Federal Reserve Bulletin, 1958-04

FEDERAL RESERVE B U LLETIN April BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Recent Price Trends 387 Member Bank Lending to Small Business, 1955-57 393 Revised Weekly Index of Department Store Sales 412 Growth and Structure of Time Deposits 422 Proposed Revision of Reserve Requirements 427 Law Department 430 Current Events and Announcements 434 National Summary of Business Conditions 435 Financial and Business Statistics, U. S. (Contents on p. 437) 439 International Financial Statistics (Contents on p. 497) 498 Board of Governors and Staff 513 Open Market Committee and Staff; Federal Advisory Council 514 Federal Reserve Banks and Branches 514 Federal Reserve Board Publications 521 Index to Statistical Tables 523 Map of Federal Reserve System Inside back cover Volume 44 Number 4 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

Recent Price Trends RECESSION IN ECONOMIC ACTIVITY be- siderably following curtailment in both orginning last autumn has been accompanied ders and outlays last summer. by little change in prices of most industrial Total exports of United States products commodities from the advanced levels have dropped sharply from the advanced reached last summer. Prices of farm prod- levels reached last spring. Industrial acucts and foods have risen sharply, however, tivity has declined in Canada and some reflecting reduced supplies of meats and other countries abroad. In Western Europe some other fresh foods. Prices of consumer activity has continued at advanced levels, services have extended their postwar rise but buying of materials has declined. and, together with higher prices of fresh Decreases in activity in the United States foods, have resulted in further advances in have been reflected in a decline of 4 per cent the combined index of consumer prices. in nonagricultural employment from its peak Average wholesale prices of industrial last August, an appreciable reduction in commodities have been stable since last average hours of work in manufacturing, summer, after rising 9 per cent from the and a rise of about 2 million in the number early 1955 level. Since late summer prices of persons unemployed. The impact on of basic industrial materials have declined. incomes of reduced employment has been Prices of business equipment rose further moderated by unemployment compensation during the autumn, but have since leveled payments, and personal income has declined off. Reported or list prices for most manu- 2 per cent from its high. factured materials and consumer products Price changes during this recession have have changed little, but concessions from differed from those in the first seven months list prices have become more prevalent. of the 1948-49 and 1953-54 recessions, as Declines in business and consumer de- summarized in the table on the next page. mands since summer have been largest for The marked rise in prices of livestock and durable goods. Orders for business equip- meats in recent months, owing to contracment have fallen, following the investment tion in supplies, is in contrast with the small boom, and consumer buying of autos has de- changes in 1953-54 and the sharp declines clined sharply. Output of steel and various in 1948-49. There has been little change in other materials has declined more sharply average prices of industrial commodities in than consumption, and total business in- the recent period, as in 1953-54, but in ventories have fallen very rapidly in recent 1948-49 there were declines averaging months. about 4 per cent in both wholesale and re- Industrial building activity has also de- tail markets. clined, but further increases in public con- The 1948 reversal immediately followed struction have about offset this reduction. two years of rapid price advance beginning Defense orders recently have expanded con- with termination of wartime price controls. 387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN • APRIL 1958 PRICE CHANGES DURING FIRST SEVEN MONTHS in retail prices were widespread, and by the OF POSTWAR RECESSIONS autumn of 1957 the total consumer index was 6 per cent higher than in early 1956. Percentage change Since autumn, the consumer price index Series has risen about one per cent further. As in 1957-581953-541948-49 the past, prices of many consumer services have continued to advance after aggregate Wholesale prices demands and activity began to recede. All commodities + 1.0 +0.3 -6.3 Prices of some fresh foods have increased Farm and food commodities. +4.7 + 1.2 -11.1 sharply owing to reductions in supplies Meats and livestock +8.7 -0.3 -16.3 partly attributable to adverse winter weath- Industrial commodities -0.1 -0.2 -4.3 er. Retail prices of most other goods have Materials -0.8 -0.7 -5.5 Finished goods +0.9 +0.7 -2.3 been stable or have declined. Business equipment +2.2 + 1.0 + 1.2 Consumer nonfoods +0.2 +0.6 -3.8 Services, The consumer price index differs from most other price indexes in that it Consumer prices includes many services as well as commod- All items + 1.3 +0.3 -2.7 ities. During the past 10 years, prices of Commodities +0.7 -0.8 -4.4 services have risen much more than retail Foods +0.8 -1.1 -5.1 Nonfoods +0.9 -0.4 -3.6 prices of commodities, reversing the pattern Services +2.7 +2.1 +2.4 Rent + 1.4 +3.5 +2.5 of World War II and the immediate postwar years. Since 1939, services have risen NOTE.—Changes are shown from the ayerage level of the two about 90 per cent, or roughly the same months preceding the declines in industrial production, that is, July-August 1957 through March 1958, June-July 1953 through February 1954, and September-October 1948 through May 1949. amount as nonfood commodities. Foods Based on Bureau of Labor Statistics data, with March 1958 estimated. are up 150 per cent from the 1939 level and In contrast, the 1953-54 recession did not rent has risen 60 per cent. begin until prices of many commodities had Roughly 50 of the 300 items priced for already declined considerably from the high the index are classified as services, and they levels reached in 1951, after the outbreak of represent about 30 per cent of the total inwar in Korea. Price advances in the 1955- dex. Most of them relate to housing and 57 period, while large, developed more grad- household operation (home purchase, mortually and uniformly than they did during the gage interest, and insurance and taxes, as buying waves in the earlier postwar periods well as gas, electricity, telephone, laundry, of price rise. and dry cleaning), to medical care (professional fees and hospitalization), and to CONSUMER PRICES transportation (railroad and transit fares Consumer prices for goods and services and auto repairs and insurance). were influenced by the expansion in de- Since World War II, average prices of mands and activity in 1954-55 only after a services have advanced continuously, even considerable lag. The average of all items when manpower and material resources in the consumer price index changed little were not being used intensively. Neverin that period, but the inflationary pressures theless, the rate of advance has responded, then building up were reflected in a rising usually with some lag, to changes in the index beginning in the spring of 1956, as economic situation and trends in commodity the chart shows. Subsequently, increases markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

