Federal Reserve Bulletin, 1958-01

FEDERAL RESERVE BULLETIN January 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 ! Production and Prices I Law Department 8 1 Current Events and Announcements 17 i National Summary of Business Conditions 26 j 31 1 Financial and Business Statistics, U. S. (Contents on p. 29) International Financial Statistics (Contents on p. 85) 86 j Board of Governors and Staff 101 Open Market Committee and Staff; Federal Advisory Council 102 ! I Federal Reserve Banks and Branches 102 | I Federal Reserve Board Publications 109 Index to Statistical Tables 111 1 Map of Federal Reserve System Insideback cover Volume 44 * Number i 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

IN THE LATTER PART OF 1957 economic activity declined from the advanced level PRODUCTION AND PRICES prevailing during the first three quarters of 1947.49.100 Ratio PRODUCTION the year. The number of persons unem- 240 ployed increased and personal income declined. In wholesale markets, prices of - UTILITIES^/ 200 sensitive industrial materials receded, but /^ NEW the average of industrial commodity prices _/^ CONSTRUCTION changed little. Food prices declined in early — y 160 autumn, then advanced. Consumer prices 140 reached a new high toward the year-end. V /INDUSTRIAL ^-^S^S PRODUCTION During the summer months total indus- 120 trial production rose, after declining some- •-' AGRICULTURE what during the spring. With activity and 100 employment in nonmanufacturing lines con- MO PRICES tinuing upward, total nonagricultural em- - CONSUMER -^X^~^J2^ 120 ployment attained a new high level in July and August. In this period activity in con- WHOLESALE 1 II no sumer goods industries was increasing in 1953 1955 »57 response to expanding demands. Mean- NOTE.—Industrial production and utilities: Federal Reserve while, employment and working schedules indexes, seasonally adjusted. New construction: value in constant prices based on monthly data of the Departments of Comin industries manufacturing defense hard merce and Labor, seasonally adjusted by Federal Reserve. Agriculture: Department of Agriculture annual index of farm goods and producers' equipment were being output. Prices: Bureau of Labor Statistics indexes. Latest monthly data are preliminary figures for December. reduced because of declines in military programs and in new orders for capital goods. reduced inventories as well as current pro- In the autumn consumer demands be- duction. The total book value of manufaccame less active and, with demands for turers' stocks, which had leveled off in the producers' equipment declining further, total summer, turned down in October. production and employment turned down- Curtailment in output of manufactures ward. By December industrial production and minerals in the autumn months was had declined to 136 per cent of the 1947-49 accompanied by a sharp reduction in freight average, which compares with the late sum- traffic, especially on the railroads. Reducmer high of 145 and the December 1956 tions in industrial demands for electricity high of 147. and gas, on the other hand, were largely Cuts in output of industrial materials offset by continued expansion in residential were especially marked as industrial users and other nonindustrial uses, and total utility 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1958 output showed only a moderate decline from March, production in the equipment and the peak reached last summer. ordnance sector began to decline. At about Construction activity in the closing that time, however, as a result of earlier inmonths of 1957 was somewhat above the ventory adjustments and a brisk pickup in level maintained in the first half of the year, retail trade, production of consumer goods chiefly because of a moderate pickup in new advanced. This rise, continuing from April to August, carried industrial production to residential building after a two-year decline. somewhat higher ground. Public utility and highway construction continued to expand but private industrial building declined. Farm output in 1957 equaled INDUSTRIAL PRODUCTION the record volume of 1956. 1947 - 49 average for total index : 100 points Wholesale prices of industrial commodi- FINISHED MANUFACTURES 60 ties at the end of 1957 were slightly above the advanced level reached at the beginning CONSUMfiR GOODS of the year. Steel prices increased in July and machinery and auto prices rose later 30 in the year. Marked declines occurred in EQUIPMENT ANO ORDNANCE prices of sensitive industrial materials from late August to November. Prices of foodstuffs rose during the summer, declined in early autumn, and advanced toward the end MATERIALS AND PARTS of the year to the summer level. 80 PRODUCTION ADJUSTMENTS 70 The Board's seasonally adjusted index of production at factories and mines declined 6 per cent in the latter part of 1957. This was as much decline as in the initial period 1953 of the 1953-54 and 1948-49 downturns. NOTE.—Special breakdown of the seasonally adjusted index of industrial production, expressed as points in the total index. During 1956 and most of 1957 industrial Latest data are estimates for December. production fluctuated within an unusually In the autumn, inventories of some connarrow range around the advanced level of sumer goods appeared excessive and produc- 144 reached in December 1955, as increases tion of these goods was reduced. Capital in some lines were offset by downward adgoods producers were continuing to cut outjustments in others. Through early 1957, put and to reduce stocks of materials and downward adjustments were occurring in ingoods in process. As a result, sharp curtaildustries producing consumer durable goods ments in production of steel and some other and residential building materials. Upward industrial materials developed. In Decempressures came mainly from rising investber, as the chart shows, over-all activity in ment, defense, and export demands. industries making materials and parts was Last spring, after reaching a new high in down about 9 per cent from midsummer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES EQUIPMENT AND ORDNANCE put of most such goods either continued at Activity in equipment and ordnance indus- an advanced level or increased somewhat tries, which had been increasing since late further. In the closing months of 1957, 1954, continued upward in the first quarter however, production of nondurable as well of 1957 as defense production rose further. as durable goods declined. In December Production of capital equipment was gen- total output of industries manufacturing conerally leveling off as new orders declined and sumer goods was appreciably below the high unfilled orders were drawn down. In the levels reached in late 1955 and again last second quarter activity in the aircraft and summer. machine tool industries turned down. Automobiles. Production of autos fluc- After midyear declines in equipment and tuated widely in 1956 and 1957 around ordnance production were extended. Dur- levels well below 1955, as the chart below ing the summer and autumn many new de- shows. For the year 1957, production fense contracts were withheld, some projects totaled 6.1 million units, as compared with were canceled, and aircraft procurement 5.8 million in 1956 and 7.9 million in 1955. was generally stretched out. In the autumn Sales of domestically produced new cars surveys of business plans for capital expendi- over the first 10 months of 1957 were tures indicated substantial reductions in slightly higher than in the corresponding 1958, especially in manufacturing and the 1956 period, despite moderately lower volrailroads. Exports of capital goods were ume in the early months of the year. In showing little change at a level higher than November and December the number sold a year earlier. Near the end of the year averaged 3 per cent below the correspondnew defense orders were rising, following ing 1956 period and for the year as a whole reappraisal of military programs. sales equaled the 1956 total of 5.8 million. Imports increased steadily and for the year In December over-all output of equipment exceeded 200,000—more than double the and ordnance was about 13 per cent below 1956 volume. the March peak, with over half the decline occurring in the last quarter. Output of machine tools was down about a fourth, and CONSUMER DURABLE GOODS OUTPUT declines in most other industrial machinery 220 industries and in aircraft were substantial. Shipbuilding activity advanced until summer 'V' _ AUTOS / - : 180 and then declined. Late in the year output 1 of railroad equipment, trucks, and farm \ machinery also declined. / 140 r V' A* t I-".-/ CONSUMER GOODS f From the end of 1955 to early autumn 1957, / J | MAJOR -- 100 ; HOUSEHOLD GOODS output changes in consumer goods lines were most pronounced for autos and household •! 1 1 1 1 60 1953 durable items. Consumer demands for nondurable goods were generally rising and out- NOTE.—Seasonally adjusted indexes. Latest data are preliminary figures for December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1958 Last spring and summer, with sales rel- MATERIALS OUTPUT atively favorable and stocks not very high Production of industrial materials generally at the outset, auto production was main- edged off in the first half of 1957, picked up tained well above the corresponding 1956 during the summer, and then declined level and also above the current rate of sales. sharply in the autumn. The summer rise, Dealers' stocks rose over this period and at at a time when demands from equipment and the end of the summer were at a new high ordnance industries were declining, reflected for that season. After a large reduction in part increased takings by consumer goods during the fall model-changeover period, industries. The sharp autumn reduction restocks expanded again in November as out- flected lower demands from equipment and put of 1958 models increased sharply and sales rose less rapidly than anticipated. MAJOR INDUSTRIAL MATERIALS In December output was curtailed and the 1947-49 output.100 rise in stocks slackened. At the year-end stocks were about two-fifths higher than at the end of 1956. Household durable goods. Production of household durable goods in 1956 and early 1957 was generally declining from the high reached in the fall of 1955. Retail sales leveled off and demands from builders for appliances and heating apparatus were curtailed as the number of new houses built declined. Output was reduced more than sales declined and by late spring of 1957 NOTE.—Based on monthly output and end-of-year capacity data for pig iron, steel ingots, primary aluminum, refined large inventories accumulated earlier had copper, cement, cotton yarn, synthetic fibers and yarns, wood pulp, paper, paperboard, petroleum products, coke, and five been worked down. industrial chemicals, combined with value-added weights. Output index is seasonally adjusted; latest figure shown is preliminary estimate for December. In late spring and summer of 1957 buying of household durable goods picked up, re- ordnance industries and consumer goods flecting in part new-model stimulus and the lines, and was attributable in part to more increase in residential building activity. Out- cautious inventory policies. put increased and in September was 13 per Output changes for major industrial macent above the low reached in the spring. terials, including steel, aluminum, cement, Inventories—especially of television, furni- and textile fibers, are summarized in the ture, and some appliances—rose again but chart. Total production of these materials not to earlier peaks. Subsequently, with in December was about an eighth below retail sales lagging, production of household the high level of a year earlier. durable goods was reduced and in Decem- The decline in late 1957, as well as the ber was 132 per cent of the 1947-49 aver- downward movement to last summer, reage as compared with 140 in September and flected to a large extent reductions in iron 151 at the high in 1955. and steel production. Activity at steel mills, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES after receding to 86 per cent of capacity especially toward the end of the year, output in June, dropped sharply later in the year. curtailments for various finished goods and In early January steel ingot output was run- inventory reductions by industrial users led ning at a rate about two-fifths below the to curtailment in output of a number of record level of a year earlier and about 56 materials. By the year-end utilization of per cent of the capacity reported for the productive capacity for these materials was beginning of 1958. down sharply. Output of aluminum and copper also declined in late 1957, but not so sharply as WHOLESALE PRICES steel production. Cotton textile production The average level of wholesale commodity declined only moderately from the low levels prices changed little in the first half of 1957, prevailing earlier, and output of synthetic as the chart shows, but rose somewhat durtextile fibers rose somewhat. Output of ing the summer to a level 7 per cent above paper and of most industrial chemicals conmid-1955. The midyear rise in prices of tinued near the high rates prevailing since foods and foodstuffs was due only in part mid-1956. Cement production was curto seasonal changes in supplies, and in tailed sharply by a strike in July, rose to a December prices of these commodities new high in late summer, and declined near averaged 4 per cent above a year earlier. the end of the year. The average level of industrial commodity CAPACITY Industrial capacity for production of both WHOLESALE PRICES finished goods and materials has increased 1947-49 -100 continuously over the postwar years. As the preceding chart shows, the rate of ex- 130 INDUSTRIAL pansion for major industrial materials slack- COMMODITIES ened in 1954 when available capacity was being less fully used than before. After sharp recovery in industrial activity and demands for materials, capacity expansion was again at an advanced rate in 1956 and FOODS AND FOODSTUFFS 1957. 80 Production of industrial materials was 110 pressing on capacity in many lines in late 1955 and early 1956. With capacity expanding, a similar level of materials output in late 1956 was reflected in less active use of capacity except for steel. 1954 1955 1956 1957 In early 1957 inventory demands for materials slackened, partly as a result of the NOTE.—Bureau of Labor Statistics index for all commodities; Federal Reserve groupings of BLS indexes for foods and foodsteady improvement in supplies made pos- stuffs (raw and processed foods and feeds) and industrial commodities (all other commodities in the total index). Sensible by expanded capacity. Subsequently, sitive industrial materials based on BLS daily index of 13 raw industrial commodities. Latest figures are for December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN • JANUARY 1958 prices also increased in the summer, and at With a smaller volume of new orders for the year-end was up 1 per cent from Decem- defense and business equipment, with prober 1956 and 9 per cent from mid-1955. ductive capacity enlarged, and with prices of Prices of basic or sensitive industrial ma- materials no longer generally advancing, interials, some of which reflect demand and creases in wholesale prices of finished indussupply conditions abroad as well as in the trial products last year were neither so large United States, turned down at the beginning nor so widespread as in the 1955-56 period. of 1957. The decline then, which was Prices of machinery and equipment, which mainly a reaction to the rise that had been had risen 14 per cent from mid-1955 stimulated by the Suez crisis the previous through 1956, advanced 3 per cent in the autumn, was followed by little change in second half of 1957, following the midlate spring and early summer. In late sum- year increase in prices of steel mill products. mer and early fall the widely expected up- Wholesale prices of consumer goods other turn in buying of materials associated with than foods changed little during the year. an expected autumn rise in industrial activity failed to develop, and basic industrial com- CONSUMER PRICES modity prices declined generally. Prices for goods and services to consumers continued upward last year, rising 3 per cent By November, average prices of the senor about as much as in 1956. An intersitive materials included in the index ruption in the advance in September and shown in the chart on page 5 were 15 per October was due mainly to seasonal decent below the advanced level at the end of creases in food prices. 1956 and only slightly above the low of The consumer price index, in contrast to 1954. Consequently, collections of scrap the wholesale commodity price index, inand output of various basic materials were cludes rent and many services, which curbeing curtailed. In the final weeks of 1957 rently have a relative importance of oneprices of these commodities declined little third. Steadily advancing service prices in further. Abroad, the lower prices of basic recent months have accounted for much, materials were an element in the exchange though by no means all, of the rise in the problems of a number of raw materials producing countries. consumer index. Prices of steel mill products, building ma- In 1957 as a whole, the advance in prices terials other than lumber, and some other of services was about 5 per cent—the highfabricated materials advanced further in the est rate of increase since the period followspring and summer of last year. Meanwhile ing the outbreak of war in Korea. As in lumber prices continued the decline begun most other recent years, increases were small in early 1956, and prices of fuel oils, under in gas and electricity, where opportunities pressure of heavy stocks, declined from the to increase productivity have been greater advanced levels reached during the Suez than in most lines. Increases in rates for crisis. Altogether, prices of industrial ma- hospital services and for house maintenance terials at the end of last year were down and repair were somewhat greater than the slightly from the August high and not much average. above the level at the end of 1956. Rents have continued to edge up. Since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION AND PRICES 1953 they have increased less rapidly than CONSUMER PRICES earlier—about 2 per cent or less per year, as 1947-49.100 compared with an average rate of nearly 5 per cent from 1946 through 1953. AIL ITEMS y*^ Retail prices of foods advanced last year, A and in December were at a record high for fOODS , / V this season, 3 per cent above a year earlier. no Changes in food prices throughout the year OTHER COMMODITIES reflected to a large extent changes in prices 1 1 1 of meat. Market supplies of meats, which had in- SERVICES f creased steadily in 1955 and early 1956, changed little during the first 10 months of 1957. In November and December production was unusually low for that time of 1 1 1 1 1 1 year. With consumer demands strong, re- 1»54 '55 '56 '57 1954 '55 '56 tail prices of meats rose substantially last NOTE.—Bureau of Labor Statistics indexes. Latest figures are spring and summer. Following some sea- Federal Reserve estimates for December. sonal decline, meat prices were rising again toward the year-end and in December were discounts from those offered on 1957 models about 10 per cent above a year earlier. but also increases in manufacturers' list Retail prices of commodities other than prices. Retail prices of apparel were somefoods advanced further last autumn and in what higher last autumn than they were a December averaged 2 per cent above a year year earlier. Prices of coal and fuel oils rose earlier. When 1958 models were intro- seasonally during this period and by the duced in November, prices of autos rose end of the year were near the record levels sharply, reflecting mainly reduction in dealer reached during the Suez crisis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Margin Requirements The maximum loan value of a registered security (other than an exempted security) in a general ac- The Board of Governors of the Federal Reserve System, effective January 16, 1958, amended the count, subject to section 3 of Regulation T, shall Supplement to Regulation T entitled "Extension be 50 per cent of its current market value. and Maintenance of Credit by Brokers, Dealers, Margin required for short sales in general acand Members of National Securities Exchanges," counts.—The amount to be included in the adand amended the Supplement to Regulation U justed debit balance of a general account, pursuant entitled "Loans by Banks for the Purpose of Pur- to section 3(d) (3) of Regulation T, as margin rechasing or Carrying Stocks Registered on a Na- quired for short sales of securities (other than extional Securities Exchange" so as to decrease the empted securities) shall be 50 per cent of the curmargin requirements from 70 per cent to 50 per rent market value of each such security. cent for credit extended by brokers and banks to finance purchases of stock exchange securities. SUPPLEMENT TO REGULATION U The decreased margins also apply to short sales. For the purpose of section 1 of Regulation The texts of the Supplements as thus amended are U, the maximum loan value of any stock, whether as follows: or not registered on a national securities exchange, SUPPLEMENT TO REGULATION T shall be 50 per cent of its current market value, as Maximum loan value for general accounts.— determined by any reasonable method. ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT Since enactment of the Bank Holding Com- due consideration thereof in the light of the pany Act of 1956, the Board of Governors of the factors enumerated in section 3 (c) of the Bank Federal Reserve System has issued the following Holding Company Act of 1956 that such appli- Orders and Statements with respect to applica- cation should be granted, tions by various bank holding companies for IT IS HEREBY ORDERED that the said application approval of the acquisition of voting shares of be and hereby is granted and the acquisition by banks. First Bank Stock Corporation of 470 voting shares of the First State Bank of Babbitt is hereby ap- FIRST BANK STOCK CORPORATION proved, provided that such acquisition is completed within six months from the date hereof. In the Matter of the Application of First Bank By order of the Board. Stock Corporation for Approval of Acquisition of Voting Shares of First State Bank of Babbitt, (Signed) S. R. CARPENTER, Babbitt, Minnesota. Secretary. Order (SEAL) The above matter having come before the Dated: July 26, 1956. Board on the application of First Bank Stock Corporation, Minneapolis, Minnesota, dated MARINE MIDLAND CORPORATION May 17, 1956, filed pursuant to the provisions In the Matter of the Application of Marine Midof section 3 (a) (2) of the Bank Holding Com- land Corporation for Approval of Acquisition of Voting Shares of The Lake Shore National Bank pany Act of 1956, for prior approval of acquisiof Dunkirk, Dunkirk, New York. tion by First Bank Stock Corporation of direct ownership of 470 shares of a total of 500 voting Order shares of the proposed First State Bank of Bab- The above matter having come before the bitt, Babbitt, Minnesota, and it appearing after Board on the application of Marine Midland Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT Corporation, Buffalo, New York, dated August 6, that such acquisition is completed within three 1956, filed pursuant to the provisions of section months from the date hereof. 3 (a) (2) of the Bank Holding Company Act of By order of the Board of Governors. 1956, for prior approval of acquisition by Ma- (Signed) S. R. CARPENTER, rine Midland Corporation of direct ownership Secretary. of 2,000 shares of a total of 2,000 voting shares (SEAL) of The Lake Shore National Bank of Dunkirk, Dated: May 9, 1957. Dunkirk, New York, and it appearing after due consideration thereof in the light of the factors enumerated in section 3(c) of the Bank Holding BRENTON COMPANIES Company Act of 1956 that such application should In the Matter of the Application of Brenton Combe granted, panies for Approval of Acquisition of Voting Shares of South Des Moines National Bank, IT IS HEREBY ORDERED that the said application Des Moines, Iowa. be and hereby is granted and the acquisition by Marine Midland Corporation of 2,000 voting Order shares of The Lake Shore National Bank of Dun- The above matter having come before the kirk, Dunkirk, New York, is hereby approved, Board on the application of Brenton Companies, provided that such acquisition is completed within Des Moines, Iowa, dated January 10, 1957, filed three months from the date hereof. pursuant to the provisions of section 3(a)(2) of By order of the Board. the Bank Holding Company Act of 1956, for (Signed) S. R. CARPENTER, prior approval of acquisition by Brenton Companies of direct ownership of 51 per cent to 95 Secretary. per cent of a total of 2,000 voting shares of the (SEAL) proposed South Des Moines National Bank, Dated: January 31, 1957. Des Moines, Iowa, and it appearing after due consideration thereof in the light of the factors NORTHWEST BANCORPORATION enumerated in section 3(c) of the Bank Holding In the Matter of the Application of Northwest Company Act of 1956 that such application should Bancorporation for Approval of Acquisition of be granted, Voting Shares of First National Bank of Hoyt Lakes, Hoyt Lakes, Minnesota. IT IS HEREBY ORDERED that the said application be and hereby is granted, and the acquisition by Order Brenton Companies of 51 per cent to 95 per cent The above matter having come before the of 2,000 voting shares of South Des Moines Board on the application of Northwest Bancorpo- National Bank, Des Moines, Iowa, is hereby apration, Minneapolis, Minnesota, dated February proved, provided that such acquisition is com- 11, 1957, filed pursuant to the provisions of sec- pleted within three months from the date hereof. tion 3(a)(2) of the Bank Holding Company Act By order of the Board of Governors. of 1956, for prior approval of acquisition bv (Signed) MERRITT SHERMAN, Northwest Bancorporation of direct ownership Assistant Secretary. of 1,200 shares of a total of 1,250 voting shares (SEAL) of the proposed First National Bank of Hovt Dated: July 1, 1957. Lakes, Hoyt Lakes, Minnesota, and it appearing after due consideration thereof in the light of Order Extending Time the factors enumerated in section 3(c) of the The above matter having come before the Bank Holding Company Act of 1956 that such Board on the application of Brenton Companies, application should be granted, Des Moines, Iowa, dated January 10, 1957, filed IT IS HEREBY ORDERED that the said application pursuant to the provisions of section 3(a)(2) of be and hereby is granted and the acquisition by the Bank Holding Company Act of 1956, for Northwest Bancorporation of 1,200 voting shares prior approval of acquisition by Brenton Compaof First National Bank of Hoyt Lakes, Hoyt nies of direct ownership of 51 per cent to 95 per Lakes, Minnesota, is hereby approved, provided cent of a total of 2,000 voting shares of the pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

10 FEDERAL RESERVE BULLETIN • JANUARY 1958 posed South Des Moines National Bank, Des WISCONSIN BANKSHARES CORPORATION Moines, Iowa, and it appearing after due con- In the Matter of the Application of Wisconsin sideration thereof in the light of the factors Bankshares Corporation for Approval of Acquienumerated in section 3(c) of the Bank Holding sition of Voting Shares of Southgate National Company Act of 1956 that such application Bank of Milwaukee, Milwaukee, Wisconsin. should be granted, Order And such application having been granted The above matter having come before the pursuant to order of the Board, dated July 1, Board on the application of Wisconsin Bank- 1957, provided the acquisition is completed shares Corporation, Milwaukee, Wisconsin, dated within three months from the date of the Board's February 27, 1957, filed pursuant to the proviorder, sions of section 3(a) (2) of the Bank Holding IT IS HEREBY ORDERED, That the time in which Company Act of 1956, for prior approval of such acquisition may be completed is extended acquisition by Wisconsin Bankshares Corporation to May 1, 1958. of direct ownership of 2,950 shares of a total By order of the Board of Governors. of 3,000 voting shares of the proposed South- (Signed) S. R. CARPENTER, gate National Bank of Milwaukee, Milwaukee, Secretary. Wisconsin, and it appearing after due considera- (SEAL) tion thereof in the light of the factors enumerated Dated: July 29, 1957. in section 3(c) of the Bank Holding Company Act of 1956 that such application should be FIRST SECURITY CORPORATION granted, In the Matter of the Application of First Security IT IS HEREBY ORDERED that the said application Corporation for Approval of Acquisition of Voting be and hereby is granted and the acquisition by Shares of Union Bank and Trust Company, Salt Lake City, Utah. Wisconsin Bankshares Corporation of 2,950 voting shares of Southgate National Bank of Mil- Order waukee is hereby approved, provided that such The above matter having come before the Board acquisition is completed within three months on the application of First Security Corporation, from the date hereof. Salt Lake City, Utah, dated May 10, 1957, filed By order of the Board of Governors. pursuant to the provisions of section 3(a)(2) of the Bank Holding Company Act of 1956, for (Signed) S. R. CARPENTER, prior approval of acquisition by First Security Secretary. Corporation of direct ownership of the 25,000 (SEAL) outstanding shares of capital stock of Union Bank Dated: October 9, 1957. and Trust Company, Salt Lake City, Utah, and it Order Extending Time appearing after due consideration thereof in the light of the factors enumerated in section 3(c) of The above matter having come before the the Bank Holding Company Act of 1956 that Board on the application of Wisconsin Banksuch application should be granted, shares Corporation, Milwaukee, Wisconsin, filed IT IS HEREBY ORDERED that the said application pursuant to the provisions of section 3 (a) (2) be and hereby is granted and the acquisition by of the Bank Holding Company Act of 1956, for First Security Corporation of the 25,000 outstand- prior approval of acquisition by Wisconsin Banking shares of capital stock of Union Bank and shares Corporation of direct ownership of 2,950 Trust Company is hereby approved, provided that shares of a total of 3,000 voting shares of the such acquisition is completed within three months proposed Southgate National Bank of Milwaukee, from the date hereof. Milwaukee, Wisconsin, and it appearing after due By order of the Board of Governors. consideration thereof in the light of the factors (Signed) S. R. CARPENTER, enumerated in section 3(c) of the Bank Holding Secretary. Company Act of 1956 that such application should be granted, (SEAL) Dated: September 19, 1957. And such application having been granted pur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 11 suant to Order of the Board, dated October 9, pursuant to the provisions of section 3(a)(2) of 1957, provided the acquisition be completed the Bank Holding Company Act of 1956, for within three months from the date of the Board's prior approval of the acquisition by it of direct Order, ownership of 1,450 shares of a total of 1,500 vot- IT IS HEREBY ORDERED, That the time within ing shares of the Northwestern State Bank, which such acquisition may be completed is ex- Rochester, Minnesota, a proposed new institution. tended to April 9, 1958. After full consideration of the facts in this This 10th day of January, 1958. case, as set forth in the application and as out- By order of the Board of Governors. lined herein, the Board has concluded that the (Signed) S. R. CARPENTER, features favorable to the proposed acquisition are Secretary. outweighed by those which appear unfavorable, and that consequently the application should be (SEAL) denied. NORTHWEST BANCORPORATION Factual background. The applicant, Northwest Bancorporation, is a bank holding company lo- In the Matter of the Application of Northwest Bancorp oration for Approval of Acquisition of cated in Minneapolis, Minnesota. On December Voting Shares of Proposed Northwestern State 31, 1956, it controlled 45 subsidiary banks in Bank, Rochester, Minnesota. Minnesota with aggregate deposits of $980 million, Order and 30 subsidiary banks, with aggregate deposits There having come before the Board the appli- of $669 million, in the States of Iowa (4 banks), cation of Northwest Bancorporation, Minneapolis, Montana (7 banks), Nebraska (5 banks), North Minnesota, dated March 29, 1957, under section Dakota (9 banks), South Dakota (4 banks) and 3(a)(2) of the Bank Holding Company Act of Wisconsin (1 bank). 1956, for prior approval of the acquisition by The city of Rochester, Minnesota, has a popuit of direct ownership of 1,450 voting shares of lation of about 35,000 and is presently served by a total of 1,500 voting shares of Northwestern three banks: the First National Bank, the North- State Bank, Rochester, Minnesota, a proposed western National Bank, and the Olmsted County new institution, and it appearing, after due con- Bank and Trust Company. On December 31, sideration thereof pursuant to the requirements 1956, the First National Bank had deposits of of the Bank Holding Company Act of 1956, that $17,876,000, Northwestern National Bank had such application should be denied, deposits of $14,388,000, and Olmsted County IT IS ORDERED, That the application of North- Bank and Trust Company had deposits of west Bancorporation, Minneapolis, Minnesota, $15,042,000. First National Bank is a subunder section 3 (a) (2) of the Bank Holding sidiary of First Bank Stock Corporation of Minne- Company Act of 1956, for the Board's prior ap- apolis (a bank holding company), Northwestern proval of the acquisition by Northwest Bancorpo- National Bank is a subsidiary of the applicant ration of direct ownership of 1,450 voting shares bank holding company, and Olmsted County Bank of a total of 1,500 voting shares of Northwestern and Trust Company is not a subsidiary of a bank State Bank, Rochester, Minnesota, a proposed new holding company. institution, shall be, and the same hereby is, The proposed site of the new bank is approxidenied. mately IVA miles from the business center of This 5th day of November 1957. Rochester, where the three existing banks are By order of the Board of Governors. situated. The new bank would be located within (Signed) S. R. CARPENTER, the principal area of growth in and adjacent to Secretary. the city, in which area there has been and evi- (SEAL) dently will be further considerable expansion in Statement industry, commerce, and housing. This matter comes before the Board on the As indicated by the foregoing, at the present application of Northwest Bancorporation, Minne- time two of the three banks in Rochester are apolis, Minnesota, dated March 29, 1957, filed subsidiaries of bank holding companies and those Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BULLETIN • JANUARY 1958 two banks hold about two-thirds of the deposits the present case it appears that a bank established of the banks in that city. If the applicant ac- in approximately the location of the proposed quired control of the stock of the proposed bank probably would not lead to an overbanked Northwestern State Bank, as it desires to do, situation and probably would serve a useful purthree of the four banks in Rochester would be pose. However, presently existing "needs" do subsidiaries of bank holding companies, the ap- not appear to be of a high order of intensity, plicant would control two of those four banks, and the "convenience" and "welfare" of the comand the applicant presumably would be in a munity and area do not appear to be heavily destrong position to increase its relative proportion pendent on the early establishment of a bank at of the banking business of the community. about the proposed location. Furthermore, even Statutory provision. Section 3(c) of the Bank if facts relating to "convenience, needs, and wel- Holding Company Act (12 U.S.C. 1842(c)) fare" in a particular case were strongly favorable provides: to the establishment of a proposed new bank, "In determining whether or not to approve any they would not necessarily be equally favorable acquisition . . . under this section, the Board shall to a bank holding company's acquisition of stock take into consideration the following factors: (1) the of the new bank. The two actions are related financial history and condition of the company or companies and the banks concerned; (2) their pros- but they are not the same; and the acquisition of pects; (3) the character of their management; (4) the stock is the action for which the Board's prior convenience, needs, and welfare of the communities and the area concerned; and (5) whether or not the approval is sought under the Bank Holding Comeffect of such acquisition . . . would be to expand pany Act. the size or extent of the bank holding company sys- Bank holding companies often have the availtem involved beyond limits consistent with adequate and sound banking, the public interest, and the able resources, and therefore the ability, to act preservation of competition in the field of banking." more quickly than a group of individuals in en- Discussion. There obviously can be no precise deavoring to establish a new bank in an area formula to describe the relative weight or signifi- which gives promise of supporting a successful cance to be accorded the facts under each of the banking operation. Such early establishment of five factors in section 3(c). Moreover, each of a bank, and the acquisition of its stock by a those factors will often involve a variety of con- bank holding company, may benefit the comsiderations which may have widely differing munity in some respects. On the other hand, strength in different situations. Of necessity, each such an entry into an area by a bank holding case must be determined on the basis of a care- company bank may, in some circumstances, "exful judgment in the light of all the relevant cir- pand the size or extent" of the bank holding comcumstances. The legislative history of the Act pany system in such a manner or to such a degree as to have a strong tendency to preclude makes it clear, however, that Congress attached later entry by a bank which is not controlled by special importance to the fourth factor dealing a bank holding company. It is apparent that in with "convenience, needs, and welfare" and the such a situation control of a bank by a bank holdfifth factor bearing on the "size or extent" of ing company would run counter to the consideraa bank holding company system and the relationtions stated in the fifth factor and should not be ship thereof to adequate, sound, and competitive approved unless there are considerations favorbanking and the public interest. able to the application that are sufficient to off- In the present case, the information relevant set such adverse circumstances. to the first three factors in section 3(c) appears to be generally favorable to the application. In the judgment of the Board such an adverse On the other hand, the facts relevant to the situation exists in the present case and outweighs fourth and fifth factors are partially favorable and the favorable features of the proposed acquisition partially unfavorable to the application. of stock. Accordingly, the Board concludes that Any consideration of facts relevant to the fourth the application should be denied, and it so orders. factor—"the convenience, needs, and welfare of Voting for this action: Vice Chairman Balderston and the communities and the area concerned"—neces- Governors Szymczak, Robertson, and Shepardson; voting against this action: Governors Vardaman and sarily raises difficult questions of degree. In Mills; absent and not voting: Chairman Martin. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 13 Order Reaffirming Decision voting shares of Union Trust Company of Springfield is hereby approved, provided that such ac- This matter comes before the Board of Goverquisition is completed within three months from nors on a petition by Northwest Bancorporation, the date hereof. Minneapolis, Minnesota, that the Board reconsider This 7th day of November 1957. the application of Northwest Bancorporation filed By order of the Board of Governors. pursuant to the provisions of section 3(a) of the Bank Holding Company Act of 1956, for the Voting for this action: Chairman Martin, Vice Chair- Board's prior approval of acquisition of direct man Balderston, and Governors Vardaman and Mills; voting against this action: Governors Szymczak, ownership by Northwest Bancorporation of 1,450 Robertson, and Shepardson. voting shares of the Northwestern State Bank, (Signed) S. R. CARPENTER, Rochester, Minnesota, which application was de- Secretary. nied by Order of the Board, dated November 5, (SEAL) 1957. Upon analysis of the facts and arguments set Statement forth in the said petition, and upon review of the Pursuant to section 3 (a) (2) of the Bank Holdreasons underlying the Board's previous Order, ing Company Act of 1956 (hereinafter referred to it appears that petitioner has failed to set forth as the Act), an application was filed with the any material facts or arguments not heretofore Board by Baystate Corporation, Boston, Massafully considered by the Board; and, therefore, the chusetts, a bank holding company under the Act, Board reaffirms its original decision herein and for prior approval by the Board of the acquisition denies the Petition for Reconsideration of the Apby Baystate of up to 60 per cent of the voting plication and, IT is so ORDERED. shares of Union Trust Company of Springfield, This 9th day of December 1957. Springfield, Massachusetts. As required by section By order of the Board of Governors. 3(b) of the Act, the Board gave notice of the ap- (Signed) S. R. CARPENTER, plication to the Commissioner of Banks for the Secretary. State of Massachusetts and requested his views and (SEAL) recommendations, and the Commissioner of Banks responded with a statement to the effect that in BAYSTATE CORPORATION his opinion the application should be approved. In the Matter of the Application of Bay state Cor- Under section 3(c) of the Act, in determining poration for Approval of Acquisition of Voting whether or not to approve an application the Board Shares of Union Trust Company of Springfield. is required to take into consideration five stated factors: "(1) the financial history and condition Order of the company or companies and the banks con- The above matter having come before the Board cerned; (2) their prospects; (3) the character of on the application of Baystate Corporation, Bostheir management; (4) the convenience, needs, ton, Massachusetts, dated March 28, 1957, filed and welfare of the communities and the area conpursuant to the provisions of section 3(a)(2) of cerned; and (5) whether or not the effect of such the Bank Holding Company Act of 1956, for prior approval of the acquisition of up to 60 per acquisition or merger or consolidation would be cent of the voting shares of Union Trust Company to expand the size or extent of the bank holding of Springfield, Springfield, Massachusetts, and it company system involved beyond limits consistent appearing after due consideration thereof pursuant with adequate and sound banking, the public into the requirements of the Bank Holding Company terest, and the preservation of competition in the Act of 1956 that such application should be ap- field of banking." proved, In the light of these statutory standards, con- IT IS ORDERED, That the said application of Bay- sideration has been given to all the relevant facts state Corporation under section 3 (a)(2) of the and circumstances of the present case, including Bank Holding Company Act of 1956 for the the fact that the proposed acquisition of stock Board's prior approval of the acquisition by Bay- of Union Trust Company is to be followed by a state Corporation of up to 60 per cent of the merger of that institution with Springfield Na- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN • JANUARY 1958 tional Bank, an existing subsidiary of the appli- service to Springfield and stronger local competicant; that the resulting institution, because of its tion between two dominant banks in the field of larger size, will be in a position, in the circum- large business loans, and a determination to this stances of this case, to furnish somewhat expanded effect has been made by the Massachusetts Board services to the community, particularly in making of Bank Incorporation. But a claim of this nature loans of the size needed by the larger firms in the can be made with some plausibility whenever a locality; that, despite this merger, the resulting holding company proposes to buy and absorb a institution will not be dominant in the area but competing bank. If Congress had intended that will be of approximately the same size as what is all acquisitions for merger purposes—short of now the largest bank in the area; that mutual sav- monopoly—should be permitted, it would not ings banks in the Springfield area compete actively have directed this Board to go through the motions in certain fields with commercial banks; and that, of deciding such cases on the basis of the factors after the proposed transaction, residents of the enumerated in section 3(c) of the Act. In our view, where the number of competing area would continue to have adequate freedom of banks will be substantially reduced and the existchoice among banking facilities. ence of one of the holding company bank's chief On the basis of the facts of this case and in the competitors will be terminated by its absorption light of the statutory factors, it is the judgment into the holding company system, the proposed of the majority of the members of the Board that transacation should be approved only if there is the proposed transaction would not be inconsistent convincing evidence of prospective benefits that with the apparent general intent of those factors definitely outweigh this patently adverse effect or with the underlying purposes of the Act. upon competition in the field of banking. The Dissenting Statement by record before the Board does not add up to a con- Governors Szymczak, Robertson, vincing case on that point. and Shepardson In our judgment, the application of Baystate BRENTON COMPANIES Corporation to acquire shares of Union Trust Company of Springfield should be denied. In the Matter of the Application of Brenton Com- A principal objective of the Bank Holding Com- panies for Approval of Acquisition of Voting pany Act was to prevent expansion of bank hold- Shares of Palo Alto County State Bank, Emmetsburg, Iowa. ing company systems where such expansion would be inimical to "the preservation of competition Order in the field of banking". In this case, Baystate al- The above matter having come before the Board ready controls one of the four larger banks in on the application of Brenton Companies, Des Springfield; it proposes to purchase a majority of Moines, Iowa, filed pursuant to the provision of the stock of another and to merge the two into section 3(a) (2) of the Bank Holding Company an institution that will be the largesi in the city Act of 1956, for prior approval of acquisition by and in Western Massachusetts. Approval of the Brenton Companies of direct ownership of 13 of acquisition will enable this holding company (1) the 1,500 outstanding shares of the Palo Alto to terminate the existence of a successful inde- County State Bank, and it appearing after due pendent bank that now competes v|ith its own consideration thereof in the light of the factors bank, and (2) to increase the size and extent of enumerated in section 3(c) of the Bank Holding its holding company system to a very substantial Company Act of 1956 that such application should degree. One of the two major purposes of the be granted, Bank Holding Company Act is to combat this IT IS HEREBY ORDERED that the said application tendency of holding companies to grow constantly be and hereby is granted and the acquisition by larger and more powerful by buying up control Brenton Companies of direct ownership of 13 of of competing banks. the 1,500 outstanding shares of capital stock of In this case the applicant claims that the pro- Palo Alto County State Bank, Emmetsburg, Iowa, posed acquisition and merger will permit better is hereby approved, provided that such acquisition Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 15 is completed within three months from the date On the basis of the facts of the case and in the hereof. light of the statutory factors, it is the judgment of This 10th day of December 1957. the Board that this application should be ap- By order of the Board of Governors. proved, and IT is so ORDERED. (Signed) S. R. CARPENTER, Secretary. WISCONSIN BANKSHARES CORPORATION (SEAL) In the Matter of the Application of Wisconsin Bankshares Corporation for Approval of Acquisi- Statement tion of Voting Shares of Proposed Capitol Na- Pursuant to section 3 of the Bank Holding Com- tional Bank of Milwaukee, Milwaukee, Wisconsin. pany Act of 1956 (hereafter referred to as the Order Act) an application was filed with the Board by The above matter having come before the Board Brenton Companies, Des Moines, Iowa, a bank on the application of Wisconsin Bankshares Corholding company under the Act, for prior approval poration, Milwaukee, Wisconsin, filed pursuant to by the Board of the acquisition by Brenton Com- the provisions of section 3(a) (2) of the Bank panies of direct ownership of 13 of the 1,500 out- Holding Company Act of 1956, for prior approval standing shares of Palo Alto County State Bank, of the acquisition by it of direct ownership of Emmetsburg, Iowa. As required by section 3(b) 2,950 shares of a total of 3,000 voting shares of of the Act, the Board gave notice of the applica- the Capitol National Bank of Milwaukee, Miltion to the Superintendent of Banking of the State waukee, Wisconsin, a proposed new institution, of Iowa, and requested his views and recom- and it appearing, after due consideration thereof mendations, and the Superintendent of Banking pursuant to the requirements of the Bank Holding responded by stating that he knew of no reason Company Act of 1956, that such application to object to the proposed purchase of such stock should be denied, by Brenton Companies. IT IS HEREBY ORDERED that the said application Under section 3(c) of the Act, in determining of Wisconsin Bankshares Corporation shall be, whether or not to approve an application the Board and the same hereby is, denied. is required to take into consideration five stated This 20th day of December 1957. factors: "(1) the financial history and condition By order of the Board of Governors. of the company or companies and the banks con- Voting for this action: Chairman Martin and Govcerned; (2) their prospects; (3) the character of ernors Szymczak, Mills, Robertson, and Shepardson; their management; (4) the convenience, needs, absent and not voting: Vice Chairman Balderston and Governor Vardaman. and welfare of the communities and the area con- (Signed) S. R. CARPENTER, cerned; and (5) whether or not the effect of such Secretary. acquisition or merger or consolidation would be (SEAL) to expand the size or extent of the bank holding company system involved beyond limits consistent Statement with adequate and sound banking, the public in- This matter comes before the Board on the terest, and the preservation of competition in the application of Wisconsin Bankshares Corporation, field of banking." Milwaukee, Wisconsin, dated April 22, 1957, filed The facts of this case have been considered in pursuant to the provisions of section 3(a)(2) of the light of these statutory standards. It appears the Bank Holding Company Act of 1956 (herethat the considerations with respect to the first after referred to as the Act) for approval of the three factors are favorable, and that the proposed acquisition by it of direct ownership of 2,950 acquisition of 13 additional shares of an existing shares of a total of 3,000 voting shares of the bank, of which the applicant presently owns 501 Capitol National Bank of Milwaukee, Milwaukee, of the 1,500 outstanding shares, would in no way Wisconsin, a proposed new institution. affect the convenience, needs, or welfare of the As of December 31, 1956, the Applicant concommunities and the area concerned, and would trolled six banks in the State of Wisconsin having not expand the size or extent of the applicant's twenty banking offices and aggregate deposits of system of banks. approximately $807,000,000. The City of Mil- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL RESERVE BULLETIN • JANUARY 1958 waukee, with a population of approximately 700,- With respect to the fourth factor required to be 000, is presently served by eighteen commercial considered by the Board, it appears that there is banks having thirty-one banking offices and aggre- clearly a need for a bank in the shopping center gate deposits of approximately $1,175,000,000 as or its vicinity. The imminent move of Milwaukee of June 6, 1957. There are also two mutual sav- Western Bank to its new location, however, will ings banks in Milwaukee with deposits of about provide a bank just outside the shopping center; $5,500,000. The largest bank in the city is First and, while a bank in the shopping center itself Wisconsin National Bank of Milwaukee, a subwould probably contribute to the "convenience" sidiary of the Applicant, which has thirteen bankof the businesses and shoppers in the center, it ing offices and aggregate deposits of approximately does not appear that "needs and welfare" of the $557,000,000. area call for the operation of two banks in the The proposed new Capitol National Bank of shopping center and its vicinity at the present time. Milwaukee would be located in a large, recently With respect to the fifth statutory factor, the developed shopping center comprising sixty-one establishment by the Applicant of the proposed acres. Within a three-mile radius of the shopping new Capitol National Bank would cause banks center there is an estimated population of 287,000, controlled by the Applicant to have four out of and within that area there are presently seven nine offices within a three-mile radius of the shopbanking offices, three of which are branches of ping center, thus increasing the Applicant's com- First Wisconsin National Bank. petitive strength in that area. At the same time, There is no banking office presently located the establishment of the proposed new national within the shopping center or its immediate vicinbank, with the advantage of its location within the ity. However, a State bank, Milwaukee Western Bank (formerly known as Teutonia Bank), which shopping center itself, probably would have an is now located a little more than three miles from adverse effect upon the competitive position, at the shopping center, was granted permission by the its new location, of Milwaukee Western Bank, an Wisconsin Commissioner of Banks in April 1956 existing bank not controlled by a bank holding to move its office to a new location just outside company. the shopping center and four-tenths of a mile from No precise formula can be applied in determinthe site of the proposed new Capitol National ing the relative weight or significance to be ac- Bank. A new building to be occupied by the Mil- corded the facts of a particular case under each waukee Western Bank at its new location is under of the five factors set forth in section 3(c) of the construction and nearing completion. Act, and each case must necessarily be determined Under section 3(c) of the Act, in determining on the basis of a considered judgment in the light whether or not to approve an application the of all relevant circumstances. In the present case, Board is required to take into consideration five in view of the Applicant's strong competitive posistated factors: "(1) the financial history and contion in the City of Milwaukee and the local area dition of the company or companies and the banks involved, the reasonable probability that the Appliconcerned; (2) their prospects; (3) the character cant's establishment of the proposed new bank in of their management; (4) the convenience, needs, the shopping center would tend to impair the prosand welfare of the communities and the area conpects of the independent bank moving into the cerned; and (5) whether or not the effect of such vicinity of the center, and the lack of clear eviacquisition or merger or consolidation would be dence of need at this time for the proposed new to expand the size or extent of the bank holding bank sufficient to offset these adverse circumcompany system involved beyond limits consistent stances, it is believed that approval of the appliwith adequate and sound banking, the public interest, and the preservation of competition in the cation here under consideration would not be field of banking." consistent with the intent and purposes of the Bank Holding Company Act. Accordingly, in In the present case it appears that all considerations relative to the first three factors stated above the judgment of the Board, the application should are generally favorable. be denied, and IT IS SO ORDERED. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements DESIGNATIONS AND APPOINTMENTS OF CHAIRMEN AND FEDERAL RESERVE AGENTS, DEPUTY CHAIRMEN, AND DIRECTORS The Board of Governors of the Federal Reserve System announced the following designations of Chairmen and Federal Reserve Agents and appointments of Deputy Chairmen and directors at the Federal Reserve Banks and branches, effective January 1, 1958, with exceptions indicated. Names in CAPITALS indicate new appointments; all others are reappointments. Brief biographical data on newly appointed directors follow the list of appointments. CHAIRMEN AND FEDERAL RESERVE AGENTS FOR YEAR 1958 Federal Reserve Bank Boston Robert C. Sprague, North Adams, Massachusetts New York John E. Bierwirth, New York, New York Philadelphia HENDERSON SUPPLEE, JR., Philadelphia, Pennsylvania Cleveland Arthur B. Van Buskirk, Pittsburgh, Pennsylvania Richmond John B. Woodward, Jr., Newport News, Virginia Atlanta Walter M. Mitchell, Atlanta, Georgia Chicago Bert R. Prall, Winnetka, Illinois St. Louis Pierre B. McBride, Louisville, Kentucky Minneapolis Leslie N. Perrin, Minneapolis, Minnesota Kansas City Raymond W. Hall, Kansas City, Missouri Dallas Robert J. Smith, Dallas, Texas San Francisco A. H. Brawner, San Francisco, California DEPUTY CHAIRMEN FOR YEAR 1958 Federal Reserve Bank Boston HARVEY P. HOOD, Boston, Massachusetts New York Forrest F. Hill, New York, New York Philadelphia LESTER V. CHANDLER, Princeton, New Jersey Cleveland Joseph H. Thompson, Cleveland, Ohio Richmond Alonzo G. Decker, Jr., Towson, Maryland Atlanta Harllee Branch, Jr., Atlanta, Georgia Chicago J. Stuart Russell, Des Moines, Iowa St. Louis J. H. LONGWELL, Columbia, Missouri Minneapolis O. B. Jesness, St. Paul, Minnesota Kansas City Joe W. Seacrest, Lincoln, Nebraska Dallas Hal Bogle, Dexter, New Mexico San Francisco Y. Frank Freeman, Hollywood, California 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN • JANUARY 1958 FEDERAL RESERVE BANK DIRECTORS 1 (Three-year terms, with exceptions indicated) Federal Reserve Bank Boston Robert C. Sprague, North Adams, Massachusetts Boston NILS Y. WESSELL, Medford, Massachusetts, effective December 17, 1957, for unexpired portion of term ending December 31, 1959 New York Forrest F. Hill, New York, New York Cleveland AUBREY J. BROWN, Lexington, Kentucky Richmond D. W. Colvard, Raleigh, North Carolina Atlanta Henry G. Chalkley, Jr., Lake Charles, Louisiana Chicago Bert R. Prall, Winnetka, Illinois St. Louis JESSE D. WOOTEN, Memphis, Tennessee Minneapolis O. B. Jesness, St. Paul, Minnesota Kansas City Joe W. Seacrest, Lincoln, Nebraska Dallas Robert J. Smith, Dallas, Texas Dallas LAMAR FLEMING, JR., Houston, Texas, effective December 14, 1957, for unexpired portion of term ending December 31, 1958 San Francisco Philip I. Welk, Walla Walla, Washington FEDERAL RESERVE BANK BRANCH DIRECTORS 2 (Three-year terms unless otherwise indicated) Federal Reserve Bank and Branch New York Buffalo DANIEL M. DALRYMPLE, Appleton, New York Cleveland Cincinnati W. Bay Irvine, Marietta, Ohio Pittsburgh John C. Warner, Pittsburgh, Pennsylvania Richmond Baltimore Clarence R. Zarfoss, Baltimore, Maryland Charlotte GEORGE H. AULL, Clemson, South Carolina Atlanta Jacksonville J. Wayne Reitz, Gainesville, Florida New Orleans FRANK A. GODCHAUX, III, Abbeville, Louisiana Chicago Detroit John A. Hannah, East Lansing, Michigan 1 Each Federal Reserve Bank has a board of direct- 2 Federal Reserve Bank branches have either five or ors consisting of nine members, divided into three seven directors, of whom a majority are appointed classes, designated as Classes A, B, and C. The six A by the Board of Directors of the parent Federal Reand B directors are elected by the member banks, and serve Bank, and the others are appointed by the the three C directors are appointed by the Board of Board of Governors of the Federal Reserve System. Governors. The terms of two of the elected directors One of the directors appointed by the Board of Govand one of the appointed directors expire at the end of ernors at each branch is designated annually as Chaireach year. man of the Board in such manner as the Federal Reserve Bank may prescribe. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 19 St. Louis Little Rock R. H. ALEXANDER, Scott, Arkansas Little Rock WALDO E. TILLER, Little Rock, Arkansas (for unexpired portion of term ending December 31, 1958) Louisville Philip Davidson, Louisville, Kentucky Minneapolis (two-year term) Helena JOHN M. OTTEN, Lewistown, Montana Kansas City (two-year terms) Denver Aksel Nielsen, Denver, Colorado Oklahoma City Davis D. Bovaird, Tulsa, Oklahoma Omaha James L. Paxton, Jr., Omaha, Nebraska Dallas Houston John C. Flanagan, Houston, Texas San Antonio Alex R. Thomas, San Antonio, Texas San Francisco (two-year terms) Los Angeles Robert J. Cannon, Los Angeles, California Portland Warren W. Braley, Portland, Oregon Salt Lake City Joseph Rosenblatt, Salt Lake City, Utah Seattle HENRY N. ANDERSON, Aberdeen, Washington Federal Reserve Bank of Boston Mr. Dalrymple is Partner and Manager of the HARVEY P. HOOD, Boston, Massachusetts, Pomona Fruit Farms, Appleton, New York. He who has been serving as a Board-appointed direc- succeeds Mr. Clayton G. White, Dairy Farmer, tor of the Federal Reserve Bank of Boston since Stow, New York, whose term as a director of the January 1956, was appointed Deputy Chairman Buffalo Branch expired December 31, 1957. for the year 1958. Mr. Hood served as a director Federal Reserve Bank of Philadelphia of the Boston Reserve Bank, elected by the member banks of that District, from January 1951 to HENDERSON SUPPLEE, JR., Philadelphia, December 1955. He is President of H. P. Hood & Pennsylvania, who has been serving as a Board- Sons, Inc., Boston. As Deputy Chairman, he suc- appointed director of the Federal Reserve Bank ceeds Dr. James R. Killian, Jr., President, Massa- of Philadelphia since January 1953 and as Deputy chusetts Institute of Technology, Cambridge, who Chairman of that Bank since January 1954, was resigned. designated Chairman and Federal Reserve Agent at Philadelphia for the year 1958. Mr. Supplee NILS Y. WESSELL, President, Tufts Univer- is President of The Atlantic Refining Company, sity, Medford, Massachusetts, was appointed a Philadelphia. As Chairman and Federal Reserve director of the Federal Reserve Bank of Boston Agent, he succeeds Mr. William J. Meinel, Chairfor the unexpired portion of a term ending De- man of the Board, Heintz Manufacturing Comcember 31, 1959. He succeeds Dr. James R. pany, Philadelphia, whose term expired Decem- Killian, Jr., President, Massachusetts Institute of ber 31, 1957. Technology, Cambridge, who resigned as a director of the Bank. LESTER V. CHANDLER, Princeton, New Jersey, who has been serving as an appointed Federal Reserve Bank of New York director of the Federal Reserve Bank of Phila- DANIEL M. DALRYMPLE, Appleton, New delphia since January 1954, was appointed Deputy York, was appointed a director of the Buffalo Chairman of the Bank for the year 1958. Dr. Branch of the Federal Reserve Bank of New York Chandler is Professor of Economics, Princeton for a three-year term beginning January 1, 1958. University, Princeton, New Jersey. As Deputy Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN • JANUARY 1958 Chairman he succeeds Mr. Henderson Supplee, uary 1, 1958. Mr. Wooten is Executive Vice Jr., President, The Atlantic Refining Company, President, Mid-South Chemical Corporation, Philadelphia, who was designated Chairman and Memphis, Tennessee. He succeeds Mr. Joseph Federal Reserve Agent. H. Moore, Farmer, Charleston, Missouri, whose term expired December 31, 1957. Federal Reserve Bank of Cleveland R. H. ALEXANDER, Scott, Arkansas, was ap- AUBREY J. BROWN, Lexington, Kentucky, pointed a director of the Little Rock Branch of was appointed a director of the Federal Reserve the Federal Reserve Bank of St. Louis for a three- Bank of Cleveland for a three-year term beginning year term beginning January 1, 1958. Mr. Alex- January 1, 1958. Dr. Brown is Professor of ander is a Farmer. He succeeds Mr. Shuford R. Agricultural Economics, University of Kentucky, Nichols, Farmer, of Des Arc, Arkansas, whose Lexington. He succeeds Dr. Frank J. Welch, term expired December 31, 1957. Dean, College of Agriculture and Home Economics, University of Kentucky, whose term ex- WALDO E. TILLER, Little Rock, Arkansas, pired December 31, 1957. was appointed a director of the Little Rock Branch of the Federal Reserve Bank of St. Louis for the Federal Reserve Bank of Richmond unexpired portion of a term ending December 31, GEORGE H. AULL, Clemson, South Carolina, 1958. Mr. Tiller is President of Tiller Tie and was appointed a director of the Charlotte Branch Lumber Company, Little Rock, Arkansas. He of the Federal Reserve Bank of Richmond for a succeeds Mr. A. Howard Stebbins, Jr., Little Rock, three-year term beginning January 1, 1958. Dr. who resigned effective December 31, 1957. Aull is Agricultural Economist of Clemson College, Clemson, South Carolina. He succeeds Mr. Federal Reserve Bank of Minneapolis Paul T. Taylor, President, Taylor Warehouse JOHN M. OTTEN, Lewistown, Montana, was Company, Winston-Salem, North Carolina, whose appointed a director of the Helena Branch of the term expired December 31, 1957. Federal Reserve Bank of Minneapolis for a two- Federal Reserve Bank of Atlanta year term beginning January 1, 1958. Mr. Otten is a Farmer. He succeeds Mr. George R. Mil- FRANK A. GODCHAUX, III, Abbeville, burn, Manager, N Bar Ranch, Grass Range, Louisiana, was appointed a director of the New Montana, whose term expired December 31, 1957. Orleans Branch of the Federal Reserve Bank of Atlanta for a three-year term beginning January Federal Reserve Bank of Dallas 1, 1958. Mr. Godchaux is Vice President, Louisi- LAMAR FLEMING, JR., Houston, Texas, was ana State Rice Milling Company, Inc., Abbeville, appointed a director of the Federal Reserve Bank Louisiana. He succeeds Dr. Joel L. Fletcher, Jr., of Dallas for the unexpired portion of a term President, Southwestern Louisiana Institute, Laending December 31, 1958. Mr. Fleming is fayette, whose term expired December 31, 1957. Chairman of the Board of Anderson, Clayton & Federal Reserve Bank of St. Louis Co., Inc., Houston, Texas. He succeeds Mr. Henry P. Drought, Attorney at Law, San Antonio, J. H. LONGWELL, Columbia, Missouri, who Texas, who died recently. has been serving as an appointed director of the Federal Reserve Bank of St. Louis since January Federal Reserve Bank of San Francisco 1957, was appointed Deputy Chairman of the HENRY N. ANDERSON, Aberdeen, Wash- Bank for the year 1958. Dr. Longwell is Dean, ington, was appointed a director of the Seattle College of Agriculture, University of Missouri, Branch of the Federal Reserve Bank of San Fran- Columbia. As Deputy Chairman, he succeeds cisco for a two-year term beginning January 1, Mr. Joseph H. Moore, Farmer, Charleston, Mis- 1958. Mr. Anderson is President of Twin Harbors souri, whose terms as Deputy Chairman and as a Lumber Company, Aberdeen, Washington. He director expired December 31, 1957. succeeds Mr. D. K. MacDonald, Chairman of the JESSE D. WOOTEN, Memphis, Tennessee, was Board, D. K. MacDonald & Company, Inc., appointed a director of the Federal Reserve Bank Seattle, Washington, whose term expired Decemof St. Louis for a three-year term beginning Jan- ber 31, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 21 FEDERAL RESERVE BANK APPOINTMENTS OF BRANCH DIRECTORS 1 The Federal Reserve Banks have announced the following appointments of branch directors. The appointments have been made for terms of three years beginning January 1, 1958, except where otherwise indicated. Federal Reserve Bank and Branch New York Buffalo E. PERRY SPINK, President, Liberty Bank of Buffalo, Buffalo, New York. Mr. Spink succeeds Charles H. Diefendorf, Chairman of the Executive Committee, The Marine Trust Company of Western New York, Buffalo, New York. Cleveland Cincinnati ROGER DRACKETT, President, The Drackett Company, Cincinnati, Ohio. (Reappointed) T. M. WOLFE, President, The Athens National Bank, Athens, Ohio. Mr. Wolfe succeeds Bernard H. Geyer, President, The Second National Bank of Hamilton, Hamilton, Ohio. Pittsburgh LAWRENCE O. HOTCHKISS, President, The First National Bank of Mercer, Mercer, Pennsylvania. Mr. Hotchkiss succeeds John H. Lucas, Chairman of the Board, Peoples First National Bank & Trust Company, Pittsburgh, Pennsylvania. IRVING W. WILSON, Chairman of the Board, Aluminum Company of America, Pittsburgh, Pennsylvania. (Reappointed) Richmond Baltimore J. N. SHUMATE, President, The Farmers National Bank of Annapolis, Annapolis, Maryland. Mr. Shumate succeeds Charles A. Piper, President, The Liberty Trust Company, Cumberland, Maryland. Charlotte ERNEST PATTON, Chairman of the Board, The Peoples National Bank, Greenville, South Carolina. (Reappointed) Atlanta Birmingham JOHN C. PERSONS, Chairman of the Board, The First National Bank of Birmingham, Birmingham, Alabama. General Persons succeeds Malcolm A. Smith, First Vice President, Birmingham Trust National Bank, Birmingham, Alabama. 1For statement concerning appointment of branch directors, see page 18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN • JANUARY 1958 Jacksonville C. B. MCLEOD, President, Bank of Crestview, Crestview, Florida. Mr. McLeod succeeds James L. Niblack, President, The First National Bank of Lake City, Lake City, Florida. Nashville P. D. HOUSTON, JR., President, First American National Bank, Nashville, Tennessee. Mr. Houston succeeds J. R. Kellam, Jr., Executive Vice President, Commerce Union Bank, Nashville, Tennessee. New Orleans D. U. MADDOX, President, The Commercial National Bank and Trust Company of Laurel, Laurel, Mississippi. (Reappointed) Chicago Detroit WILLIAM A. MAYBERRY, President, Manufacturers National Bank of Detroit, Detroit, Michigan. Mr. Mayberry succeeds Howard P. Parshall, President, Bank of the Commonwealth, Detroit, Michigan. ERNEST W. POTTER, President, Citizens Commercial & Savings Bank, Flint, Michigan. (Reappointed) St. Louis Little Rock J. W. BELLAMY, JR., President, National Bank of Commerce of Pine Bluff, Pine Bluff, Arkansas. Mr. Bellamy succeeds H. C. McKinney, Jr., President, The First National Bank of El Dorado, El Dorado, Arkansas. E. C. BENTON, President, Fordyce Bank and Trust Company, Fordyce, Arkansas. (Reappointed) Louisville JOHN G. RUSSELL, President, The Peoples First National Bank & Trust Company of Paducah, Paducah, Kentucky. Mr. Russell succeeds M. C. Minor, President, The Farmers National Bank of Danville, Danville, Kentucky. W. SCOTT MCINTOSH, President, State Bank of Hardinsburg, Hardinsburg, Indiana. (Reappointed) Memphis SIMPSON RUSSELL, President, The National Bank of Commerce of Jackson, Jackson, Tennessee. Mr. Russell succeeds John A. McCall, President, The First National Bank of Lexington, Lexington, Tennessee. JOHN E. BROWN, President, Union Planters National Bank of Memphis, Memphis, Tennessee. (Reappointed) Minneapolis (two-year term) Helena O. M. JORGENSON, Chairman, Security Trust & Savings Bank, Billings, Montana. Mr. Jorgenson succeeds A. W. Heidel, President, Powder River County Bank, Broadus, Montana. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 23 Kansas City (two-year terms) Denver STEWART COSGRIFF, President, The Denver National Bank, Denver, Colorado. Mr. Cosgriff succeeds Merriam B. Berger, Vice President, The Colorado National Bank of Denver, Denver, Colorado. Oklahoma City C. P. STUART, President, The Fidelity National Bank and Trust Company, Oklahoma City, Oklahoma. Mr. Stuart succeeds George R. Gear, President, The City National Bank of Guymon, Guymon, Oklahoma. Omaha GEORGE J. FORBES, President, Bank of Laramie, Laramie, Wyoming. (Reappointed) C. WHEATON BATTEY, President, The Continental National Bank of Lincoln, Lincoln, Nebraska. (Reappointed) Dallas El Paso JOHN P. BUTLER, President, The First National Bank of Midland, Midland, Texas. (Reappointed) FLOYD CHILDRESS, Vice President, The First National Bank of Roswell, Roswell, New Mexico. (Reappointed) Houston W. B. CALLAN, President, The Victoria National Bank, Victoria, Texas. (Reappointed) L. R. BRYAN, Jr., Vice Chairman of the Board and Chairman of the Executive Committee, Bank of the Southwest National Association, Houston, Houston, Texas. (Reappointed) San Antonio DONALD D. JAMES, Vice President, The Austin National Bank, Austin, Texas. Mr. James succeeds V. S. Marett, President, The Citizens National Bank of Gonzales, Gonzales, Texas. J. W. BERETTA, President, First National Bank of San Antonio, San Antonio, Texas. (Reappointed) San Francisco (two-year terms) Los Angeles JOE D. PAXTON, Chairman of the Board, County National Bank and Trust Company of Santa Barbara, Santa Barbara, California. (Reappointed) Portland C. B. STEPHENSON, President, The First National Bank of Portland, Portland, Oregon. Mr. Stephenson succeeds E. C. Sammons, President, The United States National Bank of Portland, Portland, Oregon. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

