Federal Reserve Bulletin, 1958-05

FEDERAL RESERVE B U LLETIN May 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 Recession in the Labor Market 525 Ownership of Demand Deposits 532 Survey of Common Trust Funds, 1957 535 The Battle against Recession 540 Law Department 547 Current Events and Announcements 549 National Summary of Business Conditions 550 Financial and Business Statistics, U. S. (Contents on p. 553) 555 International Financial Statistics (Contents on p. 613) 614 Board of Governors and Staff 629 Open Market Committee and Staff; Federal Advisory Council 630 Federal Reserve Banks and Branches 630 Federal Reserve Board Publications 637 Index to Statistical Tables 639 Map of Federal Reserve System Inside back cover Volume 44 Number 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

EMPLOYMENT HAS BEEN DECLINING and unemployment rising since the recession in CIVILIAN LABOR FORCE Millions of pertoni business activity began early last autumn. 70 The rise in unemployment has been sharp, reflecting somewhat larger than usual growth r - 68 LABOR FORCE in the labor force as well as contraction in J 66 employment opportunities. In April the number of persons unemployed exceeded \ -: 64 j EMPLOYMENT 5 million, almost double the number last 62 autumn. Increased unemployment, although widespread, has been most serious in min- 1 1 i I 1 60 ing areas and in areas where production of 6 durable goods is of major importance. Nonfarm employment has declined more - r UNEMPLOYMENT 4 / "; in this recession than it did in either the ^ ^^ ^^"^^ 1948-49 or the 1953-54 periods of cyclical j 2 contraction. In addition to larger reduc- 1 i 1 1 i 0 tions in manufacturing, there has been 1952 1954 1956 195S significant easing in some nonmanufacturing lines that maintained employment in the NOTE.—Bureau of Census data adjusted for seasonal variation. Latest figures are for April. earlier recessions. In recent weeks the rate of decline in employment has moderated followed a period of steady expansion which and claims for unemployment compensa- brought nonfarm employment to a record tion, although at a high level, have gone high in August 1957 and resulted in sharp down about seasonally. advances in wage rates in most occupations. Incomes of many employed workers have During this period of expansion, which bedeclined despite further advances in wage gan in early 1955, unemployment remained rates. The average workweek has been low and industry absorbed exceptionally shortened, overtime work at premium rates large additions to the labor force. has been eliminated or sharply curtailed, and the number of workers on part time has in- CHANGES IN THE LABOR FORCE creased greatly. Moreover, the purchasing The sustained growth and major structural power of all incomes, including wages and changes characteristic of the labor force in salaries, has been further reduced by con- the past decade have been continuing. The tinued increases in consumer prices. importance of women as gainful workers has Current recession in the labor market has continued to grow; service and government 525 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

526 FEDERAL RESERVE BULLETIN • MAY 1958 activities have come to employ a larger pro- Among men, loss of jobs rather than exportion of all employees and industrial ac- pansion of the labor force has accounted for tivities a smaller proportion; the ratio of the bulk of the rise in unemployment. Male salaried workers to wage workers in manu- unemployment in April, at 3.5 million, was facturing industries has risen almost without double a year earlier. It was heaviest for interruption; and the number of workers on men 20 to 34 years of age, who are usually farms has declined further. among the first to be laid off because of In April 1958 the civilian labor force, lower average skill ratings and lower seniorexcluding the armed forces, totaled 68 mil- ity. Men under 35 years of age have a high lion persons, 7.5 million more than in 1948. propensity to buy homes, cars, and other In the past year about one million persons durable goods on credit, and their unemwere added to the labor force, a much larger ployment has a particularly adverse effect on increase than in the preceding year. total demand for consumer durable goods. Over two-thirds of the rise in the labor The sharp rise in unemployment for men 20 force during the past year has been ac- to 24 years of age may have been a factor counted for by women, especially married in the decline in the marriage rate that began women in the 35-54 age group with children last autumn. of school age. This unusually high rate of Among women, the increase in unemployentry reflects in part efforts to supplement ment has resulted entirely from expansion of reduced family incomes. About 36 per the labor force. The number of women emcent of all women of working age were in ployed in April 1958 was the same as a year the labor force in April, a record proportion. earlier. The increase in unemployment was The proportion of the male population of above average for women between 35 and working age that is in the labor force has 65 years of age, and was highest for those declined somewhat from year-ago levels, 45 to 54 years of age, as the chart on the primarily because the downward trends in opposite page shows. participation rates among teen-agers and The unemployment rate exceeded 10 per older men have persisted. Curtailment of cent in April in the construction, mining, and job opportunities has tended to limit part- manufacturing industries. It has risen from time work for students and expanded social 5 to 11 per cent in manufacturing and from security and private pension plans have 5 to 13 per cent in mining since last year. facilitated the withdrawal of older men. One in six construction workers was unemployed in April 1958. This was the highest UNEMPLOYMENT unemployment rate for any major industry Unemployment started to rise last autumn but the increase from a year earlier was and increased sharply to record postwar less than that in many other industries. Unlevels during the winter and spring. In employment rates among service and gov- April unemployment totaled 5.1 million, 2.4 ernment workers have been relatively low. million higher than a year earlier, and was This year the supply of labor has exat a seasonally adjusted rate of 7.5 per cent ceeded demand in all of the 149 major labor of the civilian labor force compared with 4 market areas and in May about half of them per cent in April 1957. The rate was higher were classified as having a substantial labor for men than for women. surplus. Mining areas and centers pro- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECESSION IN THE LABOR MARKET 527 ducing hard goods have had the largest in- receiving unemployment compensation benecreases in surplus labor. In major areas fits under State, veterans, and railroad insuch as Scranton, Detroit, South Bend, Flint, surance programs. In recent months an Youngstown, and Buffalo, unemployment increasing number of persons have exhausted rates are currently very high. They are be- their benefit rights. The number during low the national average in Washington, April was 230,000 compared with 115,000 D. C, Columbus, Dallas, New Orleans, Des in the same month last year. Moines, and Los Angeles. Unemployment benefits have recently Duration of unemployment provides addi- averaged about $30.50 a week compared tional insight into labor market conditions. with weekly earnings slightly over $80 in The number of persons who have been seek- manufacturing. Benefits have risen commening work for 15 weeks or over has much surately with weekly earnings since 1949. more than doubled in 12 months and in April was sharply above that for any month EMPLOYMENT in the preceding postwar recessions. This Nonfarm employment began to decline last high level indicates the persistently low hir- autumn when layoffs accelerated in manuing rates prevailing throughout industry. facturing and spread to many nonmanufac- On the other hand, a slight decline since turing lines. The reduction in employment February in the number of persons who have and in hours of work has been larger and been seeking work for no longer than 4 more widespread among industries than in weeks may indicate that layoffs have be- the previous postwar recessions. In April come less frequent and that seasonally ad- employment in nonfarm establishments, at justed unemployment may be leveling off. 50.6 million seasonally adjusted, was 4 per Early in May 3.5 million persons were cent below its record level in August. ASPECTS OF UNEMPLOYMENT — AFRIL 1957 AND i9se DURATION—In w«eks AGE GROUPS —12-month change INDUSTRY —Rotes APRIL ItSI CONSTRUCTION 1 APRIL 1151 APRIL 1457 1 1 le 4 ? , *5' 1] MINING APRIL 1*57 MANUFACTURING I u 5 to 14 TRADE 1 TRANSPORTATION 1 15 I SERVICES AND OVER p GOVERNMENT | 1 1 1 1 1 1 0 .8 16 0 5 10 15 20 Millions' of perso NOTE.—Bureau of Census data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN • MAY 1958 Manufacturing. Manufacturing activities Employment and hours of work were reemploy 30 per cent of the workers in non- duced in this period in all major manufacfarm establishments but have accounted for turing industries. Cuts were heaviest in 70 per cent of the decline in employment durable goods lines, however, where employsince autumn. Curtailment in manufactur- ment was off more than 15 per cent in maing in this period has reflected mainly a shift chinery and primary metals, and more than from accumulation to rapid liquidation of 30 per cent in automobiles. Layoffs in business inventories and reduced outlays for April in many durable goods activities, while durable goods on the part of producers and still sizable, appeared to be tapering off. consumers. In April manufacturing employ- In aircraft employment has declined only ment, at 15.2 million, was 1.6 million or 10 slightly since February. In the automobile per cent below August 1957, as the table and related industries, on the other hand, shows. Employment in manufacturing be- the small volume of sales has continued to gan to decline somewhat earlier than em- depress production and employment. ployment in other industries and was drift- As in previous recessions, reductions in ing downward after late 1956. employment have been smaller in nondur- With the workweek shortened, man-hours able goods than in durable goods industries. in factory production were down 18 per In soft-goods lines the reductions have been cent from December 1956 to April 1958. relatively large in textiles, rubber, leather, and apparel, and small in printing, paper, petroleum, and chemicals. Throughout the EMPLOYEES IN NONAGRICULTURAL postwar period, nondurable goods employ- ESTABLISHMENTS ment has been comparatively stable in re- [In thousands of persons] cessions and has shown only moderate growth in periods of expansion. Increase, or decrease (—), April 1958 from: Nonproduction workers in manufacturing Industry April division 1958 industries have continued to grow in rela- Aug. Dec. June tive importance. Their number increased 1957 1956 1953 by one-half million between mid-1953 and Total 50,579 -2,265 -1,962 685 August 1957, while that of production workers declined by more than a million. Since Manufacturing 15,234 -1,602 -1,872 -2,239 Durable 8,532 -1,312 -1,503 -1,743 August only a small number of nonproduc- Nondurable 6,702 -290 -369 -496 tion workers have been laid off. Nonmanufacturing... 35,345 -663 -90 2,924 Nonproduction workers now represent Mining 774 -79 -59 -80 Contract construc- nearly one-fourth of all workers in manution 2,893 -139 -181 295 Transportation. . . 2,514 -248 -255 -397 facturing compared with one-sixth a decade Public utilities 1,388 -34 -12 61 ago. The employment and cost structure in Trade 11,335 -334 -73 798 Finance 2,355 1 35 326 manufacturing has consequently become less Service 6,539 62 180 993 flexible, since employers tend to maintain Government 7,547 108 275 928 such staffs during periods of declining out- Federal 2,164 -70 -53 -151 State and local.. 5,383 178 328 1,079 put. Since 1950 the upward trend in nonproduction workers has reflected substantial NOTE.—Bureau of Labor Statistics data adjusted for seasonal hiring of professional workers, particularly variation. Self-employed and domestic servants are excluded. April 1958 figures are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECESSION IN THE LABOR MARKET 529 scientists, engineers, and other technical personnel. It has been associated with high N0NA6IICULTUIAL EMPIOYMENT levels of fixed investment, expanded research Millions of persons NONMANUFACTUKING and development programs, and changes in skill requirements dictated by the use of more complex production equipment. - 34 Nonmanufacturing. Nonmanufacturing activities currently employ over 35 million 32 workers and provide about 70 per cent of all nonfarm jobs. In recent years such ac- •v 1 1 1 1 1 ! 30 tivities have been a major impetus for ex- 12 MANUFACTURING pansion in employment, accounting for a rise of more than 3.5 million jobs between DURABLE - 10 mid-1953 and mid-1957, as the chart shows. The number of manufacturing workers de- V ^^ \ clined more than half a million during this NONDURABLE period. 1 1 1 1 if In preceding postwar recessions, non- 1952 1954 1956 1958 manufacturing activities were a source of employment stability, particularly in 1953- NOTE.—Bureau of Labor Statistics data adjusted for seasonal variation. Latest figures are for April. 54 when there was a marked expansion of employment in services and State and local ment declined during the fall months as a regovernment. Substantial reductions in the sult of curtailments in defense expenditures, earlier downturns were mainly in railroads but it now appears to have stabilized. State and mining, activities closely related to the and local governments have continued to exlevel of manufacturing production. Since pand employment without interruption. last August, however, seasonally adjusted Hours. The length of the workweek in nonmanufacturing employment has been re- nonfarm industries has been reduced sharply duced by almost 700,000 or 2 per cent. since last autumn, reflecting cuts in overtime Construction employment declined grad- hours at premium rates of pay and an inually through last summer and autumn, and crease in part-time work as an alternative then dropped sharply during midwinter, to additional layoffs. In April 3.7 million partly because of unusually inclement workers were employed less than 35 hours weather. There has since been some re- a week for economic reasons compared with covery, but in April such employment was 2.2 million a year earlier. still 5 per cent lower than a year earlier. In manufacturing the workweek has Trade employment, at 11.3 million in April, changed little in recent months, but at 38.3 was down almost 350,000 from its 1957 hours in April it was one and one-half hours peak, a much sharper drop than in the ear- shorter than a year earlier and at a low lier postwar recessions. for the postwar period. The workweek has Service employment rose slightly in the been reduced substantially in both durable last quarter of 1957, but has since shown and nondurable goods industries. The larglittle change. Federal Government employ- est reductions have been for workers in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 FEDERAL RESERVE BULLETIN • MAY 1958 metals, machinery, textiles, rubber, and leather. In the automobile and some other WEEKLY EARNINGS IN MANUFACTURING Dellori industries there has been a recent tendency 90 to couple a standard 40-hour week with occasional plant shutdowns as an alternative CURRENT DOLLARS to further shortening of the workweek. WAGES AND EARNINGS Wage rates have continued to advance during the recession, but more slowly and se- 70 lectively than earlier. In manufacturing ,'' 1947-49 DOLLARS wage-rate increases over the past year have been more than offset by a shorter work- 60 week, curtailment of overtime and other premium payments, and some downgrading of positions so that weekly earnings in April, SO at $80.81, were 78 cents lower than a year 1952 1954 1956 195$ earlier. Average hourly earnings of $2.11 NOTE.—Bureau of Labor Statistics data for average weekly were 6 cents or 3 per cent higher than last earnings shown quarterly for 1952-57 and monthly for 1958. Earnings in 1947-49 dollars obtained by adjusting weekly earn- April and unchanged from last November. ings for changes in consumer prices. Latest figures are for April. In each of the two preceding years the increase was about 5 per cent. hours, were lower in construction, mining, Purchasing power has been further re- and some service industries. duced by the continued rise in consumer After rising rapidly in 1955 and 1956, prices, especially for food and services. In wage and salary payments advanced only April the consumer price index was esti- slightly during the first three quarters of mated to be 3.5 per cent higher than a year 1957 and then turned sharply downward. earlier and 2 per cent above August 1957. The total in April 1958, at an annual rate Real weekly earnings in manufacturing have of $233 billion, was $8 billion or almost 4 been declining since late 1956, as the chart per cent lower than in August. This was a shows, and in April were about 5 per cent larger decline than in either of the two prelower than a year earlier. ceding recessions. Nonmanufacturing activities have been Loss of wages has been tempered someless affected by the recession than manufac- what by increases in transfer payments and turing activities, and increases in earnings farm income. Unemployment compensahave generally been larger. Hourly earnings tion has offset about one-fourth of the total in April averaged between 4 and 6 per cent loss in wages and salaries. Payments under higher than a year earlier in trade, communi- the Old Age and Survivors Insurance procations, construction, and utilities. Weekly gram have also increased. As a result total earnings were higher than a year ago in personal income in April, at an annual rate trade, utilities, and State and local govern- of $343 billion, was only $4.5 billion or ment but, reflecting sharp reductions in less than 2 per cent below August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECESSION IN THE LABOR MARKET 531 COLLECTIVE BARGAINING Workers in the steel industry received a Negotiated increases in wages were much semiannual cost-of-living adjustment of 5 smaller during the 1948-49 and 1953-54 cents an hour in January and are scheduled recessions than in other postwar years. for a rate increase of slightly more than 9 Average hourly earnings in manufacturing cents, together with a liberalization of prerose only one cent during the 1948-49 down- mium payments, in July. In the recession turn and 3 cents in 1953-54. Collective year 1954 a collective bargaining agreement bargaining this year, as in the earlier reces- in steel provided for a wage increase of 5 sion years, has reflected intensified competi- cents an hour and an extension of fringe tive conditions, reductions in sales and benefits. In railroads, most workers reprofits, and higher levels of unemployment. ceived a cost-of-living adjustment of 4 cents In the current recession two additional in- in April and are scheduled for a wage-rate fluences are present: consumer prices are increase of 7 cents in November. continuing to rise, and more workers are Wage settlements in recent months have covered by long-term contracts negotiated reflected divergent trends. Wage-rate inwhen market conditions were more buoyant. creases have been negotiated in women's ap- A large number of workers, mostly in parel, trucking, aircraft, and construction. metal-working, meat-packing, construction, In contrast, such industries as lumber, coal and railroads, will receive automatic wage mining, New England textiles, and men's increases and cost-of-living adjustments in apparel have renewed or extended con- 1958 on the basis of contracts negotiated in tracts without provision for wage increases. earlier years. The number will be smaller Negotiations are currently proceeding in the than in 1957, when it was 5 million, because automobile industry and important contracts of reduced employment and renegotiation of in the machinery, oil, communications, major contracts in autos, aircraft, and other maritime, and other industries will expire industries. this summer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEMAND DEPOSITS of individuals, part- substantial declines in deposits of foreigners nerships, and corporations at insured com- and of trust departments of banks, which mercial banks declined $2.4 billion or some- are of limited significance, the only large what more than 2 per cent in the year reduction during this period was in holdings ending January 29, 1958, according to of financial businesses, particularly corporaestimates based on the Federal Reserve tions. Declines in the holdings of other System's most recent Survey of Demand groups were moderate. For noncorporate Deposit Ownership. This was the first de- nonfinancial businesses and nonprofit orcline in such deposits since the January 1949 ganizations, deposits rose 4 and 10 per cent, Survey. It contrasts strongly with the rec- respectively. Changes in number of acord peacetime growth of $5 billion or more counts also were moderate for most groups. than 10 per cent in time deposits at these Although the decline in total demand debanks during the recent 12-month period. posits reflected the credit restraint in effect During most of 1957 demand deposit during most of 1957 and the change in ecogrowth was held in check by restrictive nomic climate toward the year-end, changes monetary policy. Although this policy was in holdings of some groups appear attributareversed in the latter part of the year, deble mainly to factors unique to their own mand deposits did not respond immediately economic situations. For nonprofit organito the expansionary influences of the ensuzations the increase apparently represents a ing monetary ease and actually declined on continuation of the strong rising trend noted a seasonally adjusted basis in late 1957 in other years covered by the Survey. For and January 1958. farm operators, on the other hand, the de- Despite the reduction in volume of declines in number of accounts and in deposit mand deposits, the number of accounts held holdings appear to reflect the persistent reby individuals, partnerships, and corporaduction in the number of farm units. In the tions increased about 3 per cent in the year year ending January 1958, however, imending January 1958. This reflected largely provement in farm prices and income may growth of 1.5 million in the number of achave moderated the decline in deposits of counts of individuals. farm operators. OWNERSHIP GROUPS The decline in personal deposits of in- All ownership groups except nonprofit or- dividuals from January 1957 through Januganizations and noncorporate nonfinancial ary 1958 and the substantial increases in businesses shared in the decline in demand savings deposits and savings and loan shares deposits, as Table 1 shows. Apart from the in this period suggest that individuals shifted some liquid funds from demand deposits NOTE.—This article was prepared by Edward P. into interest-bearing forms of liquid savings Snyder of the Board's Division of Research and Statistics. under the influence of the generally high 532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OWNERSHIP OF DEMAND DEPOSITS 533 and rising levels of interest rates prevailing demand deposit balances declined one per throughout most of 1957. Effects of higher cent between the 1957 and 1958 Survey interest rates on these types of liquid savings dates, while noncorporate balances rose 4 were also evident in the reductions in per cent; the decline for corporations may amounts of savings bonds outstanding and have reflected some shift into time deposits. in amounts held in postal savings, two types Demand deposits of all nonfinancial busiof savings on which interest rates were not nesses, however, showed almost no change. increased during the year. This would seem to indicate that by the For financial businesses the decline in de- end of January recession in business acmand deposits may reflect not only shifts in tivity had affected the cash balances of funds but also the more economical use of these companies very little. deposits induced by higher interest rates. In view of the uneven impact of recession The substantial growth during 1957 in on various lines of business, however, it is demand deposit turnover at banks in finan- probable that some businesses may have incial centers, particularly New York City, creased their cash balances automatically as suggests that financial businesses, in the face payrolls declined and inventories and reof higher costs for money, were endeavoring ceivables were liquidated, while others may to economize on cash balances and so were have increased such balances because of unusing available balances much more actively. certainty about future developments. Other Among nonfinancial businesses, corporate businesses may have reduced their balances TABLE 1 DEMAND DEPOSIT ACCOUNTS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS JANUARY 29, 1958 [Estimates for insured commercial banks] Number Amount Increase, or Increase, or Jan. 29, 1958 decrease (—), Jan. 29, 1958 decrease (—), Type of holder from Jan. 30, 1957 from Jan. 30, 1957 Percent- Billions Percent- Billions Millions age dis- Millions Per cent of age dis- of Per cent tribution dollars tribution dollars All holders. 53.7 100.0 1.5 2.9 101.9 100.0 -2.4 -2.3 Domestic business. 5.5 10.3 0.1 1.0 60.5 59.4 -1.0 -1.5 Corporate 1.8 3.4 0) 0.6 46.3 45.4 -1.3 -2.8 3.7 6.9 0) 1.2 14.2 13.9 0.4 2.8 Noncorporate. Financial business 0.7 1.2 -0.1 -8.9 10.2 10.0 -1.0 -9.2 Corporate 0.3 0.6 -7.3 7.9 7.7 -0.9 -10.6 Noncorporate. 0.4 0.7 8 -10.3 2.3 2.2 -0.1 -3.7 Nonfinancial business., 4.9 9.1 2.5 50.4 49.4 0.1 0.1 Corporate 1.5 2.8 o.i 2.3 38.4 37.7 -0.4 -1.0 Noncorporate., 3.4 6.3 0) 2.5 12.0 11.7 0.5 4.1 0.1 Nonprofit organizations 2.7 5.1 0.1 3.8 5.0 4.9 0.4 Farm operators 3.3 6.2 -0.1 -3.3 4.5 4.5 -0.1 -2.7 I T n r d u i s v t i d d u e a p ls a — rtm pe e r n s t o s n a o l f banks. 4 ( 2 4 . ) 0 7 0 8 . . 1 2 31.5 3- 3 6 3 .1 .6 30 1. . 5 2 29 1. . 4 6 3 3- - 0 0 . . 5 7 3 3 -2 -2 5 . . 4 4 Foreigners 0.1 0.1 3 ( (2 2) ) -17.6 0.3 0.3 -0.6 -66.8 1 Increase of less than 50,000 accounts. NOTE.—Corporate farming enterprises are classified as corporate 2 Decrease of less than 50,000 accounts. nonfinancial business. Details may not add to totals because of 3 Change based on revised estimate for Jan. 30, 1957. rounding. 4 Less than 50,000 accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN • MAY 1958 as they completed capital expenditure pro- declines were in the New York, Philadelphia, grams or experienced a lower cash liquidity and Cleveland Districts. as a result of operating losses. SIZE-OF-BANK CHANGES DISTRIBUTION BY FEDERAL RESERVE DISTRICT The decline in the total of demand de- Data on deposits by type of owner in each posits of individuals, partnerships, and cor- Federal Reserve district on the recent Sur- porations was concentrated in the larger vey date and percentage changes from a year banks. Demand deposits increased at banks earlier are shown in Table 2. Generally, with deposits of less than $50 million. This the ownership distributions are similar to size-of-bank difference in behavior of total those in the 1957 Survey, and in most dis- demand deposits apparently reflects the fact tricts the relative changes in ownership were that three-fifths of the total decline in desimilar to the national pattern. In five Dis- posits occurred in accounts with balances of tricts—Boston, Richmond, Atlanta, Minne- $25,000 or more, most of which are held in apolis, and Kansas City—total demand de- the larger banks. In general, on January posits of individuals, partnerships, and cor- 29, 1958 the relation of demand deposits porations rose. The largest increase oc- by ownership group to size of bank and to curred in the Minneapolis District, but the size of account and the distribution of such increases in the Boston and Kansas City accounts by size within ownership groups Districts were also substantial. The largest were similar to the patterns a year earlier. TABLE 2 DEMAND DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS, JANUARY 29, 1958 BY FEDERAL RESERVE DISTRICT AND BY TYPE OF HOLDER Amount (in billions of dollars) Percentage increase, or decrease (—), since Jan. 30, 1957 Federal Reserve Type of holder Type of holder district All All holders F b i u n s a i n n c e i s a s l f b i u n N s a i o n n n c e i - s a s l F o a p t a o r e m r r s - v p i e d I r u n s a d o l i n s - — al ot A he ll r1 holders F b i u n s a i n n c es ia s l f b i u n N s a o i n n n c e - i s a s l F o a p t a o e r r m r s - v p i e d I r n u s a d o l i n s - — al ot A he ll r 1 All districts 101.9 10.2 50.4 30.2 6.7 -2 -9 3-2 Boston 5.9 0.6 3.1 () 1.2 0.9 10 -10 2 8 6 100 New York... 19.8 2.4 12.0 0.1 4.4 0.9 -10 2 -8 -16 -9 -46 Philadelphia.. 5.7 0.5 2.9 0.1 1.7 0.5 -7 -18 2 -22 Cleveland 8.2 0.6 4.4 0.2 2.4 0.6 -7 -11 -11 3-7 3 — 1 Richmond. . . 5.9 0.4 2.6 0.3 2.0 0.6 4 -18 11 -10 2 7 Atlanta 7.6 1.0 3.4 0.3 2.5 0.5 2 -21 15 -18 -1 13 Chicago 16.2 1.6 8.2 0.9 4.5 1.1 -4 -7 -2 5 -4 -15 S M t. i n L n o e u a i p s olis.. 4 3. . 0 4 0 0. . 2 3 1 1 . . 1 5 0 0 . . 5 5 1 1 . . 0 9 0 0 . . 2 2 -6 22 66 c -8 28 - - 1 5 0 ( 1 2 7 ) -2 7 5 5 Kansas City.. 7.1 0.7 3.3 0.7 2.1 0.3 10 20 16 5 2 -2 Dallas 7.2 0.9 2.6 0.5 2.9 0.3 -2 -29 8 -3 2 -3 San Francisco 11.0 0.9 5.3 0.6 3.6 0.6 2 -20 4 -4 -13 1 Nonprofit organizations, trust departments of banks, and 3 Change based on revised estimate for Jan. 30, 1957. for 2 e i L g e n s e s r s t . han half of one per cent. 4 Less than $50 million. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Common Trust Funds, 19S7 THE ASSETS OF 277 common trust funds reporting period of funds other than new at the end of 1957 had an aggregate market ones covers 12 months. Holdings of funds value of $1,966 million. They had declined that began operation during 1957 are in- $9 million during the year after having in- cluded in tabulations of end-of-year figures creased $106 million in the preceding 12 and also in the tabulations of purchases and months. Net additions to principal of $102 sales; the cash and United States Governmillion and net realized capital gains of $9 ment nonmarketable securities contributed million were not sufficient to offset a net by the participating accounts on the starting decline of $120 million in the market value date of the new funds are included in the of investments. These are the findings tabulations of net additions to principal. of the third Annual Survey of Common For classification purposes, a discretion- Trust Funds conducted by the Board of ary common trust fund is one in which all Governors of the Federal Reserve System as the investments of the individual participatpart of a program to provide information ing trusts are made in the discretion of the concerning the uses made of principal ac- trustee. A legal common trust fund is one cumulations of savings. in which all or part of the investments of The 1957 Survey includes all common the individual participating fiduciary actrust funds operated by banks and trust com- counts is restricted to specific investments panies in the United States and Hawaii and or classes of investments designated by a administered under subsection (c) of Sec- State statute as legal for the investment of tion 17 of the Board's Regulation F.1 The trust funds, or one in which investment in reporting date for each fund in the current nonlegal securities is limited by statute to Survey was the valuation date falling in the a given percentage of the individual fiduciary fourth quarter of the calendar year. The account. A special common trust fund is one that is restricted by plan or institutional policy to one type or class of investment, that NOTE.—This article was prepared by Charles W. Bryson of the Board's Division of Bank Operations is, fixed-income investments or common with the collaboration of the Board's Division of stocks; it may be either discretionary or Examinations. For results of the first and second Surveys of Common Trust Funds, see the BULLETIN legal. for August 1956 and for June 1957. 1 As denned by Section 584(a) of the Internal Revenue Code of 1954, a "common trust fund" is a INVESTMENT ACTIVITY fund maintained by a bank or trust company "(1) Gross investment transactions of common exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in trust funds, shown in Table 1, totaled $790 its capacity as a trustee, executor, administrator, or million in 1957 compared with $620 million guardian; and (2) in conformity with the rules and regulations, prevailing from time to time, of the in 1956. Transactions activity of the ag- Board of Governors of the Federal Reserve System gregate portfolio was approximately 5 per pertaining to the collective investment of trust funds by national banks." cent greater in 1957 than in either of the 535 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN • MAY 1958 TABLE 1 INVESTMENT HOLDINGS, PURCHASES, AND SALES OF COMMON TRUST FUNDS, 1957 * [Dollar amounts in millions] Holdings, at Holdings, at end of 1956 Cost of Proceeds end of 1957 purchases from sales Type of holding2 and other and At As per- acqui- redemp- At As permarket centage sitions tions market centage value of total value of total Total holdings (including principal cash) $1,974.4 100.0 $447.8 $342.2 $1,965.5 100.0 Bonds, notes, and certificates—total.... 735.1 37.2 314.4 248.0 780.8 39.7 U. S. Government—total 278.5 14.1 119.9 184.5 211.4 10.8 Marketable, maturing: Within one year or less... 5.7 .3 57.5 52.9 13.3 .7 Nonm A a ft r e k r e t o a n b e le year 1 15 1 7 5 . . 5 3 5 8. . 0 8 59.7 7 5 2 9 . . 1 5 1 9 0 6 1 . . 7 4 4 5 . . 9 2 2.6 State and political subdivision 39.4 2.0 12.0 6.5 43.4 2.2 Domestic corporate—total 391.4 19.8 158.8 46.9 485.9 24.7 Manufacturing 93.4 4.7 38.3 14.8 111.9 5.7 Public utility 192.8 9.8 89.3 18.8 253.7 12.9 Railroad 54.3 2.8 11.0 5.3 57.3 2.9 Other 50.9 2.6 20.1 8.1 62.9 3.2 Other* 25.8 1.3 23.8 10.0 40.1 2.0 Preferred stocks—total 209.2 10.6 33.9 23.1 204.6 10.4 Manufacturing 101.4 5.1 15.9 10.8 99.5 5.1 P R u a b il l r i o c a u d t ility % .' 9 4 1 . . 6 5 4. . 6 2 16 . . 3 3 11 . . 3 5 8 4 9 . . 2 0 4.5 Financial 5.5 .3 .2 .1 5.2 Trade 6.2 .3 .4 6.7 Other Common stocks—total 985.1 49.9 92.1 66.4 936.3 47.7 Manufacturing 626.0 31.7 56.6 43.6 582.9 29.7 Public utility 201.0 10.2 18.3 10.7 207.4 10.6 Railroad 14.6 .7 1.4 1.4 11.2 .6 Financial 91.8 4.6 11.3 5.5 88.8 4.5 Trade 39.1 2.0 3.2 4.1 36.5 Other 12.6 .6 1.3 1.2 9.3 Real estate loans 27.0 1.4 7.3 4.4 29.8 1.5 Savings accounts .7 .3 .4 Principal cash 17.4 .9 13.3 1 Survey of common trust funds operated under Sec. 17(c) of of securities received. Stock rights held at beginning or end of Regulation F of Board of Governors. Except for funds beginning reporting period are included in appropriate investment category at operation during 1957, data are for 12months; reporting dates range market value. Proceeds from sales of such rights are included in from Oct. 10 through Dec. 31, 1957. proceeds from sales of securities during period. Details may not 2 Nonmarketable U. S. Government securities are valued at cost add to totals because of rounding. and other holdings at market value. Purchases are shown at cost 3 Quasi-governmental issues and foreign issues. and sales at proceeds realized. Conversions and exchanges of 4 Less than .05 of one per cent. securities are treated as sales of securities surrendered and purchases 5 Less than $50,000. two preceding years.2 Bonds, notes, and The net amount of new money coming certificates in the portfolio continued to into common trust funds during 1957 was show increased activity, partly as a result of $102 million, $17 million less than in the switching between United States Govern- preceding year. Additions through new ment securities and other fixed-income as- participations amounted to $199 million and sets and the greater use of Treasury bills as withdrawals to $97 million. The investment temporary investments. of the net amount of new money is estimated to have been 61 per cent in bonds, 12 per 2 For this purpose, transactions activity is measured cent in preferred stocks, 24 per cent in by dividing the average of gross purchases and gross common stocks, and 3 per cent in real sales by the average of holdings at the beginning and end of the reporting period. estate loans. Compared with 1956, this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1957 537 represented increases in the proportions gate holdings of the new funds at the yearplaced in bonds and in common stocks and end amounted to $13 million. The 21 new a decrease in the proportion invested in pre- funds established in 1956 had aggregate ferred stocks. holdings of $20 million by the end of that year. In both 1956 and 1957 approximately CHANGES IN FUNDS AND HOLDINGS two-thirds of the new funds had initial par- At the end of 1957 there were 277 common ticipations of less than $500,000, but only trust funds operating in 43 of the 49 juris- four had $1 million or more in 1957 comdictions (47 States, the District of Columbia, pared with six in 1956. and Hawaii) that permit common trust All types of common trust funds experifunds, compared with 243 funds in 40 juris- enced net declines in the market value of dictions in 1956. The number of fiduciary their total holdings in 1957, as shown in accounts invested in these funds had in- Table 2. The declines reflected mainly net creased 8,000 since December 31, 1956. declines in the market value of their common The average participation was $22,000. stock holdings and were most apparent Thirty-five new funds were established dur- among diversified discretionary funds, where ing the year, including the first fund to be common stocks account for more than half operated by a mutual savings bank. Aggre- of total holdings. In 1956 also there was TABLE 2 MARKET VALUE OF INVESTMENT HOLDINGS OF COMMON TRUST FUNDS, BY TYPE OF FUND, 1956-57 1 [In millions of dollars] Special funds Diversified discretionary Diversified legal All funds funds funds Discretionary Legal Type of holding2 In- In- In- In- Increase, crease, crease, crease, crease, 1957 1956 or de- 1957 1956 or de- 1957 1956 or de- 1957 1956 or de- 19571956 or decrease crease crease crease Total holdings 1,965.5 1,974.4 -8.9 1,543.8 1,565.2 -21.5 293.4 294.5 -1.1 115.0 104.0 11.0 13.3 10.7 2.6 Bonds, notes, and certificates— total 780.8 735.1 45.7 561.7 532.3 29.4 148.4 143.8 4.6 59.9 50.4 9.5 10.8 8.6 2.1 U. S. Govt 211.4 278.5 -67.2 155.8 200.9 -45.0 41.2 63.6 -22.3 5.5 5.2 .3 State and political subdivision 43.4 39.4 4.0 21.4 21.2 .2 6.8 5.0 1.8 12.5 10.9 1.6 2.7 .4 Domestic corporate 485.9 391.4 94.5 356.0 292.1 63.9 91.1 69.9 21.2 36.7 28.6 2.1 1.3 Others 40.1 25.8 14.3 28.5 18.1 10.4 9.3 5.3 4.0 1.9 2.0 .5 .1 Stocks—total 1,140.8 1,194.3 -53.5 955.6 1,005.9 -50.3 135.9 140.1 -4.2 47.1 46.4 2.2 1.91 Preferred 204.6 209.2 -4.6 154.2 161.0 -6.9 46.5 44.7 1. 3.1 2.7 .8j .8! .4 Common 936.3 985.1 -48.8 801.4 844.8 -43.4 89.4 95.5 -6.0 44.0 43.7 1.4 1.11 .4 Real estate loans and savings accounts 30.2 27.7 2.5 17.0 15.9 1.1 6.0 5.3 .7 7.1 6.3 .8 .1| .1 Principal cash 13.8 17.4 -3.7 9.5 11.1 -1.7 3.1 5.2 -2.1 1.0 .9 .21 .1 Factors affecting change during year: Net additions to principal funds 101. 67.6 12.5 18. 3.1 Net decline in market value of investments 119.5 98.5 14.4 6.5 .1 Net realized capital gains 8.9 9.4 .9 -1.5 -.7 1 See Table 1, note 1. 3 See Table 1, note 3. 2 See Table 1, note 2. 4 Less than $50,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

