,175 1,098 Nov 1,464 2,756 375 280 141 Dec... 3,782 832,550 794 2,365 1,129 Dec [,468 2,761 389 289 125 195-3 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 80 742 1,780 919 June 1,493 2,867 412 307 126 July.. 3,784 836,636 155 608 1,795 812 July 1,496 2,878 410 306 126 1 Includes applications approved conditionally by the Federal Reserve i Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by 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

1048 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED [In effect Aug. 31. Per cent per annum] UNDER REGULATION V* [In effect Aug. 31] To industrial or c b o u m si m ne e s rc se ia s l To financing institutions Fees In P s 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 R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e te o e f d in ( G p te u e r r a e c r s e a t n n t p t a e a g e y e a f e o b e f le an P y f e e r c e c o e c m n h t m a a r g i g e t e m d o e f nt Bank On On by borrower) borrower On commit- Portion Re- commitloans2 ments f o o i b t n r i l o s i w g t n i a h t u t i i e s c - d h m p t i i a o n o i g r n n - - ments 7 7 8 8 0 5 0 5 or less 2 2 1 1 0 5 0 5 2 2 1 1 0 5 5 0 90 30 30 P B N h o e i w s l t a o d n Y el o p r h k ia .. . . . 4 4 i 1 t 6 46-6 8 () 9 O 5 ver 95 40 3 - 5 50 40 3 - 5 50 Cleveland A R t i l c a h n m ta ond... 4 3 - * 6 4-6 8 8 Maximum Rates Fin [ a P n e c r i n c g e n I t n p st e it r u a ti n o n n u m M ] ay Charge Borrower Chicago 3^-6 S K M t a . i n n L s n o a e u s a i p s C o i l t i y s. . . . 4 4 4 - - - 6 6 6 3 3 V fc 1- * 6 31/4-6 I C n o te m re m s i t tm ra e te nt rate. lA Dallas 4-6 San Francisco 4-6 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Governe m x i c t 1 e m e R e d a n in t t e s g s f u o i n v n d e i e y n r e d a u S r s e s t . c ri . a 1 l 3 l b oa o n f s , t d h i e s c F o e u d n e ts r a o l r R p e u s r e c r h v a e s e A s c o t f . lo M an a s t , u r a i n ti d es co n m ot - m a t o i g f o e e n n 1 n t 9 c V 5 ie p 0 s o r . o f i c n t F u h e t r e h e d e B m e s r o e e a a n l t r t r d R a e a n o s g s f e a e r n c G v t c e o i i o e v B n s e , s a r , n n p o a k u r n s r s d s . a u c t a h t n e a t s p t r f o o is c c t e a h d l e u a r g D e e e i n f s t e s g n o s o e v f e t r P h n r e e o d d g u u b c a y t r i a o R n n e t e g e A u i l n c a g t - 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. * Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. « Twenty-five per cent of loan rate. Charge of l/2 per cent per annum is made on undisbursed portion. 1 Charge of 1/A 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 exceDt interbank and U. S>. Government accounts Without seasonaladjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers * centers2 City centers1 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 I953 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 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 Au2 183 819 67 279 38 206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept . 167,154 61,223 34,057 71,874 44.8 27.4 22.0 43.7 27.7 21.7 Oct 193,140 70,794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22.1 Nov 185 223 66 989 39 425 78,810 48.3 31.0 23.6 48.8 30.5 22.4 Dec 201 876 77,495 40,912 83,469 51.8 29.9 23.3 45.8 28.6 22.1 I957 Jan r204,464 76,460 42,596 '85,408 48.3 30.0 22.9 48.1 30.6 '22.7 Feb r177,492 67,035 36,886 '73,571 48.9 30.2 22.9 50.2 31.0 '23.0 Mar r197 185 74,786 42,113 '80,285 48.7 32.0 22.5 47.5 29.2 22.6 Apr r192,653 72,328 40,182 '80,144 46.9 30.3 22.3 47.6 29.4 23.0 '197,206 71,780 42,128 '83,298 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 '200,572 74,509 41,711 '84,352 49.5 30.6 23.5 50.8 31.2 23.9 Aug 190,539 68,409 40,194 81,936 44.7 *28.6 ^22.0 51.7 *31.3 *23.4 r 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 1049 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 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1 654 I 182 67 2 120 6 329 9 177 8 678 2,544 5 207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1 834 I 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—July 30,604 21,709 1,957 ,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 Sent 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 1,296 74 2,080 6,538 9,893 8,962 2,679 5,572 291 409 3 8 Nov 31,424 22,374 2,016 1,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 8 Dec 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Jan 30,614 21,597 1,990 1,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 8 Feb 30,575 21,601 1 993 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 July 30,933 21,987 2,050 1,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulationl Kind of currency T s J t o u a t 1 l n a y 9 d l 5 3 i o 7 n 1 u g , t- A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tre ca a s s h ury B F a F . a n o n R d r k . s H a B F e g a a . l e n d n R n d k t b . s s y Ju 1 ly 9 5 3 7 1, Ju 1 n 9 e 5 3 7 0, Ju 1 ly 9 5 3 6 1, certificates agents Gold 22,627 21,979 2648 Gold certificates 21,979 19,131 2,816 32 33 33 Federal Reserve notes 27 686 62* 1 399 26,225 26,329 25,975 Treasury currency—total 5,111 32,407 49 387 4,676 4,720 4,595 Standard silver dollars 488 198 30 6 255 253 239 Silver bullion 2 209 2 ?09 Silver certificates and Treasury notes of 1890.. . 32 407 293 2,114 2,163 2,116 Subsidiary silver coin 1 386 13 54 1,319 1,315 1,262 Minor coin 486 2 8 476 474 456 United States notes 347 3 26 318 321 313 Federal Reserve Bank notes 133 1 1 131 133 145 National Bank notes. 62 61 62 64 Total—July 31, 1957 (5) 24 386 759 19 131 4 601 30 933 June 30 1957 24,389 758 19,129 4,394 31,082 July 31 1956 23,600 761 18,336 4,477 30,604 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. 1042. 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 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Date Gold T s r t c o e u r i a u n n e u r n a r y g c t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o r n e m c r d i n a - m l en R t F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a a n p t o n i b e i e t d t i a t s a l l - l, c d u e T r a p o r n o e t d s n a i l c ts y C c m o a a n a u p n i c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29.. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30.. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30.. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31.. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31.. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31.. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30.. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31.. 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 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 ,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 ,836 20,632 243,394 223,585 19,807 1956—July 25., 21,800 5,000 214,900 104,900 89,700 64,500 23,400 ,800 20,400 241,800 221,400 20,400 Aug. 29., 21,900 5,000 217,000 105,500 90,900 65,400 23,700 ,800 20,600 243,900 223,000 20,900 Sept. 26., 21,900 5,000 218,000 106,700 90,500 65,200 23,600 ,800 20,800 244,900 224,000 20,900 Oct. 31., 21,900 5,100 218,900 107,300 91,000 65,500 23,800 ,800 20,500 245,800 224,800 21,000 Nov. 28., 21,900 5,100 220,800 108,200 92,200 66,200 24,300 ,700 20,400 247,800 227,000 20,700 Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957_jan. 30*>, 22,300 5,100 219,300 108,000 90,800 65,700 23,400 ,700 20,400 246,600 226,400 20,300 Feb. 27*, 22,300 5,100 218,100 108,200 89,400 64,800 22,900 ,700 20,600 245,500 225,100 20,500 Mar. 27* 22,300 5,100 219,000 109,600 88,500 63,800 23,100 ,700 20,900 246,400 225,400 20,900 Apr. 24? 22,300 5,100 221,600 110,400 90,000 65,300 23,200 ,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 ,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 ,600 21,400 249,600 229,100 20,600 July 31P, 22,600 5,100 222,400 112,200 88,800 63,900 23,400 ,500 21,400 250,100 229,300 20,800 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 u r o a e r l s a y d h s - - m s c e a a o A r v n c m i t d n ia - g l s F B . A a n R t k . s Total Total m T C e i o r m c m e ia - l de M p s o a u s v t i i u t n s a g 2 l s S P a o v s i t n a g l s p m o D d s a e e i n - - ts d * b r C o e s a i n u u n d c t r k e - - y s a d d d e T e j a p m o u n o s t a d s a t n e i l t d d s m p D o a d a s d e e n i - - - t d s b r C o s e a i n u u n d c t r k e - - y s banks banks banks3 System currency justed 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 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 ,890109,914 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 1956—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 ,700 105,400 27,400 133,500 106,100 27,400 Oct. 31.. 3,100 800 3,800 500 216,600 81,500 50,200 29,600 ,700 107,400 27,700 134,200 106,700 27,500 Nov. 28.. 3,400 800 5,200 500 217,200 80,900 49,600 29,600 ,700 108,300 28,000 134,700 107,000 27,700 Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647 111,391 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. 27*. 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 ,500107,300 27,400 135,000 107,300 27,700 May 29*. 3,200 800 5,300 500 218,300 85,600 53,500 30,600 500 104,800 27,900 134,600 106,600 28,000 June 26*. 3,400 800 4,800 500 219,700 86,300 54,000 30,900 105,500 27,800 135,100 107,200 27,900 July 31*. 3,300 800 3,700 500 221,000 86,700 54,300 30,900 ,400 106,600 27,800 136,000 108,000 28,000 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN * 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, * 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 1051 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 t b e ank Total Lo*ins o G U b o l . i v g t S a . . - O s t e h cu e - r a C s a s i 2 s ts h 2 c b a i a l l p i i n i a t d t i - a e l s Totell2 b In a t n e k r 2 - :Demand c c T a o o a p u t c i n t - a t a l s 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 T* >165 19417 9,30? 73?9? 77,068 68,74? 9 874 37 J516 75857 8194 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,??7 30,36? 101788 8,577 35415 177 337 16561? 14065 105935 45 613 10 542 14 553 1947—Dec. 314 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53 105 11 948 14,714 1950—Dec. 30 148,0?l 60,386 77 894 14741 41086 191,317 175,796 14039 7809101936 56513 13 837 14 650 1954—Dec. 31 183,784 85,617 77,728 20439 44,585 231,654 211,115 16,811 4,176116,617 73,510 17 270 14,367 1955—Dec. 31 190,780100,057 70,052 20 670 47,803 242,008 220,441 16,646 3,712123,239 76 844 18 112 14,243 1956—June 30 191,074105 5?5 64917 ?063? 43 361 238,133 215,510 15,?4? 5,7^5115850 79 187 18 811 14 206 July 25 190,860105960 64490 70410 40,770 235760 211750 14560 3290114140 79 760 18840 14 204 Dec. 31 197,063110,079 66573 ?0461 49641 250,770 227.546 17595 3,736P5 308 80908 19249 14 167 1957—Jan. 30? 194,950108,830 65680 20440 41,640 240,730 216,040 14,180 1,620118,600 81640 19,340 14,163 Feb. 27* 194,810109,350 64 870 ?0640 47 350 241 310 216 170 14780 7510117070 R7310 19 480 14 158 Mar.27P 195,440110,800 63750 20 890 41,550 241,130 215,900 14,480 3,510114,550 83360 19,520 14,160 Apr. 24* 197,650111,260 65 270 21 120 42,070 243,970 218,810 14,430 4,050116,660 83670 19,570 14,154 May 29 P 197,770111,620 64850 21 300 41,640 243,650 217,880 13,670 5,040114,710 84460 19,690 14,145 June26* 198290113,810 63 110 21 370 42,420 244,910 219,650 14,310 4,490115,650 85200 19,740 14,138 July 31* 198250112 980 63910 21 360 43,000 245,610 220 500 14,880 3,390116,670 85 560 19,980 14,135 All commercial banks: 1939—Dec. 30 40 668 17 ?38 16316 7 114 ?7,474 65 ?16 57718 9,874 37 ]513 15331 6 885 14 484 1941—Dec. 31 50746 21 714 21 808 7 225 26,551 79 104 71283 10,982 44,349 15952 7,173 14,278 1 1 9 9 4 4 5 7 — —D D e e c c . . 3 3 1 1* 1 1 2 1 4 6 0 2 1 8 9 4 ? 3 6 8 0 0 8 5 3 7 9 69 0 ,2 6 2 0 1 6 7 9 0 33 0 1 6 3 3 7 4 , 8 5 0 0 6 2 1 15 6 5 0 3 31 7 ? 7 1 1 5 4 0 4 ? 1 7 0 7 3 1 1 4 3, f0 0 6 3 5 2 1, 1 3 0 4 5 3 ,97 9 1 4,367 3 3 0 5 7 3 4 6 1 0 1 8 0, 9 0 5 5 0 9 1 14 4 , 1 0 8 1 1 1 1950—Dec. 30 126675 5?749 62 027 1?399 40789 168 937 155?65 14039 7806101917 36503 11 590 14 121 1954—Dec. 31 155916 70 619 68981 16316 43,559 202 378 184757 16,809 4,172116,567 47,209 14,576 13,840 1955—Dec. 31 160881 82601 61592 16688 46,838 210 734 192254 16,643 3,709123,187 48,715 15,300 13,716 1956—June 30 160008 86887 56620 16502 42,444 205 712 186326 15,239 5,232115,824 50,030 15,927 13,679 July 25 159580 87 140 56 190 16250 39,920 202 690 181980 14,560 3,290114,110 50,020 15,940 13,677 Dec. 31 165 1?3 90 30^ 58 557 16?69 48770 217 460 197515 17,593 3733175787 50 90S 16 302 13 640 1957_jan. 30* 162810 88930 57710 16170 40,800 207 290 185930 14,180 1,620118,570 51560 16,380 13,636 Feb. 27* 162490 89 340 56830 163?0 41510 207 680 185940 14780 7510117040 57 110 16 500 13 631 Mar.27* 162860 90 630 55740 16490 40,700 207 230 185440 14,480 3,510114,520 52930 16,520 13,633 Apr. 24* 164960 90990 57 320 16650 41,280 210 020 188340 14,430 4,050116,630 53230 16,560 13,628 May 29* 164860 91 180 56910 16770 40,840 209 460 187240 13,670 5,040114,680 53850 16,660 13,619 June26* 165290 93 280 55250 16760 41,550 210 570 188740 14,310 4,490115,620 54320 16,730 13,613 July 31* 165 100 92 360 56050 16690 42,200 211 180 189570 14,880 3,390116,640 54660 16,950 13,610 All member banks: 1939—Dec. 30 33941 13962 14328 5 651 19,782 55 361 49 340 9,410 743 27,489 11699 5,522 6,362 1941—Dec. 31 43 521 18021 19539 5961 23,123 68 121 61717 10,525 1,709 37,136 12347 5,886 6,619 1945—Dec. 31 107183 ??775 78 338 6070 79 845 138 304 1?9670 13,640 77 179 69640 74?10 7 589 6 884 1947—Dec. 31 9? 846 32628 57914 7 304 32,845 132 060 122528 12,403 1,176 80,609 28340 8,464 6,923 1950—Dec. 30 107474 44705 52 365 10355 35574 144 660 133089 13,448 ?573 87783 79 336 9695 6 873 1954—Dec. 31 131602 60250 57 809 13543 38,076 172 242 157252 15,983 3,715 99,604 37950 12,210 6,660 1955—Dec. 31 135360 70987 50697 13680 41416 179 414 163757 15,865 3 377105400 39165 P 783 6 543 1956—June 30 134428 74783 46 226 13419 37,536 174 820 158388 14,508 4,806 98,904 40 171 13,293 6,499 July 25 133966 75005 45 763 13,198 35,160 171 934 154215 13,874 2,860 97,381 40 100 13,304 6,494 Dec. 31 138768 78034 47 575 13159 42,906 184 874 167906 16,855 3,292106850 40909 13,655 6,462 1957—Jan. 30* 136579 7674? 46 767 13070 35909 175 767 157485 13559 1408101084 41434 13713 6 459 Feb. 27* 1363*77708? 46097 13?08 36,634 176?9? 1576? 3 13,674 ?44 99 838 41867 13,813 6 456 Mar.27* 136869 78318 45705 13346 35823 175949 157?70 13859 3 183 97 671 41 557 13825 6 454 Apr. 24* 13856? 78558 46,536 13468 36360 178777 159677 13,803 3582 99 511 47781 13863 6 450 May 29* 138307 78,590 46,159 13,558 36,074 177 720 158655 13,067 4,514 97773 43,301 13,947 6,445 June26* 138848 80,529 44,808 13,511 36,660 178 816 160 116 13,704 4,086 98 673 43,653 14,004 6,438 July 31P 138573 79,621 45,490 13,462 37,137 179 151 160,652 14,236 3,090 99425 43,901 14,210 6,430 All mutual saving;s banks: 1939—Dec. 30 10?16 4 977 3 101 ? 188 818 11 857 10574 10571 1309 551 1941—Dec. 31 10379 4 901 3,704 1,774 793 11 804 10533 e 10527 1,241 548 1 1 9 9 4 4 5 7 — —D D e e c c . . 3 3 1 14 1 1 6 8 ? 64 0 1 8 4 4, ? 9 7 4 9 4 1 1 0 1, 6 9 8 7 ? 8 1, ? 7 4 1 6 8 6 8 0 8 9 6 1 1 7 9 0 7 ? 1 0 4 1 1 5 77 3 6 8 3 5 1 1 3 ^ 14 1 1 5 7, 3 7 7 4 1 5 1 1, 5 8 9 8 2 9 5 5 4 33 2 1950—Dec. 30 21 346 8 137 10868 ? 34? 797 22 385 20031 3 19 70009 7747 529 1954—Dec. 31 27868 14998 8,748 4,1?3 1076 29?76 26359 3 4 50 76 307 7 694 527 1955—Dec. 31 29898 17456 8460 398? 965 31?74 ?8187 4 51 78, 1?9 ?,8P 527 1956—June 30 31066 18639 8,?97 4 130 917 324?1 29184 3 3 76 79 157 7 885 527 July 25 31,280 18,820 8,300 4,160 850 32,570 29,270 (5) (5) 30 29,240 2,900 527 Dec. 31 31,940 19,777 7,971 4,19? 970 33 311 30,037 75 30001 7947 527 1957_jan. 30* 32140 19,900 7,970 4,?70 840 33440 30 110 (5) (5) 30 30080 7 960 527 Feb. 27* 3?3?0 ?0010 7,990 4 3?0 840 33630 30?30 <5\ 30 30700 7 980 527 Mar 27* 32580 70,170 8010 4,400 850 33900 30.460 (5) (5) 30 30430 3000 527 Apr. 24* 32690 ?0?70 7,950 4,470 790 339S0 30,470 (5) (5) 30 30440 3010 526 May 29* 32910 70440 7940 4,530 800 34190 30,640 h) h) 30 30610 030 526 J Ju u l n y e2 3 6 1 * * 3 3 3 3, 0 1 0 5 0 0 ? 2 0 0, 5 6 3 2 0 0 7 7 , , 8 8 6 6 0 0 4 4, 6 6 1 70 0 8 8 7 0 0 0 3 3 4 4, 3 4 4 3 0 0 3 3 0 0, 9 9 1 30 0 (5) (5) 3 3 0 0 3 3 0 0, 8 9 8 00 0 3 3, 0 0 1 3 0 0 5 5 2 2 5 5 * Preliminary. available. Comparability of figures for classes of banks is affected some- 1 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

1052 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t i t d i t a - e a l s l Total2 b In a t n e k r 2 - Dema O nd ther c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks tions ac- Time counts3 U. S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30. . 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 .. 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 .. 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1957—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 25,646 638 451 18,836 1,722 ,351 23 1954—Dec. 31 .. 23,880 12,039 9,342 2,499 7,581 32,193 28,252 709 736 19,414 2,392 ,803 21 1955—Dec. 31.. 23,583 14,640 6,796 2,148 8,948 33,228 29,378 600 756 20,719 2,303 2,745 18 1956—June 30.. 23,270 15,373 6,011 1,885 7,753 31,801 27,775 327 1,166 18,902 2,381 805 18 July 25. . 22,771 15,252 5,643 1,876 6,817 30,356 25,929 127 514 17,950 2,338 809 18 Dec. 31 . . 23,809 15,987 6,057 1,765 8,629 33,381 29,149 987 747 19,940 2,475 873 18 1957—Jan. 30?\ 23,101 15,665 5,645 1,791 7,046 31,151 26,497 4,927 188 18,905 2,477 878 18 Feb. 27^. 23,134 15,762 5,506 1,866 7,260 31,383 26,605 059 394 18,636 2,516 892 18 Mar. 27^. 23,592 16,366 5,357 1,869 7,207 31,772 27,056 5,013 755 18,520 2,768 2; 886 18 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 29P. 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 July 31*\ 23,182 16,006 5,476 1,700 7,470 31,685 26,981 5,233 726 18,320 2,702 3,061 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,008888 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 July 25 6,187 3,500 2,057 630 1,799 8,035 7,243 1,144 142 4,661 1,296 639 13 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 2,073 584 2,029 8,254 7,315 1,140 139 A,121 1,309 658 14 Mar. 27P 6,444 2,165 594 1,706 8,203 7,127 1,212 185 4,432 1,298 651 14 Apr. 24» 6,303 1,933 612 1,893 8,251 7,313 1,182 175 4,653 1,303 655 14 May 29P 6,249 3,776 1,876 597 1,941 8,247 ,259 1,081 195 4,669 1,314 662 14 June 26P 6,293 3,893 1,847 553 1,912 8,258 ,407 1,153 305 4,630 1,319 663 14 July 31* 6,234 3,862 1,825 547 1,947 8,239 7,462 1,279 196 4,676 1,311 671 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 July 25 52,177 30,461 16,933 4,783 14,490 67,784 60,918 6,339 1,010 37,146 16,423 4,909 290 Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,79^ 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 5,124 290 Mar. 2JP 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 5.121 285 Apr. 24*> 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 38,029 17,422 120 283 May 29^ 53,401 31,574 16,830 4,997 14,807 69,518 62,299 5,809 1,716 37,153 17,621 168 282 June 26^ 53,649 32,168 16,529 4,952 15,150 70,083 62,886 6,138 1,634 37,276 17,838 195 282 July 31* 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 5,199 282 Country memberbanks: 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 13,11" 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—June30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 July 25 52,831 25,792 21,130 5,909 12,054 65,759 60,125 1,264 1,194 37,62- 20,043 4,947 6,173 Dec.31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,3r 5,046 6,141 1957—Jan. 54,380 26,349 21,992 6,039 12,156 67,500 61,597 1,283 678 39,002 20,63- 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 20,85^ 139 6,134 Mar.27* 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 37,79^ 21,165 ,167 6,137 Apr.24* 55,025 26,980 21,810 6,235 12,30 68,324 62,387 1,313 1,409 38,362 21,303 5,186 6,135 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 6,131 June26* 55,220 27,692 21,162 6,366 12,214 68,422 62,258 1,255 1,209 38,045 21,74S 5,237 6,124 July 31* 55.372 27,649 21,391 6,332 12,64 69,063 62,984 1,351 904 38,758 21,97' 5,279 6,116 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1053 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 l o . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t i t d i - t a - e a l s l Total2 b In a t n e k r 2 - Dema O nd ther Time c c T a o a o p u c i t n - t a a t l s l N ba b u o n e m f k r s counts3 U. S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76.820 69,411 10,654 1,762 41,298 15,699 6,844 13.426 1945_Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1954_Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 13,303 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1954—Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 4,789 1955—Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7.915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 State member banks: 1941_Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1954—Dec. 31 43,093 20,538 18,417 4,138 12,414 56,407 51,401 5,269 1,207 33,177 11,748 4,125 1,871 1955—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 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 ,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 6,647 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6,713 Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 314 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 AH 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 1,2: 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12,114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7,183 Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 Insured mutual savings banks: 1941_Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1.252 194 1954—Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 19,831 1,920 218 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 21,930 2,061 220 Dec. 31 24,170 15,542 5,518 3,110 739 25,28; 22,886 22,857 2,130 223 Noninsured mutual savings banks: 1941_Dec. 31 8,687 4,259 3,075 1,353 642 9.846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947_Dec. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 6,471 774 309 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 7,22! 824 307 Dec. 31 7,770 4 235 2,453 1,082 182 8,028 7,146 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

1054 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES i [In millions of dollars] Loans2 Investments p L u o r a c n h s a si f n o g r U. S. Government obligations Obli- Cla c s a s l a l o n d f d a b te ank i m T n lo a v o e n a e n t n d a s t s t l s - Total* A c tu u a g r l l r - - i- o s r e c c u ar ri r t y o i T t e in o h s g - l R o t e a a e s t - n a e l s O l u v o i d t t a i n a h o i d - l n - e s - s r O l t o h a e n r sTotal Total Bills C o d c e f e a r t b t i e i n t f s - D - i- ir N ec o t tes Bonds G t a e u n e a - d r- S p t s a i i g t o u c o o a n a l b a f t n d i - - e l t s - s O s r e i t t h c i e e u r s ers ed- diviness sions All commercial banks:3 1947_Dec. 31.... 116,28438,05718,1671,660 830 .220 9.393 5,723 1,063 78,22669.2212.193 7.789 6,034 53,191 5.276 3.729 1955—Dec. 31.... 160,88182,60133,245 4;475 3,263 ,77420,80917,185 3,117 78,280 ,5924,219 2,31814,034 41,010 12,6983,990 1956—June 30.... 160,00886,887 "3,61114,254 2,695 1,738 21,78718,3653,286 73,12256,6202,817 1,24712,727 39,815 12,992299 33,573 Dec. 31.... 165,12390,302 38^720 4,1612,589 '1, 6"91' 22,50918,850 3343 74,82158,5525,924 1,99711,82338,796 12,9013,368 1957_Mar. 14 «... 163,60290,020 38,524 4,1552,363 1,62322,44218,713 3809 73,58256,9054,842 2,26611,125 ~3~8,659 13,2423,435 AH insured commercial banks: 1941—Dec. 31..., 49,29021,259 9,2141,450 614 662 4,773 4,.545 28,03121,046 988 3,159 12,797 4,102 3,6513,333 1945_Dec. 31.... 121,80925,765 9,4611,314 3,164 3,606 4,677 2,361 1,181 96,04388,9122,45519,07116,045 5"1,321 22 3,8733,258 1947_Dec. 31.... 114,27437,58318,0121,610 823 ,190 9,266 5,665544 1,,028 76,69167.9412,124 7,552 5,918 52,334 14 5,1293,621 1955—Dec. 31.... 159,16482,08133,092 4;396 3,229 ;742 20,69217,104 3,09177,08360,7654,105 2,29213,856 40,502 10 12,4653,853 1956—June 30.... 158,34486,37435,944 4,1902,669 1,704 21,67118,284 259 71,97155,8352,751 1,22812,55239,290 1312,694",442 Dec. 31.... 163,60189,83138,5714,1012,565 1,669 22,39418,765 325 73,77057,8375,763 1,98111,,7"2"2 "3'8,358 1312,675 3,258 Member banks, total: 1941—Dec. 31..., 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 3,832 090 2,871 1945_Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900 1,104 84,40878,3382,27516,98514,27144,792 16 254 2,815 1947—Dec. 31.... 97,84632,628 1:6 ,.9 621.,046 8111,065 7,130 4,662 ,21857.9141,987 5,816 4,815 4'5-,286 10 199 3.105 1955—Dec. 31.... 135,36070,982 31,019 2,726 3,150 1,56016,39114,313 2,943 64,37750,6973,250 1,73811,508 34,192 9 ,236 1956—June 30.... 134,42874,783 33,725 2,552 1,52217,17215,330 3,087 59,64546,2262,013 84010,,332 33,029 12 10,557 2,862 Dec. 31.... 138,76878,034 36,296 2,4782,4471,47317,81115,765 3,147 60,73447,5754,383 1,469 9,49332,218 12 10,494 2,665 1957_Mar. 14.... 137,49277,760 3:6', 107 2 -'2,216 1,40217,75315,633 3,613 59,73246,2353,540 1,679 32090 12 10,780 2,716 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31.... 26,143 7,334 3,044 . 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947_Dec. 31.... 20,393 7,179 5,361 . 545 267 111 564 330 13,21411,9721,002 640 558 9,771 638 604 1955—Dec. 31.... 23,58314,640 9,126 17 2,144 511 577 1,506 1,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—June 30.... 23,27015,37310,191 1,691 494 609 1,590 1,044 7,896 6,011 325 70 1,082 4,529 1,514 371 Dec. 31.... 23,80915,98711,266 1,409 402 617 1,5"5"8" 1,049 7,822 6,057 724 194 976 4,160 1,406 358 1957_Mar. 14.... 23,79316,21311,465 1,292 373 599 1,509 1,292 7,580 5,661 444 176 895 4,142 1,578 341 Chicago:4 1941_Dec. 31.... 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1.801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1955—Dec. 31.... 6,542 3,342 2,390 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—June 30.... 6,336 3,572 2,663 170 96 133 384 187 2,764 2,088 46 3 476 1,564 489 188 Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—Mar. 14.... 6,434 3,621 2,789 160 95 135 348 180 2,813 2,209 314 26 271 1,598 465 139 Reserve city banks, 1941_Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945_Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,5521,034 6,982 5,65315,878 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 :,59120,196 373 2,358 1,90115,560 3 1,3421,053 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 1,180 23,83718,826 813 657 4,70812,643 3,7781,233 1956—June 30.... 52,07130,12213,978 520 502 676 7,357 6,306 ",265 21,94917,051 374 279 4,08612,308 4 3,8231,076 Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1,289 22,13217,368 ,185 441 3,74211,995 4 3,820 944 1957_Mar. 14.... 52,86931,30714,798 463 443 679 7,569 61446,1,468 21,56116,828 868 548 3,50211,907 4 3,770 963 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 ,12522,857 480 2,583 2,10817.681 6 2,006 1.262 1955—Dec. 31.... 52,77524,379 6,290 2,127 189 255 8,723 6,575 ,39722,5701,774 913 5,05614,825 3 4,5811,246 1956—June 30.... 52,75225,716 6, ,019 223 257 9,073 7,050 590 27,03521,0761,267 489 4,68814,628 4 4,7311,228 Dec. 31..., 54,57126,491 7,0801,972 334 261 9,407 7,256 28,08022,0372,362 792 4,45814,420 4 4,8271,215 1957—Mar. 14... 54,39626,619 7,055 2",003 321 256 9,451 7,330 27,77721,5371,914 929 4,24614,444 4 4,9681,272 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 2,226 1,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2.255 755 1956—June 30... 25,60512,114 2,385 1,702 110 216 4,625 3,036 20013,49210,406 805 407 2,396 6,797 2,374 712 Dec. 31... 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 e Estimated. membership, insurance status, and the reserve classifications of cities and 1 All commercial banks in the United States. These figures exclude individual banks, and by mergers, etc. data for banks in U. S. possessions except for one bank in Alaska that 2 Beginning June 30, 1948, figures for various loan items are shown became a member bank on Apr. 15, 1954. During 1941 three mutual gross (i. e., before deduction of valuation reserves); they do not add to the savings banks became members of the Federal Reserve System; these total and are not entirely comparable with prior figures. Total loans banks are included in member banks but are not included in all insured continue to be shown net. commercial banks or all commercial banks. Comparability of figures For other notes see opposite page. for classes of banks is affected somewhat by changes in Federal Reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1055 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n e v t e v - h k e r e s s al C va i a n u s l h t b m a a w n d e n o i c s k t - e t h s i s c 5 j p u m o s a d a t d s e e n - i - t d d s 6 m D e I o s n 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 t s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e t n e f c r r c i d t d . s - k i ' - s, p a v n a s p i t I d h d r i n o o t u i d r n p c n a a i e s o s - l - , r s r - , - I b n a t n er k - P G U S i a o n o . a n s g v v d t S s a - t . . l v S p s i a u i o s t c a n i b l a o t i d d e l t n - i s s - p a v n s a p t I i h i d r d o n o t i u r d n p n c a a i e o s s - - l , r r s - - , r B in o o g w r s - - c C o a t a u c a p - n l i t - s AH commercial banks: 3 1947—Dec. 31.... 17.796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 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 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—Mar. 14"... 18,627 2,875 10,345 108,290 11,453 1,582 2,040 9,998 3,093 105,731 1,486 328 2,522 49,7481,70816,483 AH insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 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 40,0281,56413,796 New York City:* 1941_Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 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:* 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 1 2,844 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 1957—Mar. 14.... 7,624 697 2,033 33,173 5,851 277 704 2,667 768 34,683 294 114 995 16,139 592 5,101 Country banks: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25.203 17 45 337 14.177 23 2,934 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—June 30.... 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 1957—Mar. 14.... 5,542 1,319 4,099 37,287 1,275 14 711 4,533 860 33,381 31 143 912 19,981 287 5,162 All nonmember banks: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 27 2,649 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 4 Central reserve city banks. reported as in process of collection. 5 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