24 FEDERAL RESERVE BULLETIN • JANUARY 1958 Salt Lake City OSCAR HILLER, President, Butte County Bank, Arco, Idaho. Mr. Hiller succeeds Harry Eaton, President, Twin Falls Bank and Trust Company, Twin Falls, Idaho. Seattle IOSHUA GREEN, JR., President, Peoples National Bank of Washington, Seattle, Washington. Mr. Green succeeds Charles F. Frankland, President, The Pacific National Bank of Seattle, Seattle, Washington. FEDERAL RESERVE MEETING CHANGES IN THE BOARD'S STAFF A meeting of the Federal Open Market Com- Mr. Jerome W. Shay was appointed Legislative mittee was held in Washington on January 7, 1958. Counsel effective January 1, 1958. He joined the staff of the Legal Division in 1937 and had REDUCTION IN MARGIN REQUIREMENTS been serving as Assistant General Counsel since On January 15, 1958, the Board of Governors of January 1, 1956. the Federal Reserve System amended Regulations Mr. Shay succeeded Mr. Alfred K. Cherry, who retired as Legislative Counsel on December T and U, relating respectively to margin require- 31, 1957. Mr. Cherry became associated with ments of brokers and banks, by reducing margin the Board of Governors in 1933 as an Assistant requirements from 70 per cent to 50 per cent, Counsel. He was appointed Legislative Counsel effective January 16, 1958. The reduced requirein 1952. ments apply to both purchases and short sales. Mr. Joseph E. Kelleher was appointed Director No other change was made in the regulations. of the Division of Administrative Services on January 1, 1958. A member of the Board's EARNINGS AND EXPENSES OF THE FEDERAL RESERVE BANKS IN 1957 AND 1956 organization since 1937, he had served as As- A condensed comparative statement of earnings sistant Director of the Division since 1951. and expenses of the Federal Reserve Banks in 1957 Mr. Kelleher succeeded Mr. Liston P. Bethea, and 1956 is shown below. A detailed statement who retired as Director of the Division of Adof earnings and expenses of each Federal Reserve ministrative Services on December 31, 1957. Bank in 1957 will appear in the February Federal Mr. Bethea was appointed Assistant Secretary Reserve BULLETIN. of the Board in 1933, and had been Director of the Division of Administrative Services since 1944. Thousands of dollars In the Division of Research and Statistics, ef- Item fective January 1, 1958, the titles of Mr. Albert R. 1957 1956 Koch, Mr. Kenneth B. Williams, and Miss Current earnings 763,348 595,649 Susan S. Burr were changed from Assistant Direc- Current expenses 131,814 121,182 tor to Associate Adviser; and the title of Mr. Current net earnings 631,534 474,467 Lewis N. Dembitz was changed from Assistant Additions to current net earningsl 1,580 359 Director to Research Associate. Deductions from current net earnings 8,721 383 In the Division of International Finance, ef- Net deductions 7,141 24 fective January 1, 1958, Mr. A. B. Hersey, Net earnings before payments to U. S. Treasury. 624,393 474,443 Mr. J. Herbert Furth, and Mr. Robert L. Paid U. S. Treasury (interest on F. R. notes).. 542,708 401,555 Dividends paid 20,081 18,905 Sammons were appointed Associate Advisers. Transferred to surplus (Sec. 7) 61,604 53,983 Mr. Hersey joined the Board's staff in 1935. I After a break in service of approximately two i Includes net profits of $167,000 in 1957 and $268,000 in 1956 on and one-half years, during which time he was sales of U. S. Government securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENT EVENTS AND ANNOUNCEMENTS 25 employed by the Office of Strategic Services, ERROR IN DECEMBER 1957 BULLETIN he rejoined the Board's staff in December 1945, Some copies of the December 1957 BULLETIN and has been continuously engaged in work in contained an error in the article describing the the international area. revision of the department store indexes. The Mr. Furth joined the Board's staff in 1943, formula shown in the section on adjustment of and has served in a number of capacities in the sales indexes, page 1327, should read as follows: Division of International Finance. *—po-sri Mr. Sammons joined the Board's staff in 1956. Prior to his association with the Board, he had extensive experience with the United States Department of Commerce and also with the Puerto Rico Planning Board in San Juan. ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following State bank was admitted to member- CHANGE IN YIELD SERIES FOR UNITED STATES ship in the Federal Reserve System during the GOVERNMENT BONDS period November 16, 1957 to December 15, 1957: Beginning with this issue of the BULLETIN, a consolidated series of average yields on long-term Florida United States Government bonds will be pub- Jacksonville . Florida Northside Bank of lished regularly in the table "Bond and Stock Jacksonville Yields" (page 49). This series, which replaces the so-called "New" and "Old" series previously shown TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY (page 1385 of the BULLETIN for December 1957), Latest BULLETIN Reference includes all bonds due or callable in 10 years or Semiannually Issue Page more. Under the previous breakdown the "Old" Banking Offices: series, after December 1957, would have con- Analysis of changes in number of. . . Aug. 1957 974 On, and not on, Federal Reserve Par tained only a single unrepresentative issue, the 4 List, number of Aug. 1957 975 per cent bond of 1969. Annually Earnings and expenses: For comparisons with earlier periods, the con- Federal Reserve Banks Feb. 1957 210-211 Member banks: solidated yield series has been calculated back Calendar year June 1957 710-718 First half of year Nov. 1956 1248 through April 1953, when the first postwar long- Insured commercial banks June 1957 719 Banks and branches, number of, by class term bond (the 3V4 per cent bond of 1978-83) was and State Apr. 1957 472-473 Operating ratios, member banks June 1957 720-722 issued and the "New" series was initiated. Annual, Stock Exchange firms, detailed debit and monthly, and weekly averages for the consolidated credit balances Mar. 1957 336 Banking and monetary statistics, 1956.. 1957 214-220 series for 1953-57 are shown on page 84 of this 1957 582-585 Summary flow-of-funds accounts, BULLETIN. 1954-56 Oct. 1957 1190-1194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication January 15 Industrial production and employment con- equipment lines continued to fall. Auto assemblies tinued to decline in December, and unemployment were down 10 per cent, and current production rose further. Construction activity was maintained schedules for January indicate little change from at an advanced level, and retail sales increased December. Output of furniture and television sets, slightly. From mid-December to mid-January, which had declined earfier, showed little change in prices of industrial commodities were stable, while December. both wholesale and retail prices of foods advanced. Activity in the textile, apparel, and rubber indus- Substantial expansion of bank credit in December tries declined somewhat further in December, was followed by contraction in early January. while output of paper, chemical, and refined Yields on Government securities and corporate petroleum products apparently held steady. Probonds declined further. duction of bituminous coal and metal ores was reduced, and output of crude petroleum rose INDUSTRIAL PRODUCTION slightly. Output of factories and mines in December, as CONSTRUCTION measured by the Board's seasonally adjusted index of industrial production, was 136 per cent of the Private housing starts declined to a seasonally 1947-49 average, 3 points or 2 per cent below adjusted annual rate of 970,000 units in December, November and 7 per cent below a year earlier. and totaled about 990,000 units for 1957. Outlays For the year 1957 industrial production averaged for new construction continued to change little in 143, the same as for 1956. December, at a seasonally adjusted annual rate of Steel ingot output declined sharply further in $48.6 billion. December and early January, to a level about 40 EMPLOYMENT per cent below a year earlier and moderately below Seasonally adjusted employment declined further the 1947-49 average. Production of lumber and in most manufacturing and nonmanufacturing inother construction materials also was curtailed dustries in December. At 51.9 million, total nonfurther. Output of farm machinery and trucks was farm employment was down 340,000 from Novemreduced in December, and activity in most other ber and 650,000 from a year earlier. The average factory workweek, which usually rises somewhat INDUSTRIAL PRODUCTION in December, was unchanged at 39.3 hours, and 1947-49-100 average hourly earnings continued at $2.11. Unemployment rose 200,000 further, to 3.4 million, and was about 700,000 higher than a year earlier. DISTRIBUTION Seasonally adjusted retail sales increased slightly in December and, while 2 per cent below the summer peak, were 2 per cent above December 1956. For the year, sales totaled 5 per cent above 1956. In December, sales declined at automotive outlets but they recovered further at department stores and rose at some other nondurable goods outlets. Total business inventories declined further in November, reflecting decreases in manufactur- Federal Reserve indexes, seasonally adjusted. Monthly figures, ing industries. latest shown are for December. 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 27 COMMODITY PRICES ing, loans to public utilities, petroleum and chemical concerns, and metals manufacturers also rose. The general level of wholesale commodity prices In early January, total bank credit declined. advanced somewhat from mid-December to mid- During late December and early January, mem- January, reflecting mainly further increases in liveber banks had free reserves for the first time since stock and meats. Due in part to much smaller than early 1957, as excess reserves averaged about $50 usual marketings of meat animals at this time of million more than average borrowings from the year, prices are about one-fifth above a year ago. Federal Reserve. In late December, System pur- While copper prices were reduced, prices of inchases of U. S. Government securities, mainly dustrial materials and finished products generally under repurchase agreements, supplied a substancontinued to change little. tial volume of reserves. In early January, reserves The consumer price index rose in November, supplied through currency inflows and reductions reflecting mainly introduction of 1958 model autos in required reserves were offset by drains from at higher list prices and smaller dealer discounts to reductions in float and in System holdings of U. S. buyers. Prices of services and fuels continued to Government securities. rise, while foods declined further. Since mid- November, retail as well as wholesale prices of SECURITY MARKETS meats have advanced. Yields on U. S. Government securities and on corporate and State and local government bonds BANK CREDIT AND RESERVES continued to decline from mid-December to mid- Total loans and investments at city banks rose January. Long-term Treasury yields declined almost $3 billion during December, mainly re- more moderately than earlier, while yields on interflecting expansion in business and security loans mediate and short-term issues moved sharply and in holdings of U. S. Government securities. lower, reflecting in part seasonal easing of reserve While sales finance companies accounted for a factors around the turn of the year. Common stock substantial part of the increase in business borrow- prices fluctuated within a narrow range. RETAIL TRADE 1947-49-100 RESERVES AND BORROWINGS-ALL MEMBER BANKS TOTAL RETAIL SALES Billions of dollars J1MI1 I I I I I I I I I I I i I I I M i I I I I i I I I I I i i I 1 I i I I I I I I l DEPARTMENT STORES -I.I;i i i i i n i t I t 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 I I i I i I i i i i i i i Federal Reserve indexes, seasonally adjusted; retail sales based on Department of Commerce data. Monthly figures; Federal Reserve data. Free reserves are excess reserves latest shown for department store stocks is November, for other less borrowings. Weekly averages, latest shown are for week series, December. ending Jan. 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items. 31 Reserve Bank discount rates; reserve requirements; margin requirements. 34 Federal Reserve Banks. . . 35 Bank debits; currency in circulation. . .. 38 All banks: consolidated statement of monetary system; deposits and currency 40 All banks, by classes... 41 Commercial banks, by classes. 44 Weekly reporting member banks. 46 Commercial loans; commercial paper and bankers' acceptances. 48 Interest rates. . .. 49 Security prices; stock market credit. 50 Savings institutions . 51 Federal business-type activities. 52 Federal finance. . 54 Security issues. 58 Business finance 59 Real estate credit . 61 Short- and intermediate-term consumer credit. 64 Selected indexes on business activity. 68 Production 69 Employment and earnings. 76 Department stores. 78 Foreign trade . . .. 79 Wholesale and consumer prices . 80 National product and income series. 82 Yields on long-term bonds of the United States government 84 Tables published in BULLETIN, annually or semiannually—list, with references 25 Index 111 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. 29 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 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT 25 BOUGHT OUTRIGHT U. S. GOVERNMENT SECURITIES*. 20 HELD UNDER"] 2 REPURCHASE AGREEMENTS A A I ^ 0 J DISCOUNTS AND ADVANCES 2 0 n • FEDERAL RESERVE FLOAT I i i 2 0 1951 1952 1953 1954 1955 1956 1957 Latest averages shown are for week ending Dec. 25. See p. 31. 30 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 e W nd e i e n k g T U o . t a S l . G B o r o o i v u g u t h t . g - t h se t cu r u c H r e n h 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 n d - - e ts s Float Total i s G to o c ld k T r s c o e t u i r a u n n u e r n g r c y t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r a i y t s h - r F es . F e e o i R r g r v . n - e B s, a O nk th s er c O F o . a t u c h R - n e t . r s Total r q e u s R e ir e r - e v d e J s 2 c E e x s - s2 agreement Averages of daily figures 1956 Nov. 7. 23,824 23,766 58 828 1,08425,762 21,909 5,054 30,963 781 501 284 345 84719,004 18,443 561 Nov. 14. 23,940 23,882 58 945 1,040 25,954 21,910 5,056 31,141 773 446 321 397 84518,996 18,377 619 Nov. 21. 24,033 23,959 74 662 1,54326,266 21,910 5,055 31,269 771 441 303 292 84419,311 18,701 610 Nov. 28. 24,202 24,110 92 631 1,51426,374 21,910 5,056 31,355 772 436 307 252 84319,375 18,754 621 Dec. 5. 24,404 24,287 117 460 1,26826,165 21,953 5,060 31,451 770 408 344 228 910 19,068 18,682 386 Dec. 12. 24,652 24,493 159 709 1,22626,633 21,924 5,062 31,660 775 357 342 264 1,00119,220 18,653 567 Dec. 19. 24,785 24,489 296 555 1,83527,223 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 31,992 765 635 393 258 024 19,790 19,086 704 1957 Jan. 2 24,994 24,610 384 925 1,53727,524 21,949 5,066 31,829 777 395 374 335 97319,856 19,110 746 Jan. 9 24,688 24,601 87 535 1,539 26,809 21,949 5,066 31,479 783 352 323 287 89919,701 18,971 730 Jan. 16 24,293 24,293 348 1,278 25,954 21,950 5,066 31,108 786 293 320 267 89719,300 18,765 535 Jan. 23 23,811 23,811 347 1,44625,636 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 30,609 812 471 297 201 129 18,654 18,205 449 Mar. 20. 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 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 30,589 517 294 314 ,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 30,610 791 456 390 454 202 19,201 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 30,589 795 504 366 275 078 18,984 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. 22,91' 22,915 793 1,34125,070 22,320 5,098 30,645 790 525 362 273 ,07418,818 18,284 534 May 29. 22,930 22,901 29 903 97924,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5. 23,110 22,950 160 902 95424,987 22,620 5,104 30,837 792 485 357 323 ,07218,846 18,378 468 June 12. 22,972 22,926 46 1,059 93624,988 22,621 5,106 30,903 791 463 379 276 ,06918,834 18,330 504 June 19. 22,930 22,880 50 1,089 ,38425,424 22,621 5,106 30,904 782 518 389 335 ,07619,148 18,546 602 June 26. 22,951 22,888 63 1,003 ,32025,294 22,622 5,106 30,849 776 477 407 254 ,08719,171 18,625 546 July 3 23,098 23,031 67 1,068 ,19825,387 22,623 5,107 31,150 763 546 420 296 ,07718,865 18,521 344 July 10 23,443 23,260 183 1,213 ,11125,792 22,623 5,108 31,313 765 431 339 290 ,07719,308 18,732 576 July 17 23,319 23,252 67 1,062 ,23625,641 22,625 5,108 31,184 770 455 413 279 ,07319,200 18,636 564 July 24 23,342 23,235 107 739 1,35125,456 22,625 5,108 30,999 774 507 385 267 ,07019,189 18,568 621 July 31 23,360 23,084 276 553 99824,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 Aug. 7 23,116 23,078 38 1,060 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 97725,133 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 1,44:25,719 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 31,039 776 493 356 253 112 19,034 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 ,11019,068 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 5,13" 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 23,282 752 1,43025,489 22,757 5,137 31,336 801 503 315 386 ,05418,987 18,459 528 Nov. 27.. 23,318 23,167 151 777 1,20925,325 22,76: 5,139 31,431 794 469 301 294 030 18,907 18,461 446 Dec. 4. 23,732 23,480 25: 626 1,005 25,387 22,763 5,141 31,668 770 305 291 191 1,04119,023 18,580 443 Dec. 11. 23,886 23,574 312 676 1,02025,617 22,766 5,142 31,827 769 318 318 186 1,0"8"0 19,027 18,600 427 Dec. 18. 23,907 23,600 307 751 1,525 26,218 22,770 5,143 31,973 768 339 334 183 1,05019,483P18,849 *634 Dec. 25. 23,950 23,617 333 786 1,894 26,687 22,770 5,145 32,089 764 483 359 179 1,06119,666^18,957 P709 * Preliminary. For other notes see following page. 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

32 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves P d e o a ri r t o e d T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r u c H r e h n i p t e a d i u l e s e d r s e r - c v D o a a a n u n i d s c n d - - e ts s Float Total s G to o c ld k r s c o e u t i a u n n u r n r y c g t - - d y - r c C t e c u i i n u i o n l r c a n r - - y - T h c i u o 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 o i R g r . n - Ba O nk th s er c O F o . a t u c h R - n e t . r s Total qu R i e re - d2 c E e x ss - 2 agreement Averages of daily figures 1956 Dec 24,765 24,498 267 706 1,63327,156 21,942 5,064 31,775 772 463 372 247 99819,535 18,883 652 1957 Jan 24,092 24.056 36 432 .34325.905 21.989 5.067 31,040 794 335 323 276 89619,295 18,773 522 Feb 23,111 23,083 28 665 .10624.912 22,279 5.071 30,595 817 336 335 294 1,07118,816 18,302 514 Mar 23,061 22,997 64 859 ,02424.968 22,305 5.081 30,568 812 423 316 216 ,13518,884 18,366 518 Apr 23,239 23.121 118 1.036 ,11025.411 22,313 5,090 30,614 803 429 348 339 .19519,087 18,580 507 May 23,041 22,996 45 931 .04625.041 22,358 30,645 792 521 361 276 .07518,827 18,362 465 June 22,989 22.917 72 1.009 .17025.189 22,621 30,902 782 490 393 290 ,07718,982 18,485 497 July 23.351 23.198 153 917 ,17525.466 22,625 31,116 769 480 377 279 ,04819,129 18,595 534 Aug 23,146 23,129 17 1.010 98925,166 22,626 31,035 764 490 349 273 ,16318,834 18,300 534 Sept 23,325 23,302 23 994 .14725.489 22,627 31,143 763 547 378 271 .18018,956 18.434 522 Oct 23,348 23.252 96 818 .14325.326 22,660 31,109 780 495 338 258 ,09719,040 18.573 467 Nov 23.417 23.276 141 810 J26 25.373 22.743 '31,335 '793 464 322 337 .04418.958 18,447 511 Dec 23,982 23,615 367 716 ,44326,186 22,769 5,144 31,931 769 385 345 186 .06319,420 Midyear or year-end 1929—June.... 216 148 68 1.037 52 1,400 4,037 2,019 4.459 204 36 6 21 374 2,356 2,333 23 1933_june.... 1.998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2.484 2,484 7 91 2,593 17.644 2,963 7.598 2,409 634 397 256 25111,653 6,444 5,209 1941 _Dec 2,254 2 254 3 94 2.361 22.737 3,247 11,160 2,215 867 774 586 29112.450 9,365 3,085 1945—Dec 24,262 24^262 249 57825.091 20,065 4.339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22.559 85 53523,181 22,754 4.562 28.868 1,336 870 392 569 56317,899 16,400 1,499 1950—Dec 20,778 20.725 53 67 1,36822,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1952—Dec 24.697 24.034 663 156 96725,825 23,187 4,812 30.433 1,270 389 550 455 77719,950 20,520 -570 1954—Dec 24.932 24 888 44 143 80825.885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—Dec 24.785 24.391 394 108 1.58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—June.... 23,758 23,712 46 23 1,21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 End of month 1956 Dec. 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 90119,059 19,089 -30 1957 Jan 23,421 23,421 668 1,07625,195 22,252 5,071 30,614 809 715 344 263 891 ,882 18,517 365 Feb 22.887 22.854 33 595 1,19624,704 22,304 5.076 30,575 809 458 327 206 ,133 ,576 18,294 282 Mar 23,149 23 040 109 994 80324,970 22.306 5,086 30,585 804 591 311 304 ,137 ,629 18,512 117 Apr 23,169 23J69 829 93624.960 22,318 5,094 30,519 791 509 316 294 ,079 ,864 18,588 276 May 23,108 22.950 158 1,170 92625.224 620 30.836 788 568 360 274 ,072 ,049 18,351 698 June 23.035 22.994 41 558 1,19924.816 623 31,082 758 498 449 308 ,075 ,376 18,543 -167 July 23,355 23.079 276 420 89624.691 627 5,111 30,933 759 504 364 296 942 ,630 18,520 110 Aug 23,539 23.475 64 986 86525,418 626 5,118 31,133 752 477 342 285 .198 ,975 18,305 670 Sept 23.312 23.312 396 89824.622 635 5,125 31,073 773 429 337 261 .111 ,399 18,694 -295 Oct 23,338 23.218 120 789 1,06225,206 691 5,135 31,090 784 552 378 256 ,056 ,917 18.541 376 Nov 23.733 23.448 285 819 94225.515 ,763 5,139 31.661 761 243 283 196 .000 .274 18.578 696 Dec 24,238 23,719 519 55 1,42425,784*>22,781^5,146 31.815 481 356 246 998 ,034^19,034 Wednesday 1957 Oct. 2 23,461 23,313 148 674 96325,115 22,645 5,126 31,056 774 448 367 260 ,11118,870 18,788 82 Oct. 9 23,461 23,313 148 684 88525,047 22,655 5,127 31,145 786 504 337 253 ,11118,692 18,572 120 Oct. 16 23.312 23,259 53 589 1.29325,211 22,665 5,130 31,156 781 543 326 261 ,11018.828 18.623 205 Oct. 23 23.228 23.228 646 1,11525.006 22,668 5,131 31,033 786 484 302 258 ,10818.833 18,496 337 Oct. 30 23,235 23,174 61 787 86324,902 22,678 5,134 31,020 792 458 391 231 ,05618,766 18,524 242 Nov. 6 23.570 23,332 238 689 65124,927 22,710 5,136 31,181 800 418 353 250 .05618,714 18.446 268 Nov. 13 23,405 23,332 73 450 95024,824 22,735 5,136 31,334 800 482 323 337 .05518.364 18,361 3 Nov. 20 23,235 23.235 1.054 1.33625,643 22,761 5,138 31,315 804 541 304 392 .05419,133 18,471 662 Nov. 27 23,576 23,352 '224 607 93525,139 22,762 5,141 31,628 784 430 283 178 ,00018,739 18,492 247 Dec. 4 23.778 23.555 223 498 1,01925,321 22,763 5,141 31.716 773 244 308 182 .09518.907 18.667 240 Dec. 11 23.872 23,600 272 972 96125,836 22,770 5,142 31,878 770 333 330 182 .04119,214 18.737 477 Dec. 18 23,863 23.600 263 731 1,92326,559 22,770 5,144 32.002 776 488 344 175 .06319,625^19,049 ^576 Dec. 25 24.020 23.636 384 794 1,52026,394 22,770 5,145 32.131 759 346 386 180 .06219,444^18,880 ^564 Dec. 313 24.238 23.719 519 55 1,42425,784^22,781^5,146 1 ^780 481 356 246 99819,034^19,034 p Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances: these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday 3 Tuesday. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 33 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.1 In millions of dollars] Central reserve Central reserve Item and period m A b e e l m r l - city banks s c R e i r e t v y - e C ba o tr n u y k n s - Item and period m A b e e m l r l - city banks s c R e i r e t v y - e C ba o tr n u y k n s banks New Chi- banks New Chi- banks York cago York cago Total reserves held: Excess reserves:2 1956—Nov 19,169 4,244 ,122 7,960 5,843 1956—Nov 590 13 3 83 491 Dec 19,535 4,448 ,149 8,078 5,859 Dec 651 57 12 96 1957—Jan 19,295 4,316 ,126 7,996 5,857 1957—Jan 523 -10 -2 58 478 Feb 18,816 4,205 ,107 7,781 5,722 Feb 514 5 66 443 Mar 18,884 4,341 ,102 7,746 5,696 Mar 518 14 4 60 440 Apr 19,087 4,307 ,097 7,921 5,762 Apr 506 -1 — i 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 Nov 18,958 4,162 ,101 7,849 5,847 Nov 512 16 1 63 432 Week ending: Week ending: 1957_Nov. 20 18,987 4,133 ,101 7,848 5,904 Nov. 20 528 8 1 40 479 Nov. 27 18,907 4,165 ,107 7,856 5,780 Nov. 27 447 13 1 66 367 Dec. 4 19,023 4,276 ,107 7,851 5,789 Dec. 4 444 32 _1 42 371 Dec. 11 19,027 4,234 ,110 7,874 5,809 Dec. 11 428 H 50 384 Dec. 18 19,483 4,362 ,126 8,009 5,986 Dec. 18 ^635 23 3 58 Dec. 25 19,666 4,327 ,153 8,155 6,032 Dec. 25 ^710 16 9 87 ^598 Required reserves:2 Borrowings at Federal Reserve Banks: 1956—Nov 18,579 4,231 ,119 7,877 5,352 Dec 18,883 4,392 ,138 7,983 5,371 1956_Nov. 744 226 143 276 99 Dec. 688 147 97 300 144 1957_jan 18,773 4,327 ,129 7,938 379 Feb 18,302 4,200 ,107 7,715 279 1957- -Jan 407 30 38 229 110 Mar 18,366 4,326 ,098 7,686 256 Feb 640 129 53 314 144 Apr 18,580 4,308 ,097 7,855 320 Mar 834 116 257 302 159 May 18,362 4,221 ,098 7,739 305 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 June 1,005 200 46 531 228 Aug 18,300 4,152 ,121 7,722 July 917 186 34 519 177 Sept 18,434 4,203 ,117 7,749 Aug 1,005 308 28 468 201 Oct 18.573 4,231 ,116 7,797 Sept 988 263 120 485 121 Nov 18,447 4,147 [,100 7,786 5,414 Oct 811 141 115 423 127 Nov 804 96 123 405 181 Week ending: 1957_Nov. 20 18,459 4,126 1,100 7,808 5,425 Week ending: Nov. 27 18,461 4,152 1,106 7,790 5,413 Nov. 20 747 130 c107 360 c150 Nov. 27 772 74 82 409 207 Dec. 4 18,580 4,244 1,109 7,809 5,418 Dec. 11 18,600 4,241 1,109 7,825 5,425 Dec. 4 618 67 329 222 Dec. 18 P18.849 4,340 1,123 7,951 ^5,435 Dec. 11 669 34 83 322 230 Dec. 25 ^18,957 4,311 1,144 8,067 ^5,435 Dec. 18 745 214 73 282 176 Dec. 25 781 297 90 252 142 November 1956 Free reserves:2 4 Deposits: 1956—Nov -154 -214 -140 -193 393 Dec -37 -90 -85 -204 344 Gross demand deposits: Total 117.919 23,320 6,067 46,198 42,334 1957—Jan 117 -40 -40 -172 369 Interbank 13,608 4,289 1,269 6,659 1,391 Feb -126 -123 -53 -249 299 Other 104,311 19,031 4,799 39,539 40,942 Mar -316 -101 -253 -242 280 Net demand deposits3 . . 100,845 20,316 5,272 39,078 36,180 Apr -505 -300 -210 -263 269 Time deposits 41,717 3,353 1,294 16,860 20,209 May.... -444 -104 -165 -367 192 Demand balances due June... . -508 -185 -48 -486 210 from domestic banks. 6,716 74 105 2,016 4,521 July -383 -181 -28 -452 278 Aug -471 -289 -26 -400 244 Sept. -467 -254 -115 -433 335 November 1957 Oct -344 -141 -115 -389 301 Nov -293 -80 -123 -342 251 Gross demand deposits: Week ending: Total 116,048 23,032 5,933 45,206 41,877 Nov. 20. -219 -122 c-106 -320 Interbank 13,001 4,205 1,182 6,228 1,387 Nov. 27. -325 -61 -81 -343 160 Other 103,047 18,828 4,752 38,978 40,490 Net demand deposits3 . . 98,943 19,816 5,168 38,105 35,853 Dec. 4. -174 32 -68 -287 149 Time deposits 45,770 3,666 1,330 18,533 22,241 Dec. 11. -241 -41 -82 -272 154 Demand balances due Dec. 18. -191 -70 -224 from domestic banks. 6,441 67 100 1,947 4,327 Dec. 25. P-71 -281 -81 -165 c Corrected. v 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