538 FEDERAL RESERVE BULLETIN • MAY 1958 TABLE 3 SIZE DISTRIBUTION OF COMMON TRUST FUNDS, 1957 * [Dollar amounts in millions] All Diversified Diversified Special Size of fund funds discretionary funds legal funds funds (total holdings, in millions of dollars)2 Number ho T l o d t in al gs Number ho T l o d t in al gs Number ho T l o d t in al gs Number ho T l o d t i a n l gs All funds 277 $1,965.5 170 $1,543.8 62 $293.4 45 $128.3 Under 1 73 31.0 35 14.4 16 7.7 22 9.0 1_2 47 71.9 22 38.5 13 16.7 12 16.7 2-5 62 201.6 45 145.1 14 46.4 3 10.1 5_10 43 306.4 31 225.1 7 46.0 5 35.3 10-25 35 556.2 20 322.2 12 176.8 3 57.2 25 50 12 437.9 12 437.9 50-100 5 360.5 5 360.5 * See Table 1, note ] 2 See Table 1, note 2. a net decline in the market value of holdings and common stocks, respectively, increased but it reflected largely a decline in the from 8 to 13 during 1957. This arrangemarket value of fixed-income assets and was ment permits participation in either or both most apparent among diversified legal funds. funds in accordance with the needs and re- The number of banks having separate quirements of individual fiduciary accounts. funds for investment in fixed-income assets These funds are classified as special funds. TABLE 4 GEOGRAPHIC DISTRIBUTION COMMON TRUST FUNDS AND THEIR INVESTMENT The number of common trust funds is in- HOLDINGS, BY CLASS OF BANK, 1957 x creasing in all geographic sectors. During Market 1957 new funds were started in Mississippi, Class of bank b N f e u u r n m d o s - f b b N a e u n r k m o s - f 2 h v l ( o i i a l o n l d n u i m s e n g i o o l s f - f 3 Montana, and South Dakota, where previdollars) ously there had been none. Pennsylvania continues to have the largest volume of com- All banks, total. 277 215 $1,965.5 Diversified discretionary. 170 164 1,543.8 mon trust fund assets with $553 million Diversified legal 62 59 293.4 Special 45 30 128.3 held by 43 funds; New York is second, with State member banks, total.. 104 74 1,262.8 Diversified discretionary. 62 59 983.3 $412 million held by 39 funds; and Massa- Diversified legal 34 32 245.1 Special 5 34.4 chusetts is third, with $168 million held by National banks, total 133 110 476.1 18 funds. Diversified discretionary. 89 86 390.0 D Sp iv e e c r ia si l fied legal 2 2 2 2 2 1 1 6 4 4 3 2 . . 1 9 While 58 per cent of the assets and 41 Insured nonmember banks, total 23 19 33.7 per cent of the number of funds are in the Diversified discretionary 10 10 21.8 Diversified legal 6 6 5.2 Boston, New York, and Philadelphia Fed- Special 7 5 6.7 eral Reserve Districts, the volume of assets Noninsured nonmember banks, total. 17 12 192.9 Diversified discretionary 9 9 148.7 and number of funds are increasing at a Diversified legal Special 44.3 more rapid rate outside this area. The dis- 1 See Table 1, note 1. tribution of funds by Reserve district is 2 Details do not add to totals because some banks operate two or more funds. shown in Table 5, and by States in Table 6. 3 See Table l.note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SURVEY OF COMMON TRUST FUNDS, 1957 539 TABLE 5 TYPES OF COMMON TRUST FUNDS AND INVESTMENT HOLDINGS, BY FEDERAL RESERVE DISTRICT, 1957 x [Dollar amounts in millions] Number of funds Bonds, notes, and certificates Stocks Fede d ra is l t r R ic e t serve Total D s t c d i i a i f o r v i r i e s e n y e - - d - r- D s l i e i f v g ie e a d r l - t D c i a o r r i e S s n y - - p - ec L ia e l gal T h in o o g l t d s a 2 - l Total U G m er . o e n v n S - - t . p S d s s a i o u t c i i n a o v l a b d i t n i l t - e - - C r p a o o t r - e - o A th l e l r Total fe P r r r e e - d C m o o m n - l e R o s e a t t e a c n a t . s l e , P c c i a r p i s n a h - l All districts 277 170 62 35 10 $1,965.5$780.8$211.4 $43.4$485.9 $40.1$1,140.8$204.6$936.3 $30.2 $13.8 Boston 31 30 1 232.0 86.5 31.4 (3) 50.7 4.5 143.3 9.4 133.9 .8 1.4 New York 45 22 22 1 429.5 211.5 43.0 (3) 158.5 10.1 211.4 22.8 188.6 1.5 5.0 Philadelphia 37 15 20 1 1 485.7 142.8 52.5 15.5 66.3 8.5 340.1 111.0 229.1 2.8 Cleveland 22 9 8 4 1 189.4 87.1 20.0 25.7 35.7 5.8 101.1 24.7 76.4 CT.4 .8 Richmond 31 21 4 3 3 148.7 54.4 16.4 1.1 34.5 2.4 80.0 9.1 70.9 13.4 .8 Atlanta 24 18 4 2 50.4 22.1 4.1 .6 16.3 1.1 26.8 7.2 19.6 1.4 .2 Chicago 22 15 5 1 1 97.3 44.5 10.2 .1 32.0 2.2 51.3 6.1 45.2 .4 1.2 St. Louis 12 8 1 3 114.2 47.2 7.0 .3 39.6 .3 63.1 1.9 61.2 3.6 .2 Minneapolis 10 2 6 1 14.2 6.3 1.6 4.6 7.6 .4 7.2 .3 Kansas City 13 9 3 1 46.0 17.1 6.7 7.9 2^5 22.1 2.4 19.7 6.3 .5 Dallas 7 7 23.8 8.8 3.3 4.6 .9 14.3 2.5 11.8 .6 .2 San Francisco... 23 14 9 134.1 52.4 15.3 35.3 1.9 79.7 6.9 72.8 1.7 .3 1 See Table 1, notel. 3 Less than $50,000. 2 See Table 1, note 2. TABLE 6 STATE DISTRIBUTION OF COMMON TRUST FUNDS, BY TYPE, 1957 * Number of funds Number of funds State, with year of State, with year of legaliza tr t u io s n t f o u f n c d o s mmon Total t D d i s o i i i s f n v c ie a e r d e r r y - - D s l i e i f v g ie e a d r l - D tio is n c S a r r p e y - ecia L l egal legaliza tr t u io s n t f o u f n c d o s mmon Total t D d i s o i i i s f n v c ie a e r d e r r y - - D s l i e i f v g ie e a d r l - D tio is n c S a r r p e y - ecia L l egal 43 States, incl. D. C. and Montana (1955) 2 2 Hawaii 277 170 62 35 10 Nebraska (1953) 1 New Hampshire (1953).... 2 1 1 Alabama (1943) 3 2 1 New Jersey (1945) 7 3 4 Arizona (1941) 1 1 New York (1937) 39 17 21 1 Arkansas (1947) 1 1 California (1947) 11 6 5 North Carolina (1939)3. . . 6 4 2 Colorado (1947) 8 4 3 North Dakota (1955) 1 1 Ohio (1943) 8 7 1 Connecticut (1943) 9 9 Oklahoma (1949) 2 2 Delaware (1935) 3 3 Oregon (1951) 1 1 Dist. of Columbia (1949).. 4 2 2 Florida (1941) 8 6 2 Pennsylvania (1939) 43 12 24 5 2 Georgia (1943) 7 6 1 Rhode Island (1956) 2 2 South Carolina (1955) 3 2 1 Illinois (1943) 6 6 South Dakota (1941) 1 Indiana (1937) 6 6 Tennessee (1953) 7 5 2 Kentucky (1938) 2 2 Maine (1951) 3 3 Texas (1947) 7 7 Maryland (1945) 7 5 2 Utah (1951) 2 2 Vermont (1933) 1 1 Massachusetts (1941) 18 18 Virginia (1944) 10 9 1 Michigan (1941) 6 6 Washington (1943) 3 3 Minnesota (1937) 6 1 4 1 Mississippi (1950) 2 2 West Virginia (1943) 1 1 Missouri (1940)2 8 5 3 Wisconsin (1943) 5 3 1 1 Hawaii (1947) 4 4 1 See Table 1, note 1. 3 Two discretionary funds merged during 1957. 2 By court decision; legislation was enacted in 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Battle against Recession SINCE MY APPEARANCE before this Com- tory found confirmation once more. In the mittee last August, the United States econ- process, inflationary pressures were genomy has passed from an inflationary to a erated as aggregate demand came to press recessionary phase of the business cycle. against productive capacity. The upward For the third time since World War II the price movement so generated received strong growth trend in this country has been further impetus from the mutual interaction interrupted by a downturn. of prices and costs. The troubles now confronting us are The current recession is a reaction to both traceable in many respects to the excesses the investment boom and the inflation which of the preceding three-year boom with its accompanied it. The growth of business creeping inflation overtones. capital spending beginning in early 1955 was at a rate that was unsustainable. An RECESSION AS AN EFFECT OF BOOM economy with a long-run upward growth Between the summer of 1954 and the sumtrend of about 3 or 4 per cent per year canmer of 1957 real output of goods and servnot sustain for long an increase in business ices in the United States increased about investment of about 10 per cent per year in 12 per cent. But prices also rose. Conreal terms, such as we experienced in 1955sequently, the dollar value of total output, 56. The investment spending, even if proor gross national product, increased 22 per longed by inflationary trends, had at some cent. This gap of 10 per cent between the point to slow down. real and monetary increase in total product Throughout our economic history, investroughly gauges the magnitude of the inflation in that period. ment spending has tended to come in waves, The three-year expansion of the econ- closely associated with cyclical variations omy represented at first recovery from the in over-all economic activity. These periods 1953-54 recession, sparked by active con- of rapid growth in our capacity to produce sumer buying of houses and automobiles. have been followed by cutbacks in invest- This surge of consumer buying, which was ment spending, usually with secondary efencouraged by the ready availability of fects on total incomes and output. One of mortgage funds and consumer instalment the goals of stabilization policies is to atcredit on sharply eased terms, was followed tempt to mitigate the effects of such cycles by a wave of business spending for plant without inhibiting underlying growth forces. and equipment that transformed the 1954- In the 1955-57 investment boom, infla- 55 upswing into a boom. The classic action aggravated the tendency toward overceleration principle of business cycle hisexpansion as well as the subsequent decline. NOTE.—Statement of William McChesney Martin, Inflation, as I have said, was the result of Jr., Chairman, Board of Governors of the Federal an excess of total demands at existing prices Reserve System, before the Committee on Finance of the United States Senate, Apr. 22, 1958. over what the economy was producing, and 540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BATTLE AGAINST RECESSION 541 apparently able to produce under the exist- most popular hedge against inflation. Thus ing organization and use of resources. But in July 1957, for the first time in two deconce prices started up and expectations of ades, the average dividend yield on stocks additional price and cost increases were was bid below the average yield on highengendered, spending was stimulated fur- grade corporate bonds. ther. With prospective costs rising, business In that atmosphere, Federal Reserve dishad every incentive to enlarge its productive count rates were raised one-half percentage capacity at today's rather than tomorrow's point in August in order to relate them more prices. And when investment plans are closely to market rates which had been rising made on this basis, a certain amount of for some time and in this way to maintain uneconomic productive capacity is likely to their effectiveness in restraining bank credit be created; that is to say, capacity which and monetary expansion. That action also does not reflect a basic pattern of demands served as an indication to the business and undistorted by expectations of rising prices. investment community that the Federal Reserve rejected the idea that creeping in- MONETARY POLICY IN THE BOOM flation was inevitable. In cyclical processes, monetary management On the financial side, the three-year exhas a responsibility to use such powers as pansion under conditions of monetary reit possesses over economic events to dampen straint had reduced markedly the liquidity of excesses in economic activity. If this re- the business community and of the commersponsibility is exercised wisely and effec- cial banks. The money supply had increased tively, it should help to foster a relatively but little after 1955. Its velocity of circulasteady and sustainable rate of economic tion, however, had quickened appreciably; growth and longer term price stability. that is, money holdings had been lowered in Perfection in monetary management and relation to the growing gross national prodeconomic stabilization, however diligently uct. Indebtedness of consumers and busisought, is unattainable. Nevertheless, over nesses had increased relative to incomes. the years progress has been made and fur- Inflationary sentiment was a factor not ther progress will be made. only in the domestic economy but in other Last August monetary policy was in a industrial economies as well. Widespread restrictive posture, as it had been for two expectations had developed in world markyears. As I stressed before this Committee ets that failure to arrest inflation in key counat that time, the inflationary pressures that tries, especially in Europe, would result in had developed in the boom had also given important changes in international currency rise to the disturbing notion that creeping values. Despite actions taken by various inflation had become an inevitable condition countries over the summer to strengthen of modern economic life. This idea took their anti-inflation programs, speculative nourishment from the steady upward move- movements of funds continued to dominate ment in consumer prices in 1956-57 as well exchange markets. The crisis was not reas from the substantial rise in all prices since solved until late September, after the Bank prewar years. The creeping inflation idea of England raised its discount rate from 5 was, in turn, conspicuously reflected in the to 7 per cent and the German Bundesbank, sharp rise in prices of common stocks, the almost simultaneously, lowered its discount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL RESERVE BULLETIN • MAY 1958 rate from AVi to 4 per cent, thereby lessen- MONETARY POLICY AND RECESSION ing the incentive for short-term funds to As evidences of downturn developed the move from sterling into deutschemarks. Federal Reserve System began to alter the These actions made it clear that inflationary course of its policies. In the latter part of trends would be strongly resisted and that October and early November, open market key foreign currency values would be main- operations were used to relax somewhat tained. pressures on commercial bank reserve posi- We are now aware that the economy was tions. In mid-November, a one-half point to reach a cyclical turning point in the fall. reduction in discount rates signaled a deci- This is not to say that there were no earlier sive change in System policy. From this signs that the economy might be getting into point on, restraints on bank credit expanan overextended position. This was shown sion were progressively relaxed. by a fall off in new orders for machinery Through the first quarter of this year, as and equipment in the earlier months of 1957 reserves were provided through open market and by the development of a margin of ex- operations and by two reductions in reserve cess capacity in some key industries. In the requirements, member banks reduced their spring, however, consumer buying took on indebtedness at Reserve Banks and accumulated some excess reserves. Between Seprenewed strength as business investment tember and March, member bank borrowwas being maintained, encouraging expectaing at the Reserve Banks declined from tions of further economic expansion and of about $1 billion to less than $150 million, continued upward price pressures. Conwhile excess reserves rose more than $100 sumer buying, particularly of nondurable million. Thus net reserve positions shifted goods and services, rose through August. by almost $1 billion. Discount rates were On balance, it looked as if an extension of reduced in two further steps and at the end rolling adjustments at a high level of activity of the quarter stood at 2V4 per cent, comwould continue to be the prospect. pared with V/i per cent in the autumn. During the fall, expansive forces gave way Just last week the System took additional and downturn set in. Business inventory action to ease credit conditions. Reserve reholdings had been at a high level for a long quirements were reduced further, releasing period in which the price trend had been about $450 million from required reserves. upward. Hence, they were vulnerable to Discount rates were lowered an additional the emergence either of eased conditions of one-half percentage point, bringing them to supply or of relaxed market demands. This 1% per cent at seven Federal Reserve occurred as Government defense orders, Banks. which had been expanding in the spring, The easing of bank reserve positions has were cut back in the summer and fall to been reflected in a substantial expansion in conform to the budget program and the ceilbank credit and an exceptionally sharp drop ing on public debt. At the same time a dein interest rates. Over the six months endcline in business spending for plant and ing in March, for example, the total of bank equipment set in, in recognition that proloans and investments has increased almost ductive capacity had risen more rapidly than $5 billion. In the corresponding six-month final demand and output. period a year ago, the growth of bank credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BATTLE AGAINST RECESSION 543 was less than $1 billion. The expansion of mated $360 million, twice as much as in bank credit has been mainly in the form of the first quarter of 1957. Government security holdings, and the ef- It should be stressed that the Federal fect has been to enlarge holdings of cash Reserve has been pursuing an active, not a balances and to increase the economy's over- static, policy and using all its instruments in all liquidity. Aside from temporary spurts the process, as indicated by the record of of bank loans to business in December and policy actions on page 545, since last fall. March, business loans outstanding at banks Banks have been expanding their assets and have tended to decline with economic activ- deposits. Their reserve needs have inity. However, loans on securities which creased, requiring that their reserve positions provide important support to the capital be strengthened. This has been done by markets have risen. means of open market purchases, lower dis- As Federal Reserve policy has shifted count rates, and reductions in reserve refrom restraint to ease over the past six quirements. months, financial markets have reacted Thus, monetary policy has contributed to strongly. Short-term interest rates fell more an increase in the availability and a reducrapidly in the three months following the tion in the cost of borrowed funds. This first reduction in Federal Reserve discount has permitted a sizable expansion in bank rates than in six months following the 1953 deposits. In this way monetary policy is turning point. By mid-April, Treasury bill helping to increase the liquidity of the econyields, an indicator of the availability of omy, which is an essential financial prereqfunds in the money market, had declined to uisite to recovery and renewed economic about VA per cent, compared with more growth. than 3Vi per cent in October. Longer term market yields are down THE PROBLEM OF PUBLIC POLICY about three-fourths of a percentage point. No one can predict with certainty the course This decline has met with remarkable de- of the present recession. It is already deeper mand response in the long-term security than the two which preceded it. Neverthemarkets and the total volume of corporate, less, experience over the long history of the State, municipal, and foreign borrowing has United States supports the belief that, exreached record levels. In the first quarter of cept for occasional cyclical readjustments, this year, State and local governments issued our economy is one of continuing long-run $2VA billion of new securities. This was al- growth and strength. Hence, governmental most 25 per cent more than in the same pe- measures to deal with such cyclical readriod of 1957 and represented a new record justments ought to be shaped so as to be high for the quarter. Corporate business consistent also with the longer run trend. raised $3.1 billion in new capital through This is not a prescription for inaction or the securities markets. Although smaller immobility at times of recession. It is, than a year ago when business investment rather, a recommendation for discretion and outlays were still rising, this volume of flota- flexibility in selecting and implementing tions exceeded that of any other first quar- stabilization policies so that measures underter on record. New issues of foreign and in- taken to deal with today's problem do not ternational borrowers amounted to an esti- aggravate those of tomorrow. At the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL RESERVE BULLETIN • MAY 1958 time, public policy needs to keep alert to fine. But let's also keep in mind that, vital any tendency for downward movements as it is to achieve recovery, it is also vital to to become cumulative. insure that it will be a recovery that lasts; A second observation relates to the use a recovery that does not merely provide of resources. As I have said earlier, a part ephemeral jobs, but lasting jobs. of our present problem stems from overex- We must recognize that enduring prospansion or misdirection of investment in perity is not a question simply of the dollar particular lines of industry. In some cases, volume of spending. It is also a matter of excess capacity exists in part because pro- equilibrium and balance of costs and prices within the economy. Lasting prosperity ducers have misjudged the market or the rests upon the efficient production and dislong-run rate of growth of demand for their tribution of goods and services at prices that products. To some degree, this is inevitable people are willing and able to pay. It has in a free market economy. It can be mitito be earned. It can't be provided as a gift, gated, however, to the extent the Governby the Government or anyone else. ment is able to stabilize aggregate demand around a steady growth curve and thus to CONCLUDING OBSERVATIONS provide a general economic climate that By fostering conditions conducive to prosfacilitates shifts in resource utilization as perity, the Government can help a lot. But these are dictated by free markets. it can't do it all. That is why the Employment Act of 1946 pledges the Government's THE HUMAN PROBLEM efforts to create and maintain "conditions In discussing economic problems, we should under which there will be afforded useful never forget that what we are really dealing employment opportunities, including selfwith are human problems—human probemployment, for those able, willing and lems of a very important kind. In combatseeking to work." And it is why the same ing inflation and deflation, what we are Act says the Government's efforts to that really doing is combating human misery end shall be applied "in a manner calthat springs from economic causes. culated to foster free competitive enterprise Every recession is serious: this one and and the general welfare." all the others that preceded it. The best Monetary policy is undertaking, within time to recognize that fact is before a recesits inherent limitations, to provide such a sion starts, for the best way to prevent a climate for recovery. It is not omnipotent, recession is to forestall the inflation that but I can assure that the System is apprecedes it. When the next economic turn proaching the problem of combating recomes, as assuredly it will, let us try harder cession with just as much vigor as it exto remember that—and act accordingly. hibited in battling inflation. On both the Today we are concerned, and properly so, up and down side of the business cycle, the with fostering the recovery everyone wants System is striving constantly to promote from a recession that nobody wants. That's economic stability and growth. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BATTLE AGAINST RECESSION 545 PRINCIPAL POLICY ACTIONS OF FEDERAL RESERVE SYSTEM MID-OCTOBER 1957 TO MID-APRIL 1958 Period Action Purpose of action 1957 System holdings of U. S. Government To increase the availability of bank Mid-October-December securities increased by $1 billion, includ- reserves for seasonal purposes and also to ing substantial amounts of securities held cushion adjustments and mitigate recesunder repurchase agreement. Member sionary tendencies in the economy. bank borrowings declined from an average of about $1 billion to an average of less than $750 million. 1957 Reduced discount rates from 3Vi to 3 per To reduce the cost of borrowing from the November-December cent at all Reserve Banks. Reserve Banks and eliminate any undue restraint on bank borrowing in view of the decline in business activity and evidences of economic recession. 1958 Limited net reduction in holdings of U. S. To ease reserve positions by absorbing January Government securities to $900 million, more only part of the reserves made available by than half of which represented securities the seasonal return flow of currency from held under repurchase agreement at end of circulation. year. Member bank borrowings declined to an average of $450 million. 1958 Reduced margin requirements on loans Stock prices and the volume of credit in January for purchasing or carrying listed securities the stock market had declined to levels near from 70 to 50 per cent of market value of or below those prevailing at the time of the securities. previous increase in requirements. 1958 Reduced discount rates from 3 to 2% per January-February cent at 11 Reserve Banks. 1958 Reduced reserve requirements on demand February deposits from 20 to 19Vi per cent at central reserve city banks; from 18 to 17J/i per cent at reserve city banks; and from 12 to ll^i per cent at country banks, thus freeing an To reduce further the cost of borrowing estimated $500 million of reserves. from the Reserve Banks and increase further the availability of bank reserves in 1958 Reduced discount rates from 2z/\ to 2% order to encourage monetary expansion March per cent at 11 Reserve Banks and from 3 conducive to resumed growth in economic to 2l/\ per cent at one Reserve Bank. activity. 1958 Reduced reserve requirements on demand March deposits from 19Vi to 19 per cent at central reserve city banks; from 17V4 to 17 per cent at reserve city banks; and from \\l/i to 11 per cent at country banks, thus freeing an additional $500 million of reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN • MAY 1958 PRINCIPAL POLICY ACTIONS OF FEDERAL RESERVE SYSTEM--Continued MID-OCTOBER 1957 TO MID-APRIL 1958 Period Action Purpose of action 1958 Purchased about $450 million of U. S. To supplement reserve requirement ac- February—mid-April Government securities. Member bank bor- tions in further increasing the availability rowings declined further to an average of of bank reserves. about $180 million. 1958 Reduced reserve requirements on demand April deposits from 19 to 18 per cent (in two stages) at central reserve city banks and To supplement previous actions to enfrom 17 to 16Vi per cent at reserve city courage monetary expansion and resumed banks, thus freeing a total of about $450 • growth in economic activity and to offset million of reserves. recent gold outflow. 1958 Reduced discount rates from 2*4 to 1% April per cent at seven Reserve Banks. 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 to maintain the reserves specified in paragraph 1 or 2 above)— The Board of Governors amended the Supple- (a) 5 per cent of its time deposits, plus ment to Regulation D so as to reduce the reserves (b) 18Vi per cent of its net demand deagainst net demand deposits required to be mainposits until the opening of business on tained with Federal Reserve Banks by member April 24, 1958, and 18 per cent of its net banks in reserve and central reserve cities. The demand deposits thereafter. reductions became effective at the opening of business on April 17, 1958, except as otherwise Loans Secured by Direct Obligations indicated. There is set forth below the text of of the United States the amended Supplement. The Comptroller of the Currency, effective April 18, 1958, amended Section 2 of the regu- SUPPLEMENT TO REGULATION D lation pertaining to National Bank Loans Secured Pursuant to the provisions of Section 19 of the by Direct Obligations of the United States which Federal Reserve Act and Section 2(a) of its Regu- was published at page 914 of the August 1957 lation D, the Board of Governors of the Federal BULLETIN. Section 11 (m) of the Federal Reserve Reserve System hereby prescribes the following Act makes this regulation applicable also to State reserve balances which each member bank of the banks that are members of the Federal Reserve Federal Reserve System is required to maintain on System. The regulation as thus amended is as deposit with the Federal Reserve Bank of its follows: district: 1. If not in a reserve or central reserve city— TREASURY DEPARTMENT (a) 5 per cent of its time deposits, plus COMPTROLLER OF THE CURRENCY (b) 11 per cent of its net demand de- WASHINGTON posits. REGULATION REGARDING NATIONAL BANK LOANS 2. If in a reserve city (except as to any bank SECURED BY DIRECT OBLIGATIONS located in an outlying district of a reserve OF THE UNITED STATES city or in territory added to such city by the extension of the city's corporate limits, which, Section 5200 U.S.R.S. (12 U.S.C. 84) provides by the affirmative vote of five members of as follows: the Board of Governors of the Federal Re- "Sec. 5200. The total obligations to any naserve System, is permitted to maintain the tional banking association of any person, copartreserves specified in paragraph 1 above)— nership, association, or corporation shall at no (a) 5 per cent of its time deposits, plus time exceed 10 per centum of the amount of the (b) 17 per cent of its net demand de- capital stock of such association actually paid in posits until the opening of business on and unimpaired and 10 per centum of its unim- April 24, 1958, and 16^ per cent of its paired surplus fund. The term 'obligations' shall net demand deposits thereafter. mean the direct liability of the maker or acceptor 3. If in a central reserve city (except as to of paper discounted with or sold to such associaany bank located in an outlying district of a tion and the liability of the indorser, drawer, or central reserve city or in territory added to guarantor who obtains a loan from or discounts such city by the extension of the city's cor- paper with or sells paper under his guaranty to porate limits, which, by the affirmative vote such association and shall include in the case of of five members of the Board of Governors obligations of a copartnership or association the of the Federal Reserve System, is permitted obligations of the several members thereof and 547 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN • MAY 1958 shall include in the case of obligations of a cor- graph (8) of Section 5200 of the Revised Statutes, poration all obligations of all subsidiaries thereof as amended (12 U.S.C. 84), and Section 321 (b) in which such corporation owns or controls a of the Act of August 23, 1935 (49 Stat. 713); majority interest. Such limitation of 10 per (b) This regulation applies to loans made by centum shall be subject to the following excep- national banks secured by direct obligations of tions: the United States which will mature in not ex- * * * ceeding 18 months. "(8) Obligations of any person, copartnership, SECTION 2 GENERAL AUTHORIZATION association, or corporation in the form of notes secured by not less than a like amount of bonds The obligations to any national banking assoor notes of the United States issued since April ciation in the form of notes of any person, co- 24, 1917, or certificates of indebtedness of the partnership, association, or corporation, secured United States, Treasury bills of the United States, by not less than a like amount of direct obligations or obligations fully guaranteed both as to principal of the United States which will mature in not and interest by the United States, shall (except exceeding eighteen months from the date such to the extent permitted by rules and regulations obligations to such national banking association prescribed by the Comptroller of the Currency, are entered into shall not be subject to any limiwith the approval of the Secretary of the Treas- tation based upon the capital and surplus of the ury) be subject under this Section to a limitation association. of 15 per centum of such capital and surplus in SECTION 3 EFFECTIVE DATE addition to such 10 per centum of such capital and surplus." This regulation is effective April 18, 1958 RAY M. GIDNEY SECTION 1 SCOPE AND APPLICATION Comptroller of the Currency (a) This regulation is issued by the Comp- Approved: troller of the Currency with the approval of the ROBERT B. ANDERSON Secretary of the Treasury under authority of para- Secretary of the Treasury Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements PUBLICATION OF ANNUAL REPORT DATA FOR SUPPLEMENT TO CHART BOOK Data for the period September 3, 1957-May 1, The Forty-fourth Annual Report of the Board 1958, are now available in mimeographed form of Governors of the Federal Reserve System, for the September 1957 edition of the historical covering operations for the calendar year 1957, supplement to the monthly Federal Reserve Chart is available for distribution. Copies may be ob- Book. Copies may be obtained upon request tained upon request from the Board's Division from the Division of Administrative Services, of Administrative Services, Washington 25, D. C. Board of Governors of the Federal Reserve System, Washington 25, D. C. FEDERAL RESERVE MEETINGS NEW PRICE INDEX FOR U. S. GOVERNMENT BONDS A meeting of the Federal Open Market Commit- Beginning with this issue of the BULLETIN, the tee was held in Washington on May 6, 1958. price series on United States Government long- The Federal Advisory Council held a meeting term bonds published regularly (see page 574) in Washington on May 18-20, 1958, and met with has been calculated on a new basis for the period the Board of Governors on May 20. April 1953 to date. Back data on the new basis are shown on page 612. DECREASE IN FEDERAL RESERVE Under the new method the average of market DISCOUNT RATES yields on outstanding bonds maturing or callable The Board of Governors of the Federal Reserve in 10 years or more is converted to a hypothetical System has approved action by the directors of price index, assuming a 3 per cent, 20-year bond. the following seven Federal Reserve Banks de- This method is similar to that used before Octocreasing the discount rates of those banks from ber 1941, when the average of prices on partly 2lA to \3A per cent on the dates given below: tax-exempt bonds was also based on a hypothetical bond. For the period October 1941-March 1953 Boston Apr. 22, 1958 the price series on long-term Government bonds Atlanta Apr. 22, 1958 was a simple average of actual market prices. Cleveland Apr. 25, 1958 The bonds in this average were almost exclusively Richmond Apr. 25, 1958 issues with coupon rates of IVi per cent, and Kansas City Apr. 25, 1958 their maturity and call dates were concentrated San Francisco May 1, 1958 within a relatively narrow time period. Dallas May 9, 1958 Since March 1953, a number of new long-term Reduction of discount rates from 2*4 to 1% bonds have been issued at varying coupon rates per cent by the Federal Reserve Banks of New and with original maturities ranging from 12 to York, Philadelphia, Chicago, St. Louis, and Minne- 40 years. For a period, market prices on these apolis was announced in the April BULLETIN. issues were published in a simple average that was called the "New series" to differentiate it ADMISSION OF STATE BANK TO MEMBERSHIP from the "Old series" of 2Vi per cent bonds. IN THE FEDERAL RESERVE SYSTEM Early in 1958, however, both the old and new The following State bank was admitted to mem- series were replaced by a single long-term series, bership in the Federal Reserve System during the which was calculated back to April 1953 to inperiod March 16, 1958 to April 15, 1958: clude all bonds maturing or callable in 10 years or more. This single series lacked the homogeneity Michigan of the price average of 2Vi per cent bonds in the Bloomingdale. . Peoples State Bank of old series and so it was necessary to return to use Bloomingdale of a hypothetical bond for calculating prices. 549 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication May 14 Industrial production and employment declined Activity in the apparel industry recovered folfurther in April, while nonindustrial employment lowing settlement of the work stoppage which rechanged little and total personal income and retail duced production in March, and output of most sales increased slightly. From early April to early other nondurable goods registered little change. May, wholesale prices generally remained stable. Minerals production declined further as coal out- Total bank credit expanded further. put was reduced and iron ore mining failed to show the usual spring rise. INDUSTRIAL PRODUCTION The Board's preliminary seasonally adjusted CONSTRUCTION index of industrial production declined two points The value of new construction in April declined in April to 126 per cent of the 1947-49 average, to a seasonally adjusted annual rate of $47.0 biland was 12 per cent below a year earlier. Output lion from the revised March total of $47.7 billion. of durable manufactures and minerals continued On the revised basis, construction was down 3 per to decline, while activity in nondurable goods in- cent from the high fourth quarter of last year and dustries was maintained at the March level. about the same as April a year ago. Private Output of steel and nonferrous metals was cur- housing starts rose in April to a seasonally adjusted tailed further in April, as metal fabricating indus- annual rate of 950,000 units as compared with less tries continued to liquidate inventories. While be- than 900,000 in February and March. low the March average, steel mill operations changed little during April and rose in the first EMPLOYMENT half of May. Activity in most business equipment Seasonally adjusted nonfarm employment delines continued to decline in April and auto assem- clined somewhat further in April and, at 50.6 milblies were reduced sharply further. Preliminary lion, was 2 million below a year ago. The average schedules for auto production in May indicate workweek at factories declined about seasonally, some increase. Output of most major household to 38.3 hours, and was 1.5 hours shorter than in goods, and also of construction materials, changed April 1957. On a seasonally adjusted basis the little in March and April following declines from number of persons unemployed increased further, the levels of last summer. to a rate of 7.5 per cent of the civilian labor force as compared with 7.0 per cent in March and 4.0 INDUSTRIAL PRODUCTION per cent in April a year ago. 1947-49*100 160' DISTRIBUTION _ 140 Seasonally adjusted retail sales in April were .DURABLE MANUFACTURES up 2 per cent from the reduced February-March level and nearly equaled the year-earlier rate. 120 I I In Most lines of trade shared in the increase. Manufacturers' and distributors' inventories, which had 140 declined further in March, probably continued \downward in April. With assemblies of autos 'V NONDURABLE \^ 120 MANUFACTURES _ sharply curtailed, dealers' stocks of new cars W dropped appreciably further and were close to the - year-ago level. ,100 - COMMODITY PRICES „•! I In The general level of wholesale commodity prices Federal Reserve indexes, seasonally adjusted. Monthly figremained stable from early April to early May. ures, latest shown are for April. 550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 551 While there were some declines and a few in- Free reserves of member banks continued to creases, prices of industrial materials and finished average over $500 million during the latter part products generally continued to change little. of April and early May. Between the weeks of Average prices of farm and food products were April 9 and May 7 reserves supplied to banks, also stable, although prices of livestock and meats principally through reductions in reserve requireadvanced somewhat further. ments and System purchases of U. S. Government The consumer price index rose seven-tenths of securities, were largely absorbed by continued one per cent further in March. As in the previous heavy gold outflows and by increases in required two months, the rise was accounted for mainly by reserves resulting from deposit expansion. increases in prices of meats and fresh vegetables in response to reduced supplies. Prices of services SECURITY MARKETS also continued to advance, while appliances, car- Yields on U. S. Government securities rose in pets, autos, and fuel oils declined. the latter part of April after reaching new lows for the year around the middle of the month. In BANK CREDIT AND RESERVES the first two weeks of May yields on long-term Total credit at city banks increased around $2 Treasury issues leveled off while those on interbillion further between early April and early May. mediate- and short-term issues turned down again. Holdings of U. S. Government securities rose sub- Yields on corporate and State and local governstantially, reflecting largely bank acquisitions of ment bonds continued to decline in the latter part new Treasury notes in mid-April. Total loans de- of April, then increased slightly in early May. clined owing to reductions in business loans fol- Common stock prices advanced to a new high for lowing the usual tax-period expansion in March. 1958. Most other types of loans increased somewhat. PRICES LOANS AND INVESTMENTS — MEMUR BANKS IN LEADING CITIES 1947-49-100 Billions of dollars WHOLESALE CONSUMER _ ALL ITEMS^-^*^ _ ,1 I I,,,,,. I,, nn^/—•'^COMMODITIES ^ \ ^S FOODS - +A FARM - / -t >-J>i t : i ' i i I-L:JI.:J.I..I L.: I i i > : 11 I I ! I 1111 I I ! I I w>;> Bureau of Labor Statistics indexes. "Other" wholesale prices Federal Reserve data. Loans to banks are excluded. Secuexclude processed foods, included in total but not shown rities other than U. S. Government are included in the total separately. Monthly figures, latest shown: March for con- but not shown separately. Weekly figures, latest shown are for sumer prices, and April for wholesale prices. Apr. 30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* United States * Member bank reserves, Reserve Bank credit, and related items 555 Reserve Bank discount rates; reserve requirements; margin requirements. . 558 Federal Reserve Banks 559 Bank debits; currency in circulation 562 All banks: consolidated statement of monetary system; deposits and currency. . 564 All banks, by classes... 565 Commercial banks, by classes. 568 Weekly reporting member banks. . 570 Commercial loans; commercial paper and bankers' acceptances. . 572 Interest r a t e s . . .. 573 Security prices; stock market credit. 574 Savings institutions . .. 575 Federal business-type activities 576 Federal finance. . 578 Security issues 582 Business finance 583 Real estate credit. . .. .... 585 Short- and intermediate-term consumer credit. 588 Selected indexes on business activity. 592 Production 593 Employment and earnings 600 Department stores. 602 Foreign trade . ... 603 Wholesale and consumer prices 604 National product and income series . 606 Banking and monetary statistics, 1957 608 Index of prices on long-term bonds of the United States Government . 612 Index to statistical tables. 639 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 arc obtained United State?. 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. 553 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 r 2 , ^^.iuL.. I ri r fJ1f .0 35 CURRENCY IN CIRCULATION 30 25 RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending Apr. 30. See p. 555. 554 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t s h e t cu r a u c H r e g n h i p t e r a d i e u l e s e d e r s e r - - c D o an u is d n - ts Float Totali s G to o c ld k T r s o c e t u i r a u u n n e r n r y g 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 - r F es . F e e o i R r r g v . n - e B s, a O nk th s er c O F o . a t u c h - R n e t r . s Total r q e u s R e i e r r e - v d e 2 s c E es x s - 2 ment Averages of daily figures 1957 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 13 22,979 22,934 45 880 90824,791 22,304 5,079 30,609 812 471 297 201 ,12918,654 18,205 449 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 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 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 17. 23,282 23,146 136 1,244 96725,520 22,313 5,089 30,681 808 478 344 300 ,20319,107 18,556 551 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 8. 23,213 23,125 993 94725,177 22,318 5,095 30,589 795 504 366 275 ,07818,984 18,495 489 15. 23,083 23,033 50 975 94825,031 22,319 5,096 30,654 787 479 366 241 ,07518,845 18,368 477 22. 22,915 22,915 793 1,341 25,070 22,320 5,098 30,645 790 525 362 273 ,07418,818 18,284 534 29. 22,930 22,901 "29 903 97924,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5. 23,110 22,950 160 902 95424,987 22,620 5,104 30,837 792 485 357 323 ,07218,846 18,378 468 12. 22,972 22,926 46 1,059 93624,988 22,621 5,106 30,903 791 463 379 276 ,069 18,834 18,330 504 19. 22,930 22,880 50 1,089 ,38425,424 22,621 5,106 30,904 782 518 389 335 ,07619,148 18,546 602 26. 22,951 22,888 63 1,003 ,32025,294 22,622 5,106 30,849 776 477 407 254 ,08719,171 18,625 546 July 3. 23,098 23,031 67 1,068 ,19825,387 22,623 5,107 31,150 763 546 420 296 ,07718,865 18,521 344 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 17. 23,319 23,252 67 1,062 ,23625,641 22,625 5,108 31,184 770 455 413 279 ,07319,200 18,636 564 24. 23,342 23,235 107 739 ,35125,456 22,625 5,108 30,999 774 507 385 267 1,07019,189 18,568 621 31. 23,360 23,084 276 553 99824,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 Aug. 7. 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 1,116 18,868 18,331 537 14. 23,047 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 1,113 18,786 18,195 591 21. 23,034 23,034 931 1,227 25,211 22,625 5,116 31,055 762 513 343 270 1,203 18,806 18,254 552 28. 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 1,203 18,831 18,397 434 Sep.. 4. 23,511 23,463 832 85825,228 22,626 5,118 31,149 759 485 340 281 1,197 18,760 18,346 414 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 1,194 18,876 18,301 575 18. 23,303 23,286 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 25. 23,178 23,173 1,106 1,318 25,622 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 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 16. 23,371 23,281 90 992 1,071 25,451 22,658 5,128 31,191 776 506 333 252 ,11019,068 18,574 494 23. 23,267 23,222 45 605 1,517 25,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 30. 23,195 23,179 16 710 1,051 24,972 22,671 5,132 31,008 786 518 318 251 ,057 18,837 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 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 ,057 18,911 18,354 557 20. 23,288 23,282 6 752 ,43025,489 22,757 5,137 31,336 801 503 315 386 ,05418,987 18,459 528 27. 23,318 23,167 151 777 ,20925,325 22,762 5,139 31,431 794 469 301 294 ,030 18,907 18,461 446 Dec. 4. 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 ,041 19,023 18,580 443 11. 23,886 23,574 312 676 ,02025,617 22,766 5,142 31,827 769 318 318 186 ,080 19,027 18,600 427 18. 23,907 23,600 307 751 ,52526,218 22,770 5,143 31,973 768 339 334 183 ,05019,483 18,873 610 25. 23,950 23,617 333 786 ,89426,687 22,770 5,145 32,089 764 483 359 179 ,061 19,666 19,014 652 1958 Jan. 1.... 24,344 23,735 609 661 ,55026,623 22,774 5,147 31,962 773 458 397 201 1,04519,707 19,042 665 8.... 24,011 23,645 366 707 ,32826,100 22,781 5,146 31,553 768 529 337 186 99619,658 18,982 676 15.... 23,720 23,581 139 580 ,03925,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 22.... 23,315 23,266 49 359 ,23024,949 22,782 5,149 30,878 781 511 275 227 99219,216 18,624 592 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, 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 19. 23,373 23,285 361 1,054 24,830 22,785 5,161 30,642 685 501 337 293 1,19519,122 18,427 695 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 12. 23,466 23,432 131 81624,456 22,615 5,174 30,641 712 479 273 293 ,14818,699 18,096 603 19. 23,500 23,480 126 97324,638 22,541 30,592 804 257 257 368 ,15018,930 18,332 598 26. 23,552 23,518 167 98324,742 22,498 30,524 790 580 258 400 ,14318,725 18,037 688 Apr. 2. 23,625 23,625 144 77624,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 1 9 6. . 2 2 3 3 , , 6 6 2 3 8 3 2 23 3 , , 6 6 1 2 1 8 1 9 9 0 9 8 8 7 2 9 92 2 4 4 , , 7 6 0 3 1 8 2 2 2 2 , , 1 2 9 9 9 4 5 5 , , 1 1 9 8 2 7 3 3 0 0 , , 7 7 3 4 3 4 7 73 2 1 9 4 4 7 5 9 7 2 3 6 1 9 9 4 3 9 8 3 1 , , 1 10 0 6 41 1 8 8 , , 3 3 6 0 9 0 1 17 7 , , 7 6 4 7 1 3 627 23. 23,712 23,704 112 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 17,964 30. 23,626 23,612 125 77724,566 22,024 5,194 30,518 733 601 235 397 ,05118,249 17,589 Preliminary. For other notes see following page. 555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- reserves, reserves P d e o a ri r t o e d T U o . t S a . 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 r e a d i e u l e s e d e r e s r - - c v D o a a a n n u d is d c n - - e ts s Float Total i s G to o c ld k r s o c e t u i a u n u n r n r g y c t - - d y - 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 d a h s s - - T u r w e ry a it s h - F. F e i o R g r n . - Ba O nk th s er c O F o a . t u c h R n - e t . r s Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1957 Apr 23,239 23,121 118 1,036 1,110 25,411 22,313 5,090 30,614 803 429 348 339 1J95 19,087 18 580 507 May 23,041 22,996 45 931 1,046 25,041 22,358 5,098 30,645 792 521 361 276 1,075 18 827 18 362 465 June ... 22,989 22,917 72 1,009 1,170 25,189 22,621 5,106 30,902 782 490 393 290 1,077 18,982 18 485 497 July 23,351 23,198 153 917 1,175 25,466 22,625 5,108 31,116 769 480 377 279 1,048 19,129 18 595 534 Aug 23,146 23,129 17 1,010 98925,166 22,626 5,115 31,035 764 490 349 273 1 16318,834 18 300 534 Sept 23,325 23,302 23 994 1,147 25,489 22,627 5,121 31,143 763 547 378 271 1,180 18 956 18 434 522 Oct 23,348 23,252 96 818 1,143 25,326 22,660 5,129 31,109 780 495 338 258 1,097 19,040 18*573 467 Nov 23,417 23,276 141 810 1,126 25,373 22,743 5,137 31,335 793 464 322 337 1 04418,958 18 447 511 Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1,063 19 420 18 843 577 1958 23,608 23,458 150 454 1,118 25,229 22,782 5,148 31,059 777 512 297 224 993 19,296 18,723 573 Feb . ... 23,378 23,313 65 242 907 24,568 22,759 5,161 30,608 717 421 294 299 1,150 19,000 18 434 566 Mar 23,486 23,465 21 139 893 24,559 22,548 5,177 30,589 '750 457 265 350 14? 18,730 18 097 633 Apr 23,649 23,638 11 130 864 24,682 22,166 5,191 30,653 729 494 267 410 09?..18,394 Midyear or year-end 1929—June 216 148 68 1,037 52 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2 333 23 1933 June 1 998 1,998 164 4 2,220 4,031 2,286 5,434 264 35 15 151 346 2 292 1 817 475 1939 Dec 2 484 2 484 7 91 2,593 17,644 2 963 7,598 2 409 634 397 256 251 11 653 6 444 5 209 1941 £)ec 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 1,368 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 30,509 796 563 490 441 907 18,876 18,618 258 1955—Dec 24,785 24,391 394 108 1,585 26,507 21,690 5,008 31,158 767 394 402 554 925 19,005 18 903 102 1956—June 23,758 23,712 46 232 1,210 25,219 21,799 5.032 30,715 768 522 297 313 99? 18,443 18 449 -6 Dec 24 915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 901 19,059 19 089 — 30 End of month 1957 Apr 23 169 23,169 829 93624,960 22,318 5,094 30,519 791 509 316 294 1,079 18 864 18 588 276 May 23,108 22,950 158 1,170 92625,224 22,620 5,104 30,836 788 568 360 274 07? 19,049 18 351 698 June .. 23,035 22,994 41 558 1,199 24,816 22,623 5,107 31,082 758 498 449 308 1,075 18,376 18 543 — 167 July 23,355 23,079 276 420 896 24,691 22,627 5,111 30,933 759 504 364 296 94? 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 1,198 18,975 18 305 670 Sept 23,312 23,312 396 898 24,622 22,635 5,125 31,073 773 429 337 261 1,111 18,399 18 694 -295 Oct 23,338 23,218 120 789 1,062 25,206 22,691 5,135 31,090 784 552 378 256 056 18,917 18,541 376 Nov 23,733 23,448 285 819 942 25,515 22,763 5,139 31,661 761 243 283 196 1,000 19,274 18 578 696 Dec 24,238 23,719 519 55 1,424 25,784 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 30,576 111 469 249 279 990 18,958 18 543 415 Feb 23 240 23,240 122 924 24,330 22,686 5,169 30,554 695 516 265 336 ,151 18 667 18 186 481 Mar 23 628 23,628 137 765 24,570 22,394 5,183 30,666 722 474 266 378 1,108 18 532 17 857 675 Apr 23,681 23,681 156 797 24,672*>21,996^5,197^30,555 594 257 411 ,050 18 254HI 617 ^637 Wednesday 1958 Feb. 5 23,411 23,307 104 153 805 24,409 22,784 5,158 30,582 780 207 284 321 ,119 19,058 18 558 500 12 23 464 23,299 165 237 923 24,665 22,784 5,160 30,674 686 350 297 597 118 18 888 18 451 437 19 23,356 23,356 135 1,208 24,741 22,785 5,163 30,571 702 453 291 282 ,208 19 182 18 530 652 26 23,409 23,409 184 72124,356 22,685 5,166 30,495 700 406 274 298 ,154 18,880 18,446 434 Mar 5 23 331 23,316 15 107 79224,273 22,686 5,169 30,580 710 386 286 309 14918 708 18 071 637 12 23,536 23,459 77 227 724 24,530 22,612 5,175 30,594 734 446 281 303 1,147 18 812 18 196 616 19 23,437 23,437 231 824 24,531 22,513 5,179 30,521 821 100 243 411 1,154 18 972 18 547 425 26 23,525 23,525 118 70424,386 22,494 5,182 30,523 730 623 256 393 ,110 18,426 18,006 420 Apr. 2 23,628 23,628 112 78624,566 22,394 5,185 30,676 732 603 279 383 ,107 18,366 17,669 697 9 23,628 23,628 139 69224,499 22,295 5,191 30,704 735 482 253 407 10518 298 17 690 608 16 23,796 23,704 92 296 910 25,042 22,170 5,192 30,668 727 394 259 384 ,102 18 870H% 129 P741 23 23 704 23,704 242 761 24,745 22,046 5,194 30,512 731 462 227 395 101 18 555P17 920 30 23,681 23,681 156 797 24,672^21,996^5,197^30,555 2745 594 257 411 ,050 18,254^17,617 P637 P Preliminary. r Revised. dates in subsequent tables on Federal Reserve Banks. i 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 ,557 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures.* In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - Item and period b m a A b e n e l m r l ks - Ne c w ity ban C ks hi- b s c R a e i n r e t v y - k e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1957—Mar 18,884 4,341 ,102 7,746 5,696 1957—Mar 518 14 4 60 440 Apr 19,087 4,307 ,097 7,921 5,762 Apr 506 j -1 65 443 May 18,827 4,234 ,101 7,794 5,697 May 465 13 3 56 393 June 18,982 4,335 ,121 7,774 5,751 June 496 15 -2 45 438 July 19,129 4,294 ,131 906 5,799 July 534 6 7 66 455 Aug 18,834 4,170 ,123 790 5,750 Aug 534 19 2 69 444 Sept 18,956 4,211 ,122 800 5,823 Sept 522 9 5 51 457 Oct 19,040 4,231 ,116 836 5,857 Oct 467 39 428 Nov 18,958 4,162 ,101 7,849 5,847 Nov 512 16 1 63 432 Dec 19,420 4,336 ,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 ,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 ,114 7,871 5,811 Feb 567 22 5 98 442 Mar 18,730 4,272 ,098 7,701 5,659 Mar 633 44 11 98 479 Week ending: Week ending: 1958—Mar. 19 18,930 4,344 ,104 759 5,722 1958—Mar. 19 597 13 2 46 536 26 18,725 4,281 ,085 672 5,688 26 688 64 6 124 494 Apr. 2 18,526 4,273 ,077 641 5,534 Apr. 2 696 93 29 158 416 9 18,300 4,101 ,044 579 5,575 9 627 -28 3 81 571 16 18,369 4,148 ,059 651 5,511 16 *628 41 -1 64 *>524 23 18,654 4,133 ,071 819 5,631 23 *>689 -9 9 67 30 18,249 4,106 ,049 7,600 5,494 30 *686 77 7 99 Required reserves:2 Borrowings at Federal Reserve Banks: 1957—Mar 18,366 4,326 ,098 7,686 5,256 Apr 18,580 4,308 ,097 7,855 320 1957—Mar 834 116 257 302 159 May 18,362 4,221 ,098 7,739 305 Apr 1,011 299 210 329 173 June 18,485 4,320 ,123 7,729 5,314 May 909 117 169 422 201 July 18,595 4,288 ,124 7,840 5,344 June 1,005 200 46 531 228 Aug 18,300 4,152 ,121 7,722 5,306 July 917 186 34 519 177 Sept 18,434 4,203 ,117 7,749 5,366 Aug 1,005 308 28 468 201 Oct 18,573 4,231 ,116 7,797 5,429 Sept 988 263 120 485 121 Nov 18,447 4,147 ,100 7,786 5,414 Oct 811 141 115 428 127 Dec 18,843 4,303 ,127 7,956 5,457 Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 ,121 7,928 5,458 Feb 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 ,087 7,603 5,179 Feb 242 46 11 96 89 Mar 138 2 29 36 71 Week ending: 1958—Mar. 19 18,332 4,331 ,102 7,713 5,186 Week ending: 26 18,037 4,217 ,079 7,547 5,194 1958—Mar. 19 125 3 34 28 60 26 164 69 30 65 Apr. 2 17,830 4,180 ,048 7,484 5,118 9 17,673 4,129 ,041 7,499 5,004 Apr. 2 144 15 38 91 16 ni,iA\ 4,107 .060 7,587 ?4,987 9 90 4 4 23 59 23 2>17,964 4,141 1,063 7,752 ^5,008 16 199 72 7 42 PIS 30 ^17,563 4,029 1,042 7,501 P4 991 23 112 2 27 43 30 125 1 32 March 1957 Free reserves:2 4 Deposits: 1957—Mar -316 -101 -253 -242 280 Apr -505 -300 -210 -263 269 Gross demand deposits: May -444 -104 -165 -367 192 Total 114,852 23,724 5,880 44,635 40,613 June -508 -185 -48 -486 210 Interbank 12,563 4,032 1,167 6,064 1,300 July -383 -181 -28 -452 278 Other 102,289 19,692 4. 714 38,571 39,313 Aug -471 -289 -26 -400 244 Net demand deposits 3 . .. 98,728 20,720 5, 160 37,823 35,025 Sept -467 -254 -115 -433 335 Time deposits 43,570 3,646 1,313 17,555 21,056 Oct -344 -141 -115 -389 301 Demand balances due Nov -293 -80 -123 -342 251 from domestic banks . . 6,257 85 93 2,009 4,069 Dec -133 -105 -77 -228 277 1958—Jan 122 -46 -25 -144 337 March 1958 Feb 324 -25 -6 1 353 Mar 495 42 -18 62 408 Gross demand deposits: 1958—Mar. 19 472 10 -32 18 476 Total 115,393 23,792 5,957 44,922 40,722 26 524 64 -63 94 429 Interbank 12,837 4,091 1,194 6,198 1,354 Other 102,556 19,701 4,763 38,724 39,368 Apr. 2 552 93 14 120 325 Net demand deposits3. .. 99,069 20,655 5,267 38,223 34,923 9 537 -32 — 1 58 512 Time deposits 49,238 4,819 1,396 19,765 23,259 16 *429 -31 -8 22 ^446 Demand balances due 23 *577 -11 -18 24 P582 from domestic banks. . 6,478 75 94 2,020 4,290 30 *561 77 6 67 » 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

