Federal Reserve Bulletin, 1958-02

FEDERAL RESERVE B U LLETIN February *** BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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 j! Bank Credit and Money in 1957 113 |l Seasonal Factors Affecting Bank Reserves 122 |i Flexible Monetary Policy 134 Current Events and Announcements 141 National Summary of Business Conditions 143 Financial and Business Statistics, U. S. (Contents on p. 145) 147 International Financial Statistics (Contents on p. 213) 214 ; Board of Governors and Staff 229 j Open Market Committee and Staff; Federal Advisory Council 230 Federal Reserve Banks and Branches 230 Federal Reserve Board Publications 237 i Index to Statistical Tables 239 I Map of Federal Reserve System Inside back cover i Volume 44 * Number 2 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

Bank Credit and Money in 19S7 FINANCIAL MARKETS in 1957 reflected an ceptionally high levels. In 1957, outlays for economy in the culminating phase of an in- durable goods, although larger than in 1956, flation-tinged capital goods boom that gave fell off as the year progressed, while housing way to recession in the latter part of the outlays turned up after midyear. year. With the abatement of inflationary Business borrowing was large in the first pressures and the downturn in economic ac- three quarters of the year although it shifted tivity and in credit demands, the Federal from banks toward the capital markets. The Reserve relaxed its policy of restraint on expansion of business loans outstanding at bank credit expansion in the final quarter of commercial banks slackened as loan repaythe year, after more than two years of re- ments advanced sharply, but the demand for strictive pressure. new loans remained strong and persistent. Business outlays for plant and equipment, In the autumn bank credit to business after advancing rapidly in 1955 and 1956, declined contraseasonally and the volume of increased through the third quarter of 1957 corporate security flotations for new capital before turning down. Business spending was below the level of a year earlier. The for inventory accumulation slackened in growth of consumer debt, both long- and the first nine months of the year and in the short-term, slackened somewhat further in last quarter inventory liquidation set in. 1957, although at banks consumer debt in- Consumer expenditures for durable goods creased as much as in 1956. and housing had declined in 1956 from ex- Foreign purchases in the United States CREDIT AND CAPITAL EXPANSION BiIlions of dollars CONSUMER STATE AND LOCAL BANK LOANS —1-10 1956 195? NOTE.—Calendar-year totals. Business: (1) security issues— debt outstanding on 1- to 4-family houses and (2) net change net change in outstanding corporate securities as reported by in short- and intermediate-term consumer credit outstanding. Securities and Exchange Commission, with fourth quarter of Federal: net cash borrowing as reported in the Treasury 1957 estimated by Federal Reserve and (2) bank loans—net Bulletin. State and local government: issues for new capital change in business loans at all commercial banks with figure as reported by Bond Buyer to mid-1956 and by Investment for 1957 preliminary. Consumer: (1) net change in mortgage Bankers Association thereafter. 113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 were very large in the first half of the year. LOANS AND INVESTMENTS OF COMMERCIAL Furthermore, unusually heavy amounts were BANKS invested and loaned abroad by United States [In billions of dollars] corporations and banks as well as by the Federal Government. Increase, or Outstand- decrease (—) In the first two quarters of the year rising Type of loan ing government expenditures contributed to ex- or investment Dec. 31, 19571 1957 1956 1955 panding aggregate demand for goods and services. The Federal cash surplus de- Loans and investcreased sharply in calendar year 1957. Ex- ments, total 169.4 4.9 4.2 4.6 penditures by State and local governments U. S. Government continued their steady increase and the securities 58.3 -0.3 -3.0 -7.4 Other securities 17.8 1.5 -0.4 0.4 volume of security issues by these govern- Loans, total 93.3 3.7 7.6 11.6 ments rose sharply. With aggregate private demand for loan- Business 40.5 1.8 5.5 6.4 Real estate 23.1 0.6 1.7 2.4 able funds strong relative to the supply of Agricultural 4.1 -0.1 -0.3 -0.7 Security 4.2 -0.1 -0.8 0.6 savings and bank credit, and Treasury debt Consumer 15.8 1.3 1.3 2.3 repayment declining, interest rates rose fur- Other 7.2 0.2 0.5 0.9 ther over much of the first three quarters of the year, then leveled off and declined. 1 Data tor Dec. 31, 1957 are preliminary. NOTE.—Data exclude interbank loans. Total loans are Following the reduction in Federal Reserve after, and types of loans before, deductions for valuation reserves. Consumer and other loans are partly estimated for discount rates in mid-November, the decline all dates. Details may not add to totals because of rounding. in market interest rates accelerated. counted for by business and real estate credit, the largest components of commer- BANK LOANS AND INVESTMENTS cial bank lending. Total credit at commercial banks increased Outstanding loans to business at all com- $4.9 billion in 1957, compared with $4.2 mercial banks increased $1.8 billion in billion in the previous year. Loans ex- 1957, about one-third as much as in the panded less than half as much as in 1956 previous year. The smaller increase rebut, for the first year since 1954, commer- flected greater reliance of corporations on cial banks added on balance to their security the capital markets and also a reduced rate portfolios instead of reducing them. of inventory accumulation. On a book Loans. The slackening in expansion of value basis, manufacturing and trade invenbank loans that began in the latter part of tories rose only $2.8 billion in the first nine 1956 became more marked in the first half months of 1957, less than half the amount of 1957. In the third quarter loan expan- in the same period of 1956; in the fourth sion was less than in the same period of any quarter these inventories were reduced $900 other postwar year except 1954. Total million in contrast with an increase of $1.2 loans outstanding declined contraseasonally billion a year earlier. in October and remained unchanged in The slower growth in business loans out- November; a sharp rise in December was standing was the result of influences operatquickly offset in early January. Most of the ing on both new loans and repayments. slowdown during the year 1957 was ac- Repayments rose sharply relative to new Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1957 115 loans, reflecting the earlier rapid growth of After further reduction in November, new lending as well as the large current business loans expanded sharply in Decemvolume of corporate borrowing in capital ber, when the increase was as much as in markets. Gross new lending, however, con- December 1956. In January and early tinued to increase in 1957 and failed to ex- February 1958, however, net repayments ceed the corresponding 1956 amount only exceeded those of any similar period in in the fourth quarter. In view of the high recent years. levels which loan-deposit ratios had reached The slackening in growth of business by early 1957, the large inflow of repay- loans was concentrated at banks in leading ments was not unwelcome to banks as a cities where outstanding commercial and source of funds to finance the continued industrial loans increased $1.1 billion in high level of new loans. 1957, compared with $4.6 billion in 1956. Growth in bank loans to business oc- Banks outside leading cities continued to curred chiefly in the months of March, June, show a loan expansion only slightly smaller and December, when income tax payments than in 1956. impinged further on the liquidity of business All industry groups with the exception of concerns. The year began with a record vol- sales finance companies borrowed less ume of loan repayments by businesses that heavily at city banks than in the previous normally repay early in the year after build- year. Sales finance companies, which made ing up their indebtedness in the latter part net repayments of $200 million in 1956, inof the preceding year. The course of busi- creased bank loans $250 million in 1957 ness loans during the remainder of the first but borrowed somewhat less through issues half of 1957 was not very different than it of new securities than in the year before. was in the same period of 1956. After Metal-using industries, which accounted declining in July, business loans increased for a substantial part of loan growth in 1956 in August and September. In October, as plant and equipment outlays increased however, there was a net decline of $600 rapidly, borrowed one-third less in the first million in business loans outstanding, in six months of 1957 than a year earlier. contrast with an increase of $200 million in After midyear they reduced their bank debt October 1956. $500 million. The petroleum, coal, chemi- BUSINESS LOANS — CUMULATIVE CHANGE DURING YEAR Billions of dollars PUBLIC UTILITIES FOOD PROCESSORS and COMMODITY DEALERS NOTE.—Monthly changes in large loans at a sample of more series. All changes are cumulative from the last Wednesday than 200 large banks in the weekly reporting member bank of December in the preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 cal, and rubber group, which also borrowed securities showed little net change in 1957, substantially in 1956, increased indebted- after declining $800 million in 1956. Net ness to commercial banks about half as debit balances of customers with New York much in 1957. Stock Exchange firms and total customer Public utility companies, undertaking credit declined more than 10 per cent after substantial investment outlays and also bor- July. In January 1958, the Board of Govrowing heavily in the capital markets, were ernors reduced margin requirements from the only major group other than sales fi- 70 to 50 per cent. nance companies that increased bank debt Bank investments and Treasury finance. more in the first half of 1957 than a year Commercial bank security portfolios inearlier. After midyear, these companies creased $1.2 billion in 1957, after declining borrowed much less than in the correspond- $7 billion in 1955 and $3.4 billion in 1956. ing period of 1956. Holdings of United States Government se- Real estate loans outstanding at all com- curities declined slightly but holdings of mercial banks increased $600 million in other securities, including those of Govern- 1957, about a third as much as in 1956. ment agencies, State and local governments, There was little change in the first half of and business corporations, increased $1.5 the year when net repayments of real estate billion. credit at city banks about offset the slow In the first half of the year commercial growth at other banks. The downward banks reduced their Government security movement at city banks was reversed in the portfolios $3.1 billion, compared with a second half of the year and real estate credit reduction of $5 billion in the first half of at all commercial banks rose $500 million, 1956. These holdings were increased somecompared with $700 million in the same what in the third quarter, as in 1956, and period of 1956. substantially in the fourth quarter, par- Although real estate loans at commercial ticularly in December. In general, commerbanks grew less than half as much as in cial banks acquired large amounts of new 1956, total mortgage credit from all lenders Government securities as they were issued, expanded about four-fifths as much as in the paying for them by crediting the Treasury's preceding year. Such credit outstanding tax and loan accounts. After each new from all lenders increased about 8 per cent, issue except in December, banks sold Govafter expanding at an average annual rate ernment securities in substantial volume. of 13 per cent for a decade. The smaller reduction in commercial Loans to consumers at commercial banks bank holdings of Government securities in rose $1.3 billion or 10 per cent. This was 1957 accompanied a smaller volume of debt about the same amount as in 1956. Short- repayment by the United States Treasury. and intermediate-term credit to consumers Cash repayment of debt amounted to $1.2 from all lenders rose less than in 1956, re- billion compared with $5.9 billion in 1956. payments having increased more than exten- Federal cash receipts were $4.2 billion sions of new instalment loans. Total out- larger than in 1956—primarily because of standing consumer credit increased 6 per rising revenue from individual income taxes cent during the year. —but cash expenditures rose twice as much, Bank loans for purchasing and carrying or $8.5 billion. Most of the increase in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1957 117 expenditures was accounted for by non- at year-end the active money supply was defense outlays, notably social security bene- somewhat below the level of a year earlier. fits, highway payments to the States, interest Following the announcement of higher payments, and agricultural outlays. rates of interest on savings and other time The Treasury found it necessary to enter deposits at many commercial banks, such the securities markets nearly every month deposits increased $5.3 billion in 1957, more for new borrowing or refunding operations. than twice as much as in 1956. Some of the For the year as a whole, gross new borrow- growth in time deposits and the decline in ing through the public sale of securities demand deposits no doubt reflected directly amounted to nearly $16 billion, twice as or indirectly the shifting of relatively inmuch as in 1956. The higher level of new active balances from checking to time acmoney financing in the market reflected counts to obtain an interest return. cash needs arising from a sharp rise in sav- Apparently the growth in time deposits ings bond redemptions and, on some occa- at commercial banks represented only in sions, relatively heavy attrition on refunding small part a net shifting of funds from other operations. savings institutions. While time deposits at In the second half of the year the Treas- commercial banks increased $3.1 billion ury also relied to some extent on borrowing more than in 1956, the combined growth of not subject to the statutory debt ceiling, in savings accounts at mutual savings banks particular on the sale of Federal National and of share capital at savings and loan as- Mortgage Association notes and debentures. sociations fell behind 1956 by only $300 Part of the proceeds was used to repay ear- million; in 1956, these thrift institutions had lier advances from the Treasury. Much of experienced a combined growth in savings the $1 billion increase in FNMA securities slightly larger than in 1955. Although after midyear was taken by commercial there were large net redemptions of United banks. DEPOSITS AND CURRENCY GROWTH Of SELECTED TYPES OF SAVINGS Billions of dollors Total deposits at commercial banks increased $4.3 billion, or about 2Vi per cent in 1957. This was one-fifth more than in 1956. Demand deposits adjusted and currency outside banks, generally considered to COMMERCIAL BANKS represent the active money supply, declined slightly while time deposits grew by a record MUTUAL SAVINGS BANKS peacetime amount. The active money supply had expanded nearly 3 per cent in 1955 and 1 per cent in 1956. The latter rate of growth was maintained, on a seasonally adjusted annual 1954 1955 1956 1957 basis, in the first half of 1957. For the NOTE.—Time deposits (excluding interbank deposits) at remainder of the year, demand deposits and commercial and mutual savings banks. Share accounts for all savings and loan associations in the United States, from the currency expanded less than seasonally and Federal Savings and Loan Insurance Corporation. Figures for 1957 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 States savings bonds in 1957, individual are limits to the intensity of use of money, holdings of marketable securities, both gov- and changes in money turnover are one of ernmental and private, expanded markedly. the factors taken into account by the Federal Deposit turnover. With limited expansion Reserve in formulating monetary policies. of demand deposits and continued growth of the dollar volume of income and expendi- FEDERAL RESERVE POLICIES tures through the first three quarters of the The policy of restraint on bank credit expanyear, the intensity of use of the active money sion that had been in force since 1955 consupply increased but not so much as in the tinued in the first three quarters of 1957. two preceding years. In the third quarter As in earlier years, the objective was to the turnover of demand deposits was 6 per limit rather than to halt the growth of bank cent higher than a year earlier. In the credit. In 1957 total bank credit continued fourth quarter, however, deposit turnover to expand. rose less than seasonally and exceeded the With the abatement of inflationary tenrate of a year earlier by 3 per cent. dencies, the slackening of credit demands, At the end of 1957 the turnover of de- and the turn in economic activity, the policy mand deposits was at its highest year-end of restraint was relaxed beginning in the rate in more than 25 years. Correspond- second half of October. Open market and ingly, in 1957 the ratio of the money supply discount policies were both changed. The to the gross national product was at its availability of reserves was increased and lowest level since the early thirties. In the cost of member bank borrowing from other words, money holdings were being the Reserve Banks was reduced. economized. In the closing months of the year the The ability and willingness of consumers System provided sufficient reserves in relaand businesses in the past three years to get tion to the demands for bank credit to peralong with cash balances that were growing mit member banks to reduce their borrowless rapidly than income and expenditures ing at the Reserve Banks considerably. At represented a response to several related the turn of the year, the level of borrowing developments. Consumers and businesses was below excess reserves, as the chart tended to shift out of demand deposits shows. Reflecting the easier reserve posiin response to rising interest yields on other tions of member banks and the reduction in financial assets; they also attempted to discount rates at Reserve Banks, as well as protect the value of their assets, in the face the actual and expected decline in demands of actual and expected price advances, by for funds, market interest rates fell sharply. acquiring interest-earning financial instru- Apart from seasonal movements, total ments or assets whose value would tend to member bank reserves changed little in rise with prices; moreover, the limited avail- 1957, declining $100 million over the year ability and increased cost of bank loans in- after rising $300 million in 1956. With duced businesses and individuals to draw on expansion confined to time deposits, and cash balances to finance outlays. with a larger decrease in demand deposits This type of accommodation to monetary at city than at country banks, the growth in restraint tends to cushion the effects of such total deposits brought about no increase in restraint. At the same time, however, there the required reserves of member banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1957 119 influencing member bank reserves, notably RESERVES AND BORROWINGS gold purchases by the United States Treas- Billions of dollars ury and a slower growth of currency in circulation. BORROWINGS In the course of the year the United AT f R BANKS I 1 A A^. /" • ^ — States Treasury purchased $770 million of V / "" ** ^5.1 \ gold from the International Monetary Fund 4 EXCESS RESERVES and foreign monetary authorities. This, 1 1 1 0 together with other international trans- 1.0 iii i actions, added $850 million to member bank reserves between December 1956 and December 1957. Growth of currency in circulation drained only $150 million of reserves in 1957, i 1 1 1 compared with more than $500 million in 1953 1954 1957 'SI each of the two previous years. Although there was a net decline in Federal Reserve NOTE.—Monthly averages of daily figures except that Febrnarv 1958 figures are averages for first 10 days only. Data float in 1957, in contrast with an increase for 1958 are preliminary. Free reserves are excess reserves of member banks less their borrowing from Reserve Banks. in 1956, the several nonpolicy or market factors that affect reserves, when taken to- Member bank reserve positions had been gether, contributed $660 million to member permitted to ease somewhat in the second bank reserves in 1957 whereas in 1956 they half of 1956 in view of economic and finanadded only $240 million. The ways in cial uncertainties associated in part with which factors outside the direct influence of international disturbances. After a further the Federal Reserve affect bank reserve positemporary easing in early 1957, related tions are described in the article beginning mainly to technical market factors, pressure on page 122 of this BULLETIN. on reserves was again intensified and by Over the year as a whole, Federal Re- April member bank indebtedness at the Reserve holdings of United States Governserve Banks exceeded $1 billion, compared ment securities and bankers' acceptances with an average of $700 million in the were reduced $790 million. In the first fourth quarter of 1956. nine months, when other factors supplied The level of member bank indebtedness more reserves than in the previous year, the fluctuated in a narrow range around $1 bilnet decline in the System open market portlion through September. Thereafter, as folio was more than $1.4 billion, compared monetary policy was relaxed, member bank with $875 million in the same period of borrowing declined and in January the 1956. average was less than $500 million. Open market operations were used to In the final quarter, when other factors offset the effect on bank reserves of seasonal provided a smaller reserve drain than in the movements in currency and demand de- previous year, net open market purchases posits. In addition, open market policy amounted to $680 million, compared with took account of other factors that were somewhat more than $1 billion in the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 period of 1956. Nevertheless, with loan ing volume of Treasury debt repayment. demands considerably reduced, this volume In the latter part of the year interest rates of open market purchases caused member turned down in response to the slowdown bank reserve positions to ease markedly in in business activity and «the relaxation of the last quarter of the year. In December monetary restraint. The downward movemember bank indebtedness to the Reserve ment accelerated after the mid-Novem- Banks exceeded excess reserves by only ber reduction in Federal Reserve discount about $100 million as compared with $400- rates. During the early weeks of 1958 in- $500 million from the spring through mid- terest rates continued to fall, particularly October. Excess reserves exceeded mem- those on short-term debt. The decline in ber bank borrowing by an average of $100 most interest rates in the three months from million in January 1958 and by more than mid-November to mid-February exceeded $200 million in recent weeks. the decline that occurred in six months Federal Reserve discount rates were in 1953. raised one-half percentage point in August, The reduction in market interest rates in following an extended period of advance in the opening months of 1957 reflected some market interest rates that carried Treasury uncertainty about the business outlook as bill yields and other short-term money mar- well as seasonal factors in the financial ket rates well above the 3 per cent discount markets. With the renewal of business rate that had been established in August optimism in the second quarter, and with 1956. In mid-November, in response to the actual and anticipated borrowing in capital change in the economic situation and to markets at record levels, the advance in confirm the shift in monetary policy, dis- bond yields was resumed. Of special sigcount rates were reduced to 3 per cent. nificance in the rise of yields on Government This was followed in January by a further securities at that time was the frequency of reduction at most Reserve Banks to 234 new Treasury financing. per cent. The summer advance of interest rates in- In February the Board of Governors re- cluded a rise from 4 to AVi per cent in early duced by one-half percentage point the re- August in the rate charged by commercial serves required to be maintained against banks on prime business loans. This change demand deposits at all classes of member was followed by advances in other shortbanks. This change releases about $500 term market interest rates and also in Fedmillion of required reserves. eral Reserve discount rates from 3 to ZVi per cent. Not long after these changes, the INTEREST RATES rise in interest rates ceased and most rates were relatively stable at a high level until Following a temporary decline early in the the latter part of October. year, interest rates rose to new high levels during the first three quarters of 1957, ex- Yields on long-term Treasury bonds did tending the general advance that began in not share in the further rise of market rates late 1954. The further upward movement during the summer, but leveled off between reflected the continuing large demand for 3.60 and 3.70 per cent shortly after midloanable funds in relation to the supply year. With yields on short-term Treasury of savings and bank credit and a declin- issues still rising under the pressure of Treas- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT AND MONEY IN 1957 121 ury financing, the spread between yields on INTEREST RATES short- and long-term Government securi- Per cent ties became unusually narrow. The continued rise of corporate bond yields until September greatly widened the spread between Treasury and corporate bond yields. State and local government bond yields reached a peak of 3.45 per cent in late August and then turned down, declining during most of September and October. By late October Treasury yields also turned down, despite the imminence of further Treasury borrowing during November. Yields on high-grade corporate bonds reached a peak of 4.14 per cent in early October and then leveled off. The magnitude of rate declines in recent months is shown in the accompanying chart. As would be expected, reductions were 1953 1954 1955 1956 1957 '58 largest among short-term rates. Treasury bill yields fell to less than 1.75 per cent NOTE.—Market yield data are weekly averages of daily figures. Treasury bill rates are market yields on 90-day bills. from the 3.66 per cent high of October Long-term U. S. Government yields are on bonds maturing or callable in 10 years or more. Commercial paper rate is on 1957. The rate on 4-6 month commercial p an ri d m e S t 4 at - e to a n 6 d - m lo o c n a th l o go p v en er n m m a e r n k t e t bo p n a d pe s r. a re Y i f e ro ld m s o M n oo c d o y rp 's o ra In te vestors Service. Latest figures are for week ending February 8. paper was reduced successively from AV& to 2% per cent. Following the January reduction in discount rates at most Federal Re- in the early weeks of 1958. More recently serve Banks to 2% per cent, the rate charged the downward movement in long-term yields by commercial banks on prime loans was has been interrupted and in some cases relowered from AVz to 4 per cent. versed as a result of the flotation of a new Declines in bond yields were also very long-term bond by the United States Treasrapid in the last two months of 1957 and, in ury and a large volume of financing by State the case of corporate and municipal bonds, and local governments and by corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Seasonal Factors Affecting Bank Reserves THE ABILITY and to some extent the important extent by more than one of these willingness of member banks to extend credit characteristics. Both long- and short-run are based on their reserve positions. The influences, for example, tend to affect movereserve position of banks as a group in turn ments in required reserves and currency in depends on Federal Reserve action, on the circulation. behavior of bank credit and deposits as re- Long-run movements in gold stock have flected in the need to hold required reserves, had considerably more effect on reserves and on the largely independent short-run than short-run movements in recent years, behavior of a number of so-called money as shown in Table 1. Treasury deposits market factors. with the Federal Reserve Banks, on the One measure commonly used to summa- other hand, tend to have important weekrize the effects of these influences on the to-week but inconsequential seasonal and reserve position of member banks as a long-run movements. Federal Reserve float group is free reserves—reserves in excess of is significant because of its short-term irrequirements less member bank borrowings regular and seasonal movements rather than from the Federal Reserve Banks. While its long-run changes. free reserves measure only approximately In recent years the most important market changes in the ability of banks to expand factors have been currency in circulation, credit, because the distribution of reserves Federal Reserve float, and Treasury deposits among classes of banks changes from time to with the Reserve Banks. Short-run changes time, increases in positive or decreases in in these three factors and in required renegative free reserves tend to be accompa- serves have been sufficiently large to require nied by easing credit conditions, and vice continuous attention in the planning and versa.1 "Reserve positions," "reserve availa- conduct of Federal Reserve open market bility," and "reserves" as used in this article operations. refer to free reserves rather than to total re- At times these short-term changes have serves. tended to reinforce objectives of monetary While movements of factors affecting re- policy or have been so short in duration as serves are usually dominated by long-run, to have little effect on the money market. At seasonal, or irregular influences, the be- other times the magnitude or direction of havior of some factors is influenced to an seasonal or other short-run fluctuations has necessitated Federal Reserve intervention to NOTE.—This article was prepared by Edwin J. prevent undue disturbance of the money Swindler of the Board's Division of Research and market or to encourage market develop- Statistics. ments favorable to long-run economic 1 Negative free reserves are often called net borrowed reserves. stability and growth. 122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 123 TABLE 1 amount in the first half of the following year. CHANGES IN FACTORS AFFECTING BANK RESERVE Reserve needs also fluctuate considerably POSITIONS 1 over shorter periods as a result of seasonal [Based on averages of daily figures; in millions of dollars] and irregular influences. Range Dec. 1951- of A w v e e e r k a l g y e While Federal Reserve policy is concerned Item Dec. 19572 se v t a i a s o r o i n a n 3 - al v ti a o r n i - a * - primarily with the aggregate effect of all factors, each factor has its own behavior Member bank reserve balances, pattern and requires separate analysis betotal - 890 () () Required reserves, total - 641 835 105 fore movements in over-all reserve availa- Due to changes in: D Re e s p e o r s v i e ts requirements S 6( ( - + 2 2 , , 7 0 1 7 1 0 ) ) ( 8 5 3 ) 5 10 0 5 bility can be understood. Descriptions of the Excess reserves - 249 (5) 100 change patterns of the principal factors are Factors affecting reserves, total7.. . -1,555 (5) () Currency in circulation -2,793 1,425 105 set forth in this article, with emphasis on Treasury operations: Treasury currency 443 0 seasonal movements and their aggregate Cash holdings 512 5 Deposits with F. R. Banks. . . 114 75 effect on member bank reserve positions. Other deposits at F. R. Banks.. 78 35 Other F. R. accounts 267 25 Seasonally adjusted and unadjusted data for G Fo o r l e d i g s n t o d c e k posits with F. R. Banks + + 2 2 3 8 2 6 () 2 1 5 5 the four types of deposits subject to reserve Federal Reserve float + 68 1,370 200 requirements and for currency in circula- Federal Reserve credit, excluding float? + 666 81,600 8255 tion and Federal Reserve float are given in U. S. Government securities and bankers' acceptances + 617 (5) Tables 5 and 6 on pages 132-33. Figures Member bank borrowings + 53 138 Industrial loans for earlier years are available on request. Reserve positions (free reserves: Factors not analyzed because short-run excess reserves minus member bank borrowing)^ - 302 148 changes have been relatively small or nonseasonal in recent years are gold stock, for- 1 This table is based on figures that appear in the first table of the statistical section of each Federal Reserve BULLETIN. Increases in eign deposits with the Federal Reserve gold stock, Federal Reserve credit (including float), and Treasury currency add to reserves while increases in all other factors reduce Banks, Treasury cash and currency, and reserves, and vice versa. Foreign deposits include foreign loans on gold. other Federal Reserve deposits. At times, 2 Based on monthly averages. 3 Seasonal range of movement, based on semimonthly averages for required reserves and weekly averages for other items. however, some of these factors exert tem- * Mean change in weekly averages during 1957 disregarding sign. 5 Not computed or not applicable. porary influences that must be considered. 6 Change in required reserves attributable to deposit growth was obtained by deducting from the actual change in required reserves over the period, the estimated amount of reserves released by reduc- REQUIRED RESERVES tions in reserve requirements in 1953 and 1954. i Signs on figures in first column indicate effect on reserves. 8 Approximate figures computed from typical weekly variations Increases in required reserves tend to in other important factors affecting sources and uses of reserves, •assuming no change in excess reserves. tighten, and decreases tend to ease, mem- 9 Free reserves are published regularly in the BULLETIN; see p. 149. ber bank reserve positions. Except on Monetary policy must allow for long-run infrequent occasions when the Federal Regrowth in the economy's need for bank credit serve alters reserve requirement percentand money as reflected mainly by increases ages,2 changes in required reserves reflect in required reserves and currency in circula- 2 Since changes in reserve requirements typically tion. In addition, provision must be made involve a large volume of funds, they may be accomfor seasonal variation in reserve needs. panied during a transition period, as in 1954, by largely offsetting changes in Federal Reserve holdings During the last half of each year the Federal of U. S. Government securities. Required reserves are Reserve typically supplies between $1 bil- affected by net changes in market factors since these changes affect deposits; they also vary independently lion and $2 billion of reserves through open of the market factors as banks increase or decrease market operations, and absorbs a similar their loans and investments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 CUMULATIVE SEASONAL CHANGES IN PRINCIPAL FACTORS AFFECTING RESERVE POSITIONS, 1957 lions of dollars JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. DEC. NOTE.—Estimated weekly average changes for currency in for December 1956, with no allowance for trend. For decirculation and float projected from seasonally adjusted levels scription of estimates for required reserves see note to Table 2. money market and bank credit develop- Most of the seasonal variation in required ments affecting the volume and distribution reserves shown in the accompanying chart of deposits subject to reserves. To a con- is attributable to seasonal changes in net siderable extent, changes in required reserves demand deposits, which include demand dereflect regular seasonal variation in credit posits adjusted, United States Government and monetary needs. Longer run changes deposits, and net interbank demand deposits. are the concern of broad policy actions, but Net demand deposits not only fluctuate more in any one year these changes are typically than time deposits but they are also subject much smaller than the seasonal swings. to higher reserve requirements; the require- During the period 1952-57 required re- ments for net demand deposits in 1956-57 serves of member banks declined $641 mil- averaged about 16.4 per cent for all member lion. This change resulted from reductions banks, whereas time deposits were subject in reserve requirement percentages in mid- to a reserve requirement of only 5 per cent. 1953 and mid-1954 that released $2.7 As a result of the combined seasonal billion in reserves, and a growth in deposits changes in the four types of deposits subject subject to reserves over the period that ab- to reserves described individually in the sorbed $2.1 billion, as shown in Table 1. following paragraphs, the bulk of the move- Cumulative seasonal changes in required ment in required reserves takes place in reserves, computed from estimated move- the first and fourth quarters of each year. ments in semimonthly averages of daily Seasonal declines from late December figures for member bank deposits, reach a through May release about $800 million of maximum of more than $800 million during reserve funds, as Table 2 and the above the year. This variation reflects seasonal chart show. After rising moderately bechanges aggregating about $5 billion in all tween May and September, required reserves types of deposits subject to reserves.3 are based in large part on past behavior of required 3 Seasonal changes in weekly average deposits and reserves, and they show a range of seasonal moverequired reserves are estimated regularly by the ment of about $5.75 billion, a somewhat wider range Board's staff for internal use. Weekly deposit estimates than the semimonthly figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 125 TABLE 2 ESTIMATED SEASONAL LEVELS OF REQUIRED RESERVES AND DEPOSITS, 1957 [In millions of dollars] Required reserves Deposits subject to reserves, by type Against: Demand Period Total D de e p m o a s n it d s de T p i o m s e its Total D a d d e e j p m u o s a s te i n t d d s G U m ov . e e n S r t . n- inte N rb et ank Time Jan. 1-15 18,915 16,820 2,095 102,580 92,950 2,400 7,230 41,900 16-31 18,760 16,665 2,095 101,620 92,500 2,330 6,790 41,860 Feb. 1-15 18,535 16,445 2,090 100,270 90,900 2,800 6,570 41,820 16-28 18,435 16,345 2,090 99,680 89,900 3,290 6,490 41,820 Mar. 1-15 18,360 16,265 2,095 99,180 89,900 2,750 6,530 41,900 16-31 18,455 16,360 2,095 99,770 89,350 3,970 6,450 41,900 Apr. 1-15 18,380 16,285 2,095 99,300 88,750 3,950 6,600 41,900 16-30 18,375 16,285 2,090 99,300 89,650 3,260 6,390 41,820 May 1-15 18,195 16,105 2,090 98,200 88,750 3,070 6,380 41,820 16-31 18,180 16,085 2,095 98,090 88,350 3,520 6,220 41,860 June 1-15 18,200 16,105 2,095 98,220 89,100 2,780 6,340 41,900 16-30 18,370 16,270 2,100 99,200 89,550 3,350 6,300 41,980 July 1-15 18,200 16,100 2,100 98,190 88,100 3,490 6,600 42,030 16-31 18,345 16,245 2,100 99,060 88,800 3,880 6,380 41,980 Aug. 1-15 18,325 16,225 2,100 98,940 88,750 3,700 6,490 41,980 16-31 18,255 16,155 2,100 98,500 88,300 3,830 6,370 41,980 Sept. 1-15 18,315 16,215 2,100 98,890 89,100 3,250 6,540 41,980 16-30 18,440 16,345 2,095 99,680 89,450 3,580 6,650 41,940 Oct. 1-15 18,430 16,330 2,100 99,590 89,100 3,760 6,730 42,030 16-31 18,570 16,465 2,105 100,410 90,150 3,490 6,770 42,070 Nov. 1-15 18,565 16,460 2,105 100,360 90,250 3,240 6,870 42,110 16-30 18,690 16,605 2,085 101,260 90,700 3,690 6,870 41,690 Dec. 1-15 18,760 16,680 2,080 101,720 92,050 2,870 6,800 41,610 16-31 19,015 16,930 2,085 103,240 93,250 2,950 7,040 41,730 NOTE.—The estimated seasonal pattern of required reserves in factors for 1957. The components were then combined and required this table, in Table 4, and in the charts on pp. 124 and 130 is based reserves were computed using an average of 16.4 per cent (small on seasonal fluctuations in the four types of deposits subject to re- seasonal changes in this average percentage were ignored in the serves with no allowance for trend-cycle. The seasonal pattern of computation). Required reserves for time deposits, computed in a each component of net demand deposits was estimated for each semi- similar fashion except that a 5 per cent requirement was used, were monthly period during 1957 by multiplying seasonally adjusted daily added to those for net demand deposits to obtain the seasonal pattern average deposit totals for December 1956 by seasonal adjustment for total required reserves. increase rapidly to an annual peak in the the fourth quarter of each year in response second half of December. Seasonal increases to a seasonal increase in bank credit, and in the last quarter absorb about $600 million fall by the same amount with a seasonal of reserves. decline in bank credit in the first quarter, as Demand deposits adjusted. Seasonal changes Table 2 shows. in demand deposits adjusted (demand de- In recent years these deposits also have posits less United States Government de- tended to show seasonal peaks in the last posits, interbank deposits, and cash items in half of April, June, September, and Decemthe process of collection) account for the ber, respectively, reflecting in part individual largest portion of seasonal variation in re- or business borrowing to meet tax payments quired reserves. Demand deposits adjusted and the time lag before tax returns are at member banks rise nearly $4 billion in processed and the proceeds transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 TABLE 3 borrowing from banks or selling securities EFFECT OF SEASONAL VARIATION ON SELECTED to them, United States Government deposits BANKING DATA 1 may increase with no corresponding de- [In millions of dollars] crease in demand deposits adjusted. Such increases typically occur around quarterly Unadjusted Adjusted Item sea f s o o r nal sea f s o o r nal tax payment dates. They also tend to occur variation variation when banks subscribe to a new issue of Demand deposits adjusted 685 205 United States Government securities or lend U. S. Government demand deposits 740 500 Net interbank deposits 125 50 to brokers and dealers to acquire and hold Time deposits 140 115 temporarily an inventory of the new issue Currency in circulation 105 30 Federal Reserve float 200 85 pending distribution. 1 Computed by adding and averaging absolute changes. Figures Notable examples of the effects of Treasfor deposits are based on semimonthly changes, 1953-57; those for currency in cirulation and float on weekly changes during IS57. ury debt operations on net demand deposits to United States Government demand de- occurred during July 1952 and July 1953 posits.4 when large flotations of United States Gov- Seasonal movements account for a rela- ernment securities resulted in substantial but tively large proportion of the total variation brief expansion in bank deposits while the in demand deposits adjusted. The average securities were being absorbed by the semimonthly change, disregarding sign, dur- market, as the chart below shows. ing the last five years was $685 million be- In contrast with the strong influence of fore adjustment for seasonal variation and seasonal factors on demand deposits ad- $205 million after such adjustment, or about justed, United States Government demand two-thirds smaller, as Table 3 shows. deposits are little affected by seasonal forces. United States Government demand deposits. The average semimonthly movement in these United States Government demand deposits deposits in recent years has been only about at member banks change rather sharply one-third smaller after adjustment for seafrom time to time. Since such changes gen- NET DEMAND DEPOSITS erally reflect net payments to or receipts ALL MEMBER BANKS from the public, they ordinarily result in Billions of dollars 110 transfers between Government deposits and demand deposits adjusted and have little 105 effect on aggregate net demand deposits ad- SEASONALLY justed or on required reserves. ADJUSTED, On the other hand, when funds paid to 100 the Treasury by the public are obtained by 95 4 Following enactment of the Mills Plan in September 1950, payment of the annual corporate tax bill was UNADJUSTED progressively concentrated in the first half of the following year. An amendment effective in September 90 1955 provides for the progressive transfer of corporate tax payments until 50 per cent of them are payable the year the liability is incurred. Any changes in 85 business needs for bank credit resulting from the 1953 1955 1957 timing of tax payments will influence the seasonal NOTE.—Semimonthly averages of daily figures. Seasonally adjusted series derived by combining seasonally adjusted figures behavior of deposits and required reserves. for the three types of demand deposits subject to reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 127 sonal variation. Most of the movement has incomes, savings, and payment habits.5 been related to the irregular timing of debt Following an expansion of about two and operations during the year. one-half times during World War II to a Net interbank deposits. Net interbank de- level of $29 billion at the end of 1946, curmand deposits (total interbank less demand rency in circulation declined gradually to balances due from domestic banks) have a about $27 billion by late 1950. It increased pattern of seasonal change generally similar again with the defense build-up after the to that of demand deposits adjusted, but the outbreak of war in Korea, but since 1952 movement is considerably smaller and the has shown relatively small annual changes. maximum effect on required reserves is less Annual changes in currency in circulation in recent years have been overshadowed by than $200 million. These deposits increase seasonal movements, which are larger for gradually from late May through early Decurrency than for any other market factor. cember and then at an accelerated pace The range of fluctuation in weekly average through early January, as deposits held with currency in circulation during the year is city correspondents by banks in outlying $1.4 billion, with the bulk of the movement areas rise seasonally. They decline from in the three months November-January as early January to late May. shown in the chart on page 124. The maximum range of seasonal fluctua- From a seasonally low level in early May, tion in net interbank deposits is generally currency in circulation rises gradually during about $1 billion. Adjustment for seasonal the summer and early fall, and at an increasvariation reduces the average short-run ing rate from October through late Decemchange three-fifths. Remaining variation is ber. More than two-thirds of the rise during due principally to irregular influences. this period occurs in November and the first Time deposits. In recent years growth, three weeks of December, accompanying the rather than seasonal movements, has been holiday bulge in trade. A sharp decline the major influence on required reserves occurs in the five weeks after Christmas, and exerted by member bank time deposits. a moderate further decline from late January The average short-run change in time dethrough April. Outflows and inflows also posits has been about one-sixth smaller after occur around major holidays, mainly Meadjustment for seasonal variation. morial Day and Independence Day. Time deposits show relatively small sea- In addition, weekly average currency in sonal changes during the year until late circulation displays regular intramonthly November and early December, when they 5 Currency in circulation includes Federal Reserve decline about $500 million as Christmas notes and Treasury currency held outside the Treasury savings and other withdrawals are made to and Federal Reserve Banks. For details of the Treasury currency component, see the table on p. 155. meet holiday needs. While currency is a smaller part of the money supply than bank deposits, any change in the amount of cur- CURRENCY IN CIRCULATION rency in circulation (including that held as vault cash by banks) has a dollar-for-dollar effect on the need The greatest need for reserves since 1951 for reserves. This is because banks draw upon their excess reserves to obtain currency and, in turn, receive has come from currency in circulation, credits to their reserve balances when they return which varies with changes in such factors currency to the Reserve Banks. A change in deposits affects the volume of required reserves by only a as the level of business activity, prices, fraction of the amount. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

128 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 seasonal movements marked by a high in the few days of each month as the flow of checks second week of most months and a low at into the collection process is swelled by paythe turn of the month. Intramonthly seasonal ments made by depositors around the first of variation ranges rather widely, from about the month. The rise beginning on the 14th $50 million in February and August to or 15 th and peaking on the 18 th or 19th of $300-$400 million in July. the month is much more marked. There- Seasonal variation has accounted for a after, float usually declines rapidly to a low large proportion of the change in weekly near the end of the month. In most months average currency in circulation in the last weekly average float varies by $200-$400 few years. In 1957, for example, the change million but in December changes may be as was $105 million before and $30 million large as $600 million. after seasonal adjustment, or more than two- The midmonth increase tends to be thirds smaller, as Table 3 shows. greater in December than in other months because of high levels of trade and delays in FEDERAL RESERVE FLOAT check movements owing to seasonally over- Federal Reserve float represents reserves burdened transportation facilities. Midcredited to member banks on checks in month increases also are generally greater process of collection by the Federal Reserve during periods of heavy Federal tax pay- Banks for which offsetting debits have not ments than in other months. yet been made against the reserve accounts During much of the year, particularly in of the drawee banks. Since the schedule for winter, temporary nonseasonal increases in automatic crediting for such checks, known float caused by delays in air and rail transas the availability schedule, provides for portation are frequent and sometimes large. more rapid collection of some items than When checks delayed in transit reach their actually occurs, float supplies member banks destinations, the influx may overload Rewith a substantial but fluctuating volume of serve Bank collection facilities and cause reserves. Although technically an element high levels of float to persist for some time. of Federal Reserve credit, float is considered here as a market factor because its The Federal Reserve Banks have limited short-run changes are largely outside the space, equipment, and trained personnel for influence of the Federal Reserve System. handling short-run increases in the volume Long-run changes in float, except as af- of checks entering the collection process. In fected by changes in availability schedules, recent years, however, most of the Banks have had relatively small effects on reserves. have arranged for overtime work and part- Short-run changes have considerable impact time employees in their collection departon reserves; they reflect the volume of checks ments when the volume of checks is large. entering the collection process, all the factors The average weekly change in float during influencing check movements from one point 1957 is about three-fifths smaller after seato another, and the rate of processing checks sonal adjustment. The remaining change at the Reserve Banks. The maximum is due mainly to irregular influences. amount of seasonal variation is almost $1.4 The relatively large average week-to-week billion, as shown in the chart on page 124. change that remains after seasonal adjust- Float increases moderately during the first ment, shown in Table 3, is significant from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 129 the standpoint of projected reserve changes. age change, disregarding sign, in weekly It is larger than that in currency partly be- average tax and loan accounts at commercause total week-to-week changes in float are cial banks during 1957 exceeded $800 milsubstantially greater than those in currency lion, more than 10 times the average change in circulation and partly because irregular for Treasury balances at the Reserve Banks. influences account for a larger proportion of Substantial improvement in Treasury contotal short-term movements. trol over the level of its balances at the Reserve Banks followed revisions in deposit- TREASURY DEPOSITS WITH RESERVE BANKS ary arrangements with commercial banks in Changes in Treasury deposits with the Fed- August 1955. At that time the Treasury eral Reserve Banks have little seasonal or added a third class of depositary banks, long-run effect on reserves but exert con- Class C, to supplement Classes A and B. siderable influence at irregular intervals. Class C banks, those with total deposits of Almost all Treasury disbursements are made $500 million or more, became subject to by checks drawn against these deposits. deposit or withdrawal of Treasury tax and To minimize the impact of its operations loan funds on very short notice. Initiation on reserves, the Treasury tries to keep its or cancellation of calls, or redeposit of funds, balances with the Reserve Banks relatively at these banks is effective on the day notice stable. In recent years these balances have is given, in contrast with the two-week notice averaged about $500 million—a relatively usually given Class A depositaries (those low level compared with expenditures. Dur- with tax and loan balances of $150,000 or ing 1957 the average weekly change, disre- less) and the 4-7 day notice for other degarding direction, in Treasury balances at positaries, known as Class B. Largely reflectthe Reserve Banks was $75 million, nearly ing this change in procedure, the average all reflecting irregular influences. fluctuation in weekly average Treasury bal- The bulk of Treasury working balances is ances at the Reserve Banks in 1956 was held in Government demand deposits at about two-fifths less than in 1955. member banks, described earlier. Most of Even with these improved procedures, an these deposits are held in tax and loan ac- exact balancing of debits and credits to counts. The flow of funds into these ac- Treasury deposits at the Reserve Banks is counts reflects mainly the direct payment of not always possible over short periods. certain types of taxes and the proceeds of A transfer of funds between Class C deposi- Government security issues. In recent years taries and the Federal Reserve, for example, balances in these accounts have averaged can correct only for an unexpected change in $3.5-$4.0 billion. The Treasury usually ad- Reserve Bank balances on the previous day. justs the amounts and timing of its with- Moreover, anticipated amounts of debits drawals from, or so-called calls on, deposi- or credits may be changed by such factors as tary commercial banks for transfer of funds variation in the rate at which Treasury to Federal Reserve Bank balances so that checks are cashed and presented for colthe expected inflow of funds at the Reserve lection, unexpected developments affecting Banks from this and other sources approxi- the amount and timing of revenues from mates the anticipated volume of Treasury various sources and the proportion of checks presented for collection. The aver- anticipated revenues deposited at the Fed- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

130 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 eral Reserve Banks, and, during a quarterly of these interagency transactions is fairly tax period, variations in the speed with which closely predictable and controllable as to tax payments are processed by the regional both timing and amount, no adjustment offices of the Internal Revenue Service. factors have been computed for them. OTHER FEDERAL RESERVE ACCOUNTS NET EFFECT OF SEASONAL CHANGES Major movements in other Federal Reserve Estimated cumulative seasonal changes in semimonthly averages of the major factors accounts consist mostly of short-run fluctuaaffecting reserve positions have a maximum tions attributable to receipts from the Treasrange of $1.4 billion, as Table 4 and the ury of interest on Federal Reserve holdings accompanying chart show. These factors of Government securities and payments to provide the largest volume of reserves in the Treasury of interest on outstanding Fedthe last half of May and the smallest in the eral Reserve notes. Interest receipts by the first half of December. Federal Reserve vary from month to month Since the reserve effects of major seasonal depending on the composition of Federal swings in Federal Reserve float run counter Reserve holdings of Treasury debt, and in to those of currency in circulation and rerecent years have been especially large in quired reserves, float provides a substantial February, August, and December. offset to movements of the other two factors. Federal Reserve transfers to the Treasury, From time to time during the year, howreflecting payments of 90 per cent of Fedever, the reserve effects of seasonal changes eral Reserve earnings above expenses and in float and in currency are in the same didividends, were made quarterly until the rection. Reflecting principally the large infall of 1957, when a monthly payment tramonthly seasonal movement in float, reschedule was adopted. Since then monthly serve positions tend to tighten in the first payments have averaged $5O-$55 million. half and ease in the second half of most Since the seasonal impact on reserves months. CUMULATIVE EFFECT OF SEASONAL CHANGES IN PRINCIPAL FACTORS AFFECTING RESERVE POSITIONS, 1957 Billions of dollars 1.6 CURRENCY IN CIRCULATION 1.2 .8 + 0 .4 .8 1.2 JAN. FEB. MAR. APR. MAY JUN. JUL. AUG. SEPT. OCT. NOV. DEC. NOTE.—Signs indicate effects on reserve positions during ber 1956, with no allowance for trend. For description of semimonthly periods. Changes for currency in circulation and estimates for required reserves see note to Table 2. float projected from seasonally adjusted levels for Decem- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 131 TABLE 4 ESTIMATED SEASONAL CHANGES IN PRINCIPAL FACTORS AFFECTING RESERVE POSITIONS, 1957 [Semimonthly averages of daily figures; in millions of dollars] Required Currency in Federal Total reserves * circulation Reserve float Period Change Cu c m ha u n la g t e ive Change Cu c m ha u n la g t e ive Change Cu c m ha u n la g t e ive Change Cu c m ha u n la g t e ive (sign in icates effect <Dn reserve poitions) Jan. 1-15 + 100 + 100 +370 + 370 -515 - 515 - 45 - 45 16-31 + 155 + 255 +620 + 990 -155 - 670 +620 + 575 Feb. 1-15 +225 + 480 + 155 + 1,145 -350 -1,020 + 30 + 605 16-28 + 100 + 580 + 60 + 1,205 + 190 - 830 +350 + 955 Mar 1-15 + 75 + 655 - 30 + 1,175 - 60 - 890 - 15 + 940 16-31 - 95 + 560 + 60. + 1,235 + 120 - 770 + 85 + 1,025 Apr 1-15 + 75 + 635 - 30 + 1,205 -290 -1,060 -245 + 780 16-30 + 5 + 640 + 60 + 1,265 +230 - 830 +295 + 1,075 May 1-15 + 180 + 820 - 30 + 1,235 -215 -1,045 - 65 + 1,010 16-31 + 15 + 835 0 + 1,235 + 180 - 865 + 195 + 1,205 June 1-15 - 20 + 815 -155 + 1,080 -145 -1,010 -320 + 885 16-30 -170 + 645 + 65 + 1,145 +360 - 650 +255 + 1,140 July 1-15 + 170 + 815 -250 + 895 -215 - 865 -295 + 845 16-31 -145 + 670 + 155 + 1,050 + 110 - 755 + 120 + 965 Aug. 1-15 + 20 + 690 0 + 1,050 -315 -1,070 -295 + 670 16-31 + 70 + 760 - 30 + 1,020 + 120 - 950 + 160 + 830 Sept. 1-15 - 60 + 700 -155 + 865 - 85 -1,035 -300 + 530 16-30 -125 + 575 + 65 + 930 +430 - 605 +370 + 900 Oct 1-15 + 10 + 585 - 95 + 835 -360 - 965 -445 + 455 16-31 -140 + 445 - 30 + 805 +290 - 675 + 120 + 575 Nov 1-15 + 5 + 450 - 95 + 710 -310 - 985 -400 + 175 16-30 -125 + 325 -185 + 525 +445 - 540 + 135 + 310 Dec 1-15 - 70 + 255 -245 + 280 -190 - 730 -505 - 195 16-31 -255 0 -280 0 +730 0 + 195 0 1 Changes were computed from projected seasonal levels shown in Table 2. Tables 5 and 6 are shown on the following pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 TABLE 5 DEPOSITS SUBJECT TO RESERVE REQUIREMENTS AT ALL MEMBER BANKS, 1957 BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION [Dollar amounts in millions; adjustment factors in per cent unless otherwise noted] Demand deposits adjusted Time deposits Period Unadjusted Adjustment Adjusted Unadjusted Adjustment Adjusted series factor? series? series factor? series? Jan. 1-15 . $93,200 103.4 $90,150 $42 295 100.0 $42,295 16-31 92,850 102.9 90,250 42,616 99.9 42,659 Feb. 1-15 91,200 101.1 90,200 42,843 99.8 42,929 16-28 90,150 100.0 90,150 43,063 99.8 43,149 Mar. 1-15 90,000 100.0 90,000 43 381 100.0 43 381 16-31 89,300 99.4 89,850 43,748 100.0 43,748 Apr. 1-15 88,950 98.7 90,100 43,985 100.0 43,985 16-30 90,400 99.7 90,650 44,025 99.8 44,113 May 1-15. . 89,250 98.7 90,450 44 210 99.8 44 299 16-31 88,300 98.3 89,850 44,461 99.9 44,506 June 1-15 89,350 99.1 90,150 44,667 100.0 44,667 16-30. 89,650 99.6 90,000 44,847 100.2 44,757 July 1-15... 88,400 98.0 90,200 45 004 100.3 44 869 16-31 89,300 98.8 90,400 45,106 100.2 45,016 Aug. 1-15... 89,150 98.7 90,300 45,240 100.2 45,150 16-31... 88,450 98.2 90,050 45,351 100.2 45,260 Sept. 1-15... 89,300 99.1 90,100 45 499 100 2 45 408 16-30... 89,050 99.5 89,500 45,654 100.1 45,608 Oct. 1-15 88,750 99.1 89,550 45,867 100.3 45,730 16-31... 89,800 100.3 89,550 45,978 100.4 45,795 Nov. 1-15... 89,900 100.4 89,550 45 961 100 5 45 732 16-30 90,000 100.9 89,200 45,578 99.5 45,807 Dec. 1-15 90,950 102.4 88,800 45,762 99.3 46,085 16-31 92,050 103.7 88,750 46,096 99.6 46,281 U. S. Government demancdeposits Net interbank deposits Unadjusted Adjustment Adjusted Unadjusted Adjustment Adjusted series factor? i series? series factor? series? Jan. 1-15... $ 2,133 + 900 $ 3,033 $ 7 279 109.6 $ 6 641 16-31 1,385 + 970 2,355 6,637 102.9 6,450 Feb. 1-15 1,381 + 500 1,881 6,384 99.6 6,410 16-28... 1,973 + 10 1,983 6,327 98.4 6,430 Mar 1-15... 1,705 + 550 2,255 6 359 99.0 6 423 16-31... 3,763 - 670 3,093 6,256 97.7 6,403 Apr 1-15... 4,306 - 650 3,656 6 357 100.0 6 357 16-30 3,572 + 40 3,612 6,320 96.8 6,529 May 1-15 3,581 + 230 3,811 6,296 96.6 6,518 16-31... 3,654 - 220 3,434 6 203 94 3 6 578 June 1-15... 3 015 + 520 3 535 6 211 96 0 6 470 16-30... 3,674 - 50 3,624 6 354 95.4 6 660 Tuly 1-15... 5,016 - 190 4,826 6 573 100.0 6 573 16-31 3,658 - 580 3,078 6,532 96.7 6,755 Aug. 1-15 1,955 - 400 1,555 6,660 98.3 6,775 16-31.. 3,199 - 530 2,669 6,506 96.5 6,742 Sept. 1-15... 2,317 + 50 2,367 6,599 99.1 6,659 16-30... 3,704 - 280 3,424 6,520 100.8 6,468 Oct 1-15... 4,404 - 460 3,944 6 673 101 9 6 549 16-31 2,827 - 190 2,637 6,690 102.6 6,520 Nov. 1-15 2,185 + 60 2,245 6,645 104.1 6,383 16-30... 2,670 - 390 2,280 6,475 104.1 6,220 Dec. 1-15... 2,518 + 430 2,948 6,601 103.0 6,409 16-31... 3,185 + 350 3,535 6,842 106.6 6,418 P Preliminary. NOTE.—Semimonthly averages of daily opening figures. Demand 1 Dollar figures are more appropriate than percentages for adjusting deposits adjusted are demand deposits other than interbank and U. S. Government deposits since the relatively large short-run U. S. Government, less cash items reported as in process of collecchanges in these deposits tend to be independent of levels. tion. Net interbank deposits are total interbank deposits less demand balances due from domestic banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEASONAL FACTORS AFFECTING BANK RESERVES 133 TABLE 6 CURRENCY IN CIRCULATION AND FEDERAL RESERVE FLOAT, 1957 BEFORE AND AFTER ADJUSTMENT FOR SEASONAL VARIATION [Dollar amounts in millions; adjustment factors in per cent] Currency in circulation Federal Reserve float Week ending Unadjusted Adjustment Adjusted Unadjusted Adjustment Adjusted series factor? series v series factor? series? Jan. 2, $31,829 102.7 $30,992 $1,528 134 $1,140 9 31,479 101.7 30,953 1,533 129 1,188 16 31,108 100.6 30,922 1,277 109 1,172 23 30,827 99.8 30,889 1,444 122 1,184 30 30,607 99.2 30,854 1,074 92 1,167 Feb. 6 30,596 99.2 30.843 1,031 81 ,273 13 30,641 99.3 30,857 918 80 ,148 20 30,605 99.2 30,852 1,181 102 ,158 27 30,544 99.0 30,853 1,033 96 ,076 Mar. 6 30,566 99.2 30,813 1.176 95 ,238 13 30,609 99.3 30,825 907 86 ,055 20 30,589 99.2 30.836 1,171 123 952 27 30,502 98.8 30,872 965 94 1,027 Apr. 3 30,589 99.1 30,867 862 76 1,134 10 30,655 99.2 30,902 877 80 1,096 17 30,681 99.2 30,928 966 96 1,006 24 30,610 99.0 30,919 1,323 105 1,260 May 1 30,499 98.7 30,901 1,167 79 1,477 8 30,589 99.0 30,898 946 77 ,229 15 30,654 99.1 30,932 947 84 ,127 22 30,645 98.9 30.986 1.339 107 ,251 29 30,660 99.0 30,970 978 84 ,164 June 5 30,837 99.5 30,992 909 80 ,136 12 30,903 99.5 31,058 932 82 ,137 19 30,904 99.3 31,122 ,331 119 ,118 26 30,849 99.2 31,098 ,320 116 ,138 July 3 31,150 99.9 31,181 ,187 87 .364 10 31,313 100.4 31,188 ,103 97 ,137 17 31,184 100.0 31,184 ,236 107 ,155 24 30,999 99.5 31,155 ,350 111 ,216 31 30,910 99.3 31,128 997 87 ,146 Aug. 7 30,983 99.6 31,107 928 73 ,271 14 31,069 99.7 31,162 874 78 ,121 21 31,055 99.7 31,148 1,226 101 ,214 28 30,998 99.6 31,122 977 78 ,253 Sept. 4 31,149 100.0 31,149 856 73 ,173 11 31,256 100.4 31,131 942 86 ,095 18 31,184 100.2 31,122 1,411 116 ,216 25 31,052 99.9 31,083 1,318 122 ,080 Oct. 2. 31,039 100.0 31,039 1,000 89 ,124 9 31,129 100.3 31,036 991 86 ,152 16 31,191 100.6 31,005 1,071 89 .203 23, 31.129 100.3 31,036 1,517 134 ,132 30 31,008 100.1 30,977 1,051 93 ,130 Nov. 6 31,115 100.6 30,929 897 81 ,107 13. 31,287 101.0 30,977 906 90 ,007 20 31,336 101.3 30,934 1,422 135 ,053 27. 31,431 101.4 30,997 1,209 115 ,051 Dec. 4 31,668 101.8 31,108 1,002 105 954 11 31,827 102.4 31,081 1,020 106 962 18. 31,973 102.7 31,132 1,525 143 1,066 25, 32,089 103.3 31,064 1,894 188 1,007 P Preliminary. of components, see table "Kinds of U. S. Currency Outstanding and NOTE.—Weekly averages of daily figures. Currency in circulation in Circulation" in the statistical section of each Federal Reserve includes Federal Reserve notes and Treasury currency held outside BULLETIN. Federal Reserve float is adjusted to exclude "Due to the Treasury and Federal Reserve Banks. For detailed description other Federal Reserve Banks, collected funds." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Flexible Monetary Policy As ALWAYS, Mr. Chairman, the Board of restraints whenever such pressures have Governors welcomes these discussions with mounted. We have relaxed restraints and your Committee. made bank credit more available and eased Only five years ago, we were exploring credit conditions generally whenever inflathe role of credit and monetary policy in tionary tendencies have abated. some detail and at some length with a sub- Anti-inflationary policies and anti-deflacommittee of this Committee charged with tionary policies are inseparably linked. To making an inquiry into "Monetary Policy achieve maximum success in contributing and the Management of the Public Debt: to stability, Federal Reserve policies, and Their Role in Achieving Price Stability and indeed all types of government, as well as High Level Employment." You will recall private, actions, must resist excesses on the that one of the issues was the potential upside if they are not to complicate the contribution of flexible monetary policy in adjustment process on the downside. On the fostering balanced and orderly economic other hand, excessive stimulus during recesgrowth. In our presentation, we emphasized sion can jeopardize long-run stability. that flexible monetary policy could make Throughout the period since flexible a positive contribution to stable economic credit and monetary operations were regrowth, indeed was indispensable to it, sumed in early 1951, we have endeavored though it could not do the whole job. to shape our policies continuously in accord- Although monetary policy was only one of ance with basic economic forces and conthe instruments available to Government ditions. The economic situation, to be sure, policy to help carry out the objectives of has been influenced in some degree by our the Employment Act of 1946, it needed to policies, but it has not been created by them. be used if we were to have tolerable success Many other forces are also at work in a in meeting those objectives. dynamic enterprise economy. In administering our responsibilities since This background is relevant to an underthat inquiry we have endeavored at all times standing of more recent developments. A to adjust our policies affirmatively and year ago when I testified before your Compromptly to the changing economic situa- mittee, economic conditions were charactertion. We have consistently acted to en- ized by strong inflationary pressures. This courage such credit and monetary expansion was exemplified by the substantial rise that as would be needed by a growing economy was occurring in gross national product without inflation. We have resisted infla- measured in current dollars compared with tionary pressures by credit and monetary the relatively modest increase that was being experienced in product measured in con- NOTE.—Statement of William McChesney Martin, Jr., Chairman, Board of Governors of the Federal stant dollars. In spite of the preceding credit Reserve System, before the Joint Economic Comand monetary actions that had been taken, mittee of Congress, Feb. 6, 1958. 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLEXIBLE MONETARY POLICY 135 money was losing its value at a pace that of operating on the basis of borrowed was a matter of deep concern to all. reserves. Inflationary excesses had clearly gotten In late summer and early autumn, howahead of us and the economy stood in ever, developing uncertainties here and danger of an inflation crisis. The adjust- abroad began to affect the short-term ecoment problems that the economy is confront- nomic outlook. In European exchange ing today are the aftermath of those ex- markets, widespread expectations of changes cesses. In retrospect, none of us participat- in exchange rates fostered large speculative ing in economic decision-making adequately movements of funds between European appraised the speed and force of inflationary centers. These expectations in part reflected boom. Consumer credit rose substantially further accentuation of inflationary developin 1955. Businesses vastly increased their ments in some key countries, despite actions expenditures for plant and equipment in to tighten credit that were taken in various 1956 and 1957. Bankers and other lenders countries during the summer. It was not greatly expanded their commitments to lend. until late September, after the Bank of Labor unions sought current wage increases England established a 7 per cent discount —and commitments for future increases— rate, that it became clear that key foreign that pressed against or exceeded gains in currency values would be maintained and productivity. However, inflationary trends that inflation would be strongly resisted. seem to have halted before creating mal- In this country, the unexpected curtailadjustments of such severity as to lead to a ment in defense payments and changes in protracted period of liquidation and struc- procurement policies that were inaugurated tural realignment in the economy. during the summer, to avoid breaking Inflationary trends continued through the through the debt ceiling, had an unsettling summer months of last year. There was an effect on business. In September, retail alarming spread of the belief, not only in trade, which had been at record levels in this country but also abroad, that creeping July and August, began to show signs of inflation under modern economic conditions sluggishness and this continued. Partly as a was to be a chronic and unavoidable con- result of all of these developments, common dition. Reflecting this view, common stocks, stock prices, which had already begun to the most popular hedge against inflatioil, react from their extremely low yield relationrose sharply in price in July to a level where ships to bonds reached in July, broke further for the first time in two decades their yields and passed in late September through the fell below the yields on high-grade bonds. lower edge of the trading range that had pre- Also, credit demands generally continued vailed during the past two years. With to show great strength, and interest rates changing attitudes toward the economic outwere rising. Large city banks on August 7 look, adjustments that had been occurring raised their lending rate to prime business for some months in various lines of activity, borrowers from 4 to AV2 per cent. In this including some capital goods lines, came to situation, Federal Reserve Bank discount be reappraised by businessmen, investors, rates, which were below market rates by a and the public generally. In contrast to widening margin, were raised from 3 to 3Vz earlier indications of strong credit demands, per cent, thus increasing member bank costs bank loans to business during early autumn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

