Federal Reserve Bulletin, 1957-12

FEDERAL RESERVE f-i hi 'Hi December BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Consumer Instalment Credit 1317 Revision of Monthly Department Store Indexes 1323 Small Business Financing 1353 Current Events and Announcements 1358 Law Department 1361 National Summary of Business Conditions 1362 Financial and Business Statistics, U. S. (Contents on p. 1365) 1367 International Financial Statistics (Contents on p. 1423) 1424 Board of Governors and Staff 1439 Open Market Committee and Staff; Federal Advisory Council 1440 Federal Reserve Banks and Branches 1440 Federal Reserve Board Publications 1447 Index to Statistical Tables 1451 Map of Federal Reserve System Inside back cover Volume 43 Number 12 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

EXPANSION of consumer instalment credit has continued this year, but at a slower rate CONSUMER INSTALMENT CREDIT Seasonofly adjusted, billions of doiiori than in 1956 and by less than half the record amount in 1955. Outstanding credit increased $2 billion in the period January- October 1957 and provided a steady stream of funds for consumer spending. Growth in consumer instalment credit has been a factor in the total demand for credit that until recently has brought pressure on the limited supply of funds in the credit markets. New borrowings by consumers on instal- 2.0 ment contracts have risen since mid-195 6, 1.0 following some decline from the high NET CHANGE IN CREDIT OUTSTANDING reached in the third quarter of 1955, and this autumn were at a seasonally adjusted ill. I iiliiii rate of nearly $3.6 billion a month. Repayments on contracts have grown steadily and recently averaged $3.4 billion a month. 1957 All types of instalment credit, after ad- • Figure for October only. justment for seasonal factors, have risen NOTE.—Quarterly averages of seasonally adjusted monthly data. Figures for 1955-57 are based on revised consumer credit further in 1957. Automobile credit and estimates published on pp. 1400-1403 and 1420-1422 of this BULLETIN. personal loans have increased more than in 1956 and, taken together, have accounted further growth of instalment credit during for most of this year's growth in instalment 1957. The effects of these forces for excredit outstanding. Expansion of credit to pansion were tempered by a leveling off finance consumer goods other than automo- in demand for durable goods, by the rising biles and for repair and modernization of level of repayments on outstanding obligahouses has been much less this year than it tions, and by the higher costs and greater was in 1956. difficulty encountered by lenders in obtaining funds. ECONOMIC ENVIRONMENT In the automobile and household durable Actively competitive conditions in consumer goods markets, competitive pressures to sell durable goods markets, some lengthening of have continued to extend the use of instalaverage maturities on contracts, and the will- ment credit. While lenders for the most ingness and ability of consumers to use in- part have resisted pressure for further genstalment credit have all contributed to the eral easing of instalment terms or standards, 1317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1318 FEDERAL RESERVE BULLETIN • DECEMBER 1957 the proportion of contracts written with come has receded from the peak reached maximum maturities has increased, notably in August. Employment and hours of work on new automobile credits. have declined, and unemployment has risen At the same time, greater difficulties in more than seasonally. maintaining collection norms have possibly The high level of repayments on existing made lenders more cautious in granting instalment obligations has limited to some new credits. More collection effort has extent the ability of consumers to incur new been required this year to hold delinquen- debts. Since World War II outstanding incies down. Repossessions of collateral have stalment debt has increased at an average risen, particularly on new car contracts. rate of about $2.5 billion a year, and at the The used car market, however, has been suf- end of October 1957 it amounted to $33.5 ficiently strong to absorb the repossessed billion. Monthly repayments on instalment cars without serious loss to lenders. debts currently amount to more than 13 per Instalment credit lenders seeking new cent of disposable personal income as comfunds encountered strong competition in obtaining funds, both short- and long-term, INSTALMENT REPAYMENTS AND INCOME in credit markets where aggregate demands Per cent pressed against limited supplies. Lenders who obtained funds paid interest at rates higher than a year earlier. The less ready RATIO-REPAYMENTS TO DISPOSABLE PERSONAL INCO availability and higher costs of funds limited extensions of instalment credit. Expansion of consumer income during the greater part of the year and relatively high levels of employment contributed to the willingness and ability of consumers to take on more instalment obligations. Disposable personal income, that is, income 10 1955 after tax and other payments to governments, in the first 10 months of 1957 was 5 NOTE.—Ratio of instalment credit repayments to Department per cent above the same period of 1956. of Commerce estimates of disposable personal income, both series seasonally adjusted. Consumer purchasing power rose little, however, since further increase in prices pared with a prewar high of 10 per cent. It largely offset the effect of growth in money is estimated that in early 1957 more than income. Nevertheless, consumers viewed half of all families were making payments on their financial positions and prospects favor- instalment debts and that such payments ably. Surveys conducted at the beginning frequently amounted to more than 20 per and the middle of the year indicated that a cent of their incomes. large majority of consumers felt that their On balance, consumers have improved financial positions were as good as they had their financial positions relatively more in been a year earlier, and perhaps better. 1957 than in 1956. A smaller increase in Recent developments may modify con- instalment debt this year than in 1956 has sumers' attitudes and outlook. Personal in- been accompanied by a smaller increase in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1319 CONSUMER INSTALMENT CREDIT residential mortgage debt and by a sharp Higher prices paid for new automobiles rise in net acquisition of financial assets. and larger finance and insurance charges The total of individuals' holdings of time contributed to the increase in size of new deposits at banks and of securities increased car contracts this year. List prices for most much more in the first three quarters of this 1957 models were above prices of comparayear than in the corresponding period of ble models a year earlier and the upward 1956, despite a reduction in holdings of trend in purchases of expensive extras United States savings bonds. continued. Larger finance and insurance charges were associated in part with longer AUTOMOBILE CREDIT term contracts and in part with higher rates The number of new automobiles sold in the on consumer instalment credit charged by first 10 months of 1957 exceeded the total many banks and finance companies. sold in the same period of 1956, but the Extensions of automobile credit in the number, and therefore the proportion, sold first 10 months of the year were relatively on credit was smaller. stable at a seasonally adjusted rate of nearly Although fewer people bought new cars $1.4 billion a month. This was above the on credit, both absolutely and relatively, 1956 average but slightly below the postthe dollar volume of automobile credit ex- war high in the third quarter of 1955. Retended rose in 1957. This reflected a mod- payments on automobile contracts increased erately larger number of used cars bought gradually but remained $50 to $125 milon credit and an increase in the average lion a month below extensions. Outstandamount of instalment contract for both new ing auto credit, accordingly, increased by and used cars. New car contracts written about $900 million during the first 10 during recent months have amounted, on the months of 1957 and accounted for nearly average, to about $2,600, compared with one-half of the rise in total instalment credit. $2,400 in 1956 and $2,250 in 1955. Used There is no evidence of any marked eascar contracts currently average about $ 1,100 ing of the maximum maturity terms avail- —$100 more than in 1956 and $200 above able for automobile credits after 1955, 1955. when the 36-month maturity on new car contracts became fairly well established. FACTORS IN CREDIT EXTENSIONS ON NEW CARS More general use of this maturity since Annual overages Dollars 3000 then, however, has lengthened the average AVERAGE maturity on contracts. It is estimated that INSTALMENT CONTRACT about one-half of all new car contracts written in recent months have carried this 70 long maturity. 2000 In 1955, downpayment requirements also eased markedly and a sizable propor- PROPORTION OF NEW CARS tion of new car contracts were written for SOID ON CREDIT amounts in excess of the wholesale value (that is, the dealer's cost price) of the car 1953 purchased. As a reaction to the excesses of 1955, some lenders tightened their col- NOTE.—Federal Reserve estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1320 FEDERAL RESERVE BULLETIN • DECEMBER 1957 lateral requirements in 1956, and the pro- suggests that they are obtained most freportion of contracts written for amounts quently to consolidate debts or to finance that exceeded the wholesale value of the col- expenditures for medical services, vacations, lateral declined. The situation apparently and education. stabilized in mid-1956, although a substan- Personal instalment loans have grown tial number of such contracts are still being steadily since World War II. From 1950, written. when such loans regained their prewar im- Standard maturity and downpayment portance in relation to income, to this Octoterms on used cars changed little during ber, personal loans outstanding increased 1957. However, the proportion of con- from $2.8 billion to $7.7 billion, and from tracts with long maturities apparently in- 1.4 per cent to 2.5 per cent of disposable creased slightly. personal income. Consumer finance companies specialize in PERSONAL LOANS personal cash loans and hold slightly more Personal instalment loans increased 12 per than a third of the total. Commercial banks cent in the first 10 months of 1957, a greater are next in importance, followed by credit relative increase than for any other type of unions and other personal finance cominstalment credit. As the chart on the fol- panies. The distribution of holdings by lowing page shows, the dollar increase was types of lenders has changed little this year, almost as large as that in automobile credit. but over a longer period the share held by These loans are used sometimes for the pur- credit unions has increased slightly while chase of consumer durable goods, and their the commercial bank and consumer finance growth in 1957 may have been associated company shares have declined fractionally. with the larger number of cars sold for cash. Credit unions now hold about 15 per cent Available information on the purpose of of all personal loans as compared with 12 personal loans for past periods, however, per cent in 1951. Single-payment loans are used in much the same way as personal instalment loans, PERSONAL LOANS OUTSTANDING but have risen much less rapidly over post- AS PESCENTAGE OF DI5POSABLS PERSONAL INCOME war years. The amount outstanding at the end of October was about $3.4 billion, 7 per cent above a year earlier. GOODS OTHER THAN AUTOMOBILES Instalment credit for the purchase of goods other than automobiles has increased much less in 1957 than in 1956. Consumers have spent more this year, but a greater proportion of their outlays has been for nondurable goods and services, which usually '53 are not purchased on instalment. During the past two years extensions of NOTE.—Ratio of outstanding personal loans at end of year to Department of Commerce estimates of disposable personal in- other consumer goods credit have followed come during the year. Figure for 1957 is partly estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER INSTALMENT CREDIT 1321 line of credit against which he can make purchases without receiving a separate INCREASES IN INSTALMENT CREDIT Firsl 10 months of 1956 and 1957 credit clearance for each purchase. Repayments are made either at a fixed monthly rate or according to a predetermined schedule that varies with the outstanding balance. Many stores have raised interest rates on these accounts and now charge 1-1 Vi per cent a month on the unpaid balance. Despite growing use of this form of credit, it still accounts for less than 10 per cent of instalment credit for other goods. REPAIR AND MODERNIZATION LOANS Outstanding loans for repair and modernization of residential housing increased $90 million in the first 10 months of this year compared with $170 million in the same period of 1956. Repayments rose further, 400 600 800 1000 while extensions continued at about the 1956 Millions of dollars rate. NOTE.—Seasonally adjusted changes in outstanding credit. More than half of these loans are insured the general pattern of sales of household dur- by the Federal Housing Administration and able goods. Dollar sales of household dur- the remainder are made under a variety of able goods during the first 10 months of this bank and finance company plans. Commeryear were about the same as during the cial banks hold about 80 per cent of all corresponding period of last year while ex- repair and modernization loans. tensions of other consumer goods credit Average maturities on repair and modshowed a slight increase. Repayments in- ernization loans have increased somewhat creased somewhat more than extensions this year, in part as a result of legislation with the result that outstanding credit in- enacted in 1956 lengthening the maximum creased about $200 million in the first 10 maturities on such loans insured by the Fedmonths of 1957. This compares with an eral Housing Administration by two years, increase of $700 million in the correspond- to five years and 32 days. ing period of 1956. Revolving credit and similar plans have INSTALMENT LENDERS continued to grow in importance. The Na- A large proportion of instalment credit contional Retail Dry Goods Association recently tracts originate as sales are made by retail reported that about 80 per cent of the stores and auto dealers, but most of this larger department stores have such plans in paper is sold by retailers to banks or sales operation as compared with about 40 per finance companies. In 1945 and before cent in 1950. World War II, retailers held about 30 per In these plans the customer is given a cent of all instalment paper. By early 1956, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1322 FEDERAL RESERVE BULLETIN • DECEMBER 1957 the proportion had declined to 15 per cent need for funds for their nonconsumer lendand currently it is about 13 per cent. This ing operations, primarily wholesale financtrend resulted in part from the establish- ing of automobile inventories. ment by large retail and manufacturing con- These financing needs were met through cerns of finance company subsidiaries to both long- and short-term borrowing. Longprovide specialized financing for their re- term financing of sales finance and consumer tail sales. finance companies amounted to about $800 Among financial institutions the distribu- million in the first nine months of 1957 tion of total instalment credit has changed compared with $1 billion in the similar little in the past two years. A slight in- period of 1956. Their short-term obligacrease in the share held by consumer finance tions—bank loans and commercial paper companies and credit unions reflects in —increased in the first 10 months of this large part the growing importance of per- year in contrast to a contraction during the sonal loans. same period of last year. The cost of obtaining funds for consumer Instalment lenders reported more diffilending has risen further. The rate for culty with collections in the first 10 months directly placed finance company paper with of this year than in 1956. Repossessions maturities of three-six months increased increased, especially of new automobiles. from 3% per cent to 3% per cent between This resulted more from borrowers who May and September of this year, and then were overextended than from borrowers declined beginning in November. Rates on who had experienced a reduction in income. four-six month paper of smaller sales fi- Collection problems may have increased nance companies placed through dealers further in recent weeks as a result of more reached a high above 4 per cent during the general declines in income and employyear. Costs of bank loans and longer term ment. Consumers in the aggregate, howdebt also increased. ever, improved their financial positions Demand for funds by consumer lenders relatively more this year than last as a rehas added to general pressure on available sult of a larger accumulation of financial supplies in credit markets. Total require- assets and a smaller increase in consumer ments of finance companies were consider- instalment and mortgage debt, and most ably larger in the first 10 months of 1957 instalment borrowers continued to meet than a year earlier, in part as a result of the their repayment schedules promptly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revision of Monthly Department Store Indexes THE FEDERAL RESERVE SYSTEM has been changes include a modification in the procepublishing monthly indexes of total depart- dure for compiling the trading-day allowment store sales and stocks since the early ances used in connection with the sales 1920's. Important changes have been made indexes and a recalculation of the weights over the years to improve the reliability and used in combining the district indexes to obusefulness of the series as indicators of tain national sales and stocks indexes. consumer spending at department stores. The indexes for Federal Reserve districts Reporting samples have been revised to were revised by the research departments of reflect changes in the number, location, and the Reserve Banks. The revised national character of department stores. Compila- series were computed by the Board of Govtion procedures have become largely stand- ernors' Division of Research and Statistics ardized throughout the System, and new from the district data supplied by the Banks. techniques have been developed where The revision covers the period January 1949 problems unique to the department store to date for most series, although in a few statistics have been encountered. Special cases revisions were also made in data for adjustments to Census benchmarks have earlier years. Indexes for the United States been made periodically, and the monthly and for each Federal Reserve district are seasonal and Easter corrections have been shown for the period 1947 to date in the re-examined at regular intervals to insure tables beginning on page 1340. These tables their accuracy. also include seasonal adjustment factors for This article presents the results of the the years 1953-57.2 latest revision in the department store in- The differences between the old and redexes.1 Its main features are an adjustment vised indexes for the United States are shown of the indexes to the Census of Business in the chart on page 1325, while the charts benchmarks for 1954 and an up-dating of on pages 1337-39 compare each district's the seasonal and Easter corrections. Minor revised annual sales index with that for lrThe work on revision of the national series was 2 The preceding major overhaul of these series was organized and conducted by Orville K. Thompson and in 1951, and the results were published in the Federal Edward R. Fry of the Division of Research and Sta- Reserve BULLETIN for December of that year. The tistics of the Board of Governors of the Federal principal features of that revision were adoption of a Reserve System. Statistical procedures and general new base period and a new definition of department planning of the revision for the System as a whole stores, together with adjustments to new benchmarks were the responsibility of the System Research Com- and to changed seasonal patterns. Since 1951, the mittee on Current Reporting Series, comprised of rep- System has reviewed seasonal factors twice, with the resentatives from the Federal Reserve Banks and the results announced in the BULLETINS for August 1953 Board's staff. and August 1955. 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1324 FEDERAL RESERVE BULLETIN • DECEMBER 1957 the United States for the period 1919-57. Census data. In the 1948 Census of Busi- The appendix to this article describes ness, 2,558 establishments with aggregate some of the more important techniques of sales of $9.4 billion were classified as departindex construction not covered in the article ment stores.5 The 1954 Census reported a itself. Although much of the material in the total of 2,761 department stores with sales appendix has been shown in earlier BUL- of $10.6 billion. This represented an in- LETIN articles, it is included here to provide crease of 203 in number of stores and $1.2 in a single source a description of the prinbillion in volume. The sales figures are not cipal techniques used in compiling the strictly comparable, however. In 1948, sales monthly indexes. of leased departments operating on department store premises were included. In 1954 THE DEPARTMENT STORE CONCEPT these sales were tabulated separately in ac- The Standard Industrial Classification Mancordance with the kind of business conual defines department stores as ". . . retail ducted in the leased department. A further stores carrying a general line of apparel, difference between the two Censuses was in such as suits, coats, dresses, and furnishings; the treatment of sales and excise taxes: pubhome furnishings, such as furniture, floor lished totals excluded them in 1948 and incoverings, curtains, draperies, linens, major cluded them in 1954. household appliances, and housewares, such While these differences were partly offas table and kitchen appliances, dishes, and utensils. These and other merchandise lines setting, it was desirable to establish strict are normally arranged in separate sections comparability between the 1948 and 1954 or departments with the accounting on a de- figures before using them in benchmark adpartmentalized basis. The departments and justments of the System's indexes. For this functions are integrated under a single man- purpose the Bureau of the Census made speagement. Establishments included in this cial tabulations of total sales, as reported in industry normally employ 25 or more per- the 1954 Census for all department stores, sons." 3 for each Federal Reserve district and for This has become the standard definition cities, metropolitan areas, and other subused by the Federal Reserve System, Gov- district regions for which the Reserve Banks ernment agencies, trade associations, and compile indexes. Separate figures on sales private research organizations in assemin leased departments and on sales taxes bling, classifying, and publishing statistical were provided for these same areas. The data for department stores. It was used by Reserve Banks used these data to adjust rethe Bureau of the Census in both the 1948 ported 1954 Census totals to conform with and the 1954 Censuses of Business to classify the 1948 benchmark figures. Specifically, the department store segment of retail trade.4 the data for leased sales were added to, and 3 Vol. II, Nonmanufacturing Industries, p. 74, May 1949 edition, U. S. Government Printing Office. the classifications given in the Manual, establishments 4 Except that in the 1948 Census, "catalog" estab- of this type are listed as a separate kind of business. In the 1954 Census, "catalog" establishments of lishments of mail-order organizations which sold the mail-order organizations were included in a new "nonmerchandise lines required by the department store definition and which normally employed 25 or more store" category. persons were included with department stores. In 5 Excluding 22 establishments selling by catalog. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1325 UNITED STATES DEPARTMENT STORE TRADE SEASONALLY ADJUSTED INDEXES, 1947 - 49 = 100 _ SALES — 150 Monthly REVISED A/^\hfjJ\- 130 ^ P ^ ^ A ^ T^ OLD —~ 110 — 90 1 1 1 1 1 _ 1947 1949 1951 1953 1955 1957 _ STOCKS 170 End of month 150 130 110 90 1947 1949 1951 1953 1955 1957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1326 FEDERAL RESERVE BULLETIN • DECEMBER 1957 the tax figures subtracted from, the Census DEPARTMENT STORE REPORTING SAMPLES, 1956 totals for 1954. Salesindex Stocksindex As in the past, Census information on the retail value of department store stocks was Federal Reserve Num- Percent- Num- Percentnot available. Accordingly, it was necessary district ber age of ber age of of dollar of dollar to develop estimates for 1954. The techstores universe stores universe nique followed is the one used in previous benchmark revisions; it is described in a Boston 136 80 77 68 later section. New York 156 91 156 91 Philadelphia 78 84 73 81 Reporting samples. The reporting samples Cleveland 121 84 101 79 consist of establishments classified as depart- Richmond 160 79 131 73 Atlanta 130 88 67 57 ment stores in the 1954 Census of Business. Chicago . . 336 87 228 62 These stores make their sales and stocks fig- St. Louis 65 87 60 86 ures available to the System on a voluntary Minneapolis 102 88 73 78 basis. The reporting samples for both series Kansas City 99 74 90 72 Dallas 69 80 69 80 have grown substantially over the years, and San Francisco... 224 87 202 83 they represent virtually every important de- United States.. 1,676 85 1,327 16 partment store trading area in the country. Reporters include retail units of the large national department store chains, local or THE BENCHMARK ADJUSTMENT regional chains, and independent depart- Because the monthly department store sales ment stores. The growth in number of re- and stocks indexes are based on samples, it porters reflects in part the opening of subur- is necessary from time to time to check the ban branches, as well as increased coopera- levels of the series. This is done by comtion of stores previously in business. paring the change in the sample series with During 1956, the System received the change indicated by comprehensive monthly sales reports from 1,676 depart- Census of Business data taken as benchment stores, whose aggregate sales ac- marks. Earlier major revisions included counted for 85 per cent of the estimated adjustments for the period 1929 to 1939, total for all department stores in the counand again for 1939 to 1948. In the present try. Figures on end-of-month stocks were revision the indexes have been adjusted to reported regularly by 1,327 stores in 1956, 1954 benchmarks, that is, the indexes have accounting for 76 per cent of estimated total been corrected so that the change between department store stocks. 1948 and 1954 equals the change shown by The size of the reporting samples varies Census of Business data for these years. among districts, depending on such factors A number of the district indexes are built as cooperation of stores and concentration up from area or city series. Correspondof population, but most district samples have become quite large as a result of in- ingly, the national indexes are obtained by tensified interest in local or regional devel- combining the indexes for the 12 districts.6 opments. As the accompanying table indicates, sample coverage in most districts is 6 See the appendix (beginning on p. 1332) for a detailed description of the procedures followed in calsomewhat greater for sales than for stocks. culating the national and district indexes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1327 In these situations, benchmark adjustments ber 1954. (In general, Y equals were applied directly to the component the period in months between the indexes. In a few cases index changes were end of 1948 and the middle of the not significantly different from changes in- month to which the correction dicated by Census data, and benchmark ad- ratio is to be applied.) justments were unnecessary. C = Ratio of 1954 Census benchmark Adjustment of sales index. The ratio bedata to 1948 benchmark data. tween unrevised annual sales indexes for B = Ratio of 1954 annual sales index 1954 and 1948 was compared with that to 1948 annual index. shown by the Census figures to determine whether any adjustment was necessary to N = Number of months in the period bring the indexes into agreement with January 1949-June 1954; that is, Census levels. Where significant differences N = 66. were found, the indexes were generally low This is essentially the same formula used relative to Census levels. In the benchmark in the revision of the sales indexes to 1939 adjustment it was assumed that these differand 1948 benchmarks. The centering of ences resulted from bias in the System's correction ratios at the middle of the month measures and that this bias had accumulated in equal monthly increments over the period represents a minor refinement in the method. between benchmarks.7 Thus, the usual As the formula implies, the minimum cor- "straight-line" adjustment technique was em- rection was made in January 1949, and the ployed. amount of the correction was gradually in- Ratios to correct the unrevised monthly creased to a maximum in December 1954. indexes were derived by the following Consequently, the revised annual indexes formula: for 1954 show the same change from 1948 as the benchmark data do. The net effect of the adjustment was to raise the 1954 level of the national index about 6 per cent. The maximum benchmark correction in Symbols in the formula represent: the district indexes ranged from 3 to 13 R = Correction ratio for any given per cent. This variation was due prinmonth. cipally to differences in sample coverage Y = 0.5 as of mid-January 1949, 1.5 as and the uneven effect of changes in clasof mid-February 1949, and a sification in the department store category maximum of 71.5 in mid-Decemin the 1954 Census of Business. A substantial number of stores previously classi- 7 It is likely, however, that the discrepancy in sample measurement accumulated in unequal incre- fied as general merchandise stores, and ments, particularly in view of the large number of some in apparel and other categories, were stores whose volume or type of business changed enough between the Census years to cause them to be shifted to the department store classificareclassified as department stores. (See additional dis- tion. These stores apparently increased cussion of this point in subsequent paragraphs in this enough in size or added sufficiently to their section.) The actual course of this development cannot be accurately reflected in the index, however, lines of merchandise to qualify as departbecause of lack of information about it in the years ment stores in this Census. between Censuses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1328 FEDERAL RESERVE BULLETIN • DECEMBER 1957 The addition of such stores to the 1954 sales indexes as adjusted to benchmarks) universe probably accounts for a large part by stocks-sales ratios for the corresponding of the difference between 1954 benchmark month. These ratios were obtained from and index levels for most areas. While a data submitted by stores in the panel that series based upon sample reports is likely to reported both sales and stocks. Then the vary from one based on complete enumera- monthly estimates of total stocks were avertion, the large coverage of the department aged to obtain the benchmark figure for store sample limits the variation to be ex- 1954. This method of deriving stocks pected from this source. benchmarks assumes that the relationship The efforts of the Reserve Banks to main- of stocks to sales at stores reporting both of tain sample representativeness between these items to the System is typical of the benchmark years were directed mainly to- department store universe. ward securing participation of new stores The benchmark formula described above and branches whose characteristics made for the sales index revision was used to adthem readily identifiable as department just the stocks indexes with only this minor stores. This was much less difficult than to modification: values of Y were assigned on keep up to date on changes in the nature of an end-of-month instead of a midmonth business conducted by existing nondepart- basis. As in the case of the sales index, ment stores. To the extent that there were correction factors were applied directly to geographic differences in the effect of this the unadjusted monthly stocks indexes. shift in classification of stores, the impact on The upward revision in the national stocks the respective district indexes was uneven. index for 1954 was 5 per cent. Adjustment of stocks index. It was not Regional variations in the amount of possible to adjust the department store benchmark correction were apparent in the stocks indexes directly to Census of Busi- stocks indexes; here, as in the case of the ness levels, because the Census data were sales indexes, sampling differences and the not available in the required form.8 The differential effect of changes in classification method used, which is described below, was between Censuses were contributing factors. designed to tie the indexes to the regular Change in base period sales and stocks. monthly sales indexes as adjusted to the Prior to this benchmark adjustment, the Census of Business benchmarks. indexes in the 1947-49 base period averaged First, estimates of stocks for each month exactly 100. Correction to new Census in 1954 were obtained by multiplying total levels, however, raised the indexes for 1949 sales for each month (derived from the (and, correspondingly, the average for the base period) to something above 100. 8 In the Census of Business for 1948, information was collected on the total value, at cost, of stocks of While this would ordinarily require recalall department stores as of December 31 of that year. culation of the entire series so as to equate If figures were not available for this date, stores were the base period average to 100 again, the requested to report for their inventory date nearest December 31. Similar information for 1954 was com- difference from 100 was very small for most piled by the Bureau of the Census from its annual indexes and recomputation was not thought retail trade survey. These data were not satisfactory benchmarks for the Federal Reserve indexes, however, necessary for most regions. because they were at cost whereas the System's indexes Revised weights. The national indexes are a measure of retail value, and because of the differences in the reporting dates for individual stores. are weighted according to the relation of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1329 total department store sales (or stocks) in universe figures) were changed only slightly each district to the total for the United States from those previously published. Reserve in the base period, 1947-49. As indicated Banks that obtain district indexes by comin the accompanying table, weights for the bining special area indexes generally found sales indexes are derived from total sales for it unnecessary to recalculate weights. At the base period, while weights for the stocks the national level, however, it was decided indexes are based on average end-of-month to recompute weights mainly to take into stocks in that period. account a correction of base period data reported by one district. The new weights COMPUTATION OF WEIGHTS FOR NATIONAL INDEXES OF were used to reconstruct the national series DEPARTMENT STORE SALES AND STOCKS back through 1947 and will be used to carry the series forward. The net effect of changes Stocks (end-of- Sales, 1947-49 month average), in district weights on the national series was 1947-49 Federal small. Reserve district Millions Per- Millions Per- TRADING-DAY ALLOWANCES centage centage of of of of dollars dollars The System's monthly sales indexes measure total total daily average sales, rather than total sales in Boston 1,525 5.6 104 5.4 a given month or year. Through the use of New York 3,790 13.9 272 14.1 daily average sales, obtained by dividing Philadelphia 1,681 6.2 111 5.8 Cleveland 3,002 11.0 221 11.5 total sales for the period by the correspond- Richmond 1,983 7.3 141 7.3 ing number of trading days, fluctuations in Atlanta 1,603 5.9 111 5.8 the volume of sales resulting from differences Chicago 5,415 20.0 388 20.2 St. Louis 1,133 4.1 82 4.3 in number of trading days are largely elimi- Minneapolis 826 3.1 65 3.4 nated. (See the appendix for additional dis- Kansas City 1,214 4.4 85 4.4 cussion of this subject.) This basic adjust- Dallas 1,250 4.6 87 4.5 San Francisco... 3,753 13.9 254 13.3 ment is being continued. United States.. 27,175 100.0 1,921 100.0 Until the present revision, an additional adjustment designed to correct for the varying importance of the trading days in the While information on dollar sales is availweek was made in the sales indexes for sevable only for 1948, the Census of Business eral districts. This was necessary because year, it was possible to derive totals for the an unusually large proportion of a week's other two base period years by using the sales fell on Saturday in some of those dissales indexes for those years. Figures for tricts, whereas in others a large fraction of stocks, on the other hand, were estimated for the entire base period. Since the last the week's sales was made on days other major revision of both sales and stocks than Saturday. included benchmark adjustments only These circumstances raised problems in through 1948, the figures for 1949 were the districts affected, because daily average not final until the 1954 benchmark adjust- sales in those months with a greater numments were completed. ber of the important trading days would be For the most part, the corrected 1949 overstated unless, in the determination of indexes (and, correspondingly, the dollar the number of trading days in the month, a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1330 FEDERAL RESERVE BULLETIN • DECEMBER 1957 special allowance was made for the varying their policies on ordering and stock levels to importance of the days of the week. Gen- take account of these factors. Weather is erally, adjustment for this was made simply especially important. Cool weather in the by adding an extra one-third of a day to the fall, for example, usually results in increased actual number of trading days in those sales of fall and winter clothing—particumonths having five of the important days.9 larly of the big-ticket items such as coats and As part of the present revision, it has been suits. The heat of the summer, on the other decided to discontinue this trading-day- hand, stimulates sales of lightweight apparel weights refinement. During the past few and of cooling devices such as air conditionyears night openings at department stores ers, fans, and refrigerators. have increased, while Saturday closings in Holidays and vacation periods also deterthe summer months have become more widemine the timing of buying seasons for certain spread. These changes, however, have not kinds of goods year after year. Sales inbeen uniform. Practices vary from city to crease substantially in the weeks preceding city and, in some cases, from store to store Easter, with demand for fashionable spring in the same city or metropolitan area. apparel especially strong. As the accom- Downtown stores, for example, are likely to panying chart shows, the seasonal rise have only one week-night opening, whereas before Christmas is even more pronounced, suburban outlets usually remain open two for it reflects increased activity in nearly all or three nights each week. Moreover, stores store departments. December alone acin outlying shopping centers seldom observe counts for about 40 per cent of annual sales Saturday closings in July and August. of toys and games, and it is also important— This lack of uniformity makes it imposaccounting for more than 20 per cent of the sible to adjust accurately for differences in year's total—in the departments selling trading-day practices. The decision to dishandkerchiefs, jewelry, stationery, sporting continue this refinement also recognizes the goods, cameras, candy, negligees, robes, and probability that the practices will continue lounging apparel. Mother's Day and Fato change as stores respond to new competither's Day also produce some seasonality in tive patterns. All of the sales indexes in the department store sales, while purchases of affected districts have been recalculated to back-to-school clothing are frequently assoexclude this adjustment beginning with Janciated with the period around Labor Day. uary 1955. Seasonal variations in stocks reflect both SEASONAL INFLUENCES the movement of sales during the course of Department stores handle a wide variety of the year and the purchasing practices of merchandise, much of it subject to highly management. Depending in part on producseasonal consumer demands. Many factors tion and delivery conditions, inventories influence these seasonal changes in sales, and usually rise appreciably a month or two in department store managements formulate advance of seasonal expansion in sales. Stocks ordinarily reach their low point for 9 This adjustment was used by the Federal Reserve the year following the Christmas selling sea- Banks of Boston, Richmond, Chicago, St. Louis, Kansas City, and San Francisco. son. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1331 DEPARTMENT STORE SALES The System's sales and stocks indexes are 1947-49 -100 published both with and without adjustment 275 for seasonal variation. The seasonal corrections are re-examined regularly, since the UNADJUSTED 225 factors underlying seasonal movements in trade have been found to change over time. All of the Reserve Banks reviewed sea- 175 sonal factors in this revision of the department store series. In most cases this review covered only the period affected by the 125 benchmark revision, 1949 to date. The special Easter corrections made in the March and April sales indexes were also re-exam- LV ' 75 ined. In general, revisions in district sea- ADJUSTED sonal factors had only minor effects on individual month-to-month changes in the sea- J L 25 1947 1949 1951 1953 1955 1957 sonally adjusted indexes. NOTE.—Data are for the United States; latest shown are for The revised national sales and stocks in- October. dexes reflect effects of changes in district Knowledge of these seasonal movements seasonal factors. In the national sales seis important to business analysts as well as ries, February, May, and September have to the trade. Wide seasonal swings, such declined in importance in recent years, as those typical of department stores, may while July, August, and December have inconceal developments related to changes in creased. In the national stocks indexes, general business activity. Also, seasonal slightly higher seasonal levels are indicated influences may vary regionally, making it for August and December and slightly difficult to compare developments in dif- lower levels for February and March. ferent sections of the country. Therefore, These individual monthly changes, howit is useful for many purposes to eliminate ever, have had no effect on the broad moveseasonal influences from these measures. ments of either the sales or the stocks index. NOTE.—The appendix to this article begins on the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1332 FEDERAL RESERVE BULLETIN • DECEMBER 1957 APPENDIX The material that follows describes in de- verted to index numbers by dividing each by tail the principal techniques used in con- the daily average sales during the base structing the national and district indexes of period, 1947-49. (As discussed in the secdepartment store sales and stocks. tion immediately below, the base period figure requires adjustment from time to time to COMPUTATION OF THE SALES INDEXES take into account changes in the reporting The national index is an average of the 12 firms represented in the sample.) district indexes, each weighted according to (3) Seasonally adjusted indexes are comthe relationship of total department store puted by dividing the indexes obtained in sales in the district to the total for the coun- (2) by the appropriate seasonal adjustment try as a whole in the base period. factors. Generally, where the district in- The majority of the district indexes are dexes are obtained by combining indexes computed directly from the sales of a sam- for various cities or areas, each component ple of department stores believed to be rep- is adjusted for seasonal variation before beresentative of total department store sales in ing consolidated into the district index. the district. In some cases, however, dis- Provision for a changing sample. From trict indexes are obtained by combining time to time, changes occur in the reporting separate indexes for the various parts of the group on which the sales indexes are based. district. Generally speaking, the latter For example, a Bank may add a newly method is used when the economic charac- opened department store to the sample in ter and development of the different sections order to preserve its representativeness. of a district vary greatly, and when, there- Also, stores previously in business are frefore, it is particularly important that the de- quently brought into the reporting group to partment store sales experience of each area expand the coverage in a particular trading be proportionately represented in the district area. On the other hand, a store may go out index. In such cases the indexes are built up of business or for some other reason disconeither from a number of individual city and tinue reporting to the System, resulting in a area indexes (Atlanta and San Francisco reduction in the size of the sample. In- Districts), from separate State indexes stances of substantial store expansions have (Richmond District), or from a major city also occurred, particularly in recent years. and an "all other district" index (Philadel- Such changes in the number or character of phia and Minneapolis Districts). the reporting group must be adequately pro- The general procedure used in computing vided for in the construction of the indexes the district indexes, or the component parts if they are to measure properly trends in conof a district index, is as follows: sumer buying at department stores. (1) The monthly sales of the stores in- Procedures have been developed for hancluded in the index sample are summed, and dling such changes. Briefly, these procethese monthly totals are then divided by the dures provide for an appropriate adjustment number of trading days in the month to ob- in the base figure used in computing the tain daily average sales. index numbers for a particular area when- (2) The daily average sales are con- ever there is a change in the reporting sam- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1333 pie. The theory underlying the adjustment is examined and the base readjusted if the is that the ratio of the index base of the re- annual ratio differs from the initial monthly porting sample to the daily average sales of ratio. all department stores in the base period (2) When a substantial permanent exshould be kept constant with the ratio of pansion occurs in a reporting store: total sample sales to total area sales at the (a) Only the "expanded" part of the time a change occurs in the reporting sam- store's sales is added to the pre-existing uniple. The procedures for handling several verse (see example 1-a). types of sample changes are given below. (b) No adjustment is made in total sam- (1) When a store is newly opened (that ple sales because the reported sales of the is, not in operation at the time of the latest store undergoing expansion already include Census of Business): the "expanded" portion. (a) In the month in which the adjust- (c) Otherwise, the procedure is the same ment is to be made, the universe for the area as that outlined in example 1-c, -d, and -e. (district, city, or other area level) is esti- (3) When a store in business during the mated on the basis of the current sample. latest Census of Business year begins report- This is done by multiplying the total area ing subsequently to that year: daily average sales in the base period by the (a) The universe for the area is estinumber of trading days in the month and the mated on the basis of the current sample product by the corresponding unadjusted (see example 1-a). However, the sales of sales index. To this pre-existing universe, the store are not added to the total for the the sales of the newly opened store to be in- universe since this store is already included corporated in the index are added to obtain in the universe. a new total for the universe.1 (b) Sales of the store are added to the (b) The sales of the newly opened store sales of all other sample stores to obtain a are added to the sales of all other sample new total for sample sales. stores to obtain a new total for sample sales. (c) Otherwise, the procedure is the same (c) Total sample sales are divided by as that outlined in example 1-c and -d. total area sales to obtain a ratio which shows Ordinarily it is not necessary to follow the the part of the universe now included in the procedure outlined in 1-e, since back figures sample. for the previous 12-month period are ob- (d) Total area daily average sales in the tained before this type of store is added to base period are multiplied by the ratio ob- the sample. tained in step (c) to obtain a new index A complete description of the various base. Using the new sample sales and this techniques may be obtained from the renew index base, an index of sales, including search departments of the Reserve Banks or those of the new store, is computed. from the Board's Division of Research and (e) At the end of one year, the relation- Statistics. ship between annual sales of the sample (as Trading-day allowances. The daily avera result of adding the store) and the universe age adjustment in the monthly department store sales index assumes that sales are 1 In estimating total area sales, consideration also is proportional to the time that goods are exgiven to the changes in number or character of the nonreporting part of the universe. posed for sale. In particular, convenience Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1334 FEDERAL RESERVE BULLETIN • DECEMBER 1957 buying and impulse buying are both directly the Atlanta and Dallas Districts), Independrelated to the number of days a store is open. ence Day, Labor Day (except in the Dallas Accordingly, the comparability between District), Thanksgiving, and Christmas. total sales in any two months is reduced if Adjustment for seasonal variation. The the months have different numbers of trad- method of seasonal adjustment generally ing days. used in the System is described in detail in The trading-day adjustment corrects si- the Federal Reserve BULLETIN for June multaneously for two sources of variation 1941. The principal distinguishing charthat arise from calendar irregularities: acteristics of this method are that it allows 1. It eliminates that part of the month- for changes in the seasonal pattern over to-month variation attributable to the fact time, and that it relies less on mathematical that different months in the year normally formulae as the determinants of the seahave different numbers of trading days. For sonal adjustment factors than do most other example, February always has the fewest methods. Since freehand curves and charts business days, while 30-day months in most are used extensively, it has been found that years have one less trading day than months the analyst is enabled to make use of more containing 31 days. information on forces affecting the series 2. It corrects for irregular year-to-year than would be true of more mechanical variation in number of trading days in a techniques. It is believed that this makes given month, eliminating the effect of such possible more accurate measurements of irregularities on both year-to-year and seasonal variation. month-to-month comparisons. As an ex- Special adjustments are made in the ample of this irregular variation, October March and April seasonal adjustment facmay have 26 business days in one year, 27 tors to allow for changes in the date of days in each of the next several years, and Easter. These adjustments, which are made then revert to 26 days. individually for each Federal Reserve dis- It should be noted that correction for the trict series or subdistrict series, are deternormal variation in length of months could mined in the following manner: be accomplished with the usual seasonal ad- (1) Preliminary seasonal adjustment facjustment procedures, for these variations tors that eliminate, insofar as possible, searepeat year after year. Seasonal factors, sonal fluctuations other than those caused however, will not correct for the irregular by changes in the date of Easter are comyear-to-year variation in the number of trad- puted by the method referred to above. ing days in a month. This variation would (2) A seasonally adjusted index is comexist in both the unadjusted and seasonally puted using these factors, and percentage adjusted indexes unless removed independ- changes in sales from March to April as inently. Thus, to maintain the two series on dicated by this index are calculated for each the same conceptual basis, both are adjusted year. for trading days. (3) These changes are adjusted for Sundays are considered as nontrading short-term trend, that is, they are lowered days in all districts, and the following holi- slightly when the general movement or trend days are standard throughout the nation: of the seasonally adjusted index during the New Year's Day, Memorial Day (except in first half of the year is upward and are raised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1335 slightly when the general movement is down- the Easter adjustment. In 1954, for exward. The changes, thus adjusted for short- ample, when Easter fell on April 18, the perterm trend, are plotted according to the date centage change on the freehand curve, read of Easter, as shown in the accompanying to the nearest even number, was +10; conchart. sequently the seasonal adjustment factor for March was lowered by 5 points and that for EASTER ADJUSTMENT IN DEPARTMENT STORE SALES April was raised by 5 points. BOSTON DISTRICT Per cent 20 COMPUTATION OF THE STOCKS INDEXES 15 The national index of department store stocks is, like the national index of depart- 10 ment store sales, an average of the indexes for the 12 Federal Reserve districts, each weighted according to the base period relationship of the total retail value of department store stocks held in the district to the total for the country as a whole. The indexes for 10 of the Federal Reserve 10 districts are calculated from the sum of the end-of-month stocks figures reported by the 15 most representative group of department 10 15 MARCH APRIL stores for which stocks data are available. (4) A freehand curve is drawn through The indexes for the other two districts the resulting scatter chart. This shows the (Philadelphia and Minneapolis) are each upward progression in the change from built up from two separate indexes—one March to April as the date of Easter ad- covering the major city or cities in the disvances from the latter part of March to the trict and the other covering the remainder latter part of April. of the district. (5) For each year the percentage change Each district index is computed by using which corresponds to the date of Easter in one of two similar methods. One involves that year is read from the freehand curve and the computation of estimates of the total these figures are rounded to the nearest even value of department store stocks at the end whole number. of each month. Such estimates are obtained (6) The preliminary seasonal adjustment by multiplying estimates of monthly sales, factors derived for March and April in (1) derived from the sales index, by stocks-sales above are then adjusted for changes in the ratios calculated from the data submitted by date of Easter by subtracting (algebraically) stores that report both sales and stocks. The half of the selected percentage change from index of stocks is then computed directly by the March seasonal adjustment factor and dividing the monthly estimates of total stocks adding (algebraically) half of the selected by monthly average stocks in the base percentage change to the April seasonal ad- period. justment factor. The total of the March and The other method involves first the cal- April adjustment factors is not changed by culation of a preliminary end-of-month dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1336 FEDERAL RESERVE BULLETIN • DECEMBER 1957 trict index of stocks based on the most rep- ber, inclusive. A continuous freehand curve resentative data available for each year. is then drawn through midyear points to ob- This index is then adjusted to the relation- tain monthly "moving ratios," which avership between an annual index of sales com- age for each year the same as the annual puted from the same sample as the stocks ratio for that year. The stocks index is index and the comprehensive index of sales then adjusted by multiplying the index for regularly compiled for the district. The each month by the corresponding ratio general procedure is as follows: read from the freehand curve. (1) The end-of-month stocks held by the After the index without seasonal adjuststores included in the sample are summed ment has been obtained by one of the two and the total for each month is converted to methods outlined above, seasonal adjustan index number by dividing by the average ment factors are computed by the method end-of-month stocks held during the base previously described. It has been found that period, 1947-49. Whenever necessary be- no special adjustment for the changing date cause of a change in the sample, this base of Easter is necessary in the stocks index alperiod figure is adjusted in accordance with though such adjustment is necessary in the the procedure outlined in the previous sec- case of department store sales. Seasonally tion on computation of the sales indexes. adjusted indexes are then obtained by divid- (2) A special annual sales index is then ing the indexes, without seasonal adjustcomputed from sales data reported by those ment, by the appropriate seasonal adjuststores included in the stocks sample. The ment factors. In those cases where the total ratio of the regular district sales index to this district index is obtained by combining special sales index is computed for each separate indexes for component parts of the year, the ratio for each year is plotted as of district, each of the component series is admidyear on a chart, and a horizontal line at justed for seasonal variation before being this level is drawn from January to Decem- consolidated into a district index. NOTE.—Indexes for the period 1947 to date appear on pages 1340-52. Figures for earlier years may be obtained from the Board's Division of Research and Statistics or from the Federal Reserve Bank concerned. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES FEDERAL RESERVE DISTRICTS AND UNITED STATES Annual indexes, 1947-49^100 %• 150 100 50 0 1 I 1 I I I 1 I I I I I 1 I M 1 11 I 1 1 I I I I I I 1 I I I I I I I 1 I I I | I I I 1 I 1 I 1 I I 1 I I I I I I I I I 1 I I 1 I 1 I I I I I I l I l 1 I 150 100 50 I 1 I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I 1 I | I I I I I I I | I 1 I I I I I I I I I I ! I I I I I I I I I I | | | | | 0 t • • • t t 1920 '30 '40 '50 '57 1920 '30 '40 '50 '57 Figures for 1957 are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

