Federal Reserve Bulletin, 1957-11

FEDERAL RESERVE B U LLETIN November * * * BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM H 1 \fd\tl7dS 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 Changing Demands in 1957 1223 Current Events and Announcements 1230 National Summary of Business Conditions 1231 Financial and Business Statistics, U. S. (Contents on p. 1233) 1235 International Financial Statistics (Contents on p. 1289) 1290 Board of Governors and Staff 1305 Open Market Committee and Staff; Federal Advisory Council 1306 ! Federal Reserve Banks and Branches 1306 i I 1 Federal Reserve Board Publications 1313 I Index to Statistical Tables 1315 Map of Federal Reserve System Inside back cover Volume 43 Number n 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

Changing Demands in 19S7 GROSS NATIONAL PRODUCT in current dollars has continued to rise to new highs and GROSS NATIONAL PRODUCT Billions of dollars, annual rates for the year 1957 may total $436 billion, 5 per cent above 1956. The bulk of the increase reflects higher prices and real output is up only slightly. Pressure on productive resources has eased as the labor force CURRENT DOLLARS 400 has continued to grow and industrial capacity has been significantly enlarged. Most recently, industrial production has contracted somewhat, and demands for bank 1951 DOLLARS 360 credit have declined. In mid-November a number of the Federal Reserve Banks reduced their discount rates. 320 The economy has been operating at expanding or advanced levels of activity for 1951 1955 1957 three years. In 1955 expansive forces were widespread, culminating in intensive utiliza- NOTE.—Current dollars are Department of Commerce tion of manpower and industrial resources quarterly estimates, adjusted for seasonal variation; 1951 dollars were converted by Federal Reserve from Department and in strong upward pressures on prices. of Commerce annual estimates in 1947 dollars. Figure for 1957 estimated by Federal Reserve. In 1956 a sharp advance in business expenditures for fixed capital was a major in- in incomes after taxes. Expenditures for fluence in maintaining pressure on resources nondurable goods and services have risen and prices, despite large reductions in con- considerably further, while purchases of dursumer outlays for new automobiles and able goods and new houses, taken together, houses. have not varied much. This year, business outlays for fixed capi- An upsurge in Federal defense outlays tal have leveled off. Business inventory pol- that began in the spring of 1956 continued icies have been cautious; additions to stocks to mid-1957. Since midyear, defense spendhave been much smaller than in 1955 or ing has been reduced. State and local 1956. Net foreign investment has declined spending has maintained its steady growth. from the exceptionally high level reached Recently, the impact of lower business early this year. Exports have come down and defense demands has shown up prifrom the peak they attained during the Suez marily in durable goods lines and in mincrisis, while imports have been fairly stable. erals. In manufacturing, output of durable Consumer outlays for goods and services goods in October was down 7 per cent from this year have about kept pace with growth the end of 1956, while output of nondurable 1223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1224 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 goods was little changed. Easing in demand ment, seasonally adjusted, declined somefor durable goods is also indicated by the what after August and in October was only reduced level of manufacturers' new orders a little above a year earlier. Manufacturing in recent months and by a continued decline employment was down 450,000 over the in unfilled orders. Industrial capacity has year and the average workweek was more been expanded and the margin of unutilized than one hour shorter. In nonmanufacturcapacity has widened. Materials and fin- ing activities, employment has not changed ished goods are in easier supply than they much since midyear and in October was were earlier in the period of general ex- 600,000 above a year earlier. pansion. While prices of scrap metals and other BUSINESS INVESTMENT basic industrial materials have declined this Business investment outlays this year are year, prices of some of the more highly likely to equal the record amount spent in fabricated materials have increased. Aver- 1956. Expenditures for producers' durable age prices of all industrial materials have equipment and construction, which rose shown little change. Meanwhile, prices of sharply in 1955 and 1956, have remained finished goods have edged up and farm at a high level, as the chart shows. Invenproducts have been higher than in 1956. tory accumulation has been less than half as At the consumer level, prices have in- large as in either of the preceding two years. creased further this year, with some tend- Corporate profits after taxes in the first ency to level off in recent months. half of 1957 were about the same as a year Stability of aggregate real output, growth earlier, with sales up and profit margins in the labor force, and sizable increases in down. Retained earnings were smaller, output per manhour have been reflected in however, and, notwithstanding substantial some easing in the labor market. Unem- growth in depreciation reserves, internal ployment in October, at 2.5 million, was funds available to corporations were little moderately above a year earlier and, after larger than in 1956. seasonal adjustment, amounted to 4.6 per To finance the record volume of fixed incent of the labor force. Nonfarm employ- vestment outlays in 1957, corporations, par- SRICTED BUSINESS INDEXES 1947 - /.? • 100. monthly I P N R D O U D S U T C R T IA IO L N ISO N EM O P N L A O G Y R M IC E U N L T TURAL 130 WHOLESALE PRICES CONSUMER PRICES _ NONMANUFACTURING -*• SERVICES s*/ 140 - ft A • 125 -- - 130 no HO ~ "* ^ 6 £ " ^S G FI O N O IS D HE S D _ 1)5 - ALL ITEMS - 120 XTMANUFACTURING i^il . 1- * COMMODITIES ^j, ISO 100 - - £-^- J L -. 1 1 1 1 .„ .. 1 1 1 1953 'VS.S 195? 1953 19SS 19S3 1955 195? 1953 1-955 1957 NOTE.—Seasonally adjusted series, except for prices. Bureau are Federal Reserve groupings of B.L.S. sector indexes and of Labor Statistics data for employment and consumer prices, exclude foods and feeds. Latest figures shown are for and Federal Reserve data for production. Wholesale prices October, for which prices were estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGING DEMANDS IN 1957 1225 1955 to late 1956. Expenditures by farm BUSINESS INVESTMENT operators for construction and equipment Stlhom of dollars onnuoi are also little changed from last year. Investment outlays of nonprofit institutions, such PRODUCERS' DURABLE EQUIPMENT as churches, schools, and hospitals, have continued to rise. Construction costs and prices of machinery and other equipment have risen some- NONRESIDENTIAL what further, and the physical volume of CONSTRUCTION fixed investment is apparently down some from its high of late 1956 and early 1957. I I I While about half of business spending for fixed capital is for replacement and mod- INVENTORY CHANG! ernization of facilities, additions to capacity this year, as in 1956, have been substantial II ll.l. .Illllll and widespread. According to present estimates, generating capacity of electric utilities will rise 7 per cent. Increases in capacity for major industrial materials range 1951 1955 from an estimated 2 per cent for primary NOTE.—Department of Commerce quarterly estimates, ad- aluminum and 5 per cent for steel ingots justed for seasonal variation. Construction includes all private nonresidential construction. to 14 per cent for synthetic rubber. ticularly in the utilities industry, have relied Business spending for fixed capital has heavily on the capital markets. In the first shown diverse tendencies this year, in con- 10 months of this year new issues of cor- trast to 1955 and 1956 when nearly all maporate securities were 30 per cent larger jor industries increased their capital spendthan in the corresponding period of last ing. As may be seen in the chart on the folyear. On the other hand, business borrow- lowing page, expenditures in public utilities ing from banks has been considerably less have advanced steadily; in manufacturing than last year, partly because inventory ac- they rose slightly and then leveled off; in cumulation has been smaller. Since mid- transportation, including railroads, they summer such borrowing has changed little have changed little. In the commercial although a substantial seasonal rise ordi- group, outlays have declined throughout narily occurs. Corporate liquidity, as meas- the year and in the current quarter are estiured by the ratio of cash and Government mated to be one-tenth below their high of security holdings to current liabilities, de- late 1956. clined further to midyear, the latest date Nonfarm businesses plan to reduce their for which figures are available. spending for plant and equipment 7 per cent Fixed investment. Outlays for plant and in 1958, according to the survey taken in equipment by nonfarm businesses, as meas- late September and October by the McGrawured by the Commerce Department-SEC Hill Publishing Company. The anticipated Survey, have leveled off this year after ex- decline is concentrated in manufacturing inpanding by more than two-fifths from early dustries, where outlays are scheduled to fall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 has changed little. Accumulation in the PLANT AND EQUIPMENT, BY MAJOR INDUSTRY first half of the year was largest in durable Billions of dollars goods lines, particularly in the primary metals, transportation equipment, and machinery industries. Distributors' stocks declined early this year but have increased moderately since spring. In September, stocks were little larger than at the year-end, and in a number of lines they were smaller. In October, dealers' stocks of new automobiles were reduced further from advanced levels. TRANSPORTATION Sales by manufacturers and distributors I 1 I I I have declined in recent months and stock- 1953 1955 1957 1953 1955 1957 sales ratios have continued to rise. In dur- NOTE.—Department of Commerce and Securities and Exchange Commission quarterly estimates of outlays by nonfarm able goods lines, particularly in manufacturbusiness, adjusted for seasonal variation. Estimates for third and fourth quarters of 1957 are based on expenditures antici- ing, ratios were higher in September than in pated by business. most recent years, but in nondurable goods 16 per cent. Railroads and mining also lines they have continued to fluctuate in a show large percentage reductions. Further narrow range. small increases are planned by the electric and gas utility and petroleum industries. RESIDENTIAL CONSTRUCTION The main influence on business decisions The number of new private nonfarm dwellto reduce plant and equipment programs is ing units started in recent months has been a widespread decrease in rates of capacity moderately above the low reached early utilization. According to the McGraw-Hill this year, after allowance for seasonal fac- Survey, manufacturing industries were op- tors. About one million private units are erating at 82 per cent of capacity in Septem- likely to be started in 1957, compared with ber, compared with 86 per cent at the end 1.1 million in 1956 and 1.3 million in 1955. of 1956 and 92 per cent in December 1955. Vacancy rates have continued low, and new Inventories. The rise in book value of houses have been selling rather well at nonfarm business inventories has slowed higher prices. markedly. The increase from December to Expenditures for private nonfarm residen- September was $2.3 billion, after seasonal tial construction, after a two-year decline, adjustment, compared with $5.2 billion a have risen moderately since the spring. Acyear earlier. Higher costs of replacement tivity has continued to be supported by a have continued to account for much of the shift toward somewhat larger and more exincrease in value of inventories, and physical pensive units and by expansion in outlays accumulation has been small. for additions and alterations. Most of the increase since last December Throughout the period of decline, the has been in value of manufacturers' inven- number of housing starts financed under tories, where half of it has been in finished conventional arrangements remained large, goods. Since July, the level of such stocks while the number financed under Federally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1227 CHANGING DEMANDS IN 1957 underwritten programs declined sharply. As other interest rates rose, the rates per- CONSUME! EXPENDITUIIS Billions of dollars, onnuol rates mitted on FHA-insured and VA-guaranteed mortgages became less attractive to investors. NONDURABLE GOODS To facilitate purchases of houses, the Federal Housing Administration in December 1956 raised the maximum permissible interest rate on FHA-insured mortgages from 4V4 per cent to 5 per cent. Since then the number of applications for mortgage assist- «0 ance received monthly by the FHA has increased appreciably. In addition, the FHA 40 this year reduced the required downpayment and increased the maximum interest rate to 5V4 per cent. At the same time, 20 however, it placed a limit of 1 to 2Vi per cent on the discounts that builders or sellers j I may pay lenders on FHA mortgages. I9S1 1953 W5S 1947 NOTE.—Department of Commerce quarterly estimates, ad- CONSUMER EXPENDITURES justed for seasonal variation. In contrast to a leveling off or decline in some important areas, consumer spending increase in outlays for food reflected higher has been an expansive force this year. In prices and population growth. Nearly all September and October, however, retail of the 4 per cent rise in outlays for clothing sales fell below their summer peaks, with and shoes represented a gain in real takings, widespread incidence of influenza probably as prices were up only slightly. Spending contributing to the decline. for nondurable goods, which was especially Consumer outlays for goods and services strong in the spring and early summer, rein 1957 will probably show a rise of 5 per ceded somewhat in early autumn. cent, the same as in 1956. Owing to ad- Expenditures for services have continued vances in consumer prices, less than half of their steady growth and for the year may be the increase will represent a gain in real up 6 per cent. Consumer demands have consumption. On a per capita basis, real been strong for such services as shelter, consumption has changed little since the utilities, medical care, and education, and spring of 1956. prices of services have maintained their per- Nondurable goods and services. Consumer sistent advance. expenditures for nondurable goods and serv- Durable goods. The value of consumer ices accounted for most of the rise in gross purchases of durable goods so far this year national product from late 1956 to the has remained near the level of late 1956. summer of 1957. In the third quarter This stability is in contrast to a sharp expanspending for nondurable goods was 6 per sion in 1955 and to a downward adjustment cent above a year earlier. A 7 per cent in 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 Sales of domestically produced new auto- somewhat. Purchases of major appliances, mobiles to consumers and business may total such as refrigerators, freezers, washing ma- 5.9 million units in 1957, as compared with chines, and driers, have declined from a 5.8 million in 1956 and 7.4 million in 1955. year ago, while demands for the smaller In addition, imports are about double the appliances have apparently been strong. number of last year. List prices averaged Sales of television sets have about matched about 7 per cent higher for 1957 models last year's performance. than for 1956 models. With dealers' margins apparently holding up at least as well as PERSONAL INCOME AND SAVING last year and with purchases of accessories Personal income for 1957 is estimated at expanding further, consumer outlays in- $343 billion, about 5 per cent larger than creased much more than the number of in 1956. The advance that began in 1954 units sold. Manufacturers have raised list continued to midsummer, as the chart shows, prices on the recently introduced 1958 but a decline occurred in October. models, but the increase is considerably Through August, wages and salaries rose smaller than the one last year. more slowly this year than last, and then Consumer purchases of automobiles have came down. In October the total, at an been facilitated by widespread use of credit, annual rate of $240 billion, was close to the June level and ZVi per cent above a year at a somewhat higher cost. Nearly twoearlier. Recent declines in wages and salthirds of the new cars purchased this year aries have reflected reductions in employhave been financed by instalment credit, a ment and hours of work in manufacturing proportion slightly below the postwar high industries, mainly in durable goods lines. of 1956. Terms have continued liberal and, Increases in wage rates in manufacturing with an increasing proportion of new car contracts stipulating maturities of 36 months, the average maturity has lengthened PERSONAl INCOME Billions of dollars, annual rales further. Downpayments on new cars have not been significantly liberalized. The amount of instalment credit extended for purchasing new and used automobiles has risen further, reflecting an increase in the average amount of the contract. Repayments have also continued to grow and the volume of auto instalment debt outstanding is likely to rise about as much as it did in 1956. Consumer purchases of furniture and household equipment this year have remained at the advanced level reached in the spring of 1956. Prices of household durable goods, particularly furniture and floor coverings, have risen since then and the physical volume of purchases has apparently declined NOTE.—Department of Commerce monthly estimates, adjusted for seasonal variation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHANGING DEMANDS IN 1957 1229 have averaged less this year than in 1956. goods, has increased about the same amount Wage and salary payments in such activi- as in 1956. ties as finance and services have continued to expand. GOVERNMENT PURCHASES Government transfer payments have been Federal Government purchases of goods and considerably larger than in 1956 because of services expanded markedly in the year endbroadened coverage and increased benefits ing June 1957 as spending for national secuunder social security programs. Income of rity programs increased. Federal purchases farm proprietors in the first 10 months of of goods and services for other purposes 1957 was slightly larger than in the same changed little. Despite an increase in tax period of 1956. Nonfarm business and pro- receipts resulting from expansion in infessional income rose to a new high at mid- comes, the Federal cash surplus was smaller year and has since shown little change. and the Federal Government's fiscal opera- Dividends and interest income have con- tions exerted less restraint on the economy tinued to increase. than in fiscal year 1956. Consumer spending for goods and serv- The estimates of Federal expenditures for ices has increased about as much as perfiscal year 1958 contained in the Midyear sonal disposable income, and personal sav- Budget Review released in August indicated ing in 1957 may equal the 1956 total of reductions in military outlays from the ad- $20 billion. The ratio of saving to disvanced rates reached in the spring, and such posable income, however, may be down expenditures have come down somewhat. slightly. The major impact of these reductions has Saving in financial forms by individuals been in the aircraft industry, where overwas larger in the first three quarters of 1957 time work has been curtailed and employthan in the corresponding period of 1956. ment has declined. Civilian employment in Growth in time deposits was particularly the Defense Department and the size of the marked. Net purchases of corporate secuarmed forces have also been reduced. More rities were also larger than in 1956 or in recently, some upward revision in the estimost other recent years. A major offset to mate of military spending has been officially growth in financial saving in these forms was announced. The defense program is being the fact that redemptions of United States re-examined in the light of recent scientific savings bonds exceeded purchases by a and other developments abroad. larger amount than in 1956. State and local government expenditures Mortgage debt of individuals has grown less than last year, reflecting the smaller for goods and services have expanded volume of residential construction and the steadily. This growth reflects a large and larger volume of repayments. Short-term continuing rise in employment, higher salconsumer instalment debt outstanding, aries, and enlarged expenditures for schools, mainly for financing purchases of durable highways, and other construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Broadway-Hale Stores, Inc., Los Angeles, who A meeting of the Federal Open Market Committee resigned. was held in Washington on November 12, 1957. DEATH OF DIRECTOR The Federal Advisory Council held a meeting Mr. Joseph F. Ringland, President, Northwestern in Washington on November 17-19, 1957, and met National Bank of Minneapolis, Minneapolis, Minwith the Board of Governors on November 19. nesota, who had served as a director of the Federal Reserve Bank of Minneapolis since January 1, DECREASE IN FEDERAL RESERVE DISCOUNT RATES 1956, died on November 8, 1957. Mr. Ringland On November 14, 1957, the Board of Governors also served as a member of the Federal Advisory of the Federal Reserve System approved actions Council from 1950 through 1955. by the directors of the Federal Reserve Banks of Atlanta, New York, Richmond, and St. Louis TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY decreasing the discount rates of these banks to 3 Latest BULLETIN Reference per cent, effective Friday, November 15, 1957. Semiannually Issue Page The rate previously in effect was ZV2 per cent. Banking offices: Analysis of changes in number of.... Aug. 1957 974 On, and not on, Federal Reserve Par APPOINTMENT OF BRANCH DIRECTOR List, number of Aug. 1957 975 On November 1, 1957, the Board of Governors Annually announced the appointment of Mr. Robert J. Earnings and expenses: Federal Reserve Banks Feb. 1957 210-211 Cannon, of Los Angeles, California, as a director Member banks: Calendaryear June 1957 710-718 of the Los Angeles Branch of the Federal Reserve First half of year Nov. 1956 1248 Insured commercial banks June 1957 719 Bank of San Francisco for the remainder of a term Banks and branches, number of, by class andState Apr. 1957 472-473 expiring December 31, 1957. Mr. Cannon is Operating ratios, member banks June 1957 720-722 President of Cannon Electric Company, Los Stock Exchange 6rms, detailed debit and credit balances Mar. 1957 336 Angeles. As a director of the Los Angeles Branch Banking and monetary statistics, 1956.. {J^y J^jlJ 582^585 he succeeds Mr. Edward W. Carter, President of Summary flow-of-funds accounts, 1954-56.Oct. 1957 1190-1194 1230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication November 15 Industrial production and factory employment one-fifth below a year ago. Production of condeclined in October, while the value of construc- struction materials was reduced in October reflecttion activity increased slightly to a new high. Re- ing cutbacks in clay and glass products as well as tail sales showed a moderate decrease. From in lumber. Activity in industries manufacturing mid-October to mid-November, wholesale prices producers' equipment generally declined further changed little. Bank credit contracted, and yields and was about 8 per cent below the spring peak. on U. S. Government securities generally turned Auto assemblies were curtailed in October, in down. In mid-November discount rates were re- part by work stoppages, but production schedules duced at several Federal Reserve Banks. for November indicate a marked recovery from the reduced levels of the September-October INDUSTRIAL PRODUCTION change-over period. Television and furniture out- The Board's seasonally adjusted index of in- put continued to decline. dustrial production in October was 142 per cent Over-all activity in nondurable goods industries of the 1947-49 average, two points below Septem- was maintained, despite small reductions indicated ber and four points below a year ago. Output of in output of textile, apparel, and rubber products. durable goods and minerals declined further, Minerals production declined as output of coal while activity in the nondurable goods industries and metals declined further. was maintained at the record September level. CONSTRUCTION Utility output of electricity declined slightly but remained above the year-ago level. Private housing starts in October were at a Steel mill operations decreased contraseasonally seasonally adjusted annual rate of one million in October, by one point, to 81 per cent of ca- units. For six consecutive months starts have pacity. In early November, the operating rate fell been around this figure. Value of new constructo 78 per cent and ingot production was about tion activity advanced somewhat to a seasonally adjusted annual rate of $48.3 billion. Such out- INDUSTRIAL PRODUCTION. lays have been rising since midyear, reflecting in- 1947-49*100 creases in private residential building and in some TOTAL fields of public construction. Industrial construction has declined appreciably from the record /A / level maintained from mid-1956 through May of this year. ^. i i i... I -,, EMPLOYMENT MINERALS Employment in nonfarm establishments declined somewhat further in October, reflecting NONDURABLE MANUFACTURES mainly reductions in manufacturing industries. At a seasonally adjusted level of 52.5 million, nonfarm employment was 300,000 below the record level of August, but about 140,000 above H!> I 1 In 1 ^ ^ 1 1 1 1 ^.-J 80 October of last year. Weekly earnings of factory 1953 1935 1957 workers dropped by about $1.00, to $82.16, re- Federal Reserve indexes, seasonally adjusted. Monthly fig- flecting a half-hour reduction in the average workures, latest shown are for October. 1231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 week. Unemployment changed little from Sep- Business loans and security loans each went down tember, but was moderately higher than a year about $400 million. Holdings of U. S. Governago. ment securities declined steadily following bank purchases of new Treasury issues in late Septem- DISTRIBUTION ber and early October. Holdings of other secu- Seasonally adjusted retail sales declined 2 per rities increased as banks purchased new Federal cent in October. The decrease, which was fairly National Mortgage Association notes in late general, apparently was influenced by the in- October. cidence of Asian influenza. Sales at food stores Average member bank borrowings from the and automotive outlets changed little. At depart- Federal Reserve exceeded excess reserves by ment stores, sales declined substantially in Octoabout $300 million in the four weeks ending Nober, but were recovering in early November. vember 13. Over the period, reserves supplied mainly through Federal Reserve purchases of U.S. COMMODITY PRICES Government securities and reductions in required The general level of wholesale commodity reserves were greater than reserves absorbed by a prices was relatively stable from mid-October to decline in float and currency outflows. mid-November. Prices of feed grains declined but livestock and meats recovered somewhat. SECURITY MARKETS Average prices of industrial commodities changed Yields on U. S. Government securities generally little in this period, although some basic materials turned down between mid-October and mid-Nocontinued to decline. Steel scrap was down vember. The yield on three-month Treasury bills sharply further, and there were decreases in tin, dropped from a peak of 3.67 per cent in midrubber, and cotton textiles. October to below the Federal Reserve discount Consumer prices rose very slightly further in rate. On November 15, four Federal Reserve September. Decreases in some fresh foods were Banks reduced the discount rate from 3.5 per more than offset by continuing advances in some cent to 3.0 per cent. From mid-October to midother goods and services. November, yields on State and local government BANK CREDIT AND RESERVES bonds were stable and yields on corporate bonds Total credit at city banks declined nearly $1 increased. Common stock prices declined somebillion over the four weeks ending November 6. what further. INTEREST RATES LOANS AND INVESTMENTS — Per cent Billions of dollars LONG-TERM k GOVERNMENT SECURITIES F. R. BANK A * SCOUNT RATE U TREASURY BILLS Weekly average market yields for long-term U. S. Govern- Federal Reserve data. Loans to banks are excluded. Secument VA per cent bonds and for longest Treasury bills; latest rities other than U. S. Government are included in the total shown are for week ending Nov. 8. but not shown separately. Weekly figures, latest shown are for Nov. 6. 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 1235 Reserve Bank discount rates; reserve requirements; margin requirements. . 1238 Federal Reserve Banks 1239 Bank debits; currency in circulation 1242 All banks: consolidated statement of monetary system; deposits and currency. . 1244 All banks, by classes .... 1245 Commercial banks, by classes 1248 Weekly reporting member banks. . 1250 Commercial loans; commercial paper and bankers' acceptances. 1252 Interest rates 1253 Security prices; stock market credit. . 1254 Savings institutions 1255 Federal business-type activities. . 1256 Federal finance 1258 Security issues . . 1262 Business finance . . 1263 Real estate credit 1265 Short- and intermediate-term consumer credit. 1268 Selected indexes on business activity. . 1272 Production 1273 Employment and earnings. 1280 Department stores . 1282 Foreign trade 1283 Wholesale and consumer prices 1284 National product and income series. . 1286 Tables published in BULLETIN, annually or semiannually—list, with references. . 1230 Index to statistical tables. . .... 1315 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. 1233 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 1 p EXCESS RESERVES 2 0 CURRENCY IN CIRCULATION *ym- 25 RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES: 20 HELD UNDER REPURCHASE AGREEMENTS A A I DISCOUNTS AND ADVANCES 2 0 FEDERAL RESERVE FLOAT J, i - 2 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending Oct. 30. See p. 1235. 1234 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 Di Gold rency in cash F. R. Held counts stock out- cir- hold- ac- Bought under and Float Total i stand- cula- ings counts Total out- repur- ad- ing tion Treas- For- Other Total Re- Exright chase vances ury eign quired 2 cess 2 agreement Averages of daily figures 1956 Sept. 5 23,849 23,818 31 796 78725,454 21,861 5,042 30,786 771 427 379 251 94318,800 18,357 443 Sept. 12 23,858 23,829 29 1,012 1,04525,934 21,883 5,042 30,910 770 518 381 252 94119,088 18,394 694 Sept. 19 23,691 23,673 18 654 1,48925,852 21,883 5,043 30,810 771 453 345 235 94519,220 18,524 696 Sept. 26 23,576 23,555 21 705 394 "2"5,694 21,884 5,044 30,714 774 651 331 219 95118,980 18,477 503 Oct. 3 23,697 23,602 95 810 1,067 25,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10 23,840 23,766 74 857 990 25,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17 23,860 23,846 14 714 25,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24 23,736 23,736 564 547 25,866 21,909 5,048 30,864 777 505 293 291 956 19,137 18,574 563 Oct. 31 23,708 23,668 "40 674 062 25,466 21,909 5,051 30,795 780 539 285 292 925 18,810 18,451 359 Nov. 7 23,824 23,766 58 828 ,084 25,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14 23,940 23,882 58 945 ,040 25,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21 24,033 23,959 74 662 ,543 26,266 21,910 5,055 31,269 771 441 303 292 844 19,311 18,701 610 Nov. 28 24,202 24,110 92 631 ,514 26,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5 24,404 24,287 117 460 268 26,165 21,953 5,060 31,451 770 408 344 228 91019,068 18,682 386 Dec. 12 24,652 24,493 159 709 226 26,633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19 24,785 24,489 296 555 835 27,223 21,927 5,064 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26 24,906 24,574 332 667 2^08 27,842 21,949 5,066 31,992 765 635 393 258 1,02419,790 19,086 704 1957 Jan. 2 24,994 24,610 384 925 1,,537 27,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9 24,688 24,601 87 535 1,,539 26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 ,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1^446 25,636 21,951 5,067 30,827 798 199 324 268 89419,342 18,724 618 Jan. 30 23,450 23,450 528 1,078 25,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6 23,435 23,411 640 1,040 25,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13 23,264 23,190 741 962 24,997 22,252 5,070 30,641 820 377 366 299 1,00718,808 18,265 543 Feb. 20 22,969 22,958 577 ,188 24,764 22,303 5,071 30,605 815 173 307 226 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 45 880 908 24,791 22,304 5,079 30,609 812 471 297 201 1,12918,654 18,205 449 Mar. 20 23,178 23,064 114 783 1,173 25,158 22,305 5,080 30,589 811 302 300 199 1,13819,204 18,578 626 Mar. 27 23,094 23,051 43 844 967 24,930 22,305 5,083 30,502 813 353 334 205 1,13918,971 18,362 609 Apr. 3 23,189 23,040 149 1,074 877 25!,165 22,306 5,086 30,589 808 517 294 314 1,16718,868 18,525 343 Apr. 10 23,262 23,040 222 1,230 88125,400 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 996677 25,520 22,313 5,089 30,681 808 478 344 300 1,20319,107 18,556 551 Apr. 24 23,237 23,169 68 947 1,,448844 25,695 22,317 5,092 30,610 791 456 390 454 1,20219,201 18,639 562 May 1 23,169 23,169 730 1,,116688 25,093 22,318 5,094 30,499 793 419 352 291 1,14819,000 18,621 379 May 8 23,213 23,125 993 994477 25,177 22,318 5,095 30,589 795 504 366 275 1,078 18,984 18,495 489 May 15 23,083 23,033 50 975 994488 25,031 22,319 5,096 30,654 787 479 366 241 1,075 18,845 18,368 477 May 22 22,915 22,915 793 1,34125,070 22,320 5,098 30,645 790 525 362 273 1,074 18,818 18,284 534 May 29 22,930 22,901 "29 903 979 24,833 22,406 5,102 30,660 794 562 358 279 1' ,0—73 18,616 18,264 352 June 5 23,110 22,950 160 902 954 24,987 22,620 5,104 30,837 792 485 357 323 1,072 18,846 18,378 468 June 12 22,972 22,926 46 1,059 936 24,988 22,621 5,106 30,903 791 463 379 276 1,069 18,834 18,330 504 June 19 22,930 22,880 50 1,089 ,384 25,424 22,621 5,106 30,904 782 518 389 335 1,076 19,148 13,546 602 June 26 22,951 22,888 63 1,003 ,320 25,294 22,622 5,106 30,849 776 477 407 254 1,087 19,171 18,625 546 July 3 23,098 23,031 67 1,068 ,198 25,387 22,623 5,107 31,150 763 546 420 296 1,07718,865 18,521 344 July 10 23,443 23,260 183 1,213 ,11125,792 22,623 5,108 31,313 765 431 339 290 1,07719,308 18,732 576 July 17 23,319 23,252 67 1,062 ,236 25,641 22,625 5,108 31,184 770 455 413 279 1,07319,200 18,636 564 July 24 23,342 23,235 107 739 ,35125,456 22,625 5,108 30,999 774 507 385 267 1,07019,189 18,568 621 July 31 23,360 23,084 276 553 998 24,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 Aug. 7 23,116 23,078 38 1,060 928 25,124 22,627 5,113 30,983 767 498 355 277 1,11618,868 18,331 537 Aug. 14 23,047 23,047 1,161 874 25,102 22,627 5,114 31,069 764 475 363 273 1,11318,786 18,195 591 Aug. 21 23,034 23,034 931 1,227 25,211 22,625 5,116 31,055 762 513 343 270 1,203 18,806 18,254 552 Aug. 28 23,220 23,215 915 977 25,133 22,626 5,118 30,998 764 475 339 268 1,203 18,831 18,397 434 Sept. 4 23,511 23,463 48 832 85825,228 22,626 5,118 31,149 759 485 340 281 1,197 18,760 18,346 414 Sept. 11 23,399 23,367 32 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 1,194 18,876 18,301 575 Sept. 18 23,303 23,286 17 950 1,442 2255,719 22,627 5,121 31,184 755 510 429 287 1,196 19,108 18,484 624 Sept. 25 23,178 23,173 5 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 1,189 18,963 18,416 547 Oct. 2 23,346 23,294 52 942 1,000 25,304 22,634 31,039 776 493 356 253 1,112 19,034 18,685 349 Oct. 9 23,545 23,312 233 1,009 99125,563 22,646 31,129 774 498 373 260 1,112 19,189 18,625 564 Oct. 16 23,371 23,281 90 992 1,07125,451 22,658 31,191 776 506 333 252 1,110 19,068 '18,574 Oct. 23 23,267 23,222 45 605 517 25,407 22,665 31,129 781 464 317 265 1,109 19,137^18,572 Oct. 30 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 1,057 18,837P18,472 Preliminary. For other notes see following page. 1235 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 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 Treas- reserves, reserves 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 se t cu r u c H r e h n i p t e a d i u l e s e d 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 i s G t o o l c d k r s o c e t u i a n u n u r n g r y c t - - d y - 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 y d a h s s - - Tr u w e r a i y t s h - F F . e o i R g r . n - Ba O nk th s er c O F o . a t u c h - R n e t . r s Total qu R i e r - ed2 c E es x s - 2 agreement Averages of daily figures 1956 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 ! 19,169 18,579 590 Dec 24,765 24,498 267 706 ,63327,156 21,942 5,064 31,775 772 463 372 247 998 19,535 18,883 652 1957 Jan 24,092 24,056 36 432 ,34325,905 21,989 5,067 31,040 794 335 323 276 896 19,295 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 i024 24,968 22,305 5,081 30,568 812 423 316 216 135 18,884 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 ,07518,827 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 18,300 534 Sept 23,325 23,302 23 994 25,489 22,627 '5,121 31,143 763 547 378 271 ,18018,956 18,434 522 Oct 23,348 23,252 96 818 25,326 22,660 5,129 31,109 780 495 338 258 ,09719,040 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 1,336 870 392 569 563 17 i 899 16,400 1,499 1950—Dec. 20,778 20,725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 714 17,681 16,509 1,172 1952—Dec. 24,697 24,034 663 156 96725,825 23,187 4,812 30,433 1,270 389 550 455 777 19,950 20,520 -570 1954—Dec. 24,932 24,888 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—Dec. 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 925 19,005 18,903 102 1956—June. 23,758 23,712 46 232 1,"2 1"0 25,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 End of month 1956 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 24,255 130 518 330 26,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 Dec. 24,915 24,610 305 50 665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 1957 Jan 23,421 23,421 668 1,076 25,195 252 071 30,614 809 715 344 263 891 882 18,517 365 Feb 22,887 22,854 33 595 1,196 24,704 304 076 30,575 809 458 327 206 ,133 576 18,294 282 Mar 23,149 23,040 109 994 803 24,970 306 086 30,585 804 591 311 304 137 18J629 18,512 117 Apr 23,169 23,169 829 936 24,960 318 094 30,519 791 509 316 294 ,079 864 18,588 276 May 23,108 22,950 *i58 1,170 926 25,224 620 104 30,836 788 568 360 274 ,072 049 18,351 698 June 23,035 22,994 41 558 1,199 24,816 623 107 31,082 758 498 449 308 ,075 376 18,543 -167 July 23,355 23,079 276 420 896 24 691 627 111 30,933 759 504 364 296 942 630 18,520 110 Aug 23,539 23,475 64 986 865 25,418 ,626 118 31,133 752 477 342 285 ,198 975 18,305 670 Sept 23,312 23,312 396 898 24,622 635 125 31,073 773 429 337 261 ,111 399 18,694 -295 Oct 23,338 23,218 120 789 1,062 25,206222,691 134231,083 552 378 256 1,056 917218,539 Wednesday 1957 Aug. 7. 23,076 23,076 768 24,673 22,627 5,113 31,017 772 341 367 271 1,114 18,531 18,270 261 Aug. 14. 23,050 23,050 546 979 24,595 22,625 5,115 31,058 765 409 385 274 1,112 18,333 18,196 137 Aug. 21. 23,034 23,034 709 1,028 24,791 22,626 5,117 31,001 764 480 342 257 1,201 18,487 18,259 228 Aug. 28. 23,348 23,312 36 792 772 24,935 22,626 5,119 31,007 768 484 352 274 1,202 1'8",594 18,391 203 Sept. 4. 23,423 23,423 433 84324,724 22,626 5,118 31,231 766 501 344 272 1,194 18,162 18,369 -207 Sept. 11. 23,357 23,357 720 952 2255,054 22,627 5,121 31,210 757 490 355 261 1,193 18,537 18,398 139 Sept. 18. 23,248 23,248 1,023 1,384 25,676 22,628 5,122 31,100 761 639 361 253 1,202 19,110 18,607 503 Sept. 25. 23,152 23,152 782 985 24,936 22,628 5,126 30,977 780 605 370 249 1,114 18,594 18,372 222 Oct. 2. 23,461 23,313 148 674 963 25,115 22,645 5,126 31,056 774 448 367 260 1,111 18,870 18,788 82 Oct. 9. 23,461 23,313 148 684 88525,047 22,655 5,127 31,145 786 504 337 253 1,111 18,692 18,572 120 Oct. 16. 23,312 23,259 53 589 1,293 25,211 22,665 5,130 31,156 781 543 326 261 1,110 18,828218,621 2207 Oct. 23. 23,228 23,228 646 1,115 25,006 22,668 5,131 31,033 786 484 302 258 1,108 18,833218,494 2339 Oct. 30. 23,235 23,174 61 787 863 24,902 22,678 5,134 31,020 792 458 391 231 1,056 18,766218,522 2244 » Preliminary. r Revised. separately in this table, but are given for end-of-month and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1237 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 b a A 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 e t v y - k e s C ba t o r n u y k n s - Item and period b m a b A e n e m l r k l s - Ne c w ity ban C ks hi- b s c R e a i r n e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1956—Sept 19,024 4,288 1,120 7.885 5,732 1956—Sept 579 80 498 Oct 18,939 4,222 1.111 7.869 5.736 Oct 520 8 4 52 456 Nov 19,169 4,244 1,122 7.960 5.843 Nov 590 13 3 83 491 Dec 19,535 4.448 1,149 8,078 5.859 Dec 651 57 12 96 488 1957—Jan 19,295 4 316 ,126 7.996 5.857 1957—Jan 523 10 - 2 58 478 Feb 18,816 4.205 ,107 7 781 5; 722 Feb 514 5 66 443 Mar 18,884 4.341 .102 7,746 5,696 Mar 518 14 4 60 440 Apr 19,087 4,307 ,097 7,921 5,762 Apr 506 - 1 -1 65 443 May 18,827 4,234 .101 7.794 5 697 May 465 13 3 56 393 June 18,982 4,335 ,121 7,774 5.751 June 496 15 -2 45 438 July 19,129 4,294 ,131 7.906 5.799 July 534 6 7 66 455 Aug 18,834 4,170 ,123 7,790 5,750 Aug 534 19 2 69 444 Sept 18,956 4,211 ,122 7,800 5,823 Sept 522 9 5 51 457 Week ending: Week ending: 1957_Sept. 18 19,108 4,245 ,128 812 5,924 1957_Sept. 18 624 13 6 41 563 Sept. 25 18,963 4,176 ,106 800 882 Sept. 25 547 2 49 496 Oct. 2 19,034 4,316 ,135 890 694 Oct. 2 348 6 2 48 292 Oct. 9 19,189 4,270 ,119 880 921 Oct. 9 566 10 1 69 486 Oct. 16 19,068 4,213 ,113 875 867 Oct. 16 ^494 3 2 49 M40 Oct. 23 19,137 4,224 ,125 836 953 Oct. 23 ^566 11 3 43 P509 Oct. 30 18,837 4,213 ,106 7,796 5,721 Oct. 30 *>363 10 2 46 ^305 Required reserves:2 Borrowings at Federal Reserve Banks: 1956- Sept 18,446 4 288 120 7 805 5,234 Oct 18,419 4.214 .107 7,817 5.281 1956—Sept 792 204 93 377 118 Nov 18,579 4 231 ,119 7 877 5.352 Oct 715 200 118 299 98 Dec 18.883 4,392 ,138 7,983 5.371 Nov 744 226 143 276 99 Dec 688 147 97 300 144 1957—Jan 18,773 4,327 ,129 7,938 5,379 Feb 18,302 4,200 ,107 7,715 5,279 1957_Jan 407 30 38 229 110 Mar 18,366 4.326 ,098 7,686 5.256 Feb 640 129 53 314 144 18,580 4 308 ,097 7,855 5,320 Mar 834 116 257 302 159 Mly.'.'.'.y.'.y.'.'.y. 18,362 4,221 ,098 7,739 5.305 Apr 1,011 299 210 329 173 June 18,485 4,320 ,123 7,729 5,314 May 909 117 169 422 201 July 18,595 4,288 ,124 7,840 5.344 June 1,005 200 46 531 228 Aug 18,300 4,152 ,121 7,722 5,306 July 917 186 34 519 177 Sept 18,434 4,203 ,117 7,749 5,366 Aug 1,005 308 28 468 201 Sept 988 263 120 485 121 Week ending: 1957—Sept. 18 18,484 4,232 ,121 7,771 5,360 Week ending: Sept. 25 18,416 4,175 104 7,751 5,386 Sept. 18 944 261 109 448 125 Oct. 2 18,685 4,310 132 841 5,402 Sept. 25 1,100 333 167 523 77 Oct. 9 18,625 4,260 ,119 811 5,435 Oct. 2 935 241 131 453 110 Oct. 16 ^18,574 4,210 111 826 ^5,427 Oct. 9 1,003 198 158 531 116 Oct. 23 ^18,572 4,213 ,123 792 ^5,444 Oct. 16 985 272 142 461 110 Oct. 30 ^18,472 4,202 7,750 ^5,416 Oct. 23 598 63 59 377 99 ,104 Oct. 30 703 46 116 362 179 September 1956 Free reserves:2 4 Deposits: 1956— Sept -213 -204 -93 -297 380 Oct -195 -192 -114 -246 358 Gross demand deposits: Nov -154 -214 -140 -193 393 Total 116,154 23,331 6,014 45,674 41,134 Dec -37 -90 - 85 -204 344 Interbank 13,136 4,135 1,219 6,484 1,298 Other 103,018 19,196 4,795 39,191 39,836 1957—Jan 117 -40 -40 -172 369 Net demand deposits3. . . 99,719 20,574 5,274 38,669 35,203 Feb -126 -123 -53 -249 299 Time deposits 41,827 3,455 1,297 16,887 20,187 Mar -316 -101 -253 -242 280 Demand balances due Apr -505 -300 -210 -263 269 from domestic banks.. 6,548 66 100 1,993 4,389 May -444 -104 - 165 -367 192 June -508 - 185 - 48 -486 210 July -383 -181 -28 -452 278 September 1957 Aug -471 -289 -26 -400 244 Sept -467 -254 -115 -433 335 Gross demand deposits: Week ending: Total 115,504 22,955 6,018 45,037 41,494 1957_Sept. 18 -320 -248 -103 -407 438 Interbank 13,075 4,178 1,221 6,294 1,383 Sept. 25 -553 -333 -165 -474 419 Other 102.429 18,777 4,798 38,743 40,111 Oct. 2 -587 -235 -129 -405 182 Net demand deposits 3.. . 98,749 20,101 5,253 37,948 35,447 Oct. 9 -437 -188 -157 -462 370 Time deposits 45,576 3,647 1,321 18,364 22,245 Oct. 16 P-49\ -269 -140 -412 Demand balances due Oct. 23 P-32 -52 -56 -334 from domestic banks.. 6,515 55 104 1,948 4,408 Oct. 30 ^-340 -36 -114 -316 H26 p Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i. e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 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 Oct. 31 beginning— rate Oct. 31 beginning— rate Oct. 31 beginning— rate Boston Aug. 13,1957 Aug. 13, 1957 Aug. 13,1957 k New York. . . Aug. 23,1957 Aug. 23, 1957 Aug. 23,1957 Philadelphia.. Aug. 9,1957 Aug. 9, 1957 Aug. 9,1957 C S A C R t h l i t . e l c i a v L c h n e a o m l t g u a a o o i n s n d d. . . A A A A A u u u u u g g g g g . . . . . 2 2 1 1 9 1 3 3 9 , , , , , 1 1 1 1 19 9 9 9 9 5 5 5 5 5 7 7 7 7 7 A A A A A u u u u u g g g g g . . . . . 2 2 1 1 9 1 3 3 9 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 7 7 7 7 A A A A A u u u u u g g g g g . . . . . 2 2 1 1 9 1 3 3 9 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 7 7 7 7 7 4 4 4 4 Minneapolis.. Aug. 9,1957 Aug. 9, 1957 Aug. 9,1957 414 Kansas City.. Aug. 9,1957 Aug. 9, 1957 Aug. 9,1957 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 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits i 1930— M M Fe a a b y r . . 1 2 7 4 4 fA 1 1 1 9 9 9 4 4 4 2 6 8 — — — O A Ja c p n t r . . . 2 3 1 5 0 2 V A 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 i» city city Dec. 24 1950—Aug. 21 banks banks 1931—May 8 % 1953—Jan. 16 Oct. 9 1954_Feb. 5 IS Oct. 16 i* Apr. 16 1932—Feb. 26 1955_Apr. 15 1917—June 21 13 10 June 24 Aug. 5 i* 1933—Mar. 3 21/2 Sept. 9 1936—Aug. 16 191/2 15 Apr. 7 I* Nov. 18 1937—Mar. 1 2234 171/2 May 26 1956—Apr. 13 P214 May 1 26 20 Oct. 20 Aug. 24 1934—Feb. 2 .a 1957—Aug. 23 1938—Apr. 16 2234 171/2 1937—Aug. 27 In effect Nov. 1, 1957.... 3i/i 1 19 9 4 4 2 1 — _N A o u v g . . 20 1 2 2 6 4 20 Sept. 14 22 1 Under Sees. 13 and 13a, as described in table above. 31/2 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* 191/2 1957—Aug. 22, 3.50. Aug. 16, 18*.... 19 Aug. 25 22i/2 I8I/2 Sept. 1 22 18 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 Nov. 1, 1957. . 20 Regulation T: Present statutory re- For extensions of credit by brokers and quirements : dealers on listed securities 50 60 70 Minimum 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 C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s banks h 7 IOI/2 ?• 1214 14 12 5 5 14 6 6 16 7i/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 ~i 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 1239 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. Sept. Oct. Gold certificate account. 21,146,390 21,136,39221,126,394 21,106,39321,113,394 21,158,390 21,099,39320,367,391 Redemption fund for F. R. notes.. 846,337 848,788 852,178 852,269 842,030 846,337 843,243 855,745 Total gold certificate reserves. 21,992,727 21,985,180 21,978,572 21,958,662 21,955,424 22,004,727 21,942,636 21,223,136 F. R. notes of other Banks 412,015 410,373 375,400 377,507 416,507 404,164 406,650 331,460 Other cash 378,488 376,017 369,366 367,275 388,853 377,764 394,732 358,965 Discounts and advances: For member banks 780,588 639,120 582,910 677,653 667,115 782,843 389,042 538,346 For nonmember banks, etc 6,502 6,502 6,502 6,502 6,502 6,502 6,502 Industrial loans 570 597 601 611 599 560 603 867 Acceptances—Bought outright 15,894 15,890 16,388 16,873 16,878 16,488 16,301 19,040 Held under repurchase agreement. 870 U. S. Government securities: Bought outright: Bills 438 473 492,873 523,973 576,973 576,973 482,673 576,973 800,020 Certificates—Special Other 19,933 61219,933,6ii19,933,61219,933,61219,933,61219,933,61219,933,61210932,699 Notes 153,913 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 801,750 Total bought outright 23,173 835 23,228 235 233,259,335 23,312,33523,312,335 23.218,035 23.312,33523,688,382 Held under repurchase agreement. 61,300 53,000 148,300 148,200 120,000 ..! 79,000 Total U. S. Government securities. 23,235,135 23,228,23523,312,335 3,460,635 23,460,53523,338,03523,312,33523,767,382 Total loans and securities 24,038,68923,890,344 23,918,736 24,162,274 24,151,629 24,144,42823,724,78324,326,505 Due from foreign banks. 12 12 12 12 22 12 22 22 Uncollected cash items.. 4,777 5,114,853 6,225,840 4,493,131 5,019,205 4,814,622 4,194,225 ,750,928 Bank premises 82 8"2,,702 82,440 82,355 82,147 82,654 82,010 71,821 Other assets 204 189,,837 174,062 159,505 143,794 207,023 139,363 327,897 Total assets. 51,887,07752,049,318 53,124,42851,600,72152,157,58152,035,394 50,884,42151,390,734 Liabilities Federal Reserve notes 26,783,064 26,790,98526,866,350 26,852,72126,820,025 26,834,017 26,829,330 26,567,092 Deposits: Member bank reserves 18,765,793 18,833 18,827,94418,691,91518,869,59918,916,51118,398,62218,667,677 U. S. Treasurer—general account. 457,990 484 543; 504,020 447,879 552,095 428,684 494,781 Foreign 391,172 301 326! 336,766 367,452 377,607 337,393 275,140 Other 230,593 258 261; 253,468 259,582 256,426 261,151 296,869 Total deposits. 19,845,548 19,877,998 19,958,655 19,786,169 19,944,512 20,102,639 19,425,850 19,734,467 Deferred availability cash items 3,914,702 3,999 4,933. 3,608,532 ,055,709 3,752,675 3,296,627 3,840,981 Other liabilities and accrued dividends. 19,712 19 is; 20,366 18,451 20,292 17,487 20,545 Total liabilities 50,563,026 50,688,39951,776,808 50,267,78850,838,697 50,709,623 49,569,29450,163,085 Capital Accounts Capital paid in 340,914 340,470 340,327 338,703 338,497 340,912 338,418 320,370 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 208,001 245,313 232,157 219,094 205,251 209,723 201,573 186,124 Total liabilities and capital accounts. 51,887,077 52,049,31853,124,428 51,600,72152,157,581 52,035,394 50,884,42151,390,734 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.2 47 A 46.9 47.1 46.9 46.9 47.4 45.8 Contingent liability on acceptances purchased for foreign correspondents 69,502 69,802 69,722 71,333 68,007 69,423 65,946 52,694 Industrial loan commitments 1,156 1,130 1,085 746 966 1,166 1,323 2,236 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances total 787,090 645,622 589,412 684 155 673,617 789,345 395,544 538,346 Within 15 days ... 777 393 639 P6 580 183 674 538 663,748 779,775 385,575 534,694 16 days to 90 days 9,661 6,496 9 9, 617 9,869 9 570 9,669 3,652 91 days to 1 year 36 300 Industrial loans—total . 570 597 601 611 599 560 603 867 Within 15 days 60 60 60 69 69 69 69 1 16 days to 90 days 272 ?99 ?94 281 753 244 65 91 days to 1 year . 87 87 96 87 87 87 128 512 Over 1 year to 5 years 151 151 151 16? 162 151 162 289 Acceptances—total 15,894 15,890 16,388 16873 16,878 16 488 16,301 19,910 Within 15 days 5,428 6,010 5,598 4, 4,369 5 0?6 4,278 6,612 16 days to 90 days 10,466 9,880 10790 1? 59? 12,509 11467 12,023 13,298 \J S. Government securities—total. ^3,235,135T\,228, ?3 ,33511,j460,635 71,460,535?3, 338 035 ?3,312,335 ?3,767,382 Within 15 days 112,850 59,550 J 91 000 157 100 247,400 14? 050 95,200 220,020 16 days to 90 days 8,244,488 8 790 888 8 343 538 8 4? 5738 8,335,338 8,788 688 8,339,338 6,579,699 91 days to 1 year P ,088,540 P ,088,S40 1?088 540 P ,088, 540 1?,088,540 P 118 040 1?,088,540 14,165,913 680,635 680,635 680 635 680 63S 680,635 680 63S 680,635 373,279 750,375 750 375 750 375 750 375 750,375 750 375 750,375 1,013,614 Over 10 years .. 1,358,247 1 ,358,247 1,358,247 1,358, 247 1,358,247 1,358,247 1 ,358,247 1,414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1240 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 195 [In thousands of dollars] San 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 ci r s a c n o - Assets Gold certificate account 1,010,800 5,818,087 1,134,1301,879,8901,350,911 784,958 3,808,988 876,967 378,589 818,288 777,8212,518,961 Redemption fund for F. R. notes 54,785 175,856 58,042 75,797 77,489 47,498 148,378 41,725 22,287 41,876 26,781 75,823 Total gold certificate reserves 1,065,585 5,993,9431,192,172 1,955,6871,428,400 832,456 3,957,366 918,692 400,876 860,164 j 804,602 2,594,784 F. R. notes of other Banks.. 39,646 78,875 51,068 29,684 25,838 63,834 27,096 9,445 17,476 9,4511 22,120 29,631 Other cash 24,746 80,039 23,408 28,323 25,278 28,476 60,255 19,789 10,723 11,673 16,445 48,609 Discounts and advances: Secured by U. S. Govt. securities 40,680 190,900 20,830 43,900 30,510 92,125 183,520 26,300 21,425 96,128 28,290 7,300 Other 377 1,827 455 585 882 293 923 241 156 723 728 Industrial loans 301 233 26 Acceptances: Bought outright , 16,488 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,266,451 5,806,3891,355,306 2,039,426 ,483,470 1,202,625 4,052,731 960,182 501,045 996,820 909,8922,643,698 Held under repurchase agreement 120,000 Total loans and securities. .. 1,307,809 6,135,604 1,376,8242,083,911 1,514,8621,295,043 4,237,174 986,723 522,6521,093,195 938,9052,651,726 Due from foreign banks.... 1 i 3 1 1 1 1 2 () () () 1 U B O a n th n c e k o r l l p e a r s c e s t m e e d t i s s e c s ash items 38 1 5 3 1 , , , 3 0 3 3 6 5 6 9 0 89 5 1 1 0 0 , , , 1 4 6 9 8 2 9 2 6 28 1 4 3 1 , , , 5 4 6 5 9 5 8 0 3 46 1 9 0 8 , , , 4 5 3 9 5 6 6 7 4 36 1 7 7 3 , , , 7 0 1 4 9 7 9 3 3 34 1 5 6 0 , , , 3 1 6 3 9 9 1 8 5 83 3 2 8 6 , , , 5 0 7 3 4 0 3 2 9 194 5 8 , , , 6 3 8 3 4 4 1 6 9 13 4 4 5 , , , 4 0 1 6 8 3 2 7 0 235 4 8 , , , 5 9 7 5 3 0 1 0 7 ; 229 6 8 , , , 7 0 7 5 5 3 1 4 6 45 2 1 6 3 0 , , , 4 0 9 2 2 0 5 8 9 Total assets. 2,837,54213,240,771 2,943,174 4,586,0233,382,3942,582,034 9,159,177 2,143,4751,095,4062,223,671 2,026,6145,815,113 Liabilities F. R. notes 1,579,472 6,308,4541,677,949 2,549,550 2,164,3851,253,360 5,232,1721,197,945 457,2151,058,589 715,7442,639,182 Deposits: Member bank reserves 815,993 5,526,080 883,1991,481,432 783,724 924,8132,982,001 695,408 454,743 861,659 990,4782,516,981 U. S. Treasurer—general account 43,039 89,002 31,132 45,108 37,574 35,930 83,249 28,183 29,466 38,432 34,351 56,629 Foreign 21,982 3 105,106 26,530 34,110 19,329 17,055 53,818 14,023 9,096 14,402 19,708 42,448 Other 10,131 979 2,637 1,920 6,820 2,327 1,140 l,510| 2,846 33,408 444 192,264 Total deposits 881,458 5,912,452 950,9921,561,629 843,264 979,7183,125,888 739,941 494,445 916,003 1,047,3832,649,466 Deferred availability cash items 298,590 648,092 221,282 354,065 303,636 286,191 606,862 153,618 109,966 195,563 195,859 378,951 Other liabilities and accrued dividends 870 5,714 952 2,602 897 1,028 3,299 705 575 875 778 1,997 Total liabilities 2,760,390 12,874,712 2,851,175 4,467,846 3,312,182 2,520,297 8,968,2212,092,209 ,062,2012,171,030 ,959,7645,669,596 Capital Accounts Capital paid in 17,254 101,419 21,190 32,170 15,504 16,316 46,030 11,481 7,357 13,654 18,905 39,632 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. 13 b) 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. 12,939 49,319 14,019 18,608 13,765 11,480 33,076 9,933 6,255 9,867 9,130 21,332 Total liabilities and capital accounts 2,837,542 13,240,7712,943,174 4,586,023 3,382,394 2,582,034 9,159,177 2,143,4751,095,4062,223,6712,026,614 5,815,113 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 43.3 49.0 45.3 47.6 47.5 37.3 47.3 47.4 42.1 43.6 45.6 49. Contingent liability on acceptances purchased for foreign correspondents 4,031 4 19,453 4,865 6,255 3,544 3,127 9,869 2,572 1,668 2,641 3,614 7,784 Industrial loan commitments. 46 108 72 940 1 After deducting $9,000 participations of other Federal Reserve Banks. 4 After deducting $49,970,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $272,501,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1241 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month 1957 1957 1956 Oct. 30 Oct. 23 Oct. 16 Oct. 9 Oct. 2 Oct. Sept. Oct. F. R. notes outstanding (issued to Bank). 27,778,97827,809,996 27,817,464 27,800,86127,804,310 27,797,515 27,830,77127,543,767 Collateral held against notes outstanding: Gold certificate account 12,028,00012,028,00012,028,00011,978,00011,978,00012,028,00011,978,00011,568,000 Eligible paper 128,333 120,773 83,642 85,712 137,258 109,942 83,799 U. S. Government securities 16,995,00016,995,00016,995,00016,995,00016,995^00016,995,00016,995,00017,135,000 Total collateral 29,151,333 29,143,77329,106,64229,058,712 29,092,222 29,160,25829,082,942 28,786,799 EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1957 San 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 ci r s a c n o - F. R. notes outstanding (issued to Bank) 1,649,805 6,524,6471,753,524 2,624,203 2!, 223,145 ,308,843 5,340,913 1,252,356 515,981 1,086,452 761,1232,756,523 Collateral held: Gold certificate acct.. 580,000 3,170,000 640,000 1,130,000 945,000 400,000 2,500,000 450,000 130,000 300,000 283,0001,500,000 Eligible paper 14,830 26,300 96,112288 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,550,0001,350,0001,000,000 3,000,000 875,0"0""0 425 ,'666 8200,'0"0 525,000i,' 5oo!666 Total collateral ,730,000 6,770,000 1,854,830 2,680,000 2,295,000 1,400,000 5,500,000 1,351,300 555,0001,216,128 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] Partici- Loans Loans Additional y E m e n o a d r n t o o h r f N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t m v e n u e d - o n d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( i s n a p f t ta u g m a o f n t t i i u o i i n d o n o t u a i n - s n n n n t s s g c i t - ) - 3 y E m e n a o d r n o t o h r f N b u e m r a - u t t o h o d A r a iz t m e ed ount a T m o o t o u a u n l t t stand g P in u o t g e a r e t r i a d o n n - a u o a b n v n u a o t a d t e m s m r i e e l r t r e a a o o n b n a w u g t l g d n s e u e r i t r e a n t s e r o g - - 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 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 Sept 3,781 831,409 938 2,416 1,262 Sept [,456 2,737 369 276 145 Oct 3,781 831,882 867 2,236 1,179 Oct ,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 1,098 Nov ,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec ,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 1,126 Jan 1,475 2,823 401 298 120 Feb 3,782 833,692 758 2 014 1,017 Feb [,481 2,829 398 296 128 Mar 3,782 834,051 772 1,987 1,012 Mar ,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 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 ,496 2,878 '412 '307 '123 Aug 3,784 837,410 80 628 1,815 816 Aug ,497 2,880 390 292 146 Sept 3,785 838,714 760 620 1,323 684 Sept ,498 2,882 395 295 138 1 Includes applications approved conditionally by the Federal Reserve r Revised. Banks and under consideration by applicant. 1 Loans made by private financing institutions and guaranteed by Gov- 2 Includes industrial loans past due 3 months or more, which are not ernment procurement agencies, pursuant to the Defense Production Act included in industrial loans outstanding in weekly statement of condition of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing of Federal Reserve Banks. agencies in these transactions, and the procedure is governed by Regula- 3 Not covered by Federal Reserve Bank commitment to purchase or tion V of the Board of Governors. discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect Oct. 31. Per cent per annum] [In effect Oct. 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses R Fe e d se e r r v a e l On p d u i r s c c h o a u s n e t s s or lo P a e n r c g e u n a ta ra g n e t o ee 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 o d e f nt Bank On On by borrower) borrower On commit- Portion Re- commitloans 2 ments for which main- ments 70 or less 10 10 i t n io st n i t i u s - p i o ng r- 7 8 5 0 2 1 0 5 2 1 0 5 obligated tion 85 25 25 90 30 30 Boston 4-6 9 O 5 ver 95 40 3 - 5 50 40 3 - 5 50 New York... 414-6 Philadelphia. . 3^-6 Cleveland 4-6 Maximum Rates Financing Institution May Charge Borrower Richmond... 4-6 [Per cent per annum] Atlanta 334-6 () C St h . ic L a o go uis.... 4 W - 2 6 -6 "It 3^-6 Minneapolis. . 4-6 (4) Interest rate Kansas City.. 4-6 4-6 Commitment rate. 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 Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F u e re d m er e a n l t R a e g se e r n v c e i e B s, a n p k u s r s a u c a t n a t s t f o is c t a h l e a g D e e n f t e s n s o e f t P h r e o d g u u c a t r i a o n n t e A ein c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of l/4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centers * centers2 City centers1 centers2 1949 1 206 293 446 224 260 897 499 172 27.9 20.9 15.9 1950 1 380 112 509 340 298 564 572,208 31.1 22.6 17.2 1951 1 542 554 544 367 336 885 661 302 31.9 24.0 18.4 1952 1 642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1 759 069 632 801 385 831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 .. 2 043 548 766 890 431 651 845,007 42.7 27.3 20.4 1956 2 200 643 815 856 462 859 921,928 45.8 28.8 21.8 1956 Aug 183 819 67 279 38 206 78,333 44.4 27.4 21.3 51.3 29.9 22.7 Sept 167 154 61 223 34 057 71,874 44.8 27.4 22.0 43.7 27.7 21 7 Oct 193,140 70 794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22,1 Nov 185,223 66,989 39,425 78,810 48.3 31.0 23.6 48.8 30.5 22.4 Dec 201,876 77,495 40,912 83,469 51.8 29.9 23.3 45.8 28.6 22.1 1957_Jan 204,514 76,460 42,596 85,457 48.3 30.0 22 9 48.1 30.6 22.7 Feb . . 177 536 67 035 36,886 73,615 48.9 30.2 23.0 50.2 31.0 23.1 Mar 197,231 74,786 42,113 80,332 48.7 32.0 22.5 47.5 29.2 22.6 Apr 192,701 72,328 40,182 80,192 46.9 30.3 '22.1 47.6 29.4 r22.8 May ,. 197 257 71 780 42 128 83,349 47.1 30.5 23.2 48.3 31.0 23.7 June 193,349 74,512 39,942 78,895 51.4 30.4 23.1 47.6 29.8 23.1 July 200,559 74,509 41,711 84,339 49.5 30.6 r23.6 50.8 31.2 *"24.0 AUK 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sept 189,297 70,953 39,095 79,249 52.2 31.4 24.1 50.9 31.7 23.7 Oct 204,168 77,431 41,761 84,976 49.9 ^29.6 *>22.8 51.4 ^30.5 ^22.8 P Preliminary. r Revised. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 1243 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2.545 3,044 724 1.433 261 556 24 46 1945 28,515 20,683 ,274 ,039 73 2,313 6,782 9.201 7.834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,404 ,048 65 2,110 6,275 9.119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 ,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5.043 368 588 4 12 1951 29,206 20,530 ,654 ,182 67 2,120 6,329 9,177 8,678 2,544 5.207 355 556 4 12 1952 30,433 21,450 ,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 ,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 ,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Sept.... 30,768 21,834 ,977 ,283 74 2,085 6,549 9,866 8,934 2,673 5,541 293 411 3 13 Oct 30,839 21,877 ,995 ,296 74 2,080 6,538 9,893 8,962 2,679 5,572 291 409 3 8 Nov.... 31,424 22,374 2,016 ,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 8 Dec.... 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Jan 30,614 21,597 ,990 ,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 8 Feb 30,575 21,601 ,993 ,269 75 2,058 6,450 9,756 8,974 2.689 586 287 400 3 8 Mar.... 30,585 21,639 2,000 .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 .276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 3 8 May... 30,836 21 905 2,029 ,301 76 2,093 6,554 9,852 8,931 2,679 5,564 284 393 3 8 June... 31,082 22.123 2,042 .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 ,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 Aug.. .. 31,133 22,155 2,060 ,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 Sept 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Held by Total out- F. R. Kind of currency standing As security For Banks Sept. 30, against Treasury F. R. and Sept. 30, Aug. 31, Sept. 30, 1957 gold and cash Banks agents 1957 1957 1956 silver and certificates agents Gold 22,635 21,975 2660 Gold certificates 21,975 19,i27 2,816 32 32" 33 Federal Reserve notes 27.831 69 1,408 26,354 26.420 26,107 Treasury currency—total 5,124 12,405 44 395 4,686 4^81 4,628 Standard silver dollars 488 193 30 7 258 257 242 S Si i l l v v e e r r c b e u r l t l i i f o ic n ates and Treasury notes of 1890 ?2 2 ,2 4 1 0 1 5 2,211 295 2 110 2 131 Subsidiary silver coin 1 394 8 55 1,330 1,325 1,274 Minor coin 492 3 9 480 478 461 United States notes . 347 3 27 317 319 313 Federal Reserve Bank notes 131 1 129 130 143 National bank notes 62 61 61 64 Total—Sept. 30, 1957 1 24,380 773 19,127 4,618 31,073 Aug. 31, 1957 24 380 752 19 123 4 516 31,133 Sept 30 1956 23,648 771 18,381 4,522 30,768 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. 1236. 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. t E h a e c h F e F d e e d r e a r l a l R R es e e s r e v rv e e A B c a t n , k o r m o u f s t d m ir a e i c n t t a o i b n l i a g a re ti s o e n rv s e o i f n t g h o e l d U c n e i r t t e if d i ca S t t e a s t e o s f . 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