136 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 decreased contrary to usual seasonal tenden- institutions, and labor organizations, as well cies. as Government generally, to adjust policies The pace of business was maintained for and programs to foster recovery. We have a time despite these uncertainties, with em- been concerned, for example, at the decline ployment and industrial output continuing in output and employment while prices genat relatively high levels in August and Sep- erally have been maintained and some prices tember. By late October, the composite of even have risen further. How soon recession most recent economic information suggested is checked and recovery is resumed will dethat inflationary pressures might be abating, pend in some part at least on the speed with and open market operations were modified which economic corrections and adaptations to lessen restraint on bank credit and mone- are made in factors beyond the province of tary expansion. By mid-November, informa- monetary policy, that is to say, in business tion becoming available, incomplete though pricing, other selling practices and effiit was, indicated that general downward ad- ciency, in wage bargaining, in various fijustment was setting in. In response to this nancing arrangements, and in the incentives evident change in basic economic condi- to consumers to buy. tions, Federal Reserve Bank discount rates These general remarks are by way of inwere reduced from 3Vi to 3 per cent. troduction, for you have requested in ad- Since that time, other successive System vance that I address myself today to four actions were taken in accordance with in- major questions. The balance of this stateformation increasingly indicative of the ment is concerned with answers to these emergence of recessionary trends. Thus, questions, but I have rearranged the order monetary policy contributed to a marked in which I will take them up. easing in the credit and capital markets. 1. 'What is the current policy of the This is illustrated most dramatically by the monetary authorities?" very sharp drop in market rates of interest, In recent months, the Federal Reserve the sharpest drop for any comparable period System has operated to make bank and other of which I have knowledge. This adjustment credit more available and cheaper. in credit and capital markets is helping to Over this period, open market and disfacilitate and cushion other adjustments in count policies were used in a complementary the economy as well as to strengthen de- fashion. Open market operations provided mands in important areas dependent on sufficient reserves to permit member banks credit financing. It is thus helping to set the not only to repay a substantial portion of stage for recovery in activity and employ- their indebtedness to the Reserve Banks, but ment as soon as other developments con- also to accumulate some addition to reserves tribute to revival. available for bank credit expansion. Dis- History shows that our market economy count rates were lowered on two occasions, has cyclical characteristics, and the conse- mid-November and mid-January, from 3V£ quences of this irregularity in terms of hard- to 2% per cent. These reductions in disship and unemployment are a matter of deep count rates assured member banks that, if concern to everyone. When downward re- loan operations should require temporary adjustment becomes unavoidable, it is in- borrowing of Federal Reserve credit for recumbent on business enterprises, financial serve purposes, its cost would be cheaper. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLEXIBLE MONETARY POLICY 137 As a result of these developments, bank policy. Nevertheless, the so-called built-in credit, capital market credit, and mortgage stabilizers in the Federal Budget do come credit have become more readily available into operation promptly. As personal into borrowers who have delayed or post- come and corporate profits decline, tax colponed financing as well as to borrowers lections relatively decline more sharply. At seeking to finance new projects. Fujther- the same time, unemployment insurance more, the cost of credit has been reduced as payments increase. These features of the a result both of lower rates of interest and budget and fiscal system are already operatmore favorable terms of borrowing. These ing to cushion the reduction in private inconditions are favorable to monetary ex- comes and expenditures. pansion. Whether further action is desirable in At the end of 1957, total credit ex- either or both of these fields depends on the tended by brokers and banks to customers unfolding economic and financial picture. for purchasing and carrying securities was As of the present, the division of labor be- 10 per cent less than the amount outstanding tween monetary and fiscal policy is about as at midyear and back to the level of early follows. Through the automatic stabilizers, 1955. Thus, the need for preventing an ex- fiscal operations have provided some offset cessive expansion of stock market credit to the decline in incomes and expenditures. through the higher level of margin require- Monetary policy has actively increased the ments had abated. The Board of Governors availability and lowered the cost of credit, in mid-January reduced margin require- thereby encouraging loan-financed expendiments for purchasing or carrying listed se- tures, raising capital values, and enhancing curities from 70 to 50 per cent. liquidity throughout the economy. 2. "What would you regard as the proper 3. "What, if any, elements exist in the division of labor between tax policy and current situation which suggest or might permonetary policy as instruments of economic mit a resurgence of inflationary forces in the stabilization during the coming year?" next 12 or 15 months?" From the standpoint of economic stabili- In retrospect, it is now clear that ecozation, tax policy needs to be reviewed in nomic activity in the United States reached a relation to expenditure requirements. There- peak in the third quarter of 1957 and that it fore, it is appropriate to consider monetary has been receding since then. Thus far, the actions in the perspective of general fiscal downward movement has been reminiscent policy rather than just tax policy. in many ways of the declines that occurred The combination of fiscal and monetary in 1948-49 and in 1953-54. The early policies that are appropriate at any particu- stages of all three postwar cyclical conlar time depends upon the circumstances tractions have been marked by rather rapid prevailing and upon the feasibility of action declines in output and employment in indusin one field or the other. These policies are trial sectors. It may be remembered that the most effective in achieving their purposes two preceding contractions were moderate when utilized in a complementary fashion. and short-lived. Yet, to an extent, each can be used in vary- Resurgence of inflationary forces in the ing degrees independently of the other. next 12 or 15 months is contingent on gen- Fiscal policy is less flexible than monetary eral revival of demands, output, and em- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 ployment; on the vigor of such a revival; on policy and are much easier than they were a institutional forces such as wage bargaining, few months ago. Important financial adjustcost plus purchasing practices, and easy ments *also have already been started. By credit terms that may foster price advances; borrowing from the capital market, business on market pressures of demand in relation to firms have been able to repay bank debt, supply in particularly strategic areas; and, thus rebuilding the liquidity positions of finally, on the nature and timing of govern- both financing institutions and business enmental actions to deal with the developing terprise. economic situation generally or with key (2) Consumer incentives to achieve still sectors of it. higher standards of living are strong, and No one can speak with certainty about research continues to provide new products the future course of economic activity. There of wide consumer appeal. As a group, is, in fact, a range of views currently held businessmen and consumers continue to regarding the duration and extent of this have confidence in the long-term growth recession and of the timing and vigor of the prospects for our economy. ensuing recovery. In my own view, the (3) Population increase has been mainunderlying strengths of the economy are tained at a rapid pace—the rise of 1.8 per many. After not too long a period of re- cent in 1957 compares with a postwar averadjustment and realignment of activities, age of 1.7 per cent, and hence the market healthy revival should set in, progressing to is expanding steadily. new records of economic performance and (4) Consumer incomes have shown some new high levels of national well-being. But cyclical decline recently, but the decline has everything depends upon the speed with been small and moderated by unemploywhich needed readjustments and realign- ment compensation benefits. Consumer dements of activities are made. mands are supported by a record volume of We are all, of course, well aware that financial assets, the ownership of which is reasoning by analogy may be misleading and widely distributed. Growth in such assets that history does not repeat itself. In the two was rapid in 1956 and 1957, while growth preceding postwar recessions, lows in ac- in consumer instalment and mortgage debt, tivity were reached in less than a year from though not small, was at a much slower rate the cyclical peak and recovery to new high than in 1955. The availability and terms of levels of output, demands, and employment mortgage credit have recently become more was rapid and substantial. With the excep- favorable to borrowers. tion of the catastrophic depression of the (5) At the State and local government early 1930's, the downward phase of every level, community demands for schools and cycle since World War I has been over or teachers, for roads, public buildings, and virtually over in the course of a year. other community facilities are continuing As in our other postwar recessions, many large and insistent. basic forces are present in the situation (6) For the Federal Government, postfavorable to recovery. war budgets have been dominated by the (1) For instance, as I have already men- need to cope with critical international tioned, credit and capital market conditions stresses and tensions and to provide an adehave already responded to relaxed monetary quate defense under conditions of major Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FLEXIBLE MONETARY POLICY 139 scientific advance and rapid technological centives to reduce costs, to meet competichange. National security and related prob- tion, and to sustain or improve profitability, lems continue to be urgent. are strong. (7) Insofar as international economic If revival in over-all economic activity developments are concerned, Western Eu- becomes vigorous, there will be, of course, rope still shows considerable strength. In- the accompanying possibility of resurgence dustrial activity, while no longer expanding, of inflationary pressures. Postwar experihas generally been maintained at or close to ence has demonstrated that, in a period of record levels. In general, balance-of-pay- expanding demand, upward pressures on ments positions have improved although in prices and costs can develop quickly. several countries reserves of gold and for- Once under way, inflationary movements eign exchange are not as large as might be tend to spread themselves throughout the desired. Outside Europe, however, raw economy, not only because of normal marmaterials producing countries are facing dif- ket reactions, but also because of a variety ficulties because of declines in prices or of institutional arrangements such as costvolume of their exports. of-living clauses in wage contracts and cost- A primary uncertainty with respect to the plus arrangements in business or Governtiming and pace of economic revival and re- ment procurement contracts, in part denewed growth relates to the course of busi- signed to protect one group or another from ness outlays for new plant and equipment. the ill effects of inflation. Currently, it Some observers view the business capital may be noted, consumer prices reached a goods boom of the past three years as having new high in November and remained at provided a margin of industrial capacity that high in December, notwithstanding over prospective demands greater than can significant declines in activity and employbe absorbed quickly. These observers tend ment. to expect a more protracted period of ad- As I said earlier, those charged with rejustment than took place in the two preced- sponsibility for national economic policies ing cycles. must at all times reckon with the dangers This concern may turn out to have been both of inflation and of deflation. The well founded, but it may be noted that ca- central policy problem, in one sense, is to pacity never appears more excessive than prevent either inflationary trends or deflain the midst of recession. Cyclical recov- tionary trends from becoming dominant. ery, in due course, can certainly be ex- Public policies for one objective or anpected to be accompanied by effective and other can have effects that go far beyond profitable use of the economy's capacity those that are intended. Both fiscal and to produce and by still further additions to monetary policies must be carefully forcapacity. The important factors working mulated to exert enough pressure but not to expand business capital investment in the too much. That is a difficult task. period ahead should not be minimized. 4. "If the inflationary forces continue to The advance in the technology of produc- abate during the year, what program would tion, in part the result of the huge invest- you recommend as to priority and specific ment in research of recent years, has been actions in the fiscal and monetary fields?" rapid and can be expected to continue. In- Everyone hopes that any recession will Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 be moderate and short-lived. cost is an essential condition for recovery. One possibility for the year ahead is that This country is now in the process of rerevival may develop without renewed in- evaluating what share of its potential proflation, at least in its early stages. Under ductive capacity to devote to current consuch circumstances, the task of monetary sumption and what share to devote to policy would be to foster revival and reinvestment in its future—in the form of sumed growth, but to be ever alert to the outlays not only for defense and capital potentials of inflationary pressures and to equipment but also for research, education, take prompt action should they recur. and foreign assistance. This process of re- Another possibility is that recession may appraisal will continue for some time and be deeper and more protracted than many in our thinking we ought not to forget the now anticipate, with a greater degree of enormous growth potential that we have under-utilization of manpower and indusover the longer run and the need that we trial resources and with manifest deflationshall have for an adequate volume of ary tendencies. In such an eventuality, savings to finance it. further monetary action would need to be With respect to fiscal policy, should the considered, both to increase the liquidity of present recession appear to justify some the economy and to encourage expansion action in this field, I should like to emof spending financed by credit. Monetary policy by itself, however, cannot assure re- phasize that we should weigh carefully both sumption of high-level employment and the need to meet the challenge to our desustainable economic growth, although fensive strength and the need to keep our ready availability of credit at reasonable economy strong and progressive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS Mr. V. S. Johnson, Jr., of Nashville, Tennessee, Meetings of the Federal Open Market Committee was appointed, effective January 14, 1958, a direcwere held in Washington on January 28 and tor of the Nashville Branch of the Federal Reserve February 11, 1958. Bank of Atlanta for the unexpired portion of a A meeting of the Presidents of the Federal term ending December 31, 1958. Mr. Johnson is Reserve Banks was held in Washington on Feb- Chairman of the Board and President of Aladdin ruary 10, 1958, and on February 11 the Presi- Industries, Inc., Nashville. As a director of the dents met with the Board of Governors. Nashville Branch he succeeds Mr. Ernest J. The Federal Advisory Council held a meeting Moench, President, Tennessee Tufting Company, in Washington on February 16-18, 1958, and met Nashville, who resigned. with the Board of Governors on February 18. Mr. W. N. Krauth, of Nashville, Tennessee, was appointed, effective January 20, 1958, a di- ELECTION OF DIRECTOR rector of the Nashville Branch of the Federal Reserve Bank of Atlanta for a term ending Decem- The Federal Reserve Bank of Minneapolis on ber 31, 1960. Mr. Krauth is President and Gen- January 28 announced the election of Mr. John eral Manager of the Colonial Baking Company of A. Moorhead, President, Northwestern National Nashville. His predecessor on the Nashville Bank of Minneapolis, as a Class A director of the Branch board was Mr. A. Carter Myers, Treas- Bank to serve for the remainder of the term expirurer, Knoxville Fertilizer Company, Knoxville, ing December 31, 1958. Mr. Moorhead succeeds Tennessee, whose term had expired. Mr. Joseph F. Ringland, who died recently, and Mr. S. L. Kopald, Jr., Executive Vice President who preceded Mr. Moorhead as President of the of the Humko Division of National Dairy Prod- Northwestern National Bank of Minneapolis. ucts Corporation, Memphis, Tennessee, was appointed, effective February 4, 1958, a director of APPOINTMENTS OF DIRECTORS the Memphis Branch of the Federal Reserve Bank The Board of Governors has recently announced of St. Louis for a term ending December 31, 1960. the following appointments: He succeeds Mr. A. E. Hohenberg, President of Mr. Walter E. Hoadley, Jr., of Lancaster, Hohenberg Bros. Company, Memphis, whose term Pennsylvania, was appointed, effective January 16, had expired. 1958, a Class C director of the Federal Reserve Mr. William R. Mathews, Editor and Pub- Bank of Philadelphia for a term ending December lisher of The Arizona Daily Star, Tucson, Arizona, 31,1960. Mr. Hoadley is Treasurer of Armstrong was appointed, effective January 10, 1958, a direc- Cork Company, Lancaster. As a director of the tor of the El Paso Branch of the Federal Reserve Philadelphia Bank he succeeds Mr. William J. Bank of Dallas for a term ending December 31, Meinel, Chairman of the Board, Heintz Manufac- 1960. He succeeds Mr. James A. Dick, President, turing Company, Philadelphia, whose term had James A. Dick Investment Company, El Paso, expired. whose term had expired. Mr. Selden Sheffield, of Greensboro, Alabama, was appointed, effective January 16, 1958, a direc- DECREASE IN FEDERAL RESERVE DISCOUNT RATES tor of the Birmingham Branch of the Federal Reserve Bank of Atlanta for a term ending Decem- As of February 13, 1958, the Board of Governors ber 31, 1960. Mr. Sheffield is a cattleman. As a of the Federal Reserve System had approved director of the Birmingham Branch he succeeds actions by the directors of 11 Federal Reserve Mr. Edwin C. Bottcher, farmer, of Cullman, Banks lowering the discount rate of these banks Alabama, whose term had expired. from 3 to 23A per cent. 141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 The effective date of the new rate was Wednes- 1957 are now available in mimeographed form. day, January 22, 1958 at the Federal Reserve Complimentary copies may be obtained upon Bank of Philadelphia; Friday, January 24 at the request from the Flow-of-Funds Project, Division Federal Reserve Banks of New York, Cleveland, of Research and Statistics, Board of Governors Richmond, Chicago, St. Louis, and Kansas City; of the Federal Reserve System, Washington 25, Tuesday, January 28 at the Federal Reserve D. C. Banks of Boston and Atlanta; Friday, February 7 at the Federal Reserve Bank of Minneapolis; and ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM Friday, February 14 at the Federal Reserve Bank The following State banks were admitted to memof Dallas. bership in the Federal Reserve System during the period December 16, 1957 to January 15, 1958: CHANGES IN RESERVE REQUIREMENTS On February 19, 1958, the Board of Governors Michigan reduced by one-half of one percentage point re- Harbor Beach Huron County State Bank serves required to be maintained by member Mississippi banks of the Federal Reserve System against demand deposits. Moss Point Pascagoula-Moss Point Bank This action will release about $500 million from Oklahoma present required reserves. For central reserve Midwest City American State Bank city banks the reduction from 20 per cent to 19V^ per cent of net demand deposits will release TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY about $125 million of reserves. At reserve city banks, the reduction from 18 per cent to 11V2 per Latest BULLETIN Reference cent will release about $195 million, and at coun- Semiannually Issue Page try banks the change from 12 per cent to ll1/^ Banking offices: Analysis of changes in number of... Feb. 1958 202 per cent will release approximately $180 million. On, and not on, Federal Reserve Par List, number of Feb. 1958 203 For central reserve city and reserve city banks, Annually the effective date for the new requirements is Earnings and expenses: February 27, 1958, and for country banks, March Federal Reserve Banks Feb. 1958 200-201 Member banks: 1, 1958. Calendar year June 1957 710-718 First half of year Nov. 1956 1248 Insured commercial banks June 1957 719 Banks and branches, number of, by class FLOW-OF-FUNDS TABLES and State Apr. 1957 472-473 Operating ratios, member banks June 1957 720-722 Detailed flow-of-funds sector and transaction ac- Stock Exchange firms, detailed debit and count tables for the years 1950-56 corresponding credit balances Mar. 1957 336 Banking and monetary statistics, 1957.. Feb. 1958 204-210 to the revised summary flow-of-funds tables ap- Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-1194 pearing in the BULLETINS for April and October Bank holding companies, Dec. 31, 1957 Feb. 1958 211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 14 Industrial production and employment con- in output of autos and other consumer durable tinued to decline in January, and unemployment goods. Activity in the aircraft industry showed increased considerably. Meanwhile construction no further reduction in December and January. activity was maintained, new housing starts rose, Production of nondurable goods continued to and total retail sales increased. In January and decline gradually in January, as activity in the early February commodity prices changed little. textile and petroleum industries was curtailed and Decreases in bank loans to business were substan- output of chemical and rubber products showed tial. Short-term interest rates declined sharply little change from the reduced December level. further while long-term rates leveled off. Minerals output was unchanged. INDUSTRIAL PRODUCTION CONSTRUCTION The Board's industrial production index declined Private housing starts rose in January following 3 points in January to 133 per cent of the 1947-49 a December dip. At a seasonally adjusted annual average, a level 8 per cent below last summer and rate of 1,030,000 units, starts were 8 per cent 9 per cent below a year earlier. The Board's above the reduced levels of early 1957. Seasonindex of electric and gas utility output increased ally adjusted outlays for new construction were further and was 5 per cent above January 1957. about the same as in other recent months. Ex- Broad curtailments in durable goods industries penditures declined for most types of private in January continued to account for most of the construction other than public utilities, but indecline in total industrial output. Steel mill operacreased substantially for highway building. tions, which had been sharply reduced in December, decreased further in January and early Febru- EMPLOYMENT ary. At about 90 per cent of the 1947-49 average, steel ingot production was somewhat below the Seasonally adjusted employment in nonfarm esmid-1954 low, while activity in most steel consum- tablishments declined further in January and, at ing lines was higher than at that time. Declines 51.7 million, was 760,000 less than a year earlier continued during January in the producers' equip- and 1.1 million below the peak of August 1957. ment industries and there were further decreases The average factory workweek declined more than seasonally in January, to 38.7 hours, and INDUSTRIAL PRODUCTION weekly earnings were also reduced. The number 1947-49-100 160 of persons unemployed rose 1.1 million to 4.5 mil- TOTAL lion, a level 1.3 million higher than a year earlier \ 140 __ _ and close to the postwar peak of 4.7 million \ - /M/AN D U U FS R A A C B T L U E RES - reached in February 1950. / MA ; i , 120 J DISTRIBUTION Seasonally adjusted retail sales increased 140 MINERALS^^ W slightly further in January and were close to the record levels of last summer and 4 per cent above A/ NONDURABLE N \: 120 _ J MANUFACTURES _ a year earlier. Sales at most retail outlets rose or changed little. Sales at department stores de- -v V clined, however, and unit sales of new autos were 100 ,„......„ down sharply from both December and a year AiU'« I m,l, ...! w earlier. Dealers' stocks of autos increased further. Federal Reserve indexes, seasonally adjusted. Monthly figures, In December, stocks held by wholesale and retail latest shown are for January. 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 distributors again changed little while manufac- sors, and trade concerns were unusually large, and turers' inventories continued to decline. loans to all other major categories of business borrowers except textile manufacturers declined. COMMODITY PRICES Excess reserves of member banks exceeded their The average of wholesale commodity prices borrowings from the Federal Reserve by about changed little from mid-January to mid-February. $210 million in the four weeks ending Febru- While prices of most industrial commodities were ary 12. In the previous four-week period, borrowstable, nonferrous metal scrap, rubber, and fuel ings had about equaled excess reserves. Between oils declined, and steel scrap and wool advanced. the weeks ending January 15 and February 12, Among farm products, prices of livestock rose more reserves were supplied to banks through a further, to the highest level for this time of year currency inflow and a decline in required reserves since 1952. than were absorbd through reductions in Federal The consumer price index was unchanged in Reserve holdings of U. S. Government securities December at the new high reached a month earlier. and in float. Prices of services continued to advance, and prices SECURITY MARKETS of meats turned up. At the same time prices of some other foods decreased and new and used Short-term interest rates continued to decline autos declined. rapidly during January and early February. Treasury and private open-market rates, and also BANK CREDIT AND RESERVES Federal Reserve discount rates and the prime Total loans and investments at city banks de- rate on short-term bank loans, were reduced. Exclined about $3 billion during January reflecting cept for Treasury bond yields, which leveled off, principally reductions in business and security long-term rates continued to decline in January. loans and in holdings of U. S. Government secu- In early February, however, bond yields generally rities. In early February total bank credit in- increased somewhat, reflecting the continued heavy creased due mainly to Treasury refunding opera- volume of new financing in capital markets and tions. In the five weeks ending February 5, busi- the influence of the Treasury refunding, which inness loans decreased $1.8 billion, almost twice as cluded a long-term bond. much as in the comparable period last year. Re- Common stock prices showed little net change payments by sales finance companies, food proces- from mid-January to mid-February. RETAIL TRADE PRICES 1947-49-100 160 150 140 130 ALL 120 COMMODITIES 170 DEPARTMENT STORES 160 150 "A* /» FARM/V' -I 1 I I I I I I M I I I I I ! I I I I I I I I 1 I I I M I I I I I I I I I I I I I I I I I I I I I I I 1 I I *IM>| 11! 11: U i 11 1 1955 1956 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. "Other" wholesale prices based on Department of Commerce data. Monthly figures; exclude processed foods, included in total but not shown latest shown for department store stocks is December, for other separately. Monthly figures, latest shown: December for conseries, January. sumer prices, and January for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 147 Reserve Bank discount rates; reserve requirements; margin requirements. 150 Federal Reserve Banks 151 Bank debits; currency in circulation 154 All banks: consolidated statement of monetary system; deposits and currency 156 All banks, by classes 157 Commercial banks, by classes... 160 Weekly reporting member banks. 162 Commercial loans; commercial paper and bankers' acceptances. 164 Interest rates 165 Security prices; stock market credit. 166 Savings institutions 167 Federal business-type activities. 168 Federal finance 170 Security issues. . 174 Business finance . 175 Real estate credit 177 Short- and intermediate-term consumer credit 180 Selected indexes on business activity 184 Production 185 Employment and earnings. 192 Department stores. . 194 Foreign trade 195 Wholesale and consumer prices.. . 196 National product and income series. . 198 Earnings and expenses of Federal Reserve Banks during 1957 200 Changes in number of banking offices in the United States 202 Banking offices on Federal Reserve par list and not on par list 203 Banking and monetary statistics, 1957 204 Bank holding companies, December 31, 1957. 211 Tables published in BULLETIN, annually or semiannually—list, with references. 142 Index . 239 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. 145 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 REQUIRED RESERVES EXCESS RESERVES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 30 FIDIRAL RISIRVE CRIDIT U. S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES I I FEDERAL RESERVE FLOAT \*MA*A*frf^^ 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending Jan. 29. See p. 147. 146 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 . ta S l .G B o o o v u u t t . g - 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 n u d is d c n - - e ts s Float Total i s G to o c ld k T r s c o e u t i r a u n n u e r n y r g c t a - - d y s- - r c C t e c u i i n u i o n l r c r a n - - y - T h c i u o r n a e r l g s y d a h s s - - T u r w e ry a it s h - r F es . F e e i R o r g v r . n - e B s, a O nk th s er c O F o a . t u h c R n - e t r . s Total r q e u s R e i e r r e - v d e 2 s c E es x s - 2 right agreement Averages of daily figures 1956 Dec. 5 24,404 24,287 117 460 1,268 26,165 21,953 5,060 31,451 770 408 344 228 910 19,068 18,682 386 Dec 12 24,652 24,493 159 709 1,226 26,633 21,924 5,062 31 660 775 357 342 264 1,001 19,220 18,653 567 Dec. 19 24,785 24,489 296 1,835 27,223 21,927 5,064 31,835 776 498 389 169 1,011 19,535 18,922 613 Dec 26 24,906 24,574 332 667 2,20827,842 21,949 5,066 31 992 765 635 393 258 1,024 19,790 19,086 704 1957 Jan 2 24,994 24,610 384 9?5 1,537 27,524 21,949 5,066 31,829 111 395 374 335 973 19,856 19,110 746 Jan. 9 24,688 24,601 87 535 1,539 26,809 21,949 5,066 31,479 783 352 323 287 899 19,701 18,971 730 Jan. 16 24,293 24,293 348 1,278 25,954 21,950 5,066 31,108 786 293 320 267 897 19,300 18,765 535 Jan. 23 23,811 23,811 347 1,446 25,636 21,951 5,067 30,827 798 199 324 268 894 19,342 18,724 618 Jan. 30 23,450 23,450 528 1,078 25,087 22,080 5,068 30,607 809 420 329 258 89318,918 18,550 368 Feb. 6 23,435 23,411 24 640 1,040 25,146 22,251 5,070 30,596 817 534 333 216 99218,920 18,445 475 Feb 13 23,264 23,190 74 741 962 24,997 22,252 5,070 30 641 820 377 366 299 1,007 18,808 18,265 543 Feb. 20 22,969 22,958 11 577 1,188 24,764 22,303 5,071 30,605 815 173 307 226 1,116 18,895 18,309 586 Feb. 27 22,854 22,854 713 1,217 24,813 22,303 5,073 30,544 815 297 334 382 1,134 18,683 18,218 465 Mar. 6 22,913 22,895 18 755 1,179 24,871 22,304 5,077 30,566 813 479 329 212 1,131 18,721 18,231 490 Mar 13 22,979 22,934 45 880 908 24,791 22,304 5,079 30 609 812 471 297 201 1,129 18,654 18,205 449 Mar. 20 23,178 23,064 114 783 1,173 25,158 22,305 5,080 30,589 811 302 300 199 1,138 19,204 18,578 626 Mar 27 23,094 23 051 43 844 967 24,930 22,305 5 083 30 502 813 353 334 205 1,139 18,971 18,362 609 Apr 3 23,189 23 040 149 1 074 877 25,165 22 306 5 086 30 589 808 517 294 314 1,167 18,868 18,525 343 Apr 10.. 23,262 23,040 222 1 ?30 881 25,400 22,307 5,088 30 655 814 387 340 305 1,205 19,088 18,523 565 Apr. 17 23,282 23,146 136 1 ?44 967 25,520 22,313 5,089 30,681 808 478 344 300 1,203 19,107 18,556 551 Apr 24 23,237 23,169 68 947 1,484 25,695 22,317 5 092 30 610 791 456 390 454 1,202 19,201 18,639 562 May 1 23,169 23,169 730 1,168 25,093 22,318 5,094 30 499 793 419 352 291 1,148 19,000 18,621 379 May 8 23,213 23,125 88 993 947 25,177 22,318 5,095 30,589 795 504 366 275 1,078 18,984 18,495 489 May 15 23,083 23,033 50 975 948 25,031 22,319 5,096 30,654 787 479 366 241 1,075 18,845 18,368 477 May 22 22,915 22,915 793 1,341 25,070 22,320 5,098 30,645 790 525 362 273 1,074 18,818 18,284 534 May 29 22,930 22,901 29 903 979 24,833 22,406 5,102 30,660 794 562 358 279 1,073 18,616 18,264 352 June 5 23,110 22,950 160 902 95424,987 22,620 5,104 30,837 792 485 357 323 1,072 18,846 18,378 468 June 12 22,972 22 926 46 ,059 93624,988 22,621 5 106 30 903 791 463 379 216 1,069 18,834 18,330 504 June 19 22,930 22,880 50 },089 ,38425,424 22,621 5,106 30,904 782 518 389 335 1,076 19,148 18,546 602 June 26 22,951 22 888 63 003 25,294 22,622 5,106 30 849 776 477 407 254 1,087 19,171 18,625 546 July 3.. 23,098 23,031 67 1 068 19825,387 22,623 5,107 31 150 763 546 420 296 1,077 18,865 18,521 344 July 10 23,443 23,260 183 1 111 25,792 22,623 5,108 31,313 765 431 339 290 1,077 19,308 18,732 576 July 17 23,319 23,252 67 06? 25,641 22,625 5,108 31 184 770 455 413 279 1,073 19,200 18,636 564 July 24 23,342 23,235 107 739 351 25,456 22,625 5,108 30,999 774 507 385 267 1,070 19,189 18,568 621 July 31 23,360 23 084 276 553 998 24,932 22,626 5 110 30 910 770 494 370 278 961 18,885 18,493 392 Aug. 7 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 1,116 18,868 18,331 537 Aug. 14 23,047 23,047 1 161 87425,102 22,627 5,114 31,069 764 475 363 273 1,113 18,786 18,195 591 Aug 21 23,034 23 034 931 1,227 25,211 22,625 5,116 31 055 762 513 343 270 1,203 18,806 18,254 552 Aug. 28 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 1,203 18,831 18,397 434 Sept 4. 23,511 23,463 48 83? 85825,228 22,626 5,118 31 149 759 485 340 281 1,197 18,760 18,346 414 Sept. 11 23,399 23,367 32 1 031 953 25,408 22,626 5,119 31,256 759 431 357 279 1,194 18,876 18,301 575 Sept 18 23,303 23,286 17 950 1,442 25,719 22,627 5,121 31 184 755 510 429 287 1,196 19,108 18,484 624 Sept 25 23 178 23 173 c 1,106 1,318 25,622 22 628 5 123 31 052 769 759 386 255 1,189 18,963 18,416 547 Oct 2 23,346 23,294 52 94? 1,000 25,304 22,634 5,125 31,039 lie 493 356 253 1,112 19,034 18,685 349 Oct 9 23,545 23,312 233 1 009 991 25,563 22,646 5 127 31 129 114 498 373 260 1,112 19,189 18,625 564 Oct. 16 23,371 23,281 90 99? 1,071 25,451 22,658 5,128 31,191 116 506 333 252 1,110 19,068 18,574 494 Oct 23 23,267 23,222 45 605 1,517 25,407 22,665 5,131 31 129 781 464 317 265 1,109 19,137 18,574 563 Oct. 30 23,195 23,179 16 710 1,051 24,972 22,671 5,132 31,008 786 518 318 251 1,057 18,837 18,474 363 Nov 6 23,441 23,256 185 8?4 94325,225 22,707 5,135 31,115 792 461 367 313 1,056 18,963 18,509 454 Nov. 13 23,498 23,332 166 911 997 25,424 22,731 5,136 31,287 795 505 329 407 1,057 18,911 18,354 557 Nov 20. . 23,288 23,282 6 75? 1,430 25,489 22,757 5,137 31 336 801 503 315 386 1,054 18,987 18,459 528 Nov. 27 23,318 23,167 151 777 1,209 25,325 22,762 5,139 31,431 794 469 301 294 1,030 18,907 18,461 446 Dec 4 23 732 23 480 252 1 00525,387 22 763 5 141 31 668 770 305 291 191 1,041 19,023 18,580 443 Dec 11 23 886 23 574 312 676 1,020 25,617 22,766 5 142 31 827 769 318 318 186 1,080 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 1,050 19,483 18,873 610 Dec. 25 23,950 23,617 333 786 1,894 26,687 22,770 5,145 32,089 764 483 359 179 1,061 19,666 19,014 652 1958 Jan 1 24,344 23,735 609 661 1,550 26,623 22,774 5,147 31 962 773 458 397 201 1,045 19,707 19,042 665 Jan. 8 24,011 23,645 366 707 1,328 26,100 22,781 5,146 31,553 768 529 337 186 996 19,658 18,982 676 Jan 15 23 720 23 581 139 580 1,039 25,390 22,781 5 147 31 207 111 503 306 190 994 19,348 18,769 579 Jan 22 23,315 23,266 49 359 1,230 24,949 22,782 5,149 30,878 781 511 275 227 992 19,216^18,667 p549 Jan 29 23,372 23,335 37 295 919 24,632 22,783 5,151 30,625 789 521 275 275 992 19,089*>18,552 *>537 > Preliminary. For other notes see following page. 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 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 r r i t o e d T U o . t a S l . G B r o o o i v u g u t h t g . - t h s t ecu r a u c H r e g h n i p r t e a d i u e l e s e d e r e s r - - c D o a u n is n d - ts Float Total s G to o c ld k r s c o t e u i a u n u n r n r g t c y d - - y - r c C t c e u i i n i u o n l r a c n r - y - - T h c i u n o r a r e l g s d y a h s - s- Tr w e i a t s h - F F e . i o R g r n . - Ba O n t k h s er c O F o a . t u c h R n - e t r . s Total qu R i e r - ed2 c E es x s - 2 ment Averages of daily figures 1957 Jan 24,092 24,056 36 43: ,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 ,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 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 5,098 30,645 792 521 361 276 ,07518,827 18,362 465 June 22,989 22,917 72 1,009 ,17025,189 22,621 5,106 30,902 782 490 393 290 ,07718,982 18,485 497 July 23,351 23,198 153 917 ,17525,466 22,625 5,108 31,116 769 480 377 279 ,04819,129 18,595 534 Aug 23,146 23,129 17 1,010 98925,166 22,626 5,115 31,035 764 490 349 273 ,16318,834 18,300 534 Sept 23,325 23,302 23 994 ,14725,489 22,627 5,121 31,143 763 547 378 271 ,18018,956 18,434 522 Oct 23,348 23,252 96 818 ,14325,326 22,660 5,129 31,109 780 495 338 258 ,09719,040 18,573 467 Nov 23,417 23,276 141 810 ,12625,373 22,743 5,137 31,335 793 464 322 337 ,04418,958 18,447 511 23,982 23,615 367 716 ,44326,186 22,769 5,144 '31,932 ••768 385 345 186 ,06319,420 18,843 577 Dec 1958 23,608 23,458 150 454 1,11825,229 22,782 5,148 31,059 777 512 297 224 99319,296 Jan 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 1,293 668 895 565 714 17,681 16.509 1,172 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 907 18,876 18,618 258 1955—Dec 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956—June 23,758 23,712 46 232 1,21025,219 21,799 5,032 30,715 768 522 297 313 99218,443 18,449 -6 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 Dec End of month 1957 23,421 23,421 668 1,07625,195 22,252 5,071 30,614 809 715 344 263 89118,882 18,517 365 Jan 22,887 22,854 33 595 1,19624,704 22,304 5,076 30,575 809 458 327 206 ,13318,576 18,294 282 Feb 23,149 23,040 109 994 80324,970 22,306 5,086 30,585 804 591 311 304 ,1371188,,66229 18,512 117 Mar 23,169 23,169 829 93624,960 22,318 5,094 30,519 791 509 316 294 ,0791188,886644 18,588 276 Apr 23,108 22,950 158 1,170 92625,224 22,620 5,104 30,836 788 568 360 274 ,072 19; 18,351 698 May 23,035 22,994 41 558 1,19924,816 22,623 5,107 31,082 758 498 449 308 ,07518,376 18,543 -167 June 23,355 23,079 276 420 89624,691 22,627 5,111 30,933 759 504 364 296 ,07518,630 18,520 110 July 23,539 23,475 64 986 86525,418 22,626 5,118 31,133 752 477 342 285 94218,975 18,305 670 A Se u p g t 2 23 3 , , 3 3 3 1 8 2 2 23 3 , , 2 3 1 1 8 2 120 7 3 8 9 9 6 1, 8 06 9 2 82 25 4 , , 2 6 0 2 6 2 2 22 2 , , 6 6 9 3 1 5 5 5, , 1 1 3 2 5 5 3 3 1 1 , , 0 0 7 9 3 0 7 77 8 3 4 4 5 2 5 9 2 3 3 7 3 8 7 2 26 5 1 6 , , , 1 1 0 1 9 5 1 8 6 1 1 8 8 , , , 3 9 9 1 9 7 1 18 8 , , 5 6 4 9 1 4 -2 3 9 7 5 6 Oct 23,733 23,448 285 819 94225,515 22,763 5,139 31,661 761 243 283 196 ,000 19,274 18,578 696 Nov 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 Dec 1958 23,331 23,331 217 76324,352^22,783 *>5,154 30,572 P772 469 249 279 99018,958^18,599 Jan Wednesday 1957 23,570 23,332 238 689 65124,927 22,710 5,136 31,181 800 418 353 250 056 18,714 18,446 268 23,405 23,332 73 450 95024,824 22,735 5,136 31,334 800 482 323 337 18,364 18,361 Nov. 6 23,235 23,235 1,054 1,33625,643 22,761 5,138 31,315 804 541 304 392 19,133 18,471 662 Nov. 13 23,576 23,352 224 607 93525,139 22,762 5,141 31,628 784 430 283 178 000 18,739 18,492 247 Nov. 20 Nov. 27 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. 4 23,872 23,600 272 972 96125,836 22,770 5,142 31,878 770 333 330 182 ,04119,214 18,737 477 Dec. 11 23,863 23,600 263 731 1,92326,559 22,770 5,144 32,002 776 488 344 175 ,06319,625 19,106 519 Dec. 18 24,020 23,636 384 794 1,52026,394 22,770 5,145 32,131 759 346 386 180 ,06219,444 18,937 507 Dec. 25 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 Dec. 313 1958 Jan. 8 23,745 23,635 110 707 1,04425,551 22,781 5,146 31,375 766 474 342 171 994 19,355 18,893 462 Jan. 15 23,708 23,557 151 285 1,08925,127 22,782 5,148 31,019 782 525 279 187 992 19,273 18,722 551 Jan. 22 23,333 23,257 76 392 1,08824,866 22,782 5,150 30,730 788 454 294 204 992 19,336*>18,653 *683 Jan. 29 23,360 23,357 3 253 74124,397 22,783 5,151 30,543 785 511 257 267 991 18,977 18,522 P455 » Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. * 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 149 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e m l r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1956—Dec 19,535 4,448 1,149 8,078 5,859 1956—Dec 651 57 12 96 488 1957_ F ja e n b 1 1 9 8 , , 2 8 9 1 5 6 4 4 , , 2 3 0 1 5 6 1 1, , 1 1 0 2 7 6 7 7, , 7 9 8 9 1 6 5 5 , , 7 8 2 5 2 7 1957_ F ja e n b 5 5 2 1 3 4 -10 5 -2 6 5 6 8 4 4 4 7 3 8 Mar 18,884 4,341 1,102 7,746 5,696 Mar 518 14 4 60 440 Apr 19,087 4,307 1,097 7,921 5,762 Apr 506 -1 65 443 May 18,827 4,234 1,101 7,794 5,697 May 465 13 3 56 393 June 18,982 4,335 1,121 7,774 5,751 June 496 15 -2 45 438 July 19,129 4,294 1,131 7,906 5,799 July 534 6 7 66 455 Aug 18,834 4,170 1,123 7,790 5,750 Aug 534 19 2 69 444 Sept 18,956 4,211 1,122 7,800 5,823 Sept 522 9 5 51 457 Oct 19,040 4,231 1,116 7,836 5,857 Oct 467 39 428 Nov 18,958 4,162 1,101 7,849 5,847 Nov 512 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 86 449 Week ending: Week ending: 1957—Dec. 18 19,483 4,362 1,126 8,009 5,986 1957—Dec. 18 611 23 58 527 25 19,666 4,327 1,153 8,155 6,032 25 652 16 87 540 1958—Jan. 1 19,707 4,503 1,149 8,259 5,796 1958—Jan. 1 665 145 189 327 8 19,658 4,324 1,156 8,123 6,055 8 676 -2 95 564 15 19,348 4,267 1,127 8,041 5,913 15 578 53 84 432 22 19,216 4,151 1,116 7,959 5,989 22 -12 56 19,089 4,203 1,114 7,930 5,842 29 70 90 29 Required reserves:2 Bor R ro e w se in rv g e s B at a n F k ed s: eral 18,883 4,392 1,138 7,983 5,371 1956—Dec 1956—Dec 688 147 97 300 144 18,773 4,327 ,129 7,938 5,379 1957—Jan 18,302 4,200 ,107 7,715 5,279 1957—Jan 407 30 38 229 110 Feb 18,366 4,326 ,098 7,686 5,256 Feb 640 129 53 314 144 Mar 18,580 4,308 ,097 7,855 5,320 Mar 834 116 257 302 159 Apr 18,362 4,221 ,098 7,739 5,305 Apr 1,011 299 210 329 173 May 18,485 4,320 ,123 7,729 5,314 May 909 117 169 422 201 June 18,595 4,288 ,124 7,840 5,344 June 1,005 200 46 531 228 July 18,300 4,152 ,121 7,722 5,306 July 917 186 34 519 177 Aug 18,434 4,203 ,117 7,749 5,366 Aug 1,005 308 28 468 201 Sept 18,573 4,231 ,116 7,797 5,429 Sept 988 263 120 485 121 Oct 18,447 4,147 ,100 7,786 5,414 Oct 811 141 115 428 127 Nov 18,843 4,303 ,127 7,956 5,457 Nov 804 96 123 405 181 Dec Dec 710 139 85 314 172 Week ending: 1957—Dec. 18 18,873 4,340 ,123 7,951 5,459 Week ending: 25 19,014 4,311 ,144 8,067 5,492 1957—Dec. 18 745 214 73 282 176 25 781 297 90 252 142 1958—Jan. 1 19,042 4,358 ,145 8,070 5,469 8 18,982 4,327 ,137 8,027 5,491 1958—Jan. 1 656 71 103 382 100 15 18,769 4,213 ,118 7,957 5,481 8 702 178 98 335 91 22 18,667 4,163 ,113 7,903 ^5,488 15 575 115 19 273 168 29 18,552 4,133 1,108 7,840 *5,471 22 355 59 201 87 295 3 144 145 29 December 1956 Free reserves:2 4 Deposits: 1956—Dec -37 -90 -85 -204 344 N G e r T o t o s d I O s t n e a t d t m l h e e e r a m r b n a a d n n k d d e d p e o p s o it s s i 3 t . s : . 0 2 0 1 2 6 0 3 , , , , 5 3 0 6 0 9 0 0 3 9 5 4 2 2 1 4 4 1 9 , , , , 3 1 3 9 0 1 5 5 6 6 4 2 4 6 5 1 , , , , 1 9 3 2 5 0 4 6 2 9 2 2 4 4 3 7 0 9 6 , . , ; 1 6 4 6 2 0 4 7 0 4 2 8 4 4 3 1 2 6 1 , , , , 3 0 3 4 8 8 6 4 1 1 5 6 1957— A F M M Ja e p n a a b r y r - - - - - 5 3 5 1 4 1 0 1 0 2 4 1 5 6 8 6 4 7 - - - - - - 1 1 1 3 1 0 4 8 2 0 0 1 0 5 3 0 4 - - - - - - 2 2 1 4 5 4 5 6 1 8 3 0 3 5 0 - - - - - - 2 4 2 2 1 3 6 8 4 4 7 6 3 6 2 9 2 7 2 2 2 2 3 1 9 8 1 6 6 9 9 0 0 9 9 2 Time deposits 41,716 3,374 1,310 16,931 20,101 June -383 -181 -28 -452 278 De f m ro a m n d d om ba e l s a t n ic c e b s an d k u s e . 6,707 67 107 2,110 4,424 J A u u ly g - - 4 4 7 6 1 7 - - 2 2 8 5 9 4 - - 1 2 1 6 5 - -4 4 3 0 3 0 2 3 4 3 4 5 Sept -344 -141 -115 -389 301 Oct -293 -80 -123 -342 251 December 1957 Nov -133 -105 -77 -228 277 Dec Week ending: Gross demand deposits: 1957—Dec. 18 -134 -70 -224 351 Total 18,771 23,977 6,080 46,423 42,290 25 -129 -281 -81 -165 398 Interbank 13,308 4,252 1,202 6,426 1,428 Other 05,464 19,726 4,878 39,997 40,863 1958—Jan. 1 9 74 -99 -193 227 Net demand deposits 3. . 01,123 20,580 5,299 39,023 36,220 8 -26 -180 -79 -240 473 Time deposits 45,934 3,733 1,349 18,639 22,214 15 3 -62 -10 -189 264 Demand balances due 22 P\94 -71 -4 -145 j>414 from domestic banks. 6,583 69 107 2,021 4,386 29 *>243 67 3 -54 P227 p Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i. e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. 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150 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Jan. 31 beginning— rate Jan. 31 beginning— rate Jan. 31 beginning- rate B N o ew sto Y n ork. . . 2 y % 4 J J a a n n . . 2 2 8 4 , , 1 1 9 9 5 5 8 8 W 31 A /4 J J a a n n . . 2 24 8 , , 1 1 9 9 5 5 8 8 3 3i 3 / 4 2 J J a a n n . . 2 2 8 4 , , 1 19 9 5 5 8 8 4 WA Philadelphia.. 2% Jan. 22,1958 314 Jan. 22, 1958 4 Aug. 9, 1957 3i/ C R l i e c v h e m la o n n d d. . . 2V y J J a a n n . . 2 2 4 4 , ,1 1 9 9 5 5 8 8 3 3 1 1 / 4 4 J J a a n n . . 2 2 4 4 , , 1 1 9 9 5 5 8 8 3J/2 4 4 J N a o n v . . 2 2 4 9 , , 1 1 9 9 5 5 8 7 /2 Atlanta 4 Jan. 28,1958 314 Jan. 28, 1958 4 Jan. 28, 1958 41/2 C St h . i L ca o g u o is fA J Ja a n n . . 2 2 4 4 , ,1 1 9 9 5 5 8 8 3 31 i4 4 J J a a n n . . 2 2 4 4 , , 1 1 9 9 5 5 8 8 3% 4 3% J J a a n n . . 2 2 4 4 , , 1 1 9 9 5 5 8 8 4 4 1/2 K M a i n n s n a e s a p C o i l t i y s. . . . J N a o n v . . 2 2 2 4 , , 1 1 9 9 5 5 7 8 i8 J N a o n v . . 2 2 4 2 , ,1 1 9 9 5 5 7 8 4 4 4 i/2 A N u o g v . . 2 9 2 , , 1 19 9 5 5 7 7 4 4 1 1 / 4 2 Dallas 2% Dec. 2,1957 Dec. 2, 1957 31/2 41/2 Aug. 13, 1957 4 San Francisco 3 Nov. 29,1957 Nov. 29, 1957 4 41/2 Aug. 15, 1957 4 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 1930—Feb. 7 4 1946—Apr. 25 k M Ma a y r. 1 2 4 31/2 1948— A Ja u n g . . 1 1 3 2 Ef o fe f c t c i h v a e n g d e ate C re e s n e t r r v a e l Reserve June 20 1950—Aug. 21 city city Dec. 24 21/2 1953—Jan. 16 banks banks 1931_May 8 Wi 1954 Feb. 5 iS O O c c t t . . 1 9 6 21/2 1955__ A A p p r r . . 1 1 6 5 1932—Feb. 26 31/2 Aug. 5 1917—June 21 13 10 June 24 21/2 Sept. 9 1% 1933_M Ap a r r . . 7 3 31/2 1956— N A o p v r. . 1 1 8 3 2VA 1 1 9 9 3 3 6 7 — _M Au a g r. . 1 1 6 191/2 1 1 7 5 1/2 May 26 Aug. 24 18 May 1 20 Oct. 20 1957—Aug. 23 1934—Feb. 2 Nov. 15 ¥ 1938—Apr. 16 2234 1937—Aug. 27 1958—Jan. 24 1942—Oct. 30 In effect Feb. 1, 1958 1941—Nov. 1 26 20 1942—Aug. 20 24 2VA Sept. 14 22 * Preferential rate for advances secured by Govt. securities mat2uYrAing Oct. 3 20 or callable in 1 year or less in effect during the period Oct. 30, 1942- Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1948_Feb. 27 22 advances secured by eligible paper. June 11 24 1 Under Sees. 13 andl3a, as described in table above. Sept, 16, 24*.... 26 22 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and 1957 this rate was the same as the discount rate except in the following 1949—May 1,5* 24 21 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. June 30, July 1 * . 20 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Aug. 1, 11* 1957—Aug. 22, 3.50. Aug. 16, 18*.... A Se u p g t . . 25 1 2 2 2 2 1/2 1 18 8i/2 MARGIN REQUIREMENTS 1 1951—Jan. 11, 16*.... 23 19 [Per cent of market value] Jan. 25, Feb. 1*. 24 20 1953 July 1,9* 22 19 Jan. 4, Apr. 23, Effec- Prescribed in accordance with 1955- 1955- tive 1954 June 16,24*.... 21 Securities Exchange Act of 1934 Apr. 22, Jan. 15, Jan. 16, July 29, Aug. 1*. 20 1955 1958 1958 In effect Feb. 1, 1958... 20 Regulation T: Present statutory re- For extensions of credit by brokers and quirements: dealers on listed securities 60 70 50 Minimum 13 For short sales 60 70 50 Maximum 26 Regulation U: For loans by banks on stocks 60 70 50 1 Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified percentage of its market value at the time of extension; margin requirements are the difference between the market value (100%) and the maximum loan value. Change on Jan. 4, 1955, was effective after the close of business on that date. 00 00 Time deposits Central C ba o tr n u y k n s - r r e e a c s s i n e e t r r d y v v e e C ba o tr n u y k n s banks 7 3 3 1014 41/2 121/4 14 6 4 6 4 12 5 5 14 6 6 16 71/2 71/2 15 7 7 14 6 6 13 5 12 5 13 6 6 14 13 5 5 12 12 5 5 10 7 3 3 20 14 6 6 1 Demand deposits subject to reserve requirements which, beginning Aug. 23, 1935, have been total demand deposits minus cash items in process of collection and demand balances due from domestic banks (also minus war loan and Series E bond accounts during the period Apr. 13, 1943-June 30, 1947). * First-of-month or midmonth dates are changes at country banks, and other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 151 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1957 1958 1957 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Dec. 311 Jan. Dec. Jan. Assets Gold certificate account 21,245,39221,230,39221,230,39321,230,39121,215,39221,245,39321,215,39220,689,392 Redemption fund for F. R. notes.. 858,711 860,491 862,409 869,250 869,249 858,710 869,249 872,146 Total gold certificate reserves. 22,104,103 22,090,883 22,092,80222,099,64122,084,64122,104,103 22,084,64121,561,538 F. R. notes of other Banks 676,726 674,498 627,360 564,349 443,288 656,234 443,288 549,496 Other cash 527,860 504,207 457,344 406,602 338,622 544,476 338,622 486,821 Discounts and advances: For member banks 252,921 386,834 279,848 701,659 50,364 217,380 50,364 642,554 For nonmember banks, etc 5,000 5,000 5,000 5,000 5,000 25,000 Industrial loans 541 548 541 490 482 536 482 822 Acceptances—Bought outright 39,838 38,833 41,822 41,821 42,337 40,910 42,337 30,089 Held under repurchase agreement 3,000 13,218 2,617 13,130 23,351 23,351 U. S. Government securities: Bought outright: B C i e l r l t s ificates—Special 6211773 522,073 821,473 899,673 983;573 595,273 983,573 532,335 Other 19,933\612 19,933,612 19,933,612 19,933!612 19,933,6i219,933,612 ,932,699 Notes ,153,913 Bonds 2,801,750 2,801,*750 2,801,750 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 23,357. 23,257,435 23,556,835 23,635,035 23,718, 23,330,63523,718,935 23,420,697 Held under repurchase agreement. 3; 76,000 151,500 110,100 519; 519,350 Total U. S. Government securities. 23,360,13523,333,435 23,708,33523,745,135 24,238,28523,330,635 24,238,285 23,420,697 Total loans and securities 23,656,435 23,777,868 24,038,16324,507,235 24,359,819 23,589,46124,359,819 24,119,162 Due from foreign banks. 15 15 15 15 15 22 Uncollected cash items.. 4,561. 5,386,947 5,675,068 ,765,124 5,494 4,156,763 5,494,735 ,755,908 Bank premises 84; 8"4'2,:16 84,097 83,933 83; 8" 4,,203 83,763 74,263 Other assets 288! 272,520 258,799 242,262 223; 293,,'003 223,584 305,291 Total assets. 51,899,45652,791,154 53,233,648 52,669,16153,028,46'51,428,25853,028,467 51,852,501 Liabilities Federal Reserve notes 26,701,889 26,855,55027,048,313 27,285,55627,534,79126,711,420 27,534,79126,697,938 Deposits: Member bank reserves 18,977,48519,336,02 19,272 19,354,601 19,033,79518,958,37019,033,79518,881,740 U. S. Treasurer—general account. 511,148 454,329 525; 473,777 480,810 469,246 480,810 714,617 Foreign 257,036 294,080 279 342,332 356,342 249,013 356,342 343,619 Other 267,058 203,866 186 171,311 246,284 279,437 246,284 263,439 Total deposits. 20,012,72720,288,297 20,263,960 20,342,02120,117,231 19,956,06620,117,231 20,203,415 Deferred availability cash items 3,821,06: 4,298,682 4,586. 3,720,899 4,070,844 3,394,031 4,070,844 3,680,388 Other liabilities and accrued dividends2 . 15,235 13,736 13; 13,329 14,948 14,479 14,948 14,248 Total liabilities 50,550,913 51,456,26551,912,405 51,361,80551,737,814 50,075,99651,737,814 50,595,989 Capital Accounts Capital paid in. 347,364 346,824 346,467 346,10( 345,106 347,48: 345,106 327,649 Surplus (Section 7). ... 809,198 809,198 809,198 809,198 809,198 809,198 809,198 747,593 Surplus (Section 13b). . 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts. 164,438 151,324 138,035 124,506 108,806 168,039 108,806 153,727 Total liabilities and capital accounts. 51,899,45652,791,15453,233,648 52,669,161 53,028,467 51,428,258 53,028,46751,852,501 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) 47.3 46.9 46.7 46.4 47.4 46.3 46.0 Contingent liability on acceptances purchased for foreign correspondents 127,242 114,469 103,878 88,860 76,11 127,188 76,114 62,493 Industrial loan commitments 1,065 1,063 1,080 1,101 1,109 1,058 1,109 2,315 Maturity Distribution of Loans and U. S. Government Securities3 Discounts and advances—total 252,921 391,834 284,848 706,659 55,364 217,380 55,364 667,554 Within 15 days 249,432 389,411 276,710 697,846 46,700 211,648 46,700 638,941 16 days to 90 days 3,386 2,423 8,138 8,813 8,664 5,634 8,664 3,613 91 days to 1 year 103 98 25,000 Industrial loans—total 541 548 541 490 482 536 482 822 Within 15 days 111 111 111 69 69 120 69 36 16 days to 90 days 29 29 29 20 20 20 20 62 91 days to 1 year 278 285 278 268 260 273 260 474 Over 1 year to 5 years 123 123 123 133 133 123 133 250 Acceptances—total 42,838 52,051 44,439 54,951 65,688 40,910 65,688 30,089 Within 15 days 15,016 28,247 21,483 31,906 34,371 9,507 34,371 7,386 16 days to 90 days 27,822 23,804 22,956 23,045 31,317 31,403 31,317 22,703 U. S. Government securities—total. 23,360,135 23 333,435 23 708,335 23,745,13524,238,28523,330,635 24,238,285 23,420,697 Within 15 days 230,550 388,850 519,000 388,500 674,850 ,585,650 674,850 ",187,710 16 days to 90 days 901,216 716,216 960,966 6,128,266 6,335,066 516,616 335,066 856,625 91 days to 1 year 439,112 14,439,112 14,439,11214,439,11214,439,11214,439,11214 574,612 Over 1 year to 5 years ,374,400 374,400 374,400 1,374,400 374,400 374,400 374,400 373,279 Over 5 years to 10 years 56,610 56,610 56,610 56,610 56,610 56,610 56,610 ,013,614 Over 10 years ,358,247 358,247 358,247 1,358,247 358,247 358,247 358,247 ,414,857 1 Tuesday. 3 Holdings under repurchase agreements are classified as maturing 2 No accrued dividends at end of December. within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1958 [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 S r a a n ncisco Gold certificate account 992,315 5,709,8281,124,532 11,850,715 1,310,323 837,9273,879,858 856,838 404,337 921,230 814,8172,542,673 Redemption fund for F. R. notes 55,490 180,107 59,961 78,651 70,487 48,493 156,121 43,081 22,093 41,368 28,330 74,528 Total gold certificate reserves ,047,805 5,889,9351,184,4931,929,3661,380,810 886,420 4,035,979 899,919 426,430 962,598 843,1472,617,201 F. R. notes of other Banks.. 45,197 146,773 54,999 66,557 59,693 82,303 52,765 19,068 26,784 11,391 41,409 49,295 Other cash 36,164 119,538 34,108 48,964 33,493 38,018 84,799 33,958 10,266 18,559 21,193 65,416 Discounts and advances: Secured by U. S. Govt. securities 10,300 13,175 14,280 27,400 15,550 53,175 34,980 15,775 1,850 14,613 14,650 1,500 Other 132 Industrial loans 327 186 23 Acceptances: Bought outright , 40,910 Held under repurchase agreement , U. S. Govt. securities: Bought outright , 1,272,593 5,834,549 ,361,879 2,049,3161,490,664 1,208,457 4,072,386 964,838 503,475 ,001,654 914,3042,656,520 Held under repurchase agreement , Total loans and securities... 1,283,220 5,888,634 1,376,3452,076,7161,506,2141,261,632 4,107,498 980,613 505,348 ,016,267 928,9542,658,020 Due from foreign banks.... 1 i 4 1 1 1 2 1 () 1 1 Uncollected cash items 280,243 733,534 250,704 395,170 323,962 344,950 691,037 162,969 112,461 250,480 220,441 390,812 Bank premises 4,975 10,651 4,491 9,667 6,954 6,770 6,804 6,264 5,304 4,926 6,309 11,088 Other assets 15,709 71,820 16,751 25,933 18,573 15,225 53,284 11,938 6,287 12,447 12,098 32,938 Total assets. 2,713,31412,860,889 2,921,892 4,552,374 3,329,700 2,635,319 9,032,168 2,114,7301,092,880 2,276,669 2,073,5525,824,771 Liabilities F. R. notes ,585,908 6,298,629 ,680,692 2,537,609 2,120,550 ,251,029 5,212,6451,197,702 493,5241,053,522 722,049 2,557,561 Deposits: Member bank reserves 749,070 5,283,765 882,1211,515,165 814,815 966,106 3,010,356 687,392 445,276 900,9021,041,383 2,662,019 U. S. Treasurer—general account 25,824 57,861 33,066 37,841 38,144 47,331 46,971 25,866 20,278 41,546 31,529 62,989 F O o th re e i r gn 14, 3 6 7 4 3 9 3 2 2 6 0 4 , , 6 4 5 8 3 7 1 10 7 , , 1 7 5 3 5 3 22 1 , ,3 8 3 7 3 3 1 2 3 , , 9 1 5 0 1 7 11 1, , 6 5 0 6 9 5 36 1 , ,1 7 2 5 1 1 9,5 7 0 55 9 6,1 6 6 4 8 2 10, 9 02 7 3 7 13 1, , 7 3 8 6 4 4 2 3 8 7 , , 7 0 8 8 4 4 Total deposits , 789,916 5,626,766 943,0751,577,212 869,017 ,026,6113,095,199 723,522 472,364 953,4481,088,060 2,790,876 Deferred availability cash items , 258,060 560,154 204,292 314,932 267,849 293,885 526,554 140,739 92,817 215,343 193,521 325,885 Other liabilities 728 3,086 648 2,121 669 650 2,658 502 527 515 579 1,796 Total liabilities 2,634,61212,488,6352,828,707 4,431,874 3,258,085 2,572,1758,837,056 2,062,4651,059,232 2,222,828 2,004,209 5,676,118 Capital Accounts Capital paid in 17,784 102,577 21,331 32,814 15,808 16,797 47,050 11,704 7,496 14,044 19,520 40,557 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. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 10,894 38,395 11,442 15,130 11,222 9,393 25,129 8,454 5,382 8,127 7,645 16,826 Total liabilities and capital accounts ,713,31412,860,8892,921,892 4,552,374 3,329,700 2,635,319 9,032,1682,114,7301,092,880 2,276,669 2,073,552 5,824,771 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.1 49.4 45.1 46.9 46.2 38.9 48.6 46.8 44.1 48.0 46.6 48.9 Contingent liability on acceptances purchased for foreign correspondents 7,251 • 35,858 8,777 11,321 6,487 5,724 18,190 4,706 3,053 4,961 6,614 14,246 Industrial loan commitments. 1 52 65 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $91,330,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $184,526,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 153 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Dec. 311 Jan. Dec. Jan. F. R. notes outstanding (issued to Bank) 28,137,602 28,257,294 28,392,489 28,561,344 28,643,286 28,109,074 28,643,286 28,037,677 Collateral held against notes oustanding: Gold certificate account 12,253,000 12,253,000 12,253,000 12,273,000 12,273,000 12,253,000 12,273,000 11,868,000 Eligible paper 49,143 57,683 37,598 66,108 12,299 44,668 12,299 190,154 U. S. Government securities 17,165,000 17,165,000 17,165,000 17,165,000 17,165,000 17,165,000 17,165,000 17,305,000 Total collateral 29,467,143 29,475,683 29,455,598 29,504,108 29,450,299 29,462,668 29,450,299 29,363,154 EACH FEDERAL RESERVE BANK ON JANUARY 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n n- F. R. notes outstanding (issued to Bank) 1,684,166 6,696,6911,773,340 2,654,438 2,210,5251,333,129 5 373,3111,249,923 530,265 ,082,365 778,103 2,742,818 Collateral held: Gold certificate acct.. 700,000 3 270,000 640,000 1,130,000 915,000 425,000 2,500,000 450,000140,000 300,000 283000 1,500,000 E U l . i g S i . b G le o p v a t p . e s r ecurities. 600\6661,2 1 0 4 0 , 0 2 ,0 8 —0 0 1600i666 1,666*666 3^iooiooo 89 1 5 5 , , 0~ 7 0~ 7 0~ 5 425 ^ 666 82 1 0 4 , , 0 61 0 3 0 525 666 i * 5o6 * 666 Total collateral ,850,000 6,870,000 1,854,280 2,730,000 2,265,000 1,425,000 5,600,000 1,360,775565,000 134,613 808,000 3,000,000 i Tuesday. INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t p 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 a p P t t f a u m g a a o f n t t r i i u o i i n d t o o n i u t a i c n - s n n n n i t s s g - c t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v n u a o t d a d t e m m s r i d e e l r t r i e a a o o t b n a n i w u g o g l t d n e s e u n r i t r e n a a t s e r g l o - - 1951.... . 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952..... 3,753 766,492 1,638 3,921 3,210 3,289 1952 1,159 2,124 979 803 586 1953..... 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954..... 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955..... 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956..... 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 1957 Jan 3,782 833,045 822 2,315 1,126 Jan 1,475 2,823 401 298 120 Feb . 3,782 833,692 758 2,014 1,017 Feb 1,481 2,829 398 296 128 Mar . 3,782 834,051 772 1,987 1,012 Mar ,482 2,842 408 304 127 . 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 1,780 919 June ,493 2,867 412 307 126 July.... . 3,784 836,636 155 608 1,795 812 July 1,496 2,878 '412 '307 r123 Aug.. . .. 3,784 837,410 80 628 1,815 816 Aug ,497 2,880 390 292 146 Sept . 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct . 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 Nov.. .. . 3,786 840,814 581 1,130 1,126 Nov 1,500 2,906 394 298 127 Dec . 3,786 841,290 524 1,109 1,122 Dec 1,503 2,912 395 300 135 1 Includes applications approved conditionally by the Federal Reserve r Revised. Banks and under consideration by applicant. i Loans made by private financing institutions and guaranteed by Gov- 2 Includes industrial loans past due 3 months or more, which are not ernment procurement agencies, pursuant to the Defense Production Act included in industrial loans outstanding in weekly statement of condition of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing of Federal Reserve Banks. agencies in these transactions, and the procedure is governed by Regula- 3 Not covered by Federal Reserve Bank commitment to purchase or tion V of the Board of Governors. discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect January 31. Per cent per annum] [In effect January 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans2 commit- Portion Re- commitments ?or which main- ments 70 or less 10 10 institu- ing 75 ... 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 1 95 35 35 Boston 31/2-6 Over 95 40-50 40-50 New York Philadelphia Cleveland 3Y2-6 Maximum Rates Financing Institution May Charger Borrower Richmond 4-6 [Per cent per annum] Atlanta 3-51/2 C St h . i L ca o g u o is 3 31 i/ 42- - 6 514 31/2-6 Interest rate K M a in n n sa e s a p C o i l t i y s 4 4 - - 6 6 4-6 4-6 Commitment rate.. Vi Dallas 4-6 San Francisco 4-6 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F ur e e d m er e a n l t R a e g se e r n v c e ie B s, an p k u s r s a u c a t n t a s t f o i sc t a h l e ag D e e n f t e s n s o e f t P h r e o d g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexc 2 e I e n d c in lu g d f i i n v g e l y o e a a n r s s . made in participation with financing institutions. tion V of the Board of Governors. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of V2 per cent per annum is made on undisbursed portion. 7 Charge of V4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 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 centersl centers2 City centers1 centers 2 City centersl 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 49.5 30.4 23.0 1956—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 1 197,257 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 189,294 70,953 39,095 79,245 52.2 31.4 24.1 50.9 31.7 23.7 Oct 204,168 77,431 41,761 84,976 49.9 29.6 22.7 51.4 30.5 22.7 Nov 189,246 71,667 39,012 78,567 51.2 30.5 23.5 51.7 30.0 22.3 Dec 220,376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30.8 23.4 1958—Jan 212,862 84,355 41,988 86,518 54.6 ^30.0 P23A 54.3 *>30.6 * Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are complied by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-57. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 155 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,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 ,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 ,654 ',182 67 2,120 6,329 9, 177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 ,750 ,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 ,812 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 ,834 ,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955 31,158 22,021 ,927 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957—Jan.. 30,614 21,597 ,990 ,276 76 2,065 6,427 9,763 9,017 2,701 5,613 289 402 3 Feb., 30,575 21,601 ,993 ,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 Mar. 30,585 21,639 2,000 ,270 75 2,063 6,473 9,758 8,946 2,679 5,573 286 397 3 Apr. 30,519 21,588 2,020 ,276 75 2,055 6,425 9,737 8,931 2,674 566 285 395 3 8 May 30,836 21,905 2,029 ,301 76 2,093 6,554 9,852 8,931 2,679 564 284 393 3 8 June 31,082 22,123 2,042 ,302 77 2,102 6,615 9,985 8,958 2,696 5; 575 283 391 3 10 July. 30,933 21,987 2,050 ,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 Aug. 31,133 22,155 2,060 ,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept. 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct.. 31,090 22,086 2,083 ,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 9 Nov. 31,661 22,582 2,099 ,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 Dec. 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Total out- Held by Kind of currency s D t e a 1 c n 9 . d 5 3 i 7 n 1 g , A g s a o s g l s i d a l e v i c n e a u s r n r t i d ty Tr c e a a s s h ury B F F a a . n n o R d r k . s B a F g a a . e n n n R d k t . s s De 1 c 9 . 5 3 7 1, No 1 v 9 . 5 7 30, De 1 c 9 . 5 3 6 1, certificates agents Gold 22,781 22,117 2664 Gold certificates 22,117 19,269 2,816 32 32 33 Federal Reserve notes 28,643 60 1,552 27,031 26,887 27,038 Treasury currency—total 5,146 U,408 36 339 4,771 4,742 4,720 Standard silver dollars 488 196 23 6 ~ 263 260 247 Silver bullion 2,213 2,213 Silver certificates and Treasury notes of 1890 32 408 25 i 2,i57 2,135 2,174 S M u i b n s o id r i c a o ry in silver co . in . 1 4 4 9 1 8 1 8 2 44 7 1 4 3 8 5 9 8 1 4 3 8 5 6 3 1 4 3 7 0 1 9 United States notes 347 2 28 316 320 316 Federal Reserve Bank notes 128 1 126 127 140 National Bank notes 61 61 61 63 Total Dec 31 1957 24,525 761 19,269 4,706 31,834 Nov. 30 1957 (5) 24 510 761 19 267 4 392 31,661 Dec 31 1956 23,714 775 18,454 4,529 31,790 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. 148. 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. 5 4 B Le e s c s a u t s h e a n s o $ m 5 e 0 0 o , f 0 0 th 0 e . types of currency shown are held as collateral or a E t a c le h a s F t e d 2 e 5 r a p l e R r e c s e e n r t v e a g B a a i n n k st m it u s s t F m ed a e i r n a t l a i R n e a s e r r e v s e e rv n e o t i e n s g i o n l d a c c t e u rt a i l f ic c a ir te c s u l o a- f reserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the 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