- DEPARTMENT STORE SALES 00 FEDERAL RESERVE DISTRICTS AND UNITED STATES Annual indexes, 1947-49000 - 150 100 - U. S. - 50 RICHMOND I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I . . . . . . .. i I i I I I I I I I 150 100 ST. LOUIS 50 i I i i i i I i i i i I i i i i I i i 11 i i i i i i i 11 i i i i i i i i i i i i t • t t t t 1920 '30 '40 '50 '57 1920 '30 '40 '50 '57 Figures for 1957 are estimates Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORE SALES FEDERAL RESERVE DISTRICTS AND UNITED STATES Annual indexes, 1947-49=100 -)f 150 - 100 KANSAS CITY - 50 MINNEAPOLIS I I l I I l I I 1 I I I i I II I 1 M I I I 1 I I I I I I I I I I II II I ! I I I I I I I I I I I I I I I I I I I I I I I I I I I .1 I I 150 SAN FRANCISCO 100 I I I I I I t t 1920 '30 '57 1920 ^Figures for 1957 are estimates. vo Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1340 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES UNITED STATES [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Annual average Sales Indexeswithout seasonal adjustment 1947 71 76 91 92 96 91 75 80 103 103 129 167 98 1948 77 81 98 99 103 100 83 89 109 113 123 170 104 1949 78 78 87 101 100 93 76 83 104 102 118 167 99 1950 75 78 90 100 100 99 100 99 116 109 125 188 107 1951 98 93 100 101 106 102 86 96 116 116 138 190 112 1952 86 86 96 107 112 110 88 102 117 125 140 204 114 1953 89 92 108 110 121 114 94 103 118 121 144 202 118 1954 87 90 95 116 113 113 94 104 120 126 146 215 118 1955 97 93 107 123 124 117 106 112 131 138 158 228 128 1956 101 99 120 121 129 128 108 121 142 136 169 240 135 1957 102 104 114 131 132 131 111 127 139 134 Indexes adjusted for seasonal variation 1947 93 94 95 95 97 96 96 96 99 99 105 102 1948 101 102 101 105 104 105 105 105 104 108 102 102 1949 102 99 100 101 101 99 95 96 99 98 99 99 1950 98 99 101 102 102 105 124 114 110 105 105 111 1951 126 118 109 109 108 108 109 109 111 112 115 112 1952 112 110 112 111 114 115 111 116 114 119 115 118 1953 117 119 121 118 122 119 119 116 116 116 118 116 1954 114 117 114 117 115 118 118 119 118 120 120 123 1955 126 122 124 127 126 124 131 127 129 132 129 130 1956 131 130 133 131 134 135 134 138 139 131 139 137 1957 133 136 137 131 135 138 138 144 136 129 Seasonal adjustment factors 1953 77 78 90 93 99 96 79 88 101 105 122 173 1954 77 77 83 99 99 95 80 88 102 105 122 174 1955 77 76 86 97 98 95 81 88 102 104 122 175 1956 77 76 90 93 97 95 81 88 102 104 121 175 1957 77 76 83 100 97 95 81 88 102 104 121 175 Stocks Indexeswithout seasonal adjustment 1947 86 92 97 96 93 87 85 90 95 105 109 90 94 1948 92 103 112 113 109 102 100 106 111 117 121 96 107 1949 92 98 105 105 102 94 90 94 101 110 113 91 100 1950 91 99 108 109 107 99 95 106 120 135 139 111 110 1951 115 126 141 145 139 129 126 130 133 137 136 111 131 1952 109 115 124 125 122 112 112 116 126 137 141 112 121 1953 115 123 132 137 134 125 124 130 137 147 148 116 131 1954 113 120 132 133 130 120 118 125 134 144 147 119 128 1955 117 124 135 138 136 129 128 134 144 155 159 129 136 1956 131 140 150 152 148 139 139 148 156 170 172 137 148 1957 135 142 155 159 155 146 144 150 160 172 Indexes adjusted for seasonal variation 1947 96 96 94 93 92 91 90 91 91 94 97 100 1948 103 105 107 108 107 108 108 109 108 106 107 106 1949 102 100 101 100 100 100 99 97 98 99 100 100 1950 101 102 103 103 105 104 104 110 116 121 122 124 1951 128 130 135 137 136 136 137 135 129 123 120 124 1952 122 121 119 119 119 118 120 120 122 123 125 124 1953 128 129 128 130 131 132 132 133 132 132 131 129 1954 126 126 128 127 127 126 127 127 129 129 130 131 1955 131 131 132 132 134 136 137 137 138 139 140 143 1956 146 146 146 146 146 147 149 151 150 152 152 151 1957 150 149 150 152 152 153 154 153 154 154 Seasonal adjustment factors 1953 90 95 103 105 102 95 94 98 104 111 113 90 1954 89 95 103 104 102 95 94 98 104 112 113 91 1955 89 95 103 104 102 95 94 98 104 112 113 91 1956 90 95 103 105 102 95 93 98 104 112 113 91 1957 90 95 103 105 102 95 93 98 104 112 113 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1341 REVISION OF MONTHLY DEPARTMENT STORE INDEXES BOSTON FEDERAL RESERVE DISTRICT [Index numbers (1947-49 = 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Sales Indexeswithout seasonal adjustment 1947 71 72 96 96 102 98 69 74 105 99 130 177 99 1948 72 74 97 99 102 103 75 75 110 110 111 180 101 1949 79 76 82 109 103 99 67 74 106 101 125 176 100 1950 79 76 89 104 99 101 83 88 116 107 126 192 105 1951 102 86 97 99 104 102 76 85 115 110 135 197 109 1952 86 79 92 109 108 108 77 88 117 117 134 205 110 1953 89 85 102 109 114 111 82 85 121 115 140 111 114 1954 90 89 94 118 111 115 84 91 126 121 147 220 117 1955 99 90 99 121 123 118 91 94 132 129 155 230 123 1956 96 92 101 117 123 127 92 104 140 127 158 234 126 1957 95 97 99 121 123 19? 90 10? 122 117 Indexes adjusted for seasonal variation 1947 96 94 97 97 102 100 97 99 99 96 104 101 1948 98 99 96 103 102 104 105 100 102 106 99 102 1949 103 102 95 102 103 99 94 98 98 100 102 100 1950 . 100 101 103 101 99 101 115 113 109 106 105 108 1951 129 115 108 104 104 102 106 105 107 109 111 110 1952 108 106 111 108 108 108 107 108 109 116 112 113 1953 113 113 115 114 114 111 113 112 112 114 115 116 1954 114 118 116 114 111 115 115 120 117 120 120 121 1955 125 120 118 121 123 118 125 124 123 128 127 127 1956 122 123 114 123 123 127 128 134 131 126 130 129 1957 120 129 122 117 123 122 125 130 114 116 Seasonal adjustment factors 1953 79 75 89 95 100 100 73 76 108 101 122 182 1954 79 75 81 103 100 100 73 76 108 101 122 182 1955 79 75 84 100 100 100 73 76 108 101 122 182 1956 79 75 89 95 100 100 72 78 107 101 122 182 1957 79 75 81 103 100 100 72 78 107 101 122 182 Stocks Indexeswithout seasonal adjustment 1947 84 91 96 94 90 84 84 91 96 111 117 94 94 1948 . 93 101 110 110 106 96 93 100 108 111 125 97 105 1949 93 96 105 105 104 95 90 92 101 112 120 99 101 1950 95 101 109 110 109 100 94 108 119 136 144 116 112 1951 114 125 140 141 137 127 122 126 130 136 138 113 129 1952 109 111 119 121 118 108 105 110 120 131 138 110 117 1953 109 115 126 132 129 117 114 122 129 142 144 113 124 1954 110 115 129 132 131 119 114 124 132 143 150 120 126 1955 117 111 133 137 134 126 119 129 139 151 157 127 132 1956 123 131 141 145 143 134 129 139 148 161 166 131 141 1957 126 131 142 144 143 110 1?S 132 144 156 Indexes adjusted for seasonalvariation 1947 96 95 93 93 91 89 90 91 92 98 100 103 1948 104 106 107 106 104 102 103 105 105 103 106 103 1949 104 101 102 101 102 101 99 97 98 99 102 105 1950 105 106 106 107 107 107 104 113 116 111 123 124 1951 127 133 136 137 134 135 135 130 126 120 118 120 1952 120 118 116 116 116 115 117 114 116 116 118 118 1953 120 122 123 127 125 125 126 126 125 126 123 121 1954 111 122 127 127 127 127 127 128 128 127 128 129 1955 130 129 130 131 132 134 132 133 134 134 134 137 1956 137 140 138 140 140 144 143 144 143 142 142 141 1957 140 140 140 138 140 us no 136 138 138 Seasonal adjustment factors 1953 91 94 102 104 103 94 90 97 103 112 117 93 1954 91 94 102 104 103 94 90 97 103 112 117 93 1955 90 94 102 104 102 94 90 97 104 113 117 93 1956 90 94 102 104 102 94 90 97 104 113 117 93 1957 90 94 102 104 102 94 90 97 104 113 117 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1342 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES NEW YORK FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. A av n e n r u a a g l e Sales Indexes wiithout seasonal adjustment 1947 75 78 95 92 98 96 71 74 101 105 134 169 99 1948 80 84 97 98 104 102 75 78 106 117 124 172 103 1949. 80 80 86 99 97 95 66 72 103 103 124 171 98 1950 77 77 87 95 93 96 80 85 112 108 126 188 102 1951 98 92 96 97 100 107 76 82 108 111 133 183 107 1952 82 85 90 99 100 100 72 80 105 116 130 186 104 1953 83 84 97 99 105 102 78 78 106 114 134 185 105 1954 84 87 90 107 104 105 78 85 112 115 141 196 108 1955 89 86 98 105 108 107 82 86 117 122 146 205 113 1956 95 89 105 105 115 118 88 96 130 126 160 218 120 1957 99 98 104 116 120 121 92 104 126 126 Indexes adjusted for seasonalvariation 1947 96 97 96 97 100 99 100 98 101 100 102 101 1948 101 102 99 106 107 106 104 103 103 111 98 101 1949 102 98 100 100 99 98 91 95 99 98 98 97 1950 97 95 98 99 96 99 110 110 107 103 100 107 1951 124 113 105 104 103 111 104 106 104 105 106 104 1952 104 104 105 101 103 103 99 104 103 109 103 105 1953 103 105 109 105 108 105 106 102 104 107 105 105 1954 105 110 106 109 107 108 107 110 109 108 110 111 1955 111 108 112 109 111 110 113 111 114 115 114 116 1956 118 113 115 114 118 122 121 125 126 119 125 123 1957 123 124 124 118 124 125 126 135 122 119 Seasonal adjustment factors 1953 80 80 89 94 97 97 73 77 102 106 128 111 1954 . 80 79 85 98 97 97 73 77 103 106 128 111 1955 80 79 87 96 97 97 73 77 103 106 128 111 1956 80 79 91 92 97 97 73 77 103 106 128 177 1957 80 79 84 99 97 97 73 77 103 106 128 177 Stocks Indexes without seasonal adjustment 1947 89 101 104 101 97 89 84 93 99 110 114 92 98 1948 88 101 110 110 108 99 96 106 112 116 120 93 105 1949 87 94 103 104 101 91 86 91 100 108 111 91 97 1950 88 96 104 106 104 94 90 101 115 129 136 106 106 1951 108 122 138 139 134 124 120 128 132 133 134 109 127 1952 103 107 117 120 119 109 105 112 122 131 135 107 115 1953... 106 113 121 126 124 114 111 121 128 135 137 108 120 1954 101 108 122 122 120 109 105 113 124 132 136 109 117 1955... 105 111 121 121 119 111 106 115 126 134 142 116 119 1956 115 121 132 134 130 121 117 127 134 150 156 128 130 1957 123 127 141 143 140 129 124 134 145 155 Indexes adjusted for seasonal variation 1947... 100 104 100 96 96 96 94 95 95 98 99 100 1948 99 104 105 105 106 106 107 110 107 104 105 102 1949 98 97 99 99 98 98 96 94 96 96 97 99 1950 99 98 100 101 101 100 101 105 110 116 118 116 1951 111 126 132 132 131 133 135 133 126 119 117 119 1952 116 114 114 115 116 115 116 114 116 116 117 117 1953 119 120 118 120 121 121 123 124 121 120 119 118 1954. . . 114 115 118 117 117 116 116 116 117 117 118 118 1955 .. 118 118 117 116 116 118 117 118 120 119 123 125 1956 129 129 128 128 127 128 129 130 127 133 135 139 1957 138 135 137 137 137 137 137 138 138 138 Seasonal adjustment factors 1953 89 94 103 105 102.5 94 90.5 97.5 105.5 112.5 115 91.5 1954 89 94 103 104 102.5 94 90.5 97.5 105.5 112.5 115 92.5 1955 89 94 103 104 102.5 94 90.5 97.5 105.5 112.5 115 92.5 1956 89 94 103 104 102.5 94 90.5 97.5 105.5 112.5 115 92.5 1957. 89 94 103 104 102.5 94 90.5 97.5 105.5 112.5 115 92.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1343 REVISION OF MONTHLY DEPARTMENT STORE INDEXES PHILADELPHIA FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n ra u g a e l Sales Indexes without seasonal adjustment 1947 70 70 94 91 96 67 70 98 104 138 170 96 1948 76 80 105 96 105 75 79 109 119 132 177 104 1949 77 73 92 104 102 94 68 73 103 104 133 174 100 1950 73 78 95 102 102 100 87 117 112 137 195 107 1951 96 91 108 101 108 102 77 85 113 118 151 191 112 1952 84 84 100 107 112 106 78 89 115 125 150 201 113 1953 86 90 111 108 123 110 87 96 114 122 153 201 117 1954 86 98 116 110 111 82 90 120 121 157 211 116 1955 92 89 109 117 122 114 95 98 133 135 171 227 125 1956 97 98 119 116 129 125 93 105 141 133 177 234 131 1957 97 98 115 129 131 130 96 110 134 132 Indexes adjusted for seasonal variation 1947 93 91 91 95 96 94 93 93 96 98 104 101 1948 101 105 101 102 104 104 104 105 106 114 102 103 1949 103 96 102 101 101 100 94 95 100 100 103 101 1950 98 102 102 104 102 107 122 113 110 108 105 111 1951 126 118 111 111 109 108 108 106 109 113 115 109 1952 111 109 110 110 113 113 110 110 111 119 114 115 1953 115 117 117 118 125 117 119 119 111 116 116 115 1954 114 115 113 117 111 118 113 114 115 117 119 119 1955 123 118 121 123 123 121 131 124 127 131 129 128 1956 129 129 124 129 130 133 128 132 135 131 133 132 1957 130 129 133 130 133 139 131 138 128 129 Seasonal adjustment factors 1953 75 77 95.5 91.5 99 94 73 81 103 105 131 175 1954 75 77 86.5 99.5 99 94 73 79 104 104 132 177 1955 75 76 90.5 95.5 99 94 73 79 105 103 133 177 1956 75 76 96 90 99 94 73 80 105 102 133 177 1957 75 76 86.5 99.5 99 94 73 80 105 102 133 177 Stocks Indexes without seasonal adjustment 1947. 81 91 96 97 93 86 83 92 99 112 112 89 94 1948. 90 105 112 115 111 100 96 104 112 122 123 93 107 1949. 89 98 107 108 105 93 86 91 103 114 114 100 1950. 86 107 110 106 98 93 109 123 140 140 109 110 1951. 113 130 147 150 141 129 121 129 137 141 141 111 132 1952. 106 117 126 128 122 111 105 114 125 139 140 107 120 1953. 108 121 129 136 134 122 117 126 138 150 149 112 129 1954. 108 121 131 134 131 119 113 120 133 145 148 118 127 1955. 114 125 135 137 137 129 124 130 146 160 160 128 135 1956. 127 140 149 155 148 137 131 145 158 172 174 136 148 1957. 131 143 155 159 156 145 138 151 167 177 Indexes adjusted for seasonal variation 1947. 94 94 93 93 91 91 91 92 93 98 98 102 1948. 104 107 106 107 107 108 108 109 108 106 107 105 1949. 103 100 100 101 101 100 94 99 99 99 100 1950 99 100 101 102 104 105 107 114 117 122 122 124 1951 130 133 138 139 139 138 139 134 130 123 122 126 1952 122 120 121 120 119 118 119 118 119 121 121 121 1953 125 126 126 127 129 130 130 131 131 131 130 127 1954 124 126 126 127 128 126 126 125 127 126 129 131 1955 131 130 130 130 134 137 138 135 139 139 139 143 1956 144 145 144 145 146 147 146 151 150 150 151 151 1957 149 149 150 149 153 156 154 157 159 154 Seasonal adjustment factors 1953 87 96 103 107 104 94 90 96 105 115 115 1954 87 96 104 106 102 94 90 96 105 115 115 90 1955 87 96 104 106 102 94 90 96 105 115 115 90 1956 96 103 107 102 93 90 96 105 115 115 90 1957 96 103 107 102 93 90 96 105 115 115 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1344 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES CLEVELAND FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. A av n e n r u a a g l e Sales Indexeswithout seasonal adjustment 1947 67 72 90 92 98 92 76 82 101 100 128 166 97 1948 75 80 98 97 105 100 85 93 110 117 127 170 105 1949 80 80 88 106 102 93 76 83 100 97 118 162 99 1950 76 76 90 102 104 99 100 103 119 112 111 190 107 1951 104 95 101 106 108 102 86 97 118 118 144 187 114 1952 89 86 98 108 109 110 85 103 115 124 145 204 115 1953 91 94 112 108 120 116 93 109 119 122 149 196 119 1954 84 84 86 110 104 107 87 100 112 118 142 204 112 1955 92 88 99 119 117 110 102 110 124 133 156 219 122 1956 97 95 113 115 121 119 104 116 135 130 161 224 128 1957 98 101 105 126 122 120 107 123 134 125 Indexes adjusted for seasonalvariation 1947 90 94 99 93 96 97 97 94 96 97 104 100 1948 100 104 103 102 103 107 109 107 105 113 103 102 1949 107 104 99 105 100 99 97 95 95 94 96 98 1950 99 99 100 102 104 105 129 118 114 108 90 115 1951 135 123 107 111 108 108 110 111 113 114 117 113 1952 114 112 117 109 113 114 111 113 115 119 117 118 1953 117 122 121 119 124 121 121 120 119 117 120 113 1954 107 109 104 109 107 111 113 110 112 114 115 118 1955 118 114 115 121 120 117 126 125 124 129 126 125 1956 124 124 124 124 124 127 129 132 135 126 131 128 1957 125 131 130 122 126 128 132 139 134 121 Seasonal adjustment factors 1953 78 77 92 91 97 96 77 91 100 104 124 173 1954 78 77 82 101 97 96 77 91 100 104 124 173 1955 . . . 78 77 86 98 97 94 81 88 100 103 123 175 1956 78 77 91 93 97 94 81 88 100 103 123 175 1957 78 77 81 103 97 94 81 88 100 103 123 175 Stocks Indexes without seasonal adjustment 1947 86 93 97 97 92 85 83 91 95 105 109 87 93 1948 94 102 111 114 108 102 99 106 112 117 123 95 107 1949 93 101 109 103 105 96 91 95 104 112 110 86 100 1950 93 98 104 107 105 96 91 104 119 132 139 111 108 1951 ... 117 129 147 150 143 130 126 129 134 135 132 107 132 1952 107 113 120 121 118 104 106 109 122 129 134 103 115 1953 109 119 125 127 125 120 117 125 133 146 144 112 125 1954 109 117 125 127 126 116 113 119 129 137 138 112 122 1955 108 116 124 127 125 118 116 121 131 142 144 118 124 1956 116 126 134 136 133 125 122 130 140 153 155 123 133 1957 121 129 139 142 139 129 125 131 144 154 Indexes adjusted for seasonal variation 1947 . 95 94 92 92 91 91 92 94 91 94 96 98 1948 103 103 105 109 106 109 110 110 107 105 109 108 1949 102 102 102 98 103 102 101 99 100 100 97 97 1950 102 100 98 101 103 102 101 108 114 120 123 126 1951 . 129 131 138 141 140 139 140 134 128 122 117 122 1952 120 118 117 116 113 110 115 112 116 115 118 116 1953 122 124 121 121 120 126 127 129 127 130 127 126 1954 . 122 121 121 121 121 122 122 123 122 122 122 126 1955 . 123 121 121 121 121 124 126 126 126 126 127 128 1956 ... 132 131 130 130 129 131 133 135 134 135 137 134 1957 138 135 135 136 135 136 136 137 139 139 Seasonal adjustment factors 1953 89 96 103 105 104 95 92 97 105 112 113 89 1954 89 96 103 105 104 95 92 97 105 112 113 89 1955 88 96 103 105 103 95 92 96 104 113 113 92 1956 88 96 103 105 103 95 92 96 104 113 113 92 1957 88 96 103 105 103 95 92 96 104 112 113 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1345 REVISION OF MONTHLY DEPARTMENT STORE INDEXES RICHMOND FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n ra u g a e l Sales Indexes without seasonal adjustment 1947 69 71 93 92 96 89 69 74 103 104 127 175 97 1948 69 79 102 95 101 96 76 84 115 115 124 182 103 1949 72 78 89 100 103 94 77 108 102 123 176 100 1950 71 77 92 103 103 100 94 96 118 111 130 194 107 1951 89 90 102 102 112 104 88 97 120 123 151 205 115 1952 84 88 101 117 122 121 93 106 129 137 148 223 122 1953 89 95 117 120 136 119 103 105 130 131 155 228 127 1954 84 94 103 131 121 120 100 110 131 140 164 249 129 1955 97 98 118 136 137 125 117 119 146 153 175 260 140 1956 101 102 135 128 143 137 117 127 156 151 188 272 146 1957 104 107 126 149 146 140 118 135 150 148 Indexes adjusted for seasonal variation 1947 95 90 94 96 97 96 94 93 97 97 102 102 1948 97 103 100 105 101 103 103 105 106 108 101 104 1949 102 102 103 98 103 100 98 97 100 101 101 1950 98 101 103 107 104 106 118 115 111 107 106 111 1951 121 118 109 112 112 111 110 114 113 118 123 117 1952 117 116 120 118 122 127 118 125 123 129 121 126 1953 126 127 130 127 135 125 130 124 126 124 127 127 1954 123 127 126 126 124 128 125 130 128 131 133 136 1955 139 135 136 139 139 136 144 140 141 145 141 142 1956 143 143 144 143 144 148 145 149 150 144 150 149 1957 147 149 152 148 148 152 147 158 144 141 Seasonal adjustment factors 1953 70 75 90 94 101 95 79 85 103 106 122 179 1954 68 74 82 104 98 94 80 85 102 107 123 183 1955 70 72 87 98 92 81 85 103 106 124 183 1956 70 72 94 90 99 93 80 86 104 105 125 183 1957 71 72 83 101 99 92 80 86 104 105 125 183 Stocks Indexes without seasonal adjustment 1947 86 93 96 98 92 84 87 95 92 104 107 94 1948 93 105 111 111 107 96 97 105 109 117 118 93 105 1949 91 99 108 110 105 94 92 98 104 113 112 92 102 1950 99 110 113 107 96 92 105 117 132 134 110 109 1951 109 122 130 141 137 125 125 129 133 140 138 117 129 1952 112 121 134 133 128 117 118 123 131 143 147 118 127 1953 125 132 146 151 147 134 134 141 145 156 156 123 141 1954 118 128 143 147 141 128 127 135 146 159 158 129 138 1955 135 148 163 165 158 148 147 156 167 184 185 152 159 1956 152 163 180 176 173 161 159 172 185 206 206 165 175 1957 156 167 187 190 183 170 168 175 187 199 Indexes adjusted for seasonal variation 1947. 96 96 94 94 93 91 89 91 89 94 96 101 1948. 106 109 105 103 104 105 106 106 106 104 105 104 1949. 104 103 102 101 102 103 102 101 100 101 100 101 1950. 101 102 104 104 104 105 102 109 113 117 120 121 1951. 123 125 126 129 132 133 134 132 129 128 126 129 1952, 126 126 126 124 123 124 126 126 128 130 132 132 1953, 140 138 138 141 143 142 143 144 141 141 141 139 1954, 132 133 136 137 138 137 137 139 142 143 142 144 1955, 151 153 154 155 156 159 161 160 161 163 165 168 1956 170 170 170 168 172 174 175 177 179 181 181 181 1957, 175 174 176 181 182 184 184 180 181 174 Seasonal adjustment factors 1953 89 96 106 107 103 94 94 98 103 110 111 1954 89 96 106 107 103 94 93 97 103 112 111 89 1955 89 97 106 106 101 93 92 97 103 113 112 91 1956 89 96 106 105 101 92 91 97 103 114 113 91 1957 89 96 106 105 101 92 91 97 103 114 113 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1346 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES ATLANTA FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. 1947 72 79 1948 75 85 1949 78 85 1950 79 89 1951 95 97 1952 ... 93 96 1953 100 105 1954 98 105 1955 112 113 1956 . 123 128 1957 128 136 1947 . . 95 93 1948 99 100 1949 103 101 1950 102 106 1951 . 123 118 1952 120 118 1953 129 1954 . . 127 1955 . . 145 1956 157 1957 165 1953 77 1954 77 1955 77 1956 78 1957 . ... 78 1947 82 1948 92 1949 96 1950 . . . 99 1951 136 1952 129 1953 141 1954 138 1955 146 1956 170 1957 183 1947 91 1948 102 1949 107 1950 108 1951 146 1952 139 1953 152 1954 150 1955 160 1956 187 1957 202 1953 93 1954 92 1955 91 1956 91 1957 91 en en ^ enen rj Mar. Apr. May June July Aug. Sept. Sales Indexes without seasonal adjustment 92 92 92 81 71 82 98 104 99 100 90 84 95 109 91 106 99 88 80 88 104 99 107 104 96 108 103 118 117 104 106 100 92 102 119 112 121 126 121 99 119 129 129 122 136 118 105 119 127 115 136 126 121 112 122 129 136 148 142 127 128 136 144 162 150 157 144 140 153 162 151 165 165 153 145 161 165 Indexes adjusted for seasonal variation 93 93 99 93 89 91 94 102 103 104 106 105 105 105 97 102 103 103 101 101 102 106 109 112 135 118 114 108 108 112 117 116 116 124 129 136 125 132 133 125 134 132 133 132 126 136 125 139 135 135 143 151 140 146 154 151 156 162 159 163 165 169 170 165 164 162 172 175 175 179 Seasonal adjustment factors 79 97 97 101 89 79 90 79 92 100 101 87 83 90 79 95 98 101 87 83 90 82 100 94 96 87 83 90 82 92 102 96 87 83 90 Stocks Indexes without seasonal adjustment 91 94 93 88 83 82 87 104 110 112 107 104 102 106 102 108 105 100 94 91 96 110 117 117 114 107 105 125 148 156 163 153 140 137 147 139 144 143 139 131 133 140 152 159 162 154 149 148 150 150 160 156 151 139 139 148 159 171 171 166 158 156 169 193 201 204 192 182 180 196 198 212 213 200 188 190 199 Indexes adjusted for seasonalvariation 91 90 89 88 87 87 89 104 104 107 107 108 109 108 102 103 100 100 98 97 98 110 111 112 112 113 113 126 148 152 155 151 147 147 148 139 140 138 137 138 141 141 153 154 156 153 158 158 153 151 152 150 149 148 148 151 161 163 163 165 169 166 173 195 191 194 190 192 193 201 200 202 203 198 198 204 203 Seasonal adjustment factors 99 103 104 101 94 94 98 99 105 104 101 94 94 98 99 105 105 101 94 94 98 99 105 105 101 95 93 98 99 105 105 101 95 93 98 2 SS§ Oct. Nov. Dec. Annual average 99 123 166 96 113 117 171 103 107 115 174 101 107 125 197 111 120 143 209 117 137 150 229 127 136 154 229 131 149 163 248 135 163 175 268 149 160 197 290 164 167 95 104 101 107 103 103 102 101 102 105 110 115 118 125 122 134 129 131 132 129 133 132 134 142 141 143 150 155 151 155 169 153 170 168 172 159 96 105 116 174 96 105 116 174 96 105 116 173 96 105 116 173 96 105 116 173 92 100 105 86 90 114 121 126 95 108 106 116 122 95 102 141 155 157 127 123 143 148 152 123 145 149 161 168 135 143 161 173 177 134 155 160 168 175 138 152 184 193 205 157 170 207 216 222 169 194 209 227 89 91 94 99 110 111 113 110 102 106 109 108 137 142 142 144 139 136 137 139 145 148 151 153 155 159 157 152 154 154 155 158 177 177 181 180 199 198 196 194 201 208 104 109 113 88 104 109 113 87 104 109 113 87 104 109 113 87 104 109 113 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1347 REVISION OF MONTHLY DEPARTMENT STORE INDEXES CHICAGO FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n ra u g a e l Sales Indexes without seasonal adjustment 1947 70 75 89 92 99 97 79 80 106 102 131 163 99 1948 78 81 95 102 104 104 87 89 109 112 124 165 104 1949 78 76 86 101 100 94 76 82 107 98 117 158 98 1950 74 74 87 97 101 101 98 101 116 107 130 180 105 1951 95 90 98 101 107 101 87 96 115 114 135 179 110 1952 83 82 90 101 106 105 84 99 112 118 132 190 109 1953 85 87 104 106 117 112 91 101 116 116 141 190 114 1954 84 85 89 111 111 111 89 101 116 118 137 195 112 1955 91 87 101 119 121 116 101 107 127 132 152 212 122 1956 96 91 114 116 124 126 100 118 137 128 165 223 128 1957 95 97 109 124 126 126 104 124 136 127 Indexes adjusted forseasonal variation 1947 92 94 94 95 99 98 97 95 101 100 106 103 1948 103 104 102 106 104 105 104 105 104 110 103 103 1949 102 99 101 100 100 96 91 93 100 96 97 98 1950 96 96 99 100 101 103 117 113 108 105 108 112 1951 123 117 109 109 107 104 106 107 109 110 111 109 1952 109 106 106 105 106 109 105 110 107 112 108 114 1953 111 113 118 114 117 115 116 112 111 110 116 113 1954 111 111 107 113 112 113 112 113 112 112 112 116 1955 120 116 118 124 122 118 128 120 123 126 123 125 1956 126 121 129 123 125 128 127 132 132 122 135 131 1957 125 129 131 125 128 129 131 139 130 121 Seasonal adjustment factors 1953 76 77 88 93 100 98 79 90 104 105 122 168 1954 76 77 83 99 99 98 79 89 104 105 122 169 1955 76 75 86 96 99 98 79 89 104 105 123 170 1956 76 75 88 94 99 98 79 89 104 105 123 170 1957 76 75 83 99 99 98 79 89 104 105 123 170 Stocks Indexes without seasonal adjustment 1947 86 92 98 97 94 87 86 91 97 106 110 92 95 1948 91 102 113 113 111 104 100 106 113 119 125 102 108 1949 93 97 102 102 100 92 87 90 97 108 112 90 97 1950 90 97 105 105 103 96 91 102 117 135 139 110 108 1951 113 124 137 139 134 123 118 121 125 131 131 105 125 1952 104 108 114 115 113 104 103 107 116 129 133 103 112 1953 106 114 121 126 124 116 115 121 128 139 142 109 122 1954 108 113 125 125 123 113 111 116 123 134 138 109 120 1955 108 112 123 131 131 125 125 128 135 143 145 115 127 1956 121 125 134 141 139 133 136 139 147 159 160 123 138 1957 127 131 141 149 147 142 143 139 150 161 Indexes adjusted for seasonal variation 1947 96 96 96 95 92 90 90 92 94 96 100 1948, 102 104 109 109 109 109 109 111 109 107 110 109 1949. 103 99 98 98 98 97 94 94 97 97 96 1950 99 100 100 101 102 102 102 107 114 119 120 120 1951 125 127 131 133 133 131 131 126 121 116 113 117 1952 115 114 110 109 109 110 111 111 113 115 116 115 1953 118 120 119 120 120 122 123 125 125 124 123 122 1954 120 119 123 119 119 118 118 118 121 121 121 121 1955 120 120 122 124 127 129 131 130 130 130 128 131 1956 133 133 133 133 134 137 141 145 142 145 141 140 1957 139 139 139 140 142 146 149 145 144 147 Seasonal adjustment factors 1953 90 95 102 105 103 95 94 97 102 112 115 90 1954 90 95 102 105 103 96 94 98 102 111 114 90 1955 90 94 101 105 103 97 96 98 104 110 114 88 1956 91 94 101 106 103 97 96 96 104 110 114 1957 91 94 101 106 103 97 96 96 104 110 114 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1348 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES ST. LOUIS FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. 1947.. 71 1948 74 1949 74 1950 74 1951.. 96 1952 87 1953 1954 1955 1956 1957 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 . 1953 1954 1955 1956 1957 1947 1948 1949 1950 1951 1952 1953 1954 .. 1955 1956 1957 1947 1948.. 1949 1950 1951 1952 1953 1954 1955 1956 1957 1953 1954 1955 1956 1957 0000 O ooov O Feb. Mar. Apr. May June July Aug. Sales Indexeswithout seasonal adjustment 75 89 92 98 84 77 82 80 99 102 104 97 81 89 101 102 89 80 91 101 104 95 89 97 99 106 93 86 96 108 114 111 95 110 112 126 95 99 121 114 97 109 129 131 103 103 126 124 139 101 105 117 134 94 94 93 94 103 100 102 105 102 101 100 99 98 101 103 104 125 113 108 108 113 no 112 112 116 122 127 118 117 122 118 124 132 126 127 134 135 134 142 133 133 137 139 136 76 78 87 95 76 78 84 98 76 77 86 96 76 77 89 93 76 77 84 98 85 92 96 95 92 104 111 112 92 100 108 107 88 100 108 109 110 126 139 143 100 114 123 123 112 122 134 142 108 119 133 132 114 124 135 137 131 142 152 155 133 145 154 156 97 96 92 94 104 108 106 109 105 104 104 102 100 105 104 103 130 133 134 135 118 120 118 116 132 128 129 134 127 125 128 124 128 130 130 129 147 146 147 146 149 149 148 147 85 95 104 106 85 95 104 106 89 95 104 106 89 97 104 106 89 97 104 106 0000 »V Sept. Oct. 106 102 86 95 114 113 80 88 105 104 105 102 117 105 88 98 119 120 88 107 122 133 92 107 117 128 96 108 120 133 112 119 131 147 127 112 127 142 141 138 129 114 132 143 138 Indexes adjusted for seasonalvariation 98 94 94 93 98 97 102 109 105 107 105 106 100 100 97 98 97 98 102 106 128 113 108 97 106 102 113 109 no 109 1 12 1 6 4 1 1 2 2 0 0 1 1 1 1 3 7 1 1 1 1 8 9 1 11 1 8 8 1 1 2 1 1 6 114 121 124 120 121 121 129 124 136 132 133 134 138 137 137 141 143 129 137 139 139 147 145 126 Seasonal adjustment factors 100 98 78 90 99 100 98 78 90 99 101 93 82 90 99 101 93 82 90 99 101 93 82 90 99 Stocks Indexes without seasonal adjustment 92 87 85 90 92 107 102 101 107 114 101 94 93 97 104 104 96 94 106 119 136 126 125 132 136 120 110 110 118 131 137 128 123 134 142 127 118 118 121 133 132 126 126 137 144 146 137 138 147 157 151 141 142 148 158 Indexes adjusted for seasonal variation 91 90 90 87 87 107 107 107 108 108 101 100 100 98 98 104 102 102 107 113 133 134 134 133 127 117 116 118 119 123 135 135 132 135 133 125 124 127 123 124 130 134 135 138 138 146 147 149 149 150 151 151 153 149 151 Seasonal adjustment factors 102 95 93 99 107 102 95 93 99 107 101 94 93 99 105 100 93 93 99 105 100 93 93 99 105 2222 Nov. 133 126 119 128 140 140 146 148 161 175 107 103 98 106 116 115 121 123 133 144 121 121 121 121 no 121 102 105 120 120 112 113 133 135 137 134 139 141 146 144 137 139 157 159 166 168 169 92 107 100 118 122 124 131 122 140 148 151 112 112 112 112 112 ONOC 00 00~- Annual Dec. average 160 97 161 104 160 99 176 106 184 111 200 116 198 120 210 121 227 132 237 138 104 103 101 109 112 119 118 125 134 140 168 168 169 169 169 89 93 97 107 91 101 108 108 113 130 113 120 112 131 115 125 129 135 134 148 98 108 101 120 120 119 125 126 125 128 125 125 128 142 144 150 148 112 90 112 90 112 90 112 90 112 90 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1349 REVISION OF MONTHLY DEPARTMENT STORE INDEXES MINNEAPOLIS FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. A av n e n r u a a g l e Sales Indexes without seasonal adjustment 1947 70 73 92 94 94 94 77 86 Ill 108 121 153 98 1948 78 74 94 103 105 100 86 94 113 122 120 156 104 1949 73 72 86 105 100 93 77 88 110 113 113 160 99 1950 69 78 83 101 101 100 104 107 118 120 125 178 107 1951 90 88 86 103 105 97 85 101 116 122 125 172 107 1952 75 86 84 105 110 101 88 108 113 130 126 184 109 1953 78 84 97 103 113 104 89 103 117 126 129 182 no 1954 80 88 85 no 113 104 91 107 120 131 129 195 113 1955 86 85 95 116 116 102 96 110 129 137 137 198 117 1956 89 90 104 118 123 114 98 121 149 130 152 220 126 1957 90 96 103 124 127 116 104 130 139 138 Indexes adjusted for seasonalvariation 1947 93 95 97 95 94 98 96 98 100 99 101 102 1948 104 99 100 105 105 105 107 105 103 108 103 101 1949 99 96 103 103 100 98 96 96 100 99 98 101 1950 95 100 101 102 101 108 129 113 107 105 108 no 1951 126 113 103 106 104 104 105 107 107 107 108 105 1952 108 110 106 103 108 109 109 114 106 113 109 111 1953 111 109 117 105 111 113 110 108 110 109 112 110 1954 111 116 107 109 111 113 112 114 113 114 112 118 1955 117 114 117 117 115 110 119 116 121 119 119 119 1956 121 121 124 123 121 123 123 128 139 112 132 132 1957 123 129 131 123 126 126 130 138 130 119 Seasonal adjustment factors 1953 70 77 83 98 102 93 81 95 106 115 115 165 1954 72 76 80 101 101 93 81 94 106 115 115 166 1955 73 75 81 99 101 93 81 94 107 115 115 166 1956 73 75 84 96 101 93 80 94 107 115 115 167 1957 73 75 79 101 101 93 80 94 107 115 115 167 Stocks Indexes without seasonal adjustment 1947 87 89 93 93 92 84 88 86 90 95 104 91 91 1948 97 103 115 116 112 105 109 108 114 117 120 99 no 1949 97 99 105 105 102 98 97 95 100 105 111 92 100 1950 96 99 106 108 108 99 97 99 108 122 127 106 106 1951 109 113 128 133 129 120 124 121 121 124 124 101 121 1952 104 104 112 114 113 105 110 110 120 126 130 104 113 1953 111 116 122 126 125 117 121 123 132 133 137 108 123 1954 109 115 125 126 121 115 118 123 134 139 144 116 124 1955 115 118 127 126 128 124 123 129 139 149 156 131 130 1956 132 137 146 142 139 130 134 140 146 164 165 134 142 1957 133 138 149 153 147 136 134 142 151 164 Indexes adjusted for seasonal variation 1947 92 91 90 90 90 88 89 90 89 90 94 98 1948 103 106 111 111 110 110 112 113 113 110 108 107 1949 103 102 102 100 100 102 100 99 99 99 99 99 1950 101 103 103 103 105 103 101 104 108 114 114 115 1951 116 119 123 127 127 127 128 125 120 115 111 112 1952 111 109 110 no 111 111 112 113 115 116 117 116 1953 120 121 120 122 123 124 125 126 124 123 121 120 1954 118 121 122 123 121 122 123 126 127 128 127 126 1955 124 123 124 124 128 132 130 132 133 135 138 141 1956 144 143 142 139 140 138 141 142 140 148 145 144 1957 144 144 145 150 148 145 141 145 145 148 Seasonal adjustment factors 1953 92 96 102 103 101 94 97 98 106 108 113 90 1954 92 96 102 102 100 94 96 98 106 109 113 92 1955 .... 92 96 102 102 100 94 95 98 104 111 113 93 1956 92 96 102 102 100 94 95 98 104 111 113 93 1957 92 96 102 102 100 94 95 98 104 111 113 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1350 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES KANSAS CITY FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. 1947 71 1948 78 1949 70 1950 76 1951 103 1952 92 1953 93 1954 92 1955 105 1956 105 1957 102 1947 95 1948 103 1949 94 1950 102 1951 138 1952 122 1953 124 1954 123 1955 141 1956 140 1957 135 1953 75 1954 75 1955 75 1956 75 1957 75 1947 91 1948 95 1949 95 1950 98 1951 123 1952 120 1953 127 1954 126 1955 131 1956 149 1957 145 1947 1948 1949 . ... 1950 1951 1952 1953 1954 1955 1956 1957 1953 1954 1955 1956 1957 ONOC CNCOC" Feb. Mar. Apr. May June July Aug. Sales Indexeswithout seasonal adjustment 78 89 92 94 89 79 88 81 95 102 104 96 86 80 89 100 99 92 81 82 93 103 104 101 116 97 106 104 109 102 90 90 100 112 120 114 100 99 113 115 125 121 100 96 102 124 123 124 112 100 117 140 134 127 127 104 129 133 141 137 122 106 118 134 139 137 128 Indexes adjusted for seasonal 94 94 94 94 95 96 100 100 105 104 102 100 99 101 99 103 103 107 105 123 119 112 110 114 116 119 122 127 128 124 127 127 121 128 125 137 140 144 137 143 150 142 144 145 144 137 78 88 93 76 84 97 73 84 97 73 86 94 73 82 98 95 98 98 106 114 113 100 106 105 106 114 115 129 143 151 127 134 134 135 144 150 135 144 144 141 153 155 161 172 170 155 165 169 99 99 97 110 110 110 102 102 100 107 108 109 110 132 132 138 143 129 130 129 127 139 139 139 143 140 140 139 139 146 147 148 149 166 168 165 162 161 162 159 161 91 97 103 105 90 96 103 104 90 96 104 104 90 96 104 105 90 96 104 105 ON OC ON OOOC Sept. 107 97 109 89 106 113 123 108 125 118 124 114 120 121 131 131 143 139 146 141 149 variation 95 100 105 105 103 100 96 99 143 120 115 111 113 117 120 123 125 119 128 119 120 118 131 130 127 130 134 144 138 142 143 138 145 145 141 142 145 147 147 Seasonal adjustment factors 99 95 84 95 102 99 95 86 95 101 98 95 88 95 101 98 96 88 96 101 98 96 88 96 101 Stocks Indexes without seasonal adjustment 93 88 84 86 90 111 107 105 106 110 101 96 93 93 95 114 107 101 107 118 147 139 136 139 139 131 122 126 126 135 150 142 144 146 154 141 133 133 140 148 153 147 145 150 158 163 155 155 165 171 163 153 152 156 164 Indexes adjusted for seasonal variation 92 88 85 86 88 110 109 109 108 109 99 98 98 98 96 110 111 106 113 120 142 143 143 146 139 128 128 133 132 133 147 148 152 149 148 138 139 139 141 143 150 154 152 152 153 162 161 163 166 166 161 159 160 158 159 Seasonal adjustment factors 102 96 95 98 104 102 96 95 99 104 102 96 95 99 101 96 95 99 101 96 95 99 OOO Oct. Nov. Dec. Annual average 106 125 160 98 114 118 159 103 107 116 169 100 112 129 191 112 124 139 197 117 130 143 212 121 125 142 209 123 140 150 232 129 150 161 242 140 145 169 249 143 142 100 109 104 107 103 101 101 102 104 107 113 115 118 121 117 124 123 125 119 122 123 134 129 136 143 139 140 139 145 144 136 105 116 170 105 116 171 105 116 173 104 116 173 104 116 173 98 102 89 93 114 116 95 108 113 118 94 101 135 141 114 114 140 139 117 137 141 149 120 130 161 165 130 146 155 161 132 141 170 177 147 152 180 182 147 164 177 90 93 97 105 106 105 102 104 106 123 125 128 129 123 131 131 133 134 149 147 146 143 144 146 156 160 161 165 164 162 163 108 112 89 108 112 91 109 111 91 109 111 91 109 111 91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISION OF MONTHLY DEPARTMENT STORE INDEXES 1351 REVISION OF MONTHLY DEPARTMENT STORE INDEXES DALLAS FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. a A v n e n r u a a g l e Sales Indexes without seasonal adjustment 1947 71 74 81 85 89 78 72 82 99 100 129 162 94 1948 81 84 100 104 103 92 88 96 115 110 122 167 105 1949 78 81 92 99 99 90 84 90 109 111 117 176 102 1950 82 88 97 106 106 99 122 112 126 110 129 197 115 1951 102 97 110 108 112 102 99 107 127 123 148 208 120 1952 97 96 109 118 131 121 108 120 133 140 151 224 129 1953 104 106 123 123 134 126 111 122 126 135 151 221 132 1954 100 104 109 130 130 123 122 126 132 149 160 245 136 1955 118 110 128 147 143 131 134 140 142 158 168 263 149 1956 123 120 145 144 155 142 140 150 152 156 185 279 158 1957 124 126 138 148 156 153 151 158 157 158 Indexes adjusted for seasonalvariation 1947 89 88 86 88 91 90 89 92 94 96 107 101 1948 . 102 103 104 111 105 104 108 107 107 105 104 103 1949 100 100 103 100 103 102 101 100 102 104 100 107 1950 105 108 108 111 110 112 145 123 118 105 112 117 1951 130 120 118 117 115 116 117 117 120 117 129 123 1952 123 120 124 123 133 132 129 130 130 133 132 133 1953 132 132 136 131 136 137 132 133 127 127 132 130 1954 127 132 127 134 131 134 140 137 137 141 139 143 1955 149 141 146 154 145 144 150 151 149 149 148 153 1956 155 154 159 155 157 156 158 161 158 150 163 161 1957 157 161 161 151 158 168 170 170 163 152 Seasonal adjustment factors 1953 79 80 90 94 99 92 84 92 99 106 115 170 1954 79 79 86 97 99 92 87 92 96 106 115 172 1955 79 78 88 96 99 91 89 93 95 106 114 172 1956 79 78 91 93 99 91 89 93 96 104 114 173 1957 79 78 86 98 99 91 89 93 96 104 114 173 Stocks Indexeswithout seasonal adjustment 1947 80 83 oo 86 88 84 84 90 90 95 108 93 89 1948 95 105 114 114 112 105 106 112 114 118 120 98 110 1949 95 102 109 108 103 95 94 98 103 111 114 94 102 1950 94 103 112 113 109 101 101 115 127 136 139 114 114 1951 118 127 145 149 145 131 133 141 141 139 139 117 135 1952 114 123 134 132 128 117 123 128 137 144 150 123 129 1953 124 136 146 151 146 135 136 145 153 158 157 125 143 1954 121 134 143 144 138 129 132 140 151 157 156 133 140 1955 127 141 154 154 148 143 146 154 165 173 176 152 153 1956 149 163 173 173 166 153 158 168 176 189 188 157 168 1957 151 165 176 179 173 164 169 176 184 193 Indexes adjusted for seasonal variation 1947 88 88 87 86 87 86 86 87 86 87 98 103 1948 106 107 109 109 111 112 113 113 111 107 108 108 1949 104 105 103 103 103 101 101 98 99 102 102 103 1950 103 106 106 108 109 107 109 115 121 126 125 127 1951 131 131 137 142 143 143 141 141 134 128 125 130 1952 128 127 127 126 127 127 129 128 131 132 135 137 1953 140 140 139 145 144 147 143 145 144 143 141 138 1954 137 138 137 138 138 138 139 140 143 142 142 145 1955 . 144 145 146 148 150 153 153 154 156 157 160 163 1956 169 168 165 166 167 165 167 168 166 172 171 169 1957 172 170 167 172 175 176 178 176 173 176 Seasonal adjustment factors 1953 89 97 105 104 101 92 95 100 106 110 111 90 1954 88 97 105 104 100 93 95 100 106 110 110 92 1955 88 97 105 104 99 93 95 100 106 110 110 93 1956 88 97 105 104 99 93 95 100 106 110 110 93 1957 88 97 105 104 99 93 95 100 106 110 110 93 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1352 FEDERAL RESERVE BULLETIN • DECEMBER 1957 REVISION OF MONTHLY DEPARTMENT STORE INDEXES SAN FRANCISCO FEDERAL RESERVE DISTRICT [Index numbers (1947-49= 100) and seasonal adjustment factors] Annual Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. average Sales Indexes without seasonal adjustment 1947. 75 83 89 90 88 82 91 102 103 123 168 99 1948. 81 86 95 97 100 100 91 100 104 101 114 171 103 1949. 79 77 84 97 95 93 83 93 98 100 107 168 1950. 75 81 87 96 96 97 117 107 112 104 117 190 106 1951. 101 96 96 98 101 100 96 104 113 112 131 197 112 1952. 87 90 94 109 119 113 101 117 121 124 143 218 120 1953. 96 99 108 111 125 119 108 116 118 118 140 207 122 1954. 91 92 94 114 116 113 107 119 121 125 145 227 122 1955. 104 100 104 124 125 122 118 127 133 139 156 237 132 1956. 107 104 120 127 130 134 125 138 142 141 165 255 141 1957. 109 108 115 133 134 139 125 139 141 134 Indexes adjusted for seasonal variation 1947. 94 96 96 96 96 94 96 99 101 102 104 103 1948. 103 103 103 105 105 107 107 106 104 100 102 101 1949. 100 93 96 99 101 99 97 98 98 98 97 98 1950. 94 99 101 101 102 104 135 109 110 104 106 109 1951. 128 118 108 110 108 109 111 109 111 112 113 112 1952. 111 113 115 115 123 120 116 121 121 124 123 123 1953. 124 126 124 125 126 124 124 120 121 118 120 118 1954. 118 118 120 118 119 120 121 123 123 125 125 128 1955. 130 130 129 130 132 130 133 131 133 138 135 133 1956. 134 136 141 140 137 142 141 142 142 141 143 143 1957. 137 141 146 137 141 148 141 144 141 133 Seasonal adjustment factors 1953. 77.8 79 87 88.7 98.7 95. 86.8 96.5 97.6 99.6 116.7 176.3 1954. 77 78 78.5 97 97.5 94 88.5 97 98.5 100.5 116 177.5 1955. 79.5 76.5 80.5 95 95 94 88.5 97 100 100.5 116 177.5 1956. 79.5 76.5 85 90.5 95 94 88.5 97 100 100.5 116 177.5 1957. 79.5 76.5 78.5 97 95 94 88.5 97 100 100.5 116 177.5 Stocks Indexes without seasonal adjustment 1947. 86 89 95 95 93 89 89 85 92 101 107 90 93 1948. 97 102 111 117 111 106 107 104 108 114 116 90 107 1949. 90 94 103 104 103 99 97 97 104 109 115 90 100 1950. 92 100 108 110 110 104 104 106 123 136 139 110 112 1951. 119 127 142 151 146 137 138 138 140 144 142 1.17 137 1952. 117 123 131 135 132 124 125 125 133 147 150 123 131 1953. 126 133 144 148 147 137 138 138 144 155 154 122 140 1954. 120 123 136 136 135 127 130 133 141 152 154 127 135 1955. 124 129 140 142 141 137 138 143 150 162 166 138 142 1956. 138 146 156 158 154 148 150 158 163 180 177 142 156 1957. 137 142 156 164 159 153 154 160 167 181 Indexes adjusted for seasovnaarliation 1947. 93 93 94 92 91 91 89 88 91 93 96 98 1948. 103 107 . 109 113 109 108 108 108 106 105 104 103 1949. 98 99 101 99 100 101 100 101 101 101 102 103 1950. 103 104 105 104 105 105 108 112 117 125 123 129 1951. 132 134 139 143 140 139 142 144 138 131 127 134 1952. 130 131 128 128 128 129 128 129 130 133 135 136 1953. 140 141 141 143 146 143 141 140 139 140 138 135 1954. 134 131 133 134 134 132 135 134 135 136 137 140 1955. 138 137 139 139 141 143 143 143 144 144 148 150 1956. 154 155 154 155 154 154 156 157 157 160 158 155 1957. 153 151 155 161 160 159 159 15Q 160 161 Seasonal adjustment factors 1953. 90 94 102 104 101 96 97.5 98.5 103.5 111 112 90.5 1954. 90 94 102 102 100.5 96 97 99 104 112 112.5 91 1955. 90 94 101 102 100 96 96.5 100 104 112.5 112.5 91.5 1956. 90 94 101 102 99.5 96 96.5 100.5 104 112.5 112.5 91.5 1957. 90 94 101 102 99.5 96 96.5 100.5 104 112.5 112.5 91.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Small Business Financing The FEDERAL RESERVE SYSTEM, with its term loans and investments come from savinterest in a financial organization and ings and not from commercial bank credit. climate favorable to orderly economic When demands for credit and capital are growth and a stable dollar and with its par- heavy and inflationary pressures exist, if the ticular responsibility for bank credit, neces- Federal Reserve were to attempt to supply sarily has a concern about the availability credit directly to meet demands of a particof financing for business—both small and ular sector or type of business, without large business, new as well as established cutting down credit for other purposes, it business. would run the risk of supplying reserves to This continuing interest in credit avail- the banking system in larger amounts than ability for business as a whole prompted us would be appropriate for healthy and susto initiate a comprehensive study of financing tainable economic growth. It should be refacilities for, and of the financing problems membered that funds initially supplied for a of, smaller business. specific purpose continue in the total credit stream after they are once spent and become It is important to understand the nature of available for other purposes. the Federal Reserve System's role and responsibility with respect to credit expansion, The Federal Reserve does have a concern interest rates, and inflationary pressures. with the financial needs of particular sectors The Federal Reserve's responsibility is pri- of the economy, including small businesses. marily for relating the availability of bank However, the System's main concern in this credit to the needs of sustainable growth of respect relates to the question of whether the the economy. The aim of the Federal Re- institutional arrangements of our credit serve is to see that banks have, or can readily structure are such as to produce an economic obtain, reserves that are adequate for these and equitable distribution of the available needs but not in excess of them. supply of savings and bank credit. Demands of borrowers and the credit The Federal Reserve program of inquiry standards of lenders determine through what into this subject has been developed after channels credit is made available. Because extended discussion within the System and banks have a responsibility to their deposi- also with interested individuals and organizators to repay deposits at face value on tions in and outside of Government. The program divides into three parts. demand or on short notice, individual banks must maintain a high proportion of liquid, In part one, we are taking stock of existthat is, short-term assets. In general, long- ing knowledge and information to see what light all of this material, when brought to- NOTE.—Statement of William McChesney Martin, Jr., gether systematically, throws on the small Chairman, Board of Governors of the Federal Reserve business financing problem. Our probing System, before the House Select Committee on Small Business, Nov. 21, 1957. will deal with such subjects as the character- 1353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1354 FEDERAL RESERVE BULLETIN • DECEMBER 1957 istics and role of small business in a dynamic lending activities of commercial banks for a economy; trends in the relative importance recent period of strongly expanding credit of such business; typical ways in which small demands will be provided. These surveys business obtains its financing; risks and re- cover information on a number of characturns to lenders in small business financing; teristics of the loan and the borrower, inand Federal Government and regional cluding size and maturity of loan, size and programs for aiding such financing. Staff industry of borrower, and the interest rate members of the Board of Governors and of charged. In each survey, in the neighborthe Federal Reserve Banks are making some hood of 2,000 commercial banks have proof these studies. Others are being under- vided data on roughly 200,000 individual taken by university scholars. The National loans. Bureau of Economic Research—a private, The business loan survey is of special nonprofit research organization of national interest to this Committee and to the Small reputation—has agreed to cooperate with us Business Administration, and its planning in making the study of risks and returns in has involved the cooperative participation of small business financing. The Arthur D. the staffs of your Committee and other com- Little Company of Boston, Massachusetts, mittees of the Congress as well as that of the one of the nation's leading industrial research staffs of the Small Business Administration firms, is examining management aspects of and other interested agencies of the Execsmall business operations and their relation utive Department. to success in obtaining outside financing. It is hoped that the major portion of the The second part of the System's inquiry first two parts of our inquiry will be comis an inventory of the financing facilities pleted by early next spring. It is our plan to presently available in our economy for meet- supply the research findings to your Commiting small business credit and capital de- tee as well as to other interested Congresmands. Accordingly, it includes an intensive sional committees as soon as they become survey of the financing techniques and credit available. terms of a variety of providers of funds to Part three of this program of inquiry is a small business. These include the commer- pioneering venture. It contemplates a nacial banks, finance companies and factors, tional survey of the financing structure and life insurance companies, investment bank- needs of small business on a sample basis. ers, and trade creditors. Questionnaires and The planning and conduct of such a direct field interviews are being relied on to develop survey involve many difficult sampling and pertinent information. The staffs of the reporting problems and feasibility of the sur- Federal Reserve Banks are assuming the vey hinges on their successful solution. The main responsibility for conducting this field Board's staff is currently working on these survey study. problems with the help of the technical staffs A special segment of this part of the of the Bureau of the Census, the Federal research program is a national survey of Trade Commission and the Securities and business loans of commercial banks out- Exchange Commission, as well as the Bureau standing at mid-October, 1957. The System of the Budget. It is too early to say just made a similar national survey in October when plans for the survey will be completed 1955. Thus, a comparative picture of the but the best judgment of our staff at this time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 1355 is that planning and testing work will require and rising incomes and by the use of previat least a year. Nevertheless, this approach ously accumulated cash balances. In this of going directly to the small businessman way, they have been a root cause of inflationhimself appears potentially so promising that ary pressures. the Board feels that work should go ahead Recently a table showing the changes in on it even though it will take considerable the volume of outstanding debt of the various time to plan and execute. types crossed my desk and I was struck by The information currently available on the very large growth in debt shown by most business financing is generally of an over-all major categories. A copy of this table is character. We know, for example, that in given below. recent years our economy has been charac- The table shows that in the business field, terized by high-level business activity and concerns other than farms and financial envigorous demands for credit and capital by terprises increased their debt from $98 business concerns. These demands plus billion in mid-1951 to $119 billion in midthose of individuals and governments have 1954, and to $156 billion in the middle of pressed hard against the supply of sav- 1957. This translates into a 31 per cent inings, and have resulted in higher interest crease from mid-1954 to mid-1957 and to a rates. The funds made available by savings 59 per cent increase from mid-1951 to midand bank credit have supplemented demands 1957. These changes compare with infor goods and services made effective by high creases in total debt other than that of the NET DOMESTIC DEBT Outstanding—midyear Percentage change (In billions of dollars) Type of debt Mid-1951- Mid-1954- 1951 1954 1957 mid-1957 mid-1957 Domestic debt—government and private 427 505 601 41 19 Government debt: Federal (net) 216 224 220 2 -2 State and local (net) 26 36 46 77 28 Private domestic debt: Business (net)— Nonfinancial business: Nonfarm 119 156 59 31 Farm 10 13 15 50 15 Financial business 9 14 19 111 36 Individuals— Mortgage debt 42 63 94 124 49 Consumer credit—total , 21 30 42 100 40 Instalment 14 23 32 129 39 Noninstalment , 7 10 43 25 Other debt of individuals 6 10 67 43 NOTE.—Federal Reserve data. Details may not add to totals tions, agencies, or trust funds. Figures on State and local governbecause of rounding. The figures on total domestic debt represent, ment debt exclude holdings by any State and local government within the limits of statistical availability, all loans and debt securities. agency. Business includes both corporations and unincorporated They exclude deposit liabilities of all kinds, currency liabilities, trade enterprises. Financial business includes mainly banks, insurance payables in the form of extensions of book credit to business firms, companies, savings and loan associations, finance companies of nternal accruals such as tax liabilities and insurance reserves. Figures various kinds, mortgage companies, security brokers and dealers, n Federal debt exclude holdings by Federal Government corpora- and investment companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1356 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Federal Government of 36 per cent since which are known as central reserve cities. mid-1954 and 81 per cent since mid-1951. In the case of total loans, relative growth for Unfortunately, these figures are not avail- the whole period from 1951 to mid-1957 was able by size of business, but the Board's staff greater at country banks than at city banks, has made a rough breakdown of the data but for the period from 1954 to mid-1957 by corporate and noncorporate status. This the reverse was the case. In both periods, breakdown shows quite similar percentage however, the differences in loan growth by increases in debt for the corporate and non- class of banks were rather small. corporate sectors over both periods. Since In general, city banks individually are unincorporated businesses are typically small large and country banks are small. While in size, the breakdown suggests that in recent city banks make small as well as large loans, years businesses of all sizes have been willing country banks, both because of their limited and able to expand their debt positions. size and the legal limitations generally re- I was also impressed by other figures in stricting the amount of individual loans to a this table, notably by the very sharp increase percentage of capital and surplus, can make in home mortgage debt in recent years. The only relatively small loans. Many of these outstanding volume of this debt in mid-1957 small loans of country banks go to contotaled $94 billion. Home mortgage debt sumers, home owners, and farmers, but many more than doubled from mid-1951 to mid- also go to small retail, service, construction, 1957. Consumer credit has also increased and manufacturing concerns in the local rapidly over these years. communities which the banks serve. Reflection about the figures of debt in- The slightly greater relative loan growth crease shown by this table prompted me to at the larger city banks since 1954 has unrequest the Board's staff to prepare another doubtedly been associated with more intenwhich would show participation by commer- sive demands for bank credit by larger comcial banks in the large private debt expansion panies. The economy has been undergoing a of recent years. This table, also attached, "capital goods boom," and capital goods incovers changes in total assets, total deposits, dustries as well as the industries requiring total capital accounts and total loans of heavy capital investment are generally charvarious classes of member banks from the acterized by large-scale enterprises. It is end of 1951 and 1954 to mid-1957. to be expected, in such circumstances, that This second table shows that in the case requirements for outside financing of largeof total assets, total deposits, and total capi- scale enterprises should mount more rapidly tal accounts, the country banks, which in- than those of smaller scale enterprises. dividually are much smaller on average than Before leaving these banking data, you the city banks, experienced since 1951 a may wish to note the increase in bank capital greater relative growth than city banks. during recent years. This increase in bank Also, the banks in reserve cities other capital plus a favorable earnings position has than New York and Chicago experienced a provided a healthy strengthening of the greater relative growth for these items than equity base of our banks. A strong equity did the very large banks in these big centers, base for a private banking system is a prime Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SMALL BUSINESS FINANCING 1357 requisite to the maintenance of effective bank will, we trust, shed sufficient light on all credit services to growing communities. It is aspects of the problems of small business gratifying to observe that the banks are con- financing to help all of us resolve many of tinuing to add to their capital strength. the questions to which we do not now have The study which the System is making adequate answers. SELECTED ASSETS AND LIABILITIES OF ALL MEMBER BANKS BY CLASS OF BANK, 1951, 1954, AND MID-1957 Dollar amount (In millions) Percentage change Class of bank Dec. 31, Dec. 31, June 6, 1951- 1954- 1951 1954 1957 mid-1957 mid-1957 Total assets All member banks 153,439 172,242 176,507 +15.0 + 2.5 All reserve city banks 97,090 107,878 108,105 +11.3 + 0.2 Central reserve city banks 38,436 40,713 39,140 + 1.8 - 3.9 Other reserve city banks.. 58,654 67,165 68,965 + 17.6 + 2.7 Country banks 56,349 64,364 68,404 +21.4 + 6.3 Total deposits All member banks 141,015 157,252 157,593 +11.8 + 0.2 All reserve city banks 88,727 97,893 95,402 + 7.5 - 2.5 Central reserve city banks 34,261 36,097 33,606 - 1.9 - 6.9 Other reserve city banks.. 54,466 61,796 61,796 + 13.5 0.0 Country banks 52,288 59,360 62,192 + 18.9 + 4.8 Total capital accounts All member banks 10,218 12,210 14,058 +37.6 +15.1 All reserve city banks 6,459 7,703 8,754 +35.5 +13.6 Central reserve city banks 2,938 3,403 3,572 +21.6 + 5.0 Other reserve city banks.. 3,521 4,300 5,182 +47.2 +20.5 Country banks 3,760 4,506 5,304 +41.1 + 17.7 Total loans, net All member banks 49,561 60,250 78,448 +58.3 +30.2 All reserve city banks 33,265 38,809 51,119 +53.7 +31.7 Central reserve city banks 13,614 14,823 19,684 +44.6 +32.8 Other reserve city banks.. 19,651 23,986 31,435 +60.0 +31.1 Country banks 16,296 21,442 27,330 +67.7 +27.5 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years beginning January 1, 1958. Boston Class A ARTHUR F. MAXWELL, President, The First National Bank of Biddeford, Biddeford, Maine. Mr. Maxwell succeeds Harold I. Chandler, President, The Keene National Bank, Keene, New Hampshire. Class B STANLEY M. COOPER, Chairman of the Board, The Fafnir Bearing Company, New Britain, Connecticut. Mr. Cooper succeeds Frederick S. Blackall, jr., president and Treasurer, The Taft-Peirce Manufacturing Company, Woonsocket, Rhode Island. New York Class A CYRUS M. HIGLEY, President and Trust Officer, The Chenango County National Bank and Trust Company of Norwich, Norwich, New York. Mr. Higley succeeds Ferd. I. Collins, President and Trust Officer, Bound Brook Trust Company, Bound Brook, New Jersey. Class B AUGUSTUS C. LONG, Chairman of the Board, The Texas Company, New York, New York. (Reelected) Philadelphia Class A WILLIAM B. BROSIUS, President, National Bank of Chester County and Trust Company, West Chester, Pennsylvania. Mr. Brosius succeeds W. Elbridge Brown, President and Trust Officer, Clearfield Trust Company, Clearfield, Pennsylvania. Class B BAYARD L. ENGLAND, President, Atlantic City Electric Company, Atlantic City, New Jersey. (Reelected) Cleveland Class A PAUL A. WARNER, President, The Oberlin Savings Bank Company, Oberlin, Ohio. Mr. Warner succeeds Edison Hobstetter, President and Chairman of the Board, The Pomeroy National Bank, Pomeroy, Ohio. 1358 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 1359 Cleveland Class B JOSEPH B. HALL, President, The Kroger Company, Cincinnati, Ohio. (Re-elected) Richmond Class A DENVER L. MORGAN, Vice President and Cashier, The Charleston National Bank, Charleston, West Virginia. Mr. Morgan succeeds Daniel W. Bell, President and Chairman of the Board, American Security and Trust Company, Washington, D. C. Class B ROBERT O. HUFFMAN, President, Drexel Furniture Company, Drexel, North Carolina. (Re-elected) Atlanta Class A W. C. BOWMAN, Chairman of the Board, The First National Bank of Montgomery, Montgomery, Alabama. (Re-elected) Class B POLLARD TURMAN, President, J. M. Tull Metal & Supply Company, Inc., Atlanta, Georgia. (Reelected) Chicago Class A WALTER J. CUMMINGS, Chairman of the Board, Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois. (Re-elected) Class B GERALD F. LANGENOHL, Treasurer and Assistant Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wisconsin. Mr. Langenohl succeeds Walter E. Hawkinson, Vice President in Charge of Finance, and Secretary, Allis-Chalmers Manufacturing Company, Milwaukee, Wisconsin. St. Louis Class A H. LEE COOPER, President, Ohio Valley National Bank of Henderson, Henderson, Kentucky. Mr. Cooper succeeds Phil E. Chappell, President, Planters Bank & Trust Company, Hopkinsville, Kentucky. Class B LEO J. WIECK, Vice President and Treasurer, The May Department Stores Company, St. Louis, Missouri. (Re-elected) Minneapolis Class A HAROLD C. REFLING, Cashier, First National Bank in Bottineau, Bottineau, North Dakota. (Re-elected) Class B RAY C. LANGE, President, Chippewa Canning Company, Inc., Chippewa Falls, Wisconsin. (Re-elected) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1360 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Kansas City Class A HAROLD KOUNTZE, Chairman of the Board, The Colorado National Bank of Denver, Denver, Colorado. (Re-elected) Class B MAX A. MILLER, livestock rancher, Omaha, Nebraska. (Re-elected) Dallas Class A SAM D. YOUNG, President, El Paso National Bank, El Paso, Texas. (Re-elected) Class B D. A. HULCY, Chairman of the Board, Lone Star Gas Company, Dallas, Texas. (Re-elected) San Francisco Class A CARROLL F. BYRD, Chairman of the Board and President, The First National Bank of Willows, Willows, California. (Re-elected) Class B REESE H. TAYLOR, Chairman of the Board, Union Oil Company of California, Los Angeles, California. (Re-elected) FEDERAL RESERVE MEETINGS CHANGES IN BOARD'S STAFF Meetings of the Federal Open Market Committee Effective December 1, 1957, Mr. E. J. Johnson, were held in Washington on December 3 and 17, who since December 1954 had served in the dual 1957. capacity as Director of the Division of Personnel A meeting of the Chairmen and Deputy Chair- Administration and as Controller, was released men of the Federal Reserve Banks with the mem- from the latter position so that he might devote all bers of the Board of Governors was held in of his time to his duties as Director of the Divi- Washington on December 5-6, 1957. sion of Personnel Administration. DECREASE IN FEDERAL RESERVE DISCOUNT RATES RESIGNATION OF DIRECTOR The Board of Governors of the Federal Reserve Effective November 12, 1957, the Board of Gov- System has recently approved actions by the direcernors accepted the resignation of Dr. James R. tors of eight Federal Reserve Banks reducing the Killian, Jr., President, Massachusetts Institute of discount rates of these Banks from 3Vi per cent to Technology, Cambridge, Massachusetts, as a direc- 3 per cent. tor of the Federal Reserve Bank of Boston. Dr. The effective date of the new rate was Tuesday, Killian had served the Bank as director since De- November 19, 1957 at the Federal Reserve Bank cember 23, 1954, and as Deputy Chairman since of Boston; Friday, November 22, 1957 at the January 1, 1956. Federal Reserve Banks of Kansas City, Minneapolis, and Philadelphia; Friday, November 29, 1957 PUERTO RICAN BANKS ADDED TO PAR LIST at the Federal Reserve Banks of Chicago, Cleve- The Puerto Rico Bankers Association has anland, and San Francisco; and Monday, December nounced that beginning January 1, 1958, all 2, 1957 at the Federal Reserve Bank of Dallas. banks in Puerto Rico will remit at par for checks The change from a V/i to a 3 per cent rate drawn on them received from the Federal Reserve went into effect on Friday, November 15, 1957 at Banks. This means that, beginning the first of the Federal Reserve Banks of Atlanta, New York, the year, checks drawn on banks in Puerto Rico Richmond, and St. Louis, as recorded in the No- may be collected through the Federal Reserve vember issue of the BULLETIN. collection system in the same manner as checks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 1361 drawn on par-remitting banks in the continental to further identify it with the continental United United States. For collection purposes the Board States." of Governors has designated Puerto Rico as being TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY of the Second Federal Reserve District, effective January 1, 1958. Latest BULLETIN Reference The announcement also stated that effective Semiannually Issue Page Banking offices: January 1, 1958, checks drawn on mainland Analysis of changes in number of.... Aug. 1957 974 On, and not on, Federal Reserve Par United States banks will be received for deposit List, number of Aug. 1957 975 by banks in Puerto Rico without exchange charges. Annually In making the announcement, the President of Earnings and expenses: Federal Reserve Banks Feb. 1957 210-211 the Puerto Rico Bankers Association said, "We Member banks: Calendar year June 1957 710-718 are confident that this additional service of the First half of year NOT. 1956 1248 Insured commercial banks June 1957 719 Puerto Rican Banks will benefit not only our Banks and branches, number of, by class customers but the entire business communities Op a e n r d at i S n t g a t r e atios, member banks A Ju p n r e . 1 1 9 9 5 5 7 7 4 7 7 2 2 0 - - 4 7 7 2 3 2 of Puerto Rico and the States. It is felt that this Stock Exchange firms, detailed debit and credit balances Mar. 1957 336 arrangement will contribute to the growing eco- Banking and monetary statistics, 1956.. M Fe a b y . 1 1 9 9 5 5 7 7 5 2 8 1 2 4 -5 2 8 2 5 0 nomic development of Puerto Rico and will serve Summary flow-of-funds accounts, 1954-5*.Oct. 1957 1190-1194 Law Department Administrative interpretations, new regulations, and similar material Designation of Federal Reserve District Board of Governors has taken the following acfor Puerto Rico tion: For purposes of Regulation G, Puerto Rico The Board of Governors, effective January 1, shall be deemed to be in or of the Second Federal 1958, designated Puerto Rico as being in or of Reserve District, effective on and after January 1, the Second Federal Reserve District for the col- 1958. lection, under Regulation G, of noncash items FOR PURPOSES OF REGULATION J payable in such area, and for the collection, Pursuant to Footnote 1 of Regulation J, the under Regulation J, of checks drawn on non- Board of Governors has taken the following member par-remitting banks located therein. action: There are set forth below texts of the designations. For purposes of Regulation J, Puerto Rico shall be deemed to be in or of the Second Federal Re- FOR PURPOSES OF REGULATION G serve District, effective on and after January 1, Pursuant to Footnote 1 of Regulation G, the 1958. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 16 Industrial production continued to decline in level, but output schedules indicate some decline November, but construction activity remained at in December. Production of television sets and record levels. Reductions in employment were furniture was curtailed in November. widespread and unemployment increased. From Output of nondurable goods, which had edged mid-November to mid-December, wholesale com- up to a new high in September, declined in Octomodity prices changed little. While business loans ber and November as activity in the textile, apdeclined further, total bank credit expanded. parel, and petroleum refining industries fell off. Production of bituminous coal, crude oil, and Yields on securities declined sharply although metal ores was also curtailed. demands for long-term funds remained strong. CONSTRUCTION INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted Private housing starts in November were mainindex of industrial production in November was tained at a seasonally adjusted annual rate of 139 per cent of the 1947-49 average, compared about one million units. Outlays for new conwith a revised figure of 141 for October and with struction remained at a seasonally adjusted annual 146 a year earlier. Activity was curtailed generally rate of $48.5 billion, which was about 4 per cent above the average for the year ending June. Conat both factories and mines. struction contracts, which usually decline in the Steel mill operations continued to decline and autumn, continued in October at about the Sepin November were 6 per cent below October. In tember level. early December mills operated at 70 per cent of capacity and ingot output was about 30 per cent EMPLOYMENT below a year ago. There were additional curtailments in activity in most producers' equipment Employment in durable goods industries and in lines in November and further cutbacks in the nonmanufacturing lines declined further in Noaircraft industry. Auto assemblies, at 579,000 vember. At a seasonally adjusted level of 52.2 units, were up sharply from the reduced October million total nonagricultural employment was down 300,000 from October and 250,000 from a year earlier. The average factory workweek also INDUSTRIAL PRODUCTION declined further, but weekly earnings were only 1947-49=100 slightly smaller as hourly earnings increased. TOTAL Unemployment rose 700,000—a larger increase MAN D U U F R A A C B T L U E RES than usual for November—and at 3.2 million was 500,000 higher than a year earlier. / '••„• ! ! ~» DISTRIBUTION MINERALS t*^\^\ • Seasonally adjusted retail sales changed little in w November at a rate 2 per cent below last summer's t v ^ — NONDURABLE 1 MANUFACTURES peak and 3 per cent above a year earlier. At durable goods stores sales declined somewhat further, while at department stores they showed some recovery. Total business inventories de- P1, 1 .! 1 1 .,„ clined in October, reflecting in part a reduction in retail automotive stocks during the model-change- Federal Reserve indexes, seasonally adjusted. Monthly figover period. ures, latest shown are for November. 1362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 1363 COMMODITY PRICES preceding weeks. Between mid-November and mid-December, reserves supplied principally The general level of wholesale commodity through System purchases of U. S. Government prices continued stable from mid-November to securities and reductions in Treasury and nonmid-December. Average prices of basic industrial member deposits at the Federal Reserve Banks materials remained close to the reduced levels were absorbed only in part through currency reached in early November and prices of finished outflows and increases in required reserves. manufactures changed little. Among agricultural commodities, prices of livestock increased sub- SECURITY MARKETS stantially. Yields on U. S. Government securities declined Consumer prices were unchanged in October as sharply further from mid-November to midseasonal decreases in fresh foods offset increases December. Following the reductions in the in some other commodities and continuing ad- Federal Reserve discount rates, long-Treasury vances in services. bills declined to around 3 per cent, and seasoned long-term Treasury bonds to about 2>lA per cent. BANK CREDIT AND RESERVES In the third week of November the Treasury refunded nearly $10 billion of maturing certificates, Total credit at city banks increased $600 million with cash redemptions of only $140 million, and over the four weeks ending December 4. Exoffered for cash $1 billion of 33A per cent notes pansion in holdings of U. S. Government securities and $500 million of seventeen year 3% per cent was offset in part by reductions in holdings of bonds. other securities and in loans. While loans for Yields on State and local government and highpurchasing and carrying securities increased, grade corporate bonds also declined sharply from business loans declined further. mid-November to mid-December. Meanwhile, Average member bank borrowings from the long-term credit demands of corporations and Federal Reserve exceeded excess reserves by about State and local governments continued strong. $200 million during the four weeks ending Decem- Common stock prices increased slightly, on ber 11. a considerably smaller amount than in balance. INTEREST RATES RESERVES AND BORROWINGS - ALL MIM»» tANKs Billions of dollorj P«r c«nt Federal Reserve data. Free reserves are excess reserves Weekly average market yields for long-term U. S. Governless borrowings. Weekly averages, latest shown are for week ment 2Vz per cent bonds and for longest Treasury bills; latest ending Dec. 11. shown are for week ending Dec. 6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items. 1367 Reserve Bank discount rates; reserve requirements; margin requirements. 1370 Federal Reserve Banks. . 1371 Bank debits; currency in circulation. . 1374 All banks: consolidated statement of monetary system; deposits and currency. 1376 All banks, by classes. 1377 Commercial banks, by classes. 1380 Weekly reporting member banks. 1382 Commercial loans; commercial paper and bankers' acceptances. 1384 Interest rates. ... 1385 Security prices; stock market credit. 1386 Savings institutions . 1387 Federal business-type activities. 1388 Federal finance. 1390 Security issues. 1394 Business finance 1395 Real estate credit. 1397 Short- and intermediate-term consumer credit. 1400 Selected indexes on business activity 1404 Production 1405 Employment and earnings 1412 Department stores. 1414 Foreign trade . 1415 Wholesale and consumer prices. 1416 National product and income series. 1418 Revised estimates of short- and intermediate-term consumer credit for 1955 and 1956 1420 Tables published in BULLETIN, annually or semiannually—list, with references 1361 Index 1451 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. 1365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT 25 U. S. GOVERNMENT SECURITIES*. 20 HELD UNDER ~| 2 REPURCHASE AGREEMENTS A A J 0 DISCOUNTS AND ADVANCES 2 0 ' PtDEKAL KtbbKVt hLUAl J I 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending Nov. 27. See p. 1367. 1366 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 e W nd e i e n k g 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 s e r - c v D o a a a n u n i d s c d n - - e ts s Float Total s G to o c ld k r s c o e t u i a u n n u r n r c g y t - - d y - r c C t e c u i i n u i o n l r c r a n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - F. F e i o 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 re - d2 Exagreement Averages of daily figures 1956 Oct. 3 23,697 23,602 810 1,06725,593 21,884 5,046 30,769 776 551 325 214 95318,935 18,456 479 Oct. 10 23,840 23,766 857 99025,707 21,906 5,046 30,880 770 489 405 227 95818,929 18,322 607 Oct. 17 23,860 23,846 714 ,21525,810 21,910 5,047 30,953 775 388 373 429 95818,890 18,313 577 Oct. 24 23,736 23,736 564 ,54725,866 21,909 5,048 30,864 777 505 293 291 95619,137 18,574 563 Oct. 31 23,708 23,668 40 674 ,06225,466 21,909 5,051 30,795 780 539 285 292 92518,810 18,451 359 Nov. 7 23,824 23,766 58 828 ,08425,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14 23,940 23,882 58 945 ,04025,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21 24,033 23,959 74 662 ,54326,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28 24,202 24,110 92 631 ,51426,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 ,26826,165 21,953 5,060 31,451 770 408 344 228 91019,068 18,682 386 Dec. 12. 24,652 24,493 159 709 ,22626.633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19. 24,785 24,489 296 555 ,83527,223 21,927 5,064 31,835 776 498 389 169 1,01119,535 18,922 613 Dec. 26. 24,906 24,574 332 667 2,20827,842 21,949 5,066 31,992 765 635 393 258 1,02419,790 19,086 704 1957 Jan. 2 24,994 24,610 384 925 1,53727,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9 24,688 24,601 87 535 1,53926,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 1,27825,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1,44625,636 21,951 5,067 30,827 798 199 324 268 89419,342 18,724 618 Jan. 30 23,450 23,450 528 1,07825,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6 23,435 23,411 640 1,04025,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13 23,264 23,190 741 96224.997 22.252 5,070 30,641 820 377 366 299 ,00718,808 18,265 543 Feb. 20 22,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 ,11618,895 18,309 586 Feb. 27 22,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 ,13418,683 18,218 465 Mar. 6 22,913 22,895 18 755 1,17924,871 22,304 5,077 30,566 813 479 329 212 ,13118,721 18,231 490 Mar. 13 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 Mar. 20 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 ,13819,204 18,578 626 Mar. 27 23,094 23,051 43 844 96724,930 22,305 5,083 30,502 813 353 334 205 ,13918,971 18,362 609 Apr. 3. 23,189 23,040 149 1,074 87725,165 22,306 5,086 30,589 808 517 294 314 ,16718,868 18,525 343 Apr. 10. 23,262 23,040 222 1,230 88125.400 22,307 5,088 30,655 814 387 340 305 ,20519,088 18,523 565 Apr. 17. 23,282 23,146 136 1,244 96725.520 22,313 5,089 30,681 808 478 344 300 ,20319,107 18,556 551 Apr. 24. 23,237 23,169 68 947 1,48425,695 22,317 5,092 30,610 791 456 390 454 ,20219,201 18,639 562 May 1 23,169 23,169 730 1,16825,093 22,318 5,094 30,499 793 419 352 291 ,14819,000 18,621 379 May 8 23,213 23,125 993 94725.177 22,318 5,095 30,589 795 504 366 275 ,07818,984 18,495 489 May 15 23,083 23,033 975 94825,031 22,319 5,096 30,654 787 479 366 241 ,07518,845 18,368 477 May 22 22,915 22,915 793 1.34125.070 22,320 5,098 30,645 790 525 362 273 ,07418,818 18,284 534 May 29 22,930 22,901 903 97924,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5 23,110 22,950 160 902 95424.987 22,620 30,837 792 485 357 323 ,07218,846 18,378 468 June 12 22,972 22,926 46 1,059 93624,988 22,621 30,903 791 463 379 276 ,06918,834 18,330 504 June 19 22,930 22,880 1,089 ,38425.424 22,621 30,904 782 518 389 335 ,07619,148 18,546 602 June 26 22,951 22,888 63 1,003 ,32025,294 22,622 30,849 776 477 407 254 ,08719,171 18,625 546 July 3. 23,098 23,031 1,068 ,19825.387 22,623 31,150 763 546 420 296 ,07718,865 18,521 344 July 10. 23,443 23,260 183 1,213 ,11125,792 22,623 31,313 765 431 339 290 ,07719,308 18,732 576 July 17. 23,319 23,252 67 1,062 ,23625,641 22,625 31,184 770 455 413 279 ,07319,200 18,636 564 July 24. 23,342 23,235 107 739 .35125,456 22,625 30.999 774 507 385 267 ,07019,189 18,568 621 July 31. 23,360 23,084 276 553 99824,932 22,626 5,110 30,910 770 494 370 278 96118,88' 18,493 392 Aug. 7. 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 ,11618,868 18,331 537 Aug. 14. 23,047 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 ,11318,786 18,195 591 Aug. 21. 23,034 23,034 931 1,22725,211 22,625 5,116 31,055 762 513 343 270 ,20318,806 18,254 552 Aug. 28. 23,220 23,215 915 97-25,133 22,626 5,118 30,998 764 475 339 268 ,20318,831 18,397 434 Sept. 4. 23,511 23,463 832 85825,228 22,626 5,118 31,149 759 485 340 281 ,19718,760 18,346 414 Sept. 11. 23,399 23,367 1,031 95325.408 22,626 5,119 31,256 759 431 357 279 ,19418,876 18,301 575 Sept. 18. 23,303 23,286 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 Sept. 25. 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 1.00025,304 22,634 5,125 31,039 776 493 356 253 11219,034 18,685 349 Oct. 9. 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 ,11219,189 18,625 564 Oct. 16. 23,371 23,281 90 992 1,07125,451 22,658 5,128 31,191 776 506 333 252 110 19,068 18,574 494 Oct. 23. 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 Oct. 30. 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 ,05618,963 18,509 454 Nov. 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 ,05718,911 18,354 557 Nov. 20. 23,288 23,282 6 752 1,43025.489 22,757 5,137 31,336 801 503 315 386 ,05418,987*>18,432 P555 Nov. 27. 23,318 23,167 151 777 1,20925;325 22,762 5,139 31,431 794 469 301 294 ,03018,907^18,424 ^483 Preliminary. For other notes see following page. 1367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1368 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t a S l . G B o r o o i v g u u t h t . g - t h s t ecu r u c H r e n h i p t e d a i u l e s e d r s e r - v c D o a a a n n u i d s c d n - - e ts s Float Total s G to o c ld k T r s o c e u t i r a u n u n e r n y g r c t a - - d y s - - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s - s- Tr u w e r a i y t s h - r F es . F e e o i R r g r v . - n e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e i e r r - v ed es 2 c E e x s - s2 agreement Averages of daily figures 1956 Nov 24,024 23,951 73 745 1,30026,097 21,910 5,056 31,198 774 456 308 313 84519,169 18,579 590 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 Dec 1957 24,092 24,056 36 432 1,34325,905 21,989 5,067 31,040 794 335 323 276 89619,295 18,773 522 Jan 23,111 23,083 28 665 1,10624,912 22,279 5,071 30,595 817 336 335 294 ,07118,816 18,302 514 Feb 23,061 22,997 64 859 1,02424,968 22,305 5,081 30,568 812 423 316 216 ,13518,884 18,366 518 Mar 23,239 23,121 118 1,036 1,11025,411 22,313 5,090 30,614 803 429 348 339 ,19519,087 18,580 507 Apr 23,041 22,996 45 931 1,04625,041 22,358 5,098 30,645 792 521 361 276 ,07518,827 18,362 465 May 22,989 22,917 72 1,009 1,17025,189 22,621 5,106 30,902 782 490 393 290 ,07718,982 18,485 497 June 23,351 23,198 153 917 1,17525,466 22,625 5,108 31,116 769 480 377 279 ,04819,129 18,595 534 July 23,146 23,129 17 1,010 98925,166 22,626 5,115 31,035 764 490 349 273 ,16318,834 18,300 534 Aug 23,325 23,302 23 994 1,14725,489 22,627 5,121 31,143 763 547 378 271 180 18,956 18,434 522 Sept 23,348 23,252 96 818 1,14325,326 22,660 5,129 31,109 780 495 338 258 ,09719,040 18,573 467 Oct 23,417 23,276 141 810 1,12625,373 22,743 5,137 31,334 794 464 322 337 ,04418,958 Nov 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,mi 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1 1 1 1 1 1 19 9 9 9 9 9 9 5 5 4 5 5 5 4 6 5 5 0 2 4 7 — — — — — — _D J D D D D D u e n e e e e e c c e c c c c . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 4 0 3 4 2 4 4 , , , , , , , 7 5 7 7 2 6 9 8 5 7 5 6 9 3 5 9 8 8 2 7 2 2 2 2 2 2 2 2 4 0 2 4 4 4 3 , , , , , , , 3 7 5 8 0 2 7 9 2 5 8 3 6 1 1 5 9 8 4 2 2 6 3 4 4 6 5 9 6 4 3 3 4 2 2 1 1 1 4 8 6 3 0 4 5 9 5 7 2 8 3 6 1 1 1 , , , 5 3 9 2 5 5 8 8 6 1 3 6 7 0 5 8 0 5 7 8 8 2 2 2 2 2 2 2 5 6 3 5 5 2 5 , , , , , , , 0 1 5 2 8 8 2 9 8 1 0 2 8 1 1 1 9 7 5 5 6 2 2 2 2 2 2 2 1 0 1 1 2 2 3 , , , , , , , 7 0 7 7 6 7 1 9 6 1 0 5 8 9 9 5 3 6 4 7 0 4 4 4 4 4 5 5 , , , , , , , 3 8 6 5 9 0 0 1 3 3 6 3 0 8 2 9 6 2 5 2 8 2 2 2 3 3 3 3 8 8 7 0 1 0 0 , , , , , , , 7 5 8 7 1 4 5 4 1 6 1 3 5 0 1 5 8 5 3 8 9 2 1 1 1 , , , , 7 7 2 7 3 2 2 9 3 6 7 6 9 8 3 6 8 0 7 6 7 9 8 5 6 5 3 3 7 6 2 7 6 9 8 7 3 2 0 8 4 9 4 4 2 8 8 5 3 0 9 9 9 6 5 9 2 5 0 7 2 0 2 4 4 4 5 5 5 3 4 4 5 6 6 1 5 1 6 5 5 9 3 4 4 9 9 7 9 7 5 9 2 9 1 0 6 7 5 5 2 4 7 3 7 1 1 1 1 1 1 1 8 5 7 9 7 8 9 , , , , , , , 6 4 9 8 0 8 9 8 4 1 9 0 7 5 1 3 5 9 5 6 0 2 1 1 1 1 1 1 0 8 8 4 6 6 8 , , , , , , , 5 9 4 4 5 6 4 0 4 2 0 5 1 0 3 9 0 9 7 8 0 1 1 1 - , , , 2 5 1 4 4 1 - 5 7 9 5 0 7 6 0 9 8 2 8 2 End of month 1956 Nov 24,385 24,255 130 518 1,33026,267 21,910 5,061 31,424 763 463 356 182 84319,208 18,719 489 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 Dec 1957 23,42 23,421 668 1,07625,195 22,252 5,071 30,614 809 715 344 263 891 882 18,517 365 Jan 22,887 22,854 33 595 1,19624,704 22,304 5,076 30,575 809 458 327 206 ,133 576 18,294 282 Feb 23,149 23,040 109 994 80324,970 22,306 5,086 30,585 804 591 311 304 ,137 629 18,512 117 Mar 23,169 23,169 829 93624,960 22,318 5,094 30,519 791 509 316 294 ,079 864 18,588 276 Apr 23,108 22,950 158 1,170 92625,224 22,620 5,104 30,836 788 568 360 274 ,072 049 18,351 698 May 23,035 22,994 41 558 1,19924,816 22,623 5,107 31,082 758 498 449 308 ,075 376 18,543 -167 June 23,355 23,079 276 420 89624,691 22,627 5,111 30,933 759 504 364 296 942 630 18,520 110 July 23,539 23,475 64 986 86525,418 22,626 5,118 31,133 752 477 342 285 ,198 975 18,305 670 Aug 23,312 23,312 396 89824,622 22,635 5,125 31,073 773 429 337 261 ,111 399 18,694 -295 S O e c p t t 2 2 3 3 , , 7 3 3 3 3 8 2 2 3 3 , , 4 2 4 1 8 8 2 1 8 2 5 0 7 81 8 9 9 1, 9 06 4 2 22 2 5 5 , , 5 2 1 0 5 6 ^ 2 2 2 2 , , 6 7 9 6 1 2^ 5 5 , , 1 1 3 4 5 1*3 3 1 1 , , 6 0 5 9 2 0 P 7 7 8 7 4 0 2 5 4 5 3 2 2 3 8 7 3 8 2 1 5 9 6 6 , , 0 05 0 6 0 2 9 7 1 4 7 ^1 1 8 8 , , 5 5 4 4 1 1 ^7 3 3 7 3 6 Nov Wednesday 1957 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. 4 23,357 23,357 720 95225,054 22,627 5,121 31,210 757 490 355 261 1,193 18,537 18,398 139 Sept. 11 23,248 23,248 1,023 1,38425,676 22,628 5,122 31.100 761 639 361 253 1,202 19,110 18,607 503 Sept. 18 23,152 23,152 782 98524,936 22,628 5,126 30,977 780 605 370 249 1,114 18,594 18,372 222 Sept. 25 Oct. 2 23,461 23,313 148 674 96325,115 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 1,29325,211 22,665 5,130 31,156 781 543 326 261 1,110 18,828 18,623 205 Oct. 23 23,228 23,228 646 1,11525,006 22,668 5,131 31,033 786 484 302 258 1,108 18,833 18,496 337 Oct. 30 23,235 23,174 61 787 86324,902 22,678 5,134 31,020 792 458 391 231 1,056 18,766 18,524 242 Nov. 6 23,570 23,332 238 689 65124,927 22,710 5,136 31,181 800 418 353 250 1,056 18,714 18,446 268 Nov. 13 23,405 23,332 73 450 95024,824 22,735 5,136 31,334 800 482 323 337 1,055 18,364 18,361 3 Nov. 20 23,235 23,235. f 1,054 1,33625,643 22,761 5,138 31,315 804 541 304 392 1,054 19,133^18,434 Nov. 27 23,576 23,352 224 607 93525,139 22,762 5,141 31,628 784 430 283 178 1,000 18,739^18,455 P Preliminary. separately in this table, but are given for end-of-month and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 1369 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a 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 t e v y k - e s C ba o tr n u > k n s - Item and period b m a b A e n e l m r l k - s Ne c w ity ban C ks hi- b s c R a e i n r t e v y k - e s C ba t o r n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1956— Oct 18,939 4,222 1,111 7,869 5,736 1956—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 1,126 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 Oct 19,040 4,231 ,116 7,836 5,857 Oct 467 39 428 Week ending: Week ending: 1957_Oct. 16 19,068 4,213 ,113 7,875 5,867 Oct. 16 494 3 2 49 440 Oct. 23 19,137 4,224 ,125 7,836 5,953 Oct. 23 564 11 3 43 507 Oct. 30 18,837 4,213 ,106 7,796 5,721 Oct. 30 361 10 2 46 303 Nov. 6 18,963 4,212 ,111 7,833 5,806 Nov. 6 453 12 1 41 399 Nov. 13 18,911 4,107 ,090 7,805 5,909 Nov. 13 558 10 5 51 492 Nov. 20 18,987 4,133 ,101 7,848 5,904 Nov. 20 *>555 8 1 40 Nov. 27 18,907 4,165 ,107 7,856 5,780 Nov. 27 *485 13 1 66 Required reserves:2 Borrowings at Federal Reserve Banks: 1956-Oct 18,419 4,214 ,107 7,817 5,281 Nov , 18,579 4,231 ,119 7,877 5,352 1956—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 Apr , 18,580 4,308 ,097 7,855 5,320 Mar 834 116 257 302 159 May , 18,362 4,221 ,098 7,739 5,305 Apr 1,011 299 210 329 173 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 Oct 18,573 4,231 ,116 7,797 5,429 Sept 988 263 120 485 121 Oct 811 141 115 428 127 Week ending: 1957_Oct. 16 18,574 4,210 ,111 7,826 5,427 Week ending: Oct. 23 18,574 4,213 ,123 7,792 5,446 Oct. 16 985 272 142 461 110 Oct. 30 18,474 4,202 ,104 7,750 5,418 Oct. 23 598 63 59 377 99 Nov. 6 18,509 4,200 ,110 7,792 5,407 Oct. 30 703 46 116 362 179 Nov. 13 18,354 4,098 ,085 7,754 5,417 Nov. 6 817 133 121 402 161 Nov. 20 ^18,432 4,126 ,100 7,808 ^5,398 Nov. 13 903 91 192 431 189 Nov. 27 ^18,424 4,152 ,106 7,790 5376 Nov. 20 747 130 38 360 219 Nov. 27 772 74 82 409 207 October 1956 Free reserves:2 4 Deposits: 1956—Oct -195 -192 -114 -246 358 Nov -154 -214 -140 -193 393 Gross demand deposits: Dec -37 -90 -85 -204 344 Total 116,135 22,978 5,986 45,647 41,524 Interbank 13,280 4,100 1,242 6,595 1,343 1957—Jan 117 -40 -40 -172 369 Other 102,855 18,877 4,744 39,053 40,181 Feb -126 -123 -53 -249 299 Net demand deposits 3... 99,695 20,205 5,211 38,729 35,549 Mar -316 -101 -253 -242 280 Time deposits 41,966 3,457 1,295 16,916 20,298 Apr -505 -300 -210 -263 269 Demand balances due May -444 -104 -165 -367 192 from domestic banks.. 6,616 69 108 2,004 4,435 June -508 -185 -48 -486 210 July -383 -181 -28 -452 278 Aug -471 -289 -26 -400 244 October 1957 Sept -467 -254 -115 -433 335 Oct -344 -141 -115 -389 301 Gross demand deposits: Week ending: Total 116,093 23,085 6,021 45,083 41,905 Oct. 16 -491 -269 -140 -412 330 Interbank 13,192 4,250 230 6,324 1,388 Oct. 23 -34 -52 -56 -334 408 Other 102,901 18,835 A\791 38,759 40,517 Oct. 30 -342 -36 -114 -316 124 Net demand deposits 3... 99,562 20,231 5,248 38,177 35,905 Nov. 6 -364 -121 -120 -361 238 Time deposits 45,924 3,693 1,324 18,497 22,411 Nov. 13 -345 -81 -187 -380 303 Demand balances due Nov. 20 P-192 -122 -37 -320 *>287 from domestic banks.. 6,510 48 103 1,959 4,400 Nov. 27 P-287 -61 -81 -343 9 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