389 RECENT PRICE TRENDS In the early postwar years, the annual rate of increase in service prices was nearly 6 per CONSUMER PRICES 1953- 54 = 100 cent. During the 1949 recession it slackened to 2.5 per cent, but then accelerated again to around 6 per cent following the outbreak of the Korean war in mid-1950, when commodity prices rose sharply for a time. The rate slackened in late 1952, and fell to about 2 per cent in the 1954 recession. In the most recent period of economic expansion, the rise in services accelerated beginning in the spring of 1956. In 1957 it was 4.5 per cent, and this rate continued through the first quarter of this year. Broad categories of consumer services show some diversity in postwar patterns of cyclical price behavior. Rates of increase in prices of laundry, dry cleaning, home repairs, hair cuts, and beauty shop services declined more or less promptly in the earlier postwar recessions. Available information suggests that the advance in prices for most of these has slackened since last summer. For many other services, cyclical behavior is modified by special circumstances. Thus increases in railroad and local transit fares and utility rates for gas, electricity, and telephones must be authorized by regulatory agencies. Rate advances usually lag changes in costs and may continue after 90 expansion in demands and increases in commodity prices have ceased. National average rates for utilities have increased more rapidly since mid-1957 than during the previous year. Railroad passenger fares, which advanced in the first quarter of 1957, rose again in the first quarter of this year. Medical fees, hospitalization insurance, and theatre admissions have also continued to increase in recent months. Foods. Retail prices of foods, which have about the same importance in the total con- NOTE.—Based on BLS data, shifted to 1953-54=100. Rent, not shown separately, is included in "Alt items." Latest sumer index as prices of services, have in- figures shown are March estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN • APRIL 1958 creased since autumn. The advance has been raising had increased earlier, in response concentrated in fresh foods—a group that to high prices in 1950-51, and in 1954 includes meats, eggs, milk, and fresh fruits marketings were already at advanced levels and vegetables. and prices were down from earlier highs. Severe winter weather in parts of the Cattle marketings expanded further during country reduced supplies of fresh vegetables 1955 as farmers retained fewer animals to and some fruits. From December to March, enlarge herds. their prices at retail rose about 15 per cent Per capita meat supplies increased about to very high levels even for that time of year. one-eighth from the spring of 1954 to early When supplies improve later this year, 1956. With supplies increasing, prices of prices may be expected to decline. livestock declined sharply, as the chart Supplies of meats also have declined in shows, despite growth in consumer incomes recent months and prices have increased and demands over that period. Owing to sharply. Marketings of meat animals over these large price decreases, average levels of any period reflect mainly decisions of pro- commodity prices changed little in 1955 ducers made in the past. Supplies are also even though prices of industrial commodiinfluenced by farmers' plans for future pro- ties were rising. duction through the withholding or market- As a result of declining prices for liveing of breeding stock. These decisions are stock, production tapered off after early based primarily on price expectations and 1956. Demands subsequently expanded furfeeding costs. ther, however, and prices had recovered Largely in response to high prices in 1953, substantially by last summer. Since then, hog raising operations were stepped up in seasonally adjusted livestock marketings the spring of 1954, and pork production have dropped considerably further, owexpanded steadily through 1955. Cattle ing partly to large feed supplies and the LIVESTOCK PRICES AND MEAT PRODUCTION — 1947-49.100 120 A K MEAT PRODUCTION / V PER CAPITA ^^S^ / / 100 A/ - > Vf 80 r\ — 80 LIVESTOCK PRICES \ I i 60 \ — 60 I 1948 1950 1952 1954 1956 1958 NOTE.—BLS monthly index for livestock prices. Per capita slaughter of meat animals and Bureau of the Census population meat production index, quarterly and seasonally adjusted, com- data. Latest figures shown are estimates for Match and the piled from Department of A£ricolluie data on commercial first quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECENT PRICE TRENDS 391 withholding of animals to feed to heavier demand for new cars and large dealer stocks weights. With demands relatively well main- resulted in large discounts from list prices, tained, livestock and meat prices have risen and in February and March prices to consharply. sumers were close to year-earlier levels. In March retail prices of meats were 15 Retail prices of appliances on the average per cent above a year earlier and nearly 30 have continued to change little since autumn. per cent above two years earlier. The higher In recent years, gains in efficiency of prolevel of prices, along with the abundance of duction and distribution have apparently feeds, has been stimulating expansion in been reflected in lower prices to consumers livestock production. Marketings are ex- as well as in improvements in the products. pected to increase beginning later this year. Manufacturers' prices of appliances have de- Retail prices of prepared foods have clined moderately, and distributors' margins changed little in recent months. As a group, have fallen. This year the importance of these prices turned upward in the spring of retail price maintenance practices has been 1956 and rose 4 per cent before leveling off further reduced. a year ago. Since then, prices of cereal and Prices of household goods such as furnibakery products have continued to increase, ture and textile products have changed little but much less rapidly than earlier. since autumn, and prices of apparel and Prices of restaurant meals have increased fuels have declined somewhat, after mainly little since last summer, after having ad- seasonal advances during the autumn. vanced more rapidly in early 1957 than in Meanwhile, prices of drugs, toiletries, and 1956. Prices of processed fruits and vege- some other consumer products have adtables declined last year, but they have vanced slightly further. turned upward recently as a result of the sharply higher prices of fresh supplies. WHOLESALE PRICES Coffee prices have dropped since 1956. The total wholesale commodity price index, Other consumer goods. Retail prices of as well as the consumer index, has increased goods other than foods have declined slightly in recent months, reflecting the reduced from the peak reached last November. New market supplies and higher prices for fresh autos, fuels, and apparel have pronounced foods. Average prices of industrial comseasonal price variations, with rises in the modities have been stable since last summer, autumn and declines at other times of the as the chart on the next page shows. year. For example, discounts from list Prices of machinery and other producers' prices for new autos increase as the model equipment leveled off in late autumn, folyear progresses. Discounts usually are not lowing a rise of nearly one-fifth since midgranted on new models at the time of their 1955. The rise in equipment prices along introduction in the autumn, and effective with reduced business liquidity, after a peprices to consumers advance whether or not riod of sustained expansion in capacity and list prices are raised. modernization, contributed to a weakening In addition to the elimination of discounts of business incentives to make additional when new auto models were introduced last outlays. Business equipment is usually sold autumn, list prices were raised about 3 on the basis of negotiated prices. Competiper cent. Subsequently, reduced consumer tion for the reduced volume of orders avail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN • APRIL 1958 number calculation have not changed. WHOLESALE COMMODITY PRICES When demands fall, however, price de- 19S3 - U - 100 creases often take such forms as discounts INDUSTRIAL from lists, freight absorption, and improved COMMODITIES service and delivery terms. There has been some price cutting of this kind in recent months. Price changes for materials over the past year have reflected developments abroad as well as in the United States. By the beginning of 1957, world capacity for the production of some major materials had been 100 greatly enlarged and supplies were increasing. The leveling off last spring of industrial activity abroad—following several years of marked expansion—was accompanied by no diminution of inventory demands. United States exports of steel, fuels, and too other products to industrial countries fell 19S4 M56 IMS sharply from the spring through the remainder of 1957, and prices of some inter- NOTE.—Based on BLS data, shifted to 1953-34=100. Industrial commodities, the total of materials and products, nationally traded commodities weakened. includes all commodities in the total index other than raw and processed foods and feeds. Latest figures shown are March Lead, zinc, tin, sugar, and wool turned estimates. down, and the decline in copper continued. able in recent months has undoubtedly been Decreased demand for industrial products reflected in some declines in prices. is to be expected from countries whose Prices of scrap metals, rubber, raw wool, earnings from the export of raw materials and some other crude materials have de- and foodstuffs have fallen. Through Januclined in recent months. Several fabri- ary, however, United States exports to noncated materials, such as textile mill products, industrial countries were well maintained. refined nonferrous metals, lumber, and World prices of materials generally conplumbing equipment, have also decreased. tinued to fall through February 1958, and Fuel oil prices have continued to decline prices for primary aluminum were reduced from the advanced levels reached a year ago at the end of March. In March, however, as a result of the Suez crisis. Fuel oils are world prices of some materials appeared to represented in the consumer goods index have leveled out. Among the factors tendshown in the accompanying chart, as well as in the index for fabricated materials. ing to check declines were maintenance of For most highly fabricated industrial over-all economic activity in Western materials, such as steel and building ma- Europe at advanced levels and curtailments terials, the list prices reported for index in output of some materials. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Lending to Small Business, 19 55-57 As PART of a present broad inquiry into tween the 1955 and 1957 Surveys in relasmall business financing, the Board of Gov- tion to changes in the economy and in busiernors of the Federal Reserve System in ness financing; and cooperation with the Federal Reserve Banks (3) To examine into the differential efconducted another Survey of Business Loans fects of increasing credit and monetary reat Member Banks as of October 16, 1957. straint on the allocation, terms, and cost of This Survey was comparable to a previous bank loans to businesses of different sizes. one conducted as of October 5, 1955. The major purposes of the new Survey SUMMARY OF FINDINGS were threefold: On October 16, 1957 outstanding business (1) To provide detailed information on loans of member banks totaled nearly $41 the current structure of member bank loans billion, or 32 per cent more than on October to business and the terms and conditions 5, 1955. A high proportion of the number on which such loans are extended, with par- of loans on both dates was to small busiticular reference to those made to small nesses, but most of the dollar volume was and medium-size businesses; to larger businesses. (2) To analyze developments in the use Between 1955 and 1957 loans to large of bank credit by firms of various sizes be- businesses in most industries expanded much more in dollar volume than loans to smaller NOTE.—The 1957 Survey of Business Loans of businesses. Moreover, loan growth was Member Banks was under the general supervision of greater for industries in which large busi- Ralph A. Young, Director, and Albert R. Koch, Associate Adviser, of the Board's Division of Research and nesses are predominant than for industries Statistics. The information was collected by the Fedin which medium-size and small businesses eral Reserve Banks. This report was prepared in the Banking Section of the Division under the direction of are relatively important. To a considerable Mr. James B. Eckert, Chief, who also had specific extent, changes over the period in the sizeresponsibility for the administration of the Survey. Assistance in planning the Survey was provided by of-business and industry structure of loans Madeline McWhinney, Chief, Financial and Trade were related to changes in the economic en- Statistics Division, Federal Reserve Bank of New York; John J. Balles, Assistant Vice President, and vironment, particularly the large expansion Oliver H. Jones, Senior Economist, Federal Reserve in productive capacity by many businesses. Bank of Cleveland; Theodore H. Schneider, Economist, Federal Reserve Bank of Chicago; and Eleanor Businesses of all sizes borrow from banks Stockwell, James C. Byrnes, and Edward P. Snyder, mainly on loans with short maturities, but Economists, and Maurice H. Schwartz, Chief Analyst, of the Board's Division of Research and Statistics. between 1955 and 1957 all except the Mr. Schwartz and Mr. Snyder also were responsible largest businesses expanded their term loans for developing the statistical methods and processing procedures for editing and summarizing the data. —those with maturities over one year— 393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN • APRIL 1958 much more than their short-term loans. COMPARABILITY OF 1955 AND 1957 SURVEYS Large businesses obtained most of their long- In conducting the 1957 Survey, every effort term financing through the securities mar- was made to assure maximum comparability kets, but smaller businesses, with this alterna- of the new data with those of the 1955 Surtive less readily available, relied more heav- vey. Except for a few items, identical inily on banks for this type of financing. formation was requested from respondents.1 In 1957 as in 1955 most loans to small An identical sample of banks, adjusted for businesses, particularly term loans, were mergers and other changes in bank structure backed by collateral or otherwise secured, between the two Survey dates, was asked while most loans to larger businesses were to report. The Surveys were conducted at unsecured. Over the two-year period, the closely related dates in both years to miniproportions of secured and unsecured loans mize any possible distortions arising from within various size groups of borrowers seasonal movements in credit utilization. The statistical procedures used in processing changed little. the loan information supplied by respond- Loan expansion between 1955 and 1957 ents to obtain estimates of loans at all memwas greater at large than at smaller banks, ber banks were the same.2 and large banks generally expanded their loans to small and medium-size businesses In both Surveys reports were received more than smaller banks. Within most size from well over 90 per cent of the nearly classes of banks, loan expansion was greater 2,000 member banks included in the sample of banks asked to report. The reporting for large than for smaller businesses. In banks accounted for nearly one-third of the general, growth in total business loans and number of Federal Reserve member banks in loans to smaller businesses was greatest and over 90 per cent of the dollar volume in geographic areas experiencing the greatest of business loans outstanding at member economic expansion. banks. Both Surveys had the cooperative Smaller businesses paid higher interest support of the American Bankers Associarates on their bank loans than large busition and the Robert Morris Associates. nesses in both 1955 and 1957, but in the Major findings from the 1957 Survey and intervening period rates charged large busicomparisons with 1955 data bearing on the nesses rose much more than rates charged smaller borrowers. Businesses of a given size generally paid about the same rate on 1 The reporting form and instructions used in the 1957 Survey appear on pp. 410-11. The form and their loans whether they borrowed from a instructions used in the 1955 Survey were published large or a small bank. in the Federal Reserve BULLETIN, April 1956, pp. 338-39. About 5 per cent of the amount and 8 2 In the summer of 1956, following publication per cent of the number of member bank of the preliminary estimates of 1955 Survey data in the Federal Reserve BULLETIN, April 1956, a revised loans outstanding on October 16, 1957 were and improved statistical procedure was adopted for to relatively new businesses. Most of these expanding the 1955 loan sample data to obtain estimates for all member banks. Estimates based on loans were to small unincorporated busithe revised procedure are used in this report. They nesses, and generally carried somewhat less differ little from the preliminary estimates for dollar amounts of loans and average interest rates, but they favorable terms and interest rates than those are about 10 per cent lower than the preliminary to established businesses. estimates for numbers of loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 395 analysis of member bank lending to various ceding the 1955 Survey and other sources sizes of business are summarized in this of business finance were also providing inreport. To provide background for con- creasing amounts of funds. sideration of the findings, relevant economic At the time of the 1955 Survey, gross nadevelopments covering the period under re- tional product had risen more than 10 per view are briefly summarized below. cent from its 1954 low point and most of the increase represented growth in physical ECONOMIC BACKGROUND volume of output. Economic activity had The structure and characteristics of bank reached a stage where there was little marloans outstanding on a given date reflect gin of unutilized resources for further expaneconomic and financial conditions for sev- sion. Since mid-1955, growing demands eral months and even years prior to that had been generating rising prices, and monedate. Although bank loans are made and tary policy had shifted to a position of repaid off in large volume every day, nearly straint in the face of developing inflationary half the dollar volume outstanding on both pressures. Survey dates had been made more than In the two years between the loan Surthree months prior to those dates. The veys, the current value of economic product average original maturity of outstanding increased appreciably further. Real output member bank loans was somewhat more rose only moderately, but its composition than one year, and many maturities were changed considerably. The principal immuch longer. Accordingly, it is necessary petus for expansion of aggregate demand to examine economic developments prior to shifted from the consumer sector to the 1955 as well as between 1955 and 1957 in business sector. Residential construction order to appraise changes in bank lending and automobile sales receded from the unrevealed by the two Surveys. usually high levels of 1955, while business When the 1955 Survey was conducted, investment expenditures accelerated. Busithe United States had been experiencing a nesses continued to add to inventories and, vigorous upswing in economic activity for with tax liabilities also rising, business demore than a year. By the spring of 1955, mand for funds rose rapidly. Correspondrecovery from the 1953-54 recession had ing to the decline in relative importance of been achieved and output had risen further consumer spending, consumer debt expanto new record levels, sparked by a surge of sion slowed in 1956-57 while financial savconsumer buying of houses, automobiles, ing by individuals increased markedly, helpand other durable goods. This wave of con- ing directly and indirectly to finance the exsumer buying was encouraged by the ready pansion in business capital outlays. availability of mortgage and consumer in- In response to the increase in financing stalment credit on favorable terms. needs, businesses supplemented their grow- Responding to the growth of consumer ing internal sources of funds by borrowing demands as well as to other influences, busi- unusually large amounts from banks, by isnesses resumed their increase of inventories suing securities, and by borrowing from and also increased spending for plant and each other in the form of trade credit. Busiequipment. Business loans at commercial ness loans at banks rose $10 billion or nearly banks rose 20 per cent in the 12 months pre- one-third in the two years between the Sur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BULLETIN • APRIL 1958 veys. Corporate securities outstanding in- growth was much greater for each of the creased $19 billion. In the course of the two largest asset groups than for any other two-year period, with the liquidity positions group, amounting to 66 per cent for borrowof both business concerns and banks under ers with assets of $100 million or more and increasing pressure, a growing proportion 51 per cent for those with assets of $25-$ 100 of business borrowing was derived from se- million. The average increase was 20 per curities markets and a declining proportion cent for all other size groups and 32 per cent from banks. for total business loans. At the time of the 1957 Survey, the in- Number of loans outstanding rose for all vestment boom was just reaching its cyclical borrower size groups. The changes were culmination and a general recession was be- about proportionate to those in dollar ginning. Nevertheless, business demands amount outstanding for all except the two for credit at commercial banks had contin- largest size groups. For these businesses, ued strong through September. Bank lend- number of loans went up much less than ing was still restricted, with bank liquidity dollar amount and the average size of loan considerably reduced after three years of rose sharply. This increase in loan size loan expansion under conditions of restraint probably reflects, in part, a rise in the utiimposed by the Federal Reserve. lized proportion of authorized credit lines. In classifying size of business for the pur- SIZE OF BORROWER AND INDUSTRY poses of this analysis, no allowance was STRUCTURE made for the growth in assets of most busi- In both 1955 and 1957 most business loans nesses between 1955 and 1957, in part owoutstanding at member banks were to rela- ing to rising prices. The same dollar limits tively small businesses, but most of the dol- were used in determining asset size groups lar volume was to large businesses, as shown in both Surveys and borrowers were classiin Table 1. Between 1955 and 1957 the fied by size on the basis of their total assets dollar volume of outstanding loans rose for at a recent date prior to each Survey. As all borrower size groups except the smallest a result of asset growth, some borrowers firms with assets less than $50,000. Loan classified in 1955 in the smallest asset group TABLE 1 BUSINESS LOANS OF MEMBER BANKS, 1955 AND 1957, BY SIZE OF BORROWER Amount of loans Number of loans Average size of loan Size of borrower i ( n to t t h al o u a s s a se n t d s s , o M f i d ll o i l o l n ar s s c P e e n r t - - d P i e s r tr c i e b n u t t a i g o e n Thousands c P e e n r t - - d P i e s r tr c i e b n u t t a i g o e n T o h f o d u o s l a l n ar d s s c P e e n r t - of dollars) age age age change, change, change, 1955 1957 1955-57 1955 1957 1955 1957 1955-57 1955 1957 1955 1957 1955-57 All borrowers .. 30,805 40,618 31.9 100.0 100.0 1,185.2 1,280.6 8.0 100.0 100.0 26.0 31.7 22.0 Less than 50 1,501 1,456 -3.0 4.9 3.6 503.1 504.7 0.3 42.5 39.4 3.0 2.9 -3.3 50 250 4,505 5,256 16 7 14.6 12.9 414.9 494.3 19 1 35 0 38 6 10 9 10 6 — 2 1 250-1 000 5,051 6,302 24.8 16.4 15.5 125.8 157.6 25.3 10.6 12.3 40.2 40.0 — 0 4 1 000-5 000 5,586 6,775 21.3 18.1 16.7 37.9 48.2 27.2 3.2 3.8 147.3 140.5 -4.6 5 000-25 000 4,742 5,912 24.7 15.4 14.6 11 0 13.3 21 1 0 9 1 0 432.8 445 7 3 0 25,000-100,000 3,240 4,893 51.1 10.5 12.0 4.4 5.4 22.7 0.4 0.4 732.6 901.6 23.1 100 000 or more ... 5,297 8,815 66.4 17.2 21.7 6.0 6.5 7.3 0.5 0.5 878.8 1.363.5 55.1 Not ascertained 883 1,207 36.7 2.9 3.0 82.0 50.7 -38.2 6.9 4.0 10.8 23.8 121.3 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 397 (assets under $50,000) undoubtedly were with assets of $25 million or more, and classified in larger size groups in 1957. generally growth for borrowers with assets If the asset levels used for classifying busi- of $100 million or more was by far the nesses in the 1957 Survey were raised by greatest. 6 per cent, the amount of increase in whole- A uniform classification of business size sale prices between 1955 and 1957, the for all industries based solely on dollar dollar amount of loans outstanding to the amount of assets, as used in Table 2, makes smallest asset group, instead of showing a no allowance for the marked differences decline, undoubtedly would show an in- from industry to industry in the size of the crease. The volume of loans in other asset typical enterprise. For example, a business groups, however, would be little affected. of a given asset size might be considered Within industry groups as well as for relatively small in the metal fabricating inbusinesses as a whole, loan growth was much dustry but relatively large in the service greater for large than for smaller firms, and trades. Accordingly, in Table 3 borrowers generally declined with size of business, as are classified as large, medium, or small sepashown in Table 2. There were exceptions, rately for each industry in relation to the however. In retail trade and in services, size pattern of enterprises characteristic of for example, loan growth to smaller firms that industry. was relatively large; loans to retailers with These data also show much greater overassets of $250,000-$ 1,000,000 rose more all loan growth between 1955 and 1957 for than those to any other size group. In all large businesses than for other size groups other industry groups, the largest percentage and growth within industries generally deincrease was in one of the two size groups creasing with size of business borrower. TABLE 2 CHANGE IN AMOUNT OF BUSINESS LOANS OF MEMBER BANKS, 1955-57, BY BUSINESS AND SIZE OF BORROWER [Increase, or decrease (—). In per cent unless otherwise noted] Amount Size of borrower (total assets, in thousands of dollars) outstanding Business of borrower O ( o i c n f t . d m 1 o 6 i l l , l l a i 1 o r 9 s n 5 ) s 7 ro b w A o e l r l r - s l 50- 1 2 , 5 0 0 0 - 0 1 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 1 5 00 ,0 ,0 0 0 0 0 - 100,000 All businesses 40,618 31.9 -3.0 16.7 24.8 21.3 24.7 51.1 66.4 Manufacturing and mining: Food, liquor, and tobacco 2,392 28.0 -33.5 7.1 23.7 5.4 -4.6 8.5 104.5 Textiles, apparel, and leather 1,683 -3.0 -38.7 -20.7 -7.8 -4.0 -9.5 3.6 47.7 Metals and metal products 5,527 70.5 -18.2 19.9 20.2 46.7 35.1 106.1 151.2 Petroleum, coal, chemicals, and rubber 3,750 44.1 -16.2 2.2 40.3 18.3 7.2 20.4 138.1 All other 2,792 47.2 -7.2 8.4 20.1 46.1 76.1 82.7 119.2 Trade: Retail trade 4,589 33.2 3.4 28.3 51.4 48.7 32.3 36.6 33.7 Wholesale trade 2,982 24.7 -10.6 21.8 23.7 17.9 31.0 105.2 134.7 Commodity dealers 815 10.7 -18.8 13.4 44.2 -22.1 -2.4 61.2 20.2 Other: Sales finance companies 3,095 9.3 -32.5 -24.0 20.3 -6.6 7.5 36.3 5.9 Transportation, communication, and other public utilities 4,169 47.0 31.2 13.0 10.5 44.6 56.1 84.0 40.0 Construction 1,980 17.1 -7.7 9.4 9.3 23.6 -0.5 101.2 310.0 Real estate 2,976 22.5 -24.9 9.9 23.3 17.1 27.6 109.3 19.9 Service firms 2,262 28.3 4.6 29.5 36.2 42.1 79.8 29.7 9.3 All other nonfinancial businesses 1,605 20.4 6.0 18.0 26.9 -1.3 25.1 30.4 96.1 1 Based on data that include a small amount of loans for borrowers whose size was not ascertained. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 3 BUSINESS LOANS OF MEMBER BANKS, 1955-57, BY BUSINESS AND RELATIVE SIZE OF BORROWER1 Loans outstanding Oct. 5,1955 Increase, or decrease ( —), 1955-57 Business of borrower l M io i n l- s Perc to en t b a ta l o , g r b r e o y o w s f e i z i r n e 2 d o u f stry l M io i n l- s Perc to en t b a ta l o , g rr b e o y o w s f e i z i r n e 2 d o u f stry b P y e r s c i e z n e t a o g f e b c o h r a ro n w ge e , r of of dollars dollars Small Medium Large Small Medium Large Small Medium Large All businesses ... 30 805 20 5 44 9 31.7 9,813 6 9 39 5 50 4 10.6 28.0 50.7 Manufacturing and mining: Food, liquor, and tobacco 1,869 21.4 55.4 22.4 523 10.0 6.2 83.7 13.0 3.1 104.5 Textiles, apparel, and leather 1,736 33.0 47.2 18.2 -53 3-154.4 3-95.3 3157.1 -14.3 -6.2 26.3 Metals and metal products 3 241 38 7 36 1 24.0 2,285 16 6 32 0 51.4 30.2 62.5 151.2 Petroleum, coal, chemicals, and rubber 2,603 28.7 44.7 21.7 1,147 13.0 14.5 68.0 20.0 14.3 138.1 All other 1,896 18.6 61.8 18.4 895 2.1 58.9 38.0 5.4 45.0 97.5 Trade: Retail trade ... 3 445 13 8 51 0 33.1 1,144 1.4 56.9 38 9 3.4 37.1 39.0 Wholesale trade 2,392 23.9 56.5 17.8 590 16.0 48.4 37.2 16.5 21.1 51.5 Commodity dealers 736 8.9 36.5 52.3 79 7.4 12.7 78.7 8.9 3.7 16.2 Other: Sales finance companies 2,832 25.1 32.1 42.5 263 -2.7 74.9 27.1 -1.0 21.8 5.9 Transportation, communication, and public utilities 2 835 1 7 49 0 46.6 1,334 1.1 53.6 39.7 31.2 51.5 40.0 Construction 1,692 7.8 51.1 38.0 289 -3.5 27.9 62.8 -7.7 9.3 28.2 Real estate 2 430 24 4 22 7 44.7 546 4 1 23 5 52.6 3.7 23.3 26.4 Service firms 1 763 17 4 50 1 27.0 499 2.8 56.7 41.4 4.6 32.0 43.3 All other nonfinancial business 1,333 7.1 37.5 48.8 272 2.1 41.7 46.5 6.0 22.7 19.4 1 For classification of borrowers by relative size, see Appendix A. 2 Figures do not add to 100 per cent because some loans were made to borrowers whose size was not ascertained. 3 Net change for industry was a decrease; sign indicates direction of change for size group. Large businesses with 32 per cent of the Not every industry group in which large outstanding loans in 1955 accounted for businesses predominate showed rapid loan 50 per cent of the 1955-57 increase in to- growth. Sales finance companies, also in tal business loans while small businesses this category, showed the smallest over-all with 21 per cent of the outstandings in 1955 growth and the smallest growth in loans to large businesses. On the other hand, in accounted for only 7 per cent of the increase. textiles, leather, and apparel, the only in- Half the increase in loans to large busidustry group showing a loan decline, activnesses was in three industry groups—metals ity is distributed more heavily in mediumand metal products; petroleum, coal, chemsize and small businesses. icals, and rubber; and transportation, com- Output and prices. Rapid loan growth munication, and other public utilities. This in the metals, petroleum-rubber, and public reflects not only the substantial growth rates utilities industry groups was due in part for loans to large borrowers in these industo the fact that they experienced some of tries but also the fact that in some of these the largest increases in output between 1955 industries large businesses account for a and 1957 and, except for the public utilimajor portion of the output. Loan growth ties group, some of the largest price adto smaller concerns in these industries also vances. In the textiles, leather, and apparel was substantial—greater for medium and group, where output dropped and prices small metals concerns and public utilities changed little, outstanding loans declined. than for these size groups in any other Loan changes either in the aggregate or by industries. individual industries cannot be explained Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 399 fully, however, by changes in output and for manufacturing corporations of various prices. Loans to all manufacturing and sizes. This information is summarized in mining businesses, for example, rose 42 per Table 4. cent from 1955 to 1957 whereas industrial The property, plant, and equipment acproduction changed little and wholesale count of manufacturing corporations with prices in this area, on the average, rose less assets of $100 million or more rose at nearly than 8 per cent. three times the rate for smaller corporations Changes in the loan structure for the between the third quarter of 1955 and the construction industry reflect the changing third quarter of 1957, and accounted for character of demand for construction over more than four-fifths the increase in plant this period, even though there was no and equipment of all manufacturing corpomarked change in this industry's total bank rations over that period. Moreover, large borrowing, output, or costs. Loans to con- corporation working capital rose much more struction firms with assets of $100 million rapidly than small. Inventories of the largor more showed the sharpest rise (310 per est corporations increased at about twice cent) for any size group of borrowers in the rate for smaller businesses, as did their any industry, whereas smaller construction net receivables, that is, accounts receivable firms increased bank borrowing only mod- minus accounts payable. The nearly $2 bilerately or reduced it (see Table 2). Never- lion growth in net receivables of the largest theless, the 1955-57 pattern of borrowing is corporations reflects primarily the extension consistent with the fact that industrial and of increased trade credit to customers, in commercial construction, often involving large part smaller businesses, including unlarge projects which can be undertaken only incorporated and nonmanufacturing busiby firms of great size, increased substantially nesses not covered by these data. during this period while residential con- All sizes of manufacturing corporations struction, in which firms of much smaller had internal funds, particularly retained size predominate, declined. earnings, at least equal to the major part Expansion of capacity. The 1955-57 of their increased outlays for plant and changes in the size-of-borrower and industry equipment, inventories, and net receivables. structure of bank loans are related not only For all corporations with assets under $100 to changes in output and prices in the vari- million, internal funds exceeded these outous industries but also to expansion of ca- lays. For corporations with assets of $100 pacity and associated requirements for in- million or more, however, retained earnings creased working capital. It is significant and depreciation and depletion allowances that three of the industries with most rapid totaled less than two-thirds of their major loan growth, namely metals, petroleum- outlays. Accordingly, they found it necesrubber, and public utilities, are among those sary to obtain substantial additional funds showing the largest increases in capacity through reducing their holdings of cash and during the 1955-57 period. Information Government securities, borrowing from also is available from the Federal Trade banks, and financing in the capital markets. Commission and the Securities and Ex- Taking advantage of their access to the change Commission providing insight into capital markets, the largest corporations inthe pattern of expansion and its financing creased their term borrowing from sources Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 4 BROAD SUMMARY OF MAJOR OUTLAYS AND SOURCES OF FUNDS OF MANUFACTURING CORPORATIONS BY SIZE OF BUSINESS, THIRD QUARTER 1955-THIRD QUARTER 1957 Size of corporation (total assets, in millions of dollars) All corporations Under 5 5-100 100 ormore Outlay or source1 Millions Percent- Millions Percent- Millions Percent- Millions Percentof age of age of age of age dollars change dollars change dollars change dollars change Major outlays: Property plant and. equipment*^ 28,867 22.8 1,896 10.6 3,470 12.1 23,500 29.2 Inventories 11,914 27.0 1,648 18.9 2,283 17.5 7,984 35.5 Net receivables^ 3,501 30.5 582 19.6 1,012 22.5 1,909 47.7 Total 44,282 24.3 4,126 14.0 6 765 14 7 33 393 31.3 Major sources of funds: Retained earnings 17,079 3,198 4,397 9,484 Depreciation and depletion 17,519 2,812 ....„„.. 3,516 11,192 Cash and Government securities. -3,490 "-U.9"' 152 -843 -ii!6'" -2,802 * — i6!6" Borrowings: Bank loans: Short-term (1 year and under) 3,179 71.6 482 28.7 840 46.2 1,857 196.5 Long-term (over 1 year) 1,543 48.0 365 65.5 452 39.6 727 47.8 Total 4,722 61.7 847 37.9 1 292 43.7 2 584 104.8 4,806 27.0 678 33.7 661 18.3 3,466 28.5 1 Since only selected items are included, the aggregates of outlays 3 Accounts receivable minus accounts payable. and sources of funds are not in balance. The principal omission is SOURCE.—Federal Trade Commission - Securities and Exchange net worth changes (other than retained earnings). Commission: Quarterly Financial Reports for Manufacturing 2 Before deduction of reserves for depreciation and depletion. Corporations. other than commercial banks nearly five their holdings of cash and Government secutimes as much as their term borrowing at rities between 1955 and 1957, but corpobanks. They also sharply increased their rations with assets of $5-$ 100 million reshort-term bank borrowing, probably in part duced their holdings of such liquid assets. to tide them over until the capital markets Data comparable to those in Table 4 are became more favorable for long-term financ- not available for size of business within variing. Nevertheless, corporate borrowing in ous manufacturing industries. Thus it is not the capital markets rose substantially over possible to determine whether uses of funds this period, reaching record high levels in for expansion were greater among large 1957. businesses than among smaller businesses Smaller corporations also increased their in industries not rapidly expanding as well borrowing, particularly in maturities over as in those showing marked growth. one year. More than one-third the increase in long-term borrowing by corporations with LOAN MATURITY assets under $5 million was from banks. In both 1955 and 1957, short-term loans Short-term bank borrowing by these corpo- were predominant in the business loan portrations rose at a slower rate than such bor- folios of member banks for all size groups rowing by larger corporations, although the of borrowers. Between 1955 and 1957, increase represented about the same propor- however, term loans (maturities over one tion of short-term outlays (inventories and year) expanded much more than loans with net receivables) as at larger corporations. shorter maturities, as shown in Table 5, and Moreover, smaller corporations added to the ratio of term to total loans at all member Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 401 TABLE 5 MATURITIES OF BUSINESS LOANS OUTSTANDING AT MEMBER BANKS, OCTOBER 16, 1957 BY SIZE OF BORROWER Percentage increase, or decrease ( —), 1955-57 Amount Number S ( i t z o e t a o l f a b s o se rr ts o , w in er (in millions of dollars) (in thousands) Amount Number thousands of dollars) m i A a ti t e l u l s r- 1 le o y s r e s ar y 1 e - a 5 rs y O e v 5 a e rs r m i A a ti t e l u l s r- 1 l e o y s r e s ar y 1 e - a 5 rs y O e v 5 a e r r s m i A t a i t e l u l s r- 1 l o e y s r e s ar y 1 e - a 5 rs y O e v 5 a e rs r m i A a ti t e l u l s r- 1 le o y s r e s ar y 1 e - a 5 rs y O e v 5 a e rs r All borrowers. .. 40,618 25,197 7,717 7,704 1,281 801 352 127 31.9 23.8 58.0 38.2 8.0 -2.3 31.3 31.2 Less than 50.... 1,456 783 412 261 505 295 172 37 -3.0 -15.0 21.0 8.7 0.3 -12.4 30.5 8.7 50-250 5,256 3,311 946 999 494 326 112 57 16.7 4.9 47.1 41.7 19.1 6.9 61.1 38.5 250-1,000 6,302 4,506 1,004 792 158 108 32 17 24.8 17.4 48.6 47.7 25.3 13.8 59.7 63.1 1,000-5,000 6,775 4,755 1,292 728 48 33 11 4 21.3 11.3 61.3 42.1 27.2 14.9 72.3 49.1 5,000-25,000.... 5,912 3,600 1,277 1,036 13 9 3 1 24.7 17.5 52.6 23.0 21.1 10.4 77.5 8.9 25,000-100,000. . 4,893 2,562 846 1,485 5 3 1 1 51.1 52.8 76.3 37.2 22.7 11.1 73.0 29.7 100,000 or more. 8,815 5,264 1,638 1,913 6 4 1 1 66.4 79.1 79.4 32.5 7.3 21.0 9.4 -18.5 Not ascertained.. 1,207 416 302 489 51 23 20 8 36.7 -13.4 57.0 132.5 -38.2 -42.9 -47.1 74.8 NOTE.—Details may not add to totals because of rounding. banks rose from 34 to 38 per cent, as shown and the proportion of their long maturity in Table 6. Movements in short-term loans loans declined. For businesses with assets between 1955 and 1957 varied considerably of $100 million or more, growth in shortamong borrower size groups, and were the term loans accounted for two-thirds of the principal factor accounting for the size-of- increase in their total bank borrowing over borrower differences in behavior of total this period. loans over this period. For borrowers with less than $25 million The rise in the proportion of term loans, of assets, the ratio of term to total loans generally both those with intermediate ma- rose between 1955 and 1957 at all size turities (one-five years) as well as those with classes of banks, but most at the largest long maturities (over five years), occurred and smallest banks, as shown in Table 6. only among businesses with assets of less For the largest businesses, particularly those than $25 million. The smallest borrowers with assets of $100 million or more, the (assets under $50,000) showed the largest decline in the proportion of term loans was rise, from 39 to 46 per cent, and in 1957 mainly at big banks where these businesses they had the largest proportion of term bor- do the bulk of their bank borrowing. In rowing of any size group except businesses general, these banks also were more affected with assets of $25-$ 100 million. However, than smaller banks by changes in the availthe smallest borrowers also experienced a ability of reserve funds over this period. decline in the dollar amount of borrowing The more rapid growth between 1955 at short maturities (one year or less) be- and 1957 in term loans than in short maturitween 1955 and 1957. ties for small and medium-size businesses Businesses with assets of $25 million or reflects the increased outlays during this more, which had the largest proportions of period for expansion of plant and equipment loans with maturities over five years in 1955, requiring relatively long-term financing. increased their short- and intermediate-term Smaller borrowers in particular, whose acborrowing most between 1955 and 1957, cess to financing through the securities mar- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 6 TERM LOANS AS A PERCENTAGE OF BUSINESS LOANS AT MEMBER BANKS, 1955 AND 1957 BY SIZE OF BORROWER AND SIZE OF BANK Size of bank (total deposits, in millions of dollars) Size of borrower All banks (total assets, Under 10 10-100 100-1,000 1,000 or more in thousands of dollars) 1955 1957 1955 1957 1955 1957 1955 1957 1955 1957 All borrowers * 33 9 38.0 27 1 34 7 27.2 32.1 28 5 31 1 42 3 45 6 Less than 50... 38 7 46.2 33.9 43.5 38.3 42 6 41.2 48 5 48 0 60.1 50-250 29.9 37.0 28.1 35.2 31.6 37.3 30.9 35.8 25.5 41.2 250-1 000 24.0 28.5 15.9 23.2 24.7 30.7 24.7 29.3 23.0 24.3 1,000-5,000 23 5 29.8 7.0 17.1 19.7 23.4 24.9 28.8 23 4 35.0 5 000-25 000 35.4 39.1 11.0 14.1 18.5 19.7 29.6 32.9 41.0 45.0 25,000-100 000 48 2 47 7 15 5 15 9 17 2 30 7 31 9 57 2 55.0 100,000 or more. . 44.5 40.3 10.6 6.8 14.6 13.7 31.0 25.4 51.0 45.3 1 Includes a small dollar amount of loans for borrowers whose size was not ascertained. kets is limited, relied to a considerable ex- the securities markets became more favortent on banks to supply intermediate- and able. In view of their high credit standlong-term funds for these purposes, al- ing, large businesses probably could do this though they expanded productive capacity with assurance that their notes would be reless than large businesses. That banks, in newed for as long as they needed the funds. a period of credit restraint, were willing The record volume of corporate securities to expand term loans to smaller borrowers issued in 1956 and the first nine months more rapidly than short-maturity loans may of 1957 would have permitted substantial reflect, in part, the fact that these loans retirement of short-term interim financing were largely instalment loans bearing relaprior to the October 1957 Survey date. tively high rates of interest or loans secured by real estate. It may also indicate that SECURED VERSUS UNSECURED LOANS small borrowers were making increased use In both 1955 and 1957, the bulk of the of trade credit to meet short-term needs, dollar amount of loans outstanding to small as suggested by the large rise in net receivborrowers was secured by collateral, enables of large corporations referred to dorsed, or guaranteed by someone other earlier. than the borrower. In contrast, only about The emphasis on short-term borrowing one-sixth of the loans to the largest borby large businesses between 1955 and 1957 rowers was secured, as shown in Table 7. suggests that they satisfied a greater pro- The proportion of secured loans rose portion of their long-term financing needs slightly between 1955 and 1957 for all size through the securities markets. As previously indicated, large manufacturing corpo- classes of business except the smallest, that rations increased their term borrowing from is, firms with assets less than $50,000. Senonbank sources five times as much as their cured loans to small borrowers, on the avterm borrowing at commercial banks. They erage, were larger than unsecured loans, may also have increased their short-term but in the case of larger borrowers, secured borrowing from banks to tide them over loans tended to be smaller than the ununtil conditions for long-term financing in secured. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 403 TABLE 7 RELATION OF SECURED LOANS TO TOTAL BUSINESS LOANS OF MEMBER BANKS, 1955 AND 1957 WITHIN SIZE-OF-BORROWER GROUPS Number Secured loans Secured loans Size of borrower (total Total loans (in Total loans assets, in thousands millions of (in of dollars) dollars) Millions of Percentage of total thousands) Percentage of total dollars for size group Thousands for size group 1955 1957 1955 1957 1955 1957 1955 1957 1955 1957 1955 1957 All borrowersl. 30,805 40,618 15,700 20,426 51.0 50.3 1.185 1,281 799 856 67.4 66.8 Less than 50 1,501 1,456 1,191 1,141 79.3 78.4 503 505 347 344 69.0 68.2 50-250 4,505 5,256 3,374 4,023 74.9 76.5 415 494 270 325 65.1 65.7 250-1,000 5,051 6,302 3,452 4,543 68.3 72.1 126 158 80 104 63.3 65.9 1,000-5,000 5,586 6,775 3,296 4,056 59.0 59.9 38 48 22 29 58.6 60.7 5,000-25,000 4,742 5,912 1,996 2,661 42.1 45.0 13 4 6 39.3 48.5 25,000-100,000. . . 3,240 4,893 828 1,381 25.6 28.2 4 5 1 2 29.0 31.7 100,000 or more. . 5,297 8,815 784 1,546 14.8 17.5 6 6 2 2 37.8 34.7 1 Includes a small amount of loans to borrowers whose size was not ascertained. Emphasis on security varied with maturity of variation in the secured proportion of loan, but was greater for small borrowers among different sizes of banks. than for larger borrowers in all maturity The 1955-57 rise in the proportion of ranges. Of the outstanding short-maturity secured loans for most borrower size groups loans, preferred by banks for reasons of shown in Table 7 is largely attributable to both safety and liquidity, only 44 per cent more rapid growth over that period in types was secured in October 1957. The percent- of loans on which security requirements age ranged by size of borrower from 13 previously had been relatively high. For per cent for those with assets of $100 mil- smaller borrowers, there was a more rapid lion or more to 66 per cent for those with expansion in term borrowing than in shortassets less than $50,000. Over three-fifths term borrowing. For larger borrowers, of the intermediate- and long-maturity loans there were differential rates of growth in was secured. Nearly every loan with a loans among industries—for example, more maturity of more than five years to borrow- rapid expansion in loans to public utilities ers with assets less than $1 million in Oc- than to sales finance companies. It does tober 1957 carried some kind of security, not appear that banks appreciably altered generally real estate, but two-thirds of the their emphasis on security as credit availanumber and nearly one-third the dollar bility became more restricted. amount of loans to the largest borrower group also were secured. SIZE AND LOCATION OF BANK Collateral or other security was required Small businesses borrow from both large somewhat less at smaller than at larger and small banks, but large businesses of banks on short-term loans to most smaller necessity borrow primarily from large banks, borrowers. On term loans to these borrow- as shown in Table 8. To a limited extent, ers, and on loans of all maturities to larger large businesses also borrow from small borrowers, there was no significant pattern banks, often through participation arrange- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 8 growth, increasing only 5 per cent, or about RELATIVE SIZE OF BUSINESS BORROWERS AT MEMBER one-third the rate at the largest banks. BANKS, BY SIZE OF BANK1 These small banks, located to a large ex- Size of bank (total deposits, tent in agricultural communities, account in millions of dollars) All for only about one-tenth of total bank lend- Size of borrower banks Under 100- 1,000 ing to small businesses. 10 10-100 1,000 and over Pressures of monetary restraint varied Amount outstanding, Oct. 16, 1957 with size of bank, being more at large banks (in millions of dollars) and less at smaller banks. Large banks All borrowers 2 40,618 1,684 6,439 14,192 18,304 had little deposit growth between 1955 and Small.... 7,001 792 2.082 2,613 1,514 Medium. 17,706 814 3,446 6,686 6,761 1957. To expand loans, they substantially Large 14,704 38 715 4,517 9,434 reduced their holdings of United States Gov- Percentage distribution within ernment securities and their excess reserves size-of-borrower group and borrowed from the Reserve Banks. In All borrowers 2 100.0 4.1 15.9 34.9 45.1 general, at smaller banks deposit growth was Small.... 100.0 11.3 29.7 37.3 21.6 Medium. 100.0 4.6 19.5 37.8 38.2 greater and there was less resort to reduc- Large 100.0 0.3 4.9 30.7 64.2 tions of Government security holdings and Percentage increase, or decrease ( —), excess reserves, and to borrowing from the in amount outstanding, 1955-57 Reserve Banks. All borrowers 2 31.9 12.0 21.7 27.4 42.2 The slower growth in loans to small than Small.... 10.6 5.0 11.3 10.3 13.5 Medium. 28.0 22.9 26.4 25.5 32.0 to larger businesses reflects both a slower Large 50.7 -1.8 31.2 38.7 59.3 growth in total business loans at small banks, 1 For classification of borrowers by relative size, see Appendix A. which lend primarily to small businesses, 2 Includes a small amount of loans for borrowers whose size was not ascertained. and a slower growth in loans to small than to ments between small banks and their large larger businesses within size classes of banks. city correspondents. It does not appear that monetary restraint Growth in business lending between 1955 was a major factor contributing to the relaand 1957 varied with size of bank, rang- tively slow growth in total business loans ing from 12 per cent for banks with deposits at smaller banks. However, monetary reof less than $10 million to 42 per cent for straint may have contributed, to some exbanks with deposits of $1 billion or more. tent, to the slower growth in loans to small The rapid growth at large banks reflects than to larger businesses within the various mainly the relatively rapid growth in financ- size classes of banks, particularly the larger ing needs of large businesses associated with banks, although the evidence from the loan expansion of productive capacity. Loans to Surveys alone is not sufficient on this point. large businesses rose much faster at the larg- Banks located in areas of rapid industrial est banks than at banks in any other size expansion, such as the San Francisco, Cleveclass. Loans to smaller businesses at large land, and Chicago Federal Reserve Districts, banks also went up more than loans to generally increased business lending the smaller businesses at smaller banks. Within most between 1955 and 1957. These areas bank size classes, loan growth varied with also showed relatively large increases in size of business. At the smallest banks, loans to small businesses, as shown in loans to small businesses showed the least Table 9. Business loan expansion also was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 405 TABLE 9 between 1955 and 1957 was the regional REGIONAL CHANGE IN BUSINESS LOANS OF MEMBER pattern of economic activity and related BANKS, 1955-57, BY RELATIVE SIZE OF BORROWER1 credit demands. [Percentage increase, or decrease ( —), in amounts outstanding] INTEREST RATES Relative size of borrower Federal Reserve All district borrowers2 It has long been recognized that small busi- Small Medium Large nesses generally pay higher interest rates on All districts 31.9 10.6 28.0 50.7 bank loans than large businesses. Average Boston 20.1 0.1 23.8 36.8 interest rates on member bank loans made New York 35.8 0.6 28.5 55.0 Philadelphia 17.7 9.8 16.8 18.4 Cleveland 43.4 22.4 40.8 65.1 after June 30, 1957 and outstanding on Richmond 20.8 6.7 24.1 32.1 Atlanta 26.5 18.2 26.1 51.1 October 16 of that year ranged from 4.4 Chicago 35.0 11.3 22.7 59.9 St. Louis 16.1 -15.6 2.4 33.3 per cent on loans to the largest borrowers Minneapolis 20.5 2.1 35.3 11.6 Kansas City 17.7 17.2 16.2 29.5 to 6.5 per cent on loans to the smallest, Dallas 10.4 -7.6 17.0 21.1 San Francisco 50.6 46.1 52.1 61.0 as shown in Table 10. Between the sum- 1 For classification of borrowers by relative size, see Appendix A. mer of 1955 and the summer of 1957, 2 Includes a small amount of loans for borrowers whose size was not ascertained. when average interest rates on all new loans rose from 4.2 to 5.0 per cent, average rates high in the New York District, reflecting in on short-term loans to large borrowers rose large part extensive lending by New York twice as much absolutely, and even more City banks to large industrial enterprises relatively as on loans to small borrowers. in other parts of the country as well as New Rates on longer maturities also generally York. The districts showing the smallest rose more for larger borrowers than for small growth in total loans, namely Dallas and borrowers, but the growth differences were St. Louis, were the only ones in which less. loans to small businesses declined. It would As a result of these differences in rate appear that a major factor governing re- changes, the spread in rates between the gional differences in loan expansion to largest and smallest businesses declined from small businesses and to businesses generally 2.5 percentage points in 1955 to 2.1 per- TABLE 10 INTEREST RATES ON MEMBER BANK LOANS TO BUSINESS, 1955 AND 1957 BY SIZE OF BORROWER AND MATURITY OF LOAN [Average rates on loans made between July 1 and Survey date. Per cent per annum] 1955 1957 Net increase, 1955-57 Size of borrower (total assets, in Short- Inter- Long- Short- Inter- Long- Short- Inter- Longtho d u o s l a la n r d s s ) of lo A a l n l s (1 te o y r r m ear m t d e e d - r 5 i m ate ( t o e v 5 rm er lo A a l n l s (1 te o y r r m ear me t ( e d 1 r i - m a 5 te- ( t o e v 5 rm er lo A a l n l s (1 te o y r r m ear me t ( e d 1 r i - m a 5 te- ( t o e v r 5 m er less) years) years) less) years) years) less) years) years) All sizes i 4.2 4.2 4.9 4.1 5.0 5.0 5.7 4.7 0.8 0.8 0.7 0.6 Less than 50 5.8 5.5 7.9 5.2 6.5 6.1 8.7 5.8 0.7 0.6 0.8 0.6 50-250 5.1 5.0 6.2 5.0 5.7 5.6 7.1 5.6 0.6 0.6 0.8 0.6 250-1,000 4.6 4.6 5.2 4.8 5.4 5.4 6.0 5.4 0.8 0.8 0.8 0.6 1,000-5,000 4.1 4.1 4.6 4.3 5.1 5.1 5.7 5.1 1.0 1.0 1.1 0.8 5,000-25,000 3.7 3.7 3.9 4.1 4.8 4.8 4.9 4.8 1.1 1.1 0.7 25,000-100,000 3.4 3.4 3.9 3.6 4.5 4.6 4.6 4.3 1.1 1.2 0^7 0.8: 100,000 or more 3.3 3.2 3.2 3.6 4.4 4.4 4.4 3.9 1.2 1.2 1.2 0.3 1 Includes a small amount of loans for borrowers whose size was not ascertained. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN • APRIL 1958 centage points in 1957. In the short ma- corresponds with size of borrower. Average turities, where the largest volume of loans rates on loans outstanding on October 16, is made, the spread declined from 2.3 to 1.7 1957 varied from 4.4 per cent on loans of percentage points. During this two-year pe- $500,000 or more to 6.7 per cent on loans riod, bank requirements that borrowers less than $10,000. This is attributable in maintain compensating balances also be- part to the fact that the costs of making and came more widespread and more stringent. administering a loan, which must be recov- Since these requirements apply mainly to ered through the interest charge, tend to be large borrowers, it is likely that differences a higher percentage of the principal amount in effective interest rates charged large and of small loans than of large loans. small borrowers narrowed even more than Rates varied inversely with size of loan the pure interest rate data indicate. for large borrowers as well as small borrow- Interest rate differences relating to differers. However, for a loan of any given size, ences in loan maturity were pronounced small borrowers paid a higher rate than large only among smaller businesses, particularly borrowers in both 1955 and 1957, presumthose with assets of less than $5 million. ably because of the higher risks ordinarily These borrowers paid higher rates in both associated with lending to smaller firms and years on loans with one-five year maturities the higher administrative costs per dollar of than on either short-term or long-term loans. loan. In October 1957, outstanding loans In part, this differential reflects financing of in all size ranges to the largest borrowers purchases of machinery and equipment by carried interest rates one percentage point or instalment loans carrying relatively high efmore lower than the same size loans to the fective interest rates. These loans, which smallest borrowers. Between 1955 and many banks administer through their con- 1957, average rates on loans to businesses sumer instalment loan departments, ordiwith assets of $5 million or more rose one narily carry interest rates more comparable percentage point or more in nearly all loan to those on consumer durable goods instalment paper than on ordinary business loans. sizes. Average rates rose only about one- Most of the longer term loans to smaller half percentage point in all loan sizes of less businesses in 1957 were real estate loans than $50,000 to borrowers with assets less which, on the average, were considerably than $250,000, but these were the loan larger than instalment loans and carried categories for which average rates generally lower interest rates. Rates charged the larg- were highest in both 1955 and 1957. est borrowers in all maturities were close to Most borrowers pay about the same rate the prime rate in both 1955 and 1957.3 of interest on their loans regardless of the A major factor in interest rate differences size of bank from which they borrow, as by size of borrower is the wide variation in shown in Table 11. The major exception rates by size of loan. Loan size generally is that rates on loans to small businesses are slightly higher at large than at small banks, 3 The prime rate charged by leading commercial reflecting in part relatively more lending by banks on loans to businesses of the highest credit standing was raised between July 1 and the Survey these banks on longer term higher-interestdate in both 1955 and 1957. It went up from 3 to bearing instalment loans. Between 1955 3lA per cent in August 1955 and from 4 to 4Vi per cent in August 1957. and 1957, all size classes of banks raised Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 407 TABLE 11 SIZE-OF-BANK VARIATIONS IN INTEREST RATES ON BUSINESS LOANS, BY SIZE OF BORROWER [Average rates at member banks, Oct. 16, 1957, and net increases, 1955-57. Per'cent per annum] Size of bank (total deposits, in millions of dollars) Size of borrower (total assets, All Under 100- 1,000 and All Under 100- 1,000 and in thousands of dollars) banks 10 10-100 1,000 over banks 10 10-100 1,000 over Average interest rate, Oct. 16, 1957 Net increase, 1955-57 All borrowers1. 4.9 5.9 5.4 5.0 4.6 0.7 0.3 0.6 0.8 0.8 Less than 50 6.5 6.5 6.4 6.6 6.9 0.6 0.4 0.6 0.8 0.7 50-250 5.7 5.8 5.6 5.7 5.9 0.6 0.3 0.5 0.7 0.8 250-1,000 5.4 5.4 5.3 5.3 5.5 0.7 0.4 0.5 0.7 0.9 1,000-5,000 5.1 4.8 5.1 5.1 5.0 0.9 0.5 0.6 0.9 0.9 5,000-25,000 4.7 4.8 4.8 4.7 4.6 0.8 1.1 0.9 0.9 0.8 25,000-100,000. . 4.3 4.8 4.5 4.4 4.3 0.9 2.2 1.1 1.0 0.8 100,000 or more. 4.1 4.2 4.3 4.2 4.0 1.0 1.6 1.2 1.1 0.9 1 Includes a small amount of loans for borrowers whose size was not ascertained. rates less on loans to small businesses than 1957 and by the fact that within this range on loans to large businesses. the average interest rate on loans to small Although average interest rates were con- borrowers approximated 6 per cent in both siderably higher on loans to small borrowers years. In many areas of the country, usury than on loans to large borrowers, an appre- laws and banking tradition prevent nominal ciable volume of small business lending was or stated rates from going above 6 per cent. at rates typical of those charged large busi- One possible result of such limitations nesses. In October 1957, when the largest during a period of rising interest rates is to proportion of both dollar amount and numreduce the relative profitability of loans preber of loans to businesses with assets of $25 viously made at ceiling levels as rates on million or more had interest rates of 4.00loans previously made below those ceilings 4.99 per cent, 38 per cent of the loans to are raised. Most affected by these limitabusinesses with assets of $250,000-$25,tions are loans, particularly short-term loans, 000,000 and 11 per cent of the loans to on which the effective interest rate is close businesses with assets of less than $250,000 to the nominal or stated rate subject to the also carried rates within this range. Conceilings. On instalment loans with interest versely, only a small dollar amount but an calculated on original amount of the loan, appreciable number of loans to large busihowever, effective rates generally are close nesses fell in the 6.00-7.99 per cent range, to twice the nominal or stated rates. In where the number and dollar amount of many jurisdictions, the applicable ceiling on loans to small borrowers was particularly such loans is the nominal rate rather than heavy. the effective rate. It is perhaps significant There are indications that 6 per cent may that short-term loans to small borrowers represent, in the case of some banks at least, showed least growth or declined between an effective rate ceiling on loans to small borrowers. This is suggested by the heavy 1955 and 1957, whereas those with interconcentration of loans to small borrowers mediate maturities, mainly instalment loans, in the 6-8 per cent range in both 1955 and rose considerably. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 12 LOANS TO NEW BUSINESS IN RELATION TO TOTAL MEMBER BANK LOANS TO ALL BUSINESS, OCTOBER 16, 1957 BY BUSINESS OF BORROWER Amount Number Percentage distribution Business of borrower Millions of dollars New as a Thousands New as a Amount Number percent- percentbus A in ll ess bu N si e n w ess1 a b g u e s i o n f e s a s ll bus A in ll ess bu N si e n w essl a b g u e s i o n f e s a s ll bus A in ll ess bu N si e n w ess1 bus A in ll ess bu N si e n w essl All business 40,618 1,992 4.9 1,281 107 8.4 100.0 100.0 100.0 100.0 Manufacturing and mining 16,144 489 3.0 211 13 6.4 39.7 24.6 16.5 12.6 Trade 8,386 347 4.1 507 42 8.4 20.6 17.4 39.6 39.6 Other: Sales finance companies 3,095 109 3.5 12 1 5.1 7.6 5.5 0.9 0.6 Transportation, communication, and other public utilities 4,169 172 4.1 49 4 8.9 10.3 8.6 3.8 4.1 Construction 1,980 180 9.1 108 9 8.0 4.9 9.0 8.4 8.0 Real estate 2,976 358 12.0 82 8 9.8 7.3 18.0 6.4 7.5 Service firms 2,262 226 10.0 230 24 10.5 5.6 11.3 17.9 22.6 All other nonflnancial business. . 1,605 111 6.9 83 5 6.4 4.0 5.6 6.5 5.0 1 Businesses formed within 24 months before Oct. 16, 1957. NOTE.—Details may not add to totals because of rounding. LOANS TO NEW BUSINESSES than one-third the dollar amount of all loans Information was obtained in the October 16, to new businesses, as shown in Table 13. 1957 Survey on loans to new businesses, New businesses borrowed to a greater extent that is, businesses formed within 24 months on term loans than established businesses before the Survey. On the Survey date, and a much higher proportion of their loans member banks had 107,000 loans totaling was secured. Average interest rates were nearly $2 billion outstanding to these rela- less than one-third per cent higher on loans tively new businesses, as shown in Table 12. to new businesses than on loans to estab- These loans accounted for 5 per cent of the lished businesses in all size groups. amount and 8 per cent of the number of all TABLE 13 outstanding member bank loans to busi- SELECTED LOAN AND BORROWER CHARACTERISTICS ness. Three-fifths of the number but less OF MEMBER BANK LOANS TO NEW AND than one-third of the dollar amount of these ESTABLISHED BUSINESSES loans was to trade and service firms, but [Percentage of loans outstanding to each type of business, Oct. 16, 1957] manufacturing and mining and real estate New Established concerns also accounted for a substantial businesses! businesses Characteristic share. Amount Number Amount Number As might be expected, most of the new businesses borrowing these funds were unin- Loans to borrowers with assets of less than $250,000. . 31.2 87.7 15.8 77.1 Loans to unincorporated corporated and relatively small. Businesses businesses 26.8 71.1 18.6 68.0 with assets of less than $250,000 accounted T Se e c rm ur e l d o a l n o s a ns . 4 7 5 5 . . 9 9 7 38 2 .0 7 4 3 9 7 . . 0 6 6 37 6 .3 3 for nearly 90 per cent of the number but less i Businesses formed within 24 months before Oct. 16, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57 409 APPENDIX A CLASSIFICATION OF BORROWERS, BY INDUSTRY AND RELATIVE SIZE Size (assets, in thousands of dollars) Industry Small Medium Large Manufacturing and mining: Food, liquor, and tobacco Under 1,000 1,000-100,000 100,000 or more Textiles, apparel, and leather Under 1,000 1,000-25,000 25,000 or more Metals and metal products Under 5,000 5,000-100,000 100,000 or more Petroleum, coal, chemicals, and rubber Under 5,000 5,000-100,000 100,000 or more All other Under 250 250-25,000 25,000 or more Trade: Retail trade Under 50 50-1,000 1,000 or more Wholesale trade Under 250 250-5,000 5,000 or more Commodity dealers Under 250 250-5,000 5,000 or more Other: Sales finance companies Under 5,000 5,000-100,000 100,000 or more Transportation, communication, and other public utilities Under 50 50-100,000 100,000 or more Construction Under 50 50-1,000 1,000 or more Real estate Under 250 250-1,000 1,000 or more Service firms Under 50 50-1,000 1,000 or more All other nonfinancial business Under 50 50-1,000 1,000 or more NOTE.—For questionnaire used in 1957 Survey, see following pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SHEET NO. - SHEET NO SCHEDULE OF LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES CONFIDENTIAL Form F.R. 643c (Rev. 9-57) OUTSTANDING ON OCTOBER 16, 1957 Form Approved (For banks with total deposits on 6-30-55 of less than $10 million) 1 Name of Branch Budget Bureau No. 55-5702 I City Approval expires 1-31-58 | State I DO NOT USE Person at your bank to be contacted if there are questions about form. STATE BANK NUMBER BRANCH NUMBER FILL OUT THIS BOX ON FIRST SHEET ONLY 1. Total amount of real estate loans for commercial and industrial purposes Real estate loans for commercial purposes include all loans granted for commercial or industrial outstanding on October 16, 1957 (such loans are classified in the Call purposes but classified in the Call Report as real estate loans because they are secured by a Report under Schedule A, Item 1) $ - mortgage. 2. Total amount of commercial and industrial loans (as defined by the Call Open Market Paper (this type of paper is to be reported in totals by type only; it is not to be Report instructions and classified under Schedule A, Item 5) outstanding reported in detail below) on October 16, 1957: Bankers'acceptances-include in reported total all acceptances held by you whether drawn (a) Open market paper (see definition at right) on your bank or another bank. (1) Bankers' acceptances $ Finance company paper—include short-term, negotiable notes of sales finance companies (2) Finance company paper (purchased directly or purchased either from the company directly or from a dealer. acquired through dealers) $ All other commercial paper—include short-term, negotiable notes of business concerns purchased from commercial paper dealers. (3) All other commercial paper $ . All other commercial and industrial loans include loans negotiated directly between the bank and (b) All other commercial and industrial loans $ the borrower, loan participations arranged by or purchased from other banks, and promissory (c) Total commercial and industrial loans (a + b) $_ notes or other receivables discounted for bank customers. 3. All loans for commercial and industrial purposes (1 + 2) $_ NOTE: Please see instructions on loan coverage and reporting procedure on the reverse side of this sheet before filling out this form. 1 1 2 3 4 5 6 7 1 8 Call ! Business of borrower Total assets of borrower Form of business Was Report Amount of loan Name of borrower ! organization business Sched. A (see instructions at left) | (enter code (approximate dollar (check one) started number Amount outstanding , from omount of a recent within (see on October 16, I instructions date; Incor- Unincor- last 24 1957 j ot left) estimate if necessary) porated porated months? at left) (omit cents) Example • ! John White and Company | 13 $25,000 Yes 1 Si,066 E X x Y a Z m p M le anufacturing Company j )• $1,500,000 No 5 $50,000 evaeL knalB 9 10 11 12 13 14 O o ( r o i u g o m t i f s n i t t c a a u l n c r d a r e e m i n n n t o g s t u s ) nt m D a a o n t n ( d e s t h e y m , e e a a d d i r n a a e t s y : t l r e u f c m t D t ) a i o o n a n n t d e t s h y , d e u d a e r a : y t ( i i s a n o e b E n t n e e a n f s r f l u e e a in a a s n c s l t t t c i t e r v r l r a u e ; a e t f c t e t e - ) w re it p I h s a y i l n a o b t o e l n e re i s n t s t ( e i ( s o U c c e n h n u S e s - r e e e c c i d a n k u t s r o i t l t r n e y u o e f A c t t ) h ) - l e l r amt.of loon? $1,500 6-1-57 5-31-58 11.00 Yes $50,000 9_15_57 11-15-57 5.25 No (For instructions referred to in note above box headings, and in box headings, see below.) This survey is designed to provide information on bank Loan Coverage Reporting procedure loans made for commercial and industrial purposes out- You are being asked to make a report on all of your Caution: It is absolutely essential that you follow the standing on October 16, 1957. Please complete this loans for business purposes made to individuals, partner- instructions and do not make any changes in the proreporting form according to the following instructions ships, or corporations, whether secured or unsecured, cedures for selecting the loans you report. and mail it to your Federal Reserve Bank not later than October 30, 1957. whether for the purpose of financing capital expenditures 1. Separate or identify in your loan files in any fashion or current operations, and irrespective of their normal convenient for you each of the following groups of loans: For your convenience a column has been provided on classification for Call Report purposes. Group A—Open market paper (for a definition, see the form for the names of the borrowers whose loans box above) are reported. Before submitting your report detach this column. Please save it for sixty days so that if the Be sure to include commercial and industrial loans Group B—Real estate loans for commercial and in- Federal Reserve Bank has a question concerning any carried in G.I. or instalment loan departments. These dustrial purposes particular loan which you report, the loan can be readily loans should be classified in Schedule A, Item 5 of the Group C—All other loans for commercial and indusidentified by you from the detached sheets. Call Report. No matter where they have been classified trial purposes, including small instalment for Call Report purposes, however, they should be in- loans All information which you report will be held in strict cluded in the survey. Omission of these loans from 2. Total the amount of loans outstanding on October confidence. The results of the survey will be published your report could cause the survey results to understate 16, 1957 in each of these groups and enter the totals in only in the form of totals for groups of banks. seriously the volume of bank loans to small business. the box at the top of the form. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3. No further information is requested on the paper Trade floor planning, accounts receivable financing, and conreported in Group A. struction loans on which drawings are made as required), Wholesale trade (including concerns selling combine the outstanding notes or advances and report 4. For Groups B and C report the detailed informa- to businesses as final buyers; also grain them as one loan. In cases in which a series of notes o ti n o n O r c e t q o u b e e s r t e 1 d 6 o , n 1 9 th 5 e 7 . f 1 orm for each such loan outstanding elevators) or advances should be combined, the security is usually identical. Retail trade If your bank is a branch institution, the same procedure should be followed at each branch. Branch re- Exclude interest and service charges. ports should be consolidated at the head office before Other submission to the Federal Reserve Bank. The figures in Column 8. If a series of notes or advances have been the box should cover the entire bank. 8 Commodity dealers (establishments primarily combined in accordance with the instructions for Column engaged in buying and selling commodity 7, enter the total of the original amounts of the notes contracts and which are members, or as- presently outstanding. The amount shown in this INSTRUCTIONS sociated with members of recognized com- column should in no case be less than the amount shown modity exchanges) in Column 7. Column 1. In Column 1 enter whichever one of the Sales finance companies (firms primarily enp co a d rt e o n f u m th b e e rs b o s r h ro o w w e n r 's b e b lo u w si ne b s e s s . t d U es s c e r ib o e n s l y th o e n e l ar c g o e d s e t gaged in financing retail sales made on the Exclude interest and service charges. number for each loan. instalment plan; exclude personal finance Column 9. If the loan has been renewed, show the date companies and other companies whose of last renewal or renegotiation. If the loan is a com- Include in your report (in the summary box and in primary business is cash loans to individbination of a series of notes, enter date of first note or the detailed reporting section) loans to sales finance uals) advance. companies, real estate companies, and mortgage companies. Exclude loans to all other financial institutions ,0 Transportation, communication, and other (insurance companies, savings and loan associations, public utilities Column 10. If the loan is an instalment loan or a etc.) and nonprofit organizations. combination of a series of notes, enter the date on which 11 Construction (including operative builders) the last payment is due. 12 Real estate (including operators, owners, For a demand note, enter the word "demand"; how- Code Business of Borrower agents, brokers, subdividers and developers ever, if it is demand only in the sense that it becomes of real property, and mortgage companies) due immediately if some condition of the loan contract Manufacturing and Mining is not met, and repayment is actually scheduled for Service firms (including hotels; repair serv- some future date, enter the scheduled repayment date. Food, liquor, and tobacco (exclude loans to ices; amusements; personal and domestic farmers) services; and medical, legal, and other pro- Column 11. For a single-payment loan or a loan re- \ Textiles, apparel, and leather fessional services) payable in instalments on which the interest charge is computed periodically on the unpaid balance, the effec- Metal and metals products (including iron, 14 All other nonfinancial business tive interest rate is the same as the stated or nominal steel and nonferrous metals and their prod- rate. For a loan repayable in instalments on which the ucts; electrical and other machinery; and interest charge is computed on the original amount of automobiles and other transportation Column 2. Every effort should be made to obtain the the loan, either on a discount or an add-on basis, the equipment and parts) total assets of the borrower; do not substitute net worth. effective rate is higher than the stated rate. For example, Petroleum, coal, chemicals, and rubber if the loan is repayable in full in equal instalments, the Column 6. Enter item number under which loan would effective rate is nearly twice the stated rate. 5 All other manufacturing and mining (includ- be classified in Schedule A of the Call Report: for a ing lumber; furniture; paper; printing and loan classified in the Call Report as "commercial and If more than one rate is charged under a serial note publishing; and stone, clay, and glass) industrial" enter 5, and for a loan classified as "real or other loan arrangement, report the average effective estate" enter 1, etc. rate. ^his instruction applied only to respondent banks with total deposits on June 30, 1955 of less than $10 million. Banks with total deposits of $10 million but less than $100 million were Columns 13-14. Check column 13 if loan is one-name requested to report on every loan of $100,000 or more and every Column 7. If several notes or advances outstanding to eighth of their smaller loans. Banks with $100 million and over a single borrower represent different loan arrangments, paper and not endorsed, guaranteed, or secured by colof deposits were requested to report on every loan of $1 million treat each note or advance separately in selecting the lateral. Check column 14 if loan is endorsed, guaranor more and every tenth of their smaller loans. A few banks with unusually large numbers of business loans were permitted to report sample of loans you report. But if several notes are teed, or secured by some form of collateral, including a ona somewhat smaller fraction of their smaller loans. outstanding under the same arrangement (for example, lease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Revised Weekly Index of Department Store Sales MEASURING WEEKLY SALES at depart- PURPOSE OF SERIES ment stores has been part of the Federal The weekly sales index serves several pur- Reserve System's statistical program for two poses: It is a prompt indicator of sales acdecades. Initially the data were published tivity; it is useful in studying sales movein the form of year-to-year percentage ments within months; and it provides a changes, but in 1941 the Board of Gover- basis for estimating the monthly index of nors supplemented these data with a new sales several weeks before a reported figure weekly index of sales for the United States is available. to facilitate comparisons of the data over Weekly figures highlight, while monthly longer periods of time. In more recent years data may obscure, many intramonthly sales several of the Federal Reserve Banks have developments. For example, the impact developed weekly indexes of sales for dis- of special sales or abrupt changes in the tricts and cities as well. weather on consumer buying can be more This article presents the results of the easily appraised from weekly figures. Also, latest revision of the national index. The the seasonal patterns associated with such revision consists principally of two adjust- holiday periods as Easter and Christmas are ments designed to maintain comparability clearer when viewed on a week-by-week with the more comprehensive monthly sales basis. index. The most important is an adjustment As soon as sales figures are available for to Census of Business data for 1954, similar the last week of a month, it is possible to to that made recently in the monthly series estimate the sales index for the month. The (see Federal Reserve BULLETIN for Decem- Board's staff prepares such an estimate durber 1957). The other involves correction ing the first week of each month for publicaof the weekly indexes to the annual levels tion on its weekly press release (H.8a). shown by the revised monthly index. The procedure for estimating the monthly While the weekly index covers the period index involves converting the weekly sales beginning with 1937, the present revision indexes to estimated monthly values. First, does not affect years before 1949. For easy indexes for weeks that overlap month-ends reference, however, the tables on pages are distributed on the basis of weights as- 419-21 include data for the entire period. signed each day of the week. Then, the weekly indexes (including fractional-week NOTE.—The work on this revision was organized values obtained by distribution) are summed and conducted by Orville K. Thompson and Edward for the current and year-earlier months, the R. Fry of the Board's Division of Research and Statistics. Earlier revisions were described in the totals are adjusted for any trading-day dif- Federal Reserve BULLETIN for September 1944 and for ferences, and a year-to-year percentage April 1952. 412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES 413 change is computed. Finally, the percentage SAMPLE OF DEPARTMENT STORES REPORTING change is applied to the seasonally adjusted WEEKLY SALES, 1957 sales index for the year-earlier month to obtain an estimate for the current month.1 Federal Number Percentage of Reserve of total department Since the weekly index is used in estimat- district stores store sales ing monthly sales levels, the following discussion refers frequently to the comprehen- Boston 80 71 New York 62 73 sive monthly sales index. It is felt the Philadelphia 59 74 reader will benefit from the comparisons Cleveland 85 80 drawn between the two series. Richmond 51 51 Atlanta 65 67 Chicago 158 70 THE REPORTING SAMPLE St. Louis 41 83 The sample of stores reporting for the Minneapolis 18 62 weekly index has the same general charac- Kansas City 72 69 teristics as the more comprehensive group Dallas 50 73 San Francisco 124 70 reporting for the monthly indexes of sales United States 865 70 and stocks. It comprises independent department stores, units of local and regional chains, and retail outlets of the large na- but dollar sales of weekly reporters account tional department store chains. Moreover, for more than 80 per cent of the total revirtually every important department store ported monthly. This is because the weekly trading area in the country is represented. sample includes a bigger proportion of the large stores. During 1957 the System received weekly In recent years weekly reporters have sales figures from 865 stores. Their sales increased in number about as fast as monthaccounted for 70 per cent of estimated total ly reporters. Most new stores submit both dollar sales of all department stores in the weekly and monthly figures to the Reserve United States, as the table shows. The size of the weekly sample varies among Federal Banks when they begin to participate in Reserve districts, but in each instance sam- the department store statistics program. ple coverage is more than 50 per cent. Most As a result, dollar coverage of the weekly district samples are larger than would or- sample relative to the monthly has increased dinarily be needed to measure changes in and comparability between the two series, sales at the national level. The additional particularly at smaller area levels, has imcoverage is necessary, however, to provide proved. reliable information on department store COMPUTATION OF THE INDEX sales on a regional and local basis. All Federal Reserve Banks use a standard The number of stores in the weekly samschedule to collect weekly sales statistics ple is about half that in the monthly sample, from department stores. The schedule re- Seasonal adjustment factors for March and April quests dollar sales figures for the latest week vary from year to year because of the changing date ending Saturday and the corresponding yearof Easter. In preparing an estimate for these months, earlier week, as well as revisions in the pretherefore, the percentage change is applied to the unadjusted index. The result is then divided by the ceding week's figure. Stores ordinarily mail seasonal factor developed for the current year's Easthis information so that it reaches the Bank ter pattern to obtain the seasonally adjusted index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN • APRIL 1958 by Wednesday of the week following that to DISTRICT PROPORTIONS IN 1957—WEEKLY which the figures refer, but some stores occa- SAMPLE AND TOTAL SALES sionally telephone their figures in earlier. Federal When figures for its district are in, each Reserve Weekly sample Total sales* Reserve Bank prepares a district summary, district which it sends to the Board. National totals are obtained by summing the district data, Boston 5.1 5.0 New York 13.3 12.8 and year-to-year percentage changes are Philadelphia 6.3 6.0 Cleveland 12.0 10.5 computed from these totals. The index for the current week is compiled by applying Richmond 5.7 8.0 Atlanta 7.0 7.4 this percentage change to the index for the Chicago 18.7 18.8 St. Louis 5.0 4.2 corresponding week in the previous year. This procedure differs from that used to Minneapolis 2.5 2.9 Kansas City 4.6 4.7 compile the monthly sales index. The na- Dallas 5.6 5.4 San Francisco 14.2 14.3 tional monthly series combines the indexes for the 12 Federal Reserve districts with United States 100.0 100.0 each index being weighted according to the 1 Based on estimated total sales for all department stores as importance of sales in that district to total derived from the monthly sales index. national sales in the base period. The monthly series. Both the weekly and monthly weekly index, on the other hand, is unindexes have 1947-49 as the base period. weighted, but as the accompanying table Adjustment to Census data. In December indicates, district proportions in the na- 1957 the monthly index of department store tional weekly sample and in total sales are sales was adjusted to benchmark data from approximately the same. the 1954 Census of Business. Because that Procedures used in compiling the monthly revision raised the level of the monthly seindex permit adjustments for changes in the ries, a similar revision in the weekly series sample, whereas the weekly sales totals are for an identical sample of stores.2 This use was necessary to restore comparability beof an identical sample results in a slight tween the two indexes. In the current redownward bias in the weekly index as com- vision, therefore, the weekly index has been pared with the monthly index, but a cor- adjusted to the same benchmark data. rection factor has been developed to offset The percentage change from 1948 to this bias and it is used in calculating each 1954 shown by the unrevised weekly index weekly index. was compared with that shown by Census The weekly index is not adjusted for data to determine the amount of correction changes in the number of trading days nor required. It was assumed that the difference for seasonal variations in department store from Census data was the result of bias in sales, statistical refinements made in the the weekly index and that the bias had accumulated in equal increments over the period between benchmarks.3 This made it - The sample may vary from time to time as stores enter or drop out of the sample, but, in general, yearto-year percentage changes reflect the sales experience of the same group of stores in the current and the 3 See BULLETIN for December 1957, pp. 1327-28, for preceding year. discussion of nature and cause of bias. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES 415 possible to employ a straight-line adjustment indexes, the base period average of the technique. weekly indexes was raised so that it ex- The formula for obtaining weekly cor- ceeded 100. The difference from 100 was rection factors was the same as that used in very small, however, and so it was decided revising the monthly index, except that terms not to recompute the series. in the formula were expressed as weekly Adjustment to monthly series. As noted values. earlier, the weekly sales index usually shows a slight downward bias in relation to the C monthly series. While a correction factor is R= 1 — B used regularly to offset this bias, it cannot be completely eliminated by this procedure for N it tends to be uneven from one year to the Symbols in the formula represent: next. As part of the present revision, therefore, annual averages of the weekly and R — Correction ratio for any given week. monthly series were compared. Where dif- Y = 0.5 for the first week in 1949, 1.5 ferences were noted, the weekly indexes were for the second week in 1949, and a adjusted to the level of the monthly series. maximum of 312.5 for the last week Similar adjustments will be made in the fuin 1954. (In general, Y equals the ture, as necessary. period in weeks between the end of 1948 and the middle of the week to WEEKLY DATA PUBLISHED which the correction ratio is to be The Board issues two weekly press releases applied.) on department store sales, one (H.8a) on C == Ratio of 1954 Census benchmark Thursday afternoon and the other (H.8b) data to 1948 benchmark data. on Friday morning. Thursday's release con- B = Ratio of 1954 annual sales index to tains percentage change data for the latest 1948 annual index. (Annual figure week, latest four weeks, and the year to date obtained by averaging 52 weekly for the 12 Federal Reserve districts and the indexes.) United States and also the national weekly N = Number of weeks in the period from index. Once each month the release includes the end of 1948 to the middle of an estimate of the monthly sales index. 1954; that is N = 287. The Board's Friday release contains fig- The minimum correction was made in the ures for about 90 cities and metropolitan week ending January 8, 1949, and the maxi- areas located throughout the United States. mum in the week ending January 1, 1955. These figures are compiled initially at the The new indexes show the same change be- Federal Reserve Banks, but are recapitutween 1948 and 1954 as do Census data for lated on the Board's release to facilitate rethose years. The effect of the adjustment gional and local comparisons on a countrywas to raise the 1954 level of the index wide basis. about 6 per cent. Each Federal Reserve Bank publishes a The unrevised weekly indexes averaged weekly report on department store sales in 100 for the base period years 1947-49. As its district. Generally, these reports contain a result of benchmark correction of the 1949 only district and local summaries, but in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN • APRIL 1958 some instances United States data are in- causing seasonal variation in department cluded. The percentage-change type of in- store sales. Consumer takings of certain formation is predominant on the Bank re- kinds of merchandise tend to follow regular leases, since only a few of the Banks compile patterns that depend to a considerable extent weekly indexes. on the season of the year. Sales of certain Most local summaries are for metro- major items of clothing, for example, vary politan areas as defined by the Office of with the changing weather of the seasons. Statistical Standards of the Bureau of the The seasonal patterns of department store Budget. In a number of cases, figures for sales are relatively more stable for most subregions of these areas are also provided. durable items than for clothing. Except An important factor limiting such break- for cooling devices, whose sales usually downs is the unavailability of adequate rise significantly in the heat of the sumsamples. mer, weather apparently plays a minor role in the durable goods lines. As in the SEASONAL INFLUENCES case of holidays, the impact of the weather In broad outline the seasonal pattern of is more noticeable in the weekly series than weekly department store sales follows that in the monthly. of the monthly sales.4 Week-to-week changes The very rapid rise in department store tend to be sharper, however, and the peaks sales in weeks preceding Christmas and the and troughs of seasonal swings more pro- subsequent sharp drop is one of the most nounced. Sales volume almost doubles from dramatic seasonal movements shown by the first week in November to the last pre- statistics on business activity. Sales during Christmas shopping week in December, for the Christmas season dwarf even the most example, but on a monthly basis the rise pronounced movements brought on by nonfrom November to December is typically seasonal influences. For example, the outless than 50 per cent. break of war in Korea produced a sharp Sales also rise for extended periods at surge of buying, particularly of durable certain other seasons of the year, as the ac- goods, in July 1950. The effect can be seen companying chart shows. The build-up in readily on the chart, which shows the weekly the spring starts at least a month before sales index at an unusually high level during Easter Sunday and may cover an even the month. Even in this instance, however, longer period when Easter is late in the total dollar sales for the month were sharply season. In late summer, purchases of back- below the December volume.5 to-school clothing are an important seasonal PROBLEMS OF INTERPRETATION influence during the month preceding Labor Weekly department store sales figures are Day. Other recurring events influence sales usually more difficult to evaluate than for much shorter periods. The effect of monthly data for a number of reasons. The Mother's Day and Father's Day is generally weekly sample is smaller and somewhat less limited to a week or two. Weather is an especially important factor 5 The unadjusted monthly index was only 100 for July, compared with 188 for December. Seasonally ?* For discussion of monthly seasonal adjustments, adjusted, however, July at 124 was up sharply from see Federal Reserve BULLETIN for December 1957, pp. June and was one of the two highest indexes in the 1330-31. ; five years 1950-54. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES 417 WEEKLY DEPARTMENT STORE SALES INDEX Without seasonal adjustment, 1947-49 = 100 300 - 250 - 200 150 -1 TOO 19 2 16 30 14 28 11 25 9 23 A S O N D reliable than the monthly. Also, the weekly ending February 22, 1958 was due prinseries lacks the seasonal and trading-day cipally to unexpectedly heavy snow in the adjustments that are made in the monthly East, which virtually paralyzed traffic for data. There are two factors peculiar to several days. the weekly series, however, that can cause Problems associated with calendar irregueven more difficulty in current analysis. larities can be especially misleading when Weekly data cover a short time period and using the weekly data. Holidays that fall on thus may fluctuate more sharply in response different days of the week, in different to seasonal as well as irregular influences. weeks, or even in different months from one Moreover, comparability between weekly year to the next affect the comparability of report periods generally is more seriously sales in two periods. Comparisons for affected by irregularities of the calendar. Christmas week illustrate the need for taking Regularly recurring seasonal influences into account the day of the week on which a raise few problems of analysis. Difficulties holiday falls. In 1957 Christmas fell on in analysis stem mostly from unusual con- Wednesday, and the week therefore included ditions surrounding sales—for example, ex- two pre-Christmas days when shopping was cessively cold or hot weather, or heavy rain heavy, compared with only one such day in or snow. The impact of such conditions on 1956, when Christmas fell on Tuesday. sales in a single week can be considerable, Principally for this reason, the year-to-year as the lines on the chart indicate. For ex- change for the United States published on ample, the sharp dip in sales in the week the Board's weekly release was a +32, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN • APRIL 1958 the individual districts showed similarly year-to-year percentage changes arises from large increases. the fact that weeks in the current year always Weekly percentage changes are always end one or two days earlier than in the predifficult to analyze during the Easter season. ceding year. (In leap years the date lag is The week-to-week pattern of a typical two days, beginning with the week including Easter period is reasonably well defined, but February 29.) There is no distortion in year-to-year changes lose comparability be- year-to-year comparisons when year-ago cause the date of Easter shifts from one year sales are showing no pronounced movement to the next. up or down. When sales are rising rapidly, In most years, Easter influences depart- however, weekly totals compared year to ment store sales significantly over a six-week year understate the actual change in sales period. During the four weeks preceding that is taking place on a date-to-date or a Easter, sales rise noticeably above the grad- monthly basis (where there is no date-lag ual upward movement typical of spring distortion). When the year-earlier series is months. The season's peak sales usually oc- moving down, weekly figures overstate the cur in the week immediately preceding actual change in sales. Proper analysis of weekly percentage change data and their use Easter, then sales decline sharply in the first in estimating monthly indexes require that post-Easter week. The second week after date lag be taken into account whenever the Easter shows a moderate gain in sales, and series is changing rapidly. by the third week the influence of Easter is no longer apparent. Awareness of this pat- The date-lag problem may be illustrated tern and of the actual dates of Easter in the by using a week during a typical Christmas two years being compared will aid in analyz- season. One such comparision is between ing the percentage change data shown on the the week ending December 14, 1957, and Board's weekly releases. that ending December 15, 1956. Since Comparison of corresponding weeks in sales were rising rapidly at the time, the two Easter seasons will sometimes facilitate 1956 week was favored in the year-to-year analysis of Easter sales activity. This can be comparison simply because it was one day done by summing the indexes for the selected closer to Christmas. Therefore, the change weeks in each year and computing a per- published for that week slightly understated centage change from the results. Some the actual progress of sales in the 1957 allowance for differences in the spring sea- Christmas season. sonal should be made if the comparison pe- When appropriate, the Board's weekly riods are widely separated, as for example press releases call attention to instances of when Easter falls late in April one year and shifting dates of holidays, as well as to the in March the next. date-lag problem, to help users avoid misin- Another problem in interpreting weekly terpreting the figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES 419 WEEKLY DEPARTMENT STORE SALES [Indexeswithout seasonal adjustment,1947-49= 100] 1937 1938 1939 1940 1941 1942 1943 1944 Jan. 9.. 30 Jan. 1.. 23 Jan. 7... 26 Jan. 6... 27 Jan. 4... 28 Jan. 3... 36 Jan. 2... 39 Jan. 1... 37 16.. 28 8.. 30 14... 27 13. . .28 11. .. 33 10... 45 9... 48 8... 48 23.. 26 15.. 28 21... 26 20... 27 18... 30 17... 45 16. . .46 15... 49 30.. 28 22 26 28... 25 27. .. 26 25... 30 24... 40 23... 42 22... 48 29.. 25 31... 41 30... 42 29... 46 Feb. 6. .29 Feb. 5.. 27 Feb. 4. . .26 Feb. 3. . .28 Feb. 1.. 31 Feb. 7... 39 Feb 6. 47 Feb 5 49 13.. 29 12.. 26 11. .. 26 10... 27 8. .. 32 14... 40 13... 59 12... 47 20... 29 19. . 27 18... 27 17... 27 15... 33 21... 38 20. .. 51 19... 47 27.. 31 26.. 27 25... 26 24... 27 22... 30 28... 42 27... 54 26... 49 Mar. 6.. 33 Mar. 5 28 Mar. 4. . .30 Mar. 2... 33 Mar. 1. .. 35 Mar. 7... 43 Mar. 6... 50 Mar. 4. . .51 13.. 33 12.'. 29 11. 30 9... 33 8... 33 14. . .45 13. . .48 11... 54 20.. 34 19.. 29 18..'. 31 16... 33 15... 36 21... 49 20... 49 18... 58 27.. 38 26.. 33 25... 34 23... 38 22... 38 28... 52 27. .. 51 25... 61 30... 30 29... 41 Apr. t, 34 Apr. 2.. 34 Apr. 1 ... 37 Apr. 6... 38 Apr. 5... 45 Apr. 4... 56 Apr. 3. . .53 Apr. 1 ... 71 10.. 34 9. .32 8. .. 39 13. .. 33 12... 48 11... 43 10. . .56 8... 69 17.. 35 16.. 37 15... 31 20... 35 19... 41 18... 48 17... 57 15. . .51 24.. 34 23.. 31 22... 31 27... 34 26... 40 25... 46 24... 61 22... 54 30.. 30 29... 33 29... 56 May 1.. 35 May 7.. 35 May 6... 35 May 4... 38 May 3... 44 May 2... 49 May 1... 47 May 6... 62 8.. 40 14. . 29 13... 36 11... 40 10. . 46 9... 49 8... 56 13... 66 15.. 34 21.. 29 20... 32 18... 35 17... 39 16... 42 15. ..50 20... 59 22.. 34 28.. 30 27... 33 25... 34 24. . 42 23... 41 22... 51 27... 56 29.. 36 31. . 38 30... 34 29... 50 June 5. . 35 June 4.. 30 June 3... 33 June 1... 31 June 7. . 45 June 6... 48 June 5... 50 June 3... 55 12.. 36 11.. 31 10... 35 8... 41 14. . 43 13... 42 12... 56 10. . .58 19.. 34 18.. 31 17... 33 15. .. 37 21. . 38 20... 43 19... 56 17... 58 26.. 30 25.. 27 24... 29 22... 33 28. . 39 27... 36 26... 44 24... 51 29... 31 July 3.. 30 July 2 27 July 1. . .29 July 6... 24 July 5. . 31 July 4... 31 July 3... 45 July 1. . .50 10.. 21 9.'.20 8... 21 13... 27 12. . 33 11... 37 10... 37 8... 39 17.. 25 16.. 23 15. . .25 20... 26 19.. 33 18... 35 17... 42 15... 49 24.. 23 23.. 21 22... 23 27... 25 26. . 32 25... 34 24... 41 22. .. 46 31.. 25 30.. 22 29... 23 31... 39 29... 44 Aug. 7. . 26 Aug. 6. .23 Aug. 5. . .26 Aug. 3... 28 Aug. 2. . 37 Aug. 1... 35 Aug. 7. . .44 Aug 5... 46 14.. 26 13.. 23 12... 25 10... 28 9.. 42 8... 40 14... 44 12... 50 21.. 26 20. . 24 19... 26 17... 29 16.. 41 15... 41 21... 49 19... 50 28.. 30 27. . 26 26... 28 24... 32 23. . 42 22... 42 28... 48 26... 57 31... 40 30. . 53 29... 47 Sept 4 35 Sept 34 Sept. 2 36 Sept. 7. 37 Sept. 6.. 43 Sept. 5 55 Sept 4 56 Sept 2 65 11.. 33 10.. 31 33 14... 43 13. . 47 12.:: 47 11... 52 9... 59 18.. 42 17. . 37 16... 38 21.. . 41 20. . 47 19. . .50 18... 60 16... 66 25.. 37 24.. 35 23... 37 28... 43 27. . 53 26... 57 25... 59 23... 65 30... 41 30... 66 Oct. 2.. 41 Oct. 1.. 35 Oct. 7... 42 Oct. 5... 43 Oct. 4. . 59 Oct. 3... 61 Oct. 2... 58 Oct. 7.. . 73 9.. 40 8. . 37 14. . .38 12... 39 11 . 44 10... 57 9... 63 14... 74 16.. 41 15.. 34 21. .. 40 19... 43 18! . 47 17. . .55 16. .. 63 21. .. 70 23.. 38 22.. 34 28... 39 26... 43 25. . 47 24... 57 23... 65 28... 70 30.. 37 29. . 36 31. .. 56 30... 62 Nov 6.. 39 Nov. 36 Nov. 4... 42 Nov. 2... 40 Nov. I .. 48 Nov. 7... 60 Nov. 6... 67 Nov 4... 72 13.. 36 12.. 36 11.. . 39 9.. .43 8. . 49 14... 60 13... 70 11... 77 20.. 39 19.. 38 18... 39 16... 45 15.. 52 21... 60 20... 75j 18... 85 27.. 35 26.. 34 25.. 36 23... 41 22. . 46 28... 58 27... 67 25... 79 30... 50 29. . 58 I Dec. 4.. 49 Dec. 48 Dec. 2.. 47 Dec. 7... 67 Dec. 6.. 74 Dec. 5... 83 Dec. 4... 90 Dec 2... 102 11.. 60 i6'.". 59 9.. 63 14... 80 13.. 83 12... 98 11... 99 9... 122 18.. 71 17.. 73 16.. 79 21... 91 20. . 99 19... 110 18... 107 16... 127 25.. 62 24.. 71 23.. 82 28... 44 27. . 63 26... 74 25... 91 23... 124 31.. 24 30.. 27 30... 41 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN • APRIL 1958 WEEKLY DEPARTMENT STORE SALES—Continued [Indexes without seasonal adjustment, 1947-49= 100] 1945 1946 1947 1948 1949 1950 1951 Jan. 6.... 49 Jan. 5 46 Jan. 4 64 Jan. 3 70 Jan. 70 Jan. 7 71 Jan. 6..... 101 13 56 12 63 11 79 10 86 8 93 14 . 81 13 108 20 54 19 64 18 76 17 80 15 84 21 80 20 . 107 27.... 54 26 64 25 75 24 . . 77 22 79 28 77 27 98 31 80 29 75 Feb 3. . 55 Feb. 2 67 Feb. 74 Feb. 7 82 Feb. 5 79 Feb. 4 79 Feb. 3. . 83 10.... 58 9. ... 73 8 75 14 81 12. 82 11 . 83 10 97 17 59 16 71 15 84 21 85 19 78 18 81 17 96 24.... 59 23 72 22 74 28 85 26 79 25 77 24..... 97 Mar. 3.... 61 Mar. 2. ... 73 Mar. 1 81 Mar. 6 91 Mar. 5. 84 Mar. 4. .. 85 Mar. 3..... 102 10.... 69 9 79 8 87 13 95 12 88 11 88 10..... 107 17.... 72 16 82 15 . 91 20 . .107 19 90 18 . 92 17 104 24 76 23 86 22 97 27 113 26 95 25 97 24 108 31.... 77 30 87 29 96 31 92 Apr. 7.... 61 Apr. 6 92 Apr. 5 .. 109 Apr. 3 ... 96 Apr. 2 103 Apr. 105 Apr. 7 104 14 52 13 95 12 90 10 102 9 110 8 112 14 102 21 65 20 98 19 92 17 100 16 108 15 89 21 100 28 62 27. ... 79 26. ... 91 24 101 23. ... 92 22. .. 97 28 104 30 98 29 100 May 5.... 65 May 4 84 May 3 95 May 1 103 May 7 115 May 6 105 May 5 116 12 66 11 93 10. ...106 8 113 14 .. 98 13. .. 108 12 113 19 60 18 83 17 93 15 100 21 96 20 96 19 101 26.... 61 25 83 24 . 94 22 . .101 28 95 27 99 26 103 31 85 29 101 June 2 57 June 1 76 June 7 100 June 5 96 June 4 89 June 3 91 June 2..... 97 9.... 66 8 93 14 102 12 . 104 11 99 10 106 9..... Ill 16 69 15 96 21 87 19 106 18 98 17 106 16 109 23.... 62 22 84 28 83 26 90 25 85 24 88 23 94 30.... 58 29 81 30..... 92 July 7.... 51 July 6 65 July 5 71 July 3 91 July 2 82 July 1 92 July 7 78 14 56 13 71 12 78 10 74 9 69 8 76 14 85 21 53 20 68 19 74 17 81 16 73 15 93 21 83 28 51 27 69 26 73 24 79 23 71 22 106 28 83 31. ... 80 30 ... 72 29. 104 Aug. 4.... 56 Aug. 3 74 Aug. 2 75 Aug. 7 89 Aug. 6 79 Aug. 5 104 Aug. 4 . 91 11.... 59 10 ... 77 9 76 14 . 88 13 . 75 12 96 11..... 90 18 42 17 81 16 77 21 93 20 87 19 99 18 96 25.... 61 24 86 23 83 28 . . 87 27 87 26 101 25..... 100 31 95 30 95 Sept. 65 Sept. 7 90 Sept. 6 91 Sept. 4 105 Sept. 3 102 Sept. 2 109 Sept. I 108 8 60 14 99 13 99 11 97 10 94 9 104 8. . 103 15 72 21 95 20. ...103 18 115 17 . .109 16. 129 15 118 22.... 74 28 87 27 108 25 109 24 101 23 113 22..... 115 29 71 30 112 29 117 Oct. 6.... 82 Oct. 5 . 94 Oct. 4 111 Oct. 2 . 112 Oct. 1 105 Oct. 7 114 Oct. 6 114 13 83 12 95 11 104 9 115 8 103 14 113 13. . .121 20 80 19 100 18. 102 16. . .113 15 ...101 21. . 107 20 120 27.... 79 26 97 25 105 23 118 22 102 28 110 27..... 117 30 109 29 103 Nov. 3.... 80 Nov. 2 94 Nov. 1 107 Nov. 6 109 Nov. 5 109 Nov. 4 111 Nov. 3..... 125 10.... 88 9 107 8 118 13 118 12 110 11 121 10..... 131 17.... 93 16 116 15 130 20 127 19 119 18 130 17..... 134 24.... 87 23 123 22 135 27 119 26 114 25 113 24..... 127 30 114 29 125 Dec. 1 110 Dec. 7 161 Dec. 6 174 Dec. 4 166 Dec. 3 156 Dec. 2 157 Dec. 1 . 166 8.... 135 14 176 13 195 11 193 10 188 9 195 8..... 197 15.... 146 21 181 20 197 18 197 17 203 16 225 15..... 220 22.... 142 28 95 27 123 25..... 162 24 188 23 226 22..... 236 29.... 54 31 68 30 84 29..... 95 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES 421 WEEKLY DEPARTMENT STORE SALES—Continued [Indexes without seasonal adjustment, 1947-49= 100] 1952 1953 1954 1955 1956 1957 1958 Jan. 5 81 Jan. 3 86 Jan. 2 86 Jan. 1 85 Jan. 7 102 Jan. 5 100 Jan. 4 102 12.... 96 10 94 9 100 8 113 14. 113 12 114 11 116 19 . . 94 17. ...97 16 . .90 15 106 21 106 19 . . 107 18 110 26 87 24 91 23 91 22 102 28 102 26 103 25 100 31 91 30 90 29 . . 93 Feb. 2.... oooo Feb. 7 93 Feb. 6 91 Feb. 5 92 Feb. 4 98 Feb. 2 .. .100 Feb. 1 98 9 91 14 97 13 96 12 98 11 105 9 108 8 00 16.... 93 21 90 20 92 19 96 18 103 16 109 15 103 23 .. .87 28 99 27.. .. 95 26 99 25 106 23 107 22 88 Mar 1 89 Mar 7 101 Mar 6 90 Mar 5 105 Mar 3 113 Mar 2 106 Mar 1 107 8.... 92 14 106 13 97 12 109 10 119 9 105 8 112 15 . .. 94 21 115 20.. 101 19 115 17 115 16 114 \5 114 22.... 99 28 119 27 106 26 110 24 122 23 121 22 117 29.... 106 31 132 30 . . 120 29 122 Apr. 5.... 114 Apr. 4 125 Apr. 3 109 Apr. 2. .. 122 Apr. 7 113 Apr. 6 . 121 Apr. 5 134 12 116 11 103 10 120 9 130 14 124 13 131 12. 19 102 18 . 17 125 16. 110 21 . 123 20 138 19 26 25 110 24 108 23 120 28 129 27 131 26 30 129 May 3.... 117 May 2 121 May 1 119 May 7 144 May 5 136 May 4 143 May 3 10 .. .123 9 135 8. . 131 14. . 115 12 140 11.. ..143 10 17.... 104 16 111 15 104 21 123 19 132 18 129 17 24.... 23 119 22 113 28 122 26 127 25 . 124 24 31 . . .102 30 102 29 111 31 June 1.... 117 June 6 125 June 5 103 June 4 109 June 2 119 June 1 117 June 7. . 14 . . .122 13 . 118 12 118 11. 122 9 135 8.. 134 14 21.... 103 20 118 19 122 18 126 16 142 15 139 21. . 28.... 96 27 99 26 103 25 110 23 119 22 . 128 28 30 114 29 115 July 5.... 83 July 4 84 July 3 99 July 2 105 July 7 98 July 6 101 July 5 12.... 87 11 98 10 82 9. 94 14 108 13.. ..111 12 19.... 86 18 89 17 93 16 104 21 105 20 108 19. 26.... 83 25 89 24 90 23 101 28 105 27 108 26 31 93 30 105 Aug. 2 91 Aug. 1 91 Aug. 7 98 Aug. 6 104 Aug. 4 113 Aug. 3 111 Aug. 2 9 94 8 97 14 103 13 108 11... . 117 10.. ..118 9 16 101 15 101 21 107 20 114 18 121 17 122 16. . . 23.... 105 22 107 28 109 27 119 25 . 130 24.. . 130 23 30 . ..116 29.. . 107 31 144 30. . Sept. 6.... 105 Sept. 5 108 Sept. 4 121 Sept. 3 134 Sept. 139 Sept. 7 121 Sept. 6 13 121 12 109 11 104 10. 115 8 122 14.. ..140 13 20.... 119 19 128 18 128 17 134 15 142 21 135 20 27.... 118 26 122 25 126 24 . 130 22 143 28 139 27 29 141 Oct. 4.... 123 Oct. 3 119 Oct. 2 118 Oct. 1 135 Oct. 6 . 138 Oct. 5 136 Oct. 4 11 . . .133 10 128 9 126 8 .. 134 13 146 12 142 11. 18 131 17 125 16 127 15 137 20 140 19 138 18 25.... 129 24 120 23 131 22 142 27 139 26 136 25 31 120 30 125 29 135 Nov. s'.'.y.122 Nov. 7 129 Nov. 6 136 Nov. 5 136 Nov. 3 134 Nov. 2 130 Nov. 1 125 14 141 13 139 12 151 10 149 9 145 8 138 21 140 20 143 19 153 17 165 16 152 15 15.... 141 28 141 27 142 26 157 24 162 23 166 22 22.... 146 30 170 29 29.... Dec. 6....206 Dec. 5 203 Dec. 4 206 Dec. 3 210 Dec. 1 214 Dec. 7 230 Dec. 6 13.... 236 12 231 11 240 10 252 8 246 14 285 13 20.... 251 19 250 18 257 17 273 15 283 21 294 20 27.... 154 26 174 25 203 24 247 22 289 28 158 27 31 95 29 121 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Growth and Structure of Time Deposits TIME DEPOSITS at member banks rose decreased in the war period, but since 1945 rapidly during and immediately after World have expanded much more rapidly than War II and again after 1950. Growth has savings accounts. Christmas savings and been at an accelerated pace since the end similar accounts and deposits accumulated of 1956, when many banks raised interest for payment of personal loans, while showrates paid on time deposits. Regulations ing little increase or even declining between placing maximum limits on rates that banks 1940 and 1945, have become items of some are permitted to pay on such deposits were importance since 1945. revised at the end of 1956 to permit higher Time deposits of the United States Govrates. At that time credit demands and rates ernment and the Postal Savings System and of return on loans and investments made it those of States and political subdivisions more profitable for banks to attract time de- were more than four times larger in midposits than at any other time in over 25 years. 1957 than in mid-1940. Time deposits of By mid-1957 time deposits had nearly foreign banks showed the largest growth proquadrupled their mid-1940 total and had portionally; they were negligible in 1940 and risen from 23 to 28 per cent of total deposits 1945, but by mid-1957 accounted for almost at member banks. Expansion at nonmem- 3 per cent of all time deposits and have ber commercial banks and at mutual savings increased still further since last summer. banks was roughly comparable with that at Chronological developments in the growth member banks over the 1940-57 period. of the different types of time deposits are Since June 1957 these deposits have con- shown in Table 1. tinued their rapid increase. The data presented in this table and in All types of time deposits except those Tables 2 and 3 were obtained through regular call reports of member banks and held for the account of domestic banks exthrough a special supplement to the call repanded between mid-1940 and mid-1957. port for June 6, 1957. The supplement was Regular savings accounts—about four-fifths used to obtain information about segments of all time deposits—doubled during the war of time deposits that had not been reported period and have grown by another 75 per regularly since June 30, 1942, and about cent since 1945. Certificates of deposit and others that had never before been reported. time deposits open-account of individuals, partnerships, and corporations, which to- Data to show types of time deposits held gether are now nearly 7 per cent of the total, by individuals, partnerships, and corporations had been collected at least annually NOTE.—This article was prepared by Theodore A. until June 1942. Since then they had been Veenstra, Jr., of the Board's Division of Bank Operacollected only once—in June 1945. Betions. 422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH AND STRUCTURE OF TIME DEPOSITS 423 TABLE 1 TIME DEPOSITS AT ALL MEMBER BANKS SELECTED DATES June 6, 1957 June 29, June 30, June 30, June 6, June 29, June 30, June 30, Holder, or type of deposit 1940 1945 1950 1957 1940 1945 1950 Ad- Unadjusted 1 justed In millions of dollars As ai percentage of totaltime deposits Individuals, partnerships, and corporations: Savings. . .. 9,985 20,190 35,737 82.7 92.6 82.2 80.0 Accumulated for payment of personal loans 52 35 434 .4 .2 1.0 1.0 113 159 498 .9 .7 1.2 1.1 Certificates of deposit 671 483 1,961 5.6 2.2 4.5 4.4 Open accounts of banks' own trust departments 1,221 2.7 Other open accounts 637 388 1,033 5.3 1.8 2.4 2.3 Total . ... 11,459 21,254 28,328 240,883 94.9 97.5 95.0 91 3 91 5 U. S. Government and Postal Savings 59 102 182 302 .5 .4 .6 .7 .7 States and political subdivisions 410 392 1,115 2,128 3.4 1.8 3.7 4.9 4.8 Domestic banks . . 134 44 26 46 1.1 .2 .1 .1 .1 Foreign banks 8 16 178 1,323 .1 .1 .6 3.0 2.9 Total time deposits 12,070 21,809 29,829 244,682 100.0 100.0 100.0 100.0 100.0 Time deposits as a percenta°e of total deposits 23.3 18.4 24.3 27.6 28.4 1 Percentages in this column are based on adjusted totals shown in partnerships, and corporations were $39,663 million and total time note 2. deposits were $43,461 million on this date. 2 Excluding open accounts of banks' own trust departments (classi- NOTE.—Details may not add to totals because of rounding. fied as ddeemand deposits before 1949), time deposits of individuals, cause the subclasses of this major group in- SAVINGS DEPOSITS clude the savings-type deposits, it was con- Only individuals and nonprofit institutions sidered desirable to include a request for are permitted to hold regular savings desuch data in the supplement to the June posits at commercial banks, and the banks 1957 call report of condition. are permitted to require notice of intended Call report data collected for the first withdrawal of these deposits. Regular savtime in June 1957 include data by type of ings deposits have always been the largest holder for certificates of deposit and time component of time deposits. They were deposits open-account, and a new category roughly 83 per cent of the total in 1940, rose of time deposits open-account created by the to 93 per cent by 1945, and by 1957 had transfer in 1949 of open accounts held by declined to 80 per cent of the total. Excludbanks' own trust departments from demand ing open accounts of banks' own trust dedeposits to time deposits. As of June 6, partments from time deposits, savings ac- 1957, this new category of time deposits ac- counts were 82 per cent of the total in 1957. counted for $1,221 million or about 2.7 per Member banks reported in June 1957 that cent of total time deposits. For comparison 37,141,932 savings deposit accounts were with data for earlier years, adjusted totals listed on their books and that these accounts of time deposits and of time deposits of in- aggregated $35,737 million; the average acdividuals, partnerships, and corporations, count was $962, compared with $715 in excluding this amount, are given in note 2 1945 and $435 in 1940. Chicago banks reto Table 1; the percentage distribution based ported a 1957 average of more than $1,500, on total deposits adjusted is shown in the banks in New York City and reserve cities next to last column of that table. about $1,000 and country banks about $900. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN • APRIL 1958 TABLE 2 TIME DEPOSITS AT ALL MEMBER BANKS BY CLASS OF BANK, JUNE 6, 1957 Central reserve Central reserve Holder, or type of deposit m b A e e m l r l - New city Chicago Re c s i e ty rve Country m b A e e m l r l - New city Chicago Re c s i e ty rve Country York York In millions of dollars As a percentage of totaltime deposits Individuals, partnerships, and corporations: Savings 35,737 1,407 1,146 14,940 18,243 80.0 37.3 86.3 83.2 84.4 Accumulated for payment of personal loans 434 0) 13 181 241 1.0 0) 1.0 1.0 1.1 Christmas savings and similar accounts.... 498 39 3 150 307 1.0 .2 .8 1.4 Certificates of deposit 1,961 42 7 548 1,364 4!4 1.1 .5 3.1 6.3 Open accounts of banks' own trust departments 1,221 696 123 324 77 2.7 18.4 9.3 1.8 .4 Other open accounts 1,033 478 6 290 258 2.3 12.7 .5 1.6 1.2 Total 40,883 2,662 1,298 16,432 20,491 91.5 70.5 97.8 91.5 94.8 U. S. Government and Postal Savings. . . 302 36 4 120 142 .7 1.0 .3 .7 .7 States and political subdivisions 2,128 67 10 1,089 962 4.8 1.8 .8 6.1 4.4 Domestic banks. 46 7 0) 16 23 .1 .2 0) .1 Foreign banks 1,323 1,002 15 299 7 2.9 26.5 1.1 1.6 0) Total time deposits 44,682 3,774 1,328 17,956 21,624 100.0 100.0 100.0 100.0 100.0 Time deposits as a percentage of total deposits. 28.4 14.3 18.2 29.1 34.8 1 Less than $500,000, or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding. The average account at insured nonmem- show the extensive use of this type of deber commercial banks in mid-1957 was posit in some areas; as Table 2 shows, counabout the same as that at country member try banks held more than 6 per cent of their banks. At savings banks, according to esti- time deposits in this form in June 1957. mates of the National Association of Mutual Certificates of deposit have traditionally Savings Banks, the average size of regular been the savings method offered by many savings accounts was twice as large as that banks in some sections of the country, and for all commercial banks. in recent years other banks have adopted "savings" plans using these certificates. CERTIFICATES OF DEPOSIT Banks that reported large proportions of Time certificates of deposit, which are evi- certificates of deposits in 1957 were for the denced by instruments redeemable only most part in the Midwest and in some southafter a specified date or 30 days after writ- ern States. At country banks in the St. Louis ten notice has been given, are often used for and Minneapolis Reserve Districts, for inthe same purpose as savings deposits, but a stance, savings in this form accounted for substantial proportion of them are of a dif- 15 per cent and 25 per cent, respectively, of ferent nature. In June 1957 certificates of total time deposits. deposit of individuals, partnerships, and cor- According to data for June 6, 1957, porations represented somewhat more than shown in Table 3, member banks estimated 4 per cent of total time deposits at all mem- that individuals held three-fourths of the ber banks compared with only 2 per cent in total amount of time certificates of deposit 1945; in mid-1940 such certificates were at country banks and about half of the total nearly 6 per cent of total time deposits. amount at city banks. These deposits are These figures for all member banks fail to presumably largely for the same purpose as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GROWTH AND STRUCTURE OF TIME DEPOSITS 425 savings deposits. Corporations and institu- shown in Table 3, corporations and institutional holders accounted for the bulk of the tions held about 40 per cent of this amount, remainder with foreigners and noncorporate and foreigners about 30 per cent. Holdings businesses holding small amounts. of individuals, which may be considered as Insured nonmember commercial banks similar in purpose to savings deposits, reported in mid-1957 that about 13 per cent amounted to nearly 25 per cent. Nearly all of their time deposits were in the form of of the foreign holdings were at banks in certificates of deposit. Almost all of these New York City. Individuals' holdings, on represented holdings of individuals, presum- the other hand, were mainly in country ably for savings purposes. banks, while those of corporations and institutions were scattered. OTHER OPEN ACCOUNTS Time deposits open-account other than those SAVINGS-TYPE AND OTHER TIME DEPOSITS of banks' own trust departments are also Several forms of time deposits are defiused by some for savings purposes, although nitely deposits of the savings type. In addithey do not qualify for classification as sav- tion to the regular savings deposits, there are ings deposits. Such accounts, referred to in Christmas savings and similar accounts and this article as "other" open accounts, are those portions of certificates of deposit and subject to written contracts that limit with- other open accounts that are held by indrawal to a specified date or to 30 days dividuals. On June 6, 1957, these savingsafter written notice. type deposits are estimated to have totaled In mid-1957 these other open accounts of about $38 billion, or about 85 per cent of individuals, partnerships, and corporations the $45 billion of all time deposits at memtotaled about $1 billion or 2.3 per cent of ber banks (87 per cent excluding open actotal time deposits at all member banks. As counts of trust departments). Although TABLE 3 OWNERSHIP OF TIME CERTIFICATES OF DEPOSIT AND TIME DEPOSITS OPEN-ACCOUNT BY CLASS OF MEMBER BANK, JUNE 6, 1957 [Tn millions of dollars] Central reserve city All Reserve Type of deposit and holder member city Country New York Chicago Certificates of deposit Domestic: Individuals (certficates similar in purpose to savings deposits) 1,345 280 1,063 Corporations and institutions 526 248 245 Nonfarm, noncorporate business 68 16 51 Foreign (excluding banks) 22 All holders 1,961 42 548 1.364 Open accounts Domestic: Individuals (accounts similar in purpose to savings deposits) 242 65 169 Corporations and institutions 435 167 187 80 Nonfarm, noncorporate business 20 7 4 9 Foreign (excluding banks) 336 297 34 All holders 1,033 478 290 258 1 Holdings of individuals, partnerships, and corporations. NOTE.—Details may not add to totals because of rounding. 2 Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BULLETIN • APRIL 1958 comparable data are not available for earlier posits accounted for only 39 per cent of all years, on the basis of the proportions derived time deposits in 1957. At reserve city banks from figures in Table 3 it appears likely that and central reserve city banks in Chicago deposits of this type were as much as 95 per the proportion was close to 85 per cent, or cent of total time deposits at member banks almost the same as that for all member in 1945 and around 90 per cent in 1940. banks. Country banks reported that more At banks in New York City, where for- than 91 per cent of total time deposits were eign bank deposits, open accounts of foreign of the savings type. Such deposits were interests, and open accounts of banks' own about the same proportion at nonmember trust departments are large, savings-type de- insured banks as at country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Proposed Revision of Reserve Requirements THE BOARD OF GOVERNORS of the Federal would also have collateral advantages, such Reserve System is proposing to Congress as reducing the costs of transporting and three changes in existing law concerning re- handling currency and facilitating the holdserve requirements of member banks. The ing by member banks of larger stocks of proposed amendments would: currency that would be available over widely dispersed areas for use in a national emer- (1) authorize the Board to permit memgency. ber banks to include all or part of their vault Such a provision would make possible the cash holdings in their required reserves; release of over $2 billion of reserves for all (2) authorize the Board to fix the reserve member banks. Country banks hold nearly requirements for demand deposits of central $1.4 billion of vault cash, amounting to reserve city banks within a range of 10 to 20 about 4 per cent of their net demand deper cent, instead of the present authorized posits or over a fourth of their present rerange of 13 to 26 per cent. (For other quired reserves, while reserve city banks as classes of deposits at member banks, the a group have vault cash holdings amounting ranges within which the Board is authorized to less than 2 per cent of net demand deto fix the requirements would remain as at posits or a tenth of their total required present.) reserves. The vault cash holdings of many (3) make more flexible the Board's aularge city banks, however, including most thority to permit individual member banks central reserve city banks, amount to one in central reserve or reserve cities to carry per cent or less of their net demand deposits lower reserves than those specified for banks and but a small fraction of required reserves. in such cities. Thus this provision taken alone would not Purposes of these proposals may be briefly only add greatly to the total supply of resummarized as follows: serves but also would have the effect of (1) The counting of vault cash as re- widening and distorting existing differentials serves would correct a generally recognized in reserve requirements as between classes inequity that now exists because many banks of banks. It would, therefore, be necessary find it necessary for operating purposes to to put these changes into effect gradually hold larger amounts of vault cash than do and to accompany them by partly offsetting other banks. Since vault cash holdings and adjustments in the reserve requirement perreserve balances at the Reserve Banks are centages. interchangeable and both serve the same (2) Under the present law, by reclassipurpose in influencing the volume of bank fying cities or by abolishing classifications credit, they should both be counted as re- and also by changing requirements, the serves. Counting of vault cash as reserves Board has legal authority to alter differen- 427 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN • APRIL 1958 tials in requirements as between the broad adoption of more rational criteria for exclassifications of member banks. By using empting individual banks than can be used this authority any undue distinctions be- under existing law and thereby make postween classes of banks may be gradually re- sible elimination of some existing inequities. duced. If vault cash holdings are permitted With the amendments proposed, along to be counted as reserves, it would have with other provisions of existing law, the the effect of lowering the required reserves Board would have adequate authority to of each class of banks, but particularly make any changes in the structure and level of country and reserve city banks, where of reserve requirements that are likely to be vault cash holdings are relatively large. The appropriate under present or prospective Board consequently is proposing no change conditions. Legislative authority with rein the percentage requirements as now spect to both the level and structure of stated in the law for these classes of banks— reserve requirements for member banks 7 to 14 per cent and 10 to 20 per cent, reshould be sufficiently flexible to enable adspectively, against net demand deposits. justments to be made in a manner, in It is proposed, however, that permissible amounts, and at times that are consistent requirements for central reserve city banks with the aims of monetary policy, with the be lowered to the 10 to 20 per cent range international position of the country, and authorized for reserve city banks. A maxiwith the maintenance of a sound and effecmum requirement of 20 per cent against net tively functioning banking system. Existing demand deposits for any bank or class of law with the amendments proposed would banks is believed to be adequate for any permit moving gradually toward a more purpose under present or prospective conequitable and rational structure of reserve ditions. While this amendment would rerequirements and toward making in the tain authority for keeping three classes of course of time any changes in the level of banks with differential requirements against reserve requirements, consistent with approdemand deposits, it would tend to encourage priate monetary policy and sound banking narrower differentials as between classes of practices, that may be needed to meet the banks. (3) Under existing law individual mem- monetary and credit needs of a growing ber banks can be permitted to carry lower economy. requirements if they are located in the out- The proposed amendments are presented lying districts of central reserve or reserve in the bill given below.1 cities. This provision permits the Board to alleviate inequities which arise when banks A BILL located in such outlying districts are pre- To amend Section 19 of the Federal Redominantly engaged in business that is simiserve Act with respect to the reserves relar to that of banks with a lower reserve quired to be maintained by member banks classification. It does not, however, permit of the Federal Reserve System against dethe Board to bring equivalent relief to such posits. banks if they are located in the central districts of reserve and central reserve cities. 1 On Apr. 3, 1958 this bill was introduced in the Senate by The amendment proposed would permit Mr. Fulbright as S. 3603, and in the House by Mr. Spence as H. R. 11871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PROPOSED REVISION OF RESERVE REQUIREMENTS 429 Be it enacted by the Senate and House of hold and maintain the reserve balances spec- Representatives of the United States of ified in paragraphs (a) or (b) above, if America in Congress assembled, That Sec- permission for the holding and maintaining tion 19 of the Federal Reserve Act, as of such lower reserve balances is granted by amended, is further amended by striking out the Board of Governors of the Federal Rethe provisos in the fourth and fifth para- serve System, either in individual cases or graphs of such section, lettered (b) and (c), under regulations of the Board, on such respectively (U.S.C., Title 12, Sec. 462), by basis as the Board may deem reasonable and changing the colon in each such paragraph appropriate in view of the character of busito a period, and by adding after such fifth ness transacted by the member bank." paragraph the following: "Notwithstanding the other provisions of SEC. 2. (a) The fifth paragraph of Secthis Section— tion 19 of the Federal Reserve Act, let- "(1) The Board of Governors, under tered (c) (U.S.C., Title 12, Sec. 462), such regulations as it may prescribe, may is amended by striking out the word "thirpermit member banks to count all or part of teen" in such paragraph and substituting in their currency and coin as reserves required lieu thereof the word "ten". under this section; and (b) The sixth paragraph of Section 19 "(2) A member bank in a reserve city of the Federal Reserve Act (U.S.C., Title may hold and maintain the reserve balances 12, Sec. 462b) is amended by striking out specified in paragraph (a) above and a the words "on the date of enactment of the member bank in a central reserve city may Banking Act of 1935". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Reserves of Member Banks porate limits, which, by the affirmative vote of five members of the Board of Governors The Board of Governors amended the Suppleof the Federal Reserve System, is permitted ment to Regulation D so as to reduce the reserves to maintain the reserves specified in paraagainst net demand deposits required to be maingraph 1 or 2 above)— tained by member banks with Federal Reserve (a) 5 per cent of its time deposits, plus Banks. The reductions became effective as to (b) 19 per cent of its net demand demember banks not in reserve and central reserve posits. cities at the opening of business on April 1, 1958, and as to member banks in reserve and central Trust Powers of National Banks reserve cities at the opening of business on March The Board of Governors is authorized by Sec- 20, 1958. There is set forth below the text of the tion 11 (k) of the Federal Reserve Act "to grant amended Supplement. by special permit to national banks applying there- SUPPLEMENT TO REGULATION D* for, when not in contravention of State or local Pursuant to the provisions of Section 19 of the law, the right to act as trustee, executor, adminis- Federal Reserve Act and Section 2(a) of its Regu- trator, registrar of stocks and bonds, guardian of lation D, the Board of Governors of the Federal estates, assignee, receiver, committee of estates Reserve System hereby prescribes the following of lunatics, or in any other fiduciary capacity in reserve balances which each member bank of the which State banks, trust companies, or other cor- Federal Reserve System is required to maintain on porations which come into competition with nadeposit with the Federal Reserve Bank of its dis- tional banks are permitted to act under the laws trict: of the State in which the national bank is located." The opinion of the Board has been requested 1. If not in a reserve or central reserve city— as to the scope of trust authority in the case of a (a) 5 per cent of its time deposits, plus national bank which has been granted the right (b) 11 per cent of its net demand deto act in two specific fiduciary capacities (trustee posits. and registrar of stocks and bonds) and in any 2. If in a reserve city (except as to any bank other fiduciary capacity in which competing State located in an outlying district of a reserve banks and trust companies are permitted to act city or in territory added to such city by the under the law of the State in which the national extension of the city's corporate limits, which, bank is located. The direct question is whether by the affirmative vote of five members of the under this authority the bank may act as executor, Board of Governors of the Federal Reserve which is one of the eight powers enumerated in System, is permitted to maintain the reserves Section 11 (k), but which was not specifically specified in paragraph 1 above) — granted by the Board. (a) 5 per cent of its time deposits, plus It is the Board's opinion that the so-called ninth (b) 17 per cent of its net demand deor "general power" covers all fiduciary powers posits. which competing State institutions are authorized 3. If in a central reserve city (except as to to exercise, including any of the eight specific any bank located in an outlying district of a powers enumerated in Section 11 (k). Thus, a central reserve city or in territory added to national bank that receives a permit which insuch city by the extension of the city's cor- cludes the "general power" may, in practical effect, have full trust powers even though its permit * Changes in this Supplement to implement a further re- does not list some of the eight specific powers, duction in the reserves required against net demand deposits (noted on page 434 of this BULLETIN) will be reported in the although its right to exercise the specific powers May issue of the BULLETIN. 430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