156 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437- 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—June 30. 21,799 5,032 216,563 105,420 90,511 64,917 23,758 1,836 20,632 243,394 223,585 19,807 Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 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 1,700 20,400 246,600 226,400 20,300 Feb. 27. 22,300 5,100 218,100 108,200 89,400 64,800 22,900 1,700 20,600 245,500 225,100 20,500 Mar. 27. 22,300 5,100 219,000 109,600 88,500 63,800 23,100 1,700 20,900 246,400 225,400 20,900 Apr. 24. 22,300 5,100 221,700 110,400 90,200 65,400 23,200 1,600 21,100 249,200 228,200 20,900 May 29. 22,600 100 221,600 110,700 89,600 65,000 23,000 1,600 21,400 249,400 228,200 21,200 June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 1,550 21,402 249,180 227,576 21,605 June 26? 22,600 5,100 222,200 113,000 87,800 63,400 22,900 1,600 21,400 249,900 229,100 20,900 July 31* 22,600 5,100 222,700 112,200 89,000 64,100 23,400 1,500 21,400 250,400 229,300 21,100 Aug. 28* 22,600 5,100 223,200 112,700 88,900 64,000 23,300 1,500 21,600 250,900 229,000 21,900 Sept. 25? 22,600 5,100 223,600 113,400 88,400 63,700 23,200 1,500 21,800 251,300 229,500 21,900 Oct. 30* 22,700 5,100 225,200 113,000 89,700 65,000 23,200 1,500 22,500 253,000 231,100 21,900 Nov. 27* 22,800 5,100 224,800 113,000 89,300 64,400 23,600 1,400 22,400 252,700 231,000 21,700 Dec. 25* 22,800 5,100 228,300 114,800 90,800 65,400 24,000 1,300 22,700 256,200 235,200 21,100 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u n o a e r g l s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A an R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de s b p M a a o v n u s i i k t n t u s g s a 2 s 3 l S S P a y v o s i s t n e ta g m l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u n u d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i c l t d d y s j p m u D o a d s a e d s t e n - e i - - t d d s b r C o s e a i n u n u d c t k r 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 1954—Dec. 31.. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 1"0'6,550 27,852 129,700 102,800 26,900 1955—Dec. 31.. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105,800 27,400 1956—June 30., 3,115 768 5,537 522 213,643 80,615 49,698 29,152 1,765104,744 28,284 134,300 106,700 27,600 Dec. 31., 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647111,391 28,335 134,400 106,700 27,700 1957—Jan. 30., 3,100 800 1,900 600 219,900 82,900 51,200 30,100 1,600 109,500 27,400 134,100 106,500 27,600 Feb. 27., 3,100 800 2,800 300 218,000 83,600 51,800 30,200 1,600 107,000 27,400 134,500 106,900 27,600 Mar. 27., 3,100 800 3,800 500 217,200 84,600 52,600 30,400 1,600 105,200 27,400 134,700 107,000 27,700 Apr. 24., 3,200 800 4,400 300 219,600 84,900 52,900 30,400 1,500107,300 27,400 135,000 107,300 27,700 May 29., 3,200 800 5,300 500 218,400 85,700 53,600 30,600 1,550000 110044,800 27,900 134,600 106,600 28,000 June 6., 3,247 792 3,625 473 219,439 85,715 53,605 30,647 1,463105,706 28,018 (5) June 26* 3,400 800 4,800 500 219,700 86,400 54,000 30,900 I,5"0"0 1"0,5600 27,800 135,200 300 27,900 July 31*, 3,300 800 3,700 500 221,000 86,700 54,400 30,900 1,400 106,600 27,800 136,000 108, 000 28,000 Aug. 28*, 3,200 800 4,400 500 220,000 87,100 54,700 31,000 1,400 105,100 27,800 134,700 106,800 27,900 Sept. 25*, 3,300 800 3,900 600 220,900 87,700 55,100 31,200 1,400 105,500 27,800 133,900 106,200 27,700 Oct. 30* 3,300 800 3,500 500 223,000 88,100 55,500 31,300 1,400107,200 27,800 134,200 106,500 27,700 Nov. 27*, 3,200 800 3,300 400 223,300 87,600 55,000 31,300 1,300107,200 28,500 134,000 105, 900 28,100 Dec. 25* 3,300 800 4,500 300 226,300 88,600 55,500 31,700 1,300108,900 28,800 132,900 104,900 28,000 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24—32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to neartest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 157 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i S v g . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i a t - e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c T a o p t i a ta l l N ba b u o n e m f r ks tions ac- Time counts 3 U. S. Govt. Other All banks: 1939_Dec. 30 50,884 22,165 19,417 9,30: 23,292 77,068 68,242 9,874 32,516 25,85: 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 30,36r 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 314 134,924 43,00: 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,83^ 14,650 1955—Dec. 31 190,780100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76,844 18,11: 14.243 1956—June 30 191,074105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235115,850 79,182 18,811 14,206 Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957—May 29 197,980111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040 114,770 84,500 19,710 14,145 June 6 197,465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14,144 June 26* 198,600113,810 63,360 21,430 42,250 245,050 219,790 14,380 4,490 115,69085,230 19,760 14,138 July 31*.... 198,530112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390 116,690 85,610 20,000 14,135 Aug. 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* 201,450114,000 64,960 22,490 42,590 248,660 222,030 14,710 3,180 117,10087,040 20,450 14,113 Nov. 27* 200,910114,130 64,390 22,390 43,600 249,150 222,380 14,550 3,040118,190 86,600 20,540 14,102 Dec. 25*.... 203,640115,520 65,390 22,730 45,840 254,020 227,480 15,510 4,170120,250 87,550 20,570 14,090 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 Dec. 31 165,123 90,302 58,552 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 3,580115,130 55,420 17,140 13,603 Oct. 30* 167,900 93,000 57,280 17,620 41,790 213,840 190,740 14,710 3,180 117,070 55,780 17,380 13,588 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 Dec. 25* 169,840 94,280 57,850 17,710 44,900 218,810 195,750 15,510 4,170 120,220 55,850 17,490 13,567 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945_Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1955—Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327105,400 39,165 12,783 6,543 1956—June 30 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40.171 13,293 6.499 Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,229922 10066,850 40,909 13,655 6,462 1957—May 29 138,307 78,590 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 June 6 137,808 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 June 26* 138,848 80,529 44,808 13,511 36,660 178,816 160,116 13,704 4,086 98,673 43,653 14,004 6,438 July 31* 138,573 79,621 45,490 13,462 37,137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28* 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25* 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30* 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27* 139,882 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681 100,648 44,366 14,584 6,406 Dec. 25* 142,239 81,229 46,812 14,198 39,604 185,467 165,648 14,743 3,782102,247 44,876 14,623 6,393 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 31* 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1955_Dec. 31 29,898 17,456 8,460 3,982 965 31,274 28,187 28,129 2,812 527 1956—June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 29,152 2,885 527 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. 30* 33,550 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 Dec. 25* 33,800 21,240 7,540 5,020 940 35,210 31,730 31,700 3,080 523 * Preliminary. available. Comparability of figures for classes of banks is affected somel 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

158 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— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v g S t a . . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i t a - e a l s l Total2 b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f r ks tions rities ac- Time counts 3 U. S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1955—Dec. 31 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—June 30 23,270 15,373 6,011 1,885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 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 2,904 18 June 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5,033 688 17,836 2,907 18 June 26* 23,686 16,776 270 1,640 7,384 32,053 27,565 5,158 938 18,722 2,747 2,909 18 July 31* 23,182 16,006 476 1,700 7,470 31,685 26,981 5,233 726 18,320 ,702 3,061 18 Aug. 28* 23,252 16,191 298 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 Dec. 25? 23,776 16,232 5,726 1,818 7,515 32,418 27,176 5,105 810 18,428 2,833 3,131 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 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 Dec. 25* 6,404 3,851 1,996 557 2,016 8,484 7,489 ,192 236 4,719 1,342 685 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 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 17,621 282 June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36,874 17,64f 282 June 26* 53,649 32,168 16,529 4,952 15,150 70,083 62,886 6,138 1,634 37,276 17,838 282 July 31* 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 282 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 Dec. 25* 55,287 32,943 17,251 5,093 16,564 73,243 65,968 6,961 1,569 38,993 18,445 5,357 278 Country member banks: 1939^-Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,85: 1,851 5,966 1941—'Dec. 31 12,518 5,890 4,377 2,250 6,40: 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 10,63: 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 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1957—May 29 55,378 27,333 21,747 6,298 12,026 68,399 62,183 1,215 1,571 37,867 21,530 5,213 6,131 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 304 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 5,328 6,113 Sept. 25* 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 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 Dec. 25* 56,772 28,203 21,839 6,730 13,509 71,322 65,015 1,485 1,167 40,107 22,256 5,450 6,083 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- from noninsured mutual savings to nonmember commercial banks. nounced in November 1947 by the Federal bank supervisory agencies. 5 Less than $5 million. Because preliminary data are rounded to the At^that time a net of 115 noninsured nonmember commercial banks nearest $10 million no amount is shown except on call dates. with total loans and investments of about $110 million was added, and For other notes see preceding and opposite pages. 8 banks with total loans and investments of $34 million were transferred Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 159 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 f d a b t a e nk Total Loans o G U b o l . i v g S t a . . - O s r e i t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t i t d i t a - e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther c c T o a a o p u c i t n - t a t a l s l b N a b u o n e f m k r s tions ac- Time counts 3 U. S. Other Govt. AH insured commercial banks 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,29f 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947—Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 Dec. 31 163,601 89,831 57,837 15,933 48,35' 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947_Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1955—Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,502 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 1,867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 1,918 1955—Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 1,851 1956—June 30 48,973 28,923 15,671 4,379 13,992 64,117 57,563 6,104 1,877 36,781 12,801 5,061 1,832 Dec. 31 50,291 29,924 16,007 4,359 15,900 67,530 60,744 7,012 1,218 39,416 13,098 5,205 1,811 1957—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947—Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,242 2,199 6,677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6,713 Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17.497 9,724 2,336 6,737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,088 27,292 359 378 16,200 10,355 2,469 6,748 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945—Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 314 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1955—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—June 30 1,664 513 785 365 318 2,036 1,646 377 11 932 326 326 470 Dec. 31 1,521 471 714 336 369 1,946 1,562 310 16 936 300 313 444 1957—June 6 1,490 457 669 364 282 1,825 1,448 326 821 294 312 429 All nonmember commercial banks: 1941—Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 176 1956—June 30 25,605 12,114 10,406 3,085 4.909 30,920 27,962 732 426 16,920 9,r 2,636 183 Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2.649 181 1957—June 6 26,733 12.591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 192 1947_Dec. 31 12,683 3,560 8,165 958 675 13,499 12,207 12,192 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—June 30 23,168 14,514 5,636 3,018 739 24,271 21,959 21,930 2,061 220 Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 23,549 2,240 234 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 8,738 1,077 496 1945—Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 3H 5,957 1,384 813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,898 4,125 2,661 1,112 178 8,150 7,225 7,222 824 307 Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total: C c o m m c p p k i l i o p i n u n a e e a e a e m g d - r - r r t l n - - , - - A c tu g u a r r l l - - i- b p o d a L e T e r s r u e n o r e r o o r a s s d c c k a c l a u - - n h r r s a r i y t o s T e i f i i t e o r n n h o s s r g g - l R o t e a a e s t n - a e l s O l v u o i d t t i a a n h o i d l - n - e s - s r O lo t a h n e s r Total Total U. B S ill . s G C o o d c n e v e f a e e r e d t b t i s e r i - n t s f n D s - i - m - ir e e N n c o t t te o s blig B a o t n io d n s s G t u a e n a e - d r- S p O s t d s a i i i t g o u c i o o o a b n v a l b a t n f n l i d - i e - l i t s - s - - s O s ri e t t h c ie e u s r - All commercial banks: 3 1947_Dec. 31... 116,28438,05718,167 1,660 830 1,220 9,393 5,7231,063 78,22669,2212,193 7,789 6,034 5t3,191 5,,276 3,729 1955—Dec. 31... 160,88182,60133,245 4,475 3,263 1,774 20,809 17,1853,117 78,28061,5"9"2 4,219 2,318 14,034 4"1,;010 12,,698 3,990 1956—Dec. 31... 165,12390,30238,720 4,161 2,589 1,691 22,509 18,850 3 343 74,82158,552 5,924 1,997 11,8 ,796 12,9013,368 1957_June 6... 164,51591,02839,020 4,077 2,274 1,634 22,530 19,508 3 48756,642 4,761 3,6-6-5 10.,0 70 38,,137 13,314 3-,531 Oct. 11*.. 167,53093,14040,010 4,030 2,450 20,090 3 660 74,39057,210 4,860 4,—670 10,060 37,610 13,,700 3,470 All insured commercial banks: 1941_Dec. 31..., 49,29021,259 9,214 1,450 614 662 4,773 4,545 28,03121,046 988 3,159 112,797 4,102 3,6513,333 1945_Dec. 31..., 121,80925,765 9,461 11 ,3"14 3,164 3,606 4,677 2,361 ,18196,04388,912 ,45519,07116,045 5i1,321 22 3,873",258 1947_Dec. 31..., 114,27437,58318,0121, 8231,190 9,266 5,654 028 76,69167,9412,124 7,5..5_2 5,,9.1 8 5522',,334 14 5,129 3,621 1955—Dec. 31... 159,16482,08133,092 4,396 3,2291,74220,69217,1043,09177,08360,7-6"5 4,105 2,229922 13,856 40,502 1012,4653,853 1956—Dec. 31... 163,60189,83138,571 4,101 2,565I,'669 22,39418,7653,3"2"5 7""3,77057, ,763 1,981 ,358 1312,6753,258 1957—June 6..., 163,02590,57138,870 4,027 2,2511,613 22,42719,4213,599 72,45455,973 4,658 3,610 967 37,730 13,,0"9"5 3-,386 Member banks, total: 1941—Dec. 31..., 43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,,871 1945—Dec. 31..., 107,18322,775 8,949 8553,133 3,378 3,455 1,900 104 84,40878,3382,275 16,98514,27144,792 16 3,254 2,815 1947_Dec. 31..., 97,84632,62816,962 ,046 8111,065 7,130 4,662 952 65,21857,9141,987 5,816 4,815 4455,286 10 ,105 1955—Dec. 31..., 135,36070,98231,019 2i726 3,1501,560 16,39114,313 2,943 64,37750, —",250 1,73811,50834,192 910,444 3,236 1956—Dec. 31..., 138,76878,03436,296 2 ,4782,44"71,473 17,81115,765 3,147 60,73447, ,383 1,469 9,49332,218 1210,494 2,665 1957—June 6..., 137,80878,44836,500 2,4532,1321|416 17,76816,229 3,399 59,36045,829 3,439 2,798 7,952 3311,632 10,768 2,763 Oct. 11..., 140,33880,30837,,504 2,4112,2721,370 18,10316,682 3,432 60,03046,2413,377 3,517 8,05531,285 11,086 2,703 New York City:* 1931—Dec. 31..., 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 ,679 729 830 1945—Dec. 31..., 26,143 7,334 3,044 , 2,4531,172 80 287 29818,80917,574 477 3,433 3,32510,337 606 629 1947_Dec. 31... 20,393 7,179 5,361 545 267 111 564 33013,21411,972 ,002 640 558 9,771 638 604 1955—Dec. 31..., 23,58314,640 9,126 17 2,144 511 577 1,506 ,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—Dec. 31..., 23,80915,98711,266 1 1,409 402 617 1,558 ,049 7,822 6,057 724 194 976 4,160 1,406 358 1957—June 6..., 23,29315,89511,344 11,152 389 567 1,516 ,245 7,398 5,738 685 219 781 4,052 1,311 349 Oct. 11..., 23,27716,06711,717 1,115 361 591 1,5131,085 7,210 5,420 321 163 1,046 3,889 1,447 342 Chicago:* 1941_Dec. 31..., 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945_Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 ,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1955—Dec. 31..., 6,542 3,342 2,390 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—Dec. 31..., 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957_June 6..., 6,266 3,789 2,859 172 96 135 430 184 2,477 1,884 75 74 223 1,513 460 133 Oct. 11..., 6,298 3,897 2,981 164 98 141 423 182 2,402 1,869 36 72 278 1,483 396 137 Reserve city banks, 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 512 ,243 6,467 295 751 4,243 ,173 956 820 1945_Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 855 404 31,59429,552 ,034 6,982 5,65315,878 1,126 916 1947_Dec. 31..., 36,04013,449 7,088 225 170 484 3,147 1,969 366 22,59120,196 373 2,358 1,90115,560 1,342 1,053 1955—Dec. 31..., 52,45928,62213,212 566 542 696 6,962 5,9161,180 23,83718,826 813 657 4,70812,643 3,778 ,233 1956—Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,5121,289 22,13217,368 ,185 441 3,74211,995 3,820 944 1957—June 6.... 53,13731,43514,919 495 496 672 7,481 6,630 ,300 21,70216,797 758 1,179 3,03811,819 3,"""1,017 Oct. 11.... 54,19832,36415,378 502 610 659 7,533 6,801 ,447 21,83416,893 752 1,322 3,03911,778 3,980 961 Country banks: 1941_Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 ,028 1945_Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 9| 1,342 ,067 1947—Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 ,12522,857 480 2,583 2,10817,681 2,006 ,262 1955—Dec. 31.... 52,77524,379 6,2902,127 189 255 8,723 6,575 573 28,39722,570 ,774 913 5,05614,825 4,581 ,246 1956—Dec. 31.... 54,57126,491 7,080 1,972 334 261 9,407 7,256 28,08022,0372,362 792 4,45814,420 4,827 ,215 1957_jUne 6.... 55,11227,330 7,3781,949 312 259 9,586 7,653 669 27,78221,409 1',920 1,326 3,910 1144,248 5,109 ,265 Oct. 11.... 56,56527,980 7,427 1,902 382 252 9,838 7,945 718 28,58522,058 2:,268 1,960 3,691 14,135 5,263 ,263 Nonmember commercial banks:3 1947_Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 ,973 1,219 7,916j 4 1,078 625 1955—Dec. 31.... 25,54611,628 2,226 ,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829! 2 2,255 755 1956—Dec. 31.... 26,38112,279 2,424 ,683 143 218 4,708 3,085 196 14,10210,9891,541 528 2,330 6,588 II 2,409 704 1957—June 6.... 26,73312,591 2,519 1,625 143 219 4,773 3,278 224 14,14110,8251,323 867 2,119 6,515 lj 2,548 769 e Estimated. banks is affected somewhat by changes in Federal Reserve membership, 1 All commercial banks in the United States. These figures exclude insurance status, and the reserve classifications of cities and individual d o a n t e a in fo r t h b e a n V k i s rg i i n n I U s . l a S n . d s p o t s h s a e t s s b io ec n a s m e e x c m ep e t m f b o e r rs o n o e n b A an p k r. i 1 n 5 A , 1 la 9 s 5 k 4 a , a a n n d d ban 2 k B s e , g a i n n d n in b g y m Ju e n rg e er 3 s 0 , , et 1 c 9 . 48, 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 161 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits 1\.C- Bal- De- Cla c s a s l a l o n f d d a b t a e nk F B s s w e e R e a r d r i n e v t e v - k h e r e s a s l C va i a n u s l h t b m a a w d n n e i o c s t k - e t h s i s c 5 j p u m s o d a a t d s e e n i - - d t d s 6 m D e I s o n d t - t e i e c p r ^ o b s a i F n t e s i k o g r n - G U o .S vt . . p v s S o u i a t s l a b i n i t o t d i d e c n i s a - s l c C c h o a f e e e i f t e n e r f r c c i d d s t . - k i ' - s, p a v n s a p i I t d h r i d n o o u t i d r p n n c a a i e s o s - l - , r s r , - - I b n a t n er k - p G U S i a o n o a n . s g v S t v d a s t - . . l v S s p i a u t i s o c a n i b a l o t i d d e l n t- s i s -a p v n s p a t i I h d i r d o n o t i u r d p n n c a a i o e s s - - l r , r s - - , r i B n o o g w r s - - c C o a t u a a c p n - l i t - s All commercial banks:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—June 6.... 18,500 2,737 9,761 105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,8931,44616,837 Oct. llc... 19,200 2,500 10,800106,370 11,910 1,820 3,980 9,760 2,570 104,340 1,470 330 2,730 52,5701,79017,300 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 [,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—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 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 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 13712,783 1956—Dec. 31.... 18,707 2,487 8,124 93,320 13,818 1,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 1,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,374 14,058 Oct. 11.... 19,203 1,889 6,586 89,101 11,450 ,760 3,575 7,634 2,366 89,136 1,277 292 2,128 42,253 1,759 14,467 New York City:* 1941 Dec 31 5 105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945_Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2^120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 [,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—Dec. 31.... 4,375 161 99 15,974 3,622 ,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957_June 6.... 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Oct. 11.... 4,361 116 39 14,892 2,777 1,444 878 266 862 16,341 931 32 75 2,656 683 3,063 Chicago:* 1941_Dec. 31 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947_Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1955—Dec. 31.... 1,135 32 141 4,349 1,246 40 222 299 85 4,781 11 6 8 1,313 3 628 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957_june 6.... 1,089 28 95 4,087 1,133 35 97 459 80 4,152 16 4 10 1,298 101 665 Oct. 11.... 1,141 29 96 3,905 1,186 39 183 350 67 4,164 14 3 10 1,297 205 676 Reserve city banks: 1941_Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 2,844 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—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 Oct. 11 7,997 580 1,862 32,473 6,113 259 1,297 2,570 668 34,381 311 119 1,086 16,988 743 5,285 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—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 Oct. 11.... 5,704 1,164 4,589 37,830 1,374 17 1,217 4,448 769 34,249 21 138 956 21,312 129 5,443 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—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 * 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

162 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Loans 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 m u n a s a v e n t d e n e d - s t d t s - 1 j L us o a t d a e - n d s * C i m n t a c r o d n i e i a m u a d r l l s - - - A t c u u g r l r 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 s d . r e o O a c k t s l u t i e e e h e r r - r s i e s s - r U l j t T o i i o g . o b o S v a - n . t - s o . t O h c t s e u t i e h e r r - s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d i t b s i n e r - - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s Total— Leading Cities 1957 Jan 87,531 86,243 52,35330,167 451 1,794 1,193 8,820 0,93726,4601,935 692 5,149 18,684 7,430 1,288 89,316 88,060 54,25431,609 435 2,015 1,114 8,77111,39025,953 ,411 1,726 4,823 17,993 7,853 1,256 Dec 1958 8,318 86,867 52,96930,689 437 1,829 1,113 8,74911,28425,9541,472 1,761 4,711 18,010 7,944 1,451 Jan 1957 88,483 86,858 53,49631,136 437 1,756 1,094 8,76111,37925,619 ,042 1,697 4,865 18,015 7,743 1,625 Dec. 4 88,705 87,390 53,908 3311,385 434 1,915 1,105 8,77911,36025,630 1,124 1,726 4,820 17,960 7,852 1,315 Dec. 11 90,028 88,578 54,68931,872 433 2,190 1,106 8,78011,37426,010 ,470 1,730 4,824 17,986 7,879 1,450 Dec. 18 89,671 88,487 54,51831,853 435 2,022 1,114 8,77211,39026,087 ,533 1,725 4,829 18,000 7,882 1,184 Dec. 25 89,693 88,987 54,658 "3,1801 436 2,190 1,154 8,76111,44826,423 ,888 1,752 4,776 18,007 7,906 706 Dec. 313 1958 89,094 87,744 53,74831,212 439 2,022 1,108 8,75011,349 26,0871,581 1,734 4,786 17,986 7,909 1,350 88,391 87,018 53,21130,925 436 1,815 1,105 8,74711,31625,9451,485 1,714 4,711 18,035 7,862 1,373 Jan. 8 88,146 86,521 52,67330,419 438 1,833 1,116 8,75311,2"4-7 "2"5,8611,389 1,796 4,682 17,994 7,987 1,625 Jan. 15 87,644 86,187 52,24530,201 437 1,645 1,125 8,74411,226 25,9231,431 1,799 4,665 18,028 8,019 1,457 Jan. 22 Jan. 29 New York City 23,373 22,575 15,059 1,107 121 985 380 595 2,168 5,76: 616 19: 915 4,039 1,754 798 1957 23,634 22,976 15,583 1,713 377 807 347 554 2,084 5,591 474 227 1,063 3,827 1,802 658 Jan Dec 23,142 22,424 14,90911,276 272 717 35 342 540 2,077 5,598 490 249 992 3,867 1,917 718 1958 23,385 22,378 15,21711,506 266 764 342 558 2,079 5,434 307 211 1,084 3,832 1,727 ,007 Jan 23,438 22,859 15,53811,692 408 753 343 564 2,077 5,499 386 239 1,047 3,827 1,822 579 23,903 23,283 15,816 1111,874 449 814 348 555 2,072 5,649 524 251 1,062 3,812 1,818 620 1957 23,691 23,064 15,65411,794 384 783 346 546 2,092 5,603 498 216 1,066 3,823 1,807 627 23,755 23,297 15,69111,699 377 919 359 548 2,101 5,770 654 220 1,058 3,838 1,836 458 Dec. 4 Dec. 11 Dec. 18 D D e ec c . . 2 3 5 13 2 2 3 3, , 3 1 2 4 1 8 2 2 2 2 , , 3 7 9 3 6 6 1 1 5 4 , , 2 9 3 4 9 8 1 11 1 , , 3 4 6 5 6 0 4 24 1 3 0 7 7 0 3 8 2 3 3 3 4 6 2 5 5 4 3 5 7 2 2 , , 0 0 8 7 1 0 5 5, , 5 6 9 3 3 0 5 5 2 1 3 7 2 2 1 3 5 5 1, 9 07 70 3 3 3, , 8 7 9 9 1 9 1 1 , , 8 8 6 5 7 5 5 7 8 5 5 2 1958 22,984 22,281 14,72911,131 217 741 344 539 2,071 5,586 456 273 968 3,889 1,966 703 Jan. 8 23,117 22,284 14,72111,160 216 686 347 537 2,088 5,584 464 274 955 3,891 1,979 833 Jan. 15 Jan. 22 Jan. 29 Outside New York City 1957 Jan 64,158 63,668 37,294 19,060 450 688 795 8,225 8,769 20,6981,319 500 4,234 14,645 5,676 490 65,682 65,084 38,67119,896 434 831 740 8,217 9,306 20,36: 937 1,499 3,760 14,166 6,051 598 Dec 1958 65,176 64,443 38,06019,413 436 840 736 8,209 9,20720,356 98: 1,512 3,719 14,143 6,027 733 Jan 1957 65,098 64,480 38,27919,630 436 726 729 ,203 9,30020,185 735 ,486 3,781 14,183 6,016 618 Dec. 4 65,267 64,531 38,37019,693 433 754 740 ,215 9,28320,131 738 ,487 3,773 14,133 6,030 736 Dec. 11 66,125 65,295 38,87319,998 432 927 733 ,225 9,30220,361 946 ,479 3,762 14,174 6,061 830 Dec. 18 65,980 65,423 38,864 2200,059 434 855 738 ,226 9,29820,484 ,035 ,509 3,763 14,177 6,075 557 Dec. 25 65,938 65,690 38,96720,102 435 894 757 ,213 9,34720,653 ,234 ,532 3,718 14,169 6,070 248 Dec. 313 1958 Jan. 8 65,773 65,008 38,50919,76! 438 737 ,205 9,26820,4571,058 1,499 3,713 14,18 6,04: 765 Jan. 15 65,243 64,622 38,26319,559 435 864 731 ,210 9,24620,352 968 1,499 3,741 14,144 6,007 621 Jan. 22 65,162 64,240 37,94419,288 437 875 735 ,21 9,17620,275 933 1,523 3,714 14,105 6,021 922 Jan. 29 64,527 63,903 37,52- 19,041 436 743 740 ,207 9,13820,339 967 1,525 3,710 14,137 6,040 624 1 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 163 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] D e e x m ce a p n t d i n d t e e p rb o a s n it k s, e T xc im ep e t d in e t p e o r s b i a ts n , k In d t e e p r o b s a i n ts k Borrowings Month or date s B F w e R . a r i v e n t R h e - k s . s v C a i a n u s l h t b m a w B a d n e n a i c o s t l e k - h t - s i s c j m p u D o a d s a t s d e e n e i - - - t d d s 1 s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u c i a o n v l a b t n i d i e l t - - s - s c C h c o a f e e e e i f n t e c f r r c d i t d k s . - i ' s - , G U o . v S t . . s p I p u n c v h a n o a a o e i n i d r d r l p r r d a s t i - - - s - - , - , S p s d s a i t i o u i c a o n v l a b t n i d i e l t - - s - s G P U S i a n o o . a n g s v v d S t s - t a . . l m D t D i e o c s - e - man F e d i o g r n - Time F B F r . a o n R m k . s F o r th o e m rs c C o i a t u a c a p n - l - ts tions tions Total— Leading Cities 1957 Jan 13,604 1,048 2,619 58,057 60,914 4,136 2,007 1,037 20,094 936 18311,157 1,613 1,244 296 822 9,036 13,693 1,126 2,617 56,36159,925 4,013 2,304 2,276 21,692 1,133 16711,093 1,662 1,214 510 662 9,608 Dec 1958 13,658 1,036 2,488 56,39458,954 4,115 2,080 1,028 21,990 1,198 13410,882 1,587 1,359 291 819 9,651 Jan 1957 13,421 1,038 2,329 55,389!58,063 3,981 2,248 2,332 21,507 ,086 16710,493 1,610 1,218 380 1,097 9,606 Dec. 4 13,734 1,170 2,346 56,710 5599;,833 3,825 2,161 1,418 21,619 ,101 16810,559 1,652 1,220 784 709 9,584 Dec. 11 13,834 1,181 2,617 56,,i65160,040 3,917 2,513 2,374 21,622 ,134 16711,259 1,670 1,211 694 828 9,597 Dec. 18 13,807 1,112 ,599 56,16959,800 4,013 2,088 2,800 21,762 ,168 16610,851 1,683 1,207 671 676 9,616 Dec. 25 13,670 1,131 3;i93 56;887 61,887 4,331 2,510 2,458 21,951 ,175 16712,305 1,693 1,213 22 9,635 Dec. 312 1958 Jan. 8 13,758 1,077 2,420 56,356 58,647 4,119 2,049 364 21,907 1,183 13711,311 1,677 1,221 619 754 9,649 Jan. 15 13,635 1,028 2,63356,532 60,399 4,064 2,077 844 21,961 1,192 13411,465 1,584 1,345 128 697 9,644 Jan. 22 13,782 1,011 2,417 5"6', 555566 5588,845 4,099 2,381 855 22,029 1,201 13410,501 1,554 1,360 298 1,043 9,634 13,458 1,031 2,480 56 134 57,924 4,176 1,816 048 22,062 1,216 13710,252 1,533 1,508 118 782 9,675 Jan. 29 New York City 1957 4,177 150 16,17817,739 287 985 291 2,314 3,100 1,291 950 3 345 2,845 Jan 4,396 180 15,60517,467 264 1,165 718 2,674 3,000 1,360 903 118 366 3,101 Dec 1958 4,377 149 5215,45816,989 267 1,102 295 2,743 65 24 2,974 1,282 1,011 49 447 3,114 Jan 1957 4,248 166 15,33916,878 263 1,188 882 2,600 2,848 1,314 910 472 3,100 4,514 202 15,88317,432 259 1,112 465 2,681 2,801 1,362 910 227 343 3,093 Dec. 4 4,458 196 15,57517,458 246 1,256 691 2,646 3,057 1,376 901 190 615 3,097 Dec. 11 4,206 174 15,38617,149 274 997 817 2,690 2,817 1,372 898 175 402 3,102 Dec. 18 4,556 160 15,84218,420 279 1,269 734 2,752 3,479 1,375 897 3,111 Dec. 25 Dec. 312 1958 Jan. 8 4,496 164 15,55516,940 269 1,012 418 2,727 3,003 1,359 904 170 430 3,110 Jan. 15 4,222 144 15,39317,246 263 1,055 268 2,710 3,108 1,278 996 360 3,111 Jan. 22 4,549 145 15,46216,864 293 1,408 229 2,755 2,847 1,254 1,009 27 688 3,114 Jan. 29 4,241 145 15,42516,905 246 934 265 2,780 2,938 1,238 1,133 308 3,122 Outside New York City 1957 Jan 9,427 898 2,558 41,879 43,175 3,849 1,022 746 17,780 887 148 8,057 322 294 293 477 6,191 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 Dec 1958 9,281 2,436 40,936 41,965 3,848 978 73319,247 1,133 110 7,908 305 348 242 372 6,537 Jan 1957 9,173 87: 2,251 40,.050 41,185 3,718 1,060 1,45018,907 1,016 144 7,645 296 308 380 625 6,506 Dec. 4 9,220 968 2,299 4"0,,882277 4422,401 3,566 1,049 95318,938 1,032 144 7,758 290 310 557 366 6,491 Dec. 11 9,376 985 2,567 41076 42,582 3,671 1,257 1,68318,976 1,056 143 8,202 294 310 504 213 6,500 Dec. 18 9,601 938 2,545 40783 42,651 3,739 1,091 1,98319,072 1,100 142 8,034 311 309 496 274 6,514 Dec. 25 9,114 971 3,120 41045 43,467 4,052 1,241 1,72419,199 1,114 143 8,826 318 316 22 6,524 Dec. 312 1958 Jan. 8 9,26: 913 2,363 40,,80141,707 3,850 1,037 94619,180 1,121 113 8,308 318 317 449 324 6,539 Jan. 15 9,413 884 2,580 41,139 43,153 3,801 1,022 57619,251 1,129 110 8,357 306 349 128 337 6,533 Jan. 22 9,233 866 2,365 094 41,981 3,806 973 62619,274 1,138 111 7,654 300 351 271 355 6,520 Jan. 29 9,217 886 2,435 709 41,019 3,930 882 78319,282 1,142 113 7,314 295 375 118 474 6,553 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. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 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 Periods t l o F i b q a o a n u o c d o d c r , o , T a l p e e a p a x n t a t h i d r l e e e r l s , , M m p u a r c e e n o t t t s d a d a 3 l - l s ch P l c e e a e o m u n t a r m d i l o c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o i u 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 a e i n p n a n n e d o l g g k d l ' r e l l t y — rubber banks • 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—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 1958—Jan. -227 25 -44 -22 -28 -207 -10 -571 -81 -24 -130 -1,319 -1,600 Week ending: 1957—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 -1 30 84 86 Nov. 20 39 -4 6 16 -6 -2 14 -36 -25 -32 -31 -34 Nov. 27 -17 -21 -65 15 -15 7 3 -84 27 -4 -50 -204 -260 Dec. 4 20 -10 35 10 -4 -3 -13 37 -14 -16 34 77 43 Dec. 11 30 3 18 26 -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 1 -20 -82 17 68 23 -9 10 -12 -19 Dec. 3H -118 -20 -42 37 -16 -105 -5 97 92 -7 58 -30 -52 1958—Jan. 8 -57 -1 -24 -27 -1 -59 32 -239 -10 -13 -58 -456 -589 Jan. 15 -58 16 20 11 5 -45 -13 -97 -22 1 -57 -240 -287 Jan. 22 -67 2 -28 -5 -7 -52 -88 -123 -35 -7 -26 -440 -506 Jan. 29 -45 13 -12 -1 -25 -52 59 -113 -13 -5 10 -183 -218 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 about 95 per cent of total commercial loans. and industrial loans of all weekly reporting member banks and about 5 Includes increase of $318 million resulting from errors disclosed 75 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 Placed Banks Im- Ex- shipped between Total th P r la o c u e g d h dir l e y ct- Oth- p i o n r to ts p fr o o r m ts Do ex ll - ar points in: dealers^ ( p fi a n p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1951 1,331 449 882 490 197 119 79 21 272 235 133 23 55 44 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957 Jan 2,575 548 2,027 1,012 230 156 74 30 62 689 291 363 2 197 158 Feb 2,714 555 2,159 992 202 133 69 24 58 708 307 389 2 127 167 Mar 2,650 489 2,161 1,019 209 150 59 23 58 728 305 425 2 116 171 Apr 2,485 466 2,019 1,018 195 135 60 24 64 735 272 471 4 89 182 May 2,775 483 2,292 984 188 142 46 21 63 713 227 501 5 73 177 June . 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 July 2,781 459 2,322 1,000 154 112 42 19 70 757 231 507 35 59 169 AUE 2,835 501 2,334 1,227 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 Oct 2,654 516 2,138 1,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 1,224 221 151 70 20 67 916 268 459 64 222 211 Dec . . .. 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 165 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 - a o e r o t r p i n m o m c e t i e h - r e a , - s l 1 3 p d n p c - p l i a a o a r l a t y p n e m o c n , c e e c y t - 6 r d e - - a a P b d c n e a r a c 9 r i c n e y 0 m s e p k s ' s i t e - . - M 3 k -m a et r o - n s t e o h c R n u b r a n i i t e l t e l w i s es ( 9 i m t s - a s t o x o u n a e 1 t b s h 2 3 le - ) 2 3 is - y s t e u o a e r 5 s4 - 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 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 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: 1957_Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 1957—Mar 4.38 5.38 4.94 4.59 4.21 Feb 3.63 3.38 3.38 3.11 3.165 3.23 3.33 June 4.40 5.37 4.94 4.61 4.23 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 Sept 4.83 5.67 5.29 5.01 4.69 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 Dec 4.85 5.66 5.29 5.01 4.71 May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 New York City: June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 1957—Mar 4.23 5.26 4.92 4.47 4.11 July 3.88 3.63 3.38 3.16 3.165 3.71 3.89 June 4.23 5.24 4.86 4.49 4.12 Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 Sept 4.69 5.54 5.24 4.93 4.60 Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 Dec 4.71 5.50 5.23 4.94 4.62 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 7 Northern & Eastern Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 cities: Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 1957—Mar 4.40 5.41 4.91 4.61 4.26 June 4.39 5.39 4.94 4.61 4.25 1958—Jan 3.49 3.23 3.06 2.44 2.598 2.56 2.77 Sept 4.85 5.69 5.31 5.01 4.73 Dec 4.86 5.67 5.33 5.02 4.74 Week ending: 11 Southern & Western Jan. 4... 3.75 3.50 3.34 2.77 2.752 2.84 2.84 cities: Jan. 11... 3.68 3.43 3.25 2.75 2.858 2.73 2.79 1957—Mar 4.60 5.42 4.96 4.64 4.35 Jan. 18... 3.55 3.38 3.13 2.57 2.591 2.59 2.74 June 4.65 5.42 4.99 4.70 4.43 Jan. 25... 3.40 3.13 2.98 2.37 2.587 2.52 2.77 Sept 5.01 5.72 5.31 5.05 4.81 Feb. 1... 3.23 2.90 2.78 1.92 2.202 2.29 2.78 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. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] <Corporate bonds- 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 l r o m 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 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 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 3.63 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 4.17 Sept 3.66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4.45 4.79 4.31 8.00 Oct 3 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 r4.31 3.81 5.03 4.11 4.53 r4.29 4.49 4.64 8.56 1958_Jan 3.24 3.17 2.75 3.81 4.06 3.60 4.83 3.91 4.30 3.99 4.36 4.48 Week ending Jan 4 3 22 3.28 2.86 3.92 4.17 3.68 4.96 4.00 4.37 4.15 4.44 4.66 Jan 11 3.20 3.26 2.86 3.88 4.13 3.65 4.92 3.96 4.33 4.08 4.41 4.51 Jan. 18 3.21 3.12 2.68 3.77 4.07 3.61 4.84 3.91 4.31 3.99 4.38 4.51 Jan 25 3 27 3.08 2.65 3.73 4.02 3.57 4.77 3.87 4.26 3.93 4.33 4.48 Feb 1 3.28 3.12 2.68 3.76 4.00 3.56 4.72 3.84 4.29 3.89 4.32 4.40 r Revised. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period, 8 median yields in a sample of noncallable issues—12 industrial and 2 except for annual averages. public utility. For common stocks, the earnings /price ratio is now com- 2 Series is based on bonds maturing or callable in 10 years or more. puted for the 500 stocks in the price index, but figures prior to June 1957 3 Moody's Investors Service. State and local govt. bonds include gen- are based on the 90 stocks formerly included in the daily price index. eral obligations only. The dividend /price ratio has not yet been converted to the broader base. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trad- Yea o r r , w m e o ek nth, t ( G U e l r o o . m n v S g ) t . . - 2 g n ( r i h M c a i i d g u p e h - a ) - l - g ( C r h r p a a i o o d g t r e - e h - ) - 3 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M al anu r D f a a b u c l - t e urin N ra g d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f a n c n i r - d e v c d e e - , , M in i g n- s s t h i h a n ( a o o n i g r n f d u e 4 s s - ) Number of issues. 4-5 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1955 average. 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average. 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 92.05 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1957—Jan... 92.04 108.6 102.8 45.43 48.43 31.36 32.32 338 429 406 451 310 157 285 371 2,189 Feb... 93.74 110.9 104.3 43.47 46.10 29.59 32.29 325 409 386 431 292 157 278 346 1,978 Mar.. 93.28 110.0 104.5 44.03 46.86 29.37 32.45 328 415 388 440 288 159 280 344 1,698 Apr.., 92.45 109.8 104.3 45.05 48.06 29.78 33.03 339 431 404 455 291 160 281 352 2,300 May., 91.33 106.9 103.2 46.78 50.10 30.42 34.03 352 450 419 480 297 163 286 380 2,389 June., 89.22 103.5 101.1 47.55 51.30 30.11 33.35 355 457 421 489 293 160 283 390 2,224 July.. 89.07 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 Aug.. 88.65 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Sept.. 89.24 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct... 91.87 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Nov.. 94.25 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Dec... 100.73 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 1958—Jan. 102.66 110.0 105,9 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Week ending: Jan. 4. 102.88 108.1 104.8 40.19 43.07 21.45 32.23 303 380 346 412 225 156 263 271 3,267 Jan. 11. 103.07 108.5 105.2 40.76 43.66 22.16 32.63 299 374 340 406 220 156 264 263 2,231 Jan. 18. 103.14 109.7 106.0 40.86 43.69 22.37 33.24 305 381 347 413 235 158 270 273 2,420 Jan. 25. 102.29 110.8 106.2 41.38 44.23 23.02 33.67 309 386 350 419 234 160 274 276 2,324 Feb. 1. 102.00 110.8 106.3 41.70 44.53 23.48 34.03 308 386 350 418 238 160 276 278 2,151 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Average prices of bonds maturing or callable in 10 years or more; and Poor's common stock indexes, and volume of trading are averages averages for 1955 and 1956 not yet available. of daily figures; for (2) municipal and corporate bond prices are based 3 Prices derived from average yields, as computed by Standard and on Wednesday closing prices; and for (3) the Securities and Exchange Poor's Corporation, on basis of a 4 per cent, 20-year bond. Commission series on common stock prices are based on weekly closing 4 Average daily volume of trading in stocks on the New York Stock prices. Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s m da o y n o th f o m r o l n a t s h t o s t T e h c e o u r t r a i t t h i l e - a s n N N ew et Y d o e r b k it f S i b r t m a o l c s a k 1 n c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e r a y o l i e n th r g s e ) r s s e f o c ( u r t r h p i a t u i n e r s - 2 Money borrowed Cus n t e o t mer U. S. Govt. free ob ( c c li o o g l l a . . t 3 5 i 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 cu O th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 780 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.. 902 29 2,761 41 1,141 42 1,964 866 Feb. ,846 35 2,729 31 1,117 53 2,004 828 Mar. ,832 28 2,713 27 1,119 47 1,958 820 Apr. ,938 28 2,792 28 1,146 53 2,051 807 May ,924 39 2,794 26 1,130 52 2,063 817 June ,031 31 2,887 25 1,144 52 2,104 820 July. ,004 32 2,885 23 1,119 59 2,079 829 Aug. ,929 30 2,833 24 1,096 58 2,035 816 Sept. ,882 35 2,789 21 1,093 63 2,046 838 Oct.. ,643 39 2,568 31 1,075 72 1,708 879 Nov. ,577 42 2,517 33 1,060 56 1,641 876 Dec. ,576 68 2,482 60 1,094 1 1,706 896 1958—Jan.. 3,554 126 2,487 58 1,067 188 1,552 936 c Corrected 2 Figures are for last Wednesday of month for weekly reporting member 1 Ledger balances of member firms of the New York Stock Exchange banks, which account for about 70 per cent of all loans for this purpose. carrying margin accounts, as reported to the Exchange. Customers' debit Column 5 includes some loans for purchasing or carrying U. S. Govt. and free credit balances exclude balances maintained with the reporting securities (such loans are reported separately only by New York and firm by other member firms of national securities exchanges and balances Chicago banks). On June 30, 1956, reporting banks outside New York of the reporting firm and of general partners of the reporting firm. Bal- and Chicago held $51 million of such loans. On the same date insured ances are net for each customer—i. e., all accounts of one customer are commercial banks not reporting weekly held loans of $28 million for consolidated. Money borrowed includes borrowings from banks and purchasing and carrying U. S. Govt. securities and of $384 million for from other lenders except member firms of national securities exchanges. other securities. Noninsured banks had $33 million of such loans, Data are as of the end of the month, except money borrowed, which is as probably mostly for purchasing or carrying other securities. •of the last Wednesday of the month beginning June 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 167 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date T as o s t e a t l s United State and M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s Total States (U o . c a S l .) Foreign Total Bonds Stocks 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 1950 64,020 16,118 13,459 1,152 1,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 End of month:4 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957_ F ja e n b 9 9 6 6 , , 3 7 1 3 6 8 1 1 1 1 , , 0 0 6 3 8 8 7 7 , , 5 5 8 4 8 4 2 2 , , 2 2 4 4 4 4 1 1 , , 2 2 3 5 6 0 4 41 1 , , 3 1 6 7 5 7 3 3 8 8 , , 2 4 5 3 6 2 2 2 , , 9 9 2 3 1 3 3 3 3 3 , , 2 4 7 7 9 9 2 2 , , 8 8 4 6 1 5 3 3, , 5 5 4 2 7 3 4 4 , , 4 4 2 4 8 4 Mar 97,074 10,926 7,427 2,251 1,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 Apr 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 May 97,868 10,895 7,340 290 1,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 290 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 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U.S. Borrowings Reserves Total 2 g M ag o e rt s - 3 o G t b i l o o i n v g s t a . - Cash Other 4 S c a a v p i i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 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 1957 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1956—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 M^ay . . .. 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 I 705 2,787 41,072 1,141 117 Dec 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 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