34 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y co G un o t v s e o rn f m an e d nt Other secured advances t b o io b a n n li s k g s o a t t s i h o e e c n r u s r t e h o d a f n t b h y m e e d U m ir . e b S c e t . r 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 Dec. 31 beginning— rate Dec. 31 beginning— rate Dec. 31 beginning— rate Boston Nov.19, 1957 Nov. 199,, 1957 4 Nov. 19,1957 New York... Nov.15, 1957 1'5", 1957 3*4 Nov. 15,1957 Philadelphia.. Nov.22, 1957 22,1957 k Aug. 9,1957 Cleveland.... Nov.29, 1957 29,1957 Nov. 29,1957 Richmond. . . Nov.15, 1957 15,1957 Aug. 19,1957 Atlanta Nov.15, 1957 15,1957 Aug. 13,1957 Chicago Nov.29, 1957 29,1957 Aug. 9,1957 St. Louis Nov.15, 1957 15,1957 h4% Nov. 15,1957 Minneapolis.. Nov.22, 1957 2222, 11957 Aug. 9,1957 Kansas City.. Nov.22, 1957 '. 221, 9157 Nov. 22,1957 Dallas Dec. 2, 1957 Dec. 2, 11957 Aug. 13,1957 San Francisco Nov.29, 1957 Nov. 29, 1]957 4% Aug. 15,1957 4% i 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 hinder banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930— J D M M F u e e n a a b c y r e . . . 2 2 1 0 2 4 7 4 h 2% 1 1 1 1 9 9 9 9 5 4 4 5 0 6 8 3 — — — — A A A J J a a u u p n n g g r . . . . . 2 2 1 1 1 5 1 3 2 6 s 1 1 % Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 1931—May 8 1954_Feb. 5 banks O O c c t t . . 1 9 6 f1% 1955— A A p p r r . . 1 1 6 5 1932—Feb. 26 Aug. 5 2 4 1917—June 21 13 10 7 3 1933— J M un a e r. 24 3 N Se o p v t . . 1 9 8 2VA 1936—Aug. 16 19Vi 15 10% P 4% A M p a r y . 2 7 6 2 3 % % 1956— A A u p g r. . 2 1 4 3 1937— M M a a y r. 1 1 2 2 2 6 % S* 1 1 2 4 % I* Oct. 20 1957—Aug. 23 3 1934_Feb. 2 2% Nov. 15 1938—Apr. 16 2234 12 1937—Aug. 27 17% 5 5 1942—Oct. 30 1 2% % In effect Jan. 1, 1958 3 1 19 9 4 4 2 1 — _N S A e o u p v g t . . . 2 1 0 1 4 2 2 2 4 2 6 20 14 6 6 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 7% 7% 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* 19% 13 5 1957—Aug. 22, 3.50. Aug. 16, 18*.... 19 12 5 Aug. 25 18% Sept. 1 18 MARGIN REQUIREMENTS i 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 Jan. 4, Apr. 23, Effec- Prescribed in accordance with 1955- 1955- tive 1954—June 16,24*.... 21 5 5 Securities Exchange Act of 1934 Apr. 22, Jan. 15, Jan. 16, July 29, Aug. 1*. 20 18 12 1955 1958 1958 In effect Jan. 1, 1958... 20 18 12 5 5 Regulation T: Present statutory re- For extensions of credit by brokers and quirements: dealers on listed securities 60 70 50 Minimum 13 10 7 3 3 For short sales 60 70 50 Maximum 26 20 14 6 6 Regulation U: For loans by banks on stocks 60 70 50 i Demand deposits subject to reserve requirements which, beginning- Aug. 23, 1935, have been total demand deposits minus cash items in i Regulations T and U limit the amount of credit that may be extended process of collection and demand balances due from domestic banks (alsoon 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. Change on Jan. 4, 1955, was effective after the close other dates (usually Thursdays) are at central reserve city or reserve city of business on that date. banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 35 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1957 1957 1956 Dec. 311 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Dec. Nov. Dec. Assets Gold certificate account 21,215,392 21,215,392 21,217,393 21,226,392 21,218,392 21,215,392 21,219,392 20,374,393 Redemption fund for F. R. notes.. 869,249 869,254 867,254 860,592 860,240 869,249 863,150 894,951 Total gold certificate reserves. 22,084,64122,084,646 22,084,647 22,086,984 22,078,63222,084,64122,082,54221,269,344 F. R. notes of other Banks 443,288 345,109 351,987 345,344 334,069 443,288 310,108 350,598 Other cash 338,622 306,288 308,829 325,069 328,800 338,622 348,015 306,196 Discounts and advances: For member banks 50,364 788,709 725,353 961,043 492,155 50,364 813,907 25,027 For nonmember banks, etc 5,000 5,000 5,500 10,500 5,500 5,000 5,500 25,000 Industrial loans 482 499 507 498 522 482 548 794 Acceptances—Bought outright 42,337 36,327 26,312 25,857 23,056 42,337 20,208 33,541 Held under repurchase agreement 23,351 23,631 15,519 4,710 2,616 23,351 35,222 U. S. Government securities: Bought outright: Bills 983,573 900,073 864,273 864,273 819,273 983,573 712,573 1,721,270 Certificates—Special Other 19,933,61219,933,61219,933,61219,933,61219,933,61219,933,61219,933,61210932,699 Notes 153,913 Bonds 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 2,801,750 801,750 Total bought outright 23,718,93523,635,435 23.599,63523,599,63523.554,635 23,718,935 23.447,935 24,609,632 Held under repurchase agreement. 519,350 384,200 263,800 272,800 223,600 519,350 285,500 305,100 Total U. S. Government securities. 24,238,28524,019,635 23,863,435 23,872,435 23,778,235 24,238,285 23,733,435 24,914,732 Total loans and securities 24,359,819 24,873,80124,636,626 24,875,04324,302,08424,359,819 24,573,59825,034,316 Due from foreign banks. 15 12 12 12 12 15 12 22 Uncollected cash items.. 5,494,735 5,583,515 6,497,394 4,677,961 4,856,253 5,494,735 4,891,486 ,623,921 Bank premises 83,763 83,895 83,585 83,452 83,358 83,763 83,363 73.361 Other assets 223,584 210,416 195,036 201,058 185,664 223,584 272,527 252,054 Total assets. 53,028,46753,487,682 54,158,116 52,594,92352,168,872 53,028,467 52,561,65152,909,812 Liabilities Federal Reserve notes 27,534,79127,710,67127,610,478 27,493,363 27,325,766 27,534,79127,260,056 27,475,657 Deposits: Member bank reserves 19,033 19,444,31419,625,04819.213,93118,907,39319,033,79519,274,04119,058,790 U. S. Treasurer—general account.. 480 346 487,738 332,774 244,361 480.810 243,487 441,243 Foreign 356 386 344,069 330,147 307,569 356,342 282,875 322,294 Other 246 180; 174,823 182,036 182,393 246,284 195,946 426,325 Total deposits. 20,117,231 20,357,06120,631,678 20,058,888 19,641,71620,117,231 19,996,34920,248,652 Deferred availability cash items 4,070 4,063,252 4,574,829 ,716.869 3,837,323 4,070,844 3,949,744 ,959,006 Other liabilities and accrued dividends2 . 14 25,750 24,692 24,409 24,230 14,948 23,639 17,279 Total liabilities 51,737,814 52,156,734 52,841,677 51,293,529 50,829,035 51,737,814 51,229,788 51,700,594 Capital Accounts Capital paid in. 345,106 344,587 343.643 342,150 341,860 345,106 341,672 325,602 Surplus (Section 7). . . . 809,198 747,593 747,593 747,593 747,593 809,198 747,593 747,593 Surplus (Section 13b). . 27,543 27,543 27.543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 108,806 211,225 197,660 184,108 222,841 108,806 215,055 108.480 Total liabilities and capital accounts. !3,028,46753,487,682 54,158,116 52,594,923 52,168,872 53,028,467 52,561,651 52,909,812 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 46.3 45.9 45.8 46.4 47.0 46.3 46.7 44.6 Contingent liability on acceptances purchased for foreign correspondents 76,114 68,146 68,367 68,670 67,612 76,114 67,032 50,055 Industrial loan commitments 1,109 1,104 1,095 1,124 1,145 1,109 1,130 2,365 Maturity Distribution of Loans and U. S. Government Securities3 Discounts and advances—total 55,364 793,709 730,853 971,543 497,655 55,364 819,407 50,027 Within 15 days 46,700 785,010 721,418 959,422 484,753 46,700 779,775 24,130 16 days to 90 days 8,664 8,684 9,409 12,095 12,876 8,664 39,632 897 91 days to 1 year 15 26 26 26 25,000 Industrial loans—total 482 499 507 498 522 482 5481 794 Within 15 days 69 60 60 69 69 69 61 13 16 days to 90 days 20 29 29 20 61 20 69 61 91 days to 1 year 260 277 285 267 250 260 276 460 Over 1 year to 5 years •. 133 133 133 142 142 133 142 260 Acceotances—total 65,688 59,958 41,831 30,567 25,672 65,688 20,208 68,763 Within 15 days 34,371 32,317 22,394 10,518 7,022 34,371 3,211 42,232 16 days to 90 days 31,317 27,641 19,437 20,049 18,650 31,317 16,997 26,531 U. S. Government securities—total. 24,238,28524,019,635 23,863,435 23,872,435 23 778,23524,238,28523,733,435 24,914,732 Within 15 days 674,850 524,200 331,200 297,800 276,360 674,850 8,187,825 599,150 16 days to 90 days 6,335,066 6 267,066 6,303,866 333,773 6,261,013 6,335,066 6,162,313' ,439,220 91 days to 1 year 14,439,11214;439;il214,439,11214,451,60514,451,60514,439,112 6,594,040 ,074,612 Over 1 year to 5 years 1,374,400 ,374,400 ,374,400 680,635 680,635 ,374,400 680,635 373,279 Over 5 years to 10 years 56,610 56,610 56,610 750,375 750,375 56,610 750,375 ,013,614 Over 10 years 1,358,247 ,358,247 ,358,247 ,358,247 1,358,247 ,358,247 1,358,247 ,414,857 1 Tuesday. 3 Holdings under repurchase agreements are classified as maturing 2 No accrued dividends at end-of-December dates. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 1,010,595 5,522,2981,182,7301,943,7361,347,887 830,9213,805,144 908,740 390,876 843,470 808,0012,620,994 Redemption fund for F. R. notes 56,043 182,497 60,901 79,558 73,569 48,919 157,090 43,349 22,171 41,597 28,495 75,060 Total gold certificate reserves ,066,638 5,704,795 1,243,6312,023,2941,421,456 879,840 3,962,234 952,089 413,047 885,067 836,4962,696,054 F. R. notes of other Banks.. 31,701 95,949 38,556 28,480 45,902 56,404 37,731 17,588 23,008 10,162 21,148 36,659 Other cash 19,863 66,417 15,056 22,701 25,618 24,744 56,959 25,649 8,359 12,829 47,935 12,492 Discounts and advances: Secured by U. S. Govt. securities 450 3,290 5,140 3,750 4,010 3,050 8,750 250 6,909 14,565 200 Other 290 1,405 350 450 255 225 710 185 120 190 260 560 Industrial loans 285 173 24 Acceptances: Bought outright 42,337 Held under repurchase agreement 23,351 U. S. Govt. securities: Bought outright ,293,773 5,931,6551,384,545 2,083,4241,515,4741,228,570 4,140,164 980,896 511,8551,018,325 929,5212,700,733 Held under repurchase agreement 519,350 Total loans and securities. .. 1,294,798 6,521,3881,390,208 2,087,6241,519,7391,231,845 4,149,624 981,331 511,9991,025,424 944,346 2,701,493 Due from foreign banks 1 i 4 1 1 1 2 1 (2) 1 1 Uncollected cash items 467,096 1,173,568 345,425 490,271 421,538 466,237 887,537 188,651 136,191 238,904 223,368 455,949 Bank premises 5,010 10,664 4,514 9,678 6,996 6,497 6,823 6,138 5,307 4,903 6,260 10,973 Other assets 11,971 55,349 12,740 19,340 14,058 11,657 40,656 9,041 4,779 9,493 9,345 25,155 Total assets. 2,897,07813,628,134 3,050,1314,681,389 3,455,308 2,677,2259,141,5662,180,4881,102,690 2,186,446 2,053,7935,974,219 Liabilities F. R. notes 1,638,156 6,500,863 ,738,756 2,624,6532,188,2211,305,4205,334,2431,226,564 494,826 ,077,385 748,184 2,657,520 Deposits: Member bank reserves 5,716,993 874,7411,486,691 801,083 851,8812,905,986 699,440 433,491 804,111 996,2232,685,733 U. S. Treasurer—general account 38,077 68,734 30,221 45,778 47,161 41,231 62,021 25,982 18,515 41,690 30,868 30,532 Foreign 19,778 3 111,163 23,870 30,690 17,391 15,345 48,422 12,617 8,184 12,958 17,732 38,192 Other 3,106 12,954 5,483 5,156 3,974 10,423 2,560 1,336 3,436 2,167 44,726 150,963 Total deposits 838,383 6,047,853 941,7861,568,642 870,791 912,4313,026,852 740,599 461,526 862,1951,046,990 2,799,183 Deferred availability cash items 344,347 717,766 279,334 371,626 327,773 398,917 594,080 163,043 113,263 195,229 190,958 374,508 Other liabilities 549 5,367 623 1,484 587 492 2,475 439 628 480 572 1,252 Total liabilities 2,821,43513,271,8492,960,4994,566,4053,387,372 2,617,2608,957,6502,130,6451,070,2432,135,2891,986,704 5,832,463 Capital Accounts Capital paid in 17,742 102,215 21,192 32,514 15,695 16,562 46,570 11,577 7,426 13,781 19,405 40,427 Surplus (Sec. 7) 47,013 223,963 55,923 71,550 41,236 36,192 121,504 31,586 19,697 30,533 40,871 89,130 Surplus (Sec. 13 b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 7,877 22,788 8,028 9,914 7,656 6,449 14,413 6,159 4,251 5,706 5,506 10,059 Total liabilities and capital accounts 2,897,07813,628,134 3,050,1314,681,3893,455,3082,677,2259,141,566 2,180,4881,102,690 2,186,446 2,053,7935,974,219 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 43.1 45.5 46.4 48.3 46.5 39.7 47.4 48.4 43.2 45.6 46.6 49.4 Contingent liability on acceptances purchased for foreign correspondents 4 21,398 5,327 6,849 3,881 3,425 10,806 2,816 1,826 2,892 3,957 8,523 Industrial loan commitments. 26 77 66 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $54,716,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $245,179,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 37 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1957 1957 1956 Dec. 311 Dec. 25 Dec. 18 Dec. 11 Dec. 4 Dec. Nov. Dec. F. R. notes outstanding (issued to Bank). 28,643,286 28,609,818 28,602,757 28,493,20328,245,563 28,643,286 28,178,23428,532,527 Collateral held against notes outstanding: Gold certificate account 12,273,000 12,273,000 12,273,000 12,273,000 12,028,000 12,273,000 12,028,000 11,618,000 Eligible paper. 12,299 111,084 103,513 141,679 147,280 12,299 215,587 7,722 U. S. Government securities 17,165,000 17,165,000 17,165,000 17,165,000 17,145,000 17,165,000 16,995,000 17,605,000 Total collateral 29,450,299 29,549,084 29,541,513 29,579,679 29,320,280 29,450,299 29,238,587 29,230,722 EACH FEDERAL RESERVE BANK ON DECEMBER 31, 1957 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago 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 r is a a c n n o - F. R. notes outstanding (issued to Bank) 1,702,333 6 795,9451,800,7912,700,128 2',266,5461,374,7085,472,9191,280,689534,419 ,109,605 792,868 2,812,335 Collateral held: Gold certificate acct.. 700,000 3,270,000 640,0001,130,000 945,000 425,000 2,500,000 450,000130,000 300,000 283,000 1,500,000 Eligible paper 5,140 250 6,909 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,600,0001,350,0001,000,000 3,100,000 895,000 425,000 820,000 525,0001,500,000 Total collateral.... 1,850,000 6,870,0001,845,140 2,730,0002,295,000 425,000 5,600,0001,345,250 555,0001,126,909 808,0003,000,000 i Tuesday. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] Partici- Loans Loans Additional y E m e n a o d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o ns unt (a b p p m c u l r e o o t o t m v e n u e d - o n d i t t) ( s a t L a m o n o 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 t u a g m a o f n t t i i u o i i n d o o n t u a i n - s n n n n t s s c i g 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 A r a iz t m e ed ount a T m o o t o u a u n l t t stand g P in u o t g e a rt e 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 a n w u g g t l d n s e u e r i t e r 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 :,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 ,411 2,575 294 226 170 1956 1956 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 ,475 2,823 401 298 120 Feb 3,782 833,692 758 2014 1,017 Feb ,481 2,829 398 296 128 Mar 3,782 834,051 772 1,987 1,012 Mar ,482 2,842 408 304 127 Apr 3,782 834,668 780 1,955 991 Apr ,485 2,850 402 300 133 May 3,782 835,264 774 1,794 948 May ,488 2,862 407 305 130 June 3,783 835,766 80 742 ,780 919 June ,493 2,867 412 307 126 July 3,784 836,636 155 608 1,795 812 July ,496 2,878 412 307 123 Aug 3,784 837.410 80 628 1,815 816 Aug ,497 2,880 390 292 146 Sept 3,785 838,714 760 620 ,323 684 Sept ,498 2,882 395 295 138 Oct 3,786 840,504 586 ,165 1,169 Oct ,498 2,888 398 300 124 Nov 3,786 840,814 581 ,130 1,126 Nov ,500 2,906 394 298 127 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

38 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect December 31. Per cent per annum] [In effect December 31] To industrial or c b o u m si m ne e s r s c e ia s l To financing institutions Fees I P ns a t y i a tu b t l i e o n to o G n u G ar u a a n r t a e n e t i e n e g d A P g o e r n ti c o y n b o y f F L i o n a a n ncing 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 e c c o e c m n h t m a a r g i g e t e m d o e f nt Bank On On by borrower) borrower On commit- Portion Re- commitloans2 ments f o o i b t n r i l o s i w g t n i a h t t u i i e s c - d h m p t i i a o n o i g r n n - - ments 7 8 7 8 5 5 0 0 or less 2 2 1 1 0 5 0 5 2 2 1 1 5 0 0 5 3 90 30 30 N Bo ew sto n York... 4-6 () 9 O 5 ver 95 40 3 -5 5 0 40 3 -5 5 0 Philadelphia. . UfcS* 8 Cleveland A R t i l c a h n m ta ond... 4 4 - - 6 6 8 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 334-6 a* St. Louis.... 3^-6 Interest rate Minneapolis.. Kansas City.. 4-t6* Commitment rate. Dallas 4-6 8 San Francisco 4-6 1 Schedule of fees and rates established by the Board of Governors on ( 3 ) loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- ment procurement agencies, pursuant to the Defense Production Act mitments under Sec. 13b of the Federal Reserve Act. Maturities not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing exceeding five years. agencies in these transactions, and the procedure is governed by Regula- 2 Including loans made in participation with financing institutions. tion V of the Board of Governors. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of Vi per cent per annum is made on undisbursed portion. 7 Charge of l/* 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 exceot interbank and U. S>. Government accounts Without seasonaladjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersi centers2 City centers* centers2 City centers1 centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 . 1 542 554 544 367 336 885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1 759 069 632 801 385 831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2,200,643 815,856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 1955 Oct 193,140 70,794 40,148 82,198 45.2 28.4 22.1 46.6 29.3 22.1 Nov 185,223 66,989 39,425 78,810 48.3 31.0 23.6 48.8 30.5 22.4 Dec 201,876 77,495 40,912 83,469 51.8 29.9 23.3 45.8 28.6 22.1 1957 Jan 204,514 76,460 42,596 85,457 48.3 30.0 22.9 48.1 30.6 22.7 Feb 177 536 67 035 36,886 73,615 48.9 30.2 23.0 50.2 31.0 23.1 Mar 197,231 74,786 42.113 80,332 48.7 32.0 22.5 47.5 29.2 22.6 Apr 192,701 72,328 40,182 80,192 46.9 30.3 22.4 47.6 29.4 '23.1 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 Aug 190,539 68 409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sept r189,294 70,953 39,095 r79,245 52.2 31.4 24 A 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 30.5 23.5 51.7 30.0 22.3 Dec 220,376 88,584 43,692 88,100 58.9 52.1 *23.7 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 39 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 1,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Nov 31.424 22,374 2,016 1,324 76 2,144 6,715 10,100 9,050 2,713 626 291 409 3 8 Dec 31,790 22,598 2,027 1,369 78 2,196 6,734 10,194 9,192 2,771 704 292 407 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 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 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 1,301 76 2,093 6,554 9,852 8,931 2,679 5,564 284 393 3 8 June 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 July 30,933 21,987 2,050 1,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 Aug 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept 31,073 22,088 2,069 1,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct 31,090 22,086 2,083 1,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 9 Nov 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 i Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Total out- Held by Kind of currency N sta o 1 n v 9 d . 5 i 7 3 n 0 g , A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n d R r k . s a B F g a a . e n n n d R k t . s s No 1 v 9 . 5 7 30, Oc 1 t 9 . 5 3 7 1, No 1 v 9 . 5 6 30, certificates agents Gold 22 763 22 115 2 648 Gold certificates .... 22 115 19,267 2,816 32 32 33 Federal Reserve notes 28 178 63 1 228 26,887 26,364 26,701 Treasury currency—total 5,139 32,396 50 348 4,742 4,693 4,690 Standard silver dollars. . 488 183 36 9 260 259 245 Silver bullion 2 212 2 212 Silver certificates and Treasury notes of 1890 32,396 261 2,135 2,103 2,153 Subsidiary silver coin 1 405 8 44 1,353 1,341 1,303 Minor coin . 497 3 9 486 483 468 United States notes 347 2 24 320 319 317 Federal Reserve Bank notes 129 (4) 2 127 128 141 National Bank notes 61 61 61 63 Total—Nov 30 1957 (j) 24,510 761 19,267 4,392 31,661 Oct. 31, 1957 24,425 784 19,189 4,561 31,090 Nov. 30, 1956 23,680 763 18,412 4,479 31,424 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. 32. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 4 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 Treasury 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

40 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, Date Gold T s r t c o e u r i a u n u n e r n r a g t c y d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C a v e o n r e m c r d i n a - m l en R t F e e o d s b e e r l r i v a g e l ation O s ther O s r e i t t c h i u e e s - r c l n a T i i a a n p t o e n i b e i t e t t d a t i s - a l l - l, c d u e T r a p o r n o e t d s a n i l c ts y C co m a a n a u p n i c e n s i d - t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58.642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31., 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950— Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31., 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1954—Dec. 31., 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31., 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,899 20,670 244,135 224,943 19,193 1956—June 30. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 ,836 20,632 243,394 223,585 19,807 1956—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 3 1P, 22,600 5,100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28P 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 Nov. 27", 22,800 5,100 224,800 113,000 89,300 64,400 23,600 ,400 22,400 252,700 231,000 21,700 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 n t - t k s, T h c i u r n o a e r l g s a d y h s s - - m s b a c a e a v o A r n n i m n c t d k i g - a s s l B F a A . n t R k . s Total Total m T b C e a i o m r n m c k e ia - s l de M s b p a a o v u n s i t i k n u t s g s a 3 2 s l S S P a y o v s s t in e ta m g l s p m o D d a s e e i n - t - d s4 b r C o s e a i u n u n d t c r k e - y - s c a d d u d T e e r a j m p r o u n o e t s a d s a n t n i e l c t d d s y j p m u D a o d s a d s e t e n i e - - - t d d s b r C o s e a i u n u n d t c 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—Nov. 28., 3,400 800 5,200 500 217,200 80,900 49,600 29.600 ,700108.300 28.000 134.700 107.000 27,700 Dec. 31., 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28.335 134.400 106.700 27,700 1957—Jan. 30., 3,100 800 1,900 600 219,900 82,900 51,200 30.100 ,600109,500 27,400 134,100 106,500 27,600 Feb. 27., 3,100 800 2,800 300 218,000 83,600 51,800 30,200 ,600107,000 27,400 134.500 106.900 27,600 Mar. 27., 3,100 800 3,800 500 217,200 84,600 52,600 30,400 ,600105,200 27.400 134.700 107.000 27,700 Apr. 24. 3,200 800 4,400 300 219,600 84,900 52,900 30,400 ,500107,300 27,400 135,000 107,300 27,700 May 29. 3,200 800 5,300 500 218,400 85,700 53,600 30,600 ,500104,800 27,900 134,600 106,600 28000 June 6., 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 ((5)) :; J J N A S O u e c u u o l p t n g v t y . e . . . 2 2 3 2 3 2 6 8 1 0 7 5 P P P P ^ P 3,200 8 8 8 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 4 4 3 3 3 3 , , , , , , 5 3 8 4 7 9 0 0 0 0 0 0 0 0 0 0 0 0 6 4 5 5 5 5 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 1 2 2 2 2 3 9 0 3 1 0 , , , , , , 3 0 7 0 9 0 0 0 0 0 0 0 0 0 0 0 0 0 8 8 8 8 8 8 8 7 6 6 7 7 , , , , , , 1 6 4 7 1 7 0 0 0 0 0 0 0 0 0 0 0 0 5 5 5 5 5 5 5 4 5 4 4 5 , , , , , , 0 7 5 0 4 1 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 0 1 1 0 1 1 , , , , , , 9 3 3 9 0 2 0 0 0 0 0 0 0 0 0 0 0 0 , , , , , , 4 3 4 5 4 4 0 0 0 0 0 0 0 0 0 0 0 0 , 1 1 1 1 1 1 0 0 0 0 0 0 7 6 5 5 5 7 , , , , , , 2 1 6 2 6 5 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 7 7 8 7 7 7 , , . , , , 8 8 5 8 8 8 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 3 3 3 3 3 3 4 4 3 4 6 5 , , . , , , 2 0 9 0 7 2 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 5 6 6 6 7 8 . , , , , , 9 5 2 8 3 0 0 0 0 0 0 0 0 0 0 0 0 0 , 2 2 2 2 2 2 7 7 8 8 7 7 , , , , , , 1 7 7 0 9 9 0 0 0 0 0 0 0 0 0 0 0 0 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. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, « Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-829. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 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 t b i o l o . i v n g S s t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i d - i t a - e a l s l Total 2 bank 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l N ba b u o n e f m k r s counts 3 U. S. Other Govt. All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941_Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947_Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1955—Dec. 31 190,780 00,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,239 76,844 18,112 14,243 1956—June 30 191,074 05,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 Nov.28 195,780 09,160 66,180 20,440 43,170 242,990 218,000 15,360 4,930 118,140 79,570 19,360 14,186 Dec. 31 197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—May 29 197,998800 111111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040114,770 84,500 19,710 14,145 June 6 197,465 111,515 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 3,580 115,160 86,610 20,210 14,128 Oct. 30* 201.450 114,000 64,960 22,490 42,590 248,660 222,030 14,710 3,180117,100 87,040 20,450 14,113 Nov.27'* 200,910 114,130 64,390 22,390 43,600 249,150 222,380 14,550 3,040118,190 86,600 20,540 14,102 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. 3H.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30.. . 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1955—Dec. 31. . . 160,881 82,601 61,592 16,688 46,838 210,734 192,254 16,643 3,709123,187 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 Nov. 28. . . 163,970 89,510 58,200 16,260 42,390 209,930 188,370 15,360 4,930 118,110 49,970 16,400 13,659 Dec. 31. . . 165,123 90,302 58,55: 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13,640 1957—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 3,580 115,130 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 Nov. 27*. . 167,270 93,010 56,840 17,420 42,800 214,220 191,050 14,550 3,040118,160 55,300 17,440 13,578 All member banks: 1939—Dec. 30.. 33, 13,96! 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, 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, 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31.. 97, 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, 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. 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; 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40.171 13,293 6.499 Nov. 28. . 137. 77,296 47,143 13,174 37,271 178,043 159,593 14,617 4,401 100,452 40,123 13,706 6,476 1957_M De a c y . 2 31 9 . . . . 1 1 3 38 8 .3 7 78 8 , , 5 0 9 3 0 4 4 4 7 6 , , 5 1 7 5 5 9 1 1 3 3 , , 1 5 5 5 9 8 4 3 2 6 , , 9 0 0 7 6 4 1 17 8 7 4 , , 7 8 2 7 0 4 1 15 6 8 7 , , 6 9 5 0 5 6 1 1 6 3 . , 8 0 5 6 5 7 4 3 , , 5 2 1 9 4 21 9 0 7 6 , , 7 8 7 5 3 0 4 43 0 , , 3 9 0 0 1 9 1 1 3 3 , , 6 9 5 4 5 7 6 6, , 4 4 4 6 5 2 June 6. . 137, 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, 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. 79,621 45,490 13,462 37,137 179,151 160,65? 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28*. 139; 80,103 45,334 13,573 36,594 179,188 159,76' 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25*. 139; 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; 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27*. 139 80,097 45,823 13,962 37,86: 181,440 161,536 13,841 2,681 100,648 44,366 14,584 6,406 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,85: 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 31 4 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 91 32,421 29,184 29,152 2,885 527 Nov. 28 31,810 19,650 7,980 4,180 780 33,060 29,630 29,600 2,960 527 Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—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. ^OP 21.000 7 680 4 870 800 34,820 31,290 () 31.260 3.070 525 Nov. 27» 33,640 21,120 7,550 4,970 800 34,930 31,330 (5) 31,300 3,100 524 * Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- 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 a i a l l p i n i a t i d i t - e a s l Total2 b In a t n e k r - 2 Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions ac- Time counts3 U.S. Other Govt. Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 A,112 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2.351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 Nov. 28 23,318 16,014 5,568 1,736 7,044 31,257 26,757 5,270 871 18,322 2,294 2,852 18 Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957—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 Nov. 27? 23,054 15,887 5,423 1,744 7,700 31,921 26,935 5,148 443 18,591 2,753 3.133 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 1,103 490 13 1955—Dec. 31 6,542 3,342 2,506 695 2,132 8,720 8,010 ,296 222 5,165 1,327 628 13 1956—June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 ,195 350 4,781 1,304 639 13 Nov. 28 6,319 3,633 2,082 604 1,954 8,329 7,402 ,224 182 4,707 1,289 654 14 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 ,372 184 5,069 1,319 660 14 1957—May 29 6,249 3,776 1,876 597 1,941 8,247 7,259 ,081 195 4,669 1,314 662 14 June 6 6,266 3,789 1,884 593 1,821 8,147 7,284 ,184 97 4,691 1,312 665 14 June 26* 6,293 3,893 1,847 553 1,912 8,258 7,407 ,153 305 4,630 1,319 663 14 July 31* 6,234 3,862 1,825 547 1,947 8,239 7,462 ,279 196 4,676 1,311 671 14 Aug. 28* 6,289 3,915 1,823 551 1,968 8,314 7,440 ,185 275 4,674 1,306 671 14 Sept. 25? 6,261 3,937 1,783 541 1,939 8,257 7,319 ,251 186 4,573 1,309 670 14 Oct. 30? 6,273 3,829 1,888 556 1,969 8,310 7,264 ,183 148 4,624 1,309 679 14 Nov. 27* 6,275 3,781 1,927 567 1,938 8,285 7,320 ,145 151 4,708 1,316 685 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 Nov. 28 53,389 31,391 17,152 4,846 15,467 70,097 63,019 6,743 1,633 38,155 16,488 5,066 289 Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957—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 5,182 282 June 26* 53,649 32,168 16,529 4,952 15,150 70,083 62,886 6,138 1,634 37,276 17,838 5,195 282 July 31* 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 5,199 282 Aug. 28* 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6,248 1,453 36,820 18,000 5,242 282 Sept. 25* 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 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 Nov. 27* 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 1,017 38,159 18,177 5,338 279 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 Nov. 28 54,587 26,258 22,341 5,988 12,806 68,360 62,415 1,380 1,715 39,268 20,052 5,134 6,155 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 046 6,141 1957—May 29 55,378 27,333 21,747 6,298 12,026 68,399 62,183 1,215 1,571 37,867 21,530 213 6,131 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 304 6,131 June 26* 55,220 27,692 21,162 6,366 12,214 68,422 62,258 1,255 1,209 38,045 21,749 237 6,124 July 31* 55,372 27,649 21,391 6,332 12,641 69,063 62,984 1,351 904 38,758 21,971 279 6,116 Aug. 28* 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 328 6,113 Sept. 25* 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 Oct. 30* 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 Nov. 27* 56,352 27,919 21,804 6,629 12,724 70,128 63,725 1,345 1,070 39,190 22,120 5,428 6,095 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 43 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n S 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 a l p o i i n c a t i t d i - t a - e a l s ] Total2 b In a t n e k r 2 - Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l b N a b u o n e m f k r s counts3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 ?5,788 76 820 69,411 10654 1762 41,?98 15699 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 36,9?6 152 733 141,851 1? 670 1325 9?,975 3488? 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 4? P6 203 676 184 680 14869 5221 114899 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 99074 88 182 82,023 8410 795 53, 541 19,978 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— D Ju e n c e 3 3 1 0 . 8 8 5 8 , , 4 4 5 7 5 7 4 48 5 , , 1 8 0 6 9 0 3 3 1 0 , 5 5 6 5 8 5 9 8 , , 0 8 4 0 0 0 9 27 3 ,0 5 0 4 6 5 1 1 1 1 0 7 ,3 7 4 0 5 3 1 1 0 0 0 7 ,1 8 6 2 1 6 9 8 ,8 4 4 0 4 4 ? 2,0 9 7 2 4 9 6 6 ? 7 , ,4 1 3 ?3 4 r 2 7 7J, 3 8 7 1 0 0 8 8 ,4 2 5 3 0 2 4 4 , , 6 65 6 1 7 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 ,782 61,737 29,506 8,722 4,647 State member banks: 1941 Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 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 94,168 7,986 2 945 1,867 1947 Dec 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1955—Dec. 31 49,208 27,554 17 118 4,536 15719 66 002 59 854 6 549 1264 39,559 1?,489 4 868 1,851 1956—June 30 48,973 28,923 15,671 4,379 n 99? 64,117 57,563 6 104 1,877 36 781 801 5,061 1,832 Dec. 31 50,291 29,924 16*007 4 359 15 900 67 530 60 744 7 OP 1218 39 416 11?3J 098 5 205 1,811 1957—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 ?,668 8,708 7,702 1?9 53 4 16? 3 360 959 6,810 1945—Dec. 31 14,639 2,992 10 584 1 063 4 448 19 256 18 119 944 1560 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 ?66 149 1?^66 6,558 1,271 6,478 1955 Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—June 30 23,942 11,600 9,621 2,720 4 59? 28,884 26,316 355 415 15988 9 558 2,309 6,713 Dec 31 . . 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957—June 6 25,243 12,134 10 156 2 953 4 446 30 088 27 292 359 378 \6,900 10,355 2,469 6,748 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 3?9 1,291 ?53 329 852 1945 Dec 31 2,211 318 1,693 200 514 2,768 2,452 181 1,305 365 279 714 1947_Dec. 314 2,009 474 1 280 255 576 2 643 2 251 363 18 1,39? 478 325 783 1955 Dec 31 . . .. 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2 036 1 646 377 11 93? 396 326 470 Dec. 31 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 326 8 821 294 312 429 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 6?9 167 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 73? 426 169?0 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 10,094 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 4?9 11,424 10,363 12 10,351 1,034 192 1947—Dec. 31 12 683 3 560 8 165 958 675 13 499 12 207 1 2 1? 1?,19? 1,252 194 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 ?4 91,930 2,061 220 Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 ? 3 73 ??,857 2,130 223 1957 June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 2 2 26 23,549 2,240 234 Noninsured mutual savings banks: 1941 Dec 31 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1 19 9 4 4 7 5 _D D e e c c . 3 31 14 5 5 ,3 9 6 5 1 7 1 1 , 1 3 9 8 8 4 3 3 5 8 2 1 2 3 7 6 6 4 0 1 2 1 1 8 1 0 6 5 ,5 2 9 1 6 5 5 5 ,0 5 2 5 2 6 2 9 5 5 ,0 5 ? 5 0 3 5 6 5 37 8 3 3 5 39 0 1955 Dec 31 7 567 3 893 2 601 1 072 180 7 816 6 950 ? 6,947 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 ? 7,??? 824 307 Dec 31 7 770 4 235 2 453 1 082 189 8 028 7 146 j ? 7 143 817 304 1957 June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 1 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