1370 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 Nov. 30 beginning— rate Nov. 30 beginning— rate Nov. 30 beginning— rate Boston 3 Nov. 19,1957 Nov. 19, 1957 4 4 Nov. 19,1957 New York. . . 3 Nov. 15,1957 Wi Nov. 15, 1957 4 3% Nov. 15,1957 P C h le i v la e d la e n lp d hia.. 3 3 N N o o v v . . 2 2 9 2, ,1 1 9 9 5 5 7 7 I3VB4 B N N o o v v . . 2 2 9 2 , , 1 1 9 9 5 5 7 7 4 4 4 A N u o g v . . 9 29 , , 1 1 9 9 5 5 7 7 41/2 A C R h t i l c i a c h n a m t g a o ond. . . 3 3 3 N N N o o o v v v . . . 2 1 1 9 5 5 , , , 1 1 1 9 9 9 5 5 5 7 7 7 I3B% I N N N o o o v v v . . . 2 1 1 9 5 5 , , , 1 1 1 9 9 9 5 5 5 7 7 7 4 4 4 3 4% » A A A u u u g g g . . . 9 1 1 3 9 , , , 1 1 1 9 9 9 5 5 5 7 7 7 4 4 4 St. Louis 3 Nov. 15,1957 Nov. 15, 1957 4 Nov. 15,1957 Minneapolis.. 3 Nov. 22,1957 Nov. 22, 1957 4 Aug. 9,1957 41J Kansas City. . 3 Nov. 22,1957 3% Nov. 22, 1957 4 Nov. 22,1957 4*4 Dallas Aug. 13,1957 4 2 Aug. 13,1957 3V4 Aug. 13,1957 4 San Francisco Nov. 29,1957 3% Nov. 29, 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 deposits1 Time deposits 1930— J D M M F u e e a a n c b y e r . . . 2 2 1 0 4 7 2 4 4 I 2V * i 1 1 1 1 9 9 9 9 4 4 5 5 6 8 0 3 — — — — A A J A J a a u p u n n g r g . . . . . 2 2 1 1 1 5 1 3 2 6 Ef o fe f ct c i h v a e ng d e ate C r b e e c a s n i e n t t r y k r v s a e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r d r y r v v a e e l C ba o tr n u y k n s - 1931_May 8 lj/2 1954—Feb. 5 banks Oct. 9 Apr. 16 8 1932— O Fe c b t. . 2 1 6 6 3 2 1955— A A u p g r. . 1 5 5 1917—June 21 13 10 7 3 i* June 24 2V4 Sept. 9 21/4 1933— A M p a r r . . 7 3 W2 1956— N A o pr v . . 1 1 8 3 2 2% Vi 1 1 9 9 3 3 6 7 — — A M u a g r. . 1 1 6 2 1 2 91 3 / 4 4 1 15 7fc 1 12 0 1 V /4 i 4 5 V i/4 4 May 26 b Aug. 24 May 1 26 20 14 6 Oct. 20 1957—Aug. 23 Wi 1934—Feb. 2 Nov. 15 1938—Apr. 16 2234 17i/2 12 5 1937—Aug. 27 5 1942—Oct. 30 21/2 In effect Dec. 1, 1957 1941—Nov. 1 26 20 14 6 1942—Aug. 20 24 6 Sept. 14 22 1 Under Sees. 13 and 13a, as described in table above. Oct. 3 20 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1948—Feb. 27 22 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 11 24 advances secured by eligible paper. Sept. 16, 24*.... 26 22 16 71/4 m 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 15 7 7 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. June 30, July 1*. 20 14 6 6 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Aug. 1, 11* §* 19V4 13 5 1957—Aug. 22, 3.50. Aug. 16, 18*.... 19 12 5 Aug. 25 Sept. 1 22V4 18V4 MARGIN REQUIREMENTS 1 22 18 1951—Jan. 11, 16*.... 23 19 13 6 6 [Per cent of market value] Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 Feb. 20, Jan. 4, Effec- Prescribed in accordance with 1953- 1955- tive 1954—June 16,24*.... 21 5 5 Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, July 29, Aug. 1*. 20 18 12 1955 1955 1955 In effect Dec. 1, 1957... 20 18 12 5 5 Regulation T: Present statutory re- For extensions of credit by brokers and quirements: dealers on listed securities 50 60 70 Minimum 13 10 7 3 3 For short sales 50 60 70 Maximum 26 20 14 6 6 Regulation U: For loans by banks on stocks 50 60 70 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in 1 Regulations T and U limit the amount of credit that may be extended process of collection and demand balances due from domestic banks (also on a security by prescribing a maximum loan value, which is a specified minus war loan and Series E bond accounts during the period Apr. 13, percentage of its market value at the time of extension; margin require- 1943-June 30, 1947). ments are the difference between the market value (100%) and the maxi- • First-of-month or midmonth dates are changes at country banks, and mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were other dates (usually Thursdays) are at central reserve city or reserve city effective after the close of business on those dates. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1371 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Nov. 27 Nov. 20 Nov. 13 Nov.6 Dct. 30 Nov. Oct. Nov. Assets 21,209,391 21,229,393 21,201,391 71 177 39? 71,146,390 71 ?19 39? 71 158 39070,367 39? Redemption fund for F. R. notes 863,149 843,329 845,208 844,430 846,337 863,150 846,337 860,020 22,072,540 22,072,722 22,046,599 7? 071 87? ?1,992,727 ?? 08? 54? ?? 004 7?7 ?l 111 41? F R. notes of other Banks 311.472 366,409 360,077 374 617 412,015 310 108 404 164 ?86 637 Other cash 347,808 352,288 344,895 361 610 378,488 348 015 377 764 334 677 Discounts and advances: 601,711 1,048,701 438,645 68? 775 780.590 813 907 78? 845 516 498 5,500 5,500 11,500 6 500 6,500 5 500 6 500 2 000 Industrial loans.. 549 540 600 587 570 548 560 80? 20,070 17,573 17,576 16,395 15,894 20,208 16,488 22,783 Held under repurchase agreement 10,306 U. S. Government securities: Bought outright: Bills . 616,673 499,473 596,973 596 973 438,473 71? 573 48? 671 1 366 4?0 Certificates Soecial Other 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19,933,612 19 913,612 10 93? 699 Notes 9 153 913 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801 750 23,352,035 23,234,835 23,332,335 73.332.335 ?3,173,835 ?3 447 935 73 218 035 ?4 ?54 78? Held under repurchase agreement 224,200 72,900 237,400 61,300 285,500 120,000 130,100 Total U S Government securities 23,576,235 23,234,835 23,405,235 23,569,73523,235,13523,733,43523,338,035 24,384 88? 24,204.065 24,307,149 23,873.556 ?4,275 44? ?4,038,689 ?4 573 59824 144 4?8 ?4 937 271 Due from foreign banks 12 12 12 1? 12 1? 1? ?? Uncollected cash items 4,914.896 5.871,644 5,182.870 4 590 583 4,777,842 4 891 486 4 814 6?? 4 906 ?34 Bank premises 83,408 83,151 82,941 8? 879 82,701 83 363 8? 654 73 050 Other assets 265,569 249,899 235,334 221,504 204,603 272,527 207,023 379 744 Total assets 52,199,770 53,303,274 52,126,284 51,928,46951.887,077 52,561,651 52,035,39452,144 547 Liabilities Federal Reserve notes 27,241,027 27,010,385 27,014,221 76 894 018 76,783,064 77 760 056 26.834.017 ?7 063 87? Deposits: Member bank reserves 18,739,425 19.133.240 18,363,551 18 714 798 18.765,793 19 774041 18 916 511 19 708 349 U S Treasurer general account 429,573 541,012 482,239 417 753 457,990 ,487 55? 095 46?,641 Foreign 283.456 304,178 323,448 35? 786 391,172 ?8? 875 377 607 356,474 Other 177,882 392,043 336,619 250,274 230,593 195,946 256,426 181,688 Total deposits 19,630,336 20,370,473 19,505,857 19 735 111 19,845,548 19 996 349?0,10? 639 ?o,?09 15? Deferred availability cash items 3,979.683 4.535,534 4,232,545 939 ?89 3,914.702 3 949 744 3,75? 675 3 576 536 22,898 21,390 21,502 22,230 19,712 23,639 20,292 25 ?38 Total liabilities .. 50,873.944 51.937,782 50,774,125 50.590.648 50,563,026 51 ??9 788 50 709 6? 350 874 798 Capital Accounts Canital naid in 341.660 341,595 341,447 341 ?36 340,914 341 67? 340 91? 47? Surplus (Section 7) 747,593 747,593 747,593 747 593 747,593 747 593 747 593 693 61? Surplus (Section 13b) 27,543 27.543 27,543 77 543 27,543 77 543 77 543 11 543 209,030 248,761 235,576 221,449 208,001 215,055 209 723 227,122 Total liabilities and capital accounts 52,199,770 53,303,274 52,126,284 51,928,46951,887,077 52 561,65152,035 39452,144,547 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 47.1 46.6 47.4 47.2 47.2 46.7 46.9 44.9 Contingent liability on acceptances purchased for 66,619 61.481 62,605 65,623 69,502 67,032 69,423 51 685 1,162 1,171 1,121 1,134 1,156 1,130 1,166 2,175 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 607.211 ,054,201 450,145 688,725 787,090 819,407 789,345 518,498 Within 15 days 589;834 042,892 432,602 680,110 777,393 779,775 779,775 513,206 16 days to 90 days 17,377 11,309 17,543 8,615 9,661 39,632 9,570 5,218 91 days to 1 year 36 74 Industrial loans—total 549 540 600 587 570 548 560 802 Within 15 days 250 242 69 76 60 61 69 2 16 days to 90 days 62 69 293 280 272 69 253 69 91 days to 1 year 87 87 87 87 87 276 87 460 Over 1 year to 5 years 150 142 151 144 151 142 151 271 Acceptances—total 20,070 17,573 17,576 16,395 15,894 20,208 16,488 33,089 Within 15 days 3,798 5,688 5,758 5,215 5,428 3,211 5,026 13,975 16 days to 90 days 16,272 11,885 11,818 11,180 10,466 16,997 11,462 19,114 U. S. Government securities—total. ,576,235 23 234,835 23,405,235 23.569,735 23,235,135 23733,43523,338,03524384,882 Within 15 days ,173,788 ~ 059,788 216,600 399,150 112,850 "8,118877,882255 142,050 155,499 16 days to 90 days ,019,150 791,750 310,838 292,788 8,214142,,488508 6,162,313 8,288,688 273,720 91 days to 1 year ,594,040 ,594,04012,088,54012,088.54012,208484.458480 6,594,04012,118,040 153,913 Over 1 year to 5 years 680,635 680,635 680,635 680;635 680,635 680,635 680,635 373,279 Over 5 years to 10 years 750,375 750,375 750,375 750,375 750.375 750,375 750,375 013,614 Over 10 years ,358,247 ,358,247 1,358,247 ,358,247 1,358,247 1,358,247 ,358,247 414,857 i 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

1372 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Assets Gold certificate account 1,045,711 5,663,2071,173,6651,966,0101,339,252 780,2393,819,238 837,571 376,862 800,850 795,739 2,621,048 Redemption fund for F. R. notes 56,451 184,386 59,550 77,273 75,768 49,254 152,778 41,571 22,239 41,748 26,637 75,495 Total gold certificate reserves 1,102,162 5,847,593 1,233,2152,043,2831,415,020 829,4933,972,016 879,142 399,101 842,598 822,376 2,696,543 F. R. notes of other Banks. . 28,295 61,783 26,524 16,694 28,542 58,868 22,963 7,183 14,868 4,921 15,521 23,946 Other cash 20,246 69,093 21,160 25,267 25,503 28,087 55,161 21,616 9,240 13,400 14,439 44,803 Discounts and advances: Secured by U. S. Govt. securities 40,245 43,530 50,790 75,210 43,690 100,712 192,825 32,600 31,695 132,197 25,156 43,725 Other 319 1,546 385 495 491 748 781 204 132 819 496 616 Industrial loans 293 230 25 Acceptances: Bought outright 20,208 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,278,991 5,863,883 ,368,726 2,059,6201,498,1591,214,533 4,092,861 969,689 506,0061,006,690 918,9012,669,876 Held under repurchase agreement 285,500 Total loans and securities. .. 1,319,848 6,214,667 [,420,1312,135,3251,542,3401,315,993 4,286,4671,002,493 537,8581,139,706 944,553 2,714,217 Due from foreign banks.... 1 i 3 1 1 1 2 () () () 1 Uncollected cash items 377,953 902,139 282,958 461,323 377,287 359,418 820,343 211,123 138,974 251,505 242,763 465,700 Bank premises 5,015 10,652 4,536 9,647 7,042 6,299 6,728 6,007 5,289 4,916 6,234 10,998 Other assets 14,946 67,329 15,511 24,154 17,133 14,079 49,364 11,049 5,808 11,466 11,166 30,522 Total assets. 2,868,46613,173,2593,004,036 4,715,694 3,412,868 2,612,238 9,213,044 2,138,6131,111,138 2,268,512 2,057,0535,986,730 Liabilities F. R. notes 1,620,027 6,424,3981,716,9392,583,400 2,185,4991,274,003 5,302,8201,215,345 471,1541,069,257 728,7172,668,497 Deposits: Member bank reserves 807,769 5,536,465 909,5061,587,444 814,521 935,5532,985,421 679,048 465,907 892,7861,007,906 2,651,715 U. S. Treasurer—general account 24,315 15,575 20,046 17,614 7,588 7,144 37,333 12,281 13,448 33,435 17,272 37,436 O Fo th re e i r gn 16,182 1 3 2 8 3 2 , , 7 2 3 7 3 4 1 9 9 , , 8 5 1 3 6 0 25 1 , , 1 12 1 5 0 1 2 4 , , 5 2 7 2 6 9 1 2 2 , , 4 5 6 5 6 5 39 1 , ,0 6 8 1 3 8 1 1 0 3 , , 3 2 2 5 3 6 6,696 10,602 14 1, , 6 5 7 0 9 8 3 3 1 8 , , 2 7 4 4 8 3 531 210 728 Total deposits 848,797 5,758,047 958,898 ,631,293 838,914 957,718 3,063,455 714,908 486,261 937,5511,041,3652,759,142 Deferred availability cash items 321,204 616,533 234,634 379,398 316,910 317,219 651,283 156,016 119,792 207,757 218,928 410,070 Other liabilities and accrued dividends 991 6,953 1,175 2,886 1,022 973 3,686 758 665 1,019 845 2,666 Total liabilities 2,791,01912,805,9312,911,6464,596,977 3,342,345 2,549,913 9,021,244 2,087,0271,077,872 2,215,5841,989,8555,840,375 Capital Accounts Capital paid in 17,277 101,452 21,195 32,251 15,514 16,430 46,102 11,514 7,391 13,676 18,956 39,914 Surplus (Sec. 7) 43,948 208,002 52,301 66,393 37,594 33,179 110,421 29,331 18,520 27,983 37,508 82,413 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 13,211 50,555 14,405 19,067 14,066 11,954 33,848 10,220 6,282 10,132 9,427 21,888 Total liabilities and capital accounts 2,868,46613,173,2593,004,036 4,715,694 3,412,868 2,612,2389,213,044 2,138,6131,111,1382,268,512 2,057,0535,986,730 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.6 48.0 46.1 48.5 46.8 37.2 47.5 45.5 41.7 42.0 46.5 49.7 Contingent liability on acceptances purchased for foreign correspondents 3,863 4 19,147 4,662 5,994 3,397 2,997 9,457 2,464 1,598 2,531 3,463 7,459 Industrial loan commitments, 15 108 67 940 1 After deducting $9,000 participations of other Federal Reserve Banks. 4 After deducting $47,885,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $200,601,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 1373 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Nov. 27 Nov. 20 Nov. 13 Nov. 6 Oct. 30 Nov. Oct. Nov. F. R. notes outstanding (issued to Bank). 28,127,448 27,997,39127,923,224 27,813,92327,778,97828,178,234 27,797,515 28,105,803 Collateral held against notes outstanding: Gold certificate account 12,028,00012,028,00012,028,00012,028,00012,028,000 12,028,00012,028,00011,868,000 Eligible paper 207,939 163,750 101,092 138,933 128,333 215,587 137,258 154,053 U. S. Government securities 16,995,00016,995,00016,995,00016,995,00016,995,00016,995,00016,995,00017,135,000 Total collateral 29,230,939 29,186,750 29,124,092 29,161,93329,151,33329,238,587 29,160,258 29,157,053 EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,675,737 6,675,3721,782,9232,652,526 2',233,8711,333,250 5,394,0981,255,914 517,9411,093,164 769,829 2,793,609 Collateral held: Gold certificate acct.. 580,000 3,170,000 640,000 ,130,000 945,000 400,000 2,500,000 450,000 130,000 300,000 283 000 1,500,000 Eligible paper 50,790 32,600 132,197 U. S. Govt. securities. 1,150,0003,600,0001,200,000 ,550,000 1,350,000 1,000,000 3,000,000 875,0"0"0 425,000 820,000 525,ooo i,sob,66b Total collateral 1,730,000 6,770,000 1,890,790 2 000 2,295,000 1,400,000 5,500,000 1,357,600 555,0001,252,197 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V1 [Amounts in thousands of dollars] [Amounts in millions of dollars] Partici- Loans Loans Additional y E m e n a o d r n t o o h f r N b u A e m r p ap - t p o p l i r c d o a A a v t t i m e e o d o ns unt ( b a p p m c u l r A e o o t o t p m v e n u - e d - o n d i 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 p a f t ta u g m a f o 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 o a d r n t o o h f r N b u e m r au - t t o h o d r A a iz t m e ed ount am To 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 m s 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 s t e r g o - - 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 1956 Oct 3,781 831,882 867 2,236 1,179 Oct 1,459 2,743 364 272 145 Nov 3,781 832,071 801 2,175 1,098 Nov 1,464 2,756 375 280 141 Dec 3,782 832,550 794 2,365 1,129 Dec 1,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 1,126 Jan 1,475 2,823 401 298 120 Feb 3,782 833,692 758 2,014 1,017 Feb 1,481 2,829 398 296 128 Mar 3,782 834,051 772 1,987 1,012 Mar 1,482 2,842 408 304 127 Apr 3,782 834,668 780 1,955 991 Apr 1,485 2,850 402 300 133 May 3,782 835,264 774 1,794 948 May 1,488 2,862 407 305 130 June 3,783 835,766 80 742 1,780 919 June 1,493 2,867 412 307 126 July 3,784 836,636 155 608 1,795 812 July 1,496 2,878 '412 r307 M23 Aug 3,784 837,410 80 628 1,815 816 Aug 1,497 2,880 390 292 146 Sept 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 1 Includes applications approved conditionally by the Federal Reserve r Revised. Banks and under consideration by applicant. i 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

1374 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V» [In effect November 30. Per cent per annum] [In effect November 30] 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 te o e f d in ( G p te u e r r a e c r s e a t n n t p t a e a g e y e a f b e o e l f e an P y f e e r c e c o e c m n h t m a a r g i g e t e m d o e f nt Bank lo O an n s2 co m m O e m n n t i s t- f o o P i b t n r i o l o s i r w g t n t i a i h t o u t i i e s n c - d h m p t R i i a o n o e i g r - n n - - co m m O e m n n t i s t- 7 8 8 7 0 5 5 0 or less by b 2 2 o 1 1 0 5 r 0 5 rower) borr 2 2 t 1 o o 0 5 5 wer 90 30 30 N Bo ew st on York... 3% 4 - - 5 6 V4 fciB 9 O 5 ver 95 40 3 -5 5 0 40 3 -5 5 0 Philadelphia. , 31/2-6 A C R l t i e l c a v h n e m t l a a o nd nd... 4 4 3 - - 3 6 6 4-6 1 1 1 / / / 2 2 2 - - - 1 1 H 1 1 / / / 2 2 2 () () Maximum Rates Fin [ a P n e c r i n c g e n I t n p st e i r t u a ti n o n n u m M ] ay Charge Borrower Chicago 31/2-6 l-l VL 3V2-6 31/2-6 S M t. i n L n o ea u p i o s l . i . s . . . . 4 31 - / 6 2-51/2 1 1 / / 2 2 - - 1 1 1 3 / / 2 s 4 3- - 3 6 1/2 4- ( 6 4) Interest rate Kansas City.. 4-6 1/2-1 !/2 Commitment rate. 1/2 Dallas 4-6 1/2-11/2 San Francisco 4-6 I/2-IV2 1/2-11/2 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Governe m x i c t 2 1 e m I R e n e d a c n i t n l t e u s g s d u f i o i n n v n g e d i e l n y r o d e a a u S n r s e s s t c . r m . i a a 1 l d 3 l e b o a in o n f s p , t a d h r i e t s i c c F i o p e u a d n t e t i s o r a n o l r w R p i e t u h s r e c f r h i v n a e a s n e A c s i c n o t g . f l i o n M a s n t a i s t t , u u r t a i i n o ti d n e s s c . o n m ot - m a t o i g f o e e n n 1 n t 9 c V 5 ie p 0 s o r . o f i c n t F u h t r e e h e d e m B e s r o e e a a n l t r t r d R a a n e o g s s f e e a r n c G v t c i e o i o e v n B s e , s a r , n n p a o k u n s r r d s s . a u c t a h t n e a t s p t r f o o i s c c t e a h d l e u a r D g e e e i n f s t e s g n o s o e v f e t r P h n r e e o d d g u u b c y a t r i a o R n n e t e g e A u i l n c a g t - 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 x/i per cent per annum is made'on undisbursed portion. 7,Charge of % per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers* centers2 City centers* centers 2 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 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 I 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 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 r22.4 47.6 29.4 22.8 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 23.6 50.8 31.2 24 0 A.ug 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 22.7 51.4 30.5 22.7 Nov 189,246 71,667 39,012 78,567 51.2 P30.1 ^23.6 51.7 *>30.2 "22.4 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 1375 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 culation i 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 1943 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Oct 30,839 21,877 1,995 1,296 74 2,080 6,538 9,893 8,962 2 679 5,572 291 409 3 8 Nov 31,424 22,374 2,016 1,324 76 2,144 6,715 10,100 9,050 2,713 5,626 291 409 3 8 Dec 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 Jan 30 614 21,597 1,990 1,276 76 2,065 6,427 9,763 9,017 2 701 5 613 289 402 3 8 Feb 30,575 21,601 1,993 1,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 8 Mar 30,585 21,639 2,000 1,270 75 2,063 6,473 9,758 8,946 2,679 5,573 286 397 3 8 Apr . ... 30 519 21,588 2,020 1,276 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 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 J A U u ly g 3 3 0 1 , , 9 1 3 3 3 3 2 2 2 1 , , 1 9 5 8 5 7 2 2 , , 0 06 5 0 0 , ,2 2 9 9 6 2 7 7 7 8 2 2 , , 0 0 6 8 9 5 6 6, , 5 5 8 2 1 0 1 9 0 , , 9 0 7 5 9 5 8 8, , 9 9 7 4 7 6 2 2, , 7 6 0 9 1 5 5 5 , , 5 5 7 96 0 2 2 8 8 1 0 3 3 8 8 8 8 4 3 8 8 Sept 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct .. 31,090 22,086 2,083 ,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 9 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] HelcI in the Treasury Currency in circulationl Held by Total out- F. R. Kind of currency standing As security For Banks Oct. 31, against Treasury F. R. and Oct. 31, Sept. 30, Oct. 31, 1957 gold and cash Banks agents 1957 1957 1956 silver and certificates agents Gold 22,691 22,037 2654 Gold certificates 22,037 19,189 2,816 32 32 33 Federal Reserve notes .. 27,798 65 1,368 26,364 26,354 26,159 Treasury currenty—total 5,135 32,388 64 378 4,693 4,686 4,647 Standard silver dollars .. .. 488 176 45 8 259 258 244 Silver bullion 2,212 2,212 Silver certificates and Treasury notes of 1890.... 32,388 285 2,103 2,110 2,132 Subsidiary silver coin .. 1,403 13 49 1,341 1,330 1,288 Minor coin 495 3 9 483 480 464 United States notes 347 2 26 319 317 315 Federal Reserve Bank notes . 130 (4) 128 129 142 National Bank notes.. 61 (4) (4) 61 61 63 Total Oct 31 1957 . (5) 24,425 784 19,189 4,561 31,090 Sept 30 1957 (5) 24,380 773 19,127 4,618 31,073 Oct 31 1956 (5) 23,665 778 18,408 4,483 30,839 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. 1368. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. < Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 5 Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasurer of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1376 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit a T s o se ta ts l , Treas- net— Date Gold s r t c o e u i a u n n u r n g r y c t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v a e o n r e m c d r i n a - m l en R F t e e o d s b e e l r r i v g a e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p o r n o e t d s n a i l c t y s C c m o a a n a u p i n c e s n i d - t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 888 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—Oct. 31. 21,900 5,100 218,900 107,300 91,000 65,500 23,800 ,800 20,500 245,800 224,800 21,000 Nov. 28. 21,900 5,100 220,800 108,200 92,200 66,200 24,300 ,700 20,400 247,800 227,000 20,700 Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Jan. 30. 22,300 5,100 219,300 108,000 90,800 65,700 23,400 ,700 20,400 246,600 226,400 20,300 Feb. 27. 22,300 5,100 218,100 108,200 89,400 64,800 22,900 ,700 20,600 245,500 225,100 20,500 Mar. 27. 22,300 5,100 219,000 109,600 88,500 63,800 23,100 ,700 20,900 246,400 225,400 20.900 Apr. 24. 22,300 5,100 221,700 110,400 90,200 65,400 23,200 ,600 21,100 249,200 228,200 20,900 May 29. 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 Oct. 30* 22,700 5,100 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s g e e n i - t n t k s, T h c i u r o n a e r l g s a y d h s s - - m s b 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 i s a - d l e M s p b a o a v u n s i t i k n u t s s g a 3 2 s l S S P a y o v s s i t n e ta m g l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a d s 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.. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30.. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1952—Dec. 31.. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 ,890109,914 28,285 133,200 105,800 27,400 1956—June 30.. 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ,765104,744 28,284 134,300 106,700 27,600 1956—Oct. 31.. 3,100 800 3,800 500 216,600 81,500 50,200 29,600 ,700 107,400 27,700 134,200 106,700 27,500 Nov. 28.. 3,400 800 5,200 500 217,200 80,900 49,600 29,600 ,700 108,300 28,000 134,700 107,000 27,700 Dec. 31.. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647 111,391 28,335 134,400 106,700 27,700 1957—Jan. 30.. 3,100 800 1,900 600 219,900 82,900 51,200 30,100 600 109,500 27,400 134,100 106,500 27,600 Feb. 27.. 3,100 800 2,800 300 218,000 83,600 51,800 30,200 600 107,000 27,400 134,500 106,900 27,600 Mar. 27.. 3,100 800 3,800 500 217,200 84,600 52,600 30,400 600 105,200 27,400 134,700 107,000 27,700 Apr. 24.. 3,200 800 4,400 300 219,600 84,900 52,900 30,400 1,500107,300 27,400 135,000 107,300 27,700 May 29.. 3,200 800 5,300 500 218,400 85,700 53,600 30,600 1,500104,800 27,900 134,600 106,600 28000 June 6.. 3,247 792 3,625 473 219,439 85,715 53,605 30,647 1,463105,706 28,018 (5) .5) June 26*, 3,400 800 4,800 500 219,700 86,400 54,000 30,900 1,500105,600 27,800 135,200 107,300 27,900 July 31*, 3,300 800 3,700 500 221,000 86,700 54,400 30,900 1,440000 106,600 27,800 136,000 108,000 28,000 Aug. 28*. 3,200 800 4,400 500 220,000 87,100 54,700 31,000 1,400105,100 27,800 134,700 106,800 27,900 Sept. 25*, 3,300 800 3,900 600 220,900 87,700 55,100 31,200 1,400105,500 27,800 133,900 106,200 27,700 Oct. 30*. 3,300 800 3,500 500 223,000 88,100 55,500 31,300 1,400107,200 27,800 134,200 106,500 27,700 v Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. lA-'il. 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 1377 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 b c T a i a l l o p i i n a t t i d i a - t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c T a o p t i a ta l l N ba b u o n e m f r ks tions ac- Time counts 3 U. S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 314 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,89'4 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1955—Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,239 76,844 18,112 14,243 1956—June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 Oct. 31 194,230108,220 65,510 20,500 43,160 241,370 216,570 15,380 3,480117,590 80,120 19,260 14,194 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_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 29 197,980111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040114,770 84,500 19,710 14,145 June 6 197,465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14,144 June 26* 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 31* 198,530112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390116,690 85,610 20,000 14,135 Aug. 28? 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* 199,820114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Oct. 30? 201,450114,000 64,960 22,490 42,590 248,660 222,030 14,710 3,180 117,100 87,040 20,450 14,113 All commercial banks: 1939—Dec. 30 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941_Dec. 31 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 314 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1955—Dec. 31 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 48,715 15,300 13,716 1956—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 Oct. 31 162,540 88,780 57,450 16,310 42,360 208,430 186,990 15,380 3,480 117,560 50,570 16,330 13,667 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_Apr. 24 165,120 90,990 57,460 16,670 41,260 210,160 188,460 14,450 4,050 116,690 53,270 16,580 13,628 May 29 165,070 91,180 57,070 16,820 40,770 209,600 187,370 13,700 5,040114,740 53,890 16,680 13,619 June 6 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318 114,633 53,937 16,837 13,619 June 26* 165,600 93,280 55,500 16,820 41,380 210,710 188,880 14,380 4,490 115,660 54,350 16,750 13,613 July 31* 165,380 92,340 56,280 16,760 42,040 211,310 189,710 14,950 3,390116,660 54,710 16,970 13,610 Aug. 28* 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130 115,120 55,060 17,090 13,608 Sept. 25* 166,320 93,400 55,870 17,050 41,260 211,590 188,930 14,800 3,580115,130 55,420 17,140 13,603 Oct. 30* 167,900 93,000 57,280 17,620 41,790 213,840 190,740 14,710 3,180 117,070 55,780 17,380 13,588 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945_Dec. 31 107,183 22,115 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 3,327105,400 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 Oct. 31 136,443 76,581 46,622 13,240 37,289 176,878 158,492 14,645 3,168100,088 40,591 13,654 6,483 Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292106,850 40,909 13,655 6,462 1957_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 26? 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 Oct. 30* 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 314 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1955—Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 Oct. 31 31,690 19,440 8,060 4,190 800 32,940 29,580 29,550 2,930 527 Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_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 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 Oct. 30* 33,550 21,000 7,680 4,870 800 34,820 31,290 31,260 3,070 525 * Preliminary. available. Comparability of figures for classes of banks is affected somei All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1378 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i n i a t i t d i t a - e a l s l TotaP b In a t n e k r 2 - Dema O nd ther c c T a o a o p u c i t n - t a a t l s l N ba b u o n e m f 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 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 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 Oct. 31 23,148 15,758 5,545 1,845 7,484 31,529 26,789 5,219 742 18,453 2,375 2,844 18 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_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 Oct. 30*> 23,385 16,115 5,415 1,855 7,539 32,103 27,030 5,119 500 18.648 2,763 3,127 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 1,296 222 5,165 1,327 628 13 1956—June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 1,195 350 4,781 1,304 639 13 Oct. 31 6,320 3,631 2,077 612 1,947 8,327 7,350 1,253 187 4,625 1,285 654 14 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7.943 1,372 184 5,069 1,319 660 14 1957—Apr. 24 6,303 3,758 1,933 612 1,893 8,251 7,313 1,182 175 4,653 1,303 655 14 May 29 6,249 3,776 1,876 597 1,941 8,247 7,259 1,081 195 4,669 1,314 662 14 June 6 6,266 3,789 1,884 593 1,821 8,147 7,284 1,184 97 4,691 1,312 665 14 June 26P 6,293 3,893 1,847 553 1,912 8,258 7,407 1,153 305 4,630 1,319 663 14 July 31* 6,234 3,862 1,825 547 1,947 8,239 7,462 1,279 196 4,676 1,311 671 14 Aug. 28* 6,289 3,915 1,823 551 1,968 8,314 7,440 1,185 275 4,674 1,306 671 14 Sept. 25P 6,261 3,937 1,783 541 1,939 8,257 7,319 1,251 186 4,573 1,309 670 14 Oct. 30*> 6,273 3,829 ,888 556 1,969 8,310 7,264 1,183 148 4,624 1,309 679 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6.467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947_Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6.448 976 32,366 11,647 3,322 336 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 Oct. 31 52,851 31,007 17,023 4,821 15,181 69,268 62,468 6,819 1,222 37,814 16,613 5,032 289 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—Apr. 24 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 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 1,051 36,874 17,642 182 282 June 26^ 53,649 32,168 16,529 4,952 15,150 70,083 62,886 6,138 1,634 37,276 17,838 195 282 July 31* 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 199 282 Aug. 28P 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6,248 1,453 36,820 18,000 5,242 282 Sept. 25P 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37,103 18,085 5,260 281 Oct. 30* 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 5,298 281 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 Oct. 31 54,124 26,185 21,977 5,962 12,677 67,754 61,885 1,354 1,017 39,196 20,318 5,124 6,162 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6.141 1957_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 1,097 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. 28P 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. 25P 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 Oct. 30P 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1,211 38,949 22,473 5,435 6,098 * 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 1379 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i 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 o a a o p u c i t n - t a t a l s l b N a b u o n e f m k r s tions ac- Time counts3 U.S. Govt. Other AH 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 ^06 8 722 4 647 State member banks: 1941 Dec 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945 Dec 31 37,871 8,850 27 089 1,933 9 731 48 084 44 730 4 411 8 166 24 168 7 986 2 945 1 867 1947—Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27 068 9 062 3'055 1 918 19*5 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 19S7 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 19S6—June 30 23,942 11,600 9 621 2,720 4 592 28 884 26 316 355 415 15 988 9 558 2 309 6 713 Dec. 31 24.859 11.808 10.274 2.777 5^448 30.667 28.073 427 425 17 497 9 724 2336 6*737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,088 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 1 791 253 329 852 1945 Dec 31 2.211 318 1,693 200 514 2,768 2.452 181 190S 365 279 714 1947 Dec 314 2,009 474 1,280 255 576 2,643 2.251 363 H 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 1 932 326 3?6 470 Dec. 31 1.521 471 714 336 369 1.946 1.562 310 16 936 ^00 313 444 1957 June 6 1,490 457 669 364 282 1,825 1,448 326 II 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 7,662 1945 Dec 31 . ... 16 849 3,310 12 277 1 262 4 962 22 024 20.571 425 14 101 6 045 1 362 7 130 1947 Dec 314 18,454 5,432 11,318 1.703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 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 7,183 Dec. 31 26.381 12,279 10.989 3.113 5.817 32.613 29.635 737 440 18.433 10 024 2 649 7 181 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 1? 10,351 1.034 192 1947 Dec 31 12 683 3 560 8 165 958 675 13,499 12,207 1 > 12 12 192 I 252 194 1955 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 3 3 49 21,182 2,006 220 1956 June 30 23 168 14,514 5,636 3,018 739 24.271 21,959 3 2 24 21 930 2 061 220 Dec 31 24.170 15,542 5,518 3.110 739 25.282 22.886 2 23 22.857 2,130 223 1957 June 6 .... 25,185 16,228 5,505 3,452 672 26,241 23,578 2 I 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 2 5 020 558 350 1947—Dec. 314 5,957 1,384 3,813 760 211 6,215 5,556 2 5,553 637 339 1955 Dec 31 7,567 3,893 2,601 1,072 180 7,816 6,950 2 6,947 806 307 1956 June 30 . 7 898 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 2 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

1380 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- p L u o rc a h ns a s f in o g r U. S. Government obligitions Obli- Cla c s a s l a l o n d d f 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 - Total 2 e o m c i l k i p i n u n e a e e g d - r l t n - , - A c tu g u a r r l l - - i- b o e T r s r o e r o s c c k a u - r r r i y t o T i i t e n o h s g - l R o t e a a e s t - n a e l s O l u o v i d t t a i a n h o i d l - n - e s - s r O lo t a h n e s r Total Total Bills C o c e f a r t t i e i n f D s i - - ire N c o t tes Bonds G t u a e n a e - d r- S p t s a i i t g o u c o o a n a l b a t f n i d - e - l t s - s C) s ri t e t h c i e e u r s - ]o pe a r - a d n ea d lers d e e d b ts d i i o v n is ers ness All commercial banks:3 1947—Dec. 31.... 116,28438,057 18,1671,660 830 1,220 9,393 5,723 1,06378,22669,2212 193 7,789 6 034 53,191 14 5,2763,729 1955—Dec. 31.... 160,88182,60133,2454,4753,2631,774 20,809 17,1853,11778,28061,5924 219 2,318 14 03441,010 1112,6983,990 1956—June 30.... 160,00886,88736,1114,2542,6951,738 21,78718,3653,28673,12256,6202 817 1,247 12 727 39,815 1412,9293,573 Dec. 31 165,12390,30238,7204,1612,5891,691 22,509 18,8503,34374,82158,5525 924 1,997 11 823 38,796 1312,9013,368 1957—June 6.... 164,51591,02839,0204,0772,2741,634 22,53019,5083,62373,48756,6424 761 3,665 10 070 38,137 9 13,3143,531 All insured commercial banks: 1941_Dec. 31 49,29021,259 9,2141.450 614 662 4,773 4,145 28,03121,046 988 3 159 12,797 4,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,4611,3143,1643,606 4,677 2,361 1,18196,04388,9122 455 [9',07116 045 51,321 22 3,8733,258 1947—Dec. 31 114,27437,583 18,0121,610 823 1,190 9,266 5,6541,02876 691 67,9412 124 7,552 5,918 52,334 14 5,1293,621 1955—Dec. 31.... 159,16482,08133,0924,3963,229 1,742 20,69217,1043,09177]O8360,7654 105 2,29213,85640,502 1012,4653,853 1956—June 30.... 158,34486,37435,9444,1902,669 1,704 21,67118,2843,25971,97155,8352 751 1,228 12,552 39,290 1312,6943,442 Dec. 31.... 163,60189,831 38,5714,1012,5651,669 22,39418,7653,32573,77057,8375,763 1,981 11722 38,358 1312,6753,258 1957—June 6.... 163,02590,57138,8704,0272,251 1,61322,427 19,4213,59972,45455,9734, 658 3,610 9'967 37,730 813,0953,386 Member banks, total: 1941_Dec. 31 43,521 18,021 8,671 972 594 598 3,494 3,e92 25,50019,539 971 3,007 11,729 3,832 3,0902,871 1945—Dec. 31.... 107,18322,775 8,949 855 3,1333,378 3,455 1,9001,10484,40878,3382,275 16,98514,27144,792 16 3,2542,815 1947—Dec. 31.... 97,84632,628 16,9621,046 811 1,065 7,130 4,662 95265,21857,9141,987 5,816 4, 81545,286 10"4,1993,105 1955—Dec. 31.... 135,36070,98231,0192,7263,1501,560 16,391 14,3132,94364,37750,6973,250 1,738 11,508 34,192 9 10,4443,236 1956—June 30.... 134,42874,78333,7252,5522.5861,522 17,17215,3303,08759,64546,2262,013 840 10,332 33,029 1210,5572,862 Dec. 31.... 138,76878,03436,2962,4782.447 1,473 17,81115,7653,14760,73447,5754, 383 1,469 9,493 32,218 1210,4942,665 1957—June 6.... 137,80878,44836,5002,4532,1321,416 17,76816,2293,39959,36045,8293,439 2,798 7,952 31,632 810,7682,763 New York City:* 1941—Dec. 31 12,896 4,072 2,807 8 412 169 123 *54 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 18,80917 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 13,21411,972 002 640 558 9,771 638 604 1955—Dec. 31.... 23,58314,640 9,126 172,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 2 1,609 539 1956—June 30.... 23,27015,37310,191 1 ,691 494 609 1,5901,044 7,896 6,011 325 70 082 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 23,29315,895 11,344 11,152 389 567 1,5161,245 7,398 5,738 685 219 781 4,052 1 311 349 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 1,467 749 1,864 181 204 1947_Dec. 31 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 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,- 12 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 ",e'982 5,653 15,878 5 1 126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 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 1,18023,837 18,826 813 657 4,708 12,643 5 3 778 1,233 1956—June 30 52,07130,122 13,978 520 502 676 7,357 6,3061,26521,94917,051 374 279 4,086 12,308 4 3 823 1,076 Dec. 31.... 53,91531,783 15,170 489 501 712 7,654 6.512 1,28922,132 17.368 1,185 441 3,742 11,995 4 3 820 944 1957_june 6.... 53,13731,435 14,919 495 496 672 7,481 6,6301,30021,702 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,- 30 6,628 4 377 110 481 2 926 861 1 222 1 028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4, 544 16,713 9 1 342 ,067 1947_Dec. 31.... 36,32410,199 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 57328,39722,570 774 913 5,056 14,825 3 4 581 1,246 1956—June 30 52,75225,716 6,8922,019 223 257 9,073 7,050 59027,03521 076 1,267 489 4, 688 14,628 4 4 731 1,228 Dec. 31.... 54,57126,491 7,0801,972 334 261 9,407 7,256 631 28,08022 037 2 362 792 4,458 14,420 4 4 827 1,215 1957—June 6.... 55,11227,330 7,3781,949 312 259 9,586 7,653 66927,78221,409 920 1,326 3,910 14 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.... 25,54611,628 2,2261,750 113 214 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 2,3851,702 110 216 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 2,4241,683 143 218 4,708 3,085 196 14,10210 989 541 528 2, 330 6,588 1 2 409 704 1957—June 6.... 26,733 12,591 2,5191,625 143 219 4,773 3,278 224 14,141 10 825 323 867 2, 119 6,515 1 2 548 769 1 All commercial banks in the United States. These figures exclude insurance status, and the reserve classifications of cities and individual data for banks in U. S. possessions except for one bank in Alaska and banks, and by mergers, etc. one in the Virgin Islands that became members on Apr. 15, 1954, and 2 Beginning June 30, 1948, figures for various loan items are shown May 31, 1957, respectively. During 1941 three mutual savings banks gross (i. e., before deduction of valuation reserves); they do not add to the became members of the Federal Reserve System; these banks are in- total and are not entirely comparable with prior figures. Total loans cluded in member banks but are not included in all insured commercial continue to be shown net. banks or all commercial banks. Comparability of figures for classes of For other notes see opposite page. banks is affected somewhat by changes in Federal Reserve membership, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 1381 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Reserves Bal- De- Cla c s a s l a l o n d f d a b te ank F B s w e R e a d r i n e e t v - h k r e s al v C a i a n u s l h t m 3 a w a n d e n o i c s t k - e h t s i s c 5 j p u m o s a d a t d e s e n - i - t d d s 6 m D e I s o n d t - t e i e c p r ; o b s a i F n t e s i k o g r n - G U o . v S t . . p v s S o i u a t l s a i b n i t o t d d i e c n i s a - s l c C c h o f a e e i f e n e f r r c i d d t s - k i ' - s, p a v n s a p i I d h d r n o t u i d r n p c a a i e s o l - - , r s r - , - I b n a t n er k - p G U S i o a n o . a n s g v v t d S s a - t . . l v S p s i a i u t s o c a n i b l a o t d i d e l t n - s i s - p a v n s a p i I h d d r n o t i u d r n c p a a i o e s - l - , r r s - - , r B in o o g w r s - - C t a a p l ietc. tions tions AH commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 34,383 6510,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—June 30 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 35415,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957_june 6 18,500 2,737 9,761 105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,8931,44616,837 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 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 1,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 33715,600 Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 5615,988 1957—June 6.... 18,500 2,717 9,515104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,6601,43016,525 Member banks, total: 1941_Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945_Dec. 31 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 13712,783 1956—June 30 18,234 1,686 6,787 88,139 11,627 1,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 30213,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957—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 40,8831,37414,058 New York City:* 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 778 1,648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 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 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 2,285 38 2,805 Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 2,395 2 2,873 1957—June 6.... 4,080 143 45 15,450 2,775 1,249 261 914 16,660 1,009 2,662 326 2,907 Chicago :< 1941_Dec. 31.... 1,021 298 2,215 1,027 127 233 2,152 476 288 1945_Dec. 31.... 94: 200 3,153 1,292 1,552 237 3,160 719 377 1947—Dec. 31.... 1,070 175 3,737 1,196 7" 285 3,853 902 426 1955—Dec. 31.... 1,135 141 4,349 1,246 22: 299 4,781 1,313 3 628 1956—June 30.... 1,115 124 4,092 1,149 350 399 4,283 1,288 1 639 Dec. 31.... 1,158 174 4,272 1,318 184 294 4,690 1,302 4 660 1957—June 6.... 95 4,087 1,133 97 459 4,152 1,298 101 665 Reserve citv banks 1941—Dec. 31... 4,060 425 2,590 11,117 4,302 491 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 2,566 1947_Dec. 31... 7,095 562 2,125 25,714 5,497 131 405 2,282 70: 26,003 22 45 332 11,045 2,844 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 4,641 1956—June 30... 7,471 54: 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 1,051 2,911 787 33,177 314 120 1,089 16,432 681 5,182 Country banks: 1941_Dec. 31..., 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,08: 4 1,982 1945—Dec. 31... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 5: 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 4: 337 14,177 23 2,934 1955—Dec. 31.... 5,429 1,22: 4,844 37,836 1,488 1,061 4,425 1,020 34,235 15' 844 18,371 52 4,769 1956—June 30... 5,316 1,024 4,373 36,149 1,321 1,372 4,581 934 32,383 148 871 18,950 84 4,947 Dec. 31... 5,526 1,502 5,194 39,028 1,580 1,160 4,538 1,183 35,473 146 84 19,324 21 5,046 1957—June 6..., 5,631 1,241 3,966 36,82- 1,243 1,097 4,740 835 32,635 14: 962 20,491 26' 5,304 All nonm ember banks:3 1947_Dec. 31. 544 3,947 13,595 385 167 1,295 180 12,284 190 17: 6,858 1,596 1955—Dec. 31. 663 4,439 17,470 510 38: 2,198 265 15,324 231 475 9,071 2,519 1956—June 30. 588 4,015 16,621 44: 426 2,272 240 14,408 243 53' 9,314 2,636 Dec. 31. 77- 4,690 18,085 521 440 2,238 310 15,885 171 546 9,449 2,649 1957—June 6. 672 3,831 16,801 448 385 2,23" 236 14,553 187 584 10,035 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