1244 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n c m d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29., 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30., 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31., 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31., 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30., 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31., 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 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—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. 24r, 22,300 5,100 221,700 110,400 90,200 65,400 23,200 ,600 21,100 249,200 228,200 20,900 May 29 r, 22,600 5,100 221,600 110,700 89,600 65,000 23,000 ,600 21,400 249,400 228,200 21,200 June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 June 26? 22,600 5,100 222,200 113,000 87,800 63,400 22,900 ,600 21,400 249,900 229,100 20,900 July 31** 22,600 5,100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28^ 22,600 5,100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25*> 22,600 5,100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s g e e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b a c a e a v o A n r n i m c n t d k i g - a s s l B F a . A n R t k . s Total Total m T b C e a i o m r n m c k e ia s - l de M s b p a o a v u n s i t i k n u ts g s a 2 3 s l S S P a y o v s s i t n t e a g m l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m u o r n o e s t a d s n a t n e i l c t d d s y p j m u D o a d s a s d e e t n i e - - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29... 365 204 381 36 54,790 28,611 19,557 8,905 149 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... 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... 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 2,547 101,508 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 2,136 106,550 27,852 129,700 102,800 26,900 1955—Dec. 31... 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 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 1,765 104,744 28,284 134,300 106,700 27,600 1956—Sept. 26... 3,200 800 5,400 600 214,100 81,300 50,100 29,500 1,700105,400 27,400 133,500 106,100 27,400 Oct. 31.., 3,100 800 3,800 500 216,600 81,500 50,200 29,600 1,700 1"0"7,400 27,700 134,200 106,700 27,500 Nov. 28... 3,400 800 5,200 500 217,200 80,900 49,600 29,600 1,700 108,300 28,000 134,700 107,000 27,700 Dec. 31... 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 28,335 134,400 106,700 27,700 1957—Jan. 30... 3,100 800 1,900 600 219,900 82,900 51,200 30,100 1,600 109,500 27,400 134,100 106,500 27,600 Feb. 27... 3,100 800 2,800 300 218,000 83,600 51,800 30,200 1,600 110077,000 27,400 134,500 106,900 27,600 Mar. 27... 3,100 800 3,800 500 217,200 84,600 52,600 30,400 1,600 105,200 27,400 134,700 107,000 27,700 A M p a r y . 2 2 9 4 ' r . . . . 3 3 , , 2 2 0 0 0 0 8 8 0 0 0 0 4 5 , , 4 3 0 0 0 0 5 3 0 0 0 0 2 2 1 1 9 8 , , 6 4 0 0 0 0 8 8 4 5 , , 9 7 0 0 0 0 5 5 2 3 , , 9 6 0 0 0 0 3 3 0 0 , , 4 6 0 0 0 0 1 1 , , 5 5 0 0 0 0 1 1 0 0 7 4 , , 3 8 0 0 0 0 2 2 7 7 , , 9 4 0 0 0 0 1 1 3 3 5 4 , , 0 6 0 0 0 0 1 1 0 0 7 6 , , 3 6 0 0 0 0 2 2 8 7 , , 0 7 0 0 0 0 J J u u n n e e 26 6 ^ .. r . 3 3 , , 2 4 4 0 7 0 7 8 9 0 2 0 4 3 , , 8 6 0 2 0 5 4 5 7 0 3 0 2 2 1 1 9 9 , , 4 7 3 0 9 0 8 8 5 6 , , 7 4 1 0 5 0 5 5 3 4 , , 6 0 0 0 5 0 3 3 0 0 , , 6 9 4 0 7 0 1 1 , , 4 5 6 0 3 0 1 1 0 0 5 5 , , 7 6 0 0 6 0 2 2 8 7 , , 0 8 1 0 8 0 13 ( 5 5 , ) 200 10 ( 7 5 , ) 300 27 ( , 5 9 ) 00 July 31^' 3,300 800 3,700 500 221,000 86,700 54,400 30,900 1,400 106,600 27,800 136,000 108,000 28,000 Aug. 28 vr 3,200 800 4,400 500 220,000 87,100 54,700 31,000 1,400 105,100 27,800 134,700 106,800 27,900 Sept. 25*" 3,300 800 3,900 600 220,900 87,700 55,100 31,200 1,400 105,500 27,800 133,900 106,200 27,700 p Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-829. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 1245 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES* [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b t a e nk 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 a i a l l p i n i a t i - d i t e a s l Total 2 b In a t n e k r 2 - Demand c c T a o a p o u c t i n - t a a t l s l b N a b u o n e f m r ks tions ac- Time counts3 U.S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 31* 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 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 30 191,007744 110055,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 Sept. 26 193,660107,720 65,160 20,780 42,530 240,080 215,210 15,070 5,110115,140 79,890 19,210 14,206 Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—Mar. 27 195,440110,800 63,750 20,890 41,550 241,130 215,900 14,480 3,510 114,550 83,360 19,520 14,160 Apr. 24' 197,810111,260 65,410 21,140 42,050 244,110 218,930 14,450 4,050 116,720 83,710 19,590 14,154 May 29 r 197,980111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040114,770 84,500 19,710 14,145 June 6 197,465 ,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320 114,659 84,584 19,879 14,144 June 26^ r 198,600113,810 63,360 21,430 42,250 245,050 219,790 14,380 4,490 115,690 85,230 19,760 14,138 July 312"" 198,530112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390 116,690 85,610 20,000 14,135 Aug. 2%vr 199,250113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25*>r 199,820114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580 115,160 86,610 20,210 14,128 AH commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105.921 30,241 8,950 14.011 1947_Dec. 3H 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168.932 155,265 14,039 2,806 101,917 36,503 11.590 14.121 1955—Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709 123,187 48,715 is;300 13,716 1956—June 30 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232115,824 50,030 15,927 13,679 Sept. 26 162,030 88,480 56,950 16,600 41,700 207,160 185,690 15,070 5,110 115,110 50,400 16,280 13,679 Dec. 31 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733 125,282 50,908 16,302 13,640 1957— A M M p a a r r y . . 2 2 2 7 9 4 r r 1 1 1 6 6 6 2 5 5 . , , 8 1 0 6 2 7 0 0 0 9 9 9 0 0 1 , , , 6 9 1 3 9 8 0 0 0 5 5 5 5 7 7 , , , 7 4 0 4 6 7 0 0 0 1 1 1 6 6 6 , , , 4 6 8 9 7 2 0 0 0 4 4 4 0 1 0 , , , 7 2 7 0 6 7 0 0 0 2 2 2 0 0 1 7 9 0 , , , 2 6 1 3 0 6 0 0 0 1 1 1 8 8 8 5 8 7 , , , 4 4 3 4 6 7 0 0 0 1 1 1 4 4 3 , , , 4 4 7 8 5 0 0 0 0 4 3 5 , , , 0 5 0 5 1 4 0 0 0 1 1 1 1 1 1 4 4 6 , , , 5 7 6 4 2 9 0 0 0 5 5 5 2 3 3 , , , 9 2 8 3 7 9 0 0 0 1 1 1 6 6 6 , , , 5 5 6 2 8 8 0 0 0 1 1 13 3 3 , , , 6 6 6 1 3 2 9 3 8 J J u u n n e e 26 6 *> r 1 1 6 6 4 5 , , 5 6 1 0 5 0 9 9 1 3 , , 0 2 2 8 8 0 5 55 6 , , 5 6 0 4 0 2 1 1 6 6 , , 8 8 4 2 5 0 4 3 1 9 , , 3 99 8 5 0 2 2 0 1 8 0 , , 3 7 9 1 3 0 1 1 8 8 6 8 , , 3 8 0 8 8 0 1 1 4 4 , , 4 3 2 8 1 0 4 3 , , 4 3 9 1 0 8 1 1 1 1 4 5 , , 6 6 3 6 3 0 5 5 4 3 , , 3 93 5 7 0 1 1 6 6 , , 8 7 3 5 7 0 1 13 3 , , 6 6 1 1 3 9 J A u u ly g . 3 2 1 8 * * " > - r 1 1 6 6 5 5 , , 3 9 8 0 0 0 9 9 2 2 , , 3 8 4 4 0 0 5 5 6 6 , , 2 1 8 7 0 0 1 1 6 6 , , 7 8 6 9 0 0 4 4 1 2 , , 3 0 2 4 0 0 2 2 1 1 1 1 , , 3 2 1 5 0 0 1 1 8 8 9 8 , , 7 6 1 8 0 0 1 1 4 4 , , 9 3 5 7 0 0 4 3 , , 1 3 3 9 0 0 1 1 1 1 6 5 , , 6 1 6 2 0 0 5 5 4 5 , , 7 0 1 6 0 0 1 1 6 7 , , 9 0 7 9 0 0 1 13 3 , , 6 6 0 1 8 0 Sept. 25^ * 166,320 93,400 55,870 17,050 41,260 211,590 188,930 14,800 3,580 115,130 55,420 17,140 13,603 All member banks: 1939—Dec. 30 33.941 13,962 14,328 5,651 19,78: 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107.424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1955—Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 105,400 39,165 12,783 6,543 1956—June 30 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 Sept. 26 136,154 76,305 46,354 13,49' 36,817 175,' ""157,615 14,361 4,538 98,239 40,477 13,570 6,488 Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292 106,850 40,909 13.655 6,462 1957—Mar. 27 136,869 78,318 45,205 13,346 35,823 175,949 157,270 13,859 3,183 97,671 42,557 131825 6,454 Apr. 24 138,562 78,558 46,536 13,468 36,360 178,277 159,677 13,803 3,582 99,511 42,781 13,863 6,450 May 29 138,307 78,590 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 June 6 137,808 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 June 26P 138,848 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 31* 138,573 79,621 45.490 13,462 37,137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28^ 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25^ 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 All mutual savings banks: 1939—Dec. 30 10,216 4,92' 3,101 2,188 818 11,85 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 l,59f 542 1947_Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 79' 22,385 20,031 20,009 2,247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,81" 527 1956—June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 Sept. 26 31,630 19,240 8,210 4,180 830 32,920 29,520 29,490 2,930 527 Dec. 31 31,940 19.777 7,971 4,192 920 33.311 30,032 30,001 2,94^ 527 1957_Mar. 27 32,580 20,170 8,010 4,400 850 33,900 30,460 8 30,430 3,000 527 Apr. 24 32,690 20,270 7,950 4,470 790 33,950 30,470 30,440 3,010 526 May 29 32,910 20,440 7,940 4,530 800 34,190 30,640 30,610 3,030 526 June 6 32,950 20,487 7,906 4,557 839 34,254 30,678 (5) 30,647 3,042 525 June 26* 33,000 20,530 7,860 4,610 870 34,340 30,910 30,880 3,010 525 July 31*> 33,150 20,620 7,860 4,670 800 34,430 30,930 30,900 3.030 525 Aug. 28^ 33,350 20,750 7,870 4,730 760 34,600 31,020 30,990 3,050 525 Sept. 25? 33,500 20,860 7,850 4,790 780 34,780 31,220 31,190 3,070 525 P Preliminary. r Revised. available. Comparability of figures for classes of banks is affected somei All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers. nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES1—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g t . a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total2 b In a t n e k r 2 - Demand c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f r ks tions ac- Time counts3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec 30 9,339 3,296 A,112 1,272 6,703 16,413 14 507 4 238 74 9 459 736 1 592 36 1941 Dec 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945 Dec 31 .... 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4 464 267 19 040 1 445 2 259 37 1950 Dec 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1955—Dec 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5 600 756 20 719 2 303 2 745 18 1956 June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 Sept 26 23,422 15,804 5,650 1,968 7,196 31,457 26,703 5 105 993 18 200 2 405 2 815 18 Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957 Mar 27 23,592 16,366 5,357 1,869 7,207 31,772 27,056 5,013 755 18,520 2,768 2,886 18 Apr 24 23,562 16 176 5,586 1,800 7,137 31,701 26,907 5 001 686 18 467 2 753 2 902 18 May 29 23,279 15,907 5,706 1,666 7,300 31,556 26,914 4,962 1,032 18,084 2,836 2,904 18 June 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5 033 688 17 836 2 765 2 907 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 Aug. 28* 23,252 16,191 5,298 1,763 7,701 32,144 27,070 4,945 737 18,698 2,690 3,059 18 Sept. 25*. 23,258 16,216 5,254 1,788 6,984 31,403 26,182 5,108 535 17,778 2,761 3,054 18 Chicago: 1939—Dec 30 2 105 569 1,203 333 1,446 3,595 3,330 888 80 1 867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ] 035 127 2,419 476 288 13 1945 Dec 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 217 72 4 201 QH 426 14 1950 Dec 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 1,103 490 13 1955—Dec 31 6 542 3,342 2,506 695 2,132 8,720 8,010 296 222 5 165 I 327 628 13 1956—June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 ,195 350 4,781 I 304 639 13 Sept 26 .... 6,251 3,571 2,061 618 1,929 8,233 7,302 215 312 4 488 I 287 646 14 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 372 184 5 069 [ 319 660 14 1957—Mar. 27 6,444 3,685 2,165 594 1,706 8,203 7,127 ,212 185 4,432 I 298 651 14 Apr 24 6,303 3,758 1,933 612 1,893 8,251 7,313 ,182 175 4,653 1,303 655 14 May 29 6,249 3,776 1,876 597 1,941 8,247 7,259 081 195 4 669 I 314 662 14 June 6 6,266 3,789 1,884 593 1,821 8,147 7,284 ,184 97 4,691 1,312 665 14 June 26* 6 293 3 893 1,847 553 1,912 8,258 7,407 153 305 4 630 I 319 663 14 July 31* 6,234 3,862 1,825 547 1,947 8,239 7,462 279 196 4 676 I 311 671 14 Aug. 28* 6,289 3,915 1,823 551 1,968 8,314 7,440 ,185 275 4,674 1,306 671 14 Sept 25* 6,261 3,937 1,783 541 1,939 8,257 7,319 251 186 4,573 309 670 14 Reserve city member banks: I939 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 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 Sept 26 52,875 30,951 17,048 4,876 15,270 69,300 62,481 6,766 1,871 37,260 16 584 5,001 290 Dec 31 53 915 31 783 17 368 4,764 17,716 72,854 66,524 7 878 1 201 40 647 16 797 5 076 289 1957—Mar 27 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1.199 36,922 17'326 5,121 285 Apr 24 53 672 31 644 17,207 4,821 15,029 70,001 63,070 6 307 ,312 38 029 17 422 5 120 283 May 29 53,401 31,574 16,830 4,997 14,807 69,518 62,299 5,809 1,716 37,153 17,621 5,168 282 June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 ,051 36,874 17 642 5,182 282 June 26* 53,649 32,168 16,529 4,952 15,150 70,083 62,886 6,138 1,634 37,276 17,838 5,195 282 July 31* 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6 373 ,264 37,671 17 917 5 199 282 Aug 28* 53 831 32,259 16,696 4,876 14,683 69,808 62,521 6 248 ,453 36 820 18 000 5 242 282 Sept 25* 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 .274 37,103 18,085 5,260 281 Country member banks: 1939 Dec 30 10 224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7 158 5 852 1 851 5 966 1941—Dec 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6 258 1,982 6 219 1945—Dec. 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947 Dec 31 36 324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14 560 2 934 6 519 1950 Dec 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14 865 3,532 6,501 1955—Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956 June 30 52 752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37 897 19 969 4 947 6 177 Sept 26 53,607 25,980 21,595 6,032 12,423 66,994 61,129 ,275 1,361 38,291 20,202 5,107 6,166 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 ,618 1,160 41,194 20,317 5,046 6.141 1957 Mar 27 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 31,191 21 165 5,167 6 137 Apr 24 55,025 26,980 21,810 6,235 12,301 68,324 62,387 1,313 1,409 38,362 21,303 5,186 6,135 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 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 .097 38,211 21,594 5,304 6,131 June 26* 55,220 27,692 21,162 6,366 12,214 68,422 62,258 1.255 1,209 38,045 21,749 5,237 6,124 July 31* 55.372 27,649 21,391 6,332 12,641 69.063 62,984 1,351 904 38,758 21,971 5,279 6,116 Aug 28* 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 5,328 6,113 Sept 25* 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 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 1247 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 io o l . i n v g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l p o i i n 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 p o u c i t n - t a a t l s l b N a b u o n e m f k r s counts3 U. S. Govt. Other 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 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 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 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 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 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24, < 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 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 1957—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10.039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 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 17.407 9 724 2.336 6.737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,( 27,292 359 378 16,200 10,355 2,469 6,748 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. 31 4. . . 2,009 474 1.280 255 576 2,643 2,251 363 18 1,392 478 325 783 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 1957—June 6 1,490 457 669 364 282 1,825 1,448 326 821 294 312 429 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10.992 9,573 457 5,504 3,613 1,288 662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22.024 20,571 425 14,101 6,045 1,362 130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 261 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 2,636 183 Dec. 31 26.381 12.279 10.989 3,113 5.817 32.613 29.635 737 440 18.433 10,024 2.649 181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 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 2 12 12,192 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 3 49 21,182 2,006 220 1956—June 30 23,168 14.514 5,636 3,018 739 24.271 21,959 2 24 21,930 2,061 220 Dec. 31 24.170 15,542 5.518 3,110 739 25.282 22.886 3 23 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 2 26 23,549 2,240 234 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. 314 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,f~~ 4,125 2,661 1,112 178 8,150 7,225 7,222 824 307 Dec. 31 7,770 4,235 2.453 1.082 182 8.028 7,146 7.143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 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