168 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 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 *845 Farmers Home Administration 535 539 596 648 701 681 764 3778 769 724 823 Rural Electrification Administration. 1,543 1,742 1,920 2,096 2,226 2,348 2,379 2,413 2,450 2,488 2,544 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 3,114 2,319 2,671 2,349 2,626 Other agencies 52 40 31 23 18 1 (5) (5) (5) (5) (5) To aid home owners, total 1,528 2,142 2,603 2,930 2,907 3,205 3,230 3,299 3,391 3,680 4,076 Federal National Mortgage Association. 1,347 1,850 2,242 2,462 2,461 2,641 2,683 2,729 2,807 3,072 3,433 V O e th te e r r a n ag s e A nc d i m es inistration > 181 292 362 r I 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 58 53 1 58 55 60 57 54 All other purposes, total 63 75 119 166 256 156 176 193 213 240 Housing and Home Finance Agency. 5 29 127 209 108 122 137 156 184 Other agencies , '"63 69 90 39 47 48 55 56 57 56 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -263 3-5P2 -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 7/9 3,720 3,739 3,923 Federal home loan banks 199 249 311 387 641 745 1,082 1083 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 1810 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 5,355 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities* 266 257 223 219 197 179 252 253 283 284 344 Inventories, total 1,11 A 1,461 1,280 2,515 3,852 4,356 4,119 20,231 20,949 21,375 21,303 Commodity Credit Corporation.. 1,638 1,174 987 2,087 3,302 3,747 3,536 3,897 3,323 3,651 3,362 Defense Department 9,827 9,814 10,994 11,004 11,094 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 136 288 203 428 550 609 5 1 6 8 7 8 6,3 1 3 8 2 8 6,4 21 1 5 8 6, 2 5 0 1 1 7 6,6 1 5 93 4 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 8,056 9,682 0,028 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 Company' 18 298 415 363 421 421 421 400 398 398 396 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,831 1,723 1,712 1,762 1,751 Housing and Home Finance Agency 1,297 1,285 1,203 1,041 727 450 400 311 285 236 144 Nat. Advisory Committee for Aeronautics... 278 276 277 Bonneville Power Administration 309 306 311 317 General Services Administration 1,199 1,302 1,298 1,226 Post Office Department 590 590 590 590 Other agencies 745 728 345 350 360 300 607 538 608 613 704 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,425 2,607 2,742 2,711 2,975 Banks for cooperatives 110 170 181 150 156 185 161 152 188 257 231 Federal intermediate credit banks 520 674 704 619 640 665 725 857 865 721 803 Federal home loan banks 560 525 445 414 272 958 869 928 918 963 720 Federal National Mortgage Association 570 670 670 770 770 1,220 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 2 Coverage changed from preceding period (see also NOTE). age and the new classification of agencies now reported in the Treasury 3 Adjusted figures; for amounts reported for this date but excluded Bulletin. The revised statement includes a larger number of agencies, and from this figure, see BULLETIN for May 1957, p. 550, note 3. their activities are classified according to the type of fund they represent. 4 Effective Jan. 1, 1957, the production credit corporations were merged Funds are combined in the table above, but are shown separately in the in the Federal intermediate credit banks, pursuant to the Farm Credit table on the following page. Classifications by supervisory authorities Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations are those in existence currently. Where current Treasury compilations of the banks (including the corporations) are classified as trust revolving do not provide a detailed breakdown of loans, these items have been transactions. classified by Federal Reserve on basis of information about the type of 5 Less than $500,000. lending activity involved. 6 Figures represent largely the Treasury loan to the United Kingdom, A few major activities and several minor ones, first reported for June and through 1952 are based in part on information not shown in Treasury 30, 1956, are not included for later dates, because they are not reporting compilation. ? Figure derived by Federal Reserve. on a quarterly basis. 8 Includes investment of the Agricultural marketing revolving fund in * Adjusted totals; these reflect exclusion of data for agencies reporting the banks for cooperatives; Treasury compilations prior to 1956 classified other than quarterly, the latest data for which are shown at the bottom this item as an interagency asset. of the table on the opposite page. 9 Figures prior to 1951 are for the Panama Railroad Company. The i Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama 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 ACnVTITES 169 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Liabilities, other than interagency items' 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 e I 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 a t q a r r n e u u n e n d i c d s p t - , , - Other a G B t U u n a o b u r t . n e e n y a S d e s d r . d - s p d , a e n O y b o a e t t h n b e e l - s e r , l O i i a t t i b h e i e s l r - G i U n e o t . s e v t S r t - . . o v in w P a e t t r s n e e i t - l r e y - d All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 1,369 1,16123,84: 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 83: 1,330 ,728 2266,456 378 1953—Dec. 312 38,937 1,19019,883 2,514 2,602 3,425 8,062 1,261 1,182 3,818 33,429 434 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 2,379 2,—703 39,583 596 1956—Mar. 31 58,485 3,73120,58014,119 3,677 3,638 8,056 4,685 2,425 3,730 51,635 651 June 30* 66,797 4,45719,844 2200,231 3,719 3,638 9,682 5,226 2,607 3,238 60,224 677 Sept. 30 69,143 5,144 "2"0,33120,949 3,720 3,66810,028 5,303 2,742 3,14562,507 693 Dec. 31* 69,653 4,996 20,65721,375 3,739 3,669 9,985 23: 2,711 3,65962,516 699 1957—Mar. 31 69,895 4,44121,35321,303 3,923 3,729 9,875 5,27: 2,975 3,713 6-2,364 775 Classification by type of fund and activity, Mar. 31, 1957 Public Enterprise Funds—Total 20,312 1,5H 9,069 4,112 775 149 3,294 1,403 68 570 1,842 17,831 Farm Credit Administration:* Federal Farm Mortgage Corporation 11 1 10 10 Agricultural Marketing Act, revolving fund 186 39 186 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 1 279 67 143 570 Federal National Mortgage Association 2,431 1 2,402 27 570 31 1,830 Office of the Administrator 747 175 397 144 31 7 741 Federal Savings and Loan Insurance Corporation... 276 265 11 14 262 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 ,751 119 32 1,986 V T P G a r e e e n t n a e a e s r m r a u a n r a l y s S C A D e a r d e n v m p a ic a l i e r n C t s i m s o A t m e r d n a p m t t i a o i n n n y istration 4 9 7 3 0 3 5 8 1 1 6 0 H 11 I 5 4 22 8 5 8 67 4 7 7 1 3 7 9 9 2 1 6 1 2 3 1 1 0 5 1 2 1 1 4 3 1 6 4 7 8 3 3 2 8 7 2 1 6 7 I A P n o l t l s e t o r i t O o h r f e f r i D ce e p D a e rt p m ar e t n m t ent—postal fund 1, 2 0 1 1 2 6 6 3 0 3 5 5 8 1 0 6 9 7 6 31 5 1 9 2 0 9 2 5 3 1 7 9 36 1 6 4 0 6 2 1 5 0 4 9 9 9 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 19229,804 National Advisory Committee for Aeronautics 408 59 1 277 70 398 General Services Administration 8,049 665 82 5,929 1,214 158 ,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 0,215 3,505 3,563 03,146 0,215 Department of Commerce—maritime activities 5,115 "302 283 4,470 25 133 4,982 All other 232 76 1 100 47 21 211 Certain Deposit Funds—Total 4,530 60 1,381 3,036 37 951 835 2,007 737 Banks for cooperatives 502 26 419 43 10 231 3 238 30 Federal Deposit Insurance Corporation 1,920 2 (5) 1,898 19 151 1,769 Federal home loan banks 2,109 31 961 1,095 720 681 '707 Certain Trust Revolving Funds—Total 2,035 68 1,837 106 1,453 42 502 1138 Federal National Mortgage Association 1,047 51 992 650 19 357 U21 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 1 219 Atomic Energy Commission (June 30, 1956) 8,532 1,416 1,574 5,196 346 201 8,331 Department of Interior—Bureau of Reclamation (June 30, 1956) 3,024 93 2,571 354 137 2,887 All other—excluding OAP—(June 30, 1956) 50 6 27 14 2 5 15 30 10 Includes $1,000 million due under the agreement with Germany 11 Figure represents total trust interest. signed Feb. 27, 1953, and lend-lease and surplus property balances due For other notes, see opposite page. the United States in the principal amount of $2,086 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. ( —) of borrowing Excess of rects. Period B r u N ec d e t g t s e . t T r P f e u r l c u u n t s d s s : t . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f q u e r t u o b o h c a t l m t e a i s l c s l . 2 : B p t u e u e n d x re d g - s e i- 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 o u y b a t t t l h a l i s s e l c . : t p o p fr u a t o o h y b ( m r e t l - s i , ) c , & ( c ( c o - d r d r r I e ) a e i e n , r a g a d b - e s s e e c t i e e n n - t , .) t a i r n G g . N v e o f . n e u v . t b n t & . L y d e s ss: O d n c e t a o h b s n e t h - 4 r b E r i o e q n c N ( p r u a g ) r a s e a o h y t o l w s t r . : - Cal. year—1955 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956 70,994 12,398 3,027 80,330 67,216 10,342 2,751 74,805 5,525 -3,561 2,481 -136 -5,910 1957? 72,285 15,367 3,097 84,503 71,692 14,792 3,176 83,308 1,194 467 1,572 63 -1,165 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 ^•2,339 -292 -3,100' Semiannually: 1955—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 47,691 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 '1,693 98 -6,879 July-Dec.»... 29,325 7,167 1,427 35,040 36,060 7,133 1,272 41,920 -6,881 5,556 -120 -35 5,712 Monthly: 1956—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 14: 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 1,43 1,241 257 -67 June 11,688 1,820 1,182 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 1,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec.** 5,956 1,184 720 6,416 5,809 1,402 110 7,101 -686 337 -87 40 384 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t t e o s f ( T en re d a s o u f r e p r e r o i f o d U ) nited Period s B d u u N e r o p f d e i r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h n o a - n s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e in i & s a n G e v g N c . e o t . F e r n v u t e c b ( t d s . y y - t . ) I d n ( p e d g - c c u i ) r r o r r , b o e e e r a l s c a i i s s c n t s e e , T o r H u e t a e s s l i u d d r e y a T u c r c r e e o a r u ' s s n - t Balance B ( F a D a a . v b n e a l R k p e il . s o - sits T T a L in r x u o e — r a a y a n s n - d O as n t s e h e t e ts r tions 5 funds 5 debt funds) Accts. Fiscal year—1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,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: 1 19 9 5 5 6 5 — _ju J l a y n _ .- D Ju ec ne -7 9 , , 8 5 8 1 5 1 1 1 , , 1 06 9 0 0 2 9 1 2 7 -1 3 3 1 9 2 - - 1 1 , , 2 4 1 0 7 0 -8 6 , , 0 3 1 9 7 4 -1 -2 8 4 9 -1 2 , , 6 0 7 0 1 2 4 6 , , 5 5 4 4 5 6 5 3 2 9 2 7 4 3 , , 6 0 3 3 3 6 , ,3 1 9 1 1 2 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 1,090 -1,603 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec -6,735 34 159 1,007 21 4,371 -160 -984 4,606 481 3,084 ,041 Monthly: 1956—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 ,183 Nov -979 474 382 -23 -8 679 -33 558 4,865 243 3,583 ,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 * Preliminary. r Revised. bonds and Treasury bills, (3) Budget expenditures involving issuance of 1 Consists primarily of interest payments by Treasury to trust accounts Federal securities, (4) cash transactions between International Monetary and to Treasury by Govt. agencies, transfers to trust accounts representing Fund and the Treasury, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4, described in note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as de- included in the corresponding columns above. scribed in note 1, (2) net accruals over payments of interest on savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 171 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts (I S n e t l . e R ct e e v d . e S x e c r i v se . r t e a p x t e s s .) 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 l d 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 t r i . e r e e n - R - t . c fu e R r o n i e e p f d - - t s s B c T u e r o i d e p t - g a t e s l t W he I i n t ld 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 n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' 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 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 Semiannually: 1955_july_Dec. 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 ,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 ,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 ,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 ,628 1,325 857 2,222 July-Dec.. 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,624 n.a. n.a. n.a. Monthly: 1956—Dec 5,412 299 144 -12 5,898 2,067 324 1,825 815 355 512 233 108 1957—Jan 4,809 255 141 52 5,279 1,025 2,101 461 856 316 520 186 151 Feb 6,188 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 '2,252 1,818 6,722 875 589 r563 257 142 July 3,057 346 174 138 3,734 1,047 269 541 955 366 556 244 146 Aug 5,128 919 219 124 6,475 3,678 128 355 965 1,003 346 241 157 1,124 Sept 7,225 486 207 137 8,109 2,163 1,823 2,304 922 540 357 260 146 Oct 3,131 332 183 120 3,796 1,333 204 429 1,088 363 379 323 159 Nov 4,827 671 203 76 5,845 3,415 97 367 840 740 386 n.a. n.a. Dec 5,956 382 165 59 6,611 2,125 352 2,277 824 432 602 n.a. n.a. Budget expenditures 3 Major national security Agri- Vet- culture Period Total TotaH D D e e fe p n t. s , e s M ec u u tu ri a ty l , Atomic f a i I f n 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 s e r e e s a r n n v a e s - n - ' d w L e a l b fa o r r e t a a c u g u n r r d l 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 nmilitary program energy fits re- (5) (5) (5) sources Fiscal year: 1953 74,274 51,830 43,611 5,421 1,791 749 6,583 4,298 2,426 2,936 1,476 2,502 1,474 1954 67,772 47,872 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 42,089 35,533 3,755 1,857 719 6,438 4,457 2,552 4,411 1,202 1,502 1,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 4,913 1,104 2,028 1,629 1957 69,433 44,414 38,440 3,495 1,990 832 7,308 4,793 2,966 4,582 1,296 1,453 1,789 Semiannually: 1955—July-Dec. 6 33,125 20,421 17,917 1,383 797 212 3,349 2,330 1,348 2,775 614 1,137 940 1956—Jan.-June 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? 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 Monthly: 1956—Oct 5,995 3,851 3,400 261 164 56 589 396 314 466 159 35 109 Nov 5,726 3,664 3,276 201 160 72 585 407 207 319 175 213 102 Dec 5,718 3,651 3,295 178 153 57 635 405 197 435 106 142 102 1957—Jan 6,095 3,833 3,335 269 182 29 655 410 330 551 87 85 100 Feb 5,743 3,654 3,245 214 150 65 592 407 236 312 94 268 98 Mar 5,584 3,788 3,224 349 169 43 606 414 209 397 85 -19 81 Apr 5,987 4,011 3,544 253 183 44 611 419 285 455 82 -6 101 May 5,944 3,869 3,279 377 184 57 610 444 208 308 106 139 124 June 6,279 4,114 3,266 569 192 212 647 408 277 376 106 107 104 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 Oct 6,501 3,700 3,222 240 190 360 647 421 358 529 158 222 115 P Preliminary, 5 Periodic revisions of Treasury statement data for fiscal years given n.a. Not available. without corresponding monthly revisions; consequently monthly and 1 Beginning February 1957, includes transfers to Federal disability semiannual data may not add to totals. insurance trust fund. 6 Data are from Treasury Bulletin for June 1956 and are not fully com- 2 Represents the sum of taxes for old-age insurance, railroad retire- parable with data in subsequent Bulletins or with other data in this ment, and unemployment insurance. table. 3 For more details, see the 1959 Budget document, pp. 890-96 and 7 Derived by subtracting totals for July-December from totals for fiscal pp. 954-55 and the Treasury Bulletin, table 3 of section on Budget receipts year. and expenditures. 4 Includes stockpiling and defense t>roduction expansion not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable E m n o d n t o h f d T g e r o o b t s a t s i l d d T g i e r o r o b e t s a t c * s l t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l i e g n * i k - st B r r i a e c n - te k d bonds Totals b i o n n g d s s n s i o n a t g v e s - s 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—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 45.6 274.1 274.0 226.9 160.0 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 54.1 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 1958—Jan.. 274.7 274.6 227.3 164.6 27.3 34.6 20.7 82.1 9.5 53.2 52.3 45.5 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds'and minor amounts of Panama Canal and to $436 million on Jan. 31, 1958) 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 $9,435 million on Dec. 31, 1957. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( s a i g n e n ti c c t e g e u l s u u e r ) d a i 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 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m c u ie e r - s - r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . S b a o v n i I n n d g d s s ivid se u O c a u l t s h ri e ti r es i M t n o v r i e s s c s ^ - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945_Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950—Dec 256.7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.6 12.7 49.4 15.4 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955_june 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 18.7 14.7 50.2 15.2 14.4 Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.3 15.1 50.2 15.4 15.6 1956—June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 17.4 15.7 50.3 17.2 16.2 1956—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 16.3 274.1 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 16.3 274.0 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 Nov 274.9 46.0 9.3 219.5 23.7 58.1 7.6 12.1 16.4 17.3 48.3 19.6 16.4 1 Includes the Postal Savings System.. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $250 million on Dec. 31, 1956. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 173 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JANUARY 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Feb. 6,1958 1,700 Apr. 15, 1958 V/i 2,351 Aug. 15, 1962 4 2,000 June 15, 1962-67... 2% 2,113 Feb. 13, 1958 1,700 Aug. 1,1958 4 11,519 Oct. 1,1962 n/2 179 Dec. 15, 1963-68... 21/2 2,822 Feb. 20, 1958 1,800 Dec. 1, 1958 3Y4 9,833 Nov. 15, 1962 3y4 1,143 June 15, 1964-69... 2y2 3,747 Feb. 27, 1958 1,801 Dec. 15, 1964-69... 21/2 3,822 Mar. 6, 1958 1,800 Treasury notes Treasury bonds Mar. 15, 1965-70.. .2y2 4,705 Mar. 13, 1958.... 1,803 Apr. 1,1958 1 383 Mar. 15, 1956-583. .iy2 1,449 Mar. ,5, 1966-71.. .2i/2 2,952 Mar. 20, 1958 1,700 June 15, 1958 2 4,392 Sept. 15, 1956-59 3.. 214 3,818 June 15, 1967-72... 2 y2 1,854 Mar. 24, 1958 3,002 Oct. 1,1958 1 121 Mar. 15, 1957-593. .23/8 927 Sept. 15, 1967-72... 21/2 2,716 Mar. 27, 1958 1,700 Feb. 15, 1959 " 5,102 June 15, 1958 2% 4,245 Dec. 15, 1967-72... 2% 3,755 Apr. 3,1958 1,700 Apr. 1, 1959 119 June 15, 1958-634.. 2% 919 Oct. 1,1969 4 657 Apr. 10, 1958 1,700 Oct. 1,1959 99 Dec. 15, 1958 2i/2 2,368 Nov. 15, 1974 3?/8 654 Apr. 15, 1958 1,751 Apr. 1,1960 198 June 15, 1959-62... 2*4 5,269 June 15, 1978-83... 314 \,605 Apr. 17, 1958 1,701 May 15, 1960 3 2,406 Dec. 15, 1959-62... 214 3,457 Feb. 15, 1995 3 2,743 Apr. 24, 1958 1,702 Oct. 1,1960 278 Nov. 15, 1960 2i/8 3,806 May 1,1958 1,701 Apr. 1, 1961 144 Dec. 15, 1960-65 4.. 234 1,485 Panama Canal Loan.... 3 50 Aug. 1, 1961 2,609 Sept. 15, 1961 234 2,239 Certificates Oct. 1,1961 W2 332 Nov. 15, 1961 21/2 11,177 Convertible bonds Feb. 14, 1958 3% 10,851 Feb. 15, 1962 3% 647 Aug. 15, 1963 2V2 6,755 Investment Series B Apr. 1,1962 W2 551 Apr. 1, 1975-80... 2 34 9,469 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. 165. interest payment dates. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b C e o r o t n i n d b - s le Total W 1 i y th ea in r y 1 e - a 5 rs 5-10 O y v e e a r r s 10 All holders: 1955—June 30 166,882 19,514 13,836 40,729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 Dec. 31 171,137 25,179 19,023 35,294 80,878 10,763 160,374 68,557 41,021 17,893 32,904 1957—June 30 165,985 23,420 20,473 30,973 80,839 10,280 155,705 71,033 39,184 14,732 30,756 Oct. 31 171,939 26,659 34,692 19,412 81,474 9,702 162,237 71,940 44,172 14,731 31,394 Nov. 30 173,028 26,660 34,692 20,598 81,470 9,609 163,419 71,941 45,357 14,731 31,389 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 Oct. 31 9,198 211 681 1,513 3,805 2,988 6,210 1,314 1,638 301 2,957 Nov. 30 9,165 137 670 1,608 3,810 2,940 6,225 1,230 1,734 301 2,959 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 Dec. 31 24,915 1,918 10,975 9,219 2,802 24,915 22,113 373 1,014 1,415 1957_ O ju c n t e . 3 3 0 1 2 2 3 3 , , 0 3 3 3 5 8 2 5 8 7 7 4 1 1 9 1 , , 9 3 5 6 6 7 8,579 4 2 2 , ,8 8 0 0 5 2 2 2 3 3 , , 0 3 3 3 5 8 2 2 0 0, , 5 2 4 4 9 6 6 6 8 8 1 1 7 7 5 5 0 0 1 1 , , 3 3 5 5 8 8 Nov. 30 23,733 814 20,044 40 2,836 23,733 20,931 694 750 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. 3f 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 Oct. 31 50,663 3,880 4,013 9,073 33,556 141 50,522 11,863 25,640 8,669 4,350 Nov. 30 50,757 3,514 3,980 9,633 33,491 139 50,618 11,180 26,288 8,735 4,414 Mutual savings banks: 1955—June 30 8,069 84 53 289 6,422 1,222 6,848 164 533 1,405 4,746 1956—June 30 7,735 107 37 356 6,074 1,161 6,574 247 540 1,319 4,468 Dec. 31 7,431 131 24 312 5,849 1,115 6,316 241 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 Oct. 31 7,331 178 157 476 5,497 1,023 6,308 503 1,208 595 4.001 Nov. 30 7,203 132 167 454 5,435 1,016 6,187 446 1,178 583 3; 980 Insurance companies: 1955—June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956—June 30 11,702 318 44 760 7,789 2,791 8,911 632 1,192 1,802 5,285 Dec. 31 11,331 349 66 781 7,464 2,671 8,660 726 1,749 1,136 5,049 1957—June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 Oct. 31 11,044 479 240 660 7,274 2,390 8,654 1,090 1,869 1,028 4,665 Nov. 30 10,937 401 236 690 7,233 2,377 8,560 980 1,886 1,025 4,668 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 Oct. 31 70,367 21,337 9,645 7,687 28,537 3,161 67,206 36,621 13,135 3,387 14,062 Nov. 30 71,233 21,663 9,595 8,173 28,665 3,137 68,096 37,174 13,576 3,336 14,009 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 NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 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 ss t u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t. . s ag F e e e r n a d c l - y4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l o f i u e c n b r ly d e - s d 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 - Total m N on e e w y 7 p l M p c a o o u e n u s i l r s e e s - - - - s m b d e t R i a t e o r e c e n b e f n . - k t - s t , m s r t i e i o t r e c i e f e n u - s t - 1939. 5,687 ? 332 13 1 1?8 50 ? 164 1980 1,276 703 98 87 420 3?5 26 69 1,695 1941 15 157 11 466 38 956 30 1 i667 7 390 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 ,080 133 134 4,555 1950. 19,893 9 687 30 3 537 282 6,361 4 920 2,360 2,560 631 811 4,990 4,006 364 620 1 271 1951. ?1,?65 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 76,929 12 577 459 4 171 237 9 534 7 601 3,645 3 957 564 1,369 8 716 8,180 537 664 1953. ?8,874 13 957 106 5 558 306 8 898 7 083 3,856 489 1,326 8,495 7,960 535 260 1954 99,765 532 458 6 969 289 9 516 7 488 4,003 3'484 816 1 213 7 490 6,780 709 1 875 1955. ?6,772 9 628 746 5,977 182 10 ?40 7 420 4,119 3,301 635 2,185 8,821 7,957 864 1,227 1956 o? 405 5 517 169 5 446 334 10 939 8 002 4 225 3 777 636 2 30110 384 9 663 721 364 1957. 30,597 9 601 572 6,975 559 1?,941 10 035 6,113 3,923 408 2 49712 47311,830 643 248 1956—Dec 1,955 390 477 23 11114 915 401 514 16 183 1 088 049 39 11 1957—Tan ?,432 496 72 68 S 84 1 094 916 641 276 34 144 1 063 1 026 38 11 Feb ?,123 386 569 53 116 761 514 248 26 329 1,071 927 144 22 Mar 3 248 1 327 503 32 386 1 072 643 429 38 276 1 344 271 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 ?,401 362 60 388 44 1 547 074 633 441 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 .. 1934 392 59S 10 937 830 540 31 76 914 905 9 9 Sept 3,980 2 263 215 437 37 0?8 913 587 327 19 96 973 949 24 40 Oct '2,670 894 683 078 r911 608 '303 68 1001,055 1 ,026 '29 10 Nov '3 027 1 374 100 r639 '65 849 r676 '485 191 24 150 '792 '765 '28 '41 Dec 2,658 925 607 2 l>125 773 182 592 10 341 1,086 1,043 43 21 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r l c a i n a e l ou a s nd 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 capital10 secu- caipital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 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 74 758 225 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 1957. 4,097 62 612 49 820 14 3,801 56 1,443 3 1,701 64 1956-—Dec 526 5 33 3 148 157 73 1 151 1 1957- Jan 381 8 42 C2 101 247 105 187 Feb 543 7 94 4 31 247 14 46 108 2 366 /\ 32 85 490 16 281 1 91 Apr .. 314 3 53 4 65 351 5 47 (9) 93 May 135 4 55 3 80 348 8 82 72 (9) June 626 21 29 1 51 8 436 137 (9) 210 July . . 234 71 10 45 244 (9) 54 343 242 50 6 30 (9) 251 (9) 126 1 215 1 Sept 331 4 36 5 C76 418 65 47 30 Oct 126 '3 '48 r(9) r45 6 '310 r(9) '369 (9) 158 Nov '222 '42 1 '62 '287 9 '92 (9) '88 r30 Dec 575 7 61 13 149 172 2 41 88 c Corrected. ' 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 ncnp-ofit 9 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 175 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1951 1952 1953 1954 1955 1956 Manufacturing Total (200 corps.): Sales 12,94054,51763,34358,110 69,876 71,901 8,13118,45716,11919,193 19,754 19,424 17,994 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 ,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.):1 Sales 8,91619,266 20,694 20,62023,106 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 Dividends 925 946 972 1,064 1,202 1,249 290 295 305 359 315 318 319 Durable goods industries (106 corps.):2 Sales 34,024 35,25142,64937,490 46,770 47,13912,05212,32210,03612,730 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 ,909 5,042 5,411 5,476 5,833 6,300 1,530 1,569 1,561 1,640 1,618 1,642 1,663 Profits before taxes 473 453 465 46f 499 561 126 149 141 145 133 154 158 Profits after taxes 227 203 21 224 244 275 58 71 71 74 63 75 77 Dividends 159 154 154 156 160 166 37 38 41 50 39 40 41 Chemicals and allied products (26 corps.): Sales 5,965 6,373 6,18: 7,222 7,726 1,879 1,957 1,889 2,001 2,045 2,047 2,065 Profits before taxes ,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 41 499 597 602 138 141 143 181 150 152 150 Petroleum refining (14 corps.): Sales ,078 5,411 5,883 6,015 6,556 7,185 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 31 346 82 82 89 93 91 91 95 Primary metals and products (39 corps.): Sales :,50711,56413,75011,52214,952 16,06: 4,209 4,415 3,098 4,340 4,272 4,270 3,830 Profits before taxes 1,098 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 i, 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 ,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 !,70713,03816,611 14,13718,826 16,336 4,578 4,195 3,347 4,215 4,993 4,522 3,689 Profits before taxes ,950 ,982 2,078 1,789 3,023 1,940 689 509 272 470 713 603 293 Profits after taxes 71 709 758 863 1,394 898 320 24: 118 214 337 29: 152 Dividends 486 469 469 536 693 656 162 164 164 166 167 166 164 Public Utility Railroad : Operating revenue 10,391 10,581 [0,664 9,371 10,106 10,551 2,535 2,704 2,590 2,72 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 18: 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 81- 947 1,030 1,134 1,24 1,329 374 321 302 331 393 32 326 Dividends 65 725 780 868 942 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 35f 359 380 387 388 387 Profits after taxes 34 384 452 525 638 715 169 176 180 190 195 19: 195 Dividends 318 355 412 448 496 552 13: 136 137 14' 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, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-17 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

176 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 Y qu e a a r r t e o r r P b t r a e o x f f o e it s r s e c ta o I x n m e - s e P t a r a f o x te f e i r t s s d C d e i a n v s d i h - s t U p ri r b n o u d fi t i t e s s d - Y qu ea ar r t e o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1949 26.2 10.4 15.8 7.5 8.3 1950 40.0 17.8 22.1 9.2 12.9 1949 6 731 1 875 4,856 4,867 1,583 3,284 1,865 292 1,572 1951. 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9 048 2 772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953. 37.0 20.3 16.7 9.3 7.4 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 33.5 17 4 16 0 9 9 6 1 1953 9 550 2 429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 42.5 21.5 21.0 11.0 9.9 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956 43.0 22.0 21.0 11.9 9.2 1955... . 12 474 5 599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1956 13,007 4 519 8,488 7,937 2,768 5,170 5,070 1,751 3,319 1956—1 43.3 22.1 21.2 11.7 9.5 1955—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 i Reflects cash transactions only. As contrasted with data shown on p. 174, 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. 174. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N r p k e it t i a n l g Total Cash s G U ec o . u S v r t . i . - Not r e e s c e a i n va d b a le ccts. I t n o v r e ie n s - Other Total Note p s a a y n a d bl e accts. F in e l c t i d a a o e - x m ra e l Other ties G U o . v S t . . 2 Other G U o . v S t . . 2 Other bilities 1949 72.4 133.1 26.5 16 8 43.0 45 3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30 0 20 7 2 7 58.8 64 9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 91.8 190.6 31.1 21.5 2.6 65.9 67.2 2.4 98.9 2.2 57.3 18.7 20.7 1954 91.8 194.6 33.4 19.2 2.4 71.2 65.3 3.1 102.8 2.4 61.4 15.5 23.5 1955 98.9 214.6 34.0 23.3 2.3 81.6 70.0 3.5 115.7 2.3 69.9 18.4 25.1 1956—2 102.7 214.7 32.1 17.4 2.3 84.3 74.8 3.8 112.1 2.5 71.4 12.3 25.8 3 103.4 220.4 32.6 17 5 2 4 88.1 76.0 3.8 117.0 2.5 73.0 14.4 27.1 4 104.4 225.7 34.7 18.6 2.6 88.8 77.3 3.6 121.3 2.4 74.9 16.8 27.2 1957—1 106.0 224.9 31.9 18 0 2.5 89.4 79.1 4.0 118.9 2.5 74.1 14.4 28.0 2 107.0 224.5 32 5 15 7 2 5 90 5 79 3 4.0 117.6 2.6 74.4 12.2 28.3 3 107.7 228.9 33.2 16.1 2.4 92.9 80.0 4.2 121.2 2.6 75.2 13.8 29.6 * 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* [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total f M a i c a n t n u g u r- - M in i g n- T R r a a i n l- sportation P u u t t i b e il s l i i - c c m C at o u io m n n i - - s Other2 Quarter Total fa m a i c n n t i u n g d r - - T p t o r i a r o t n n a s - - P u u t t i b i e l s l i i - c ot A h l e l r 3 road Other ing 1949 19.3 7.1 .8 L.4 Q 3.1 1.3 4.7 1956—3 8.9 4.1 .7 1.3 2.7 1950 20.6 7.5 .7 l.l 1.2 3.3 1.1 5.7 4 9.8 4.8 .8 1.5 2.8 1951 25.6 10.9 .9 1.5 1.5 3.7 1.3 5.9 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1957—1 8.3 3.8 .7 1.2 2.6 1953 28.3 11.9 1.0 1.3 1.6 4.6 1.7 6.3 2 9.6 4.5 .8 1.5 2.7 1954 26.8 11.0 1.0 .9 1.5 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 1.8 2.5 1956 35.1 15.0 1.2 1.2 L.7 4.9 2.7 8.4 1957* 37.0 16.0 1.3 [ 4 I 8 6.3 103 1958—H 8.2 3.7 .7 1.4 2.3 * Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. > Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 177 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n h s t r e - o a d l l de v o r I i t a s d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il i l n n y - s - ho O h u o e t s h r l e s d e s - r c T o o m ta m l erc t F i u i a i n c t n l i i s o a a t p l i n n r - s - ope O r h t o e i t e h r l s d s e - r * 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 - h O ol t d h e e r r s* 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.7 111.2 3.6 29.9 134.8 99.0 83.4 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957* 156.3 119.9 4.7 31.7 145.8 107.6 90.3 17.3 38.2 25.6 12.6 10.5 4.0 6.5 1956—June.. 137.6 105.5 3.2 28.8 128.0 93.7 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 96.6 81.4 15.2 35.1 23.4 11.6 9.8 3.9 5.9 Dec... 144.7 111.2 3.6 29.9 134.8 99.0 83.4 15.6 35.8 23.9 11.9 9.9 3.9 6.0 1957—Mar.* 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 June*. 150.3 115.3 4.2 30.9 140.1 103.3 86.8 16.5 36.8 24.6 12.2 10.3 4.0 6.4 Sept.? 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 Dec.*. 156.3 119.9 4.7 31.7 145.8 107.6 90.3 17.3 38.2 25.6 12.6 10.5 4.0 6.5 * Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). CHher by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 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 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 * 3^421"*2*92i "4J929 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 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957* 23,345 17,155 4,840 3,590 8,725 4,835 1,355 21,165 19,035 4,625 7,820 6,590 2,075 55 1956—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* . . . 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 Dec* 23,345 17,155 4,840 3,590 8,725 4,835 1,355 21,165 19,035 4,625 7,820 6,590 2,075 55 * 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

178 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Va- Farm Total VA- Farm Total FHA- guar- Other Total FHA- guar- Other insured anteed insured anteed 1941. 6,442 5,529 815 4,714 913 1945. 976 6,636 5,860 1,394 4,466 776 1950... 4,894 4,532 ,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951... 5,134 4,723 ,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 1957... 5,231 4,823 686 833 3,304 408 35,230 32,640 6,766 7,750 18,124 2,590 1956—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 Dec, 528 493 96 27 370 35 35,230 32,640 6,766 7,750 fl8,124 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 ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE 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) Year or month Total i s N c t t i r o o e u n w n c - - H c p h o u a m r s - e e Tota12 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 t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in S l g o a s a v n & - I c n a o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 .. 4,732 1,490 404 1,165 218 1945 5 650 2 017 250 1,097 217 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 .. 16,179 5,060 1,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16 405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 ... 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22 974 8 312 1 768 4 239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,119 1,643 7,013 31,463 1956 27 088 9 532 1,799 5,458 1,824 1957 24,244 9,217 1,472 4,264 429 1956 1956 Dec 710 250 320 35,729 1,486 6,643 27,600 Dec 2,094 1,951 660 138 366 148 1957 1957 Jan. . . 714 245 326 35,929 1,488 6,659 27,782 Feb 709 243 318 36,195 1,493 6,682 28,020 Jan 2,056 1,942 659 134 353 117 Mar 842 298 366 36,559 1,499 6,724 28,336 Feb 2 050 1 749 644 105 308 96 Apr 899 317 391 36,963 1,508 6,774 28,681 Mar 2,011 1,937 744 115 334 99 May 968 360 412 37,421 1,520 6,833 29,068 Apr 2,042 2,044 798 116 357 110 June 925 319 415 37,886 1,530 6,889 29,467 2 031 2 144 840 125 374 121 July 969 318 462 38,280 1,545 6,904 29,831 June .... 2,046 2,028 795 119 363 126 Aug 1,001 331 470 38,743 1,560 6,920 30,263 July 2,047 2,211 852 130 390 142 Sept 891 292 423 39,106 1,573 6,933 30,600 Aug 2,056 2,208 883 132 378 137 Oct 980 341 443 39,532 1,591 6,946 30,995 Sept ... 2,032 2,026 796 124 354 121 Nov 768 250 358 39,835 1,597 6,963 31,275 Oct 1 983 2 226 855 132 395 131 Dec 734 248 324 40,119 1,643 7,013 31,463 Nov . 1,946 1,877 686 117 333 117 Dec ... 1,851 666 125 325 113 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 179 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e r t j e - s t - - i p l P m o r e i r o a m r e o t n v n y p - e s t - 2 - Total 3 p e N r r t m o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E u e n a a d r r t o e o r f r Total G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 ,637 856 1,157 694 3,072 1,865 1,202 1951 3,220 ,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 ,259 ,030 259 1,334 3,064 2,044 1,014 1950 45 2 18 9 8 6 10 3 26.3 1954 3,066 ,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 1955 3,807 ,269 ,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33.1 1956 3,461 ,133 ,505 130 692 5,868 3,910 1,948 1953 66.1 28.1 12.0 16.1 38.0 1957 3,715 880 ,371 595 869 3,761 2,890 863 1954 75.7 32.1 12.8 19.3 43.6 1955 88 2 38.9 14 3 24.6 49.3 1956—Dec. 249 76 98 27 48 472 321 150 1956 99.0 43.9 15.5 28.4 55.1 1957 107.6 47.2 16.5 30.7 60.4 1957—Jan.. 300 87 107 29 77 555 393 162 Feb., 266 74 85 50 56 431 316 113 1956—June 93.7 41.3 15.0 26.3 52.4 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 Junep.... 103.3 45.9 15.9 30.0 57.4 Aug. 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 Dec.?' 107.6 47.2 16.5 30.7 60.4 Oct.. 422 87 145 79 111 280 229 50 Nov. 329 86 145 33 65 213 182 30 Dec. 332 97 152 12 71 176 155 20 p Preliminary. NOTE.—For total debt outstanding, figures for first three quarters of year are Federal Reserve estimates. 1 Monthly figures do not reflect mortgage amendments included in annual totals. For conventional, figures are derived. 2 These loans are not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Federal Home Loan Bank Board, Federal loans in amounts of more than $1,000 need be secured. Housing Administration, Veterans Administration, and Federal Reserve. NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY i FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt 1 - L te o r n m g 2 - 1945 278 213 195 176 19 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 1,116 1,079 1,265 731 534 1957 Jan 3,182 1,009 2,173 147 411 1957_jan.. 77 267 1,038 660 378 Feb 3,295 J 02fi 2,269 129 436 Feb.. 30 91 976 601 375 Mar 3,409 2,356 127 483 Mar. 68 83 961 563 398 Apr 3,491 ,074 2,417 95 493 Apr., 73 62 971 544 427 May 3,551 ,087 2,464 75 1 518 May, 73 52 993 559 434 June 3,605 ,100 2,505 69 1 525 June 135 48 1,079 614 465 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 ,197 2,712 75 717 Nov. 74 62 1,143 689 454 Dec 3,974 237 2,737 80 764 Dec. 196 74 1,265 731 534 1958—Jan.. 58 417 906 527 379 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary market, special assistance, and management and liquidation. 1 Secured or unsecured loans maturing in one year or less. Source.—Federal National Mortgage Association. 2 Secured loans, amortized quarterly, having maturities of more than one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 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 Auto- Other Repair Single- Total m pa o p b e i r l e i co p g n a o s p o u e d m r s 1 er e a r n l n d o i z a m a n t s o i 2 o d n - Pe lo rs a o n n s al Total pa l y o m an e s nt a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6,074 4,799 1.016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 ,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 ,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 ,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 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 1957 44,798 34,127 15,496 8 709 984 7,938 10,671 3,502 4 760 2 409 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 May 41,937 32,158 14,883 8,081 ,886 7,308 9,779 3,582 3,834 2,363 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 Aug 43,133 33,303 15,490 8,229 [,954 7,630 9,830 3,458 3,957 2,415 Sept .... 43,270 33,415 15,556 8,228 1,969 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 Dec 44,798 34,127 15,496 8,709 I 984 7,938 10,671 3,502 4,760 2,409 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. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. 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 institutionJ Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i C c a n u o n a o m m i n n e e c - s - r e 1 Other l Total D s m t e o p e r a n e r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o 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 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 J.070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 ] ft44 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 ,187 377 502 1,269 1957 34,127 29,375 12,714 9,573 2,472 3,332 1,284 4,752 1,415 1,146 374 529 1,288 1957 Jan 31,568 26,974 11,638 9,077 2,011 3,048 1,200 4,594 1,387 1,139 364 499 1,205 Feb 31,488 27,008 11,662 9,035 2,039 3,058 1,214 4,480 1,351 1,115 362 499 1,153 Mar 31,524 27,148 11,736 9,048 2,076 3,063 1,225 4 376 104 [ 090 356 501 I 125 Apr 31,786 27,544 11,981 9,104 2,127 3,105 1,227 4,242 1,176 1,075 354 505 [,132 May 32,158 27,864 12,143 9,176 2,167 3,123 1,255 4,294 1,229 1,077 355 510 1,123 32,608 28,263 12,323 9,300 2,227 3,155 1,258 4 345 1 249 [ 077 359 518 [ 142 Julv . 32,968 28,726 12,508 9,476 2,284 3,209 1,249 4,242 1 144 1,072 361 525 1,140 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 1,080 365 533 [,151 Nov 33,596 29,239 12 717 9 564 2 439 3 248 1 271 4 357 1 199 I 092 365 531 [ 170 Dec 34,127 29,375 12,714 9,573 2,472 3,332 1,284 4,752 1 415 1 146 374 529 1 288 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 181 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 s o e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d a n a s - ir - s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a d n a p ti e n d a o r s i n n r - s l P o o a e n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 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 ,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11,707 3,651 2,075 2,394 ,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,714 4,054 2,335 2,435 ,527 2,363 1957_jan.. 9,077 7,222 1,261 23 571 1957—Jan.. 11,638 3,653 2,092 2,313 ,452 2,128 Feb. 9,035 7,190 1,247 23 575 Feb.. 11,662 3,680 2,109 2,295 ,438 2,140 Mar. 9,048 7,190 1,255 22 581 Mar. 11,736 3,723 2,149 2,280 ,432 2,152 Apr. 9,104 7,212 1,279 22 591 Apr., 11,981 3,789 2,200 2,363 ,436 2,193 May 9,176 7,272 1,285 22 597 May, 12,143 3,851 2,246 2,368 ,450 2,228 June 9,300 7,376 1,296 22 606 June, 12,323 3,921 2,282 2,395 ,466 2,259 July. 9,476 7,466 1,369 22 619 July. 12,508 3,976 2,310 2,456 ,480 2,286 Aug. 9,565 7,532 1,384 22 627 Aug. 12,607 4,026 2,330 2,434 ,503 2,314 Sept. 9,598 7,557 1,389 22 630 Sept. 12,656 4,050 2,334 2,437 ,514 2,321 Oct.. 9,585 7,537 1,390 23 635 Oct.. 12,749 •4,082 2,334 2,471 ,531 2,331 Nov. 9,564 7,510 1,388 21 645 Nov. 12,717 4,067 2,333 2,448 ,537 2,332 Dec. 9,573 7,470 1,413 20 670 Dec. 12,714 4,054 2,335 2,435 ,527 2,363 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets (single-pay- (charge E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a d n a 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 E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n n a a i - l t l t - C m c m o i e a m e r l - n - t lo O an th s) er m p D a e a e r n c t - - t coun O ts 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 1950 2,296 360 200 121 1,615 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 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 1957 7,088 1,108 638 437 4,905 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1957_jan.. 6,259 944 636 397 4,282 1957 10,671 3,095 407 876 3,884 2,409 Feb.. 6,311 954 637 398 4,322 Mar. 6,364 965 633 402 4,364 1957—Jan 9,570 2,829 370 723 3,388 2,260 6,459 985 638 404 4,432 Feb.. 9,250 2,851 422 611 3,079 2,287 M*ay! 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 Sept. 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 Dec, 7,088 1,108 638 437 4,905 Oct 9,770 3,022 383 612 3,379 2,374 Nov 9,934 3,028 430 658 3,477 2,341 Dec 10,671 3,095 407 876 3,884 2,409 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