44 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans 2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- 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 t n d n a s t s l t s - Total 2 e o m c i l i p i n u n a a e g - d r l n , - - A c t g u u a r r l l - i - - b o T s r r o e o c c k u a - r r r it y i T i e n o s g l R o t e a e a s t - a n e l s O lo v i d t t a i n h o i d - n - e - s r O lo t a h n e s r Total Total C c e a r t t e if D s i- irect Gu an a - r- S p t a i i t o c o o a n l a t f n d i e l t s - s O s r e i t t h c i e u e r s p k a e - t a e n rs d o e t r h s - uals Bills o d f e b in t- - Notes Bonds teed d su iv b i - per deal- ed- sions ers ness All commercial banks:3 1947_Dec. 31.... 116,284 38,057 18,167 1,660 830 1,220 9,393 5,723 1,06378,226 69,2212,193 7,789 6,03453,191 14 5,2763,729 1955—Dec. 31.... 160,881 82,601 33,2454,475 3,263 1,77420,809 17,1853,117 78,28061,5924,219 2,318 14,03441,010 11 12,6983,990 1956—June 30.... 160,00886,887 36,1114,254 2,695 1,73821,787 18,365 3,28673,122 56,620 2,817 1,247 12,72739,815 1412,9293,573 Dec. 31.... 165,12390,302 38,7204,161 2,589 1,69122,509 18,8503,34374,821 58,5525,924 1,997 11,82338,796 1312,9013,368 1957_june 6.... 164,51591,028 39,0204,077 2,274 1,63422,530 19,508 3,62373,487 56,6424,761 3,66510,07038,137 9 13,3143,531 All insured commercial banks: 1941_Dec. 31.... 49,290 21,259 9,214 1,450 614 662 4,773 4,<45 28,03121,046 988 3,159 12,797 4,102 3,651 3,333 1945—Dec. 31.... 121,80925,765 9,461 1,3143,164 3,606 4,677 2,361 1,18196,043 88,9122,455 19 07116,04551,321 22 3,8733,258 1947—Dec. 31 114,27437,583 18,012 1,610 823 1,190 9,266 5,654 1,02876,691 67,941 2,124 7,'552 5,918 52,334 14 5,129 3,621 1955—Dec. 31.... 159,164 82,081 33,0924,396 3,229 1,74220,692 17,1043,091 77,08360,7654,105 2,292 13,85640,502 1012,4653,853 1956—June 30.... 158,344 86,374 35,9444,190 2,669 1,70421,671 18,284 3,25971,971 55,8352,751 1,228 12,55239,290 13 12,6943,442 Dec. 31.... 163,601 89,831 38,5714,101 2,565 1,66922,394 18,765 3,32573,77057,837 5.763 1,981 11,72238,358 13 12,6753,258 1957—June 6.... 163,02590,571 38,8704,027 2,251 1,61322,427 19,421 3,59972,454 55,9734,658 3,610 9,96737,730 813,0953,386 Member banks, t 11 o 99 t 4 a 45 l 1 : —_DDeecc.. 3311.... 1 4 0 3 7 , , 5 1 2 8 1 32 1 2 8 , , 7 02 7 1 5 8 8 , , 6 9 7 4 1 9 9 8 7 5 2 5 3,1 5 3 9 3 4 3,3 5 7 9 8 8 3 3 ,4 4 5 9 5 4 1,9 3 0 0 69 1 ? ,104 2 8 5 4 , , 5 4 0 0 0 87 1 8 9 ' , , 5 3 3 38 9 2,2 9 7 71 5 16,9851 3 4 , , 0 2 0 7 7 14 1 4 1 , , 7 7 9 2 2 9 3,83 1 2 6 3 3 , , 0 2 9 5 0 4 2 2 , , 8 8 7 1 1 5 1947_Dec. 31.... 97,846 32,628 16,962 1,046 811 1,065 7,130 4,662 952 65,218 57,914 1,987 5,816 4,81545,286 10 4,199 3,105 1955—Dec. 31.... 135,36070,982 31,019 2,726 3,150 1,560 16,391 14,3132,94364,377 50,697 3,250 1,738 11,50834,192 9 10,4443,236 1956—June 30.... 134,428 74,783 33,7252,552 2,586 1,522 17,172 15,330 3,08759,64546,226 2,013 840 10,33233,029 12 10,5572,862 Dec. 31.... 138.76878,034 36,2962,478 2,447 1,473 17,811 15,7653,147 60,73447,5754,383 1,469 9,49332,218 1210,4942,665 1957—June 6.... 137,808 78,448 36,5002,453 2,132 1,416 17,768 16,2293,39959,36045,829 3,439 2,798 7,95231,632 8 10,7682,763 New York Citv:4 1931—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 18,809 17^574 477 3,433 3,32510,337 1 606 629 1947 Dec. 31 20,393 7 179 5,361 545 267 111 564 330 13 21411 9721 002 640 558 9,771 638 604 1955—Dec. 31.... 23,583 14,640 9,126 2,144 511 577 1,506 1,006 8^943 6^796 '552 100 1,141 5,002 2 1,609 539 1956—June 30.... 23,270 15,373 10,191 11,691 494 609 1,590 1,044 7,896 6,011 325 70 1,082 4,529 4 1,514 371 Dec. 31.... 23,809 15,987 11,266 11,409 402 617 1,558 1,049 7,822 6,057 724 194 976 4,160 3 1,406 358 1957_june 6.... 23,293 15,895 11,344 11,152 389 567 1,516 1,245 7,398 5,738 685 219 781 4,052 1,311 349 Chicago:4 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 6336 3 572 2 663 13 170 96 133 384 187 2^764 2088 46 3 476 1,564 489 188 Dec. 31.... 6,473 3,772 2,781 17 203 97 134 439 178 2,701 2,\U 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 bar>ks: 1941 _Dec. 31 15 347 7,105 3,456 300 114 194 1 527 1 512 8 243 6 467 295 751 4,248 1,173 956 820 1945—Dec. 31.... 40,108 8,514 3,661 205 427 1,503 1,459 855 404 31,59429^5521,034 6,982 5,653 15,878 5 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3,147 1,969 366 22,591 20,196 373 2,358 1,901 15,560 3 1,342 1,053 1955—Dec. 31.... 52,459 28,622 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.... 52,071 30,122 13,978 520 502 676 7,357 6,306 1,26521,949 17,051 374 279 4,086 12,308 4 3,823 1,076 Dec. 31 53,915 31,783 15,170 489 501 712 7,654 6,512 1,28922,132 17,368 1,185 441 3,742 11,995 4 3,820 944 1957—June 6.... 53,137 31,435 14,919 495 496 672 7,481 6,630 1,30021,702 16,797 758 1,179 3,038 11,819 3 3,888 1,017 Country banJcs: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 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 1,881 101 36329,40726,999 630 5,102 4,544 16,713 9 1,342 1,067 1947—Dec. 31.... 36,324 10,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,'583 2,108 17,681 6 2.006 1,262 1955—Dec. 31.... 52,775 24,379 6,2902,127 189 255 8,723 6,575 57328,39722,570 1,774 913 5,05614,825 3 4,581 1,246 1956—June 30.... 52,75225,716 6,8922,019 223 257 9,073 7,050 590 27,035 21,076 1,267 489 4,688 14,628 4 4,731 1,228 Dec. 31.... 54,571 26,491 7,080 1,972 334 261 9,407 7,256 631 28,080 22,0372,362 792 4,458 14,420 4 4,827 1,215 1957_june 6 55,112 27,330 7,378 1,949 312 259 9,586 7,653 669 27,78221,409 1,920 1,326 3,910 14,248 4 5,109 1,265 Nonmember commercial banks:3 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 4 1,078 625 1955—Dec. 31.... 25,546 11,628 2,226 1,750 113 214 4,428 2,872 174 13,918 10,908 970 580 2,527 6,829 2 2,255 755 1956—June 30.... 25,605 12,114 2,385 1,702 110 216 4,625 3,036 200 13,492 10,406 805 407 2,396 6,797 1 2,374 712 Dec. 31.... 26,381 12,279 2,424 1,683 143 218 4,708 3,085 196 14,102 10,989 1,541 528 2,330 6,588 1 2,409 704 1957—June 6.... 26,733 12,591 2,519 1,625 143 219 4,773 3,278 224 14,141 10,8251,323 867 2,119 6,515 1 2,548 769 1 All commercial banks in the United States. These figures exclude 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 45 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t v e - h k e r e s s al C va i a n u s l h t b m a a w B n d e n o c a i s t k - e l h t - i s s c 5 j p m u D o s d a a t e d s e e n - i - - t d d s 6 m D e In s o d t - t e i e c p r s o b s a i n F t e s k i 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 i d e c n i s a - s l c C c h o f a e e e i f e t n e f c r r c i d t s d . - k i ' - s, p a v n s a p i I t d h i d r n o o t u i d r n p c n a a i e o s s - l - , r s r - , - I b n a t n e k r- p G U S i a o n o . a n s g S v v t d a s . 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 n t- s i s -a p v n s a p I t i h i d d r n o o t i u r n d p c n a a o e s s i - l - , r r s - - , r i B n o o g w r s - - c C o a t a u a c p n - l i t - s AH commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 [,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—June 30 18,232 2,273 10,802104,761 12,069 1,557 5,232 10,768 3,244 101,812 1,613 332 2,493 47,205 354 15,927 Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—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 50,8931,446 16,837 All insured commercial banks: 1941_Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 ,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 1956—June 30.... 18,232 2,251 10,528103,844 11,963 ,516 5,221 10,641 3,217 101,034 1,383 332 2,432 46,941 337 15,600 Dec. 31.... 18,706 3,237 12,490110,487 14,226 ,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6.... 18,500 2,717 9,515 104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,6601,430 16,525 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 ,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 ,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 1956—June 30.... 18,234 1,686 6,787 88,139 11,627 ,510 4,806 8,496 3,004 87,404 1,370 302 1,954 37,916 302 13,293 Dec. 31.... 18,707 2,487 8,124 93,320 13,818 ,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957_june 6.... 18,501 2,065 5,931 88,912 10,799 1,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,374 14,058 New York City:* 1941—Dec. 31 5,105 93 141 10 761 3 595 607 866 319 450 11 282 6 29 778 1 648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 ,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 ,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1955—Dec. 31.... 4,431 127 111 16,493 3,364 ,151 756 302 1,498 18,919 1,085 59 72 2,171 1 2,745 1956—June 30.... 4,331 94 89 15,695 3,080 1,190 1,166 396 1,110 17,396 1,058 35 60 2,285 38 2,805 Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957_june 6.... 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Chicago:* 1941—Dec. 31 1,021 43 298 2,215 ,027 8 127 233 34 2,152 476 288 1945_Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1955—Dec. 31.... 1,135 32 141 4,349 1,246 40 222 299 85 4,781 11 6 8 1,313 '""3 628 1956—June 30.... 1,115 27 124 4,092 1,149 36 350 399 98 4,283 10 6 9 1,288 1 639 Dec. 31.... 1,158 37 174 4,272 ,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957—June 6.... 1,089 28 95 4,087 ,133 35 97 459 80 4,152 16 4 10 1,298 101 665 Reserve city banks: 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945_Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947_Dec. 31 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1955—Dec. 31 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—June 30.... 7,471 542 2,201 32,203 6,078 269 1,918 3,120 862 33,341 286 112 1,013 15,392 179 4,902 Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 21 5,076 1957—June 6.... 7,701 653 1,825 32,549 5,648 266 1,051 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 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945_Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1955—Dec. 31 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—June 30.... 5,316 1,024 4,373 36,149 1,321 15 1,372 4,581 934 32,383 17 148 871 18,950 84 4,947 Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 1957—June 6.... 5,631 1,241 3,966 36,827 1,243 18 1,097 4,740 835 32,635 30 142 962 20,491 267 5,304 Nonmember commercial banks:3 1947 Dec 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1955—Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 1956 June 30 588 4,015 16,621 442 47 426 2,272 240 14,408 243 30 539 9,314 52 2,636 Dec. 31 774 4,690 18,085 521 45 440 2,238 310 15,885 171 29 546 9,449 27 2,649 1957_june 6 672 3,831 16,801 448 50 385 2,232 236 14,553 187 30 584 10,035 72 2,781 3 Breakdowns of loan, investment, and deposit classifications are not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans 1 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 n t n d a s t s t l s - j i L m u n a s o a v e n t d a e e n d - n s d t t s s - i j L us o a t d a e - n d s i C i m t n c a r o d i n e i a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U l t o i n i o o g o . b d S v a n - b - . t d s . r e o O a c k t l s u t i e e e h e r r r - s i e s s - rG U l T o i o g . b o S v a - - . t o . t O he th rs 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 f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total— Leading Cities 1956 Dec 88,297 87,068 53,27330,501 466 2,095 1,200 8,85511,02526,2341,565 718 5,202 18,749 7,561 1,229 1957 Nov 87,556 86,196 53,56831,283 443 1,623 1,095 8,77011,415 24,923 977 ,641 4,389 17,916 7,705 1,360 Dec 89,316 88,060 54,254 31,609 435 2,015 1,114 8,771 11,390 25,9531,411 ,726 4,823 17,993 7,853 1,256 Nov. 6 87,577 86,277 53,53531,301 450 ,554 1,102 8,751 437 24,9591,011 ,584 4,411 17,953 7,783 1,300 Nov. 13 87,725 86,103 53,684 "3,1387 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 31,353 441 ,737 1,094 8,77711,387 24,9381,006 ,666 4,394 17,872 7,668 1,095 Nov. 27 87,495 86,072 53,32931,093 434 ,610 1,093 8,77711,38525,010 1,007 ,713 4,392 17,898 7,733 1,423 Dec. 4 88,483 86,858 53,496 31,136 437 ,756 1,094 8,761 11,379 25,6191,042 ,697 4,865 18,015 7,743 1,625 Dec. 11 88,705 87,390 53,90831,385 434 ,915 1,105 8,77911,360 25,6301,124 ,726 4,820 17,960 7,852 1,315 Dec. 18 90,028 88,578 54,689 3~1',872 433 2,190 1,106 8,78011,374 26,0101,470 ,730 4,824 17,986 7,879 1,450 Dec. 25 89,671 88,487 54,518 31,853 435 2,022 1,114 8,77211,390 26,0871,533 ,725 4,829 18,000 7,882 1,184 Dec. 313 89,693 88,987 54,65831,801 436 2,190 1,154 8,761 11,448 26,4231,888 ,752 4,776 18,007 7,906 706 New York City 1956 Dec 23,688 23,020 15,65611,337 1531,206 16 394 608 2,188 5,614 450 183 929 4,052 1,750 668 1957 Nov 22,886 22,080 15,16811,537 152 766 345 567 2,103 5,209 264 225 948 3,772 l,703i 806 Dec 23,634 22,976 15,58311,713 377 807 347 554 2,084 5,591 474 227 ,063 3,827 1,802 658 Nov. 6 22,921 22,106 15,19111,600 157 724 347 563 2,101 5,197 258 183 968 3,788 1,718 815 Nov. 13 22,930 21,981 15,20211,612 74 792 343 570 2,116 5,110 191 213 946 3,760 1,669 949 Nov. 20 22,739 22,145 15,22511,522 220 770 345 569 2,100 5,230 284 254 939 3,753 1,690 594 Nov. 27 22,954 22,085 15,05411,417 157 777 344 565 2,096 5,296 322 251 937 3,786 1,735 869 Dec. 4 23,385 22,378 15,21711,506 266 764 342 558 2,079 5,434 307 211 ,084 ,832 1,727 1,007 Dec. 11 23,438 22,859 15,53811,692 408 753 343 564 2,077 5,499 386 239 ,047 ,827 1,822 579 Dec. 18 23,903 23,283 15,81611,874 449 814 348 555 2,072 5,649 524 251 ,062 ,812 1,818 620 Dec. 25 23,691 23,064 15,65411,794 384 783 346 546 2,092 5,603 498 216 ,066 ,823 1,807 627 Dec. 313 23,755 23,297 15,69111,699 377 919 359 548 2,101 5,770 654 220 ,058 3,838 1,836 458 Outside New York City 1956 Dec 64,609 64,048 37,61719,164 465 736 790 8,247 8,837 20,620 ,115 535 4,273 14,697 5,811 561 1957 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 Dec 65,682 65,084 38,67119,896 434 831 740 8,217 9,306 20,362 937 1,499 3,760 14,166 6,051 598 Nov. 6 64,656 64,171 38,34419,701 449 673 737 8,188 9,33619,762 753 1,401 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 1,388 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 1,412 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 1,462 3,455 14,112 5,998 554 Dec. 4 65,098 64,480 38,27919,630 436 726 729 8,203 9,300 20,185 735 1,486 3,781 14,183 6,016 618 Dec. 11 65,267 64,531 38,37019,693 433 754 740 8,215 9,28320,131 738 1,487 3,773 14,133 6,030 736 Dec. 18 66,125 65,295 38,87319,998 432 927 733 8,225 9,302 2200,361 946 1,479 3,762 14,174 6,061 830 Dec. 25 65,980 65,423 38,864 2""0,059 434 855 738 8,226 9,298 20,4841,035 1,509 3,763 14,177 6,075 557 Dec. 313 65,938 65,690 38,967 20,102 435 894 757 8,213 9,34720,653 ,234 1,532 3,718 14,169 6,070 248 \ Exclusive of loans to banks and after deduction of valuation reserves ; 3 Tuesday. individual loan items are shown gross. See also NOTE on opposite page. 2 Includes guaranteed obligations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 47 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank Borrowings except interbank except interbank deposits Month or date s B F w e R . a r i v e n t R - h e k . s s C va i a n u s l h t b m a w B a d n e n i o a c t s l k e - h t - s i s c j m p u D o d a s a t d s e e e n i - - - t d d s 1 s p I p u c n v h a n o a a o e n i 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 d i i e l - t - s - s c C h c o f a e e e e i f t n c e f r r c d i t k s d . - i ' s - G U o .S v . t. s p I p u n c v h a n o a a o e n i i d r d r p l r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l b a t n i d i e l - t - s - s G P U S i a n o o a n . g s S v v d t s . - t a . l m D ti e D o c s - e - ma F n 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 t u a c a p n - l - ts tions tions Total— Leading Cities 1956 Dec 13,778 1,138 2,586 57,843 61,089 3,931 2,101 2,00819,734 912 18311,124 1,671 1,274 522 896 9,041 1957 Nov 13,246 ,024 2,380 55,099 58,550 3,849 2,124 1,557 21,531 ,056 17210,541 ,661 ,216 539 895 9,589 Dec 13,693 ,126 2,617 56,36159,925 4,013 2,304 2,276 21,692 ,133 16711,093 ,662 ,214 510 662 9,608 Nov. 6 13,176 973 2,335 54,800 57,758 3,987 2,070 1,400 21,654 ,066 176 10,773 ,699 ,220 551 851 9,590 Nov. 13 12,862 ,087 2",445555 55,025 59,215 3,677 1,873 1,15821,535 ,043 17510,949 ,666 ,214 266 1,187 9,586 Nov. 20 13,608 ,015 2,,337"9 55,110 58,456 3,729 2,387 1,913 2"'1,447 ,057 17010,378 ,639 ,213 928 593 9,577 Nov. 27 13,340 ,023 2,3354 55,464 58,772 4,005 2,166 1,758 21,487 ,060 16910,062 ,639 ,217 410 950 9,601 Dec. 4 13,421 ,038 2,329 55,389 58,063 3,981 2,248 2,332 211,507 ,086 16710,493 ,610 ,218 380 1,097 9,606 Dec. 11 13,734 ,170 2,346 56,710 59,833 3,825 2,161 1,418 211,619 ,101 16810,559 ,652 ,220 784 709 9,584 Dec. 18 13,834 ,181 2,617 56,651 60,040 3,917 2,513 2,374 21;622 1,134 16711,259 ,670 ,211 694 828 9,597 Dec. 25 13,807 ,112 2,599 56,169 59,800 4,013 2,088 2,800 21,762 1,168 16610,851 ,683 ,207 671 676 9,616 Dec. 312 13,670 ,131 3,193 ,887 61,887 4,331 2,510 2,458 21,951 1,175 16712,305 ,693 ,213 22 9,635 New York City 1956 Dec 4,361 186 16,16217,830 267 1,020 620 2,244 56 37 3,022 1,338 968 114 427 2,845 1957 Nov 4,064 158 15,09516,826 334 1,094 412 2,586 2,868 1,359 904 44 397 3,108 Dec 4,396 180 15,60517,467 264 1,165 718 2,674 3,000 1,360 903 118 366 3,101 Nov. 6 4,029 159 15,04916,658 468 1,151 418 2,582 2,872 1,390 908 16 444 3,113 Nov. 13 3,897 167 14,92016,711 299 861 312 2,573 2,939 1,366 902 527 3,111 Nov. 20 4,192 148 15,14716,824 267 1,224 470 2,573 2,790 1,333 902 161 259 3,105 Nov. 27 4,139 159 15,26517,110 301 1,141 446 2,614 2,872 1,350 907 359 3,102 Dec. 4 4,248 166 15,33916,878 263 1,188 882 2,600 2,848 1,314 910 472 3,100 Dec. 11 4,514 202 15,88317,432 259 1,112 465 2,681 2,801 1,362 910 227 343 3,093 Dec. 18 4,458 196 15,57517,458 246 1,256 691 2,646 3,057 1,376 901 190 615 3,097 Dec. 25 4,206 174 15,38617,149 274 997 817 2,690 2,817 1,372 898 175 402 3,102 Dec. 312 4,556 160 15,84218,420 279 1,269 734 2,752 3,479 1,375 897 3,111 Outside New York City 1956 Dec 9,417 952 2,535 41,68143,259 3,664 1,081 1,38817,490 856 146 8,102 333 306 408 469 6,196 1957 Nov 9,182 866 2,32140,004 41,724 3,515 1,030 1,14518,945 984 143 7,673 302 312 495 498 6,481 Dec 9,297 946 2,557 40,756 42,458 3,749 1,139 1,55819,018 1,064 143 8,093 302 311 392 296 6,507 Nov. 6 9,147 814 2,26839,751 4-1,100 3,519 919 98219,072 982 144 7,901 309 312 535 407 6,477 Nov. 13 8,965 920 2,40140,105 4422,;504 3,378 1,012 84618,962 970 143 8,010 300 312 266 660 6,475 Nov. 20 9,416 867 2,326 39,963 41,632 3,462 1,163 1,44318,874 988 145 7,588 306 311 767 334 6,472 Nov. 27 9,201 864 2,29140,199 41,662 3,704 1,025 1,31218,873 998 144 7,190 289 310 410 591 6,499 Dec. 4 9,173 872 2,25140,050 41,185 3,718 1,060 1,45018,907 1,016 144 7,645 296 308 380 625 6,506 Dec. 11 9,220 968 2,2'9"9 40,827 42,401 3,566 1,049 95318,938 1,032 144 7,758 290 310 557 366 6,491 Dec. 18 9,376 985 2,567 41,076 42,582 3,671 1,257 1,68318,976 1,056 143 8,202 294 310 504 213 6,500 D D e e c c . . 2 31 5 2 9 9 , , 6 1 0 1 1 4 9 97 3 1 8 2 3 , , 5 1 4 2 5 0 4 4 0 1 , , 7 0 8 4 3 5 4 4 2 3 , , 6 4 5 6 1 7 4 3 , , 0 73 5 9 2 1 1 , , 0 2 9 4 1 1 1 1, , 7 9 2 8 4 3 1 1 9 9 , , 0 1 7 9 2 9 1 1 , , 1 1 0 1 0 4 1 14 4 3 2 8 8 , , 0 8 3 2 4 6 3 3 1 1 1 8 3 3 0 1 9 6 49 2 6 2 274 6 6, , 5 5 2 1 4 4 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning 2 Tuesday. Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm'l and Period2 l F iq a o n u o d o d r , , T ap e a p x n a ti d r l e e l s , , M p m a r e e n o t t d a d a l - l s ch P l e c e e m o u t a r m i o l c , , a - l, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r u o i i i a l n o b r i n c t n t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n 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 r w e a i e n p n a e d o l g k l ' r e l l t — y tobacco leather ucts 3 ru a b n b d er ba i n n k g s4 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 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1957 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 Dec -19 -20 52 89 -65 -254 83 569 200 -21 135 750 708 Week ending: 1957__Oct. 2 30 -7 -30 -15 -33 17 18 -20 30 -21 n -39 -82 Oct. 9 37 -13 -3 -4 1 24 10 -168 -57 7 12 -154 -188 Oct. 16 35 -29 7 -7 -6 84 33 -124 18 -8 4 7 -34 Oct. 23 22 -42 -20 3 -19 2 7 -89 -12 -19 -51 -216 -300 Oct. 30 2 -45 -3 2 -19 18 21 -9 27 4 -33 -36 -59 Nov. 6 15 -10 -41 13 -14 17 42 -1 -18 -1 -15 -13 -3 Nov. 13 27 9 11 5 -7 30 8 -54 27 i 30 84 86 Nov. 20 39 A 6 16 -6 -2 14 -36 -25 -32 -31 -34 Nov. 27 -17 -21 -65 15 -15 7 3 -84 27 A -50 -204 -260 Dec. 4 20 -10 35 10 -4 -3 -13 37 -14 -16 34 77 43 Dec. 11 30 3 18 26 -7 -1 29 73 97 4 -16 256 249 Dec. 18 81 6 31 15 -19 -63 55 294 2 7 49 458 487 Dec. 25 -31 2 11 -20 -82 17 68 23 -9 10 -12 -19 Dec. 316 -118 -20 -42 37 -16 -105 -5 97 92 j 58 -30 -52 1 Data for a sample of about 210 banks reporting changes in their 4 Prior to week ending Jan. 11, 1956, included changes in agricultural larger loans; these banks hold over 90 per cent of total commercial loans. and industrial loans of all weekly reporting member banks and nearly 5 Includes increase of $318 million resulting from errors disclosed 70 per cent of those of all commercial banks. incident to survey of credit extended to real estate mortgage lenders. 2 Figures for periods other than weekly are based on weekly changes. 6 Tuesday. 3 Includes machinery and transportation equipment. 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 d t P h e r l a a o l c u e e r g d s h 1 ( p P f d i a i l n r a p l a e c y e n c e r t c d ) - e " Total T ta o l - O bi w ll n s bo B u il g ls ht O ac w c B t n . ank c F e o s i o g r r n r - . O e t r h s - U S p i I n t o n m a i r t t t o t e - e s s d U S p f E n r t o a o i x r t t m t e - e s s d c D h o e a x l n l - g ar e U S sh n ta i i p t t p e e p s o d e i d n ts b F e o i t n r w e : e ig e n n 1951 1,331 449 882 490 197 119 79 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 405 252 210 17 63 100 1956—Nov. 2,660 568 2,092 924 242 167 75 598 277 295 10 199 143 Dec. 2,166 506 1,660 967 227 155 72 621 261 329 2 227 148 1957—Jan.. 2,575 548 2,027 1,012 230 156 74 689 291 363 2 197 158 Feb. 2,714 555 2,159 992 202 133 69 708 307 389 2 127 167 Mar. 2,650 489 2,161 1,019 209 150 59 728 305 425 2 116 171 Apr. 2,485 466 2,019 1,018 195 135 60 735 272 471 4 89 182 May 2,775 483 2,292 984 188 142 46 713 227 501 5 73 177 June 2,452 454 1,998 979 183 142 41 711 220 502 21 58 178 July. 2,781 459 2,322 1,000 154 112 42 757 231 507 35 59 169 Aug. 2,835 501 2,334 1,227 220 152 68 913 243 524 66 212 182 Sept. 2,558 501 2,057 1,197 214 149 65 901 234 483 75 225 181 Oct.. 2,654 516 2,138 -1,225 197 131 66 942 248 465 94 226 192 Nov. 2.944 560 2,384 1,224 221 151 70 916 268 459 64 222 211 c Corrected. 2 As reported by finance companies that place their paper directly with 1 As reported by dealers; includes finance company paper as well as investors. other commercial paper sold in the open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 49 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 o m m c e t i h r - e a 6 , s l - 1 3 p d n p c p - l i a a o a a r l t n y p e o c m n c c , e e y - e t 6 r d - - a P a b d c n e a r a c 9 i r c n y e m 0 s e k p s ' s e - 1 t , - M 3 k -m a et 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 o u n e a 1 t s b h 2 3 le - )2 3 is - y s e t u o a e r s 5 4 - Annua A l r a e v a e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 1 0 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 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 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 3.06 2.64 2.62 2.658 2.83 3.12 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 Quarterly:1 19 large cities: 1956—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 Dec 4.85 5.66 5.29 5.01 4.71 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 New York City: 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 Dec 4.71 5.50 5.23 4.94 4.62 Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 7 Northern & Eastern Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 cities: 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 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 Sept 4.85 5.69 5.31 5.01 4.7T Dec 4.86 5.67 5.33 5.02 4.74 Week ending: 11 Southern & Western Nov. 30. .. 4.00 3.66 3.38 3.14 3.158 3.38 3.32 cities: Dec. 7. . . 3.93 3.63 3.38 3.07 3.105 3.33 3.18 1957_Mar 4.60 5.42 4.96 4.64 4.35 Dec. 14. .. 3.81 3.58 3.33 3.01 2.991 3.12 3.09 June 4.65 5.42 4.99 4.70 4.43 Dec. 21 ... 3.75 3.50 3.33 3.12 3.140 3.01 3.00 Sept 5.01 5.72 5.31 5.05 4.81 Dec. 28... 3.75 3.50 3.38 3.10 3.174 2.96 2.96 Dec 5.05 5.73 5.31 5.04 4.87 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-237. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bonds3 Stocks 5 State and local G U o . v S t . . govt. bonds3 By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total4 Total4 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 4-7 20 5 120 30 30 40 40 40 14 90 500 1955 average 2.84 2.57 2.18 3.14 3.25 3.06 3.53 3.19 3.34 3.22 4.01 4.08 7.81 1956 average 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 4.09 7.40 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 7.84 1956—Dec 3.40 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 3.34 3.51 2.99 4.16 4.04 3.77 4.49 4.02 4.12 3.98 4.51 4.31 Feb 3.22 3.29 2.79 3.96 3.99 3.67 4.47 3.94 4.06 3.97 4.47 4.54 Mar 3.26 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 3.32 3.35 2.88 3.95 3.96 3.67 4.44 3.89 4.06 3.94 4.47 4.36 May 3.40 3.48 3.00 4.10 4.02 3.74 4.52 3.96 4.13 3.98 4.53 4.18 June 3.58 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 3.60 3.65 3.17 4.29 4.26 3.99 4.73 4.19 4.39 4.19 4.75 3.95 Aug .63 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 4.17 Sept .66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4.45 4.79 4.31 8.66" Oct 3.73 3.74 3.31 4.38 4.46 4.10 4.99 4.32 4.57 4.48 4.80 4.54 Nov 3.57 3.67 3.24 4.35 4.49 4.08 5.09 4.34 4.65 4.49 4.78 4.67 Dec 3.30 3.33 2.92 4.00 4.33 3.81 5.03 4.11 4.53 4.34 4.49 4.64 Week ending: Nov. 30 3.48 3.56 3.16 4.25 4.47 4.02 5.10 4.30 4.67 4.46 4.67 4.55 Dec. 7 3.37 3.43 3.03 4.14 4.44 3.97 5.09 4.23 4.64 4.44 4.61 4.51 Dec. 14 3.31 3.34 2.94 4.03 4.36 3.84 5.06 4.15 4.57 4.36 4.54 4.61 Dec. 21 3.29 3.27 2.86 3.92 4.29 3.77 5.00 4.07 4.50 4.32 4.44 4.73 Dec. 28 3.26 3.26 2.84 3.92 4.26 3.73 5.00 4.01 4.48 4.28 4.42 4.71 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 3 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 4 Includes bonds rated Aa and A, data for which are not shown sepafigures. Figures for common stocks are as of the end of the period, rately. Because of a limited number of suitable issues, the number of except for annual averages. corporate bonds in some groups has varied somewhat. 2 This series, representing yields on bonds maturing or callable in 10 5 Standard and Poor's Corporation. Preferred stock ratio is based on years or more, replaces the "old" and "new" series shown previously; 8 median yields in a sample of noncallable issues—12 industrial and 2 data beginning April 1953 appear on p. 84. For weekly and monthly public utility. For common stocks, the earnings/price ratio is now comfigures for December 1957 for series shown previously, see second para- puted for the 500 stocks in the price index, but figures prior to June 1957 graph of Note on p. 84. are based on the 90 stocks formerly included in the daily price index. The price series shown on p. 50 has not yet been changed to the new The dividend/price ratio has not yet been converted to the broader base. basis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume ( U lo . n S g . - t G er o m v ) t. 2 Sta ( n in d d a e rd x , a 1 n 9 d 4 1 P - o 4 o 3 r = 's 1 s 0 e ) ries Securities an ( d i n E d x e c x h , a 1 n 9 g 3 e 9 = C o 1 m 00 m ) ission series tr o a f d- Ye o a r r , w m e o ek nth, ni M ci u p - al C r p a o o t r e - - Manufacturing Trade, t i h n ( o i g n u 6 r O i s e e l s d - 3 N ri s e e e s w - 4 g ( r h a i d g e h ) - 5 g ( r h a i d g e h ) - - Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Total r D ab u l - e N r d a o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - n s a a e i f n c n i r - e v d c - e, M in i g n- s s h a a o n r f d es s ) Number of issues... 3-7 1-3 15 17 500 425 25 50 265 170 98 72 21 29 31 14 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 1957 average 90.61 93.78 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1956—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 Dec 99.63 99.82 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 Week ending: 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 Dec. 7 98.60 98.70 106.1 100.2 41.42 44.58 22.08 31.69 305 386 347 422 217 152 263 289 2,215 Dec. 14 99.29 99.60 107.4 101.3 40.65 43.68 21.47 31.88 302 381 340 418 220 153 259 279 2,297 Dec. 21 100.00100.28 107.9 102.8 39.64 42.49 21.12 31.67 292 367 325 404 211 152 255 266 2,635 Dec. 28 100.28100.40 108.2 104.6 39.68 42.52 21.00 31.80 294 370 330 408 211 152 254 264 2,477 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard callable after 12 years, through Sept. 30, 1955, and beginning Oct. 1, and Poor's common stock indexes, and volume of trading are averages 1955, those due or callable in 10-20 years. • of daily figures; for (2) municipal and corporate bond prices are based 4 The 314 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 on Wednesday closing prices; and for (3) the Securities and Exchange per cent bond of February 1995 and beginning Dec. 2, 1957, the 3% Commission series on common stock prices are based on weekly closing per cent bond of November 1974. prices. 5 Prices derived from average yields, as computed by Standard and 2 Average prices for issues included in yield series shown on preceding Poor's Corporation, on basis of a 4 per cent, 20-year bond. page are not yet available. 6 Average daily volume of trading in stocks on the New York Stock 3 Consists of fully taxable, marketable 2V£ per cent bonds due or first Exchange for a SVi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit 1 Total- Net debit bdances with Bank loans to others (than W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k 1 Exchange ch b a ro si k n e g r s a n a d n d c a d r e r a y l i e n r g s ) s e fo c r u r p it u ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob ( c c li o o g l l a . . 3 t 5 i 4 o ) - 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. se o c O u th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 88 780 88 1,074 713 1954—Dec., 3,436 41 2,388 65 1,048 69 1,529 1,019 1955—Dec. 4,030 34 2,791 32 1,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 1,161 46 2,132 880 1957—Jan.. 3,902 29 2,761 41 1,141 42 1,964 866 Feb.. 3,846 35 2,729 31 1,117 53 2,004 828 Mar. 3,832 28 2,713 27 1,119 47 1,958 820 Apr.. 3,938 28 2,792 28 1,146 53 2,051 807 May 3,924 39 2,794 26 1,130 52 2,063 817 June 4,031 31 2,887 25 1,144 52 2,104 820 July. 4,004 32 2,885 23 1,119 59 2,079 829 Aug. 3,929 30 2,833 24 1,096 58 2,035 816 Sept. 3,882 35 2,789 21 1,093 63 2,046 838 Oct.. 3,643 39 2,568 31 1,075 72 1,708 879 Nov. 3,577 42 2,517 33 1,060 56 1,641 876 Dec. 3,576 68 2,482 60 1,094 124 1,706 896 1 Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reportingg mmeeimber carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 p„ er cent of all loans for this ppuurr]pose. 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 51 LIFE INSURANCE COMPANIES1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U S n ta it te e s d Sta lo te c a a l nd Foreign2 Total Bonds Stocks M ga o g r e t s - Real P lo o a li n c s y O as t s h e e ts r (U. S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1949 59,630 17,868 15,290 1,052 ,526 23,124 21,406 1,718 12,906 1,247 2,240 2,245 1950 64,020 16,118 13,459 1,152 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 C3,743 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—Nov.... '95,287 11,207 '7,745 '2,228 ,234 r40,744 r37,775 '2,969 r32,706 '2,815 3,483 '4,332 Dec.... '95,844 p10,989 '7,519 '2,234 ,236 r40,976 r38,067 '2,909 r32,994 '2,829 '3,505 '4,551 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 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July... 99,005 10,906 7,306 2,323 1,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aug 99,374 10,880 7,268 2,333 1,279 42,742 39,724 3,018 34,547 3,032 3,731 4,442 Sept.... 99,812 10,833 7,224 2,340 1,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 1,271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 Nov.. . 100,597 10,782 7,135 2,362 1,285 43,368 40,340 3,028 34,986 3,113 3,833 4,515 c Corrected. r Revised. 3 These represent annual statement asset values, with bonds carried on 1 Figures are for all life insurance companies in the United States. an amortized basis and stocks at end-of-year market value. 2 Represents issues of foreign governments and their subdivisions 4 These represent book value of ledger assets. Adjustments for interest and bonds of the International Bank for Reconstruction and Develop- due and accrued and for differences between market and book values ment. are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Reserves Total2 Mort- o G b o li v g t a . - Cash Other 4 S c a a v p i i n ta g l s und a i n v d ided tions FHLB profits advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 1949 14,622 11,616 1,462 880 566 12,472 424 75 1,106 1950 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955 37,719 31,461 2,342 2,067 1,791 32,192 1,412 146 2,557 1956 42,875 35,729 2,782 2,119 2,199 37,148 1,225 122 2,950 1956—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 1,836 2,428 38,471 968 87 May. 45,085 37,421 3,180 1,874 2,569 38,939 990 84 June. 45,736 37,886 3,139 2,061 2,610 39,798 1,077 103 3,136 July. 45,750 38,280 3,180 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 1,622 2,718 40,673 1,129 121 Nov. 47,600 39,835 3,238 1,705 2,787 41,072 1,141 117 1 Figures are for all savings and loan associations in the United States. 3 Net of mortgage pledged shares. Data beginning 1950 are based on monthly reports of insured associa- 4 Includes other loans, stock in the Federal home loan banks and other tions and annual reports of noninsured associations. Data prior to investments, real estate owned and sold on contract, and office building 1950 are based entirely on annual reports. and fixtures. 2 Includes gross mortgages with no deduction for mortgage pledged NOTE.—Data for 1957 are preliminary. shares. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 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 vear End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 6,715 7,377 35,757 7,160 6,752 7,261 Banks for cooperatives 345 425 424 377 367 375 355 349 395 457 423 Federal intermediate credit banks... 510 633 673 590 638 689 765 898 874 734 4845 Farmers Home Administration 535 539 596 648 701 681 764 3778 769 724 823 Rural Electrification Administration. 1,543 1,742 1,920 2,096 2,226 2,348 2,379 2,413 2,450 2,488 2,544 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2,671 2,349 2,626 Other agencies 52 40 31 23 18 (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 2 4 4 4 1 3 3 3 7 4 1 4 3 7 8 4 1 6 4 4 5 4 1 8 5 8 5 To industry, total 568 589 598 588 431 678 593 627 624 619 629 Treasury Department... 174 353 306 330 323 216 209 209 C O o th m e m r a e g rc e e n c D ie e s partment. • 568 589 598 • 413 79 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 64 58 53 1 58 55 60 57 54 All other purposes, total , 63 35 75 119 166 256 156 176 193 213 240 Housing and Home Finance Agency. (5) 5 29 127 209 108 122 137 156 184 Other agencies 63 34 69 90 39 47 48 55 56 57 56 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -263 3-592 -656 -309 -327 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,580 19,844 20,331 20,657 21,353 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,677 3,719 3,720 3,739 3,923 Federal home loan banks 199 249 311 387 641 745 1,082 1,083 1,054 1,018 1,095 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 248 256 248 256 265 Federal Housing Administration 244 285 316 319 327 381 390 405 422 458 479 Federal Deposit Insurance Corporation 1,307 1,353 1,437 1,526 1,624 1,720 1,793 1,810 1,812 1,825 1,898 Other agencies 132 140 148 152 147 149 164 166 183 181 186 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities6 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 1,77'4 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. f 567 6,332 6,418 6,517 6,654 Other agencies 136 288 203 428 550 609 [ 188 188 215 201 193 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 10,028 9,985 9,875 Commerce Department (maritime activities). 4,834 4,798 4,822 4,796 4,612 4,549 4,502 4,470 Panama Canal Company9 18 298 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 1,751 Housing and Home Finance Agency 1,297 1,285 1,203 1,041 727 450 400 311 285 236 144 Nat. Advisory Committee for Aeronautics... 278 276 277 Bonneville Power Administration 309 306 311 317 General Services Administration 1,199 1,302 1,298 1,226 Post Office Department 590 590 590 590 Other agencies 745 728 345 350 360 300 607 538 608 613 704 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,425 2,607 2,742 2,711 2,975 Banks for cooperatives 110 170 181 150 156 185 161 152 188 257 231 Federal intermediate credit banks 520 674 704 619 640 665 725 857 865 721 803 Federal home loan banks 560 525 445 414 272 958 869 928 918 963 720 Federal National Mortgage Association 570 670 670 770 770 1,220 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 2 Coverage changed from preceding period (see also NOTE). age and the new classification of agencies now reported in the Treasury 3 Adjusted figures; for amounts reported for this date but excluded Bulletin. The revised statement includes a larger number of agencies, and from this figure, see BULLETIN for May 1957, p. 550, note 3. their activities are classified according to the type of fund they represent. 4 Effective Jan. 1, 1957, the production credit corporations were merged Funds are combined in the table above, but are shown separately in the in the Federal intermediate credit banks, pursuant to the Farm Credit table on the following page. Classifications by supervisory authorities Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations are those in existence currently. Where current Treasury compilations of the banks (including the corporations) are classified as trust revolving do not provide a detailed breakdown of loans, these items have been transactions. classified by Federal Reserve on basis of information about the type of s Less than $500,000. lending activity involved. 6 Figures represent largely the Treasury loan to the United Kingdom, A few major activities and several minor ones, first reported for June and through 1952 are based in part on information not shown in Treasury 30, 1956, are not included for later dates, because they are not reporting compilation. ? Figure derived by Federal Reserve. on a quarterly basis. 8 Includes investment of the Agricultural marketing revolving fund in * Adjusted totals; these reflect exclusion of data for agencies reporting the banks for cooperatives; Treasury compilations prior to 1956 classified other than quarterly, the latest data for which are shown at the bottom this item as an interagency asset. of the table on the opposite page. 9 Figures prior to 1951 are for the Panama Railroad Company. The 1 Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis; total loans and all other assets, on a net basis, i. e., after (not reported prior to that time). reserve for losses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 53 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than inter agency items1 Liabilities, other than interagency items 1 Date, and fund or activity Total Cash L c a r e o b e i a l - v e n - s t v o I e r n i n - e - s P s r d i e u t e c i b b I e u m l n t s i - c v e e n s O t s r t s i e - t t c h ie u e s - r L e s t m u t a q a r r n e u n u e d n i c d s p t - , , - Other a G B t U u n a o . u b r t n e e n y a S d e s r d . - d s d p , e a n O b y o t e a t h n b e e - l s e r , O li i a t t i b h e i e s l r - G i U n e . o t s e v S t r t - . . o v in P w a e t r t s n e e i- t r l e y - d All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 1,330 1,721 26,456 378 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1953—Dec. 312 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1954—Dec. 31 45,304 1,338 2""0,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339.583 596 1955—Dec. 31 1956—Mar. 31 58,485 3,73120,58014,119 3,677 3,638 8,056 4,685 2,425 730 51,635 651 June 30* 66,797 4,45719,844 2200,231 3,719 3,638 9,682 5,226 2,607 238 60,224 677 Sept. 30 69,143 5,144 20,, 331_20.,949 3,720 3,66810,028 5,303 2,742 145 62,507 693 Dec. 31* 69,653 4,996 20,657 21,375 3,739 3,669 9,985 5,232 2,711 659 62,516 699 1957—Mar. 31 69,895 4,44121,35321,303 3,923 3,729 9,875 5,272 2,975 713 62,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,511 9,069 4,112 775 149 3,294 1,403 68 570 1,842 17,831 Farm Credit Administration:4 Federal Farm Mortgage Corporation 11 1 10 10 Agricultural Marketing Act, revolving fund. . . 186 39 'i47 186 Department of Agriculture: Commodity Credit Corporation 6,543 38 2,518 3,362 169 456 1,112 5,431 Disaster loans, etc., revolving fund 140 47 86 6 2 138 All other 37 26 9 2 3 34 Housing and Home Finance Agency: Public Housing Administration 371 64 119 32 156 34 337 Federal Housing Administration 780 20 479 279 67 143 570 Federal National Mortgage Association 2,431 1 2,402 ) 27 570 31 1.830 Office of the Administrator 747 175 397 144 31 7 741 Federal Savings and Loan Insurance Corporation... 276 1 265 11 262 Small Business Administration 172 44 126 1 171 Export-Import Bank 2,733 35 2,677 () 19 (5>3, 2,701 Tennessee Valley Authority 2,019 1,751 119 32 1,986 Panama Canal Company 456 396 21 24 432 Veterans Administration 731 236 488 4 2 1 721 General Services Administration 901 39 677 71 115 16 886 Treasury Department 380 115 '225 9 30 3 377 Post Office Department—postal fund 1,023 386 9 590 39 364 659 Interior Department 216 50 7 129 21 6 209 All other 160 51 6 57 10 149 Intragovernmental Funds—Total 13,022 1,444 11,220 202 156 80212,220 Defense Department: Army 8,242 649 7,411 105 77 320 7,921 Navy 3,342 418 2,881 42 293 3,048 Air Force 1,137 302 801 34 133 1,004 All other 302 75 126 97 3 56 246 Certain Other Activities—Total 29,996 1,358 9,066 5,971 3,563 6,379 3,652 192 29,804 National Advisory Committee for Aeronautics 408 59 1 277 70 398 General Services Administration 8,049 665 82 5,929 1,214 158 12 8,036 Bonneville Power Administration 393 28 5 317 42 388 Department of Agriculture: Farmers Home Administration 765 121 623 21 754 Rural Electrification Administration 2,767 103 2,538 127 2,766 International Cooperation Administration 2,054 2,035 16 2,054 Treasury Department 10,215 3,505 3,563 103,146 10,215 Department of Commerce—maritime activities 5,115 "302 283 34 4,470 25 133 4,982 Allother 232 76 1 100 47 211 Certain Deposit Funds—Total 4,530 60 1,381 3,036 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 10 231 3 238 30 Federal Deposit Insurance Corporation 1,920 2 (5) 1,898 19 151 1,769 Federal home loan banks 2,109 31 961 1,095 14 "726 681 707 Certain Trust Revolving Funds—Total 2,035 68 1,837 106 1,453 42 502 Federal National Mortgage Association 1,047 51 992 650 19 357 1121 Federal intermediate credit banks 969 11 845 100 805 13 145 118 All other 19 5 6 10 119 Latest data for agencies not reporting quarterly Office of Alien Property (Dec. 31, 1956) 220 143 77 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30, 1956) 3,024 93 6 2,571 354 137 2,887 All other—excluding OAP—(June 30, 1956) 50 6 27 14 2 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

54 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N e d c e t g t s e . t T r P f e u r l c u 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 u f q e r t o b u o h c l t a 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 u r x 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 y b ( m r e t l - i s ) , c , ( c ( o c - d r d r r I e ) e i e n r a d a , b e - s i s e c t n e e - t , a i g G n N e r o . n e v . t b t & . y Less: O d n c e a o t b h s n t e h - 4 r b E i o q n c N r u g a r e s a o f h o t l w s r - : & agen.) tr. funds Cal. year—1955. 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956. 70,994 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,910 Fiscal year—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 2,739 •77,088 66,540 9,436 '3,358 '72,617 4,471 -578 3,166 623 -4,366 1957 71,029 14,369 3,243 82,106 69,433 12,961 2,387 80,007 2,099 -1,053 2,338 -292 -3,100 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 '1,450 r47,691 33,415 5,040 '2,262 '36,191 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 42,960 8,200 1,670 49,463 35,632 7,657 1,902 41,389 8,073 -5,089 1,692 98 -6,879 Monthly: 1956—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 11,688 1,820 ,182 12,322 6,279 1,275 122 7,431 4,891 -4,496 728 -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 3,131 938 167 3,896 6,501 1,387 386 7,501 -3,605 476 9 -32 500 Nov.? 4,827 1,438 201 6,060 5,806 964 566 6,204 -144 655 3 -13 665 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 Net Trust m N ar e k t et inv N . e ( t -) Incr o e r ase, Deposits in— s B d u u e r o p f d i r l g c u i e t s t , a l c d a f c e u t o u f i n i o r m c d n i u t , - t c o R i l c e T i a a c r s t o e i h n o a - n s. i o s ( a G s g + b u e l o ) a i n g v o n c a t f c y . - e i & s a n G e g c e o F t . n r v e u c b t d y s . y . t d ( p e d g - c u i r ) r r b o e , e l s i c a i n s c s t e T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a a . v b n a l R k e il . s - T T L a r u x o e r a a y a n s n - d O n th et er tions 5 funds 5 debt funds) Accts. Fiscal year—1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956 1,626 2,250 '309 173 -2,617 -1,623 -213 331 6,546 522 4,633 ,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 Semiannually: 1955_j J a u n l . y -J -D un e e c -7 5 , , 8 1 8 1 5 4 1,0 2 6 3 0 4 6 9 6 2 0 -1 7 3 5 9 4 -1 - , 9 2 5 1 0 7 -4 6 , , 3 3 7 9 5 4 - 4 2 0 4 0 -1 1 , , 6 0 7 3 1 6 4 6 , , 5 21 4 6 5 3 3 8 9 0 7 4 3 , , 3 0 6 3 5 6 , ,1 4 1 7 2 1 1956—Jan.-June 9,511 1,190 '217 312 -1,400 -8,017 -189 2,002 6,546 522 4,633 ,391 July-Dec -5,732 866 -482 5 -697 3,877 -55 -2,119 4,427 441 2,924 ,062 1957—Jan.-June 7,328 543 -36 ,090 -1,603 -6,101 60 1,163 5,590 498 4,082 ,010 Monthly: 1956—Nov -908 374 129 -70 -305 1,734 -119 1,074 5,778 463 4,159 ,156 Dec -307 185 -875 -11 91 -389 45 -1,350 4,427 441 2,924 ,062 1957—Jan -1,286 -462 390 205 374 -399 -17 -1,162 3,265 715 1,161 ,389 Feb 446 363 -200 35 -169 40 -69 584 3,849 458 2,027 ,364 Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 ,170 Apr -1,731 -408 333 253 402 -991 1 -2,142 5,532 509 3,516 ,507 May -662 777 59 153 -1,255 1,226 -11 308 5,840 568 4,318 954 June 5,409 547 -894 147 -708 -4,707 44 -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 1,183 Nov -979 474 382 -23 679 -33 558 4,865 243 3,583 1,039 p Preliminary. ' Revised. 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 55 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (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 f t O u a r n u g ld d T s e - * t rans H f t f w e r u i u r g n a s s y h d t - to— R m ti r . r e e e - R n - t . c fu e R r o n i e e p f - d - t s s B c T u e r o d i e p t - g a t e s l t W he I i n l t d h d - ivid O ua th l er C ra o ti r o p n o- t c a E i x x s e e - s t p m a E l x o m e e y n s - - t 2 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e r r s r e s .' - ' 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... 71,029 6,634 ,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 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.-June 42,960 4,075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 2,628 1,325 857 2,222 Monthly: 1956—No v 4,818 587 164 62 5,705 3,333 103 380 936 662 291 325 142 n.a. Dec 5,412 299 144 -12 5,898 2,067 324 1,825 815 355 512 233 108 n.a. 1957—Jan 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb 6,188 1807 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 11,688 536 137 406 12,819 2,253 1,818 6,722 875 589 561 257 142 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 ,088 363 379 323 159 n.a. Nov 4,827 671 203 76 5,845 3,415 97 367 840 740 386 n.a. n.a. n.a. Budget expenditures 3 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 r i 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 f e s a i n r t n v a s e s n - - ' d w 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 so N 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 ,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 ,895 765 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 42,090 35,533 3,755 ,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 ,651 662 6,846 4,756 2,776 4,913 1,104 2,028 1,629 1957P 69,344 44,321 38,425 3,460 ,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 ,137 940 1956—Jan.-June 7 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.- June? 35,543 23,252 19,878 2,025 ,064 323 3,725 2,502 1,544 2,561 560 551 608 Monthly: 1956—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 Junep.... 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 Sept 5,666 3,589 3,148 226 169 53 638 362 239 386 138 269 104 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 "Eco- 1 Beginning February 1957, includes transfers to Federal disability nomic and technical development" to "Major National Security." Since insurance trust fund. all details of the revision are not available, monthly and semiannual 2 Represents the sum of taxes for old-age insurance, railroad retire- data may not add to totals. ment, and unemployment insurance. 6 Data are from Treasury Bulletin for June 1956 and are not fully com- 3 For more details, see the 1958 Budget document, pp. 1076-1084 and parable with data in subsequent Bulletins or with other data in this pp. 1149-1150 and the Treasury Bulletin, table 3 of section on Budget table. receipts and expenditures. 7 Derived by subtracting totals for July-December 1955 from totals for 4 Includes stockpiling and defense production expansion not shown fiscal year 1956. separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total E m n o d n t o h f d T g e r o o b t s t a * s l d d g i e r r o b e s t c s 2 t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S i p ss e u c e ia s l Total Bills c in at d e e s b o t- f Notes Bank Bank bonds Totals b i o n n g d s s s in a g v s edness eligi- re- notes ble ^ stricted 1941—Dec. 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec. 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950—Dec. 256.7 256.7 220.6 152.5 13.6 5.4 39.3 44.6 49.6 68.1 58.0 8.6 33.7 1951—Dec. 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec. 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec. 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec. 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec. 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—Jan.. 276.3 276.2 228.4 160.5 25.3 19.0 35.3 80.9 10.7 57.2 56.0 45.3 Feb., 276.4 276.3 228.4 160.9 25.9 20.2 33.9 80.9 10.6 57.0 55.8 45.5 Mar. 275.1 275.0 227.2 159.9 25.3 19.4 34.4 80.9 10.5 56.7 55.6 45.6 Apr. 274.1 274.0 226.9 160.0 25.3 19.4 34.4 80.9 10.4 56.5 55.4 45.2 May 275.3 275.2 226.9 160.3 26.8 21.8 30.9 80.8 10.3 56.3 55.2 46.1 June 270.6 270.5 221.7 155.7 23.4 20.5 31.0 80.8 10.3 55.7 54.6 46.8 July. 272.6 272.5 224.3 158.8 26.4 20.5 31.1 80.8 10.2 55.3 54.3 46.3 Aug. 274.0 273.8 225.3 160.2 28.2 34.1 17.1 80.8 10.1 55.0 54.0 46.7 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. 274.9 274.7 227.1 163.4 26.7 34.7 20.6 81.5 9.6 54. f 53.2 46.0 Dec. 275.0 274.9 227.1 164.2 26.9 34.6 20.7 82.1 9.5 53.4 52.5 45.8 1 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 Dec. 31, 1957) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,338 million on Nov. 30, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n s a i g n e n t i c c t e g e u l s u u e r ) d i a d - - r- S is p s t e u r c u e i s a s t l fun P is d u s s b u J l e i s c Total F B e a d n e k ra s l b C a o n r k n s - 2 M ba u n tu k a s l p I c a n a o n s n m u c ie e r - - s r O at t i h o e n 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 s d 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 s e s c s 3 . - 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—June 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 18.7 14.7 50.2 15.2 14.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.3 15.1 50.2 15.4 15.6 1956—June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 17.4 15.7 50.3 17.2 16.2 1956—Oct 275.4 45.5 8.4 221.5 23.8 58.0 8.1 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 8.1 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 8.0 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 8.1 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 8.1 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 8.1 12.6 18.0 16.6 49.6 18.6 16.3 Apr 274.1 45.2 8.5 220.4 23.2 58.0 8.0 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 8.0 12.4 18.5 16.8 49.3 18.3 16.4 June 270.6 46.8 8.7 215.1 23.0 55.8 7.9 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 7.9 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 7.9 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 7.9 12.2 16.1 17.2 48.6 19.6 16.0 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 16.1 17.2 48.4 19.5 16.1 1 Includes the Postal Savings System.. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. 2 Includes holdings by banks in territories and insular possessions, agencies and trust funds; Treasury Department estimates for other groups. which amounted to about $250 million on Dec. 31, 1956. 3 Includes savings and loan associations, dealers and brokers, foreign accounts, corporate pension funds, and nonprofit institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 57 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, DECEMBER 31, 19571 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Jan. 2,1958 1,600 Apr. 15, 1958 3Vi 2,351 Aug. 15, 1962 4 2,000 June 15, 1962-67... 2V 2,114 Jan. 9,1958 1,600 Aug. 1,1958 4 11,519 Oct. 1,1962 \Vi 140 Dec. 15, 1963-68. 2,822 J J a a n n . . 2 1 3 6 , , 1 1 9 9 5 5 8 8 1 1, , 6 6 0 0 1 0 Dec, 1,1958 3y4 9,833 Nov. 15, 1962 3% 1,143 J D u e n c e . 1 1 5 5 , , 1 1 9 9 6 6 4 4 - - 6 6 9 9 . . 3 3 , , 7 8 4 2 8 2 Jan. 30, 1958 1,699 Treasury notes Treasury bonds Mar. 15, 1965-70. 4,707 F F e e b b . . 1 6 3 , , 1 1 9 9 5 5 8 8 1 1 , , 7 7 0 0 0 0 A Ju p n r e . 1 1 5 , , 1 1 9 9 5 5 8 8 2 t % y2 4,3 38 9 3 2 S M e a p r t . . 1 1 5 5 , , 1 1 9 9 5 5 6 6 - - 5 5 9 8 3 3. .. , 2 2 1 y 4 2 3 1 , , 8 44 1 9 8 J M un ar e . 1 1 5 5 , , 1 1 9 9 6 6 7 6 - - 7 7 2 1. . 2 1 , ,8 9 5 5 5 2 M F F e e a b b r . . . 2 2 0 6 7 , , , 1 1 1 9 9 9 5 5 5 8 8 8 1 1 1 , , , 8 8 8 0 0 0 0 1 0 O F A e p c b t r . . . 15 1 , , , 1 1 9 1 9 9 5 5 5 9 8 9 . V V/ h s 5,1 1 1 0 2 1 2 1 9 J J M u u n n a e r e . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 5 5 5 8 7 8 - - 5 6 9 3 3 4 . . . . 2 2 2 3 3 3 / / 4 8 8 4,2 9 9 4 2 1 5 9 7 D S O e e c p c t. t . . 1 1 5 1 5 , , , 1 1 1 9 9 9 6 6 6 9 7 7 . - - 7 7 2 2 . . 2 3 , , 7 6 7 1 5 5 6 7 8 Mar. 13, 1958 1,803 Oct. , 1959. 99 Dec. 15, 1958 2Vi 2,368 Nov. 15, 1974 3% 653 Mar. 20, 1958 1,700 Apr. , 1960. 198 June 15, 1959-62...214 5,269 June 15, 1978-83... 3»4 1,605 Mar. 24, 1958 3,002 May 15; 1960 3\ 2,406 Dec. 15, 1959-62...214 3,458 Feb. 15, 1995 3 2,743 A M p a r r . . 1 2 5 7 , , 1 1 9 9 5 5 8 8 1 1, , 7 7 5 0 1 0 A O p ct r . . , , 1 19 9 6 6 1 0 . IV 2 1 7 4 8 4 D N e o c v . . 1 1 5 5, , 1 1 9 9 6 6 0 0 -654..2 2 3 i/ 4 8 3 1, , 4 8 8 0 5 6 Panama Canal Loan.... 3 50 Aug. 1, 1961 2,609 Sept. 15,1961 234 2,239 Certificates Oct. 1,1961 IV 332 Nov. 15,1961 2Vi 11,177 Convertible bonds Feb. 14, 1^58 3% 10,851 Feb. 15,1962 35/ 647 Aug. 15, 1963 2i/i 6,755 Investment Series B Apr. 1,1962 \y 551 Apr. 1,1975-80... 2% 9,527 1 Direct public issues. 3 Not called for redemption on first call date. Callable on succeeding 2 Sold on discount basis. See table on Money Market Rates, p. 1253. int 4 e r P e a st r t p ia a l y ly m t e a n x t - e d x a e te m s p . t. 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 1ype Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b rk d le e s2 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 Sept. 30 171,669 26,658 35,010 19,317 80,823 9,861 161,808 72,185 44,150 14,731 30;742 Oct. 31... 171,939 26,659 34,692 19,412 81,474 9,702 162,237 71,940 44,172 14,731 31,394 U. S. Govt. agencies and trust funds: 1955_june 30 7 162 40 8 119 3 556 3 439 3 723 74 199 506 2 944 1956—June 30 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 Dec. 31 8 242 142 353 842 3 669 3 236 5 006 928 708 317 3 053 1957—June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1.210 295 2,848 Sept. 30 9,050 147 699 1,502 3,698 3,003 6,047 1,267 1,626 302 2,852 Oct. 31 9,198 211 681 1,513 3,805 2,988 6,210 1,314 1,638 301 2,957 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 1,415 1957—June 30 23 035 287 11,367 8 579 2,802 23,035 20,246 681 '750 1 358 Sept. 30 23,312 577 19,934 2,802 23,312 20,523 681 750 1,358 Oct. 31 23,338 574 19,956 4 2,805 23,338 20,549 681 750 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 Sept. 30 50,848 3,892 4,263 9,132 33,419 142 50,706 12,189 25,725 8,579 4,213 Oct. 31 50 663 3,880 4,013 9,073 33,556 141 50,522 11,863 25,640 8,669 4,350 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 S40 1,319 4,468 Dec. 31 7 431 131 24 312 5,849 1,115 6,316 241 1,057 659 4,358 1957—June 30... .... 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4.040 Sept. 30 7,426 225 181 433 5,521 1,066 6,360 593 1,182 595 3,991 Oct. 31 7,331 178 157 476 5,497 1,023 6,308 503 1,208 595 4,001 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 1,749 1,136 5,049 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 [,775 1,022 4.634 Sept. 30 10,952 421 232 635 7,249 2,414 8,538 1,031 1,848 1,032 4! 626 Oct. 31 11,044 479 240 660 7,274 2,390 8,654 1,090 .869 1,028 4,665 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 Sept. 30 70,081 21,396 9,700 7,615 28,134 3,236 66,845 36,582 13,087 3,473 13,703 Oct. 31 70,367 21,337 9,645 7,687 28,537 3,161 67,206 36,621 13,135 3,387 14,062 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