1248 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- p L u o r a c n h s a s f i o ng 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 l n o a v o e n a e n t n d a s t s t l s - Total2 e o m m c i l p i n u a e a e g d r r l n , - - - A c tu u a g r l l r - - i- b o r s T r o e o c k c u a - r r i r t y i T e in o s g l R o t e a a e s t - n a e l s O v i d t t i n h o i d - - e - r O lo t a h n e s r Total Total C c e a r t t e if s D i- irect G a u n a - r- S p t a i i t o c o o a n l a f t n d i e l t s - s O s r e i t t h c ie e u s r ket ers oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercial banks:3 1947_Dec. 31 116,28438,057 18,167 1,660 830 1.220 9.393 5,723 1.063 78,22669.221 2.193 7.789 6,03453,191 14 5,2763,729 1955—Dec. 31.... 160,88182,601 33,2454,475 3,263 1,774 20,80917,1853,117 78,28061,5924,219 2,318 14,03441,010 1112,6983,990 1956—June 30.... 160,00886,887 36,1114,254 2,695 1,738 21,787 18,3653,28673,122 56.6202,817 1,247 12,72739,815 1412,929 3,573 Dec. 31.... 165,12390,302 38,7204,161 2,589 1,691 22,50918,8503,34374,821 58,5525,924 1,997 11,82338,796 13 12,901 3,368 1957—June 6.... 164,51591,028 39,0204,077 2,274 1,634 22,53019,508 3,62373,487 56,6424,761 3,665 10,07038,137 9 13,3143,531 All insured commercial banks: 1041 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.... 121^80925i765 9,461 l[314 3,164 3,606 4,677 2,361 1,181 96,04388,9122,455 19,071 16,04551,321 22 3i 8733 [258 1947_Dec. 31.... 114,27437,583 18,012 1,610 823 1,190 9,266 5,654 1,028 76.691 67.9412,124 7,552 5,918 52,334 14 5,129 3.621 1955—Dec. 31.... 159,16482,08133,0924,396 3,229 1,742 20,692 17,104 3,091 77,08360;7654,105 2,292 13,85640,502 1012,465 3,853 1956—June 30 158,34486,37435,9444,190 2,669 1,704 21,671 18,284 3,25971,971 55,8352,751 1,228 12,55239,290 1312,694 3.442 Dec. 31.... 163,601 89,831 38,5714,101 2,565 1,669 22,394 18,765 3,32573,77057,8375,763 1,981 11,72238,358 13 12,6753,258 1957—June 6.... 163,02590,571 38,8704,027 2,251 1,613 22,42719,421 3,59972,45455,9734,658 3,610 9,96737,730 8 13,095 3,386 Member banks, total: 1Q41 Dec 31 43 52118 021 8 671 972 594 598 3 494 3 692 25 50019 539 971 3 00711 729 3 832 3 0902 871 1 X 9 • " 4 5 M. — L D /v e v c < . fe 3 ll 1 * . i . « . . i 107]18322\775 8^949 855 3,133 3,378 3,455 1,900 1,104 84,40878,3382,275 16,985 14,27144,792 16 3,'2542,'815 1947_Dec. 31.... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57.914 1,987 5.816 4,815 45,286 10 4,199 3.105 1955_Dec. 31.... 135,36070,98231,0192,726 3,150 1,560 16,39114,3132,94364,37750,0973,250 1,738 11,50834,192 9 10,444 3,236 1956—June 30.... 134,42874,783 33,7252,552 2,586 1,522 17,17215,3303,08759,64546,2262,013 840 10,332 33,029 12 10,5572,862 Dec. 31.... 138,76878,034 36,2962,478 2,447 1,473 17,81115,7653,147 60,73447,5754,383 1,469 9,49332,218 12 10,4942,665 1957—June 6.... 137,80878,448 36,5002,453 2,132 1,416 17,76816,2293,39959,36045,829 3,439 2,798 7,952 31,632 8 10,7682,763 New York City:* 1941—Dec. 31 12,896 4,072 2,807 8 412 169 123 554 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31.... 26,143 7,334 3,044 2,453 1,172 80 287 298 18,809 17,574 477 *3,#433 3,325 10,337 1 606 629 1947—Dec. 31.... 20,393 7,179 5,361 545 267 111 564 330 13,214 11,972 1,002 640 558 9,771 638 604 1955—Dec. 31.... 23,583 14,640 9,126 2,144 511 577 1,506 1,006 8.943 6,796 552 100 1,141 5,002 2 1,609 539 1956_june 30.... 23,270 15,373 10,191 11,691 494 609 1,590 1,044 7.896 6,011 325 70 1,082 4,529 4 1,514 371 Dec. 31.... 23,809 15,987 11,266 11,409 402 617 1,558 1,049 7,822 6,057 724 194 976 4,160 3 1,406 358 1957 June 6 23,293 15,895 11,344 11,152 389 567 1,516 1,245 7,398 5,738 685 219 781 4,052 1,311 349 X _• <J 1 J U11V VS • • • • Chicago:* 1941—Dec. 31.... 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945_Dec. 31.... 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 "\Mi 749 1,864 181 204 1947 Dec. 31.... 5,088 1 801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2.274 213 185 1955 Dec. 31.... 6,542 3,342 2 390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956 June 30 6,336 3 572 2,663 13 170 96 133 384 187 2,764 2,088 46 3 476 1 564 489 188 Dec. 31 6,473 3,772 2,781 17 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957 June 6 6,266 3,789 2,859 8 172 96 135 430 184 2,477 1,884 75 74 223 1,513 460 133 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 3,661 205 427 1,503 1,459 855 404 31,59429,5521,034 6 982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1955—Dec. 31 52,45928,622 13,212 566 542 696 6,962 5,916 1,180 23,837 18,826 813 657 4,708 12,643 5 3,778 1,233 1956—June 30.... 52,071 30,122 13,978 520 502 676 7,357 6,306 1,265 21,949 17,051 374 279 4,086 12,308 4 3,823 1,076 Dec. 31.... 53,915 31,783 15,170 489 501 712 7,654 6,512 1,289 22,132 17,3681,185 441 3,742 11,995 4 3,820 944 1957—June 6.... 53,137 31,435 14,919 495 496 672 7,481 6,630 1,300 21,702 16,797 758 1,179 3,038 11,819 3 3,888 1,017 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 2221 028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,544 16,713 9 1,342 1^067 1947_Dec. 31.... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522.857 480 2,583 2,108 17.681 6 2,006 1,262 1955—Dec. 31.... 52,77524,379 6,2902,127 189 255 8,723 6,575 573 28,39722,5701,774 913 5,056 14,825 3 4,581 1,246 1956—June 30.... 52,75225,716 6,8922,019 223 257 9,073 7,050 590 27,03521,0761,267 489 4,688 14,628 4 4,731 1,228 Dec. 31.... 54,57126,491 7,080 1,972 334 261 9,407 7,256 631 28,08022,0372,362 792 4,458 14,420 4 4,827 1,215 1957—June 6.... 55,11227,330 7,378 1,949 312 259 9,586 7,653 669 27,78221,409 1,920 1,326 3,910 14,248 4 5,109 1,265 All nonmember banks:3 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1.061 111 13,021 11.318 206 1,973 1,219 7,916 4 1,078 625 1955—Dec 31.... 25,546 11,628 2,226 1,750 113 214 4,428 2,872 174 13,918 10,908 970 580 2,527 6,829 2 2.255 755 1956—June 30.... 25,605 12,114 2,385 1,702 110 216 4,625 3,036 200 13,492 10,406 805 407 2,396 6,797 1 2,374 712 Dec. 31.... 26,381 12,279 2,424 1,683 143 218 4,708 3,085 196 14,102 10,9891,541 528 2,330 6,588 2,409 704 1957—June 6.... 26,733 12,591 2,519 1,625 143 219 4,773 3,278 224 14,141 10,8251,323 867 2,119 6,515 1 2,548 769 1 All commercial banks in the United States. These figures exclude banks is affected somewhat by changes in Federal Reserve membership, data for banks in U. S. possessions except for one bank in Alaska and insurance status, and the reserve classifications of cities and individual one in the Virgin Islands that became members on Apr. 15, 1954, and banks, and by mergers, etc. May 31, 1957, respectively. During 1941 three mutual savings banks 2 Beginning June 30, 1948, figures for various loan items are shown became members of the Federal Reserve System; these banks are in- gross (i. e., before deduction of valuation reserves); they do not add to the cluded in member banks but are not included in all insured commercial total and are not entirely comparable with prior figures. Total loans banks or all commercial banks. Comparability of figures for classes of continue to be shown net. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1249 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 s B s w e e R e a r d r i e n v t v e - 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 c i 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 In o s d t - t e i e p c r 5 o b s a i n ] t F e s k i o g r n - G U o .S v . t. p v s S o i u a t l 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 r c r c i d d t s . - k i ' - s, a p v n s a p i I t d h d i r 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 i u t o s c a n b i l a o t i d d e l t n - s i s -a p v n s a p t I i h d i r d n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u c a p - n l i t - s All commercial banks: 3 1947_Dec. 31.... 17.796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1955—Dec. 31.... 18,721 2,682 12,050 109,905 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 47,205 354 15,927 Dec. 31.... 18,706 3,261 12,813 111,405 14,338 ,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—June 6 18.500 2,737 9,761 105,713 11,247 ,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,893 1,446 16,837 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 15,810 1,829 11,075 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 11,744 108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 1956—June 30.... 18,232 2,251 10,528 103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 337 15,600 Dec. 31.... 18,706 3,237 12,490 110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6.... 18,500 2,717 9,515 104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,660 1,430 16,525 Member banks, 1941—Dec. 31 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955—Dec. 31 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 302 13,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 1,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,883 1,374 14,058 New York Citv:4 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 ,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957—June 6.... 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Chicago:4 1941—Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947 Dec 31 1 070 30 175 3 737 1 196 21 72 285 63 3 853 2 9 902 426 1X S9t 51 5—A^*Dw^»e c•->. i- • 3• • 1•.... U135 32 141 4^349 1^246 40 222 299 85 4J81 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—June 6 1,089 28 95 4,087 1,133 35 97 459 80 4,152 16 4 10 1,298 101 665 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—June 6 7,701 653 1,825 32,549 5,648 266 1,05.1 2,911 787 33,177 314 120 1,089 16,432 681 5,182 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—June 6 5,631 1,241 3,966 36,827 1,243 18 1,097 4,740 835 32,635 30 142 962 20,491 267 5,304 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 1957—June 6 672 3,831 16,801 448 50 385 2,232 236 14,553 187 30 584 10,035 72 2,781 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

1250 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. J3. Government obligations For purchasing or carrying securities Total Loans Month or date i l n o a v n a e d n s s t- i m n a a v e n d e n d - s t t s - L a o d a - ns C m c o i e a m r l - - A c g u r l- i- a T n o d b d r e o a k l e e r r s s To others e R st e a a t l e Other Total Bills o c C t f a i e f t i i e r n - - s - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s justed1 justed i i t n r d ia u l s- tural G U l t o i i o g o . b v a S n - t - . s . O c t s u t i e h e r - s e i- rG U l t o i i o g o b . v a S n - - t . s . O c t s u t i e h e r - s e i- r loans d n e e e d b s - t s - Total- Leading Cities 1956 Oct 86,820 85,661 51,83229,347 481 l,c 52 18 8,830 10,88126,024 726 863 5,515 18,9?O 7 805 1,159 1957 Sept 87 892 86 618 54 22731,897 436 1 726 1,123 8,709 11,39224,708 1 426 1 563 3 638 18 0817 683 1 274 Oct 88,333 87,148 54,05231,582 444 1,819 1,113 8,749 11,40325,357 1,132 1,663 4,477 18,085 7 739 1,185 Sept. 4 87,836 86,281 53,86431,616 430 1,692 1,133 8,683 11,36624,787 1,473 1 583 3,622 18,109 7 630 1,555 Sept 11 87,760 86,581 54,11531,843 436 1,675 1,116 8,70811,39424,762 1,469 1,586 3,625 18,082 7,704 1,179 Sept. 18 88,230 87,052 54,59732,163 440 1,791 1,129 8,718 11,41324,747 1,458 1 578 3,637 18 0747 708 1 178 Sept. 25 87,745 86,558 54,33231,967 441 1,748 1,114 8,725 11,39424,537 1,306 1,506 3,668 18,057 7,689 1,187 Oct. 2 89,087 87,898 54,56331,885 446 2,021 1,118 8,727 11,42725,654 1,197 1,732 4,559 18,166 7,681 1,189 Oct 9 88 454 87,267 54,22831,697 440 1,921 1,118 8 72911,38325 3241,061 1 673 4 484 18 106 7 715 1 187 Oct. 16 88,340 87,292 54,25331,663 440 1,922 1,116 8,759 11,41125,346 1,120 1 668 4,450 18,108 7 693 1,048 Oct 23 87,682 86,539 53,60331,363 444 1,589 1,111 8,769 11,38525,270 1,128 1,639 4,460 18,043 7,666 1,143 Oct 30 88 103 86,743 53,61431,304 452 1,642 1,106 8,758 11,41125,191 1,156 1 600 4,4"U 18 0047 938 1 360 New York City 1956 Oct 23 054 22,460 15,12410,876 1 74 1,198 18 412 614 2,182 5,435 103 213 921 4 198 1 901 594 1957 Sept 23 336 22 653 15,66911,932 116 867 9 364 558 2,142 5,195 380 178 768 3 869 1 78Q 683 Oct 23,295 22,642 15,54011,754 201 847 19 347 570 2,119 5,296 280 178 1,023 3,815 806 653 Sept. 4 23,472 22,512 15,54811,828 120 845 9 373 548 2,145 5,194 368 195 735 3,896 ,770 960 Sept 11 23 275 22,681 15,667 11,933 135 840 9 362 559 2,149 5 204 395 188 755 3 866 810 594 Sept. 18 23,432 22,829 15,78812,038 140 858 9 361 562 2,139 5,247 422 183 786 3,856 ,794 603 Sept 25 23,166 22,591 15,67611,930 70 925 9 361 563 2,137 5,133 335 146 795 3,857 ,782 575 Oct. 2 23,721 23,103 15,899 11,915 254 988 20 349 562 2,130 5,417 315 181 1,062 3,859 ,787 618 Oct 9 23 287 22,665 15,64411,783 215 913 19 349 572 2,112 5,202 199 169 1 017 3 817 819 622 Oct. 16 23,257 22,695 15,62311,796 208 867 19 346 579 2,125 5,276 247 187 1,038 3,804 ,796 562 Oct 23 22 926 22,336 15,25811,649 136 735 18 344 575 2,118 5,297 296 170 1,026 3 805 781 590 Oct. 30 23,286 22,410 15,27511,627 191 733 18 350 561 2,112 5,291 344 181 974 3,792 .844 876 Outside New York City 1956 Oct . .. 63 766 63,201 36,708 18,471 480 680 788 8,216 8,69920,589 623 650 4,594 14 7225 904 565 1957 Sept 64,556 63,965 38,558 19,965 435 743 750 8,151 9,250 19,513 1,046 1,385 2,870 14 212 5 894 591 Oct 65,038 64,506 38,51219,828 443 771 747 8,179 9,28420,061 852 1.485 3,454 14,270 5,933 532 Sept. 4 64,364 63,769 38,31619,788 429 727 751 8,135 9,221 19,593 1,105 1.388 2,887 14,213 5,860 595 Sept 11 64 485 63,900 38,44819,910 435 700 745 8,149 9,245 19,558 1,074 398 2 870 14 2165 894 585 Sept. 18 64,798 64,223 38,80920,125 439 793 759 8,156 9,274 19,500 1,036 L 3952,851 14 218 5 914 575 Sept. 25 64,579 63,967 38,65620,037 440 753 744 8,162 9,257 19,404 971 1,360 2,873 14,200 5,907 612 Oct. 2 65,366 64,795 38,664 19,970 445 779 749 8,165 9,29720,237 882 ,551 3,497 14,307 5,894 571 Oct 9 65 167 64,602 38 58419 914 439 793 750 8,157 9,27120,122 862 504 3 467 14 289 5 896 565 Oct 16 65,083 64,597 38,63019,867 439 847 751 8,180 9,28620,070 873 481 3,412 14 3045 897 486 Oct. 23 64,756 64,203 38,34519,714 443 718 749 8,194 9,267 19,973 832 ,469 3,434 14,238 5 885 553 Oct 30 64,817 64,333 38,339 19,677 451 718 738 8,197 9,299 19,900 812 1 4193,457 14,212 6,094 484 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 1251 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank Borrowings except interbank except interbank deposits Month or date s B F w e R . a r i e v n R t - h e k . s s C va i a n u s l h t b m w B d a e o n a i s t - l k h t - i s c j p m u D o a d s a e d t s e n e - - i - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t d n i - e i l t s - - s c C h c o a f e e e e i f t n e c f r c r d i t . d k s - i ' s - , G U o .S v . t. s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d - i e l t s - - s G P U S i a o n o . a n S g s v v d t . s - t a . l m D t e D i o c s - - ema F n e d i o g r n - Time F B F r a . n o k R m s .F ot r h o e m rs c C o i a t a u c a p - n l - ts tions tions Total— Leading Cities 1956 Oct 13,475 974 2,491 55,620 58,620 3,758 1,809 2,48919,773 943 18910,958 1,558 1,317 601 884 8,941 1957 Sept 13,106 1,013 2,438 54,99158,153 3,851 1,867 1,860 21,391 1,132 18610,713 ,664 1,225 657 864 9,444 Oct 13,291 999 2,395 54,864 58,010 3,732 1,938 2,439 21,589 1,122 18110,694 ,719 1,241 568 752 9,514 Sept. 4 12,792 965 2,444 54,41357,290 3,932 1,884 2,20321,319 1,130 18510,645 ,698 1,212 366 1,129 9,448 Sept. 11 13,072 1,056 2,40155,67159,048 3,802 1,818 1,020 2211,398 1,130 18610,880 ,685 1,213 640 720 9,447 Sept. 18 13,431 1,006 2,523 55;094 5588,789 3,784 2,031 2,04321,397 1,136 18710,973 ,658 1,226 951 750 9,428 Sept. 25 13,128 1,025 2,388 54,78857,485 3,887 1,735 2,17321,451 1.133 186 10,352 ,615 1,251 672 856 9,452 Oct. 2 13,325 953 2,385 544,01557,159 3,872 2,094 4,00821,494 1,143 184 10,737 ,696 1,260 595 841 9,474 Oct. 9 13,168 996 2,350 544,34456,850 3,650 2,049 2,75721,574 1,132 18110,843 ,716 1,247 582 743 9,488 Oct. 16 13,232 977 2,554 54,774 5599,352 3,581 1,774 2,08721,612 1,116 18111,383 ,745 1,244 524 588 9,516 Oct. 23 13,363 1,017 2,341 55,38358,193 3,702 1,704 1,'6"6*2 21,631 1,109 18110,354 ,725 1,229 548 702 9,524 13,367 1,053 2,,'"344 5"5",805 58,495 3,857 2,070 1,683 21,635 1,111 17910,154 ,714 1,226 589 887 9,566 Oct. 30 New York City 1956 4,191 145 67 15,410 16,848 346 754 2,224 67 41 2,923 1,229 1,000 143 456 2,800 Oct 1957 4,034 142 15,332 16,842 261 873 494 2,544 2,854 1,375 907 111 469 3,025 Sept 4,192 145 15,126 16,664 299 1,022 811 2,590 2,868 1,419 914 49 385 3,068 Oct Sept. 4 3,792 145 15,19616,560 247 926 652 2,502 2,829 1,405 897 20 505 3,030 Sept. 11 4,068 146 15,64817,110 230 851 275 2,554 2,796 1,406 899 68 429 3,029 Sept. 18 4,153 138 15,36817,040 278 915 507 2,541 2,925 1,367 909 230 442 3,019 Sept. 25 4,123 137 15,11816,659 289 802 540 2,577 2,865 1,320 923 127 500 3,022 Oct. 2 4,130 142 14,83316,500 291 1,078 1,379 2,573 2,936 1,403 927 73 443 3,035 Oct. 9 4,166 143 15,00716,275 261 1,166 966 2,597 2,845 1,414 920 13 356 3,037 Oct. 16 4,125 142 15,02116,790 294 866 688 2,593 2,972 1,448 917 105 306 3,086 Oct. 23 4,341 141 15,23116,654 294 831 523 2,591 2,794 1,424 905 50 400 3,087 Oct. 30..... 4,200 155 15,54017,100 359 1,169 498 2,597 2,791 1,407 901 3 420 3,096 Outside New York City 1956 Oct 9,284 829 2,424 40,210 41,772 3,412 929 1,73517,549 876 148 8,035 329 317 458 428 6,141 1957 Sept 9,072 871 2,388 39,65941,311 3,590 994 1,36618,847 ,053 158 7,859 289 318 546 395 6,419 Oct 9,099 854 2,347 39,73841,346 3,433 916 1,62818,999 ,040 147 7,826 300 327 519 367 6,446 Sept. 4 9,000 820 2,394 39,21740,730 3,685 958 1,55118,817 ,052 150 7,816 293 315 346 624 6,418 Sept. 11 9,004 910 2,359 4400,02341,938 3,572 967 74518,844 ,050 151 8,084 279 314 572 291 6,418 Sept. 18 9,278 868 2,466 39,726 41',749 3,506 1,116 1,53618,856 ,056 152 8,048 291 317 721 308 6,409 Sept. 25 9,005 2,339 39,670 40,826 3,598 933 1,63318,874 ,053 151 7,487 295 328 545 356 6,430 Oct. 2 9,195 811 2,330 39,18240,659 3,581 1,016 2,629 18,921 ,060 149 7,801 293 333 522! 398 6,439 Oct. 9 9,002 853 2,308 3"9,337 40,575 3,389 883 1,79118,977 ,049 149 7,998 302 327 569 387 6,451 Oct. 16 9,107 835 2,504 39,75342,562 3,287 908 1,39919,019 ,037 149 8,411 297 327 419 282 6,430 Oct. 23 9,022 876 2,297 40,15241,539 3,408 873 1,13919,040 ,027 149 7,560 301 324 498 302 6,437 Oct. 30 9,167 2,297 40,26541,395 3,498 901 1,18519,038 ,027 147 7,363 307 325 586 467 6,470 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1252 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY * [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l and Period 2 t l o F iq b a o u n a o d o c 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 t n t t s a d a d 3 l - l s ch r P l e c 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 p t ( t t r o u i i i a n l o r b i n c n t t l i a l s ) i . e c - - s s C t t i r o o u n n c - - bu o ty A s t o h p in l f e e l e r s ss c c h l N f a a i n e s e s d g t i e - s ch b w re 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 — * - I954 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 Aug 71 50 -138 I 11 29 156 4 17 5 46 249 273 Sent 174 — 48 -43 62 3 62 -17 184 33 20 430 384 Oct 125 -137 -50 -21 -76 145 89 -410 6 -37 -75 -439 -663 Week ending: 1957 Aug 7 18 12 -50 25 4 9 2 -20 -16 1 14 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 e -5 11 253 253 Aug 28 28 -6 -53 -71 -6 -5 -9 -94 20 3 -14 -206 -207 Sept 4 . . 27 -49 34 12 6 -15 51 15 -2 -9 69 33 Sept. 11 51 1 19 7 6 36 1 91 <r 12 219 227 Sept 18 67 -21 75 14 8 23 — 4 135 13 12 16 336 320 Sept. 25 29 -27 -88 8 -24 -2 2 -94 10 -10 2 -194 -196 Oct. 2 30 -7 -30 -15 -33 17 18 -20 30 -21 -7 -39 -82 Oct 9 37 -13 -3 -4 1 24 10 -168 -57 7 12 -154 -188 Oct. 16 35 -29 7 -7 -6 84 33 -124 18 -8 4 7 -34 Oct. 23 22 -42 -20 3 -19 2 7 -89 -12 -19 -51 -216 -300 Oct. 30 2 -45 -3 2 -19 18 21 -9 27 4 -33 -36 -59 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 Heldby: Based on: End of year or month Acceptingbanks F. R. Goods stored in or Placed TV»+a1 Banks Im- Ex- shipped between Placed direct- ports ports Dollar points in: Total through ly into from exdealers *( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s b B ou il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta it t e e d s U S n ta it te e s d change U S n ta i t t e e s d c F ou or n e t i r g i n es 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1.193 492 183 126 57 20 289 232 125 39 64 32 (953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956—Sept 2,490 549 1,941 805 209 127 82 17 49 529 294 258 17 113 123 Oct 2,618 573 2,045 843 203 135 69 20 53 567 277 281 19 133 133 Nov 2,660 568 2,092 924 242 167 75 33 52 598 277 295 10 199 143 Dec 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957—Jan 2,575 548 2,027 1,012 230 156 74 30 62 689 291 363 2 197 158 Feb 2,714 555 2,159 992 202 133 69 24 58 708 307 389 2 127 167 Mar 2,650 489 2,161 1,019 209 150 59 23 58 728 305 425 2 116 171 Apr 2,485 466 2,019 1,018 195 135 60 24 64 735 272 471 4 89 182 May 2,775 483 2,292 984 188 142 46 21 63 713 227 501 5 73 177 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 Julv 2,781 459 2,322 1,000 154 112 42 19 70 757 231 507 35 59 169 Aug 2,835 501 2,334 1,227 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 1253 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 r n o m m c e t i h r - e a 6 , s l - 1 3 p d n p c - p l i a a o a r a l t n p y e o c m n c c , e e y - t e r 6 d - - a a P 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 o - n s t e h o c R n u b r a n i i t l t e e l i w s es ( 9 i m t s - a s t o x u o n e a 1 t s b h 2 3 le - )2 3 is - y s u e to a e r s 5 4 - Annua A l r a e v a e a ra n g d e s p , eriod lo A a l n l s io 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months i yield issues 19 large cities: 1954 3 6 5.0 4.3 3.9 3.4 1955 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:l 19 large cities: 1956—Oct 3.63 3.37 2.88 2.90 2.961 3.07 3.29 1956—Dec... 4.38 5.32 4.90 4.63 4.20 Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 1957_Mar 4.38 5.38 4.94 4.59 4.21 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 June 4.40 5.37 4.94 4.61 4.23 Sept 4.83 5.67 5.29 5.01 4.69 1957__jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 New York City: Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 1956—Dec 4.22 5.18 4.88 4.57 4.10 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 1957_Mar 4.23 5.26 4.92 4.47 4.11 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 June 4.23 5.24 4.86 4.49 4.12 May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 Sept 4.69 5.54 5.24 4.93 4.60 June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 7 Northern & Eastern July 3.88 3.63 3.38 3.16 3.165 3.71 3.89 cities: Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 1956—Dec 4.40 5.41 4.94 4.63 4.25 Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 1957—Mar 4.40 5.41 4.91 4.61 4.26 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 June 4.39 5.39 4.94 4.61 4.25 Sept 4.85 5.69 5.31 5.01 4.73 Week ending: 11 Southern & Western Oct. 5... 4.00 3.88 3.75 3.49 3.528 4.04 3.97 cities: Oct. 12... 4.09 3.88 3.75 3.54 3.525 3.91 3.94 1956—Dec. . . 4.58 5.35 4.90 4.66 4.35 Oct. 19... 4.13 3.88 3.75 3.64 3.660 3.99 4.04 1957_Mar 4.60 5.42 4.96 4.64 4.35 Oct. 26... 4.13 3.88 3.75 3.59 3.619 3.89 3.99 June 4.65 5.42 4.99 4.70 4.43 Nov. 2... 4.13 3.88 3.75 3.59 3.622 3.90 4.01 Sept 5.01 5.72 5.31 5.05 4.81 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. 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. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bonds4 Stocks5 Year, month, U (l . o b n S o g . - n t G d e s r o m vt ) . S g ta o t v e t . a n b d o n l d o s c 4 al By seected By Dividends/ Earnings/ or week ratings groups price ratio price ratio Totals se O ri l e d s 2 s N er e ie w s3 Total 6 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 3-7 1-2 20 5 5 120 30 30 40 40 40 14 90 500 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 4.95 8.74 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 4.08 7 81 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 4.09 7.40 1956 Oct 3 18 3 24 3.12 2.66 3.67 3.82 3.59 4.17 3.75 3 89 3 82 4.42 4 12 Nov 3.30 3.30 3.39 2.87 3.98 3.90 3.69 4.24 3.82 4.01 3.86 4.56 4.27 Dec 3 43 3 36 3.57 3.04 4.19 3.99 3.75 4.37 3.95 4.08 3.93 4.63 4.24 7 17 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 4.31 F M e a b r 3 3 .2 2 5 0 3 3 .2 2 7 6 3 3 . . 2 3 9 6 2 2 . . 7 8 9 8 3 3. . 9 9 7 6 3 3 . . 9 9 9 7 3 3 . . 6 6 7 6 C 4 4 . . 4 4 7 3 3 3. . 9 9 0 4 c4 4 . .0 0 6 4 3 3 .9 9 5 7 4 4 . . 4 4 7 6 4 4 . .4 5 7 4 7.71 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 4.36 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 4.18 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 4.04 7.10 Julv 3 63 3 58 3.65 3.17 4 29 4.26 3.99 4.73 4.19 4 39 4 19 4 75 3 95 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 4.17 Sept 3.64 3.61 3.89 3.43 4.49 AAA 4.12 4.93 4.31 4.56 4.45 4.79 4.31 8.00 Oct 3.84 3.63 3.74 3.31 4.38 4.46 4.10 4.99 4.32 4.57 4.48 4.80 4.54 Week ending: Oct 5 3 80 3 60 3.84 3.38 4.46 4.45 4.12 4.97 4.31 4.58 4.47 4.79 4.37 Oct. 12 3.81 3.61 3.73 3.29 4.36 4.44 4.09 4.96 4.31 4.55 4.47 4.76 4.51 Oct 19 3.87 3.66 3.71 3.29 4.33 4.45 4.07 4.98 4.31 4.57 4.47 4.78 4 58 Oct 26 3 85 3 64 3.71 3.28 4.36 4.47 4.11 5.01 4.34 4.58 4 49 4 84 4 65 Nov. 2 3.85 3.64 3.72 3.30 4.37 4.48 4.12 5.04 4.35 4.60 4.50 4.83 4.61 c Corrected. 4 Moody's Investors Service. State and local govt. bonds include gen- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. eral obligations only. and corporate bonds. Yields of State and local govt. general obligations 5 Standard and Poor's Corporation. Preferred stock ratio is based on are based on Thursday figures; and of preferred stocks, on Wednesday 8 median yields in a sample of noncallable issues—12 industrial and 2 figures. Figures for common stocks are as of the end of the period, public utility. For common stocks, the earnings/price ratio is now comexcept for annual averages. puted for the 500 stocks in the price index, but figures prior to June 1957 2 Consists of fully taxable, marketable 2l/i per cent bonds due or first are based on the 90 stocks formerly included in the daily price index. callable after 12 years, through Sept. 30, 1955, and those due or callable The dividend/price ratio has not yet been converted to the broader base. in 10-20 years, beginning Oct. 1, 1955. 6 Includes bonds rated Aa and A, data for which are not shown sepa- 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, rately. Because of a limited number of suitable issues, the number of 1955, the 3 per cent bond of February 1995. corporate bonds in some groups has varied somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1254 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- U (l . o n S g . - G te o rm vt ) . Sta ( n in d d ar e d x , a 1 n 9 d 4 P 1- o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series u o m f e trad- Yea o r r , w m e o ek nth, r O i s e e l s - d 2 N ri s e e e s w - 3 g n ( r i h M c a i d i g u p e h - a ) - l ^ g ( C h r r p a a i o o g d t r - e h e - - )4 Total d t I r u n i s a - - l R ro a a i d l- P u i l u t t i i y b c l- - Total Tot M al anu r D f a a b u c l - t e urin N ra g d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y b c l- - T n s a a r e i f n c a n r i e - v d d c - e e , , M in i g n- s s t h i h a n a ( o n o i r g n f d e u 5 s s - ) Number of issues... 3-7 1-2 15 17 500 425 25 50 265 170 72 21 29 31 14 1954 average 99.51109.60 125.8 117.2 29.69 30.25 23.96 27.57 230 271 245 295 233 136 236 267 2,270 1955 average 95.97103.36 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average 93.04 99.88 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1956—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 £957—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. 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. 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. 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. 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 Sept 86.86 90.82 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct 93.19 90.56 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Week ending: Oct. 5 , 91.92 91.10 102.4 98.3 42.84 46.24 26.28 31.01 320 407 373 439 257 152 277 321 1,613 Oct. 12 93.49 90.85 103.2 98.4 41.61 44.80 25.48 30.76 304 384 355 412 240 149 269 294 3,115 Oct. 19 92.88 90.18 103.4 98.7 41.04 44.17 24.85 30.46 299 378 348 406 234 148 260 286 2,632 Oct. 26 93.11 90.39 102.9 98.1 40.03 43.14 23.58 29.57 302 383 352 411 233 146 260 286 4,161 Nov. 2 93.17 90.31 102.5 97.7 40.73 43.87 23.66 30.24 300 380 349 408 232 148 260 282 1,992 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 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, the 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 Consists of fully taxable, marketable 2l/i per cent bonds due or first Exchange for a 5^-hour trading day. •callable after 12 years, through Sept. 30, 1955, and beginning Oct. 1, STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 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 i n e r- s2 Money borrowed Cus n t e o t mer U. S. Govt. free ob (c c li o o g l l a . . t 3 5 io ) + ns U S o . b e c l S i u g . r a e G t d io o b n v y s t. S s e e c c o u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. sec o u O 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 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 ,117 53 2,004 828 M^ar . .... 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 M^ay 3,924 39 2,794 26 1,130 52 2,063 817 June 4,031 31 2,887 25 ,144 52 2,104 820 July 4,004 32 2,885 23 1,119 59 2,079 829 Aug 3,929 '30 2,833 24 1,096 58 2,035 816 Sept 3,882 35 2,789 21 1,093 63 2 046 838 Oct 3,643 39 2,568 31 1,075 72 1,708 879 r Revised. 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 1255 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Total Mort- Real Policy Other Date assets Total U S n ta i t t e e s d S ( ta U lo t . e c a S a l n .) d Foreign2 Total Bonds Stocks gages estate loans assets End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1949 59,630 17,868 15,290 1,052 ,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,742 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 End of month:4 1953—Dec..., 78,201 12,452 9,767 1,278 ,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec... 84,068 12,199 9,021 1,833 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec... 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Sept... 94,411 11,253 7,805 2,213 ,235 40,514 37,546 2,968 32,111 2,748 3,440 4,345 Oct.. . 94,869 11,306 7,850 2,218 ,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov... 95,274 11,218 7,749 229 ,240 40,735 37,765 2,970 32,709 2,813 3,483 4,316 Dec... 95,819 11,005 7,532 237 ,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957—Jan.. . 96,316 11,068 7,588 2,244 ,236 41,177 38,256 2,921 33,279 2,841 523 4,428 Feb... 96,738 cll,038 7,544 2,244 ,250 C41,365 -38,432 2,933 33,479 2,865 547 4,444 Mar... 97,074 10,926 7,427 2,251 ,248 41,579 38,638 2,941 33,672 2,883 575 4,439 Apr... 97,488 10,946 7,430 ,264 1,252 41,772 38,821 2,951 33,840 2,907 606 4,417 May.. 97,868 10,895 7,340 ,290 1,265 41,962 39,004 2,958 34,022 2,948 633 4,408 June.. 98,239 10,824 7,270 ,290 1,264 42,146 39,190 2,956 34,159 2,983 657 4,470 July.. , 99,005 10,906 7,306 2,323 1,277 42,567 39,574 2,993 34,356 3,004 703 4,469 Aug... 99,374 10,880 7,268 2,333 1,279 42,742 39,724 3,018 34.547 4,442 Sept.. . 99,812 10,833 7,224 2,340 1,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 c Corrected. 3 These represent annual statement asset values, with bonds carried on. 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values, ment. are not made on each item separately* but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Reserves Total 2 g M ag o e rt s - 3 o G t b i o l o i v n g s t a . - Cash Other4 S c a a v p i i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1949 14,622 11,616 1,462 880 566 12,472 424 75 1 106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1 280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1 658 1953 ... 26,733 21,962 1,920 ,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 [,980 1,471 27,334 864 96 2 191 1955 37,719 31,461 2,342 >,067 1,791 32,192 412 146 2 557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1956 Sept 41,442 34,867 2,732 ,723 2,071 35,544 [ 139 125 Oct 41,915 35,223 2,746 ,759 2,139 35,949 1,145 121 Nov 42 352 35,497 2,771 [ 817 2 220 36,326 [ 150 116 Dec . 42 875 35,729 2,782 2,119 2,199 37,148 122 2 9^0 1957—Jan 43,020 35,929 2,924 ,947 2,175 37,484 1,035 97 Feb 43,419 36,195 3,041 ,907 2,232 37,799 973 89 Mar 43,934 36,559 3,132 ,884 2,316 38,158 958 83 Apr 44 431 36,963 3,162 1,836 2,428 38,471 968 87 May 45,085 37,421 3,180 1,874 2,569 38,939 990 84 June 45,736 37,886 3,139 2,061 2,610 39,798 1,077 103 3,136 July . .. 45,750 38,280 3,180 ,741 2,510 39,730 1 037 109 AUR 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept 46,639 39,106 3,229 [,643 2,624 40,306 1,117 115 1 Figures are for all savings and loan associations in the United States. 4 Includes other loans, stock in the Federal home loan banks and other Data beginning 1950 are based on monthly reports of insured associa- investments, real estate owned and sold on contract, and office building tions and annual reports of noninsured associations. Data prior to and fixtures. 1950 are based entirely on annual reports. NOTE.—Figures for 1956 and 1957 have been revised; those for 195? 2 Includes gross mortgages with no deduction for mortgage pledged are still preliminary. shares. 3 Net of mortgage pledged shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1256 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 1 2* 3 4* 1 Loans, by purpose and agency: To aid agriculture, total 884 4 161 5,070 6,811 6,929 6,715 7,377 3<5,757 7 160 6 75? 7 345 425 424 377 367 375 355 349 395 457 473 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 8?3 Rural Electrification Administration 1543 174? 1,920 2,096 2,226 2,348 2,379 2,413 2 450 7 488 2 544 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2 671 349 2 676 Other agencies 52 40 31 23 18 1 To aid home owners total 578 ?t14? 7 603 2,930 2 907 1,205 3,230 1 299 1 391 ?,680 4 076 Federal National Mortgage Association 1347 1850 ,242 2,462 2,461 2,641 2,683 2,729 7,807 307? 3433 } 292 / 300 383 480 424 433 447 464 488 Other agencies I 362 \ 168 63 84 124 137 138 145 155 To T i r n e d a u s s u t r r y y D to e t p a a l rt . m .. ent 568 598 5 1 8 7 8 4 4 35 3 3 1 6 3 7 0 8 6 5 3 9 3 3 0 6 3 2 2 7 3 6 21 2 6 4 6 20 1 9 9 ?09 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 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 To financing institutions 824 814 864 952 870 1,419 1,143 1,178 1,147 1 233 966 To aid States, territories, etc., total 468 744 1,020 645 272 245 239 227 244 246 272 Public Housing Administration 351 589 894 500 112 90 106 90 109 106 117 155 126 145 160 155 134 137 135 140 153 6,078 6,110 7,736 8,043 8,001 7,988 8,106 8,172 8 8 8,717 Export-Import Bank. . . 7 776 2,296 496 2,833 2 806 7,702 2,697 7 717 7,692 7 701 678 Treasury Department 6 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,519 3470 3*470 71 515 1,537 1 624 1,767 1,832 1,885 1958 1995 035 Other agencies 102 64 58 53 1 58 55 60 57 54 All other purposes total 61 35 75 119 166 256 156 176 193 213 740 r5) 5 29 127 209 108 17? 137 15fi 184 Other agencies 63 34 69 90 39 47 48 55 56 57 56 -185 173 -140 -203 -228 -268 -263 3-592 -656 -309 -327 Total loans receivable (net) 13,11% 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 5,923 F Fe e d d e e r r a a l l h S o av m in e g l s o a a n n d b a L n o k a s n Insurance Corp 1 1 9 9 3 9 2 2 0 4 0 9 2 3 0 1 8 1 2 3 1 8 7 7 6 2 4 2 1 8 2 7 4 4 1 5 1,0 2 8 4 2 8 10 25 8 6 3 1J 0 24 5 8 4 10 25 1 6 8 t 0 2 9 6 5 5 Federal Housing Administration 744 285 316 319 327 381 390 405 4?? 458 479 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 81? 1825 898 Other agencies 13? 140 148 152 147 149 164 166 183 181 186 Investment in international institutions 185 3,385 1,385 3,385 3,385 3,385 3,385 3,385 185 1,385 1,185 Other securities 8 . .. .... 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 774 ^i461 1 280 2,515 3 852 4,356 14,119 70,231 70,949 375 303 Commodity Credit Corporation 1 638 174 987 2,087 3,302 3747 3,536 3 897 3,3?3 3 651 -i*36? Defense Department ... 9,827 9,814 10,994 11,004 11.094 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration 136 288 203 428 550 609 / \ 5 1 6 8 7 8 6,3 1 3 8 2 8 6,4 2 1 1 8 5 6, 2 5 0 1 1 7 6,6 1 5 9 4 3 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7 822 8,056 9 682 10,0?8 9,985 9,875 4 834 4 798 4,822 4 796 4,612 549 502 <\470 Panama Canal Company9 18 ?98 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 ] 048 1,251 1,475 1,739 1879 1,831 1 773 71? 1,762 1751 Housing and Home Finance Agency 1 797 1785 ,203 1,041 727 450 400 311 236 144 278 276 277 309 306 311 317 General Services Administration 1,199 1,302 1,298 1. 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,H)7 2,742 2,711 2,975 Banks for cooperatives 110 170 181 150 156 185 161 152 188 257 231 Federal intermediate credit banks 570 674 704 619 640 665 725 857 865 721 803 Federal home loan banks . . . 560 575 445 414 272 958 869 928 918 963 720 Federal National Mortgage Association 570 670 670 770 770 1,220 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 2 Coverage changed from preceding period (see also NOTE). age and the new classification of agencies now reported in the Treasury 3 Adjusted figures; for amounts reported for this date but excluded Bulletin. The revised statement includes a larger number of agencies, and from this figure, see BULLETIN for May 1957, p. 550, note 3. their activities are classified according to the type of fund they represent. 4 Effective Jan. 1, 1957, the production credit corporations were merged Funds are combined in the table above, but are shown separately in the in the Federal intermediate credit banks, pursuant to the Farm Credit table on the following page. Classifications by supervisory authorities Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations are those in existence currently. Where current Treasury compilations of the banks (including the corporations) are classified as trust revolving do not provide a detailed breakdown of loans, these items have been transactions. classified by Federal Reserve on basis of information about the type of 5 Less than $500,000. lending activity involved. 6 Figures represent largely the Treasury loan to the United Kingdom, A few major activities and several minor ones, first reported for June and through 1952 are based in part on information not shown in Treasury 30, 1956, are not included for later dates, because they are not reporting compilation. 7 Figure derived by Federal Reserve. on a quarterly basis. 8 Includes investment of the Agricultural marketing revolving fund in •Adjusted totals; these reflect exclusion of data for agencies reporting the banks for cooperatives; Treasury compilations prior to 1956 classified other than quarterly, the latest data for which are shown at the bottom this item as an interagency asset. of the table on the opposite page. 9 Figures prior to 1951 are for the Panama Railroad Company. The 1 Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis: total loans and all other assets, on a net basis, i. e., after (not reported prior to that time). reserve for losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 1257 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items i Liabilities, other than interagency items i Date, and fund or activity Total Cash L c a e r o b e i a v l - 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 I l 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 u e u n e d n i c s d p t - , , - Other G a B t U u n a u o b r n t . a n e y e S d r e d s . - d s p d , a e O n b y o e a th t n b e e - l s e r , l O i i a t t i b h e i e s l- r G i U n e o t . s e v t S r t - . . o v in w P a e t t r s n e e i t - r l e y - d All activities 1951—Dec. 31 2 26 744 931 14,422 1461 ?,??6 3 463 3,358 88? 43 1 369 1 16123 842 329 1952—Dec. 312 29,945 944 17,826 1,?80 ? 4?1 3 4?9 3,213 83? 53 1 330 17?8 26 456 378 1953—Dec. 312 38,937 1,190 19,883 ?,514 ? 60? 3 425 8,062 1?61 75 1 18? 3,81833,429 434 1954—Dec. 31 41 403 1,371 19,348 3 ?,967 3 43? 8 046 ? 387 33 068 4 18335 610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,736 3 414 7,822 4,900 44 ? 379 ?,70139,583 596 1956— Mar. 31 58,485 3,731 20,58014 119 3,677 3,638 8,056 4 685 44 ? 4? 5 3 73051 635 651 June 30* 66,797 4,457 19.84420,231 3,719 3,638 9,682 5,226 49 2 607 3,23860,224 677 Sept. 30 69 143 5,144 20,331?o 949 3,7?0 3,668 10 028 5 303 58 ? 74? 3 14562 507 693 Dec. 31* 69,653 4,99620,65721,375 3,739 3,669 9,985 5,232 67 2 711 3,65962.516 699 1957_Mar. 31 69,895 4,44121,35321,303 3,923 3,729 9,875 5,272 68 2 975 3,71362,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,511 9,069 4,112 775 149 3,294 1,403 68 570 1,84217,831 Farm Credit Administration: 4 Federal Farm Mortgage Corporation 11 10 10 Agricultural Marketing Act, revolving fund 186 39 147 186 Department of Agriculture: Commodity Credit Corporation 6 543 38 2,518 3, 169 456 1 11? 5 431 Disaster loans etc., revolving fund 140 47 86 6 2 138 All other 37 26 9 ? 3 34 Housing and Home Finance Agency: Public Housing Administration 371 64 119 32 156 34 337 Federal Housing Administration 780 20 479 (5) ?79 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 1 171 Export-Import Bank 2 733 35 2 677 ( 1 (5) 19 31 2 701 Tennessee Vallev Authority 2 019 110 39 1 751 119 32 1 986 Panama Canal Company 456 32 7 396 21 24 '432 Veterans Administration 731 236 "*488 4 2 1 11 721 General Services Administration . 901 39 677 71 115 16 886 Treasury Department 380 115 225 1 c 9 30 3 377 Post Office Department—postal fund 1 023 386 9 590 39 364 659 Interior Department 216 50 7 7 129 21 6 209 All other 160 51 14 6 31 ^7 10 149 (5) Intragovernmental Funds—Total 13,022 1,444 11,220 < 5> 202 156 80212,220 Defense Department: Army 8 242 649 7 •111 105 77 320 7 921 Navy 3,342 418 2,881 42 293 3.048 1 137 302 801 34 133 1 004 All other 302 75 1?6 ( 97 3 56 246 Certain Other Activities—Total 29 996 1 358 9 066 5 971 7 3, 6,379 3 652 19229 804 National Advisory Committee for Aeronautics 408 59 277 70 9 398 General Services Administration 8 049 665 82 s Q?Q (51 1 214 158 12 8 036 Bonneville Power Administration 393 28 317 42 6 388 Department of Agriculture: Farmers Home Administration.... 765 121 623 ( 21 11 754 Rural Electrification Administration 2 767 103 2 538 127 1 2 766 International Cooperation Administration 2 054 3 2 035 16 2'054 Treasury Department . 10 215 3 505 3 101 146 10 215 Department of Commerce—maritime activities 5,115 302 283 34 4,470 25 133 4,982 All other 232 76 100 47 21 211 Certain Deposit Funds—Total 4,530 60 1,381 (5) 3,036 17 (5) 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 3 (5) 10 7M 3 238 30 Federal Deposit Insurance Corporation 1 920 2 (5) 1 898 19 151 1 769 Federal home loan banks 2 109 31 961 1,095 14 8 7?0 681 707 Certain Trust Revolving Funds—Total 2,035 68 1,837 (5) 106 <*> 74 1 453 4?, 502 1138 Federal National Mortgage Association 1 047 51 992 5 19 357 1121 Federal intermediate credit banks.... 969 11 845 100 13 805 n 145 118 All other 19 5 (5) 6 (5) 7 10 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) 220 143 77 i 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 H7 2 887 All other—excluding OAP—(June 30 1956) 50 6 27 1 14 2 5 15 30 10 Includes $1,000 million due under the agreement with Germany H Figure represents total trust interest. signed Feb. 27, 1953, and lend-lease and surplus property balances due For other notes, see opposite page. the United States in the principal amount of $2,086 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1258 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( — ) of borrowing Excess of rects. Period B r u N e d c e t g t s e . t T P r f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t , : - . i E p T r f u q r e t o u b h o c t a l t m e a i s l c l . s 2 : B p t u e u e n d x r d g e - s e i- t p T P t f e u u e r l n x u r n u d e - 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 t l a i s l e l c s . : t p p o fr u a t o o h b y ( r m e t l - i s ) c , . , & ( c ( c o - d r d r r I ) a e i e e r n , a g d a b e - s e s e c i t e e n n - t , .) t a i r n G g . N v e o f n . e u v . t b n t & . L d y e s ss: O d n c e a t o b h s n t e h - r 4 b E r i o e n c q ( N r p ) a g u r a e s a o o h y t l w r t s . : - 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 70,99>4 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,9ia 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.-June*... 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—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 ,112 1,111 6,096 -747 -195 -126 367 -435 Feb 6,188 1,458 80 7,564 5,743 ,095 -250 7,088 476 142 209 -103 37 Mar 10,737 1,068 96 11,704 5,584 ,342 296 6,630 5,073 -1,160 108 -126 -1,142 Apr 4,256 1,083 90 5,244 5,987 ,491 258 7,220 -1,976 -813 -469 -174 -170 May 5,282 2,121 117 7,280 5,944 ,344 367 6,923 358 1,432 1,241 257 -67 June* 11,648 1,816 ,173 12,288 6,190 ,283 100 7,374 4,914 -4,496 727 -123 -5,100 July 3,057 858 113 3,801 6,347 ,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 ,075 -180 7,185 -399 1.462 646 40 776 Sept.*5 7,225 972 130 8,062 5,667 ,086 3 6,750 1,311 6341 -310 -69 1,013 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t te o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited s B u d u N r e o p f d e i r l g c t u i e t s t , a l c d T a f c e u t r u o f 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 e t a c f . y t - e in i & s a n G e v g N c . e o t F . r e n v u e t b c ( t 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 a l s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n a e l R k e i p l . s - osits T T a L i r n u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions 5 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 ,391 1957*. 1,645 1,395 -529 1,085 -2,299 -2,224 29 -956 5,590 498 4,082 ,010 Semiannually: 1955—Jan.-June. 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 ,471 July-Dec.. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June. 9,511 1,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 ,391 July-Dec.. -5,732 866 -482 c -697 3,877 -55 -2,119 4,427 441 2,924 ,062 1957—Jan.-June* 7,377 529 -47 1,090 -1,602 -6,101 84 1,163 5,590 498 4,082 ,010 Monthly: 1956—Sept 1,300 -94 145 -14 214 -1,304 -1 249 6,445 535 4,628 Oct -2,812 -299 173 -45 282 1,022 62 -1,741 4,704 495 2,937 1,272 Nov -908 374 129 -70 -305 1,734 -119 1,074 5,778 463 4,159 1,156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 1,062 1957—Jan -1,286 -462 390 205 374 -399 -17 -1,162 3,265 715 1,161 1,389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 1,364 Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 1,170 Apr -1,731 -408 333 253 402 -991 1 -2,142 532 509 3,516 1,507 May -662 777 59 153 -1,255 1,226 -11 308 840 568 4,318 954 June*.... 5,458 533 -905 147 -708 -4,707 68 -250 590 498 4,082 1,010 July -3,290 -362 384 19 324 1,942 131 -1,115 4,475 504 2,833 1,138 Aug -802 703 -288 87 -694 1,376 -40 423 4,898 477 3,331 1,090 Sept 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 1,088 and Treasury bills, (3) Budget expenditures involving issuance of Federal securities, (4) cash transactions between International Monetary Fund and the Treasury, (5) reconciliation items to Treasury cash, and (6) net 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 1259 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p - g t t e s t Old T - rans H fe i r g s h - to— R. R. fu R o n e f d - s B c T u e r o d i e p t - g a t e l s t Individual Corpo- ta E c x i x s e e - s t p m a E l x o m e e n y s - t - i 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 .' - ' age way re- re- With- ration f t u r n u d st 2 t f r u u n s d t m tir e e n - t ceipts held Other acct. Fiscal year—1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 ,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 ,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 ,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 2,973 ,674 4,098 •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 ,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 ,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 ,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 ,648 817 1,876 1957—Jan.-Junep 42,920 4,075 836 304 3,454 51,590 13,690 9,298 15,978 5,330 4,705 2,590 ,325 857 2,222 Monthly: 1956—Sept 6,218 397 150 53 79 6,897 1,935 1,752 1,709 805 451 245 255 128 Oct 3,184 182 175 25 95 3,660 1,282 244 451 1,033 207 443 354 155 Nov 4,818 587 164 74 62 5,705 3,333 103 380 936 662 291 325 142 986 Dec 5,412 299 144 55 -12 5,898 2,067 324 1,825 815 355 512 233 108 1957—Jan 4,809 255 141 21 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb 6,188 2807 205 83 203 7,486 3,838 871 445 874 ,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 May 5,282 1,229 109 83 1,057 7,759 3,690 897 502 965 ,314 391 243 161 1,102 June** 11,648 536 137 52 406 12,779 2,235 1,818 6,722 892 589 523 257 142 July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 244 146 Aug 5,128 919 219 84 124 6,475 3,678 128 355 965 ,003 346 241 157 Sept 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 n.a. n.a. Budget expenditures 3 Major national security Agri- Vet- culture Period Intl. erans' Labor and Nat- Com- Gen- Total affairs Inter- serv- and agri- ural merce eral Defense Mutual Atomic and est ices andwelfare cul- re- and govern- Total 4 Dept., security, finance bene- tural sources housing ment military program energy fits re- (5) (5) (5) sources Fiscal year: 1953 74,274 51,830 43,611 5,421 1,791 749 6,583 4,298 2,426 2,936 1,476 2,502 ,474 1954 67,772 47,871 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 ,239 1955 64,570 42,090 35,533 3,755 1,857 718 6,438 4,457 2,552 4,411 1,202 1,502 ,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 4,913 1,104 2,028 ,629 1957^ 69,344 44,321 38,425 3,460 1,994 820 7,312 '4,794 '2,967 '4,595 '1,295 '1,449 ,790 Semiannually: 1955—July-Dec. <> 33,125 20,421 17,917 1,383 797 212 3,349 2,330 1,348 2,775 614 1,137 940 1956—Jan.-June? 33,415 21,190 17,873 2,197 854 664 3,497 2,426 1,428 2,138 490 891 689 July-Dec.. 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 ,181 1957—Jan.-JuneP 35,543 23,252 19,878 2,025 1,064 323 3,725 2,502 1,544 2,561 560 551 608 Monthly: 1956—July 5,542 3,026 2,473 379 140 40 631 361 221 222 78 302 652 Aug 5,902 3,693 3,235 241 164 108 573 369 263 554 110 129 99 Sept 4,918 3,260 2,868 204 149 50 574 353 219 187 108 58 117 Oct 5,995 3,851 3,400 261 164 56 589 396 314 466 159 35 109 Nov 5,726 3,664 3,276 201 160 72 585 407 207 319 175 213 102 Dec 5,718 3,651 3,295 178 153 57 635 405 197 435 106 142 102 1957—Jan 6,095 3,833 3,335 269 182 29 655 410 330 551 87 85 100 Feb 5,743 3,654 3,245 214 150 65 592 407 236 312 94 268 98 Mar 5,584 3,788 3,224 349 169 43 606 414 209 397 85 -19 81 Apr 5,987 4,011 3,544 253 183 44 611 419 285 455 82 -6 101 May 5,944 3,869 3,279 377 184 57 610 444 208 308 106 139 124 June?.... 6,190 4,097 3,251 563 196 85 651 408 276 538 106 84 104 July 6,347 3,628 3,108 311 170 77 665 377 317 664 129 241 120 v Preliminary. r Revised. Monthly revisions not available, 5 Revised for transfer in the Midyear Review of the 1958 Budget of n.a. Not available. the defense-support portion of the Mutual security program from "Econo- 1 Represents the sum of taxes for old-age insurance, railroad retire- mic and technical development" to "Major National Security." Since ment, and unemployment insurance. all details of the revision are not available, monthly and semiannual 2 Beginning February 1957, includes transfers to Federal disability data may not add to totals. insurance trust fund. 6 Data are from Treasury Bulletin for June 1956 and are not fully com- 3 For more details, see the 1958 Budget document, pp. 1076-1084 and parable with data in subsequent Bulletins or with other data in this pp. 1149-1150 and the Treasury Bulletin, table 3 of section on Budget table. receipts and expenditures. 7 Derived by subtracting totals for July-December 1955 from totals for 4 Includes stockpiling and defense production expansion not shown fiscal year 1956. separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1260 FEDERAL FINANCE NTTED 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 gr e o o b ta s t s i l d d T g i e r o r b o t e a s t c z s l t Total Total Bills c i C e n a d e t d n e r e t s e b i f s o t i s - - f Notes B e b l a i l g e n * i k - Bon s d t B s r r a ic e n t - e k d b C v i o e b o n r l n d t e - - s Totals b S i o n a n g v d s - s n s i T a o n a n a t g v d e x s - s S i p ss e u c e ia s l 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec . ... 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950 Dec 256 7 256 7 220.6 152.5 13.6 5.4 39.3 44 6 49.6 68 1 58 0 8.6 33.7 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275 2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956 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 A.U2 274.0 273.8 225.3 160.2 28.2 34.1 17.1 80.8 10.1 55.0 54.0 46.7 Sept 274 5 274.4 226.5 161.8 26.7 35.0 19.3 80.8 9.9 54.8 53.8 46.2 Oct 274.2 274.1 226.3 162.2 26.7 34.7 19.4 81.5 9.7 54.4 53.5 46.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $440 million on Oct. 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,224 million on Sept. 30, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held bythe public gross U. S. Govt. debt agencies and E m n o d n t o h f in (i g n c g l u u a d r - - trust funds1 Federal Com- Mutual Insur- Other State Individuals Misc. s a e n t c i t e u e s r e ) i d - S i p ss e u c e ia s l P is u su b e li s c Total R B e a s n er k v s e m ba e n r k ci s a * l s b a a v n in k g s s p c a o n m ie - s r c a o t r i p on o- s g l o _ o _ v ca t J s l . S b a o v n in d g s s se O cu th ri e t r ies i t n o v r e s 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—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 1956—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 215.4 45.5 8.4 221.5 23.8 58.0 8.1 13.2 18.5 15.8 50.2 17.6 16 3 Nov 211A 45.7 8.5 222.9 24.4 58.6 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 18.2 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 2 16 0 May 275.3 46.1 8.7 220.5 23.1 57.7 8.0 12.4 18.5 16.1 49.3 19.2 16 2 June . 270 6 46 8 8 7 215.1 23.0 55.8 7.9 12.3 15.7 16.2 49 1 19 4 15 8 July 272.6 46.3 8.8 217.4 23.4 56.8 7.9 12.3 16.9 16.2 48.9 19.4 15 7 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.9 12.2 18.0 16.3 48.8 19.5 15.3 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. Govtwh 3 i c I h n c a lu m d o e u s n s te a d vi n to g s a b an ou d t lo $ a 2 n 50 a m ss i o ll c i i o a n ti o o n n s , D d e e c a . le 3 r 1 s , a 1 n 95 d 6 . brokers, foreign 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 1261 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, OCTOBER 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 Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. N N N o o o v v v . . . 2 1 7 1 4 , , , 1 1 1 9 9 9 5 5 5 7 7 7 1 1 1 , , , 7 7 8 0 0 0 0 0 0 A F A e p u b g r . . . 1 1 5 1 4 , , , 1 1 1 9 9 9 5 5 5 8 8 8 3 3 % i/ 4 2 1 1 2 0 1 , , , 3 8 5 5 5 1 1 1 9 A A O u c p t g r . . . 1 1 5 1 , , , 1 1 1 9 9 9 6 6 6 2 2 2 1 i 1 y / 4 2 2 2,0 5 0 5 3 0 1 1 J J D u u e n n c e e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 4 2 3 - - - 6 6 6 9 7 8 . . . . . . . . . 2 2 2 1 i / y / 2 2 2 2 2 3 , , , 1 8 74 1 2 8 4 2 Nov. 29, 1957 1,801 Dec. 15, 1964-69... 21/2 3,823 Dec. 5, 1957 1,801 Treasury notes Treasury bonds Mar. 15, 1965-70.. .2% 4,707 D D D e e e c c c . . . 1 1 2 2 9 6 , , , 1 1 1 9 9 9 5 5 5 7 7 7 1 1 1 , , , 8 6 6 0 0 0 2 2 0 J A O u p c n t r e . . 1 1 1 5 , , , 1 1 1 9 9 9 5 5 5 8 8 8 2 1 l 1 i V / / 2 S 2 4,3 3 1 8 9 2 3 1 2 S M M e a a p r r t . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 7 6 6 - - ^ 5 5 5 9 8 9 3 3 3 . . . . . . 2 2 2 1 % % 4 3 1 , , 8 4 9 1 4 2 8 9 7 J S M u e n a p r e t . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 6 6 7 7 - - - 7 7 7 1 2 2 . . . . . . . . . 2 2 2 i 1 1 / / / 2 2 2 2 2 1 , , , 7 9 8 1 5 5 6 3 7 Jan. 2, 1958 1,600 Feb. 15, 1959 1% 5,102 June 15, 1958 2% 4,245 Dec. 15, 1967-72... 21/2 3,763 Jan. 9, 1958 1,600 Apr. 1,1959 11/2 119 June 15, 1958-634..234 919 Oct. 1,1969 4 657 Jan. 16, 1958 1,600 Oct. 1,1959 11/2 99 Dec. 15, 1958 2Vi 2,368 June 15, 1978-83...314 1,605 J J A M a a p a n n r r . . . . 2 3 1 2 3 5 0 4 , , , , 1 1 1 1 9 9 9 9 5 5 5 5 8 8 8 8 3 1 1 1 , , , , 0 6 6 7 0 0 9 5 2 1 9 1 A A M O p c p a t r r y . . . 1 1 1 1 5 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 0 0 1 0 1 3 i V 1 y i / / f 2 2 2 i 2, 2 4 1 1 7 0 9 4 8 6 8 4 J D D N u e e o n c c v e . . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 6 5 5 0 0 9 9 - - - 6 6 6 5 2 2 4 . . . . . . . . 2 2 2 2 i 1 1 3 / 4 4 4 8 5 3 3 1 , , , , 8 4 2 4 0 5 8 7 6 8 5 0 Pa F na e m b. a 1 C 5, a n 1 a 9 l 9 5 L oan 3 3 2,74 5 3 0 Aug. 1, 1961 4 2,609 Sept. 15, 1961 234 2,239 Convertible bonds Certificates Oct. 1,1961 11/2 332 Nov. 15,1961 21/2 11,177 Investment Series B Dec. 1, 1957 9,971 Feb. 15, 1962 3% 647 Aug. 15, 1963 21/2 6,755 Apr. 1, 1975-80... 2 34 9,702 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. 1253. int 4 e r P e a st r t p ia a l y ly m e ta n x t -e d x a e te m s. pt. 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 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 e i a n r y 1 e - a 5 rs 5-10 O y v e e a r r s 10 All holders: 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—June 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 July 31 168,960 26,406 20,473 31,069 80,833 10,179 158,781 74,019 39,280 14,731 30,751 Aug. 31 170,261 28,155 34,077 17,149 80,828 10,052 160,209 72,749 41,982 14,731 30,747 U. S. Govt. agencies and trust funds: 1955—June 30 7,162 40 119 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—June 30 8,554 130 416 1,282 3,664 3,063 5,491 ,138 1,210 295 2,848 July 31 8,673 89 410 1,396 3,720 3,058 5,614 ,190 1,268 303 2,853 Aug. 31 8,899 89 670 1,403 3,710 3,026 5,873 ,190 1,530 301 2,852 Federal Reserve Banks: 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—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 July 31 23,355 344 11,381 8,828 2,802 23,355 20,565 681 750 1,358 Aug. 31 23,539 801 19,936 2,802 23,539 20,750 681 750 1,358 Commercial banks: 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7.187 21,712 21,110 5,494 1956—June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7,433 18,234 19,132 4,719 Dec. 31 51,466 4,934 1,600 10,714 34,071 147 51,319 11,635 24,528 10,242 4,914 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 July 31 49,540 3,852 2,826 9,059 33,661 142 49,398 13,144 23,454 8,585 4,214 Aug. 31 49,315 4,085 3,768 7,720 33,600 142 49,172 11,917 24,472 8,590 4,193 Mutual savings banks: 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—June 30 7,397 163 114 367 5,655 1,098 6,299 576 .082 601 4,040 July 31 7,405 191 112 398 5,609 1,095 6,310 626 ,065 599 4,019 Aug. 31 7,425 223 175 367 5,567 1,093 6,331 589 ,134 596 4,011 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 ,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 ,192 1,802 5,285 Dec. 31 11,331 349 66 781 7,464 2,671 8,660 726 ,749 1,136 5,049 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 ,775 1,022 4,634 July 31 10,991 427 152 667 7,256 2,488 8,503 1.078 ,774 1,015 4,637 Aug. 31 10,972 443 223 601 7,254 2,451 8,521 1,050 ,804 1,030 4,636 Other investors: 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_june 30 67,329 19,661 5,527 11,113 27,602 3,426 63,904 35,850 10,936 3,464 13,654 July 31 , 68,996 21,503 5,592 10,720 27,784 3,396 65,600 37,415 11,038 3,479 13,669 Aug. 31 70,112 22,514 9,305 7,058 27,896 3,339 66,773 37,253 12,361 3,464 13,695 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