431 LAW DEPARTMENT not listed in its permit is dependent upon the au- payroll, life insurance and budget loan instalment thority of competing State institutions to do so. accounting. In the case now before the Board for considera- (2) In the second case, Corporation Y, a nontion, competing State banks are permitted to act banking subsidiary of a bank holding company as executor. Accordingly, the Board has con- (Holding Company B, which was also a bank), cluded that the national bank may also act in this solicited business on behalf of Holding Company capacity although the right to act as executor was B from dealers, throughout several adjoining or not specifically mentioned in the permit issued by contiguous States, who made time sales and dethe Board. sired to convert their time sales paper into cash; but Corporation Y made no loans or purchases of "Services" under Section 4(c)(l) of sales contracts and did not discount or advance Bank Holding Company Act money for time sales obligations. Corporation Y Section 4(c) (1) of the Bank Holding Company investigated credit standings of purchasers obli- Act, among other things, exempts from the non- gated on time sale contracts to be acquired by banking divestment requirements of Section 4(a) Holding Company B. Corporation Y received of the Act shares of a company engaged "solely from dealers the papers offered by them and in the business of furnishing services to or per- inspected such papers to see that they were in forming services for" its bank holding company order, and transmitted to Holding Company B for or subsidiary banks thereof. its determination to purchase, including, in some The Board of Governors has had occasion to cases, issuance of drafts in favor of dealers in express opinions as to whether this section of law order to facilitate their prompt receipt of payapplies to the following two sets of facts: ment for instalment paper purchased by Holding (1) In the first case, Corporation X, a non- Company B. Corporation Y made collections of banking subsidiary of a bank holding company delinquent paper or delinquent instalments, which (Holding Company A), was engaged in the busi- sometimes involved repossession and resale of the ness of purchasing instalment paper suitable for automobile or other property which secured the investment by banking subsidiaries of Holding paper. Also, upon request of purchasers obligated Company A. All instalment paper purchased by on paper held by Holding Company B, Corpora- Corporation X was sold by it to a bank which is a tion Y transmitted instalment payments to Holdsubsidiary of Holding Company A, without re- ing Company B. Holding Company B reimbursed course, at a price equal to the cost of the instal- Corporation Y for its actual costs and expenses ment paper to Corporation X, and with compensa- in performing the services mentioned above, intion to the latter based on the earnings from such cluding the salaries and wages of all Corporation paper remaining after certain reserves, expenses, Y officers and employees. and charges. The subsidiary bank sold participa- While the term "services" is sometimes used in tions in such instalment paper to the other affili- a broad and general sense, the legislative history ated banks of Holding Company A which desired of the Bank Holding Company Act indicates to participate. Purchases by Corporation X con- that in Section 4(c) (1) the word was meant to be sisted mainly of paper insured under Title I of somewhat more limited in its application. An the National Housing Act and, in addition, Cor- early version of the bill specifically exempted comporation X purchased time payment contracts panies engaged in serving the bank holding comcovering sales of appliances by dealers under con- pany and its subsidiary banks in "auditing, aptractual arrangements with utilities, as well as praising, investment counseling." The statute as paper covering home improvements which was finally enacted does not expressly mention any not insured. Pursuant to certain service agree- specific type of servicing activity for exemption. ments, Corporation X made all collections, en- In recommending the change, the Senate Banking forced guaranties, filed claims under Title I insur- and Currency Committee stated that the types ance and performed other services for the affiliated of services contemplated are "in the fields of adbanks. Also Corporation X rendered to banking vertising, public relations, developing new busisubsidiaries of Holding Company A various ac- ness, organization, operations, preparing tax recounting, statistical and advisory services such as turns, personnel, and many others," which indi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN • APRIL 1958 cates that latitude should be given to the range clearly within the range of servicing activities conof activities contemplated by this section beyond templated by Section 4(c)(l). There was some those specifically set forth in the early draft of question as to whether or not some of the other the bill. (84th Cong., 2d Sess., Senate Report activities of Corporation Y mentioned above could 1095, Part 2, p. 3.) It nevertheless seems evident meet the test, but on balance, it seemed that all that Congress intended such services to be types such activities probably were activities in which of activities generally comparable to those men- Holding Company B, which as already indicated tioned above from the early bill ("auditing, ap- was a bank, could itself engage, at the present praising, investment counseling") and in the ex- locations of Corporation Y, without being engaged cerpt from the Committee Report on the later in the operation of bank branches at those locabill ("advertising, public relations, developing new tions. In the circumstances, while the question business, organization, operations, preparing tax was not free from doubt, the Board expressed the returns, personnel, and many others"). This legis- opinion that the activities of Corporation Y were lative history and the context in which the term those of a company engaged "solely in the busi- "services" is used in Section 4(c) (1) seem to sug- ness of furnishing services to or performing servgest that the term was in general intended to refer ices for" Holding Company B within the meanto servicing operations which a bank could carry ing of Section 4(c)(l) of the Act, and that, acon itself, but which the bank or its holding com- cordingly, the control by Holding Company B pany chooses to have done through another or- of shares in Corporation Y was exempted under ganization. Moreover, the report of the Senate that section. Banking and Currency Committee indicated that the types of servicing permitted under Section Order under Section 3 of Bank Holding 4(c)(l) are to be distinguished from activities of Company Act a "financial, fiduciary, or insurance nature," such as those which might be considered for possible The Board of Governors of the Federal Reserve exemption under Section 4(c)(6) of the Act. System on March 12, 1958 issued the following Order and Statement with respect to an application With respect to the first set of facts, the Board by a bank holding company for approval of the expressed the opinion that certain of the activities acquisition of voting shares of a bank: of Corporation X, such as the accounting, statistical and advisory services referred to above, may NEW HAMPSHIRE BANKSHARES, INC. be within the range of servicing activities contem- In the Matter of the Application of New Hampplated by Section 4(c)(l), but that this would shire Bankshares, Inc., Nashua, New Hampshire not appear to be the case with the main activity of for Approval of Acquisition of Voting Shares of Corporation X, which was the purchase of instal- The New Hampshire National Bank of Portsment paper and the resale of such paper at cost, mouth, Portsmouth, New Hampshire without recourse, to banking subsidiaries of Holding Company A. This latter and basic activity of ORDER Corporation X appeared to involve essentially a financial relationship between it and the banking The above matter having come before the Board subsidiaries of Holding Company A and appeared on the application of New Hampshire Bankshares, beyond the category of servicing exemptions con- Inc., Nashua, New Hampshire, dated November templated by Section 4(c)(l) of the Act. Ac- 14, 1957, filed pursuant to the provisions of Seccordingly, it was the Board's view that Corpora- tion 3 (a) (2) of the Bank Holding Company Act tion X could not be regarded as qualifying under of 1956, for prior approval of the acquisition of Section 4(c) (1) as a company engaged "solely in up to 60 per cent of the voting shares of The the business of furnishing services to or perform- New Hampshire National Bank of Portsmouth, ing services for" Holding Company A or sub- Portsmouth, New Hampshire, and it appearing sidiary banks thereof. after due consideration thereof pursuant to the With respect to the second set of facts, the requirements of the Bank Holding Company Act Board expressed the opinion that some of the of 1956 that such application should be approved, activities engaged in by Corporation Y were IT IS ORDERED that the said application be and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 433 hereby is granted and the acquisition by New appears that the financial history and condition, Hampshire Bankshares, Inc., of up to 60 per prospects, and character of the management of cent of the voting shares of The New Hampshire both Bankshares and The New Hampshire Na- National Bank of Portsmouth is hereby approved, tional Bank are satisfactory. provided that such acquisition is completed within The principal facts having a bearing upon the three months from the date hereof. fourth and fifth statutory factors may be briefly This 12th day of March 1958. summarized as follows: By order of the Board of Governors. Bankshares now controls five banks having total Voting for this action: Chairman Martin and Gov- deposits of about $33,000,000. All the banks are ernors Szymczak, Vardaman, and Mills; absent and not voting: Governors Robertson and Shepardson. located in the southeastern part of New Hamp- Vice Chairman Balderston disqualified himself and shire, three in Rockingham County and two in did not participate in the consideration or decision of the adjoining county of Hillsboro. The proposed this matter. acquisition of The New Hampshire National Bank (Signed) s. R. CARPENTER, would cause Bankshares to control a fourth bank Secretary, in Rockingham County. (SEAL) Portsmouth, with a population of about 23,000, STATEMENT is the largest city in Rockingham County. It is served by three commercial banks, including The New Hampshire Bankshares, Inc. (hereinafter New Hampshire National Bank, and by two mureferred to as Bankshares), a bank holding comtual savings banks. In the Portsmouth trading pany, has requested the prior approval of the area, estimated to comprise an area within about Board, pursuant to Section 3 (a) (2) of the Bank a five-mile radius of the city and with a popula- Holding Company Act (hereinafter referred to as tion of about 46,000 including the city, there are the Act) for the acquisition of a majority of the also two offices of one additional commercial voting shares of The New Hampshire National bank. The New Hampshire National Bank, with Bank of Portsmouth, Portsmouth, New Hampdeposits of about $5,000,000, is the smallest bank shire. in Portsmouth and the trading area, and its pro- As required by Section 3(b) of the Act, the posed affiliation with Bankshares may enable it to Board gave notice of the application to the Comp- serve its customers somewhat better and offer troller of the Currency and requested his views expanded facilities to the community. and recommendations; and the Comptroller re- Bankshares now has no banking subsidiary in sponded by recommending approval of the transthe Portsmouth trading area. Its nearest banks action. are about 13 and 18 miles distant from Ports- Under Section 3(c) of the Act, the Board must mouth and do not compete appreciably in that take into consideration the following five factors: area. The first of these, The New Market Na- (1) the financial history and condition of the tional Bank, Newmarket, New Hampshire, has bank holding company and the banks concerned; deposits of about $2,000,000; the second, the (2) their prospects; Rockingham National Bank, Exeter, New Hamp- (3) the character of their management; shire, has deposits of about $5,500,000, less than (4) the convenience, needs, and welfare of the half the deposits of the other bank in Exeter, communities and the area concerned; and which is not a holding company bank. (5) whether or not the effect of the proposed The proposed acquisition would cause Bankacquisition would be to expand the size or extent shares to control one of the three commercial of the bank holding company system involved banking offices in Portsmouth and about 22.5 per beyond limits consistent with adequate and sound cent of their total deposits, and one of the five banking, the public interest, and the preservation commercial banking offices in the trading area of competition in the field of banking. and about 17 per cent of their total deposits. All relevant facts in the present case must, However, each of the two mutual savings banks therefore, be considered in the light of these statu- in the city has deposits greater than any comtory factors. mercial bank in the trading area and savings banks With respect to the first three of these factors, it compete actively with commercial banks for sav- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN • APRIL 1958 ings deposits, for real-estate loans, and, to some In the circumstances of this case viewed in the extent, for other loans. The proposed transac- light of the statutory factors, it is the Board's tion would cause Bankshares to control 6ne of judgment that the proposed acquisition of stock the five commercial and savings banking offices of The New Hampshire National Bank by Bankin Portsmouth and about 10 per cent of their shares would not be inconsistent with the undertotal deposits, and one of the seven such offices lying purposes of the Act. Accordingly, the in the Portsmouth trading area and about 9 per Board concludes that the application should be cent of their total deposits. granted, and IT SO ORDERS. Current Events and Announcements FEDERAL RESERVE MEETINGS Meetings of the Federal Open Market Committee tive April 24. Effective April 24, the Board has were held in Washington on March 25 and April also reduced the reserves required to be maintained 15, 1958. by reserve city banks against demand deposits by Also on March 25 and April 15, 1958, special one-half of one percentage point. sessions of the Conference of Presidents of the This action released about $450 million from Federal Reserve Banks were held in Washington. present required reserves. The reduction for On April 15 the Presidents met with the Board of central reserve cities from 19 per cent to 18V^ per Governors. cent, effective April 17, released about $130 million of reserves, and the reduction from 18Vi DECREASE IN FEDERAL RESERVE DISCOUNT RATES per cent to 18 per cent, effective April 24, released about the same amount. At reserve city banks The Board of Governors of the Federal Reserve the reduction from 17 per cent to 16Vi per cent, System has approved action by the directors of effective April 24, released about $190 million. the following five Federal Reserve Banks decreasing the discount rates of those Banks, effective Friday, April 18, 1958, to 13A per cent: TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Federal Reserve Bank of New York Latest BULLETIN Reference Federal Reserve Bank of Philadelphia Semiannually Issue Page Federal Reserve Bank of Chicago Banking offices: Federal Reserve Bank of St. Louis Analysis of changes in number of... Feb. 1958 202 On, and not on, Federal Reserve Par Federal Reserve Bank of Minneapolis List, number of Feb. 1958 203 Annually The rate previously in effect at these Banks was Earnings and expenses: 2XA per cent. Federal Reserve Banks Feb. 1958 200-201 Member banks: Calendar year June 1957 710-718 First half of year Nov. 1956 1248 REDUCTION OF RESERVE REQUIREMENTS Insured commercial banks June 1957 719 Banks and branches, number of, by class The Board of Governors has reduced the reserves and State Apr. 1958 492-493 Operating ratios, member banks June 1957 720-722 required to be maintained by central reserve city Stock Exchange firms, detailed debit and banks against demand deposits by one-half of one credit balances Mar. 1957 336 Banking and monetary statistics, 1957.. Feb. 1958 204-210 percentage point, effective April 17, and by an Summary flow-of-funds accounts, 1954-56 Oct. 1957 1190-1194 additional one-half of one percentage point effec- 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 April 14 Industrial production, employment, incomes, cent of the 1947-49 average. Production of nonand retail sales declined in March and unem- ferrous metals and construction materials also ployment rose, but changes were not so large as continued to decline. Output of most types of in the preceding month. Construction activity producers' equipment receded further, but activwas maintained at advanced levels. Wholesale ity in the aircraft industry was maintained. Outprices of industrial commodities continued to put of household durable goods changed little at change little, and prices of farm products and sharply reduced levels. Auto assemblies defoods leveled off after rising sharply in February creased in March to a level almost two-fifths beand early March. Free reserves of banks ex- low a year earlier; in early April they were curpanded further, and short-term interest rates de- tailed somewhat further. clined to new lows for the year. Bank credit con- Activity in the chemical and paper and printing tinued upward. industries continued to decline slightly in March, and a reduction in apparel production was due in part to a work stoppage. Output of most other INDUSTRIAL PRODUCTION nondurable goods was maintained. Crude petroleum production was cut 10 per cent to a level Industrial production in March, as measured sharply below a year earlier. by the Board's preliminary seasonally adjusted index, declined two points further to 128 per cent of the 1947-49 average, and was 12 per cent be- CONSTRUCTION low the level of a year earlier. The March decline in durable goods industries was at a slower Total new construction outlays remained at rate than in other recent months. Output of nonadvanced levels in March. The March seasonally durable goods continued to edge downward, and adjusted annual rate of $48.1 billion compares minerals production showed a substantial drop. with the peak of $48.8 billion reached last Steel ingot production decreased further dur- October. Since autumn, private residential and ing March and by early April reached a level nonresidential construction have declined modabout half the record of early 1957 and 80 per erately, while public construction has increased. Private housing starts in March were at a seasonally adjusted annual rate of less than 900,- INDUSTRIAL PRODUCTION 1947-49-100 000 units, about the same as in February. EMPLOYMENT Unemployment, which usually declines about 200,000 in March, remained at 5.2 million and was 2.3 million larger than a year earlier. The seasonally adjusted rate of unemployment was 7 per cent as compared with 3.9 per cent a year ago. Seasonally adjusted nonfarm employment, at 50.7 million in March, was 300,000 below February and 2.1 million below the August 1957 peak. The average factory workweek changed little at 38.5 hours, and continued 1.6 hours be- Federal Reserve indexes, seasonally adjusted. Monthly fig- low year-earlier levels. ures, latest shown are for March. 435 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN • APRIL 1958 DISTRIBUTION Holdings of U. S. Government and other securities continued to expand and business and security Retail sales in March declined further from the loans also rose. Growth in business loans in reduced February rate and were 2 per cent below mid-March, mainly associated with income tax a year earlier. While sales apparently declined or payments, was followed by some decline. Loans changed little at most types of stores, sales at deto metals manufacturers, trade concerns, and texpartment stores and some other outlets increased. tile manufacturers accounted for most of the net In early April there was a slight further rise at increase in business loans over the period. department stores. Stocks at department stores Free reserves of member banks continued to indipped further in February and were 6 per cent crease during late March and early April and below the peak reached last October. averaged $530 million over the four weeks ending April 9 compared with $400 million in the COMMODITY PRICES previous four weeks. More reserves were sup- The general level of wholesale commodity plied to banks through reductions in reserve reprices was stable from mid-March to early April. quirements and Federal Reserve purchases of Farm and food products remained near the higher U. S. Government securities than were absorbed, levels reached in mid-March owing to sharp in- mainly by currency and gold outflows. creases in prices of livestock and meats. Average prices of industrial commodities continued to SECURITY MARKETS change little. Prices of some materials such as steel scrap, aluminum, lead, and fuel oils de- With the further easing of bank reserves from clined. mid-March to mid-April, short-term interest rates Consumer prices advanced two-tenths of one —both on Treasury securities and on private openper cent further in February, owing mainly to market paper—declined to new lows for the year. additional increases in meats, vegetables, and Yields on corporate and municipal, as well as fruits, and a continuing rise in prices of numerous Treasury, long-term securities also declined. On services. Retail prices of new autos and petrothe longest-term U. S. Government bonds they leum products declined. edged below the previous low point reached in mid-January, and yields on intermediate-term BANK CREDIT AND RESERVES Treasury issues moved lower despite a new offer- Total credit at city banks increased $2.2 bil- ing of 1963 notes. Common stock prices delion between late February and early April. clined. RETAIL TRADE 1947-49-100 INTEREST RATES Per cent 160 150 GOVER L N O M N E G N T -T S E E R C M URITIES 140 rf Aj i 130 /\Jm 120 170 DEPARTMENT STORES 160 -I F. R. BANK TREASURY BILLS DISCOUNT RATE 150 i i 140 V / 130 120 110 1954 1955 1956 1957 1958 1 I 1 Federal Reserve indexes, seasonally adjusted; retail sales based on Department of Commerce data. Monthly figures; Weekly average market yields for long-term U. S. Governlatest shown for department store stocks is February, for other ment IVi per cent bonds and for longest Treasury bills; latest series, March. shown are for week ending Apr. 4. 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 439 Reserve Bank discount rates; reserve requirements; margin requirement*.. 442 Federal Reserve Banks 443 Bank debits; currency in circulation 446 All banks: consolidated statement of monetary system; deposits and currency. . 448 All banks, by classes 449 Commercial banks, by classes.... 452 Weekly reporting member banks. . 454 Commercial loans; commercial paper and bankers' acceptances. 456 Interest rates 457 Security prices; stock market credit. 458 Savings institutions 459 Federal business-type activities. 460 Federal finance.... 462 Security issues. . 466 Business finance . 467 Real estate credit 469 Short- and intermediate-term consumer credit. 472 Selected indexes on business activity. 476 Production 477 Employment and earnings. . 484 Department stores. . 486 Foreign trade . .... 487 Wholesale and consumer prices.... 488 National product and income series. 490 Banks and branches in operation on December 31, 1957. 492 Revised indexes of production, 1956 494 Tables published in BULLETIN, annually or semiannually—list, with references. . 434 Index to statistical tables. 523 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. 437 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars 25 MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 2 0 35 CURRENCY IN CIRCULATION 30 25 RESSEERRVVEE BBAANNKK CCRREEDDIITT | 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 30 -FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES 25 20 I DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending Mar. 26. See p. 439. 438 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 reserves, reserves e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r a u c H r e g n h i p t e r d a i e u l e s e d e r s e r - - c v D o a a a n n u i d s d c n - - e ts s Float Total1 s G to o c ld k T r s c o e t u i r a u n n u e r n r g y c t a - - d y s- - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o r n a e r l g s y a d h s s - - Tr u w e r a i y t s h - F. F e o i R g r . n - Ba O nk th s er c O F o a . t u c h - R n e t r . s Total qu R i e r - ed2 c E es x s - 2 ment Averages of daily figures 1957 Feb. 6 23,435 23,411 640 1,040 25,146 22,251 5,070 30,596 817 534 333 276 99218,920 18,445 475 Feb. 13 23,264 23,190 741 9"6"22 424,997 22,252 5,070 30,641 820 377 366 299 ,00718,808 18,265 543 Feb. 20 22,969 22,958 577 1,18824,764 22,303 5,071 30,605 815 173 307 226 ,11618,895 18,309 586 Feb. 27 22,854 22,854 713 1,21724,813 22,303 5,073 30,544 815 297 334 382 ,13418,683 18,218 465 Mar. 6. 22,913 22,895 18 755 1,179 24,871 22,304 5,077 30,566 813 479 329 212 ,13118,721 18,231 490 Mar. 13. 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 Mar. 20. 23,178 23,064 114 783 1,17325,158 22,305 5,080 30,589 811 302 300 199 ,13819,204 18,578 626 Mar. 27. 23,094 23,051 43 844 96724,930 22,305 5,083 30,502 813 353 334 205 ,13918,971 18,362 609 Apr. 3. 23,189 23,040 149 1,074 87725,165 22,306 5,086 30,589 808 517 294 314 ,16718,868 18,525 343 Apr. 10. 23,262 23,040 222 1,230 88125,400 22,307 5,088 30,655 814 387 340 305 ,20519,088 18,523 565 Apr. 17. 23,282 23,146 136 1,244 967 2255,520 22,313 5,089 30,681 808 478 344 300 ,20319,107 18,556 551 Apr. 24. 23,237 23,169 68 947 1,484 25,695 22,317 5,092 30,610 791 456 390 454 ,20219,201 18,639 562 May 1. 23,169 23,169 730 1,168 25,093 22,318 5,094 30,499 793 419 352 291 ,14819,000 18,621 379 May 8. 23,213 23,125 88 993 947 25,177 22,318 5,095 30,589 795 504 366 275 ,07818,984 18,495 489 May 15. 23,083 23,033 50 975 948 25,031 22,319 5,096 30,654 787 479 366 241 ,07518,845 18,368 477 May 22. 22,915 22,915 793 1,34125,070 22,320 5,098 30,645 790 525 362 273 ,07418,818 18,284 534 May 29. 22,930 22,901 "29 903 979 24,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5. 23,110 22,950 160 902 954 24,987 22,620 5,104 30,837 792 485 357 323 ,07218,846 18,378 468 June 12. 22,972 22,926 46 1,059 936 24,988 22,621 5,106 30,903 791 463 379 276 ,06918,834 18,330 504 June 19. 22,930 22,880 50 1,089 ,384 25,424 22,621 5,106 30,904 782 518 389 335 ,07619,148 18,546 602 June 26. 22,951 22,888 63 1,003 ,320 25,294 22,622 5,106 30,849 776 477 407 254 ,08719,171 18,625 546 July 3. 23,098 23,031 67 1,068 ,198 25,387 22,623 5,107 31,150 763 546 420 296 ,07718,865 18,521 344 July 10. 23,443 23,260 183 1,213 ,11125,792 22,623 5,108 31,313 765 431 339 290 ,07719,308 18,732 576 July 17. 23,319 23,252 67 1,062 ,236 25,641 22,625 5,108 31,184 770 455 413 279 ,07319,200 18,636 564 July 24. 23,342 23,235 107 739 ,35125,456 22,625 5,108 30,999 774 507 385 267 ,07019,189 18,568 621 July 31. 23,360 23,084 276 553 998 24,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 Aug. 7. 23,116 23,078 38 1,060 928 25,124 22,627 5,113 30,983 767 498 355 277 ,11618,868 18,331 537 Aug. 14. 23,047 23,047 1,161 874 25,102 22,627 5,114 31,069 764 475 363 273 ,11318,786 18,195 591 Aug. 21. 23,034 23,034 931 1,227 25,211 22,625 5,116 31,055 762 513 343 270 ,20318,806 18,254 552 Aug. 28. 23,220 23,215 915 977 25",133 22,626 5,118 30,998 764 475 339 268 ,20318,831 18,397 434 Sept. 4. 23,511 23,463 832 858 25,228 22,626 5,118 31,149 759 485 340 281 ,19718,760 18,346 414 Sept. 11. 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 ,19418,876 18,301 575 Sept. 18. 23,303 23,286 950 1,442 2255,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 Sept. 25. 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 1,000 25,304 22,634 5,125 31,039 776 493 356 253 ,11219,034 18,685 349 Oct. 9. 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 ,11219,189 18,625 564 Oct. 16. 23,371 23,281 90 992 1,07125,451 22,658 5,128 31,191 776 506 333 252 ,11019,068 18,574 494 Oct. 23. 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 Oct. 30. 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 ,05618,963 18,509 454 Nov. 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 ,05718,911 18,354 557 Nov. 20. 23,288 23,282 6 752 430 25,489 22,757 5,137 31,336 801 503 315 386 ,05418,987 18,459 528 Nov. 27. 23,318 23,167 151 777 209 25,325 22,762 5,139 31,431 794 469 301 294 ,03018,907 18,461 446 Dec. 4. 23,732 23,480 252 626 1,00525,387 22,763 5,141 31,668 770 305 291 191 ,04119,023 18,580 443 Dec. 11. 23,886 23,574 312 676 1,020 2255,617 22,766 5,142 31,827 769 318 318 186 080 19,027 18,600 427 Dec. 18. 23,907 23,600 307 751 1,52526,218 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 1,89426,687 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 1,32826,100 22,781 5,146 31,553 768 529 337 186 996 19,658 18,982 676 Jan. 15.... 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 Jan. 22.... 23,315 23,266 49 359 1,230 2244,949 22,782 5,149 30,878 781 511 275 227 99219,216 18,624 592 Jan. 29.... 23,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 99219,089 18,509 580 Feb. 5. 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 777 378 265 294 1,04618,997 18,498 499 Feb. 12. 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 1,11819,054 18,483 571 Feb. 19. 23,373 23,285 361 1,05424,830 22,785 5,161 30,642 685 501 337 293 1,19519,122 18,427 695 Feb. 26. 23,380 23,380 153 95224,527 22,714 5,165 30,542 695 508 284 276 1,19318,909 18,426 483 Mar. 5. 23,256 23,251 118 89224,309 22,686 5,169 30,563 701 486 270 320 1,15118,674 18,084 590 Mar. 12. 23,466 23,432 131 81624,456 22,615 5,174 30,641 712 479 273 293 1,14818,699 18,096 603 Mar. 19. 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 1,15018,930*>18,321 *>609 Mar. 26. 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 1,14318,725 18018 P707 » Preliminary. For other notes see following page. 439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o . t S al . G B o r o o i v g u u t h t . g - t h se t cu r u c H e r h n i p t e a d i u l e s e d r e s r - c v D o a a a n u n d is c d n - - e ts s Float Total i s G to o c ld k T r s o c e t u i r a u n n u e r n g r y c t a - - d y s - - r c C t e c u i i n u i o n l r c a r n - - y - T h c i u o n r 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 o R g r r v 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 ir r e e v - d e s 2 c E es x s - 2 agreement Averages of daily figures 1957 Mar . .. 23 061 22 997 64 859 ,02424,968 22,305 5 081 30 568 812 423 316 216 I 13518 884 18 366 518 Apr 23,239 23,121 118 1 036 11025,411 22,313 5 090 30,614 803 429 348 339 1 19519 087 18 580 507 May 23,041 22,996 45 931 1,04625,041 22,358 5,098 30,645 792 521 361 276 1,07518,827 18,362 465 June 22 989 22,917 72 1 009 17025,189 22,621 5 106 30 902 782 490 393 290 I 07718 982 18 485 497 July 23,351 23,198 153 917 17525,466 22,625 5.108 31,116 769 480 377 279 1 04819 129 18 595 534 23,146 23,129 17 1,010 989 25,166 22,626 5,115 31,035 764 490 349 273 1,16318,834 18 300 534 Sept 23 325 23,302 23 994 14725,489 22,627 5 121 31 143 763 547 378 271 1 18018 956 18 434 522 Oct 23,348 23,252 96 818 14125,326 22,660 5.129 31,109 780 495 338 258 1,09719 040 18 573 467 Nov 23,417 23,276 141 810 ,12625,373 22,743 5,137 31,335 793 464 322 337 1,04418,958 18 447 511 Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 1,06319,420 18,843 577 1958 Jan 23 608 23,458 150 454 11825,229 22,782 5 148 31 059 111 512 297 224 99319 296 18 723 573 Feb 23,378 23,313 65 242 907 24,568 22.759 5 161 30,608 717 421 294 299 • 150 19 000 18 434 566 Mar 23,486 23,465 21 139 893 24,559 22,548 5,177 30,589 751 457 265 350 -J47 18,730 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—jUI1e 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 2 409 634 397 256 251 11,653 6 444 5,209 1941—Dec 2 254 2,254 3 94 2,361 22,737 3 247 11,160 2 215 867 774 586 291 12 450 9 365 3 085 1945—Dec 24,262 24,262 249 578 25,091 20.065 4,339 28,515 2 287 977 862 446 495 15.915 14 457 1,458 1947—Dec 22,559 22,559 85 535 23,181 22.754 4.562 28,868 1 336 870 392 569 563 17.899 16,400 1,499 1950—Dec 20 778 20,725 53 67 368 22,216 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 90718.876 18,618 258 1955 Dec 24 785 24,391 394 108 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 • 710 25,219 21,799 5 032 30.715 768 522 297 313 992 18 443 18 449 -6 Dec . . 24,915 24,610 305 50 1,66526,699 21,949 5,066 31,790 775 441 322 426 901 19,059 19,089 -30 End of month 1957 Mar 23 149 23,040 109 994 80324,970 22,306 5 086 30.585 804 591 311 304 1 13718 629 18 512 117 Apr 23,169 23,169 829 93624,960 22,318 5,094 30,519 791 509 316 294 1.07918,864 18.588 276 May 23 108 22 950 158 1 170 97625,224 22,620 5 104 30,836 788 568 360 274 1 07219,049 18 351 698 June 23 035 22,994 41 558 1,19924,816 22,623 5 107 31 082 758 498 449 308 1 07518 376 18 543 -167 July 23,355 23,079 276 420 896 24,691 22,627 5,111 30,933 759 504 364 296 942 18,630 18.520 110 Aug 23,539 23,475 64 986 865 25,418 22,626 5 118 31,133 752 477 342 285 1.19818,975 18 305 670 Sept 23 312 23 312 396 898 24,622 22,635 5 125 31 073 773 429 337 261 1 11118 399 18 694 -295 Oct 23,338 23,218 iio 789 1,06225,206 22,691 5,135 31,090 784 552 378 256 1,05618.917 18.541 376 Nov 23 733 23,448 285 819 94? 25.515 22.763 5 139 31,661 761 243 283 196 1 00019.274 18 578 696 Dec 24,238 23,719 519 55 1,42425,784 22,781 5,146 31,834 761 481 356 246 998 19,034 19,091 -57 1958 Jan 23,331 23,331 217 763 24,352 22,784 5,158 30,576 771 469 249 279 990 18,958 18,543 415 Feb 23 240 23 240 122 974 24,330 22,686 5 169 30,554 695 516 265 336 1 15118 667 18 186 481 Mar 23 628 23 628 137 765 24,570^22,394*>5 185^30 657 ^733 474 266 378 1 10818 532P17 838 2>694 Wednesday 1958 Jan 8 23,745 23,635 110 707 1,04425,551 22,781 5.146 31,375 766 474 342 171 99419.355 18,893 462 Jan 15 23,708 23,557 151 285 1,08925,127 22,782 5.148 31,019 782 525 279 187 99219,273 18,722 551 Jan 22 23,333 23,257 76 392 1 08824,866 22,782 5 150 30,730 788 454 294 204 99219,336 18 610 726 Jan. 29 23,360 23,357 3 253 741 24,397 22,783 5,151 30,543 785 511 257 267 991 18,977 18 479 498 Feb. 5 23,411 23,307 104 153 80524,409 22,784 5,158 30,582 780 207 284 321 1,11919,058 18,558 500 Feb 12 23 464 23 299 165 237 92324,665 22,784 5 160 30 674 686 350 297 597 1 11818 888 18 451 437 Feb 19 23,356 23,356 135 1,20824,741 22,785 5,163 30,571 702 453 291 282 1,20819,182 18,530 652 Feb 26 23,409 23,409 184 72124,356 22,685 5,166 30,495 700 406 274 298 1,15418,880 18,446 434 Mar 5 23,331 23,316 15 107 79224,273 22,686 5,169 30,580 710 386 286 309 1,149 18,708 18,071 637 Mar 12 23,536 23,459 77 227 77424,530 22,612 5,175 30,594 734 446 281 303 1 14718 812 18 196 616 Mar. 19 23,437 23,437 231 82424,531 22,513 5,179 30,521 821 100 243 411 1,15418,972*>18,528 i>444 Mar. 26 23,525 23,525 118 70424,386 22,494 5,182 30,523 730 623 256 393 1,11018,426P17,987 *439 P Preliminary. dates in subsequent tables on Federal Reserve Banks. 1 Includes industrial loans and acceptances; these items are not shown 2 These figures are estimated. separately in this table, but are given for end-of-month and Wednesday Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 441 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.l In millions of dollars] Central reserve Central reserve All city banks Re- Coun- All city banks Re- Coun- Item and period b m a b e n e m r ks - New Chi- b s c a e i r n t v y k e s ba tr n y ks Item and period b m a b e n e m r ks - New Chi- b s c a e i r n t v y k e s ba tr n y ks York cago York cago Total reserves held: Excess reserves:2 1957—Feb 18,816 4,205 1,107 7,781 5,722 1957_Feb 514 5 66 443 Mar 18.884 4,341 1,102 7,746 5,696 Mar 518 14 4 60 440 Apr 19.087 4,307 1,097 7,921 5,762 Apr 506 -1 i 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 16 i 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 1,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 1,114 7,871 5,811 Feb 567 22 5 98 442 Week ending: Week ending: 1958—Feb. 19 19,122 4,208 1,113 7,897 5,905 1958—Feb. 19 696 46 7 110 533 Feb. 26 18,909 4,201 1,113 7,857 5,738 Feb. 26 484 12 5 89 378 Mar. 5 18,674 4,181 1,099 7,699 5,693 Mar. 5 588 6 3 101 478 Mar. 12 18,699 4,216 1,095 7,709 5,679 Mar. 12 603 14 3 76 510 Mar. 19 18,930 4,344 1,104 7,759 5,722 Mar. 19 P608 13 2 46 ^547 Mar. 26 18,725 4,281 1,085 7,672 5,688 Mar. 26 *>707 64 6 124 P513 Required reserves:2 Borrowings at Federal 1957_Feb 18,302 4,200 1,107 7,715 5,279 Reserve Banks: Mar 18,366 4,326 1,098 7,686 5,256 Apr 18,580 4,308 1,097 7,855 5,320 1957_Feb 640 129 53 314 144 May 18,362 4,221 1,098 7,739 5,305 Mar 834 116 257 302 159 June 18,485 4,320 1,123 7,729 5,314 Apr 1,011 299 210 329 173 July 18,595 4,288 1,124 7,840 5,344 May 909 117 169 422 201 Aug 18,300 4,152 1,121 7,722 5,306 June 1,005 200 46 531 228 Sept 18,434 4,203 1,117 7.749 5,366 July 917 186 34 519 177 Oct 18,573 4,231 1,116 7.797 5,429 Aug 1,005 308 28 468 201 Nov 18,447 4,147 1,100 7.786 5,414 Sept 988 263 120 485 121 Dec 18,843 4,303 1,127 7,956 5,457 Oct 811 141 115 428 127 Nov 804 96 123 405 181 1958—Jan 18,723 4,216 1,121 7,928 5,458 Dec 710 139 85 314 172 Feb 18,434 4,182 1,109 7,773 5,369 1958—Jan 451 80 29 222 119 Weekending: Feb 242 46 11 96 89 1958_Feb. 19 18.427 4,162 1,106 7,787 5,372 Feb, 26 18;426 4,190 1,108 7,768 5,360 Week ending: 1958—Feb. 19 361 140 14 125 82 Mar. 5 18.084 4,175 1,096 598 5,215 Feb. 26 153 2 61 90 Mar. 12 18,096 4,202 1,092 633 5,169 Mar. 19 »18,321 4,331 1,102 713 ^5,175 Mar. 5 118 3 32 83 Mar. 26 ^18,018 4,217 1,079 7,547 ^5,175 Mar. 12 131 5 12 53 61 Mar. 19 125 3 34 28 60 Mar. 26 164 69 30 65 February 1957 Deposits: Free reserves:2 4 T D N G i e e r m T f m t o r o o s e d I O a s t m n e a n d t t d m l h d e e e d p e r a m b r o o n m a s b a d i n n a t e s k l d d s a t e n i d p c c e o e p b s s i o a ts s n d i 3 t k u s . s : e . . . . 1 [ 9 4 1 0 1 2 6 8 2 2 4 , , , , , , 1 9 7 5 2 7 7 4 1 2 5 8 1 5 3 9 7 6 2 2 1 0 3 4 9 3 , , , , , 0 4 0 1 1 7 4 2 6 3 6 7 9 6 2 4 1 4 5 5 1 1 , , , , , 1 3 7 2 9 1 3 1 9 0 3 0 9 5 3 8 2 1 4 3 3 1 6 4 8 8 1 7 , , , , , , 7 0 9 7 0 4 8 4 5 2 2 0 1 9 7 6 7 4 4 2 3 3 4 0 0 9 5 1 , , , , , , 0 9 7 6 3 2 4 5 5 6 4 8 7 8 0 4 9 9 1957— J J A M M S O A F u u e e p u c a a n p l b t r y g r y e t - - - - - - - - - 4 3 4 3 4 5 5 1 3 7 8 6 0 1 0 4 2 4 1 3 7 5 6 8 4 6 4 - - - - - - - - - 1 1 1 2 2 1 1 1 3 4 8 0 8 5 2 8 0 0 1 1 1 9 4 3 5 4 0 - - - - - 1 2 1 1 2 - - - - 2 5 2 4 1 1 5 6 1 8 3 6 8 5 5 3 5 0 - - - - - - - - - 4 3 2 4 2 4 3 2 4 3 8 4 5 4 0 6 6 8 3 9 9 2 2 0 7 3 6 2 2 2 2 2 3 2 3 1 0 6 7 3 4 9 1 8 9 1 9 8 5 4 9 0 0 2 Nov. -293 -80 -123 -342 251 Dec -133 -105 -77 -228 277 February 1958 1958—Jan 122 -46 -25 -144 337 Feb 324 -25 -6 1 353 Gross demand deposits: Total 114,274 22,960 5,916 44,494 40,903 1958—Feb. 19 335 -94 -7 -15 451 Interbank 12,671 4,103 1,141 6,066 1,362 Feb. 26 331 12 3 28 288 Other 101,603 18,858 4,776 38,428 39,541 Net demand deposits3. .. 98,176 19,842 5,210 37,894 35,230 Mar. 5 470 6 69 395 Time deposits 47,945 4,419 1,379 19,313 22,834 Mar. 12 472 9 -9 23 449 Demand balances due Mar. 19 *483 10 -32 18 P487 from domestic banks. . 6,285 51 111 ,975 4,148 Mar. 26 *543 64 -63 94 ^448 *> Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i. e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member Federal Reserve Bank a o d b v l a i n g c a e ti ( s o S n s e e s e c s a . u n r 1 e d 3 d d a b i n s y d c o e 1 u li 3 n g a t i s b ) i le o f p a a n p d er Other [ s S e e c c u . r e 1 d 0 ( a b d )] vances o b b an l ( i k g la s a s t t s i o e p c n a u s r r . e o d S f e t b c h y . e 1 d U 3 i ) r . e S ct . Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Mar. 31 beginning- rate Mar. 31 beginning— Mar. 31 beginning— rate B N o ew sto Y n ork. . . M Ma a r r . . 1 7 1 , , 1 1 9 9 5 5 8 8 2VA M M a a r r . . 1 7 1 , , 1 1 9 95 5 8 8 31 V 4 4 3 3 1 1 / 4 4 M M a a r r . . 1 7 1 , , 1 1 9 9 5 5 8 8 Philadelphia.. Mar. 7, 1958 Mar. 7, 1958 314 4 Aug. 9,1957 C R l i e c v h e m la o n n d d. . . M M a a r r . . 1 1 4 4 , ,1 1 9 9 5 5 8 8 M M a a r r . . 1 1 4 4 , , 1 1 9 9 5 5 8 8 fftt 4 4 N Ja o n v . . 2 2 4 9 , ,1 1 9 95 5 8 7 Atlanta Mar. 10,1958 18 Mar.10, 1958 31/2 Mar. 10,1958 Chicago..... Mar. 7,1958 Mar. 7, 1958 IS Jan. 24, 1958 St. Louis Mar. 14,1958 Mar.14, 1958 314 Mar. 14,1958 Minneapolis.. Mar. 21, 1958 2V4 Mar.21, 1958 31/2 Mar. 21, 1958 K Da a l n l s a a s s City.. M M a a r r . . 1 1 4 4 , ,1 1 9 9 5 5 8 8 §8 M Ma a r r . .1 1 4 4 , , 1 1 9 9 5 5 8 8 3 3 V 1 A 4 2* M M a a r r . . 1 1 4 4 , , 1 19 9 5 5 8 8 San Francisco Mar. 13, 1958 Mar.13, 1958 314 Mar. 13, 1958 314 3i/ 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES 1 MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits1 Time deposits 1930— J M M F u e a a n b y e r . . 2 1 0 7 2 4 4 b 31/2 1 1 1 9 9 9 4 5 4 6 0 8 — _ _ A J A A a u u p n g g r . . . . 2 2 1 1 1 5 2 3 S 1 1184 Ef o fe f c t c i h v a e ng d e ate C re e c s n i e t t r y r v a e l Re c s i e ty rve Co tr u y n- C r re e e a s s n n e e t r r d r v v a e e l Co tr u y n- Dec. 24 1953—Jan. 16 banks banks banks city banks 1931_May 8 1954_Feb. 5 banks Oct. 9 2Vi Apr. 16 Oct. 16 1955—Apr. 15 1932—Feb. 26 3 2 Aug. 5 1917—June 21 13 10 7 1933_M J A M u p a a n r r y e . . 2 2 6 4 7 3 2 2 3 1 * % /2 1956— A S N A e u o p p g v r t . . . . 2 1 1 4 9 8 3 2 1 VA 8 1 1 9 9 3 3 6 7 — — M A M u a a g y r . . 1 1 1 6 S 19i * /i 2 15 * 1 1 1 2 0 4 1 1 / / 4 i ? '? Oct. 20 1957—Aug. 23 b 1 1 9 9 3 3 7 4 _ _ A Fe u b g . . 27 2 1958— N Ja o n v . . 2 1 4 5 1938—Apr. 16 22Y4 17% 12 5 5 1942—Oct. 30 Mar. 7 1941_Nov. 1 26 14 In effect Apr. 1, 1958 2VA 1942_Aug. 20 24 20 6 6 Sept. 14 22 Oct. 3 20 1 Under Sees. 13 and 13a, as described in table above. * Preferential rate for advances secured by Govt. securities maturing 1948—Feb. 27 22 or callable in 1 year or less in effect during the period Oct. 30, 1942- June 11 24 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and Sept, 16,24*.... 26 22 i6 advances secured by eligible paper. 1949—May 1,5* 24 21 15 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and June 30, July 1*. 20 14 6 6 1957 this rate was the same as the discount rate except in the following Aug. 1, 11* 19i/i 13 5 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Aug. 16, 18*.... 19 12 5 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Aug. 25 18% 1957_Aug. 22, 3.50. Sept. 1 18 MARGIN REQUIREMENTS^ 1951—Jan. 11, 16*.... 23 19 13 6 6 Jan. 25,Feb.1*. 24 20 14 [Per cent of market value] 1953—July 1,9* 22 19 13 1954—June 16,24*.... 21 5 5 Jan. 4, Apr. 23, Effec- July 29, Aug. 1 *. 20 18 12 Prescribed in accordance with 1955- 1955- tive Securities Exchange Act of 1934 Apr. 22, Jan. 15, Jan. 16, 1958—Feb. 27, Mar. 1* 191/2 J7* IIV2 1955 1958 1958 Mar. 20, Apr. 1* 19 11 In effect Apr. 1, 1958.. 19 17 11 5 5 Regulation T: For extensions of credit by brokers and Present legal requiredealers on listed securities. 60 70 50 ments : For short sales 60 70 50 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 60 70 50 1 Demand deposits subject to reserve requirements which, beginning 1 Regulations T and U limit the amount of credit that rnay be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and Series E bond accounts during the period Apr. 13. ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Change on Jan. 4, 1955, was effective after the close * First-of-month or midmonth dates are changes at country banks, and of business on that date. other dates (usually Thurs.) are at central reserve or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 443 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Mar. 26 Mar. 19 Mar. 12 Mar. 5 Feb. 26 Mar. Feb. Mar. Assets Gold certificate account 21,048,39121,060,392 21 160,394 21,235,393 21,245,39320,948,392 21 245,394 20.774,392 Redemption fund for F. R. notes.. 855,732 857,698 860,839 861,068 853,803 855,732 853,802 852,146 Total gold certificate reserves. 21,904,123 21,918,090 22,021,23322,096,46122,099,196 21,804,124 22,099,196 21,626,538 F. R. notes of other Banks 503,076 491,032 496,902 511,398 545,402 444,632 536,425 383,437 Other cash 488,048 490,069 489,664 508,239 521,607 477,351 529,677 447,031 Discounts and advances: For member banks 117,914 230,840 226,976 107,003 183,737 137,272 122,361 968,593 For nonmember banks, etc 25,000 Industrial loans 507 474 511 491 512 502 506 772 Acceptances—Bought outright 39,430 38,425 42,601 42,600 41,703 39,392 42,887 23,212 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 789 260 701,760 723,310 580,260 674,023 892,560 504,460 304,705 Certificates—Special Other 19,946 10519,946,105 19,946,105 19,946,105 19946,105 19,946,105 19,946,105 ,362,199 Notes ,571,413 Bonds 2,789,257 2,789,257 2,789,257 2,789,257 789^257 2,789,257 2,789,257 ,801,750 Total bought outright 23,524,622 23,437,122 23,458,672 23.315,622 23,409,385 23,627,922 23,239,822 23040,067 Held under repurchase agreement. 77,300 15,000 109,000 Total U. S. Government securities. 23,524,622 23,437,122 23,535,972 23,330,622 23,409,385 23,627,922 23,239,822 23,149,067 Total loans and securities 23,682,47323,706,86123,806,060 23,480,716 23,635,337 23,805,088 23,405,576 24,166,644 Due from foreign banks. 15 15 15 15 15 15 15 22 Uncollected cash items.. 4,529,611 6,512,746 4,732,592 4,616,278 ,626,630 3,931,183 4,373,925 ,164,575 Bank premises 85,636 85,438 84,992 84,751 84,580 85,632 84,749 75,496 Other assets 173,400 160,893 156,995 141,289 124,468 183,283 129,033 152,681 Total assets. 51,366,382 53,365,144 51,788,45351,439,14751,637,235 50,731,308 51,158,596 51,016,424 Liabilities Federal Reserve notes 26,472,927 26,550,485 26,549,010 26,550,866 26,510,170 26,537,003 26,558,812 26,454,430 Deposits: Member bank reserves 18,426,390 18,971,740 18,812,006 18,708,416 18,879,769 18,531,887 18,667,005 18.629,159 U. S. Treasurer—general account. 622,859 100,154 446,400 385,688 406,364 473,711 516,256 590,751 Foreign 255,628 242,961 280,942 286,495 273,956 266,252 265,479 311,212 Other 393,478 410,511 302,818 308,825 297,801 378,474 336,484 304,176 Total deposits. 19,698,355 19,725,366 19,842,166 19,689,424 19,857,890 19,650,324 19,785,224 19,835,298 Deferred availability cash items 3,825,671 5,689,095 4,008,585 3,824,089 3,905,843 ,166,623 3,449,524 ,361,219 Other liabilities and accrued dividends. 18,232 16,389 17,087 15,739 16,653 17,238 14,931 17,569 Total liabilities. 50,015,185 51,981,335 50,416,848 50,080,11850,290,556 49,371,188 49,808,49149,668,516 Capital Accounts Capital paid in 349,799 349,685 349,490 349,087 348,824 349,866 348,880 330,793 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 164,657 197,383 185,374 173,201 161,114 173,513 164,484 241,979 Total liabilities and capital accounts. 51,366,382 53,365,144 51,788,453 51,439,147 51,637,235 50,731,308 51,158,596 51,016,424 Ratio of gold certificate reserves to deposits and F. R. note liabilities combined (per cent) , 47.4 47.4 47.5 47.8 47.7 47.2 47.7 46.7 Contingent liability on acceptances purchased for foreign correspondents 127,625 127,272 129,756 133,462 142,742 131,778 139,414 58,416 Industrial loan commitments , 997 1,029 994 1,076 1,075 1,000 1,062 1,987 Maturity Distribution of Loans and U.S. Government Securities1 117,914 230,840 226,976 107,003 183,737 137,272 122,361 993,593 Within 15 days 114,996 228,016 223,768 103,272 181,113 134 474 115 493 915 460 16 days to 90 days 2,890 2,796 3,180 3,632 2,521 2,770 6,769 78,133 91 davs to 1 vear 28 28 28 99 103 28 99 507 474 511 491 512 502 506 772 Within 15 days 127 127 128 128 119 137 128 44 16 days to 90 days 189 156 183 163 29 175 20 350 91 days to 1 year . 87 86 87 87 251 87 245 158 104 105 113 113 113 103 113 220 39,430 38,425 42,601 42,600 41,703 39,392 42,887 23,212 Within 15 days 9,642 11,417 16,448 17,440 12,284 8,409 12,330 10,199 16 days to 90 days 29,788 27,008 26,153 25,160 29,419 30,983 30,557 13,013 71,524,622 437,12273,535,972 ,330,62271,409,385 ,627,92271,239,82273,149,067 Within 15 days 32,750 55,200 141,550 78,710 214,573 38,550 45,010 127,950 16 days to 90 days 756,510 646,560 659,060 516,550 459,450 854,010 459,450 285,755 ?0,285,201 ?0 285,201 19,946,105 19,946,105 19,946,105?0,285,201 19,946,105 19,946,105 1,035,304 1035,304 1,374,400 1,374,400 1,374,400 1,035,304 1,374,400 360,786 56,610 56,610 56,610 56,610 56,610 56,610 56,610 1,013,614 1,358,247 1 358,247 1,358,247 1 ,358,247 1,358,247 1,358,247 1,358,247 ,414,857 i Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MARCH 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 ra an ncisco Assets Gold certificate account , 1,006,665 6,139,7451,135,3311,764,5381,206,554 768,446 3,572,845 813,072 477,116 827,994 780,9712,455,115 Redemption fund for F. R. notes 54,843 177,069 58,884 77,607 76,750 47,954 154,915 42,761 21,944 41,086 28,092 73,827 Total gold certificate reserves, 1,061,508 6,316,814 ,194,2151,842,145 ,283,304 816,4003,727,760 855,833 499,060 869,080 809,0632,528,942 F. R. notes of other Banks... 25,356 112,907 23,969 54,263 34,882 75,882 31,905 6,712 18,905 6,171 26,052 27,628 Other cash , 33,478 98,567 29,899 44,796 29,397 35,429 78,763 25,933 10,577 15,321 18,157 57,034 Discounts and advances: Secured by U. S. Govt securities 16,710 16,595 5,130 4,466 20,610 2,150 47,900 2,798 4,300 14,155 1,000 1,400 Other 30 28 Industrial loans 327 155 20 Acceptances: Bought outright 39,392 Held under repurchase agreement U. S. Govt. securities: Bought outright ,288,809 5,908,8941,379,2332,075,4291,509,6591,223,855 4,124,277 977,133 509,8901,014,418 925,9552,690,370 Held under repurchase agreement Total loans and securities... 1,305,876 5,964,8811,384,5182,079,8951,530,2691,226,005 4,172,205 979,931 514,2101,028,573 926,9552,691,770 Due from foreign banks.... 1 H 1 1 2 1 () 1 1 1 Uncollected cash items 312,727 801,738 256,983 353,660 277,411 337,065 627,372 146,590 106,832 192,626 175,074 343,105 Bank premises 4,906 10,648 4,446 9,729 6,902 7,399 7,041 6,408 5,345 4,935 6,515 11,358 Other assets 10,124 44,231 10,475 16,203 11,492 9,536 33,343 7,410 3,919 8,209 7,809 20,532 Total assets. 2,753,97613,349,790 2,904,506 4,400,692 3,173,658 2,507,7178,678,3912,028,8181,158,8482,124,9161,969,626 5,680,370 Liabilities F. R. notes 1,563,927 6,331,067 ,660,689 2,495,8942,075,9241,238,529 5,151,501 ,180,379 524,511 ,049,295 711,0192,554,268 Deposits: Member bank reserves. 757,865 5,538,633 860,0101,366,221 778,893 951,554 2,833,834 657,710 432,630 817,8321,006,9682,529,737 U. S. Treasurer—general account 37,216 60,696 25,549 26,539 23,961 28,100 46,411 24,583 45,516 65,379 40,910 48,851 O Fo th re e i r gn 15,333 3 3 1 7 8 3 , , 2 1 3 1 2 0 1 9 8 , , 6 56 6 1 2 23 1 , , 9 29 4 1 1 1 3 3 , , 4 7 4 19 4 12 1 , ,4 1 3 0 8 5 38,4 6 6 2 7 5 9 2, , 4 9 0 5 1 3 6,456 10,491 13,988 3 3 8 0 , , 5 1 4 2 8 8 299 285 938 1,311 Total deposits 810,713 5,990,671 913,7821,417,992 820,017 993,1972,919,337 694,647 484,887 894,6401,063,1772,647,264 Deferred availability cash items 299,191 650,225 235,563 363,337 204,802 211,437 407,790 100,621 115,006 126,223 124,916 327,512 Other liabilities 1,056 3,990 787 2,396 715 818 2,923 601 632 602 769 1,949 Total liabilities 2,674,88712,975,9532,810,8214,279,6193,101,4582,443,9818,481,5511,976,2481,125,036 2,070,7601,899,8815,530,993 Capital Accounts Capital paid in 17,824 102,941 21,420 32,979 15,909 17,130 47,814 11,790 7,563 14,155 19,714 40,627 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 11,241 39,614 11,853 15,538 11,706 9,652 26,093 8,673 5,479 8,331 7,853 17,480 Total liabilities and capital accounts 2,753,97613,349,7902,904,506 4,400,692 3,173,6582,507,7178,678,3912,028,8181,158,8482,124,9161,969,626 5,680,370 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.7 51.3 46.4 47.1 44.3 36.6 46.2 45.6 49.4 44.7 45.6 48.6 Contingent liability on acceptances purchased for foreign correspondents 7,273 440,161 8,805 11,357 6,508 5,742 18,247 4,721 3,062 4,976 6,635 14,291 Industrial loan commitments. 9 51 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $91,617,000 participations of other Federal Reserve * Less than $500. Banks. 3 After deducting $193,142,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 445 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Mar. 26 Mar. 19 Mar. 12 Mar. 5 Feb. 26 Mar. Feb. March F. R. notes outstanding (issued to Bank). 27,592,957 27,668,79327,703,42127,704,083 27,745,074 27,617,786 27,742,068 27,500,455 Collateral held against notes outstanding: Gold certificate account 12,093,000 12,193,000 12,193,000 12,193,000 12,213,000 12,093,000 12,213,000 11,848,000 Eligible paper 23,800 24,615 26,508 27,128 44,028 22,083 37,058 72,785 U. S. Government securities 17,145,000 17,145,000 17,145,000 17,145,000 17,165,000 17,145,000 17,165,000 17,040,000 Total collateral 29,261,800 29,362,615 29,364,508 29,365,128 29,422,028 29,260,083 29,415,058 28,960,785 EACH FEDERAL RESERVE BANK ON MARCH 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 c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,655,708 6636,2041,738,7932,604,6732,152,7671,296,3855,251,744 ,227,451541,3761,074,162759,1232,679,400 Collateral held: Gold certificate acct.. 700,000 3:270,000 640,0001,130,000 875,000 425,000 2,400,000 430,000140,000 300,000 283,0001,500,000 Eligible paper 5,130 2,798 14,155 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,600,0001,350,0001,000,000 3,100,000 875,000 425,000 820,000 525,0001,500,000 Total collateral.... 1,850,000 6,870,000 1,845,130 2,730,000 2,225,000 1,425,000 5,500,0001,307,798 565,0001,134,155 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] Applications Partici- Loans Loans Additional y E m e n a o d r n t o o h f r N b u e m r ap - to p r d o A a v t m e e d ount (a b p p m c u l r e o o t o t v m e n u e d - n o d 1 t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( s i a n p f t ta u m g a o f n t t i i u o i i n d o o n t u a i - n n s n n n 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 t o h o d r A a iz t m e ed ount a T m o o t o u a u n l t t stand g P in u o t g e a r e t r i a d o n n - a u o a b n v n u a o t a d t e m m s r i e e l r t r a e a o o b n a n w u g g l t d n e s e u r i t r e n a t s e r g o - - 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 ,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 ,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 ,468 2,761 389 289 125 1957 1957 Feb 3,782 833,692 758 2.014 1,017 Feb ,481 2,829 398 296 128 Mar 3,782 834,051 772 ,987 1,012 Mar ,482 2,842 408 304 127 Apr 3,782 834,668 780 ,955 991 Apr ,485 2,850 402 300 133 May 3,782 835,264 774 ,794 948 May ,488 2,862 407 305 130 June 3,783 835,766 80 742 ,780 919 June ,493 2,867 412 307 126 July 3,784 836,636 155 608 ,795 812 July ,496 2,878 412 307 123 Aug 3,784 837,410 80 628 ,815 816 Aug ,497 2,880 390 292 146 Sept 3,785 838,714 760 620 ,323 684 Sept ,498 2,882 395 295 138 Oct 3,786 840,504 586 ,165 1,169 Oct 1,498 2,888 398 300 124 Nov 3,786 840,814 581 ,130 1,126 Nov ,500 2,906 394 298 127 Dec 3,786 841,290 524 ,109 1,122 Dec 1,503 2,912 395 300 135 1958 1958 Jan 3,786 841,691 535 1,058 1,087 Jan [,506 2,923 380 290 156 Feb 3,786 842,232 506 I 063 1,063 Feb 1,511 2,935 372 286 164 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect March 31. Per cent per annum] [In effect March 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 loans 2 commit- Portion Re- commitments for which main- ments 70 or less 10 10 i t n io st n i tu is - p in o g r- 7 8 5 0 2 1 0 5 2 1 0 5 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia.. Cleveland Maximum Rates Financing Institution May Charger Borrower Richmond [Per cent per annum] Atlanta Chicago St. Louis () Interest rate M Ka i n n s n a e s a p C o i l t i y s. . . . 4-6 Commitment rate. Dallas San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. * Twenty-five per cent of loan rate. Charge of J/£ per cent per annum is made on undisbursed portion. 7 Charge of lA 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 adjusted3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersi centers2 City centersi centers2 City centersi 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 1957_Jan 204,514 76,460 42,596 85,457 48.3 30.0 22.9 48.1 30.6 22.7 Feb 177,536 67,035 36,886 73,615 48.9 30.2 23.0 50.2 31.0 23.1 Mar 197,231 74,786 42,113 80,332 48.7 32.0 22.5 47.5 29.2 22.6 Apr 192,701 72,328 40,182 80,192 46.9 30.3 22.4 47.6 29.4 23.1 May 197,257 71,780 42,128 83,349 47.1 30.5 23.2 48.3 31.0 23.7 June . • .. 193,349 74,512 39,942 78,895 51.4 30.4 23.1 47.6 29.8 23.1 July 200,559 74,509 41,711 84,339 49.5 30.6 23.6 50.8 31.2 24.0 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sect 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 r212,868 84,355 41,988 '86,525 54.6 30.0 23.3 54.3 30.6 23.1 Feb r181 696 72 803 36,185 r72,708 55.4 30.1 22.9 56.8 30 9 23 0 Mar 203,834 84,409 40,360 79,065 56.2 P31.3 P21.8 54.8 *21.9 r Revised. 2 Prior to April 1955, 338 centers. 9 Preliminary. 3 These data are complied by the Federal Reserve Bank of New York. i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 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 447 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3 044 724 1,433 261 556 24 46 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 1,404 1,048 65 2,110 6,275 9,119 8 850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9 696 8 985 2 669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 15 1955 31,158 22,021 .927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2iO27 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957 Feb 30,575 21,601 1,993 1,269 75 2,058 6,450 9,756 8,974 2,689 5,586 287 400 3 8 Mar 30,585 21,639 2,000 1,270 75 2,063 6,473 9 758 8,946 2,679 5,573 286 397 3 8 Apr . ... 30,519 21,588 2,020 1,276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 3 8 May 30,836 21,905 2,029 1,301 76 2,093 6,554 9 852 8 931 2 679 5,564 284 393 3 8 June . 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 July 30,933 21,987 2,050 [,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 3 8 Aus 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept 31,073 22,088 2,069 1,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct 31,090 22,086 2,083 1,330 77 2,089 6,533 9 975 9 003 2,695 5,632 279 385 4 9 Nov. 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 Dec 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan 30,576 21,527 2,061 1,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 9 Feb 30,554 21,544 2,057 1 285 77 2,044 6,355 9,724 9,011 2,692 5,651 276 380 3 8 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 circulationi Kind of currency T s F o t e a t 1 b a n 9 . l d 5 2 i o 8 n 8 u g , t- A g a s o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s H B a F e g a a . l e n d n n R d k t b . s s y Fe 1 b 9 . 5 2 8 8, Ja 1 n 9 . 5 3 8 1, Fe 1 b 9 . 5 2 7 8, certificates agents Gold 22,686 22,131 2555 Gold certificates ... . 22 131 19,284 2,816 32 32 33 Federal Reserve notes 27 742 74 1,720 25,948 25,986 26,001 Treasury currency—total 5,169 12,405 65 530 4,574 4,559 4,541 Standard silver dollars 488 190 29 8 262 262 247 Silver bullion 2 216 2,216 Silver certificates and Treasury notes of 1890 32 405 378 2,028 2,011 2,040 Subsidiary silver coin 1,433 29 89 1,314 1,317 1,279 Minor coin 500 3 16 481 482 466 United States notes 347 4 37 306 301 309 Federal Reserve Bank notes 125 (4) 1 124 125 137 National Bank notes 60 (4) (4) 60 60 62 Total Feb 28 1958 (5) 24,536 695 19,284 5,065 30,554 Jan 31 1958 (5) 24,541 771 19,289 5,414 30,576 Feb 28 1957 (5) 24,053 809 18,811 4,932 30,575 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. 440. 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 * Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. Each Federal Reserve Bank must maintain a reserve in gold certificates of J Because some of the types of currency shown are held as collateral or at least 25 per cent against its Federal Reserve notes in actual circulareserves against other types, a grand total of all types has no special tion. Gold certificates deposited with Federal Reserve agents as collatsignificance and is not shown. See note for explanation of duplications. eral, and those deposited with the Treasury of the United States as a NOTE.—There are maintained in the Treasury—(1) as a reserve for redemption fund, are counted as reserve. Gold certificates, as herein United States notes and Treasury notes of 1890—$156,039,431 in gold used, includes credits with the Treasurer of the United States payable bullion; (2) as security for Treasury notes of 1890—an equal dollar amount in gold certificates. Federal Reserve Bank notes and national bank in standard silver dollars (these notes are being canceled and retired on notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, Treas- net— Date Gold s r t c o e u i a u n n u r n r g c y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C a v e o r n e m c d r i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l T a i i a n p a t o n i b e i e t d t t a i s a l l - l, c d u e T r a p r o n o e t d n s a i c l t y s C c m o a a n a u p n i c e s n - i d t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8.199 1,998 131 9.863 48.465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9.302 75.171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8.999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191.785 180,806 10.979 1947—Dec. 31. 22.754 4,562 160,832 43.023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14.741 199.009 184,384 14.624 1954—Dec. 31. 21,713 4,985 210,988 85.730 104.819 77,728 24,932 2.159 20.439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 .899 20,670 244.135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957_Feb. 27. 22,300 100 218,100 108,200 89.400 64,800 22,900 ,700 20,600 245.500 225,100 20,500 Mar. 27. 22,300 100 219,000 109,600 88.500 63.800 23,100 ,700 20,900 246,400 225,400 20,900 Apr. 24. 22,300 100 221,700 110,400 90,200 65,400 23,200 ,600 21,100 249,200 228,200 20.900 May 29. 22,600 100 221,600 110,700 89,600 65,000 23,000 .600 21,400 249,400 228,200 21,200 June 6. 22.620 106 221.454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227.576 21,605 June 26P 22.600 100 222,200 113,000 87,800 63,400 22,900 ,600 21,400 249.900 229.100 20,900 July 31 P 22.600 100 222,700 112,200 89.000 64.100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28P 22.600 100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25 P 22.600 100 223,600 113.400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30P 22.700 100 225,200 113.000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27" 22,800 100 224,800 113.000 89,300 64,400 23,600 ,400 22.400 252,700 231,000 21,700 Dec. 25 P 22,800 5,100 228,300 114,800 90,800 65,400 24,000 ,300 22,700 256,200 235,200 21,100 1958—Jan. 29*> 22,800 5,200 225,500 112,600 89,800 65,100 23,400 1,300 23,100 253,400 231,500 21,900 Feb. 26P 22,700 5,200 226,600 112,800 90,300 65,600 23,400 1,300 23,500 254,500 232,200 22,300 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series 5 For- Date p b e o d n a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n d t 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 p b M a o a v n u s i i k t n t u s g s a 3 2 s l S S P a y o v s i s t n e ta g m l s p m o D d a s e e i n - t - d s4 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m 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 1,682 336 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 2,518 293 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 2,136106,550 27,852 129.700 102,800 26,900 1955—Dec. 31 3,167 767 4.038 394 216,577 78.378 48,359 28,129 ,890109,914 28.285 133,200 105.800 27 400 1956—Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27,700 1957_Feb. 27 100 800 2,800 300 218,000 83,600 51,800 30,200 600 107,000 27.400 134.500 106.900 27,600 Mar. 27 100 800 3,800 500 217,200 84,600 52,600 30,400 ,600105,200 27,400 134,700 107,000 27,700 Apr. 24 800 4,400 300 219,600 84.900 52,900 30,400 .500107,300 27.400 135,000 107,300 27,700 May 29 ,200 800 5,300 500 218,400 85,700 53,600 30,600 .500104,800 27.900 134,600 106,600 28 000 June 6 3,247 792 3,625 473 219,439 85.715 53,605 30,647 .463105,706 28.018 June 26P 800 4,800 500 219,700 86,400 54,000 30 900 .500105,600 27,800 135,200 107.300 27>00 July 31 P 800 3,700 500 221,000 86,700 54,400 30 900 .400106,600 27.800 136.000 108.000 28,000 Aug. 28P 800 4.400 500 220.000 87,100 54.700 31,000 400 105,100 27.800 134,700 106.800 27,900 Sept. 25P 800 3.900 600 220.900 87.700 55.100 31,200 ,400105,500 27.800 133,900 106.200 27,700 Oct. 30P 800 3.500 500 223.000 88,100 55.500 31.300 ,400107,200 27.800 134,200 106,500 27,700 Nov. 27P 800 3.300 400 223.300 87,600 55.000 31,300 ,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 ,300108,900 28,800 132,900 104,900 28,000 1958—Jan. 29" 3,300 800 2,400 500 224,500 89,700 56,500 31,900 ,300107,500 27,300 132,100 104,600 27.500 Feb. 26* 3,700 700 3,800 400 223,600 90,800 57,500 32,100 ,300105,500 27,300 132,900 105,400 27,500 P 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 nearest $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 449 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— T l o ia ta - l Other Total Num- Cla a s n s d o d f a b t a e nk 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 s 2 c b a i a l p i n t i d i t e a s l Total2 b In a t n e k r 2 - Demand c c a o a p u c i n - ta ts l ba b o n e f k r s tions ac- Time counts 3 U. S. Govt. Other All banks: 1939—Dec. 30 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 72,894 14.741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1955—Dec. 31 190,780 00,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123.239 76,844 18,112 14.243 1956—Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14.167 1957—Feb. 27 194,810109,350 64,820 20,640 42,350 241,310 216,170 14,280 2,510 117,070 82,310 19,480 14,158 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 July 31* 198,530112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390116,690 85,610 20,000 14,135 Aug. 28* 199,2"5""0 113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25* 199,820 114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Oct. 30* 201,450 114,000 64,960 22,490 42,590 248,660 222,030 14,710 3,180 117,100 87,040 20,450 14,113 Nov. 27* 200,910 114,130 64,390 22,390 43,600 249,150 222,380 14,550 3,040118,190 86,600 20,540 14,102 Dec. 25* 203,640115,520 65,390 22,730 45,840 254,020 227,480 15,510 4,170 120,250 87,550 20,570 14,090 1958—Jan. 29* 201,690113,490 65,110 23,090 41,930 248,430 222,320 14,950 2,150 116,540 88,680 20,560 14,081 Feb. 26* 202,780113,660 65,640 23,480 42,230 249,900 223,430 15,250 3,500114,870 89,810 20,700 14,076 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—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_Feb. 27 162,490 89,340 56,830 16,320 41,510 207,680 185,940 14,280 2,510 117,040 52,110 16,500 13,631 June 6 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318114,633 53,937 16,837 13,619 July 31* 165,380 92,340 56,280 16,760 42,040 211,310 189,710 14,950 3,390 116,660 54,710 16,970 13,610 Aug. 28* 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130115,120 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 1958—Jan. 29* 167,560 92,110 57,570 17,880 41,050 212,940 190,360 14,950 2,150116,510 56,750 17,470 13,561 Feb. 26? 168,480 92,170 58,130 18,180 41,280 214,160 191,320 15,250 3,500114,840 57,730 17,580 13,556 All member banks: 1939—Dec. 30 33, 13,96: 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941_Dec. 31 43, 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107, 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97, 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107, 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1955—Dec. 31 135, 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 _10„5,400 39,165 12,783 6,543 1956— Dec. 31 138, 78,034 47,575 13,159 42,906 184,874 167,906 16.855 3,292 10066,850 40.909 13,655 6,462 1957—Feb. 27 136, 77,082 46,097 13,208 36,634 176,292 157,623 13,674 2,244 99,838 41,867 13,813 6,456 June 6 137, 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 July 31* 138, 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, 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, 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30* 140, 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27* 139. 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681100,648 44,366 14,584 6,406 Dec. 25* 142; 81,229 46,812 14,198 39,604 185,467 165,648 14,743 3,782102,247 44,876 14,623 6,393 1958—Jan. 29* 140. 79,160 46,599 14,363 36,151 180,150 160,793 14,237 1,855 99,109 45,592 14,630 6,390 Feb. 26* 141 i 79,225 47,280 14,625 36,457 181,52." 161,908 14,550 3,163 97,759 46,436 14,721 6,382 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,85: 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 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—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957_Feb. 27 32,320 20,010 7,990 4,320 840 33,630 30,230 30,200 2,980 527 June 6 32,950 20*487 7,906 4,557 839 34,254 30,678 30,647 3,042 525 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 8 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 1958—Jan. 29* 34,130 21,380 7,540 5,210 880 35,490 31,960 (5) 31,930 3,090 520 Feb. 26* 34,300 21,490 7,510 5,300 950 35,740 32,110 (5) 32,080 3,120 520 9 Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other lia- Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n S v g s t . a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b a i a a l p i n c t i d i - t e a s l TotaP b In a t n e k r - 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f r ks 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 ,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 J,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956 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 Feb 27 23,134 15,762 5,506 ,866 7,260 31,383 26,605 5,059 394 18,636 2,516 2,892 18 June 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 July 31*3 23 182 16,006 5,476 1,700 7,470 31,685 26,981 5,233 726 18,320 2 702 3 061 18 Aug 28^ 23,252 16,191 5,298 1,763 7,701 32,144 27,070 4,945 737 18,698 2,690 3 059 18 Sept 25*> 23 258 16,216 5 254 ,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 ,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 ,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 1958—Jan 29*> 23,181 15,501 5,690 1.990 7,134 31,612 26,600 5,328 266 18,081 2,925 3,152 18 Feb 26p . .. 23,964 15,934 5,934 2,096 7,327 32,622 27,412 5,623 602 18,089 3,098 3,166 18 Chicago: 1939 Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941 Dec 31 2 760 954 1,430 376 1,566 4,363 4,057 ,035 127 2 419 476 288 13 1945 Dec 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947 Dec 31 5 088 1,801 2 890 397 1,739 6 866 6,402 ,217 72 4 201 913 426 14 1950—Dec 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 ,103 490 13 1955 Dec 31 6,542 3,342 2,506 695 2,132 8.720 8,010 ,296 222 5,165 ,327 628 13 1956 Dec 31 6 473 3,772 2,113 588 2,171 8,695 7,943 ,372 184 5,069 ,319 660 14 1957 Feb 27 6,171 3,514 2.073 584 2,029 8,254 7,315 ,140 139 4,727 ,309 658 14 June 6 6 266 3,789 1,884 593 1,821 8,147 7,284 1,184 97 4 691 ,312 665 14 July 31^ 6,234 3,862 1,825 547 1,947 8,239 7,462 ,279 196 4,676 ,311 671 14 Aug 28^ . 6 289 3,915 [ 823 551 1 968 8 314 7,440 1,185 275 4 674 306 671 14 Sept 25» 6 261 3,937 1,783 541 1,939 8,257 7,319 ,251 186 4,573 ,309 670 14 Oct 30^ 6,273 3,829 ,888 556 1,969 8,310 7,264 ,183 148 4,624 ,309 679 14 Nov 27*> 6 275 3,781 1,927 567 1,938 8,285 7,320 1,145 151 4,708 1,316 685 14 Dec 25^ 6,404 3,851 996 557 2,016 8,484 7,489 ,192 236 4,719 34? 685 14 1958—jan 29^ 6 211 3,600 2,050 561 1,862 8,137 7,291 1,170 86 4,695 1*340 688 14 Feb. 26*> 6 261 3,487 2,201 573 1,927 8,256 7,374 .211 203 4,612 1,348 693 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 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—Feb 27 52 897 31,308 16,898 4,691 15,161 69,310 62,253 6,223 865 37,979 17,186 5,124 291 June 6 53 137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36,874 17,642 5 182 282 July 31p 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 5,199 282 A Se u p g t 2 2 8 5 ^ P 5 5 3 3 ,8 8 3 8 1 1 3 3 2 2 , , 5 2 7 5 6 9 1 1 6 6 , , 6 3 9 7 6 2 4 4 , , 8 9 7 3 6 3 1 14 4 , , 9 6 3 8 0 3 6 70 9 , , 1 8 2 0 8 8 6 62 2 , , 8 5 7 2 0 1 6 6 , , 4 2 0 4 8 8 1 1, , 2 4 7 5 4 3 3 3 7 6 , , 1 82 0 0 3 1 18 8 , , 0 0 8 0 5 0 5 5 ,2 2 4 6 2 0 2 28 8 1 2 Oct 30p 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 5,338 280 Dec 25*> 55 287 32,943 17,251 5,093 16,564 73,243 65,968 6,961 1,569 38,993 18 445 5 357 279 1958_Jan 29^ 54,294 32,076 17,156 5,062 14,715 70,471 63,244 6,364 610 37,591 18,679 5,394 278 Feb. 26^ 54,626 31,815 17,672 5,139 14,934 71,012 63,710 6,392 1,349 36,924 19,045 5,428 278 Country member banks: 1939 Dec 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941—Dec 31 ... . 12 518 5,890 4,377 2,250 6,402 19,466 17,415 822 225 10,109 6,258 1 982 6,219 1945—Dec 31 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947 Dec 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,073 432 28,378 14,560 2,934 6,519 1950—Dec 30 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,133 922 31,977 14,865 3 532 6,501 1955—Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956 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—Feb 27 54,185 26,498 21,620 6,067 12,184 67,345 61,450 1,252 846 38,496 20,856 5 139 6,133 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 5,304 6,131 July 31? 55,372 27,649 21,391 6,332 12,641 69,063 62,984 1,351 904 38 758 21,971 5 279 6,116 Aug. 28p 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 5,328 6,113 Sept 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. 27P 56,352 27,919 21,804 6,629 12,724 70,128 63,725 1,345 1,070 39,190 22,120 5,428 6,094 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 6,082 1958—Jan 29? 56,436 27,983 21,703 6,750 12,440 69,930 63,658 1,375 893 38,742 22,648 5,396 6,080 Feb 26*> 56,279 27,989 21,473 6,817 12,269 69,632 63,412 1,324 1,009 38,134 22,945 5,434 6,072 r 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 451 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 t b io o l . i S n 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 s 2 c b T a i a l a l o p i i n c a t t i d i - t a - e a l s l Total 2 b In an te k r ^ - Dema O nd ther Time c c T a o a o p u c i t n - t a a t l s l b N a b u o n e m f k r s counts 3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945—Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947_Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—June 30 158,344 86,374 55,835 16,136 42,126 203,676 184,680 14,862 5,221 114,892 49,705 15,600 13,208 Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 National member banks: 1941—Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945—Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 5,017 1947—Dec. 31 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 5,005 1955—Dec. 31 86,152 43,428 33,579 9,144 25,697 113,412 103,903 9,317 2,063 65,840 26,683 7,915 4,692 1956—June 30 85,455 45,860 30,555 9,040 23,545 110,703 100,826 8,404 2,929 62,123 27,370 8,232 4,667 Dec. 31 88,477 48,109 31,568 8,800 27,006 117,345 107,161 9,844 2,074 67,434 27,810 8,450 4,651 1957—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 State member banks: 1941—Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 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 9,252 2,199 6,677 1956—June 30 23,942 11,600 9,621 2,720 4,592 28,884 26,316 355 415 15,988 9,558 2,309 6,713 Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 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. 3H 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 8 821 294 312 429 All nonmember commercial banks: 1941_Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—June 30 25,605 12,114 10,406 3,085 4,909 30,920 27,962 732 426 16,920 9,884 2,636 7,183 Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 1957—June 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Insured mutual savings banks: 1941—Dec. 31 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945_Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 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 3,813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—June 30 7,898 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