1056 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e t n n d a s t s l t s - j i L m u n a s o a v e n t d a e e n d - n s d t t s s - i j L us o a t d a e - n d s * C i m t n a c r o d i n i e a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U l t o i n i o o g o . b d v a S n - b t - d . s . r e o O a c k t s l 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 s u t i e h e r r s - s e i- 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 a f e i e e d f i t b s i n e r - - 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 Aug 86,563 85,292 51,04328,517 451 2,116 1,243 8,70810,873 26,487 565 900 5,817 19,205 7,762 1,271 1957 July 88,287 87,097 53,83431,587 430 ,710 1,157 8,65811,348 25,687 ,811 1,402 4,239 18,235 7,576 1,190 Aug 87,570 86,316 53,79731,558 426 ,689 1,132 8,68211,368 24,921 ,501 1,628 3,647 18,145 7,598 1,254 July 3 89,303 88,204 54,28231,877 433 ,892 1,184 8,64911,,3 03 266,3102,334 1,475 4,229 18,272 7,612 ,099 July 10 88,670 87,581 53,97231,755 431 ,710 1,162 8,64511,,324 26,0202,013 1,455 4,236 18,316 7,589 ,089 July 17 88,260 87,090 53,85231,641 429 ,679 1,157 8,65711,,345 25,6421,725 1,409 4,319 18,189 7,596 ,170 July 24 87,605 86,244 53,49631,355 428 ,610 1,143 8,66611,,350 25,2231,481 1,327 4,203 18,212 7,525 ,361 July 31 87,597 86,365 53,56831,310 428 ,660 1,142 8,67511,41225,2411,504 1,342 4,207 18,188 7,556 ,232 Aug. 7 87,048 85,955 53,54131,322 420 ,644 1,140 8,66511,40824,8211,286 1,714 3,654 18,167 7,593 ,093 Aug. 14 87,276 85,868 53,65031,537 428 ,548 1,136 8,68511,37524,6461,177 1,655 3,658 18,156 7,572 ,408 Aug. 213 88,241 86,973 54,06431,790 427 ,755 1,132 8,68211,33725,3031,918 1,582 3,655 18,148 7,606 ,268 87,718 86,470 53,93531,583 429 ,810 1,120 8,69611,35524,9141,623 1,562 3,622 18,107 7,621 ,248 Aug. 28 New York City 1956 Aug 23,040 22,305 14,67710,219 721,357 19 450 600 2,208 5,726 157 270 1,003 4,296 ,902 735 1957 July 2 2 3 3 , , 3 0 7 6 8 4 2 2 2 2 , , 6 4 4 4 6 6 1 1 5 5 , , 5 5 5 3 1 9 1 11 1 , , 7 7 8 5 9 0 1 6 1 8 5 9 8 5 7 0 4 3 3 8 7 8 3 5 5 4 5 8 5 2 2 , , 1 1 5 4 7 4 5 5, , 1 4 7 Z ! 4 3 5 4 3 1 1 19 8 9 0 8 7 5 3 1 5 3 3 , , 9 9 3 0 8 4 , , 6 7 7 2 3 8 7 6 3 1 2 8 Aug July 3 23,946 23,231 15,92411,949 821,085 402 542 2,175 5,644 659 188 834 3,963 ,663 715 July 10 23,412 22,774 15,67311,846 68 961 389 548 2,171 5,429 432 164 868 3,965 ,672 638 July 17 23,354 22,571 15,51911,761 44 938 385 546 2,156 5,379 422 180 814 3,963 ,673 783 July 24 23,122 22,273 15,27411,580 42 894 383 550 2,137 5,336 382 181 868 3,905 ,663 849 July 31 23,058 22,383 15,36811,616 107 874 379 553 2,150 5,32f 368 186 871 3,897 ,693 675 Aug. 7 22,853 22,291 15,39511,637 86 904 378 551 2,150 5,173 310 229 726 3,908 ,723 562 Aug. 14 22,938 22,258 15,47211,781 63 853 375 558 2,153 5,083 235 198 740 3,910 ,703 680 Aug. 213 23,311 22,699 15,68811,944 153 837 373 557 2,135 5,282 454 187 742 3,899 ,729 612 Aug. 28 23,156 22,536 15,60111,794 157 903 367 552 2,139 5,178 364 183 731 3,900 ,757 620 Outside New York City 1956 Aug 63,523 62,987 36,36618,298 450 687 774 8,108 8,665 20,761 408 630 4,814 14,909 5,860 536 1957 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 Aug 64,506 63,870 38,25819,769 425 700 750 8,127 9,22419,7421,160 1,429 2,912 14,241 5,870 636 July 3 65,357 64,973 38,35819,928 43: 725 772 8,107 9,128 20,6661,675 1,287 3,395 14,309 5,949 384 July 10 65,258 64,807 38,29919,909 430 681 762 8,097 9,153 20,5911,581 1,291 3,368 14,351 5,917 451 July 17 64,906 64,519 38,33319,880 428 697 762 8,111 9,189 20,2631,303 1,229 3,505 14,226 5,923 387 July 24 64,483 63,971 38,22219,775 427 674 751 8,116 9,21319,8871,099 1,146 3,335 14,307 5,862 512 July 31 64,539 63,98f 38,20019,694 427 679 754 8,122 9,26219,9191,136 1,156 3,336 14,291 5,863 557 Aug. 7 64,195 63,664 38,14619,685 419 654 753 8,114 9,25819,648 976 1,485 2,928 14,259 5,870 531 Aug. 14 64,338 63,610 38,17819,756 427 632 752 8,127 9,22219,563 942 1,457 2,918 14,246 5,869 728 Aug. 213 6 6 4 4 , , 5 9 6 3 2 0 6 63 4 , , 9 2 3 7 4 4 3 3 8 8 , ,3 3 7 3 6 4 1 19 9 , , 7 8 8 4 9 6 4 4 2 2 8 6 7 7 6 5 5 0 7 74 5 4 0 8 8 , , 1 1 4 2 4 5 9 9, , 2 2 1 0 6 2 22 1 0 9 0, , 0 7 2 3 1 6 1 1 , ,2 4 5 6 9 4 1 1 , , 3 3 7 9 9 5 2 2, , 8 9 9 1 1 3 1 1 4 4 , ,2 2 4 0 9 7 5 5 , , 8 8 6 7 4 7 6 6 5 2 6 8 Aug. 28 1 Exclusive of loans to banks and after deduction of valuation reserves; securities owned as heretofore. Published figures for prior dates have individual loan items are shown gross. not been revised, but the effect of the new reporting on prior dates would 2 Includes guaranteed obligations. be to decrease holdings of securities and to increase loans to banks and 3 Beginning Aug. 21, 1957, banks were requested to report holdings of loans to brokers and dealers. securities acquired under resale agreements as loans, rather than as See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1057 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 rb si a t n s, 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 R th e k . s s v C a i a n u s l h t b m a w d a n e n o c i s t e - k h ti s s c j p m u o s a d a t d s e e n i - - d t d s i s p u n v h a a e i i d r l p r s t - - s - , , S p s a i t o u c a n l b a t d i e l - t- s C c o a f e e i f n r e f r s d i t d - * i- G U o .S v . t. s p u n v h a a e i i d r p l r s t - - s - , , S p s a i t o u c a n l b a t i d e l - t- s G P U a o o n . s S v d t . t a . l Do- For- 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 p c a o o n r r d a - - s d i i o v n i- s ch e e t c c k . s, p c a o o n r r d a - - s d i i o v n i- s S in a g v s - m ti e c s- eign tions tions Total- Leading Cities 1956 Aug 13,206 951 2,404 55,21357,318 3,971 1,964 3,03319,626 1,008 17810,418 1,591 1,288 512 992 8,858 1957 July 13,387 975 2,440 55,069 57,982 4,059 1,971 3,324 21,202 1,124 18710,557 ,665 ,254 573 667 9,269 Aug 13,031 991 2,35554,808 57,399 3,916 1,909 2,126 21,279 1,131 186 10,436 ,733 ,209 557 816 9,419 July 3 13,576 899 2,46354,307 57,306 4,238 2,141 5,004 21,171 1,125 18810,576 ,641 ,261 970 618 9,246 July 10 13,351 1,026 22i,335599 54,750 57,438 4,109 1,892 3,820 21,174 1,116 18710,664 ,662 ,274 792 544 9,244 July 17 13,400 988 2,513 55,,167 58,972 3,836 2,011 3,060 21,221 1,132 18610,814 ,660 ,252 564 664 9,227 July 24 13,334 995 2,404 "5"5 ,5570 57,915 3,945 1,908 2,349 21,227 1,125 18610,286 ,697 ,243 270 826 9,232 July 31 13,275 966 2,463 55,5550 58,276 4,169 1,903 2,38121,219 1,123 18710,447 ,667 ,238 271 682 9,396 Aug. 7 13,047 930 2,320 55,096 56,832 4,108 1,626 1,31321,275 1,119 18610,568 ,729 ,236 645 611 9,420 Aug. 14 12,818 1,017 2,478 54,68358,233 3,839 1,664 1,42321,265 1,136 18710,902 ,754 ,209 395 988 9,407 Aug. 21 13,017 973 2,356 54,482 5"7",159 3,838 1,844 3,124 2211,285 1,133 18510,301 ,786 ,189 582 808 9,409 13,242 1,043 2,265 54,973 57,374 3,878 2,503 2,647 21,292 1,135 185 9,972 ,661 ,203 605 857 9,440 Aug. 28 New York City 1956 4,134 133 5815,21616,499 266 972 1,087 2,185 74 35 2,841 1,261 1,004 53 420 2,793 Aug 1957 4,150 138 15,24116,788 284 978 1,041 2,533 2,916 ,362 935 71 259 2,918 July 4,039 139 15,13116,536 245 964 598 2,508 2,768 ,425 901 112 406 3,030 Aug July 3 4,117 132 15,15616,766 272 1,062 1,678 2,538 2,934 ,346 941 125 225 2,892 July 10 4,204 150 15,10116,536 278 923 1,211 2,531 2,909 ,341 952 152 289 2,892 July 17 4,068 138 15,27016,955 275 1,008 908 2,539 2,926 ,356 931 78 276 2,887 July 24 4,079 138 15,37216,711 297 958 679 2,526 2,874 ,394 927 185 2,891 July 31 4,281 130 15,30616,973 299 940 726 2,529 2,935 ,372 926 318 3,029 Aug. 7 , 3,988 136 15,21316,319 257 695 406 2,521 2,755 ,429 925 73 304 3,035 Aug. 14 , 4,032 139 14,98316,564 239 678 380 2,498 2,855 ,438 901 101 552 3,029 Aug. 21 4,028 136 15,01216,450 198 916 867 2,502 2,772 ,464 892 213 348 3,031 Aug. 28 4,107 146 15,31616,811 288 1,568 740 2,510 2,688 ,369 62 418 3,027 Outside New York City 1956 Aug , 9,072 818 2,346 39,997 40,819 3,705 992 1,94617,441 934 143 7,577 330 284 459 572 6,065 1957 July 9,237 837 2,39139,828 41,194 3,775 993 2,28318,669 1,052 152 7,641 303 319 502 408 6,351 Aug 8,992 852 2,312 39,677 40,863 3,671 945 1,52818,771 1,057 151 7,668 308 308 445 410 6,389 July 3 9,459 767 2,40939,15140,540 3,966 1,079 3,32618,633 ,052 153 7,642 295 320 845 393 6,354 July 10 9,147 876 2,322 3399,i664499 40,902 3,831 969 2,609 18,643 ,044 151 7,755 321 322 640 255 6,352 July 17 9,332 850 2,46139,897 42,017 3,561 1,003 2,15218,682 ,059 151 7,888 304 321 486 388 6,340 July 24 , 9,255 857 2,357 40; 198 41,204 3,648 950 1,67018,701 ,053 151 7,412 303 316 270 641 6,341 July 31 8,994 836 2,414 40,244 41,303 3,870 963 1,65518,690 ,052 152 7,512 295 312 271 364 6,367 Aug. 7 9,059 794 2,282 39,883 40513 3,851 931 90718,754 ,047 151 7,813 300 311 572 307 6,385 Aug. 14 8,786 878 2,436 39,700 41669 3,600 986 1,04318,767 ,063 152 8,047 316 308 294 436 6,378 Aug. 21 8,989 837 2,308 39,470 40.709 3,640 928 2,25718,783 ,058 151 7,529 322 297 369 460 6,378 Aug. 28 9,135 897 2,221 3"9,657 40,563 3,590 935 1,90718,782 1,057 151 7,284 292 315 543 439 6,413 i 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

1058 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 Period 2 t l o F iq b a o u n a o o c d d c r , o , a T l p e e a a p x n t a t h d r i e l e e r l s , , M m p u r a c e e o n t t t a d s a d 3 l - l s ch r P l c e u e a e m o b u n t a b r m i d l c o e , a , - r l, Other ( r T w e s a r h t a n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p t ( t t r o i i i a n o l r i n c n t t a s i l ) e . - - s s C t tr i o o u n n c - - bu o ty s A t o i h p n l f e e l e r s ss c c h l N f a a ie n s e d s g t i e - s ch b r w e a i a e n i p n a n n e d o l g k k g l r ' e l s l t y — * - 1954—Jan.-June -505 55 -577 -10 -1 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 88 -62 120 539 32 -225 82 132 630 539 1955_jan._june -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan -June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 1957 June 19 40 295 201 97 48 -66 315 351 29 85 1,414 1,436 July -83 21 -229 -27 9 -42 42 -280 -83 9 -3 -665 -787 Aug 71 50 -138 11 29 156 4 17 5 46 249 273 Week ending: 1957 June 5 -10 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 58 July 3 .... -31 3 -32 -32 -12 -10 9 43 -121 -8 28 -162 -220 July 10 1 7 -33 8 8 -5 4 -130 9 15 -4 -130 -122 July 17 -32 4 -15 14 8 A 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 Aug 7 18 12 -50 25 4 9 2 -20 -16 1 14 -1 12 Aug. 14 19 24 -14 31 13 10 38 24 18 6 35 203 215 Aug. 21 6 19 -22 14 1 15 125 93 -5 c 11 253 253 Aug 28 28 -6 -53 -71 -6 -5 -9 -94 20 3 -14 -206 -207 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: End of year or month Accepting banks F. R. Placed Total Banks Placed direct- Total through ly dealers* ( p fi a n 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 . 1951 1,331 449 882 490 197 119 79 1952 1,745 552 [,193 492 183 126 57 1953 1,966 564 1,402 574 172 117 55 1954 1,924 733 1,191 873 289 203 86 1955 2,020 510 ,510 642 175 126 49 1956 Julv 2,626 509 :2,117 723 175 111 64 AUK 2,539 548 1,991 772 189 120 70 Sept 2,490 549 1.941 805 209 127 82 Oct 2,618 573 2,045 843 203 135 69 Nov 2,660 568 2,092 924 242 167 75 Dec 2,166 506 1,660 967 227 155 72 1957 Jan 2,575 548 2,027 1,012 230 156 74 Feb . 2,714 555 2,159 992 202 133 69 Mar 2,650 489 2,161 1,019 209 150 59 Apr 2,485 466 2,019 1,018 195 135 60 May 2,775 483 2,292 984 188 142 46 2,452 454 1,998 979 183 142 41 July 2,781 459 2,322 1,000 154 112 42 oo oo ot Based on: Goods stored in or Im- Ex- shipped between Pith ports ports Dollar points in: into from ex- For- United United change eign States States United Foreign corr. States countries 21 272 235 133 23 55 44 20 289 232 125 39 64 32 24 378 274 154 29 75 43 19 565 285 182 17 300 89 33 405 252 210 17 63 100 48 483 270 237 13 74 129 51 510 271 259 21 97 124 17 49 529 294 258 17 113 123 20 53 567 277 281 19 133 133 33 52 598 277 295 10 199 143 69 50 621 261 329 2 227 148 30 62 689 291 363 2 197 158 24 58 708 307 389 2 127 167 23 58 728 305 425 2 116 171 24 64 735 272 471 4 89 182 21 63 713 227 501 5 73 177 23 62 711 220 502 21 58 178 19 70 757 231 507 35 59 169 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 1059 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p P c - o a e r o t p i n r m o m c e t i h e r - e a - s , l * 3 p d n p c p l - i a a o a r a l t n y e p c m n o c c , e e y e t - e r d - - a P a b d c n e a r a c 9 i r c n y e m 0 s e k p s ' s e 1 - t , - M 3 k - e a m t r- on s t e h o c R n u b r a n i i t l e t e l i w s es ( 9 i m t s - a s t o x u o n a e t 1 b s h 2 l 3 e - )2 3 is - y s e t u o a e r s 5 4 - Annua A l re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1 1 9 9 5 5 5 4 a a v v e e r r a a g g e e 2 1 . . 1 5 8 8 1 1 . . 4 9 2 7 1 1. . 7 3 1 5 1. . 7 94 3 1. . 7 9 5 5 3 3 1 . .8 92 9 2 1 . . 5 8 0 2 1956 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:1 19 large cities: 1956—Aug 3.28 3.01 2.65 2.60 2.606 3.01 3.36 1956—Sept 4.35 5.30 4.86 4.52 4.19 Sept 3.50 3.13 2.88 2.84 2.850 3.17 3.43 Dec 4.38 5.32 4.90 4.63 4.20 Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 1957—Mar 4.38 5.38 4.94 4.59 4.21 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 June 4.40 5.37 4.94 4.61 4.23 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 New York City: 1956—Sept 4.20 5.26 4.84 4.46 4.09 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 Dec 4.22 5.18 4.88 4.57 4.10 Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 1957—Mar 4.23 5.26 4.92 4.47 4.11 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 June 4.23 5.24 4.86 4.49 4.12 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 7 Northern & Eastern May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 cities: June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 1956—Sept 4.39 5.36 4.88 4.53 4.26 July 3 88 3.63 3.38 3.16 3.165 3.71 3.89 Dec 4.40 5.41 4.94 4.63 4.25 Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 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 Aug. 3... 3 88 3.63 3.38 3.34 3.363 3.79 3.91 cities: Aug. 10.. . 3.95 3.63 3.53 3.29 3.308 3.83 3.91 1956—Sept 4.53 5.29 4.85 4.54 4.32 Aug. 17... 4.00 3.63 3.90 3.40 3.498 3.98 3.97 Dec 4.58 5.35 4.90 4.66 4.35 Aug. 24... 4.00 3.63 3.98 3.32 3.354 3.96 3.91 1957—Mar 4.60 5.42 4.96 4.64 4.35 Aug. 31 ... 4.00 3.63 3.88 3.47 3.497 3.99 3.87 June 4.65 5.42 4.99 4.70 4.43 1 Average of daily prevailing rates. 2 Except for new bill issues, 1 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 YIELDS1 [Per cent per annum] Corporate bonds4 Industrial stocks U. S. Govt. Year, month, (lo b n o g- n t d e s rm) S g ta o t v e t . a b n o d n l d o s c '* 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 Baa Aaa Baa Indus- 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 C m o o m n4 - C m o o m n7 - Number of issues. 3-7 1-2 20 5 120 30 30 40 40 40 14 125 125 1954 average. 2.53 2.70 2.46 2.04 3.09 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average. 2.80 2.94 2.57 2.18 3.14 3.25 3.06 3.53 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—Aug.., 3.15 2.94 2.53 3.52 3.62 3.43 3.93 3.55 3.72 3.60 4.24 3.83 Sept.. 3.19 3.06 2.63 3.60 3.75 3.56 4.07 3.68 3.83 3.73 4.39 4.04 6.00 Oct... 3.18 3.12 2.66 3.67 3.82 3.59 4.17 3.75 3.89 4.42 4.03 Nov.. 3.30 3.39 2.87 3.98 3.90 3.69 4.24 3.82 4.01 4.56 4.05 Dec... 3.43 3.57 3.04 4.19 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 .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 -7.82 Apr.. 3.30 3.35 3.35 2.88 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 May. 3.39 3.42 3.48 3.00 4.10 4.02 3.74 4.52 3.96 4.13 3.98 4.53 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 6.99 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 Aug.. 3.62 3.64 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 Week ending: Aug. 3 3.62 3.71 3.25 4.30 4.31 4.05 4.76 4.26 4.42 4.26 4.80 3.76 Aug. 10 3.63 3.81 3.34 4.41 4.34 4.07 4.78 4.26 4.45 4.32 4.81 3.84 Aug. 17 3.66 3.84 3.37 4.43 4.36 4.09 4.82 4.29 4.49 4.31 4.83 3.95 Aug. 24 3.63 3.90 3.44 4.51 4.38 4.11 4.84 4.29 4.51 4.34 4.84 4.02 Aug. 31 3.60 3.63 3.92 3.45 4.51 4.41 4.12 4.87 4.30 4.53 4.37 4.82 3.98 r Revised. 1955, the 3 per cent bond of February 1995. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. State and local govt. bonds include genand corporate bonds. Yields of State and local govt. general obligations eral obligations only. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Includes bonds rated Aa and A, data for which are not shown sepafigures. Figures for common stocks are as of the end of the period, rately. Because of a limited number of suitable issues, the number of except for annual averages. corporate bonds in some groups has varied somewhat. 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first 6 Standard and Poor's Corporation. Ratio is based on 8 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 7 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- Ye o a r r , w m e o ek nth, r U O ( i s l e e . o l s d - n 2 S g . -t G e N r r o i s m e e v e s w - t ) . 3 g n ( r h i M c a i i g d u p h e - a ) - l 4 g ( C r h r p a a i o o g d t r e - h e - - )' T S o t t a a ( n i l n d d a e r d t d x I r u n i , a s a - 1 l - n 9 d 4 P 1 R r - o o a 4 a o i 3 d l r = - 's 1 s 0 P e u ) r i l u t t i i i y e c b l s - - Total S T e o c t M u al r a it n i u e r D s f a a b u a c l - n t e u ( d i r n i E n d N r x a g d e o b c x u n h l , - e - a 1 n 9 g T 3 p e t 9 r o i a = o C r n n t o a 1 s m - - 00 m ) P u i i l u s t t i i y s c b l i - - on T n s s a a r e e i f n c a n r r i i e v d - d c e - e e s , , M in i g n- s t s h t u i h a r n ( a o o m a o n i r g n f f d u d e e 5 - - s s ) Number of issues... 3-7 1-2 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1954 average. 99.51 109.60 125.8 117.2 29.69 30.25 23.96 27.57 230 271 245 295 233 136 236 267 2,270 1955 average. 95.97 103.36 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average. 93.04 99.88 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1956—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 I957__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 Aug.. 86.92 90.36 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Week ending: 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 Aug. 10... 86.96 90.46 102.1 98.8 46.96 50.75 30.49 32.38 350 451 418 481 290 156 286 359 1,884 Aug. 17. .. 86.59 89.95 101.1 98.5 45.99 49.67 29.65 31.99 342 439 406 469 286 155 283 351 1,760 Aug. 24... 86.96 90.48 100.5 97.9 45.07 48.64 29.12 31.62 333 425 394 455 276 154 275 340 1,984 Aug. 31... 87.21 90.39 101.1 98.1 44.56 48. 28.26 31.30 337 433 400 463 276 155 276 348 2,000 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard Oct. 1, 1955, those due or callable in 10-20 years. and Poor's common stock indexes, and volume of trading are averages 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, and 3 of daily figures; for (2) municipal and corporate bond prices are based per cent bond of February 1995. on Wednesday closing prices; and for (3) the Securities and Exchange 4 Prices derived from average yields, as computed by Standard and Commission series on common stock prices are based on weekly closing Poor's Corporation, on basis of a 4 per cent, 20-year bond. prices. 5 Average daily volume of trading in stocks on the New York Stock 2 Series composed of fully taxable, marketable 2l/i per cent bonds due Exchange for a 5*6-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 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 e o u r t r a i t t h l i - e a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e r y a o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob (c c li o o g l l . a . t 3 5 io ) + ns U S ob e . c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o o v ns t. se O cu th ri e ti r es U ob . l S ig O . a n G ti o o v ns t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1953—Dec 2,445 31 1,665 88 780 88 1,074 713 1954—Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec 4,030 34 2,791 32 1,239 51 2,246 894 1956—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 39 2,794 26 1,130 52 2 063 817 June 4 031 31 2,887 25 L144 52 2,104 820 July 4,004 32 2,885 23 1,119 59 c2,079 829 Aug 3,929 29 2,833 24 1,096 58 2,035 816 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 1061 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l T Trtltorf State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r Total united local Foreign 2 Total Bonds Stocks States (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 1,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 1956 96,011 11,067 7,555 2,273 1,239 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 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec... 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec... 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—July... 93,580 11,292 7,886 2,191 1,215 40,297 37,302 2,995 31,612 2,711 3,400 4,268 Aug.... 93,992 11,210 7,778 2,206 1,226 40,453 37,455 2,998 31,897 2,727 3,420 4,285 Sept.... 94,411 11,253 7,805 2,213 1,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct 94,869 11,306 7,850 2,218 1,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov.... 95,274 11,218 7,749 2,229 1,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 Dec... 95,819 11,005 7,532 2,237 1,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957_jan 96,316 11,068 7,588 2,244 1,236 41,177 38,256 2,921 33,279 2,841 3,523 4,428 Feb.... 96,738 10,890 7,544 2,244 1,102 41,513 38,580 2,933 33,479 2,865 3,547 4,444 Mar.... 97,074 10,926 7,427 2,251 1,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 Apr.... 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 May... 97,868 10,895 7,340 2,290 1,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 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 July. . . 99,005 10,906 7,306 2,323 1,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 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 Borrowings End of year or month U.S. Reserves Total 2 g M ag o e r s t- 3 o G t b io l o i n v g s t a . - Cash Other 4 S c a a v p i i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 ,412 146 2,557 1956 43,098 35,870 2,798 2,142 2,236 37,302 ,225 130 2,970 1956—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 July. 46,012 38,442 3,202 1,755 2,565 39,882 1,037 114 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