1262 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Grjss proceeds, all ssuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate Newcapital Year or Remonth Bonds Mis- Re- tire- Total G U o . v S t. . 3 ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Others Total Total o P f l f i u e c b r ly e - d p v l P a a r t c e i- e ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on e e w y 7 p l p c o a o e u n u s l r e - e s - - s b d m e t t i e a o c r e b n . f e n k t 8 - t , m s ri e t o i e c e f u n s> - t 1939 5,687 ? 33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1 695; 1941 15,157 11 466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4 555 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9 687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1 271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2 364 3.326 838 1,212 7 120 6 531 226 363 486 1952 26,929 1?,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 P ,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1 875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,405 5 517 169 5,446 334 10,939 8,002 4 225 3,777 636 2 30110 384 9 663 721 364 1956 Sept 1,581 355 336 (9) 890 681 514 167 33 176 838 816 23 35- Oct 1,892 414 646 58 773 485 315 170 139 150 745 660 84 11 Nov 1 829 389 311 5 1,123 451 179 45 627 1 089 1 048 41 21 Dec 1,955 390 427 23 1,114 915 401 514 16 183 1,088 1 049 39 11 1957—Jan 2,432 496 72 685 84 1,094 916 641 276 34 144 1,063 1 026 38 Hi Feb 2,123 386 569 53 1,116 761 514 26 329 1,071 927 144 22 Mar . . 3 248 1,327 503 32 1,386 1,072 643 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- M!ay 1 785 394 539 51 802 691 437 254 25 85 771 707 64 15 June 2,401 362 60 388 44 1,547 1,074 633 441 66 407 1,489 1,419 69 31 July '1,977 400 516 '38 '1,022 '770 '459 '311 22 '230 '991 '930 '60 '15 Aug '1 934 '392 '595 '10 '937 '830 540 '31 76 '914 '905 '9 '9' Sept 3,957 2,263 215 414 37 1,028 913 587 327 19 96 973 949 24 40' Proposed uses of nelproceeds, major groups of corporate isstiers Year or Manufacturing C m om is m ce e l r la c n ia e l o u a s nd Transportation Public utility Communication a R nd e al f 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 capital10 secu- capital10 secu- capital o secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1949 1,347 44 310 28 784 11 2,043 233 517 4S 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 85 600 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1.536 24 1954 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 11 1,812 56 1956 3,336 243 682 51 694 2 2,474 14 1,384 21 1,815 17' 1956 Sept 206 10 36 21 63 242 4 56 236 Oct 314 7 31 4 37 227 68 68 Nov 147 19 110 2 45 153 596 1 37 (9) Dec 526 5 33 3 148 157 73 1 151 1957_jan 381 8 42 101 247 105 1 187 Feb 543 2 94 4 31 247 14 46 108 2 Mar . . . 366 4 32 85 490 16 281 1 91 Apr 314 3 53 65 351 5 47 (9) 93 135 4 55 3 80 348 8 82 72 (9) June .... 626 21 29 1 51 8 436 137 (91 210 July '234 5 '71 '10 '45 244 r(9) '54 '343 Aua '242 r(9) '50 '6 '30 (9) '251 r(9) '126 1 '215 '1 Sept 331 4 36 5 52 418 (*) 65 (9) 47 30 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank 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. 10 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 1263 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1955 1956 1957 1951 1952 1953 1954 1955 1956 4 1 2 3 4 1 2 Manufacturing Total (200 corps.): Sales 52 94054,51763,34358,11069,876 71,901 18 13918,131 18 45716,119 19,193 19,754 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 3,6*9 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.) :* Sales 18 91619,26620,69420,62023,106 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 1,249 402 290 295 305 359 315 318 Durable goods industries (106 corps.):2 Sales 34,02435,25142,649 37,49046,770 47,139 12 09612,052 12 32210,036 12,730 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 0425 411 5 476 5 833 6 300 1 4951 5301 5691,561 1,640 1,618 1 640 Profits before taxes 473 453 465 462 499 561 128 126 149 141 145 133 154 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 8791 9571,889 2,001 2,045 2,045 Profits before taxes 1,490 1,259 1,308 1,153 1,535 1,500 400 388 380 342 389 395 393 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 0785 411 5 883 6 015 6 556 7 185 1 7451 7641 7421,770 1,909 2,048 1,941 Profits before taxes 911 728 841 751 854 916 228 248 223 218 226 298 217 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 11,56413 75011 52214 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 39110 58110 664 9 37110 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 328 338 412 379 448 445 176 110 116 70 148 124 111 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 2,549 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 0301 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 1 Includes 26 companies in groups not shown quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone. Revenues and profits are for telephone operations of the ( u 6 u ) u ; u a i n iif d , n m iu is i c v e ii l u la io n e y o i* u * s j9( 7 li ) t . Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Sales data are obtained fro the Long Lines and General departments of American Telephone and the Securities and Exchange Commission; other data from publishsh*ed Telegraph Company) and for two affiliated telephone companies, which together represent about 85 per cent of all telephone operations. Divi- CO R m a n i S l X ro lV a d T" s 6 . T *)OT F *LS igures are for Class I line-haul railroads (which account dends are for the 20 operating subsidiaries and the two affiliates. Data for 95 per cent of all railroad operations) and are obtained from reports are obtained from the Federal Communications Commission. of the Interstate Commerce Commission. All series. Profits before taxes refer to income after all charges and Electric power Figures are for Class A and B electric utilities (which >efore Federal income taxes and dividends. For detailed description of rt*.C-*o r-.^^ *-»•* fcCL1*) CLCC /\f +Vt/* Dnr T ETTXT 4V\r> Tuno 1 Q/4.Q ^rnonnfQr>fni-in^» Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1264 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES * [Department of Commerce estimates. La billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r te o r r P b t r a e o x f f e o 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 fi t 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 ',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 L366 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 ,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 ,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 ,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 ,289 230 1,059 2 3,739 867 2,873 2,367 626 1,741 ,373 241 1,132 1957—1 43.9 22.4 21.5 12.4 9.1 2 42.0 21.4 20.5 12.5 8.0 1 Reflects cash transactions only. As contrasted with data shown on p. 1262, new issues exclude foreign and include offerings of open-end investment companies, sales of securities NOTE.—Quarterly data are at seasonally adjusted held by affiliated companies or RFC, special offerings to employees, and also new stock annual rates. 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. 1262. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d ab a le octs. I t n o v ri e e n s - Other Total Note p s a a y n ab d l e accts. F in e l c i t d a a o e - x m ra e l Other ties G U o . v S t . . 2 Other G U o . v S t. . 2 Other bilities 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951.. 86.5 179.1 30.0 20.7 2.1 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—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 2 107.0 224.5 32.5 15.7 2.5 90.5 79.3 4.0 117.6 2.6 74.4 12.2 28.3 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 g u u r- - M in i g n- T R r a a i n l s - portation P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other 2 Quarter Total fa m a i c n n i t n g u d - r- T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road Other ing 1949. 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1956—1 7.5 3.2 .7 .9 2.6 1950 20.6 7.5 .7 1.1 1.2 3.3 5.7 2 8.9 4.1 .7 1.2 2.9 1951 25.6 10.9 .9 1.5 1.5 3.7 l!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 1*955 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 19574 37.0 16.2 1.2 1.5 1.8 6.3 10 1 44 9.2 4.4 .8 1.7 2.3 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1265 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and 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 a e c l g d e i e e e c n h r s t a e - o l d lde v o r I i a s t d n h n u d e d a i r - l s s h A e o r 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 i l i l n n - y s - ho O h u o e t s h r l e s d e s - r c T o o m ta m l erc t F i u i a i n c t n l i i s a o a t p l i n n - r s - ope O h r o e t t i r h l e s d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - ho O ld th e e rs r 2 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 144.6 111.2 3.6 29.9 134.7 99.0 83.4 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1956—Mar.. 133.5 102.3 3.2 28.1 124.2 90.8 76.2 14.6 33.4 22.4 11.0 9.4 3.7 5.7 June.. 137.5 105.5 3.2 28.8 127.9 93.6 78.8 14.9 34.3 22.9 11.3 9.6 3.8 5.8 Sept.. 141.4 108.7 3.3 29.4 131.6 96.5 81.4 15.1 35.1 23.4 11.6 9.8 3.9 5.9 Dec... 144.6 111.2 3.6 29.9 134.7 99.0 83.4 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957—Mar.P 147.3 113.0 4.0 30.3 137.2 100.9 84.9 16.0 36.3 24.2 12.0 10.1 3.9 6.2 June*?. 150.2 115.3 4.2 30.7 139.9 103.2 86.8 16.4 36.8 24.6 12.2 10.3 4.0 6.4 Sept.* 153.4 117.7 4.5 31.2 142.9 105.4 88.7 16.8 37.5 25.1 12.4 10.4 4.0 6.4 p 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 NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bankholdings2 Mutual savings bank holdings 3 End of year Residentiail Residential or quarter Other Other Total FHA- VA- Con- f n a 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 • 'y 2,264 968 8,261 7,054 1,164 44 1951. 14,732 11 270 3 42 i cpj 4 929 2,458 1,004 9,916 8,595 2,567 1 7^6 4,303 1,274 47 1952. 15,867 12,188 3,675- 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953. 16,850 12,925 3 912 3061 5,951 2,843 1,08? 12,943 11,334 3,489 3 0S3 4,79? 1,556 53 1954 18 573 14 152 4 106 350 6 695 3,263 1J59 15,007 13,211 3,800 4 1ff> J4Q 1,740 56 1955. 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5 773 5,645 ,831 58 1956. 22,719 17 004 4 803 907 8,300 4,379 1,336 19,745 17,703 4,409 13P 6,155 ,984 59 1956 Mar 21,450 16,180 4,610 3,770 7,800 3,950 1,320 18,045 16,123 4,210 6 155 5,758 ,860 62 June 21,990 16 500 4 668 3 837 7,995 4,137 1,353 18,610 16,644 4,274 6 506 5,864 ,898 68 SeDt 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6 840 6,028 ,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7 139 6,155 .984 59 1957- Mar 22,670 16,880 4,770 3,810 8,300 4,440 1,350 20,105 18,035 4,455 7 330 6,250 2.010 60 J S u e n p e t.33 2 2 2 3 ,1 7 0 6 5 0 1 1 7 6 ,0 8 7 9 0 0 4 4 ,7 7 6 3 0 0 3 T , ,7 6 " 6 > 0 0 8 8 ,6 4 5 4 0 0 4 4 ,6 5 6 0 0 0 1 1 , ,3 3 7 7 5 0 2 2 0 0 , , 4 8 7 1 5 2 1 1 8 8 , ,6 3 9 8 7 4 4 4 , , 5 5 0 5 0 0 7 7 6 V 7 0 7 6 6,4 3 7 6 0 4 2 2, , 0 0 5 3 8 3 5 57 8 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