558 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 obligations and discounts of and Other secured advano o b b a l n i k g s a t s io ec n u s re o d f t b h y e d U ir . e S ct . Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous Apr. 30 beginning— rate Apr. 30 beginning— rate Apr. 30 beginning— rate Boston Apr. 22,1958 Apr. 22, 1958 Mar. 11, 1958 New York... Apr. 18,1958 Apr. 18, 1958 Mar. 7,1958 Philadelphia.. Apr. 18,1958 Apr. 18, 1958 Apr. 18,1958 Cleveland Apr. 25,1958 Apr. 25, 1958 Apr. 25, 1958 Richmond. . . Apr. 25,1958 Apr. 25, 1958 Apr. 25, 1958 Atlanta Apr. 22,1958 Apr. 22, 1958 Apr. 22,1958 Chicago Apr. 18,1958 Apr. 18, 1958 Jan. 24, 1958 St. Louis Apr. 18,1958 Apr. 18, 1958 Apr. 18,1958 Minneapolis.. Apr. 18,1958 Apr. 18, 1958 Mar. 21, 1958 Kansas City.. Apr. 25,1958 Apr. 25, 1958 Mar. 14,1958 Dallas Mar. 14,1958 Mar. 14, 1958 Mar. 14,1958 San Francisco Mar. 13,1958 Mar. 13, 1958 Mar. 13, 1958 * 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 i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits* Time deposits 1930— D J M M F u e e n a a b c y r e . . . 2 2 1 4 2 0 7 4 1 1 1 1 9 9 9 9 5 4 5 5 0 8 4 3 — — — _J A A J F a a e u u n n b g g . . . . . 2 1 1 1 5 1 6 3 2 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e c a s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 1931—May 8 Apr. 16 banks Oct. 9 1955—Apr. 15 Oct. 16 Aug. 5 1932—Feb. 26 Sept. 9 1917—June 21 13 10 7 June 24 Nov. 18 1933—Mar. 3 1956—Apr. 13 1936—Aug. 16 15 f f Apr. 7 Aug. 24 1937—Mar. 1 2* 2* May 26 1957_Aug. 23 May 1 Oct. 20 Nov. 15 1938—Apr. 16 12 1934—Feb. 2 1958—Jan. 24 22% 1937—Aug. 27 Mar. 7 1941_Nov. 1 26 20 14 6 6 1942—Oct. 30 Apr. 18 1942_Aug. 20 24 1946—Apr. 25 In effect May I, 1958 Sept. 14 22 Oct. 3 20 i Under Sees. 13 and 13a, as described in table above. 1948_Feb. 27 22 * Preferential rate for advances secured by Govt. securities maturing June 11 24 or callable in 1 year or less in effect during the period Oct. 30, 1942- Sept, 16,24*.... 26 22 16 ?* Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1949_May 1,5* 24 21 15 advances secured by eligible paper. June 30, July 1*. 20 14 6 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and Aug. 1, 11* 8* 13 6 1957 this rate was the same as the discount rate except in the following Aug. 16, 18*.... 12 5 5 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Aug. 25 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Sept. 1 1957_Aug. 22, 3.50. 1951—Jan. 11, 16*.... 23 19 13 6 6 MARGIN REQUIREMENTS1 Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 [Per cent of market value] 1954_june 16,24*.... 21 5 5 July 29, Aug. 1*. 20 18 12 Jan. 4, Apr. 23, Effec- 1958—Feb. 27, Mar. 1* g* il* 11% Prescribed in accordance with 1955- 1955- tive Mar. 20, Apr. 1* 11 Securities Exchange Act of 1934 Ap 1 r 9 . 5 2 5 2, Ja 1 n 9 . 5 1 8 5, Ja 1 n 9 . 5 1 8 6, A A p p r r . . 2 1 4 7 18* 16Vi Regulation T: In effect May 1, 1958... 18 i6y2 11 5 5 For extensions of credit by brokers and Present legal requiredealers on listed securities 60 70 50 ments : For short sales 60 70 50 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 60 70 50 i Demand deposits subject to reserve requirements which, beginning i Regulations T and U limit the amount of credit that may 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 559 STATEMENT OF CONDITION OF THE REDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Apr. Mar. Apr. Gold certificate account 20,563,392 20 613,392 20,738,39120,848,392 20.948,393 20,563,392 20,948,392 20,779,393 Redemption fund for F. R. notes.. 845,331 847,607 850,776 853,062 855,642 845,331 855,732 855,435 Total gold certificate reserves. 21,408,723 21,460,999 21,589,167 21,701,454 21,804,035 21,408,723 21,804,124 21,634,828 F. R. notes of other Banks 441,098 476,593 439,208 440,189 442,968 441,098 444,632 388,850 Other cash 418,116 433,833 426,231 431,766 464,493 418,116 477,351 401,067 Discounts and advances: For member banks 155,939 242,055 296,440 139,033 112,436 155,939 137,272 804,325 For nonmember banks, etc 25,000 Industrial loans 503 494 498 497 478 503 502 780 Acceptances—Bought outright... 37,416 37,428 39,429 39,423 39,429 37,416 39,392 24,126 Held under repurch;iase agreement. U. S. Government securities: Bought outright: Bills 945,710 968,610 968,610 892,560 892,560 945,710 892,560 434,105 Certificates—Special Other 19,946]10519,946,i0519,946,105 946,10519,946,10519,946,10519,946,10511,362,199 Notes 8,571,413 Bonds 2,789,257 2,789,257 789i257 2\789^257 2;789;257 2;789;257 2,801,750 Total bought outright 23,681,072 23,703,972 23,703,972 23,627,922 23,627,922 23,681,072 23,627,922 23,169,467 Held under repurchase agreement. 92,000 Total U. S. Government securities. 23,681,072 23,703,972 23,795,972 23,627,922 23,627,922 23,681,072 23,627,922 23,169,467 Total loans and securities 23,874,930 23,983,949 24,132,339 23,806,875 23,780,265 23,874,930 23,805,088 24,023,698 Due from foreign banks. 15 15 15 15 15 15 22 Uncollected cash items.. 4,839. 4,921 914 5,769,433 ,379,915 4,453,350 4,839,288 3,931,183 4,831,385 Bank premises 86! 86,423 86,239 85,967 85,615 86,568 85,632 76,670 Other assets 245; 232,429 217,137 202,496 187,862 245,975 183,283 137,901 Total assets. 51,314,713 51,596,155 52,659,769 51,048,677 51,218,603 51,314,713 50,731,308 51,494,421 Liabilities Federal Reserve notes 26,374,600 26,374,828 26,487,79126,527,677 26,540,280 26,374,600 26,537,003 26,322,503 Deposits: Member bank reserves 18,253,947 18555,46818,869, 18,297,86218,365,52918,253,94718,531,88718,864,428 U. S. Treasurer—general account. 594,134 462,266 393; 481,976 602,717 594,134 473,711 508,710 Foreign 256,792 227,423 259 252,563 279,326 256,792 266,252 316,053 Other 411,218 395,182 383; 406,957 382,551 411,218 378,474 293,898 Total deposits. 19,516,09119,640,339 19,906,39819,439,35819,630,12319,516,09119,650,324 19,983,089 Deferred availability cash items 4,041,975 4,161,260 4,859 3,687,850 3,667,735 4,041,975 3,166,623 ,895,308 Other liabilities and accrued dividends. 18,453 19,531 17; 17,997 16,898 18,453 17,238 18,437 Total liabilities. 49,951,119 50,195,958 51,271,817 49,672,882 49,855,036 49,951,119 49,371,188 50,219,337 Capital Accounts Capital paid in 350,377 350,273 350,174 350,039 349,901 350,377 349,866 331,486 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 176,476 213,183 201,037 189,015 176,925 176,476 173,513 168,462 Total liabilities and capital accounts. 51,314,71351,596,155 52,659,769 51,048,677 51,218,60351,314,713 50,731,308 51,494,421 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.7 46.6 46.5 47.2 47.2 46.7 47.2 46.7 Contingent liability on acceptances purchased for foreign correspondents 131,461 129,815 135,278 139,439 136,815 131,461 131,778 64,065 Industrial loan commitments 998 1,007 1,003 1,005 1,025 998 1,000 1,955 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 155,939 242,055 296,440 139,033 112,436 155,939 137,272 829,325 Within 15 days 153,410 240,573 295,080 136,997 110,282 153,410 134,474 796,255 16 days to 90 days 2,515 1,465 1,325 1,989 2,103 2,515 2,770 33,070 91 days to 1 year 14 17 35 47 51 14 28 Industrial loans—total 503 494 498 497 478 503 502 780 Within 15 days 145 136 136 137 136 145 137 48 16 days to 90 days 177 177 181 170 151 177 175 376 91 days to 1 year 81 81 87 87 87 81 87 145 Over 1 year to 5 years 100 100 94 103 104 100 103 211 Acceptances—total 37,416 37,428 39,429 39,423 39,429 37,416 39,392 24,126 Within 15 days 10,530 12,930 17,320 13,158 9,622 10,530 8,409 11,333 16 days to 90 days 26,886 24,498 22,109 26,265 29,807 26,886 30,983 12,793 U. S. Government securities—total 23,681,072 23.703,972 23 795,972 23,627,922 23627,922 23.681,072 23.627,922 23 169,467 Within 15 days 262,350 319,550 339,900 146,050 59,550 262,350 38,550 100,700 16 days to 90 days 683,360 649,060 720,710 746,510 833,010 683,360 854,010 333,405 91 days to 1 year 20,285,20120,285,20120,285,20120,285,20120,285,20120,285,20120,285,20119946,105 Over 1 year to 5 years 1,035,304 1,035,304 035,304 ,035,304 ,035,304 ,035,304 ,035,304 360,786 Over 5 years to 10 years 56,610 56,610 56,610 56,610 56,610 56,610 56,610 013,614 Over 10 years 1,358,247 1,358,247 358,247 ,358,247 ,358,247 ,358,247 ,358,247 414,857 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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 c S i r s a a c n n o - Assets Gold certificate account 986,582 5,708,594 ,105,012 ,733,644 ,147,337 814,679 3,774,245 820,749 425,658 841,372 746,6472,458,873 Redemption fund for F. R. notes 54,335 174,582 58,022 76,743 73,759 47,492 153,987 42,490 21,812 40,878 27,931 73,300 Total gold certificate reserves, ,040,917 5,883,176 ,163,034 ,810,3871,221,096 862,1713,928,232 863,239 447,470 882,250 774,578 2,532,173 F. R. notes of other Banks... 25,352 116,927 31,335 45,466 29,905 66,196 32,015 8,890 18,483 4,944 30,748 30,837 Other cash , 31,544 81,892 28,408 40,610 24,127 30,433 63,045 20,752 10,019 13,164 18,132 55,990 Discounts and advances: Secured by U. S. Govt. securities 17,935 20,350 14,550 5,785 12,865 19,600 20,885 6,100 6,950 17,888 9,500 3,325 Other 150 56 Industrial loans 32 157 19 Acceptances: Bought outright 37,416 Held under repurchase agreement. U. S. Govt. securities: Bought outright ,289,387 5,971,6081,361,2832,096,3671,541,448 ,204,964 4,136,610 966,046 498,1791,010,779 927,6112,676,790 Held under repurchase agreement Total loans and securities... ,307,799 6,029,374 1,375,9902,102,1521,554,313 1,224,564 4,157,551 972,146 505,148 1,028,667 937,1112,680,115 Due from foreign banks 1 14 1 1 1 2 1 1 1 Uncollected cash items 343,247 904,197 316,581 439,258 383,636 422,314 781,997 189,999 120,778 237,251 252,141 447,889 Bank premises 4,872 10,633 4,424 9,783 6,860 7,657 7,404 6,519 5,354! 4,918 6,775 11,369 Other assets 13,297 60,544 13,889 21,913 15,782 12,551 44,590 9,819 5,104 10,841 10,346 27,299 Total assets. 2,767,029 13,086,7472,933,662 4,469,570 3,235,720 2,625,887 9,014,8362,071,365 1,112,356:2,182,036 2,029,832 5,785,673 Liabilities F. R. notes 1,557,353 6,274,4521,651,8852,479,804 2,052,984 ,231,559 5,112,9031,176,190 534,0311,046,020 709,3502,548,069 Deposits: Member bank reserves 764,846 5,247,077 858,5311,432,479 741,838 896,37: 2,909,596 643,917 397,921 822,912 964,8482,573,610 U. S. Treasurer—general account 34,880 74,531 35,416 34,736 40,525 48,020 87,386 36,117 35,502 56,948 51,075 58,998 Foreign 14,364 375,856 17,388 22,428 12,852 11,340 36,036 9,324 6,048 9,828 13,104 28,224 Other 355,074 11,545 1,057 3,241 1,253 597 1,716 346 558 33,701 530 1,600 Total deposits 814,620 5,752,538 922,8801,490,700 798,456 956,9853,033,615 691,074 439,817 890,2461,030,6272,694,533 Deferred availability cash items 314,746 680,50' 264,165 375,045 310,981 372,546 667,660 150,855 103,995 190,822 219,284 391,369 Other liabilities 1,077 4,461 886 2,515 773 96f 3,061 626 684 655 760 1,993 Total liabilities 2,687,79612,711,9582,839,816 4,348,0643,163,194 2,562,05: 8,817,239 2,018,7451,078,5272,127,7431,960,0215,635,964 Capital Accounts Capital paid in 17,840 102,974 21,463 33,066 15,968 17,214 47,913 11,799 7,572 14,171 19,746 40,651 Surplus (Sec. 7) 47,013 223,963 55,923 71,550 41,236 36,19: 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 76: 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 11,369 40,533 11,971 15,884 11,973 9,66' 26,751 8,714 5,487 8,452 7,887 17,788 Total liabilities and capital accounts 2,767,02913,086,7472,933,6624,469,5703,235,7202,625,887 9,014,8362,071,3651,112,356 2,182,036 2,029,83 5,785,673 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 43.S 48.9 45.2 45.6 42.8 39.4 48.2 46.2 45.9 45.6 44.5 48.3 Contingent liability on acceptances purchased for foreign correspondents.... 7,495 437,04- 9,073 11,703 6,706 5,918 18,805 4,866 3,156 5,129 6,838 14,728 Industrial loan commitments 51 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $94,417,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $180,936,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 561 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Apr. Mar. Apr. F. R. notes outstanding (issued to Bank). 27,432,58727,465,469 27,549,193 27,558,067 27,573,888 27,432,587 27,617,786 27,392,600 Collateral held against notes outstanding: Gold certificate account 12,058,00012,058,00012,058,00012,058,000 12,108,00012,058,00012,093,00011,848,000 Eligible paper 38,538 31,523 23,128 16,114 20,878 38,538 22,083 79,135 U. S. Government securities 17,145,00017,145,00017,145,00017,145,000 17145,00017,145,00017,145,00017,040,000 Total collateral 29,241,538 29,234,523 29,226,128 29,219,114 29,273,878 29,241,538 29,260,083 28,967,135 EACH FEDERAL RESERVE BANK ON APRIL 30, 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 L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,636,918 6581,0021,721,6372,583,596 2,121,1281,297,649 5208,3551,221,492 549,610 ,072,869 754,026 2,684,305 Collateral held: Gold certificate acct.. 700,000 3,270,000 640,000 1,130,000 825,000 425,000 2,400,000 430,000 155,000 300,000 283,000 1,500,000 Eligible paper 14,550 6,100 17,888 U. S. Govt. securities. 1,150,000 3,600,000 1,200,000 1,600,000 1,350,000 1,000,000 3,100,000 875,000 425,000 820,000 525,000 1,500,000 Total collateral ,850,000 6,870,000 1,854,550 2,730,000 2,175,000 1,425,000 5,500,000,1,311,100 580,000,137,888 808,000.3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [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 a - p to p r d o A a v t m e e d ount (a b p p m c u l r A e o o t o t v m p e n u ^e d - n o d i t t) ( s a t L a m o o n u o a d t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s it g t - ) o ( s in a p t f t a 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 s t 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 A r a iz t m e ed ount a T m o o t o u a u n l t t stand g P in u o t g e a rt e r i a d o n n - a u o a b n n v u a o t a d t e m m s r i e e l t r r e a a o o b n n a w u g l g 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 1,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2 36S 1,129 1956 1,468 2,761 389 289 125 1957 1957 Mar 3,782 834,051 772 1,987 1,012 Mar 1,482 2,842 408 304 127 Apr 3,782 834,668 780 1,955 991 Apr 1,485 2,850 402 300 133 May 3,782 835,264 774 1,794 948 May 1,488 2,862 407 305 130 June 3,783 835,766 80 742 1,780 919 June 1,493 2,867 412 307 126 July 3,784 836,636 155 608 1,795 812 July 1,496 2,878 412 307 123 Aug 3,784 837,410 80 628 1,815 816 Aug 1,497 2,880 390 292 146 Sept 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 Nov 3,786 840,814 581 1,130 1,126 Nov 1,500 2,906 394 298 127 Dec 3,786 841,290 524 1,109 1,122 Dec 1,503 2,912 395 300 135 1958 1958 Jan 3,786 841,691 535 1,058 1,087 Jan 1,506 2,923 380 290 156 Feb 3,786 842,232 506 1,063 1,063 Feb 1,511 2,935 372 286 164 Mar 3,786 842,472 502 I 001 965 Mar 1,512 2,936 367 282 139 * 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

562 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED [In effect April 30. Per cent per annum] UNDER REGULATION V* [In effect April 30] 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 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston 3 Over 95 40-50 40-50 New York Philadelphia 3^-6 .3 Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond .8. [Per cent per annum] Atlanta 2 5V Chicago A 3*4-6 St. Louis Interest rate Minneapolis Kansas City 4-6 Commitment rate. Dallas 4-6 San Francisco 4-6 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by 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. 6 Twenty-five per cent of loan rate. Charge of V4 per cent per annum is made on undisbursed portion. 7 Charge of 1/A 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 seasonaladjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers* centers2 City centersx centers2 City centers * 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 I954 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 I957 . . 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 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 J A U u ly g 2 1 0 9 0 0 , , 5 5 5 3 9 9 7 6 4 8 , , 5 4 0 0 9 9 4 4 1 0 , , 7 1 1 9 1 4 8 8 4 1 , , 3 9 3 3 9 6 4 44 9 . . 7 5 2 3 8 0 . . 5 6 2 22 3 . . 1 6 5 51 0 . . 7 8 3 3 1 1. . 1 2 2 23 4 . . 5 0 Sept 189,294 70,953 39,095 79,245 52.2 31.4 24 A 50.9 31.7 23.7 Oct 204,168 77,431 41,761 84,976 49.9 29.6 22.7 51.4 30.5 22.7 Nov 189,246 71,667 39,012 78,567 51.2 30.5 23.5 51.7 30.0 22.3 Dec 220,376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30.8 23.4 1958 Jan '212,875 84,355 •41,992 r86,528 54.6 30.0 23.3 54.3 30.6 23.1 Feb r181,703 72,803 '36,188 '72,712 55.4 30.1 22.9 56.8 30.9 23.0 Mar '203,844 84,409 '40,363 '79,072 56.2 31.3 22.2 54.8 28.6 22.3 Apr 204,100 85,510 39,354 79,236 56.6 *30.3 *22.5 57.5 ^29.4 *23.2 ' Revised. 2 Prior to April 1955, 338 centers. » Preliminary. 3 These data are compiled by the Federal Reserve Bank of New York. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los NOTE.—For description see BULLETIN for April 1953, pp. 355-57. Angeles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 563 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 $P $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945... 28,515 20,683 1,274 ,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 ,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 ,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 ,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2.720 5,612 321 464 3 15 1955 31,158 22,021 1,927 1,312 75 2,151 6.617 9.940 9.136 2.736 5.641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 14 1957—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 Apr . .. 30,519 21,588 2,020 1,276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 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 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 July 30,933 21,987 2,050 1,292 77 2,069 6,520 9,979 8,946 2,695 5,570 281 388 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 Sent 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 0,208 2,777 5,752 280 384 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 Mar 30,666 21,652 2,066 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 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 circulation * Total out- Held by Kind of currency M sta a 1 n 9 r d . 5 i 3 8 n 1 g , 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 a F a . n o n R d r k . s a B F g a a . e n n n R d k t . s s M 1 a 9 r. 5 3 8 1, Fe 1 b 9 . 5 2 8 8, M 1 a 9 r. 5 3 7 1, certificates agents Gold 22,394 21,836 2558 Gold certificates 21 836 18,989 2,816 32 32 33 Federal Reserve notes 27 618 82 1,525 26,011 25,948 25,974 Treasury currency—total 5,183 ^2,399 82 All 4,624 4,574 4,578 Standard silver dollars 488 180 38 8 263 262 248 Silver bullion 2 219 2 219 Silver certificates and Treasury notes of 1890 32,399 333 2,066 2,028 2,066 Subsidiary silver coin 1 443 35" 86 1,322 1,314 1,285 Minor coin 501 5 15 481 481 466 United. States notes.. 347 4 34 309 306 315 125 1 123 124 136 National Bank notes 60 (4) 60 60 62 Total Mar. 31, 1958 I 24 235 722 18 989 4,818 30,666 Feb 28 1958 24,536 695 19,284 5,065 30,554 Mar 31 1957 24,062 804 18,811 4,692 30,585 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. 556. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve„ 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of the Federal Reserve Act, or of direct obligations of the United States. 4 Less than $500,000. Each Federal Reserve Bank must maintain a reserve in gold certificates of 3 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

564 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 Capita] Total Bank credit assets, net— Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e it d t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8.577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ,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—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 26. 22,600 100 222,200 113,000 87,800 63,400 22,900 ,600 21,400 249,900 229,100 20,900 July 31. 22,600 100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28. 22,600 100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25. 22,600 100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30. 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 '89,400 '64,500 23.600 ,400 22,400 252,700 231,000 21,700 Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 1958—Jan. 29*> 22,800 5,200 225,600 112,500 89,900 65,200 23,400 ,300 23,100 253,500 231,800 21,800 Feb. 26^ 22,700 5,200 226,700 112,700 90,500 65,800 23,400 ,300 23,500 254,600 232,500 22,100 Mar. 26? 22,500 5,200 230,000 113,900 91,900 67,100 23,500 1,300 24,300 257,700 235,500 22,200 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date p b e o d n a i s e g e n i - n t 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 t d k i g - a s s l B F. A an R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de s 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 t e a g m l s p m o D d a s e e i n - t - d s4 b r C o s e a i n u u n d c t r k e - - y s c a d d u d e T e r j a p m r o u n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e d s t e n - e i - - t d d s b r C o s e a i n u u n 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 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947_Dec. 31 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30 1,293 2,989 668 176,916 59,247 36,314 20,009 2.923 92,272 25,398 114,300 89.800 24,500 1954—Dec. 31 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102.800 26,900 1955_Dec. 31 3,167 767 4,038 394 216,577 78,378 48,359 28,129 890 109,914 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_Mar 27 3,100 800 3,800 500 217,200 84,600 52,600 30,400 ,600105,200 27,400 134,700 107,000 27,700 Apr. 24 3,200 800 4,400 300 219,600 84,900 52,900 30,400 ,500107,300 27,400 135,000 107,300 27,700 May 29 3,200 800 5,300 500 218,400 85,700 53,600 30,600 500 104,800 27,900 134,600 106,600 28,000 J J J D S O N A u u u e e c o u l n n p y c t g v e e . t . . . . 2 3 2 2 2 3 3 7 6 1 6 5 8 0 1 3 3 3 , , , 2 2 4 7 4 0 7 0 0 7 7 8 8 8 8 8 8 6 9 0 0 0 0 0 0 1 2 0 0 0 0 0 0 4 4 4 3 3 3 3 3 , , , , , , , , 1 8 4 9 6 7 5 3 7 0 0 0 2 0 0 0 9 0 0 0 5 0 0 0 4 4 4 5 5 6 5 5 8 7 0 0 0 0 0 0 1 3 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 1 1 2 2 2 2 2 7 9 9 0 3 3 1 0 , , , , , , , , 6 4 7 9 0 3 0 0 8 3 0 0 0 0 0 0 1 9 0 0 0 0 0 0 8 8 8 8 8 8 8 8 5 6 9 7 7 6 7 8 , , , , , , , , 7 4 1 1 7 7 6 1 1 0 2 0 0 0 0 0 5 0 6 0 0 0 0 0 5 5 5 5 5 5 5 5 3 4 5 6 4 4 5 5 , , , , , , . , 6 0 1 1 4 7 0 5 0 0 3 0 0 0 0 0 5 0 9 0 0 0 0 0 3 3 3 3 3 3 3 3 0 0 0 1 1 1 1 1 , , , , , , , , 6 9 9 0 2 3 6 3 4 0 0 0 0 0 6 0 7 0 0 0 0 0 2 0 , , , , , , , , 4 3 5 4 4 4 4 3 6 2 0 0 0 0 0 0 3 5 0 0 0 0 0 0 1 1 1 1 1 1 1 1 0 0 0 0 0 1 0 0 5 5 5 6 5 7 0 7 , , , , , , , , 7 6 1 5 6 2 2 2 0 0 0 0 0 0 0 5 6 0 0 0 0 0 0 4 2 2 2 2 2 2 2 2 7 7 8 8 8 7 7 7 , , , , . , , , 3 0 8 8 5 8 8 8 0 1 0 0 0 0 0 0 1 8 0 0 0 0 0 0 1 1 1 1 1 1 1 3 3 3 3 3 3 3 ( 5 3 3 6 4 4 4 5) , , , , , , , 2 9 0 7 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0 0 0 0 0 6 6 5 6 8 5 , , , , , , 0 9 8 2 3 5 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 7 7 8 8 7 7 8 , , , , , , , 7 9 1 9 0 7 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1958—Jan. 29*' 3,300 800 2,400 500 224,800 89,800 56,600 31,900 ,300107,600 27,300 132,200 104,700 27,500 Feb. 26Pr 3,700 700 3,800 400 223,900 90,900 57,600 32,100 ,300105,600 27,400 133,100 105,500 27,600 Mar. 26^ 3,900 700 5,800 600 224,500 92,500 58,800 32,400 ,300104,600 27,400 134,000 106,400 27,600 P Preliminary. r Revised. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 565 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U bl o . i v g S t a . . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i t a - e a l s l Total* b In a t n e k r - 2 Dema O nd ther c c T a o a o p u c t i n - a ta t l s l b N a b u o n e m 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 1956—Dec. 31 197,063110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957—Mar. 27 195,440110,800 63,750 20,890 41,550 241,130 215,900 14,480 3,510 114,550 83,360 19,520 14,160 June 6 197,465111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320 114t659 84,584 19.879 14,144 July 31 198,530112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390 116,690 85,610 20,000 14,135 Aug. 28 199,250113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25 199,820114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580 115,160 86,610 20,210 14,128 Oct. 30 201,450 113,970 '64,990 22,490 42,590 248,660 222,030 14,710 3,180 117,100 87,040 20,450 14,113 Nov. 27 200,910 114,060 '64,460 22,390 43,600 249,150 222,380 14,550 3,040 118,190 86,600 20,540 14,102 Dec. 31 203,849115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903 123,993 88,102 20,428 14,090 1958—Jan. 29*'. .. 201,780113,400 65,240 23,140 41,950 248,540 222,430 14,830 2,150lll6,680 88,770 20,560 14,081 Feb. 26*'... 202,880113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500,115,040 89,920 20.700 14,076 Mar. 26* 205,990114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560 114,210 91,480 20,830 14,078 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 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—Mar. 27 162,860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510 114,520 52,930 16,520 13,633 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 3,580 115,130 55,420 17,140 13,603 Oct. 30 167,900'92,970 '57,310 17,620 41,790 213,840 190,740 14,710 3,180 117,070 55,780 17,380 13,588 Nov. 27 167,270'92,940 '56,910 17,420 42,800 214,220 191,050 14,550 3,040118,160 55,300 17,440 13,578 Dec. 31 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898123,967 56,440 17,368 13,568 1958—Jan. 29*'. .. 167,650 92,020 57,700 17,930 41,070 213,050 190,470 14,830 2,150 116,650 56,840 17,470 13,561 Feb. 26*'. .. 168,580 92,090 58,260 18,230 41,340 214,320 191,480 15,130 3,500115,010 57,840 17,580 13,556 Mar. 26* 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560114,180 59,100 17,710 13,558 All member banks: 1939—Dec. 30 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 iO56_Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16.855 3,292106,850 40.909 13,655 6,462 1957—Mar. 27 136,869 78,318 45,205 13,346 35,823 175,949 157,270 13,859 3,183 97,671 42,557 13,825 6,454 June 6 137,808 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 July 31 138,573 79,621 45,490 13,462 37,137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27 139,882 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681100,648 44,366 14,584 6.406 Dec. 31 142,353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,447722 '10055,547 45,290 14,554 6,393 1958—Jan. 29* 140,122 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* 141,130 79,225 47,280 14,625 36,457 181,522 161,908 14,550 3,163 97,759 46,436 14,721 6,382 Mar. 26* 143,874 80,089 48,572 15,213 36,395 184,191 164,745 14,977 5,097 97,141 47,530 14,828 6,380 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941_Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 31 4 18,641 4,944 11,978 1,718 886 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2.247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—Mar. 27 32,580 20,170 8,010 4,400 850 33,900 30,460 30,430 3,000 527 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 8 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 4,970 800 34,930 31,330 31,300 3,100 524 Dec. 31 33,782 21,216 5,013 890 35,168 31,695 (*) 31,662 3,059 522 1958—Jan. 29*.... 34,130 21,380 5,210 880 35,490 31,960 (5) 31,930 3,090 520 Feb. 26* 34,300 21,490 5,300 950 35,740 32,110 (5) 32,080 3,120 520 Mar. 26* 34,580 21,630 7,570 5,380 930 36,040 32,410 32,380 3,120 520 * 1 P A r l e l li b m an in k a s r y in . the Uni # t e ' d R S e t v a i t s e e s d . . All banks comprise all commercial a w v h a a il t a b b l y e . c ha C n o g m es p a in ra b F i e li d t e y r a o l f f R ig e u se re rv s e f o m r e c m las b s e e r s s h o i f p , b a in n s k u s r a i n s c a e f fe s c ta te t d u s s , o a m n e d 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

566 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i n v g S t a s . . - O s r e i t t c h i u e 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 n i a c t i t d i - t - a e a l s l Total* b In a t n e k r- ! Dema O nd ther Time c c T a o a p o u c t i n t - a a t l s l b N a b u o n e f m k r s counts 3 U.S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947_Dec. 31. 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 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—Mar. 27 23,592 16,366 5,357 1,869 7,207 31,772 27,056 5,013 755 18,520 2,768 2,886 18 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 23,182 16,006 5,476 1,700 7,470 31,685 26,981 5,233 726 18,320 2,702 3,061 18 Aug. 28 23,252 16,191 5,298 1,763 7,701 32,144 27,070 4,945 737 18,698 2,690 3,059 18 Sept. 25 23,258 16,216 5,254 1,788 6,984 31,403 26,182 5,108 535 17,778 2,761 3,054 18 Oct. 30 23,385 16,115 5,415 1,855 7,539 32,103 27,030 5,119 500 18,648 2,763 3,127 18 Nov. 27 23,054 15.887 5,423 1,744 7,700 31,921 26,935 5.148 443 18,591 2,753 3,133 18 Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 5,781 737 19,959 2,893 3,136 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. 26* 23,964 15,934 5,934 2,096 7,327 32,622 27,412 5,623 602 18,089 3,098 3,166 18 Mar. 26* 25,006 16,367 6,414 2,225 7,656 33,959 28,965 5,842 1,381 18,454 3,288 3,161 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 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5.569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 2,171 8.695 7,943 1,372 184 5,069 1,319 660 14 1957—Mar. 27 6,444 3,685 2,165 594 1,706 8,203 7,127 1,212 185 4,432 1,298 651 14 June 6 6,266 3,789 1.884 593 1,821 8,147 7,284 1,184 97 4,691 1,312 665 14 July 31 6,234 3,862 1,825 547 1,947 8,239 7,462 1,279 196 4,676 1,311 671 14 Aug. 28 6,289 3,915 1,823 551 1,968 8,314 7,440 1,185 275 4,674 1,306 671 14 Sept. 25 6,261 3,937 1,783 541 1,939 8,257 7,319 1,251 186 4,573 1,309 670 14 Oct. 30 6,273 3,829 1,888 556 1,969 8,310 7,264 1,183 148 4,624 1,309 679 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. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 1,347 195 4,904 1,345 689 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 1,211 203 4,612 1,348 693 14 Mar. 26* 6,492 3,481 2,404 607 1,808 8,374 7,390 1,272 351 4,418 1,349 700 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 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—Mar. 27 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 5,121 285 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 31 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 5,199 282 Aug. 28 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6.248 1,453 36,820 18,000 5,242 282 Sept. 25 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37,103 18,085 5,260 281 Oct. 30 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 5,298 281 Nov. 27 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 1,017 38,159 18,177 5,338 280 Dec. 31 55,259 32,805 17,352 5,102 17.540 74,196 67,483 7,542 1,358 39,960 18,623 5,370 278 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 Mar. 26* 55,711 32,072 18,210 5,429 14,629 71,802 64,626 6,536 1,960 36,646 19,484 5,469 278 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 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—Mar. 27 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 37,797 21,165 5,167 6,137 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. 28 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 5,328 6,113 Sept. 25 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5,357 6,108 Oct. 30 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1,211 38,949 22,473 5,435 6,098 Nov. 27 56,352 27,910 21,804 6,629 12,724 70.128 63.725 1,345 1,070 39,190 22,120 5,428 6.094 Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,658 1,181 40,724 22,429 5,359 6,083 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 Mar. 26* 56,665 28,169 21,544 6,952 12,302 70,056 63,764 1,327 1,405 37,623 23,409 5,498 6,070 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 567 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other lia- Total Num- Cla a s n s d o f d b at a e nk Total Loans o G U bl o . i S v g t a . . - O se t c h u e - r a C ss a e s t h s 2 c b a i a l p n it i d i t e a s l Total2 b In an te k r - 2 Demand c c a o a p u c i n t - a ts l ba b o n e f k r s tions rities ac- Time 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 131398 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—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 13J89 Dec. 31 168,595 93,430 57,580 17,585 48,127 220,865 199,876 16,753 3,859 123,127 56,137 17,051 13,142 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 7915 4 692 1956 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_j D U e n c e . 3 6 1 9 8 1 7 , , 2 9 0 1 1 0 4 5 8 0 . , 4 3 1 5 5 0 3 3 1 0 , .3 2 4 3 5 4 9 9 . ,6 1 1 5 7 0 2 2 6 2. , 5 7 2 8 5 6 1 12 1 0 2 , . 1 4 5 6 3 0 1 1 0 0 0 9 . , 9 0 8 9 9 1 7 9 , , 9 47 6 5 3 2 1 , 1 7 6 8 6 2 6 6 1 6 ,5 7 4 3 6 7 2 3 ° 0 ,9 5 0 0 4 6 9 8 , 0 1 7 1 0 1 4 4 ,6 6 2 4 0 7 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—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 11 807 1 798 Dec 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,853 1,306 39,001 14,386 5,483 1,773 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—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 27.292 359 178 16 200 10 155 2 4*0 6 748 Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 425 388 17 580 10 873 2 500 6 753 Noninsured nonmember commercial banks: 1941_Dec. 31 1,457 455 761 241 763 2,283 1,872 329 :9i 253 329 852 1945 Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,5>05 365 279 714 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—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 8 821 294 429 Dec. 31 1,473 468 660 345 301 1,831 1,449 268 39 840 303 317 425 All nonmember commercial banks: 1941_Dec. 31 7,233 3 696 2,270 1,266 3,431 10,992 9,573 457 5 !04 3 613 1,288 7 662 1945—Dec. 31 16 849 3 310 12,277 1,262 4,962 22 024 20,571 425 14 101 6 045 1 362 7 130 1947—Dec. 314 18 454 5 432 11,318 1,703 4.659 23 334 21,591 629 167 13 758 7 036 1 596 7*261 1955 Dec 31 25.546 11.628 10.908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—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 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 692 427 18,420 11,176 2,817 7,178 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 1 2 12 12 192 1,252 194 1955 Dec. 31 22.331 13.563 5,858 2,910 785 23.458 21,237 3 49 21,182 2,006 220 1956—Dec. 31 24 170 15 542 5,518 3,110 739 25,282 22,886 2 3 23 22 857 2,130 223 1957 June 6 25 185 16 228 5 505 3.452 672 26 241 23.578 2 2 26 23 549 2 ?40 234 Dec. 31 26 535 17 194 5,404 3,937 719 27,671 25,022 2 3 26 24 991 2 308 239 Noninsured mutual savings banks: 1941—Dec. 31 8 687 4 259 3,075 1,353 642 9,846 8,744 6 8 738 1 077 496 1945 Dec 31 5 361 1 198 3 522 641 180 5 596 5 022 2 5 020 558 350 1947 Dec. 314 .. 5 957 1 384 3 813 760 211 6 215 5,556 2 5 553 637 339 1955—Dec. 31 7 567 3 893 2.601 1,072 180 7 816 6.950 2 6 947 806 307 1956 Dec 31 7 770 4 235 2 453 1 082 182 8 028 7 146 2 7 143 817 304 1957 June 6 7 765 4 259 2 401 1.105 167 8 011 7.100 7 098 802 291 Dec 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 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

568 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- p L u o r a c n h s a si f n o g r U. S. Government obligations Obli- Total mer- or carrying ga- Cla c s a s l a l o n d f d a b te ank i m l n o a v e n a e n n d s t s t s - Total2 e o m c p i k l i p i n u n a a e a e g d - r - t l n , - - A t c u g a u r r l l- - i- b d a T e r s e n o e r o a s d c k l u - - rit o T e i t e r h o s s - l R o t e a a e s t n - a e l s O l u v o i d t t a i a n h o i d - l n - e s - s r O lo t a h n e s r Total Total Bills C o d c e e f a e r d t b t i e i - n t f D s - i - - ire N c o t tes Bonds G t u a e n a e - d r- S p t d s a i i t o u o i c o a n v l b a n t f i d i e - l t s - - s O s ri e t t h c ie e u s r per ers ness sions All commercial banks-.3 1947—Dec. 31.... 116,28438,057 18,167 1,660 8301,220 9,393 5,723 1,06378,22669,2212,193 7,789 6,034 53,191 14 5,2763,729 1955—Dec. 31.... 160,88182,60133,2454,4753,2631,77420, 809 17, 1853,11778,28061,5924,219 2,318 14,03441,010 11 12,6983,990 1956—Dec. 31.... 165,12390,30238,7204,1612,589 1,69122, 509 18,850 3,34374,82158,5525,924 1,997 11,823 38,796 1312,9013,368 1957—June 6.... 164,51591,02839,0204,0772,2741,634 22, 530 19,508 3,62373,48756,6424,761 3,665 10,070138,137 9 13.3143,531 Dec. 31.... 170,06893,89940,5264,0662,601 1,620 23, 11020, 217 3,53376,16958,2395,405 4,813 10,608 j 37,406 8 13.9154,014 All insured commercial banks: 1941 Dec. 31 49 29021 259 9 2141450 614 662 4 773 4 545 28,03121,046 988 3 159 12 797 4 102 3 6513 333 1945—Dec. 31.... 121,80925,765 9,461 ,3143,164 3,606 4, 677 2, 361 1,18196,04388,9122,455 19,071 16,045 5K321 22 3,8733,'258 1947 Dec. 31.... 114,27437,583 18,0121,610 8231,190 9,266 5,654 1,02876,69167,9412,124 7,552 5,918 52J34 14 5,129 3,621 1955—Dec. 31.... 159,16482,08133,0924,3963,229 1,74220,692 17, 1043,09177,08360,7654,105 2,292 13,856 40.502 1012,4653,853 1956—Dec. 31.... 163,60189,83138,5714,1012,565 1,669 22 394 18,765 3.32573,77057,8375,763 1,981 11,722138; 358 13 12,6753,258 1957—June 6.... 163,02590,571 38,8704,0272,251 1,61322^42719,421 3,59972,45455,9734,658 3,610 9,967137,730 8 13.0953,386 Dec. 31.... 168,59593,43040,3804,0152,569 1,601 23,003 20, 1223,51375,16457,5805,290 4,758 10,493 37,031 7 13,6883,897 Member banks total: 1941 Dec. 31 .. 43 52118 021 8 671 972 594 598 3>494 3 (9? 25 50019 539 971 3,007 11 729 3 832 3 0902 871 1945—Dec. 31.... 107;18322,115 8; 949 855 3,133 3,378 3,455 1,900 1,10484,40878,3382,275 16,985 14,27144.792 ' 16 3 .'2542,'815 1947_Dec. 31.... 97,84632.628 16,9621,046 8111,065 7, 130 4, 662 952 65,21857,914 1,987 5,816 4, 81545.286 10 4,199 3,105 1955—Dec. 31.... 135,36070,98231,0192,7263,150 1.560 16,391 14,3132,94364,37750,6973,250 1,738 11,508 34.192 9 10,4443,236 1956—Dec. 31.... 138,76878,03436,2962,4782,447 1,473 17,811 15,765 3,14760,73447,5754.383 1,469 9,493132,218 12 10.4942,665 1957—June 6.... 137.80878.44836,5002,4532,132 1,416 17,768 16,229 3,39959,36045,8293,439 2,798 7,952J31.632 8 10.7682,763 Dec. 31.... 142,35380,95037,8682,4722,448 1,409 18,231 16,775 3,31661,40347,0793,948 3,534 8,560 31,031 7 11,2353,089 New York City:4' 1941—Dec. 31 12 896 4 072 2,807 8 412 169 123 54 8,823 7 265 311 1 623 3 652 1,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2.453 1,172 80 287 298 18,809 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 13,21411.972 1,002 640 558 9.771 638 604 1 1 9 9 5 5 5 6 — — D D e e c c . . 3 3 1 1 . . . . . . . . 2 23 3 , , 8 5 0 8 9 3 1 15 4 , . 9 6 8 4 7 0 1 9 1 , , 1 2 2 6 6 6 17 1 2 1 . ,4 1 0 4 9 4 4 51 0 1 2 5 6 7 1 7 7 1 1 , , 5 5 5 0 8 6 1 1 , ,0 0 4 0 9 6 7 8 , , 8 9 2 4 2 3 6 6, , 0 7 5 9 7 6 7 5 2 5 4 2 1 19 0 4 0 1 ?9 1 7 4 6 1 4 5 . , 1 0 6 0 0 2 2 3 1 1 , . 6 4 0 0 9 6 5 35 3 8 9 1957—June 6.... 23.293 15.895 11.344 11,152 389 567 1,516 1,245 7,398 5,738 685 219 781 4.052 1.311 349 Dec. 31 23,828 16,102 11,651 1,280 387 565 513 ,053 7,726 5,880 648 214 j 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 1 467 749 1 864 181 204 1947—Dec. 31 51.088 U801 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. 31 15 347 7 105 3 456 300 114 194 1 527 1 !n 8,243 6 467 295 751 4 ^48 1,173 956 820 1945—Dec. 31.... 40,108 8.514 3,661 205 427 1,503 1,459 855 404 31,59429,552 1,034 6,982 5,653 15.878 5 1.126 916 1947_Dec. 31.... 36,040 13,449 7,088 225 170 484 3, 147 1,969 36622,59120,196 373 2,358 1 901 15.560 3 1.342 1,053 1955—Dec. 31.... 52.45928,622 13,212 566 542 696 6,962 5,916 1,18023,837 18,826 813 657 4;708 12.643 5 3.778 1,233 1956—Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1,28922,132 17,3681,185 441 3,742 11,995 4 3.820 944 1957—June 6.... 53.137 31.435 14,919 495 496 672 7,481 6,630 1,30021,702 16,797 758 1,179 3,038 11,819 3 3.888 1.017 Dec. 31.... 55,25932,805 15,702 494 603 673 7, 667 6,893 1,37022,454 17,3521,009 1,285 3,297 11,760 2 4,027 1,075 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 u 823 1 <30 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1 881 101 36329,40726.999 630 * 5;i 62 4, 544)16,713 9 1,342 1,067 1947_Dec. 31.... 36,324 10.199 3,096 818 23 227 3^827 1 979 22926,12522,857 480 2,583 2, 108 17,681 6 2,006 1,262 1955—Dec. 31.... 52.77524.379 6,2902,127 189 255 8 723 6 575 57328,39722,570 1,774 913 5,056 14,825 3 4.581 1,246 1956—Dec. 31.... 54.57126,491 7,0801,972 334 261 9,407 1 256 63128,08022,0372,362 792 4,458 14,420 4 4.827 1.215 1957—June 6.... 55.11227,330 7,378 1,949 312 259 9,586 1 653 669 27,78221,409 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 1 944 713 28,62921,8152,226 1,909 3,857 13,819 4 5,365 1,449 Nonmember commercial banks:3 1947_Dec. 31.... 18.454 5,432 1,205 614 20 156 2 266 1 061 111 13,021 11,318 206 1,973 1 219 7,916 4 1.078 625 1955—Dec. 31.... 25,546 11,628 2,226 I,750 113 214 4 428 2 872 174 13,918 10,908 970 580 2,527 6,829 2 2.255 755 1956—Dec. 31.... 26,381 12,279 2,424 ],683 143 218 4 708 3 085 196 14,10210,989 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 3 278 224 14,141 10,825 1,323 867 2 119 6,515 1 2,548 769 Dec. 31.... 27,741 12,961 2,657 1,594 153 211 4 891 3 442 217 14,780 11,1721,457 1,279 2 049 6,385 1 2,682 926 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 569 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Re- Bal- De- Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n v e t e v - k h e r e s s al v C a i a n u s l h t b m a a w d n e n o i c s k t e - t h i s s c s ju p m s o a d a t d s e e n i - - d t d s 6 m D e I s n o d t - t e i e c p r 5 o b s a i F n e ts i k o g r n - G U o .S v . t. p v s S o i u a l t s i a b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c d i t d s k . - i ' s - , p a v n s a p i I t d h d i r n o o t u i d r n p c n a a i e s o s - l - , s r r - , - I b n a t n e k r- p G U S i a o n o a n . s g S v v t d s a . - t. l S v p s i a u i s o t c a n i b l a o t i d d l e t n - i s s - p a v n s a p I t i h d i d r n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l n - i t - s All commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1955—Dec. 31.... 18,721 2,682 12,050 109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 1956—Dec. 31.... 18,706 3,261 12,813 111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 75 16,302 1957—jur,e 6.... 18,500 2,737 9,761 105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,893 1,446 16,837 Dec. 31.... 18,972 3,335 12,342 110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 77 17,368 All insured commercial banks: 1941—Dec. 31.... 12.396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17.796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 1,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 1,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6 18,500 2,717 9,515 104,904 11,127 1,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,660 1,430 16,525 Dec. 31.... 18,972 3,311 12,079 109,439 13,752 1,736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 66 17,052 Member banks, total: 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 11994451——DDeecc.. 3311........ 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 36,972 137 12,783 1956—Dec. 31.... 18,707 2,487 8,124 93,320 13,818 ,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 48 13,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 ,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,883 1,374 14,058 Dec. 31.... 18,973 2,536 7,806 92,191 13,356 ,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 57 14,554 New York City:4 1941 Dec. 31 5 105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 io 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:4 1941 Dec. 31 1 021 43 298 2 215 1,027 8 127 233 34 2 152 476 288 1945 Dec. 31 942 36 200 3 153 1,292 20 1 552 237 66 3 160 719 377 1947—Dec 31 1 070 30 175 3 737 1,196 21 72 285 63 3 853 2 9 902 426 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.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 1956—Dec. 31 5,526 1,502 5,194 39,028 1,580 16 1,160 4,538 1,183 35,473 22 146 847 19,324 21 5,046 1957—June 6 5,631 1,241 3,966 36.827 1,243 18 1,097 4,740 835 32,635 30 142 962 20,491 267 5,304 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 2781 Dec. 31, ,. . 799 4,536 18,075 511 43 427 2,282 289 15,849 138 27 603 10,546 21 2^818 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 5 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 6 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