452 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 fin millions of dollars] Loans2 Investments C m o e m r- - p L u o r a c n h s a s f i o n r g U. S. Government obligations O g b a l - i- Total cial, or carrying Other tions Class of hiink loans in- securities loans Direct of cal a l n d d atti i m n a v e n e n d s t t s - TotaP c o m i l p n u a e g d r n - - A c t g u u a r r l l i - - - b T ro o k- To l R o t e a a e s t n a - e l s v i d t n i o i d - - - O lo t a h n e s r Total Total C c e a r t t e if s i- Gu an a - r- S p a i t o c a n l a t i d e l t- s s I > • e i t t c h i u e er s ket ers oth- uals Bills of in- Notes Bonds teed subpa- and ers debt- diviper deal- ed- sions ers ness All commercia banks: 3 1947-Dec. 31.... 116,28438,057 18,167 1,660 8301,220 9,393 5,7231,06378,22669,221 2,193 7,789 6,03453,191 14 5 2763,729 1955—Dec. 31.... 160,881 82,60133,2454,4753,2631,77420,809 17,1853,11778,28061,5924,219 2 31814,03441,010 1112 6983,990 1956—Dec. 31.... 165,12390,30238.7204,1612,5891,69122,509 18,8503,34374,82158,5525,924 1,99711,82338,796 1312 9013,368 1957—June 6.... 164,51591,02839,0204,0772,274 1,63422,530 19,5083,62373,48756,6424,761 3,66510,07038,137 913 3143,531 All insured commercial banks: 1941 _Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 45 28,03121,046 988 3,159 12,797 4,102 3 6513,333 1945_Dec. 31.... 121,80925,765 9,4611,3143,1643,606 4,677 2,3611,18196,04388,9122,45519 07116,04551,321 22 3 8733,258 1947_Dec. 31.... 114,27437,583 18,0121,610 8231,190 9,266 5,6541,02876,69167,941 2,124 7,552 5,918 52,334 14 5 1293,621 1955—Dec. 31.... 159,16482,08133,0924,3963,2291,74220,69217,1043,09177,08360,7654,105 2 29213,85640,502 10124653,853 1956—Dec. 31.... 163,60189,83138,5714,1012,5651,66922,39418,7653,32573,77057,8375,763 198111,72238,358 13126753,258 1957—June 6.... 163,02590,57138,8704,0272,251 1,61322,42719,4213,59972,45455,9734,658 3 610 9,96737,730 8130953,386 Member banks total: 1941 Dec. 31 . 43 52118,021 8 671 972 594 598 3494 3,691 25,50019,539 971 3,00711,729 3 832 30902,871 1945—Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900 1,10484,40878,3382,2751698514,27144,792 16 3 2542,815 1947—Dec. 31.... 97,84632,628 16,962\,046 811 1,065 7,130 4,662 952 65,21857,914 1,987 5 816 4,81545,286 10 4 1993,105 1955—Dec. 31.... 135,36070,98231,0192,7263,150 1,56016,39114,3132,94364,37750,6973,250 1738 11,50834,192 9 10 4443,236 1956—Dec. 31.... 138,76878,03436,2962,4782,4471,47317,81115,7653,14760,73447,5754,383 ] 469 9,49332,218 12 10 4942,665 1957—June 6.... 137,80878,44836,5002,4532,132 1,41617,76816,2293,39959,36045,8293,439 2 798 7,95231,632 8 10 768 2,763 Dec.31.... 142,35380,95037,8682,4722,448 1,40918,23116,7753,31661,40347,079 3,948 3 534 8,56031,031 7 11 235 3,089 New York City:* 1941 Dec. 31 12,896 4,072 2,807 8 412 169 123 454 8,823 7,265 311 1,623 3,652 1,679 729 830 1945_Dec. 31.... 26,143 7,334 3,044 2,4531,172 80 287" 298 18,809 17,574 477 3 433 3,325 10,337 1 606 629 1947 Dec. 31 .. 20 393 7,179 5 361 545 267 111 564 330 13 21411,9721 002 640 558 9,771 638 604 1955—Dec. 31.... 23,58314,640 9,126 "\i 2,144 511 577 1,506 1,006 8,943 6,796 '552 100 1,141 5,002 2 1 609 539 1956—Dec. 31.... 23,80915,98711,266 l 1,409 402 617 1,558 1,049 7,822 6,057 724 194 976 4,160 3 406 358 1957 June 6 23,29315,89511,344 j 1,152 389 567 1,516 1,245 7,398 5,738 685 219 781 4,052 1 311 349 Dec.31 23,82816,102 11,651 1,280 387 565 1,513 1,053 7,726 5,880 648 214 1,093 3,924 1 435 411 Chicago:4 1941 Dec. 31 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1467 749 1,864 181 204 1947 Dec. 31 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1955 Dec. 31 . 6 542 3,342 2 390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956 Dec. 31 6,473 3,772 2,781 17 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957 June 6 6 266 3,789 2 859 8 172 96 135 430 184 2,477 1,884 75 74 223 1,513 460 133 Dec.31.... 6,446 3,852 2,903 9 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 Reserve city banks : 1941 Dec. 15 347 7,105 3 456 300 114 194 1 527 i <12 8 243 6 467 295 751 4 248 1,173 956 820 1945-Dec. 31.... 40,108 8,514 3,661 205 427 1,503 ,459 855 404 31,59429,552 1,034 6,982 5,65315,878 1,126 916 1947—Dec. 31.... 36,040 13,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 2,358 1,901 15,560 3 1,342 1,053 1955—Dec. 31.... 52,45928,622 13,212 566 542 696 6,962 5,916 1,18023,837 18,826 813 657 4,708 12,643 5 3.7781,233 1956—Dec. 31.... 53,915 31,78315,170 489 501 712 7,654 6,512 1,28922,132 17,368 1,185 441 3,74211,995 4 3,820 944 1957—June 6.... 53,13731,43514,919 495 496 672 7,481 6,6301,30021,702 16,797 758 1,179 3,038 11,819 2 3.8881,017 Dec.31.... 55,259 32,805 15,702 494 603 673 7,667 6,8931,37022,454 17,352 1,009 1,285 3,297 11,760 2 4.0271,075 Country banks: 1941 Dec. 31 12,518 5,890 1 676 659 20 183 1,823 1,-30 6 628 4 377 110 481 2 926 861 1 2221,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,544 16,713 9 11342 .067 1947_Dec. 31.... 36,324 10,199 3,096 818 23 227 3,827 1,979 22926,12522,857 480 2,583 2,108 17,681 6 2.0061,262 1955—Dec. 31.... 52,77524,379 6,2902,127 189 255 8,723 6,575 57328,39722,570 1,774 913 5,05614,825 3 4,581 ],246 1956—Dec. 31.... 54,571 26,491 7,080],972 334 261 9,407 7,256 63128,08022,0372,362 792 4,458 14,420 4 4 827 1,215 1957—June 6.... 55,11227,330 7,3781,949 312 259 9,586 7,653 66927,78221,409 1,920 1,326 3,910 14.248 4 5 109 1.265 Dec.31.... 56,82028,191 7,613 1,970 365 252 9,856 7,944 71328,62921,8152,226 1,909 3,857 13,819 4 5,365 1,449 Nonmember commercial banks:* 1947—Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 111 13,021 11,318 206 1,973 1,219 7,916 A 1,078 625 1955—Dec. 31.... 25,546 11,628 2,2261,750 113 214 4,428 2,872 17413,918 10,908 970 580 2,527 6,829 2 2,255 755 1956—Dec. 31.... 26,381 12,279 2,4241,683 143 218 4,708 3,085 19614,10210,989 1,541 528 2,330 6,588 1 2.409 704 1957-June 6.... 26,733 12,591 2.519 1.625 143 219 4,773 3,278 22414,141 10,825 1,323 867 2,119 6,515 1 2,548 769 1 All commercial banks in the United States. These figures exclude cluded in member banks but are not included in all insured commercial data for banks in U. S. possessions except for one bank in Alaska and banks or all commercial banks. Comparability of figures for classes of one in the Virgin Islands that became members on Apr. 15, 1954, and banks is affected somewhat by changes in Federal Reserve membership, May 31, 1957, respectively. During 1941 three mutual savings banks insurance status, and the reserve classifications of cities and individual became members of the Federal Reserve System; these banks are in- banks, and by mergers, etc. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 453 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Cla c s a s l a l o n d f d a b t a e nk F s B s w e e R e a r d r i n v e t e v h k e - r e s a s l C va i a n u s l h t b m a a w B d n n e a i o c s t k l e - t h - s i s c 5 j p m u D o d a s a t s d e e n e i - - - t d d s 6 m D e In d s o t t e - i e p c r 5 o b s a i 1 n t < F e s k i o g r n - G U o .S vt . . p v s S o u i a t s l a i b n i t o t d i d e c n i s a - s l c C c h o f a e e e i f e n t r e r f c c s i d t d . - k * i- s, a p v n s a p i I t d h i r n d o o u t i d r n p n c a a i e o s 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 v t d a s t - . . l v S s p i a u t i s o c a n i b l a o t i d d e l t n - s i s - p a v n s a p t i I h d i r d n o o t i u r d p n n c a a i o e s s - - l , r r s - - , r B in o o g w r s - - c C o a t a u 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 6510.059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—Dec. 31.... 18,706 3,261 12,813111,405 14,338 ,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 ,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,8931,44616,837 All insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 ,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 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 5615,988 1957—June 6.... 18,500 2,717 9,515 104,904 11,127 ,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,6601,43016,525 Member banks. totai: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5.886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 ,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 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 4813,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 ,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,37414,058 Dec. 31.... 18,973 2,536 7,806 92,191 13,356 1,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 5714,554 New York City:* 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947_Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1955—Dec. 31.... 4,431 127 111 16,493 3,364 1,151 756 302 1,498 18,919 1,085 59 72 2.171 1 2,745 1956—Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957—June 6.... 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 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 Dec. 31.... 1,071 39 148 4,084 1,293 40 195 333 77 4,493 15 3 10 1,332 4 689 Reserve city banks: 1941_Dec. 31 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4 542 1.967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947_Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 1956—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 Dec. 31.... 7,763 790 2,585 33,583 6,962 279 1,358 3,111 943 35,906 301 113 1,175 17,335 21 5,370 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.... A,521 796 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 Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1,181 4,669 1,027 35,029 18 135 928 21,366 30 5,359 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 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i. e., before deduction of valuation reserves); they do not add to the * Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not * Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

454 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 Total Loans Month or date i m l n o a v e n a e d n n s t s t s - j i m u n a s a v e n t d e e d n - s d t t s - i j L u o s a t a d e - n d s i C i m t n a c o r n e d i m i a d r a u - - l l s- A t c u u g r l r - a i l - G a U T n o o . d S v . b t d . r e o O a k l t e e h r r e s s rG U T o . o S v . t o . t O he th rs er e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d C t f e e e i d b r f i i - - t n - - - 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 ob- obliga- cun- ligations ties ties Total- Leading Cities 1957 Mar 87,123 85,744 52,53530,644 433 1,770 1,150 8,74010,84125,590 ,425 683 4,858 18,624 7,619 1,379 1958 Feb 88,680 87,152 52,52729,975 442 2,096 1,147 8,73711,269 26,4781,416 1,583 4,785 18,694 8,147 1,528 91,137 89,568 52,942 30,224 446 2,394 1,212 8,72011,090 28,0242,100 1,153 4,912 19,859 8,602 1,569 Mar 1958 88,770 87,066 52,726 29,993 447 2,230 1,124 8,73211,339 26,290 1,458 2,051 4,720 18,061 8,050 1,704 Feb. 5 88,689 87,156 52,67929,887 443 2,303 1,117 8,73811,330 26,313 1,400 2,087 4,752 18,074 8,164 1,533 Feb. 12 88,460 87,027 52,422 3300,013 438 1,968 1,171 8,73711,23526,452 1,254 ,076 4,821 19,301 8,153 1,433 Feb. 19 88,804 87,361 52,28130,006 442 1,882 1,178 8,74211,170 2266,856 1,552 ,119 4,847 19,338 8,224 1,443 Feb. 26 Mar. 5 90,263 88,576 52,43429,796 445 2,267 1,191 8,70911,167 27,7071,963 ,149 4,869 19,726 8,435 1,687 Mar. 12 90,960 89,408 52,776 2299,927 445 2,555 1,185 8,72511,082 28,0252,069 ,136 4,913 19,907 8,607 1,552 Mar. 19 92,083 90,474 53,55130,593 448 2,682 1,189 8,71011,076 28,2552,247 ,170 4,941 19,897 8,668 1,609 91,243 89,813 53,006 3"0,578 448 2,070 1,284 8,73411,037 28,1082,120 ,156 4,926 19,906 8,699 1,430 Mar. 26 New York City 1957 23,535 22,720 15,43411,543 120 990 366 582 2,140 5,407 351 145 851 4,060 1,879 815 Mar 1958 23,910 23,112 15,28211,192 484 828 344 544 2,198 5,782 460 265 977 4,080 2,048 798 Feb 24,903 24,129 15,65311,381 391 1,115 347 531 2,188 6,272 732 187 1,011 4,342 2,204 774 Mar 1958 24,038 23,143 15,33011,142 617 791 346 543 2,207 5,804 516 363 972 3,953 2,009 895 23,843 23,171 15,35011,092 611 868 345 550 2,200 5,766 439 382 972 3,973 2,055 672 Feb. 5 23,882 23,061 15,27711,244 405 836 345 542 2,205 5,738 408 145 992 4,193 2,046 821 Feb. 12 23,877 23,073 15,17011,286 305 818 341 543 2,179 5,821 475 170 973 4,203 2,082 804 Feb. 19 Feb. 26 24,520 23,692 15,35111,139 424 1,011 342 534 2,202 6,162 673 187 1,007 4,295 2,179 828 Mar. 5 24,908 24,194 15,69611,253 428 1,248 332 544 2,193 6,286 724 178 997 4,387 2,212 714 Mar. 12 25,250 24,555 16,00811,607 435 ,221 339 525 2,188 6,336 778 195 1,036 4,327 2,211 695 Mar. 19 24,933 24,073 15,55611,525 279 979 375 519 2,171 6,302 753 187 1,004 4,358 2,215 860 Mar. 26 Outside New York City 1957 Mar 63,588 63,024 37,101 19,101 432 660 773 8,158 8,70120,183 ,074 538 4,007 14,564 5,740 564 1958 Feb 64,770 64,040 37,24518,783 441 784 759 8,193 9,07120,696 956 1,318 3,808 14,614 6,099 730 66,234 65,439 37,28918,843 445 888 812 8,189 8,902 21,752 ,368 966 3,901 15,517 6,398 795 Mar 1958 64,732 63,923 37,39618,851 446 822 742 8,189 9,132 20,486 942 1,688 3,748 14,108 6,041 809 Feb. 5 64,846 63,985 37,32918,795 442 824 736 8,188 9,130 20,547 961 1,705 3,780 14,101 6,109 861 Feb. 12 64,578 63,966 37,14518,769 437 727 773 8,195 9,030 20,714 846 931 3,829 15,108 6,107 612 Feb. 19 64,927 64,288 37,11118,720 441 759 786 8,199 8,99121,0351,077 949 3,874 15,135 6,142 639 Feb. 26 Mar. 5 65,743 64,884 37,08318,657 444 832 796 8,175 8,965 21 ,290 962 3,862 15,431 6,256 859 Mar. 12 66,052 65,214 37,08018,674 444 879 801 8,181 8,889 21 ,345 958 3,916 15,520 6,395 838 Mar. 19 66,833 65,919 37,54318,986 447 1,026 803 8,185 8,888 21 1,469 975 3,905 15,570 6,457 914 Mar. 26 66.310 65,740 37,45019,053 447 812 849 8,215 8,866 21 1,367 969 3,922 15,548 6,484 570 i Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 455 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank Borrowings except interbank except interbank deposits Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . a r i v n t R h e k s . s C va i a n u s l h t b m a w d a n e n i c o s t e k - h t s i s c j p m u o d a s a d t s e n e i - - t d d s 1 s p p u c n v a h o a a o e n i i r d r p l r r d a s t - - - s - - , , S p d s a i t o u c i a n v l a b t i d i e l t - - - s c C h c o a e f e e e i f n t c e f r r c d i t k d s . - i ' s - , G u o . v s t. . s p p u c n v h a o a a o n e i i r d r l p r r d a s t - - - s - , - , S p s d s a i t i o u c i a o n v l a b 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 S d t s a - t . . l m D ti e o c s - - F ei o g r n - Time F F B r . a o n R m k . s F ot r h o e m rs c C o i a t u a c a n p - l - ts tions tions Total— Leading Cities 1957 Mar 13,222 983 2,485 55,96858,610 3,917 1,856 1,833 20,690 993 18010,307 1,524 1,251 594 1,025 9,104 1958 Feb 13,437 970 2,555 55,313 57,428 4,191 2,081 1,773 22,275 1,372 13510,476 1,492 1,831 91 930 9,708 13,335 955 2,503 55,07157,485 4,120 2,167 3,00522,775 1,515 13710,725 1,486 2,050 113 1,007 9,746 Mar 1958 13,452 905 2,505 55,880 57,554 4,312 2,512 1,417 22,157 1,304 13610,681 1,501 1,652 75 999 9,698 Feb. 5 13,264 1,013 2,503 55,548 58,224 4,193 1,908 ,222 22,245 1,362 13610,526 1,485 1,823 143 1,053 9,701 Feb. 12 13,562 952 2,694 54,882 56,893 4,118 1,980 2,144 22;306 1,380 13410,493 1,479 1,916 68 862 9,705 Feb. 19 13,469 1,012 2,518 54,943 57,040 4,141 1,925 2,308 22,390 1,443 13410,203 1,503 1,933 79 807 9,730 Feb. 26 Mar. 5 13,262 890 434 54,503 56,624 4,216 2,086 2,405 222,578 1,474 14210,914 1,494 1,984 56 1,195 9,734 Mar. 12 13,457 1,000 59,231 4,008 2,165 2,720 1,516 13910,738 1,505 2,025 155 994 9,745 Mar. 19 13,512 952 57,703 4,027 2,106 3^699 22; 832 1,528 13710,749 1,491 2,062 191 1,129 9,740 13,109 978 607 54;507 56,381 4,227 2,313 3,935 22,969 1,540 13710,499 1,453 2,130 48 711 9,763 Mar. 26 New York City 1957 4,208 141 5516,02217,543 252 903 565 2,548 51 34 2,845 1,208 965 24 463 2,854 Mar 1958 4,141 137 15,34516,679 311 1,173 506 2,831 142 2,942 1,205 1,394 437 3,138 Feb 4,319 138 15,53417,081 330 1,190 1,056 2,979 175 2,973 1,189 1,578 465 3,132 Mar 1958 4,090 137 15,55716,739 276 1,607 476 2,802 133 2,996 1,219 1,258 481 3,137 4,168 142 15,43316,769 342 983 364 2,831 135 2,818 1,202 1,392 589 3,138 Feb. 5 4,017 129 15,12816,470 316 1,072 581 2,825 135 3,025 1,194 1,456 301 3,140 Feb. 12 4,288 141 15,26016,737 309 1,029 606 2,866 166 2,928 1,206 1,469 379 3,136 Feb. 19 Feb. 26 4,233 136 15,24516,566 350 1,132 785 2,913 174 2,984 1,201 1,515 617 3,134 Mar. 5 4,472 145 16,080 1177,948 275 1,241 727 2,985 175 2,926 1,206 1,553 414 3,135 Mar. 12 4,332 133 15,55417,097 343 1,015 1,322 2,979 174 2,971 1,191 1,587 577 3,127 Mar. 19 4,237 139 15,25616,711 350 1,374 1,388 3,041 178 3,012 1,157 1,655 254 3,131 Mar. 26 Outside New York City 1957 Mar 9,014 842 2,430 39,946 41,067 3,665 953 1,26818,142 942 146 7,462 316 286 570 562 6,250 1958 Feb 9,296 833 2,509 39,968 40,749 3,880 908 1,26719,444 1,230 111 7,534 287 437 91 493 6,570 Mar 9,016 817 2,452 39,537 40,404 3,790 977 1,94919,796 1,340 112 7,752 297 472 100 542 6,614 1958 Feb. 5 9,362 768 2,462 40,32340,815 4,036 905 94119,355 1,171 112 7,685 282 394 75 518 6,561 Feb. 12 9,096 871 2,46140,11541,455 3,851 925 85819,414 1,227 112 7,708 283 431 143 464 6,563 Feb. 19 9,545 823 2,649 39;754 4400,423 3,802 908 1,56319,481 1,245 110 7,468 285 460 68 561 6,565 Feb. 26 9,181 871 2,466 39,68340,303 3,832 896 1,70219,524 1,277 111 7,275 297 464 79 428 6,594 Mar. 5 9,029 754 2,38739,25840,058 3,866 954 1,62019,665 1,300 112 7,930 293 469 56 578 6,600 Mar. 12 8,985 855 2,46139,95141,283 3,733 924 1,25519,735 1,341 116 7,812 299 472 120 580 6,610 Mar. 19 9,180 819 2, 4"0"7 39,68940,606 3,684 ,091 2,37719,853 1,354 114 7,778 300 475 174 552 6,613 Mar. 26 8,872 839 2,554 39,25139,670 3,877 939 2,54719,928 1,362 114 7,487 296 475 48 457 6,632 l Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, (-). In millions of dollars] Manufacturing and mining Comm'l and Period2 t l o F iq b a o n u a o c d o d c r , , o T a l p e e a x p a n t t a i h d r l e e e r s l, , M m p u a r c e e n o t t t d a d s a 3 l - l s ch r P l u c e e a e m o b u n t a b r m d i o l c e , , - a r l, 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 m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c t n t l i s a 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 l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch b w re a i a e n i p n a n n e d l o g k g k l ' e r l l s t — y 4 - 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 1958—Jan -227 25 -44 -22 -28 -207 -10 -571 -81 -24 -130 -1,319 -1,600 Feb -126 76 111 4 45 -51 -125 — 44 -89 1 43 -155 -195 Mar -46 49 233 -6 92 73 -80 106 -20 9 73 481 572 Week ending: 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 -57 -240 -287 Jan. 22 -67 -3 -28 -5 -7 -52 -88 -123 -35 -7 -26 -440 -506 Jan. 29 -45 13 -12 -1 -25 -52 59 -113 -13 c 10 -183 -218 Feb. 5 -18 26 -25 10 -14 -53 -69 -61 -8 21 -193 -208 Feb. 12 -30 13 10 -2 11 -13 -49 -48 10 -2 -107 -106 Feb. 19 -36 22 90 9 17 -25 -16 68 -8 3 8 139 126 Feb. 26 -42 16 36 -12 17 2 -8 5 -3 16 6 n -20 Mar. 5 -18 11 4 -7 6 18 -34 -111 -11 6 -176 -210 Mar. 12 -18 16 34 8 24 4 -27 40 -40 5 21 100 131 Mar. 19 15 23 151 19 42 33 -7 248 j 9 12 594 666 Mar. 26 -25 1 44 -26 20 18 -13 -72 49 6 33 -36 -15 -22 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial * Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed P di la re c c e t d - Total Banks p I o m r - ts p E o x r - ts Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers1 ( p f a in 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 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_Feb 2.714 555 2 159 992 202 133 69 24 58 708 307 389 127 167 Mar 2,650 489 2.161 .019 209 150 59 23 58 728 305 425 2 116 171 Apr 2,485 466 2.019 .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 ,000 154 112 42 19 70 757 231 507 35 59 169 Aug 2,835 501 2.334 ,227 220 152 68 27 68 913 243 524 66 212 182 SeDt 2,558 501 2,057 .197 214 149 65 16 66 901 234 483 75 225 181 Oct 2,654 516 2,138 ,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 ,224 221 151 70 20 67 916 268 459 64 222 211 Dec 2,666 551 2,115 307 287 194 94 66 76 878 278 456 46 296 232 1958_Jan 3 345 654 2 691 1.422 416 307 109 41 127 838 273 461 65 386 237 Feb 3,628 776 2,852 1,523 497 372 125 43 139 843 261 447 110 480 224 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 457 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.) nance securities (taxable)2 mo Y w n e e t a h e r k , , or 4 m p P - c a e r o t i p r o m m c e i - r e 6 a , l - p d p c p l i a o a r a p e c m n c e e y - t r d - a a P b c n e a r c i c r n e m s e k p ' s e - t , - 3-month bills 9 m -t o o n 1 th 2- 3- y t e o a r 5- Area and period lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o 2 a v n 0 e d 0 r months* ly, 90 Mar- Rate issues3 issues4 3- to 6- days1 ket on new Annual averages, 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 .97 1.71 1.73 1.753 .89 2.50 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 $.06 2.64 2.62 2.658 >.83 3.12 1957 average 3.81 J.55 3.45 3.23 3.267 5.53 3.62 Quarterly.! 19 large cities: 1957_Mar 3.63 5.38 3.27 3.08 3.140 5.35 3.38 1957—June 4.40 5.37 4.94 4.61 4.23 Apr 3.63 $.38 3.20 3.06 3.113 5.41 3.48 Sept 4.83 5.67 5.29 5.01 4.69 May 3.63 5.38 3.25 3.06 3.042 5.37 3.60 Dec 4.85 5.66 5.29 5.01 4.71 June 3.79 5.48 3.36 3.29 3.316 5.55 3.77 1958—Mar 4.49 5.55 5.10 4.75 4.29 July 3.88 5.63 3.38 3.16 3.165 5.71 3.89 New York City: Aug 3.98 5.63 3.78 3.37 3.404 5.93 3.91 1957—June 4.23 5.24 4.86 4.49 4.12 Sept 4.00 5.82 3.83 3.53 3.578 L02 3.93 Sept 4.69 5.54 5.24 4.93 4.60 Oct 4.10 5.88 3.75 3.58 3.591 5.94 3.99 Dec 4.71 5.50 5.23 4.94 4.62 Nov 4.07 5.79 3.50 3.29 3.337 5.52 3.63 1958—Mar 4.29 5.42 5.02 4.60 4.17 Dec 3.81 5.55 3.35 3.04 3.102 5.09 3.04 7 Northern & Eastern cities: 1958—Jan 3.49 5.23 3.06 2.44 2.598 2.56 2.77 1957_june 4.39 5.39 4.94 4.61 4.25 Feb 2.63 2.18 2.30 1.54 1.562 .93 2.67 Sept 4.85 5.69 5.31 5.01 4.73 Mar 2.33 .86 1.80 1.30 1.354 1.77 2.50 Dec 4.86 5.67 5.33 5.02 4.74 1958—Mar 4.49 5.60 5.08 4.72 4.33 Week ending 11 Southern & Western Mar. 1... 2.45 1.98 2.08 1.22 1.202 1.69 2.54 cities: M M a a r r . . 15 8 . . . . . . 2 2 . . 3 3 8 8 1 1. . 8 8 8 8 1 1 . . 8 8 8 8 1 1 . . 3 3 9 9 1 1 . .3 5 5 3 1 2 1 1. . 7 7 7 6 2 2 . . 5 5 3 3 1957_j S U e n p e t 4 5. . 0 6 1 5 5 5 . . 7 4 2 2 4 5 . .3 9 1 9 4 5 . . 7 0 0 5 4 4 . . 8 4 1 3 Mar. 22... 2.38 1.88 1.88 1.33 1.343 1.85 2.50 Dec 5.05 5.73 5.31 5.04 4.87 Mar. 29... 2.23 .83 1.63 1.11 1.189 1.73 2.45 1958—Mar 4.77 5.60 5.17 4.87 4.49 i 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 YIELDS i [Per cent per annum] Corporate bonds 3 Stocks 5 U. S. St g a o te v t a . n b d o n lo d c s a 3 l Govt. 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 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 4.31 3.81 5.03 4 11 4 53 4 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 Feb 3.26 3.15 2.72 3.79 4.01 3.59 4.66 3.86 4.29 3.87 4.38 4.47 Mar 3.25 3.23 2.79 3.88 4.04 3.63 4.68 3.86 4.30 3.95 4.42 4.37 7.87 Week ending: Mar. 1 3.27 3.19 2.76 3.85 4 00 3.60 4.65 3.85 4.29 3.87 4.39 4.52 Mar 8 3.27 3.20 2.78 3.85 4.03 3.62 4.66 3.86 4.29 3.93 4.42 4.44 Mar 15 3 27 3.22 2.78 3.86 4.03 3.62 4.67 3.86 4 30 3 95 4.41 4.33 Mar. 22 3.24 3.24 2.79 3.89 4.04 3.63 4.68 3.86 4.31 3.95 4.41 4.36 Mar 29 . .. 3.21 3.25 2.79 3.90 4.05 3.64 4.69 3.87 4.32 3.95 4.45 4.34 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Includes bonds rated Aa and A, data for which are not shown sepaand corporate bonds. Yields of State and local govt. general obligations rately. Because of a limited number of suitable issues, the number of are based on Thursday figures; and of preferred stocks, on Wednesday corporate bonds in some groups has varied somewhat. figures. Figures for common stocks are as of the end of the period, 5 Standard and Poor's Corporation. Preferred stock ratio is based on except for annual averages. 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. 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

458 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- Ye o ar r , w m e o ek nth, t ( G U e lo r o . m n v S g ) t . * - . g n ( r h i M c a i i d g u p e h - a ) - l 3 g ( C h r r p a a i o o g d t r e - h e - - )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 d g o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f c n a n r i- e v d d c - e e , , M in i g n- s s t h i h a n ( a o o n i r g 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 14 123.1 114.4 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—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 88.65 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 SeDt 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 Feb 102.47 109.2 105.7 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar 102.83 107.9 105.1 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Week ending: Mar 1 . 102.61 108.4 105.6 40.74 43.40 22.29 34.16 301 373 342 402 226 161 275 263 1,725 Mar. 8 102.37 107.9 105.2 41.60 44.39 22.36 34.43 310 386 351 419 230 161 283 276 2,090 Mar 15 102.51 107.9 105.2 42.38 45.29 22.82 34.57 312 390 354 422 232 161 283 281 2,401 Mar. 22 103.02 107.9 105.1 42.11 44.97 22.57 34.53 312 389 353 423 231 162 284 286 2,263 Mar 29 103.30 107.7 104.7 42.44 45.22 22.68 34.68 310 387 348 423 229 162 283 291 2,171 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 5 x/i -hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit! W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t T e h c o e u r t r a i t t h l i - e a s n N N ew et Y d o e r b k i t f S ir b t m a o l c s a k i 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 ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob ( c l c i o o g l l a . . 3 t 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 ti o on v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 780 88 1,074 713 1954—Dec. 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec. 4,030 34 2.791 32 ,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 ,161 46 2,132 880 1957—Mar. 3,832 28 2,713 27 ,119 47 1,958 820 Apr., 3,938 28 2,792 28 ,146 53 2,051 807 May 3,924 39 2,794 26 ,130 52 2,063 817 June, 4,031 31 2,887 25 ,144 52 2,104 820 July. 4,004 32 2,885 23 ,119 59 2,079 829 Aug., 3,929 30 2,833 24 ,096 58 2,035 816 Sept. 3,882 35 2,789 21 ,093 63 2,046 838 Oct.. 3,643 39 2,568 31 ,075 72 1,708 879 Nov. 3,577 42 2,517 33 ,060 56 1,641 876 Dec. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Jan.. 3,554 126 2,487 58 ,067 188 1,552 937 Feb., 3,679 102 2,580 79 ,099 199 1,647 939 Mar. 3,863 111 2,665 86 ,198 206 1,784 954 1 Ledger balances of member firms of the New York Stock Exchange 2 Figures are for last Wednesday of month for weekly reporting member carrying margin accounts, as reported to the Exchange. Customers' debit banks, which account for about 70 per cent of all loans for this purpose. and free credit balances exclude balances maintained with the reporting Column 5 includes some loans for purchasing or carrying U. S. Govt. firm by other member firms of national securities exchanges and balances securities (such loans are reported separately only by New York and of the reporting firm and of general partners of the reporting firm. Bal- Chicago banks). On June 30, 1956, reporting banks outside New York ances are net for each customer—i. e., all accounts of one customer are and Chicago held $51 million of such loans. On the same date insured consolidated. Money borrowed includes borrowings from banks and commercial banks not reporting weekly held loans of $28 million for from other lenders except member firms of national securities exchanges. purchasing and carrying U. S. Govt. securities and of $384 million for Data are as of the end of the month, except money borrowed, which is as other securities. Noninsured banks had $33 million of such loans, of the last Wednesday of the month beginning June 1955. probably mostly for purchasing or carrying other securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SAVINGS INSTITUTIONS 459 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d S ( t U a lo t . e c a a S l n .) d Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 J.240 11,059 10,060 999 6,636 857 1,962 1,738 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 ,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 ,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_Feb 96,738 11,038 7,544 2,244 1,250 41,365 38,432 2,933 33,479 2,865 3,547 4,444 Mar 97,074 10,926 7,427 2,251 ,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 Apr 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2 907 3,606 4 417 May . 97,868 10,895 7,340 2,290 ,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July 99,005 10,906 7,306 2,323 ,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aug 99,374 10,880 7,268 2,333 ,279 42,742 39,724 3,018 34,547 3,032 3,731 4 442 Sept 99,812 10,833 7,224 2,340 ,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 ,271 43,170 40,149 3,021 34,859 3,085 3,802 4.452 Nov 100,597 10,782 7,135 2,362 ,285 43,368 40,340 3,028 34,986 3,113 3,833 4,515 Dec 101,043 10,600 6,950 2,375 ,275 43,644 40,637 3,007 35,230 3,134 3,863 4,572 1958—Jan 101,672 10,819 7,113 2,418 ,288 43,859 40,862 2,997 35,410 3,156 3,896 4,532 Feb 102,000 10,852 7,124 2,426 ,302 43,961 40,957 3,004 35,529 3,187 3,927 4,544 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 Total2 Mor iS t- 3 o G t b io l o i n v g s a t. - Cash Other4 S c a a v p i i n ta g l s FHLB Other un p d r a o i 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 1957—Feb.. 43,419 36,195 3,041 1,907 2,232 37,799 973 89 Mar. 43,934 36,559 3,132 1,884 2,316 38,158 958 83 Apr.. 44,431 36,963 3,162 1,836 2,428 38,471 968 87 May. 45,085 37,421 3,180 1,874 2,569 38,939 990 84 June. 45,736 37,886 3,139 2,061 2,610 39,798 1,077 103 3,136 July. 45,750 38,280 3,180 1,741 2,510 39,730 1,037 109 Aug. 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept. 46,639 39,106 3,229 1,643 2,624 40,306 1,117 115 Oct.. 47,127 39,532 3,219 1,622 2,718 40,673 1,129 121 Nov. 47,600 39,835 3,238 1,705 2,787 41,072 1,141 117 Dec.. 48,275 40,119 3,169 2,144 2,809 42,038 1,263 118 3,377 1958—Jan.. 48,423 340,369 3,215 2,023 2,816 42,491 904 100 1 Figures are for all savings and loan associations in the United States. 3 Beginning January 1958, no deduction is made for mortgage pledged Data beginning 1950 are based on monthly reports of insured associa- shares. These have declined consistently in recent years and amounted tions and annual reports of noninsured associations. Data prior to to $34 million at the end of 1957. 1950 are based entirely on annual reports. 4 Includes other loans, stock in the Federal home loan banks and other 2 Includes gross mortgages with no deduction for mortgage pledged investments, real estate owned and sold on contract, and office buildings shares. and fixtures. NOTE.—Data for 1957 and 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 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 activity 1 1956 1957 1950 19512 19522 19532 1954 1955 2* 3 4* 1 2* Loans, by purpose and agency: 3,884 4,161 5,070 6,811 6,929 6,715 36,756 7,160 6,752 7,261 6,827 Banks for cooperatives. 345 425 424 377 367 375 349 395 457 423 384 Federal intermediate credit banks 510 633 673 590 638 689 898 874 734 4845 997 535 539 596 648 701 681 3777 769 724 823 866 Rural Electrification Administration.. 1,543 1,742 1,920 2,096 2,226 2,348 2,413 2,450 2,488 2,544 2,586 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 2,319 2,671 2,349 2,626 1,994 Other agencies 52 40 31 23 18 1 To aid home owners total 1,528 2,142 2 603 2,930 2,907 3,205 3,299 3,391 3,680 4,076 4,381 Federal National Mortgage Association 1,347 1,850 2,242 2,462 2,461 2,641 2,729 2,806 3,072 3,433 3,629 Veterans Administration / 300 383 480 433 446 464 488 521 > 181 292 362 \ 168 63 84 137 138 145 155 123 Treasury Department 555 589 598 5 1 8 7 8 4 4 35 3 3 1 6 30 7 6 8 6 3 2 2 7 3 6 21 2 6 4 6 20 1 9 9 2 6 0 2 9 9 6 21 4 1 0 C O o th m e m r a e g rc e e n c D ie e s partment I I 568 589 598 79 { f 1 2 1 61 2 22 8 1 3 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 0 9 824 814 864 952 870 1,419 1,178 1,147 7,255 966 1,084 To aid States territories etc total 468 744 1,020 645 272 245 227 244 246 272 243 Public Housing Administration 351 589 894 500 112 90 90 109 106 120 94 Other agencies 117 155 126 145 160 155 137 135 140 153 149 Foreign total . 6,078 6,110 7 736 8,043 8,001 7,988 8,172 8,229 8,223 8,237 8,300 2,226 2,296 2,496 2,833 2,806 2,702 2,712 2,692 2,701 2,678 2,667 Treasury Department6 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,519 3,470 3,470 3,470 71,515 1,537 1,624 1,767 1,885 1,958 1,995 2,035 2,084 Other agencies 102 64 58 53 55 60 57 54 52 All other purposes, total 63 55 75 119 166 256 176 193 213 240 338 5 29 127 209 122 136 156 184 275 Other agencies 63 69 90 39 47 55 56 57 56 60 Less' Reserves for losses . -185 -173 — 140 —203 — 228 —268 3-592 -656 —309 —327 -695 Total loans receivable (net) 13,228 14,422 17,826 19,883 19,348 20,238 19,844 20,331 20,657 21,353 20,980 Investments: TJ. S Government securities total 2,075 2,226 2 421 2 502 2,967 5 236 3.719 3,720 3,739 3,923 5 881 Federal home loan banks 199 249 311 387 641 745 1,083 1,054 1,018 1,095 1,017 Federal Savings and Loan Insurance Corp 193 200 208 217 228 241 256 248 256 265 274 Federal Housing Administration 244 285 316 319 327 381 405 422 458 479 482 Federal Deposit Insurance Corporation 1,307 1,353 1,437 1,526 1,624 1,720 1,810 1,812 1,825 1,898 1,914 132 140 148 152 147 149 166 183 181 186 194 3,385 3,385 5,555 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities9 .... 266 257 223 219 197 179 253 283 284 344 340 \,11A 1,461 1,280 2,515 3,852 4,356 20,231 20,949 21,375 21,303 21,450 Commodity Credit Corporation 1,638 1,174 978 2,087 3,302 3,747 3,897 3,323 3,651 3,362 3,153 9,814 10,994 11,004 11,094 11,105 | 136 288 303 428 550 609 6,3 1 3 8 2 8 6,4 2 1 1 8 5 6,5 2 1 0 7 1 6,6 1 5 9 4 3 7,0 1 2 7 2 1 2,945 3,358 3,213 8,062 8,046 7,822 9,682 10,028 9,985 9,875 9,979 4,834 4,798 4,822 4,612 4,548 4,502 4,470 4,506 Panama Canal Company' 18 298 415 363 421 421 400 398 398 396 401 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,723 1,712 1,762 1,751 1,803 Housing and Home Finance Agency 1,296 1,284 1,202 1,040 728 450 311 285 236 144 114 278 276 277 281 309 306 311 317 327 1,199 1,302 1,298 1,226 1,332 590 590 590 590 599 745 728 345 350 360 300 538 608 613 704 616 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,607 2,742 2,711 2,975 3,497 Banks for cooperatives 110 170 181 150 156 185 152 188 257 231 190 Federal intermediate credit banks 520 674 704 619 640 665 857 865 721 803 953 Federal home loan banks 560 525 445 414 272 958 928 918 963 720 733 570 670 770 770 1,220 1,620 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 are classified as trust revolving transactions. do not provide a detailed breakdown of loans, these items have been 5 Less than $500,000. classified by Federal Reserve on basis of information about the type of <5 Figures represent largely the Treasury loan to the United Kingdom, lending activity involved. and through 1952 are based in part on information not shown in Treasury Data for agencies classified by type of fund and activity include all compilation. 7 Figure derived by Federal Reserve. those reporting on a fiscal year basis. * Includes investment of the Agricultural marketing revolving fund in * Totals adjusted to reflect exclusion of agencies reporting other than the banks for cooperatives; Treasury compilations prior to 1956 classified quarterly. this item as an interagency asset. i Figures for trust revolving funds include interagency items. For all 9 Figures prior to 1951 are for the Panama Railroad Company. The types of funds combined, loans by purpose and agency are shown on a Panama Canal Company, established in 1951, combined the Panama gross basis; total loans and all other assets, on a net basis, i. e., after Railroad Company with the business activities of the Panama Canal reserve for losses. (not reported prior to that time). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 461 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Invest- Bonds, notes, U.S. Pri- Date, and fund or activity Loans ments L st a ru n c d - , tu a r n e d s d p e a b y e a n b - le G in o te v r t - . o v w at n el e y d re- In- tures, Other est inter- Total Cash ceiv- ven- and Other liabil- est able tories Public Other equip- Guar- ities s d e e c b u t - s r e it c i u e - s ment an b te y ed Other rities U.S. All activities 1951—Dec. 312 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1 16123 842 329 1952—Dec. 312 29,945 94417,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Dec. 312 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1 261 75 1,182 3 81833 429 434 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—June 30* 66,797 4,457 19,84420,231 3,719 3,638 9,682 5,226 49 2,607 3,23860,224 677 Sept. 30 69,143 5,144 20,33120,949 3,720 3,66810,028 5 303 58 2,742 3 14562 507 693 Dec. 31* 69,653 4,99620,65721,375 3,739 3,669 9,985 5,232 67 2,711 3 65962,516 699 1957—Mar. 31 69 895 4,44121,35321 303 3,923 3,729 9 875 5 272 68 2 975 3 71362 364 775 June 30* 69,059 3,98120,98021,450 3,881 3,725 9 979 5 063 57 3 497 3'325 61 144 1 037 Classification by type of fund and activity, June 30, 1957 Public Enterprise Funds—Total 18,762 1,217 8,150 3,921 790 149 3,326 1,209 57 570 1,494 16,641 Farm Credit Administration:4 Federal Farm Mortgage Corporation 11 1 10 10 Agricultural Marketing Act, revolving fund 186 39 147 186 Agriculture Department: Commodity Credit Corporation 5,399 61 1,532 3,153 165 489 917 4,482 Disaster loans etc revolving fund . 129 32 92 5 1 128 All other 41 25 11 5 6 35 Housing and Home Finance Agency: Public Housing Administration. .. 153 33 93 20 8 33 120 Federal Housing Administration 784 25 482 (5) 276 56 139 590 Federal National Mortgage Association 2 396 1 2 381 14 750 39 1 787 Office of the Administrator 689 119 451 93 27 6 683 Federal Saving and Loan Insurance Corporation.... 284 1 274 10 14 270 Small Business Administration 215 64 149 2 214 Export-Import Bank 2,737 44 2,667 (5) 25 2,709 Tennessee Valley Authority 2,026 102 78 33 1,993 Panama Canal Company 460 30 8 '401 21 14 446 Veterans Administration 824 261 522 4 34 2 1 11 813 General Services Administration 913 44 686 103 80 14 899 Treasury Department 295 29 232 (5) 7 27 1 295 Post Office Department—postal fund.. 862 217 13 599 32 212 649 Interior Department 219 46 9 9 130 25 7 211 All other 139 45 13 6 75 e> 19 120 Intragovernmental Funds—Total 13,142 1,572 11,225 218 128 72312,419 Defense Department: Army... 8 442 708 7 575 106 52 287 8 155 Navy 3 530 588 2 891 51 287 3 244 Air Force 863 204 '638 21 88 774 All other 306 71 120 112 4 61 245 Certain Other Activities—Total 53,536 6,712 9,287 8,321 7 3,649 18,266 7,295 1,895 51,641 General Services Administration 8,236 492 82 6,293 1,220 147 29 8,207 Agriculture Department: Farmers Home Administration 719 70 627 23 7 712 Rural Electrification Administration 2 711 3 2 579 129 2 709 Other 1 418 448 6 879 86 21 l'397 Atomic Energy Commission 8,622 1,324 1,749 5,130 419 206 8,417 Federal Civil Defense Administration 233 55 174 2 2 233 Veterans Administration 1,902 355 107 2 1,340 98 137 1,765 Civil Aeronautics Administration 609 141 26 196 246 1 608 Health, Education, and Welfare Department. . 1,055 790 2 1 260 3 157 898 Interior Department . 3,752 287 4 8 2,891 562 376 3,375 International Cooperation Administration 4,028 1,885 2,111 1 17 14 3 4,025 Treasury Department 13,375 278 3,506 44 3,563 765105,219 77412,601 Commerce Department—maritime activities . 5,057 259 270 3 4,473 51 132 4,925 All other 1,820 324 15 7 85 1 093 296 51 1 769 Certain Deposit Funds—Total 4,552 71 1,461 2,976 13 31 923 846 2,024 758 Banks for cooperatives . 455 21 381 44 9 190 3 228 34 Federal Deposit Insurance Corporation 1,930 3 (5) 1,914 12 134 1,796 Federal home loan banks 2,166 47 1,079 1,017 13 10 733 709 724 Certain Trust Revolving Funds—Total 2,637 205 2,221 108 103 2,004 63 292 H278 Federal National Mortgage Association 1,255 52 1,197 6 1,050 29 149 H26 Federal intermediate credit banks 1 125 12 997 100 18 953 21 143 Office of Alien Property 204 133 70 1 H202 All other . 53 9 27 8 9 12 H42 (5) 19 Includes $1,000 million due under the agreement with Germany 1! 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 $2,048 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 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 s t e . t T P r f e u r l c n u u t d s s s t : . t I G L r n a e o t n s r v s s a t : . - . 1 E p T r f u q e r t o b u o h c t l a m t e a i s l c l . s 2 : B p t e u u e n d x re d g - s i e - t p T P t f e u u e r l n x r n u u e d - d s s s i t : - A m L d e e j n s u t s s s : t 3 - E p p t T q o u a o u b y t t a l h t a i s l e l c s . : t p o p fr u a t o o h y b ( m r e l t - i s ) , c . , & ( c ( c o - d r d r ) r I e e a i > e n r a d g a 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 o a h b s n e h t - 4 r b E r i o e n c q N r p a g u r a s e o a y h o t w l t r s . - : Cal. year—1955 63,358 10,624 2,511 71,448 66,129 9,331 3,282 72,178 -729 3,484 2,476 566 448 1956 70,994 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 3,080 84,520 71,692 14,792 3,158 83,327 1,194 467 1,572 63 -1,168 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 ,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 ,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 ,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 ,670 49,463 35,632 7,659 1,902 41,389 8,073 -5,089 1,693 98 -6,879 July-Dec 29,325 7,167 ,410 35,057 36,060 7,133 1,254 41,938 -6,881 5,556 -120 -35 5,711 Monthly: 1957_Feb 6,188 1,458 80 7,564 5,743 1,095 -250 7,088 476 142 209 -103 37 Mar 10,737 1,068 96 11,704 5,584 1,342 296 6,630 5,073 -1,160 108 -126 -1,142 Apr 4,256 1,083 90 5,244 5,987 1,491 258 7,220 -1,976 -813 -469 -174 -170 May 5,282 2,121 117 7,280 5,944 1,344 367 6,923 358 1,432 1,241 257 -67 June 11,688 1,820 ,182 12,322 6,279 1,275 122 7,431 4,891 -4,496 728 -123 -5,100 July 3,057 858 113 3,801 6,347 1,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 1,075 -180 7,185 -399 1,462 646 40 776 Sept 7,225 972 126 8,066 5,667 1,086 _>y 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 -13 665 Dec 5,956 1,184 703 6,433 5,809 1,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 1,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb.* 6,299 1,684 198 7,779 5,528 1,317 86 6,759 1,020 145 305 -52 -108 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a . s , h o r b a d l e a c n . c ( e — s: ) Accou S n ta t te o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period s B u d 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 o n a n - s. i m s o ( a G s g + b N a u e o l r ) a i e n v k g o n t c t e a c f . y t - e in i & s a n G e v g N c . e o t F . r e n v e u b t ( c t d s . y - y t . ) I d n ( p e d g - c u c i r r ) o r r b o e , e e r l a 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 cc r 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 L a in r u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions 5 funds 5 debt funds) Accts. Fiscal year—1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 ,055 1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 ,391 1957 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 Semiannually: 1955—July-Dec. -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June. 9,511 1,190 217 312 -1,400 -8,017 -189 2,002 6,546 522 4,633 ,391 July-Dec.. -5,732 866 -482 -5 -697 3,877 -55 -2,119 4,427 441 2,924 ,062 1957—Jan.-June. 7,328 543 -36 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: 1957_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 -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 1958—Jan.. -1,225 -831 600 225 541 -343 68 -1,101 3,505 469 1,767 ,269 Feb.. 771 367 314 142 -171 124 30 4,394 516 2,837 ,041 p Preliminary. 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 463 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p - g t t e s t f t O u r n u l d d T s * - t rans H f t f w r u e i u r g n a s s y h d t - to— R m a t r i c . e r e c e - n R t - . t . c fu e R r o n i e e p f - d - t s s B c T u e r o i d e p t - g a t e s l t W he I i n t l h d d - ivid O ua th l er C ra o ti r o p n o- ta c E x i x s e e - s t p m a E l x o m e e n y s - t - 2 c O e 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 r s e s / - ' Fiscal year—1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 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 2,526 1,524 792 1,890 1956—Jan.-June... 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 1957—Jan.-June... 42,960 4,075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 2,628 1,325 857 2,222 July-Dec... 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 Monthly: 1957—Feb 6,188 1807 205 83 203 7,486 3,838 871 445 874 1,160 298 197 132 n.a. Mar 10,737 632 120 50 606 12,145 2,083 785 7,327 931 692 327 231 138 n.a. Apr 4,256 617 124 15 1,130 6,142 819 2,827 520 812 633 531 214 133 May 5,282 1,229 109 83 1,057 7,759 3,690 897 502 965 1,314 391 243 161 June 11,688 536 137 52 406 12,819 2,252 1,818 6,722 875 589 563 257 142 1,102 July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 244 146 Aug 5,128 919 219 84 124 6,475 3,678 128 355 965 1,003 346 241 157 Sept 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 260 146 1,124 Oct 3,131 332 183 30 120 3,796 1,333 204 429 1,088 363 379 323 159 Nov 4,827 671 203 69 76 5,845 3,415 97 367 840 740 386 285 133 Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1,102 1958—Jan 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 n.a. Feb 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 n.a. n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total TotaH D m D e i e l f i e p t n a t r s ., y e p s M e ro c u g u tu r r i a a t m l y, A en t e o r m gy ic f a i I n f a n f a n a t n i d l r . c s e In e t s e t r- ic e b s e r f e e s a i r n t n v a s e s n - - ' d w L e a a l n b f d a o r r e t a a c u r g u n e r r l - d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t n- (5) sources Fiscal year: 1953 74,274 51,830 43,611 5,421 1,791 749 6,583 4,298 2,426 2,936 1,476 2,502 1,474 1954 61,112 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—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 July-Dec. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 Monthly: 1956—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 5,987 4,011 3,544 253 183 44 611 419 285 455 82 -6 101 MPay'.'.".'.'. 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 Nov 5,806 3,506 3.035 254 183 104 646 432 226 404 147 196 119 Dec 5,809 3,752 3,312 225 178 86 681 426 224 453 117 -33 103 n.a. Not available. 5 Periodic revisions of Treasury statement data for fiscal years given 1 Beginning February 1957, includes transfers to Federal disability without corresponding monthly revisions; consequently monthly and insurance trust fund. semiannual data may not add to totals. 2 Represents the sum of taxes for old-age insurance, railroad retire- 6 Data are from Treasury Bulletin for June 1956 and are not fully comment, and unemployment insurance. parable with data in subsequent Bulletins or with other data in this 3 For more details, see the 1959 Budget document, pp. 890-96 and table. pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts i Derived by subtracting totals for July-December from totals for fiscal and expenditures. year. 4 Includes stockpiling and defense production expansion not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketcible E m n o d n t o h f d T g e r o o b t s t a * s l d T d g i e r o r o b e t s t a c s 2 l t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S i p ss e u c e ia s l Total Bills cates of Notes bonds Totals ings savindebt- Bank Bank bonds ings edness eligi- re- notes ble 4 stricted 1941—Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15 1 21 2 11.4 68 4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952 Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19 5 26 4 31 4 63 9 13 4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28 5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—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 Mar 275.1 275.0 227.2 159.9 25 3 19 4 34 4 80 9 10.5 56.7 55.6 45.6 Apr 274.1 274.0 226.9 160.0 25.3 19 4 34.4 80.9 10.4 56.5 55.4 45.2 M!ay 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 Aus 274.0 273.8 225.3 160.2 28.2 34.1 17.1 80.8 10.1 55.0 54.0 46.7 SeDt 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 Feb 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86.4 9.3 53.2 52.3 46.0 Mar 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 1 Includes some debt not subject to statutory debt limitation (amounting * Includes Treasury bonds and minor amounts of Panama Canal and to $434 million on Mar. 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 $9,409 million on Feb. 28, 1958. 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 End of (includ- trust funds1 Insur- State Individuals month ing guar- Federal Com- Mutual ance Other and Misc. anteed Total Reserve mercial savings com- corpo- local invessecuri- Special Public Banks banks2 banks panies rations govts. Savings Other tors3 ties) issues issues bonds securities 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 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—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 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—Feb 276.4 45.5 8.6 222.3 22.9 57.7 8.1 12.8 20.9 16.3 49.7 17.8 16.2 Mar 275.1 45.6 8.6 221.0 23.1 58.1 8.1 12.6 18.0 16.6 49.6 18.6 16.3 Apr 274.1 45.2 8.5 220.4 23.2 58.0 8.0 12.5 17.9 16.8 49.4 18.6 16.0 May 275.3 46.1 8.7 220.5 23.1 57.7 8.0 12.4 18.5 16.8 49.3 18.3 16.4 June 270.6 46.8 8.7 215.1 23.0 55.8 7.9 12.3 15.7 16.9 49.1 18.3 16.1 July 272.6 46.3 8.8 217.4 23.4 56.8 7.9 12.3 16.3 16.9 48.9 18.7 16.3 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.9 12.2 16.8 17.1 48.8 19.2 16.0 Sept 274.5 46.2 9.2 219.1 23.3 58.3 7.9 12.2 16.1 17.2 48.6 19.6 16.0 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 16.1 17.2 48.4 19.5 16.1 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 Dec 275.0 45.8 9.4 219.8 24.2 58.9 7.6 12.0 16.1 17.0 48.2 19.3 16.4 1958—Jan 274.7 45.5 9.6 219.6 23.3 58.5 7.6 12.0 16.9 17.3 48.2 19.3 16.3 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 465 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MARCH 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. Apr. 3,1958 1,700 Dec. 1,1958 3*/ 9,833 Aug. 15, 1962 4 2,000 Feb. 15, 1964 3 3,854 Apr. 10, 1958 1,700 Feb. 14, 1959 21/ 9,770 Oct. 1,1962 1% 495 June 15, 1964-69... 2 Vi 3,747 Apr. 15, 1958 607 Nov. 15,1962 334 1,143 Dec. 15, 1964-69... 2 Vi 3,822 Apr. 17, 1958 1,701 Treasury notes Mar. 15, 1965-70... 2& 4,704 Apr. 24, 1958 1,702 Apr. 1,1958 IV 49 Treasury bonds Aug. 15, 1966 3 1,484 May 1,1958 1,701 June 15, 1958 2} 4,392 Sept. 15, 1956-59 3.. 214 3,818 Mar. 15, 1966-71...2V4 2,951 May 8,1958 1,700 Oct. 1,1958.... ' 121 Mar. 15, 1957-593.. 2Y& 927 June 15, 1967-72... 2^ 1,851 May 15, 1958 1,709 Feb. 15, 1959.... 5,102 June 15, 1958 2V% 4,245 Sept. 15, 1967-72... 2Vi 2,716 May 22, 1958 1,801 Apr. , 1959. 119 June 15, 1958-63 4.. 2 54 919 Dec. 15, 1967-72... 2Vi 3,749 May 29, 1958 1,802 Oct. , 1959 1 99 Dec. 15, 1958 2*4 2,368 Oct. 1,1969 4 657 J J u u n n e e 1 5 2 , , 1 1 9 9 5 5 8 8 1 1 , , 8 7 0 0 0 0 A M p a r y . 15 , , 1 1 9 9 6 6 0 0 . 2,4 1 0 9 6 8 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9 - - 6 62 2 . . . .. . 2 2 1 V 4 4 5 3 , , 2 4 6 5 8 7 J N u o n v e . 1 1 5 5 , , 1 1 9 9 7 7 4 8 -83... 3 3 % 14 1, 6 6 5 0 4 4 J Ju u n n e e 2 1 6 9 , , 1 1 9 9 5 5 8 8 1 1, , 7 7 0 0 1 0 A O p ct r . . i 1 19 9 6 6 0 1 . . 2 1 7 4 8 4 D N e o c v . . 1 1 5 5 , , 1 1 9 9 6 6 0 0 -65 5.. 2 2% V$ 3 1 , , 8 48 0 5 6 F F e e b b . . 1 1 5 5 , , 1 1 9 99 9 5 0 3& 3 2 1 , , 7 72 4 7 2 Aug. , 1961 2,609 Sept. 15, 1961 2% 2,239 Panama Canal Loan.... 3 50 Certificates Oct. , 1961 11/ 332 Nov. 15, 1961 2Vi 11,177 Apr. 15, 1958 3& 357 Feb. 15, 1962 3$ 647 Aug. 15, 1963 2Vi 6,755 Convertible bonds Aug. 1,1958 4 11,519 Apr. 1,1962 IV 551 June 15 1962-67...2i/i 2,113 Investment Series B Dec. 15, 1963-68... 2Vi 2,822 Apr. 1, 1975-80...234 9,112 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. 457. int 4 e r C e a st l le p d a y f m or e n re t d d e a m te p s t . ion on June 15. 5 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n n i d b - l s e Total W 1 i y t e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1955—June 30 166,882 19,514 13,836 40,729 81,128 11 676 155,206 49 703 38 188 33,687 33,628 1956—June 30 166,050 20,808 16,303 35,952 81,890 11,098 154,953 58 714 31,997 31,312 32,930 Dec 31 .... 171,137 25,179 19,023 35 294 80 878 10 763 160 374 68 557 41 021 17 893 32,904 1957_june 30 165,985 23,420 20,473 30,973 80,839 10 280 155,705 71 033 39 184 14,732 30,756 Dec. 31 173,718 26,857 34,554 20,664 82,117 9,527 164,191 74 368 46 513 11,272 32,038 1958—Jan 31 174,096 27,260 34,554 20,703 82,110 9,469 164,627 74,772 46,551 11,272 32,031 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 Dec. 31 9,260 130 657 1,617 3,933 2 923 6 337 1 236 1 782 260 3,059 1958—Jan 31 9,438 330 673 1,621 3,910 2,904 6,534 1,495 1,713 260 3,066 Federal Reserve Banks: 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,405 3,773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20,242 1,087 1,014 1,415 Dec 31 . 24,915 1,918 10,975 9,219 2,802 24,915 22,113 373 1,014 1,415 1957_june 30 23,035 287 11,367 8,579 2,802 23,035 20 246 681 750 1,358 Dec 31 24 238 1 220 20,104 87 2,827 24 238 21 427 1 397 57 1,358 1958—Jan 31 23,331 595 19,934 2,802 23,331 20,541 1,374 57 1,358 Commercial banks: 1955—June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 1956—June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7 433 18,234 19,132 4,719 Dec 31 .. 51,466 4,934 1,600 10,714 34,071 147 51,319 11,635 24,528 10,242 4,914 1957—June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12,268 23,500 8,600 4,222 Dec 31 51 712 4,332 4,046 9 672 33,529 133 51 579 13 066 26 526 7 364 4,623 1958—Jan 31 51,300 3,892 4,200 9,532 33,545 132 51,168 12,703 26,407 7,409 4,648 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 Dec. 31 7 209 122 167 438 5 470 1 012 6 197 453 1 227 476 4.041 1958_Jan. 31 7,254 161 208 434 5,440 1 011 6,243 557 1,196 465 4,025 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 Dec. 31 10 801 291 248 683 7 231 2 347 8 454 938 2 074 718 4,724 1958_jan. 31 10,919 416 251 702 7,210 2,340 8,579 1,070 2,069 720 4,715 Other investors: 1955_junC 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,2.33 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 Dec 31 70,499 20,762 9,331 8,167 29,127 3,112 67,387 37,249 13.508 2,397 14,233 1958_jan. 31 71,856 21,867 9,288 8,414 29,204 3,083 68,772 38,405 13,791 2,361 14,215 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

466 SECURITY ISSUES NEW SECURITY ISSUES' [Securities and Exchange Commission estimates. In millions of dollarsl Gross proceeds, all ssuers2 Propo a s ll e d c o u r s p e o s r a o t i e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate Mew CiJpital Year or Remonth Total G U o . v S t. . 3 ag F e e e r n a d c l - y4 S n m a p t i n a a c u d t l i - e - Others Total Total o B f P l f o i u e c n r l b y e d - d s p v l P a a t r c e i e l - y 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 o a o u e n u s i l r s e e s - - - - s m d b e t R i e a t o r e c b n e f e n . - k t - 8 t , m s r t i e i o t e r c i f e e n u - s t - 1939 5,687 ? 33? 13 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11 466 38 956 30 2,667 2,390 1 578 311 167 110 1 041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1950 19,893 9 687 30 3,532 282 ' 6,361 4,920 2,360 ?J S60 631 811 4 990 A,006 364 620 1,271 1951 21,265 9 778 110 3,189 446 7,741 5,691 2,364 3,V6 838 1,212 7,120 f»,531 226 363 486 1952 26,929 1? 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1 369 8 716 8,180 537 664 1953 28,824 13 957 106 5,558 306 8,898 7,083 3,856 3, ??8 489 1,326 8,495 .960 535 260 1954 29 765 P 53? 458 6 969 289 9 516 7 488 4 003 3 <484 816 1 213 7 490 6 780 709 1,875 1 1 9 9 5 5 5 6 2 22 6 ,7 4 7 0 2 5 9 5 6 5 ? 1 8 7 7 1 4 6 6 9 5 5 ,9 4 7 4 7 6 3 1 3 8 4 2 1 10 0 ,2 9 4 3 0 9 7 8 ,4 0 2 0 0 2 4 4 ,1 2 1 2 9 5 3 3 , V 77 > 7 1 6 6 3 3 5 6 2 2 ,1 3 8 0 5 1 1 8 0 8 3 2 8 1 4 • ,9 6 5 63 7 8 72 6 1 4 1,2 3 2 64 7 1957 30,631 9,601 572 6,958 559 12,941 10,035 6,113 3, 3? 3 408 2,497 12 47311,830 643 248 1957 Feb 2 123 386 569 53 1 116 761 514 M8 26 329 1 071 927 144 22 Mar 3 248 1 3?7 503 32 1 386 1 072 643 *?9 38 276 1 344 1 271 73 21 2,362 390 125 763 128 956 647 385 ?6? 46 264 924 864 61 13 May . ... 1,785 394 539 51 802 691 437 254 25 85 771 707 64 15 2,401 36? 60 388 44 1,547 1,074 633 441 66 407 1 489 1 419 69 31 July 1 977 400 516 38 1 022 770 459 311 22 230 991 930 60 15 Aug 1,934 39? 595 10 937 830 540 790 31 76 914 905 9 9 Sept 3,980 2 263 215 437 37 1,028 913 587 327 19 96 973 949 24 40 Oct 2,670 894 683 15 1,078 911 608 303 68 100 1 055 1,026 29 10 Nov 3,027 1 374 ioo 639 65 849 676 485 191 24 150 792 765 28 41 Dec . ... 2,692 925 640 2 1,125 773 182 592 10 341 1,086 1,043 43 21 1958—Jan '3,441 511 1,163 '782 200 785 717 505 213 28 39 688 672 16 86 Feb 2,417 407 251 866 54 839 571 398 173 85 182 815 798 18 5 Proposed uses of net proceeds, major groupsof corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 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 24 758 225 2,539 88 747 6 448 60 1953 2.128 90 502 40 553 36 2,905 67 871 3 1,536 24 1934 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1.045 77 1,812 56 1956 3,336 243 682 51 694 20 2,474 14 1 384 21 1 815 17 1957 4,097 62 612 49 820 14 3,801 56 1,443 3 1,701 64 1957 Feb 543 2 94 4 31 247 14 46 108 2 Mar 366 4 32 85 490 16 281 j " 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 5 71 10 45 244 8 54 343 Aus 242 50 6 3C (9) 251 126 215 Sent 331 4 36 5 76 418 65 (9) 47 30 N Oc o t v . 2 1 2 2 2 6 3 1 4 42 8 (9 1 ) 4 6 5 2 6 2 3 8 1 7 0 9 3 9 6 2 9 (9 ) 15 88 8 30 Dec 575 7 61 13 149 172 2 41 (9 1958—Jan 118 8 35 2 8^ 24 311 20 5() 116 2 Feb 161 2 28 24 352 31 220 2 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues sold for cash in the United States. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debt are included under the uses for which the bank 5 Represents foreign governments, International Bank for Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit 9 Less than $500,000. organizations. 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 467 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1952 1953 1954 1 55 1956 1957 Manufacturing Total (200 corps.): Sales 4,517 63,34358,110 69,876 71,90175,98718,45716,11919,193 19,754 19,424 '18,05818,753 Profits before taxes 7,308 8,375 7,24410,250 9,253 9,564 2,509 1,700 2,441 2,751 2,575 '2,042 2,196 Profits after taxes 3,192 3,649 3,825 5,231 4,842 5,098 1,305 914 1,321 1,420 1,339 1,107 1,232 Dividends 2,073 2,154 2,384 2,827 2,972 3,115 706 723 841 752 757 757 849 Nondurable goods industries (94 corps.):1 Sales 9,266 20,694 20,62023,106 24,762 26,233 6,135 6,084 6,464 6,604 6,510 '6,558 6,561 Profits before taxes 2,853 3,028 2,753 3,413 3,468 3,437 876 808 877 941 873 rg4l 782 Profits after taxes 1,392 1,526 1,581 1,918 1,985 2,005 491 466 526 537 503 '491 474 Dividends 946 972 1,064 1,202 1,249 1,323 295 305 359 315 318 319 371 Durable goods industries (106 corps.):2 Sales 35,25142,64937,490 46,770 47,139 49,75412,32210,03612,730 13,150 12,914'11,49812,192 Profits before taxes 4,455 5,346 4,491 6,836 5,784 6,127 1,633 892 ,564 1,810 1,702'1,201 1,414 Profits after taxes 1,800 2,123 2,244 3,313 2,857 3,092 815 448 794 883 836 r616 758 Dividends 1,127 1,182 1,320 1,625 1,724 1,792 411 418 482 437 439 438 478 Selected industries: Foods and kindred products (28 corps.): Sales ,04! 5,411 5,476 5,833 6,300 6,621 1,569 1,561 1,640 1,618 1,642'1,6(9 1,691 Profits before taxes 453 465 46f 499 561 602 149 141 145 133 154 158 157 Profits after taxes 203 212 224 244 275 294 71 71 74 63 75 77 79 Dividends 154 154 156 160 166 175 38 41 50 39 40 41 54 Chemicals and allied products (26 corps.): Sales ,965 6,373 6,182 7,222 7,726 8,203 1,957 1,889 2,001 2,045 2,047 2,065 2,047 Profits before taxes ,259 1,308 1,153 1,535 1,500 1,555 380 342 389 395 394 397 369 Profits after taxes 486 520 593 782 776 798 195 178 207 197 202 201 197 Dividends 396 417 499 597 60: 639 141 143 181 150 152 150 187 Petroleum refining (14 corps.): Sales 5,411 5,883 6,015 6,556 7,185 7,814 1,742 1,770 1,909 2,048 1,941 1,920 1,906 Profits before taxes 728 841 751 854 916 867 223 218 226 298 219 193 156 Profits after taxes 524 60! 56' 624 688 701 163 163 184 220 172 '164 144 Dividends 283 290 294 317 346 374 82 89 93 91 91 95 97 Primary metals and products (39 corps.): Sales 11,56413,75011,52214,95 16,06216,073 4,415 3,098 4,340 4,272 4,270'3,856 3,675 Profits before taxes ,14' 1,817 1,357 2,377 2,366 2,316 712 267 697 678 652 '512 473 Profits after taxes 564 790 705 1,195 1,233 1,195 363 145 378 344 327 '264 260 Dividends 369 377 407 52r 606 651 137 140 188 157 157 158 179 Machinery (27 corps.): Sales ,077 8,005 7,745 8,477 9,79810,914 2,463 2,422 2,746 2,624 2,750 2,669 2,871 Profits before taxes 971 1,011 914 912 943 267 233 243 296 305 '270 306 Profits after taxes 375 402 46: 465 460 '578 139 125 120 142 148 '135 152 Dividends 199 237 263 281 321 329 78 79 87 79 81 82 86 Automobiles and equipment (15 corps.): Sales 1,03816,61114,13718,826 16,33617,480 4,195 3,347 4,215 4,993 4,522 3,689 4,277 Profits before taxes ,982 2,078 1,789 3,023 1,940 2,11" 509 27: 470 713 603 '291 506 Profits after taxes 709 758 863 1,394 898 1,060 242 118 *218 337 292 '151 279 Dividends 469 469 536 693 656 671 164 164 166 167 166 164 173 Public Utility Railroad: Operating revenue 10,58110,664 9,371 10,106 10,55110,491 '2,703 2,590 2,722 '2,574 2,660'2,675 2,582 Profits before taxes 1,438 1,436 908 1,341 '1,268 1,056 '344 298 375 247 264 286 259 Profits after taxes 825 903 682 927 '876 734 '238 '209 '267 161 '183 191 199 Dividends 338 412 379 448 '462 435 '120 '73 153 '12: '110 '8: 121 Electric power: Operating revenue 6,549 7,136 7,588 8,360 9,059 9,670 2,185 2,175 2,302 2,549 2,318 '2,339 2,464 Profits before taxes 1,740 1,895 2,049 2,304 2,45^ 2,557 592 568 586 731 596 600 630 Profits after taxes 94^ 1,030 1,13' 1,244 1,329 1,403 321 30: 331 393 327 32t 357 Dividends 725 780 868 942 1,013 1,077 256 248 262 269 270 26? 273 Telephone: Operating revenue 4,136 4,525 4,902 5,425 5,966 6,467 1,480 1,495 1,552 1,560 1,611 1,62? 1,673 Profits before taxes 787 925 1,050 1,282 1,430 1,562 352 359 380 387 388 38? 400 Profits after taxes 384 452 525 638 715 788 176 180 190 195 195 19? 203 Dividends 355 412 448 496 552 61 136 137 147 148 150 155 160 c Corrected. ' Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-66 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). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a ar r te o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a ar r te o r r New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.0 17.8 22.1 9.2 12.9 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 13,033 4,968 8,065 7,934 3,181 4,752 5,099 1,787 3,313 1957 .. 14,289 3,159 11,129 9,691 2,236 7,455 4,598 923 3,675 1956—1 43.3 22.1 21.2 11.7 9.5 2 42.4 21.6 20.7 12.0 8.7 1956—4 3,462 1,105 2,357 1,821 701 1,120 1,641 404 1,237 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 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 3 41.8 21.3 20.4 12.6 7.8 1 Reflects cash transactions only. As contrasted with data shown on p. 466, new issues NOTE.—Quarterly data are at seasonally adjusted exclude foreign and include offerings of open-end investment companies, sales of securities annual rates. held by affiliated companies or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 466. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d ab a le ccts. I t n o v ri e e n s - Other Total Note p s a a y n a d b le accts. F in e c l t d i a o a e x m - ra e l Other ties U. S. Other U. S. Other bilities Govt. 2 Govt. 2 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 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 4 108.4 228.9 34.1 16.9 2.8 91.5 79.3 4.4 120.6 2.3 74.3 15.0 28.9 1 Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Year Total M fa i c a n t n u g u r- - M in i g n- T R r r o a a a i n d l s - port O a t t h io e n r P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total M fa m a i i c a n n n i t n u n g g d u - r- - T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r3 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1956—4 9.8 4.8 .8 1.5 2.8 1951 25.6 10.9 .9 1.5 .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 4 9.7 4.6 .8 1.8 2.6 1956 35.1 15.0 1.2 1.2 t 7 4.9 2.7 8.4 1957 37.0 16.0 1.2 1.4 1.8 6.2 3 0 7 4 1958—H 8.2 3.7 .7 1.5 2.3 1958* 32.1 13.2 1.1 .9 1.4 6.4 9 1 24 8.4 3.6 .6 1.7 2.5 * Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 469 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties 1Vonfarm 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 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 - S F a e e l g e d e c e h n t r e o - a d l l de v r I i a s d n n u d d a i- ls h A e o r l l s d l - T 1 o - t a to l 4- F f i a i n c m n i s a a t il i l n y - - ho v h u J o s tn l e d e s - r c T o o m ta m l erc F i i a i n c n l i s a a t p i l n r - - ope O h rt o t i h e ld s e * - r h A e o r l l s d l - t F u in i c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 cies others tutions ers tutions ers 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 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). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings 2 Mutual savings bank holdings3 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 ,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 ,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 ,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 ,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 ,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 ,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 ,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 ,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 ,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 ,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 ,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 ,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 ,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

470 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V ua a r - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4 714 913 1945 976 6,636 5,860 1 394 4 466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6.201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16 577 2,481 1957 5,231 4,823 686 833 3,304 408 35,230 32,640 6,766 7,750 18,124 2,590 1957 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 Sent 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 32,274 6,720 7,758 17 918 2 590 Dec 528 493 96 27 370 35 35,230 32,396 6,766 7,750 18,124 2,590 1958 Jan 525 482 122 41 319 43 35,410 32,816 6,818 7,748 18,250 2,594 Feb 227 236 49 18 169 41 35,529 32,926 6,849 7,737 18,340 2,603 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-oi-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) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e TotaP F su H in r A e - d - a g V n 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 d it s j h o u o n s u t a - t l in S lo g a a s v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1 379 437 581 /\ 578 1945 1 913 1K1 ,358 5 376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 s ?37 1 767 7 746 n 657 848 2,973 9,836 1951 5,?50 1 657 7 357 15,564 866 3,133 11,565 1950 16,179 5,060 1,618 3,365 1,064 1952 6 617 10S ?,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 71 96? 048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 R969 3 076 3,846 76,194 ,17? 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,4^7 041 5 741 31 461 405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3 771 4 777 35,779 486 6,643 27,600 1955 . 28,484 10,452 ,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 ,799 5,458 1,824 1957 24,244 9,217 472 4,264 1,429 1957 1957 Feb 709 ?41 318 36 195 493 6,682 28,020 Mar 84? ^98 366 36,559 1,499 6,724 28,336 Fet 2,050 1,749 644 105 308 96 Apr .... 899 317 391 36 963 508 6,774 28,681 Ma. 2,032 1,937 744 115 334 99 May 968 360 417 37 421 ,570 6,833 29,068 Apr 2,022 2,044 798 116 357 110 June 9->S 319 415 37 886 ,530 6,889 29,467 May 2,012 2,144 840 125 374 121 July 969 318 467 38 780 545 6,904 29,831 June 2,008 2,028 795 119 363 126 1 001 331 470 38 743 ,560 6,920 30,263 July 1,999 2,211 852 130 390 142 Sept .... 891 oqi 473 39,106 ,573 6,933 30,600 Aug' 2,026 2,208 883 132 378 137 N O D c e o c t v 9 7 7 8 6 3 0 8 4 ? ? 3 5 4 4 0 8 1 4 3 3 4 5 7 3 8 4 4 3 3 9 9 0, 8 5 1 3 3 1 5 ? 9 1 1 , . 5 6 5 9 4 9 7 3 1 6 6 7 , , , 9 9 0 4 1 6 3 6 3 3 3 3 0 1 1 , , , 9 2 4 9 7 6 5 5 3 S D O N e o e c p c v t t r r r 2 2 1 1 , , , , 0 0 9 9 5 3 9 1 4 2 5 3 2 2 1 1 , , , , 0 2 8 8 2 5 7 2 6 1 7 6 7 8 6 6 9 5 8 6 6 5 6 6 1 1 1 1 2 3 2 1 4 2 5 7 3 3 3 3 9 5 3 2 5 4 3 5 1 1 1 1 2 3 1 1 1 1 7 3 1958 1958 723 245 308 40,369 1,651 7,048 31,670 Jan ... 1,976 1,782 628 111 322 98 Feb 1,701 638 101 304 87 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 2 Beginning 1958 includes shares pledged against mortgage loans. 1 Three-month moving average, seasonally adjusted by Federal Reserve. 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 471 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 oans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month erty underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n p e - g s - g m t a y g o p e r e t s - 1 p l m o r i o a m e n v n - e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o er f r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 1,637 856 1 157 694 3,072 1,865 1 202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18 6 4 3 4 1 H 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1950 45 2 18 9 8 6 10 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51 7 22 9 9 7 28 8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33 1 1956 3,461 1,133 1,505 130 692 5,868 3,910 1,948 1953 . 66 1 28 1 12 0 16 38 0 1957 3,715 880 1,371 595 869 3,761 2,890 863 1954 75 7 32 1 12 8 19 43 6 1955 88 2 38 9 14 3 1957—Feb 266 74 85 50 56 431 316 113 1956 ... 99 o 43 9 15 5 28 55 1 Mar 317 75 86 96 60 380 285 94 1957*>, 107 6 47 2 16 5 30 7 60 4 Apr 264 68 90 41 66 350 271 78 May 292 60 94 80 58 286 218 68 1956—June 93.7 41.3 15.0 26.3 52.4 June 247 60 104 18 65 276 213 62 Sept 96.6 42.5 15.2 27.3 54.1 July 333 67 124 76 65 268 206 62 Dec 99 0 43 9 15 5 28 4 55 1 Aug 340 63 122 67 88 251 193 58 Sept 273 57 116 14 85 295 228 66 1957—Mar.*. ... 101.0 45.1 15.7 29.4 55.9 Oct 422 87 145 79 111 280 229 50 Junep.... 103.3 45.9 15.9 30.0 57.4 Nov 329 86 145 33 65 213 182 30 Sept.P 105.6 46.5 16.1 30.4 59.1 Dec 332 97 152 12 71 176 155 20 Dec.*3.... 107.6 47.2 16.5 30.7 60.4 1958 Jan 418 120 186 56 55 160 142 18 Feb 386 115 164 43 64 142 129 13 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) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month Ad- R m e e p n a ts yor 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 - - ed Total S te h r o m rt 1 - Long- 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—Mar 3,409 1,053 2,356 127 483 1957—Mar. 68 83 961 563 398 Apr 3,491 1,074 2,417 95 493 Apr., 73 62 971 544 427 May 3,551 1,087 2,464 75 1 518 May, 73 52 993 559 434 June 3 605 1,100 2,505 69 1 525 June, 135 48 1,079 614 465 July 3,654 1,112 2,541 83 626 July. 131 171 1,040 638 402 Aug 3,718 1,132 2,586 78 680 Aug. 83 50 1,072 663 409 Sept 3 783 1 152 2,631 82 712 Sept. 96 49 1,119 688 431 Oct 3,849 1,170 2,679 79 726 Oct.. 83 70 1,131 686 445 Nov 3,909 1,197 2,712 75 in Nov. 74 62 1.143 689 454 Dec 3 974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 1958 Jan . .. 4 038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb.. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar. 53 146 696 394 302 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA s new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities of more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s t p o u h e d m e r s r i er e a r n R l n d o i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1 580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 1.616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 ,689 6,163 9,712 3,002 4,579 2,131 1956 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4,735 2 282 1957 44,776 34,105 15,496 8,687 ,984 7,938 10,671 3,502 4,760 2,409 1957_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 41,937 32,158 14,883 8,081 ,886 7,308 9,779 3,582 3,834 2,363 June 42,491 32,608 15,127 8,165 ,905 7 411 9,883 3,530 3 948 2 405 July r42,668 32,968 15,329 8,189 ,921 7,529 r9,700 3,406 r3 886 2 408 r43,101 33,303 15,490 8,229 ,954 7,630 r9,798 3,458 r3,925 2,415 Sept 43,270 33,415 15,556 8,228 ,969 7,662 9,855 3,493 3,942 2,420 Oct 43,274 33,504 15,579 8,236 ,988 7,701 9,770 3,405 3,991 2 374 Nov 43,530 33,596 15,542 8,300 ,996 7,758 9,934 3,458 4,135 2,341 Dec . . 44,776 34,105 15,496 8,687 ,984 7,938 10,671 3,502 4,760 2,409 1958—Jan 43,966 33,737 15,326 8,499 ,963 7,949 10,229 3 514 4 264 2 451 Feb 43,043 33,302 15,122 8,277 ,936 7,967 9,741 3,542 3,710 2,489 r Revised. NOTE.—Monthly figures for the period December 1939 through 1947, 1 Represents all consumer instalment credit extended for the purpose and a general description of the series are shown on pp. 336-54 of the of purchasing automobiles and other consumer goods, whether held by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS retail outlets or financial institutions. Includes credit on purchases by for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. individuals of automobiles or other consumer goods that may be used A detailed description of the methods used to derive the estimates may in part for business. be obtained from Division of Research and Statistics. 2 Represents repair and modernization loans held by financial institutions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m o o f n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k i s a - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c a C n u o n a o m m i n n e e c s - - r e 1 Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 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 1 089 1953 23,005 18,963 8,998 5,927 1,124 2,137 777 4,042 1,064 1,004 377 527 I 070 1954 23 568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 I 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 ,072 4,508 1,511 1,044 365 487 I 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 ,207 4,743 1,408 1,187 377 502 I 269 1957 34,105 29,375 12,714 9,573 2,472 3,332 ,284 4,730 1,393 1,146 374 529 I 288 1957 Feb 31 488 27,008 11,662 9,035 2,039 3,058 ,214 4,480 1,351 1 115 362 499 I 153 Mar 31,524 27,148 11,736 9,048 2,076 3,063 ,225 4,376 1,304 1,090 356 501 I 125 Apr 31,786 27,544 11,981 9,104 2,127 3,105 ,227 4,242 1,176 1,075 354 505 I 132 May 32 158 27,864 12,143 9,176 2,167 3,123 ,255 4 294 1,22° 1 077 355 510 I 123 June 32 608 28,263 12,323 9,300 2,227 3,155 ,258 4,345 1,249 1,077 359 518 I 142 July 32,968 28,726 12,508 9,476 2,284 3,209 ,249 4,242 1,144 1,072 361 525 1 140 Aug 33,303 29,014 12,607 9,565 2,344 3,234 ,264 4,289 1,161 1 083 360 530 I 155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 ,266 4,287 1,167 1,077 363 533 I 147 Oct 33,504 29,241 12,749 9,585 2,415 3,229 ,263 4,263 1,134 1,080 365 533 I 151 Nov. 33 596 29,239 12,717 9,564 2,439 3,248 .271 4,357 1,199 1 092 365 531 I 170 Dec 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 . 393 1 146 374 529 1 98S 1958—Jan 33,737 29,125 12,611 9,464 2,446 3,320 1,284 4,612 1,381 1 108 367 522 1 234 Feb 33,302 28,864 12,415 9,405 2,451 3,306 1,287 4,438 1,326 1,079 363 514 1,156 1 Consumer finance companies included with "other" financial institu- 3 Represents automobile paper only; other instalment credit held by tions until September 1950. automobile dealers is included with "other" retail outlets. 2 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 473 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct g O p c o a o t o p h n d e e - r r s e R m l r t o a e n i o n a p o i n z d d a n a s - ir - l P o e a r n - s E o n r d m of o n y t e h ar i c T m n r s o e e t t d 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 p o h n d e e e - r r s r m i R z l o o a e a n d a p ti d n e a o s r i n r n- s l P o o e a n r n a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,714 4,054 2,335 2,435 1,527 2,363 1957—Feb. 9,035 7,190 ,247 23 575 1957_Feb.. 11,662 3,680 2,109 2,295 1,438 2,140 Mar. 9,048 7,190 ,255 22 581 Mar 11,736 3,723 2,149 2,280 1,432 2,152 Apr. 9,104 7,212 ,279 22 591 Apr 11,981 3,789 2,200 2,363 1,436 2,193 May 9,176 7,272 ,285 22 597 May.. 12,143 3,851 2,246 2,368 1,450 2,228 June 9,300 7,376 ,296 22 606 June 12,323 3,921 2,282 2,395 ,466 2,259 July. 9,476 7,466 ,369 22 619 July. 12,508 3,976 2,310 2,456 1,480 2,286 Aug. 9,565 7,532 ,384 22 627 AUK 12,607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sept 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 ,390 23 635 Oct . 12,749 4,082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 ,388 21 645 Nov 12,717 4,067 2,333 2,448 ,537 2,332 Dec. 9,573 7,470 ,413 20 670 Dec 12,714 4,054 2,335 2,435 1,527 2,363 1958—Jan.. 9,464 7,363 1,404 20 677 1958—Jan 12,611 4,016 2,330 2,378 ,508 2,379 Feb., 9,405 7,237 1,464 20 684 Feb 12,415 3,966 2,312 2,272 1,484 2,381 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, irt millions of dollars Financial Retail institutions outlets End of year i T n o st t a a l l - m A o u b to il - e s O c u t o m h n e e - r r m R o a e n d p d e a r ir n- s P o e n r a - l End of year i T n n o s o t t n a a - l l - m (si e n n g t le lo -p a a n y s - ) ac (c c h o a u r n g t e s) Service or month c m re e d n i t t paper g p o a o p d er s iz lo a a ti n o s n loans or month c m re e d n i t t C m c o i e a m r l - - Other p m D a e e r n - t- t Other credit 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 Feb 6,311 954 637 398 4,322 1957 10,671 3,095 407 876 3,884 2,409 Mar 6,364 965 633 402 4,364 Apr 6,459 Q85 638 404 4,432 1957 Feb. . 9,250 2,851 422 611 3,079 2,287 May 6,545 1,004 644 414 4,483 Mar 9,211 2,874 496 566 2,968 2,307 June 6,640 1,030 647 417 4,546 Apr 9,461 2,920 454 592 3,143 2,352 July 6,742 1,052 647 419 4,624 May 9,779 2,996 586 593 3,241 2,363 Aug. 6,842 1,072 652 429 4,689 June 9,883 3,029 501 579 3,369 2,405 Sept 6,874 1,082 648 433 4,711 July '9,700 2,996 410 533 '3,353 2,408 N O o c v t 6 6, , 9 9 5 0 8 7 1 1, , 1 0 0 9 1 3 6 63 45 8 4 4 3 3 8 4 4 4 , , 7 78 3 1 5 A Se u p g t '9 9 , , 7 8 9 5 8 5 3 3, , 0 0 2 0 3 2 4 4 5 7 6 0 5 5 8 3 8 5 '3 3 , , 3 3 9 5 0 4 2 2 , , 4 4 2 1 0 5 Dec 7,088 1,108 638 437 4,905 Oct 9,770 3,022 383 612 3,379 2,374 1958—Jan 7 050 ,095 627 435 4,893 N D o e v c 1 9 0 , , 9 6 3 7 4 1 3 3 , , 0 0 2 9 8 5 4 4 3 0 0 7 6 8 5 7 8 6 3 3, , 8 4 8 7 4 7 2 2 , , 3 4 4 0 1 9 Feb 7,044 1,093 617 432 4,902 1958—Jan .. 10,229 3,054 460 725 3,539 2,451 NOTE.—Institutions repi Feb 9,741 3,057 485 601 3,109 2,489 unions, industrial loan ~ loan associations, and 1 Includes mail-order houses. r Revised. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 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 42,411 16,681 11,599 1,518 12,613 1957—Feb 3,509 2,976 1.407 1,215 963 763 129 101 1 010 897 Mar 3,426 3,347 1,374 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 1,363 1,513 995 1 016 134 147 1 043 1 072 June 3,547 3,674 1,356 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 1,355 1,467 1,027 1 022 137 150 1,072 1 065 SeDt. . ... 3,546 3,388 1,392 1,364 973 927 127 138 1,054 959 Oct 3,541 3,545 1,435 1,404 912 976 126 141 1 068 1,024 Nov 3,559 3,439 1,404 1,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 1,423 1,305 959 1,333 118 112 1,115 1,319 1958—Jan 3,504 3,108 1,346 1,190 940 799 131 102 1 087 1,017 Feb 3,235 2,754 1,179 1,020 900 717 116 91 1,040 926 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 1957 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 ,321 919 952 121 123 968 980 June 3 339 3,224 1,289 1,250 951 914 120 114 979 946 July 3,382 3,477 1,317 1,361 964 971 125 127 976 1 018 3,343 3,369 1,276 ,306 976 982 117 117 974 964 Sept 3,418 3,276 1,318 ,298 990 928 124 123 986 927 Oct 3 358 3,456 1,317 [,381 945 968 118 122 978 985 Nov 3,394 3,347 1,292 1,287 981 956 113 115 1,008 989 Dec 3,498 3,560 1,368 1,351 978 946 124 124 1,028 1 139 1958—Jan 3,421 3,476 1,368 ,360 925 987 120 123 1,008 1,006 Feb 3,401 3,189 1,317 1.224 966 939 125 118 993 908 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 1955 .. +5,390 +3,663 +883 +73 +771 1956 +2,869 +987 +876 +206 +800 1957 +2,278 + 1,037 + 177 +89 +975 1957_Feb +252 -80 + 123 +22 +30 -145 +9 -13 +90 +56 Mar + 171 +36 + 102 +96 -4 -117 + 10 -3 +63 +60 Apr.. .... + 186 +262 +77 + 163 +29 -26 +6 +6 +74 + 119 J M u a n y e . + +2 2 0 2 8 2 + +4 3 5 7 0 2 + + 5 6 8 7 + + 2 1 4 9 4 2 + + 7 5 6 6 + + 6 8 4 4 + + 1 8 3 ++ 2149 + +7 7 7 5 + + 1 9 0 2 3 July +217 +360 +64 +202 +35 +24 + 16 + 113 + 118 +248 +335 +79 + 161 +51 +40 Vo +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 + 117 +509 +55 -46 -19 +387 -6 -12 +87 + 180 1958 Jan . + 83 -368 -22 -170 + 15 -188 + 11 -21 +79 + 11 Feb.. -166 -435 -138 -204 -66 -222 -9 -27 +47 + 18 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-56, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-22. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 475 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks Sa c l o e m s p fi a n n a i n e c s e Oth in er s ti f t i u n t a i n o c n i s al Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted j U u 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 42,411 15,188 10,200 10,453 6,570 1957 Feb . 3,509 2,976 1.262 1,108 831 691 841 749 575 428 Mar 3,426 3,347 ,208 1,212 852 821 836 843 530 471 Apr J 3,470 3,594 ,236 1,348 845 855 865 901 524 490 May 3,535 3,748 ,245 1,362 832 886 877 904 581 596 3,547 3,674 ,268 1,333 830 904 870 871 579 566 July1 3,599 3,837 ,291 1.382 890 1,022 905 946 513 487 Aug 3,591 3,704 .284 1,320 819 903 907 906 581 575 Sept 3,546 3,388 1,289 1,239 834 829 869 797 554 523 Oct.1 3,541 3,545 1,325 1,302 856 860 871 850 489 533 Nov 3,559 3,439 1,252 1,150 835 779 893 877 579 633 Dec v 3,615 4,069 1,252 1,228 873 865 902 1,069 588 907 1958—Jan.1 3,504 3,108 1,247 1,174 828 720 875 793 554 421 Feb.1 3,235 2,754 1,146 1,008 769 642 819 730 501 374 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 1957—Feb 3,257 3,056 1.162 1,084 793 733 757 697 545 542 Mar 3,255 3,311 1,141 1,138 791 808 778 790 545 575 Apr. i 3,284 3,332 1,155 1,187 801 799 793 806 535 540 May , 3,313 3,376 1,168 1,200 817 814 805 818 523 544 June 3,339 3,224 1,196 1,153 805 780 800 776 538 515 July1 3,382 3,477 1,189 1,242 831 846 817 844 545 545 Aus 3,343 3,369 1,196 1,221 797 814 819 806 531 528 Sept 3,418 3,276 1,228 1,190 808 796 815 765 567 525 Oct 1 3,358 3,456 1,200 1,226 820 873 810 817 528 540 Nov 3,394 3,347 1.208 1,182 795 800 838 826 553 539 Dec 3,498 3,560 1,232 1,231 848 856 843 939 575 534 1958 Jan i 3,421 3,476 1,216 1,237 844 829 837 831 524 579 Feb.1 3,401 3,189 1,232 1,147 820 758 799 736 550 548 Change in outstanding credit2 1950 + 3 113 + 1 359 +767 +422 +565 1951 +591 -27 +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 +2,278 + 1,007 +473 +811 -13 1957—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 July1 +217 +360 + 147 + 185 +59 + 176 +88 + 102 -77 -103 Aug +248 + 335 +88 +99 +22 +89 +88 + 100 Sent. . .. + 128 + 112 +61 +49 +26 +33 +54 +32 2 Oct. i + 183 +89 + 142 +93 +36 -13 +61 +33 -56 -24 Nov + 165 +92 +44 -32 +40 -21 +55 +51 +26 +94 Dec + 117 +509 +20 -3 +25 +9 +59 + 130 + 13 +373 1958—Jan.1 +83 -368 -9 -103 -16 -109 + 38 -38 +70 -118 Feb. i -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit o D f e c th e e m b B e U r L L 1 E 95 T 7 IN , p f p o . r 1 O 42 c 0 to -2 b 2 e . r 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100,unless otherwise noted. Theterms "adjusted" and"unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction 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 ti ) o * n awar c d o e n d t ra (v c a ts lue)1 Employment and payrolls2 or Y m e o a n r th Total Tot M al anu D fa u c - ture N s d o u n - - M era in ls - Total R d t e e ia n s l i - - o A th l e l r N p t a c e u l g o m u o r r l n a y i - - - l - - pr E o M m du a p n c l u t o i f y o a - n c tu w r o in r P k g a e y rs - F i l n c o re a g a i r d s g - * - ht D v s ( m s r a e a t e l p o l e e t u a r a n s e e r i t * ) l t- p s C r u i o m c n e e - s r 2 m p W c s r o i o a h c d l m o e e i s s l t - y e * rable rable ment ment rolls Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- 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. % 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.a 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 143 144 159 129 129 199 199 199 118 6 106.7 161 4 97 135 116 2 114 3 1957 143 145 160 130 128 101 101 101 120.1 104.5 162.7 90 136 1957 Mar 145 148 147 163 131 132 116 103 125 120.1 106.0 105.8 164.3 r97 137 118.9 116.9' Apr 144 145 145 160 130 131 105 114 98 120.2 105.9 104.8 161.5 91 131 119.3 117.2 May 144 143 145 160 131 130 128 120 133 120.5 105.7 104.2 161.0 90 135 119.6 117.1 145 145 147 163 131 127 121 105 132 120.6 105.3 104.7 163.8 90 138 120.2 117.4 A JU U l E y 1 14 4 5 5 1 1 3 4 5 5 1 1 4 4 7 7 1 1 6 6 3 2 1 1 3 3 1 2 1 1 2 2 8 9 1 1 0 0 6 9 1 1 1 1 9 9 1 9 0 7 2 1 12 2 0 0 . . 8 7 1 1 0 0 4 4 . . 9 4 1 1 0 0 3 5 . . 4 3 1 1 6 6 0 4 . . 5 7 9 8 2 5 1 1 3 4 8 4 1 1 2 2 0 1 . . 8 0 1 1 1 1 8 8. 4 2 Sept 144 146 146 160 131 129 96 107 89 120.4 103.3 105.0 164.7 87 136 121.1 118.0 Oct 142 146 143 156 130 127 98 108 92 120.0 102.8 104.2 162.6 86 129 121 1 117.8 Nov 139 141 141 154 128 123 89 86 91 119.4 101.8 102.7 160.9 85 133 121.6 118.1 Dec 135 134 137 146 127 r123 75 70 78 118.8 100.3 100.7 157.4 83 138 121.6 118.5 1958 Jan 133 132 134 r142 126 r122 78 72 82r118.2 r98.0 r97.3 r149.3 82 130 122.3 r118.9 Feb 130 131 131 137 125 119 74 67 78 116.7 95.6 95.3 145.1 r77 122.5 119.0 Mar ^128 P129 P124 P116.0 ^94.1 P93.8 e143.3 75 e130 • Estimated. Preliminary. r Revised. including seasonal adjustments, may be obtained from the Division of n.a. Not available. Research and Statistics. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. 1 Indexes beginning 1956 are based on data for 48 States from F. W. Nonagricultural employment covers employees only and excludes person- Dodge Corporation, 1956-57= 100. Figures for earlier years are three- nel in the armed forces. The consumer price index is the revised series, month moving averages, based on data for 37 States east of the Rocky reflecting, beginning January 1953, the inclusion of some new series and Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, revised weights; prior to January 1953, indexes are based on the "interim* 268; Residential, 271; and all other, 266. A description of the old index, 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 477 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 9 p 4 r 7 o - - 49 A av n e n r u a a g l e 1957 1958 Industry portion 1956 1957 Feb. Mar. Apr. May June July Aug. Sept.Oct. Nov.Dec. Jan. Feb. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL.. 00.00 143 143 146 145 144 144 145 145 145 144 142 139 135 133 130 MANUFACTURES—TOTAL 90.02 144 145 147 147 145 145 147 147 147 146 143 141 137 134 131 Durable Manufactures—Total 45.17 159 160 164 163 160 160 163 162 163 160 156 154 146 r142 137 Primary metals 6.70 138 132 143 137 134 132 132 134 136 131 128 121 107 100 95 Metal fabricating 28.52 172 176 180 179 176 176 179 179 775 775 772 770 753 759 753 Fabricated metal products 5.73 135 139 138 138 138 138 139 141 140 139 137 141 135 129 123 Machinery 13.68 171 168 173 172 167 168 171 173 172 170 164 163 156 151 145 Nonelectrical machinery 9.04 153 150 155 155 152 152 153 152 151 150 148 143 137 130 128 Electrical machinery 4.64 207 204 206 204 196 199 207 215 215 209 197 203 194 192 177 Transportation equipment 7.54 199 213 222 219 216 216 220 216 216 212 208 203 194 191 184 Autos, trucks, and parts 4.80 125 128 136 131 124 127 132 128 131 129 126 125 113 106 99 Other transportation equipment 2.74 310 344 353 355 357 352 355 351 345 340 334 322 315 '318 311 Instruments and related products 1.29 166 172 174 173 172 173 173 173 174 173 170 170 168 166 162 Clay, glass, and lumber products 5.91 140 133 134 134 134 136 140 133 136 134 131 725 724 r125 720 Stone, clay, and glass products 2.82 158 155 155 155 155 157 156 155 159 159 155 151 148 142 133 Lumber and products 3.09 123 114 115 115 115 117 125 113 116 112 109 107 103 110 107 Furniture and misc. manufactures 4.04 135 132 129 132 132 132 133 133 135 135 132 729 725 723 720 Furniture and fixtures 1.64 122 120 118 119 120 120 121 122 123 122 120 118 116 114 110 Miscellaneous manufactures 2.40 144 140 137 140 141 141 142 141 143 143 140 136 131 129 126 Nondurable Manufactures—Total 44.85 129 130 131 131 130 131 132 131 132 131 130 128 127 126 125 Textiles and apparel 11.87 108 105 105 106 106 106 106 107 106 106 104 101 97 r97 96 Textile mill products 6.32 104 99 101 101 100 100 100 101 101 101 98 95 91 '92 91 Apparel and allied products 5.55 112 111 110 112 112 113 113 113 112 112 110 107 104 103 103 Rubber and leather products 3.20 117 118 121 124 118 118 119 119 722 720 777 775 108 nos 705 Rubber products 1.47 133 135 141 145 132 134 135 136 141 138 135 131 mi 116 114 Leather and products 1.73 104 104 104 105 105 104 106 105 106 104 103 103 100 100 Paper and printing 8.93 145 148 147 147 146 148 148 146 149 149 149 149 146 145 vi44 Paper and allied products 3.46 159 158 157 157 156 158 159 156 163 161 161 162 152 154 Printing and publishing 5.47 136 141 141 141 140 141 141 140 141 142 142 141 142 140 " i39 Newsprint consumption 1.85 132 131 132 132 128 132 132 129 129 131 130 129 131 126 124 Job printing and periodicals 3.62 138 146 146 145 146 145 146 146 146 147 148 148 148 147 147 Chemical and petroleum products 9.34 167 172 172 171 171 173 172 174 175 174 173 777 169 r168 755 Chemicals and allied products 6.84 177 184 183 182 182 185 184 185 186 185 185 184 181 182 178 Industrial chemicals 2.54 196 203 203 202 202 204 204 205 206 207 206 201 196 195 191 Petroleum and coal products 2.50 141 141 143 141 142 142 139 142 143 141 139 135 137 131 P128 Foods, beverages, and tobacco 11.51 112 112 113 114 111 112 113 113 772 773 777 770 773 r114 114 Food and beverage manufactures 10.73 113 112 113 114 112 112 114 113 113 113 112 110 114 114 114 Food manufactures 8.49 113 112 113 114 112 112 113 114 112 112 111 110 113 113 112 Beverages 2.24 112 113 111 115 109 112 116 109 113 113 112 110 118 116 Tobacco manufactures .78 107 111 114 111 109 110 112 114 111 114 110 107 106 112 MINERALS—TOTAL 9.98 129 128 132 132 131 130 127 128 129 129 127 123 123 122 119 Mineral fuels 5.55 129 128 132 132 131 130 127 727 725 72P 725 123 722 '727 775 Coal 2.68 85 83 87 92 87 83 86 84 84 82 80 11 '71 '69 68 Anthracite .36 55 49 50 49 52 56 60 40 50 48 45 43 40 43 43 Bituminous coal 2.32 90 88 93 99 93 88 90 90 89 88 85 82 rie '73 72 Crude oil and natural gas 5.67 150 150 154 151 151 153 146 148 149 151 150 145 146 145 142 Crude oil 4.12 137 137 144 142 140 141 136 134 134 136 136 132 131 130 129* Natural gas and gas liquids .70 191 198 198 200 204 194 197 198 196 199 198 193 ^198 Metal, stone, and earth minerals 1.63 127 129 132 132 130 128 131 132 133 129 725 720 725 r127 779 Metal mining .82 114 116 122 121 121 114 121 122 121 115 107 100 110 110 107 Stone and earth minerals .81 141 143 142 143 140 142 142 143 146 144 143 140 141 144 132 p Preliminary. ' Revised. industrial production indexes for 1957 were published in the BULLETIN NOTE.—Revised seasonally adjusted indexes of industrial production, for March 1958. consumer durable goods, and electricity and gas for 1956 are shown on Seasonal adjustment factors for all published production indexes for pp. 494 and 495 of this issue, following the practice announced in the the period 1947-57 are available upon request to the Division of BULLETIN for March 1957, pp. 277-78. Revised seasonally adjusted Administrative Services, Board of Governors of the Federal Reserve indexes of electricity and eas and consumer durable goods for 1957 are System, Washington 25, D. C. shown on pp. 481 and 482 of this issue. Revised seasonally adjusted For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - -49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 148 148 145 143 145 135 145 146 146 141 134 132 131 MANUFACTURES—TOTAL 90.02 144 145 149 149 146 144 146 137 147 148 148 144 135 134 133 Durable Manufactures—Total 45.17 159 160 167 166 163 159 162 151 160 160 159 156 147 143 139 Primary metals 6.70 138 132 148 144 140 135 136 118 128 128 129 121 106 102 99 Ferrous metals 5.03 135 130 149 144 138 133 134 118 127 126 126 118 102 95 91 Pig iron and steel 3.51 142 140 159 154 148 143 141 130 135 136 135 126 108 99 94 Pig iron .37 131 137 149 147 144 141 139 136 137 139 132 121 107 98 91 Steel 3.05 143 139 160 154 147 142 140 128 134 134 134 126 107 99 93 Carbon steel 2.62 139 138 159 152 146 141 141 129 133 134 132 125 107 96 92 Alloy steel .43 167 143 167 163 151 149 136 123 137 132 143 132 108 111 100 Ferrous castings and forgings 1.52 119 108 124 122 115 109 119 90 106 105 106 99 87 85 84 Iron and steel castings 1.29 117 107 122 119 113 108 117 90 107 104 105 99 87 '84 83 Steel forgings .23 126 113 133 137 124 116 126 89 103 110 107 98 88 92 92 Nonferrous metals 1.67 144 136 148 142 145 140 142 117 132 134 138 129 117 121 122 Primary nonferrous metals .38 164 164 167 167 175 172 167 157 160 153 156 159 161 160 155 Copper smelting .09 133 129 139 132 140 131 134 114 122 120 126 125 128 134 127 Copper refining .06 132 135 146 141 146 149 137 126 126 120 128 131 134 134 140 Lead .04 115 114 118 116 129 115 110 104 107 116 115 112 112 106 116 Zinc .10 123 123 133 132 137 133 128 118 115 110 113 114 120 114 104 Aluminum .09 280 275 259 267 283 285 280 279 282 263 263 274 275 275 265 Secondary nonferrous metals .13 118 112 125 120 118 110 108 86 106 114 117 112 101 Nonferrous shapes and castings 1.16 140 129 144 137 138 132 138 107 125 130 134 121 104 110 114 Copper mill shapes .63 115 104 121 105 113 108 115 73 105 109 110 98 80 '88 91 Aluminum mill shapes .20 215 198 200 206 213 215 211 214 192 200 199 167 159 167 174 Nonferrous castings .33 146 136 156 157 141 131 140 109 125 131 140 138 118 120 Metal Fabricating 28.52 172 176 185 184 179 174 176 167 174 174 173 174 166 161 156 Fabricated metal products 5.73 135 139 138 138 140 136 139 134 141 145 142 139 133 127 123 Structural metal parts 2.68 141 152 149 149 148 149 152 149 153 156 156 156 154 146 138 Stampings and misc. metal products 2.12 125 125 130 129 126 124 124 118 121 122 124 125 120 '111 105 Tin cans .30 151 146 116 127 190 122 149 163 205 195 146 112 110 116 126 Furnaces, gas ranges, and heaters .63 110 99 103 101 98 95 104 81 105 122 115 99 76 80 Machinery 13.68 171 168 177 177 169 166 168 158 167 173 170 165 157 153 148 Nonelectrical machinery 9.04 153 150 160 161 157 154 153 146 143 149 145 140 138 133 132 Farm and industrial machinery 8.13 147 146 154 154 152 149 148 144 141 143 140 136 135 130 126 Farm machinery 1.02 86 84 89 92 90 87 85 82 80 82 82 78 80 '80 80 Industrial and commercial machinery. 7.11 156 155 164 163 161 158 157 152 150 152 148 144 143 137 133 Machine tools and presses .68 197 182 204 202 198 193 188 179 175 175 164 154 153 144 134 Laundry and refrigeration appliances... .69 168 151 175 190 164 158 160 129 119 159 149 138 119 120 Electrical machinery 4.64 207 204 210 208 194 189 197 183 213 220 220 215 194 192 181 Electrical apparatus and parts 3.23 198 201 210 208 204 200 200 195 196 201 196 198 197 190 183 Radio and television sets .74 224 205 201 196 159 153 180 143 256 269 282 260 176 187 159 Transportation equipment 7.54 199 213 231 228 223 214 217 205 209 194 198 213 203 196 190 Autos, trucks, and parts 4.80 125 128 148 142 135 127 130 114 123 100 110 139 124 113 107 Autos 1.50 138 146 178 171 155 144 156 134 148 84 88 171 151 132 122 Trucks .66 112 104 113 109 120 113 119 103 103 85 93 100 95 r91 92 Au T L H M to r i e g e u a d h c a v i k t n y u d t m t r t r u r t a r u c t i u r c k l c e u k s k r c s s k p s arts 2. . . . . 5 1 1 2 0 8 4 9 2 7 2 1 1 1 9 5 2 6 8 2 8 1 7 1 1 1 1 5 9 2 3 0 0 4 3 7 0 2 1 1 1 0 5 5 4 1 0 7 6 0 0 1 1 1 1 5 9 3 0 6 2 3 4 5 2 2 1 1 1 2 6 2 5 0 4 9 7 4 7 2 1 1 1 1 6 0 2 4 5 0 1 1 8 2 1 1 1 2 6 1 0 5 8 2 8 8 6 2 1 1 0 9 5 0 0 8 6 2 6 9 1 1 1 4 9 9 1 4 8 7 5 3 6 1 1 1 2 6 8 3 1 9 9 4 6 4 1 1 1 4 9 6 2 2 6 5 1 7 2 1 1 1 1 4 3 5 1 1 7 1 7 8 6 r 1 1 1 4 9 8 1 0 0 9 3 6 1 2 1 1 2 9 8 0 6 6 2 3 8 2 1 1 8 2 0 0 5 9 1 Other transportation equipment 2.74 310 344 356 359 357 348 351 344 341 340 334 322 322 r321 315 Aircraft and parts 1.30 548 608 630 633 633 614 615 609 606 597 592 569 571 '570 561 Shipbuilding and repair .81 118 129 130 132 132 134 136 131 128 126 123 121 125 123 120 Railroad equipment .53 63 77 84 88 81 76 84 73 69 83 74 71 61 64 56 Railroad cars .35 98 85 72 54 80 86 86 81 71 84 76 59 66 56 Instruments and related products 1.29 174 171 174 172 166 172 174 174 171 168 172 172 170 166 162 Clay, Glass, and Lumber Products.., 5.91 132 144 141 128 140 133 131 135 137 127 143 139 117 117 117 Stone, clay, and glass products 2.82 155 153 159 162 152 145 136 129 Gl F as la s t a g n l d a s p s o a t n te d r y v i p tr r e o o d u u s c t p s roducts 1.09 1 1 5 4 8 0 1 16 4 1 0 1 1 5 4 1 5 1 1 4 6 4 4 1 1 5 4 5 1 1 1 5 4 8 1 1 1 3 5 9 7 1 1 5 3 0 2 1 1 6 4 3 2 1 1 4 6 1 3 1 1 6 4 1 4 1 1 4 6 1 5 1 16 3 1 4 1 1 3 5 0 0 1 1 2 4 8 4 Flat and other glass .60 164 164 166 166 160 159 160 149 156 167 165 170 166 153 145 Glass containers .47 165 136 168 138 163 161 144 151 159 138 170 128 117 128 132 Home glassware and pottery .26 132 134 100 132 137 85 137 154 90 143 .23 87 102 100 97 78 91 92 Cement .32 157 148 116 133 145 161 161 119 185 187 177 152 132 109 92 Structural clay products .35 137 129 120 121 129 130 133 134 137 135 134 126 117 105 Brick .12 134 115 96 101 119 122 123 122 129 124 126 113 95 84 Clay firebrick, pipe, and tile .20 142 140 139 138 138 138 143 145 145 144 143 138 133 115 Concrete and plaster products , .48 194 188 177 181 185 194 200 198 201 198 193 182 172 165 154 Misc. stone and earth manufactures .58 173 174 177 177 176 177 177 173 175 175 173 166 165 '157 150 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 479 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - ^9 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 112 112 117 118 131 105 125 121 119 106 92 '100 105 Lumber and products 2 05 107 96 98 100 100 99 110 88 106 103 98 89 75 81 87 .60 189 187 181 170 191 196 219 168 209 205 207 178 155 '181 189 Millwork . . 39 121 112 105 102 107 110 146 101 144 132 124 100 80 '76 95 Softwood plywood .12 301 312 306 282 330 339 339 277 314 327 344 307 280 358 346 .29 91 84 86 86 87 88 88 83 83 83 82 78 77 74 68 Furniture and Misc. Manufacturing.... 4.04 135 132 130 131 129 128 130 125 136 141 139 134 128 120 120 Furniture and fixtures 1 64 111 120 119 119 111 115 118 116 124 126 125 111 120 113 111 1.10 121 120 118 119 117 114 117 115 124 126 127 123 122 '114 111 Fixtures and office furniture. .54 122 120 121 121 118 118 119 118 124 125 122 116 116 '111 109 Miscellaneous manufactures ... . ... 2.40 144 140 137 139 137 137 139 131 144 150 148 143 134 125 126 Nondurable JVIanufactures—Total 44.85 129 130 131 132 129 129 130 122 134 135 137 131 123 124 126 11.87 108 105 112 113 108 106 104 91 108 104 108 102 92 r99 103 6 32 104 99 105 105 102 100 99 86 101 101 103 98 89 '93 95 Cotton and synthetic fabrics 3.72 108 105 111 112 103 107 104 86 105 107 106 107 97 102 104 Cotton consumption 2 30 102 95 101 102 95 99 96 75 98 97 97 97 84 94 94 .97 118 119 129 124 118 111 111 110 113 121 122 121 116 110 108 Fabric finishing .45 98 94 103 111 89 109 102 64 94 94 86 97 90 82 104 Wool textiles 97 86 75 81 79 78 81 87 67 82 79 71 65 55 '55 61 Wool apparel yarns 16 88 78 85 85 82 89 88 71 86 79 66 66 61 59 Wool fabrics .75 86 75 80 78 77 79 88 67 81 80 74 65 54 55 60 Knit goods 1 15 108 104 105 109 103 103 107 96 110 110 109 104 92 94 98 Hosiery .65 100 93 103 106 92 90 92 76 95 95 98 93 78 90 94 Full-fashioned hosiery. .45 102 89 104 109 91 87 87 69 88 87 88 88 74 87 91 20 96 102 101 98 94 96 104 92 114 116 121 107 86 99 103 .50 119 118 108 113 117 119 125 123 128 129 125 118 111 99 104 .48 Woven carpets .31 83 71 92 91 85 69 64 46 68 75 59 59 61 62 70 Apparel and allied products • • 5.55 112 111 120 123 114 112 110 96 116 109 112 107 96 106 112 Men's outerwear 1 78 110 102 111 114 100 111 104 74 110 100 99 98 90 94 101 .73 95 86 95 101 88 102 91 55 98 78 72 73 72 69 75 Men's suits 50 93 87 100 104 90 100 88 54 93 76 73 77 76 73 78 Men's outercoats 13 78 60 50 63 60 86 80 48 93 68 53 41 40 35 45 Shirts and work clothing .99 118 112 121 121 106 115 111 83 117 113 116 113 100 110 116 Women's outerwear 1.85 112 112 130 148 119 115 111 101 118 109 108 102 80 105 126 Women's suits and coats .76 128 128 157 169 102 96 127 130 148 133 134 123 85 122 154 Misc apparel and allied mfrs 1.92 113 117 117 118 112 110 113 113 120 122 123 121 117 112 114 Rubber and Leather Products 3.20 117 118 130 130 119 114 117 101 123 121 123 116 ri04 nn 113 Rubber products 1 47 133 135 148 148 135 133 132 111 135 139 145 135 114 '123 119 Tires and tubes .70 121 123 136 134 121 125 123 109 120 124 129 119 106 106 111 Auto tires 40 123 134 150 151 135 137 136 122 131 135 139 124 113 111 118 Truck and bus tires 30 119 107 117 111 103 108 105 91 105 110 117 112 97 99 104 .77 144 147 159 161 147 140 141 114 150 153 160 150 '122 '140 126 Leather and products 1.73 104 104 115 115 106 98 105 92 112 105 104 99 94 101 Leather .44 91 89 99 95 89 88 97 74 92 87 90 88 80 83 Cattlehide leathers 29 99 98 108 103 96 94 107 82 103 97 101 98 89 92 Skin leathers .15 76 72 82 81 76 75 77 58 72 69 71 68 63 66 90 Miscellaneous leather products .39 97 94 96 96 90 87 92 92 100 98 98 98 95 87 Paper and Printing 8.93 145 148 147 151 150 149 148 136 147 151 156 152 141 142 p145 Paper and allied products 3 46 159 158 161 163 161 158 161 139 165 163 170 163 140 152 1.76 157 154 160 159 159 157 155 132 157 153 163 156 137 150 Wood pulp 51 179 176 181 181 182 182 175 152 181 172 187 183 153 176 Paper and board 1 25 148 145 151 150 150 147 147 124 147 146 154 145 131 140 Printing paper .22 140 133 139 137 136 136 136 121 132 125 135 132 123 134 Fine paper 14 145 140 147 152 147 143 142 107 139 145 143 138 131 135 Coarse paper .20 136 127 139 131 131 125 123 102 127 124 135 129 114 122 .18 170 179 189 186 192 182 184 160 175 171 185 172 167 179 Paperboard 41 155 153 155 158 155 157 154 128 158 160 166 157 134 142 Building paper and board .10 131 124 128 120 126 124 127 118 134 134 141 120 101 114 Converted paper products 1.70 162 163 163 167 163 160 166 147 173 173 177 171 142 155 .51 159 157 156 163 155 155 160 141 172 170 168 167 132 143 Sanitary paper products .11 170 179 183 177 184 174 183 163 175 178 204 182 171 187 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 ro 7 - -49 a A v n e n ra u g a e l 1957 1958 portion 1956 1957 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 139 144 143 142 140 134 136 144 146 145 142 136 137 Newsprint consumption 1.85 132 131 128 137 137 140 132 112 116 133 140 140 129 116 121 Job printing and periodicals. 3.62 138 146 144 147 146 144 144 144 146 150 150 148 149 146 145 Chemical and Petroleum Products. 9.34 167 172 175 174 172 172 168 165 171 174 176 173 171 170 168 Chemicals and allied products 6.84 177 184 186 186 184 184 179 174 181 185 190 187 183 183 181 Ind B u a s s t i r c i a i l n o ch rg e a m n i i c c a l c s hemicals 2. . 5 5 4 7 1 1 8 9 9 6 2 2 0 0 3 2 2 20 0 8 7 2 2 0 0 6 6 2 2 0 1 6 0 2 2 0 0 6 9 2 1 0 9 0 7 1 18 9 9 5 2 1 0 9 0 6 2 2 0 0 5 3 2 2 0 0 8 9 2 2 0 0 3 5 •" 1 1 9 9 8 8 r 119979 195 Industrial organic chemicals 1.97 197 204 207 206 205 205 201 196 202 205 207 203 198 196 "i92* Plastics materials .24 256 272 277 280 275 278 266 240 269 283 299 276 259 267 Synthetic rubber .11 236 245 238 242 219 245 225 209 241 252 274 282 268 265 "233* Synthetic fibers .59 181 199 202 196 203 198 189 191 198 202 206 201 194 189 185 Miscellaneous organic chemicals. 1.03 189 186 191 190 188 188 191 188 184 184 179 178 179 175 Vegetable and animal oils. .64 132 130 152 134 121 116 109 107 113 120 150 149 136 141 136 Vegetable oils .48 124 121 143 129 113 103 94 95 100 110 148 147 132 136 130 Grease and tallow .16 158 154 181 150 146 155 154 142 153 151 159 156 147 156 154 Soap and allied products. .71 111 112 117 128 113 115 104 80 115 115 126 110 105 107 Paints .66 124 121 121 120 122 122 125 126 125 122 119 115 114 113 111 Fertilizers .23 129 132 135 166 181 172 119 104 108 119 122 115 115 124 Petroleum and coal products. 2.50 141 141 145 139 137 139 139 139 144 144 139 136 138 134 Petroleum refining 1.97 150 150 154 149 145 148 147 146 152 152 145 147 153 148 Gasoline 1.04 159 162 157 156 154 161 162 161 168 170 162 160 165 159 Automotive gasoline.. .98 153 157 153 150 149 155 156 155 163 166 157 156 161 156 Aviation gasoline.... .06 254 249 242 254 247 255 258 260 265 233 242 233 236 212 Fuel oil .56 147 147 164 151 143 143 142 141 144 142 137 139 150 146 '138 Distillate fuel oil. .30 193 194 216 197 187 190 188 185 191 188 181 184 200 195 Residual fuel oil. .26 95 93 104 99 93 90 90 89 89 90 86 87 93 89 Kerosene .10 111 98 116 109 93 89 83 82 82 90 87 106 117 118 Lubricating oil. .17 119 113 114 116 126 122 104 111 112 108 107 109 105 100 Coke .26 102 104 110 111 107 108 107 106 106 106 103 95 85 79 75 Asphalt roofing and siding. .15 104 94 94 92 80 104 107 122 119 121 81 54 59 57 73 Foods, Beverages, and Tobacco. 11.51 112 112 103 104 108 117 115 122 128 124 113 106 104 105 Food and beverage manufactures. 10.73 113 112 103 104 108 116 116 111 128 125 113 107 103 104 Food manufactures 8.49 113 112 104 105 102 104 111 114 123 131 126 116 109 106 103 Meat products 1.48 133 128 133 104 123 124 120 116 118 130 140 133 131 134 121 Beef .46 151 148 151 131 139 148 148 150 150 154 156 140 136 149 134 Pork .83 119 110 117 144 108 104 97 91 94 109 124 122 122 118 107 117 Dairy products .69 110 111 102 109 122 140 151 134 120 101 91 85 92 97 Butter .14 107 109 109 117 122 139 145 113 97 87 88 87 97 104 112 Natural cheese .07 117 119 107 115 135 161 165 137 119 105 100 92 98 101 105 Concentrated milk. .19 101 102 96 105 128 151 142 114 97 78 77 73 80 84 87 Ice cream .28 112 111 97 101 109 122 149 151 141 117 96 84 82 84 Canned and frozen foods. 1.13 133 126 84 82 89 91 111 163 213 230 158 109 99 '87 85 Grain-mill products 1.16 101 100 100 99 95 97 98 98 105 108 105 98 97 100 101 Wheat flour .46 84 87 92 90 82 81 87 78 88 94 92 89 86 90 92 Cereals and feeds .70 113 109 106 106 104 108 106 111 117 117 114 104 104 106 108 Bakery products. 1.64 98 100 96 96 98 99 102 104 103 102 101 101 101 98 97 Sugar .27 122 120 57 54 60 68 88 74 80 117 262 279 233 129 Cane sugar .11 116 112 96 107 110 117 140 122 123 125 108 97 93 100 Beet sugar .13 121 121 20 13 21 38 27 38 105 390 431 350 149 Confectionery .71 107 112 123 119 96 84 95 81 103 155 147 132 99 113 124 Miscellaneous food preparations. 1.41 105 108 103 103 102 106 114 113 113 113 112 110 108 107 109 Beverages 2.24 112 113 97 111 111 120 138 122 120 118 121 105 99 93 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 105 103 93 106 103 108 123 105 102 108 117 100 89 Beer and ale 1.02 101 101 86 104 109 117 130 127 111 97 88 73 81 89 Liquor distilling. . .17 78 83 85 86 82 81 67 34 47 109 140 99 88 85 Liquor bottling... .37 119 111 105 111 95 97 127 84 101 125 158 151 101 83 Tobacco manufactures. .78 107 111 114 111 104 113 121 102 120 118 119 110 87 112 Cigarettes .46 111 116 119 115 109 121 129 114 126 123 122 111 90 118 Cigars .17 104 106 112 110 102 104 111 81 115 116 121 116 86 105 1 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 481 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1957 1958 1956 1957 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 131 131 131 132 131 123 130 130 129 123 122 121 118 MINERALS—TOTAL Mineral Fuels 8.35 129 128 135 134 132 130 127 119 126 127 127 124 125 124 121 Co A B a i n l t t u h m ra in ci o t u e s coal 2 2 . . . 6 3 3 8 2 6 5 9 8 5 0 5 4 8 8 9 3 8 9 8 5 3 7 2 4 9 8 3 5 8 4 8 8 6 3 9 5 8 8 0 2 7 9 6 8 2 4 8 6 7 3 5 1 2 9 5 8 2 2 6 9 8 5 1 6 2 4 9 8 9 3 7 4 8 8 6 0 6 ' r 7 4 79 4 2 ' r 7 4 77 3 8 4 7 6 4 2 8 Crude oil and natural gas 5.67 150 150 157 156 155 153 145 145 145 147 146 144 149 148 146 Oil and gas extraction 4.82 145 146 157 156 153 150 143 139 138 140 140 141 143 144 144 Crude oil 4.12 137 137 147 148 145 143 136 132 130 132 131 131 133 132 131 Natural gas and gas liquids .70 191 214 206 200 194 184 181 186 188 193 204 206 Natural gas .34 199 235 225 214 202 192 196 194 196 203 221 228 Natural gas liquids .36 182 184 194 189 188 186 177 167 179 180 182 189 186 184 Oil and gas well drilling .85 180 171 160 151 168 168 156 179 185 185 177 160 177 172 159 Metal, Stone, and Earth Minerals. 1.63 127 129 113 114 124 140 149 143 147 145 138 117 110 106 103 Metal mining .82 114 116 98 95 111 135 151 137 139 137 124 92 82 '83 86 Iron ore .33 104 114 50 48 87 159 193 181 182 172 143 65 42 43 Nonferrous metal mining .49 120 117 129 127 127 119 123 108 110 113 110 110 109 111 ii4* Copper mining .24 136 133 145 141 140 133 139 121 124 132 125 131 131 129 134 Lead mining .09 88 85 96 94 97 87 80 82 79 83 71 70 76 78 Zinc mining .06 87 84 97 99 100 92 80 79 70 74 68 67 72 69 Stone and earth minerals .81 141 143 129 133 137 145 148 149 155 153 152 143 138 130 120 * Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. 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] 19 p 4 r 7 o- -49 a A v n e n ra u g a e l 1957 1958 Series tion 1956 1957 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. ELECTRICITY AND GAS—TOTAL. 100.00 218 232 225 227 226 '228 '230 232 '235 '237 '236 236 237 237 ,238 .241 Residential 41.34 241 260 248 252 252 '253 '256 '260 '263 '267 '268 '267 272 273 Nonresidentia.1 58 66 201 212 '209 209 '208 '210 211 '212 '216 '216 214 213 213 212 Electricity 76.18 218 233 '226 229 '228 '230 '232 '233 '237 '238 237 '234 236 235 236 Residential 27.48 250 273 260 266 266 '266 '270 274 '277 '281 280 '277 '282 282 285 Industrial 23.68 206 213 213 211 209 214 215 214 217 217 215 213 210 207 205 General industrial 23.49 186 193 193 191 188 193 194 193 198 198 196 194 191 188 185 Atomic energy .19 2697 2676 2740 2720 2750 2790 2880 2790 2560 2530 2580 2610 2580 2580 2660 Commercial and other 25.02 194 208 '202 205 '204 '205 207 '208 '213 '212 210 '208 '209 209 212 Gas 23.82 218 228 220 221 221 222 223 '226 '229 '233 '235 240 243 245 P247 Residential 13.86 223 234 223 224 225 '228 '230 '232 '236 '239 '243 248 252 255 Industrial 6.16 218 226 225 222 220 215 215 221 '225 231 '232 233 234 236 Commercial and other 3.80 197 212 203 205 207 209 210 212 212 213 214 220 223 226 9 Preliminary. r Revised. NOTE.—In reference to these indexes see note on p. 477. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1957 1958 Product portion 1956 1957 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 131 130 132 135 132 123 126 134 132 135 134 129 128 119 113 110 69.72 140 138 144 139 129 134 144 141 145 142 137 136 125 117 111 32.10 138 146 154 156 149 136 144 157 147 154 150 143 142 127 117 107 36.13 144 132 130 135 132 123 127 134 138 139 137 134 134 124 118 116 Furniture and floor coverings 15.32 117 114 114 114 114 114 113 114 116 115 114 111 112 112 110 106 11.31 121 120 119 118 119 120 119 121 121 123 122 120 120 119 116 112 Floor coverings 1 4 01 Appliances and heaters 15.60 143 127 128 136 132 118 121 124 124 127 129 129 132 115 106 11.88 151 133 136 144 139 122 127 129 130 136 137 138 141 119 110 Ranges 2.60 103 89 95 103 r 98 88 r 86 r 83 77 r 86 85 85 92 87 86 4.98 150 140 128 153 150 136 141 139 140 140 138 141 148 125 111 i29 Laundry appliances . • •. 2.51 216 180 209 183 177 136 152 167 177 195 '203 203 196 152 142 142 Heating apparatus 3.72 118 104 105 112 108 108 104 108 106 r 96 101 101 104 103 93 5.21 224 205 183 192 188 167 187 226 r245 r247 r232 r212 r203 188 181 151 3.42 70 75 r 73 81 80 75 ' 68 69 r 72 r 75 r 82 r 80 r 78 66 r 66 55 Television sets . 1.79 519 453 392 '403 r395 343 413 524 r515 '517 r465 '441 419 401 335 Other Consumer Durables 30.28 111 111 113 114 114 110 109 110 111 nn 114 112 110 107 105 107 14.00 105 110 114 113 105 104 108 no 110 110 Misc. home and personal goods.... 16.28 116 114 116 114 115 114 113 112 112 115 118 113 112 109 105 104 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL. 100.00 131 130 137 143 142 130 124 131 116 132 119 119 141 124 117 115 69.72 140 138 149 157 155 140 131 140 121 139 118 119 153 132 123 120 32.10 138 146 174 178 171 155 144 156 134 148 84 88 171 151 132 122 Maior household soods 36.13 144 132 129 140 143 128 122 129 110 133 150 148 138 118 117 120 Furniture and floor coverings 15.32 117 114 113 116 116 113 108 110 105 116 119 118 115 114 108 108 Household furniture 11.31 121 120 116 118 119 117 114 117 115 124 126 127 123 122 114 112 4.01 15.60 143 127 125 J44 151 131 125 131 105 109 141 133 121 102 103 IVtajor appliances 11.88 151 133 137 158 166 140 133 136 108 109 144 136 126 109 111 2.60 103 89 94 116 114 92 82 88 59 77 93 90 89 79 86 Refrigeration appliances 4.98 150 140 131 162 188 173 163 164 130 102 133 119 112 106 113 137 Laundry appliances 2.51 216 180 207 208 195 140 144 150 126 164 229 229 206 156 140 161 3.72 118 104 88 100 104 103 99 114 94 109 134 121 104 80 78 Radio and television sets 5.21 224 205 188 201 196 159 153 180 143 256 268 282 259 176 187 159 3.42 70 75 73 83 84 72 67 57 40 62 81 101 108 76 66 56 Television sets 1.79 519 453 408 427 411 326 318 414 339 627 625 627 547 365 417 355 Other Consumer Durables 30.28 111 111 110 112 111 107 106 108 106 116 121 120 114 106 102 105 Auto oarts and tires 14 00 105 109 110 107 101 103 107 109 114 120 118 Misc. home and personal goods.... 16.28 116 114 111 114 114 112 109 108 104 117 121 122 120 110 101 104 r Revised. Individual indexes without seasonal adjustment for woven carpets, i Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE —In reference to the seasonally adjusted indexes, see note on obtained from the Division of Research and Statistics, p. 412. VALUE OF NEW CONSTRUCTION ACmVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Business Other Year or month Total Total d R en es ti i a - l Total Indus- Com- Public n d re o e s n n i - - - Total M ta i r l y i- H w ig ay h- s C 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 7,001 111 2,272 942 3 610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953 . 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6 035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11,961 1,313 4,050 701 5,897 1956 46,060 33,242 17,632 11,828 3,084 3,631 5,113 3,782 12,818 1,395 4,470 826 6,127 1957 47,255 33,313 16,571 12,562 3,162 3,570 5,830 4,180 13,942 1,275 4,840 975 6 852 1957—Mar 3,912 2,752 1.383 1.025 274 292 459 344 1,160 104 434 71 551 Apr 3,906 2,754 1,361 1,044 277 295 472 349 1,152 98 407 76 571 May . .. 3,905 2,751 1,321 1,079 278 304 497 351 1,154 105 401 78 570 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 3,942 2,787 1,377 1,056 266 297 493 354 1,155 117 374 90 574 Sept 3,979 2,790 1,388 1,050 257 298 495 352 1.189 111 392 92 594 Oct 4,064 2,833 1,414 1.069 251 308 510 350 ,231 111 429 94 597 Nov 4,043 2,843 1,434 1,055 246 306 503 354 ,200 103 427 85 585 Dec 4,051 2,854 1.444 1,054 243 303 508 356 J97 100 423 79 595 1958—Jan. *> 4,034 2,785 1,403 1,027 235 285 507 355 ?49 99 480 77 593 Feb *> 4,024 2,777 1,408 1,013 231 276 506 356 I 247 92 500 79 576 Mar.» 4,010 2,750 1,389 1,005 222 285 498 356 1,260 86 509 79 586 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 483 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a 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 1956 31,612 10,666 20,946 12,862 2,381 3,140 2,883 2,804 7,542 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7,841 1957 Feb 2 161 838 1 323 875 184 214 220 202 465 Mar 3,078 1,018 2,060 1,107 212 348 274 259 878 Apr 2,778 880 1,897 1,233 154 246 227 211 707 May 3,398 1,279 2,119 1,296 215 306 291 308 983 June 3,223 1,323 1,900 1,135 243 322 273 348 902 July 2 901 1 002 1 898 1 287 165 298 220 277 653 2,818 802 2,016 1,284 181 324 265 239 526 Sept 2,550 816 1,734 1,151 135 232 242 257 533 Oct 2 614 787 1 827 1 165 167 248 265 230 538 Nov 2,371 867 1,504 930 147 264 244 223 562 Dec 1,982 734 1,249 759 137 204 190 167 525 1958 Jan 2,066 758 1,308 777 107 247 214 191 530 Feb 1,953 769 1,185 NOTE.—This series for 48 States replaces the old series for 37 States. 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—Dec 2,057 114 329 89 173 127 191 291 76 67 115 141 344 1957_ F ja e n b 2 2 , ,1 3 6 0 1 0 7 9 5 0 2 1 6 8 6 6 9 8 8 7 1 1 2 7 7 2 2 1 1 9 8 9 2 2 7 7 4 7 3 33 2 1 3 1 1 1 3 6 0 4 5 2 6 1 1 3 4 7 2 1 1 6 3 6 3 4 3 4 7 4 2 Dec 1,982 68 213 80 204 113 211 316 68 68 129 178 336 1958 Jan 2,066 85 329 85 154 183 216 236 99 35 100 164 379 Feb 1,953 72 214 58 143 169 234 206 110 60 158 140 388 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d a T u r j s i u a o v o l s t n a a t r e t a l e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m N a o e r l o e i t t r n a a o s - n - Total fam 1- ily fam 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en * 1950.. 1,396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951.. 1,091 777 315 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.. 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955.. 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956.. 1,118 780 338 1,094 981 31 82 24 463 192 271 1957.. 1,042 700 342 993 840 33 120 49 r313 '185 128 1957—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 r 28 ' 16 12 June., 995 100 69 31 95 80 3 11 5 29 16 13 July.. 1,015 r 98 63 r34 94 81 3 10 r 4 29 17 12 Aug.. 1,056 100 68 32 97 82 3 12 3 r 31 r 20 12 Sept.. 1,012 92 6? 30 90 77 3 10 2 ' 30 r 19 12 Oct... 1,020 97 62 35 88 74 3 11 r 9 r 31 r 21 10 Nov.. 1,009 78 53 26 76 64 3 9 3 25 r 19 6 Dec. 1,000 63 43 20 63 51 3 9 1 20 15 5 1958—Jan.. *>l,030 45 24 n.a. n.a. n.a. 1-19 ' 15 4 Feb.. *>890 43 22 n.a. n.a. n.a. P5 14 r 11 3 May. P88O 54 25 n.a. n.a. n.a. P4 20 17 3 » Preliminary. r Revised, 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

484 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* Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1950 110,780 64,599 63,099 59,957 52 450 7 507 3 142 46 181 1951. .. 111,924 65,832 62,884 61,005 53,951 7^054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55 651 6 562 1 602 47 732 1954 . . 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957—Mar 2 119,899 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 AT,122 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 Sect 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 Feb 121,432 69,804 67,160 61,988 57,158 4,830 5,173 51,627 Mar 121,555 70,158 67,510 62,311 57,239 5,072 5,198 51,397 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 52,545 16,793 840 3,026 4,157 11,551 2 343 6 453 7 381 SEASONALLY ADJUSTED 1957 Mar 52,547 16,962 831 3,062 4,168 11,490 2,322 6,381 7,331 Apr 52,593 16,965 841 3,059 4,160 11,501 2 320 6 400 7 347 May 52,698 16,946 843 3,097 4,159 11,542 2 329 6 424 7 358 52,773 16,924 854 3,108 4,164 11,579 2,336 6,454 7 354- July 52,815 16,880 861 3,061 4,168 11,636 2 343 6 492 7 374 52,844 16,836 853 3,032 4,184 11,669 2,354 6,477 7 439^ Sept 52,662 16,681 849 3,028 4,175 11,620 2 361 6 508 7 440 Oct 52,469 16.604 837 3,013 4,148 11,590 2 368 6 482 7 427 Nov 52,218 16,463 825 2,956 4,113 11,567 2,367 6,512 7 415 Dec 51,980 16,265 821 2,923 4,076 11,508 2,361 6,538 7,488 1958 Jan 51,709 15,969 803 2,896 4,055 11,601 2,364 6,527 7 494 Feb 51,035 15,649 782 2,672 3,997 11,539 2,363 6,526 7 507 Mar 50,732 15,444 769 2,782 3,954 11,410 2 358 6 500 7 515 WITHOUT SEASONAL ADJUSTMENT 1957 Mar 51,919 16,933 831 2,756 4,147 11,265 2 310 6 317 7 36fr Apr 52,270 16,822 833 2,906 4,153 11,428 2 320 6 432 7 376 May 52,482 16,762 835 3,082 4,156 11,411 2,329 6 520 7 387 52,881 16,852 858 3,232 4,181 11,505 2,359 6,551 7 343 July 52,605 16,710 857 3,275 4.199 11,493 2 390 6 524 7 157 52,891 16,955 862 3,305 4,215 11,499 2,389 6 509 7 157 Sept 53,152 16,905 853 3,285 4,206 11,620 2 361 6 541 7 381 Oct 53,043 16,783 837 3,224 4,159 11,664 2 356 6 547 7 4731 Nov 52,789 16,573 829 3,059 4,123 11,840 2,355 6,512 7*498 Dec 53,084 16,316 825 2,850 4,100 12,365 2,349 6,473 7,806 1958—Jan 50,937 15,877 803 2,606 3,995 11,432 2,340 6,396 7 488 Feb 50,202 15,598 782 2,365 3,951 11,245 2 339 6 395 7 527 Mar 50,170 15,407 769 2,504 3,934 11,229 2,346 6,435 7,546 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for February and March 1958 are preliminary. Back data may bemonth. Proprietors, self-employed persons, domestic servants, unpaid obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 485 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 13,109 12,119 11,828 11,638 13,085 12,033 11,784 11,607 7,662 6,866 6,623 6,486 7,693 6,850 6,634 6,508 79 66 66 65 79 66 66 65 Lumber and wood products 611 590 574 560 593 558 548 543 309 293 287 284 312 297 293 287 453 425 408 400 451 414 402 398 Primary metal industries 1,106 952 908 893 1,112 957 913 897 889 825 792 776 898 833 800 784 Machinery except electrical 1,272 1,086 1,060 1,042 1,291 1,097 1,076 1,058 860 784 757 741 869 792 765 748 1,474 1,276 1,212 1,173 1,474 1,276 1,212 1,173 Instruments and related products.... . . . . 229 213 209 204 231 214 209 206 Miscellaneous manufacturing industries 380 356 350 348 382 347 350 350 5,447 5,253 5,205 5,152 5 392 5,183 5,150 5,099 Food and kindred products 1,090 1,060 1,052 1,046 989 974 954 948 87 80 82 84 77 82 78 75 Textile-mill products 920 856 847 838 929 860 855 846 Apparel and other finished textiles 1,061 1,033 1,022 1,000 1,098 1,043 1,058 1,035 Paper and allied products 469 458 453 452 467 456 451 450 Printing, publishing and allied industries 559 557 558 557 559 557 555 557 542 512 507 505 550 515 510 513 Products of petroleum and coal 175 170 169 165 173 167 166 163 211 198 190 187 211 200 191 187 Leather and leather products 333 329- 325 318 341 329 333 326 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 February and March 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 Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Total 82.21 81.27 80.64 80.85 40.1 38.7 38.4 38.5 2.05 2.10 2.10 2.10 Durable goods 88.94. 87.14 86.46 86.91 40.8 38.9 38.6 38.8 2.18 2.24 2.24 2.24 Ordnance and accessories 95.68 100.77 99.47 99.23 41.6 41.3 40.6 40.5 2.30 2.44 2.45 2.45 Lumber and wood products 70.27 69.30 69.69 68.92 39.7 38.5 38.5 38.5 1.77 1.80 1.81 1.79 Furniture and fixtures 69.55 67.38 67.61 67.97 40.2 38.5 38.2 38.4 1.73 1.75 1.77 1.77 Stone, clay, and glass products 82.21 82.14 80.67 81.12 40.7 39.3 38.6 39.0 2.02 2.09 2.09 2.08 Primary metal industries 98.65 95.23 94.21 94.83 40.1 37.2 36.8 36.9 2.46 2.56 2.56 2.57 Fabricated metal products 87.74 87.47 86.58 86.97 41.0 39.4 39.0 39.0 2.14 2.22 2.22 2.23 Machinery except electrical 95.30 92.90 92.12 92.75 41.8 39.7 39.2 39.3 2.28 2.34 2.35 2.36 Electrical machinery 83.43 82.89 83.46 83.46 40.5 39.1 39.0 39.0 2.06 2.12 2.14 2.14 Transportation equipment 97.82 95.45 94.71 96.19 41.1 38.8 38.5 39.1 2.38 2.46 2.46 2.46 Instruments and related products 85.47 85.54 84.89 85.32 40.7 39.6 39.3 39.5 2.10 2.16 2.16 2.16 Miscellaneous manufacturing industries.. 73.49 72.71 71.76 72.89 40.6 39.3 39.0 39.4 1.81 1.85 1.84 1.85 Nondurable goods 73.12 73.73 73.15 73.53 39.1 38.4 38.1 38.1 1.87 1.92 1.92 1.93 Food and kindred products 76.81 80.80 79.20 79.60 39.8 40.2 39.6 39.6 1.93 2.01 2.00 2.01 Tobacco manufactures 57.99 60.84 59.50 59.09 37.9 39.0 37.9 37.4 1.53 1.56 1.57 1.58 Textile-mill products 58.35 56.40 56.70 56.25 38.9 37.6 37.8 37.5 1.50 1.50 1.50 1.50 Apparel and other finished textiles 54.75 52.65 52.80 52.00 36.5 35.1 35.2 34.9 1.50 1.50 1.50 1.49 Paper and allied products 84.60 86.11 85.49 85.90 42.3 41.4 41.1 41.1 2.00 2.08 2.08 2.09 Printing, publishing and allied industries.. 96.61 95.76 96.51 97.02 38.8 37.7 37.7 37.9 2.49 2.54 2.56 2.56 Chemicals and allied products 89.40 92.62 91.94 92.84 41.2 40.8 40.5 40.9 2.17 2.27 2.27 2.27 Products of petroleum and coal 104.60 110.29 108.80 109.76 40.7 40.4 40.0 40.5 2.57 2.73 2.72 2.71 Rubber products 89.28 87.48 86.56 87.02 40.4 38.2 37.8 38.0 2.21 2.29 2.29 2.29 Leather and leather products 58.52 58.19 57.56 56.83 38.0 37.3 36.9 36.2 1.54 1.56 1.56 1.57 NOTE.—Data are for production and related workers. Figures for February and March 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

486 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947^*9 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALES1 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 1952 . 114 110 104 113 115 122 127 109 116 109 121 129 120 1953 118 114 105 117 119 127 131 114 120 110 123 132 122 1954 118 117 108 116 112 129 135 112 121 113 129 136 122 1955 128 123 113 125 122 140 149 122 132 117 140 149 132 1956 135 126 120 131 128 146 164 128 138 126 144 158 141 1957 136 122 124 132 129 148 169 128 138 128 142 160 141 SEASONALLY ADJUSTED 1957 Feb 136 129 124 129 131 149 '161 129 137 129 145 '160 '142 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 Aug . .... 144 130 135 138 139 158 179 139 147 138 147 170 144 Sept 136 114 122 128 134 144 172 130 145 130 147 163 141 Oct 129 116 119 129 121 141 159 121 126 119 136 152 134 Nov 133 118 124 128 129 142 166 125 135 125 139 161 139 Dec 138 128 128 133 133 148 174 130 141 132 142 156 139 1958—Jan 130 116 125 126 125 146 157 121 132 126 138 156 132 Feb 111 115 114 117 115 2*125 121 143 135 WITHOUT SEASONAL ADJUSTMENT 1957_Feb 104 97 98 98 101 107 '132 97 105 96 '105 '125 108 Mar 114 99 104 115 105 126 151 109 117 103 118 138 115 Apr 131 121 116 129 126 149 165 124 134 124 134 148 133 May . 132 123 120 131 122 146 165 126 138 127 139 156 134 June 131 122 121 130 120 140 153 126 129 116 137 153 139 July 111 90 92 96 107 118 145 104 114 104 128 151 125 Aug 127 102 104 110 123 135 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct 134 117 126 132 125 148 167 127 138 138 142 158 135 Nov 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958_Jan 100 '91 100 95 97 103 122 92 100 92 103 123 105 Feb P95 84 91 86 90 P121 86 90 P99 112 103 STOCKS i 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 152 138 137 154 136 178 203 143 149 146 161 174 158 SEASONALLY ADJUSTED 1957_Feb 149 140 135 149 135 174 200 139 149 144 162 '171 151 Mar 150 140 137 150 135 176 202 139 148 145 159 167 155 Apr 152 138 137 149 136 181 203 140 147 150 161 172 161 May 152 140 137 153 135 182 198 142 151 148 161 175 160 June 153 138 137 156 136 184 198 146 151 145 159 176 159 Julv . 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 154 137 138 158 138 175 206 141 151 150 165 179 162 Dec 150 136 138 154 134 171 207 140 141 143 158 169 152 1958 Jan 147 '133 137 154 133 167 201 135 143 138 153 170 152 Feb P\46 127 136 150 130 135 142 139 ^163 WITHOUT SEASONAL ADJUSTMENT 1957_Feb 142 131 127 143 129 167 198 131 145 138 '156 165 142 Mar . . 155 142 141 155 139 187 212 141 154 149 165 176 156 Apr 159 144 143 159 142 190 213 149 156 153 169 179 164 May 155 143 140 156 139 183 200 147 151 147 163 173 159 June 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 Aug 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept . 160 144 145 167 144 187 209 150 158 151 164 184 168 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 135 127 127 139 122 156 180 124 127 132 144 157 139 1958—Jan 132 119 122 '136 117 149 184 123 127 127 137 149 137 Feb . . 119 127 144 125 127 138 133 ^145 * Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning i Figures for sales are the average per trading day, while those for stocks 1947, see BULLETIN for December 1957, pp. 1323-52. Figures prior 'o 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 487 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o l o n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i o m ( s e r O t o n d i a n u n d e n g r t t d - h s o - * ) f m c ( e t o R f i o o n p e t r t a t - h s l 2 ) o m ( r N t o d f o o e n e t r w r t a h s l ) 3 Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n l u n u c e g t d s k - rs - s ce R ip e- ts Annual average: 1949 361 925 373 358 358 2.7 3.8 1.0 1950 376 1,012 495 391 401 2.8 4.2 1.1 1951 391 ',202 460 390 379 3.2 4.4 .0 1952 397 ,097 435 397 401 2.9 4.1 .0 1953 406 ,163 421 408 401 3.0 4.1 .0 1954 409 ,140 388 410 412 3.0 4.0 .0 1955 437 ,195 446 444 449 2.9 4.0 .0 1956 454 ,286 470 459 458 3.0 4.1 .0 1957 458 ,338 460 460 457 3.1 4.2 .0 Month: 1957_Feb 336 ,252 461 '385 '419 3.7 .4 5.1 .1 Mar 394 ,356 414 498 451 3.4 4.5 .3 Apr 441 ,381 346 466 398 3.1 '.8 3.9 .1 May 449 ,353 355 421 430 3.0 .8 3.8 0.9 June 409 ,257 519 313 477 3.1 .3 4.3 0.8 July 356 ,245 600 344 425 3.5 .7 5.2 .0 Aug 432 ,300 569 487 456 3.0 .3 4.3 .1 Sept 438 ,400 567 538 536 3.2 .3 4.5 .2 Oct 481 ,518 529 599 561 3.2 .1 4.3 .2 Nov 554 ,562 427 598 496 2.8 .8 3.6 .1 Dec 839 ,229 307 506 386 1.5 0.4 1.8 0.6 1958—Jan 366 ,203 383 340 416 3.3 .0 4.3 0.9 309 ,260 397 366 380 4.1 .3 5.4 1.2 P Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 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 l e 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 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jdn 1,284 1,680 1,511 1,583 1,402 ,073 1,115 1,095 Feb 1,363 1,611 1,345 ,273 1,490 1,245 ,051 993 Mar 1,583 I 151 479 2 021 102 1,133 Apr 1,512 1,864 ,400 1,780 991 1,119 May 1,717 ,813 522 1 711 ,095 1,106 June 1,697 1,786 ,492 1,652 ,034 984 July 1,640 1,692 ,289 1,505 ,052 1,146 Aug 1 536 677 378 1 536 055 1,043 Sept 1,534 ,540 ,427 1,437 995 1,009 Oct 1,671 1,674 561 1 600 1,121 1,148 Nov 1,545 ,683 ,425 1,596 987 1,043 Dec 2,007 .639 .885 1,543 1,059 1,141 Jan -Feb . 2,647 3,291 2,856 2,475 3,073 2,647 2,124 2,108 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. and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent G an a d s S fu o e li l d s H f o u u r- se- H h o o u ld se- p A a p re - l T p t o r i r o a t n n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re a i c n n r g e d a- g s a e o n r o v d d elec- and nish- opera- tion ices tricity fuel oil ings tion 1929 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62.9 52.2 88.4 55.6 1945 . 76.9 68.9 90 9 76.3 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128 0 125.2 113 4 107 1 120 2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1956 116.2 111.7 121.7 132.7 111.8 130.7 103.0 122.9 105.5 128.7 132.6 120.0 108.1 122.0 1957—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 AUK 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 1958—Jan 122.3 118.2 127.1 136.8 115.7 138.4 104.2 129.7 106.9 138.7 141.7 127.8 116.6 127.0 Feb 122.5 118.7 127.3 137.0 115.9 137.2 104.9 129.9 106.8 138.5 141.9 128.0 116.6 127.0 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947^*9= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities All Tex- Fuel, Ma- Furni- Year or com- Farm Proc- tile Hides,power,Chem- Rub- Lum- Pulp, Metals chin- ture Non- Tomonth modi- prod- essed prod- skins, and icals ber ber paper, and ery and me- bacco ties ucts foods Total ucts and light- and and and and metal and other tallic mfrs. Misand leather ing allied prod- wood allied prod- mo- house- min- and cellaap- prod- ma- prod- ucts prod- prod- ucts tive hold erals—bottled neous parel ucts terials ucts ucts ucts prod- dura- struc- bevucts bles tural erages 1949 . 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 145.8 125.4 127.2 148.4 137.8 119.1 129.6 122.3 91.0 1957 Feb 117.0 88.8 103.9 125.5 95.7 98.0 119.6 108.8 143.9 120.7 128.5 151.4 144.5 121 9 132 7 124 1 92.4 Mar 116.9 88.8 103.7 125.4 95.4 98.4 119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1 92.0 Apr 117.2 90.6 104.3 125.4 95.3 98.6 119.5 109.1 144.5 120.2 128.6 150.1 145.0 121.5 134.6 124.5 91.4 May 117.1 89.5 104.9 125.2 95.4 98.9 118.5 109.1 144.7 119.7 128.9 150.0 145.1 121 6 135 0 124 5 89.4 June 117.4 90.9 106.1 125.2 95.5 99.8 117.2 109.3 145.1 119.7 128.9 150.6 145.2 121.7 135.1 124.7 87.3 July 118.2 92.8 107.2 125.7 95.4 100.6 116.4 109.5 144.9 119.3 129.5 152.4 145.8 122.4 135.2 127.7 88.8 Aug 118.4 93.0 106.8 126.0 95.4 100.3 116.3 109.8 146.9 118.6 129.9 153.2 146.2 122.6 135 3 127 7 90.1 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116.1 110.2 146.5 117.8 130.1 152.2 146.9 122.3 135.2 127.7 89.4 Oct 117.8 91.5 105.5 125.8 95.1 100.1 115.8 110.4 146.2 117.3 130.9 150.8 147 7 122 6 135 3 127 7 87 7 Nov 118.1 91.9 106.5 125.9 95.0 100.0 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.7 135 4 127 8 86.8 Dec 118.5 92.6 107.4 126.1 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150.4 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.8 93.6 108.8 126.2 94.6 99.5 116.8 110.6 144.8 '116.3 130.9 150.0 149.5 123.5 136.4 128.1 r88.5 Feb 118.9 95.5 109.0 125.8 94.2 99.5 114.3 110.5 144.3 116.0 130.9 150.1 149.3 123.3 136.5 128.1 89.6 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 489 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Feb. Dec. Jan. Feb, Feb. Dec. Jan. Feb. Farm Products: Pulp. Paper, and Allied Products (Con/.): Fresh and dried produce 96.1 108.3 121.6 124.0 Grains 87.0 80.5 79.1 80.0 Paperboard , 136.2 136.6 136.4 136.4 Livestock and poultry 75.0 82.6 86.5 91.8 Converted paper and paperboard 125.6 127.2 127.2 127.3 Plant and animal fibers 103.9 103.7 103.0 102.4 Building paper and board. , 141.1 141.7 141.7 141.7 Fluid milk 97.5 99.0 r97.8 97.3 Eggs 66.3 93.4 73.9 74.2 Metals and Metal Products: Hay and seeds 84.7 78.6 79.5 79.5 Other farm products 148.2 142.5 143.6 141.5 Iron and steel , 163.9 166.5 166.9 167.7 Nonferrous metals , 145.4 130.6 128.6 128.0 Processed Foods: Metal containers , 147.4 153.1 '152.8 152.8 Hardware , 162.0 168.1 168.4 168.6 Cereal and bakery products 115.9 118.3 118.0 118.2 Plumbing equipment , 133.4 128.5 127.6 126.5 Meats, poultry, and fish 83.9 95.5 100.6 100.8 Heating equipment , 122.8 121.5 121.6 121.4 Dairy products and ice cream 112.5 114.7 114.1 113.8 Fabricated structural metal products, 133.3 134.6 134.8 134.8 Canned, frozen fruits, and vegetables 105.9 104.6 105.0 105.5 Fabricated nonstructural metal Sugar and confectionery 112.0 114.3 114.3 114.8 products , 142.0 147.0 146.4 146.0 Packaged beverage materials 194.5 173.3 173.3 173.3 Other processed foods 95.7 96.3 95.4 95.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment , 132.0 137.9 "138.2 138.1 Cotton products 91.9 90.2 90.1 89.4 Construction machinery and equip- Wool products 109.5 105.8 105.2 105.1 ment , 156.3 165.3 "165.5 165.5 Synthetic textiles 82.0 82.1 81.2 80.8 Metal working machinery , 163.8 171.3 171.3 171.1 Silk products 123.2 119.5 119.4 117.6 General purpose machinery and Apparel 99.6 99.6 ^99.5 99.3 equipment , 155.8 160.8 "160.8 159.4 Other textile products 75.9 75.8 74.7 74.1 Miscellaneous machinery , 143.0 148.5 149.0 148.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment , 147.1 150.8 i51.0 151.1 Motor vehicles , 134.6 139.1 139.1 139.1 Hides and skins 50.1 50.3 50.2 50.5 Leather 87.8 90.8 90.7 90.7 Furniture and Other Household Dura- Footwear 120.7 122.0 122.1 122.1 bles: Other leather products 97.4 r98.4 r98.5 98.5 Household furniture 122.0 122.8 123.1 123.3 Fuel, Power, and Lighting Materials: Commercial furniture , 146.9 154.1 154.1 154.1 Floor covering 134.3 132.6 131.1 130.0 Coal 124.0 126.3 126.0 126.2 Household appliances , 106.8 105.4 '105.4 105.4 Coke 162.2 161.9 161.9 161.9 Radio 91.1 93.3 '92.9 92.9 Gas 122.3 120.7 r125.8 125.8 Television , 69.9 71.4 70.7 70.2 Electricity 94.3 96.1 r97.2 97.2 Other household durable goods 147.0 153.1 153.9 153.9 Petroleum and products 131.0 123.5 122.9 118.2 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Industrial chemicals 123.2 123.9 123.9 123.7 Concrete ingredients 134.8 136.9 138.9 139.0 Prepared paint 124.1 128.4 128.4 128.4 Concrete products 125.6 127.2 127.5 127.8 Paint materials 100.6 101.7 r103.5 103.2 Structural clay products 150.7 155.1 155.3 155.3 Drugs, Pharmaceuticals, cosmetics.. 93.1 93.5 '93.6 93.6 Gypsum products 127.1 127.1 127.1 127.1 Fats and oils, inedible 58.0 65.4 r62.9 62.6 Prepared asphalt roofing 115.3 124.6 124.6 124.6 Mixed fertilizers 109.3 112.1 112.2 112.1 Other nonmetallic minerals 126.0 131.1 131.1 131.1 Fertilizer materials 105.9 107.8 110.5 110.5 Other chemicals and products 105.1 106.9 r107.0 107.0 Tobacco - Manufactures and Bottled Beverages: Rubber and products : Cigarettes 124.0 134.8 134.8 134.8 Crude rubber 140.2 135.7 133.7 131.1 Cigars 105.1 105.1 105.9 105.9 Tires and tubes 149.0 153.5 152.0 152.0 Other tobacco products 126.0 144.3 144.3 144.3 Other rubber products 140.0 142.7 143.1 143.1 Alcoholic beverages 119.0 120.3 120.3 120.3 Nonalcoholic beverages 148.7 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 121.9 116.4 "116.5 116.3 Millwork 128.7 127.7 127.7 127.7 Toys, sporting goods, small arms 117.5 118.0 120.2 120.2 Plywood 96.4 95.6 95.6 93.7 Manufactured animal feeds 72.8 62.1 64.1 66.0 Notions and accessories 96.7 98.5 97.5 97.6 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.., 107.7 107.7 107.1 107.4 Other miscellaneous 126.3 130.9 131.6 131.4 Woodpulp 118.0 121.2 121.2 121.2 Wastepaper , 76.4 88.5 83.5 83.5 Paper , 139.2 143.2 143.2 143.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 1 2 3 4 11 104.4 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 424.0 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 26.5 28.9 31.6 34.3 37.1 36.1 36.6 37.4 38.2 38.7 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 30.2 30.1 32.9 35.0 36.9 36.4 36.6 37 1 37.4 37.4 Business transfer oavments .6 .7 5 8 1 4 1 3 1 3 1.3 1 3 I 3 1 3 1 3 1 3 1 3 .3 .9 .4 .2 2.6 1.7 2.1 1.6 n.a. 1.8 4.1 3.4 n.a. n.a. Plus: Subsidies less current surplus of government enterprises -.1 .0 .1 .2 -.4 -.2 .2 1.1 1.3 1 4 1.6 1 7 1.4 1.4 Equals: National income 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 n.a. 355.6 358.5 362.6 n.a. 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. 41.2 40.7 40.9 n.a. n.a. Contributions for social insurance .2 .3 2.8 6.9 8.7 9.7 11.0 12.4 14.4 14.2 14.3 14.6 14.5 14.4 Excess of wage accruals over disbursements .0 .0 .0 .0 - .1 .0 .0 .0 .0 .0 .0 .0 .0 .0 Plus * Government transfer payments .9 1.5 2.6 14.3 12.9 15.0 16.1 17.2 19.9 18.4 20.0 20.0 21.2 22.3 Net interest paid by government 1.0 1.2 1.3 4.7 5.0 5.2 5.2 5.7 6.0 6.0 6.0 6.0 6.1 6.2 Dividends 5.8 2.1 4.5 9.2 9.3 9.9 11.0 11.9 12.1 12.4 12.5 12.6 11.7 12.2 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 85.8 47.2 96.3 227.1 286.0 287.4 305.9 326.9 343.4 338.3 343.2 346.9 345.5 342.3 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 35.8 33.0 35.8 39.7 42.8 42.2 42.9 43.6 43.4 43.0 Federal 1.3 .5 2.0 18.2 32.4 29.2 31.5 35.1 37.8 37.4 38.0 38.6 38.3 n.a. State and local 1.4 1.0 1.3 2.7 3 4 3.8 4.2 4.6 5.0 4.9 4.9 5.0 5.1 n.a. 83.1 45.7 93.0 206.1 250.2 254.5 270.2 287.2 300.6 296.1 300.4 303.3 302.1 299.3 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.0 Equals * Personal saving 4.2 -.6 11.1 12.1 19.7 17.9 15.8 20.0 20.2 19.5 21.4 19.7 19.8 18.3 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 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. 355.6 358.5 362.6 Compensation of employees 51.1 29.5 64.o 154.3 208.1 206.8 223.1 241.4 254.4 251.1 254.0 257.0 255.3 250.4 Wages and salaries1 50.4 29.0 62.1 146.5 197.3 195.5 210.3 227.2 238.8 235.9 238.6 241.3 239.5 234.9 Private 45.5 23.9 51.9 124.3 163.5 161.2 174.4 189.4 199.0 196.8 199.1 200.9 199.1 194.5 M Go il v it e a r r n y ment civilian 4. . 6 3 4. . 9 3 8 1. . 9 3 1 5 7 . . 0 2 2 1 3 0 . . 5 3 2 1 4 0 . . 4 0 2 9 6 . . 8 1 2 9 8 . . 7 2 3 9 0 . . 7 1 2 9 9 . . 6 4 2 9 9 . . 7 7 3 9 0 . . 8 6 3 9 0 . . 5 8 > 44.0 Supplements to wages and salaries .7 .5 2.7 7.8 10.8 11.3 12.7 14.1 15.6 15.3 15.4 15.7 15.8 15.4 Proprietors' and rental income3 20.2 7.6 20.9 44.6 49.3 49.1 49.4 49.9 51.2 50.9 51.2 51.7 51.3 50.9 Business and professional 8.8 3.2 10.9 22.9 25.9 25.9 27.3 28.0 28.7 28.4 28.7 29.1 28.6 27.9 Farm 6.0 2.4 6.5 13.3 13.3 12.7 11.9 11.6 12.1 12.0 12.1 12.2 12.2 12.8 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 10.3 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 36.0 33.1 40.7 40.4 n.a. 41.2 40.7 40.9 n.a. n.a. Corporate profits before tax 9.6 .2 77.0 40.0 37.0 33.5 42.5 43.0 n.a. 43.9 42.0 41.8 n.a. n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 20.3 17.4 21.5 22.0 n.a. 22.4 21.4 21.3 n.a. n.a. Corporate profits after tax 8.3 -.4 9.4 22.1 16.7 16.0 21.0 21.0 n.a. 21.5 20.5 20.4 n.a. n.a. Inventory valuation adjustment .5 -2.1 -2.5 -4.9 -1.0 -.3 -1.7 -2.6 -1.5 -2.7 -1.3 -.9 -1.2 n.a. Net interest 6.4 5.0 4.5 5.9 8.7 9.8 10.9 11.9 12.8 12.5 12.7 13.0 13.3 13.4 n.a. Not available. 2 Includes employee contributions to social insurance funds. 1 Preliminary estimates by Council of Economic Advisers. 3 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 491 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 Gross national product 104.4 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 424.0 Personal consumption expenditures 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.0 Durable goods 9.2 3.5 9.7 28.6 29.8 29.4 35.6 33.9 35.1 35.9 35.0 35.0 34.4 31.5 Nondurable goods 37.7 22.3 43.2 100.4 119.1 120.6 126.0 133.3 139.9 137.3 139. 142.5 140.8 141.5 Services 32. 20.7 29.0 65.0 81.7 86.6 92.8 99.9 105.4 103.4 104.9 106.1 107.2 108.0 Gross private domestic investment 16.2 1.4 18.1 51.2 50.3 48.4 60.6 65.9 64.4 63.6 66.2 66.5 61.3 53.5 New construction2 8.7 1.4 6.6 22.7 25.8 27.8 32.7 33.3 33.2 32.8 32.7 33.0 34.0 33.3 Residential, nonfarm 3.6 .5 3.5 12.6 11.9 13.5 16.6 15.3 14.2 14.4 13.9 14.0 14.5 14.3 Other 5. 1.0 3.1 10. 13.8 14.3 16.1 18.0 19.0 18.5 18.9 19.0 19.5 19.0 Producers' durable equipment 5.9 1.6 6.9 21. 24.3 22.5 23.7 28.1 30.4 30.7 30.5 30.5 30.0 27.7 Change in business inventories 1.7 -1.6 4.5 7.4 .3 -1.9 4.2 4.6 .8 .0 2.9 3.0 -2.7 -7.5 Nonfarm only 1.8 -1.4 4.0 6.4 .9 -2.4 4.0 5.0 .2 -.3 2.2 2.3 -3.4 -7.3 Net foreign investment .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.2 4.1 3.5 3.2 2.0 1.5 Government purchases of goods and services 8.5 8.0 24.8 42.0 84.4 76.6 77.1 80.2 86.4 85.6 86.9 86.7 87.0 88.0 Fede N O ra t a l h ti e o r nal security 1 1 . . 3 3 2 2 . . 0 0 1 1 3 6 3 . . . 9 2 8 2 1 2 3 8 . . . 1 9 5 5 5 9 8 1 . . . 5 4 5 4 43 8 6 . . . 1 9 2 4 46 5 1 . . . 8 9 3 4 4 7 5 2 . . . 2 2 4 5 4 0 5 5 . . . 4 2 7 4 50 5 5 . . . 3 2 5 5 4 1 5 6 . . . 1 2 3 4 50 5 5 . . . 6 2 8 4 49 5 5 . . . 7 0 0 4 49 5 5 . . . 7 0 0 Less: Government sales3 .0 .0 .0 .3 .4 .4 .4 .4 .4 .4 .4 .4 .4 .4 State and local 6.0 7.8 19.9 24.9 27.7 30.3 33.0 36.0 35.3 35.8 36.1 37.3 38.3 7.2 1 Preliminary estimates by Council of Economic Advisers. 3 Consists of sales abroad and domestic sales of surplus consumption 2 Includes expenditures for crude petroleum and natural gas drilling. goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month1 in s P c o e o n r m a - l e Total W p d a m i C g r n u o o e g s o d d t m r a i u i i n t n e - c y - d s - sa D i l u n a i tr s r t d i i y t e u v r s i e s d b - i - sbu S i r n e t s r d r e i v m e u i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o m t t d o a - l e rs 3 ' i i n n d s D p a t c o e e i e n o n n v r r d m d a e i - - s l s e t m T p r f e a e a n r y n - t - s s - 4 p b e c s u r o L o f s t n e o c i o o t s i r n r a s n i a l - s l i a n g N t c u r o o i r c m n a 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 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 88.0 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 326.9 221.2 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—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 May 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.. 343.6 237.0 97.6 64.8 34.2 40.4 7.9 50.5 31.7 23.3 327.6 Feb.. 341.7 234.4 95.3 64.3 34.3 40.5 7.8 51.0 31.8 23.5 6.8 325.2 341.4 233.3 94.8 63.7 34.3 40.5 7.8 51.3 31.8 24.1 6.8 324.6 » Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 BANKS AND BRANCHES NUMBER OF BANKS AND BRANCHES IN OPERATION ON All banks, by class of bank Commercial banks Mutual sav- State Member Nonmember ings banks Total banks banks Total ti N on a- al m S b t e a e m r te - su In re - d s N u i o n re n - d - su In re - d United States2 . . 14,088 13,566 4,620 31,773 6,753 423 3239 Alabama 239 239 69 25 145 Arizona . 7 7 3 1 2 1 Arkansas 237 237 55 20 157 5 California 128 128 48 26 48 6 Colorado. . .. 173 173 76 18 63 16 Connecticut .. 158 87 34 11 32 10 5 Delaware. 29 27 7 2 17 1 District of Columbia 16 16 7 5 4 Florida 270 270 98 13 154 5 Georgia. . 412 412 52 13 288 59 Idaho 28 28 9 8 11 Illinois 939 939 394 129 410 6 Indiana 468 464 124 3110 224 7 34 Iowa 670 670 96 71 457 46 Kansas 595 595 169 43 340 43 364 364 88 20 243 13 Louisiana. 182 182 41 11 129 1 Maine 89 57 30 6 15 6 21 Ntaryland 155 148 56 11 80 1 Massachusetts 357 171 109 24 33 5 Michigan 398 398 75 151 167 5 Minnesota 684 683 178 29 466 10 Mississippi 195 195 27 7 158 3 Missouri 608 608 76 98 416 18 Montana 115 115 41 44 29 1 Nebraska 421 421 123 17 242 39 Nevada 6 6 3 2 New Hampshire 108 74 50 1 12 11 New Jersey 294 271 169 58 41 3 New Mexico . . .... 52 52 26 8 18 New York 588 460 275 124 50 11 North Carolina 210 210 45 6 158 1 North Dakota 154 154 38 2 110 4 Ohio 614 611 229 162 219 1 Oklahoma 387 387 197 26 156 8 Oregon 56 55 12 7 34 2 Pennsylvania . . . 778 771 498 88 172 13 Rhode Island 18 10 5 2 2 South Carolina 144 144 26 6 105 7 South Dakota 172 172 34 26 112 Tennessee 298 298 74 9 208 7 Texas 959 959 457 122 352 28 Utah 49 49 7 13 24 5 Vermont 66 59 33 1 24 Virginia 313 313 132 70 110 1 ^^ashington 92 88 25 10 51 2 West Virginia 183 183 77 36 66 4 Wisconsin 555 551 96 367 385 5 Wyoming ... 53 53 25 15 13 Alaska2.. 1 1 Virgin Islands^ 1 1 1 NO NO DECEMBER 31, 1957 All banks maintaining branches or additional offices (except banking facilities), by class of bank1 Commercial banks Member Total banks Total Non- State in- Na- mem- sured tional ber 283 2,066 1,893 677 340 18 18 13 3 5 5 2 1 25 25 4 1 54 54 18 14 1 66 50 33 14 8 1 8 7 2 14 14 7 4 19 19 9 5 8 8 4 2 94 94 30 13 120 120 3 2 2 2 52 52 16 7 59 59 21 6 11 31 29 11 4 1 53 48 17 8 180 132 75 40 18 100 100 20 35 1 2 2 2 57 57 10 2 2 2 2 1 1 5 2 2 12 22 3 2 1 23 119 110 63 32 21 21 10 128 219 152 72 59 91 91 25 4 18 18 1 3 146 144 65 34 1 1 1 14 14 2 1 7 164 160 96 32 7 1 11 7 3 1 31 31 13 28 28 4 58 58 22 3 3 13 13 2 7 13 11 4 88 88 36 4 21 19 10 33 1 91 9i 5 1 1 1 enen^ Mutual savings banks Nonmember banks Non- Non- In- in- In- in- sured sured sured sured 856 20 106 67 2 1 1 20 20 2 1 11 3 14 4 1 1 3 5 2 51 115 2 29 32 9 5 2 22 1 5 17 5 52 44 1 45 1 1 15 9 11 18 3 67 61 1 17 45 2 1 11 30 4 2 1 4 18 24 33 5 1 6 2 36 16 6 2 3 4 82 1 Banking facilities are shown separately; see note 4. the Treasury Department; they are operated by 172 banks, 81 of which 2 Excludes banks in United States territories and possessions except have no other type of branch or additional office. one national bank in Alaska, with no branches, that became a member of 5 Each bank is reported once only—according to the widest area in the Federal Reserve System on April 15, 1954, and one national bank in which it operates branches or additional offices. the|Virgin Islands, with one branch, that became a member of the Federal 6 Includes one national bank in the Virgin Islands, with one branch, Reserve System on May 31, 1957. that became a member of the Federal Reserve System on May 31, 1957. 3 Figures for member (commercial) banks and those for mutual say- NOTE.—Each branch and additional office is located in the same State ings (noncommercial) banks both include one mutual savings bank in as its parent bank except that one national bank in New Jersey has a Indiana and two in Wisconsin. The all-bank total includes such banks branch in Pennsylvania, one national bank in California has two branches only once, and the total for commercial banks excludes them. State in Washington and one in Oregon, and one noninsured (unincorporated) member bank figures also include one noninsured trust company without bank in New York has one branch in Massachusetts and one in Penndeposits, which is not included with noninsured nonmember banks. sylvania. In the table these branches are shown according to their own 4 Banking facilities (other than branches) that are provided at military location, rather than that of the parent bank. and other Government establishments through arrangements made by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANKS AND BRANCHES 493 NUMBER OF BANKS AND BRANCHES IN (DPERATION ON DECEMBER 31, 1957—Continued All branches and addi b ti y o n c a la l s o s ff o ic f e b s a ( n e k x 1 cept banking facilities), All b (e ra x n ce c p h t e s b a a n n k d i n a g d d fa it c i i o li n ti a e l s ) o , ffices by location* Bank- Commercial banks Mutual fa in ci g l , i- State Member Nonmember s b a a v n in k g s s In Outsid<; head office city t G ie o s v a t. t Total Total ti N on a- a b l ank m s S em tat b e er su In re - d bank i s n N s o ur n e - d su In re - d in N su o r n e - d o h c f e f i i t a c y d e I c n o o f u h fi n e c a t e y d c I t o n ig u u c n o o ti u n e s - s c I c o n u o u o n n n t u o t i i s g n e - - s m l e is n h t - s4 United States . 8,373 7,968 3,993 2,173 1,765 37 296 109 3,502 2,458 1,107 1,306 236 54 54 47 4 3 28 14 4 8 6 Arizona 125 125 92 7 21 5 24 35 38 28 6 Arkansas 28 28 4 1 23 1 22 4 1 1 1,348 1,348 1,014 194 137 3 260 140 231 717 39 Colorado 1 1 1 1 4 Connecticut 174 139 60 46 33 3 32 63 78 30 3 Delaware 43 41 18 21 2 2 11 19 13 1 District of Columbia . 52 52 29 13 10 52 5 Florida 13 62 62 38 14 10 46 1 6 9 7 Idaho 77 77 65 7 5 5 5 13 54 1 Illinois 4 Indiana 219 219 109 34 76 113 ios 1 4 I K o a w n a sas 16 2 1 16 2 1 2 4 155 2 2 119 42 3 Kentucky 105 105 49 21 35 65 37 3 3 137 137 74 15 48 83 45 6 3 4 M^aine 110 107 31 36 30 10 3 22 50 37 4 Maryland 212 180 52 57 69 2 32 104 46 54 8 12 Massachusetts 385 294 158 93 42 1 16 75 218 158 8 2 Michigan 445 445 164 206 74 1 257 127 51 10 1 Minnesota 6 6 6 6 Mississippi > 112 112 15 8 89 31 52 23 6 3 Missouri 2 2 2 2 2 Montana 1 Nebraska 1 1 1 Nevada 31 31 19 8 4 7 4 6 14 New Hampshire 3 2 1 1 3 1 344 328 185 102 41 16 156 188 6 New Mexico 34 34 18 16 20 10 3 1 5 New York 1,298 1,164 361 737 62 4 134 852 316 96 34 12 North Carolina 383 383 78 55 247 3 111 69 105 98 4 North Dakota 26 26 25 15 11 Ohio 500 488 234 197 57 12 282 212 6 3 Oklahoma 1 1 1 1 5 Oregon 157 157 139 4 14 27 13 18 99 Pennsylvania 630 589 341 172 73 3 41 265 235 129 1 7 Rhode Island 97 76 43 16 16 1 21 33 37 14 13 2 South Carolina 105 105 76 29 27 20 11 47 5 South Dakota 52 52 23 29 23 18 11 1 Tennessee 162 162 92 17 53 95 52 7 8 6 Texas 3 3 3 3 21 Utah 61 61 37 16 8 10 14 6 31 5 Vermont ,.. 28 18 7 10 10 1 12 12 3 Virginia 200 200 96 42 62 129 36 26 9 17 ^Vashington . 245 238 216 15 7 7 69 43 46 87 6 West Virginia Wisconsin 151 151 16 7 128 19 106 26 Wyoming 1 Virgin Islands 1 i 1 1 Member banks com N m on er m ci e a m l b b e a r nks savi M ng u s t u b a a l nks Distribution by location of brancheswith Total respect to head office National State Insured in N s o ur n e - d Insured in N s o ur n e - d Banks with branches oradditional offices (except banking facilities)5 6.... 2,066 677 340 856 20 106 67 In head office city. 619 238 125 141 5 84 26 Outside head officecity but not beyond head office county 1,051 336 152 511 8 9 35 Outside head officecounty but not beyond contiguous coiinties 305 61 41 179 5 13 6 Tn counties not coiitiguous to head office county 91 42 22 25 2 Branches and additiona offices (except banking facilities) . .. 8,373 3,993 2,173 1,765 37 296 109 In head office city. 3,502 1,505 1,280 405 15 246 51 Outside head office city: In head office countv.. 2,458 1,017 511 843 12 24 51 In contiguouscounties. 1,107 456 256 355 7 26 7 In noncontiguous countes ^ 1,306 1,015 126 162 3 Banking facilities at military and <rther Gov<jrnment establishmerits4 .. 236 185 27 24 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 PRODUCTION INDUSTRIAL PRODUCTION—REVISED INDEXES FOR 1956 [Federal Reserve indexes, seasonally adjusted, 1947-^9= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 Industry portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. INDUSTRIAL PRODUCTION—TOTAL 100.00 139 143 143 143 142 143 142 142 137 143 144 145 145 146 MANUFACTURES—TOTAL 90.02 140 144 145 144 143 145 144 143 139 144 146 147 147 147 Durable Manufactures—Total 45.17 155 159 160 158 157 160 158 158 149 158 162 164 164 165 Primary metals 6.70 140 138 148 146 145 146 141 136 70 125 148 147 146 144 Metal fabricating , 28.52 165 172 170 168 167 171 169 170 171 173 774 777 178 757 Fabricated metal products , 5.73 134 135 136 134 134 135 133 132 130 134 138 140 139 140 Machinery 13.68 155 171 166 165 164 171 171 170 173 174 174 175 175 177 Nonelectrical machinery 9.04 135 153 148 149 150 152 151 152 154 155 156 156 155 157 Electrical machinery 4.64 194 207 201 196 193 208 208 205 210 211 210 211 214 216 Transportation equipment , 7.54 203 199 200 197 194 194 190 192 194 197 197 204 209 214 Autos, trucks, and parts , 4.80 153 125 139 132 128 125 116 116 117 118 118 125 126 131 Other transportation equipment 2.74 272 310 288 293 291 295 302 306 311 314 317 325 336 341 Instruments and related products 1.29 149 166 160 161 160 162 165 165 167 169 170 172 172 173 Clay, glass, and lumber products 5.91 138 140 141 139 138 140 141 141 142 141 138 755 755 137 Stone, clay, and glass products 2.82 149 158 156 155 154 158 160 160 161 159 154 158 159 159 Lumber and products 3.09 127 123 128 124 123 124 124 123 125 125 124 119 118 117 Furniture and misc. manufactures 4.04 132 135 137 136 135 135 135 135 135 755 134 755 755 755 Furniture and fixtures 1.64 119 122 124 122 122 121 121 122 121 122 122 122 120 120 Miscellaneous manufactures 2.40 141 144 146 145 144 145 145 144 145 144 143 146 142 142 Nondurable Manufactures—Total 44.85 126 129 130 130 129 130 129 129 128 130 130 130 130 130 Textiles and apparel 11.87 109 108 111 111 109 108 107 106 106 107 707 108 707 105 Textile mill products 6.32 107 104 110 109 108 105 104 102 101 103 103 104 103 101 Apparel and allied products 5.55 113 112 113 113 111 110 111 111 112 112 112 112 110 Rubber and leather products 3.20 122 117 123 123 119 120 116 112 114 77<5 777 777 114 777 Rubber products 1.47 143 133 140 139 137 137 131 126 128 132 133 133 125 135 Leather and products 1.73 105 104 108 109 103 105 104 101 103 103 103 103 104 102 Paper and printing 8.93 137 145 142 142 142 144 144 145 146 147 145 148 148 147 Paper and allied products 3.46 152 159 159 157 157 160 160 161 162 161 159 160 160 157 Printing and publishing 5.47 127 136 131 132 132 134 135 135 136 138 137 140 140 141 Newsprint consumption 1.85 128 132 130 131 129 132 132 131 132 134 131 133 133 133 Job printing and periodicals 3.62 127 138 132 132 134 135 136 137 138 140 140 144 144 145 Chemical and petroleum products 9.34 159 167 166 167 167 167 168 165 757 168 757 755 169 Chemicals and allied products 6.84 167 177 175 176 176 178 111 178 176 176 111 111 178 178 Industrial chemicals 2.54 184 196 197 197 197 196 195 196 191 194 194 196 197 197 Petroleum and coal products 2.50 135 140 142 144 139 140 142 134 141 142 140 141 144 Foods, beverages, and tobacco 11.51 109 112 112 112 112 113 112 111 111 775 775 775 775 772 Food and beverage manufactures 10.73 109 113 112 H3 113 114 112 112 111 113 113 113 114 113 Food manufactures 8.49 109 113 113 113 113 113 113 113 111 114 114 114 113 112 Beverages 2.24 107 112 110 111 113 114 108 110 112 112 111 115 117 Tobacco manufactures .78 105 107 107 105 105 108 106 106 106 107 107 109 107 MINERALS—TOTAL 9.98 122 129 129 128 129 130 129 129 123 130 130 130 130 130 Mineral fuels 8.35 123 129 129 129 129 129 129 129 127 752 750 130 130 729 Coal 2.68 80 85 86 88 90 90 86 85 75 84 87 85 86 79 Anthracite .36 48 55 56 53 53 60 46 55 53 56 57 58 55 53 Bituminous coal 2.32 85 90 91 94 96 94 92 90 79 88 91 90 91 84 Crude oil and natural gas 5.67 143 150 149 148 147 148 149 149 152 154 151 151 150 152 Crude oil 4.12 131 137 137 135 134 133 134 136 139 142 139 138 138 140 Natural gas and gas liquids .70 177 191 186 185 190 189 190 192 192 193 193 192 191 189 Metal, stone, and earth minerals 1.63 120 727 127 127 127 136 129 129 103 725 75/ 752 755 755 Metal mining .82 110 114 117 116 117 132 119 115 65 105 119 123 124 125 Stone and earth minerals .81 130 141 138 138 138 140 143 142 140 143 141 142 141 NOTE.—In reference to these seasonally adjusted indexes, see note on p. 477. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 495 OUTPUT OF CONSUMER DURABLE GOODS—REVISED INDEXES FOR 1956 [Federal Reserve indexes, seasonally adjusted, 1947-49 average = 100] 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1956 portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. CONSUMER DURABLES—TOTAL. 100.00 147 131 140 134 133 133 128 127 130 128 126 128 128 134 Major Durables 69.72 164 140 152 144 142 142 135 133 138 136 132 136 136 144 Autos 32.10 190 138 156 144 141 142 127 129 132 131 121 131 137 149 Major household goods 36.13 144 144 151 146 144 145 143 139 146 142 144 141 137 142 Furniture and floor coverings. 15.32 116 117 122 121 119 117 118 115 115 115 116 115 114 116 Household furniture 11.31 120 121 127 125 123 121 121 119 120 120 120 120 119 121 Floor coveringsl 4.01 Appliances and heaters 15.60 138 143 153 147 148 147 140 135 150 139 143 136 131 142 Major appliances 11.88 144 151 160 154 154 156 146 142 159 146 151 143 140 153 Ranges 2.60 100 103 116 106 108 110 108 106 105 93 98 96 85 104 Refrigeration appliances.. 4.98 151 150 154 156 155 155 151 147 160 146 151 130 136 151 Laundry appliances 2.51 193 216 238 221 215 215 185 180 229 214 222 231 219 222 Heating apparatus 3.72 120 118 129 125 126 118 118 114 120 119 119 114 104 109 Radio and television sets 5.21 242 224 232 221 209 219 227 219 224 226 229 234 223 218 Radio sets 3.42 77 70 72 70 67 66 68 68 68 69 69 70 69 75 Television sets 1.79 558 519 537 509 480 512 531 509 521 527 533 547 518 491 Other Consumer Durables 30.28 106 111 112 111 111 112 111 111 111 112 111 110 108 111 Auto parts and tires 14.00 102 105 108 106 106 106 105 104 102 105 106 103 102 106 Misc. home and personal goods. 16.28 109 116 116 116 116 117 117 118 118 118 116 116 113 116 1 Publication suspended pending revision. NOTE.—In reference to these seasonally adjusted indexes, see note on p. 477. UTILITY OUTPUT OF ELECTRICITY AND GAS—REVISED INDEXES FOR 1956 [Federal Reserve indexes, seasonally adjusted, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1956 Series portion 1955 1956 Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ELECTRICITY AND GAS—TOTAL 100.00 199 218 211 213 214 217 220 220 218 218 220 222 222 223 Residential 41.34 217 241 233 235 237 241 246 246 243 242 244 244 243 246 Nonresidential 58.66 187 201 196 197 198 199 201 202 201 201 202 206 207 207 Electricity 76.18 199 218 212 213 214 215 217 219 217 217 219 223 223 224 Residential 27.48 224 250 242 243 245 247 250 252 250 250 254 256 254 258 Industrial 23.68 190 206 203 202 202 203 207 206 202 203 205 211 212 211 General industrial 23.49 174 186 183 182 182 183 187 186 182 183 186 192 192 191 Atomic energy .19 2221 2697 2700 2700 2710 2720 2720 2720 2700 2680 2650 2660 2670 2720 Commercial and other 25.02 180 194 188 190 192 192 191 194 195 194 194 198 199 199 Gas 23.82 200 218 210 213 215 220 226 224 222 221 220 219 218 219 Residential 13.86 203 223 217 219 222 229 238 233 229 227 224 222 220 221 Industrial 6.16 201 218 205 209 212 214 216 218 219 221 224 226 229 228 Commercial and other 3.80 185 197 195 196 197 198 199 199 201 203 199 196 194 197 NOTE.—In reference to these seasonally adjusted indexes, see note on p. 477. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States. 498 Gold production. . 502 Net gold purchases and gold stock of the United States 503 Reported gold reserves of central banks and governments. 504 Estimated foreign gold reserves and dollar holdings 505 International Bank and Monetary Fund. 505 Central banks 506 Money rates in foreign countries. . 511 Foreign exchange rates. 512 Index to statistical tables. 523 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. 497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total fbreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official of private 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_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 7,549 423 1,764 886 774 929 1,754 6,530 1,496 2,345 2,243 388 Apr. 30.... 1,358 13,093 47,808 420 1,728 909 742 903 1,804 6,507 1,521 2,509 2,160 396 May 31.... 1,700 13,121 7,810 367 1,732 937 775 926 1,764 6,502 1,619 2,549 2,053 398 June 30 1,573 13,282 7,941 403 1,690 959 809 969 1,793 6,623 1,591 2,687 1,990 391 July 31.... 1,545 13,265 7,808 514 1,559 979 778 1,008 1,725 6,563 1,659 2,673 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 13,336 7,644 411 1,664 1,029 802 807 1,855 6,569 1,655 2,723 2,015 373 Oct. 31.... 1,517 13,753 7,934 398 1,573 1,056 857 1,161 1,948 6,993 1,739 2,672 1,975 375 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 1J910 7,141 1,623 2,556 1,940 351 1958—Jan. 31*... 1,619 13,684 7,998 331 1,520 1,083 940 1,330 2,036 7,240 1,597 2,516 1,950 382 Feb. 28*... 1,456 13,763 83073 285 1,494 1,078 932 1,244 2,225 7,258 1,662 2,495 1,993 355 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u ey r- Y sl u a g v o ia - o A th l e l r 1954—Dec 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956 Dec 31 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957 Feb 28 . 1,735 297 135 76 61 184 122 67 134 1 40 229 22 17 350 Mar 31 1,754 296 141 76 59 178 120 76 123 1 32 228 14 14 396 Apr. 30 1,804 298 142 71 60 181 110 73 117 J 28 245 20 11 446 May 31 1,764 298 120 65 59 175 111 75 120 25 253 12 12 439 June 30 .793 302 119 61 59 166 110 87 120 25 268 14 11 449 July 31 l',725 315 120 97 61 156 98 85 115 25 278 12 9 351 Aug. 31 1,754 328 123 101 55 143 115 87 116 24 272 16 11 362 Sept 30 1,855 337 132 102 62 139 172 94 124 24 273 12 12 371 Oct. 31, 1,948 345 137 97 68 144 186 97 129 30 260 19 9 425 Nov. 30* 1,964 347 131 100 66 146 215 95 127 26 265 16 11 418 Dec 31* 1,910 349 130 112 65 154 203 93 142 25 259 18 11 348 1958—Jan 31* 2,036 372 113 126 64 154 240 117 137 22 264 16 7 403 Feb. 28* 2,225 351 133 124 65 156 347 122 144 24 266 12 7 473 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba m p D i R c u i o e a b n - - n - - G m u a a l t a e- M ic e o x- l I W a a n e n n d r e d - d i s e s t s a P p R m u a e b n - a - - , 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 lic Suri- lic of nam 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—Feb. 28 2,309 142 27 240 86 175 220 76 69 413 68 112 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 2,509 211 26 216 86 203 226 85 77 393 68 116 75 39 70 479 139 May 31 2,549 185 25 184 79 206 241 82 72 375 68 118 77 43 66 588 139 June 30 2,687 164 24 143 88 205 257 87 70 339 64 135 75 50 65 781 138 July 31 2,673 142 27 127 73 213 274 94 67 352 74 129 73 46 60 788 133 Aug. 31 2,683 135 28 133 78 195 285 67 65 393 71 132 72 39 56 798 136 Sept. 30 2,723 147 28 133 77 186 280 59 60 371 75 129 61 34 60 896 129 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 1958—Jan. 31* 2,516 138 23 120 78 148 240 51 68 386 71 123 56 32 72 773 136 Feb. 28* 2,495 137 25 118 72 140 239 49 69 370 69 141 66 32 85 749 135 » 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. 499 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 Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u e e b a - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tr u a s li - a C g B o i e n a l n - go Egypt U S n o o i u f o t n h Other lic Africa of 1954_Dec. 31 ,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 >,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 1,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957_Feb. 28 1,323 61 76 166 31 38 937 102 254 65 161 432 375 68 44 69 63 132 Mar. 31 1,243 56 77 145 40 35 875 104 244 68 167 433 388 80 42 60 60 147 Apr. 30 1,160 58 77 129 33 30 835 106 227 75 165 425 396 85 42 61 56 152 May 31 1,053 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 ,986 65 79 139 31 46 605 106 206 79 167 463 384 80 42 57 51 153 Aug. 31 :1,981 66 78 167 30 41 586 106 217 78 170 443 377 78 41 53 49 156 Sept. 30 1,015 72 82 179 49 53 570 106 215 76 163 450 373 81 39 54 47 152 Oct. 31,.... 1,975 72 88 190 43 47 564 110 195 83 162 420 375 85 41 50 45 153 Nov. 30P. ... 1,937 71 89 187 42 46 555 112 174 85 159 417 362 84 42 45 39 151 Dec. 31*\... [,940 70 82 151 55 52 580 117 175 86 157 416 351 85 39 40 38 149 1958—Jan. 31».... ,950 65 78 138 55 49 594 118 184 87 156 426 382 82 41 42 59 157 Feb. 28* 1,993 66 77 132 44 50 649 121 189 88 159 419 355 80 39 41 36 158 Table Id. Supplementary Areas and Countries5 End'of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont): Albania .2 .4 3 1 British dependencies 9 8 9 8 8.8 8 0 British dependencies .6 .4 .4 .3 Burma 29.7 19.1 7.0 n.a. Czechoslovakia6 . . 6 7 . . 7 7 . . 2 5 .7 Ceylon 18 . . 2 8 3 1 2 3 . . 9 1 4 1 1 7 . . 2 2 2 3 0 4 . . 0 2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland ^ .. ... 35.7 36.2 35.5 36.3 Estonia 1.9 1 8 1 9 1 7 Iracj 10.0 14.7 16.9 19.6 Hungary 1.0 1.0 .8 .7 Jordan .8 1.2 2.0 1.6 8.9 4.8 3.1 2.9 Kuwait 10.7 3.5 5.3 5.9 Ireland Republic of 14.3 13.7 9.1 n.a. Laos .1 23.1 37.3 n.a. Latvia 1.0 1.0 .6 .5 Lebanon .. 16.5 18.0 22.3 28.2 Lithuania . . .. .5 3 4 5 Pakistan 3 8 5 7 20 2 12 8 Luxembourg 4.5 3.1 13.2 16.4 Portuguese dependencies 1.8 2.0 2.7 3.1 M^onaco .. . 5.3 5 6 4 3 5 4 Ryukyu Islands 26 9 34 0 30 6 n a Poland* 2.1 2.5 3.3 3.2 Saudi Arabia . . 61.5 79.5 97.4 n.a. Trieste 2.2 1.4 1.4 1.2 21.5 13.1 17.1 3.5 U. S S R.6 1.8 .7 8 7 Viet-Nam 8.1 62.3 50.1 n.a. Other Latin America: All other: British dependencies 19.0 16.6 24.1 24.0 British dependencies 1.4 2.4 3.8 2.3 Costa Rica 15.3 17.6 14.6 16.4 Ethiopia and Eritrea 18.0 23.7 24.2 35.1 Ecuador 21.2 14.9 18.0 22.7 French dependencies . 8.7 8.0 10.5 10.7 French West Indies and French Guiana... .4 .6 1.0 .8 Liberia 5.6 13.1 23.7 n.a. Haiti 12.7 12.1 8.9 11.2 Libya 1.7 9.9 3.7 6.7 Honduras . 17.3 9.7 10.2 12.6 Morocco: 10.3 12.8 11.8 12.7 Morocco (excl. Tangier) 7.6 14.8 13.6 32.2 Paraguay . . .. .. . 3.6 3.6 4.0 5.1 Tangier 35.7 33.5 22.4 19.2 New Zealand 2.3 1.9 2.2 1.9 Other Asia: Portuguese dependencies • 8.3 5.3 2.8 4.4 Afghanistan 5.1 4.1 5.3 4.7 Spanish dependencies .5 .7 .3 .7 .6 .5 1.7 n.a. Sudan . n.a. n.a. .4 n.a. Tunisia .4 .7 .5 n.a. ^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

500 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Ger- Switz- United Latin Date Total France many, Italy er- King- Other Total Can- Amer- Asia All Fed. land dom Europe Europe ada ica other Rep. of 1954—Dec. 31. 1,387 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31., 1,549 88 30 26 109 158 423 144 706 233 43 1956—Dec. 31. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957_jan. 31. 2,038 23 168 50 30 109 213 593 171 867 360 48 Feb. 28., 2,060 18 176 55 33 127 211 621 157 861 375 46 Mar. 31., 2,150 26 177 59 26 160 219 667 161 898 375 49 Apr. 30., 2,141 60 177 58 27 151 208 680 108 919 392 41 May 31., 2,174 72 174 61 27 176 188 699 114 889 426 46 June 30., 2,202 82 159 60 28 159 197 686 125 894 451 46 July 31., 2,135 96 150 59 31 123 189 646 125 896 421 46 Aug. 31., 2,160 113 149 55 33 115 192 657 120 935 396 52 Sept. 30., 2,161 113 150 54 32 110 209 668 111 941 389 52 Oct. 31. 2,259 106 138 54 35 124 203 661 177 966 407 48 Nov. 30? 2,204 105 137 54 37 111 207 651 149 970 385 49 Dec. 31? 2,244 114 140 57 37 109 218 675 150 984 386 50 1958—Jan. 31* 2,287 110 136 53 31 110 235 675 149 1,018 400 45 Table 2a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Date Europe tria gium mark land Greece er- way tugal Spain den lands 1954—Dec. 31 109 (2) 20 10 3 3 16 2 4 4 1955—Dec. 31 158 16 13 3 4 11 9 5 7 1956 Dec 31 . .. 216 7 28 12 4 4 21 23 2 8 13 1957 Jan 31 213 6 30 13 4 4 20 23 2 9 13 Feb. 28 211 7 29 10 3 4 21 17 1 7 14 Mar 31 219 8 34 11 3 5 20 18 2 11 14 Apr 30 208 8 29 9 3 5 23 17 2 10 14 May 31 188 6 28 8 4 4 19 16 1 11 14 June 30 197 5 25 8 3 4 23 16 2 12 14 July 31 189 4 23 7 4 6 27 17 12 Aug 31 . .. 192 6 25 7 4 6 21 17 19 Sept. 30 209 • 7 25 6 3 7 24 18 24 Oct. 31 203 7 24 9 4 7 22 16 10 Nov 30? . . 207 6 25 9 5 6 24 19 11 Dec. 31? 218 6 33 11 4 6 24 23 2 11 1958—Jan. 31? 235 7 36 9 4 5 28 23 2 22 ONONO" Tur- Yugo- All key slavia other 41 5 78 2 7 88 (2) 7 85 6 86 8 83 8 79 9 67 10 75 1 9 63 2 9 68 2 9 72 2 11 81 2 13 10 77 2 11 10 76 (2) 10 11 77 1 9 Table 2b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o ia - Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e d u n n r e i r d d - s e i s - t s l a p P i R m c u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 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—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. 30 941 29 5 123 28 101 85 17 8 246 3 16 33 6 39 152 50 Oct. 31 966 27 5 111 38 124 82 20 8 246 4 16 34 8 38 154 52 Nov. 30? 970 28 4 96 40 119 106 22 9 231 3 17 35 9 40 157 54 Dec. 31* 984 28 3 100 36 107 113 19 8 239 2 17 36 8 42 175 51 1958—Jan. 31? 1,018 26 3 111 46 107 130 17 9 229 2 19 35 9 52 170 53 P Preliminary. (excluded from these statistics) amounted to $1,110 million on Jan. 31, 1 Short-term claims reported in these statistics represent principally the 1958. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 Includes transactions of international institutions. maturity of more than one year reported by U. S. banking institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 501 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES I—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Union 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 w Ta a i n - T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o Egypt A S f o r o u i f c t a h Other 1954—Dec. 31 143 3 5 1 16 11 50 7 5 6 39 37 14 6 1 6 10 1955—Dec. 31 233 3 5 1 18 10 103 19 6 8 59 43 11 5 1 8 17 1956—Dec. 31 337 4 6 (2> 20 16 170 16 6 9 91 43 11 6 2 8 17 1957_Jan. 31 360 5 7 2 22 23 186 17 5 10 83 48 11 5 2 8 21 Feb. 28 375 6 7 22 24 192 18 6 10 89 46 11 5 2 7 22 Mar. 31 375 6 9 2 23 24 193 18 5 10 86 49 13 5 1 7 22 Apr. 30 392 7 10 2 24 22 210 19 5 10 86 41 10 5 1 8 17 May 31 426 7 11 2 23 25 244 24 5 13 74 46 13 6 1 8 18 June 30 451 7 11 2 22 24 258 30 5 12 81 46 12 5 1 11 17 July 31 423 7 11 2 24 22 250 28 6 11 63 46 12 6 1 12 15 Aug. 31 396 9 9 2 24 24 216 40 6 12 58 52 11 6 1 12 21 Sept. 30 389 9 9 2 24 23 188 51 6 8 71 52 11 5 1 11 24 Oct. 31 407 7 8 2 24 26 174 51 6 11 99 48 11 4 1 12 20 Nov. 30* 385 8 7 2) 24 25 148 56 6 12 99 49 10 5 1 14 19 Dec. 31* 386 7 6 2) 22 24 145 53 6 14 110 50 13 5 1 12 19 1958—Jan. 31* 400 8 7 [2; 23 22 152 54 6 13 115 45 13 6 1 9 17 TABLE 3. PURCHASES AND ISALES 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 - 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 —252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957P 667 701 -34 1,619 1,422 197 695 1,383 -688 592 621 -29 1957—Jan 44 28 16 163 107 57 49 172 -123 54 53 (2) Feb 134 42 91 146 91 55 34 133 -99 43 42 1 Mar 68 48 20 117 104 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 57 31 26 170 135 35 45 43 2 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 16 10 6 92 103 -11 49 80 -31 41 46 -6 Oct 35 19 17 107 143 -36 123 106 18 44 43 1 Nov.* 38 21 18 113 94 19 38 92 -54 35 28 7 Dec * . .. 73 40 33 101 101 1 34 55 -21 29 25 4 1958 Jan * 107 113 -6 94 102 -8 40 178 -138 28 54 -26 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In millions of dollars] Ger- 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 e e d a p n e u r y b 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 lic of 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 g -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 (2) 234 8 33 161 -124 34 -1 4 I9572? -157 320 10 3 1 98 82 115 309 10 4 4 1957 Jan 2 70 2 27 7 19 56 4 6 3 1 Feb 1 145 2 (2) 1 24 41 17 86 54 5 1 Mar 1 33 1 (2) (2) 11 21 3 36 -4 1 8 Apr 1 65 (2) (2) 8 9 21 10 42 21 1 -25 -11 2 (2) 7 7 11 27 -34 -5 J J u u l n y e 1 -8 6 5 1 1 2 ( ( 2 2 ) ) ( 8 (22 )) 1 7 5 7 -7 -1 5 8 0 - - 6 2 13 -5 5 1 9 1 5 - - 2 1 7 7 5 4 2 1 (2) j 1 f 8 t Sept 1 -6 (2) -2 -5 4 -2 -5 1 Oct 1 -21 j j (2) -21 2 11 -8 -13 j -2 1 Nov.* 36 (2) 11 1 10 22 9 4 1 Dec * j 33 (2) (2) 3 15 25 43 1 -11 (2) 1958 Jan * -14 -3 P) -5 34 -34 -8 -9 3 Preliminary. For other notes see opposite pace. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Inter- Total Y m e o a n r t o h r na in ti s o t n i- al f c o o re u i n g - n Europe C a a d n a - A L m at e in 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. l M an i e s o ce u l s - 3 tutions tries 1954 — 164 — 137 — 9 — 133 33 -34 7 1956—Dec. 31 322 3,856 139 1955 -27 — 4 -46 74 24 -49 -7 1956.. — 33 — 478 8 — 447 17 — 40 — 16 1957—Mar. 31 311 3,744 158 1957P -384 -334 235 — 551 15 -45 13 Apr. 30 316 3,727 165 May 31 360 3,600 164 1957—Jan.... -71 -52 16 -72 2 -9 11 June 30 449 3,685 164 July 31 364 3,730 278 A M Fe p a b r r . . . . . . -5 9 1 - - 1 1 -3 0 4 1 7 6 -7 10 1 -1 - - 9 1 5 7 4 3 0 2 ) - - - 2 6 2 -1 0 6 ) 1 A S O e u c p t g . t . . 3 3 3 1 0 1 3 3 3 4 3 7 2 7 8 3 3 3, , , 4 7 5 2 7 2 1 4 3 2 2 3 8 7 4 0 8 9 J M u a n y e . . -81 i - -1 7 1 6 -12 1 - -1 8 1 4 1 2 0 -4 2 14 1 D N e o c v . . 3 3 0 1 2 3 8 5 3 6 3 3 , , 7 7 2 8 9 7 3 35 4 3 4 July.. -101 49 117 -70 2 -1 1 A S O N e o u c p v g t . t . * . . . . . . > - - 5 7 -6 3 7 2 -3 -5 9 9 6 6 -9 8 1 6 9 5 - - 3 2 0 1 1 3 5 -4 2 2 1 - - - - 2 1 4 5 - 0 0 1 ) ) 1 1958— F M Ja e n a b . r . . 2 3 3 8 1 1 2 2 2 4 6 6 9 5 6 3 3 3, , , 3 7 5 1 5 5 5 5 2 4 4 4 0 2 2 5 1 8 Dec.*> 0) -18 10 -18 -3 -7 1 1958—Mar. 5 286 3,532 424 1958—Jan.*... -135 -29 -10 -4 4 ^ -15 Mar. 12 281 3,496 421 Mar. 19 243 3,405 418 Mar. 26 256 3,376 418 p Preliminary. l 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 U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - i Au li s a tra- India 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142 A 16.9 15.3 4.6 9.1 37.7 7.8 1954 913 5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 994 0 910.6 556.2 18.8 21.9 13.1 65.3 153.4 12.3 15,3 3.3 7.6 36.1 7.3 1957 596.2 27.7 13.1 63.6 154.7 11.4 6.9 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 5 2.3 1.1 4.4 12.0 .8 1.2 .2 .5 2.8 .5 Mar 79.7 49.2 5 2.2 1.5 5.1 13.2 1.4 1.0 .3 .6 3.1 .5 Apr 78 2 49.1 6 2.2 1.1 4.7 12.9 1.0 .7 .5 .6 3.2 .6 May 278.8 50.6 1.5 2.2 1.0 5.0 13.1 .9 .3 .6 3.1 .5 June 277.7 50 1 6 2.2 .9 4.9 12.6 .7 .2 .6 3.4 .5 July 280.8 51.4 5 2.3 1.2 5.8 12.8 .9 .2 .6 3.7 .5 Au2 280 0 51 1 2 4 1.1 5.8 12 6 8 .5 .6 3 0 5 Sept 50 3 6 2.4 1.2 5.7 13.1 .9 .6 3.1 .5 Oct 50.9 6 2.4 1.1 6.5 13.9 .8 .6 3.1 .5 Nov 49.8 f> 2.4 1.0 5.1 13.1 1 l .6 3.2 Dec 49 0 2.4 .9 5.5 12.9 .9 .5 1958 Jan 49 6 2.5 1.4 4.4 .6 * Gold exports, representing about 90 per cent of total production. Ghana and Belgian Congo, data for which are from American Bureau of 2 Excluding Mexico. Metal Statistics. For the United States, annual figures through 1956 Sources.—World production: estimates of U. S. Bureau of Mines. are from the U. S. Bureau of the Mint and figures for 1957 and 1958 are Production reported monthly: reports from individual countries except from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

503 U. S. GOLD 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 ths United States] Quarterly totals Annual totals Area and country 1956 1957 1950 1951 1952 1953 1954 1955 1956 1957 O D c e t c . . - J M an a . r - . A Ju p n r. e - J S u ep ly t - . O D c e t c . , - Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3.4 3.4 -84.8 -20.0 *-67!5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands -79.8 -4.5 -100.0 -65.0 25.0 20.0 5.0 Portugal -15.0 -34.9 -5.0 -59.9 '-5419 "-s'.o Sweden -22.9 -32.0 -20.0 -15.0 15.2 15.2 Switzerland . -38.0 -15.0 -65.0 -15.5 — 8 0 Bank for Intl. Settlements -65.3 -30.4 -94.3 -20.0 Other -16.4 -29.7 -17.3 -17.5 2.6 '4.0 '3.0 339.3 7.0 1 0 331.3 Total -380.2 -184.8 -115.6 -546.4 -328.3 '-78.5 '-20.2 67.7 18.6 30.4 6.0 31.3 Sterling Area: United Kingdom -1,020.0 469.9 440.0 -480.0 -50.0 100 3 100 3 Union of South Africa 13.1 52.1 11.5 Other 3.5 3.6 -.3 -.5 -.5 -•1 Total -1,003.4 525.6 451.2 -480.5 -50.5 -.1 100.3 100 3 Canada -100.0 -10.0 7.2 14.6 5.2 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 40.1 10.0 10.1 15.C 40.2 Colombia ""-io.6 17.5 -22.8 -3.5 28 1 Cuba 28.2 -20.0 Mexico -118.2 -60.2 87.7 -28.1 80.3 Uruguay -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 3.1 27.1 3.1 -.9 -30.0 -200.0 -200 0 Other -7.2 -34.7 -2.4 -.3 17.2 3.0 n 2.4 -.2 -3.6 2.8 3.3 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 -133.0 6.5 12.9 15.0 46.6 4-38.9 4-53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.2 -.4 -.5 4.0 14.9 All other '5-30.6 5-76.0 A '1.0 '14.1 '-.2 Total foreign countries. . -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 .2 41.5 18.4 18.9 92.8; International institutions 6200.0 6600.00 625.0 6300.0 6300.0 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 25.2 341.5 318.4 18.9 92.8 'Revised. 4 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, and 1951, $45.0 million. $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 5 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 2 Less than $50,000. 1951, $76.0 million. 3 Includes purchase of $31.5 million of gold from Spain. 6 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T ( u r e G e r n a o y d s l - d o f s T t y o e o c a t k a r) l i I i n n s g c t r o o to e c ld a t k a s l e i e m x g N o p o p e r l o o d t r r t t, g m c o c o r E l r a r d e 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 g d o n u e l s c d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a th U ) I i n n s g c t o o r to e c ld t a k a s l e i e m x g N o p o p e r l o o d t r r t t, g m c o c o r E l r a r d e 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 g o d o n u e l c s d - - 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957—Mar... 22,306 22,406 10.2 -8.8 16.0 5.1 1946 . 20,529 20,706 623.1 311.5 465.4 51.2 Apr... 22,318 22,424 17.4 20.8 -5.8 4.7 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 May.. 22,620 22,726 302.6 20.0 285.4 5.0 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 June.. 22,623 22,732 5.5 10.0 -6.0 4.9 1949 24,427 24,563 164.6 686.5 -495.7 67.3 July.. 22,627 22,735 3.8 2.7 -.8 5.8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Aug... 22,626 22,735 -.5 28.6 -11.4 5.8 Sept... 22,635 22,759 24.1 18.9 -9.0 5.7 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Oct... 22,691 22,835 75.4 42.8 36.9 6.5 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Nov... 22,763 22,837 2.4 '34.3 -31.2 5.1 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 Dec... 22,781 22,857 20.2 18.8 2.0 5.5 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 1958—Jan 22,784 22,860 2.3 '45.0 -37.3 4.4 1956 21,949 22,058 305.9 106.1 318.5 65.3 Feb... 22,686 22,736 -123.7 38.9 -167.6 4.4 1957 22,781 22,857 798.8 '104.3 600.1 63.6 Mar... ^22,394^22,487 *-248.9 4-252.0 v Preliminary. ' Revised. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,479.5 million on Mar. 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

504 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States E m n o d n t o h f Es w t t i o o m r ta l a d l t 1 ed Treasury Total 2 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 1951—Dec 35,660 22,695 22,873 268 112 621 317 850 45 48 311 31 174 1952 Dec 35 970 23,187 23,252 112 706 317 896 42 76 214 31 174 1953 Dec . 36,390 22,030 22,091 371 117 776 321 996 42 86 186 31 174 1954—Dec 37,060 21,713 21,793 371 138 778 322 1,080 42 86 186 31 174 1955 Dec 37,720 21,690 21,753 371 144 929 323 1,141 44 86 136 31 174 1956 Dec . 38,210 21,949 22,058 107 928 324 1,113 46 57 136 31 188 1957 Feb 22,304 22,396 113 864 324 1,110 46 57 136 31 188 Mar 38,520 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 38,720 22,623 22,732 181 116 842 324 1,121 43 58 136 31 188 July 22,627 22,735 181 116 846 324 1,120 43 58 136 31 188 Aus 22,626 22,735 181 116 882 324 1,135 40 58 136 31 188 Sept 38,800 22,635 22,759 166 116 874 324 1,136 40 58 136 31 188 Oct 22,691 22,835 127 119 876 324 1,136 40 136 31 188 Nov 22 763 22,837 126 123 875 324 [ 127 40 136 31 188 Dec ^38,940 22,781 22,857 126 913 324 115 40 136 31 188 1958 Jan 22,784 22,860 946 324 1,116 40 136 31 188 Feb 22,686 22,736 967 324 1,086 40 31 188 Germany, E m n o d n t o h f l F a i n n d - France3 R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 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 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 41 138 443 182 700 45 49 28 Nov 35 575 2,557 27 247 41 138 453 181 700 46 49 28 Dec 35 575 2,542 27 247 39 138 452 744 45 49 28 1958 Jan 35 575 2 501 247 39 138 792 45 49 Feb 35 575 ;'2,489 39 828 45 49 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 4 - d U gu r a u y - V zu e e n l e a - M I ta n o r t n y l e . - B S a I e n n t k t t l l e . f - or Fund ments 1951 Dec 265 26 190 51 152 J.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 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 1,702 193 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_Feb 461 32 227 56 256 ,652 112 144 2,147 186 669 1,433 197 Mar 461 32 233 56 252 1,636 112 144 2,209 183 669 1,438 168 Apr 461 32 230 56 249 1,621 112 144 2,320 183 669 1,439 160 May 463 31 235 56 231 1,615 If2 144 2,345 183 669 1.141 148 June... 458 31 234 56 231 1,633 112 144 2,381 183 669 i;i47 205 July 4 4 6 66 1 3 3 1 1 2 2 2 26 6 5 5 6 6 2 2 3 41 3 1 1 , , 6 6 7 9 4 4 1 1 1 1 2 2 1 1 4 4 4 4 2 2 , ,1 3 4 6 2 7 1 1 8 8 3 3 7 7 1 1 9 9 11,,114587 1 1 6 8 5 4 Sept 467 31 215 56 235 1,725 112 144 1,850 183 719 1,167 138 Oct 464 31 215 56 226 1,733 112 144 2,093 183 719 1,177 130 Nov 469 31 218 56 227 ,718 112 144 2,185 183 719 1,180 143 Dec ... 461 31 217 56 219 1,706 112 144 2,273 180 719 1,180 165 1958—Jan 454 31 206 56 215 727 144 2,404 719 1 180 171 Feb 454 31 212 56 209 733 144 2,539 719 162 * Preliminary. r Revised. gold) used in the Federal Reserve statement "Member Bank Reserves, 1 Excludes U.S.S.R. and other Eastern European countries. Reserve Bank Credit, and Related Items" or in the Treasury statement 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.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 505 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL iNSTrrunoNS [In millions of dollars] Dec. 3I, 1955 Dec. 31, 1956 Mar. 31, 1957 June 30, 1957 Sept. 30, 1957 Dec. 31, 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: 326 10 361 10 368 9 376 8 418 8 446 8 Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,227 12 1,170 11 1,133 11 1,165 8 1,182 8 91 7 96 6 107 6 92 6 133 6 143 84 5 88 5 94 5 94 5 97 5 100 5 1,957 151 1,505 7 1,302 8 2996 9 1,004 9 947 9 2,374 8 3,329 14 3,520 14 3,719 14 4,063 14 4,099 14 187 187 189 177 152 167 (3) Italy 1,137 2 1,268 2 1,250 2 1,323 2 1,457 2 1 531 2 Netherlands (and Netherlands West Indies and Surinam) 1,100 44 1,071 9 1,024 10 1,004 10 971 12 1 044 16 127 53 117 87 121 93 133 86 139 81 138 109 Portugal (and dependencies) 601 (3) 628 (3) 628 622 636 651 Spain (and dependencies) 221 3 160 3 148 3 142 3 140 3 115 2 429 (3) 483 (3) 480 (3) 499 (3) 508 478 7 2,354 44 2,512 131 2,410 132 2,442 132 2,527 2,671 128 Turkey 153 164 S 158 8 158 156 S 162 Other* 872 (6 917 898 1,188 12 873 850 15 Total 13,214 343 14,113 298 13,867 308 14,098 298 14,439 294 14 724 330 Sterling Area: United Kingdom 2,600 282 2,812 203 2,854 238 2,894 264 2,507 180 2,875 208 United Kingdom dependencies 84 4 103 4 93 4 96 4 109 4 104 4 219 191 193 191 197 211 f3) India 320 1 323 1 324 1 323 1 329 329 1 Union of South Africa 265 1 277 1 293 1 294 1 262 1 255 1 Other 214 7 228 14 226 25 226 29 227 30 224 30 Total 3,702 295 3,934 223 3,983 269 4,024 299 3,631 216 3,998 244 Canada 2,173 437 2,629 367 2,608 438 2,712 457 2,791 443 2 738 456 Latin America: 509 O 360 332 345 313 263 Bolivia 26 (3) 29 (3) 25 (3) 24 (3) 28 (3) 26 0} Brazil 466 2 549 1 556 1 467 1 457 1 456 1 Chile 139 (3) 137 1 137 1 131 1 117 1 115 1 217 (3) 210 (3) 250 (3) 263 •8 244 211 Cuba 3 7 7 8 7 9 2 1 ( 6 32 9 3 7 9 4 9 1 7 1 ( 6 3 7 ) 3 1 8 5 0 9 4 1 1a67 3 9 9 9 8 7 3 < 3 i 4 7 1 8 6 0 7 1 8 67 3 9 7 6 2 1 5 1 ( 5 3 4 ) Mexico 556 600 4 575 4 504 553 5556 3 86 1 109 1 117 1 135 I 129 1 116 1 Peru 127 (3) 119 (3) 117 (3) 110 (3) 96 88 El Salvador 52 (3) 53 (3) 73 (3) 81 (3) 65 (3) 58 0} 281 259 1 257 2 248 I 243 j 235 1 Venezuela 668 3 1,058 3 1,043 2 1,450 2 1,615 2 1,548 2 Other 124 15 113 12 134 12 140 11 128 13 124 13 Total 3,789 195 4,113 190 4,160 190 4,486 188 4,561 189 4,344 176 Asia: a Indonesia . 255 15 231 188 (3) 168 220 190 (3) 175 158 178 (3) 173 (3) 187 (3) 193 Japan .. 1,021 4 1,145 4 1,003 4 754 2 698 2 708 2 268 6 294 6 267 6 243 6 235 6 181 5 Thailand.. .. 250 1 260 1 279 1 279 1 275 269 1 Other 647 4 707 6 730 6 767 7 768 7 111 9 Total... ... 2,616 30 2,795 17 2,645 17 2,384 16 2,383 16 2,318 17 All other: E O g th yp er t6 2 1 4 3 6 5 8 2 1 3 2 8 9 8 2 1 4 6 8 3 8 2 1 4 7 6 5 7 2 1 4 6 2 6 7 2 1 2 6 8 2 (3) Total6 381 8 367 8 411 8 421 7 408 7 390 7 Total foreign countries6 25,875 1,308 27,951 1,103 27,674 1,230 28,125 1,265 28,213 1,165 28,512 1,230 International'' 3,689 321 3,144 391 2,996 391 2,720 366 2,679 222 2,697 222 Grand total6.... .... 29,564 1,629 31,095 1,494 30,670 1,621 30,845 1,631 30,892 1,387 31,209 1,452 v Preliminary. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Does not include $286 million of gold loaned by Bank of France to national organizations. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 5 Includes latest reported figure (Nov. 30) for gold reserves. survey of selected U. S. banks and on monthly reports of security transac- 6 Excludes gold reserves of the U. S. S. R. and other Eastern European tions. For back figures see BULLETIN for March 1956, pp. 304-05. countries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 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] 1958 1957 1957 1956 Item Item Jan. Oct. July Apr. Jan. Dec. Sept. June Mar. Dec. Gold 1,180 1,177 1,148 1,439 1,420 Dollar deposits and U. S. securities. 602 524\ 484 430 365 ?00 200 200 200 200 Other currencies and securities 1... 813 858 873 901 931 Currencies: United Statesi... 769 811 992 977 1,423 Effective loans2 2,606 2,54S> 2,437 2,378 2,238 Other i.. 5,992 5,948 5,777 5,489 5,051 Other assets3 75 It5 72 54 41 Unpaid member subscriptions. 874 874 818 817 824 Other assets 8 8 6 5 IBRD bonds outstanding 1,269 1,141 1,034 948 848 620 67*> 67C 676 609 Member subscriptions 9,016 9,016 8,941 8,932 8,929 Other liabilities 21 2() 19 20 11 Accumulated net incoi 3 -6 -10 Reserves 319 30:1 28S 266 254 Reserves and liabilities» 4 2 2 2 2 Capital8 1,867 1,86'1 1,854^ 1,853 1,853 Cumulative net drawings Quota on the Fund Loans by country, Feb. 28, 1958 Country 9 1958 1957 Paid Outstanding Total m Area and member country4 gold Jan. Dec. Jan. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others* 225 56 50 50 Brazil 150 38 75 75 38 Chile 50 9 31 31 12 Continental W. Europe, total.. 1,272 1,048 199 849 74 Colombia 50 13 25 25 25 Belgium and Luxembourg... 173 121 13 108 25 Cuba 50 13 25 25 13 267 267 18 249 14 Denmark • 68 34 34 Italy 238 104 103 7 Egypt 60 10 30 30 15 Netherlands 236 236 143 93 21 525 108 263 263 Other 358 320 24 295 6 India. 400 28 200 200 Indonesia 110 16 55 55 55 Sterling area total 1,142 827 87 740 105 35 9 25 25 25 Australia • 318 290 14 276 29 Japan 250 63 125 125 356 232 26 206 29 Netherlands 275 69 64 69 Pakistan 112 56 11 45 4 United Kingdom.... 1,300 236 562 562 562 Union of S. Africa 160 137 26 112 20 United States 2,750 688 10-1,943 10-1,936 10-991 United Kinsdom 146 84 4 80 23 Other 49 28 7 21 Notes to tables on international institutions: Latin America, total 743 585 69 516 24 1 Currencies include demand obligations held in lieu of deposits. Brazil 182 167 17 149 1 2 Represents principal of authorized loans, less loans not yet effective, 111 90 19 71 3 repayments, the net amount outstanding on loans sold or agreed to be Mexico . 152 143 11 132 8 sold to others, and exchange adjustment. Other 297 185 22 164 12 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. Asia (excl. Sterling area),total. 320 163 6 157 15 5 Includes also effective loans agreed to be sold but not yet disbursed. T O h th a e il r and 2 1 1 0 3 7 1 3 2 8 5 4 3 1 3 2 4 3 1 2 3 7 6 I I n n c c l l u u d d e e s s $ $ 1 2 9 1 8 6 m m i i l l l l i i o o n n n in o t l o g a u n a s r a n n o te t e y d e t b e y f f t e h c e ti v B e a . nk. 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. Xotal 63,500 2 .,631 362 2,269 7219 for 1 l o o c R al e p c r u e r s r e e n n t c s i e s s a , le le s s s o f r e U pu . r S c . h a d s o e l s la o rs f b su y c h th e c u F rr u e n n d c ie to s w m i e t m h b d e o r l la c r o s u . ntries 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 Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o D a d n u i c n s a - e t d s s - Se t c ie u s ri- ci t r io cu n l i a- Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954_Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957—Mar. 27 .4 1,925.0 2.3 22.5 18.6 290.3 1,902.8 228.9 13.7 72.5 18.5 Apr. 24 .4 1,975.0 2.4 23.1 21.5 259.2 1,952.2 202.4 11.5 74.5 17.8 May 29 .4 1,975.0 2.4 21.7 40.5 243.2 1,953.7 204.4 10.1 75.3 18.0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 1,985.5 216.3 12.2 71.8 18.1 July 31 .4 2,075.0 2.4 15.9 29.9 262.4 2,059.5 205.0 13.4 73.9 18.3 Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 1,967.5 216.8 13.0 73.1 18.5 Oct. 30 .4 2,000.0 2.5 33.4 13.7 288.7 1,967.0 234.6 10.1 75.7 17.8 Nov. 27 .4 2,050.0 2.4 48.9 19.8 260.3 2,001.4 226.9 10.1 76.4 18.0 Dec. 25 .4 2,150.0 2.4 22.4 21.0 263.6 2,128.0 199.5 9.8 81.9 18.1 1958—Jan. 29 .4 2,000.0 2.4 43.2 25.3 239.4 1,957.2 205.1 12.2 74.6 18.3 Feb. 26 .4 2,000.0 2.4 38.2 27.9 258.3 1,962.1 224.0 11.4 73.0 18.5 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 507 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadiandollars) Assets2 Liabilities Date S U t a e n r n i l t d i e n d g Do ci m al i n g i o o v n t , a s n e d c u p r r i o ti v es in- Other Note Deposits lia O b t i h li e ti r es d S o t l a l t a e r s s S t h e o rm rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t. ion Other ca a p n i d tal 1953—Dec. 31 54.9 1,376.6 893.7 112.0 1,599.1 623 9 51.5 29.5 133.1 1954—Dec. 31 54.2 1 361.5 871.1 114.1 1.623.5 529 6 56.3 30.5 161 0 1955—Dec. 31 57.4 1,283.8 1,093.7 185.2 1,738.5 551 0 89.2 34.0 207.5 1956—Dec. 31 60.8 1,025.0 1,392.0 69.9 1,868.7 511 5 38.8 31.2 97.5 1957—Mar. 30 53.7 1,105.2 1,176.3 213.5 1,724.6 519 5 78.3 25.1 201.2 Apr. 30 50 3 1 158.0 1 190.2 119.2 I 756.3 546 9 62.9 22.5 129 2 May 31 52.3 1,165.9 1,185.1 188.7 1,751.5 526 3 43.9 32.0 238.3 June 29 57.3 1,213.3 1,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31 63.1 1 197.7 1,202.3 100.7 [,817.7 490.5 54.2 26.9 174.5 Aug. 31 62.4 1,251.8 1,208.4 203.9 1,815.5 542 8 64.0 33.3 270.9 Sept. 30 55.3 1 208.4 1,204.2 110.9 1,819.1 480 8 66.9 28.7 183.3 Oct. 31 56.6 1,297.5 1,192.1 163.5 1,824.0 623 7 40.1 25.8 196.0 Nov. 30 56 2 1 321.5 1 152.0 252.8 I 828.0 543 4 64.3 30.7 316 1 Dec. 31 63.5 1,246.2 1,217.5 131.5 1,903.7 517 6 35.4 31.2 170.8 1958—Jan. 31 63.0 1,265.5 1,105.0 182.2 1,776.5 533 8 57.3 23.3 224.8 Feb. 28 63.2 1,293.0 1,103.2 198.1 L783.7 555 2 46.1 26.8 245.6 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t t n h o t er O as t s h e e ts r ci N t r i c o o u t n l e a- G m ov en D er t e n p - os O its ther3 c O l a i i a a t p t i n b h e i d i t e s l a r - l 1953—Dec. 31 201.3 15.4 292.5 61. 1 891 6 200.0 679.8 170.0 2 310.5 (4) 144.9 56.3 1954 Dec 30 . . 201 3 57.3 236.8 48. 1,130 9 195.0 617.6 277.2 9 538.5 .1 157.8 67 9 1955—Dec. 29 301.2 200.2 226.7 45. ? 1,194 7 190.0 539.8 336.8 2, 320.0 (4) 142.9 71.8 1956—Dec. 27 301.2 49.6 289.2 30. S 1,753 7 179.0 479.8 236.4 3,046.9 (4) 173.8 98.8 1957—Mar. 28 301.2 23.1 310.3 27. 5 1,836.8 175.0 479.8 192.6 3,051.6 .1 214.3 80.6 Apr 25 301 2 12.2 325.2 24. <) 1,871 9 158.3 479.8 196.9 3 044.1 .1 222.7 103 6 May 29 301.2 12.0 322.9 20. ?, 1,948 175.0 479.8 192.4 3, 106.9 .1 263.1 81.6 June 27 201 2 12.0 274.9 16. 1 2,014 1 175.0 594.1 267.0 3 130 0 .1 330.9 93 6 July 25 201.2 11.9 273.6 7. } 2,027 175.0 752.1 306.6 3, 238.3 .1 397.7 118.9 Aug 29 201.2 11.9 307.2 6..2 1,931.4 175.0 789.8 271.1 3,:219.7 .1 376.6 97.4 Sept 26 ... 201 2 11.9 322.7 18.3 1,886 7 175.0 804.8 266.2 3 '214.4 (4) 359.5 112.9 Oct. 31 201.2 12.0 315.2 44.( 1,914 9 175.0 829.8 341.1 3 '292.5 (4) 417.0 123.6 Nov 28 201 2 12.0 282.0 44. s 1,893 9 175.0 820.1 296.2 3 139 9 (4) 467.1 118 0 Dec. 26 201.2 11.9 290.2 52. 1,951 2 175.0 796.4 295.0 3, 174.9 .1 475.3 122.9 1958—Jan. 30 201.2 11.9 260.3 53.4 1,868.9 175.0 949.4 268.8 3, 191.7 .1 469.0 128.1 Feb. 27 5201.2 11.8 290.2 50.6 1,827.7 175.0 948.9 5259.7 3, 197.9 .1 455.5 111.8 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. 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 463 470 475 374 Net claim on Intl. Fund7. — 675 Checks and bills of other banks. 4 4 5 3 Advances to Government. 2,581 Securities find. Govt. and Treas- 32 230 ury bills) 476 473 519 504 Loans and discounts 69 939 Other assets ... . 54 46 24 76 Other assets 3 963 Note circulation... 387 391 425 380 Currency in circulation... 50,450 Deposits of Trading Banks: 1 346 Special 340 340 340 304 Banks 5,601 Other 27 22 42 Other 257 Other liabilities and capital. 243 241 235 230 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 Includes Economic Cooperation Administration. NOTE.—All figures, including gold and foreign exchange, are compiled 4 Less than 50 million francs. from official reports of individual banks and are as of the last report date 5 Other assets include 100.0 billion francs of gold loaned to Stabiliza- of the month. For details relating to individual items, see BULLETIN for tion Fund. April 1955, p. 443. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. "Feb. Jan Dec. Feb. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (net) 99 142 163 Gold 2,653 2,653 2,647 2,004 Foreign exchange (Stabilization Foreign exchange (net) 10,388 10,375 10,334 8,332 Fund) 148 148 163 Loans and discounts 5,695 5,908 6,358 6,577 Net claim on Intl. Fund i -13 -13 -10 Claim against Government 1,342 1,342 1,532 1,505 Loans and discounts 81 72 54 Other assets.. 823 826 821 611 Credits to Government 183 170 118 Note circulation , 14,992 14,846 15,403 13,847 Other assets 72 71 74 Deposits—Banks 1,866 2,240 2,392 1,197 Note circulation 442 468 437 Other 965 926 937 1,117 Deposits 231 226 235 Blocked 1,104 1,122 1,055 1,131 Other liabilities and capital 33 32 25 Other liabilities and capital 1,974 1,970 1,906 1,737 National Bank of Czechoslovakia* National Bank of Belgium (millions of National Bank of Denmark (millions (francs): of kroner): Gold 48,369 47,321 45,664 43,221 Gold 68 68 68 68 Foreign claims and balances (net). 10,279 9,919 10,740 10,330 Foreign exchange 948 959 975 608 Loans and discounts 9,043 11,938 10,528 11,210 Loans and discounts 167 229 252 140 Consolidated Govt. debt 34,397 34,397 34,456 34,605 Securities 365 419 491 493 Govt. securities 9,006 6,033 8,035 8,985 Govt. compensation account 2,981 2,981 2,982 3,050 Other assets 5,964 6,269 7,492 5,569 Other assets 896 754 708 1,081 Note circulation 09,468 108,904110,302 110,399 Note circulation 2,290 2,302 2,432 2,219 Deposits—Demand 2,880 2,416 1,490 1,935 Deposits—Government 1,442 1,448 1,461 1,520 ECA 19 20 20 20 Other 1,403 1,374 1,308 1,419 Other liabilities and capital 4,691 4,538 5,102 1,565 Other liabilities and capital 290 286 276 282 Central Bank of Bolivia—Monetary Centra] Bank of the Dominican Redept. (millions of bolivianos): (Nov.) public (thousands of pesos): Gold at home and abroad 7,714 '668 Gold 11,405 11,405 11,405 11,396 Foreign exchange (net) 54,421 33,157 Foreign exchange (net) 9,594 10,562 13,052 9,897 Loans and discounts 298,010 193,511 Net claim on Intl. Fund1 2,500 2,500 2,500 2,500 Govt. securities 7,918 6,540 Loans and discounts 10,505 8,990 10,508 6,988 Other assets 13,324 rl ,610 Govt. securities 7,500 7,500 7,830 7,830 Note circulation 180,960 179,711 Other assets 26,058 26,096 26,073 19,636 Deposits 27,670 11,817 Note circulation 52,904 53,127 55,149 47,848 Other liabilities and capital 172,757 43,957 Demand deposits 11,091 10,489 12,323 7,231 Central Bank of Ceylon (millions of Other liabilities and capital 3,567 3,436 3,897 3,168 rupees): Central Bank of Ecuador (millions of Foreign exchange 595 593 591 718 sucres): Advances to Govt 13 33 Gold 325 325 325 Govt securities 78 60 53 10 Foreign exchange (net) 57 79 17 Other assets 4 7 11 3 Net claim on Intl. Fundi -37 -37 38 Currency in circulation 463 461 475 439 Credits—Government 453 472 496 Deposits—Government 13 3 6 84 Other 352 376 224 Banks 95 88 90 108 Other assets 240 238 231 Other liabilities and capital 105 120 116 99 Note circulation 707 769 683 Central Bank of Chile (millions of Demand deposits—Private banks. 226 247 203 pesos): Other 194 184 184 Gold 4,533 5,463 5,765 7,684 Other liabilities and capital 262 253 260 Foreign exchange (net) 666 523 707 1,194 National Bank of Egypt (millions of Net claim on Intl. Fund1 -2,732 -2,044 -2,044 19 pounds): Discounts for member banks 17,675 13,902 15,621 7,306 Gold 66 66 66 66 Loans to Government 30,864 30,864 26,077 20,245 Foreign assets 81 80 81 110 Other loans and discounts 59,772 56,896 57,986 42,291 Egyptian Govt. securities 188 190 190 164 Other assets 36,577 40,161 31,849 31,488 Clearing and other accounts (net) -37 -39 -40 -7 Note circulation 81,045 77,292 80,529 67,447 Loans and discounts 30 40 42 43 Deposits—Bank 7,932 8,466 8,911 6,586 Other assets 3 2 4 2 Other 3,020 4,444 5,110 3,271 Note circulation 195 198 207 223 Other liabilities and capital 55,359 55,56f 41,410 32,923 Deposits—Egyptian Government 18 15 12 11 Bank of the Republic of Colombia (mil- Other 99 107 102 3127 lions of pesos): Other liabilities and capital 19 19 20 17 Gold and foreign exchange 304 310 358 262 Central Reserve Bank of El Salvador Net claim on Intl. FundJ 5: 5: 5: 52 (thousands of colones): L O G o t o h a v e n t r . s l a a o s n a s d e n t s s d a is n c d o u s n ec ts urities 1,6 6 3 2 4 0 7 0 1 1,5 6 2 2 9 2 4 8 9 1,4 6 3 9 3 2 1 0 8 6 6 3 3 6 5 4 9 5 G N Fo o e r t l e d c ig la n i m ex o c n h a I n n g t e l. ( F n u et n ) d1 , 7 3 4 8 2 , , , 6 5 6 8 3 5 9 5 0 7 2 4 8 8 , , , 6 7 5 8 2 5 9 9 9 7 1 4 8 6 , , , 6 5 3 8 6 8 8 8 3 7 5 8 4 1 , , , 8 5 5 7 6 5 9 9 3 Note circulation 989 1,008 1,203 787 Loans and discounts 92,067 94,854102,078 78,258 Deposits 1,101 1,016 864 871 Govt. debt and securities 10,076 12,406 10,157 15,674 Other liabilities and capital 835 789 79! 315 Other assets 7,590 7,583 7,365 7,050 Central Bank of Costa Rica (millions Note circulation 106,344106,909109,296 113,873 of colones): Deposits 106,797 107,093 97,077 109,536 Gold 1 1 1 12 Other liabilities and capital 12,465 12,818 12,866 12,574 Foreign exchange 69 71 54 82 Bank of Finland (millions of markkaa): Net claim on Intl. Fund1 7 7 Gold 7,850 7,850 7,850 7,849 Loans and discounts 148 150 168 97 Foreign assets and liabilities (net) 37,434 32,858 29,878 18,237 Securities 1 15 15 18 Loans and discounts 30,905 30,581 38,440 43,371 Other assets 33 34 30 24 Securities—Government 8,750 11,250 13,750 17,500 Note circulation 177 179 18: 158 Other 1,246 1,247 1,258 1,756 Demand deposits 51 52 48 46 Other assets 16,871 17,138 17,909 10,819 Other liabilities and capital 5' 5' 56 37 Note circulation 56,793 52,837 60,640 58,245 National Bank of Cuba (millions of Deposits 9,844 9,954 8,111 5,497 pesos): Other liabilities and capital 36,419 38,13f 40,333 35,790 Gold 136 136 136 r Revised. * Latest month available. 3 Includes figure for Sudan Government. 1 This figure represents the amount of the country's subscription to the NOTE.—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 For last available reports for Czechoslovakia and Hungary (March of the month. and February 1950, respectively), see BULLETIN for September 1950, pp. 1262-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 509 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan Dec. Feb. Feb. Jan. Dec. Feb. German Federal Bank4 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 6 18 Gold 10,383 10,430 10,602 6,931 Foreign exchange 110 98 88 86 Foreign exchange 12,904 12,990 13.239 11,814 Clearing accounts (net) -9 -11 -12 -5 Loans and discounts 983 1,033 1.573 1,691 Loans and discounts 59 43 52 26 Loans to Government 3,576 3,433 4;813 4,129 Advances to Government 65 88 78 125 Other assets 1,540 1,414 1,305 1,215 Other Govt. accounts 134 130 131 72 Note circulation 16,554 16,077 16,133 14,590 Govt. securities 149 149 149 151 Deposits—Government 4,126 4,631 4,616 5,254 Other assets 6 6 7 10 Banks 5,438 5,453 7,109 3,616 Notes and coin in circulation 252 249 243 241 Other 545 515 481 218 Deposits—Government 26 25 24 28 Other liabilities and capital 2,722 2,622 3,193 2,101 Other 216 210 206 200 Bank of Greece (millions of drachmae): (Nov.)* Other liabilities and capital 27 26 25 14 Gold and foreign exchange (net).. 5.479 5 999 Bank of Italy (billions of lire): Loans and discounts '212 172 Gold 4 4 4 4 Advances—Government 4,949 7,571 Foreign exchange 71 71 71 71 Other 5,749 4 5 745 Advances to Treasury 567 567 567 567 Other assets 2,600 2,323 Loans and discounts 480 445 486 507 Note circulation 6,601 5,524 Govt. securities 406 416 417 401 Deposits—Government 1,158 929 Other assets 1,251 1,282 1,289 r913 Reconstruction and Note circulation 1,726 1,751 1,914 1,633 relief accts 3,680 7,087 Deposits—Government 12 11 9 13 Other 5,860 4,545 Demand 116 127 166 99 Other liabilities and capital 1,689 2,726 Other 751 726 548 564 Bank of Guatemala (thousands of Other liabilities and capital 173 169 197 r153 quetzales): Bank of Japan (billions of yen): Gold 27,275 27,237 Bullion () () () D F O C G R o i e e t o r h r d p l c e e d i o u i s r g s l c c a i n a o o t t s s i u n e s — o n e t x n r t t c i G s — s b h o a u a N C v n n ti e d o o g o r t e i n n n e a s m ( d t n v o e e a n t I n ) n t c t e l. s Fund. . 4 4 6 1 0 4 2 4 8 7 1 , , , . , , , 5 7 2 2 0 4 7 1 5 5 4 5 8 6 9 0 2 7 7 0 0 4 4 5 9 4 4 5 2 8 1 , , , 5 , , , 0 2 1 1 5 7 6 5 1 6 5 0 8 7 0 0 0 0 1 3 1 N L O D G O o t e o o t h h a p t v e e n e o t r r s . s c i a s l i a t i r e s s n a c s c — b d u e u i t l r l G O s a d i i t t t i o t i i i s h e e o v c s s e n o e r r u n n m ts ent 5 2 6 1 1 6 5 3 9 8 5 3 9 5 6 0 0 6 7 2 5 6 1 1 4 9 9 8 0 3 5 1 5 3 4 4 1 0 5 8 3 1 1 4 7 3 5 8 4 2 6 6 7 2 7 5 6 2 6 3 4 3 5 9 3 4 0 8 9 3 3 4 Banks 24.800 26,793 Bank of Mexico (millions of pesos): Other liabilities and capital 26,822 29,306 Monetary reserve? 1,892 1,873 1,995 1,909 National Bank of Hungary 2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 5,067 5,202 5,537 5,373 rupees): Bills and discounts 878 776 802 787 Issue department: Other assets 485 421 403 292 G Fo o r l e d i g a n t h se o c m ur e i t a ie n s d abroad 2 1 , , 4 17 5 8 5 2 1 , ,1 4 7 5 8 5 2 1 , ,1 7 7 5 8 2 4 1} ,1 1 2 7 5 8 D N e o m te a c n i d r c l u ia la b t i i l o it n ies 2 5 , , 0 4 9 7 6 0 5 1 , ,9 5 8 0 8 5 2 5 , , 0 9 5 2 7 2 2 5 , ,1 4 5 8 2 2 Indian Govt. securities 10,768 10,568 9,973 8, 750 Other liabilities and capital 755 779 758 727 Rupee coin 1,302 1,318 1,331 1220 Netherlands Bank (millions of Note circulation 15,453 15,312 15,068 15,062 guilders): Banking department: Gold 3,132 ,995 2,812 3,097 Notes of issue department 251 207 165 211 Silver (including subsidiary coin).. 15 11 10 6 Balances abroad 343 378 224 1s 064 Foreign assets (net) 1,368 985 996 686 Bills discounted 35 12 27 20 Loans and discounts 26 76 208 255 Loans to Government 383 360 350 77 Govt. debt and securities 628 628 685 660 D O e th p e o r s i a t s s sets 2 3 , ,1 6 9 0 8 6 2 3 , ,3 7 7 4 2 4 2 3, , 2 5 1 0 5 9 15 ,6 7 4 7 0 6 N O o th te e r c i a r s c s u e l t a s tion 3, 3 9 4 4 6 9 , 3 9 6 6 0 7 4,2 3 0 75 3 3, 4 91 1 0 4 Other liabilities and capital 1,603 1,585 1,472 1508 Deposits—Government 743 501 292 111 Bank Indonesia (millions of rupiahs): ECA 17 17 17 368 Gold and foreign exchange (net).. 131 258 247 567 Other 563 331 351 486 Loans and discounts 991 1,170 843 1,153 Other liabilities and capital 242 238 223 243 Advances to Government 20,046 19,287 18,919 10,801 Reserve Bank of New Zealand (thou- Other assets. 899 810 801 495 sands of pounds): Note circulation 13,899 13,898 13,815 9J08 Gold 6,162 6.162 6,162 6,162 Deposits—ECA 109 171 185 282 Foreign exchange reserve 12,804 12,798 11,467 32,135 Other 4,939 4,199 3,722 1, 963 Loans and discounts 47,080 42,222 36,960 36,759 Other liabilities and capital 3,119 3,257 3,087 1s663 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 65,062 58,229 57,147 53,434 Gold 4,533 4,533 4,533 4242 Investments 43,024 41,958 53,142 53,173 Foreign exchange 1,040 1,040 1,040 522 Other assets , 1,858 2,078 1,580 1,638 Gold contribution to Intl. Fund. . 663 663 663 282 Note circulation , 74,916 75,159 86,831 71,557 Govt-secured debt 7,923 7,923 7,923 7623 Demand deposits , 90,362 77,891 69,392 100,715 Govt. loans and discounts 12,534 12,208 12,956 12,314 Other liabilities and capital 10,712 10,397 10,235 11,030 Other loans and discounts 8,198 7,938 7,455 6,426 Bank of Norway (millions of kroner): Other assets5 17,467 18,441 15,513 '3,989 Gold 206 206 206 209 Note circulation 12,473 12,334 12,412 10',828 Foreign assets (net) 157 177 268 184 Deposits—Government 6,719 8,034 6,066 4, 272 Clearing accounts (net) -1 -31 -33 -79 Banks 1,873 1,616 1,580 1,406 Loans and discounts 79 16 84 101 Other 20,041 19,455 18,983 15,417 Securities 112 99 100 108 Special Account—Profits of reval- Occupation account (net) 5,545 5,545 5,545 5,546 uation 7,110 7,110 7,110 Other assets 128 178 182 103 Other liabilities and capital 4,144 4,198 3,932 3 , 474 Note circulation 3,197 3,236 3,469 3,221 Central Bank of Ireland (thousands of Deposits—Government 1,253 1,262 1,068 1,465 pounds): Banks 509 522 638 492 Gold 2,646 2,646 2,646 2,646 FOA 1 1 1 26 Sterling funds 73,239 73,188 77,530 70,708 Other liabilities and capital 1,266 1,230 1,176 968 Note circulation 75,885 75,834 80,176 * 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

510 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Feb. Jan. Dec. Feb. Feb. Jan. Dec. Feb. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 460 474 48: 564 Issue department: Foreign assets 1,166 1,213 1,22' 1,025 Gold at home and abroad 116 116 115 115 Net claim on Intl. Fund i 129 129 129 129 Foreign exchange—Approved. , 786 752 666 ,072 Swedish Govt. securities and ad- Other 57 57 5' 5^ vances to National Debt Office2 4,579 4,76 5,050 4,103 Pakistan Govt. securities 2,123 2,138 2,12 ,71' Other domestic bills and advances 129 1 89 20 India currency 430 430 430 430 Other assets 895 922 960 1,021 Rupee coin 43 45 45 53 Note circulation 5,50 5,54' 5,840 5,337 Notes in circulation 3,414 3,442 3,368 ,30' Demand deposits—Government. 159 277 273 269 Banking department: Other 42 4 14 104 Notes of issue department 142 95 70 138 Other liabilities and capital 1,651 1,646 1,683 1,153 Bills discounted Swiss National Bank (millions of Loans to Government 11 119 36 francs): Other assets 827 957 711 Gold 7,448 7,422 7,38. 6,999 Deposits 920 971 1,012 694 Foreign exchange 557 589 781 547 Other liabilities and capital 162 148 136 193 Loans and discounts 151 165 278 176 Central Bank of Paraguay (millions of Other assets 85 87 116 94 guaranies): Note circulation 5,498 5,494 5,931 5,417 Gold 13 13 10 Sight liabilities 2,514 2,542 2,393 2,178 Foreign exchange (net) 57' 627 548 Other liabilities and capital 229 22' 23- 221 Net claim on Intl. Fund * 83 53Central Bank of the Republic of Turkey Loans and discounts 1,594 1,630 ,600 (millions of pounds): Govt. loans and securities 737 730 566 Gold 403 403 403 402 Other assets 333 313 235 Foreign exchange and foreign Note and coin issue 1,222 1,346 ,126 clearings 456 485 480 241 Deposits—Government 443 423 373 Loans and discounts 5,05. 5,00 5,052 4,138 Other 316 291 250 Securities 33 33 33 30 Other liabilities and capital 1,35 1,334 ,263 Other assets 264 255 272 237 Central Reserve Bank of Peru (millions Note circulation 3,205 3,125 3,199 2,481 of soles): Deposits—Gold 156 156 156 155 Gold and foreign exchange 225 700 Other 2,038 2,100 2,103 1,792 Net claim on Intl. Fund * 67 67 Other liabilities and capital 81" 797 783 621 Loans and discounts to banks 1,253 801Bank of the Republic of Uruguay (mil- Loans to Government 1,801 ,475 lions of pesos): Sept.)1 N O o th t e e r c a ir s c s u et l s ation 2,5 1 0 2 5 2 ,2 16 5 9 7 G Si o lv ld er 278 28 1 3 0 Deposits 723 705 Advances to State and Govt. Other liabilities and capital 240 250 bodies 285 285 Central Bank of the Philippines Other loans and discounts 634 555 (millions of pesos): Other assets 952 713 Gold 14 13 11 46 Note circulation 550 557 Foreign exchange 210 194 175 310 Deposits—Government 17: 193 Loans 120 11 116 11 Other 393 355 Domestic securities 804 786 785 479 Other liabilities and capital 1,04: 741 Other assets 168 171 168 153Central Bank of Venezuela (millions Circulation—Notes 716 708 745 684 of bolivares): Coin 87 8' 87 86 Gold 1,999 1,999 1,999 1,948 Demand deposits 330 306 241 247 Foreign exchange (net) , 1,791 2,025 2,247 807 Other liabilities and capital 182 179 182 88 Other assets 178 188 202 226 Bank of Portugal (millions of escudos): Note circulation , 1,477 1,510 1,591 1,241 Gold 5,960 C6,116 922 Deposits 713 526 63f 546 Foreign exchange (net) 13,634 13,590 ,808 Other liabilities and capital 1,777 2,176 2,225 1,194 Loans and discounts 1,788 C2,225 National Bank of Federal People's Re- Advances to Government 1,364 cl,364 ^373 public of Yugoslavia (billions of Other assets 2,200 C2,257 ,863 dinars): Note circulation 11,936 12,365 ,235 Gold 4 5 Demand deposits—Government. . 1,789 cl3654 ,622 Gold contribution to Intl. Fund. . 2 2 ECA 19 19 90 Foreign assets 20 38 Other 7,742 c8,058 ,280 Loans (short-term) 788 716 Other liabilities and capital 3,460 C3,455 ,994 Govt. debt (net) 110 53 South African Reserve Bank (millions Other assets 68 33 of pounds): Notes and coin in circulation 126 91 Gold 75 73 77 81 Demand deposits 385 276 Foreign bills 19 28 25 55 Foreign liabilities 70 81 Other bills and loans 72 62 40 30 Long-term liabilities (net) 280 279 Other assets 63 60 56 48 Other liabilities and capital 132 120 D N e o p te o s c i i t r s culation 1 8 1 6 3 1 7 1 9 3 1 5 2 6 0 1 9 1 1 0 Ba ( t m ik i lli f o o n r s o I f n t S e w rn is a s t io g n o a ld l fr S a e n t c tl s e ) m : ents Other liabilities and capital 30 31 22 14 Gold in bars 496 525 505 604 Bank of Spain (millions of pesetas): Cash on hand and with banks.... 42 51 59 39 Gold 618 618 618 617 Rediscountable bills and accept- Silver 319 319 318 323 ances (at cost) 621 586 496 589 Govt. loans and securities 15,563 14,940 14,006 ,191 Time funds at interest 223 197 165 143 Other loans and discounts 59,827 59,424 61,639 ,750 Sundry bills and investments 658 552 596 685 Other assets 66,409 69,271 69,771 ,246 Funds invested in Germany 297 297 297 297 Note circulation 64,739 63,837 66,653 ,530 Other assets 1 1 1 3 Deposits—Government 2,831 3,624 2,384 ,875 Demand deposits—Gold 502 509 553 652 Other 13,216 13,123 12,366 ,414 Other 1,286 1,152 1,018 ,176 Other liabilities and capital 61,949 63,988 64,948 308 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 321 319 317 304 e Corrected. * 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 511 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since Dec. 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 n i m t g ed - 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 - A ti r n g a e 2 n- Chile 2 Cuba2 va S d E a o l l- r 2 In effect Dec. 31,1956. 3.50 3.0 5.0 3.75 4.25 4.00 1.5 5.5 33.92 3.50 8.03 1.5 3.5 4.5 4.5 3.0 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 2.5 4.01 44.00 9.13 June 4.06 July 4.50 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 6.0 5.5 1958—Jan 3.5 4.50 3.50 Feb 3.11 Mar. 31 4.25 4.00 6.0 2.52 In effect Mar. 31,1958. 4.25 5.0 3.5 4.00 5.00 5.00 2.5 6.0 2.52 4.00 9.13. 4.5 6.0 6.0 5.5 4.0 Other selected central banks—rates in effect on Mar. 31, 1958 A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n a tr n y d Rate e M ffe o c n ti t v h e A c r o e u a n 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 Indonesia 2... 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 rates in excess of 6 per cent are applied to rediscounts in excess of 50 per discounts or makes advances against eligible commercial paper and/or cent of the rediscounting bank's capital and reserves; Cuba—4.5 per cent government securities for commercial banks or brokers. For countries for sugar loans and 4 per cent for loans secured by national public with more than one rate applicable to such discounts or advances, the securities; El Salvador—3 per cent for agricultural and industrial paper; rate shown is the one at which the largest proportion of central bank Indonesia—various rates depending on type of paper, collateral, commodcredit operations is understood to be transacted. In certain cases other ity involved, etc.; Costa Rica—5 per cent for paper related to commerrates for these countries are given in the following note. cial transactions (rate shown is for agricultural and industrial paper); 2 Discounts or advances at other rates include: Japan—various rates and Peru—4 per cent for industrial paper and mining paper, and 3 per depending on type of paper or transaction and extent of borrowing from cent for most agricultural paper. central bank, including 8.40 per cent for discount of paper related to do- 3 Since Nov. 1, 1956, the discount rate is set each week at *4 per cent mestic commercial transactions (rate shown is for advances on commercial above the latest average tender rate for Treasury bills. paper and miscellaneous collateral); Argentina—3 and 5 per cent for certain 4 Since May 16, this rate applies to advances against commercial paper rural and industrial paper, depending on type of transaction; Chile— as well as against government securities and other eligible paper. 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 s1 D m a o d y n a - y e t y o 2 - 3 B a m a a c n n c o c k e n e p e t s t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r 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 4H-6V4 1.50 1956 Dec 3 61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 41.4 _6 34 1.50 1957 Mar 3 71 3.65 4.25 4.07 3.55 3.00 4.10 3.61 3.50 1.75 A M p a r y . 3 3 . . 7 7 2 7 3 3 . . 6 7 9 1 4 4 . . 1 0 8 4 4 3 . . 0 8 1 4 3 3 . . 5 4 9 8 3 3 . . 0 0 0 0 4 5 . . 6 1 1 9 3 3. . 5 6 9 3 2 3 . . 8 5 8 0 4Y2-6Y4 1 1 . . 7 7 5 5 June 3 80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 41A—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 5.72 4.64 3.33 534-8 2.50 1958 Jan 3 54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 534-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 534-8 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

512 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 i - a d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r e o a n r n k - e) Basic ential Free 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21.017 1955 20.000 13.333 7.183 222.41 3.8580 1.9905 101.401 20.894 1956 15.556 22.835 222.76 3.8580 2.0030 101.600 20.946 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 1957_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 Aug. 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 Feb., 5.556 2.656 224.36 3.8536 2.0024 101.934 21.078 Mar. 5.556 2.610 224.33 3.8536 2.0041 102.312 21.072 Year or month ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o 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—Mar. .4354 .2855 23.793 20.913 279.30 .2779 32.532 8.006 Apr. .4354 .2855 23.790 20.890 278.89 .2779 32.512 8.006 May .4354 .2856 23.796 20.896 279.10 .2779 32.526 8.006 June .4354 .2855 23.798 20.896 279.02 .2779 32.523 8.006 July. .4354 .2856 23.800 20.884 278.78 .2779 32.495 8.006 Aug. .4354 4.2857 4.2376 23.800 20.844 278.27 .2779 32.431 8.006 Sept. 3.3674 .2858 .2375 23.800 20.858 278.51 .2779 32.448 8.006 Oct.. .3118 .2858 .2375 23.800 20.940 279.98 .2779 32.556 8.006 Nov. .3118 .2858 .2375 23.800 20.951 280.26 .2779 32.580 8.006 Dec. .3118 .2858 .2376 23.799 20.975 280.58 .2779 32.644 8.006 1958—Jan.. .3118 .2858 .2376 23.795 21.050 281.32 .2779 32.769 8.006 Feb.. .3118 .2858 .2375 23.795 21.099 281.57 .2779 32.818 8.006 Mar. .3118 .2858 .2376 23.793 21.086 281.54 .2779 32.811 8.006 Year or month ( e g N r u l e i a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u 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 S fr r w a la n i n t c - d ) ( U K p d n o i o i n u m t n g e d - d ) 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1956 26.113 276.80 14.008 49.676 3.4900 278.52 19.333 23.334 279.57 1957 26.170 276.56 14.008 49.693 3.4900 278.28 19.331 23.330 279.32 1957—Mar. 26.119 276.54 14.008 49.695 3.4900 278.26 19.333 23.318 279.30 Apr. 26.137 276.12 14.008 49.695 3.4900 277.84 19.333 23.329 278.89 May 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23.335 279.10 June 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 July. 26.121 276.02 14.008 49.695 3.4900 277.74 19.333 23.332 278.78 Aug. 26.103 275.52 14.008 49.695 3.4900 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 Feb. 26.367 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 Mar. 26.378 278.75 14.008 49.695 3.4900 280.49 2.3810 19.328 23.335 281.54 1 Official rate. The basic and preferential rates were discontinued and 4 On Aug. 12, 1957, the French authorities established an effective rate the new official rate of 18 pesos per U. S. dollar became effective Oct. of 420 francs per U. S. dollar applicable to most foreign exchange transac- 28, 1955. tions. Since Oct. 28, 1957, this rate has applied to all foreign exchange 2 New free market rate became effective Oct. 28, 1955. transactions. The official rate remains at 350 francs per U. S. dollar. 3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 5 Based on quotations beginning Jan. 2, 1958. 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 GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary M. B. DANIELS, 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 DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director 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 DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 513 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN • APRIL 1958 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C CANBY BALDERSTON HUGH LEACH CHAS. N. SHEPARDSON W. D. FULTON H. N. MANGELS M. S. SZYMCZAK WATROUS H. IRONS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary H. V. ROELSE, Associate Economist HOWARD H. HACKLEY, General Counsel CHARLS E. WALKER, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO, ADRIAN M. MASSIE, NEW YORK Vice President CASIMIR A. SlENKIEWICZ, PHILADELPHIA WlLLIAM A. MCDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIB LEY, 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 515 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 Karl R. Bopp, President Robert N. Hilkert, First Vice President Vice Presidents David P. Eastburn E. C. Hill P. M. Poorman Murdoch K. Goodwin 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 Clyde 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

516 FEDERAL RESERVE BULLETIN • APRIL 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, Chairman 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 517 District 6—FEDERAL RESERVE BANK OF ATLANTA-Co-tiiiued 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. Satterfield, Jn 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

518 FEDERAL RESERVE BULLETIN • APRIL 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 John M. Otten O. M. Jorgenson Carl McFarland, Chairman 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 519 District 10—FEDERAL RESERVE BANK OF KANSAS CTTY-Conflmied 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

520 FEDERAL RESERVE BULLETIN • APRIL 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

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1447-50 of the December 1957 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND THE FEDERAL RESERVE ACT, as amended through FUNCTIONS. April 1954. 208 pages. December 31, 1956, with an Appendix containing provisions of certain other statutes af- ANNUAL REPORT OF THE BOARD OF GOVERNORS fecting the Federal Reserve System. 385 pages. OF THE FEDERAL RESERVE SYSTEM. $1.00. FEDERAL RESERVE BULLETIN. Monthly. Subscription price in the United States and its pos- FLOW OF FUNDS IN THE UNITED STATES, 1939-53. A new accounting record designed to picture sessions, Bolivia, Canada, Chile, Colombia, the flow of funds through the major sectors of Costa Rica, Cuba, Dominican Republic, Ecuathe national economy. December 1955. 390 dor, Guatemala, Haiti, Republic of Honduras, pages. $2.75. Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 THE DEVELOPMENT OF BANK DEBITS AND CLEARper annum or 60 cents per copy; elsewhere INGS AND THEIR USE IN ECONOMIC ANALYSIS. $7.00 per annum or 70 cents per copy. Group January 1952. 175 pages. 25 cents per copy; subscriptions in the United States for 10 or in quantities of 10 or more copies for single more copies to one address, 50 cents per copy shipment, 15 cents each. per month, or $5.00 for 12 months. A STATISTICAL STUDY OF REGULATION V LOANS. FEDERAL RESERVE CHART BOOK ON FINANCIAL September 1950. 74 pages. 25 cents per copy; AND BUSINESS STATISTICS. Monthly. Annual in quantities of 10 or more copies for single subscription includes one issue of Historical shipment, 15 cents each. Supplement. Subscription price in the United States and the countries listed above is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum, 60 cents per copy, or 50 cents each banking, monetary, and other financial developin quantities of 10 or more of a particular ments. November 1943. 979 pages. $1.50. issue for single shipment; elsewhere $7.00 per annum or 70 cents each. RULES OF ORGANIZATION AND RULES OF PROCE- DURE—Board of Governors of the Federal Re- HISTORICAL SUPPLEMENT TO FEDERAL RESERVE serve System. 1946. 31 pages. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- REGULATIONS OF THE BOARD OF GOVERNORS OF cludes one issue of Supplement. In the United THE FEDERAL RESERVE SYSTEM. States and countries listed above under Federal Reserve Bulletin, single copies 60 cents each or ADMINISTRATIVE INTERPRETATIONS OF REGULAin quantities of 10 or more for single shipment TION F—SECTION 17—COMMON TRUST FUNDS. 50 cents each; elsewhere 70 cents each. 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, £>. C. 521 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL RESERVE BULLETIN • APRIL 1958 REPRINTS UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. {From Federal Reserve Bulletin unless preceded by an asterisk) 1957 SURVEY OF CONSUMER FINANCES. March, June, and August 1957. 54 pages. (Similar THE MONETARY SYSTEM OF THE UNITED STATES. Surveys are available for earlier years from February 1953. 16 pages. 1952, 1953, 1954, 1955, and 1956 BULLETINS.) INFLUENCE OF CREDIT AND MONETARY MEASURES SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. ON ECONOMIC STABILITY. March 1953. 16 April 1957. 20 pages. pages. SURVEY OF FINANCE COMPANIES, MID-1955. FEDERAL FINANCIAL MEASURES FOR ECONOMIC April 1957. 17 pages. STABILITY. May 1953. 7 pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. * DETAILED DESCRIPTION OF SOURCES AND METH- 6 pages. ODS USED IN REVISION OF SHORT- AND INTER- SURVEY OF COMMON TRUST FUNDS, 1956. June MEDIATE-TERM CONSUMER CREDIT STATISTICS. 1957. 6 pages. (Also, similar reprint from April 1953. 25 pages. August 1956 BULLETIN.) DEPARTMENT STORE SALES AND STOCKS, BY INTEREST RATES IN LEADING COUNTRIES. August MAJOR DEPARTMENTS (Revised Indexes). No- 1957. 7 pages. vember 1953. 65 pages. WINNING THE BATTLE AGAINST INFLATION. Au- FEDERAL RESERVE MONTHLY INDEX OF INDUSgust 1957. 12 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. WORLD PAYMENTS STRESSES IN 1956-57. October 1957. 8 pages. NEW INDEXES OF OUTPUT OF CONSUMER DU- RABLE GOODS. May 1954. 15 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BANKING AND MONETARY STATISTICS, 1957. (Se- BANKS. March 1955. 4 pages. lected series of banking and monetary statistics A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- for 1957 only) February 1958. 7 pages. (Simi- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- lar reprints of 1954, 1955, and 1956 data, ber 1955. 40 pages. February and May 1955, February and May 1956, and February and May 1957 BULLETINS.) SURVEY OF BANK LOANS FOR COMMERCIAL AND INDUSTRIAL PURPOSES. Business Loans of BANK CREDIT AND MONEY IN 1957. February Member Banks. April 1956. 14 pages. Credit 1958. 9 pages. (Also, similar reprint from Lines and Minimum Balance Requirements. July 1957 BULLETIN.) June 1956. 7 pages. (Reprints on a similar Survey are available from March, May, June, SEASONAL FACTORS AFFECTING BANK RESERVES. February 1958. 12 pages. July, and August 1947 BULLETINS.) FINANCING OF LARGE CORPORATIONS, 1951-55 INTERNATIONAL GOLD AND DOLLAR FLOWS. March 1958. 7 pages. June 1956. 9 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- 1958 SURVEY OF CONSUMER FINANCES. PRELIMItober 1956. 24 pages. (Also similar reprint NARY FINDINGS. March 1958. 4 pages. from April 1953 BULLETIN.) MEMBER BANK LENDING TO SMALL BUSINESS, 1955-57. April 1958. 19 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. October 1956. 15 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1958. 10 pages. AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- GROWTH AND STRUCTURE OF TIME DEPOSITS. LETINS. 52 pages. April 1958. 5 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 456, 457 Demand deposits—Continued Agricultural loans of commercial banks, 452, 454 Banks, by classes, 449, 455 Agriculture, Govt. agency loans, 460, 461 Type of holder, at commercial banks, 453 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 487 Banks and the monetary system, consoli- Sales and stocks, 476, 486 dated, 448 Deposits (See also specific types of deposits): Corporate, current, 468 Adjusted, and currency, 448 Domestic banks, by classes, 449, 452, 454 Banks, by classes, 449, 453, 455 Federal business-type activities, by fund or Federal Reserve Banks, 443, 444, 502 activity, 460, 461 Postal savings, 448 Federal Reserve Banks, 443, 444 Turnover of, 446 Foreign central banks, 506 Deposits, reserves, and borrowings, by class of Automobiles: member bank, 441 Consumer instalment credit, 472, 473, 474 Discount rates, 442, 511 Production index, 478, 482 Discounts and advances by Federal Reserve Banks, 439, 443 Bankers' balances, 453, 455 Dividends, corporate, 467, 468 (See also Foreign liabilities and claims reported Dollar assets, foreign, 502, 503 by banks) Dwellings units started, 483 Banks and branches, number, by class and State, 492 Banks and the monetary system, consolidated state- Earnings and hours, manufacturing indusment, 448 tries, 476, 485 Bonds (See also U. S. Govt. Securities): Employment, 476, 484, 485 New issues, 466, 468 Export-Import Bank, loans, etc., 460, 461 Prices and yields, 457, 458 Brokers and dealers in securities, bank Farm mortgage loans, 460, 469, 470 loans to, 452, 454 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equip- by fund or activity, 460, 461 ment, 468 Federal Deposit Insurance Corporation, Business indexes, 476 assets, etc., 460, 461 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 462 Capital accounts: Receipts and expenditures, 455 Banks, by classes, 449, 453, 455 Treasurer's balance, 462 Federal Reserve Banks, 443, 444 Federal home loan banks, loans, etc., 460, 461, 471 Carloadings, 476 Federal Housing Administration, loans, etc., 460, Central banks, foreign, 504, 506, 511 461, 469, 470, 471 Coins, circulation of, 447 Federal National Mortgage Association, Commercial banks: loans, etc., 460, 461, 471 Assets and liabilities, 449, 452 Federal Reserve Banks: Consumer loans held, by type, 473 Condition statement, 443, 444 Number, by classes, 449, 492 U. S. Govt. securities held by, 439, 443, 444, Real estate mortgages held, by type, 469 464, 465 Commercial and industrial loans: Federal Reserve Credit, 439, 443, 444 Commercial banks, 452 Federal Reserve notes, 443, 444, 445, 447 Weekly reporting member banks, 454, 456 Finance company paper, 456, 457 Commercial paper, 456, 457 Foreign central banks, 504, 506, 511 Commodity Credit Corporation, Foreign deposits in U. S. Banks, 439, 443, 444, loans, etc., 460, 461 448, 453, 455 Condition statements (See Assets and liabilities) Foreign exchange rates, 512 Construction, 476, 482, 483 Foreign liabilities and claims reported by Consumer credit: banks, 498, 500, 502 Instalment credit, 472, 473, 474, 475 Foreign trade, 487 Major parts, 472, 474 Noninstalment credit, by holder, 473 Gold: Consumer durable goods output indexes, 482, 495 Earmarked, 503 Consumer price indexes, 476, 488 Net purchases by U. S., 503 Consumption expenditures, 490, 491 Production, 502, 503 Corporate sales, profits, taxes, and Reserves of central banks and governdividends, 467, 468 ments, 504 Corporate security issues, 466, 468 Reserves of foreign countries and international Corporate security prices and yields, 457, 458 institutions, 505 Cost of living (See Consumer price indexes) Stock, 439, 448, 503 Currency in circulation, 439, 447 Gold certificates, 443, 444, 445, 447 Customer credit, stock market, 458 Govt. debt (See U. S. Govt. securities) Gross national product, 490, 491 Debits to deposit accounts, 446 Demand deposits: Home owners, Govt. agency loans, 460, 461 Adjusted, banks and the monetary system, 448 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 453 tries, 476, 485 523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN • APRIL 1958 Industrial advances by Federal Reserve Real estate loans: Banks, 443, 444, 445, 446 Commercial banks, 452, 454, 469 Industrial production indexes, 476, 477, 482, 494 Type of mortgage holder, 469, 470, 471 Instalment loans, 472, 473, 474, 475 Type of property mortgaged, 469, 470, 471 Insurance companies, 459, 464, 465, 470 Regulation V, loan guarantees, 445, 446 Insured commercial banks, 451, 452, 492 Reserve requirements, member banks, 442 Interbank deposits, 449, 453, 455 Reserves: Interest rates: Commercial banks, 453 Bond yields, 457 Federal Reserve Banks, 443, 444 Business loans by banks, 457 Foreign central banks and governments, 504 Federal Reserve rates, 442, 446 Foreign countries and international institu- Foreign countries, 511 tions, 505 Open market, 457, 511 Member banks, 439, 441, 443, 444, 453, 455 Regulation V loans, 446 Residential mortgage loans, 469, 470, 471 Stock yields, 457 International capital transactions of the U. S., 498 Sales finance companies, consumer International financial institutions, 504, 505, 506 loans of, 472, 473, 475 Inventories, 491 Savings, 490 Investments (See also specific types of investments): Savings deposits (See Time deposits) Banks, by classes, 449, 452, 454 Savings institutions, principal assets, 459 Federal Reserve Banks, 443, 444 Savings and loan associations, 459, 460 Govt. agencies, etc., 460, 461 Securities, international transactions, 501, 502 Life insurance companies, 459 Security issues, 466, 468 Savings and loan associations, 459 Silver coin and silver certificates, 447 State member banks, 451, 492 State and municipal securities: Labor force, 484 New issues, 466 Loans (See also specific types of loans): Prices and yields, 457, 458 Banks, by classes, 449, 452, 454 States and political subdivisions: Federal Reserve Banks, 439, 441, 443, 444, Deposits of, 453, 455 445, 446 Holdings of U. S. Govt. securities, 464 Govt. agencies, etc., 460, 461 Ownership of obligations of, 452, 459 Insurance companies, 459, 470 Stock market credit, 458 Sayings and loan associations, 459, 470 Stocks: Loans insured or guaranteed, 445, 469, 470, 471 New issues, 466 Prices and yields, 457, 458 Manufacturers, production indexes, 476, 477, 482 Tax receipts, Federal, 463 Margin requirements, 442 Time deposits, 441, 448, 449, 453, 455 Member banks: Treasurer's account balance, 462 Assets and liabilities, by classes, 449, 452 Treasury cash, 439, 448 Borrowings at Federal Reserve Banks, 439, 441 Treasury currency, 439, 447, 448 Deposits and reserves, by classes, 441 Treasury deposits, 439, 443, 444, 462 Number, by classes, 449, 492 Reserve requirements, by classes, 442 Unemployment, 484 Reserves and related items, 439 U. S. Govt. balances: Weekly reporting series, 454 Commercial bank holdings, Minerals, production indexes, 476, 477 by classes, 453, 455 Money rates (See Interest rates) Consolidated monetary statement, 448 Mortgages (See Real estate loans) Treasury deposits at Federal Reserve Mutual savings banks, 448, 449, 451, 464, 465, Banks, 439, 443, 444, 462 469, 492 U. S. Govt. securities: Bank holdings, 448, 449, 452, 454, 464, 465 Federal Reserve Bank holdings, 439, 443, National banks, 451, 492 444, 464, 465 National income, 490 Foreign and international holdings, 505 National security expenditures, 463, 491 International transactions, 501 Nonmember banks, 443, 451, 452, 492 New issues, gross proceeds, 466 Outstanding, by type of security, 464, 465 Ownership of, 464, 465 Payrolls, manufacturing, index, 476 Personal income, 491 Prices and yields, 457, 458 Postal Savings System, 448 United States notes, outstanding and in circula- Prices: tion, 447 Utility output index, 481, 495 Consumer, 476, 488 Security, 458 Veterans Administration, loans, etc., 460, 461, Wholesale commodity, 476, 488 469, 470, 471 Production, 476, 477, 481, 482, 494, 495 Profits, corporate, 467, 468 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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