182 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t i 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 st a e d d - Adjusted* U ju n st a e d d - Extensions 1950 21,558 8,530 7,150 835 5,043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 1 261 8,866 1955 39,039 16,745 10,634 1,388 10,272 1956 40,063 15,563 11,590 1,568 11,342 1957 16,681 11,621 1,518 12,613 42,433 1956—Dec. 3,451 1,334 1,200 1,003 1,359 123 115 991 1,150 3,824 1957 Jan . 3,473 1 420 1,258 932 802 123 96 998 934 Feb 3,509 3,090 ,407 1,215 963 763 129 101 1,010 897 Mar 3,426 23 ,394776 ,374 1,380 931 846 123 111 998 1,010 Apr 3 470 3 594 1,371 1 468 937 901 123 123 1,039 1,102 May 3,535 3,748 ,363 1,513 995 1,016 134 147 1,043 1,072 June 3 547 3 674 I 356 1 494 1 007 998 128 133 1,056 1 049 July 3,599 3,837 1,381 1,563 999 995 130 143 1,089 1,136 Aug . . 3 591 3 704 355 I 467 1 027 1 022 137 150 1 072 1 065 Sept 3,546 3,388 ,392 1,364 973 927 127 138 1,054 959 Oct 3,541 3,545 ,435 1,404 912 976 126 141 1,068 [,024 Nov 3,559 3 439 404 1 250 964 1 020 120 123 1 071 1,046 Dec 3,637 4,091 1,423 1,305 981 1,355 118 112 1,115 1,319 Repayments 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 1957 40 133 15,644 11 422 1,429 11 638 1956—Dec 3,241 3,237 1,251 1,210 953 915 111 110 926 1,002 1957 Jan 3,292 3,349 1 312 1,307 942 1,007 117 119 921 916 Feb. 3,257 3 056 1,284 1.193 933 908 120 114 920 841 Mar 3,255 3,311 1,272 1,284 935 963 113 114 935 950 Apr 3 284 3,332 1 294 1,305 908 927 117 117 965 983 May 3,313 3,376 1,305 1,321 919 952 121 123 968 980 June 3 339 3 224 I 289 I 250 951 914 120 114 979 946 July 3 382 3,477 1,317 1,361 964 971 125 127 976 1 018 Aug 3,343 3,369 1,276 1,306 976 982 117 117 974 964 Sept 3,418 3,276 1,318 1,298 990 928 124 123 986 927 Oct 3 358 3 456 317 1 381 945 968 118 122 978 985 Nov 3,394 3,347 1,292 L287 981 956 113 115 1,008 989 Dec 3,498 3,560 .368 1,351 978 946 124 124 1,028 1,139 Change in outstanding credit1 1950 +3,113 + 1,519 + 1,093 + 118 + 383 1951 +591 — 102 +81 +69 + 543 1952 . +4,109 + 1,761 + 1,294 + 300 +754 1953 +3,602 +2,102 +605 +225 +670 1954.. +563 -26 -28 +6 +611 1 1 9 9 5 5 5 6 + +2 5 , , 8 3 6 9 9 0 + 3 + , 9 6 8 6 7 3 + + 8 87 8 6 3 + + 2 7 0 3 6 + + 7 8 7 0 1 0 1957 +2 300 + 1 037 + 199 + 89 +975 1956—Dec +210 +587 + 83 -10 +50 +444 + 12 + 5 +65 + 148 1957 Jan + 181 -259 + 108 -49 -10 -205 + 6 -23 +77 + 18 Feb +252 -80 + 123 +22 + 30 -145 +9 -13 +90 +56 Mar + 171 + 36 + 102 +96 -117 + 10 -3 +63 +60 Apr. + 186 +262 +77 + 163 +29 -26 +6 + 6 +74 + 119 May +222 + 372 +58 + 192 +76 +64 + 13 +24 +75 +92 June .. . +208 +450 +67 +244 +56 +84 +8 + 19 +77 + 103 July +217 + 360 +64 +202 + 35 +24 + 5 + 16 + 113 + 118 Aug +248 + 335 +79 + 161 +51 +40 +20 + 33 +98 + 101 Sept. . + 128 + 112 +74 +66 -17 + 3 + 15 + 68 + 32 Oct + 183 + 89 + 118 +23 -33 + 8 + 8 + 19 +90 +39 Nov. + 165 +92 + 112 -37 -17 + 64 +7 + 8 +63 + 57 Dec + 139 +531 +55 -46 +3 +409 -6 -12 +87 + 180 * Monthly data for 1957 revised to bring annual totals into agreement a description of the methods used to derive the estimates are shown with totals for unadjusted data. in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment 1 Obtained by subtracting instalment credit repaid from instalment credit extended and repaid are based on information from accounting credit extended. records of retail outlets and financial institutions and often include charges NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of incurred under the instalment contract. Renewals and refinancing of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for loans, repurchases and resales of instalment paper, and certain other December 1957, pp. 1420-22. transactions may increase the amount of both credit extended and credit A discussion of the composition and characteristics of the data and repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 183 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] Sales finance Other financial Total Commercial banks companies institutions Retail outlets Year or month Adjusted* U ju n s a te d d - Adjusted* U ju n s a te d d - Adjusted* U ju n s a te d d - Adjusted* U ju n s a te d d - Adjusted* U ju n st a e d d - Extensions 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 1957 42,433 15,188 10,200 10,453 6,592 1956—Dec 3,451 3,824 1,248 1,203 813 785 812 949 578 887 1957—Jan.i ,473 3,090 1,276 1,204 903 785 817 740 477 361 Feb ,509 2,976 1,262 1,108 831 691 841 749 575 428 Mar ,426 3,347 1,208 1,212 852 821 836 843 530 471 Apr.i ,470 3,594 1,236 1,348 845 855 865 901 524 490 May ,535 3,748 1,245 1,362 832 886 877 904 581 596 June ,547 3,674 1,268 1,333 830 904 870 871 579 566 Julyi ,599 3,837 1,291 1,382 890 1,022 905 946 513 487 Aug ,591 3,704 1,284 1,320 819 903 907 906 581 575 Sept ,546 3,388 1,289 1,239 834 829 869 797 554 523 Oct.i ,541 3,545 1,325 1,302 856 860 871 850 489 533 Nov ,559 3,439 1,252 1,150 835 779 893 877 579 633 Dec ,637 4,091 1,252 1,228 873 865 902 1,069 610 929 Repayments 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 1957 40,133 14,252 9,727 9,642 6,512 1956—Dec. 3,241 3,237 ,168 1,144 769 760 758 826 546 507 1957—Jan. 1. 3,292 3,349 ,177 1,198 821 767 758 527 585 Feb... 3,257 3,056 ,162 1,084 793 733 757 697 545 542 Mar... 3,255 3,311 ,141 1,138 791 808 778 790 545 575 Apr.i. ,284 3,332 ,155 1,187 801 799 793 806 535 540 May.. ,313 3,376 ,168 1,200 817 814 805 818 523 544 June.. ,339 3,224 ,196 1,153 805 780 800 776 538 515 Julyi. 3,382 3,477 ,189 1,242 831 846 817 844 545 545 Aug... 3,343 3,369 ,196 1,221 797 814 819 806 531 528 Sept... 3,418 3,276 ,228 1,190 808 796 815 765 567 525 Oct. i. 3,358 3,456 ,200 1,226 820 873 810 817 528 540 Nov... 3,394 3,347 ,208 1,182 795 800 838 826 553 539 Dec... 3,498 3,560 ,232 1,231 848 856 843 939 575 534 Change in outstanding credit2 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 1957 +2,300 + 1,607 +473 + 811 +9 1956—Dec +210 + 587 +80 + 59 +44 +25 +54 + 123 +32 +380 1957—Jan. i + 181 -259 +24 -69 +82 -23 +50 -18 +25 -149 Feb +252 -80 + 100 +24 + 38 -42 + 84 +52 +30 -114 Mar + 171 +36 +67 +74 +61 + 13 +58 +53 -15 -104 Apr.i + 186 +262 + 165 +245 +44 +56 +72 +95 -95 -134 May +222 + 372 +77 + 162 + 15 +72 +72 +86 +58 +52 June +208 +450 +72 + 180 +25 + 124 +70 +95 +41 + 51 Julyi +217 +360 + 147 + 185 +59 + 176 + 88 + 102 -77 -103 Aug +248 + 335 + 88 +99 +22 + 89 +88 + 100 + 50 +47 Sept + 128 + 112 + 61 +49 +26 + 33 +54 +32 -13 Oct.i + 183 +89 + 142 +93 + 36 -13 +61 + 33 -56 -24 Nov + 165 +92 +44 -32 +40 -21 +55 +51 +26 +94 Dec + 139 +531 +20 -3 +25 +9 +59 + 130 +35 +395 * Monthly data for 1957 revised to bring annual totals into agreement of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for with totals for unadjusted data. December 1957, pp. 1420-22. 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 1940-54 are shown on pp. 1043-54 actions may increase the amount of both credit extended and credit repaid without adding to the amount'of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 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 a t i s l o u n e) i Employment and payrolls2 Depart- Whole- Year Manufactures Min- Resi- All N a c g o u r l n i - - - pro M du an c u ti f o a n c tu w r o in rk g ers F i l n c r o e a g a i r d s g - * - ht s ( m s r a t e l o e e ta n r s e i t * l p s C r u i o m c n e e - s r 2 m p c s r o o a ic l d m e e i s s t - y 2 or month Total Total r D ab u l - e N r d a o b u n l - e - erals Total d t e ia n l - other p m t e u l m o e ra n y - l t - Em m p e l n o t y- P ro a l y ls - value) Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61 3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64 3 66 9 32 6 107 34 72 9 1924 44 43 43 42 57 51 57 46 63 5 62.1 30.4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75.0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67 9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53 4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53 6 47 2 15 9 62 24 55 3 42 8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65 8 63.9 27 2 81 32 59 3 52.5 1937 61 60 55 64 71 32 25 36 70 2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101 6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129 8 101 112 111 0 114 8 1952 124 125 136 114 114 183 183 183 110 4 106 3 136 6 95 114 113 5 111 6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 125 127 137 116 111 215 232 204 110 7 101 8 137 7 86 118 114 8 110 3 1955 139 140 155 126 122 261 280 248 114 4 105.6 152.9 95 128 114 5 110 7 1956 143 144 159 129 129 268 271 266 118.6 106.7 161.4 97 135 116.2 114.3 1957 *>143 ^120 1 ^104.5 "162.7 90 1956 Dec 147 144 149 167 130 130 n.a. n.a. 311 120.1 107.5 107.9 171.4 100 137 118.0 116.3 1957 Jan 146 145 147 164 131 131 n.a. n.a. 297 120.0 107.0 106.3 165.5 98 133 118.2 116.9 Feb 146 148 148 164 131 133 n.a. n.a. 323 120.2 106.4 106.0 165.0 96 136 118.7 117.0 Mar 145 148 147 162 131 133 n.a. n.a. 281 120.1 106.0 105.8 164.3 98 137 118.9 116.9 Apr 143 144 145 160 129 130 n.a. n.a. 286 120.2 105.9 104.8 161.5 91 131 119.3 117.2 May 143 143 145 159 130 130 n a. n a 259 120 5 105.7 104.2 161.0 90 135 119 6 117 1 June 144 145 146 162 130 127 n.a. n.a. 267 120.6 105.3 104.7 163.8 90 138 120.2 117.4 July 144 135 146 161 130 127 n.a. n.a. 252 120.7 104.9 103.4 160.5 85 138 120.8 118.2 145 145 147 r163 131 129 n.a. n a 246 120.8 104.4 105.3 164.7 92 144 121.0 118 4 SeDt 144 146 146 '160 132 129 n.a. n.a. 251 120.4 103.3 105.0 164.7 87 136 121.1 118.0 Oct 141 145 142 M55 130 128 n.a. n.a. 262 120.0 102.8 104.2 162.6 86 129 121.1 117.8 Nov . 139 141 H41 153 128 122 n.a. n.a. 269 119.4 101.8 102.7 160.9 85 133 121.6 118.1 Dec 136 133 137 147 127 122 n.a. n.a. n.a. 118.7 100.5 100.9 157.7 83 121.6 118.5 1958 Jan ^132 ^122 n.a. n.a. n.a. *>97.4e149.5 82 C132 • Estimated. p Preliminary. r Revised, 2 The indexes of employment and payrolls, wholesale commodity prices, n.a. Not available. and consumer prices are compiled by the Bureau of Labor Statistics. Non agricultural employment covers employees only and excludes person- * Average per working day. nel in the armed forces. The consumer price index is the revised series, 1 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 185 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1956 1957 Industry portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 147 146 146 145 143 143 144 144 145 144 141 139 136 MANUFACTURES—TOTAL 90.02 140 144 149 147 148 147 145 145 146 146 147 146 142 '141 137 Durable Manufactures—Total 45.17 155 159 167 164 164 162 160 159 162 161 r163 r160 r155 153 147 Primary metals 6.70 140 138 145 143 143 137 134 132 132 132 136 131 128 121 108 Metal fabricating 28.52 165 172 183 180 180 779 775 775 r178 r178 '775 r175 '770 '770 754 Fabricated metal products 5.73 134 135 141 137 138 137 140 136 139 141 140 140 136 139 135 Machinery 13.68 155 171 177 173 172 172 166 168 171 173 173 170 162 161 154 Nonelectrical machinery 9.04 135 153 157 154 155 155 151 152 151 152 152 151 146 '141 136 Electrical machinery 4.64 194 207 216 208 204 204 196 199 209 214 213 207 194 199 189 Transportation equipment 7.54 203 199 223 222 225 222 217 r214 '217 r212 r212 '208 205 '206 200 Autos, trucks, and parts 4.80 153 125 143 139 140 135 126 124 127 123 127 123 118 '129 122 Other transportation equipment 2.74 272 310 344 348 353 355 r357 ••352 '355 '348 '341 r340 '338 '322 319 Instruments and related products 1.29 149 166 173 173 174 173 172 171 171 173 175 174 170 '170 169 Clay, glass, and lumber products 5.91 138 140 136 133 133 132 133 136 140 134 739 735 737 725 124 Stone, clay, and glass products 2.82 149 158 158 155 155 155 155 158 157 155 160 159 153 '149 146 Lumber and products 3.09 127 123 117 114 113 111 113 115 125 114 120 114 110 108 103 Furniture and misc. manufactures 4.04 132 135 134 131 129 130 132 732 733 134 735 735 737 725 725 Furniture and fixtures 1.64 119 122 120 118 118 118 121 121 121 124 122 121 119 115 113 Miscellaneous manufactures 2.40 141 144 144 140 136 137 140 139 142 141 144 146 139 137 132 Nondurable Manufactures—Total 44.85 126 129 130 131 131 131 129 130 130 130 131 132 130 128 127 Textiles and apparel 11.87 109 108 106 104 105 105 104 105 106 104 105 107 103 99 97 Textile mill products 6.32 107 104 103 100 101 101 99 98 100 97 99 101 97 '95 91 Apparel and allied products 5.55 113 112 110 109 110 111 109 113 113 113 111 113 110 '105 103 Rubber and leather products 3.20 122 117 118 122 124 123 775 775 775 777 723 779 777 777 770 Rubber products 1.47 143 133 137 145 145 142 131 130 129 133 144 137 136 132 119 Leather and products 1.73 105 104 102 102 106 107 106 103 106 103 105 103 101 104 Paper and printing 8.93 137 145 147 148 147 147 147 148 148 146 149 149 149 148 146 Paper and allied products 3.46 152 159 157 159 157 157 156 158 159 156 163 161 161 162 152 Printing and publishing 5.47 127 136 140 141 141 141 141 142 141 140 141 142 142 140 141 Newsprint consumption 1.85 128 132 133 135 132 132 128 132 132 129 129 131 130 128 131 Job printing and periodicals 3.62 127 138 144 145 146 145 147 147 146 146 146 147 148 146 147 Chemical and petroleum products 9.34 159 167 770 174 772 777 772 174 770 773 174 174 '772 '770 777 Chemicals and allied products 6.84 167 111 179 184 183 182 183 185 182 185 186 185 185 '183 182 Industrial chemicals 2.54 184 196 199 205 205 202 204 206 198 205 204 207 206 '199 200 Petroleum and coal products 2.50 135 141 145 147 143 141 142 142 138 139 141 143 139 136 ^138 Foods, beverages, and tobacco 11.51 109 112 113 111 775 773 770 777 772 114 773 773 777 '709 773 Food and beverage manufactures 10.73 109 113 114 111 113 113 110 111 112 114 113 113 111 '110 113 Food manufactures 8.49 109 113 113 111 113 113 111 111 112 115 113 113 111 110 113 Beverages 2.24 107 112 117 113 111 115 108 111 115 108 112 112 111 109 Tobacco manufactures .78 105 107 107 112 116 111 109 110 111 114 110 113 109 107 MINERALS—TOTAL 9.98 122 129 130 131 133 133 130 130 127 127 129 129 128 '122 122 Mineral fuels 8.35 123 129 130 131 133 133 130 130 727 727 725 729 725 '722 727 Coal 2.68 80 85 80 82 87 92 87 82 86 83 84 82 80 77 70 Anthracite .36 48 55 57 57 52 48 49 49 60 37 54 47 44 44 43 Bituminous coal 2.32 85 90 84 86 93 99 93 88 90 90 89 88 85 82 74 Crude oil and natural gas 5.67 143 150 153 154 154 152 151 153 146 147 149 151 151 144 Crude oil 4.12 131 137 141 142 144 144 139 141 136 134 134 136 136 131 Natural gas and gas liquids .70 177 191 189 196 198 198 202 204 194 195 198 196 ^195 Metal, stone, and earth minerals 1.63 120 127 134 131 132 132 729 727 730 727 732 737 '727 725 Metal mining .82 110 114 127 120 122 121 118 113 119 112 118 119 '115 103 110 Stone and earth minerals .81 130 141 141 142 142 143 140 142 142 143 145 144 142 139 141 Preliminary. 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1956 1957 portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL. 100.00 139 143 144 145 148 148 144 143 145 135 145 '146 145 141 133 MANUFACTURES—TOTAL 90.02 140 144 146 146 149 150 146 144 146 136 146 147 147 143 135 Durable Manufactures—Total 45.17 155 159 166 164 167 166 163 159 162 159 159 158 155 147 Primary metals 6.70 140 138 142 146 148 144 140 135 136 118 128 128 129 121 106 Ferrous metals 5.03 138 135 145 147 149 144 138 133 134 118 127 126 126 118 102 Pig iron and steel 3.51 144 142 157 159 159 154 148 143 141 130 135 136 135 126 108 Pig iron .37 134 131 149 148 149 147 144 141 139 136 137 139 132 121 107 Steel 3.05 146 143 158 160 160 154 147 142 140 128 134 134 134 126 107 Carbon steel 2.62 141 139 156 157 159 152 146 141 141 129 133 134 132 125 107 Alloy steel .43 171 167 170 178 167 163 151 149 136 123 137 132 143 132 108 Ferrous castings and forgings 1.52 124 119 118 118 124 122 115 109 119 90 106 105 106 99 87 Iron and steel castings 1.29 123 117 117 117 122 119 113 108 117 90 107 104 105 99 87 Steel forgings .23 133 126 121 126 133 137 124 116 126 89 103 110 107 98 88 Nonferrous metals 1.67 143 144 133 143 148 142 145 139 142 117 132 134 138 '129 119 Primary nonferrous metals .38 153 164 170 170 167 167 175 171 167 157 160 153 156 159 161 Copper smelting .09 122 133 129 135 139 132 140 131 134 114 122 120 126 125 127 Copper refining .06 123 132 128 137 146 141 146 148 136 125 126 119 128 130 134 Lead .04 103 115 120 113 118 116 129 115 110 104 107 116 115 112 112 Zinc .10 120 123 134 128 133 132 137 133 128 118 115 110 113 '114 119 Aluminum .09 261 280 292 289 259 267 283 285 280 279 282 263 263 274 275 Secondary nonferrous metals .13 123 118 108 116 125 120 118 110 108 86 106 114 nil 113 Nonferrous shapes and castings 1.16 142 140 123 138 144 137 138 132 138 107 125 130 134 '121 107 Copper mill shapes .63 114 115 98 111 121 105 113 107 114 72 105 108 111 '97 80 Aluminum mill shapes .20 208 215 175 203 200 206 213 215 211 214 192 200 199 '167 159 Nonferrous castings .33 156 146 141 150 156 157 141 131 140 109 125 131 140 138 Metal Fabricating 28.52 165 172 183 181 185 184 179 174 176 r167 r174 r173 r172 172 166 Fabricated metal products 5.73 134 135 139 136 138 138 140 136 139 134 141 144 141 138 133 Structural metal parts 2.68 136 141 152 148 149 149 148 149 152 149 152 155 154 154 153 Stampings and misc. metal products 2.12 130 125 134 130 130 129 126 124 124 118 121 122 124 125 120 Tin cans .30 142 151 105 113 116 127 190 122 149 163 205 195 146 114 110 Furnaces, gas ranges, and heaters .63 111 110 82 84 103 101 98 95 104 81 105 122 99 74 Machinery 13.68 155 171 178 175 177 177 169 166 168 158 166 171 168 163 155 Nonelectrical machinery 9.04 135 153 158 158 160 161 157 154 153 146 143 148 144 139 137 Farm and industrial machinery 8.13 130 147 155 153 154 154 152 149 148 143 141 142 138 134 134 Farm machinery 1.02 91 86 82 86 89 92 90 87 85 82 79 82 81 '77 78 Industrial and commercial machinery.. 7.11 135 156 165 163 164 163 161 158 157 152 149 151 147 '143 142 Machine tools and presses .68 163 197 209 203 204 202 198 193 188 179 176 176 165 157 156 Laundry and refrigeration appliances .69 144 168 155 152 175 190 164 158 160 129 119 159 149 '138 120 Electrical machinery 4.64 194 207 217 208 210 208 194 189 197 182 211 217 217 211 189 Electrical apparatus and parts 3.23 174 198 214 210 210 208 204 200 200 194 194 197 192 192 191 Radio and television sets .74 242 224 218 188 201 196 159 153 180 143 256 269 282 260 176 Transportation equipment 7.54 203 199 225 225 231 228 '223 '214 ••217 '205 '209 '194 '198 '213 207 Autos, trucks, and parts 4.80 153 125 144 141 148 142 135 127 130 114 123 100 110 '139 129 Autos 1.50 190 138 177 174 178 171 155 144 156 134 148 84 88 171 151 Trucks .66 115 112 101 98 113 109 120 113 119 103 103 84 92 99 98 Light trucks .22 114 92 92 97 110 105 107 100 108 94 95 67 93 115 109 Medium trucks .19 69 58 45 42 57 52 69 60 62 52 48 29 46 47 40 Heavy trucks .14 172 218 207 182 200 193 224 215 228 208 195 184 161 157 183 Truck trailers .07 183 167 121 134 156 162 154 148 156 109 146 136 122 116 103 Auto and truck parts 2.58 141 121 136 134 140 134 127 121 118 106 113 114 127 131 Other transportation equipment 2.74 272 310 348 351 356 359 -•357 '348 '351 '344 r341 '340 •"334 '322 322 Aircraft and parts 1.30 481 548 619 624 630 633 ••633 r614 '615 '609 '606 '597 r592 '569 574 Shipbuilding and repair .81 115 118 126 128 130 132 132 134 136 131 128 126 123 '120 122 Railroad equipment .53 42 63 75 78 84 88 81 76 84 73 69 83 74 71 62 Railroad cars .35 73 30 54 77 86 98 86 81 71 84 85 76 72 59 Instruments and related products 1.29 175 171 149 166 173 174 174 174 171 168 172 174 172 '172 170 Clay, Glass, and Lumber Products... 5.91 129 144 138 140 125 131 132 135 137 127 143 141 139 128 117 Stone, clay, and glass products 2.82 156 159 162 '152 145 Gl F as la s F t l a a g n t l d a a s n p s d o a t n t o e d t r h y v e r i p t r r g e o l o a d u s u s s c t p s roducts 1. . 0 6 9 0 1 1 1 4 5 3 9 5 4 1 1 1 5 4 6 8 0 4 1 1 1 4 7 7 3 3 7 1 1 1 4 4 6 8 3 7 1 1 1 5 4 6 1 5 6 1 1 1 5 4 6 3 4 4 1 1 1 5 4 6 5 1 0 1 1 1 5 4 5 8 1 9 1 1 1 3 5 6 9 7 0 1 1 1 5 4 3 0 9 2 1 1 1 6 5 4 3 6 2 1 1 1 4 6 6 1 3 7 1 1 1 6 6 4 1 5 4 ' ' ' 1 1 1 4 6 7 1 5 0 1 1 1 6 3 6 1 4 6 Glass containers .47 156 165 114 171 168 166 163 161 144 151 159 138 170 128 117 Home glassware and pottery .26 126 132 96 127 134 138 132 137 85 137 154 90 143 .23 91 87 98 102 100 100 97 78 91 92 Cement .32 148 157 144 113 116 133 145 161 161 119 185 187 177 152 132 Structural clay products .35 127 137 126 120 120 121 129 130 133 134 137 '135 134 '126 121 Brick .12 131 134 106 94 96 101 119 122 123 122 129 '124 126 113 Clay firebrick, pipe, and tile .20 127 142 142 140 139 138 138 138 143 145 145 144 143 138 i33* Concrete and plaster products .48 180 194 187 173 177 181 185 194 200 198 201 198 193 '182 172 Misc. stone and earth manufactures .58 166 173 180 174 177 177 176 177 177 173 175 175 173 '166 164 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 187 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 9 p 4 r 7 o - - 49 average 1956 1957 Industry portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Lumber and products 3.09 127 123 104 104 112 112 117 118 131 105 125 121 119 106 92 Lumber 2.05 112 107 91 89 98 100 100 99 110 88 106 103 98 89 75 Millwork and plywood. .60 197 189 155 167 181 170 191 196 219 168 209 205 207 178 155 Millwork .39 144 121 82 90 105 102 107 110 146 101 144 132 124 100 80 Softwood plywood... .12 284 301 277 295 306 282 330 339 339 277 314 327 344 307 280 Wood containers .29 90 91 90 86 86 87 88 83 83 83 82 78 77 Furniture and Misc. Manufacturing. 4.04 132 135 137 128 130 131 129 128 130 125 136 140 138 133 127 Furniture and fixtures 1.64 119 122 125 118 119 119 111 115 118 116 124 125 124 119 118 Household furniture 1.10 120 121 125 116 118 119 117 114 117 115 124 125 125 121 120 Fixtures and office furniture. .54 115 122 126 121 121 121 118 118 119 118 123 124 120 114 114 Miscellaneous manufactures 2.40 141 144 145 136 137 139 137 137 139 131 144 150 148 143 134 Nondurable Manufactures—Total. 44.85 126 129 125 128 131 133 128 129 130 122 133 135 136 130 122 Textiles and Apparel 11.87 109 108 100 106 112 115 104 106 104 89 107 105 104 101 91 Textile mill products 6.32 107 104 99 101 105 106 99 100 100 83 100 101 99 97 Cotton and synthetic fabrics. 3.72 113 108 104 108 111 111 103 106 103 85 104 105 104 105 95 Cotton consumption 2.30 103 102 93 99 101 102 95 99 96 75 98 97 97 97 84 Synthetic fabrics .97 137 118 123 129 129 123 117 110 110 109 111 119 '119 119 114 Fabric finishing .45 100 98 99 87 102 110 87 107 100 62 91 91 82 '92 85 Wool textiles .97 79 86 78 74 81 79 78 81 87 67 82 79 71 65 55 Wool apparel yarns. .16 85 88 77 80 85 85 82 89 71 86 79 66 66 61 Wool fabrics .75 78 86 79 72 80 78 77 79 67 81 80 74 65 54 Knit goods 1.15 110 108 99 100 105 109 102 102 106 96 109 109 108 103 91 Hosiery .65 106 100 90 98 103 106 92 89 92 76 95 95 96 92 77 Full-fashioned hosiery. .45 110 102 90 98 104 109 91 87 87 69 88 87 88 88 74 Seamless hosiery .20 99 96 90 97 101 97 93 95 103 90 111 113 118 104 83 Knit garments .50 115 119 110 102 108 113 116 118 124 122 127 127 123 116 108 Floor coverings1. .48 Woven carpets. .31 79 83 79 86 92 91 85 69 64 46 68 75 59 59 61 Apparel and allied products... 5.55 113 112 101 113 119 126 110 112 109 96 115 110 109 106 94 Men's outerwear 1.78 111 110 96 119 111 113 99 110 102 72 108 97 96 '95 86 Me M M n e e 's n n s ' ' s s u i s o t u s u i t t a e s n rc d o a c t o s ats.... . . . 7 1 5 3 3 0 9 9 7 2 0 7 9 9 7 5 3 8 9 8 5 3 9 3 1 1 5 0 1 1 7 4 1 9 5 0 5 0 0 1 1 6 0 0 3 1 4 9 8 6 0 8 0 1 1 8 0 0 5 2 0 9 7 8 1 8 8 4 5 5 6 6 4 9 9 9 7 3 0 7 7 6 8 7 5 7 7 5 3 3 1 • ' 3 7 7 9 4 8 7 2 7 1 9 7 Shirts and work clothing. .99 123 118 98 126 121 120 104 113 108 80 113 109 111 107 94 Women's outerwear 1.85 116 112 89 108 130 148 119 115 111 101 118 109 108 102 80 Women's suits and coats. .76 134 128 101 131 169 102 96 127 130 148 133 134 123 85 157 Misc. apparel and allied mfrs 1.92 111 113 117 112 118 111 110 112 112 119 121 121 119 116 117 Rubber and Leather Products. 3.20 122 117 112 123 130 119 114 117 101 123 121 123 116 104 130 Rubber products 1.47 143 133 132 147 148 148 135 133 132 112 135 139 145 135 114 Tires and tubes .70 131 121 122 126 136 134 121 125 123 109 120 124 129 119 106 Auto tires .40 140 123 130 136 150 151 135 137 136 122 131 135 139 124 113 Truck and bus tires .30 120 119 110 111 117 111 103 108 105 91 105 110 117 112 97 Miscellaneous rubber products. .77 154 144 141 166 159 161 147 140 141 114 150 153 160 150 121 Leather and products. .. 1.73 105 104 95 102 115 115 106 98 105 92 112 105 104 99 Leather .44 92 91 85 89 99 95 89 88 97 74 92 87 '90 88 Cattlehide leathers. .29 99 99 95 98 108 103 96 94 107 82 103 97 101 98 Skin leathers .15 79 76 65 72 82 81 76 75 77 58 72 69 71 68 Shoes and slippers1 .90 Miscellaneous leather products. .39 99 97 95 90 96 96 90 87 92 92 100 98 98 98 Paper and Printing. 8.93 137 145 143 147 151 150 149 148 136 147 151 156 152 142 Paper and allied products 3.46 152 159 145 157 161 163 161 158 161 139 165 163 170 163 140 Pulp and paper 1.76 149 157 142 158 160 159 159 157 155 132 157 153 163 156 138 Wood pulp .51 169 179 160 182 181 181 182 182 175 152 181 172 187 '183 155 Paper and board 1.25 140 148 135 149 151 150 150 147 147 124 147 146 154 '145 131 Printing paper .22 127 140 135 140 139 137 136 136 136 121 132 125 135 132 123 Fine paper .14 133 145 138 140 147 152 147 143 142 107 139 145 143 '138 132 Coarse paper .20 129 136 123 139 139 131 131 125 123 102 127 124 135 '129 116 Miscellaneous paper .18 158 170 159 184 189 186 192 182 184 160 175 171 185 '172 167 Paperboard .41 149 155 139 154 155 158 155 157 154 128 158 160 166 157 135 Building paper and board. .10 137 131 94 118 128 120 126 124 127 118 134 134 141 '120 101 Converted paper products.. 1.70 156 162 148 156 163 167 163 160 166 147 173 173 177 171 142 Shipping containers .51 155 159 144 148 156 163 155 155 160 141 172 170 168 167 132 Sanitary paper products. .11 158 170 158 179 183 177 184 174 183 163 175 178 204 '182 172 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - _49 a A v n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 127 136 142 136 139 144 143 142 140 134 136 144 146 145 143 Newsprint consumption 1.85 128 132 131 123 128 137 137 140 132 112 116 133 140 140 129 Job printing and periodicals. 3.62 127 138 147 143 144 147 146 144 144 144 146 150 150 '148 150 Chemical and Petroleum Products. 9.34 159 167 171 175 175 174 172 172 168 165 171 174 776 r173 172 Chemicals and allied products 6.84 167 177 181 184 186 186 184 184 179 174 181 185 190 187 184 Industrial chemicals 2.54 184 196 199 205 207 206 206 206 200 194 200 205 208 '203 200 Basic inorganic chemicals .57 180 189 193 198 208 206 210 209 197 189 196 203 209 205 196 Industrial organic chemicals 1.97 186 197 200 208 207 206 205 205 201 196 201 206 '207 '203 201 Plastics materials .24 242 256 247 263 277 280 275 278 266 240 269 283 '299 276 Synthetic rubber .11 213 236 242 243 238 242 219 245 225 209 241 252 274 282 267' Synthetic fibers .59 186 181 187 205 202 196 203 198 189 191 197 203 '206 '201 194 Miscellaneous organic chemicals. 1.03 169 189 193 193 191 190 188 188 191 188 184 184 179 '178 182 Vegetable and animal oils. .64 124 132 143 147 152 134 121 116 109 107 113 120 150 149 136 Vegetable oils .48 117 124 139 143 143 129 113 103 94 95 100 110 148 147 132 Grease and tallow .16 145 158 157 159 181 150 146 155 154 142 153 151 159 156 147 Soap and allied products. .71 110 111 110 120 117 128 113 115 104 80 115 115 126 110 105 Paints .66 125 124 123 122 121 120 122 122 125 126 125 122 119 115 115 Fertilizers .23 125 129 120 125 135 166 181 172 119 104 108 119 122 115 116 Petroleum and coal products. 2.50 135 141 145 148 145 139 137 139 139 139 144 144 139 136 Petroleum refining 1.97 142 150 158 160 154 149 145 148 147 146 152 152 145 147 Gasoline 1.04 152 159 165 164 157 156 154 161 162 161 168 170 162 160 Automotive gasoline.. .98 147 153 159 158 153 150 149 155 156 155 163 166 157 156 Aviation gasoline.... .06 233 254 260 263 242 254 247 255 258 260 265 233 242 233 Fuel oil .56 138 147 161 170 164 151 143 143 142 141 144 142 137 139 Distillate fuel oil. .30 175 193 210 225 216 197 187 190 188 185 191 188 181 184 Residual fuel oil. .26 94 95 105 108 104 99 93 90 90 89 89 90 86 87 Kerosene .10 107 111 124 120 116 109 93 89 83 82 82 90 87 106 Lubricating oil. .17 114 119 116 118 114 116 126 122 104 111 112 108 107 109 Coke .26 104 102 110 110 110 111 107 108 107 106 106 106 103 95 Asphalt roofing and siding. .15 110 104 49 94 92 80 104 107 119 121 81 54 77 73 122 Foods, Beverages, and Tobacco. 11.51 109 112 105 103 104 108 116 115 127 124 r113 105 102 105 122 Food and beverage manufactures. 10.73 109 113 106 103 104 107 116 115 128 124 '113 106 Food manufactures 8.49 109 113 108 101 104 105 102 104 111 114 122 131 126 '115 109 Meat products 1.48 128 133 138 104 133 104 123 124 120 116 123 130 140 133 131 Beef .46 142 151 149 139 151 131 139 148 148 150 118 154 156 140 136 Pork .83 116 119 127 163 117 144 108 104 97 91 150 109 124 122 122 121 117 94 Dairy products .69 107 110 86 91 102 109 122 140 151 134 120 101 91 85 Butter .14 105 107 96 102 109 117 122 139 145 113 97 87 88 87 97 Natural cheese .07 116 117 96 100 107 115 135 161 165 137 119 105 100 92 98 Concentrated milk. .19 97 101 77 85 96 105 128 151 142 114 97 78 77 73 80 Ice cream .28 109 112 80 82 97 101 109 122 149 151 141 117 96 84 82 Canned and frozen foods. 1.13 118 133 98 87 84 82 89 91 111 163 212 230 157 108 97 Grain-mill products 1.16 105 101 99 100 100 99 95 97 98 97 105 107 104 r 97 96 Wheat flour .46 83 84 88 92 92 90 82 81 87 78 88 94 92 89 86 Cereals and feeds .70 119 113 107 105 106 106 104 108 105 110 116 116 113 '103 103 Bakery products. 1.64 97 98 99 95 96 96 99 102 104 103 102 101 101 101 Sugar .27 115 122 222 85 57 54 60 68 88 74 80 117 262 279 Cane sugar.... .11 113 116 102 102 96 107 110 117 140 122 123 125 108 97 Beet sugar .13 111 121 320 65 20 3 13 38 27 38 105 390 431 Confectionery .71 101 107 91 113 123 119 96 84 95 81 103 155 147 132 99 Miscellaneous food preparations. 1.41 106 105 102 101 103 103 102 106 114 113 113 113 111 '110 108 Beverages 2.24 107 112 98 90 97 110 110 119 137 121 119 116 119 104 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 102 93 105 102 107 122 104 100 106 115 98 Beer and ale 1.02 101 86 104 108 116 129 126 109 95 87 72 Liquor distilling. . .17 77 85 86 81 80 65 33 46 106 135 95 Liquor bottling... .37 109 105 111 95 97 127 84 101 125 158 151 Tobacco manufactures. .78 105 110 114 111 104 113 121 102 120 118 119 110 Cigarettes .46 109 117 119 115 109 121 129 114 126 123 122 111 Cigars .17 104 101 112 110 102 104 111 81 115 116 121 116 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 189 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 1957 Industry portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 122 129 129 130 131 131 131 132 130 123 130 130 129 ••122 121 MINERALS—TOTAL 8.35 123 129 132 135 135 134 132 130 127 119 126 127 127 r123 123 Mineral Fuels 2.68 80 85 83 85 87 88 82 88 65 86 86 87 73 Coal .36 48 55 55 57 52 43 50 64 32 52 52 49 42 Anthracite 2.32 85 90 87 90 93 95 87 92 71 92 91 93 77 Bituminous coal Crude oil and natural gas 5.67 143 150 155 158 157 156 155 153 145 145 145 147 146 144 Oil and gas extraction 4.82 137 145 150 154 157 156 153 150 143 139 138 140 140 141 P143 Crude oil 4.12 131 137 141 143 147 148 145 143 136 132 130 132 131 131 Natural gas and gas liquids .70 177 191 202 214 214 206 200 194 184 181 186 188 P201 Natural gas .34 185 199 214 240 235 225 214 202 192 196 194 196 Natural gas liquids .36 169 182 191 190 194 189 188 186 177 167 179 180 182 189 Oil and gas well drilling .85 175 180 181 182 160 151 168 168 156 179 185 185 177 160 Metal, Stone, and Earth Minerals 1.63 120 127 116 109 113 114 124 140 149 143 146 144 137 110 Metal mining .82 110 114 94 91 98 95 111 135 150 137 139 137 124 92 82 Iron ore .33 113 104 62 49 50 48 87 159 193 181 182 172 143 65 Nonferrous metal mining .49 108 120 115 120 130 127 126 118 122 108 110 113 •"111 110 Copper mining .24 123 136 129 133 145 141 140 133 139 121 124 132 125 131 131 Lead mining .09 84 88 83 89 96 94 94 88 85 79 81 79 83 71 70 Zinc mining .06 81 87 86 92 96 98 99 86 90 78 77 68 r74 68 67 Stone and earth minerals .81 130 141 138 128 129 133 137 145 148 149 154 152 151 142 139 P Preliminary. r 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 groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average = 100] Series 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 1957 portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ELECTRICITY AND GAS—TOTAL 100.00 199 218 223 225 227 226 227 229 232 236 236 234 *230 ?233 *234 Residential 41.34 217 241 246 248 252 252 252 255 259 262 265 261 Nonresidential 58 66 187 201 207 210 209 207 209 211 213 217 217 214 Electricity 76.18 199 218 224 227 229 227 228 231 234 239 240 237 233 236 ^236 Residential 27.48 224 250 258 260 266 266 263 267 274 280 284 280 274 285 Industrial 23.68 190 206 211 213 211 209 214 215 214 217 217 215 213 210 General industrial 23.49 r174 186 191 193 191 188 193 194 193 198 198 196 194 191 Atomic energy .19 2221 2697 2720 2740 2720 2750 2790 2880 2790 2560 2530 2580 2610 2580 Commercial and other 25.02 180 194 199 204 205 202 203 207 210 215 214 210 206 207 Gas 23.82 200 218 219 220 221 221 222 224 225 225 225 224 *223 *>225 P228 Residential ... ... 13 86 203 223 221 223 224 225 229 231 231 228 226 225 Industrial 6.16 201 218 228 225 222 220 215 215 221 228 231 229 Commercial and other. 3.80 185 197 197 203 205 207 209 210 212 212 213 214 P Preliminary. r Revised. 1956 pp. 1055-69. 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

190 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1956 1957 Product portion 1955 1956 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 147 131 141 137 138 134 124 124 129 129 133 129 121 132 124 Major Durables 69.72 164 140 154 147 149 144 131 131 137 137 141 134 125 130 Autos 32.10 190 138 168 169 167 159 141 139 144 134 145 129 118 154 140 Major household goods 36.13 144 144 143 130 134 132 124 126 133 142 138 140 133 132 124 Furniture and floor coverings. 15.32 116 117 115 114 113 113 114 112 113 118 116 115 110 110 109 Household furniture 11.31 120 121 121 119 117 118 120 118 121 123 124 122 119 116 116 Floor coverings * 4.01 Appliances and heaters 15.60 138 143 144 128 137 133 119 119 123 126 123 134 129 130 Major appliances 11.88 144 151 156 136 144 140 121 124 127 132 133 144 139 139 Ranges 2.60 100 103 104 95 103 100 88 85 85 77 84 85 85 92 Refrigeration appliances.. 4.98 151 150 151 128 153 151 136 138 135 140 140 146 143 148 Laundry appliances 2.51 193 216 233 209 183 177 133 152 167 182 182 212 203 189 *i59* Heating apparatus 3.72 120 118 108 105 114 111 110 104 108 109 92 102 100 102 Radio and television sets , 5.21 242 224 218 181 189 185 167 186 226 259 248 237 215 199 *i88* Radio sets 3.42 77 70 75 71 81 80 75 67 69 65 68 88 83 '83 66 Television sets 1.79 558 519 491 392 395 388 343 413 524 628 591 521 468 '421 419 Other Consumer Durables 30.28 106 111 113 114 114 111 109 108 108 111 114 116 112 111 109 Auto parts and tires 14.00 102 105 109 112 114 112 104 103 104 110 111 112 109 Misc. home and personal goods. 16.28 109 116 117 116 113 110 113 112 112 112 117 119 114 114 110 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 147 131 141 137 143 142 130 124 131 116 132 119 119 141 124 Major Durables 69.72 164 140 154 149 157 155 140 131 140 121 139 118 119 152 132 Autos 32.10 190 138 177 174 178 171 155 144 156 134 148 84 88 171 151 Major household goods 36.13 144 144 137 129 140 143 128 122 129 110 133 150 147 138 117 Furniture and floor coverings. 15.32 116 117 118 113 116 116 113 108 110 105 115 119 116 113 112 Household furniture 11.31 120 121 125 116 118 119 117 114 117 115 124 125 125 121 120 Floor coverings1 01 Appliances and heaters 15.60 138 143 128 125 144 151 131 125 131 105 109 141 133 121 Major appliances 11.88 144 151 141 137 158 166 140 133 136 108 109 144 136 126 Ranges 2.60 100 103 94 94 116 114 92 82 88 59 77 93 90 89 Refrigeration appliances. 4.98 151 150 128 131 162 188 173 163 164 130 102 133 119 112 Laundry appliances 2.51 193 216 229 207 208 195 140 144 150 126 164 229 229 206 156 Heating apparatus 3.72 120 118 85 88 100 104 103 99 114 94 109 134 121 104 Radio and television sets 5.21 242 224 217 188 201 196 159 153 180 143 256 268 282 259 i76* Radio sets 3.42 77 70 92 73 83 84 72 67 57 40 62 81 101 108 76 Television sets 1.79 558 519 456 408 427 411 326 318 414 339 627 625 627 547 365 Other Consumer Durables 30.28 106 111 110 110 112 111 107 106 108 106 116 121 120 114 106 Auto parts and tires 14.00 102 105 103 109 110 107 101 103 107 109 114 120 118 Misc. home and personal goods. 16.28 109 116 117 111 114 114 112 109 108 104 117 121 122 120 110 r Revised Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics, pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Total d R en e t s i i a - l Total Ind B us u - sine C ss om- Public O n r d e t o e h s n n i e - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r trial mercial utility tial 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 1957P 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 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 ,009 270 283 456 340 1 121 105 406 73 537 Mar 3,912 2,752 1,383 ,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 [ 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 .056 266 297 493 354 [ 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 4,064 2,833 1,414 1,069 251 308 510 350 1,231 111 429 94 597 NOV.P 4,043 2,843 1,434 1,055 246 306 503 354 1,200 103 427 85 585 Dec p 4,051 2,854 1,444 1,054 243 303 508 356 I 197 100 423 79 595 1958—Jan » . . .. 4,039 2,779 1,382 1,042 235 285 522 355 1,260 99 490 79 592 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 191 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] B ow y n ty er p s e h o ip f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 8,036 116,592 110,042 1,918 12,581 2,314 12,193 5,580 1957 125,261 8,624 116,637 1956—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 ,053 676 167 175 178 167 354 Mar 2,448 757 ,690 861 182 303 222 208 670 Apr 2,151 652 ,499 966 118 180 165 162 559 May 2,674 1,029 ,645 1,020 129 246 244 247 788 June 2,424 930 ,494 887 221 279 232 268 537 July 2,301 791 ,510 1,067 115 236 173 221 487 2,275 619 ,656 1,035 159 267 206 191 417 Sect c2,050 673 c ,377 918 123 C187 192 220 409 Oct 1 974 587 387 913 145 200 214 177 325 Nov . 1,876 647 229 737 124 229 202 175 409 Dec 1,594 596 998 c Correction. 1 Figure not comparable with earlier years. CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district All Month districts New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco 1956—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 Dec 2,057 114 329 89 173 127 191 291 76 67 115 141 344 1957—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 Dec 1,982 68 213 80 204 113 211 316 68 68 129 178 336 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Total Non- Private Government-underwritten i private Metro- metro- Year or month (seasonally Total politan politan Public an a n d u j a u l s t r e a d te) areas areas Total fam 1- ily fam 2- ily M fam ul i t l i y - Total FHA VA 1950 1.396 1,022 374 1.352 1,151 42 159 44 686 486 200 1951 ,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 [,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 ,310 1,190 33 87 20 670 277 393 1956 1,118 780 338 .094 981 31 82 24 463 192 271 1957 V .041 699 342 305 177 128 1957 Jan 962 63 44 19 60 50 2 8 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 1,020 z97 62 35 88 74 3 11 8 29 20 10 Nov ^1,010 53 25 ^76 n.a. n.a. n.a. 24 17 6 Dec J>970 42 20 ^61 n.a. n.a. n.a. n 20 15 5 1958 Jan ^1,030 45 24 n.a. n.a. n.a. 18 14 4 * 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

192 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 institutional labor Employed i Not in the population force Total Unem- labor force Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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 1957 Jan 2 119,614 68,638 65,821 62,578 57,643 4,935 3,244 50,973 Feb . 119,745 69,128 66,311 63,190 57,996 5,195 3,121 50,617 Mar 119,899 69,562 66,746 63,865 58,431 5 434 2,882 50 337 Apr 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50 286 May 120,199 70,714 67,893 65,178 58,519 6 659 2 715 49 485 June 120,383 72,661 69,842 66,504 58,970 7,534 3,337 47 722 July 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 Aug 120,713 71,833 68,994 66,385 59,562 6,823 2,609 48 880 Sept 120,842 71,044 68,225 65,674 59,156 6,518 2,552 49,797 Oct 120,983 71,299 68,513 66,005 59,168 6 837 2 508 49 684 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 1958 Jan 121,325 69,379 66,732 62,238 57,240 4,998 4,494 51,947 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual but not at work), are classified as unemployed, and a small group in school data are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classified as not in the labor force. 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 l a i 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 15,995 111 2 593 4 009 10,520 2,122 5.664 6 751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5.916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6.231 7 178 1957 52,543 16,800 840 3 025 4 155 11,543 2,343 6.457 7 380 SEASONALLY ADJUSTED 1957 Jan 52,493 17 053 832 2 963 4 188 11,465 2 316 6 366 7 310 Feb 52,577 16,995 833 3,020 4,168 11,519 2,324 6,401 7 317 Mar 52,547 16 962 831 3 062 4 168 11,490 2,322 6 381 7 331 Apr 52,593 16,965 841 3,059 4,160 11,501 2,320 6,400 7,347 May 52,698 16,946 843 3,097 4 159 11,542 2,329 6 424 7 358 June 52,773 16,924 854 3,108 4,164 11,579 2,336 6,454 7,354 July 52,815 16,880 861 3 061 4 168 11,636 2,343 6 492 7 374 Aug . . 52 ,'844 16,836 853 3,032 4,184 11,669 2,354 6,477 7,439 Sept . 52,662 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 52,218 16,463 825 2,956 4,113 11,567 2,367 6,512 7 415 Dec 51,930 16,276 822 2,911 4,076 11,498 2,360 6,539 7,448 1958 Jan 51,735 15,973 813 2,856 4,062 11,667 2,362 6,531 7,471 WITHOUT SEASONAL ADJUSTMENT 1957 Jan 51,716 16,959 832 2,667 4,126 11,298 2,293 6,239 7,302 Feb 51,704 16 945 833 2 673 4 120 11,225 2 301 6 273 7 334 Mar 51,919 16,933 831 2,756 4 147 11,265 2,310 6 317 7 360 Apr 52,270 16,822 833 2.906 4,153 11,428 2,320 6.432 7 376 M!ay .. 52,482 16 762 835 3 082 4 156 11,411 2 329 6 520 7 387 June 52,881 16,852 858 3,232 4.181 11,505 2,359 6.551 7 343 July 52 605 16 710 857 3 275 4 199 11 493 2 390 6 524 7 157 AUK 52,891 16,955 862 3,305 4 215 11,499 2,389 6 509 7 157 Sept 53,152 16,095 853 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 52,789 16,573 829 3.059 4,123 11.840 2,355 6,512 7 498 Dec 53,025 16,325 826 2,838 4,100 12,354 2,348 6,474 7,760 1958 Jan 50,965 15,880 813 2,570 4,002 11,497 2,338 6,400 7,465 NOTE.—Data include all full- and part-time employees who worked for December 1957 and January 1958 and annual averages for 1957 are during, or received pay for, the pay period ending nearest the 15th of the preliminary. Back data may be obtained from the Bureau of Labor month. Proprietors, self-employed persons, domestic servants, unpaid Statistics. family workers, and members of the armed forces are excluded. Figures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 193 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1957 1958 1957 1958 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 13,238 12,597 12,425 12,131 13,150 12,703 12,477 12,048 7,753 7,258 7,116 6,879 7,740 7,305 7,152 6,865 Ordnance and accessories 81 68 67 66 81 68 67 66 629 593 592 582 594 602 580 550 Furniture and fixtures 307 304 300 293 312 312 306 297 465 444 436 422 453 448 436 411 Primary metal industries 1,127 1,029 1,001 953 1,133 1,029 1,006 958 895 878 861 829 904 887 870 837 Machinery except electrical. 1,274 1,153 1,116 1,101 1,287 1,141 1,122 1,112 875 839 810 788 884 852 826 796 Transportation equipment . 1,481 1,350 1,351 1,270 1,481 1,350 1,351 1,270 230 221 217 211 231 222 219 212 Miscellaneous manufacturing industries 389 379 365 364 379 394 369 355 Nondurable goods 5,485 5,339 5,309 5,252 5,410 5,398 5,325 5,183 1,105 1,048 1,061 1,061 1,015 1,073 1,030 974 Tobacco manufactures 86 79 80 78 88 86 85 80 930 884 871 852 935 893 884 856 Apparel and other finished textiles 1,065 1,066 1,047 1.033 1,076 1,071 1,063 1,043 470 464 464 457 468 469 466 455 557 560 557 558 557 566 565 558 546 525 522 513 549 528 525 516 176 172 171 170 172 171 169 167 214 206 203 201 216 209 207 203 336 335 333 329 336 333 333 329 NOTE.—Data covering production and related workers only (full- and 1958 are preliminary. Back data may be obtained from the Bureau of part-time) who worked during, or received pay for, the pay period ending Labor Statistics. nearest the 15th of the month. Figures for December 1957 and January 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 1957 1958 1957 1958 1957 1958 Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Jan. Nov. Dec. Jan. Total 82.41 82.92 82.74 81.27 40.2 39.3 39.4 38.7 2.05 2.11 2.10 2.10 Durable goods 89.16 88.93 88.93 87.36 40.9 39.7 39.7 39.0 2.18 2.24 2.24 2.24 Ordnance and accessories 95.76 96.00 98.25 98.33 42.0 40.0 40.6 40.8 2.28 2.40 2.42 2.41 Lumber and wood products 67.25 71.94 70.98 68.00 39.1 39.1 39.0 38.2 1.72 1.84 1.82 1.78 Furniture and fixtures 68.46 69.48 70.80 68.64 39.8 39.7 40.0 39.0 1.72 1.75 1.77 1.76 Stone, clay, and glass products 81.41 84.21 83.18 81.51 40.3 40.1 39.8 39.0 2.02 2.10 2.09 2.09 Primary metal industries 101.27 97.41 97.41 96.01 41.0 38.2 38.2 37.8 2.47 2.55 2.55 2.54 Fabricated metal products 86.90 90.32 88.84 87.47 40.8 40.5 40.2 39.4 2.13 2.23 2.21 2.22 Machinery except electrical 95.11 92.90 94.30 93.77 41.9 39.7 40.3 39.9 2.27 2.34 2.34 2.35 Electrical machinery 82.82 82.95 83.56 82.04 40.4 39.5 39.6 38.7 2.05 2.10 2.11 2.12 Transportation equipment 99.25 101.75 100.19 96.58 41.7 40.7 40.4 39.1 2.38 2.50 2.48 2.47 Instruments and related products 84.66 85.60 85.79 84.93 40.7 40.0 39.9 39.5 2.08 2.14 2.15 2.15 Miscellaneous manufacturing industries.. 72.40 72.25 72.86 71.78 40.0 39.7 39.6 38.8 1.81 1.82 1.84 1.85 Nondurable goods 72.73 74.50 74.88 73.73 39.1 38.8 39.0 38.4 1.86 1.92 1.92 1.92 Food and kindred products 77.18 79.18 80.59 79.80 40.2 40.4 40.7 39.9 1.92 1.96 1.98 2.00 Tobacco manufactures 57.81 58.13 60.76 60.20 38.8 37.5 38 38.1 1.49 1.55 1.57 1.58 Textile-mill products 58.65 58.29 58.35 56.55 39.1 38.6 38.9 37.7 1.50 1.51 1.50 1.50 Apparel and other finished textiles 53.49 53.10 52.60 52.95 35.9 35.4 35.3 35.3 1.49 1.50 1.49 1.50 Paper and allied products 84.18 87.15 87.15 86.11 42.3 41.9 41.9 41.4 1.99 2.08 2.08 2.08 Printing, publishing and allied industries.. 94.22 96.14 98.43 96.65 38.3 38.0 38.6 37.9 2.46 2.53 2.55 2.55 Chemicals and allied products 89.21 92.66 93.34 92.62 41.3 41.0 41.3 40.8 2.16 2.26 2.26 2.27 Products of petroleum and coal 106.45 111.11 110.70 108.94 41.1 40.7 40.7 40.2 2.59 2.73 2.72 2.71 Rubber products 91.21 93.20 92.63 91.01 40.9 40.0 40.1 39.4 2.23 2.33 2.31 2.31 Leather and leather products 57.76 57.31 58.13 57.88 38.0 36.5 37.5 37.1 1.52 1.57 1.55 1.56 NOTE.—Data are for production and related workers. Figures for December 1957 and January 1958 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