570 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 n lo a v e n a e n n d s t s t s - j i m u n a s a v e t n d e e n d - s d t t s - l j L u a s o t d a e - n d s 1 C i m t n a c r o d n i i e a m a u d r l l - s - - A t c u g u r r l a - i l - G a T U 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 C n t e f a e i e e d f i t b s i n e r - - t s - s - - Notes Bonds* O s ri e t t c h ie u e s - r b L a o t n o a k n s s l t o i i g o b a n - - s c s u c r - i- l t o i i g o b a n - - s c t u ie r s i- Total- Leading Cities 1957 Apr 88,148 87,041 53,03930,975 418 1,875 1,164 8,69210,960 26,2921,134 1,461 5,170 18,527 7,710 1,107 1958 Mar 91,137 89,568 52,94230,224 446 2,394 1,212 8,72011,090 28,0242,100 1,153 4,912 19,859 8,602 1,569 92,936 91,324 53,05330,065 457 2,571 1,293 8,72311,097 29,3972,031 1,150 6,187 20,029 8,874 1,612 Apr 1958 90,263 88,576 52,43429,796 445 2,267 1,191 8,70911,167 27,707 ,963 1,149 4,869 19,726 8,435 1,687 Mar. 5 90,960 89,408 52,77629,927 445 2,555 ',185 8,72511,082 28,0252,069 1,136 4,913 19,907 8,607 1,552 12 92,083 90,474 53,55130,593 448 2,682 ,189 8,71011,076 28,2552,247 1,170 4,941 19,897 8,668 1,609 19 91,243 89,813 53,00630,578 448 2,070 ,284 8,73411,037 28,1082,120 1,156 4,926 19,906 8,699 1,430 26 Apr. 2 90,945 89,541 52,69930,392 450 1,983 ,274 8,69511,056 28,1132,057 1,140 4,951 19,965 8,729 1,404 9 91,574 89,834 52,96230,210 458 2,418 ,280 8,71211,035 28,0551,945 1,159 4,994 19,957 8,817 1,740 16 94,479 92,713 53,57530,208 454 2,931 ,280 8,72911,126 30,1642,092 1,131 6,940 20,001 8,974 1,766 23 93,702 92,052 53,03629,792 460 2,776 ,314 8,73511,11130,1071,918 1,149 6,979 20,061 8,909 1,650 93,984 92,483 52,99529,723 462 2,749 ,315 8,74611,157 3300,5482,146 1,169 7,074 20,159 8,940 1,501 30 New York City 1957 23,675 23,079 15,61911,658 1361,057 10 385 558 2,134 5,595 369 303 926 3,997 1,865 596 Apr 1958 24,903 24,129 15,65311,381 3911,115 347 531 2,188 6,272 732 187 1,011 4,342 2,204 774 Mar 25,381 24,569 15,59311,204 662 967 380 520 2,168 6,725 756 182 1,349 4,438 2,251 812 Apr 1958 24,520 23,692 15,35111,139 4241,011 342 534 2,202 6,162 673 187 1,007 4,295 2,179 828 24,908 24,194 15,69611,253 4281,248 332 544 2,193 6,286 724 178 997 4,387 2,212 714 Mar. 5 25,250 24,555 16,00811,607 4351,221 339 525 2,188 6,336 778 195 1,036 4,327 2,211 695 12 24,933 24,073 15,55611,525 279 979 375 519 2,171 6,302 753 187 1,004 4,358 2,215 860 19 26 24,957 23,951 15,38611,402 320 905 381 514 2,175 6,356 768 181 1,024 4,383 2,209 1,006 Apr. 2 24,744 24,081 15,56411,291 527 992 382 517 2,163 6,296 690 176 1,021 4,409 2,221 663 9 25,848 25,131 15,86911,230 8681,005 378 524 2,170 6,962 793 182 1,577 4,410 2,300 717 16 25,524 24,740 15,60711,052 850 960 380 522 2,149 6,878 684 167 1,547 4,480 2,255 784 23 25,830 24,942 15,53711,044 745 972 378 522 2,185 7,134 845 206 1,576 4,507 2,271 30 Outside New York City 1957 Apr 64,473 63,962 37,42019,317 417 682 769 8,134 8,826 20,697 765 1,158 4,244 14,530 5,845 511 1958 Mar 66,234 65,439 37,28918,843 445 812 8,189 8,90221,752 1,368 966 3,901 15,517 6,398 795 67,555 66,755 37,46018,861 456 942 8,203 8,929 22,6721,275 968 4,838 15,591 6,623 800 Apr 1958 65,743 64,884 37,08318,657 444 832 796 8,175 8,965 21,5451,290 962 3,862 15,431 6,256 859 Mar. 5 66,052 65,214 37,08018,674 444 879 801 8,181 8,88921,739 1,345 958 3,916 15,520 6,395 838 12 66,833 65,919 37,54318,986 447 1,026 803 8,185 8,88821,919 ',469 975 3,905 15,570 6,457 914 19 66,310 65,740 37,45019,053 447 812 849 8,215 8,86621,806 ,367 969 3,922 15,548 6,484 570 26 Apr. 2 65,988 65,590 37,31318,990 449 758 851 8,181 8,88121,757 ,289 959 3,927 15,582 6,520 398 9 66,830 65,753 37,39818,919 457 899 853 8,195 8,87221,759 ,255 983 3,973 15,548 6,596 1,077 16 68,631 67,582 37,70618,978 453 1,058 855 8,205 8,95623,2021,299 949 5,363 15,591 6,674 1,049 23 68,178 67,312 37,42918,740 459 966 887 8,213 8,96223,2291,234 982 5,432 15,581 6,654 866 30 68,154 67,541 37,45818,679 461 1,032 892 8,224 %,912 23,4141,301 963 5,498 15,652 6,669 613 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 571 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 Bal- De- Indi- Indi- Demand Re- ances mand vid- vid- Capserves Cash with de- uals, States Certi- uals, States U.S. ital Month or date with in do- posits part- and fied part- and Govt. From ac- F.R. vault mestic ad- ner- polit- and U.S. ner- polit- and Time F.R. From counts Banks banks justed1 ships, ical offi- Govt. ships, ical Postal Do- For- Banks others and sub- cers' and sub- Sav- mes- eign cor- divi- checks, cor- divi- ings tic pora- sions etc. pora- sions tions tions Total— Leading Cities 1957 Apr 13,559 956 2,43755,997 58,304 4,058 2,107 2,836 20,871 1,017 18310,523 1,518 1,241 844 645 9,136 1958 Mar 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 13,166 942 2,629 55,584 57,595 4,563 2,350 3,070 23,203 1,624 14111,193 1,512 2,189 130 951 9,805 Apr 1958 13,262 890 2,434 54,50356,624 4,216 2,086 2,405 22,578 1,474 14210,914 1,494 1,984 56 1,195 9,734 Mar. 5 13,457 ,000 2,510 56,03159,231 4,008 2,165 1,,982 22,720 1,516 13910,738 1,505 2,025 155 994 9,745 1 1 2 9 1 13 3 , , 1 5 0 1 9 2 9 97 5 8 2 2 2 , , 6 4 0 6 7 15 54 5 , , 5 2 0 4 7 35 56 7 , , 3 7 8 0 1 3 4 4 , , 2 0 2 2 7 7 2 2 , , 1 3 0 1 6 3 3, ,699 2 22 2 , , 9 8 6 3 9 2 1 1 , , 5 5 2 4 8 0 1 1 3 3 7 71 1 0 0 , , 7 4 4 9 9 9 1 1 , , 4 4 9 5 1 3 2 2, , 1 0 3 6 0 2 1 4 9 8 1 1,1 7 2 1 9 1 9 9 , , 7 7 4 6 0 3 26 3,935 Apr. 2 12,960 901 2,964 54,119 56,070 4,286 1,911 3,092 23,003 1,551 13911,519 1,494 2,142 53 670 9,785 9 13,031 965 2,413 555,25156,829 4,193 1,974 1,71123,138 1,571 14011,199 1,502 2,177 89 1,145 9,803 16 13,560 952 2,623 566,49159,290 4,746 2,624 3,47123,217 1,625 14111,490 1,505 2,194 255 1,147 9,780 23 13,297 968 2,445 566,36157,922 4,651 2,770 3,13123,290 1,672 14210,746 1,513 2,211 190 1,024 9,803 12,982 922 2,698 55;699 57",863 4,937 2,475 3,945 2"3,367 1,703 14211,009 1,547 2,221 63 771 9,853 30 New York C ty 1957 4,261 140 5615,69717,082 301 1,088 885 2,643 54 34 2,862 1,215 955 231 350 2,868 Apr 1958 4,319 138 5115,53417,081 330 1,190 1,056 2,979 175 2,973 ,189 ,578 465 3,132 Mar 4,181 136 73 15,47816,919 392 1,339 1,146 3,052 181 3,072 ,216 ,689 489 3,152 Apr 1958 4,233 136 4715,24516,566 350 ,132 785 2,913 174 2,984 ,201 ,515 617 3,134 4,472 145 4916J080 17,948 275 ,241 727 2,985 175 2,926 ,206 ,553 414 3,135 Mar. 5 4,332 133 5415,55417,097 343 ,015 1,322 2,979 174 2,971 ,191 ,587 577 3,127 12 4,237 139 5315,25616,711 350 ,374 1,388 3,041 178 3,012 ,157 ,655 254 3,131 19 26 3,967 138 15515,34516,693 334 923 1,066 3,006 181 3,183 ,199 ,657 180 3,145 Apr. 2 4,369 141 4615,61516,709 324 ,062 544 3,056 181 2,889 ,207 ,685 26 692 3,148 9 4,341 140 5415,46517,161 415 ,527 1,373 3,049 183 3,128 ,206 ,687 105 770 3,144 16 4,216 132 5315,64816,977 364 ,732 1,204 3,056 181 2,931 ,221 ,704 10 545 3,151 23 4,013 129 5715,31617,053 523 ,454 1,541 3,094 181 3,227 ,249 ,710 257 3,170 30 Outside New York City 1957 Apr 9,298 816 2,38140,300 41,222 3,757 1,019 1,951 18,228 963 149 7,661 303 286 613 295 6,268 1958 Mar 9,016 817 2,452 39,537 40,404 3,790 977 1,949 19,796 1,340 112 7,752 297 472 100 542 6,614 8,986 806 2,556 40,106 40,676 4,171 1,011 1,924 20,151 1,443 118 8,121 296 500 102 462 6,653 Apr 1958 9,029 754 2,387 39,258 40,058 3,866 954 1,620 19,665 1,300 112 7,930 293 469 56 578 6,600 Mar. 5 8,985 855 2,461 39,95141,283 3,733 924 1,255 19,735 1,341 116 7,812 299 472 120 580 6,610 12 9,180 819 2,407 39,689 4400,606 3,684 1,091 2,377 19,853 1,354 114 7,778 300 475 174 552 6,613 19 8,872 839 2,554 3"9,251 39,670 3,877 939 2,547 19,928 1,362 114 7,487 296 475 48 457 6,632 26 Apr. 2 : 8,993 763 2,80938,774 39,377 3,952 988 2,026 19,997 1,370 116 8,336 295 485 53 490 6,640 9 8,662 824 2,367 39,636 40 3,869 912 1,167 20,082 1,390 117 8,310 295 492 63 453 6,655 16 9,219 812 2,569 41,026 42 4,331 1,097 2,098 2200,168 1,442 117 8,362 299 507 150 377 6,636 23 9,081 836 2,392 40,713 40,945 4,287 1,038 927 20,234 1,491 119 7,815 292 507 180 479 6,652 30 8,969 793 2,64140,383 40,810 4,414 1,021 2,404 20,273 1,522 119 7,782 298 511 63 514 6,683 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 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 Period2 l F iq a o n u o d o d r , , T ap e a p x n t a i d r l e es l, , M m p a r e e n o t t d d a a l - l s ch P l c e e e m o u t a r m i o l c , , - al, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o r b i n c t n t l i a s l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l f N a a i n e s e g s d t i e - s ch r w e a i a e n p n a n e d o l g k d l ' r e l l t — y tobacco leather ucts 3 ru a b n b d er b in a g nks4 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 Julv-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—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 Apr -177 -56 -300 -60 -32 23 -23 -268 59 16 -70 -887 -855 Week ending: 1958- Feb. 5 -18 26 -25 10 -14 -53 -69 -61 -8 21 -193 -208 12 -30 13 10 -2 11 -13 -49 -48 -8 10 -2 -107 -106 19 -36 22 90 9 17 -25 -16 68 3 8 139 126 26 -42 16 36 -12 17 2 -8 5 -20 -3 16 6 -7 Mar. 5 -18 11 4 -7 6 18 -34 -111 -40 -11 6 -176 -210 12. -18 16 34 8 24 4 -27 40 -7 5 21 100 131 19 15 23 151 19 42 33 -7 248 49 9 12 594 666 26 -25 -1 44 -26 20 18 -13 -72 -22 6 33 -36 -15 Apr. 2 -26 3 -28 -14 ^ 14 -22 -87 -18 -I -13 -196 -186 9 -32 -6 -14 -3 -5 -5 -9 -90 -4 2 -40 -205 -182 16 -39 -7 -25 11 1 32 -22 -14 32 11 -20 -2 23 -29 -33 -141 -16 -23 -20 -22 -73 -4 1 -21 -381 -416 30 -51 -12 -92 -38 2 51 -4 54 2 4 -84 -69 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 4 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 l r a e c c e t d - Total Banks p I o m rt - s p E o x rt - s 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—Mar. 2.650 489 2,161 1.019 209 150 59 23 58 728 305 425 116 171 2,485 466 2,019 1.018 195 135 60 24 64 735 272 471 4 89 182 M^y 2.775 483 2.292 984 188 142 46 21 63 713 227 501 5 73 177 June 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 July. 2,781 459 2,322 1,000 154 112 42 19 70 757 231 507 35 59 169 Aug. 2,835 501 2,334 1,227 220 152 68 27 68 913 243 524 66 212 182 Sept. 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 Oct.. 2,654 516 2,138 1,225 197 131 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 ,422 416 307 109 41 127 838 273 461 65 386 237 Feb.. 3,628 776 2,852 ,523 497 372 125 43 139 843 261 447 110 480 224 Mar. 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 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 573 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 m o m c e i r - e a 6 , 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 P a b c n e a r c i r c n e m s e k p ' s e - t , - 3-month bills 9 m -t o o n t 1 h 2- 3- y t e o a r 5- Area and period lo A a l n l s 10 1 10 0- 0 1 2 0 0 0 0 - o 2 a v n 0 e d 0 r months1 ly, 90 Mar- Rate issues3 issues 4 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 1.97 1.71 1.73 1.753 .89 2.50 1957 4.6 5.5 5.1 4.8 4.5 1956 average 3.31 3.06 >.64 2.62 >.658 2.83 3.12 1957 average 3.81 3.55 $.45 3.23 5.267 5.53 3.62 Quarterly:1 19 large cities: 1957—Apr 3.63 3.38 5.20 3.06 5.113 5.41 3.48 1957_june 4.40 5.37 4.94 4.61 4.23 May 3.63 3.38 5.25 3.06 5.042 5.37 3.60 Sept 4.83 5.67 5.29 5.01 4.69 June 3.79 3.48 5.36 3.29 5.316 5.55 3.77 Dec . 4.85 5.66 5.29 5.01 4.71 July 3.88 3.63 5.38 3.16 5.165 5.71 3.89 1958—Mar 4.49 5.55 5.10 4.75 4.29 Aug 3.98 3.63 5.78 3.37 5.404 5.93 3.91 New York City: Sept 4.00 3.82 5.83 3.53 5.578 1.02 3.93 1957—June 4.23 5.24 4.86 4.49 4.12 Oct 4.10 3.88 5.75 3.58 5.591 5.94 3.99 Sept 4.69 5.54 5.24 4.93 4.60 Nov 4.07 3.79 5.50 3.29 5.337 5.52 3.63 Dec 4.71 5.50 5.23 4.94 4.62 Dec 3.81 3.55 5.35 3.04 5.102 $.09 3.04 1958—Mar 4.29 5.42 5.02 4.60 4.17 7 Northern & Eastern 1958—Jan 3.49 3.23 5.06 2.44 2.598 2.56 2.77 cities: Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 1957—June 4.39 5.39 4.94 4.61 4.25 Mar 2.33 1.86 .80 1.30 .354 .77 2.50 Sept 4.85 5.69 5.31 5.01 4.73 Apr 1.90 1.59 1.52 1.13 .126 1.35 2.33 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 Apr. 5... 2.13 1.75 :1.63 1.08 1.148 1.54 2.44 cities: 12... 2.00 1.74 .63 1.10 .074 1.29 2.40 1957—June 4.65 5.42 4.99 4.70 4.43 19... 1.88 1.63 1.58 1.13 1.225 1.31 2.32 Sept 5.01 5.72 5.31 5.05 4.81 26... 1.75 1.40 1.38 1.13 .055 1.32 2.22 Dec 5.05 5.73 5.31 5.04 4.87 May 3... 1.75 1.38 1.38 1.23 .367 1.39 2.30 1958—Mar 4.77 5.60 5.17 4.87 4.49 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are i Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] <Corporate bonds3 Stocks5 State and local G U o . v S t . . govt. bonds3 By selected By Dividends/ Earnings/ Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total ^ Total 4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 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 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 Apr 3.12 3.16 2.70 3.78 4.02 3.60 4.67 3.83 4.32 3.90 4.37 4.33 Week ending: Apr. 5 3.19 3.23 2.77 3.88 4.04 3.64 4.69 3.86 4.33 3.92 4.44 4.41 12 3.15 3.17 2.70 3.81 4.03 3.62 4.67 3.85 4.34 3.91 4.41 4.41 19 3 10 3.16 2.69 3.78 4.02 3.61 4.66 3.83 4.33 3.89 4.37 4.35 26 3.07 3.09 2.64 3.66 4.00 3.57 4.66 3.81 4.30 3.89 4.30 4.28 May 3 . 3.14 3.08 2.64 3.64 3.99 3.55 4.66 3.80 4.29 3.87 4.31 4.21 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

574 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 e U l r o o . m n S v 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 - ) - * 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 b c 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 b c l - - T n s a a r e i f n c a n r i v e - d d c - e e , , M in i g n- s s t h i h a n ( a o n o i g r n f d u e * s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1955 average. 102.40 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1957_Apr... 95.35 109.8 104.3 45.05 48.06 29.78 33.03 339 431 404 455 291 160 281 352 2,300 May.. 94.23 106.9 103.2 46.78 50.10 30.42 34.03 352 450 419 480 297 163 286 380 2,389 June.. 91.77 103.5 101.1 47.55 51.30 30.11 33.35 355 457 421 489 293 160 283 390 2,224 July.. 91.50 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 Aug.. 91.10 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Sept.. 90.70 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct... 89.77 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Nov.. 91.90 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Dec... 95.63 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 1958—Jan.. 96.48 110.0 105.9 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Feb.. 96.20 109.2 105.7 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar.. 96.34 107.9 105.1 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Apr.. 98.23 110.0 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 Week eAnpdrin g : .I:: 97.21 108.4 104.8 41.78 44.56 22.19 34.77 305 380 340 416 223 163 280 278 2,160 97.79 109.1 105.0 41.61 44.32 22.20 35.01 308 381 332 419 228 165 282 282 2,075 19. 98.52 110.0 105.3 42.30 45.03 23.37 35.50 315 391 340 430 239 167 286 292 2,445 26. 98.96 111.1 105.6 43.01 45.77 24.15 36.05 320 398 348 437 242 168 294 296 2,722 May 3. 97.94 111.3 105.7 43.38 46.17 24.23 36.41 322 401 350 441 244 168 296 296 2,481 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard of an assumed 3 per cent, 20-year bond. For back data, see table on and Poor's common stock indexes, and volume of trading are averages p. 612. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. * Average daily volume of trading in stocks on the New York Stock 2 Prices derived from average market yields in preceding table on basis Exchange for a 5V£-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f o m r o l n a t s h t o s t T e h c e o u r t r a i t t h l ie - a s n N N ew et Y d o e r b k it f i S b r t m a o l c s a k n i 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 ry a o l i e n t r h g s e ) s r s e fo c ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob ( c c li o o g l l a . . 3 ti 5 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 G n tio o n v s t. se o cu O th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 88 780 88 1,074 713 1954—Dec. 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec. 4,030 34 2.791 32 ,239 51 2,246 894 1956—Dec. 3,984 33 2,823 41 ,161 46 2,132 1957—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 ,708 879 Nov. 3,577 42 2,517 33 ,060 56 ,641 876 Dec. 3,576 68 2,482 60 ,094 125 ,706 896 1958—Jan.. 3,554 126 2,487 58 ,067 188 ,552 937 Feb. 3,679 102 2,580 79 ,099 199 ,647 939 Mar. 3,863 111 2,665 86 1,198 206 ,784 954 Apr. 3,980 134 2,735 70 1,245 230 ,822 985 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 575 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 ts l Total United Sta lo te ca a l nd 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 States (U. S.) End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 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: • 1953 Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955 Dec 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—Mar 97,074 10,926 7,427 2,251 1,248 41,579 38,638 2,941 33,672 2,883 3,575 4,439 Apr 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 May 97,868 10,895 7,340 2,290 1,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July 99,005 10,906 7,306 2 323 1,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aug 99,374 10,880 7,268 2,333 1,279 42,742 39,724 3,018 34,547 3,032 3,731 4 442 Sept 99,812 10,833 7,224 2,340 1,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 1,271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 Nov 100,597 10,782 7,135 2,362 1,285 43,368 40,340 3,028 34,986 3,113 3,833 4 515 Dec 101,043 10,600 6,950 2,375 1,275 43,644 40,637 3,007 35,230 3,134 3,863 4,572 r958—Jan 101,672 10,819 7,113 2,418 1,288 43,859 40,862 2,997 35,410 3,156 3,896 4.532 Feb 102,000 10,852 7,124 2,426 1,302 43,961 40,957 3,004 35,529 3,187 3,927 4,544 Mar 102,385 10,754 7,002 2,448 I 304 44,256 41,179 3,077 35,663 3,214 3,962 4,536 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U.S. Borrowings Reserves Total 2 g M ag o e r s t - 3 o G t b i l o o i n v g t a s . - Cash Other* S c a a v p i i n ta g l s FHLB Other un p d r a i o n v f d i i d ts ed advances 1941 6,049 4,578 107 344 775 4,878 218 38 475 1945 8,747 5,376 2,420 450 356 7,386 190 146 644 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 Aue 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 Feb 48,845 40,623 3,195 2,198 2,829 42,875 788 89 i 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. * Includes other loans, stock in the Federal home loan banks and other * 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

576 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 6,715 7,160 6,752 7,261 6,827 6,466 Banks for cooperatives 345 425 424 377 367 375 395 457 423 384 430 Federal intermediate credit banks... 510 633 673 590 638 689 874 734 4845 997 997 Farmers Home Administration 535 539 596 648 701 681 769 724 823 866 880 Rural Electrification Administration. 1,543 1,742 1,920 2,096 2,226 2,348 2,450 2,488 2,544 2,586 2,634 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 2,671 2,349 2,626 1,994 1,525 Other agencies 52 40 31 23 18 1 (5) (5) (5) (5) (5) To aid home owners, total 1,528 2,142 2,603 2,930 2,907 3,205 3,391 3,680 4,076 4,381 4,680 Federal National Mortgage Association. 1,347 1,850 2,242 2,462 2,461 2,641 2,806 3,072 3,433 3,629 3,807 V O e th te e r r a n ag s e A nc d i m es inistration > 181 292 362 ' I 1 3 6 0 8 0 38 6 3 3 48 8 0 4 4 1 4 3 6 8 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 To industry, total 568 589 598 588 431 678 624 619 629 640 652 Treasury Department... 174 353 306 216 209 209 211 254 C O o th m e m r a e g rc e e n c D ie e s partment. • 568 589 598 > 413 79 ' 2 11 6 2 1 2 1 1 9 6 2 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 0 9 2 1 1 8 6 2 To financing institutions 824 814 864 952 870 1,419 1,147 1,233 966 1,084 1,124 To aid States, territories, etc., total. 468 744 1,020 645 272 245 244 246 272 243 276 Public Housing Administration.. 351 589 894 500 112 90 109 106 120 94 186 Other agencies 117 155 126 145 160 155 135 140 153 149 90 Foreign, total 6,078 6,110 7,736 8,043 8,001 7,988 8,229 8,223 8,237 8,300 8,316 Export-Import Bank 2,226 2,296 2,496 2,833 2,806 2,702 2,692 2,701 2,678 2,667 2,656 Treasury Department6 3,750 3,750 3,667 3,620 3,570 3,519 3,519 3,470 3,470 3,470 3,470 International Cooperation Administration. 71,515 1,537 1,624 1,767 1,958 1,995 2,035 2,084 2,139 Other agencies 102 58 53 1 60 57 54 52 51 All other purposes, total 63 75 119 166 256 193 213 240 338 306 Housing and Home Finance Agency. 5 29 127 209 136 156 184 275 246 Other agencies ""63 69 90 39 47 56 57 56 60 60 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -656 -309 -327 -695 -507 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,331 20,657 21,353 20,980 21,320 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,720 3,739 3,923 3,881 3,762 Federal home loan banks 199 249 311 387 641 745 1,054 1,018 1,095 1,017 881 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 248 256 265 274 264 Federal Housing Administration 244 285 316 319 327 381 422 458 479 482 504 Federal Deposit Insurance Corporation.... 1,307 1,353 1,437 1,526 1,624 1,720 1,812 1,825 1,898 1,914 1,917 Other agencies 132 140 148 152 147 149 183 181 186 194 195 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities^ 266 257 223 219 197 179 283 284 344 340 340 Inventories, total 1,774 1,461 1,280 2,515 3,852 4,356 20,949 21,375 21,303 21,450 21,514 Commodity Credit Corporation.. 1,638 1,174 978 2,087 3,302 3,747 3,323 3,651 3,362 3,153 3,090 Defense Department 10,994 11,004 11,094 11,105 11,157 O G t e h n e e r r a a l g e S n e c rv ie ic s es Administration. 136 288 303 428 550 609 6,4 2 1 1 8 5 6, 2 5 0 1 1 7 6,6 19 5 3 4 7,0 17 2 1 2 7,0 17 9 5 2 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 10,028 9,985 9,875 9,979 9,974 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,548 4,502 4,470 4,506 4,520 Panama Canal Company9 18 298 415 363 421 421 398 398 396 401 599 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,712 1,762 1,751 1,803 1,791 Housing and Home Finance Agency ,296 1,284 1,202 1,040 728 450 285 236 144 114 106 Nat. Advisory Committee for Aeronautics 278 276 277 281 281 Bonneville Power Administration 306 311 317 327 328 General Services Administration 1,302 1,298 1,226 1,332 1,341 Post Office Department 590 590 590 599 599 Other agencies 745 728 345 350 360 300 608 613 704 616 408 Bonds, notes, & debentures payable (not guar.), total.. 1,190 1,369 1,330 1,182 1,068 2,379 2,742 2,711 2,975 3,497 3,647 Banks for cooperatives 110 170 181 150 156 185 188 257 231 190 237 Federal intermediate credit banks 520 674 704 619 640 665 865 721 803 953 959 Federal home loan banks 560 525 445 414 272 958 918 963 720 733 765 Federal National Mortgage Association 570 770 770 1,220 1,620 1,687 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 4 Effective Jan. 1,1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the s Less than $500,000. table on the following page. Classifications by supervisory authorities 6 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. 7 Figure derived by Federal Reserve. classified by Federal Reserve on basis of information about the type of 8 Includes investment of the Agricultural marketing revolving fund in lending activity involved. the banks for cooperatives; Treasury compilations prior to 1956 classified * Totals reflect exclusion of agencies reporting other than quarterly. this item as an interagency asset. 1 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. Company (not reported prior to that time). 2 Coverage changed from preceding period (see also NOTE). 10 Includes $1,000 million due under the agreement with Germany 3 Adjusted figures; for amounts reported for this date but excluded signed Feb. 27, 1953, and lend-lease and surplus property balances due from this figure, see BULLETIN for May 1957 p. 550, note 3. the United States in the principal amount of $1,980 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 577 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items 1 Liabilities, other than interagency items 1 Date, and fund or activity Loans I m nv e e n s t t s - L st a ru n c d - , B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , G i U n o . t e v S r t - . . o v P w at r n e i- l e y d In- Other inter- Total Cash c a e b i l v e - t v o e ri n e - s P s r d i e u t e c i b b e u l t s i - c O s ri e t t c h ie u e s - r e m a q n e u n d ip t - Other a G U n u b t . e y a S e r . - d Other li i a ti b e i s l- est All activities 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,183 35.610 508 1955—Dec. 31 45,304 1 33820 238 4 356 3,236 3 414 7,822 4 900 44 2 379 2 70339,583 596 1956—Sept. 30 69,143 5,144 20,33120,949 3,720 3,668 10,028 5,303 58 2,742 3.145 62.507 693 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 3,713 62.364 775 June 30* 69,059 3 98120 98021 450 3 881 3 725 9,979 5 063 57 3 497 3 32561 144 1,037 Sept 30 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 60 3,647 2,634 62.778 1,056 Classification by type of fund and activity, September 30, 1957 Public Enterprise Funds—Total... 18,990 1,542 7,982 3,924 805 143 3,301 1,292 60 570 1,011 17,348 Farm Credit Administration:4 Federal Farm Mortgage Corporation 8 1 8 8 Agricultural Marketing Act, revolving fund 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,065 25 1,266 3,090 162 522 445 4,620 Disaster loans, etc., revolving fund 128 38 85 5 (5) 128 All other 57 31 14 12 50 Housing and Home Finance Agency: Public Housing Administration 261 117 117 19 7 34 226 Federal Housing Administration 813 25 504 (5) 1 282 59 136 618 Federal National Mortgage Association 2,378 1 2,362 15 570 40 1.768 Office of the Administrator 750 145 493 27 6 744 Federal Savings and Loan Insurance Corporation... 274 1 264 9 262 Small Business Administration 327 140 178 (5) 9 1 326 Export-Import Bank 2,715 39 2 656 1 (5) 19 10 2,705 Tennessee Valley Authority 2 040 105 45 1 791 99 32 2 009 Panama Canal Company 465 36 8 399 22 14 451 Veterans Administration 832 213 574 4 37 2 2 14 818 General Services Administration . . 1 023 72 752 (5) 110 89 11 1 011 Treasury Department 229 9 214 6 (5) 229 Post Office Department—postal fund.. 1,021 376 13 599 33 221 800 Interior Department 245 67 9 6 132 31 8 237 All other 172 56 13 6 97 18 153 Intragovernmental Funds—Total 13,073 1,422 11,283 221 147 66312,410 Defense Department: Army 8 550 806 7 580 106 58 187 8 363 Navy 3 339 339 2 953 47 306 3 033 Air Force 857 197 623 37 115 742 All other 328 80 127 115 6 56 272 Certain Other Activities—Total. .. 30 780 1 466 9 384 6 306 7 3 563 6 452 3 602 21330,567 General Services Administration 8 392 636 82 6 295 (5) 1 221 159 16 8 376 Agriculture Department: Farmers Home Administration 804 131 646 27 16 788 Rural Electrification Administration 2,806 49 2 627 131 2 2,804 Interior Department 460 55 6 349 49 7 453 International Cooperation Administration 2 155 1 2 139 15 2 155 Treasury Department 10,110 3,506 3,563 103,041 10.110 Commerce Department—maritime activities 5,144 '"337 267 3••(5)" '4^486 50 * * i305,014 National Advisory Committee for Aeronautics 484 123 281 78 9 474 All other 427 134 118 6 114 54 34 393 Certain Deposit Funds—Total 4,500 54 1,546 2 841 19 39 1,002 682 2,045 772 Banks for cooperatives 498 18 427 43 (5) 10 237 3 222 36 Federal Deposit Insurance Corporation 1,940 3 1,917 20 118 1,823 Federal home loan banks 2 062 33 1 119 881 19 9 765 561 736 Certain Trust Revolving Funds—Total.. . 2,832 208 2,407 109 0 105 2,075 65 408 H284 F F e e d d e e r r a a l l i N n a te ti r o m n e a d l ia M te o r c t r g e a d g it e b A a s n s k o s ciation 1 1, 1 4 3 4 3 3 5 1 3 6 1 9 3 9 8 7 3 (5 1 ) 00 21 7 1 9 1 5 1 9 6 2 3 3 2 2 1 6 43 5 11 1 3 1 0 9 Office of Alien Property 204 133 70 1 H202 All other 52 6 27 9 0 9 9 1142 (5) Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1 749 5,130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 2 1,340 98 137 1.765 Agriculture—other activity (June 30, 1957) 1,418 448 6 879 86 21 1,397 Health Education & Welfare Dept. (June 30, 1957).. 1,055 790 2 1 260 3 157 898 Interior Department (June 30, 1957) 3,752 287 4 8 2,891 562 376 3,375 Treasury Department (June 30 1957) 3,197 278 44 765 2,110 774 2,423 All other (June 30, 1957) 1,684 428 206 85 549 416 21 1,663 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 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 from, In- Less: Equals: B r u N e d c e t g t s e . t T r P f e u r l c u n u t s d s s : t . t I G L r n a e o t n s r v s s a t . : - . * E p T r f u q e r t o u b h c o t t a l m e a s i l c l . s 2 : B p t u e u e n d x r d g e - s e i- t p T P t f e u u e r l n x u r n u d e - s d s s i : t - A m L d e e j n s u s t s : s t 3 - E p p t T q o u a o u y b t t a h t a l s i l e l c s . : t p p o u a t o h y b ( r e t - l s i ) c . , c ( o d r r e i r a d e s e c e - t , a in G g N v e o n . e v . t b t & . y O n ca t o h s n e h - r b 7 i o n c N r a g - r e s o T h t o w r - & agcn.) tr. funds debt* 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 '3,079 '84,521 71,692 14,792 '3,155 '83,328 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 '3,242 82,107 69,433 12,961 '2,386 '80,008 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 ,669 '49,464 35,632 7,659 '1,901 '41,390 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—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 1,182 12,322 6,279 1,275 122 7,431 4.891 -4,496 728 -123 -5,100 July 3,057 858 113 3,801 6,347 1,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 1,075 -180 7,185 -399 1,462 646 40 776 Sept 7,225 972 126 8,066 5,667 1,086 6,754 1,311 634 -310 -69 1,014 Oct 3.131 938 167 3,896 6,501 1,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 1,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 1,184 703 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 1,684 217 7,759 5,528 1,317 105 6,740 1,020 145 305 -52 -107 Mar.* 9,501 1,127 148 10,473 5,749 1,564 816 6,497 3,976 -2,168 14 -67 -2,115 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B u d u N e r o f d p e i r g c l 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 t u , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o ( a G s b + g N u a e o l r ) a i e n v g k o n t c t a e f c . y - t e in i & s a n G e v g N c . e t o F . r e n v u e t b ( c t d s . y y - t ) . I d n ( p e d g - c c u i r r ) o r r b o e . e r e s a l i c a i n s s c 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 o e er a u ' s n s - t Balance B ( F a a D a . v b n e a R l p k e il . o s - sits T T L i a n r u x o e — r a a a y n s n - d O n th et er tions' funds' debt funds) Accts. Fiscal year—1 1 9 9 5 5 4 5 - -4 3 , ,1 1 1 8 7 0 1,9 9 5 9 1 1 - - 2 4 9 6 - 6 1 0 4 2 - - 1 1 , , 6 3 0 6 9 2 5 3 , , 1 1 8 1 9 5 -3 2 1 5 2 7 2 - , 5 0 5 9 1 6 6 6, , 2 7 1 6 6 6 8 3 7 8 5 0 4 4, , 3 8 6 3 5 6 (, 0 47 5 1 5 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—Mar 5,153 -274 275 298 -245 -1,271 112 3,824 7,673 591 5,912 ,170 Apr -1,731 -408 333 253 402 -991 1 -2,142 5,532 509 3,516 ,507 May -662 777 59 153 -1,255 1,226 -11 308 5,840 568 4,318 954 June 5,409 547 -894 147 -708 -4,707 44 -250 5,590 498 4,082 ,010 July -3,290 -362 384 19 324 1,942 131 -1,115 4,475 504 2,833 ,138 Aug -802 703 -288 87 -694 1,376 -40 423 4,898 477 3,331 ,090 Sept 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 ,088 Oct -3,370 -449 282 745 36 -345 -72 -3,028 4,307 552 2,572 ,183 Nov -979 474 382 -23 -8 679 -33 558 4,865 243 3,583 ,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 1958—Jan -1,225 600 225 541 -343 68 -1,101 3,505 469 1,767 ,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 ,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 ,006 v Preliminary. ' Revised. bonds and Treasury bills, (3) Budget expenditures involving issuance of * 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 579 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Ink Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t f t O u a r n u g ld T d s e - t i rans H f t f w r e u 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 d i e p t g - a t e s l t W he I i n t ld h d - ivid O ua th l er C ra o t r io p n o- t c a E i x x s e e - s t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r s r e s . - ' ' 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—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 1,102 June 11,688 536 137 52 406 12,819 2,252 1,818 6,722 875 589 563 257 142 July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 244 146 Aug 5,128 919 219 84 124 6,475 3,678 128 355 965 1,003 346 241 157 1,124 Sept 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 260 146 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 1,102 Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1958—Jan 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 Feb 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 201 130 Mar 9,501 632 150 43 855 11,182 2,000 658 6,538 860 680 446 Budget expenditures 3 Major national security Agri- Vet- culture Period a I f n fa t i l r . s Inter- e s r e a r n v s - ' Labor a a g n r d i- N ur a a t l - m Co er m ce - G er e a n l - Total TotaH D m D e i e l f i e p t n a t r . s , y e p s M e ro c u g u tu r r i a a t m y l , A en t e o r m gy ic fin a a n n d ce est ic b e f e s i n t a s e n - d we a l n f d are t c u r u e r l a - - l so r u e r - ces ho a u n s d ing g m ov e e n r t nsources Fiscal year: 1953 74,274 51,830 43,611 5,421 1,791 749 6,583 4,298 2,426 2,936 1,476 2,502 1,474 1954 67,772 47,872 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 42,089 35,533 3,755 1,857 719 6,438 4,457 2,552 4,411 1,202 1,502 1,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 4,913 1,104 2,028 1,629 1957 69,433 44,414 38,440 3,495 1,990 832 7,308 4,793 2,966 4,582 1,296 1,453 1,789 Semiannually: 1955—July-Dec-6 33,125 20,421 17,917 1,383 797 212 3,349 2,330 1,348 2,775 614 1,137 940 1956—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 7 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: 1957—Jan 6,095 3,833 3,335 269 182 29 655 410 330 551 87 85 100 Feb 5,743 3,654 3,245 214 150 65 592 407 236 312 94 268 98 Mar 5,584 3,788 3,224 349 169 43 606 414 209 397 85 -19 81 Apr 5,987 4,011 3,544 253 183 44 611 419 285 455 82 -6 101 May 5,944 3,869 3,279 377 184 57 610 444 208 308 106 139 124 June 6,279 4,114 3,266 569 192 212 647 408 277 376 106 107 104 July 6,347 3,628 3,108 311 170 77 665 377 317 664 129 241 120 Aug 5,931 3,989 3,545 215 190 96 635 382 272 215 161 108 100 Sept 5,666 3,589 3,148 226 169 53 638 362 239 386 138 269 104 Oct 6,501 3,700 3,222 240 190 360 647 421 358 529 158 222 115 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 1958—Jan 6,011 3,765 3,146 298 211 91 697 433 360 223 112 229 100 Feb 5,528 3,590 3,183 163 173 98 612 429 222 249 100 133 99 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. * Includes stockpiling and defense production expansion not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 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 Nonmarketable End of Total T gr o o t s a s l Special month d g e ro b s t* s d d i e r b e t c 2 t Total Certifi- Bonds C v ib e o l r n e t- - Sav- T an a d x issues Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l ig e n i k 4 - st B r r i a e c n - te k d bonds Total 5 b i o n n g d s s n s i o n a g t v e s - s 1941_Dec 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68 4 52.2 56.9 48.2 8.2 20.0 1947—Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259 4 221.2 142.7 18.1 29 1 18 4 41 0 36 0 ii i 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 (e) 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—Apr 274.1 274.0 226.9 160.0 25.3 19.4 34.4 80.9 10.4 56.5 55.4 45.2 May 275.3 275 2 226 9 160.3 26.8 21 8 30 9 80 8 10 3 56 3 55.2 46.1 June 270 6 270 5 221 7 155 7 23 4 20 5 31 0 80 8 10 3 55 7 54 6 46 8 July . . 272.6 272.5 224.3 158.8 26.4 20.5 31.1 80.8 10.2 55.3 54.3 46.3 Aug 274.0 273.8 225.3 160.2 28.2 34 1 17.1 80 8 10 1 55 0 54.0 46.7 Sept 274.5 274.4 226.5 161.8 26.7 35.0 19.3 80.8 9.9 54.8 53.8 46.2 Oct 274.2 274.1 226.3 162.2 26.7 34.7 19.4 81.5 9.7 54.4 53.5 46.1 Nov 274.9 274.7 227.1 163.4 26.7 34 7 20 6 81 5 9 6 54 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 21 A.I 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 Apr 275.2 275.1 228.0 166.0 22.4 31.1 24.7 87.7 9.0 53.0 52.2 45.4 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $433 million on Apr. 30, 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 $9,549 million on Mar. 31, 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 funds i Individuals month in s a g e n ti c t e g e u s u e r ) i a d - r- S is p s e u c e ia s l P is u s b u l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c n a a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r s - g S l a o o t n c v a d a t t e s l . S b a o v n in d g s s se O cu th ri e ti r es i M t n o v r i e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 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 '21.5 12.7 49.4 '15.5 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 '17.1 16.3 Dec 276.7 45.6 8.4 222.7 24.9 59.3 8.0 12.8 18.6 16.1 50.1 r16.8 16.1 1957_Feb 276.4 45.5 8.6 222.3 22.9 57.7 8.1 12.8 20.9 16.3 49.7 17.6 16.4 Mar 275.1 45.6 8.6 221.0 23.1 58.1 8.1 12.6 18.0 16.6 49.6 18.5 16.4 274.1 45.2 8.5 220.4 23.2 58.0 8.0 12.5 17.9 16.8 49.4 18.5 16.1 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 18.4 16.0 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 16.2 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.9 12.2 16.8 17.1 48.8 19.3 15.9 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 15.9 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 '16.3 17.2 48.4 19.1 16.3 Nov 274.9 46.0 9.3 219.5 23.7 58.1 7.6 12.1 '16.9 17.3 48.3 19.0 16.5 Dec 275.0 45.8 9.4 219.8 24.2 58.9 7.6 12.0 16.9 17.0 48.2 18.3 16.5 1958—Jan 21 A.I 45.5 9.6 219.6 23.3 58.5 7.6 12.0 r17.7 17.3 48.2 18.6 16.2 Feb 274.8 46.0 9.4 219.4 23.2 59.2 7.6 11.9 17.8 17.3 48.2 18.3 15.9 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 $284 million on Dec. 31, 1957. 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 581 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, APRIL 30, 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 Treasury notes Treasury bonds Treasury bonds—Cont. May 1,1958 1,701 June 15, 1958 2 4,392 Sept. 15, 1956-59 3.. 214 3,818 Mar. 15, 1965-70.. .2ft 4,704 May 8,1958 1,700 Oct. 1,1958 1 121 Mar. 15, 1957-593..2% 927 Aug. 15, 1966 3 1,484 May 15, 1958 1,709 Feb. 15, 1959.... 5,102 June 15, 1958 2% 4,245 Mar. 15, 1966-71.. .2ft 2,951 May 22, 1958 1,801 Apr. 1,1959.... 119 June 15, 1958-63*..234 919 June 15, 1967-72... 2ft 1,850 May 29,1958 1,802 Oct. 1,1959.... 99 Dec. 15, 1958 2ft 2,368 Sept. 15, 1967-72... 2ft 2,716 J J u u n n e e 1 5 2 , , 1 1 9 9 5 5 8 8 1 1 , , 8 70 0 0 0 A M p a r y . 15 1 , , 1 I 9 9 6 6 0 0 . . . . . . . . 2,4 1 0 98 6 J D u e n c e . 1 1 5 5 , , 1 1 9 9 5 5 9 9- - 6 6 2 2 . . . . . . 2 2 1 V 4 4 5 3 , , 2 45 6 7 8 D O e c c t. . 15 1 , , 1 1 9 9 6 6 9 7 -72... 2f 4 t 3, 6 74 57 5 J J u 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 . . 1 1 , , 1 19 9 6 6 1 0.... 2 1 7 4 8 4 D N e o c v . . 1 15 5 , , 1 19 9 6 6 0 0 -65 5.. 2 2 i 3 / 4 8 3 1 , ,4 8 8 0 5 6 J N u o n v e . 1 1 5 5 , , 1 1 9 9 7 7 4 8 -83...3 3 1 % 4 1, 6 60 5 4 4 July 3,1958 1,700 Aug. 1,1961.... 2,609 Sept. 15, 1961 234 2,239 Feb. 15, 1990 3ft 1,727 July 10, 1958 1,700 Oct. 1,1961 lft, 332 Nov. 15, 1961 2ft 11,177 Feb. 15, 1995 3 2,742 July 17, 1958 1,701 Feb. 15, 1962 3% 647 Aug. 15, 1963 2ft 6,755 July 24,1958 1,700 Apr. 1,1962 \ft 551 June 15 1962-67... 2^ 2,113 Panama Canal Loan.... 3 50 Aug. 15, 1962 4 2,000 Dec. 15, 1963-68... 2ft 2,821 Certificates Oct. 1,1962 lft 590 Feb. 15, 1964 3 3,854 Convertible bonds Aug. 1,1958 4 11,519 Nov. 15, 1962 334 1,143 June 15, 1964-69... 2ft 3,746 Investment Series B Dec. 1,1958 3V4 9,833 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 2ft 3,821 Apr. 1, 1975-80... 2 y4 8,986 Feb. 14, 1959 2ft 9,770 Apr. 1,1963 11/2 30 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. 573. interest payment dates. 4 Called for redemption 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 t 2 - v b e C o r o t n i n b d - l s e Total W 1 i y th ea in r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1 1 9 9 5 5 6 5 — _j J u u n n e e 3 3 0 0 1 1 6 6 6 6 , , 8 0 8 5 2 0 2 1 0 9 , , 8 5 0 1 8 4 1 1 6 3 , , 3 8 0 3 3 6 4 3 0 5 , , 7 9 2 5 9 2 8 8 1 1 , , 1 8 2 9 8 0 1 11 1 , , 0 6 9 7 8 6 1 1 5 5 5 4, , 9 2 5 0 3 6 4 5 9 8 , , 7 7 0 1 3 4 3 3 8 1 , , 1 9 8 9 8 7 3 3 3 1 , , 6 3 8 1 7 2 3 3 3 2 , , 6 9 2 3 8 0 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 Feb. 28 173,817 26,127 31,475 20,483 86,398 9,334 164,483 74,979 41,562 14,194 33,748 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 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 Feb. 28 9,236 221 597 1,481 4,063 2,875 6,362 1,344 1,531 321 3,165 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 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 Feb. 28 23,240 504 19,946 2,789 23,240 20,451 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 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 Feb. 28 52,159 3,999 2,740 9,513 35,776 131 52,028 14,001 23,749 9,340 4,937 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 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 Feb. 28 7,217 134 131 421 5,529 1,003 6,214 417 1,118 529 4,150 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 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 4,718 Feb. 28 10,825 358 125 685 7,347 2,309 8,516 1,030 1,843 729 4,913 Other investors: 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13,233 1956—June 30 64,947 17,074 3,919 13,371 26,896 3,646 61,301 29,233 10,443 7,612 14,013 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 Feb. 28 71,139 20,910 7,937 8,383 30,894 3,016 68,123 37,736 11,946 3,217 15,224 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

582 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d co u rp se o s r a o t f e n i e ss t u p e r r o s c 6 eeds, Noncorporate Corporate New dipital Year or Remonth Total G U o . v S t . .8 ag F e e r e n a d c l - y* S n m a p t i n a a c u d t i l - - e Others Total Total o B P f l f o i u e c n r l b y d e - 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 c e e k - d C s m t o o o m c n k - Total m N on e e w y 7 p l M p c a o o u e n u s i l r s e e s - - - - s m b d e t R i a t e o r e c b n e f e n . - t k - 8 t , m s r t e i i o t r e c i f e n u e - t - s 1939 5,687 ? 33? n 1,128 50 2,164 1,980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11466 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47,353 506 795 47 6,011 4,855 3,851 1,004 758 397 l|347 1,080 133 134 4,555 1950 19,893 9,687 30 3,532 282 6,361 4,920 2,360 2,560 631 811 4,990 AL006 364 620 1,271 1951 21,265 9 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7 120 f>,531 226 363 486 1952 26,929 577 459 4,121 237 9,534 7,601 3,645 3,957 564 1,369 8,716 fL180 537 664 1953 28,824 nJ957 106 5,558 306 8,898 7,083 3,856 3 228 489 1,326 8,495 ',960 535 260 1954 29,765 1?532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7 490 f5,780 709 1,875 1955 26,772 9 6?8 746 5,977 182 10,240 7,420 4,119 3,301 635 2,185 8,821 r,957 864 1,227 1956 22,405 517 169 5,446 334 10,939 8,002 4,225 3,777 636 2 30110 384 >,663 721 364 1957 30,631 9,601 572 6,958 559 12,941 10,035 6,113 3,923 408 2,49712,47311,830 643 248 1957—Mar 3,248 1 503 32 1,386 1,072 643 429 38 276 1,344 1,271 73 21 Apr 2,362 390 125 763 128 956 647 385 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 1,934 392 595 10 937 830 540 290 31 76 914 905 9 9 Sept 3,980 2 263 215 437 37 1,028 913 587 327 19 96 973 949 24 40 Oct 2,670 894 683 15 1,078 911 608 303 68 100 1,055 1,026 29 10 Nov 3,027 1 374 100 639 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 '3,473 511 1,163 782 '201 '816 '744 505 '239 28 '44 '723 '711 '11 '82 Feb '2,487 407 251 '899 '55 '875 '607 398 '209 85 182 '851 '832 '19 5 Mar .... 3,942 1 802 507 9 1,623 1,494 1,165 330 69 61 1,561 ,525 35 47 Proposed uses of net proceeds, major groups of corporate issuers <Commercial and Year or Manufacturing miscellaneous Transportation Public utility month Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of capital" secu- capital" secu- capital" secu- capital" securities rities rities rities 1950 1,026 149 474 63 609 196 1,927 682 1951 2,846 221 462 56 437 53 2,326 85 1952 3,712 261 512 24 758 225 2,539 88 1953 2,128 90 502 40 553 36 2,905 67 1934 2,044 190 831 93 501 270 2,675 990 1955 2,397 4533 769 51 544 338 2,254 174 1956 3,336 243 682 51 694 20 2,474 14 1957 4,097 62 612 49 820 14 3,801 56 1957—Mar 366 4 32 85 490 16 Apr 314 53 4 65 351 5 May 135 4 55 3 80 348 8 June 626 21 29 1 51 8 436 July 234 5 71 10 45 244 242 (9) 50 6 30 (9) 251 Sept 331 36 (4 76 418 Oct 126 3 48 45 6 310 Nov 222 1 42 62 287 Dec 575 7 61 13 149 172 1958—Jan '147 '7 '28 r(9) '82 24 '321 Feb '171 '3 '26 '48 '366 Mar 196 41 47 63 5 409 :3333o Communication Real estate and financial Retire- Retire- New ment of New ment of capital" secu- capital" securities rities 314 81 639 100 600 i 449 66 747 448 60 871 3 1,536 24 651 6C) 788 273 1,045 11r 1,812 56 1,384 21 1,815 17 1,443 3 1,701 64 281 1 91 47 (9) 93 82 72 (9) 137 (9) 210 54 343 126 1 215 1 65 (9) 47 30 369 (9) 158 92 (9) 88 30 2 41 (9) 88 '1 '34 5() '109 '1 '35 '205 2 797 49 ' Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of flotation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- * Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments, International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit 1 o Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 583 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1952 1953 1954 1955 1956 1957 2 3 4 1 2 3 4 Manufacturing Tota S l a (2 le 0 s 0 corps.): 54,51763 34358,11069,876 71,90175,987S8 45716,11919,193 19,754 19,42418,058 18,753 P P r r o o f f i i t t s s b af e t f e o r r e ta t x a e x s es 7 3, .3 1 0 9 8 2 8 3 . 6 3 4 7 9 5 7 3, ,7 82 4 5 41 5 0 , ,7 23 5 1 0 9 4, . 8 7 4 5 2 3 9 5 , ,0 5 9 6 8 4 1 3 5 0 0 5 9 1,7 9 0 1 0 4 1,3 4 2 4 1 1 i;4 75 2 1 0 ? 1J,3 5 3 7 9 5 ? 1 , , 0 10 4 7 ? 2 1 , , 1 2 9 3 6 2 Dividends 073 154 384 877 ,97? 3,115 706 7?3 841 75? 757 757 849 Nondurable goods industries (94 corps.) :* Sales 19,26620 69420,62023,106 24,76226,233 6 135 6,084 6,464 6,604 6,510 6,558 6,561 853 3 078 753 3,413 3,468 3,437 876 808 877 941 873 841 782 Profits after taxes 39? 1 5?6 i!581 1,918 ,985 005 491 466 5?6 537 503 491 474 Dividends 946 97? 1,064 1,?49 1J373 795 305 359 315 318 319 371 Durable goods industries (106 corps.):2 Sales 35 ?51 4? 64937,49046,770 47,13949 7541237?10,0361?,730 13,150 1?914 1149812,192 Profits before taxes 4,455 5 346 4,491 6,836 5,784 6 1633 89? 1 564 1,810 1,70? 1 1,414 Profits after taxes 1,800 ?123 2,244 3,313 2,857 3,092 815 448 794 883 836 616 758 Dividends 1,127 182 1.320 1,625 1,724 1,792 411 418 482 437 439 438 478 Selected industries: Foods and kindred products (28 corps.): Sales 5,042 5 411 5,476 5,833 6,300 6 621 1,569 1,561 1,640 1,618 1,642 1,669 1,691 453 465 46? 499 561 60? 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 5,965 6 373 6 18? 7, 7,776 8 703 1957 1,889 ?,001 ? 045 047 ?,065 2,047 Profits before taxes , 1,759 308 1 153 1,535 1,500 1 555 380 34? 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 15? 150 187 Petroleum refining (14 corps.): Sales , 5,411 5 883 6 015 6,556 7,185 7 814 1,74? 1,770 1,909 ? 048 1,941 1,9?0 1,906 Profits before taxes , 778 841 751 854 916 867 773 ??6 798 193 156 Profits after taxes 524 603 567 624 688 701 163 163 184 220 172 164 144 Dividends , 783 790 794 317 346 374 8? 89 93 91 91 95 97 Primary metals and products (39 corps.): Sales , 11, 564137501157? 14,95? 16,06?16073 4,415 3,098 4,340 4,77? 4,770 3,856 3,675 Profits before taxes 1,147 ,817 1 357 2,377 2,366 316 712 267 697 678 652 512 473 Profits after taxes , 564 790 705 1,195 1,?33 195 363 145 378 344 3?7 764 260 Dividends , 369 377 407 57? 606 651 137 140 188 157 157 158 179 Machinery (27 corps.): Sales , 7,077 8,005 7 745 8,477 9,79810914 ?,463 ?,4?? ?,746 674 750 ?,669 2,871 Profits before taxes , 971 011 914 91? 943 1 177 767 733 743 796 305 770 306 Profits after taxes , 375 40? 465 465 460 578 139 175 170 14? 148 135 152 Dividends , 199 737 763 379 78 79 87 79 81 8? 86 Automobiles and equipment (15 corps.): Sales 13,038 1661114 137 18,8?6 16,33617480 4,195 3,347 4,715 4,993 4,57? 3,689 4,277 Profits before taxes 1,98? ,078 789 3,073 1,940 11? 509 77? 470 713 603 791 506 Profits after taxes , 709 758 863 1,394 898 1060 74? 118 718 337 79? 151 279 Dividends , 469 469 536 693 656 671 164 164 166 167 166 164 173 Public Utility Railroad: Operating revenue 58110,664 q 37110,106 10,551 10491 ,703 ,590 ,77? 574 660 ,675 2,582 P P r r o o f f i i t t s s b af e t f e o r r e ta t x a e x s es 4 8 3 2 8 5 1,4 9 3 0 6 3 9 6 0 8 8 2 \t 9 3 2 41 7 1,7 8 6 7 8 6 10 7 S 3 6 4 2 3 3 4 8 4 209 2 3 6 75 7 ? 1 4 6 7 1 ? 1 6 8 4 3 2 1 8 9 6 1 2 1 5 9 9 9 Dividends 338 41? 379 448 46? 435 73 153 1?? 110 8? 121 Electric power: 6,549 7,136 7 588 8 360 9,059 9 670 ?,185 ?,175 ?,30? ? 549 7 318 ?,339 2,464 Profits before taxes 740 1,895 ,049 304 ,457 557 59? 568 586 731 596 600 630 Profits after taxes 1947 1,030 1 134 1,744 1,379 1403 371 30? 331 393 327 376 357 Dividends 7?5 780 868 94? 1,013 077 756 748 76? 769 ?70 765 273 Telephone: Operating revenue 4 136 4,525 4,902 5 425 5,966 6,467 1,480 1,495 1,552 1560 1611 1,623 1,673 787 9?5 1,050 1 1,430 ,56? 35? 359 380 387 388 387 400 Profits after taxes 384 45? 575 638 715 788 176 180 190 195 195 195 203 355 412 448 496 552 613 136 137 147 148 150 155 160 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). quarterly figures on operating revenue and profits before taxes are partly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES 1 [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 r e 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 a r 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 1957 41.2 21.0 20.2 12.1 8.1 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 1956—4 3,462 1,105 2,357 1,821 701 1,120 1,641 404 1,237 2 42.4 21.6 20.7 12.0 8.7 3 40.8 20.8 19.9 12.1 7.8 1957—1 3,666 783 2,884 2,377 553 1,824 1,289 230 1,059 4 45.6 23.3 22.3 11.5 10.8 2. 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 3 3,474 802 2,672 2,554 554 2,000 920 248 672 1957—1 43.9 22.4 21.5 12.4 9.1 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 2 42.0 21.4 20.5 12.5 8.0 3 41.8 21.3 20.4 12.6 7.8 4 37.5 19.1 18.3 11.7 6.6 i Reflects cash transactions only. As contrasted with data shown on p. 582, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 582. 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 G U o . v S t . . 2 Other G U o . v S t . . 2 Other bilities 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] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- R ro a a i d l- Other P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other2 Quarter Total fa m a i i c n n n i tu n g g d - r- T p t o r i a r o n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 1950 20 6 7 5 7 1 1 1 2 3 3 1 i 5 7 1956 4 9 8 4 8 3 1 5 2 8 1951 25.6 10 9 .9 1.5 1.5 3 7 1 3 5 9 1952.. 26 5 11 6 1 0 1 4 1 5 3 9 1 5 5 6 1957 1 8 3 3 8 7 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 'g 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 .7 2.5 1955 28 7 11 4 1 0 9 1 6 4 3 2 0 7 5 4 9 7 4 6 3 3 2 6 1956 35 1 15 0 1 2 1.2 1.7 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 .5 2.3 1958+ 32.1 13.2 1.1 .9 1.4 6.4 9 1 2« 8.4 3.6 .6 7 2.5 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 585 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and End of year holders 1- to 4-family houses commercial properties1 or quarter h A o er l l s d l - F i i n c n i s a a t l i n - - S F e e le d c e t r e a d l v I id n u d a i- ls h A o er l l s d l - Fi c n ia a l n- Other Fi c n ia a l n- Other h A o er l l s d l - t F u i i n c t n i i s o a a t l i n n - s - h O ol t d h e e r r s2 a c g i e e n s - o a th n e d rs Total tu in ti s o ti n - s h e o r l s d- Total tu in ti s o ti n - s ho er l s d- 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 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957*> 156.3 119.9 4.7 31.7 145.8 107.6 90.2 17.4 38.2 25.6 12.6 10.5 4.0 6.5 1956—Sept.. 141.3 108.7 3.3 29.3 131.5 96.6 81.4 15.2 34.9 23.4 11.5 9.8 3.9 5.9 Dec... 144.5 111.2 3.6 29.7 134.6 99.0 83.4 15.6 35.6 23.9 11.7 9.9 3.9 6.0 1957—Mar.p 147.2 113.0 4.0 30.2 137.1 101.0 84.9 16.2 36.1 24.2 11.9 10.1 3.9 6.2 Junep. 150.2 115.3 4.2 30.7 139.9 103. 86.8 16.5 36.6 24.6 12.0 10.3 4.0 6.4 Sept.p 153.4 117.7 4.5 31.2 143.0 105. 88.6 17.0 37.4 25.1 12.3 10.4 4.0 6.4 Dec. P. 156.3 119.9 4.7 31.7 145.8 107.6 90.2 17.4 38.2 25.6 12.6 10.5 4.0 6.5 1958—Mar.* 158.6 121.6 4.9 32.1 148.0 109.2 91.5 17.6 38.8 26.0 12.8 10.6 4.1 6.6 p Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 . 4 772 3 395 856 521 4,208 3,387 797 24 1950 13,664 10 431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 . . 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957^ 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1956—Sept 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957—Mar.... .... 22,670 16,880 4,770 3,810 8,300 4,440 1,350 20,105 18,035 4,455 7,330 6,250 2,010 60 June 22,760 16,890 4,730 3,720 8,440 4,500 1,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec. 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1958—Mar P 23,410 17,140 4,820 3,490 8,830 4,880 1,390 21,565 19,370 4,785 7,920 6,665 2,137 58 p Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- Va- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 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—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 Mav 426 391 44 94 253 35 34,022 31,498 6,673 7,656 17,169 2,524 367 338 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 2,562 435 412 50 58 304 23 34,547 31,978 6,677 7,725 17,576 2,569 Sept 408 383 82 43 258 25 34,697 32,122 6,690 7,736 17,696 2,575 Oct 435 404 67 51 286 31 34,859 32,274 6,706 7,753 17,815 2,585 Nov 362 335 60 38 237 27 34,986 32,396 6,720 7,758 17,918 2,590 Dec 528 493 96 27 370 35 35,230 32,640 6,766 7,750 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 Mar 390 344 93 22 229 46 35,663 33,049 6,896 7,720 18,433 2,614 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total (withou B t y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o 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 Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r t o h r Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a s a v n - & I c a n o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 ISO 1,097 217 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 ,618 3,365 1,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 16,405 5,295 1,615 3,370 1,013 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1952 18,018 6,452 1,420 3,600 1,137 1954 8,969 3,076 3,846 26,194 1,172 4,721 20,301 1953 19,747 7,365 1,480 3,680 1,327 1955 11,432 4,041 5,241 31,461 1,405 5,891 24,165 1954 22,974 8,312 1,768 4,239 1,501 1956 10,545 3,771 4,727 35,729 1,486 6,643 27,600 1955 28,484 10,452 1,932 5,617 1,858 1957 10,402 3,562 4,708 40,119 1,643 7,013 31,463 1956 27,088 9,532 1,799 5,458 1,824 1957 24,244 9,217 1.472 4,264 1.429 1957 1957 Feb 709 243 318 36,195 1,493 6,682 28,020 Mar 842 298 366 36,559 1,499 6,724 28,336 Mar 2,032 1,937 744 115 334 99 Apr 899 317 391 36,963 1,508 6,774 28,681 Apr 2,022 2,044 798 116 357 110 May 968 360 412 37,421 1,520 6,833 29,068 May 2,012 2,144 840 125 374 121 June 925 319 415 37,886 1,530 6,889 29,467 2,008 2,028 795 119 363 126 July 969 318 462 38,280 1,545 6,904 29,831 July 1,999 2,211 852 130 390 142 Aug 1,001 331 470 38,743 1,560 6,920 30,263 Aug 2,026 2,208 883 132 378 137 Sept 891 292 423 39,106 1,573 6,933 30,600 Sect 2,032 2,026 796 124 354 121 Oct .... 980 341 443 39,532 1,591 6,946 30,995 Oct 2,013 2,226 855 132 395 131 Nov 768 250 358 39,835 1,597 6,963 31,275 Nov 1,995 1,877 686 117 333 117 Dec 734 248 324 40,119 1,643 7,013 31,463 Dec 1,954 1,851 666 125 325 113 1958 1958 Jan 723 245 308 40,369 1,651 7,048 31,670 Jan 1,976 1,782 628 111 322 98 Feb 704 233 289 40,623 1,685 7,015 31,923 Feb 1,949 1,701 638 101 304 87 Mar 1,866 705 108 345 94 1 Includes loans for other purposes (for repair, additions and alterations, refinancing, etc.) not shown separately. 1 Three-month moving average, seasonally adjusted by Federal Re- 2 Beginning 1958 includes shares pledged against mortgage loans. serve. Source.—Federal Home Loan Bank Board. 2 Includes amounts for other lenders, not shown separately. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 587 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- i p l m o r i o a m e n v n - e s t 2 - 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 u e n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 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 .2 14.3 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 3 26 3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 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 .•m 1,505 130 692 5,868 3,910 1,948 1953.. 66.1 28.1 12.0 16 1 38 0 1957 3,715 880 1,371 595 869 3,761 2,890 863 1954 75.7 32.1 12.8 19.3 43.6 1955 88.2 38.9 14.3 24 6 49 3 1957—Mar 317 75 86 96 60 380 285 94 1956 99.0 43.9 15.5 28.4 55.1 Apr 264 68 90 41 66 350 271 78 1957* 107.6 47.2 16.5 30.7 60.4 May 292 60 94 80 58 286 218 68 247 60 104 18 65 276 213 62 1956—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 55.1 340 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 June**. ... 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.p 107.6 47.2 16.5 30.7 60.4 1958 Jan 418 120 186 56 55 160 142 18 1958—Mar.?.... 109.2 47.7 17.1 30.6 61.5 Feb 386 115 164 43 64 142 129 13 435 127 192 62 53 123 110 13 v Preliminary. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. 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) I2nd of year p (d e u ri r o in d g m m e i n t- ts Year or month va A n d c - es 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 - e - d Total term1 L te o r n m g 2 - 1945 278 213 195 176 19 1950. 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951. 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952. 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954. 2,434 802 1,632 614 575 476 1954 734 818 867 612 255 1955. 2,615 901 1,714 411 6? 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 ?, 764 1957 1,116 1,079 1,265 731 534 1957_Anr 3,491 1,074 2,417 95 493 1957—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 75 717 Nov. 74 62 1,143 689 454 Der 3,974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 1958 Tan 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 Apr 4,019 1,345 2,674 38 75 842 Apr., 212 93 815 304 511 i 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