58 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 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 eed Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .s ig F e e e r n a d c l - y' S n m a p t i n c a a u d i l t - - e Others Total Total o B P f l f o i u e c n b r ly e d - d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Totalmo N n e e w y 7 p l M p a c o o u e n u s i l r s e e s - - - - s m b d e t R t i e a o c e r e b n f e . n - k t * - t , m s r t i e i o t r e c i e f e n u - s t - 1939 5,687 2,332 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1949 21,110 11,804 216 2,907 132 6,052 4,890 2,437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 306 8,898 7,083 3,856 3,228 489 1,326 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 26,772 9,628 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 22,405 5,517 169 5,446 334 10,939 8,002 4,225 3,777 636 2,30110,384 9,663 721 364 1956—Nov. 1,829 389 311 5 1,123 451 179 272 45 627 1,089 1,048 41 21 Dec. 1,955 390 427 23 1,114 915 401 514 16 183 1,088 1,049 39 11 1957—Jan.. 2,432 496 72 685 84 1,094 916 641 276 34 144 1,063 1,026 38 11 Feb.. 2,123 386 569 53 1,116 761 514 248 26 329 1,071 927 144 22 Mar. 3,248 1,327 503 32 1,386 1,072 643 429 38 276 1,344 1,271 73 21 Apr., 2,362 390 125 763 128 956 647 385 262 46 264 924 864 61 13 May. 1,785 394 539 51 802 691 437 254 25 85 771 707 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 2,263 215 437 37 1,028 913 587 327 19 96 973 949 24 40 Oct.. r2,624 894 '683 8 1,039 872 608 264 68 100 1,014 976 38 12 Nov. 3,015 1,374 "ioo" 615 59 867 693 480 213 24 150 831 793 38 19 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital* o secu- secu- capital10 secu- capital1( secu- apital™ secu- capital™ 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 1934 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—Nov. 147 19 110 2 45 153 596 1 37 Dec. 526 5 33 3 148 157 73 1 151 1957_jan.. 381 42 1 101 247 () 105 187 Feb.. 543 2 94 4 31 247 14 46 108 M Ap a r r . . . 3 3 6 1 6 4 4 3 5 3 3 2 (9) 8 6 5 5 4 3 9 5 0 1 1 5 6 2 4 8 7 1 9 9 1 3 May, 135 4 55 3 80 348 8 82 72 June. 626 21 29 1 51 436 137 210 July. 234 5 71 10 45 244 (9) 54 343 Aug. 242 50 6 30 251 126 215 1 Sept. 331 36 5 52 418 8 65 47 30 Oct.. 126 57 2 12 302 363 154 Nov. 243 38 3 38 297 91 123 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 • Less than $500,000. organizations. 1 ° 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 59 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 52,94054,51763,34358,11069,876 71,901 18,13118,45716,11919,193 19,754 19,42417,994 Profits before taxes 8,869 7,308 8,375 7,244 10,250 9,253 2,603 2 509 1,700 2,441 2,751 2 575 2 053 Profits after taxes 3,548 3,192 3,649 3,825 5,231 4,842 1,302 1,305 914 1,321 1,420 1,339 1,107 Dividends 2,075 2,073 2,154 2,384 2,827 2,972 703 706 723 841 752 757 757 Nondurable goods industries (94 corps.): * Sales 18,91619,26620,69420,62023,106 24,762 6,079 6 135 6,084 6,464 6,604 6 510 6 522 Profits before taxes 3,447 2,853 3,028 2,753 3,413 3,468 907 876 808 877 941 873 844 Profits after taxes 1,533 1,392 1,526 1,581 1,918 1,985 503 491 466 526 537 503 487 925 946 972 1,064 1,202 1,249 290 295 305 359 315 318 319 Durable goods industries (106 corps.):2 Sales 34,02435,25142,64937,49046,770 47,139 12,05212,32210,03612,730 13,150 12,91411,472 Profits before taxes 5,422 4,455 5,346 4,491 6,836 5,784 1,696 1 633 892 1,564 1,810 1,702 1 209 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 1,127 1,182 1,320 1,625 1,724 413 411 418 482 437 439 438 Selected industries: Foods and kindred products (28 corps.): Sales 4,909 5,042 5,411 5,476 5,833 6,300 1 530 1 569 1 561 1,640 1 618 1 642 I 663 Profits before taxes 473 453 465 462 499 561 126 149 141 145 133 154 158 Profits after taxes 227 203 212 224 244 275 58 71 71 74 63 75 77 159 154 154 156 160 166 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 1,490 1,259 1,308 1,153 1,535 1,500 388 380 342 389 395 394 397 Profits after taxes 521 486 520 593 782 776 196 195 178 207 197 202 201 Dividends 381 396 417 499 597 602 138 141 143 181 150 152 150 Petroleum refining (14 corps.): Sales 5,078 5,411 5,883 6,015 6,556 7,185 1,764 1,742 1,770 1,909 2,048 1,941 1,920 Profits before taxes 911 728 841 751 854 916 248 223 218 226 298 219 193 Profits after taxes 560 524 603 567 624 688 177 163 163 184 220 172 161 Dividends 262 283 290 294 317 346 82 82 89 93 91 91 95 Primary metals and products (39 corps.): Sales 12,507 11,56413,75011 52214 952 16,062 4 209 4 415 3 098 4,340 4 272 4,270 3 830 Profits before taxes 2,098 1,147 1,817 1,357 2,377 2,366 690 712 267 697 678 652 515 Profits after taxes 778 564 790 705 1,195 1,233 346 363 145 378 344 327 267 Dividends 382 369 377 407 522 606 141 137 140 188 157 157 158 Machinery (27 corps.): Sales 6,168 7,077 8,005 7,745 8,477 9,798 2,167 2,463 2,422 2,746 2,624 2,750 2,669 Profits before taxes 1,000 971 1,011 914 912 943 200 267 233 243 296 305 273 Profits after taxes 365 375 402 465 465 460 76 139 125 120 142 148 136 Dividends 192 199 237 263 281 321 78 78 79 87 79 81 82 Automobiles and equipment (15 corps.): Sales 12,707 13,038 16,611 14,13718,826 16,336 4,578 4,195 3,347 4,215 4,993 4,522 3,689 Profits before taxes 1,950 1,982 2,078 1,789 3,023 1,940 689 509 272 470 713 603 293 Profits after taxes 717 709 758 863 1,394 898 320 242 118 214 337 292 152 Dividends 486 469 469 536 693 656 162 164 164 166 167 166 164 Public Utility Railroad: Operating revenue 10,391 10,581 10,664 9,371 10,106 10,551 2,535 2,704 2,590 2,722 2,575 2,660 2,676 Profits before taxes 1,260 1,438 1,436 908 1,341 1,267 252 343 298 375 247 264 286 Profits after taxes 693 825 903 682 927 874 163 237 208 266 161 182 191 Dividends 328 338 412 379 448 445 110 116 70 148 124 111 83 Electric power: Operating revenue 6,058 6,549 7,136 7,588 8,360 9,059 2,398 2,185 2,175 2,302 2,549 2,318 2,344 Profits before taxes 1,482 1,740 1,895 2,049 2,304 2,457 710 592 568 586 731 596 600 Profits after taxes 814 947 1,030 1 134 1,244 1,329 374 321 302 331 393 327 326 Dividends .... 651 725 780 868 942 1,013 247 256 248 262 269 270 265 Telephone: Operating revenue 3,729 4,136 4,525 4,902 5,425 5,966 1,439 1,480 1,495 1,552 1,560 1,611 1,623 Profits before taxes 691 787 925 1,050 1,282 1,430 339 352 359 380 387 388 387 Profits after taxes 341 384 452 525 638 715 169 176 180 190 195 195 195 Dividends 318 355 All 448 496 552 132 136 137 147 148 150 155 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, whiefti the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divi^ company reports. dends are for the 20 operating subsidiaries and the two affiliates.. I>ata« 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 andl of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 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 b ta e x f e o s re c ta o x m es e t a a f x te e r s d d e i n v d i- s tr p i r b o u f t it 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 1956—1 43.3 22.1 21.2 11.7 9.5 1956—3 3 336 991 2 345 2 182 650 1,531 1,154 340 814 2 42.4 21.6 20.7 12.0 8.7 4 3,477 998 2,479 1,833 593 1,240 1,644 404 1,239 3 40.8 20.8 19.9 12.1 7.8 4 45.6 23.3 22.3 11.5 10.8 1957—1 3,666 783 2,884 2,377 553 1,824 1,289 230 1,059 2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 1957—1 43.9 22.4 21.5 12.4 9.1 3 3,474 802 2,672 2,554 554 2,000 920 248 672 2 42.0 21.4 20.5 12.5 8.0 3 41.8 21.3 20.4 12.6 7.8 1 Reflects cash transactions only. As contrasted with data shown on p. 58, new issues exclude foreign and include offerings of open-end investment companies, sales of securities NOTE.—Quarterly data are at seasonally adjusted held by affiliated companies or RFC, special offerings to employees, and also new stock annual rates. issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 58. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities End of year wo N rk et ing U. S. Not r e e s c e a i n va d b a le ects. Note p s a a y n ab d l e accts. F in e c d o e m ra e l or quarter capital Total Cash s G ec o u v r t i . - I t n o v r e ie n s - Other Total li t a a - x Other ties G U o . v S t . .2 Other G U o . v S t . . 2 Other bilities 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9 3 14.0 1950 81.6 161.5 28.1 19.7 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 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 M fa i c a n t n u g u r- - M in i g n- T R r r o a a a n il d s - por O ta t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i i c n n n i t n u g g d - r- T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c 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 1.3 2.7 1950 20.6 7.5 .7 .1 1.2 3.3 5.7 4 9.8 4.8 .8 1.5 2 8 1951 25.6 10.9 .9 .5 3.7 1.3 5.9 1952 26 5 11.6 1.0 .4 1.5 3.9 1.5 5.6 1957—1 8.3 3.8 .7 1.2 2 6 1953 28.3 11.9 1.0 1.3 6 4.6 1.7 6.3 9.6 4.5 .8 1.5 2.7 1954 26.8 11.0 1.0 .9 4.2 1.7 6.5 3 9.4 4.3 .8 1.7 2.5 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 44 9.8 4.7 .8 .8 2 5 1956 35.1 15.0 1.2 1.2 7 4.9 2.7 8.4 19574 37.0 16.0 1.3 1.4 1.8 6.3 10.3 1958—14 8.2 3.7 .7 1.4 2.3 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 61 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties 1Nonfarm Farm E o n r d q o u f a r y t e e a r r h A e o r l l 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 a e e c l g d e i e e e c n h r s t O e a - o d l l t d h e e v o r r I i t a s d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t i n i l l n - y * s ho O h u o e t s h r l e s d e s - r c T o o m t M a m l u e l r ti c t F - i u i f a i n c a t n l i i s m o a a t p l i n n i - r l s - y o p a e O h n r e d o t t i r h l e s d e s - r 1 h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - ho O 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 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 r144.7 111.2 3.6 29.9 r134.8 99.0 83.4 15.6 35.8 23.9 11.9 9 9 3 9 6 0 1956—Mar r133.6 102.3 3.2 r28.2 124 2 90.8 76.2 14.6 33.4 22.4 11.0 9.4 3.7 5.7 June H37.6 105.5 3.2 28.8 128.0 r93.7 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 r96.6 81.4 r15.2 35.1 23.4 11.6 9 8 3 9 5 9 Dec '144.7 111.2 3.6 29.9 r134.8 99.0 83.4 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957—Mar.P 147.4 113.0 4.0 30.4 137.3 101.0 84.9 16.2 36.3 24.2 12.0 10.1 3.9 6.2 Junep 150.3 115.3 4.2 30.8 140.1 103.3 86.8 16.5 36.8 24.6 12.2 10 3 4 0 6 4 Sept v 153.5 117.7 4.5 31.3 143.1 105.6 88.7 16.9 37.5 25.1 12.4 10.4 4.0 6.4 P Preliminary. r Revised. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual sayings 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 bankholdings 2 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 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12 188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 ,831 58 1956 22,719 17,004 4,803 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.p 23,105 17,070 4,760 3,660 8,650 4,660 1,375 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

62 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V ua a r - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1949. 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,224 7,090 1,138 1950. 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951. 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952. 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953. 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954. 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955. 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956. 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1956—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 Aug.. 435 412 50 58 304 23 34,547 31,978 6,677 7,725 17,576 2,569 Sept.. 408 383 82 43 258 25 34,697 32,122 6,690 7,736 17,696 2,575 Oct.. 435 404 67 51 286 31 34,859 32,274 6,706 7,753 17,815 2,585 Nov.. 362 335 60 38 237 27 34,986 32,396 6,720 7,758 17,918 2,590 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 edger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) By type of lender Total (without seasonal adjustment) Y m e o a n r t o h r TotaU s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed i 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 636 1 083 ,559 11,616 717 ?.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 1 1 9 9 5 5 1 2 6 5,? 6 5 17 0 2 1 1 6 0 5 5 7 ? ? , , 3 9 5 5 7 5 1 18 5, , 5 3 6 9 4 6 9 8 0 6 4 6 3 3, , 3 1 9 3 4 3 1 1 1 4 , , 5 0 6 9 5 8 1 1 9 9 5 5 0 1 1 1 6 6 ,1 4 7 0 9 5 5 5 ,0 2 6 9 0 5 1 1 , , 6 6 1 1 8 5 3 3 , , 3 3 6 7 5 0 1 1 , , 0 0 6 1 4 3 1953 7.767 2,475 3,488 ?1 96? 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 969 3 076 3,846 ?6,194 1,172 4,7?1 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11J43? 4,041 5,?41 31,461 ,405 5,891 24,165 1954 22 974 8 312 1,768 4,239 1,501 1956 10 545 3 771 4,7?7 35,7?9 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 Nov 784 277 360 35 497 48? 6 603 27,412 Dec 710 250 3?0 35,7?9 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 3?6 35,9?9 1,488 6,659 27,782 Feb 709 243 318 36,195 1,493 6,68? 28,020 Jan 2,056 1,942 659 134 353 117 M Ap a r r 8 8 4 9 ? 9 2 3 9 1 8 7 3 39 6 1 6 3 3 6 6 , . 5 9 5 6 9 3 1 1, , 5 4 0 9 8 9 66j, 7 77 ?4 4 2 28 8 , , 6 3 8 3 1 6 F M e a b r 2 2 ,0 0 5 1 0 1 1 1 , 7 9 4 3 9 7 7 6 4 4 4 4 1 1 0 1 5 5 3 3 0 3 8 4 9 9 6 9 May 968 360 41? 37,4?1 1,520 6,833 29,068 Apr 2 042 2,044 798 116 357 110 June 9?5 319 415 37,886 1 530 6 889 29,467 May 2,031 2,144 840 125 374 121 July . . 969 318 46? 38,?80 1,545 6,904 29,831 June . 2 046 2 028 795 119 363 126 Aug 1001 331 470 38,743 1 560 6 9?0 30,263 July 2,047 2,211 852 130 390 142 Sent 891 292 4?3 39,106 1,573 6 933 30,600 Aug 2,056 2,208 883 132 378 137 Oct 980 341 443 39,53? 1,591 6 946 30,995 Sept . 2 032 2,026 796 124 354 121 Nov 768 250 358 39,835 1,597 6 963 31,275 Oct 1,983 2,226 855 132 395 131 Nov . 1,877 686 117 333 117 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 63 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i o a m e n v n - e s t 2 - TotaP 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 - q y E u e n a a d r r t o o er f 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 14.3 1951 3,220 1,216 713 582 708 3,614 2,667 942 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37.6 15.0 6.9 8.1 22.6 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1950 45 2 18 9 8 6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 X'i.l 28^8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10.8 14.6 33.1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1954 75.7 32.1 12.8 19.3 43.6 1956—Nov 279 89 124 4 62 462 315 146 1955 88 2 38 9 14 3 24 6 49 3 Dec 249 76 98 27 48 472 321 150 1956 99.0 43.9 15.5 28^4 55.1 1957 Jan 300 87 107 29 77 555 393 162 1956—Mar 90.8 40.2 14.7 25.5 50.6 Feb 266 74 85 50 56 431 316 113 June... '93.7 41.3 15.0 26.3 r52.4 Mar 317 75 86 96 60 380 285 94 Sept '96.6 42.5 15.2 27.3 '"54.1 Apr 264 68 90 41 66 350 271 78 Dec 99.0 43.9 15.5 28.4 55.1 May 292 60 94 80 58 286 218 68 June 247 60 104 18 65 276 213 62 1957—Mar.*.. 101.0 45.1 15.7 29.4 55.9 July 333 67 124 76 65 268 206 62 June*.. 103.3 45.9 15.9 30.0 57.4 AUE 340 63 122 67 88 251 193 58 Sept.*.. 105.6 46.5 16.1 30.4 59.1 Sept 273 57 116 14 85 295 228 66 Oct 422 87 145 79 111 280 229 50 Nov 329 86 145 33 65 213 182 30 P Preliminary. 'Revised 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 [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a i g o e ns Com- Adv ( a e n n c d e s o f o p u e ts ri t o an d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L t o e n r g m - 2 1945 278 213 195 176 19 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 1957 3,974 1,237 2,737 1,119 2 764 1957 1,119 1,079 1,265 731 534 t956 Dec 3,047 978 2,069 109 360 1956—Dec. 121 47 1,228 798 430 1957 Jan 3,182 1.009 2,173 147 411 1957—Jan.. 77 267 1,038 660 378 Feb 3,295 ,026 2,269 129 436 Feb., 30 91 976 601 375 Mar .. 3,409 ,053 2,356 127 483 Mar. 68 83 961 563 398 Apr 3,491 ,074 2,417 95 493 Apr. 73 62 971 544 427 May 3,551 ,087 2,464 75 1 518 May 73 52 993 559 434 June 3,605 1,100 2,505 69 1 525 June 135 48 1,079 614 465 July 3,654 ,112 2,541 83 626 July. 131 171 1,040 638 402 Aug ........ 3,718 ,132 2,586 78 680 Aug. 83 50 1,072 663 409 Sept 3,783 ,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 Dec 3,974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 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

64 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 O g 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 z a 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 e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e I939 7,222 4,503 1,497 1 620 298 1,088 2,719 787 1 414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1 645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1949 17,305 11,590 4,555 3,706 898 2,431 5,715 1,532 2,795 1,388 1950 21,395 14,703 6,074 4,799 1 016 2,814 6 692 1,821 3 291 1 580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3 605 1 784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4 124 1 927 1954 32,292 23,568 9,809 6,751 1.616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 ,689 6,163 9,712 3 002 4 579 2 131 1956 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4 735 2,282 1956 Nov 40,831 31,240 14,469 8,066 ,890 6,815 9,591 3,258 4,072 2,261 Dec 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4,735 2,282 1957 Jan 41,138 31,568 14,410 8,305 [ 872 6,981 9,570 3 199 4 111 2 260 Feb 40,738 31,488 14,432 8,160 ,859 7,037 9,250 3,273 3 690 2 287 Mar 40,735 31,524 14,528 8 043 856 7,097 9 211 3 370 3 534 2 307 Apr 41,247 31,786 14,691 8,017 ,862 7,216 9,461 3,374 3,735 2,352 Mav . 41,937 32,158 14,883 8 081 886 7 308 9 779 3 582 3 834 2 363 June 42,491 32,608 15,127 8,165 ,905 7,411 9,883 3,530 3 948 2 405 July 42,592 32,968 15,329 8,189 ,921 7,529 9,624 3,406 3,810 2,408 Aus 43,133 33,303 15,490 8,229 1 954 7,630 9,830 3 458 3 957 2 415 Sept 43,270 33,415 15,556 8,228 ,969 7,662 9,855 3,493 3,942 2,420 Oct 43,274 33,504 15,579 8,236 1 988 7,701 9.770 3,405 3,991 2,374 Nov 43,530 33,596 15,542 8,300 1,996 7,758 9,934 3,458 4,135 2,341 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947 of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-354 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-1956, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-1042, and December 1957, pp. 1420-1422. in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n c m k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n it s p f s i C c a n u o n a o m m i n n e e c - - s r e 1 Other i Total D s m t e o p e r a e n s r t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l l s d e e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1949 11 590 9,257 4,439 2,944 438 1,436 2,333 596 740 178 236 583 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 QOT 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 ,107 943 301 389 ,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 ,064 1,004 377 527 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 ,242 984 377 463 ,052 1955 28,958 24,450 10.601 8,443 1,678 2,656 .072 4,508 ,511 ,044 365 487 ,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 ,408 ,187 377 502 ,?69 1956—Nov 31,240 26,877 11,648 9,075 1,986 2,969 ,199 4,363 ,231 ,136 371 504 ,121 Dec 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 ,408 ,187 377 502 269 1957 Jan 31,568 26,974 11,638 9,077 2,011 3,048 ,200 4,594 ,387 .139 364 499 205 Feb 31 488 27,008 11 662 9 035 2.039 3 058 ,214 4,480 351 115 362 499 153 Mar 31,524 27,148 11.736 9,048 2.076 3,063 ,225 4,376 ,304 ,090 356 501 125 Apr 31,786 27,544 11.981 9,104 2,127 3.105 ,227 4,242 ,176 ,075 354 505 ,132 May 32,158 27,864 12,143 9,176 2,167 3,123 1,255 4,294 ,229 ,077 355 510 ,123 June 32,608 28,263 12,323 9,300 2,227 3,155 ,258 4,345 ,249 ,077 359 518 142 July 32.968 28,726 12,508 9,476 2,284 3,209 1,249 4.242 1,144 ,072 361 525 ,140 Aug 33,303 29,014 12,607 9,565 2.344 3,234 1,264 4,289 1,161 1.083 360 530 ,155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 1,266 4,287 1,167 1,077 363 533 1 147 Oct 33,504 29,241 12,749 9,585 2,415 3.229 1,263 4,263 1,134 ,080 365 533 .151 Nov 33,596 29,239 12,717 9,564 2,439 3,248 1,271 4,357 1,199 1,092 365 531 1 170 i Consumer finance companies included with "other" financial institu- 2 Includes mail-order houses. tions until September 1950. 3 Represents automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 65 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 g O p c o a t o o p h n d e e - r r s e R m l r t o a e n i o n a p o iz n d d n a a s - ir - l P oa e n r- s E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a t o m p o h n d e e e - r s r r m i R z l o o a e a d a n p ti n e d a o r s i n n r - s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 All 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1949 2,944 2,265 447 90 142 1949 4 439 849 946 1,016 715 913 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5 771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,512 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 ,469 2,118 1956—Nov. 9,075 7,305 ,202 24 544 1956—Nov 11,648 3,640 2,082 2,363 1,466 2,097 Dec. 9,100 7,283 ,227 23 567 Dec 11,707 3,651 2,075 2,394 1,469 2,118 1957—Jan.. 9,077 7,222 ,261 23 571 1957 Jan 11,638 3,653 2,092 2,313 1,452 2,128 Feb. 9,035 7,190 ,247 23 575 Feb 11,662 3,680 2,109 2,295 1,438 2,140 Mar. 9,048 7,190 ,255 22 581 Mar 11 736 3 723 2 149 2 280 1,432 2,152 Apr. 9,104 7,212 ,279 22 591 Apr 11,981 3,789 2,200 2,363 1,436 2,193 May 9,176 7,272 ,285 22 597 May 12,143 3,851 2,246 2,368 .450 2,228 June 9,300 7,376 ,296 22 606 June... 12,323 3,921 2,282 2,395 1,466 2,259 July. 9,476 7,466 ,369 22 619 July 12,508 3,976 2,310 2,456 1,480 2,286 Aug. 9,565 7,532 ,384 22 627 Aug. . . 12 607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sept 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 ,390 23 635 Oct 12 749 4,082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 1,388 21 645 Nov 12,717 4,067 2,333 2,448 1,537 2,332 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 n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o a e n n r 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 o s e e t t n d n a a - i t l l t - C m c m ( o i s e a m i e r n l - n - g t le l - o p O a a t n y h s - e ) r p m D a e a e r n - ( t c - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1949. 1,874 259 146 93 1,376 1945 3,203 674 72 290 1,322 845 1950. 2,296 360 200 121 1,615 1951 2,699 373 233 134 1,959 1949 5,715 1,334 198 587 2,208 1,388 1952. 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4 510 539 375 282 3,314 1952 7,998 1,844 276 728 3,283 1,867 1955. 5,406 761 537 326 3,782 1953 8,238 1,899 288 772 3,352 1,927 1956 6,277 948 648 403 4,278 1954 8,724 2,096 312 793 3,515 2,008 1955 9,712 2,635 367 862 3,717 2,131 1956—Nov 6,154 938 642 400 4,174 1956 10,270 2,843 410 893 3,842 2,282 Dec 6 277 948 648 403 4,278 1956—Nov. 9,591 2,774 484 670 3,402 2,261 1957-— F J e a b n 6 6, , 3 2 1 5 1 9 9 9 4 5 4 4 6 63 3 7 6 3 3 9 9 8 7 4 4 , , 2 3 8 2 2 2 Dec. 10,270 2,843 410 893 3,842 2,282 Mar 6,364 965 633 402 4,364 1957—Jan.. 9,570 2,829 370 723 3,388 2,260 Apr . 6,459 985 638 404 4,432 Feb.. 9,250 2,851 422 611 3,079 2,287 May 6,545 1,004 644 414 4,483 Mar. 9,211 2,874 496 566 2,968 2,307 June 6 640 1,030 647 417 4,546 Apr.. 9,461 2,920 454 592 3,143 2,352 July 6,742 1,052 647 419 4,624 May. 9,779 2,996 586 593 3,241 2,363 Aug 6 842 1,072 652 429 4,689 June. 9,883 3,029 501 579 3,369 2,405 Seot 6,874 1,082 648 433 4,711 July. 9,624 2,996 410 533 3,277 2,408 Oct 6,907 1,093 645 434 4,735 Aug. 9,830 3,002 456 535 3,422 2,415 Nov 6,958 1,101 638 438 4,781 Sept. 9,855 3,023 470 588 3,354 2,420 Oct.. 9,770 3,022 383 612 3,379 2,374 Nov. 9,934 3,028 430 658 3,477 2,341 NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 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 ti a o n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n s a te d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,967 5,865 734 1,542 1950 21,558 8,530 7,150 835 «5,043 1951 23,576 8,956 7,485 841 i),294 1952 29,514 11,764 9,186 1,217 f,347 1953 31,558 12,981 9,227 1,344 \5,006 1954 31,051 11,807 9,117 1,261 \5,866 1955 39,039 16,745 10,634 1,388 10.272 1956 40,063 15,563 11,590 1568 11,342 1956—Nov 3,512 3,449 1,353 1,227 1,047 1,110 133 138 979 974 Dec 3,451 3,824 1,334 1,200 1,003 1,359 123 115 991 ,150 1957_ F ja e n b 3 3 , , 4 5 7 0 5 6 2 3 , , 9 0 7 9 6 0 1 1, , 4 4 0 2 8 2 1 1 , , 2 2 5 1 8 5 9 9 3 6 1 0 7 8 6 0 3 2 1 12 2 9 4 1 9 0 6 1 1, 9 0 9 09 8 9 8 3 9 4 7 Mar 3,423 3,347 1,375 1,380 928 846 123 111 997 ,010 Apr 3,469 3,594 1,372 1,468 935 901 123 123 1,039 ,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 1,065 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 Nov 3,558 3,439 1,407 1,250 961 1,020 120 123 1,070 1,046 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—Nov.. 3,191 3,194 ,238 1,256 935 916 109 113 909 909 Dec. 3,241 3,237 ,251 1,210 953 915 111 110 926 1,002 1957—Jan... 3,295 3,349 ,314 1,307 943 1,007 117 119 921 916 Feb.. 3,257 3,056 ,284 1,193 933 908 121 114 919 841 Mar.. 3,256 3,311 ,272 1,284 936 963 113 114 935 950 Apr.. 3,284 3,332 ,295 1,305 908 927 117 117 964 983 May. 3,314 3,376 ,306 1,321 920 952 122 123 966 980 June. 3,339 3,224 ,289 1,250 952 914 120 114 978 946 July. . 3,383 3,477 ,318 1,361 964 971 125 127 976 1,018 Aug.. 3,342 3,369 ,276 1,306 977 982 117 117 972 964 Sept.. 3,420 3,276 ,319 1,298 990 928 124 123 987 927 Oct.. 3,358 3,456 ,317 1,381 946 968 118 122 977 985 Nov.. 3,395 3,347 ,292 1,287 982 956 113 115 1,008 989 Change in outstanding credit1 1949 +2,594 + 1,537 +805 +45 +207 1950 + 3,113 + 1,519 + 1,093 + 118 + 383 1951 +591 -102 +81 +69 + 543 1952 +4,109 761 + 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—Nov.. + 321 +255 + 115 -29 + 112 + 194 +24 +25 +70 + 65 Dec. +210 +587 +83 -10 + 50 +444 + 12 +5 +65 + 148 1957_ F ja e n b .. .. . + + 2 1 4 8 9 0 -2 -8 5 0 9 + + 1 1 0 2 8 4 + -4 2 9 2 + -1 2 2 7 - - 2 1 0 4 5 5 + + 8 7 - -1 2 3 3 + + 7 9 7 0 + + 5 1 6 8 Mar.. + 167 + 36 + 103 +96 -8 -117 + 10 -3 +62 +60 Apr.. + 185 +262 +77 + 163 +27 -26 +6 +6 +75 + 119 May. +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 +13 + 16 + 112 + 118 Aug.. +248 + 335 + 81 + 161 +48 +40 +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 Nov.. + 163 +92 + 115 -37 -21 +64 +7 +8 +62 + 57 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054 records of retail outlets and financial institutions and often include charges of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-1422. 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 67 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks Sa c l o e m s p fi a n n a i n e c s e Oth in er s ti f t i u n t a i n o c n i s al Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1949 18,108 6,543 4,296 3,305 3,964 1950 21,558 8,135 5,098 3 826 4,499 1951 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9,600 9,474 6,602 1956—Nov 3,512 3,449 ] 229 1,156 923 881 837 837 523 575 Dec 3,451 3,824 ,248 1,203 813 785 812 949 578 887 1957 Jan i 3,475 3,090 ,278 1,204 907 785 817 740 473 361 Feb 3,506 2,976 ,263 1,108 831 691 840 749 572 428 Mar 3,423 3,347 ,209 1,212 853 821 835 843 526 471 Apr. i 3,469 3,594 ,239 1,348 845 855 865 901 520 490 May 3,533 3,748 ,249 1,362 831 886 875 904 578 596 June 3,546 3,674 ,270 1,333 831 904 870 871 575 566 July1 3,598 3,837 ,292 1,382 891 1,022 905 946 510 487 AUK .... 3,590 3,704 285 1,320 819 903 908 906 578 575 Sept 3,544 3,388 1,290 1,239 835 829 868 797 551 523 Oct i 3,541 3,545 1,327 1,302 858 860 871 850 485 533 Nov 3,558 3,439 1,253 1,150 835 779 893 877 577 633 Repayments 1949 15,514 5,633 3,363 3,011 3,507 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5,524 4,385 4,691 1952 25,405 9,370 5,925 5,012 5,098 1953 27,956 10,625 6,344 5,683 5,304 1954 30,488 11,469 7,043 6,511 5,465 1955 33,649 12,304 7,901 7,553 5,891 1956 37,194 13 320 8,943 8 603 6 328 1956—Nov 3,191 3,194 1,120 1,116 760 779 754 756 557 543 Dec 3,241 3,237 1,168 1,144 769 760 758 826 546 507 1957—Jan.1 3,295 3,349 1.177 1,198 823 808 767 758 528 585 Feb 3,257 3,056 I 163 1 084 793 733 756 697 545 542 Mar 3,256 3,311 1,141 1,138 791 808 778 790 546 575 Apr 1 3,284 3,332 I 155 1,187 801 799 792 806 536 540 May 3,314 3,376 1,170 1,200 817 814 804 818 523 544 June 3,339 3,224 I 196 1 153 805 780 799 776 539 515 Julyi 3,383 3,477 1,189 1,242 832 846 817 844 545 545 Aug 3 342 3,369 197 1 221 796 814 817 806 532 528 Sept . ... 3,420 3,276 1,230 1,190 808 796 815 765 567 525 Oct.1 3,358 3,456 1,200 1,226 820 873 809 817 529 540 Nov 3,395 3,347 1,208 1,182 795 800 838 826 554 539 Change in outstanding credit2 1949 +2 594 +910 +933 +294 +457 1950 + 3,113 + 1,359 +767 +422 +565 1951 +591 — 27 — 57 +403 +272 1952 + 4,109 + 1,753 + 1,057 +647 +652 1953 + 3,602 + 1,474 + 1,216 +692 +220 1954 +563 — 202 +217 +472 +76 1955 + 5,390 + 1,805 +2,299 +896 + 390 1956 + 2 869 + 1,106 +657 +871 +235 1956—Nov +321 +255 + 109 +40 + 163 + 102 + 83 + 81 -34 + 32 Dec +210 + 587 +80 + 59 +44 +25 + 54 + 123 + 32 + 380 1957_jan.i + 180 -259 +26 -69 + 84 -23 + 50 -18 +20 -149 Feb +249 -80 + 100 +24 + 38 -42 +84 + 52 +27 -114 Mar ... + 167 + 36 +68 +74 +62 + 13 +57 + 53 -20 -104 Apr. .1 + 185 +262 + 168 +245 +44 +56 +73 +95 -100 -134 M^ay ... .... +219 + 372 +79 + 162 + 14 +72 +71 +86 +55 +52 June +207 +450 +74 + 180 +26 + 124 +71 +95 +36 +51 July1 +215 + 360 + 148 + 185 + 59 + 176 + 88 + 102 -80 -103 AUK +248 + 335 + 88 +99 +23 +89 +91 + 100 +46 +47 Sept + 124 + 112 +60 +49 +27 ±K +53 + 32 -16 Oct 1 + 183 +89 + 144 +93 + 38 +62 + 33 -61 -24 Nov + 163 +92 +45 -32 +40 -21 +55 +51 +23 +94 1 Data on extensions and repayments for commercial banks and retail A discussion of the composition and characteristics of the data and outlets have been adjusted to avoid duplications resulting from large a description of the methods used to derive the estimates are shown transfers of other consumer goods paper. As a result, the differences in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment between extensions and repayments for these institutions do not equal the credit extended and repaid are based on information from accounting changes in outstanding credit. records of retail outlets and financial institutions and often include charges 2 Obtained by subtracting instalment credit repaid from instalment incurred under the instalment contract. Renewals and refinancing of credit extended, except as indicated in note 1. loans, repurchases and resales of instalment paper, and certain other trans- NOTE.—Monthly figures for 1940-1954 are shown on pp. 1043-1054 actions may increase the amount of both credit extended and credit repaid without adding to the amount of credit outstanding. of the BULLETIN for October 1956; for 1955-1956, in the BULLETIN for December 1957, pp. 1420-1422. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 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 p v r o o l d u u m c 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 t a i s o lu n e)1 Employment and payrolls2 or Y m e o ar nth Total Tot M al anu r D a f b a u c l - e ture N r s d a o b u n l - e - M era in 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 u o m o e r l r 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 D s ( v m s r a e a t e l p o l e e t u a a n r s e e i r t * l ) t p s C r u i o m c n e e - s r 2 m p W c s r o o a i h c d l m o e e i s l t - s y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919. 39 38 37 45 34 26 39 61 68.7 31.1 90 27 74.0 1920. 41 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921. 31 24 34 42 30 2 32 55.2 52.8 24.0 83 30 76.4 1922. 39 37 40 45 43 41 43 58 58.4 25.7 92 30 71.6 1923. 47 47 44 62 45 49 42 64 66.9 32.6 107 34 72.9 1924. 44 43 42 57 51 57 46 63 62. 30.4 105 34 73.1 1925. 49 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926. 51 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927. 51 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928. 53 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929. 59 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930. 49 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931. 40 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932. 31 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933. 37 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934. 40 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935. 47 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936. 56 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937. 61 55 64 71 32 25 36 70.2 70. 32.6 84 35 61.4 56.1 1938. 48 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939. 58 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940. 67 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941. 87 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 1957. ^143 P144 2*128 ^104.5 !162.7 90 1956 Dec.. 147 144 149 167 130 130 311 120.1 107.5 107.9 171.4 100 137 118.0 116.3 1957 Jan... 146 145 147 164 131 131 n.a. n.a. 297 120.0 107.0 106.3 165.5 133 118.2 116.9 Feb.. 146 148 148 164 131 133 n.a. n.a. 323 120.2 106.4 106.0 165.0 136 118.7 117.0 Mar.. 145 148 147 162 131 133 n.a. n.a. 281 120.1 106.0 105.8 164.3 137 118.9 116.9 Apr.. 143 144 145 160 129 130 n.a. n.a. 286 120.2 105.9 104.8 161.5 131 119.3 117.2 May. 143 143 145 159 130 130 n.a. n.a. 259 120.5 105.7 104.2 161.0 135 119.6 117.1 June. 144 145 146 162 130 127 n.a. n.a. 267 120.6 105.3 104.7 163.8 138 120.2 117.4 July.. 144 135 146 161 130 127 n.a. n.a. 252 120.7 104.9 103.4 160.5 138 120.8 118.2 Aug.. 145 145 147 162 131 129 n.a. n.a. 246 120.8 104.4 105.3 164.7 144 121.0 118.4 Sept.. 144 145 146 159 132 129 n.a. n.a. 251 120.4 103.3 105.0 164.7 136 121.1 118.0 Oct.. 141 145 142 154 130 '128 n.a. n.a. 262 120.0 102.8 104.2 162.6 129 121.1 117.8 Nov.. 139 141 140 153 128 123 n.a. n.a. n.a. 119.4 102.0 102.8 161.1 *>134 121.6 118.1 Dec. ^134 P127 n.a. n.a. n.a. ^118.6 100.5 158.1 e139 121.6 P118.4 • Estimated. *» Preliminary. r Revised, 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. Nonagricultural employment covers employees only and excludes person- * Average per working day. nel in the armed forces. The consumer price index is the revised series, l Three-month moving average, based on F. W. Dodge Corporation reflecting, beginning January 1953, the inclusion of some new series and data. A description of the index may be obtained from the Division of revised weights; prior to January 1953, indexes are based on the "interim Research and Statistics. adjusted" and "old" indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 69 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 a A v n e n r u a a g l e 1956 1957 Industry proportion 1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.Oct. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 146 147 146 146 145 143 143 144 144 145 144 141 139 MANUFACTURES—TOTAL 90.02 140 144 147 149 147 148 147 145 145 146 146 147 146 142 140 Durable Manufactures—Total 45.17 155 159 165 167 164 164 762 760 759 762 767 762 759 754 753 Primary metals 6.70 140 138 146 145 -143 143 137 134 132 132 132 136 131 '128 121 Metal fabricating 28.52 165 172 180 183 180 180 179 176 175 777 777 777 174 r!68 169 Fabricated metal products 5.73 134 135 139 141 137 138 137 140 136 139 141 140 140 136 139 Machinery 13.68 155 171 175 177 173 172 172 166 168 171 173 173 170 162 161 Nonelectrical machinery 9.04 135 153 155 157 154 155 155 151 152 151 152 152 151 146 142 Electrical machinery 4.64 194 207 214 216 208 204 204 196 199 209 214 213 207 194 199 Transportation equipment 7.54 203 199 216 223 -•222 ••225 222 217 213 215 210 209 205 r200 201 Autos, trucks, and parts 4.80 153 125 137 143 139 140 135 126 124 127 123 127 123 M18 130 Other transportation equipment 2.74 272 310 336 344 '348 r353 355 356 349 350 '342 333 329 324 305 Instruments and related products 1.29 149 166 172 173 173 174 173 172 171 171 173 175 174 170 171 Clay, glass, and lumber products 5.91 138 140 138 136 133 133 132 133 136 140 134 139 135 757 128 Stone, clay, and glass products 2.82 149 158 157 158 155 155 155 155 158 157 155 160 159 153 150 Lumber and products 3.09 127 123 119 117 114 113 111 113 115 125 114 120 114 110 108 Furniture and misc. manufactures 4.04 132 135 134 134 131 129 130 132 132 133 134 135 136 757 128 Furniture and fixtures 1.64 119 122 119 120 118 118 118 121 121 121 124 122 121 119 115 Miscellaneous manufactures 2.40 141 144 144 144 140 136 137 140 139 142 141 144 146 '139 137 Nondurable Manufactures—Total.... 44.85 126 129 129 130 131 131 131 729 130 730 730 737 732 730 128 Textiles and apparel 11.87 109 108 105 106 104 105 105 104 105 106 104 705 707 705 99 Textile mill products 6.32 107 104 103 103 100 101 101 99 98 100 97 99 101 97 94 Apparel and allied products 5.55 113 112 108 110 109 110 111 109 113 113 113 111 113 110 104 Rubber and leather products 3.20 122 117 114 118 122 124 123 118 115 116 777 123 779 777 777 Rubber products 1.47 143 133 126 137 145 145 142 131 130 129 133 144 137 136 132 Leather and products 1.73 105 104 104 102 102 106 107 106 M03 106 103 105 103 101 Paper and printing 8.93 137 145 147 147 148 147 147 147 148 148 146 149 149 149 148 Paper and allied products 3.46 152 159 160 157 159 157 157 156 158 159 156 163 161 M61 162 Printing and publishing 5.47 127 136 139 140 141 141 141 141 142 141 140 141 142 142 140 Newsprint consumption 1.85 128 132 132 133 135 132 132 128 132 132 129 129 131 130 128 Job printing and periodicals 3.62 127 138 142 144 145 146 145 147 147 146 146 146 147 r148 146 Chemical and petroleum products 9.34 159 167 168 170 174 172 171 172 174 170 775 174 174 r173 777 Chemicals and allied products. • 6.84 167 177 177 179 184 183 182 183 185 182 185 186 185 M85 184 Industrial chemicals 2.54 184 196 195 199 205 205 202 204 206 198 205 204 207 206 203 Petroleum and coal products 2.50 135 141 143 145 147 143 141 142 142 138 139 141 143 139 ^135 Foods, beverages, and tobacco 11.51 109 112 113 113 111 113 113 110 HI 112 774 113 113 '777 Food and beverage manufactures....... 10.73 109 113 114 114 111 113 113 110 111 112 114 113 113 111 777 Food manufactures 8.49 109 113 113 113 111 113 113 111 111 112 115 113 113 111 Beverages 2.24 107 112 115 117 113 111 115 108 111 115 !08 112 112 111 110 Tobacco manufactures .78 105 107 109 107 112 116 111 109 110 111 114 110 113 109 MINERALS—TOTAL 9.98 122 129 130 130 131 133 133 130 130 127 127 129 129 '128 123 Mineral fuels 8.35 123 129 129 130 131 133 133 130 130 127 727 r128 129 r128 725 Coal 2.68 80 85 87 80 82 87 92 87 82 86 83 84 82 80 77 Anthracite .36 48 55 57 57 57 52 48 49 49 60 37 54 47 44 44 Bituminous coal 2.32 85 90 91 84 86 93 99 93 88 90 90 89 88 85 82 Crude oil and natural gas 5.67 143 150 149 153 154 154 152 151 153 146 147 M49 151 151 Crude oil 4.12 131 137 137 141 142 144 144 139 141 136 134 134 136 136 Natural gas and gas liquids .70 177 191 191 189 196 198 198 202 204 194 195 198 196 P199 Metal, stone, and earth minerals , 1.63 120 127 135 134 131 132 132 129 127 130 127 132 757 128 124 Metal mining .82 110 114 128 127 120 122 121 118 113 119 112 118 119 '114 Stone and earth minerals .81 130 141 142 141 142 142 143 140 142 142 143 145 144 142 i39* Preliminary. ••Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