1062 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter 1956 1957 Asset or liability, and activity* 1950 19512 19522 19532 1954 1955 Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 5,775 7,377 16,757 7,750 6,752 7,257 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 To aid home owners, total 7,525 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 3 1 0 6 0 8 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 568 589 598 588 431 678 593 627 624 579 629 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 g 2 To financing institutions 824 814 864 952 870 7,479 1,143 1,178 1,147 7,233 966 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 5,705 8,172 8,229 8,223 8,237 Export-Import Bank 2,226 2,296 2,496 2,833 2,806 2,702 2,697 2,712 2,692 2,701 2,678 Treasury Department6 , 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,519 3,470 3,470 International Cooperation Administration. 71,515 1,537 1,624 1,767 1,832 1,885 1,958 1,995 2,035 Other agencies 102 64 58 53 1 58 55 60 57 54 All other purposes, total 63 35 75 119 755 256 755 176 793 213 240 Housing and Home Finance Agency . 5 29 127 209 108 122 137 156 184 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 -656 -309 -327 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,677 3,719 3,720 3,739 3,923 Federal home loan banks 199 249 311 387 641 745 1,082 1,083 1,054 1,018 1,095 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 248 256 248 256 265 Federal Housing Administration 244 285 316 319 327 381 390 405 422 458 479 Federal Deposit Insurance Corporation.... 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 1,812 1,825 1,898 Other agencies 132 140 148 152 147 149 164 166 183 181 186 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities* 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 1,774 1,461 1,280 2,515 3,852 4,356 14,119 20,231 20,949 21,375 21,303 Commodity Credit Corporation.. 1,638 1,174 987 2,087 3,302 3,747 3,536 3,897 3,323 3,651 3,362 Defense Department 9,827 9,814 10,994 11,004 11,094 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 136 288 203 428 550 609 ' 5 1 6 8 7 8 6,3 1 3 8 2 8 6, 2 4 1 1 5 8 6, 2 5 0 1 1 7 6,6 1 5 93 4 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 10,028 9,985 9,875 Commerce Department (maritime activities). 4,834 4,798 4,822 4,796 4,612 4,549 4,502 4,470 Panama Canal Company9 18 298 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 1,751 Housing and Home Finance Agency 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. ? 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 * Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis; total loans and all other assets, on a net basis, i. e., after (not reported prior to that time). reserve for losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 1063 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items! interagency items1 Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s r d u e i e t b c i b l I e u m i n t s c - v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u t a q a r r n e u u n e n d i c d s p t - , , - Other G a B t U u n a u o b r t n . a e e n y S d r s e d . - d s p d , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - G i U n e o t . s e v S t r t - . . o v in w P a e t t r s n e e i t - r l e y - d All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 1,772288 26,456 378 1953—Dec. 312 38,937 1,190 1199,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,338 2200,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Mar. 31 58,485 3,73120,580 14,,119 3,677 8,056 4,685 2,425 3,730 51,635 651 June 30* 66,797 4,45719,844 20,,:231 3,719 9,682 5,226 2,607 3,238 60,224 677 Sept. 30 69,143 5,144 2"0,33120,949 3,720 10,028 5,303 2,742 3,145 62,507 693 Dec. 31* 69,653 4,996 20,65721,375 3,739 9,985 5,232 2,711 3,659 62,516 699 1957—Mar. 31 69,895 4,44121; 353 21,303 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,511 9,069 4,112 775 149 3,294 1,403 68 570 1,842 17,831 Farm Credit Administration: 4 Federal Farm Mortgage Corporation 11 1 10 (5) 10 Agricultural Marketing Act, revolving fund. .. 186 39 147 (5) 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 Allother 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 1 279 67 143 570 Federal National Mortgage Association 2,431 1 2,402 27 570 31 1,830 Office of the Administrator 747 175 397 144 31 7 741 Federal Savings and Loan Insurance Corporation... 276 1 265 11 14 262 Small Business Administration 172 44 126 (5) 1 (5) 171 Export-Import Bank 2,733 35 2,677 19 31 2,701 Tennessee Valley Authority 2,019 110 119 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 7 129 21 6 209 All other 160 51 6 57 10 149 Intragovernmental Funds—Total 13,022 1,444 11,220 202 156 802 12,220 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 (5) 97 3 56 246 Certain Other Activities—Total 29,996 1,358 9,066 5,971 3,563 6,379 3,652 192 29,804 National Advisory Committee for Aeronautics 408 59 1 277 70 398 General Services Administration 8,049 665 82 5,929 (5) 1,214 158 8,036 Bonneville Power Administration 393 28 5 317 42 388 Department of Agriculture: Farmers Home Administration 765 121 623 (5) (5) 21 754 Rural Electrification Administration 2,767 103 2,538 127 2,766 International Cooperation Administration 2,054 3 2,035 16 2,054 Treasury Department 10,215 3,505 3,563 103,146 10,215 Department of Commerce—maritime activities 5,115 "302 283 25 133 4,982 All other 232 76 1 100 47 21 211 Certain Deposit Funds—Total 4,530 60 1,381 3,036 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 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 (5) 106 (5) 24 1,453 42 502 H38 Federal National Mortgage Association 1,047 51 992 5 650 19 357 H21 Federal intermediate credit banks 969 11 845 100 13 805 13 145 All other 19 5 6 7 10 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) 220 143 77 1 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30, 1956) 3,024 93 6 2,571 354 137 2,887 All other—excluding OAP—(June 30, 1956) 50 6 27 1 14 2 5 15 30 io Includes $1,000 million due under the agreement with Germany li 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 principaramount of $2,086 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 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 e N d c e t g t s e . t T P r f e u r l c u u n t s d s s : t . t I G L r n a e o t n s r v s s a t . : - . * E p T r f u q e r t o b u o h c t a l m t e a i s l c 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 r u x n u e d s - d s s i : t - A m L d e e j n s u s t s s : t 3 - E p t p T o q u a o u b y t t a h l t a i l s 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 t e h - * r b i o n c N r g a r s e o o h t w 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 3,233 82,072 69,344 12,970 2,364 79,949 2,123 -1,053 2,338 -292 -3,099 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.-JuneP... 42,920 8,196 1,660 49,429 35,543 7,668 1,879 41,331 8,097 -5,089 1,692 98 -6,878 Monthly: 1956—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*7 11,648 1,816 1,173 12,288 6,190 1,283 100 7,374 4,914 -4,496 727 -123 -5,100 July* 3,057 858 181 3,732 6,347 1,220 476 7,091 -3,359 1,992 -382 2,374 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B u d u e N r o p f d i e r l g c t u i e t s t , a l d c T a f e c u t r o f u i n u i o r m c d s n i t t u , - t c o R i l c e T i a a c r s t o e i h 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 a e c f . y t - e i m n & s a 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 u c i r ) r o r r b o e , e e r l s a c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n a e l R k e i p l . s - osit 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 \062 1957—Jan.-JuneP. 7,377 529 -47 1,090 -1,602 -6,101 84 1,163 5,590 498 4,082 ,010 Monthly: 1956— July -2,057 83 -34 22 -277 -105 1 -2,369 4,178 513 2,451 ,214 Aug -948 617 -21 111 -703 2,919 -44 2,019 6,197 422 4,644 ,131 Sept 1,300 -94 145 -14 214 -1,304 -1 249 6,445 535 4,628 ,282 Oct -2,812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 ,272 Nov -908 374 129 -70 -305 1,734 -119 1,074 5,778 463 4,159 ,156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 ,062 1957_Jan -1,286 -462 390 205 374 -399 -17 -1,162 3,265 715 1,161 ,389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 ,364 Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 ,170 Apr -1,731 -408 333 253 402 -991 1 -2,142 5,532 509 3,516 ,507 May -662 777 59 153 -1,255 1,226 -11 308 5,840 568 4,318 954 June33 5,458 533 -905 147 -708 -4,707 68 -250 5,590 498 4,082 ,010 July -3,290 -362 384 19 324 1,942 131 -1,115 4,475 504 2,833 ,138 9 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 1065 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 tota Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t f t O u a r n u g ld d T s e - t r 2 ans H f t f w e r u i u r g a n s s y h d t - to R m - a t r i . c r e e c e n - R t - . t . c fu e R r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i n t ld h d - ivid O ua th l er C ra o t r i p o o n - ta c E x i x s e e - s t p m a E l x o e m 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 s r e s . - ' ' 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 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: 1956—July 3,485 295 23 124 3,927 988 457 837 827 320 498 236 127 Aug 4,954 799 10 81 115 5,959 3,415 125 352 910 881 276 245 157 890 Sept 6,218 397 150 53 79 6,897 1,935 1,752 1,709 805 451 245 255 128 Oct 3,184 182 175 25 95 3,660 1,282 244 451 1,033 207 443 354 155 Nov 4,818 587 164 74 62 5,705 3,333 103 380 936 662 291 325 142 986 Dec 5,412 299 144 55 -12 5,898 2,067 324 1,825 815 355 512 233 108 1957__jan 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 186 151 ] Feb 6,188 2807 205 83 203 7,486 3,838 871 445 874 1,160 298 197 132 1,119 Mar 10,737 632 120 50 606 12,145 2 083 785 7 327 931 692 327 231 138 Apr 4,256 617 124 15 1,130 6,142 819 2,827 520 812 633 531 214 133 | J M u a n y ep 1 5 1 ,6 2 4 8 8 2 1,2 5 2 3 9 6 1 1 0 3 9 7 8 5 3 2 1,0 4 5 0 7 6 1 7 2 , , 7 7 5 7 9 9 2 3 , , 2 6 3 9 5 0 1,8 8 1 9 8 7 6,7 5 2 0 2 2 9 8 6 9 5 2 1,3 5 1 8 4 9 5 3 2 9 3 1 n. 2 a 4 . 3 n. 1 a 6 . 1 j I n.a. July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 n.a. 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* Dept., security, energy finance bene- welfare tural sources housing ment military military fits resources Fiscal year: 1953 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,476 2,502 1,474 1954 67,772 46,904 40,335 3 629 1,895 1,732 6,470 4,256 2,485 2,557 ,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 ,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 ,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—May 5,467 3,434 ?J9?? 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 2,945 473 298 140 121 631 361 221 222 78 302 652 Aug 5,902 3,608 3,235 156 164 193 573 369 263 554 110 129 99 Sept 4,918 3,152 868 96 149 158 574 353 219 187 108 58 117 Oct 5,995 3 750 \ 400 160 164 157 589 396 314 466 159 35 109 Nov 5,726 3,564 r?76 101 160 172 585 407 207 319 175 213 102 Dec 5,718 3,576 3,?95 103 153 132 635 405 197 435 106 142 102 1957—Jan. . 6,095 3,741 3,335 177 182 121 655 410 330 551 87 85 100 Feb 5,743 3,576 3,?45 136 150 143 592 407 236 312 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 May 5,944 3,750 3,279 258 184 176 610 444 208 308 106 139 124 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

1066 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f T d g e r o o b t s a t* s l d T d g i e r o r o b e t s a t c s s l t Total Total Bills c i C e n a d e t d e n r e t s e i b f s o i t s - - f Notes B e b l a l i e g n * i k - Bon s d t B s r r i a c e n - te k d b C v i o b e o n r l n d e t- - s Totals b S i o n a n g v d s - s n s i T a o n a n a g t v e d x s - s S is p s e u c e ia s l 1941—Dec. 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec. 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec. 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec. 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec. 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57 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 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—Aug. 275.6 275.6 226.9 157.3 20.8 19.5 35.1 81.9 11.0 58.6 57.3 46.1 Sept. 274.3 274.3 225.8 156.4 20.8 19.5 35.2 80.9 11.0 58.5 57.3 45.8 Oct.. 275.4 275.3 227.2 158.0 22.4 19.5 35.2 80.9 10.9 58.3 57.1 45.5 Nov. 277.1 277.0 228.7 159.8 24.2 19.5 35.2 80.9 10.9 58.1 56.9 45.7 Dec. 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Jan.. 276.3 276.2 228.4 160.5 25.3 19.0 35.3 80.9 10.7 57.2 56.0 45.3 Feb.. 276.4 276.3 228.4 160.9 25.9 20.2 33.9 80.9 10.6 57.0 55.8 45.5 Mar. 275.1 275.0 227.2 159.9 25.3 19.4 34.4 80.9 10.5 56.7 55.6 45.6 Apr.. 274.1 274.0 226.9 160.0 25.3 19.4 34.4 80.9 10.4 56.5 55.4 45.2 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 Aug. 274.0 273.8 225.3 160.2 28.2 34.1 17.1 80.8 10.1 55.0 54.0 46.7 i Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $443 million on Aug. 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shoowwnn sseeppaarraatteellyy.. 55 Iinncclluuddeess SSeerriieess AA iinnvveessttmmeenntt bboonnddss,, ddeeppoossiittaarryy bboonnddss,, aarrmred forces 2 Includes non-interest-bearing debt, not shown separately. lealivrae t-b\/-o^nn <d4ns , *•a» n*-td s- \ and^jIunCst^eAd/^ sc e*-»r*v•*i rci •e"** * bl*ornt«d/^sP, n»-oi y~t*+ shcVo» wAlTnTM s ePpOra\Orat-tne+liiy1l.7 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. Sgregated $8,842 million on July 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g n e n ti c c t e g e u l s u u e r ) d i a d - r - - S is p s t e u r c u e 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 o p e n o r s - g S l a o o t n c v a d a t ts e l . S b a o v n i I n n d g d s s ivid se u O c a u l t s h ri e ti r es i M t n o v i r e sc s- . 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—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 '18.6 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 277.1 45.7 8.5 222.9 24.4 '58.6 8.1 13.1 '19.2 15.8 50.1 '17.6 16.2 Dec 276.7 45.6 8.4 222.7 24.9 '59.3 8.0 12.8 '18.6 15.7 50.1 '17.2 16.0 1957—Jan 276.3 45.3 8.6 222.4 23.4 '58.3 8.1 12.9 '20.2 15.8 49.9 '17.6 16.3 Feb 276.4 45.5 8.6 222.3 22.9 '57.7 8.1 12.8 '20.9 15.8 49.7 '18.3 16.2 Mar 275.1 45.6 8.6 221.0 23.1 '58.1 8.1 12.6 '18.0 16.0 49.6 '19.2 16.3 Apr 274.1 45.2 8.5 220.4 23.2 '58.0 8.0 12.5 '17.9 16.2 49.4 '19.3 16.0 May 275.3 46.1 8.7 220.5 23.1 '57.6 8.0 12.4 '18.3 16.1 49.3 '19.5 16.2 June 270.6 46.8 8.7 215.1 23.0 55.8 7.9 12.3 15.4 16.2 49.1 19.6 15.8 r Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $250 million on Dec. 31, 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 1067 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, AUGUST 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. Sept. 5, 1957 1,800 Oct. 1,1957 31/4 318 Aug. 1, 1961 4 2,608 Aug. 15, 1963 21/ 6,755 Sept. 12, 1957 1,800 Dec. 1, 1957 3% 9,971 Oct. 1,1961 lVi 332 June 15, 1962-67... 21/ 2,114 Sept. 19, 1957 1,600 Feb. 14. 1958 3% 10,851 Feb. 15, 1962 3% 647 Dec. 15, 1963-68.. 2,822 S S e e p p t t . . 2 26 3 , , 1 1 9 9 5 5 7 7 1 1 , , 5 6 0 0 1 2 A A p ug r. . 15 1 , , 1 1 9 9 5 5 8 8 3i/ 4 2 1 2 0 , , 3 5 5 8 1 6 Apr. 1,1962 li/i 271 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . . . 3 3 , , 7 8 4 2 8 3 Oct. 3, 1957 1,599 Treasury bonds Mar. 15, 1965-70. 4,708 Oct. 10, 1957 1,600 Treasury notes Mar. 15, 1956-58 3.. 2% 1,449 Mar. 15, 1966-71. 2,953 Oct. 17, 1957 1,601 Oct. 1,1957 lVi 49 Sept. 15, 1956-593..214 3,819 June 15, 1967-72. 1,859 O Oc c t t . . 2 3 4 1, , 1 1 9 9 5 5 7 7 1 1 , , 6 7 0 0 1 0 J A u p n r e . 1 1 5 , , 1 1 9 9 5 5 8 8 2 iy % 2 4,3 3 9 8 2 3 J M un ar e . 1 1 5 5 , , 1 19 9 5 5 8 7 -593. . 2 2 * 3 A /8 4, 9 2 2 4 7 5 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 6 6 8 Nov. 7, 1957 1,700 Oct. 1,195811/ 121 June 15, 1958-63 4.. 224 919 June 15, 1978-83. 1,605 N N N o o o v v v . . . 2 2 1 1 9 4 , , , 1 1 1 9 9 9 5 5 5 7 7 7 1 1 1 , , , 7 8 8 0 0 0 0 1 0 A F O e p c b t r . . . 15 1 1 , , , 1 1 1 9 9 9 5 5 5 9 9 9 5,1 1 0 9 1 2 9 9 J D D u e e n c c e . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 9 9 - - 6 6 2 2 . . . . . . 2 2 2 i 1 y / A 4 2 2 5 3 , , , 3 2 4 6 5 7 8 9 0 Pa F n e a b m . a 1 C 5 a , n 1 a 9 l 9 L 5 oan .3 3 2,74 5 3 0 Mar. 24, 1958 3,002 Apr. 1,1960 198 Nov. 15, 1960 21/s 3,806 Apr. 15, 1958 1,751 May 15, 1960 3 2,406 Dec. 15, 1960-65 4.. 234 1,485 Convertible bonds A Oc p t r . . 1 1 , , 1 1 9 9 6 6 1 0 \ P 2 1 7 4 8 4 S N e o p v t . . 1 1 5 5 , , 1 19 9 6 6 1 1 2 2 V ^ 4 1 2 1 , , 2 1 3 7 9 7 I A n p v r e . s tm 1, e 1 n 9 t 7 S 5 e - r 8 ie 0 s . . B . 23^ 10,052 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. 1059. 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 e C o r o t n i n b d - l s e Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1954_june 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38 188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32.930 Dec 31 . .. 171 137 25,179 19,023 35,294 80,878 10,763 160 374 68 557 41 021 17,893 32,904 1957—May 31 170,678 26,777 21,785 30,924 80,845 10,347 160,331 67,065 42,501 17,890 32,875 June 30 165,985 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 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—May 31 8,563 125 422 1,273 3,664 3,080 5,483 733 1,370 319 3,062 June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 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_May 31 .. 23,108 353 11,373 8,571 2,810 23,108 20,318 361 1,014 1,415 June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 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 34,071 147 51,319 11,635 24 528 10 242 4,914 1957 May 31 50,188 3,975 3,214 9,025 33,830 144 50 044 10 180 24 612 10 300 4 952 June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,'222 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 May 31 7,454 170 110 366 5,705 1,103 6,351 351 I 059 636 4 305 June 30 7,397 163 114 367 5,655 1,098 6,299 576 I 082 601 4 040 Insurance companies: 1954 June 30 13,520 622 209 691 8,805 3,193 10,327 1,190 1,045 2,171 5,921 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 I 339 2 027 5 796 1956—June 30 11,702 318 44 760 7,789 2.791 8,911 632 1,192 1,802 5 285 Dec 31 11 331 349 66 781 7,464 2,671 8 660 726 I 749 1 136 5 049 1957 May 31 11,039 354 148 642 7,342 2,553 8,485 650 [ 736 1 104 4 995 June 30 10,936 326 136 648 7,277 2,549 8,387 955 .775 1,022 4 634 Other investors: 1954 June 30... 52 121 12,248 6,511 6,531 23,032 3,800 48,322 24 568 5 308 6 711 11 734 1955—June 30 59 260 15,153 3,973 12.502 23.927 3,706 55,554 24,062 10 633 7 626 13 233 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29.233 10,443 7,612 14 013 Dec 31 67 752 17,705 6,004 13,426 27,024 3,593 64,159 32 914 12 605 4 525 14 114 1957—May 31 70,326 21,800 6,518 11,047 27,494 3,467 66,859 34,833 13,362 4,517 14 147 June 30 67,329 19,661 5,527 11,113 27,602 3,426 63,904 35,850 10,936 3,464 13,654 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