1382 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data arc averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e n a e t n n d a s t s t l s - j i L m u n a s a o v e n t d a e e n d - n s d t t s s - i j L us o a t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G a T U n o o . d v S b t . d . r e o O a k l t e e h r r e s s rG U T o . o v S t . o . t O h s e t e h r - s er e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e d f i t b s i n e r - - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s l t o i i g o b a - n - s c t u ie r s i- l t o i i g o b a - n - s c t u ie r s i- Total— Leading Cities 1956 Nov 87,150 85,968 52,42829,871 483 1,940 1,200 8,86110,95125,937 939 787 5,34918,862 7,603 1,182 1957 Oct 88,333 87,148 54,05231,582 444 ,819 1,113 8,74911,403 25,3571,132 ,663 4,477 18,085 7,739 1,185 Nov 87,556 86,196 53,56831,283 443 ,623 1,095 8,77011,415 24,923 977 ,641 4,389 17,916 7,705 1,360 Oct. 2 89,087 87,898 54,56331,885 446 2,021 1,118 8,72711,,427 255,654 ,197 ,732 4,559 18,166 7,681 1,189 Oct. 9 88,454 87,267 54,22831,697 440 ,921 1,118 8,72911,383 255,324 ,061 ,673 4,484 18,106 7,715 1,187 Oct. 16 88,340 87,292 54,25331,663 440 ,922 1,116 8,75911,41125,346 1,120 ,668 4,450 18,108 7,693 1,048 Oct. 23 87,682 86,539 53,60331,363 444 ,589 1,111 8,76911,385 2255,J270 1,128 ,639 4,460 18,043 7,666 1,143 Oct. 30 88,103 86,743 53,61431,304 452 ,642 1,106 8,75811,41125,191 ,156 ,600 4,431 18,004 7,938 1,360 Nov. 6 87,577 86,277 53,53531,301 450 ,554 1,102 8,751 11,437 24,959 ,011 ,584 4,411 17,953 7,783 1,300 Nov. 13 87,725 86,103 53,68431,387 449 ,590 1,091 8,77611,452 24,785 883 ,601 4,360 17,941 7,634 1,622 Nov. 20 87.427 86,332 53,726 3311,353 441 ,737 1,094 8,77711,387 24,9381,006 ,666 4,394 17,872 7,668 1,095 87.495 86,072 53,32931,093 434 ,610 1,093 8,77711,385 25,010 ,007 ,713 4,392 17,898 7,733 1,423 Nov. 27........ New York City 1956 23,090 22,410 15,281.11,100 76 ,152 18 400 611 2,174 5,390 120 185 938 4,147 1,739 680 Nov 1957 23,295 22,642 15,54011,754 201 847 347 570 2,119 5,296 280 178 1,023 3,815 1,806 653 Oct 22,886 22,080 15,16811,537 152 766 345 567 2,103 5,209 264 225 948 3,772 1,703 806 Nov Oct. 2 23,721 23,103 15,89911,915 254 988 349 562 2,130 5,417 315 181 1,062 3,859 1,787 618 Oct. 9 23,287 22,665 15,64411,783 215 913 349 572 2,112 5,202 199 169 1,017 3,817 ,819 622 Oct. 16 23,257 22,695 15,62311,796 208 867 346 579 2,125 5,276 247 187 1,038 3,804 ,796 562 Oct. 23 22,926 22,336 15,25811,649 136 735 344 575 2,118 5,297 296 170 1,026 3,805 ,781 590 Oct. 30 23,286 22,410 15,27511,627 191 733 350 561 2,112 5,291 344 181 974 3,792 ,844 876 Nov. 6 22,921 22,106 15,19111,600 157 724 347 563 2,101 5,197 258 183 968 3,788 ,718 815 Nov. 13 22,930 21,981 15,20211,612 74 792 343 570 2,116 5,110 191 213 946 3,760 ,669 949 Nov. 20 22,739 22,145 15,22511,522 220 770 345 569 2,100 5,230 284 254 939 3,753 ,690 594 Nov. 27 22'954 22,085 15,05411,417 157 777 344 565 2,096 5,296 322 251 937 3,786 ,735 869 Outside New York City 1956 Nov 64.060 63,558 37,14718,771 482 712 782 8,250 8,777 20,547 819 602 4,411 14,715 5,864 502 1957 Oct 65,038 64,506 38,51219,828 443 771 747 8,179 9,284 20,061 852 1,485 3,454 14,270 5,933 532 Nov 64,670 64,116 38,40019,746 442 705 733 8,203 9,31219,714 713 1,416 3,441 14,144 6,002 554 Oct. 2.... 65,366 64,795 38,66419,970 445 779 749 8,165 9,297 20,237 882 ,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 9,228866 20,070 873 ,481 3,412 14,304 5,897 486 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 38,33919,677 451 718 738 8,197 9,299 19,900 812 ,419 3,457 14,212 6,094 484 Nov. 6.... 64.656 64,171 38,34419,701 449 673 737 8,188 9,33619,762 753 ,401 3,443 14,165 6,065 485 Nov. 13.... 64,795 64,122 38,48219,775 448 724 734 8,206 9,33619,675 692 ,388 3,414 14,181 5,965 673 Nov. 20.... 64,688 64.187 38,50119,831 440 747 730 8,208 9,28719,708 722 ,412 3,455 14,119 5,978 501 Nov. 27.... 64,541 63,987 38,27519,676 433 676 731 8,212 9,28919,714 685 ,462 3,455 14,112 5,998 554 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 1383 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R . a r i e v n t R - h e k . s s C va i a n u s l h t m b a w B d a n e o n a i c s t - l e k h t - i s s c j p m u D o s a d a t e d s e e n - - 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 i t o u c i o a n v l b a t n i d - i e l t - s - s c C h c o f a e e e e i f t n e c f c r r i d t . d s k - i ' s - , G U o . v S t . . s p I p u n c v h a n o a a o e i n i d r r d l p r r d a s t i - - - s - - , - , S p s d s a i i t o u c i o a n v l b a t n i d i - e l t s - - s G P U S i a n o o . a n g s v v d S t s - t a . . l m D t e i D o c s - - eman F ei d o g r n - Time F B F. r a o n R m k . s F ot r h o e m rs c C o i a a t u c a p - n l - ts tions tions Total— Leading Cities 1956 Nov.. 13.446 1,031 2,52556,00159,407 3,770 2,015 2,44219,630 893 18511,062 1,636 1,312 521 946 8,992 1957 Oct 13,291 2,39554,864 58,010 3,732 1,938 2,439 21,589 1,122 18110,694 1,719 1,241 568 752 9,514 Nov 13,246 1,024 2,380 55,099 58,550 3,849 2,124 1,557 21,531 1,056 17210,541 1,661 1,216 539 895 9,589 Oct. 2 13,325 953 2,38554,01557,159 3,872 2,094 008 21,494 1,143 18410,737 1,696 1,260 595 841 9,474 Oct. 9 13,168 996 2,350 54;344 "5"6,850 3,650 2,049 757 21,574 1,132 18110,843 1,716 1,247 582 743 9,488 Oct. 16 13,232 977 2,554 54,774 59,352 3,581 1,774 087 21,612 1,116 18111,383 1,745 1,244 524 588 9,516 Oct. 23 13,363 1,017 2,341 55,,383 58,193 3,702 1,704 662 21,631 1,109 18110,354 1,725 1,229 548 702 9,524 Oct. 30 13,367 1,053 2,344 55,80558,495 3,857 2,070 ,68321,635 1,111 17910,154 1,714 1,226 589 887 9,566 Nov. 6.... 13,176 973 2,33554,800 57,,758 3,987 2,070 400 21,654 1,066 17610,773 ,699 1,220 551 851 9,590 Nov. 13 12,862 1,087 2,45555,025 5i9,215 3,677 1,873 ,158 21,535 1,043 17510,949 1,666 1,214 266 1,187 9,586 Nov. 20 13.608 1,015 2,379 55,110 "5 8,4563,729 2,387 ,913 21,447 1,057 17010,378 ,639 1,213 928 593 9,577 13.340 1,023 2,35455,464 58,772 4,005 2,166 758 21,487 1,060 16910,062 1,639 1,217 410 950 9,601 Nov. 27 New York City 1956 4,046 163 15,31416,941 292 985 732 2,161 62 38 2,984 l,3O9| 986! 134 407 2,816 Nov 1957 4.192 145 15,12616,664 299 1,022 811 2,590 2,868 ,419 914 49 385 3,068 Oct 4,064 158 15,09516,826 334 1,094 412 2,586 2,868 ,359 904 44 397 3,108 Nov .,.. Oct. 2 4,130 142 14,83316,500 291 1,078 ,379 2,573 2,936 ,403 927 73 443 3,035 Oct. 9 4,166 143 15,00716,275 261 1,166 966 2,597 2,845 ,414 920 13 356 3,037 Oct. 16 4,125 142 15,02116,790 294 866 688 2,593 2,972 ,448 917 105 306 3,086 Oct. 23........... 4,341 141 15,23116,654 294 831 523 2,591 2,794 .424 905 50 400 3,087 Oct. 30 4,200 155 15,54017,100 359 1,169 498 2,597 2,791 ,407 901 3 420 3,096 i Nov. 6 4,029 159 15,04916,658 468 1,151 418 2,582 2,872 ,390 i 908 j 16 444 3,113 Nov. 13 3,897 167 14,92016,711 299 861 312 2,573 2,939 ,366i 902 527 3,111 Nov. 20 4,192 148 15,14716,824 267 1,224 470 2,573 2,790 ,333! 902 161 259 3,105 Nov. 27 4.139 159 15,26517,110 301 1,141 446 2,614 2,872 ,350! 907 359 3,102 Outside New York City 9,400 868 2,464 40,68742,466 3,478 1,030 1,71017,469 831 147 8,078 327 326; 387 539 6,176 1957 Oct 9.099 854 347 39,73841,346 3,433 916 1,62818.999 1,040 C148 7.826 300 327 519 367 6,446 Nov 9,182 866 32140,004 41,724 3,515 1,030 1,14518,945 984 143 7,673 302 312| 495 498 6,481 Oct. 2 9,195 811 2,330 39,18240,659 3,581 1,016 2,629 18,921 1,060 149 7,801 2931 333! 522 398 6,439 Oct. 9 9,002 853 2 39,33740,575 3,389 883 1,791 18,977 1,049 149 7,998 302! 327 569 387 6,451 Oct. 16 9,107 835 2;504 "3"9,75342,562 3,287 908 1,399 19,019 1,037 149 8,411 297| 327 419 282 6,430 Oct. 23 9,022 876 2,297 40,152 4411,539 3,408 873 1,139 19,040 1,027 149 7.560 301 324 498 302 6,437 Oct. 30 9,167 898 2,297 40,26541,395 3,498 901 1,185 19,038 1,027 147 7,363 307 325j 586 467 6,470 Nov. 6 9,147 814 2,268 39,75141,100 3,519 919 98219.072 982 144 7,901 309 312! 535 407 6,477 Nov. 13 8,965 920 2,40140,10542,504 3,378 1,012 84618,962 970 143 8,010 300 312| 266 660 6,475 Nov. 20 9,416 867 2,326 39,96341,632 3,462 1,163 1,44318,874 988 145 7,588 306 311! 767 334 6,472 Nov. 27.... .. 9,201 864 2,29140,19941,662 3,704 1,025 1,31218,873 998 144 7,190 289 3101 410 591 6,499 c Corrected. NOTE.—For description of revision beginning Mar. 4, 1953, see BULLE- 1 Demand deposits other than interbank and U. S. Govt., less cash TIN for April 1953, p. 357, and for figures on the revised basis beginning items reported as in process of collection. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1384 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a p a x n t a t h i d r l e e e r l s , , M m p u a r c e e n o t t t s d d a a l - 3 l s ch r P l u e c e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o r b i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i h p n f l e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch b r w e a i a a e i n p n a n n n e d o l g k g k d l ' r e l l s t — y - 4 1954—Jan.-June -505 55 -577 -10 -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_Sept 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 Nov 63 -25 -89 49 -42 52 68 -175 10 -6 -66 -163 -211 Week ending: 1957—Sept. 4 27 -49 34 12 6 -15 51 15 -2 -9 69 33 Sept. 11 51 1 19 7 6 36 91 -5 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 27 4 -33 -36 -59 Q Nov. 6 15 -10 -41 13 -14 17 42 -18 -1 -15 -13 -3 Nov. 13 27 9 11 5 -7 30 8 -1 27 -1 30 84 86 Nov. 20 39 -4 6 16 -6 -2 14 -25 -32 -31 -34 Nov. 27 -17 -21 -65 15 -15 7 3 -54 27 -4 -50 -204 -260 -36 -84 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Accepting banks F. R. Goods stored in or Total t P hr la o c u e g d h P di l r a l e c y c e t d - Total Banks Oth- p i I o n m r to - ts p f E r o o x r m - ts Do ex ll - ar ship p p o e i d n ts b e i t n w : een dealers1 ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2 020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 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 June 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 July 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 Oct 2,654 516 2,138 1,125 197 131 66 16 69 942 248 465 94 226 192 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with, other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 1385 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 i p r n m o m c e t i h r - e a 6 , s l - l 3 p d n p c p - l i a a o a a r l t n p y e c m o n c c , e e y - e t r d 6 - - a P a b d c n e a r a c 9 i r c n e y m 0 s e k p s ' s e - 1 t , - M 3 k - e m a t r o - n s t e h o c R n u b r a n i i t l e t e l i w s es ( 9 i m t s - a s t o x u o n a e 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 re a a v e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1954 3.6 5.0 4.3 3.9 3.4 1955. 3.7 5.0 4.4 4.0 3.5 1954 average 1.58 1.42 1.35 .94 .953 .92 1.82 1956 4.2 5.2 4.8 4.4 4.0 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 Quarterly:1 19 large cities: 1956—Nov 3.63 3.38 3.05 2.99 3.000 3.15 3.49 1956—Dec 4.38 5.32 4.90 4.63 4.20 Dec 3.63 3.38 3.35 3.21 3.230 3.33 3.65 1957—Mar 4.38 5.38 4.94 4.59 4.21 June 4.40 5.37 4.94 4.61 4.23 1957—Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 Sept 4.83 5.67 5.29 5.01 4.69 Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 New York City: Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 1956—Dec. 4.22 5.18 4.88 4.57 4.10 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 1957—Mar 4.23 5.26 4.92 4.47 4.11 May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 June 4.23 5.24 4.86 4.49 4.12 June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 Sept 4.69 5.54 5.24 4.93 4.60 July 3.88 3.63 3.38 3.16 3.165 3.71 3.89 7 Northern & Eastern Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 cities: Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 1956—Dec 4.40 5.41 4.94 4.63 4.25 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 1957—Mar 4.40 5.41 4.91 4.61 4.26 Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 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 Nov. 2... 4.13 3.88 3.75 3.59 3.622 3.90 4.01 cities: Nov. 9... 4.13 3.88 3.66 3.50 3.571 3.77 3.91 1956—Dec 4.58 5.35 4.90 4.66 4.35 Nov. 16. .. 4.13 3.88 3.56 3.38 3.473 3.54 3.80 1957—Mar 4.60 5.42 4.96 4.64 4.35 Nov. 23... 4.04 3.75 3.38 3.12 3.145 3.34 3.43 June 4.65 5.42 4.99 4.70 4.43 Nov. 30... 4.00 3.66 3.38 3.14 3.158 3.38 3.32 Sept 5.01 5.72 5.31 5.05 4.81 i Average of daily prevailing rates. 2 Except for new bill issues, yields are i 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 an d selected note and bond issues. pp. 228-237. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] Corporate bonds'" Stocks 5 Ye o a r r , w m e o ek nth, U (l . o b n S o g . n - G t d e s o rm vt ) . S g ta o t v e t . a b nd o n l d oc s4 al By r a s t e i l n e g c s ted gr B ou y ps D pr i i v c i e d e r n a d ti s o / p E r a ic r e n i r n a g t s io / Total* se O ri l e d s2 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 averase 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 averase 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 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 Feb 3.20 3.26 3.29 2.79 3.96 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.54 Mar 3.25 3.27 3.36 2 88 3.97 3.97 3.66 4.43 3.90 4.04 3.95 4.46 4.47 7 71 Apr 3.30 3.35 3.35 z.oo 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 4.36 M^ay 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 JUly 3.63 3.58 3.65 3.17 4.29 4.26 3.99 4.73 4.19 4.39 4.19 4.75 3.95 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 4.44 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 Nov 3.61 3.50 3.67 3.24 4.35 4.49 4.08 5.09 4.34 4.65 4.49 4.78 4.67 Week ending: 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 Nov 9 3.77 3.60 3.72 3.30 4.37 4.51 4.12 5.09 4.38 4.62 4.51 4.85 4.67 Nov 16 3 70 3 54 3 73 3 28 4 39 4.50 4.12 5 10 4.37 4 64 4 51 4 86 4 75 Nov. 23 3.50 3.44 3.67 3.23 4.37 4.49 4.06 5.09 4.31 4.67 4.48 4.75 4.70 Nov 30 3.44 3.40 3.56 3.16 4.25 4.47 4.02 5.10 4.30 4.67 4.46 4.67 4.55 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. State and local govt. bonds include genand corporate bonds. Yields of State and local govt. general obligations eral obligations only. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period, 8 median yields in a sample of noncallable issues—12 industrial and 2 except for annual averages. public utility. For common stocks, the earnings/price ratio is now comcal 2 la C b o le n s a i f s t t e s r o 1 f 2 f u y l e ly a rs t , a x th a r b o le u , g h m a S r e k p e t t . a b 3 l 0 e , 1 2 9 V 5 2 5 p , e a r n d ce t n h t o b se o n d d u s e d o u r e c o a r ll a fi b r l s e t p ar u e t e b d a f s o ed r th o e n 5 t 0 h 0 e s 9 to 0 c k st s o c in k s t h f e o r p m ri e c r e l y i nd in e c x l , u d b e u d t f i i n gu t r h es e p d r a io il r y to pr J ic u e n e i n 1 d 9 e 5 x 7 . in 10-20 years, beginning Oct. 1, 1955. The dividend/price ratio has not yet been converted to the broader base. 3 Consists of the 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 6 Includes bonds rated Aa and A, data for which are not shown sepa- 1955, the 3 per cent bond of February 1995. rately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1386 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Vol- U. S. Govt. Standard and Poor's series Securities and Exchange Commission series u o m f e (long-term) (index, 1941^3= 10) (index, 1939= 100) trad- Year, month, Cor- ing5 or week r O i s e e l s d - 2 r N i s e e e s w - 3 g n ( r i h M c a i i d g u p e h - a ) - l 4 g ( r h r p a a i o g d te - h e - )' Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N ra d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f n c a n r i v e - d d c - e e , , M in i g n- s s t h h a a ( o n o i r n f e d u s s - ) Number of issues... 3-7 1-2 15 17 500 425 25 50 265 170 98 72 21 29 14 1954 average 99.51 109.60 125.8 117.2 29.69 30.25 23.96 27.57 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average 93.04 99.88 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1956—Nov 90.22 96.35 109.1 103.7 45.76 48.92 31.73 31.82 338 431 417 445 311 153 296 355 2,178 Dec 88.74 95.19 108.1 102.8 46.44 49.79 31.75 31.70 344 441 425 457 315 152 287 362 2,443 1957—Jan 89.96 95.14 108.6 102.8 45.43 48.43 31.36 32.32 338 429 406 451 310 157 285 371 2,189 Feb 91.51 97.08 110.9 104.3 43.47 46.10 29.59 32.29 325 409 386 431 292 157 278 346 1,978 Mar 90.88 96.88 110.0 104.5 44.03 46.86 29.37 32.45 328 415 388 440 288 159 280 344 1,698 Apr 90.45 95.45 109.8 104.3 45.05 48.06 29.78 33.03 339 431 404 455 291 160 281 352 2,300 May 89.41 94.20 106.9 103.2 46.78 50.10 30.42 34.03 352 450 419 480 297 163 286 380 2,389 June 87.12 91.88 103.5 101.1 47.55 51.30 30.11 33.35 355 457 421 489 293 160 283 390 2,224 July 86.88 91.31 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 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 Nov 95.63 92.87 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Week ending: 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 Nov. 9 93.95 91.12 102.8 97.7 40.42 43.52 23.10 30.33 298 377 346 405 229 147 260 277 2,416 Nov. 16 94.71 92.15 102.5 97.7 39.83 42.82 22.72 30.33 299 378 350 404 227 149 261 278 2,334 Nov. 23 96.75 93.96 103.8 98.8 40.22 43.27 22.11 30.80 303 383 350 412 224 151 263 285 2,501 Nov. 30 97.41 94.59 104.6 99.1 41.06 44.18 22.55 31.38 309 392 355 426 227 152 266 299 3,077 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 2Vi per cent bonds due or first Exchange for a 5Vi-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 creditl W En e d d n o e f s d m a o y n o th 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 r s o a i k n n e g k r s a l o n a a d n n d c s a d t r o e r y a o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob (c c li o o g l l . a . t 3 5 io ) + ns U S ob . e c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a n G tio o n v s t. sec o u O th ri n e ti r es 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 ,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 ,239 51 2,246 894 1956—Nov. 3,946 32 2,784 43 ,162 43 2,071 822 Dec. 3,984 33 2,823 41 ,161 46 2,132 880 195"'—Jan.. 3,902 29 2,761 41 ,141 42 1,964 866 Feb., 3,846 35 2,729 31 ,117 53 2,004 828 Mar. 3,832 28 2,713 27 ,119 47 1,958 820 Apr., 3,938 28 2,792 28 ,146 53 2,051 807 May. 3,924 39 2,794 26 ,130 52 2,063 817 June, 4,031 31 2,887 25 ,144 52 2,104 820 July. 4,004 32 2,885 23 ,119 59 2,079 829 Aug. 3,929 30 2,833 24 ,096 58 2.035 816 Sept. 3,882 35 2,789 21 ,093 63 2,046 838 Oct.. 3,643 39 2,568 31 ,075 72 1,708 879 Nov. 3,577 42 2,517 33 ,060 56 1,641 876 1 Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 per cent of all loans for this purpose. and free credit balances exclude balances maintained with the reporting Column 5 includes some loans for purchasing or carrying U. S. Govt. firm by other member firms of national securities exchanges and balances securities (such loans are reported separately only by New York and of the reporting firm and of general partners of the reporting firm. Bal- Chicago banks). On June 30, 1956, reporting banks outside New York ances are net for each customer—i. e., all accounts of one customer are and Chicago held $51 million of such loans. On the same date insured consolidated. Money borrowed includes borrowings from banks and commercial banks not reporting weekly held loans of $28 million for from other lenders except member firms of national securities exchanges. purchasing and carrying U. S. Govt. securities and of $384 million for Data are as of the end of the month, except money borrowed, which is as other securities. Noninsured banks had $33 million of such loans, of the last Wednesday of the month beginning June 1955. probably mostly for purchasing or carrying other securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 1387 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d S ( t U a lo t . e c a S a l n .) d Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year: 3 1941. . 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 J 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—Oct 94,869 11,306 7,850 2,218 ,238 40,626 37,664 2,962 32,399 2,778 3,461 4,299 Nov 95,274 11,218 7,749 2,229 ,240 40,735 37,765 2,970 32 709 2,813 3,483 4,316 Dec 95,819 11,005 7,532 2,237 ,236 40,959 38,053 2,906 33,017 2,809 3,503 4,526 1957 Jan 96,316 11,068 7,588 2,244 ,236 41,177 38,256 2,921 33,279 2,841 3,523 4,428 Feb. 96,738 11,038 7,544 2,244 ,250 41,365 38,432 2 933 33 479 2,865 3,547 4,444 Mar 97,074 10,926 7,427 2,251 ,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 Apr 97,488 10,946 7,430 2,264 ,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 May... 97,868 10,895 7,340 2,290 ,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 2,290 ,264 42,146 39,190 2,956 34 159 2,983 3,657 4,470 July 99,005 10,906 7,306 2,323 ,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aue . 99,374 10,880 7,268 2,333 ,279 42,742 39,724 3.018 34.547 1,032 3,731 4,442 Sept 99,812 10,833 7,224 2,340 ,269 42,932 39,922 3,010 34 697 3,059 3 764 4,527 Oct 100,224 10,856 7,233 2,352 271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- * These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U.S. Borrowings Reserves Total 2 g M ag o e r s t- 3 o G t b io l o i n v g s t a . - Cash Other* 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 1,487 024 733 13,992 810 90 1 280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 I 067 1,791 32,192 1 412 146 2 557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1956—Oct 41,915 35,223 2,746 1,759 2,139 35,949 1,145 121 Nov 42,352 35,497 2,771 1,817 2,220 36,326 1,150 116 Dec 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1957_Jan. 43,020 35,929 2,924 1,947 2,175 37,484 1,035 97 Feb.. 43,419 36,195 3,041 1,907 2,232 37,799 973 89 Mar 43,934 36,559 3,132 1,884 2,316 38,158 958 83 Apr 44,431 36,963 3,162 ,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 1,741 2,510 39,730 1,037 109 Aug.. 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept 46,639 39,106 3,229 1,643 2,624 40,306 1,117 115 Oct.. . 47,127 39,532 3,219 ,622 2,718 40,673 1.129 121 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.—Data for 1957 are preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged shares. 3 Net of mortgage pledged shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1388 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 2* Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 5,775 7,377 35,757 7,160 6,752 7,261 Banks for cooperatives 345 425 424 377 367 375 355 349 395 457 423 Federal intermediate credit banks 510 633 673 590 638 689 765 898 874 734 4845 Farmers Home Administration 535 539 596 648 701 681 764 3778 769 724 823 Rural Electrification Administration 1,543 1,742 1,920 2,096 2,226 2,348 2,379 2,413 2,450 2,488 2,544 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2,671 2,349 2,626 Other agencies 52 40 31 23 18 1 (5) (5) (5) (5) (5) To aid home owners, total 1,528 2,142 2,603 2,930 2,907 3,205 3,230 3,299 3,391 3,680 4,076 Federal National Mortgage Association. 1,347 1,850 2,242 2,462 2,461 2,641 2,683 2,729 2,807 3,072 3,433 V O e th te e r r a n ag s e A nc d i m es inistration 181 292 362 \ / 2 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 2 24 4 4 1 3 3 3 7 4 1 4 3 7 8 4 1 6 4 4 5 4 1 8 5 8 5 To industry, total 568 589 598 588 431 678 593 627 624 619 629 Treasury Department... 174 353 306 330 323 216 209 209 C O o th m e m r a e g rc e e n c D ie e s partment. 568 589 598 413 79 ' 2 1 6 1 1 2 1 7 9 0 3 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 To financing institutions 824 814 864 952 870 1,419 1,143 1,178 1,147 1,233 966 To aid States, territories, etc., total 468 744 1,020 645 272 245 239 227 244 246 272 Public Housing Administration 351 589 894 500 112 90 106 90 109 106 120 Other agencies 117 155 126 145 160 155 134 137 135 140 153 Foreign, total 6,078 6,110 7,736 8.043 8,001 7,988 8,106 8,172 8,229 8,223 8,237 Export-Import Bank 2,226 2,296 2,496 2;833 2,806 2,702 2,697 2,712 2,692 2,701 2,678 Treasury Department^ 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,519 3,470 3,470 International Cooperation Administration. 71,515 1,537 1,624 1,767 1,832 1,885 1,958 1,995 2,035 Other agencies 102 58 53 1 58 55 60 57 54 All other purposes, total 63 75 119 166 256 156 176 193 213 240 Housing and Home Finance Agency. 5 29 127 209 108 122 137 156 184 Other agencies , '"63" 69 90 39 47 48 55 56 57 56 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -263 3-592 -656 -309 -327 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,677 3,719 3,720 3,739 3,923 Federal home loan banks 199 249 311 387 641 745 1,082 1,083 1,054 1,018 1,095 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 248 256 248 256 265 Federal Housing Administration 244 285 316 319 327 381 390 405 422 458 479 Federal Deposit Insurance Corporation.... 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 1,812 1,825 1,898 Other agencies 132 140 148 152 147 149 164 166 183 181 186 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities8 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 1,774 1,461 1,280 2,515 3,852 4,356 14,119 20,231 20,949 21,375 21,303 Commodity Credit Corporation.. 1,638 1,174 987 2,087 3,302 3,747 3,536 3,897 3,323 3,651 3,362 Defense Department 9,827 9,814 10,994 11,004 11,094 General Services Administration. ' 567 6,332 6,418 6,517 6,654 Other agencies 136 288 203 428 550 609 L 188 188 215 201 193 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 10,028 9,985 9,875 Commerce Department (maritime activities). 4,834 4,798 4,822 4,796 4,612 4,549 4,502 4,470 Panama Canal Company9 18 298 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 1,751 Housing and Home Finance Agency 1,297 1,285 1,203 1,041 727 450 400 311 285 236 144 Nat. Advisory Committee for Aeronautics... 278 276 277 Bonneville Power Administration 309 306 311 317 General Services Administration 1,199 1,302 1,298 1,226T Post Office Department 590 590 590 590 ^ Other agencies 745 728 345 350 360 300 607 538 608 613 704 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,425 2,607 2,742 2,711 2,975 Banks for cooperatives 110 170 181 150 156 185 161 152 188 257 231 Federal intermediate credit banks 520 674 704 619 640 665 725 857 865 721 803 Federal home loan banks 560 525 445 414 272 958 869 928 918 963 720 Federal National Mortgage Association 570 670 670 770 770 1,220 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 2 Coverage changed from preceding period (see also NOTE). age and the new classification of agencies now reported in the Treasury 3 Adjusted figures; for amounts reported for this date but excluded Bulletin. The revised statement includes a larger number of agencies, and from this figure, see BULLETIN for May 1957, p. 550, note 3. their activities are classified according to the type of fund they represent. 4 Effective Jan. 1, 1957, the production credit corporations were merged Funds are combined in the table above, but are shown separately in the in the Federal intermediate credit banks, pursuant to the Farm Credit table on the following page. Classifications by supervisory authorities Act of 1956, approved July 26, 1956 {10 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 theitable 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). reserveifor'losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 1389 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 items1 Date, and fund or activity Loans In- I m nv e e n s t t s - L st a ru n c d - , B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o . t e v S r t - . . o v in P w a t t r e n e i r - l e y - d Total Cash c a e b i l v e - t v o e ri n e - s P s r d u i e t e b c i b l e u i t s c - O s ri e t t c h ie u e s - r e m a q n e u n d ip t - Other G a U n u b . t a e y S r e - . d Other li i a ti b e i s l- est All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1,16123,842 329 1952—Dec. 312 29 945 94417,826 1,280 2,421 3,429 3 213 832 53 1,330 1 72826,456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 1,182 3,81833,429 434 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—Mar. 31 58,485 3,73120,580 14,119 3,677 3,638 8,056 4,685 44 2,425 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 5,14420,33120,949 3,720 3,66810 028 5 303 58 2,742 3 14562,507 693 Dec. 31* 69,653 4,99620,65721,375 3,739 3,669 9,985 5,232 67 2,711 3,65962,516 699 1957—Mar. 31 69 895 4,44121,35321,303 3,923 3,729 9 875 5 272 68 2,975 3 71362,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,511 9,069 4,112 775 149 3,294 1,403 68 570 1,842 17,831 Farm Credit Administration:4 Federal Farm Mortgage Corporation 11 1 10 (5) (5) 10 Agricultural Marketing Act, revolving fund 186 39 147 186 Department of Agriculture: Commodity Credit Corporation 6,543 38 2,518 3,362 169 456 1,112 5,431 140 47 86 6 2 138 All other 37 26 9 2 3 34 Housing and Home Finance Agency: Public Housing Administration . 371 64 119 32 156 34 337 Federal Housing Administration 780 20 479 (5) 1 279 67 143 570 Federal National Mortgage Association 2 431 1 2 402 (5) 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 14 262 172 44 126 (5) 1 (5) 171 Export-Import Bank 2,733 35 2,677 1 19 31 2,701 Tennessee Valley Authority 2,019 110 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 (5) 9 30 3 377 Post Office Department—postal fund 1,023 386 9 590 39 364 659 I A n l t l e r o i t o h r e r Department 2 1 1 6 6 0 5 5 0 1 1 7 4 7 6 31 „ C5 1 ) 29 2 5 1 7 1 6 0 2 1 0 4 9 9 (5) Intragovernmental Funds—Total 13,022 1,444 11,220 202 156 80212,220 Defense Department: 8 242 649 7,411 105 77 320 7,921 Navy . 3 342 418 2 881 42 293 3 048 Air Force 1 137 302 801 34 133 1,004 All other 302 75 126 97 3 56 246 Certain Other Activities—Total 29,996 1,358 9,066 5,971 7 3,563 6,379 3,652 19229,804 National Advisory Committee for Aeronautics 408 59 1 277 70 9 398 General Services Administration 8 049 665 82 5 929 (5) 1 214 158 12 8 036 Bonneville Power Administration '393 28 5 317 42 6 388 Department of Agriculture: Farmers Home Administration 765 121 623 (5) (5) 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 10215 3 505 3 563 103 146 10 215 Department of Commerce—maritime activities 5,115 302 283 34 4,470 25 133 4,982 All other 232 76 1 1 (5>7 100 47 21 211 Certain Deposit Funds—Total 4,530 60 1,381 3,036 17 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 3 10 231 3 238 30 Federal Deposit Insurance Corporation 1 920 2 1 898 19 151 1 769 Federal home loan banks 2,109 31 961 1,095 14 8 720 681 707 Certain Trust Revolving Funds—Total 2,035 68 1,837 (5) 106 (5) 24 1,453 42 502 Federal National Mortgage Association 1,047 51 992 5 650 19 357 U21 Federal intermediate credit banks 969 11 845 100 13 805 13 145 All other 19 5 ••«•' 6 (5) 7 10 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956). . . 220 143 77 1 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30, 1956) 3 024 93 6 2,571 354 137 2,887 All other—excluding OAP—(June 30 1956) 50 6 27 1 14 2 5 15 30 10 Includes $1,000 million due under the agreement with Germany 11 Figure represents total trust interest. signed Feb. 27, 1953, and lend-lease and surplus property balances due For other notes, see opposite page. the United States in the principal amount of $2,086 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1390 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 ec d e t g t s e . t T r P f e u r l c u u n t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f u q e r t o b u o h c a l t m t e i a s l c l s . 2 : B p t u e u e n d x re - d g s i e - t p T P t f e u u e r l n x u r u n e d - s d s s : i t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a u o b y t a t h l t a l i s s e l c . : t p p o fr u a t o o h b y ( m r e l t - i s ) c , . , & ( c ( c o - d r d r r I e a ) e i e n r , a g d a b e - s e s e i c t e e n n - t , .) a t i r g n G . N e v o f n . e u v . b t n t & . y L d e s ss: O d n c e t a o b h s n t e h - 4 r b E r i o e n q c ( N p r g u a ) r a e s a o o y h t l w s t r . - : Cal. year—1955... 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956... 70,994 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,910 Fiscal year—1954.. 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955.. 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956.. 68,165 11,685 2,743 77,084 66,540 9,436 3,362 72,613 4,471 -578 3,166 623 -4,366 1957^. 70,989 14,365 3,233 82,072 69,344 12,970 2,364 79,949 2,123 -1,053 2,338 -292 -3,099 Semiannually: 1955—Jan.-June. 38,118 5,168 1,222 42,051 33,004 4,935 2,186 35,752 6,299 -3,535 1,145 197 -4,875 July-Dec.. 25,240 5,456 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan.-June. 42,925 6,229 1,454 47,687 33,415 5,040 2.266 36,187 11,499 -7,597 1,835 254 -9,689 July-Dec.. 28,069 6,169 1,573 32,643 33,801 5,302 '485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-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—Oct 3,184 660 93 3,747 5,995 959 285 6,671 -2,924 1,017 -266 43 1,240 Nov 4,818 1,231 71 5,972 5,726 857 227 6,355 -383 1,661 292 37 1,333 Dec 5,412 994 617 5,785 5,718 809 -785 7,312 -1,527 -405 -123 -501 219 1957—Jan 4,809 650 106 5,349 6,095 1,112 1,111 6,096 -747 -195 -126 367 -435 Feb 6,188 1,458 80 7,564 5,743 1,095 -250 7,088 476 142 209 -103 37 Mar 10,737 1,068 96 11,704 5,584 1,342 296 6,630 5,073 -1,160 108 -126 -1,142 Apr 4,256 1,083 90 5,244 5,987 1,491 258 7,220 -1,976 -813 -469 -174 -170 May 5,282 2,121 117 7,280 5,944 1,344 367 6,923 358 1,432 1,241 257 -67 June**.... 11,648 1,816 ,173 12,288 6,190 1,283 100 7,374 4,914 -4,496 727 -123 -5,100 July 3,057 858 113 3,801 6,347 1,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 1,075 -180 7,185 -399 1,462 646 40 776 Sept 7,225 972 126 8,066 5,667 1,086 2 6,754 1,311 634 -310 -69 1,014 Oct.** 3,131 938 153 3,910 6,501 1,387 373 7,515 -3,605 476 10 -32 498 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. ( —) States (end of period) Period s B d u u N e r o p f d i e r l g c t u i e t s t , a l c d T a f c e u t r o u f i u n 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 h i n o a - n s. i m o s ( a G s + g b N a u e l o r ) a i e n v k g o n t c t e a c f . y t - e i i n & s a n G e g v N c e . o F t . r n e v ( e u b t c t — d s y . y t . ) I d n ( p e d g - c c u i r r ) o r r b o e , e e r l a s c a i i s s c n s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a l R k e p il . s o - sit T s T a L in x u r o e — r a a a y n s n - d O as n t s h e e t e ts r tions5 funds 5 debt funds) Accts. Fiscal year—1954.. , -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955.., -4.180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956.. 1.626 2,250 320 173 -2,617 -1,623 -202 331 6,546 522 4,633 1,391 1957*.. i;645 1,395 -529 1,085 -2,299 -2,224 29 -956 5,590 498 4,082 1,010 Semiannually: 1955—Jan.-June.., 5.114 234 660 754 -950 -4,375 400 1,036 6,216 4,365 1,471 July-Dec..., -7,885 ,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 1956—Jan.-June.., 9,511 ,190 228 312 -1,400 -8,017 -178 2,002 6,546 522 4,633 1,391 July-Dec..., -5,732 866 -482 -5 -697 3,877 -55 -2,119 4,427 441 2,924 1,062 1957—Jan.-June7'. 7.377 529 -47 ,090 -1,602 -6,101 84 1,163 5,590 498 4,082 1,010 Monthly: 1956—Oct -2.812 -299 173 -45 282 1,022 62 -1,741 704 495 2,937 ,272 Nov -908 374 129 -70 -305 1,734 -119 1,074 778 463 4,159 ,156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 ,062 1957__jan -1.286 -462 390 205 374 -399 -17 -1,162 3,265 715 1,161 ,389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 ,364 Mar 5.153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 ,170 Apr -K731 -408 333 253 402 -991 1 -2,142 5,532 509 3,516 ,507 May -662 777 59 153 -1,255 1,226 -11 308 5,840 568 4,318 954 JJune 5,458 533 -905 147 -708 -4,707 68 -250 5,590 498 4,082 ,010 July -3,290 -362 384 19 324 1,942 131 -1,115 4,475 504 2,833 ,138 Aug -802 703 -288 87 -694 1,376 -40 423 4,898 477 3,331 ,090 Sept 1.559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 ,088 Oct -3:370 -449 282 745 36 -345 -72 -3,028 4,307 552 2,572 ,183 P Preliminary. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consists primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between International Monetary Fund and to Treasury by Govt. agencies, transfers to trust accounts representing and the Treasury, (5) reconciliation items to Treasury cash, and (6) net Budget expenditures, and payroll deductions for Federal employees re- operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4, described in note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as described included in the corresponding columns above. in note 1, (2) net accruals over payments of interest on savings bonds Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1391 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 ig rs 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 s l t Individual Corpo- ta c E x i x s e e - s t p m a E l x o m e e n y s - t - i O ce r t i e h p - e ts r Liquor b T a o c - co a t M a n i d l f e r r s r e s . - ' ' f t u a r n u g d s e t 2 t f w r u u n a s y d t m t r i e e re - n - t ce r i e p - ts W he it ld h- Other ration acct. Fiscal year—1954... 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956... 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957* 70,989 6,634 1,479 616 3,917 83,635 26,710 12,302 21,531 10,655 7,581 4,857 2,973 1,674 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 1,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 1957—Jan.-JuneP 42,920 4,075 836 304 3,454 51,590 13,690 9,298 15,978 5,330 4,705 2,590 1,325 857 2,222 Monthly: 1956—Oct.. 3,184 182 175 95 3,660 1,282 244 451 1,033 207 443 354 155 Nov.. 4,818 587 164 62 5,705 3,333 103 380 936 662 291 325 142 986 Dec. 5,412 299 144 -12 5,898 2,067 324 1,825 815 355 512 233 108 1957_Jan.... 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb.. . 6,188 2807 205 203 7,486 3,838 871 445 874 1,160 298 197 132 1,119 Mar... 10,737 632 120 606 12,145 2,083 785 7,327 931 692 327 231 138 Apr.. . 4,256 617 124 1,130 6,142 819 2,827 520 812 633 531 214 133 May. . 5,282 1,229 109 1,057 7,759 3,690 897 502 965 1,314 391 243 161 1,102 June*. 11,648 536 137 406 12,779 2,235 1,818 6,722 892 589 523 257 142 July... 3,057 346 174 138 3,734 1,047 269 541 955 366 556 244 146 Aug... 5,128 919 219 124 6,475 3,678 128 355 965 1,003 346 241 157 1,124 Sept... 7,225 486 207 137 8,109 2,163 1,823 2,304 922 540 357 260 146 Oct.... 3,131 332 183 120 3,796 1,333 204 429 1,088 363 379 n.a. n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total TotaH D m D e i e l f i e p t n a t r . s , y e p s M e ro c u g u tu r ri a a t m y l , A e t n o e m rg i y c f a i I n f a f n a n a t n d i l r c . s e In e t s e t r- ic e b e s r e e f s a i r n t n v a s e s n - - ' dw L e a a l n f b a d o re r t a c a u r g u n e r r l - d a - i- l s N o u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t n- (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 1,474 1954 67,772 47,871 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 42,090 35,533 3,755 1,857 718 6,438 4,457 2,552 4,411 1,202 1,502 1,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 4,913 1,104 2,028 1,629 1957* 69,344 44,321 38,425 3,460 1,994 820 7,312 4,794 2,967 4,595 1,295 1,449 1,790 Semiannually: 1955—July-Dec. 6 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 1,181 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—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 Aug 5,931 3,989 3,545 215 190 96 635 382 272 215 161 108 100 p Preliminary, 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 -* 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

1392 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 g e r o o b t s a t* s l d T d g i e r o r o b e t s a c t s 2 l t Total Total Bills c i C n a e t d e r e t s i b f o t i - - f Notes Bank Bond B s ank b C v i o b e o n r l n d e t- - s Totals b S i o n a n g v d s - s T s i a n a n a g v d x s - S is p s e u c e ia s l edness eligi- re- notes ble* stricted 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945_Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947_Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec 256 7 256 7 220 6 152 5 13 6 5 4 39 3 44 6 49 6 68 1 58.0 8.6 33.7 1951—Dec 259.5 259 A 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 261A 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—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 46.3 274.0 273.8 225.3 160.2 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 Nov 274.9 21 A.I 227.1 163.4 26.7 34.7 20.6 81.5 9.6 54.1 53.2 46.0 * Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $439 million on Nov. 30, 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 <> Less than $50 million. aggregated $9,371 million on Oct. 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g e n n ti c c t e g e u l s u u e r ) d i a d - r - - S is p s t e u r c u e ia s s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r k m c s ia 5 - 8 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n v c a d a t t e s l . S b a o v n i I n d n g d s s ivid se u O c a u l t s h ri e ti r es i M t n o v i r e s s c s 3 - . 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.'7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20.0 7.0 251.6 24.3 90.8 10."1 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.() 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. <) 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.JI 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.:> 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.i 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/ ; 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.! 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.'; 13.3 17.4 15.7 50.3 17.2 16.2 1956— Sept 274.3 45.8 8.3 220.2 23.7 57.6 8.: 13.1 17.5 16.0 50.2 17.5 16.3 Oct 275.4 45.5 8.4 221.5 23.8 58.0 8. ! 13.2 18.5 16.0 50.2 17.4 16.3 Nov 277.1 45.7 8.5 222.9 24.4 58.6 8. 13.1 19.2 16.1 50.1 17.4 16.0 Dec 276.7 45.6 8.4 222.7 24.9 59.3 8.( 12.8 18.6 '16.1 50.1 17.0 15.9 ) 1957_jan 276.3 45.3 8.6 222.4 23.4 58.3 8. 12.9 20.2 16.2 49.9 17.3 16.2 Feb 276.4 45.5 8.6 222.3 22.9 57.7 8. 12.8 20.9 16.3 49.7 17.8 16.2 Mar 275.1 45.6 8.6 221.0 23.1 58.1 8. 12.6 18.0 16.6 49.6 18.6 16.3 274.1 45.2 8.5 220.4 23.2 58.0 8.() 12.5 17.9 16.8 49.4 18.6 16.0 May 275.3 46.1 8.7 220.5 23.1 57.7 8.() 12.4 18.5 16.8 49.3 18.3 16.4 270.6 46.8 8.7 215.1 23.0 55.8 7.<) 12.3 15.7 16.9 49.1 18.3 16.1 July 272.6 46.3 8.8 217.4 23.4 56.8 7.<) 12.3 16.3 16.9 48.9 18.7 16.3 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.<) 12.2 16.8 17.1 48.8 19.2 16.0 Sept 274.5 46.2 9.2 219.1 23.3 58.3 7.<) 12.2 16.1 17.2 48.6 19.6 16.0 rRe vised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $250 million on Dec. 31, 1956. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 1393 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, NOVEMBER 30, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. D D D D J J J J a a a a e e e e n n n n c c c c . . . . . . . . 2 2 1 1 1 5 9 2 6 2 3 9 6 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 5 5 5 5 5 5 5 5 7 8 8 8 7 7 7 8 1 1 1 1 1 1 } } ? ? , , 8 8 6 6 6 6 6 6 0 0 0 0 0 0 0 0 1 2 1 0 0 0 2 0 Tr A J F A A e O u a e p u p c s n b t r g r u e . . . . . r y 1 1 1 4 5 1 1 5 1 n , , , , , , o 1 1 1 1 1 1 t 9 9 e 9 9 9 9 5 s 5 5 5 5 5 8 8 8 8 8 8 1 3 2 3 l 1 i % % i / / / 2 4 2 2 1 1 2 4 0 1 , , , , 3 3 8 3 5 1 5 5 9 8 2 1 1 1 3 1 2 9 Tr A e A N S O M a e u p o c s a p t g u v r r . t . . . r . . y 1 1 1 1 5 1 5 1 5 5 b , , , , , , o 1 1 1 1 1 n 1 9 9 9 9 9 d 9 6 6 6 5 s 6 5 2 2 2 6 2 6 - - 5 5 9 8 3 3 . . . . 2 2 3 i \ 1 % V y 3 4 2 4 4 i 2 3 1 1 , , , , 8 4 0 1 5 4 1 4 0 5 7 9 8 0 0 1 6 A J D J D J M M u u u e e u n n n a a c c g e r r e e . . . . . 1 1 1 1 1 1 1 1 5 5 5 5 5 5 5 5 , , , , , , , , 1 1 1 1 1 1 1 1 9 9 9 9 9 9 9 9 6 6 6 6 6 6 6 6 3 6 2 4 3 7 5 4 - - - - - - - 7 6 6 6 6 7 7 1 7 9 8 0 9 2 . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 1 1 1 1 1 % % y / / / / 4 2 2 2 2 2 2 2 4 6 2 3 3 1 , , , , , , , , 1 7 7 8 7 8 9 85 4 1 2 0 5 2 5 6 8 4 3 7 5 2 3 Jan. 30, 1958 699 Feb. 15, 1959 1% 5,102 Mar. 15, 1957-593. .2% 927 Sept. 15, 1967-72... 21/2 2,716 Feb. 6,1958 700 Apr. 1,1959 IV2 119 June 15, 1958 2% 4,245 Dec. 15, 1967-72... 21/2 3,761 Feb. 13, 1958 1700 Oct. 1,1959 11/2 99 June 15, 1958-634..224 919 Oct. 1,1969 4 657 F F e e b b . . 2 2 0 7 , , 1 1 9 9 5 5 8 8 1 1 , , 8 80 0 1 0 A M p a r y . 1 1 5 , , 1 1 9 9 6 6 0 0 V iy fy 2 . 2,4 1 0 9 6 8 D Ju e n c e . 1 1 5 5 , , 1 1 9 9 5 5 8 9 -62...2 2 ! i/ 4 2 2 5 , , 3 2 6 6 8 9 J F u e n b e . 1 1 5 5 , , 1 1 9 9 9 7 5 8 -83...3V4 3 2 1 , , 7 60 4 5 3 A M p a r r . . 2 1 4 5 , , 1 1 9 9 5 5 8 8 3 1 , , 0 75 0 1 2 A Oc p t r . . 1 1 , , 1 1 9 9 6 6 1 0 l i i y / 2 2 2 1 7 4 8 4 D N e o c v . . 1 1 5 5 , , 1 1 9 9 6 5 0 9 -62... 2 2 * % 4 3 3 , , 4 8 5 0 8 6 Panama Canal Loan.... 3 50 Aug. 1,1961 4 2,609 Dec. 15, 1960-65 4.. 2^4 1,485 Certificates Oct. 1,1961 11/2 332 Sept. 15, 1961 2% 2,239 Convertible bonds Dec. 1,1957 3% 9,971 Feb. 15, 1962 35/8 647 Nov. 15,1961 2V2 11,177 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 r ie 8 s 0 B ... 234 9,609 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. interest payment dates. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n i n b d - l s e Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 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 Aug. 31 170,261 28,155 34,077 17;149 80,828 10,052 160,209 72,749 41,982 14,731 30,747 Sept. 30 171,669 26,658 35,010 19,317 80,823 9,861 161,808 72,185 44,150 14,731 30,742 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 1,138 1,210 295 2,848 Aug. 31 8,899 89 670 1,403 3,710 3,026 5,873 1,190 1,530 301 2,852 Sept. 30 9,050 147 699 1,502 3,698 3,003 6,047 1,267 1,626 302 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 1,41*5 1957—June 30 23,035 287 11,367 8,579 2,802 23,035 20,246 681 750 1,358 Aug. 31 23,539 801 19,936 2,802 23,539 20,750 681 750 1,358 Sept. 30 23,312 577 19,934 2,802 23,312 20,523 681 750 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 Aug. 31 49,315 4,085 3,768 7,720 33,600 142 49,172 11,917 24,472 8,590 4,193 Sept. 30 50,848 3,892 4,263 9,132 33,419 142 50,706 12,189 25,725 8,579 4,213 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 Aug. 31 7,425 223 175 367 5,567 1,093 6,331 589 ,134 596 4;on Sept. 30 7,426 225 181 433 5,521 1,066 6,360 593 ,182 595 3,991 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 Aug. 31 10,972 443 223 601 7,254 2,451 8,521 1,050 ,804 1,030 4,636 Sept. 30 10,952 421 232 635 7,249 2,414 8,538 1,031 ,848 1,032 4,626 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 Aug. 31 70,112 22,514 9,305 7,058 27,896 3,339 66,773 37,253 12,361 3,464 13,695 Sept. 30 70,081 21,396 9,700 7,615 28,134 3,236 66,845 36,582 13,087 3,473 13,703 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

1394 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross 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 New capital 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 i t l - - e Others Total Total o P f l f i u e c r l b y e - d p v l P a a t r c e i e - ly d f s e P t r o r r c e 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 u e n u s l r e s e - - - s m b d e ti t a e o e r c n b f e . n » k t - t , m s ri e o t e c i f e n u s t - 1939... 5,687 ?,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1 69*? 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 ? 4<H 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 3?6 838 1,212 7 120 6 531 226 363 486 1952... 26,929 P ,577 459 4,121 237 9,534 7,601 3,645 3 957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,301 10,384 9,663 721 364 1956—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 ?7? 45 627 1,089 1,048 41 21 Dec 1,955 390 427 23 1,114 915 401 514 16 183 1,088 1,049 39 11 1957—Jan 2,432 496 72 685 84 1,094 916 641 276 34 144 1,063 1,026 38 11 Feb.. 2 123 386 569 53 1,116 761 514 ?48 26 329 1 071 927 144 22 Mar 3,248 1,327 503 32 1,386 1,072 643 4?9 38 276 1,344 1,271 73 21 Apr 2 362 390 125 763 128 956 647 385 ?6? 46 264 924 864 61 13 Mav. . .. 1,785 394 539 51 802 691 437 ?54 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 10 937 830 540 290 31 76 914 905 9 9 Sept '3.980 2,263 215 r437 37 1,028 913 587 327 19 96 973 949 24 40 Oct 2.580 894 639 8 1,039 872 608 264 68 100 1,014 976 38 12 Proposed uses of netproceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l 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- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952.. 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1,536 24 1954... 2 044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1,384 21 1,815 17 1956—Oct 314 7 31 4 37 227 68 68 Nov. 147 19 110 2 45 153 596 1 37 Dec 526 5 33 3 148 157 73 1 151 1 1957_jan.. 381 8 42 1 101 247 105 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 4 65 351 5 47 93 May. 135 4 55 3 80 348 8 82 ^ * 72 (9) June 626 21 29 1 51 8 436 137 (9) 210 July. 234 5 71 10 45 244 54 343 Aug 242 50 6 30 (9) 251 (9) 126 1 215 Sent 331 4 36 5 52 418 65 47 30 Oct. 126 4 57 2 12 6 302 363 154 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 1395 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1951 1952 1953 1954 1955 1956 1 2 3 4 1 :2 3 Manufacturing Total (200 corps.): Sales 5? 940 54,51763,34358,11069,876 71, 901 8 131 18 457 16 119 19 193 19,754 M9 4?4 17 994 Profits before taxes 8 869 7 308 8,375 7 ?44 10 ?50 9,?53 9 603 9 509 1 700 9 441 751 rl 575 9 053 Profits after taxes . 3 548 3, 19? 3 649 3,8? 5 5,?31 4,84? 1 30? 1 305 914 1 371 4?0 n 339 1 107 Nond D u i r v a i b d l e e n d g s oods industries (94 corps.):1 ? 075 ?,073 ?; 154 ?,384 ?J8?7 ?,97? 703 706 7?3 841 75? 757 757 S P P a r r o o le f f s i i t t s s b af e t f e o r r e t a . t x a e x s es 8 1 9 4 5 1 4 3 6 7 3 1 ? 9 1 J J , ? 8 3 6 5 9 6 3 2 ?0 3 1 , , 6 0 5 9 ? 2 8 4 6 90 ? 1 , 6 7 5 5 ? 8 0 3 1 73 3 1 , , , 4 9 1 1 1 0 3 6 8 ?4 3 1, 7 4 9 6 6 8 8 ? 5 6 0 9 5 7 0 0 9 7 3 6 4 8 1 9 7 3 6 5 1 6 0 4 8 8 6 0 4 6 8 6 4 8 5 6 7 2 4 7 6 6,6 9 5 4 0 3 1 4 7 r6 r8 5 5 7 0 1 3 3 0 6 4 8 5 8 9 4 9 7 4 Dura D bl i e v id g e o n o d d s s industries (106 corps.):2 9?5 946 97? 1064 11 ?0? 1?49 ?90 9Q5 305 359 315 318 319 Sales 34 0?4 35 ?51 4? 649 37 49046 770 47 139 P 059 P ^97 10 036 19 730 13,150 M?,914 11 479 Profits before taxes 5 4?? 4 455 5,346 4 491 6 836 5 784 1 696 1 633 899 1 564 1,810 ri ,70? 1 909 Profits after taxes 2 015 1 800 2 123 2 244 3 313 2 857 799 815 448 794 883 '836 620 Dividends . .. 1 149 1 1?7 1 18? 1 3?0 16? 5 1 7?4 413 411 418 489 437 439 438 Selected industries: Foods and kindred products (28 corps.): Sales 4 909 5 04? 5 411 5 476 5 833 6 300 1 530 I *f.q 1,561 1 640 1,618 n 64? 1663 Profits before taxes . 473 453 465 46? 499 561 1?6 149 141 145 133 154 158 Profits after taxes ??7 ?03 ?1? ??4 ?44 ?75 58 71 71 74 63 75 77 Dividends 159 154 154 156 160 166 37 38 41 50 39 40 41 Chemicals and allied products (26 corps.): Sales 5 882 5 965 6 373 6 182 7 222 7 726 1 879 1,957 1,889 2,001 2,045 '2,047 2 065 Profits before taxes 490 1 ?59 1 308 1 153 1 535 1 500 388 380 34? 389 395 '394 397 Profits after taxes 5?1 486 590 593 78? 776 196 195 178 ?07 197 '?0? ?01 Dividends 381 396 417 499 597 602 138 141 143 181 150 152 150 Petroleum refining (14 corps.): Sales 078 5 411 5 883 6 015 6 556 7 185 1764 1,74? 1,770 1909 ? 048 941 1 9?0 Profits before taxes 911 7?8 841 751 854 916 ?48 9?1 ?I8 ?96 ?9R r?19 193 Profits after taxes 560 524 603 567 624 688 177 163 163 184 220 172 161 Dividends 76? ?83 ?90 ?94 317 346 8? 89 89 91 91 91 95 Primary metals and products (39 corps.): Sales 1? 507 11 564 13 750 11 5?? 14 95? 16 06? 4 ?09 4,415 3,098 4 340 4 ?7? r4 ?70 3 830 Profits before taxes . . ? 098 1 141 811 1 351 ? 371 ? 366 690 71? ?67 697 678 65? 515 Profits after taxes 778 564 790 705 1 195 1 ?33 346 363 145 378 34<i 3?7 ?67 Dividends 38? 369 377 401 5?? 606 141 137 140 188 157 157 158 Machinery (27 corps.): Sales 6 168 7 077 8 005 7 745 8 477 9 798 9,167 9 463 ?,4?? 9,746 ? 6?4 n 750 9,669 Profits before taxes 1 000 971 1 011 914 91? 943 ?00 ?67 ?33 ?43 ?96 >3O5 ?73 Profits af*er taxes 365 375 40? 465 465 460 76 139 1?5 190 14? r148 136 Dividends . . . 19? 199 937 ?63 ?81 3?1 78 78 79 87 79 81 8? Automobiles and equipment (15 corps.): Sales . . 1? 707 13 038 16 611 14 13718 8?6 16 336 4,578 4,195 3,347 4,?15 4 993 4,5?? 3,689 Profits before taxes 1 950 198? ? 078 1 789 3 0?3 1 940 689 509 ?7? 470 713 603 ?93 Profits after taxes 717 709 758 863 1 394 898 M0 949 118 ?14 337 ?9? 15? Dividends 486 469 469 536 693 656 16? 164 164 166 167 166 164 Public Utility Railroad: Operating revenue 10 391 10 581 10 664 9 371 10 106 10 551 ?,535 9,704 ? 590 ?,7?9 ? 575 ?,660 ?,676 Profits before taxes ... 1 ?60 1438 1436 908 1 341 ?67 ?5? 343 ?98 375 ?47 ?64 ?86 Profits after taxes 693 825 903 682 927 874 163 237 208 266 161 182 191 Dividends 3?8 338 41? 379 448 445 110 116 70 148 1?4 111 83 Elect O ri p c e p ra o t w in e g r : revenue 6 058 6 549 7 136 7 588 8 360 9 059 ?,398 ? 185 ?,175 ? 30? 2 549 n ,318 ?,344 Profits before taxes 1 489 1 740 1 895 ? 049 ? 304 ?,457 710 599 568 586 731 596 600 Profits after taxes 814 947 030 134 1 944 1 3?9 374 3?1 30? 331 3?7 3?6 Dividends 651 7? 5 780 868 94? t,013 ?47 ?56 ?48 ?6? ?69 ?70 ?65 Telephone: Operating revenue 3,729 4,136 4,525 4,902 5 423 5,966 1,439 1,480 1,495 1,552 1560 1,611 1,623 Profits before taxes 691 787 9?5 1,050 1,98? 1,430 339 35? 159 380 387 388 387 Profits after taxes 341 384 459 595 638 715 169 176 180 190 195 195 195 Dividends . . 318 355 412 448 496 552 132 136 137 147 148 150 155 r Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows : estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1396 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. la billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Year or Profits In- Profits Cash Undis- Year or quarter t b a e x f e o s re t c a o x m es e t a a f x te e r s d d e i n v d i- s t p ri r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1949... 26.2 10.4 15.8 7.5 8.3 1950... 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,865 292 1,572 1951... 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952... 35.9 19.8 16.1 9.0 7.1 1951 9 048 2 772 6 277 5,682 2,105 3,577 3,366 667 2 700 1953... 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954... 33.5 17.4 16.0 9.9 6.1 1953 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955... 42.5 21.5 21.0 11.0 9.9 1954 11,694 5 629 6 065 7,832 4,033 3 799 3,862 1 596 2 265 1956... 43.0 22.0 21.0 11.9 9.2 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1956 13,007 4,519 8,488 7,937 2,768 5,170 5,070 1,751 3,319 1955_4 46.1 23.4 22.7 12.0 10.7 1956—3 3,336 991 2,345 2,182 650 1,531 1,154 340 814 1956—1 43.3 22.1 21.2 11.7 9.5 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 2 42.4 21.6 20.7 12.0 8.7 3 40.8 20.8 19.9 12.1 7.8 1957_1 3,666 783 2,884 "2,377 553 1,824 1,289 230 1,059 4 45.6 23.3 22.3 11.5 10.8 2 3,739 867 2,873 2,367 626 1,741 1,373 241 1 132 3 3,474 802 2,672 2,554 554 2,000 920 248 672 1957—1 43.9 22.4 21.5 12.4 9.1 2 42.0 21.4 20.5 12.5 8.0 c Corrected. 1 Reflects cash transactions only. As contrasted with data shown on p. 1394, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 1394. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and a#cts. Notes and accts. Federal or quarter w c o ap rk it i a n l g Total Cash s G U ec o . u S v r . t i . - receivable I t n o v ri e e n s - Other Total payable in l c t ia a o - x me 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 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20 7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21 5 2 6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 91.8 194.6 33.4 19.2 2.4 71.2 65.3 3.1 102.8 2.4 61.4 15.5 23.5 1955 98.9 214.6 34.0 23.3 2.3 81.6 70.0 3.5 115.7 2.3 69.9 18.4 25.1 1956—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 3 107.7 228.9 33.2 16.1 2.4 92.9 80.0 4.2 121.2 2.6 75.2 13.8 29.6 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n g u u r- - M in i g n- T R r r o a a a i n d l s - port O at t i h o e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t r o i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 1949 19.3 7.1 .8 1.4 .9 3.1 1.3 4.7 1956—3 8.9 4.1 .7 .3 2.7 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 4 9.8 4.8 .8 .5 2.8 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1952 26.5 11.6 1,0 1.4 1.5 3.9 1.5 5.6 1957—1 8.3 3.8 .7 .2 2.6 1953. 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 2 9.6 4.5 .8 2.7 1954 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 3r 9.4 4.3 .8 \l 2.5 1955 28.7 11.4 1.0 .9 1,6 4.3 2.0 7.5 44'.... 9.8 4.7 .8 I 8 2.5 1956 35.1 15.0 1.2 1.2 1,7 4.9 2.7 8.4 19574*- 37.0 16.0 1.3 1.4 1.8 6.3 10 1958—H 8.2 3.7 .7 1.4 2.3 r Revised. 3 Includes communications and other 1 Corporate and noncorporate business, excluding agriculture. 4 Anticipated by business. 2 Includes trade, service, finance, and construction. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1397 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 End of year holders - to 4-family houses commercial propertiesJ or quarter h A e o r l l s d l - t F u i i n c t n i i s a o a t l i n n - s - S F e a e c l g d e i e e e c n r s t a e - l d v o I i t a d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a t l i n n - s - O ho e th r l s d e - r Total t F u i i n c t n i i s o a a ti l n n - s - O h e o t r h l s d e - r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - ho O l t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11 2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945,... 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3.5 1950. 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14,0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952... 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14 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.» 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 tbe 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1949 11 644 8 676 2,060 909 6,705 5,569 1,099 37 1950. 13,664 10 431 2.264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 ,004 9,916 8,595 2,567 i,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 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 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1956—Mar 21,450 16 180 4 610 3,770 7 800 3,950 1,320 18,045 16,123 4,210 6,155 5,758 1,860 62 June 21,990 16,500 4,668 3,837 7,995 4,137 1,353 18,610 16,644 4,274 6,506 5,864 1,898 68 Sept 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 Mar 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 June 22,760 16,890 4,730 3,720 8,440 4,500 1,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept v 23,105 17,070 4,760 3,660 8,650 4,660 I 375 20,812 18,697 4,550 7,677 6,470 2,058 57 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

1398 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- Va- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950. ... 4,894 4 532 1,486 938 2,108 362 16,102 14,775 4,573 2 026 8 176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3 925 817 455 2,653 420 23,322 21,436 6,012 3 560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6 201 842 1,652 3,707 514 32,989 30,508 6,627 7 304 16 577 2,481 1956—Oct . . 557 527 69 136 322 30 32,399 29,938 6,632 7 131 16 175 2 461 Nov 562 529 60 120 349 33 32,709 30,243 6,649 7,214 16,380 2,466 Dec 554 517 55 133 329 37 33,017 30,546 6,654 7,318 16,574 2,471 1957 Jan 553 512 51 141 320 41 33,279 30,810 6,658 7,420 16,732 2,469 Feb.. 402 356 43 98 215 46 33,479 31,001 6,671 7 493 16 837 2,478 Mar 429 376 43 73 260 53 33,672 31,179 6,666 7,556 16,957 2,493 Apr 454 419 49 93 277 35 33,840 31,334 6,671 7,603 17,060 2,506 May. 426 391 44 94 253 35 34,022 31,498 6,673 7 656 17 169 2,524 June 367 338 48 53 237 29 34,159 31,620 6,670 7,677 17,273 2,539 July 432 404 53 64 287 28 34,356 31,794 6,671 7,702 17,421 2,562 Aue.... . .. 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 Oct 435 404 67 51 286 31 34,859 32,274 6,706 7,753 17,815 2,585 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 By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s l o y - 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 a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed ! ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941... 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1949 11,828 3,646 1,046 2,446 750 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 1,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951... 16,405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955... 28,484 10,452 1,932 5,617 1,858 1956 27,088 9,532 1,799 5,458 1,824 1956 1956 Oct. 922 323 422 35,223 1,477 6,553 27,193 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 1,488 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 6,77r4 28,681 Mar 2,011 1,937 744 115 334 99 May 968 360 412 37,421 1,520 6,833 29,068 Apr 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 1,560 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 Oct 980 341 443 39,532 1,591 6,946 30,995 Sept 2,032 2,026 796 124 354 121 Oct 2,226 855 132 395 131 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Excludes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 1399 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 P e r c o t j - - P e r r o ty p- mortgages G un o d v e e r r w nm rit e te n n t- Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- 1 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 e o i w e p s - p i e s E r r t t o i x i n e p - g s - y q E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1949 3,826 1,319 892 1,021 594 1,426 793 628 1950 4,343 1,637 856 1,157 694 3,072 1,865 1,202 1945 18.6 4 3 4 1 2 14 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37.6 15 0 6 9 8 1 v> 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1950 45.2 18.9 8.6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28 ft 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 195? 58.5 25.4 10 8 14 6 33 t 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1954 75.7 32.1 12.8 19.3 43.6 1956— N O o c v t. . . 2 3 7 4 9 1 9 8 6 9 1 1 3 2 4 4 2 4 6 8 6 6 2 4 5 6 0 2 1 3 3 3 1 1 5 1 1 6 4 9 6 1 1 9 9 5 5 5 6 9oo9 .02 4 3 3 8 . 9 9 1 1 5 4 . 5 3 2 2 4 8 6 4 4 55 9 t Dec. 249 76 98 27 48 472 321 150 1956—Mar 90.8 40.2 14.7 25.5 50.6 1957—Jan.. 300 87 107 29 77 555 393 162 June 93.6 41.3 15.0 26.3 52.3 Feb.. 266 74 85 50 56 431 316 113 Sept 96.5 42.5 15.2 27.3 54.0 Mar. 317 75 86 96 60 380 285 94 Dec 99.0 43.9 15.5 28 4 55 1 Apr. 264 68 90 41 66 350 271 78 May, 292 60 94 80 58 286 218 68 1957—Mar.*.... 100.9 45.1 15.7 29.4 55.8 June, 247 60 104 18 65 276 213 62 June* 103.2 45.9 15.9 30.0 57.3 July. 333 67 124 76 65 268 206 62 Sept.* 105.4 46.5 16.1 30.4 58.9 Aug. 340 63 122 67 88 251 193 58 Sept. 273 57 116 14 85 295 228 66 Oct.. 422 87 145 79 111 280 229 50 v Preliminary. NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. 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 [Tn millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgsige holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total i• s ^ u in H 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 t o e n r g m - 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 Nov 2 953 957 1 996 129 317 1956—Nov. 59 54 1,153 756 397 Dec . . 3,047 978 2 069 109 360 Dec, 121 47 1,228 798 430 1957 Jan 3,182 ,009 2,173 147 411 1957—Jan.. 77 267 1,038 660 378 Feb 3,295 1,026 2,269 129 436 Feb.. 30 91 976 601 375 Mar 3,409 ,053 2,356 127 483 Mar. 68 83 961 563 398 Apr . 3 491 ,074 2 417 95 493 Apr. 73 62 971 544 427 May 3,551 1,087 2,464 75 1 518 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 AUR 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 ,170 2 679 79 726 Oct.. 83 70 1,131 686 445 Nov 3,909 1,197 2,712 75 717 Nov. 74 62 1,143 689 454 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