70 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Industry 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1956 1957 portion 1955 1956 Nov. Dec Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 147 144 145 148 148 144 143 145 135 145 145 145 141 MANUFACTURES—TOTAL.... 90.02 140 144 149 146 146 149 150 146 144 146 136 146 147 147 143 Durable Manufactures—Total 45.17 155 159 166 166 164 167 166 163 159 162 150 159 159 157 155 Primary metals 6.70 140 138 146 142 146 148 144 140 135 136 118 128 128 129 121 Ferrous metals 5.03 138 135 146 145 147 149 144 138 133 134 118 127 126 126 118 Pig iron and steel. 3.51 144 142 158 157 159 159 154 148 143 141 130 135 136 135 126 Pig iron .37 134 131 147 149 148 149 147 144 141 139 136 137 139 132 121 Steel 3.05 146 143 159 158 160 160 154 147 142 140 128 134 134 134 126 Carbon steel.. 2.62 141 139 156 156 157 159 152 146 141 141 129 133 134 132 125 Alloy steel. . . .43 171 167 181 170 178 167 163 151 149 136 123 137 132 143 132 Ferrous castings and forgings. 1.52 124 119 118 118 118 124 122 115 109 119 90 106 105 106 Iron and steel castings 1.29 123 117 118 117 117 122 119 113 108 117 90 107 104 105 Steel forgings .23 133 126 120 121 126 133 137 124 116 126 89 103 110 107 98 Nonferrous metals 1.67 143 144 143 133 143 148 142 145 139 142 117 132 134 138 127 Primary nonferrous metals. .38 153 164 169 170 170 167 '167 175 171 167 157 160 153 156 158 Copper smelting .09 122 133 127 129 135 139 132 140 131 134 114 122 120 126 124 Copper refining .06 123 132 135 128 137 146 141 146 148 136 125 126 119 128 130 .04 103 115 116 120 113 118 116 129 115 110 104 107 116 115 112 Zinc. .10 120 123 130 134 128 133 132 137 133 128 118 115 110 113 113 Aluminum. .09 261 280 295 292 289 259 267 283 285 280 279 282 263 263 274 Secondary nonferrous metals. .. .13 123 118 116 108 116 125 120 118 110 108 86 106 114 118 Nonferrous shapes and castings. 1.16 142 140 138 123 138 144 137 138 132 138 107 125 130 134 118 Copper mill shapes .63 114 115 116 98 111 121 105 113 107 114 72 105 108 111 98 Aluminum mill shapes .20 208 215 196 175 203 200 206 213 215 211 214 192 200 199 170 Nonferrous castings .33 156 146 146 141 150 156 157 141 131 140 109 125 131 140 Metal Fabricating. 28.52 165 172 181 183 181 185 184 179 174 176 r166 173 172 Fabricated metal products 5.73 134 135 138 139 136 138 138 140 136 139 134 141 144 141 138 Str uctural metal parts 2.68 136 141 149 152 148 149 149 148 149 152 149 152 155 154 154 Stampings and misc. metal products. 2.12 130 125 132 134 130 130 129 126 124 124 118 121 122 124 125 Tin cans .30 142 151 100 105 113 116 127 190 122 149 163 205 195 146 114 Furnaces, gas ranges, and heaters. .. .63 111 110 98 82 84 103 101 98 95 104 81 105 122 116 Machinery. 13.68 155 171 178 178 175 177 177 169 166 168 158 166 171 168 163 Nonelectrical machinery 9.04 135 153 152 158 158 160 161 157 154 153 146 143 148 P144 139 Farm and industrial machinery 8.13 130 147 150 155 153 154 154 152 149 148 143 141 142 138 134 Farm machinery 1.02 91 86 77 82 86 89 92 90 87 85 82 79 82 81 76 Industrial and commercial machinery. 7.11 135 156 160 165 163 164 163 161 158 157 152 149 151 147 142 Machine tools and presses .68 163 197 201 209 203 204 202 198 193 188 179 176 176 165 157 Laundry and refrigeration appliances. . . .69 144 168 137 155 152 175 190 164 158 160 129 119 159 149 142 Electrical machinery 4.64 194 207 227 217 208 210 208 194 189 197 182 211 217 217 211 Electrical apparatus and parts. 3.23 174 198 211 214 210 210 208 204 200 200 194 194 197 192 192 Radio and television sets .74 242 224 271 218 188 201 196 159 153 180 143 256 269 282 260 Transportation equipment. . 7.54 203 199 218 225 231 228 222 213 216 203 206 190 194 207 Autos, trucks, and parts. 4.80 153 125 139 144 141 148 142 135 127 130 114 123 100 no 140 Autos 1.50 190 138 164 177 174 178 171 155 144 156 134 148 84 171 Trucks .66 115 112 102 101 98 113 109 120 113 119 103 103 84 88 99 Light trucks .22 114 92 100 92 97 110 105 107 100 108 94 95 67 '92 115 Medium trucks .19 69 58 43 45 42 57 52 69 60 62 52 48 29 93 47 Heavy trucks .14 172 218 195 207 182 200 193 224 215 228 208 195 184 46 157 Truck trailers .07 183 167 133 121 134 156 162 154 148 156 109 146 136 161 116 Auto and truck parts.. 2.58 141 121 135 136 134 140 134 127 121 118 106 113 114 122 127 Other transportation equipment. 2.74 272 310 336 348 351 356 359 356 345 347 r339 333 329 321 305 Aircraft and parts 1.30 481 548 601 619 624 630 633 630 608 606 597 588 574 564 536 Shipbuilding and repair .81 115 118 118 126 -128 130 132 '132 134 136 r131 128 126 123 119 Railroad equipment .53 42 63 68 75 78 84 88 81 76 84 73 69 83 74 71 Railroad cars .35 73 77 30 54 64 86 98 86 81 71 84 85 76 72 Instruments and related products 1.29 175 173 171 149 166 174 174 174 174 171 168 172 174 172 173 Clay, Glass, and Lumber Products. 5.91 129 125 144 138 140 138 131 132 135 137 127 143 141 139 128 Stone, clay, and glass products 2.82 158 156 148 159 153 Gl F H G as l o l a s F a m t s l a a s g e n t l d c a g a o s l n p s n a d o s t a a s t n t o w i e n d t a r h e y r r v e e s r i p t a r r g e n o l o d a d u s u s p s c o t p s t r te o r d y ucts 1. . . . . 0 6 4 2 2 9 0 7 6 3 1 1 1 1 1 9 4 5 3 5 2 1 9 5 4 6 6 1 1 1 1 6 8 6 4 3 4 7 5 0 2 1 1 1 1 1 6 9 7 4 7 3 1 2 4 7 7 5 1 1 1 1 9 4 7 7 1 6 3 3 7 4 1 1 1 1 9 7 4 6 2 8 1 3 7 7 1 1 1 1 1 1 5 4 6 6 3 0 1 5 6 8 4 2 1 1 1 1 1 1 5 6 4 6 3 0 3 4 4 6 8 0 1 1 1 1 1 1 5 4 6 6 3 0 5 1 0 3 2 0 1 1 1 1 1 5 9 4 5 6 3 8 7 1 9 1 7 1 1 1 1 8 3 5 6 4 5 9 7 0 4 1 1 1 1 1 5 7 5 4 3 3 0 8 1 9 2 7 1 1 1 1 1 9 6 5 5 4 5 1 3 9 6 2 4 1 1 1 1 1 9 4 6 6 6 3 0 1 2 3 7 8 1 1 1 1 1 r 6 6 4 4 7 92 1 5 4 3 0 1 1 1 1 6 6 4 2 3 8 0 8 Cement .32 148 157 157 113 116 133 145 161 161 119 185 187 177 Structural clay products .35 127 137 136 126 120 120 121 129 130 133 134 137 134 134 130 Brick .12 131 134 131 106 94 96 101 119 122 123 122 129 123 126 Clay firebrick, pipe, and tile. .20 127 142 141 142 140 139 138 138 138 143 145 145 144 143 i38 Concrete and plaster products .48 180 194 192 187 173 177 181 185 194 200 198 201 198 193 181 Misc. stone and earth manufactures. .58 166 173 177 180 174 177 177 176 177 177 173 175 175 173 167 Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 71 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 947-49 a A v n e n ra u g a e l 1956 1957 Industry proportion 1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 127 123 117 104 104 112 112 117 118 131 105 125 121 119 106 Lumber , 2.05 112 107 101 91 89 98 100 100 99 110 88 106 103 98 89 Millwork and plywood. .60 197 189 181 155 167 181 170 191 196 219 168 209 205 207 178 Millwork .39 144 121 103 82 90 105 102 107 110 146 101 144 132 124 100 Softwood plywood... .12 284 301 310 277 295 306 282 330 339 339 277 314 327 344 307 Wood containers .29 90 91 90 86 86 87 83 83 83 82 78 Furniture and Misc. Manufacturing. 4.04 132 135 138 137 128 130 131 129 128 130 125 136 140 138 133 Furniture and fixtures 1.64 119 122 111 125 118 119 119 117 115 118 116 124 125 124 119 Household furniture 1.10 120 121 123 125 116 118 119 117 114 117 115 124 125 125 121 Fixtures and office furniture. .54 115 122 122 126 121 121 121 118 118 119 118 123 124 120 114 Miscellaneous manufactures 2.40 141 144 150 145 136 137 139 137 137 139 131 144 150 148 142 Nondurable Manufactures—Total. 44.85 126 129 132 125 128 131 133 128 129 130 122 133 135 136 131 Textiles and Apparel 11.87 109 108 106 100 106 112 115 104 106 104 89 107 105 r103 101 Textile mill products 6.32 107 104 105 99 101 105 106 99 100 100 83 100 101 99 97 Cotton and synthetic fabrics. 3.72 113 108 109 104 108 111 111 103 106 103 85 104 105 104 104 Cotton consumption 2.30 103 102 104 93 99 101 102 95 99 96 75 98 97 97 97 Synthetic fabrics .97 137 118 119 123 129 129 123 117 110 110 109 111 119 118 116 Fabric finishing .45 100 98 90 99 87 102 110 87 107 100 62 91 91 82 91 Wool textiles .97 79 86 86 78 74 81 79 78 81 87 67 82 79 71 65 Wool apparel yarns. .16 85 88 76 77 80 85 85 82 89 71 86 79 66 66 Wool fabrics .75 78 86 90 79 72 80 78 77 79 67 81 80 74 65 Knit goods 1.15 110 108 109 99 100 105 109 102 102 106 96 109 109 108 103 Hosiery .65 106 100 101 90 98 103 106 92 89 92 76 95 95 96 92 Full-fashioned hosiery. .45 110 102 98 90 98 104 109 91 87 87 69 88 87 88 88 Seamless hosiery .20 99 96 107 90 97 101 97 93 95 103 90 111 113 118 104 Knit garments .50 115 119 119 110 102 108 113 116 118 124 122 127 127 123 116 Floor coverings i. .48 Woven carpets. .31 79 83 78 79 86 92 91 85 69 64 68 75 r59 Apparel and allied products... 5.55 113 112 108 101 113 119 126 110 112 109 115 110 109 106 Men's outerwear 1.78 111 110 98 96 119 111 113 99 110 102 108 97 96 94 Men's suits and coats.... .73 92 95 90 89 107 95 101 88 102 91 97 78 73 72 Men's suits .50 90 93 92 93 114 100 104 90 100 88 93 77 73 76 Men's outercoats .13 77 78 57 53 51 50 63 60 85 78 90 65 51 39 Shirts and work clothing. .99 123 118 101 98 126 121 120 104 113 108 113 109 111 107 Women's outerwear 1.85 116 112 107 89 108 130 148 119 115 111 101 118 109 108 102 Women's suits and coats. .76 134 128 128 101 131 169 102 96 130 148 134 157 127 133 123 Misc. apparel and allied mfrs.... 1.92 111 113 119 117 112 118 111 110 112 119 121 117 112 121 119 Rubber and Leather Products . 3.20 122 117 113 112 123 130 119 114 101 123 123 130 117 121 116 Rubber products 1.47 143 133 129 132 141 148 148 135 133 132 112 135 139 145 135 Tires and tubes .70 131 121 108 122 126 136 134 121 125 123 109 120 124 129 119 Auto tires .40 140 123 113 130 136 150 151 135 137 136 122 131 135 139 124 Truck and bus tires .30 120 119 101 110 111 117 111 103 108 105 91 105 110 117 112 Miscellaneous rubber products. .77 154 144 147 166 159 161 147 140 141 114 150 153 160 149 Leather and products. .. 1.73 105 104 100 102 115 115 106 98 105 92 112 105 104 Leather .44 92 91 90 89 99 95 89 88 97 74 92 87 91 Cattlehide leathers. .29 99 99 100 98 108 103 96 94 107 82 103 97 101 Skin leathers .15 79 76 70 72 81 76 75 77 58 72 69 71 Shoes and slippers * .90 Miscellaneous leather products. .39 99 97 97 95 90 96 96 90 87 92 92 100 98 Paper and Printing. 8.93 137 145 151 143 144 147 151 150 149 148 136 147 151 156 152 Paper and allied products 3.46 152 159 162 145 157 161 163 161 158 161 139 165 163 170 164 Pulp and paper 1.76 149 157 159 142 158 160 159 159 157 155 132 157 153 163 156 Wood pulp .51 169 179 183 160 182 181 181 182 182 175 152 181 172 187 182 Paper and board 1.25 140 148 149 135 149 151 150 150 147 147 124 147 146 154 146 Printing paper .22 127 140 146 135 140 139 137 136 136 136 121 132 125 135 132 Fine paper .14 133 145 146 138 140 147 152 147 143 142 107 139 145 143 139 Coarse paper .20 129 136 138 123 139 139 131 131 125 123 102 127 124 135 130 Miscellaneous paper .18 158 170 174 159 184 189 186 192 182 184 160 175 171 185 173 Paperboard .41 149 155 155 139 154 155 158 155 157 154 128 158 160 166 157 Building paper and board. .10 137 131 118 94 118 128 120 126 124 127 118 134 134 141 122 Converted paper products.. 1.70 156 162 165 148 156 163 167 163 160 166 147 173 173 177 171 Shipping containers .51 155 159 161 144 148 156 163 155 155 160 141 172 170 168 167 Sanitary paper products. .11 158 170 173 158 179 183 177 184 174 183 163 175 178 r204 184 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

72 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual Industry 19 p p 4 r o o 7 r - - - 49 average 1956 1957 tion 1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 144 142 136 139 144 143 142 140 134 136 144 146 145 Newsprint consumption 1.85 128 132 145 131 123 128 137 137 140 132 112 116 133 140 140 Job printing and periodicals. 3.62 127 138 144 147 143 144 147 146 144 144 144 146 150 150 147 Chemical and Petroleum Products. 9.34 159 167 171 171 175 175 174 172 172 168 165 171 174 176 174 Chemicals and allied products 6.84 167 111 181 181 184 186 186 184 184 179 174 181 185 190 188 Industrial chemicals 2.54 184 196 199 199 205 207 206 206 206 200 194 200 205 208 207 Basic inorganic chemicals .57 180 189 191 193 198 208 206 210 209 197 189 196 203 209 205 Industrial organic chemicals 1.97 186 197 201 200 208 207 206 205 205 201 196 201 206 208 208 Plastics materials .24 242 256 274 247 263 277 280 275 278 266 240 269 283 300 Synthetic rubber .11 213 236 222 242 243 238 242 219 245 225 209 241 252 274 282* Synthetic fibers .59 186 181 189 187 205 202 196 203 198 189 191 197 203 208 206 Miscellaneous organic chemicals. 1.03 169 189 189 193 193 191 190 188 188 191 188 184 184 '179 181 Vegetable and animal oils. .64 124 132 157 143 147 152 134 121 116 109 107 113 120 150 149 Vegetable oils .48 117 124 154 139 143 143 129 113 103 94 95 100 110 148 147 Grease and tallow .16 145 158 167 157 159 181 150 146 155 154 142 153 151 159 156 Soap and allied products. .71 110 111 108 110 120 117 128 113 115 104 115 115 110 Paints .66 125 124 123 123 122 121 120 122 122 125 126 125 122 119 115 Fertilizers .23 125 129 112 120 125 135 166 181 172 119 104 108 119 '122 115 Petroleum and coal products. 2.50 135 141 143 145 148 145 139 137 139 139 139 144 144 139 Petroleum refining 1.97 142 150 152 158 160 154 149 145 148 147 146 152 152 145 Gasoline 1.04 152 159 160 165 164 157 156 154 161 162 161 168 170 162 H58 Automotive gasoline.. .98 147 153 155 159 158 153 150 149 155 156 155 163 166 157 Aviation gasoline.... .06 233 254 251 260 263 242 254 247 255 258 260 265 233 242 Fuel oil .56 138 147 149 161 170 164 151 143 143 142 141 144 142 137 2*136 Distillate fuel oil. .30 175 193 195 210 225 216 197 187 190 188 185 191 188 181 Residual fuel oil. .26 94 95 97 105 108 104 99 93 90 90 89 90 86 Kerosene .10 107 111 126 124 120 116 109 93 89 83 90 87 Lubricating oil... .17 114 119 122 116 118 114 116 126 122 111 112 108 107 Coke .26 104 102 109 110 110 110 107 108 107 106 106 106 103 Asphalt roofing and siding. .15 110 104 49 94 73 92 80 104 107 119 121 84 77 Foods, Beverages, and Tobacco. 11.51 109 112 705 104 108 116 115 122 127 116 102 Food and beverage manufactures. 10.73 109 113 106 103 105 104 107 116 115 122 128 124 114 Food manufactures 8.49 109 113 111 108 101 104 104 102 104 111 114 123 131 126 116 Meat products 1.48 128 133 119 138 104 133 131 123 124 120 116 118 130 140 133 Beef .46 142 151 148 149 139 151 144 139 148 148 150 150 154 156 140 Pork .83 116 119 154 127 163 117 117 108 104 97 91 94 109 124 122 140 121 Dairy products .69 107 110 85 86 91 102 109 122 140 151 134 120 101 91 85 Butter .14 105 107 83 96 102 109 117 122 139 145 113 97 87 88 87 Natural cheese .07 116 117 93 96 100 107 115 135 161 165 137 119 105 100 92 Concentrated milk. .19 97 101 71 77 85 96 105 128 151 142 114 97 78 77 73 Ice cream .28 109 112 90 80 82 97 101 109 122 149 151 141 117 96 84 Canned and frozen foods. 1.13 118 133 116 98 87 84 82 89 91 111 163 212 230 '157 108 Grain-mill products 1.16 105 101 99 99 100 100 99 95 97 98 97 105 107 104 100 Wheat flour .46 83 84 87 88 92 92 90 82 81 87 78 88 94 92 89 Cereals and feeds .70 119 113 107 107 105 106 106 104 108 105 110 116 116 113 107 Bakery products. 1.64 97 98 100 99 95 96 96 98 99 102 104 103 102 101 101 Sugar .27 115 122 296 222 85 57 54 60 68 88 74 80 117 262 Cane sugar .11 113 116 100 102 102 96 107 110 117 140 122 123 125 108 Beet sugar .13 111 121 459 320 65 20 13 21 38 27 38 105 390 Confectionery .71 101 107 130 91 113 123 119 96 84 95 81 103 155 147 132 Miscellaneous food preparations. 1.41 106 105 105 102 101 103 103 102 106 113 113 113 '111 109 Beverages 2.24 107 112 110 98 90 97 110 110 119 137 121 119 116 119 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 102 105 109 93 86 93 105 102 107 122 104 100 106 115 Beer and ale 1.02 101 101 80 84 88 86 104 108 116 129 126 109 95 87 Liquor distilling. . .17 77 78 92 80 79 85 86 81 80 65 33 46 106 135 Liquor bottling... .37 109 119 175 115 81 105 111 95 97 127 84 101 125 158 Tobacco manufactures. .78 105 107 111 87 110 114 111 104 113 121 102 120 118 119 Cigarettes .46 109 111 114 92 117 119 115 109 121 129 114 126 123 122 Cigars .17 104 104 113 83 101 112 110 102 104 111 81 115 116 121 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 73 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p p 4 r o o 7 r - - - 49 A av n e n ra u g a e l 1956 1957 tion 1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 130 129 130 131 131 131 132 130 123 130 130 129 123 MINERALS—TOTAL 8.35 123 129 130 132 135 135 134 132 130 127 119 r126 r127 127 124 Mineral Fuels 2.68 85 90 83 85 87 88 83 82 88 65 86 86 87 80 Coal .36 48 55 59 55 57 52 43 46 50 64 32 52 52 49 46 Anthracite 2.32 85 90 95 87 90 93 95 89 87 92 71 92 91 93 85 Bituminous coal Crude oil and natural gas 5.67 143 150 149 155 158 157 156 155 153 145 145 145 147 146 P144 Oil and gas extraction 4.82 137 145 146 150 154 157 156 153 150 143 139 138 140 140 Crude oil 4.12 131 137 137 141 143 147 148 145 143 136 132 130 132 131 Natural gas and gas liquids .70 177 191 197 202 214 214 206 200 194 184 181 186 188 Natural gas .34 185 199 209 214 240 235 225 214 202 192 196 194 196 Natural gas liquids .36 169 182 186 191 190 194 189 188 186 177 167 179 180 182 Oil and gas well drilling .85 175 180 170 181 182 160 151 168 168 156 179 185 185 177 Metal, Stone, and Earth Minerals 1.63 120 127 129 116 109 113 114 124 140 149 143 146 144 137 120 Metal mining .82 110 114 114 94 91 98 95 111 135 150 137 139 137 124 Iron ore .33 113 104 109 62 49 50 48 87 159 193 181 182 172 143 Nonferrous metal mining .49 108 120 118 115 120 130 127 126 118 122 108 110 113 110 Copper mining .24 123 136 132 129 133 145 141 140 133 139 121 124 132 125 Lead mining .09 84 88 87 83 89 96 94 94 88 85 79 81 79 83 Zinc mining .06 81 87 86 92 96 98 99 86 90 78 77 68 72 Stone and earth minerals .81 130 141 144 138 128 129 133 137 145 148 149 154 152 151 141 P Preliminary. ' Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of ggrpo ups and subgrogupps include individual series ff orr F DD o D r ee bcc d ee e mm sc bb r ee1 i r p 9 t 511 io 399 n 55 33,, a pp n pp1 d ..2 b 161 a 29 c 61 k 692 -71 f 71 i 2 g 71 u 1. re . s, see BULLETIN for December 1953 n g o ro t u p p u ii b n li s a h dd e dd d iit ii o se n p a to ra tt t hh e e l y , g r a ou n p d s m shh e o t a w l n f . a CC br ei i r c t a a t i i n n g t yp c e o s n t o a f i f n c s o m t b h b e a t o m rd a n t a e n rii c le e l PP- 112244771-2129933 andd pp. 112299881-312382 8, respectiilvely. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average = 100] Series 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 tion 1955 1956 Nov. Dec. Jan. Feb. Mar. ELECTRICITY AND GAS—TOTAL 100.00 199 218 222 223 225 227 226 41.34 217 241 244 246 248 252 252 Nonresidential .. . 58.66 187 201 206 207 210 209 207 Electricity 76.18 199 218 223 224 227 229 227 Residential 27.48 224 250 257 258 260 266 266 Industrial . 23 68 190 206 212 211 213 211 209 General industrial . 23.49 174 186 192 191 193 191 188 Atomic energy .19 2221 2697 2670 2720 2740 2720 2750 Commercial and other 25.02 180 194 197 199 204 205 202 Gas 23.82 200 218 218 219 220 221 221 Residential 13.86 203 223 220 221 223 224 Industrial 6.16 201 218 229 228 225 222 Commercial and other 3.80 185 197 194 197 203 205 ot ot ot ot ot O 1957 Apr. May June July Aug. Sept. Oct. Nov. '227 229 232 236 236 234 ^230 vTV '252 '255 '259 262 265 261 209 211 '213 217 217 214 228 231 234 239 240 237 233 263 267 274 280 284 280 274 214 215 214 217 217 215 213 193 194 193 198 198 196 194 2790 2880 2790 2560 2530 2580 2610 203 207 210 215 214 210 206 '222 '224 '225 225 225 224 ^223 '229 '231 '231 228 226 225 215 '215 '221 228 231 229 209 210 212 212 213 214 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

74 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1956 1957 Product portion 1955 1956 Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov, SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 132 141 137 138 134 124 124 129 129 133 129 121 133 Major Durables 69.72 164 140 143 154 147 149 144 131 131 137 137 141 134 125 143 Autos 32.10 190 138 152 168 169 167 159 141 139 144 134 145 129 118 154 Major household goods 36.13 144 144 136 143 130 134 132 124 126 133 142 138 140 134 134 Furniture and floor coverings. 15.32 116 117 114 115 114 113 113 114 112 113 118 116 115 '110 111 Household furniture 11.31 120 121 118 121 119 117 118 120 118 121 123 124 122 ••119 116 Floor coverings1 4.01 Appliances and heaters 15.60 138 143 130 144 128 137 133 119 119 123 126 123 134 129 Major appliances 11.88 144 151 138 156 136 144 140 121 124 127 132 133 144 139 Ranges 2.60 100 103 85 104 95 103 100 88 85 85 77 84 85 85 Refrigeration appliances. . 4.98 151 150 136 151 128 153 151 136 138 135 140 140 146 143 Laundry appliances 2.51 193 216 211 233 209 183 177 133 152 167 182 182 212 203 189 Heating apparatus 3.72 120 118 102 108 105 114 111 110 104 108 109 92 102 100 Radio and television sets 5.21 242 224 218 218 181 189 185 167 186 226 259 248 237 215 209* Radio sets 3.42 77 70 74 75 71 81 80 75 67 69 65 68 88 83 88 Television sets 1.79 558 519 493 491 392 395 388 343 413 524 628 591 521 468 441 Other Consumer Durables 30.28 106 111 109 113 114 114 111 109 108 108 111 114 116 112 111 Auto parts and tires 14.00 102 105 102 109 112 114 112 104 103 104 110 111 112 109 Misc. home and personal goods. 16.28 109 116 115 117 116 113 110 113 112 112 112 117 119 114 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 147 131 139 141 137 143 142 130 124 131 116 132 119 119 141 Major Durables 69.72 164 140 151 154 149 157 155 140 131 140 121 139 118 119 153 Autos 32.10 190 138 164 177 174 178 171 155 144 156 134 148 84 88 171 Major household goods 36.13 144 144 141 137 129 140 143 128 122 129 110 133 150 147 138 Furniture and floor coverings. 15.32 116 117 117 118 113 116 116 113 108 110 105 115 119 '116 113 Household furniture 11.31 120 121 123 125 116 118 119 117 114 117 115 124 125 '125 121 Floor coveringsi 4.01 Appliances and heaters 15.60 138 143 122 128 125 144 151 131 125 131 105 109 141 133 Major appliances 11.88 144 151 127 141 137 158 166 140 133 136 108 109 144 136 Ranges 2.60 100 103 82 94 94 116 114 92 82 88 59 77 93 90 Refrigeration appliances. 4.98 151 150 103 128 131 162 188 173 163 164 130 102 133 119 Laundry appliances 2.51 193 216 230 229 207 208 195 140 144 150 126 164 229 229 206 Heating apparatus 3.72 120 118 104 85 88 100 104 103 99 114 94 109 134 122 Radio and television sets 5.21 242 224 270 217 188 201 196 159 153 180 143 256 268 282 259* Radio sets 3.42 77 70 91 92 73 83 84 72 67 57 40 62 81 101 108 Television sets 1.79 558 519 611 456 408 427 411 326 318 414 339 627 625 627 547 Other Consumer Durables 30.28 106 111 112 110 110 112 111 107 106 108 106 116 121 120 114 Auto parts and tires 14.00 102 105 101 103 109 110 107 101 103 107 109 114 120 118 iio* Misc. home and personal goods. 16.28 109 116 121 117 111 114 114 112 109 108 104 117 121 122 r Revised Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-447. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en es ti i a - l Total In tr d i u B al s u - sin m e C s e s o r m ci - al P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - o A th l e l r 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 1957* 47,255 33,313 16,571 12,562 3,162 3,570 5,830 4,180 13,942 1,275 4,840 975 6,852 1956—Dec.. 3,904 2,799 1,460 1,009 269 305 435 330 1,105 111 369 72 553 1957__jan... 3,922 2,736 1,411 991 264 292 435 334 1,186 115 441 70 560 Feb.. . 3,861 2,740 1,391 1,009 270 283 456 340 1,121 105 406 73 537 Mar.. 3,912 2,752 1,383 1,025 274 292 459 344 1,160 104 434 71 551 Apr.. 3,906 2,754 1,361 1,044 277 295 472 349 1,152 98 407 76 571 May. 3,905 2,751 1,321 1,079 278 304 497 351 1,154 105 401 78 570 June. 3,900 2,742 1,324 1,065 273 303 489 353 1,158 99 406 79 574 July.. 3,833 2,739 1,349 1,050 265 293 492 340 1,094 104 366 80 544 Aug.. 3,942 2,787 1,377 1,056 266 297 493 354 1,155 117 374 90 574 Sept.. 3,979 2,790 1,388 1,050 257 298 495 352 1,189 111 392 92 594 Oct.p. 4,064 2,833 1,414 1,069 251 308 510 350 1,231 111 429 94 597 Nov.* 4,043 2,843 1,434 1,055 246 306 503 354 1,200 103 427 85 585 4,051 2,854 1,444 1,054 243 303 508 356 1,197 100 423 79 595 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 75 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a r c i - es m C e o r m c - ial E ti d o u n c a a l - Other u p t u il b it l i i e c s 1949 10 359 3 718 6 641 4 239 559 885 824 1,376 2,476 1950 14,501 4 409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951... 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6 711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6 558 13,212 8,518 1,274 1,815 2,063 1,958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2,126 5,063 1956 124,628 8,036 116,592 H0,042 1,918 12,581 2,314 12,193 5,580 1956 Nov 1,757 582 1,175 693 130 226 199 174 335 Dec 1,659 737 922 533 104 170 200 149 502 1957_jan 1 778 679 1 099 612 197 211 184 170 405 Feb 1,718 664 J .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 2,424 930 1,494 887 221 279 232 268 537 July 2,301 791 ,510 1,067 115 236 173 221 487 Aug 2 275 619 1,656 1 035 159 267 206 191 417 Sept 2,125 673 1,452 918 123 262 192 220 409 Oct 1 974 587 187 913 145 200 214 177 325 Nov 1,876 737 124 229 202 175 409 i 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—Sept 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 Nov 2,377 113 329 90 182 148 196 348 86 90 184 130 481 1957_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 Nov 2,371 105 383 83 226 183 209 339 84 67 132 133 426 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d a T u r j s i a o u o v t l s n a a t r t a e l a e d ll t y e) Total p M o e li t t r a o n - p m N a o r e o l e n i t t r - a a o s n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t H -u A nderwr V it A ten! 1949. ,025 n.a. n.a. 989 792 35 162 36 466 360 105 1950. ,396 ,022 374 1,352 1,151 42 159 44 686 486 200 1951. ,091 777 315 1,020 892 40 88 71 412 264 149 1952. ,127 795 332 1,069 939 46 84 59 421 280 141 1953. ,104 804 300 1,068 933 42 94 36 409 252 157 1954. ,220 897 324 1,202 1,077 34 90 19 583 276 307 1955. ,329 976 353 1,310 1,190 33 87 20 670 277 393 1956. ,118 780 338 1,094 981 31 82 24 463 192 271 1957. 699 340 P990 305 177 128 1956—Dec.. 1,020 64 45 19 63 53 26 11 15 1957—Jan... 962 63 44 19 60 50 2 3 20 8 12 Feb.., 935 66 47 19 63 53 2 8 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.. 1,012 92 62 30 90 77 3 10 2 29 17 12 Oct.., *l,000 62 33 n.a. n.a. n.a. PS 29 20 10 D N e o c v . . . . *l010 4 5 2 3 2 2 5 0 n n . . a a . . n n. . a a . . n n . . a a . . P P 2 \ 2 2 0 4 1 1 7 5 6 5 9 Preliminary. n.a. Not available. figures are based on filed office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

76 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Year or month i p n o st p i u tu l t a i t o io n n al l f a o b rc o e r Total Employed * Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed tural industries agriculture 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 1957 . . 120,445 70,746 67 946 65,011 58,789 6,222 2 936 49 699 1956—Dec 119,481 69,855 67,029 64,550 59,440 5,110 2,479 49,626 1957 Jan.2 119,614 68,638 65,821 62,578 57,643 4,935 3,244 50,973 Feb 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 Mar 119,899 69,562 66,746 63,865 58,431 5,434 2,882 50,337 Apr 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50,286 May 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 June 120,383 72,661 69,842 66,504 58,970 7,534 3,337 47,722 July 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 Aus 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 Dec 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 1 Includes self-employed, unpaid family, and domestic service workers. ber 1956 shown above are: Labor force, 70,480; employment—total 64,652; 2 Beginning 1957 persons waiting to start new wage and salary jobs and nonagricultural, 59,262; agricultural, 5,391; and unemployment, 3,140. 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. December 1957 data comparable to Decem- 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 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 .. . .. 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6 914 1956 51.878 16,905 816 2,993 4.157 11,292 2,306 6,231 7,178 1957 52,539 16,795 840 3,025 4,157 11,548 2,343 6,454 7,377 SEASONALLY ADJUSTED 1956—Dec 52,54i 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 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 . 52,469 16,604 837 3,013 4,148 11,590 2,368 6,482 7,427 Nov 52,237 16,474 825 2,956 4,112 11,571 2,368 6,515 7 416 Dec 51,895 16,281 816 2,906 4,076 11,471 2,365 6,545 7,435 WITHOUT SEASONAL ADJUSTMENT 1956—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 52,270 16,822 833 2,906 4,153 11,428 2,320 6,432 7 376 May 52,482 16,762 835 3,082 4,156 11,411 2,329 6,520 7,387 52,881 16,852 858 3,232 4,181 11,505 2,359 6,551 7,343 July 52,605 16,710 857 3,275 4,199 11,493 2,390 6,524 7.157 Aug 52,891 16,955 862 3,305 4,215 11,499 2,389 6,509 7,157 Sept 53,152 16,905 853 3,285 4,206 11,620 2,361 6,541 7 381 Oct 53,043 16,783 837 3,224 4,159 11,664 2,356 6,547 7 473 Nov 52,807 16,581 829 3,059 4,123 11,845 2,356 6,515 7,499 Dec 52,992 16,333 820 2,833 4,100 12,324 2,353 6,480 7,749 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 November and December 1957 and annual averages for 1957 are premonth. Proprietors, self-employed persons, domestic servants, unpaid liminary. Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 77 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1956 1957 1956 1957 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 13,297 12,717 12,614 12,431 13,350 12,893 12,719 12,482 Durable goods 7,790 7,350 7,272 7,127 7,827 7,389 7,318 7,160 Ordnance and accessories 83 70 68 68 83 70 68 68 Lumber and wood products 641 605 589 587 628 623 598 575 Furniture and fixtures 314 311 304 301 320 317 312 307 Stone, clay, and glass products 465 449 444 438 465 456 448 438 Primary metal industries 1,129 1,049 1,028 999 1,135 1,049 1,028 1,004 Fabricated metal products 899 885 879 865 908 889 888 874 Machinery except electrical 1.271 1,190 1,156 1,117 1,277 1,166 1,144 1,123 Electrical machinery 882 860 840 809 900 869 853 825 Transportation equipment 1,478 1,321 1,364 1,362 1,478 1,321 1,364 1,362 Instruments and related products 231 222 222 215 233 223 223 217 Miscellaneous manufacturing industries. 397 388 378 366 401 405 393 370 Nondurable goods 5,507 5,367 5,342 5,304 5,523 5,504 5,401 5,322 Food and kindred products 1,110 1,054 1,049 1,062 1,076 1,143 1,074 1,031 Tobacco manufactures 88 78 79 77 93 94 86 82 Textile-mill products 934 906 884 873 948 906 893 886 Apparel and other finished textiles 1,077 1,059 1,067 1,047 1,093 1,075 1,072 1,063 Paper and allied products 470 465 463 463 472 470 468 465 Printing, publishing and allied industries, 558 561 560 557 566 567 566 565 Chemicals and allied products 544 527 526 524 547 532 529 527 Products of petroleum and coal 176 173 173 170 174 173 172 168 Rubber products 212 208 206 200 216 210 209 204 Leather and leather products. 338 336 335 331 338 334 333 331 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 November and December 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 Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Total 84.05 82.56 82.92 82.92 41.0 39.5 39.3 39.3 2.05 2.09 2.11 2.11 Durable goods 91.34 88.75 88.93 88.70 41.9 39.8 39.7 39.6 2.18 2.23 2.24 2.24 Ordnance and accessories 96.70 94.96 95.60 95.91 42.6 39.9 40.0 40.3 2.27 2.38 2.39 2.38 Lumber and wood products 69.25 73.97 71.55 70.41 39.8 40.2 39.1 38.9 1.74 1.84 1.83 1.81 Furniture and fixtures 71.45 72.04 69.30 70.75 41.3 40.7 39.6 40.2 1.73 1.77 1.75 1.76 Stone, clay, and glass products 82.81 84.85 84.21 83.16 41.2 40.6 40.1 39.6 2.01 2.09 2.10 2.10 Primary metal industries 100.94 98.18 97.16 95.63 41.2 38.5 38.1 37.8 2.45 2.55 2.55 2.53 Fabricated metal products 90.09 90.35 90.32 88.80 42.1 40.7 40.5 40.0 2.14 2.22 2.23 2.22 Machinery except electrical 96.70 93.67 92.66 94.77 42.6 40.2 39.6 40.5 2.27 2.33 2.34 2.34 Electrical machinery 84.46 81.95 82.95 83.16 41.2 39.4 39.5 39.6 2.05 2.08 2.10 2.10 Transportation equipment 105.95 97.57 101.75 100.30 43.6 39.5 40.7 39.8 2.43 2.47 2.50 2.52 Instruments and related products 84.87 85.39 85.81 85.79 41.0 39.9 40.1 39.9 2.07 2.14 2.14 2.15 Miscellaneous manufacturing industries.. 72.67 72.40 72.25 73.23 40.6 40.0 39.7 39.8 1.79 1.81 1.82 1.84 Nondurable goods 73.84 74.10 74.30 74.69 39.7 39.0 38.7 38.9 1.86 1.90 1.92 1.92 Food and kindred products 77.71 77.99 79.38 79.98 40.9 40.2 40.5 40.6 1.90 1.94 1.96 1.97 Tobacco manufactures 58.90 56.30 56.98 59.66 39.8 38.3 37.0 38.0 1.48 1.47 1.54 1.57 Textile-mill products 60.30 59.04 58.14 58.20 40.2 39.1 38.5 38.8 1.50 1.51 1.51 1.50 Apparel and other finished textiles 54.45 53.49 53.10 52.95 36.3 35.9 35.4 35.3 1.50 1.49 1.50 1.50 Paper and allied products 85.57 88.19 86.94 87.15 43.0 42.4 41.8 41.9 1.99 2.08 2.08 2.08 Printing, publishing and allied industries.. 96.19 97.15 95.89 98.43 39.1 38.4 37.9 38.6 2.46 2.53 2.53 2.55 Chemicals and allied products 89.86 91.84 92.66 93.52 41.6 41.0 41.0 41.2 2.16 2.24 2.26 2.27 Products of petroleum and coal 105.37 110.03 110.57 110.57 41.0 40.6 40.5 40.5 2.57 2.71 2.73 2.73 Rubber products 92.74 93.03 92.97 93.73 41.4 40.1 39.9 40.4 2.24 2.32 2.33 2.32 Leather and leather products 57.30 57.04 57.31 58.19 37.7 36.8 36.5 37.3 1.52 1.55 1.57 1.56 NOTE.—Data are for production and related workers. Figures for November and December 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

78 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district United Year or month States Boston Y N o e r w k a P p d h h e i i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc n n o - 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—Nov 139 130 125 133 131 150 '175 135 '145 132 '146 163 143 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 Apr 131 117 118 130 122 148 162 125 136 123 137 151 137 May 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 Aug 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 '134 NoV ^134 118 123 128 129 125 125 140 WITHOUT SEASONAL ADJUSTMENT 1956—Nov '170 158 160 177 161 188 '203 165 175 152 '170 '186 '166 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 June 131 122 121 130 120 140 153 126 129 116 137 153 139 July 111 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 '135 Nov 144 158 170 159 ^178 P193 153 145 ^183 162 STOCKS i 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—Nov 152 142 151 137 181 '206 141 150 145 '162 '172 '157 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 Aug 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 '162 Oct , '155 138 138 '156 139 174 208 147 151 148 163 176 '163 Nov.. P138 138 157 138 Pi 74 141 151 150 ^176 ^161 WITHOUT SEASONAL ADJUSTMENT 1956—Nov 166 '157 174 155 206 '233 160 168 165 '180 '189 '176 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 155 143 140 156 139 183 200 147 151 147 163 173 159 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept 160 144 145 167 144 187 209 150 158 151 164 184 r168 Oct 172 156 155 '180 154 198 227 161 169 164 177 193 '183 Nov 159 181 156 161 169 170 "181 * Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-1352. Figures prior to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 79 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales'* Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t n o d i a n d n u e n g r t t d h - o s - ) f i m c ( e t o R f i o o n p e t r t a t - h s l 2 ) o m ( r N t o d fi o r o e n e » t w r r r t a s h l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st r p o t i a o d n u l n u c e g t d k r s - s - s ce R ip e- ts Annual average: 1948 381 979 494 386 363 2.7 1.4 4.1 1.0 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1 1 9 9 5 5 0 1 3 39 7 1 6 1 1 , , 0 2 1 0 2 2 4 4 9 6 5 0 3 3 9 9 1 0 4 3 0 7 1 9 2 3 . . 8 2 1 1. . 3 4 4 4 . . 2 4 [ 1 1. 1 0 1952 397 1,097 435 397 401 2.9 1.2 4.1 '.o 1953 406 1,163 421 408 401 3.0 I i 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—Nov.. 577 1,528 '476 627 '516 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 :l.l May.. 449 ,353 355 421 430 3.0 0.8 3.8 1 9 June.. 409 ,257 519 313 All 3.1 1.3 4.3 i July.. 356 ,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 l.l Sept.. 438 ,400 '567 538 '536 3.2 1.3 4.5 1.2 Oct... 481 1,518 529 599 561 3.2 1.1 4.3 1.2 Nov.* 548 1,544 424 574 469 2.8 3.6 l.l P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1956, sales and receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a it n a d r i y s - e a i e d x p s o h r i t p s m e e x n c t lu s2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 jan J.16R 1.2R4 1,680 1.083 1.202 1,583 871 1.073 1,113 Feb 1,238 1,362 1,611 1,143 1,272 1,490 850 1,051 993 Mar ,344 1,583 2,151 ,252 1,479 2.022 1,019 ,102 1,131 Apr 1,264 1,512 1,863 ,170 1.400 ,779 871 991 1,118 May 1,323 1,717 1,814 ,192 1*522 ,711 959 ,095 ,104 June . 1,321 1,697 rl,786 ,193 1,492 ,652 937 1,034 983 July 1,270 1,639 1,692 ,142 1,289 ,505 885 1,052 1,147 1,239 1,536 rl,677 ,112 1,378 ,536 961 .055 1,042 Sept ,255 1,534 1,540 ,156 1,427 ,437 947 995 1,007 Oct...: ,399 1,672 1,674 ,279 1,561 r ,600 1,011 1,121 ,145 Nov ,322 .544 1,681 ,249 1,424 .594 1,065 987 p1.032 Dec .407 2,004 .323 1.881 1,008 1,059 Jan.-Nov 14,143 17,080 19,169 12,971 15,446 17,909 10,376 11,556 *11,815 P Preliminary. r Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

80 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing good Year or month items Foods Total Rent G an a d s S fu o e li l d s H f o u u r- se- H h o o u ld se- parel p t o i r o t n a- c ic a a re l s c o a n r a e l re a c n re d a- s a e n rv d elec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62 9 52 2 88.4 55.6 1945 76.9 68.9 90.9 76.3 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117 7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1956—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 Nov 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129.4 107.9 140.0 140.3 126.7 114.4 126.8 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 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities All Tex- Fuel, Ma- Furni- Year or com- Farm Proc- tile Hides,power,Chem- Rub- Lum- Pulp, Metals chin- ture Non- Tomonth modi- prod- essed prod- skins, and icals ber ber paper, and ery and me- bacco ties ucts foods Total ucts and light- and and and and metal and other tallic mfrs. Misand leather ing allied prod- wood allied prod- mo- house- min- and cellaap- prod- ma- prod- ucts prod- prod- ucts tive hold erals—bottled neous parel ucts terials ucts ucts ucts prod- dura- struc- bevucts bles tural erages 1949 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105. 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 ? 118 2 115 7 97 8 1954 . 110.3 95.6 105.3 lli.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 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 1219 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 AUK ... 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 91.0 106.5 126.0 95.4 100.3 116.1 110.2 146.5 117.8 130.1 152.2 146.9 122. 135 2 127 7 89 4 Oct .. '117.8 91.5 105.5 '125.8 95.1 100.4 '115.8 110.4 146.2 '117.3 130.9 150.8 '147.7 r122.6 135.3 127.7 '87.7 Nov 118.0 91.9 106.5 125.7 95.0 100.2 115.3 110.3 144.7 117.0 130.9 150.4 148.5 122.6 135.3 127.8 86.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 81 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Nov. Sept. Oct. Nov. Nov. Sept. Oct. Nov. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce 104.3 98.9 107.7 106.3 Grains 87.9 81.2 80.6 80.9 Paperboard 136.2 136.2 136.6 136.6 Livestock and poultry 68.6 81.5 78.4 79.3 Converted paper and paperboard 124.3 126.5 127.0 127.0 Plant and animal fibers 100.8 102.9 103.3 104.7 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 98.8 96.9 '98.8 99.4 Eggs 79.3 91.2 103.5 100.1 Metals and Metal Products: Hay and seeds 84.0 78.0 77.3 77.6 Other farm products 147.4 143.2 141.5 144.1 Iron and steel 162.5 170.2 167.8 166.5 Nonferrous metals 149.7 131.7 129.9 130.8 Processed Foods: Metal containers 147.5 153.1 153.1 153.1 Hardware , 160.1 167.2 167.4 167.4 Cereal and bakery products 115.8 116.7 117.3 117.6 Plumbing equipment 133.9 128.9 128.5 128.5 Meats, poultry, and fish 82.7 95.7 91.6 93.6 Heating equipment 122.0 122.3 122.3 122.4 Dairy products and ice cream 113.6 112.4 113.7 114.5 Fabricated structural metal products. 137.5 134.9 134.6 134.6 Canned, frozen fruits, and vegetables 106.4 102.5 103.6 103.8 Fabricated nonstructural metal Sugar and confectionery 111.8 113.9 113.8 114.4 products 141.2 147.1 147.1 146.9 Packaged beverage materials 201.6 178.3 172.9 172.9 Other processed foods 95.7 96.0 96.0 96.6 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 130.8 133.4 136.2 136.9 Cotton products 92.8 90.0 89.9 89.8 Construction machinery and equip- Wool products 106.1 110.3 108.3 107.4 ment 155.5 162.7 164.9 165.2 Synthetic textiles 80.3 82.3 82.3 82.3 Metal working machinery 163.0 168.9 170.8 171.4 Silk products 122.7 121.1 120.0 119.6 General purpose machinery and Apparel 99.7 99.7 r99.6 99.6 equipment 154.0 158.5 159.5 160.4 Other textile products 76.2 77.2 77.2 76.7 Miscellaneous machinery 142.0 147.3 148.0 Electrical machinery and equip- 147.7 Hides, Skins, and Leather Products: ment 145.2 150.8 150.7 150.7 Motor vehicles 134.2 134.8 135.5 137.1 Hides and skins 59.0 58.2 56.8 53.4 Leather 90.6 91.6 91.2 91.2 Furniture and Other Household Dura- Footwear 120.8 121.6 122.4 122.6 bles: Other leather products 98.6 98.4 r98.4 98.6 Household furniture 121.2 122.5 122.6 122.8 Fuel, Power, and Lighting Materials: Commercial furniture 146.9 153.6 153.6 153.8 Floor covering 131.9 132.5 132.5 132.5 Coal 122.0 124.8 125.6 125.8 Household appliances 106.5 104.6 105.4 104.9 Coke 156.3 161.9 161.9 161.9 Radio 91.1 93.4 93.4 93.2 Gas 111.1 112.2 112.2 112.2 Television 69.9 71.4 71.4 71.4 Electricity 94.3 95.5 r96A 96.1 Other household durable goods 145.0 148.3 148.8 149.0 Petroleum and products 117.5 125.6 124.6 123.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Industrial chemicals 122.5 123.5 123.6 123.6 Concrete ingredients 131.6 136.7 136.9 136.9 Prepared paint 123.6 128.1 128.1 128.1 Concrete products , 125.3 126.3 126.5 126.5 Paint materials 99.4 101.5 102.2 101.6 Structural clay products 150.3 155.0 155.1 155.1 Drugs, Pharmaceuticals, cosmetics.. 92.3 93.5 93.4 93.4 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 57.8 64.5 r64.8 65.1 Prepared asphalt roofing 114.4 124.6 124.6 124.6 Mixed fertilizers 109.6 112.0 '112.1 112.3 Other nonmetallic minerals 124.3 128.6 128.5 128.5 Fertilizer materials 105.7 106.4 107.6 107.7 Other chemicals and products 104.2 106.7 106.8 106.6 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Crude rubber 147.0 140.3 138.1 131.6 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 153.4 153.5 153.5 153.5 Other tobacco products 122.5 143.8 144.3 144.3 Other rubber products... 139.5 142.2 142.5 142.3 Alcoholic beverages 118.1 119.6 119.6 119.8 Nonalcoholic beverages 148.7 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 123.1 118.3 r117.5 117.3 Millwork 128.5 128.3 128.3 128.0 Toys, sporting goods, small arms... 116.8 118.2 r117.9 117.9 Plywood 94.8 94.7 96.9 96.4 Manufactured animal feeds 71.9 66.4 63.2 61.4 Notions and accessories 96.5 97.4 97.4 97.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.. 105.2 107.6 107.6 107.6 Other miscellaneous 125.1 130.1 130.7 130.8 Woodpulp 118.0 118.0 121.2 121.2 Wastepaper 77.3 88.5 88.5 88.5 Paper 139.2 143.2 143.2 143.3 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annualrates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 3 4 1 2 3 Gross national Droduct 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0 Less * Capital consumption allowances 8.6 7.2 9.0 20.5 23.9 26.5 28.9 31.6 34.3 34.6 35.3 36.1 36.6 37.4 indirect business tax and related liabilities 7.0 7.1 11.3 23.7 28.1 30.2 30.1 32.9 35.0 35.1 36.1 36.4 36.6 37.1 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.3 1.3 1.3 1 3 1.3 1.3 1.3 1.3 Statistical discrepancy . .3 .9 .4 .2 2.0 2.6 1.7 2.1 1.6 2.3 1.6 1.6 3.3 n.a. Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 — .1 — .4 — .2 .2 1.1 1 1 1 6 1 4 1 6 1 7 Eouals * 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 valua- 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 disburse- .0 .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 Plus* Government transfer payments .9 1.5 2.6 14.3 12.0 12.9 15.0 16.1 17.2 17.4 17.7 18.4 20.0 20.0 Net interest paid by government 1.0 1.2 1.3 4.7 4.9 5.0 5.2 5.2 5.7 5.8 5.9 6.0 6.0 6.0 5.8 2.1 4.5 9.2 9.0 9.3 9.9 11.0 11.9 12.1 11.5 12.4 12.5 12.6 Business transfer payments .6 .7 .5 .8 1.2 1.4 1.3 1.3 1.3 1 3 1.3 1.3 1.3 1.3 Eauals: Personal income 85.8 47.2 96.3 227.1 271.8 286.0 287.4 305.9 326.9 328.7 334.5 337.7 342.8 346.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 34.4 35.8 33.0 35.8 39.7 39.8 40.5 42.2 42.9 43.6 Federal 1.3 .5 2.0 18.2 31.2 32.4 29.2 31.5 35.1 35 2 35 8 37.4 38.0 38.6 State and local 1.4 1.0 1.3 2.7 3.2 3.4 3.8 4.2 4.6 4.6 4.7 4.9 4.9 5.0 Eouals* Disoosable Dersonal 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 Eauals * Personal savins 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] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 National income. 87.8 40.2 104.7 240.0 290.2 302.1 299.0 324.1 343.6 344.5 353.3 355.1 358.1 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. 194.7 196.8 199.1 200.9 Military .3 .3 1.9 5.0 10.5 10.3 10.0 9.8 9.7 9.7 9.7 9.6 9.7 9.8 Government civilian 4.6 4.9 8.3 17.2 22.5 23.5 24.4 26.1 28.2 28.5 28.9 29.4 29.7 30.6 Supplements to wages and salaries. .7 .5 2.7 7.8 10.2 10.8 11.3 12.7 14.1 14.4 14.6 15.3 15.4 15.7 Proprietors' and rental income2 20.2 7.6 20.9 44.6 50.8 49.3 49.1 49.4 49.9 50.0 50.7 50.3 50.7 51.3 Business and professional 8.8 3.2 10.9 22.9 25.7 25.9 25.9 27.3 28.0 28.2 28.3 28.4 28.7 29.1 Farm 6.0 2.4 6.5 13.3 15. 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 .2 77.0 40.0 35.9 37.0 33.5 42.5 43.0 40.8 45.6 43.9 42.0 n.a. Corporate profits tax liability , 1.4 .5 7.6 17.8 19.8 20.3 17.4 21.5 22.0 20.8 23.3 22.4 21.4 n.a. 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 20.5 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 1.0 -1.0 -.3 -1.7 -2.6 -1.0 -3.2 -2.7 -1.3 -.9 Net interest. 6.4 5.0 4.5 5.9 7.4 8.7 9.8 10.9 11.9 12.0 12.3 12.5 12.7 13.0 n. a. Not available 3 Includes noncorporate inventory valuation adjustment * Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 83 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters 1956 1957 1929 1933 1941 1950 1952 1953 1954 1955 1956 3 4 1 2 3 Gross national product 104.4 56.0 125.8 285.1 345.4 363.2 361.2 391.7 414.7 416.7 426.0 429.1 434.3 439.0 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 8.7 1.4 6.6 22.7 23.7 25.8 27.8 32.7 33.3 33.2 33.4 32.8 32.7 33.0 Residential, nonfarm. 3.6 .5 3.5 12.6 11.1 11.9 13.5 16.6 15.3 15.1 15.1 14.4 13.9 14.0 Other 5.1 1.0 3.1 10.1 12.6 13.8 14.3 16.1 18.0 18 1 18 4 18.5 18.9 19.0 Producers' durable equipment... 5.9 1.6 6.9 21.1 23.1 24.3 22.5 23.7 28.1 29.0 29.9 30.7 30.5 30.5 Change in business inventories 1.7 -1.6 4.5 7.4 3.0 .3 -1.9 4.2 4.6 3 3 5.1 -.8 1.7 2.0 Nonfarm only 1 8 — 1 4 4.0 6 4 2 1 9 -2 4 4 0 5 0 3 9 5 7 — 3 2.2 2.3 Net foreign investment .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 3 2.0 / 1 1 6 3 . . 9 8 2 1 2 8 . . 1 5 5 4 4 8 . . 3 8 5 5 9 1 . . 5 5 4 4 8 3 . . 9 1 4 4 6 1 . . 8 3 4 4 7 2 . . 2 4 4 4 7 2 . . 3 7 4 4 9 4 . . 0 2 5 4 0 5 . . 3 5 5 4 1 6 . . 1 3 5 4 0 5 . . 6 8 Other 2.0 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] Year or month * in s P c o e o n r m a - l e Total W p d a m i C g r n u o o e g s o d d t m r a i u i i n t n e - c y - d s - sa D l i u a n i t s r r t d i i y t u e v r i s s e d b - i - sbu S i r n e s tr r d e i v m u e i s s c e - e nts m G er o e n n v - t - in O la c t b o h o m e r r e2 p r r P e a i n r e n o t t d - o al rs' i i n n d s D p a t c o e e i e n o n n v r r d m d a e i - - l s s e t m T p f r e e a a n r y n - t - s s - 4 p b e c i s a u r o L n o n f s t n s e o c i o c u o t s i r n e r a s r n 5 i a - l - s l a in N g t c u r o i o r c n a m u l - l e - 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 10.2 .7 20.9 10.3 3.1 88.0 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 1957 342.8 238.8 102.0 63.7 33.3 39.8 7.9 50.7 31.0 21.2 6.8 327.5 1956—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. Apr 340.6 237.1 102.4 62.7 32.9 39.1 7.8 50.6 31.0 20.8 6.7 325. May 342.9 238.3 102.4 63.4 33.0 39.5 7.8 50.8 31.2 21.6 6.8 327. June 344.8 240.1 103.3 63.8 33.2 39.8 7.9 50.9 31.2 6.8 329. July 346.2 240.9 103.0 64.5 33.4 40.0 7.9 51.6 31.4 6.9 330. Aug 346.8 241.7 102.8 64.7 33.7 40.5 8.0 51.2 31.6 6.9 331. Sept 346.6 241.5 102.2 64.8 33.9 40.6 8.0 51.1 31.6 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 345.4 239.5 100.9 64.2 34.1 40.3 8.0 50.4 31.7 22.6 6.8 330.3 342.8 238.8 100.0 64.3 34.2 40.3 8.0 50.4 29.7 22.7 6.8 327.3 P Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are 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