1068 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propose a d ll u c s o e 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 ti e re n - t Total G U o . v S t . .3 ag F e e e r n a d c l - y4 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 m N on ew ey7 l p c a o u e n u l r e s - - - m b de a o e b n f n k t t , s ri e o t c i f e u s offered placed poses etc. 8 1939. 5,687 ? 332 13 1 1?8 50 ? 164 t 980 1,276 703 98 87 420 3?5 26 69 1,695 1941. 15,157 11466 38 956 30 667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945. 54,712 47 353 506 795 47 6 011 4,855 3,851 1,004 758 397 1 3471,080 133 134 4 555 1949. ?1,110 11 804 216 ? 907 132 6 05? 4,890 2,437 2,453 425 736 5 5584,606 315 637 401 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. ?1,265 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 ?8,824 13957 106 S5S8 306 8 898 7,083 3,856 489 1,326 8 495 7 960 535 260 1954. 79,765 1? 532 458 6 969 289 9 516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 ?6 772 Q 628 746 977 182 10 ?40 7 420 4,119 3 301 635 2,185 8 821 7 957 864 1 227 1956. ??,405 517 169 5 446 334 10 939 8,002 4,225 3,777 636 2,301 10,384 9,663 721 364 1956—Julv 1,972 484 379 3 1 106 901 588 16 189 1,063 1,003 60 26 Aus 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 1892 414 646 58 773 485 315 170 139 150 745 660 84 11 Nov .... 1,829 389 311 r5 1 1?3 451 179 45 627 1,089 1,048 41 21 Dec 1,955 390 4?7 23 1 114 915 401 514 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 .. ? 123 386 569 53 1 116 761 514 26 329 1 071 927 144 22 Mar 3,248 1 327 503 32 1 386 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 ,785 394 539 51 80^ 691 437 25 85 771 707 64 15 J J u u n ly e 1, , 8 4 7 0 7 1 4 3 0 6 0 2 60 '3 4 8 6 8 5 4 2 4 9 1 9 5 8 4 3 7 1,0 7 7 3 4 2 4 6 5 3 6 3 4 2 4 7 1 6 6 2 6 2 4 2 0 2 7 8 1,4 9 8 5 9 9 1 ,4 8 1 8 9 9 7 6 0 9 3 7 1 Proposed uses of ne proceeds, major groupsof corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital.0 secu- capital10 secu- :apital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1949. 1,347 44 310 ?8 784 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 ?4 758 225 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 Q3 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--July 333 8 95 16 36 237 (9) 261 102 2 Aus 196 16 83 37 154 82 (9) 102 7 Sept 206 10 36 ?1 63 242 4 56 236 Oct ... 314 7 31 4 37 227 68 68 (9) Nov 147 19 110 2 45 153 596 1 37 (') Dec 526 5 33 3 148 157 73 1 151 1957-—Jan .... 381 8 42 101 247 « 105 1 187 Feb 543 94 4 31 247 46 108 2 Mar 366 4 32 (9) 85 490 16 281 1 91 Apr 314 3 53 4 65 351 5 47 (9) 93 May 135 4 55 3 80 348 8 82 72 (9) June 626 29 1 51 8 436 137 (9) 210 July . .. 278 5 30 2 48 244 50 309 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 retiremen t 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. 1 o Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 1069 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annua1 totals Quarterly totals Industry 1955 1956 1957 1951 1952 1953 1954 1955 1956 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 52,94054,51763,34358,11069,876 71 90118 13918 13118 45716 11919 193r19 754 19 370 Profits before taxes 8,869 7,308 8,375 7,244 10,250 9,253 2 612 2 603 2 509 1,700 2 441 '2,751 2,573 Profits after taxes 3,548 3,192 3,649 3,825 5,231 4,842 1,399 1,302 1,305 914 1,321 '1,420 1,340 Dividends 2,075 2,073 2,154 2,384 2,827 2 972 1 015 703 706 723 841 '752 757 Nondurable goods industries (94 corps.):l Sales 18,916 19,26620,69420,62023,106 24 762 6 043 6 079 6 135 6 084 6 464 '6 604 6 509 Profits before taxes 3,447 2,853 3,028 2,753 3,413 3,468 895 907 876 808 877 '941 869 Profits after taxes 1,533 1,392 1,526 1,581 1,918 1,985 523 503 491 466 526 '•537 503 Dividends 925 946 972 1,064 1,202 1 249 402 290 295 305 359 318 Durable goods industries (106 corps.):i Sales 34.02435,25142,649 37,49046,770 47 13912 0961? 05212 32210 03612 730'13 150 12 861 Profits before taxes 5,422 4,455 5,346 4,491 6,836 5,784 1,717 1,696 1,633 892 1,564 '1,810 1,705 Profits after taxes 2,015 1,800 2,123 2,244 3,313 2,857 876 799 815 448 794 '883 837 Dividends .. . 1,149 1,127 1,182 1,320 1,625 1 724 613 413 411 418 482 437 439 Selected industries: Foods and kindred products (28 corps.): Sales 4,909 5,042 5,411 5,476 5 833 6 300 1 495 1 530 1 569 1 561 1 640 1 618 1 640 Profits before taxes 473 453 465 462 499 561 128 126 ' 149 141 '133 154 Profits after taxes 227 203 212 224 244 275 66 58 71 71 74 '63 75 Dividends 159 154 154 156 160 166 50 37 38 41 50 39 40 Chemicals and allied products (26 corps.): Sales ... 5,882 5,965 6,373 6,182 7 222 7 726 1 891 1 879 1 957 1 889 "> 001 r2 045 2 045 Profits before taxes 1,490 1,259 1,308 1,153 1,535 1 500 400 388 '^80 342 389 395 393 Profits after taxes 521 486 520 593 782 776 210 196 195 178 207 197 201 Dividends 381 396 417 499 597 602 234 138 141 143 181 150 152 Petroleum refining (14 corps.): Sales 5,078 5,411 5,883 6,015 6 556 7 185 1 745 1 764 1 742 1 770 1 909 2 048 1 941 Profits before taxes 911 728 841 751 854 916 248 '223 218 226 298 217 Profits after taxes 560 524 603 567 624 688 173 177 163 163 184 '220 172 Dividends ... 262 283 290 294 317 346 83 82 82 89 93 91 91 Primary metals and products (39 corps.): Sales 12,507 11,564 13,750 11,522 14,952 16,062 4,030 4,209 4,415 3,098 4,340 '4.272 4,217 Profits before taxes 2,098 1,147 1,817 1,357 2 377 2 366 674 690 712 267 697 '678 652 Profits after taxes 778 564 790 705 1,195 1 233 348 346 363 145 378 344 327 Dividends 382 369 377 407 522 606 182 141 137 140 188 157 157 Machinery (27 corps.) : Sales 6,168 7,077 8,005 7,745 8,477 9,798 2,237 2,167 2,463 2,422 2,746 2,624 2,751 Profits before taxes 1,000 971 1,011 914 912 943 194 200 267 233 243 '296 309 Profits after taxes 365 375 402 465 465 460 114 '76 139 125 120 '142 151 Dividends . 192 199 237 263 281 321 81 78 78 79 87 79 81 Automobiles and equipment (15 corps.): Sales 12,707 13,038 16,611 14,137 18,826 16,336 4,688 4,578 4,195 3.347 4.215 4,993 4,522 Profits before taxes . 1,950 1,982 2,078 1,789 3 023 1 940 714 689 509 272 470 '713 603 Profits after taxes 717 709 758 863 1,394 898 346 320 242 118 214 '337 292 Dividends ... . 486 469 469 536 693 656 309 162 164 164 166 167 166 Public Utility Railroad: Operating revenue 10.391 10,581 10,664 9,371 10,106 10,551 2,640 2,535 2,704 2,590 2,722 2,575 2,660 Profits before taxes 1,260 1,438 1,436 908 1 341 1 267 353 252 343 298 375 247 264 Profits after taxes 693 825 903 682 927 874 264 163 237 208 266 161 182 Dividends 328 338 412 379 448 445 176 no 116 70 148 124 Electric power: Operating revenue 6,058 6,549 7,136 7,588 8,360 9,059 2,185 2,398 2,185 2,175 2 302 r2.549 2,324 Profits before taxes 1,482 1,740 1,895 2,049 2,304 2,457 595 710 592 568 586 '731 596 Profits after taxes. . . 814 947 1,030 1,134 1 244 1 329 325 374 321 302 331 '393 327 Dividends 651 725 780 868 942 1,013 253 247 256 248 262 269 270 Telephone: Operating revenue 3,729 4,136 4,525 4,902 5 425 5 966 1 419 1 439 1 480 1 495 1 552 1 560 1 611 Profits before taxes 691 787 925 1,050 1,282 1,430 '336 339 '352 359 380 '387 388 Profits after taxes 341 384 452 525 638 715 169 169 176 180 190 '195 195 Dividends 318 355 412 448 496 552 130 132 136 137 147 148 150 ' Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t r a e o x f f o e it s r s e c ta o I x n m e - s e P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d f t i i t e s s d - Y qu e a ar 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—2 3,367 1,487 1,880 2,245 817 1,428 1,122 671 452 1956—1 43.3 22.1 21.2 11.7 9.5 3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 2 42.4 21.6 20.7 12.0 8.7 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 3 40.8 20.8 19.9 12.1 7.8 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 2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 1957—1 43.9 22.4 21.5 12.4 9.1 1 Reflects cash transactions only. As contrasted with data shown on p. 1068, 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. 1068. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities Net Notes and accts. Notes and accts. Federal E o n r d q o u f a r y t e e a r r w c o ap rk it i a n l g Total Cash s G U ec o . u S v r . t i . - receivable I t n o v ri e e n s - Other Total payable in l c t i a a o x - me Other ties U.S. Other U. S. Other bilities Govt. 2 Govt. 2 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R r r o a a a i n d l s - port O at th io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c o A th l e l r3 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 1.6 4.6 1.7 6.3 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1957—1 8.3 3.8 .7 1.2 2.6 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 2' 9.6 4.5 .8 1.5 2.7 1956 35.1 15.0 1.2 1.2 1.7 4.9 2 7 8 4 34'.... 10.0 4.7 .9 1.8 2.5 19574r 37.0 16.2 1.2 1.5 1.8 6.3 10 44 9.2 4.4 .8 1.7 2.3 r Revised. 3 Includes communications and other. 2 1 I C n o cl r u p d o e ra s te tr a a d n e d , n se o r n v c ic o e r , p f o i r n a a t n e c e b , u s a i n n d e s c s o , n ex st c r l u u c d t i i n o g n . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1071 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 o er l l s d l - t F u i i n c t n i i s o a a t l i n n - - s S F e e a c l g d e i e e e c n h r s t O a e - o l d l t d h e e v o r r I i s t a n d h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il l i n n y - - s ho O h u e o s th r l e s d e s - r c T o o m t M a m l u e l r ti c t - F i u f i a i n c a t n l i i m s o a a t p i l n n i - l r s - y o p a e n O h r d t o e t i r h l e s d e s - 1 r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 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 99.4 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 5.4 1956—Mar. ? 133.6 102.3 3.2 28.1 124.2 76.2 14.6 33.4 22.4 11.0 9.4 3.7 5.7 Junep. 137.6 105.6 3.2 28.8 128.0 78.9 14.9 34.3 23.0 11.3 9.6 3.8 5.8 Sept.^ 141.4 108.8 3.3 29.4 131.6 81.4 15.1 35.1 23.5 11.6 9.8 3.9 5.9 Dec.*5. 144.8 111.3 3.6 29.9 134.9 83.5 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957—Mar. *> 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 June*". 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 v Preliminary. 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 Bank Board, Institute of Life Insurance, Departments of Agriculture and Commerce, Federal National Mortgage Association, Veterans Administration, Comptroller of the Currency, and Federal Reserve. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bankholdings2 Mutual savings bank holdings3 Residential Residential End of vear or quarter Other Other Total FHA- VA- Con- n fa o r n m - Farm Total FHA- VA- Con- f n a o r n m - Farm Total in- guar- ven- Total in- guar- vensured 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 ,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 2,621 058 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 ,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21 004 15 888 4 560 3 711 7 617 3 819 ,297 17,457 15,568 4,150 5 773 5 645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 1,984 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 1,831 58 1956—Mar 21 450 16 180 4 610 3,770 7,800 3,950 ,320 18,045 16,123 4,210 6,155 5,758 1,860 62 June 21,990 16,500 4,668 3,837 7,995 4,137 353 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 ,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec 22,719 17 004 4 803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957—Mar.? . . . 22 670 16 905 4 775 3,825 8,305 4,430 ,335 20,105 18,035 4,455 7,330 6,250 2,010 60 June33 22,740 16,895 4,735 3,725 8,435 4,500 ,345 20,475 18,380 4,505 7,525 6,350 2,035 60 P Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4 466 776 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2 313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1956 July 567 533 84 138 311 34 31,612 29,188 6,608 6,872 15,708 2,424 546 508 64 131 313 38 31,897 29,454 6,621 6,957 15,876 2,443 Sept 454 430 51 102 277 24 32,111 29,656 6,614 7,044 15,998 2,455 Oct 557 527 69 136 322 30 32,399 29,938 6,632 7,131 16,175 2,461 Nov 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30 546 6,654 7,318 16,574 2,471 1957 Jan 553 512 51 141 320 41 33,279 30,810 6,658 7,420 16,732 2,469 Feb 402 356 43 98 215 46 33,479 31,001 6,671 7,493 16,837 2,478 Mar . . . .. 429 376 43 73 260 53 33,672 31,179 6,666 7,556 16,957 2,493 Apr 454 419 49 93 277 35 33,840 31,334 6,671 7,603 17,060 2,506 May 426 391 44 94 253 35 34,022 31,498 6,673 7,656 17,169 2,524 June 367 338 48 53 237 29 34,159 31,620 6,670 7,677 17,273 2,539 July 432 404 53 64 287 28 34,356 31,794 6,671 7,702 17.421 2,562 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r th or Total i s N c t t i o r e o u n w n c - - H c p h o u a m r s - e e Total2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - l - * Y m e o a n r t o h r Se a a a l d s ly o - n- W s a e d a i j t s u h o s o n t- u a t l in l S o g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed l ment2 assns. panies banks banks 1941 1,379 437 581 4 578 1945 1,913 181 1,358 5,376 1941., 4,732 1,490 404 1,165 218 1945., 5,650 2,017 250 1,097 217 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1949., 11,828 3,646 [,046 2,446 750 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950., 16,179 5,060 1,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951. 16,405 5,295 1,615 3,370 1,013 1953 .. 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952., 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953., 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954. 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,870 1,492 6,664 27,714 1955., 28,484 10,452 1,932 5,617 1,858 1956. 27,088 9,532 1,799 5,458 1,824 1956 1956 July 949 341 439 34,134 [,463 6,377 26,294 Aus 1,037 358 483 34,586 1,470 6,464 26,652 July. 2,329 2,374 851 159 464 168 Sept 850 292 397 34,939 1,476 6,530 26,933 Aug.. 2,266 2,544 921 163 508 181 Oct 922 323 422 35,305 ,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 1,492 6,664 27,714 Nov.. 2,119 2,108 717 136 408 152 Dec.. 2,094 1,951 660 138 366 148 1957 1957 Jan 714 245 326 36,102 1,496 6,699 27,907 Feb 709 243 318 36,371 1,501 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 1,519 6,828 28,789 Mar.. 2,011 1,937 744 115 334 99 May 968 360 412 37,595 1,530 6,872 29,193 Apr.. 2,042 2,044 798 116 357 110 June 925 319 415 38,048 1,539 6,913 29,596 May. 2,031 2,144 840 125 374 121 July . 969 318 462 38,442 1,547 6,968 29,927 June. 2,046 2,028 795 119 363 126 July., 2,211 852 130 390 142 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Excludes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1073 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 Year or month Total p N r m o ew p o - rtga p i g e s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j e - s t - - i p l P m o r e i r o a m r e o t n v n y p - s e t - 2 - Total 3 p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i x s 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 G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 628 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 12.0 16.1 38 0 1954 . 75 7 32 1 12 8 19 3 43 6 1956—July 279 83 125 10 61 465 291 174 1955 88.2 38.9 14 3 24 6 49 3 Aug 312 97 141 8 67 505 320 184 1956?5 99.1 43.9 15.5 28.4 55 2 Sept.. 278 82 122 15 59 508 321 186 Oct 341 96 134 26 86 501 331 169 1955—Dec 88.2 38.9 14 3 24.6 49 3 Nov.. 279 89 124 4 62 462 315 146 Dec 249 76 27 48 472 321 150 1956—Mar.P. . . . 90.8 40.2 14.7 25.5 50.6 June^ 93.7 41.3 15.0 26.3 52.4 1957—Jan 300 87 107 29 77 555 393 162 Sept.*3 96.5 42.4 15.2 27.2 54.1 ' Feb 266 74 85 50 56 431 316 113 Dec.P 99.1 43.9 15.5 28.4 55.2 Mar 317 75 86 96 60 380 285 94 Apr 264 68 90 41 66 350 271 78 1957—Mar.p. . . . 101.1 45.1 15.7 29.4 56.0 May 292 60 94 80 58 286 218 68 June?.... 103.3 45.9 15.9 30.0 57.4 June 247 60 104 18 65 276 213 62 July 333 67 124 76 65 268 206 62 v Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing (during mit- Year or month Ad- Repay- End of year period) ments vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d Pur- Sales bu d u r i n s s - - ed Short- L t o er n m g - 2 chases 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 ,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 ,228 798 430 1956 Aug 2,758 919 1,839 46 1 92 1956—Aug. 66 57 ,116 713 403 Sept 2,781 920 1,861 40 1 130 Sept. 72 46 ,142 741 401 Oct 2,838 934 1,904 69 1 232 Oct.. 67 61 ,148 752 397 Nov 2.953 957 1,996 129 317 Nov. 59 54 ,153 756 397 Dec 3,047 978 2,069 109 360 Dec. 121 47 ,228 798 430 1957 Jan 3,182 1.009 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 ,053 2 356 127 483 Mar. 68 83 961 563 398 Apr 3,491 ,074 2,417 95 493 Apr. 73 62 971 544 427 May 3,551 ,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 Tuly 3.654 ,112 2,541 83 626 July. 131 171 1,040 638 402 Aug. 83 50 1,072 663 409 1 Operations beginning Nov. I, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of more than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e i co p g O n a o s p t o h u e d e m r s r * er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9 172 6,085 2,458 1 929 376 1 322 3,087 845 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1 612 845 1949 17,305 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 [ 085 3 357 7,323 1,934 3 605 1 784 1952 27,401 19,403 7,733 6,174 [,385 4,111 7,998 2,120 4 011 1 867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 32 292 23,568 9,809 6,751 [ 616 5 392 8,724 2,408 4 308 2 008 1955 38,648 29.020 13,468 7,626 1,670 6,256 9,628 2,992 4 544 2 092 1956 41,863 31,552 14,436 8,139 1,793 7.184 10,311 3,421 4,702 2,188 1956—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 I 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 I 797 7 026 9,607 3,401 4 029 2 177 Dec 41,863 31,552 14,436 8,139 793 7,184 10,311 3,421 4,702 2,188 1957 jan 40,916 31,298 14,389 7,938 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 42,245 32,344 15,092 7,806 1,801 7,645 9,901 3,702 3,903 2,296 July 42,365 32,699 15,295 7,818 1,816 7,770 9,666 3,580 3,767 2,319 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 o o f n y t e h ar i c m n r s e e t d n a i t l t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a C c n u n o a o m i m n n e e c s - - r e 1 Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 .. . 6 085 4 480 1,726 1,797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1949 11 590 9 257 4 439 2,944 438 1 436 2 333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15 294 12,124 5,771 3,654 635 1 555 509 3 170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1 082 1953 23 005 18,963 8,998 5,927 1,124 2,137 777 4 042 1,064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1 052 1955 .. . 29,020 24,441 10,601 8,443 1,680 2,656 1,061 4,579 1,511 1,052 381 535 1956 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1,407 1,020 378 572 1 137 1956 July 30,297 26,193 11,476 8,849 1,880 2,880 1,108 4,104 1 239 967 359 568 971 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 ,269 970 368 576 973 Oct 30 811 26 635 11,606 8,973 1,994 2 938 I 124 4 176 I 269 974 368 574 991 Nov 31,024 26,846 11,634 9,075 2,021 2,961 1,155 4 178 1,230 988 373 573 1 014 Dec 31,552 27,038 11,682 9,100 2,048 3,049 1,159 4,514 1,407 1,020 378 572 1 137 1957__jan 31,298 26,931 11,616 9,077 2,045 3,041 1,152 4,367 [,380 975 364 568 1 080 Feb 31,233 26,967 11,641 9,035 2,074 3,051 1,166 4 266 [,345 957 362 568 1 034 Mar 31,273 27,101 11,711 9,048 2,108 3,056 1,178 4,172 1,298 936 357 570 1011 Apr 31,532 27,493 11,960 9,104 2,154 3,095 1,180 4,039 1,170 922 354 575 1*018 May 31,901 27,810 12,123 9,176 2,194 3,110 1,207 4 091 1,222 923 356 581 1009 32,344 28,205 12,300 9,300 2,255 3,142 1,208 4,139 1,243 923 360 590 1023 July 32,699 28,675 12,492 9,476 2,311 3,194 1 202 4,024 1 137 917 362 598 1,010 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 1075 INSTALMENT CREDIT HELD BY COMMERICAL 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 a n 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 l e e ct g O p c o a t o p o h n e d e - r r s R e m l r t o a e n i n o a p o i d n z d a n a s i - r - P o e a r n - s E o n r d m of o n y t e h ar i c T m n r s o e e t t d a n a i l t l t - m A pa o u p b to e il r - e | g O p c o a o t o p h n d e e - r r s m R iz l o o a e a n d a p ti d n e a o r s i n n r - 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 60 341 195"> 7 524 1 633 1,629 1 751 137 1 374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 .034 25 465 1955 10 601 3,243 2,062 2 042 338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,682 3,579 2,181 2,388 ,429 2,105 1956—July 8,849 7,264 .049 24 512 1956—July 11,476 3,560 2,210 2,276 ,367 2,063 Aug 8,953 7.344 .061 24 524 Aug 11 548 3 598 2 218 2 266 384 2 082 Sept 8,989 7,366 ,071 23 529 Sept 11,548 3,591 2,199 2,271 ,403 2,084 Oct 8,973 7,333 ,083 24 533 Oct 11 606 3 584 2 180 *> 335 421 2 086 Nov 9,075 7,305 .202 24 544 Nov 11 634 3 578 2,177 2 364 430 2 085 Dec 9,100 7,283 ,227 23 567 Dec 11,682 3,579 2,181 2,388 ,429 2,105 1957—Jan 9,077 7,222 ,261 23 571 19S7—Jan 11,616 3,584 2,198 2.306 ,413 2,115 Feb 9,035 7,190 ,247 23 575 Feb 11 641 3 611 2 216 2 290 399 2 125 Mar 9,048 7,190 .255 581 Mar 11,711 3,649 2,258 2.275 1,392 2,137 Apr 9,104 7,212 ,279 591 Apr 11 960 3 713 2 313 2 359 I 397 2 178 May 9,176 7,272 .285 597 May 12 123 3'775 2,361 2 364 410 2,213 June 9,300 7.376 .296 606 June 12.300 3,843 2,399 2,388 ,426 2,244 July 9,476 7,466 .369 619 July 12,492 3,899 2,431 2,451 ,440 2,271 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERICAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A p o a u p b to e il r - e s g O p c u o a t o m o h p n d e e e - r r s r m R iz l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r s o o e e t t n d a n a - i l t l t - C m c m ( o i s e a m e i r n l n - - g t le lo -p O a a n t y h s) - er m p D a e a e r n c ( - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores1 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 5 715 334 198 ^87 2 208 1,388 195"> . 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 t 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—July 5.868 779 560 319 4,210 1956 10,311 2,975 446 895 3,807 2,188 Aug 5 974 795 572 326 4,281 Sept 6,014 801 575 332 4,306 1956—July 9,181 2.885 376 523 3.151 2,246 Oct 6 056 807 581 336 4,332 Aug 9,234 2.894 401 531 3.165 2,243 Nov 6,137 816 581 343 4,397 Sept 9,367 2,926 435 588 3.192 2,226 Dec . ... 6 256 821 582 341 4,512 Oct 9,385 2,897 413 612 3.263 2,200 1957—jan 6,238 817 572 336 4,513 D N e o c v 1 9 0 , , 6 3 0 1 7 1 2 2, , 9 8 7 9 5 4 4 5 4 0 6 7 6 8 7 9 2 5 3 3 . . 8 3 0 5 7 7 2 2 , , 1 1 7 8 7 8 Feb . 6 291 825 570 337 4,559 Mar 6,342 834 566 340 4,602 1957—Jan. . .. 9,618 2,960 400 728 3.357 2.173 Apr . 6 429 846 569 341 4,673 Feb 9,280 2,983 450 617 3,045 2,185 May 6.511 863 572 351 4,725 Mar 9,230 3,007 520 571 2.929 2,203 June 6 605 884 573 353 4,795 Apr 9,483 3,055 481 597 3,090 2,260 July 6,707 901 572 354 4,880 May 9,806 3,135 606 599 3.186 2,280 June 9,901 3,176 526 585 3:318 2,296 July 9.666 3,141 439 538 3.229 2,319 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 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Person*il loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a te 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 July 3,293 3 316 1.246 1 337 925 872 121 127 1,001 980 Au° 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 L,3O8 1,284 942 1,010 125 140 988 948 Nov . .. 3,453 3,387 1,354 1,225 973 1,037 120 125 1,006 1,000 Dec 3,368 3,735 1,311 1,195 939 1,266 108 100 1,010 1,174 1957—Jan 3,512 3,079 1,477 1,258 899 111 119 91 1,017 953 Feb 3,496 2,954 1,426 1,214 914 727 120 93 1,036 920 Mar 3,299 3,319 1,324 1,374 878 809 115 105 982 1,031 Apr 3,505 3,558 1,389 1,460 896 856 118 116 1,102 1,126 May 3,485 3,709 ,349 1,511 948 966 127 139 1,061 1,093 June . . 3,412 3,638 ,314 1,490 939 946 118 126 1,041 1,076 July 3,539 3,797 ,373 1,558 924 938 124 136 1,118 1,165 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 July 3,158 3,103 1,227 1,211 890 868 121 117 920 907 Aug 3,145 3,157 1,212 1,244 891 880 112 113 930 920 Sept 3,085 2,918 1,184 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 1,326 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 1,317 1,302 860 883 114 110 1,010 1,004 May 3,274 3,340 1,303 1,318 880 906 116 116 975 1,000 June 3,251 3,195 1,258 1,250 905 871 110 108 978 966 July 3,350 3,442 1,315 1,355 908 926 120 121 1,007 1,040 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—July + 135 +213 + 19 + 126 + 35 +4 0 + 10 + 81 +73 Aug +205 + 347 +46 + 149 + 60 +72 + 10 +24 + 89 + 102 Sept . + 68 + 63 +7 + 3 -9 +4 + 13 +24 + 57 + 32 Oct + 181 + 104 + 25 -55 +60 + 104 + 12 +23 + 84 + 32 Nov +293 +213 + 123 -29 + 69 + 151 + 15 + 16 + 86 +75 Dec . . .. + 183 + 528 +75 -13 + 21 + 387 +4 -4 + 83 + 158 1957—Jan +201 -254 + 151 -47 -36 -201 +9 -21 +77 + 15 Feb +282 -65 + 140 +21 +40 -133 +8 -13 +94 +60 J J A M M u u p a l a n y r r y e .. + + + + + 2 2 1 1 1 1 0 6 8 3 1 4 1 9 9 + + + + + 2 4 3 3 4 5 4 6 5 0 9 3 9 5 + + + + + 4 5 7 8 5 6 6 2 0 8 + + + + + 2 2 1 1 9 4 0 5 9 1 0 3 8 3 + + + + + 3 3 6 1 4 3 6 8 6 - + + + 1 -2 6 0 7 1 7 7 0 5 2 + + + + + 1 4 4 9 8 1 + + + + 2 1 1 6 3 ^ 5 8 + + + + + 1 9 4 6 1 8 2 7 3 1 6 + + + + + 1 1 1 6 9 2 2 1 1 3 5 2 0 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 1077 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 Sa c l o e m s p fi a n n a i n e c s e Oth in e s r ti f t i u n t a i n o c n i s al 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—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 ,135 1,070 740 722 770 707 508 482 Oct 3,363 3,382 1,259 1,244 817 821 793 774 494 543 Nov 3 453 3,387 [ 221 1,148 929 881 835 835 468 523 Dec.. 3,368 3,735 1,235 1,193 798 785 796 939 539 818 1957—Jan.* 3,512 3,079 1,285 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 1,208 834 821 817 842 498 448 Apr. i 3,505 3,558 1,286 1,347 850 855 878 894 491 462 May 3,485 3,709 1,253 1,361 817 886 866 897 549 565 June 3,412 3,638 [,235 1,332 800 904 842 870 515 532 Julyi 3,539 3,797 1,288 1,384 886 1,022 910 944 455 447 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—July 3,158 3,103 1,148 1.149 763 735 746 731 501 488 Aug 3,145 3,157 1.146 ,160 746 767 751 738 502 492 Sept. ... . .. 3,085 2,918 1.122 ,070 706 686 723 667 534 495 Oct 3,182 3,278 1.162 ,186 789 837 718 732 513 523 Nov. 3,160 3,174 1,122 ,120 756 779 748 754 534 521 Dec 3,185 3,207 1.163 1,145 763 760 738 820 521 482 1957—Jan. i 3,311 3,333 1,183 [,195 846 808 766 760 516 570 Feb 3,214 3,019 1,153 [,080 790 733 758 697 513 509 Mar 3,160 3,279 1,107 1,138 773 808 767 791 513 542 Apr. i 3,301 3,299 1,166 1,182 814 799 811 807 510 511 May 3,274 3,340 1,172 1,198 815 814 794 815 493 513 June 3,251 3,195 1,177 1,155 783 780 786 776 505 484 Julyi 3,350 3,442 1,181 1.237 840 846 822 842 507 517 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—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. i +201 -254 +28 -66 + 109 -23 + 52 -18 + 12 -147 Feb +282 -65 + 112 +25 + 50 -42 + 87 +53 + 33 -101 Mar + 139 +40 +43 +70 +61 + 13 + 50 + 51 -15 -94 Apr. i +204 +259 +204 + 249 + 36 +56 +67 +87 -103 -133 May +211 + 369 + 81 + 163 +2 +72 +72 + 82 + 56 + 52 June + 161 +443 + 58 + 177 + 17 + 124 + 56 +94 + 30 +48 Julyi . + 189 + 355 + 152 + 192 +46 + 176 + 88 + 102 -97 -115 1 Data on extensions and repayments for retail outlets and commercial A discussion of the composition and characteristics of the data and banks have been adjusted to avoid duplications resulting from large a description of the methods used to derive the estimates are shown transfers of other consumer goods paper. As a result, the differences in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment between extensions and repayments for these institutions do not equal the credit extended and repaid are based on information from accounting changes in outstanding credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other trans- NOTE.—Monthly figures for the period January 1940-August 1956 are actions may increase the amount of both credit extended and credit shown on pp. 1043-1054 of the BULLETIN for October 1956. repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r ic ia a l l p v r o o lu d m uc e t ) i * on aw C a o r c d n o e n st d t r r u a ( c v c t a t i s o lu n e)1 Employment and payrolls2 Depart- Freight ment Con- Whole- Manufactures Non- Manufacturing car- store sumer sale agri- production workers load- sales* prices 2 com- Year Resi- cul- ings* (retail modity or month Total Total r D ab u l - e N r d a o b u n l - e - A e / r T a ir l » s Total d t e ia n l - ot A h l e l r p m t e u l m o e r n y a - t - l Em m p en lo t y- P ro a l y ls - value) prices2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad-Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 . 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58 5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71 0 68.3 35.0 115 38 73.3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 s 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 July 136 128 138 148 128 123 255 265 249 117.6 102.8 101.4 150.5 81 129 117.0 114 0 143 142 144 158 130 130 260 264 257 119.3 106.2 107.2 161.5 93 128 116.8 114 7 Sent 144 146 146 162 130 131 251 250 251 119.2 106.0 107.9 166.7 96 129 117.1 115 5 Oct 146 151 147 163 131 131 248 230 260 119.7 107.3 108.9 169.0 96 122 117.7 115 6 Nov 146 147 147 165 129 130 242 197 272 119.9 107.4 108.3 168.2 97 131 117.8 115 9 Dec 147 144 149 167 130 130 n.a. n.a. 311 120.1 107.5 107.9 171.4 100 129 118.0 116.3 1957 Jan 146 145 147 164 131 131 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 rl33 n.a. n.a. 323 120.2 106.4 106.0 165.0 96 125 118.7 117 0 Mar 145 148 147 162 131 133 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 91 122 119.3 117.2 143 143 145 159 130 130 n.a. n.a. 260 r120.5 105.7 104.2 161.0 90 125 119 6 117 1 June 144 145 146 162 130 '128 n.a. n.a. 267 120.6 105.3 104.7 163.8 90 127 120.2 117.4 July 144 135 146 162 130 127 n.a. n.a. n.a. 120.7 104.8 103.3 160.4 85 *132 120.8 118.2 ?144 P144 P146 PI 62 *>131 *128 n.a. n.a. n.a. ^120.72>104.5H05A 164.4 92 133 118.3 • Estimated. P Preliminary. r Revised, 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. • Average per working day. Nonagricultural employment covers employees only and excludes personi Three-month moving average, based on F. W. Dodge Corporation nel in the armed forces. The consumer price index is the revised series, data. A description of the index may be obtained from the Division of reflecting, beginning January 1953, the inclusion of some new series and Research and Statistics. revised weights; prior to January 1953, indexes are based on the "interim adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1079 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1956 1957 Industry p p r o o r - tion 1955 1956 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 136 143 144 146 146 147 146 146 145 143 143 144 144 MANUFACTURES—TOTAL 90.02 140 144 138 144 146 147 147 149 147 148 147 145 145 146 146 Durable Manufactures—Total 45.17 155 159 148 158 162 163 165 167 164 164 162 160 159 162 162 Primary metals 6.70 140 138 69 125 148 147 146 145 144 143 137 134 132 132 134 Metal fabricating 28.52 165 172 169 172 174 176 180 183 180 180 179 176 175 177 777 Fabricated metal products 5.73 134 135 130 134 139 140 139 141 137 138 137 140 136 139 141 Machinery 13.68 155 171 173 175 175 175 175 177 173 172 172 166 168 171 173 Nonelectrical machinery 9.04 135 153 154 157 158 156 155 157 154 155 155 151 152 151 152 Electrical machinery 4.64 194 207 210 211 210 211 214 216 208 204 204 196 199 210 214 Transportation equipment 7.54 203 199 189 191 193 203 216 223 221 224 222 217 213 '215 210 Autos, trucks, and parts 4.80 153 125 110 112 112 121 137 143 139 140 135 126 124 '127 124 Other transportation equipment 2.74 272 310 308 311 317 328 336 344 347 352 355 356 349 350 343 Instruments and related products 1.29 149 166 167 171 171 172 172 173 173 174 173 172 171 171 174 Clay, glass, and lumber products 5.91 138 140 143 145 139 138 138 136 133 133 132 133 136 '140 737 Stone, clay, and glass products 2.82 149 158 161 160 154 157 157 158 155 155 155 155 158 157 154 Lumber and products 3.09 127 123 127 130 126 120 119 117 114 113 111 113 115 125 121 Furniture and misc. manufactures 4.04 132 135 136 136 136 136 134 134 131 129 130 132 132 '133 134 Furniture and fixtures 1.64 119 122 123 122 122 122 119 120 118 118 118 121 121 121 123 Miscellaneous manufactures 2.40 141 144 145 145 146 146 144 144 140 136 137 140 139 142 141 Nondurable Manufactures—Total 44.85 126 129 128 130 130 131 129 130 131 131 131 129 130 130 130 Textiles and apparel 11.87 109 108 106 107 108 111 105 106 104 105 105 104 105 106 105 Textile mill products 6.32 107 104 100 102 103 105 103 103 100 101 101 99 98 100 98 Apparel and allied products 5.55 113 112 112 112 113 117 108 110 109 110 111 109 113 113 113 Rubber and leather products 3.20 122 117 112 117 116 117 114 118 122 124 123 118 115 777 Rubber products 1.47 143 133 125 135 132 134 126 137 145 145 142 131 130 129 132 Leather and products 1.73 105 104 102 102 102 101 104 102 102 106 107 106 102 106 104 Paper and printing 8.93 137 145 146 147 145 148 147 147 148 147 147 147 148 148 747 Paper and allied products 3.46 152 159 162 161 159 160 160 157 159 157 157 156 158 159 157 Printing and publishing 5.47 127 136 136 138 137 140 139 140 141 141 141 141 142 141 140 Newsprint consumption 1.85 128 132 132 134 131 133 132 133 135 132 132 128 132 132 129 Job printing and periodicals 3.62 127 138 138 140 140 144 142 144 145 146 145 147 147 146 146 Chemical and petroleum products 9.34 159 167 164 167 168 167 168 170 174 172 171 172 174 '170 775 Chemicals and allied products 6.84 167 177 176 176 111 177 177 179 184 183 182 183 185 182 186 Industrial chemicals 2.54 184 196 191 192 194 196 195 199 205 205 202 204 206 198 208 Petroleum and coal products 2.50 135 141 132 139 143 140 143 145 147 143 141 142 142 138 136 Foods, beverages, and tobacco 11.51 109 112 111 113 113 113 113 113 111 113 113 110 111 772 775 Food and beverage manufactures 10.73 109 113 112 114 114 113 114 114 111 113 113 110 111 112 113 Food manufactures 8.49 109 113 112 115 115 114 113 113 111 113 113 111 111 112 114 Beverages 2.24 107 112 110 112 112 111 115 117 113 111 115 108 111 115 Tobacco manufactures .78 105 107 106 105 106 106 109 107 112 116 111 109 110 111 i 14* MINERALS—TOTAL 9.98 122 129 123 130 131 131 130 130 131 133 133 130 130 128 127 Mineral fuels 8.35 123 129 127 132 130 r131 "133 '133 126 Coal 2.68 80 85 75 85 86 85 87 80 r82 87 '92 87 '87 83 Anthracite .36 48 55 48 61 56 56 57 57 57 52 48 49 60 37 Cr B ud it e u m oi i l n a o n u d s c n o a a tu l ral gas 2 5. . 6 3 7 2 1 8 4 5 3 1 9 5 0 0 1 7 5 9 2 1 8 5 8 4 1 9 5 1 1 1 9 5 0 1 1 9 4 1 9 1 8 5 4 3 1 r 5 8 4 6 1 ' 5 9 4 3 1 r 5929 1 9 5 3 0 '153 1 r 4 91 7 1 9 47 1 C N r a u tu de ra o l i g l as and gas liquids 4. . 1 7 2 0 1 1 3 7 1 7 1 19 3 1 7 1 1 3 9 9 0 1 19 4 3 2 1 19 3 3 9 1 1 3 9 8 2 1 19 3 1 7 1 1 4 8 1 9 1 1 9 4 6 2 1 1 9 4 8 4 1 1 9 4 8 4 P1 1 9 3 7 9 141 136 2135 Metal, stone, and earth minerals 1.63 120 127 100 122 133 136 135 134 131 132 132 129 127 '130 128 Metal mining .82 110 114 60 103 123 132 128 121 120 122 121 118 113 119 112 Stone and earth minerals .81 130 141 142 140 143 141 142 141 142 142 143 140 142 142 144 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 19 pr A o- l-49 average 1956 1957 Industry portion 1955 1956 July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 139 143 128 142 146 151 147 144 145 148 148 144 143 145 135 MANUFACTURES TOTAL 90.02 140 144 129 143 148 153 149 146 146 149 150 146 144 146 136 45.17 155 159 139 155 161 168 166 166 164 167 166 163 159 '162 151 6.70 140 138 62 118 145 149 146 142 146 149 144 140 '134 136 119 5.03 138 135 41 114 146 149 146 145 147 149 144 138 133 134 120 3.51 144 142 24 117 156 160 158 157 159 159 154 148 143 141 130 .37 134 131 22 104 145 148 147 149 148 149 147 144 141 139 136 Steel 3.05 146 143 24 119 158 162 159 158 160 160 154 147 142 140 128 2.62 141 139 23 116 153 157 156 156 157 159 152 146 141 141 129 Alloy steel .43 171 167 34 135 183 191 181 170 178 167 163 151 149 136 123 Ferrous castings and forgings. . 1.52 124 119 79 106 122 123 118 118 118 124 122 115 109 '119 Iron and steel castings 1.29 123 117 78 106 122 122 118 117 117 122 119 113 108 '117 Steel foreines .23 133 126 88 105 120 127 120 121 126 133 137 124 116 126 1.67 143 144 121 128 142 146 143 133 143 148 142 145 '139 142 115 .38 153 164 156 135 159 170 169 170 170 167 166 175 171 167 156 Copper smelting .09 122 133 117 124 122 133 127 129 135 139 132 140 131 '134 114 .06 123 132 123 120 114 134 135 128 137 146 141 146 148 136 125 Lead .04 103 115 107 107 123 122 116 120 113 118 116 129 115 110 104 .10 120 123 114 123 128 127 130 134 128 133 132 137 133 '128 118 .09 261 280 298 182 269 293 295 292 289 259 267 283 285 280 279 Secondary nonferrous metals .13 123 118 93 108 115 124 116 108 116 125 120 118 110 109 Nonferrous shapes and castings 1.16 142 140 112 128 139 140 138 123 138 144 137 138 132 138 104 .63 114 115 79 109 120 111 116 98 111 121 105 113 107 114 72 Aluminum mill shapes .20 208 215 222 187 202 218 196 175 203 200 206 213 215 211 214 .33 156 146 111 129 141 149 146 141 150 156 157 141 131 '140 99 Metal Fabricating 28.52 165 172 160 167 172 180 181 183 181 185 184 179 174 r176 167 5.73 134 135 124 135 144 145 138 139 136 138 138 140 136 139 134 Structural metal parts .. 2.68 136 141 129 137 144 150 149 152 148 149 149 148 149 152 149 Stampings and misc metal products 2.12 130 125 111 117 123 130 132 134 130 130 129 126 124 '124 119 .30 142 151 168 214 220 186 100 105 113 116 127 190 122 149 163 Furnaces gas ranges and heaters .63 111 110 94 123 143 128 98 82 84 103 101 98 95 104 81 13.68 155 171 158 168 177 182 178 178 175 177 177 169 166 168 158 9.04 135 153 148 147 155 153 152 158 158 160 161 157 154 153 146 Farm and industrial machinery 8.13 130 147 144 145 148 149 150 155 153 154 154 152 149 148 143 1.02 91 86 82 79 79 73 77 82 86 89 92 90 87 '85 82 Industrial and commercial machinery.... 7.11 135 156 153 155 158 160 160 165 163 164 163 161 158 157 152 .68 163 197 194 193 199 201 201 209 203 204 202 198 193 '188 180 .69 144 168 152 127 174 150 137 155 152 175 190 164 158 160 129 4.64 194 207 178 209 220 237 227 217 208 210 208 194 189 197 182 Electri cal apparatus and parts.......... 3.23 174 198 193 198 203 209 211 214 210 210 208 204 200 '200 194 Radio and television sets .74 242 224 130 238 266 312 271 218 188 201 196 159 153 180 143 Transportation equipment 7.54 203 199 185 186 181 202 218 225 224 231 228 222 213 '216 205 4.80 153 125 107 104 92 121 139 144 141 148 142 135 127 '130 118 1.50 190 138 127 109 59 105 164 177 174 178 171 155 144 156 134 Trucks . .66 115 112 99 101 98 103 102 101 98 113 109 120 113 '119 103 .22 114 92 76 81 75 92 100 92 97 110 105 107 100 108 94 Medium trucks .19 69 58 56 53 51 52 43 45 42 57 52 69 '60 '62 52 .14 172 218 198 192 201 195 195 207 182 200 193 224 '215 '228 208 Truck trailers .07 183 167 145 160 148 146 133 121 134 156 162 154 148 156 108 Auto and truck parts .... 2.58 141 121 97 102 109 135 135 136 134 140 134 127 121 118 Other transportation equipment 2.74 272 310 305 311 317 325 336 348 351 356 359 356 345 '347 340 1.30 481 548 536 555 570 582 601 619 624 630 633 630 608 '606 598 .81 115 118 119 114 114 116 118 126 127 129 132 131 134 '136 134 Railroad equipment .53 42 63 62 58 51 60 68 75 78 84 88 81 76 84 73 .35 30 54 51 49 36 52 64 73 77 86 98 86 81 88 71 1.29 149 166 162 167 171 173 174 175 173 174 174 174 171 '171 169 Clay* Glass* and Lumber Products ....5.91 138 140 135 149 145 146 138 129 125 131 132 135 r137 r144 129 Stone, clay, and glass products 2.82 149 158 156 164 157 165 161 156 148 151 153 155 '158 159 150 1.09 134 140 130 142 127 149 147 143 143 145 '144 141 141 'H9 131 .60 155 164 150 161 159 173 174 173 167 166 '164 '160 '157 148 Flat and other glass .47 156 165 146 160 158 177 177 177 171 168 '166 '163 '161 '160 149 .26 126 132 133 145 113 147 135 114 127 134 138 132 137 144 137 Home glassware and pottery .. .23 91 87 72 90 61 86 92 96 98 102 100 100 97 '85 77 Cement . . .32 148 157 173 177 174 171 157 144 113 116 133 145 161 161 Structural clay products .35 127 137 140 144 140 142 136 126 120 120 121 129 130 133 132 Brick.....::...::::...:::::: .12 131 134 140 148 135 139 131 106 94 96 101 119 122 123 .20 127 142 141 144 147 147 141 142 140 139 138 138 138 '143 145 .48 180 194 204 208 204 199 192 187 173 177 181 185 194 r200 197 Misc stone and earth manufactures .58 166 173 167 171 176 177 177 180 174 177 177 176 177 177 173 9 Preliminary r Revised. For other notes see end of table Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1081 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1956 1957 Industry p po ro r- tion 1955 1956 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 127 123 116 135 133 130 117 104 104 112 112 117 118 131 111 LuLmubmerb earnd products. . 2.05 112 107 104 115 118 111 101 91 89 98 100 100 99 no Millwork and plywood .60 197 189 161 216 200 206 181 155 167 181 170 191 196 219 168 Millwork .39 144 121 107 152 139 130 103 82 90 105 102 107 110 146 101 Softwood plywood .12 284 301 248 320 299 332 310 277 295 306 282 330 339 339 277 .29 90 91 90 90 90 93 88 90 88 86 86 87 88 88 83 Furniture and Misc. Manufacturing... 4.04 132 135 127 136 140 143 138 137 128 130 131 129 128 r130 125 Furniture and fixtures 1.64 119 111 115 123 125 127 111 125 118 119 119 117 115 118 115 1.10 120 121 114 121 125 127 123 125 116 118 119 117 114 117 115 Fixtures and office furniture .54 115 122 117 127 126 127 122 126 121 121 121 118 118 119 117 Miscellaneous manufactures 2.40 141 144 135 145 150 154 150 145 136 137 139 137 137 139 131 Nondurable Manufactures—Total 44.85 126 129 119 131 134 137 132 125 128 131 133 128 129 130 1?? Textiles and Apparel 11.87 109 108 90 109 105 114 106 100 106 112 115 104 106 704 90 Textile mill products 6.32 107 104 86 103 102 109 105 99 101 105 106 99 100 100 84 Cotton and svnthetic fabrics 3.72 113 108 87 104 101 113 109 104 108 111 111 103 106 103 85 Cotton consumption 2.30 103 102 81 101 97 108 104 93 99 101 102 95 99 96 75 Synthetic fabrics .97 137 118 101 102 no 118 119 123 129 129 123 117 no no 109 Fabric finishing ... .45 100 98 71 103 105 90 99 87 102 no 87 100 62 82 107 Wool textiles .97 79 86 76 92 94 86 78 74 81 79 78 87 67 Wool apparel yarns .16 85 88 83 94 7897 93 76 77 80 85 85 82 8891 88 71 Wool fabrics . . .75 78 86 75 92 90 96 90 79 72 80 78 77 79 88 67 Knit goods . ... 1.15 110 108 95 109 114 111 109 99 100 105 109 102 102 106 96 Hosiery .65 106 100 76 96 105 100 101 90 98 103 106 92 89 92 76 .45 110 102 77 97 106 100 98 90 98 104 109 91 87 87 69 Seamless hosiery .20 99 96 75 94 103 101 107 90 97 101 97 93 95 103 90 Knit garments .50 115 119 120 126 125 125 119 110 102 108 113 116 118 124 122 Floor coverings * .48 ^Voven carpets . .31 79 83 50 86 97 87 78 79 86 92 91 85 69 64 55 Apparel and allied products 5.55 113 112 95 116 108 118 108 101 113 119 126 110 112 109 96 Men's outerwear 1.78 111 110 79 120 101 116 98 96 119 111 113 99 no 102 72 Men's suits and coats .73 92 95 59 109 91 103 90 89 107 95 101 88 102 91 56 Men's suits... .50 90 93 54 103 85 100 92 93 114 100 104 90 100 88 54 Men's outercoats .13 77 78 63 110 90 91 57 53 51 50 63 60 85 78 46 Shirts and work clothing .99 123 118 90 126 106 124 101 98 126 121 120 104 113 108 80 Women's outerwear 1.85 116 112 100 116 108 117 107 89 108 130 148 119 115 111 101 Women's suits and coats .76 134 128 132 152 138 146 128 101 131 157 169 102 96 127 130 Misc apparel and allied mfrs 1.92 111 113 105 113 116 121 119 117 112 117 118 111 no 112 113 Rubber and Leather Products 3.20 122 117 97 117 118 123 113 111 123 130 130 119 114 r117 101 Rubber products ... 1.47 143 133 105 127 135 144 129 132 147 148 148 135 133 132 111 Tir A es u t a o n d ti r t e u s bes . . 7 4 0 0 1 1 3 4 1 0 1 1 2 2 1 3 9 9 9 7 no 1 12 2 1 0 1 1 2 2 1 4 1 1 0 1 8 3 1 1 2 3 2 0 1 1 2 3 6 6 1 1 3 5 6 0 1 15 3 1 4 1 1 2 3 1 5 1 1 2 3 5 7 1 1 2 3 3 6 1 1 0 2 9 2 Truck and bus tires .30 120 119 103 113 118 117 101 no 111 117 111 103 108 105 91 Miscellaneous rubber products .77 154 144 110 110462 148 165 147 141 166 159 161 147 140 141 112 Leather and products 1.73 105 104 90 108 104 104 100 95 102 115 115 106 98 105 93 Leather .44 92 91 73 90 90 90 90 85 89 99 95 89 OO 96 Cattlehide leathers .29 99 99 79 97 99 99 100 95 98 108 103 96 94 106 Skin leathers .15 79 76 61 76 73 74 70 65 72 82 81 76 75 77 .90 Miscellaneous leather products .39 99 97 96 102 99 101 97 95 90 96 96 90 87 92 92 Paper and Printing 8.93 137 145 135 145 147 154 151 143 144 147 151 150 149 148 136 Paper and allied products .. .... . 3.46 152 159 UA 163 160 169 162 145 157 161 163 161 158 161 139 Pu W lp o a o n d d p p u a l p p er 1. . 7 5 6 1 1 1 4 6 9 9 1 17 5 9 7 1 1 6 4 5 3 1 18 6 2 0 1 17 5 1 2 1 1 6 8 2 5 1 1 8 5 3 9 1 1 4 6 2 0 1 1 8 5 2 8 1 18 6 1 0 1 18 5 1 9 1 1 5 8 9 2 1 1 8 5 2 7 1 1 7 5 5 5 1 1 5 3 3 3 Paper and board 1.25 140 148 134 151 145 152 149 135 149 151 150 150 147 147 124 .22 127 140 130 143 139 145 146 135 140 139 137 136 136 136 120 Fine paper. .14 133 145 129 143 148 149 146 138 140 147 152 147 143 142 109 Coarse paper .20 129 136 121 139 131 135 138 123 139 139 131 131 125 123 102 Miscellaneous paper .18 158 170 160 172 169 183 174 159 184 189 186 192 182 184 160 Paperboard.. .41 149 155 135 157 148 159 155 139 154 155 158 155 157 154 130 Building paper and board .10 137 131 127 139 128 131 118 94 118 128 120 126 124 127 119 Converted paper products 1.70 156 162 146 166 168 177 165 148 156 163 167 163 160 166 147 .51 155 159 140 167 168 172 161 144 148 156 163 155 155 160 141 Sanitary paper products .11 158 170 162 163 166 189 173 158 179 183 177 184 174 183 163 » Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1082 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 129 133 139 145 144 142 136 139 144 143 142 140 133 Newsprint consumption 1.85 128 132 115 121 133 143 145 131 123 128 137 137 140 132 112 Job printing and periodicals. 3.62 127 138 136 140 143 145 144 147 143 144 147 146 144 144 144 Chemical and Petroleum Products. 9.34 159 167 157 164 168 171 171 171 175 175 174 172 172 r168 165 Chemicals and allied products 6.84 167 177 166 111 111 182 181 181 184 186 186 184 184 179 175 Industrial chemicals 2.54 184 196 182 188 192 198 199 199 205 207 206 206 206 '200 197 Basic inorganic chemicals .57 180 189 158 171 186 191 191 193 198 208 206 210 209 '197 189 Industrial organic chemicals 1.97 186 197 188 193 194 200 201 200 208 207 206 205 205 '201 200 Plastics materials .24 242 256 213 247 254 272 274 247 263 277 280 275 278 266 Synthetic rubber .11 213 236 227 223 241 227 222 242 243 238 242 219 245 225 209' Synthetic fibers .59 186 181 167 171 169 185 189 187 205 202 196 203 198 189 189 Miscellaneous organic chemicals. 1.03 169 189 191 189 189 188 189 193 193 191 190 188 188 '191 190 Vegetable and animal oils. .64 124 132 93 100 122 159 157 143 147 152 134 121 116 109 105 Vegetable oils .48 117 124 75 84 115 161 154 139 143 143 129 113 103 94 94 Grease and tallow .16 145 158 145 150 144 151 167 157 159 181 150 146 155 154 138 Soap and allied products. .71 110 111 91 121 124 119 108 110 120 117 128 113 115 104 80 Paints .66 125 124 125 127 125 124 123 123 122 121 120 122 122 125 127 Fertilizers .23 135 129 104 95 109 119 112 120 125 135 166 181 172 119 105 Petroleum and coal products. 2.50 135 141 132 142 145 140 143 145 148 145 139 137 139 139 Petroleum refining 1.97 142 150 148 151 151 146 152 158 160 154 149 145 148 147 P144 Gasoline 1.04 152 159 162 164 164 155 160 165 164 157 156 154 161 162 P151 Automotive gasoline.. .98 147 153 156 158 158 149 155 159 158 153 150 149 155 156 Aviation gasoline.... .06 233 254 257 264 261 256 251 260 263 242 254 247 255 258 Fuel oil .56 138 147 141 146 145 142 149 161 170 164 151 143 143 142 2*141 Distillate fuel oil. .30 175 193 187 195 196 188 195 210 225 216 197 187 190 188 Residual fuel oil. .26 94 95 87 89 87 97 105 108 104 99 93 90 90 Kerosene .10 107 111 97 103 108 117 126 124 120 116 109 93 89 83 Lubricating oil. .17 114 119 113 119 116 122 122 116 118 114 116 126 122 104 Coke .26 104 102 38 92 109 109 109 110 110 110 111 107 108 107 106 Asphalt roofing and siding. .15 110 104 120 123 131 123 84 49 94 92 80 104 107 77 73 Foods, Beverages, and Tobacco. 11.51 109 112 121 129 126 116 105 103 104 108 r116 114 102 105 Food and beverage manufactures. 10.73 109 113 114 122 130 121 111 106 103 104 107 115 Food manufactures 8.49 109 113 111 123 134 129 119 108 101 104 105 102 104 113 Meat products 1.48 128 133 118 116 129 142 148 138 104 133 104 123 124 120 116 Beef .46 142 151 154 148 151 160 154 149 139 151 131 139 148 148 150 Pork .83 116 119 95 95 113 128 140 127 163 117 144 108 104 97 91 121 117 Dairy products .69 107 110 134 120 103 91 85 86 91 102 109 122 140 151 134 Butter .14 105 107 118 97 91 82 83 96 102 109 117 122 139 145 113 Natural cheese .07 116 117 133 116 105 97 93 96 100 107 115 135 161 165 137 Concentrated milk. .19 97 101 118 98 83 73 71 77 85 96 105 128 151 142 114 Ice cream .28 109 112 147 144 118 102 90 80 82 97 101 109 122 149 151 Canned and frozen foods. 1.13 118 133 149 234 264 188 116 98 87 84 82 89 91 111 151 Grain-mill products 1.16 105 101 103 105 109 106 99 99 100 100 99 95 97 98 98 Wheat flour .46 83 84 77 85 95 91 87 88 92 92 90 82 81 87 78 Cereals and feeds .70 119 113 121 118 118 116 107 107 105 106 106 104 108 105 110 Bakery products. 1.64 97 98 100 99 100 101 100 99 95 96 96 98 99 104 Sugar .27 115 122 73 67 110 271 296 222 85 57 54 60 68 Cane sugar.... .11 113 116 133 127 130 123 100 102 102 96 107 110 117 140 Beet sugar .13 111 121 15 86 393 459 320 65 20 21 38 Confectionery .71 101 107 73 98 152 141 130 91 113 123 119 96 84 95 81 Miscellaneous food preparations. 1.41 106 105 107 107 106 105 105 102 101 103 103 102 106 114 114 Beverages 2.24 107 112 123 118 116 120 110 98 90 97 110 110 119 137 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 102 105 107 101 106 118 109 93 86 93 105 102 107 122 Beer and ale 1.02 101 101 128 112 93 83 80 84 88 86 104 108 116 129 Liquor distilling... .17 77 78 35 50 93 133 92 80 79 85 86 81 80 65 Liquor bottling... .37 109 119 94 135 179 175 115 81 105 111 95 97 127 Tobacco manufactures. .78 105 107 96 115 111 115 111 87 110 114 111 104 113 121 102 Cigarettes .46 109 111 104 120 115 119 114 92 117 119 115 109 121 129 114 Cigars .17 104 104 83 110 109 116 113 83 101 112 110 102 104 81 Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1083 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 19 p p 4 r o o 7 r - - - 49 average 1956 1957 tion 1955 1956 July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. May June July WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 119 131 132 132 130 129 130 131 131 130 131 131 123 MINERALS—TOTAL Mineral Fuels 8.35 123 129 121 130 129 130 130 132 135 135 130 127 119 Coal.... 2. . 6 3 8 6 4 8 8 0 5 8 5 5 4 6 2 2 8 5 7 9 9 6 0 2 6 9 4 3 9 5 0 9 5 8 5 3 5 8 7 5 5 8 2 7 4 8 3 8 '8 4 3 6 '8 5 2 0 64 6 32 6 Anthracite 2.32 85 90 65 91 95 98 95 87 '90 '93 '95 '89 '87 92 71 Cr O B O ud i i i C t N l l e u a a r a m o N N u n n t i u d i d d l a a n e r t t a o a g g u u n o u l a a r r d s a a s s i g l l l a n c e w s g g a o x e a t a a t a l u r s s l l n a r d a l d c i l t r q i i l u o g l i l q n i a i d u n s s i g d . s 4 4 5 . . . . . . . 6 8 1 3 8 3 7 2 7 2 6 5 4 0 1 1 1 1 1 1 1 4 3 3 6 8 7 7 3 1 7 9 5 5 7 1 1 1 1 1 1 1 5 9 9 3 4 8 8 0 9 1 7 5 2 0 1 1 1 1 1 1 1 4 9 7 3 4 8 7 9 1 7 6 2 2 2 1 1 1 1 1 1 1 5 3 4 8 8 8 8 0 8 4 0 2 3 4 1 1 1 1 1 1 1 4 3 8 8 8 4 7 7 5 6 2 9 3 3 1 1 1 1 1 1 1 4 4 3 8 9 8 7 7 1 4 0 4 7 7 1 2 1 1 1 1 1 4 0 3 4 9 7 8 9 9 7 6 7 0 6 2 1 2 1 1 1 1 5 0 1 4 5 9 8 5 2 4 1 0 1 1 1 ' r r 2 2 1 1 1 1 5 1 4 5 4 9 8 8 4 0 4 3 0 2 ' ' '2 1 2 1 1 1 1 3 5 1 5 4 9 6 5 7 4 7 7 4 0 ' ' ' ' 2 1 2 1 1 1 1 0 5 2 5 4 5 8 6 6 5 6 8 1 9 1 1 1 1 1 5 5 4 8 6 4 2 5 8 8 2 1 * 1 1 1 1 1 5 5 4 8 6 9 0 3 3 6 8 3 ^1 1 1 1 1 1 9 4 3 4 5 7 6 0 4 6 6 7 ^ 2 1 1 4 3 0 2 Metal, Stone, and Earth Minerals 1.63 120 127 110 135 147 146 129 116 109 1/3 114 124 143 Metal mining .82 110 114 73 111 142 142 114 94 91 98 95 111 135 150 137 Iron ore .33 113 104 19 126 179 175 109 62 49 50 48 87 159 193 Nonferrous metal mining .49 108 120 109 118 117 120 118 115 120 130 127 126 118 122 Copper mining .24 123 136 120 132 132 134 132 129 133 145 141 140 133 139 122 Lead mining .09 84 88 85 90 87 92 87 83 89 96 94 94 88 '85 79 Zinc mining .06 81 87 86 86 91 86 92 96 98 99 86 '90 78 Stone and earth minerals .81 130 141 147 149 151 150 144 138 128 129 133 137 145 148 149 » 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 July Aug. Sept. Oct. Nov. Dec,Jan. Feb. Mar. Apr. May June July ELECTRICITY AND GAS—TOTAL 100.00 199 218 219 219 220 221 222 223 225 227 226 P227P229 '231 ^233 Residential 41.34 217 241 245 244 244 243 244 246 248 252 252 Nonresidential. 58.66 187 201 201 202 202 205 206 207 210 209 207 Electricity 76.18 199 218 219 219 219 221 223 224 227 229 227 228 231 234 ^236 Residential 27.48 224 250 253 253 254 253 257 258 260 266 266 263 267 274 Industrial 23.68 190 206 202 203 205 211 212 211 213 211 209 214 215 214 General industrial 23.49 173 186 182 183 186 192 192 191 193 191 188 194 193 Atomic energy .19 2221 2697 2700 2680 2650 2660 2670 2720 2740 2720 2750 2790 2880 2790 Commercial and other 25.02 180 194 197 196 194 196 197 199 204 205 202 203 207 210 Gas 23.82 200 218 222 221 220 219 218 219 220 221 221 5223 ^224 Residential 13.86 203 223 229 227 224 222 220 221 223 224 225 Industrial 6.16 201 218 219 221 224 226 229 228 225 222 220 Commercial and other 3.80 185 197 201 203 199 196 194 19' 203 205 207 9 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