1266 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 Va- Farm Total VA- Farm Total FHA- guar- Other Total FHA- 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—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 f 957—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 Aug.. 435 412 50 58 304 23 34,547 31,978 6,677 7,725 17,576 2,569 Sept.. 408 383 82 43 258 25 34,697 32,122 6,690 7,736 17,696 2,575 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 Lift Insurance Statistics and Lift Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total (witho B ut y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o ar n th or Total1 s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s ly o - n- W s a e d i a t j h s u o o s n u t- a t l in S lo 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 s i u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945... . 5 650 2 017 250 1,097 217 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1949 11,828 3,646 1,046 2,446 750 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16 179 5 060 ,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 ,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 ,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 [,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 ,768 4,239 [,501 1956 10,545 3,771 A,121 35,729 1,486 6,643 27,600 1955. 28 484 10 452 ,932 5,617 [,858 1956 27,088 9,532 .799 5,458 [.824 1956 1956 Sept 850 292 397 '•34,867 1,472 6,519 26,876 Oct.. 922 323 422 '35,223 1,477 6,553 27,193 Sept 2,250 2,185 779 139 441 163 Nov 784 277 360 ''35,497 1,482 6,603 27,412 Oct 2,174 2,425 848 154 475 183 Dec 710 250 320 '35,729 1,486 6,643 27,600 Nov 2 119 2 108 717 136 408 152 Dec 2,094 1 951 660 138 366 148 1957 1957 Jan 714 245 326 '35,929 1 4SR 6,659 27,782 Feb 709 243 318 '36,195 1,493 6,682 28,020 Jan 2,056 1,942 659 134 353 117 Mar 842 298 366 "•36,559 1,499 6,724 28,336 Feb 2,050 1 749 644 105 308 96 Apr 899 317 391 '36,963 1,508 6,774 28,681 Mar 2,011 1,937 744 115 334 99 May 968 360 412 '37,421 1,520 6,833 29,068 Aor 2 042 2 044 798 116 357 110 June 925 319 415 '37,886 1,530 6,889 29,467 May 2,031 2,144 840 125 374 121 July 969 318 462 '38,280 1,545 6,904 29,831 June 2,046 2,028 795 119 363 126 Aug 1,001 331 470 '38,743 ,560 6,920 30,263 July 2,047 2,211 852 130 390 142 Sept 891 292 423 39,106 1,573 6,933 30,600 Aug 2,056 2,208 883 132 378 137 Sept 2,026 796 124 354 121 r Revised. 1 Includes loans for other purposes (for repair, additions and alterations, 1 Three-month moving average, seasonally adjusted by Federal Rerefinancing, etc.) not shown separately. serve. 2 Excludes shares pledged against mortgage loans. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1267 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 mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a e y g o c p e r t e - s t- i p l m o r i o a m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 ,319 892 1,021 594 1,426 793 628 1950 4,343 ,637 856 1,157 694 3,072 1,865 1,202 1945 18 6 4 3 4 1 2 14 3 1951 3,220 ,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37.6 15.0 6 9 8.1 22.6 1953 3,882 ,259 1,030 259 1,334 3,064 2,044 1,014 1950 45.2 189 8 6 10 3 26 3 1954 3,066 ,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9 7 13.2 28.& 1955 3,807 ,269 1,816 76 646 7,156 4,582 2,564 195? 58.5 25-4 10 8 14 6 33.1 1956 3,461 ,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28•J 12 0 16.1 38.0 1954 75.7 8 19 3 43 6 1956—Sept. 278 82 122 15 59 508 321 186 1955 oo 2 38 9 14 3 24.6 49.3 Oct.. 341 96 134 26 86 501 331 169 1956 99 0 43 9 15 5 28 4 55 1 Nov. 279 89 124 4 62 462 315 146 Dec. 249 76 98 27 48 472 321 150 1956—Mar 90.8 40.2 147 25.5 50.6 June 93.6 41.3 150 26.3 52.3- 1957—Jan.. 300 87 107 29 77 555 393 162 Sept 96.5 42.4 152 27.3 54.0' Feb.. 266 74 85 50 56 431 316 113 Dec 99.0 43 9 15 5 28 4 55 1 Mar. 317 75 86 96 60 380 285 94 Apr.. 264 68 90 41 66 350 271 78 1957—Mar.P 100.9 45.1 157 29.4 55. & May. 292 60 94 80 58 286 218 68 June^.... 103.2 45.9 159 30.0 57.3 June. 247 60 104 18 65 276 213 62 Sept.* 105.4 46.5 16 1 30.4 58.9 July. 333 67 124 76 65 268 206 62 Aug. 340 63 122 67 88 251 193 58 Sept. 273 57 116 14 85 295 228 66 p Preliminary. NOTE.—For total debt outstanding, figures for first 2 1 T M h o e n se th l l o y a f n i s g u a r r e e s n d o o t n o o rd t i r n e a fl r e il c y t m se o cu rt r g e a d g e b y a m m e o n r d tg m ag en es ts . included in annual totals. t F h o r r e e c o q n u v a e r n te ti r o s n o a f l, y fi e g a u r r e a s r e a r F e e d d e e r r i a v l e d R . eserve estimates. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and* Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed 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 ri t o an d d ) ing (during mit- Ad- Repay- ]End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950. 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952. 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953. 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1 632 614 525 476 1954 734 818 867 612 255 1955. 2,615 901 1,714 411 62 76 1955 1,251 702 1,417 991 426 1956. 3,047 978 2,069 609 5 360 1956 745 934 1,228 798 430 1956-—Oct 2,838 934 1,904 69 1 232 1956—Oct.. 67 61 1,148 752 397 Nov 2,953 957 1,996 129 317 Nov. 59 54 1,153 756 397 Tier. 3,047 978 2,069 109 360 Dec. 121 47 1,228 798 430* 1957 Tan 3,182 1,009 2,173 147 411 1957_jan.. 77 267 1,038 660 378 Feb 3,295 1,026 2,269 129 436 Feb.. 30 91 976 601 375 Mar . . . 3,409 1,053 2,356 127 483 Mar. 68 83 961 563 398 Apr 3,491 1,074 2,417 95 493 Apr. 73 62 971 544 427 May 3,551 1,087 2,464 75 j 518 May 73 52 993 559 434 June • 3,605 1,100 2,505 69 1 525 June 135 48 1,079 614 465 July 3,654 1,112 2,541 83 626 July. 131 171 1,040 638 402" 3,718 1,132 2,586 78 680 Aug. 83 50 1,072 663 409* Sept . 3,783 1,152 2,631 82 712 Sept. 96 49 1,119 688 431 Oct 3,849 1,170 2,679 79 726 Oct.. 83 70 1,131 686 445 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than* market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1268 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 e t i o r l - e 1 co p g O n a o s p t o h u e d e m r s r i er e a r n R l n d o i e a z p m n a a s t o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2.458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1949 17,305 11,590 4,555 3 706 898 2,431 5,715 1,532 2 795 1,388 1950 21,395 14,703 6.074 4,799 ,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 ,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—Sept 40 074 30 707 14.533 7 497 758 6 919 9 367 3 361 3 780 2 226 Oct 40,196 30,811 14,478 7,601 ,781 6,951 9,385 3,310 3,875 2,200 Nov 40 631 31 024 14 449 7 752 797 7 026 9 607 3 401 4 029 2 177 Dec 41,863 31,552 14,436 8,139 1,793 7,184 10,311 3,421 4,702 2,188 1957_jan 40,916 31,298 14,389 7,938 1,772 7,199 9.618 3,360 4,085 2,173 Feb 40,513 31,233 14,410 7,805 1,759 7,259 9,280 3.433 3,662 2,185 Mar 40,503 31,273 14,501 7,698 1,754 7,320 9,230 3,527 3,500 2,203 Apr 41,015 31,532 14,659 7,671 1,760 7,442 9,483 3,536 3,687 2,260 May 41,707 31,901 14,852 7,731 1,783 7,535 9,806 3,741 3,785 2,280 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 42,881 33,045 15,455 7,868 1,846 7,876 9,836 3,606 3,910 2,320 Sept 43,011 33,159 15,519 7,867 I 860 7,913 9,852 3,644 3,898 2,310 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953. Revised monthly figures for the period January individuals of automobiles or other consumer goods that may be used 1948-August 1956, together with a description of the revision, are shown in part for business. on pp. 1031-1042 of the BULLETIN for October 1956. A detailed descrip- 2 Represents repair and modernization loans held by financial institu- tion of the methods used to derive the estimates may be obtained from tions; holdings of retail outlets are included in other consumer goods paper. Division of Research and Statistics. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n a o m i m n n e e c s - - r e 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 s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b 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 ,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 ,064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 Q11 4,118 1,242 984 377 463 1,052 1955 29,020 24,441 10 601 8,443 1,680 2 656 061 4 579 I 511 1 052 381 535 1 100 1956 31,552 27,038 11,682 9,100 2,048 3,049 ,159 4,514 I 407 1 020 378 572 1 137 1956—Sept 30,707 26,551 11,548 8,989 1,960 2,924 ,130 4,156 1,269 970 368 576 973 Oct 30,811 26,635 11,606 8,973 1,994 2,938 ,124 4,176 1,269 974 368 574 991 Nov 31,024 26,846 11 634 9,075 2,021 2 961 155 4 178 I 230 988 373 573 1 014 Dec 31,552 27,038 11,682 9,100 2,048 3,049 ,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 ,152 4 367 I 380 975 364 568 1 080 Feb 31,233 26,967 11,641 9,035 2,074 3,051 ,166 4,266 1,345 957 362 568 1,034 Mar 31,273 27,101 11,711 9,048 2,108 3,056 ,178 4,172 1,298 936 357 570 1,011 Apr 31,532 27,493 11,960 9,104 2,154 3,095 ,180 4 039 I 170 922 354 575 1 018 May 31,901 27,810 12,123 9,176 2,194 3,110 ,207 4,091 1,222 923 356 581 1,009 June 32,344 28,205 12,300 9,300 2,255 3,142 ,208 4,139 I 243 923 360 590 1 023 July 32,699 28,675 12,492 9,476 2,311 3,194 ,202 4,024 1,137 917 362 598 1,010 Aug. 33,045 28,960 12,588 9,565 2,371 3,220 216 4 085 1 155 926 360 604 1 040 Sept. 33,159 29,076 12,638 9,598 2,405 3,218 ,217 4,083 I 159 921 364 607 1,032 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 1269 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 o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p o d a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r R e m l r t a o e n i n o p a o iz d n d a n a s i - r - s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a d n a t p i e n d a o r s i n n r - l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1 .079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1 1 9 9 4 4 1 5 1.7 7 2 4 6 5 44 6 7 6 3 1 3 4 8 3 3 1 0 1 9 4 1 1 6 1 1 0 4 3 7 1 1 2 1 1 9 9 4 4 5 9 2,9 3 4 0 4 0 2,2 1 6 6 5 4 4 2 4 4 7 5 9 8 0 1 5 4 4 2 1949 4.439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5.798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1.135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7.524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8.998 2.215 1,867 2,078 1.317 1,521 1954 6,144 4,870 841 31 402 1954 8.796 2.269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10.601 3.243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11.682 3,579 2,181 2,388 1,429 2,105 1956—Sept. 8,989 7,366 1,071 23 529 1956—Sept 11.548 3,591 2,199 2,271 1,403 2,084 Oct.. 8,973 7,333 1,083 24 533 Oct .606 3,584 2,180 2,335 1,421 2,086 Nov. 9,075 7,305 1,202 24 544 Nov.. . . .634 3.578 2.177 2,364 1,430 2,085 Dec. 9,100 7,283 1,227 23. 567 Dec 11,682 3,579 2,181 2,388 1,429 2,105 1957—Jan.. 9,077 222 1,261 23 571 1957—Jan 11.616 3,584 2,198 2,306 1,413 2,115 Feb.. 9,035 190 1,247 23 575 Feb 11,641 3,611 2,216 2.290 1,399 2,125 Mar. 9,048 190 1,255 22 581 Mar 11,711 3.649 2,258 2,275 1,392 2,137 Apr. 9,104 7,212 1,279 22 591 Apr 11,960 3,713 2,313 2,359 1,397 2,178 May 9,176 7,272 1,285 22 597 May.... 12,123 3.775 2,361 2,364 1,410 2,213 June 9,300 7,376 1,296 22 606 June.... 12,300 3,843 2,399 2,388 1,426 2,244 July. 9,476 7,466 1,369 22 619 July 12,492 3,899 2,431 2,451 1,440 2,271 Aug. 9,565 7,532 1,384 22 627 Aug.. . . 12,588 3,948 2,454 2,427 1,462 2,297 Sept. 9,598 7,557 1,389 22 630 Sept 12,638 3,972 2,458 2,432 1,472 2,304 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NON1NSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets 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 t l l t - m A p o a u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m R iz l o o a e a n d a p ti d n e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m c m ( o i s e a m i e r n l n - - g t le lo -p O a a t n y h s - e ) r 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 stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1949 1 874 259 146 93 1,376 1945 3,203 674 72 290 1,322 845 1950 2.296 360 200 121 1,615 1951 2 699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 .388 1952 3.346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 ,580 1953 4 038 538 370 247 2.883 1951 7,323 1,684 250 698 2,907 .784 1954 4 510 539 375 282 3 314 1952 7,998 1,844 276 728 3,283 ,867 1955 5.397 709 506 307 3.875 1953 8,238 1,899 288 772 3,352 ,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—Sept 6.014 801 575 332 4,306 1956 10,311 2,975 446 895 3,807 2,188 Oct 6 0<>6 807 581 336 4,332 Nov 6.137 816 581 343 4.397 1956—Aug. 9,367 2,926 435 588 3.192 2,226 Dec 6.256 821 582 341 4,512 Oct.. 9,385 2,897 413 612 3.263 2,200 Nov. 9,607 2,894 507 672 3.357 2,177 1957—Jan. 6.238 817 572 336 4,513 Dec, 10,311 2,975 446 895 3,807 2,188 Feb 6.291 825 570 337 4.559 A M p a r r 6 6 ,4 3 2 4 9 2 8 8 3 4 4 6 5 56 6 9 6 3 34 4 1 0 4 4 , , 6 6 0 7 2 3 1957_ F ja e n b .. .. 9 9 , , 6 2 1 8 8 0 2 2, , 9 9 8 6 3 0 4 4 5 0 0 0 7 6 2 1 8 7 3 3 , , 3 0 5 4 7 5 2,1 1 7 8 3 5 May 6,511 863 572 351 4,725 Mar. 9,230 3,007 520 571 2,929 203 June 6,605 884 573 353 4,795 Apr., 9,483 3,055 481 597 3,090 260 July 6 707 901 572 354 4,880 May. 9,806 135 606 599 3,186 280 Aug 6.807 917 576 362 4,952 June, 9,901 3; 176 526 585 3,318 296 Sept 6,840 925 570 366 4,979 July. 9.666 3,141 439 538 3.229 319 Aug. 9,836 3,122 484 53Q 3,371 320 Sept. 9,852 3,147 497 593 3,305 2,310 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 i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1270 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R rn ep iz a a ir t io a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,967 5,865 734 4,542 1950 21 558 8,530 7,150 835 5,043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39,128 16,743 10,615 1,359 10,411 1956 39,602 15,533 11,015 1,448 11,606 1956 Sept 3,153 2,981 1,191 1.150 883 840 117 125 962 866 Oct . ... 3,363 3,382 1,308 ,284 942 1,010 125 140 988 948 Nov 3,453 3,387 1,354 1,225 973 1,037 120 125 .006 ,000 Dec 3,368 3,735 1,311 1,195 939 1,266 108 100 ,010 ,174 i 1957 J F a e n b 3 3 , , 5 4 1 9 2 6 2 3 , , 9 07 5 9 4 1 1 , , 4 4 7 2 7 6 [ 1 , , 2 2 5 1 8 4 9 8 1 9 4 9 7 11 2 1 7 1 1 1 2 9 0 9 9 1 3 ,0 0 1 3 7 6 9 9 5 2 3 0 Mar 3,299 3,319 1,324 [,374 878 809 115 105 982 [,031 Apr 3,505 3,558 1,389 1,460 896 856 118 116 ,102 ,126 May 3,485 3,709 1,349 ,511 948 966 127 139 1,061 1,093 June 3,412 3,638 1,314 1,490 939 946 118 126 1,041 ,076 July 3,539 3,797 1,373 1,558 924 938 124 136 1,118 1,165 Aus 3,614 3,682 1,361 1,462 1,006 986 128 140 1,119 .094 Sept 3,564 3,358 1,418 1,359 928 881 123 132 1,095 986 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 Sept 3,085 2,918 1.184 1,147 892 836 104 101 905 834 Oct 3,182 3,278 ,283 1,339 882 906 113 117 904 916 Nov 3,160 3,174 ,231 1,254 904 886 105 109 920 925 Dec 3,185 3,207 ,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 [,244 1,283 875 916 106 110 935 970 Apr 3,301 3,299 ,317 1,302 860 883 114 110 1,010 1,004 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 Aug 3,344 3,336 [,277 1,302 952 936 109 110 006 988 Sept 3,432 3,244 1.339 1,295 943 882 121 118 1,029 949 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—Sept +68 +63 +7 + 3 -9 +4 + 13 +24 + 57 + 32 Oct + 181 + 104 +25 -55 +60 + 104 + 12 +23 + 84 + 32 Nov +293 +213 + 123 -29 +69 + 151 + 15 + 16 + 86 + 75 Dec + 183 +528 +75 -13 +21 +387 +4 -4 +83 + 158 1957 Jan +201 -254 + 151 -47 -36 -201 +9 -21 + 77 + 15 Feb +282 -65 + 140 +21 +40 -133 +8 -13 +94 + 60 Mar + 139 +40 + 80 +91 + 3 -107 +9 -5 +47 + 61 Apr +204 +259 +72 + 158 + 36 -27 +4 +6 +92 + 122 May +211 + 369 +46 + 193 +68 +60 + 11 +23 + 86 +93 June + 161 +443 +56 +240 + 34 +75 +8 + 18 +63 + 110 July + 189 + 355 +58 +203 + 16 + 12 +4 + 15 + 111 + 125 Aus + 270 + 346 +84 + 160 + 54 +50 + 19 + 30 + 113 + 106 Sept + 132 + 114 +79 + 64 -15 +2 + 14 + 66 + 37 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 1271 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 er s 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 Sept 3,153 2,981 1,135 1.070 740 722 770 707 508 482 Oct 3,363 3,382 1,259 1,244 817 821 793 774 494 543 Nov 3,453 3,387 1,221 1,148 929 881 835 835 468 523 Dec 3,368 3,735 1,235 1,193 798 785 796 939 539 818 1957 Jan * 3,512 3,079 1,285 1,204 955 785 818 742 454 348 Feb 3,496 2,954 1,265 1,105 840 691 845 750 546 408 Mar 3,299 3,319 1,150 1,208 834 821 817 842 498 448 Apr. i 3,505 3,558 1,286 1,347 850 855 878 894 491 462 May 3,485 3,709 1,253 1,361 817 886 866 897 549 565 June 3,412 3,638 1,235 1,332 800 904 842 870 535 532 July1 3,539 3,797 1,288 1,384 886 1,022 910 944 455 447 Aug • .... . 3,614 3,682 1,295 1,321 825 903 925 902 569 556 Sept 3,564 3,358 1,318 1,239 853 829 872 797 521 493 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 Sept 3,085 2,918 1.122 1,070 706 686 723 667 534 495 Oct 3,182 3,278 1,162 1,186 789 837 718 732 513 523 Nov 3,160 3,174 1,122 1,120 756 779 748 754 534 521 Dec 3,185 3,207 1,163 1,145 763 760 738 820 521 482 1957 Jan. i 3,311 3,333 ,183 1,195 846 808 766 760 516 570 Feb 3,214 3,019 1,153 1,080 790 733 758 697 513 509 Mar 3,160 3,279 ,107 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 ,172 1,198 815 814 794 815 493 513 3,251 3,195 ,177 1,155 783 780 786 776 505 484 July 1 3,350 3,442 ,181 1,237 840 846 822 842 507 517 Aug 3,344 3,336 ,217 1,225 797 814 822 802 508 495 Sept 3,432 3,244 ,248 1,189 822 796 827 764 535 495 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 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 ! + 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 July l + 189 + 355 + 152 + 192 +46 + 176 + 88 / + 102 -97 -115 Aue +270 +346 +78 +96 +28 + 89 + 103 + 100 + 61 +61 Sept + 132 + 114 +70 + 50 + 31 + 33 +45 + 33 -14 -2 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

1272 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on aw C a o r c d n o e s n d t t r r u a ( c v c t a t i s l o u n e)1 Employment and payrolls2 Depart- Wholeor Y m e o ar nth Total Tot M al anu r D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e i e a s n l i - - o A th l e l r p N m t a c e u l g u o m o e r r l n n a y - i - l - - t - pr E o M m d m u a p e n c l n t u o i t f y o a - n c t w ur o in r P r k g o a e l y r ls - s F i l c n r o e a g a i r s d g - * - ht v s ( m s r a a t e l l o e e t u a n r s e e i t * ) l p s C r u i o m c n e e - s r 2 m p c s r o o a ic d l m e e i s - t s y 2 Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 3 68 7 31 1 90 27 74 0 1920 41 39 42 36 53 34 18 45 61 9 69.0 37 1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55 2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58 5 58 4 25 7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65 2 64 2 32 1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67 9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 .... 40 39 31 48 51 34 22 41 60 3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53 6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 . .. 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 33 59.3 52.5 1937 61 60 55 64 71 32 25 36 70 2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73 3 71.2 34.0 83 37 59.9 51 1 1941 87 88 91 84 81 66 54 74 82 8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 50 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121.4 99.0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95 0 118.1 102.8 106 62 75.2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99 4 103.4 97.7 108 98 95.5 96 4 1948 104 103 104 102 106 102 98 105 101 6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113.5 111.6 1953 134 136 153 118 116 192 178 201 113 6 111.8 151.4 96 112 114.4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 111 114.8 110.3 1955 139 140 155 126 122 261 280 248 114 4 105.6 152.9 95 120 114.5 110 7 1956 143 144 159 129 129 268 271 266 118.6 106.7 161.4 97 125 116.2 114.3 1956 Sept 144 146 146 162 130 131 251 250 251 119.2 106.0 107.9 166.7 96 M30 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 146 148 148 164 131 133 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 281 120.1 106.0 105.8 164.3 98 127 118.9 116 9 Apr 143 144 145 160 129 130 n a. n.a. 286 120.2 105.9 104.8 161.5 91 122 119.3 117.2 May 143 143 145 159 130 130 n.a. n.a. 259 120.5 105.7 104.2 161.0 90 125 119.6 117.1 June 144 145 146 162 130 127 n a n a 267 120 6 105.3 104.7 163.8 90 127 120.2 117 4 July 144 135 146 161 130 127 n a. n.a. 252 120.7 104.9 103.4 160.5 85 132 120.8 118.2 Aug .... 145 r145 147 162 131 r129 n a n a 246 r120 8r104.4 r105.3 r164.7 92 134 121 0 118 4 Sept 144 145 146 159 132 128 n a n a n.a. 120.4 103.2 104.9 164.9 87 ^128 121.1 118 0 Oct *>142 ^147 P155 P127 n.a. n.a. n.a. P120.0^102.9P\04.3 e121 e Estimated. » Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. * Average per working day. Nonagricultural employment covers employees only and excludes 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 1273 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o ^ - 49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAJ 100.00 139 143 144 146 146 147 146 146 145 143 143 144 144 145 144 MANUFACTURES—TOTAL 90.02 140 144 146 147 147 149 147 148 147 145 145 146 146 147 146 Durable Manufactures—Total 45.17 155 159 162 163 165 167 162 160 159 162 161 162 Primary metals 6.70 140 138 148 147 146 145 144 143 137 134 132 132 '132 136 131 Metal fabricating 28.52 165 172 174 176 180 183 180 180 179 176 775 777 777 777 174 Fabricated metal products 5.73 134 135 139 140 139 141 137 138 137 140 136 139 141 140 140 Machinery 13 68 155 171 175 175 175 177 173 172 172 166 168 171 173 170 Nonelectrical machinery 9.04 135 153 158 156 155 157 154 155 155 151 152 151 152 151 Electrical machinery 4.64 194 207 210 211 214 216 208 204 204 196 199 209 214 207 Transportation equipment 7 54 203 199 193 203 216 223 221 224 222 217 213 215 210 205 Autos, trucks, and parts 4 80 153 125 112 121 137 143 139 140 135 126 124 127 123 122 Other transportation equipment 2 74 272 310 317 328 336 344 347 352 355 356 349 350 343 r335 331 Instruments and related products 1 29 149 166 171 172 172 173 173 174 173 172 171 171 173 175 175 Clay, glass, and lumber products 5 91 138 140 139 138 138 136 133 133 132 133 136 140 134 139 136 Stone, clay, and glass products 2.82 149 158 154 157 157 158 155 155 155 155 158 157 155 160 160 Lumber and products 3.09 127 123 126 120 119 117 114 113 111 113 115 125 114 120 114 Furniture and misc. manufactures 4.04 132 135 136 134 134 131 129 130 132 132 133 134 7J5 136 Furniture and fixtures 1.64 119 122 122 122 119 120 118 118 118 121 121 121 124 122 121 Miscellaneous manufactures 2.40 141 144 146 146 140 136 137 140 139 142 141 144 145 Nondurable Manufactures—Total 126 130 131 129 130 131 131 129 130 130 130 132 Textiles and apparel 11.87 109 108 108 HI 105 106 104 105 105 104 105 106 104 705 108 Textile mill products 6.32 107 104 103 105 103 103 100 101 101 99 98 100 97 99 103 Apparel and allied products 5.55 113 112 113 117 108 110 109 110 111 109 113 113 113 114 Rubber and leather products 3.20 122 117 116 117 114 118 122 124 123 118 775 116 777 r123 722 Rubber products 1.47 143 133 132 134 126 137 145 145 142 131 130 129 133 144 Leather and products 1.73 105 104 102 101 104 102 102 106 107 106 102 106 103 105 Paper and printing 8.93 137 145 145 148 147 147 148 147 147 147 148 148 146 '149 750 Paper and allied products 3.46 152 159 159 160 160 157 159 157 157 156 158 159 156 163 161 Printing and publishing 5.47 127 136 137 140 139 140 141 141 141 141 142 141 140 141 142 Newsprint consumption 1.85 128 132 131 133 132 133 135 132 132 128 132 132 129 129 131 Job printing and periodicals 3.62 127 138 140 144 142 144 145 146 145 147 147 146 146 r146 148 Chemical and petroleum products 9.34 159 167 168 167 168 770 174 172 171 172 174 770 773 Chemicals and allied products 6.84 167 111 177 ill 111 179 184 183 182 183 185 182 185 186 186 Industrial chemicals 2.54 184 196 194 196 195 199 205 205 202 204 206 198 '205 '204 208 Petroleum and coal products 2.50 135 141 143 140 143 145 147 143 141 142 142 138 139 141 Foods, beverages, and tobacco 11.51 109 112 113 113 113 113 HI 113 113 110 772 114 772 Food and beverage manufactures 10.73 109 113 114 113 114 114 111 113 113 110 111 112 114 113 112 Food manufactures 8.49 109 113 115 114 113 113 111 113 113 111 111 112 115 113 113 Beverages 2.24 107 112 112 111 115 117 113 111 115 108 111 115 108 112 Tobacco manufactures .78 105 107 106 106 109 107 112 116 111 109 110 111 114 110 MINERALS—TOTAL 9.98 122 129 131 131 130 130 131 133 133 130 130 127 127 129 128 Mineral fuels 8.35 123 129 130 130 131 133 133 130 130 127 127 129 128 Coal 2.68 80 85 86 85 87 80 82 87 92 87 82 86 83 '84 82 Anthracite .36 48 55 56 56 57 57 57 52 48 49 49 60 37 54 47 Bituminous coal 2.32 85 90 91 90 91 84 86 93 99 93 88 90 90 89 88 Crude oil and natural gas 5.67 143 150 151 151 149 153 154 154 152 151 153 146 147 150 Crude oil 4.12 131 137 139 138 137 141 142 144 144 139 141 136 134 134 135 Natural gas and gas liquids .70 177 191 193 192 191 189 196 198 198 202 204 194 P194 Metal, stone, and earth minerals 1.63 120 127 133 136 135 134 131 132 132 129 127 130 727 132 Metal mining .82 110 114 123 132 128 121 120 122 121 118 113 119 112 118 118 Stone and earth minerals .81 130 141 143 141 142 141 142 142 143 140 142 142 143 145 146 Preliminary 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1274 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 9 p 4 ro 7 - -49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 00.00 139 143 146 151 147 144 145 148 148 144 143 145 135 145 145 MANUFACTURES—TOTAL 90.02 140 144 148 153 149 146 146 149 150 146 144 146 136 146 147 Durable Manufactures—Total 45.17 155 159 161 168 166 166 164 167 166 163 159 162 150 159 158 Primary metals 6.70 140 138 145 149 146 142 146 149 144 140 134 136 118 128 128 Ferrous metals 5.03 138 135 146 149 146 145 147 149 144 138 133 134 118 127 126 Pig iron and steel 3.51 144 142 156 160 158 157 159 159 154 148 143 141 130 135 136 Pig iron .37 134 131 145 148 147 149 148 149 147 144 141 139 136 137 139 Steel 3.05 146 143 158 162 159 158 160 160 154 147 142 140 128 134 134 Carbon steel 2.62 141 139 153 157 156 156 157 159 152 146 141 141 129 133 134 Alloy steel .43 171 167 183 191 181 170 178 167 163 151 149 136 123 137 132 Ferrous castings and forgings 1.52 124 119 122 123 118 118 118 124 122 115 109 119 90 106 104 Iron and steel castings 1.29 123 117 122 122 118 117 117 122 119 113 108 117 90 107 104 Steel forgings .23 133 126 120 127 120 121 126 133 137 124 116 126 89 103 110 Nonferrous metals 1.67 143 144 142 146 143 133 143 148 142 145 139 142 '117 132 134 Primary nonferrous metals .38 153 164 159 170 169 170 170 167 166 175 171 167 157 160 153 Copper smelting .09 122 133 122 133 127 129 135 139 132 140 131 134 114 "122 120 Copper refining .06 123 132 114 134 135 128 137 146 141 146 148 136 125 126 119 Lead .04 103 115 123 122 116 120 113 118 116 129 115 110 104 107 116 Zinc .10 120 123 128 127 130 134 128 133 132 137 133 128 118 116 110 Aluminum .09 261 280 269 293 295 292 289 259 267 283 285 280 279 282 263 Secondary nonferrous metals .13 123 118 115 124 116 108 116 125 120 118 110 108 86 Nonferrous shapes and castings 1.16 142 140 139 140 138 123 138 144 137 138 132 138 107 '125 130 Copper mill shapes .63 114 115 120 111 116 98 111 121 105 113 107 114 72 '105 108 Aluminum mill shapes .20 208 215 202 218 196 175 203 200 206 213 215 211 214 192 200 Nonferrous castings .33 156 146 141 149 146 141 150 156 157 141 131 140 109 125 131 Metal Fabricating 28.52 165 172 172 180 181 183 181 185 184 179 174 176 167 173 172 Fabricated metal products 5.73 134 135 144 US 138 139 136 138 138 140 136 139 134 141 144 Structural metal parts 2.68 136 141 144 150 149 152 148 149 149 148 149 152 149 152 154 Stampings and misc. metal products.... 2.12 130 125 123 130 132 134 130 130 129 126 124 124 118 121 122 Tin cans .30 142 151 220 186 100 105 113 116 127 190 122 149 163 205 195 Furnaces, gas ranges, and heaters .63 111 110 143 128 98 82 84 103 101 98 95 104 81 105 124 Machinery 13.68 155 171 177 182 178 178 175 177 177 169 166 168 158 166 172 Nonelectrical machinery 9.04 135 153 155 153 152 158 158 160 161 157 154 153 146 143 148 Farm and industrial machinery 8.13 130 147 148 149 150 155 153 154 154 152 149 148 143 141 143 Farm machinery 1.02 91 86 79 73 77 82 86 89 92 90 87 85 82 '79 82 Industrial and commercial machinery. 7.11 135 156 158 160 160 165 163 164 163 161 158 157 152 149 151 Machine tools and presses .68 163 197 199 201 201 209 203 204 202 198 193 188 179 176 176 Laundry and refrigeration appliances... .69 144 168 174 150 137 155 152 175 190 164 158 160 129 119 159 Electrical machinery 4.64 194 207 220 237 227 217 208 210 208 194 189 197 182 '211 217 Electrical apparatus and parts 3.23 174 198 203 209 211 214 210 210 208 204 200 200 194 194 197 Radio and television sets .74 242 224 266 312 271 218 188 201 196 159 153 180 143 256 269 Transportation equipment 7.54 203 199 181 202 218 225 224 231 228 222 213 216 203 '207 190 Autos, trucks, and parts 4.80 153 125 92 121 139 144 141 148 142 135 127 130 114 123 98 Autos 1.50 190 138 59 105 164 177 174 178 171 155 144 156 134 148 84 Trucks .66 115 112 98 103 102 101 98 113 109 120 113 119 103 103 84 Light trucks .22 114 92 75 92 100 92 97 110 105 107 100 108 94 95 67 Medium trucks .19 69 58 51 52 43 45 42 57 52 69 60 62 52 48 29 Heavy trucks .14 172 218 201 195 195 207 182 200 193 224 215 228 208 195 184 Truck trailers .07 183 167 148 146 133 121 134 156 162 154 148 156 109 146 136 Auto and truck parts 2.58 141 121 109 135 135 136 134 140 134 127 121 118 106 113 Other transportation equipment 2.74 272 310 317 325 336 348 351 356 359 356 345 347 340 '335 331 Aircraft and parts 1.30 481 548 570 582 601 619 624 630 633 630 608 606 597 '588 576 Shipbuilding and repair .81 115 118 114 116 118 126 127 129 132 131 134 136 135 134 133 Railroad equipment .53 42 63 51 60 68 75 78 84 88 81 76 84 73 '69 81 Railroad cars 84 .35 30 54 36 52 64 73 77 86 98 86 81 71 85 Instruments and related products 171 172 1.29 149 166 171 173 174 175 173 174 174 174 171 168 175 Clay, Glass, and Lumber Products .. 144 143 5.91 138 140 145 146 138 129 125 131 132 135 137 127 141 Stone, clay, and glass products 157 158 159 163 163 Glass and pottery products 2.82 149 158 127 165 161 156 148 151 153 155 141 139 150 142 141 Flat glass and vitreous products 1.09 134 140 159 149 147 143 143 145 144 141 159 157 132 156 162 Flat and other glass .60 155 164 158 173 174 173 167 166 164 160 161 160 149 159 165 Glass containers .47 156 165 113 177 177 177 171 168 166 163 137 144 151 154 138 Home glassware and pottery .26 126 132 61 147 135 114 127 134 138 132 97 85 137 91 .23 91 87 86 92 96 98 102 100 100 78 Cement .32 148 157 174 171 157 144 113 116 133 145 161 161 119 185 Structural clay products .35 127 137 140 142 136 126 120 120 121 129 130 133 '134 137 138 B C r la ic y k firebrick, pipe, and tile . . 2 1 0 2 1 1 3 2 1 7 1 14 3 2 4 1 1 3 4 5 7 1 14 3 7 9 1 14 3 1 1 1 1 0 4 6 2 1 9 4 4 0 1 9 3 6 9 1 1 0 3 1 8 1 1 1 3 9 8 1 1 2 3 2 8 1 14 2 3 3 1 1 2 4 2 5 1 14 2 5 8 H4* Concrete and plaster products .48 180 194 204 199 192 187 173 177 181 185 194 200 198 201 199 Misc. stone and earth manufactures .58 166 173 176 177 177 180 174 177 177 176 177 177 173 175 176 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1275 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 127 123 133 130 117 104 104 112 112 117 118 131 105 125 121 LuLmubmerb earnd products . t .».. 2.05 112 107 118 111 101 91 89 98 100 100 99 110 88 106 103 .60 197 189 200 206 181 155 167 181 170 191 196 219 168 209 205 Millwork .39 144 121 139 130 103 82 90 105 102 107 110 146 101 144 132 .12 284 301 299 332 310 277 295 306 282 330 339 339 277 314 327 Wood containers .29 90 91 90 93 88 90 88 86 86 87 88 88 83 83 83 Furniture and Misc. Manufacturing... 4.04 132 135 140 143 138 137 128 130 131 129 128 130 125 136 140 1.64 119 122 125 127 111 US 118 119 119 117 115 118 116 124 125 Household furniture 1.10 120 121 125 127 123 125 116 118 119 117 114 117 115 124 126 Fixtures and office furniture .54 115 122 126 127 122 126 121 121 121 118 118 119 118 '123 123 Miscellaneous manufactures 2.40 141 144 150 154 150 145 136 137 139 137 137 139 131 144 150 NOD durable Manufactures—Total 44.85 126 129 134 137 132 125 128 131 133 128 129 130 122 133 136 Textiles and Apparel 11.87 109 108 105 114 106 100 106 112 115 104 106 104 89 107 105 Textile mill products 6.32 107 104 102 109 105 99 101 105 106 99 100 100 83 100 102 Cotton and synthetic fabrics 3.72 113 108 101 113 109 104 108 111 111 103 106 103 85 104 106 Cotton consumption. 2.30 103 102 97 108 104 93 99 101 102 95 99 96 75 98 97 Synthetic fabrics .97 137 118 110 118 119 123 129 129 123 117 110 110 109 111 120 Fabric finishing .45 100 98 82 105 90 99 87 102 110 87 107 100 62 91 91 Wool textiles .. .97 79 86 87 94 86 78 74 81 79 78 81 87 67 82 79 Wool apparel yarns .16 85 88 79 93 76 77 80 85 85 82 89 88 71 '86 79 Wool fabrics .75 78 86 90 96 90 79 72 80 78 77 79 88 67 81 80 Knit goods 1.15 no 108 114 111 109 99 100 105 109 102 102 106 96 109 108 Hosiery.... .65 106 100 105 100 101 90 98 103 106 92 89 92 76 95 95 Full-fashioned hosiery .45 110 102 106 100 98 90 98 104 109 91 87 87 69 88 87 Seamless hosiery .20 99 96 103 101 107 90 97 101 97 93 95 103 90 111 113 Knit garments . .. .50 115 119 125 125 119 110 102 108 113 116 118 124 122 127 127 .48 Woven carpets .31 79 83 97 87 78 79 86 92 91 85 69 64 46 68 75 Apparel and allied products 5.55 113 112 108 118 108 101 113 119 126 110 112 109 96 115 109 Men's outerwear 1.78 111 110 101 116 98 96 119 111 113 99 110 102 72 108 97 Men's suits and coats. .73 92 95 91 103 90 89 107 95 101 88 102 91 56 97 78 .50 90 93 85 100 92 93 114 100 104 90 100 88 54 93 77 Men's outercoats .13 77 78 90 91 57 53 51 50 63 60 85 78 46 90 65 Shirts and work clothing .99 123 118 106 124 101 98 126 121 120 104 113 108 80 113 109 Women's outerwear 1.85 116 112 108 117 107 89 108 130 148 119 115 111 101 118 109 Women's suits and coats .76 134 128 138 146 128 101 131 157 169 102 96 127 130 148 133 Misc. apparel and allied mfrs 1.92 111 113 116 121 119 117 112 117 118 111 110 112 112 119 121 Rubber and Leather Products 3.20 122 117 118 123 113 111 123 130 230 119 114 117 101 r123 124 Rubber products 1.47 143 133 135 144 129 132 147 148 148 135 133 132 111 135 Tires and tubes .70 131 121 120 121 108 122 126 136 134 121 125 123 109 120 Auto tires .40 140 123 121 124 113 130 136 150 151 135 137 136 122 131 Truck and bus tires. .30 120 *I 19 118 117 101 110 111 117 111 103 108 105 91 105 ^Miscellaneous rubber products .77 154 144 148 165 147 141 166 159 161 147 140 141 114 150 Leather and products..... 1.73 105 104 104 104 100 95 102 115 115 106 98 105 92 112 Leather .44 92 91 90 90 90 85 89 99 95 89 88 97 74 93 Cattlehide leathers .29 99 99 99 99 100 95 98 108 103 96 94 107 82 103 Skin leathers .15 79 76 73 74 70 65 72 82 81 76 75 77 58 72 .90 Miscellaneous leather products .39 99 97 99 101 97 95 90 96 96 90 87 92 92 100 Paper and Prin ting 8.93 137 145 147 154 151 143 144 147 151 150 149 148 136 r147 152 3.46 152 159 160 169 162 145 157 161 163 161 158 161 139 165 162 Pulp and paper 1.76 149 157 152 162 159 142 158 160 159 159 157 155 132 157 153 .51 169 179 171 185 183 160 182 181 181 182 182 175 152 181 172 Paper and board 1.25 140 148 145 152 149 135 149 151 150 150 147 147 124 147 145 Printing paper .22 127 140 139 145 146 135 140 139 137 136 136 136 121 132 126 .14 133 145 148 149 146 138 140 147 152 147 143 142 107 r139 143 Coarse paper .20 129 136 131 135 138 123 139 139 131 131 125 123 102 127 124 Miscellaneous paper .18 158 170 169 183 174 159 184 189 186 192 182 184 160 nis 170 P B a u p il e d r i b n o g a p rd aper and board . .4 1 1 0 1 13 4 7 9 1 13 5 1 5 1 12 4 8 8 1 13 5 1 9 1 11 5 8 5 1 9 3 4 9 1 11 5 8 4 1 1 5 2 5 8 1 15 2 8 0 1 1 5 2 5 6 1 1 5 2 7 4 1 12 5 7 4 1 1 2 1 8 8 r r1 1 5 3 8 4 1 1 5 3 9 4 Converted paper products 1.70 156 162 168 177 165 148 156 163 167 163 160 166 147 r173 172 Shipping containers .51 155 159 168 172 161 144 148 156 163 155 155 160 141 172 170 .11 158 170 166 189 173 158 179 183 177 184 174 183 163 175 176 • Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1276 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o ^ - 49 a A v n e n ra u g a e l 1956 1957 portion 1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5 47 127 136 139 145 144 142 136 139 144 143 142 140 134 136 145 Newsprint consumption.. 1 85 128 132 133 143 145 131 123 128 137 137 140 132 112 116 133 Job printing and periodicals 3 62 127 138 143 145 144 147 143 144 147 146 144 144 144 151 Chemical and Petroleum Products. 9 34 159 167 168 171 171 171 175 175 174 172 172 165 175 Chemicals and allied products 6 84 167 177 111 182 181 181 184 186 186 184 184 179 174 ,181 185 Industrial chemicals 2.54 184 196 192 198 199 199 205 207 206 206 206 200 194 I'200 206 Basic inorganic chemicals 57 180 189 186 191 191 193 198 208 206 210 209 197 189 i'196 203 Industrial organic chemicals 1.97 186 197 194 200 201 200 208 207 206 205 205 201 196 '201 207 Plastics materials .24 242 256 254 272 274 247 263 277 280 275 278 266 '240 269 Synthetic rubber .11 213 236 241 227 222 242 243 238 242 219 245 225 209 241 252* Synthetic fibers 59 186 181 169 185 189 187 205 202 196 203 198 189 197 204 Miscellaneous organic chemicals. 1 03 169 189 189 188 189 193 193 191 190 188 188 191 188 '184 187 Vegetable and animal oils. .64 124 132 122 159 157 143 147 152 134 121 116 109 107 113 120 Vegetable oils .48 117 124 115 161 154 139 143 143 129 113 103 94 95 100 110 Grease and tallow .16 145 158 144 151 167 157 159 181 150 146 155 154 142 153 151 Soap and allied products. .71 110 111 124 119 108 110 120 117 128 113 115 104 80 115 115 Paints .66 125 124 125 124 123 123 122 121 120 122 122 125 126 125 122 Fertilizers .23 12/5 129 109 119 112 120 125 135 166 181 172 119 104 108 119 Petroleum and coal products. 2.50 135 141 145 140 143 145 148 145 139 137 139 139 139 144 P147 Petroleum refining 1.97 142 150 151 146 152 158 160 154 149 145 148 147 146 152 ?155 Gasoline 1.04 152 159 164 155 160 165 164 157 156 154 161 162 161 168 P173 Automotive gasoline.. .98 147 153 158 149 155 159 158 153 150 149 155 156 155 163 Aviation gasoline.... .06 233 254 261 256 251 260 263 242 254 247 255 258 260 265 Fuel oil .56 138 147 145 142 149 161 170 164 151 143 143 142 141 144 P145 Distillate fuel oil. .30 175 193 196 1S8 195 210 225 216 197 187 190 188 185 191 Residual fuel oil. .26 94 95 87 89 97 105 108 104 99 93 90 90 89 89 Kerosene .10 107 111 108 117 126 124 120 116 109 93 89 83 82 82 Lubricating oil. .17 114 119 116 122 122 116 118 114 116 126 122 104 111 112 Coke .26 104 102 109 109 109 110 110 110 111 107 108 107 106 106 106 Asphalt roofing and siding. .15 110 104 131 123 49 77 94 92 80 104 107 122 119 84 73 Foods, Beverages, and Tobacco. 11.51 112 126 105 102 103 104 108 116 115 122 126 116 105 Food and beverage manufactures. 10 73 109 113 130 111 106 101 103 104 107 116 115 122 121 Food manufactures 8 49 109 113 134 129 117 108 104 104 105 102 104 111 114 123 130 Meat products 1.48 128 133 129 142 119 138 139 133 104 123 124 120 116 118 130 Beef .46 142 151 151 160 148 149 163 151 131 139 148 148 150 150 154 Pork .83 116 119 113 128 154 127 121 117 144 108 104 97 91 94 109 140 117 Dairy products .69 107 110 103 91 85 86 102 109 122 140 151 134 120 101 Butter .14 105 107 91 82 83 96 102 109 117 122 139 145 113 97 87 Natural cheese .07 116 117 105 97 93 96 100 107 115 135 161 165 137 119 105 Concentrated milk. .19 97 101 83 73 71 77 85 96 105 128 151 142 114 97 79 Ice cream .28 109 112 118 102 90 80 82 97 101 109 122 149 151 141 117 Canned and frozen foods. 1.13 118 133 264 188 116 98 87 82 89 91 111 163 212 223 Grain-mill products 1.16 105 101 109 106 99 99 100 100 99 95 97 98 97 '105 107 Wheat flour .46 83 84 95 91 87 88 92 92 90 82 81 87 78 88 94 Cereals and feeds .70 119 113 118 116 107 107 105 106 106 104 108 105 110 '116 116 Bakery products. 1.64 97 98 100 101 100 99 95 96 96 98 99 102 104 103 102 Sugar .27 115 122 110 271 296 222 85 57 54 60 68 88 74 80 Cane sugar .11 113 116 130 123 100 102 102 96 107 110 117 140 122 123 Beet sugar .13 111 121 86 393 459 320 65 20 3 13 21 38 27 38 Confectionery .71 101 107 152 141 130 91 113 123 119 96 84 95 81 103 155 Miscellaneous food preparations 1.41 106 105 106 105 105 102 101 103 103 102 106 114 113 113 113 Beverages 2.24 107 112 116 120 110 98 90 97 110 110 119 137 119 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 102 105 106 118 109 93 86 93 105 102 107 122 104 100 Beer and ale 1.02 101 101 93 83 80 84 88 86 104 108 116 129 126 109 Liquor distilling... .17 77 78 93 133 92 80 79 85 86 81 80 65 33 46 Liquor bottling... .37 109 119 135 179 175 115 81 105 111 95 97 127 84 101 Tobacco manufactures. .78 105 107 111 115 111 87 110 114 111 104 113 121 102 120 Cigarettes .46 109 111 115 119 114 92 117 119 115 109 121 129 114 126 Cigars .17 104 104 109 116 113 83 101 112 110 102 104 111 81 115 Preliminary. p Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1277 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] Annual 1947 49 average 1956 1957 Industry pro portion 1955 ! 1956 Sept. Oct I Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. WITHOUT SEASONAL ADJUSTMENT —Continued 9 98 122 129 132 132 130 129 130 131 131 131 132 130 123 130 129 MINERALS—TOTAL 8.35 123 129 129 130 130 132 135 135 134 132 119 127 126 Mineral Fuels 2 68 80 85 90 93 90 83 85 87 88 83 82 88 65 '86 86 Coal .36 48 55 62 64 59 55 57 52 43 46 50 64 32 52 52 Anthracite 2.32 85 90 95 98 95 87 90 93 95 89 87 92 71 92 91 Bituminous coal Cr O O ud i i C l l N e a a r a o N N u n n t i d u d d l a a e r t t a a u g u g n o l a a r r d i a a s s g l l l n a e w s g g a x e t a a t a l u r s s l n a r a d d l c i l t r q i i l o g u l i l q n a i i d n u s s g ids 4 4 5 . . . . . . . 1 8 6 8 3 3 7 2 2 7 5 6 4 0 1 1 1 1 1 1 1 4 3 8 7 6 3 7 3 1 5 5 9 7 7 1 1 1 1 1 1 1 5 9 4 9 3 8 8 0 1 5 9 7 2 0 1 1 1 1 1 1 1 4 4 7 8 3 8 8 7 3 3 9 5 6 2 1 1 1 1 1 1 1 4 4 7 3 8 8 9 7 1 7 4 7 0 4 1 2 1 1 1 1 1 4 0 3 4 7 9 8 9 9 7 6 0 7 6 2 2 1 1 1 1 1 1 5 0 4 8 9 5 4 5 2 1 1 1 0 2 2 1 1 1 1 1 4 5 1 4 5 8 9 0 8 4 3 4 2 0 2 1 2 1 1 1 1 3 5 1 4 5 9 6 5 7 4 7 7 4 0 2 1 2 1 1 1 1 2 5 0 5 4 8 5 5 6 6 1 8 9 6 2 2 1 1 1 1 1 0 1 5 8 6 5 4 0 4 5 8 8 3 5 2 1 1 1 1 1 1 5 0 4 5 8 6 9 3 2 3 0 6 8 4 1 1 1 1 1 1 1 4 4 3 5 7 8 9 5 3 6 6 7 4 2 ^ 1 1 1 1 1 1 4 8 3 7 6 3 5 0 9 9 7 2 ^ 1 1 1 1 1 1 8 4 8 3 7 3 9 6 5 9 9 0 1 13 4 1 5 Metal, Stone, and Earth Minerals 1.63 120 127 147 146 129 116 109 1/3 114 124 140 149 143 '146 146 Metal mining ,82 110 114 142 142 114 94 91 98 95 111 135 150 137 139 136 Iron ore .33 113 104 179 175 109 62 49 50 48 87 159 193 181 182 172 Nonferrous metal mining 49 108 120 117 120 118 115 120 130 127 126 118 122 108 110 112 Copper mining .24 123 136 132 134 132 129 133 145 141 140 133 139 121 r124 132 Lead mining 09 84 88 87 92 87 83 89 96 94 94 88 85 79 '81 77 Zinc mining 06 81 87 86 91 88 86 92 96 98 99 86 90 78 77 68 Stone and earth minerals 130 141 151 150 144 138 128 129 133 137 145 148 149 154 155 p Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 PPuubblliiccaattiioonn ssuussppeennddeedd ppeennddiinngg rreevviissiioonn.. 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] Series 19 p 4 r 7 o- -49 a A v n e n ra u g a e l 1956 1957 tion 1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. ELECTRICITY AND GAS—TOTAL 100.00 199 218 220 221 222 223 225 227 226 226 229 232 ^235 ^237 ^236 Residential .. 41.34 217 241 244 243 244 246 248 252 252 251 254 260 Nonresidential 58.66 187 201 202 205 206 207 210 209 207 209 211 212 Electricity 76.18 199 218 219 221 223 224 227 229 227 228 231 234 239 240 Residential 27.48 224 250 254 253 257 258 260 266 266 263 267 274 280 284 23 68 190 206 205 211 212 211 213 211 209 214 215 214 217 217 General industrial 23.49 173 186 186 192 192 191 193 191 188 193 194 193 198 198 .19 2221 2697 2650 2660 2670 2720 2740 2720 2750 27902880 2790 25602530 Commercial and other 25.02 180 194 194 196 197 199 204 205 202 203 207 210 215 214 Gas 23.82 200 218 220 219 218 219 220 221 221 221 223 224 z>224 P228 13.86 203 223 224 222 220 221 223 224 225 228 230 232 Industrial 6 16 201 218 224 226 229 228 225 222 220 215 ?n 211 3.80 185 197 199 196 194 197 203 205 207 209 210 212 » Preliminary. r Revised. 1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures sec BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1278 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 ro 7 - ^9 a A v n e n ra u g a e l 1956 1957 Product portion 1955 1956 Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 123 123 132 141 137 138 134 124 124 129 129 133 128 Major Durables 69.72 164 140 127 129 143 154 147 149 144 131 131 137 137 141 134 Autos 32.10 190 138 106 117 152 168 169 167 159 141 139 144 134 145 129 Major household goods 36.13 144 144 148 142 136 143 130 134 132 124 126 133 142 138 141 Furniture and floor coverings. 15.32 116 117 118 115 114 115 114 113 113 114 112 113 118 116 115 Household furniture 11.31 120 121 122 121 118 121 119 117 118 120 118 121 123 124 122 Floor coverings i 4.01 Appliances and heaters 15.60 138 143 149 136 130 144 128 137 133 119 119 123 126 123 134 Major appliances 11.88 144 151 158 144 138 156 136 144 140 121 124 127 132 133 144 Ranges 2.60 100 103 98 96 85 104 95 103 100 88 85 85 77 84 85 Refrigeration appliances.. 4.98 151 150 159 132 136 151 128 153 151 136 138 135 140 140 146 Laundry appliances 2.51 193 216 233 231 211 233 209 183 177 133 152 167 182 182 212 Heating apparatus 3.72 120 118 120 112 102 108 105 114 111 110 104 108 109 92 102 Radio and television sets 5.21 242 224 232 237 218 218 181 189 185 167 186 226 259 248 237 Radio sets 3.42 77 70 71 72 74 75 71 81 80 75 67 69 65 68 88 Television sets 1.79 558 519 538 551 493 491 392 395 388 343 413 524 628 591 521 Other Consumer Durables 30.28 106 111 113 110 109 113 114 114 111 109 108 108 111 114 115 Auto parts and tires 14.00 102 105 108 102 102 109 112 114 112 104 103 104 110 111 Misc. home and personal goods. 16.28 109 116 117 117 115 117 116 113 110 113 112 112 112 117 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL... 100.00 147 131 113 128 139 141 137 143 142 130 124 131 116 132 119 Major Durables 69.72 164 140 111 132 151 154 149 157 155 140 131 140 121 139 118 Autos 32.10 190 138 59 105 164 177 174 178 171 155 144 156 134 148 84 Major household goods 36.13 144 144 158 158 141 137 129 140 143 128 122 129 110 133 150 Furniture and floor coverings. 15.32 116 117 122 122 117 118 113 116 116 113 108 110 105 r115 119 Household furniture 11.31 120 121 125 127 123 125 116 118 119 117 114 117 115 124 126 Floor coveringsJ 4.01 Appliances and heaters 15.60 138 143 158 142 122 128 125 144 151 131 125 131 105 109 141 Major appliances 11.88 142 151 158 143 127 141 137 158 166 140 133 136 108 109 144 Ranges 2.60 100 103 106 102 82 94 94 116 114 92 82 88 59 77 93 Refrigeration appliances. 4.98 151 150 145 109 103 128 131 162 188 173 163 164 130 102 133 Laundry appliances 2.51 193 216 251 261 230 229 207 208 195 140 144 150 126 164 229 Heating apparatus 3.72 120 118 157 137 104 85 88 100 104 103 99 114 94 109 134 Radio and television sets 5.21 242 224 265 312 270 217 188 201 196 159 153 180 143 256 268 Radio sets 3.42 77 70 66 88 91 92 73 83 84 72 67 57 40 62 81 Television sets 1.79 558 519 645 738 611 456 408 427 411 326 318 414 339 627 625 Other Consumer Durables 30.28 106 111 118 118 112 110 110 112 111 107 106 108 106 116 119 Auto parts and tires 14.00 102 105 116 110 101 103 109 110 107 101 103 107 109 114 iii' Misc. home and personal goods. 16.28 109 116 119 125 121 117 111 114 114 112 109 108 104 117 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. 438^47. 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 d re t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r Total trial mercial utility tial 1949 24,163 17,759 9,642 5,322 972 1,027 3,323 2,795 6,404 137 2,131 852 3,284 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11,961 1,313 4,050 701 5,897 1956 46.060 33,242 17,632 11,828 3,084 3,631 5,113 3,782 12,818 1,395 4,470 826 6,127 1956—Oct... 3,890 2,778 1,451 1,001 273 296 432 326 ,112 118 381 72 541 Nov.. 3,894 2,822 1,468 1,025 269 304 452 329 ,072 113 341 73 545 Dec. 3,904 2,799 1,460 1,009 269 305 435 330 ,105 111 369 72 553 1957—Jan.r. 3,914 2,728 1,411 983 264 292 427 334 ,186 115 441 70 560 Feb.'. 38,85511 2,730 1,391 999 270 283 446 340 ,121 105 406 73 537 Mar.r 3,900 2,740 1,383 1,013 274 292 447 344 1,160 104 434 71 551 Apr.r 3,889 2,737 1,361 1,027 277 295 455 349 1,152 98 407 76 571 Mayr 3,896 2,742 1,321 1,070 278 304 488 351 1,154 105 401 78 570 JuneT 3,899 2,741 1,324 1,064 273 303 488 353 1,158 99 406 79 574 July. 3,824 2,730 1,349 1,041 265 293 483 340 1,094 104 366 80 544 Aug.*3 3,940 2,785 1,377 1,054 266 297 491 354 1,155 117 374 90 574 Sept.** 3,977 2,793 1,392 1,049 257 298 494 352 1,184 111 392 90 591 Oct.*'. 4,028 2,825 1,414 1,063 251 308 504 348 1,203 108 414 593 "Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1279 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- Other public tories mercial tional utilities 1949 10,359 3 718 6,641 4,239 559 885 824 1,376 2,476 1950 14 501 4 409 10 092 6 741 1,142 1,208 1,180 1,651 2,578 1951 15 751 6 122 9,629 6,205 2,883 915 1,335 1,689 2.723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17 443 6 334 11 109 6 479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6 558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23.745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5.063 1956 *24 628 8 036 U6 592 U0 042 1,918 12,581 2,314 12,193 5,580 1956—Sept 2 106 671 1 435 845 171 221 185 199 485 Oct 1,870 589 1,281 820 126 182 185 182 375 Nov 1 757 582 1 175 693 130 226 199 174 335 Dec 1,659 737 922 533 104 170 200 149 502 1957__jan 1,778 679 1,099 612 197 211 184 170 405 Feb .. 1,718 664 1,053 676 167 175 178 167 354 Mar 2 448 757 1 690 861 182 303 222 208 670 Apr 2,151 652 1,499 966 118 180 165 162 559 May 2,674 1,029 1,645 1,020 129 246 244 247 788 June 2 424 930 1 494 887 221 279 232 268 537 July 2,301 791 1,510 1,067 115 236 173 221 487 Aug.. . 2 275 619 1 656 1 035 159 267 206 191 417 Sept 2*125 918 123 262 192 220 409 1 Figure not comparable with earlier years. 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 t - s 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—July 3,013 136 329 147 249 252 298 415 122 126 202 176 561 Aug 2,953 123 288 117 279 196 286 439 107 95 181 168 674 Sept 2,575 142 303 113 258 176 226 424 117 108 164 152 393 1957—July 2,901 170 346 141 261 189 294 430 127 114 179 163 486 Aug 2,818 147 381 123 229 193 317 416 130 98 176 155 453 Sept 2,625 119 364 142 240 201 254 392 106 112 166 160 370 PERMANENT NONFARM DWELLING UNITS STARTED (Bureau of Labor Statistics estimates. In thousands of units] p T ri o v t a a t l e Metro- Non- Private Year or month a ( n s a e n d a u j s u a o l s n t a e ra l d l t y e) Total p a o r l e it a a s n p a o r l e it a a s n Total fam 1- ily tam 2- ily M fam ul i t l i y - 1949 ,025 n.a. n.a. Q89 792 35 162 1950 ,396 1,022 374 1,352 1,151 42 159 1951 ,091 in 315 1,020 892 40 88 1952 ,127 795 332 1,069 939 46 84 1953 ,104 804 300 1,068 933 42 94 1954 ,220 897 324 1,202 1,077 34 90 1955 .... ,329 976 353 [,310 1,190 33 87 1956 .118 780 338 .094 981 31 82 1956— Oct 1,052 94 65 29 91 81 3 8 Nov 1,027 77 55 23 77 68 3 7 Dec . 1,020 64 45 19 63 53 2 1957 Jan 962 63 44 19 60 50 2 Feb 935 66 47 19 63 53 2 Mar 933 87 59 29 79 68 3 Apr .. .... 962 94 64 30 91 79 3 May 994 103 68 35 97 82 3 June 995 100 69 31 95 80 3 July 1,015 100 63 37 94 81 3 Aug PI,010 *>95 66 29 ^93 n.a. n.a. Sept *990 P90 60 30 *>88 n.a. n.a. Oct.. . .... *l,000 ^95 62 33 P87 n.a. n.a. 00 OOoc Government-underwritten * Public Total FHA VA 36 466 360 105 44 686 486 200 71 412 264 149 59 421 280 141 36 409 252 157 19 583 276 307 20 670 277 393 24 463 192 271 2 40 16 24 0 30 12 18 1 26 11 15 3 20 8 12 3 19 10 10 9 8 24 12 U 10 2 26 12 13 13 6 27 15 12 11 5 29 16 13 10 6 29 17 12 n.a. J>2 30 19 12 n.a. vi 29 17 12 n.a. vg 29 20 10 * Preliminary. n.a. Not available. figures are based on field office reports of first compliance inspections; * Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. •ure 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