194 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district Year or month United States 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 v d e- 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 1950 ... . . .. 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 107 117 120 112 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 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 2>138 2>128 2*142 SEASONALLY ADJUSTED 1956 Dec 137 129 123 132 128 149 170 131 141 132 145 161 144 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 M^ay . 135 123 124 133 126 148 172 128 137 126 141 158 141 June 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 Aus 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 133 118 124 128 129 142 166 125 135 125 139 161 139 Dec 2*138 128 128 133 133 2*148 129 P\41 133 2*142 156 139 WITHOUT SEASONAL ADJUSTMENT 1956 Dec 240 234 218 234 224 272 223 237 220 '251 279 255 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 132 123 120 131 122 146 165 126 138 127 139 146 134 June 131 122 121 130 120 140 153 126 129 116 137 153 139 Julv 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 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec P241 232 226 236 233 220 221 2*246 270 247 STOCKS1 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 148 141 130 148 133 175 195 138 148 142 164 168 156 1957 ^138 2*137 2>154 2*136 2*178 2*149 ^146 2*174 SEASONALLY ADJUSTED 1956 Dec 151 141 139 151 134 181 194 141 148 144 162 171 155 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 M^ar . . ... 150 140 137 150 135 176 202 139 148 145 159 167 155 Apr 152 138 137 149 136 181 203 104 147 150 161 172 161 152 140 137 153 135 182 198 142 151 148 161 175 160 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 153 137 138 158 138 175 206 141 151 150 165 179 162 Dec 2*136 138 153 134 2*171 2*209 2*140 141 143 PUl WITHOUT SEASONAL ADJUSTMENT 1956—Dec 137 131 128 136 123 165 169 124 134 134 147 159 142 1957 Jan 135 126 123 131 121 156 183 127 133 133 145 151 137 Feb 142 131 127 143 129 167 198 131 145 138 155 165 142 Mar 155 142 141 155 139 187 212 141 154 149 165 176 156 Apr 159 144 143 159 142 190 213 149 156 153 169 179 164 May 155 143 140 156 139 183 200 147 151 147 163 173 159 June 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 Aue 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept 160 144 145 167 144 187 209 150 158 151 164 184 168 Oct 172 156 155 180 154 198 227 161 169 164 177 193 183 Nov 174 161 159 182 156 198 233 161 169 170 183 197 182 Dec 127 138 122 2*156 2*182 2*124 127 133 P145 P159 2*139 P Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning * Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. 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 195 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales- Period m S (t o a f o o l n e t r t a s h l i ) S m t ( o o e o n c n f k t d h s ) i o m ( s e r O t o n i d a n d n u e n g t t r d - h o s - ) 1 f m c ( e t o R f i o o n p e t r - t a t h s l - ) o m ( r N t o f d o o e n e t r w t a r h s l ) - Stocks o s O t r i a d n u n e g t d r - s - S o st o p r t i a o d n l u n u c e g t d s k - rs - s ce R i e p - ts Annual average: 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1.1 1951 391 1,202 460 390 379 3.2 1.3 4.4 1.0 1952 397 1,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 '454 ,286 '470 459 '458 3.0 1.1 4.1 1.0 1957 H57 ,337 *>460 P458 n.i ^4.2 n.o Month: 1956—Dec... '822 ,211 '339 '505 '368 1.5 0.4 1.9 0.6 1957—Jan... 362 ,197 430 345 435 3.3 1.2 4.5 1.0 Feb... 336 ,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 ,381 346 466 398 3.1 0.8 3.9 1.1 May.. 449 ,353 355 421 430 3.0 0.8 3.8 0.9 June.. 409 ,257 519 313 477 3.1 1.3 4.3 0.8 July.. 356 ,245 600 344 425 3.5 1.7 5.2 1.0 Aug.. 432 ,300 569 487 456 3.0 1.3 4.3 1.1 Sept.. 438 ,400 567 538 536 3.2 1.3 4.5 1.2 Oct... 481 ,518 529 599 561 3.2 1.1 4.3 1.2 Nov.. 554 ,562 427 598 496 2.8 0.8 3.6 1.1 837 ,221 305 496 374 1.5 0.4 1.8 0.6 P Preliminary. ' Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h le e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1955 1956 1957 1955 1956 1957 1955 1956 1957 Jan 1,168 1,284 1,680 1,083 1 909 [,583 871 1,073 1,113 Feb 1,238 r1,363 1,611 1,143 ,273 1,490 850 1,051 993 Mar 1,344 1,583 2.151 1,252 I 479 £,021 1,019 1,102 1,131 Apr 1,264 1,512 1,864 1,170 400 rI 780 871 991 1 118 May 1,323 1,717 r1,813 1,192 ,522 1,711 959 1,095 1,104 June 1,321 [,697 1,786 1,193 ,492 [,652 937 [,034 983 July 1 270 r1,640 1,692 1 142 I 289 I 505 885 I 052 1,147 Aug 1,239 ,536 1,677 1,112 ,378 [,536 961 .055 1,042 Sept 1,255 ,534 1,540 1,156 427 ,437 947 995 1,007 Oct 1 399 r 671 674 1 279 Sfil I 600 1 011 1 121 1 145 Nov 1,322 '1,545 r1,683 1,249 '1,425 r1,596 1,065 987 1,043 Dec 1 407 '2,007 .639 1,323 rl 885 543 1,008 1,059 »1,151 Jan -Dec 15,550 19,090 20,810 14,294 17,333 19,454 11,384 12,615 *12,978 P Preliminary. ' Revised. and supplies under the Mutual Security Program. 1 Exports of domestic and foreign merchandise. 3 General imports including imports for immediate consumption plus 2 Department of Defense shipments of grant-aid military equipment entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other All Ap- Trans- Med- Per- ing good Year or month items Foods Total Rent G an a d s S fu o e l l i s d H f o u u r- se- H h o o u ld se- parel p t o io rt n a- c ic a a re l s c o a n r a e l re a c n r d ea- s a e n r d velec- 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—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 Aus . 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 Dec 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 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 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113 6 108 1 104 9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116 3 128.0 124 6 115.4 120 9 120 6 102 5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129 6 122.3 91 0 1956 Dec ... . 116.3 88.9 103.1 124.7 95.6 99.2 114.0 108.3 147.9 121.0 128.0 152.3 143.6 121.2 131.3 123.6 91.7 1957 Jan 116.9 89.3 104.3 125.2 95.8 98.4 116.3 108.7 145.0 121.3 128.6 152.2 143.9 121.9 132 0 124 0 93 2 Feb 117.0 88.8 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121.9 132.7 124.1 92.4 Mar 116.9 on O 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 89.4 117.4 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 88.8 118.4 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 95.4 100.3 116.1 110.2 146.5 117.8 130.1 152.2 146.9 122.3 135.2 127 7 89 4 Oct 117.8 91.5 105.5 125.8 95.1 100.4 115.8 110.4 146.2 117.3 130.9 150.8 147.7M22.6 135.3 127.7 87.7 Nov 91.9 106.5r125.9 95.0 r100.3 r115.7 110.3 144.7r116.9 130 9 150 4r149 2r122 7r135 4 127 8 86 8 Dec 118.4 92.6 107.4 126.0 94.9 99.8 115.7 110.5 145.7 116.4 131.0 150.3 149.3 123.3 135.7 128.0 87.2 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 197 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1956 1957 1956 1957 Subgroup Subgroup Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm Products: Pulp, Paper; and Allied Products iCont.): Fresh and dried produce 102.6 107.7 106.3 108.3 Grains oo o 80.6 80.9 80.5 Paperboard 136.2 136.6 136.6 136.6 Livestock and poultry 71.7 78.4 79.3 82.7 Converted paper and paperboard.... 124.5 127.0 127.0 127.1 Plant and animal fibers 101.3 103.3 104.7 103 7 Building paper and board 138.1 141.7 141.7 141.7 Fluid milk 99.0 98.8 99.4 98.9 Eggs 74.3 103.5 100.1 93.4 Metals and Metal Products: 85.4 77.3 77.6 78.6 147 9 141 5 144 1 142 5 Iron and steel 163.3 167.8 166.5 166.5 Nonferrous metals 149.6 129.9 130.8 130.6 Processed Foods: Metal containers.... 147.5 153.1 153.1 153.1 Hardware 160.2 167.4 167.4 167.6 Cereal and bakery products 115.4 117.3 117.6 118.3 Plumbing equipment. 133.9 128.5 128.5 128.5 M^eats ooultrv and fish 81 5 91 6 93 6 95 5 Heating equipment 122 1 122.3 122 1 121.5 Dairy products and ice cream 112.6 113.7 114.5 114.7 Fabricated structural metal products. 137.5 134.6 134.6 134.6 Canned, frozen fruits, and vegetables. 105.6 103.6 103.8 104.6 Fabricated nonstructural metal Susar and confectionerv 112.3 113.8 114.4 114.3 141.2 147.1 147.0 147.0 Packaged beverage materials 196.3 172.9 172.9 172.9 Other processed foods 95.7 96.0 96.6 96.3 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 131 2 136 2 137 4 137 9 Cotton products 92.7 89.9 89.8 90.2 Construction machinery and equip- ^'ool products • . •. 107.7 108.3 107.4 105 8 ment 155.9 164.9 165.2 165.2 Synthetic textiles 80.5 82.3 82.3 82.1 Metal working machinery 163.3 170.8 171.3 171.3 Silk products 122.8 120.0 119.6 119.5 General purpose machinery and Aooarel .. • 99.7 99.6 99.6 99 6 equipment 154.6 159.5 160.8 160.7 Other textile products 78.7 77.2 76.7 75.8 Miscellaneous machinery 142.2 147.7 148.3 148.5 Electrical machinery and equip- Hides, Skins, and Leather Products: 145.4 150.7 150.9 150.8 Motor vehicles 134.3 135.5 138.7 138.8 Hides and skins 53.8 56.8 '53.8 50.3 90.9 91.2 91.2 90.8 Furniture and Other Household Dura- Footwear 120.8 122.4 122.6 122.7 bles: Other leather oroducts 98.3 98.4 r98.9 98.8 Household furniture 121.2 122.6 122.8 122.8 Fuel, Power, and Lighting Materials: Commercial furniture 146.9 153.6 153.8 153.9 Floor covering 131.9 132.5 132.5 132.5 Coal 123.5 125.6 125.8 126 3 Household appliances 105.9 105.4 105.1 104.8 Coke 156.3 161.9 161.9 161 9 Radio 91.0 93.4 r93.4 93.2 Gas 119 9 112 2 116 0 116 0 Television 69.7 71.4 71.4 71.4 Electricity 94.3 96.1 96.1 96.1 Other household durable goods 146.7 148.8 149.5 152.7 Petroleum and products 120.9 124.6 123.5 123.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass.... 135.7 135.7 135.7 135.7 Industrial chemicals 122 5 123 6 123 6 123 9 Concrete ingredients 131.7 136.9 136.9 136.9 Prepared paint. 124.1 128.1 128.1 128 5 Concrete products 125.3 126.5 126.7 127.2 Paint materials 99 5 102 2 101 6 101 7 Structural clay products 150.5 155.1 155.1 155.1 Drugs, Pharmaceuticals, cosmetics... 92.5 93.4 93.4 93.5 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 59.4 64.8 r65.2 65.4 Prepared asphalt roofing 114.4 124.6 124.6 124.6 Mixed fertilizers . ... 109.3 112.1 112.3 112 1 Other nonmetallic minerals 124.3 128.5 128.5 131.1 Fertilizer materials 105.7 107.6 107.7 107.8 Other chemicals and products 104.4 106.8 106.6 106.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes.... 124.0 134.8 134.8 134.8 Crude rubber . 151.1 138 1 131 6 135 7 Cigars 104.2 105.1 105.1 105.1 Tires and tubes 153.4 153.5 153.5 153.5 Other tobacco products 126.0 144.3 144.3 144.3 Other rubber products . . 139.7 142.5 142.3 142.7 118.1 119.6 119.8 120.3 Nonalcoholic beverages 148.7 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: 122.5 117.5 117.1 116.5 Millwork 128.5 128.3 128.0 127.7 Toys, sporting goods, small arms.... 116.9 117.9 117.9 118.0 94.6 96.9 96.4 95.6 Manufactured animal feeds 72.6 63.2 61.4 62.1 Notions and accessories 96.6 97.4 r97.8 97.8 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 105.4 107.6 107.7 107.7 Other miscellaneous 125.4 130.7 130.9 130.9 118.0 121.2 121.2 121.2 Wastepaper . . .. 78.3 88.5 88.5 88.5 Paper 139.2 143.2 143.3 143.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally b a y d j q u u st a e r d te r a s nnual rates Item 1956 1957 1929 1933 1941 1950 1953 1954 1955 1956 1957 4 1 2 3 4 Gross national product 104.4 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 426.0 '429.9 '435.5 '440.0 432.6 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 26.5 28.9 31.6 34.3 37.1 35.3 36.1 36.6 37.4 38.2 Indirect business tax and related liabilities ... 7.0 7.1 11.3 23.7 30.2 30.1 32.9 35.0 36.9 36.1 36.4 36.6 37.1 37.4 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Statistical discrepancy .3 .9 .4 .2 2.6 1.7 2.1 1.6 n.a. 1.6 '1.8 '4.1 3.4 n.a. Plus: Subsidies less current surplus of government enterprises — l 0 2 — 4 2 2 1 l 1 3 1 6 1 4 1 6 1 7 1 4 Equals: National income 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 n.a. 353.3 '355.6 '358.5 362.6 n.a. Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.0 33.1 40.7 40.4 n.a. 42.4 41.2 40.7 40.9 n.a. Contributions for social insurance .2 .3 2.8 6.9 8.7 9.7 11.0 12.4 14.4 12.8 14.2 14.3 14.6 14.5 Ex m ce e s n s t s of wage accruals over disburse- .0 .0 .0 .0 — .1 .0 .0 .0 .0 .0 .0 .0 o 0 Plus: Government transfer payments .9 1.5 2.6 14.3 12.9 15.0 16.1 17.2 19.9 17.7 18.4 20.0 20.0 21.2 Net interest paid by government 1.0 1.2 1.3 4.7 5.0 5.2 5.2 5.7 6.0 5.9 6.0 6.0 6.0 6.1 Dividends 5.8 2.1 4.5 9.2 9.3 9.9 11.0 11.9 12.1 11.5 12.4 12.5 12.6 11.7 Business transfer payments . . .6 7 .5 .8 1 4 1.3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 1 3 Equals * Personal income 85.8 47.2 96.3 227.1 286.0 287.4 305.9 326.9 343.4 334.5 '338.3 '343.2 '346.9 345.5 Less: Personal tax and related payments 2.6 7.5 3.3 20.9 35.8 33.0 35.8 39.7 42.8 40.5 42.2 42.9 43.6 43.4 Federal . . . 1.3 .5 2.0 18.2 32.4 29.2 31.5 35.1 37.8 35.8 37.4 38.0 38.6 38.3 State and local 1.4 1.0 1.3 2.7 3.4 3.8 4 2 4.6 5.0 4.7 4 9 4 9 5 0 5 1 Equals: Disposable personal income 83.1 45.7 93.0 206.1 250.2 254.5 270.2 287.2 300.6 294.0 '296.1 '300.1 '303.4 302.1 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 272.3 276.7 278.9 283.6 282.4 Equals * Personal saving 4.2 -.6 11.1 12.1 19.7 17.9 15.8 20.0 20.2 21.7 18.9 21.0 19.3 19.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters 1956 1957 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 n.a. 353.3 r355.6 r358.5 362.6 n.a. Compensation of employees 51.1 29.5 64.8 154.3 208.1 206.8 223.1 241.4 254.4 247.9 251.1 254.0 257.0 255.3 Wages and salariesl 50.4 29.0 62.1 146.5 197.3 195.5 210.3 227.2 238. 233.3 235.9 238.6 241.3 239.5 Private 45 23.9 51.9 124.3 163.5 161.2 174.4 189.4 199.0 194.7 196.8 199.1 200.9 199.1 Military .3 .3 1.9 5.0 10.3 10.0 9.8 9.7 9.7 9.7 9.6 9.7 9.8 9.5 Government civilian 4.6 4.9 8.3 17.2 23.5 24.4 26.1 28.2 30.1 28.9 29.4 29.7 30.6 30.8 Supplements to wages and salaries .5 2.7 7.8 10.8 11.3 12.7 14.1 15.6 14.6 15.3 15.4 15.7 15.8 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.3 49.1 49.4 49.9 51.2 50.7 '50.9 '51.2 '51.7 51.3 Business and professional 3.2 10.9 22.9 25.9 25.9 27.3 28.0 28.7 28.3 28.4 28.7 29.1 28.6 Farm 6.0 2.4 6.5 13.3 13.3 12.7 11.9 11.6 12.1 12.0 '12.0 '12.1 r12.2 12.2 Rental income of persons 5.4 2.0 3.5 8.5 10.2 10.6 10.2 10.3 10.4 10.4 10.4 10.4 10.4 10.4 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.0 33.1 40.7 40.4 n.a. 42.4 41.2 40.7 40.9 n.a. Corporate profits before tax 9.6 .2 17.0 40.0 37.0 33.5 42.5 43.0 n.a. 45.6 43.9 42.0 41.8 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 20.3 17.4 21.5 22.0 n.a. 23.3 22.4 21.4 21.3 n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 16.7 16.0 21.0 21.0 n.a. 22.3 21.5 20.5 20.4 n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 -1.0 -.3 -1.7 -2.6 -1.5 -3.2 -2.7 -1.3 -1.2 Net interest 6.4 5.0 4.5 5.9 8.7 9.8 10.9 11.9 12.8 12.3 12.5 12.7 13.0 13.3 n. a. Not available. ' Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 199 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1956 1957 1929 1933 1941 1950 1953 1954 1955 1956 1957 Gross national product 104.4 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 426.0 r429.9 r435.5 r440.0 432.6 Personal consumption expenditures 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 272.3 276.7 278.9 283.6 282.4 Durable goods 9.2 3.5 9.7 28.6 29.8 29.4 35.6 33.9 35. 34.8 35.9 35.0 35.0 34.4 Nondurable goods 37.7 22.3 43.2 100.4 119.1 120.6 126.0 133.3 139.9 135.3 137.3 139.1 142.5 140.8 Services 32. 20.7 29.0 65.0 81.7 86.6 92.8 99.9 105.4 102.2 103.4 104.9 106.1 107.2 Gross private domestic investment 16.2 1.4 18.1 51.2 50.3 48.4 60.6 65.9 64.4 68.5 '63.6 '66.2 '66.5 61.3 New construction1 8.7 1.4 6.6 22.7 25.8 27.8 32.7 33.3 33.2 33.4 32.8 32.7 33.0 34.0 Residential, nonfarm 3.6 .5 3.5 12.6 11.9 13.5 16.6 15.3 14.2 15. 14.4 13.9 14.0 14.5 Other 5. 1.0 3.1 10.1 13.8 14.3 16.1 18.0 19.0 18.4 18.5 18.9 19.0 19.5 Producers' durable equipment 5.9 1.6 6.9 21.1 24.3 22.5 23.7 28.1 30.4 29.9 30.7 30.5 30.5 30.0 Change in business inventories 1.7 -1.6 4.5 7.4 .3 -1.9 4.2 4.6 .8 5. '.0 '2.9 '3.0 -2.7 Nonfarm only 1 -1.4 4.0 6.4 .9 -2.4 4.0 5.0 .2 5.7 -.3 2.2 2.3 -3.4 Net foreign investment .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.2 2.4 4.1 3.5 3.2 2.0 Government purchases of goods and services 8.5 8.0 24.8 42.0 84.4 76.6 77.1 80.2 86.4 82.8 85.6 86.9 86.7 87.0 Fede N ra a l tional security 1.3 2.0 1 1 6 3. . 8 9 2 1 2 8 . . 1 5 5 5 9 1 . . 5 5 4 48 3 . . 9 1 4 4 6 1 . . 8 3 4 47 2 . . 2 4 4 5 5 0 . . 7 4 4 49 4 . . 0 2 4 50 5 . . 3 5 5 4 1 6 . . 1 3 5 4 0 5 . . 6 8 4 4 9 5 . . 7 0 Other 1.3 2.0 3.2 3.9 8.4 6.2 5.9 5.2 5.2 5.1 5.2 5.2 5.2 5.0 State L a e n s d s: l G oc o a v l ernment sales2 .0 6. . 0 0 7. . 8 0 19 . . 3 9 24. . 9 4 27. . 7 4 30 . . 4 3 33 . . 4 0 36 . . 4 0 33. . 9 4 35. . 3 4 35. . 8 4 36. .4 37. . 3 4 7.2 ' Revised. 2 Consists of sales abroad and domestic sales of surplus consumption i Includes expenditures for crude petroleum and natural gas drilling. goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month* in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d t d m r i u i i n t e - c y - s - D i u n i t s r t d i i t u e v r s i s e b - - S in e tr d r i v u e i s s c - e m G er o e n n v - t - in O la c t b o h o m e r r e2 p in r r P e a c i n e r n o o t t d m o a - l r e s 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - s l s e t m T p r f e e a a n r y n t - - s s ^ - p b e c i s a u r o n o n s f t n s c o i o c u o t i r n e r a r n i 5 a - l - s l a in g N t c u r o o i r c n a m u l - e l- 6 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 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 '343.4 238.8 102.0 63.7 33.3 39.8 7.9 '51.2 31.0 21.2 6.8 327.5 1957 Jan '336.3 234.5 101.4 62.0 32.2 38.9 7.7 '50.6 30.7 19.5 6.7 320.7 Feb '338.5 235.9 102.0 62.4 32.4 39 1 7.8 '51 0 30 8 19 7 6 7 322 7 Mar . . . '340.2 237.2 102.3 63.0 32.6 39.3 7.8 '51.1 30.9 20.0 6.8 324.5 Apr '341.1 237.1 102.4 62.7 32.9 39.1 7.8 '51.1 31.0 20.8 6 7 325 3 jyfay '343.2 238.3 102.4 63.4 33.0 39 5 7.8 '51 1 31 2 21 6 6 8 327 5 June • ... '345.1 240.1 103.3 63.8 33.2 39.8 7.9 '51.2 31.2 21.5 6.8 329.3 July '346.3 240.9 103.0 64.5 33.4 40.0 7.9 '51.7 31.4 21.3 6 9 330 5 Aug '347.3 241.7 102.8 64.7 33.7 40.5 8.0 '51.7 31.6 21.2 6.9 331.3 Sept '347.2 241.5 102.2 64.8 33.9 40.6 8.0 '51.7 31.6 21.2 6.8 331.3 Oct '346.8 240.1 101.3 64.3 34.0 40 5 8.0 '51 7 31 7 22 1 6 8 331 0 Nov '346.2 239.5 100.9 64.2 34.1 40.3 8.0 '51.2 31.7 22.6 6.8 330.3 Dec '343.6 238.8 99.8 64.4 34.2 40.4 8.0 '50.9 29.7 23.0 6.8 327.6 1958 Jan P 343.6 236.7 97.7 64.6 34.1 40.3 7.9 50.8 31.7 23.3 6.8 327.7 P Preliminary. ' Revised. 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