1084 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Product portion 1955 1956 July Aug. Sept. Oct. Nov. Dec Jan. Feb. Mar.i Apr. Mayj June July SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 127 127 123 123 132 141 137 138 134 124 124 129 129 Major Durables 69.72 164 140 135 132 127 129 143 154 147 149 144 131 131 137 137 Autos 32.10 190 138 122 124 106 117 152 168 169 167 159 141 139 144 134 Major household goods 36.13 144 144 148 141 148 142 136 143 130 134 132 124 126 133 142 Furniture and floor covering? 15.32 116 117 117 117 118 115 114 115 114 113 113 114 112 113 119 Household furniture 11.31 120 121 122 121 122 121 118 121 119 117 118 120 118 121 122 Floor coverings * 4.01 Appliances and heaters 15.60 138 143 152 136 149 136 130 144 137 133 119 119 123 126 Major appliances 11.88 144 151 161 142 158 144 138 156 136 144 140 121 124 127 131 Ranges 2.60 100 103 105 91 98 96 85 104 95 103 100 88 85 85 73 Refrigeration appliances 4.98 151 150 160 146 159 132 136 151 128 153 151 136 138 135 140 Laundry appliances 2.51 193 216 236 200 233 231 211 233 209 183 177 133 152 167 182 Heating apparatus 3.72 120 118 123 115 120 112 102 108 105 114 111 110 104 108 109 Radio and television sets 5.21 242 224 227 231 232 237 218 218 181 189 185 167 186 226 259 Radio sets 3.42 77 70 59 68 71 72 74 75 71 81 80 75 67 69 65 Television sets 1.79 558 519 549 542 538 551 493 491 392 395 388 343 413 524 628 Other Consumer Durables 30.28 106 111 111 114 113 110 109 113 114 114 111 109 108 108 111 Auto parts and tires 14.00 102 105 102 106 108 102 102 109 112 114 112 104 103 104 110 Misc. home and personal goods. 16.28 109 116 118 121 117 117 115 117 116 113 110 113 112 112 112 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 147 131 116 120 113 128 139 141 137 143 142 130 124 131 116 Major Durables 69.72 164 140 121 122 111 132 151 154 149 157 155 140 131 140 121 Autos 32.10 190 138 127 109 59 105 164 177 174 178 171 155 144 156 134 Major household goods 36.13 144 144 117 136 158 158 141 137 129 140 143 128 122 129 111 Furniture and floor coverings 15.32 116 117 104 116 122 122 117 118 113 116 116 113 108 110 106 Household furniture 11.31 120 121 114 121 125 127 123 125 116 118 119 117 114 117 115 Floor coveringsl 4.01 Appliances and heaters 15.60 138 143 125 121 158 142 122 128 125 144 151 ! 131 125' 131 104 Major appliances 11.88 142 151 131 117 158 143 127 141 137 158 133 136 107 Ranges 2.60 100 103 80 83 106 102 82 94 94 116 114 92 82 88 56 Refrigeration appliances 4.98 151 150 149 107 145 109 103 128 131 162 188 173 163 164 130 Laundry appliances 2.51 193 216 162 180 251 261 230 229 207 208 195 140 144 150 126 Heating apparatus 3.72 120 118 106 135 157 137 104 85 88 100 104 ; 103 99 114 94 Radio and television sets 5.21 242 224 130 238 265 312 270 217 188 201 196 159 153 180 143 Radio sets 3.42 77 70 37 61 66 88 91 92 73 83 84 72 67 57 40 Television sets 1.79 558 519 307 575 645 738 611 456 408 427 411 326 318 414 339 Other Consumer Durables 30.28 106 111 106 115 118 118 112 110 110 112 111 107 106 | 108 106 Auto parts and tires 14.00 102 105 101 109 116 110 101 103 109 110 107 i 101 103 K107 109 Misc. home and personal goods 16.28 109 116 110 121 119 125 121 117 111 114 114 ! 112 109 ! 108 104 r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l 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 7 001 111 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 Aug 3,861 2,780 1,466 995 276 292 427 319 1,081 122 360 77 522 Sept . 3,857 2,768 1,459 987 276 288 423 322 1,089 121 368 74 526 Oct 3,890 2,778 1,451 1,001 273 296 432 326 1,112 118 381 72 541 Nov 3,894 2,822 1,468 1,025 269 304 452 329 1,072 113 341 73 545 Dec 3,904 2,799 1,460 1,009 269 305 435 330 1,105 111 369 72 553 1957 Jan . . . . .. 3,904 2,721 1,411 983 264 292 427 327 1,183 115 441 70 557 Feb 3,851 2,728 1,397 999 270 283 446 332 1,123 108 406 70 539 Mar 3,895 2,737 1,388 1,013 274 292 447 336 1,158 104 434 70 550 Apr 3,888 2,726 1,360 1,027 277 295 455 339 1,162 104 414 74 570 3,911 2,750 1,335 1,070 278 304 488 345 1,161 102 410 74 575 JUYIQP . .. 3,930 2,768 1,354 1,064 273 303 488 350 1,162 99 418 73 572 July? 3,857 2,732 1,357 1,037 265 289 483 338 1,125 104 395 77 549 Aug ^ 3,958 2,768 1,361 1,054 266 297 491 353 1,190 106 422 83 579 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1085 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] B ow y n ty er p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o rc m ia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17 443 6,334 11 109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23 745 7 475 16 270 10,185 1,878 2,359 2,134 2,126 5,063 1956 24,413 8,036 16,377 9,826 1,918 2,355 2,314 2,419 5,580 1956—July 2,149 736 1,412 758 152 r263 196 r237 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_j an 11,778 679 11,099 1612 197 211 184 170 405 Feb 11,718 664 11,053 1676 167 175 178 167 354 Mar 12 448 757 U 690 1861 182 303 222 208 670 Apr 12,151 652 11,499 1966 118 180 165 162 559 M^ay . .. 12,674 1,029 11,645 il,020 129 246 244 247 788 J J u Ul n y e pi ! 2 2 4 3 2 0 4 1 930 C1J494 11, ! 0 8 6 8 7 7 2 1 2 1 1 5 2 2 7 3 9 6 2 1 3 7 2 3 2 22 6 1 8 4 5 8 3 7 7 c Correction. r Revised. i Figure not comparable with earlier months. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month t d ri i c s- ts Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - 1956—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 July 3,013 136 331 145 249 252 298 416 121 126 202 176 561 1957—May 3,398 192 403 171 278 175 317 568 157 136 147 224 632 June 3,243 138 401 146 276 218 271 465 113 140 237 157 683 July 2,901 170 346 141 261 189 294 430 127 114 179 163 486 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a (s n a e n p d a T u r j s i o u a o v l t s n a a t a r t e l e a l d l t y e) Total p M a o r e l e i t t a r a o s n - p m N a o r e l o e i t t r a n a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tte A n i 1949. ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950. ,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951. ,091 777 315 1,020 892 40 88 71 412 264 149 1952. ,127 795 332 1,069 939 46 84 59 421 280 141 1953. ,104 804 300 1,068 933 42 94 36 409 252 157 1954. ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 1,310 1,190 33 87 20 670 277 393 1956. ,118 780 338 1,094 981 31 82 24 463 192 271 1956— Aug.. 1,136 104 71 33 103 93 3 1 43 19 24 Sept.. 1,008 94 62 32 91 81 2 3 39 15 24 Oct.. 1,052 94 65 29 91 81 3 2 40 16 24 Nov.. 1,027 77 55 23 77 68 3 0 30 12 18 Dec. 1,020 64 45 19 63 53 2 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 8 24 12 11 Apr.. 962 94 64 30 91 79 3 10 2 26 12 13 May. 994 103 68 35 97 82 3 13 27 15 12 June. *970 68 29 P92 n.a. n.a. n.a. 29 16 13 July. P9S0 63 33 *90 n.a. n.a. n.a. P6 29 17 12 Aug.. *>l,010 z>95 66 29 P93 n.a. n.a. n.a. 31 19 12 » 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

1086 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p T n o s o t p t i a u tu l l t a n i t o o io n n n a l T l f a o o b r t c o a e r l Employed1 Unem- l N ab o o t r i n f o t r h c e e Total ployed In nonagricul- In Total tural industries agriculture 1949 109 623 63 571 62 105 58,710 50,684 8 026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66 410 62 966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1956—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 Julv ... 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 Aug 120,713 71,833 68,994 66,385 59,562 6,823 2,609 48,880 1 Includes self-employed, unpaid family, and domestic service workers. 1956 shown above are: Labor force, 71,838; employment—total, 66,619; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 59,792; agricultural, 6,827; and unemployment, 2,380. 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. August 1957 data comparable to August 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 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 . .. . .. 48 303 16 334 885 2 634 4 185 10,281 1,967 5,411 6,609 1953.. . 49 681 17 238 852 2 622 4 221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50 056 16 563 111 2 759 4 062 10,846 2,219 5,916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6,231 7,178 SEASONALLY ADJUSTED 1956—Aug 52 180 16,901 831 3 083 4 159 11,364 2,326 6,262 7,254 Sept . 52,148 16,874 838 3,080 4,160 11,319 2,325 6,291 7,261 Oct 52 367 17,045 836 3,080 4,178 11,372 2,327 6,280 7,249 Nov . . . 52,441 17,072 833 3,067 4,173 11,388 2,326 6,327 7,255 Dec 52,541 17,106 833 3,074 4,169 11,408 2,320 6,359 7,272 1957—Jan ... 52,493 17,053 832 2,963 4,188 11,465 2,316 6,366 7,310 Feb 52 577 16 995 833 3 020 4 168 11,519 2,324 6,401 7,317 Mar . '52,547 16,962 831 3,062 4,168 11,490 2,322 6,381 '7,331 Apr '52,593 16,965 841 3,059 4,160 11,501 2,320 6,400 '7,347 May '52 698 16,946 843 3 097 4 159 11,542 2,329 6,424 '7,358 June . 52,773 16,924 854 3,108 4,164 11,579 2,336 6,454 7,354 July 52,809 16,869 860 3,065 4,171 11,653 2,345 6,492 7,354 Aug 52,788 16,828 846 3,027 4,192 11,675 2,358 6,474 7,388 WITHOUT SEASONAL ADJUSTMENT 1956—Aug 52,258 17,035 839 3,361 4,190 11,198 2,361 6,293 6,981 Sept 52 663 17,119 842 3 342 4 191 11,319 2,325 6,322 7,203 Oct . 52,952 17,238 836 3,296 4,189 11,445 2,315 6,343 7,290 Nov 53,007 17,180 837 3,174 4,184 11,657 2,314 6,327 7,334 Dec 53,639 17,159 837 2,997 4,194 12,260 2,308 6,295 7,589 1957_jan 51 716 16,959 832 2 667 4 126 11,298 2,293 6,239 7,302 Feb . 51,704 16,945 833 2,673 4,120 11,225 2,301 6,273 7,334 Mar . .. '51,919 16,933 831 2,756 4,147 11,265 2,310 6,317 '7,360 Apr '52,270 16,822 833 2,906 4,153 11,428 2,320 6,432 '7,376 '52 482 16,762 835 3,082 4,156 11,411 2,329 6,520 '7,387 June . . 52,881 16,852 858 3,232 4,181 11,505 2,359 6,551 7,343 July 52,600 16,698 856 3,280 4,202 11,510 2,392 6,524 7,138 Aug 52,838 16,949 854 3,299 4,223 11,505 2,393 6,506 7,109 r Revised. family workers, and members of the armed forces are excluded. Figures NOTE.—Data include all full- and part-time employees who worked for July and August 1957 are preliminary. Back data may be obtained during, or received pay for, the pay period ending nearest the 15th of the from the Bureau of Labor Statistics. month. Proprietors, self-employed persons, domestic servants, unpaid Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1087 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 Aug. June July Aug. Aug. June July Aug. Total 13,137 13,026 12,966 12,929 13,256 12,955 12,783 13,031 Durable goods 7,616 7,598 7,543 7,525 7,572 7,603 7,427 7,481 Ordnance and accessories 80 76 73 72 80 76 73 72 Lumber and wood products 690 637 632 619 718 659 645 644 Furniture and fixtures 323 321 321 320 318 311 308 315 Stone, clay, and glass products 470 457 447 455 475 459 443 460 Primary metal industries 1,096 1,093 1,085 1,075 1,091 1,093 1,074 1,070 Fabricated metal products 873 891 897 896 864 887 870 887 Machinery except electrical 1,282 1,227 1,224 1,223 1,250 1,239 1,206 1,192 Electrical machinery 891 864 881 889 873 855 850 871 Transportation equipment 1,266 1,415 1,369 1,363 1,266 1,415 1,369 1,363 Instruments and related products 235 225 226 227 231 224 221 224 Miscellaneous manufacturing industries. 410 392 388 386 408 386 369 384 Nondurable goods 5,521 5,428 5,423 5,404 5,684 5,352 5,356 5,550 Food and kindred products 1,100 1,071 1,065 1,059 1,246 1,056 1,114 1,190 Tobacco manufactures 89 83 82 85 98 73 71 94 Textile-mill products 966 913 923 923 956 913 895 914 Apparel and other finished textiles 1,068 1,089 1,073 1,059 1,089 1,045 1,025 1,080 Paper and allied products 468 469 464 464 470 469 459 466 Printing, publishing and allied industries 556 556 559 558 550 556 553 552 Chemicals and allied products 553 543 542 541 545 535 531 533 Products of petroleum and coal 175 172 174 174 179 175 177 177 Rubber products 208 197 206 206 206 197 200 204 Leather and leather products 338 335 335 335 345 333 332 342 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 July and August 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 Aug. June July Aug. Aug. June July Aug. Aug. June July Aug. Total 79.79 82.80 82.18 82.59 40.3 40.0 39.7 39.9 1.98 2.07 2.07 2.07 Durable goods 85.68 88.70 88.00 88.44 40.8 40.5 40.0 40.2 2.10 2.19 2.20 2.20 Ordnance and accessories 90.64 94.83 93.60 95.58 41.2 40.7 40.0 40.5 2.20 2.33 2.34 2.36 Lumber and wood products 75.12 74.89 71.89 73.20 41.5 40.7 39.5 40.0 1.81 1.84 1.82 1.83 Furniture and fixtures 69.87 69.08 68.03 71.05 41.1 39.7 39.1 40.6 1.70 1.74 1.74 1.75 Stone, clay, and glass products 81.36 83.44 82.62 84.46 41.3 40.9 40.3 41.0 1.97 2.04 2.05 2.06 Primary metal industries 93.69 99.70 100.55 100.69 39.7 40.2 39.9 39.8 2.36 2.48 2.52 2.53 Fabricated metal products 84.25 89.40 88.94 89.98 40.7 41.2 40.8 40.9 2.07 2.17 2.18 2.20 Machinery except electrical 92.16 94.53 93.61 92.97 41.7 41.1 40.7 40.6 2.21 2.30 2.30 2.29 Electrical machinery 80.16 83.02 81.18 82.19 40.5 40.3 39.6 39.9 1.98 2.06 2.05 2.06 Transportation equipment 94.25 96.24 95.68 96.32 40.8 40.1 39.7 39.8 2.31 2.40 2.41 2.42 Instruments and related products 82.21 85.46 84.61 84.42 40.7 40.5 40.1 40.2 2.02 2 11 2.11 2.10 Miscellaneous manufacturing industries. . 69.95 71.82 71.31 72.40 40.2 39.9 39.4 40.0 1.74 K80 1.81 1.81 Nondurable goods 71.68 74.09 74.86 74.47 39.6 39.2 39.4 39.4 1.81 1.89 1.90 1.89 Food and kindred products 74.16 78.94 79.30 76.78 41.2 40.9 41.3 40.2 1.80 1.93 1.92 1.91 Tobacco manufactures 55.52 60.99 63.76 57.37 39.1 38.6 39.6 38.5 1.42 1.58 1.61 1.49 Textile-mill products 56.45 58.35 57.90 59.19 39.2 38.9 38.6 39.2 1.44 1.50 1.50 1.51 Apparel and other finished textiles 54.17 53.34 54.30 55.57 36.6 35.8 36.2 36.8 1.48 1.49 1.50 1.51 Paper and allied products 83.50 85.67 87.14 87.55 42.6 42.2 42.3 42.5 1.96 2.03 2.06 2.06 Printing, publishing and allied industries.. 94.28 96.38 95.88 97.52 38.8 38.4 38.2 38.7 2.43 2.51 2.51 2.52 Chemicals and allied products 87.74 91.88 92.25 92.70 41.0 41.2 41.0 41.2 2.14 2.23 2.25 2.25 Products of petroleum and coal 103.89 108.79 111.90 108.00 40.9 40.9 41.6 40.6 2.54 2.66 2.69 2.66 Rubber products 87.23 91.21 93.11 93.75 40.2 40.9 41.2 41.3 2.17 2.23 2.26 2.27 Leather and leather products 56.40 58.21 58.29 59.06 37.6 37.8 38.1 38.6 1.50 1.54 1.53 1.53 NOTE.—Data are for production and related workers. Figures for July and Augut 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