1280 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 a t n i t o i o o n n n a - l T l f a o o b r t c o a e r l Employed i Unem- l N ab o o t r i n f o t r h c e e Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110 780 64,599 63 099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117 388 68,896 65 848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1956—Oct 119 198 70,905 68,082 66,174 59,000 7,173 1,909 48,293 Nov 119,344 70,560 67,732 65,269 59,076 6,192 2,463 48,783 Dec . . . 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 1957—Jan 2 119,614 68,638 65,821 62,578 57,643 4,935 3,244 50,973 Feb 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 Mar 119,899 69,562 66,746 63,865 58,431 5,434 2,882 50,337 Apr 120 057 69,771 66 951 64,261 58,506 5,755 2,690 50,286 May 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 June 120.383 72,661 69,842 66,504 58,970 7,534 3,337 47,722 July 120 579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 Aug 120,713 71,833 68,994 66,385 59,562 6,823 2,609 48,880 Sept 120 842 71 044 68 225 65 674 59 156 6 518 2 552 49,797 Oct 120,983 71,299 68,513 66,005 59,168 6,837 2,508 49,684 ludes self-employed, unpaid family, and domestic service workers 1956 shown above are: Labor force, 71,303; employment—total, 66,240; nonagricultural, 59,402; agricultural, 6,838; and unemployment, 2,277. 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—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 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 52,815 16,880 861 3,061 4,168 11,636 2,343 6,492 7.374 Aug 52 844 16,836 853 3 032 4 184 11,669 2,354 6,477 7 439 Sept 52,644 16,663 851 3,029 4,175 11,617 2,360 6,507 7,442 Oct 52,507 16,590 848 2,995 4,146 11,655 2,363 6,485 7,425 WITHOUT SEASONAL ADJUSTMENT 1956— 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 May 52 482 16,762 835 3,082 4,156 11,411 2,329 6,520 7,387 52,881 16,852 858 3,232 4,181 11,505 2,359 6,551 7,343 July 52 605 16,710 857 3 275 4,199 11,493 2,390 6,524 7.157 Aug 52,891 16,955 862 3,305 4,215 11,499 2,389 6,509 7,157 Sept 53,132 16,884 855 3,287 4,206 11,617 2,360 6,540 7,383 Oct 53,078 16,767 848 3,205 4,157 11,729 2,351 6,550 7,471 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for September and October 1957 are preliminary. Back data may be month. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 1281 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Total 13,278 12,915 12,762 12,733 13,465 13,024 12,976 12,907 Durable goods 7,749 7,517 7,375 7,364 7,788 7,476 7,384 7,402 Ordnance and accessories 82 75 73 70 82 75 73 70 Lumber and wood products 664 620 609 600 684 645 630 618 Furniture and fixtures 319 322 317 312 325 317 319 318 Stone, clay, and glass products 469 454 454 447 476 459 461 454 Primary metal industries 1,134 1,082 1,067 1,055 1,134 1,077 1,067 1,055 Fabricated metal products 905 887 876 878 910 878 876 882 Machinery except electrical 1,281 1,210 1,215 1,184 1,255 1,180 1,185 1,160 Electrical machinery. 899 879 881 869 908 861 881 878 Transportation equipment 1,354 1,363 1,262 1,337 1,354 1,363 1,262 1,337 Instruments and related products 233 228 226 223 234 225 226 224 Miscellaneous manufacturing industries 409 397 395 389 427 395 405 406 Nondurable goods 5,529 5,398 5,387 5,369 5,677 5,548 5,592 5,505 Food and kindred products 1,110 1,062 1,054 1,055 1,209 1,194 1,212 1,144 Tobacco manufactures 87 81 80 77 104 90 97 92 Textile-mill products 958 920 917 905 958 911 912 905 Apparel and other finished textiles 1,080 1,063 1,062 1,054 1,096 1,084 1,083 1,070 Paper and allied products 465 463 461 466 470 465 468 471 Printing, publishing and allied industries 557 559 564 565 563 553 564 571 Chemicals and allied products 545 538 533 532 550 530 536 537 Products of petroleum and coal 176 172 174 173 176 175 176 173 Rubber products .' 213 206 205 205 215 204 206 207 Leather and leather products 338 334 337 337 336 341 337 335 NOTE.—Data covering production and related workers only (full- and are preliminary. 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 September and October 1957 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 Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct Total 82.21 82.80 83.20 82.16 40.7 40.0 40.0 39.5 2.02 2.07 2.08 2.08 Durable goods 89.01 89.06 89.47 88.36 41.4 40.3 40.3 39.8 2.15 2.21 2.22 2.22 Ordnance and accessories 95.18 93.83 95.04 95.51 42.3 40.1 40.1 40.3 2.25 2.34 2.37 2.37 Lumber and wood products 73.03 75.62 72.10 73.16 40.8 41.1 39.4 40.2 1.79 1.84 1.83 1.82 Furniture and fixtures 71.97 71.63 71.98 71.81 41.6 40.7 40.9 40.8 1.73 1.76 1.76 1.76 Stone, clay, and glass products 82.19 84.25 84.25 84.45 41.3 40.9 40.7 40.6 1.99 2.06 2.07 2.08 Primary metal industries 98.74 99.82 100.86 96.52 40.8 39.3 39.4 38.0 2.42 2.54 2.56 2.54 Fabricated metal products 89.03 90.20 91.91 89.95 41.8 41.0 41.4 40.7 2.13 2.20 2.22 2.21 Machinery except electrical 94.73 93.15 94.42 92.40 42.1 40.5 40.7 40.0 2.25 2.30 2.32 2.31 Electrical machinery 83.22 82.81 83.42 81.56 41.2 40.2 40.3 39.4 2.02 2.06 2.07 2.07 Transportation equipment 99.07 97.69 98.15 98.65 41.8 40.2 39.9 40.1 2.37 2.43 2.46 2.46 Instruments and related products 84.05 84.00 86.05 85.41 41.0 40.0 40.4 40.1 2.05 2.10 2.13 2.13 Miscellaneous manufacturing industries. . 72.45 72.00 72.94 72.40 40.7 40.0 40.3 40.0 1.78 1.80 1.81 1.81 Nondurable goods 72.65 74.26 75.24 74.29 39.7 39.5 39.6 39.1 1.83 .90 1.90 Food and kindred products 75.99 77.71 78.91 77.59 41.3 40.9 41.1 40.2 1.84 .90 .92 1.93 Tobacco manufactures 54.91 57.22 57.52 55.28 39.5 38.4 39.4 37.1 1.39 .49 .46 1.49 Textile-mill products 59.75 58.65 59.04 59.65 40.1 39.1 39.1 39.5 1.49 .50 .51 1.51 Apparel and other finished textiles 54.24 55.20 55.27 53.34 36.4 36.8 36.6 35.8 1.49 .50 .51 1.49 Paper and allied products 84.94 87.55 89.23 87.98 42.9 42.5 42.9 42.5 1.98 2.06 2.08 2.07 Printing, publishing and allied industries.. 95.80 96.64 98.03 97.14 39.1 38.5 38.9 38.7 2.45 2.51 2.52 2.51 Chemicals and allied products 88.60 92.25 92.93 92.29 41.4 41.0 41.3 41.2 2.14 2.25 2.25 2.24 Products of petroleum and coal 104.86 109.21 113.30 106.79 40.8 40.6 41.5 39.7 2.57 2.69 2.73 2.69 Rubber products 89.98 92.84 93.02 92.75 40.9 40.9 40.8 40.5 2.20 2.27 2.28 2.29 Leather and leather products 55.72 58.67 57.66 57.20 36.9 38.1 37.2 36.9 1.51 1.54 1.55 1.55 NOTE.—Data are for production and related workers. Figures for September and October 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

1282 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average* 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 r127 144 129 SEASONALLY ADJUSTED 1956—Sept ••130 117 120 127 127 140 r158 r128 127 129 r129 M46 131 Oct 122 114 112 118 118 136 144 117 119 103 123 134 130 Nov 131 119 120 126 123 146 157 130 134 123 131 146 132 Dec 129 116 116 125 122 139 154 128 130 124 128 150 131 1957 jan 125 109 119 121 118 144 151 120 125 118 122 140 131 Feb 125 117 115 119 123 136 153 121 125 114 121 141 127 Mar 127 110 115 124 120 146 149 126 125 118 122 143 133 Apr 122 107 109 121 117 136 146 120 125 113 121 135 127 May 125 112 115 124 118 139 153 123 127 116 124 151 126 127 110 117 130 117 136 155 123 119 117 125 161 131 July 132 113 120 122 130 144 168 126 135 120 139 171 133 Aug 134 114 126 130 127 150 164 132 131 126 132 163 r131 Sept .... 104 115 120 126 156 126 129 121 150 134 WITHOUT SEASONAL ADJUSTMENT 1956—Sept '132 125 122 131 127 M43 M53 r133 130 137 rl29 r146 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 124 112 113 123 114 140 150 121 127 118 123 150 124 121 110 113 122 113 131 138 121 116 108 120 146 125 July 104 81 86 90 100 114 134 100 104 97 114 145 116 Aug 118 91 97 105 115 126 148 119 119 120 124 152 126 Sept 111 117 124 126 152 131 131 128 150 130 STOCKS i 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 128 122 116 123 117 147 152 122 124 121 136 147 134 1956 139 129 126 133 125 165 165 132 137 132 146 157 145 SEASONALLY ADJUSTED 1956—Sept 139 132 M24 135 126 170 167 131 134 128 M47 r160 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 140 127 131 136 125 167 168 137 138 134 142 165 142 143 128 134 140 128 175 169 139 139 134 142 169 147 July ... 143 127 136 139 127 171 171 138 141 129 141 171 148 Aug 143 125 134 H41 127 168 172 135 135 135 140 170 157 Sept 128 134 142 129 P113 170 135 134 134 P\64 WITHOUT SEASONAL ADJUSTMENT 1956—Sept rl46 136 142 132 175 174 138 145 134 153 r169 rl53 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 145 131 136 141 130 177 169 138 138 136 145 166 153 137 119 126 131 121 170 159 130 128 127 136 157 148 July 135 115 124 125 117 167 160 130 129 125 135 162 146 Aug 140 121 131 '136 124 171 168 131 135 r132 139 168 151 Sept 132 141 149 135 177 141 145 140 ^146 P174 P Preliminary. r Revised. NOTE.—For description and monthly indexes for back years see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1283 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales * Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t n o d i a n d n u n e g t r t d h - o s - 1 f ) m c ( e t R o f i o o p n e t r t t a - s h 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 o st p o r t a o d u l n u c e t d k s r - s - s ce R ip e- ts Annual average: 1948 381 979 494 386 363 2 7 1 4 4 1 1.0 1949 361 Q?5 373 358 358 2.7 .1 3.8 J n 1950 376 .012 495 391 401 2.8 .4 4.2 .1 1951 391 .202 460 390 379 3.2 1.3 4 4 0 1952 .... 397 .097 435 397 401 2.9 .2 4.1 1.0 1953 406 163 421 408 401 3 0 4 1 o 1954 409 140 388 410 412 3.0 0 4.0 0 1955 437 .195 446 444 449 2.9 4.0 1.0 1956 453 282 469 459 457 3.0 4 1 o Month: 1956—Sept '442 ,329 '600 '512 '537 3.0 .4 4.4 [.2 Oct 485 .475 588 625 615 3.0 .2 4.3 .3 Nov 577 525 473 627 512 2 6 () 8 3 5 1 Dec 821 ,214 340 510 377 1.5 () 4 1 9 0.6 1957 Jan. ... 362 .197 430 345 435 3.3 .2 4.5 1.0 Feb . - 336 .252 461 391 422 3.7 .4 5.1 1.2 Mar 394 I 356 414 498 451 3.4 1 4 5 1.3 Apr 441 ,381 346 466 398 3.1 ().8 3.9 1.1 May 449 353 355 421 430 3 0 () 8 3 8 0.9 June... 409 1,257 519 313 477 3.1 .3 4.3 0.8 July .... 356 1,245 600 344 425 3.5 .7 5.2 1.0 Aug 432 ,300 569 487 456 3.0 .3 4.3 1.1 Sept v 439 I 400 577 539 547 3.2 3 4.5 1.2 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1956, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see 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 exports1 Mer m ch il a it n a d r i y s - e a i e d x p sh or ip ts m e e x n c t lu s2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan ,168 ,284 1,680 ,083 ,202 ,583 871 ,073 1,113 Feb ,238 ,362 [,611 ,143 ,272 ,490 850 ,051 993 Mar 344 583 2,151 ,252 ,478 >,022 1,019 102 ,132 Apr ,264 1,512 r[,863 ,170 ,400 ,780 871 991 ,118 May ,323 I 716 1,813 ,192 ,521 1,711 959 .095 ,104 June ,321 ,697 r[,787 ,193 ,491 ,653 937 ,034 983 July ... ,270 ,639 [,692 ,142 ,288 ,505 885 ,052 ,145 Aug 239 536 1 678 r ,112 r 378 ,537 961 055 042 Sent ... ,255 r1,534 1.541 r ,156 r ,427 .438 947 995 V .008 Oct r 399 671 ,279 ,560 1,011 1 121 Nov ,322 544 ,249 ,424 1,065 987 Dec . .407 r2,003 .323 r .880 1,008 1,059 Jan -Sept 11,422 13,863 15,816 10,443 12,457 14,719 8,300 9,448 ^9,638 P Preliminary. r Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1284 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing good Year or month items Foods Total Rent G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- parel p t o io rt n a- c ic a a re l s c o a n r a e l re a c n re d a- s a e n rv d elec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65 6 117 4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 76.9 68 9 90 9 76.3 1949 101.8 100.0 103.3 105 0 102 5 106.8 99.6 100.1 99.4 108 5 104 1 101 1 104 1 103 4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125 2 113 4 107 1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1956 Sent 117.1 113.1 122.5 133.4 112.2 130.5 103.3 123.7 106.5 128.6 134.0 120.5 108.4 122.7 Oct 117.7 113.1 122.8 133.4 112.0 132.9 103.6 124.2 106.8 132.6 134.1 120.8 108 5 123.0 Nov 117.8 112.9 123.0 133.8 111.8 134.3 103.8 124.5 107.0 133.2 134.5 121.4 109.0 123.2 Dec 118 0 112 9 123.5 134 2 112 0 136.1 104.1 124.8 107.0 133 1 134 7 121 8 109 3 123 3 1957 Jan 118.2 112.8 123.8 134.2 112.3 138.9 104.0 125.4 106.4 133.6 135 3 122.1 109 9 123.8 Feb 118.7 113.6 124.5 134.2 112.4 139.3 105.0 125.6 106.1 134.4 135.5 122.6 110.0 124.0 Mar 118.9 113.2 124.9 134.4 112.4 139.2 104.9 126.2 106.8 135.1 136.4 122.9 110.5 124.2 Apr 119.3 113 8 125.2 134 5 112.4 138.1 105.1 126.4 106.5 135 5 136 9 123 3 111 8 124 2 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 Aug 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112.6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 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 All Tex- Fuel, Ma- Furni- Year or com- Farm Proc- tile Hides,power, Chem- Rub- Lum- Pulp, Metals chin- ture Non- Tomonth modi- prod- essed prod- skins, and icals ber ber paper, and ery and me- bacco ties ucts foods Total ucts and light- and and and and metal and other tallic mfrs. Misand leather ing allied prod- wood allied prod- mo- house- min- and cellaap- prod- ma- prod- ucts prod- prod- ucts tive hold erals—bottled neous parel ucts terials ucts ucts ucts prod- dura- struc- bevucts bles tural erages 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110 1 97.0 104.6 114.0 97 3 98 5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114 2 118 2 115 7 97 8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1956 Sept 115.5 90.1 104.0 123.1 94.8 100.2 111.1 107.1 145.7 123.6 127.9 151.9 139.7 119.7 131.1 122.8 89.9 Oct 115.6 88.4 103.6 123.6 95 3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121 0 131 5 123 1 89 2 Nov 115.9 87.9 103.6 124.2 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121.1 131.2 123.5 91.2 Dec 116.3 88.9 103.1 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 91.7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132 0 124.0 93.2 Feb 117.0 88.8 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.1 92.4 Mar . 116 9 103.7 125.4 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 9 117.2 109.3 145.1 119.7 128.9 150 6 145 2 121 7 135 1 124 7 87 3 JUly r1 1 1 1 8 8 . . 4 2 9 93 2 . . 0 8 r1 1 0 0 6 7 . . 8 2 r1 1 2 2 6 5 . . 0 7 9 9 5 5 . . 4 4 1 10 0 0 0 . . 5 7 r1 1 1 1 6 6 . . 3 4 r1 1 0 0 9 9 . . 8 5 '1 1 4 4 6 4 . . 9 9 r1 1 1 1 8 9 . . 6 3 1 1 2 2 9 9 . . 5 9 1 1 5 5 3 2 . . 2 4 1 1 4 4 5 6 . . 8 2 r1 1 2 2 2 2 . . 6 4 1 13 3 5 5 .3 2 1 1 2 2 7 7 . . 7 7 9 8 0 8 . . 1 8 Sept 118.0 91.1 106.5 125.9 95.4 100.1 116.3 110.2 146.4 117.8 130.1 152.1 146.7 122.8 135.3 127.7 89.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1285 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Sept. July Aug. Sept. Sept. July Aug. Sept Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce... 95.3 108.0 106.3 98.9 Grains 90.7 82.7 82.4 81.2 Paperboard 136.3 136.2 136.2 136.2 Livestock and poultry 75.7 86.5 86.7 81.5 Converted paper and paperboard 123.8 126.1 126.5 126.5 Plant and animal fibers.. . . 98.4 105.0 104.0 102.9 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 96.1 93.1 94.9 97.2 Eggs 91.2 76.2 79.7 91.2 Metals and Metal Products : Hay and seeds 76.5 82.4 81.3 78.0 Other farm products 152.9 142.9 142.9 143.2 Iron and steel 161.5 170.3 r171.2 169.9 Nonferrous metals 154.8 134.1 134.6 131.7 Processed Foods: Metal containers 143.4 152.8 153.1 153.1 Hardware 158.8 164.5 165.9 166.9 Cereal and bakery products 114.6 117.7 116.7 116.7 Plumbing equipment 133.9 129.1 129.0 128.9 Meats, poultry, and fish 89.3 99.2 97.7 95.7 Heating equipment 121.0 122.8 122.3 122.5 Dairy products and ice cream , 109.7 108.2 110.3 112.4 Fabricated structural metal products. 137.1 134.5 135.6 134.9 Canned, frozen fruits, and vegetables 106.8 102.3 102.1 102.6 Fabricated nonstructural metal Sugar and confectionery 110.0 114.3 113.8 113.9 products 136.9 145.3 146.6 147.1 Packaged beverage materials 201.5 183.7 183.7 178.3 Other processed foods 95.9 94.8 95.1 96.0 Machinery and Motive Products : Textile Products and Apparel: Agricultural machinery and equipment 127.4 132.3 132.5 133.3 Cotton products 91.5 90.5 '90.2 90.0 Construction machinery and equip- Wool products 103.9 111.3 110.3 ment 151.5 157.9 '161.4 162.6 Synthetic textiles 80.4 81.9 r82A 82.3 Metal working machinery 159.6 166.1 167.0 168.2 Silk products. 120.1 121.5 122.0 121.1 General purpose machinery and Apparel 99.7 99.5 99.6 99.7 equipment 151.6 157.4 158.0 159.0 Other textile products 74.7 75.8 75.7 77.2 Miscellaneous machinery 138.9 144.5 146.3 147.1 Electrical machinery and equip- Hides, Skins, and Leather Products : ment 142.0 149.5 149.6 150.2 Motor vehicles 129.4 134.7 134.7 134.8 Hides and skins....... 63.3 62.1 61.5 58.2 Leather 90.8 92.2 91.6 91.6 Furniture and Other Household Dura- Footwear 120.5 121.2 121.3 121.3 bles: Other leather products. 98.5 98.5 '98.2 98.2 Household furniture 120.4 122.8 122.9 123.5 Fuel, Power, and Lighting Materials: Commercial furniture 146.8 153.6 153.6 153.6 Floor covering 131.9 132.5 132.5 132.5 Coal 114.4 124.0 124.4 124.8 Household appliances 105.5 104.9 104.7 104.7 Coke 156.3 161.9 161.9 161.9 Radio 91.0 92.5 93.3 93.4 Gas 110.3 111.8 111.1 111.1 Television 70.1 71.9 72.4 71.6 Electricity 94.9 95.5 '96.6 96.6 Other household durable goods 140.2 147.9 148.2 148.4 Petroleum and products 118.4 126.4 125.5 125.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Industrial chemicals 121.9 123.5 123.6 123.6 Concrete ingredients 130.7 136.4 136.5 136.7 Prepared paint 119.1 128.1 128.1 128.1 Concrete products 124.8 126.4 126.4 126.6 Paint materials 97.9 99.9 100.5 101.5 Structural clay products 150.1 155.1 155.0 155.0 Drugs, Pharmaceuticals, cosmetics. . 91.9 93.4 93.4 93.5 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 55.4 61.0 r63A 64.5 Prepared asphalt roofing 117.5 125.8 125.8 124.5 Mixed fertilizers 109.6 108.3 110.5 112.0 Other nonmetallic minerals 123.6 128.3 "128.4 128.6 Fertilizer materials 104.5 106.3 106.5 106.4 Other chemicals and products 103.4 105.4 "105.5 106.5 Tobacco Manufactures and Bottled Beverages : Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Crude rubber 142.2 145.0 144.3 140.3 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 153.4 149.0 153.5 153.5 Other tobacco products 122.5 143.8 143.8 143.8 Other rubber products. 139.1 140.0 140.8 141.8 Alcoholic beverages , 116.9 119.6 119.6 119.6 Nonalcoholic beverages 148.4 149.3 149.3 149.3 Lumber and Wood Products : Miscellaneous: Lumber. . 125.2 120.0 119.4 118.3 Millwork. 129.2 128.3 128.3 128.3 Toys, sporting goods, small arms 116.6 117.5 117.8 118.2 Plywood.. 99.2 96.9 94.7 Manufactured animal feeds 69.6 66.0 68.2 66.4 Notions and accessories 96.5 97.4 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 104.8 106.8 107.2 107.3 Other miscellaneous 124.8 128.8 129.4 129.4 Woodpulp.. 118.0 118.0 118.0 118.0 Wastepaper. 97.5 68.0 74.7 88.5 Paper 138.9 142.8 143.2 143.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1286 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 3 4 1 2 3 Gross national product • • 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.9 31.6 34.3 34.6 35.3 36.1 36.6 37.4 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 28.1 30.2 30.1 32.9 35.0 35.1 36.1 36.4 36.6 37.1 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 2 3 1 6 1 6 3 3 n a Plus: Subsidies less current surplus of government enterprises — .1 .0 .1 .2 -.1 -.4 .2 1.1 1 l 1 6 1 4 1 6 1 7 Equals * National income .. 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1 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 39.8 42.4 41.2 40.7 n. a. Contributions for social insurance .2 .3 2.8 6.9 8.6 8.7 9.7 11.0 12.4 12.5 12.8 14.2 14.3 14.6 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 17.4 17.7 18.4 20.0 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 5.8 5 9 6 0 6.0 6.0 5.8 2.1 4.5 9.2 9.0 9.3 9.9 11.0 11.9 12.1 11.5 12.4 12.5 12.6 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 Equals* Personal income .. 85.8 47.2 96.3 227.1 271.8 286.0 287.4 305.9 326.9 328.7 334.5 337.7 342.8 346.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 34.4 35.8 33.0 35.8 39.7 39.8 40.5 42.2 42.9 43.6 Federal 1.3 .5 2.0 18.2 31.2 32.4 29.2 31.5 35.1 35.2 35.8 37.4 38.0 38.6 State and local . 1.4 1.0 1.3 3.2 3.4 3.8 4.2 4.6 4.6 4.7 4.9 4.9 5.0 2.7 Equals: Disposable personal income 83.1 45.7 93.0 237.4 250.2 254.5 270.2 287.2 288.8 294.0 295.5 299.9 302.9 206.1 Less: Personal consumption expenditures.... 79.0 46.4 81.9 218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6 194.0 Equals: Personal saving 4.2 -.6 11.1 19.0 19.7 17.9 15.8 20.0 20.3 21.7 18.9 21.0 19.3 12.1 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 3 4 1 2 3 National income 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1 n.a. Compensation of employees . 51.1 29.5 64.8 154.3 195.1 208.1 206.8 223.1 241.4 242.7 247.9 251.1 254.0 257.0 Wages and salaries^- 50.4 29.0 62.1 146.5 184.9 197.3 195.5 210.3 227.2 228.3 233.3 235.9 238.6 241.3 Private 45.5 23.9 51.9 124.3 152.0 163.5 161.2 174.4 189.4 190.1 194.7 196.8 199.1 200.9 Military . . .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.7 9.7 9.7 9.6 9.7 9. 8 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.2 28.5 28.9 29.4 29.7 30.6 Supplements to wages and salaries .7 .5 2.7 7.8 10.2 10.8 11.3 12.7 14.1 14.4 14.6 15.3 15.4 15.7 Proprietors' and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 49.1 49.4 49.9 50.0 50.7 50.3 50.7 51.3 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 28.0 28.2 28.3 28.4 28.7 29.1 Farm 6.0 2.4 6.5 13.3 15.1 13.3 12.7 11.9 11.6 11.5 12.0 11 5 11.7 11 8 Rental income of persons 5.4 2.0 3.5 8.5 9.9 10.2 10.6 10.2 10.3 10.4 10.4 10.4 10.4 10.4 Corporate profits and inventory valuation 10.1 -2.0 14.5 35.1 36.9 36.0 33.1 40.7 40.4 39.8 42.4 41.2 40.7 n.a Corporate profits before tax 9.6 .2 17.0 40.0 35.9 37.0 33.5 42.5 43.0 40.8 45 6 43 9 42 0 n a Corporate profits tax liability 1.4 .5 7.6 17.8 19.8 20.3 17.4 21.5 22.0 20.8 23.3 22.4 21.4 n.a. 8.3 -.4 9.4 22.1 16.1 16.7 16.0 21.0 21.0 19.9 22.3 21.5 20.5 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.6 -1.0 -3.2 -2.7 -1.3 -.9 Net interest .. 6.4 5.0 4.5 5.9 7.4 8.7 9.8 10.9 11.9 12.0 12.3 12.5 12.7 13.0 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 1287 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1956 1957 1929 1933 194 1950 1952 1953 1954 1955 1956 3 4 1 2 3 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0 Personal consumption expenditures 79.0 46 4 81.9 194.0 218.3 230.5 236.6 254.4 267.2 268.6 272.3 276.7 278.9 283.6 Durable goods 9.2 3.5 9.7 28.6 26.6 29.8 29.4 35.6 33.9 33.0 34.8 35.9 35.0 35.0 Nondurable goods 37.7 22.3 43.2 100.4 116.1 119.1 120.6 126.0 133.3 134.4 135.3 137.3 139.1 142.5 32.1 20.7 29.0 65.0 75.6 81.7 86.6 92.8 99.9 101.1 102.2 103.4 104.9 106.1 Gross private domestic investment 16 2 1.4 18.1 51.2 49.8 50.3 48.4 60.6 65.9 65.5 68.5 62.7 65.0 65.5 New construction * 8.7 1.4 6.6 22.7 23.7 25 8 27.8 32.7 33.3 33.2 33.4 32 8 32 7 33 0 Residential nonfarm 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 15.1 15.1 14.4 13.9 14.0 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.3 16.1 18.0 18.1 18.4 18.5 18.9 19.0 Producers' durable equipment 5.9 1.6 6.9 21.1 23.1 24.3 22.5 23.7 28.1 29.0 29.9 30.7 30.5 30 5 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -1.9 4 2 4.6 3.3 5.1 -.8 1.7 2.0 Nonfarm only 1.8 -1.4 4.0 6.4 2.1 .9 -2.4 4.0 5.0 3.9 5.7 -.3 2.2 2.3 Net foreign investment . -.4 .8 .2 1.1 -2.2 -.2 -2.0 -.4 1.4 2.0 2.4 4.1 3.5 3.2 Government purchases of goods and Fe s d e e r r v a ic l es 8 ;. ? 5 2 8 . . 0 0 2164..98 4222..10 7547..35 5849..45 4786..96 4 77 6 . . 1 8 4870..22 4807..63 4892..08 5850..63 5816..19 8560 .67 National security . • } ..3 / 13.8 18.5 48.8 51.5 43.1 41.3 42.4 42.7 44.2 45.5 46.3 45.8 Other 2.0 \ 3.2 3.9 5.8 8.4 6.2 5.9 5.2 4.9 5.1 5.2 5.2 5.2 Less* Government sales2 . .0 .0 o 3 4 4 4 4 .4 4 4 4 4 4 State and local 7.2 6.0 7.8 19.9 23.2 24.9 27.7 30.3 33.0 33.3 33.9 35.3 35.8 36 1 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month * in s P c o e o n r m a - l e Total p d m i C n r u o o g s o d t d m r i u i n i t e - c y - s - D in u i t s r d t t i i r u e v i s s e b - - S in e tr r d i v u e i s s c - e G m er o e n n v - - t in O la c t b o h o m e r r e2 p in r r e a c i n e n o t t d m o a r l e s 3 ' i i n n s p a t c o e e n o n r r m d a e - s l e t m T p r f e e a a n r y n t - - s s - 4 b c i s a u o n o n f n t s c o i c u t i o r e r a r n i 5 l - - s a in N g t c u r o o i r c n m a u - l l e - * 1929 85.8 50.4 21.5 15.6 8 4 4 9 .6 20.2 13.2 1.5 1 77 7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.4 195.5 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— 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 6.7 325.3 342.9 238.3 102.4 63.4 33.0 39.5 7.8 50.8 31.2 21.6 6 8 327 5 June 344.8 240.1 103.3 63.8 33 2 39 8 7.9 50.9 31.2 21 5 6 8 329 3 Julv 346.2 240.9 103.0 64.5 33.4 40.0 7.9 51.6 31.4 21.3 6.9 330.5 346.8 241.7 102.8 64.7 33 7 40 5 8.0 51.2 31.6 21.2 6 9 331 3 Sept . . . 346.6 241.5 102.2 64.8 33.9 40.6 8.0 51.1 31.6 21.2 6.8 331.3 Oct p 345.6 239.9 100.8 64.6 33.9 40.6 8.0 51.0 31.7 21.8 6.8 330.3 * 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 privato pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated * 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. 1290 Gold production 1294 Net gold purchases and gold stock of the United States. 1295 Reported gold reserves of central banks and governments 1296 Estimated foreign gold reserves and dollar holdings. 1297 International Bank and Monetary Fund 1298 Central banks 1298 Money rates in foreign countries 1303 Foreign exchange rates 1304 Index to statistical tables 1315 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. 1289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1290 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 Gerterna- many, Switz- United Other Total Latin All Date tu t i i t n o i s o n t n a i- l s2 Of a f n ic d ial Officials France * Fe ? d. Italy la e n r d - K d i o n m g- Europe Europe Canada America Asia other private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956— Sept. 30.... 2,005 13,223 7,934 755 1,805 926 812 745 1,701 6,745 1,435 2,318 2,404 322 Oct. 31.... 2,015 13,124 7,952 735 1,855 939 795 645 1,721 6,690 1,441 2,276 2,402 316 Nov. 30.... 2,008 13,103 7,840 640 1,850 927 797 642 1,653 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.... ,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 1,764 885 111 869 1,733 6,518 1,559 2,309 2,323 375 Mar. 31.... 1,558 13,002 7,550 423 1,764 886 774 929 1,754 6,530 1,497 2,345 2,243 388 Apr. 30.... ,358 13,090 47,808 420 1,728 909 742 903 1,804 6,507 1,521 2,505 2,160 396 May 31.... ,700 13,114 7,810 367 1,732 937 775 926 1,764 6,502 1,619 2,543 2,053 398 June 30*... ,573 13,260 7,929 403 1,690 966 814 965 1,782 6,620 1,583 2,680 1,986 391 July 31*... .547 13,247 7,803 514 1,558 979 778 1,005 1,719 6,552 1,656 2,670 1,985 384 Aug. 31*... i;635 13,248 7,606 449 1,573 1,007 774 947 1,745 6,495 1,724 2,671 1,980 377 Sept. 30*... 1,512 13,315 7,633 405 1,664 1,029 797 808 1,851 6,554 1,655 2,714 2,019 372 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u e r y - Y sla u v g i o a - o A th l e l r 1953—Dec 31 1 558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—Sept. 30 1,701 277 117 64 55 150 168 63 132 2 68 190 14 11 391 Oct 31. 1 721 300 118 70 56 158 162 57 133 55 202 14 11 385 Nov. 30 1,653 297 125 68 53 166 131 59 133 1 50 199 14 16 341 Dec 31 1,627 296 117 65 53 177 134 67 137 43 217 20 17 281 1957 _jan 31 1 674 294 125 64 54 181 117 69 138 42 230 16 14 330 Feb 28 1 733 297 135 76 61 184 122 67 134 40 229 22 17 348 Mar 31. 1,754 296 141 76 59 178 120 76 123 32 228 14 14 396 Apr. 30 1,804 298 142 71 60 181 110 73 117 28 245 20 11 446 May 31. 1,764 298 120 65 59 175 111 75 120 25 253 12 12 439 June 30* 1,782 302 119 61 59 166 110 87 120 25 268 14 11 439 July 31* 1,719 315 120 97 61 156 99 85 114 25 278 12 9 346 Aug 31* 1,745 327 123 101 55 143 115 87 116 24 272 16 11 353 Sept. 30* 1,851 337 132 102 62 139 172 94 124 24 273 12 12 367 Table lb. Latin America Neth- Do- er- Pan- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m i R c u i e a b n - n - - G m u a a l t a e- M ic e o x- l I W a a n n n d e d d i s e s t s l a p i R m c u e b o a - - , f Peru v S a E a d l l o - r g U u r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r lic Surinam 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—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 2,505 211 26 216 86 203 226 85 77 393 65 116 75 39 70 479 139 May 31 2,543 185 25 184 79 206 241 82 72 375 62 118 77 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 Aug. 31* 2,671 135 28 133 78 194 284 67 65 393 73 130 72 39 56 788 136 Sept. 30* 2,714 147 29 133 77 186 280 59 60 371 75 129 61 34 60 886 129 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 1291 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—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—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. 30 2,160 58 77 129 33 30 835 106 227 75 165 425 396 85 42 61 56 152 May 31 2,053 56 78 126 29 40 728 106 218 75 166 432 398 88 41 59 58 153 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 Aug. 31* 1,980 66 78 167 30 41 586 106 217 78 170 442 377 78 41 53 49 156 Sept. 3QP. ... 2,019 72 83 179 49 53 572 106 215 76 163 451 372 81 39 54 47 151 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 1956 1953 1954 1955 1956 Other Europe: Other Asia (Cont): Albania .2 .2 .4 n.a. British dependencies 9.1 9.8 9.8 8.8 British dependencies .4 .6 .4 .4 Burma 23.0 29.7 19.1 7.0 Bulgaria .6 .6 .7 .2 Cambodia n.a. .2 13.1 17.2 Czechoslovakia* .6 .7 .7 .5 Ceylon 17.1 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 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. .1 23.1 n.a. Latvia 1.3 1.0 1.0 .6 Lebanon 23.9 16.5 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 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 1.4 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. n.a. Not available. 4 Beginning Apr. 30, data include certain accounts previously classified 1 Short-term liabilities reported in these statistics represent principally 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