200 FEDERAL RESERVE BANKS EARNINGS AND EXPENSES OF Phila- Item Total Boston New York delphia Cleveland Richmond Atlanta Current Earnings Discounts and advances $26,791,945 $1,228,807 $6,735,194 $2,141,016 $2,365,599 $1,180,778 $1,902,719 Industrial loans 30,091 14,770 13,703 . Commitments to make industrial loans. 9,854 92 645 Acceptances 848,296 848,296 .., U. S. Government Securities 735,371,32940,016,934 186,431,449 43,035,887 64,104,414 46,405,11137,870,750 All other 296,015 17,981 55,130 17,242 23,933 14,483 31,337 Total current earnings. 763,347,53041,278,492 194,070,069 45,207,940 66,494,591 47,600,372 39,804,806 Current Expenses Salaries: Officers 5,860,196 321,444 1,069,310 401,781 512,141 447, ( 470,503 Employees 77,454,122 4,727,541 17,072,051 4,194,542 7,079,664 5,009,373 4,741,083 Directors and other fees 599,105 38,766 140,351 24,545 43,922 34,862 57,469 Retirement contributions 8,165,460 488,527 1,702,811 443,255 743,670 536,385 521,065 Traveling expenses 1,627,455 107,945 265,910 67,572 145,699 131,981 122,266 Postage and expressage 15,338,253 1,251,165 2,230,209 830,234 1,288,067 1,503,123 1,350,521 Telephone and telegraph 1,217,008 67,164 254,209 60,747 100,659 88,900 120,091 Printing, stationery, and supplies 6,147,513 481,685 1,095,077 302,680 532,015 431,795 449,137 Insurance 1,185,055 76,968 226,405 49,523 122,287 90,126 84,416 Taxes on real estate 3,462,408 554,700 681,175 138,067 293,945 170,352 159,733 Depreciation (building) 3,590,427 413,484 277,262 268,149 590,935 470,756 157,624 Light, heat, power, and water 1,448,510 115,410 260,231 95,495 141,959 146,791 74,820 Repairs and alterations 1,195,314 28,815 27,585 69,492 128,905 72,460 50,347 Rent 283,654 8,354 5,145 12,072 69,205 2,507 23,229 Furniture and equipment: Purchases 2,663,296 135,775 248,344 72,759 395,806 195,597 247,527 Rentals 5,186,502 409,059 709,958 333,177 442,613 352,629 329,543 All other 1,813,081 93,615 331,874 85,780 374,856 92,991 107,732 Interbank expenses 37,011 -431,244 44,336 58,143 -4,340 31,238 Subtotal 137,237,360 9,357,428 26,166,663 7,494,206 13,064,491 9.773,976 9,098,344 Federal Reserve currency 6,374,195 393,877 1,599,884 211,329 548,964 660,459 439,168 7,507,900 434,600 2,107,100 527,900 672,400 380,800 338,200 Assessment for expenses of Board of Governors 151,119,455 10,185,905 29,873,647 ,233,435 14,285,855 10,815,235 9,875,712 Total 19,305,452 1,062,242 3,206,655 ,000,760 1,923,694 1,055,332 1,394,733 Less reimbursement for certain fiscal agency and other expenses, 131,814,003 9,123,663 26,666,992 7,232,675 12,362,161 9,759,903 8,480,979 Net expenses Profit and Loss 631,533,527 32,154,829 167,403,077 37,975,265 54,132,429 37,840,46931,323,827 Current net earnings Additions to current net earnings: Profits on sales of U. S. Government securities (net) 166,900 9,848 41,083 10,180 14,874 10,406 8,972 Reimbursement for fiscal agency expenses incurred in prior years 1,298,381 94,314 128,582 112,853 114,553 116,135 201,541 All other 114,003 982 44,511 38 4,625 1,886 361 Total additions. 1,579,284 105,144 214,176 123,071 134,052 128,427 210,873 Deductions from current net earnings: Reserves for contingencies 327,829 37,011 54,582 13,998 18. 53. 17,674 Retirement System (adjustment for revised benefits) 8,335,008 543,884 :,114,932 604,360 752! 571; 410,380 All other 57,361 1,307 515 687 2] 13,251 Total deductions , 8,720,198 582,202 2,170,029 619,045 774,052 625,497 441,305 Net deductions , 7,140,914 477,058 1,955,853 495,974 640,000 497,070 230,432 Net earnings before payments to U. S. Treasury. 624,392,613 31,677,771 165,447,224 37,479,29153,492,428 37,343,399 31,093,395 Paid U. S. Treasury (interest on F. R. notes) 542,708,405 27,583,697 143,648,153 3 ,594,736 46,416,660 32,783 27,114,696 Dividends paid 20,080,527 ,029,223 ,838,197 ,262,925 1,918,377 917 965,959 Transferred to surplus (Sec. 7). 61,603,682 3,064,850 15,960,873 5,157.392 3,642,628 3,012,739 Surplus (Sec. 7) January 1 747,593,99843',947',826 208',002 ^326 52^301 J42 66'^,339922;; 96137,593,783 33,179,336 Surplus (Sec. 7) December 31. 809,197,680 47,012,677 223,963,199 55,922,772 71,550,353 41,236,41136,192,075 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 201 FEDERAL RESERVE BANKS DURING 1957 Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n isco Item Current Earnings $5,656,908 $570,184 $1,228,440 $1,854,824 $791,239 $1,136,237 Discounts and advances 1,618 Industrial loans 422 8,695 Commitments to make industrial loans Acceptances 127,819,903 30,352,291 15,971,951 ii,508,276 28,792,667 83,061,696 U. S. Government Securities 53,047 11,151 14,520 27,290 13,842 16,059 All other 133,530,280 30,933,626 17,216,529 33,399,085 29,597,748 84,213,992 Total current earnings Current Expenses Salaries: 636,445 406,965 313,616 399,751 401,666 478,886 Officers 12,287,883 4,326,074 2,367,213 3,968,173 3,607,258 8,073,267 Employees 39,097 51,833 33,626 47,919 40,544 46,171 Directors and other fees 1,277,823 461,100 288,442 438,971 418,368 845,043 Retirement contributions 206,829 103,709 89,862 107,545 103,610 174,527 Traveling expenses 2,102,495 808,294 528,411 887,756 784,832 1,773,146. Postage and expressage 138,583 69,442 42,412 71,893 77,685 125,223 Telephone and telegraph 1,022,683 398,319 183,974 340,692 275,057 634,399 Printing, stationery, and supplies 138,194 87,853 48,008 83,747 68,572 108,956 Insurance 434,326 108,599 274,367 142,689 112,436 392,019 Taxes on real estate 310,084 225,676 29,554 89,829 115,820 641,254 Depreciation (building) 176,834 91,055 70,658 103,497 59,808 111,952 Light, heat, power, and water 35,333 224,068 399,728 23,968 12,550 122,063 Repairs and alterations 93,438 2,698 3,130 729 50,372 12,775 Rent Furniture and equipment: 179,257 256,092 181,072 226,925 313,192 210,950 Purchases 844,950 288,485 187,313 293,809 281,286 713,680 Rentals 224,022 83,368 87,251 117,662 87,401 126,529 All other 91,017 25,092 15,712 25,935 34,311 72,790 Interbank expenses 20,239,293 8,018,722 5,144,349 7,371,490 6,844,768 14,663,630 Subtotal 1,057,111 222,949 59,698 365,185 166,363 649,208 Federal Reserve currency 1,066,200 279,300 182,500 288,200 388,700 842,000 Assessment for expenses of Board of Governors 22,362,604 8,520,971 5,386,547 8,024,875 7,399,831 16,154,838 Total 3,389,348 1,201,632 582,776 1,341,845 1,107,327 2,039,108 Less reimbursement for certain fiscal agency and other expenses 18,973,256 7,319,339 4,803,771 6,683,030 6,292,504 14,115,730 Net expenses Profit and Loss 114,557,025 23,614,288 12,412,759 26,716,055 23,305,244 70,098,262 Current net earnings Additions to current net earnings: 27,882 7,489 4,302 7,177 6,941 17,747 Profits on sales of U. S. Government securities (net) Reimbursement for fiscal agency expenses incurred in 123,875 83,015 54,077 52,223 84,379 132,834 prior years 5,436 1,438 2,421 998 50,971 335 All other 157,193 91,943 60,800 60,398 142,290 150,917 Total additions Deductions from current net earnings: 37,505 14,259 11,108 18,221 15,707 36.112 Reserves for contingencies 1,118,809 455,325 259,276 452,488 388,652 662,048 Retirement System (adjustment for revised benefits) 1,155 3,204 1,351 694 14,734 17,418 All other 1,157,469 472,789 271,735 471,403 419,093 715,578 Total deductions 1,000,277 380,846 210,935 411,005 276,803 564,661 Net deductions 113,556,748 23,233,442 12,201,823 26,305,051 23,028,441 69,533,600 Net earnings before payments to U. S. Treasury 99,743,254 20,296,234 10,587,139 22,947,784 18,545,292 60,447,071 Paid U. S. Treasury (interest on F. R. notes) 2,730,921 682,073 438,340 807,520 1,119,715 2,370,195 Dividends paid 11,082,573 2,255,135 1,176,345 2,549,747 3,363,435 6,716,334 Transferred to surplus (Sec. 7) 110,421,051 29,331,210 18,520,204 27,983,154 37,507,649 82,413,356 Surplus (Sec. 7) January 1 121,503,625 31,586,344 19,696,549 30,532,901 40,871,083 89,129,690 Surplus (Sec. 7) December 31 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES 1 Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Type of office and type of change banks Member banks Nonmember banks Total Total i ti N on a a - l1 me S m ta b te er2 Total su In re - d in N s o u n re - d su I r n e - d2 in N s o ur n e - d Banks (head offices) Dec 31 1934 16,063 15,484 6,442 5,462 Q80 9,042 7 699 1 343 68 511 Dec 31 1941 . . .. 14,825 14,277 6,619 5,117 [,502 7,661 6,810 851 52 496 Dec 31 19473 14,714 14,181 6,923 5 005 I 918 7 261 6 478 783 194 339 Dec 31, 1951 14,618 14,089 6,840 4,939 ,901 7,252 6 602 650 202 327 Dec 31 1954 14,367 13,840 6,660 4,789 ,871 7,183 6,647 536 218 309 Dec 31 1955 14,243 13,716 6,543 4,692 I 851 7,176 6 677 499 220 307 Dec 31 1956 14,167 13,640 6,462 4,651 ,811 7,181 6,737 444 223 304 Dec 31 1957 14,088 13,566 6,393 4,620 773 7,176 6,753 423 239 283 Branches and additional offices Dec 31 1934 3,133 3,007 2,224 1 243 981 783 83 4]26 Dec 31 1941 3,699 3,564 2,580 1,565 1,015 984 932 52 32 103 Dec 31 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec 31 1951 5,383 5,153 3,837 2,370 1,467 1,316 1,275 41 165 65 Dec 31 1954 . . .... 6,614 6,306 4,787 3,056 1,731 1,519 1,483 36 221 87 Dec 31 1955 7,253 6,923 5,304 3 365 1 939 1,619 1 584 35 234 96 Dec 31 1956 7,955 7,589 5,886 3,809 2,077 1,703 1,666 37 257 109 Dec 31 1957 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 Changes, Jan. 1-Dec. 31, 1957 Banks: New banks 5 +87 +87 +23 +20 +3 t6? +51 + 13 Suspensions ... Reopening + 1 + 1 + 1 + 1 Consolidations and absorptions: Banks converted into branches -138 -134 -71 -45 -26 -63 -57 -6 -2 -2 Other -24 -23 — 14 — 8 — 6 9 — 6 _3 Voluntary liquidations *> -3 -3 _3 -3 Conv N e a rs ti i o on n s a : l into State . ... -3 -3 tl tl State into national +2 +4 -2 Federal Reserve Membership:7 Admission of national bank in Virgin + 1 + 1 + 1 + 1 Admissions of State banks +7 +7 -7 -7 Fede W ral i th D d e r p a o w s a it l s i n o s f u S r t a a n t c e e b :8 anks -13 -13 + 13 + 13 Admissions of State banks +21 -21 + 19 -19 Net increase or decrease -79 -74 -69 -31 -38 -5 + 16 -21 + 16 -21 Number of banks, Dec. 31, 1957 14,088 13,566 6,393 4,620 1,773 7,176 423 239 283 6,753 Branches and additional offices except banking facilities: 9 De novo branches + 537 +501 + 387 +278 + 109 + 114 + 112 +2 +22 + 14 Banks converted into branches + 134 + 106 +71 + 35 +27 + 1 +2 +2 Discontinued . .. -30 -23 -13 -10 -6 Interclass branch changes: National to State member -17 + 17 National to nonmember -3 -3 +3 +3 S S t t a a t t e e m m e e m m b b e e r r t t o o n n o at n i m on e a m l ber.. . -3 + 32 -3 -3 2 + 3 + 3 Nonmember to national + 15 + 15 -15 -15 Nonmember to State member +4 +4 -4 -4 Noninsured to insured . +2 -2 + i5 -15 Other (Virgin Islands member) + 1 + 1 + 1 + 1 Net increase or decrease +645 +606 +484 +364 + 120 + 122 + 122 + 39 Number of branches and additional offices, Dec 31 1957 8,373 7,968 6,166 3,993 2,173 1,802 1,765 37 296 109 Banking facilities:9 Established . .. + 17 + 15 + 13 + 2 +2 +2 Discontinued -8 -8 -8 Interclass change tl -1 -1 Net increase +9 +9 + 5 + 3 + 1 + 1 Number of facilities, Dec. 31, 1957 236 236 185 27 24 24 212 1 Excludes banks and branches in United States territories and posses- 4 Separate figures not available. sions except one national bank in Alaska, with no branches, that became 5 Exclusive of new banks organized to succeed operating banks. a member of the Federal Reserve System on Apr. 15, 1954, and one na- 6 Exclusive of liquidations incident to succession, conversion, and tional bank in the Virgin Islands, with one branch, that became a member absorption of banks. of the Federal Reserve System on May 31, 1957. 7 Exclusive of conversions of national banks into State bank members, 2 State member bank and insured mutual savings bank figures both in- or vice versa. Shown separately under conversions. clude, since 1941, three member mutual savings banks not included in 8 Exclusive of insured nonmember banks converted into national banks the total for commercial banks. State member bank figures also in- or admitted to Federal Reserve membership, and vice versa. clude, since 1954, one noninsured trust company without deposits. 9 Banking facilities (other than branches) that are provided at military 3 As of June 30, 1947, the series was revised. The revision resulted in and other Government establishments through arrangements made by a net addition of 115 banks and 9 branches. the Treasury Department. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 203 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LISTi Total banks on On par list which checks are Not onpar list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B nd ra n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Total, including Alaska, Hawaii, and Virgin Islands:2 Dec. 31 1956.. 13,569 7,641 11,815 7,314 6,456 5,886 5,359 1,428 1,754 327 Dec. 31, 1957 13,500 8,268 11,759 7,934 6,387 6,378 5,372 1,556 1,741 334 Districts, Dec. 31, 1957: Boston.... 430 594 430 594 293 All 137 117 New York2 655 1 481 655 1 481 559 1 363 96 118 Philadelphia 698 496 698 496 533 405 165 91 Cleveland 976 740 976 740 599 645 377 95 Richmond 978 963 816 814 465 532 351 282 i62 149 Atlanta 1,312 408 737 357 397 299 340 58 575 51 Chicago 2,473 918 2,473 918 1,019 534 1,454 384 St. Louis 1,467 256 1 167 183 491 119 676 64 300 73 Minneapolis 1,290 123 691 80 474 34 217 46 599 43 Kansas City 1,761 41 1,755 41 749 30 1,006 11 6 Dallas 1,085 121 1 001 108 634 78 367 30 84 13 San Francisco2 375 2,127 360 2,122 174 1,862 186 260 15 5 State or area, Dec. 31, 1957: Alabama 239 60 147 59 94 57 53 2 92 1 Arizona... 6 126 6 126 4 104 2 22 Arkansas 237 29 126 9 75 6 51 3 111 20 California 122 1,384 122 1,384 74 1,247 48 137 Colorado.. .. 158 5 158 5 94 4 64 1 Connecticut ... . 82 140 82 140 45 107 37 33 Delaware 27 42 27 42 9 18 18 24 District of Columbia 16 57 16 57 12 47 4 10 Florida 261 13 216 12 111 10 105 2 45 1 Georgia 412 69 133 67 65 57 68 10 279 2 Idaho. 28 78 28 78 17 73 11 5 Illinois 936 4 934 4 523 4 411 2 Indiana 463 223 463 223 233 147 230 76 Iowa.. . . 669 161 669 161 167 4 502 157 Kansas 595 5 593 5 212 5 381 2 Kentucky 364 108 364 108 108 73 256 35 Louisiana 182 141 76 114 52 93 24 21 106 27 Maine. . 56 110 56 110 36 70 20 40 Maryland ... 148 192 148 192 67 115 81 77 Massachusetts 170 296 170 296 132 253 38 43 Michigan 397 446 397 446 226 371 171 75 Minnesota 682 6 281 6 207 6 74 401 Mississippi 195 115 50 46 34 26 16 20 145 69 Missouri 604 4 547 4 173 4 374 57 Montana 114 1 114 85 1 29 Nebraska. ... 415 2 415 2 140 2 275 Nevada 6 32 6 32 5 28 1 4 New Hampshire 73 3 73 3 51 2 22 1 New Jersey 268 334 268 334 227 293 41 41 New Mexico 52 39 52 39 34 20 18 19 New York .. 457 1,172 457 1,172 398 1,110 59 62 North Carolina 198 387 109 244 51 136 58 108 89 143 North Dakota 154 26 57 7 40 1 17 6 97 19 Ohio 611 491 611 491 391 433 220 58 Oklahoma 386 6 380 6 223 5 157 1 6 Oregon 54 157 54 157 19 143 35 .4 Pennsylvania 765 596 765 596 586 519 179 77 Rhode Island 10 78 10 78 6 61 4 17 South Carolina 144 110 73 104 32 81 41 23 71 6 South Dakota 172 53 71 29 60 24 11 5 101 24 Tennessee 296 168 213 151 83 113 130 38 83 17 Texas 957 24 920 24 579 24 341 37 Utah 49 66 49 66 20 58 29 8 Vermont 58 18 58 18 34 g 24 10 Virginia 313 217 312 217 202 153 110 64 1 ^^ashington 88 244 88 244 35 237 53 7 West Virginia 183 182 113 69 1 Wisconsin 550 151 550 151 161 23 389 128 Wyoming 53 53 1 40 13 Alaska2 18 15 3 10 1 2 10 15 5 Hawaii2 5 61 5 61 5 61 Virgin Islands2 2 2 2 2 1 1 1 1 i Comprises all commercial banking offices in the continental United companies on which no checks are drawn and 3 mutual savings member States, Alaska, Hawaii, and the Virgin Islands on which checks are drawn, banks. including 236 banking facilities. Number of banks and branches differs 2 Alaska and Hawaii assigned to the San Francisco District for purffrroomm tthhaatt iinn tthhee pprreecceeddiinngg ttaabbllee bbeeccaauussee tthhiiss ttaabbllee iinncclluuddeess bbaannkkss iinn ppoosseess ooff RReegguullaattiioonn JJ,, "CChheecckk CClleeaaring and Collection"; Virgin Islands Alaska, Hawaii, and the Virgin Islands, but excludes banks and trust assigned to the New York District. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 BANK RESERVES AND RELATED ITEMS, 1957 MEMBER BANK RESERVES AND BORROWINGS [Averages of daily figures. * In millions of dollars] Central reserve Central reserve week en M di o n n g t h W , o e r dnesday m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry m b e a A m n l k b l s er New city bank C s hi- R b e c a s i n e ty k rv s e C b o a u n n k t s ry York cago York cago Total reserves held Required reserves 2 Jan.. .. 19,295 4,316 1 126 7 996 5,857 18,773 4 327 1 129 7,938 5 379 Feb 18,816 4,205 1,107 7,781 5,722 18,302 4,200 1,107 7,715 5,279 Mar 18,884 4 341 I 102 7 746 5,696 18 366 4 326 1 098 7,686 5 256 Apr 19,087 4,307 1,097 7,921 5,762 18,580 4,308 1.097 7,855 5,320 May 18,827 4,234 1,101 7,794 5,697 18,362 4,221 1,098 7,739 5,305 June . . ... 18,982 4 335 I 121 7,774 5,751 18 485 4,320 1 123 7,729 5,314 July 19,129 4,294 1,131 7,906 5,799 18,595 4,288 1,124 7,840 5,344 Aug 18,834 4,170 1,123 7,790 5,750 18,300 4,152 1,121 7,722 5,306 Sept 18,956 4,211 1,122 7,800 5,823 18 434 4 203 1,117 7,749 5,366 Oct 19,040 4,231 1,116 7,836 5,857 18,573 4,231 1,116 7,797 5,429 Nov 18,958 4,162 1,101 7,849 5,847 18,447 4,147 1,100 7,786 5,414 Dec 19,420 4,336 1,136 8,042 5,906 18 843 4 302 1,127 7,956 5,457 Jan. 2 19,856 4,627 1,193 8,199 5,837 19 110 4 490 1,168 8,068 5,384 9 19,701 4,399 1,149 8,121 6,032 18,971 4,388 1,144 8,017 5,423 16 19,300 4,301 L 126 8,038 5 836 18 765 4 294 1 125 7,959 5,387 23 19,342 4,310 1,118 7,992 5,922 18 724 4 308 1,116 7,926 5,374 30 . .. 18,918 4,284 1,114 7,875 5,646 18,550 4,274 1,113 7,826 5,337 Feb. 6 18 920 4,270 1,119 7,832 5 699 18 445 4 268 1 116 7 770 5,291 13 18,808 4,170 1,097 7,797 5,745 18,265 4,163 1^098 7,712 5,292 20 18,895 4,198 ,111 7,791 5,795 18,309 4,185 1,109 7,733 5,282 27 18,683 4,193 1,109 7,715 5,666 18 218 4 189 1 108 7,658 5,263 Mar 6 18,721 4,248 ,115 7,707 5,652 18,231 4,235 1,112 7,635 5,249 13 18,654 4,254 1,097 7,663 5,641 18,205 4,265 1,094 7,601 5,245 20 19,204 4,474 ,117 7,811 5,803 18 578 4 449 1 116 7,757 5,256 27 18,971 4,323 1,091 7,783 5,774 18,362 4,319 1,090 7,701 5,252 Apr. 3 18,868 4,373 ,061 7,864 5,570 18,525 4,377 1,061 7,799 5,288 10 19,088 4,315 ,088 7,904 5,781 18 323 4 301 t 084 7,831 5,307 17 19,107 4,272 ,104 7,922 5,808 18,556 4,270 1,103 7,866 5,317 24 19,201 4,310 ,102 7,925 5,864 18,639 4,312 1,103 7,875 5,349 May 1 19,000 4,342 ,121 7,908 5,628 18 621 4 326 I 119 7,862 5,314 8 18,984 4,284 ,106 7,853 5,741 18,495 4,273 [,105 7,803 5,314 15 18 845 4 227 095 7 807 5 716 18 368 4 212 I 094 7 749 5,313 22 18,818 4,192 ,095 7,755 5,777 18,284 4,183 ,092 7,704 5,305 29 18,616 4,200 ,098 7,748 5,569 18,264 4,194 1,097 7,685 5,288 June 5 18,846 4,270 ,105 7,758 5,713 18,378 4,259 ,106 7,702 5,311 12. . . 18,834 4,234 ,113 7,725 5,761 18,330 4,238 ,109 7,672 5,311 19 19,148 4,368 ,135 7,794 5,850 18 546 4 348 ,130 7,746 5,322 26 19,171 4,388 ,141 7,839 5,802 18,625 4,372 ,139 7,792 5,322 July 3 18,865 4,375 ,118 7 787 5 585 18 521 4 371 120 7 727 5,303 10 19,308 4,365 ,137 7,932 5,874 18,732 4,360 ,131 7,887 5,354 17 19,200 4,277 ,131 7,952 5,839 18,636 4,266 ,129 7,894 5,347 24 19,189 4,282 ,121 7,915 5,871 18,568 4,248 ,116 7,845 5,359 31 18,885 4,257 ,126 7 853 5 649 18 493 4 247 122 7 788 5,336 Aug. 7 18,868 4,186 ,126 7,786 5,770 18 331 4 187 ,123 7,730 5,291 14 18,786 4,123 ,107 7,764 5,791 18,195 4,102 ,105 7,689 5,299 21 18 806 4 117 111 7 755 5 823 18 254 4 120 113 7 698 5,323 28 18,831 4,203 ,144 7,805 5,679 18,397 4,181 ,138 7,765 5,313 Sept. 4 18,760 4,191 ,135 7 770 5,664 18 346 4 180 ,129 7,715 5,322 11 18,876 4,153 ,112 7,746 5,865 18,301 4,155 ,110 7,691 5,345 18 19,108 4,245 ,128 7,812 5,924 18,484 4,232 ,121 7,771 5,360 25 18 963 4 176 106 7 800 5 882 18 416 4 175 104 7 751 5,386 Oct. 2. 19,034 4,316 ,135 7,890 5,694 18,685 4,310 ,132 7,841 5,402 9 19,189 4,270 ,119 7,880 5,921 18 625 4 260 ,119 7,811 5,435 16 19,068 4,213 ,113 7,875 5,867 18,574 4,210 ,111 7,826 5,427 23 19,137 4,224 ,125 7,836 5,953 18,574 4,213 ,123 7,792 5,446 30 18,837 4,213 106 7 796 5 721 18 474 4 202 104 7 750 5,418 Nov. 6. .. 18,963 4,212 ,111 7,833 5,806 18,509 4,200 ,110 7,792 5,407 13 18,911 4,107 ,090 7,805 5,909 18,354 4,098 ,085 7,754 5,417 20 18,987 4,133 ,101 7,848 5,904 18,459 4,126 ,100 7,808 5,425 27 18,907 4,165 ,107 7,856 5,780 18 461 4 152 106 7 790 5 413 Dec. 4. . 19,023 4,276 ,107 7,851 5,789 18,580 4,244 ,109 7,809 5,418 11 19 027 4 234 110 7 874 5 809 18 600 4 241 109 7 825 5 425 18 19,483 4,362 126 8,009 5,986 18,873 4,340 ,123 7,951 5,459 25.. . . 19,666 4,327 1]\S3 8,155 6,032 19,014 4,311 144 8,067 5,492 For footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS, 1957 205 MEMBER BANK RESERVES AND BORROWINGS—Continued [Averages of daily figures.* In millions of dollars] Central reserve Central reserve Central reserve All city banks Re- Coun- All city banks Re- Coun- All city banks Re- Coun- Month, or week mem- serve try mem- serve try mem- serve try ending Wednesday ber city banks ber city banks ber city banks banks New Chi- banks banks New Chi- banks banks New Chi- banks York cago York cago York cago Excess reserves2 Borrowings at Federal Reserve Banks Free reserves2 Jan 523 -10 -2 58 478 407 30 38 229 110 117 -40 -40 -172 369 Feb.... 514 5 66 443 640 129 53 314 144 -126 -123 -53 -249 299 Mar. . . 518 14 4 60 440 834 116 257 302 159 -316 -101 -253 -242 280 Apr.... 506 — \ -1 65 443 1,011 299 210 329 173 -505 -300 -210 -263 269 May. .. 465 13 3 56 393 909 117 169 422 201 -444 -104 -165 -367 192 June... 496 15 -2 45 438 1,005 200 46 531 228 -508 -185 -48 -486 210 July.... 534 6 7 66 455 917 186 34 519 177 -383 -181 -28 -452 278 Aug 534 19 2 69 444 1,005 308 28 468 201 -471 -289 -26 -400 244 Sept... 522 9 5 51 457 988 263 120 485 121 -467 -254 -115 -433 335 Oct.... 467 39 428 811 141 115 428 127 -344 -141 -115 -389 301 Nov. .. 512 i6 1 63 432 804 96 123 405 181 -293 -80 -123 -342 251 Dec... 577 34 8 86 449 710 139 85 314 172 -133 -105 -77 -228 277 Jan. 2 745 137 25 130 453 900 259 122 446 73 -155 -122 -97 -316 380 9 729 11 5 104 609 505 83 99 239 84 224 -72 -94 -135 525 16 537 7 1 80 449 323 20 185 118 214 7 -19 -105 331 23 618 2 2 66 548 322 16 29 185 92 296 -14 -27 -119 456 30 367 9 49 309 502 21 17 315 149 -135 -12 -17 -266 160 Feb. 6 476 2 3 63 408 615 112 17 327 159 -139 -110 -14 -264 249 13 543 7 -1 84 453 716 171 38 331 176 -173 -164 -39 -247 277 20 587 13 3 58 513 552 108 59 268 117 35 -95 -56 -210 396 27, 466 5 1 57 403 688 121 92 341 134 -222 -116 -91 -284 269 Mar. 6 490 13 3 71 403 730 133 128 336 133 -240 -120 -125 -265 270 13 448 -12 2 62 396 854 142 111 398 203 -406 -154 -109 -336 193 20 626 24 1 54 547 757 64 303 242 148 -131 -40 -302 -188 399 27, 609 4 83 522 819 82 342 242 153 -210 -78 -342 -159 369 Apr. 3, 342 — 4 64 282 1,049 165 414 321 149 -707 -169 -414 -257 133 10 564 14 3 73 474 1,205 496 215 321 173 -641 -482 -212 -248 301 17, 552 3 2 56 491 1,219 429 231 359 200 -667 -426 -229 -303 291 24, 561 -2 -1 49 515 922 234 213 315 160 -361 -236 -214 -266 355 May 1 378 16 2 46 314 704 98 128 311 167 -326 -82 -126 -265 147 8, 488 10 1 50 427 968 220 212 371 165 -480 -210 -211 -321 262 15 477 15 1 58 403 949 129 186 399 234 -472 -114 -185 -341 169 22 535 9 3 51 472 772 71 148 406 147 -237 -62 -145 -355 325 29, 350 6 1 62 281 883 34 132 472 245 -533 -28 -131 -410 36 June 5 468 11 -1 56 402 888 86 58 511 233 -420 -75 -59 -455 169 12 503 -4 4 53 450 1,051 181 49 565 256 -548 -185 -45 -512 194 19, 599 20 4 47 528 1,089 280 42 541 226 -490 -260 -38 -494 302 26 546 17 2 47 480 1,003 234 27 504 238 -457 -217 -25 -457 242 July 3 344 4 2 60 282 1,067 173 99 632 163 -723 -169 -101 -572 119 10 577 6 6 45 520 1,213 273 51 692 197 -636 -267 -45 -647 323 17, 564 11 3 58 492 1,059 290 15 575 179 -495 -279 -12 -517 313 24, 622 34 6 70 512 739 156 31 416 136 -117 -122 -25 -346 376 31, 392 9 5 65 313 553 38 7 302 206 -161 -29 2 -237 107 Aug. 7, 536 2 55 479 1,060 304 23 541 192 -524 -304 -21 -486 287 14, 590 21 2 75 492 1,156 361 32 522 242 -566 -340 -30 -447 250 21 552 -4 -2 58 500 925 350 14 388 173 -373 -354 -16 -330 327 435 23 6 40 366 907 279 33 394 200 -472 -256 -27 -354 166 28, 414 11 5 56 342 826 131 47 480 169 -412 -120 -42 -424 173 Sep.^4. 575 -2 2 55 520 1,025 257 102 525 141 -450 -259 -100 -470 379 624 13 6 41 563 944 261 109 448 125 -320 -248 -103 -407 438 18, 547 2 49 496 1,100 333 167 523 77 -553 -333 -165 -474 419 25, Oct. 2, 348 6 2 48 292 935 241 131 453 110 -587 -235 -129 -405 182 9. 566 10 1 69 486 1,003 198 158 531 116 -437 -188 -157 -462 370 16. 494 3 2 49 440 985 272 142 461 110 -491 -269 -140 -412 330 23. 564 11 3 43 507 598 63 59 377 99 -34 -52 -56 -334 408 30. 361 10 2 46 303 703 46 116 C361 c180 -342 -36 -114 c-315 C123 Nov. 6. 453 12 1 41 399 817 133 121 402 161 -364 -121 -120 -361 238 13. 558 10 5 51 492 903 91 192 431 189 -345 -81 -187 -380 303 20. 528 8 1 40 479 747 130 107 C365 C145 -219 -122 -106 «-325 •334 27. 447 13 1 66 367 772 74 82 409 207 -325 -61 -81 -343 160 Dec. 4. 444 32 _j 42 371 618 67 329 222 -174 32 -68 -287 149 11. 428 n 1 50 384 669 34 83 322 230 -241 -41 -82 -272 154 18. 611 23 3 58 527 745 214 73 282 176 -134 -191 -70 -224 351 25. 652 16 9 87 540 781 297 90 252 142 -129 -281 -81 -165 398 c Corrected. daily opening figures for other items, inasmuch as reserves required are i Averages of daily closing figures for reserves and borrowings and of based on deposits at opening of business. 2 Weekly figures for all member banks and country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 WEEKLY REPORTING MEMBER BANKS, 1957 LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans* U. S. Government obligations For purchasing or carrying securities Loans 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 m u in a s a e v t n d e n e d - d s ts t ! j L us a o t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u u g r l r a - i l - G t a T U l i o i n o o g o b . d n S v a - b . s - t d . r e o O c a k t s u l t i e e e h e r - r r i s e s - s rG t U l i T o i o o g . b o S n v a - . s - t o . t O h c t s e u t i e h e r r - s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e f d t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r L ba o t n o a k n s s Jan 87,531 86,243 52,35330,167 451 ,794 1,193 8,82010,937 26,460 ,935 692 5,149J 18.684! 7,430 1,288 Feb 86,227 85,001 51,72629,831 439 ,726 1,152 8,77010,82425,781 ,397 773 4,977 18,634| 7,494 1,226 Mar 87,123 85,744 52,53530,644 433 ,770 1,150 8,74010,84125,590 ,425 683 4,858 18,624J 7,619 1,379 Apr 88,148 87,041 53,03930,975 418 ,875 1,164 8,69210,96026,292 ,134 ,461 5,170 18,527j 7,710 1,107 May 87,415 86,197 53,05230,933 419 ,803 1,162 8,66811,11425,558 ,077 ,485 4,576j18,420! 7,587 1,218 June 88,050 86,901 53,78431,495 424 ,880 1,168 8,66511,20125,507 ,437 ,513 4,209 18,348! 7,610 1,149 July 88,287 87,097 53,83431,587 430 ,710 1,157 8,65811,34825,687 ,811 ,402 4,239 18,235 7,576 1,190 Aug 87,570 86,316 53,79731,558 426 ,689 1,132 8,68211,36824,921 ,501 ,628 3,647 18,1451 7,598 1,254 Sept 87,892 86,618 54,22731,897 436 ,726 1,123 8,709 ,392 24!708 ,426 ,563 3,638 18,081! 7,683 1,274 Oct 88,333 87,148 54,052 3311,582 444 ,819 1,113 8,749 ,403 25357 ,132 ,663 4,477 18,085 7,739 1,185 Nov 87,556 86,196 53,56831,283 443 ,623 1,095 8,77011,41524;923 977 ,641 4,389 17,916 7,705 1,360 Dec...., 89,316 88,060 54,25431,609 435 ,015 1,114 8,771 11,39025,953 ,411 ,726 4,823 17,993 7,853 1,256 Jan. 2., 89,024 87,634 53,37530,681 456 ,130 1,208 8,83911,06926,774 ,093 703 5,222 18,756 7,485 1,390 9.. 87,459 86,198 52,50130,298 455 ,745 1,201 8,83210,97726,272 ,697 690 5,189 18,696 7,425 1,261 16. 87,796 86,503 52,25530,143 452 ,745 1,190 8,831 10,90326,823 ,298 706 5,141 18,678 7,425 1,293 23., 86,904 85,583 51,85529,900 449 ,659 1,183 8,80710,8-6"6 26,330 ,907 681 5,113 18,629 7,398 1,321 30. 86,474 85,297 51,776 "2,9816 444 ,689 1,182 8,79010,868 26,101 ,681 680 5,082 18,658 7,420 1,177 Feb. 6. 86,103 85,069 51,664 29,726 436 ,761 1,155 8,77010,83325,921 ,443 780 5,070 18,628 7,484 1,034 13. 86,239 84,828 51,712 29,817 440 ,694 1,151 8,78210,84325,672 ,257 743 5,044 18,628 7,444 1,411 20. 86,131 85,069 51,748 29,910 437 ,689 1,153 8,76610,808 2255,809 ,426 823 4,917! 18,643 7,512 1,062 27. 86,435 85,038 51,779 29,871 443 ,760 1,148 8,76210,81325,723 ,461 746 4,878 18,638 7,536 1,397 Mar. 6. 86,249 84,975 51,887 30,007 437 ,797 1,150 8,73610,80325,532 ,251 773 4,870 18,638 7,556 1,274 13. 87,099 85,653 52,310 30,410 434 ,791 1,156 8,74010,824 2255,676 ,370 783 4,859 18,664 7,667 1,446 20. 88,118 86,747 53,11531,149 430 ,822 1,148 8,74610,86425,990 ,763 761 4,842 18,624 7,642 ',371 27. 87,028 85,604 52,83131,012 431 ,670 1,146 8,74010,874 2255,164 ,317 415 4,862 18,570 7,609 ,424 Apr. 3. 88,298 87,253 52,944 30,906 416 ,952 1,152 8,691 10,87326,635 ,243 ,608 5,215 18,569 7,674 ,045 10. 87,976 86,930 52,888 30,961 415 ,834 1,155 8,69010,87926,305 ,112 ,467 5,165 18,561 7,737 ,046 17. 88,389 87,268 53,25131,103 421 ,874 1,176 8,69911,02426,258 ,146 ,421 5,161 18,530 7,759 ,121 24. 87,933 86,716 53,072 "3,0928 421 ,842 1,174 8,69011,062 2255,972 ,034 ,347 5,141 18,450 7,672 ,217 May 1. 88,170 87,129 53,454 31,030 420 ,113 1,173 8,67911,086 26,034 ,125 ,311 5,140 18,458 7,641 ,041 8. 87,333 86,087 52, 30,921 417 ,762 1,167 8,66511,10325,552 880 ,302 4,930 18,440 ,246 15. 87,153 85,905 53,134 3-1',147 422 ,667 1,159 8,66911,111177 25,221 867 ,620 4,329 18,405 ,248 22., 86,954 85,626 52,926 30,906 422 ,706 1,156 8,66411,12125,114 850 ,615 4,246 18,403 ,328 29., 87,469 86,242 52,756 30,661 416 ,765 1,156 8,661 11,114444 25,878 ,665 ,581 4,238 18,394 ,227 June 5. 87,634 86,210 52,834 30,750 420 ,767 1,163 8,649H,134 25,790 ,638 ,561 4,228 18,363 ,424 12. 87,647 86,754 53,41331,094 425 ,940 1,168 8,66711,167 25,690 ,585 ,536 4,226 18,343 893 19., 88,725 87,670 54,434 3"2,039 424 ,969 1,170 8,67511,205 25,633 ,541 ,527 4,233 18,332 ,055 26., 88,196 86,972 54,454 32,097 428 ,842 1,169 8,66711,30124,917 985 ,429 4,151 18,352 7,601 ,224 July 3., 89,303 88,204 54,282 31,877 433 ,892 1,184 8,64911,303 26,310 ,334 ,475 4,229 18,272 7,612 ,099 10., 88,670 87,581 53,972 31,755 431 ,710 1,162 8,645 11,324 26,020 ,013 ,455 4,236 18,316 7,589 ,089 17., 88,260 87,090 53,852 31,641 429 ,679 1,157 8,65711,345 25,642 ,725 ,409 4,319 18,189 7,596 ,170 24. 87,605 86,244 53,496 31,355 428 ,610 1,143 8,66611,350 25,223 ,481 ,327 4,203 18,212 7,525 ,361 31. 87,597 86,365 53,56831,310 428 ,660 1,142 8,67511,412 25,241 ,504 ,342 4,207 18,188 7,556 ,232 Aug. 7., 87,048 85,955 53,54131,322 420 ,644 ,140 8,66511,40824,821 ,286 1,714 3,654 18,167 7,593 ,093 14. 87,276 85,868 53,65031,537 428 ,548 ,136 8,68511,375 2244,646 ,177 1,655 3,658 18,156 7,572 ,408 213 88,241 86,973 54,064 3311,790 427 ,755 ,132 8,68211,33725,303 ,918 1,582 3,655 18,148 7,606 ,268 28. 87,718 86,470 53,93531,583 429 ,810 ,120 8,69611,355 "2-4,914 ,623 1,562 3,622 18,107 7,621 ,248 Sep,it. 87,836 86,281 53,86431,616 430 ,692 ,133 8,68311,366 24,787 ,473 ,583 3,622 18,109 7,630 ,555 87,760 86,581 54,115 3311,843 436 ,675 ,116 8,70811,39424,762 ,469 ,586 3,625 18,082 7,704 ,179 18. 88,230 87,052 54,59732,163 440 ,791 ,129 8,718 11,41324,747 ,458 ,578 3,637 18,074 7,708 ,178 25. 87,745 86,558 54,33231,967 441 ,748 ,114 8,725 394 24,537 ,306 ,506 3,668 18,057 7,689 ,187 Oct. 2. 89,087 87,898 54,563 31,885 446 2,021 ,118 8,727 11,42725,654 ,197 ,732 4,559 18,166 7,681 ,189 9. 88,454 87,267 54,228 31,697 440 ,921 ,118 8,72911,38325,324 ,061 ,673 4,484 18,106 7,715 ,187 16. 88,340 87,292 54,25331,663 440 ,922 1,116 8,75911,41125,346 ,120 ,668 4,450 18,108 7,693 ,048 23. 87,682 86,539 53,60331,363 444 ,589 1,111 8,76911,38525,270 ,128 ,639 4,460 18,043 7,666 ,143 30. 88,103 86,743 53,614 3'1 ,304 452 ,642 1,106 8,75811,41125,191 ,156 ,600 4,431 18,004 7,938 ,360 Nov. 6. 87,577 86,277 53,53531,301 450 ,554 1,102 8,751 11,437 24,959 ,011 1,584 4,411 17,953 7,783 ,300 13. 87,725 86,103 53,68431,387 449 ,590 1,091 8,77611, ,785 883 1,601 4,360 17,941 7,634 ,622 20. 87,427 86,332 53,72631,353 441 ,737 1,094 8,77711,387 24,938 ,006 1,666 4,394 17,872 7,668 ,095 27. 87,495 86,072 53,32931,093 434 ,610 1,093 8,77711,38525,010 ,007 1,713 4,392 17,898 7,733 ,423 Dec. 4. 88,483 86,858 53,49631,136 437 ,756 1,094 8,761 11,37925,619 ,042 1,697 4,865 18,015 7,743 ,625 11. 88,705 87,390 53,90831,385 434 ,915 1,105 8,77911,360 2255,630 ,124 1,726 4,820 17,960 7,852 ,315 18. 90,028 88,578 54,68931,872 433 2,190 1,106 8,78011,374 26,010 ,470 1,730 4,824 17,986 7,879 ,450 25. 89,671 88,487 54,51831,853 435 2,022 1,114 8,77211,390 26,087 ,533 1,725 4,829 18,000 7,882 ,184 3H 89,693 88,987 54,65831,801 436 2,190 1,154 8,761 11,448 26,4231,888 1,752 4,776 18,007 7,906 706 1 Exclusive of loans to banks and after deduction of valuation reserves; but the effect of the new reporting on figures for those dates would individual loan items are shown gross. be to decrease holdings of securities and to increase loans to banks and 2 Includes guaranteed obligations. loans to brokers and dealers. 3 Beginning Aug. 21, 1957, banks were requested to report holdings of 4 Tuesday. securities acquired under resale agreements as loans rather than as se- See also NOTE on opposite page. curities owned. Published figures for prior dates have not been revised, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS, 1957 207 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Month or date s B F w e R . a r i e v n R t - h e k . s s C va i a n u s l h t b m a w B a d n e a n o i c s t l - e k - h ti s s c j m p u D o a s d a t d e s e e n - i - - t d d s 1 s p I p u n c v a h 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 i d i - e l t - s - s c C h c o a e f e e e i f t n e c c f r r i d . t s k d - i ' s - , G U o .S v . t. 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 G P U S i a n o o a . n g s v v d S t s - t a . . l m D t e i D o c s - - ema 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 a u c a p n - l - ts tions Jan 13,604 1,048 2,61958 057 60,914 4,136 2,007 1,037 20,' 936 18311,157 ,613 ,244! 296 822 9,036 Feb 13,457 988 2,392 56 470 59,256 4,025 1,802 1,197 20,: 961 18010,242 ,516 ,243! 532 922 9,093 Mar 13,222 983 2,485 55 58,610 3,917 1,856 1,833: 993 18010,307 ,524 ,251! 594 1,025 9,104 Apr 13,559 956 2.437 55 58,304 4,058 2,107 2,836 20', 1,017 18310,523 ,518 ,241 844 645 9,136 May.... 13,416 936 2,389 55 369 57,821 4,391 2,013 2,657: 1,081 18110,033 ,583 ,237 673 814 9,188 June.... 13,397 985 2,414 55 58,495 4,305 1,888 2,451 : 1,106 18010,183 ,579 ,295| 741 713 9,218 July.... 13,387 975 2,440 55 57,982 4,059 1,971 3,324 2li 1,124 18710,557 ,665 ,254! 573 667 9,269 Aug 13,031 991 2,355 54 57,399 3,916 1,909 2,126 21, 1,131 18610,436 ,733 ,209 557 816 9,419 Sept 13,106 1,013 2.438 54 58,153 3,851 1,867 1,860 21, 1,132 18610,713 ,664 ,225 657 864 9,444 Oct 13,291 999 2,395 54 864 58,010 3,732 1,938 2,439 21, 1,122 18110,694 ,719 ,241 568 752 9,514 Nov 13,246 1,024 2,380 55 58,550 3,849 2,124 1,557: 1,056 17210,541 ,661 ,216 539 895 9,589 Dec 13,693 1,126 2,617 56 59,925 4,013 2,304 2,276 21; 1,133 16711,093 ,662 ,214 510 662 9,608 Jan. 2. 13,600 1,132 3,156 57,629 61,966 4,183 2,541 2,181 19,919 916 18212,640 ,719 ,250 309 788 9,040 9. 13,665 1,086 2,525 57,760 60,130 4,011 1,884 994499 20,022 935 18411,425 ,637 ,244 254 929 9,045 16. 13,587 1,000 2,62158,523 61,976 4,183 1,985 64320,143 942 18211,329 ,601 ,240 179 878 9,023 23. 13,639 1,003 2, 4'"9"0 58,296 60,545 4,095 1,870 624 20,169 948 18210,537 ,583 ,242 262 830 9,027 30. 13,530 1,017 2,304 58,076 59,951 4,211 1,755 790 20,214 939 183 9,854 ,526 ,245! 475 682 9,047 Feb. 6. 13,756 920 2,330 56,874 58,685 4,083 1,770 873 20,268 956 18110,338 ,514 ,242! 723 728 9,088 13. 13,119 1,040 2,441 423 60,408 3,888 1,815 844 20,292 959 17910,500 ,479 ,247 i 359 1,115 9,090 20. 13,595 980 2,431 214 58,701 4,030 1,824 518 20,363 965 18010,140 ,533 ,237} 741 745 9,075 27. 13,359 1,014 2,364 56; 370 59,228 4,099 1,800 554 20,407 964 183 9,991 ,539 ,245; 304 1,101 9,117 I Mar. 6. 13,217 950 2,345 55,79157,951 4,031 1,900 1,008 20,499 987 18010,361 ,547 ,246 670 970 9,105 13. 13,194 1,031 2,476 56, 9'"0"5 60,262 3,796 1,757 958 20,684 990 17910,240 ,521 ,252 475 1,079 9,100 20. 13,437 961 2,535 55,704 58,458 3,808 1,942 062 20,759 1,002 18110,382 ,552 ,256 781 998 9,090 27. 13,038 991 2;584 55,472 57,769 4,033 1,825 304 20,819 994 18010,244 ,476 ,251 451 1,054 9,119 Apr. 3. 13,818 905 2,46755,11857,179 4,045 2,637 3,946 20,897 1,004 18210,646 ,475 252 1,009 593 9,135 10. 13,48f 967 2,348 5555,58857,763 3,872 1,753 2,756 20,912 1,009 18510,518 ,507 ,248 1,086 554 9,144 17. 13,415 956 2,54156,58859,483 4,121 2,125 2,28920,838 ,016 184 10,783 ,540 ,240 719 658 9,128 24. 13,519 996 2,393 5"6",69558,793 4,193 1,912 2,'"354 20,834 ,040 18210,148 ,550 ,225 562 776 9,135 May 1. 13,736 897 2,497 56,21358,635 4,545 2,720 2,822 20,870 ,063 18110,298 ,588 ,212! 978 559 9,179 8. 13,389 944 2,350 55,27356,859 4,361 1,716 2,58120,938 ,066 18110,156 ,587 ,207 634 882 9,189 15. 13,388 929 2,512 55,057 58^10 4,297 1,966 2,"3"2"7 20,969 ,079 18210,559 ,579 226 5"32T ! 91m4>»9,183 22. 13,198 966 2,345 55,15157,316 4,315 1,751 2,334 21,037 ,087 181 9,748 ,626 1,230 535 958 9,189 29. 13,368 942 2,242 55,14957,383 4,439 1,912 3,214 21,082 ,111 179 9,406 ,536 1,311 759 9,201 June 5. 13,113 924 2,358 55,320 57,144 4,371 1,750 2,367 21,129 ,105 18010,173 1,524 1,320 366 1,019 9,220 12. 13,619 1,013 2,432 56,44859,718 4,272 1,768 1,51121,180 ,097 181 1.0,,330 1,525 1,305 1,071 468 9,212 19. 13,505 977 2,457 566 ^"76' 59,105 4,092 1,993 2,"8"0"0 21,111 ,098 180 10,327 1,593 1,279 910 610 9,209 26. 13,350 1,026 2,409 555,729 58,013 4,483 2,042 3,125 21,205 ,124 181 9,903 1,674 1,275 615 755 9,233 July 3. 13,576 899 2,46354,307 57,306 4,238 2,141 5,004 21,171 ,125 18810,576 1,641 1,261 970 618 9,246 10. 13,351 1,026 2,35954,750 57,438 4,109 1,892 3,820 21,174 ,116 18710,664 1,662 1,274 792 544 9,244 17. 13,400 988 2,513 55,,167 58,972 3,836 2,011 3,060 21,221 ,132 18610,814 1,660 1,252 564 664 9,227 24. 13,334 995 2,404 55,570 57,915 3,945 ,908 2,349 21,227 ,125 18610,286 1,697 1,243 270 826 9,232 31. 13,275 966 2,46355,550 58,276 4,169 ,903 2,38121,219 ,123 18710,447 1,667 1,2381 271 682 9,396 Aug. 7. 13,047 930 2,320 55,096 56,832 4,108 ,626 313 21,275 ,119 18610,568 1,729 1,236| 645 611 9,420 14. 12,818 1,017 2,47854,68358,233 3,839 ,664 423 21,265 ,136 18710,902 1,754 1,209! 395 988 9,407 21. 13,017 973 2,356 5544,i448822 5577,159 3,838 ,844 124 21,285 ,133 18510,301 1,786 1,189! 582 808 9,409 28. 13,242 1,043 2,26554,97357,374 3,878 2,503 647 21,292 ,135 185 9,972 1,661 1,203 j 605 857 9,440 SepSf: 12,792 965 2,444 54,41357,290 3,932 1,884 203 21,319 ,130 18510,645 1,698 1,212 366 1,129 9,448 13,072 1,056 2,40155,67159,048 3,802 1,818 020 21,398 ,130 18610,880 1,685 1,213 640 720 9,447 18. 13,431 1,006 2,52355,094 "5"8,789 3,784 2,031 043 21,397 1,136 18710,973 1,658 1,226 951 750 9,428 25. 13,128 1,025 2,388 54;788 57,485 3,887 1,735 173 21,451 1,133 18610,352 1,615 1,251| 672 856 9,452 Oct. 2. 13,325 953 2,385 54,01557,159 2,094 4,008 21,494 1,143 18410,737 1,696 l,260| 595 841 9,474 9. 13,168 996 2,350 54,344 "5'6,850 2,049 2,757 21,574 1,132 18110,843 1,716 1,2471 582 743 9,488 16. 3,232 977 2,554 54,774 59,352 1,774 2,087 21,612 1,116 18111,383 1,745 l,244i 524 588 9,516 23. 3,363 1,017 2,34155,38358,193 1,704 662 21,631 1,109 18110,354 1,725 1.229! 548 702 9,524 30. 3,367 1,053 2,344 55,80558,495 3,857 2,070 683 21,635 1,111 17910,154 1,714 1,226 589 887 9,566 Nov. 6. 3,176 973 2,33554,800 57,758 3,987 2,070 ,400 21,654 1,066 17610,773 1,699 1,220 551 851 9,590 13. 2,862 1,087 2,455 55,,025 59,215 3,677 1,873 ,158 21,535 1,043 17510,949 1,666 1,214! 266| 1,187 9,586 20. 3,608 1,015 2,379 55,110 58,456 3,729 2,387 ,913 21,447 ,057 17010,378 1,639 1,213! 928 593 9,577 27. 3,340 1,023 2,,354 55 464 58,772 4,005 2,166 ,758 21,487 ,060 16910,062 1,639 410 950 9,601 i Dec. 4. 3,421 1,038 ,329 55 389 58,063 3,981 2,248 2,332 21,507 ,086 16710,493 1,610 1,218 380 1,097 9,606 11. 3,734 1,170 2,346 56,7-~1 0 5599,833 3,825 2,161 ' 418 21,619 ,101 16810,559 1,652 1,220 784 709 9,584 18. 3,834 1,181 2,61756,65160,040 3,917 2,513 374 21,622 ,134 16711,259 1,670 1,211 694 828 9,597 25. 3,807 1,112 2,599 5566,, 169" 5599,800 4,013 2,088 800 21,762 ,168 16610,851 1,683 1,207 671 676 9,616 312 3,670 1,131 3,19356,887 61,887 4,331 2,510 458 21,951 ,175 16712,305 1,693 1,213 22 9,635 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. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 COMMERCIAL LOANS, 1957 CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (—). In millions of dollars] Manufacturing and mining Comm' ] Period 2 l F iq a o n u o d o d r , , a T p e a p x n a t d r il e e l s , , M m p 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 , - , al, Other ( T w re s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n n l m i e c e - s e s u P p t ( t t r o u i i i a n l o b r i n c t n t l i s a h 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 a e n p n a n e d o l g k d l ' r e l l t y — tobacco leather ucts 3 and ing rubber banks Jan.. . -254 -23 -19 18 -21 -233 -68 -186 100 -38 -108 -833 -1,032 Feb — 90 84 138 — 45 42 29 -74 30 -50 — 8 -33 23 55 Mar 39 75 443 80 92 80 -111 292 90 2 8 1,089 1,141 Apr -74 6 -19 29 11 64 -83 92 -39 4 -18 -27 -84 May -96 — 35 98 7 -6 10 -137 -176 61 -1 11 -264 -267 June 19 40 295 201 97 48 -66 315 351 29 85 1,414 1,436 July -83 21 -229 -27 9 -42 42 -280 -83 9 -3 -665 -787 Aug 71 50 -138 -1 11 29 156 4 17 5 46 249 273 Sept 174 -48 -43 62 3 62 -17 184 33 20 430 384 Oct 125 -137 -50 -21 -76 145 89 -410 6 -37 -75 -439 -663 Nov 63 -25 -89 49 -42 52 68 -175 10 -6 -66 -163 -211 Dec -19 -20 52 89 -65 -254 83 569 200 -21 135 750 708 Week ending: Jan. 2 -107 —29 -84 42 -16 -116 5 86 81 26 -113 -167 9 -48 -1 -11 -12 -12 -39 -19 -131 -2 -17 -43 -332 -383 16. . — 33 2 53 9 12 -23 -23 -85 7 -7 -37 -126 -155 23 -33 —4 -8 -14 -13 -35 -16 -39 i -12 -30 -204 -243 30 -33 10 30 -8 8 -21 -15 -17 14 -1 -24 -58 -84 Feb. 6 -40 16 18 10 20 -16 -25 i -69 A -9 -101 -90 13. . . — 18 25 61 12 10 18 -26 -13 7 -4 7 79 91 20 -18 30 24 26 9 9 -27 29 2 -2 -10 75 93 27. . -13 13 35 -93 3 18 2 15 11 2 -24 -30 -39 Mar. 6. 1 17 42 50 17 —2 -23 82 -21 -8 -20 135 136 13 — 1 25 142 26 33 22 -32 56 82 2 27 382 403 20 65 32 216 27 34 43 -19 225 47 16 13 699 739 27 -27 43 -23 7 17 -38 -71 -18 -7 -11 -126 -137 Apr. 3... -36 —2 24 -9 1 5 7 -20 -29 -7 -23 -89 -106 10 _7 15 8 _3 15 26 — 37 41 — 8 — 11 40 55 17. . — 13 1 14 28 -2 40 -13 110 _3 16 177 142 24 — 18 — 8 -66 13 -3 -6 -39 -39 -2 15 -155 -175 May 1 —44 — 17 53 -4 -28 18 -12 85 69 -4 8 124 102 8 -23 1 -11 17 -5 -3 -29 -55 -10 -6 -11 -135 -109 15. . 5 16 94 12 27 26 -25 -35 44 12 23 199 226 22 -12 -19 -17 4 2 -26 -26 -90 -12 -1 -18 -216 -241 29. .. -21 -17 -22 -21 -1 -5 -45 -82 -30 -3 9 -237 -245 June 5... — 10 1 1 30 7 -1 -23 76 -6 7 17 100 89 12 A 12 74 66 38 15 -22 47 48 10 40 324 344 19. . 45 11 186 72 44 31 7 279 223 3 5 905 945 26... . -13 17 33 34 9 3 -28 -87 86 9 23 86 58 July 3 -31 3 -32 -32 -12 -10 9 43 -121 -8 28 -162 -220 10 7 -33 8 8 -5 4 -130 -2 15 -4 -130 -122 17... . -32 4 — 15 14 8 — 4 15 -96 22 7 -17 -94 -114 24 -28 -6 -86 -14 2 -21 14 -109 20 -13 -11 -253 -286 31 6 13 -63 —4 3 -2 12 -2 7 2 -28 -45 Aug. 7. 18 12 -50 25 4 9 2 -20 -16 14 -1 12 14 19 24 — 14 31 13 10 38 24 18 6 35 203 215 21. . 6 19 -22 14 1 15 125 93 -5 -5 11 253 253 28 28 -6 -53 -71 -6 -5 -9 -94 20 3 -14 -206 -207 Sept. 4. . 27 -1 -49 34 12 6 -15 51 15 -2 -9 69 33 11 51 1 19 7 6 36 1 91 c 12 219 227 18 67 -21 75 14 8 23 — 4 135 13 12 16 336 320 25 29 -27 -88 8 -24 -2 2 -94 10 -10 2 -194 -196 Oct. 2 30 -7 -30 -15 -33 17 18 -20 30 -21 -7 -39 -82 9. . 37 -13 o A 24 10 -168 -57 7 12 -154 -188 16 35 -29 7 -7 -6 84 33 -124 18 -8 4 7 -34 23 22 -42 -20 3 -19 2 7 -89 -12 -19 -51 -216 -300 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 13 27 9 11 5 -7 30 8 -54 27 1 30 84 86 20. 39 -4 6 16 -6 -2 14 -36 -25 -32 -31 -34 27 -17 -21 -65 15 -15 7 3 -84 27 4 -50 -204 -260 Dec. 4 20 — 10 35 10 -4 -3 -13 37 -14 -16 34 77 43 11 30 3 18 26 -7 -1 29 73 97 4 -16 256 249 18 81 6 31 15 -19 -63 55 294 2 7 49 458 487 25 -31 2 11 1 -20 — 82 17 68 23 -9 10 -12 -19 3H -118 -20 -42 37 -16 -105 -5 97 92 -7 58 -30 -52 i Data for a sample of about 210 banks reporting changes in their 2 Monthly figures are based on weekly changes during month. larger loans; these banks hold about 95 per cent of total commercial 3 Includes machinery and transportation equipment. and industrial loans of all weekly reporting member banks and about 4 Tuesday. 75 per cent of those of all commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES, 1957 209 MONEY MARKET RATES [Per cent per annum] U. S Government securities (taxable) Month or week com p P a m r p im e e r r e c , ial pa c p d F o e i i m r n r e a p c p n t a l l c a n y c e y , ed ac b c a P e n p ri k t m a e n r e c s e ' s, 3-month bills 9- to 12- 3- to 5months 1 m 3- o n to th 6 s - 1 90 days 1 Market Rate on i m ss o u n e t s h 2 is y su ea e r s 3 yield new issues Jan 3.63 3.38 3.38 3.11 3.210 3.17 3.40 Feb 3.63 3 38 3.38 3.11 3.165 3.23 3.33 Mar 3.63 3.38 3.27 3.08 3.140 3.35 3.38 Apr 3.63 3.38 3.20 3.06 3.113 3.41 3.48 May 3.63 3.38 3.25 3.06 3.042 3.37 3.60 June . .. 3.79 3.48 3.36 3.29 3.316 3.55 3.77 July 3.88 3.63 3.38 3.16 3.165 3.71 3.89 Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 Dec 3.81 3.55 3.35 3.04 3.102 3.09 3.04 Week ending: Jan 5 . 3.63 3.38 3.38 3.14 3.262 3.38 3.63 12 3.63 3.38 3.38 3.08 3.197 3.23 3.47 19 3.63 3.38 3.38 3.09 3.223 3.14 3.33 26 3.63 3.38 3.38 3.10 3.085 3.09 3.31 Feb. 2 3 63 3 38 3.38 3.16 3.283 3.11 3.34 9 3.63 3.38 3.38 3.05 3.132 3.15 3.27 16 3.63 3.38 3.38 3.01 3.057 3.24 3.29 23 3.63 3.38 3.38 3.15 3.182 3.29 3.36 Mar. 2 3.63 3.38 3.38 3.25 3.288 3.29 3.38 9 3.63 3.38 3.38 3.18 3.246 3.33 3.29 16 3.63 3.38 3.38 3.15 3.238 3.38 3.37 23 3.63 3.38 3.18 3.00 3.041 3.35 3.39 30 3.63 3.38 3.13 2.97 3.034 3.35 3.38 Apr. 6 3 63 3 38 3.13 3.03 3.050 3.36 3.42 13 3.63 3.38 3.18 3.13 3.154 3.41 3.46 20 3 63 3 38 3 25 3.11 3.194 3.44 3.49 27 3.63 3.38 3.25 3.02 3.054 3.44 3.51 May 4 3.63 3.38 3.25 3.00 3.039 3.43 3.54 11 3 63 3 38 3 25 2.93 2.909 3.36 3.55 18 3.63 3.38 3.25 2.98 2.894 3.35 3.60 25 3.63 3.38 3.25 3.14 3.122 3.35 3.63 June 1 3.63 3.38 3.25 3.26 3.245 3.42 3.72 8 3 70 3.38 3.30 3.30 3.374 3.51 3.69 15 3.75 3.40 3.38 3.27 3.256 3.53 3.68 22 3.85 3.55 3.38 3.36 3.404 3.59 3.84 29 3.88 3.59 3.38 3.23 3.231 3.58 3.86 July 6 3.88 3.63 3.38 3.19 3.238 3.66 3.82 13 3 88 3 63 3 38 3.13 3.171 3.68 3.83 20 3.88 3.63 3.38 3.04 3.092 3.70 3.90 27 3.88 3.63 3.38 3.18 3.158 3.74 3.98 Aug. 3 3.88 3.63 3.38 3.34 3.363 3.79 3.91 10 3.95 3.63 3.53 3.29 3.308 3.83 3.91 17 4.00 3.63 3.90 3.40 3.498 3.98 3.97 24 4 00 3 63 3 98 3.32 3.354 3.96 3.91 31 4.00 3.63 3.88 3.47 3.497 3.99 3.87 Sept. 7 4 00 3 66 3 88 3.54 3.571 4.00 3.86 14 4.00 3.83 3.88 3.55 3.575 4.00 3.91 21 4.00 3.88 3.85 3.58 3.633 4.01 3.94 28 4.00 3.88 3.75 3.48 3.534 4.06 3.98 Oct. 5 4 00 3.88 3.75 3.49 3.528 4.02 3.97 12 ... 4 09 3 88 3 75 3.54 3.525 3.91 3.94 19 4.13 3.88 3.75 3.64 3.660 3.99 4.04 26 4 13 3 88 3 75 3.59 3.619 3.89 3.99 Nov. 2 4 13 3.88 3.75 3.59 3.622 3.90 4.01 9 4 13 3 88 3 66 3 50 3.571 3.77 3.91 16 4 13 3.88 3.56 3.38 3.473 3.54 3.80 23 4.04 3.75 3.38 3.12 3.145 3.34 3.43 30 4.00 3.66 3.38 3.14 3.158 3.38 3.32 Dec. 7 3.93 3.63 3.38 3.07 3.105 3.33 3.18 14 3 81 3.58 3 33 3.01 2.991 3.12 3.09 21 3.75 3.50 3.33 3.12 3.140 3.01 3.00 28 3.75 3.50 3.38 3.10 3.174 2.96 2.96 1 Data are averages of daily prevailing rates. 3 Includes selected note and bond issues. 2 Includes certificates of indebtedness and selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 INTEREST RATES, 1957 BOND AND STOCK YIELDS 1 [Per cent per annum] (Corporate bonds - Stocks 5 G U o .S v . t. S g ta o t v e t . a b n o d n l d o s c a 3 l By selected By Dividends/ Earnings/ Month or week bonds ratings groups price ratio price ratio (longterm) 2 TotaH Total 4 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 4-5 20 5 5 120 30 30 40 40 40 14 90 500 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 3.63 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 4.17 Sept 3 66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4.45 4.79 4.31 8.00 Oct 3 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 2.29 4.00 4.31 3.81 5.03 4.11 4.53 4.29 4.49 4.64 8.56 Week ending: Jan 5 3.50 3.58 3.05 4.22 4.06 3.82 4.46 4.05 4.14 3.97 4.60 4.24 12. .. 3 45 3.57 3.05 4.22 4.06 3.81 4.49 4.06 4.14 3.97 4.54 4.26 19 3.33 3.53 3.02 4.17 4.05 3.78 4.50 4.04 4.13 3.99 4.53 4.34 26. 3 26 3.47 2.96 4.13 4.03 3.73 4.48 4.00 4.11 3.98 4.44 4.37 Feb. 2 3 24 3.39 2.87 4.08 4.01 3.72 4.48 3.98 4.09 3.97 4.46 4.37 9 3.18 3.33 2.81 4.00 4.01 3.69 4.48 3.97 4.08 3.98 4.46 4.49 16 3 19 3.26 2.76 3.94 3.99 3 67 4.47 3.94 4 06 3.97 4.47 4.60 23 3 26 3.24 2.76 3.90 3.98 3.66 4.46 3.93 4.06 3.96 4.48 4.52 Mar. 2 3 27 3.34 2.83 3.99 3.98 3.66 4.47 3.93 4.05 3.96 4.46 4.55 9 3.28 3.37 2.90 3.99 3.97 3.66 4.45 3.92 4.04 3.95 4.45 4.44 16 3 26 3.36 2 88 3.99 3.97 3.66 4.43 3.90 4.04 3.95 4.46 4.47 23 3.26 3.36 2.88 3.97 3.97 3.67 4.42 3.90 4.04 3.96 4.45 4.48 30 3.24 3.33 2.86 3.93 3.96 3.66 4.42 3.88 4.05 3.94 4.46 4.48 Apr. 6 3 25 3.32 2.84 3.93 3.96 3 66 4.42 3.88 4 04 3.94 4.46 4.43 13 3 28 3.32 2.84 3.93 3.95 3.66 4.42 3.87 4.05 3.93 4.44 4.37 20 3.34 3.33 2.87 3.93 3.96 3.67 4.44 3.88 4.06 3.94 4.46 4.36 27 3.38 3.43 2.96 4.00 3.98 3.69 4.45 3.91 4.07 3.95 4.50 4.28 May 4 3 38 3.44 2.97 4.03 3.99 3.71 4.48 3.93 4.10 3.96 4.50 4.23 11 3.37 3.45 2.99 4.05 4.01 3.72 4.50 3.93 4.12 3.97 4.50 4.24 18 3 40 3.45 2.99 4.06 4.02 3 73 4.53 3.94 4.14 3.97 4.54 4.20 25 3.41 3.49 2.99 4.15 4.03 3.75 4.54 3.96 4.14 3.99 4.56 4.12 June 1.. . 3.47 3.57 3.10 4.23 4.06 3.79 4.56 4.03 4.14 4.01 4.56 4.10 8 3 49 3.60 3.14 4.27 4.09 3.82 4.59 4.06 4 21 4.02 4.58 4.08 15 3.52 3.64 3.17 4.31 4.14 3.88 4.62 4.12 4.25 4.05 4.65 4.00 22 3.66 3.68 3.23 4.33 4.18 3.94 4.66 4.17 4.28 4.08 4.74 4.01 29 3 64 3.69 3.23 4.35 4 21 3 97 4.68 4.20 4 32 4.11 4.78 4.06 July 6. 3.59 3.67 3.20 4.33 4.24 4.00 4.71 4.20 4.36 4.16 4.70 3.96 13 3.56 3.59 3.11 4.24 4.23 3.97 4.72 4.16 4.36 4.17 4.70 3.91 20 3.59 3.63 3.14 4.28 4.25 3.98 4.72 4.17 4.40 4.19 4.74 3.94 27 3.65 3.69 3.22 4.30 4.28 4.01 4.74 4.21 4.42 4.21 4.82 3.95 Aug. 3 3.63 3.71 3.25 4.30 4.31 4.05 4.76 4.26 4.42 4.26 4.80 4.00 10. . 3.63 3.81 3.34 4.41 3.34 4.07 4.78 4.26 4.45 4.32 4.81 4.06 17 3 66 3.84 3.37 4 43 4 36 4 09 4 82 4 29 4 49 4 31 4 83 4.17 24. . 3.63 3.90 3.44 4.51 4.38 4.11 4.84 4.29 4.51 4.34 4.84 4.19 31 3 62 3 92 3 45 4 51 4 41 4 12 4 87 4 30 4 53 3 37 4 82 4 27 Sept. 7. . . 3.59 3.90 3.44 4.49 4.43 4.12 4.91 4.31 4.55 4.41 4.82 4.23 14 3.60 3.89 3.43 4.49 4.42 4.11 4.91 4.31 5.53 4.43 4.79 4.29 21 3.71 3.89 3.43 4.49 4.44 4.12 4.94 4.30 4.55 4.46 4.74 4.24 28 3.72 3.87 3.41 4.47 4.45 4.14 4.96 4.31 4.59 4.47 4.80 4.46 Oct. 5 3.72 3.84 3.38 4.46 4.45 4.12 4.97 4.31 4.58 4.47 4.79 4.37 12 3.71 3.73 3.29 4.36 4.44 4.09 4.96 4.31 4.55 4.47 4.76 4.51 19. 3 76 3 71 3 29 4 33 4 45 4 07 4 98 4 31 4 57 4 47 4 78 4 58 26 3.74 3.71 3.28 4.36 4.47 4.11 5.01 4.34 4.58 4.49 4.84 4i65 Nov. 2 3.74 3.72 3.30 4.37 4.48 4.12 5.04 4.35 4.60 4.50 4.83 4.61 9 3 68 3 72 3 30 4 37 4 51 4 12 5 09 4 38 4 62 4 51 4 85 4 67 16.. .. 3 62 3 73 3 28 4 39 4 50 4 12 5 10 4 37 4 64 4 51 4 86 4 75 23 3.49 3.67 3.23 4.37 4.49 4.06 5.09 4.31 4.67 4.48 4.75 4.70 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 28 4 64 4 43 4 61 4 51 14. . . 3.31 3.34 2.94 4.03 4.35 3.84 5.06 4.15 4.57 4.32 4.54 4.61 21 3.29 3.27 2.86 3.92 4.27 3.77 5.00 4.07 4.50 4.26 4.44 4.73 28. . . 3.26 3.26 2.84 3.92 4.23 3.73 5.00 4.01 4.48 4.19 4.42 4.71 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period. 8 median yields in a sample of noncallable issues—12 industrial and 2 2 Series is based on bonds maturing or callable in 10 years or more. public utility. For common stocks, the earnings/price ratio is now com- 3 Moody's Investors Service. State and local govt. bonds include gen- puted for the 500 stocks in the price index, but figures prior to June 1957 eral obligations only. are based on the 90 stocks formerly included in the daily price index. 4 Includes bonds rated Aa and A, data for which are not shown sepa- The dividend /price ratio has not yet been converted to the broader base. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK HOLDING COMPANIES 211 BANK HOLDING COMPANIES, DECEMBER 31, 1957 [Registered pursuant to Section 5, Bank Holding Company Act of 1956] Location of Location of principal office Holding company principal office Holding company California New Hampshire San Francisco Transamerica Corporation Nashua New Hampshire Bankshares, Inc. Florida New York Jacksonville The Atlantic National Bank of Jacksonville Buffalo Marine Midland Corporation Jacksonville Atlantic Trust Company New York Empire Shares Corporation Jacksonville Barnett National Securities Corporation New York Illinois Shares Corporation Sebring Consolidated Naval Stores Company New York Southeastern Shares Corporation Warsaw Financial Institutions, Inc. Atlanta Trust Company of Georgia Ohio Atlanta Trust Company of Georgia Associates Columbus BancOhio Corporation Savannah Citizens and Southern Holding Company Springfield The Springfield Savings Society of Clark County Savannah The Citizens and Southern National Bank Indiana Chattanooga Hamilton National Associates, Inc. East Chicago Riley Company, Inc. Knoxville Tennessee Shares Corporation South Bend St. Joseph Agency, Inc. South Bend St. Joseph Bank and Trust Company Texas Childress Farmers and Mechanics Trust Company Iowa Fort Worth The Fort Worth National Bank Des Moines Brenton Companies Houston C. B. Investment Corporation Des Moines Chase Investment Company Utah Kentucky Salt Lake City First Security Corporation Louisville Trustees, First National Bank of Louisville Virginia Maine Arlington The First Virginia Corporation Bangor Eastern Trust and Banking Company Arlington Old Dominion Bank Richmond Dominion Securities, Incorporated Massachusetts Boston Baystate Corporation Washington Boston The National Shawmut Bank of Boston Port Angeles Union Bond & Mortgage Company Boston Shawmut Association Spokane Old National Corporation Minnesota Wisconsin Minneapolis Bank Shares Incorporated Milwaukee Wisconsin Bankshares Corporation Minneapolis First Bank Stock Corporation Minneapolis Northwest Bancorporation Canada St. Paul Otto Bremer Company Montreal Bank of Montreal Toronto The Canadian Bank of Commerce Missouri Kansas City The Kemper Investment Company Japan Kansas City Keystone Corporation Tokyo The Bank of Tokyo, Ltd. St. Louis General Contract Corporation Montana Havre Montana Shares, Incorporated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* International * International capital transactions of the United States 214 Gold production 218 Net gold purchases and gold stock of the United States. 219 Reported gold reserves of central banks and governments 220 Estimated foreign gold reserves and dollar holdings 221 International Bank and Monetary Fund 222 Central banks 222 Money rates in foreign countries 227 Foreign exchange rates 228 Index 239 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, 213 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 INTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a i a - - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o n i m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official of private 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1.558 4,734 1.296 1,768 1,896 326 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—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 1,764 886 774 929 1,754 6,530 1,496 2,345 2,243 388 Apr. 30.... 1,358 13,090 47,808 420 1,728 909 742 903 1,804 6,507 1,521 2,505 2,160 396 May 31.... 1,700 13,114 7,810 367 1,732 937 775 926 1,764 6,502 1,619 2,543 2,053 398 June 30 1,573 13,270 7,942 403 1,690 959 804 969 1,793 6,618 1,591 2,680 1,990 391 July 31.... 1,545 13,266 7,803 514 1,559 979 778 1,008 [,725 6,563 1,659 2,674 1,986 384 Aug. 31.... 1,635 13,267 7,627 450 1,577 1,009 769 944 1,754 6,502 1,724 2,683 1,981 377 Sept. 30*... 1,512 13,315 7,633 405 1,664 1,029 797 808 1,851 6,554 1,655 2,714 2,019 372 Oct. 31*... 1,517 13,747 7,910 394 1,573 1,057 857 1,161 [,946 6,987 1,739 2,671 1,975 374 Nov. 30*... 1,538 13,610 7,795 352 1,567 1,032 865 1,200 1,964 6,980 1,735 2,596 1,937 362 Dec. 31*... 1,517 13,611 7,893 355 1,557 1,079 965 1,275 1,910 7,141 1,623 2,556 1,940 351 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Ru- 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. ,558 191 130 96 38 101 243 119 72 36 117 14 388 1954—Dec. 31. ,642 273 100 71 41 113 249 103 91 71 141 8 363 1955—Dec. 31. ,519 261 108 60 49 176 164 82 132 104 153 9 201 1956—Dec. 31. ,627 296 117 65 53 177 134 67 137 43 217 20 281 1957__jan. 31. ,676 294 125 64 54 181 117 69 138 42 230 16 332 Feb. 28. ,735 297 135 76 61 184 122 67 134 40 229 22 350 Mar. 31. ,754 296 141 76 59 178 120 76 123 32 228 14 396 Apr. 30. ,804 298 142 71 60 181 110 73 117 28 245 20 446 May 31. ,764 298 120 65 59 175 111 75 120 25 253 12 439 June 30. ,793 302 119 61 59 166 110 87 120 25 268 14 449 July 31. ,725 315 120 97 61 156 98 85 115 25 278 12 351 Aug. 31. ,754 327 123 101 55 143 115 87 116 24 272 16 362 Sept. 30* ,851 337 132 102 62 139 172 94 124 24 273 12 367 Oct. 31* ,946 345 137 97 68 144 186 97 129 30 255 19 429 Nov. 30* ,964 347 131 100 66 146 215 95 127 26 265 16 418 Dec. 31* ,910 349 130 112 65 154 203 93 142 25 259 18 348 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 o m ia - - Cuba p m i D R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d e r r d d - i s i e s - t s l a P p i R m c u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L m i a t c h t e a i e r n r nam 1953—Dec. 31 1,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954_Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—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. 31 2,683 135 28 133 78 195 285 67 65 393 71 132 72 39 56 798 136 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 Dec. 31* 2,556 137 26 132 75 153 235 54 65 375 73 136 60 27 55 829 124 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. 215 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 *5 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—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 ,981 66 78 167 30 41 586 106 217 78 170 443 377 78 41 53 49 156 Sept. 30* 1,019 72 83 179 49 53 572 106 215 76 163 451 372 81 39 54 47 151 Oct. 31*.... 1,975 72 88 190 43 47 564 110 195 83 162 420 374 85 41 50 45 153 Nov. 30*.... ,937 71 89 187 42 46 555 112 174 85 159 417 362 84 42 45 39 151 Dec. 31*\... 1,940 70 82 151 55 52 580 117 175 86 157 416 351 85 39 40 38 149 Table Id. Supplementary Areas and Countries 5 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.): .2 .2 .4 n.a. British dependencies .. 9.1 9.8 9.8 8.8 British dependencies . .4 .6 .4 .4 Burma 23.0 29.7 19.1 7.0 Bulgaria .6 6 7 .2 Cambodia n.a. .2 13.1 17.2 Czechoslovakia * .6 .7 .7 .5 Ceylon 17.1 18.8 32.9 41.2 Eastern Germany n a 1 2 1 3 1 2 China Mainland ^ 36.4 35.7 36.2 35.5 Estonia 1.9 1.9 1 8 n.a Iraq 13.8 10.0 14.7 16.9 Hungary 1.0 1.0 1.0 .8 Jordan .9 .8 1.2 2.0 Iceland 7.5 8 9 4 8 3.1 Kuwait 10.1 10.7 3.5 5.3 Ireland Republic of 14 1 14 3 13 7 9 1 Laos n a 1 23.1 n.a. Latvia 1 3 1 0 1 0 6 Lebanon . . 23.9 16.5 18.0 22.3 Lithuania.. 4 5 3 4 Pakistan 9 7 3 8 5.7 20.2 Luxembourg 4.0 4.5 3.1 13.2 Portuguese dependencies 5.3 1.8 2.0 2.7 Monaco 3 0 5 3 5 6 4 3 Ryukyu Islands n a 26 9 34.0 n.a. Poland* 2.2 2 1 2 5 3.3 Saudi Arabia. . . 18.5 61.5 79.5 n.a. Trieste 2.5 2.2 1.4 1.4 Syria 20.5 21.5 13.1 17.1 U.S. S. R.« 2.0 1.8 .7 .8 Viet-Nam n.a. 8.1 62.3 50.1 Other Latin America: All other: British dependencies 18.0 19.0 16.6 24.1 British dependencies 1.6 1.4 2.4 3.8 Costa Rica 13.4 15.3 17.6 14.6 Ethiopia and Eritrea . 9.1 18.0 23.7 24.2 Ecuador 17 7 21 2 14 9 18 0 French dependencies 5 7 8 7 8.0 10.5 French West Indies and French Guiana... .6 .4 .6 1.0 Liberia... . 11.8 5.6 13.1 23.7 Haiti 9.3 12.7 12.1 8.9 Libya 3.0 1.7 9.9 3.7 18.7 17.3 9 7 10.2 Morocco 15.9 7.6 14.8 13.6 Nicaragua.... 16.0 10.3 12.8 11.8 New Zealand 2.1 2.3 1.9 2.2 Paraguay 6.0 3.6 3.6 4.0 Portuguese dependencies 5.0 8.3 5.3 2.8 Spanish dependencies .2 .5 .7 .3 Other Asia: Sudan n.a. n.a. n.a. A Afghanistan .. 2.7 5.1 4.1 5.3 Tangier 36.1 35.7 33.5 22.4 Bahrein Islands .6 6 5 n a .6 .4 .7 .5 v 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. 540-45. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] Date Total France R m e G F p a e e . n d r y o - . , f Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o r t o a p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l 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—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 60 111 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.. 2,160 113 149 55 33 115 192 657 120 935 396 52 Sept. 30*\ 2,159 113 151 54 32 110 209 669 111 947 379 53 Oct. 31* 2,254 106 139 54 36 124 203 663 177 959 407 48 Nov. 30^. 2,204 105 137 54 37 111 207 651 149 970 385 49 Table 2a. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w e e n - T k u e r y - Y sl u av g i o a - o A th l e l r 1953—Dec. 31 13 6 9 24 3 16 5 7 1954— Dec. 31 109 20 10 16 2 4 4 41 1 5 1955—Dec. 31 158 16 13 11 9 5 7 78 2 7 1956—Nov. 30 174 22 10 13 17 11 72 8 6 Dec. 31 216 28 12 21 23 13 7 1957_Jan. 31 213 30 13 20 23 9 13 85 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 Nov. 30^ 207 25 24 19 11 10 77 11 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 o ia - - Cuba p m i D R c u li i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R m c u a e b n 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—Nov. 30 797 13 4 65 15 145 84 7 7 201 5 12 32 14 14 132 47 Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957—Jan. 31 867 15 5 77 22 145 99 13 8 216 4 13 34 8 12 145 52 Feb. 28 861 25 4 72 20 148 90 13 7 219 3 10 32 8 11 144 54 Mar. 31 898 37 5 76 22 158 89 10 8 216 3 13 37 8 12 152 51 Apr. 30 919 42 5 78 25 151 92 11 8 213 4 15 36 9 12 163 56 May 31 889 43 5 73 26 144 93 9 7 207 3 13 35 8 13 154 58 June 30 894 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. 31 935 35 5 115 40 91 91 19 8 246 3 13 34 7 30 151 49 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 Nov. 30^ 970 28 4 40 119 106 22 9 231 3 17 35 9 40 157 54 96 P Preliminary. 1 Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $1,052 million on Nov. 30, following items payable on demand or with a contractual maturity of 1957. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. maturity of more than one year reported by U. S. banking institutions 3 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 217 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Total K H o o n n g g India I n n e d si 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 a s li - a C g B o i e n a l g n - o Egypt A U S f n o r o i u i f o t c n h a Other 1953—Dec. 31 115 3 4 1 14 23 26 6 5 6 27 25 8 6 (2) 2 8 1954—Dec. 31 143 3 5 1 16 11 50 7 5 6 39 37 14 6 6 10 1955—Dec. 31 233 3 5 1 18 10 103 19 6 8 59 43 11 5 8 17 1956—Nov. 30 292 4 6 (2) 20 13 143 13 6 8 79 45 11 7 ) 6 19 Dec. 31 337 4 6 (2) 20 16 170 16 6 9 91 43 11 6 I 8 17 1957—Jan. 31 360 5 7 (2) 22 23 186 17 5 10 83 48 11 5 > 8 21 Feb. 28 375 6 7 (2) 22 24 192 18 6 10 89 46 11 5 7 22 M Ap a r r . . 3 3 1 0 3 3 7 9 5 2 7 6 1 9 0 8 2 2 4 3 2 2 4 2 2 1 1 9 0 3 1 1 8 9 5 5 1 1 0 0 8 8 6 6 4 4 9 1 1 1 0 3 5 5 7 8 2 1 2 7 May 31 426 7 11 1 23 25 244 24 5 13 74 46 13 6 8 18 June 30 451 7 11 22 24 258 30 5 12 81 46 12 5 11 17 July 31 423 7 11 24 22 250 28 6 11 63 46 12 6 12 15 Aug. 31 396 9 9 I 24 24 216 40 6 12 58 52 11 6 12 21 Sept. 30^ 379 9 9 ( 2 )20 23 188 45 6 8 71 53 11 5 12 24 Oct. 31* 407 7 8 24 26 174 51 6 11 99 48 11 4 12 20 Nov. 30P 385 8 7 24 25 148 56 6 12 99 49 10 5 14 19 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 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 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 ,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—Nov.. 21 67 -46 144 140 4 49 101 -53 43 44 Dec... 13 39 -26 145 108 37 25 77 -52 45 38 1957_ F ja e n. b . .. . . 1 4 3 4 4 2 4 8 2 9 1 1 6 1 1 4 6 6 3 1 9 0 1 7 5 5 5 7 4 3 9 4 1 1 3 7 3 2 - - 1 9 2 9 3 4 5 3 4 4 5 2 3 () Mar.. 68 47 22 117 104 13 43 67 -24 44 51 "7 Apr... 53 8 44 134 113 21 69 215 -146 54 59 -5 May.. 102 157 -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.., 18 175 -157 135 119 16 23 36 -13 46 44 2 Sept.? 14 10 4 92 102 -11 51 80 -29 37 42 -6 Oct.*. 33 19 15 108 142 -34 123 106 18 43 42 Nov.?, 38 21 18 113 94 19 38 92 -54 35 28 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 i a c t a e in r- Asia o A th l e l r 1953 23 -34 -42 () 57 71 -24 62 -121 25 I 1954 78 72 17 73 70 -20 139 -187 113 3 1955 -21 706 -2 147 96 85 329 265 76 29 7 1956 82 75 -121 -7 234 8 33 161 -124 34 -1 4 1956—Nov.. () -42 2 I 8 -2 -40 -39 -11 1 Dec. 10 2 (2) 19 -14 -3 3 -3 1 1957—Jan... 2 70 2 27 7 19 56 4 3 Feb... 1 145 2 () 24 41 17 86 54 Mar.. 1 34 1 (2) 8 11 21 4 37 -4 "18 Apr.. 1 65 (2) C2) 9 21 10 42 21 J M u a n y e . . -25 1 -1 7 1 7 2 () ( 2 ) 7 5 5 7 4 1 7 1 2 6 7 8 -34 ( 2 ) ( 2 ) July.. (2) -85 (2) 7 -78 13 -59 -27 A Se u p g t. . p . -141 1 -7 1 ( ( 2 2) ) 8 -2 17 -5 -2 4 -2 15 - - 1 7 7 1 1 8 Oct. P. C2 1 ) -2 3 1 6 8 -2 1 1 1 2 1 1 1 0 0 -9 22 -14 9 -2 2 p Preliminary. () For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, ( —). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i t i s o e o t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 1953. — 61 — 11 96 -138 35 -30 26 1956—Dec. 31 322 3,856 139 1 1 1 9 9 9 5 5 5 4 5 6. .. . -1 - - 2 3 6 7 3 4 - - 1 4 - 3 7 4 7 8 - - 4 9 6 8 - - 1 4 3 4 7 3 7 4 2 3 1 4 3 7 - - - 3 4 4 4 9 0 -1 -7 6 7 1957— F M Ja e n a b . r . . 2 3 3 8 1 1 3 3 3 4 2 1 4 7 1 3 3 3 , , , 6 7 7 7 0 4 1 7 4 1 1 1 6 5 5 4 6 8 1956— D N e o c v . . . . . . . . -3 2 - - 5 4 5 1 1 1 7 3 - -4 5 7 3 0 3 ) - - 8 8 -1 C 3 1) J A M u p n a r y e . 3 3 3 0 0 1 4 3 3 4 1 6 9 6 0 3 3 3 , , , 7 6 6 2 0 8 7 0 5 1 1 1 6 6 6 5 4 4 1957— A F M J e p a a b r n r . . . . . . . . . . . . . . . . - - - 7 1 5 1 9 - - 1 1 - -3 5 0 4 1 2 7 6 -7 1 1 1 6 0 -1 - - - 1 7 9 5 4 2 7 3 - C 1 2 2 1) - - - 9 2 6 2 -1 0 1 6 ) 1 1 J A S O N u e c u o l p y t g v . t . . . 3 3 3 3 ,1 0 0 1 1 3 2 3 3 3 3 8 4 6 7 7 3 2 4 8 3 3 3 3 3 , , , , , 4 7 7 7 5 2 3 8 7 2 1 0 7 4 3 2 2 2 3 3 7 8 7 4 4 8 0 8 9 4 J M u a n y e . . . .. . - - 8 1 1 - -1 7 8 6 -12 1 - -1 8 8 4 1 2 0 - - 3 4 1 1 4 Dec. 31 356 3,729 353 J A u u l g y . . . . . . . . -1 - 0 6 1 + - 4 5 9 11 1 7 5 - - 7 2 0 1 2 2 -2 j 1 1 1958—Jan. 31 249 3,755 405 S O N e c o p t v t . . * . : p ? \ .. . . . . - - 7 5 7 3 2 -3 9 7 6 6 -9 8 9 5 -2 1 9 5 3 -4 2 1 - - - 1 4 5 - 0 0 1 ) ) 1958— J J J a a a n n n . . . 1 8 1 5 2 3 3 7 5 4 9 6 2 3 3 3 , , , 7 7 7 2 8 4 9 0 4 3 3 3 5 6 8 3 6 0 Jan. 22 294 3,798 392 Preliminary, Jan. 29 257 3,767 405 i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India 1949 840 0 753 2 409 7 18 5 23.1 12.9 67.3 144.2 14 2 12.6 6.3 7 7 31 3 5 7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954. 913 5 826.2 462.4 18-8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8 2 39 1 8.4 1955 959.0 873.8 510.7 13.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 994.0 910.6 556.2 U?.8 21.9 13.1 65.3 153.4 12.3 15.3 3.3 7.6 36.1 7.3 1956 Nov 77.9 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 77.5 48.3 1.6 2.3 9 5.0 12.6 1.0 1.5 .4 .6 3.0 .5 Feb. 73 7 46.3 s 2.3 1 4.4 12.0 .8 1.2 .2 5 2 8 5 Mar 278.3 49.2 1.5 2.2 .5 5.1 13.2 1.0 .3 .6 3.1 .5 Apr 277 2 49 1 6 2.2 4 7 12.9 7 .5 6 3 2 6 May.... 278.8 50.6 5 2.2 0 5.0 13.1 .9 .3 6 3 1 5 June 277.7 50.1 1.6 2.2 .9 4.9 12.6 .7 .2 .6 3.4 .5 July 51.4 1.5 2.3 .2 5.8 12.8 .9 .6 3.7 .5 Aug 51.1 2.4 5.8 12.6 .8 .6 3.0 Sect 50 3 2.4 '.2 5.7 13.1 9 6 Oct 50.9 2.4 1 6.5 13.9 .8 6 Nov 49.8 2.4 0 5.1 13.1 6 1 Gold exports, representing about 90 per cent of total production. Ghana 2 Excluding Mexico. M< Sources.—World production: estimates of U. SS.. Bureau of Mines, KJ • U. -UU1VUU V-/A I. IX* Production reported monthly; reports from individul;al countries except of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 219 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 S Ju e l p y t - . O D c e t c . . - J M an ar .- . A Ju p n r e .- J S u e l p y t - . 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 -33.8 Germany (Fed. Rep. of) -10.0 -130.C -225.6 -10.0 Netherlands "-23*!5 -100.0 -65.0 "20.6 ""5.6 Portugal .... 14.0 -15.0 -34.9 -5.0 -59.9 -5.0 Sweden -22.9 -32.0 -20.0 -15!o 15.2 15.2 Switzerland -38.0 — 15.0 -65.0 — 15 5 -8.0 — 8 0 Bank for Intl. Settlements -34.3 -65.3 -30.4 -3.3 -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 -.5 -.5 -•1 Total 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 100.3 100 3 Canada 3.4 -100.0 -10.0 7.2 14.6 14.6 5.2 Latin America: Argentina ... -49.9 -49.9 -20.0 -84.8 115.3 55.1 40.1 10.0 10.1 15.0 Colombia 7.0 -10.0 17.5 -22.8 -3.5 28.1 28.1 Cuba -10.0 28.2 -20.0 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 "-2A -.3 17.2 -.7 ""-'.2 -.2 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 p> -.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 ) k i r s n s d - e e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T co o o c n t k a th l 1 ) I i n n s g c t o o r 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 : k i r s n s d - e 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 - - 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957_jan 22,252 22,377 319 0 — 53 9 295 9 5 0 1946 20,529 20,706 623.1 311.5 465.4 51.2 Feb 22,304 22 396 18 6 — 29 8 28 0 4 4 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Mar 22,306 22,406 10.2 -8.8 16.0 5.1 1 1 9 9 4 4 9 8 2 2 4 4 , , 4 2 2 4 7 4 2 2 4 4 , , 3 5 9 6 9 3 1,5 1 3 6 0 4 . . 4 6 1,6 6 8 8 0 6. . 5 4 - - 1 4 5 9 9 5 . . 2 7 7 6 0 7 . . 9 3 A M p a r y 2 2 2 2 , , 3 6 1 2 8 0 2 22 2 , , 7 4 2 2 6 4 30 1 2 7 6 4 2 2 0 0 0 8 2 — 85 5 4 8 4 5 7 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 July 22,627 22,735 3.8 2.7 -.8 5.8 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Aug 22,626 22,735 -.5 28 6 — 11 4 5 8 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Sept 22,635 22 759 24 1 18 9 9 0 5 7 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Oct 22,691 22,835 75.4 42 8 36 9 6 5 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Nov 22,763 22,837 2.4 26.7 — 31 2 5 1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Dec 22,781 22,857 20 2 18 8 2 0 5 5 1956 21,949 22,058 305.9 106.1 318.5 65.3 1957 22,781 22,857 798.8 96.7 600.1 63.6 1958—Jan ^22,783^22,859 *2.0 (3) 4 — 37.3 (3) 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 internation accounts amounted to $6,059.9 million on Jan. 31, 1958. 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