1088 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 averages 100] Federal Reserve district Year or month United States Phil- San Boston New adel- Cleve- Rich- At- Chi- St. Minne- Kansas Dallas Fran- York phia land mond lanta cago Louis apolis City cisco SALES i 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 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—July r129 116 116 119 128 140 r162 123 135 113 r131 r158 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 127 110 115 124 120 146 149 126 125 118 122 143 113 Apr . 122 107 109 121 117 136 146 120 125 113 121 135 127 May 125 112 115 124 118 139 153 123 127 116 124 151 126 June . 127 110 117 130 117 136 155 123 119 117 125 161 131 July "132 113 121 122 130 P144 "165 126 135 120 "139 171 132 WITHOUT SEASONAL ADJUSTMENT 1956—July . r102 84 83 88 98 111 r130 97 104 91 r108 r135 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 95 104 124 104 Apr 122 110 109 121 118 143 149 119 123 114 120 132 123 May 124 112 113 123 114 140 150 121 127 118 123 150 124 June . . . 121 110 113 122 113 131 138 121 116 108 120 r146 125 July "104 81 87 90 100 "114 "132 100 104 97 "114 145 115 STOCKS 1 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 128 122 116 123 117 147 152 122 124 121 136 147 134 1956.. 139 129 126 133 125 165 165 132 137 132 146 157 145 SEASONALLY ADJUSTED 1956—July 138 132 127 132 125 159 161 132 139 127 144 '160 143 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 '136 125 167 168 137 138 134 142 165 142 June 143 128 134 r140 128 175 169 139 139 134 142 169 147 July "143 127 136 139 127 "171 171 138 141 130 "141 "170 "148 WITHOUT SEASONAL ADJUSTMENT 1956—July 130 118 116 119 115 155 151 124 128 124 138 '152 142 138 128 124 130 123 167 163 129 136 128 148 158 148 Sent .. 145 136 130 142 132 175 174 138 145 134 153 166 154 Oct 159 148 145 156 144 193 190 153 153 151 162 174 167 Nov 161 152 150 157 146 190 195 157 154 153 163 174 164 Dec 126 120 120 122 116 147 149 123 123 125 131 144 121 1957_jan 126 116 116 118 114 151 149 123 123 123 129 139 127 Feb 132 121 121 129 122 159 163 128 134 129 138 152 130 Mar 144 132 134 140 131 178 179 138 141 137 147 162 145 Apr 147 132 138 144 133 180 180 139 143 142 149 165 152 May . 145 131 136 141 130 177 169 138 138 136 145 166 153 June 137 119 126 130 121 170 159 130 128 127 136 157 148 July "135 115 124 125 117 "167 160 130 129 126 "135 "161 "147 " Preliminary. r Revised. NOTE.—For description and monthly indexes for back years see 1 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 1089 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n d i a n d n u e n g r t t d - h s o - ) f * m c ( e t o R f o i o n p e t r t a t - h s l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S s o t p o r t i a o d n l u n u c g e t d s k - rs - s ce R i e p - ts Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1949 361 925 373 358 358 2.7 .1 3.8 1950 376 1,012 495 391 401 2.8 .4 4.2 1951 391 1,202 460 390 379 3.2 .3 4.4 1952.. 397 1,097 435 397 401 2.9 .2 4.1 1953 406 1,163 421 408 401 3.0 .1 4.1 1954 409 1,140 388 410 412 3.0 .0 4.0 1955 437 1,195 446 444 449 2.9 4.0 1956 453 1,282 469 459 457 3.0 .1 4.1 Month: 1956—July. '340 '1,181 '592 '325 '413 3.5 1.7 5.2 Aug., 412 1,253 573 492 478 3.0 1.4 4.4 Sept. 444 1,335 598 526 551 3.0 1.3 4.4 Oct.. 485 1,475 588 625 615 3.0 1.2 4.3 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 Mar. 394 1,356 414 498 451 3.4 1.1 4.5 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 June. 409 1,257 519 313 477 3.1 1.3 4.3 0.8 July? 356 1,246 587 345 413 3.5 1.6 5.1 1.0 p Preliminary. ' 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 BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exportsi 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 t l s u 2 ding Merchandise imports 3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1,168 1,284 1.680 1.083 1,202 1,583 871 1.073 1,113 Feb 1,238 1,362 1,609 ,143 1,271 '1,488 850 .051 993 Mar . 1 344 1 582 >, 151 ,252 1,478 '2,022 1,019 1,102 1,132 Apr 1 264 1 512 r ,862 ,170 1 399 '1,779 871 991 1,118 May 1,323 1,716 1,813 ,192 1,521 1,711 959 1,095 1,104 June 1 321 1 696 1,786 ,193 1,491 '1,652 937 1.034 983 July 1 269 1 639 691 ,142 1 288 1 504 885 ,052 el,137 Aug ... 1,239 1 535 ,111 1,377 961 [.055 Sept 1 254 1 533 ,155 1 426 947 995 Oct . . . 1,398 1,671 ,279 1,560 1,011 1,121 Nov ... . 1 321 1 543 ,248 1 423 1,065 987 Dec 1,407 2,002 ,323 1,879 1,008 1,059 Jan -July .. .. 8,927 10,791 12,592 5,175 9,650 11,739 6,392 7,398 e7,58O e Estimated. ' 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

1090 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- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a o i 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 July 117.0 114.8 121.8 133.2 111.7 128.7 102.8 123.0 105.3 127.7 132 7 120.1 107.7 122.2 116.8 113.1 122.2 133.2 112.1 129.5 102.6 123.4 105.5 128.5 133.3 120.3 107.9 122.1 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 June 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 July 120.8 117.4 125.5 135.2 112.3 135.9 104.1 127.9 106.5 135.8 138.4 124.7 112.4 126.6 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 - P f e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t d e - d e s - l - l H s e p u a k a r i c n o i t d n h t d d e s s e - s , r ,p l F t o i m e a i g u w n r n h a i e g d a e - t l - l r , s , C p a i u a l h c r l n c o a e ie t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o c n o e m o t d d r s d - - p p a P u a l a r u l c n o p i l e t d d e p s d r - , , M m p u a r e e n c o t t t d a d a s l - l s p c M m u a t e r h i c n o r v o i a y t d n d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e n s a e d s e r - i- -e s N t r t m m t a u a r o l l r i u e l s n a n i c - — c - l - - b b e m o b T a a r t e a n f c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103. 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. 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 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. 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. 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 91.7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132.0 124.0 93.2 Feb 117.0 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.1 92.4 Mar 116.9 103.7 125.4 95.4 98.4 119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1 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 '99.9 r117.2 109.3 145. 119.7 128.9 150.6 145.2 121.7 135.1 124.7 87.3 July 118.1 92.7 107.2 125.6 95.4 100.6 116.2 109.4 144.9 119.3 129.1 152.4 145.5 122.1 135.2 127.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1091 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup July May June July July May June July Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce 111.8 109.0 105.4 106.7 Grains 88.4 85.4 83.9 82.7 Paperboard 136.5 136.2 136.2 136.2 Livestock and poultry 72.9 78.7 83.5 86.5 Converted paper and paperboard 123.2 125.3 125.3 125.4 Plant and animal fibers 104.3 104.3 104.8 105.0 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 94.4 92.2 92.0 93.1 Eggs 82.1 57.5 61.0 76.2 Metals and Metal Products: Hay and seeds 80.6 84.4 83.3 82.4 Other farm products 149.2 144.1 145.7 142.9 Iron and steel 149.9 162.9 165.4 170.3 Nonferrous metals 152.5 139.9 138.1 134.2 Processed Foods: Metal containers 141.2 152.5 152.5 152.8 Hardware 155.2 164.3 164.3 164.5 Cereal and bakery products 114.8 116.5 117.0 117.7 Plumbing equipment 134.1 130.1 129.1 129.1 Meats, poultry, and fish 83.7 91.5 96.6 99.2 Heating equipment 117.9 121.4 121.9 122.4 Dairy products and ice cream 107.9 110.7 108.1 108.1 Fabricated structural metal products. 129.7 132.2 131.7 134.5 Canned, frozen fruits, and vegetables 109.3 103.5 '101.9 102.3 Fabricated nonstructural metal Sugar and confectionery 110.0 112.8 113.5 114.3 products 132.5 143.3 143.1 145.3 Packaged beverage materials 196.1 183.7 183.7 183.7 Other processed foods 97.1 95.3 95.4 94.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 126.8 132.3 132.3 132.3 Cotton products 92.3 90.7 90.6 90.5 Construction machinery and equip- Wool products 103.1 110.9 111.5 111.3 ment 147.8 157.6 157.6 157.7 Synthetic textiles 80.4 81.8 81.9 82.0 Metal working machinery 155.2 165.6 165.6 166.0 Silk products 122.0 124.7 122.4 121.5 General purpose machinery and Apparel 99.8 99.5 99.5 99.5 equipment 146.4 156.0 156.5 157.2 Other textile products 70.5 76.9 76.8 75.8 Miscellaneous machinery 136.6 143.8 143.9 144.4 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 137.4 148.2 r148.2 148.9 Motor vehicles 129.1 134.7 134.7 134.7 Hides and skins 60.4 55.8 59.4 62.1 Leather 91.6 91.1 92.2 Furniture and Other Household Dura- Footwear 120.5 121.1 121.2 121.2 bles: Other leather products 98.8 97.5 '97.3 98.0 Household furniture 119.2 122.4 122.4 122.6 Fuel, Power, and Lighting Materials: Commercial furniture 138.8 147.3 147.3 153.6 Floor covering 131.4 133.8 133.8 132.9 Coal 112.9 123.3 123.3 124.0 Household appliances 104.4 105.1 105.2 105.0 Coke 145.4 161.9 161.9 161.9 Radio 90.7 91.1 91.5 92.4 Gas 109.7 116.5 -113.0 113.0 Television 69.3 69.5 69.7 70.2 Electricity 93.8 94.9 '94.3 94.3 Other household durable goods 139.3 147.7 r147.9 147.9 Petroleum and products 118.8 129.8 128.4 126.4 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.0 135.7 135.7 135.7 Industrial chemicals 122.1 123.6 124.0 123.5 Concrete ingredients 130.6 135.7 135.8 136.1 Prepared paint 119.1 124.7 125.5 127.8 Concrete products 123.0 126.7 126.7 126.5 Paint materials 98.6 99.8 99.7 99.9 Structural clay products 149.3 155.0 155.1 155.1 Drugs, Pharmaceuticals, cosmetics. . 92.2 93.3 r93.4 93.4 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 53.7 59.2 '60.2 61.0 Prepared asphalt roofing 117.9 125.8 125.8 125.8 Mixed fertilizers 108.5 108.4 r108.3 108.3 Other nonmetallic minerals 123.8 128.3 128.3 128.4 Fertilizer materials 105.7 107.2 106.3 106.3 Other chemicals and products 103.8 105.2 r105.0 105.3 Tobacco Manufacture and Bottled Beverages: Rubber and products: Cigarettes 124.0 124.0 124.0 134.8 Crude rubber 143.9 144.0 145.9 145.0 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 149.3 149.0 149.0 149.0 Other tobacco products 122.5 127.7 r134.9 144.1 Other rubber products 136.0 139.9 139.9 140.0 Alcoholic beverages , 114.6 119.6 119.6 119.6 Nonalcoholic beverages 148.4 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 128.5 120.6 '120.4 120.0 Millwork 129.7 128.3 128.5 128.5 Toys, sporting goods, small arms 115.7 117.5 117.5 117.6 Plywood 103.3 96.8 97.7 96.9 Manufactured animal feeds 72.8 67.2 63.4 66.0 Notions and accessories 95.7 97.4 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 104.8 107.6 106.8 106.8 Other miscellaneous 124.4 126.8 '127.2 128.8 Woodpulp 118.0 118.0 118.0 118.0 Wastepaper 112.4 66.1 66.1 68.0 Paper 138.2 142.4 r142.4 142.7 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 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 2 3 4 1 2 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 .1 .2 — .1 4 2 .2 1.1 1.0 1.1 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 -.1 .0 .0 .0 .0 .0 .0 .0 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 12.0 12.9 15.0 16.1 17.2 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 47.2 96.3 227.1 271.8 286.0 287.4 305.9 326.9 325.3 328.7 334.5 337.7 342.4 Less: Personal tax and related payments 2.6 7.5 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 .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 1.0 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.5 4.6 4.7 4.9 4.9 State and local 83.1 45.7 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 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 Less: Personal consumption expenditures.... 4.2 -.6 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 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 A 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 51.9 124.3 152.0 163.5 161.2 174.4 189.4 188.4 190.1 194.7 196.8 198.8 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 15.1 13.3 12.7 11.9 11.6 11.5 11.5 12.0 11.5 11.7 Rental income of persons 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 33.5 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 -.3 -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 n.a. Not available. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1093 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 410.8 416.7 426.0 429.1 434.3 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 43.2 100.4 116.1 119.1 120.6 126.0 133.3 132.7 134.4 135.3 137.3 139.1 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 construction * 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 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 23.1 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 I Q 4.2 4.6 4.6 3.3 5.1 -.8 1.7 Nonfarm only 1.8 -1.4 4.0 6.4 2.1 .9 4.0 5.0 5.0 3.9 5.7 -.3 2.2 Net foreign investment .8 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 2.0 1 1 6 3 . . 9 8 2 1 2 8 . . 1 5 5 4 4 8 . . 3 8 5 5 9 1 . . 5 5 4 4 8 3 .9 4 4 6 1 . . 8 3 4 4 7 2 . . 2 4 4 4 6 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 2.0 3.2 3.9 5.8 8.4 6.2 5.9 5.2 5.2 4.9 5. 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 month1 in s P c o e o n r m a - l e Total p d m i C r u n o o s g o d t d m r u i i i n t e c - y - s - D i u n i t s r t d i i t e u v ri s e s b - - S in e tr r d i v e u i s s c - e G m er o e n v n - - t in O la c t b o h o m e r r e2 p in r r P e a c i n e r o n 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 i s a e u o n o n r f t n s c o 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 o i r c a n m u l - e l- * 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 88.0 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.4 195.5 83.6 51.9 25.8 34.3 6.2 49.1 24.9 16.2 4.6 271.3 1955 305.9 210.3 90.9 55.4 28.2 35.9 6.9 49.4 27.1 17.4 5.2 290.6 1956 326.9 227.2 98.3 60.1 31.1 37.9 7.5 49.9 29.5 18.5 5.7 311.7 1956—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 6.8 324.5 Apr... 340.6 237.1 102.4 62.7 32.9 39.1 7.8 50.6 31.0 20.8 6.7 325.3 May.. 342.9 238.3 102.4 63.4 33.0 39.5 7.8 50.8 31. 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.. 346.2 240.9 103.0 64.5 33.4 40.0 7.9 51.6 31.4 21.3 6.9 330.5 Aug.*3, 347.3 241.5 102.7 65.0 33.6 40.2 8.0 52.0 31.5 21.2 6.9 331.3 v Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are r v e a n lu ta a l t i i o n n c o a m d e j u o s f t m un e i n n t. corporated enterprise; also a noncorporate inventory not 6 i R n e c p lu r d es e e d n t i s n p p e e r r s s o o n n a a l l in in c c o o m m e e e . xclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1096 Gold production 1100 Net gold purchases and gold stock of the United States. 1101 Reported gold reserves of central banks and governments. 1102 Estimated foreign gold reserves and dollar holdings. 1103 International Bank and Monetary Fund. 1104 Central banks 1104 Money rates in foreign countries. 1109 Foreign exchange rates. 1110 Index to statistical tables. 1121 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. 1095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- l - Official France m R F a e e n p d y . . , Italy S l w a e n i r t d - z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a 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 [,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—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 1,441 2,276 2,402 316 Nov. 30.... 2,008 13,103 7,840 640 1,850 927 797 642 ,653 6,508 1,453 2,415 2,392 335 Dec. 31.... 1,452 '13,487 '8,045 626 1,835 930 836 1,012 1,627 6,865 1,516 2,346 '2,415 346 1957—Jan. 31.... 1,809 '13,202 '7,759 538 1,790 905 801 867 1,674 6,575 1,526 '2,382 '2,382 '337 Feb. 28.... 1,681 13,084 '7,549 490 ,764 885 111 869 1,733 6,518 ,559 '2,309 2,323 375 Mar. 31.... 1,558 13,202 7,550 423 ,764 886 114 929 1,754 6,530 ,497 2,345 2,243 388 Apr. 30P... 1,358 13,095 47,794 416 1,727 909 753 901 1,800 6,506 1,522 2,506 2,148 412 May 31*... 1,700 13,091 7,803 367 1,735 937 775 925 1,753 6,492 1,613 2,545 2,045 395 June 30*... 1,573 13,260 7,929 403 1,690 966 814 965 1,782 6,620 1,583 2,680 1,986 391 July 31*... 1,547 13,247 7,803 514 ,558 979 778 1,005 1,719 6,552 1,656 2,670 1,985 384 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n r - k l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u e r y - Y sla u v g i o a - o A th l e l r 1953—Dec. 31 J. 558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 ,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—July 31 1,631 251 108 69 50 160 201 57 124 6 85 188 7 10 314 Aug. 31 [,708 266 110 68 57 141 182 58 125 6 75 181 7 9 424 Sept. 30 1,701 277 117 64 55 150 168 63 132 2 68 190 14 11 391 Oct 31.. 721 300 118 70 56 158 162 57 133 55 202 14 11 385 Nov. 30 1,653 297 125 68 53 166 131 59 133 50 199 14 16 341 Dec 31 1,627 296 117 65 53 177 134 67 137 43 217 20 17 281 1957—Jan. 31 ,674 294 125 64 54 181 117 69 138 42 230 16 14 330 Feb. 28 1,733 297 135 76 61 184 122 67 134 40 229 22 17 348 Mar. 31. ,754 296 141 76 59 178 120 76 123 32 228 14 14 396 Apr. 30* 1,800 298 142 71 60 181 110 73 117 28 245 20 11 442 May 31* 1,753 298 120 65 59 175 111 75 120 25 251 12 12 430 June 30* [,782 302 119 61 59 166 110 87 120 25 268 14 11 439 July 31* 1,719 315 120 97 61 156 99 85 114 1 25 278 12 9 346 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 i o a - - Cuba p m i D R c l u i i a o e b n c 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 r d e r d - d s i i e t s - s l a p P i R c m u a e b n o a - - - f , Peru v S a E d a l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1953—Dec. 31 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—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 '2,382 140 27 241 86 '186 217 67 66 421 66 109 81 37 76 448 114 Feb. 28 '2,309 142 27 240 86 '175 220 76 69 413 67 112 82 39 76 363 120 Mar. 31 2,345 138 25 232 91 193 218 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 July 31* 2,670 142 27 127 73 216 274 94 67 352 67 129 74 46 60 789 133 * Preliminary. r Revised. 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. 1097 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date rea, Phil- Bel- Union Hong Indo- Re- ip- Tai- Thai- Aus- gian of Total Kong India nesia Iran Israel Japan pub- pines wan land Other' Total tralia Congo Egypt South Other lic Africa of 1953—Dec. 31 1,896 68 99 39 44 18 828 92 295 37 168 208 326 59 90 43 38 96 1954_Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—July 31 2,358 55 81 102 38 56 1,051 96 275 42 141 420 319 72 42 54 34 116 Aug. 31 2,374 59 81 154 32 51 1,037 98 275 46 142 398 315 69 47 50 33 116 Sept. 30 2,404 60 81 158 36 43 1,058 98 278 49 142 401 322 71 48 48 34 122 Oct. 31 2,402 59 68 180 31 38 1,054 98 281 53 140 400 316 74 45 46 34 116 Nov. 30 2,392 62 69 185 22 36 1,027 100 274 59 144 414 335 82 45 46 42 119 Dec. 31 '2,415 66 76 186 20 45 '1,017 99 272 61 148 425 346 84 44 50 53 114 1957_jan. 31 '2,382 64 75 179 21 37 '994 101 269 63 158 421 '337 '64 42 52 58 121 Feb. 28 2,323 61 76 166 31 38 937 102 254 65 161 432 375 68 44 69 63 132 Mar. 31 2,243 56 77 145 40 35 875 104 244 68 167 433 388 80 42 60 60 147 Apr. 30P.... 2,148 58 79 129 33 30 823 106 224 74 165 426 412 101 42 61 56 152 May 31*\... 2,045 56 78 126 29 40 719 106 216 75 166 434 395 87 41 59 58 151 June 30^ 1,986 59 76 128 35 36 626 107 217 79 167 457 391 75 40 58 60 158 July 31^.... 1,985 65 79 139 31 46 605 106 206 79 167 463 384 80 42 57 51 153 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 British dependencies .4 .6 .4 .4 Burma 23.0 29.7 19.1 7.0 Bulgaria .6 .6 .7 .2 Cambodia n.a. .2 13.1 17.2 Czechoslovakia 6 .6 .7 .7 .5 Ceylon 17.1 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 China Mainland6 36.4 35.7 36.2 35.5 Estonia 1.9 1.9 1.8 n.a. Iraq 13.8 10.0 14.7 16.9 Hungary 1.0 1.0 1.0 .8 Jordan .9 .8 1.2 2.0 Iceland 7.5 8.9 4.8 3.1 Kuwait 10.1 10.7 3.5 5.3 Ireland, Republic of 14.1 14.3 13.7 9.1 Laos n.a. 23.1 n.a. Latvia 1.3 1.0 1.0 .6 Lebanon 23.9 18.0 22.3 Lithuania .4 .5 .3 .4 Pakistan 9.7 3.8 5.7 20.2 Luxembourg 4.0 4.5 3.1 13.2 Portuguese dependencies 5.3 1.8 2.0 2.7 Monaco 3.0 5.3 5.6 4.3 Ryukyu Islands n.a. 26.9 34.0 n.a. Poland* 2.2 2.1 2.5 3.3 Saudi Arabia 18.5 61.5 79.5 n.a. Trieste 2.5 2.2 1.4 1.4 Syria 20.5 21.5 13.1 17.1 U. S. S. R.6 2.0 1.8 .7 .8 Viet-Nam n.a. 8.1 62.3 50.1 Other Latin America: All other: British dependencies 18.0 19.0 16.6 24.1 British dependencies 1.6 2.4 3.8 Costa Rica 13.4 15.3 17.6 14.6 Ethiopia and Eritrea 9.1 18.0 23.7 24.2 Ecuador 17.7 21.2 14.9 18.0 French dependencies 5.7 8.7 8.0 10.5 French West Indies and French Guiana... .6 .4 .6 1.0 Liberia 11.8 5.6 13.1 23.7 Haiti 9.3 12.7 12.1 8.9 Libya 3.0 1.7 9.9 3.7 Honduras 18.7 17.3 9.7 10.2 Morocco 15.9 7.6 14.8 13.6 Nicaragua 16.0 10.3 12.8 11.8 New Zealand 2.1 2.3 1.9 2.2 Paraguay 6.0 3.6 3.6 4.0 Portuguese dependencies 5.0 8.3 5.3 2.8 Spanish dependencies .2 .5 .7 .3 Other Asia: Sudan n.a. n.a. n.a. .4 Afghanistan 2.7 5.1 4.1 5.3 Tangier 36.1 35.7 33.5 22.4 Bahrein Islands .6 .6 .5 n.a. Tunisia .6 .4 .7 .5 p Preliminary. ' Revised. 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