1292 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 m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 1953—Dec. 31. 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31. 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31., 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Aug. 31. 1,698 65 120 33 27 78 163 486 132 772 266 42 Sept. 30., 1,729 66 125 35 28 81 169 504 131 776 272 46 Oct. 31., 1,828 67 127 29 28 86 177 514 186 799 282 46 Nov. 30. 1,787 19 134 32 30 94 174 483 170 797 292 45 Dec. 31., 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—Jan. 31., 2,038 23 168 50 30 109 213 593 171 867 360 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., 2,141 60 177 58 27 151 208 680 108 919 392 41 May 31., 2,174 72 174 61 27 176 188 699 114 889 426 46 June 30*. 2,201 82 159 60 28 159 197 686 122 895 452 46 July 31* 2,144 96 153 59 31 123 189 649 125 900 423 46 Aug. 3 1P. 2,202 113 149 55 33 115 192 657 130 966 397 52 Table 2a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B ei e u l m - m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u a g vi o a - o A th l e l r 1953—Dec. 31.. 13 6 9 1 24 3 16 1954—Dec. 31.. 109 20 10 16 2 4 4 41 1955—Dec. 31.. 158 16 13 11 9 5 7 78 1956—Aug. 31.. 163 17 7 19 16 10 63 Sept. 30.. 169 19 6 16 15 10 70 Oct. 31.. 177 18 10 16 16 12 73 Nov. 30.. 174 22 10 13 17 11 72 Dec. 31.. 216 28 12 21 23 13 1957—Jan. 31.. 213 30 13 20 23 9 13 85 Feb. 28.. 211 29 10 21 17 7 14 86 Mar. 31.. 219 34 11 20 18 11 14 83 Apr. 30.. 208 29 9 23 17 10 14 79 9 May 31., 188 28 19 16 11 14 67 10 June 30*. 197 25 23 16 12 14 75 July 31* 189 23 27 17 12 13 63 Aug. 31*. 192 25 21 17 19 9 68 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba p m D i R c u li o i e a b c n - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R m c u a e b n - o a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1953—Dec. 31 473 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—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. 30 919 42 5 78 25 151 92 11 8 213 4 15 36 9 12 163 56 May 31 889 43 5 73 26 144 93 9 7 207 3 13 35 8 13 154 58 June 30* 895 48 5 76 35 126 91 9 7 208 3 14 32 8 18 159 55 July 31* 900 47 4 94 33 98 91 15 10 212 2 13 36 8 25 159 53 Aug. 31* 966 35 5 116 40 91 103 19 8 262 3 13 34 7 31 151 50 * Preliminary. 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $1,027 million on August 31, following items payable on demand or with a contractual maturity of 1957. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. maturity of more than one year reported by U. S. banking institutions 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1293 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—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 Other Total tralia gian Egypt South Other Congo Africa 1953—Dec. 31 115 3 4 1 14 23 26 6 5 6 27 25 8 6 (2) 2 8 1954_Dec. 31 143 3 5 1 16 11 50 7 5 6 39 37 14 6 6 10 1955—Dec. 31 233 3 5 1 18 10 103 19 6 8 59 43 11 5 1 8 17 1956—Aug. 31 266 5 5 1 22 12 118 13 6 8 76 42 11 8 2 7 14 Sept. 30 272 5 7 23 12 123 11 6 8 78 46 11 8 3 7 17 Oct. 31 282 4 6 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 8 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 2 22 24 192 18 6 10 89 46 11 5 2 7 22 Mar. 31 375 6 9 1( ) 23 24 193 18 5 10 86 49 13 5 1 7 22 Apr. 30 392 7 10 24 22 210 19 5 10 86 41 10 5 1 8 17 May 31 426 7 11 23 25 244 24 5 13 74 46 13 6 1 8 18 June 30P 452 7 11 22 24 259 30 5 12 81 46 12 5 1 11 17 July 31P 423 7 11 24 22 250 28 6 11 63 46 12 6 1 12 15 Aug. 31P 397 9 9 24 24 215 40 6 14 58 52 11 6 1 12 21 C2) TABLE 3. PURCHASES AN(?D) SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES* [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—Aug 87 14 73 160 155 5 31 60 -29 65 87 -23 Sent. 21 12 9 131 96 35 32 41 -9 49 54 — 5 Oct 37 18 20 143 108 35 174 145 29 52 47 5 Nov 21 67 -46 144 140 4 49 101 -53 43 44 -1 Dec 13 39 -26 145 108 37 25 77 -52 45 38 7 1957—Jan 44 28 16 163 107 57 49 172 -123 54 53 (2) 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 y Apr 23 8 14 134 113 21 69 227 -158 54 59 -5 May 102 143 -41 179 160 19 57 193 -136 59 76 — 17 June*5 58 16 43 169 133 36 45 49 -4 75 91 -16 JulyP 22 97 -76 161 150 \\ 30 94 -64 69 60 9 Aus & 26 161 -136 136 122 14 22 42 -20 44 43 1 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, United Latin Year or month national foreign France Federal Italy Switzer- King- Other Total Canada Amer- Asia All insti- coun- Repub- land dom Europe Europe ica other tutions tries lic of 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 (2) _j 1954 78 72 17 (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 Aug 74 4 3 6 11 2 22 -18 1 C2) I Sept 1 43 3 1 21 10 8 43 -8 6 Oct 1 53 1 1 (2) 23 11 9 46 -1 7 Nov (2) -42 2 1 -2 -40 1 -39 -11 6 1 Dec 1 10 2 (2) 19 -14 -3 3 -3 8 1 1 1957—Jan 2 70 2 (2) 27 7 19 56 4 6 3 1 Feb 1 145 2 (2) j 24 41 17 86 54 5 (2) A M p a r r 1 1 3 3 4 4 1 (12) ( (2 2 ) ) 11 9 2 2 1 1 1 4 0 4 3 2 7 - - 4 9 1 ( (2 ? } ) (2 1 ) May -25 3 (2) 7 7 11 27 -20 -5 Junep 1 78 2 5 55 5 68 6 5 -\ July*7 -65 -1 (2) 10 -68 5 -55 -11 1 n\ Aug p -137 15 2 (2) 17 -1 16 34 -22 2 1 (2> 9 Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1294 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Inter- Total Y m e o a n r t o h r n t a u in t t i i s o o t n i n - a s l f c o t o r r e i u e i n g s - n Europe C a a d n a - A L i m i a c c t a a e in r- Asia o A th l e l r Date Deposits U se . c S u . r i G ti o es v 2 t. la M n i e s o c u el s - * 1953 -61 -11 96 -138 35 -30 26 1955—Dec. 31 402 3,543 126 1954 — 164 — 137 —9 — 133 33 — 34 7 1955 -27 —4 -46 74 24 -49 n 1956—Oct. 31 275 3,782 178 1956 -33 -478 8 -447 17 -40 -16 Nov. 30 356 3,553 177 Dec. 31 322 3,856 139 1956—Aug.... 2 -49 -6 -47 1 3 O S D N e c e o p t c v t . . . . . . . . . . . . -3 0 2 2 ) - - - 4 1 5 1 3 5 5 3 -4 2 1 1 2 7 3 - - - 1 4 5 5 7 3 8 — C 3 1 1 1) - - 8 8 4 1 - - 1 1 0 3 3 ) 1957— A J F M M a e p n a a b r r y . . . . 2 3 3 3 3 8 0 1 1 1 3 3 3 3 3 1 2 1 4 6 1 7 6 4 0 3 3 3 3 3 , , , , , 7 6 7 6 7 7 2 0 4 0 1 7 7 4 0 1 1 1 1 1 6 5 6 6 5 5 8 4 4 6 1957—Jan -71 -52 16 -72 2 -9 11 J J u u n ly e 3 3 0 1 4 3 4 6 9 4 3 3 , ,6 7 8 3 5 0 2 1 7 6 8 4 Feb 9 -106 -7 -96 2 -6 1 Aug. 31 342 3,523 280 Mar.... -1 -31 1 -14 0) 2 -16 Sept. 30 337 3,421 278 A M p a r y. . .. . . . -8 -5 1 -1 -7 5 1 8 1 5 0 -1 -8 6 4 5 10 2 A 0) Oct. 31 378 3,774 349 Junep.. 1 -18 -12 -18 1 2 14 1957—Oct. 2 367 3,430 280 J A u u l g y . p P . . . . . - - 1 6 - - 1 5 3 4 1 1 5 7 - -2 7 9 3 2 2 - — 2 1 1 1 O O c c t t . . 1 9 6 3 3 3 2 7 6 3 3, , 4 4 9 5 7 4 2 2 8 7 1 4 Oct. 23 302 3,458 350 Oct. 30 391 3,748 349 * Preliminary. i Less than $500,000. * 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 monthljr Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month Total U.S.S.R.) 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 St n a 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 994.0 2898.7 556.2 18 8 21.9 13.1 '65.3 153.9 15.3 3.3 7.6 36.1 r7.3 1956—Aug 78.8 48.5 16 2.3 1.0 6.3 12.3 .8 1 4 .3 6 3 0 .7 Sept 276.7 47.3 .6 2.3 1.0 6.0 12.4 1.2 .5 .6 3.2 .6 O N c o t v 2 2 7 7 7 7 . . 6 0 4 4 7 7 . . 8 3 .5 6 2 2 . . 2 2 1 1 . . 1 5 6 5 . . 2 6 1 1 2 2 . . 9 9 1 1 .2 2 . . 4 2 . . 6 6 3 3 . . 0 4 r. . 6 6 Dec. 272.9 45.8 5 2.2 1.0 4.6 12.8 7 3 6 2 9 r.6 1957—Jan 276.5 48.3 6 2.3 .9 5.0 12.6 1 5 .4 6 3 0 .5 Feb 46.3 .5 2.3 .1 4.4 12.0 1 2 .5 2.8 .5 Mar .. . 49.2 .5 2.2 .5 5.1 13.2 1 0 .6 3.1 .5 Apr 49.1 6 2.2 1 4.7 12.9 .7 .6 3 2 .6 May 50 6 5 2 2 0 5 0 13 1 9 6 3 1 June 50.1 6 2.2 9 4.9 12 6 .7 6 3 4 July 51.4 2.3 ? 5.8 12.8 .9 .6 Aug 51 1 2.4 1 5.8 12.6 6 r Revised. Ghana and Belgian Congo, data for which are from American Bureau of 1 Gold exports, representing about 90 per cent of total production. Metal Statistics. For the United States, annual figures are from the 2 Excluding Mexico. U. S. Bureau of the Mint and monthly figures are from American Bureau Sources.—World production: estimates of U. S. Bureau of Mines. of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 1295 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 -100.0 -65.0 ""s'6 Portugal 14.0 -15^0 -34!9 -5.0 -59.9 -54.9 -5.6 Sweden -22.9 -32.0 -20.0 -15.0 15.2 15.2 Switzerland -40.0 -38.0 -15.0 ' '22^5 -65.0 -15.5 -8 0 — 8 0 Bank for Intl. Settlements.... -34.3 -65.3 -30.4 (2) -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 5.0 4.0 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 29.1 2.0 27.1 Venezuela -50.0 -.9 -30.0 -200.0 -200.0 Other -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 -.7 -.2 -.2 -.2 -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 Eastern Europe -6.2 13.7 13 1 All other 4 6 — 44 2• — 76 0 m -.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. * 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 ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r) l i 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 r E l r a e d e r a i a : a k n r s s d - e - e e d e , - D p ti r c o t o i m o g d n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a t l h i ) I i n n s g c to o r t e o c ld a t k a se l i e m g x N o o p p e r l o o d t r r t t, g m o c o c r r E l r a e d e r a i a a : k n r s s - d e - e e d e , - D p ti r c o t o i m g o d o n u e l c s d - - 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956 Oct 21,910 21,999 -33.6 4.6 -34.3 6.2 1945 . .. 20,065 20,083 -547.8 -106.3 -356.7 32.0 Nov 21,910 22,106 107.6 12.5 105 7 5.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1948 24,244 24,399 1,530.41,680.4 159.2 70.9 1957—Jan 22,252 22,377 319.0 -53.9 295.9 5.0 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Feb 22,304 22,396 18.6 -29.8 28.0 4.4 Mar 22,306 22,406 10.2 — 8o . foi 16.0 5.1 1950 . 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Apr 22,318 22,424 17.4 20.8 -5.8 4.7 1951 22,695 22,873 52.7 -549.0 617.6 66.3 May 22,620 22,726 302.6 20.0 285.4 5.0 1952 23,187 23,252 379.8 684.1 -304.8 67.4 June 22,623 22,732 5.5 10.0 -6.0 4.9 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 July 22,627 22,735 3.8 2.7 - 8 5.8 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Aug 22,626 22,735 -.5 28.6 -11.4 5.8'- 1955 21 690 21,753 -40.9 97.3 -132.4 65.7 Sept 22 635 22,759 24.1 18.9 -9 0 5. T 1956 21,949 22,058 305.9 106.1 318.5 '65.3 Oct *>22,691^22,835 ^75.4 436.9 v Preliminary. r Revised. 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 $5,993.5 million on Oct. 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

1296 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 i - a g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - Egypt U.S.S.R.)i Treasury Total 2 1950—Dec 35 810 22 706 22,820 216 oo 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 ,141 44 86 136 31 174 1956—Sept 38,440 21,884 22,032 258 106 972 323 ,112 45 57 136 31 174 Oct 21 910 21 999 106 949 323 ,119 45 57 136 31 181 Nov. 21,910 22,106 106 941 323 1,124 45 57 136 31 181 Dec 38,490 21,949 22,058 107 928 324 ,113 46 57 136 31 188 1957__jan 22,252 22,377 109 877 324 ,116 43 57 136 31 188 Feb 22 304 22 396 113 864 324 ,110 46 57 136 31 188 Mar. 38 780 22,306 22,406 113 848 324 ,112 46 57 136 31 188 Apr 22,318 22,424 113 849 324 ,114 46 57 136 31 174 M^ay 22 620 22 726 116 849 324 ,116 46 57 136 31 183 June.. *>38 980 22,623 22,732 116 842 324 ,121 43 136 31 188 July 22 627 22 735 846 324 120 43 136 31 188 22 626 22 735 882 324 135 40 136 31 188 Sept 22,635 22,759 874 324 ,136 31 188 Ger- E m n o d n t o h f l F a i n n d - France 3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d si o a - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec . . 26 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954_Dec . . . 31 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—Sept 35 861 1.294 27 247 46 138 360 166 854 46 49 35 Oct 35 861 1,329 27 247 45 138 362 166 854 47 49 35 Nov... 35 861 I 376 27 247 45 138 370 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957 Jan 35 861 [,566 27 247 44 138 325 167 834 45 49 35 Feb . .. 35 861 1661 27 247 44 138 350 167 819 45 49 35 Mar 35 861 ,756 27 247 43 138 364 166 814 45 49 35 Apr 35 861 [ 834 27 247 42 138 359 166 809 48 49 35 May 35 861 923 27 247 41 138 359 165 806 47 49 35 June 35 575 2,029 27 247 40 138 364 165 806 46 49 35 July . 35 575 2 124 27 247 40 138 793 45 49 35 Aug 35 575 2 261 247 41 138 747 45 49 35 Sept 35 575 2,399 41 138 700 45 49 35 E m n o d n t o h f Po g r a t l u- E v l a S do a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - M F I t n a u o r t n n y l d e . - B S m a I e n n e t k t t n l l t e . f s - or 1950 Dec 192 23 197 61 90 1 470 118 150 3,300 236 373 1.494 167 1951—Dec 265 26 190 51 152 ,452 113 151 2,335 221 373 ,530 115 1952 Dec .... 286 29 170 51 184 ,411 113 143 1,846 207 373 ,692 196 1953 Dec 361 29 176 54 218 ,459 113 143 2,518 227 373 ,702 193 1954—Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 ,740 196 1955 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 ,808 217 1956 Sept 442 28 214 56 263 634 112 144 2,328 214 403 ,711 199 Oct .. 442 28 214 56 265 635 112 144 2,244 192 503 ,687 214 Nov 448 28 220 56 265 ,658 112 144 1,965 186 503 ,692 175 Dec 448 28 224 56 266 ,676 112 144 2,133 186 603 ,692 179 1957—Jan 452 28 226 56 256 ,667 112 144 2,084 186 603 ,420 202 Feb 461 32 227 56 256 652 112 144 2,147 186 669 1,433 197 Mar ... 461 32 233 56 252 ,636 112 144 2,209 183 669 ,438 168 Apr 461 32 230 56 249 ,621 112 144 2,320 183 669 ,439 160 May 463 31 235 56 231 ,615 112 144 2,345 183 669 1,141 148 June .. 458 31 234 56 231 ,633 112 144 2,381 183 669 1,147 205 July 461 31 226 56 233 ,674 112 144 2,367 183 719 .148 165 Aug 466 31 226 56 241 1,694 112 144 2,142 719 1,157 184 Sept 467 31 215 56 235 I 725 144 1,850 719 138 P Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Oustanding 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 1297 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. 31, 1956 Mar. 31, 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 10 312 342 361 368 376 Belgium-Luxembourg (and Belgian Congo). 1,201 10 1,221 1,265 1,227 1,170 1,133 11 Denmark 91 7 99 95 96 107 92 6 Finland 84 5 82 90 88 94 94 5 France (and dependencies) i 1,957 151 1,753 1,631 1,505 1,302 2996 9 Germany (Federal Republic of) 2,374 2,742 3,099 3,329 3,520 3,719 14 Greece 187 176 161 187 189 177 Italy 1,137 1,214 1,286 1,268 1,250 1,330 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,145 23 1,113 23 1,071 9 1,024 998 11 Norway 127 53 100 73 109 79 117 87 121 133 105 Portugal (and dependencies) 601 () 602 (3) 617 (3) 628 (3) 628 622 (3) Spain (and dependencies) 221 206 185 160 148 142 Sweden 429 (3) 426 (3) 453 (3) 483 (3) 480 () 499 (3) Switzerland 2,354 44 2,307 117 2,446 126 2,512 131 2,410 132 2,447 132 T O u th rk e e rs y 8 1 7 5 2 3 1,1 1 0 51 8 ( 10 3) 1,0 1 5 58 5 ( 14 3) 9 1 1 6 5 4 ( 12 3) 8 1 9 5 0 8 ( 14 3) 1,1 15 6 8 4 ( 1 3) 3 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 ,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 I A n u d s i t a ralia 2 3 1 2 9 0 ( 1 3) 2 3 4 2 3 9 (3 1 ) 3 1 2 7 8 7 (3) 3 1 2 9 3 1 (3) 3 1 2 9 4 3 (3) 3 1 2 9 3 1 (3) Union of South Africa 265 1 245 1 248 1 277 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 4,020 304 Canada 2,173 437 2,394 362 2,547 352 2,629 367 2,609 438 2,704 437 Latin America: Argentina 509 476 399 360 332 347 Bolivia 26 25 25 29 25 24 Brazil 466 540 582 549 556 467 Chile 139 147 151 137 137 130 1 Colombia 217 () 224 () 180 () 210 ( 250 () 4262 (3) Cuba 389 169 399 167 407 167 347 167 354 167 393 167 Dominican Republic. . 77 81 77 79 89 98 Guatemala 72 93 80 91 101 97 Mexico 556 523 561 600 575 504 Panama, Republic of.. 86 94 104 109 117 135 Peru 127 115 117 119 117 110 El Salvador 52 73 53 53 73 81 ( Uruguay 281 283 290 259 257 248 1 Venezuela 668 734 808 1,058 1,043 1,447 2 Other 124 154 133 113 134 142 11 Total. . 3,789 195 3,961 193 3,967 191 4,113 190 4,160 190 4,485 188 Asia: Indonesia 255 171 204 231 188 168 Iran 175 169 174 158 178 173 Japan 1,021 1,167 1,186 1,145 1,003 754 Philippines 268 300 298 294 267 243 Thailand 250 253 254 260 279 279 647 694 677 707 730 764 Other 2,616 2,754 2,793 2,795 17 2,645 2,381 Total. . . Eastern Europe6. . 308 294 288 287 288 288 All other: 246 236 222 238 248 246 Egypt 116 140 126 118 150 162 Other 362 1 376 348 356 398 408 Total 26,164 1,308 27,406 1,121 27,922 1,154 28,225 1,103 27,942 1,231 28,366 1,271 Total foreign countries. . . 3,689 321 3,750 317 3,717 392 3,144 391 2,996 391 2,720 366 International7 29,853 1,629 31,156 1,438 31,639 1,546 31,369 1,494 30,938 1,622 31,086 1,637 Grand total.., v Preliminary. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Does not include $286 million of gold loaned by Bank of France to national organizations. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes latest available figure (May 31) for Colombian gold reserves. Liabilities to Foreigners Reported by Banks in the United States, by 5 Includes Yugoslavia, Bank for International Settlements (both for Countries (tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 6 Excludes gold reserves of the U. S. S. R. 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

1298 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 July Apr. Jan. Oct. July Sept. June Mar. Dec. Sept. Gold 1,148 1 ,439 1,420 1.687 1,718 Dollar deposits and U. S. securities. 524 484 430 365 386 Investments 8 200 200 200 200 125 Other currencies and securitiesJ 858 873 901 931 960 Currencies: United St<ites! 992 977 1.423 1.697 1,759 Effective loans2 2.549 2,437 2,378 2,238 2,094 Other i... s 777 5 489 5 051 4 387 4 319 Other assets3 76 72 54 41 42 Unpaid member subscriptions. 818 817 824 942 815 Other assets 5 1 IBRD bonds outstanding 1,141 1.034 948 848 849 Undisbursed loans 676 670 676 609 530 Member subscriptions 8,941 8,932 8 929! 8 929 8,751 Other liabilities 20 19 20 11 10 Accumulated net incoine -2 -6 -10 - 14 -14 Reserves 303 289 266 254 240 Reserves and liabilities> 2 2 Capital 1,867 1,854 1,853 1,853 1,853 Quota Cumulative net drawings Loans by country, Sept. 30, 1957 on the Fund Country9 1957 1956 Paid Outstanding Total m Area and member country4 gold A.ug. July Aug. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others* Belgium 225 56 50 50 .... Brazil 150 38 38 38 66 Chile 50 9 25 12 13 Continental W. Europe, total 1,154 1,012 191 821 74 Colombia 50 13 25 25 25 Belgium and Luxembourg. 133 118 12 106 24 Denmark 68 6 34 34 France 267 267 16 251 16 EfiVDt 60 10 30 30 Italy 163 93 92 7 France. .... 525 108 263 263 N Ot e h th er erlands 2 3 3 5 6 5 2 3 2 0 9 5 141 28 8 4 8 21 6 I I I n n ra d d n o ia nesia 4 n 0 o 0 2 1 9 8 6 20 5 2 0 5 5 20 5 0 5 ""'5 2 5* 1 Sterling area, total 1,051 699 77 622 86 Japan 25305 63 125 75 Australia 318 266 12 254 24 United Kingdom.... 1,300 236 562 562 India 324 144 24 120 14 United States 2,750 688 ... -1,783 io-413 Union of S. Africa 135 135 22 113 19 United Kingdom 146 77 3 74 25 Other 128 76 16 61 4 Notes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. Latin America, total 720 553 59 494 26 2 Represents principal of authorized loans, less loans not yet effective, Brazil 169 166 14 152 2 repayments, the net amount outstanding on loans sold or agreed to be Colombia 111 87 16 71 3 sold to others, and exchange adjustment. Mexico 141 134 10 125 9 * Excludes uncalled portions of capital subscriptions. 298 166 19 147 13 4 Loans to dependencies are included with member. Other 5 Includes also effective loans agreed to be sold but not yet disbursed. 292 144 139 6 Includes $148 million in loans not yet effective. Asia (excl. Sterling area) 7 Includes $178 million not guaranteed by the Bank. 24 8 U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excl. Sterling area). . 9 Countries shown are those with cumulative net drawings of $25 63,239 2,415 333 2,083 7201 million or more on the latest date. Total 1 o Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) 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 Other Dis- ci t r io cu n l i a- Deposits Gold (fi a d s u s c e i t a s ry Coin Notes a c n o d u n a t d s - Se t c ie u s ri- Ca a p n i d tal issue) vances Bankers' Public EGA Other surplus 1949—Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 ,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 ,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 .437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 .525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—Oct. 31 .4 1,925.0 2.0 47.5 28.2 285.1 ,877.8 256.6 15.1 73.3 17.8 Nov. 28 .4 1,925.0 2.0 19.0 26.8 279.9 ,906.3 220.0 13.8 75.8 18.0 Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 ,997.7 203.6 11.6 74.9 18.1 1957—Jan. 30 .4 1,925.0 2.0 63.7 34.9 240.3 ,861.6 232.1 14.4 76.0 18.3 Feb. 27 .4 1,925.0 2.0 52.0 15.8 261.0 ,873.4 225.2 13.5 73.7 18.5 Mar. 27 .4 1,925.0 2.3 22.5 18.6 290.3 ,902.8 228.9 13.7 72.5 18.5 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 ,952.2 202.4 11.5 74.5 17.8 May 29 .4 1,975.0 2.4 21.7 40.5 243.2 ,953.7 204.4 10.1 75.3 18.0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 ,985.5 216.3 12.2 71.8 18.1 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 Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 ,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 ,967.5 216.8 13.0 73.1 18.5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1299 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date S d U S t o e a n t l a r n i l l t t d a i e e n r s d s g D S o c t i m h e a o r l i m r n g t i - o o v n t . a s n e d c u O p r r i t o t h i v e e r i s n- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i . i o ts n Other li c a O a b a t p i n h l i i d t e t a i r e l s 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—Oct. 31 51.4 ,031.3 ,360.4 128.0 1,780.9 575.3 55.0 30.7 129.3 Nov. 30 61.1 ,021.2 ,380.3 158.7 1,793.5 624.9 7.4 163.9 Dec. 31 60.8 ,025.0 ,392.0 69.9 1,868.7 511.5 38.8 97.5 1957—Jan. 31 53.5 ,091.7 ,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Feb. 28 60.8 ,052.7 ,189.4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 ,105.2 ,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 ,158.0 ,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31 52.3 ,165.9 ,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 June 29 57.3 ,213.3 1,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31 63.1 ,197.7 1,202.3 100.7 1,817.7 490.5 54.2 26.9 174.5 Aug. 31 62.4 ,251.8 1,208.4 203.9 1,815.5 542.8 64.0 33.3 270.9 Sept. 30 55.3 ,208.4 1,204.2 110.9 1,819.1 480.8 66.9 28.7 183.3 Bank of France (billions of francs) Assets Liabilities Advances to Gold F c o h e r a e x n i - g g e n m O a p r e k n et Do S m p e e s c t i i a c l bills Other Cu G rr o e v n e t rnm O e t n h t er O as t s h e e ts r c N i t r i c o o u n te la- Go m v e e n D r t n e - pos O its ther 4 c O l a i i a a t p t n i b h e i d t i e s a l 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 1,560.6 176.8 ^24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 937.5 172.0 480.0 159.7 2,123.5 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954_Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—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. 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 25 201. 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 397.7 118.9 Aug. 29 201.2 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 376.6 97.4 Sept. 26 3201.2 11.9 322.7 18.3 1,886.7 175.0 804.8 3266.2 3,214.4 359.5 112.9 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sept. Aug. July Sept. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 697 760 760 1,081 Gold and foreign exchange 473 474 471 285 Other gold and foreign exchange.. 1,649 2,124 2,246 -198 Checks and bills of other banks... 3 3 3 6 Gold contribution to Intl. Fund... 157 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 4,822 4,814 4,817 4,974 ury bills) 486 472 465 545 Rediscounts and loans to banks... 115,316 114,017 113,411 97,885 Other assets 25 36 47 65 Other assets 1,782 1,746 1,739 857 Note circulation 388 387 383 382 Currency circulation 44,987 44,710 44,748 38,303 Deposits of Trading Banks: Deposits—Nationalized 69,566 69,232 68,721 58,306 Special 340 340 340 255 Other sight obligations 2,025 2,496 2,562 1,181 Other 31 30 32 43 Other liabilities and capital 7,846 7,180 7,100 6,966 Other liabilities and capital 227 228 231 221 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