1400 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e a z p m a n a t s o i i 2 r o 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 s e 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 1955r 38,670 28 958 13,472 7,634 689 6 163 9,712 3 002 4,579 2,131 1956r 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4,735 2,282 1956 Oct.r 40,332 30,985 14,498 7,872 ,865 6,750 9,347 3,169 3,920 2,258 Nov r 40,831 31,240 14,469 8,066 ,890 6,815 9,591 3,258 4,072 2,261 Dec r 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4,735 2,282 1957 Jan r 41,138 31,568 14,410 8,305 1,872 6,981 9,570 3,199 4,111 2,260 Feb r 40,738 31,488 14,432 8,160 ,859 7 037 9,250 3,273 3,690 2,287 Mar.r 40,735 31,524 14,528 8,043 1,856 7,097 9,211 3,370 3,534 2,307 Apr r ... 41,247 31,786 14,691 8,017 1,862 7,216 9,461 3,374 3,735 2,352 M^yr 41 937 32,158 14,883 8 081 1,886 7 308 9 779 3,582 3,834 2,363 June r 42,491 32,608 15,127 8,165 [,905 7,411 9,883 3,530 3,948 2,405 July r 42,592 32,968 15,329 8,189 1,921 7,529 9,624 3,406 3,810 2,408 Au£ r 43,133 33,303 15,490 8 229 I 954 7,630 9,830 3 458 3,957 2,415 Sept.r 43,270 33,415 15,556 8,228 1,969 7,662 9,855 3,493 3,942 2,420 Oct r 43,274 33,504 15,579 8,236 I 988 7,701 9,770 3,405 3,991 2,374 r Figures beginning with 1955 have been revised. Monthly figures for tions; holdings of retail outlets are included in other consumer goods 1955 and 1956 and a note describing the revision are shown on pp. 1420- paper. 142 1 2 R o e f p r th es is e n B t U s L a L l E l T c I o N n . sumer instalment credit extended for the purpose an N d O a T g E e . n — er M al o n d t e h s l c y r i f p ig ti u o r n e s o f f o t r h e t h s e e r p ie e s r io a d re D sh e o c w em n b o e n r p 19 p 3 . 9 3 3 t 6 h ^ ro 35 u 4 g h o f 1 9 th 4 e 7 of purchasing automobiles and other consumer goods, whether held by BULLETIN for April 1953. Revised monthly figures for the period January retail outlets or financial institutions. Includes credit on purchases by 1948-December 1954, together with a description of the revision, are individuals of automobiles or other consumer goods that may be used shown on pp. 1031-1042 of the BULLETIN for October 1956. A detailed in part for business. description of the methods used to derive the estimates may be obtained 2 Represents repair and modernization loans held by financial institu- from 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 a n i l t t - Total m b C e a o r n c m k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t f s i C c n u o a o m m n n e c - - r e Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H a h a o p n o u p c l s l d e i e - - d m A ea o u l b t e o i r l - s e 3 Other panies i stores 1939 4 503 3 065 1 079 1,197 132 657 1 438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1949 . . .. 11,590 9,257 4,439 2,944 438 1,436 2,333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1,070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4 118 1 242 984 377 463 1 052 1955^ 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 1,044 365 487 1,101 1956r 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 1,269 1956 Oct r 30,985 26,654 11,608 8,973 1,962 2,947 ,164 4,331 1,270 1,106 365 507 1,083 Nov r 31,240 26,877 11,648 9,075 1,986 2,969 ,199 4,363 1,231 1,136 371 504 1,121 Dec r 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 1,269 1957 Jan r . . . 31,568 26,974 11,638 9,077 2,011 3,048 ,200 4 594 1 387 1 139 364 499 1 205 Feb.r 31,488 27,008 11,662 9,035 2,039 3,058 1,214 4,480 1 351 1 115 362 499 1 153 Mar r 31,524 27,148 11,736 9,048 2,076 3,063 ,225 4,376 1,304 1,090 356 501 1,125 Apr r . 31,786 27,544 11,981 9,104 2,127 3,105 1,227 4,242 1,176 1,075 354 505 1,132 May r 32,158 27,864 12,143 9,176 2,167 3,123 1,255 4,294 1 229 1 077 355 510 1 123 June r 32,608 28,263 12,323 9,300 2,227 3,155 1,258 4,345 1,249 1,077 359 518 1,142 Julyr . . 32,968 28,726 12,508 9,476 2,284 3,209 [,249 4,242 1,144 1,072 361 525 1,140 Aug.r 33,303 29,014 12,607 9,565 2,344 3,234 I 264 4 289 1 161 1 083 360 530 1 155 Sept.r 33,415 29,128 12,656 9,598 2,377 3,231 1,266 4,287 1 167 1 077 363 533 1147 Oct.r 33,504 29,241 12,749 9,585 2,415 3,229 1,263 4,263 1,134 1,080 365 533 1,151 r Revised. See note to table above. 2 Includes mail-order houses. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1401 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r 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 e R m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i t l l t - m A pa o u p b t e o il r - e s g p O c u o a t o m p o h n d e e e - r r s r m i R z l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l 1939... 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1 797 1 363 167 201 66 1941 1 726 447 338 309 161 471 1945 300 164 24 58 54 1945. 745 66 143 114 110 312 1949 2,944 2 265 447 90 142 1949 4 439 849 946 1,016 715 913 1950. 3 711 2 956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3 654 2 863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4 711 3 630 680 60 341 1952 7,524 1,633 1,629 1,751 1.137 1,374 1953 5,927 4,688 816 46 377 1953 8 998 2,215 1,867 2,078 ,317 1,512 1954 6 144 4 870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8 443 6 919 034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 ,227 23 567 1956r 11 707 3,651 2,075 2,394 ,469 2,118 1956—Oct 8,973 7,333 ,083 24 533 1956—Oct.r 11,608 3,636 2,096 2,328 ,452 2,096 Nov. 9 075 7 305 202 24 544 Nov.r 11,648 3,640 2,082 2,363 ,466 2,097 Dec 9,100 7 283 227 23 567 Dec r 11,707 3,651 2,075 2,394 1,469 2,118 1957—Jan.5" 11,638 3,653 2,092 2,313 ,452 2,128 1957__ F ja e n b 9 9 0 0 7 3 7 5 7 7 2 1 2 9 2 0 2 2 6 4 1 7 2 2 3 3 5 5 7 7 1 5 Feb r . . .. 11 662 3,680 2,109 2,295 1,438 2,140 Mar 9 048 7 190 255 22 581 Mar. r 11,736 3,723 2,149 2,280 1,432 2,152 Apr... 9 104 7 212 279 22 591 Apr.r 11,981 3,789 2,200 2,363 1,436 2,193 May 9,176 7 272 285 22 597 May r 12 143 3,851 2,246 2,368 1,450 2,228 June 9 300 7 376 296 22 606 Juner 12,323 3,921 2,282 2,395 1,466 2,259 July 9 476 7 466 369 22 619 July r 12 508 3,976 2,310 2,456 1,480 2,286 Aug 9 565 7 532 I 384 22 627 Aug.r 12,607 4,026 2,330 2,434 1,503 2,314 Sept... . 9'598 7 ^57 389 22 630 Sept.r 12,656 4,050 2,334 2,437 [,514 2,321 Oct 9 585 7 537 390 23 635 Oct.' 12,749 4,082 2,334 2,471 1,531 2,331 r Revised. See note to table below. INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti n d e a o r s 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 a n a i - l t l t - C m c m ( o s i e a m i e r n l n - - g t le l - o p O a a n t y h s - ) er p m D a e a e r n c t ( - - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores1 1939 789 81 24 15 669 1941 . .. 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1949 1,874 259 146 93 1,376 1 1 9 94 4 1 5 3 3 ,2 0 0 8 3 7 6 6 9 7 3 4 1 7 5 2 2 2 2 7 9 5 0 1 1 , , 3 3 7 2 0 2 5 8 9 4 7 5 1950 2,296 360 200 121 1,615 1951 2 699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 1,388 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1 1 9 9 5 5 3 4 4 4 ,5 0 1 3 0 8 5 5 3 3 8 9 3 3 7 7 0 5 2 2 4 8 7 2 2 3 , ,3 8 1 8 4 3 1 1 9 9 5 5 1 2 . .... 7 7 , , 3 9 2 9 3 8 1 1 , , 6 8 8 4 4 4 2 2 5 7 0 6 6 7 9 2 8 8 2 3 , , 9 2 0 8 7 3 1 1 , , 7 8 8 6 4 7 1 1 9 9 5 5 5 6 r r 5 6, , 2 4 7 0 7 6 7 94 6 8 1 5 64 3 8 7 4 3 0 2 3 6 4 3 , , 2 7 7 8 8 2 1 1 9 9 5 5 3 4 8 8 , , 2 7 3 2 8 4 2 1 , ,8 0 9 9 9 6 2 3 8 1 8 2 7 7 7 9 2 3 3 3, , 5 3 1 5 5 2 2 1 , ,9 0 2 0 7 8 1956 N Oc o t v . r r 6 6 , , 0 1 7 5 3 4 9 93 26 8 6 6 3 4 7 2 4 3 0 89 0 4 4 , , 1 1 2 7 1 4 1 1 9 9 5 5 5 6 r r 1 9 0 , , 7 2 1 7 2 0 2 2 , , 6 8 3 4 5 3 4 3 1 6 0 7 8 8 6 9 2 3 3 3 , , 7 8 1 4 7 2 2 2 , , 1 2 3 8 1 2 Dec r 6 277 948 648 403 4,278 1956—Oct.1" 9,347 2,785 384 610 3,310 2,258 1957— F J e a b n .r r 6 6 , , 2 3 5 1 9 1 9 9 4 5 4 4 6 6 3 3 6 7 3 3 9 9 7 8 4 4 , , 2 3 8 2 2 2 N De o c v . . r r 1 9 0 ,2 5 7 9 0 1 2 2 ,8 7 4 7 3 4 4 4 8 1 4 0 6 8 7 9 0 3 3 3 , , 4 8 0 4 2 2 2 2 ,2 2 8 6 2 1 A J J A M M O S u u e p u c n a a l p t r g y e r y t r . r . r r r r r r 6 6 6 6 6 6 6 6 , , , , , , 3 5 6 8 9 8 4 7 6 4 4 4 0 7 5 4 4 5 0 2 7 4 9 2 1 1 1 1 1 1 , , , , , , 0 0 0 0 0 0 9 9 0 3 5 7 8 9 6 8 4 0 2 2 2 3 5 5 6 6 6 6 6 6 6 0 3 3 4 4 4 4 5 4 3 8 4 7 7 8 2 5 4 4 4 4 4 4 4 4 0 2 0 1 3 1 1 3 2 4 4 9 7 9 3 4 4 4 4 4 4 4 4 4 , , , , , , , , 4 3 4 5 6 6 7 7 3 6 8 8 4 2 1 3 2 4 3 9 6 4 1 5 1957_J A J J F A M M u a u e u p l n a a y n b g r . * r y e r . . " r r r r r r . 9 9 9 9 9 9 9 9 , , , , , 2 4 5 7 6 2 8 8 1 6 7 7 2 5 8 3 1 1 0 9 4 0 3 0 2 2 2 2 2 2 3 3 , , , , , , 8 8 9 9 0 9 8 0 2 7 2 9 2 9 5 0 9 4 0 6 9 6 1 2 4 4 4 4 4 3 5 5 2 9 5 7 8 1 0 5 6 4 0 6 2 0 6 1 7 6 5 5 5 5 5 5 2 1 9 7 6 9 3 3 6 2 3 1 3 5 3 9 2 3 3 3 3 3 3 3 , , , , , , , , 1 2 9 3 0 3 2 4 4 4 6 8 7 6 7 2 3 1 8 8 9 9 7 2 2 2 2 2 2 2 2 2 , , , , , , , , 2 2 3 4 3 3 4 4 1 8 6 0 6 5 0 0 5 7 0 7 3 2 5 8 Sept r 9,855 3,023 470 588 3,354 2,420 r Revised figures for 1955 and 1956, together with a note describing Oct.r 9,770 3,022 383 612 3,379 2,374 the revision, are shown on pp. 1420-1422 of this BULLETIN. NOTE.—Institutions represented are consumer finance companies, credit r Revised. See note to opposite table. l u o n a i n o ns a , ss i o n c d i u a s t t i r o i n a s l , lo a a n n d co o m th p er a ni l e e s n , di m ng u tu i a n l st s it a u v t i i n o g n s s b h a o n l k d s i , n g s av c in o g n s s um an e d r 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1402 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Persona1 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 1955r 39 039 16,745 10,634 1,388 10,272 1956r 40,063 15,563 11,590 1,568 11,342 1956—Oct.' 3,379 3,451 1,298 1,293 996 1,077 137 155 948 926 Nov.' 3,512 3,449 1,353 1 2">7 1,047 1,110 133 138 979 974 Dec.' 3,451 3 824 1,334 1,200 1,003 1,359 123 115 991 1,150 1957 Jan ' 3,475 3 090 1,422 1,258 931 802 124 96 998 934 Feb.' 3,506 2,976 1,408 1,215 960 763 129 101 1,009 897 3 423 3 347 1,375 1 380 928 846 123 111 997 1,010 Apr.' 3,469 3,594 1,372 1,468 935 901 123 123 ,039 1,102 May' 3,533 3,748 1,364 1,513 993 1,016 135 147 1,041 1,072 June' 3,546 3,674 1,359 1,494 1,004 998 128 133 1,055 1,049 July' 3,598 3,837 1,385 1,563 995 995 130 143 1,088 1,136 Aug ' 3,590 3,704 1,357 1,467 1,025 1,022 137 150 1,071 1,0'5 Sept.' 3,544 3,388 1,395 1,364 970 927 127 138 1,052 959 Oct.' 3,541 3,545 1,439 1,404 909 976 126 141 1,067 1,024 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' 33 649 13 082 9 751 1 315 9 501 1956' 37 194 14 576 10,714 1,362 10 542 1956 Oct ' 3 171 3 307 1.260 1.342 909 938 117 122 885 905 Nov ' 3,191 3,194 1,238 1,256 935 916 109 113 909 909 Dec.' 3,241 3,237 1,251 1,210 953 915 111 110 926 1,002 1957 Jan r 3,295 3,349 ,314 1,307 943 1,007 117 119 921 916 Feb ' 3 257 3,056 1,284 1,193 933 908 121 114 919 841 Mar ' . . 3,256 3,311 1,272 1,284 936 963 113 114 935 950 Apr.r 3,284 3,332 1,295 1,305 908 927 117 117 964 983 May' 3,314 3,376 1,306 1,321 920 952 122 123 966 980 June'.. 3,339 3,224 1,289 1,250 952 914 120 114 978 946 July ' 3,383 3,477 1,318 1,361 964 971 125 127 976 1,018 3,342 3,369 1,276 1,306 977 982 117 117 972 964 Sept ' 3,420 3,276 1,319 1,298 990 928 124 123 987 927 Oct.' 3,358 3,456 ,317 1,381 946 968 118 122 977 985 Change in outstanding credit1 1949 +2 594 + 1,537 + 805 +45 +207 1950 + 3,113 f1,519 + 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' + 5,390 + 3,663 +883 +73 +771 1956' + 2,869 +987 + 876 +206 + 800 1956 Oct ' +208 + 144 + 38 -49 + 87 + 139 + 20 + 33 +63 +21 Nov r + 321 +255 + 115 -29 + 112 + 194 + 24 + 25 +70 +65 Dec ' +210 + 587 +83 -10 +50 +444 + 12 + 5 + 65 + 148 1957 Jan ' + 180 -259 + 108 -49 -12 -205 +7 -23 + 77 + 18 F M e a b r . ' ' + + 2 1 4 6 9 7 + -8 3 0 6 + + 1 1 0 2 3 4 + + 9 2 6 2 + - 2 8 7 - - 1 1 4 1 5 7 + + 1 8 0 -13 + + 9 6 0 2 + + 6 5 0 6 Apr ' + 185 +262 +77 + 163 + 27 -26 +6 +6 +75 + 119 + 219 + 372 + 58 + 192 +73 + 64 + 13 +24 +75 +92 June' +207 +450 +70 +244 + 52 + 84 + 8 + 19 +77 + 103 July' + 215 + 360 + 67 +202 + 31 +24 +5 + 16 + 112 + 118 Aug.r + 248 + 335 + 81 + 161 +48 +40 +20 + 33 +99 + 101 Sept ' + 124 + 112 +76 + 66 -20 -1 + 3 + 15 +65 + 32 Oct ' + 183 + 89 + 122 +23 -37 +8 +8 + 19 +90 + 39 r Revised. See note to table at top of p. 1400. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1 Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for the period January 1940-December 1954 incurred under the instalment contract. Renewals and refinancing of are 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1403 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 j U u 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 1955r 39,039 14,109 10,200 8,449 6,281 1956' 40,063 14,387 9,600 9,474 6,602 1956—Oct.' 3,379 3,451 1 .250 J.258 807 821 789 784 533 588 Nov.r 3,512 3,449 ,229 ,156 923 881 837 837 523 575 Dec.r 3,451 3,824 ,248 ,203 813 785 812 949 578 887 1957—Jan.lr 3,475 3,090 ,278 ,204 907 785 817 740 473 361 Feb.r 3,506 2,976 ,263 ,108 831 691 840 749 572 428 Mar.r . 3,423 3,347 ,209 ,212 853 821 835 843 526 471 Apr. ir 3,469 3,594 ,239 ,348 845 855 865 901 520 490 Mayr 3,533 3,748 ,249 ,362 831 886 875 904 578 596 Juner. 3,546 3,674 ,270 ,333 831 904 870 871 575 566 July*' 3,598 3,837 ,292 ,382 891 1,022 905 946 510 487 Aug.r 3,590 3,704 ,285 ,320 819 903 908 906 578 575 Sept.r 3,544 3,388 ,290 ,239 835 829 868 797 551 523 3,541 3,545 ,327 1,302 858 860 871 850 485 533 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 1955r 33,649 12,304 7,901 7,553 5,891 1956r 37,194 13,320 8,943 8,603 6,328 1956—Oct r 3,171 3,307 1,148 1.189 772 837 721 739 530 542 Nov.r 3,191 3,194 1,120 1,116 760 779 754 756 557 543 Dec r 3,241 3,237 1,168 1,144 769 760 758 826 546 507 1957 Jan lr 3,295 3,349 1,177 1,198 823 808 767 758 528 585 Feb r. 3,257 3,056 1,163 1,084 793 733 756 697 545 542 Mar.r 3,256 3,311 1,141 1,138 791 808 778 790 546 575 Apr ir 3,284 3,332 1,155 1,187 801 799 792 806 536 540 Mayr 3,314 3,376 1,170 1,200 817 814 804 818 523 544 June7" 3,339 3,224 1,196 1,153 805 780 799 776 539 515 Julylr 3,383 3,477 1,189 1,242 832 846 817 844 545 545 AUE r 3,342 3,369 1,197 1,221 796 814 817 806 532 528 SeDt.r.. . . . 3,420 3,276 1,230 1,190 808 796 815 765 567 525 Oct.lr 3,358 3,456 1,200 1,226 820 873 809 817 529 540 Change in outstanding credit2 1949. . .. +2,594 +910 +933 + 294 4457 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 1955r + 5 390 +1,805 + 2,299 +896 + 390 1956r + 2,869 + 1,106 + 657 + 871 + 235 1956—Oct r +208 + 144 + 102 + 69 + 35 -16 + 68 +45 43 +46 Nov.r +321 +255 + 109 +40 + 163 + 102 + 83 + 81 -34 +32 Dec r +210 + 587 + 80 + 59 +44 + 25 + 54 + 123 432 + 380 1957—Jan.*r + 180 -259 +26 -69 +84 -23 + 50 -18 420 -149 Feb r. + 249 -80 + 100 + 24 + 38 -42 + 84 + 52 427 -114 Mar.r + 167 + 36 +68 + 74 +62 + 13 +57 + 53 -20 -104 Apr.ir + 185 +262 + 168 +245 +44 + 56 +73 +95 -100 -134 Mayr + 219 +372 +79 + 162 + 14 + 72 +71 + 86 455 + 52 June r + 207 +450 +74 + 180 +26 + 124 +71 +95 436 451 +215 + 360 + 148 + 185 +59 + 176 + 88 + 102 -80 -103 AUR r + 248 + 335 + 88 +99 + 23 +89 +91 + 100 446 447 Sept.r + 124 + 112 +60 +49 +27 + 33 + 53 432 -16 2 Oct.lr + 183 + 89 + 144 +93 + 38 -13 + 62 433 -61 -24 r Revised. See note to table at top of p. 1400. A discussion of the composition and characteristics of the data and 1 Data on extensions and repayments for commercial banks and retail a description of the methods used to derive the estimates are shown outlets have been adjusted to avoid duplications resulting from large in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment transfers of other consumer goods paper. As a result, the differences credit extended and repaid are based on information from accounting between extensions and repayments for these institutions do not equal the records of retail outlets and financial institutions and often include charges changes in outstanding credit. incurred under the instalment contract. Renewals and refinancing of 2 Obtained by subtracting instalment credit repaid from instalment loans, repurchases and resales of instalment paper, and certain other transcredit extended, except as indicated in note 1. actions may increase the amount of both credit extended and credit NOTE.—Monthly figures for the period January 1940-December 1954 repaid without adding to the amount of credit outstanding. are shown on pp. 1043-1054 of the BULLETIN for October 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1404 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 p u hy st s r i i c a a l l jp v r o o lu d m uc e t ) io * n 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 Departor Y m e o ar nth Total Tot M al an r u D a f b a u l c - e ture N r s d a o b u n - le - M er i a n ls - Total R d t e e ia n s l i - - o A th l e l r N p m t a c e u l g o m u o e r r l n a n y i - - - l - t - pr E o M m d m u a p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - F i l n c r o e a g a i r d s g - * - ht v s ( m s a r a t e l l o e u e t n a r e s e i t * ) l 3 p s C r u i o m c n e e - s r 2 m p W c r s o i o a h c d l m o e e i s s l t - e 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 32 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 49 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 99 101.8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951. . 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110 4 106.3 136.6 95 114 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110 3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 143 144 159 129 129 268 271 266 118.6 106.7 161.4 97 135 116.2 114 3 1956 Oct .. . 146 151 147 163 131 131 248 230 260 119.7 107.3 108.9 169.0 96 131 117.7 115.6 Nov 146 147 147 165 129 130 242 197 272 119.9 107.4 108.3 168.2 97 139 117.8 115.9 Dec 147 144 149 167 130 130 n.a. n.a. 311 120.1 107.5 107.9 171.4 100 137 118.0 116.3 1957 Jan 146 145 147 164 131 131 n.a. n.a. 297 120.0 107.0 106.3 165.5 98 133 118.2 116.9 Feb 146 148 148 164 131 133 n.a. n.a. 323 120.2 106.4 106.0 165.0 96 136 118.7 117.0 Mar 145 148 147 162 131 133 n.a. n.a. 281 120.1 106.0 105.8 164.3 98 137 118.9 116.9 Apr 143 144 145 160 129 130 n a n.a. 286 120.2 105.9 104.8 161.5 91 131 119.3 117 2 May 143 143 145 159 130 130 n.a. n.a. 259 120.5 105.7 104.2 161.0 90 135 119.6 117.1 June 144 145 146 162 130 127 n.a. n.a. 267 120.6 105.3 104.7 163.8 90 138 120.2 117.4 July 144 135 146 161 130 127 n.a. n.a. 252 120.7 104.9 103.4 160.5 85 138 120.8 118.2 Aug 145 r145 147 162 131 M29 n.a. n.a. 246 120.8 104.4 105.3 164.7 92 144 121.0 118.4 Sept 144 145 146 159 132 129 n a n a 251 120.4 r103.3 r105.0 r164.7 87 136 121.1 118 0 Oct 141 145 142 154 130 127 n.a. n.a. n.a. 120.0 102.9 104.3 162.7 86 129 121.1 117.8 Nov *139 P141 P141 *>153 *>128 *124 n.a. n.a. n.a. P119.3z-101.7?102.6 '159.5 85 •136 ^118.0 e Estimated. p Preliminary. f Revised, Nonagricultural employment covers employees only and excludes personn.a. Not available. nel in the armed forces. The consumer price index is the revised series, * Average per working day. reflecting, beginning January 1953, the inclusion of some new series and 1 Three-month moving average, based on F. W. Dodge Corporation revised weights; prior to January 1953, indexes are based on the "interim data. A description of the index may be obtained from the Division of adjusted" and "old" indexes converted to the base 1947-49= 100. Research and Statistics. 3 These figures have been revised beginning with 1947. For a descrip- 2 The indexes of employment and payrolls, wholesale commodity prices, tion see pp. 1323-1352. and consumer prices are compiled by the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1405 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual average 1956 1957 Industry proportion 1955 1956 Oct Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 146 146 147 146 146 145 143 143 144 144 145 144 141 MANUFACTURES—TOTAL 90.02 140 144 147 147 149 147 148 147 145 145 146 146 147 146 142 Durable Manufactures—Total 45.17 155 159 163 165 167 164 164 162 160 159 162 161 162 159 154 Primary metals 6.70 140 138 147 146 145 144 143 137 134 132 132 132 136 131 127 Metal fabricating 28.52 165 772 775 180 755 750 750 779 775 775 777 777 777 174 759 Fabricated metal products 5.73 134 135 140 139 141 137 138 137 140 136 139 141 140 140 136 Machinery 13.68 155 171 175 175 177 173 172 172 166 168 171 173 173 170 162 Nonelectrical machinery 9.04 135 153 156 155 157 154 155 155 151 152 151 152 152 151 146 Electrical machinery 4.64 194 207 211 214 216 208 204 204 196 199 209 214 213 207 194 Transportation equipment 7.54 203 199 203 216 223 221 224 222 217 213 215 210 '209 205 201 Autos, trucks, and parts 4.80 153 125 121 137 143 139 140 135 126 124 127 123 127 123 120 Other transportation equipment 2.74 272 310 328 336 344 347 352 355 356 349 350 343 r333 '329 324 Instruments and related products 1.29 149 166 172 172 173 173 174 173 172 171 171 173 175 '174 170 Clay, glass, and lumber products 5.91 138 140 138 138 755 755 755 132 755 755 140 134 759 •"755 757 Stone, clay, and glass products 2.82 149 158 157 157 158 155 155 155 155 158 157 155 160 159 154 Lumber and products 3.09 127 123 120 119 117 114 113 111 113 115 125 114 120 114 110 Furniture and misc. manufactures 4.04 132 135 136 134 134 757 129 750 752 752 755 134 755 755 757 Furniture and fixtures 1.64 119 122 122 119 120 118 118 118 121 121 121 124 122 121 119 Miscellaneous manufactures 2.40 141 144 146 144 144 140 136 137 140 139 142 141 144 146 140 Nondurable Manufactures—Total.... 44.85 126 129 131 129 130 131 131 131 129 130 130 130 131 132 130 Textiles and apparel 11.87 109 108 111 105 106 104 105 105 104 105 106 104 105 r107 103 Textile mill products 6.32 107 104 105 103 103 100 101 101 99 98 100 97 99 101 97 Apparel and allied products 5.55 113 112 117 108 110 109 110 111 109 113 113 113 111 113 110 Rubber and leather products 3.20 122 117 777 114 775 122 124 725 775 775 775 777 725 '779 777 Rubber products 1.47 143 133 134 126 137 145 145 142 131 130 129 133 144 137 Leather and products 1.73 105 104 101 104 102 102 106 107 106 102 106 103 105 103 Paper and printing 8.93 137 145 148 147 147 148 147 147 147 148 148 146 149 H49 749 Paper and allied products 3.46 152 159 160 160 157 159 157 157 156 158 159 156 163 161 160 Printing and publishing 5.47 127 136 140 139 140 141 141 141 141 142 141 140 141 142 142 Newsprint consumption 1.85 128 132 133 132 133 135 132 132 128 132 132 129 129 131 130 Job printing and periodicals 3.62 127 138 144 142 144 145 146 145 147 147 146 146 146 147 149 Chemical and petroleum products 9.34 159 167 757 168 770 774 172 777 772 174 770 775 174 rl74 772 Chemicals and allied products 6.84 167 177 177 177 179 184 183 182 183 185 182 185 186 185 184 Industrial chemicals 2.54 184 196 196 195 199 205 205 202 204 206 198 205 204 '207 206 Petroleum and coal products 2.50 135 141 140 143 145 147 143 141 142 142 138 139 141 143 Foods, beverages, and tobacco 11.51 109 112 775 775 775 777 775 775 770 772 114 ni3 »775 772 Food and beverage manufactures 10.73 109 113 113 114 114 111 113 113 110 111 112 114 113 113 111 Food manufactures 8.49 109 113 114 113 113 111 113 113 111 111 112 115 113 113 111 Beverages 2.24 107 112 111 115 117 113 111 115 108 111 115 108 112 112 Tobacco manufactures .78 105 107 106 109 107 112 116 111 109 110 111 114 110 113 MINERALS—TOTAL 9.98 122 129 131 130 130 131 133 133 130 130 127 127 129 127 Mineral fuels 8.35 123 130 750 757 755 755 750 130 727 129 r129 127 Coal 2.68 80 85 85 87 80 82 87 92 87 82 86 83 84 82 80 Anthracite .36 48 55 56 57 57 57 52 48 49 49 60 37 54 47 44 Bituminous coal 2.32 85 90 90 91 84 86 93 99 93 88 90 90 89 88 85 Crude oil and natural gas 5.67 143 150 151 149 153 154 154 152 151 153 146 147 150 151 P150 Crude oil 4.12 131 137 138 137 141 142 144 144 139 141 136 134 134 136 133 Natural gas and gas liquids .70 177 191 192 191 189 196 198 198 202 204 194 P194 Metal, stone, and earth minerals 1.63 120 127 136 755 134 757 132 752 729 727 750 727 752 r131 725 Metal mining .82 110 114 132 128 127 120 122 121 118 113 119 112 118 r119 115 Stone and earth minerals .81 130 141 141 142 141 142 142 143 140 142 142 143 145 144 142 » Preliminary "Revised For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1406 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average- 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 151 147 144 145 148 148 144 143 145 135 145 145 145 MANUFACTURES—TOTAL 90.02 140 144 153 149 146 146 149 150 146 144 146 136 146 147 147 Durable Manufactures—Total 45.17 155 159 168 166 166 164 167 166 163 159 162 150 159 159 158 Primary metals 6.70 140 138 149 146 142 146 149 144 140 134 136 118 128 128 129 Ferrous metals 5.03 138 135 149 146 145 147 149 144 138 133 134 118 127 126 126 Pig iron and steel 3.51 144 142 160 158 157 159 159 154 148 143 141 130 135 136 135 Pig iron .37 134 131 148 147 149 148 149 147 144 141 139 136 137 139 132 Steel 3.05 146 143 162 159 158 160 160 154 147 142 140 128 134 134 134 Carbon steel 2.62 141 139 157 156 156 157 159 152 146 141 141 129 133 134 132 Alloy steel .43 171 167 191 181 170 178 167 163 151 149 136 123 137 132 143 Ferrous castings and forgings 1.52 124 119 123 118 118 118 124 122 115 109 119 90 106 iO5 106 Iron and steel castings 1.29 123 117 122 118 117 117 122 119 113 108 117 90 107 104 105 Steel forgings .23 133 126 127 120 121 126 133 137 124 116 126 89 103 110 107 Nonferrous metals 1.67 143 144 146 143 133 143 148 142 145 139 142 117 132 134 137 Primary nonferrous metals .38 153 164 170 169 170 170 167 166 175 171 167 157 160 153 156 Copper smelting .09 122 133 133 127 129 135 139 132 140 131 134 114 122 120 126 Copper refining .06 123 132 134 135 128 137 146 141 146 148 136 125 126 119 !28 Lead .04 103 115 122 116 120 113 118 116 129 115 110 104 107 116 115 Zinc .10 120 123 127 130 134 128 133 132 137 133 128 118 '115 110 112 Aluminum .09 261 280 293 295 292 289 259 267 283 285 280 279 282 263 263 Secondary nonferrous metals .13 123 118 124 116 108 116 125 120 118 110 108 86 106 113 Nonferrous shapes and castings 1.16 142 140 140 138 123 138 144 137 138 132 138 107 125 130 133 Copper mill shapes .63 114 115 111 116 98 111 121 105 113 107 114 72 105 108 111 Aluminum mill shapes .20 208 215 218 196 175 203 200 206 213 215 211 214 192 200 201 Nonferrous castings .33 156 146 149 146 141 150 156 157 141 131 140 109 125 131 Metal Fabricating 28.52 165 172 180 181 183 181 185 184 179 174 176 167 173 172 171 Fabricated metal products 5.73 134 135 145 138 139 136 138 138 140 136 139 134 141 144 141 Structural metal parts 2.68 136 141 150 149 152 148 149 149 148 149 152 149 152 155 154 Stampings and misc. metal products 2.12 130 125 130 132 134 130 130 129 126 124 124 118 121 122 124 Tin cans .30 142 151 186 100 105 113 116 127 190 122 149 163 205 195 146 Furnaces, gas ranges, and heaters .63 111 110 128 98 82 84 103 101 98 95 104 81 105 Machinery 13.68 155 171 182 178 178 175 177 177 169 166 168 158 166 168 Nonelectrical machinery 9.04 135 153 153 152 158 158 160 161 157 154 153 146 143 148 143 Farm and industrial machinery 8.13 130 147 149 150 155 153 154 154 152 149 148 143 141 '142 138 Farm machinery 1.02 91 86 73 77 82 86 89 92 90 87 85 82 79 82 81 Industrial and commercial machinery.. 7.11 135 156 160 160 165 163 164 163 161 158 157 152 149 151 146 Machine tools and presses .68 163 197 201 201 209 203 204 202 198 193 188 179 176 176 165 Laundry and refrigeration appliances .69 144 168 150 137 155 152 175 190 164 158 160 129 119 159 146 Electrical machinery 4.64 194 207 237 227 217 208 210 208 194 189 197 182 211 217 217 Electrical apparatus and parts 3.23 174 198 209 211 214 210 210 208 204 200 200 194 194 197 192 Radio and television sets .74 242 224 312 271 218 188 201 196 159 153 180 143 256 269 282 Transportation equipment 7.54 203 199 202 218 225 224 231 228 222 213 216 203 '206 190 195 Autos, trucks, and parts 4.80 153 125 121 139 144 141 148 142 135 127 130 114 123 '100 112 Autos 1.50 190 138 105 164 177 174 178 171 155 144 156 134 148 84 88 Trucks .66 115 112 103 102 101 98 113 109 120 113 119 103 103 84 93 Light trucks .22 114 92 92 100 92 97 110 105 107 100 108 94 95 67 93 Medium trucks .19 69 58 52 43 45 42 57 52 69 60 62 52 48 29 46 Heavy trucks .14 172 218 195 195 207 182 200 193 224 215 228 208 195 184 161 Truck trailers .07 183 167 146 133 121 134 156 162 154 148 156 109 146 136 Auto and truck parts 2.58 141 121 135 135 136 134 140 134 127 121 118 106 113 114 Other transportation equipment 2.74 272 310 325 336 348 351 356 359 356 345 347 340 '333 '329 321 Aircraft and parts 1.30 481 548 582 601 619 624 630 633 630 608 606 597 588 '574 564 Shipbuilding and repair .81 115 118 116 118 126 127 129 132 131 134 136 135 '128 '126 124 Railroad equipment .53 42 63 60 68 75 78 84 88 81 76 84 73 69 '83 74 Railroad cars 54 85 76 .35 30 52 64 73 77 86 98 86 81 88 71 84 Instruments and related products '174 172 1.29 149 173 174 175 173 174 174 174 171 171 168 172 Clay, Glass, and Lumber Products ... 140 141 5.91 138 146 138 129 125 131 132 135 137 144 127 143 Sto G n l e a , s s c l a a n y d , a p n o d tt e g r la y s s p r p o r d o u d c u t c s ts 2 1 . . 8 0 2 9 149 1 1 5 4 8 0 165 161 156 148 151 153 155 1 1 5 4 8 1 159 150 163 ' 1 1 4 6 1 2 1 1 6 4 2 4 Flat glass and vitreous products .60 134 164 149 147 143 143 145 144 141 159 139 132 142 '163 164 Flat and other glass .47 155 165 173 174 173 167 166 164 160 161 157 149 156 '167 170 Glass containers .26 156 132 177 177 177 171 168 166 163 137 160 151 159 138 143 Home glassware and pottery .23 126 87 147 135 114 127 134 138 132 97 144 137 154 90 91 91 86 92 96 98 102 100 100 85 78 •91 Cement .32 148 157 171 157 144 113 116 133 145 161 161 119 185 187 Structural clay products .35 127 137 142 136 126 120 120 121 129 130 133 134 137 '134 134 Brick .12 131 134 139 131 106 94 96 101 119 122 123 122 128 123 Clay firebrick, pipe, and tile .20 127 142 147 141 142 140 139 138 138 138 143 145 145 144 i43* Concrete and plaster products .48 180 194 199 192 187 173 177 181 185 194 200 198 201 '198 194 Misc. stone and earth manufactures .58 166 173 177 177 180 174 177 177 176 177 177 173 175 '175 174 'Revised For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1407 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 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 127 123 130 117 104 104 112 112 117 118 131 105 125 121 119 Lumber 2.05 112 107 111 101 91 89 98 100 100 99 no 88 106 103 98 .60 197 189 206 181 155 167 181 170 191 196 219 168 209 205 207 Millwork .39 144 121 no 103 82 90 105 102 107 110 146 101 144 132 124 Softwood plywood .12 284 301 332 310 277 295 306 282 330 339 339 277 314 327 344 Wood containers .29 90 91 93 88 90 88 86 86 87 88 88 83 83 83 82 Furniture and Misc. Manufacturing... 4.04 132 135 143 138 137 128 130 131 129 128 130 225 136 140 138 1.64 119 111 127 122 125 118 119 119 117 115 118 116 124 125 124 Household furniture 1.10 120 121 127 123 125 116 118 119 117 114 117 115 124 125 126 Fixtures and office furniture .54 115 122 127 122 126 121 121 121 118 118 119 118 123 124 120 Miscellaneous manufactures 2.40 141 144 154 150 145 136 137 139 137 137 139 131 144 150 148 Nondurable Manufactures—Total 44.85 126 129 137 132 125 128 131 133 128 129 130 122 133 135 136 Textiles and Apparel 11.87 109 108 114 106 100 106 112 115 104 106 104 89 107 105 104 Textile mill products 6.32 107 104 109 105 99 101 105 106 99 100 100 83 100 101 99 Cotton and synthetic fabrics 3.72 113 108 113 109 104 108 111 111 103 106 103 85 104 105 104 Cotton consumption 2.30 103 102 108 104 93 99 101 102 95 99 96 75 98 97 97 Synthetic fabrics .97 137 118 118 119 123 129 129 123 117 no no 109 111 119 118 Fabric finishing .45 100 98 105 90 99 87 102 no 87 107 100 62 91 91 82 Wool textiles .97 79 86 94 86 78 74 81 79 78 81 87 67 82 79 71 Wool apparel yarns .16 85 88 93 76 77 80 85 85 82 89 88 71 86 79 66 Wool fabrics .75 78 86 96 90 79 72 80 78 77 79 88 67 81 80 74 Knit goods 1.15 no 108 111 109 99 100 105 109 102 102 106 96 109 109 108 Hosiery .65 106 100 100 101 90 98 103 106 92 89 92 76 95 95 96 Full-fashioned hosiery .45 110 102 100 98 90 98 104 109 91 87 87 69 88 87 88 Seamless hosiery .20 99 96 101 107 90 97 101 97 93 95 103 90 111 113 118 .50 115 119 125 119 110 102 108 113 116 118 124 122 127 127 122 .48 Woven carpets .31 79 83 87 78 79 86 92 91 85 69 64 46 68 75 72 Apparel and allied products 5.55 113 112 118 108 101 113 119 126 110 112 109 96 115 110 109 Men's outerwear 1.78 111 no 116 98 96 119 111 113 99 no 102 72 108 97 96 Men's suits and coats .73 92 95 103 90 89 107 95 101 88 102 91 56 97 78 73 Men's suits .50 90 93 100 92 93 114 100 104 90 100 88 54 93 77 73 .13 77 78 91 57 53 51 50 63 60 85 78 46 90 65 51 Shirts and work clothing .99 123 118 124 101 98 126 121 120 104 113 108 80 113 109 111 Women's outerwear 1.85 116 112 117 107 89 108 130 148 119 115 .111 101 118 109 108 Women's suits and coats .76 134 128 146 128 101 131 157 169 102 96 127 130 148 133 134 Misc. apparel and allied mfrs 1.92 111 113 121 119 117 112 117 118 111 no 112 112 119 121 121 Rubber and Leather Products 3.20 122 117 123 113 112 123 130 130 119 114 117 101 123 r121 123 1.47 143 133 144 129 132 147 148 148 135 133 132 112 135 139 Tires and tubes .70 131 121 121 108 122 126 136 134 121 125 123 109 120 124 Auto tires .40 140 123 124 113 130 136 150 151 135 137 136 122 131 135 Truck and bus tires .30 120 119 117 101 110 111 117 111 103 108 105 91 105 110 Miscellaneous rubber products .77 154 144 165 147 141 166 159 161 147 140 141 114 150 153 Leather and products 1.73 105 104 104 100 95 102 115 115 106 98 105 92 112 105 Leather .44 92 91 90 90 85 89 99 95 89 88 97 74 r92 87 Cattlehide leathers .29 99 99 99 100 95 98 108 103 96 94 107 82 103 97 Skin leathers .15 79 76 74 70 65 72 82 81 76 75 77 58 72 69 .90 Miscellaneous leather products .39 99 97 101 97 95 90 96 96 90 87 92 92 100 98 Paper and Printing 8.93 137 145 154 151 143 144 747 151 150 149 148 136 147 '151 156 Paper and allied products 3.46 152 159 169 162 145 157 161 163 161 158 161 139 165 163 170 Wood pulp 1. . 7 5 6 1 1 1 4 6 9 9 1 17 5 9 7 1 18 6 5 2 1 1 5 8 9 3 1 1 4 6 2 0 1 1 8 5 2 8 1 1 8 6 1 0 1 18 5 1 9 1 1 5 8 9 2 1 18 5 2 7 1 17 5 5 5 1 1 5 3 2 2 1 1 8 5 1 7 1 17 5 2 3 1 18 6 6 3 Paper and board 1.25 140 148 152 149 135 149 151 150 150 147 147 124 147 146 153 .22 127 140 145 146 135 140 139 137 136 136 136 121 132 125 134 Fine paper .14 133 145 149 146 138 140 147 152 147 143 142 107 139 145 142 Coarse paper .20 129 136 135 138 123 139 139 131 131 125 123 102 127 124 136 Miscellaneous paper .18 158 170 183 174 159 184 189 186 192 182 184 160 175 171 184 Paperboard .41 149 155 159 155 139 154 155 158 155 157 154 128 158 160 167 Building paper and board .10 137 131 131 118 94 118 128 120 126 124 127 118 134 134 141 1.70 156 162 177 165 148 156 163 167 163 160 166 147 173 173 177 Shipping containers .51 155 159 172 161 144 148 156 163 155 155 160 141 172 170 168 Sanitary paper products .11 158 170 189 173 158 179 183 177 184 174 183 163 175 178 201 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1408 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 9 p 4 r 7 o- -49 A av n e n ra u g a e l 1956 1957 portion 1955 1956 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 145 144 142 136 139 144 143 142 140 134 136 144 147 Newsprint consumption 1.85 128 132 143 145 131 123 128 137 137 140 132 112 116 133 140 Job printing and periodicals 3.62 127 138 145 144 147 143 144 147 146 144 144 144 146 150 150 Chemical and Petroleum Products. 9.34 159 167 171 171 171 175 175 174 172 172 168 165 171 r174 176 Chemicals and allied products 6.84 167 177 182 181 181 184 186 186 184 184 179 174 181 185 189 Industrial chemicals 2.54 184 196 198 199 199 205 207 206 206 206 200 194 200 r205 208 Basic inorganic chemicals .57 180 189 191 191 193 198 208 206 210 209 197 189 196 203 209 Industrial organic chemicals 1.97 186 197 200 201 200 208 207 206 205 205 201 196 201 r206 208 Plastics materials .24 242 256 272 274 247 263 277 280 275 278 266 240 269 283 Synthetic rubber .11 213 236 227 222 242 243 238 242 219 245 225 209 241 252 274' Synthetic fibers .59 186 181 185 189 187 205 202 196 203 198 189 191 197 r203 208 Miscellaneous organic chemicals. 1.03 169 189 188 189 193 193 191 190 188 188 191 188 184 r184 182 Vegetable and animal oils. .64 124 132 159 157 143 147 152 134 121 116 109 107 113 120 150 Vegetable oils .48 117 124 161 154 139 143 143 129 113 103 94 95 100 110 148 Grease and tallow .16 145 158 151 167 157 159 181 150 146 155 154 142 153 151 159 Soap and allied products. .71 110 111 119 108 110 120 117 128 113 115 104 80 115 115 Paints .66 125 124 124 123 123 122 121 120 122 122 125 126 125 122 118 Fertilizers .23 12;5 129 119 112 120 125 135 166 181 172 119 104 108 119 123 Petroleum and coal products. 2.50 135 141 140 143 145 148 145 139 137 139 139 139 144 144 141 Petroleum refining 1.97 142 150 146 152 158 160 154 149 145 148 147 146 152 152 P148 Gasoline 1.04 152 159 155 160 165 164 157 156 154 161 162 161 168 170 163 Automotive gasoline.. .98 147 153 149 155 159 158 153 150 149 155 156 155 163 166 Aviation gasoline.... .06 233 254 256 251 260 263 242 254 247 255 258 260 265 233 Fuel oil .56 138 147 142 149 161 170 164 151 143 143 142 141 144 142 Distillate fuel oil. .30 175 193 188 195 210 225 216 197 187 190 188 185 191 188 Residual fuel oil. .26 94 95 89 97 105 108 104 99 93 90 90 89 89 90 Kerosene .10 107 111 117 126 124 120 116 109 93 89 83 82 82 90 Lubricating oil. .17 114 119 122 122 116 118 114 116 126 122 104 111 112 108 Coke .26 104 102 109 109 110 110 110 111 107 108 107 106 106 106 Asphalt roofing and siding. .15 110 104 123 84 49 77 94 73 92 80 104 107 119 121 122 Foods, Beverages, and Tobacco. 11.51 109 112 126 116 105 102 103 105 104 108 116 115 127 125 122 Food and beverage manufactures 10.73 109 113 111 117 106 101 103 105 104 107 116 115 128 125 Food manufactures 8.49 109 113 129 119 108 104 104 104 102 104 111 114 111 r131 126 Meat products 1.48 128 133 142 148 138 139 133 131 123 124 120 116 123 130 140 Beef. .46 142 151 160 154 149 163 151 144 139 148 148 150 118 154 156 Pork .83 116 119 128 140 127 121 117 117 108 104 97 91 150 109 124 94 Dairy products .69 107 110 91 85 86 91 102 109 122 140 151 134 120 101 91 Butter .14 105 107 82 83 96 102 109 117 122 139 145 113 97 87 88 Natural cheese .07 116 117 97 93 96 100 107 115 135 161 165 137 119 105 100 Concentrated milk. .19 97 101 73 71 77 85 96 105 128 151 142 114 97 '78 77 Ice cream .28 109 112 102 90 80 82 97 101 109 122 149 151 141 117 96 Canned and frozen foods. 1.13 118 133 188 116 98 87 84 82 89 91 111 163 212 r230 156 Grain-mill products 1.16 105 101 106 99 99 100 100 99 95 97 98 97 105 107 105 Wheat flour , .46 83 84 91 87 88 92 92 90 82 81 87 78 88 94 92 Cereals and feeds .70 119 113 116 107 107 105 106 106 104 108 105 110 116 116 113 Bakery products. 1.64 97 98 101 100 99 95 96 96 98 99 102 104 103 102 101 Sugar .27 115 122 271 296 222 85 57 54 60 68 88 74 80 117 Cane sugar.... .11 113 116 123 100 102 102 96 107 110 117 140 122 123 125 Beet sugar .13 111 121 393 459 320 65 20 3 13 21 38 27 38 105 Confectionery .71 101 107 141 130 91 113 123 119 96 84 95 81 103 155 147 Miscellaneous food preparations. 1.41 106 105 105 105 102 101 103 103 102 106 114 113 113 113 112 Beverages 2.24 107 112 120 110 98 90 97 110 110 119 137 121 119 116 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 102 105 118 109 93 86 93 105 102 107 122 104 100 106 Beer and ale 1.02 101 101 83 80 84 88 86 104 108 116 129 126 109 95 Liquor distilling... .17 77 78 133 92 80 79 85 86 81 80 65 33 46 106 Liquor bottling... .37 109 119 179 175 115 81 105 111 95 97 127 84 101 125 Tobacco manufactures. .78 105 107 115 111 87 110 114 111 104 113 121 102 120 118 Cigarettes .46 109 111 119 114 92 117 119 115 109 121 129 114 126 123 Cigars .17 104 104 116 113 83 101 112 110 102 104 111 81 115 116 Preliminary. 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1409 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1956 1957 Industry portion 1955 1956 Oct. Nov.Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. WITHOUT SEASONAL ADJUSTMENT —Continued 9 98 122 129 132 130 129 130 131 131 131 132 130 123 130 r130 128 MINERALS—TOTAL Mineral Fuels 8 35 123 129 130 130 132 135 135 134 132 130 127 119 127 r128 127 Coal 2 68 80 85 93 90 83 85 87 88 83 82 88 65 86 86 87 Anthracite 36 48 55 64 59 55 57 52 43 46 50 64 32 52 52 49 Bituminous coal 2 32 85 90 98 95 87 90 93 95 89 87 92 71 92 91 93 Crude oil and natural gas 5.67 143 150 147 149 155 158 157 156 155 153 145 145 146 147 145 Oil and gas extraction 4.82 137 145 141 146 150 154 157 156 153 150 143 139 139 141 139 Crude oil 4 12 131 137 134 137 141 143 147 148 145 143 136 132 130 132 129 Natural gas and liquids. .70 177 191 187 197 202 214 214 206 200 194 184 P180 *>189 *193 34 185 199 194 209 214 240 235 225 214 202 192 Natural gas liquids 36 169 182 180 186 191 190 194 189 188 186 177 167 179 180 Oil and gas well drilling .85 175 180 177 170 181 182 160 151 168 168 156 179 185 185 Metal, Stone, and Earth Minerals 1.63 120 127 146 129 116 109 113 114 124 140 149 143 146 '144 137 Metal mining .82 110 114 142 114 94 91 98 95 111 135 150 137 139 137 124 33 113 104 175 109 62 49 50 48 87 159 193 181 182 172 145 Nonferrous metal mining .49 108 120 120 118 115 120 130 127 126 118 122 108 110 113 110 Copper mining .24 123 136 134 132 129 133 145 141 140 133 139 121 124 132 125 09 84 88 92 87 83 89 96 94 94 88 85 79 81 r79 83 Zinc mining .06 81 87 91 88 86 92 96 98 99 86 90 78 77 68 72 Stone and earth minerals .81 130 141 150 144 138 128 129 133 137 145 148 149 154 152 150 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-1271. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-1293 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average^ 100] 1947-49 Annual Series pro- average 1956 1957 portion 1955 1956 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. ELECTRICITY AND GAS—TOTAL 100.00 199 218 221 222 223 225 227 226 226 229 232 *>235*>237 *235 P233 Residential 41.34 217 241 243 244 246 248 252 252 251 254 260 Nonresidential • 58.66 187 201 205 206 207 210 209 207 209 211 212 Electricity 76.18 199 218 221 223 224 227 229 227 228 231 234 239 240 237 27.48 224 250 253 257 258 260 266 266 263 267 274 280 284 280 Industrial 23.68 190 206 211 212 211 213 211 209 214 215 214 217 217 215 23.49 173 186 192 192 191 193 191 188 193 194 193 198 198 196 .19 2221 2697 2660 2670 2720 2740 2720 2750 27902880 2790 25602530 2580 25.02 180 194 196 197 199 204 205 202 203 207 210 215 214 210 Gas 23.82 200 218 219 218 219 220 221 221 221 223 224 "224 j>228 *230 13 86 203 223 222 220 221 223 224 225 228 230 232 6.16 201 218 226 229 228 225 222 220 215 213 211 3.80 185 197 196 194 197 203 205 207 209 210 212 9 Preliminary* r Revised. 1956 pp. 1055-1069. Indexes without seasonal adjustment may be ob- NOTE.—For description and back figures see BULLETIN for October tained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1410 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947^9 average = 100] 9 p 4 r 7 o- ^9 a A v n e n ra u g a e l 1956 1957 Product portion 1955 1956 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 00.00 147 131 123 132 141 137 138 134 124 124 129 129 133 129 121 Major Durables 69.72 164 140 129 143 154 147 149 144 131 131 137 137 141 134 126 Autos 32.10 190 138 117 152 168 169 167 159 141 139 144 134 145 129 118 Major household goods 36.13 144 144 142 136 143 130 134 132 124 126 133 142 138 140 134 Furniture and floor coverings. 15.32 116 117 115 114 115 114 113 113 114 112 113 118 116 115 112 Household furniture. 11.31 120 121 121 118 121 119 117 118 120 118 121 123 124 122 Floor coverings i 4.01 Appliances and heaters 15.60 138 136 130 128 137 133 119 119 123 126 123 134 Major appliances 11.88 144 144 138 136 144 140 121 124 127 132 133 144 Ranges 2.60 100 96 85 104 95 103 100 88 85 85 77 84 85 Refrigeration appliances.. 4.98 151 132 136 151 128 153 151 136 138 135 140 140 146 143 Laundry appliances 2.51 193 231 211 233 209 183 177 133 152 167 182 182 212 203 Heating apparatus 3.72 120 112 102 108 105 114 111 110 104 108 109 92 102 Radio and television sets 5.21 242 237 218 218 181 189 185 167 186 226 259 248 237 215* Radio sets 3.42 77 72 74 75 71 81 80 75 67 69 65 68 88 83 Television sets 1.79 558 551 493 491 392 395 388 343 413 524 628 591 521 468 Other Consumer Durables 30.28 106 110 109 113 114 114 111 109 108 108 111 114 116 111 Auto parts and tires 14.00 102 102 102 109 112 114 112 104 103 104 110 111 112 Misc. home and personal goods. 16.28 109 117 115 117 116 113 110 113 112 112 112 117 119 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 128 139 141 137 143 142 130 124 131 116 132 119 119 Major Durables 69.72 164 140 132 151 154 149 157 155 140 131 140 121 139 118 119 Autos 32.10 190 138 105 164 177 174 178 171 155 144 156 134 148 84 88 Major household goods 36.13 144 144 158 141 137 129 140 143 128 122 129 110 133 150 148 Furniture and floor coverings. 15.32 116 117 122 117 118 113 116 116 113 108 110 105 115 119 119 Household furniture 11.31 120 121 127 123 125 116 118 119 117 114 117 115 124 125 126 Floor coverings i 4.01 Appliances and heaters 15.60 138 143 142 122 128 125 144 151 131 125 131 105 109 141 Major appliances 11.88 142 151 143 127 141 137 158 166 140 133 136 108 109 144 Ranges 2.60 100 103 102 82 94 94 116 114 92 82 88 59 77 93 Refrigeration appliances. 4.98 151 150 109 103 128 131 162 188 173 163 164 130 102 133 119 Laundry appliances 2.51 193 216 261 230 229 207 208 195 140 144 150 126 164 229 229 Heating apparatus 3.72 120 118 137 104 85 88 100 104 103 99 114 94 109 134 Radio and television sets 5.21 242 224 312 270 217 188 201 196 159 153 180 143 256 268 282* Radio sets 3.42 77 70 88 91 92 73 83 84 72 67 57 40 62 81 101 Television sets 1.79 558 519 738 611 456 408 427 411 326 318 414 339 627 625 627 Other Consumer Durables 30.28 106 111 118 112 110 110 112 111 107 106 108 106 116 121 119 A M u is to c . p h a o r m ts e a a n n d d ti p re e s rsonal goods. 1 16 4 . . 2 0 8 0 1 10 0 9 2 1 1 0 1 5 6 1 12 1 5 0 1 1 0 2 1 1 1 1 0 1 3 7 1 11 0 1 9 1 1 1 1 0 4 1 1 0 1 7 4 1 1 0 1 1 2 1 10 0 9 3 1 10 0 8 7 1 1 0 0 9 4 1 1 1 1 4 7 120 iii' 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 Business Other Year or month Total Total d R en e t s i i a - l Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - ot A h 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—Nov.. 3,894 2,822 ,468 1,025 269 304 452 329 1,072 113 341 73 545 Dec. 3,904 2,799 ,460 1,009 269 305 435 330 1,105 111 369 72 553 1957_jan. 922 2,736 ,411 991 264 292 435 334 ,186 115 441 70 560 Feb. 861 2,740 ,391 1,009 270 283 456 340 ,121 105 406 73 537 Mar. 912 2,752 ,383 1,025 274 292 459 344 ,160 104 434 71 551 Apr. 906 2,754 ,361 1,044 277 295 472 349 ,152 98 407 76 571 May 905 2,751 ,321 1,079 278 304 497 351 ,154 105 401 78 570 June 3,900 2,742 ,324 1,065 273 303 489 353 ,158 99 406 79 574 July 2,739 ,349 1,050 265 293 492 340 ,094 104 366 80 544 Aug.. 3',942 2,787 ,377 1,056 266 297 493 354 ,155 117 374 90 574 Sept.*3 3,978 2,794 ,392 1,050 257 298 495 352 ,184 111 392 90 591 Oct.P. 4,041 2,831 ,407 1,069 251 308 510 355 ,210 111 414 92 593 Nov.*5 4,045 2,851 ,424 1,065 246 306 513 362 ,194 106 422 86 580 ^Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 1411 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] B ow y n ty er p s e h i o p f B>type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- r 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 ,651 2,578 1951. 15,751 6,122 9,629 6,205 2,883 915 1,335 ,689 2,723 1952. 16,775 6,711 10,064 6,668 2,558 979 1,472 ,686 3,412 1953. 17,443 6,334 11,109 6,479 2,051 1,489 1,720 ,695 4,008 1954. 19,770 6,558 13,212 8,518 1,274 1,815 2,063 ,958 4,142 1955. 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1956. 124,628 8,036 16,592 10,042 1,918 ,2,581 2,314 >,193 5,580 1956—Oct... 1,870 589 ,281 820 126 182 185 182 375 Nov.. 1,757 582 ,175 693 130 226 199 174 335 Dec... 1,659 737 922 533 104 170 200 149 502 1957_jan... 1,778 679 ,099 612 197 211 184 170 405 Feb.. 1,718 664 ,053 676 167 175 178 167 354 Mar.. 2,448 757 ,690 861 182 303 222 208 670 Apr.. 2,151 652 .499 966 118 180 165 162 559 May. 2,674 1,029 ,645 1,020 129 246 244 247 788 June. 2,424 930 ,494 887 221 279 232 268 537 July.. 2,301 791 ,510 1,067 115 236 173 221 487 Aug.. 2,275 619 ,656 1,035 159 267 206 191 417 Sept.. 2,125 673 ,452 918 123 262 192 220 409 Oct.. 1,974 587 ,387 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 districts New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 1956 Aug 2,953 123 288 117 279 196 286 439 107 95 181 168 674 Sent 2,575 142 303 113 258 176 226 424 117 108 164 152 393 Oct 2,443 115 328 94 196 179 224 374 100 89 149 141 454 1957_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 Oct 2,614 136 307 103 201 204 266 356 103 89 128 148 574 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a n e p d T a u r j s i a u o v o l s t a n a t r e t a l e a d l t l e y ) Total p M o e li t t r a o n - p m N a o r e l o e i t t a r n a o s - n - famil P y rivat f e am 2- ily M fam ul i t l i y - G T o o v t e a r l n men F t- H u A nd erwri V tt A en * 1949. ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950. ,396 1,022 374 ,352 1,151 42 159 44 686 486 200 1951. ,091 111 315 ,020 892 40 88 71 412 264 149 1952. ,127 795 332 ,069 939 46 84 59 421 280 141 1953. ,104 804 300 ,068 933 42 94 36 409 252 157 1954. ,220 897 324 ,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 ,310 1,190 33 87 20 670 277 393 1956. ,118 780 338 ,094 981 31 24 463 192 271 1956—Nov.. 1,027 77 55 23 77 68 3 0 30 12 18 Dec. 1,020 64 45 19 63 53 2 1 11 15 1957—Jan 962 63 44 19 60 50 2 3 20 12 Feb 935 66 47 19 63 53 2 3 19 10 10 Mar 933 87 59 29 79 68 3 9 8 24 12 11 Apr 962 94 64 30 91 79 3 10 2 26 12 13 May 994 103 68 35 97 82 3 13 6 27 15 12 June 995 100 69 31 95 80 3 11 5 29 16 13 July 1,015 100 63 37 94 81 3 10 6 29 17 12 Aug 1,056 100 68 32 97 82 3 12 3 30 19 12 Sept ?990 60 30 n.a. n.a. n.a. 29 17 12 Oct n,ooo 62 33 n.a. n.a. n.a. 29 20 10 Nov n,o\o P78 53 25 n.a. n.a. n.a. 24 17 6 P Preliminary. n.a. Not available. figures are based on filed office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1412 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 o io 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 In nonagricul- In ployed Total tural industries agriculture 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62 966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1956 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.* 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 AUE 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 Nov 121,109 70,790 68,061 64,873 59,057 5,817 3,188 50,318 1 Includes self-employed, unpaid family, and domestic service workers. ber 1956 shown above are: Labor force, 70,796; employment—total 65,078; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 59,262; agricultural, 5,817; and unemployment, 2,989. those on temporary layoff, previously considered as employed (with a job NOTE.—Information relating to persons 14 years of age and over is but not at work), are classified as unemployed, and a small group in school obtained through interviews of households on a sample basis. Monthly and waiting to start new jobs (previously included as employed) are classi- data relate to the calendar week that contains the 12th day; annual fied as not in the labor force. November 1957 data comparable to Novem- data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta lo te c a a l nd utilities government 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16 334 885 2 634 4 185 10,281 1,967 5,411 6,609 1953 . .. 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15 995 111 2,593 4 009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6,231 7,178 SEASONALLY ADJUSTED 1956—Nov 52,441 17,072 833 3,067 4,173 11,388 2,326 6,327 7,255 Dec ... 52,541 17,106 833 3,074 4,169 11,408 2,320 6,359 7,272 1957—Jan 52,493 17,053 832 2,963 4,188 11,465 2,316 6,366 7,310 Feb ... 52,577 16,995 833 3,020 4,168 11,519 2,324 6,401 7,317 Mar 52,547 16,962 831 3,062 4,168 11,490 2,322 6,381 7,331 Apr 52,593 16 965 841 3 059 4 160 11,501 2,320 6,400 7,347 May 52,698 16,946 843 3,097 4,159 11,542 2,329 6,424 7,358 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 Auc 52,844 16,836 853 3,032 4,184 11,669 2,354 6,477 7,439 Sept 52,662 16,681 849 3,028 4,175 11,620 2,361 6,508 7,440 Oct 52 486 16,609 837 3,009 4,147 11,599 2,365 6,488 7,432 Nov 52,189 16,452 830 2,934 4,106 11,566 2,365 6,523 7,413 WITHOUT SEASONAL ADJUSTMENT 1956—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 52,891 16,955 862 3,305 4,215 11,499 2,389 6,509 7,157 Sept 53,152 16,905 853 3,285 4,206 11,620 2,361 6,541 7,381 Oct 53,059 16,787 837 3,220 4,158 11,673 2,353 6,553 7,478 Nov 52,753 16,555 834 3,037 4,116 11,839 2,353 6,523 7,496 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 October and November 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 1413 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonsilly adjusted Without seasonal adjustment Industry group 1956 1957 1956 1957 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 13,283 12,775 12,729 12,584 13,392 12,992 12,902 12,688 7,790 7,388 7,358 7,243 7,839 7,397 7,395 7.290 82 73 69 68 82 73 69 68 Lumber and wood products 645 610 604 592 655 631 622 601 312 317 311 304 320 319 317 312 Stone clay and glass products 465 454 449 445 470 461 456 449 1,134 1,061 1,051 1,031 1,134 1,061 1,051 1,031 Fabricated metal products 902 878 885 868 911 878 889 877 1,275 1,216 1,187 1,147 1,262 1,186 1,163 1,136 Electrical machinery 900 879 859 840 913 879 868 853 1,438 1,278 1,331 1,351 1,438 1,278 1,331 1,351 Instruments and related products . 234 225 223 220 235 225 224 221 Miscellaneous manufacturing industries 403 397 389 377 419 407 406 392 Nondurable goods 5,493 5,387 5,371 5,341 5,553 5,595 5,507 5,398 1,101 1,057 1,052 1,055 1,125 1,218 1,141 1,079 88 81 78 80 96 98 94 87 Textile-mill products 946 917 907 880 955 912 907 889 1,087 1,063 1,059 1,061 1,092 1,084 1,075 1,065 465 462 466 464 470 469 471 469 Printing publishing and allied industries 558 563 561 559 564 563 567 565 543 530 531 527 546 533 536 530 Products of petroleum and coal 177 173 174 176 176 175 174 175 191 205 207 204 194 206 209 207 Leather and leather products . 337 336 336 335 335 336 334 333 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 October and November 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 Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Total 82.22 82.99 82.56 82.32 40.5 39.9 39.5 39.2 2.03 2.08 2.09 2.10 Durable goods 88.99 89.24 88.98 88.70 41.2 40.2 39.9 39.6 2.16 2.22 2.23 2.24 Ordnance and accessories 94.50 95.04 94.96 95.84 42.0 40.1 39.9 40.1 2.25 2.37 2.38 2.39 Lumber and wood products 70.80 71.76 72.83 70.07 40.0 39.0 39.8 38.5 1.77 1.84 1.83 1.82 Furniture and fixtures 69.66 72.39 71.63 69.13 40.5 40.9 40.7 39.5 1.72 1.77 1.76 1.75 Stone, clay, and glass products 82.61 84.86 84.24 84.21 41.1 40.8 40.5 40.1 2.01 2.08 2.08 2.10 Primary metal industries 99.06 101.26 98.94 97.92 40.6 39.4 38.8 38.4 2.44 2.57 2.55 2.55 Fabricated metal products 87.56 91.91 90.58 89.69 41.3 41.4 40.8 40.4 2.12 2.22 2.22 2.22 Machinery except electrical 93.83 94.42 93.67 92.43 41.7 40.7 40.2 39.5 2.25 2.32 2.33 2.34 Electrical machinery 83.23 83.21 82.16 81.93 41.0 40.2 39.5 39.2 2.03 2.07 2.08 2.09 Transportation equipment 100.86 97.66 97.81 101.50 42.2 39.7 39.6 40.6 2.39 2.46 2.47 2.50 Instruments and related products 83.64 86.46 85.39 86.00 40.8 40.4 39.9 40.0 2.05 2.14 2.14 2.15 Miscellaneous manufacturing industries.. 71.73 72.94 72.22 72.83 40.3 40.3 39.9 39.8 1.78 1.81 1.81 1.83 Nondurable goods 72.86 75.24 74.29 74.30 39.6 39.6 39.1 38.7 1.84 1.90 1.90 1.92 Food and kindred products 78.06 79.10 78.18 79.39 41.3 41.2 40.3 40.3 1.89 1.92 1.94 1.97 Tobacco manufactures 56.41 58.11 56.30 58.06 38.9 39.8 38.3 37.7 1.45 1.46 1.47 1.54 Textile-mill products 60.30 59.04 59.04 58.29 40.2 39.1 39.1 38.6 1.50 1.51 1.51 1.51 Apparel and other finished textiles 53.43 55.42 53.85 53.15 36.1 36.7 35.9 35.2 1.48 1.51 1.50 1.51 Paper and allied products 84.55 89.23 88.83 86.53 42.7 42.9 42.5 41.8 1.98 2.08 2.09 2.07 Printing, publishing and allied industries.. 94.57 97.91 97.15 96.14 38.6 38.7 38.4 38.0 2.45 2.53 2.53 2.53 Chemicals and allied products 89.23 92.70 91.84 92.25 41.5 41.2 41.0 41.0 2.15 2.25 2.24 2.25 Products of petroleum and coal 105.11 113.30 110.30 108.94 40.9 41.5 40.7 40.2 2.57 2.73 2.71 2.71 Rubber products 87.89 92.97 93.03 93.37 40.5 40.6 40.1 39.9 2.17 2.29 2.32 2.34 Leather and leather products 56.09 57.66 57.04 56.83 36.9 37.2 36.8 36.2 1.52 1.55 1.55 1.57 NOTE.—Data are for production and related workers. Figures for October and November 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

1414 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 SALESi 1949 . 99 100 98 100 99 100 101 98 99 99 100 102 98 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 . 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954.. 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956.. 135 126 120 131 128 146 164 128 138 126 143 158 141 SEASONALLY ADJUSTED 1956—Oct 131 126 119 131 126 144 153 122 129 112 139 150 141 Nov 139 130 125 133 131 150 170 135 144 132 145 163 143 Dec 137 129 123 132 128 149 168 131 140 132 144 161 143 1957_jan 133 120 123 130 125 147 165 125 133 123 135 157 137 Feb 136 129 124 129 131 149 165 129 137 129 145 161 141 Mar 137 122 124 133 130 152 164 131 139 131 144 161 146 131 117 118 130 122 148 162 125 136 123 137 151 137 Miay 135 123 124 133 126 148 172 128 137 126 141 158 141 138 122 125 139 128 152 175 129 139 126 142 168 148 July 138 125 126 131 132 147 175 131 139 130 145 170 141 AuR 144 130 135 138 139 158 179 139 147 138 147 170 144 Sept 136 114 122 128 134 144 172 130 145 130 147 163 141 Oct 129 116 119 129 121 141 159 121 126 119 136 152 133 WITHOUT SEASONAL ADJUSTMENT 1956—Oct 136 127 126 133 130 151 160 128 141 130 145 156 141 Nov 169 158 160 177 161 188 197 165 175 152 169 185 165 Dec 240 234 218 234 224 272 290 223 237 220 249 279 255 1957_jan 102 95 99 97 98 104 128 95 101 90 102 124 109 Feb .. . 104 97 98 98 101 107 136 97 105 96 106 126 108 Mar 114 99 104 115 105 126 151 109 117 103 118 138 115 Apr 131 121 116 129 126 149 165 124 134 124 134 148 133 May 132 123 120 131 122 146 165 126 138 127 139 156 134 131 122 121 130 120 140 153 126 129 116 137 153 139 July 90 92 96 107 118 145 104 114 104 128 151 125 Aug 127 102 104 110 123 135 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct 134 117 126 132 125 148 167 127 138 138 142 158 134 STOCKS 1 1949. 100 101 97 100 100 102 102 97 101 100 101 102 100 1950.. 110 112 106 110 108 109 123 108 108 106 114 114 112 1951 131 129 127 132 132 129 145 125 130 121 137 135 137 1952. 121 117 115 120 115 127 143 112 120 113 130 129 131 1953 131 124 120 129 125 141 155 122 131 123 146 143 140 1954 .. 128 126 117 127 122 138 152 120 125 124 141 140 135 1955. 136 132 119 135 124 159 170 127 135 130 152 153 142 1956 148 141 130 148 133 175 194 138 148 142 164 168 156 SEASONALLY ADJUSTED 1956—Oct 152 • 142 133 150 135 181 198 145 148 148 165 172 160 Nov . . . 152 142 135 151 137 181 196 141 150 145 164 171 158 Dec 151 141 139 151 134 181 194 140 148 144 162 169 155 1957—Jan 150 140 138 149 138 175 202 139 149 144 161 172 153 Feb 149 140 135 149 135 174 200 139 149 144 162 170 151 Mar 150 140 137 150 135 176 202 139 148 145 159 167 155 Apr 152 138 137 149 136 181 203 140 147 150 161 172 161 May 152 140 137 153 135 182 198 142 151 148 161 175 160 June 153 138 137 156 136 184 198 146 151 145 159 176 159 July 154 139 137 154 136 184 204 149 153 141 160 178 159 Aus 153 136 138 157 137 180 203 145 149 145 158 176 159 Sept 154 138 138 159 139 181 201 144 151 145 159 173 160 Oct ... f 154 138 138 154 139 174 208 147 151 148 163 176 161 WITHOUT SEASONAL ADJUSTMENT 1956—Oct 170 161 150 172 153 206 216 159 166 164 180 189 180 Nov 172 166 156 174 155 206 222 160 168 165 182 188 177 Dec 137 131 128 136 123 165 169 123 134 134 147 157 142 1957__Jan 135 126 123 131 121 156 183 127 133 133 145 151 137 Feb 142 131 127 143 129 167 198 131 145 138 155 165 142 Mar 155 142 141 155 139 187 212 141 154 149 165 176 156 Apr 159 144 143 159 142 190 213 149 156 153 169 179 164 May 155 143 140 156 139 183 200 147 151 147 163 173 159 June 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 Aug 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept 160 144 145 167 144 187 209 150 158 151 164 184 167 Oct 172 156 155 177 154 198 227 161 169 164 111 193 181 » Preliminary. r Revised. NOTE.—The figures in this table have been revised. For a description i Figures for sales are the average per trading day, while those for stocks of the revisions and revised monthly data beginning 1947, see pp. 1323are as of the end of the month or averages of monthly data. 1352. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 1415 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period S (t a f o l o e t r a s l i St ( o e o c n f k d si o s r O t i d a n u n e g t d r - s - l c ( e t R f i o o p e t r t a - s l 2 o ( r N t d f o o e e t w r a rs l 3 Stocks s O t i a n u n g t d - - S s p t o t a o l u n u c t d s k - - s ce R i e p - ts month) month) (end of month) month) orders ing month) orders Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 376 ,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 453 1,282 469 459 457 3.0 1.1 4.1 1.0 Month: 1956—Oct '486 r1,478 '587 '635 '622 3.0 1.2 '4.2 1.3 Nov 577 1,525 473 627 512 2.6 0.8 3.5 1.1 Dec 821 1,214 340 510 377 1.5 0.4 1.9 0.6 1957—Jan 362 1,197 430 345 435 3.3 1.2 4.5 1.0 Feb 336 1,252 461 391 422 3.7 1.4 5.1 1.2 Mar 394 ,356 414 498 451 3.4 1.1 4.5 1.3 Apr 441 1,381 346 466 398 3.1 0.8 3.9 1.1 May 449 1,353 355 421 430 3.0 0.8 3.8 0.9 June 409 1,257 519 313 477 3.1 1.3 4.3 0.8 July 356 1,245 600 344 425 3.5 1.7 5.2 1.0 Aug 432 1,300 569 487 456 3.0 1.3 4.3 1.1 Sept 438 1,400 576 538 545 3.2 1.3 4.5 1.2 Oct.*9 481 1,518 531 599 554 3.2 1.1 4.3 1.2 P Preliminary. ' Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1956, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1.168 1.284 1,680 1.083 1.202 1.583 871 1.073 1,113 Feb [,238 ,362 1,611 ,143 ,272 ,490 850 ,051 993 Mar 1,344 ,583 2,151 ,252 r ,479 >,022 1,019 ,102 1,131 Apr 1,264 ,512 1,863 ,170 ,400 ,779 871 991 1,118 May [,323 r ,717 '1,814 ,192 r ,522 ,711 959 ,095 1,104 June 1,321 ,697 1,787 ,193 r ,492 ,653 937 ,034 983 July 1,270 ,639 1,692 ,142 r ,289 ,505 885 ,052 r1,147 Aug ,239 ,536 1,678 ,112 ,378 ,537 961 .055 1,042 Sept ,255 ,534 1,541 ,156 ,427 ,438 947 995 1,007 Oct 1,399 r],672 1,673 ,279 r ,561 .599 1,011 1,121 V[.141 322 .544 ,249 ,424 1,065 987 Dec .407 '2,004 [.323 r .881 1,008 1,059 Jan.-Oct 12,821 15,536 17,490 11,722 14,022 16,317 9,311 10,569 *>10,779 v Preliminary. ' 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