1098 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [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 o A t l he l r 1953—Dec. 31 90S 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31 ,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31 ,549 12 88 30 26 109 158 423 144 706 233 43 1956—June 30 ,639 17 122 32 24 82 167 444 127 755 268 46 July 31 631 15 118 32 28 78 168 439 128 758 262 43 Aug. 31 ,698 65 120 33 27 78 163 486 132 772 266 42 Sept. 30 ,729 66 125 35 28 81 169 504 131 776 272 46 Oct. 31 828 67 127 29 28 86 177 514 186 799 282 46 Nov. 30 ,787 19 134 32 30 94 174 483 170 797 292 45 Dec. 31 rlQ4fi 18 157 43 29 104 216 '568 157 840 '337 43 1957_jan. 3i r2 038 23 168 50 30 r109 213 593 171 867 '360 48 Feb. 28 2,060 18 176 55 33 127 211 621 157 861 375 46 Mar. 31 2 150 26 177 59 26 160 219 667 161 898 375 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 June 30* 2,201 82 159 60 28 159 197 686 122 895 452 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 r nd h - s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u a g v o i - a o A t l he l r 1953—Dec. 31 88 1 13 6 2 1 9 1 24 3 16 5 7 1954—Dec. 31 109 "I 20 10 3 3 16 2 4 4 41 1 5 1955—Dec. 31 158 16 13 3 4 11 9 5 7 78 2 7 1956—J J u ul n y e 3 3 0 1 1 16 67 8 7 6 2 1 0 7 9 8 4 4 3 3 1 1 6 6 1 1 1 2 1 1 1 9 1 7 8 7 71 4 5 1 5 6 Aug. 31 163 7 17 7 5 4 19 16 1 8 10 63 6 Sept. 30 169 7 19 6 5 5 16 15 1 8 10 70 8 6 Oct. 31 177 9 18 10 4 5 16 16 1 6 12 73 a 6 D N e o c v . . 3 3 0 1 2 1 1 74 6 7 7 2 22 8 1 10 2 4 3 4 5 2 13 1 2 1 3 7 2 1 5 8 1 1 1 3 7 8 2 8 ( 2 ) 7 6 1957—Jan. 31 213 6 30 13 4 4 20 23 2 9 13 85 6 Feb. 28 211 7 29 10 3 4 21 17 1 7 14 86 2 8 Mar. 31 219 8 34 11 3 5 20 18 2 11 14 83 2 8 Apr. 30? 208 8 29 9 3 5 23 17 2 10 14 79 (2) 9 May 31* 188 6 28 8 4 4 19 16 1 11 14 67 (2) 10 June 30*. 197 5 25 8 3 4 23 16 2 12 14 75 1 9 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 m p 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 n a e e n d n r s i d d - t e s s a P p R a m u e n b a - - - , 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 Suri- lic of nam 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 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-June 30 755 10 5 66 10 162 90 5 6 161 8 13 29 7 15 130 39 July 31 758 12 6 64 10 155 89 4 6 170 6 12 28 6 22 130 38 Aug. 31 772 12 4 65 12 147 86 4 6 178 6 11 32 6 29 131 44 Sept. 30 776 11 4 63 15 145 81 4 7 184 6 11 32 8 26 133 46 Oct. 31 799 11 4 65 14 150 83 7 7 194 6 11 32 11 18 139 46 Nov. 30 797 13 4 65 15 145 84 7 7 201 5 12 32 14 14 132 47 Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957—Jan. 31 867 15 5 77 22 145 99 13 8 216 4 13 34 8 12 145 52 Feb. 28 861 25 4 72 20 148 90 13 7 219 3 10 32 8 11 144 54 Mar. 31 898 37 5 76 22 158 89 10 8 216 3 13 37 8 12 152 51 Apr. 30* 918 42 5 78 25 151 92 11 8 213 4 15 36 9 12 163 55 May 31* 888 43 5 73 26 144 93 9 7 211 3 8 35 8 13 154 57 June 30* 895 48 5 76 35 126 91 9 7 208 3 14 32 8 18 159 55 * Preliminary. r Revised. (excluded from these statistics) amounted to $949 million on June 30, * Short-term claims reported in these statistics represent principally the 1957. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1099 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Union Hong Indo- Phil- Tai- Thai- Aus- Bel- of Total Kong India nesia Iran Israel Japan ippines wan land Otherr Total tralia gian Egypt South Other Congo Africa 1953—Dec. 31 115 3 4 14 23 26 6 5 6 27 25 8 6 2 8 1954—Dec. 31 143 3 5 16 11 50 7 5 6 39 37 14 6 6 10 1955—Dec. 31 233 3 5 18 10 103 19 6 8 59 43 11 5 1 8 17 1956—June 30 268 5 6 22 11 121 7 6 10 80 46 12 8 3 7 16 July 31 262 5 6 21 12 108 9 6 9 85 43 11 8 3 7 14 Aug. 31 266 5 5 (2) 22 12 118 13 6 8 76 42 11 8 2 7 14 Sept. 30 272 5 7 (2) 23 12 123 11 6 8 78 46 11 8 3 7 17 Oct. 31 282 4 6 (2) 22 13 127 12 6 9 84 46 12 7 3 7 17 Nov. 30 292 4 6 20 13 143 13 6 8 79 45 11 7 3 6 19 Dec. 31 '337 4 6 (2) 20 16 170 16 6 9 91 43 11 6 2 8 17 1957_jan. 31 '360 5 7 22 23 '186 17 5 10 83 48 11 5 2 8 21 Feb. 28 375 6 7 22 24 192 18 6 10 89 46 11 5 2 7 22 Mar. 31 375 6 9 (2} 23 24 193 18 5 10 86 49 13 5 7 22 Apr. 30* 391 7 10 24 22 206 19 5 12 86 41 10 5 1 8 17 May 31* 425 7 11 23 25 243 24 5 13 74 46 13 6 1 8 18 June 30* 452 7 11 22 24 259 30 5 12 81 46 12 5 1 11 17 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month Net pur- Net pur- Net pur- Net pur- Pur- Sales chases, or Pur- Sales chases.or Pur- Sales chases, or Pur- Sales chases, or chases sales (-) chases sales (—) chases sales (-) chases sales (—) 1953 646 728 -82 802 731 70 543 622 -79 310 303 7 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1956 June 28 16 12 130 108 22 41 75 -34 64 70 -6 July 324 298 26 178 140 38 48 129 -82 76 97 -21 Aug 87 14 73 160 155 5 31 60 -29 65 87 -23 Sept 21 12 9 131 96 35 32 41 -9 49 54 -5 Oct 37 18 20 143 108 35 174 145 29 52 47 5 Nov 21 67 -46 144 140 4 49 101 -53 43 44 Dec 13 39 -26 145 108 37 25 77 -52 45 38 7 1957—Jan '44 '28 '16 163 107 57 49 172 -123 54 53 Feb 134 42 91 146 91 55 34 132 -98 43 42 1 Mar 68 47 22 117 104 13 43 67 -24 44 51 -7 Apr * .. 26 10 16 134 113 21 67 209 -142 53 55 —2 May* 105 148 -43 179 160 19 42 189 -147 59 76 -16 June* . 58 16 43 169 133 36 45 49 4 75 91 -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) — 1 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 (2) 234 8 33 161 -124 34 -1 4 1956—June (2) 35 2 (2) (2) 12 19 -1 32 1 2 July 4 61 1 1 24 20 19 65 -7 1 1 AUH 74 4 3 6 11 2 22 -18 1 Sept 1 43 3 (2) 21 10 8 43 -8 6 3 (2) Oct 1 53 1 1 (2) 23 11 9 46 7 N D o ec v 1 -4 1 2 0 2 2 n\ (2) -2 19 - -1 4 4 0 o 1 -39 3 — -3 11 6 8 1 1 n\ 1 1957—Jan 2 r70 2 (2) (2) r27 n 19 r56 r4 6 3 1 Feb 145 2 (2) 1 24 41 17 86 54 5 1 (2) Mar 1 34 1 11 21 4 37 — 4 1 8 Apr.* 36 (2) (2) (2) 9 21 10 42 -9 2 1 May* -25 1 2 (2) (2) 7 9 11 29 —24 -5 (2) June* 1 78 2 5 55 5 68 6 5 (2) * Preliminary. ' Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 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 CO RRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Inter- Total Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A i m ca er- Asia o A th l e l r Date Deposits U se . c S u . r i G ti o es v 2 t. la M n i e s o ce u l s - 3 tutions tries 1953. — 61 — 11 96 -138 35 -30 26 1955—Dec. 31 402 3,543 126 1 1 1 9 9 9 5 5 5 4 5 6 -1 — — 6 2 4 3 7 3 — -1 — 4 3 7 7 8 4 — -9 46 8 - - 1 4 3 4 7 3 7 4 2 3 1 4 3 7 — - - 4 3 0 4 49 - — 16 7 7 1956— S O A e c u p t g . t . . 3 3 3 0 1 1 2 3 3 7 5 3 5 0 4 3 3 3 , , , 7 6 7 2 3 8 3 0 2 1 1 1 6 6 7 7 8 8 1956— J J u u l n y e .. . . . . . -2 2 -1 -3 0 8 1 - - 1 4 8 - - 9 9 4 2 2 - - 6 2 -2 1 2 1 D N e o c v . . 3 3 1 0 3 3 5 2 6 2 3 3, , 8 5 5 5 6 3 1 1 3 7 9 7 A Se u p g t . . . . . . . . -2 2 - - 4 1 9 5 - - 6 4 - - 4 1 7 5 1 1 -1 4 — 3 1 1957_J F a e n b . . 2 3 8 1 3 3 2 4 7 4 3 3, , 6 7 7 0 1 7 1 1 5 6 6 4 O N c o t v.... 0) -5 3 5 3 2 1 2 7 -53 8 -1 3 -8 1 -13 3 A M p a r r . . 3 3 1 0 3 3 1 1 6 1 3 3 , , 7 7 2 4 7 4 1 1 5 6 8 5 Dec.... -3 -41 13 -47 0) -8 0) May 31 360 3,600 164 1957—Jan -71 -52 16 -72 2 -9 11 J J u u l n y e 3 3 0 1 4 3 4 6 9 4 3 3, , 7 6 3 8 0 5 2 1 7 6 8 4 Feb.. .. 9 -106 -7 -96 2 -6 1 Aug. 31 342 3,523 280 Mar.... -1 -31 1 -14 0) -2 -16 Apr.**.. ^ -139 9 -147 1 -2 0) 1957—Aug. 7 367 3,756 282 May^.. -81 -82 1 -81 2 -4 Aug. 14 385 3,668 285 June^.. -1 -18 -12 -18 1 -3 14 Aug. 21 342 3,604 284 Aug. 28 352 3,536 281 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 at $35 per fine troy ounce] Production reported monthly Estimated Year or world Africa North and South America Other month production (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 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—June 77.7 47.4 1.6 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 Aus 48.5 L.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 5 3 2 Oct 47.8 1.6 2.2 1.1 6.2 12.9 1.2 .4 .6 3.0 .6 Nov 47.3 5 2.2 1.5 5.6 12 9 ") .2 6 3 4 5 Dec 45.8 5 2.2 1.0 4.6 12.8 7 .3 6 2 9 5 1957_ F ja e n b 4 46 8 .3 3 6 5 2 2 .3 3 1 .9 l 4 5 .0 4 1 12 2 .6 0 5 .4 5 6 2 3 8 0 5 5 Mar 49.2 .5 2.2 1.5 5.1 13.2 0 .6 3.1 .5 Apr 49.1 6 2.2 1.1 4.7 12.9 .7 .6 3 2 Mi ay 50 6 2.2 1.0 5.0 13 1 9 6 June 50.1 2.2 .9 4.9 12.6 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 1101 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 Apr, July- Oct, Jan, Apr- 1949 1950 1951 1952 1953 1954 1955 1956 June Sept. Dec. Mar. June Continental Western Europe: Belgium 1-43 0 1-58 0 1-18.3 1-5.8 1-94.8 3 4 3 4 3 4 France -84.8 -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands "-23! 5 -79.8 "-4.5 — 100.0 -65.0 20 6 5 0 Portugal 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 Sweden -22.9 -32.0 -20.0 -15.0 15.2 15.2 Switzerland -40.0 -38.0 -15.0 -65.0 -15.5 -8.0 — 8 0 Bank for Intl. Settlements.... -34.3 -65.3 -30.4 (2) -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 4.6 3 0 7.0 1.0 Total -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -19.2 -5.0 18.6 30.4 6.0 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 10.1 Colombia 7.0 '" —io!6 17.5 -22.8 -3.5 28.1 28 1 Cuba -10.0 28.2 -20.0 Mexico . .. -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 29. i 2 6 27 1 Venezuela -50.0 -.9 -30.0 -200.0 -200.0 Other -10.5 '""-Y.2 -34.7 "-2A -'.3 17.2 -.7 ""-'.2 2 -.2 "-3.6 ""2:8 Total -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 19.9 85.0 -133.0 6.5 12.9 Asia 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -4.9 -.2 2 -.4 -.5 -6.2 13.7 13.1 All other .4 6-44.26-76.0 <*> -.4 7200.0 775.0 775.0 725.0 7300.0 7300.0 Grand total 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 94.9 155.0 25.2 341.5 318.4 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 t a k a r l ) 1 I i n n s g c to r o t e o c ld a t k a s l e i e m g x N o o p p e r l o o d t r r t t, g m c o 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 o g d n o u e l c s d - - Month ( T e u r n G e r d a y o s o l - d f s m T to o o c n t k a t l h 1 ) I i n n s g c t r o o t e o c l a d 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 o g d n o u e l c s d - - 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—Aug 21,858 21,965 47.1 4.7 43.2 6.3 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Sept : 21,884 22,032 67.6 -18.0 86.9 6.0 1946 20 52920 706 623.1 311.5 465.4 51.2 Oct 21,910 21,999 -33.6 4.6 — 34 3 6 2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Nov 21,910 22,106 107.6 12.5 105.7 5.6 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1949 24,427 24,563 164.6 686.5 -495.7 67.3 1957__Jan 22,252 22,377 319.0 -53.9 295.9 5.0 1950 22 70622,820 -1,743.3 -371.3 -1,352.4 80.1 Feb 22,304 22,396 18.6 -29.8 28.0 4.4 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Mar 22,306 22,406 10.2 -8.8 16.0 5.1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Apr 22,318 22,424 17.4 20.8 -5.8 4.7 1953 22 030 22,091 -1,161.9 2.0 -1,170.8 69.0 May 22,620 22,726 302.6 20.0 285.4 5 a 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 June 22,623 22,732 5.5 10.0 -6.0 4.9* 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 July 22,627 22,735 3.8 2.7 -.8 5.8 1956 21,949 22,058 305.9 106.1 318.5 64.3 Aug ^22,626^22,735 4-11.4 » 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 $6,021.5 million on Aug. 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

1102 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.)1 Treasury Total3 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 July 21,830 21,918 165 965 323 ,114 46 85 136 31 174 AUB 21,858 21,965 162 964 323 1,114 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 1,124 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 ,116 43 136 31 188 Feb 22,304 22,396 113 864 324 ,110 46 136 31 188 Mar 38 780 22 306 22 406 113 848 324 112 46 136 31 188 Apr 22,318 22,424 849 324 ,114 46 136 31 174 May 22 620 22 726 849 324 116 46 136 31 183 June *>38 980 22,623 22,732 842 324 ,121 43 136 31 188 July 22,627 22,735 846 324 ,120 43 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 s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951 Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—July 35 861 1,189 27 247 54 138 353 165 853 45 49 35 Auc 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 43 138 364 166 814 45 49 35 Apr . 35 861 1,834 27 247 42 138 166 809 48 49 35 May 35 861 rl 923 27 247 41 138 806 47 49 35 June 35 575 2,029 27 247 40 138 806 46 49 35 July 35 575 2,124 247 40 45 49 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o in i m t g e * - 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 ] 4Q4 167 1951 Dec. 265 26 190 51 152 1,452 113 151 2,335 221 373 I 530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 I'692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 I 702 193 1954 Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 I 740 196 1955—Dec 428 28 212 56 276 1,597 112 144 2,120 216 403 I 808 217 1956—July 436 28 212 56 260 1,598 112 144 2,405 216 403 1 718 207 Aug 442 28 216 56 262 1,622 112 144 2,276 214 403 695 212 Sept 442 28 214 56 263 1,634 112 144 2,328 214 403 I 711 199 Oct 442 28 214 56 265 1,635 112 144 2,244 192 503 I 687 214 Nov . 448 28 220 56 265 1,658 112 144 1,965 186 503 I 692 175 Dec 448 28 224 56 266 1,676 112 144 2,133 186 603 I 692 179 1957—Jan 452 28 226 56 256 1,667 112 144 2,084 186 603 I 420 202 Feb 461 32 227 56 256 1,652 112 144 2 147 186 669 [ 433 197 Mar 461 32 233 56 252 1,636 112 144 2 209 183 669 438 168 Apr 461 32 230 56 249 1,621 112 144 2,320 183 669 439 160 May 463 31 235 56 231 1,615 112 144 2 345 183 669 141 148 June 458 31 234 56 231 1,633 112 144 2,381 183 669 147 205 July 461 31 226 56 233 1,674 144 2,367 719 165 P Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 1103 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1955 June 30, 1956 Sept. 30, 1956 Dec. 3 , 1956 Mar. 3I, 1957 June 30, 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 10 312 10 342 10 361 10 368 9 376 8 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,221 12 1,265 12 1,227 12 1,170 11 1,133 11 Denmark. 91 7 99 6 95 6 96 6 107 6 92 6 Finland 84 5 82 5 90 5 88 5 94 5 94 5 France (and dependencies) 1 1,957 151 1,753 7 1,631 7 1,505 7 1,302 8 2996 9 Germany (Federal Republic of) 2,374 8 2,742 11 3,099 13 3,329 14 3,520 14 3,719 14 Greece 187 176 161 187 189 177 Italy . 1,137 2 1,214 1,286 1,268 1,250 41,330 2 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,145 23 1,113 23 1,071 9 1,024 10 998 11 Norway 127 53 100 73 109 79 117 87 121 95 133 105 Portugal (and dependencies) 601 602 617 628 628 622 Spain (and dependencies). 221 3 206 3 185 160 148 142 Sweden ... 429 (3) 426 (3) 453 483 480 (3) 499 (3) Switzerland 2,354 44 2,307 117 2,446 126 2,512 131 2,410 132 2,447 132 Turkey .. .. 153 151 158 164 158 158 Others 872 6 1,108 10 1,055 14 915 12 890 14 1,164 13 Total 13,214 343 13,644 279 14,105 300 14,111 298 13,859 309 14 080 319 Sterling Area: United Kingdom 2,600 282 2,875 253 2,820 266 2,812 203 2,854 238 2,890 271 United Kingdom dependencies 84 4 83 3 90 4 103 4 93 4 96 4 Australia 219 (3) 243 (3) 177 (3) 191 (3) 193 (3) 4188 (3) India 320 1 329 1 328 1 323 324 323 Union of South Africa 265 1 245 1 248 277 1 293 1 294 1 Other 214 7 208 7 211 14 228 14 226 25 226 27 Total 3,702 295 3,983 265 3,874 286 3,934 223 3,983 269 4,017 304 Canada 2,173 437 2,394 362 2,547 352 2,629 367 2,609 438 2,704 437 Latin America: Argentina 509 <i 476 399 360 332 347 0) Bolivia 26 25 (3) 25 (3) 29 (3) 25 (3) 24 (3) Brazil 466 540 582 549 556 467 Chile 139 147 151 1 137 137 1 130 1 Colombia 217 ((33)) 224 (3) 180 210 (3) 250 (3) 4262 Cuba 389 169 399 167 407 167 347 167 354 167 393 167 Dominican Republic 77 (3) 81 (3) 77 79 (3) 89 (3) 98 (3) Guatemala 72 (3) 93 (3) 80 (3) 91 101 97 (3) Mexico 556 4 523 4 561 4 600 4 575 4 4505 4 Panama, Republic of 86 1 94 1 104 109 1 117 1 135 1 Peru. 127 115 117 (3) 119 117 110 El Salvador 52 (3) 73 (3) 53 (3) 53 (3) 73 (3) 81 (3) Uruguay 281 1 283 1 290 j 259 1 257 2 248 1 Venezuela 668 3 734 3 808 3 1,058 3 1,043 2 1,447 2 Other 124 15 154 14 133 14 113 12 134 12 141 11 Total 3,789 195 3,961 193 3,967 191 4,113 190 4,160 190 4,485 188 Asia: Indonesia 255 15 171 204 231 188 168 Iran 175 (3) 169 (3) 174 (3) 158 (3) 178 (3) 173 (3) Japan 1 021 4 1,167 4 1,186 4 '1,145 4 1 003 4 754 2 Philippines 268 6 300 6 298 6 294 6 267 6 243 6 Thailand 250 1 253 1 254 1 260 1 279 1 279 1 Other 647 4 694 5 677 6 '707 6 730 6 764 6 Total 2,616 30 2,754 16 2,793 17 '2,795 17 2,645 17 2,381 15 Eastern Europe6 308 7 294 6 288 8 287 8 288 8 288 8 All other: Esvot 246 (3) 236 (3) 222 238 (3) 248 (3) 246 Other 116 140 126 '118 150 162 (3) Total 362 1 376 (3) 348 (3) '356 (3) 398 (3) 408 (3) Total foreign countries 26,164 1,308 27,406 1,121 27,922 1,154 '28,225 1,103 27,942 1,231 28,363 1,271 International7 3 689 321 3,750 317 3,717 392 '3,144 391 2,996 391 2,720 366 Grand total 29,853 1,629 31,156 1,438 31,639 1,546 '31,369 1,494 30,938 1,622 31,083 1,637 *» Preliminary. ' Revised. 6 Excludes gold reserves of the U. S. S. R. 1 Excludes gold holdings of French Exchange Stabilization Fund. 7 Represents International Bank for Reconstruction and Development, 2 Does not include $286 million of gold loaned by Bank of France to International Monetary Fund, and United Nations and other interthe French Exchange Stabilization Fund on June 26, 1957. national organizations. 3 Less than $500,000. NOTE.—Gold and short-term dollars include reported and estimated 4 Includes latest available figures for gold reserves, as follows: Italy official gold reserves, and total dollar holdings as shown in Short-term (Mar. 31); Australia (Mar. 31); Colombia (Oct. 31, 1956); and Mexico Liabilities to Foreigners Reported by Banks in the United States, by <Apr. 30). Countries (tables 1 and la-Id of the preceding section). U. S. Govt. 5 Includes Yugoslavia, Bank for International Settlements (both for bonds and notes represent estimated holdings of such securities with origiits own and European Payments Union account), gold to be distributed nal maturities of more than one year; these estimates are based on a by the Tripartite Commission for Restitution of Monetary Gold, and survey of selected U. S. banks and on monthly reports of security transacunpublished gold reserves of certain Western European countries. 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

1104 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 securities1 873 901 931 960 938 977 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 assets^ 72 54 41 42 29 Unpaid member subscriptions. 817 824 942 815 815 Other assets 5 3 2 1 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 Capital 1,854 1,853 1,853 1,853 1,810 Quota Cumulative net drawings Loans by country, July 31, 1957 on the Fund Country9 Paid 1957 1956 Outstanding Total m Area and member country4 gold June May June Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others5 Belgium. 225 56 50 50 Brazil 150 38 38 38 66 Burma 15 1 15 15 15 Continental W. Europe, total 1,144 999 188 811 76 Colombia 50 13 25 25 25 Belgium and Luxembourg. 123 118 10 108 25 Egypt 60 10 30 30 France 267 267 16 251 16 France . 525 108 263 220 Italy 163 84 83 7 India 400 28 200 P8 Netherlands 236 229 141 88 21 Indonesia 110 16 55 55 Other 355 302 20 281 7 Iran 35 9 25 05 9 Philippines 15 4 15 15 15 Sterling area, total 1,051 666 69 597 88 United Kingdom.... 1,300 236 562 562 Australia 318 261 9 252 25 United States 2,750 688 ,0- io-l, 497 1C-346 India 324 132 23 108 14 Union of S. Africa 135 124 21 103 20 United Kingdom 146 74 2 72 25 Notes to tables on international institutions: Other 128 75 14 61 4 1 Currencies include demand obligations held in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, Latin America, total 700 542 55 487 28 repayments, the net amount outstanding on loans sold or agreed to be Brazil 169 166 14 152 2 sold to others, and exchange adjustment. Colombia 111 83 16 68 3 3 Excludes uncalled portions of capital subscriptions. Mexico 141 134 9 125 10 4 Loans to dependencies are included with member. 279 158 17 141 13 5 Includes also effective loans agreed to be sold but not yet disbursed. Other 6 Includes $150 million in loans not yet effective. 219 117 5 112 15 7 Includes $184 million not guaranteed by the Bank. Asia (excl. Sterling area) 8 U. S. Treasury bills purchased with proceeds of sales of gold. 24 1 7 9 Countries shown are those with cumulative net drawings of $15 Africa (excl. Sterling area). . million or more on the latest date. 63,137 2,332 317 2,015 7207 i o Represents sales of U. S. dollars by the Fund to member countries Total for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold O as t s h e e ts r Coin Notes co D u i n s- ts Securi- ci t r i c o u n l 1 a- Deposits Capital (fiduciary and ad- ties and 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 ,357.7 313.5 15.4 .4 85.0 18. 1951—Dec. 26 .4 ,450.0 1.7 12.5 18.2 389.2 ,437.9 299.8 13.4 .6 89.8 18. 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 ,525.5 302.8 10.0 24.3 78.5 18. 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,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 ,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 ,889.6 245.2 12.0 3.2 71.7 18. 1956—Aug. 29 .4 1,950.0 2.0 42.9 26.6 254.6 ,907.5 222.4 13.0 72.1 18.. Sept. 26 .4 1,925.0 2.0 44.7 18.3 269.7 ,880.6 230.9 12.9 72.4 18.!> Oct. 31 .4 1,925.0 2.0 47.5 28.2 285.1 ,877.8 256.6 15.1 73.3 17. i Nov. 28 .4 [,925.0 2.0 19.0 26.8 279.9 ,906.3 220.0 13.8 75.8 18.() Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18. 1957—Jan. 30 .4 1,925.0 2.0 63.7 34.9 240.3 [,861.6 232.1 14.4 76.0 18.? 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 ,902.8 228.9 13.7 72.5 18.5 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 1,952.2 202.4 11.5 74.5 17. May 29 .4 1,975.0 2.4 21.7 40.5 243.2 ,953.7 204.4 10.1 75.3 18.() June 26 .4 2,000.0 2.4 14.9 32.6 268.4 [,985.5 216.3 12.2 71.8 18.I July 31 .4 2,075.0 2.4 15.9 29.9 262.4 2,059.5 205.0 13.4 73.9 18.3 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1105 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Ste a r n l d ing Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v es in- Deposits Other United Other Note liabilities d S o ta ll t a e r s s S t h e o rm rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t i . on Other ca a p n i d tal 1949—Dec. 31. 74.1 ,781.4 227.8 42.5 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—Aug. 31. 62.1 ,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 1,021.2 ,380.3 158.7 1,793.5 624.9 7.4 31.7 163.9 Dec. 31. 60.8 1,025.0 ,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31. 53.5 1,091.7 ,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Feb. 28. 60.8 1,052.7 ,189.4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30. 53.7 1,105.2 ,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Apr. 30. 50.3 1,158.0 ,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31. 52.3 1,165.9 ,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 June 29. 57.3 1,213.3 ,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31. 63.1 1,197.7 ,202.3 100.7 1,817.7 490.5 54.2 26.9 174.5 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c t i i a c l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t h o t er O as t s h e e ts r ci N r ti c o o u t n l e a- Gove D r e n p - os O its ther 4 c O l a i i a a t p t n i b h e i d i t e s l a r - l 1949_Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 .1 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954_Dec. 30 201.3 57.3 236.8 48.9 130.2 195.0 617.6 277.2 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—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. 31 301.2 33.0 270.3 26.8 1,759.5 175.0 479.8 233.8 3,045.0 149.4 84.9 Feb. 28 301.2 32.9 317.4 25.0 1,735.7 171.3 479.8 245.7 3,065.8 161.1 82.2 Mar. 28 301 23.1 310.3 27.6 1,836.8 175.0 479.8 192.6 3,051.6 214.3 80.6 Apr. 25 301 12.2 325.2 24.9 1,871.9 158.3 479.8 196.9 3,044.1 222.7 103.6 May 29 301 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 263.1 81.6 June 27 201 12.0 274.9 16.1 2,014.1 175.0 594.1 267.0 3,130.0 330.9 93.6 July 25 3201.2 11.9 273.6 7.3 2,027.1 175.0 752.1 ?306.6 3,238.3 397.7 118.9 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 760 760 760 1,412 Gold and foreign exchange 471 467 454 289 Other gold and foreign exchange.. 2,246 2,277 2,797 -684 Checks and bills of other banks.. 3 3 5 Gold contribution to Intl. Fund... 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,817 4,841 4,860 5,236 ury bills) 465 454 456 498 Rediscounts and loans to banks. .. 113,411 112,869 111,870 92,433 Other assets 47 52 55 88 Other assets 1,739 1,785 1,681 455 Note circulation 383 381 378 373 Currency circulation 44,748 44,849 44,800 37,618 Deposits of Trading Banks: Deposits—Nationalized 68,721 61,61A 54,057 Special 340 340 340 255 Other sight obligations 2,562 2,810 642 Other 32 28 25 38 Other liabilities and capital 7,100 6,843 6,534 Other liabilities and capital 231 231 224 214 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