220 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w c o l. rld A t r i g n e a n- t A ra u l s ia - g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - Egypt U.S.S.R.)* Treasury Total 2 1950 Dec 35,810 22,706 22,820 216 88 587 317 590 40 74 271 31 97 1951—Dec. . 35,960 22,695 22,873 268 112 621 317 850 45 48 311 31 174 1952—Dec 36,260 23,187 23,252 112 706 317 896 42 76 214 31 174 1953 Dec 36,680 22,030 22,091 " *37i" 117 lie 321 996 42 86 186 31 174 1 1 1 9 9 9 5 5 5 5 4 6 — —D D D e e e c c c 3 3 3 8 8 7 , , , 0 4 3 9 0 4 0 0 0 2 2 2 1 1 1 , , , 9 6 7 4 9 1 9 0 3 2 2 2 1 2 1 , , , 0 7 7 5 9 5 8 3 3 3 37 7 1 1 1 1 1 0 4 3 7 4 8 7 9 7 2 8 9 3 3 3 2 2 2 4 3 2 1 1 1 , , , 1 1 0 4 1 8 1 3 0 4 4 4 6 2 4 8 8 5 6 6 7 1 1 1 3 8 3 6 6 6 3 3 3 1 1 1 1 1 1 8 7 7 8 4 4 928 1957—Jan 22,252 22,377 109 877 324 1,116 43 57 136 31 188 Feb 22,304 22,396 113 864 324 1,110 46 57 136 31 188 Mar 38,790 22,306 22,406 113 848 324 1,112 46 57 136 31 188 Apr 22,318 22,424 182 113 849 324 1,114 46 57 136 31 174 May 22,620 22,726 181 116 849 324 1,116 46 57 136 31 183 June 39,000 22,623 22,732 181 116 842 324 1,121 43 58 136 31 188 July 22,627 22,735 181 846 324 1,120 43 58 136 31 188 Aue. 22,626 22,735 181 882 324 1,135 40 58 136 31 188 Sept ^39,080 22,635 22,759 166 874 324 1,136 40 136 31 188 Oct 22,691 22,835 127 876 324 1,136 40 136 31 188 Nov 22,763 22,837 126 875 324 1,127 40 136 31 188 Dec ^39,200 22,781 22,857 913 324 1,115 40 136 31 188 Ger- E m n o d n t o h f l F a i n n d - France3 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1950 Dec 12 523 27 247 209 140 256 208 311 50 27 31 1951—Dec 26 548 28 27 247 280 138 333 208 316 50 27 46 1952—Dec 26 573 140 27 247 235 138 346 144 544 50 38 46 1953—Dec 26 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 31 576 626 27 247 81 138 346 62 796 45 38 35 1955—Dec 35 861 920 27 247 81 138 352 142 865 45 48 35 1956—Dec 35 861 1,494 27 247 45 138 338 167 844 50 49 35 1957_jan 35 861 1,566 27 247 44 138 325 167 834 45 49 35 Feb 35 861 1,661 27 247 44 138 350 167 819 45 49 35 Mar 35 861 1,756 27 247 43 138 364 166 814 45 49 35 Apr 35 861 1,834 27 247 42 138 359 166 809 48 49 35 May 35 861 1,923 27 247 41 138 359 165 806 47 49 35 June 35 575 2,029 27 247 40 138 364 165 806 46 49 35 July 35 575 2,124 27 247 40 138 390 164 793 45 49 35 Aug 35 575 2,261 27 247 41 138 422 163 747 45 49 35 Sept 35 575 2,399 27 247 41 138 428 182 700 45 49 35 Oct 35 575 2,548 27 247 41 138 700 45 49 28 Nov 35 575 a, 557 247 41 138 700 46 49 28 Dec 35 575 2,542 39 138 744 45 49 28 Intl. Bank for 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 ta u o r n n y d e- S m I e n e tt t n l l t e . s - 1950 Dec 192 23 197 61 90 J 47ft 118 150 3,300 236 373 1,494 167 1951—Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec. 286 29 170 51 184 1,411 113 143 1,846 207 373 ,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 ,702 193 1954—Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 1,740 196 1955—Dec. 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 1956—Dec 448 28 224 56 266 1,676 112 144 2,133 186 603 1,692 179 1957__Jan 452 28 226 56 256 1,667 112 144 2,084 186 603 ,420 202 Feb 461 32 227 56 256 1,652 112 144 2,147 186 669 ,433 197 Mar 461 32 233 56 252 1,636 112 144 2,209 183 669 ,438 168 Apr 461 32 230 56 249 1,621 112 144 2,320 183 669 ,439 160 May 463 31 235 56 231 1,615 112 144 2,345 183 669 ,141 148 June 458 31 234 56 231 1,633 112 144 2,381 183 669 ,147 205 July 461 31 226 56 233 ,674 112 144 2,367 183 719 ,148 165 Aug 466 31 226 56 241 ,694 112 144 2,142 183 719 ,157 184 Sept 467 31 215 56 235 1,725 112 144 1,850 183 719 ,167 138 Oct 464 31 215 56 226 ,733 112 144 2,093 183 719 ,177 130 Nov 469 31 218 56 227 ,718 144 2,185 183 719 ,180 143 Dec 461 31 217 56 219 ,718 144 2,273 719 165 !> Preliminary. T Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding and in Circulation, by Kinds." and international institutions, unpublished holdings of various central 3 Represents holdings of Bank of France (holdings of French Exchange banks and governments, estimated holdings of British Exchange Equaliza- Stabilization Fund are not included). tion Account based on figures shown below under United Kingdom, 4 Exchange Equalization Account holdings of gold and of United and estimated official holdings of countries from which no reports are States and Canadian dollars, as reported by British Government. (Gold received. reserves of Bank of England have remained unchanged at $1 million 2 Includes gold in Exchange Stabilization Fund. Gold in active portion since 1939, when Bank's holdings were transferred to Exchange Equalizaof this Fund is not included in regular statistics on gold stock (Treasury tion Account.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 221 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1955 Sept. 30, 1956 Dec. 3 , 1956 Mar. 3I, 1957 June 3(), 1957 Sept. 30, 1957* Area and country Gold& U. S. Gold & U. S. Gold& U. S. Gold& U. S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 326 10 342 10 361 10 368 9 376 8 418 8 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,265 12 1,227 12 1,170 11 1,133 11 1,165 8 Denmark 91 7 95 6 96 6 107 6 92 6 133 6 Finland 84 5 90 5 88 5 94 5 94 5 97 5 France (and dependencies) * 1,957 151 1,631 7 1,505 7 1,302 8 2996 9 998 10 Germany (Federal Republic of) .. 2,374 8 3,099 13 3,329 14 3,520 14 3,719 14 4,063 14 Greece 187 (3) 161 187 189 (3) 177 152 Italy 1,137 2 1,286 2 1,268 2 1,250 2 1,323 2 1,457 2 Netherlands (and Netherlands West Indies and Surinam)... 1 100 44 1,113 23 1,071 9 1,024 10 998 10 971 12 Norway 127 53 109 79 117 87 121 95 133 105 139 118 Portugal (and dependencies) 601 617 628 628 622 636 Spain (and dependencies) 221 185 3 160 148 3 142 3 140 3 Sweden 429 (3) 453 483 (3) 480 (3) 499 508 (3) Switzerland 2,354 44 2,446 126 2,512 131 2,410 132 2,437 132 2,522 134 Turkey 153 (3) 158 (3) 164 158 158 156 Other* 872 6 1,057 14 917 12 898 14 1,188 12 868 12 Total ... . 13,214 343 14,107 300 14,113 298 13,867 309 14,087 317 14,423 332 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 (3) 191 193 (3) 191 4197 (3) India 320 1 328 1 323 j 324 1 323 1 330 1 Union of South Africa 265 1 248 1 277 j 293 1 294 1 262 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 2,712 457 2,791 441 Latin America: Argentina 509 399 360 332 345 313 Bolivia 26 (3) 25 (3) 29 (3) 25 (3) 24 (3) 29 (3) Brazil 466 2 582 j 549 1 556 467 j 457 1 Chile 139 (3) 151 j 137 1 137 j 131 1 117 1 Colombia 217 (3) 180 (3) 210 250 (3) 263 244 Cuba .. . 389 169 407 167 347 167 354 167 393 167 416 167 Dominican Republic . 77 (3) 77 (3) 79 89 98 70 (3) Guatemala 72 (3) 80 91 101 97 87 (3) M^exico 556 4 561 4 600 4 575 4 504 4 553 3 Panama, Republic of .... 86 1 104 109 1 117 1 135 1 129 1 Peru 127 (3) 117 (3) 119 117 (3) 110 96 El Salvador 52 (3) 53 53 (3) 73 (3) 81 (3) 65 (3) Uruguay 281 1 290 j 259 1 257 248 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 11 128 13 Total 3 789 195 3,967 191 4,113 190 4,160 190 4,486 188 4,552 189 Asia: Indonesia 255 15 204 231 188 168 220 Iran 175 (3) 174 (3) 158 (3) 178 (3) 173 (3) 187 (3) Japan 1,021 4 1,186 4 1,145 4 1,003 4 754 2 700 2 Philippines 268 6 298 6 294 6 267 6 243 6 235 6 Thailand 250 1 254 1 260 1 279 279 1 275 1 Other. 647 4 677 6 707 6 730 6 767 7 770 7 Total 2,616 30 2,793 17 2,795 17 2,645 17 2,384 16 2,387 16 Eastern Europe 6 308 7 288 8 287 8 288 8 288 8 286 7 All other: Egypt 246 222 238 248 246 8 242 Other 116 1 126 (3) 118 151 (3) 162 155 (3) 3 Total 362 1 348 (3) 356 (3) 399 (3) 408 ( ) 397 (3) Total foreign countries 26,164 1,308 27,924 1,154 28,227 1,103 27,950 1,231 28,389 1,288 28,468 1,212 International7... 3 689 321 3,717 392 3,144 391 2,996 391 2,720 366 2,679 227 Grand total 29,853 1,629 31,641 1,546 31,371 1,494 30,946 1,622 31,109 1,654 31,147 1,439 P Preliminary. 7 Represents International Bank for Reconstruction and Development 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Does not include $286 million of gold loaned by Bank of France to national organizations. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes latest reported figure (June 30) for gold reserves. Liabilities to Foreigners Reported by Banks in the United States, by 5 Includes Yugoslavia, Bank for International Settlements (both for Countries (tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- • Excludes gold reserves of the U. S. S. R. tions. For back figures see BULLETIN for March 1956, pp. 304-05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

222 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. Dec. Sept. June Mar. Dec. Gold 1,177 1,148 1,439 1,420 1,687 Dollar deposits and U. S. securities. 602 52'I 484\ 430 365 Investments8 200 200 200 200 200 Other currencies and securities 813 85*i 87: 901 931 Currencies: United States * 811 992 977 1,423 1,697 Effective loans2 2,606 2,54<> 2.43' ' 2.378 2,238 Otheri 5,948 5,777 5,489 5,051 4,387 Other assets 3 75 7(5 ' i: 54 41 Unpaid member subscriptions.... 874 818 817 824 942 Other assets 6 5 3 2 IBRD bonds outstanding 1,269 1,14 1,034\ 948 848 Undisbursed loans 620 67<> 67C) 676 609 Member subscriptions 9,016 8,941 8,932 8,929 8,929 Other liabilities 21 2() IS> 20 Accumulated net income... _2 -6 -10 -14 Reserves 319 30.$ 28S> 266 254 Reserves and liabilities 2 2 Capital3 1,867 1,86'1 1,85^I 1,853 1,853 Quota Cumulative net drawings on the Fund Loans by country, Dec. 31, 1957 Country 9 Paid 1957 1956 Outstanding Total in Area and member country4 gold Nov. Oct. Nov. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others* Belgium 225 56 50 50 Brazil 150 38 75 75 66 Chile 50 9 25 25 13 Continental W. Europe, total. . 1,197 1,035 197 838 73 Colombia 50 13 25 25 25 Belgium and Luxembourg... 173 120 12 108 25 Cuba 50 13 25 France 267 267 18 249 14 Denmark 68 6 34 34 Italy 163 100 99 7 Egypt 60 10 30 30 15 Netherlands 236 236 143 93 21 France 525 108 263 263 Other 358 312 23 289 6 India 400 28 200 200 Indonesia 110 16 55 55 55 Sterling area, total 1,142 775 83 692 85 Iran 35 9 25 25 25 Australia 318 282 14 268 25 Japan 250 63 125 125 India • • 356 197 25 172 14 Netherlands 275 69 69 69 Pakistan 112 55 9 46 4 United Kingdom 1,300 236 562 562 Union of S Africa 160 135 26 109 20 United States. . . 2,750 688 io-l,926 10-1,901 United Kingdom 146 83 3 78 24 Other 49 25 7 18 Notes to tables on international institutions: Latin America total 720 570 64 506 26 1 Currencies include demand obligations held in lieu of deposits. Brazil 169 166 16 151 2 2 Represents principal of authorized loans, less loans not yet effective, Colombia 111 89 19 71 3 repayments, the net amount outstanding on loans sold or agreed to be M^exico . . 141 135 10 125 9 sold to others, and exchange adjustment. Other 298 179 20 159 13 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. Asia (excl. Sterling area),total. 312 159 5 153 15 5 Includes also effective loans agreed to be sold but not yet disbursed. Thailand 107 37 4 33 2 6 Includes $227 million in loans not yet effective. Other 205 122 2 120 13 7 Includes $179 million not guaranteed by the Bank. 8 U. S. Treasury bills purchased with proceeds of sales of gold. Africa (excl. Sterling area).... 24 8 1 7 1 9 Countries shown are those with cumulative net drawings of $25 million or more on the latest date. Total 63,394 2,547 351 2,196 7201 10 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note Other Dis- ci t r i c o u n l 1 a- Deposits Capital Gold (fi a d s u s c e i t a s ry Coin Notes a c n o d u n a t d s - Se t c ie u s ri- su a r n p d lus issue) vances Bankers' Public ECA Other 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 ,751.7 276.1 15.4 9.6 66.3 18.1 1955 Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956—Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 ,997.7 203.6 11.6 74.9 18.1 1957_jan. 30 .4 1,925.0 2.0 63.7 34.9 240.3 ,861.6 232.1 14.4 76.0 18.3 Feb. 27 .4 1,925.0 2.0 52.0 15.8 261.0 ,873.4 225.2 13.5 73.7 18.5 Mar. 27 .4 1,925.0 2.3 22.5 18.6 290.3 ,902.8 228.9 13.7 72.5 18.5 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 ,952.2 202.4 11.5 74.5 17.8 May 29 .4 1,975.0 2.4 21.7 40.5 243.2 ,953.7 204.4 10.1 75.3 18.0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 ,985.5 216.3 12.2 71.8 18.1 July 31 .4 2,075.0 2.4 15.9 29.9 262.4 >,059.5 205.0 13.4 73.9 18.3 Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 ,967.5 216.8 13.0 73.1 18.5 Oct. 30 .4 2,000.0 2.5 33.4 13.7 288.7 ,967.0 234.6 10.1 75.7 17.8 Nov. 27 .4 2,050.0 2.4 48.9 19.8 260.3 >,001.4 226.9 10.1 76.4 18.0 Dec. 25 .4 2.150.0 2.4 22.4 21.0 263.6 >,128.0 199.5 9.8 81.9 18.1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 223 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date Ste a r n l d ing Do ci m al i n g i o o v n t . a s n e d c u p r r i o ti v e i s n- Deposits Other U d S o n t l a i l t t a e e r s d s S t h e o rm rt- Other Other circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other li c a a b a p i n l i d i t t a i l es 1953—Dec. 31 54.9 1,376.6 893,7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31 54.2 ,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 ,283.8 1,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31 60.8 ,025.0 1,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957—Jan. 31 53.5 ,091.7 1,202.2 113.5 ,738.9 524.0 57.8 34.3 105.8 Feb. 28 60.8 ,052.7 1,189.4 118.6 .717.9 497.5 52.7 27.2 126.3 Mar. 30 53.7 ,105.2 1,176.3 213.5 ,724.6 519.5 78.3 25.1 201.2 Apr. 30 50.3 ,158.0 1,190.2 119.2 ,756.3 546.9 62.9 22.5 129.2 May 31 52.3 ,165.9 1,185.1 188.7 ,751.5 526.3 43.9 32.0 238.3 June 29 57.3 ,213.3 1,194.3 210.3 ,784.3 545.5 44.4 28.9 272.1 July 31 63.1 ,197.7 1,202.3 100.7 ,817.7 490.5 54.2 26.9 174.5 Aug. 31 62.4 ,251.8 1,208.4 203.9 ,815.5 542.8 64.0 33.3 270.9 Sept. 30 55.3 ,208.4 1,204.2 110.9 ,819.1 480.8 66.9 28.7 183.3 Oct. 31 56.6 ,297.5 1,192.1 163.5 ,824.0 623.7 40.1 25.8 196.0 Nov. 30 56.2 ,321.5 1,152.0 252.8 ,828.0 543.4 64.3 30.7 316.1 Dec. 31 63.5 ,246.2 1,217.5 131.5 ,903.7 517.6 35.4 31.2 170.8 Bank of France (billions of francs) Liabilities Date Advances to Deposits Foreign Domestic bills Government Note l O ia t b h i e l r - Gold ex- Other circula- ities change Open assets tion Govern- and market Special Other Current Other ment Other 4 capital 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 (*5) 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 (5) 173.8 98.8 1957—Jan. 31 301.2 33.0 270.3 26.8 1,759.5 175.0 479.8 233.8 3,045.0 149.4 84.9 Feb. 28 301.2 32.9 317.4 25.0 1,735.7 171.3 479.8 245.7 3,065.8 161.1 82.2 Mar. 28 301.2 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 .1 222.7 103.6 May 29 301 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 .1 263.1 81.6 June 27 201 12.0 274.9 16.1 2,014.1 175.0 594.1 267.0 3,130.0 .1 330.9 93.6 July 25 201.2 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 .1 397.7 118.9 Aug. 29 201 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 .1 376.6 97.4 Sept. 26 201 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 12.0 315.2 44.0 1,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28 201 12.0 282.0 44.6 1,893.9 175.0 820.1 296.2 3,139.9 467.1 118.0 Dec. 26 3201.2 11.9 290.2 52.3 1,951.2 175.0 796.4 3295.0 3,174.9 475.3 122.9 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Dec. Nov. Oct. Dec. Dec. Nov. Oct. Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos): 6 (millions of pounds): Gold and foreign exchange (net). .. 618 Gold and foreign exchange 475 469 468 325 Net claim on Intl. Fund? -675 Checks and bills of other banks. . 5 3 3 7 Advances to Government 2,581 Securities (incl. Govt. and Treas- Government securities 32,230 ury bills) 519 497 503 557 Loans and discounts 69,939 Other assets 24 22 25 41 Other assets 3,963 Note circulation 425 389 387 421 Currency in circulation 50,450 Deposits of Trading Banks: Deposits—Government 1,346 Special 340 340 340 270 Banks 5,601 Other 22 25 32 24 Other 257 Other liabilities and capital 235 237 240 215 Other liabilities and capital 51,001 Notes to central bank table on this and opposite page: 6 Under the banking reform, effective Dec. 2, 1957, the Central Bank 1 Notes issued, less amounts held in banking department. has been reorganized. The balance sheet has been substantially modified, 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control and figures are not comparable with those shown previously. Board in return for short-term Govt. securities (see BULLETIN for July 7 This figure represents the amount of the country's subscription to 1940, pp. 677-78). the Fund less the bank's local currency liability to the Fund. 3 Other assets include 100.0 billion francs of gold loaned to Stabiliza- NOTE.—All figures, including gold and foreign exchange, are compiled tion Fund. from official reports of individual banks and are as of the last report date 4 Includes Economic Cooperation Administration. of the month. For details relating to individual items, see BULLETIN for 5 Less than 50 million francs. April 1955, p. 443. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

224 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 14? 146 141 172 Gold 2,647 2,660 2,129 1,752 Foreign exchange (Stabilization Foreign exchange (net) 10,334 10,409 10,963 8,418 Fund) 148 163 186 162 6,358 5,879 5,852 6 9?3 Net claim on Intl Fund1 — 13 — 13 13 1,532 1,342 1,342 1,759 Loans and discounts. 7? 69 60 42 Other assets 821 823 619 8?6 Credits to Government 170 154 145 113 Note circulation 15,403 15,031 14,835 14,?59 Other assets 71 75 78 74 Deposits—Banks 2,392 2,060 2,183 1,798 Note circulation 468 435 434 452 Other 937 1,044 1,066 899 Deposits... 226 256 288 223 Blocked 1,055 1,040 898 1,166 Other liabilities and capital .. \-> 17 36 23 Other liabilities and capital 1,906 1,938 1,923 ,555National Bank of Czechoslovakia * National Bank of Belgium (millions of National Bank of Denmark (millions francs): of kroner): Gold 45,664 43 758 43,820 46 398 Gold 68 68 68 68 Foreign claims and balances (net). 10,740 9,192 8,184 11 384 975 878 796 692 Loans and discounts 10,528 11,820 13,130 7,564 Loans and discounts . 156 ?11 189 Consolidated Govt. debt 34,456 34,456 34,456 34 660 Securities 491 485 499 498 Govt securities 8,035 9,430 9,023 8,853 Govt. compensation account 2,982 3,002 3,022 3,051 Other assets 7,492 7,738 8,728 5928 Other assets 708 827 774 1 021 110,302109,388 110,862 109,883 Note circulation ,43? ? 276 242 2 372 Deposits—Demand 1,49 o 0 n 1,970 1,58 o 4 n ,477 Deposits—Government 1,461 1,473 1,479 1,461 Centr O a t l h e B r a l n ia k b il C o it P f i A es B a o n li d vi a ca — p M ita o l netary 5,102 5,016 4,875 3,399 Other liabil O it t i h es e r and capital 276 ,3 2 4 7 6 1 1,3 2 8 6 4 6 1,4 2 1 7 2 4 dept. (millions of bolivianos): Central Bank of the Dominican Re- 7,714 7,714 '668 public (thousands of pesos): 54 421 24,276 22769 Gold 405 | | 405 U 405 11 396 298,010307,255 195 858 Foreign exchange (net) 13 831 14 746 13 928 7,918 7,918 5,170 Net claim on Intl Fund1 ?,500 ? 500 ? 500 2 500 Other assets 13,324 10,193 r\ 678 Loans and discounts 10 508 4 921 4 779 5 988 Note circulation 180,960177,071 160,015 Govt. securities 7,830 7 830 7 830 8*360 Deposits 27,670 23,508 34 942 Other assets ?6 073 ^5 759 ?5 805 19 907 172,757 156,777 31 186 Note circulation 55,149 50 412 48 776 50 778 Central Bank of Ceylon (millions of Demand deposits 12,323 11,919 14,449 7,899 rupees): Other liabilities and capital 3,897 3,914 3,839 3,402 Foreign exchange.. 591 591 605 737Central Bank of Ecuador (millions of 33 56 27 sucres): 53 48 50 ii Gold v>s 3?5 3?5 325 Other assets 11 13 22 7 Foreign exchange (net) 79 82 75 29 475 463 472 443 Net claim on Intl Fund1 -37 — 37 — 37 38 Deposits—Government 6 8 4 67 Credits—Government 47? 466 470 513 Banks 90 116 110 150 Other 376 349 354 296 Other liabilities and capital 116 120 118 95 Other assets ?38 ?69 ?81 271 Central Bank of Chile (millions of Note circulation 769 745 755 752 pesos): Demand deposits—Private banks. 247 222 219 230 Gold 5,765 4 371 4 846 7 314 Other 184 170 172 165 Foreign exchange (net) . • 707 765 717 1,551 Other liabilities and capital 253 317 322 326 Net claim on Intl. Fund1 -2,044 -1,356 -1,356 19National Bank of Egypt (millions of Discounts for member banks 15,621 15,914 17,385 8,725 pounds): Loans to Government 26,077 26,077 26,077 18537 Gold 66 66 66 66 Other loans and discounts 57,986 55,741 54,166 37 381 Foreign assets 81 89 90 109 Other assets 31,849 24,682 26,462 26 830 EevDtian Govt securities 190 190 184 150 Note circulation 80,529 70,532 70,614 64,416 Clearing and other accounts (net). -40 -48 -49 -10 Deposits—Bank 8,911 6,481 6,320 7,557 Loans and discounts 42 42 41 42 Other 5,110 3,070 6,149 3 101 Other assets 4 3 3 4 Other liabilities and capital 41,410 46,110 45,213 ?5,?83 Note circulation .. ?07 ?n op 223 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 12 10 4 5 lions of pesos): Other 10? 100 99 3114 Gold and foreign exchange 358 319 286 329 Other liabilities and capital 20 20 20 19 52 52 52 5? Central Reserve Bank of El Salvador Loans and discounts 1,491 1,399 1,312 684 (thousands of colones): 630 626 620 638 Gold 78,568 78,578 78 602 70 283 Other assets 328 299 281 P8 Foreign exchange (net) \f>,383 18 141 ">6263 18 118 Note circulation 1,203 983 927 964 Net claim on Intl Fund * 4 688 4 688 ,\ 687 — 4 677 Deposits 864 905 830 552 10? 078 9? 276 86 202 97 803 Other liabilities and capital 792 806 793 315 10,157 9,3?3 10,538 16,616 Central Bank of Costa Rica (millions Other assets 7,365 9,087 8,01? 6 784 of colones): Note circulation 109 ?96 99,587 95,718 109,682 Gold 12 12 12 P Deposits. .. 97,077 99 358 105 707 83 291 Foreign exchange 54 47 53 54 Other liabilities and capital 12,866 13,148 12,879 11,954 Net claim on Intl. Fund * 7 7 7 7Bank of Finland (millions of markkaa): Loans and discounts 168 155 135 130 Gold 7,850 7 850 7 850 7 849 15 15 16 18 Foreign assets and liabilities (net). 29,878 30,098 27,913 20,926 Other assets 30 33 31 T) Loans and discounts 38 440 31 683 ?8 403 49 448 182 163 157 164 Securities Government 13 750 16 250 16 250 17 500 48 48 41 44 Other 258 1 451 474 1 794 Other liabilities and capital 56 58 56 36 Other assets 17,909 16,697 16,619 10,715 National Bank of Cuba (millions of Note circulation 60,640 57 477 54,094 60 735 pesos): Deposits 8 111 7,069 5,414 13,077 Gold 136 136 136 136 Other liabilities and capital 40,333 39,481 39,000 34,420 r Revised. 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. 1262-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 225 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1957 1956 1957 1956 Central bank, monetary unit, Central bank, monetary unit, and item and item Dec. Nov. Oct Dec. Dec. Nov. Oct Dec. German Federal Bank4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 6,269 274 6,266 8,442 Gold 10,691 10,655 6,231 Foreign exchange 88,211 158 95,760 91,711 Foreign exchange 13,436 13,634 11,824 Clearing accounts (net) -11,688-11,787-10,094 -7,745 Loans and discounts 839 1,035 3,084 Loans and discounts 51,601 47,871 37,706 35,124 Loans to Government 3,475 3,432 4,225 Advances to Government 77,640 71,566 70,483 117,136 Other assets 1,070 1,176 1,063 Other Govt. accounts 131,137136, 133,935 59,773 Note circulation 16,402 16,074 14,511 Govt. securities 148; 709 148,699149,045 151,654 Deposits—Government 4,428 5,218 4,123 Other assets 6,533 13", 056 13,306 9,613 Banks 5,397 5,341 5,140 Notes and coin in circulation 242,826 249,550 24"7,301 239,865 Other 526 681 290 Deposits—Government 24,082 29,433 35,492 32,853 Other liabilities and capital 2,757 2,617 2,363 Other 206,140 189,142 18"3,166 179,151 Bank of Greece (millions of drachmae): Other liabilities and capital 25,365 31,925 30,449 13,838 Gold and foreign exchange (net).. 5,479 5,330 5,781Bank of Italy (billions of lire): Loans and discounts 212 192 201 Gold 4 4 4 4 Advances—Government 4,949 5,366 7,102 Foreign exchange. 71 71 71 71 Other 5,749 5,568 4,969 Advances to Treasury • 567 567 567 567 Other assets 2,600 2,555 1,888 Loans and discounts 486 455 472 535 Note circulation ,601 6,723 6,150 Govt. securities 417 415 405 406 Deposits—Government 1,158 1,112 846 Other assets 1,289 1,188 1,098 '1,054 Reconstruction and Note circulation 1,914 1,716 1,701 1,818 relief accts 3,680 3,676 7,287 Deposits—Government 9 10 10 8 Other 5,860 5,632 3,845 Demand 166 140 136 123 Other liabilities and capital 1,689 1,866 1,814 Other 548 652 594 503 Bank of Guatemala (thousands of Other liabilities and capital 197 181 177 '184 quetzales): Bank of Japan (billions of yen): Gold 27,276 27,277 27,238 Bullion () () () Foreign exchange (net) 37,438 34,907 36,432 Loans and discounts 537 534 143 Gold contribution to Intl. Fund. . 1,250 1,250 1,250 Govt. securities 387 257 251 587 Rediscounts and advances 16,908 17,592 11,789 Other assets 145 146 138 232 Other assets 42,252 41,083 43,953 Note circulation 837 684 665 785 Circulation—Notes 62,082 61,070 58,517 Deposits—Government 46 48 41 54 Coin 4,434 4,363 4,168 Other 76 83 86 31 Deposits—Government 9,704 10,090 4,809 Other liabilities 126 127 132 92 Banks 23,401 21,841 28,494 B;iank of Mexico (millions of pesos): Other liabilities and capital 25,502 24,745 24,674 Monetary reserve7 1,874 1,851 1,965 National Bank of Hungary 2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,958 4,583 5,522 rupees): Bills and discounts 856 1,039 872 Issue department: Other assets 555 685 281 Gold at home and abroad 1,178 1,178 1,178 1,178 Note circulation 5,403 5,325 5,611 Foreign securities 2,752 2,802 3,117 4,473 Demand liabilities 2,092 2,078 2,251 Tndian Govt. securities 9,973 9,823 9,508 7,853 Other liabilities and capital 748 755 779 Rupee coin 1,331 1,351 1,337 1,248 Netherlands Bank (millions of Note circulation 15,068 14,787 14,862 14,661 guilders): Banking department: Gold 2,812 2,649 2,649 3,192 Notes of issue department 165 367 278 91 Silver (including subsidiary coin).. 10 11 11 4 Balances abroad 224 293 154 826 Foreign assets (net) 996 949 915 718 Bills discounted 27 11 38 33 Loans and discounts 208 178 322 345 Loans to Government 350 290 499 73 Govt. debt and securities 685 660 660 825 Other assets 3,215 3,281 ,282 1,823 Other assets 375 387 356 420 Deposits 2,509 2,816 ,822 1,372 Note circulation 4,203 3,994 4,060 4,073 Other liabilities and capital 1,472 1,426 1,428 1,475 Deposits—Government 292 145 96 252 Bank Indonesia (millions of rupiahs): ECA 17 17 17 368 Gold and foreign exchange (net).. 247 532 875 608 Other 351 462 529 587 Loans and discounts 843 792 844 1,083 Other liabilities and capital 223 216 211 223 Advances to Government 18,919 17,217 17,141 10,367 Reserve Bank of New Zealand (thou- Other assets 801 1,209 1,022 514 sands of pounds): Note circulation 13,815 12,876 12,588 8,640 Gold 6,162 6,162 6,162 6,162 Deposits—ECA 185 185 220 282 Foreign exchange reserve 11,467 20,126 32,127 29,457 Other 3,722 3,735 3,917 2,221 Loans and discounts 36,960 35,088 31,986 25,894 Other liabilities and capital 3,087 2,954 3,157 1,429 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 57,147 56,139 47,160 51,298 Gold 4,533 4,533 4,533 4,242 Investments 53,142 38,124 38,124 53,173 Foreign exchange 1,040 1,115 500 534 Other assets 1,580 1,384 1,436 2,304 Gold contribution to Intl. Fund. . 663 663 663 282 Note circulation 86,831 78,277 74,141 83,257 Govt.-secured debt 7,923 7,923 7,923 7,623 Demand deposits 69,392 68,827 73,096 73,565 Govt. loans and discounts 12,956 12,515 11,489 11,945 Other liabilities and capital 10,235 9,919 9,758 11,466 Other loans and discounts 7,455 7,409 7,137 6,537Bank of Norway (millions of kroner): Other assetsS 15,513 16,213 17,381 '4,316 Gold 210 208 244 Note circulation 12,412 12,416 12,063 11,097 Foreign assets (net) 203 215 181 Deposits—Government 6,066 6,562 8,097 4,574 Clearing accounts (net) -14 4 -68 Banks 1,580 1,613 1,612 1,329 Loans and discounts 84 82 116 Other 18,983 18,842 16,841 15,030 Securities 104 104 107 Special Account—Profits of reval- Occupation account (net) 5,545 5,545 5,546 uation 7,110 7,110 7,110 Other assets 134 137 125 Other liabilities and capital 3,932 3,827 3,902 3,448 Note circulation 3,273 3,276 3,502 Central Bank of Ireland (thousands of Deposits—Government 1,451 1,383 1,167 pounds): Banks 327 493 608 Gold 2,646 2,646 2,646 2,646 FOA 1 1 26 Sterling funds 77,530 75,115 74,215 72,11'4 Other liabilities and capital 1,215 1,142 948 Note circulation 80,176 77,761 76,861 75,420 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

226 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 Dec. Nov. Oct. Dec. Dec. Nov. Oct. Dec. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 483 500 497 586 Issue department: Foreign assets 1,227 1,184 1,258 1,072 Gold at home and abroad 115 115 115 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved.. 666 663 658 1,057 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2. 5,050 4,477 4,561 4,390 Pakistan Govt. securities 2,124 2,046 1,902 1,653 Other domestic bills and advances. 89 172 16 21 India currency 430 430 430 430 Other assets 960 921 917 1,038 Rupee coin 45 49 53 r56 Note circulation 5,840 5,542 5,504 5,598 Notes in circulation 3,368 3,248 3,128 3,264 Demand deposits—Government.. 273 49 74 260 Banking department: Other 141 64 56 244 Notes of issue department 70 113 103 Other liabilities and capital 1,683 1,727 1,745 1,134 Bills discounted 1 10 Sv^iss National Bank (millions of Loans to Government 119 61 2 2 francs): Other assets 957 998 1,055 671 Gold 7,384 7,283 7,348 7,103 Deposits 1,012 1,032 1,016 616 Foreign exchange 781 561 546 627 Other liabilities and capital 136 141 130 170 Loans and discounts 278 180 159 459 Central Bank of Paraguay (millions of Other assets 116 94 103 135 guaranies): Note circulation 5,931 5,709 5,616 5,810 Gold... 11 Sight liabilities 2,393 2,169 2,302 2,286 Foreign exchange (net) 655 460 Other liabilities and capital 234 240 238 228 Net claim on Intl. Fund1 113 53 Cenntral Bank of the Republic of Turkey Loans and discounts 1,669 1,620 (millions of pounds): Govt. loans and securities 719 551 Gold 403 402 402 402 Other assets 517 354 Foreign exchange and foreign Note and coin issue 1,227 1,218 clearings 480 461 475 242 Deposits—Government 507 270 Loans and discounts ,052 5,153 5,107 4,079 Other 270 267 Securities 33 33 33 30 Other liabilities and capital 1,684 1,292 Other assets 272 264 273 235 Central Reserve Bank of Peru (millions Note circulation ,199 3,345 3,323 2,526 of soles): Deposits—Gold 156 156 155 155 Gold and foreign exchange 195 191 849 Other ,103 2,027 2,016 1,694 Net claim on Intl. Fund1 67 67 67 Other liabilities and capital 783 786 797 613 Loans and discounts to banks 1,215 1,203 716 Bank of the Republic of Uruguay (mil- Loans to Government 1,735 1,708 1,390 lions of pesos): (July) Other assets 164 107 135 Gold.. 278 283 Note circulation 2,433 2,456 2,280 Silver 9 Deposits 670 607 638 Advances to State and Govt. Other liabilities and capital 273 214 239 bodies , 264 311 Central Bank of the Philippines Other loans and discounts 615 545 (millions of pesos): Other assets 797 939 Gold 11 40 40 43 Note circulation 559 582 Foreign exchange 175 173 220 385 Deposits—Government 203 186 Loans 116 64 61 96 Other 371 363 Domestic securities 785 754 713 451 Other liabilities and capital 829 957 Other assets 168 168 163 115566 Central Bank of Venezuela (millions Circulation—Notes 745 711 703 692 of bolivares): Coin 87 87 87 86 Gold 1,999 1,999 1,999 1,747 Demand deposits 241 228 242 265 Foreign exchange (net) 2,247 2,055 2,150 1,045 Other liabilities and capital 182 173 165 87 Other assets 202 180 193 206 Bank of Portugal (millions of escudos): Note circulation 1,591 1,484 1,382 1,290 Gold 5,993 5,999 5,988 Deposits 632 450 559 368 Foreign exchange (net) 13,500 13,517 13,922 Other liabilities and capital 2,225 2,300 c2,402 1,339 Loans and discounts 1,785 1,851 I,5"1"6 National Bank of Federal People's Re- Advances to Government 1,365 1,363 1,379 public of Yugoslavia (billions of Other assets 2,384 2,327 1,862 dinars): Note circulation 11,785 11,840 11,636 Gold 4 4 5 Demand deposits—Government. . 1,922 1,945 1,432 Gold contribution to Intl. Fund. , 2 2 2 ECA 19 19 89 Foreign assets 41 40 36 Other 7,749 7,741 8,511 Loans (short-term) 775 776 ,065 Other liabilities and capital 3,552 3,512 3,000 Govt. debt (net) 146 128 40 South African Reserve Bank (millions Other assets 54 63 81 of pounds): Notes and coin in circulation. 128 117 95 Gold 77 77 76 Demand deposits , 400 401 271 Foreign bills 25 25 30 Foreign liabilities , 84 84 78 Other bills and loans 40 30 25 Long-term liabilities (net) 275 274 610 Other assets 56 54 55 Other liabilities and capital 135 138 175 Note circulation 120 116 116 118 Bank for International Deposits 56 53 55 70 (millions of Swiss gold francs): Other liabilities and capital 22 18 16 16 Gold in bars 505 438 399 547 Bank of Spain (millions of pesetas): Cash on hand and with banks... 59 52 58 49 Gold 618 . 618 618 617 Rediscountable bills and accept- Silver 318 323 323 323 ances (at cost) 496 637 711 509 Govt. loans and securities 14,006 14,572 16,191 15,258 Time funds at interest 165 151 117 67 Other loans and discounts.... 61,639 59,437 60,946 49,693 Sundry bills and investments 596 601 789 524 Other assets 69,771 65,586 65,918 58,168 Funds invested in Germany 297 297 297 297 Note circulation 66,653 62,570 62,826 55,821 Other assets 1 4 2 Deposits—Government 2,384 4,107 4,660 2,545 Demand deposits—Gold 553 547 492 633 Other 12,366 14,611 15,580 13,138 Other 1,018 1,084 1,342 832 Other liabilities and capital. .. 64,948 59,248 60,929 52,556 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 317 316 31 303 c Corrected. 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 227 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 e - d C a a d n a - I d n ia - p J a a n - 2 P p h i i n l e ip s - Chile2 va S E d 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 5.0 4.25 Oct 3.75 3.50 Nov 4.00 33.77 3.50 Dec 3.5 3.92 1957_jan 4.5 3.95 Feb 5.0 4.01 6 0 Mar 3.95 8.40 Apr 4.0 4 00 2.0 4.0 May 2.5 4.01 44.00 9.13 June 4.06 July 4.5 4.25 5.00 5.00 4.05 Aug 5.0 5.00 4.28 Sept 4.0 7.0 4.05 4.5 Oct 4.05 Nov 3 83 Dec 3.87 1958—Jan 3.5 4.50 3.50 In effect Jan. 31, 1958 4.5 5.0 3.5 4.50 5.00 5.00 2.5 7.0 3.50 4.00 9.13 4.5 6.0 4.0 Other selected central banks—rates in effect on Jan. 31, 1958 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 May 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 VA per cent above the depending on type of paper or transaction and extent of borrowing from latest average tender rate for Treasury bills. central bank, including 8.40 per cent for discount of paper related to do- 4 Since May 16, this rate applies to advances against commercial paper mestic commercial transactions (rate shown is for advances on commercial as well as against government securities and other eligible paper. paper and miscellaneous collateral); Chile—rates in excess of 6 per cent OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Switzerland Month 3 T m re b o a il n s l u s th ry s* D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e n e p e s t r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a o d y n a - e y to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a e u t n e t 1955—Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4^-634 1.50 1957 Jan 3 70 3.27 4.85 4.69 4.06 3.50 3.92 3.58 3.38 1.69 Feb 3.76 3.48 4.44 4.30 3.66 3.10 3.52 3.47 2.85 4L4_6i£ 1.75 Mar 3.71 3.65 4.25 4.07 3.55 3.00 4.10 3.61 3.50 41Z_£3/ 1.75 Apr 3 72 3.69 4.18 4.01 3.59 3.00 4.61 3.63 3.50 41^-634 1.75 May 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 1.75 June 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 4LA—634 2.50 July 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 534—8 2.50 Aug 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 534-8 2.50 Sept 3 94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4.87 3.75 534-8 2.50 Nov 3.66 3.52 6.78 6.54 5.63 5.00 4.87 4.66 3.35 534-8 2.50 Dec . 3.65 3.60 6.67 6.43 5.67 5.00 4.64 3.33 534-8 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

228 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 ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D ro a e r n 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.!56 22.835 222.76 3.8580 2.0030 101.600 20.946 1957 5.5"56 2.506 222.57 3.8539 1.9906 104.291 20.913 1957 Jan. 5.!56 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 Au£ 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 1958—Jan 5.556 2.696 224.16 3.8536 1.9986 101.535 21.045 Year or month (m Fi a n r la k n 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 s a l i l l a a a " v 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 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 e32.644 8.006 1958—Jan .3118 .2858 . 2376 23.795 21.050 281.32 .2779 32.769 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 - ) (p A S o o f u r u i n c th a d) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d 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 ^6 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 C49.693 3.4900 278.28 19.331 23.330 279.32 1957—Jan.. ... 26 106 276.80 14.008 49.677 3.4900 278 *>3 19 333 23 329 279 57 Feb 26.111 277.04 14.008 49.687 3.4900 278.76 19.333 23.308 279.81 Mar 26.119 276.54 14.008 49.695 3.4900 278.26 19.333 23.318 279.30 Apr 26.137 276.12 14.008 49.695 3.4900 277.84 19.333 23.329 278.89 May 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23.335 279.10 June. 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 July 26.121 276.02 14.008 49.695 3.4900 277.74 19.333 23.332 278.78 AUK 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 1958—Jan 26.373 278.54 14.008 49.695 3.4900 280.27 52.3810 19.328 23.334 281.32 c Corrected 4 On Aug. 12, 1957, the French authorities established an effective rate 1 Official rate. The basic and preferential rates were discontinued and of 420 francs per U. S. dollar applicable to most foreign exchange transacthe new official rate of 18 pesos per U. S. dollar became effective Oct. tions. The rate of 350 francs per U. S. dollar will remain in effect for 28, 1955. all other transactions. 2 New free market rate became effective Oct. 28, 1955. 5 Based on quotations beginning Jan. 2, 1958. 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 H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser 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 229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

230 FEDERAL RESERVE BULLETIN • FEBRUARY 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 WIN FIELD 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, Vice President ADRIAN M. MASSIE, NEW YORK WILLIAM A. MCDONNELL, ST. LOUIS CASIMIR A. SlENKIEWICZ, PHILADELPHIA GORDON MURRAY, MINNEAPOLIS FRANK R. DENTON, CLEVELAND, President 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 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 Richard G. Wilgus 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 Thomas 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

232 FEDERAL RESERVE BULLETIN • FEBRUARY 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, Chairman 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, Chairman 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, Chair ma 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, Chairman 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 233 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, Chairman 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. Longwell, 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, Chairman J. V. Satterfieid, 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

234 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman Magnus J. Kreisle Merle E. Robertson Philip Davidson W. Scott Mclntosh John G. Russell J. D. Monin, Jr. MEMPHIS BRANCH—BOARD OF DIRECTORS John E. Brown S. L. Kopald, Jr. John D. Williams J. H. Harris Simpson Russell John K. Wilson Frank Lee Wesson, Chairman 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 John A. Moorhead 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 George H. Clay of Oklahoma City Branch of Denver Branch P. A. Debus, in charge E. U. Sherman 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 235 District 10—FEDERAL RESERVE BANK OF KANSAS CTTY-Conttmied 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

236 FEDERAL RESERVE BULLETIN • FEBRUARY 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. Sub- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. scription price in the United States and its pos- A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION p—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 237 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 REPRINTS AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- (From Federal Reserve Bulletin unless preceded LETINS. 52 pages. by an asterisk) UNITED STATES BANKING ORGANIZATION ABROAD. THE MONETARY SYSTEM OF THE UNITED STATES. December 1956. 16 pages. February 1953. 16 pages. BANKING AND MONETARY STATISTICS, 1957. (Se- INFLUENCE OF CREDIT AND MONETARY MEASURES lected series of banking and monetary statistics ON ECONOMIC STABILITY. March 1953. 16 for 1957 only) February 1958. 7 pages. (Simipages. lar reprints of 1954, 1955, and 1956 data, FEDERAL FINANCIAL MEASURES FOR ECONOMIC February and May 1955, February and May STABILITY. May 1953. 7 pages. 1956, and February and May 1957 BULLETINS.) * DETAILED DESCRIPTION OF SOURCES AND METH- INTERNATIONAL GOLD AND DOLLAR FLOWS. ODS USED IN REVISION OF SHORT- AND INTER- March 1957. 7 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. 1957 SURVEY OF CONSUMER FINANCES. March, June, and August 1957. 54 pages. (Similar DEPARTMENT STORE SALES AND STOCKS, BY Surveys are available for earlier years from MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. 1952, 1953, 1954, 1955, and 1956 BULLETINS.) FEDERAL RESERVE MONTHLY INDEX OF INDUS- SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. TRIAL PRODUCTION, 1953 Revision. December April 1957. 20 pages. 1953. 96 pages. SURVEY OF FINANCE COMPANIES, MID-1955. NEW INDEXES OF OUTPUT OF CONSUMER DU- April 1957. 17 pages. RABLE GOODS. May 1954. 15 pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. SEASONAL ADJUSTMENT FACTORS FOR DEMAND 6 pages. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKS. March 1955. 4 pages. SURVEY OF COMMON TRUST FUNDS. June 1957. 6 pages. (Also, similar reprint from August A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1956 BULLETIN.) COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. INTEREST RATES IN LEADING COUNTRIES. August 1957. 7 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of WINNING THE BATTLE AGAINST INFLATION. Au- Member Banks. April 1956. 14 pages. Credit gust 1957. 12 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Reprints on a similar WORLD PAYMENTS STRESSES IN 1956-57. October Survey are available from March, May, June, 1957. 8 pages. July, and August 1947 BULLETINS.) REVISION OF MONTHLY DEPARTMENT STORE IN- FINANCING OF LARGE CORPORATIONS, 1951-55 DEXES. December 1957. 30 pages. June 1956. 9 pages. BANK CREDIT AND MONEY IN 1957. February REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1958. 9 pages. (Also, similar reprint from tober 1956. 24 pages. (Also similar reprint July 1957 BULLETIN.) from April 1953 BULLETIN.) INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- SEASONAL FACTORS AFFECTING BANK RESERVES. ber 1956. 15 pages. February 1958. 12 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 164, 165, 209 Debits to deposit accounts, 154 Agricultural loans of commercial banks, 160, 162 Demand deposits: Agriculture, Goyt. agency loans, 168, 169 Adjusted, banks and the monetary system, 156 Assets and liabilities (See also Foreign liabilities and Adjusted, commercial banks, by classes, 161 claims reported by banks): Banks, by classes, 157, 163 Banks and the monetary system, consoli- Type of holder, at commercial banks, 161 dated, 156 Department stores: Corporate, current, 176 Merchandising data, 195 Domestic banks, by classes, 157, 160, 162 Sales and stocks, 184, 194 Federal business-type activities, by fund or Deposits (See also specific types of deposits): activity, 168, 169 Adjusted, and currency, 156 Federal Reserve Banks, 151, 152 Banks, by classes, 157, 161, 163 Foreign central banks, 222 Federal Reserve Banks, 151, 152, 218 Automobiles: Postal savings, 156 Consumer instalment credit, 180, 181, 182 Turnover of, 154 Production index, 186, 190 Deposits, reserves, and borrowings, by class of member bank, 149 Bank holding companies registered as of Dec. 31, Discount rates, 150, 227 1957, list of, 211 Discounts and advances by Federal Reserve Bankers'balances, 161, 163,207 Banks, 147, 151 (See also Foreign liabilities and claims reported Dividends, corporate, 175, 176 by banks) Dollar assets, foreign, 218, 219 Banking and monetary statistics for 1957, 204 Dwelling units started, 191 Banking offices: Changes in number, 202 Earnings and expenses, Federal Reserve On, and not on, Par List, number, 203 Banks, 200 Banks and the monetary system, consolidated Earnings and hours, manufacturing indusstatement, 156 tries, 184, 193 Bonds (See also U.S. Govt. securities): Employment, 184, 192, 193 New issues, 174, 176 Export-Import Bank, loans, etc., 168, 169 Prices and yields, 165, 166, 210 Brokers and dealers in securities, bank Farm mortgage loans, 168, 177, 178 loans to, 160, 162, 206 Federal business-type activities, assets and liabilities Business expenditures on new plant and by fund or activity, 168, 169 equipment, 176 Federal Deposit Insurance Corporation, Business indexes, 184 assets, etc., 168, 169 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 170 Receipts and expenditures, 163 Capital accounts: Treasurer's balance, 170 Banks, by classes, 157, 161, 163 Federal home loan banks, loans, etc., 168, 169, 179 Federal Reserve Banks, 151, 152 Federal Housing Administration, Carloadings, 184 loans, etc., 168, 169, 177, 178, 179 Central banks, foreign, 220, 222, 227 Federal National Mortgage Association, Coins, circulation of, 155 loans, etc., 168, 169, 179 Commercial banks: Federal Reserve Banks: Assets and liabilities, 157, 160 Condition statement, 151, 152 Consumer loans held, by type, 181 Earnings and expenses, 200 Number, by classes, 157 U.S. Govt. securities held Real estate mortgages held, by type, 177 by, 147, 151, 152, 172, 173 Commercial and industrial loans: Federal Reserve credit, 147, 151, 152 Commercial banks, 160 Federal Reserve notes, 151, 152, 153, 155 Weekly reporting member banks, 162, 164, 208 Finance company paper, 164, 165, 209 Commercial paper, 164, 165, 209 Foreign central banks, 220, 222, 227 Commodity Credit Corporation, loans, etc., 168, 169 Foreign deposits in U. S. Condition statements (See Assets and liabilities) banks, 147, 151, 152, 156, 161, 163, 207 Construction, 184, 190, 191 Foreign exchange rates, 228 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 180, 181, 182, 183 banks, 214, 216, 218 Major parts, 180, 182 Foreign trade, 195 Noinstalment credit, by holder, 181 Consumer durable goods output indexes, 190 Gold: Consumer price indexes, 184, 196 Earmarked, 219 Consumption expenditures, 198, 199 Net purchases by U. S., 219 Corporate sales, profits, taxes, and divi- Production, 218, 219 dends, 175, 176 Reserves of central banks and govern- Corporate security issues, 174, 176 ments, 220 Corporate security prices and yields, 165, 166, 210 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 221 Currency in circulation, 147, 155 Stock, 147, 156, 219 Customer credit, stock market, 166 Gold certificates, 151, 152, 153, 155 239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN • FEBRUARY 1958 Govt. debt (See U. S. Govt. securities) Prices—Continued Gross national product, 198, 199 Wholesale commodity, 184, 196 Production, 184, 185, 189, 190 Home owners, Govt. agency loans, 168, 169 Profits, corporate, 175, 176 Hours and earnings, manufacturing industries, 184, 193 Real estate loans: Commercial banks, 160, 162, 177, 206 Industrial advances by Federal Reserve Type of mortgage holder, 177, 178, 179 Banks, 151, 152, 153, 154 Type of property mortgaged, 177, 178, 179 Industrial production indexes, 184, 185, 190 Regulation V, loan guarantees, 153, 154 Instalment loans, 180, 181, 182, 183 Reserve requirements, member banks, 150 Insurance companies, 167, 172, 173, 178 Reserves: Insured commercial banks, 159, 160, 202 Commercial banks, 161 Interbank deposits, 157, 161, 163 Federal Reserve Banks, 151, 152 Interest rates: Foreign central banks and governments, 220 Bond yields, 165,210 Foreign countries and international Business loans by banks, 165 institutions, 221 Federal Reserve rates, 150, 154 Member banks, 147, 149, 151, 152, 161, Foreign countries, 227 163, 204, 207 Open market, 165, 227, 209 Residential mortgage loans, 177, 178, 179 Regulation V loans, 154 Stock yields, 165, 210 Sales finance companies, consumer International capital transactions of the loans of, 180, 181, 183 U. S., 214 Savings, 198 International financial institutions, 220, 221, 222 Savings deposits (See Time deposits) Inventories, 199 Savings institutions, principal assets, 167 Investments (See also specific types of investments): Savings and loan associations, 167, 168 Banks, by classes, 157, 160, 162 Securities, international transactions, 217, 218 Federal Reserve Banks, 151, 152 Security issues, 174, 176 Govt. agencies, etc., 168, 169 Silver coin and silver certificates, 155 Life insurance companies, 167 State member banks, 159, 202 Savings and loan associations, 167 State and municipal securities: New issues, 174 Labor force, 192 Prices and yields, 165, 166, 210 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 157, 160, 162 Deposits of, 161, 163, 207 Federal Reserve Banks, 147, 149, 151, Holdings of U. S. Govt. securities, 172 152, 153, 154 Ownership of obligations of, 160, 167 Govt. agencies, etc., 168, 169 Stock market credit, 166 Insurance companies, 167, 178 Stocks: Savings and loan associations, 167, 178 New issues, 174 Loans insured or guaranteed, 153, 177, 178, 179 Prices and yields, 165, 166, 210 Manufacturers, production indexes, 184, 185, 190 Tax receipts, Federal, 171 Margin requirements, 150 Time deposits, 149, 156, 157, 161, 163 Member banks: Treasurer's account balance, 170 Assets and liabilities, by classes, 157, 160 Treasury cash, 147, 156 Banking offices, changes in number, 202 Treasury currency, 147, 155, 156 Borrowings at Federal Reserve Treasury deposits, 147, 151, 152, 170 Banks, 147, 149, 205 Unemployment, 192 Deposits and reserves, by classes, 149 U. S. Govt. balances: Number, by classes, 157 Commercial bank holdings, by classes, 161, 163 Reserve requirements, by classes, 150 Consolidated monetary statement, 156 Reserves and related items, 147 Treasury deposits at Federal Reserve Weekly reporting series, 162, 206 Banks, 147, 151, 152, 170 Minerals, production indexes, 184, 185 U. S. Govt. securities: Money rates (See Interest rates) Bank holdings, 156, 157, 160, 162, 172, 173 Mortgages (See Real estate loans) Federal Reserve Bank holdings, 147, 151, Mutual savings banks, 156, 157, 159, 172, 173, 152, 172, 173 177, 202 Foreign and international holdings, 221 National banks, 159, 202 International transactions, 217 National income, 198 New issues, gross proceeds, 174 National security expenditures, 171, 199 Outstanding, by type of security, 172, 173 Nonmember banks, 151, 159, 160, 202 Ownership of, 172, 173 Prices and yields, 165, 166, 209, 210 Par List, banking offices on, and not on, number, 203 United States notes, outstanding and in circula- Payrolls, manufacturing, index, 184 tion, 155 Personal income, 199 Utility output index, 189 Postal Savings System, 156 Veterans Administration, loans, etc., 168, 169, 177, Prices: 178, 179 Consumer, 184, 196 Security, 166 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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