1416 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 Gas Solid House- House- parel porta- ical sonal and and Total Rent and fuels fur- hold tion care care recrea- servelec- 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 A 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—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 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 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^*9= 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 Oct 115.6 88 4 103.6 123.6 95.3 99.7 111.7 107.7 145.8 122.0 128.1 152.2 141.1 121 0 131 5 123 1 89 2 Nov 115.9 87.9 103.6 124.2 95.4 99.8 111.2 108.2 146.9 121.5 127.8 152.1 143.4 121.1 131.2 123.5 91.2 Dec 116.3 88.9 103.1 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 91.7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132 0 124 0 93 2 Feb 117.0 88.8 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.1 92.4 Mar 116.9 88.8 103.7 125.4 95.4 98.4 119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1 92.0 Apr 117.2 90.6 104.3 125.4 95.3 98.8 119.5 109.1 144.5 120.2 128.6 150.1 145.0 121.5 134 6 124 5 91 4 May 117.1 89.5 104.9 125.2 95.4 99.0 118.5 109.1 144.7 119.7 128.9 150.0 145.1 121.6 135.0 124.5 89 4 June 117.4 90.9 106.1 125.2 95.5 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 118.2 92.8 107.2 125.7 95.4 100.7 116.4 109.5 144.9 119.3 129.5 152.4 145.8 122.4 135 2 127 7 88 8 Aug 118.4 93.0 106.8 126.0 95.4 100.5 116.3 109.8 146.9 118.6 129.9 153.2 146.2 122.6 135.3 127.7 90.1 Sept 118.0 r91.0 106.5 r126.0 95.4 r100.3 r116.1 110.2 r146.5 117.8 130.1 r152.2 r146.9 r122.3 r135 2 127 7 r89 4 Oct 117.7 91.5 105.5 125.7 95.1 100.4 115.7 110.4 146.2 117.5 130.9 150.8 147.2 122.5 135.3 127.7 87.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 1417 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Oct. Aug. Sept. Oct. Oct. Aug. Sept. Oct. Farm Products: *ulp, Papert and Allied Products (Cont.): Fresh and dried produce. 97.6 106.3 98.9 107.5 Grains 84.0 82.4 81.2 80.6 Paperboard 136.3 136.2 136.2 136.6 Livestock and poultry... 73.0 86.7 81.5 78.4 Converted paper and paperboard... 124.3 126.5 126.5 126.9 Plant and animal fibers.. 100.0 104.0 102.9 103.3 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 97.2 94.9 r96.9 98.9 Eggs 87.4 79.7 91.2 103.5 Metals and Metal Products: Hay and seeds 78.6 81.3 78.0 77.3 Other farm products.... 149.9 142.9 143.2 141.5 Iron and steel 161.1 171.2 170.2 167.8 Nonferrous metals , 154.1 134.6 131.7 129.9 Processed Foods : Metal containers 143.4 153.1 153.1 153.1 Hardware 159.8 165.9 167.2 167.4 Cereal and bakery products 115.3 116.7 116.7 117.3 Plumbing equipment , 133.9 129.0 128.9 128.5 Meats, poultry, and fish 85.7 97.7 95.7 91.6 Heating equipment 121.9 122.3 122.3 122.3 Dairy products and ice cream 110.9 110.3 112.4 113.7 Fabricated structural metal products, 137.1 135.6 134.9 134.6 Canned, frozen fruits, and vegetables 106.4 102.1 102.5 103.5 Fabricated nonstructural metal Sugar and confectionery 110.8 113.8 113.9 113.8 products 141.2 146.6 147.1 147.1 Packaged beverage materials 201.6 183.7 178.3 172.9 Other processed foods 95.3 95.1 96.0 96.0 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 129.5 132.5 133.4 133.8 Cotton products 92.7 90.2 90.0 89.9 Construction machinery and equip- Wool products 104.8 111.2 110.3 108.3 ment 154.7 161.4 162.7 162.9 Synthetic textiles 80.9 82.1 82.3 82.3 Metal working machinery 161.4 167.0 168.9 170.7 Silk products 123.6 122.0 121.1 120.0 General ppuurrppoosse machiner•y and Apparel 99.7 99.6 99.7 99.7 equipment 153.0 158.0 158.5 159.0 Other textile products. 75.3 75.7 77.2 77.2 Miscellaneous machinery 140.4 146.3 147.3 147.5 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 143.2 149.6 150.8 150.7 Motor vehicles 130.8 134.7 134.8 134.8 Hides and skins 57.8 61.5 58.2 56.8 Leather 90.8 91.6 91.6 91.2 Furniture and Other Household Dura- Footwear 120.7 121.3 121.6 122.4 bles: Other leather products. 98.6 98.2 '98.4 98.3 Household furniture 120.8 122.9 122.5 122.6 Fuel, Power, and Lighting Materials: Commercial furniture 146.8 153.6 153.6 153.6 Floor covering 131.8 132.5 132.5 132.5 Coal 121.0 124.4 124.8 125.6 Household appliances 106.5 104.7 104.6 104.8 Coke 156.3 161.9 161.9 161.9 Radio 91.1 93.3 93.4 93.4 Gas 111.1 111.1 112.2 112.2 Television 69.9 72.4 71.4 71.4 Electricity 94.9 96.6 r95.5 95.5 Other household durable goods 145.0 148.2 148.3 148.8 Petroleum and products. 118.3 125.5 125.6 124.6 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Industrial chemicals 122.6 123.6 123.5 123.6 Concrete ingredients 131.6 136.5 136.7 136.9 Prepared paint 122.4 128.1 128.1 128.1 Concrete products \ 125.0 126.4 126.3 126.5 Paint materials 98.8 100.5 101.5 102.2 Structural clay products , 150.1 155.0 155.0 155.0 Drugs, Pharmaceuticals, cosmetics. 91.9 93.4 93.5 93.4 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 55.8 63.4 64.5 64.7 Prepared asphalt roofing , 117.5 125.8 "124.6 124.6 Mixed fertilizers 109.5 110.5 112.0 111.9 Other nonmetallic minerals 124.3 128.4 128.6 128.5 Fertilizer materials 104.1 106.5 106.4 107.6 Other chemicals and products 103.6 105.5 "106.7 106.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Crude rubber 141.9 144.3 140.3 138.1 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 153.4 153.5 153.5 153.5 Other tobacco products 122.5 143.8 143.8 144.3 Other rubber products. 139.5 140.8 "142.2 142.5 Alcoholic beverages 117.2 119.6 119.6 119.6 Nonalcoholic beverages 148.7 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber.. 123.6 119.4 118.3 117.8 Millwork. 128.6 128.3 128.3 128.3 Toys, sporting goods, small arms... 116.7 117.8 118.2 118.3 Plywood.. 96.1 95.2 94.7 96.9 Manufactured animal feeds 68.2 68.2 66.4 63.2 Notions and accessories 96.5 97.4 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 105.2 107.2 107.6 107.6 Other miscellaneous 124.7 129.4 "130.1 130.7 Woodpulp.. 118.0 118.0 118.0 121.2 Wastepaper. 92.5 74.7 88.5 88.5 Paper 139.1 143.2 143.2 143.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1418 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 3 104.4 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 — .4 2 .2 1.1 1 1 1 6 1 4 1 6 1 7 Fouals* 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 Dividends 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 .8 1 2 1.4 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 < 2.0 18.2 31.2 32.4 29.2 31.5 35.1 35.2 35.8 37.4 38.0 38.6 1 4 10 1 3 2 7 3 2 3 4 3 8 4 2 4 6 4 6 4 7 4 9 4 9 5.0 Equals: Disposable personal income 83.1 45.7 93.0 206.1 237.4 250.2 254.5 270.2 287.2 288.8 294.0 295.5 299.9 302.9 Less: 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 Equals: Personal saving 4.2 -.6 11.1 12.1 19.0 19.7 17.9 15.8 20.0 20.3 21.7 18.9 21.0 19.3 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 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 salaries1 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. 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 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. Corporate profits before tax 9.6 77.0 40.0 35.9 57.0 33.5 42.5 43.0 40.8 45.6 43. 9 42.0 n.a. Corporate profits tax liability 1.4 7.6 17.8 19.8 20.3 17.4 21.5 22.0 20.8 23.3 22.4 21.4 n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 16.1 16.7 16.0 21.0 21.0 19.9 22.3 21 5 2C.5 n.a. Inventory valuation adjustment -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.6 1.0 -3. 2 -2. 7 .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. i Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 1419 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 3 4 i 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 Services.. 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 1 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 forei°n investment .8 .2 1.1 -2.2 -.2 -2.0 -.4 -.4 1.4 2.0 2.4 4.1 3.5 3.2 Government purchases of goods and services 8.5 8.0 24.8 42.0 77.5 84.4 76.6 77.1 80.2 80.6 82.8 85.6 86.9 86.7 Fede N ra a l tional security 1.3 2.0 / 1 1 6 3 . . 9 8 2 1 2 8 . . 1 5 5 48 4 . . 8 3 5 5 9 1 . . 5 5 4 4 8 3 . . 9 1 4 4 6 1 . . 8 3 4 4 7 2 . . 2 4 4 42 7 . . 7 3 4 4 9 4 . . 0 2 5 45 0 . . 5 5 5 4 1 6 . . 1 3 5 4 0 5 . . 6 8 Other 2.0 1 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 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 1 in s P o c e o n r m a - l e Total p m C ro o o d d m u it - c y - D in u is d ti t u v ri s e b - - S in er d v u i s c - e G er o n v - - in O la c t b o h o m e r r e: p in r r e a c i n e n o t t d m o al r e s 3 ' in s p a t o e e n n r r d a e - l st m T p f r e e a a n r y n - t - s s - 4 b c s u o o f t n c o io t i r r a n i l - s a in g N t c u r o i o r c a n m u l - l e - 6 d in u g st r i i n e - s tries tries ment income i a n n s c u e r 5 - 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 88.0 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20.7 12.6 3.4 235.7 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.4 195.5 83.6 51.9 25.8 34.3 6.2 49.1 24.9 16.2 4.6 271.3 1955 305.9 210.3 90.9 55.4 28.2 35.9 6.9 49.4 27.1 17.4 5.2 290.6 1956 326.9 227.2 98.3 60.1 31.1 37.9 7.5 49.9 29.5 18.5 5.7 311.7 1956—Nov 334.9 233.1 101.2 61.4 31.9 38.6 7.7 50.7 30.4 18.9 5.9 319.3 Dec 334.8 235.3 102.7 61.6 32.2 38.8 7.7 50.2 28.5 19.0 5.9 319.6 1957—Jan 335.9 234.5 101.4 62.0 32.2 38.9 7.7 50.2 30.7 19.5 6.7 320.7 Feb 337.9 235.9 102.0 62.4 32.4 39.1 7.8 50.4 30.8 19.7 6.7 322.7 Mar 339.5 237.2 102.3 63.0 32.6 39.3 7.8 50.4 30.9 20.0 6.8 324.5 Apr 340.6 237.1 102.4 62.7 32.9 39.1 7.8 50.6 31.0 20.8 6.7 325.3 May 342.9 238.3 102.4 63.4 33.0 39.5 7.8 50.8 31.2 21.6 6.8 327.5 June 344.8 240.1 103.3 63.8 33.2 39.8 7.9 50.9 31.2 21.5 6.8 329.3 July 346.2 240.9 103.0 64.5 33.4 40.0 7.9 51.6 31.4 21.3 6.9 330.5 Aug 346.8 241.7 102.8 64.7 33.7 40.5 8.0 51.2 31.6 21.2 6.9 331.3 Seot 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 345.9 240.1 101.3 64.3 34.0 40.5 8.0 50.8 31.7 22.1 6.8 331.0 Nov.? 345.4 239.2 100.7 64.1 34.1 40.3 8.0 50.7 31.7 22.6 6.8 330.5 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1420 CONSUMER CREDIT REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1955 AND 1956 [In millions of dollars] The year 1955 Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug Sept. Oct. Nov. Dec. Credit outstanding at end of month Consumer credit, by major parts: Total 31,677 31,439 31,815 32,652 33,492 34,403 34,814 35,534 36,180 36,590 37,130 38,670 Instalment credit, total 23,512 23,604 24,046 24,591 25,204 25,969 26,509 27,154 27,653 27,913 28,211 28,958 Automobile paper 9,861 10,028 10,410 10,796 11,254 11,794 12,235 12,718 13,075 13,246 13,327 13,472 Other consumer goods paper 6,668 6,563 6,554 6,596 6,665 6,770 6,810 6,888 6,962 7,029 7,176 7,634 Repair and modernization loans 1,574 1,552 1,533 1,538 1,552 1,572 1,585 1,612 1,639 1,664 1,678 1,689 Personal loans 5,409 5,461 5,549 5,661 5,733 5,833 5,879 5,936 5,977 5,974 6,030 6,163 Noninstalment credit, total 8,165 7,835 7,769 8,061 8,288 8,434 8,305 8,380 8,527 8,677 8,919 9,712 Single-payment loans 2,365 2,431 2,494 2,516 2,621 2,726 2,663 2,729 2,783 2,810 2,940 3,002 Charge accounts 3,797 3,380 3,250 3,481 3,579 3,605 3,517 3,527 3,610 3,747 3,868 4,579 Service credit 2,003 2,024 2,025 2,064 2,088 2,103 2,125 2,124 2,134 2,120 2,111 2,131 Instalment credit, by holder: Total 23,512 23,604 24,046 24,591 25,204 25,969 26,509 27,154 27,653 27,913 28,211 28,958 Financial institutions, total 19,510 19,706 20,164 20,682 21,268 22,001 22,537 23,151 23,625 23,855 24,068 24,450 Commercial banks 8,829 8,883 9,057 9,248 9,472 9,773 9,935 10,151 10,328 10,412 10,489 10,601 Sales finance companies 6,180 6,274 6,480 6,716 6,995 7,317 7,631 7,942 8,168 8,268 8,322 8,443 Credit unions 1,331 1,351 1,388 1,423 1,462 1,507 1,535 1,576 1,617 1,638 1,651 1,678 Consumer finance companies 2,254 2,265 2,291 2,332 2,352 2,398 2,428 2,459 2,478 2,503 2,549 2,656 Other 916 933 948 963 987 1,006 1,008 1,023 1,034 1,034 1,057 1,072 Retail outlets, total 4,002 3,898 3,882 3,909 3,936 3,968 3,972 4,003 4,028 4,058 4,143 4,508 Department stores 1,209 1,179 1,195 1,211 1,224 1,235 1,231 1,244 1,270 1,283 1,332 1,511 Furniture stores 954 935 924 917 925 932 938 956 961 973 995 1,044 Household appliance stores 373 366 356 353 351 352 353 355 352 349 352 365 Automobile dealers 456 454 461 468 478 491 499 508 510 504 494 487 Other 1,010 964 946 960 958 958 951 940 935 949 970 1,101 Noninstalment credit, by holder: Total 8,165 7,835 7,769 8,061 8,288 8,434 8,305 8,380 8,527 8,677 8,919 9,712 Financial institutions (single-payment loans): Commercial banks 2,064 2,108 2,144 2,202 2,244 2,356 2,354 2,396 2,417 2,479 2,552 2,635 Other 301 323 350 314 377 370 309 333 366 331 388 367 Retail outlets (charge accounts): Department stores 648 556 527 547 554 540 494 495 542 587 645 862 Other 3,149 2,824 2,723 2,934 3,025 3,065 3,023 3,032 3,068 3,160 3,223 3,717 Service credit 2,003 2,024 2,025 2,064 2,088 2,103 2,125 2,124 2,134 2,120 2,111 2,131 Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 4,501 4,549 4,627 4,718 4,801 4,911 A,911 5,058 5,129 5,175 5,257 5,406 Automobile paper 541 558 583 604 627 651 671 696 715 730 744 761 Other consumer goods paper 372 375 382 399 410 436 448 465 480 494 511 537 Repair and modernization loans 276 276 276 277 284 289 291 300 308 315 322 326 Personal loans 3,312 3,340 3,386 3,438 3,480 3,535 3,561 3,597 3,626 3,636 3,680 3,782 Instalment credit extended and repaid, by type of credit SEASONALLY ADJUSTED* Extensions: Total 2,995 3,065 3,192 3,229 3,265 3,253 3,254 3,401 3,413 3,319 3,351 3,302 Automobile paper 1,225 1,298 1,384 1,358 1,409 1,410 1,410 1,503 1,506 1,435 1,418 1,389 Other consumer goods paper 859 832 873 898 886 878 891 911 903 879 918 906 Repair and modernization loans 91 100 107 111 118 118 111 125 125 129 127 126 Personal loans 820 835 828 862 852 847 842 862 879 876 888 881 Repayments: Total 2,636 2,642 2,665 2,722 2,781 2,783 2,828 2,861 2,895 2,966 2,953 2,917 Automobile paper 1,000 1,007 1,028 1,046 1,081 1,082 1,095 1,121 1,138 1,169 1,172 1,143 Other consumer goods paper 775 773 774 791 806 807 826 831 834 852 844 838 Repair and modernization loans 110 104 110 107 113 108 108 109 109 114 114 109 Personal loans 751 758 753 778 781 786 799 800 814 831 823 827 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 2,506 2,580 3,308 3,263 3,346 3,605 3,272 3,567 3,350 3,204 3,264 3,774 Automobile paper 999 1,101 1,479 1,418 1,512 1,656 1,501 1,654 1,501 1,346 1,273 1,305 Other consumer goods paper 703 661 831 854 870 913 835 912 888 910 973 1,284 Repair and modernization loans 67 76 99 108 124 129 116 139 137 139 133 121 Personal loans 737 742 899 883 840 907 820 862 824 809 885 1,064 Repayments: Total 2,562 2,488 2,866 2,718 2,733 2,840 2,732 2,922 2,851 2,944 2,966 3,027 Automobile paper , 947 934 1,097 1,032 1,054 1,116 1,060 1,171 1,144 1,175 1,192 1,160 Other consumer goods paper 786 766 840 812 801 808 795 834 814 843 826 826 Repair and modernization loans 109 98 118 103 110 109 103 112 110 114 119 110 Personal loans , 720 690 811 771 768 807 774 805 783 812 829 931 * Includes adjustment for differences in trading days. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 1421 REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1955 AND 1956—Continued [In millions of dollars] The year 1955 Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Instalment credit extended and repaid, by holder SEASONALLY ADJUSTED* Extensions: Total 2,995 3,065 3,192 3,229 3,265 3,253 3,254 3,401 3,413 3,319 3,351 3,302 Commercial banks 1,074 1,116 1,129 1,152 1,184 1,192 1,177 1,230 1,247 1,212 1,219 1,177 Sales finance companies 754 801 852 835 867 849 859 917 914 863 851 838 Other financial institutions 641 658 679 693 695 704 691 725 729 738 747 749 Retail outlets 526 490 532 549 519 508 527 529 523 506 534 538 Repayments: Total 2,636 2,642 2,665 2,722 2,781 2,783 2,828 2,861 2,895 2,966 2,953 2,917 Commercial banks , 966 979 985 1,002 1,030 1,015 1,043 1,044 1,051 1,079 1,066 1,044 Sales finance companies 606 606 613 618 652 654 652 683 691 715 716 695 Other financial institutions 596 586 602 619 617 624 636 639 648 660 658 668 Retail outlets 468 471 465 483 482 490 497 495 505 512 513 510 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 2,506 2,580 3,308 3,263 3,346 3,605 3,272 3,567 3,350 3,204 3,264 3,774 Commercial banks 973 975 1,224 1,204 1,237 1,337 1,187 1,291 1,222 1,146 1,142 1,171 Sales finance companies , 592 656 869 841 906 997 931 1,027 924 828 791 838 Other financial institutions 559 585 720 705 692 750 674 724 691 696 745 908 Retail outlets , 382 364 495 513 511 521 480 525 513 534 586 857 Repayments: Total 2,562 2,488 2,866 2,718 2,733 2,840 2,732 2,922 2,851 2,944 2,966 3,027 Commercial banks 940 921 1,050 1,013 1,013 1,036 1,025 1,075 1,045 1,062 1,065 1,059 Sales finance companies 556 562 663 605 627 675 617 716 698 728 737 717 Other financial institutions 568 537 642 614 609 640 614 637 620 650 663 759 Retail outlets 498 468 511 486 484 489 476 494 488 504 501 492 The year 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Credit outstanding at end of month Consumer credit, by major parts: Total 37,883 37,468 37,756 38,219 38,920 39,453 39,513 39,928 40,199 40,332 40,831 42,097 Instalment credit, total 28,849 28,896 29,101 29,424 29,779 30,114 30,366 30,743 30,841 30,985 31,240 31,827 Automobile paper , 13,488 13,582 13,750 13,898 14,065 14,261 14,389 14,539 14,547 14,498 14,469 14,459 Other consumer goods paper 7,517 7,429 7,376 7,434 7,518 7,554 7,590 7,697 7,733 7,872 8,066 8,510 Repair and modernization loans 1,662 1,656 1,662 1,680 1,718 1,748 1,768 1,799 1,832 1,865 1,890 1,895 Personal loans 6,182 6,229 6,313 6,412 6,478 6,551 6,619 6,708 6,729 6,750 6,815 6,963 Noninstalment credit, total 9,034 8,572 8,655 8,795 9,141 9,339 9,147 9,185 9,358 9,347 9,591 10,270 Single-payment loans 2,910 2,908 3,010 3,034 3,184 3,240 3,158 3,183 3,239 3,169 3,258 3,253 Charge accounts 4,002 3,564 3,508 3,574 3,746 3,844 3,713 3,730 3,822 3,920 4,072 4,735 Service credit 2,122 2,100 2,137 2,187 2,211 2,255 2,276 2,272 2,297 2,258 2,261 2,282 Instalment credit, by holder: Total 28,849 28,896 29,101 29,424 29,779 30,114 30,366 30,743 30,841 30,985 31,240 31,827 Financial institutions, total 24,455 24,588 24,862 25,191 25,503 25,930 26,179 26,469 26,556 26,654 26,877 27,084 Commercial banks 10,615 10,659 10,782 10,985 11,139 11,354 11,446 11,528 11,539 11,608 11,648 11,707 Sales finance companies 8,436 8,460 8,526 8,575 8,641 8,765 8,849 8,953 8,989 8,973 9,075 9,100 Credit unions 1,666 1,692 1,722 1,756 1,792 1,832 1,860 1,908 1,933 1,962 1,986 2,014 Consumer finance companies 2,670 2,701 2,739 2,773 2,805 2,845 2,889 2,929 2,931 2,947 2,969 3,056 Other 1,068 1,076 1,093 1,102 1,126 1,134 1,135 1,151 1,164 1,164 1,199 1,207 Re D ta e il p a o r u t t m le e t n s, t t s o t t o a r l e s p 4 1, , 4 3 7 9 1 4 4 1, , 4 3 3 0 5 8 4 1, , 3 2 7 3 7 9 4 1 , ,3 2 8 3 0 3 4 1, , 3 2 8 7 9 6 4 1 , ,2 1 4 8 8 4 4 1 , ,2 1 4 8 1 7 4 1 , ,2 2 8 7 7 4 4 1, , 2 2 7 8 0 5 4 1 , ,2 3 7 3 0 1 4 1, , 2 3 3 6 1 3 4 1 , , 7 4 4 0 3 8 Furniture stores 1,028 1,025 1,021 1,024 1,033 1,047 1,055 1,075 1,085 1,106 1,136 1,187 Household appliance stores 356 349 343 339 342 346 352 359 364 365 371 377 Automobile dealers 486 487 490 493 497 502 506 510 510 507 504 502 Other 1,053 1,012 1,008 997 1,015 1,041 1,033 1,043 1,056 1,083 1,121 1,269 Noninstalment credit, by holder: Total 9,034 8,572 8,655 8,795 9,141 9,339 9,147 9,185 9,358 9,347 9,591 10,270 Financial institutions (single-payment loans): Commercial banks 2,622 2,605 2,649 2,678 2,713 2,814 2,811 2,811 2,833 2,785 2,774 2,843 Other 288 303 361 356 All 426 347 372 406 384 484 410 Retail outlets (charge accounts): Department stores 706 596 579 573 585 573 522 529 586 610 670 893 Other 3,296 2,968 2,929 3,001 3,161 3,271 3,191 3,201 3,236 3,310 3,402 3,842 Service credit 2,122 2,100 2,137 2,187 2,211 2,255 2,276 2,272 2,297 2,258 2,261 2,282 Instalment credit held by commercial banks, by type of credit: Total 10,615 10,659 10,782 10,985 11,139 11,354 11,446 11,528 11,539 11,608 11,648 11,707 Automobile paper: Purchased 3,254 3,297 3,352 3,409 3,469 3,529 3,579 3,628 3,633 3,636 3,640 3,651 Direct 2,066 2,077 2,114 2,140 2,158 2,166 2,157 2,154 2,124 2,096 2,082 2,075 Other consumer goods paper 2,045 2,033 2,040 2,101 2,134 2,236 2,253 2,249 2,259 2,328 2,363 2,394 Repair and modernization loans 1,317 1,310 1,310 1,323 1,348 1,371 1,386 1,407 1,430 1,452 1,466 1,469 Personal loans 1,933 1,942 1,966 2,012 2,030 2,052 2,071 2,090 2,093 2,096 2,097 2,118 * Includes adjustment for differences in trading days. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1422 CONSUMER CREDIT REVISED ESTIMATES OF SHORT- AND INTERMEDIATE-TERM CONSUMER CREDIT FOR 1955 AND 1956—Continued [In millions of dollars] The year 1956 Type of credit or holder Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Credit outstanding at end of month—Cont. Instalment credit held by financial institutions other than commercial banks and sales finance companies, by type of credit: Total 5,404 5,469 5,554 5,631 5,723 5,811 5,884 5,988 6,028 6,073 6,154 6,277 Automobile paper 763 781 799 819 842 865 883 903 914 926 938 948 Other consumer goods paper 540 551 563 569 584 597 607 623 628 637 642 648 Repair and modernization loans 320 322 328 333 346 353 358 368 379 389 400 403 Personal loans 3,781 3,815 3,864 3,910 3,951 3.996 4,036 4,094 4,107 4,121 4,174 4,278 Instalment credit extended and repaid, by type of credit SEASONALLY ADJUSTED* Extensions: Total 3,298 3,337 3,286 3,370 3,298 3,168 3,284 3,395 3,285 3,379 3,512 3,451 Automobile paper 1,348 1,380 1,326 1,308 1,273 1,217 1,232 1,264 1,230 1,298 1,353 1,334 Other consumer goods paper 938 925 901 996 960 888 972 1,008 956 996 1,047 1,003 Repair and modernization loans 121 129 128 134 139 130 130 133 131 137 133 123 Personal loans 891 903 931 932 926 933 950 990 968 948 979 991 Repayments: Total.... 2,979 2,965 2,956 3,103 3,089 3,071 3,139 3,111 3,178 3,171 3,191 3,241 Automobile paper 1,188 1,186 1,157 1,236 1,234 1,188 1,221 1,200 1,217 1,260 1,238 1,251 Other consumer goods paper 853 840 845 883 868 886 913 891 938 909 935 953 Repair and modernization loans 118 112 109 116 113 112 120 115 110 117 109 111 Personal loans 820 827 845 868 874 885 885 905 913 885 909 926 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 2,895 2,937 3,320 3,349 3,489 3,412 3,354 3,551 3,032 3,451 3,449 3,824 Automobile paper , 1,194 1,237 1,377 1,345 1,409 1,391 ,340 1,394 ,156 1,293 1,227 1,200 Other consumer goods paper 776 763 851 926 981 918 923 1,009 897 1,077 1,110 1,359 Repair and modernization loans 93 103 119 130 151 139 139 148 138 155 138 115 Personal loans 832 834 973 948 948 964 952 1,000 841 926 974 1,150 Repayments: Total 2,890 3,115 3,026 3,134 3,077 3,102 3,174 2,934 3,307i 3,194 3,237 Automobile paper 1,143 1,209 1,197 1.242 1,195 1,212 1,244 1,148 1,342 1,256 1,210 Other consumer goods paper 851 904 868 897 882 887 902 861 938| 916 915 Repair and modernization loans 109 113 112 113 109 119 117 105 122 113 110 Personal loans 787 889 849 882 891 884 911 820 905 909 1,002 Instalment credit extended and repaid, by holder SEASONALLY ADJUSTED* Extensions: Total 3,298 3,337 3,286 3,370 3,298 3,168 3,284 3,395 3,285 3,379 3,512 3,451 Commercial banks 1,167 1,189 1,154 1,248 1,171 11,169 1,202 1,187 1,173 1,250 1,229 1,248 Sales finance companies 809 829 822 788 788 747 741 776 757 807 923 813 Other financial institutions 735 759 780 767 781 780 792 838 804 789 837 812 Retail outlets 587 560 530 567 558 1472 549 594 551 533 523 578 Repayments: Total 2,979 2,965 2,956 3,103 3,089 3,071 3,139 3,111 3,178 3,171 3,191 3,241 Commercial banks 1,068 1,073 1,038 1,108 1,094 11,095 1,136 1,118 1,154 1,148 1,120 1,168 Sales finance companies 726 724 716 753 782 721 753 739 728 772 760 769 Other financial institutions 675 666 690 707 701 715 728 745 743 721 754 758 Retail outlets 510 502 512 535 512 1540 522 509 553 530 557 546 WITHOUT SEASONAL ADJUSTMENT Extensions: Total 2,895 2,937 3,320 3,349 3,489 3,412 3,354 3,551 3,032 3,451 3,449 3,824 Commercial banks 1,096 1,083 1.197 1,298 1,271 U,273 1,234 1,239 1,079 1,258 1,156 1,203 Sales finance companies 704 717 822 769 842 847 819 871 722 821 881 785 Other financial institutions 664 701 808 769 802 807 796 848 709 784 837 949 Retail outlets 431 436 493 513 574 1485 505 593 522 588 575 887 Repayments: Total 3,004 2,890 3,115 3,026 3,134 3,077 3,102 3,174 2,934 3,307 3,194 3,237 Commercial banks 1,082 1,039 1,074 1.095 1,117 11,097 1,142 1,157 1,068 1,189 1,116 1,144 Sales finance companies 711 693 756 720 776 723 735 767 686 837 779 760 Other financial institutions 666 636 723 692 710 719 723 744 669 739 756 826 Retail outlets 545 522 562 519 531 1538 502 506 511 542 543 507 * Includes adjustment for differences in trading days. NOTE.—Revisions for the period January 11995555 to date incorporate 1 Data on extensions and repayments for commercial banks and retail mlooire comprehensive information available rec"e-n1t1l-y fIrroomm tthhee ffoolllloowwiinngg:: outlets have been adjusted to avoid duplications resulting from large COommercial bank reports of condition for June and December 1956, transfers of other consumer goods paper. As a result, the differences Bluurreeaauu ooif ttnhee cCeennssuuss aannnnuuaall ssuurrvveeyy ooif rreettaaiill ttrraaddee ifoorr l1i9o5o6, , aannad aannnnuuaall between extensions and repayments for these institutions do not equal rea*p*\/-ofc»r*t +s c fTo/"r* *• 1] 9U5SA6 fTrPoAmtYl Bl<nu rreaainu /"o\Tf IHF'^eI/Hd aefroal l t^CirdrAe d1i +t TU ~n\fi\ ot *n~\*s"* c( i^ni*c**il"u»lnd/-i1n**'g% r»d ra\ tna+r\ the changes in outstanding credit. The changes are (in millions of on distribution of loans by type of credit), State supervisory authorities, dollars): for commercial banks, -1-113 (adjusted) and -(-215 (unadjusted); and other sources. Revised data for 1957 appear in the regular tables for retail outlets, —107 (adjusted) and —92 (unadjusted). (pp. 1400-1403). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 1424 Gold production. 1428 Net gold purchases and gold stock of the United States. 1429 Reported gold reserves of central banks and governments. 1430 Estimated foreign gold reserves and dollar holdings. 1431 International Bank and Monetary Fund. 1432 Central banks 1432 Money rates in foreign countries. 1437 Foreign exchange rates. 1438 Index 1451 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. 1423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1424 BVFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n ti a a - - l Official France m R F a e e n p d . 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 ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official of private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1.296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—Oct. 31.... 2,015 13,124 7,952 735 ,855 939 795 645 1,721 6,690 1,441 2,276 2,402 316 Nov. 30.... 2,008 13,103 7,840 640 ,850 927 797 642 1,653 6,508 1,453 2,415 2,392 335 Dec. 31.... 1,452 13,487 8,045 626 ,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957—Jan. 31.... 1,809 '13,207 '7,761 538 ,790 905 '800 867 r1,676 6,575 1,531 2,382 2,382 337 Feb. 28.... 1,681 '13,090 '7,551 490 1,764 885 '775 869 r1,735 6,518 r1,564 2,309 2,323 375 Mar. 31.... 1,558 13,002 7,550 423 1,764 886 774 929 1,754 6,530 r1,496 2,345 2,243 388 Apr. 30.... 1,358 13,090 47,808 420 1,728 909 742 903 1,804 6,507 1,521 2,505 2,160 396 May 31.... 1,700 13,114 7,810 367 ,732 937 775 926 1,764 6,502 1,619 2,543 2,053 398 June 30 1,573 13,270 7,942 403 ,690 959 804 969 1,793 6,618 1,591 2,680 1,990 391 July 31*... 1,547 13,247 7,803 514 1,558 979 778 1,005 1,719 6,552 1,656 2,670 1,985 384 Aug. 31*... 1,635 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 ,851 6,554 1,655 2,714 2,019 372 Oct. 31*... 1,517 13,747 7,910 394 1,573 1,057 857 1,161 1,946 6,987 i;739 2,671 1,975 374 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 el 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 Ru- Spain S d w e e n - T k u ey r- Y sl u a g v o ia - o A t l he l r 1953—Dec. 31. 1,558 191 130 96 38 101 243 119 72 36 117 14 388 1954—Dec. 31. 1,642 273 100 71 41 113 249 103 91 71 141 363 1955—Dec. 31. 1,519 261 108 60 49 176 164 82 132 104 153 201 1956—Oct. 31. ,721 300 118 70 56 158 162 57 133 55 202 14 385 Nov. 30. ,653 297 125 68 53 166 131 59 133 50 199 14 341 Dec. 31. ,627 296 117 65 53 177 134 67 137 43 217 20 281 1957—Jan. 31. ,676 294 125 64 54 181 117 69 138 42 230 16 '332 Feb. 28. ,735 297 135 76 61 184 122 67 134 40 229 22 '350 Mar. 31. ,754 296 141 76 59 178 120 76 123 32 228 14 396 Apr. 30. ,804 298 142 71 60 181 110 73 117 28 245 20 446 May 31 . ,764 298 120 65 59 175 111 75 120 25 253 12 439 June 30. ,793 302 119 61 59 166 110 87 120 25 268 14 449 July 31* ,719 315 120 97 61 156 99 85 114 25 278 12 346 Aug. 31* ,745 327 123 101 55 143 115 87 116 24 272 16 353 Sept. 30* 1,851 337 132 102 62 139 172 94 124 24 273 12 367 Oct. 31* 1,946 345 137 97 68 144 186 97 129 30 255 19 429 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R m c u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1953—Dec. 31 1,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—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 2,680 164 24 143 88 205 257 87 70 339 58 135 75 50 65 781 138 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 Oct. 31* 2,671 160 24 145 76 202 235 57 60 367 75 140 64 26 55 858 126 * Preliminary. r Revised. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 1425 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date rea, Phil- Bel- Union Hong Indo- Re- ip- Tai- Thai- Aus- gian of Total Kong India nesia Iran Israel Japan pub- pines wan land Other Total tralia Congo Egypt South Other lic Africa of 1953—Dec. 31 1,896 68 99 39 44 18 828 92 295 37 168 208 326 59 90 43 38 96 1954_Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—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 1,990 59 76 128 35 36 626 107 217 79 167 461 391 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. 30?.... 2,019 72 83 179 49 53 572 106 215 76 163 451 372 81 39 54 47 151 Oct. 31*\... 1,975 72 88 190 43 47 564 110 195 83 162 420 374 85 41 50 45 153 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 1956 1953 1954 1955 1956 Other Europe: Other Asia (Cont.): Albania .2 .2 .4 n.a. British dependencies 9.8 9.8 British dependencies .4 .6 .4 .4 Burma 29.7 19.1 7.0 Bulgaria .6 .6 .7 .2 Cambodia .2 13.1 17.2 Czechoslovakia 6 .6 .7 .7 .5 Ceylon 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 China Mainland** 35.7 36.2 35.5 Estonia 1.9 1.9 1.8 n.a. Iraq 10.0 14.7 16.9 Hungary 1.0 1.0 1.0 .8 Jordan .8 1.2 2.0 Iceland 7.5 8.9 4.8 3.1 Kuwait 10.7 3.5 5.3 Ireland, Republic of 14.1 14.3 13.7 9.1 Laos .1 23.1 n.a. Latvia 1.3 1.0 1.0 .6 Lebanon 16.5 18.0 22.3 Lithuania .4 .5 .3 .4 Pakistan 3.8 5.7 20.2 Luxembourg 4.0 4.5 3.1 13.2 Portuguese dependencies 1.8 2.0 2.7 Monaco 3.0 5.3 5.6 4.3 Ryukyu Islands 26.9 34.0 n.a. Poland 6 2.2 2.1 2.5 3.3 Saudi Arabia 61.5 79.5 n.a. Trieste 2.5 2.2 1.4 1.4 Syria 21.5 13.1 17.1 U. S. S. R.6 2.0 1.8 .7 Viet-Nam 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 18.0 23.7 24.2 Ecuador 17.7 21.2 14.9 18.0 French dependencies 8.7 8.0 10.5 French West Indies and French Guiana. .. .6 .4 .6 1.0 Liberia 5.6 13.1 23.7 Haiti 9.3 12.7 12.1 8.9 Libya 1.7 9.9 3.7 Honduras 18.7 17.3 9.7 10.2 Morocco 7.6 14.8 13.6 Nicaragua 16.0 10.3 12.8 11.8 New Zealand 2.3 1.9 2.2 Paraguay 6.0 3.6 3.6 4.0 Portuguese dependencies 8.3 5.3 2.8 Spanish dependencies .5 .7 .3 Other Asia: Sudan n.a. n.a. .4 Afghanistan.... 2.7 5.1 4.1 5.3 Tangier 35.7 33.5 22.4 Bahrein Islands. .6 .6 .5 n.a. Tunisia .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" categories 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

1426 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] Date Total France R m e G F a p e e . n r d y - o . , f Italy S l w e a i r n t - z d - U K n d i i o n t m g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m a i e t c i r a n - Asia o A th l e l r 1953—Dec. 31.. 905 11 31 19 18 71 88 236 56 473 115 25 1954_Dec. 31.. ,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31.. ,549 12 88 30 26 109 158 423 144 706 233 43 1956—Sept. 30.. ,729 66 125 35 28 81 169 504 131 776 272 46 Oct. 31.. ,828 67 127 29 28 86 177 514 186 799 282 46 Nov. 30.. ,787 19 134 32 30 94 174 483 170 797 292 45 Dec. 31.. ,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.. 2,202 82 159 60 28 159 197 686 125 894 451 46 July 31 P. 2,144 96 153 59 31 123 189 649 125 900 423 46 Aug. 31P. 2,186 113 149 55 33 115 192 657 130 950 397 52 Sept. 30^. :2,159 113 151 54 32 110 209 669 111 947 379 53 Table 2a. Other Europe Date E O u t r h o e p r e A t u r s i - a g B e e i l u - m m De a n r - k l F a in n - d Greece N l e a er t n - d h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u a g v o i - a ot A h l e l r 1953—Dec. 31 88 1 13 6 2 1 9 1 1 24 3 16 5 7 1954—Dec 31 109 20 10 3 3 16 2 (2) 4 4 41 5 1955—Dec. 31.. 158 16 13 3 4 11 9 5 7 78 2 7 1956—Sept. 30 169 7 19 6 5 5 16 15 8 10 70 (2) 6 Oct. 31 111 9 18 10 4 5 16 16 j 6 12 73 h) 6 Nov. 30 . 174 7 22 10 3 5 13 17 5 1] 72 6 Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 (2) t957_j F a e n b . 3 2 1 8 2 2 1 1 1 3 7 6 2 3 9 0 1 1 0 3 4 3 4 4 2 2 1 0 2 1 3 7 2 1 9 7 1 14 3 8 8 6 5 (2 2 ) 6 8 Mar. 31 . 219 8 34 1] 3 5 20 18 2 14 83 2 8 Apr. 30 208 8 29 9 3 5 23 17 2 10 14 79 (2) 9 May 31 188 6 28 8 4 4 19 16 1 14 67 (2) 10 June 30 197 5 25 8 3 4 23 16 2 12 14 75 9 July 31 P 189 4 23 7 4 6 27 17 1 12 13 63 2 9 Aug. 31" 192 6 25 7 4 6 21 17 1 19 9 68 2 9 Sept. 30» 209 7 25 6 3 7 24 18 1 24 9 72 2 11 Table 2b. Latin America Neth- Do- er- Date A L m a i e t c i r a - n Ar t g i e n n a - l B i o v - ia Brazil Chile l C b o o i m - a - Cuba m p i R i u c e n b a - - - n G m u a a l te a - M i e c x o - I l W n a a e d n n i s d d e t s s l a P p i R m a u c e n b a - - - , of Peru v S a E a d l l o - r g U u ru a - y \ zu e e n l e a - A O L t m a i h t c e i e a r n r lic Surinam 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 l954_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—Sept. 30 776 11 4 63 15 145 81 4 7 184 6 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 I957_j F a e n b . . 3 2 1 8 8 86 6 1 7 2 1 5 5 4 5 7 7 7 2 2 2 2 0 1 1 4 4 8 5 9 9 9 0 1 1 3 3 8 7 2 2 1 1 6 9 4 3 1 1 0 3 3 3 4 2 8 8 1 1 2 1 1 1 4 4 5 4 5 5 2 4 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 30 894 48 5 77 35 123 93 9 7 208 3 12 32 8 18 159 56 July 31 P 900 47 4 94 33 98 91 15 10 212 2 13 36 8 25 159 5< Aug. 31 P 950 35 5 116 40 91 103 19 8 246 3 13 34 7 31 151 50 Sept. 30P 947 29 5 123 28 101 90 17 8 246 3 16 33 6 39 152 50 p Preliminary. 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $1,033 million on Sept. 30, 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. 1427 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i— Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia 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 8 17 1956—Sept. 30 272 5 7 (2) 23 12 123 11 6 8 78 46 11 8 \ 7 17 Oct. 31 282 4 6 (2) 22 13 127 12 6 9 84 46 12 7 J 7 17 Nov. 30 292 4 6 (2) 20 13 143 13 6 8 79 45 11 7 ) 6 19 Dec. 31 337 4 6 (2) 20 16 170 16 6 9 91 43 11 6 > 8 17 1957—Jan. 31 360 5 7 (2) 22 23 186 17 5 10 83 48 11 5 I 8 21 Feb. 28 375 6 7 (2) 22 24 192 18 6 10 89 46 11 5 ! 7 22 Mar. 31 375 6 9 (2) 23 24 193 18 5 10 86 49 13 5 7 22 A M p a r y . 3 3 0 1 4 3 2 9 6 2 7 7 1 1 1 0 8 2 2 4 3 2 2 5 2 2 2 1 4 0 4 2 1 4 9 5 5 1 1 0 3 7 8 4 6 4 4 1 6 1 1 0 3 5 6 8 8 1 1 7 8 June 30 451 7 11 22 24 258 30 5 12 81 46 12 5 11 17 Julv 31* 423 7 11 (2) 24 22 250 28 6 11 63 46 12 6 12 15 Aug. 31* 397 9 9 (2) 24 24 215 40 6 14 58 52 11 6 12 21 Sept. 30^ 379 9 9 (2) 20 23 188 45 6 8 71 53 11 5 12 24 (2) TABLE 3. PURCHASES AND 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 Sept 21 12 9 131 96 35 32 41 -9 49 54 -5 Oct 37 18 20 143 108 35 174 145 29 52 47 5 Nov 21 67 -46 144 140 4 49 101 -53 43 44 Dec 13 39 -26 145 108 37 25 77 -52 45 38 7 1957—Jan 44 28 16 163 107 57 49 172 -123 54 53 (2) Feb 134 42 91 146 91 55 34 r133 r — 99 43 42 Mar 68 47 22 117 104 13 43 67 -24 44 51 - 7 Apr 23 8 14 134 113 21 69 227 — 158 54 59 -5 May 102 143 -41 179 160 19 57 193 -136 59 June 57 14 43 170 135 35 45 49 — 4 76 V0 — 14 July* 22 97 -76 161 150 11 30 94 -64 69 60 9 Aug.* 30 157 -128 136 122 14 22 42 -20 44 43 1 Sept * 14 10 4 92 102 -11 51 80 -29 37 42 -6 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, [Net sales, ( —). In millions of dollars] Inter- Total Year or month national foreign France insti- countutions tries 1953 23 -34 -42 1954 78 72 17 1955 -21 706 -2 1956 82 75 -121 1956—Sept 43 3 Oct 1 53 Nov -42 2 Dec 1 10 2 1957—Jan 2 70 Feb 1 145 Mar 34 Apr j 34 Mav -25 3 June 77 July* (2) -65 Aug.* -137 23 Sept.* -7 ot ot — BY COUNTRIES Germany, United Latin Federal Italy Switzer- King- Other Total Canada Amer- Asia All Repub- land dom Europe Europe ica other lic of e> m 57 71 -24 62 -121 25 e> _, 73 70 -20 139 -187 113 3 9 -7 147 96 85 329 265 76 29 7 7 (2) 234 8 33 161 -124 34 -1 4 SI 21 10 8 43 -8 6 3 1 23 11 9 46 i 7 1 (2) 1 -2 -40 -39 -11 6 1 (2) (2) 19 -14 -3 3 -3 8 1 | 27 7 19 56 4 6 3 1 (2) 1 24 41 17 86 54 5 11 21 4 37 -4 1 (2) (2) (2) 9 21 10 42 -9 2 (2) (2) 7 7 11 27 -20 w (2) 2 (2) (2) 5 54 7 68 5 4 -1 (2) (2) 10 -68 5 -55 -11 (2) (2) 2 (2) (2) 17 — 1 24 42 -22 2 1 1 2 -5 4 -2 -7 (2) Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1428 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 * BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h r n t I a u i n n t t i t s i o e o t n r i n - - a s l f c o T t o r r o e u i t e i n a g s l - n Europe C a a d n a - A L i m • a c _ t a _ e in r- Asia o A th l e l r Date Deposits U se . c S u . r G iti o e v s2 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 -7 1956—Nov. 30 356 3,553 177 1956 — 33 -478 8 -447 17 -40 -16 Dec. 31 322 3,856 139 1956—Sept.... 2 -15 -4 -15 1 4 -1 1957_Jan. 31 344 3,707 164 Feb. 28 327 3,671 156 Oct 33 22 8 -1 1 3 Mar. 31 311 3,744 158 Nov.... 2 -55 17 -53 3 -8 -13 Apr. 30 316 3,727 165 Dec.... -3 -41 13 -47 0) -8 0) May 31 360 3,600 164 1957—Jan -71 -52 16 -72 2 -9 11 June 30 449 3,685 164 July 31 364 3,730 278 Feb 9 '-107 -7 '-97 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 - 5 7 8 6 1 r\ 0 -1 -8 6 4 5 10 - - 2 4 1 N O o ct v . . 3 3 0 1 2 3 8 7 3 8 3 3 , ,7 7 8 7 7 4 3 3 4 4 9 4 June... -1 -18 -12 -18 2 -3 14 JulyP... -1 -54 17 -73 2 -1 1 1957—Nov. 6 353 3,780 342 Aug.P. . -6 -13 15 -29 2 -2 1 Nov. 13 323 3,823 338 Sept.P. . 2 -37 -9 -29 2 -1 -1 Nov. 20 304 3,792 339 Nov. 27 283 3,800 344 Preliminary. r Revised, i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthl)r Estimated world Year or production Africa North and South America Other month U. ( S e . x S c . l R . .) Total A So fr u i t c h a R de h s o ia - Ghana B C e o l n gi g a o n U S n ta it te 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 - ^ 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 994.0 911.1 556.2 18-8 21.9 131 65.3 153.9 12.3 15.3 3.3 7.6 36.1 7.3 1955 Sent 77.8 47.3 1.6 2.3 1.0 6.0 12.4 1.1 1.2 .5 .6 3.2 .6 Oct 78.7 47.8 6 2.2 1 6.2 12.9 1.2 1.2 .4 .6 3.0 .6 Nov 78.0 47.3 1.5 2.2 1.5 5.6 12.9 1.0 1.2 .2 .6 3.4 .6 Dec 73.6 45.8 1.5 2.2 1.0 4.6 12.8 .7 .7 .3 .6 2.9 .6 1957__jan 276.5 48.3 6 2.3 9 5.0 12.6 1.5 .4 .6 3.0 .5 Feb 272 9 46 3 5 2 3 1 4 4 12 0 1 2 2 5 2 8 5 Mar 278.3 49.2 1.5 2.2 1.5 5.1 13.2 1.0 .3 .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 .5 June 50.1 [.6 2.2 .9 4.9 12.6 .7 .6 3.4 .5 July 51.4 2.3 ? 5.8 12.8 .9 6 .5 AUK 51.1 2 4 1 5 8 12 6 8 6 Sept 50.3 2.4 1.2 5.7 13.1 1 Gold exports, representing about 90 per cent of total production. Ghana and Belgian Congo, data for which are from American Bureau of 2 Excluding Mexico. Metal Statistics. For the United States, annual figures are from the Sources.—World production: estimates of U. S. Bureau of Mines. U. S. Bureau of the Mint and monthly figures are from American Bureau Production reported monthly: reports from individual countries except of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 1429 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 July- Oct- Jan.- Apr- July- 1949 1950 1951 1952 1953 1954 1955 1956 Sept. Dec. Mar. June Sept. Continental Western Europe: Belgium 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3 4 -84.8 -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands *-23*!5 -4!5 -100.0 -65.0 i6!6 5.6 Portugal 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 Sweden -22.9 -32.0 -20.0 -15.0 '"is'.i "i5!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 -.i Total 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 _.i 100 3 100 3 Canada 3.4 -100.0 -10.0 7.2 14.6 14.6 5 2 Latin America: -49.9 -49.9 -20.0 -84.8 115.3 55 1 40.1 10.0 10.1 15.0 Colombia . 7 0 -10 0 17 5 -22 8 — 3.5 28 1 28 1 Cuba -10.0 28.2 -20.0 -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 -3.6 2.8 Total -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 85.0 -133.0 6.5 12.9 15.0 Asia -•-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -4.9 -.2 _ »\ -.4 -.5 4.0 Eastern Europe -6.2 13.7 13.1 All other .4 «-44.2 «-76.0 (*) -.4 7200.0 '75.0 725.0 7300.0 7300.0 -.1 Grand total 193.3-1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 155.0 25.2 341.5 318.4 18.9 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 ( u r e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) i I i n n s g c to r o t e o c l a d t k a s l e i e m g x N o o p p e r l o o d t r r t t, g m c o o c r E r r l a e d e r a i a a : k n r s s - e d - e e d e , - D p ti r c o t o i m o g d o n 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 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 o c o c r E r l r a e d e r a i a a : k n r s s - e d - e e d e , - D p ti r c o t o i m o g d o n u e l c s d - - 1944 20,619 20,631 -1,349.8 -845.4 -459.8 35.8 1956—Nov 21,910 22,106 107.6 12.5 105.7 5.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 Dec 21,949 22,058 -47.7 2.7 51.2 4.6 1946 20,529 20,706 623.1 311.5 465.4 51.2 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 1957__jan 22,252 22,377 319.0 -53.9 295.9 5.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Feb 22,304 22,396 18.6 -29.8 28.0 4.4 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Mar 22,306 22,406 10.2 -8.8 16.0 5.1 Apr 22,318 22,424 17.4 20.8 -5.8 4.7 1950. 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 May 22,620 22,726 302.6 20.0 285.4 5.0 1951 22,695 22,873 52.7 -549.0 617.6 66.3 June 22,623 22,732 5.5 10.0 -6.0 4.9 1952 23,187 23,252 379.8 684.1 -304.8 67.4 July 22,627 22,735 3.8 2.7 -.8 5.8 1953 . .. 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Aug 22,626 22,735 -.5 28.6 -11.4 5.8 1954 21,713 21,793 -297.2 16.1 —325.2 65.1 Sept 22,635 22,759 24.1 18.9 -9.0 5.7 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Oct 22,691 22,835 75.4 42.8 36.9 6.5 1956 21,949 22,058 305.9 106.1 318.5 r65.3 Nov ^22,762*>22,836 4-31.2 P Preliminary 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,024.7 million on Nov. 30,1957. 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

1430 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w c o l. rld A t r i g n e a n- t A ra u l s ia - g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - Egypt U.S.S.R.)i Treasury Total 2 1950 Dec 35,810 22,706 22,820 216 88 587 317 590 40 74 271 31 97 1951—Dec 35,960 22,695 22,873 268 112 621 317 850 45 48 311 31 174 1952—Dec 36,260 23,187 23,252 112 706 317 896 42 76 214 31 174 1953 Dec 36,680 22,030 22,091 371 117 lie 321 996 42 86 186 31 174 1954—Dec 37,340 21,713 21,793 371 138 778 322 1,080 42 86 186 31 174 1955—Dec 38,000 21,690 21,753 371 144 929 323 1,141 44 86 136 31 174 1956 Oct 21 910 21 999 106 949 323 1 119 45 57 136 31 181 Nov 21 910 22 106 106 941 323 1,124 45 57 136 31 181 Dec 38,490 21,949 22,058 107 928 324 1,113 46 57 136 31 188 1957_Jan 22,252 22 377 109 877 324 1,116 43 57 136 31 188 Feb 22 304 22 396 113 864 324 1 110 46 57 136 31 188 Mar. r38 790 22 306 22 406 113 848 324 1,112 46 57 136 31 188 Apr 22,318 22,424 113 849 324 1,114 46 57 136 31 174 M^ay 22 620 22 726 116 849 324 1,116 46 57 136 31 183 June... 39 000 22,623 22 732 116 842 324 1,121 43 58 136 31 188 July 22 627 22 735 846 324 1 120 43 136 31 188 Aug 22,626 22 735 882 324 1,135 40 136 31 188 Sept ^39 040 22 635 22 759 874 324 1 136 40 31 188 Oct 22,691 22,835 876 324 1,136 40 31 188 Ger- E m n o d n t o h f l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1950—Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952 Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954_Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—Oct 35 861 1,329 27 247 45 138 362 166 854 47 49 35 Nov. 35 861 1,376 27 247 45 138 370 167 854 47 49 35 Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957—Jan 35 861 1 566 27 247 44 138 325 167 834 45 49 35 Feb 35 861 1,661 27 247 44 138 350 167 819 45 49 35 Mar 35 861 1 756 27 247 43 138 364 166 814 45 49 35 Apr 35 861 1 834 27 247 42 138 359 166 809 48 49 35 May 35 861 1,923 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 40 138 390 164 793 45 49 35 Aug.. . 35 575 2 261 27 247 41 138 747 45 49 35 Sept 35 575 2,399 247 41 138 700 45 49 35 Oct 35 575 2,548 41 138 700 45 49 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A S f o r u ic th a Spain Sweden Sw a 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 - g U u r a u y - V zu e e n l e a - M F I t u a n o r n t 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 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 ,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 ,141 148 June 458 31 234 56 231 1,633 112 144 2,381 183 669 ,147 205 July 461 31 226 56 233 I 674 112 144 2,367 183 719 .148 165 Aug 466 31 226 56 241 1,694 112 144 2,142 183 719 1,157 184 Sent .. 467 31 215 56 235 1,725 144 1,850 183 719 1,167 138 Oct 464 31 215 56 226 7^ 144 2,093 719 130 p Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, 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 1431 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1955 Sept. 30, 1956 Dec. 31, 1956 Mar. 31, 1957 June 30, 1957 Sept. 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 10 342 10 361 10 368 9 376 8 418 8 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,265 12 1,227 12 1,170 11 1,133 11 1,165 8 Denmark 91 7 95 6 96 6 107 6 92 6 133 6 Finland 84 5 90 5 88 5 94 5 94 5 97 5 France (and dependencies) *... . 1,957 151 1,631 7 1,505 7 1,302 8 2996 9 998 10 Germany (Federal Republic of) 2,374 8 3,099 13 3,329 14 3,520 14 3,719 14 4,063 14 Greece 187 (3) 161 (3) 187 (3) 189 (3) 177 (3) 152 Italy 1,137 1,286 1,268 1,250 1,323 2 41,419 2 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,113 23 1,071 9 1,024 10 998 10 971 12 Norway 127 53 109 79 117 87 121 95 133 105 139 118 Portugal (and dependencies) 601 617 628 628 622 636 Spain (and dependencies) 221 3 185 160 3 148 3 142 3 140 3 Sweden . . 429 (3) 453 (3) 483 480 (3) 499 508 Switzerland . .. 2,354 44 2,446 126 2,512 131 2,410 132 2,437 132 2,522 134 Turkey 153 158 164 158 158 156 Other5 872 6 '1,057 14 '917 12 '898 14 1,188 12 868 12 Total 13,214 343 '14,107 300 '14,113 298 '13,867 309 14,087 317 332 14,385 Sterling Area: United Kingdom. 2 600 282 2,820 266 2,812 203 2,854 238 2,894 268 191 2,508 United Kingdom dependencies. 84 4 90 4 103 4 93 4 96 4 109 4 Australia 219 177 191 193 191 4197 India 320 1 328 1 323 324 1 323 1 330 Union of South Africa. . 265 1 248 1 277 j 293 1 294 262 1 Other 214 7 211 14 228 14 226 25 226 28 226 30 Total 3,702 295 3,874 286 3,934 223 3,983 269 4,024 302 3,632 227 Canada 2,173 437 2,547 352 2,629 367 '2,608 438 2,712 441 2,791 441 Latin America: Argentina 509 (3) 399 360 332 345 313 Bolivia 26 25 (3) 29 (3) 25 (3) 24 (3) 29 (3) Brazil 466 2 582 1 549 1 556 1 467 1 457 1 Chile 139 151 1 137 1 137 1 131 1 117 1 Colombia 217 (3) 180 (3) 210 250 (3) 263 244 (3) Cuba 389 169 407 167 347 167 354 167 393 167 416 167 Dominican Republic 77 77 79 89 98 70 Guatemala 72 (3) 80 (3) 91 101 (3) 97 87 (3) Mexico 556 4 561 4 600 4 575 4 504 4 4535 3 Panama Republic of 86 1 104 109 1 117 1 135 1 129 1 Peru 127 (3) 117 119 117 110 96 El Salvador 52 (3) 53 (3) 53 (3) 73 (3) 81 (3) 65 (3) Uruguay 281 1 290 1 259 1 257 2 248 1 243 1 Venezuela 668 3 808 3 1,058 3 1,043 2 1,450 2 1,605 2 Other 124 15 133 14 113 12 134 12 140 11 146 13 Total 3,789 195 3,967 191 4,113 190 4,160 190 4,486 188 4,552 189 Asia: Indonesia .. . 255 15 204 231 188 168 220 Iran 175 174 (3) 158 (3) 178 (3) 173 (3) 187 (3) Japan ... 1,021 4 1,186 4 1,145 4 1,003 4 754 2 700 2 Philippines 268 6 298 6 294 6 267 6 243 6 235 6 Thailand . . 250 1 254 260 1 279 1 279 1 275 1 Other 647 4 677 6 707 6 730 6 767 7 770 7 Total 2,616 30 2,793 17 2,795 17 2,645 17 2,384 16 2,387 16 Eastern Europe 6 308 7 288 8 287 8 288 8 288 8 286 7 All other: Egypt 246 (3) 222 (3) 238 248 (3) 246 242 Other 116 1 126 118 (3) '151 162 (3) 155 (3) Total . 362 1 348 (3) 356 (3) '399 (3) 408 (3) 397 (3) Total foreign countries 26,164 1,308 '27,924 1,154 '28,227 1,103 '27,950 1,231 28,389 1,272 28,430 1,212 International7 3,689 321 3,717 392 3,144 391 2,996 391 2,720 366 2,679 227 Grand total 29,853 1,629 '31,641 1,546 '31,371 1,494 '30,946 1,622 31,109 1,638 31,109 1,439 P Preliminary. r Revised. 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 reported figures for gold reserves, as follows: Italy Liabilities to Foreigners Reported by Banks in the United States, by (July 31); Australia (June 30); and Mexico (July 31). Countries (tables 1 and la-Id of the preceding section). U. S. Govt. 5 Includes Yugoslavia, Bank for International Settlements (both for bonds and notes represent estimated holdings of such securities with origiits own and European Payments Union account), gold to be distributed nal maturities of more than one year; these estimates are based on a by the Tripartite Commission for Restitution of Monetary Gold, and survey of selected U. S. banks and on monthly reports of security transacunpublished gold reserves of certain Western European countries. tions. For back figures see BULLETIN for March 1956, pp. 304-305. 6 Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1432 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 securities1... 858 873 901 931 960 Currencies: United Statesi 992 977 1,423 1,697 1,759 Effective loans2 2,549 2,437 2,378 2,238 2,094 Otheri 5,777 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 6 5 3 2 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 income -2 -6 -10 -14 -14 Reserves 303 289 266 254 240 Reserves and liabilities 2 2 2 Capital 1,867 1,854 1,853 1,853 1,853 Cumulative net drawings Quota Loans by country, Oct. 31, 1957 on the Fund Country 9 Paid 1957 1956 Outstanding Total in Area and member country 4 gold Sept. Aug. Sept. 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 25 13 Continental W. Europe, total 1,157 1,021 194 827 74 Colombia 50 13 25 25 25 Belgium and Luxembourg. 133 119 12 107 24 Denmark 68 6 34 34 France 267 267 16 251 16 Egypt 60 10 30 30 15 Italy 163 94 94 7 France 525 108 263 263 Netherlands 236 233 143 91 20 India 400 28 200 200 Other 358 308 23 285 6 Indonesia 110 16 55 55 55 Iran 35 9 25 25 26 Sterling area, total 1,107 728 78 651 88 Japan 250 63 125 125 Australia 318 272 12 260 24 Netherlands 275 69 69 India 325 166 25 141 14 United Kingdom 1,300 236 562 562 Pakistan 108 54 9 45 4 United States. .. 2,750 688 10-1,861 10-1,783 10-418 Union of S. Africa 160 135 22 113 21 United Kingdom 146 78 3 75 25 Other 51 24 7 17 Notes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. Latin America, total 719 559 60 499 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 141 135 10 125 9 3 Excludes uncalled portions of capital subscriptions. Other 298 171 19 151 13 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Asia (excl. Sterling area).... 292 145 140 15 6 Includes $183 million in loans not yet effective. 7 Includes $180 million not guaranteed by the Bank. Africa (excl. Sterling area). . 24 8 U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $25 Total 63,298 2,462 337 2,125 7202 million or more on the latest date. i 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 Gold (fi O a d s u t s h c e e i t a s r ry Coin Notes a c n o D d u is - n a t d s - Se t c ie u s ri- ci t r io cu n l a i - Deposits C su a a r p n p i d l t u a s l issue) vances Bankers' Public ECA Other 1949_Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951—Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—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 1,997.7 203.6 11.6 74.9 18.1 1957_ F ja eb n. . 3 2 0 7 . . 4 4 1 1 , , 9 9 2 2 5 5 . . 0 0 2 2 . . 0 0 6 5 3 2 . . 7 0 3 1 4 5 . . 9 8 2 2 4 6 0 1 . . 3 0 [ 1 , , 8 8 6 7 1 3 . . 6 4 2 2 3 2 2 5 . . 1 2 1 13 4 . . 5 4 7 7 3 6 . . 7 0 1 18 8 . . 5 3 Mar. 27 .4 1,925.0 2.3 22.5 18.6 290.3 1,902.8 228.9 13.7 72.5 18.5 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 1,952.2 202.4 11.5 74.5 17.8 May 29 .4 1,975.0 2.4 21.7 40.5 243.2 1,953.7 204.4 10.1 75.3 18.0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 [,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 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 1,967.5 216.8 13.0 73.1 18.5 Oct. 25 .4 2,000.0 2.5 33.4 13.7 288.7 [,967.0 234.6 10.1 75.7 17.8 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1433 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities Date S U t a e n r n i l t d i e n d g Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v es in- Other Note Deposits lia O b t i h li e ti r es States assets circulation and dollars S t h er o m rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capital 1949_Dec. 31. 74.1 1,781.4 227.8 42.5 1,307.4 541.7 30.7 126.9 119.2 1950—Dec. 30. 111.4 1,229.3 712.5 297.1 1,367.4 578.6 24.7 207.1 172.6 1951—Dec. 31. 117.8 1,141.8 1,049.3 135.2 1,464.2 619.0 94.9 66.1 200.0 1952—Dec. 31, 77.1 1,459.8 767.2 77.3 1,561.2 626.6 16.2 44.5 132.9 1953—Dec. 31, 54.9 1,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954_Dec. 31, 54.2 1,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31, 57.4 1,283.8 1,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—Nov. 30 61.1 1,021.2 ,380.3 158.7 ,793.5 624.9 7.4 31.7 163.9 Dec. 31, 60.8 1,025.0 ,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31 53.5 1,091.7 ,202.2 113.5 ,738.9 524.0 57.8 34.3 105.8 Feb. 28 60.8 1,052.7 ,189.4 118.6 ,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 1,105.2 ,176.3 213.5 ,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 1,158.0 ,190.2 119.2 ,756.3 546.9 62.9 22.5 129.2 May 31 52.3 1,165.9 ,185.1 188.7 ,751.5 526.3 43.9 32.0 238.3 June 29 57.3 1,213.3 ,194.3 210.3 ,784.3 545.5 44.4 28.9 272.1 July 31 63.1 1,197.7 ,202.3 100.7 ,817.7 490.5 54.2 26.9 174.5 Aug. 31, 62.4 1,251.8 ,208.4 203.9 ,815.5 542.8 64.0 33.3 270.9 Sept. 30 55.3 1,208.4 1,204.2 110.9 ,819.1 480.8 66.9 28.7 183.3 Oct. 31 56.6 1,297.5 1,192.1 163.5 ,824.0 623.7 40.1 25.8 196.0 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t h o t er O as t s h e e ts r ci N r ti c o o u t n l e a- Go m v e e n D rn t e - pos O its ther 4 c O l a i i a a t p t n i b h e i d i t e s l a r - l 1949_Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1,278.2 1.2 159.0 19.4 1950—Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 176.8 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—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_j F a e n b . . 3 2 1 8 3 3 3 2 . . 0 9 2 3 7 1 0 7 . . 3 4 2 25 6 . . 0 8 1 1 , , 7 7 5 3 9 5 . . 5 7 1 17 7 1 5 . . 3 0 4 4 7 7 9 9 . . 8 8 2 2 3 4 3 5 . . 8 7 3 3, , 0 0 6 4 5 5 . . 8 0 1 16 4 1 9 . . 1 4 8 8 4 2 . . 9 2 Mar. 28 23.1 310.3 27.6 1,836.8 175.0 479.8 192.6 3,051.6 214.3 80.6 Apr. 25 12.2 325.2 24.9 1,871.9 158.3 479.8 196.9 3,044.1 .1 222.7 103.6 May 29 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 .1 263.1 81.6 June 27 12.0 274.9 16.1 2,014.1 175.0 594.1 267.0 3,130.0 .1 330.9 93.6 July 25 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 .1 397.7 118.9 Aug. 29 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 .1 376.6 97.4 Sept. 26 11.9 322.7 18.3 1,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31 3201.2 12.0 315.2 44.0 1,914.9 175.0 829.8 3341.1 3,292.5 417.0 123.6 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil (millions of pesos): lions of pounds): Gold reported separately 533 697 760 997 Gold and foreign exchange 468 473 474 286 Other gold and foreign exchange.. 1,216 1,649 2,124 37 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 4,825 4,822 4,814 5,045 ury bills) 503 486 472 567 Rediscounts and loans to banks... 118,042115,316 114,017 98,302 Other assets 25 25 36 53 Other assets 1,697 1,782 1,746 850 Note circulation 387 388 387 380 Currency circulation 45,211 44,987 44,710 38,116 Deposits of Trading Banks: Deposits—Nationalized 70,326 69,566 69,232 59,552 Special 340 340 340 270 Other sight obligations 2,965 2,025 2,496 1,312 Other 32 31 30 33 Other liabilities and capital. . . 7,970 7,846 7,180 6,409 Other liabilities and capital. 240 227 228 230 Notes to central bank table on this and opposite page: 4 Beginning 1950, includes Economic Cooperation Administration. i Note;ss issued, less amounts held in banking departm< 5 Less than 50 million francs. 2 Gold was transferred on May_ 1, 1940, to Foreign JExchange Control NOTE.—All figures, including gold and foreign exchange, are compiled Board in return for short-term Govt. securities (see BULLETIN f"o i>r July from official reports of individual banks and are as of the last report date 194400, , pppp.. 667777--667788)).. ootf tthhee mmoonntthh,. rFoorr ddeettaaiillss rreellaattiinngg ttoo iinnddiivviidduuaall iitteemmss,, sseeee BBUULLLLEETTIINN tfoorr tio3n OFtuhnedr .assets include 100.0 billion francs of gold loaned to Stabiliza- A(Fperbilr ua1r9y5 51, 94p5. ),4 s4e3e. BUFLoLrE TlIaNs t foarv Daielacbelme berer p1o9rt4 6f, rpo.m 1 42th4e. Reichsbank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1434 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 Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 180 172 Gold 2,129 2,231 2,231 1,745 Foreign exchange (Stabilization Foreign exchange (net) 10,963 10,396 10,396 8.638 Fund) 205 194 Loans and discounts 5,852 5,891 6,184 5,890 Net claim on Intl. Fund i 13 13 Claim against Government 1,342 1,342 1,343 1.559 Loans and discounts 49 44 Other assets 619 615 599 715 Credits to Government 112 120 Note circulation 14,835 14,477 14,741 13.550 Other assets 76 77 Deposits—Banks 2.183 2,265 2,184 1,338 Note circulation 444 418 Other 1,066 974 1,127 711 Deposits 291 312 Blocked 898 906 876 1.370 Other liabilities and capital 34 26 Other liabilities and capital 1,923 1,854 1.825 1,577 National Bank of Czechoslovakia^ National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 43,820 43.709 44,112 47,460 Gold 68 68 68 68 Foreign claims and balances (net). 8.184 7,879 7,880 12.375 Foreign exchange 796 884 956 724 Loans and discounts 13,130 13,948 14.653 6,769 Loans and discounts 211 197 134 164 Consolidated Govt. debt 34,456 34.456 34.456 34.660 Securities 499 501 493 495 Govt. securities 9.023 9.406 9,778 9.366 Govt. compensation account 3,022 3.022 3.022 3,072 Other assets 8.72: 6,005 6,128 5.679 Other assets 774 613 784 721 Note circulation 110.862 109,483110,320 110,733 Note circulation 2,242 2.135 2,124 2,169 Deposits—Demand 1.584 1,200 2,031 1,445 Deposits—Government 1,479 1.494 1.502 1.412 ECA 20 20 20 40 Other 1,384 1.397 1.562 1,397 Other liabilities and capital 4,875 4.700 4,636 4,091 Other liabilities and capital 266 260 268 266 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (May)* Central Bank of the Dominican Re- Gold at home and abroad 668 668 public (thousands of pesos): Foreign exchange (net) 25,177 -385 Gold 11,405 11.405 11,405 11,276 Loans and discounts 268,789 147.301 Foreign exchange (net) 14,746 13.600 15,850 15.692 Govt. securities 7.951 2.505 Net claim on Intl. Fund1 2,500 2.500 2.500 2,500 Other assets 6,183 3.765 Loans and discounts 4.779 4.300 3,316 2,950 Note circulation 172,427 127.063 Govt. securities 7,830 7.830 7.830 8,360 Deposits 28.136 20.390 Other assets 25,805 25.735 23,570 19,910 Other liabilities and capital 108,205 6,402 Note circulation , 48,776 48.732 48,432 48,068 Central Bank of Ceylon (millions of Demand deposits 14,449 12.921 12,414 9,309 rupees): Other liabilities and capital 3,839 3.717 3,624 3,311 Foreign exchange 605 625 624 725Central Bank of Ecuador (millions of Advances to Govt 27 96 sucres): Govt. securities 50 49 49 12 Gold 325 3251 325 325 Other assets 22 16 11 7 Foreign exchange (net) 75 56! 66 42 Currency in circulation 472 473 459 441 Net claim on Intl. Fund * , -37 -37 -37 38 Deposits—Government 4 32 24 63 Credits—Government 470 479 514 491 Banks 110 166 85 151 Other 354 329 338 328 Other liabilities and capital 118 115 116 90 Other assets , 281 328 240 273 Central Bank of Chile (millions of Note circulation 755 771 739 757 pesos): Demand deposits—Private banks. 219 240 227 235 Gold... 4.846 5.258 4.496 Other 172 168 169 172 Foreign exchange (net) 717 815 1,057 1,621 Other liabilities and capital 322 301 311 333 Net claim on Intl. Fund1 -1,356 -1.356 18 National Bank of Egypt (millions of Discounts for member banks 17.385 15,798 16,404 7,174 pounds): Loans to Government 26,077 26.077 26,077 15.986 Gold 66 66 66 63 Other loans and discounts 54.166 52,962 54.116 26.900 Foreign assets 90 93 96 114 Other assets 26.462 27,150 21.749 26.894 Egyptian Govt. securities 184 176 170 128 Note circulation 70.614 72,594 70.644 54.036 Clearing and other accounts (net). -49 -42 -32 -7 Deposits—Bank 6.320 6,471 7.442 6,665 Loans and discounts 41 21 40 Other 6.149 5.350 5.511 2.166 Other assets 3 2 3 Other liabilities and capital 45,213 42,287 40,320 23,818 Note circulation 212 193 183 200 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 4 8 10 12 lions of pesos): Other 99 102 111 3108 Gold and foreign exchange 286 312 352 257 Other liabilities and capital 20 21 19 19 Net claim on Intl. Fund1 52 52 52 52Central Reserve Bank of El Salvador Loans and discounts 1,312 1.116 951 535 (thousands of colones): Govt. loans and securities 620 622 648 611 Gold 78,602 78.613 78,629 70,402 Other assets 281 256 340 138 Foreign exchange (net) 26,263 42.616 58,067 8,404 Note circulation 927 921 930 726 Net claim on Intl. Fund' 4,687 1.562 1.562 1.573 Deposits 830 1.193 1.193 564 Loans and discounts 86,202 81.726 71.368 82,514 Other liabilities and capital 793 243 220 303 Govt. debt and securities 10,538 9.174 10,331 17,780 Central Bank of Costa Rica (millions Other assets 8.012 7.684 7.621 6.868 of colones): Note circulation 95,718 97.201 98.362 91,942 Gold 12 12 12 12 Deposits 105.707111.588117,040 83.724 Foreign exchange 53 70 78 38 Other liabilities and capital 12,879 12.587 12.177 11,875 Net claim on Intl. Fund * 7 7 7 7B;lank of Finland (millions of markkaa): Loans and discounts 135 119 106 121 Gold 7.850 7.850 7,847 7.849 Securities 16 16 16 17 Foreign assets and liabilities (net). 27.913 21.285 15,135 23,073 Other assets 31 30 30 25 Loans and discounts 28,403 37.987 38,775 37,982 Note circulation 157 155 151 142 Securities—Government 16.250 16.250 16,250 17.500 Demand deposits 41 45 47 41 Other 1,474 1.514 1,515 1,998 Other liabilities and capital 56 53 52 37 Other assets 16,619 17.014 13.092 12,123 National Bank of Cuba (millions of Note circulation 54,094 55.828 53.736 56.795 pesos): Deposits 5,414 6.776 5.351 6,588 Gold 136 136 Other liabilities and capital 39,000 39.297 33,528 37,143 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 For last available reports for Czechoslovakia and Hungary (March of the month. and February 1950, respectively), see BULLETIN for September 1950, pp. 1262-1263. 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CENTRAL BANKS 1435 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. German Federal Bank4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 6,266 6.265 8.958 2,122 Gold 10,655 10,033 9,450 Foreign exchange 95,760109,611111,800 90,156 Foreign exchange 13,634 14,328 13,689 Clearing accounts (net) -10,094-5,262 -3,804 -6,165 Loans and discounts 1,035 1,297 1,148 Loans and discounts 37,706 35,625 28,186 23,804 Loans to Government 3,432 3,765 3,251 Advances to Government 70,483 6"7 ,n8>1"2 60,464 78,436 Other assets 1,176 1,167 946 Other Govt. accounts 33.935130,354 60,464 74,673 Note circulation 16,074 15.928 15,706 Govt. securities 49,045149.698129,381 146.422 Deposits—Government 5,218 5,472 4,812 Other assets 13,306 12,151149,726 15,048 Banks 5,341 5,623 4,746 Notes and coin in circulation 247,301250,303 12.566 239,782 Other 681 812 676 Deposits—Government 35,492 40,861241,499 40,204 Other liabilities and capital 2.617 2,755 2,543 Other 183,166186.382 39.107 126,167 Bank of Greece (millions of drachmae): Other liabilities and capital 30,449 28,709188.412 18,343 Gold and foreign exchange (net). . 5,358 5,955 5,816B;lank of Italy (billions of lire): 28,262 Loans and discounts 175 170 155 Gold 4 4 4 4 Advances—Government 5,565 8,589 ,005 Foreign exchange 71 71 71 71 Other 5,385 5,123 .130 Advances to Treasury 567 567 567 567 Other assets 2.474 2,491 .999 Loans and discounts 472 473 475 493 Note circulation 6.611 6.328 .467 Govt. securities 405 415 405 393 Deposits—Government 1,061 1,075 ,097 Other assets 1,098 1.113 1.070 935 Reconstruction and Note circulation 1,701 1,729 ,706 1,602 relief accts 3,676 7.113 .387 Deposits—Government 10 9 5 16 Other 5,628 5.785 .824 Demand 136 150 150 98 Other liabilities and capital 1,981 2,026 ,329 Other 594 579 559 582 Bank of Guatemala (thousands of Other liabilities and capital 177 176 171 165 quetzales): Bank of Japan (billions of yen): Gold 27,262 239 Bullion () () () Foreign exchange (net) 38.555 592 Loans and discounts 534 563 521 Gold contribution to Intl. Fund. 1,250 250 Govt. securities 251 205 233 471 Rediscounts and advances 11,002 131 Other assets 138 140 121 229 Other assets 39.797 355 Note circulation 665 654 650 611 Circulation—Notes 58.075 314 Deposits—Government 41 61 47 48 Coin 4.242 033 Other 86 84 85 34 Deposits—Government 8,887 877 Other liabilities 132 108 94 Banks 21.163 823Bank of Mexico (millions of pesos): Other liabilities and capital 25,500 520 Monetary reserve7 1,851 1,878 1,867 1,854 National Bank of Hungary2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,583 4.424 4.587 5,164 rupees): Bills and discounts 1,039 1.090 912 724 Issue department: Other assets 685 874 847 448 Gold at home and abroad 1.178 1,178 1.178 ,178 Note circulation 5,325 5.171 5.246 5,010 Foreign securities 3,117 3.266 3.605 ,920 Demand liabilities 2,078 2.342 2.221 2,406 Indian Govt. securities 9,508 9,359 9.020 .207 Other liabilities and capital 755 754 746 775 Rupee coin 1,33^ 1,352 1.336 .215Netherlands Bank (millions of Note circulation 14,862 14.711 14,706 ,189 guilders): Banking department: Gold 2,649 2,649 2,826 3,230 Notes of issue department.... 278 443 43: 331 Silver (including subsidiary coin)., 11 12 12 3 Balances abroad 154 259 193 902 Foreign assets (net) 915 735 622 978 Bills discounted 38 6 4: 48 Loans and discounts , 322 425 400 328 Loans to Government 499 418 373 39 Govt. debt and securities , 660 660 791 661 Other assets 3,282 2,925 2.98 .506 Other assets , 356 346 351 377 Deposits 2,82: 2,69 2.739 ,461 Note circulation 4,060 4,118 4,046 4,007 Other liabilities and capital 1,428 1,353 1,28 ,365 Deposits—Government 96 101 318 Bank Indonesia (millions of rupiahs): ECA 17 17 17 419 Gold and foreign exchange (net). 875 761 588 58' Other 529 381 727 616 Loans and discounts 844 791 835 987 Other liabilities and capital 211 210 212 215 Advances to Government 17,141 16.561 16,210 ,568Reserve Bank of New Zealand (thou- Other assets 1.022 853 792 479 sands of pounds): Note circulation 12.588 12,343 11,970 ,178 Gold 6,162 6.162 6,162 6.162 Deposits—ECA 220 220 270 320 Foreign exchange reserve 32,127 46.650; 57.133 40.582 Other 3.917 3.926 3. ,931 Loans and discounts 31,986 23,9301 23.628 29,307 Other liabilities and capital 3,157 2,478 2,300 ,191 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 47,160 39.692 27,972 49,708 Gold 4,533 4,533 4.533 ,24 Investments 38,124 38.124 38,124 38,173 Foreign exchange 500 341 Other assets 1,436 1.631 1.608 1,488 Gold contribution to Intl. Fund. 663 663 663 28: Note circulation 74,141 73.2211 72.699 70,242 Govt.-secured debt 7,923 7,923 7,923 7 333 Demand deposits 73,096 73.453 72.722 85,294 Govt. loans and discounts 11,489 12,537 12,174 12, 2_6.4 Other liabilities and capital 9,758 9,517 9,207 9,884 Other loans and discounts 7,137 6,720 6.585 6,494 Bl:ank of Norway (millions of kroner): Other assets^ 17.381 14.527 14,736 r4,468 Gold 208 209, 206 218 Note circulation 12.063 11,783 11.380 10i.897 Foreign assets (net) 215 205! 205 73 Deposits—Government 8.097 5,89' 6.461 5.829 Clearing accounts (net) 4 13! 14 -20 Banks 1.612 1,691 1,697 1.153 Loans and discounts 82 74 81 117 Other 16,841 16,578 16,23' 14,289 Securities 104 105; 112 74 Special Account—Profits of reval- Occupation account (net) 5,545 5.545; 5,545 5,546 uation 7,110 7.110 7.110 Other assets 137 127| 119 123 Other liabilities and capital 3,902 3,848 3,727 3,255 Note circulation 3,276 3,238i 3,251 3.162 Central Bank of Ireland (thousands of Deposits—Government 1,383 1.557! 1,337 1,657 pounds): Banks 493 340! 641 364 Gold 2.646 2,646 2,646 FOA 1 1; 26 23 Sterling funds 74,215 74,413 72.879 Other liabilities and capital 1,142 1,144! 1,028 927 Note circulation 76,861 77,059 75,525 I 4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central .0275557 to .0117316 grams of fine gold per rial. Bank were merged with the Bank of German States (Bank deutscher 6 Holdings in each month were 448 million yen. Lander) and the latter became the German Federal Bank (Deutsche 7 Includes gold, silver, and foreign exchange forming required reserve Bundesbank). (25 per cent) against notes and other demand liabilities. 5 Includes (1) gold and foreign exchange in banking department and For other notes see opposite page. (2) in May 1957, the profit resulting from revaluation of gold from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1436 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 Oct. Sept. Aug. Oct. Oct. Sept. Aug. Oct. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 497 517 531 583 Issue department: Foreign assets 1,258 1,180 1,203 961 Gold at home and abroad 115 115 115 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved.. 658 658 692 1,044 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2. 4,561 4,474 4,491 3,959 Pakistan Govt. securities 1,902 1,872 1,818 1,296 Other domestic bills and advances, 16 112 69 22 India currency 430 430 430 430 Other assets 917 974 965 1,002 Rupee coin 53 54 60 r61 Note circulation 5,504 5,362 5,320 5,235 Notes in circulation 3,128 3,076 3,030 2,907 Demand deposits—Government. . 74 128 261 85 Banking department: Other 56 156 71 163 Notes of issue department 110 142 96 Other liabilities and capital 1,745 1,742 1,735 1,173 Bills discounted 21 Swiss National Bank (millions of Loans to Government 2 francs): Other assets 1,055 1,046 1,051 699 Gold 7,348 7,313 7,181 6,925 Deposits 1,016 1,038 1,054 636 Foreign exchange 546 556 535 590 Other liabilities and capital.... 130 118 139 180 Loans and discounts 159 155 157 173 Central Bank of Paraguay (millions of Other assets 103 97 92 114 guaranies): Note circulation 5,616 5,605 5,565 5,383 Gold 15 15 11 Sight liabilities 2,302 2,281 2,170 2,194 Foreign exchange (net) 655 750 564 Other liabilities and capital 238 236 231 225 Net claim on Int. Fund1 113 173 53 Central Bank of the Republic of Turkey Loans and discounts 1,669 1,666 1,524 (millions of pounds): Govt. loans and securities 719 702 520 Gold 402 402 402 402 Other assets 517 476 329 Foreign exchange and foreign Note and coin issue 1,227 1,229 1,181 clearings 475 467 485 222 Deposits—Government 507 535 303 Loans and discounts 5,107 4,823 4,609 3,844 Other 270 289 323 Securities 33 33 33 31 Other liabilities and capital 1,684 1,729 1,192 Other assets 273 265 271 231 Central Reserve Bank of Peru (millions Note circulation 3,323 3,105 2,926 2,369 of soles): Deposits—Gold 155 155 155 155 Gold and foreign exchange 191 400 581 731 Other 2,016 1,983 1,965 1,585 Net claim on Intl. Fund1 67 67 67 67 Other liabilities and capital 797 747 754 621 Loans and discounts to banks 1,203 1,139 1,013 780 Bank of the Republic of Uruguay (mil- Loans to Government 1,708 1,647 1,649 1,305 lions of pesos): (July) Other assets 107 127 186 125 Gold 278 305 Note circulation 2,456 2,477 2,496 2,175 Silver 10 Deposits 607 672 715 609 Advances to State and Govt. Other liabilities and capital 214 230 285 224 bodies 264 277 Central Bank of the Philippines Other loans and discounts 615 527 (millions of pesos): Other assets 797 741 Gold 40 39 53 41 Note circulation 559 495 Foreign exchange 220 249 245 401 Deposits—Government 203 205 Loans 61 76 100 136 Other 371 351 Domestic securities 713 647 586 371 Other liabilities and capital 829 810 Other assets 163 165 165 149 Central Bank of Venezuela (millions Circulation—Notes 703 691 688 646 of bolivares): Coin 87 86 86 86 Gold 1,999 2,099 2,099 1,538 Demand deposits 242 232 232 283 Foreign exchange (net) 2,150 2,165 2,027 834 Other liabilities and capital 165 166 142 81 Other assets 193 220 195 194 Bank of Portugal (millions of escudos): Note circulation 1,382 1,333 1,318 1,104 Gold 5,999 5,995 5,969 5,835 Deposits 559 585 597 415 Foreign exchange (net) 13,517 13,570 13,691 13,625 Other liabilities and capital 2,402 2,567 2,406 1,047 Loans and discounts 1,851 1,744 1,559 1,420 National Bank of Federal People's Re- Advances to Government 1,363 1,365 1,369 1,373 public of Yugoslavia (billions of Other assets 2,327 2,309 2,311 1,937 dinars): Note circulation 11,840 11,640 11,597 11,114 Gold 6 5 Demand deposits—Government.. 1,945 1,986 1,968 1,873 Gold contribution to Intl. Fund. . 2 2 ECA 19 19 18 89 Foreign assets 36 61 Other 7,741 7,850 7,819 7,974 Loans (short-term) 791 1,004 Other liabilities and capital 3,512 3,488 3,497 3,139 Govt. debt (net) 94 54 South African Reserve Bank (millions Other assets 56 65 of pounds): Notes and coin in circulation 107 86 Gold 76 76 76 Demand deposits 378 229 Foreign bills 30 31 29 42 Foreign liabilities 84 108 Other bills and loans 25 32 24 16 Long-term liabilities (net) 291 583 Other assets 55 48 51 44 Other liabilities and capital 125 185 Note circulation 116 116 115 110 Bank for International Settlements Deposits 55 55 53 51 (millions of Swiss gold francs): Other liabilities and capital 16 15 16 17 Gold in bars 399 424 564 654 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 58 73 43 55 Gold 618 618 618 617 Rediscountable bills and accept- Silver 323 323 323 317 ances (at cost) 711 540 399 675 Govt. loans and securities 16,191 15,830 16,624 15,948 Time funds at interest 117 114 216 98 Other loans and discounts 60,946 59,541 57,328 44,370 Sundry bills and investments 789 814 861 628 Other assets 65,918 65,514 67,090 53,240 Funds invested in Germany 297 297 297 297 Note circulation 62,826 62,467 60,970 51,222 Other assets 4 4 4 1 Deposits—Government 4,660 4,479 5,155 5,085 Demand deposits—Gold 492 527 656 744 Other 15,580 14,576 14,095 11,179 Other 1,342 1,199 1,192 1,137 Other liabilities and capital 60,929 60,305 61,763 47,007 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 312 310 308 299 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 1437 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1955 Month effective g B iu e m l- France m G a e n r- y Greece N la e e n r t d - h s - Spain S d w en e- S la w e n r i - d tz- T k u ey r- U K d n i o i n m t g e - d C a a d n a - I d n ia - p J a a n - 2 P p h in il e ip s - Chile2 va S E d a o l l- r 2 In effect Dec. 31, 1955 3.0 3.0 3.5 9.0 2.50 3.75 3.75 1.5 4.5 4.5 2.75 3.00 8.03 1.5 4.5 3.0 1956—Feb 3 00 5 5 Mar 4 5 3.25 Apr 3.00 May 5 5 10 0 June 6.0 Aug 3 25 3.25 Sept 5 0 4 25 Oct 3.75 3 50 Nov 4 00 33.77 3.50 Dec 3.5 3.92 1957_jan 4 5 3.95 Feb 5 0 4 01 6 0 Mar 3.95 8.40 Apr .. 4 0 4 00 2 0 4.0 May 2 5 4.01 44.00 9.13 June 4.06 July 4.5 4 25 5 00 5 00 4.05 Aug 5.0 5.00 4.28 SeDt 4 0 7 0 4 05 4 5 Oct 4.05 Nov . .. 3 83 In effect Nov. 30, 1957 4.5 5.0 4 0 10.0 5.00 5.00 5.00 2 5 6.0 7.0 3.83 4.00 9.13 4.5 6 0 4.0 Other selected central banks—rates in effect on Nov. 30, 1957 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia Asia—Cont. : Latin America— Austria 5.0 Nov. 1955 Burma 3.0 Feb. 1948 Thailand.... 7.0 Feb. 1945 Cont. : Denmark 5.5 May 1955 Ceylon 2.5 June 1954 Latin America: Venezuela. .. 2.0 May 1947 Italy 4.0 Apr. 1950 Indonesia2... 3.0 Apr. 1946 Costa Rica2. 3.0 Apr. 1939 All other: Norway 3.5 Feb. 1955 Pakistan 3.0 July 1948 Mexico 4.5 June 1942 New Zealand. 7.0 Oct. 1955 Portugal 2.5 Jan. 1944 Peru2 6.0 Nov. 1947 South Africa. 4.5 Sept. 1955 1 Rates shown represent mainly those at which the Central bank either are applied to rediscounts in excess of 50 per cent of the rediscounting discounts or makes advances against eligible commercial paper and/or bank's capital and reserves; El Salvador—3 per cent for agricultural and government securities for commercial banks or brokers. For countries industrial paper; Indonesia—various rates depending on type of paper, with more than one rate applicable to such discounts or advances, the collateral, commodity involved, etc.; Costa Rica—5 per cent for paper rate shown is the one at which the largest proportion of central bank related to commercial transactions (rate shown is for agricultural and credit operations is understood to be transacted. In certain cases other industrial paper); and Peru—4 per cent for industrial paper and mining rates for these countries are given in the following note. paper, and 3 per cent for most agricultural paper. 2 Discounts or advances at other rates include: Japan—various rates 3 Since Nov. 1, the discount rate is set each week at lA per cent above the depending on type of paper or transaction and extent of borrowing from latest average tender rate for Treasury bills. central bank, including 8.40 per cent for discount of paper related to do- 4 Since May 16, this rate applies to advances against commercial paper mestic commercial transactions (rate shown is for advances on commercial as well as against government securities and other eligible paper. paper and miscellaneous collateral); Chile—rates in excess of 6 per cent OPEN MARKET RATES [Per cent per annum] Switzer- Canada United Kingdom France Netherlands Sweden land 1 Month 3 T m re b o a il n s l u s th ry s1 D m a o d y n a - 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 s a e i n r t s s c ' e D m a o d y n a - e y t y o 3 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1954—Dec. 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 314-5V 1.50 1955—Dec. 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1956—Nov. 3.40 5.08 5.01 4.24 3.71 3.06 4^-634 1.50 Dec. 3.61 5.07 4.94 4.15 3.55 3.23 4^-6*4 1.50 1957—Jan.. 3.70 3.27 4.85 4.69 4.06 3.50 3.92 3.58 3.38 41/2-634 1.69 Feb.. 3.76 3.48 4.44 4.30 3.66 3.10 3.52 3.47 2.85 4y6y 1.75 Mar. 3.71 3.65 4.25 4.07 3.55 3.00 4.10 3.61 3.50 1.75 Apr. 3.72 3.69 4.18 4.01 3.59 3.00 4.61 3.63 3.50 1.75 May 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 1.75 June 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 2.50 July. 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 2.50 Aug. 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 2.50 Sept. 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 2.50 Oct.. 3.84 3.57 6.81 6.60 5.53 5.00 4.87 3.75 2.50 1 Based on average yield of weekly tenders during the month. 3 Beginning January 1957, rate shown is on private securities. Previous 2 Based on weekly averages of daily closing rates. figures are averages of rates on government and private securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1438 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina (peso) Aus- Den- Year or month Prefer- (p tr o a u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m ro ar n k e) Basic ential Free 1951 20.000 13.333 7.067 223.07 .9859 94.939 20.849 14.491 1952 20.000 13.333 7.163 222.63 .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 .9975 102.724 21.017 1955 120.000 113.333 17.183 222.41 3.8580 .9905 101.401 20.894 1956 25.556 32.835 222.76 3.8580 2.0030 101.600 20.946 1956—Nov.. 5.556 2.987 221.71 3.8580 2.0022 103.725 20.871 Dec... 5.556 2.806 221.92 3.8580 .9945 104.095 20.881 1957_Jan... 556 2.642 222.77 3.8570 .9912 104.085 20.948 Feb... 556 2.681 222.96 3.8536 .9900 104.334 20.960 Mar.. 556 2.586 222.55 3.8536 .9900 104.577 20.921 Apr... 556 2.478 222.22 3.8536 .9887 104.184 20.890 May.. 556 2.564 222.39 3.8536 .9862 104.638 20.895 June.. 556 2.477 222.33 3.8536 .9875 104.891 20.898 July.. 556 2.365 222.14 3.8536 .9908 105.150 20.890 Aug.. 556 2.303 221.73 3.8536 .9865 105.470 20.862 Sept.. 556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct... 556 2.487 223.09 3.8536 1.9929 103.636 20.928 Nov.. 5.556 2.595 223.32 3.8536 1.9983 103.921 20.935 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—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 5.2857 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 Nov. .3118 .2858 .2375 23.800 20.951 280.26 .2779 32.580 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 a u t l d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U K p d n o i o i n u m t g n 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—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 Nov. 26.363 277.49 14.008 49.695 3.4900 279.21 19.328 23.335 280.26 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 RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser DIVISION OF ADMINISTRATIVE SERVICES GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser LISTON P. BETHEA, Director KENNETH B. WILLIAMS, Assistant Director JOSEPH E. KELLEHER, Assistant Director SUSAN S. BURR, Assistant Director ALBERT R. KOCH, Assistant Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 1439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1440 FEDERAL RESERVE BULLETIN • DECEMBER 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 William D. Ireland Harold I. Chandler Harvey P. Hood Harry E. Umphrey Oliver B. Ellsworth Nils Y. Wessell 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 1441 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

1442 FEDERAL RESERVE BULLETIN • DECEMBER 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 1443 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. McBride, Chairman and Federal Reserve Agent Joseph H. Moore, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Harold O. McCutchan Phil E. Chappell J. E. Etherton Leo J. Wieck J. H. Longwell Delos C. Johns, President Guy S. Freutel, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Geo. E. Kroner Fred Burton, in charge of of Memphis Branch Dale M. Lewis Little Rock Branch Donald L. Henry, in charge H. H. Weigel of Louisville Branch J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. T. Winfred Bell Shuford R. Nichols A. Howard Stebbins, Jr. E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1444 FEDERAL RESERVE BULLETIN • DECEMBER 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 1445 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr. George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford John M. Griffith J. B. Thomas Lamar Fleming, Jr. D. A. Hulcy Sam D. Young J. Edd McLaughlin Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Floyd Childress D. F. Stahmann John P. Butler James A. Dick, Chairman E. J. Workman Thomas C. Patterson HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan S. Marcus Greer L. R. Bryan, Jr. A. E. Cudlipp Tyrus R. Timm John C. Flanagan, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres Burton Dunn Alex R. Thomas, J. W. Beretta V. S. Marett Chairman E. C. Breedlove Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard N. Loyall McLaren Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of R. H. Morrill H. F. Slade Salt Lake City Branch John A. O'Kane W. F. Volberg, J. M. Leisner, in charge of J. A. Randall, in charge of in charge of Seattle Branch Portland Branch Los Angeles Branch E. R. Millard O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1446 FEDERAL RESERVE BULLETIN • DECEMBER 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 accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL RESERVE ACT, as amended through FUNCTIONS. April 1954. 208 pages. December 31, 1956, with an Appendix containing provisions of certain other statutes af- ANNUAL REPORT OF THE BOARD OF GOVERNORS fecting the Federal Reserve System. 385 pages. OF THE FEDERAL RESERVE SYSTEM. $1.00. FEDERAL RESERVE BULLETIN. Monthly. Sub- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. scription price in the United States and its pos- A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 1447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1448 FEDERAL RESERVE BULLETIN • DECEMBER 1957 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- BY INDUSTRY MENTS CHANGES IN STATE BANK MEMBERSHIP FEDERAL RESERVE PAR LIST (Also annual list. Both available at Federal Reserve Banks only) CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL RESERVE CITIES INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER INDEX NUMBERS OF WHOLESALE PRICES BANKS IN LEADING CITIES MONTHLY DEPARTMENT STORE SALES WEEKLY AVERAGES OF MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS MONTHLY DEPARTMENT STORE SALES AND AND STATEMENT OF CONDITION OF THE FED- STOCKS, BY DEPARTMENTS ERAL RESERVE BANKS MONTHLY DEPARTMENT STORE STOCKS WEEKLY DEPARTMENT STORE SALES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY FOREIGN EXCHANGE RATES OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY REVIEW OF PERIODICALS (Available only RETAIL FURNITURE REPORT for domestic distribution) SALES FINANCE COMPANIES WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM AND NONMEMBER BANKS THAT MAIN- SEMIMONTHLY TAIN CLEARING ACCOUNTS WITH FEDERAL RE- SERVE BANKS (Also annual list) DEPOSITS, RESERVES, AND BORROWINGS OF MEM- BER BANKS U. S. GOVERNMENT SECURITY YIELDS AND PRICES SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY SEMIANNUAL-QUARTERLY ALL BANKS IN THE UNITED STATES AND POSSES- MONTHLY SIONS—PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE BANK RATES ON SHORT-TERM BUSINESS LOANS UNITED STATES (Including Consolidated Statement for Banks and the Monetary System) MEMBER BANK CALL REPORT MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, BY DISTRICTS MEMBER BANK LOANS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS BUSINESS INDEXES CONSUMER CREDIT (Short- and Intermediate- ANNUAL Term and Consumer Instalment Credit Ex- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS tended and Repaid) DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 1449 REPRINTS REVISED WEEKLY INDEX OF DEPARTMENT STORE (From Federal Reserve Bulletin unless preceded by SALES. April 1952. 4 pages. an asterisk) REAL ESTATE LOANS OF REGISTRANTS UNDER THE HISTORY OF RESERVE REQUIREMENTS FOR REGULATION X. June 1952. 18 pages. BANKS IN THE UNITED STATES. November 1938. 20 pages. REVISED SERIES ON DEPARTMENT STORE SALES, STOCKS, AND ORDERS. October 1952. 5 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. RECENT CENTRAL BANKING DEVELOPMENTS IN MEASUREMENT OF PRODUCTION. September 1940. SOUTHEAST ASIA. December 1952. 9 pages. 16 pages. THE MONETARY SYSTEM OF THE UNITED STATES. FEDERAL RESERVE BANK LENDING POWER NOT February 1953. 16 pages. DEPENDENT ON MEMBER BANK RESERVE BAL- ANCES. February 1941. 2 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 ADJUSTMENT FOR SEASONAL VARIATION. Descrippages. tion of method used by Board in adjusting economic data for seasonal variation. June FEDERAL FINANCIAL MEASURES FOR ECONOMIC 1941. 11 pages. STABILITY. May 1953. 7 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919- 28. September 1945. 2 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- VALUES AND LIMITATIONS OF CONSUMER FINAN- MEDIATE-TERM CONSUMER CREDIT STATISTICS. CIAL SURVEYS FOR ECONOMIC RESEARCH. March April 1953. 25 pages. 1947. 9 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929. January 1948. 9 pages. 1953. 5 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. UNITED STATES POSTWAR INVESTMENT IN LATIN July 1948. 6 pages. AMERICA. May 1953. 6 pages. THE PHILIPPINE CENTRAL BANK ACT and Text of DEPARTMENT STORE SALES AND STOCKS, BY the Act. In part a reprint from the August MAJOR DEPARTMENTS (Revised Indexes). No- 1948 BULLETIN. 36 pages. vember 1953. 65 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December NOTES ON FOREIGN CURRENCY ADJUSTMENTS. 1953. 96 pages. November 1949. 14 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- MEASUREMENT OF CONSUMER CREDIT. Novem- STALMENT CREDIT. January 1954. 14 pages. ber 1950. 9 pages. NEW INDEXES OF OUTPUT OF CONSUMER DUR- *THE TREASURY—CENTRAL BANK RELATIONSHIP ABLE GOODS. May 1954. 15 pages. IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 19 pages. tember 1954. 10 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOW- ING THE INTRODUCTION OF REAL ESTATE CREDIT USE OF MONETARY INSTRUMENTS SINCE MID- REGULATION. July 1951. 23 pages. 1952. December 1954. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1450 FEDERAL RESERVE BULLETIN • DECEMBER 1957 DIRECTLY PLACED FINANCE COMPANY PAPER. BANKING AND MONETARY STATISTICS, 1956. (Se- December 1954. 8 pages. lected series of banking and monetary statistics for 1956 only) February and May 1957. 12 SEASONAL ADJUSTMENT FACTORS FOR DEMAND pages. (Similar reprints of 1954 and 1955 DEPOSITS ADJUSTED AND CURRENCY OUTSIDE data, February and May 1955 and February BANKS. March 1955. 4 pages. and May 1956 BULLETINS.) UNITED STATES BANKS AND FOREIGN TRADE FI- INTERNATIONAL GOLD AND DOLLAR FLOWS. NANCING. April 1955. 11 pages. March 1957. 7 pages. BANKERS' ACCEPTANCE FINANCING IN THE UNITED 1957 SURVEY OF CONSUMER FINANCES. March, STATES. May 1955. 13 pages. June, August 1957. 54 pages. (Similar Surveys are available for earlier years from 1952, A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1953, 1954, 1955, and 1956 BULLETINS.) COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. April 1957. 20 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. Reprints on a similar Survey are available from March, May, June, OWNERSHIP OF DEMAND DEPOSITS. May 1957. July, and August 1947 BULLETINS. 6 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. SURVEY OF COMMON TRUST FUNDS. June 1957. June 1956. 9 pages. 6 pages. (Also, similar reprint from August 1956 BULLETIN.) REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also, similar reprint BANK CREDIT AND MONEY. July 1957. 6 pages. from April 1953 BULLETIN.) INTEREST RATES IN LEADING COUNTRIES. August 1957. 7 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. WINNING THE BATTLE AGAINST INFLATION. August 1957. 12 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- WORLD PAYMENTS STRESSES IN 1956-57. October LETINS. 52 pages. 1957. 8 pages. UNITED STATES BANKING ORGANIZATION ABROAD. REVISION OF MONTHLY DEPARTMENT STORE IN- December 1956. 16 pages. DEXES. December 1957. 30 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Volume 43 GUIDE TO PAGE NUMBERS Month of issue Pages Month of issue Pages Month of issue Pages January 1-116 May 503-614 September 1005-1122 February 117-248 June 615-752 October 1123-1222 March 249-364 July . . 753-858 November 1223-1316 April 365-502 August 859-1004 December 1317-1470 Pages Pages Acceptances, bankers': Articles—Continued Open market rates ... .53, 175, 301, 437, 547, Economic expansion in 1956 . * 675, 793, 939, 1059, 1155, 1253, 1385 Economic trends as a basis of policy, state- Volume outstanding. . . 52, 174, 300, 436, 546, ment of Chairman Martin on. 649 674, 792, 938, 1058, 1154, 1252, 1384 Farm loans for current expenses 125 Agricultural loans: Farm loans to finance intermediate-term Commercial banks, by classes . . . 48, 170, 296, investments . 9 432, 542, 670, 788, 934, 1054, Financial Institutions Act, proposed, views of 1150, 1248, 1380 Board of Governors regarding provisions Survey of. articles on findings of. .9, 125, of 759 133, 259 Flow-of-funds accounts summary, 1950-55 372 Weekly reporting member banks .50, 172, Housing and mortgage finance, statement of 298.^434, 544, 672, 790, 936, 1056, Chairman Martin on . . 409 1152, 1250, 1382 Impact of general credit policy, statement of Agriculture: Chairman Martin on. . 142 Balance sheet of, 1957 902 Interest rates on farm loans. . . 259 Govt. agency loans 56, 178, 304, 440, 550, Interest rates in leading countries. 859 678, 796, 942, 1062, 1158, 1256, 1388 Interest rates on savings bonds, statement of National summary of business conditions. . .772, Chairman Martin on 269 916, 1037 International gold and dollar flows 249 Alexander, Vernon, appointed director at Labor market developments. . 1005 Buffalo Branch 27 Loans to buy farm real estate. 133 Anderson, Jo H., appointed director at Member bank earnings, 1956 517 Nashville Branch 28 Ownership of demand deposits. 511 Annual Report, Board of Governors, 1956. .651 Residential real estate markets. . . 365 Argentina: Small business financing, statements of Central Bank of: Chairman Martin on 767, 1353 Condition 99, 231, 347, 485, 597, Survey of common trust funds, 1956 622 733, 841, 987, 1105, 1205, 1299, 1433 Survey of consumer finances, 1957: Gold reserves 96, 228, 344, 482, 594, Financial position of consumers 878 730, 838, 984, 1102, 1202, 1296, 1430 Housing and durable goods. 628 Foreign exchange rates . . 104, 236, 352, 490, 602, 738, 946, 992, 1110, Preliminary findings 256 1210, 1304, 1438 Survey of finance companies, mid-1955 392 Gold purchases by U. S.. 95, 227, 343, 481, Trusteeship over money, statement of 593, 729, 837, 983, 1101, Chairman Martin on. . 18 1201, 1295, 1429 Winning the battle against inflation, state- Gold reserves and dollar holdings . .97, 229, ment of Chairman Martin on 866 345. 483, 595, 731, 839 985, 1103, World payments stresses in 1956-57 1123 1203, 1297, 1431 Assets and liabilities {See also Foreign liabilities Articles: and claims reported by banks): Balance sheet of agriculture, 1957 . .902 Agriculture, balance sheet of, 1957 902 Bank credit and money. . . 117, 753 Banks, by classes .45, 167, 293, 429, 539, Bills to amend Clayton Act, statementt ooff 667, 785, 931, 1051, 1147 1245, 1377 Chairman Martin on .271 Commercial banks, by classes .48, 170, 296, Business financing in early 1957 . .615 432, 542, 670, 788, 934, 1054, Changing demands in 1957 .1223 1150, 1248, 1380 Consumer instalment credit: Consolidated monetary statement . 44, 166, Leading article . 1317 292, 428, 538, 666, 784, 930, 1050, Regulation of, views of Board of 1146, 1244, 1376 Governors . . . 647 Corporate, current 64, 186, 312, 448, 558, Credit extended by banks to real estate mortgage lenders . . 275, 646, 1013 686, 804, 950, 1070, 1166, 1264, 1396 Department store indexes, monthly, Federal business-type activities, by fund or revision of . ... .1323 activity 56, 178, 304, 440, 550, 678, Developments in production 503 796, 942, 1062, 1158, 1256, 1388 1451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1452 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Assets and liabilities—Continued Bank Holding Company Act of 1956—Continued Federal Reserve Banks 39-40, 161-162, Interpretations—Continued 287-288, 423-424, 533-534, 661-662, Receipt of stock by dividends, stock 779-780, 925-926, 1045-1046, splits, or exercise of rights .. .1131 1141-1142, 1239-1240, 1371-1372 Subsidiary banks owning shares of Foreign central banks 98, 230, 346, 484, nonbanking companies .21 596, 732, 840, 986, 1104, 1204, 1298, 1432 Transamerica Corporation, application re- Weekly reporting member banks 50, 172, lating to Occidental Life Insurance Com- 298, 434, 544, 672, 790, 936, 1056, pany, Decision and Order. 1014 1152, 1250, 1382 Bank for International Settlements: Australia : Condition 102, 234, 350, 488, 600, 736, Commonwealth Bank of, condition. .99, 231, 844, 990, 1108, 1208, 1302, 1436 347, 485, 597, 733, 841, 987, 1105, Gold purchases by U. S... 95, 227, 343, 481, 1205, 1299, 1433 593, 729, 837, 983, 1101, 1201, 1295, 1429 Foreign exchange rates ... 104, 236, 352, 490, Gold reserves 96, 228, 344, 482, 594, 730, 602, 738, 946, 992, 1110, 1210, 1304, 1438 838, 984, 1102, 1202, 1296, 1430 Gold production 94, 226, 342, 480, 592, Bank merger legislation, views of Board of 728, 836, 982, 1100, 1200, 1294, 1428 Governors regarding 271, 762 Gold reserves and dollar holdings . . .97, 229, Bankers' balances (See also Foreign liabilities and 345, 483, 595, 731, 839, 985, 1103, claims reported by banks): 1203, 1297, 1431 Commercial banks, by classes. .49, 171, 297, 433, Austria: 543, 671, 789, 935, 1055, 1151, 1249, 1381 Austrian National Bank: Weekly reporting member banks 51, 173, 299, Condition 100, 323, 348, 486, 598, 435, 545, 673, 791, 937, 1057, 1153, 1251, 1383 734, 842, 988, 1106, 1206, 1300, 1434 Banking laws, proposed changes, views of Board Discount rate .... 103, 235, 351, 489, 601, of Governors regarding provisions of Financial 737, 845, 991, 1109, 1209, 1303, 1437 Institutions Act 759 Foreign exchange rates 104, 236, 352, 490, Banking and monetary statistics, 1956, special 602, 738, 946, 992, 1110, 1210, 1304, 1438 tables .214, 523, 582 Gold reserves and dollar holdings 97, 229, Banking offices: 345, 483, 595, 731, 839, 985, 1103, Changes in number. ... . . .212, 974 1203, 1297, 1431 On, and not on, Par List, number. . . .213, 975 Automobiles: Banks and branches, number, by class and State. . 472 Consumer durable goods output index 78, Banks, Henry, director at Memphis Branch, 200, 326, 462, 572, 700, 818, 964, 1084, death of. . 1036 1180, 1278, 1410 Banks and the monetary system, consolidated Consumer instalment credit: statement. 44, 166, 292, 428, 538, 666, Discussion . . 1319 784, 930, 1050, 1146, 1244, 1376 Monthly tables. . . .68-70, 190-192, 316-318, Barger, Donald, reappointed director at Little 452-454, 562-564, 690-692, 808-810, Rock Branch 28 954-956, 1074-1076, 1170-1172, Barton, F. W., reappointed director at El 1268-1270, 1400-1402 Paso Branch 29 Revised estimates, 1955 and Belgian Congo, gold production 94, 226, 342, 480, 1956 ... . 1320-1322 592, 728, 836, 982, 1100, 1200, 1294, 1428 Belgium: Consumer loans of finance companies, Foreign exchange rates 104, 236, 352, 490, 602, discussion 395 738, 946, 992, 1110, 1210, 1304, 1438 Industrial production index 74, 196, 322, Gold purchases by U. S.. .95, 227, 343, 481, 593, 458, 568, 696, 814, 960, 1080, 729, 837, 983, 1101, 1201, 1295, 1429 1176, 1274, 1406 Gold reserves and dollar holdings 97, 229, 345, Production, developments in. . . 505 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 Purchases of, 1957 survey of consumer National Bank of: finances .... 632, 641, 642, 643 Condition 100, 323, 348, 486, 598, 734, Ayres, Clarence E., reappointed director at San 842, 988, 1106, 1206. 1300, 1434 Antonio Branch 26 Discount rate. . 103, 235, 351, 489, 601, 737, 845,991, 1109, 1209, 1303, 1437 Baird, Julian B., resignation as member of Fed- Gold reserves .96, 228. 344, 482, 594, 730, eral Advisory Council.. ... .1036 838, 984, 1102, 1202, 1296, 1430 Balance of payments, article on world payments Bell, T. Winfred, reappointed director at stresses in 1956-57. . 1123 Little Rock Branch 26 Balance sheets (See Assets and liabilities) Betts, I. F., reappointed director at Bank credit and money, articles on. . . .117, 753 Houston Branch 29 Bank credit and reserves, national summary of Bierwirth, John E., appointed Class C director, business conditions ... 32, 154, 280, 416, 525, Chairman, and Federal Reserve Agent at 653, 772, 917, 1038, 1134, 1232, 1363 New York. . .26 Bank debits (See Debits to deposit accounts) Board of Governors: Bank Holding Company Act of 1956: Annual Report, 1956 ... .651 Interpretations: Consumer instalment credit: Indirect ownership of nonbanking com- Study by Board 277, 523, 647 pany through subsidiaries. . .412 Views regarding regulation of .647 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1453 Pages Pages Board of Governors—Continued Branch banks, Federal Reserve System—Continued Expenses, assessment on Federal Reserve Managing officers 108, 240, 356, 494, 606, Banks 210 744, 850, 994, 1112, 1212, 1306, 1440 Financial Institutions Act, proposed, views Branch, Harllee, Jr., reappointed Class C director regarding provisions of. 759 and Deputy Chairman at Atlanta 24, 25 Members: Brawner, A. H., reappointed Class C director, Martin, Wm. McC, Jr.: Chairman, and Federal Reserve Agent at San Francisco. .24, 25 Bills to amend Clayton Act, Brazil: statement on 271 Gold reserves 96, 228, 344, 482, 594, Economic trends as a basis of 730, 838, 984, 1102, 1202, 1296, 1430 policy, statement on. . 649 Gold reserves and dollar holdings 97, 229, 345, General credit policy, statement 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 on impact of . 142 Breedlove, E. C, reappointed director at San Housing and mortgage finance, Antonio Branch .29 statement on 409 Brennan, James, reappointed director at Interest rates on savings bonds, Seattle Branch ... . 30 statement on. 269 British Malaysia, foreign exchange rates. . 104, 236, Reelected Chairman of Federal 352, 490, 602, 738, 946, 992, 1110, 1210, 1304, 1438 Open Market Committee 277 British West Africa, gold production . . 94, 226 Small business financing, state- Brokers and dealers in securities, bank loans to: ments on. 767, 1353 Commercial banks, by classes .48, 170, 296, 432, Trusteeship over money, state- 542, 670, 788, 934, 1054, 1150, 1248, 1380 ment on 18 Weekly reporting member banks 50, 172, 298, Winning the battle against infla- 434, 544, 672, 790, 936, 1056, 1152, 1250, 1382 tion, statement on 866 Brosius, William B., elected Class A director Members and officers . . . 107, 239, 355, 493, 605, at Philadelphia 1358 743, 849, 993, 1111, 1211, 1305, 1437 Brown, John E., appointed director at Publications (See Publications) Memphis Branch 1132 Regulations (See Regulations) Bunting, Lyman J., appointed director at Staff: Seattle Branch. 27 Hackley, Howard H., appointed Burma, discount rate .... 103, 235, 351, 489, 601, 737, 845, 991, 1109, 1209, 1303, 1437 General Counsel 414 Business conditions, national summary of . 31, 153, Johnson, E. J., Director of Division of 279, 415, 524, 652, 771, 916, 1037, 1133, 1231, 1362 Personnel Administration, released Business expenditures on new plant from position of Controller 1360 and equipment 64, 186, 312, 448, 558, Masters, Robert C, appointed Director 686, 804, 950, 1070, 1166, 1264, 1396 of Division of Examinations . 770 Business financing in early 1957, article on . 615 Sloan, George S., retirement as Director Business indexes. . .72, 194, 320, 456, 566, 694, of Division of Examinations. 770 812, 958, 1078, 1174, 1272, 1404 Vest, George B., retirement as Business investment, discussion . . 3, 616, 1224 General Counsel. .414 Business loans (See Commercial and industrial loans) Structure of .867 Byrd, Carroll F., reelected Class A director at Bogle, Hal, reappointed Class C director and San Francisco. 1360 Deputy Chairman at Dallas. 24, 25 Bolivia: Cairns, Gordon M., appointed director at Central Bank of, condition 100, 323, 348, 486, Baltimore Branch. 152 598, 734, 842, 988, 1106, 1206, 1300, 1434 Canada: Gold reserves and dollar holdings 97, 229, 345. Bank of: 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 Condition 99, 231, 347, 485, 597, Bonds (See also U. S. Govt. securities): 733, 841, 987, 1105, 1205, 1299, 1433 Corporate, outstanding, net Discount rate . . 103, 235, 351, 489, 601, change in. ... 64, 186, 312, 448, 558, 686 737, 845, 991, 1109, 1209, 1303, 1437 804, 950, 1070, 1166, 1264, 1396 Gold reserves . 96, 228, 344, 482, 594. New issues 62, 184, 310, 446, 556, 684, 730, 838, 984, 1102, 1202, 1296, 1430 802, 948, 1068, 1164, 1262, 1394 Foreign exchange rates. ...104, 236, 352, 490, 602, 738, 946, 992, 1110, 1210, 1304, 1438 Prices 54, 176, 302, 438, 548, Gold production ... 94, 226, 342, 480, 592, 728, 676, 794, 940, 1060, 1156, 1254, 1386 836, 982, 1100, 1200, 1294, 1428 Yields 53, 175, 301, 437, 547. Gold purchases by U. S. 95, 227, 343, 481, 593, 675, 793, 939, 1059, 1155, 1253, 1385 729, 837, 983, 1101, 1201, 1295, 1429 Borthwick, Anderson, reappointed director at Gold reserves and dollar holdings 97, 229, 345, Los Angeles Branch 29 483, 595, 731, 839, 985, 1103. 1203, 1297, 1431 Bowman, W. C, reelected Class A director Open market rates. . . 103, 235, 351, 489, 601, at Atlanta 1359 737, 845, 991, 1109, 1209, 1303, 1437 Branch banks, domestic: Cannon, Robert J., appointed director at Number, by class and State . 473 Los Angeles Branch. 1230 Branch banks, Federal Reserve System: Capital accounts: Directors (See Directors, Federal Reserve Banks, by classes 45. 167. 293. 4?9, 5^9. branch banks) 667, 785, 931, 1051, 1147, 1245, 1377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1454 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Capital accounts—Continued Charts—Continued Commercial banks, by classes 49, 171, 297, 433, Interest rates 124, 416. 758, 772, 860, 861, 543, 671, 789, 935, 1055, 1151, 1249, 1381 863, 864, 1038, 1232, 1363 Federal Reserve Banks 39-40, 161-162, Member bank reserves and borrowings .123, 287-288, 423-424, 533-534, 661-662, 525, 653, 1038, 1363 779-780,925-926, 1045-1046, 1141- Member bank reserves, Reserves Bank 1142, 1239-1240, 1371-1372 credit, and related items. . 34, 156, 282, 418, Weekly reporting member banks. . 51, 173, 299, 528, 656, 774, 920, 1040, 1136, 1234, 1366 435, 545, 673, 791, 937, 1057, 1153, 1251, 1383 Money supply and rate of turnover .121 Carloadings 72, 194, 320, 456, 566, Mortgage debt and lenders. 369, 371 694, 812, 958, 1078, 1174, 1272, 1404 Personal income, consumption, and Carter, Edward W.: saving . . . 6, 7, 1228 Appointed director at Los Angeles Branch 152 Personal loans outstanding. . 1320 Resignation as director .651 Prices 32, 280, 525, 772, 917, 1134 Central banks, foreign: Plant and equipment, by major industry 1226 Assets and liabilities . .98, 230, 346, 484, 596, Private domestic investment 4 732, 840, 986, 1104, 1204, 1298, 1432 Production, major sectors 503. 504, 507, 509 Discount rates . . 103, 235, 351, 489, 601, 737, Retail trade. . . . . 154, 280 845, 991, 1109, 1209, 1303, 1437 Sales and stocks, durables and nondurables __5 Gold reserves . . . .96, 228, 344, 482, 594, 730, 838, 984, 1102, 1202, 1296, 1430 Savings, growth of selected types 756 Ceylon: Stock and bond yields .620 Central Bank of: Trade balances. .1125 Condition . . 100, 323, 348, 486, 598, Unemployment . . 1009 734, 842, 988, 1106, 1206, 1300, 1434 U. S. balance of payments 1123 Discount rate 103, 235, 351, 489, 601, Chile: 737, 845, 991, 1109, 1209, 1303, 1437 Central Bank of: Foreign exchange rates 104, 236, 352, 490, Condition. . 100. 323, 348, 486, 598, 602, 738, 946, 992, 1110, 1210, 1304, 1438 734, 842, 988, 1106, 1206, 1300, 1434 Chairmen, Federal Reserve Banks: Discount rate 601, 737, 845, 991, 1109, Appointments for 1957 24 1209, 1303, 1437 List of 108, 240, 356, 494, 606, 744, 850, Gold reserves 96, 228, 344, 482, 594, 994, 1112, 1212, 1306, 1440 730, 838, 984, 1102, 1202, 1296, 1430 Meeting of . . . 1360 Gold production ... 94, 226, 342, 480, 592, Chandler, Lester V., reappointed Class C director 728, 836, 982, 1100, 1200, 1294, 1428 at Philadelphia . 25 Gold reserves and dollar holdings 97, 229, 345, Changing demands in 1957, article on 1223 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 Chart book on financial and business Clayton Act, bills to amend with respect to bank statistics 152, 278, 523, 1036 mergers, statement by Chairman Martin on. 271 Charts: Automobiles. . . 632, 1319, 1321 Cocks, David F., reappointed director at Louis- Bank loans and investments . .32, 117, 154, ville Branch . 26 416, 653, 753, 917, 1134, 1232 Coins, circulation of 43, 165, 291, 427, 537, Business indexes, selected .3, 1224 665, 783, 929, 1049, 1145, 1243, 1375 Business investment 1225 Colombia: Business loans . . 119, 619, 754 Bank of Republic of: Construction outlays .365 Condition . 100, 323, 348, 486, 598, Consumer durable goods output . . 504 734, 842. 988, 1106, 1206, 1300, 1434 Consumer income and expenditures . 878, 1227 Gold reserves 984, 1102, 1202, 1296, 1430 Consumer instalment credit. 1317, 1318, 1319, Gold production . 94, 226, 342, 480, 592, 1320, 1321 728, 836, 982, 1100, 1200, 1294, 1428 Corporate new capital issues .615 Gold purchases by U. S.. 95, 227, 343, 481, 593, Corporate profits before taxes 618 729, 837, 983, 1101, 1201, 1295, 1429 Department store series 1325, 1331, 1337-1339 Gold reserves and dollar holdings 97, 229, 345, Electrical apparatus, orders and shipments . . 508 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 Employment . 1005, 1007, 1011, 1012 Commercial banks: Exports, world. .. .1125 Farm loans 908, 909 Assets and liabilities, by classes 45-49, 167-171, Farm production assets 908 293-297, 429-433, 539-543, 667-671, Farmland, changes in dollar value of . 906 785-789, 931-935, 1051-1055 Financial assets of consumers 884 1147-1151, 1245-1249, 1377-1381 Foreign gold reserves and dollar holdings .249, Consumer loans held, by type 69, 191, 317, 453, 252, 253 563, 691, 809, 955, 1075, 1171, 1269, 1401 Gross national product 1, 1223 Loans and investments, discussion 118, 619, 753 Home ownership. . . . 630 Number, by class 45, 167, 293, 429, 539, Household durable goods, purchases of 636 667, 785, 931, 1051, 1147, 1245, 1377 Household goods stocks . 505 Number, by class and State. .472 Housing starts . . . 367 Real estate mortgages held, Industrial production .31, 153, 279, 415, 524, by type 65, 187, 313, 449, 559, 652, 771, 916, 1037, 1124, 1133, 1231, 1362 687, 805, 951, 1071, 1167, 1265, 1397 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1455 Pages Pages Commercial and industrial loans: Consumption expenditures .. 86-87, 208-209, 334- Business loans of banks, discussion 619 335, 470-471, 580-581, 708-709, 826-827, Commercial banks, by classes. .48, 170, 296, 432, 972-973, 1092-1093, 1188-1189, 1286- 1287, 1418-1419 542, 670, 788, 934, 1054, 1150, 1248, 1380 Continental Bank and Trust Company, Salt Lake Weekly reporting member banks: City, Utah, proceeding under Section 9 of Sample . .52, 174, 300, 436, 546, 674, Federal Reserve Act 22, 521 792, 938, 1058, 1154, 1252, 1384 Cooper, H. Lee, elected Class A director at Total, leading cities. .50, 172, 298, 434, 544, St. Louis 1359 672, 790, 936, 1056, 1152, 1250, 1382 Cooper, Stanley M., elected Class B director at Commercial paper: Boston 1358 Rates .53, 175, 301. 437, 547, Corporate profits, early 1957, discussion 617 675, 793, 939, 1059, 1155, 1253, 1385 Corporate sales, profits, taxes, and Volume outstanding 52, 174, 300, 436, 546, dividends 63-64, 185-186, 311-312, 447-448, 674, 792, 938, 1058, 1154, 1252, 1384 557-558, 685-686, 803-804, 949-950, 1069- Commodity Credit Corporation, assets and 1070, 1165-1166, 1263-1264, 1395-1396 liabilities 56, 178, 304, 440, 550, Corporate securities: 678, 796, 942, 1062, 1158, 1256, 1388 New issues 62, 184, 310, 446, 556, 684, Common trust funds, survey of, 1956 622 802, 948, 1068, 1164, 1262, 1394 Comptroller of the Currency, Regulations of: New issues, early 1957, discussion 620 Investment Securities 912 Outstanding, net changes in 64, 186, 312, National bank loans secured by direct 448, 558, 686, 804, 950, 1070, obligations of the U. S 912, 914 1166, 1264, 1396 Condition statements (See Assets and liabilities) Prices 54, 176, 302, 438, 548, 676, 794, Construction: 940, 1060, 1156, 1254, 1386 Contracts awarded 79, 201, 327, 463, 573, Yields 53, 175, 301, 437, 547, 675, 793, 701, 819, 965, 1085, 1181, 1279, 1411 939, 1059, 1155, 1253, 1385 Dwelling units started. . .79, 201, 327, 463, 573, Cost of living (See Consumer price indexes) 701, 819, 965, 1085, 1181, 1279, 1411 Costa Rica, Central Bank of: National summary of business Condition 100, 323, 348, 486, 598, 734, conditions 31, 153, 279, 415, 524, 842, 988, 1106, 1206, 1300, 1434 652, 771, 916, 1037, 1133, 1231, 1362 Discount rate 103, 235, 351, 489, 601, 737. Residential, developments in 5, 1226 845, 991, 1109, 1209, 1303, 1434 Credit extended by banks to real estate mortgage Residential real estate markets, article on. . . .365 lenders, surveys of .275, 646, 1013 Value of new activity 78, 200, 326, 462, 572. Credit policy (See Federal Reserve policy) 700, 818, 964, 1084, 1180, 1278, 1410 Cuba: Consumer credit: Gold purchases by U. S 95, 227, 343, 481. Finance company loans, discussion 395 593, 729, 837, 983, 1101, 1201, 1295, 1429 Instalment credit: Gold reserves and dollar holdings 97, 229, Article on 1317 345, 483, 595, 731, 839, 985, 1103, Extensions and 1203, 1297, 1431 repayments . 7 0, 192, 318, 454, 564, National Bank of: 692, 810, 956, 1076, 1172, 1270, 1402 Outstanding, by holder 68-69, 190-191, Condition 100, 323, 348, 486, 598, 316-317, 452-453, 562-563, 734, 842, 988, 1106, 1206, 1300, 1434 690-691, 808-809, 954-955, 1074- Gold reserves 96, 228, 344, 482, 594, 1075, 1170-1171, 1268-1269, 1400-1401 730, 838, 984, 1102, 1202, 1296, 1430 Regulation of, views of Board of Cudlipp, A. E., appointed director at Governors with respect to . 647 Houston Branch 27 Study by Board of Governors 277, 523, 647 Major parts 68, 190, 316, 452, 562, Cummings, Walter J., reelected Class A 690, 808, 954, 1074, 1170, 1268, 1400 director at Chicago. . . 1359 Noninstalment credit, Currency (See also specific types of currency): by holder 69, 191, 317, 453, 563, Consolidated monetary statement 44, 166, 691, 809, 955, 1075, 1171, 1269, 1401 292, 428, 538, 666, 784, 930, 1050, Revised estimates for 1955 and 1956. . 1420-1422 1146, 1244, 1376 Consumer durable goods: Outside banks, revisions in. . . .770, 829 Output indexes . .78, 200, 326, 462, 572, 700, Outstanding and in circulation . 43, 165, 291, 818, 964, 1084, 1180, 1278, 1410 427, 537, 665, 783, 929, 1049, Revised seasonally adjusted. .277 1145, 1243, 1375 Production, developments in 504 Currency and deposits, discussion. . 121, 756 Consumer finances, survey of, 1957: Customer credit, stock market. . . .54, 176, 302, 438, Financial position of consumers 878 548, 676, 794, 940, 1060, 1156, 1254, 1386 Housing and durable goods 628 Davidson, Philip, appointed director at Preliminary findings . .256 Louisville Branch. 27 Consumer instalment credit, article on 1317 Debits to deposit accounts 42, 164, 290, 426, 536, Consumer instalment credit study . . . .277, 523, 647 664, 782, 928, 1048, 1144, 1242, 1374 Consumer price indexes . . .84, 206, 332, 468, 578, Decker, Alonzo G., Jr., reappointed Class C 706, 824, 970, 1090, 1186, 1284, 1416 director and Deputy Chairman at Richmond 24, 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1456 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Defense production loans: Deposits, reserves, and borrowings, by class Fees and rates 42, 164, 290, 426, 536, of member bank 37, 159, 285, 421, 531, 664, 782, 928, 1048, 1144, 1242, 1374 659, 777, 923, 1043, 1139, 1237, 1369 Guaranteed under Regulation V. .41, 163, 289, Deputy Chairmen, Federal Reserve Banks: 425, 535, 663, 781, 927, 1047, 1143, 1241, 1373 Appointments for 1957 24 Maximum permissible interest rate, List of 108, 240, 356, 494, 606, change in. ... .523 744, 850, 994, 1112, 1212, 1306, 1440 Demand deposits: Directors, Federal Reserve Banks: Adjusted, banks and the monetary Appointments for 1957 25 system 44, 166, 292, 428, 538, Bierwirth, John R, appointed Class C, 666, 784, 930, 1050, 1146, 1244, 1376 Chairman, and Federal Reserve Agent Adjusted, commercial banks by at New York 26 classes 49, 171, 297, 433, 543, Bogle, Hal, reappointed Class C and Deputy 671, 789, 935, 1055, 1151, 1249, 1381 Chairman at Dallas . 24, 25 Adjusted, and currency, Bowman, W. C, reelected Class A revisions in 770, 828 at Atlanta 1359 Banks, by classes 45, 167, 293, 429, 539, Branch, Harllee, Jr., reappointed Class C 667, 785, 931, 1051, 1147, 1245, 1377 and Deputy Chairman at Atlanta. . . . 24, 25 Ownership of, article on. ... 511 Brawner, A. H., reappointed Class C, Chair- Type of holder, at commercial man, and Federal Reserve Agent banks 49, 171, 297, 433, 543, at San Francisco 24, 25 671, 789, 935, 1055, 1151, 1249, 1381 Brosius, William B., elected Class A Weekly reporting member at Philadelphia . 1358 banks 51, 173, 299, 435, 545, Byrd, Carroll F., reelected Class A 673, 791, 937, 1057, 1153, 1251, 1383 at San Francisco 1360 Deming, Frederick L., appointed President of Chairmen and Federal Reserve Agents, Federal Reserve Bank of Minneapolis 414 appointments for 1957 24 Denmark: Chandler, Lester V., reappointed Class C Foreign exchange rates 104, 236, 352, 490, at Philadelphia .... ... 25 602, 738, 946, 992, 1110, 1210, 1304, 1438 Class A and B, election of ... .1358 Gold reserves and dollar holdings. . 97, 229, 345, Cooper, H. Lee, elected Class A 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 at St. Louis .1359 National Bank of: Cooper, Stanley M., elected Class B Condition 100, 323, 348, 486, 598, at Boston 1358 734, 842, 988, 1106, 1206, 1300, 1434 Cummings, Walter J., reelected Class A Discount rate 103, 235, 351, 489, 601, at Chicago . . 1359 737, 845, 991, 1109, 1209, 1303, 1437 Decker, Alonzo G., Jr., reappointed Class C Gold reserves 96, 228, 344, 482, 594, and Deputy Chairman at Richmond 24, 25 730, 838, 984, 1102, 1202, 1296, 1430 Deputy Chairmen, appointments for 1957. .24 Denton, Frank R., elected Vice President of Drought, Henry P., Class C at Dallas, Federal Advisory Council. . .277 death of 915 Department stores: England, Bayard L., reelected Class B Merchandising data 83, 205, 331, 467, 577, at Philadelphia. . . 1358 705, 823, 969, 1089, 1185, 1283, 1415 Freeman, Y. Frank, reappointed Deputy Monthly indexes, revision of . 1323-1352 Chairman at San Francisco 24 Sales and stocks . . .82, 204, 330, 466, 576, Hall, Joseph B., reelected Class B 704, 822, 968, 1088, 1184, 1282, 1414 at Cleveland 1359 Deposits (See also specific types of deposits): Hall, Raymond W., reappointed Chairman Adjusted, and currency 44, 166, 292, 428, 538, and Federal Reserve Agent at 666, 784, 930, 1050, 1146, 1244, 1376 Kansas City 24 Banks, by classes 45, 167, 293, 429, 539, Higley, Cyrus M., elected Class A at 667, 785, 931, 1051, 1147, 1245, 1377 New York . . 1358 Commercial banks, by classes 49, 171, 297, 433, Hill, Forrest F., reappointed Deputy Chair- 543, 671, 789, 935, 1055, 1151, 1249, 1381 man at New York .24 Federal Reserve Banks: Huffman, Robert O., reelected Class B Condition statement data. . 39-40, 161-162, at Richmond .1359 287-288, 423-424, 533-534, Hulcy, D. A., reelected Class B 661-662, 779-780, 925-926, 1045at Dallas . . 1360 1046, 1141-1142, 1239-1240, 1371-1372 Jesness, O. B., reappointed Deputy Chair- Held for foreign man at Minneapolis 24 correspondents 94, 226, 342, 480, 592, Killian, James R., Jr., reappointed Class C 728, 836, 982, 1100, 1200, 1294, 1428 and Deputy Chairman at Boston. .24, 25 Growth of. 121, 756 Resignation of . 1360 Postal savings 44, 166, 292, 428, 538, Kountze, Harold, reelected Class A 666, 784, 930, 1050, 1146, 1244, 1376 at Kansas City . 1360 Turnover of . 42, 164, 290, 426. 536 Lange, Ray C, reelected Class B 664, 782, 928, 1048, 1144, 1242, 1374 at Minneapolis 1359 Weekly reporting member banks 51, 173, 299. Langenohl, Gerald F., elected Class B 435, 545, 673, 791, 937, 1057, 1153, 1251, 1383 at Chicago. . ... .1359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1457 Pages Pages Directors, Federal Reserve Banks—Continued Directors, Federal Reserve branch banks—Continued List of 108, 240, 356, 494, 606, 744, Appointments for 1957 .25, 27 850, 994, 1112, 1212, 1306, 1440 Ayres, Clarence E., reappointed Long, Augustus C.: at San Antonio . 26 Elected Class B at New York. . .523 Banks, Henry, Memphis, death of. .1036 Reelected Class B at New York. .1358 Barger, Donald, reappointed at Longwell, J. H., appointed Class C Little Rock 28 at St. Louis .27 Barton, F. W., reappointed at El Paso 29 Maxwell, Arthur F., elected Class A Bell, T. Winfred, reappointed at Little Rock. . 26 at Boston. . . 1358 Betts, I. F., reappointed at Houston. . .29 McBride, Pierre B., appointed Class C, Borthwick, Anderson, reappointed at Chairman, and Federal Reserve Agent Los Angeles .29 at St. Louis .27 Breedlove, E. C, reappointed at McLaren, N. Loyall, elected Class B San Antonio 29 at San Francisco. . .414 Brennan, James, reappointed at Seattle 30 Meinel, William J., reappointed Chairman Brown, John E., appointed at Memphis. . . . 1132 and Federal Reserve Agent Bunting, Lyman J., appointed at Seattle. . . .27 at Philadelphia .24 Cairns, Gordon M., appointed Miller, Max A., reelected Class B at Baltimore .152 at Kansas City . . 1360 Cannon, Robert J., appointed at Mitchell, Walter M., reappointed Chairman Los Angeles .1230 and Federal Reserve Agent at Atlanta . 24 Carter, Edward W.: Moore, Joseph H., appointed Deputy Chair- Appointed at Los Angeles. .152 man at St. Louis .27 Resignation of 651 Morgan, Denver L., elected Class A Cocks, David F., reappointed at Louisville. . 26 at Richmond . 1359 Cudlipp, A. E., appointed at Houston 27 Perrin, Leslie N., reappointed Class C, Davidson, Philip, appointed at Louisville. .27 Chairman, and Federal Reserve Agent Downing, John R., appointed at Minneapolis 24, 25 at Birmingham 28 Prall, Bert R., reappointed Chairman and Eccles, George S., reappointed at Salt Federal Reserve Agent at Chicago. . .24 Lake City 30 Refling, Harold C, reelected Class A Firestone, Leonard K., appointed at at Minneapolis 1359 Los Angeles . . 152 Ringland, Joseph F., Class A at Minneapolis, Garner, James G., reappointed at death of 1230 Jacksonville . . .28 Roach, Alden G., Class B at San Francisco, Grier, William H., reappointed at death of . . . 30 Charlotte .25 Russell, J. Stuart, reappointed Class C and Hanson, Russell S., reappointed at Deputy Chairman at Chicago 24, 25 Salt Lake City. . . .. .30 Seacrest, Joe W., reappointed Deputy Chair- Haswell, Anthony, reappointed at man at Kansas City . 24 Cincinnati ... 25 Smith, Robert J., reappointed Chairman and Irvine, Frank C, appointed at Pittsburgh. .28 Federal Reserve Agent at Dallas . 24 Johnson, Arthur, reappointed at Denver. .29 Sprague, Robert C, reappointed Chairman Johnson, J. Willard, reappointed at Helena. . 29 and Federal Reserve Agent at Boston 24 Jones, J. Spencer, appointed at Supplee, Henderson, Jr., reappointed Deputy New Orleans . 28 Chairman at Philadelphia . . 24 Kendrick, Manville, reappointed at Omaha. . 26 Taylor, Reese H., reelected Class B Lafromboise, S. B., reappointed at Seattle. . . .30 at San Francisco 1360 List of .... 108, 240, 356, 494, 606, 744, Thompson, Joseph, appointed Class C and 850, 994, 1112, 1212, 1306, 1440 Deputy Chairman at Cleveland 26 Lowery, Phil H., reappointed at Okla- Turman, Pollard, reelected Class B homa City ... .26 at Atlanta 1359 Lund, George N., reappointed at Helena. .29 Van Buskirk, Arthur B., appointed Chair- McClintock, R. Otis, reappointed at Oklaman and Federal Reserve Agent at homa City .29 Cleveland 26 McCracken, Franklin A., appointed at Warner, Paul A., elected Class A Cincinnati .... . . .. .28 at Cleveland . . . 1358 McElroy, James W., appointed at Wieck, Leo J., reelected Class B Baltimore . . . . 28 at St. Louis . . 1359 McFarland, Carl, reappointed at Helena. .26 Willham, Oliver S., reappointed Class C McNally, J. H., reappointed at Portland. .30 at Kansas City . . . . .. 25 Mitten, William N., reappointed at Omaha. . 29 Woodward, John B., Jr., reappointed Chair- Moench, Ernest J., resignation at man and Federal Reserve Agent at Rich- Nashville . 1132 mond ... 24 Moore, Ira A., reappointed at Detroit. .28 Young, Sam D., reelected Class A Moreell, Ben, appointed at Pittsburgh. . .26 at Dallas . . 1360 Newcomer, Ralph S., reappointed at Denver ... . . 29 Directors, Federal Reserve branch banks: Olson, Raymond E., appointed at Buffalo. . 26 Alexander, Vernon, appointed at Buffalo. .27 Parker, Charles D., appointed at Charlotte. . 28 Anderson, Jo H., appointed at Nashville. .28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1458 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Directors, Federal Reserve branch banks—Continued Earnings and expenses: Pollard, William B., Memphis, death of 770 Federal Reserve Banks. . 30, 210 Priddy, C. L., appointed at Oklahoma City .29 Insured commercial banks 719 Reynolds, Ray, reappointed at Denver 26 Member banks 517, 710 Robertson, Merle E., appointed at Earnings and hours, manufacturing industries: Louisville 29 Discussion. 1006, 1011 Rogers, John B., reappointed at Portland 30 Table • • • • • • • • • • • • • • • • 81, 203 329 465, 575 29 Secies, G^^^&d'&^it ^ ' ' ithy Thomas, reappointed at Detroit 25 ^trttco^ioll^ 3° Smith, McGregor, reappointed at Jackson- ^^Changinf demands in 1957, article on 1223 o i T^ W ' •••.•••••• ••••• jr Economic expansion in 1956, article on 1 r Stahmann, D. R, reappointed at El Paso. .26 Economic trends as a basis of policy Steiwer, William H., Sr., reappointed at statement of Chairman Martin on 649 Portland 26 Inflation and interest rates, discussion 860 Ward, Frank B., reappointed at Nashville .25 Winning the battle against inflation, Watkins, George W., reappointed at Salt statement of Chairman Martin on 866 Lake City 26 Ecuador, Central Bank of: Weil, Adolph, Sr., reappointed at Condition 100, 323, 348, 486, 598, Birmingham 25 734,842,988,1106,1206,1300,1434 Wesson, Frank Lee, appointed at Gold reserves. . .96, 228, 344, 482, 594, 730, 838 Memphis 1132 Egypt: Wild E. E., reappointed at New Orleans 25 Gold reserves and dollar holdings .97, 229, 345, Williams, John D., reappointed at 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 Memphis 26 National Bank of: Wilson Tohn K reacoointed at Memohis 29 Condition 100, 323, 348, 486, 598, Wilson jonn K., reappointea at Mempnis. LV Discount rates: T Q ^£ ' countries, Gold reserves 96 22g 344 4g2 594 1954-5/ . oo5 £| Salvador- 730? g38) 984? no2 1202? U96 U3Q Federal Reserve Banks: rvntrai'rc^prvp Rank nfr>u ' me mic nin -\icc\ central Jveserve r>anK oi. Changes in. 915 1036 1230 1360 Condition 100, 323, 348, 486, 598, Tables of .38 160 286 422 532, 660 j, ?34 g42 9gg 06 12Q6 nQQ UM p • • A I' X in\ 14?U 12«if iJo Discount rate. . . . 103, 235, 351, 489, 601. O£ni§%C7ntS?s QQ^S 1 mo 19OQ hnV' iim 737> 845' 991> 1109' 1209> 1303- 1437 601, 737 845, 991, 1109 1209, 1303, 1437 ^ Gol(J reseryes 9fi 22g u 4g2 595 Discounts and advances by Federal Reserve Banks: 739 838 984 1102 1202 1296 1430 Condition statement data 39,161 287, 423 ' dollar' holdings 97, 229, 345. Gold reserves and i5i33' A ' l'i /' m5\\uh'12?h Wo1 483'595'731'839' 985>1103'1203'1297'1431 w 7 Weekly and monthly data. .. .35, 157, 283, 419, Emnlovmenf 529, 657, 775, 921, 1041, 1137, 1235, 1367 P Y , , La bor force 80? 202 328? 464? 574 Dividends: 702, 820, 966, 1086, 1182, 1280, 1412 Corporate 63-64, 185-186, 311-312, 447-448, Labor market developments, article on 1005 557-558, 685-686, 803-804, 949-950, Manufacturing production worker. 81, 203, 329, 1069-1070, 1165-1166, 1263-1264, 1395-1396 465,575,703,821,967,1087,1183,1281,1413 Federal Reserve Banks. .30, 210 National summary of business Insured commercial banks 719 conditions 31, 153, 279, 415, 524, Member banks. .517, 519, 520, 710 652, 771, 916, 1037, 1133, 1231, 1362 Dollar assets, foreign: Nonagricultural . . 80, 202, 328, 464, 574, Foreign countries and international 702, 820, 966, 1086, 1182, 1280, 1412 institutions. .97, 229, 345, 483, 595, 731, England (See United Kingdom) 839, 985, 1103, 1203, 1297, 1431 England, Bayard L., reelected Class B Held at Federal Reserve Banks. . . .94, 226, 342, director at Philadelphia 1358 480, 592, 728, 836, 982, 1100, 1200, Export-Import Bank, loans, etc. 56, 178, 304, 440, 1294, 1428 550, 678, 796, 942, 1062, 1158, 1256, 1388 International gold and dollar flows, Exports (See Foreign trade) article on .... . 249 Dominican Republic: Farm loans, articles on findings of Agricultural Central Bank of, condition 100, 323, 348, Loan Survey. . 9, 125, 133, 259 486, 598, 734, 842, 988, 1106, 1206, 1300, 1434 Farm mortgage loans: Gold reserves and dollar holdings 97, 229, Bank holdings 65, 187, 313, 449, 559. 345, 483, 595, 731, 839, 985, 1103, 1203, 687, 805,951, 1071, 1167, 1265, 1397 1297, 1431 Govt. agency loans 56, 178, 304, 440, 550, Downing, John R., appointed director at Bir- 678, 796, 942, 1062, 1158, 1256, 1388 mingham Branch 28 Life insurance company holdings . 66, 188, 314, Drought, Henry P., Class C director at Dallas, 450, 560, 688, 806, 952, 1072, 1168, 1266, 1398 death of 915 Farm real estate, loans to buy, article on. . 133 Dwelling units started. . . .79, 201, 327, 463, 573, 701, Federal Advisory Council: 819, 965, 1085, 1181, 1279, 1411 Meetings. .277, 522, 1036, 1230 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1459 Pages Pages Federal Advisory Council—Continued Federal Reserve Bank of Minneapolis: Members and staff: Deming, Frederick L., appointment Baird, Julian B., resignation as member as President 414 representing Ninth District 1036 Powell, Oliver S., retirement as President 414 Denton, Frank R., elected Vice Federal Reserve Bank of St. Louis: Chairman 277 Freutel, Guy S., appointed First Vice Fleming, Robert V., elected President. 277 President, to succeed Mr. Deming 414 Korsvik, William J., appointed Federal Reserve Banks: Assistant Secretary 277 Assessment for expenses of Board List of 108, 240, 356, 494, 606, of Governors 210 744, 850, 994, 1112, 1212, 1306, 1440 Branches (See Branch banks, Federal Murray, Gordon, selected to represent Reserye System) Ninth District 1036 Chairmen and Deputy Prochnow, Herbert V., appointed Chairmen 108, 240, 356, 494, 606, 744, Secretary .277 850, 994, 1112, 1212, 1306, 1440 Structure of .868 Condition statement 39-40, 161-162, Federal business-type activities, assets and 287-288, 423-424, 533-534, liabilities, by fund or activity. . . .56, 178, 304, 440, 661-662, 779-780, 925-926, 1045- 550, 678, 796, 942, 1062, 1158, 1256, 1388 1046, 1141-1142, 1239-1240, 1371-1372 Federal Deposit Insurance Corporation, assets Directors (See Directors, Federal Reserve Banks) and liabilities 56, 178, 304, 440, 550, 678, 796, Discount rates: 942, 1062, 1158, 1256, 1388 Changes in .915, 1036, 1230, 1360 Federal finance: Tables of 38, 160, 286, 422, 532, Bank investments and Treasury finance, 660, 778, 924, 1044, 1140, 1238, 1370 discussion . . 755 Earnings and expenses 30, 210 Cash transactions 58, 180, 306, 442, 552, Federal Reserve Agents, appointments 680, 798, 944, 1064, 1160, 1258, 1390 for 1957. 24 Receipts and expenditures. . . .59, 181, 307, 443, Officers 108, 240, 356, 494, 606, 553, 681, 799, 945, 1065, 1161, 1259, 1391 744, 850, 994, 1112, 1212, 1306, 1440 Treasurer's balance 58, 180, 306, 442, 552, Structure of . .867 680, 798, 944, 1064, 1160, 1258, 1390 U. S. Govt. security holdings: Federal home loan banks: Condition statement data. . .39-40, 161,162, Assets and liabilities 56, 178, 304, 440, 550, 287-288, 423-424, 533-534, 678, 796, 942, 1062, 1158, 1256, 1388 661-662, 779-780, 925-926, 1045- Lending activity 67, 189, 315, 451, 561, 1046, 1141-1142, 1239-1240, 1371-1372 689, 807, 953, 1073, 1169, 1267, 1399 Ownership data 60-61, 182-183, Federal Housing Administration: 308-309, 444-445, 554-555, Assets and liabilities 56, 178, 304, 440, 550, 682-683, 800-801, 946-947, 1066- 678, 796, 942, 1062, 1158, 1256, 1388 1067, 1162-1163, 1260-1261, 1392-1393 Loans insured by. .65-67, 187-189, 313-315, 449- Weekly and monthly data 35, 157, 283, 451, 559-561, 687-689, 805-807, 951-953, 419, 529, 657, 775, 921, 1041, 1071-1073, 1167-1169, 1265-1267, 1397-1399 1137, 1235, 1367 Federal National Mortgage Association: Federal Reserve Chart Book. 152, 278, 523, 1036 Assets and liabilities 56, 178, 304, 440, 550, Federal Reserve credit: 678, 796, 942, 1062, 1158, 1256, 1388 Condition statement data 39-40, 161-162, Lending activity 67, 189, 315, 451, 561, 287-288, 423-424, 533-534, 689, 807, 953, 1073, 1169, 1267, 1399 661-662, 779-780, 925-926, 1045- Federal Open Market Committee: 1046, 1141-1142, 1239-1240, 1371-1372 Meetings 30, 152, 277, 414, 522, Weekly and monthly data 35, 157, 283, 419, 651. 770. 868, 915, 1036, 1132, 1230, 1360 529, 657, 775, 921, 1041, 1137, 1235, 1367 Members: Federal Reserve notes: Election of 277 Collateral for 41, 163, 289, 425, 535, 663, 781, 927, 1047, 1143, 1241, 1373 Hayes, Alfred, reelected Vice Chairman 277 Condition statement data 39-40, 161-162, Martin, Wm. McC, Jr., reelected 287-288, 423-424, 533-534, Chairman 277 661-662, 779-780, 925-926, 1045- Members and staff 108, 240, 356, 494, 606, 1046, 1141-1142, 1239-1240, 1371-1372 744, 850, 994, 1112, 1212, 1306, 1440 Federal Reserve Agents' Structure of. .868 accounts 41, 163, 289, 425, 535. Federal Reserve Act: 663, 781, 927, 1047, 1143, 1241, 1373 Changes proposed in Financial Institutions Interest paid to Treasury 30, 210 Act, views of Board of Governors Outstanding and in circulation 43, 165, 291, 427, regarding . . 759 537, 665, 783, 929, 1049, 1145, 1243, 1375 Revised edition 522 Federal Reserve policy: Section 9, proceeding relating to Continental Bank credit and money in 1956. 122 Bank and Trust Company, Salt Lake City, Utah. . 22, 521 Economic trends as a basis of policy, Federal Reserve Agents, appointments for 1957. 24 statement of Chairman Martin on. 649 Federal Reserve Bank notes, outstanding and General credit policy, statement of in circulation 43, 165, 291, 427, 537. Chairman Martin on impact of. 142 665, 783, 929, 1049, 1145, 1243, 1375 Reserve bank positions and 757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1460 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Federal Reserve System: Foreign liabilities and claims reported by Admissions of State banks to banks. .. .90-94, 222-226, 338-342, 476-480, 588- 592, 724-728, 832-836, 978-982, 1096-1100, membership 152, 414, 523, 651, 770 1196-1200, 1290-1294, 1424-1428 Small business financing study, statement of Foreign trade: Chairman Martin on purposes and scope 1353 Discussion.. . .254, 1124, 1129, 1130 Structure and purposes. 