1106 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 July June May July July June May July Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 206 201 172 Gold 2,169 2,066 2,005 1,744 Foreign exchange (Stabilization Foreign exchange (net) 9,793 9,046 8,632 7,780 Fund) , 185 177 214 Loans and discounts 6,286 6,601 6,515 6,076 Net claim on Intl. Fundl , -10 13 Claim against Government i;343 1,343 1,343 1,703 Loans and discounts , 45 41 33 Other assets.. 612 599 614 575 Credits to Government , 112 100 100 Note circulation 14,773 14,635 14,239 13,630 Other assets 76 75 76 Deposits—Banks 1,731 1,342 1,101 845 Note circulation , 448 451 426 Other... 988 1,126 986 501 Deposits 279 243 294 Blocked 902 823 1,058 1,416 Other liabilities and capital 32 28 24 Other liabilities and capital 1,807 1,729 1,725 1,486 Nl:ational Bank of Czechoslovakia2 National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 42,298 42,108 42,435 48,239 Gold 68 68 68 Foreign claims and balances (net). 9,305 10,770 11,056 10,875 Foreign exchange 820 773 501 694 Loans and discounts 15,140 13,596 13,969 6,890 Loans and discounts 145 228 176 189 Consolidated Govt. debt 34,456 34,456 34,456 34,660 Securities 493 492 491 489 Govt. securities 9,525 8,743 7,755 7,158 Govt. compensation account 3,023 3,023 3,047 3,073 Other assets 5,802 5,700 5,844 5,752 Other assets 755 712 1,150 662 Note circulation 110,801 109,625109,343 108,470 Note circulation , 2,151 2,203 2,195 2,096 Deposits—Demand 1,154 1,383 1,895 1,224 Deposits—Government 1,519 1,527 1,550 1,353 ECA 20 20 20 40 Other 1,382 1,319 1,433 1,478 Other liabilities and capital 4,551 4,345 4,256 3,839 Other liabilities and capital 252 248 256 251 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (Apr.) Central Bank of the Dominican Re- Gold at home and abroad 668 '668 public (thousands of pesos): Foreign exchange (net) 33,246 488 Gold 11.405 11,405 11,405 12,526 Loans and discounts 257,805 99,400 Foreign exchange (net) 15,758 14,897 11,732 14,995 Govt. securities 7,951 2,505 Net claim on Intl. Fundl 2,500 2,500 2,500 1,250 Other assets 5,483 '955 Loans and discounts 2,973 2,973 4,973 2,973 Note circulation 175,161 84,443 Govt. securities , 7,830 7,830 7,830 8,360 Deposits 18,095 14.429 Other assets , 22,682 22,099 22,131 17,907 Other liabilities and capital 111,895 5,142 Note circulation 48,120 48,509 47,567 45,931 Central Bank of Ceylon (millions of Demand deposits 11,558 9,685 9,571 9,379 rupees): Other liabilities and capital , 3,472 3,510 3,434 2,700 Foreign exchange 598 588 609 719 OCentral Bank of Ecuador (millions of Advances to Govt 31 27 21 sucres): Govt. securities 34 46 27 11 Gold , 325 325 325 344 Other assets 11 8 8 13 Foreign exchange (net) , 46 38 -19 -113 Currency in circulation 459 459 463 439 Net claim on Intl. Fund * , -3' -37 38 19 Deposits—Government 7 4 6 125 Credits—Government 530 521 525 535 Banks 97 97 90 97 Other 302 247 212 301 Other liabilities and capital 112 109 106 82 Other assets 246 241 250 232 Central Bank of Chile (millions of Note circulation 714 690 664 661 pesos): Demand deposits—Private banks, 234 203 200 191 Gold 4,254 4,774 5,598 9,784 Other 171 151 155 151 Foreign exchange (net) 1,081 1,056 1,030 794 Other liabilities and capital 293 290 311 315 Net claims on Intl. Fund1 19 19 19 National Bank of Egypt (millions of Discounts for member banks 13,099 12,047 11,112 5,943 pounds): Loans to Government 26,077 26,245 26,245 15,987 Gold 66 66 64 61 Other loans and discounts 51,738 54,724 51,542 24,079 Foreign assets , 99 98 98 111 Other assets 22,877 26,952 26,427 26,489 Egyptian Govt. securities 16 162 164 110 Note circulation 69,329 71,976 70,937 53,394 Clearing and other accounts (net), -26 -161 -6 -5 Deposits—Bank 7,428 7,241 7,098 6,599 Loans and discounts , 22 21! 23 15 Other 2,355 5,089 2,357 7,196 Other assets 2 2 2 Other liabilities and capital 40,033 41,510 41,580 15,887 Note circulation 188 197 207 166 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government, 8 5 8 4 lions of pesos): Other 114 112| 111 3106 Gold and foreign exchange 409 382 327 324 Other liabilities and capital 20 19 18 19 Net claim on Intl. Fund* 52 52 52 31Central Reserve Bank of El Salvador Loans and discounts 898 799 624 467 (thousands of colones): Govt. loans and securities 699 695 696 564 Gold 78.663 78,706 78,740 70,583 Other assets 606 436 397 128 Foreign exchange (net) 70,563 71,846 51,856 49,670 Note circulation 931 954 864 714 Net claim on Intl. Fund* 1,562 1,562 1,562 1,573 Deposits 1,274 1,086 910 528 Loans and discounts 65,296 66,036 80,280 58,705 Other liabilities and capital 460 323 321 272 Govt. debt and securities 12,145 12,068 12,204 12,669 Central Bank of Costa Rica (millions Other assets 7,462 7,949 7,793 7,145 of colones): Note circulation 100.806101,650101,428 92,940 Gold 12 12 12 Deposits .23;042124,228118,990 96,323 Foreign exchange 88 94 94 Other liabilities and capital 11,844 12,288 12,017 11,083 Net claim on Intl. Fund * 7 7 7 7Biank of Finland (millions of markkaa): Loans and discounts 98 95 91 91 Gold 7.849 7,849 7,849 7,849 Securities 16 17 18 9 Foreign assets and liabilities (net) 15,241 11,105 11,990 19,181 Other assets 22 19 22 24 Loans and discounts 37,679 50,760 44,069 46,287 Note circulation 153 155 154 146 Securities—Government 16,250 16,250 16,250 18,750 Demand deposits 53 52 50 41 Other 1.510 1,547 1,556 2,013 Other liabilities and capital 37 36 39 34 Other assets 13.656 13,610 12,166 14,035 National Bank of Cuba (millions of Note circulation 53,471 56,Ml 56,311 58,281 pesos): Deposits 5,132 11,476 5,180 5,833 Gold 136 136 136 Other liabilities and capital 33,582 33,469 32,389 44,000 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fu 2 n d F o le r ss l a t s h t e a b v a a n il k a ' b s l e l o r c e a p l o c r u ts rr e f n o c r y C l z ia e b c i h li o ty sl o to v a t k h i e a F a u n n d d . Hungary (March f o r f o m th e o f m fic o i n a t l h r . eports of individual banks and are as of the last report date and February 1950, respectively), see BULLETIN for September 1950, pp. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1107 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item July June May July July June May July Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 8,954 8,944 8,941 2,112 Gold 8,887 8,478 8,035 ,983 Foreign exchange 02,349 93,934100,767 106,150 Foreign exchange 12,571 12,127 12,063 ,883 Clearing accounts (net) -1,560 2,006 4,088 2,455 Loans and discounts 1,962 2,964 2,086 ,482 Loans and discounts 24,499 27,395 32,045 22,789 Loans to Government 4,229 3,911 4,103 127 Advances to Government 65,150 67,668 36,792 51,666 Other assets 1,029 1,049 1,054 984 Other Govt. accounts 20,390 13,425110,080 52,045 Note circulation 15,545 15,437 15,333 194 Govt. securities 49,878 50,172150,424 146,228 Deposits—Government 5,781 5,316 5,513 588 Other assets 12,175 10,895 31,775 16,233 Banks 4,861 5,233 4,289 795 Notes and coin in circulation !41,111 141,855239,620 211,393 Other 187 208 225 223 Deposits—Government.... 35,001 27,339 31,014 28,980 Other liabilities and capital 2,304 2,335 1,981 658 Other 79,214 79,875179,230 143,021 Bank of Greece (millions of drachmae): Other liabilities and capital 26,509 25,371 25,049 16,284 Gold and foreign exchange (net).. 5,945 6,456 933 Bank of Italy (billions of lire): Loans and discounts 169 175 172 Gold 4 4 4 4 Advances—Government 7,532 7,505 ,959 Foreign exchange 71 71 71 70 Other 5,093 4,967 Advances to Treasury 567 567 567 567 Other assets 2,214 2,175 925 Loans and discounts 440 471 447 443 Note circulation 5,824 5,899 266 Govt. securities 418 423 423 384 Deposits—Government 1,069 1,104 981 Other assets 1,111 994 977 917 Reconstruction and Note circulation 1,712 1,667 1,644 1,609 relief accts 7,112 7,11 408 Deposits—Government.... 4 3 5 16 Other 5,515 5,203 831 Demand 147 149 122 93 Other liabilities and capital , 1,435 1,961 200 Other 576 543 555 511 Bank of Guatemala (thousands of Other liabilities and capital 173 168 163 157 quetzales): Bank of Japan (billions of yen): Gold 27,254 27,243 240 Bullion () () () () Foreign exchange (net) 45,171 47,119 981 Loans and discounts 484 476 325 70 Gold contribution to Intl. Fund. . 1,250 1,250 250 Govt. securities 243 218 300 464 Rediscounts and advances 7,256 6,878 494 Other assets 137 161 192 222 Other assets 40,077 41,277 566 Note circulation 664 677 639 598 Circulation—Notes 57,190 56,868 804 Deposits—Government 44 53 54 47 Coin 4,16' 4,146 Other 37 35 36 Deposits—Government 8,571 7,471 411 Other liabilities 87 77 Other liabil B it a ie n s k s and capital 2 2 6 5 , , 0 0 0 7 5 4 2 2 9 6, , 2 0 6 1 5 6 2 1 9 2 9 4 Bank M o o f n M et e a x ry ic o re ( s m er i v ll e i8ons of pesos): 1,794 1,899 1,934 1,783 National Bank of Hungary2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,217 4,549 4,963 rupees): Bills and discounts 1,061 1,041 1,019 715 Issue department: Other assets 853 831 508 419 Gold at home and abroad5 .... 1,178 1,178 1,178 400 Note circulation 5,140 5,101 5,039 4,817 Foreign securities 4,005 4.125 4,125 5,16' Demand liabilities 2,037 2,496 2,696 2,314 Indian Govt. securities 8,868 9,248 9,399 7,086 Other liabilities and capital 748 723 713 748 Rupee coin , 1,302 1,266 1,258 1,120Netherlands Bank (millions of Note circulation 14,988 15,422 15,700 4,443 guilders) : Banking department: Gold 3,020 3,050 3,050 3,226 Notes of issue department.... 364 395 260 330 Silver (including subsidiary coin).. 9 8| 8 3 Balances abroad 197 408 426 428 Foreign assets (net) 641 697 731 1,176 Bills discounted 31 1 23 33 Loans and discounts 200 153 56 93 Loans to Government 262 239 190 52 Govt. debt and securities 73: 660 759 660 Other assets 3,549 3,226 2,84' 1,22- Other assets 369 403 414 361 Deposits 3,090 2,620 2,149 1,486 Note circulation , 4,166 3,968 4,041 4,141 Other liabilities and capital 1,313 1,650 1,59' 580 Deposits—Government , 97 29 Bank Indonesia (millions of rupiahs): ECA 1 230 230 419 Gold and foreign exchange (net). 448 27< 139 628 Other 575 479 550 721 Loans and discounts 826 998 972 899 Other liabilities and capital 214 197 196 209 Advances to Government 15,787 14,336 14,26 8,635Reserve Bank of New Zealand (thou- Other assets 685 550 466 425 sands of pounds): Note circulation 11,396 10,539 10,20 7,822 Gold 6,162 6.162 6,16: 6,162 Deposits—ECA 282 282 282 327 Foreign exchange reserve 57,478 55;307 46,39: 52,056 Other 4,221 3,553 3,582 1,505 Loans and discounts 32,151 34,691 37,84: 33,682 Other liabilities and capital 1,84' 1,78- 1,773 933 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 26,398 30,407 26,333 32,409 Gold 4,533 4,533 4,533 4,242 Investments 38,124 38,124 43,123 38,173 Foreign exchange 244 Other assets 1,502 1,581 1,979 1,597 Gold contribution to Intl. Fund. 663 663 663 28: Note circulation 72,030 72,712 72,711 69,332 Govt.-secured debt 7,923 7,923 7,923 ,18' Demand deposits 80,679 81,297 77,341 85,931 Govt. loans and discounts 12,312 11,57. 11,324 ,440 Other liabilities and capital 9,107 12,263 11,786 8,816 Other loans and discounts 6,560 6,498 6,835 ,687Bank of Norway (millions of kroner): Other assets6 15,930 13,070 14,233 Gold 205 213 221 208 Note circulation 11.249 11,273 11,215 |27- Foreign assets (net) 220 223 279 -49 Deposits—Government 7', 12" 4,651 5,11 ,28. Clearing accounts (net) 10 -1 -26 -39 Banks 1,65' 1,500 1,520 923 Loans and discounts 8 85 105 122 Other 17,153 16,060 17,119 ,679 Securities 11 107 107 75 Special Account—Profits of reval- Occupation account (net) 5,546 5,546 5,546 5,546 uation 7,110 7,110 7,11C Other assets 121 87 104 Other liabilities and capital 3,624 3,66^ 3,42S 3,09' Note circulation 3,2! 3,284 3,161 3,220 Central Bank of Ireland (thousands of Deposits—Government 1,482 1,688 1,708 1,291 pounds): Banks 465 310 40' 537 Gold 2,646 2,64i 2,646 ,64i FOA 26 26 26 23 Sterling funds 70,76' 70,44 70,284 ,155 Other liabilities and capital 1,008 1,020 897 Note circulation 73,413 73,08' 72,93i 4 Includes figures for the nine Land Central Banks. 77 HHoollddiinnggss iinn eeaacchh mmoonntthh wweerree 444488 mmiilllliioonn yyeenn.. 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 Includes (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

1108 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 July June May July July June May July State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 513 509 509 574 Issue department: Foreign assets 1,300 1,272 1,214 921 Gold at home and abroad 115 115 115 115 Net claim on Intl Fund1 129 129 129 129 Foreign exchange—Approved.. 739 861 ,038 1,133 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2. 4,616 4,493 4,411 3,971 Pakistan Govt. securities 1,820 1,799 1,692 1,156 Other domestic bills and advances. 15 16 124 21 430 430 430 430 Other assets 932 931 933 989 Rupee coin 58 56 53 '67 Note circulation 5,246 5,461 5,299 4,949 Notes in circulation 3,071 3,202 3,250 2,811 Demand deposits—Government.. 241 103 213 210 Banking department: Other 279 127 143 289 Notes of issue department 149 117 136 148 Other liabilities and capital 1,739 ,660 1,665 1,158 Bills discounted 1 1 6Swiss National Bank (millions of Loans to Government .. francs) : Other assets 1 143 101? 918 653 Gold 7,095 6,917 6 837 6,763 Deposits 1 927 858 6?9 Foreign exchange 527 676 611 611 Other liabilities and capital.... 172 202 197 178 176 199 161 150 Central Bank of Paraguay (millions of Other assets 98 95 105 10? guaranies): Note circulation 5,531 5,635 5,538 5,264 Gold 10 11 Sight liabilities 2,135 7 0?4 195^? ,145 Foreign exchange (net) . 589 329 Other liabilities and capital 229 229 223 218 Net claim on Int. Fund1 53 53Central Bank of the Republic of Turkey Loans and discounts 1,746 1,509 (millions of pounds): Govt loans and securities 706 480 Gold 402 40? 40? 40? 254 154 Foreign exchange and foreign Note and coin issue 1,246 1,119 clearings 486 415 273 180 Deposits—Government 508 ?64 Loans and discounts 4,405 4 434 4 730 3,650 Other 187 Securities 33 33 33 29 Other liabilities and capital 1,362 966 Other assets 265 254 244 228 Central Reserve Bank of Peru (millions Note circulation 2,801 2,816 2,703 2,126 of soles): Deposits—Gold . . . 155 155 155 155 7?? 696 485 Other 1,916 1 841 1614 1 573 67 67 67 Other liabilities and capital 719 726 711 635 Loans and discounts to banks... 795 857 855Bank of the Republic of Uruguay (mil- Loans to Government 1,617 1,584 1,293 lions of pesos): 114 166 176 Gold.. ?78 3?7 Note circulation 2 411 ? 385 2 187 Silver 9 10 696 731 420 Advances to State and Govt. Other liabilities and capital 208 253 269 bodies 261 256 Central Bank of the Philippines Other loans and discounts 590 497 (millions of pesos): Other assets 784 589 Gold 57 51 50 38 Note circulation 561 49? Foreign exchange 237 241 271 388 Deposits—Government 204 201 Loans .. 137 137 118 143 Other 373 357 Domestic securities 5?4 511 540 37? Other liabilities and capital 784 6?9 Other assets 164 163 160 136Central Bank of Venezuela (millions 681 688 703 677 of bolivares): Coin 86 86 86 86 Gold 2,099 1 947 1 947 1 ?34 Demand deposits 246 289 Foreign exchange (net) 2,020 ,015 1,406 634 Other liabilities and capital ?24 105 103 74 Other assets 203 227 181 182 Bank of Portugal (millions of escudos): Note circulation 1,295 1,277 1.272 1,077 Gold 5 94? 866 5 889 5 695 Deposits . 499 579 514 34? Foreign exchange (net) 13,566 13,626 13,665 13,514 Other liabilities and capital 2,527 2,332 I,748 631 Loans and discounts 1,609 1,297 1,275 ,071National Bank of Federal People's Re- Advances to Government 1,370 1,376 1,374 1,374 public of Yugoslavia (billions of Other assets 1918 1890 1910 1441 dinars): Note circulation 496 ?00 11 10 Gold 5 5 Demand deposits—Government.. 2,140 1,835 1,775 1,790 Gold contribution to Intl Fund 2 2 ECA 18 40 90 88 Foreign assets 39 67 Other 7,675 7,931 8,074 8,013 Loans (short-term) 779 892 Other liabilities and capital 3076 3049 3046 2 583 Govt. debt (net) 94 17 South African Reserve Bank (millions Other assets 32 66 of pounds): Notes and coin in circulation 93 82 Gold 80 83 83 75 Demand deposits 363 177 Foreign bills 36 43 44 32 Foreign liabilities .. 81 120 Other bills and loans. ?5 16 73 7? Long-term liabilities (net) 796 489 Other assets 43 41 4? 48 Other liabilities and capital . 118 181 Note circulation 114 114 113 110Bank for International Settlements Deposits 55 55 68 52 (millions of Swiss gold francs): Other liabilities and capital 15 13 12 17 Gold in bars 504 627 453 633 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 48 54 56 57 Gold 618 618 618 617 Rediscountable bills and accept- Silver 323 323 323 322 ances (at cost) 508 611 775 556 Govt. loans and securities 16 365 16 100 14571 15 8?9 Time funds at interest 410 185 151 Other loans and discounts 56,959 52,841 51,734 42,943 Sundry bills and investments 649 754 708 529 Other assets 66,551 62,716 64,054 54,894 Funds invested in Germany 297 297 297 297 Note circulation 60 ?80 57 684 56 694 48 599 Other assets 1 1 1 2 745 1 861 1 500 6 667 780 703 547 69? Other 17.282 r7 147 16,633 11 011 Other 1 099 1 286 1 358 977 Other liabilities and capital 61,009 55,906 56,474 48,329 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 308 310 308 295 r Revised. NOTE.—All figures, including gold and foreign exchange, are compiled 1 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. of the month. 2 Includes small amount of nongovernment bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1109 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 - I d n ia - p J a a n - 2 P p h in il e i s p- Chile 2 va S d E a o l l- r 2 In effect Dec. 31, 1955 3.0 3.0 3.5 9.0 2.50 3.75 3.75 1.5 4.5 4.5 2.75 3.00 8.03 1.5 4.5 3.0 1956—Feb 3.00 5.5 Mar 4.5 3.25 Apr 3.00 May 5 5 10 0 June 6.0 Aus 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 6 Mar 3.95 8.40 Apr 4 0 4 00 2 0 4.0 May 2 5 4.01 44.00 9.i3 June 4.06 July 4.5 4.25 5 00 5 00 4 05 Aug 5.0 5.00 4.28 In effect Aug. 31, 1957 4.5 5.0 4.5 10.0 5.00 5.00 5.00 2.5 6.0 5.0 4.28 4.00 9.13 2.0 6.0 4.0 Other selected central banks—rates in effect on Aug. 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 a tr 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 a tr 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 l/4 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 s n l u s th ry s1 D m a o d y n a - y e t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r - h s' s 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n 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 31/&-51/2 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 A Se u p g t 2 3 . . 9 0 4 6 2 2 . .6 6 7 3 5 5 . . 0 1 8 8 5 5 . .1 0 1 3 4 4 . . 1 2 4 6 3 3 . . 5 5 0 0 3 3 . . 0 0 2 0 3 3. . 0 0 0 0 1 1. . 5 5 0 0 4 41 y 4 4- - 6 6 y 1 2 /2 1 1. . 5 5 0 0 O N D c e o t c v 3 3 3 . . . 6 4 3 1 0 0 2 2 3 . . . 8 1 8 9 8 3 5 5 5 . . . 0 0 1 8 7 4 4 5 5 . . . 0 9 04 1 4 4 4 4 . . . 1 2 2 5 4 1 3 3 3 . . 5 5 5 0 0 0 3 3 3 . . . 7 4 5 1 7 5 3 3 3 . . . 2 1 4 5 8 8 1 1 1 . . 5 5 5 0 0 0 4 4 41 y i4 / 2 2 - _ 6 - 6 6 y 3 i 4 / 4 2 I 1 . .5 5 5 0 0 0 1957 Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.54 3.58 1.50 41/4-634 [.69 Feb 3 76 3.48 4 44 4.30 3.66 3 10 3.36 3.47 1.50 41/2-634 L 75 M^ar 3.71 3.65 4.25 4.07 3.55 3.00 3.71 3.61 1.50 41/2-634 L .75 Apr 3.72 3.69 4.18 4.01 3.59 3.00 3.97 3.63 1.50 41/2-634 1.75 May 3.77 3.71 4.04 3.84 3.48 3.00 4.11 3.59 1.50 4%-6% 1.75 J Ju u l n y e 3 3 . .8 8 1 0 3 3 . . 8 7 0 2 4 4 . . 0 0 8 6 3 3 . . 8 8 7 5 3 3 . . 4 4 5 5 3 3 . . 0 0 0 0 5.78 3 3. . 8 6 1 0 1 1 . . 5 5 0 0 4 5 i 3 / 4 2- - 6 8 34 2 > . . 5 5 0 O 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

1110 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 Basic P e r n e t f i e a r l - Free (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 ) 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 32.641 102.1'24 21.017 1955 120.000 113.333 17.183 222.41 3.8580 1.9905 32.624 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 32.582 101.600 20.946 1956—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 2.642 222.17 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. 556 2.586 222.55 3.8536 1.9900 32.532 104.577 20.921 Apr. 556 2.478 222.22 8536 1.9887 32.512 104.184 20.890 May, 556 2.564 222.39 8536 1.9862 32.526 104.638 20.895 June 5.556 2.477 222.33 8536 1.9875 32.523 104.891 20.898 July. 5.556 2.365 222.14 8536 1.9908 32.495 105.150 20.890 Aug. 5.556 2.303 221.73 3.8536 1.9865 32.431 105.470 20.862 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 23.838 21.020 280.87 9.052 1955. .4354 .2856 23.765 20.894 279.13 8.006 1956. .4354 .2855 23.786 20.934 279.57 5.2779 8.006 1956—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 5.2779 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 Aug.. .4354 4.2857 4.2376 23.800 20.844 278.27 .2779 8.006 Year or month ( e g N r u l e i a l t n d h d e - r s ) 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 a d) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d n o o i 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—Aug. 26.111 275.55 14.008 49.677 3.4900 277.27 19.333 23.335 278.31 Sept. 26.110 275.55 14.008 49.677 3.4900 277.26 19.333 23.335 278.30 Oct.. 26.124 275.70 14.008 49.677 3.4900 277.42 19.333 23.331 278.46 Nov. 26.105 275.49 14.008 49.677 3.4900 277.21 19.333 23.335 278.25 Dec. 26.101 275.75 14.008 49.674 3.4900 277.46 19.333 23.335 278.50 1957—Jan.. 26.106 276.80 14.008 49.677 3.4900 278.53 19.333 23.329 279.57 Feb.. 26.111 277.04 14.008 49.687 3.4900 278.76 19.333 23.308 279.81 Mar. 26.119 276.54 14.008 49.695 3.4900 278.26 19.333 23.318 279.30 Apr. 26.137 276.12 14.008 49.695 3.4900 277.84 19.333 23.329 278.89 May 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23.335 279.10 June 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 July. 26.121 276.02 14.008 49.695 3.4900 277.74 19.333 23.332 278.78 Aug. 26.103 275.52 14.008 49.695 3.4900 211.23 19.329 23.335 278.27 1 Annual averages based on quotations through Oct. 27, 1955. 4 On Aug. 12, 1957, the French authorities established an effective rate 2 Official rate. The basic and preferential rates were discontinued and of 420 francs per U. S. dollar applicable to most foreign exchange transacthe new official rate of 18 pesos per U. S. dollar became effective Oct. tions. The rate of 350 francs per U. S. dollar will remain in effect for 28, 1955. all other transactions. 3 New free market rate became effective Oct. 28, 1955. 5 Based on quotations beginning Nov. 26, 1956. 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 1111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN • SEPTEMBER 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, GORDON MURRAY, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND, WALTER B. JACOBS, DALLAS President FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Oliver B. Ellsworth William D. Ireland Harold I. Chandler Milton P. Higgins Harry E. Umphrey Harvey P. Hood J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Clarence Francis Howard C. Sheperd Ferd I. Collins Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1113 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby Robert V. Roosa I. B. Smith, in charge John Exter Robert G. Rouse of Buffalo Branch M. A. Harris Walter H. Rozell, Jr. T. G. Tiebout H. H. Kimball V. Willis H. V. Roelse 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

1114 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Robert Gage Robert O. Huffman D. W. Colvard Joseph E. Healy W. A. L. Sibley L. Vinton Hershey Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman Charles A. Piper Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Ernest Patton G. G. Watts Charles D. Parker I. W. Stewart T. Henry Wilson Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher, Chairman John R. Downing John E. Urquhart Robert M. Cleckler E. W. McLeod Adolph WeU, Sr. Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith W. E. Ellis James L. Niblack McGregor Smith J. Wayne Reitz, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1115 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

1116 FEDERAL RESERVE BULLETIN • SEPTEMBER 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 J. H. Harris John A. McCall John D. Williams A. E. Hohenberg, Chairman (Vacancy) 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. Milbum 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 1117 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

1118 FEDERAL RESERVE BULLETIN • SEPTEMBER 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, Chairman George S. Eccles Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan S. B. Lafromboise Lyman J. Bunting Charles F. Frankland D. K. MacDonald, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 739-42 of the June 1957 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL RESERVE ACT, as amended through FUNCTIONS. April 1957. 208 pages. December 31, 1956, with an Appendix containing provisions of certain other statutes af- ANNUAL REPORT OF THE BOARD OF GOVERNORS fecting the Federal Reserve System. 385 pages. OF THE FEDERAL RESERVE SYSTEM. $1.00. FEDERAL RESERVE BULLETIN. Monthly. Sub- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. scription price in the United States and its pos- A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN • SEPTEMBER 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. December 1956. 16 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- 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', 1058, 1059 Demand deposits—Continued Agricultural loans of commercial banks, 1054, 1056 Banks, by classes, 1051, 1057 Agriculture, Govt. agency loans, 1062, 1063 Type of holder, at commercial banks, 1055 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 1089 Banks and the monetary system, consoli- Sales and stocks, 1078, 1088 dated, 1050 Deposits (See also specific types of deposits): Corporate, current, 1070 Adjusted, and currency, 1050 Domestic banks, by classes, 1051, 1054, 1056 Banks, by classes, 1051, 1055, 1057 Federal business-type activities, by fund or activ- Federal Reserve Banks, 1045, 1046, 1100 ity, 1062, 1063 Postal savings, 1050 Federal Reserve Banks, 1045, 1046 Turnover of, 1048 Foreign central banks, 1104 Deposits, reserves, and borrowings by class of mem- Automobiles: ber bank, 1043 Consumer instalment credit, 1074, 1075, 1076 Discount rates, 1044, 1109 Production index, 1080, 1084 Discounts and advances by Federal Reserve Banks, 1041, 1045 Bankers' balances, 1055, 1057 Dividends, corporate, 1069, 1070 (See also Foreign liabilities and claims reported Dollar assets, foreign, 1100, 1101 by banks) Dwelling units started, 1085 Banks and the monetary system, consolidated statement, 1050 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 1078, 1087 New issues, 1068, 1070 Employment, 1078, 1086, 1087 Prices and yields, 1059, 1060 Export-Import Bank, loans, etc., 1062, 1063 Brokers and dealers in securities, bank loans to, 1054, 1056 Farm mortgage loans, 1062, 1071, 1072 Business expenditures on new plant and equip- Federal business-type activities, assets and liabilities, ment, 1070 by fund or activity, 1062, 1063 Business indexes, 1078 Federal Deposit Insurance Corporation, Business loans (See Commercial and industrial loans) assets, etc., 1062, 1063 Federal finance: Capital accounts: Cash transactions, 1064 Banks, by classes, 1051, 1055, 1057 Receipts and expenditures, 1057 Federal Reserve Banks, 1045, 1046 Treasurer's balance, 1064 Carloadings, 1078 Federal home loan banks, loans, etc., 1062, 1063, 1073 Central banks, foreign, 1102, 1104, 1109 Federal Housing Administration, loans, etc., 1062 Coins, circulation of, 1049 1063, 1071, 1072, 1073 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 1051, 1054 loans, etc., 1062, 1063, 1073 Consumer loans held, by type, 1075 Federal Reserve Banks: Number, by classes, 1051 Condition statement, 1045, 1046 Real estate mortgages held, by type, 1071 U. S. Govt. securities held by, 1041, 1045, 1046, Commercial and industrial loans: 1066, 1067 Commercial banks, 1054 Federal Reserve credit, 1041, 1045, 1046 Weekly reporting member banks, 1056, 1058 Federal Reserve notes, 1045, 1046, 1047, 1049 Commercial paper, 1058, 1059 Finance company paper, 1058, 1059 Commodity Credit Corporation, Foreign central banks, 1102, 1104, 1109 loans, etc., 1062, 1063 Foreign deposits in U. S. banks, 1041, 1045, 1046, Condition statements (See Assets and liabilities) 1050, 1055, 1057 Construction, 1078, 1084, 1085 Foreign exchange rates, 1110 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 1074, 1075, 1076, 1077 banks, 1096, 1098, 1100 Major parts, 1074, 1076 Foreign trade, 1089 Noninstalment credit, by holder, 1075 Consumer durable goods output indexes, 1084 Gold: Consumer price indexes, 1078, 1090 Earmarked, 1101 Consumption expenditures, 1092, 1093 Net purchases by U. S., 1101 Corporate sales, profits, taxes, and Production, 1100, 1101 dividends, 1069, 1070 Reserves of central banks and governments, 1102 Corporate security issues, 1068, 1070 Reserves of foreign countries and international Corporate security prices and yields, 1059, 1060 institutions, 1103 Cost of living (See Consumer price indexes) Stock, 1041, 1050, 1101 Currency in circulation, 1041, 1049 Gold certificates, 1045, 1046, 1047, 1049 Customer credit, stock market, 1060 Govt. debt (See U. S. Govt. securities) Gross national product, 1092, 1093 Debits to deposit accounts, 1048 Demand deposits: Home owners, Govt. agency loans, 1062, 1063 Adjusted, banks and the monetary system, 1050 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 1055 tries, 1078, 1087 1121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN • SEPTEMBER 1957 Industrial advances by Federal Reserve Banks, 1045, Real estate loans—Continued 1046, 1047, 1048 Type of mortgage holder, 1071, 1072, 1073 Industrial production indexes, 1078, 1079, 1084 Type of property mortgaged, 1071, 1072, 1073 Instalment loans, 1074, 1075, 1076, 1077 Regulation V, loan guarantees, 1047, 1048 Insurance companies, 1061, 1066, 1067, 1072 Reserve requirements, member banks, 1044 Insured commercial banks, 1053, 1054 Reserves: Interbank deposits, 1051, 1055, 1057 Commercial banks, 1055 Interest rates: Federal Reserve Banks, 1045, 1046 Bond yields, 1059 Foreign central banks and governments, 1102 Business loans by banks, 1059 Foreign countries and international institu- Federal Reserve rates, 1044, 1048 tions, 1103 Foreign countries, 1109 Members banks, 1041, 1043, 1045, 1046, Open market, 1059, 1109 1055, 1057 Regulation V loans, 1048 Residential mortgage loans, 1071, 1072, 1073 Stock yields, 1059 International capital transactions of the U. S., 1096 Sales finance companies, consumer loans of, 1074, International financial institutions, 1102, 1103, 1104 1075, 1077 Inventories, 1093 Savings, 1092 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 1051, 1054, 1056 Savings institutions, principal assets, 1061 Federal Reserve Banks, 1045, 1046 Savings and loan associations, 1061, 1072 Govt. agencies, etc., 1062, 1063 Securities, international transactions, 1099, 1100 Life insurance companies, 1061 Security issues, 1068, 1070 Savings and loan association, 1061 Silver coin and silver certificates, 1049 State member banks, 1053 Labor force, 1086 State and municipal securities: Loans (See also specific types of loans): New issues, 1068 Banks, by classes, 1051, 1054, 1056 Prices and yields, 1059, 1060 Federal Reserve Banks, 1041, 1043, 1045, 1046, States and political subdivisions: 1047, 1048 Deposits of, 1055, 1057 Govt. agencies, etc., 1062, 1063 Holdings of U. S. Govt. securities, 1066 Insurance companies, 1061, 1072 Ownership of obligations of, 1054, 1061 Savings and loan associations, 1061, 1072 Stock market credit, 1060 Loans insured or guaranteed, 1047, 1071, 1072, 1073 Stocks: New issues, 1068 Manufacturers, production indexes, 1078, 1079, 1084 Prices and yields, 1059, 1060 Margin requirements, 1044 Member banks: Tax receipts, Federal, 1065 Assets and liabilities, by classes, 1051, 1054 Time deposits, 1043, 1050, 1051, 1055, 1057 Borrowings at Federal Reserve Banks, 1041, 1043 Treasurer's account balance, 1064 Deposits and reserves, by classes, 1043 Treasury cash, 1041, 1050 Number, by classes, 1051 Treasury currency, 1041, 1049, 1050 Reserve requirements, by classes, 1044 Treasury deposits, 1041, 1045, 1046, 1064 Reserves and related items, 1041 Unemployment, 1086 Weekly reporting series, 1056 U. S. Govt. balances: Minerals, production indexes, 1078, 1079 Commercial bank holdings, by classes, 1055, 1057 Money rates (See Interest rates) Consolidated monetary statement, 1050 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 1050, 1051, 1053, 1066, Banks, 1041, 1045, 1046, 1064 1067, 1071 U. S. Govt. securities: Bank holdings, 1050, 1051, 1054, 1056, National banks, 1053 1066, 1067 National income, 1092 Federal Reserve Bank holdings, 1041, 1045, 1046, National security expenditures, 1065, 1093 1066, 1067 Nonmember banks, 1045, 1053, 1054 Foreign and international holdings, 1103 Payrolls, manufacturing, index, 1078 International transactions, 1099 Personal income, 1093 New issues, gross proceeds, 1068 Postal Savings System, 1050 Outstanding, by type of security, 1066, 1067 Prices: Ownership of, 1066, 1067 Consumer, 1078, 1090 Prices and yields, 1059, 1060 Security, 1060 United States notes, outstanding and in circula- Wholesale commodity, 1078, 1090 tion, 1049 Production, 1078, 1079, 1083, 1084 Utility output index, 1083 Profits, corporate, 1069, 1070 Veterans Administration, loans, etc., 1062, 1063, 1071, 1072, 1073 Real estate loans: Commercial banks, 1054, 1056, 1071 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES jiH^ 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