1300 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 Sept. Aug. July Sept. Sept. Aug. July Sept. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 180 188 153 Gold 2,231 2,231 2,169 1,745 Foreign exchange (Stabilization Foreign exchange (net) , 10,396 10,396 9,793 8,376 Fund) 205 201 221 Loans and discounts 5,891 6,184 6,286 6,059 Net claim on Intl. Fundl 13 13 13 Claim against Government 1,342 1,343 1,343 1,560 Loans and discounts 49 45 41 Other assets 615 599 612 557 Credits to Government 112 119 121 Note circulation 14,477 14,741 14,773 13,509 Other assets 76 76 77 Deposits—Banks 2,265 2,184 1,731 1,155 Note circulation 444 446 421 Other 974 1,127 988 769 Deposits 291 300 314 Blocked 906 876 902 1,353 Other liabilities and capital 34 33 26 Other liabilities and capital , 1,854 1,825 1,807 1,510 National Bank of Czechoslovakia2 National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 43,709 44,112 42,298 48,586 Gold 68 68 Foreign claims and balances (net). 7,879 7,880 9,305 10,379 Foreign exchange 884 956 820 668 Loans and discounts 13,948 14,653 15,140 5,539 Loans and discounts 197 134 145 145 Consolidated Govt. debt 34,456 34,456 34,456 34,660 Securities 501 493 493 493 Govt. securities 9,406 9,778 9,525 8,735 Govt. compensation account.... 3,022 3,022 3,023 3,072 Other assets 6,005 6,128 5,802 5,755 Other assets 613 784 755 751 Note circulation 109,483 110,320 110,801 108,238 Note circulation 2,135 2,124 2,151 2,107 Deposits—Demand 1,200 2,031 1,154 1,339 Deposits—Government 1,494 1,502 1,519 1,407 ECA 20 20 20 40 Other 1,397 1,562 1,382 1,426 Other liabilities and capital 4,700 4,636 4,551 4,038 Other liabilities and capital 260 268 252 257 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (May)* Central Bank of the Dominican Re- Gold at home and abroad 668 r668 public (thousands of pesos): Foreign exchange (net) 25,177 -492 Gold 11,405 11,405 11,405 12,526 Loans and discounts 268,789 124,430 Foreign exchange (net) 13,600 15,850 15,758 13,920 Govt. securities 7,951 2,505 Net claim on Intl. Fund1 2,500 2,500 2,500 1,250 Other assets 6,183 r5,688 Loans and discounts 4,300 3,316 2,973 2,972 Note circulation 172,427 109,439 Govt. securities 7,830 7,830 7,830 8,360 Deposits 28,136 18,123 Other assets 25,735 23,570 22,682 20,027 Other liabilities and capital 108,205 5,237 Note circulation 48,732 48,432 48,120 47,595 Central Bank of Ceylon (millions of Demand deposits 12,921 12,414 11,558 8,255 rupees): Other liabilities and capital 3,717 3,624 3,472 3,205 Foreign exchange 625 624 598 721!9 Central Bank of Ecuador (millions of Advances to Govt 96 31 sucres): Govt. securities 49 49 34 14 Gold 325 325 325 325 Other assets 16 11 11 6 Foreign exchange (net) 56 66 46 1 Currency in circulation 473 459 459 443 Net claim on Intl. Fundl -37 -37 -37 38 Deposits—Government 32 24 7 46 Credits—Government 479 514 530 527 Banks 166 85 97 172 Other 329 338 302 358 Other liabilities and capital 115 116 112 87 Other assets 328 240 246 266 Central Bank of Chile (millions of Note circulation 771 739 714 782 pesos): Demand deposits—Private banks . 240 227 234 231 GoW 4,496 4,254 8,529 Other 168 169 171 154 Foreign exchange (net) 1,057 1,081 1,236 Other liabilities and capital 301 311 293 348 Net claims on Intl. Fund1 18 19 National Bank of Egypt (millions of Discounts for member banks 16,404 13,099 "6^466 pounds): Loans to Government 26,077 26,077 15,987 Gold 66 66 66 61 Other loans and discounts 54,116 51,738 27,445 Foreign assets 93 96 99 117 Other assets 21,749 22,877 25,965 Egyptian Govt. securities 176 170 167 126 Note circulation 70,644 69,329 57,676 Clearing and other accounts (net). -42 -32 -26 -7 Deposits—Bank 7,442 7,428 6,916 Loans and discounts 30 21 22 21 Other 5,511 2,355 1,295 Other assets -) 2 2 2 Other liabilities and capital 40,320 40,033 19,741 Note circulation 193 183 188 188 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 8 10 8 14 lions of pesos): Other 102 111 114 397 Gold and foreign exchange 312 352 409 244 Other liabilities and capital 21 19 20 19 Net claim on Intl. Fund * 52 52 52 52 OCentral Reserve Bank of El Salvador Loans and discounts 1,116 951 898 566 (thousands of colones): Govt. loans and securities 622 648 699 602 Gold 78,613 78,629 78,663 70,474 Other assets 256 340 606 137 Foreign exchange (net) 42,616 58,067 70,563 22,306 Note circulation 921 930 931 722 Net claim on Intl. Fund* 1,562 1,562 1,562 1,573 Deposits 1,193 1,193 1,274 574 Loans and discounts 81,726 71,368 65,296 71,503 Other liabilities and capital 243 220 460 305 Govt. debt and securities 9,174 10,331 12,145 17,498 Central Bank of Costa Rica (millions Other assets 7,684 7,621 7,462 7,236 of colones): Note circulation 97,201 98,362100,806 90,956 Gold 12 12 12 12 Deposits 11,588117,040123,042 88,155 Foreign exchange 70 78 88 48 Other liabilities and capital , 12,587 12,177 11,844 11,477 Net claim on Intl. Fund i 7 7 7 77 Bank of Finland (millions of markkaa): Loans and discounts 119 106 98 116 Gold 7,850 7,847 7,849 7,850 Securities 16 16 16 16 Foreign assets and liabilities (net), 21,285 15,135 15,241 20,940 Other assets 30 30 22 24 Loans and discounts 37,987 38,775 37,679 44,560 Note circulation 155 151 153 142 Securities—Government 16,250 16,250 16,250 17,500 Demand deposits 45 47 53 46 Other 1,514 1,515 1,510 2,028 Other liabilities and capital 53 52 37 36 Other assets 17,014 13,092 13,656 13,658 National Bank of Cuba (millions of Note circulation 55,828 53,736 53,471 58,831 pesos): Deposits 6,776 5,351 5,132 10,040 Gold 136 136 136 Other liabilities and capital , 39,297 33,528 33,582 37,664 r Revised. • Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fu 2 n d F o le r ss la t s h t e a b v a a n il k 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 t s y l 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 1301 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Sept. Aug. July Sept. Sept. Aug. July Sept. German Federal Bank4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 6,265 3,958 8,954 2,116 Gold 10,033 9,450 8,887 412 Foreign exchange 09,611111,800102,349 85,116 Foreign exchange 14,328 13,689 12,571 458 Clearing accounts (net) -5,262 -3,804-1,560 -1,387 Loans and discounts 1,297 1,148 1,962 149 Loans and discounts 35,625 28,186 24,499 21,296 Loans to Government 3,765 3,251 4,229 040 Advances to Government 67,812 60,464 65,150 72,595 Other assets 1,167 946 1,029 ,118 Other Govt. accounts 30,354129,381120,390 72,647 Note circulation 15,928 15,706 15,545 ,379 Govt. securities 149,698149,726149,878 146,220 Deposits—Government 5,472 4,812 5,781 ,953 Other assets 12,151 12,566 12.175 14,932 Banks 5,623 4,746 4,861 ,839 Notes and coin in circulation 250,303241,499 241,111 220,537 Other 812 676 187 223 Deposits—Government 40,861 39,107 35,001 35,462 Other liabilities and capital 2,755 2,543 2,304 ,781 Other 186,382188,412179,214 139,973 Bank of Greece (millions of drachmae): Other liabilities and capital 28,709 28,262 26,509 17,563 Gold and foreign exchange (net).. 5,358 5,955 6,150 ,821Bank of Italy (billions of lire): Loans and discounts 175 170 158 149 Gold 4 4 4 4 Advances—Government 5,565 8,589 8,003 ,060 Foreign exchange 71 71 71 71 Other 5,385 5,123 5,000 ,994 Advances to Treasury 567 567 567 567 Other assets , 2,474 2,491 2,260 ,117 Loans and discounts 473 475 440 479 Note circulation , 6,611 6,328 6,012 ,534 Govt. securities 415 405 418 399 Deposits—Government , 1,061 1,075 1,104 ,043 Other assets 1,113 1,070 1.111 961 Reconstruction and Note circulation 1,729 1,706 1.712 1,633 relief accts , 3,676 7,113 7,113 ,403 Deposits—Government 9 5 4 15 Other 5,628 5,785 5,647 ,693 Demand 150 150 147 98 Other liabilities and capital 1,981 2,026 1,695 ,469 Other 579 559 576 570 Bank of Guatemala (thousands of Other liabilities and capital 176 171 173 163 quetzales): Bank of Japan (billions of yen): Gold 27,262 27,263 Bullion () () ( () Foreign exchange (net) 38,555 42,142 Loans and discounts 563 521 484 97 Gold contribution to Intl. Fund. 1,250 1,250 Govt. securities 205 233 243 435 Rediscounts and advances 11,002 7,750 Other assets 140 121 137 231 Other assets 39,797 40,107 Note circulation 654 650 664 600 Circulation—Notes 58,075 57,314 Deposits—Government 61 47 44 52 Coin 4,242 4,168 Other 84 85 30 Deposits—Government 8,887 8,948 Other liabilities 108 82 Banks 21,163 22,033 Bank of Mexico (millions of pesos): Other liabilities and capital 25,500 26.049 Monetary reserve8 1,878 1,867 3,794 1,815 National Bank of Hungary2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,424 4,587 4,217 5,033 rupees): Bills and discounts 1.090 912 1.061 755 Issue department: Other assets '874 847 853 410 Gold at home and abroad5 .... 1,178 1,178 1,178 400 Note circulation 5,171 5,246 5,140 4,859 Foreign securities 3,266 3,605 4,005 5,867 Demand liabilities 2,342 2.221 2.037 2,401 Indian Govt. securities 9,359 9,020 8,868 7,037 Other liabilities and capital 754 746 748! 754 Rupee coin 1,352 1,336 l,30f 1,201Netherlands Bank (millions of Note circulation 14,711 14,706 14,988 14,092 guilders): Banking department: Gold 2,649 2,826 3.020 ,230 Notes of issue department 443 432 364 413 Silver (including subsidiary coin)., 12 12 9 4 Balances abroad 259 193 197 283 Foreign assets (net) 735 622 641 972 Bills discounted 6 4: 31 39 Loans and discounts 425 400 200 226 Loans to Government 418 373 26: 28 Govt. debt and securities 660 791 732 660 Other assets 2,925 ,987 3,548 1,311 Other assets 346 351 369 382 Deposits 2,697 ,739 3,090 1,555 Note circulation 4,118 4,046 4.166 ,915 Other liabilities and capital 1,353 ,287 1,313 519 Deposits—Government 101 253 Bank Indonesia (millions of rupiahs): ECA 17 17 419 Gold and foreign exchange (net).. 761 588 448 408 Other 381 727 575 672 Loans and discounts 791 835 826 801 Other liabilities and capital 210 212 214 216 Advances to Government 16,561 16,210 15,787 10,003 RRieserve Bank of New Zealand (thou- Other assets 853 79f 685 462 sands of pounds): Note circulation 12,343 11.970 11,396 046 Gold 6,162 6.162 6,162 6,162 Deposits—ECA 220 '270 28: 327 Foreign exchange reserve 46,650 57,133 57.478 46,917 Other 3,926 3,885 4,221 301 Loans and discounts 23,930 23,628 32,151 16,184 Other liabilities and capital 2,478 2,300 1,84" 000 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 39,692 27,972 26,398 41,641 Gold 4,533 4,533 4,533 ,242 Investments 38,124 38,124 38,124 38,173 Foreign exchange 244 Other assets 1,631 1,608 1,502 2,083 Gold contribution to Intl. Fund. . 663 663 663 28: Note circulation 73,221 72,699 72.030 69,639 Govt.-secured debt 7,923 7,923 7,923 ,187 Demand deposits 73,453 72,722 80.679 72,163 Govt. loans and discounts 12,53' 12,174 12,31 ,296 Other liabilities and capital 9,517 9,207 9,107 9,358 Other loans and discounts 6,720 6,585 6,560 ,241Bank of Norway (millions of kroner): Other assets6 14,527 14,736 15,930 ,054 Gold 209 206 205 210 Note circulation 11,783 11,380 11,249 545 Foreign assets (net) 205 205 220 59 Deposits—Government 5,894 6,461 7,12' !916 Clearing accounts (net) 13 10 -27 Banks 1,691 1,697 1,659 ,468 Loans and discounts 74 85 118 Other 16,578 16,239 17,153 ,268 Securities 105 112 114 75 Special Account—Profits of reval- Occupation account (net) 5,545 5,545 5,546 5,546 uation 7,110 7,110 7,110 Other assets 127 119 86 113 Other liabilities and capital 3,848 3,727 3,624 3,350 Note circulation 3,238 3,251 3,287 3,154 Central Bank of Ireland (thousands of Deposits—Government 1,557 1,337 1,482 1,626 pounds): Banks 340 641 465 389 Gold 2,646 2,646 2,646 FOA 1 26 26 23 Sterling funds , 74,413 72,879 70,767 Other liabilities and capital 1,144 1,028 1,008 903 Note circulation , 77,059 75,525 73,413 4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central (2) in May 1957, the profit resulting from revaluation of gold from Bank were merged with the Bank of German States (Bank deutscher .0275557 to .0117316 grams of fine gold per rial. Lander) and the latter became the German Federal Bank (Deutsche 7 Holdings in each month were 448 million yen. Bundesbank). « Includes gold, silver, and foreign exchange forming required reserve 5 In October 1956, gold held by bank was revalued from 8.47512 to (25 per cent) against notes and other demand liabilities. 2.8 6 8 I n g c ra lu in d s e s o f ( 1 f ) i n g e o l g d o l a d n p d er f o r r u e p ig e n e . exchange in banking department and For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1302 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 Sept. Aug. July Sept. Sept. Aug. July Sept. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 51 531 513 579 Issue department: Foreign assets. 1,180 1,203 1,300 956 Gold at home and abroad 115 115 115 115 Net claim on Intl. Fund * 129 129 129 129 Foreign exchange—Approved. . 658 692 739 1,063 Swedish Govt. securities and ad- Other... 57 57 57 57 vances to National Debt Office2. 4,474 4,491 4,616 3,759 Pakistan Govt. securities.... 1,872 1,818 1.820 1,197 Other domestic bills and advances, 112 69 15 108 India currency 430 430 430 430 Other assets , 974 965 932 997 Rupee coin 54 60 58 r63 Note circulation 5,36: 5,320 5.246 5,129 Notes in circulation 3,076 3,030 3,071 2,834 Demand deposits—Government. . 128 261 241 164 Banking department: Other 156 71 279 70 Notes of issue department 110 142 149 91 Other liabilities and capital 1,742 1,735 1,739 1,164 Bills discounted 26 Swiss National Bank (millions of Loans to Government francs): Other assets 1,046 1,051 1,143 688 Gold 7,313 ,181 ,095 6,921 Deposits 1,038 1,054 1,120 660 Foreign exchange 556 535 527 590 Other liabilities and capital.... 118 139 172 146 Loans and discounts 155 157 176 154 Central Bank of Paraguay (millions of Other assets 97 92 100 guaranies): Note circulation 5,605 .565 5,391 Gold 15 15 10 11 Sight liabilities 2,281 ,170 2,149 Foreign exchange (net) 655 750 460 515 Other liabilities and capital 236 231 224 Net claim on Int. Fund1 113 173 113 53Central Bank of the Republic of Turkey Loans and discounts 1,669 1,666 1,677 1,545 (millions of pounds): Govt. loans and securities 719 702 662 507 Gold 402 402 402 402 Other assets 517 476 492 219 Foreign exchange and foreign Note and coin issue 1,227 1,229 1,224 1,163 clearings 467 485 486 224 Deposits—Government 507 535 545 301 Loans and discounts 4,823 4,609 4,405 3,813 Other 270 289 257 288 Securities 33 33 33 29 Other liabilities and capital 1,684 1,729 1,387 1,098 Other assets 265 271 265 247 Central Reserve Bank of Peru (millions Note circulation 3,105 2,926 2,801 2,299 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 400 581 673 624 Other 1,983 1,965 1.916 1,615 Net claim on Intl. Fund1 67 67 67 67 Other liabilities and capital 747 754 719 646 Loans and discounts to banks.... 1,139 1,013 953 838 Bank of the Republic of Uruguay (mil- Loans to Government 1,647 1,649 1,619 1,287 lions of pesos): (May)* Other assets 127 186 127 166 Gold 278 324 Note circulation 2,477 2,496 2,549 2,153 Silver 10 Deposits 672 715 667 567 Advances to State and Govt. Other liabilities and capital 230 285 224 263 bodies 261 277 Central Bank of the Philippines Other loans and discounts 590 524 (millions of pesos): Other assets 784 690 Gold 39 53 52 39 Note circulation 561 491 Foreign exchange 249 245 237 407 Deposits—Government 204 212 Loans 76 100 137 141 Other 373 371 Domestic securities 647 586 524 365 Other liabilities and capital 784 751 Other assets 165 165 164 147Central Bank of Venezuela (millions Circulation—Notes 691 688 681 645 of bolivares): Coin 86 86 86 86 Gold 2.099 2,099 2.099 1,234 Demand deposits 232 232 222 286 Foreign exchange (net) 2,165 2,027 2,020 962 Other liabilities and capital 166 142 124 82 Other assets 220 195 203 175 Bank of Portugal (millions of escudos): Note circulation 1,333 1,318 1,295 1,088 Gold 5,995 5,969 5,942 5,728 Deposits 585 597 499 357 Foreign exchange (net) 13,570 13,691 13,566 13,510 Other liabilities and capital 2,567 2.406 2.527 926 Loans and discounts 1,744 1,559 1,609 1,161National Bank of Federal People's Re- Advances to Government 1,365 1,369 1,370 1,373 public of Yugoslavia (billions of Other assets 2,309 2,311 1,918 1,869 dinars): Note circulation 11,640 11,597 11,496 10,985 Gold 5 Demand deposits—Government. . 1,986 1,968 2,140 1,616 Gold contribution to Intl. Fund. . 2 ECA 19 18 18 89 Foreign assets 36 37 67 Other 7,850 7,819 7,675 7,894 Loans (short-term) 791 774 940 Other liabilities and capital 3,488 3,497 3,076 3,057 Govt. debt (net) 94 86 41 South African Reserve Bank (millions Other assets 56 52 67 of pounds): Notes and coin in circulation 107 101 85 Gold 76 80 80 76 Demand deposits 378 353 211 Foreign bills 31 29 36 38 Foreign liabilities 84 87 119 Other bills and loans 32 24 25 19 Long-term liabilities (net) 291 297 518 Other assets 48 51 43 49 Other liabilities and capital 125 119 190 Note circulation 116 115 114 111Bank for International Settlements Deposits 55 53 55 55 (millions of Swiss gold francs): Other liabilities and capital 15 16 15 15 Gold in bars 424 564 504 608 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 73 43 48 71 Gold 618 618 618 617 Rediscountable bills and accept- Silver 323 323 323 323 ances (at cost) 540 399 508 637 Govt. loans and securities 15,830 16,624 16,365 15.849 Time funds at interest 114 216 410 104 Other loans and discounts 59,541 57,328 56,959 43,520 Sundry bills and investments 814 861 649 691 Other assets 65,514 67,090 66,551 51,430 Funds invested in Germany 297 297 297 297 Note circulation 62,467 60,970 60,280 50,453 Other assets 4 4 1 2 Deposits—Government 4,479 5,155 2,245 5,188 Demand deposits—Gold 527 656 780 759 Other 14,576 14,095 17,282 10,556 Other ,199 ,192 1,099 ,124 Other liabilities and capital 60,305 61,763 61,009 45,543 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 310 308 308 298 r Revised. * Latest month available. NOTE.—All figures, including gold and foreign exchange, are compiled 1 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. of the month. 2 Includes small amount of nongovernment bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1303 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1955 Month effective g B iu e m l- France m G a e n r y - Greece N la e e n r t d - h s - Spain S d w en e- S l w a e n r i - t d z- T k u ey r- U K d n i o i n m t g e - d C a a d n a - d In ia - p J a a n - 2 P p h in il e ip s - 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 ... I ... J Apr 3.00 May 5.5 10.0 ... 1 June 6.0 Aug . ... 3 25 3 25 I Sept 5.0 4 25 Oct 3.75 3.50 j ) Nov 4.00 33 77 3 50 Dec 3.5 3.92 1957_jan 4.5 3.95 Feb 5 0 4 01 i 6 n Mar 3.95 8.40 Apr 4.0 4.00 2.0 4.0 May 2 5 4 0144 00 9.13 4 06 July 4.5 4 25 5 00 5 00 4 05 Aug 5.0 5.00 4 28 Sept 4 0 7.0 4.05 4.5 Oct 4 05 In effect Oct. 31, 1957 4.5 5.0 4.0 10.0 5.00 5.00 5.00 2.5 6.0 7.0 4.05 4.00 9.13 4.5 ] 6.0 4.0 Other selected central banks—rates in effect on Oct. 31, 1957 Ar c e o a u a n n 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 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 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. dep 2 e D nd is i c n o g u o nt n s ty o p r e a d o v f a p n a c p e e s r a o t r o tr t a h n er s a r c a ti t o es n i a n n c d lu e d x e t : e n J t a p o a f n b — or v r a o r w io i u n s g r f a ro te m s late 3 s S t i a n v c e e r N ag o e v . t e 1 n , d th er e r d a i t s e c o f u o n r t T r r a e t a e s i u s r s y e t b i e l a ls c . h week at x/4 per cent above the 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] Switzer- Canada United Kingdom France Netherlands Sweden land i Month 3 T m re b o a il s n l u s th ry s1 m Da o d y n a - e y 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 u e t n e t 1954—Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1955_Dec 3.30 2.83 5.14 5.04 4.21 3.47 3.18 '2.92 1.50 1956— Oct 3.40 2.89 5.08 5.01 4.24 3.71 3.25 '3.06 1.50 3.61 3.18 5.07 4.94 4.15 3.55 3.48 '3.23 1.50 bee.'.'.'.'!!!!!!!!!!!! 3.70 3.27 4.85 4.69 4.06 3.50 '3.92 3.58 '3.38 1.69 1957—Jan 3.76 3.48 4.44 4.30 3.66 3.10 '3.52 3.47 '2.85 4Vi-6 */ 1.75 Feb 3.71 3.65 4.25 4.07 3.55 3.00 '4.10 3.61 '3.50 1.75 Mar 3.72 3.69 4.18 4.01 3.59 3.00 '4.61 3.63 '3.50 1.75 Apr 3.77 3.71 4.04 3.84 3.48 3.00 '5.19 3.59 '2.88 1.75 May 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 '2.70 2.50 June 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 '3.08 2.50 July 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 '3.51 2.50 Aug 3.94 2.96 5.40 5.42 4.33 3.80 4.86 3.64 2.50 Sept r Revised. 2 Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1304 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) Year or month Prefer- (p t A r o a u u l s n i - a d) (s A ch u i s l t l r in ia g) B ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r e o a n r n k - e) Basic ential Free 1951 20.000 13.333 7.067 223.07 1.9859 94.939 20.849 14.491 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21.017 1955 120.000 U3.333 17.183 222.41 3.8580 1.9905 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 101.600 20.946 1956—Oct.. 5.556 3.177 221.88 8580 2.0084 102.732 20.878 Nov. 5.556 2.987 221.71 8580 2.0022 103.725 20.871 Dec. 5.556 2.806 221.92 8580 1.9945 104.095 20.881 1957_jan.. 556 2.642 222.77 3.8570 1.9912 104.085 20.948 Feb.. 556 2.681 222.96 3.8536 1.9900 104.334 20.960 Mar. 556 2.586 222.55 3.8536 1.9900 104.577 20.921 Apr.. 556 2.478 222.22 3.8536 1.9887 104.184 20.890 May. 556 2.564 222.39 3.8536 1.9862 104.638 20.895 June. 556 2.477 222.33 3.8536 1.9875 104.891 20.898 July. 556 2.365 222.14 3.8536 1.9908 105.150 20.890 Aug. 556 2.303 221.73 3.8536 1.9865 105.470 20.862 Sept. 556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct.. 5.556 2.487 223.09 3.8536 1.9929 103.636 20.928 Year or month ( 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 do a s l i l l a a a y r - ) M (p e e x s i o c ) o 1951 .4354 .2856 23.838 20.869 280.38 32.849 11.564 1952 .4354 .2856 23.838 20.922 279.68 32.601 11.588 1953 .4354 .2856 21.049 281.27 32.595 11.607 1954 .4354 .2856 23.838 21.020 280.87 32.641 9.052 1955 .4354 .2856 23.765 20.894 279.13 32.624 8.006 1956 .4354 .2855 23.786 20.934 279.57 6.2779 32.582 8.006 1956—Oct .4354 .2855 23.843 20.856 278.46 32.384 8.006 Nov .4354 .2855 23.832 20.840 278.25 6.2779 32.360 8.006 Dec .4354 .2855 23.823 20.861 278.50 .2779 32.475 8.006 1957_jan .4354 .2855 23.808 20.939 279.57 .2779 32.529 8.006 Feb .4354 .2855 23.797 20.947 279.81 .2779 32.561 8.006 Mar .4354 .2855 23.793 20.913 279.30 .2779 32.532 8.006 Apr .4354 .2855 23.790 20.890 278.89 .2779 32.512 8.006 May .4354 .2856 23.796 20.896 279.10 .2779 32.526 8.006 June .4354 .2855 23.798 20.896 279.02 .2779 32.523 8.006 July .4354 .2856 23.800 20.884 278.78 .2779 32.495 8.006 Aug .4354 .2857 5.2376 23.800 20.844 278.27 .2779 32.431 8.006 Sept 4.3674 .2858 .2375 23.800 20.858 278.51 .2779 32.448 8.006 Oct .3118 .2858 .2375 23.800 20.940 279.98 .2779 32.556 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) S (k w r e o d n e a n ) z ( e f S r r w a la n it n c - d ) ( U p K d o n i o u i 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—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 211.1 A 19.333 23.332 278.78 Aug 26.103 275 52 14.008 49.695 3.4900 277.23 19.329 23.335 278.27 Sept 26.102 275.75 14.008 49.695 3.4900 277.47 19.328 23.335 278.51 Oct 26.287 277.21 14.008 49.695 3.4900 278.94 19.328 23.335 279.98 1 Annual averages based on quotations through Oct. 27, 1955. 5 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. 6 Based on quotations beginning Nov. 26, 1956. 4 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 to 320 markkaa per U. S. dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary DIVISION OF EXAMINATIONS LEGAL DIVISION ROBERT C. MASTERS, Director HOWARD H. HACKLEY, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant 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. GAR FIELD, 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 1305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1306 FEDERAL RESERVE BULLETIN • NOVEMBER 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 Frederick S. Blackall, jr. Milton P. Higgins Harvey P. Hood Harold I. Chandler (Vacancy) William D. Ireland Oliver B. Ellsworth Harry E. Umphrey 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 1307 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

1308 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Robert Gage Robert O. Huffman D. W. Colvard Joseph E. Healy W. A. L. Sibley L. Vinton Hershey Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman Charles A. Piper Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS William H. Grier, Chairman Ernest Patton G. G. Watts Charles D. Parker I. W. Stewart T. Henry Wilson Paul T. Taylor District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher, Chairman John R. Downing John E. Urquhart Robert M. Cleckler E. W. McLeod Adolph Weil, Sr. Malcolm A. Smith JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith W. E. Ellis James L. Niblack McGregor Smith J. Wayne Reitz, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1309 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 A. Carter Myers, Chairman C. L. Wilson (Vacancy) 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. MeBride, 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

1310 FEDERAL RESERVE BULLETIN • NOVEMBER 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 John E. Brown A. E. Hohenberg, Chairman John D. Williams J. H. Harris John A. McCall John K. Wilson Frank Lee Wesson 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 Harold C, Refling F. Albee Flodin Ray C. Lange Harold N. Thomson (Vacancy) Frederick L. Deming, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge M. B. Holmgren H. G. McConnell of Helena Branch A. W. Johnson M. H. Strothman, Jr. C. W. Groth Sigurd Ueland HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund Carl McFarland, J. Willard Johnson Chairman George R. Milburn District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley Joseph S. Handford of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear C. L. Priddy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1311 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

1312 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone, Joe D. Paxton Robert J. Cannon Chairman 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 Charles F. Frankland S. B. Lafromboise Lyman J. Bunting D. K. MacDonald, Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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. Subscription price in the United States and its pos- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1314 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 REPRINTS REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint (From Federal Reserve Bulletin unless preceded from April 1953 BULLETIN.) by an asterisk) INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- THE MONETARY SYSTEM OF THE UNITED STATES. ber 1956. 15 pages. February 1953. 16 pages. AGRICULTURAL LOAN SURVEY. Farm Loans at INFLUENCE OF CREDIT AND MONETARY MEASURES Commercial Banks. November 1956. 20 pages. ON ECONOMIC STABILITY. March 1953. 16 Farm Loans to Finance Intermediate-Term Inpages. vestments. January 1957. 9 pages. Farm FEDERAL FINANCIAL MEASURES FOR ECONOMIC Loans for Current Expenses. February 1957. STABILITY. March 1953. 7 pages. 8 pages. Loans to Buy Farm Real Estate. February 1957. 9 pages. Interest Rates on Farm * DETAILED DESCRIPTION OF SOURCES AND METH- Loans. March 1957. 10 pages. ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. UNITED STATES BANKING ORGANIZATION ABROAD. April 1953. 25 pages. December 1956. 16 pages. DEPARTMENT STORE SALES AND STOCKS, BY BANKING AND MONETARY STATISTICS, 1956. (Se- MAJOR DEPARTMENTS (Revised indexes). No- lected series of banking and monetary statistics vember 1953. 65 pages. for 1956 only) February and May 1957. 12 FEDERAL RESERVE MONTHLY INDEX OF INDUS- pages. (Similar reprints of 1954 and 1955 TRIAL PRODUCTION, 1953 Revision. December data, February and May 1955 and February 1953. 96 pages. and May 1956 BULLETINS.) NEW INDEXES OF OUTPUT OF CONSUMER DU- INTERNATIONAL GOLD AND DOLLAR FLOWS. RABLE GOODS. May 1954. 15 pages. March 1957. 7 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 1957 SURVEY OF CONSUMER FINANCES. March, DEPOSITS ADJUSTED AND CURRENCY OUTSIDE June, August 1957. 54 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. Octo- SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. ber 1955. 40 pages. April 1957. 20 pages. MONETARY POLICY AND THE REAL ESTATE MAR- SURVEY OF FINANCE COMPANIES, MID-1955. KETS. December 1955. 6 pages. April 1957. 17 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of OWNERSHIP OF DEMAND DEPOSITS. May 1957. 6 pages. Member Banks. April 1956. 14 pages. Credit Lines and Minimum Balance Requirements. SURVEY OF COMMON TRUST FUNDS. June 1957. June 1956. 7 pages. (Other articles on this 6 pages. (Also, similar reprint from August Survey will appear in later issues of the BUL- 1956 BULLETIN.) LETIN.) Reprints on a similar Survey are avail- BANK CREDIT AND MONEY. July 1957. 6 pages. able from March, May, June, July, and August INTEREST RATES IN LEADING COUNTRIES. August 1947 BULLETINS. 1957. 7 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. (Also similar reprint WINNING THE BATTLE AGAINST INFLATION. Aufrom June 1955 BULLETIN.) gust 1957. 12 pages. WORLD TRADE AND PAYMENTS IN 1955-56. Octo- WORLD PAYMENTS STRESSES IN 1956-57. October ber 1956. 8 pages. 1957. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 1252, 1253 Demand deposits—Continued Agricultural loans of commercial banks, 1248, 1250 Banks, by classes, 1245, 1251 Agriculture, Govt. agency loans, 1256; 1257 Type of holder, at commercial banks, 1249 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 1283 Banks and the monetary system, consoli- Sales and stocks, 1272, 1282 dated, 1244 Deposits (See also specific types of deposits): Corporate, current, 1264 Adjusted, and currency, 1244 Domestic banks, by classes, 1245, 1248, 1250 Banks, by classes, 1245, 1249, 1251 Federal business-type activities, by fund or Federal Reserve Banks, 1239, 1240, 1294 activity, 1256, 1257 Postal savings, 1244 Federal Reserve Banks, 1239, 1240 Turnover of, 1242 Foreign central banks, 1298 Deposits, reserves, and borrowings, by class of Automobiles: member bank, 1237 Consumer instalment credit, 1268, 1269, 1270 Discount rates, 1238, 1303 Production index, 1274, 1278 Discounts and advances by Federal Reserve Banks, 1235, 1239 Bankers' balances, 1249, 1251 Dividends, corporate, 1263, 1264 (See also Foreign liabilities and claims reported Dollar assets, foreign, 1294, 1295 by banks) Dwelling units started, 1279 Banks and the monetary system, consolidated state ment, 1244 Earnings and hours, manufacturing indus- Bonds (See also U. S. Govt. securities): tries, 1272, 1281 New issues, 1262, 1264 Employment, 1272, 1280, 1281 Prices and yields, 1253, 1254 Export-Import Bank, loans, etc., 1256, 1257 Brokers and dealers in securities, bank Farm mortgage loans, 1256, 1265, 1266 loans to, 1248, 1250 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equipby fund or activity, 1256, 1257 ment, 1264 Federal Deposit Insurance Corporation, Business indexes, 1272 assets, etc., 1256, 1257 Business loans (See Commercial and industrial loans) Federal finance: Capital accounts: Cash transactions, 1258 Banks, by classes, 1245, 1249, 1251 Receipts and expenditures, 1251 Federal Reserve Banks, 1239, 1240 Treasurer's balance, 1258 Carloadings, 1272 Federal home loan banks, loans, etc., 1256, 1257, 1267 Central banks, foreign, 1296, 1298, 1303 Federal Housing Administration, loans, etc., 1256, Coins, circulation of, 1243 1257, 1265, 1266, 1267 Commercial banks: Federal National Mortgage Association, Assets and liabilities, 1245, 1248 loans, etc., 1256, 1257, 1267 Consumer loans held, by type, 1269 Federal Reserve Banks: Number, by classes, 1245 Condition statement, 1239, 1240 Real estate mortgages held, by type, 1265 U. S. Govt. securities held by, 1235, 1239, Commercial and industrial loans: 1240, 1260, 1261 Commercial banks, 1248 Federal Reserve credit, 1235, 1239, 1240 Weekly reporting member banks, 1250, 1252 ' Federal Reserve notes, 1239, 1240, 1241, 1243 Commercial paper, 1252, 1253 Finance company paper, 1252, 1253 Commodity Credit Corporation, Foreign central banks, 1296, 1298, 1303 loans, etc., 1256, 1257 Foreign deposits in U. S. banks, 1235, 1239, 1240, Condition statements (See Assets and liabilities) 1244, 1249, 1251 Construction, 1272, 1278, 1279 Foreign exchange rates, 1304 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 1268, 1269, 1270, 1271 banks, 1290, 1292, 1294 Major parts, 1268, 1270 Foreign trade, 1283 Noninstalment credit, by holder, 1269 Consumer durable goods output indexes, 1278 Gold: Consumer price indexes, 1272, 1284 Earmarked, 1295 Consumption expenditures, 1286, 1287 Net purchases by U. S., 1295 Corporate sales, profits, taxes, and Production, 1294, 1295 dividends, 1263, 1264 Reserves of central banks and governments, 1296 Corporate security issues, 1262, 1264 Reserves of foreign countries and international Corporate security prices and yields, 1253, 1254 institutions, 1297 Cost of living (See Consumer price indexes) Stock, 1235, 1244, 1295 Currency in circulation, 1235, 1243 Gold certificates, 1239, 1240, 1241, 1243 Customer credit, stock market, 1254 Govt. debt (See U. S. Govt. securities) Gross national product, 1286, 1287 Debits to deposit accounts, 1242 Demand deposits: Home owners, Govt. agency loans, 1256, 1257 Adjusted, banks and the monetary system, 1244 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 1249 tries, 1272, 1281 1315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1316 FEDERAL RESERVE BULLETIN • NOVEMBER 1957 Industrial advances by Federal Reserve Banks, 1239, Real estate loans—Continued 1240, 1241, 1242 Type of property mortgage, 1265, 1266, 1267 Industrial production indexes, 1272, 1273, 1278 Regulation V, loan guarantees, 1241, 1242 Instalment loans, 1268, 1269, 1270, 1271 Reserve requirements, member banks, 1238 Insurance companies, 1255, 1260, 1261, 1266 Reserves: Insured commercial banks, 1247, 1248 Commercial banks, 1249 Interbank deposits, 1245, 1249, 1251 Federal Reserve Banks, 1239, 1240 Interest rates: Foreign central banks and governments, 1296 Bond yields, 1253 Foreign countries and international institu- Business loans by banks, 1253 tions, 1297 Federal Reserve rates, 1238, 1242 Member banks, 1235, 1237, 1239, 1240, Foreign countries, 1303 1249, 1251 Open market, 1253, 1303 Residential mortgage loans, 1265, 1266, 1267 Regulation V loans, 1242 Stock yields, 1253 Sales finance companies, consumer loans of, 1268, International capital transactions of the U. S., 1290 1269, 1271 International financial institutions, 1296, 1297, 1298 Savings, 1286 Inventories, 1287 Savings deposits (See Times deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 1255 Banks, by classes, 1245, 1248, 1250 Savings and loan associations, 1255, 1266 Federal Reserve Banks, 1239, 1240 Securities, international transactions, 1293, 1294 Govt. agencies, etc., 1256, 1257 Security issues, 1262, 1264 Life insurance companies, 1255 Silver coin and silver certificates, 1243 Savings and loan associations, 1255 State member banks, 1247 State and municipal securities: Labor force, 1280 New issues, 1262 Loans (See also specific types of loans): Prices and yields, 1253, 1254 Banks, by classes, 1245, 1248, 1250 States and political subdivisions: Federal Reserve Banks, 1235, 1237, 1239, Deposits of, 1249, 1251 1240, 1241, 1242 Holdings of U. S. Govt. securities, 1260 Govt. agencies, etc., 1256, 1257 Ownership of obligations of, 1248, 1255 Insurance companies, 1255, 1266 Stock market credit, 1254 Savings and loan associatiosn, 1255, 1266 Stocks: Loans insured or guaranteed, 1241, 1265, 1266, 1267 New issues, 1262 Prices and yields, 1253, 1254 Manufacturers, production indexes, 1272, 1273, 1278 Margin requirements, 1238 Tax receipts, Federal, 1259 Member banks: Time deposits, 1237, 1244, 1245, 1249, 1251 Assets and liabilities, by classes, 1245, 1248 Treasurer's account balance, 1258 Borrowings at Federal Reserve Banks, 1235, 1237 Treasury cash, 1235, 1244 Deposits and reserves, by classes, 1237 Treasury currency, 1235, 1243, 1244 Number, by classes, 1245 Treasury deposits, 1235, 1239, 1240, 1258 Reserve requirements, by classes, 1238 Reserves and related items, 1235 Unemployment, 1280 Weekly reporting series, 1250 U. S. Govt. balances: Minerals, production indexes, 1272, 1273 Commercial bank holdings, by classes, 1249, 1251 Money rates (See Interest rates) Consolidated monetary statement, 1244 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 1244, 1245, 1247, 1260, Banks, 1235, 1239, 1240, 1258 1261, 1265 U. S. Govt. securities: Bank holdings, 1244, 1245, 1248, 1250, National banks, 1247 1260, 1261 National income, 1286 Federal Reserve Bank holdings, 1235, 1239, National security expenditures, 1259, 1287 1240, 1260, 1261 Nonmember banks, 1239, 1247, 1248 Foreign and international holdings, 1297 Payrolls, manufacturing, index, 1272 International transactions, 1293 Personal income, 1287 New issues, gross proceeds, 1262 Postal Savings System, 1244 Outstanding, by type of security, 1260, 1261 Prices: Ownership of, 1260, 1261 Consumer, 1272, 1284 Prices and yields, 1253, 1254 Security, 1254 United States notes, outstanding and in circula- Wholesale commodity, 1272, 1284 tion, 1243 Production, 1272, 1273, 1277, 1278 Utility output index, 1277 Profits, corporate, 1263, 1264 Veterans Adminsitration, loans, etc., 1256, Real estate loans: 1257, 1265, 1266, 1267 Commercial banks, 1248, 1250, 1265 Type of mortage holder, 1265, 1266, 1267 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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