866-869 Merchandise exports and imports 83, 205, Trusteeship over money, statement of 331, 467, 577, 705, 823, 969, 1089, 1185, Chairman Martin on .18 1283, 1415 Finance companies, survey of, mid-1955. .392 France: Finance company paper: Bank of: Rates. .53, 175, 301, 437, 547, 675, 793, Condition... .99, 231, 347, 485, 597, 733, 939, 1059, 1155, 1253, 1385 841, 987, 1105, 1205, 1299, 1433 Volume outstanding 52, 174, 300, 436, 546, Discount rate 103, 235, 351, 489, 601, 674, 792, 938, 1058, 1154, 1252, 1384 737, 845, 991, 1109, 1209, 1303, 1437 Financial Institutions Act, proposed, views of Gold reserves 96, 228, 344, 482, 594, Board of Governors regarding provisions of. . 759 730, 838, 984, 1102, 1202, 1296, 1430 Finland: Foreign exchange rates 104, 236, 352, 490, Bank of: 602, 738, 946, 992, 1110, 1210, 1304, 1438 Gold purchases by U. S 95, 227, 343, 481, Condition . . . 100, 323, 348, 486, 598, 734, 593, 729, 837, 983, 1101, 1201, 1295, 1429 842, 988, 1106, 1206, 1300, 1434 Gold reserves and dollar holdings 97, 229, Gold reserves 96, 228, 344, 482, 594, 345, 483, 595, 731, 839, 985, 1103, 1203, 730, 838, 984, 1102, 1202, 1296, 1430 1297, 1431 Foreign exchange rates 104, 236, 352, 490, Open market rates 103, 235, 351, 489, 601, 602, 738, 946, 992, 1110, 1210, 1304, 1438 737, 845, 991, 1109, 1209, 1303, 1437 Gold reserves and dollar holdings.... 97, 229, Freeman, Y. Frank, reappointed Deputy Chair- 345, 483, 595, 731, 839, 985, 1103, 1203, man at San Francisco .24 1297, 1431 Freight carloadings {See Carloadings) Firestone, Leonard K., appointed director at Freutel, Guy S., appointed First Vice President Los Angeles Branch 152 of Federal Reserve Bank of St. Louis. .414 First Vice Presidents of Federal Reserve Banks: Freutel, Guy S., appointed at St. Louis, to Garner, James G., reappointed director at succeed Mr. Deming 414 Jacksonville Branch. . . .28 List of. .108, 240, 356, 494, 606, 744, 850, General credit policy, statement of Chairman 994, 1112, 1212, 1306, 1440 Martin on impact of .142 Germany, Federal Republic of: Fleming, Robert V., elected President of Federal Bank of German States: Advisory Council. . 277 Condition 101, 233, 349, 487, 599, Flow-of-funds accounts summary, article and 735, 843, 989, 1107, 1207, 1301, 1435 tables. 372, 770, 1132, 1190 Discount rate 103, 235, 351, 489, 601, Foreign central banks: 737, 845, 991, 1109, 1209, 1303, 1437 Assets and liabilities 98, 230, 346, 484, 596, Foreign exchange rates. . 104, 236, 352, 490, 602, 732, 840, 986, 1104, 1204, 1298, 1432 738, 946, 992, 1110, 1210, 1304, 1438 Discount rates. . . .103, 235, 351, 489, 601, 737, Gold purchases by U. S.. .95, 227, 343, 481, 593, 845, 991, 1109, 1209, 1303, 1437 729, 837, 983, 1101, 1201, 1295, 1429 Gold reserves 96, 228, 344, 482, 594, 730, Gold reserves 96, 228, 344, 482, 594, 838, 984, 1102, 1202, 1296, 1430 730, 838, 984, 1102, 1202, 1296, 1430 Foreign deposits in U. S. banks: Gold reserves and dollar Banks and the monetary system. . . .44, 166, 292, holdings 97, 229, 345, 483, 595, 428, 538, 666, 784, 930, 1050, 1146, 1244, 1376 731, 839, 985, 1103, 1203, 1297, 1431 Commercial banks, by classes. . . .49, 171, 297, Ghana, gold production. . . .342, 480, 592, 728, 836, 982, 1100, 1200, 1294, 1428 433, 543, 671, 789, 935, 1055, 1151, 1249, 1381 Gold: Federal Reserve Banks: Earmarked 95, 227, 343, 481, 593 Condition statement data 39-40, 161- 729, 837, 983, 1101, 1201, 1295, 1429 162, 287-288, 423-424, 533-534, 661-662, International gold and dollar flows, 779-780, 925-926, 1045-1046, 1141-1142, article on 249 1239-1240, 1371-1372 Net purchases by U. S. . 95, 227, 343, 481, 593, Held for foreign correspondents. . . .94, 226, 729, 837, 983, 1101, 1201, 1295, 1429 342, 480, 592, 728, 836, 982, 1100, 1200, Outstanding, U. S. money 43, 165, 291, 427, 1294, 1428 537, 665, 783, 929, 1049, 1145, 1243, 1375 Weekly and monthly data. . . .35, 157, 283, Production: 419, 529, 657, 775, 921, 1041, 1137, Domestic 95, 227, 343, 481, 593, 1235, 1367 729, 837, 983, 1101, 1201, 1295, 1429 Weekly reporting member banks 51, 173, World. . 94, 226, 342, 480, 592, 299, 435, 545, 673, 791, 937, 1057, 1153, 728, 836, 982, 1100, 1200, 1294, 1428 1251, 1383 Reserves of central banks and Foreign exchange rates 104, 236, 352, 490, 602, governments 96, 228, 344, 482, 594, 738, 946, 992, 1110, 1210, 1304, 1438 730, 838, 984, 1102, 1202, 1296, 1430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1461 Pages Pages Gold—Continued Hearings: Reserves of foreign countries and interna- Continental Bank and Trust Company, Salt tional institutions 97, 229, 345, 483, 595, Lake City, Utah, proceeding under Sec- 731, 839, 985, 1103, 1203, 1297, 1431 tion 9 of Federal Reserve Act 22, 521 Stock: Transamerica Corporation, application un- Changes in 95, 227, 343, 481, 593, der Bank Holding Company Act relating 729, 837, 983, 1101, 1201, 1295, 1429 to Occidental Life Insurance Company, Decision and Order 1014 Consolidated monetary Higley, Cyrus M., elected Class A director at statement 44, 166, 292, 428, 538, 666, 784, 930, 1050, 1146, 1244, 1376 New York 1358 Weekly and monthly Hill, Forrest F., reappointed Deputy Chairman data 35, 157,283,419, 529, at New York 24 657, 775, 921, 1041, 1137, 1235, 1367 Home owners, Govt. agency loans 56, 178, 304, Gold certificates: 440, 550, 678, 796, 942, 1062, 1158, 1256, 1388 Collateral against Federal Hours and earnings, manufacturing industries: Discussion 1006, 1011 Reserve notes 41, 163, 289, 425, 535, Table 81, 203, 329, 465, 575, 703, 821, 967, 663, 781, 927, 1047, 1143, 1241, 1373 1087, 1183, 1281, 1413 Federal Reserve Bank condition Housing and durable goods, 1957 survey of statement data 39-40, 161-162, consumer finances 628 287-288, 423-424, 533-534, Housing and mortgage finance, statement by 661-662, 779-780, 925-926, 1045- 1046, 1141-1142, 1239-1240, 1371-1372 Chairman Martin on 409 Outstanding and in circulation. . . 43, 165, 291, Huffman, Robert O., reelected Class B director 427, 537, 665, 783, 929, 1049, at Richmond . 1359 1145, 1243, 1375 Hulcy, D. A., reelected Class B director Govt. agencies, assets and liabilities (See Federal at Dallas. .1360 business-type activities) Imports (See Foreign trade) Govt. debt (See U. S. Govt. securities) India: Govt. securities (See U. S. Govt. securities) Foreign exchange rates 104, 236, 352, 490, Greece: 602, 738, 946, 992, 1110, 1210, 1304, 1438 Bank of: Gold production. . . .94, 226, 342, 480, 592, 728, Condition 101, 233, 349, 487, 599, 836, 982, 1100, 1200, 1294, 1428 735, 843, 989, 1107, 1207, 1301, 1435 Gold reserves and dollar holdings.... 97, 229, 345, 483, 595, 731, 839, 985, 1103, 1203, Discount rate 103, 235, 351, 489, 601, 1297, 1431 737, 845, 991, 1109, 1209, 1303, 1437 Reserve Bank of: Gold reserves and dollar Condition. . . .101, 233, 349, 487, 599, 735, holdings 97, 229, 345, 483, 595, 843, 989, 1107, 1207, 1301, 1435 731, 839, 985, 1103, 1203, 1297, 1431 Discount rate 103, 235, 351, 489, 601, Grier, William H., reappointed director 737, 845, 991, 1109, 1209, 1303, 1437 at Charlotte Branch. 25 Gold reserves 96, 228, 344, 482, 594, Gross national product 86-87, 208-209, 730, 838, 984, 1102, 1202, 1296, 1430 334-335, 470-471, 580-581, Indonesia: 708-709, 826-827, 972-973, 1092- Bank Indonesia: 1093, 1188-1189, 1286-1287, 1418-1419 Condition 101, 233, 349, 487, 599, 735, Guatemala: 843, 989, 1107, 1207, 1301, 1435 Bank of: Discount rate... 103, 235, 351, 489, 601, Condition 101, 233, 349, 487, 599, 737, 845, 991, 1109, 1209, 1303, 1437 Gold reserves 96, 228, 344, 482, 594, 735, 843, 989, 1107, 1207, 1301, 1435 730, 838, 984, 1102, 1202, 1296, 1430 Gold reserves 96, 228, 344, 482, 594, Gold reserves and dollar holdings. . . .97, 229, 730, 838, 984, 1102, 1202, 1296, 1430 345, 483, 595, 731, 839, 985, 1103, 1203, Gold reserves and dollar 1297, 1431 holdings 97, 229, 345, 483, 595, Industrial advances by Federal Reserve Banks: 731, 839, 985, 1103, 1203, 1297, 1431 Condition statement data 39-40, 161-162, Hackley, Howard H., appointed General Counsel 287-288, 423-424, 533-534, 661-662, 779-780, of Board of Governors .414 925-926, 1045-1046, 1141-1142, 1239-1240, Hall, Joseph B., reelected Class B director 1371-1372 at Cleveland. ... .1359 Number and amount. . . .41, 163, 289, 425, 535, Hall, Raymond W., reappointed Chairman and 663, 781, 927, 1047, 1143, 1241, 1373 Federal Reserve Agent at Kansas City... .24 Rates. .42, 164, 290, 426, 536, 664, 782, 928 Hanson, Russell S., reappointed director at 1048, 1144, 1242, 1374 Salt Lake City Branch .30 Industrial production: Haswell, Anthony, reappointed director at National summary of business conditions . . .31, Cincinnati Branch 25 153, 279, 415, 524, 652, 771, 916, 1037, 1133, Hayes, Alfred, reelected Vice Chairman of Fed- 1231, 1362 eral Open Market Committee. .277 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1462 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Industrial production—Continued Interest rates—Continued Trade and industrial production, dis- Regulation V loans—Continued cussion 1124 Table of fees and rates. . .42, 164, 290, 426, Industrial production indexes. . . .73, 195, 321, 457, 536, 664, 782, 928, 1048, 1144, 1242, 1374 567, 695, 813, 959, 1079, 1172, 1273, 1405 Savings bonds, statement of Chairman Revised seasonally adjusted 277 Martin on. 269 Inflation: Stock yields 53, 175, 301, 437, 547, Interest rates and. . . . . 860 675, 793, 939, 1059, 1155, 1253, 1385 Winning the battle against inflation, state- International capital transactions ment of Chairman Martin on 866 of the U. S 90, 222. 338, 476, 588, Instalment loans 68-71, 190-193, 316-319, 452- 724, 832, 978, 1096, 1196, 1290, 1424 455, 562-565, 690-693, 808-811, 954-957, 1074- International financial institutions: Condition 98, 230, 346, 484, 596, 1077, 1170-1173, 1268-1271, 1400-1403 732, 840, 986, 1104, 1204, 1298, 1432 Insurance companies: Gold reserves 96, 228, 344, 482, 594, Mortgage activity of life insurance com- 730, 838, 984, 1102, 1202, 1296, 1430 panies .66, 188, 314, 450, 560, 688, 806, Gold reserves and dollar 952, 1072, 1168, 1266, 1398 holdings 97, 229, 345, 483, 595 Principal assets of life insurance com- 731, 839, 985, 1103, 1203, 1297, 1431 panies. .55, 177, 303, 439, 549, 677, 795, International gold and dollar flows, article on 249 941, 1061, 1157, 1255, 1387 Interpretations: U. S. Govt. Security holdings 60-61, 182-183, Bank Holding Company Act of 1956 (See 308-309, 444-445, 554-555, 682-683, 800-801, Bank Holding Company Act of 1956) 946-947, 1066-1067, 1162-1163, 1260-1261, Regulations, Board of Governors (See 1392-1393 Regulations, Board of Governors) Insured commercial banks: Inventories 87, 209, 335. 471, 581, Assets and liabilities. . . .47-49, 169-171, 295-297, 709, 827, 973, 1093, 1189, 1287, 1419 431-433, 541-543, 669-671, 787-789, 933-935, Investment Securities Regulation of Comptroller 1053-1055, 1149-1151, 1247-1249, 1379-1381 of the Currency. . . . 912 Banking offices, changes in number. .212, 974 Investments (See also specific types of invest- Earnings and expenses 719 ments) : Number 47, 169, 295, 431, 541, Banks, by classes 45, 167, 293, 429, 539, 669, 787, 933, 1053, 1149, 1247, 1379 667, 785, 931, 1051, 1147, 1245, 1377 Number, by State. 472 Commercial banks, by classes. .48, 170, 296, 432, Interbank deposits: 542, 670, 788, 934, 1054, 1150, 1248, 1380 Banks, by classes 45, 167, 293, 429, 539, Commercial banks, discussion . . 120, 755 667, 785, 931, 1051, 1147, 1245, 1377 Federal Reserve Banks 39-40, 161-162, Commercial banks, by classes. .49, 171, 297, 433, 287-288, 423-424, 533-534, 543, 671, 789, 935, 1055, 1151, 1249, 1381 Weekly reporting member 661-662, 779-780, 925-926, 1045banks 51, 173, 299, 435, 545, 1046, 1141-1142, 1239-1240, 1371-1372 673, 791, 937, 1057, 1153, 1251, 1383 Govt. agencies, etc 56, 178, 304, 440, 550, Interest rates: 678, 796, 942, 1062, 1158, 1256, 1388 Article on interest rates on farm loans 259 Life insurance companies 55, 111, 303, 439, 549, Article on interest rates in leading countries 859 677, 795, 941, 1061, 1157, 1255, 1387 Bond yields 53, 175, 301, 437, 547 Savings and loan 675, 793, 939, 1059, 1155, 1253, 1385 associations 55, 177, 303, 439, 549, Business loans by banks. .53, 175, 301, 437, 547, 677, 795, 941, 1061, 1157, 1255, 1387 675, 793, 939, 1059, 1155, 1253, 1385 Weekly reporting member Developments with respect to. ...123, 757, 859 banks 50, 172, 298, 434, 544, Discount rates, central banks, selected 672, 790, 936, 1056, 1152, 1250, 1382 countries, 1954-57 .865 Iran: Discount rates, Federal Reserve Banks: Bank Melli Iran: Changes in .915, 1036, 1230, 1360 Condition 101, 233, 349, 487, 599, Tables of 38, 160, 286, 422, 532, 735, 843, 989, 1107, 1207, 1301, 1435 660, 778, 924, 1044, 1140, 1238, 1370 Gold reserves 96, 228, 344, 482, 594, Farm loans . 16, 132, 141, 259 730, 838, 984, 1102, 1202, 1296, 1430 Foreign countries 103, 235, 351, 489, 601, Gold reserves and dollar 737, 845, 991, 1109, 1209, 1303, 1437 holdings 97, 229, 345, 483, 595, Industrial loans of Federal Reserve 731, 839, 985, 1103, 1203, 1297, 1431 Banks 42,164,290,426,536. Ireland: 664, 782, 928, 1048, 1144, 1242, 1374 Central Bank of, condition. . 101, 233, 349, 487, Open market rates: 599, 735, 843, 989, 1107, 1207, 1301, 1435 Domestic 53, 175, 301, 437, 547, Foreign exchange rates . 104, 236, 352, 490, 602. 675, 793, 939, 1059, 1155, 1253, 1385 738, 946, 992, 1110, 1210, 1304, 1438 Foreign 103, 235, 351, 489, 601, Irvine, Frank C, appointed director at 737, 845, 991, 1109, 1209, 1303, 1437 Pittsburgh Branch 28 Regulation V loans: Israel, Bank of, condition . . 101, 233, 349, 487, 599, Maximum permissible rate, change in 523 735, 843, 989, 1107, 1207, 1301, 1435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1463 Pages Pages Italy: Loans (See also specific type loans)—Continued Bank of: Federal Reserve Banks: Condition. . . 101,233,349,487,599, Condition statement data 39-40, 161-162, 735, 843, 989, 1107, 1207, 1301, 1435 287-288, 423-424, 533-534, Discount rate . 103, 235, 351, 489, 601, 661-662, 779-780, 925-926, 1045- 737, 845, 991, 1109, 1209, 1303, 1437 1046, 1141-1142, 1239-1240, 1371-1372 Gold reserves 96, 228, 344, 482, 594, Industrial advances. .41, 163, 289, 425, 535. 730, 838, 984, 1102, 1202, 1296, 1430 663, 781, 927, 1047, 1143, 1241, 1373 Gold reserves and dollar Member bank borrowings. . . . 37, 159, 285, holdings 97, 229, 345, 483, 595 421, 531, 659, 777, 923, 1043, 731. 839, 985, 1103, 1203, 1297, 1431 1139, 1237, 1369 Weekly and monthly data. . . .35, 157, 283, Japan: 419, 529, 657, 775, 921, 1041, Bank of: 1137, 1235, 1367 Condition 101, 233, 349, 487, 599, Govt. agencies, etc 56, 178, 304, 440, 550, 735, 843, 989, 1107, 1207, 1301, 1435 678, 796, 942, 1062, 1158, 1256, 1388 Discount rate 103, 235, 351, 489, 601, Life insurance companies: 737, 845, 991, 1109, 1209, 1303, 1437 Assets 55, 177, 303, 439, 549, Foreign exchange rate. . 104, 236, 352, 490, 602, 677, 795, 941, 1061, 1157, 1255, 1387 738, 946, 992, 1110, 1210, 1304, 1438 Mortgage activity. . .66, 188, 314, 450, 560, Gold reserves and dollar 688, 806, 952, 1072, 1168, 1266, 1398 holdings 97, 229, 345, 483, 595, National bank loans secured by direct obli- 731. 839, 985, 1103, 1203, 1297, 1431 gations of the U. S., Regulation of Comp- Jesness, O. B., reappointed Deputy Chairman troller of the Currency regarding. .912, 914 at Minneapolis . 24 Johnson. Arthur, reappointed director at Savings and loan associations: Denver Branch. 29 Assets. 55, 177, 303, 439, 549, 677, 795, Johnson, E. J., Director of Division of Personnel 941, 1061, 1157, 1255, 1387 Administration, released from position Mortgage activity. 66, 188, 314, 450, of Controller 1360 560, 688, 806, 952, 1072, 1168, 1266, 1398 Johnson, J. Willard. reappointed director Weekly reporting member banks. ...50, 172, 298, at Helena Branch 29 434, 544, 672, 790, 936, 1056, 1152, Jones, J. Spencer, appointed director at 1250, 1382 New Orleans Branch 28 Loans insured or guaranteed: FHA-insured . . . .65-67, 187-189, 313-315, 449- Kendrick, Manville, reappointed director 451, 559-561, 687-689, 805-807, 951-953, at Omaha Branch 26 1071-1073, 1167-1169, 1265-1267, Killian, James R.. Jr.. reappointed Class C 1397-1399 director and Deputy Chairman at Boston 24, 25 Regulation V loans: Resignation of . . 1360 Fees and rates 42, 164, 290, 426, 536, Korsvik, William J., appointed Assistant 664, 782, 928, 1048, 1144, 1242, 1374 Secretary of Federal Advisory Council 277 Loans guaranteed. .41, 163, 289, 425, 535, Kountze, Harold, reelected Class A director 663, 781, 927, 1047, 1143, 1241, 1373 at Kansas City 1360 Maximum permissible interest rate, Labor force 80, 202, 328, 464, 574, change in 523 702, 820, 966, 1086, 1182, 1280, 1412 VA-guaranteed. .65-67, 187-189, 313-315, Labor market developments, article on. 1005 449-451, 559-561, 687-689, 805-807, 951-953, Lafromboise, S. B., reappointed director 1071-1073, 1167-1169, 1265-1267, 1397-1399 at Seattle Branch. 30 Long, Augustus C: Lange, Ray C reelected Class B director Elected Class B director at New York. 523 at Minneapolis . 1359 Reelected at New York. . . 1358 Langenohl, Gerald F., elected Class B Longwell, J. H., appointed Class C director director at Chicago 1359 at St. Louis 27 Leading articles (See Articles) Lowery, Phil H., reappointed director at Okla- Legislation: homa City Branch 26 Clayton Act, bills to amend with respect to Lund, George N., reappointed director at Helena bank mergers, statement of Chairman Branch ... 29 Martin on provisions of. . . 271 Luxembourg, gold reserves and dollar hold- Financial Institutions Act, proposed, views ings. .97, 229, 345, 483, 595, 731, 839, 985, of Board of Governors regarding 1103, 1203, 1297, 1431 provisions of 759 Loans (See also specific types of loans): Banks, by classes 45, 167, 293, 429, 539, Manufacturers, production indexes: 667, 785, 931, 1051, 1147, 1245, 1377 Consumer durable goods output. .78, 200, 326, Commercial banks, by classes. .48, 170, 296, 432, 462, 572, 700, 818, 964, 1084, 1180, 542, 670, 788, 934, 1054, 1150, 1248, 1380 1278, 1410 Commercial banks, discussion. .118, 619, 754 Revised seasonally adjusted 277 Credit extended by banks, to real estate Industrial. 73, 195, 321, 457, 567, 695, 813, mortgage lenders, surveys of 275, 646, 1013 959, 1079, 1175, 1273, 1405 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1464 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Margin requirements: Member banks—Continued Special cash accounts, necessity for prompt Borrowings at Federal Reserve Banks—Continued payment and delivery in, interpretation Weekly and monthly data . . .35, 157, 283, of Regulation T 911 419, 529, 657, 775, 921, 1041, 1137, Table of....38, 160, 286, 422, 532, 660, 778, 1235, 1367 924, 1044, 1140, 1238, 1370 Branches, number, by State. . . . .473 Technical amendment to Section 4(f)(2) of Credit extended by banks to real estate mort- Regulation T .521 gage lenders, surveys of. . .275, 646, 1013 Martin, Wm. McC, Jr.: Deposits and reserves, by classes 37, 159, Bills to amend Clayton Act, statement on . .271 285, 421, 531, 659, 777, 923, 1043, 1139, Economic trends as a basis of policy, state- 1237, 1369 ment on 649 Earnings and expenses 517, 710 Financial Institutions Act, proposed, state- Investment Securities Regulation of Compment regarding provisions of. . 759 troller of the Currency 912 General credit policy, statement on im- Loans secured by direct obligations of the pact of 142 U. S., Regulation of Comptroller of the Housing and mortgage finance, statement Currency regarding 912, 914 on ... 409 Number, by class 45, 167, 293, 429, 539, Interest rates on savings bonds, statement 667, 785, 931, 1051, 1147, 1245, 1397 on 269 Number, by class and State. 472 Reelected Chairman of Federal Open Mar- Operating ratios 720 ket Committee... . 277 Reserve positions and Federal Reserve Small business financing, statements policies, discussion . 757 on 767, 1353 Reserve requirements, by Trusteeship over money, statement on. . .18 classes 38, 160, 286, 422, 532, Winning the battle against inflation, state- 660, 778, 924, 1044, 1140, 1238, 1370 ment on... 866 Reserves and related items . .35, 157, 283, 419, Masters, Robert C, appointed Director of Divi- 529, 657, 775, 921, 1041, 1137, 1235, 1367 sion of Examinations . 770 Weekly reporting series. . .50, 172, 298, 434, 544, Maxwell, Arthur F., elected Class A director 672, 790, 936, 1056, 1152, 1250, 1382 at Boston 1358 Membership in Federal Reserve System, McBride, Pierre B., appointed Class C director, admissions of State banks. . 152, 414, 523, 651, 770 Chairman, and Federal Reserve Agent at Mexico: St. Louis. 27 Bank of: McClintock, R. Otis, reappointed director at Condition 101,233,349,487,599, Oklahoma City Branch 29 735, 843, 989, 1107, 1207, 1301, 1435 McCracken, Franklin A., appointed director at Discount rate . . . 103, 235, 351, 489, 601, Cincinnati Branch .28 737, 845, 991, 1109, 1209, 1303, 1437 Gold reserves 96, 228, 344, 482, 594, McElroy, James W., appointed director at 730, 838, 984, 1102, 1202, 1296, 1430 Baltimore Branch .28 Foreign exchange rates . 104, 236, 352, 490, 602, McFarland, Carl, reappointed director at 738, 946, 992, 1110, 1210, 1304, 1438 Helena Branch. .26 Gold production 94, 226, 342, 480, 592, McLaren, N. Loyall, elected Class B director 728, 836, 982, 1100, 1200, 1294, 1428 at San Francisco . . .414 Gold purchases by U. S. 95, 227, 343, 481, 593, McNally, J. H., reappointed director at Port- 729, 837, 983, 1101, 1201, 1295, 1429 land Branch. .30 Gold reserves and dollar Meetings: holdings 97, 229, 345, 483, 595, Chairmen of Federal Reserve Banks .1360 731, 839, 985, 1103, 1203, 1297, 1431 Miller, Max A., reelected Class B director Federal Advisory Council. . . 277, 522, at Kansas City 1360 1036, 1230 Minerals, production index . 73, 195, 321, 457, 567, Federal Open Market Committee 30, 152, 695, 813, 959, 1079, 1175, 1273, 1405 277, 414, 522, 651, 770, 915, 1036, 1132, Mitchell, Walter M., reappointed Chairman and 1230, 1360 Federal Reserve Agent at Atlanta. . 24 Presidents of Federal Reserve Banks. .152, 414, Mitten, William N., reappointed director 651, 1132 at Omaha Branch 29 Meinel, William J., reappointed Chairman and Moench, Ernest J., resignation as director at Nashville Branch ... 1132 Federal Reserve Agent at Philadelphia 24 Money and bank credit, articles on 117, 753 Member banks: Money rates (See Interest rates) Assets and liabilities, by classes . . . .45-49, 167- Money, trusteeship over, statement by 171, 293-297, 429-433, 539-543, 667-671, Chairman Martin on 18 785-789, 931-935, 1051-1055, 1147-1151, Moore, Ira A., reappointed director 1245-1249, 1377-1381 at Detroit Branch .28 Banking offices, changes in number. . . .212, 974 Moore, Joseph H., appointed Deputy Chairman Borrowings at Federal Reserve Banks: at St. Louis .27 By class of member bank. . . .37, 159, 285, Moreell, Ben, appointed director 421, 531, 659, 777, 923, 1043, 1139, at Pittsburgh Branch. . . .26 1237, 1369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1465 INDEX TO VOLUME 43 Pages Pages Morgan, Denver L., elected Class A director New Zealand—Continued at Richmond . 1359 Reserve Bank of: Mortgages (See Real estate loans) Condition 101, 233, 349, 487, 599, 735, Murray, Gordon, selected as member of Federal 843, 989, 1107, 1207, 1301, 1435 Advisory Council representing Ninth District. 1036 Discount rate.... 103, 235, 351, 489, 601, Mutual savings banks: 737, 845, 991, 1109, 1209, 1303, 1437 Assets and liabilities 45, 167, 293, 429, 539, Newcomer, Ralph S., reappointed director at 667, 785,931, 1051, 1147, 1245, 1377 Denver Branch 29 Banking offices, changes in number. .212, 974 Nicaragua, gold production 94, 226, 342, 480, Consolidated monetary 592, 728, 836, 982, 1100, 1200, 1294, 1428 statement 44, 166, 292, 428, 538, Nonmember banks: 666, 784, 930, 1050, 1146, 1244, 1376 Assets and liabilities. . . .47-49, 169-171, 295-297, Number 45, 167, 293, 429, 539, 431-433, 541-543, 669-671, 787-789, 933-935, 667, 785, 931, 1051, 1147, 1245, 1377 1053-1055, 1149-1151, 1247-1249, 1379-1381 Number, by State 472 Banking offices, changes in number. . . .212, 974 Real esate loans held by. .65, 187, 313, 449, 559, Discounts and advances by Federal Re- 687, 805, 951, 1071, 1167, 1265, 1397 serve Banks...39, 161, 287, 423, 533, 661, U. S. Govt. security holdings 60-61, 182-183, 779, 925, 1045, 1141, 1239, 1371 308-309, 444-445, 554-555, Earnings and expenses 719 682-683, 800-801, 946-947, 1066- Number. .47, 169, 295, 431, 541, 669, 787, 1067, 1162-1163, 1260-1261, 1392-1393 933, 1053, 1149, 1247, 1379, Number, by State .472 National bank notes, outstanding and in Norway: circulation 43, 165, 291, 427, 537, Bank of: 665, 783, 929, 1049, 1145, 1243, 1375 Condition. . . . 101, 233, 349, 487, 599, 735, National banks: 843, 989, 1107, 1207, 1301, 1435 Assets and liabilities 47, 169, 295, 431, 541, Discount rate 103, 235, 351, 489, 601, 669, 787, 933, 1053, 1149, 1247, 1379 737, 845, 991, 1109, 1209, 1303, 1437 Banking offices, changes in number. .212, 974 Gold reserves 96, 228, 344, 482, 594, Branches, number, by State. .473 730, 838, 984, 1102, 1202, 1296, 1430 Earnings and expenses 710 Foreign exchange rates. ... 104, 236, 352, 490, 602, 738, 946, 992, 1110, 1210, 1304, 1438 Investment Securities Regulation of Gold reserves and dollar holdings 97, 229, Comptroller of the Currency 912 345, 483, 595, 731, 839, 985, 1103, 1203, Loans secured by direct obligations of the 1297, 1431 U. S., Regulation of Comptroller of the Currency regarding 912, 914 Occidental Life Insurance Company, application Number 47, 169, 295, 431, 541, of Transamerica Corporation under Bank 669, 787, 933, 1053, 1149, 1247, 1379 Holding Company Act relating to, Decision Number, by State. 472 and Order 1014 National income 86, 208, 334, 470, 580, Olson, Raymond E., appointed director at Buf- 708, 826, 972, 1092, 1188, 1286, 1418 falo Branch .26 National security expenditures: Operating ratios, member banks. . . 720 National product series. .87, 209, 335, 471, 581, 709, 827, 973, 1093, 1189, 1287, 1419 Pakistan, State Bank of: Treasury statement basis 59, 181, 307, 443, Condition. .102, 234, 350, 488, 600, 736, 844, 553, 681, 799, 945, 1065, 1161, 1259, 1391 990, 1108, 1208, 1302, 1436 National summary of business Discount rate... 103, 235, 351, 489, 601, 737 conditions 31, 153, 279, 415, 524, 845, 991, 1109, 1209, 1303, 1437 652, 771, 916, 1037, 1133, 1231, 1362 Gold reserves 96, 228, 344, 482, 594, 730, Netherlands: 838, 984, 1102, 1202, 1296, 1430 Foreign exchange rates . 104, 236, 352, 490, 602, Panama, Republic of, gold reserves and dollar 738, 946, 992, 1110, 1210, 1304, 1438 holdings. .97, 229, 345, 483, 595, 731, 839, 985, Gold purchases by U. S.. .95, 227, 343, 481, 593, 1103, 1203, 1297, 1431 729, 837, 983, 1101, 1201, 1295, 1429 Par List: Gold reserves and dollar Banking offices on, and not on, number .213, 975 holdings 97, 229, 345, 483, 595, Puerto Rican banks added to 1360 731, 839, 985, 1103, 1203, 1297, 1431 Paraguay, Central Bank of, condition. ... 102, 234, Netherlands Bank: 350, 488, 600, 736, 844, 990, 1108, 1208, Condition 101, 233, 349, 487, 599, 1302, 1436 735, 843, 989, 1107, 1207, 1301, 1435 Parker, Charles D., appointed director at Discount rate 103, 235, 351, 489, 601, Charlotte Branch 28 Payrolls, manufacturing index. . . .72, 194, 320, 456, 737, 845, 991, 1109, 1209, 1303, 1437 566, 694, 812, 958, 1078, 1174, 1272, 1404 Gold reserves 96, 228, 344, 482, 594, 730, 838, 984, 1102, 1202, 1296, 1430 Perrin, Leslie N., reappointed Class C director, Open market rates. . . .103, 235, 351, 489, 601, Chairman, and Federal Reserve Agent at 737, 845, 991, 1109, 1209, 1303, 1437 Minneapolis 24, 25 New Zealand: Personal debt, survey of consumer Foreign exchange rates. . . .104, 236, 352, 490, finances. 889, 899, 900 602, 738, 946, 992, 1110, 1210, 1304, 1438 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1466 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Personal income 87, 209, 335, 471, 581, 709, 827, Production: 973, 1093, 1189, 1287, 1419 Consumer durable goods Personal income and saving, discussion. 7, 1228 output 78, 200, 326, 462, 572, Peru: 700, 818, 964, 1084, 1180, 1278, 1410 Central Reserve Bank of: Revised seasonally adjusted index. .277 Condition 102, 234, 350, 488, 600, 736, Developments in, article on .503 844, 990, 1108, 1208, 1302, 1436 Industrial 73, 195, 321, 457, 567. Discount rate... 103, 235, 351, 489, 601, 695, 813, 959, 1079, 1175, 1273, 1406 737, 845, 991, 1109, 1209, 1303, 1437 Revised seasonally adjusted indexes. 277 Gold reserves 96, 228, 344, 482, 594, Profits: 730, 838, 984, 1102, 1202, 1296, 1430 Corporate 63-64, 185-186, 311-312, 447-448, Gold reserves and dollar holdings.... 97, 229, 557-558, 685-686, 803-804, 949-950, 345. 483, 595, 731, 839, 985, 1103, 1203, 1069-1070, 1165-1166, 1263-1264, 1395-1396 1297, 1431 Insured commercial banks 719 Philippine Republic: Member banks. 517, 519, 520., 710 Central Bank of the Philippines: Condition 102, 234, 350, 488, 600, Publications, Board of Governors: 736, 844, 990, 1108, 1208, 1302, 1436 Annual Report, Board of Governors, 1956 651 Discount rate 103, 235, 351, 489, 601, Banking and monetary statistics, 1956, 737, 845, 991, 1109, 1209, 1303, 1437 special tables. 523 Foreign exchange rates . 104, 236, 352, 490, 602, Consumer instalment credit studies 277, 523 738, 946, 992, 1110, 1210, 1304, 1438 Federal Reserve Act, revised edition 522 Gold reserves and dollar holdings 97, 229, 345, 483, 595, Federal Reserve Chart Book. 152, 278, 731, 839, 985, 1103, 1203, 1297, 1431 523, 1036 Pollard, William B.. director at Memphis Branch, List of 105, 237, 353, 491, 603, death of. 770 739, 847, 1001, 1119, 1219, 1313, 1447 Portugal: Puerto Rico: Bank of: Banks added to Par List 1360 Condition 102, 234, 350, 488, 600, Designation as being in or of Second Federal 736, 844, 990, 1108, 1208, 1302, 1436 Reserve District for purposes of Discount rate 103, 235, 351, 489, 601, Regulations G and J 1361 737, 845, 991, 1109, 1209, 1303, 1437 Gold reserves 96, 228, 344, 482, 594, 730, 838, 984, 1102, 1202, 1296, 1430 Rates (See Foreign exchange rates; Interest rates) Foreign exchange rates . 104, 236, 352, 490, 602, Real estate loans: 738, 946, 992, 1110, 1210, 1304, 1438 Commercial banks. 65, 187, 313, 449, 559, Gold purchases by U. S.. .95, 227, 343, 481, 593, 687, 805, 951, 1071, 1167, 1265, 1397 729, 837, 983, 1101, 1201, 1295, 1429 Commercial banks, by classes 48, 170, 296, Gold reserves and dollar 432, 542, 670, 788, 934, 1054, holdings 97, 229, 345, 483, 595, 1150, 1248, 1380 731, 839, 985, 1103, 1203, 1297, 1431 Farm real estate, loans to buy, article on 133 Postal Savings System 44, 166, 292, 428, 538, Housing and mortgage finance, statement by 666, 784, 930, 1050, 1146, 1244, 1376 Powell, Oliver S., retirement as President of Chairman Martin on. 409 Federal Reserve Bank of Minneapolis 414 Mortgage debt, 1957 survey of Prall, Bert R., reappointed Chairman and Federal consumer finances. . .631. 639, 640 Reserve Agent at Chicago. . . 24 Surveys of credit extended by banks to Presidents of Federal Reserve Banks: real estate mortgage lenders. 275, 646, 1013 Deming, Frederick L., appointed at Minneapolis. ... ... 414 Type of mortgage List of 108, 240, 356, 494, 606, holder. 65-67, 187-189, 313-315, 449-451, 744, 850, 994, 1112, 1212, 1306, 1440 559-561, 687-689, 805-807, 951-953, Meetings of 152, 414, 651, 1132 1071-1073, 1167-1169, 1265-1267, 1397-1399 Powell, Oliver S.. retirement at Minneapolis. .414 Type of property mortgaged. . . .65-67, 187-189, Prices: 313-315, 449-451, 559-561, 687-689, 805-807, Commodity, national summary of business 951-953, 1071-1073, 1167-1169, conditions 32, 154, 280, 416, 525. 1265-1267, 1397-1399 653, 772, 917, 1038, 1134, 1232, 1363 Weekly reporting member Consumer . ... 84, 206, 332, 468, 578, banks 50, 172, 298, 434, 544, 706, 824, 970, 1090, 1186, 1284, 1416 672, 790, 936, 1056, 1152, 1250, 1382 Security 54, 176, 302, 438, 548, Refling, Harold C., reelected Class A director 676, 794, 940, 1060, 1156, 1254, 1386 Wholesale commodity . 84, 206, 332, 468, 578, at Minneapolis 1359 706, 824, 970, 1090, 1186, 1284, 1416 Regulations, Board of Governors: Priddy, C. L., appointed director at G, Collection of Noncash Items: Oklahoma City Branch 29 Puerto Rico and Virgin Islands, desig- Prochnow, Herbert V., appointed Secretary of nated as being in or of Second Fed- Federal Advisory Council. . . 277 eral Reserve District for purposes of 769, 1361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1467 Pages Pages Regulations, Board of Governors—Continued Reserves and bank credit, national summary of J, Check Clearing and Collection: business conditions . . 32, 154, 280, 416, 525, Puerto Rico and Virgin Islands, desig- 653, 772, 917, 1038, 1134, 1232, 1363 nated as being in or of Second Fed- Residential construction, developments in . . 5, 1226 eral Reserve District for purposes Residential mortgage loans.... 65-67, 187-189, 313of 769, 1361 315, 449-451, 559-561, 687-689, 805-807, 951-953, Q, Payment of Interest on Deposits: 1071-1073, 1167-1169, 1265-1267, 1397-1399 Time certificate of deposit with auto- Residential real estate markets, article on . 365 matic renewal, interpretation with Reynolds, Ray, reappointed director at Denrespect to 412 ver Branch . 26 T, Extension and Maintenance of Credit by Rhodesia, gold production. .94, 226. 342, 480, 592, Brokers, Dealers, and Members of Na- 728, 836, 982, 1100, 1200, 1294, 1428 tional Securities Exchanges: Ringland, Joseph F., Class A director at Min- Margin requirements, technical amend- neapolis, death of 1230 ment to Section 4(f)(2) . 521 Roach, Alden G., Class B director at San Fran- Special cash accounts, necessity for cisco, death of. . .... 30 prompt payment and delivery in. . 911 Robertson, Merle E., appointed director at Lou- V, Loan Guarantees for Defense Production: isville Branch 29 Fees and rates. . . .42, 164, 290, 426, 536. Rogers, John B., reappointed director at Port- 664, 782, 928, 1048, 1144, 1242, 1374 land Branch.. .... 30 Loans guaranteed. .. .41, 163, 289, 425, Russell, J. Stuart, reappointed Class C director 535, 663, 781, 927, 1047, 1143, 1241, 1373 and Deputy Chairman at Chicago 24, 25 Maximum permissible interest rate, change in . 523 Sales finance companies, consumer Regulations, Comptroller of the Currency: loans of. 68-69, 190-191, 316-317, 452-453, Investment Securities 912 562-563, 690-691, 808-809, 954-955, National Bank Loans Secured by Direct 1074-1075, 1170-1171, 1268-1269, 1400-1401 Obligations of the U. S.. .912, 914 Savings 86, 208, 334, 470, 580, 708, Reserve cities, classification of. .276, 522 826, 972, 1092, 1188, 1286, 1418 Reserve requirements, member banks 38, 160, Savings bonds, interest rates on, statement 286, 422, 532, 660, 778, 924, 1044, 1140, of Chairman Martin on. . 269 1238, 1370 Savings deposits {See Time deposits) Reserves: Savings institutions, principal assets 55, 177, 304, Commercial banks, by classes 49, 171, 297, 439, 549, 677, 795, 941, 1061, 1157, 1255, 1387 433. 543, 671, 789, 935, 1055, 1151, Savings and loan associations: 1249, 1381 Mortgage activity 66, 188, 314, 450, 560, Federal Reserve Banks 39-40, 161-162, 287- 688, 806, 952, 1072, 1168, 1266, 1398 288, 423-424, 533-534, 661-662, 779-780, Principal assets 55. 177, 303, 439, 549, 925-926, 1045-1046, 1141-1142, 1239-1240, 677, 795, 941, 1061, 1157, 1255, 1387 1371-1372 Savings and personal income, discussion 7, 1228 Foreign central banks and governments. . . .96, Seacrest, Joe W., reappointed Deputy Chairman 228, 344, 482, 594, 730, 838, 984, 1102, at Kansas City. . 24 1202, 1296, 1430 Securities, international Foreign countries and international institu- transactions. .93-94, 225-226, 341-342, 479-480, tions 97, 229, 345, 483, 595, 731, 839, 591-592, 727-728, 835-836, 981-982, 985, 1103, 1203, 1297, 1431 1099-1100, 1199-1200, 1293-1294, 1427-1428 Member banks: Security issues: Accounts with Federal Reserve Corporate, early 1957, discussion 620 Banks ...39-40, 161-162, 287-288, 423- Corporate, outstanding, net 424, 533-534, 661-662, 779-780, 925-926, change in 64, 186, 312, 448, 558, 1045-1046, 1141-1142, 1239-1240, 1371- 686, 804, 950, 1070, 1166, 1264, 1396 1372 New issues 62, 184, 310, 446, 556, By class of member bank. .37, 159, 285, 684, 802, 948, 1068, 1164, 1262, 1394 421, 531, 659, 777, 923, 1043, 1139, Security markets, national summary of 1237, 1369 business conditions 32, 154, 416, 525, 653, Commercial bank statement 49, 171, 772, 917, 1038, 1134, 1232, 1363 297, 433, 543, 671, 789, 935, 1055, Shelton, James E., reappointed director 1151, 1249, 1381 at Los Angeles Branch. . 29 Reserve positions and Federal Reserve policies, discussion 757 Silver coin and silver certificates, outstanding Reserve requirements 38, 160, 286, 422, and in circulation 43, 165, 291, 427, 537, 532, 660, 778, 924, 1044, 1140, 1238, 1370 665, 783, 929, 1049, 1145, 1243, 1375 Reserves and related items. . . .35, 157, 283, Sloan, George S., retirement as Director of 419, 529, 657, 775, 921, 1041, 1137, Division of Examinations. 770 1235, 1367 Small business financing: Weekly reporting banks 51, 173, 299, Impact of general credit controls on, state- 435. 545, 673, 791, 937, 1057, 1153, ment of Chairman Martin on 145 1251, 1383 Problem of, statement of Chairman Martin on. 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1468 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages Small business financing—Continued States and political subdivisions: Study to be made by Federal Reserve Sys- Deposits: tem, statement of Chairman Martin on Commercial banks, by classes . 49, 171, purposes and scope of 1353 297, 433, 543, 671, 789, 935, 1055, 1151, Smith, J. Thomas, reappointed director 1249, 1381 at Detroit Branch 25 Weekly reporting member banks . 5 1, Smith, McGregor, reappointed director 173, 299, 435, 545, 673, 791, 937, 1057, at Jacksonville Branch. 25 1153, 1251, 1383 Smith, Robert J., reappointed Chairman and Holdings of U. S. Govt. securities 60, 182, Federal Reserve Agent at Dallas 24 308, 444, 554, 682, 800, 946, 1066, 1162, South Africa: 1260, 1392 Foreign exchange rates 104, 236, 352, 490, 602, Ownership of obligations of: 738, 946, 992, 1110, 1210, 1304, 1438 Commercial bank holdings. . .48, 170, 296, Gold production 94, 226, 342, 480, 592, 432, 542, 670, 788, 934, 1054, 1150, 728, 836, 982, 1100, 1200, 1294, 1428 1248, 1380 Gold purchases by U. S.. 95, 227, 343, 481, 593, Life insurance company holdings 55, 729, 837, 983, 1101, 1201, 1295, 1429 177, 303, 439, 549, 677, 795, 941, 1061, Gold reserves and dollar 1157, 1255, 1387 holdings 97, 229, 345, 483, 595, Steiwer, William H., Sr., reappointed director 731, 839, 985, 1103, 1203, 1297, 1431 at Portland Branch.... . 26 South African Reserve Bank: Stock market credit, monthly table. ... 54, 176, 302, Condition 102, 234, 350, 488, 600, 438, 548, 676, 794, 940, 1060, 1156, 1254, 1386 736, 844, 990, 1108, 1208, 1302, 1436 Stocks: Discount rate 103, 235, 351, 489, 601 Corporate, outstanding, net change in 64, 737, 845, 991, 1109, 1209, 1303, 1437 186, 312, 448, 558, 686, 804, 950, 1070, Gold reserves 96, 228, 344, 482, 594, 1166, 1264, 1396 730, 838, 984, 1102, 1202, 1296, 1430 New issues. .62, 184, 310, 446, 556, 684, 802, Spain: 948, 1068, 1164, 1262, 1394 Bank of: Prices. . . .54, 176, 302, 438, 548, 676, 794, 940, Condition 102, 234, 350, 488, 600, 1060, 1156, 1254, 1386 736, 844, 990, 1108, 1208, 1302, 1436 Yields. .53, 175, 301, 437, 547, 675, 793, 939, Discount rate... 103, 235, 351, 489, 601, 1059, 1155, 1253, 1385 737, 845, 991, 1109, 1209, 1303, 1437 Studies: Gold reserves... 96, 228, 344, 482, 594, Consumer instalment credit 277, 523, 647 730, 838, 984, 1102, 1202, 1296, 1430 Small business financing, statement of Chair- Gold reserves and dollar holdings.... 97, 229, man Martin on purposes and scope 1353 345, 483, 595, 731, 839, 985, 1103, 1203, Supplee, Henderson, Jr., reappointed Deputy 1297, 1431 Chairman at Philadelphia. 24 Special articles {See Articles) Surveys: Sprague, Robert C, reappointed Chairman and Agricultural loans, articles on findings Federal Reserve Agent at Boston .24 of . . 9, 125, 133, 259 Staff of Board of Governors {See Board of Common trust funds, 1956 .622 Governors) Consumer finances, 1957: Stahmann, D. F., reappointed director at El Financial position of consumers .878 Housing and durable goods. . 628 Paso Branch . .26 Preliminary findings . . 256 State member banks: Credit extended by banks to real estate Admissions to membership in Federal Remortgage lenders. . . . 275, 646, 1013 serve System 152, 414, 523, 651, 770 Demand deposit ownership .511 Assets and liabilities 47, 169, 295, 431, 541, Finance companies, mid-1955 .392 669, 787, 933, 1053, 1149, 1247, 1379 Banking offices, changes in number. .212, 974 Sweden: Branches, number, by State. . . 473 Bank of: Continental Bank and Trust Company, Salt Condition. . 102, 234, 350, 488, 600, 736, Lake City, Utah, proceeding under Sec- 844, 990, 1108, 1208, 1302, 1436 tion 9 of Federal Reserve Act. .22, 521 Discount rate 103, 235, 351, 489, 601, Earnings and expenses 710 737, 845, 991, 1109, 1209, 1303, 1437 Investment Securities Regulation of Comp- Gold reserves 96, 228, 344, 482, 594, troller of the Currency 912 730, 838, 984, 1102, 1202, 1296, 1430 Number. .47, 169, 295, 431, 541, 669, 787, Foreign exchange rates . . .104, 236, 352, 490, 933, 1053, 1149, 1247, 1379 602, 738, 946, 992, 1110, 1210, 1304, 1438 Number, by State.... .472 Gold purchases by U. S 95, 227, 343, 481, State and municipal securities: 593, 729, 837, 983, 1101, 1201, 1295, 1429 New issues. .62, 184, 310, 446, 556, 684, 802, Gold reserves and dollar holdings.... 97, 229, 948, 1068, 1164, 1262, 1394 Prices. .54, 176, 302, 438, 548, 676, 794, 940, 345, 483, 595, 731, 839, 985, 1103, 1203. 1297, 1431 1060, 1156, 1254, 1386 Open market rates . . 103, 235, 351, 489, 601, Yields. .53, 175, 301, 437, 547, 675, 793, 939, 1059, 1155, 1253, 1385 737, 845, 991, 1109, 1209, 1303, 1437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX TO VOLUME 43 1469 Pages Pages Switzerland: Treasury deposits at Federal Reserve Banks: Foreign exchange rates. .104, 236, 352, 490, Condition statement data 39-40, 161-162, 602, 738, 946, 992, 1110, 1210, 1304, 1438 287-288, 423-424, 533-534, 661-662, 779-780, Gold purchases by U. S 95, 227, 343, 481, 925-926, 1045-1046, 1141-1142, 1239-1240, 593, 729, 837, 983, 1101, 1201, 1295, 1429 1371-1372 Gold reserves and dollar holdings. . . .97, 229, Treasury statement basis. .58, 180, 306, 442, 552, 345, 483, 595, 731, 839, 985, 1103, 1203, 680, 798, 944, 1064, 1160, 1258, 1390 1297, 1431 Weekly and monthly data 35, 157, 283, 419, Open market rates 103, 235, 351, 489, 601, 529, 657, 775, 921, 1041, 1137, 1235, 1367 737, 845, 991, 1109, 1209, 1303, 1437 Treasury finance (See Federal finance) Swiss National Bank: Trust funds, common, survey of, 1956. 622 Condition . . . 102, 234, 350, 488, 600, 736, Trusteeship over money, statement by Chair- 844, 990, 1108, 1208, 1302, 1436 Discount rate 103, 235, 351, 489, 601, man Martin on. 18 737, 845, 991, 1109, 1209, 1303, 1437 Turkey: Gold reserves 96, 228, 344, 482, 594, Central Bank of the Republic of: 730, 838, 984, 1102, 1202, 1296, 1430 Condition 102, 234, 350, 488, 600, 736, 844, 990, 1108, 1208, 1302, 1436 Discount rate 103, 235, 351, 489, 601, Tax receipts, Federal. . . .59, 181, 307, 443, 553, 681, 737, 845, 991, 1109, 1209, 1303, 1437 799, 945, 1065, 1161, 1259, 1391 Gold reserves 96, 228, 344, 482, 594, Taylor, Reese H., reelected Class B director at 730, 838, 984, 1102, 1202, 1296, 1430 San Francisco. . 1360 Gold reserves and dollar holdings 97, 229, 345, Thailand: 843, 959, 731, 839, 985, 1103, 1203, 1297, 1431 Discount rate . .103, 235, 351, 489, 601, 737, Turman, Pollard, reelected Class B director at 845, 991, 1109, 1209, 1303, 1437 Atlanta .1359 Gold reserves 96, 228, 344, 482, 594, 730, 838, 984, 1102, 1202, 1296, 1430 Unemployment. .80, 202, 328, 464, 574, 702, 820, Gold reserves and dollar holdings. . . .97, 229, 966, 1086, 1182, 1280, 1412 345, 483, 595, 731, 839, 985, 1103, 1203, Union of South Africa (See South Africa) 1297, 1431 United Kingdom: Thompson, Joseph, appointed Class C director Bank of England: and Deputy Chairman at Cleveland. .26 Condition 98, 230, 346, 484, 596, 732, Time deposits: 840,986, 1104, 1204, 1298, 1432 Adjusted, banks and the monetary sys- Discount rate 103, 235, 351, 489, 601, tem. .44, 166, 292, 428, 538, 666, 784, 737, 845, 991, 1109, 1209, 1303, 1437 930, 1050, 1146, 1244, 1376 Gold reserves 96, 228, 344, 482, 594, Banks, by classes 45, 167, 293, 429, 539, 667, 785, 931, 1051, 1147, 1245, 1377 730, 838, 984, 1102, 1202, 1296, 1430 Certificate of deposit with automatic re- Foreign exchange rates 104, 236, 352, 490, 602, newal, interpretation of Regulation Q . . .412 738, 946, 992, 1110, 1210, 1304, 1438 Commercial banks, by classes. . . .49, 171, 297, Gold purchases by U. S.. .95, 227, 343, 481, 593, 433, 543, 671, 789, 935, 1055, 1151, 1249, 729, 837, 983, 1101, 1201, 1295, 1429 1381 Gold reserves and dollar holdings 97, 229, 345, Member banks, by classes. . . .37, 159, 285, 421, 483, 595, 731, 839, 985, 1103, 1203, 1297, 1431 531, 659, 777, 923, 1043, 1139, 1237, 1369 Open market rates. . 103, 235, 351, 489, 601, Weekly reporting member banks. . .51, 173, 299, 737, 845, 991, 1109, 1209, 1303, 1437 435, 545, 673, 791, 937, 1057, 1153, 1251, U. S. balance of payments. .1123, 1126, 1128 1383 U. S. Govt. balances: Transamerica Corporation, application under Commercial bank holdings, by classes . 49, 171, Bank Holding Company Act relating to Oc- 297,433, 543, 671,789,935, cidental Life Insurance Compay, Decision 1055, 1151, 1249, 1381 and Order .... 1014 Consolidated monetary statement 44, 166, Treasurer's account balance. . 58, 180, 306, 442, 552, 292, 428, 538, 666, 784, 930, 680, 798, 944, 1064, 1160, 1258, 1390 1050, 1146, 1244, 1376 Treasury cash: Treasury deposits at Federal Reserve Banks: Consolidated monetary statement 44, 166, Condition statement data. 39-40, 161-162, 292, 428, 538, 666, 784, 930 287-288, 423-424, 533-534, 661-662, 779- 1050, 1146, 1244, 1376 Weekly and monthly data. .35, 157, 283, 419 780,925-926, 1045-1046, 1141-1142, 1239- 529, 657, 775, 921, 1041, 1137, 1235, 1367 1240, 1371-1372 Treasury currency: Treasury statement basis. .58, 180, 306, 442, Consolidated monetary statement 44, 166, 552, 680, 798, 944, 1064, 292, 428, 538, 666, 784, 930, 1160, 1258, 1390 1050, 1146, 1244, 1376 Weekly and monthly data 35, 157, 283, Outstanding and in circulation. ... 43, 165, 291, 419, 529, 657, 775, 921, 1041, 1137, 1235, 1367 427, 537, 665, 783, 929, 1049, 1145, 1243, 1375 Weekly reporting member banks 51, 173, Weekly and monthly data 35, 157, 283, 419, 299,435, 545, 673,791,937, 529, 657, 775, 921, 1041, 1137, 1235, 1367 1057, 1153, 1251, 1383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1470 FEDERAL RESERVE BULLETIN • DECEMBER 1957 Pages Pages U. S. Govt. securities: Uruguay—Continued Gold reserves and dollar holdings 97, 229, Bank holdings: 345, 483, 595, 731, 839, 985, 1103, 1203, By class of bank . 4 5, 167, 293, 429, 539, 1297, 1431 667, 785, 931, 1051, 1147, 1245, 1377Utilities, growth in, discussion 508 Consolidated monetary statement. . .44, 166, Utility output index 77, 199, 325, 461, 571, 699, 292, 428, 538, 666, 784, 930, 817, 963, 1083, 1179, 1277, 1409 1050, 1146, 1244, 1376 Ownership data 60-61, 182-183, 308-309, Van Buskirk, Arthur B., appointed Chairman and 444_445, 554-555, 682-683, 800-801, 946-947, Federal Reserve Agent at Cleveland. 26 Venezuela: 1066-1067, 1162-1163, 1260-1261, 1392-1393 Central Bank of: Bank investments and Treasury finance, Condition. . . .102, 234, 350, 488, 600, 736, discussion 755 844, 990, 1108, 1208, 1302, 1436 Commercial bank holdings. . . .48, 170, 296, 432, Discount rate. . . .103, 235, 351, 489, 601, 542, 670, 788, 934, 1054, 1150, 1248, 1380 737, 845, 991, 1109, 1209, 1303, 1437 Gold reserves 96, 228, 344, 482, 594, Federal Reserve Bank holdings: 730, 838, 984, 1102, 1202, 1296, 1430 Condition statement data 39-40, 161- Gold purchases by U. S 95, 227, 343, 481, 162, 287-288, 423-424, 533-534, 661-662, 593, 729, 837, 983, 1101, 1201, 1295, 1429 779-780, 925-926, 1045-1046, 1141-1142, Gold reserves and dollar holdings.... 97, 229, 1239-1240, 1371-1372 345, 483, 595, 731, 839, 985, 1103, 1203, Ownership data 60-61, 182-183, 308- 1297, 1431 309, 444-445, 554-555, 682-683, 800-801, Vest, George B., retirement as General Counsel 946-947, 1066-1067, 1162-1163, 1260of Board of Governors. 414 1261, 1392-1393 Veterans Administration: Weekly and monthly data. . . .35, 157, 283, Assets and liabilities 56, 178, 304, 440, 550, 419, 529, 657, 775, 921, 1041, 1137, 678, 796, 942, 1062, 1158, 1256, 1388 1235, 1367 Loans guaranteed by 65-67, 187-189, Foreign and international holdings. . . .97, 229, 313-315, 449-451, 559-561, 687-689, 805-807, 345, 483, 595, 731, 839, 985, 1103, 1203, 951-953, 1071-1073, 1167-1169, 1265-1267, 1297, 1431 1397-1399 International transactions . 93, 225, 341, 479, Virgin Islands, designation as being in or of Sec- 591, 727, 835, 981, 1099, 1199, 1293, 1427 ond Federal Reserve District for purposes of National bank loans secured by direct obli- Regulations G and J. 769 gations of the U. S., Regulation of Comp- Ward, Frank B., reappointed director at Nashtroller of the Currency regarding. 912, 914 ville Branch 25 New issues, gross proceeds. . . .62, 184, 310, Warner, Paul A., elected Class A director at 446, 556, 684, 802, 948, 1068, 1164, 1262, 1394 Cleveland .. 1358 Outstanding, by type of security 60-61, Watkins, George W., reappointed director at 182-183, 308-309, 444-445, 554-555, 682-683, Salt Lake City Branch 26 800-801, 946-947, 1066-1067, 1162-1163, Weil, Adolph, Sr., reappointed director at Bir- 1260-1261, 1392-1393 mingham Branch . 25 Ownership of 60-61, 182-183, 308-309, Wesson, Frank Lee, appointed director at 444-445, 554-555, 682-683, 800-801, 946-947, Memphis Branch 1132 1066-1067, 1162-1163, 1260-1261, 1392-1393 Wieck, Leo J., reelected Class B director at Prices. . .54, 176, 302, 438, 548, 676, 794, 940, St. Louis 1359 1060, 1156, 1254, 1386 Wild, E. E., reappointed director at New Orleans Branch. 25 Savings bonds, interest rates on, statement Willham, Oliver S., reappointed Class C direcby Chairman Martin on. .269 tor at Kansas City . . 25 Weekly reporting member bank holdings ... 50, Williams, John D., reappointed director at 172, 298. 434,^544, 672, 790, 936, 1056, 1152, Memphis Branch 26 1250, 1382 Wilson, John K., reappointed director at Yields 53, 175, 301, 437, 547, 675, 793, 939, Memphis Branch 29 1059, 1155, 1253, 1385 Winning the battle against inflation, statement United States notes, outstanding and in cir- of Chairman Martin on 866 culation. 43, 165, 291, 427, 537, 665, 783, 929, Woodward, John B., Jr., reappointed Chairman 1049, 1145, 1243, 1375 and Federal Reserve Agent at Richmond. 24 World payments stresses in 1956-57, Uruguay: article on. 1123 Bank of the Republic of: Condition. . . .102, 234, 350, 488, 600, 736, Yields (See Interest rates) 844, 990, 1108, 1208, 1302, 1436 Young, Sam D., reelected Class A director Gold reserves. .. .96, 228, 344, 482, 594, at Dallas 1360 730, 838, 984, 1102, 1202, 1296, 1430 Yugoslavia, National Bank of Federal People's Gold purchases by U. S 95, 227, 343, 481, Republic of, condition 102, 234, 350, 488, 593, 729, 837, 983, 1101, 1201, 1295, 1429 600, 736, 844, 990, 1108, 1208, 1302, 1436 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM g) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I ) Minneapolis^ Legend — Boundaries of Federal Reserve Districts Boundaries of Federal Reserve BranchTerritories O 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