84 INTEREST RATES YIELDS ON LONG-TERM BONDS OF THE UNITED STATES GOVERNMENT [Averages of daily figures calculated from closing bid prices] Per cent Per cent Per cent Per cent Per cent Year or month per Wesk ending: per Week ending: per Week ending: per Week ending: per annum annum annum annum annum 19531 2.94 1953 1954 1955 1956 1954 2.55 1955 2.84 Apr. 4. 2.91 June 5 2.59 Aug. 6 2.97 Oct. 6 3.17 1956 3.08 Apr. 11 . 2.91 June 12 2.57 Aug. 13 2.94 Oct. 13 3.18 1957 3.47 Apr. 18. 2.97 June 19 2.54 Aug. 20 2.94 Oct. 20.... 3.19 Apr. 25. 3.00 June 26 2.52 Aug. 27 2.95 Oct. 27 3.24 1953 May 2 3.05 July 3 2.52 Sept. 3 2.95 Nov. 3 . .. . 3.27 Jan 22.80 May 9 3.10 July 10 2.49 Sept. 10 2.92 Nov. 10 .28 Feb 22.83 May 16 3.10 July 17 2.46 Sept. 17 2.93 Nov. 17 .28 Mar 22.89 May 23 3.11 July 24 2.46 Sept. 24 2.92 Nov. 24 .30 Apr 2.97 May 30 .3.15 July 31 2.46 May 3.12 Oct. 1 2.90 Dec. 1. .. . 3.35 June 3.13 June 6. 3.19 Aug. 7 2.45 Oct. 8 2.88 Dec. 8 3.35 July 3.04 June 13. 3.14 Aug. 14 2.48 Oct. 15 2.86 Dec. 15 3.37 Aug 3.05 June 20. 3.13 Aug. 21 2.49 Oct. 22 2.86 Dec. 22 . .. . 3.45 Sept 3.01 June 27. 3.09 Aug. 28 2.50 Oct. 29 2.86 Dec. 29 3.44 Oct 2.87 Nov 2.86 July 4 3.04 Sept. 4 2.51 Nov. 5 2.84 1957 Dec 2.79 July 11 3.03 Sept. 11 2.52 Nov. 12 2.87 July 18 3.02 Sept. 18 2.52 Nov. 19 2.89 Jan. 5 3.50 1954 July 25 3.01 Sept. 25. 2.53 Nov. 26 2.91 Jan. 12 3.45 Jan. 19 3.33 Jan 2.69 Aug. 1. 3.03 Oct. 2 2.53 Dec. 3 2.91 Jan. 26 3.26 Feb 2.62 Aug. 3.01 Oct. 9 2.52 Dec. 10 2.90 Mar 2.53 Aug. 15 3.02 Oct. 16 2.52 Dec. 17 2.91 Feb. 2 3.24 Apr 2.48 Aug. 22 3.01 Oct. 23 2.55 Dec. 24 2.91 Feb. 9 3.18 May 2.54 Aug. 29 3.02 Oct. 20 2.56 Dec. 31 2.92 Feb. 16 3.19 June 2.55 Feb. 23 . . .. 3.26 July 2.47 Sept. 5. 3.04 Nov. 6 2.56 1956 Aug 2.48 Sept. 12. 3.03 Nov. 13 2.57 Mar. 2.... 3.27 Sept. 2.52 Sept. 19. 3.01 Nov. 20 2.57 Jan. 7 2.92 Mar. 9 3.28 Oct 2.54 Sept. 26. 2.93 Nov. 27 2.58 Jan. 14 2.90 Mar. 16.... 3.26 Nov 2.57 Jan. 21 2.87 Mar. 23 3.26 Dec 2.59 Oct. 3. 2.87 Dec. 4 2.58 Jan. 28 2.87 Mar. 30.... 3.24 Oct. 10. 2.83 Dec. 11 2.57 1955 Oct. 17. 2.84 Dec. 18 2.59 Feb. 4 2.85 Apr. 6 3.25 Oct. 24. 2.83 Dec. 25 2.60 Feb. 11 2.85 Apr. 13 3.28 Jan 2.68 Oct. 31. 2.82 Feb. 18 2.84 Apr. 20 3.34 Feb 2.77 1955 Feb. 25 2.87 Apr. 27 3.38 Mar 2.78 Nov. 7. 2.83 Apr 2.82 Nov. 14. 2.86 Jan. 1 2.60 Mar. 3 2.87 May 4 3.38 May 2.81 Nov. 21 . 2.86 Jan. 8 2.64 Mar. 10 2.89 May 11 3.37 June 2.82 Nov. 28. 2.88 Jan. 15 2.67 Mar. 17 2.92 May 18 3.40 July 2.91 Jan. 22 2.68 Mar. 24 2.95 May 25 3.41 Aug 2.95 Dec. 5 2.85 Jan. 29 2.70 Mar. 31 2.98 Sept 2.92 Dec. 12.... 2.79 June 1 . .. . 3.47 Oct 2.87 Dec. 19 2.78 Feb. 5 2.73 Apr. 7 3.04 June 8 3.49 Nov 2.89 Dec. 26 2.78 Feb. 12 2.75 Apr. 14 3.07 June 15.... 3.52 Dec 2.91 Feb. 19 •• 2.78 Apr. 21 3.10 June 22 3.66 1954 Feb. 26 2.82 Apr. 28 3.09 June 29. ... 3.64 1956 Jan. 2. 2.74 Mar. 5 •• 2.80 May 5 3.03 July 6 3.59 Jan 2.88 Jan. 9. 2.74 Mar. 12 •• 2.78 May 12 3.00 July 13 3.56 Feb 2.85 Jan. 16. 2.72 Mar. 19 2.76 May 19 2.98 July 20 3.59 Mar 2.93 Jan. 23. 2.67 Mar. 26 •• 2.76 May 26 2.94 July 27 3.65 Apr 3.07 Jan. 30. 2.64 May 2.97 Apr. 2 2.80 June 2 2.92 Aug. 3 3.63 June 2.93 Feb. 6 2.64 Apr. 9 2.82 June 9 2.92 Aug. 10 3.63 July 3.00 Feb. 13 2.61 Apr. 16 •• 2.82 June 16 2.91 Aug. 17 3.66 Aug 3.17 Feb. 20 2.62 Apr. 23 2.82 June 23 2.92 Aug. 24 Sept 3.21 Feb. 27 2.58 Apr. 30 •• 2.82 June 30 2.95 Aug. 31 Oct 3.20 Nov 3.30 Mar. 6. 2.55 May 7 2.82 July 7 2.94 Sept. 7 3.59 Dec 3.40 Mar. 13. 2.54 May 14 2.81 July 14 2.97 Sept. 14 3.60 Mar. 20. 2.52 May 21 2.80 July 21 3.01 Sept. 21 3.71 1957 Mar. 27. 2.52 May 28 2.80 July 28 3.05 Sept. 28. ... 3.72 Jan 3.34 Apr. 3 2.51 June 4 2.79 Aug. 4 3.09 Oct. 5 3.72 Feb 3.22 Apr. 10 2.48 June 11 •• 2.80 Aug. 11 3.11 Oct. 12.... 3.71 Mar 3.26 Apr. 17 2.49 June 18 2.81 Aug. 18 3.16 Oct. 19 3.76 Apr 3.32 Apr. 24 2.48 June 25 2.83 Aug. 25 3.22 Oct. 26.... 3.74 May 3.40 June .58 May 1. 2.47 July 2 2.86 Spet. 1 3.22 Nov. 2.... 3.74 July 3.60 May 8. 2.49 July 9 2.86 Sept. 8 3.24 Nov. 9 3.68 Aug 3.63 May 15. 2.53 July 16 •• 2.88 Sept. 15 3.23 Nov. 16 3.62 Sept 3.66 May 22. 2.56 July 23 •• 2.92 Sept. 22 3.19 Nov. 23 3.49 Oct 3.73 May 29. 2.58 July 30 2.96 Sept. 29 3.20 Nov. 30 3.48 Nov 3.57 Dec 3.30 Dec. 7.... 3.37 Dec. 14. ... 3.31 Dec. 21 3.29 Dec. 28 . .. . 3.26 1 Figures for January-March included in this average are for bonds Average yields for the "old" and "new" series shown in previous issues due or callable in 12 years or more (old series). of the BULLETIN were (in per cent): Week ending Dec. 7, 1957—3.32, 2 Based on bonds due or callable in 12 years or more (old series). 3.41; Dec. 14—3.25, 3.35; Dec. 21—3.18, 3.29; Dec. 28—3.15, 3.28, respectively. The December 1957 averages for these series were 3.22 NOTE.—This series, representing yields on bonds due or callable in 10 and 3.33, respectively. years or more, replaces those shown in earlier BULLETINS (p. 1385 of the December 1957 issue). Average prices for the issues included in this yield series have not yet been compiled. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 86 Gold production. 90 Net gold purchases and gold stock of the United States 91 Reported gold reserves of central banks and governments 92 Estimated foreign gold reserves and dollar holdings. 93 International Bank and Monetary Fund. 94 Central banks 94 Money rates in foreign countries 99 Foreign exchange rates 100 Index 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. 85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total i'oreign 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 tutions 2 and Officials of private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—Nov. 30.... 2,008 13,103 7,840 640 1,850 927 797 642 1,653 6,508 1,453 2,415 2,392 335 Dec. 31.... 1,452 13,487 8,045 626 1,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957—Jan. 31.... 1,809 13,207 7,761 538 1,790 905 800 867 1,676 6,575 1,531 2,382 2,382 337 Feb. 28.... 1,681 13,090 7,551 490 1,764 885 775 869 1,735 6,518 1,564 2,309 2,323 375 Mar. 31.... 1,558 13,002 7,550 423 ,764 886 774 929 1,754 6,530 1,496 2,345 2,243 388 Apr. 30.... 1,358 13,090 47,808 420 ,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.... 1,545 13,266 7,803 514 ,559 979 778 1,008 1,725 6,563 1,659 2,674 1,986 384 Aug. 31»... 1,635 13,248 7,606 449 ,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 ,664 1,029 797 808 1,851 6,554 1,655 2,714 2,019 372 Oct. 31 *\.. 1,517 13,747 7,910 394 ,573 1,057 857 1,161 1,946 6,987 1,739 2,671 1,975 374 Nov. 30*\ .. 1,538 13,610 7,795 352 ,567 1,032 865 1,200 1,964 6,980 1,735 2,596 1,937 362 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 m R a u n - ia Spain S d w e e n - T k u ey r- Y sl u a g v o ia - o A th l e l r 1953—Dec. 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 7 388 1954—Dec. 31 L 642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—Nov. 30 1,653 297 125 68 53 166 131 59 133 1 50 199 14 16 341 Dec 31 ,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957_jan. 31 ,676 294 125 64 54 181 117 69 138 42 230 16 14 332 Feb. 28 ,735 297 135 76 61 184 122 67 134 40 229 22 17 350 Mar. 31 ,754 296 141 76 59 178 120 76 123 32 228 14 14 396 Apr 30 804 298 142 71 60 181 110 73 117 28 245 20 11 446 May 31 ,764 298 120 65 59 175 111 75 120 25 253 12 12 439 June 30 ,793 302 119 61 59 166 110 87 120 25 268 14 11 449 July 31 725 315 120 97 61 156 98 85 115 25 278 12 9 351 Aug 31p ,745 327 123 101 55 143 115 87 116 24 272 16 11 353 Sept. 30*> ,851 337 132 102 62 139 172 94 124 24 273 12 12 367 Oct. 31 P ,946 345 137 97 68 144 186 97 129 30 255 19 9 429 Nov 30^ 964 347 131 100 66 146 215 95 127 26 265 16 11 418 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m D i R c u li i o e a b c n - - n - - G m u a a l t a e- M ic e o x- , l I W S a n a e u n n d r e r d - d i s i e s - t s l a P p i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e n r r nam 1953—Dec. 31 1 768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—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 2,674 142 27 127 73 213 274 94 67 352 74 129 73 46 60 789 133 Aug. 31P 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 Nov. 30? 2,596 151 24 149 76 175 235 58 62 360 72 133 62 22 55 835 127 p Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 87 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—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 1,986 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. 31P.... 1,975 72 88 190 43 47 564 110 195 83 162 420 374 85 41 50 45 153 Nov. 30*>. ... 1,937 71 89 187 42 46 555 112 174 85 159 417 362 84 42 45 39 151 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1953 1954 1955 1956 1953 1954 1955 1956 Other Europe: Other Asia (Cont.): Albania .2 .4 n.a. British dependencies. 9.1 9.8 9.8 8.8 British dependencies .4 .6 .4 .4 Burma 23.0 29.7 19.1 7.0 Bulgaria .6 .6 .7 .2 Cambodia n.a. .2 13.1 17.2 Czechoslovakia6 .6 .7 .7 .5 Ceylon 17.1 18.8 32.9 41.2 Eastern Germany n.a. 1.2 1.3 1.2 China Mainland6.... 36.4 35.7 36.2 35.5 Estonia 1.9 1.9 n.a. Ira 13.8 10.0 14.7 16.9 Hungary 1.0 1.0 1.0 Jordan .9 .8 1.2 2.0 Iceland 7.5 8.9 4.8 3.1 Kuwait 10.1 10.7 3.5 5.3 Ireland, Republic of 14.1 14.3 13.7 9.1 Laos n.a. .1 23.1 n.a. Latvia 1.3 1.0 1.0 .6 Lebanon 23.9 16.5 18.0 22.3 Lithuania .4 .5 .3 .4 Pakistan 9.7 3.8 5.7 20.2 Luxembourg 4.0 4.5 3.1 13.2 Portuguese dependencies. 5.3 1.8 2.0 2.7 Monaco 3.0 5.3 5.6 4.3 Ryukyu Islands n.a. 26.9 34.0 n.a. Poland6 2.2 2.1 2.5 3.3 Saudi Arabia 18.5 61.5 79.5 n.a. Trieste 2.5 2.2 1.4 1.4 Syria 20.5 21.5 13.1 17.1 U. S. S. R.6 2.0 1.8 .7 Viet-Nam n.a. 8.1 62.3 50.1 Other Latin America: All other: British dependencies 18.0 19.0 16.6 24.1 British dependencies 1.6 1.4 2.4 3.8 Costa Rica 13.4 15.3 17.6 14.6 Ethiopia and Eritrea 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 36 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

88 INFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 1953—Dec. 31.. 905 11 31 19 18 71 88 236 56 473 115 25 1954—Dec. 31., 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31.. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Oct. 31., 1,828 67 127 29 28 86 177 514 186 799 282 46 Nov. 30., 1,787 19 134 32 30 94 174 483 170 797 292 45 Dec. 31.. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957—Jan. 31.. 2,038 23 168 50 30 109 213 593 171 867 360 48 Feb. 28., 2,060 18 176 55 33 127 211 621 157 861 375 46 Mar. 31., 2,150 26 177 59 26 160 219 667 161 898 375 49 Apr. 30., 2,141 60 177 58 27 151 208 680 108 919 392 41 May 31., 2,174 72 174 61 27 176 188 699 114 889 426 46 June 30., 2,202 82 159 60 28 159 197 686 125 894 451 46 July 31., 2,135 96 150 59 31 123 189 646 125 896 421 46 Aug. 31*. 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 Oct. 31*. 2,254 106 139 54 36 124 203 663 111 959 407 48 Table 2a. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u ey r- Y sl u av g i o a - ot A h l e l r 1953—Dec. 31.. 13 6 9 24 3 16 7 1954—Dec. 31., 109 20 10 16 2 4 4 41 5 1955—Dec. 31.. 158 16 13 11 9 5 7 78 7 1956—Oct. 31.. 177 18 10 16 16 6 12 73 6 Nov. 30., 174 22 10 13 17 5 11 72 6 Dec. 31., 216 28 12 21 23 8 13 7 1957_jan. 31.. 213 30 13 20 23 9 13 85 1 6 Feb. 28., 211 29 10 21 17 7 14 86 8 Mar. 31., 219 34 11 20 18 11 14 83 8 Apr. 30., 208 29 9 23 17 10 14 79 9 May 31. 188 28 19 16 11 14 67 10 June 30. 197 25 23 16 12 14 75 9 July 31. 189 23 27 17 12 13 63 9 Aug. 31* 192 25 21 17 19 9 68 9 Sept. 30* 209 25 24 18 24 9 72 11 Oct. 31* 203 24 22 16 10 9 81 13 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m D i R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e d u n n r e i r d d - s e i s - t s l a p P i R m c u a e b n a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Oct. 31 799 4 65 14 150 83 7 7 194 6 11 32 11 18 139 46 Nov. 30 797 13 4 65 15 145 84 7 7 201 5 12 32 14 14 132 47 Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957—Jan. 31 867 15 5 77 22 145 99 13 8 216 4 13 34 8 12 145 52 Feb. 28 861 25 4 72 20 148 90 13 7 219 3 10 32 8 11 144 54 Mar. 31 898 37 5 76 22 158 89 10 8 216 3 13 37 8 12 152 51 Apr. 30 919 42 5 78 25 151 92 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 , 896 47 4 94 33 98 91 15 8 212 2 13 36 8 24 158 53 Aug. 31 v 950 35 5 116 40 91 103 19 8 246 3 13 34 7 31 151 50 Sept. 30* 947 29 5 123 28 101 90 17 8 246 3 16 33 6 39 152 50 Oct. 31* 959 27 9 108 36 126 73 20 8 246 4 16 34 8 38 154 52 * Preliminary. 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $1,051 million on Oct. 31, following items payable on demand or with a contractual maturity of 1957. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. maturity of more than one year reported by U. S. banking institutions 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 89 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES*—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Total H Ko o n n g g India I n n es d i o a - Iran Israel Japan ip P p h i i n l e - s T w a a i n - T l h a a n i d - Other Total t A r u al s i - a C g B o i e n a l g n - o Egypt U S n o o i u f o t n h Other Africa 1953—Dec. 31 115 3 4 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 18 10 103 19 6 8 59 43 11 5 8 17 1956—O N c o t v . . 3 3 0 1 2 2 8 9 2 2 4 4 6 6 C (22) ) 2 2 0 2 1 1 3 3 1 14 2 3 7 1 1 2 3 6 6 9 8 7 8 9 4 4 4 6 5 1 1 1 2 7 7 7 6 1 1 7 9 Dec. 31... 337 4 6 (2) 20 16 170 16 6 9 91 43 11 6 > 8 17 1957__ F j e a b n . . 3 2 1 8 3 3 7 6 5 0 6 5 7 7 ( ( 2 2 ) ) 2 2 2 2 2 2 3 4 1 1 8 9 6 2 1 1 8 7 6 5 1 1 0 0 8 8 3 9 4 4 6 8 1 1 1 1 5 5 > > 8 7 2 2 1 2 Mar. 31 375 6 9 (2) 23 24 193 18 5 10 86 49 13 5 * 7 11 Apr. 30 392 7 10 (2) 24 22 210 19 5 10 86 41 10 5 8 17 May 31 426 7 11 (2) 23 25 244 24 5 13 74 46 13 6 8 18 June 30 451 7 11 (2) 22 24 258 30 5 12 81 46 12 5 11 17 July 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*1 379 9 9 (2) 20 23 188 45 6 8 71 53 11 5 12 24 Oct. 3\P 407 7 8 (2) 24 26 174 51 6 11 99 48 11 4 12 20 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s r s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) r - 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—Oct 37 18 20 143 108 35 174 145 29 52 47 5 Nov 21 67 -46 144 140 4 49 101 -53 43 44 — 1 Dec 13 39 -26 145 108 37 25 77 -52 45 38 7 1957—Jan 44 28 16 163 107 57 49 172 -123 54 53 « Feb 134 42 91 146 91 55 34 133 -99 43 42 Mar 68 47 22 117 104 13 43 67 -24 44 51 -7 Aor r53 8 r44 134 113 21 69 '215 M46 54 59 -5 May 102 157 r-55 179 160 19 57 193 -136 59 81 -21 June 57 14 43 170 135 35 45 49 -4 76 90 -14 July 29 122 -93 161 153 8 130 191 -61 69 60 9 Aug.P 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 OtP 33 19 15 108 142 -34 123 106 18 43 42 1 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, ( —). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u e t i n a g s l - n France F R m l e G e ic d a p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m a i e t c i r a n - Asia o A t l he l r 1953 23 -34 -42 ( 57 71 -24 62 -121 25 () -1 1954 78 72 17 () i 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 33 161 -124 34 -1 4 1956—Oct... 53 1 () 23 11 46 -1 7 1 Nov.. -42 1 C2) -2 -40 -39 -11 6 1 Dec. 10 (2) (2) 19 -14 -3 3 -3 1 1957—Jan... 2 70 27 7 19 56 4 6 3 Feb.. 145 24 41 17 86 54 5 Mar.. 1 34 11 21 4 37 -4 1 Apr.. '65 9 21 10 42 '21 i? May. -25 r-U 7 7 11 27 '-34 (2) 8 June. 1 77 2 5 54 7 68 5 July.. (2) -85 i 7 -78 13 -59 -27 4 (2) A S Oc e u t p g . t * . . ' p p . -137 1 1 -2 - 2 1 7 3 -1 2 1 C2) -2 - 1 1 2 7 - - 1 5 2 2 1 4 4 0 - 4 9 2 2 - - - 2 1 7 2 4 2 1 2 l (2) p Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

90 INTL 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 Inter- Total Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L i m a c t a e in r- Asia o A th l e l r Date Deposits U se . c S u . r i G tie o s v 2 t la M n i e s o c u e s l- * tutions tries 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—Dec. 31 322 3,856 139 1956 — 33 —478 g —447 17 —40 — 16 1957_Jan. 31 344 3,707 164 1956—Oct 33 22 8 -1 3 Feb. 28 327 3,671 156 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 F A M e p a b r r . . . . . . . . .. - - 1 5 9 '- - 1 1 -3 4 0 1 6 7 -7 10 1 '- r 1 _ - 9 1 5 7 3 4 -1 C 2 1) - - - 6 2 2 -1 0 6 ) 1 J S O A u e c u l p y t g . t . . 3 3 3 3 ! 1 1 0 3 3 3 3 7 3 6 4 8 7 4 2 3 3 3 3 , , , , 4 7 7 5 2 3 7 2 1 0 4 3 2 2 2 3 7 7 8 4 8 8 0 9 May... -81 -76 1 -84 10 -4 Nov. 30 283 3,787 344 June... -18 -12 -18 2 -3 14 Dec. 31 356 3,729 353 July.... -101 -49 117 -70 2 1 1 A Se u p g t.* .* > . . . . -6 2 - -3 1 7 3 -9 15 - - 2 2 9 9 2 2 - — 2 1 -1 1 1957— D D e e c c . . 1 4 1 3 3 0 3 8 0 3 3, , 8 8 0 0 8 5 2 3 7 4 7 5 Oct. P.. -77 96 85 13 1 -4 0) Dec. 18 344 3,761 346 Dec. 25 386 3,776 346 Preliminary. r Revised, i Less than $500,000. * Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthl) Estimated Year or world Africa North and South America Other month production (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India 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 A 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 r910.6 556.2 18.8 21.9 13.1 65.3 rl53.4 12.3 15.3 3.3 7.6 36.1 7.3 1956—Oct 78.7 47.8 1 6 2.2 1.1 6.2 12 9 1.2 1.2 .4 .6 3.0 .6 Nov HI.9 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 12.7 .7 .7 .3 .6 2.9 .6 1957__Jan 276.5 48.3 1 6 2 3 9 5 0 12 6 1 5 .4 .6 3.0 .5 Feb 272.9 46.3 1.5 2.3 1.1 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 1.6 2.2 1.1 4.7 12 9 .7 .6 3.2 .6 May 50.6 1.5 2.2 1.0 5.0 13.1 .9 .6 3.1 .5 50 1 1 6 2 2 .9 4 9 12 6 .7 .6 3.4 .5 July 51.4 1.5 2.3 1.2 5.8 12 8 .9 .6 3.7 .5 Aug 51.1 1.5 2.4 1.1 5.8 12.6 8 6 Sept 50.3 2.4 1.2 5.7 13.1 9 .6 Oct 50.9 1.1 6.5 13.9 .6 r Revised. Ghana and Belgian Congo, data for which are from American Bureau of 1 Gold exports, representing about 90 per cent of total production. Metal Statistics. For the United States, annual figures are from the 2 Excluding Mexico. U. S. Bureau of the Mint and monthly figures are from American Bureau Sources.—World production: estimates of U. S. Bureau of Mines. of Metal Statistics. Production reported monthly: reports from individual countries except Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 91 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 1949 1950 1951 1952 1953 1954 1955 1956 July- Oct.- Jan.- Apr.- July- 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 France -84.8 -20.0 -67 5 — 33 8 Germany (Fed. Rep. of).... -10.0 -130.0 -225.6 -10.0 Netherlands -23.5 -79.8 -4.5 -100.0 -65.0 20 0 5.0 Portugal 14.0 -15.0 -34.9 -5.0 — 59 9 — 54.9 -5.0 Sweden -22.9 -32.0 -20.0 -15.0 15.2 15 2 Switzerland -40 0 -38.0 -15.0 22.5 — 65 0 — 15 5 — 8 0 — 8 0 Bank for Intl. Settlements.... -34.3 -65.3 -30.4 -94.3 -20.0 Other 3-123.4 -16.4 -29.7 -17.5 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 c -.5 -.1 Total 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 100.3 100 3 -1 Canada . ... 3.4 -100.0 -10.0 7.2 14.6 14.6 5.2 Latin America: Argentina -49.9 -49.9 -20.0 -84.8 115.3 55.1 40.1 10.0 10.1 15.0 Colombia 7.0 " -io!6 17.5 -22.8 -3 5 28 1 28 1 Cuba -10.0 28.2 -20.0 Mexico -16.1 -118.2 -60.2 87.7 -28 1 80 3 Uruguay -14.4 -64.8 22.2 14.9 -15 0 -5.0 11.0 29.1 2 0 27 1 Venezuela -50.0 -.9 -30.0 -200.0 -200.0 Other -10.5 ""-Y.2 -34.7 -2.4 -.3 17.2 ""3.6 — 7' ' - . 2 -.2 ••"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 .... 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -4.9 -.2 -.2 -.4 -.5 4.0 Eastern Europe -6.2 13.7 13.1 All other .4 6-44.2 6-76.0 <*) -.4 7200.0 775.0 725.0 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. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( r u e G e r n a y o d s l - d o f s T t y o o e c a t k a r l ) 1 I i n n s g c t r o o t e o l c d a t k a s l e i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a : a i k r s n s - e d e e - d , e- D p ti r c o t o i m d g o o n u e l c s d - - Month ( T e u r n G e r d a y o s l o - d f s m T to o o c n t k a th l1 ) I i n n s g c t r o o t e o l c d a t k a s l e i e m g x N o o p p e r l o o d t r r t t, g m c o c o r E l r a r e d e r a a : a i k r s n s - e d e e - d , e- D p ti r c o t o i m o d g n o u e l c s d - - 1944 20,619 20,631 -1,349.8 - 845.4 -459.8 35.8 1956—Dec 21,949 22,058 -47.7 2 7 51 2 4 6 1945 20,065 20,083 - 547.8 -106.3 -356.7 32.0 1946 20,529 20,706 623.1 311.5 465.4 51.2 1957—Jan ... 22.252 22,377 319.0 -53.9 295.9 5.0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Feb 22,304 22 396 18.6 — 29 8 28 0 4 4 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 Mar 22,306 22,406 10.2 -8.8 16 0 5 1 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Apr 22,318 22,424 17.4 20.8 -5.8 4.7 May 22,620 22,726 302.6 20.0 285.4 5.0 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 June 22,623 22,732 5.5 10.0 -6.0 4 9 1951 22,695 22,873 52.7 -549.0 617.6 66.3 July 22,627 22 735 3 8 2 7 — 8 5 8 1952 . .... 23,187 23,252 379.8 684.1 -304.8 67.4 Aug 22,626 22,735 -.5 28 6 — 11 4 5 8 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Sept 22,635 22,759 24.1 18.9 -9.0 5.7 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Oct 22,691 22,835 75 4 42 8 36 9 6 5 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Nov 22,763 22,837 2.4 26.7 -31 2 5 1 1956 21,949 22,058 305.9 106.1 318.5 65.3 Dec *>22,781^22,857 ^19.9 42.0 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 $6,022.6 million on Dec. 31, 1957. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

92 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States End of total world Argen- Aus- Bel- Co- Denmonth (excl. tina tralia gium Brazil Canada Chile lombia Cuba mark Egypt U.S.S.R.)i Treasury Total2 1950—Dec 35,810 22,706 22,820 216 88 587 317 590 40 271 97 1951—Dec 35,960 22,695 22,873 268 112 621 317 850 45 311 174 1952—Dec 36,260 23.187 23,252 112 706 317 896 42 214 174 1953—Dec 36,680 22,030 22,091 371 117 776 321 996 42 186 174 1954—Dec 37.340 21,713 21,793 371 138 778 322 ,080 42 186 174 1955—Dec 38;000 21,690 21,753 371 144 929 323 ,141 44 136 174 1956—Nov 21,910 22,106 106 941 323 ,124 45 136 181 Dec 38,490 21,949 22,058 107 928 324 ,113 46 136 1957—Jan 22,252 22,377 109 877 324 ,116 43 136 188 Feb 22,304 22,396 113 864 324 ,110 46 136 188 Mar 38^796 22,306 22,406 113 848 324 ,112 46 136 188 Apr 22,318 22,424 182 113 849 324 ,114 46 136 174 May 22,620 22,726 181 116 849 324 ,116 46 136 183 June 39,000 22,623 22,732 181 116 842 324 ,121 43 136 188 July 22,627 22,735 181 846 324 ,120 43 136 188 Aug 22,626 22,735 181 882 324 ,135 40 136 188 Sept 22,635 22,759 166 874 324 ,136 40 136 188 Oct 22,691 22,835 127 876 324 ,136 40 136 188 Nov 22,763 22,837 126 875 324 1,127 40 188 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. 523 27 247 209 140 256 208 311 50 27 31 1951—Dec. 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec. 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec. 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec. 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec. 861 920 27 247 81 138 352 142 865 45 48 35 1956—Nov. 861 1,376 27 247 45 138 370 167 854 47 49 35 Dec. 861 1,494 27 247 45 138 338 167 844 50 49 35 1957—Jan.. 861 1,566 27 247 44 138 325 167 834 45 49 35 Feb.. 861 1,661 27 247 44 138 350 167 819 45 49 35 Mar. 861 1,756 27 247 43 138 364 166 814 45 49 35 Apr. 861 1,834 27 247 42 138 359 166 809 48 49 35 May 861 1,923 27 247 41 138 359 165 806 47 49 35 June 575 2,029 27 247 40 138 364 165 806 46 49 35 July. 575 2,124 27 247 40 138 390 164 793 45 49 35 Aug. 575 2,261 27 247 41 138 422 163 747 45 49 35 Sept. 575 2,399 27 247 41 138 700 45 49 35 Oct.. 575 2,548 27 247 41 138 700 45 49 28 Nov. 575 2,556 138 700 46 49 28 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - M 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 n t l l t e . s f - or 1950—Dec 192 197 61 90 1,470 118 150 3,300 236 373 ,494 167 1951—Dec 265 190 51 152 1,452 113 151 2,335 221 373 ,530 115 1952—Dec 286 170 51 184 1,411 113 143 1,846 207 373 ,692 196 1953—Dec 361 176 54 218 1,459 113 143 2,518 227 373 ,702 193 1954—Dec 429 199 56 265 1,513 113 144 2,762 227 403 ,740 196 1955—Dec 428 212 56 276 1,597 112 144 2,120 216 403 217 1956—Nov.. . . 448 220 56 265 1,658 112 144 1,965 186 503 ,692 175 Dec 448 224 56 266 1,676 112 144 2,133 186 603 ,692 179 1957—Jan 452 226 56 256 1,667 112 144 2,084 186 603 ,420 202 Feb.. . . 461 227 56 256 ,652 112 144 2,147 186 669 ,433 197 Mar.... 461 233 56 252 ,636 112 144 209 183 669 ,438 168 Apr.. . . 461 230 56 249 ,621 112 144 320 183 669 ,439 160 May... 463 235 56 231 ,615 112 144 2,345 183 669 ,141 148 June... 458 234 56 231 ,633 112 144 2,381 183 669 ,147 205 July.... 461 226 56 233 ,674 112 144 2,367 183 719 ,148 165 Aug... . 466 226 56 241 ,694 112 144 2,142 183 719 ,157 184 Sept.... 467 215 56 235 ,725 112 144 1,850 183 719 ,167 138 Oct 464 215 56 226 ,733 144 2,093 183 719 ,177 130 Nov.... 469 218 56 227 ,718 144 2,185 719 143 P Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 93 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1955 Sept. 30, 1956 Dec. 3 , 1956 Mar. 3 , 1957 June 3C, 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 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 187 161 187 189 177 152 Italy 1,137 2 1,286 2 1,268 2 1,250 1,323 41,451 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 (3) 628 628 622 636 Spain (and dependencies) .. . 221 3 185 160 3 148 142 3 140 3 Sweden. . . 429 453 (3) 483 (3) 480 499 (3) 508 S T w ur i k tz e e y rland 2,3 1 5 5 4 3 44 2,4 1 4 5 6 8 126 2,5 1 1 6 2 4 131 2,4 1 1 5 0 8 (3) 2 4 1 3 5 7 8 132 2 5 1 2 5 2 6 1 ( 3 3 4 ) Others 872 6 1,057 14 917 12 898 14 1,188 868 12 Total 13,214 343 14,107 300 14,113 298 13,867 309 14,087 317 14,417 332 Sterling Area: United Kingdom 2,600 282 2,820 266 2,812 203 2,854 238 2,894 268 2,508 191 United Kingdom dependencies 84 4 90 4 103 4 93 4 96 4 109 4 Australia 219 (3) 177 191 193 (3) 191 (3) 4197 India 320 328 1 323 1 324 323 1 330 1 Union of South Africa 265 J 248 1 277 1 293 1 294 1 262 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 M57 2,791 441 La A tin rg e A n m tin er a ica: 509 399 (3) 360 (3) 332 (? 345 313 Bolivia . . 26 25 29 25 24 29 (3) Brazil 466 582 1 549 556 1 467 457 1 Chile 139 151 1 137 1 137 1 131 1 117 1 Colombia 217 180 210 (3) 250 263 244 Cuba 389 169 407 167 347 167 354 167 393 167 416 167 Dominican Republic 77 77 79 (3) 89 (3) 98 (3) 70 (3) Guatemala 72 80 91 101 (3) 97 87 Mexico . 556 561 600 575 4 504 4 4534 Panama, Republic of 86 1 104 109 1 117 135 1 129 •Peru 127 117 (3) 119 (3) 117 110 (3) 96 (3) El Salvador .. . 52 53 53 73 81 (3) 65 Uruguay 281 1 290 1 259 1 257 2 248 1 243 j 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 11 147 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 (3) 231 8 188 168 (3) 220 (3) Iran . 175 174 (3) 158 178 173 187 Japan 1,021 4 1,186 4 1,145 1,003 4 754 2 700 *• 2 Philippines... . 268 6 298 6 294 6 267 6 243 6 235 6 Thailand 250 1 254 1 260 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 ^ 308 7 288 8 287 8 288 8 288 8 286 7 All other: Egypt 246 222 238 (3) 248 (3) 246 (3) 242 8 Other 116 1 126 (3) 118 151 (3) 162 155 Total 362 1 348 356 399 (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 rl,288 28,462 1,212 International ^ ... . . 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 '1,654 31,141 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 4 3 I L n e c s l s u d th es a n l a $ t 5 e 0 st 0 ,0 re 0 p 0 o . rted figures for gold reserves, as follows: Italy o L f i f a ic b i i a l l i tie g s o ld to re F s o e r r e v i e g s n , e a r n s d R t e o p ta o l r t d ed o ll b ar y h B o a ld n i k n s g s i n a s t h s e h o U w n n i te in d S S h ta o t r e t s - , t e b rm y (Au 5 g I . n c 3 l 1 u ) d ; e A s u Y st u ra g l o ia s la ( v Ju ia n , e B 3 a 0 n ); k an fo d r M In e t x e i r c n o a t ( i A o u n g a . l 3 S 1 e ). ttlements (both for C bo o n u d n s t r a ie n s d ( n t o a t b e l s e s r ep 1 r e a s n e d n t l e a s - t I i d m a o t f e d t h h e o l p d r in ec g e s d o in f g s u s c e h c t s i e o c n u ) r . i tie U s . w S it . h G or o i v g t i . its 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

94 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 Oct. July Apr. Jan. Oct. Sept. June Mar. Dec. Sept. Gold 1,177 1,148 1,439 1,420 1,687 Dollar deposits and U. S. securities 524 484 430 365 386 Investments 8 200 200 200 200 200 Other currencies and securities1... 858 873 901 931 960 Currencies: United Stsites1 811 992 977 1,423 1,697 Effective Ioans2 2,549 2,437 2,378 2,238 2,094 Other i... 5,948 5,777 5,489 5,051 4,387 Other assets3 76 72 54 41 42 Unpaid member subscriptions. 874 818 817 824 942 Other assets 8 6 5 3 2 IBRD bonds outstanding 1,141 1,034 948 848 849 Undisbursed loans 676 670 676 609 530 Member subscriptions 9,016 8,941 8,932 8,929 8,929 Other liabilities 20 19 20 11 10 Accumulated net incorne -2 -6 -10 -14 Reserves 303 289 266 254 240 Reserves and liabilities 2 2 2 2 Capital 1,867 1,854 1,853 1,853 1,853 Quota Cumul o a n ti v th e e n e F t u n d d rawings Loans by country, Nov. 30, 1957 Country9 Paid 1957 1956 Outstanding Total in Area and member country + gold Oct. Sept. Oct. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others5 Belgium 225 56 50 50 Brazil 150 38 75 38 66 Chile 50 9 25 25 13 Continental W. Europe, total 1,197 1,028 196 831 73 Colombia ... 50 13 25 25 25 Belgium and Luxembourg. 173 119 12 107 24 Denmark 68 6 34 34 France 267 267 18 249 14 Egypt 60 10 30 30 15 Italy 163 99 98 7 France 525 108 263 263 Netherlands 236 233 143 91 21 India . 400 28 200 200 Other 358 309 23 286 6 Indonesia 110 16 55 55 55 35 9 25 25 26 Sterling area, total 1,137 753 82 671 86 Japan 250 63 125 125 Australia 318 278 12 266 25 Netherlands 275 69 69 69 India 356 183 25 158 14 United Kingdom.... 1,300 236 562 562 Pakistan 108 54 9 45 4 United States.... 2,750 688 10--1.901 10-1.861 10-418 Union of S. Africa 160 135 26 109 20 United Kingdom 146 79 3 76 24 Other 49 24 7 17 Notes to tables on international institutions: 1 Currencies include demand obligations held in lieu of deposits. Latin America, total 720 565 63 502 26 2 Represents principal of authorized loans, less loans not yet effective, Brazil 169 166 15 152 repayments, the net amount outstanding on loans sold or agreed to be Colombia 111 89 19 70 3 sold to others, and exchange adjustment. Mexico 141 135 10 125 9 3 Excludes uncalled portions of capital subscriptions. Other 298 175 19 156 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).... 313 146 5 141 15 6 Includes $260 million in loans not yet effective. Thailand 2 1 0 0 6 7 1 3 1 7 0 4 1 3 0 3 8 2 7 8 I U n . c l S u . d T es r e $ a 1 s 7 u 9 ry m b i i l l l l i s o n p u n r o ch t a g s u e a d r a w n i t t e h e d p ro by ce t e h d e s B of a n s k al . es of gold. Other 13 9 Countries shown are those with cumulative net drawings of $25 24 1 million or more on the latest date. Africa (excl. Sterling area). . 1 o Represents sales of U. S. dollars by the Fund to member countries 63,391 2,501 347 7200 for local currencies, less repurchases of such currencies with dollars. Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Note circula- Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o a D d n u i c n s a e - t d s s - Se t c ie u s ri- tion1 Bankers' Pub D li e c posit E s CA Other C su a a r p n p d i l t u a s l 1953—Dec. 30 .4 ,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 ,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66 3 18.1 1955—Dec. 28 .4 ,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—Dec. 26 .4 >,025.0 1.9 27.7 11.0 267.7 ,997.7 203.6 11.6 74.9 18.1 1957—Jan. 30 .4 ,925.0 2.0 63.7 34.9 240.3 ,861.6 232.1 14.4 76.0 18.3 Feb. 27 .4 ,925.0 2.0 52.0 15.8 261.0 .873.4 225.2 13.5 73.7 18 5 Mar. 27 .4 ,925.0 2.3 22.5 18.6 290.3 .902.8 228.9 13.7 72.5 18 5 Apr. 24 .4 .975.0 2 4 23.1 21.5 259.2 .952.2 202.4 11.5 74 5 17.8 May 29 .4 .975.0 2.4 21.7 40.5 243.2 .953.7 204.4 10.1 75.3 18.0 June 26 .4 >,000.0 2.4 14.9 32.6 268.4 .985.5 216.3 12.2 71 8 18 1 July 31 .4 1.075.0 2 4 15.9 29.9 262.4 >.059.5 205 0 13.4 73 9 18.3 Aug. 28 .4 >.025.0 2 4 29 9 17.6 253.5 .995.5 199.3 11.6 74 2 18.5 Sept. 25 .4 >,000.0 2 5 32.9 15 I 271 .0 967.5 216.8 13.0 73. 1 18 5 Oct. 30 .4 >.000.0 2.5 33.4 n 7 288 7 967.0 ?14.6 10.1 75.7 17 9 Nov. 27 .4 >,050.0 2.4 48.9 19.8 260.3 >,001.4 226.9 10.1 76.4 18.0 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 95 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets 2 Liabilities S U d S t o a e n t l a n r i l l t t a d i e e n r s d s g D S o c t m i h e a r o l i m r n g t i - o o v n t . a s n e d c u O p r r t i o h ti v e e r i s n- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i . i o ts n Other li c a O a b a p t i n i h li t d e t a i r e l s 1953—Dec. 31 54.9 1,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954_Dec. 31 54.2 1,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 1,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31 60.8 1,025.0 1,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31 53.5 1,091.7 1,202.2 113.5 1,738.9 524.0 57.8 34.3 105.8 Feb. 28 60.8 1.052.7 1,1-9.4 118.6 1,717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 1,105.2 1,176.3 213.5 1,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 1,158.0 1,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31 52.3 1,165.9 1,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 June 29 57.3 1,213.3 1,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31 63.1 1,197.7 1,202.3 100.7 1,817.7 490.5 54.2 26.9 174.5 Aug. 31 62.4 1,251.8 1,208.4 203.9 1,815.5 542.8 64.0 33.3 270.9 Sept. 30 55.3 1,208.4 1,204.2 110.9 1,819.1 480.8 66.9 28.7 183.3 Oct. 31 56.6 1,297.5 1,192.1 161.5 1,824.0 623.7 40.1 25.8 196.0 Nov. 30 56.2 1,321.5 1,152.0 252.8 1,828.0 543.4 64.3 30.7 316.1 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c t i i a c l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t n t h o t er O as t s h e e ts r ci N t r i 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 l O a i i a a t p t n i b h e i d t i e s l a r - l 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—Dec. 27 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957—Jan. 31 301.2 33.0 270.3 26.8 1,759.5 175.0 479.8 233.8 3,045.0 149.4 84.9 Feb. 28 301.2 32.9 317.4 25.0 1,735.7 171.3 479.8 245.7 3,065.8 161.1 82.2 Mar. 28 303.2 23.1 310.3 27.6 1,836.8 175.0 479.8 192.6 3,051.6 214.3 80.6 Apr. 25 301.2 12.2 325.2 24.9 1,871.9 158.3 479.8 196.9 3,044.1 222.7 103.6 May 29, 301.2 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 263.1 81.6 June 27 201.2 12.0 274.9 16.1 2,014.1 175.0 594.1 267.0 3,130.0 330.9 93.6 July 25 201.2 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 397.7 118.9 Aug. 29, 201.2 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 376 6 97.4 Sept. 26 201.2 11.9 322.7 18.3 1,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31, 201.2 12.0 ^15.2 44.0 1.914.9 17* 0 829.8 341.1 3,292 5 417 0 Nov. 28 201.2 12.0 282.0 44.6 1,893.9 175.0 820.1 3296.2 3,139.9 (5) 467.1 118.0 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported separately 530 533 697 983 Gold and foreign exchange 469 468 473| 310 Other gold and foreign exchange.. 1,089 1,216 1,649 275 Checks and bills of other banks.. 3 3 3! 5 Gold contribution to Intl. Fund... 157 157 157 157 Securities (incl. Govt. and Treas- Govt. securities 5,001 4,825 4,822 5.666 ury bills) 497 503 486 556 Rediscounts and loans to banks... 118,671 118,042115,316 100J41 Other assets 22 25 25, 43 Other assets 1,582 1.697 1.782 872 Note circulation 389 387 388 384 Currency circulation 46,843 45,211 44,987 39,238 Deposits of Trading Banks: Deposits—Nationalized 69,060 70,326 69,566 61,593 Special 340 340 340 270 Other sight obligations 3,065 2,965 2,025 1.326 Other 25| 32 31 35 Other liabilities and capital 8,063 7,970 7,846 6,537 Other liabilities and capital 2^71 240j 227, 225 Notes to central bank table on this and opposite page: 4 Includes Economic Cooperation Administration. 1 Notes issued, less amounts held in banking department. 5 Less than 50 million francs. 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control NOTE.—All figures, including gold and foreign exchange, are compiled Board in return for short-term Govt. securities (see BULLETIN for July from official reports of individual banks and are as of the last report date 1940, pp. 677-678). of the month. For details relating to individual items, see BULLETIN for 3 Other assets include 100.0 billion francs of gold loaned to Stabiliza- April 1955, p. 443. For last available report from the Reichsbank tion Fund. (February 1945), see BULLETIN for December 1946, p. 1424. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