588 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total p m A a o u p b t e o i r l - e 1 co p g O n a o s t p o h u e d e m r r s i er e a r n R l n d o i e a z p m n a a s t o i i 2 r o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 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 1,689 6,163 9,712 3,002 4,579 2,131 1956 42 097 31,827 14,459 8,510 1,895 6,963 10,270 3,253 4 735 2 282 1957 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1957 Mar . 40,735 31,524 14,528 8,043 1.856 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 M^ay 41,937 32,158 14,883 8,081 1,886 7,308 9,779 3,582 3,834 2,363 June 42,491 32,608 15,127 8,165 1,905 7,411 9,883 3,530 3,948 2,405 July 42,668 32,968 15,329 8,189 1,921 7,529 9,700 3,406 3,886 2,408 Aug 43,101 33,303 15,490 8,229 1,954 7,630 9,798 3,458 3,925 2,415 Sent 43,270 33,415 15,556 8,228 1,969 7,662 9,855 3,493 3,942 2,420 Oct 43,274 33,504 15,579 8,236 1,988 7,701 9,770 3,405 3,991 2,374 Nov 43,530 33,596 15,542 8,300 .996 7,758 9,934 3,458 4,135 2 341 Dec 44,776 34,105 15,496 8,687 1,984 7,938 10,671 3,502 4,760 2,409 1958 Jan 43,966 33,737 15,326 8,499 1,963 7,949 10,229 3,514 4,264 2,451 Feb 43,043 33,302 15,122 8,277 1,936 7,967 9,741 3,542 3,710 2,489 Mar .. 42,562 32,983 14,889 8,192 1,915 7,987 9,579 3,542 3,528 2,509 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Reserach and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n c m k i - a s l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a C c n u n o a o m i m n n e e c s - - r e i Other i Total D s m t e o p e r a e n r s t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l d e e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4 503 3 065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1.107 943 301 389 1 082 1953 23 005 18 963 8,998 5,927 1,124 2,137 111 4,042 1 064 1 004 377 527 1 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 1,044 365 487 1 101 1956 31 827 27 084 11,707 9,100 2,014 3,056 1,207 4,743 I 408 1 187 311 502 1 269 1957 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 I 393 1,146 374 529 1 288 1957 Mar . . 31 524 27,148 11,736 9,048 2,076 3,063 1,225 4 376 [ 304 1 090 356 501 1 125 Apr 31,786 27,544 11,981 9,104 2,127 3,105 1,227 4,242 [ 176 1 075 354 505 1 132 M^ay 32,158 27,864 12,143 9,176 2,167 3,123 1,255 4,294 1,229 1,077 355 510 1,123 June 32 608 28,263 12,323 9,300 2,227 3,155 1,258 4 345 I 249 1 077 359 518 1 142 July 32,968 28,726 12,508 9,476 2,284 3,209 1,249 4,242 I 144 1 072 361 525 1 140 Aug 33,303 29,014 12,607 9,565 2,344 3,234 1,264 4,289 1,161 1,083 360 530 1,155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 1.266 4 287 167 1 077 363 533 J 147 Oct 33,504 29,241 12,749 9,585 2,415 3,229 ,263 4,263 1 134 1 080 365 533 151 Nov 33,596 29,239 12,717 9,564 2,439 3,248 1,271 4,357 1,199 1,092 365 531 ,170 Dec 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 1,146 374 529 1,288 1958 Jan 33,737 29,125 12,611 9,464 2,446 3,320 1,284 4,612 1,381 1,108 367 522 ,234 Feb 33,302 28,864 12,415 9,405 2,451 3,306 1,287 4 438 1 326 1 079 363 514 156 Mar 32,983 28,621 12,310 9,284 2,461 3,286 1,280 4,362 1,343 1,045 359 504 111 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 589 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] End of year i T n o st t a a l l - Aut p o a m pe o r bile O c t o h n e - r R m a e n o p d d ai - r Per- E o n r d m of o n y t e h ar 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 d n p d e a r ir n- s P o e n r a - l or month c m re e d n i t t Pur- Direct g p o a o p d er s er t n io iz n a- loans credit paper g p o a o p d er s iz lo a a ti n o s n loans chased loans 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 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11 707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,714 4,054 2,335 2,435 1,527 2,363 1957—Mar. 9,048 7,190 1,255 22 581 1957—Mar 11,736 3,723 2,149 2,280 1,432 2,152 Apr., 9,104 7,212 1,279 22 591 Apr 11,981 3,789 2,200 2,363 1,436 2,193 May 9,176 7,272 1,285 22 597 May 12 143 3,851 2,246 2,368 1,450 2,228 June 9,300 7,376 1,296 22 606 June 12,323 3,921 2,282 2,395 1,466 2,259 July. 9,476 7,466 1,369 22 619 July . . 12 508 3 976 2,310 2 456 I 480 2,286 Aug. 9,565 7,532 1,384 22 627 Aug 12,607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 1,389 22 630 Sept 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 1,390 23 635 Oct 12,749 4,082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 1,388 21 645 Nov 12,717 4,067 2,333 2,448 1,537 2,332 Dec. 9,573 7,470 1,413 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—yan 12,611 4,016 2,330 2,378 1,508 2,379 Feb.. 9,405 7,237 1,464 20 684 Feb 12,415 3,966 2,312 2,272 1,484 2,381 Mar. 9,284 7,080 1,492 19 693 Mar 12,310 3,906 2,305 2,236 1,467 2,396 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions os dollars Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m R iz l o o a e a d n a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar c i T m n n r o e s o e t d t n n a a i - t l l t - C m c m ( o i s e a m i e r l n - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n - c t ( - c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks stores1 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 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—Mar 6,364 965 633 402 4,364 1957 . ... 10,671 3,095 407 876 3,884 2,409 Apr . . .. 6 459 985 638 404 4,432 May 6,545 1,004 644 414 4.483 1957—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 I 082 648 433 4,711 July 9,700 2,996 410 533 3,353 2,408 Oct 6,907 1,093 645 434 4,735 Aug 9,798 3,002 456 535 3,390 2,415 Nov 6 958 I 101 638 438 4,781 Sept 9,855 3,023 470 588 3,354 2,420 Dec 7,088 1,108 638 437 4,905 Oct 9,770 3,022 383 612 3,379 2,374 Nov 9,934 3,028 430 658 3,477 2,341 1958 Jan . .. 7 050 1,095 627 435 4,893 Dec 10,671 3,095 407 876 3,884 2,409 Feb 7,044 1.093 617 432 4,902 Mar 7,027 1^094 606 429 4,898 1958—Jan 10,229 3,054 460 725 3,539 2,451 Feb 9,741 3,057 485 601 3,109 2,489 Mar 9,579 3,054 488 573 2,955 2,509 NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 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 Other consumer Repair and Personal loans goods paper modernization 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—Mar 3,426 3,347 1.374 1.380 931 846 123 111 998 1.010 Apr 3,470 3,594 1,371 ,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 3,591 3,704 1,355 1,467 1,027 1,022 137 150 1,072 1,065 Sept 3,546 3,388 1,392 1,364 973 927 127 138 1,054 959 Oct 3,541 3,545 1,435 ,404 912 976 126 141 1,068 ,024 Nov 3,559 3,439 1,404 1,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 L423 ,305 959 1,333 118 112 1,115 L319 1958 Jan 3,504 3,108 1,346 ,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 Mar .. . .. 3,193 3,164 1,077 1.104 981 902 115 105 L020 1,053 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_Mar 3,255 3,311 1.272 1.284 935 963 113 114 935 950 Apr. . . . 3,284 3,332 1,294 1,305 908 927 117 117 965 983 May 3,313 3,376 1,305 1,321 919 952 121 123 968 980 June 3,339 3,224 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 Aug 3,343 3,369 1,276 1,306 976 982 117 117 974 964 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 .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 Mar 3,373 3,483 1,300 1.337 952 987 123 126 998 1,033 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—Mar + 171 +36 + 102 +96 -4 -117 +10 -3 +63 +60 Apr . .. + 186 +262 +77 + 163 +29 -26 +6 +6 +74 +119 May +222 +372 +58 + 192 +76 +64 + 13 +24 +75 +92 +208 +450 +67 +244 +56 +84 +8 + 19 +77 + 103 July . . +217 +360 +64 +202 +35 +24 +5 + 16 + 113 + 118 Aug +248 +335 +79 + 161 +51 +40 +20 +33 +98 + 101 Sept + 128 + 112 +74 +66 -17 +3 +15 +68 +32 Oct . + 183 +89 + 118 +23 -33 +8 +8 + 19 +90 +39 Nov + 165 +92 +112 -37 -17 +64 +7 +8 +63 +57 Dec + 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 Mar -180 -319 -223 -233 +29 -85 -8 -21 +22 +20 i 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 a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 591 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 e s r ti f t i u n t a i n o c n i s al Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8,358 5^67 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 Mar 3,426 3,347 1.208 1,212 852 821 836 843 530 471 Apr. i 3,470 3,594 1,236 1,348 845 855 865 901 524 490 3,535 3,748 1,245 1,362 832 886 877 904 581 596 June .. . .... 3,547 3,674 1,268 1,333 830 904 870 871 579 566 Julyi 3,599 3,837 1^291 1,382 890 1,022 905 946 513 487 AUK 3,591 3,704 1,284 1,320 819 903 907 906 581 575 Sept 3,546 3,388 1,289 1,239 834 829 869 797 554 523 Oct.i 3,541 3,545 1,325 1,302 856 860 871 850 489 533 Nov 3,559 3,439 [,252 1,150 835 779 893 877 579 633 Dec 3,615 4,069 1,252 1,228 873 865 902 1,069 588 907 1958—Jan. i 3,504 3,108 1,247 1,174 828 720 875 793 554 421 Feb. i 3,235 2,754 1,146 1,008 769 642 819 730 501 374 Mar1 3,193 3,164 .109 1,132 742 724 805 828 537 480 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—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 3,339 3,224 1,196 1,153 805 780 800 776 538 515 Julyi 3,382 3,477 1,189 1,242 831 846 817 844 545 545 Aug 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 3,358 3,456 [,200 1,226 820 873 810 817 528 540 3,394 3,347 1,208 1,182 795 800 838 826 553 539 Dec 3,498 3,560 [,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 i 3,401 3,189 ,232 1,147 820 758 799 736 550 548 Mar. i 3,373 3,483 L198 1.219 813 845 818 845 544 574 Change in outstanding credit 2 1950 +3,113 + 1 359 +767 +422 +565 1951 +591 27 -57 +403 +272 1952 . +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 +1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 1957 +2,278 + 1,007 +473 +811 12 1957—Mar + 171 +36 +67 +74 +61 + 13 +58 +53 -15 -104 Apr. i +186 +262 + 165 +245 +44 +56 +72 +95 -95 -134 May +222 +372 +77 + 162 + 15 +72 +72 +86 +58 +52 June +208 +450 +72 + 180 +25 + 124 +70 +95 +41 +51 Julyi +217 +360 + 147 + 185 +59 + 176 +88 + 102 -77 — 103 Aug +248 +335 +88 +99 +22 +89 +88 + 100 +50 +47 Sept + 128 + 112 +61 +49 +26 +33 +54 +32 -13 -2 Oct 1 + 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 i +83 — 368 -9 -103 -16 -109 +38 -38 +70 — 118 Feb. i -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 Mar.i -180 -319 -107 -105 -71 -121 -13 -17 + 11 -76 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 of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding. December 1957, pp. 1420-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100, unless otherwise noted. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In (p d h u y st s r i i c a a l l p v r o o lu d m uc e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) 1 or Y m ea on r th Total Tot M al an r u D a f b a u c l - e ture N r s d a o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p m t a c e u l g m o u e o r r n n l a y i - - - - l t - pr E o M m d m a u p e n c n l u t o t i f y o a - n c tu w r o i r n P r k g o a e l y r ls s - F i l n c o re a a g i r d s g - * - ht D v s ( m s r e a a t e p l o l e t e u a r n a s e e r i t * ) l t- p s C r u i m o c n e e - s r 2 m p W c s r o o a i h d c l m e o e i s t l s - e y 2 - 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 A 30.4 105 34 73 1 1925 49 48 49 46 59 66 75 59 65.2 64.2 32 A 110 36 75.0 1926 51 50 52 48 63 69 73 67 67.5 65.5 33.0 115 37 75.6 65.0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32.4 111 37 74.2 62.0 1928 53 52 53 51 63 73 76 70 67 9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 . .. 31 30 19 42 42 15 8 20 53.4 42.6 14.8 59 24 58.4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 . . . 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69.7 64.2 1943.. 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75.2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83 4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101.8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111.0 114.8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114.4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 143 144 159 129 129 199 199 199 118.6 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 120.1 104.5 162.7 90 136 1957 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 June 145 145 147 163 131 127 121 105 132 120.6 105.3 104.7 163.8 90 138 120.2 117.4 July 145 135 147 162 131 128 109 119 102 120.7 104.9 103.4 160.5 85 138 120.8 118.2 AUK 145 145 147 163 132 129 106 119 97 120.8 104.4 105.3 164.7 92 144 121.0 118.4 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 135 134 137 146 127 123 75 70 78 118.8 100.3 100.7 157.4 83 138 121.6 118.5 1958 133 132 '135 142 '127 122 78 72 82 118.2 98.0 97.3 149.3 82 130 122.3 118.9 Feb 130 131 131 137 125 119 74 67 78 116.7 95.6 '95.2 '145.0 77 124 122.5 119.0 A M p a r r . 128 P1 1 2 30 7 130 135 124 113 102 99 105 "1 11 1 6 5 . . 0 6 *> 9 9 3 2 . . 7 5 93.5 e1 1 3 43 9 . . 8 6 75 «134 123.3 P 1 1 1 1 9 9 . . 7 4 e Estimated. Preliminary. r Revised. including seasonal adjustments, may be obtained from the Division of n.a. Not available. Re 2 s e T a h rc e h i n a d n e d x e S s t a o t f i s e t m ic p s. loyment 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 593 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL 100.00 143 143 145 144 144 145 145 145 144 142 139 135 133 130 128 MANUFACTURES—TOTAL 90.02 144 145 147 145 145 147 147 147 146 143 141 137 135 131 130 Durable Manufactures—Total 45.17 159 160 265 160 160 163 162 163 160 156 154 146 142 137 135 Primary metals 6.70 138 132 137 134 132 132 134 136 131 128 121 107 100 95 91 Metal fabricating 28.52 172 176 179 176 176 179 179 178 176 172 170 163 159 153 150 Fabricated metal products 5.73 135 139 138 138 138 139 141 140 139 137 141 135 129 n24 123 Machinery 13.68 171 168 172 167 168 171 173 172 170 164 163 156 151 '144 141 Nonelectrical machinery 9.04 153 150 155 152 152 153 152 151 150 148 143 137 130 127 127 Electrical machinery 4.64 207 204 204 196 199 207 215 215 209 197 203 194 192 177 170 Transportation equipment 7.54 199 213 219 216 216 220 216 216 212 208 203 194 191 '185 181 Autos, trucks, and parts 4.80 125 128 131 124 127 132 128 131 129 126 125 113 107 99 91 Other transportation equipment 2.74 310 344 355 357 352 355 351 345 340 334 322 315 318 r312 315 Instruments and related products 1.29 166 172 173 172 173 173 173 174 173 170 170 168 166 r163 160 Clay, glass, and lumber products 5.91 140 133 134 134 136 140 133 136 134 131 128 124 125 120 120 Stone, clay, and glass products 2.82 158 155 155 155 157 156 155 159 159 155 151 148 142 134 133 Lumber and products 3.09 123 114 115 115 117 125 113 116 112 109 107 103 110 108 109 Furniture and misc. manufactures 4.04 135 132 132 132 132 133 133 135 135 132 129 125 123 120 121 Furniture and fixtures 1.64 122 120 119 120 120 121 122 123 122 120 118 116 114 111 111 Miscellaneous manufactures 2.40 144 140 140 141 141 142 141 143 143 140 136 131 129 126 128 Nondurable Manufactures—Total... 44.85 129 130 1S1 130 131 131 131 132 131 130 128 127 r127 125 124 Textiles and apparel 11.87 108 105 106 106 106 106 107 106 106 104 101 97 97 r97 95 Textile mill products 6.32 104 99 101 100 100 100 101 101 101 98 95 91 92 91 91 Apparel and allied products 5.55 112 111 112 112 113 113 113 112 112 110 107 104 103 103 98 Rubber and leather products 3.20 117 118 124 118 118 119 119 122 120 117 116 108 108 107 Rubber products 1.47 133 135 145 132 134 135 136 141 138 135 131 117 116 114 116 Leather and products 1.73 104 104 105 105 104 106 105 106 104 103 103 100 100 98 Paper and printing 8.93 145 148 147 146 148 148 146 149 149 149 149 146 '146 144 142 Paper and allied products 3.46 159 158 157 156 158 159 156 163 161 161 162 152 155 153 149 Printing and publishing 5.47 136 141 141 140 141 141 140 141 142 142 141 142 140 139 138 Newsprint consumption 1.85 132 131 132 128 132 132 129 129 131 130 129 131 126 124 124 Job printing and periodicals 3.62 138 146 145 146 145 146 146 146 147 148 148 148 147 146 146 Chemical and petroleum products 9.34 167 172 171 171 173 172 174 175 174 173 171 169 168 165 165 Chemicals and allied products 6.84 177 184 182 182 185 184 185 186 185 185 184 181 182 178 178 Industrial chemicals 2.54 196 203 202 202 204 204 205 206 207 206 201 196 195 190 Petroleum and coal products 2.50 141 141 141 142 142 139 142 143 141 139 135 137 131 129 Foods, beverages, and tobacco 11.51 112 112 114 HI 112 113 113 112 113 111 110 113 114 113 Food and beverage manufactures 10.73 113 112 114 112 112 114 113 113 113 112 110 114 114 114 114 Food manufactures 8.49 113 112 114 112 112 113 114 112 112 111 110 113 113 112 112 Beverages 2.24 112 113 115 109 112 116 109 113 113 112 110 118 116 118 Tobacco manufactures .78 107 111 111 109 110 112 114 111 114 110 107 106 112 112 MINERALS—TOTAL 9.98 129 128 132 131 130 127 128 129 129 127 123 123 122 119 113 Mi C ne o r a a l l fuels 8 2. . 6 3 8 5 1 8 2 5 9 1 8 2 3 8 1 9 3 2 2 1 8 3 7 1 1 8 3 3 0 1 8 2 6 7 1 8 2 4 7 1 8 2 4 8 1 8 2 2 9 1 8 2 0 8 1 7 2 7 3 1 7 2 1 2 1 6 2 9 1 1n1o8 70 Anthracite .36 55 49 49 52 56 60 40 50 48 45 43 40 43 43 41 Bituminous coal 2.32 90 88 99 93 88 90 90 89 88 85 82 76 73 H4 74 Crude oil and natural gas 5.67 150 150 151 151 153 146 148 149 151 150 145 146 145 142 131 Crude oil 4.12 137 137 142 140 141 136 134 134 136 136 132 131 130 '128 116 Natural gas and gas liquids .70 190 198 198 200 204 194 197 198 196 199 198 193 198 *>201 Metal, stone, and earth minerals 1.63 127 129 132 130 128 131 132 133 129 125 120 125 127 119 120 Metal mining .82 114 116 121 121 114 121 122 121 115 107 100 110 110 106 102 Stone and earth minerals .81 141 143 143 140 142 142 143 146 144 143 140 141 144 133 138 • Corrected. p Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1957 1958 industry portion 1956 1957 Mar. Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 143 143 148 145 143 145 135 145 146 146 141 134 132 131 130 MANUFACTURES TOTAL 90.02 144 145 149 146 144 146 137 147 148 148 144 135 134 133 132 Durable Manufactures—Total 45.17 159 160 166 163 159 162 151 160 160 159 156 147 143 139 137 6.70 138 132 144 140 135 136 118 128 128 129 121 106 102 r98 95 Ferrous metals 5.03 135 130 144 138 133 134 118 127 126 126 118 102 95 91 89 3.51 142 140 154 148 143 141 130 135 136 135 126 108 99 94 92 .37 131 137 147 144 141 139 136 137 139 132 121 107 98 91 90 Steel 3.05 143 139 154 147 142 140 128 134 134 134 126 107 99 93 91 2.62 139 138 152 146 141 141 129 133 134 132 125 107 96 92 90 Alloy steel .43 167 143 163 151 149 136 123 137 132 143 132 108 111 100 95 Ferrous castings and forgings 1.52 119 108 122 115 109 119 90 106 105 106 99 87 85 '85 83 1.29 117 107 119 113 108 117 90 107 104 105 99 87 84 83 83 .23 126 113 137 124 116 126 89 103 110 107 98 88 92 92 86 1.67 144 136 142 145 140 142 117 132 134 138 129 117 121 '121 114 Primary nonferrous metals .38 164 164 167 175 172 167 157 160 153 156 159 161 160 155 147 .09 133 129 132 140 131 134 114 122 120 126 125 128 134 '128 122 CoDoer refining .06 132 135 141 146 149 137 126 126 120 128 131 134 134 140 128 Lead .04 115 114 116 129 115 110 104 107 116 115 112 112 106 116 96 Zinc .10 123 123 132 137 133 128 118 115 110 113 114 120 114 r106 101 .09 280 275 267 283 285 780 279 282 263 263 274 275 275 265 263 Secondary nonferrous metals .13 118 112 170 118 110 108 86 106 114 117 112 99 r98 95 Nonferrous shapes and castings 1.16 140 129 137 138 132 138 107 125 130 134 121 104 110 r113 105 Copper mill shapes .63 115 104 105 113 108 115 73 105 109 110 98 80 88 91 82 Aluminum mill shapes .20 215 198 206 213 215 211 214 192 200 199 167 159 167 174 171 Nonferrous castings .33 146 136 157 141 131 140 109 125 131 140 138 118 120 117 111 Metal Fabricating 28.52 172 176 184 179 174 176 167 174 174 173 174 166 161 156 154 Fabricated metal products 5.73 135 139 138 140 136 139 134 141 145 142 139 133 111 nu 123 2 2 . .6 1 8 2 1 1 4 2 1 5 1 12 52 5 1 1 4 2 9 9 1 1 7 48 6 1 1 4 2 9 4 1 1 2 52 4 1 1 1 49 8 1 12 53 1 1 1 5 2 6 2 1 1 5 2 6 4 1 12 56 5 1 1 5 2 4 0 1 11 46 1 1 10 38 5 1 10 36 3 Tin cans .30 151 146 127 190 122 149 163 205 195 146 112 110 116 126 139 .63 110 99 101 98 95 104 81 105 122 115 99 76 80 94 97 13.68 171 168 177 169 166 168 158 167 173 170 165 157 153 148 146 9.04 153 150 161 157 154 153 146 143 149 145 140 138 133 r131 132 Farm and industrial machinery... 8.13 147 146 154 152 149 148 144 141 143 140 136 135 130 '125 124 1.02 86 84 92 90 87 85 82 80 82 82 78 80 80 r81 83 Industrial and commercial machinery.... 7.11 156 155 163 161 158 157 152 150 152 148 144 143 137 '132 130 Machine tools and presses .68 197 182 202 198 193 188 179 175 175 164 154 153 144 r133 128 .69 168 151 190 164 158 160 129 119 159 149 138 119 120 144 165 4.64 207 204 208 194 189 197 183 213 220 220 215 194 192 181 173 Electrical apparatus and parts 3.23 198 201 208 204 200 200 195 196 201 196 198 197 190 183 178 .74 224 205 196 159 153 180 143 256 269 282 260 176 187 159 139 TransDortation eauioment 7.54 199 213 228 223 214 217 205 209 194 198 213 203 196 '191 187 4 1 . . 8 5 0 0 1 1 2 3 5 8 1 1 2 4 8 6 1 17 42 1 1 1 5 35 5 1 14 27 4 1 1 5 30 6 1 1 3 14 4 1 14 23 8 1 8 00 4 1 8 10 8 1 1 7 39 1 1 1 5 24 1 1 1 1 3 3 2 r1 1 0 2 8 2 1 9 0 9 6 .66 112 104 109 120 113 119 103 103 85 93 100 95 91 92 94 Light trucks .22 92 100 105 107 101 108 96 97 69 95 118 99 83 85 83 Medium trucks . ... .19 58 50 52 69 60 62 52 48 29 46 47 40 26 29 26 .14 218 194 193 224 215 228 208 195 184 161 157 183 216 210 226 .07 167 137 162 154 148 156 109 146 136 122 116 101 '93 101 102 2.58 121 123 134 127 121 118 106 113 114 127 131 116 108 104 2.74 310 344 359 357 348 351 344 341 340 334 322 322 321 315 318 Aircraft and parts 1.30 548 608 633 633 614 615 609 606 597 592 569 571 570 '562 565 .81 118 129 132 132 134 136 131 128 126 123 121 125 123 r121 125 .53 63 77 88 81 76 84 73 69 83 74 71 61 64 56 58 .35 54 80 98 86 81 88 71 84 85 76 72 59 66 56 59 1.29 166 172 174 174 171 171 168 172 174 172 172 170 166 '163 162 Clay, Glass, and Lumber Products 5.91 140 133 132 135 137 144 127 143 141 139 128 117 117 117 118 2.82 158 155 153 155 158 159 150 163 162 161 152 145 136 r130 131 Glass and pottery products . . 1.09 140 140 144 141 141 139 132 142 141 144 141 134 130 128 123 Flat glass and vitreous products .60 164 161 164 160 159 157 149 156 163 165 165 161 150 r142 135 .47 165 164 166 163 161 160 151 159 167 170 170 166 153 r144 134 Glass containers . . .26 132 136 138 132 137 144 137 154 138 143 128 117 128 132 134 Home glassware and pottery .23 87 100 100 97 85 78 91 90 92 79 85 82 .32 157 148 133 145 161 161 119 185 187 177 152 132 109 92 105 .35 137 129 121 129 130 133 134 137 135 134 126 117 105 99 Brick .12 134 115 101 119 122 123 122 129 124 126 113 95 84 77 Clay firebrick pipe, and tile .20 142 140 138 138 138 143 145 145 144 143 138 133 121 115 114 Concrete and plaster products .48 194 188 181 185 194 200 198 201 198 193 182 172 165 '156 166 .58 173 174 177 176 177 177 173 175 175 173 166 165 157 '151 151 Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 595 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 A av n e n r u a a g l e 1957 1958 pro- Industry portion 1956 1957 Mar. Apr. May June July Aug. Sept.Oct. Nov.Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 112 117 118 131 105 125 121 119 106 92 100 105 106 Lumber and products 2.05 107 96 100 100 99 110 88 106 103 98 89 75 81 87 89 .60 189 187 170 191 196 219 168 209 205 207 178 155 181 189 182 Millwork .39 121 112 102 107 110 146 101 144 132 124 100 80 76 95 95 .12 301 312 282 330 339 339 277 314 327 344 307 280 358 346 328 Wood containers .29 91 84 86 87 88 88 83 83 83 82 78 77 74 '69 73 Furniture and Misc. Manufacturing.... 4.04 135 132 131 129 128 130 125 136 141 139 134 128 120 r121 120 furniture and fixtures .. 1.64 111 120 119 117 115 118 116 124 126 125 121 120 113 mi 111 Household furniture 1.10 121 120 119 117 114 117 115 124 126 127 123 122 114 113 112 Fixtures and office furniture • .54 122 120 121 118 118 119 118 124 125 122 116 116 111 109 109 2.40 144 140 139 137 137 139 131 144 150 148 143 134 125 126 127 44.85 129 130 132 129 129 130 122 134 135 137 131 123 125 126 126 11.87 108 105 113 108 106 104 91 108 104 108 102 92 99 103 101 Textile mill products. 6 32 104 99 105 102 100 99 86 101 101 103 98 89 93 95 94 3.72 108 105 112 103 107 104 86 105 107 106 107 97 102 104 103 2.30 102 95 102 95 99 96 75 98 97 97 97 84 94 94 93 Synthetic fabrics 97 118 119 124 118 111 111 110 113 121 122 121 116 110 107 108 .45 98 94 111 89 109 102 64 94 94 86 97 90 82 103 102 Wool textiles .97 86 75 79 78 81 87 67 82 79 71 65 55 55 61 64 Wool apparel yarns .16 88 78 85 82 89 88 71 86 79 66 66 61 59 69 71 .75 86 75 78 77 79 88 67 81 80 74 65 54 55 60 63 Knit goods 1 15 108 104 109 103 103 107 96 110 110 109 104 92 94 98 98 .65 100 93 106 92 90 92 76 95 95 98 93 78 90 94 91 Full-fashioned hosiery .45 102 89 109 91 87 87 69 88 87 88 88 74 87 91 88 20 96 102 98 94 96 104 92 114 116 121 107 86 99 103 99 Knit garments ..... ... .50 119 118 113 117 119 125 123 128 129 125 118 111 99 104 107 48 .31 83 71 91 85 69 64 46 68 75 59 59 61 62 70 69 5.55 112 111 123 114 112 110 96 116 109 112 107 96 106 113 108 1 78 110 102 114 100 111 104 74 110 100 99 98 90 94 100 104 Men's suits and coats 73 95 86 101 88 102 91 55 98 78 72 73 72 69 r74 71 50 93 87 104 90 100 88 54 93 76 73 77 76 73 78 73 Men's outercoats. . .13 78 60 63 60 86 80 48 93 68 53 41 40 35 r41 45 Shirts and work clothing .99 118 112 121 106 115 111 83 117 113 116 113 100 110 116 125 1 85 112 112 148 119 115 111 101 118 109 108 102 80 105 129 114 Women's suits and coats ... .76 128 128 169 102 96 127 130 148 133 134 123 85 122 156 138 Misc apparel and allied mfrs ... 1.92 113 117 118 112 110 113 113 120 122 123 121 117 112 114 113 Rubber and Leather Products• . 3.20 117 118 130 119 114 117 101 123 121 123 116 104 112 113 113 Rubber Dro ducts 1.47 133 135 148 135 133 132 112 135 139 US 135 114 123 120 118 Tir A e u s t o a n t d i r t e u s bes 4 70 0 1 1 2 2 1 3 1 1 2 3 3 4 1 15 34 1 1 12 3 1 5 1 1 3 25 7 1 1 3 23 6 1 1 0 2 9 2 1 1 3 20 1 1 13 24 5 1 13 29 9 1 1 1 2 9 4 1 1 1 0 3 6 1 11 06 1 1 1 1 12 8 1 1 0 1 8 5 Truck and bus tires . ... .30 119 107 111 103 108 105 91 105 110 117 112 97 99 104 98 .77 144 147 161 147 140 141 114 150 153 160 150 122 140 127 128 Leather and products 1 73 104 104 115 106 98 105 92 112 105 104 99 94 101 108 Leather 44 91 89 95 89 88 97 74 92 87 90 88 80 83 no Cattlehide leathers .29 99 98 103 96 94 107 82 103 97 101 98 89 92 97 15 76 72 81 76 75 77 58 72 69 71 68 63 r67 72 90 Miscellaneous leather products .39 97 94 96 90 87 92 92 100 98 98 98 95 87 93 8.93 145 148 151 ISO 149 148 136 147 151 156 152 141 r143 145 146 Paper and allied products 3.46 159 158 163 161 158 161 139 165 163 170 163 140 153 158 155 Pulp and paper 1 76 157 154 159 159 157 155 132 157 153 163 156 137 151 156 153 .51 179 176 181 182 182 175 152 181 172 187 183 153 177 177 173 Paper and board . 1.25 148 145 150 150 147 147 124 147 146 154 145 131 141 147 144 Printing paper 22 140 133 137 136 136 136 121 132 125 135 132 123 132 135 133 .14 145 140 152 147 143 142 107 139 145 143 138 131 135 145 149 Coarse paper .20 136 127 131 131 125 123 102 127 124 135 129 114 123 126 124 Miscellaneous paper .18 170 179 186 192 182 184 160 175 171 185 172 167 181 183 176 .41 155 153 158 155 157 154 128 158 160 166 157 134 145 155 151 Building paper and board.. . . .10 131 124 120 126 124 127 118 134 134 141 120 101 114 120 116 Converted paper products 1.70 162 163 167 163 160 166 147 173 173 177 171 142 155 160 158 Shipping containers .51 159 157 163 155 155 160 141 172 170 168 167 132 149 148 .11 170 179 177 184 174 183 163 175 178 204 182 171 190 192 185 'Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - -49 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 144 143 142 140 134 136 144 146 145 142 136 137 141 Newsprint consumption 1.85 132 131 137 137 140 132 112 116 133 140 140 129 116 121 129 Job printing and periodicals 3.62 138 146 147 146 144 144 144 146 150 150 148 149 146 145 147 Chemical and Petroleum Products. 9.34 167 172 174 172 172 168 165 171 174 176 173 171 170 r167 167 Chemicals and allied products 6.84 177 184 186 184 184 179 174 181 185 190 187 183 183 181 181 Industrial chemicals 2.54 196 203 206 206 206 200 195 200 205 208 203 198 197 r194 Basic inorganic chemicals .57 189 202 206 210 209 197 189 196 203 209 205 198 '201 Industrial organic chemicals 1.97 197 204 206 205 205 201 196 202 205 207 203 198 196 r191 189 P S l y a n s t t h ic e s t ic m r a u te b r b ia e l r s . .1 2 1 4 2 2 5 3 6 6 2 24 7 5 2 2 24 8 2 0 2 2 7 1 5 9 2 24 7 5 8 2 22 6 5 6 2 20 4 9 0 2 24 6 1 9 2 2 8 5 3 2 2 2 9 7 9 4 2 2 7 8 6 2 2 2 5 6 9 8 ' 2 2 6 7 5 0 2 2 6 3 9 3 2 i 6 * Synthetic fibers .59 181 199 196 203 198 189 191 198 202 206 201 194 189 r182 178 Miscellaneous organic chemicals. 1.03 189 186 190 188 188 191 188 184 184 179 178 179 176 r173 175 Vegetable and animal oils. .64 132 130 134 121 116 109 107 113 120 150 149 136 141 136 125 Vegetable oils .48 124 121 129 113 103 94 95 100 110 148 147 132 136 130 122 Grease and tallow .16 158 154 150 146 155 154 142 153 151 159 156 147 156 154 135 Soap and allied products. .71 111 112 128 113 115 104 80 115 115 126 110 105 111 107 108 Paints .66 124 121 120 122 122 125 126 125 122 119 115 114 113 111 111 Fertilizers .23 129 132 166 181 172 119 104 108 119 122 115 115 124 r126 162 Petroleum and coal products. 2.50 141 141 139 137 139 139 139 144 144 139 136 138 134 130 Petroleum refining 1.97 150 150 149 145 148 147 146 152 152 145 147 153 148 144 Gasoline 1.04 159 162 156 154 161 162 161 168 170 162 160 165 159 155 P150 Automotive gasoline.. .98 153 157 150 149 155 156 155 163 166 157 156 161 156 151 Aviation gasoline.... .06 254 249 254 247 255 258 260 265 233 242 233 236 212 223 Fuel oil .56 147 147 151 143 143 142 141 144 142 137 139 150 146 140 Distillate fuel oil. .30 193 194 197 187 190 188 185 191 188 181 184 200 195 182 Residual fuel oil. .26 95 93 99 93 90 90 89 89 90 86 87 93 91 Kerosene .10 111 98 109 93 89 83 82 82 90 87 106 117 118 125 Lubricating oil. .17 119 113 116 126 122 104 111 112 108 107 109 105 100 101 Coke .26 102 104 111 107 108 107 106 106 106 103 95 85 79 75 72 Asphalt roofing and siding. .15 104 94 73 92 80 104 107 119 121 81 54 59 57 77 122 Foods, Beverages, and Tobacco. 11.51 112 112 105 104 108 117 115 128 124 113 106 104 104 105 122 Food and beverage manufactures. 10.73 113 112 105 104 108 116 116 128 125 113 107 103 103 105 Food manufactures 8.49 113 112 104 102 104 111 114 111 131 126 116 109 106 103 102 Meat products 1.48 133 128 131 123 124 120 116 123 130 140 133 131 134 121 120 Beef .46 151 148 144 139 148 148 150 118 154 156 140 136 149 134 129 Pork .83 119 110 117 108 104 97 91 150 109 124 122 122 118 107 94 Dairy products .69 110 111 109 122 140 151 134 120 101 91 85 88 92 106 Butter .14 107 109 117 122 139 145 113 97 87 88 87 97 104 112 121 Natural cheese .07 117 119 115 135 161 165 137 119 105 100 92 98 101 105 117 Concentrated milk. .19 101 102 105 128 151 142 114 97 78 77 73 80 84 87 99 ' Ice cream .28 112 111 101 109 122 149 151 141 117 96 84 82 84 89 96 Canned and frozen foods. 1.13 133 126 82 89 91 111 163 213 230 158 109 99 87 85 Grain-mill products 1.16 101 100 99 95 97 98 98 105 108 105 98 97 100 101 101 Wheat flour .46 84 87 90 82 81 87 78 88 94 92 89 86 90 92 93 Cereals and feeds .70 113 109 106 104 108 106 111 117 117 114 104 104 106 107 107 Bakery products. 1.64 98 100 96 98 99 102 104 103 102 101 101 101 98 r98 97 Sugar .27 122 120 54 60 68 88 74 80 117 262 279 233 129 65 Cane sugar .11 116 112 107 110 117 140 122 123 125 108 97 93 100 104 Beet sugar .13 121 121 13 21 38 27 38 105 390 431 350 149 26 Confectionery .71 107 112 119 96 84 95 81 103 155 147 132 99 113 124 109 Miscellaneous food preparations. 1.41 105 108 103 102 106 114 113 113 113 112 110 108 107 109 109 Beverages 2.24 112 113 111 111 120 138 122 120 118 121 105 99 93 102 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 106 103 108 123 105 102 108 117 100 89 99 Beer and ale 1.02 101 101 104 109 117 130 127 111 97 88 73 81 89 94 Liquor distilling. . .17 78 83 86 82 81 67 34 47 109 140 99 88 85 95 Liquor bottling... .37 119 111 111 95 97 127 84 101 125 158 151 101 83 105 Tobacco manufactures. .78 107 111 111 104 113 121 102 120 118 119 110 87 112 112 Cigarettes .46 111 116 115 109 121 129 114 126 123 122 111 90 118 116 Cigars .17 104 106 110 102 104 111 81 115 116 121 116 86 105 111 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 597 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 131 131 132 131 123 130 130 129 123 122 121 118 111 MINERALS—TOTAL 8.35 129 128 134 132 130 127 119 126 127 127 124 125 124 121 113 Mineral Fuels Coal 2. . 6 3 8 6 8 5 5 5 4 8 3 8 4 8 6 3 8 5 2 0 8 6 8 4 6 3 5 2 8 5 6 2 8 5 6 2 4 8 9 7 46 4 7 2 4 4 7 8 3 n 4 o 4 6 3 6 6 Anthracite 2.32 90 95 89 87 92 71 92 91 93 86 79 77 •74 71 Bituminous coal Crude oil and natural gas 5.67 150 150 156 155 153 145 145 145 147 146 144 149 148 145 135 Oil and gas extraction 4.82 145 146 156 153 150 143 139 138 140 140 141 143 144 143 133 Crude oil 4.12 137 137 148 145 143 136 132 130 132 131 131 133 132 p130 120 Natural gas and gas liquids .70 190 198 206 200 194 184 181 186 188 193 204 206 P216 Natural gas .34 199 212 225 214 202 192 196 194 196 203 221 228 Natural gas liquids , .36 182 184 189 188 186 177 167 179 180 182 189 186 184 183 Oil and gas well drilling .85 180 171 151 168 168 156 179 185 185 177 160 177 172 159 143 Metal, Stone, and Earth Minerals. 1.63 127 129 114 124 140 149 143 147 145 138 117 110 106 103 104 Metal mining .82 114 116 95 111 135 151 137 139 137 124 92 82 83 '85 Iron ore .33 104 114 48 87 159 193 181 182 172 143 65 42 43 43 Nonferrous metal mining .49 120 117 127 127 119 123 108 110 113 110 110 109 111 113 104 Copper mining .24 136 133 141 140 133 139 121 124 132 125 131 131 129 131 129 Lead mining .09 88 85 94 97 88 87 80 82 79 83 71 70 76 78 52 Zinc mining .06 87 84 99 100 92 80 79 70 74 68 67 72 '71 66 Stone and earth minerals .81 141 143 133 137 145 148 149 155 153 152 143 138 130 121 129 c Corrected. * 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] Series 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1957 1958 tion 1956 1957 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. ELECTRICITY AND GAS—TOTAL 100.00 218 232 226 228 230 232 235 237 236 236 237 237 *>239 P241 »239 Residential 41.34 241 260 252 253 256 260 263 267 268 267 272 273 Nonresidential . 58.66 201 212 208 210 211 212 216 216 214 213 213 212 Electricity 76.18 218 233 228 230 232 233 237 238 237 234 236 235 236 238 *?•* Residential 27.48 250 273 266 266 270 274 277 281 280 277 282 282 285 290 23.68 206 213 209 214 215 214 217 217 215 213 210 207 205 202 General industrial 23.49 186 193 188 193 194 193 198 198 196 194 191 188 '186 183 Atomic energy .19 2697 2676 2750 2790 2880 2790 2560 2530 2580 2610 2580 2580 '2590 2590 Commercial and other 25.02 194 208 204 205 207 208 213 212 210 208 209 209 212 215 Gas 23.82 218 228 221 222 223 226 229 233 235 240 243 245 P247 ^250 Residential 13.86 223 234 225 228 230 232 236 239 243 248 252 255 Industrial 6 16 218 226 220 215 215 221 225 231 232 233 234 236 Commercial and other 3.80 197 212 207 209 210 212 212 213 214 220 223 226 P Preliminary. ' Revised. Indexes without seasonal adjustment may be obtained from the Division NOTE.—For description and back figures see BULLETIN for October of Research and Statistics. 1956, pp. 1055-69. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 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 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL 100.00 131 130 132 123 126 134 132 135 134 129 128 119 113 110 105 Major Durables 69.72 140 138 139 129 134 144 141 145 142 137 136 125 117 111 103 Autos 32.10 138 146 149 136 144 157 147 154 150 143 142 127 117 107 92 Major household goods 36.13 144 132 132 123 127 134 138 139 137 134 134 124 118 116 115 15.32 117 114 114 114 113 114 116 115 114 111 112 112 110 106 106 Household furniture . 11.31 121 120 119 120 119 121 121 123 122 120 120 119 116 113 112 4.01 15.60 143 127 132 118 121 124 124 127 129 129 132 115 106 115 Major appliances... . .. 11.88 151 133 139 122 127 129 130 136 137 138 141 119 110 117 2.60 103 89 98 88 86 83 77 86 85 85 92 87 86 81 4.98 150 140 150 136 141 139 140 140 138 141 148 125 111 129 Laundry appliances 2.51 216 180 177 136 152 167 177 195 203 203 196 152 142 142 159 3.72 118 104 108 108 104 108 106 96 101 101 104 103 93 110 Radio and television sets 5.21 224 205 188 167 187 226 245 247 232 212 203 188 181 151 133 Radio sets , 3.42 70 75 80 75 68 69 72 75 82 80 78 66 66 55 44 1.79 519 453 395 343 413 524 575 575 517 465 441 419 401 335 302 30.28 111 111 114 110 109 110 111 112 114 112 110 107 105 107 108 Auto parts and tires.... . .. 14.00 105 113 105 104 108 110 110 110 110 Misc. home and personal goods 16.28 116 114 115 114 113 112 112 115 118 113 112 109 105 104 105 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 131 130 142 130 124 131 116 132 119 119 141 124 117 116 112 Major Durables 69.72 140 138 155 140 131 140 121 139 118 119 153 132 123 120 114 Autos 32.10 138 146 171 155 144 156 134 148 84 88 171 151 132 122 106 Major household goods . . .. 36.13 144 132 143 128 122 129 110 133 150 148 138 118 117 121 124 Furniture and floor coverings 1 1 1 5 . . 3 3 1 2 1 1 2 1 1 7 1 1 2 1 0 4 1 11 1 9 6 1 1 1 1 7 3 1 1 1 0 4 8 1 11 1 7 0 1 1 0 1 5 5 1 1 2 1 4 6 t 1 2 1 6 9 1 1 1 2 8 7 1 1 1 2 5 3 1 1 1 2 4 2 1 1 0 1 8 4 r1 1 1 0 3 8 1 1 0 1 8 2 4.01 15.60 143 127 151 131 125 131 105 109 141 133 121 102 103 121 Major appliances 11.88 151 133 166 140 133 136 108 109 144 136 126 109 111 128 2.60 103 89 114 92 82 88 59 77 93 90 89 79 86 91 Refrigeration appliances 4.98 150 140 188 173 163 164 130 102 133 119 112 106 113 137 Laundry appliances 2.51 216 180 195 140 144 150 126 164 229 229 206 156 140 161 175 3.72 118 104 104 103 99 114 94 109 134 121 104 80 78 99 Radio and television sets 5.21 224 205 196 159 153 180 143 256 268 282 259 176 187 159 139 3.42 70 75 84 72 67 57 40 62 81 101 108 76 66 56 47 Television sets 1.79 519 453 411 326 318 414 339 627 625 627 547 365 417 355 314 Other Consumer Durables 30.28 111 111 111 107 106 108 106 116 121 120 114 106 102 105 105 Auto Darts and tires 14 00 105 107 101 103 107 109 114 120 118 Misc home and personal goods 16.28 116 114 114 112 109 108 104 117 121 122 120 110 101 104 104 r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. ap•p•*"%l*».i * a*•«•%n***c* eusiw, vahwi eaattiinngg aappppaarraattuuss,, _ rraadd^ii oo sseettss,, aanndd tt. ee. _ll ee. vviiss"ion x setsw may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from tthhee DDii vi•s*i on of" R~e searc'h and. .S.t.a.t.is..tics. pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] :Private Public Business Other Year or month Total Total d R en es ti i a - l Total In tr d i u al s- m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C t e i r o o v n n a - - o A th l e l r 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3 610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2 820 900 5 793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3 870 773 6 249 1955 44,581 32,620 18,705 10,160 2,399 3,218 4,543 3,755 11,961 1,313 4 050 701 5 897 1956 46,060 33,242 17,632 11,828 3,084 3,631 5,113 3,782 12,818 1,395 4,470 826 6,127 1957 47,255 33,313 16,571 12,562 3,162 3,570 5,830 4,180 13,942 1,275 4,840 975 6,852 1957—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 ,324 1,065 273 303 489 353 1,158 99 406 79 574 Julv 3,833 2,739 1,349 1,050 265 293 492 340 1,094 104 366 80 544 Aug 3,942 2,787 ,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 ,414 1,069 251 308 510 350 111 429 94 597 Nov 4,043 2,843 1,434 1,055 246 306 503 354 1,200 103 427 85 585 Dec 4,051 2,854 ,444 1,054 243 303 508 356 1,197 100 423 79 595 1958—Jan 4,016 2,786 ,403 ,027 235 285 507 356 ,230 99 461 77 593 Feb.P 3,983 2,778 ,408 1,013 231 276 506 357 1,205 92 458 79 576 Mar.? 3,972 2,761 1,389 ,015 222 285 508 357 1,211 86 462 79 584 Apr.? 3,920 2,713 1,353 1,002 208 290 504 358 I 207 79 457 80 591 p Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 599 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 ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F or a i 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—Mar 3,078 1,018 2,060 1.107 212 348 274 259 878 Apr 2,778 880 1,897 ,233 154 246 227 211 707 3,398 1,279 2,119 1,296 215 306 291 308 983 June.. . . .. 3,223 1,323 1,900 ,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 ,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 .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 1,185 727 102 205 224 220 475 Mar 2 721 1,071 131 285 268 283 684 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 1957 Jan 2,300 75 266 98 127 218 274 323 116 56 137 166 444 Feb 2,161 90 186 87 172 199 277 331 130 42 142 133 372 Mar 3,078 117 476 128 250 225 289 403 134 98 153 253 552 1958—Jan 2,066 85 329 85 154 183 216 236 99 35 100 164 379 Feb 1,953 72 214 58 143 169 234 210 110 56 158 140 388 Mar 2,721 145 291 111 208 218 291 348 122 93 167 191 537 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] p T ri o v t a a t l e Metro- Non- Private Government-underwrittenl Year or month a ( n s a e n d a u j s a u o l s n t r e a a d ll t y e) Total p a o r l e it a a s n p a o r l e it a a s n Total fam 1- ily fam 2- ily M fam ul i t l i y - Public Total FHA VA 1950 J. 396 1,022 374 1.352 1,151 42 159 44 686 486 200 1951 ,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 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 20 670 111 393 1956 ,118 780 338 .094 981 31 82 24 463 192 271 1957 .042 700 342 993 840 33 120 49 313 185 128 1957 Apr 962 94 64 30 91 79 3 10 2 26 12 13 May 994 103 68 35 97 82 3 13 6 28 16 12 995 100 69 31 95 80 3 11 5 29 16 13 July 1,015 98 63 34 94 81 3 10 4 29 17 12 Aue 1,056 100 68 32 97 82 3 12 3 31 20 12 Sept 1,012 92 62 30 90 77 3 10 2 30 19 12 Oct 1,020 97 62 35 88 74 3 11 9 31 21 10 Nov 1,009 78 53 26 76 64 3 9 3 25 19 6 Dec 1,000 63 43 20 63 51 3 9 1 20 15 5 1958—Jan 1,020 68 45 23 63 50 2 10 5 19 15 4 Feb *890 *65 43 22 *60 n.a. n.a. n.a. *5 14 12 3 Mar *880 j>79 54 25 *75 n.a. n.a. n.a. *4 20 17 3 Apr *950 »95 64 31 *91 n.a. n.a. n.a. H 28 23 5 * Preliminary. n.a. Not available. figures are based on filed office reports of first compliance inspections; i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i p T n o s o t p t i a u tu l l a t n i t o i o o n n n a - l T l f a o o b r t c o a e r l Employed 1 Unem- l N ab o o t r i n f o t r h c e e Total Total t I u n r a n l o i n n a d g u r s i t c r u ie l- s agric I u n lture ployed 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—Apr.2 120,057 69,771 66,951 64,261 58,506 5,755 2,690 50,286 May. 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 June. 120,383 72,661 69,842 66,504 58,970 7,534 3,337 47,722 July. 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 Aug.. 120,713 71,833 68,994 66,385 59,562 6,823 2,609 48,880 Sept.. 120,842 71,044 68,225 65,674 59,156 6,518 2,552 49,797 Oct.. 120,983 71,299 68,513 66,005 59,168 6,837 2,508 49,684 Nov.. 121,109 70,790 68,061 64,873 59,057 5,817 3,188 50,318 Dec. 121,221 70,458 67,770 64,396 59,012 5,385 3,374 50,763 1958—Jan.. 121,325 69,379 66,732 62,238 57,240 4,998 4,494 51,947 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 Apr.. 121,656 70,681 68,027 62,907 57,349 5,558 5,120 50,975 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 16 563 777 2 759 4,062 10,846 2,219 5,916 6 914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6,231 7,178 1957 52,545 16,793 840 3,026 4,157 11,551 2,343 6,453 7,381 SEASONALLY ADJUSTED 1957 Apr 52,593 16,965 841 3,059 4,160 11,501 2,320 6,400 7,347 May 52,698 16,946 843 3,097 4,159 11,542 2,329 6,424 7,358 June 52 773 16 924 854 3 108 4 164 11 579 2 336 6 454 7 354 July 52,815 16,880 861 3,061 4,168 11,636 2,343 6,492 7,374 Aug 52,844 16 836 853 3,032 4,184 11,669 2 354 6 477 7 439 Sept 52,662 16,681 849 3,028 4,175 11,620 2,361 6,508 7,440 Oct 52,469 16,604 837 3,013 4,148 11,590 2,368 6,482 7.427 Nov . . 52,218 16,463 825 2,956 4,113 11,567 2,367 6,512 7.415 Dec 51,980 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 51,055 15,652 784 2,682 4,000 11,538 2,363 6,530 7,506 Mar 50 739 15 401 771 2 820 3,939 11 411 2 357 6 509 7 531 Apr 50,579 15,234 774 2,893 3,902 11,335 2,355 6,539 7 547 WITHOUT SEASONAL ADJUSTMENT 1957—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 June 52,881 16,852 858 3,232 4,181 11,505 2,359 6,551 7,343 July 52,605 16,710 857 3,275 4,199 11,493 2,390 6,524 7,157 Aug 52,891 16 955 862 3,305 4,215 11,499 2 389 6 509 7 157 Sept 53,152 16,905 853 3,285 4,206 11,620 2,361 6,541 7,381 Oct . . . 53,043 16,783 837 3,224 4,159 11,664 2,356 6,547 7,473 Nov 52,789 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 50,223 15,603 784 2,374 3,954 11,244 2,339 6 399 7 526 Mar 50.176 15,366 771 2,538 3,919 11,230 2,345 6,444 7,563 Apr 50,232 15,095 766 2,748 3,895 11,222 2,355 6,572 7,579 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures, duIrIiUnIgL, «o r ir^eaceiui vendiv ipuauyv f"oc *rn, tihu'ei i "p aayi iup eJrLi/Co'H d L'-e LnXIdJ.Ii"Vn g V InIAeJJarIVareresst t tthhee 1155thth ooff tthhee for March and April 1958 are preliminary. Back data may be obtained month. Proprietors, self-employed persons, domesttiic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 601 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 13,094 11,823 11,587 11,442 12,960 11,777 11,560 11,315 Durable goods 7,637 6,621 6,462 6,324 7,635 6,631 6,484 6,321 Ordnance and accessories 78 65 66 66 78 65 66 66 Lumber and wood products 628 574 564 559 612 548 547 545 Furniture and fixtures 314 287 284 282 312 293 287 281 Stone, clay, and glass products 455 409 401 399 455 403 399 399 Primary metal industries 1,101 906 882 853 1,101 911 886 853 Fabricated metal products 889 792 774 767 889 800 782 767 Machinery except electrical 1,258 1,056 1,036 1,016 1,277 1,072 1,052 1,031 Electrical machinery 853 757 740 729 853 765 747 729 Transportation equipment 1,446 1,214 1,163 1,098 1,446 1,214 1,163 1,098 Instruments and related products 229 210 205 203 230 210 207 204 Miscellaneous manufacturing industries. 386 351 347 352 382 351 349 348 Nondurable goods 5,457 5,202 5,125 5,118 5,325 5,146 5,076 4,994 Food and kindred products 1,077 1,055 1,043 1,037 990 956 948 953 Tobacco manufactures 86 82 83 80 74 78 74 69 Textile-mill products 919 847 835 832 919 855 843 832 Apparel and other finished textiles 1,091 1,021 989 1,003 1,069 1,057 1,024 983 Paper and allied products 472 452 449 449 467 450 447 445 Printing, publishing and allied industries 562 557 557 557 559 554 557 554 Chemicals and allied products 544 505 502 505 549 508 510 510 Products of petroleum and coal 175 168 165 166 173 165 163 164 Rubber products 194 190 183 182 191 191 183 179 Leather and leather products 337 325 319 307 334 333 327 304 NOTE.—Data covering production and related workers only (full- and are preliminary. Back data may be obtained from the Bureau of Labor part-time) who worked during, or received pay for, the pay period ending Statistics. nearest the 15th of the month. Figures for March and April 1958 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 Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Total 81.59 80.64 81.45 80.81 39.8 38.4 38.6 38.3 2.05 2.10 2.11 2.11 Durable goods 88.29 86.46 87.75 86.91 40.5 38.6 39.0 38.8 2.18 2.24 2.25 2.24 Ordnance and accessories 95.63 99.06 99.47 98.98 41.4 40.6 40.6 40.4 2.31 2.44 2.45 2.45 Lumber and wood products 72.00 70.05 70.77 71.19 40.0 38.7 39.1 38.9 1.80 1.81 1.81 1.83 Furniture and fixtures 68.28 67.79 68.32 68.00 39.7 38.3 38.6 38.2 1.72 1.77 1.77 1.78 Stone, clay, and glass products 81.20 80.88 81.54 80.70 40.4 38.7 39.2 38.8 2.01 2.09 2.08 2.08 Primary metal industries 97.91 94.21 95.35 94.21 39.8 36.8 37.1 36.8 2.46 2.56 2.57 2.56 Fabricated metal products 87.94 86.36 87.42 86.97 40.9 38.9 39.2 39.0 2.15 2.22 2.23 2.23 Machinery except electrical 94.39 92.12 93.22 92.04 41.4 39.2 39.5 39.0 2.28 2.35 2.36 2.36 Electrical machinery 83.02 83.07 83.67 83.25 40.3 39.0 39.1 38.9 2.06 2.13 2.14 2.14 Transportation equipment 96.22 95.20 97.96 98.06 40.6 38.7 39.5 39.7 2.37 2.46 2.48 2.47 Instruments and related products 85.26 84.89 85.72 85.89 40.6 39.3 39.5 39.4 2.10 2.16 2.17 2.18 Miscellaneous manufacturing industries. . 72.22 72.15 72.52 71.78 39.9 39.0 39.2 38.8 1.81 1.85 1.85 1.85 Nondurable goods 72.74 73.15 73.53 72.94 38.9 38.1 38.1 37.6 1.87 1.92 1.93 1.94 Food and kindred products 77.20 79.80 79.80 79.40 40.0 39.7 39.7 39.7 1.93 2.01 2.01 2.00 Tobacco manufactures 57.04 58.97 59.15 62.10 36.8 37.8 37.2 38.1 1.55 1.56 1.59 1.63 Textile-mill products 57.90 56.70 56.25 54.60 38.6 37.8 37.5 36.4 1.50 1.50 1.50 1.50 Apparel and other finished textiles 52.84 52.65 51.70 50.81 35.7 35.1 34.7 34.1 1.48 1.50 1.49 1.49 Paper and allied products 84.20 85.49 86.11 85.28 42.1 41.1 41.4 41.0 2.00 2.08 2.08 2.08 Printing, publishing and allied industries.. 95.87 96.51 97.02 95.88 38.5 37.7 37.9 37.6 2.49 2.56 2.56 2.55 Chemicals and allied products 89.40 92.16 92.39 92.16 41.2 40.6 40.7 40.6 2.17 2.27 2.27 2.27 Products of petroleum and coal 106.71 108.53 109.34 111.52 41.2 39.9 40.2 40.7 2.59 2.72 2.72 2.74 Rubber products 87.60 85.04 87.02 86.94 40.0 37.3 38.0 37.8 2.19 2.28 2.29 2.30 Leather and leather products 56.83 57.56 56.83 53.22 36.9 36.9 36.2 33.9 1.54 1.56 1.57 1.57 NOTE.—Data are for production and related workers. Figures for March and April 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

602 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district Year or month United States Boston Y N o e r w k P a p h d h i e i l l a - - C l l a e n v d e- m Ri o c n h d - l A a t nt - a c C a h g i o - Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - SALESi 1950 107 105 102 107 107 107 111 105 106 107 112 115 106 1951 112 109 107 112 114 115 117 110 111 107 117 120 112 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—Mar 137 122 124 133 130 '153 '161 131 139 131 144 '159 146 Apr 131 117 118 130 122 148 162 125 136 123 137 151 137 May 135 123 124 133 126 148 172 128 137 126 141 158 141 138 122 125 139 128 152 175 129 139 126 142 168 148 July 138 125 126 131 132 147 175 131 139 130 145 170 141 144 130 135 138 139 158 179 139 147 138 147 170 144 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 124 111 115 114 117 134 147 115 125 121 135 143 135 Mar 114 126 126 119 124 132 153 137 WITHOUT SEASONAL ADJUSTMENT 1957 Mar 114 99 104 115 105 126 '148 109 117 '104 118 '137 '114 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 Sent 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 .. 95 84 91 86 90 96 121 86 96 90 99 112 '104 Mar H16 100 113 118 108 108 nil 109 P121 137 115 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—Mar 150 140 137 150 135 176 202 139 148 145 159 '168 '154 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 154 139 137 154 136 184 204 149 153 141 160 178 159 153 136 138 157 137 180 203 145 149 145 158 176 159 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 '202 135 143 138 153 170 152 Feb 146 '134 130 166 199 135 142 '138 151 163 151 Mar 2143 129 134 149 126 131 140 132 j>149 WITHOUT SEASONAL ADJUSTMENT 1957—Mar 155 142 141 155 139 187 212 141 154 149 165 '177 156 Apr . . 159 144 143 159 142 190 213 149 156 153 169 179 164 May 155 143 140 156 139 183 200 147 151 147 163 173 159 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 AUK 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 139 '126 127 '145 125 159 197 127 138 '132 145 158 142 Mar 131 138 154 130 *>204 132 146 136 P153 9 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 to are as of the end of the month or averages of monthly data. 1947 may be obtained from the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 603 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period S (t a f o o l t e r a s l ! St ( o e o c n f k d s* o s r O t d i a n u e n g r t d - s - * c ( e t R i o p e t t - a s l 2 o ( r N t d o e e t w r a s l 3 Stocks s O t i a n u n g t d - - S st p o t a o l u n u c t d s k - - s ce R i e p - ts month) month) (end of Ifr O»rr for orders ing month) month) month) orders Annual average: 1949 361 925 373 358 358 2.7 1.1 3.8 1.0 1950 376 ,012 495 391 401 2.8 1.4 4.2 l.l 1951 391 ,202 460 390 379 3.2 1.3 4.4 1L.O 1952 397 ,097 435 397 401 2.9 1.2 4.1 L.O 1953 406 ,163 421 408 401 3.0 1.1 4.1 L.O 1954 409 ,140 388 410 412 3.0 1.0 4.0 L.O 1955 437 1,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 1,286 470 459 458 3.0 1.1 4.1 L.O 1957 458 1,338 460 460 457 3.1 1.1 4.2 L.O Month: 1957—Mar.. '396 r1,343 '409 '487 '435 3.4 '1.0 '4.4 r1.2 Apr... 441 1,381 346 466 398 3.1 0.8 3.9 LI May.. 449 1,353 355 421 430 3.0 0.8 3.8 (3.9 June.. 409 1,257 519 313 477 3.1 1.3 4.3 i).8 July.. 356 1,245 600 344 425 3.5 1.7 5.2 1.0 Aug.. 432 1,300 569 487 456 3.0 1.3 4.3 1.1 Sept.. 438 1,400 567 538 536 3.2 1.3 4.5 1.2 Oct... 481 1,518 529 599 561 3.2 1.1 4.3 1.2 Nov.. 554 1,562 427 598 496 2.8 0.8 3.6 l.l Dec... 839 1,229 307 506 386 1.5 0.4 1.8 (3.6 1958—Jan... 366 1,203 383 340 416 3.3 1.0 4.3 (3.9 Feb... 309 1,259 398 365 380 4.1 1.3 5.4 L.2 Mar.* 416 L.302 351 459 412 3.1 0.8 4.0 L.l » Preliminary. f 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 ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1.284 1.680 1,511 1.202 1,583 1,402 1.073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 1,490 1,245 1,051 993 962 Mar 1,583 2,151 1,557 1,479 2,021 1,442 1,102 1,133 Apr L 512 L 864 L 400 1 780 991 L,119 May 1,717 1,813 1,522 1 711 ,095 1,106 June I 697 L 786 L 492 1 652 L 034 984 July 1,640 1,692 1,289 1,505 1,052 1,146 Aug . . I 536 L 677 L 378 1 536 055 1,043 Sept 1,534 1.540 1,427 1,437 '995 1,009 Oct 1,671 1^674 L 561 1 600 1,121 L ,148 Nov 545 1 683 I 425 1 596 987 [ 043 Dec 2,007 1,639 885 1 543 1,059 L141 Jan.-^M^ar • • • • • 4,230 5,442 4,413 3,954 5,094 4,089 3,226 3,241 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

604 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 e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- o H h p o o e u l r d s a e - - p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a c i i n n o r g e d n a- g s a i e o c n r e o v d s d 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—Mar 118.9 113.2 124.9 134.4 112 4 139 2 104.9 126.2 106.8 135.1 136.4 122 9 110.5 124.2 Apr 119.3 113.8 125.2 134.5 112.4 138.1 105.1 126.4 106.5 135.5 136.9 123.3 111.8 124.2 May . 119.6 114.6 125.3 134.7 112.3 135.4 104.2 127.3 106.5 135.3 137.3 123.4 111.4 124.3 June 120.2 116.2 125.5 135.0 112.3 135.3 104.6 127.6 106.6 135.3 137.9 124.2 111.8 124.6 July 120.8 117.4 125.5 135.2 112.3 135.9 104.1 127.9 106.5 135.8 138.4 124.7 112.4 126.6 Aus 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112.6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129 A 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 Mar 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130.7 106.8 138.7 142.3 128.3 117.0 127.2 NOTE.—Revised index, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim clusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o o ie m l d s l i - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d - d e s - l - l H s p e u k a a r i n c i o d t n h t d d e s s e - s , r ,p l t F o i m e a i g u w n r n h a i e g d a e - t l l - , r s , C p a i u a l c h r l n c o a i e e t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L p w u a b r u o n c o e m o t d d r s d - - p p a P u a l a r u l n c o p i l e t d d p e s d - r , , M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o v r i o a t y n d d e s - - - - h F d o h t b o a u u t u o l n h u r e r r l e d s n a e d s e r i - - -e s N t r t m m t a u a r o l l i r u e l s n n a i - c — c - l - - b b e m o b T a r a t e a f n c o t r v g l d c - s e - e o . d s n c M e e o l i l s u a - - s 1949 99.2 101.3 95.5 96.9 101.9 94.8 98.9 99.2 98.5 104.8 106.6 103.1 104.4 101.6 1950 103. 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 1951 114.8 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 1952 111.6 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 1953 110. 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 1954 110.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.91 120.6 1955 110.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 1956 114.3 .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 1957 Mar 116.9 103.7 125.4 95.4 98.4 119.2 108.8 144.3 120.1 128.7 151.0 144.8 121.9 133.2 124.1 92.0 Apr 117.2 90.6 104.3 125.4 95.3 98.6 119.5 109.1 144.5 120.2 128.6 150.1 145.0 121.5 134.6 124.5 91.4 May 117. 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. 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.' 118.9 93.7 109.5 126.1 94.6 99.5 116.1 110.8 145.1 116.3 130.8 149.8 149.4 123.8 136.4 128.1 88.3 Feb.' 119.0 96.1 109.9 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150.0 149.3 123.6 136.5 128.1 89.3 Mar 119.7 100.5! 110.7 125.7 93.9 99.7 112.5 110.6 144.6 115.3 130.5 149.7 149.3 123.5 136.0 128.1 94.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 605 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Mar. Jan.: Feb.1 Mar. Mar. Jan.r Feb. Mar. Farm Products: Pulp, Paper, arid Allied Products iCont.): Fresh and dried produce. 94.1 121.2 127.9 142.8 Grains 87.5 79.0 79.9 82.2 Paperboard 136.2 136.3 136.3 136.1 Livestock and poultry... 76.6 86.2 91.1 95.8 Converted paper and paperboard 125.6 127.2 127.2 127.2 Plant and animal fibers.. 104.0 103.4 102.8 101.7 Building paper and board 141.1 141.7 141.7 142.5 Fluid milk 95.6 98.4 98.3 96.1 Eggs 63.8 73.9 74.2 93.6 Metals and Metal Products: Hay and seeds 85.1 79.2 79.0 79.4 Other farm products.... 146.0 143.7 142.2 143.4 Iron and steel 163.8 166.6 167.6 167.3 Nonferrous metals 143.2 128.7 127.8 127.0 Processed Foods: Metal containers 148.0 152.8 152.8 155.7 Hardware 162.2 168.4 168.6 168.6 Cereal and bakery products 116.7 118.0 118.1 117.8 Plumbing equipment 132.0 127.3 125.9 124.8 Meats, poultry, and fish 84.6 101.7 102.7 105.9 Heating equipment 121.6 121.8 121.6 121.1 Dairy products and ice cream 111.3 114.2 114.2 113.4 Fabricated structural metal products. 133.4 134.6 134.7 134.5 Canned, frozen fruits, and vegetables. 105.9 105.6 105.7 106.8 Fabricated nonstructural metal Sugar and confectionery 112.3 115.2 115.6 114.4 products 142.8 146.2 146.0 146.0 Packaged beverage materials 190.9 173.3 173.3 168.4 Other processed foods 95.1 95.5 95.2 96.4 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 132.4 138.4 138.3 138.3 Cotton products •. 91.1 90.2 89.3 89.0 Construction machinery and equip- Wool products 109.0 105.1 103.8 102.8 ment 156.7 165.6 165.6 165.4 Synthetic textiles 81.7 81.3 81.2 81.0 Metal working machinery 164.9 171.4 170.9 170.9 Silk products 123.0 119.5 117.5 116.1 General purpose machinery and Apparel 99.6 99.4 99.2 99.2 equipment 155.9 160.8 159.8 159.4 Other textile products. 76.1 74.7 74.2 73.8 Miscellaneous machinery 143.3 148.8 148.8 148.8 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 147.5 151.2 151.3 151.3 Motor vehicles 134.6 139.1 139.1 139.1 Hides and skins 51.0 50.5 51.2 51.2 Leather 88.6 90.7 90.6 91.0 Furniture and Other Household Dura- Footwear 120.7 122.1 122.2 122.1 bles: Other leather products. 97.8 98.5 98.5 98.2 Household furniture 122.2 123.1 123.3 122.8 Fuel, Power, and Lighting Materials: Commercial furniture 146.9 154.1 154.2 154.2 Floor covering 134.3 131.9 130.1 130.1 Coal 123.6 126.1 126.2 126.2 Household appliances 106.8 105.4 105.3 105.3 Coke 161.9 161.9 161.9 161.9 Radio 91.1 93.0 92.5 92.6 Gas fuels (Jan. 1958= 100) 100.0 101.5 101.5 Television 69.5 71.2 70.7 70.7 Electric power (Jan. 1958= 100). 100.0 100.1 100.1 Other household durable goods 147.0 155.0 155.0 155.0 Petroleum and products 130.7 123.0 118.9 117.0 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Industrial chemicals 122.9 123.9 123.6 123.5 Concrete ingredients 135.1 138.9 139.0 138.7 Prepared paint 124.1 128.4 128.4 128.4 Concrete products 125.7 127.8 127.9 128.0 Paint materials 100.1 104.8 104.7 104.4 Structural clay products 150.8 155.4 155.4 155.4 Drugs, Pharmaceuticals, cosmetics. .. 93.2 93.6 93.6 93.9 Gypsum products , 127.1 127.1 127.1 133.1 Fats and oils, inedible 57.9 63.1 62.9 64.2 Prepared asphalt roofing 118.2 124.6 124.6 115.2 Mixed fertilizers 108.5 112.2 111.9 111.6 Other nonmetallic minerals , 127.5 131.1 131.1 131.1 Fertilizer materials 106.8 110.7 110.4 110.3 Other chemicals and products 105.2 106.9 106.9 106.8 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Crude rubber , 142.0 133.7 131.2 131.3 Cigars 105.1 106.0 106.0 106.0 Tires and tubes 149.0 152.1 152.1 152.1 Other tobacco products 126.0 144.3 144.3 144.3 Other rubber products. 140.0 143.3 143.3 143.3 Alcoholic beverages 119.0 120.3 120.3 120.3 Nonalcoholic beverages , 149.0 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber. . 121.2 116.5 116.2 115.8 Millwork. 128.7 127.7 127.6 127.6 Toys, sporting goods, small arms 117.5 119.4 119.5 119.0 Plywood.. 96.2 95.6 93.6 92.5 Manufactured animal feeds 72.0 64.0 65.7 74.6 Notions and accessories 96.7 97.4 97.5 97.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment.., 107.6 107.1 107.3 107.3 Other miscellaneous 126.5 131.5 131.7 131.9 Woodpulp. . 118.0 121.2 121.2 121.2 Wastepaper. 75.4 83.6 83.6 75.3 Paper 140.1 143.2 143.1 142.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 1 2 3 4 1 104.4 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 422.0 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 37.5 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 Statistical discrepancy .3 .9 .4 2.6 1.7 2.1 1.6 2.3 1.8 4.1 3.4 1.1 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 1.0 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1 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 39.7 41.2 40.7 40.9 36.3 n.a. Contributions for social insurance .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 disburse- .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 22.4 Net interest paid by government.. i.... 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. .*. .'.7. 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 96.3 227.1 286.0 287.4 305.9 326.9 343.4 338.3 343.2 346.9 345.5 342.5 Less: Personal tax and related payments 2.6 1.5 3.3 20.9 35.8 33.0 35.5 39.7 42.8 42.2 42.9 43.6 43.4 42.4 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 37.1 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 5.3 83.1 45.7 93.0 206.1 250.2 254.5 270.2 287.2 300.6 296.1 300.4 303.3 302.1 300.1 Less: Personal consumption expenditures.... 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.2 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 18.9 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [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 National income. 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1 Compensation of employees , 51.1 29.5 €4.8 154.3 208.1 206.8 223.1 241.4 254.4 251.1 254.0 257.0 255.3 250.5 Wages and salaries1 , 50.4 29.0 62.1 146.5 197.3 195.5 210.3 227.2 238.8 235.9 238.6 241.3 239.5 235.1 Private , 45.5 23.9 51.9 124.3 163.5 161.2 174.4 189.4 199.0 196.8 199. 200.9 199.1 194.5 Military 1.9 5.0 10.3 10.0 9.8 9.7 9.7 9.6 9.7 9.8 9.5 9.4 Government civilian , 4i6 A.9 8.3 17.2 23.5 24.4 26.1 28.2 30.1 29.4 29.7 30.6 30.8 31.6 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 income2 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 51.0 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 39.7 41.2 40.7 40.9 36.3 n.a. Corporate profits before tax , 9.6 .2 17.0 40.0 37.0 33.5 ¥2.5 43.0 41.2 43.9 42.0 41.8 37.5 n.a. Corporate profits tax liability 1.4 .5 7.6 17.8 20.3 17.4 21.5 22.0 21.0 22.4 21.4 21.3 19.1 n.a. Corporate profits after tax , 8.3 -.4 9.4 22.1 16.7 16.0 21.0 21.0 20.2 21.5 20.5 20.4 18.3 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 -.5 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 noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 607 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 56.0 125.8 285.1 363.2 361.2 391.7 414.7 434.4 429.9 435.5 440.0 432.6 422.0 Personal consumption expenditures 79.0 46.4 81.9 194.0 230.5 236.6 254.4 267.2 280.4 276.7 278.9 283.6 282.4 281.2 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 43.2 100.4 119.1 120.6 126.0 133.3 139.9 137.3 139.1 142.5 140.8 141.5 Services 32.1 20.7 29.0 65.0 81.7 86.6 92.8 99.9 105.4 103.4 104.9 106.1 107.2 108.2 Gross private domestic investment 16.2 1.4 18. 51.2 50.3 48.4 60.6 65.9 64.4 63.6 66.2 66.5 61.3 51.8 New construction* 8.7 1.4 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, 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 1.0 10.1 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, 21.1 24.3 22.5 23.7 28.1 30.4 30.7 30.5 30.5 30.0 27.5 Change in business inventories 1.7 -1.6 4. 7.4 .3 -1.9 4.2 4.6 .8 .0 2.9 3.0 -2.7 -9.0 Nonfarm only 1.8 -1.4 4. 6.4 .9 -2.4 4.0 5.0 .2 -.3 2.2 2.3 -3.4 -8.8 Net foreign investment .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 87.5 Fede N ra a l tional security 1.3 2.0 1 1 6 3. . 8 9 2 1 2 8 . . 1 5 5 5 9 1 . . 5 5 4 4 3 8 . . 1 9 4 41 6 . . 3 8 4 4 2 7 . . 4 2 5 4 0 5 . . 4 7 5 45 0 . . 5 3 5 4 1 6 . . 1 3 4 5 5 0 . . 8 6 4 4 9 5 . . 7 0 4 4 9 4 . . 5 8 Other 2.0 3.2 3.9 8.4 6.2 5.9 5.2 5.2 5.2 5.2 5.2 5.0 5.1 Less: Government sales2 .0 .0 .0 .3 .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 35i3 35.8 36.1 37.3 38.0 7.2 i Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Pro- dends personal Year or month1 in s P c o e o n r m a - l e Total p d m i C r n u o o g s o d d t m r i u i i n t e - c y - s - D i u n t i r s t d i i t e v u r s i e s b - - S in e tr r d i v e u i s s c - e 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 e c a i o n e n m t t d o al e rs 3 ' i i n n s p a t c o e e n o n r r d m a e - l s e t m T p f r e a e a n r y n - t - s s - 4 b c i s a u o n o n f t n s o c i c u o t i r e r a r n s i l - - s 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 .8 88.0 1952 271.8 184.9 80.4 48.7 23.0 32.9 5.3 50.8 21.3 13.2 3.8 253.1 1953 286.0 197.4 87.7 51.3 24.5 33.9 6.0 49.3 23.0 14.3 3.9 269.2 1954 287.4 195.5 83.6 51.9 25.8 34.3 6.2 49.1 24.9 16.2 4.6 271.3 1955 305.9 210.3 90.9 55.4 28.2 35.9 6.9 49.4 27.1 17.4 5.2 290.6 1956 326.9 227.2 98.3 60.1 31.1 37.9 7.5 49.9 29.5 18.5 5.7 311.7 1957 343.4 238.8 102.0 63.7 33.3 39.8 7.9 51.2 31.0 21.2 6.8 327.5 1957 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 6.8 327.6 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 Mar 342.2 233.8 95.1 63.7 34.3 40.7 7.7 51.3 31.7 24.4 6.7 325.4 Aprp 342.8 233.3 94.7 63.4 34.4 40.8 7.7 51.3 31.8 25.4 6.7 325.8 l 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

608 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C e a o r n m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d s n i c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29, 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30, 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30, 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31, 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31, 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31, 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30, 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,385 14,624 1951—Dec. 31, 22,695 4,709 181,323 67,597 97,808 71,343 23,801 2,664 15,918 208,727 193,410 15,317 1952—Dec. 31, 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31, 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1955—June 30, 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 Dec. 31, 21,690 5,008 217,437 100,031 96,736 70,052 24,785 ',899 20,670 244,135 224,943 19,193 1956—June 30 21,799 5,032 216,563 105,420 90,511 64,917 23,758 ,836 20,632 243,394 223,585 19,807 Dec. 31, 21,949 5,066 223,742 110,120 93,161 66,523 24,915 ,723 20,461 250,757 230,510 20,246 1957—Jan. 30, 22,300 5,100 219,300 108,000 90,800 65,700 23,400 ,700 20,400 246,600 226,400 20,300 Feb. 27, 22,300 5,100 218,100 108,200 89,400 64,800 22,900 ,700 20,600 245,500 225,100 20,500 Mar. 27, 22,300 5,100 219,000 109,600 88,500 63,800 23,100 ,700 20,900 246,400 225,400 20,900 Apr. 24, 22,300 5,100 221,700 110,400 90,200 65,400 23,200 ,600 21,100 249,200 228,200 20,900 May 29 22,600 5,100 221,600 110,700 89,600 65,000 23,000 ,600 21,400 249,400 228,200 21,200 June 6 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 June 26 22,600 5,100 222,200 113,000 87,800 63,400 22,900 ,600 21,400 249,900 229,100 20,900 July 31 22,600 5,100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28, 22,600 5,100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25 22,600 5,100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30 22,700 5,100 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27, 22,800 5,100 224,800 113,000 89,400 64,500 23,600 ,400 22,400 252,700 231,000 21,700 Dec. 31 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 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 - n t 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 t d k i g - a s s l B F. a A n R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de M s b p a a o v u n s i t k i n u t s g s a 3 2 s l S S P a y o v s i s t n t e a g m l s p m o D d a s e e i n - t - d s4 b r C o 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 o u r n o e s t a d s n a t n e i l c t d d s y j p m u D o a d s a e s d t e n - i e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29, 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30 518 1,293 2,989 668 176,917 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24,500 1951—Dec. 31 279 1,270 3,615 247 185,999 61,450 37,859 20,887 2,704 98,234 26,315 120,100 94,500 25,600 1952—Dec. 31 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547 101,508 27,494 124,700 97,800 26,900 1953—Dec. 31 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 102,451 28,091 126,800 99,500 27,300 1955—June 30 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007 103,234 27,375 132,000 104,900 27,100 Dec. 31 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105,800 27,400 1956—June 30 3,115 768 5,537 522 213,643 80,615 49,698 29,152 ',765 104,744 28,284 134,300 106,700 27,600 Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647 111,391 28,335 134,400 106,700 27,700 1957—Jan. 30 3,100 800 1,900 600 219,900 82,900 51,200 30,100 ,600 109,500 27,400 134,100 106,500 27,600 Feb. 27 3,100 800 2,800 300 218,000 83,600 51,800 30,200 ,600 107,000 27,400 134,500 106,900 27,600 Mar. 27 3,100 800 3,800 500 217,200 84,600 52,600 30,400 ,600 105,200 27,400 134,700 107,000 27,700 Apr. 24 3,200 800 4,400 300 219,600 84,900 52,900 30,400 ,500 107,300 27,400 135,000 107,300 27,700 May 29 3,200 800 5,300 500 218,400 85,700 53,600 30,600 ,500 104,800 27,900 134,600 106,600 28,000 June 6 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463 105,706 28,018 (5) June 26 3,400 800 4,800 500 219,700 86,400 54,000 30,900 ,500 105,600 27,800 135,200 107,300 27,900 July 31 3,300 800 3,700 500 221,000 86,700 54,400 30,900 ,400 106,600 27,800 136,000 108,000 28,000 Aug. 28 3,200 800 4,400 500 220,000 87,100 54,700 31,000 ,400 105,100 27,800 134,700 106,800 27,900 Sept. 25 3,300 800 3,900 600 220,900 87,700 55,100 31,200 ,400 105,500 27,800 133,900 106,200 27,700 Oct. 30 3,300 800 3,500 500 223,000 88,100 55,500 31,300 ,400 107,200 27,800 134,200 106,500 27,700 Nov. 27 3,200 800 3,300 400 223,300 87,600 55,000 31,300 ,300 107,200 28,500 134,000 105,900 28,100 Dec. 31 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325 110,254 28,301 133,200 105,100 28,100 1 Represents all commercial and savings banks, Federal Reserve Banks, NOTE.—For description of statement and back figures, see BULLETIN Postal Savings System, and Treasury currency funds (the gold account, for January 1948, pp. 24-32. The composition of a few items differs Treasury currency account, and Exchange Stabilization Fund). slightly from the description in the BULLETIN article: stock of Federal 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, Reserve Banks held by member banks is included in other securities and open account; and deposits of Postal Savings System in banks. in capital and miscellaneous accounts, net, and balances of the Postal 3 Prior to June 30, 1947, includes a small amount of demand deposits. Savings System and the Exchange Stabilization Fund with the U. S. 4 Demand deposits other than interbank and U. S. Govt., less cash Treasury are netted against capital and miscellaneous accounts, net, items reported as in process of collection. instead of against U. S. Govt. deposits and Treasury cash. Total deposits * 5 Seasonally adjusted series begin in 1947 and are available only for and currency shown in the monthly Chart Book excludes foreign bank delast Wednesday of the month. For back figures, see BULLETIN for posits, net, and Treasury cash. Except on call dates, figures are rounded July 1957, pp. 828-29, and this table in subsequent issues. to nearest $100 million and may not add to the totals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 609 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— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U bl o . i S g v . a t. - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i n i a t i d i - t e a s l Total 2 b In a t n e k r - 2 Demand c c a o a p u c i n - ta ts l ba b o n e f r ks tions ac- Time counts 3 U.S. Govt. Other All banks: 1939—Dec. 30.. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31.. 140,227 30,362101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 314. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30.. 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809 101,936 56,513 13,837 14,650 1951—Dec. 31.. 154,869 67,608 71,343 15,918 45,531 202,903 185,756 15,087 3,362 108,282 59,025 14,623 14,618 1952—Dec. 31.. 165,626 75,512 72,740 17,374 45,584 213,837 195,552 15,321 4,944 111,690 63,598 15,367 14,575 1953—Dec. 31.. 171,497 80,518 72,610 18,370 45,811 220,140 201,100 15,957 4,149 112,639 68,354 16,118 14,509 1955—June 30.. 184,253 91,355 71,947 20,951 42,014 229,631 208,850 15,245 5,081 113,034 75,491 17,663 14,309 Dec. 31. . 190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712 123,238 76,844 18,112 14,243 1956—June 30.. 191,074 105,525 64,917 20,632 43,361 238,133 215,510 15,242 5,235 115,850 79,182 18,811 14,206 Dec. 31. . 197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957__jan. 30.. 194,950 108,830 65,680 20,440 41,640 240,730 216,040 14,180 1,620 118,600 81,640 19,340 14,163 Feb. 27.. 194,810 109,350 64,820 20,640 42,350 241,310 216,170 14,280 2,510 117,070 82,310 19,480 14,158 Mar. 27.. 195,440 110,800 63,750 20,890 41,550 241,130 215,900 14,480 3,510 114,550 83,360 19,520 14,160 Apr. 24. . 197,810 111,260 65,410 21,140 42,050 244,110 218,930 14,450 4,050 116,720 83,710 19,590 14,154 May 29.. 197,980 111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040 114,770 84,500 19,710 14,145 June 6. . 197,465 111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320 114,659 84,584 19,879 14,144 June 26.. 198,600 113,810 63,360 21,430 42,250 245,050 219,790 14,380 4,490 115,690 85,230 19,760 14,138 July 31. . 198,530 112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390 116,690 85,610 20,000 14,135 Aug. 28.. 199,250 113,590 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 3,580 115,160 86,610 20,210 14,128 Oct. 30.. 201,450 113,970 64,990 22,490 42,590 248,660 222,030 14,710 3,180 117,100 87,040 20,450 14,113 Nov. 27. . 200,910 114,060 64,460 22,390 43,600 249,150 222,380 14,550 3,040 118,190 86,600 20,540 14,102 Dec. 31.. 203,849 115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903 123,993 88,102 20,428 14,090 All commercial banks 1939—Dec. 30.. 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32 513 15,331 6,885 14,484 1941—Dec. 31.. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945__Dec. 31.. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947—Dec. 3H. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30.. 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1951—Dec. 31.. 132,610 57,746 61,524 13,339 44,645 179,465 164,840 15,086 3,359 108,259 38,137 12,216 14,089 1952—Dec. 31.. 141,624 64,163 63,318 14,143 44,666 188,603 172,931 15,319 4,941 111,659 41,012 12,888 14,046 1953—Dec. 31. . 145,687 67,593 63,426 14,668 44,828 193,010 176,702 15,955 4,146 112,604 43,997 13,559 13,981 1955_j D U e n c e . 3 30 1 . . . . 1 16 5 0 5 , , 8 2 8 6 1 4 7 8 5 2, , 6 1 0 8 1 3 6 63 1 , , 2 5 7 9 1 2 1 16 6 , , 6 8 8 0 8 9 4 4 1 6 , , 0 8 2 3 5 8 2 1 1 9 0 9 , , 7 24 3 9 4 1 1 9 8 2 1 , , 2 51 5 6 4 1 16 5 , , 6 2 4 4 3 2 5 3, , 7 0 0 7 9 8 1 1 1 2 2 3 , , 9 1 8 8 3 7 4 48 8 , , 7 2 1 1 5 4 1 1 5 4 , , 3 9 0 0 0 6 1 1 3 3 , , 7 7 8 1 1 6 1956—June 30.. 160,008 86,887 56,620 16,502 42,444 205,712 186,326 15,239 5,232 115,824 50,030 15,927 13,679 Dec. 31. . 165,123 90,302 58,552 16,269 48,720 217,460 197,515 17,593 3,733 125,282 50,908 16,302 13,640 1957_jan. 30.. 162,810 88,930 57,710 16,170 40,800 207,290 185,930 14,180 1,620 118,570 51,560 16,380 13,636 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 Mar. 27.. 162,860 90,630 55,740 16,490 40,700 207,230 185,440 14,480 3,510 114,520 52,930 16,520 13,633 Apr. 24.. 165,120 90,990 57,460 16,670 41,260 210,160 188,460 14,450 4,050 116,690 53,270 16,580 13,628 May 29. . 165,070 91,180 57,070 16,820 40,770 209,600 187,370 13,700 5,040 114,740 53,890 16,680 13,619 June 6. . 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318 114,633 53,937 16,837 13,619 June 26.. 165,600 93,280 55,500 16,820 41,380 210,710 188,880 14,380 4,490 115,660 54,350 16,750 13,613 July 31.. 165,380 92,340 56,280 16,760 42,040 211,310 189,710 14,950 3,390 116,660 54,710 16,970 13,610 Aug. 28. . 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130 115,120 55,060 17,090 13,608 Sept. 25. . 166,320 93,400 55,870 17,050 41,260 211,590 188,930 14,800 3,580 115,130 55,420 17,140 13,603 Oct. 30.. 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 3,180 117,070 55,780 17,380 13,588 Nov. 27. . 167,270 92,940 56,910 17,420 42,800 214,220 191,050 14,550 3,040 118,160 55,300 17,440 13,578 Dec. 31.. 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898 123,967 56,440 17,368 13,568 All member banks: 1939—Dec. 30.. 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941—Dec. 31.. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31.. 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947_Dec. 31.. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30. . 107,424 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1951—Dec. 31.. 112,247 49,561 51,621 11,065 39,252 153,439 141,015 14,425 3,101 92,867 30,623 10,218 6,840 1952—Dec. 31.. 119,547 55,034 52,763 11,751 39,255 160,826 147,527 14,617 4,567 95,453 32,890 10,761 6,798 1953—Dec. 31.. 122,422 57,762 52,603 12,057 39,381 163,983 150,164 15,170 3,756 96,024 35,213 11,316 6,743 1955—June 30. . 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 Dec. 31.. 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15,865 3,327 105,400 39,165 12,783 6,543 1956—June 30.. 134,428 74,783 46,226 13,419 37,536 174,820 158,388 14,508 4,806 98,904 40,171 13,293 6,499 Dec. 31.. 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292 106,850 40,909 13,655 6,462 1957—Jan. 30.. 136,579 76,742 46,767 13,070 35,909 175,762 157,485 13,559 1,408 101,084 41,434 13,713 6,459 Feb. 27.. 136,387 77,082 46,097 13,208 36,634 176,292 157,623 13,674 2,244 99,838 41,867 13,813 6,456 Mar. 27. . 136,869 78,318 45,205 13,346 35,823 175,949 157,270 13,859 3,183 97,671 42,557 13,825 6,454 Apr. 24.. 138,562 78,558 46,536 13,468 36,360 178,277 159,677 13,803 3,582 99,511 42,781 13,863 6,450 May 29.. 138,307 78,590 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 June 6. . 137,808 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 June 26.. 138,848 80,529 44,808 13,511 36,660 178,816 160,116 13,704 4,086 98,673 43,653 14,004 6,438 July 31.. 138,573 79,621 45,490 13,462 37,137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28.. 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25. . 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30.. 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27.. 139,882 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681 100,648 44,366 14,584 6,406 Dec. 31.. 142,353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,472 105,547 45,290 14,554 6,393 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 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 Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i S n 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 T a i a l a l o p i n i c a t t i d - i a t - e a l s l TotaP b In a t n e k r - 2 Deman O d ther Time c c T a o a o p u c t i n - a ta t l s l N ba b u o n e m f r ks counts3 U. S. Other Govt. All mutual savings banks 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 3 10,521 1,309 551 1941_Dec. 31.... 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 1,592 542 1947_Dec. 314... 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1950—Dec. 30.... 21,346 8,137 10,868 2,342 797 22,385 20,031 3 19 20,009 2,247 529 1951—Dec. 31 22,259 9,862 9,819 2,579 886 23,439 20,915 3 23 20,888 2,407 529 1952—Dec. 31.... 24,003 11,349 9,422 3,231 918 25,233 22,621 3 30 22,586 2,479 529 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 3 35 24,358 2,559 528 1955—June 30 28,990 16,172 8,675 4,142 989 30,382 27,334 3 51 27,277 2,757 528 Dec. 31 29,898 17,456 8,460 3>982 965 31,274 28,187 4 51 28,129 2,812 527 1956—June 30 31,066 18,639 8,297 4,130 917 32,421 29,184 3 26 29,152 2,885 527 Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 3 25 30,001 2,947 527 1957—Jan. 30.... 32,140 19,900 7,970 4,270 840 33,440 30,110 (5) 30 30,080 2,960 527 Feb. 27.... 32,320 20,010 7,990 4,320 840 33,630 30,230 (5) 30 30,200 2,980 527 Mar. 27.... 32,580 20,170 8,010 4,400 850 33,900 30,460 (5) 30 30,430 3,000 527 Apr. 24 32,690 20,270 7,950 4,470 790 33,950 30,470 (5) 30 30,440 3,010 526 May 29.... 32,910 20,440 7,940 4,530 800 34,190 30,640 (5) 30 30,610 3,030 526 J J J A u u u u l n n y g e e . 2 2 3 6 8 6 1 .... 3 3 3 3 3 3 2 3 , , , , 3 1 9 0 5 5 5 0 0 0 0 0 2 2 2 2 0 0 0 0 , , , , 7 4 6 5 5 8 2 3 0 7 0 0 7 7 7 7 , , , , 8 8 8 9 7 6 6 0 0 0 0 6 4 4 4 4 , , , , 7 5 6 6 3 5 1 7 0 7 0 0 7 8 8 8 6 3 7 0 0 9 0 0 3 3 3 3 4 4 4 4 , , , , 2 4 3 6 5 3 4 0 4 0 0 0 3 3 3 3 0 0 0 1 , , , , 6 9 9 0 7 1 3 2 8 0 0 0 i ( ( ( 5 5 5 2 ) ) ) 2 3 3 3 0 0 0 7 3 3 3 3 0 0 0 0 , , , , 9 6 8 9 0 4 8 9 0 7 0 0 3 3 3 3 , , , , 0 0 0 0 4 1 3 5 2 0 0 0 5 5 5 5 2 2 2 2 5 5 5 5 Sept. 25 33,500 20,860 7,850 4,790 780 34,780 31,220 30 31,190 3,070 525 Oct. 30 33,550 21,000 7,680 4,870 800 34,820 31,290 30 31,260 3,070 525 Nov. 27 33,640 21,120 7,550 4,970 800 34,930 31,330 30 31,300 3,100 524 Dec. 31.... 33,782 21,216 7,552 5,013 890 35,168 31,695 4 26 31,662 3,059 522 Central reserve city member banks: New York City: 1939—Dec. 30.... 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947—Dec. 31.... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1951—Dec. 31 21,379 11,146 8,129 2,104 8,564 30,464 26,859 4,832 858 19,490 1,679 2,425 22 1952—Dec. 31 22,130 12,376 7,678 2,076 8,419 31,053 27,309 4,965 1,143 19,361 1,840 2,505 22 1953—Dec. 31.... 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,895 2,150 2,572 22 1955—June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 Dec. 31.... 23,583 14,640 6,796 2,148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—June 30 23,270 15,373 6,011 \885 7,753 31,801 27,775 5,327 1,166 18,902 2,381 2,805 18 Dec. 31.... 23,809 15,987 6,057 ,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957_jan. 30 23,101 15,665 5,645 ,791 7,046 31,151 26,497 4,927 188 18,905 2,477 2,878 18 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 Mar. 27 23,592 16,366 5,357 ,869 7,207 31,772 27,056 5,013 755 18,520 2,768 2,886 18 Apr. 24 23,562 16,176 5,586 ,800 7,137 31,701 26,907 5,001 686 18,467 2,753 2,902 18 May 29 23,279 15,907 5,706 ,666 7,300 31,556 26,914 4,962 1,032 18,084 2,836 2,904 18 June 6.... 23,293 15,895 5,738 ,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 June 26 23,686 16,776 5,270 ,640 7,384 32,053 27,565 5,158 938 18,722 2,747 2,909 18 July 31 23,182 16,006 5,476 1,700 7,470 31,685 26,981 5,233 726 18,320 2,702 3,061 18 Aug. 28 23,252 16,191 5,298 1,763 7,701 32,144 27,070 4,945 737 18,698 2,690 3,059 18 Sept. 25 23,258 16,216 5,254 1,788 6,984 31,403 26,182 5,108 535 17,778 2,761 3,054 18 Oct. 30 23,385 16,115 5,415 1,855 7,539 32,103 27,030 5,119 500 18,648 2,763 3,127 18 Nov. 27 23,054 15,887 5,423 1,744 7,700 31,921 26,935 5,148 443 18,591 2,753 3,133 18 Dec. 31 23,828 16,102 5,880 1,846 8,984 33,975 29,371 5,781 737 19,959 2,893 3,136 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 ,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 ,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 ,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 ,229 174 4,604 ,103 490 13 1951—Dec. 31 5,731 2,468 2,711 552 2,196 7,972 7,402 ,307 242 4,710 ,143 513 13 1952—Dec. 31 6,240 2,748 2,912 581 2,010 8,297 7,686 ,350 343 4,789 ,205 541 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,387 259 4,836 ,242 566 13 1955_ D ju e n c e . 3 3 0 1 6 6 , , 5 2 4 8 2 8 2 3 , , 8 3 4 4 6 2 2 2 , , 5 7 0 4 6 2 6 69 9 5 9 2 1 , , 1 76 3 3 2 8 8 , , 1 7 0 2 2 0 7 8, , 0 4 1 3 0 1 , ,2 1 9 8 6 0 2 3 2 4 2 3 4 5, , 1 6 6 0 5 6 , , 3 3 2 0 7 3 6 6 2 1 8 2 1 1 3 3 1956—June 30 6,336 3,572 2,088 676 1,959 8,349 7,631 ,195 350 4,781 ,304 639 13 Dec. 31 6,473 3,772 2,113 588 2,171 8,695 7,943 ,372 184 5,069 ,319 660 14 1957—Jan. 30 6,120 3,494 2,074 552 1,905 8,077 7,280 ,125 68 4,784 ,303 660 14 Feb. 27 6,171 3,514 2,073 584 2,029 8,254 7,315 ,140 139 4,727 ,309 658 14 Mar. 27 6,444 3,685 2,165 594 1,706 8,203 7,127 ,212 185 4,432 ,298 651 14 Apr. 24 6,303 3,758 1,933 612 1,893 8,251 7,313 ,182 175 4,653 ,303 655 14 May 29 6,249 3,776 1,876 597 1,941 8,247 7,259 ,081 195 4,669 ,314 662 14 June 6.... 6,266 3,789 1,884 593 1,821 8,147 7,284 ,184 97 4,691 ,312 665 14 June 26.... 6,293 3,893 1,847 553 1,912 8,258 7,407 ,153 305 4,630 ,319 663 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 1,823 551 1,968 8,314 7,440 ,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 1,888 556 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 ,145 151 4,708 ,316 685 14 Dec. 31 6,446 3,852 2,032 562 2,083 8,595 7,792 ,347 195 4,904 ,345 689 14 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 611 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 Total Num- Cla a s n s d o d f a b te ank Total Loans o G U bl o . i S g v . a t. - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total 2 b In a t n e k r - 2 Demand c co a a p u c i n - t t a s l ba b o n e f k r s tions ac- Time counts 3 U. S. Other Govt. Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,68 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 1,96^ 351 1945—Dec. 31 40,108 8,514 29,55: 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 1951—Dec. 31 42,694 19,651 19,194 3,849 15,199 58.654 54,466 6,976 1,124 34,094 12,272 3,521 321 1952—Dec. 31 45,583 21,697 19,624 4,26: 15,544 61,941 57,357 7,001 1,814 35,281 13,261 3,745 319 1953—Dec. 31 46,755 22,763 19,559 4,434 15,925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1955—June 30 50,596 25,654 19,697 5,245 14,696 66,293 60,854 6,545 36,459 16,007 4,49f 297 Dec. 31 52,459 28,622 18,826 011 16,994 70,478 64,733 7,446 l',288 39,835 16,164 4,641 292 1956—June 30 52,071 30,12' 17,051 898 15,361 68,524 62,392 6,633 1,918 37,324 16,517 4,902 291 Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957—Jan. 30 52,978 31,234 17,056 4,688 14,802 69,034 62,111 6,224 474 38,393 17,020 5,082 290 Feb. 27 52,897 31,308 16,898 4,691 15,161 69,310 62,253 6,223 865 37,979 17,186 290 Mar. 27 52,677 31,548 16,416 4,713 14,744 68,674 61,808 6,361 1,199 36,922 17,326 285 Apr. 24 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,31" 38,029 17,422 283 May 29 53,401 31,574 16,830 4,997 14,807 69,518 62,29r 5,809 1,716 37,153 17,621 282 June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36,874 17,642 282 June 26 53,649 32,168 16,529 4,95: 15,150 70,083 62,886 6,138 1,634 37,276 17,838 282 July 31 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 282 Aug. 28 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6,248 1,453 36,820 18,000 5,242 282 Sept. 25 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37,103 18,085 281 Oct. 30 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 281 Nov. 27 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 1,017 38,159 18,177 280 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,542 1,358 39,960 18,623 5,370 278 Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,3 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 1951—Dec. 31 42,444 16,296 21,587 4,561 13,292 56,349 52,288 1,309 876 34,572 15,530 3,760 6,484 1952—Dec. 31 45,594 18,213 22,549 4,832 13,281 59,535 55,175 1,301 1,267 36,022 16,585 3,970 6,444 1953—Dec. 31 47,404 19,934 22,423 5,047 13,268 61,385 56,740 1,315 1,216 36,519 17,690 4,194 6,389 1955—June 30 50,806 22,799 22,321 5,685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Dec. 31 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—June 30 52,752 25,716 21,076 5,959 12,463 66,147 60,591 1,353 1,372 37,897 19,969 4,947 6,177 Dec. 31 54,571 26,491 22,037 6,042 14,390 69,945 64,289 1,618 1,160 41,194 20,317 5,046 6,141 1957—Jan. 30 54,380 26,349 21,992 6,039 12,156 67,500 61,597 1,283 678 39,002 20.634 5,093 6,137 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 6,134 Mar. 27 54,156 26,719 21,267 6,170 12,166 67,300 61,279 1,273 1,044 37,797 21,165 5,167 6,137 Apr. 24 55,025 26,980 21,810 6,235 12,301 68,324 62,387 1,313 1,409 38,362 21,303 5,186 6,135 May 29 55,378 27,333 21,747 6,298 12,026 68,399 62,183 1,215 1,571 37,867 21,530 5,213 6,131 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 5,304 6,131 June 26 55,220 27,692 21,162 6,366 12,214 68,422 62,258 1,255 1,209 38,045 21,749 5,237 6,124 July 31 55,372 27,649 21,391 6,332 12,641 69,063 62,984 1,351 904 38,758 21,971 5,279 6,116 Aug. 28 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 5 328 6,113 Sept. 25 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1,194 38,543 22,323 5 357 6,108 Oct. 30 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1,211 38,949 22,473 5,435 6,098 Nov. 27 56,352 27,919 21,804 6,629 12,724 70,128 63,725 1,345 1,070 39,190 22,120 5,428 6,094 Dec. 31 56,820 28,191 21,815 6,814 14,139 72,062 65,991 1,658 1,181 40,724 22,429 5,359 6,083 1 All banks in the United States. All banks comprise all commercial 2 Beginning June 30, 1942, excludes reciprocal balances, which on banks and all mutual savings banks. All commercial banks comprise Dec. 31, 1942, aggregated $513 million at all member banks and $525 all nonmember commercial banks and all member banks (including (1) million at all insured commercial banks. one bank in Alaska and one in the Virgin Islands that became members 3 Includes other assets and liabilities not shown separately. on April 15, 1954, and May 31, 1957, respectively, and (2) a noninsured 4 Beginning with Dec. 31, 1947, the all-bank series was revised as annondeposit trust company, but excluding three mutual savings banks nounced in November 1947 by the Federal bank supervisory agencies. that became members in 1941). Stock savings banks and nondeposit At that time a net of 115 noninsured nonmember commercial banks trust companies are included with commercial banks. Number of banks with total loans and investments of about $110 million was added, and includes a few noninsured banks for which asset and liability data are 8 banks with total loans and investments of $34 million were transferred not available. Comparability of figures for classes of banks is affected from noninsured mutual savings to nonmember commercial banks. somewhat by changes in Federal Reserve membership, insurance status, 5 Less than $5 million. and the reserve classifications of cities and individual banks, and by NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN mergers, etc. for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 SECURITY MARKETS INDEX OF PRICES ON LONG-TERM BONDS OF THE UNITED STATES GOVERNMENT Year Month, or Price or week Price Week Price Week Price Week Week Price month ending: ending: ending: ending: Price ending: 1 19531 99.13 1957 1954 1955 1956 1957 1954 107.03 1955 102.40 Jan. i Jan. 2 103.99 Feb. 5 104.14 Mar. 3 101.97 Apr. 6 96.34 1956 98.91 Feb.. .. 9956..0777 9 103.99 12 103.83 10. 101.66 13 95.91 1957 93.24 Mar. 96.20 16 104 30 19 ... 103.36 17 101.21 20 95.07 Apr. 95.35 23 105.09 26 102.74 24 100.75 27 94.51 May 94.23 30 105.57 31. .. 100.30 1953 June 91.77 Mar. 5 103.05 May 4 94.51 July. 91.50 Feb. 6 105.57 12 103.36 Apr. 7.. .. 99.41 11 94.65 Jan 295.68 Aug. 91.10 13 106.05 19 103.67 14 98.96 18 94.23 Feb 295.28 Sept 90 70 20 105 89 26 103 67 21 98 52 25 94 09 Mar 294.31 Oct.. 89.77 27 106 53 28 98.67 Apr 100.45 Nov. 91.90 Apr. 2 103.05 June 1 93.26 May 98.23 Dec 95 63 Mar 6 107 02 9 .. 102.74 May 5 99.56 8 92.99 June 98.08 13 107 18 16 102 74 12 100 00 15 92 58 July 99.41 1958 20 107.51 23 102.74 19 100.30 22 . 90.70 Aug 99.26 27 107.51 30 102.74 26 100.91 29 90.97 Sept 99.85 Jan.. 96.48 Oct 101.97 Feb 96.20 Apr. 3 107.67 Mo 7 102.74 June 2 101.21 July 6 91.63 Nov . 102.13 Mar 96 34 10 108 16 14 102 90 9 101 21 13 92.04 Dec 103.21 Apr 98 23 17 108 00 21 . 103.05 16 101.36 20 91.63 24 108.16 28 103.05 23 101.21 27 90.83 1953 30 100.75 1954 May 1 108.33 June 4 103.21 Aug. 3 91.10 Jan 104.77 Apr. 1 4 1 ... •• 1 10 0 1 1 .3 3 6 6 1 8 5 1 10 0 7 8 .0 3 0 4 1 1 1 8 1 1 0 0 2 3 .0 9 5 0 July 1 7 4. 1 1 0 0 0 0 . . 9 4 1 5 1 1 7 0 . . 9 9 1 0 . . 1 7 0 0 Feb 105 89 18 100 45 22 106 86 25 102 59 21 99 85 24 91 10 Mar 107.34 25... 100.00 29 106.53 28 99.26 31 91.23 Apr 108 16 July 2 102 13 May . 107.18 May 2... 99.26 June 5 106.37 9 102.13 Aug. 4 98.67 Sept. 7 91.63 June 107.02 9 98.52 12 106.70 16 101.82 11 98.37 14 ... 91.50 July 108.33 16... 98.52 19 107 18 23 ... 101.21 18 97.64 21 90.04 Aug.... 108.16 23... 98.37 26 107.51 30 100.60 25 96.77 28 . 89.91 Sept 107.51 30... 97.79 Oct 107.18 July 3 107 51 Aug 6 100 45 Sept 1 96.77 Oct. 5 89.91 Nov 106.70 June 6 97.21 10 108.00 13 100.91 8 96.48 12 . 90.04 Dec 106 37 13 97 94 17 108 49 20 100 91 15 96 63 19 89 38 20 98.08 24 108.49 27 100.75 22 97.21 26 89.64 27... 98.67 31.. 108.49 29 97.06 1955 Sept. 3 100.75 Nov. 89.64 July 4 99.41 Aug. 7.. . 108.66 10 101.21 Oct. 6 97.50 9 ... 90.44 Jan 104.93 11.. 99.56 14 108 16 17 101.06 13 97.35 16 91.23 Feb 103.52 18 99.70 21 108.00 24 101.21 20 97.21 23 92.99 Mar 103.36 25.. 99.85 28. . . 107 83 27 96 48 30 93.13 Apr .. 102.74 Oct. 1 101.51 May 102.90 Aug. 1... ! 00.56 Sept. 4 .. 107.67 8 101.82 Nov. 3 96.06 Dec. 7 94.65 June 102.74 8 99 85 11 107.51 15 102.13 10 95.91 14 95.49 July 101.36 15 00 70 18 107 51 22 102 13 17 . 95 91 21. .. 95.77 Aus 100.75 22 i 00 85 25 107 34 29 102 13 24 95 63 2R 96 20 Sept 101.21 29 99.70 Oct 101.97 Oct. 2 107.34 Nov. 5 102.43 Dec. 94.93 1958 Nov . . 101.66 Sept. 5 99.41 9 107.51 12 101.97 8 94.93 Dec 101 36 12 99 56 16 107 51 19 101 66 15 94 65 Jan 4 96 77 19 99 85 23 107 02 26 101 36 22 93 54 11 97.06 26 101.06 30 106.86 29 93.68 18 96.92 1956 Dec. 3 101.36 25 96.06 Oct. 3... 101.97 Nov. 6 106.86 10 101.51 1957 Jan 101 82 10 102 59 13 106 70 17 101 36 Feb 95 91 Feb 102.28 17.. 102 43 20 106 70 24 101 36 Jan. 5. . . . 92.85 8 96.06 Mar 101.06 24 102 59 27 106.53 31 101.21 12 93.54 15 96.34 Apr 98 96 31 102 74 19 95 21 22 96 34 May 100.45 Dec. 4 106.53 1956 26 96.20 June 101.06 Nov. 7... 102.59 11 106.70 Mar. 1 96.06 July 100.00 14. 102 13 18 106 53 Jan 7 101 21 Feb. 2.. 96 48 8 96.06 Aug 97.50 21... 102.13 25 106.21 14 101.51 9 97.35 15 96.06 Sept 96.92 28... 101.82 21 101.97 16 97.21 22 96.48 Oct 97.06 1955 28 101.97 23 96.20 29 96.92 Nov 95.63 Dec. 5... 102.28 Dec 94.23 12... 103.21 Jan. 1 106.21 Feb. 4 102.28 Mar 2 96.06 Apr. 5 97.21 19... 103.36 8 105.57 11 102.28 9 95.91 12 97.79 26... 103.36 15 105.09 18 102.43 16 96.20 19 98.52 22 104.93 25 101.97 23 96.20 26 98.96 29 104.61 30 96.48 May 3 97.94 1 Figures for January-March included in this average are for bonds NOTE.—Prices are derived from average yields on basis of an assumed maturing or callable in 12 years or more (old series). 3 per cent, 20-year bond. The yield averages used are those on bonds 2 Averages for bonds due or callable in 12 years or more (old series). maturing or callable in 10 years or over. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 614 Gold production. 618 Net gold purchases and gold stock of the United States 619 Reported gold reserves of central banks and governments 620 Estimated foreign gold reserves and dollar holdings 621 International Bank and Monetary Fund 622 Central banks . 622 Money rates in foreign countries. 627 Foreign exchange rates. . 628 Index to statistical tables. 639 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. 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a i a - - l Official France m R F a e e n p d . y . , Italy S l w a e n r i - t d z- U K d n i o 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 ,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 ,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957—Mar. 31.... 1,558 13,002 7,549 423 ,764 886 774 929 1,754 6,530 1,496 2,345 2,243 388 Apr. 30.... 1,358 13,093 47,808 420 ,728 909 742 903 1,804 6,507 1,521 2,509 2,160 396 May 31.... 1,700 13,121 7,810 367 ,732 937 775 926 1,764 6,502 1,619 2,549 2,053 398 June 30 1,573 13,282 7,941 403 ,690 959 809 969 1,793 6,623 1,591 2,687 1,990 391 July 31.... 1,545 13,265 7,808 514 ,559 979 778 1,008 [,725 6,563 [,659 2,673 1,986 384 Aug. 31.... 1,635 13,267 7,627 450 ,577 1,009 769 944 1,754 6,502 1,724 2,683 1,981 377 Sept. 30.... [,512 13,336 7,644 411 ,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 ,573 1,056 857 1,161 ,948 6,993 1,739 2,672 1,975 375 Nov. 30.... 1,538 13,605 7,816 352 ,567 1,021 865 1,199 1,972 6,976 1,735 2,593 1,946 356 Dec. 31*... 1,517 13,611 7,893 355 ,557 1,079 965 1,275 ,910 7,141 1,623 2,556 1,940 351 1958—Jan. 31*... 1,619 13,684 7,998 331 ,520 1,083 940 1,330 2,036 7,240 1,597 2,516 1,950 382 Feb. 28*... 1,464 13,763 8,073 285 ,494 1,078 932 1,244 2,225 7,258 1,662 2,495 1,993 355 Mar. 31*... 1,374 13,765 7,978 301 ,508 1,066 918 1,260 2,263 7,317 1,627 2,468 1,988 365 Tablela. 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 en e- 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 I 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—Mar. 31 1,754 296 141 76 59 178 120 76 123 1 32 228 14 14 396 Apr. 30 804 298 142 71 60 181 110 73 117 1 28 245 20 11 446 May 31 764 298 120 65 59 175 111 75 120 1 25 253 12 12 439 June 30 ,793 302 119 61 59 166 110 87 120 1 25 268 14 11 449 July 31 . ,725 315 120 97 61 156 98 85 115 1 25 278 12 9 351 Aug. 31 .754 328 123 101 55 143 115 87 116 1 24 272 16 11 362 Sept. 30 ,855 337 132 102 62 139 172 94 124 J 24 273 12 12 371 Oct. 31 ,948 345 137 97 68 144 186 97 129 30 260 19 9 425 Nov. 30 ,972 347 131 100 66 146 218 95 127 26 270 16 11 418 Dec. 31* 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 Mar. 31* 2,263 355 110 131 61 154 323 107 155 28 258 13 7 558 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba p m 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—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 2 593 151 24 149 76 175 235 58 62 360 72 133 62 22 55 835 124 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. 28P 2,495 137 25 118 72 140 239 49 69 370 69 141 66 32 85 749 135 Mar. 31* 2,468 144 23 116 77 135 244 48 66 364 66 144 62 31 86 709 152 9 Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 615 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 l u e i e b a c - - , 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 tra u l s i - a C g B o i e n a l n g - o Egypt A U S f o n r o u i i f c o t a h n Other of 1954—Dec. 31 1,821 61 87 100 31 41 721 96 257 34 123 270 265 48 44 47 33 94 1955—Dec. 31 2,181 55 73 174 37 53 893 88 252 39 138 380 360 75 42 72 53 119 1956—Dec. 31 2,415 66 76 186 20 45 1,017 99 272 61 148 425 346 84 44 50 53 114 1957—Mar. 31 2,243 56 77 145 40 35 875 104 244 68 167 433 388 80 42 60 60 147 Apr. 30 2,160 58 77 129 33 30 835 106 227 75 165 425 396 85 42 61 56 152 May 31 2,053 56 78 126 29 40 728 106 218 75 166 432 398 88 41 59 58 153 June 30 1,990 59 76 128 35 36 626 107 217 79 167 461 391 75 40 58 60 158 July 31 1,986 65 79 139 31 46 605 106 206 79 167 463 384 80 42 57 51 153 Aug. 31 1,981 66 78 167 30 41 586 106 217 78 170 443 377 78 41 53 49 156 Sept. 30 2,015 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. 30 1,946 71 89 187 42 46 555 112 174 85 159 426 356 84 42 45 39 146 Dec. 31^.... 1,940 70 82 151 55 52 580 117 175 86 157 416 351 85 39 40 38 149 1958—Jan. 31 P.... 1,950 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 Mar. 31^ 1,988 68 79 89 52 48 698 121 188 92 157 396 365 82 46 42 38 156 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 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. Bulgaria .6 .7 .2 n.a. Cambodia .2 13.1 17.2 20.0 C E Es a z t s e o t c e n h r i n o a sl G o e v r a m ki a a n 6 y 1 1 . . 2 9 1 1 . . 8 3 1 1 . 9 2 n 1 .a .7 I C ra h q ina Mainland6 . 3 1 15 8 0. . .7 8 0 3 3 1 6 2 4 . . . 2 9 7 4 3 1 1 5 6 . . . 2 5 9 3 3 1 4 6 9 . . . 2 3 6 Hungary . . 1.0 1 0 8 7 Jordan .8 1.2 2.0 1.6 Iceland 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 Poland6 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 Syria 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: Nicaragua 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

616 INTT CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES* [Amounts outstanding, in millions of dollars] 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 14 70 20 16 173 109 402 76 728 143 37 1955—Dec. 31. 1,549 12 88 30 26 109 158 423 144 706 233 43 1956—Dec. 31. 1,946 18 157 43 29 104 216 568 157 840 337 43 1957_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. 2,196 108 136 54 37 111 207 653 147 959 387 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 Feb. 28* 2,246 98 126 53 30 107 233 646 154 996 406 44 Table 2a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal Spain den key slavia other lands 1954—Dec. 31 109 (2) 20 10 3 3 16 2 (2) 4 4 41 1 5 1955 Dec 31 158 16 13 3 4 11 9 2 5 7 78 2 7 1956—Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 1957_Feb. 28 211 7 29 10 3 4 21 17 1 7 14 86 2 8 Mar. 31 219 8 34 11 3 5 20 18 2 11 14 83 2 8 Apr 30 .. 208 8 29 9 3 5 23 17 2 10 14 79 (2) 9 J M un ay e 3 3 1 0 1 1 8 9 8 7 6 5 2 2 8 5 8 8 4 3 4 4 2 1 3 9 1 1 6 6 2 1 1 1 1 2 1 1 4 4 6 7 7 5 P) 1 9 0 July 31 . 189 4 23 7 4 6 27 17 12 13 63 2 9 Aug. 31 192 6 25 7 4 6 21 17 19 9 68 2 9 Sept 30 . 209 7 25 6 3 7 24 18 24 9 72 2 11 Oct. 31 203 7 24 9 4 7 22 16 10 9 81 2 13 Nov 30 207 6 25 9 5 6 24 19 10 11 77 2 11 Dec 31* 218 6 33 11 4 6 24 23 2 11 10 76 (2) 10 1958—Jan 31 * 235 7 36 9 4 5 28 23 2 22 11 77 1 9 Feb. 28* 233 9 35 9 3 6 27 25 2 26 11 71 1 8 Table 2b. Latin America Neth- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p D i R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e d u n n r e i r d d - s e i s - t s l a P p i R m c u a e n b 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 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_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. 30 956 28 4 96 40 119 106 18 9 221 3 17 35 9 40 159 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 46 107 130 17 9 229 2 19 35 9 52 170 53 Feb. 28^ 996 27 3 141 41 91 111 16 9 228 2 20 34 7 53 162 52 *> Preliminary. (excluded from these statistics) amounted to $1,167 million on Feb. 28, 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. 617 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»— Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia Date Total H K o o n n g g India 1954—Dec. 31 143 3 5 1955—Dec. 31 233 3 5 1956—Dec. 31 337 4 6 1957_Feb. 28 375 6 . 7 Mar. 31 375 6 9 Apr. 30 392 7 10 May 31 426 7 11 June 30 .. 451 7 11 July 31 423 7 11 Aug. 31 396 9 Sept. 30 389 9 Oct. 31 407 7 Nov. 30 387 8 Dec. 31^ 386 7 1958—Jan. 31? 400 8 Feb. 28? 406 7 ONONOC Iran Israel Japan ip P p h i i n l- es T w a a i n - 16 11 50 7 5 18 10 103 19 6 20 16 170 16 6 22 24 192 18 6 23 24 193 18 5 24 22 210 19 5 23 25 244 24 5 22 24 258 30 5 24 22 250 28 6 24 24 216 40 6 24 23 188 51 6 24 26 174 51 6 7 24 25 150 56 6 22 24 14--5 53 7 23 22 152 54 7 26 21 147 58 NONO N3 All other Union 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 So o u f th Other Africa 6 39 37 14 6 1 6 10 8 r60 43 11 5 1 8 17 9 91 43 11 6 2 8 17 10 89 46 11 5 2 7 22 10 86 49 13 5 7 22 10 r87 41 10 5 8 17 13 *75 46 13 6 8 18 12 81 46 12 5 11 17 11 63 46 12 6 12 15 12 58 52 11 6 12 21 8 71 52 11 5 11 24 11 r100 48 11 4 12 20 12 100 49 10 5 14 19 14 110 50 13 5 12 19 13 115 45 13 6 9 17 6 13 122 44 13 6 7 16 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES3 [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u .o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u - o r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s c p s ( u .o - r ) r - 1954 801 793 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 666 711 -45 1,617 1,422 195 695 1,385 -690 592 621 -29 1957_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 June.. 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 30 7 111 94 17 38 94 -56 36 28 8 Dec.P. 73 40 33 101 101 1 34 55 -21 29 25 4 1958—Jan.*. 107 113 -6 94 102 40 178 -138 28 54 -26 Feb.*. 242 124 118 97 99 -2 51 157 -106 122 210 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (-). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i n r - - a s l f c o T t o r r o e i u t e i n a g s l - n France F R m l e G e ic d a p e n e u o r r y - b f a , - l Italy Sw la i n tz d er- U K d n i o i n m t g e - d 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 1954 78 72 17 <3 -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 -7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 8 33 161 -124 34 -1 4 1957* -157 307 10 3 (? 98 79 108 299 -8 9 5 4 1957_Feb 1 145 2 (2) 1 24 41 17 86 54 5 1 A M p a r r . 1 1 6 3 5 3 1 8 1 ( (22) ) 1 9 1 2 2 1 1 1 3 0 4 3 2 6 -4 21 3 1 8 J A M u u a l g y y .. -1 -2 4 5 1 1 - - 8 1 6 5 1 1 1 2 8 ( ( 2 2 ) ) k ( 2 ) 1 7 5 7 7 -7 -1 5 8 0 7 -6 1 1 2 3 1 -5 2 5 1 9 7 1 5 - - - 2 1 3 7 7 4 5 4 2 1 i? l Sept 1 -6 -2 e 4 — 5 l & Oct -21 1 i -21 2 11 -8 — 13 1 -2 1 Nov (2) 24 (2) 11 -2 2 12 7 3 1 (2) Dec.? j 33 (2) (?) 3 15 25 43 1 -11 (2) 1958—Jan.*> (2) -14 -3 (2) c 34 -34 -8 Q 3 f2) (2) Feb.p 135 -18 -5 (2) -8 10 9 7 -29 3 (2) 9 Preliminary. r Revised For other notes sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o ar n th or na I i n n ti t s o e t n i r - - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m ati e n r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 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_Apr. 30 316 3,727 165 1957*> — 384 -335 235 -553 15 -45 13 J M u a n y e 3 3 0 1 4 3 4 6 9 0 3 3, , 6 6 8 0 5 0 1 1 6 6 4 4 1957— A J J M M F u u p e a a l n b y r r y e . . . . . . . . . . . . . . . . . . . . . . -1 - - - - 0 8 1 1 5 1 1 9 - - 1 1 - - - 1 0 3 4 7 4 1 1 7 6 6 9 - 1 - 1 7 1 1 2 7 0 1 1 -1 - - - - - 1 7 9 1 8 5 1 0 7 4 4 3 - C 1 1 2 2 2 0 1) - - - - — 6 2 4 3 2 1 -1 0 1 6 4 ) 1 1 1 J D A N S O u e e u o c l p y c t g v . t . . . . 3 3 3 3 3 3 1 0 1 1 1 0 2 3 3 3 3 3 8 5 3 6 7 4 3 6 7 4 8 2 3 3 3 3 3 3 , , , , , , 7 7 7 7 4 5 2 8 7 3 2 2 9 7 4 0 1 3 2 2 2 3 3 3 8 7 7 4 5 4 0 8 8 4 3 9 Aug -6 -5 15 -21 2 -2 1 S O e c p t t -77 2 -3 9 9 6 86 Q -3 1 0 3 2 1 — -4 1 -1 C1) 1958— F Ja e n b . . 2 3 8 1 2 2 4 6 9 5 3 3 , , 7 5 5 5 5 2 4 42 0 8 5 D N e o c v . . p .. . . . -5 0 3 ) -18 4 1 9 0 -18 4 - - 4 3 - - 5 7 0) 1 A M p a r r . . 3 3 0 1 2 2 5 6 7 6 3 3 , , 0 3 6 1 8 5 4 4 2 2 1 2 1958— F J e a b n . .P P. . .. . -1 - 3 1 5 2 -1 -2 8 9 2 - - 1 8 0 8 - - 9 4 4 4 1 - - 5 3 -15 2 Apr. 1 2 9 6 2 2 2 7 5 5 9 9 3 3 3 3, , , 2 3 2 1 0 6 7 1 7 4 4 4 3 2 2 1 8 6 23 227 3,152 420 37 Preliminary. i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Productionreported monthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month (excl. U.S.S.R.) Total A So fr u ic th a R de h s o i - a Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au li s a tra- India 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758 3 403 1 17 0 22.9 12.3 66 3 153.7 13 8 15.1 6.1 8 8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417 9 17 5 25.4 13.0 69 0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 994.0 910.6 556.2 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 18.8 27.7 13.1 63.6 154.7 11.4 6.9 6.3 1957 Feb 73.7 46.3 1.5 2.3 1.1 4.4 12.0 .8 1.2 .2 .5 2.8 .5 Mar 79.7 49.2 1.5 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 Aug 280.0 51.1 .5 2.4 1.1 5.8 12.6 .8 .5 .6 3.0 .5 Sept 279.5 50 3 6 2.4 1.2 5 7 13.1 .9 .2 .6 3.1 .5 Oct 282.0 50.9 6 2.4 1.1 6.5 13.9 .8 .4 .6 3.1 .5 Nov . 49.8 .6 2.4 1.0 5.1 13.1 1.1 .6 3.2 .5 Dec 49.0 2.4 .9 5.5 12.9 .9 .5 .5 1958—Jan 49.6 2.5 1.4 4.4 13.2 1.5 .6 Feb 47 5 2.5 .9 4.4 12.5 5 1 Gold exports, representing about 90 per cent of total production. Ghana and Belgian Congo, data for which are from American Bureau of 2 Excluding Mexico. Metal Statistics. For the United States, annual figures 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

U. S. GOLD 619 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1956 1957 Area and country Oct.- Jan.- Apr.- July- Oct.- 1950 1951 1952 1953 1954 1955 1956 1957 Dec. Mar. June Sept. Dec, Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3.4 3.4 France — 84 8 — 20 0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands '"-79.8 -100.0 -65.0 ""25 .'6 '"iolo ••••5:6 — 15 0 — 34 9 — 5 0 — 59.9 -5.6 Sweden -22.9 -32.0 -20.0 -15.0 15.2 15.2 Switzerland — 38 0 — 15 0' "22*5 — 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 c -.5 -i Total — 1 003 4 525 6 451 2 — 480 5 — 50 5 _ | 100 3 100 3 Canada — 100 0 — 10 0 7 2 14 6 5 2 14 6 5 2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 40.1 10.0 10.1 15.0 40.2 Colombia — 10 0 17 5 -22.8 -3.5 28.1 Cuba 28.2 -20.0 Miexico -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 Venezuela Q -30.0 -200.0 -200.0 Other -7.2 -34.7 -2.4 -.3 17.2 3.0 -.7 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.& Asia 4-38.9 4-53.7 -6.7 -5.7 -9.9 -4.9 18.0 -.2 -.4 -.5 4.0 143 All other 5-30.6 5-76.0 -.4 1.0 14.1 -.2 -.1 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. » International institutions 6200.0 6600.0 625.0 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 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, 4 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 5 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes purchase of $31.5 million of gold from Spain. 1951, $76.0 million. 6 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Net Ear- Gold stock Net Ear- (end of year) Increase gold marked Domes- (end of month) Increase gold marked Domesin total import. gold: de- tic gold in total import, gold: de- tic gold Year gold or crease, produc- Month gold or crease, produc- Treas- stock export or in- tion Treas- stock export or in- tion ury Total 1 crease ury Total 1 crease 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957_Apr 22,318 22,424 17 4 20 8 — 5 8 4 7 1946 20,529 20,706 623.1 311.5 465.4 51.2 May 22,620 22,726 302.6 20.0 285 4 5 0 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 June 22,623 22,732 5.5 10 0 — 6 0 4 9 1948 24,244 24,399 1,530.4 1,680.4 -159.2 70.9 July 22,627 22,735 3.8 2.7 — 8 5 8 1949 . ... 24 427 24,563 164.6 686.5 -495.7 67.3 Aug 22,626 22,735 — 5 28 6 — 11 4 5 8 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Sept 22,635 22,759 24.1 18.9 — 9 0 5 7 Oct 22,691 22,835 75.4 42.8 36.9 6.5 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Nov 22,763 22,837 2.4 34 3 — 31 2 5 1 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Dec 22,781 22,857 20.2 18.8 2 0 5 5 1953 22 030 22,091 -1,161.9 2.0 -1,170.8 69.0 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 1958—Jan 22,784 22,860 2.3 45 0 — 37 3 4 4 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Feb 22,686 22,736 -123.7 38.9 — 167 6 4 4 1956 21,949 22,058 305.9 106.1 318.5 65.3 Mar 22,394 22,487 -248.7 6.0 -252.0 (3) I957 22,781 22,857 798.8 104.3 600.1 63.6 Apr *>21,996*>22,042 P-445.3 4-471.5 P Preliminary. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,951.0 million on Apr. 30, 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

620 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 t l a a d l t e i d Treasury Total 2 A t r i g n e a n- t A ra u l s i - a g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m 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 Mar 38,520 22,306 22,406 113 848 324 [,112 46 57 136 31 188 Apr 22,318 22,424 182 113 849 324 1,114 46 57 136 31 174 Mi ay 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 [,120 43 58 136 31 188 Aug 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 60 136 31 188 Nov 22,763 22,837 126 123 875 324 1,127 40 61 136 31 188 Doc *38,950 22,781 22,857 126 913 324 1.115 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 40 136 31 188 Mar . ... ^39,090 22,394 22,487 998 324 1,096 40 136 31 174 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—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 M.ay 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 39 138 452 180 744 45 49 28 1958 Jan 35 575 2,501 27 247 39 138 457 792 45 49 28 Feb 35 575 2,489 247 39 138 828 45 49 20 Mar 35 575 2,460 39 847 43 49 20 End of Portu- El Sal- South Spain Sweden Switzer- Thai- Turkey U K n i i n t g e - d Uru- Vene- M In o t n l. e- Ba I n n k tl . for month gal vador Africa land land dom4 guay zuela tary Settle- Fund ments 1951—Dec 265 26 190 51 152 1.452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 ,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 ,459 113 143 2,518 227 373 1,702 193 1954—Dec 429 29 199 56 265 ,513 113 144 2,762 227 403 1 740 196 1955 Dec 428 28 212 56 276 ,597 112 144 2,120 216 403 1,808 217 1956—Dec 448 28 224 56 266 ,676 112 144 2,133 186 603 1,692 179 1957_Mar 461 32 233 56 252 ,636 112 144 2,209 183 669 1,438 168 Apr 461 32 230 56 249 ,621 112 144 2,320 183 669 1,439 160 May 463 31 235 56 231 ,615 112 144 2,345 183 669 1 141 148 June 458 31 234 56 231 ,633 112 144 2,381 183 669 J 147 205 July 461 31 226 56 233 ,674 112 144 2,367 183 719 1,148 165 Aug.. 466 31 226 56 241 694 112 144 2,142 183 719 157 184 Sept 467 31 215 56 235 1,725 112 144 1,850 183 719 ,167 138 Oct 464 31 215 56 226 ,733 112 144 2,093 183 719 ,177 130 Nov 469 31 218 56 227 ,718 112 144 2,185 183 719 1,180 143 Dec 461 31 217 56 219 ,718 112 144 2,273 180 719 I 180 165 1958—Jan 454 31 206 56 215 ,727 112 144 2,404 180 719 I 180 171 Feb 454 31 212 56 209 ,733 112 144 2,539 719 189 162 Mar 454 31 193 56 203 720 144 2,770 719 > «-> 182 v 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 State 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 621 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 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: Austria 326 10 361 10 368 9 376 8 418 8 446 g Belgium-Luxembourg (and Belgian Congo).. 1,201 10 1,227 12 1,170 11 1,133 11 1,165 8 1,182 8 Denmark . 91 7 96 6 107 6 92 6 133 6 143 6 Finland 84 5 88 5 94 5 94 5 97 5 100 5 France (and dependencies) 1 1,957 151 1,505 7 1,302 8 2996 9 1,004 9 947 9 Germany (Federal Republic of) 2,374 8 3,329 14 3,520 14 3,719 14 4,063 14 4,099 14 Greece 187 187 189 177 152 167 Italy 1,137 2 1,268 2 1,250 2 1,323 2 1 457 2 1 531 v 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 Norway 127 117 87 121 93 133 86 139 81 138 109 601 53 628 628 622 636 651 Spain (and dependencies) 221 160 || 148 3 142 140 115 3 Sweden 429 3 483 480 f 499 (3) 508 478 7 Switzerland 2,354 2,512 131 2,410 2,442 132 2,527 2,683 128 Turkey 153 44 164 158 158 156 162 Other* 872 917 12 898 1,188 12 873 850 15 15 Total . 13,214 343 14,113 298 13,867 308 14,098 298 14,439 294 14,736 330 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 I A n u d s i t a ralia 2 3 1 2 9 0 3 1 2 9 3 1 1 3 1 2 9 4 3 1 3 1 2 9 3 1 1 3 1 2 9 9 7 <? 2 3 1 2 1 9 Union of South Africa 265 277 1 293 1 294 1 262 1 255 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: Argentina 509 360 332 345 313 263 Bolivia 26 29 25 24 28 26 (3^ Brazil 466 2 549 1 556 1 467 i 457 1 456 1 Chile 139 (3) 137 137 1 131 1 117 1 115 1 Colombia 217 (3) 210 250 263 244 5214 Cuba 389 169 347 167 354 167 393 167 416 167 371 154 Dominican Republic 77 79 89 98 70 65 Guatemala 72 91 101 97 87 1 92 f3=v M^exico 556 4 600 4 575 4 504 4 553 555 3 Panama Republic of 86 109 117 1 135 1 129 136 1 Peru 127 119 117 (3) 110 96 88 El Salvador 52 (3) 53 73 (3) 81 65 58 (3) Uruguay 281 259 1 257 248 1 243 1 235 i 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 13 125 13 Total 3,789 195 4,113 190 4,160 190 4,486 188 4,561 189 4,347 176 Asia: Indonesia 255 15 231 188 (3) 168 220 190 J Ir a a p n a n . 1,0 1 2 7 1 5 1,1 1 4 5 5 8 4 1,0 1 0 7 3 8 4 7 1 5 7 4 3 2 6 1 9 8 8 7 (2 7 1 0 9 8 3 (3,> Philippines 268 6 294 6 267 6 243 6 235 6 181 5 Thailand 250 1 260 1 279 1 279 1 275 1 269 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: 246 238 248 246 242 228 Other 135 8 129 8 163 8 175 7 166 7 162 7 Total 381 8 367 8 411 8 421 7 408 7 390 7 Total foreign countries 6 25,875 1,308 27,951 1,103 27,674 1,230 28,125 1,265 28,213 1,165 28,527 1,230 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 31,224 1,452 P Preliminary. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Does not include $286 million of gold loaned by Bank of France to national organizations. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 4 3 I L n e c s lu s d t e h s a n Y $ u 5 g 0 o 0 s , l 0 a 0 v 0 ia . , Bank for International Settlements (both for o L f i f a ic b i i a li l t ie g s o ld to re F s o e r r e v i e g s n , e a r n s d R t e o p ta o l r t d ed o ll b ar y h B o a ld n i k n s g s i n a s t h s e h o U w n n i te in d S S h ta o t r e t s - , t er b m y 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

622 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 1958 1957 Item Item Jan. Oct. July Apr. Jan, Mar. Dec. Sept. June Mar. Gold 1,180 1,177 1,148 1,439 1,420 Dollar deposits and U. S. securities 683 602 524 484 430 Investments8 200 200 200 200 200 Other currencies and securities 1. . 767 813 858 873 901 Currencies: United States1 769 811 992 977 1,423 Effective Ioans2 2,795 2,606 2,549 2,437 2,378 Otheri 5,992 5,948 5,777 5,489 5,051 Other assets-* 90 75 76 72 54 Unpaid member subscriptions 874 874 818 817 824 Other assets 6 5 3 IBRD bonds outstanding 1,405 1,269 1,141 1,034 948 Undisbursed loans 699 620 676 670 676 Member subscriptions 9,016 9,016 8,941 8,932 8,929 Other liabilities 24 21 20 19 20 Accumulated net income 3 -2 -6 -10 Reserves ' 335 319 303 289 266 Reserves and liabilities 4 2 2 2 Capitals 1,872 1,867 1,867 1,854 1,853 Quota Cumulative net drawings Loans by country, Mar. 31, 1958 on the Fund Country 9 Paid 1958 1957 Outstanding Total in Area and member country4 gold Feb. Jan. Feb. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 others^ Belgium 225 56 50 50 Brazil 150 38 75 75 38 Chile 50 9 37 31 12 Continental W. Europe, total. 1,272 1,061 201 860 84 Colombia 50 13 35 25 25 Belgium and Luxembourg.. 173 130 14 116 30 Cuba 50 13 25 25 23 France 267 267 18 249 14 Denmark 68 6 34 34 Italy 238 107 106 8 Egypt 60 10 30 30 30 Netherlands 236 236 143 93 25 France 525 108 263 263 40 Other 358 320 25 296 6 India 400 28 200 200 60 Indonesia 110 16 55 55 55 Sterling area, total 1,142 849 94 755 101 Iran 35 9 25 25 25 Australia 318 292 19 273 25 Japan 250 63 125 125 India 356 245 26 219 29 Netherlands 275 69 64 64 Pakistan 112 57 11 46 4 United Kingdom 1,300 236 562 562 562 Union of S. Africa 160 140 27 113 20 United States. . . 2,750 688 10-1,956 io_l,943 io-l,123 United Kingdom 146 87 4 83 23 Other 49 28 7 21 Notes to tables on international institutions: Latin America, total 743 591 70 520 24 1 Currencies include demand obligations held in lieu of deposits. Brazil 182 167 18 149 1 2 Represents principal of authorized loans, less loans not yet effective, Colombia 111 91 19 72 3 repayments, the net amount outstanding on loans sold or agreed to be Mexico 152 144 11 132 8 sold to others, and exchange adjustment. Other 297 189 22 167 12 3 Excludes uncalled portions of capital subscriptions. 4 Loans to dependencies are included with member. Asia (excl. Sterling area), total 320 194 6 188 16 5 Includes also effective loans agreed to be sold but not yet disbursed. Thailand 2 1 1 0 3 7 1 3 5 9 5 4 3 1 3 5 5 3 1 2 4 6 7 I I n n c c l l u u d d e e s s $ $ 2 9 0 8 4 m m il i l l i l o io n n i n n o lo t a g n u s a r n a o n t t e y e e d t b ef y fe t c h ti e v e B . ank. Other 8 U. S. Treasury bills purchased with proceeds of sales of gold. 24 9 Countries shown are those with cumulative net drawings of $25 Africa (excl. Sterling area). .. million or more on the latest date. 63,500 2,703 373 2,331 7226 i o Represents sales of U. S. dollars by the Fund to member countries Total for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAI, 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 s c n a - e t d s s - Se ti c e u s ri- ci t r io cu n l a i - 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 ,751.7 276.1 15.4 9.6 66.3 18.1 1955 Dec 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956 Dec 26 .4 2 025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957 Anr 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 J,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 .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!b6l.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 Mar. 26 .4 2,000.0 2.4 57.6 16.6 253.2 1,992.7 214.6 17.2 79.5 18.5 For notes sec opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 623 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date S U d S t o e a n t l a r n i l l t t d a i e e n r s d s g D S o c t i m h e a r o l i m r n g t i - o o v n t . a s n e d c u O p r r i t o t h i v e e r s in- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i . i o ts n Other li c a O a b a p t i n h l i i d t e t a i r l es 1953—Dec. 31, 54.9 ,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31, 54.2 ,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31, 57.4 ,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31, 60.8 ,025.0 1,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957—Apr. 30, 50.3 ,158.0 1,190.2 119.2 1,756.3 546.9 62.9 22.5 129.2 May 31, 52.3 ,165.9 1,185.1 188.7 1,751.5 526.3 43.9 32.0 238.3 June 29, 57.3 ,213.3 1,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31, 63.1 ,197.7 1,202.3 100.7 1,817.7 490.5 54.2 26.9 174.5 Aug. 31, 62.4 ,251.8 1,208.4 203.9 1,815.5 542.8 64.0 33.3 270.9 Sept. 30, 55.3 ,208.4 1,204.2 110.9 1,819.1 480.8 66.9 28.7 183.3 Oct. 31, 56.6 ,297.5 1,192.1 163.5 1,824.0 623.7 40.1 25.8 196.0 Nov. 30, 56.2 ,321.5 1,152.0 252.8 1,828.0 543.4 64.3 30.7 316.1 Dec. 31 63.5 ,246.2 1,217.5 131.5 1,903.7 517.6 35.4 31.2 170.8 1958—Jan. 31. 63.0 ,265.5 1,105.0 182.2 1,776.5 533.8 57.3 23.3 224.8 Feb. 28, 63.2 ,293.0 1,103.2 198.1 1,783.7 555.2 46.1 26.8 245.6 Mar. 31, 61.2 1,373.9 1,074.3 157.6 1,809.7 579.5 53.8 24.6 199.3 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 Open Domestic bills G A o dv v a e n rn c m es e n to t O as t s h e e ts r ci N r ti c o o u t n l e a- Gov D er e n p - osits l O i i a a t t i n b h e d i e s l r market Special Other Current Other ment Other3 capital 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29, 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Dec. 27 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957—Apr. 25 301.2 12.2 325.2 24.9 1,871.9 158.3 479.8 196.9 3,044.1 222.7 103.6 May 29 301.2 12.0 322.9 20.2 1,948.1 175.0 479.8 192.4 3,106.9 263.1 81.6 June 27, 201.2 12.0 274.9 16.1 2,014.1 175.0 594.1 267.0 3,130.0 330.9 93.6 July 25, 201.2 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 397.7 118.9 Aug. 29, 201.2 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 376.6 97.4 Sept. 26, 201.2 11.9 322.7 18.3 1,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31, 201.2 12.0 315.2 44.0 1,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28, 201.2 12.0 282.0 44.6 1,893.9 175.0 820.1 296.2 3,139.9 467.1 118.0 Dec. 26, 201.2 11.9 290.2 52.3 1,951.2 175.0 796.4 295.0 3,174.9 475.3 122.9 1958—Jan. 30. 201.2 11.9 260.3 53.4 1,868.9 175.0 949.4 268.8 191.7 469.0 128.1 Feb. 27, 201.2 11.8 290.2 50.6 1,827.7 175.0 948.9 259.7 197.9 455.5 111.8 Mar. 27. 5201.2 11.8 287.8 34.8 1,932.3 175.0 5253.2 3,192.1 478.5 125.5 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Central Bank of the Argentine Republic (Dec.)* Commonwealth Bank of Australia (millions of pesos):6 (1957) (millions of pounds): Gold and foreign exchange (net)... 618 Gold and foreign exchange 458 463 470 394 Net claim on Intl. Fund 7 -675 Checks and bills of other banks.. 5 4 4 4 Advances to Government 2,581 Securities (incl. Govt. and Treas- Government securities 32,230 ury bills) 464 476 473 485 Loans and discounts 69,939 Other assets. 54 54 46 73 Other assets 3,963 Note circulation 390 387 391 382 Currency in circulation 50,450 Deposits of Trading Banks: Deposits—Government 346 Special 325 340 340 322 Banks 5,601 Other 18 27 21 30 Other 257 Other liabilities and capital 248 243 241 223 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 * Latest month available. has been reorganized. The balance sheet has been substantially modified, 1 Notes issued, less amounts held in banking department. and figures are not comparable with those shown previously. 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control 7 This figure represents the amount of the country's subscription to Board in return for short-term Govt. securities (see BULLETIN for July the Fund less the bank's local currency liability to the Fund. 1940, pp. 677-78). NOTE.—All figures, including gold and foreign exchange, are compiled 3 Includes Economic Cooperation Administration. from official reports of individual banks and are as of the last report date 4 Less than 50 million francs. of the month. For details relating to individual items, see BULLETIN for 5 Other assets include 100.0 billion francs of gold loaned to Stabiliza- April 1955, p. 443. tion Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 2,654 2,653 2.653 2,004 Gold 136 136 136 136 Foreign exchange (net) 10,341 10,388 10,375 8,287 Foreign exchange (net) 119 98 99 171 Loans and discounts 5,683 5,695 5,908 6,654 Foreign exchange (Stabilization Claim against Government 1,342 1,342 1,342 1,385 Fund) 144 149 148 163 Other assets 834 823 826 574 Net claim on Intl. Fund1 -12 -12 -13 -10 Note circulation 15,019 14,992 14,846 13,909 Loans and discounts 771 76 81 53 Deposits—Banks 1,777 1,866 2,240 1,104 Credits to Government 185 193 183 107 Other 1,017 965 926 1,018 Other assets 731 74 72 74 Blocked 1,049 1,104 1,122 1,114 Note circulation 466 449 442 444 Other liabilities and capital 1,991 1,974 1,970 1,760 Deposits 220 230 231 224 National Bank of Belgium (millions of Other liabilities and capital 35 34 33 26 (francs): National Bank of Czechoslovakia 2 Gold 49,905 48,369 47,321 42,379 Nriational Bank of Denmark (millions Foreign claims and balances (net). 10,600 10,279 9,919 10,476 of kroner): Loans and discounts 7,562 9,043 11,938 10,530 Gold 68! 68 68 68 Consolidated Govt. debt 34,243 34,397 34,397 34,456 Foreign exchange 976 948 959 645 Govt. securities 8,405 9,006 6,033 8,899 Loans and discounts 212 167 229 208 Other assets 6,063 5,964 6,269 5,752 Securities 374 365 419 496 Note circulation 09,629109,468 108,904 109,388 Govt. compensation account 2,979 2,981 2,981 3,047 Deposits—Demand 2,531 2,880 2,416 1,521 Other assets. 647 896 754 913 ECA 19 19 20 20 Note circulation 2,327 2,290 2,302 2,248 Other liabilities and capital 4,598 4,691 4,538 1.562 Deposits—Government 1,396 1,442 1,448 1,533 Central Bank of Bolivia—Monetary (Dec. Other 1,270 1,403 1,374 1,357 dept. (millions of bolivianos): 1957)" Other liabilities and capital 263 2901 286 238 Gold at home and abroad 7,075 193Central Bank of the Dominican Re- Foreign exchange (net) -27,758 20,740 public (thousands of pesos): Gold contribution to Intl. Fund. . 21,375 475 Gold 11405 11405 11,405 11,396 Loans and discounts 373,223 255,552 Foreign exchange (net) 9471 9594 10,562 12,081 Govt. securities 7,897 7,952 Net claim on Intl. Fund1 2500 2500 2,500 2,500 Other assets 10,203 2,473 Loans and discounts 10373 10505 8,990 5,987 Note circulation 220,695 171,459 Govt. securities 7500 7.500 7,500 7,830 Deposits 20,550 22,114 Other assets 27335 26058 26,096 19,617 Other liabilities and capital 150,778 93,813 Note circulation 53428 52904 53,127 47,559 Central Bank of Ceylon (millions of Demand deposits 11464 11091 10,489 8,616 rupees): Other liabilities and capital 3692 3,567 3,436 3,236 Foreign exchange 598 595 593 703 Centtrraall B]ank of Ecuador (millions of Advances to Govt 13 sucres): Govt securities 76 78 60 11 Gold 325 325 325 325 Other assets 15 4 7 7 Foreign exchange (net) -31 -32 57 11 Currency in circulation 472 463 461 441 Net claim on Intl. Fund1 38 38 -37 38 Deposits—Government 21 13 3 71 Credits—Government 466 463 453 511 Banks 84 95 88 106 Other 317 328 352 229 Other liabilities and capital 112 105 120 Other assets 273 253 240 224 Central Bank of Chile (millions of Note circulation 685 693 707 661 pesos): Demand deposits—Private banks. 206 203 226 217 Gold 4,261 4,533 5,463 7,257 Other 210 210 194 184 Foreign exchange (net) 670 666 523 999 Other liabilities and capital 286 268 262 276 Net claim on Intl. Fund1 -2,73: -2,732-2,044 19 Niational Bank of Egypt (millions of Discounts for member banks 18,894 17,675 13,902 7,550 pounds): Loans to Government 37,864 30,864 30,864 26,245 Gold 61 66 66 66 Other loans and discounts 64,003 59,772 56,896 42,506 Foreign assets3 84 81 80 107 Other assets 36,106 36,577 40,161 33,059 Egyptian Govt. securities 188 188 190 164 Note circulation 86,750 81,045 77,292 68,983 Clearing and other accounts (net). -37 -37 -39 -10 Deposits—Bank 7,78' 7,932 8,466 7,797 Loans and discounts 28 30 40 34 Other 4,528 3,020 4,444 2,75f Other assets 2 3 2 2 Other liabilities and capital 60,006 55,359 55,56: 38,102 Note circulation 188 195 198 217 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 21 18 15 9 lions of pesos): Other 97 99 107 4119 Gold and foreign exchange 286 304 310 286 Other liabilities and capital 19 19 19 17 Net claim on Intl. Fund1 5: 5: 5: 52Central Reserve Bank of El Salvador L N D G O O o e t o o t h h a p v t e e e n o t r r . s s c i l a l i a t o i r s s a n c a s b d u e n i t l s l s a d i t t a i i i s e n o c s d n o a u s n n e d c ts u c r a it p ie it s al 1 1 , , 9 6 6 7 3 1 9 1 6 3 7 9 : 1 8 9 0 4 1 1, , 9 1 6 3 8 6 0 8 0 2 3 4 9 1 1 5 0 7 1 1 1 , , , 2 6 7 0 5 0 9 2 0 2 8 1 8 9 9 8 4 6 6 6 7 9 3 3 8 4 6 4 9 1 1 9 7 6 0 2 (th G N F L G o o o u o e o r a t s l v e d a n c t i n . s g l a d n d a i s m e n e b d o x t f o c d a n h c i n a s o I d n c l n o g o t s n e u l e . e n c ( s F t u n s ) u r e : i t n t ) i d e 1 s 7 9 3 4 7 8 1 0 , , , , , 5 4 6 0 3 4 2 8 1 4 1 9 9 5 3 7 9 3 1 4 8 2 2 0 , , , , , 6 5 6 0 0 8 3 5 7 6 9 5 0 6 7 7 2 9 1 4 8 8 4 2 , . , , , 6 5 7 8 4 8 5 2 5 0 9 9 9 4 6 7 6 7 1 0 8 5 1 2 , , , , , 2 8 4 5 6 8 2 6 8 6 1 7 2 2 0 Central Bank of Costa Rica (millions Other assets 7,607 7,590 7,583 7,085 of colones): Note circulation 104,683106,344106,909 111,553 Gold 1 1 12 Deposits 103,255106,797107,093 112,802 Foreign exchange 69 71 96 Other liabilities and capital 11,686 12,465 12,818 11,542 Net claim on Intl. Fund* Bank of Finland (millions of markkaa): Loans and discounts 150 148 150 91 Gold 7,850 7,850 7,850 7,849 Securities 15 15 18 Foreign assets and liabilities (net). 39,100 37,434 32,858 15,656 Other assets. 33 34 26 Loans and discounts 29,957 30,905 30,581 50,146 Note circulation 177 179 156 Securities—Government 7,500 8,750 11,250 17,500 Demand deposits 51 52 55 Other 1,236 1,246 1,247 1,620 Other liabilities and capital 57 57 38 Other assets 16,673 16,871 17,138 11,013 Note circulation 55,877 56,793 52,837 54,967 Deposits 13,614 9,844 9,954 11,987 Other liabilities and capital 32,825 36,419 38,13: 36,830 r Revised. • Latest month available. 3 Beginning Mar. 27, 1958, includes gold in Banking Department, * This figure represents the amount of the country's subscription to the previously combined with gold in Issue Department. Fund less the bank's local currency liability to the Fund. 4 Includes figure for Sudan Government. 2 For last available reports for Czechoslovakia and Hungary (March NOTE.—All figures, including gold and foreign exchange, are compiled and February 1950, respectively), see BULLETIN for September 1950, from official reports of individual banks and are as of the last report date pp. 1262-63. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 625 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. German Federal Bank4 (millions of Bank of Israel (millions of pounds): German marks) * Gold 6 6 6 20 Gold 10,261 10,383 10,430 7,334 Foreign exchange 124 110 98 80 Foreicn exchange 13,165 12,904 12,990 11,590 Clearing accounts (net) -7 -9 -11 _4 Loans and discounts 1,372 983 1,033 2,083 Loans and discounts 132 59 43 51 Loans to Government . 3,362 3,576 3,433 4,014 Advances to Government.. .. 65 88 Other assets 1,529 1,540 1,414 1,168 Other Govt. accounts 65 134 130 65 Note circulation 16,653 16 554 16,077 14 670 Govt securities 149 149 149 150 Deposits Government 4,196 4,126 4,631 5,077 7 6 6 65 Banks 5,815 5,438 5,453 4,075 Notes and coin in circulation 258 252 249 240 Other 474 545 515 226 Deposits—Government 3 26 25 6 Other liabilities and capital 2,551 2,722 2,622 2,141 Other 188 216 210 166 Bank of Greece (millions of drachmae): Other liabilities and capital 27 27 26 15 Gold and foreign exchange (net).. 5,787 5,796 5,879Bank of Italy (billions of lire): Loans and discounts 214 226 171 Gold 4 4 4 4 5,340 5,262 7,896 Foreign exchange 71 71 71 71 Other 5,967 5,971 4,770 567 567 567 567 Other assets 2,316 2 326 2,322 Loans and discounts 436 480 445 458 6,629 6,700 5,669 412 406 416 423 Denosits Government 1 187 1 106 947 Other assets 1 365 1 251 1 282 966 Reconstruction and Note circulation 1 766 1,726 1,751 1 647 relief accts 3,684 3,681 7,109 13 12 11 12 Other 6 694 6 535 5 102 Demand 134 116 127 119 1,429 1,559 2,211 Other 770 751 726 557 Bank of Guatemala (thousands of Other liabilities and capital 172 173 169 154 quetzales): Bank of Japan (billions of yen): Gold 27,273 27,237 Bullion (6) (6) (6) Foreien exchange (net) 43,141 48,928 Advances to Government 3 j Gold contribution to Intl. Fund.. 1,250 1,250 Loans and discounts 588 569 504 278 Rediscounts and advances 19,309 8,235 Govt. securities 383 236 295 510 Other assets 44,355 41 009 Other assets 184 156 150 248 Circulation—Notes 62,847 58,527 689 690 693 666 Coin 4,487 4,178 Deposits—Government 241 55 41 237 Deposits—Government 9,131 7,952 Other 79 80 84 35 Banks 27,699 26,633 Other liabilities 150 137 131 99 31,164 29,368Bank of Mexico (millions of pesos): National Bank of Hungary 2 1,907 1,892 1,873 1,903 Reserve Bank of India (millions of "Authorized" holdings of securupees) * 5,012 5,067 5,202 5 299 Issue department: Bills and discounts 860 878 776 786 Gold at home and abroad .... 1,178 1 178 1,178 1 178 Other assets 596 485 421 334 Foreign securities 1,712 2,455 2,455 4,125 Note circulation 5,535 5,470 5,505 5,122 11,711 10,768 10,568 8,850 Demand liabilities 2,092 2,096 1,988 2,491 Rupee coin 1,293 1,302 1,318 1,226 Other liabilities and capital.... 747 755 779 709 15,791 15,453 15,312 15,261Netherlands Bank (millions of Banking department: guilders): Notes of issue department 102 251 207 118 Gold 3,203 3,132 2,995 3,077 Balances abroad 958 '342 378 1,143 Silver (including subsidiary coin). 16 15 11 6 77 35 12 30 Foreign assets (net) 1,226 1,368 985 695 Loans to Government ... 212 383 360 77 Loans and discounts 113 26 76 161 Other assets 3,311 3,198 3,372 2,629 Govt. debt and securities 326 628 628 660 Deoosits 2,885 2 606 2,744 2 286 Other assets 353 346 360 439 Other liabilities and capital 1,775 1,603 1,585 1,710 4,147 3,949 3,967 3,869 Bank Indonesia (millions of rupiahs): Deposits—Government 467 743 501 49 Gold and foreign exchange (net).. 28 131 258 313 17 17 17 368 1,312 991 1,170 968 Other 401 563 331 510 Advances to Government 20,632 20,046 19,287 11,442 Other liabilities and capital , 206 242 238 243 Other assets 944 899 810 539Reserve Bank of New Zealand (thou- Note circulation 14,003 13,899 13,898 9,196 sands of pounds): Derjosits EC A 109 109 171 282 Gold 6,162 6,162 6,162 6,162 Other 4,733 4,939 4,199 2,192 Foreign exchange reserve 15,710 12,804 12,798 35,084 Other liabilities and capital. .. 4,071 3,119 3,257 1,591 Loans and discounts 49 618 47,080 42,222 39 922 Bank Melli Iran (millions of rials): Advances to State or State un- Gold . 5,536 4,533 4,533 4 340 55,000 65,062 58,229 50,310 Foreien exchanse 1 038 1 040 1 040 624 In vestments 44 024 43 024 41 958 38 173 Gold contribution to Intl. Fund. . 663 663 663 282 Other assets 2,038 1,858 2,078 1,636 Govt -secured debt . . 7,923 7 923 7,923 7 923 77 020 74 916 75 159 71 998 Govt. loans and discounts 12,823 12,534 12,208 12,908 Demand deposits 84,586 90,362 77,891 87,989 Other loans and discounts 8,738 8,198 7,938 6,455 Other liabilities and capital 10,946 10,712 10,397 11,300 Other assets5 16,735 17,467 18,441 3,660Bank of Norway (millions of kroner): Note circulation 13,879 12,473 12,334 12,232 Gold 192 206 206 207 Deposits Government 6,100 6,719 8,034 3,466 Foreign assets (net) 298 157 111 317 Banks 2,097 1,873 1,616 1,316 Clearing accounts (net) -14 -1 -31 -59 Other 19,960 20,041 19,455 15,636 Loans and discounts 88 79 76 103 Special Account—Profits of reval- Securities 164 112 99 108 uation 7,110 7,110 7,110 Occupation account (net) 5,545 5,545 5,545 5,546 Other liabilities and capital 4,309 4,144 4,198 3,542 Other assets 168 128 178 103 Central Bank of Ireland (thousands of Note circulation 3,231 3,197 3,236 3,210 pounds): Deposits—Government 1,779 1,253 1,262 1,736 Gold 2,646 2,646 2,646 2,646 Banks 286 509 522 386 Sterlins funds 74,288 73,239 73,188 72,249 FOA 1 1 1 26 Note circulation 76,934 75,885 75,834 74,895 Other liabilities and capital 1,144 1,266 1,230 967 4 On Aug. 1, 1957, the Land Central Banks and the Berlin Central .0275557 to .0117316 grams of fine gold per rial. Bank were merged with the Bank of German States (Bank deutscher 6 Holdings in each month were 448 million yen. Lander) and the latter became the German Federal Bank (Deutsche 7 Includes gold, silver, and foreign exchange forming required reserve Bundesbank). (25 per cent) against notes and other demand liabilities. 5 Includes (1) gold and foreign exchange in banking department and For other notes see opposite page. (2) in May 1957, the profit resulting from revaluation of gold from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 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 Mar. Feb. Jan. Mar. Mar. Feb. Jan. Mar. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 448 460 474 556 Issue department: Foreign assets 1,203 1,166 1,213 1,158 Gold at home and abroad 116 116 116 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved. . 785 786 752 1,083 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office2 4,468 4,579 4,761 4,322 Pakistan Govt. securities 2,064 2,123 2,138 1,676 Other domestic bills and advances 252 129 11 19 India currency 430 430 430 430 Other assets 865 895 922 1,007 Rupee coin 42 43 45 53 Note circulation , 5,443 5,507 5,547 5,271 Notes in circulation 3,369 3,414 3,442 3,276 Demand deposits—Government., 87 159 277 316 Banking department: Other 54 42 41 146 Notes of issue department 127 142 95 139 Other liabilities and capital 1,782 1,651 1,646 1,458 Bills discounted 1Swiss National Bank (millions of Loans to Government 155 113 138 3 francs): Other assets 861 827 885 805 Gold 7,394 7,448 7,422 6,931 Deposits 972 920 971 763 Foreign exchange 654 557 589 496 Other liabilities and capital.... 171 162 148 186 Loans and discounts , 146 151 165 154 Central Bank of Paraguay (millions of Other assets , 89 85 87 142 guaranies): Note circulation , 5,560 5,498 5,494 5,491 Gold 11 13 10 Sight liabilities 2,492 2,514 2,542 2,012 Foreign exchange (net) 552 577 629 Other liabilities and capital 230 229 227 219 Net claim on Intl. Fund * 113 83 53 CC<entral Bank of the Republic of Turkey Loans and discounts 1,614 1,594 1,613 (millions of pounds): Govt. loans and securities 734 737 609 Gold , 403 403 403 402 Other assets 353 333 194 Foreign exchange and foreign Note and coin issue 1,227 1,222 1,109 clearings , 452 456 485 267 Deposits—Government 419 443 425 Loans and discounts , 5,150 5,054 5,001 4,265 Other 339 316 269 Securities , 33 33 33 30 Other liabilities and capital 1,392 1,354 1,306 Other assets , 260 264 255 245 Central Reserve Bank of Peru (millions Note circulation , 3,225 3,205 3,125 2,582 of soles): Deposits—Gold , 156 156 156 155 Gold and foreign exchange 144 684 Other 2,081 2,038 2,100 1,755 Net claim on Intl. Fund i 67 67 Other liabilities and capital 835 812 797 717 Loans and discounts to banks.... 1,364 851Bank of the Republic of Uruguay (mil- Loans to Government 1,763 1,577 lions of pesos): Other assets 110 140 Gold 273 278 Note circulation 2,406 2,276 Silver 9 10 Deposits 850 821 Advances to State and Govt. Other liabilities and capital 191 222 bodies 316 293 Central Bank of the Philippines Other loans and discounts 725 564 (millions of pesos): Other assets 982 761 Gold 15 14 13 47 Note circulation 610 561 Foreign exchange 193 210 194 303 Deposits—Government 174 197 Loans 117 120 117 66 Other 423 365 Domestic securities 832 804 786 548 Other liabilities and capital 1,097 782 Other assets 164 168 171 155 Centr;al Bank of Venezuela (millions Circulation—Notes 725 716 708 697 of bolivares): Coin 87 87 87 86 Gold 1,999 1,999 1,999 1,947 Demand deposits 329 330 306 245 Foreign exchange (net) 1,570 1,791 2,025 788 Other liabilities and capital 179 182 179 91 Other assets 160 178 188 157 Bank of Portugal (millions of escudos): Note circulation 1,486 1,477 1,510 1,257 Gold 5,973 5,947 5,960 5,889 Deposits 794 713 526 547 Foreign exchange (net) 13,799 13,667 13,634 13,729 Other liabilities and capital 1,448 1,777 2,176 1,087 Loans and discounts 1,654 1,695 1,788 1,227 ational Bank of Federal People's Re- Advances to Government 1,365 1,366 1,364 1,374 public of Yugoslavia (billions of Other assets 2,272 2,212 2,200 1,868 dinars): Note circulation 11,889 11,895 11,936 11,129 Gold 4 4 4 5 Demand deposits—Government. . 1,803 1,839 1,789 1,482 Gold contribution to Intl. Fund. . 2 2 2 2 ECA 20 20 19 90 Foreign assets 24 26 25 37 Other 7,844 7,668 7,742 8,385 Loans (short-term) 872 785 777 725 Other liabilities and capital 3,507 3,464 3,460 3,001 Govt. debt (net) 58 76 79 59 South African Reserve Bank (millions Other assets 12 15 13 34 of pounds): Notes and coin in circulation 121 121 121 90 Gold 68 75 73 83 Demand deposits 433 371 377 283 Foreign bills 20 19 28 53 Foreign liabilities 81 82 77 77 Other bills and loans 79 72 62 33 Long-term liabilities (net) 295 288 286 293 Other assets 63 63 60 43 Other liabilities and capital 43 47 39 119 Note circulation 114 113 113 111Bank for International Settlements Deposits 86 86 79 89 (millions of Swiss gold francs): Other liabilities and capital 31 30 31 12 Gold in bars 558 496 525 513 Bank of Spain (millions of pesetas): Cash on hand and with banks 77 42 51 57 Gold 618 618 618 617 Rediscountable bills and accept- Silver 319 319 319 323 ances (at cost) 560 621 586 696 Govt. loans and securities 15,551 15,563 14,940 16,253 Time funds at interest 303 223 197 146 Other loans and discounts 59,861 59,827 59,424 50,634 Sundry bills and investments 665 658 552 697 Other assets 68,653 66,409 69,271 60,684 Funds invested in Germany 297 297 297 297 Note circulation 65,638 64,739 63,837 55,869 Other assets 1 1 1 3 Deposits—Government 1,813 2,831 3,624 2,708 Demand deposits—Gold 554 502 509 627 Other 13,463 13,216 13,123 15,240 Other 1,356 ,286 1,152 1,249 Other liabilities and capital 64,087 61,949 63,988 54,695 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 323 321 319 305 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 Includes small amount of nongovernment bonds. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 627 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1956 Month effective g B iu e m l- m De a n rk - France m G a e n r y - N la e e n r t d - h s - Spain S d w en e- S l w a e n r i - t d z- U K d n i o i n m t g ed - C a a d n a - I d n ia - p J a a n - 2 P p h i i n l e ip s - A t r in ge a n 2 - Chile2 Cuba 2 va S E d a o l l- r2 In effect Dec. 31, 1956. 3.50 5.5 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 May... 2.5 4.01 44.00 9.13 June... 4.06 July.... 4.50 4.25 5.66 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.... 4.25 4.00 6 0 2.52 Apr.... 5.0 1.62 In effect Apr. 30, 1958. 4.25 5.0 5.0 3.5 4.00 5.00 5.00 2.5 6.0 1.62 4.00 9.13 4.5 6.0 6.0 5.5 4.0 Other selected central banks—rates in effect on Apr. 30, 1958 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Europe—Cont.: Asia—Cont.: Latin America— Austria 5.0 Nov. 1955 Turkey 6.0 June 1956 Thailand.... 7.0 Feb. 1945 Cont.: Greece 10.0 May 1956 Asia: Latin America: Venezuela... 2.0 May 1947 Italy 4.0 Apr. 1950 Burma 3.0 Feb. 1948 Costa Rica2. 3.0 Apr. 1939 All other: Norway 3.5 Feb. 1955 Ceylon 2.5 June 1954 Mexico 4.5 June 1942 New Zealand. 7.0 Oct. 1955 Portugal 2.5 Jan. 1944 Indonesia2... 3.0 Apr. 1946 Peru2 6.0 Nov. 1947 South Africa. 4.5 Sept. 1955 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, rates of 4 and 2 per government securities for commercial banks or brokers. For countries cent apply to certain types of agricultural paper; Cuba—4.5 per cent with more than one rate applicable to such discounts or advances, the for sugar loans and 4 per cent for loans secured by national public rate shown is the one at which the largest proportion of central bank securities; El Salvador—3 per cent for agricultural and industrial paper credit operations is understood to be transacted. In certain cases other and 2 per cent for special cases; Indonesia—various rates depending on rates for these countries are given in the following note. type of paper, collateral, commodity involved, etc.; Costa Rica—5 per 2 Discounts or advances at other rates include: Japan—various rates cent for paper related to commercial transactions (rate shown is for depending on type of paper or transaction and extent of borrowing from agricultural and industrial paper); and Peru—4 per cent for industrial central bank, including 8.40 per cent for discount of paper related to do- paper and mining paper, and 3 per cent for most agricultural paper. mestic commercial transactions (rate shown is for advances on commercial 3 Since Nov. 1, 1956, the discount rate is set each week at *4 per cent paper and miscellaneous collateral); Argentina—3 and 5 per cent for certain above the latest average tender rate for Treasury bills. rural and industrial paper, depending on type of transaction; Chile— 4 Since May 16, this rate applies to advances against commercial paper as well as against government securities and other eligible paper. OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u s th r s y * D m a o d y n a - y e t y o 2 - 3 B a a m a c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a 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 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 &$ 1.50 1957 Apr 3.72 3.69 4.18 4.01 3.59 3.00 4.61 3.63 3.50 1.75 May 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 1.75 June 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 2.50 July 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 534-8 4 2.50 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 3.64 534-8 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 53^-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 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 534-8 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

628 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 ( e fr l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r e a o 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—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. 556 2 All 222.33 3.8536 1.9875 104.891 20.898 July. 556 2.365 222.14 3.8536 1.9908 105.150 20.890 Aug. 556 2.303 221.73 3.8536 1.9865 105.470 20.862 Sept. 556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct.. 556 2.487 223.09 3.8536 1.9929 103.636 20.928 Nov. 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 Apr.. 5.556 2.444 224.47 3.8536 2.0047 103.011 21.088 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 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957_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 Apr.. .3118 .2858 .2376 23.808 21.101 281.71 .2779 32.830 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b e o p l ) - ic (e P s o g c r a u t l d u o - ) ( A p S o o fr u u i n c th a d) (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 g n 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_Apr.. 26.137 276.12 14.008 49.695 3.4900 277.84 19.333 23.329 278.89 May. 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23.335 279.10 June. 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 July. 26.121 276.02 14.008 49.695 3.4900 211.1A 19.333 23.332 218.IS 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 Apr.. 26.388 278.92 14.008 49.695 3.4900 280.65 2.3810 19.328 23.335 281.71 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 GARDNER L. BOOTHE, II, Administrator DIVISION OF INTERNATIONAL FINANCE 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 629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL RESERVE BULLETIN • MAY 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. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 63J. District 2—FEDERAL RESERVE BANK OF NEW YORK-Contmued 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

632 FEDERAL RESERVE BULLETIN • MAY 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 JJoosseepphh EE.. HHeeaallyy 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 633 District 6—FEDERAL RESERVE BANK OF ATLANTA-Coiitiiiiie* 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 H. J. Helmer H. J. Newman W. R, Diercks C. T. Laibly A. L. Olson A. M. Gustavson George W. Mitchell R. A. Swaney, in charge Paul C. Hodge of Detroit Branch DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Chairman Ira A. Moore Ernest W. Potter William A. Maybeny 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, Jr. Donald Barger J. W. Bellamy, Jr. Waldo E. Tiller E. C. Benton Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN • MAY 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 635 District 10—FEDERAL RESERVE BANK OF KANSAS CrTY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford John M. Griffith J. B. Thomas Lamar Fleming, Jr. D. A. Hulcy Sam D. Young J. Edd McLaughlin Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch T. A. Hardin Morgan H. Rice J. L. Cook, in charge of W. H. Holloway Harry A. Shuford Houston Branch C. E. Walker EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Floyd Childress D. F. Stahmann John P. Butler William R. Mathews E. J. Workman, Thomas C. Patterson Chairman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan S. Marcus Greer L. R. Bryan, Jr. A. E. Cudlipp Tyrus R. Timm John C Flanagan, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres E. C. Breedlove Alex R. Thomas, J. W. Beretta Burton Dunn Chairman Donald D. James Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard N. Loyall McLaren Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of R. H. Morrill H. F. Slade Salt Lake City Branch John A. O'Kane W. F. Volberg, J. M. Leisner, in charge of J. A. Randall, in charge of in charge of Seattle Branch Portland Branch Los Angeles Branch E. R. Millard O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL RESERVE BULLETIN • MAY 1958 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Continoed LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Leonard K. Firestone, Joe D. Paxton Robert J. Cannon Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., Chairman J. H. McNally C. B. Stephenson SALT LAKE CITY BRANCH—BOARD OF DIRECTORS George S. Eccles Oscar Hiller Joseph Rosenblatt, Chairman Russell S. Hanson Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS Henry N. Anderson Lyman J. Bunting, Joshua Green, Jr. James Brennan Chairman S. B. Lafromboise Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 1447-50 of the December 1957 Bulletin. THE FEDERAL RESERVE SYSTEM—PURPOSES AND Reserve Bulletin, single copies 60 cents each or FUNCTIONS. April 1954. 208 pages. in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE BULLETIN. Monthly. Sub- taining provisions of certain other statutes afscription price in the United States and its pos- fecting the Federal Reserve System. 385 pages. sessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, FLOW OF FUNDS IN THE UNITED STATES, 1939-53. Mexico, Nicaragua, Panama, Paraguay, Peru, A new accounting record designed to picture El Salvador, Uruguay, and Venezuela is $6.00 the flow of funds through the major sectors of per annum or 60 cents per copy; elsewhere the national economy. December 1955. 390 $7.00 per annum or 70 cents per copy. Group pages. $2.75. subscriptions in the United States for 10 or more copies to one address, 50 cents per copy A STATISTICAL STUDY OF REGULATION V LOANS. per month, or $5.00 for 12 months. September 1950. 74 pages. 25 cents per copy; in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual subscription includes one issue of Historical BANKING AND MONETARY STATISTICS. Statistics of banking, monetary, and other financial develop- Supplement. Subscription price in the United ments. November 1943. 979 pages. $1.50. States and the countries listed above is $6.00 per annum, 60 cents per copy, or 50 cents each RULES OF ORGANIZATION AND RULES OF PROCEin quantities of 10 or more of a particular DURE—Board of Governors of the Federal Reissue for single shipment; elsewhere $7.00 per serve System. 1946. 31 pages. annum or 70 cents each. REGULATIONS OF THE BOARD OF GOVERNORS OF HISTORICAL SUPPLEMENT TO FEDERAL RESERVE THE FEDERAL RESERVE SYSTEM. CHART BOOK. Issued annually in September. Annual subscription to monthly chart book in- ADMINISTRATIVE INTERPRETATIONS OF REGULAcludes one issue of Supplement. In the United TION F—SECTION 17—COMMON TRUST FUNDS. States and countries listed above under Federal 9 pages. CONSUMER INSTALMENT CREDIT—Six books (Parts I-IV) giving the results of an intensive study of consumer instalment credit, undertaken by the Board on request of the Council of Economic Advisers by direction of the President, are being distributed through the Superintendent of Documents. Part I—Growth and Import, Volume 1, $1.25; Volume 2, $1.00 Part II—Conference on Regulation, Volume 1, $1.75; Volume 2, $.60 Part III—Views on Regulation, $1.00 Part IV—Financing New Car Purchases, $.60 Requests and remittances for these six books should be directed to the Superintendent of Documents, Government Printing Office, Washington 25, D. C. 637 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN • MAY 1958 REPRINTS 1957 SURVEY OF CONSUMER FINANCES. March, June, and August 1957. 54 pages. (Similar {From Federal Reserve Bulletin unless preceded Surveys are available for earlier years from by an asterisk) 1952, 1953, 1954, 1955, and 1956 BULLETINS.) THE MONETARY SYSTEM OF THE UNITED STATES. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. February 1953. 16 pages. April 1957. 20 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES SURVEY OF FINANCE COMPANIES, MID-1955. ON ECONOMIC STABILITY. March 1953. 16 April 1957. 17 pages. pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. FEDERAL FINANCIAL MEASURES FOR ECONOMIC 6 pages. STABILITY. May 1953. 7 pages. INTEREST RATES IN LEADING COUNTRIES. August * DETAILED DESCRIPTION OF SOURCES AND METH- 1957. 7 pages. ODS USED IN REVISION OF SHORT- AND INTER- WINNING THE BATTLE AGAINST INFLATION. Au- MEDIATE-TERM CONSUMER CREDIT STATISTICS. gust 1957. 12 pages. April 1953. 25 pages. WORLD PAYMENTS STRESSES IN 1956-57. October DEPARTMENT STORE SALES AND STOCKS, BY 1957. 8 pages. MAJOR DEPARTMENTS (Revised Indexes). November 1953. 65 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- DEXES. December 1957. 30 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- TRIAL PRODUCTION, 1953 Revision. December BANKING AND MONETARY STATISTICS, 1957. (Se- 1953. 96 pages. lected series of banking and monetary statistics for 1957 only) February and May 1958. 11 NEW INDEXES OF OUTPUT OF CONSUMER DUpages. (Similar reprints of 1954, 1955, and RABLE GOODS. May 1954. 15 pages. 1956 data, February and May 1955, February SEASONAL ADJUSTMENT FACTORS FOR DEMAND and May 1956, and February and May 1957 DEPOSITS ADJUSTED AND CURRENCY OUTSIDE BULLETINS.) BANKS. March 1955. 4 pages. BANK CREDIT AND MONEY IN 1957. February A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- 1958. 9 pages. (Also, similar reprint from COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- July 1957 BULLETIN.) ber 1955. 40 pages. SEASONAL FACTORS AFFECTING BANK RESERVES. SURVEY OF BANK LOANS FOR COMMERCIAL AND February 1958. 12 pages. INDUSTRIAL PURPOSES. Business Loans of INTERNATIONAL GOLD AND DOLLAR FLOWS. Member Banks. April 1956. 14 pages. Credit March 1958. 7 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Reprints on a similar 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- Survey are available from March, May, June, NARY FINDINGS. March 1958. 4 pages. July, and August 1947 BULLETINS.) MEMBER BANK LENDING TO SMALL BUSINESS, FINANCING OF LARGE CORPORATIONS, 1951-55 1955-57. April 1958. 19 pages. June 1956. 9 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE REVISION OF CONSUMER CREDIT STATISTICS. Oc- SALES. April 1958. 10 pages. tober 1956. 24 pages. (Also similar reprint GROWTH AND STRUCTURE OF TIME DEPOSITS. from April 1953 BULLETIN.) April 1958. 5 pages. INDEX OF ELECTRICITY AND GAS OUTPUT. Octo- OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 ber 1956. 15 pages. pages. AGRICULTURAL LOAN SURVEY. November 1956 SURVEY OF COMMON TRUST FUNDS, 1957. May and January, February, and March 1957 BUL- 1958. 5 pages. (Also, similar reprints from LETINS. 52 pages. August 1956 and June 1957 BULLETINS.) UNITED STATES BANKING ORGANIZATION ABROAD. THE BATTLE AGAINST RECESSION. May 1958. 8 December 1956. 16 pages. pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 572, 573 Demand deposits—Continued Agricultural loans of commercial banks, 568, 570 Banks, by classes, 565, 571, 609 Agriculture, Goyt. agency loans, 576, 577 Type of holder, at commercial banks, 569 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 603 Banks and the monetary system, consoli- Sales and stocks, 592, 602 dated, 564, 608 Deposits (See also specific types of deposits): Corporate, current, 584 Adjusted, and currency, 564, 608 Domestic banks, by classes, 565, 568, 570, 609 Banks, by classes, 565, 569, 571, 609 Federal business-type activities, by fund or Federal Reserve Banks, 559, 560, 618 activity, 576, 577 Postal savings, 564, 608 Federal Reserve Banks, 559, 560 Turnover of, 562 Foreign central banks, 622 Deposits, reserves, and borrowings, by class of mem- Automobiles: ber bank, 557 Consumer instalment credit, 588, 589, 590 Discount rates, 558, 627 Production index, 594, 598 Discounts and advances by Federal Reserve Banks, 555, 559 Bankers' balances, 569, 571 Dividends, corporate, 583, 584 (See also Foreign liabilities and claims reported Dollar assets, foreign, 618, 619 by banks) Dwelling units started, 599 Banking and monetary statistics for 1957, 608 Banks and the monetary system, consolidated state- Earnings and hours, manufacturing indusment, 564, 608 tries, 592, 601 Bonds (See also U. S. Govt. securities): Employment, 592, 600, 601 New issues, 582, 584 Export-Import Bank, loans, etc., 576, 577 Prices and yields, 573, 574, 612 Brokers and dealers in securities, bank Farm mortgage loans, 576, 585, 586 loans to, 568, 570 Federal business-type activities, assets and liabilities, Business expenditures on new plant and equipby fund or activity, 576, 577 ment, 584 Federal Deposit Insurance Corporation, Business indexes, 592 assets, etc., 576, 577 Business loans (See Commercial and industrial loans) Federal finance: Cash transactions, 578 Capital accounts: Receipts and expenditures, 571 Banks, by classes, 565, 569, 571, 609 Treasurer's balance, 578 Federal Reserve Banks, 559, 560 Federal home loan banks, loans, etc., 576, 577, 587 Carloadings, 592 Federal Housing Administration, Central banks, foreign, 620, 622, 627 loans, etc., 576, 577, 585, 586, 587 Coins, circulation of, 563 Federal National Mortgage Association, Commercial banks: loans, etc., 576, 577, 587 Assets and liabilities, 565, 568, 609 Federal Reserve Banks: Consumer loans held, by type, 589 Condition statement, 559, 560 Number, by classes, 565, 609 U. vS. Govt. securities held by, 555, 559, 560, Real estate mortgages held, by type, 585 580, 581 Commercial and industrial loans: Federal Reserve credit, 555, 559, 560 Commercial banks, 568 Federal Reserve notes, 559, 560, 561, 563 Weekly reporting member banks, 570, 572 Finance company paper, 572, 573 Commercial paper, 572, 573 Foreign central banks, 620, 622, 627 Commodity Credit Corporation, loans, etc., 576, 577 Foreign deposits in U. S. banks, 555, 559, 560, 564, Condition statements (See Assets and liabilities) 569, 571, 608 Construction, 592, 598, 599 Foreign exchange rates, 628 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 588, 589, 590, 591 banks, 614, 616, 618 Major parts, 588, 590 Foreign trade, 603 Noninstalment credit, by holder, 589 Consumer durable goods output indexes, 598 Consumer price indexes, 592, 604 Gold: Consumption expenditures, 606, 607 Earmarked, 619 Corporate sales, profits, taxes, and Net purchases by U. S., 619 dividends, 583, 584 Production, 618, 619 Corporate security issues, 582, 584 Reserves of central banks and governments, 620 Corporate security prices and yields, 573, 574 Reserves of foreign countries and international Cost of living (See Consumer price indexes) institutions, 621 Currency in circulation, 555, 563 Stock, 555, 564, 608, 619 Customer credit, stock market, 574 Gold certificates, 559, 560, 561, 563 Govt. debt (See U. S. Govt. securities) Debits to deposit accounts, 562 Gross national product, 606, 607 Demand deposits: Adjusted, banks and the monetary Home owners, Govt. agency loans, 576, 577 system, 564, 608 Hours and earnings, manufacturing indus- Adjusted, commercial banks, by classes, 569 tries, 592, 601 639 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL RESERVE BULLETIN • MAY 1958 Industrial advances by Federal Reserve Real estate loans—Continued Banks, 559, 560, 561, 562 Type of mortgage holder, 585, 586, 587 Industrial production indexes, 592, 593, 598 Type of property mortgaged, 585, 586, 587 Instalment loans, 588, 589, 590, 591 Regulation V, loan guarantees, 561, 562 Insurance companies, 575, 580, 581, 586 Reserve requirements, member banks, 558 Insured commercial banks, 567, 568 Reserves: Interbank deposits, 565, 569, 571, 609 Commercial banks, 569 Interest rates: Federal Reserve Banks, 559, 560 Bond yields, 573 Foreign central banks and governments, 620 Business loans by banks, 573 Foreign countries and international institu- Federal Reserve rates, 558, 562 tions, 621 Foreign countries, 627 Member banks, 555, 557, 559, 560, 569, 571 Open market, 573, 627 Residential mortgage loans, 585, 586, 587 Regulation V loans, 562 Stock yields, 573 Sales finance companies, consumer International capital transactions of the loans of, 588, 589, 591 U. S., 614 Savings, 606 International financial institutions, 620, 621, 622 Savings deposits (See Time deposits) Inventories, 607 Savings institutions, principal assets, 575 Investments (See also specific types of investments): Savings and loan associations, 575, 576 Banks, by classes, 565, 568, 570, 609 Securities, international transactions, 617, 618 Federal Reserve Banks, 559, 560 Security issues, 582, 584 Govt. agencies, etc., 576, 577 Silver coin and silver certificates, 563 Life insurance companies, 575 State member banks, 567 Savings and loan associations, 575 State and municipal securities: New issues, 582 Labor force, 600 Prices and yields, 573, 574 Loans (See also specific types of loans): States and political subdivisions: Banks, by classes, 565, 568, 570, 609 Deposits of, 569, 571 Federal Reserve Banks, 555, 557, 559, 560, Holdings of U. S. Govt. securities, 580 561, 562 Ownership of obligations of, 568, 575 Govt. agencies, etc., 576, 577 Stock market credit, 574 Insurance companies, 575, 586 Stocks: Savings and loan associations, 575, 586 New issues, 582 Loans insured or guaranteed, 561, 585, 586, 587 Prices and yields, 573, 574 Manufacturers, production indexes, 592, 593, 598 Tax receipts, Federal, 579 Margin requirements, 558 Time deposits, 557, 564, 565, 569, 571, 608, 609 Member banks: Treasurer's account balance, 578 Assets and liabilities, by classes, 565, 568, 609 Treasury cash, 555, 564, 608 Borrowings at Federal Reserve Banks, 555, 557 Treasury currency, 555, 563, 564, 608 Deposits and reserves, by classes, 557 Treasury deposits, 555, 559, 560, 578 Number, by classes, 565, 609 Reserve requirements, by classes, 558 Unemployment, 600 Reserves and related items, 555 U. S. Govt. balances: Weekly reporting series, 570 Commercial bank holdings, by classes, 569, 571 Minerals, production indexes, 592, 593 Consolidated monetary statement, 564, 608 Money rates (See Interest rates) Treasury deposits at Federal Reserve Mortgages (See Real estate loans) Banks, 555, 559, 560, 578 Mutual savings banks, 564, 565, 567, 580, 581, 585, U. S. Govt. securities: 608, 610 Bank holdings, 564, 565, 568, 570, 580, 581, National banks, 567 608, 609 National income, 606 Federal Reserve Bank holdings, 555, 559, 560, National security expenditures, 579, 607 580, 581 Nonmember banks, 559, 567, 568 Foreign and international holdings, 621 International transactions, 617 Payrolls, manufacturing, index, 592 New issues, gross proceeds, 582 Personal income, 607 Outstanding, by type of security, 580, 581 Postal Savings System, 564, 608 Ownership of, 580, 581 Prices: Prices and yields, 573, 574, 612 Consumer, 592, 604 United States notes, outstanding and in circula- Security, 574, 612 tion, 563 Wholesale commodity, 592, 604 Utility output index, 597 Production, 592, 593, 597, 598 Profits, corporate, 583, 584 Veterans Administration, loans, etc., 576, 577, 585, 586, 587 Real estate loans: Commercial banks, 568, 570, 585 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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