96 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 141 162 182 Gold 2,660 2,129 2,231 1,745 Foreign exchange (Stabilization Foreign exchange (net) 10,409 10,963 10,396 8,610 Fund) 186 200 162 Loans and discounts 5,879 5,852 5,891 6,226 Net claim on Intl. Fund1 13 13 13 Claim against Government 1,342 1,342 1,342 1,559 Loans and discounts 60 54 42 Other assets 823 619 615 780 Credits to Government 145 120 131 Note circulation 15,031 14,835 14,477 13,774 Other assets , 78 74 77 Deposits—Banks 2,060 2,183 2,265 1,349 Note circulation 434 439 418 Other 1,044 1,066 974 785 Deposits 288 284 298 Blocked 1,040 898 906 1,415 Other liabilities and capital 36 35 27 Other liabilities and capital 1,938 1,923 1,854 ,598N:ational Bank of Czechoslovakia2 National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 43,758 43,820 43,709 47,045 Gold 68 68 68 68 Foreign claims and balances (net). 9,192 8,184 7,879 12,308 Foreign exchange 828 796 884 727 Loans and discounts 11,820 13,130 13,948 7,406 Loans and discounts , 156 211 197 125 Consolidated Govt. debt 34,456 34,456 34,456 34,660 Securities 485 499 501 505 Govt. securities 9,430 9,023 9,406 7,497 Govt. compensation account 3,002 3,022 3,022 3,071 Other assets 7,738 8,728 6,005 5,775 Other assets , 827 774 613 960 Note circulation 109,388110,862109,483 108,918 Note circulation 2,276 2,242 2,135 2,238 Deposits—Demand 1,970 1,584 1,200 1,597 Deposits—Government 1,473 1,479 1,494 1,450 ECA 20 20 20 40 Other , 1,346 1,384 1,397 1,501 Other liabilities and capital 5,016 4,875 4,700 4,137 Other liabilities and capital 271 266 260 266 Central Bank of Bolivia—Monetary dept. (millions of bolivianos): (July)* Central Bank of the Dominican Re- Gold at home and abroad 7,714 668 public (thousands of pesos): Foreign exchange (net) 28,176 -636 Gold. 11,405 11,405 11,405 11,276 Loans and discounts 287,803 155,721 Foreign exchange (net) 13,831 14,746 13,600 12,427 Govt. securities 7,920 2,505 Net claim on Intl. Fund2 2,500 2,500 2,500 2,500 Other assets 22,497 3,043 Loans and discounts , 4,921 4,779 4,300 4,050 Note circulation 175,982 142,497 Govt. securities 7,830 7,830 7,830 8,360 Deposits 16,523 20,044 Other assets , 25,759 25,805 25,735 19,931 Other liabilities and capital 161,605 -1,240 Note circulation , 50,412 48,776 48,732 47,225 Central Bank of Ceylon (millions of Demand deposits 11,919 14,449 12,921 7,929 rupees): Other liabilities and capital 3,914 3,839 3,717 3,389 Foreign exchange 591 605 625 737 CentralBank of Ecuador (millions of Advances to Govt 56 27 96 sucres): Govt. securities 48 50 49 11 Gold 325 325 325 325 Other assets 13 22 16 8 Foreign exchange (net) 82 75 56 55 Currency in circulation 463 472 473 433 Net claim on Intl. Fund1 -37 -37 -37 38 Deposits—Government 8 4 32 76 Credits—Government 466 470 479 477 Banks 116 110 166 153 Other 349 354 329 310 Other liabilities and capital 120 118 115 93 Other assets 269 281 328 258 Central Bank of Chile (millions of Note circulation , 745 755 771 743 pesos): Demand deposits—Private banks. 222 219 240 233 Gold 4,371 4,846 5,258 7,394 Other 170 172 168 147 Foreign exchange (net) 765 717 815 1,677 Other liabilities and capital 317 322 301 340 Net claim on Intl. Fund1 -1,356 -1,356 -1,356 19 Natioonnaall Bank of Egypt (millions of Discounts for member banks 15,914 17,385 15,798 8,379 pounds): Loans to Government 26,077 26,077 26,077 15,987 Gold 66 66 66 63 Other loans and discounts 55,741 54,166 52,962 30,304 Foreign assets , 89 90 93 114 Other assets 24,682 26,462 27,150 24,568 Egyptian Govt. securities , 190 184 176 144 Note circulation 70,532 70,614 72,594 55,024 Clearing and other accounts (net). -48 -49 -42 -8 Deposits—Bank 6,481 6,320 6,471 5,593 Loans and discounts , 42 41 30 44 Other 3,070 6,149 5,350 1,938 Other assets , 3 3 2 3 Other liabilities and capital 46,110 45,213 42,287 25,772 Note circulation 213 212 193 220 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government, 10 4 8 10 lions of pesos): Other 100 99 102 3112 N G e o t l d c l a a n im d f o o n re I ig n n tl . e F x u ch n a d n 1 ge 31 5 9 2 28 5 6 2 3 5 1 2 2 27 5 7 2 Cent O ra t l" h e R r e s li e a r b v i e li t B ie a s n a k n d o f c a E p l i t S al alvador 20 20 21 19 Loans and discounts ,399 1,312 1,116 542 (thousands of colones): Govt. loans and securities 626 620 622 615 Gold 78,578 78,602 78,613 70,343 Other assets 299 281 256 146 Foreign exchange (net) 18,141 26,263 42,616 5,068 Note circulation 983 927 921 778 Net claim on Intl. Fundx 4,688 4,687 1,562 -4,677 Deposits 905 830 1,193 559 Loans and discounts 92,276 86,202 81,726 93,657 Other liabilities and capital 806 793 243 294 Govt. debt and securities 9,323 10,538 9,174 18,615 Central Bank of Costa Rica (millions Other assets 9,087 8,012 7,684 7,647 of colones): Note circulation , 99,587 95,718 97,201 96,019 Gold 12 12 12 Deposits , 99,358105,707111,588 82,503 Foreign exchange 47 53 70 Other liabilities and capital , 13,148 12,879 12,587 12,132 Net claim on Intl. Fundl 7 7 7 7 Bank<. of Finland (millions of markkaa): Loans and discounts 155 135 119 126 Gold 7,850 7,850 7,850 7,849 Securities 15 16 16 17 Foreign assets and liabilities (net), 30,098 27,913 21,285 22,368 Other assets 33 31 30 27 Loans and discounts 31,683 28,403 37,987 41,666 Note circulation 163 157 155 145 Securities—Government 16,250 16,250 16,250 17,500 Demand deposits 48 41 45 53 Other 1,451 1,474 1,514 1,989 Other liabilities and capital 58 56 53 38 Other assets 16,697 16,619 17,014 11,280 National Bank of Cuba (millions of Note circulation 51 AH 54,094 55,828 58,468 pesos): Deposits 7,069 5,414 6,776 6,025 Gold 136 136 136 Other liabilities and capital 39,481 39,000 39,297 38,159 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 For last available reports for Czechoslovakia and Hungary (March of the month. and February 1950, respectively), see BULLETIN for September 1950, pp. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept Nov Nov. Oct. Sept. Nov. German Federal Bank4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 6,274 6,266 6,265 12,037 Gold 10,691 10,655 10,033 ,763 Foreign exchange 88,158 95,760 109,611 83,729 Foreign exchange 13,436 13,634 14,328 919 Clearing accounts (net) -11,787-10. -5,262 -7,961 Loans and discounts 839 1,035 1,297 014 Loans and discounts 47,871 37: 35,625 28,926 Loans to Government 3,475 3,432 3,765 203 Advances to Government 71,566 70;483 67,812 83,745 Other assets 1,070 1,176 1,167 327 Other Govt. accounts 136,214133,935130,354 86,125 Note circulation 16,402 16,074 15,928 631 Govt. securities 148,699149,045149,698 151,649 Deposits—Government 4,428 5,218 5,472 083 Other assets 13,056 13,306 12,151 14,615 Banks 5,397 5,341 5,623 480 Notes and coin in circulation 249,550 247,301250,303 246,991 Other 526 681 812 245 Deposits—Government 29,433 35,492 40,861 37,085 Other liabilities and capital 2,757 2,617 2,755 787 Other 189.142183,166186,382 148,716 Bank of Greece (millions of drachmae): Other liabilities and capital 31,925 30,449 28,709 20,073 Gold and foreign exchange (net).. 5,330 5,358 ,663Bank of Italy (billions of lire): Loans and discounts 192 175 180 Gold 4 4 4 4 Advances—Government 5,366 5,565 ,011 Foreign exchange 71 71 71 71 Other 5,568 5,385 058 Advances to Treasury 567 567 567 567 Other assets 2,555 2,474 ,016 Loans and discounts 455 472 473 475 Note circulation 6,723 6,611 ,450 Govt. securities 415 405 415 398 Deposits—Government 1,112 1,061 080 Other assets 1,188 1,098 1,113 974 Reconstruction and Note circulation 1,716 1,701 1,729 1,620 relief accts 3,676 3,676 286 Deposits—Government 10 10 9 7 Other 5,632 5,628 ,067 Demand 140 136 150 111 Other liabilities and capital 1,866 1,981 045 Other 652 594 579 581 Bank of Guatemala (thousands of Other liabilities and capital 181 177 176 170 quetzales): Bank of Japan (billions of yen): Gold 27,276 27,277 27,277 Bullion () () () () Foreign exchange (net) 37,438 34,907 34,429 Loans and discounts 537 534 563 75 Gold contribution to Intl. Fund. . 1,250 1,250 1,250 Govt. securities 257 251 205 484 Rediscounts and advances.... 16,908 17,592 15,073 Other assets 146 138 140 231 Other assets 42,252 41,083 41,673 Note circulation 684 665 654 626 Circulation—Notes 62,082 61,070 58,936 Deposits—Government 48 41 61 42 Coin 4,434 4,363 4,275 Other 83 86 84 36 Deposits—Government 9,704 10,090 9,548 Other liabilities 127 132 108 87 Other liabil B it a ie n s k s and capital 2 2 3 5 , , 4 5 0 0 1 2 2 2 1 4 , , 8 7 4 4 1 5 2 2 2 4 , , 3 5 8 5 9 4 Bank M o o f n M et e a x ry ic o re ( s m er i v ll e io 7 ns of pesos): 1,874 1,851 1,878 1,863 National Bank of Hungary 2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,958 4,583 4,424 5,261 rupees): Bills and discounts 856 1,039 1,090 730 Issue department: Other assets 555 685 874 383 Gold at home and abroad 1,178 1,178 1,178 ,178 Note circulation 5,403 5,325 5,171 5,128 Foreign securities 2,802 3,117 3,266 .572 Demand liabilities 2,092 2,078 2,342 2,325 Indian Govt. securities 9,823 9,508 9,359 ,655 Other liabilities and capital 748 755 754 784 Rupee coin 1,351 1,337 1,352 ,253Netherlands Bank (millions of Note circulation 14,787 14,862 14,711 ,385 guilders): Banking department: Gold !,649 2,649 2,649 3,230 Notes of issue department 367 278 443 272 Silver (including subsidiary coin).. 11 11 12 4 Balances abroad 293 154 259 793 Foreign assets (net) 949 915 735 784 Bills discounted 11 38 6 71 Loans and discounts 178 322 425 174 Loans to Government 290 499 418 30 Govt. debt and securities 660 660 660 660 Other assets 3,281 3,282 2,925 ,547 Other assets 387 356 346 366 Bank In D O d e t o h p n e o e r s s i l i t i a s a b (m ili i t l i l e i s o n a s n d o f c r a u p p it i a a l hs): 2 1 , , 8 4 1 2 6 6 2 1 , ,4 8 2 2 8 2 2 1 , ,3 6 5 9 3 7 , , 3 40 0 9 4 N De o p te o s c i i t r s c — ul G E at C o io v A n ernment 1,9 1 9 4 1 4 5 7 4,0 9 6 1 6 0 7 4,1 1 1 0 1 8 1 7 3,9 3 1 2 6 5 3 8 7 Gold and foreign exchange (net).. 532 875 761 739 Other 462 529 381 552 Loans and discounts 792 844 791 960 Other liabilities and capital 216 211 210 218 Advances to Government 17,217 17,141 16,561 ,846R(Reserve Bank of New Zealand (thou- Other assets 1,209 1,022 853 478 sands of pounds): Note circulation 12,876 12,588 12,343 ,288 Gold 6,162 6,162 6,162 6,162 Deposits—ECA 185 220 220 320 Foreign exchange reserve 20,126 32,127 46,650 32,270 Other 3,735 3,917 3,926 ,129 Loans and discounts 35, C" 31,986 23,930 27,255 Other liabilities and capital 2,954 3,157 2,478 ,288 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 56,139 47,160 39,692 53,665 Gold 4,533 4,533 4,533 ,242 Investments 38,124 38,124 38,124 38,173 Foreign exchange 1,115 500 534 Other assets 1,384 1,436 1,631 1,966 Gold contribution to Intl. Fund. . 663 663 663 282 Note circulation , 78,277 74,141 73,221 74,726 Govt.-secured debt 7,923 7,923 7,923 ,623 Demand deposits , 68,827 73,096 73,453 74,730 Govt. loans and discounts 12,515 11,489 12,537 ,227 „ Other liabilities and capital 9,919 9,758 9,517 10,035 Other loans and discounts 7,409 7,137 6,720 ,403 Baink of Norway (millions of kroner): Other assets5 16,213 17,381 14,527 ,039 Gold 210 208 209 218 Note circulation 12,416 12,063 11,783 ,066 Foreign assets (net) 203 215 205 106 Deposits—Government 6,562 8,097 5,894 ,041 Clearing accounts (net) -14 4 13 -39 Banks 1,613 1,612 1,691 ,259 Loans and discounts 84 82 74 111 Other 18,842 16,841 16,578 ,776 Securities 104 104 105 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 134 137 127 138 Other liabilities and capital 3,827 3,902 3,848 3,208 Note circulation 3,273 3,276 3,238 3,204 Central Bank of Ireland (thousands of Deposits—Government 1,451 1,383 1,557 1,542 pounds): Banks 327 493 340 425 Gold 2,646 2,646 2,646 FOA 1 1 1 26 Sterling funds 75,115 74,215 74,413 Other liabilities and capital 1,215 1,142 1,144 957 Note circulation 77,761 76,861 77,059 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

98 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Nov. Oct. Sept. Nov. Nov. Oct. Sept. Nov. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 500 4971 517 584 Issue department: Foreign assets 1,184 1,258 1,180 1,038 Gold at home and abroad 115 115 115 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved.. 663 658 658 993 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2. 4,477 4,561 4,474 4,010 Pakistan Govt. securities 2,046 1,902 1,872 ,527 Other domestic bills and advances. 172 16 112 27 India currency 430 430 430 430 Other assets 921 917 974 1,023 Rupee coin 49 53 54 '58 Note circulation 5,542 5,504 5,362 5,316 Notes in circulation 3,248 3,128 3,076 ,077 Demand deposits—Government. . 49 74 128 199 Banking department: Other 64 56 156 119 Notes of issue department 113 110 104 Other liabilities and capital 1,727 1,745 1,742 1,178 Bills discounted 1 30Swiss National Bank (millions of Loans to Government 61 2 francs): Other assets 998 1,055 1,046 661 Gold 7,283 ,348 7,313 7,025 Deposits 1,032 1,016 1,038 627 Foreign exchange 561 546 556 587 Other liabilities and capital.... 141 130 118 168 Loans and discounts 180 159 155 254 Central Bank of Paraguay (millions of Other assets 94 103 97 121 guaranies): Note circulation 5,709 ,616 5,605 5,483 Gold 15 11 Sight liabilities 2,169 ,302 2,281 2,277 Foreign exchange (net) 655 463 Other liabilities and capital 240 238 236 227 Net claim on Int. Fund1 113 53Central Bank of the Republic of Turkey Loans and discounts , 1,669 ,572 (millions of pounds): Govt. loans and securities 719 535 Gold 402 402 402 402 Other assets 517 368 Foreign exchange and foreign Note and coin issue 1,227 ,169 clearings 461 475 467 219 Deposits—Government 507 290 Loans and discounts 5,153 5,107 4,823 3,891 Other 270 311 Securities 33 33 33 31 Other liabilities and capital 1,684 ,231 Other assets 264 273 265 234 Central Reserve Bank of Peru (millions Note circulation 3,345 3,323 3,105 2,433 of soles): Deposits—Gold 156 155 155 155 Gold and foreign exchange 191 400 719 Other 2,027 2,016 1,983 1,586 Net claim on Intl. Fund* 67 67 67 Other liabilities and capital 786 797 747 604 Loans and discounts to banks... 1,203 1,139 786 Bank{ of the Republic of Uruguay (mil- Loans to Government 1,708 1,647 ,306 lions of pesos): (July) Other assets 107 127 148 Gold 278 283 Note circulation 2,456 2,477 ,176 Silver 10 Deposits 607 672 601 Advances to State and Govt. Other liabilities and capital 214 230 249 bodies 264 288 Central Bank of the Philippines Other loans and discounts 615 540 (millions of pesos): Other assets 797 843 Gold 40 40 39 41 Note circulation 559 509 Foreign exchange 173 220 249 401 Deposits—Government 203 198 Loans 64 61 76 84 Other 371 354 Domestic securities 754 713 647 436 Other liabilities and capital 829 903 Other assets 168 163 165 153 Centtrraall Bank of Venezuela (millions Circulation—Notes 711 703 691 661 of bolivares): Coin 87 87 86 86 Gold 1,999 1,999 2,099 1,438 Demand deposits 228 242 232 284 Foreign exchange (net) 2,055 2,150 2,165 1,297 Other liabilities and capital 173 165 166 85 Other assets 180 193 220 219 Bank of Portugal (millions of escudos): Note circulation 1,484 1,382 1,333 1,170 Gold 5,993 5,999 5,995 ,846 Deposits 450 559 585 413 Foreign exchange (net) 13,500 13,517 13,570 ,735 Other liabilities and capital 2,300 ,4022 2,567 1,372 Loans and discounts 1,785 1,851 1,744 ,259Nirational Bank of Federal People's Re- Advances to Government 1,365 1,363 1,365 ,375 public of Yugoslavia (billions of Other assets 2,384 2,327 2,309 ,883 dinars): Note circulation 11,785 11,840 11,640 ,136 Gold 4 6 5 Demand deposits—Government.. 1,922 1,945 1,986 ,739 Gold contribution to Intl. Fund . . 2 2 2 ECA 19 19 19 89 Foreign assets 40 39 62 Other 7,749 7,741 7,850 1,064 Loans (short-term) 776 790 ,036 Other liabilities and capital 3,55f 3,51" 3,488 ,071 Govt. debt (net) 128 113 56 South African Reserve Bank (millions Other assets 63 53 59 of pounds): Notes and coin in circulation 117 111 94 Gold 7 76 76 78 Demand deposits 401 380 252 Foreign bills 25 30 31 47 Foreign liabilities 84 85 107 Other bills and loans 30 25 3: 13 Long-term liabilities (net) 274 283 578 Other assets 54 55 48 47 Other liabilities and capital 138 143 190 Note circulation 116 116 116 113Bank for International Settlements Deposits 53 55 55 56 (millions of Swiss gold francs): Other liabilities and capital 18 16 15 17 Gold in bars 438 399 424 536 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 52 58 73 67 Gold 618 618 618 617 Rediscountable bills and accept- Silver 323 323 323 321 ances (at cost) 637 711 540 658 Govt. loans and securities 14,57: 16,191 15,830 124 Time funds at interest 151 117 114 100 Other loans and discounts 59,43 60,946 59,541 149 Sundry bills and investments 601 789 814 572 Other assets.. 65,586 65,918 65,514 803 Funds invested in Germany 297 297 29 297 Note circulation 62,570 62,826 62,467 254 Other assets 1 4 4 2 Deposits—Government 4,107 4,660 4,479 65 Demand deposits—Gold 547 492 52 720 Other 14,611 15,580 14,576 035 Other ,084 1,342 1,199 982 Other liabilities and capital 59,248 60,929 60,305 074 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 316 31 310 302 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 99 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since June 1956 Month effective g B iu e m l- France m G a e n r- y N la e e n r t d - h s - Spain S d w en e- S l w a e n r i - t d z- U K d n i o i n m t g ed - C a a d n a - d In ia - p J a a n - 2 P p h i i n l e ip s - Chile2 va S d E a o l l- r2 In effect June 30, 1956 3.0 3.0 5.5 3.00 3.75 3.75 1.5 5.5 3.00 3.25 8.03 1.5 4.5 3.0 1956 Aug 3.25 3.25 Sept 5.6 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 \ug 5 0 5 00 4 28 Sept 4.6 7.0 4.05 4 5 Oct 4.05 Nov 3.83 Dec 3.87 In effect Dec. 31, 1957 4.5 5.0 4.0 5.00 5.00 5.00 2.5 7.0 3.87 4.00 9.13 4.5 6.0 4.0 Other selected central banks—rates in effect on Dec. 31, 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: Europe—Cont. : Asia—Cont. : Latin America— Austria 5.0 Nov. 1955 Turkey 6.0 June 1956 Thailand.... 7.0 Feb. 1945 Cont. : Denmark 5.5 Mav 1955 Asia Latin America: Venezuela. .. 2.0 May 1947 Greece 10.0 May 1956 Burma 3.0 Feb. 1948 Costa Rica2. 3.0 Apr. 1939 All other: Italy 4.0 Apr. 1950 Ceylon 2.5 June 1954 Mexico 4.5 June 1942 New Zealand. 7.0 Oct. 1955 Norway 3.5 Feb. 1955 Indonesia2... 3.0 Apr. 1946 Peru2 6.0 Nov. 1947 South Africa. 4.5 Sept. 1955 Portugal 2.5 Jan. 1944 Pakistan 3.0 July 1948 1 Rates shown represent mainly those at which the Central bank either are applied to rediscounts in excess of 50 per cent of the rediscounting discounts or makes advances against eligible commercial paper and/or bank's capital and reserves; El Salvador—3 per cent for agricultural and government securities for commercial banks or brokers. For countries industrial paper; Indonesia—various rates depending on type of paper, with more than one rate applicable to such discounts or advances, the collateral, commodity involved, etc.; Costa Rica—5 per cent for paper rate shown is the one at which the largest proportion of central bank related to commercial transactions (rate shown is for agricultural and credit operations is understood to be transacted. In certain cases other industrial paper); and Peru—4 per cent for industrial paper and mining rates for these countries are given in the following note. paper, and 3 per cent for most agricultural paper. 2 Discounts or advances at other rates include: Japan—various rates 3 Since Nov. 1, the discount rate is set each week at l/x per cent above the depending on type of paper or transaction and extent of borrowing from latest average tender rate for Treasury bills. central bank, including 8.40 per cent for discount of paper related to do- 4 Since May 16, this rate applies to advances against commercial paper mestic commercial transactions (rate shown is for advances on commercial as well as against government securities and other eligible paper. paper and miscellaneous collateral); Chile—rates in excess of 6 per cent OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month 3 T m re b o a il s n l u s th ry s1 D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c e k n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e m Da o d y n a - y e 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 c i a v o t a e u t n e t 1 1 9 9 5 5 5 6 D D e e c c 2 3 . . 5 6 9 1 2 3 . . 4 1 2 8 4 5 . . 2 0 2 7 4 4 . . 0 9 8 4 4 3 . . 1 1 5 0 2 3 . . 5 5 0 0 2 3 . . 9 5 9 5 3 1 . .0 4 6 8 3. . 2 6 3 2 414-61/2 1. . 5 5 0 0 1957 Jan 3.70 3.27 4.85 4.69 4.06 3.50 3.92 3.58 3.38 4%-6y 69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.52 3.47 2.85 41/_£3/ 1.75 3.71 3.65 4.25 4.07 3.55 3.00 4.10 3.61 3.50 4L£_634 75 Apr 3.72 3.69 4.18 4.01 3.59 3.00 4.61 3.63 3.50 41// 63/ I 75 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 41^—634 .75 June 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 4ix_634 2.50 JUly 4 3 . .8 0 1 2 3 3. . 8 7 8 2 4 4. . 1 0 7 6 3 3. . 9 8 7 5 3 3 . . 4 6 5 0 3 3 . . 0 0 0 0 7 7 . . 8 9 2 4 4 3 .8 4 1 5 3 3. . 5 0 1 8 5*4-8 2 2 .5 5 0 0 Sept 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4 86 3.64 5*4-8 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4 87 3.75 5*2-8 2.50 Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.66 3.35 5*4-8 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

100 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 Year or month P (p re e f s e o r ) - (p t A r o a u u l s 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 D r e o a n r n k - e) Basic ential Free 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20 903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 . 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21 017 1955 20.000 13.333 7.183 222.41 3.8580 1.9905 101.401 20.894 1956 .. 15.556 22.835 222.76 3.8580 2.0030 101.600 20 946 1957 5,556 2,506 222.57 3.8539 1.9906 104.291 20 913 1956—Dec 5.556 2.806 221.92 3.8580 1.9945 104.095 20 881 1957 Jan 5.556 2.642 222.77 3.8570 1.9912 104.085 20.948 Feb . 5.556 2.681 222.96 3.8536 1.9900 104.334 20 960 Mar 5.556 2.586 222.55 3.8536 1.9900 104.577 20 921 Apr 5.556 2.478 222.22 3.8536 1.9887 104.184 20.890 May 5.556 2.564 222.39 3.8536 1.9862 104.638 20 895 June 5.556 2.477 222.33 3.8536 1.9875 104.891 20.898 July 5.556 2.365 222.14 3.8536 1.9908 105.150 20 890 Aufi 5.556 2.303 221.73 3.8536 1.9865 105.470 20.862 Sept 5.556 2.216 221.92 3.8536 1 9874 104 241 20 867 Oct 5.556 2.487 223.09 3.8536 1.9929 103.636 20 928 Nov . . .. 5 556 2 595 223.32 3.8536 1 9983 103 921 20 935 Dec 5.556 2.707 223.57 3.8536 1.9991 102.304 20.969 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 a l a a y r - ) M (p e e x s i o c ) o 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 .2779 32 582 8 006 1957 . 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32 527 8 006 1956 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 4.2857 4.2376 23.800 20.844 278.27 .2779 32.431 8.006 Sept 3.3674 .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 Dec .3118 .2858 .2376 23.799 20.975 280.58 .2779 32.527 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) S (k w r e o d n e a n ) z ( e S fr r w a la n it n c - d ) ( U p K d o n i o u i n m t n g e d - d ) 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 1957 26.170 276.56 14.008 45.693 3.4900 278.28 19.331 23.330 279.32 1956 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 211.1A 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 Dec 26.367 277.80 14.008 49.695 3.4900 279.53 19.328 23.335 280.58 1 Official rate. The basic and preferential rates were discontinued and 4 On Aug. 12, 1957, the French authorities established an effective rate the new official rate of 18 pesos per U. S. dollar became effective Oct. of 420 francs per U. S. dollar applicable to most foreign exchange transac- 28, 1955. tions. The rate of 350 francs per U. S. dollar will remain in effect for 2 New free market rate became effective Oct. 28, 1955. all other transactions. 3 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 JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary J. E. HORBETT, Associate Director KENNETH A. KENYON, Assistant Secretary GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve THOMAS J. O'CONNELL, Assistant General Examiner Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director GUY E. NOYES, Adviser ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director SUSAN S. BURR, Associate Adviser ALBERT R. KOCH, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser OFFICE OF THE CONTROLLER A. B. HERSEY, Associate Adviser ROBERT L. SAMMONS, Associate Adviser M. B. DANIELS, Assistant Controller 101 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

102 FEDERAL RESERVE BULLETIN • JANUARY 1958 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 HOMER J. LIVINGSTON, CHICAGO ADRIAN M. MASSIE, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlNKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS FRANK R. DENTON, CLEVELAND R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA 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 Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell 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 Cyrus M. Higley Howard C. Sheperd Clarence Francis 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 103 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 Daniel M. Dalrymple John W. Remington Leland B. Bryan Raymond E. Olson E. Perry Spink Ralph F. Peo, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS Henderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman William B. Brosius Walter E. Hoadley, Jr. R. Russell Pippin Bayard L. England 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 Aubrey J. Brown King E. Fauver George P. MacNichol, Jr. John A. Byerly Joseph B. Hall Paul A. Warner Charles Z. Hardwick W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen L. Merle Hostetler Martin Morrison Roger R. Clouse R. G. Johnson, in charge of H. E. J. Smith C. Harrell Cincinnati Branch Paul C. Stetzelberger J. W. Kossin, in charge of Pittsburgh Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett W. Bay Irvine William A. Mitchell Anthony Haswell, Chairman Ivan Jett T. M. Wolfe Franklin A. McCracken PITTSBURGH BRANCH—BOARD OF DIRECTORS Lawrence O. Hotchkiss Ben Moreell John C. Warner, Frank C. Irvine Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

104 FEDERAL RESERVE BULLETIN • JANUARY 1958 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 D. W. Colvard Joseph E. Healy Denver L. Morgan Robert Gage L. Vinton Hershey W. A. L. Sibley Robert O. Huffman 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 J. N. Shumate Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS George H. Aull Charles D. Parker G. G. Watts William H. Grier Ernest Patton T. Henry Wilson I. W. Stewart 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 J. E. Denmark J. E. McCorvey L. B. Raisty H. C. Frazer, in charge of R. E. Moody, Jr., in charge Earle L. Rauber Birmingham Branch of Nashville Branch S. P. Schuessler T. A. Lanford, in charge of Harold T. Patterson M. L. Shaw, in charge Jacksonville Branch of New Orleans John L. Liles, Jr. Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Robert M. Cleckler E. W. McLeod John E. Urquhart, Chairn John R. Downing John C. Persons Adolph Weil, Sr. Selden Sheffield JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith, Chairma W. E. Ellis C. B. McLeod McGregor Smith J. Wayne Reitz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 105 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Jo H. Anderson P. D. Houston, Jr. Frank B. Ward, Chairman Stewart Campbell V. S. Johnson, Jr. C. L. Wilson W. N. Krauth NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer J. Spencer Jones H. A. Pharr Frank A. Godchaux, III G. H. King, Jr., Chairman E. E. Wild 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 G. F. Langenohl Walter J. Cummings William A. Hanley Nugent R. Oberwortmann Vivian W. Johnson 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 Ira A. Moore Ernest W. Potter William A. Mayberry 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 J. H. Long well, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Leo J. Wieck H. Lee Cooper J. E. Etherton Jesse D. Wooten Harold O. McCutchan 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 R. H. Alexander T. Winfred Bell J. V. Satterfield, Jr. Donald Barger J. W. Bellamy, Jr. Waldo E. Tiller E. C. Benton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

106 FEDERAL RESERVE BULLETIN • JANUARY 1958 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman Magnus J. Kreisle Merle5 E. Roberts< Philip Davidson W. Scott Mclntosh John G. Russell J. D. Monin, Jr. MEMPHIS BRANCH—BOARD OF DIRECTORS John E. Brown Simpson Russell John D. Williams J. H. Harris Frank Lee Wesson John K. Wilson (Vacancy) District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison 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 J. Willard Johnson Geo. N. Lund Carl McFarland O. M. Jorgenson John M. Otten 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 Cecil Puckett, in charge P. A. Debus, in charge of Oklahoma City Branch of Denver Branch of Omaha Branch Clarence W. Tow Joseph S. Handford D. W. Woolley DENVER BRANCH—BOARD OF DIRECTORS Stewart Cosgriff Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman R. Otis McClintock C. L. Priddy Phil H. Lowery C. P. Stuart Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 107 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 T. A. Hardin Morgan H. Rice J. L. Cook, in charge of W. H. Holloway Harry A. Shuford Houston Branch C. E. Walker EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Floyd Childress D. F. Stahmann John P. Butler William R. Mathews E. J. Workman, Thomas C. Patterson Chairman 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 E. C. Breedlove Alex R. Thomas, J. W. Beretta Burton Dunn Chairman Donald D. James 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

108 FEDERAL RESERVE BULLETIN • JANUARY 1958 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 John B. Rogers William H. Steiwer, Sr., Chairman J. H. McNally C. B. Stephenson SALT LAKE CITY BRANCH—BOARD OF DIRECTORS George S. Eccles Oscar Hiller Joseph Rosenblatt, Chairman Russell S. Hanson Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS Henry N. Anderson Lyman J. Bunting, Joshua Green, Jr. James Brennan Chairman S. B. Lafromboise 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. A more complete list, including periodic releases and additional reprints, appeared on pages 1447-50 of the December 1957 Bulletin. 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. Subscription price in the United States and its pos- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

110 FEDERAL RESERVE BULLETIN • JANUARY 1958 REPRINTS INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- THE MONETARY SYSTEM OF THE UNITED STATES. LETINS. 52 pages. February 1953. 16 pages. UNITED STATES BANKING ORGANIZATION ABROAD. INFLUENCE OF CREDIT AND MONETARY MEASURES December 1956. 16 pages. ON ECONOMIC STABILITY. March 1953. 16 pages. BANKING AND MONETARY STATISTICS, 1956. (Selected series of banking and monetary statistics FEDERAL FINANCIAL MEASURES FOR ECONOMIC for 1956 only) February and May 1957. 12 STABILITY. May 1953. 7 pages. pages. (Similar reprints of 1954 and 1955 * DETAILED DESCRIPTION OF SOURCES AND METH- data, February and May 1955 and February ODS USED IN REVISION OF SHORT- AND INTERand May 1956 BULLETINS.) MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. March 1957. 7 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- 1957 SURVEY OF CONSUMER FINANCES. March, vember 1953. 65 pages. June, and August 1957. 54 pages. (Similar FEDERAL RESERVE MONTHLY INDEX OF INDUS- Surveys are available for earlier years from TRIAL PRODUCTION, 1953 Revision. December 1952, 1953, 1954, 1955, and 1956 BULLETINS.) 1953. 96 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. NEW INDEXES OF OUTPUT OF CONSUMER DU- April 1957. 20 pages. RABLE GOODS. May 1954. 15 pages. SURVEY OF FINANCE COMPANIES, MID-1955. SEASONAL ADJUSTMENT FACTORS FOR DEMAND April 1957. 17 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. 6 pages. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- SURVEY OF COMMON TRUST FUNDS. June 1957. ber 1955. 40 pages. 6 pages. (Also, similar reprint from August SURVEY OF BANK LOANS FOR COMMERCIAL AND 1956 BULLETIN.) INDUSTRIAL PURPOSES. Business Loans of Member Banks. April 1956. 14 pages. Credit BANK CREDIT AND MONEY. July 1957. 6 pages. Lines and Minimum Balance Requirements. INTEREST RATES IN LEADING COUNTRIES. August June 1956. 7 pages. (Reprints on a similar 1957. 7 pages. Survey are available from March, May, June, July, and August 1947 BULLETINS.) WINNING THE BATTLE AGAINST INFLATION. August 1957. 12 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. WORLD PAYMENTS STRESSES IN 1956-57. October 1957. 8 pages. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint REVISION OF MONTHLY DEPARTMENT STORE INfrom April 1953 BULLETIN.) DEXES. December 1957. 30 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 48, 49 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 44, 46 Adjusted and currency, 40 Agriculture, Goyt. agency loans, 52 53 Banks, by classes, 41, 45, 47 Assets and liabilities (See also Foreign liabilities and Federal Reserve Banks, 35, 36, 90 claims reported by banks): Postal savings, 40 Banks and the monetary system, consoli- Turnover of, 38 dated, 40 Deposits, reserves, and borrowings, by class of mem- Corporate, current, 60 ber bank, 33 Domestic banks, by classes, 41, 44, 46 Discount rates, 34, 99 Federal business-type activities, by fund or Discounts and advances by Federal Reserve activity, 52, 53 Banks, 31, 35 Federal Reserve Banks, 35, 36 Dividends, corporate, 59, 60 Foreign central banks, 94 Dollar assets, foreign, 90, 91 Automobiles: Dwelling units started, 75 Consumer instalment credit, 64, 65, 66 Production index, 70, 74 Earnings and hours, manufacturing industries, 68, 77 Bankers' balances, 45, 47 Employment, 68, 76, 77 (See also Foreign liabilities and claims reported Export-Import Bank, loans, etc., 52, 53 by banks) Banks and the monetary system, consolidated state- Farm mortgage loans, 52, 61, 62 ment, 40 Federal business-type activities, assets and liabilities, Bonds (See also U. S. Govt. securities): by fund or activity, 52, 53 New issues, 58, 60 Federal Deposit Insurance Corporation, Prices and yields, 49, 50, 84 assets, etc., 52, 53 Brokers and dealers in securities, bank loans to, 44, 46 Federal finance: Business expenditures on new plant and equip- Cash transactions, 54 ment, 60 Receipts and expenditures, 47 Business indexes, 68 Treasurer's balance, 54 Business loans (See Commercial and industrial loans) Federal home loan banks, loans, etc., 52, 53, 63 Capital accounts: Federal Housing Administration, loans, etc., 52, 53, Banks, by classes, 41, 45, 47 61, 62, 63 Federal Reserve Banks, 35, 36 Federal National Mortgage Association, Carloadings, 68 loans, etc., 52, 53, 63 Central banks, foreign, 92, 94, 99 Federal Reserve Banks: Coins, circulation of, 39 Condition statement, 35, 36 Commercial banks: U. S. Govt. securities held by, 31, 35, 36, Assets and liabilities, 41, 44 56, 57 Consumer loans held, by type, 65 Federal Reserve credit, 31, 35, 36 Number, by classes, 41 Federal Reserve notes, 35, 36, 37, 39 Real estate mortgages held, by type, 61 Finance company paper, 48, 49 Commercial and industrial loans: Foreign central banks, 92, 94, 99 Commercial banks, 44 Foreign deposits in U. S. banks, 31, 35, 36, 40, Weekly reporting member banks, 46, 48 45, 47 Commercial paper, 48, 49 Foreign exchange rates, 100 Commodity Credit Corporation, loans, etc., 52, 53 Foreign liabilities and claims reported by Condition statements (See Assets and liabilities) banks, 86, 88, 90 Construction, 68, 74, 75 Foreign trade, 79 Consumer credit: Instalment credit, 64, 65, 66, 67 Gold: Major parts, 64, 66 Earmarked, 91 Noninstalment credit, by holder, 65 Net purchases by U. S., 91 Consumer durable goods output indexes, 74 Production, 90, 91 Consumer price indexes, 68, 80 Reserves of central banks and governments, 92 Consumption expenditures, 82, 83 Reserves of foreign countries and international Corporate sales, profits, taxes, and dividends, 59, 60 institutions, 93 Corporate security issues, 58, 60 Stock, 31, 40, 91 Corporate security prices and yields, 49, 50 Gold certificates, 35, 36, 37, 39 Cost of living (See Consumer price indexes) Govt. debt (See U. S. Govt. securities) Currency in circulation, 31, 39 Gross national product, 82, 83 Customer credit, stock market, 50 Home owners, Govt. agency loans, 52, 53 Debits to deposit accounts, 38 Demand deposits: Hours and earnings, manufacturing indus- Adjusted, banks and the monetary system, 40 tries, 68, 77 Adjusted, commercial banks, by classes, 45 Banks, by classes, 41, 47 Industrial advances by Federal Reserve Banks, 35, Type of holder, at commercial banks, 45 36, 37, 38 Department stores: Industrial production indexes, 68, 69, 74 Merchandising data, 79 Instalment loans, 64, 65, 66, 67 Sales and stocks, 68, 78 Insurance companies, 51, 56, 57, 62 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

112 FEDERAL RESERVE BULLETIN • JANUARY 1958 Insured commercial banks, 43, 44 Regulation V, loan guarantees, 37, 38 Interbank deposits, 41, 45, 47 Reserve requirements, member banks, 34 Interest rates: Reserves: Bond yields, 49, 84 Commercial banks, 45 Business loans by banks, 49 Federal Reserve Banks, 35, 36 Federal Reserve rates, 34, 38 Foreign central banks and governments, 92 Foreign countries, 99 Foreign countries and international institu- Open market, 49, 99 tions, 93 Regulation V loans, 38 Member banks, 31, 33, 35, 36, 45, 47 Stock yields, 49 Residential mortgage loans, 61, 62, 63 International capital transactions of the U. S., 86 International financial institutions, 92, 93, 94 Sales finance companies, consumer loans of, 64, Inventories, 83 65, 67 Investments {See also specific types of investments): Savings, 82 Banks, by classes, 41, 44, 46 Savings deposits {See Time deposits) Federal Reserve Banks, 35, 36 Savings institutions, principal assets, 51 Govt. agencies, etc., 52, 53 Savings and loan associations, 51, 62 Life insurance companies, 51 Securities, international transactions, 89, 90 Savings and loan associations, 51 Security issues, 58, 60 Silver coin and silver certificates, 39 Labor force, 76 State member banks, 43 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 41, 44, 46 New issues, 58 Federal Reserve Banks, 31, 33, 35, 36, 37, 38 Prices and yields, 49, 50 Govt. agencies, etc., 52, 53 States and political subdivisions: Insurance companies, 51, 62 Deposits of, 45, 47 Savings and loan associations, 51, 62 Holdings of U. S. Govt. securities, 56 Loans insured or guaranteed, 37, 61, 62, 63 Ownership of obligations of, 44, 51 Stock market credit, 50 Manufacturers, production indexes, 68, 69, 74 Stocks: Margin requirements, 34 New issues, 58 Member banks: Prices and yields, 49, 50 Assets and liabilities, by classes, 41, 44 Borrowings at Federal Reserve Banks, 31, 33 Tax receipts, Federal, 55 Deposits and reserves, by classes, 33 Time deposits, 33, 40, 41, 45, 47 Number, by classes, 41 Treasurer's account balance, 54 Reserve requirements, by classes, 34 Treasury cash, 31, 40 Reserves and related items, 31 Treasury currency, 31, 39, 40 Weekly reporting series, 46 Treasury deposits, 31, 35, 36, 54 Minerals, production indexes, 68, 69 Money rates {See Interest rates) Unemployment, 76 Mortgages {See Real estate loans) U. S. Govt. balances: Mutual savings banks, 40, 41, 43, 56, 57, 61 Commercial bank holdings, by classes, 45, 47 Consolidated monetary statement, 40 National banks, 43 Treasury deposits at Federal Reserve National income, 82 Banks, 31, 35, 36, 54 National security expenditures, 55, 83 U. S. Govt. securities: Nonmember banks, 35, 43, 44 Bank holdings, 40, 41, 44, 46, 56, 57 Federal Reserve Bank holdings, 31, 35, 36, Payrolls, manufacturing, index, 68 56, 57 Personal income, 83 Foreign and international holdings, 93 Postal Savings System, 40 International transactions, 89 Prices: New issues, gross proceeds, 58 Consumer, 68, 80 Outstanding, by type of security, 56, 57 Security, 50 Ownership of, 56, 57 Wholesale commodity, 68, 80 Prices and yields, 49, 50, 84 Production, 68, 69, 73, 74 United States notes, outstanding and in circula- Profits, corporate, 59, 60 tion, 39 Utility output index, 73 Real estate loans: Commercial banks, 44, 46, 61 Veterans Administration, loans, etc., 52, 53, 61, 62, 63 Type of mortgage holder, 61, 62, 63 Type of property mortgaged, 61, 62, 63 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM o) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES I ) Minneapolis^1) Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis