Federal Reserve Bulletin, 1958-06

FEDERAL RESERVE B U LLETIN June 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 Financing Business Investment 641 Member Bank Earnings, 1957 648 Current Events and Announcements 652 National Summary of Business Conditions 653 Financial and Business Statistics, U. S. (Contents on p. 655) 657 International Financial Statistics (Contents on p. 723) 724 Board of Governors and Staff 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financing Business Investment WIDESPREAD DECLINES in business investment outlays this year have been accom- BUSINESS INVESTMENT panied by reductions in both corporate Billions of dollars profits and external financing. Business use of bank credit has been sharply curtailed and capital market flotations, while large, have been below last year's record volume. Contraction in external financing needs has been greatest in durable goods manufacturing industries, but it has also occurred in almost every other industry. Expenditures for capital goods have been - 40 smaller than in 1957, and business has liquidated inventories on balance this year in contrast with net accumulation a year earlier. As a result, total outlays for plant, 30 equipment, and inventories have declined 1955 1956 !95» sharply. Financing needs for other pur- NOTE.—Seasonally adjusted annual rate*. Department of poses, such as income tax and dividend Commerce estimates. Includes nonresidential construction, producers' durable equipment, and change in nonfann busipayments and customer financing, have also ness inventories. been smaller on balance than they were in in capital markets this year has been used the first half of last year. to repay bank loans, and the volume of Corporate profits have decreased rela- issues to refinance outstanding securities tively less than total outlays, and profits has been the largest since 1955. Subhave supplied a larger proportion of financ- stantial repayment of bank loans and other ing needs than in the first half of other short-term debts has apparently resulted in recent years. The downturn in profits began the maintenance of corporate liquidity at in early 1957 but was moderate through the the late 1957 level, despite relatively large third quarter. By the first quarter of 1958 reductions in corporate holdings of cash and profits had dropped to a level about one- United States Government securities. fourth lower than a year earlier. The increase in depreciation provisions was small BUSINESS INVESTMENT relative to the drop in profits. Business plans to spend $30.8 billion on Reflecting reduction in external financ- new plant and equipment in 1958, or 17 per ing needs, bank loans have been repaid and cent less than in 1957, according to the corporations have offered a smaller volume most recent survey by the Securities and of security issues for new capital. An un- Exchange Commission and the Department usually large proportion of the funds raised of Commerce. This is a sharper decline than 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN • JUNE 1958 occurred from 1953 to 1954 or from 1948 BOOK VALUE OF MANUFACTURING AND to 1949. TRADE INVENTORIES Spending for fixed capital in the first six [Seasonally unadjusted, in billions of dollars] months of 1958 is estimated at $15.6 billion Increase, or compared with $17.9 billion in the same decrease (—) On period of 1957. Among manufacturing in- hand, dustries, declines ranged from less than one- Industry Apr. First four months 30, tenth in the nonelectric machinery and 1958 chemical groups to more than one-third in 1958 1957 1956 the textile and motor vehicle industries. Total 88.3 -1.4 3.3 5.5 Motor vehicle producers, whose capital outlays have declined sharply in each of the Manufacturing past two years, are estimated to have spent Durable goods 29.7 -1.4 1.2 2.0 less than half as much on new plant and Primary metals 4.2 -0.3 -0.2 -0.2 equipment in the first six months of 1958 Machinery 9.9 -0.4 0.3 1.0 Transportation equip... 7.0 -0.9 0.4 0.4 as in the same period of 1956. The only Other 8.6 0.1 0.6 0.8 major industrial group that has spent more Nondurable goods 21.9 -0.6 0.1 0.3 on plant and equipment this year than in Food 4.5 -0.4 -0.4 -0.4 early 1957 is public utilities, with an in- Petroleum 3.4 -0.3 C1) 0.1 crease of 10 per cent. Other 14.1 0.1 0.6 Declines in spending for inventories have Trade 0.6 also been widespread. In the first four Wholesale 12.0 -0.6 0.8 months of 1958 the book value of manufac- Durable goods 6.3 -0.1 0.4 0.7 turing and trade inventories decreased $1.4 Nondurable goods 5.7 -0.5 --00..15 G) billion (before adjustment for usual seasonal Retail 24.7 1.2 2.1 2.4 variation). This compares with a rise of Durable goods 11.4 0.5 1.3 1.4 $3.3 billion in the same months of last year Nondurable goods 13.3 0.7 0.8 1.0 when, as may be seen from the table, the rate of inventory accumulation had already i Less than $50 million. NOTE.—Department of Commerce data, without adjustment to moderated. remove seasonal variation or the effect of price changes on inventory values. Details may not add to totals because of rounding. The most striking shift in spending for inventories occurred among manufacturers first four months of last year, either rose less of machinery and transportation equipment, or declined in the same period of 1958. who have experienced substantial declines In trade, inventory accumulation by rein sales volume. Inventory liquidation of tailers of durable goods was only two-fifths $1.3 billion by these industries over the first as large as in the first four months of 1957 four months of 1958 compares with net and much smaller than is usual early in the additions to stocks in this period of each of year. At nondurable goods stores, however, the two preceding years. In the primary the increase was only moderately smaller metals and petroleum groups, inventory than in the early months of 1957. The reliquidation was larger than in early 1957. duction in wholesale inventories through Inventories in most other manufacturing April was much larger than a year earlier. industries, which had increased during the Declines in book value of manufactur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING BUSINESS INVESTMENT 643 ing and trade inventories in early 1958 years, repayments of consumer loans early have been moderated by seasonal needs for in the year have been more than offset by replenishing stocks in some lines. The net increases in credit extended to other busi- Department of Commerce estimates that nesses, but this year business trade credit nonfarm business inventories, after adjust- has probably been repaid on balance. ment for usual seasonal variation and for Although corporate incomes have deprice change, declined at an annual rate of clined this year, dividend payments have nearly $9 billion in the first quarter. This is been maintained at about the level of early the largest quarterly decline on record and 1957 and have been higher, relative to compares with reductions of about $5 bil- profits, than at any time since the late lion, annual rate, in the third quarter of thirties. The recent leveling off in dividend 1954 and in the fourth quarters of 1953 payments contrasts with continuous growth and 1949. Relative to the stock of infrom 1952 through 1957. ventories on hand, however, the reduction was only moderately larger than in 1953 FUNDS FROM OPERATIONS and 1954 and about the same as in 1949. Corporate profits before taxes have declined further this year and, despite the continued OTHER OUTLAYS rise in depreciation allowances, total funds Business financing needs for purposes other from current operations have been well bethan inventories and capital outlays have low the level of early 1957. In the first also been smaller than in 1957. Corporate quarter of 1958, profits were about onepayments of Federal income taxes totaled fourth smaller than a year earlier and, on $7.4 billion in the first three months of 1958, a seasonally adjusted basis, about one-fifth compared with $8.3 billion in the first below the third quarter of 1957, as may quarter of last year. The smaller payments be seen in the chart on the following page. this year reflect primarily a reduction from The decline in profits from the beginning of 80 to 70 per cent in the proportion of the the downturn in industrial production last Federal tax on the prior year's income that year through the first quarter of 1958 was must be paid by most corporations in the relatively sharper than in the same period of first half of the current year. 1948-49, but more moderate than the Business financing of customers appears decline in the last half of 1953. to have decreased this year, compared with a moderate expansion in the early months of Profits were lower in the first quarter of 1957. Reduction in notes and accounts re- 1958 than in the first quarter of 1957 for ceivable reflects contraction in the volume all major groups except electric power and of business sales and in consumer use of communication utilities, and for all manuinstalment credit. Credit extended by cor- facturing industries except foods, tobacco, porations to consumers, including charge- and drugs. Sharpest drops were recorded account and service credit as well as instal- by railroads and by producers of primary ment loans, customarily declines early in metals, motor vehicles, and rubber products. the year. This year the decline is estimated For railroads, the decline in net income exto have been about one-third larger than in ceeded 80 per cent, and nearly 40 per cent the first quarter of 1957. In most recent of all Class I railroad lines reported deficits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN • JUNE 1958 for the first three months of die year. The member bank reserve positions resulted year-to-year decline in railroad earnings was in an expansion in total bank credit, busialmost as great in April, according to pre- ness loans declined sharply in the first five liminary data. months of 1958, compared with a small Information available for the first quar- rise in the same period of 1957. The volter of 1958 indicates a further decline in ume of corporate security issues for new profit margins of manufacturing companies. capital was about one-tenth smaller in die The ratio of profits before taxes to sales first six months of 1958 than a year earlier. declined throughout 1957, according to Bank tarns. The decline in business loans data compiled by the Federal Trade Com- at commercial banks totaled $2.4 billion mission and the Securities and Exchange in the five months through May 1958. In Commission, as costs increased more than the same months of last year, business loans sales for manufacturers in both durable and increased $200 million. Repayments have nondurable goods groups. Data for 200 exceeded new borrowing in each month of large manufacturing companies indicate a 1958 except March, when business insmaller reduction in their total costs than debtedness to banks increased, in part for in their sales from the first quarter of 1957 tax purposes. The March rise in business to the first quarter of 1958. As a result, loans was much smaller this year than in profits and profit margins in both durable either of the two preceding years. and nondurable goods industries declined Changes in large loans at a sample of sharply. weekly reporting banks suggest mat the sharply reduced use of bank credit this year EXTERNAL FINANCING reflects both a drop in financing needs and External financing by business, both at an increased reliance on nonbank sources banks and in the capital markets, has been of funds. With planned capital expendismaller mis year than last. While easing of tures down and inventories sharply reduced, CORPORATE PROFITS BEFORE TAXES Bilfiom ol dollars - 50 - 50 40 40 - 30 V -- 30 20 I • • ! 1 —Vv 20 1948 1950 1952 1954 1956 1958 NOTE.—Seasonally adjusted annual rates. Department of Commerce estimates exoept first quarter of 1958, which is estimated by Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

645 FINANCING BUSINESS INVESTMENT producers of metals and metal products added little to their bank loans over the first BUSINESS LOANS OF BANKS five months of 1958, as the chart shows. In Cumulotir* cluing* during y.or, million! of dollort METALSMANUFACTURERS the same period of each of the two pre- / ceding years they had substantially increased the amount of their loans. 1957 r The group of industries that includes petroleum, chemical, and rubber companies, J/ which ordinarily increases its indebtedness k 1958 to banks during the early part of the year, repaid bank debt through May this year. Seasonal borrowers such as food processors, i i 1 trade concerns, and commodity dealers, who usually reduce their bank loans during the early months of the year, made somewhat larger repayments on balance in early 1958 than a year ago. Business use of bank credit has also declined substantially in the public utility and sales finance groups. External financing needs in these industries have changed only moderately, but bank credit has been replaced in part with nonbank funds. In the public utility group, a relatively large proportion of the funds raised in the capital market, particularly in the early months of the year, was used to retire bank debt. Sales finance companies repaid $900 million of bank loans in the first five months of 1958, in contrast with loan reduction of $35 million through May of last year. They have obtained a much larger volume of funds than in 1957, however, through issuing short-term paper, particularly to nonfinancial corporations. Rates on finance company paper have fallen considerably more than rates charged on short-term bank loans to business. Security issues. Corporate security offerings for new capital are estimated at $5.9 billion in the first half of 1958, about onetenth below last year's record volume, but well above the total for the first six months \ .1 . 1 , 1000 •00 600 400 ZOO 1 - 200 600 PUBLIC UTILITIES 200 JAN. FES. MAR. APR. MAY JUNE NOTE.—Monthly changes in large loans reported by a sample of more than 200 weekly reporting banks. Changes in 1957 are cumulative from Jan. 2; in 1958. from Dec. 31, 1957. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN • JUNE 1958 of any other recent year, as the chart shows. All the decline in corporate security is- Public utilities and communications com- sues this year has been in offerings of companies have accounted for about one-half of mon stock. The volume of publicly offered total corporate new capital issues this year, bonds and debentures has been one-fifth compared with two-fifths and one-third in larger than in the first half of 1957. This the first six months of 1957 and 1956. increase has more than offset the decline In the first quarter of 1958 the largest in debt securities placed privately with indeclines in capital market financing were stitutional investors. reported by manufacturers and by com- An unusually large proportion of security panies in the commercial and miscellaneous issues this year has been offered, at least in group. Security flotations by durable goods part, to provide funds for the retirement of bank loans. Also, the volume of securities issued for the purpose of refunding ex- CORPORATE NEW CAPITAL ISSUES isting securities, while only a small propor- January - June, billions of dollars tion of total corporate flotations, has been much larger than in early 1957. The increase in security issues for refinancing purposes, as well as the continued large volume of public flotations for other purposes, has been stimulated in part by the lowest interest rates on long-term borrowing since 1956. While the decline in longterm rates since last autumn has been more moderate than the drop in short-term market rates, it has nonetheless been substantial. 1952 1954 1956 1958 Yields on outstanding high-grade corporate bonds, which reached a peak of 4.14 per cent NOTE.—Securities and Exchange Commission estimates ex- last September, declined to about 3.60 per cept for 1958, which includes a Federal Reserve estimate for the second quarter. New capital issues include all offerings other than those for retirement of securities. cent by mid-January and have remained close to this level since then. Yields on new manufacturers were only one-third, and offerings declined more sharply but have also those of nondurable goods producers only been relatively stable in recent months. one-half, as large as in the first three months of last year. The only major industry LIQUIDITY groups in which the volume of new capital Corporate liquidity, as measured by the issues was larger than a year earlier were ratio of cash and United States Government electric and gas utilities and communica- security holdings to total current liabilities, tions. During the second quarter a number increased in late 1957 from the postwar low of manufacturers have borrowed substantial of 41 per cent reached in the third quarter, amounts in the capital markets, in part to and appears to have remained at this slightly repay bank loans, while public utility and higher level in early 1958. Although recommunication offerings appear to have payment of short-term bank and trade debt been somewhat smaller than a year ago. has been substantial, corporations have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING BUSINESS INVESTMENT 647 drawn heavily on their liquid assets during Over-all working capital positions, howtax payment periods this year. ever, may have strengthened considerably Stability in liquidity positions in early in early 1958. Reduction in short-term 1958 contrasts with declines in the first half debts appears to have been larger than the of the past several years. It also contrasts decline in total current assets, including with a sharp rise in corporate liquidity in notes and accounts receivable and inventhe first half of 1949, when short-term debts tories as well as liquid assets. This would were also reduced substantially but when mean a further rise in net working capital there was less concentration of Federal in- from the peak reached in the fourth quarcome tax payments in the first half of the ter of 1957, and an increase in the ratio year, and therefore less need to draw on of current assets to current liabilities to the liquid asset holdings. highest level since the first half of 1954. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Member Bank Earnings, 19S7 FOR THE YEAR 1957 member banks re- valuation reserves on loans and smaller net ported $2,549 million of net current earn- losses and charge-offs on loans and securiings before income taxes, $150 million more ties. Higher net profits together with a than in 1956.1 The increase in net profits moderate rise in total capital accounts reafter taxes was $142 million. Larger pro- sulted in an increase from 7.7 to 8.3 per cent visions for State and Federal income taxes in the ratio of net profits to average total were nearly offset by smaller net transfers to capital accounts. Cash dividends declared amounted to $604 million, $57 million more than in 1956. NOTE.—This article was prepared by Theodore A. The ratio of average total capital accounts Veenstra, Jr., of the Board's Division of Bank to average total assets advanced from 7.6 to Operations. 7.9 per cent, and the ratio of average total 1Net current earnings are gross current operating earnings less gross current operating expenses, before capital accounts to average total assets other adjustments for losses, profits on sales of securities, than cash and United States Government recoveries, and transfers to and from valuation resecurities rose from 14.6 to 14.7 per cent in serves, and before taxes on net income. MEMBER BANK EARNINGS, 1946-57 [Dollar amounts in millions] Item 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 Earnings $2,403 $2,579 $2,828 $2,986 $3,265 $3,669 $4,120 $4,590 $4,826 $5,343 $6,078 $6,771 On U. S. Government securities 1,054 921 855 859 865 832 929 1,011 1,066 1,118 1,101 1,168 On other securities 148 149 158 169 190 211 235 252 273 296 308 339 On loans 772 1,044 1,308 1,427 1,634 2,003 2,306 2,632 2,711 3,083 3,725 4,208 Service charges on deposit accounts. . 100 119 141 158 172 187 198 219 252 274 310 354 Other earnings 328 346 367 373 403 436 452 All 523 572 634 702 Expenses 1,469 1,650 1,795 1,889 2,020 2,232 2,501 2,782 2,999 3,265 3,680 4,222 Salaries and wages 699 797 876 926 1,000 1,125 1,244 1,371 1,463 1,571 1,735 1,877 Interest on time deposits 212 236 250 261 271 306 365 425 494 543 650 927 Taxes other than income 82 88 90 96 109 115 118 125 140 149 157 172 Other expenses 476 529 579 605 640 686 775 860 902 1,002 1,138 1,246 Net current earnings before income taxes. 934 929 1,033 1,097 1,245 1,437 1,619 1,809 1,828 2,077 2,398 2,549 Profits on securities 183 90 55 64 82 52 29 35 375 51 28 57 Recoveries* 173 142 135 91 93 87 84 86 117 113 124 102 Losses and charge-offs 2 247 251 195 166 149 202 226 332 254 426 577 468 Net increase in valuation reserves.... 173 125 121 128 68 40 165 139 229 177 Profits before income taxes 1,043 910 854 961 1,150 1,247 1,437 1,558 1,900 1,676 1,744 2,063 Taxes on net income 285 257 234 275 369 491 608 692 804 691 718 895 Net profits 758 653 621 686 781 756 829 865 1,096 985 1,027 1,169 Cash dividends declared4 267 281 294 313 346 371 390 419 456 501 547 604 Ratio of net profits to average total capital accounts (per cent) 9.6 7.9 7.2 7.6 8.3 7.6 7.9 7.8 9.3 7.9 7.7 8.3 Number of banks at end of year 6,900 6,923 6,918 6,892 6,873 6,840 6,798 6,743 6,660 6,543 6,462 6,393 1 Beginning with 1948, includes recoveries credited either to un- with losses, and transfers from these reserves were included with redivided profits or to valuation reserves; see footnote 3. coveries. Such amounts are estimated to have been relatively small 2 Beginning with 1948, includes losses charged either to undivided prior to 1947. profits or to valuation reserves; see footnote 3. 4 Includes interest on capital notes and debentures. 3 Not reported separately; transfers to these reserves were included 648 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 649 1957. The latter ratio increased for the As in most recent years, all items of curfirst time since 1954. rent operating earnings increased in 1957. A summary of factors contributing to the Of the total increase of $693 million, $483 increase in net profits of member banks in million was in earnings on loans. The aver- 1957 appears in the following table. age rate of return on loans increased from 5.02 to 5.32 per cent and average total hold- FACTORS IN HIGHER NET PROFITS ings expanded $4.7 billion. The average [In millions of dollars] rate of return on United States Government Change securities advanced from 2.31 to 2.53 per Item from 19561 cent and earnings on the securities rose $67 Increase in net profits +142 million although average holdings declined Factors increasing net profits, total. +909 $1.5 billion.2 Increase in operating earnings 693 On loans 483 Commercial and industrial loans in- On U. S. Government securities. 67 On other securities 32 creased $1.6 billion during the year, con- Miscellaneous current earnings.. 111 Nonoperating transactions 216 tinuing to account for the major portion of Decrease in net losses on securities2 86 Increase in profits on sales of securities 30 growth in total loans at member banks. Smaller net increase in valuation reserves on loans. 74 Decrease in net losses on loans2 22 Sample data on changes in commercial and Decrease in miscellaneous losses 4 industrial loans at weekly reporting member Factors decreasing net profits, total. -765 Increase in operating expenses 542 banks indicate that loans to public utilities Nonoperating transactions 46 and to companies in the metals, metal prod- Smaller net decrease in valuation reserves on sec.. 22 Decrease in miscellaneous recoveries 24 ucts, petroleum, coal, chemical, and rubber Increase in provision for taxes on net income. 177 industries accounted for most of the increase 1 Details may not add to totals because of rounding. 2 Includes recoveries credited and losses charged either to undivided profits or to valuation reserves. CHANGES IN MEMBER BANK LOANS AND INVESTMENTS 1957 EARNINGS AND EARNING ASSETS [Dollar amounts in millions] Earning assets of member banks continued Change from to rise, and on December 31, 1957 were Dec. 31, 1956 Dec. 31, Item $3.6 billion more than a year earlier. An 1957 Amount Percentage expansion of $2.9 billion in loans and of $1.2 billion in other securities was partly Total loans and investments $142,353 $+3,586 + 2.6 offset by a $0.5 billion decrease in holdings Lo C an o s m 1 mercial and industrial.... 8 3 0 7 , , 9 86 5 8 0 + + 2 1 ,9 ,5 1 7 6 2 ± + 43 l .7 of United States Government securities. Al- Agricultural 2,472 - 6 For purchasing and carrythough the net increase in earning assets Re i a n l g e s s e ta cu te rities 1 3 8 , ,2 8 3 5 1 7 + - 42 6 0 2 + - 2 1 . . 4 6 Other loans to individuals.... 16,775 + 1,010 + 6.4 was approximately the same in 1957 as in All other 3,316 + 169 + 5.4 1956, the increase in loans and the decrease U. S. Government securities... 47,079 - 496 - 1.0 Treasury bills, notes, and in Government securities were both sub- certificates 16,042 + 697 + 4.5 Bonds* 31,038 -1,193 - 3.7 stantially less than in 1956 and the increase Other securities 14,324 +1,165 + 8.9 in holdings of other securities was in con- State and local government. 11,235 + 741 + 7.1 Other 3,089 + 424 + 15.9 trast to a $0.5 billion decrease in 1956. 1 Totals are net (after deduction of valuation reserves); individual The decline in member bank holdings loan items are gross and do not add to totals. 2 Includes small amount of guaranteed obligations. of Government securities was entirely in bonds, as combined holdings of bills, 2 Average holdings of earning assets during the notes, and certificates increased $0.7 billion. year may differ considerably from year-end holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN • JUNE 1958 in commercial and industrial loans. In- securities were $59 million, about the same creases were also reported in consumer loans as in 1956. Losses charged directly exto individuals and in real estate loans. Ag- ceeded recoveries by $69 million, however, ricultural loans and loans for purchasing and these reserves were reduced $10 million and carrying securities were slightly lower to $171 million at the year-end. This was than at the end of 1956. 0.28 per cent of the book value of all securities held by member banks. EXPENSES All these transactions in nonoperating All categories of member bank expenses profits, recoveries, losses, charge-offs, and continued to rise in 1957 and total current valuation reserves resulted in a reduction in operating expenses, at $4,222 million, were net profits of $485 million, of which $246 15 per cent higher than in 1956. Interest million was on loans, $200 million on sepaid on time deposits increased 43 per cent curities, and $39 million on all other assets. and accounted for more than half of the The comparable net reduction in 1956 was $542 million increase in current operating $654 million. expenses. The sharp rise in interest paid on time deposits reflected an increase of $3.4 INCOME TAXES billion in the average volume of such depos- Provision for taxes on net income increased its and a rise in the average rate of interest $177 million and amounted to 43 per cent paid from 1.58 to 2.08 per cent. Early in of profits before income taxes, compared 1957, after an upward revision in the maxi- with only 41 per cent in 1956. mum interest rates that banks are per- DIVIDENDS AND CAPITAL mitted to pay on time deposits, many banks raised the rates paid. Salaries and wages Cash dividends declared in 1957 totaled accounted for $142 million of the increase $604 million, $57 million more than in in expenses; the number and the average 1956, but represented only 52 per cent of compensation of officers and employees both net profits compared with 53 per cent in the increased. earlier year. The ratio of cash dividends to average total capital accounts was 4.3 per LOSSES, CHARGE-OFFS, RECOVERIES, cent, slightly higher than in 1956. Retained PROFITS, AND TRANSFERS TO RESERVES3 earnings increased $86 million to $565 mil- Net losses and charge-offs on securities were lion and accounted for 63 per cent of the $86 million less and profits from sales of increase in total capital accounts compared securities $30 million more than in 1956. with 55 per cent in 1956. Net losses and charge-offs on loans decreased $22 million; they amounted to $59 EARNINGS AND PROFITS BY CLASS OF BANK million or 1.4 per cent of total earnings on Net profits rose at all reserve classifications loans compared to $81 million and 2.2 per of member banks. They increased 23 per cent in 1956. cent at New York central reserve city banks, Net transfers to valuation reserves on one per cent at Chicago central reserve city banks, 10 per cent at reserve city banks, and 3 In this analysis, losses and charge-offs are those debited to either undivided profits or valuation re- 15 per cent at country banks. The smaller serves, and recoveries are those credited to either percentage increase in net profits at Chicago account; transfers between undivided profits and valuation reserves are not included. central reserve city banks was due prin- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 651 cipally to larger net transfers to valuation member banks, varied from 38 per cent at reserves in 1957. Chicago central reserve city banks to 48 Earnings on loans and on United States per cent at country banks. Government securities increased at all re- The increase in the ratio of net profits to serve classifications of member banks, ex- average total capital accounts from 7.7 per cept at Chicago banks where earnings on cent to 8.3 per cent at all member banks Government securities declined $3 million. was reflected at all reserve classifications Current operating expenses rose at all except central reserve city banks in Chicago. reserve classifications, with the increases Increases in cash dividends occurred at all ranging from 11 per cent at New York and classes of member banks. Chicago central reserve city banks to 16 per Summary data by class of bank are shown cent at reserve city and country banks. The in the following table. Detailed figures on percentage of net current earnings carried earnings and related items appear on pages to net profits, which was 46 per cent at all 710-18 of this BULLETIN. MEMBER BANK EARNINGS, BY CLASS OF BANK, 1957 AND 1956 [Dollar amounts in millions] Central reserve city banks Reserve Country Total city banks banks New York Chicago 1957 1956 1957 1956 1957 1956 1957 1956 1957 1956 Earnings $6,771 $6,078 $1,136 $1,014 $274 $243 $2,664 $2,402 $2,697 $2,419 On U. S. Government securities. 1,168 1,101 137 133 46 49 426 404 558 514 On other securities 339 308 47 47 15 16 128 116 149 129 On loans 4,208 3,725 727 633 172 143 1,694 1,511 1,615 1,438 All other 1,056 945 225 201 41 35 415 371 374 338 Expenses 4,222 3,680 592 536 136 123 1,666 1,441 1,827 1,579 Salaries and wages 1,877 1,735 293 275 65 60 731 677 788 724 Interest on time deposits. 927 650 80 59 23 19 398 266 427 305 All other 1,418 1,295 220 202 49 44 537 497 613 551 Net current earnings before income taxes. 2,549 2,398 544 478 137 119 998 961 870 840 Profits on securities 57 28 11 11 7 2 24 15 6 Recoveries 1 102 124 13 34 4 7 37 38 49 45 Losses and charge-offs2 468 577 97 109 25 40 166 222 180 206 Net increase in valuation reserves. 111 229 29 67 30 7 43 63 74 91 Profits before income taxes. 2,063 1,744 442 346 93 82 849 723 679 593 Taxes on net income 895 718 209 157 41 30 385 302 260 229 Net profits 1,169 1,027 233 189 53 52 464 421 419 364 Cash dividends declared3. 604 547 152 133 24 23 242 223 186 168 Ratios (per cent): Net current earnings before income taxes to Average total capital accounts 18.1 18.0 18.2 17.0 20.6 18.7 19.2 19.7 16.5 17.0 Average total assets 1.42 1.37 1.70 1.52 1.65 1.43 1.42 1.40 1.26 1.26 Net profits to- Average total capital accounts. 8.3 7.7 7.8 6.7 7.9 8.2 8.9 8.6 8.0 7.4 Average total assets 0.65 0.59 0.73 0.60 0.64 0.63 0.66 0.61 0.61 0.55 l Includes recoveries credited either to undivided profits or to 2 Includes losses charged either to undivided profits or to valuation valuation reserves. reserves. 3 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Meetings of the Federal Open Market Committee were held in Washington on May 27 and June 17, Latest BULLETIN Reference 1958. Semiannually Issue Page A meeting of the Presidents of the Federal Re- Banking offices: Analysis of changes in number of... Feb. 1958 202 serve Banks was held in Washington on June 16, On, and not on, Federal Reserve Par List, number of Feb. 1958 203 1958, and on June 17 the Presidents met with the Annually Board of Governors. Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 Member banks June 1958 710-18 ADMISSION OF STATE BANK TO MEMBERSHIP Insured commercial banks June 1958 719 IN THE FEDERAL RESERVE SYSTEM Banks and branches, number of, by class and State Apr. 1958 492-93 The following State bank was admitted to mem- Operating ratios, member banks June 1958 720-22 Stock Exchange firms, detailed debit and bership in the Federal Reserve System during the credit balances Mar. 1957 336 period April 16, 1958 to May 15, 1958: Banking and mon«stary statistics. 1957.. { *fe J«g ^04-10 Summary flow-of-funds accounts, Minnesota 1954-56 Oct. 1957 1190-94 Bank holding companies, Dec. 31, 1957 Feb. 1958 211 Grand Rapids. . . Grand Rapids State Bank 652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication June 13 Economic activity firmed in May following ingot production rose from 80 per cent of the eight months of decline. Industrial production, 1947-49 level in April to 89 per cent in May, employment, and incomes edged up, and retail and to 106 per cent in early June. Seasonally sales were maintained. Unemployment declined adjusted auto output rose about one-fifth in May, more than seasonally. From early May to early to 96 per cent of the 1947-49 average, and was June, average wholesale prices of industrial com- maintained close to the higher rate in early June. modities were stable, while prices of farm prod- Output of household furniture and television sets ucts declined. Total bank credit continued to also increased in May. Activity in the aircraft expand, and yields on short-term securities de- and ordnance industries continued stable, but clined further. production of most business equipment declined further. INDUSTRIAL PRODUCTION CONSTRUCTION Output of manufactures and minerals in May, Private housing starts rose in May to a seasonas measured by the Board's seasonally adjusted ally adjusted annual rate of one million units index of industrial production, was 127 per cent from 950,000 in April. Value of new construcof the 1947-49 average, one point above April tion declined slightly further, to a seasonally adand 12 per cent below last August. The rise in justed annual rate of $47.3 billion. This was May reflected a small gain in activity in durable 6 per cent below the revised December peak, goods industries, following a decline of about onereflecting mainly declines in residential, indusfifth from August to April. Curtailment in mintrial, and highway construction. erals production also had been marked through April, and output was maintained in May. Pro- EMPLOYMENT duction of nondurable goods has been relatively Seasonally adjusted nonagricultural employstable since February at a rate 5 per cent below ment increased 100,000 in May to 50.7 million, the August 1957 peak. but was 2 million less than a year earlier. The Increased activity in durable goods industries rise in May reflected mainly a further gain in in May reflected some recovery in output of steel construction employment. In manufacturing inand autos from sharply reduced levels. Steel dustries, employment changed little following eight months of substantial decreases. Unem- INDUSTRIAL PRODUCTION ployment declined 200,000 to 4.9 million and, 1947-49-100 160 on a seasonally adjusted basis, was 7.2 per cent r TOTAL of the civilian labor force compared with the t— ** ^f \ ~140 ; postwar high of 7.5 per cent in April. DURABLE MANUFACTURES /3 DISTRIBUTION (— , ~ 120 Seasonally adjusted retail sales in May remained at about the improved April level, and 140 were 3 per cent below the peak reached last MINERALS summer. Sales at department stores, which ad- A/ NONDURABLE \^. 120 J MANUFACTURES _ vanced slightly in May, were maintained in early June. Sales of new autos, while still low, reached V a new high for the year in May, and dealer 100 stocks dropped substantially further. i |.|.i|] HMMIlllllMIII ,I,,U^A During April, combined inventories of manu- Federal Reserve indexes, seasonally adjusted. Monthly fig- facturers and distributors continued to decline ures, latest shown are for May. 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN • JUNE 1958 and were 4 per cent below their end-of-September Free reserves of all member banks averaged peak. Rail shipments of manufactured goods, $480 million over the four weeks ending June 11, which declined sharply from last summer to slightly less than the average of the previous four March, rose somewhat in April and May. weeks. Between the weeks of May 14 and June 11, more reserves were absorbed by currency COMMODITY PRICES and gold outflows and increases in required re- The wholesale commodity price index drifted serves than were supplied to banks, principally lower from early May to early June, reflecting through Federal Reserve purchases of U. S. Gova decline in average prices of farm products. ernment securities. Decreases among fresh fruits and vegetables and in winter wheat and better grades of cattle were SECURITY MARKETS only partly offset by increases in hogs and some During May yields on short-term Treasury other commodities. Prices of processed foods securities reached new lows for the year. Threecontinued to rise, reflecting further increases in month bills declined from around \V\ per cent meats. Meanwhile, average prices of industrial to only slightly more than Vi per cent. In the commodities changed little, although markets for first half of June the bill rate rose again to over copper, steel scrap, and some other basic com- 3A per cent. Yields on intermediate-term Treasmodities strengthened. ury issues declined slightly further in May, and then leveled off in early June when the Treasury BANK CREDIT AND RESERVES offered a new 27-year bond for cash and also Total credit at city banks increased almost refunded approximately $9.6 billion of maturing $1 billion further between early May and early bonds and notes, mainly with a bond due in June reflecting continued expansion in bank hold- early 1965. Yields on long-term Treasury bonds ings of U. S. Government and other securities. and on corporate and State and local issues Business loans declined further but security loans changed little throughout the period. Prices of rose, mainly in connection with Treasury financ- common stocks increased to new highs for this ing operations in early June. year. RETAIL TRADE INTEREST RATES 1947-49-100 TOTAL RETAIL SALES - 150 140 130 J J 1 M 1 1 II II I I M II IIIMIIMM II ! M MM 1 1 ! 1111 II 1 UJL.120 DEPARTMENT STORES 170 160 - STOCKS, - 150 L A 140 • v - 130 SALES 120 JJIMIIIIIllllMMM i i i ! i i i i i I 1 1 IIMM 1 I 1 MM M 1 1 L i.110 Federal Reserve indexes, seasonally adjusted; retail sales based on Department of Commerce data. Monthly figures; Weekly average market yields for long-term U. S. Governlatest shown for department store stocks is April, for other ment V/i per cent bonds and for longest Treasury bills; latest series, May. shown are for week ending June 6. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics • United States * Member bank reserves, Reserve Bank credit, and related items . . 657 Reserve Bank discount rates; reserve requirements; margin requirements. , 660 Federal Reserve Banks. 661 Bank debits; currency in circulation. 664 All banks: consolidated statement of monetary system; deposits and currency. 666 All banks, by classes. 667 Commercial banks, by classes. 670 Weekly reporting member banks. 672 Commercial loans; commercial paper and bankers' acceptances 674 Interest rates 675 Security prices; stock market credit 676 Savings institutions. . 677 Federal business-type activities. 678 Federal finance. 680 Security issues . 684 Business finance. . 685 Real estate credit. . . 687 Short- and intermediate-term consumer credit 690 Selected indexes on business activity. 694 Production 695 Employment and earnings 702 Department stores. . 704 Foreign trade. 705 Wholesale and consumer prices 706 National product and income series 708 Member bank earnings, 1957 710 Member bank operating ratios, 1957 720 Tables published in BULLETIN, annually or semiannually—list, with references 652 Index to statistical tables 751 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptivetext 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. 655 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES 35 CURRENCY IN CIRCULATION I 30 25 RESERVE BANK CREDIT GOLD STOCK 20 TREASURY CASH AND DEPOSITS 0 ^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. 657. 656 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 h se t cu r u c H e r h n i p t e a d i u l e s e d r e s r - c v D o a a a n u n i d s c d n - - e ts s Float Total s G to o c ld k T r s c o e t u r a u n n u e r n r y g c t a - - y d s- - r c C t e c u i i n u o i n l r c a n r - - y - T h c i u o r n a e r g l 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 O F. t h R e . r Total r q e u s R e i e r r - e v d e 2 s Exagreement Averages of daily figures 1957 Apr. 3 23,189 23,040 149 1,074 877 25,165 22,306 5,086 30,589 517 294 314 1,16718,868 18,525 343 10 23,262 23,040 222 1,230 88125,400 22,307 5,088 30,655 814 387 340 305 1,20519,088 18,523 565 17 23,282 23,146 136 1,244 996677 25,520 22,313 5,089 30,681 808 478 344 300 1,20319,107 18,556 551 24 23,237 23,169 68 947 1,48425,695 22,317 5,092 30,610 791 456 390 454 1,20219,201 18,639 562 May 1 23,169 23,169 730 1,16825,093 22,318 5,094 30,499 793 419 352 291 ,14819,000 18,621 379 23,213 23,125 88 993 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 1,34125,070 22,320 5,098 30,645 790 525 362 273 ,074 18,818 18,284 534 29 22,930 22,901 "29 903 979 24,833 22,406 5,102 30,660 794 562 358 279 ,07318,616 18,264 352 June 5. 23,110 22,950 160 902 954 24,987 22,620 5,104 30,837 792 485 357 323 ,07218,846 18,378 468 12. 22,97f 22,926 46 1,059 936 24,988 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 ,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 1,11618,868 18,331 537 14. 23,04~ 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 1,11318,786 18,195 591 21. 23,034 23,034 931 ,227 25,211 22,625 5,116 31,055 762 513 343 270 1,20318,806 18,254 552 28. 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 1,20318,831 18,397 434 Sep.^4. 23,511 23,463 832 858 25,228 22,626 5,118 31,149 759 485 340 281 1,19718,760 18,346 414 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 1,19418,876 18,301 575 18. 23,303 23,286 950 1,44:25,719 22,627 5,121 31,184 755 510 429 287 196 19,108 18,484 624 25. 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 1,00025,304 22,634 5,125 31,039 776 493 356 253 ,11219,034 18,685 349 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 ,07125,451 22,658 5,128 31,191 776 506 333 252 ,11019,068 18,574 494 23. 23,267 23,222 45 605 ,51"25,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 30. 23,195 23,179 16 710 051 24,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 79: 461 367 313 ,05618,963 18,509 454 13. 23,498 23,332 166 911 997 25,424 22,731 5,136 31,287 795 505 329 407 ,05718,911 18,354 557 20. 23,288 23,282 6 752 ,43025,489 22,757 5,137 31,336 801 503 315 386 ,054 18,987 18,459 528 27. 23,318 23,167 151 777 ,209 25,325 22,762 5,139 31,431 794 469 301 294 ,03018,907 18,461 446 Dec. 4. 23,732 23,480 252 626 ,00525,387 22,763 5,141 31,668 770 305 291 191 ,04119,023 18,580 443 11. 23,886 23,574 3i: 676 ,02025,617 22,766 5,142 31,827 769 318 318 186 ,08019,027 18,600 427 18. 23,907 23,600 30' 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 ,894 26,687 22,770 5,145 32,089 764 483 359 179 1,06119,666 19,014 652 1958 Jan. 24,344 23,735 609 661 ,55026,623 22,77r4 5,147 31,962 773 458 397 201 1,04519,707 19,04: 665 24,011 23,645 366 707 ,32826,100 22,781 5,146 31,553 768 529 337 186 99619,658 18,98: 676 15. 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 22. 23,315 23,266 4! 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 99: 19,216 18,624 592 29. 23,372 23,335 3' 295 91924,63f 22,783 5,151 30,625 789 521 275 275 99:19,089 18,509 580 Feb. 5.... 23,364 23,321 43 189 80324,39' 22,783 5,157 30,581 77' 378 265 294 1,046 18,997 18,498 499 12.... 23,422 23,292 130 286 79324,543 22,784 5,159 30,675 734 296 284 325 1,118 19,054 18,483 571 19.... 23,373 23,285 88 361 1,05424,830 22,785 5,161 30,64? 685 501 337 293 1,195 19,122 18,427 695 26.... 23,380 23,380 153 95224,527 22,714 5,165 30,54: 69! 508 284 276 1,193 18,909 18,426 483 Mar. 5.... 23,256 23,251 118 89224,309 22,686 5,169 30,563 701 486 270 320 1,151 18,674 18,084 590 12.... 23,466 23,432 131 81624,456 22,615 5,174 30,641 71 479 273 293 1,148 18,699 18,096 603 19.... 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 1,150 18,930 18,332 598 26.... 23,552 23,518 167 98324,742 22,498 5,180 30,524 790 580 258 400 1,143 18,725 18,037 688 Apr. 2.. . 23,62: 23,625 144 77624,586 22,394 30,63 724 523 277 368 1,109 18,526 17,830 696 9.. . 23,628 23,628 90 87924,638 22,294 30,744 729 479 269 493 1,106 18,300 17,673 627 16... 23,633 23,611 199 829 24,701 22,199 30,733 731 457 319 381 1,104 1188,369 17,754 615 23... 23,712 23,704 11 99024,854 22,081 5,193 30,617 721 417 242 376 1,10: 18,654 18,055 599 30... 23,626 23,612 125 77'24,566 22,024 5,194 r30,520 »732 601 235 ,397 1,051 18,249 17,654 595 May 1... 23,799 23,799 118 80824,763 21,96' 5,197 30,659 738 533 287 386 1,049 18.276 17,647 629 14... 23,93 23,931 123 76024,854 21,886 30,812 741 470 294 386 1,046 18,190 17,528 662 21... 23,876 23,876 104 994 25,016 21,779 30,822 732 459 309 381 1,043 18,248^17,571 P677 28... 24,053 24,053 119 78024,99' 21,661 5,201 30,813 722 437 276 391 1.023 18.19- ^17,543 'Preliminary. r Revised. For other notes see following page. 657 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank P d e o a r r i t o e d T U o . t S a . l G B r o o o i v u g u t h t g . - t h s t ecu r a u c H r e g h n i p r t e a d i u e l e s e d e r e s r - - c v D o a a a u n n d is n c d - - e ts s Float Total 1 s G to o c ld k T s r c o t e u i r a u n u n r e n r g t y c a - - d y s - - r c C t e c u i i n i u o n l r a c r n - y - - T h c i u o n r a r e l g s d y a h s - s- T u r w r e y i a t s h - r F es F e . e i o R g r r v n . - e B s, a O n t k h s er c O F o a . t u h c R n - e t r . s Total r q e u s R e ir r e v e - e d s 2 c E es x s - 2 ment Averages of daily figures 1957 May ?3 041 ??,996 45 931 ,046 75 041 7? 358 098 30,645 792 521 361 276 1,075 18,827 18 36? 465 June ??,989 77,917 72 1,009 1707.5 189 22 621 5,106 30 90? 782 490 393 290 ,077 18,982 18 485 497 Julv ?3 351 ?3 198 153 917 J75 ?^ 466 7? 675 108 31 j116 769 480 377 279 1,048 19 129 18 595 534 Aug ?3 146 73 179 17 1,010 989 25 166 22 626 5 115 31 035 764 490 349 273 ,163 18,834 18 300 534 Sept ?3 375 73 30? 23 994 ,147 25 489 22,627 5 171 31 143 763 547 378 271 1,180 18,956 18 434 522 Oct ?3,348 73,75? 96 818 14375 326 ?,?660 5, 1?9 31 109 780 495 338 258 ,097 19,040 18 573 467 Nov ?*,417 73 776 141 810 ,126 25 373 22,743 5 137 31 335 793 464 322 337 1,044 18,958 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 Jan ->t608 73,458 150 454 118 ?5 779 7? 78?, 5 148 31,059 111 512 297 224 99319 296 187?3 573 Feb ?3,378 73,313 65 242 907 74 568 ?,?. 759 5,161 30 608 111 421 294 299 1,150 19,000 18 434 566 Mar 73 486 73 465 21 139 893 24 559 22,548 5 177 30 589 750 457 265 350 147 18,730 18,097 633 A M p a r y . ... ?^i 6 9 4 3 9 9 7 7 3 3 , , 6 9 3 3 8 9 11 1 1 3 1 0 9 8 84 6 1 4 7 7 4 4 6 93 8 9 ? 7 7. 7 1 8 1 0 6 1 6 5 5 ,1 7 9 0 1 0 n 3 o 0 ,6 79 5 7 4 r7 73 2 1 8 4 46 9 6 4 2 26 8 7 6 4 40 1 1 0 1, , 0 0 9 36 21 1 8 8 , , 3 22 9 3 4 17 77? 622 9^ Midyear or year-end 1929 June ?16 148 68 1 037 57 1400 4 037 019 4,459 204 36 6 21 374 2 356 333 23 1933—june 1998 1,998 164 4 2 270 4 031 ?,786 5 434 264 35 15 151 346 2,292 1 817 475 1939 Dec 484 7,484 7 91 7,593 17 644 963 7 598 2 409 634 397 256 251 11 653 444 5 209 1941—Dec ? 754 ?,?54 3 94 361 22 737 3,?47 11 160 2,215 867 774 586 791 12,450 9 365 3*085 1945 Dec ?4 ?6? 74 76? 249 578 75 091 70 065 4 339 78 515 2 287 977 862 446 495 15 915 H 457 1 458 1947 Dec . 00 559 77,559 85 535 7.3 181 7? 754 4 56? 78 868 1 336 870 392 569 563 17,899 16 400 1 499 1950—Dec ?0 778 70,775 53 67 •1,368 22 216 22 706 4 636 77 741 1,293 668 895 565 714 17,681 16 509 1 172 1954 Dec ?4 937 74,888 44 143 808 25 885 71 713 4 985 30 509 796 563 490 441 90718,876 18 618 258 1955—Dec ?4 785 74,391 394 108 •1,585 26 507 21 690 5 008 31 158 767 394 402 554 9? 519,005 18 903 102 1956 June ?1 758 73 71? 46 232 •1 21075 ?19 71 799 5 03? 30 715 768 522 297 313 992 18 443 18 449 — 6 Dec ?4 915 74,610 305 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 May . . ?3 108 77,950 158 1,170 926 25 ?.?,4 22 620 5,104 30 836 788 568 360 274 1,072 19,049 18 351 698 June ?3 035 77,994 41 558 1,199 74 816 22 67-3 5,107 31 08? 758 498 449 308 1,075 18,376 18 543 -167 July... 73 355 73 079 276 420 896 24 691 22 627 5 111 30 933 759 504 364 296 94? 18,630 18 570 110 Aug. 73 539 73;475 64 986 865 25 418 22 626 5,118 31 133 752 477 342 285 ,198 18,975 18 305 670 Sept ?3 31? 73,31? 396 898 74 67? 7? 635 5 1?5 31 073 773 429 337 261 1,111 18,399 18 694 -295 Oct 73 338 73,?18 120 789 1,062 25 206 22 691 5 135 31 090 784 552 378 256 ,05618,917 18 541 376 Nov . . . 73 733 ?3,448 285 819 942 7,5 515 7? 763 5 139 31 661 761 243 283 196 1,000 19,274 18 578 696 Dec ?4 738 73 719 519 55 1,424 25 784 22 781 5 146 31 834 761 481 356 246 998 19,034 19 091 -57 1958 Jan 73 331 73,331 217 763 24 352 22 784 5,158 30 576 771 469 249 279 990 18,958 18 543 415 Feb ?3 'MO 73 ?40 122 974 74 330 77 686 5,169 30 554 695 516 265 336 1,151 18,667 18 186 481 Mar 23 628 23,628 137 765 24 570 li 394 5,183 30 666 722 474 266 378 1,108 18,532 17857 675 Apr 681 23,681 156 797 24,672 996 5,196 30 565 734 594 257 411 1,050 18,254 17686 568 May % 16? ?4,16? 144 965 7,5 313 593 i>5 70?P30989 P710 382 234 624 99418,176»17 573 P603 Wednesday 1958 Mar 5.. ?3 331 73 316 15 107 792 74 773 77 686 5,169 30 580 710 386 286 309 1,149 18,708 18 071 637 12 73 536 73 459 77 227 724 74 530 72 61? 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 23 525 118 704 24,386 22,494 5,182 30 523 730 623 256 393 1,110 18,426 18006 420 Apr. 2 23,628 23 628 112 786 24,566 22,394 5,185 30 676 732 603 279 383 1,107 18,366 17,669 697 9 73,678 73 678 139 69? ?4 499 77 795 5,191 30 704 735 482 253 407 1,105 18,298 17690 608 16 73,796 73 704 92 296 910 75 04? 77 170 5 19? 30 668 727 394 259 384 1,102 18,870 18,??0 650 23 73 704 ?3 704 242 761 74,745 7? 046 5,194 30 51? 731 462 227 395 1,101 18,555 18 011 544 30. ?3,681 73 681 156 797 74 67? 71 996 5,196 30 565 734 594 257 411 1,050 18,254 17 686 568 May 7 23,852 23 852 125 691 24,706 21,947 5,198 30 719 742 359 288 373 1,048 18,322 17,635 687 23,937 23 937 116 749 24,841 21,873 5,200 30 807 747 427 308 400 1,045 18,180 17,526 654 21........ ?3 943 ?3 943 86 775 24 844 21 743 5 ?00 30755 724 435 311 386 1,044 18,133m ,557 P576 28 24,065 24 065 172 644 24,922 21,643 5,201 30,962 715 382 277 400 995 18,036m ,573 P463 » 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 659 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 l m r l k - s Ne c w ity ban C ks hi- b s c R a e i r n e t v y - k e s C ba o tr n u y k n s - Item and period m b b a A e n e l m r l k - s Ne c w ity ban C ks hi- b s c R a e i r n 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—Apr 19,087 4,307 1,097 7,921 5,762 1957—Apr 506 -1 65 443 May 18,827 4,234 ,101 7.794 5,697 May 465 13 3 56 393 June 18,982 4,335 ,121 7,774 5,751 June 496 15 -2 45 438 July 19.129 4,294 ,131 7,906 5,799 July 534 6 7 66 455 Aug 18,834 4,170 ,123 7,790 5,750 Aug 534 19 2 69 444 Sept 18,956 4.211 ,122 7,800 5,823 Sept 522 9 5 51 457 Oct 19,040 4,231 ,116 7,836 5,857 Oct 467 39 428 Nov 18,958 4,162 ,101 7,849 5,847 Nov 512 16 1 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 ,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4.204 1,114 7,871 5,811 Feb 567 22 5 98 442 Mar 18,730 4,272 1,098 7,701 5,659 Mar 633 44 11 98 479 Apr 18,394 4,122 ,052 7,651 5,569 Apr 623 15 3 79 526 Week ending: Week ending: 1958_Apr. 16 18,369 4,148 1,059 7,651 5,511 615 41 _! 64 511 23 18,654 4,133 1,071 7,819 5,631 1958—Apr. 16 599 Q 9 67 532 30 18,249 4,106 1,049 7,600 5,494 595 77 7 99 412 30.'.'.'.'.'.'.'. May 7 18,276 4,041 1,047 7,562 5,627 629 5 -2 75 551 14 18,190 4,000 1,050 7,595 5,546 May 7 662 46 8 131 477 21 18,248 3,969 1,053 7,653 5,573 14 ^677 15 11 146 *>5O5 28 18,194 4,082 1,076 7,622 5,414 21 *>651 128 30 137 ^356 28 Required reserves:2 Borrowings at Federal Reserve Banks: 1957—Apr 18,580 4,308 ,097 7,855 320 May 18,362 4,221 1,098 7,739 305 1957—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 1,124 7,840 344 June 1.005 200 46 531 228 Aug 18,300 4,152 1,121 7,722 5^306 July 917 186 34 519 177 Sept 18,434 4,203 1,117 7,749 5,366 Aug 1,005 308 28 468 201 Oct 18,573 4,231 1,116 7,797 5,429 Sept 988 263 120 485 121 Nov 18,447 4,147 1,100 7,786 5,414 Oct 811 141 115 428 127 Dec 18,843 4,303 1,127 7,956 5,457 Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 1,121 7,928 5,458 Feb 18,434 4,182 1,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 1,087 7,603 5.179 Feb 242 46 11 96 89 Apr 17,772 4,107 1,049 7,572 5,043 Mar 138 2 29 36 71 Apr 130 18 9 35 67 Week ending: 1958—Apr. 16 17,754 4,107 1,060 7,587 5,000 Week ending: 23 18,055 4,141 1,063 7,752 5,099 1958—Apr. 16 199 72 7 42 78 30 17,654 4,029 1,042 7,501 5,082 23 112 2 27 43 40 30 125 1 32 92 May 7 17.647 4,035 1,049 7,487 5,076 14 17,528 3,954 1,041 7,464 5,069 May 7 118 1 52 65 21 '17.571 3,955 1,042 7,506 ^5,068 14 123 1 42 80 28!.'.'.'.'.'.' '17,543 3,953 1,046 7,485 ^5,059 21 104 7 1 42 54 28 119 i 29 89 April 1957 Free reserves:2 4 Deposits: 1957_Apr -505 -300 -210 -263 269 May 444 -104 -165 -367 192 Gross demand deposits: June -508 -185 -48 -486 210 Total 115,873 23,293 5,866 45,487 41,227 July -383 -181 -28 -452 278 Interbank 12,719 4,028 1,184 6,174 1,333 Aug -471 -289 -26 -400 244 Other 103,154 19,265 4,682 39,313 39,894 Sept -467 -254 -115 -433 335 Net demand deposits 3 . .. 99.962 20,598 5,159 38,735 35,470 Oct -344 -141 -115 -389 301 Time deposits 44,005 3,773 1,310 17,657 21,264 Nov -293 -80 -123 -342 251 Demand balances due Dec -133 -105 -77 -228 277 from domestic banks. . 6,380 75 93 1,990 4,222 1958—Jan 122 -46 -25 -144 337 Feb 324 — 25 -6 1 353 April 1958 Mar 495 42 -18 62 408 Apr 493 -3 _7 44 459 Gross demand deposits: 1958—Apr. 16 416 -31 -8 22 433 Total 116,693 23,817 5,948 45,694 41,234 487 -11 -18 24 492 Interbank 13,464 4,184 1,284 6,544 1,451 30'.'.'.'.'.'.'.'. 470 77 6 67 320 Other 103,229 19,632 4,663 39,150 39,782 Net demand deposits 3. . 99,935 20,688 5,251 38,898 35,098 May 7 511 5 -3 23 486 Time deposits 50,237 5,000 1,411 20,186 23,640 14 539 46 7 89 397 Demand balances due 21 *>573 8 10 104 ^451 from domestic banks. . 6,832 86 104 2,062 4,580 28 *>532 127 30 108 p Preliminary. banks and of country banks are estimates. 1 Averages of daily closing figures for reserves and borrowings and of 3 Demand deposits subject to reserve requirements, i.e., gross demand daily opening figures for other items, inasmuch as reserves required are deposits minus cash items reported as in process of collection and demand based on deposits at opening of business. balances due from domestic banks. 2 Weekly figures of required, excess, and free reserves of all member 4 Free reserves are excess reserves less borrowings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 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 advances banks secured by direct Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a i ) b l i e paper [Sec. 10(b)] obli ( g la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous May 31 beginning— rate May 31 beginning— rate May 31 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 May 9,1958 May 9, 1958 Mar. 14,1958 San Francisco May 1,1958 May 1, 1958 May 1,1958 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES 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— J D 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 F A A j a a e u n u n b . g g . . . . 1 2 1 1 6 5 1 2 3 Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 1931—May 8 Apr. 16 banks Oct. 9 1955—Apr. 15 Oct. 16 Aug. 5 1932— J F u e n b e . 2 2 4 6 N Se o p v t . . 1 9 8 1917—June 21 13 10 7 f 1933—Mar. 3 1956—Apr. 13 1936—Aug. 16 19Vi 15 '? A M p a r y . 2 7 6 1957_A A u u g g . . 2 2 3 4 1937— M M a a y r. 1 1 WA %* Oct. 20 Nov. 15 1938—Apr. 16 12 1934—Feb. 2 1958—Jan. 24 1 19 9 4 3 2 7 — — O A c u t g . . 2 3 7 0 A M p a r r . . 18 7 1 19 9 4 4 2 1 — _N A o u v g . . 20 1 2 22 6 3,4 20 14 6 6 1946—Apr. 25 In effect June 1, 1958 Sept. 14 24 Oct. 3 22 20 1 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* IS* 13 5 6 1957 this rate was the same as the discount rate except in the following Aug. 16, 18*.... 12 5 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Aug. 25 i* IS* 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 REQUIREMENTS i 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* >7* ny 2 Prescribed in accordance with 1955- 1955- tive Mar. 20, Apr. 1 * 11 Securities Exchange Act of 1934 Apr. 22, Jan. 15, Jan. 16, Apr. 17 18& 1955 1958 1958 Apr. 24 18 In effect June 1, 1958... 18 1614 11 5 5 Regulation T: For extensions of credit by brokers and Present legal require- 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 1 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 661 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 May 28 May 21 May 14 May 7 April 30 May April May Gold certificate account. 20,223,389 20 323,393 20,443,39120,518,39320,563,392 20,173,39320,563,392 21 089,393 Redemption fund for F. R. notes.. 831,263 833,505 835,931 840,174 845,331 831,263 845,331 842,662 Total gold certificate reserves. 21,054,652 21,156,898 21,279,322 21,358,567 21,408,723 21,004,656 21,408,723 21,932,055 F. R. notes of other Banks 331,713 378,842 373,538 391,338 441,098 322,490 441,098 308,840 Other cash 337,398 365,138 365,137 383,574 418,116 338,995 418,116 334,747 Discounts and advances: For member banks 172,173 85,806 115,650 124,682 155,939 143,798 155,939 ,157,593 For nonmember banks, etc 12,000 Industrial loans 463 483 504 509 503 490 503 774 Acceptances—Bought outright 40,759 39,759 39,731 38,902 37,416 41,685 37,416 20,692 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 1,329,360 1,207,860 1,201,310 1,116,310 945,710 ,426,360 945,710 214,763 Certificates—Special Notes Other 19,946,105 19,946,105 19,946,105 19,946; 19,946,105 19,946,105 19,946,105 , , 3 5 6 7 2 1 , , 1 4 9 1 9 3 Bonds 2,789,257 '2,'789^257 2,789,257 '2^789, 2,789,257 789^257 2,789,257 ,801,750 Total bought outright 24,064,722 23,943,222 23,936,672 23,851,672 23,681,072 24,161,722 23,681,072 22,950,125 Held under repurchase agreement. 157,400 Total U. S. Government securities. 24,064,722 23,943,222 23,936,672 23,851,672 23,681,072 24,161,722 23,681,072 23,107,525 Total loans and securities 24,278,117 24,069,270 24,092,557 24,015,765 23,874,930 24,347,695 23,874,930 24,298,584 Due from foreign banks. 15 15 15 15 15 15 15 22 Uncollected cash items.. 4,388,839 5,001 236 5,400,503 4,450,567 4,839,288 ,504,579 4,839,288 ,471,668 Bank premises 87,341 87 292 87,180 86 782 86,568 87,532 86,568 78,155 Other assets 304,977 289 894 275,779 260 922 245,975 311,031 245,975 194,266 Total assets. 50,783,052 51,348,58551,874,03150,947,530 51,314,71350,916,99351,314,713 51,618,337 Liabilities Federal Reserve notes 26,555,738 26,436,59126,499,804 26,450,146 26,374,600 26,569,62826,374,600 26,475,827 Deposits: Member bank reserves 18,035,669 18 133,02218,179, 18,322,196 18,253,94718,175,99818,253, 19,048,924 U. S. Treasurer—general account. 382!476 434,603 427; 358,903 594,134 381,935 594; 568,299 Foreign 276!986 311,197 307; 287,502 256,792 233,623 256; 360,246 Other 400;406 385,971 399; 373,395 411,218 624,425 ; 274,456 Total deposits. 19,095,537 19,264,793 19,314,84019,341,996 19,516,091 19,415,981 19,516,09120,251,925 Deferred availability cash items 3,744, ,226,300 4,651; 3,759,897 4,041,975 ,539,300 4,041, ,545,981 Other liabilities and accrued dividends. 20; 20,668 19,648 18,453 20,597 is; 21,277 Total liabilities. 49,416,888 49,948,352 50,486,013 49,571,687 49,951,119 49,545,506 49,951,119 50,295,010 Capital Accounts Capital paid in 351,098 350,925 350,561 350,463 350,377 351,154 350,377 332,161 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 178,325 212,567 200,716 188,639 176,476 183,592 176,476 216,030 Total liabilities and capital accounts. 50,783,052 51,348,58551,874,03150,947,530 51,314,713 50,916,99351,314,71351,618,337 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 46.1 46.3 46.4 46.6 46.7 45.7 46.7 46.9 Contingent liability on acceptances purchased for foreign correspondents 120,300 125,719 135,155 131,955 131,461 119,144 131,461 62,637 Industrial loan commitments 1,036 1,017 997 992 998 991 998 1,794 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 172,173 85,806 115,650 124,682 155,939 143,798 155,939 ,169,593 Within 15 days 167,041 83,597 114,178 123,131 153,410 139,891 153,410 ,067,186 16 days to 90 days 5,125 2,202 1,465 1,544 2,515 3,900 2,515 102,407 91 days to 1 year 7 7 7 7 14 7 14 Industrial loans—total 463 483 504 509 503 490 503 774 Within 15 days 144 282 303 145 145 144 145 52 16 days to 90 days 147 29 20 183 177 174 177 30 91 days to 1 year 77 77 81 81 81 77 81 491 Over 1 year to 5 years 95 95 100 100 100 95 100 201 Acceptances—total 40,759 39,759 39,731 38,902 37,416 41,685 37,416 20,692 Within 15 days 15,890 15,108 14,889 12,160 10,530 16,168 10,530 5,518 16 days to 90 days 24,869 24,651 24,842 26,742 26,886 25,517 26,886 15,174 U. S. Government securities—total 064,72223,943,222231,936,672 23 851,672 23 681,072 24,,161,722 23,681,072 23 107,525 Within 15 days 257,910 344,260 339,400 287,050 262,350 153,810 262,350 185,850 16 days to 90 days 652,997 7,445,147 7,443,457 410,807 683,360 854,097 683,360 043,878 91 days to 1 year 725,34413,725,34413i, 725,34413703,654 20,285,201 725,344 20 285,201 088,540 Over 1 year to 5 years 013,614 1,013,614 1,013,614 035,304 ,035,304 013,614 ' 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 358,247 1,358,247 1,358,2471 1 358,247 1,358,247 358,247 358,247 414,857 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

662 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account , 946,907 5,685,7021,068,515 ,674,235 ,177,325 819,956 3,616,052 794,869 433,663 821,287 768,525 2,366,357 Redemption fund for F. R. notes 53,833 172,467 57,220 75,971 71,264 47,122 148,162 42,234 21,690 40,696 27,789 72,815 Total gold certificate reserves. ,000,740 5,858,1691,125,7351,750,206 ,248,589 867,0783,764,214 837,103 455,353 861,983 796,314 2,439,172 F. R. notes of other Banks... 20,248 77,147 24,685 37,266 15,648 56,379 21,810 10,326 11,850 5,239 20,609 21,283 Other cash , 25,034 61,929 22,771 36,286 18,918 30,898 48,140 16,881 8,936 9,697 16,737 42,768 Discounts and advances: Secured by U. S. Govt. securities , 14,775 20,115 10,270 6,125 10,870 30,216 9,935 6,750 8,890 17,072 7,950 650 Other , 125 33 22 Industrial loans 327 145 Acceptances: Bought outright 41,685 Held under repurchase agreement , U. S. Govt. securities: Bought outright ,315,557 6,092,8131,388,912 2,138,9171,572,7351,229,4214,220,570 985,653 508,2901,031,295 946,439 2,731,120 Held under repurchase agreement Total loans and securities. .. 1,330,784 6,154,6131,399,3272,145,0421,583,6051,259,637 4,230,538 992,403 517,1981,048,389 954,389 2,731,770 Due from foreign banks 1 14 1 1 1 2 1 () 1 1 1 Uncollected cash items 299,883 815,982 276,079 397,693 348,840 419,560 762,163 209,483 121,250 212,187 227,160 414,299 Bank premises 4,837 10,660 4,402 9,839 6,817 8,017 7,921 6,626 5,281 4,904 6,761. 11,467 Other assets 16,752 76,438 17,590 27,723 19,993 15,822 56,561 12,599 6,461 13,567 12,852 34,673 Total assets. 2,698,27913,054,942 2,870,590 4,404,056 3,242,4112,657,392 8,891,349 2,085,4221,126,329 2,155,967 2,034,823 5,695,433 Liabilitie: F. R. notes ,569,926 6,346,0861,664,6612,476,7732,041,530 ,236,3555,137,9741,178,356 539,166 ,055,031 708,833 2,614,937 Deposits: Member bank reserves 731,371 5,244,848 846,2941,423,885 777,345 909,8192,876,102 658,479 430,855 842,080 979,246 2,455,674 U. S. Treasurer—general account 28,910 44,447 16,810 30,769 27,135 34,731 52,515 10,754 10,140 26,512 34,209 65,003 F O o th re e i r gn 13,053 3 3 2 6 8 9 , , 5 2 0 0 5 1 1 9 5 , , 8 8 0 01 2 20,381 2 1 0 1 , , 3 6 3 7 9 9 10,305 32,747 8,473 5,496 8,931 5 1 9 1 , , 1 9 1 0 4 8 2 3 5 7 , , 6 45 4 1 8 543 1,056 129,700 567 36,179 454 715 Total deposits 773,877 5,687,001 888,7071,476,091 836,4981,084,5552,961,931 713,885 446,945 878,2381,084,4772,583,776 Deferred availability cash items 273,626 640,187 221,874 326,336 290,567 271,203 589,112 139,488 105,383 167,262 170,409 343,853 Other liabilities 1,209 5,150 1,065 2,731 978 926 3,294 725 627 111 833 2,282 Total liabilities 2,618,63812,678,424 2,776,307 4,281,9313,169,5732,593,039 8,692,3112,032,4541,092,1212,101,3081,964,552 5,544,848 Capital Accounts Capital paid in 17,879 103,001 21,483 33,088 15,899 17,318 47,984 11,844 7.854 14,214 19,889 40,701 Surplus (Sec. 7) 47,013 223,963 55,923 71,550 41,236 36,192 121,504 31,586 19,697 30,533 40,871 89,130 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts. 11,738 42,235 12,388 16,481 12,354 10,081 28,121 9,017 5,584 8,775 8,204 18,614 Total liabilities and capital accounts 2,698,27913,054,942 2,870,590 4,404,056 3,242,4112,657,392 8,891,349 2,085,4221,126,3292,155,967 2,034,823 5,695,433 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.7 48.7 44.1 44.3 43.4 37.4 46.5 44.2 46.2 44.6 44.4 46.9 Contingent liability on acceptances purchased for foreign correspondents. 6,857 432,769 8,301 10,707 6,135 5,413 17,203 4,451 2,887 4,692 6,255 13,474 Industrial loan commitments 51 940 1 After deducting $11,000 participations of other Federal Reserve Banks 4 After deducting $86,375,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $164,422,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 663 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 May 28 May 21 May 14 May 7 Apr. 30 May Apr. May F. R. notes outstanding (issued to Bank). 27,460,364 27,438,654 27,457,757 27,443,559 27,432,587 27,480,528 27,432,587 27,371,375 Collateral held against notes outstanding: Gold certificate account 12,008,000 12,058,00012,058,00012.058,00012,058,00012,008,000 12,058,000 11,798,000 Eligible paper 39,586 27,528 28,159 32,723 38,538 34,092 38,538 272,849 U. S. Government securities 17,095,0'0"0 17,045,00017,045,00017,145,00017,145,00017,095,0"0"0 17,145,00017,005,000 Total collateral 29,142,586 29,130,528 29,131,159 29,235,723 29,241,538 29,137,092 29,241,538 29,075,849 EACH FEDERAL RESERVE BANK ON MAY 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding Co ( l i l s a s t u e e r d a l to h e B ld a : nk) 1,622587 6 581,5501,726,849 2,562,839 2108,6861,299,427 5S227,7831,226,839 553,9011,076,993 755,786 2,737,288 Gold certificate acct.. 700000 3270,000 640,000 ,130,000 775,000 425,000 2:400,000 430,000155,000 300,000 283.000 1,500,000 E U l . i g S i . b G le o p v a t p . e s r ecurities. 1,150,000 3,666^6661,2 1 0 0 0 , , 2 0 7 0 0 0 ,400,0001,000,000 3,000,000 87 6 5 , ,0 7 "0" 5 "0 0 425^666 82 1 0 7 , , 0 0 0 7 0 2 525ooo i ^ 5oo; 666 Total collateral 1,850,000 6,870,000 1,850,270 2,730,000 2,175,000 1,425,000 5,400,000 1,311,750 580,000 1,137,072 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p p - t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r A e o o t o t P v m e " n u e d , - o n d i t t) ( s a t L a m o o n u o a d t u n i - n n s t g ) 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 ( i s n a P p f t ta u m g a a o f n t t r i u i o i i n d t o o n i t u a i c - n n s n n n i t s s g - c t i ) - - 3 y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t m s e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g a e rt e r i a d o n n - a u o a A b n v n u a o d t a d t m e m s r i d e e l r t i e r a a o o t n b a n i w u g o g l t d n e s u e n r i t e r a n a t s e r g l o - - 1952 3,753 766,492 1,638 3,921 3,210 3,289 1952 ,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 1957 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 ,498 2,888 398 300 124 Nov 3,786 840,814 581 1,130 1,126 Nov ,500 2,906 394 298 127 Dec 3,786 841,290 524 1,109 1,122 Dec ,503 2,912 395 300 135 1958 1958 Jan 3,786 841,691 535 1,058 1,087 Jan ,506 2,923 380 290 156 Feb 3,786 842,232 506 1,063 1,063 Feb ,511 2,935 372 286 164 Mar 3,786 842,472 502 1,001 965 Mar ,512 2,936 367 282 139 Apr 3,786 842,723 503 998 964 Apr ,514 2,937 343 265 157 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by Federal Reserve Bank commitment to purchase or NOTE.—The difference between guaranteed loans authorized and sum discount. of loans outstanding and additional amounts available to borrowers NOTE.—The difference between amount of applications approved and under guarantee agreements outstanding represents amounts repaid, the sum of the following four columns represents repayments of advances, guarantees authorized but not completed, and authorizations expired or and applications for loans and commitments withdrawn or expired. withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS * FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V* [In effect May 31. Per cent per annum] [In effect May 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans2 commit- Portion Re- commitments 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 8 Over 95 40-50 40-50 New York Philadelphia 8 Cleveland Maximum Rates Financing Institution May Charge Borrower Richmond 3 [Per cent per annum] Atlanta Chicago St. Louis Interest rate Minneapolis Kansas City 8 Commitment rate. Dallas San Francisco 3 1 Schedule of fees and rates established by the Board of Governors on () loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com m of e n 1 t 9 5 p 0 r . o c F ur e e d m er e a n l t R a e g s e e n rv c e ie B s, an p k u s r s a u c a t n t a s t f o i sc th al e a D ge e n fe ts n s o e f t P h r e o d g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities no 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. s Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of % Per cen* Per annum is made on undisbursed portion. 7 Charge of VA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted 3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers * centers2 City centersl centers2 City centers1 centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1 542 554 544 367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759 069 632 801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 . . 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1956 2 200 643 815 856 462,859 921,928 45.8 28.8 21.8 1957 2,356,768 888,455 489,311 979,002 49.5 30.4 23.0 1957 Mar 197 231 74 786 42,113 80,332 48.7 32.0 22.5 47.5 29.2 22 6 Apr 192,701 72,328 40,182 80,192 46.9 30.3 22.4 47.6 29.4 23.1 May 197,257 71,780 42,128 83,349 47.1 30.5 23.2 48.3 31.0 23.7 June 193 349 74 512 39,942 78,895 51.4 30.4 23.1 47.6 29.8 23 1 July 200,559 74,509 41,711 84,339 49.5 30.6 23.6 50.8 31.2 24.0 Aug 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 Sept 189 294 70,953 39,095 79,245 52.2 31.4 24.1 50.9 31.7 23 7 Oct 204,168 77,431 41,761 84,976 49.9 29.6 22.7 51.4 30.5 22.7 Nov 189 246 71 667 39,012 78,567 51.2 30.5 23.5 51.7 30.0 22 3 Dec .... 220,376 88,584 43,692 88,100 58.9 32.2 24.7 52.1 30.8 23.4 1958 Jan 212 875 84,355 41,992 86,528 54.6 30.0 23.3 54.3 30.6 23.1 Feb 181,703 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 30.2 22.1 57.5 29.3 22.8 May 195,100 77,315 38,645 79,140 51.2 *>28.2 *>22.O 52.5 *28.6 ?22.4 P Preliminary. 2 Prior to April 1955, 338 centers. i Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-57. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 665 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation i Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1 019 1 772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1039 73 2 313 6 782 9 201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ],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 ,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 1,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957_Apr 30,519 21,588 2,020 ,276 75 2,055 6,425 9,737 8,931 2,674 5,566 285 395 3 8 M^ay 30,836 21,905 2,029 1,301 76 2,093 6,554 9,852 8,931 2,679 5,564 284 393 3 8 June 31,082 22,123 2,042 1,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 July 30,933 21,987 2,050 I 292 77 2 069 6 520 9 979 8,946 2,695 5,570 281 388 3 8 Aug . • 31,133 22,155 2,060 1,296 78 2,085 6,581 10,055 8,977 2,701 5,596 280 388 4 8 Sept 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 9 Oct 31,090 22,086 2,083 1,330 77 2 089 6 533 9,975 9,003 2,695 5,632 279 385 4 9 Nov 31,661 22,582 2,099 1,356 78 2,146 6,726 10,177 9,079 2,725 5,677 279 386 3 8 Dec 31,834 22,626 2,110 1,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958_Jan 30,576 21,527 2 061 I 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 I 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 Apr 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 9 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Held by Total out- F. R. standing As security For Banks Kind of currency Apr. 30, against Treasury F. R. and Apr. 30, Mar. 31, Apr. 30, 1958 gold and cash Banks agents 1958 1958 1957 silver and certificates agents Gold 21 996 21 441 2556 Gold certificates 21 441 18 593 2 816 32 32 33 Federal Reserve notes 27 433 89 1 499 25 845 26 011 25 855 Treasury currency—total 5,196 ^2,397 90 '418 4,689 4,624 4,631 Standard silver dollars 488 171 44 8 265 263 250 Silver bullion 2 226 2 226 Silver certificates and Treasury notes of 1890 32,597 278 2,119 2,066 2,100 Subsidiary silver coin 1 447 34 86 1,328 1,322 1,301 Minor coin 504 6 15 483 481 469 United States notes 347 4 30 313 309 315 Federal Reserve Bank notes 124 1 1 122 123 135 National Bank notes 60 60 60 62 Total Apr 30 1958 (5) 23 838 734 18 593 4 733 30 565 Mar 31, 1958 14 24 235 722 18 989 4'818 30,666 Apr 30 1957 hi 24,073 791 18,819 4,676 30,519 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. 658. 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 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See NOTE for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasury of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 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, Date Gold T s r t c o e r u i a u n n e u r n a r c g y t d - - s y - - Total Lo n a e n t s, Tot U al . S. G m o C v a e o r n e c m d r i n a - m l ent R F e e o d s b e e l r r i v a g e l ation O s ther O s ri e t t c h ie u e s - r c l n T a i i a n a p t o e n i b e i e t t d t t i a - s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C c m o a a n a u p i n c e s n - i d t c t t a . s l , savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29.049 25,511 2,254 1.284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947_Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3.328 10.723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72.894 20,778 2.888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210.988 85,730 104,819 77,728 24,932 2.159 20,439 237.686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1.899 20,670 244.135 224,943 19,193 1956—Dec. 31. 21,949 5,066 223,742 110,120 93,161 66,523 24,915 1,723 20,461 250,757 230,510 20,246 1957—Apr. 24. 22,300 5,100 221,700 110,400 90,200 65,400 23,200 1,600 21,100 249,200 228,200 20.900 May 29. 22,600 5,100 221,600 110,700 89,600 65,000 23,000 1,600 21,400 249,400 228,200 21,200 June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,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 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 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 ,300 24,300 257,700 235,500 22,200 Apr. 30* 22,000 5,200 234,400 114,400 95,300 70,300 23,700 1,300 24,800 261,600 239,200 22,500 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series' For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r g l s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A an R t k . s Total Total m T b C e i a o m r n c m k e ia s - l dep s b M a o a v s n u i i k t n t u s s g a 2 s 3 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 s a e e i n - t - s d 4 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 e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a 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 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945_Dec. 31 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25.900 1950—Dec. 30 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 24500 1954_Dec. 31 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 106,550 27,852 129.700 102,800 26,900 1955—Dec. 31 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,200 105.800 27.400 1956—Dec. 31 3,306 775 4,038 441 221,950 82,224 50,577 30,000 1,647 111,391 28,335 134,400 106,700 27,700 1957—Apr. 24 3,200 800 4,400 300 219,600 84,900 52,900 30,400 1,500107.300 27,400 135,000 107,300 27,700 May 29 3,200 800 5,300 500 218,400 85,700 53,600 30,600 1,500104.800 27,900 134,600 106,600 28.000 June 6 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 ((5)) June 26 3,400 800 4,800 500 219,700 86,400 54.000 30.900 ,500105,600 27,800 135.200 107,300 27,900 July 31 3,300 800 3,700 500 221,000 86,700 54,400 30,900 ,400106,600 27,800 136,000 108,000 28.000 Aug. 28 3,200 800 4,400 500 220,000 87,100 54.700 31,000 ,400105,100 27,800 134,700 106,800 27,900 Sept. 25 3,300 800 3,900 600 220,900 87,700 55,100 31,200 400 105,500 27,800 133,900 106,200 27,700 Oct. 30 3,300 800 3,500 500 223,000 88,100 55,500 31,300 107,200 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 ,325110,254 28,301 133,200 105,100 28,100 1958—Jan. 29? 3,300 800 2,400 500 224,800 89,800 56,600 31,900 1,300 107,600 27,300 132,200 104,700 27,500 Feb. 26* 3,700 700 3,800 400 223,900 90,900 57,600 32,100 1,300105,600 27,400 133,100 105,500j27,600 Mar. 26* 3,900 700 5,800 600 224,500 92,500 58,800 32,400 MOO 110044,660000 27,400 134,000 106,400 27,600 Apr. 30* 4,000 700 5,400 600 228,400 93,600 59,900 32,500 1', 200 107,200 27,600 135,000 107,200 27,800 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 667 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i i n c a t t i - d i a - t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f r ks counts3 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. 31 197,063 110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736125,308 80,908 19,249 14,167 1957—Apr. 24 197,810111,260 65,410 21,140 42,050 244,110 218,930 14,450 4,050 116,720 83,710 19,590 14,154 June 6 197,465 111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320114,659 84,584 19,879 14,144 July 31 198,530 112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390116,690 85,610 20,000 14,135 Aug. 28 199,250113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25 199,820 114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Oct. 30 201,450 113,970 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 3,040118,190 86,600 20,540 14,102 Dec. 31 203,849 115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903123,993 88,102 20,428 14,090 1958—Jan. 29? 201,780 113,400 65,240 23,140 41,950 248,540 222,430 14,830 2,150 116,680 88,770 20,560 14,081 Feb. 26? 202,880 113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500115,040 89,920 20,700 14,076 Mar. 26? 205,990 114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560 114,210 91,480 20,830 14,078 Apr. 30? 210,290 115,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180 118,190 92,670 20,910 14,071 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_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 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 3,390116,660 54,710 16,970 13,610 Aug. 28 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130 115,120 55,060 17,090 13,608 Sept. 25 166,320 93,400 55,870 17,050 41,260 211,590 188,930 14,800 3,580 115,130 55,420 17,140 13,603 Oct. 30 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 3,180117,070 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 17,021 123,967 56,440 17,368 13,568 1958—Jan. 29? 167,650 92,020 57,700 17,930 41,070 213,050 190,470 14,830 116,650 56,840 17,470 13,561 Feb. 26? 168,580 92,090 58,260 18,230 41,340 214,320 191,480 15,130 3,500 115,010 57,840 17,580 13,556 Mar. 26? 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560 114,180 59,100 17,710 13,558 Apr. 30? 175,560 93,450 62,830 19,280 42,850 222,870 199,850 16,320 5,180118,160 60,190 17,810 13,551 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 1956—Dec. 31 138,768 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292106,850 40,909 13,655 6,462 1957—Apr. 24 138,562 78,558 46,536 13,468 36,360 178,277 159,677 13,803 3,582 99,511 42,781 13,863 6,450 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 3,472105,547 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 Apr. 30? 147,485 80,423 51,505 15,557 37,834 189,304 169,551 15,720 4,818100,584 48,429 14,918 6,372 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 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 3 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 3 30,001 2,947 527 1957—Apr. 24 32,690 20,270 7,950 4,470 790 33,950 30,470 30,440 3,010 526 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 ,860 4,670 800 34,430 30,930 30,900 3,030 525 Aug. 28 33,350 20,750 ,870 4,730 760 34,600 31,020 30,990 3,050 525 Sept. 25 33,500 20,860 ,850 4,790 780 34,780 31,220 31,190 3,070 525 Oct. 30 33,550 21,000 ,680 4,870 800 34,820 31,290 31,260 3,070 525 Nov. 27 33,640 21,120 ,550 4,970 800 34,930 31,330 31,300 3,100 524 Dec. 31 33,782 21,216 ,552 5,013 890 35,168 31,695 31,662 3,059 522 1958—Jan. 29? 34,130 21,380 ,540 5,210 880 35,490 31,960 31,930 3,090 520 Feb. 26? 34,300 21,490 ,510 5,300 950 35,740 32,110 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 Apr. 30? 34,730 21,770 7,480 5,480 880 36,130 32,510 32,480 3,100 520 P Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U b o l . i v S g t . a . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i a t - e a l s l Total 2 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 N ba b u o n e m f r ks tions rities ac- Time counts 3 U.S. Other Govt. 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—Apr. 24 23,562 16,176 5,586 1,800 7,137 31,701 26,907 5,001 686 18,467 2,753 2,902 18 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 Apr. 30*> 25,891 16,360 7,252 2,279 7,973 35,177 30,120 6,202 1,537 19,045 3,336 3,200 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 1,446 3,595 3,330 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 2,034 7,649 7,109 1,229 174 4,604 1,103 490 13 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—Apr. 24 6,303 3,758 1,933 612 1,893 8,251 7,313 1,182 175 4,653 1,303 655 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 8,314 440 1,185 275 4,674 1,306 671 14 Sept. 25 6,261 3,937 1,783 541 1,939 8,257 319 1,251 186 4,573 1,309 670 14 Oct. 30 6,273 3,829 1,888 556 1,969 8,310 264 1,183 148 4,624 1,309 679 14 Nov. 27 6,275 3,781 1,927 567 1,938 8,285 320 1,145 151 4,708 1,316 685 14 Dec. 31 6,446 3,852 2,032 562 2,083 8,595 792 1,347 195 4,904 1,345 689 14 1958—Jan. 29? 6,211 3,600 2,050 561 1,862 8,137 291 1,170 86 4,695 1,340 688 14 Feb. 26? 6,261 3,487 2,201 573 1,927 8,256 374 1,211 203 4,612 1,348 693 14 Mar. 26P 6,492 3,481 2,404 607 1,808 8,374 390 1,272 351 4,418 1,349 700 14 Apr. 30? 6,647 3,592 2,434 621 1,873 8,600 7,665 1,320 302 4,671 1,372 705 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 ,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 ,076 289 1957_Apr. 24 53,672 31,644 17,207 4,821 15,029 70,001 63,070 6,307 1,312 38,029 17,422 ,120 283 June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36,874 17,642 ,182 282 July 31 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 1,264 37,671 17,917 ,199 282 Aug. 28 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6,248 1,453 36,820 18,000 ,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 ,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 ,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 ,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. 26P 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 Apr. 30? 57,243 32,012 19,627 5,604 15,356 74,086 66,642 6,794 1,886 38,028 19,934 5,506 278 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—Apr. 24 55,025 26,980 21,810 6,235 12,301 68,324 62,387 1,313 1,409 38,362 21,303 186 6,135 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 304 6,131 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 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 Apr. 30* 57,704 28,459 22,192 7,053 12,632 71,441 65,124 1,404 1,093 38,840 23,787 5,507 6,062 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 669 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b T a i a l a l o p i n i c a t t i d - i a - t e a l s l Total 2 b In a t n e k r - 2 Dema O nd ther Time 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 counts 3 U.S. Other Govt. All insured commercial banks: 1941—Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 13,426 1945_Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 13,297 1947_Dec. 31 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 13,398 1955—Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48,393 14,980 13,216 1956—Dec. 31 163,601 89,831 57,837 15,933 48,352 215,514 195,953 17,282 3,717 124,346 50,608 15,988 13,195 1957—June 6 163,025 90,571 55,973 16,481 39,713 206,567 184,860 14,095 3,310 113,812 53,643 16,525 13,189 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 7,915 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 1 2 1 0 2 , , 1 4 5 6 3 0 1 10 0 9 0 , , 0 9 9 8 1 9 9 7 , , 4 9 7 6 5 3 2 1 , , 1 7 6 8 6 2 6 6 6 1 , , 5 7 4 3 6 7 2 3 9 0 , , 5 9 0 0 6 4 9 8 , , 0 7 7 2 0 2 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 13,807 5,337 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_j D U e n c e . 3 6 1 2 26 5 , , 2 2 6 4 8 3 1 1 2 2, , 4 1 9 3 3 4 1 1 0 0 , , 1 5 5 1 6 2 2 3 , , 9 2 5 6 3 4 4 5 , , 4 3 4 8 6 3 3 3 0 2 , , 0 0 8 6 8 6 2 29 7 , , 2 2 6 9 6 2 4 3 2 5 5 9 3 3 7 8 8 8 1 1 6 7 , ,5 2 8 0 0 0 1 1 0 0 , , 3 8 5 7 5 3 2 2 , , 4 5 6 0 9 0 6 6 , , 7 7 5 4 3 8 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 ,693 200 514 2,768 2,452 181 1,905 365 279 714 1947_Dec. 3H 2,009 474 ,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 8 821 294 312 429 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 5,504 3,613 1,288 7,662 1945_Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947_Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—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 12,192 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,182 2,006 220 1956—Dec. 31 24,170 15,542 5,518 3,110 739 25,282 22,886 22,857 2,130 223 1957—June 6 25,185 16,228 5,505 3,452 672 26,241 23,578 23,549 2,240 234 Dec. 31 26,535 17,194 5,404 3,937 719 27,671 25,022 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 8,738 1,077 496 1945_Dec. 31 5,361 1,198 3,522 641 180 5,596 5,022 5,020 558 350 1947—Dec. 31* 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,07: 180 7,816 6,950 6,947 806 307 1956—Dec. 31 7,770 4,235 2,453 1,08: 182 8,028 7,146 7,143 817 304 1957—June 6 7,765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 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

670 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 s f i o ng r U S. Government obligations Obli- Class of bank T lo o a t n a s l m ci e a r l, - o s r e c c a u r r r i y ti i e n s g Other Direct ti g o a n - s cal a l n d d ate i m n a v e n e n d s t t s - Total2 e o m i k l p n u a e e g d r t n - - A c t g u u a r l r l - i - - b a T e r n o r o s d k- o T th o - l R o t e a a e s t - n a e l s u v i d t a i n o i d - l - s - O lo t a h n e s r Total Total Bills C o d c e f a e r t b t i e i n t f s - i - - Notes Bonds G t u a e n e a d - r- S p s a i t o u c rO a n » l b a t I i d f e - l t- s O s r e i t t h c i e e u r s pa- deal- ers ed- diviper ers ness sions All commercial b 1 a 9 n 4 k 7 s _ :3 Dec. 31.... 116,28438,05718,1671,660 8301,220 9,393 5,723! 063 78,22669,221 2,193 7,789 6,03453,191 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 1112,6983,990 1956—Dec. 31.... 165,12390,30238,7204,1612,5891,69122,509 18,8503 34374,82158,552 5,924 1,99711,82338,796 1312,9013,368 1957—June 6.... 164,51591,02839,0204,0772,2741,63422,53019,5083 62373,48756, 6424,761 3,66510,07038,137 913,3143,531 Dec. 31.... 170,06893,89940,5264,0662,6011,62023,11020,2173 53376,16958,239 5,405 4,813 10,60837,406 813,9154,014 All insured commercial banks: 194[ Dec. 31 49 29021 259 9 2141450 614 662 4 773 4 i4i 28,03121 046 988 3 15912 797 4 102 3 6513 333 1945—Dec. 31.... 121,80925,765 9,461 1,3143,1643,606 4,677 2,361 18196,04388,9122,455 19,071 16,04551,321 ' 22 3',8733;258 1947 Dec. 31.... 114,27437,58318,0121,610 8231,190 9,266 5,654102876,69167,941 2,124 7,552 5,918 52,334 14 5,129 3,621 1955—Dec. 31.... 159,16482,08133,0924,3963 1,74220,69217,1043091 77,08360,7654,105 2,292 13,85640,502 1012,4653,853 1956—Dec. 31.... 163,60189,83138,5714,1012,5651,66922,39418,7653 32573,77057, 8375,763 1,98111,72238,358 1312,6753,258 1957—June 6.... 163,02590,57138,8704,0272,2511,61322,42719,4213 59972,45455,9734,658 3,610 9,96737,730 813,0953,386 Dec. 31.... 168,59593,43040,3804,0152,5691,60123,00320,1223 51375,16457,5805,290 4,758 10,49337,031 713,6883,897 Member banks total: 1941—Dec. 31 43,52118,021 8,671 972 594 598 3,494 3,69: 25,50019,539 971 3,00711,729 3 832 3 0902 871 1945—Dec. 31.... 107,18322,775 8,949 8553,1333,378 3,455 1,900I 10484,40878, 3382,27516,98514,27144,792 16 3,2542,815 1947—Dec. 31.... 97,84632,62816,9621,046 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.... 135,36070,98231,0192,7263,1501,56016,39114,3132 943 64,37750, 697 3,250 1,73811,50834 192 910,4443,236 1956—Dec. 31.... 138,76878,03436,2962,4782,4471,47317,81115,7653 14760,73447, 5754,383 1,469 9,49332',218 1210,4942,665 1957_ D juenc e . 3 6 1.... 1 1 4 3 2 7 , , 3 8 5 0 3 87 8 8 0, , 9 4 5 4 0 8 3 3 7 6 , , 8 5 6 0 8 0 2 2 ,4 4 7 5 2 3 2 2 ,4 1 4 3 8 ? 1 1 , , 4 4 0 1 9 6 1 1 8 7 ,2 7 3 68 1 1 16 6 ,7 2 7 2 5 9 3 3 3 3 1 9 6 9 6 5 1 9 , , 4 3 0 6 3 0 4 4 7 5 , , 0 8 7 2 9 93 3, , 9 4 4 3 8 9 2 3 , , 7 5 9 3 8 4 8 7 , , 5 9 6 5 0 2 3 3 1 1 , , 0 6 3 3 1 2 7 8 1 1 1 0 , , 2 76 3 8 5 2 3, , 0 7 8 6 9 3 New York City:* 1941—Dec. 31 12,896 4,072 2,807 8 412 169 123 I5^ 8,823 7,265 311 1,623 3,652 1,679 729 830 1945 Dec. 31 26,143 7 334 3 044 2 4531 172 80 287 298 18,80917,574 477 3 433 3 32510 337 1 606 629 1947—Dec. 31 .. 20 393 7,179 5,361 545 267 111 564 330 13,21411,972 1002 640 558 9 771 638 604 1955—Dec. 31.... 23,58314,640 9,126 172,144 511 577 1,506 1 006 8,943 6,796 552 100 1,141 5,002 2 1,609 539 1956—Dec. 31.... 23,80915,98711,266 11,409 402 617 1,558 1 049 7,822 6,057 724 194 976 4,160 3 1,406 358 1957—June 6 23,29315,89511,344 11,152 389 567 1,516 1 245 7,398 5,738 685 219 781 4,052 1,311 349 Dec. 31 23,82816,10211,651 1,280 387 565 1,513 1 053 7,726 5,880 648 214 1,093 3,924 1,435 411 Chicago:* 1941—Dec. 31 2,760 954 732 6 48 52 22 9! 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31 5,9^1 1,333 760 2 211 233 36 51 40 4,598 4, 213 133 1,467 749 1,864 181 204 1947—Dec. 31 .. 5 088 1,801 1,418 3 73 87 46 149 26 3,287 2 890 132 235 248 2 274 213 185 1955—Dec. 31 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—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,~ 12 8,243 6 467 295 751 4 248 1,173 956 820 1945—Dec. 31.... 40, 108 8,514 3,661 205 4271,503 1,459 855 404 31,59429, 552 1,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 36622,59120, 196 373 2,358 1,901 15,560 3 1,3421,053 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 1 18023,83718,826 813 657 4,70812,643 5 3,7781,233 1956—Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 1 289 22,13217,368 1,185 441 3,74211,995 A 3,820 944 1957—June 6.... 53,13731,43514,919 495 496 672 7,481 6,630 1 30021,70216,797 758 1,179 3,03811,819 3 3,8881,017 Dec. 31.... 55,25932,80515,702 494 603 673 7,667 6,893 1 37022,45417,352 1,009 1,285 3,29711,760 2 4,027 1,075 Country banks: 1941—Dec 31 12518 5 890 1 676 659 20 183 1,823 1,530 6 628 4 377 110 481 2 926 861 1 2221028 1945—Dec. 31.... 35 002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 1^3421^067 1947—Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 22926,12522, 857 480 2,583 2,10817,681 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 5,05614,825 4,581 1,246 1956—Dec. 31.... 54,57126,491 7,0801,972 334 261 9,407 7,256 63128,08022,037 2,362 792 4,45814,420 4 4,827 1,215 1957_june 6.... 55,11227,330 7,3781,949 312 259 9,586 7,653 66921,18221,409 1,920 1,326 3,91014,248 4 5,109 1,265 Dec. 31.... 56,82028,191 7,613 1,970 365 252 9,856 7,944 71328,62921,8152,226 1,909 3,85713,819 4 5,3651,449 Nonmember commercial banks:3 1947—Dec. 31.... 18454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 A 1,078 625 1955—Dec. 31.... 25,54611,628 2,226 1,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 1 2,255 755 1956—Dec. 31.... 26 38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,989 1,541 528 2,330 6,588 1 2,409 704 1957—June 6.... 26 73312,591 2,519 1,625 143 219 4,773 3,278 22414,14110,825 1,323 867 2,119 6,515 1 2,548 769 Dec. 31.... 27,74112,961 2,657 1,594 153 211 4,891 3,442 21714,78011,172 1,457 1,279 2,049 6,385 1 2,682 926 1 All commercial banks in the United States. These figures exclude banks or all commercial banks. Comparability of figures for classes of data for banks in U. S. possessions except for one bank in Alaska and banks is affected somewhat by changes in Federal Reserve membership, one in the Virgin Islands that became members on Apr. 15, 1954, and insurance status, and the reserve classifications of cities and individual May 31, 1957, respectively. During 1941 three mutual savings banks banks, and by mergers, etc. became members of the Federal Reserve System; these banks are in- For other notes see opposite page. cluded in member banks but are not included in all insured commercial Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 671 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 e v e t v - k h e r e s s al C va 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 s i s c 5 ju p m s o a d a t d e s e n - i - d t d s 6 m D e I o s d n t - e t i e c p r 5 o b s a i F n t e s i k o g r n - G U o .S v . t. p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f n t e c f r c r 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 o s s - l - , r s r - , - I b n a t n er k - p G U S i a o n o a . n s g S v v t d . s a - t. l v S p s i a i u t o s c a n i b l a o t i d d e l t n - s i s - p a v n s a p I i t h d i d r n o o t i u d r c n 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 HI 405 14,338 1,794 3,733 10 449 3,785 111 048 1,460 330 2,384 48, 193 75 16,302 1957—June 6.... 18 500 2,737 9 761 105 713 11,247 1,618 3,318 10 603 2,852 101 177 1,556 331 2,712 50, 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 n,566 1,248 23,740 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 11744 108 887 i: ,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 12 490 110 487 ut,226 1,755 3.717 10 350 3,744 110 252 1,301 330 2,329 47,949 56 15,988 1957_ D juence. 3 6 1 . . . . . . . . 1 1 8 8 5 97 0 2 0 2 3 . ,3 7 1 1 1 7 1 9 2 0 5 7 1 9 5 1 1 0 0 4 9 4 9 3 0 9 4 n I: , ,7 1 5 2 2 7 1 1 , , 5 7 8 3 1 6 3 3 , , 3 85 1 9 0 1 1 0 0 5 59 0 4 0 2 3 , , 8 5 2 9 9 7 1 10 0 8 0 4 9 8 3 3 6 1 1 , , 3 2 8 6 8 4 3 3 3 0 1 1 2 2 , , 6 7 5 1 2 7 5 5 0 3 , , 6 1 6 2 0 0 1,43 6 0 6 1 17 6 , , 0 5 5 2 2 5 Member banks to 1 t 9 a 4 l: 1—Dec. 31.... 12 396 1,087 6 246 33 754 9,714 671 1,709 3 066 j,009 33 061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15 811 1,438 7 117 64 184 12,333 1,243 22, 179 4 240 2,450 62 950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17 797 1.672 6 270 73.528 10,978 1.375 1,176 5 504 2,401 72 704 50 105 693 27. 542 54 8,464 1955—Dec. 31.... 18 722 2,019 7 612 92 435 i:1,002 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 1,749 3,292 8 211 3,475 95 163 1,289 301 1,839 38,769 48 13,655 1957_jUne 6.... 18 501 2.065 5 931 88 912 10,799 1,568 2,932 8 371 2,616 86 624 1,369 302 2,128 40, 883 1,374 14.058 Dec. 31.... 18 973 536 7 806 92 191 i: ,356 1,726 3,472 8 412 3,331 93 804 1,246 275 2,170 42, 845 57 14,554 New York City:* 1941—Dec. 31 5 105 93 141 10 761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4 015 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 ],009 36 67 2,662 326 2,907 Dec. 31.... 4,564 158 110 15 849 3,480 1,389 737 299 1,284 18.377 912 24 56 2, 813 2 3,136 Chicago:* 1941 Dec. 31. 1 021 43 298 2 215 027 8 127 233 34 2 152 476 288 1945—Dec. 31 942 36 200 3 153 ,292 20 i 552 237 66 3 160 719 377 1947—Dec. 31 1,070 30 175 3 737 ,196 21 72 285 63 3 853 2 9 902 426 1955—Dec. 31.... 1 135 32 141 4 349 ,246 40 222 299 85 4 781 11 6 8 1,313 3 628 1956—Dec. 31.... 1,158 37 174 4 272 ,318 46 184 294 85 4 690 7 5 12 1.302 4 660 1957—June 6.... 1,089 28 95 4 087 ,133 35 97 459 80 4 152 16 4 10 1,298 101 665 Dec. 31.... 1,071 39 148 4 084 ,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 ],036 36 519 294 114 935 15,748 21 5,076 1957_ D juence. 3 6 1 . . . . . . . . 7 7 , , 7 7 0 6 1 3 6 79 5 0 3 2 1 8 5 2 8 5 5 3 3 2 3,5 5 8 49 3 6 > . 9 6 6 4 2 8 2 27 6 9 6 1 1 0 3 5 5 1 8 2 3 , , 9 1 1 1 1 1 7 9 8 4 7 3 3 3 3 5 9 1 0 7 6 7 3 30 1 1 4 1 1 2 1 0 3 1 1 , , 0 1 8 7 9 5 1 1 6 7 , , 432 68 2 1 1 5 5 ,3 1 7 8 0 2 Country banks: 1941—Dec. 31.... 2,210 526 3 216 9,661 790 i 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 ,243 18 1 097 4,740 835 32,635 30 142 962 20,491 267 5,304 Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1 181 4,669 1,027 35,029 18 135 928 21, 366 30 5,359 Nonmember commercial banks; 3 1947—Dec. 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6 858 12 1,596 1955—Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9 071 22 2*519 1956 Dec 31 774 4 690 18 085 521 45 440 2 238 310 15 885 171 29 546 9 449 27 2,649 1957—June 6 672 3,831 16 801 448 50 385 2,232 236 14 553 187 30 584 10 035 72 2 781 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 -* 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

672 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans * U. S. Government obligations For purchasing or carrying securities Total Loans Month or date i m l n o 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 - i j L us a o t d a e - n d s i C i m n a c o d n i e a m u d r l - s - - A t c u g u r r l a - i l - a T n o d b d r e o a k l e e r r s s To others e l R o st a e a n a t l s e O l t o h an e s r Total Bills o d c C t f a e i e f t b i i e r n - t - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s trial G U o .S vt . .Other n e e d s - s ob- seliga- curitions ties Total— Leading Cities 1957 May 87,415 86,197 53,052 30,933 419 1,803 1,162 8,66811,114 25,5581,077 1,485 4,576 18,420 7,587 1,218 1958 Apr 92,936 91,324 53,05330,065 457 2,571 1,293 8,72311,097 29,3972,031 ,150 6,187 20,029 8,874 1,612 93,400 91,915 52,256 29,514 473 2,225 1,300 8,78811,114 30,7391,891 ,258 7,190 20,400 8,920 1,485 May 1958 90,945 89,541 52,69930,392 450 1,983 1,274 8,69511,056 28,1132,057 ,140 4,951 19,965 8,729 1,404 Apr. 2 91,574 89,834 52,962 3300,210 458 2,418 1,280 8,71211,03528,0551,945 ,159 4,994 19,957 8,817 1,740 9 94,479 92,713 53,57530,208 454 2,931 1,280 8,72911,126 3300,1642,092 ,131 6,940 20,001 8,974 1,766 16 93,702 92,052 53,036 2299,792 460 2,776 1,314 8,73511,11130,1071,918 ,149 6,979 20,061 8,909 1,650 23 93,984 92,483 52,99529,723 462 2,749 1,315 8,74611,15730,5482,146 ,169 7,074 20,159 8,940 1,501 30 May 7 93,470 91,973 52,53329,659 470 2,373 1,312 8,75711,11830,496 1,895 ,191 7,165 20,245 8,944 1,497 14 93,145 91,785 52,39529,623 470 2,257 1,298 8,77411,130 3300,^51111 1,819 ,225 7,148 20,319 8,879 1,360 21 93,364 91,803 52,02929,455 473 2,067 1,302 8,80011,091 3300,,885566 1,887 ,318 7,180 20,471 8,918 1,561 93,623 92,100 52,06829,318 477 2,204 1,288 8,82111,118 3" 1,0—93 1,964 ,298 7,267 20,564 8,939 1,523 28 New York City 1957 23,188 22,463 15,40811,553 86 1,017 10 386 553 2,123 5,365 372 203 821 3,969 1,690 725 May 1958 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 25,387 24,488 15,06310,953 386 969 363 529 2,172 7,281 767 222 1,662 4,630 2,144 899 May 1958 24,957 23,951 15,386 11,402 320 905 514 2,175 6,356 768 181 1,024 4,383 2,209 1,006 24,744 24,081 15,56411,291 527 992 382 517 2,163 6,296 690 176 1,021 4,409 2,221 663 Apr. 2 25,848 25,131 15,86911,230 8681,005 378 524 2,170 6,962 793 182 1,577 4,410 2,300 717 9 25,524 24,740 15,60711,052 850 960 380 522 2,149 6,878 684 167 1,547 4,480 2,255 784 16 25,830 24,942 15,53711,044 745 972 378 522 2,185 7,134 845 206 1,576 4,507 2,271 888 23 30 25,334 24,551 15,23311,016 491 977 367 525 2,166 7,131 724 210 1,626 4,571 2,187 783 May 7 25,361 24,518 15,17610,990 407 1,014 366 526 2,183 7,208 741 227 1,623 4,617 2,134 843 14 25,355 24,369 14,92510,935 299 937 363 532 2,167 7,320 759 227 1,675 4,659 2,124 986 21 25,500 24,514 14,91710,869 349 947 357 532 2,171 7,467 843 224 1,725 4,675 2,130 986 28 Outside New York City 1957 May 64,227 63,734 37,644 19,380 418 700 766 8,115 8,99120,193 705 1,282 3,755 14,451 5,897 493 1958 Apr 67,555 67,755 37,46018,861 456 942 868 8,203 8,929 22,6721,275 968 4,838 15,591 6,623 800 68,013 67,427 37,19318,561 472 870 891 8,259 8,942 23,4581,124 1,036 5,528 15,770 6,776 586 May 1958 65,988 65,590 37,31318,990 449 758 851 8,181 8,88121,7571,289 959 3,927 15,582 6,520 398 Apr. 2 66,830 65,753 37,39818,919 457 899 853 8,195 8,872 2211,7591,255 983 3,973 15,548 6,596 1,077 9 68,631 67,582 37,706 1188,978 453 1,058 855 8,205 8,956 23,202 1,299 949 5,363 15,591 6,674 1,049 16 68,178 67,312 37,429 18,740 459 966 887 8,213 8,962 23;2291,234 982 5,432 15,581 6,654 866 23 68,154 67,541 37,45818,679 461 1,032 892 8,224 8, 972 23,4"1 4' 1,301 963 5,498 15,652 6,669 613 30 May 7 68,136 67,422 37,30018,643 469 905 900 8,232 8,952 23,365 ,171 981 5,539 15,674 6,757 714 14 67,784 67,267 37,219 18,633 469 836 888 8,248 8,947 23,303 ,078 998 5,525 15,702 6,745 517 21 68,009 67,434 37,104 1188,520 472 831 892 8,268 8,924 23,536 ,128 1,091 5,505 15,812 6,794 575 28 68,123 67,586 37,151 18,449 476 908 884 8,289 8,947 23,626 ,121 1,074 5,542 15,889 6,809 537 i Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 673 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- Savcor- divi- checks,, cor- divi- ings pora- sions etc. pora- sions tions tions Total- Leading Cities 1957 May 13,416 936 2,389 55,369 57,821 4,391 2,013 2,65720,979 1,081 18110,033 1,583 1,237 673 814 9,188 1958 Apr 13,166 942 2,629 55,584 57,595 4,563 2,350 3,070 23,203 ,624 14111,193 1,512 2,189 130 951 9,805 12,907 979 2,660 54,932 56,854 4,603 1,893 3,64523,576 ,778 14210,987 1,527 2,234 56 806 9,890 May 1958 12,960 901 2,964 54,119 56,070 4,286 1,911 3,092 23,003 ,551 13911,519 1,494 2,142 53 670 9,785 Apr. 2 13,031 965 2,413 55,25156,829 4,193 1,974 1,71123,138 ,571 14011,199 1,502 2,177 89 1,145 9,803 9 13,560 952 2, i,49159,290 4,746 2,624 3,47123,217 ,625 14111,490 1,505 2,194 255 1,147 9,780 16 13,297 968 2,445 56,36157,922 4,651 2,770 3,13123,290 ,672 14210,746 1,513 2,211 190 1,024 9,803 23 12,982 922 2,698 55;699 5"7",863 4,937 2,475 3,94523,367 ,703 142 11,0091,547 2,221 63 771 9,853 30 May 7 13,018 909 2,400 54915 56,272 4,625 1,966 670 23,488 ,759 13910,949 1,551 2,195 75 859 9,885 14 12,855 994 2,789 54;"7"06' 5577,750 4,438 1,806 436 23,508 ,778 14111,479 1,568 2,230 56 648 9,882 21 12,879 964 2,683 54,67156,476 4,608 1,868 3;919 23,609 ,792 14310,770 1,518 2,231 40 883 9,889 12,877 ,049 2,769 55,434 "5'6,917 4,739 1,933 3,556 23,701 ,781 14510,751 1,470 2,279 54 832 9,906 28 New York City 1957 4,246 136 5615,32016,869 339 1,058 785 2,645 61 32 2,904 1,274 942 78 343 2,879 May 1958 4,181 136 15,47816,919 392 1,339 1,146 3,052 181 3,072 1,216 1.689 28 489 3,152 Apr 3,975 144 15,16216,553 325 967 1,271 3,108 197 3,047 1,228 1,733 322 3,184 May 1958 3,967 138 15515,34516,693 334 923 1,066 3,006 181 3,183 1,199 1,657 180 145 4,369 141 4615,61516,709 324 1,062 544 3,056 181 2,889 1,207 1,685 26 692 148 Apr. 2 4,341 140 5415,46517,161 415 1,527 1,373 3,049 183 3,128 1,206 1,687 105 770 144 9 4,216 132 5315,64816,977 364 1,732 1,204 3,056 181 2,931 1,221 1,704 10 545 151 16 4,013 129 5715,316 1-7,053 523 1,454 1,541 3,094 181 3,227 1,249 1,710 257 3,170 MaM 2 3: 3 0:::::::::: 4,104 133 4515,14316,305 347 1,026 1,464 3,111 190 2,882 1,258 1,695 407 3,186 3,880 145 5515,01016,649 311 871 1,232 3,089 199 3,185 1,265 1,730 244 3,188 21 3,895 132 4815,02416,357 350 957 1,257 3,101 200 3,023 1,221 1,726 369 3,183 28 4,021 165 4615,47116,900 294 1,015 1,132 3,130 201 3,097 1,169 1,779 269 3,180 Outside New York City 1957 May 9,170 800 2,333 40,049 40,952 4,052 955 1,872 18,334 1,020 149 7,129 309 295 595 471 6,309 1958 Apr 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 8,932 835 2,61139,770 40,301 4,278 926 2,374 20,468 1,581 118 7,940 299 501 56 484 6,706 May 1958 8,993 763 2,809 38,774 39,377 3,952 988 2,026 19,997 1,370 116 8,336 295 485 53 490 6,640 Apr. 2 ! .. 8,662 824 2,367 39,636 40,120 3,869 912 167 20,082 1,390 117 8,310 295 492 63 453 6,655 9 9,219 812 2,569 41,026 42,129 4,331 1,097 098 20,168 1,442 117 8,362 299 507 150 377 6,636 16 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 23 8,969 793 2,64140,383 40,810 4,414 1,021 404 20,273 1,522 119 7,782 298 511 63 514 6,683 30 May 7 8,914 776 2,355 39,772 39,967 4,278 940 2,206 20,377 1,569 116 8,067 293 500 75 452 6,699 14 8,975 849 2,734{39,696 41,101 4,127 935 2,204 20,419 1,579 117 8,294 303 500 56 404 6,694 21 8,984 832 2,635 39,647 40,119 4,258 911 2,662 20,508 1,592 119 7,747 297 505 40 514 6,706 28 8,856 884 2,723,39,963 40,017 4,445 918 2,424 20,571 1,580 121 7,654 301 500 54 563 6,726 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

674 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 Public and Period2 t l o F iq b a o u n a o o c d d c r , o , T a l p e e a a p x n t t a h i d r l e e e r s l, , M m p u a r c e e n o t t t d a d s a 3 l - l s ch r P l c u e e a e o m b u n t a b r m d i l c o e , , a r - l, Other ( T r w e s a r h a t n a a o l d d e i l l e e ) - m d C e o a o d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u p t ( t t r o i i i a n l o r i n c n t t i a l s ) e . - - s s C t t i r o o u n n c - - bu o ty A s t o h p in l f e e l e r s ss c c h l N f a a i n e s e d s g t i e - s ch b r w in e a i a e n p n a g n e d o l g k k l ' r e l l s t — y 4 - 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan.-June -302 238 1,362 424 369 171 -386 -322 365 54 149 2,124 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—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 May -81 -17 9 -87 24 -15 -41 -133 -119 25 75 -359 -405 Week ending: 1958—-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 44 -26 20 18 -13 -72 -22 6 33 -36 -15 Apr. 2 -26 3 -28 -14 -5 14 -22 -87 -18 -1 -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 May 7 -18 -1 -7 -8 10 14 -7 -47 -13 12 31 -33 -64 14 -5 8 44 -57 3 -2 15 -23 -38 20 -36 -36 21 -21 -16 -14 -4 3 -17 -26 -35 -19 14 -11 -144 -168 28 -38 -8 -15 -18 9 -9 -23 -28 -49 -2 36 -145 -137 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 Banks Im- Ex- shipped between Placed direct- Trktai ports ports Dollar points in: Total through ly Others into from exdealers i ( 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 it t e e d s U S n ta it te e s d change U S n ta it t e e d s c F o o u r n e t i r g i n es 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_Apr 2,485 466 2,019 1,018 195 135 60 24 64 735 272 471 4 89 182 May 2,775 483 2,292 984 188 142 46 21 63 713 227 501 5 73 177 June 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 July 2,781 459 2,322 1,000 154 112 42 19 70 757 231 507 35 59 169 Aue 2,835 501 2,334 1,227 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 2^5 181 Oct 2,654 516 2,138 1,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 1,224 221 151 70 20 67 916 268 459 64 222 211 Dec 2,666 551 2,115 1,307 287 194 94 66 76 878 278 456 46 296 232 1958—Jan 3,345 654 2,691 [,422 416 307 109 41 127 838 273 461 65 386 237 Feb .. 3,628 116 2,852 1,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 1,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 1,479 459 350 109 37 131 852 278 416 131 416 239 * 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 675 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 Prime com- Prime Area and period All Year, com- pany bank- loans 200 m w o e n e t k h, or 4 m p - a e t p r o c e i r 6 a , - l p d p l i a a re p c c e e t d r - a a c n e c c r e s e p ' s t , - 3-month bills 9 m -t o o n 1 th 2- 3- y t e o a r 5- 1 1 0 - 1 1 0 0 0 - 1 2 0 00 0- o a v nd er monthsl ly, 90 Mar- Rate issues3 issues4 3- to 6- days1 ket on new Annual averages, months i yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 1955 average >.18 .97 .71 1.73 1.753 .89 2.50 1957 1956 average $.31 $.06 >.64 2.62 2.658 >.83 3.12 1957 average $.81 $.55 $.45 3.23 3.267 $.53 3.62 Quarterly:1 19 large cities: 1957—May $.63 $.38 $.25 3.06 3.042 $.37 3.60 1957—June 4.40 5.37 4.94 4.61 4.23 June $.79 $.48 $.36 3.29 3.316 $.55 3.77 Sept 4.83 5.67 5.29 5.01 4.69 July 5.88 $.63 $.38 3.16 3.165 $.71 3.89 Dec 4.85 5.66 5.29 5.01 4.71 Aug 5.98 $.63 $.78 3.37 3.404 $.93 3.91 1958—Mar 4.49 5.55 5.10 4.75 4.29 Sept iLOO $.82 $.83 3.53 3.578 tL02 3.93 New York City: Oct i.1.10 $.88 $.75 3.58 3.591 $.94 3.99 1957—June 4.23 5.24 4.86 4.49 4.12 Nov iL07 $.79 $.50 3.29 3.337 $.52 3.63 Sept 4.69 5.54 5.24 4.93 4.60 Dec $.81 $.55 $.35 3.04 3.102 $.09 3.04 Dec 4.71 5.50 5.23 4.94 4.62 1958—Mar 4.29 5.42 5.02 4.60 4.17 1958—Jan 5.49 $.23 $.06 2.44 2.598 >.56 2.77 7 Northern & Eastern Feb >.63 2.18 >.30 1.54 1.562 1.93 2.67 cities: Mar >.33 1.86 1.80 1.30 1.354 1.77 2.50 1957—June 4.39 5.39 4.94 4.61 4.25 1.90 1.59 1.52 1.13 1.126 1.35 2.33 Sept 4.85 5.69 5.31 5.01 4.73 May'.'.'.'.'.'. [.71 1.38 1.30 .91 1.046 1.21 2.25 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 May 3... 1.75 1.38 [.38 1.23 1.367 1.39 2.30 cities: 10... 1.75 1.38 1.38 1.11 1.187 .33 2.29 1957—June 4.65 5.42 4.99 4.70 4.43 17. .. 1.75 1.38 1.38 1.02 1.112 1.26 2.26 Sept 5.01 5.72 5.31 5.05 4.81 24. .. .70 .38 [.28 .74 .931 .13 2.23 Dec 5.05 5.73 5.31 5.04 4.87 31. .. 1.63 1.38 1.13 .58 .635 1.01 2.20 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 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. B O ND A ND S T O CK YIELDS i [Per cent per annum] Corporate bonds3 Stocks 5 G U o . v S. t. S g ta o t v e t. and b on lo d c s3 al By selected By Dividends / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e l r o m ng ) - 2 Total4 Total4 Aaa ~ Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues .. 4-7 20 5 5 120 30 30 40 40 40 14 90 500 1955 average 2.84 2.57 2.18 3.14 3.25 3.06 3.53 3.19 3.34 3.22 4.01 4.08 7.81 1956 average 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4 25 4.09 7.40 1957 average 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 7.84 1957 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 M!ay 3.14 3.12 2.69 3.71 4.00 3.57 4.62 3.80 4.30 3.89 4.31 4.19 Week ending: 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 10 3.14 3.09 2.66 3.65 4.00 3.57 4.63 3.81 4.30 3.89 4.32 4.16 17 3.15 3.14 2.71 3.76 4 00 3 57 4 62 3 80 4 31 3 90 4 29 4 23 24 3.13 3.14 2.71 3.76 4.00 3.57 4.62 3.79 4.31 3.89 4.31 4.19 31 3.13 3.14 2.71 3.76 3.99 3.57 4.60 3.79 4.30 3.89 4.32 4.16 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

676 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices ume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-43= 10) (index, 1939= 100) trading 4 Ye o a r r , w m e o ek nth, t ( G U e lo r o . m n S v g . t ) - . 2 n g ( r h M ic a i i g d u p h - e a - ) l 3 g ( r h r p a a i o g d t - h e e - )3 Total d t I r u n ia s - - l R ro a a i d l- P u i h u t t i y e b l- - Total Tot M al anu r D f a a b u c l - t e urin N r g d a o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y c b l- - T n s a a r e i f n c a n r i e - v d d c - e e , , M in i g n- s s t h h a ( a o n i o r n f d u es 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 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 m 342 2,222 1957—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 91.10 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 SeDt 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 57 388 352 422 231 162 283 283 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 May 97,94 111.1 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 Week ending: 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 10 97.88 111.0 105.5 43.94 46.80 24.84 36.51 324 404 354 441 251 168 304 299 2,821 17 97.76 110.8 105.3 43.44 46.21 24.59 36.49 320 397 348 434 244 168 300 296 2,662 24 98.08 110.8 105.6 43.61 46.40 24.64 36.62 324 402 355 438 251 170 302 303 2,507 31 . 98.12 111.6 105.8 43.90 46.70 25.10 36.77 326 404 359 438 254 170 303 306 2,324 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. 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. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5Vi-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f m or o n la t s h t o s t T e h c e o u r t r a i t t h l i - e a s n N N ew et Y d o e r b k it f i S r b 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 r s o a i k n n e k g r s a l o n a a d n n d c s a d t r o e r a y o l i e n th r g s e ) r s e s f o c ( u r t h r p i a t u n i r e - s2 Money borrowed Cus n to et mer f___ T T ^1 frnvt ob ( c c li o o g l l a . . 3 t 5 i o + ) ns U o S b e . c l S i u g . r a e G t d io o b n v y t s . S s e e c o c u u t r h r e e i d t r i e b s y U ob . l S ig . a G tio o n vt s . se O cu th ri e t r ies U ob . l S ig O . a G n tio o n vt s . sec o u t O h r n e it r ies ba cr la e n d c it es 1953 Dec 2,445 31 1,665 88 780 88 1,074 713 1954—Dec 3,436 41 2,388 65 1,048 69 1 529 1 019 1955—Dec.. . . . 4,030 34 2.791 32 1,239 51 2,246 894 1956—Dec 3,984 33 2,823 41 1.161 46 2,132 880 1957 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 1,096 58 2 035 816 Sept 3,882 35 2,789 21 ,093 63 2 046 838 Oct 3,643 39 2,568 31 ,075 72 1,708 879 Nov 3 577 42 2,517 33 ,060 56 1 641 876 Dec 3,576 68 2,482 60 1,094 125 1 706 896 1958—Jan 3,554 126 2,487 58 1,067 188 1,552 937 Feb 3,679 102 2,580 79 ,099 199 1,647 939 Mar . . 3,863 111 2,665 86 ,198 206 1,784 954 Apr 3,980 134 2,735 70 1,245 230 1 822 985 4,069 141 2,856 75 [ 213 244 1,808 979 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 677 LIFE INSURANCE COMPANIES * [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d S ( t U a lo t . e c a a S l n .) d Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r 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 [,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_Apr 97,488 10,946 7,430 2,264 1,252 41,772 38,821 2,951 33,840 2,907 3,606 4,417 May 97,868 10,895 7,340 2,290 [,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July 99,005 10,906 7,306 2,323 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 [,279 42,742 39,724 3,018 34,547 3,032 3,731 4,442 Sept 99,812 10,833 7,224 2,340 [,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 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 1958—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 1,304 44,256 41,179 3,077 35,663 3,214 3,962 4,536 Apr 102,717 10,792 7,009 2,460 1,323 44,467 41,383 3,084 35,773 3,244 3,996 4,445 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- * These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month Total2 g M ag o e rt s - 3 o G U t b io l o . i S n v g s t . a . - Cash Other* S c a a v p i i n ta g l s ad F v H a L n B c B o e r s rowin O gs ther u R n p e d r a s o i n e v f r d i i v d ts e e s d 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_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 AUK ... 46,188 38,743 3,203 1,635 2,569 39,982 1,070 115 Sept 46,639 39,106 3,229 1,643 2,624 40,306 1,117 115 Oct 47 127 39 532 3,219 [,622 2,718 40,673 1,129 121 Nov 47,600 39,835 3,238 70S 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 Mar . 49,406 40,967 3,192 2,407 2,840 43,366 694 94 Apr 50,068 41,367 3,229 2,524 2,948 43,729 813 87 1 Figures are for all savings and loan associations in the United States. 3 Beginning January 1958, no deduction is made for mortgage pledged Data beginning 1950 are based on monthly reports of insured associa- shares. These have declined consistently in recent years and amounted tions and annual reports of noninsured associations. Data prior to to $34 million at the end of 1957. 1950 are based entirely on annual reports. 4 Includes other loans, stock in the Federal home loan banks and other 2 Includes gross mortgages with no deduction for mortgage pledged investments, real estate owned and sold on contract, and office buildings shares. and fixtures. NOTE.—Data for 1957 and 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1956 1957 1950 19512 19522 19532 1954 1955 2* Loans, by purpose and agency: To aid agriculture, total 3,884 4,161 5,070 6,811 6,929 6,715 6,752 7,261 6,827 6,466 6,681 Banks for cooperatives 345 425 424 311 367 375 457 423 384 430 454 Federal intermediate credit banks... 510 633 673 590 638 689 734 3845 997 997 935 Farmers Home Administration 535 539 596 648 701 681 724 823 866 880 832 Rural Electrification Administration. 1,543 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 Commodity Credit Corporation 898 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 Other agencies 52 40 31 23 18 1 (4) (4) (4) (4) (4) To aid home owners, total 1,528 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 Federal National Mortgage Association. 1,347 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 V O e th te e r r a n ag s e A nc d i m es inistration > 181 292 362 , 3 1 0 6 0 8 3 6 8 3 3 4 8 8 4 0 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 770 1 To industry, total 568 589 598 588 431 678 619 629 640 652 674 Treasury Department... 174 353 306 209 209 211 254 251 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 ' I 1 2 1 6 2 1 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 9 0 2 1 1 8 6 2 2 20 1 6 7 To financing institutions 824 814 864 952 870 1,419 1,233 966 1,084 1,124 1,270 To aid States, territories, etc., total. 468 744 1,020 645 272 245 246 272 243 276 264 Public Housing Administration.. 351 589 894 500 112 90 106 120 94 186 105 Other agencies 117 155 126 145 160 155 140 153 149 90 159 Foreign, total 6,078 6,110 7,736 8,043 8,001 7,988 8,223 8,237 8,300 8,316 8,754 Export-Import Bank 2,226 2,296 2,496 2,833 2,806 2,702 2,701 2,678 2,667 2,656 3,040 Treasury Department5 3,750 3,750 3,667 3,620 3,570 3,519 3,470 3,470 3,470 3,470 3,470 International Cooperation Administration. 61,515 1,537 1,624 1,767 1,995 2,035 2,084 2,139 2,195 Other agencies 102 64 58 53 57 54 52 51 49 All other purposes, total 63 55 75 119 166 256 213 240 338 306 344 Housing and Home Finance Agency. (4) 5 29 127 209 156 184 275 246 283 Other agencies '63 34 69 90 39 47 57 56 60 60 62 Less: Reserves for losses -185 -173 -140 -203 -228 -268 -309 -327 -695 -501 -367 Total loans receivable (net). 13,228 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 Investments: U. S. Government securities, total 2,075 2,226 2,421 2,602 2,967 3,236 3,739 3,923 3,881 3,762 3,804 Federal home loan banks 199 249 311 387 641 745 1,018 1,095 1,017 881 896 Federal Savings and Loan Insurance Corp.. 193 200 208 217 228 241 256 265 274 264 274 Federal Housing Administration 244 285 316 319 327 381 458 479 482 504 471 Federal Deposit Insurance Corporation 1,307 1,353 1,437 1,526 1,624 1,720 1,825 1,898 1,914 1,917 1,937 Other agencies 132 140 148 152 147 149 181 186 194 195 226 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 securities7 266 257 223 219 197 179 284 344 340 340 333 Inventories, total 1,114 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 Commodity Credit Corporation.. 1,638 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 Defense Department 11,004 11,094 11,105 11,157 11,136 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, 2 5 0 1 1 7 6,6 1 5 93 4 7,0 1 2 71 2 7,0 1 9 7 2 5 7,2 1 8 85 2 Land, structures, and equipment, total 2,945 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 Panama Canal Company8 18 298 415 363 421 421 398 396 401 599 398 Tennessee Valley Authority 886 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 Housing and Home Finance Agency 1,296 1,284 1,202 1,040 728 450 236 144 114 106 88 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 Bonneville Power Administration 311 317 327 328 342 General Services Administration.., 1,298 1,226 1,332 1,341 1,308 Post Office Department 590 590 599 599 599 Other agencies 745 728 345 350 360 300 613 704 616 408 608 Bonds, notes, & debentures payable (not guar.), total... 1,190 1,369 1,330 1,182 1,068 2,379 2,711 2,975 3,497 3,647 4,662 Banks for cooperatives 110 170 181 150 156 185 257 231 190 237 247 Federal intermediate credit banks 520 674 704 619 640 665 721 803 953 959 902 Federal home loan banks 560 525 445 414 272 958 963 720 733 765 825 Federal National Mortgage Association 570 770 1,220 1,620 1,687 2,688 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations age and the new classification of agencies now reported in the Treasury of the banks are classified as trust revolving transactions. Bulletin. The revised statement includes a larger number of agencies, and 4 Less than $500,000. their activities are classified according to the type of fund they represent. 5 Figures represent largely the Treasury loan to the United Kingdom, Funds are combined in the table above, but are shown separately in the and through 1952 are based in part on information not shown in Treasury table on the following page. Classifications by supervisory authorities compilation. are those in existence currently. Where current Treasury compilations 6 Figure derived by Federal Reserve. do not provide a detailed breakdown of loans, these items have been 7 Includes investment of the Agricultural marketing revolving fund in classified by Federal Reserve on basis of information about the type of the banks for cooperatives; Treasury compilations prior to 1956 classified lending activity involved. this item as an interagency asset. • Totals reflect exclusion of agencies reporting other than quarterly. 8 Figures prior to 1951 are for the Panama Railroad Company. The 1 Figures for trust revolving funds include interagency items. For all Panama Canal Company, established in 1951, combined the Panama types of funds combined, loans by purpose and agency are shown on a Railroad Company with the business activities of the Panama Canal gross basis; total loans and all other assets, on a net basis, i.e., after Company (not reported orior to that time). reserve for losses. 9 Includes $1,000 million due under the agreement with Germany 2 Coverage changed from preceding period (see also NOTE). signed Feb. 27, 1953, and lend-lease and surplus property balances due 3 Effective Jan. 1, 1957, the production credit corporations were merged the United States in the principal amount of $1,967 million. in the Federal intermediate credit banks, pursuant to the Farm Credit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 679 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items i Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Invest- Bonds, notes, U.S. Pri- Date, and fund or activity Total Cash L c r e o e i a v - n - s v I e n n - - ments L s tu a t a r r n u n e d c d s - , , Other tu a r n e d s p d a eb y e a n b - le l O ia t b h i e l r - G in e o t s e v t r t - . o v in w a e t t s n e e t e r ly - d able tories P s d e u e c b b u l t i - c O se t c h u e - r e m q e u n ip t - a G n b u te y a e r- d Other ities rities rities U.S. 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 18335 610 508 1955—Dec. 31 45,304 1,338 20,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956 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 4,441 21,35321,303 3,923 3,729 9,875 5,272 68 2,975 3,71362,364 775 June 30* 69,059 3,98120,98021,450 3,881 3,725 9,979 5,063 57 3 497 3 32561 144 1,037 Sept. 30 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 60 3,647 2,63462,778 1,056 Dec. 31 .' 71,139 4,29122,39521,628 3,804 3,718 9,962 5,340 49 4,662 2,91662,391 1,121 Classification by type of fund and activity, December 31, 1957 Public Enterprise Funds—Total 19,665 1,313 8,680 3,999 786 143 3,289 1,454 49 1,372 1,253 16,991 Farm Credit Administration: 3 Federal Farm Mortgage Corporation .. 9 1 8 8 Agricultural Marketing Act, revolving fund 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,348 39 1,664 3,025 158 461 551 4,797 Disaster loans, etc revolving fund 128 64 60 4 128 All other 57 35 19 (4) 50 Housing and Home Finance Agency: Public Housing Administration. . . 215 87 104 18 6 36 179 Federal Housing Administration 792 30 " 47i 289 48 138 606 Federal National Mortgage Association 2 382 4 2 361 (4) 16 1 372 40 969 Office of the Administrator. ... ... 799 162 349 69 219 6 793 Federal Savings and Loan Insurance Corporation... 286 2 274 10 15 271 Small Business Administration 325 123 194 (4) 8 1 324 Export-Import Bank 3,071 3 3,040 f4) 1 27 52 3 020 Tennessee Valley Authority 2 053 95 48 1 801 109 32 2 021 Panama Canal Company 464 34 8 398 24 13 450 Veterans Administration 839 149 641 4 41 2 2 12 827 General Services Administration 1 126 43 (4) 890 (4) 107 87 64 1 062 Treasury Department 227 8 6 (4) 226 Post Office Department—postal fund 931 284 ...... 13 599 34 257 674 Interior Department . 249 60 6 134 39 9 241 All other 179 45 26 4 104 m (<> 19 160 Intragovernmental Funds—Total 13,122 1,478 11,273 221 150 61212,509 Defense Department: Army 8 562 824 7 577 105 56 172 8 390 Navy 3,367 368 2,954 45 295 3,072 Air Force 858 209 605 44 94 764 All other 334 77 136 116 5 51 283 Certain Other Activities—Total 30,639 1,184 9,474 6,356 7 3,563 6,452 3,603 19730,442 General Services Administration 8,328 527 82 6 344 (4) 1,191 184 24 8,304 Agriculture Department: Farmers Home Administration 734 93 620 (4) (4) 21 7 727 Rural Electrification Administration 2,822 9 2,680 133 1 2,820 Interior Department . 450 48 7 363 32 5 444 International Cooperation Administration 2 222 20 2 195 8 1 2 222 T C r o e m as m u e ry rc D e e D p e a p r a tm rt e m n e t nt—maritime activities 1 5 0 ,1 1 0 0 8 3 288 3,5 2 0 6 7 1 3 (4) 3,563 4 50i 93,03 4 8 9 "iii 1 4 0 ,1 9 0 8 8 1 National Advisory Committee for Aeronautics 467 100 283 83 9 458 All other 406 99 130 1 6 114 55 28 377 Certain Deposit Funds—Total 4,715 80 1,717 2,876 12 30 1,072 781 2,080 782 Banks for cooperatives 520 15 451 43 (4) 10 247 4 230 39 Federal Deposit Insurance Corporation 1,951 2 (4) 1,937 11 100 1,851 Federal home loan banks 2,245 63 1 265 896 12 9 825 677 743 w Certain Trust Revolving Funds—Total 2,997 235 2,524 (4) 135 103 2,217 73 368 10 339 Federal National Mortgage Association.. 1,622 52 1,561 9 1,315 44 228 10 35 Federal intermediate credit banks 1 075 20 935 100 20 902 16 140 1017 Office of Alien Property 213 148 65 10212 Allother 87 15 27 (4) 35 (4) 9 12 10 75 Latest data for agencies not reporting quarterly Atomic Energv 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 (4)85 549 416 21 1,663 1 o Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars] Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B r u N ec d e t g t s e . t T r P f e u r l c u 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 : . - . 1 E p T r u f q e r t o b u o h c l t a m t e i a s c l l . s 2 : B p t u e u e n d x re d g - s i e - t p T P t f e u u e r l n r x u n u e d - s d s s i : t - A m L d e e j n s u s t s s : t - 3 E p p t T q o u a o u b y t t a l t h a i s l l s c e . : t p o p fr u a t o o h ( b y m r e - l t i s ) , c . , ( c ( o c - d r d r r I e ) e i e n r . a a d b e - s s i e c t e n e - t , a in G g N v e o . n e v . t b t & . L y ess: O n ca t o h s n e h - r b E i o n q c N r a g u r s e o a h o t w ls r : - & agen.)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 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 1956—Jan.-June. 42,925 6,229 1,450 47,691 33,415 5,040 2,262 36,191 11,499 -7,597 1,835 254 -9,689 July-Dec.. 28,069 6,169 1,573 32,643 33,801 5,302 485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-June. 42,960 8,200 1,669 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 1,410 35,057 36,060 7,133 1,254 41,938 -6,881 5,556 -120 -35 5,711 Monthly: 1957_Apr 4,256 1,083 90 5,244 5,987 ,491 258 7,220 -1,976 -813 -469 -174 -170 May 5,282 2,121 117 7,280 5,944 ,344 367 6,923 358 1,432 1,241 257 -67 June 11,688 1,820 1,182 12,322 6,279 ,275 122 7,431 4,891 -4,496 728 -123 -5,100 July 3,057 858 113 3,801 6,347 ,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 ,075 -180 7,185 -399 1,462 646 40 776 Sept 7,225 972 126 8,066 5,667 ,086 -2 6,754 1,311 634 -310 -69 1,014 Oct 3,131 938 167 3,896 6,501 ,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 ,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 ,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 1,684 217 7,759 5,528 ,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 1,127 135 10,485 5,749 ,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr.P 3,496 1,331 187 4,633 6,122 ,479 780 6,821 -2,188 2,380 -182 -125 2,687 Effects of operations on Treasurer's account Cash balances: Account of Treasurer of United Operating transactions Financing transactions inc., or dec. (—) States (end of period) Period s B d u u N e r o p f d e i r l g c t u i e t s t , a l c d T a f c e u t r o u f i n u i o r m c d s n i t u t , - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m s o a ( G s g + b N a u e o l r ) a i e n v k g o n t c e t a c f y . t - e i i & s a n G n e g N v c e o F t . e n . r v e ( u t c b t d - s y . y ) . t I d n ( p e d g - c c u i r r ) o r r b o e e . e r a s l i c a i n s s c s t e e , T o r H u e t a e s s l i u d d r e y a T u cc r r e e o a r u ' s s n - t Balance ( B F a a D a . v b n e a l R k p e il . s o - sits T T L a in r u x o e — r a a y a n s n - d O as n t s h e e t e ts r tions 5 funds5 debt funds) Accts. Fiscal year—1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955 -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 1956 1,626 2,250 309 173 -2,617 -1,623 '-202 331 6,546 522 4,633 ,391 1957 1,596 1,409 -518 1,085 -2,298 -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 -1,601 -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—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 ,13g 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 '37 -345 -72 3,028 4,307 552 2,572 ,183 Nov -979 474 382 -23 r-9 679 -33 558 4,865 243 3,583 ,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 1958—Jan -1,225 -831 600 225 541 -343 68 -1,101 3,505 469 1,767 ,269 Feb 771 367 -314 142 -171 124 30 888 4,394 516 2,837 ,041 Mar 3,753 -437 444 101 64 -2,055 187 1,682 6,076 474 4,596 ,006 Apr -2,626 -147 711 -144 279 2,433 94 412 6,487 594 4,558 ,335 v Preliminary. r Revised. bonds and Treasury bills, (3) Budget expenditures involving issuance of 1 Consists primarily of interest payments by Treasury to trust accounts Federal securities, (4) cash transactions between International Monetary and to Treasury by Govt. agencies, transfers to trust accounts representing Fund and the Treasury, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4, described in note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as de- included in the corresponding columns above. scribed in note 1, (2) net accruals over payments of interest on savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

681 FEDERAL FINANCE DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p g - t t e s t f t O u ru n ld T s d - t i rans H f t f w r e u i u r g n a s s h y d t - to— R m a ti r c . r e 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 ti r o p n o- t c a E i x x s e e - s t p m a E l x o e m 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, •2,925 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—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 1,129 Mar 9,501 632 150 43 855 11,182 2,000 658 6,538 860 680 446 225 137 Apr 3,496 703 145 17 1,678 6,039 792 2,792 476 785 722 472 218 147 n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total TotaH D D e e fe p n t. s , e s M ec u u tu ri a ty l , A en t e o r m gy ic f a i I f n a f n a n a t n i d l r . c s e In e t s e t r- ic e b s e r e e s a r n n v a e s - n - ' d w L e a a l n b f d a o r r e t a c a u g u n r r l a d i - - l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nmilitary program fits resources 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 ,474 1954 67,772 47,872 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 ,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 ,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 ,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 ,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 ,181 1957—Jan.-June? 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 Monthly: 1957—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 Mar 5,749 3,672 3,061 342 195 96 624 432 235 347 90 149 102 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 7 Derived by subtracting totals for July-December from totals for fiscal and expenditures. year. 4 Includes stockpiling and defense oroduction expansion not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 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 E m n o d n t o h f d T gr e o o b t s a t s i l d d T g i e r o r b o t e s a t c s 2 l t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x S i p ss e u c e ia s l Total Bills c i e n a d t d n e e s e b s o t s - f Notes B e b l a i l g e n 4 i k - st B r r a i e c n - te k d bonds Totals b i o n n g d s s n s i o n a t g v e s - s 1941—Dec.. 64.3 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 2.5 7.0 1945—Dec. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947—Dec. 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec. 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec. 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953—Dec. 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec. 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955—Dec. 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 43.9 1956—Dec. 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957—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.. 274.8 274.7 227.0 164.5 26.1 31.5 20.5 86.4 9.3 53,2 52.3 46.0 Mar.. 272.7 272.6 225.1 162.9 23.0 31.5 20.7 87.7 9.1 53.1 52.3 45.8 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 May. 275.7 275.7 227.9 166.0 22.4 31.1 24.8 87.7 9.0 53.0 52.1 46.1 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $432 million on May 31, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which <> Less than $50 million, aggregated $9,725 million on Apr. 30, 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 E m n o d n t o h f in ( a s i g n e n t c i c t g e u l e s u u r e ) a d i d - r - - S i p ss t e u r c u e ia s s l t fun P i d s u s s b u i l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r m k ci s a - 2 l s M b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - s - r c O a o t t r i h p o e n o r - s g S l a o o t n v c a a d t t s e l . S b a o v n i I n d n g s d s ivid se u O c a u t l r h s i e t r ies i M t n o v r is e s c s 3 . - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 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 16.8 16.1 1957_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 Apr 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-^Tan 274.7 45.5 9.6 219.6 23.3 58.5 7.6 12.0 17.7 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 Mar 272.7 45.8 9.5 217.4 23.6 59.2 7.6 11.8 16.1 17.3 48.1 18.3 15.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $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 683 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 1958' [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 boi•nds—Cont. June 5,1958 1,800 June 15, 1958 2% 4,392 Sept. 15, 1956-59 3.. 214 3,818 Mar. 15, 1965-70... 21/2 4,703 June 12, 1958 1,700 Oct. 1,1958 1% 121 Mar. 15, 1957-59 3.. 2% 927 Aug. 15, 1966 3 1,484 June 19, 1958 1,700 Feb. 15, 1959 1% 5,102 June 15, 1958 2V% 4,245 Mar. 15, 1966-71...2' 2.951 June 26, 1958 1,701 Apr. 1,1959 IVi 119 June 15, 1958-63*.. 2% 919 June 15, 1967-72. • 2V 1.849 July 3,1958 1,700 Oct. 1, 1959 V/i 99 Dec. 15, 1958 2Vi 2,368 Sept. 15, 1967-72. 2716 July 10, 1958 1,700 Apr. 1,1960 1V4 198 June 15, 1959-62... 2 VA 5,268 Dec. 15, 1967-72. 3,740 July 17, 1958 1,701 May 15, 1960 3Vi 2,406 Dec. 15, 1959-62... 2 VA 3.457 Oct. 1, 1969.... 657 J J u u l l y y 3 2 1 4 , , 1 1 9 9 5 5 8 8 1 1 , , 7 7 0 0 0 2 O Ap ct r . . 1 1, , 1 1 9 9 6 6 1 0 1 I V V 4 i 2 1 7 4 8 4 D N e o c v . . 1 1 5 5 , , 1 19 9 6 6 0 0 -655.. 2 2 % i/8 3 1 , , 8 4 0 8 6 5 J N u o n v e . 1 1 5 5 , , 1 1 9 9 7 7 4 8 . - . 8 . 3 . . 1, 6 6 5 0 4 4 A A u u g g . . 1 7 4, , 1 1 9 9 5 5 8 8 1 1 , , 7 7 0 0 0 0 O Au ct g . . 1 1, , 1 1 9 9 6 6 1 1 IV 4 i 2,6 3 0 32 9 N Se o p v t . . 1 1 5 5 , , 1 1 9 9 6 6 1 1 2 2 Y i/ 4 i 1 2 1 , , 2 1 3 7 9 7 F F e e b b . . 1 1 5 5 , , 1 1 9 9 9 95 0 . . . . . . . 2 1 , , 7 7 4 2 2 7 Aug. 21, 1958 1,801 Feb. 15, 1962 3% 647 Aug. 15, 1963 2ft 6.755 Aug. 28, 1958 1,800 Apr. 1,1962 1% 551 June 15 1962-67...2i/i 2.113 Panama Canal Loan.... 3 50 Aug. 15, 1962 4 2.000 Dec. 15, 1963-68... 2Vi 2.821 Certificates Oct. 1,1962 1% 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... 2 % 3,746 Investment Series B Dec. 1, 1958 3V4 9.833 Feb. 15, 1963 2% 3,971 Dec. 15, 1964-69... 2 % 3,821 Apr. 1, 1975-80... 2 34 8,954 Feb. 14, 1959 2Vi 9,770 Apr. 1,1963 iy2 63 1 Direct public issues. 3 Called for redemption on Sept. 15. 2 Sold on discount basis. See table on Money Market Rates, p. 675 4 Called for redemption on June 15. 5 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES' [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n i n b d - l s e Total W 1 i y t e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s Over 10 All holders: 1955—June 30 166,882 19.514 13,836 40.729 81,128 11,676 155,206 49,703 38,188 33,687 33,628 1956—June 30 166,050 20.808 16.303 35,952 81,890 11,098 154,953 58,714 31,997 31,312 32,930 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—Feb. 28 173,817 26,127 31,475 20,483 86,398 9,334 164,483 74.979 41,562 14,194 33,748 Mar. 31 172,010 23,022 31,478 20,685 87,713 9,112 162,898 72,624 40,837 15,692 33,746 U. S. Govt. agencies and trust funds: 1955—June 30 7,162 40 119 3,556 3,439 3,723 74 199 506 2,944 1956—June 30 8.236 273 355 688 3,575 3,345 4,891 927 500 434 3.030 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—Feb. 28 9,236 221 597 1,481 4,063 2,875 6,362 1,344 1,531 321 3,165 Mar. 31 9,375 242 593 1,487 4,208 2,845 6,530 1,401 1,526 428 3,175 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 .220 20.104 87 2.827 24.238 21.427 1.397 57 1,358 1958-Feb. 28 23,240 504 19.946 2,789 23,240 20,451 1,374 57 1,358 Mar. 31 23,628 893 19,946 2,789 23,628 21,178 1,035 57 1,358 Commercial banks: 1955—June 30 55,667 1,455 15,385 35,942 164 55,503 7,187 21,712 21.110 5.494 1956—June 30 49,673 1,004 11.620 34.712 155 49,517 7.433 18.234 19.132 4,719 1957-June 30 48,734 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—Feb. 28 52,159 3,999 2,740 9,513 35,776 131 52,028 14,001 23,749 9,340 4,937 Mar. 31 52,217 3,322 2,742 9,534 36,488 130 52,087 13,499 23,379 10,221 4,988 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—Feb. 28 7,217 134 131 421 5,529 1,003 6,214 417 1,118 529 4,150 Mar. 31 7,281 146 134 452 5,583 966 6,315 441 1,120 610 4,144 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 2,791 8.911 632 1.192 1,802 5,285 1957—June 30 10,936 326 136 648 2,549 8,387 955 1,775 1,022 4,634 Dec. 31 10.801 291 248 683 2.347 8,454 938 2.074 718 4,724 1958—Feb. 28 10,825 358 125 685 2,309 8,516 1,030 1,843 729 4.913 Mar. 31 10,684 273 119 688 2,275 8,408 912 1,804 781 4,911 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—Feb. 28 71,139 20,910 7,937 8,383 30,894 3,016 68,123 37,736 11,946 3,217 15,224 Mar. 31 68,825 18,147 7,944 8,522 31,316 2,896 65,929 35,193 11,972 3,595 15,170 1 Direct public issues. panies included in the survey accounts for over 90 per cent of total holding 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies an 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

684 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo a s ll e d c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 a F e g e r e a d n l - - S n m a p t i n a a c u d t l i - e - Others Total Total o B P f l f i u o e c r l n b y e - d d s p v l P a a t r c e i e - ly d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey 7 p l M p c o a o u e n u i s l r s e s e - - - - s m d e b t R i e t o a e r c b e e f n n . - t - k 8 t , m s r t i e i o t e r c i f e n e u - s t - 1950 19,893 9,687 30 3 532 ?8? 6,361 4,920 2,360 2,560 631 811 6,261 4,990 4,006 364 620 1,271 1951 21,265 9,778 110 3,189 •46 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 63 486 1952 26,929 12,577 459 4 121 m 9 534 7,601 3,645 3,957 564 1,369 9,380 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 8,898 7,083 3,856 3,228 489 1,326 8,755 8,495 7,960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 26,772 9 628 746 5 977 10 240 7,420 4,119 3,301 635 2,185 10,049 8,821 7,957 864 1 227 1956 22,405 5,517 169 5 446 334 10,939 8,002 4,225 3,777 636 2,301 10,749 10,384 9,663 721 364 1957 30,571 9,601 572 6,958 12,884 9,957 6,118 3,839 411 2,516 12,661 12,447 11,784 663 214 1957_Apr.. 2,371 390 125 763 127 966 655 385 270 47 264 947 931 871 59 16 May 1,777 394 539 49 796 685 438 247 25 85 780 765 703 62 15 June. 2,349 362 60 388 44 1,495 1,013 633 380 66 416 1,467 1,453 1,373 79 15 July..... 1,982 400 516 38 1,028 775 459 316 21 231 1,011 1,003 941 61 8 Aug.. 1,944 392 595 10 947 840 540 299 31 76 932 924 916 8 9 Sept.. 3,975 2,262 215 437 37 1,023 907 587 320 19 97 1,007 973 952 21 34 Oct . 2,705 894 683 15 1 113 944 608 336 68 101 1,099 1,090 1 060 30 9 Nov.. 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec. 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—Jan . 3,473 511 1,163 782 201 816 744 505 239 28 44 805 723 711 11 82 Feb.. 2,487 407 251 899 55 875 607 398 209 85 182 856 851 832 19 5 Mar.. '3,959 1,802 '524 9 1,623 1,494 1,165 330 69 61 1,608 1,561 1,525 35 47 Apr.. 6,981 4,269 523 798 141 1,251 1,121 920 200 41 89 1,232 1,124 1,032 92 107 Proposed uses of net i>roceeds major groups of corporate issuers Manufacturing Commercial and Transportation Public utility Communication Real estate if ear or miscellaneous and financial month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capitallc secu- capital10 secu- capital10 secu- capital10 securities rities rities rities rities rities 1950 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1 536 24 1934 2,044 190 831 93 501 270 2,675 990 651 60 788 273 1955 2,397 533 769 51 544 338 2,254 174 1,045 77 1,812 56 1956 3 336 243 682 51 694 20 2,474 14 1 384 21 1 815 17 1957 4,104 49 579 29 802 14 3,821 51 •I 441 4 1,701 67 1957_Apr.. 322 9 39 2 73 354 6 50 91 May 130 6 48 1 80 350 7 82 75 623 5 35 2 50 8 431 136 178 July.. 248 5 69 3 45 244 (9) 54 343 Aus 243 51 5 31 (9) 251 124 3 224 /•9\ Sept.. 320 4 38 80 417 (9) 65 P) 53 So Oct .. 129 2 51 49 6 333 (9) 369 159 Nov.. 220 38 •9\ 54 287 9 92 98 30 Dec... 572 o 60 12 138 173 (9) 41 92 1958—Jan... 147 7 28 (9) 82 24 321 1 34 50 109 1 Feb... 171 3 26 (9) 48 366 35 205 2 Mar.. 196 41 47 63 5 409 797 49 Apr 598 45 65 1 67 291 22 39 37 64 2 r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues maturing in more than one year sold for cash 7 Represents proceeds for plant and equipment and working capital. in the United States. 8 Represents proceeds for the retirement of mortgages and bank debt 2 Gross proceeds are derived by multiplying principal amounts or num- with original maturities of more than one year. Proceeds for retirement of ber of units by offering price. short-term bank debt are included under the uses for which the bank 3 Includes guaranteed issues. debt was incurred. 4 Issues not guaranteed. 9 Less than $500,000. 5 Represents foreign governments. International Bank for Reconstruc- 1 o Represents all issues other than those for retirement of securities. tion and Development, and domestic eleemosynary and other nonprofit organizations. NOTE.—Data for 1957 have been revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 685 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Quarterly totals Industry 1956 1957 1958 1952 1953 1954 1955 1956 1957 Manufacturing Total (200 corps.): Sales 54,517 63 343 58,110 69,876 '71,925'76,032'16,129 19,194 19,786 19,438 '18,056'18,752 16,718 Profits before taxes 7,308 " 375 7,24410,250 '•9,290 '9,559 '1,697 '2,483 '2,752 2,575 2,042 '2,190 1,623 Profits after taxes 3,192 649 3,825 5,231 '4,880 '5,109 '912 '1,362 '1,432 1,339 1,107 1,232 849 Dividends 2,073 154 2,384 2,827 '2,980 '3,113 723 '848 '750 757 757 849 759 Nondurable goods industries (94 corps.): *. . Sales 19,266 20,694 20,620 23,106'24,784'26,278 '6,093 6,464 '6,636 '6,524 6,558 '6,560 6,132 Profits before taxes 2,853 3,028 2,753 3,413 '3,457 '3,438 '811 '867 '947 873 841 nn 649 Profits after taxes 1,392 1,526 1,581 1,918'1,979 '2,019 '467 '521 '551 503 491 374 Dividends 946 972 1,064 1,202'1,248 1,323 305 '358 '314 318 319 414 330 Durable goods industries (106 corps.):2 371 Sales 35,25142,649 37,490 46,770'47,141 49,754'10,037 12,730 13,150 12,91411,498 12,192 10,586 Profits before taxes 4,455 4,491 6,836 '5,833 '6,120 '886 '1,616 '1,804 1,702 1,201 '1,413 974 Profits after taxes 1,800 2,244 3,313 '2,901 '3,090 '445 '841 '881 836 616 758 475 Dividends 1,127 1,320 1,625 '1,731 '1,791 418 '489 '436 439 438 478 429 Selected industries: Foods and kindred products (28 corps.): Sales ,042 5,411 5,476 5,833 '6,299 '6,620 '1,560 '1,641 1,618 1,642 1,669 1,691 1,615 Profits before taxes 453 465 462 499 '557 '600 141 145 '135 154 158 '153 140 Profits after taxes 203 212 224 244 '273 '295 71 74 '65 75 77 79 67 Dividends 154 154 156 160 166 '174 41 50 39 40 41 54 41 Chemicals and allied products (26 corps.): Sales ,965 6,373 6,182 7,222 '7,729 8,203 1,890 2,001 2,045 2,047 2,065 2,047 1,858 Profits before taxes ,259 1,308 1,153 1,535 '1,488 '1,556 '344 '377 395 394 397 369 281 Profits after taxes 486 520 593 782 '769 798 178 '201 197 202 201 197 144 Dividends 396 417 499 597 602 639 143 181 150 152 150 187 160 Petroleum refining (14 corps.): Sales ,411 5,883 6,015 6,556 7,185 7,814 1,770 1,909 2,048 1,941 1,920 1,906 1,801 Profits before taxes 728 841 751 854 '917 867 218 '228 '299 219 193 156 147 Profits after taxes 524 603 567 624 '689 '711 163 '186 '230 172 164 144 123 Dividends 283 290 294 317 346 374 89 93 91 91 95 97 95 Primary metals and products (39 corps.): Sales ,56413,75011,52214,952 16,062 16,073 3,098 4,340 4,272 4,270 3,856 3,675 3,047 Profits before taxes ,147 1,817 1,357 2,377 '2,370 '2,313 '263 '702 '676 652 512 473 303 Profits after taxes 564 790 705 1,195 '1,232 '1,193 145 378 '342 327 264 260 157 Dividends 369 377 407 522 606 651 140 188 157 157 158 179 147 Machinery (27 corps.): Sales ,077 8,005 7,745 8,477 9,798 10,914 2,422 2,746 2,624 2,750 2,669 2,871 2,454 Profits before taxes 971 1,011 914 912 '942 '1,175 '230 '245 '293 305 270 306 227 Profits after taxes 375 402 465 465 '458 '577 '121 '123 '141 148 135 152 110 Dividends 199 237 263 281 321 329 79 87 79 81 82 86 83 Automobiles and equipment (15 corps.): Sales ,03816,61114,13718,826 16,336 17,480 3,347 4,215 4,993 4,522 3,689 4,277 3,853 Profits before taxes ,982 2,078 1,789 3,023 '1,984 '2,110 272 '513 '711 603 291 506 346 Profits after taxes 709 758 863 1,394 '942 '1,059 118 '262 '336 292 151 279 161 Dividends 469 469 536 693 656 '670 164 166 '166 166 164 173 164 Public Utility Railroad: Operating revenue 10,58110,664 9,37110,106 10,551 10,491 2,590 2,722 2,574 2,660 2,675 2,582 2,239 Profits before taxes 1,438 1,436 908 1,341 1,268 1,056 298 375 247 264 286 259 59 Profits after taxes 825 903 682 927 876 734 209 267 161 183 191 199 31 Dividends 338 412 379 448 462 435 73 153 122 110 82 121 96 Electric power: Operating revenue 6,549 7,136 7,588 8,360 '9,049 '9,644 '2,170 '2,303 '2,540r2,312 '2,335 '2,457 2,676 Profits before taxes 1,740 1,895 2,049 2,304 '2,462 2,557 '567 '594 731 596 600 630 768 Profits after taxes 947 1,030 1,134 1,244 '1,326 1,403 '301 '334 393 327 326 357 421 Dividends 725 780 868 942 '1,022 1,077 '249 '270 269 270 265 273 281 Telephone: Operating revenue r4,137 4,525 4,902 5,425 5,966 6,467 1,495 1,552 1,560 1.611 1,623 1,673 1,672 Profits before taxes 787 925 1,050 1,282 1,430 l,56f 359 380 387 388 387 400 402 Profits after taxes 384 452 525 638 715 788 180 190 195 195 195 203 200 Dividends 355 412 448 496 552 613 137 147 148 150 155 160 164 r Revised. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and NOTE.—Manufacturing corporations. Sales data are obtained from Telegraph Company) and for two affiliated telephone companies, which the Securities and Exchange Commission; other data from published together represent about 85 per cent of all telephone operations. Divicompany reports. dends are for the 20 operating subsidiaries and the two affiliates. Data Railroads. Figures are for Class I line-haul railroads (which account are obtained from the Federal Communications Commission. for 95 per cent of all railroad operations) and are obtained from reports All series. Profits before taxes refer to income after all charges and of the Interstate Commerce Commission. before Federal income taxes and dividends. For detailed description of Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES1 [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 a r r t e 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 f t i i e t s s d - Y qu e a a r r t e 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 1957 i 3,666 783 2,884 2,377 553 1,824 1,289 230 1,059 2 42 4 21 6 20.7 12.0 8.7 2. 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 3 40.8 20.8 19.9 12.1 7.8 3 3 474 802 2 672 2 554 554 2,000 920 248 672 4 45.6 23.3 22.3 11.5 10.8 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 1957_1 43.9 22.4 21.5 12.4 9.1 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 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. 684, 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. 684. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS* [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 a b 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 * 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 t i u n g g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 1950 20.6 7.5 .7 1-1 1.2 3 3 5 7 1957 l 8 3 3 8 7 1 2 2 6 1951 25 6 10 9 9 5 1 5 3 7 1 3 5 9 2 9 6 4 5 g 1 5 2 7 1952 26.5 11.6 1.0 4 1.5 3.9 1.5 5.6 3 9.4 4 3 8 1.7 2.5 1953 28.3 11.9 1.0 .3 1.6 4.6 1.7 6.3 4 .. 9.7 4.6 .8 1.8 2.6 1954. 26.8 11.0 1.0 .9 1.5 4.2 1.7 6.5 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 1958—\r 7.3 3.1 .7 1.2 2.3 1956 35.1 15.0 1.2 ? 1.7 4 9 2 7 8 4 8 3 3 5 6 1 8 2 4 1957 37.0 16.0 1.2 4 1.8 6.2 3.0 7.4 34 7.7 3.2 .5 1.8 2.2 19584r.. . 30.8 12.0 .9 .7 1.5 6.3 9.3 r Revised. 3 Includes communications and other. 2 1 I C n o c r lu p d o e ra s te tr a a d n e d , n se o r n v c ic o e r , p f o i r n a a t n e c e b , u a si n n d e s c s o , n e s x t c r l u u c d t i i n o g n . agriculture. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

687 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties Nonfarm Farm Other Multi-family and E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u i i n c t n i i s o a a t l i n n - s - S F e a e c l g e d i e e c e n h s t r e - o a d l l de v o r I i a s t d n h n u d e d a i r - l s s h A o er l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a t il l i n n y - s - ho O h u e o s th r l e s d e s - r c T o o m ta m l erc t F i u i a i n c t n l i i s o a a t p l i n n - r s - ope O h r o e t t i h r l e s d e s - r l h A e o r l l s d l - t F u in i 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 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 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.* 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 June*. 150.2 115.3 4.2 30.7 139.9 103.3 86.8 16.5 36.6 24.6 12.0 10.3 4.0 6.4 Sept.* 153.4 117.7 4.5 31.2 143.0 105.6 88.6 17.0 37.4 25.1 12.3 10.4 4.0 6.4 Dec.*. 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 End of year Residential Residential or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 ,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 ,004 9,916 8,595 2,567 1,726 4,303 ,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 ,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 ,082 12,943 11,334 3,489 3,053 4,792 ,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 ,159 15,007 13,211 3,800 4,262| 5,149 ,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 ,297 17,457 15,568 4,150 5,773 5,645 ,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 ,984 59 1957* 23,337 17,147 4,823 3,589 8,735 4,823 ,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 ,358 19,225 17,218 4,350 6,840 6,028 ,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 ,336 19,745 17,703 4,409 7,139 6,155 ,984 59 1957—Mar 22,670 16,880 4,770 3,810 8,300 4,440 ,350 20,105 18,035 4,455 6,250 2,010 60 June 22,760 16,890 4,730 3,720 8,440 4,500 ,370 20,475 18,384 4,500 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 ,375 20,812 18,687 4,575 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 ,367 21,169 19,010 4,669 6,551 2,102 57 1958—Mar.* 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 * 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

688 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total Total FHA- g V ua a r - - Other Farm Total Total FHA- g V u A ar - - Other Farm insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 . 976 6,636 5 860 1 394 4 466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6 627 7,304 16,577 2,481 1957 5,231 4,823 686 833 3,304 408 35,230 32,640 6,766 7,750 18,124 2,590 1957—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 June 367 338 48 53 237 29 34,159 31,620 6,670 7,677 17,273 2,539 July 432 404 53 64 287 28 34,356 31,794 6,671 7,702 17,421 2,562 Au* 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 Apr 400 358 93 26 239 42 35,773 33,142 6,939 7,716 18,487 2,631 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 Total2 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 - - l* Y m e o a n r t o h r Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u t a - t l in S lo g a a s v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - M s i u n a t g v u s - al justed 1 ment2 assns. panies banks banks 1941 1,379 437 581 4,578 1945 1,913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1950 16,179 5,060 [,618 3,365 ,064 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1951 .. 16,405 5,295 1,615 3,370 ,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 ,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 ,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 ,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 ,858 1957 10,402 3,562( 4,708 40,119 1,643 7,013 31,463 1 19 9 5 5 7 6 2 2 7 4 , , 0 2 8 4 8 4 9 9 , , 2 5 1 3 7 2 1,7 4 9 7 9 1 4 5 , , 2 4 6 5 4 8 1,4 R 2 9 9 4 1957 1957 Apr.. 899 317 391 36,963 1,508 6,774 28,681 May 968 360 412 37,421 1,520 6,833 29,068 2,022 2,044 798 116 357 110 June 925 319 415 37,886 1,530 6,889 29,467 May""!"!!!!! 2,012 2,144 840 125 374 121 July 969 318 462 38,280 1,545 6,904 29,831 June 2,027 2,028 795 119 363 126 Aug 1,001 331 470 38,743 1,560 6,920 30,263 July 2,008 2,211 852 130 390 142 Sept 891 292 423 39,106 1,573 6,933 30,600 Aug 2,026 2,208 883 132 378 137 Oct 980 341 443 39,532 ,591 6,946 30,995 Sept 2,013 2,026 796 124 354 121 Nov 768 250 358 39,835 ,597 6,963 31,275 Oct 2,003 2,226 855 132 395 131 Dec 734 248 324 40,119 ,643 7,013' 31,463 Nov 1,995 1,877 686 117 333 117 Dec 1,954 1,851 666 125 325 113 1958 1958 Jan 723 245 308 40,369 ,651 7,048 31,670 Feb 704 233 289 40,623 1,685 7,015 31,923 Jan 1 976 1,782 628 111 322 98 Mar 819 281 318 40,967 1,715 7,005 32,247 Feb 1,959 1,701 638 101 304 87 Apr 920 316 354 41,367 1,749 6,982 32,636 Mar .. 1,971 1,866 705 108 345 94 Apr 2,022 787 106 385 103 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 689 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month Total p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - g m P t a e y r g o c o p e t r j e - s t - - ^ p l P m o r e i r a o m r e o n t v n y p - s e t - 2 - Totals p e N r r m t o e i w e p o s - rtga p i e g s E r r e t t o i s x i n e p - g s - q y E e u n a a d r r t o o e f r r Total G un o d v e e r r w nm rit e t n en t- t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 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 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—Apr 264 68 90 41 66 350 271 78 1956 99 o 43 9 15 5 28 4 55 1 May 292 60 94 80 58 286 218 68 1957* 107.6 47.2 16.5 30.7 60.4 June 247 60 104 18 65 276 213 62 July 333 67 124 76 65 268 206 62 1956—Sept 96.6 42.5 15.2 27.3 54.1 340 63 122 67 88 251 193 58 Dec 99.0 43.9 15.5 28.4 55.1 Sect 273 57 116 14 85 295 228 66 Oct 422 87 145 79 111 280 229 50 1957—Mar.*>.... 101.0 45.1 15.7 29.4 55.9 329 86 145 33 65 213 182 30 June*.... 103.3 45.9 15.9 30.0 57.4 Dec 332 97 152 12 71 176 155 20 Sept.*.... 105.6 46.5 16.1 30.4 59.1 Dec.P 107.6 47.2 16.5 30.7 60.4 1958—Jan 418 120 186 56 55 160 142 18 Feb 386 115 164 43 64 142 129 13 1958—Mar.P.... 109.2 47.7 17.1 30.6 61.5 Mar 435 127 192 62 53 123 110 13 Apr 423 119 186 57 61 85 72 13 * 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) (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt i - L te o r n m g 2 - 1945 278 213 195 176 19 1950 1,347 169 1,177 1 044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 ,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 ,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 ,265 731 534 1957—May 3,551 1,087 2,464 75 1 518 1957—May 73 52 993 559 434 June . 3,605 1,100 2,505 69 1 525 June 135 48 ,079 614 465 July 3,654 1,112 2,541 83 626 July. 131 171 ,040 638 402 Aus 3 718 1,132 2 586 78 680 Aug. 83 50 ,072 663 409 Sept 3 783 1,152 2,631 82 712 Sept. 96 49 ,119 688 431 Oct 3,849 1,170 2,679 79 726 Oct.. 83 70 ,131 686 445 Nov 3,909 1,197 2,712 75 717 Nov. 74 62 ,143 689 454 Dec 3,974 1,237 2,737 80 764 Dec. 196 74 ,265 731 534 1958—Jan 4,038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 1,319 2,752 56 9 761 Feb. 41 158 790 451 339 Mar 4,073 1,346 2,726 45 29 745 Mar. 53 146 696 394 302 Apr . ... 4,019 1,345 2,674 38 75 842 Apr. 212 93 815 304 511 May 56 68 803 288 515 1 Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of mor-c than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 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 i co p g O n a o s t p o h u e d e m r r s * er e a r n R l n d o i e z a p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1 414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1950 21,395 14,703 6,074 4,799 1,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 1,085 3,357 7,323 1,934 3 605 1,784 1952 27,401 19,403 7,733 6,174 1,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 1,610 4,781 8,238 2,187 4 124 1 927 1954 32,292 23,568 9,809 6,751 1,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 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 Apr 41,247 31,786 14,691 8,017 1,862 7,216 9,461 3,374 3,735 2,352 May 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 Sept 43,270 33,415 15,556 8,228 1,969 7,662 9,855 3,493 3,942 2,420 Oct 43,274 33,504 15,579 8,236 1,988 7 701 9,770 3 405 3 991 2 374 Nov 43,530 33,596 15,542 8,300 1,996 7,758 9,934 3,458 4,135 2,341 Dec 44,776 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 Apr 42,665 32,932 14,788 8,134 1,914 8,096 9,733 3,501 3,694 2,538 1 Represents all consumer instalment credit extended for the purpose NOTE.—Monthly figures for the period December 1939 through 1947, of purchasing automobiles and other consumer goods, whether held by and a general description of the series are shown on pp. 336-54 of the retail outlets or financial institutions. Includes credit on purchases by BULLETIN for April 1953; monthly figures for 1948-56, in the BULLETINS individuals of automobiles or other consumer goods that may be used for October 1956, pp. 1035-42, and December 1957, pp. 1420-22. in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial 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 m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i a C c n u n o a m o i m n n e e c s - - r e 1 Other i Total D s m t e o p e r a n e r s t t 2 - F s t t u u o r r r n e e i s - H a s h a t p o o n o p u r c l l s e d e i e s - - d m A ea o u l b e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3 170 924 810 243 290 orn 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 2,137 777 4,042 J.064 1 004 377 527 I 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 I 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 ,511 1,044 365 487 1,101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 408 1 187 377 502 I 269 1957 34.105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 1,146 374 529 I 288 1957_Apr 31,786 27,544 11,981 9,104 2,127 3,105 1,227 4 242 I 176 1 075 354 505 I 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 [ 142 July 32,968 28,726 12,508 9,476 2,284 3,209 1,249 4,242 1,144 1,072 361 525 1,140 Aug 33,303 29,014 12,607 9,565 2,344 3,234 1,264 4,289 1,161 1,083 360 530 1,155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 1,266 4 287 I 167 1 077 363 533 [ 147 Oct 33,504 29,241 12,749 9,585 2,415 3,229 1,263 4,263 1,134 1,080 365 533 1,151 Nov. . 33 596 29,239 12,717 9,564 2,439 3,248 1,271 4 357 I 199 1 092 365 531 I 170 Dec 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4 730 I 393 1 146 374 529 I 288 1958—Jan 33,737 29,125 12,611 9,464 2,446 3,320 1,284 4 612 I 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 1,156 Mar 32,983 28,621 12,310 9,284 2,461 3,286 1,280 4,362 1,343 1,045 359 504 I 111 Apr 32,932 28,701 12,421 9,200 2,506 3,290 1,284 4,231 I 241 1,033 354 498 1,105 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 691 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] Automobile Other Repair Total Other Repair Total paper and Per- End of year instal- Auto- con- and Per- E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - ch P a u s r e - d Direct s g p c u o a o m o p n d e e - r s r e m l r t o n i o a o iz n d n a s - - l s o o a n n a s l or month c m re e d n i t t m pa o p b e il r e s g p u o a m o p d e e r s r m iz l o o a d a ti n e o s r n n- s lo o a n n a s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 ,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 1,177 294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8,998 2,215 867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 668 1,880 1,303 1,676 1955 8,443 6,919 ,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 ,227 23 567 1956 11,707 3,651 2,075 2,394 1,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,714 4,054 2,335 2,435 1,527 2,363 1957—Apr., 9,104 7,212 ,279 22 591 1957—Apr 11,981 3,789 2,200 2,363 1,436 2,193 May 9,176 7,272 ,285 22 597 May.... 12,143 3,851 2,246 2,368 1,450 2,228 June, 9,300 7,376 ,296 22 606 June.... 12,323 3,921 2,282 2,395 1,466 2,259 July. 9,476 7,466 ,369 22 619 July.... 12,508 3,976 2,310 2,456 1,480 2,286 Aug. 9,565 7,532 ,384 22 627 Aug.. . . 12,607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sept.. . 12,656 4,050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 ,390 23 635 Oct 12,749 4,082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 ,388 21 645 Nov. . . 12,717 4,067 2,333 2,448 1,537 ,332 Dec. 9,573 7,470 ,413 20 670 Dec... 12,714 4,054 2,335 2,435 1,527 ,363 1958—Jan.. 9,464 7,363 ,404 20 677 1958—Jan.... 12,611 4,016 2 330 2,378 1,508 379 Feb., 9,405 7,237 ,464 20 684 Feb 12,415 3,966 2 312 2,272 1,484 381 Mar. 9,284 7,080 ,492 19 693 Mar.... 12,310 3,906 2,305 2,236 1,467 396 Apr. 9,200 6,968 ,515 20 697 Apr 12,421 3,893 2 321 2,281 1,465 2,461 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r s o e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r r s r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m o o f n y t e h ar i c T m n n r o s e o e t t d n n a a i t - l l t - C m c m ( o i e s a m e i 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 ( - t c 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_Apr.. 6,459 985 638 404 4,432 1957 10,671 3,095 407 876 3,884 2,409 May. 6,545 1,004 644 414 4,483 June. 6,640 1,030 647 417 4,546 1957—Apr 9 461 2 920 454 592 3 143 2,352 July.. 6,742 1,052 647 419 4,624 M^ay 9,779 2,996 586 593 3,241 2,363 A Se u p g t . . . . 6 6, , 8 8 7 4 4 2 1, , 0 0 7 8 2 2 6 64 5 8 2 4 4 2 3 9 3 4 4 , , 6 7 8 1 9 1 J Ju u l n y e 9 9 ,7 8 0 8 0 3 2 3 , ,0 9 2 9 9 6 4 5 1 0 0 1 5 5 7 3 9 3 3 3 , , 3 36 5 9 3 2 2, , 4 4 0 0 8 5 Oct... 6,907 ,093 645 434 4,735 Aug 9,798 3,002 456 535 3,390 2,415 Nov.. 6,958 ,101 638 438 4,781 Sept 9 855 3 023 470 588 3,354 2,420 Dec. 7,088 ,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 ,095 627 435 4,893 Dec 10,671 3,095 407 876 3,884 2,409 Feb.. 7,044 ,093 617 432 4,902 Mar.. 7,027 ,094 606 429 4,898 1958—Jan 10 229 3,054 460 725 3,539 2,451 Apr.. 7,080 ,108 605 429 4,938 Feb 9,741 3,057 485 601 3,109 2,489 Mar 9 579 3 054 488 573 2 955 2 509 Apr 9,733 3,067 434 580 3,114 2,538 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

692 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 ,344 8,006 1954 31,051 11,807 9,117 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 Apr 3,470 3,594 1.371 1.468 937 901 123 123 1.039 1,102 May 3,535 3,748 1,363 1,513 995 1,016 134 147 1,043 1,072 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 ,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 ,435 ,404 912 976 126 141 ,068 1,024 Nov 3,559 3,439 1,404 1,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 1,423 1,305 959 1,333 118 112 1,115 1,319 1958—Jan 3,504 3,108 1,346 1,190 940 799 131 102 ,087 1,017 Feb 3,235 2,754 ,179 1,020 900 717 116 91 1,040 926 Mar 3,193 3,164 .077 1,104 981 902 115 105 .020 1,053 Apr 3,278 3,345 1,161 1.222 914 874 125 124 1,078 1,125 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 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 ,318 ,298 990 928 124 123 986 927 Oct 3,358 3,456 1,317 1,381 945 968 118 122 978 985 Nov 3,394 3,347 ,292 ,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 1,360 925 987 120 123 1,008 1,006 Feb 3,401 3,189 1,317 1,224 966 939 125 118 993 90S Mar 3,373 3,483 1,300 1,337 952 987 123 126 998 1,033 Apr 3,401 3,396 1,338 1.323 921 932 126 125 1,016 1,016 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 Apr + 186 +262 +77 + 163 +29 -26 +6 +6 +74 + 119 May +222 +372 +58 + 192 +76 +64 + 13 +24 +75 +92 June +208 +450 +67 +244 +56 +84 + 19 +77 + 103 July +217 +360 +64 +202 +35 +24 +5 + 16 +113 + 118 AUK +248 +335 +79 + 161 +51 +40 +s20 +33 +98 + 101 Sept + 128 + 112 +74 +66 -17 + 15 +68 +32 Oct + 183 +89 + 118 +23 -33 +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 Apr -123 -51 -177 -101 n -58 -1 -1 +62 + 109 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-56, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-22. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit 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 693 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks Sa c l o e m s p fi a n n a i n e c s e Oth in er s ti f t i u n t a i n o c n i s al Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5,750 1953 31,558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9,600 9,474 6,602 1957 42,411 15,188 10,200 10,453 6,570 1957—Apr. 1 3,470 3,594 1,236 1.348 845 855 865 901 524 490 May 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 Aug 3,591 3,704 1,284 1,320 819 903 907 906 581 575 Sept 3,546 3,3S8 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 1,252 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 Marl 3,193 3,164 1,109 1,132 742 724 805 828 537 480 Apr.i 3,278 3,345 1,204 1,286 769 759 848 871 457 429 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—Apr. i 3,284 3,332 1.155 1.187 801 799 793 806 535 540 May 3,313 3,376 1,168 1,200 817 814 805 818 523 544 June 3,339 3,224 1,196 1,153 805 780 800 776 538 515 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 oct.i :.: 3,358 3,456 1,200 1,226 820 873 810 817 528 540 Nov 3,394 3,347 1,208 1,182 795 800 838 826 553 539 Dec 3,498 3,560 1,232 1,231 848 856 843 939 575 534 1958—Jan. i 3,421 3,476 ,216 [,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 1,198 1,219 813 845 818 845 544 574 Apr. i 3,401 3,396 1,203 .215 862 843 819 818 517 520 Change in outstanding credit2 1950 +3,113 + 1,359 +767 +422 +565 1951 +591 +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 13 1957 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 +22 +89 +88 +100 S O e c p t t i + + 1 18 2 3 8 + + 1 8 1 9 2 + + 1 6 4 1 2 + + 3 2 6 6 + -1 3 3 3 + +6 5 1 4 ++3332 -56 - _ 2 2 4 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. 1 -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 Mar.i -180 -319 -107 -105 -71 -121 -13 -17 + 11 -76 Apr. i -123 -51 +41 + 111 -93 -84 +29 +53 -100 -131 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit o D f e c th em e b B e U r L L 1 E 9 T 5 I 7 N , p f p o . r 1 O 42 c 0 to -2 b 2 e . r 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 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] Construction Industrial production contracts Employment and payrolls2 (physical volume)* awarded (value)1 Departor Y m e o ar nth Total Tot M al anu r D a fa b u c l - e ture N r s a d 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 e c u l g o m u o e r r l n a n y i - - - l t - - pr E o M m d m a u p e n c l n u t o i t f y o a - n c tu w r o in r P r k g o a e l y l r s - s F i l n c r o e a g a i r d s g - * - ht v s ( m s r a a t e l l o e t e u a n r s e e i t * ) l p s C r u i m o c n e e - s r 2 m p W c r s o i o a h c d l m e o e i s s l t - y e 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 62.1 30 4 105 34 73.1 1925 49 48 49 46 59 66 75 59 65 2 64 2 32 1 110 36 75 0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32 4 111 37 74 2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73.3 62.9 1929 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73.3 61.9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65.0 47.4 1932 31 30 19 42 42 15 8 20 53 4 42.6 14 8 59 24 58 4 42.1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57.2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70 2 70 1 32 6 84 35 61 4 56 1 1938 48 46 35 57 62 35 27 40 66 1 59.6 25 3 67 32 60 3 51.1 1939 58 57 49 66 68 39 37 40 69.3 66.2 29.9 76 35 59.4 50.1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62.9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72 2 104 49 69.7 64.2 1943 127 133 162 103 87 37 24 45 96 3 121 4 99 0 104 56 74 0 67 0 1944 125 130 159 99 93 22 10 30 95 0 118.1 102 8 106 62 75 2 67.6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95.5 96.4 1948 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102.8 104.4 1949 97 97 95 99 94 113 116 111 99 0 93 8 97 2 88 99 101 8 99 2 1950 . 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102.8 103.1 1951 120 121 128 114 115 171 170 172 108 2 106 4 129 8 101 112 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 .. . 134 136 153 118 116 192 178 201 113 6 111.8 151 4 96 118 114 4 110 1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152 9 95 128 114 5 110.7 1956 143 144 159 129 129 199 199 199 118.6 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 120.1 104.5 162.7 90 136 1957 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 Aug 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 H9 C142 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 Jan 133 132 P5 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 Mar 128 '129 135 124 '112 102 99 105 116.0 '93.6 '93.4 '143.7 75 131 123.3 119.7 Apr. 126 127 128 132 125 109 108 115 104 115 6 92 6 91 6 139 8 72 123 5 119 3 May p\27 P129 ^134 ^115.9 *>92.5 2>91 2439.8 73 433 ^119.5 c Corrected. "Estimated. v 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 ta 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 695 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1957 1958 pro- Industry portion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr, SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 143 144 144 145 145 145 144 142 139 135 133 130 128 126 MANUFACTURES—TOTAL 90.02 144 145 145 145 147 147 147 146 143 141 137 135 131 129 128 Durable Manufactures—Total 45.17 159 160 160 160 163 162 163 160 156 154 146 142 137 135 132 Primary metals 6.70 138 '131 134 132 132 134 136 131 128 121 107 100 95 91 86 Metal fabricating 28.52 172 176 176 176 179 179 775 176 172 770 163 759 153 750 146 Fabricated metal products 5.73 135 139 (38 138 139 141 140 139 137 141 135 129 124 r122 118 Machinery 13.68 171 168 167 168 171 173 172 170 164 163 156 151 144 141 138 Nonelectrical machinery 9.04 153 150 152 152 153 152 151 150 148 143 137 130 127 '126 123 Electrical machinery 4.64 207 204 196 199 207 215 215 209 197 203 194 192 177 170 166 Transportation equipment 7.54 199 213 216 216 220 216 216 212 208 203 194 191 185 '182 177 Autos, trucks, and parts 4.80 125 128 124 127 132 128 131 129 126 125 113 107 99 '93 86 Other transportation equipment 2.74 310 344 357 352 355 351 345 340 334 322 315 318 312 315 315 Instruments and related products 1.29 166 172 172 173 173 173 174 173 170 170 168 166 163 160 158 Clay, glass, and lumber products 5.91 140 133 134 136 140 133 136 134 131 128 124 725 720 720 779 Stone, clay, and glass products 2.82 158 155 155 157 156 155 159 159 155 151 148 142 134 133 134 Lumber and products 3.09 123 114 115 117 125 113 116 112 109 107 103 110 108 109 105 Furniture and misc. manufactures 4.04 135 132 132 132 133 133 135 135 132 129 725 123 720 727 720 Furniture and fixtures 1.64 122 120 120 120 121 122 123 122 120 118 116 114 111 111 109 Miscellaneous manufactures 2.40 144 140 141 141 142 141 143 143 140 136 131 129 126 128 128 Nondurable Manufactures—Total.... 44.85 129 130 130 131 131 131 132 131 130 128 127 127 125 124 125 Textiles and apparel 11.87 108 105 106 106 106 107 106 106 104 101 97 97 97 95 98 Textile mill products 6.32 104 99 100 100 100 101 101 101 98 95 91 92 91 91 91 Apparel and allied products 5.55 112 111 112 113 113 113 112 112 110 107 104 103 103 r99 106 Rubber and leather products 3.20 117 118 118 118 119 119 122 120 777 775 705 108 705 r106 702 Rubber products 1.47 133 135 132 134 135 136 141 138 135 131 117 116 114 116 112 Leather and products 1.73 104 104 105 104 106 105 106 104 103 103 100 100 98 98 Paper and printing 8.93 145 148 146 148 148 146 149 149 149 149 146 146 144 742 143 Paper and allied products 3.46 159 158 156 158 159 156 163 161 161 162 152 155 153 149 151 Printing and publishing 5.47 136 141 140 141 141 140 141 142 142 141 142 140 139 138 137 Newsprint consumption 1.85 132 131 128 132 132 129 129 131 130 129 131 126 124 124 123 Job printing and periodicals 3.62 138 146 146 145 146 146 146 147 148 148 148 147 146 r145 145 Chemical and petroleum products 9.34 167 172 171 173 172 174 175 174 773 777 169 168 r164 r162 164 Chemicals and allied products 6.84 ill 184 182 185 184 185 186 185 185 184 181 182 mi ni6 178 Pe I tr n o d l u e s u t m ri a a l n c d h e c m oa ic l a p ls roducts 2 2. . 5 5 0 4 1 14 9 1 6 2 1 0 4 3 1 2 1 0 4 2 2 2 1 0 4 4 2 2 1 0 3 4 9 2 1 0 4 5 2 2 1 0 4 6 3 2 1 0 4 7 1 2 1 0 3 6 9 2 1 0 3 1 5 1 1 9 3 6 7 1 13 9 1 5 r1 1 8 2 6 9 1 1 8 2 3 7 ^26* Foods, beverages, and tobacco 11.51 112 112 777 112 113 113 112 113 777 770 775 114 113 113 775 Food and beverage manufactures 10.73 113 112 112 112 114 113 113 113 112 110 114 114 114 r113 114 Food manufactures 8.49 113 112 112 112 113 114 112 112 111 110 113 113 112 112 115 Beverages 2.24 112 113 109 112 116 109 113 113 112 110 118 116 118 117 Tobacco manufactures .78 107 111 109 110 112 114 111 114 110 107 106 112 112 112 in' MINERALS—TOTAL 9.98 129 128 131 130 127 128 129 129 127 123 123 122 119 112 109 Mineral fuels 8.35 129 128 131 130 127 127 128 129 128 123 722 775 777 705 Coal 2.68 85 83 87 83 86 84 84 82 80 77 71 69 70 70 62 Anthracite .36 55 49 52 56 60 40 50 48 45 43 40 43 43 41 40 Bituminous coal 2.32 90 88 93 88 90 90 89 88 85 82 76 73 74 74 66 Crude oil and natural gas 5.67 150 150 151 153 146 148 149 151 150 145 146 145 142 131 130 Crude oil 4.12 137 C138 140 141 136 134 134 136 136 132 131 130 128 116 116 Natural gas and gas liquids .70 190 198 200 204 194 197 198 196 199 198 193 '198 Metal, stone, and earth minerals 1.63 727 129 130 128 131 132 133 129 125 720 725 727 77P 773 Metal mining .82 114 116 121 114 121 122 121 115 107 100 110 110 106 noo 88 Stone and earth minerals .81 141 C142 140 142 142 143 146 144 143 140 141 144 133 139 138 c Corrected. Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 19 p 4 r 7 o ^ - 19 A av n e n r u a a g l e 1957 1958 Industry portion 1956 1957 Apr. May June July Aug. Sept.Oct. Nov Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 143 143 145 143 145 135 145 146 146 142 134 132 131 129 127 MANUFACTURES—TOTAL 90.02 144 145 146 144 146 137 147 148 148 144 135 134 132 131 129 139 Durable Manufactures—Total 45.17 159 160 163 159 162 151 160 160 159 156 147 143 138 133 Primary metals 6.70 138 131 140 135 136 118 128 128 129 121 106 102 r99 95 89 5.03 135 130 138 133 134 118 127 126 126 118 102 95 91 89 82 Pig iron and steel 3.51 142 140 148 143 141 130 135 136 135 126 108 99 94 92 83 Pig iron .37 131 137 144 141 139 136 137 139 132 121 107 98 91 90 80 Steel 3.05 143 139 147 142 140 128 134 134 134 126 107 99 93 91 82 Carbon steel 2.62 139 138 146 141 141 129 133 134 132 125 107 96 92 90 83 Alloy steel .43 167 143 151 149 136 123 137 132 143 132 108 111 100 95 77 Ferrous castings and forgings 1.52 119 108 115 109 119 90 106 105 106 99 87 85 85 83 80 1.29 117 107 113 108 117 90 107 104 105 99 87 84 83 83 81 Steel forgings .23 126 113 124 116 126 89 103 110 107 98 88 92 92 86 74 Nonferrous metals 1.67 144 136 145 140 142 117 132 134 138 129 117 121 121 114 112 .38 164 164 175 172 167 157 160 153 156 159 161 160 155 148 145 Copper smelting .09 133 129 140 131 134 114 122 120 126 125 128 134 128 122 124 .06 132 135 146 149 137 126 126 120 128 131 134 134 140 128 122 Lead .04 115 114 129 115 110 104 107 116 115 112 112 106 116 96 94 Zinc .10 123 123 137 133 128 118 115 110 113 114 120 114 106 101 101 .09 280 275 283 285 280 279 282 263 263 274 275 275 265 263 254 Secondary nonferrous metals .13 118 cll 1 118 110 108 86 106 114 117 112 99 98 r93 84 Nonferrous shapes and castings. 1.16 140 129 138 132 138 107 125 130 134 121 104 110 113 106 104 .63 115 104 113 108 115 73 105 109 110 98 80 88 r92 '83 77 Aluminum mill shapes .20 215 198 213 215 211 214 192 200 199 167 159 167 174 170 189 Nonferrous castings .33 146 136 141 131 140 109 125 131 140 138 118 120 117 111 Metal Fabricating 28.52 772 176 179 174 176 167 174 174 173 174 166 161 156 154 148 5.73 135 139 140 136 139 134 141 145 142 139 133 127 124 mi 118 Structural metal parts 2.68 141 152 148 149 152 149 153 156 156 156 154 146 138 136 132 Stampings and misc. metal products 2.12 125 C124 126 124 124 118 121 122 124 125 120 111 105 103 99 Tin cans .30 151 146 190 122 149 163 205 195 146 112 110 116 126 139 120 Furnaces, gas ranges, and heaters .63 110 99 98 95 104 81 105 122 115 99 76 80 94 97 Machinery 13.68 171 168 169 166 168 158 167 173 170 165 157 153 148 145 140 9.04 153 150 157 154 153 146 143 149 145 140 138 133 131 131 127 Farm and industrial machinery 8.13 147 146 152 149 148 144 141 143 140 136 135 130 125 124 121 Farm machinery 1.02 86 84 90 87 85 82 80 82 82 78 80 80 81 83 84 Industrial and commercial machinery. 7.11 156 155 161 158 157 152 150 152 148 144 143 137 132 130 126 Machine tools and presses .. .68 197 182 198 193 188 179 175 175 164 154 153 144 133 128 122 Laundry and refrigeration appliances. .69 168 151 164 158 160 129 119 159 149 138 120 120 144 158 Electrical machinery 4.64 207 204 194 189 197 183 213 220 220 215 194 192 181 173 164 Electrical apparatus and parts 3.23 198 201 204 200 200 195 196 201 196 198 197 190 183 178 172 Radio and television sets .74 224 205 159 153 180 143 256 269 282 260 176 187 159 139 125 Transportation equipment 7.54 199 213 223 214 217 205 209 194 198 213 203 196 191 188 181 4.80 125 128 135 127 130 114 123 100 110 139 124 113 108 101 91 Autos 1.50 138 146 155 144 156 134 148 84 88 171 151 132 122 106 89 Trucks .66 112 104 120 113 119 103 103 85 93 c99 95 91 92 94 90 Light trucks .22 92 100 107 101 108 96 97 69 95 118 99 83 85 83 79 Medium trucks .19 58 50 69 60 62 52 48 29 46 47 40 26 29 26 26 .14 218 194 224 215 228 208 195 184 161 157 183 216 210 226 213 Truck trailers .07 167 137 154 148 156 109 146 136 122 116 101 93 101 102 103 Auto and truck parts 2.58 121 123 127 121 118 106 113 114 127 131 116 108 104 100 2.74 310 344 357 348 351 344 341 340 334 322 322 321 315 '319 315 Aircraft and parts 1.30 548 608 633 614 615 609 606 597 592 569 571 570 562 565 561 Shipbuilding and repair .81 118 129 132 134 136 131 128 126 '124 121 125 123 121 125 124 .53 63 77 81 76 84 73 69 83 74 71 61 64 56 58 51 Railroad cars .35 54 80 86 81 88 71 84 85 76 72 59 66 56 59 49 Instruments and related products 1.29 166 172 174 171 171 168 172 174 172 172 170 166 163 162 160 Clay, Glass, and Lumber Products 5.91 140 133 135 137 144 127 143 141 139 128 117 117 117 118 120 2.82 158 155 155 158 159 150 163 162 161 152 145 136 130 131 134 Glass and pottery products 1.09 140 141 141 141 139 132 142 141 144 140 135 130 128 124 118 Flat glass and vitreous products .60 164 161 160 159 157 149 156 163 165 165 161 150 142 136 130 Flat and other glass .47 165 164 163 161 160 151 159 167 170 170 166 153 144 136 129 Glass containers .26 132 H6 132 137 144 137 154 138 143 128 117 128 132 134 126 Home glassware and pottery .23 87 92 100 97 85 78 91 90 92 90 86 79 85 82 75 .32 157 148 145 161 161 119 185 187 177 152 132 109 92 105 146 Structural clay products ... .35 137 C128 129 130 133 134 137 135 134 126 117 105 99 102 Brick .12 134 C114 119 122 123 122 129 124 126 113 95 84 77 87 Clay firebrick, pipe, and tile .20 142 140 138 138 143 145 145 144 143 138 133 121 115 114 110 .48 194 188 185 194 200 198 201 198 193 182 172 165 156 163 171 .58 173 174 176 177 177 173 175 175 173 166 165 157 151 151 147 « Corrected. Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 697 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] Annual 947-49 average 1957 1958 Industry p p r o o r - tion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 117 118 131 105 125 121 119 106 92 100 105 106 107 Lumber .. .. . 2 05 107 96 100 99 110 88 106 103 98 89 75 81 87 89 88 .60 189 187 191 196 219 168 209 205 207 178 155 181 189 182 192 Millwork .39 121 112 107 110 146 101 144 132 124 100 80 76 95 95 91 Softwood plywood .12 301 312 330 339 339 277 314 327 344 307 280 358 346 328 .29 91 84 87 88 88 83 83 83 82 78 77 74 69 73 73 Furniture and Misc. Manufacturing.... 4.04 135 132 129 128 130 125 136 141 139 134 128 120 121 120 117 Furniture and fixtures 1.64 111 120 117 115 118 116 124 126 125 121 120 113 111 111 107 Household furniture 1.10 121 120 117 114 117 115 124 126 127 123 122 114 113 112 108 Fixtures and office furniture .54 122 120 118 118 119 118 124 125 122 116 116 111 109 109 106 Miscellaneous manufactures 2.40 144 140 137 137 139 131 144 150 148 143 134 125 126 127 124 Nondurable Manufactures—Total 44.85 129 130 129 129 130 122 134 135 137 131 123 125 126 125 125 Textiles and Apparel 11.87 108 105 108 106 104 91 108 104 108 102 92 99 103 101 100 Textile mill products 6.32 104 99 102 100 99 86 101 101 103 98 89 93 95 94 93 Cotton and synthetic fabrics 3.72 108 105 103 107 104 86 105 107 106 107 97 102 103 103 95 2 30 102 95 95 99 96 75 98 97 97 97 84 94 94 93 86 Synthetic fabrics .97 118 119 118 111 111 110 113 121 122 121 116 110 107 r107 102 .45 98 94 89 109 102 64 94 94 86 97 90 82 '102 102 85 Wool textiles 97 86 75 78 81 87 67 82 79 71 65 55 55 61 64 67 .16 88 78 82 89 88 71 86 79 66 66 61 59 69 71 68 Wool fabrics .75 86 75 77 79 88 67 81 80 74 65 54 55 60 63 67 1.15 108 104 103 103 107 96 110 110 109 104 92 94 98 98 97 Hosiery 65 100 93 92 90 92 76 95 95 98 93 78 90 94 91 90 Full-fashioned hosiery .45 102 89 91 87 87 69 88 87 88 88 74 87 91 88 87 Seamless hosiery.... .20 96 102 94 96 104 92 114 116 121 107 86 99 103 99 98 Knit garments .50 119 118 117 119 125 123 128 129 125 118 111 99 104 107 107 48 .31 83 71 85 69 64 46 68 75 59 59 61 62 70 69 62 Apparel and allied products 5 55 112 111 114 112 110 96 116 109 112 107 96 106 113 109 108 1.78 110 102 100 111 104 74 110 100 99 98 90 94 100 104 95 Men's suits and coats 73 95 86 88 102 91 55 98 78 72 73 72 69 74 71 74 .50 93 87 90 100 88 54 93 76 73 77 76 73 78 73 72 Men's outercoats 13 78 C61 60 86 80 48 93 68 53 41 40 35 41 45 64 Shirts and work clothing .99 118 112 106 115 111 83 117 113 116 113 100 110 116 125 107 1 85 112 112 119 115 111 101 118 109 108 102 80 105 129 114 117 Women's suits and coats .76 128 128 102 96 127 130 148 133 134 123 85 122 156 r137 96 Misc. apparel and allied mfrs 1.92 113 117 112 110 113 113 120 122 123 121 117 112 114 113 106 3.20 117 118 119 114 117 101 123 121 123 116 104 112 113 r112 104 1.47 133 135 135 133 132 112 135 139 145 135 114 123 120 118 115 Tires and tubes 70 121 123 121 125 123 109 120 124 129 119 106 106 112 108 103 .40 123 134 135 137 136 122 131 135 139 124 113 111 118 115 112 Truck and bus tires 30 119 107 103 108 105 91 105 110 117 112 97 99 104 98 91 Miscellaneous rubber products .77 144 147 147 140 141 114 150 153 160 150 122 140 127 128 125 Leather and products 1.73 104 104 106 98 105 92 112 105 104 99 94 101 108 107 Leather 44 91 89 89 88 97 74 92 87 90 88 80 83 88 82 Cattlehide leathers 29 99 98 96 94 107 82 103 97 101 98 89 92 97 89 Skin leathers 15 76 72 76 75 77 58 72 69 71 68 63 67 72 69 90 Miscellaneous leather products .39 97 94 90 87 92 92 100 98 98 98 95 87 93 91 Paper and Printing 8.93 145 148 150 149 148 136 147 151 156 152 141 143 145 146 146 3.46 159 158 161 158 161 139 165 163 170 163 140 153 158 155 156 Wood pulp 1. . 7 5 6 1 1 17 5 9 7 1 1 7 5 6 4 1 1 5 8 9 2 1 1 5 8 7 2 1 17 5 5 5 1 1 5 3 2 2 1 1 8 5 1 7 115732 1 1 8 6 7 3 1 1 8 5 3 6 1 1 5 3 3 7 1 1 7 5 7 1 1 17 5 7 6 H 1 5 7 2 3 1 1 7 5 1 1 Paper and board 1 .2 2 2 5 1 1 4 40 8 1 1 4 3 5 3 1 13 5 6 0 1 13 4 6 7 1 13 4 6 7 1 12 2 1 4 1 1 4 32 7 1 12 4 5 6 1 13 5 5 4 1 1 4 32 5 1 12 3 3 1 1 1 4 32 1 1 13 4 5 7 r1 1 3 4 1 4 1 13 4 5 4 Fine paper .14 145 C139 147 143 142 107 139 145 143 138 131 135 145 r148 143 Coarse paper .20 136 127 131 125 123 102 127 124 135 129 114 123 126 r123 125 Miscellaneous paper .18 170 179 192 182 184 160 175 171 185 172 167 181 183 176 183 Paperboard 41 155 153 155 157 154 128 158 160 166 157 134 145 155 151 146 Building paper and board .10 131 124 126 124 127 118 134 134 141 120 101 114 120 r115 122 1.70 162 163 163 160 166 147 173 173 177 171 142 155 160 158 160 Shipping containers .51 159 157 155 155 160 141 172 170 168 167 132 143 149 148 146 Sanitary paper products .11 170 179 184 174 183 163 175 178 204 182 171 190 192 185 200 6 Corrected f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.1 Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing. 5.47 136 141 143 142 140 134 136 144 146 145 142 136 137 141 140 Newsprint consumption 1.85 132 131 137 140 132 112 116 133 140 140 129 116 121 129 131 Job printing and periodicals. 3.62 138 146 146 144 144 144 146 150 150 148 149 146 145 147 145 Chemical and Petroleum Products 9.34 167 172 172 172 168 165 171 174 176 173 171 170 167 r165 Chemicals and allied products 6.84 111 184 184 184 179 174 181 185 190 187 183 183 180 179 180 Industrial chemicals 2.54 196 203 206 206 200 195 200 205 208 203 198 197 190 187 Basic inorganic chemicals .57 189 202 210 209 197 189 196 203 209 205 198 '203 199 202 Industrial organic chemicals 1.97 197 204 205 205 201 196 202 205 207 203 198 195 188 182 181 Plastics materials .24 256 272 275 278 266 240 269 283 299 276 259 270 269 255 Synthetic rubber .11 236 245 219 245 225 209 241 252 274 282 268 265 233 216 Synthetic fibers .59 181 199 203 198 189 191 198 202 206 201 194 184 172 164 155 Miscellaneous organic chemicals. 1.03 189 186 188 188 191 188 184 184 179 178 179 176 173 172 174 Vegetable and animal oils. .64 132 130 121 116 109 107 113 120 150 149 136 141 136 126 124 Vegetable oils .48 124 121 113 103 94 95 100 110 148 147 132 136 130 122 118 Grease and tallow .16 158 154 146 155 154 142 153 151 159 156 147 156 154 135 139 Soap and allied products. .71 111 112 113 115 104 115 115 126 110 105 111 107 108 101 Paints .66 124 121 122 122 125 126 125 122 119 115 114 113 111 111 111 Fertilizers .23 129 132 181 172 119 104 108 119 122 115 115 124 126 161 191 Petroleum and coal products. 2.50 141 141 137 139 139 139 144 144 139 136 138 134 130 125 ^122 Petroleum refining 1.97 150 150 145 148 147 146 152 152 145 147 153 148 144 137 '134 Gasoline 1.04 159 162 154 161 162 161 168 170 162 160 165 159 155 149 P147 Automotive gasoline.. .98 153 157 149 155 156 155 163 166 157 156 161 156 151 145 Aviation gasoline.... .06 254 249 247 255 258 260 265 233 242 233 236 212 223 212 Fuel oil .56 147 147 143 143 142 141 144 142 137 139 150 146 140 132 Distillate fuel oil. .30 193 194 187 190 188 185 191 188 181 184 200 195 182 175 Residual fuel oil. .26 95 93 93 90 90 89 89 90 86 87 93 89 91 83 Kerosene .10 111 98 93 89 83 82 82 90 87 106 117 118 125 110 Lubricating oil. .17 119 113 126 122 104 111 112 108 107 109 105 100 101 95 Coke .26 102 "105 107 108 107 106 106 106 103 95 85 79 75 72 66 Asphalt roofing and siding. .15 104 94 92 80 104 107 122 119 121 81 54 59 57 77 Foods, Beverages, and Tobacco. 11.51 112 112 104 108 117 115 122 128 124 113 106 104 104 105 107 Food and beverage manufactures. 10.73 113 112 104 108 116 116 122 128 125 113 107 103 103 104 107 Food manufactures 8.49 113 112 102 104 111 114 123 131 126 116 109 106 103 102 104 Meat products 1.48 133 128 123 124 120 116 118 130 140 133 131 134 121 120 123 Beef .46 151 148 139 148 148 150 150 154 156 140 136 149 134 129 131 Pork .83 119 110 108 104 97 91 94 109 124 122 122 118 107 109 111 Dairy products .69 110 111 122 140 151 134 120 101 91 85 88 92 97 106 Butter .14 107 109 122 139 145 113 97 87 88 87 97 104 112 121 Natural cheese .07 117 119 135 161 165 137 119 105 100 92 98 101 105 117 Concentrated milk. .19 101 102 128 151 142 114 97 78 77 73 80 84 87 99 116 Ice cream .28 112 111 109 122 149 151 141 117 96 84 82 84 89 96 Canned and frozen foods. 1.13 133 126 89 91 111 163 213 230 158 109 99 87 85 82 92 Grain-mill products 1.16 101 100 95 97 98 98 105 108 105 98 97 100 101 101 98 Wheat flour .46 84 87 82 81 87 78 88 94 92 89 86 90 92 93 84 Cereals and feeds .70 113 c108 104 108 106 111 117 117 114 104 104 106 107 107 107 Bakery products. 1.64 98 100 99 102 104 103 102 101 101 101 98 98 '98 97 Sugar .27 122 C122 60 68 88 74 80 117 262 279 233 129 65 54 Cane sugar.... .11 116 112 110 117 140 122 123 125 108 97 93 100 104 106 Beet sugar .13 121 C125 13 21 38 27 38 105 390 431 350 149 26 3 Confectionery .71 107 112 96 84 95 81 103 155 147 132 99 113 124 109 104 Miscellaneous food preparations. 1.41 105 108 102 106 114 113 113 113 112 110 108 107 109 108 110 Beverages 2.24 112 113 111 120 138 122 120 118 121 105 99 93 102 112 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 105 103 103 108 123 105 102 108 117 100 89 99 106 Beer and ale 1.02 101 101 109 117 130 127 111 97 88 73 81 89 94 102 Liquor distilling. . .17 78 83 82 81 67 34 47 109 140 99 88 85 95 94 Liquor bottling... .37 119 111 95 97 127 84 101 125 158 151 101 83 105 113 Tobacco manufactures. .78 107 111 104 113 121 102 120 118 119 110 87 112 112 112 112 Cigarettes .46 111 116 109 121 129 114 126 123 122 111 90 118 116 117 119 Cigars .17 104 106 102 104 111 81 115 116 121 116 86 105 111 109 104 c Corrected *> Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 699 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947^9 average= 100] Industry 19 p 4 r 7 o- -49 A av n e n ra u g a e l 1957 1958 portion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. MarJ Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 131 132 131 123 130 130 129 123 122 121 118 111 MINERALS—TOTAL 8.35 129 128 132 130 127 119 126 124 125 124 121 109 Mineral Fuels 2.68 85 83 82 88 65 86 86 87 80 74 73 70 '67 60 Coal .36 55 46 50 64 32 52 52 49 46 42 48 44 36 36 Anthracite 2.32 90 89 87 92 71 92 91 93 86 79 77 74 71 63 Bituminous coal Crude oil and natural gas 5.67 150 150 155 153 145 145 145 147 146 144 149 148 145 135 132 Oil and gas extraction 4.82 145 146 153 150 143 139 138 140 140 141 143 144 143 133 132 Crude oil 4.12 137 =138 145 143 136 132 130 132 131 131 133 132 130 120 120 Natural gas and gas liquids .70 190 198 200 194 184 181 186 188 193 204 206 2*216 2>217 2>211 Natural gas .34 199 212 214 202 192 196 194 196 203 221 228 Natural gas liquids .36 182 184 188 186 177 167 179 180 182 189 186 184 183 180 Oil and gas well drilling .85 i80 171 168 168 156 179 185 185 177 160 177 172 159 143 136 Metal, Stone, and Earth Minerals 1.63 127 140 149 143 147 145 138 117 110 106 103 108 Metal mining .82 114 116 111 135 151 137 139 137 124 92 82 83 85 81 Iron ore .33 104 114 87 159 193 181 182 172 143 65 42 43 43 39 Nonferrous metal mining .49 120 117 127 119 123 108 110 113 110 110 109 111 113 r106 Copper mining .24 136 133 140 133 139 121 124 132 125 131 131 129 131 129 125 Lead mining .09 88 85 97 87 80 82 79 83 71 70 76 78 '56 78; Zinc mining .06 87 84 100 92 80 79 70 74 68 67 72 71 '69 75 Stone and earth minerals .81 141 142 137 145 148 149 155 153 152 143 138 130 121 129 136 e Corrected. * Preliminary. r Revised, are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1957 pro- average 1958 Series portion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. ELECTRICITY AND GAS—TOTAL 100.00 218 232 228 230 232 235 237 236 236 237 237 ,239 2*241 ,241 2*240 Residential 41.34 241 260 253 256 260 263 267 268 267 272 273 Nonresidential 58.66 201 212 210 111 212 216 216 214 213 213 212 Electricity 76.18 218 233 230 232 233 237 238 237 234 236 235 236 238 238 Residential 27.48 250 273 266 270 274 277 281 280 277 282 282 285 290 295 Industrial 23.68 206 213 214 215 214 217 217 215 213 210 207 205 202 196 General industrial.... 23.49 186 193 193 194 193 198 198 196 194 191 188 186 183 177 Atomic energy .19 2697 2676 2790 2880 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610 Commercial and other. 25.02 194 208 205 207 208 213 212 210 208 209 209 212 215 214 Gas 23.82 218 228 222 223 226 229 233 235 240 243 245 P247 2*250 2*251 Residential 13.86 223 234 228 230 232 236 239 243 248 252 255 Industrial 6 16 218 226 215 215 221 225 231 232 233 234 236 Commercial and other 3.80 197 212 209 210 212 212 213 214 220 223 226 2> Preliminary. 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

700 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1957 1958 Product portion 1956 1957 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL. 100.00 131 130 123 126 134 132 135 134 129 128 119 113 110 104 98 Major Durables 69.72 140 138 129 134 144 141 145 142 137 136 125 117 111 103 95 Autos 32.10 138 146 136 144 157 147 154 150 143 142 127 117 107 92 81 Major household goods 36.13 144 132 123 127 134 138 139 137 134 134 124 118 116 114 108 Furniture and floor coverings. 15.32 117 114 114 113 114 116 115 114 111 112 112 110 106 106 103 Household furniture 11.31 121 120 120 119 121 121 123 122 120 120 119 116 113 112 110 Floor coverings i 4.01 Appliances and heaters 15.60 143 127 118 121 124 124 127 129 129 132 115 106 115 115 Major appliance? 11.88 151 133 122 127 129 130 136 137 138 141 119 110 117 118 Ranges 2.60 103 89 88 86 83 77 86 85 85 92 87 86 81 80 Refrigeration appliances. 4.98 150 140 136 141 139 140 140 138 141 148 125 111 129 122 Laundry appliances 2.51 216 180 136 152 167 177 195 203 203 196 152 142 142 159 116 Heating apparatus 3.72 118 104 108 104 108 106 96 101 101 104 103 93 110 107 Radio and television sets 5.21 224 205 167 187 226 245 247 232 212 203 188 181 151 133 i 3i * Radio sets 3.42 70 75 75 68 69 72 75 82 80 78 66 66 55 44 46 Television sets 1.79 519 453 343 413 524 575 575 517 465 441 419 401 335 302 293 Other Consumer Durables 30.28 111 111 110 109 110 111 112 114 112 110 107 105 107 108 105 Auto parts and tires 14.00 105 iii 105 104 108 110 110 110 110 Misc. home and personal goods. 16.28 116 114 113 112 112 115 118 113 112 109 105 104 105 102 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL.. 100.00 131 130 130 124 131 116 132 119 119 141 124 117 116 111 101 Major Durables 69.72 140 138 140 131 140 121 139 118 119 153 132 123 120 114 101 Autos 32.10 138 146 155 144 156 134 148 84 88 171 151 132 122 106 89 Major household goods 36.13 144 132 128 122 129 110 133 150 148 138 118 117 121 122 112 Furniture and floor coverings. 15.32 117 114 113 108 110 105 116 119 118 115 114 108 108 108 103 Household furniture 11.31 121 120 117 114 117 115 124 126 127 123 122 114 113 112 108 Floor coverings * 4.01 Appliances and heaters 15.60 143 127 131 125 131 105 109 141 133 121 102 103 121 131 Major appliances 11.88 151 133 140 133 136 108 109 144 136 126 109 111 128 140 Ranges 2.60 103 89 92 82 88 59 77 93 90 89 79 86 91 93 Refrigeration appliances., 4.98 150 140 173 163 164 130 102 133 119 112 106 113 137 152 Laundry appliances 2.51 216 180 140 144 150 126 164 229 229 206 156 140 161 175 'iio Heating apparatus 3.72 118 104 103 99 114 94 109 134 121 104 80 78 99 103 Radio and television sets 5.21 224 205 159 153 180 143 256 268 282 259 176 187 159 139 'i25 Radio sets 3.42 70 75 72 67 57 40 62 81 101 108 76 66 56 47 44 Television sets 1.79 519 453 326 318 414 339 627 625 627 547 365 417 355 314 279 Other Consumer Durables 30.28 111 111 107 106 108 106 116 121 120 114 106 102 105 105 102 Auto parts and tires 14.00 105 101 103 107 109 114 120 118 Misc. home and personal goods. 16.28 116 112 109 108 104 117 121 122 120 110 101 104 104 100 r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics. pp. 438-^7. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Business Other Total d R en es ti i a - l Total Indus- Com- Public n r d e o e s n n i- - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r trial mercial utility tial 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 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 48,492 34,138 17.019 12.895 3,557 3,564 5,774 4,224 14 354 1 322 5 215 971 6 846 1957—May 4,003 2,824 ,360 ,111 315 303 493 353 1,179 110 423 78 568 J Ju u l n y e r r . . 4 3 , , 0 9 0 3 3 4 2 2 , , 8 81 2 1 3 1 1 , , 3 3 7 8 3 3 , , 0 0 9 8 5 5 3 3 1 0 1 0 2 3 9 0 2 2 4 4 8 9 2 3 3 3 5 4 5 3 1 1 1 1 8 2 0 3 1 1 0 0 1 8 4 3 2 9 8 1 7 8 9 0 5 5 7 4 2 4 Aug r 4,034 2,854 1,412 ,084 301 296 487 358 1 180 120 393 91 576 Sept r. 4,078 2,870 1,432 ,080 290 298 492 358 1 208 114 410 91 593 Oct.r 4,166 2,912 1,461 ,093 283 306 504 358 1,254 111 451 93 599 Nov r 4,137 2,917 1,472 1,086 281 305 500 359 1 220 104 443 85 588 Dec r 4,211 2,895 1,461 1,072 272 304 496 362 1 316 110 538 74 594 1958 Jan r 4,156 2,863 1,445 ,058 269 288 501 360 1 293 107 510 79 597 Feb 4,079 2,834 1,441 1,030 252 281 497 363 1 245 96 500 77 572 Mar v 4,053 2,792 1,397 1,033 240 288 505 362 1 261 95 500 78 588 Apr.P 3,960 2,734 1,350 1,019 222 294 503 365 1 226 88 463 82 593 May? 3,940 2,714 1,331 1,012 210 302 500 371 1,226 90 464 80 592 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 701 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] B ow y n ty er p s e h i o p f By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 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 Apr.. 2,778 880 1,897 1 233 154 246 227 211 707 May 3,398 1,279 2,119 1,296 215 306 291 308 983 June 3,223 1,323 1,900 1,135 243 322 273 348 902 July . 2,901 1,002 1,898 1,287 165 298 220 277 653 2,818 802 2,016 1,284 181 324 265 239 526 Sept 2,550 816 1,734 1,151 135 232 242 257 533 Oct . 2,614 787 1,827 1 165 167 248 265 230 538 Nov 2,371 867 1,504 930 147 264 244 223 562 Dec 1,982 734 1,249 759 137 204 190 167 525 1958 Jan . . 2,066 758 1,308 777 107 247 214 191 530 Feb . . 1,953 769 1,185 727 102 205 224 220 475 Mar 2,721 1,027 1,694 1,071 131 285 268 283 684 Apr 2,881 1,053 1,828 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—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 Apr 2,778 137 415 98 191 188 271 428 106 116 153 146 528 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 Apr 2,881 136 281 127 268 182 286 403 130 125 184 212 548 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d T a u r j s i a u o v o l s t n a a t r e t a l e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m N a o e r l o e i t t n r a a o s - n - Total fam 1- il P y rivat f e am 2- ily M fam ul i t l i y - Public G T o o v t e a r l nmen F t- H u A nderwri V tt A en * 1950 1.396 1,022 374 1.352 1,151 42 159 44 686 486 200 1951 1,091 777 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 1,104 804 300 1,068 933 42 94 36 409 252 157 1954 , 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 1,118 780 338 .094 981 31 82 24 463 192 271 1957 .042 700 342 '993 840 33 120 49 313 185 128 1957 May 994 103 68 35 97 82 3 13 6 28 16 12 June 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 915 66 44 22 61 49 2 10 5 14 12 3 Mar *880 »79 54 25 *75 n.a. n.a. n.a. vA 20 17 3 Apr P950 *95 64 31 *>91 n.a. n.a. n.a. PA 28 23 5 May »1,010 *>105 71 34 P98 n.a. n.a. n.a. pj 32 26 6 J» 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

702 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 t u u l l t a n i t o o io n n n a - l T l f a o o b r t c o a e r l Employedl Unem- l N ab o o t r i n f o t r h c e e Total In nonagricul- In ployed Total tural industries agriculture 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—May 120,199 70,714 67,893 65,178 58,519 6,659 2,715 49,485 N 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 May 121,776 71,603 68,965 64,061 57,789 6,272 4,904 50,173 1 Includes self-employed, unpaid family, and domestic service workers. NOTE.—Information relating to persons 14 years of age and over is 2 Beginning 1957 persons waiting to start new wage and salary jobs and obtained through interviews of households on a sample basis. Monthly those on temporary layoff, previously considered as employed (with a job data relate to the calendar week that contains the 12th day; annual but not at work), are classified as unemployed, and a small group in school data are averages of monthly figures. and waiting to start new jobs (previously included as employed) are classified as not in the labor force. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b l a i n c d Trade Finance Service Sta lo te c a a l nd utilities government 1950 44,738 14,967 889 2,333 3,977 9,645 1,824 5,077 6,026 1951 47,347 16,104 916 2,603 4,166 10,012 1,892 5,264 6,389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1953 49,681 17,238 852 2,622 4,221 10,527 2,038 5,538 6,645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 111 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,878 16,905 816 2,993 4,157 11,292 2,306 6,231 7,178 1957 52,545 16,793 840 3,026 4,157 11,551 2,343 6,453 7,381 SEASONALLY ADJUSTED 1957 Mav 52,698 16,946 843 3,097 4,159 11,542 2,329 6,424 7,358 52,773 16,924 854 3,108 4,164 11,579 2,336 6,454 7,354 July 52,815 16,880 861 3,061 4,168 11,636 2,343 6,492 7,374 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 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 50,719 15,396 770 2,811 3,939 11,421 2,356 6,501 7 525 Apr 50,585 15,253 763 2,876 3,899 11,369 2,353 6,524 7,548 May 50,700 15,224 754 2,964 3,886 11,410 2,364 6,526 7,572 WITHOUT SEASONAL ADJUSTMENT 1957 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 5 5 2 2 , , 6 89 0 1 5 1 1 6 6 , ,9 7 5 1 5 0 8 8 5 6 7 2 3 3 , , 2 3 7 0 5 5 4 4 , , 1 2 9 1 9 5 1 1 1 1 , ,4 4 9 9 9 3 2 2 , ,3 3 8 9 9 0 6 6, , 5 5 0 2 9 4 7 7 ,1 1 5 5 7 7 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 50,158 15,363 770 2,530 3,919 11,239 2,344 6,436 7 557 50,238 15,113 755 2,732 3,892 11,256 2,353 6,557 7,580 May 50,496 15,046 746 2,949 3,883 11,280 2,364 6,624 7,604 NOTE.—Data include all full- and part-time employees who worked family workers, and members of the armed forces are excluded. Figures during, or received pay for, the pay period ending nearest the 15th of the for April and May 1958 are preliminary. Back Jdata may be obtained month. Proprietors, self-employed persons, domestic servants, unpaid from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 703 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 May Mar. Apr. May May Mar. Apr. May Total 13,073 11,579 11,457 11,438 12,894 11,549 11,328 11,269 Durable goods 7,621 6,456 6,318 6,297 7,600 6,477 6,316 6,278 Ordnance and accessories 77 66 67 66 77 66 67 66 Lumber and wood products , 635 564 564 569 638 547 550 572 Furniture and fixtures , 316 285 282 289 308 288 281 282 Stone, clay, and glass products 456 401 399 403 456 399 399 403 Primary metal industries 1,098 880 848 846 1,093 884 848 842 Fabricated metal products 887 773 761 755 883 781 761 751 Machinery except electrical 1,243 1,037 1,012 996 1,255 1,053 1,027 1,006 Electrical machinery. .. . , 856 740 729 727 847 747 729 720 Transportation equipment 1,435 1,157 1,105 1,094 1,435 1,157 1,105 1,094 Instruments and related products 227 205 202 203 226 207 203 202 Miscellaneous manufacturing industries. 391 348 349 349 383 350 346 342 Nondurable goods 5,452 5,123 5,139 5,141 5,294 5,072 5,012 4,991 Food and kindred products , 1,068 1,043 1,040 1,036 1,004 947 955 973 Tobacco manufactures 84 82 81 80 73 73 70 69 Textile-mill products 916 836 837 832 911 844 837 828 Apparel and other finished textiles 1,094 989 1,015 1,040 1,039 1,024 995 988 Paper and allied products 470 450 451 448 465 448 446 444 Printing, publishing and allied industries 558 555 556 555 555 555 553 552 Chemicals and allied products 547 500 506 501 544 508 511 498 Products of petroleum and coal 173 165 166 162 174 163 164 163 Rubber products 205 184 178 173 204 184 175 172 Leather and leather products 337 319 309 314 325 327 306 303 NOTE.—Data covering production and related workers only (full- and 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 April and May 1958 are 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 iweek) dollars per hour' Industry group 1957 1958 1957 1958 1957 1958 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 81.78 81.45 80.81 81.24 39.7 38.6 38.3 38.5 2.06 2.11 2.11 2.11 Durable goods 87.85 87.75 86.91 87.53 40.3 39.0 38.8 38.9 2.18 2.25 2.24 2.25 Ordnance and accessories 94.02 99.72 100.53 100.53 40.7 40.7 40.7 40.7 2.31 2.45 2.47 2.47 Lumber and wood products 73.16 70.80 70.82 72.52 40.2 38.9 38.7 39.2 1.82 1.82 1.83 1.85 Furniture and fixtures 67.82 68.32 67.08 65.82 39.2 38.6 37.9 37.4 1.73 1.77 1.77 1.76 Stone, clay, and glass products 82.42 81.33 81.33 82.56 40.8 39.1 39.1 39.5 2.02 2.08 2.08 2.09 Primary metal industries 97.42 95.35 95.35 96.49 39.6 37.1 37.1 37.4 2.46 2.57 2.57 2.58 Fabricated metal products 88.34 87.42 87.14 87.58 40.9 39.2 38.9 39.1 2.16 2.23 2.24 2.24 Machinery except electrical 93.71 93.22 92.51 92.51 41.1 39.5 39.2 39.2 2.28 2.36 2.36 2.36 Electrical machinery 82.21 83.67 83.25 83.67 40.1 39.1 38.9 39.1 2.05 2.14 2.14 2.14 Transportation equipment 94.56 97.32 97.32 97.46 39.9 39.4 39.4 39.3 2.37 2.47 2.47 2.48 Instruments and related products 84.42 85.50 86.11 85.67 40.2 39.4 39.5 39.3 2.10 2.17 2.18 2.18 Miscellaneous manufacturing industries. . 72.04 72.52 72.15 72.34 39.8 39.2 39.0 39.1 1.81 1.85 1.85 1.85 Nondurable goods 73.13 73.53 73.14 73.53 38.9 38.1 37.7 37.9 1.88 1.93 1.94 1.94 Food and kindred products 78.38 79.80 80.00 80.00 40.4 39.7 39.8 39.8 1.94 2.01 2.01 2.01 Tobacco manufactures 61.78 59.36 62.70 64.02 39.1 37.1 38.0 38.8 1.58 1.60 1.65 1.65 Textile-mill products 57.60 56.40 54.90 55.58 38.4 37.6 36.6 37.3 1.50 1.50 1.50 1.49 Apparel and other finished textiles 52.98 52.05 51.45 51.90 35.8 34.7 34.3 34.6 1.48 1.50 1.50 1.50 Paper and allied products 84.42 85.90 85.28 84.85 42.0 41.3 41.0 40.6 2.01 2.08 2.08 2.09 Printing, publishing and allied industries.. 96.38 97.40 96.26 96.63 38.4 37.9 37.6 37.6 2.51 2.57 2.56 2.57 Chemicals and allied products 90.64 92.39 92.16 92.52 41.2 40.7 40.6 40.4 2.20 2.27 2.27 2.29 Products of petroleum and coal 106.75 109.34 111.24 111.25 40.9 40.2 40.6 40.9 2.61 2.72 2.74 2.72 Rubber products 88.80 87.02 85.73 86.56 40.0 38.0 37.6 37.8 2.22 2.29 2.28 2.29 Leather and leather products 55.90 56.83 53.88 54.98 36.3 36.2 34.1 34.8 1.54 1.57 1.58 1.58 NOTE.—Data are for production and related workers. Figures for April and May 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

704 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average = 100] Federal Reserve district United Year or month States Boston Y N o e r w k 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 a s n c n o - SALES i 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 Apr 131 117 118 130 122 148 r158 125 136 123 137 '150 137 May 135 123 124 133 126 148 172 128 137 126 141 158 141 June 138 122 125 139 128 152 175 129 139 126 142 168 148 July 138 125 126 131 132 147 175 131 139 130 145 170 141 Aug . 144 130 135 138 139 158 179 139 147 138 147 170 144 Sept 136 114 122 128 134 144 172 130 145 130 147 163 141 Oct 129 116 119 129 121 141 159 121 126 119 136 152 134 Nov 133 118 124 128 129 142 166 125 135 125 139 161 139 Dec 138 128 128 133 133 148 174 130 141 132 142 156 139 1958—Jan 130 116 125 126 125 146 157 121 132 126 138 156 132 Feb 124 111 115 114 117 134 147 115 125 121 135 143 135 Mar 131 114 r127 126 119 138 158 124 134 132 144 153 137 Apr 114 121 135 121 118 130 120 151 142 WITHOUT SEASONAL ADJUSTMENT 1957_Apr '130 121 116 129 126 149 '161 124 134 124 134 r147 133 May 132 123 120 131 122 146 165 126 138 127 139 156 134 131 122 121 130 120 140 153 126 129 116 137 153 139 July 111 90 92 96 107 118 145 104 114 104 128 151 125 Aug 127 102 104 110 123 135 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct 134 117 126 132 125 148 167 127 138 138 142 158 135 Nov 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958—Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 100 113 118 108 126 150 '107 117 109 121 137 115 Apr . nil 109 114 125 113 ^153 112 123 117 143 130 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 r160 174 158 SEASONALLY ADJUSTED 1957_Apr 152 138 '138 149 136 181 203 140 147 150 r160 r173 161 May 152 140 137 153 135 182 198 142 151 148 161 175 160 June . . . .. 153 138 137 156 136 184 198 146 151 145 159 176 159 July 154 139 137 154 136 184 204 149 153 141 160 178 159 AUK 153 136 138 157 137 180 203 145 149 145 158 176 159 Seot 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 146 134 135 151 130 166 199 135 142 138 151 163 151 Mar 142 129 '133 149 126 163 193 131 140 132 148 160 149 131 134 150 124 167 131 141 129 P145 ^164 WITHOUT SEASONAL ADJUSTMENT 1957_Apr 159 144 '144 '160 142 190 213 149 156 153 '168 r180 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 147 131 '137 '153 130 173 202 132 146 136 153 168 150 Apr ... P149 136 139 161 130 175 P199 139 149 131 *>170 J» 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 705 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Rjitios to sales* Period S (t a f o l o e t r a s l i St ( o e o c n f k d s i o s r O t d i a n u e n g r t d - s - l c ( e t R i o p e t t a - s l 2 o ( r N t d o e e t w a rs 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 k s - - s ce R i e p - ts month) month) (end of for 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 .1 1951 391 ,202 460 390 379 3.2 L.3 4.4 .0 1952 397 ,097 435 397 401 2.9 1.2 4.1 1.0 1953 406 ,163 421 408 401 3.0 [.1 4.1 1.0 1954 409 ,140 388 410 412 3.0 1.0 4.0 1.0 1955 437 ,195 446 444 449 2.9 1.1 4.0 1.0 1956 454 ,286 470 459 458 3.0 l.l 4.1 1.0 1957 458 1,338 460 460 457 3.1 1.1 4.2 1.0 Month: 1957_Apr.. r443 '1,380 '342 r480 Ml 3 3.1 0.8 3.9 1.1 May. 449 1,353 355 421 430 3.0 0.8 3.8 ().9 June. 409 1,257 519 313 477 3.1 1.3 4.3 ().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 l.l 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 <).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 1.2 Mar. 416 1,299 350 456 408 3.1 0.8 4.0 l.l AprJ 416 1.344 310 461 421 3.2 <).7 4.0 l.l v Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and/or orders at the end of the States. They are the actual dollar amounts reported by a group of de- month to sales during the month. The final ratio is based on totals of partment stores located in various cities throughout the country. In 1957, sales and receipts for the month. sales by these stores accounted for about 45 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdep 2 a D rt e m ri e v n e t d s f t r o o r m e s t a h l e e s r . eported figures on sales and stocks. LETIN for October 1952, pp. 1098-1102. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports1 Mer m ch il a i n ta d r i y s - e a i e d x p s o h r i t p s m e e x n c t l s u 2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1,284 1,680 1,511 1,583 1,402 1,073 1,115 1,095 Feb 1,363 1,611 1,345 ,273 ,490 1,245 1,051 993 962 Mar 1,583 2,151 1,557 479 > 021 1 442 I 102 1,133 pl 109 Apr 1,512 1,864 1,531 ,400 1,780 1,409 991 1,119 May 1,717 1,813 1,522 I 711 1,095 1,106 June .. . 1,697 1,786 I 492 I 652 I 034 984 July... 1 1,640 1,692 1,289 1,505 1,052 1,146 Aug 1,536 1,677 1,378 1,536 1 OSS 1,043 Sept 1 534 1 540 427 I 437 995 1 009 Oct 1,671 1,674 1,561 1,600 1,121 1,148 Nov . 1,545 1,683 1 425 I 596 987 1 043 Dec 2,007 1,639 1,885 1.543 1,059 1,141 Jan —Apr 5,742 7,306 5,944 5,354 6,874 5,498 4,217 4,360 v Preliminary. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 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 P c o a e n r r a e - l re t a i c 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—Apr 119.3 113.8 125.2 134.5 112.4 138.1 105.1 126.4 106.5 135.5 136.9 123.3 111.8 124.2 May 119.6 114.6 125.3 134.7 112.3 135.4 104.2 127.3 106.5 135.3 137.3 123.4 111.4 124.3 June . . .. 120.2 116.2 125.5 135.0 112.3 135.3 104.6 127.6 106.6 135.3 137.9 124.2 111.8 124.6 July 120.8 117.4 125.5 135.2 112.3 135.9 104.1 127.9 106.5 135.8 138.4 124.7 112.4 126.6 Aus 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112 6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov . 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129.4 107.9 140.0 140.3 126.7 114.4 126.8 Dec 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 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 Apr 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142.7 128.5 117.0 127.2 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 m d s - f P 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 a k a r i n c o i d t n h t d d e s s e s - , r ,p l F t 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 h c r l n c o a e ie t d l d m s s d - - p R u a b r u c n 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 e p s d r - , , M p m u a r e e c n o t t t d d a a s l - l s p c M m u a t e r h i c n o r v i o a y t n d d e - s - - - h F d o h t b o a u u t u o l n h u r r e r l d e s n a e d s e r - i- -e s N r t t m t m a a u r o l l i r I u e l n s n a i - c — c - l - - b b e m >« b a T a r o e a f n c o t r v g t d c - s l - e e o . d s n c M e e o l i l s u a - - s 1949. 99.2 92.8 95.7 101.3 95.5 96.9 101.9 94.8 99.2 104.8 106.6 103.1 104.4 101.6 1950. 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 113.9 110.3 108.6 105.3 106.9 102.4 1951. 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 123.9 122.8 119.0 114. 113.6 108. 1952. 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 120.3 123.0 121.5 112.0 113.6 110.6 1953. 110. 97.0 104.6 114.0 97.3 98.5 109.5 105.7 120.2 126.9 123.0 114.2 118.2 115.7 1954. 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 118.0 128.0 124.6 115.4 120.9 120.6 1955. 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 123.6 136.6 128.4 115.9 124.2 121.6 1956. 114.3 88.4 101.7 122.2 95.3 99.3 111.2 107.2 125.4 148.4 137.8 119.1 129.6 122.3 1957 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. 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. 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. 115.8 110.4 146.2 117.3 130.9 150.8 147.7 122.6 135.3 127.7 87.7 Nov.. 118.1 91.9 106.5 125.9 95.0 100.0 115.7 110.3 144.7 116.9 130.9 150.4 149.2 122.7 135.4 127.8 86.8 Dec.. 118.5 92.6 107.4 126.1 94.9 99.5 116.2 110.6 145.7 116.3 131.0 150.5 149.4 123.5 135.7 128.0 87.2 1958 Jan 118.9 93.7 109.5 126.1 94.6 99.5 116.1 110.8 145.1 116.3 130.8 150.0 149.4 123.8 136.4 128.1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99.6 113.6 110.6 144.6 115.8 130.8 150.1 149.3 123.6 136.5 128.1 89.3 Mar 119.7 100 110. 125.7 '94.0 '99.5 r112.4 110.7 144.6 P115.5 130.5 '149.8 149.2 123.5 135.3 128.0 r94.3 Apr 119.4 97.9 111.4 125.6 93.7 99.7 111.0 110.9 144.4 115.7 130.5 148.9 149.4 123.4 135.3 128.0 97.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 707 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 103.0 127.9 143.1 130.5 Grains 87.3 79.9 82.2 85.7 Paperboard 136.2 136.3 "136.2 136.1 Livestock and poultry... 79.3 91.1 95.8 94.5 Converted paper and paperboard 125.2 127.2 127.2 127.2 Plant and animal fibers.. 104.3 102.8 101.7 101.4 Building paper and board 141.7 141.7 142.5 144.1 Fluid milk 95.0 98.0 r95.7 92.8 Eggs 68.5 74.2 93.6 77.1 Metals and Metal Products: Hay and seeds 85.2 79.0 79.4 79.9 Other farm products.... 144.7 142.2 143.4 142.3 Iron and steel 161.9 167.6 167.3 166.4 Nonferrous metals 142.5 127.8 127.0 124.2 Processed Foods: Metal containers 148.0 152.8 155.7 155.7 Hardware 163.5 168.6 168.9 169.0 Cereal and bakery products 116.8 118.1 117.8 118.4 Plumbing equipment 131.6 125.9 124.8 123.6 Meats, poultry, and fish , 88.2 102.7 105.9 108.5 Heating equipment 121.6 121.6 121.0 121.2 Dairy products and ice cream 111.4 114.2 113.4 111.4 Fabricated structural metal products 132.8 134.7 134.5 135.3 Canned, frozen fruits, and vegetables, 104.9 105.7 106.8 107.0 Fabricated nonstructural metal Sugar and confectionery , 112.1 115.6 114.4 115.7 products 143.3 146.7 146.7 146.1 Packaged beverage materials , 183.7 173.3 168.4 168.4 Other processed foods 95.2 95.2 96.4 97.1 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 132.1 138.3 138.3 138.3 Cotton products 90.8 89.3 89.0 88.5 Construction machinery and equip- Wool products 109.9 103.8 102.8 101.6 ment 157.5 165.6 165.4 165.4 Synthetic textiles 81.5 81.2 81.0 80.5 Metal working machinery , 165.3 170.7 170.7 170.7 Silk products 124.8 117.5 116.1 116.5 General purpose machinery and Apparel 99.6 99.2 r99.3 99.2 equipment , 156.2 159.8 159.4* 159.7 Other textile products. 75.9 74.2 73.8 75.0 Miscellaneous machinery , 143.7 148.8 r148.9 148.9 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 147.8 151.3 151.3 151.7 Motor vehicles 134.7 139.1 139.1 139.1 Hides and skins 51.8 51.2 51.2 53.3 Leather 88.6 90.6 91.0 91.1 Furniture and Other Household Dura- Footwear 121.1 122.2 122.1 122.1 bles: Other leather products. 97.8 98.5 '97.5 97.3 Household furniture 122.4 123.3 122.8 122.8 Fuel, Power, and Lighting Materials: Commercial furniture , 147.3 154.2 154.2 154.2 Floor covering , 133.8 130.1 129.8 129.4 Coal 123.2 126.2 126.2 120.1 Household appliances , 105.4 105.3 105.3 105.3 Coke 161.9 161.9 161.9 161.9 Radio 91.1 92.5 92.6 92.6 Gas fuels (Jan. 1958= 100) 101.5 '101.1 98.1 Television 69.5 70.7 70.7 70.7 Electric power (Jan. 1958= 100). 100.1 100.1 100.0 Other household durable goods 147.0 155.0 155.0 155.0 Petroleum and products 130.4 118.9 117.0 115.8 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass , 135.7 135.7 135.7 135.7 Industrial chemicals 123.6 123.6 '123.7 124.3 Concrete ingredients 135.7 139.0 138.7 138.9 Prepared paint 124.1 128.4 128.4 128.4 Concrete products 126.6 127.9 128.0 127.8 Paint materials 99.8 104.7 104.4 104.2 Structural clay products 155.0 155.5 155.5 155.5 Drugs, Pharmaceuticals, cosmetics. 93.5 93.6 '94.0 93.9 Gypsum products 127.1 127.1 133.1 133.1 Fats and oils, inedible 58.2 62.9 64.2 62.2 Prepared asphalt roofing 121.6 124.6 105.6 105.6 Mixed fertilizers 108.6 111.9 111.6 111.5 Other nonmetallic minerals , 128.3 131.1 131.1 131.1 Fertilizer materials 107.5 110.4 110.3 110.3 Other chemicals and products 105.2 106.9 106.8 106.9 Tobacco Manufactures and Bottled Beverages: Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Crude rubber 143.2 131.2 131.3 131.2 Cigars , 105.1 106.0 106.0 106.0 Tires and tubes 149.0 152.1 152.1 152.1 Other tobacco products. 126.9 144.3 139.7 i:9.7 Other rubber products. 140.0 143.3 143.3 142.9 Alcoholic beverages , 119.6 120.3 120.3 120.3 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber. . 121.2 116.2 115.9 115.9 Millwork. 128.3 127.6 127.6 127.6 Toys, sporting goods, small arms 117.5 119.5 119.1 119.5 Plywood.. 96.7 93.6 '92.9 94.4 Manufactured animal feeds 71.0 65.7 74.6 80.9 Notions and accessories 97.4 97.5 97.5 97.5 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 107.6 107.3 107.4 107.3 Other miscellaneous 126.8 131.7 131.9 132.4 Woodpulp.. 118.0 121.2 121.2 121.2 Wastepaper. 68.6 83.6 75.3 75.3 Paper 140.7 143.1 143.0 142.9 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 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 TLess • Canital consurnDtion 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 lia- 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 Davments ....•• .6 .7 .5 .8 1.4 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1 3 .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 gov- -.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 valua- 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 .2 .3 2.8 6.9 8.7 9.7 11.0 12.4 14.4 14.2 14.3 14.6 14.5 14.4 Excess of wage accruals over disburse- .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 .0 .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 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 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 .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 35.8 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 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] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income. 87.8 40.2 104.7 240.0 302.1 299.0 324.1 343.6 358.2 355.6 358.5 362.6 356.1 n.a. Compensation of employees 51.1 29.5 64.S 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 51.9 124.3 163.5 161.2 174.4 189.4 199.0 196.8 199.1 200.9 199.1 194.5 Military .3 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 4.6 4!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 42.5 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. i Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 709 GROSS NATIONAL PRODUCT OR EXPENDITURE [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 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 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 32.1 20.7 29.0 65.0 81.7 86.6 92.8 59.9 105.4 103.4 104.9 106.1 107.2 108.2 16.2 1.4 18.1 51.2 50.3 48.4 60.6 65.9 64.4 63.6 66.2 66.5 61 3 51.8 New construction 1 8.7 1.4 6.6 22.7 25.8 27.8 52.7 33.3 33.2 32.8 32.7 33.0 34.0 33.3 3.6 .5 3.5 12.6 11.9 13.5 16.6 15.3 14.2 14.4 13.9 14.0 14.5 14.3 Other 5.1 1.0 3.1 10.1 13.8 14.3 16.1 18.0 19.0 18.5 18.9 19.0 19.5 19.0 5.9 1.6 6.9 21.1 24.3 22.5 23.7 28 1 30 4 30 7 30 5 30 5 30 0 27 5 1.7 — 1.6 4.5 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 4.0 6.4 .9 -2.4 4.0 5.0 .2 -.3 2.2 2.3 -3.4 -8.8 .8 Gorernment purchases o! 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 Federal 1.3 2.0 16.9 22.1 59.5 48.9 46.8 47.2 50.4 50.3 51.1 50.6 49.7 49.5 N O a th ti e o r nal security } 1.3 2.0 J { 1 3 3. . 8 2 1 3 8 . . 9 5 5 8 1 . . 4 5 4 6 3 . . 2 1 4 5 1 . . 9 3 4 5 2 . . 2 4 4 5 5 . . 2 7 4 5 5 . . 2 5 4 5 6 . . 2 3 4 5 5 . . 2 8 4 5 5 . . 0 0 4 5 4 . . 1 8 .0 .0 .3 .4 .4 .4 .4 .4 .4 .4 .4 4 4 State and local 7.2 6.0 7.8 19.9 24.9 27.7 30.3 33.0 36.0 35.3 35.8 36.1 37.3 38.0 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 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 t d m r i u i i n t e - c y - s - D i u n i tr s t d i i t e v u ri s e s b - - S in e tr r d i v e u i s s c - e G m 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 c P e a i o n e n ro m t t d o a - l e rs 3 ' i i n n d s p a t c o e e e n o n n r r d m d a e - l s s e t m T p f r e e a a n r y n - t - s s - 4 p b c e i s a u o r n o n f s t n s o c i o c u o t i r e n r a r n s i a l - - s l i a n g N t c u r o o i r c m n a u l - e l * - 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—May 343.2 238.3 102.4 63.4 33.0 39.5 7.8 51.1 31.2 21.6 6.8 327.5 345.1 240.1 103.3 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.S 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 Apr 343.1 233.2 94.7 63.4 34.3 40.8 7.7 51.4 31.8 25.7 6.7 326.0 Mayp 344.3 233.9 95.1 63.5 34.4 40.9 7.7 51.6 31.8 26.1 6.8 327.1 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 MEMBER BANK EARNINGS, 1957 EARNINGS OF ALL MEMBER BANKS, BY CLASSES [Amounts in thousands of dollars] Central reserve All member banksl n m a e t A m io ll b n e a r l m S e A t m a l t l b e er city member banks m Re e c s m i e ty b rv e e r C m e e u m n t t > r e y r Item banks banks New York Chicago banks bank.s 1954 195f 1956 195" Year 1957 Earnings 4 876 113 5 34? 589 6 078 173 6 770 958 4,269 757 2,501.201 1 136 311 273 671 7 663 914 7 697 113 Interest and dividends on securities: U S Govt 066 379 1 118 106 1 100 589 167 739 779 478 388 136 945 46 0?4 4?6 475 558 ?95 Other *?7? 808 ?95 606 307 846 339 451 224 808 114 643 46 744 15 130 P8 387 149 191 Interest and discount on loans. 2,662,168 3,021,843 3,662,480 4,136,112 2,622 784 1,513,328 714,184 169,640 1,6£0,581 1,591,707 Other charges on loans 49,079 61,362 62,685 71,803 44 710 27,093 13,124 2,231 33,001 23,447 Service charges on deposits. .. 252,266 274,024 310,165 354,187 243,158 111,029 25,485 2,374 146,725 179,602 Other charses fees etc 10? 484 109 755 PI 585 136 558 78 944 57 614 ?6 791 5 803 50 0?3 53 941 Trust department ?35 655 ?66 99? 309 105 340 ?34 129 390 210.844 114 6? 5 26 098 133 0?4 66 488 Other current earnings 185,274 194 902 203,719 224,875 146 485 78,390 58,413 6,321 85,698 74 443 ,998 ,765 176 679 898 4 77? 375 2,697 194 1,525 181 59? 468 136 311 1 666 730 1 877 366 Salaries officers 478 877 511 736 553 59? 380 384 736 207 644 66 17 077 199 871 309 ?08 Salaries and wages—others. . . 983,820 1,059 667 1,181,906 1284 885 779 512 505 373 227,073 47,561 531,417 478 835 Directors' fees, etc 25 541 27 189 29,161 30 856 20 686 10 170 1,926 302 5,448 23 181 Interest on time deposits 493 649 543 122 649,679 927 199 633 361 293 838 79,628 22,622 398,258 426 691 Interest on borrowed money. . 7 985 21 942 43 793 47 875 27 865 20 010 14,793 5,006 20,769 7 307 Taxes other than income 140 162 148 987 157 227 172 171 116 022 56 149 15,598 5,863 76,100 74 610 Recurring depreciation 75 626 86 837 102 854 117 071 79 062 38 009 11,199 1,201 39,686 64 985 Other current expenses 792 874 865 647 961 985 1049 938 655 950 393 988 176,028 36,679 394,682 442 549 Net current earnings before income taxes 1 877 578 7 077 463 7 398 77S 7 548 583 1,572 563 976 070 543.842 137.310 997.684 869 747 Recoveries, transfers from re- 551 971 212 508 225 807 169 938 91 162 78 776 21 153 15,832 72 524 60 429 On securities: Recoveries 11 709 18 317 1? 578 8 190 4 718 3 97? 531 1 351 554 3 753 Transfers from reserves 43 142 37 547 39 745 19 345 14266 079 1 302 5 407 7 251 5 386 Profits on securities 374 610 50 668 27 526 57 162 30 778 26 384 11 125 6 910 24 021 15 106 On loans: Recoveries ?7 353 ?0 741 14 309 14 037 9 400 4 637 533 199 10 985 Transfers from reserves 54 558 47 728 73 279 36 848 15 128 21 720 3 092 1 605 22 002 10 149 All other 40 599 37 508 58 370 34 357 17 37? 16 985 4 571 360 14 375 15 051 Losses, charge-offs, and transfers to reserves 479 263 613 959 879 830 655 063 392 304 262 759 123 198 59,785 220 780 251 300 On securities: Losses and charge-offs 58 549 195 493 276 573 206 908 118 870 88 038 55 514 16 951 53 082 81 360 Transfers to reserves .. 118 857 63 086 97 001 78 269 37 937 40 332 15591 6 233 40 679 15 767 On loans: Losses and charge-offs 17 771 17 843 851 15 675 11 651 4 0?4 15 150 338 14 171 Transfers to reserves 196 140 265,632 407 544 280 887 176 832 104 055 48 056 31 762 91 905 109 165 All other 87 946 71,904 76 86? 73 3?4 47 014 26 310 4 07? 4 689 33 776 30 837 Profits before income taxes 1 900 286 1 676 013 1 744 253 2 063 459 1,271 421 792 038 441 797 93 357 849 428 678 877 Taxes on net income 804 188 690 770 717 688 894 515 543 894 350 621 208 785 40 584 385 154 259 992 Federal 76? 686 655 361 677 706 848 679 521 373 327 306 189 321 40 584 368 979 749 795 State 41 50? 35 410 40 48? 45 836 22, 23 315 19 464 16 175 10 197 Net profits 1 096 099 985 247 1 026 565 1 168 944 111, 527 441 417 233 013 52 773 464 274 418 884 Cash dividends declared 456 145 500,941 546 931 603 767 363,104 240 663 151,656 23 841 242,293 185,976 On n referred stock 2 030 1730 1 592 1485 103 1 382 39 1, On common stock 454 116 499,211 545 339 602 282 363,001 239 281 151,617 23 841 242,065 184,759 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 936 7 719 3 185 7 099 1,588 511 690 19 834 557 On loans 34 68? 33, 589 35 443 43 673 29,390 14,?83 7 03? 1 766 16 561 18 313 Losses charged to reserves (not included in losses above): On securities 15 ?47 65 50? 9? 830 71 394 32,147 39,?47 19 9?8 915 41 359 9 19? On loans 74,746 75,669 108,536 100,611 62,561 38,051 17,620 2, 183 36,718 44,091 Loans 57 513 000 64 651 000 74 ?79 000 79 074 000 (3) (3) 16 071 000 3,766 000 31 9?6 000 77 310 000 U S Govt securities 54,485 J000 53 453 000 47 554 000 46,081,000 (3) (3) 5 565 000 1,954,000 16 863 000 71 701 000 Other securities 1? 844 000 13 876 000 13 000 13 579 000 1 778 000 573,000 4 884 000 6 344 000 Cash assets 774 000 36 047 000 36 974 000 37 435 000 (3) (3) 7 511 000 1,947 000 15 340 000 1? 636 000 Other assets 7 306 000 2 67,0000 7 883 000 3 450 000 (3) (3) 1 061.000 58 000 1 306 000 1 074 000 6? 000 170 646 000 175 061 000 179 568 000 (3) (3) 31 936 000 8,298 000 70 319 000 69 015 000 38 053 000 39 983 000 41 700 000 44 596 000 (3) n (3) 3 653 000 1,323 000 17 989 000 ?1 630 000 Total deoosits . ... 48 198,000 154 464,000 157 561 000 160 753 000 (3) ?7 155 000 7,394 000 63 ?68 000 62 936,000 Total capital accounts 11,724,000 12 499,000 13,270 000 14,108,000 2 986,000 667 000 5,198,000 5 256,000 "NJumber of officers 56 541 58 6?3 61 3?5 63 410 43, 510 19,900 4 334 1 064 18 881 39, 131 Number of employees 323,945 342, 181 363 639 378,317 238,400 139,917 53,980 11,985 152,073 160,279 Number of banks . .... 6,660 6,543 6,462 6,393 4,620 1,773 18 14 278 6,083 For notes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 711 EARNINGS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Earnings 340,388 1,710,073 359,221 546,540 306,594 362,601 981,635 227,170 183,837 282,848 349,841 1,120,210 Interest and dividends on securities: U. S. Govt 47,239 231,973 58,286 108,552 59,078 70,721 222,813 47,624 34,882 61,475 62,377 162,719 Other 14,020 81,110 19,741 30,983 13,412 18,732 53,626 12,716 9,898 15,394 18,285 51,533 Interest and discount on loans. . 204,725 1,070,638 224,932 324,776 186,025 214,118 566,822 139,550 108,702 164,902 218,915 712,006 Other charges on loans 1,498 19,213 2,325 4,520 2,457 4,286 1,227 1,733 1,44 2,517 21,775 Service charges on deposits. . . . 20,227 67,921 13,843 23,915 18,043 21,889 43,127 9,293 11,706 18,515 16,124 89,585 Other charges, fees, etc 9,012 36,519 4,962 8,089 7,987 8,909 18,805 4,215 7,290 4,474 5,389 20,906 Trust department 30,098 129,660 26,300 28,490 11,936 10,314 44,955 6,631 4,679 7,246 7,310 32,617 Other current earnings 13,569 73,039 8,832 17,214 7,655 13,632 22,678 5,914 4,946 9,400 18,925 29,070 Expenses 209,847 999,312 230,180 330,311 197,005 240,313 607,694 137,031 120,080 172,215 216,929 761,458 Salaries—officers 31,909 118,231 32,385 44,030 32,489 35,923 85,556 24,878 21,776 36,080 40,125 88,999 Salaries and wages—others. . . . 70,624 340,366 70,273 96,268 57,618 67,291 185,781 38,829 31,304 47,946 56,217 222,369 Directors' fees, etc 5,576 3,487 2,737 2,209 2,018 4,247 1,833 1,227 1,951 2,121 1,551 Interest on time deposits 28,'009 191,137 44,546 76,251 40,178 46,930 135,193 22,584 25,080 25,603 33,400 258,288 Interest on borrowed money... 2,381 16,868 3,264 2,812 1,749 2,280 7,916 1,004 1,854 2,035 1,420 4,295 Taxes other than income 8,336 29,055 9,134 20,781 8,387 11,786 26,074 6,554 3,839 5,335 17,795 25,096 Recurring depreciation 6,647 24,172 7,791 10,019 7,107 9,288 14,399 3,749 2,978 5,262 8,364 17,296 Other current expenses 60,041 273,908 59,301 77,413 47,269 64,797 148,529 37,601 32,023 48,004 57,487 143,565 Net current earnings before income taxes 130,542 710,761 129,041 216,229 109,589 122,289 373,941 90,140 63,757 110,633 132,912 358,751 Recoveries, transfers from reserves, and profits 8,037 42,924 6,150 14,277 6,687 8,860 35,453 5,218 3,968 8,130 7,751 22,484 On securities: Recoveries 490 272 494 409 163 2,200 154 268 659 34 1,240 Transfers from reserves 987 2,662 916 2,399 797 610 7,264 435 484 514 1,227 1,050 Profits on securities 1,489 14,394 1,404 3,186 2,598 3,595 17,365 2,694 579 2,538 1,465 5,856 On loans: Recoveries 576 2,884 845 737 410 723 804 446 1,232 1,870 2,504 1,006 Transfers from reserves 2,401 9,004 862 4,753 1,522 1,339 3,502 1,043 269 745 1,345 10,063 All other 2,095 12,171 1,851 2,709 951 2,430 4,318 446 1,136 1,805 1,177 3,269 Losses, charge-offs, and transfers to reserves 33,373 191,783 40,387 49,595 22,489 29,837 124,745 16,686 12,472 31,845 29,262 72,589 On securities: Losses and charge-offs 13,452 71,466 11,151 12,884 7,986 7,552 42,094 5,618 4,903 8,347 5,965 15,492 Transfers to reserves 2,874 27,018 2,984 14,453 1,727 1,440 12,480 2,411 720 1,149 789 10,224 On loans: Losses and charge-offs 475 898 524 1,183 697 926 1,081 784 1,118 2,366 4,461 1,163 Transfers to reserves 11,392 83,257 19,934 15,490 9,594 14,839 56,195 5,637 4,146 9,763 14,185 36,455 All other 5,180 9,145 5,795 5,586 2,485 5,081 12,895 2,237 1,585 10,219 3,862 9,255 Profits before income taxes 105,205 561,903 94,804 180,911 93,787 101,311 284,649 78,671 55,253 86,919 111,402 308,646 Taxes on net income 47,945 253,152 37,825 76,275 40,650 41,815 116,324 33,085 23,375 38,041 44,093 141,936 Federal 41,853 229,180 37,825 76,275 40,363 41,062 115,778 32,515 21,292 36,754 44,051 131,732 State 6,092 23,973 287 753 546 570 2,083 1,286 10,205 42 Net profits 57,261 308,751 56,979 104,635 53,137 59,496 168,324 45,586 31,878 48,878 166,709 67,309 Cash dividends declared 32,285 193,575 36,934 44,986 24,270 22,967 67,746 18,237 14,665 20,285 96,241 On preferred stock2 13 1,242 4 2 10 155 33 1 31,577 25 On common stock 32,272 192,333 36,930 '44,986 24,268 22,957 67,591 18,205 14,664 " 20,285 96,216 ' 3l',577 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 32 815 13 351 13 1 31 248 35 180 380 On loans 1,536 10,773 1,761 2,324 1,163 1,893 6,966 1,038 1,116 2,947 2,854 9,303 Losses charged to reserves (not included in losses above): On securities 1,883 29,615 2,919 16,521 1,314 307 5,602 1,784 111 539 15 10,783 On loans 6,475 28,011 5,502 5,704 2,483 6,870 10,530 2,974 2,208 5,620 7,003 17,232 Loans 3,838,000 22,359,000 4,185,000 6,348,000 3,307,000 3,699,00011,,1008,000 2,645,000 1,938,000 2,899,000 3,972,00012,826,000 U. S. Govt. Securities 1,819,000 9,262,000 2,317,000 4,263,000 2,372,000 2,705,000 8,947,0001,868,0001,311,000 2,409,0002,427,000 6,381,000 Other securities 626,000 3,194,000 787,000 1,194,000 555,000 765,000 2,270,000 506,000 396,000 671,000 654,000 1,961,000 Cash assets 1,623,000 9,731,0001,801,000 2,874,0001,830,000 2,227700,^00000 5,647,0001,480,000 945,000 2,011122,,0000002,614,000 4,606,000 Other assets ~ 158,000 1,312,000 168,000 197,000 136,000 166,000 292,000 77,000 63,000 90,000 239,000 549,000 Total assets 8,065,000 45,859,000 9,259,00014,875.000 8,199,000 9,605,000 28,165,000 6,576,000 4,653,000 8,082,000 9,906,000 26,324,000 Time deposits 1,416,000 8,801,000 2,509,000 4,364,0001,944,000 1,953,000 8,114,0001,346,000 ,293,0001,248,000 1,573,00010,036,000 Total deposits 7,119,000399,,880066,,1000 8,203,000133,,440055,,000000 7,,440055,,000000 8,,776611,,000000 2!55,,668811,,000000 5",,996677,,000000 4,,221188,,000000 "7,,334400,,000000 f9,,000022,,000000 '233,8,84444,,000000 Total capital accounts 731,000 4,018,000 869,000 1,244,000 645,000 681,000 1,962,000 517,000 330,000 626,000 774,000 1,711,000 Number of officers 3,431 9,958 3,960 4,656 3,882 4,031 8,262 3,137 2,732 4,542 4,677 10,142 Number of employees 23,067 89,204 21,935 28,707 19,227 23,122 53,910 13,357 10,679 15,830 18,115 61,164 Number of banks , 294 560 533 599 465 397 1,022 491 474 750 634 174 1 Includes figures for all banks that were members of the Federal Reserve 2 Includes interest on capital notes and debentures. System at the end of the year (including those becoming members during 3 Not available on the 13-month basis used for all member banks. See the year whose returns may cover operations for only part of the year); NOTE on following page. and in addition includes appropriate adjustments for member banks in For other note see following page. operation during part of the year but not at the end of the year. Data may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 MEMBER BANK EARNINGS, 1957 EARNINGS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Earnings 122,910 76,742 150,050 321,707 132,955 139,718 303,329 109,422 59,264 137,06' 169,427 941,324 Interest and dividends on securities: U. S. Govt 13,484 9,129 15,517 56,301 24,184 23,878 73,285 17,71 7,318 26,834 25,359 133,470 Other 3,289 4,221 6,516 19,03: 5,323 6,643 16,702 5,303 2,803 6,952 7,641 43,963 Interest and discount on loans. 74,379 50,970 98,037 192,085 78,488 85,941 173,588 71,614 38,398 83,615 109,769 603,698 Other charges on loans 660 1,051 1,237 3,051 1,050 1,827 2,616 604 697 673 1,775 17,763 Service charges on deposits 3,622 4,833 5,312 12,480 7,863 6,003 16,998 3,509 2,471 6,298 3,451 73,886 Other charges, fees, etc 5,405 1,410 2,339 4,808 4,307 3,388 5,016 2,020 1,902 1,243 2,325 15,860 Trust department 15,569 1,747 17,298 23,978 7,816 5,556 10,361 5,612 3,769 6,069 5,867 29,383 Other current earnings 6,502 3,382 3,794 9,972 3,923 6,482 4,763 3,044 1,906 5,384 13,241 23,303 Expenses 63,018 52,584 91,158 184,038 83,425 89,994 193,927 61,276 36,721 77,601 97,953 634,537 Salaries—officers 9,547 6,068 11,656 20,250 12,496 11,490 21,169 8,722 4,882 11,378 12,861 69,352 Salaries and wages—others 24,927 16,460 35,140 60,266 28,542 26,825 68,748 20,418 12,908 25,270 25,200 186,713 Directors' fees, etc 213 304 423 562 590 435 766 274 176 381 324 1,000 Interest on time deposits 3,302 12,953 6,944 39,785 13,266 15,880 40,452 8,140 4,815 10,602 18,048 224,072 Interest on borrowed money... 840 354 2,632 2,340 1,217 1,723 2,387 833 1,611 1,593 1,185 4,054 Taxes other than income 2,571 1,343 3,630 12,418 4,115 5,519 8,288 2,781 723 2,313 10,346 22,053 Recurring depreciation 1,713 1,356 2,447 4,599 2,544 2,669 4,312 1,224 529 2,083 3,661 12,550 Other current expenses 19,906 13,745 28,287 43,818 20,656 25,453 47,805 18,885 11,076 23,983 26,326 114,743 Net current earnings before income taxes 59,892 24,158 58,892 137,669 49,530 49,723 109,402 48,147 22,543 59,466 71,474 306,788 Recoveries, transfers from reserves, and profits 4,106 6,866 2,847 9,394 3,733 4,343 10,879 2,739 1,057 4,508 2,733 19,320 On securities: Recoveries 195 29 7 379 284 40 325 45 1 550 5 693 Transfers from reserves 438 12 711 1,795 644 319 893 272 170 436 523 1,038 Profits on securities 491 597 596 2,220 1,496 2,449 6,951 1,661 122 1,807 872 4,759 On loans: Recoveries 59 73 193 86 53 95 11 437 136 459 635 Transfers from reserves 1,735 2,678 373 3,611 754 1,089 530 565 51 363 407 9,848 All other 1,187 3,478 968 1,306 468 392 2,084 185 277 1,216 467 2,347 Losses, charge-offs, and transfers to reserves 11,781 12,221 20,752 29,985 10,302 10,273 27,864 6,986 2,224 17,961 8,414 62,018 On securities: Losses and charge-offs 5,079 798 2,946 6,221 3,119 2,170 9,897 2,150 1,117 4,890 2,792 11,903 Transfers to reserves 2,102 3,973 1,872 12,829 1,471 1,013 5,155 1,984 573 9,707 On loans: Losses and charge-offs 48 385 121 74 23 3 69 270 13 331 Transfers to reserves 2,853 6,899 12,143 7,489 4,260 5,595 9,017 1,964 731 4,527 4,536 31,891 All other 1,748 503 3,791 3,060 1,331 1,421 3,773 885 307 7,701 1,073 8,185 Profits before income taxes . 52,217 18,804 40,988 117,078 42,961 43,793 92,416 43,900 21,376 46,013 65,792 264,090 Taxes on net income. 26,554 7,154 17,350 51,113 19,860 19,445 39,359 20,728 9,891 23,532 27,666 122,502 Federal 22,898 6,237 17,350 51,113 19,860 19,090 38,934 20,296 8,854 22,814 27,666 113,868 State 3,656 917 425 432 1,037 8,634 355 719 Net profits 25,663 11,650 23,638 65,965 23,101 53,057 23,173 11,485 38,126 141,588 24,348 22,481 Cash dividends declared. 14,448 7,054 18,487 29,677 11,572 21,166 10,357 5,163 19,049 84,979 On preferred stock2 . . 183 10,158 40 10,184 5 On common stock. . . 'l4,448 6,871 ' 'l8*,487 ' 29',677 11,572 10,158 21,126 10,357 5,163 10,184 ' Y9,049 84,974 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 29 1 1 290 228 35 178 71 On loans 402 529 760 1,090 408 576 2,536 437 181 906 708 8,028 Losses charged to reserves (not included in losses above): On securities 1,703 4,122 1,747 16,014 1,270 300 4,233 1,657 522 9,790 On loans 2,115 1,253 2,793 2,927 780 2,481 3,327 910 454 2,846 1,998 14,834 Loans ,536,000 916,000 ,923,000 3,958,0001,527,0001,600,000 3,347,000 1,465,000 746,0001,639,0002,211,000 11,058,000 U. S. Govt. securities. 492,000 351,000 624,000 2,199,000 998,000 916,000 2,930,000 711,000 300,000 1,074,0001,026,000 5,244,000 Other securities 144,000 164,000 235,000 688,000 219,000 251,000 712,000 194,000 116,000 295,000 206,000 1,662,000 Cash assets 648,000 366,000 923,000 1,876,000 921,0001,011,000 1,856,000 833,000 417,000 1,163,0001,380,000 3,947,000 Other assets 66,000 38,000 80,000 117,000 66,000 60,000 105,000 38,000 21,000 51,000 162,000 503,000 Total assets. 2,885,000 1,835,000 3,785,000 8,837,000 3,730,000 3,838,000 8,949,000 3,240,0001,599,000 4,221,000 4,985,00022,414,000 Time deposits 209,000 547,000 384,000 2,137,000 630,000 623,000 2,778,000 443,000 227,000 516,000 837,000 8,659,000 Total deposits ,496,000 1,665,000 3,,229977,,000000 7",,990055,,000000 3,,336611,,000000 3,,446699,,000000 8,215,0002,,991155;,000000 1,412,000 3,814,000 4,479,000 20,241,000 Total capital accounts. 292,000 136,000 354,000 754,000 276,000 271,000 564,000 257,000 119,000 321,000 400,000 1,454,000 Number of officers 861 555 923 1,489 1,097 1,057 1,625 791 412 1,067 1,025 7,979 Number of employees. 7,610 4,776 10,093 16,307 8,847 8,843 19,052 6,671 3,891 7,703 7,385 50,895 Number of banks 10 23 23 20 67 20 40 26 24 * Not including central reserve city banks. with other banks (including reserves balances), and cash items in process NOTE.—The figures of assets, deposits, and capital accounts are aver- of collection. Total capital accounts are comprised of the aggregate ages of the amounts reported for the call dates at the beginning, middle, book value of capital stock, capital notes and debentures, surplus, unand end of each year, plus the last-Wednesday-of-the-month figures for divided profits, reserves for contingencies, and other capital reserves. the 10 intervening months. The number of officers, employees, and banks For other notes see preceding page. are as of the end of the year. Cash assets are comprised of cash, balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 713 EARNINGS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve district Item New Phila- Cleve- Rich- St. Minne- Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Earnings 217,479 497,021 209,171 224,833 173,639 222,884 404,686 117,748 124,573 145,781 180,415 178,885 Interest and dividends on securities: U. S. Govt 33,756 85,899 42,769 52,250 34,894 46,843 103,504 29,907 27,564 34,641 37,018 29,250 Other 10,731 30,146 13,225 11,952 8,089 12,090 21,794 7,413 7,095 8,442 10,644 7,570 Interest and discount on loans.. 130,346 305,484 126,896 132,692 107,537 128,177 223,595 67,936 70,304 81,286 109,146 108,309 Other charges on loans 838 5,038 1,088 1,469 1,407 2,459 3,962 623 1,036 772 742 4,012 Service charges on deposits 16,605 37,604 8,531 11,434 10,180 15,887 23,754 5,784 9,235 12,217 12,673 15,699 Other charges, fees, etc , 3,607 8,318 2,623 3,281 3,680 5,521 7,986 2,195 5,389 3,231 3,065 5,046 Trust department 14,529 13,288 9,002 4,512 4,120 4,758 8,497 1,019 909 1,177 1,443 3,234 Other current earnings 7,067 11,244 5,037 7,242 3,732 7,150 11,594 2,870 3,040 4,016 5,684 5,766 Expenses 146,829 354,260 139,022 146,273 113,581 150,318 277,456 75,755 83,359 94,614 118,976 126,922 Salaries—officers 22,363 45,939 20,729 23,781 19,993 24,433 47,310 16,156 16,894 24,702 27,264 19,646 Salaries and wages—others 45,697 96,833 35,134 36,001 29,076 40,466 69,472 18,411 18,396 22,677 31,017 35,656 Directors' fees, etc 1,687 3,346 3,064 2,175 1,619 1,582 3,179 1,559 1,051 1,570 1,797 551 Interest on time deposits 24,707 98,556 37,602 36,467 26,912 31,049 72,120 14,444 20,265 15,002 15,352 34,217 Interest on borrowed money 1,541 1,720 632 471 532 557 522 171 243 442 235 241 Taxes other than income 5,765 12,114 5,504 8,363 4,273 6,268 11,923 3,773 3,115 3,021 7,448 3,043 Recurring depreciation 4,934 11,618 5,344 5,420 4,563 6,619 8,886 2,525 2,449 3,179 4,702 4,746 Other current expenses 40,136 84,135 31,014 33,595 26,613 39,344 64,045 18,716 20,947 24,022 31,161 28,823 Net current earnings before income taxes 70,649 142,761 70,148 78,559 60,058 72,566 127,229 41,993 41,214 51,167 61,439 51,963 Recoveries, transfers from reserves, and profits 3,931 14,905 3,303 4,884 2,954 4,517 8,742 2,478 2,911 3,622 5,018 3,164 On securities: Recoveries 295 1,248 265 115 126 123 523 109 267 108 29 546 Transfers from reserves 549 1,348 205 604 153 291 964 163 314 78 704 12 Profits on securities 997 2,673 966 1,101 1,146 3,503 1,033 458 731 593 1,098 On loans: Recoveries 517 2,279 652 655 324 669 510 435 795 1,733 2,045 371 Transfers from reserves 666 3,234 489 1,142 768 250 1,367 478 218 383 938 215 All other 908 4,122 884 1,402 483 2,038 1,875 260 859 589 710 922 Losses, charge-offs, and transfers to reserves 21,592 56,364 19,636 19,610 12,187 19,564 37,095 9,701 10,249 13,883 20,847 10,572 On securities: Losses and charge-offs 8,372 15,153 8,205 6,663 4,867 5,382 15,245 3,468 3,786 3,456 3,173 3,590 Transfers to reserves 773 7,454 1,112 1,623 256 427 1,093 427 720 577 789 517 On loans: Losses and charge-offs 475 835 525 797 576 853 908 780 1,049 2,096 4,448 831 Transfers to reserves 8,540 28,301 7,791 8,001 5,334 9,244 15,415 3,673 3,415 5,236 9,648 4,565 All other 3,43f 4,620 2,003 1,154 3,660 4,434 1,353 1,278 2,519 2,789 1,069 2,526 Profits before income taxes 52,989 101,302 53,816 50,826 57,518 98,876 34,771 33,877 40,905 45,610 44,555 63,833 Taxes on net income 21,391 37,214 20,475 20,790 22,370 36,381 12,35 13,484 14,508 16,427 19,435 Federal 18,955 33,62f 20,475 25,163 20,503 21,973 36,260 12,219 12,438 13,941 16,385 17,863 State 2,436 3,59: 25,163 397 121 • 138 1,046 568 1,571 287 42 Net profits 31,598 64,088 33,341 38,670 35,148 62,495 22,413 20,393 26,397 25,121 30,036 29,184 Cash dividends declared 17,837 34,865 18,44' 15,308 12,809 22,739 7,880 9,502 10,100 11,263 On preferred stock2 13 1,020 4 12,698 10 11" 33 1 12,528 20 On common stock 17,824 33,845 18,443 15,308 12,799 22,624 7,84' 9,501 10,100 12,528 11,243 Memoranda items: 12,696 Recoveries credited to reserves (not included in recoveries above): On securities 124 61 1 20 2 309 On loans 1,134 3,211 1,001 1,235 755 1,317 2,665 601 935 2,041 2,146 1,275 Losses charged to reserves (not included in losses above): On securities 180 5,565 1,17: 508 45 453 127 111 1 15 993 On loans 4,360 9,138 2,708 2,777 1,703 4,389 5,020 2,064 1,75- 2,774 5,006 2,398 Loans 2,303,000 5,421,0002,262,000 2,390,0001,780,0002,099,000 3,895,0001,181,0001,192,0001,259,0001,760,000 1,768,000 U. S. Govt. securities 1,328,000 3,347,0001,693,000 2,063,0001,374,0001,789,000 4,064,000 ,157,0001,010,0001,336,0001,401,000 1,137,000 Other securities 482,000 1,252,000 553,000 506,000 336,000 514,000 986,000 312,000 280,000 376,000 448,000 300,000 Cash assets 975,000 1,854,000 878,000 998,000 909,0001,259,000 1,845,000 647,000 528,000 849,0001,234,000 659,000 Other assets 92,000 213,000 88,000 80,000 70,000 107,000 129,000 39,000 43,000 39,000 77,000 46,000 Total assets 5,180,00012,088,0005,474,000 6,038,000 4,469,0005,767,00010,918,0003,336,0003,053,0003,860,0004,921,000 3,910,000 Time deposits ,207,000 4,600,0002,125,000 2,227,0001,313,0001,330,000 4,012,000 904,0001,066,000 732,000 736,000 1,377,000 Total deposits 4,623,00010,,998877,,000000 4,906,000 5,550000,,000000 4'; 0,4044;40,000005,292,00010,073,0003,053,0002,806,0003,527,0004,523,000 3,604,000 Total capital accounts 439,000 897,000 515,000 490,000 369,000 410,000 730,000 260,000 211,000 305,000 374,000 256,000 Number of officers 2,570 5,069 3,03' 3,16 2,785 2,974 5,573 2,346 2,320 3,475 3,65: 2,163 Number of employees 15,45^ 30,448 11,842 12,400 10,380 14,279 22,873 6,686 6,788 8,127 10,730 10,269 Number of banks 532 526 576 442 377 941 47 465 710 608 150 For notes see preceding two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 MEMBER BANK EARNINGS, 1957 EARNINGS OF ALL MEMBER BANKS, BY SIZE OF BANK [Amounts in thousands of dollars] Size group—total deposits (in thousands of dollars) Item Total i Less than 2,000- 5,000- 10,000- 25,000- 50,000- 100,000- 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 Earnings 6,703,078 61,130 278,633 382,259 602,877 479,177 533,137 1,569,965 2,795,901 Interest and dividends on securities: U. S. Govt 1,158,727 15,067 67,903 87,969 132,339 101,127 103,705 269,482 381,135 Other 337,202 2,983 17,110 24,568 34,891 26,687 27,892 71,872 131,199 Interest and discount on loans 4,112,474 36,802 164,422 223,419 345,336 275,614 314,580 950,071 1,802,231 Other charges on loans 70,907 186 1,039 2,404 5,559 3,979 4,907 15,624 37,210 Service charges on deposits 350,962 3,201 16,265 26,170 45,055 34,686 34,014 80,485 111,087 Other charges, fees, etc 135,580 1,844 6,113 7,907 13,046 8.793 9,805 29,233 58,839 Trust department 315,013 47 567 2,378 10,987 13,271 20,182 94,708 172,873 Other current earnings 222,213 1,000 5,214 7,445 15,665 15,020 18,053 58,489 101,327 Expenses 4,177,000 41,730 189,722 260,750 415,127 329,770 355,805 994,607 1,589,489 Salaries—officers 585,289 13,902 48,356 52,712 68,680 49,099 49,799 128,515 174,227 Salaries and wages—others 1,269,231 6,201 36,490 58,714 107,573 91,548 105,499 322,263 540,945 Directors' fees, etc 30,556 1,227 5,146 5,068 5,404 2,959 2,460 4,669 3,624 Interest on time deposits 921,168 7,943 43,637 64,611 100,328 77,060 75,162 185,460 366,967 Interest on borrowed money 47,775 69 379 506 1,064 1,541 2,256 12,629 29,330 Taxes other than income 171,082 2,002 7,958 10,898 15,995 13,306 14,981 43,831 62,112 " Recurring depreciation 115,878 1,266 6,689 9,887 15,32: 11,517 11,664 27,562 31,966 Other current expenses 1,036,021 9,122 41,067 58,354 100,756 82,740 93,984 269,679 380,319 Net current earnings before income taxes 2,526,078 19,400 88,912 121,508 187,750 149,406 177,332 575,358 1,206,412 Recoveries, transfers from reserves, and profits 168,493 1,533 5,737 7,465 10,850 8,963 13,975 48,070 71,901 On securities: Recoveries 8,155 39 255 591 778 360 1,149 2,235 2,744 Transfers from reserves 19,345 6 132 399 692 998 1,959 5,918 9,244 Profits on securities , 56,880 130 833 1,293 3,074 2,818 3,905 16,826 28,001 On loans: Recoveries , 13,713 1,084 2,799 2,347 1,494 626 603 3,223 1,536 Transfers from reserves 36,833 29 552 1,048 2,090 1,289 3,018 8,531 20,277 All other 33,568 245 1,166 1,787 2,7; 2,872 3,340 11,338 10,098 charge-offs, and transfers to reserves 651,149 4,303 21,966 35,968 53,686 44,492 54,928 142,616 293,190 On securities: Losses and charge-offs , 205,537 712 6,205 12,127 19,295 16,752 17,027 40,399 93,020 Transfers to reserves 78,225 31 454 1,594 2,310 1,616 4,830 18,318 49,073 On loans: Losses and charge-offs 15,148 1,770 4,440 3,917 2,060 802 542 1,194 422 Transfers to reserves 280,026 1,312 7,303 13,799 22,368 19,856 25,226 61,810 128,353 All other , 72,213 478 3,564 4,531 7,654 5,467 7,303 20,895 22,322 Profits before income taxes . 2,043,423 16,630 72,683 93,005 144,914 113,877 136,378 480,812 985,122 Taxes on net income. . . 884,812 4,584 21,458 31,301 53,785 46,790 58,482 219,187 Federal 839,817 4,403 20,664 30,267 51,937 45,441 56,359 211,050 449,225 State 44,995 181 795 1,034 1,848 1,349 2,123 8,138 419,696 Net profits 1,158,610 12,047 51,225 61,704 91,129 67,087 77,896 261,625 29,528 Cash dividends declared. 597,915 4,713 19,644 25,411 36,855 29,598 35,823 128,554 535,897 On preferred stock2 . . 1,483 25 26 120 53 170 1,087 On common stock. . . 596,433 4,712 19,619 25,385 36,735 29,545 35,653 127,467 317,317 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 2,099 3 6 106 2 172 1,128 683 On loans 43,421 372 2,070 3,472 4,087 2,766 3,559 7,238 19,857 Losses charged to reserves (not included in losses above): On securities 71,394 14 79 467 1,270 699 3,499 13,328 52,037 On loans 100,212 918 4,108 6,787 8,770 7,798 8,615 22,619 40,597 Loans 80,914,156 590,351 2,780,367 3,823,501 6,128,570 5,073,085 5,898,04018,535,17138,085,071 U. S. Govt. securities. 46,965,022 574,468 2,595,340 3,382,501 5,163,659 4,070,153 4,183,79710,817,63416,177,470 Other securities 14,289,507 131,719 780,616 1,140,054 1,642,689 1,233,394 1,241,967 3,028,557 5,090,511 Cash assets 42,673,156 365,157 1,602,889 2,099,035 3,227,648 2,636,034 3,182,81510,638,12518,921,453 Other assets 3,715,501 14,138 84,733 129,620 250,661 214,404 238,355 749,924 2,033,666 Total assets. 188,557,342 1,675,833 7,843,945 10,574,711 16,413,227 13,227,070 14,744,974 43,769,41180,308,171 Time deposits 46,450,835 455,848 2,460,830 3,540,456 5,552,019 4,136,753 3,923,573 9,334,931 17,046,425 Total deposits 170,440,955 1,496,468 7,124,174 9,676,914 15,062,910 12,186,197 13,544,032 400,007,34271,342,918 Total capital accounts. 14,493,944 172,695 686,732 834,078 1,197,339 898,085 1,012,451 3,126,781 6.565,783 Number of officers 63,129 3,042 8,124 7,352 8,121 5,129 4,905 11,607 14,849 Number of employees. 376,077 3,025 14,369 20,805 36,451 30,122 34,372 97,498 139,435 Number of banks 6,365 1,093 2,138 1,371 985 355 195 183 45 1 Totals are for banks operating during the entire year, except three NOTE.—The figures for assets, deposits, capital accounts, number of trust companies having no deposits. officers and employees, and number of banks are as of the end of the 2 Includes interest on capital notes and debentures. year. See note on second preceding page regarding the composition of cash assets and total capital accounts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 715 EARNINGS RATIOS OF ALL MEMBER BANKS, BY CLASSES [Computed from aggregate dollar amounts; ratios expressed as percentages] Central reserve All member banks city b m an e k m s ber Re c s i e ty rve Country member New Chicago m b e a m nk b s er banks York 1954 1955 1956 1957 Year 1957 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes , 15.6 16.6 18.1 18.1 18.2 20.6 19.2 16.5 Profits before income taxes 16.2 13.4 13.1 14.6 14.8 14.0 16.3 12.9 Net profits 9.3 7.9 7.7 8.3 7.8 7.9 8.9 8.0 Cash dividends declared 3.9 4.0 4.1 4.3 5.1 3.6 4.7 3.5 Percentage of total assets: Total earnings 2.96 3.13 3.47 3.77 3.56 3.30 3.79 3.91 Net current earnings before income taxes 1.12 1.22 1.37 1.42 1.70 1.65 1.42 1.26 Net profits .67 .58 .59 .65 .73 .64 .66 .61 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 22.1 20.9 18.1 17.3 12.1 16.8 16.0 20.7 Other securities 5.7 5.6 5.1 5.0 4.1 5.5 4.8 5.5 Earnings on loans 56.2 57.7 61.3 62.1 64.0 62.8 63.6 59.9 Service charges on deposit accounts 5.2 5.1 5.1 5.2 2.2 .9 5.5 6.7 Other current earnings 10.8 10.7 10.4 10.4 17.6 14.0 10.1 7.2 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.3 29.4 28.5 27.7 25.8 23.6 27.4 29.3 Interest on time deposits 10.2 10.2 10.7 13.7 7.0 8.3 15.0 15.8 Other current expenses 21.6 21.5 21.3 21.0 19.3 17.9 20.1 22.7 Total expenses 62.1 61.1 60.5 62.4 52.1 49.8 62.5 67.8 Net current earnings before income taxes 37.9 38.9 39.5 37.6 47.9 50.2 37.5 32.2 Net losses including transfers (or recoveries and profits+) + 1.5 7.5 10.8 7.1 9.0 16.1 5.6 7.1 Taxes on net income 16.7 13.0 11.8 13.2 18.4 14.8 14.5 9.6 Net profits 22.7 18.4 16.9 17.3 20.5 19.3 17.4 15.5 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 1.96 2.09 2.31 2.53 2.53 2.57 Interest and dividends on other securities 2.12 2.13 2.29 2.50 2.63 2.35 Net losses (or recoveries and profits+)l + .47 .28 .53 .35 .31 .25 Return on loans: Earnings on loans 4.71 4.77 5.02 5.32 4.54 5.30 5.91 Net losses 1 .05 .06 .11 .07 .06 .06 .11 Distribution of assets: Percentage of total assets: U. S. Govt. securities 33.4 31.3 27.2 25.7 17.4 24.0 31.4 Other securities 7.9 8.1 7.7 7.6 5.6 6.9 9.2 Loans 35.3 37.9 42.4 44.0 50.2 45.4 39.6 Cash assets 22.0 21.1 21.1 20.8 23.5 21.8 18.3 Other assets 1.4 1.6 1.6 1.9 3.3 1.9 1.5 Other ratios: Total capital accounts to: Total assets 7.2 7.3 7.6 7.9 9.3 8.0 7.4 7.6 Total assets less U. S. Govt. securities and cash assets 16.1 15.4 14.6 14.7 15.8 15.2 13.6 15.2 Total deposits 7.9 8.1 8.4 8.8 11.0 9.0 8.2 8.4 Time to total deposits 25.7 25.9 26.1 27.7 13.5 17.9 28.4 34.4 Interest on time deposits to time deposits 1.30 1.36 1.58 2.08 2.18 1.71 2.21 1.97 Number of banks 6,660 6,543 6,462 6,393 18 14 278 6,083 1 Net losses is the excess of (a) actual losses charged against net profits on aggregates presented here, the experience of those banks in each group plus losses charged against valuation reserves over (b) actual recoveries whose figures are largest have a much greater influence than that of the and profits credited to net profits plus recoveries credited to valuation many banks with smaller figures. (For example, the 110 largest member reserves; net recoveries and profits is the reverse. Transfers to and banks have total earnings which, combined, are larger than those of all from valuation reserves are excluded. the other member banks, numbering about 6,280.) Ratios based on NOTE.—The ratios in this and the following three tables were computed aggregates show combined results for the banking system.as a whole, from the dollar aggregates shown in preceding tables. Many of these and, broadly speaking, are the more significant for purposes of general ratios vary substantially from the average of individual bank ratios, analyses of credit and monetary problems, while averages of individual which are shown on pp. 720-722 of this BULLETIN, in which each bank's ratios are useful primarily to those interested in studying the financial figures—regardless of size or amount—are weighted equally and in general results of operations of individual banks. have an equally important influence on the result. In the ratios based Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 MEMBER BANK EARNINGS, 1957 EARNINGS RATIOS OF ALL MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l i l - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 17.9 17.7 14.8 17.4 17.0 18.0 19.1 17.4 19.3 17.7 17.2 21.0 Profits before income taxes. . 14.4 14.0 10.9 14.5 14.5 14.9 14.5 15.2 16.7 13.9 14.4 18.0 Net profits 7.8 7.7 6.6 8.4 8.2 8.7 8.6 8.8 10.0 7.8 8.7 9.7 Cash dividends declared 4.4 4.8 4.3 3.6 3.8 3.4 3.5 3.5 4.4 3.2 4.1 5.6 Percentage of total assets: Total earnings 4.22 3.73 3.88 3.67 3.74 3.78 3.49 3.45 3 95 3.50 3.53 4.26 Net current earnings before income taxes. 1.62 1.55 1.39 1.45 1.34 1.27 1.33 1.37 1.37 1.37 1.34 1.36 Net profits .71 .67 .62 .70 .65 .62 .60 .69 .69 .60 .68 .63 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 13.9 13.6 16.2 19.9 19.3 19.5 22.7 21.0 19.0 21.7 17.8 14.5 Earnings on loans 60.6 63.7 63.3 60.2 61.5 60.2 58.6 62.0 60.0 58.8 63.3 65.5 Service charges on deposit accounts 5.9 4.0 3.9 4.4 5.9 6.0 4.4 4.0 6.4 6.5 4.6 8.0 Other current earnings 15.5 14.0 11.2 9.8 9.0 9.1 8.8 7.4 9.2 7.5 9.1 7.4 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.1 26.8 28.6 25.6 29.4 28.5 27.6 28.1 28.9 29.7 27.5 27.8 Interest on time deposits 8.2 11.2 12.4 14.0 13.1 12.9 13.8 9.9 13.6 9.1 9.6 23.1 Other current expenses. 23.3 20.4 23.1 20.8 21.8 24.9 20.5 22.3 22.8 22.1 24.9 17.1 Total expenses . 61.6 58.4 64.1 60.4 64.3 66.3 61.9 60.3 65.3 60.9 62.0 68.0 Net current earnings before income taxes 38.4 41.6 35.9 39.6 35.7 33.7 38.1 39.7 34.7 39.1 38.0 32.0 Net losses including transfers . . 7.5 8.7 9.5 6.5 5.1 5.8 9.1 5.0 4.7 8.4 6.1 4.5 Taxes on net income 14.1 14.8 10.5 14.0 13.3 11.5 11.9 14.6 12.7 13.4 12.7 12.6 Net profits 16.8 18.1 15.9 19.1 17.3 16.4 17.1 20.1 17.3 17.3 19.2 14.9 Rates of return on securities and loans: Return on securities: Interest on U. S Govt. securities.. . 2.60 2.50 2.52 2.55 2.49 2.61 2.49 2.55 2.66 2.55 2.57 2.55 Interest and dividends on other securities. 2.24 2.54 2.51 2.59 2.42 2.45 2.36 2.51 2.50 2.29 2.80 2.63 Net losses * .54 .67 .40 .46 .21 .12 .25 .18 .24 .18 .14 .23 Return on loans: Earnings on loans 5.37 .487 5.43 5.19 5.70 5.90 5.23 5.32 5.70 5.74 5.57 5.72 Net losses* .13 .07 .08 .06 .05 .14 .03 .09 .05 .11 .15 .06 Distribution of assets: Percentage of total assets: U. S. Govt securities 22.5 20.2 25.0 28.7 28.9 28.2 31.8 28.4 28.2 29.8 24.5 24.2 Other securities . . 7.8 7.0 8.5 8.0 6.8 8.0 8.1 7.7 8.5 8.3 6.6 7.5 Loans 47.6 48.8 45.2 42.7 40.3 38.5 39.1 40.2 41.7 35.9 40.1 48.7 Cash assets 20.1 21.2 19.5 19.3 22.3 23.6 20.0 22.5 20.3 24.9 26.4 17.5 Other assets 2.0 2.8 1.8 1.3 1.7 1.7 1.0 1.2 1.3 1.1 2.4 2.1 Other ratios: Total capital accounts to: Total assets 9.1 8.8 9.4 8.4 7.9 7.1 7.0 7.9 7 1 7.7 7.8 6.5 Total assets less U. S. Govt. securities and cash assets 15.8 15.0 16.9 16.1 16.1 14.7 14.5 16.0 13.8 17.1 15.9 11.2 Total deposits .. . .... 10.3 10.1 10.6 9.3 8.7 7.8 7.6 8.7 7.8 8.5 8.6 7.2 Time to total deposits 19.9 22.1 30.6 32.6 26.3 22.3 31.6 22.6 30.7 17.0 17.5 42.1 Interest on time deposits to time deposits. .. 1.98 2.17 1.78 1.75 2.07 2.40 1.67 1.68 1.94 2.05 2.12 2.57 Number of banks . • 294 560 533 599 465 397 1,022 491 474 750 634 174 i Net losses is the excess of (a) actual losses charged against net profits reserves; net recoveries is the reverse, Transfers to and from valuation plus losses charged against valuation reserves over (b) actual recoveries reserves are excluded. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK EARNINGS, 1957 717 EARNINGS RATIOS OF RESERVE CITY MEMBER BANKS,* BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e i l l i - a a - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 20.5 17.8 16.6 18.3 17.9 18.3 19.4 18.7 18.9 18.5 17.9 21A 17.9 13.8 11.6 15.5 15.6 16.2 16.4 17.1 18.0 14.3 16.4 18.2 Net profits 8.8 8.6 6.7 8.7 8.4 9.0 9.4 9.0 9.7 7.0 9.5 9.7 Cash dividends declared 4.9 5.2 5.2 3.9 4.2 3.7 3.8 4.0 4.3 3.2 4.8 5.8 Percentage of total assets: 4.26 4.18 3.96 3.64 3.56 3.64 3.39 3.38 3.71 3.25 3.40 4.20 Net current earnings before income taxes. 2.08 1.32 1.56 1.56 1.33 1.30 1.22 1.49 1.41 1.41 1.43 1.37 Net profits .89 .63 .62 .62 .63 .59 .76 .63 .75 .72 .72 .53 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 11.0 11.9 10.4 17.5 18.2 17.1 24.2 16.2 12.3 19.6 15.0 14.2 2.7 5.5 4.3 5.9 4.0 4.8 5.5 4.8 4.7 5.1 4.5 4.7 Earnings on loans 61.1 67.8 66.2 60.7 59.8 62.8 58.1 66.0 66.0 61.5 65.8 66.0 Service charges on deposit accounts 2.9 6.3 3.5 3.9 5.9 4.3 5.6 3.2 4.2 4.6 2.0 7.8 Other current earnings. 22.3 8.5 15.6 12.0 12.1 11.0 6.6 9.8 12.8 9.2 12.7 7.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 28.1 29.3 31.2 25.0 30.9 27.4 29.6 26.6 30.0 26.7 22.5 27.2 Interest on time deposits . .. 2.7 16.9 4.6 12.4 10.0 11.4 13.3 7.5 8.1 7.7 10.6 23.8 Other current expenses 20.5 24.9 19.8 21.9 25.6 21.0 21.9 16.4 22.3 23.8 22.2 24.7 Total expenses 51.3 62.8 61.9 60.7 57.2 64.4 63.9 56.0 67.4 68.5 56.6 57.8 Net current earnings before income taxes 48 7 37.2 38.1 39.3 42.8 35.6 36.1 44.0 32.6 31 5 43.4 42.2 Net losses including transfers . .. 6.2 7.0 11.9 6.4 4.9 4.3 5.6 3.9 2.0 9.8 3.4 4.6 Taxes on net income , 21.6 9.3 11.6 15.9 14.9 13.9 13.0 18.9 16.7 17.2 16.3 13.0 Net profits 20.9 15.2 15.8 20.5 17.4 17.4 17.5 21.2 19.4 16.4 22.5 15.0 Rates of return on securities and loans: Return on securities: Interest on U. S. Govt. securities 2 74 2.60 2.49 2.56 2.42 2.61 2.50 2.49 2.44 2.50 2.47 2.55 Interest and dividends on other securities. 2.28 2.57 2.77 2.77 2.43 2.65 2.35 2.73 2.42 2.36 3.71 2.65 Net losses (or recoveries and profits+)1 2. .95 .83 .48 .67 .21 + .0 .19 .21 .24 .22 .14 .23 Return on loans: Earnings on loans 4.89 5.68 5.16 4.93 5.21 5.49 5.26 4.93 5.24 5.14 5.04 5.62 Net losses (or recoveries +)1 .11 .08 .10 .05 .03 .12 .02 .03 + .01 .13 .04 .06 Distribution of assets: Percentage of total assets: U. S.'Govt. securities 17.0 19.1 16.5 24.9 26.8 23.9 32.7 21.9 18.8 25.4 20.6 23.4 Other securities 5.0 8.9 6.2 7.8 5.9 6.5 8.0 6.0 7.2 7.0 4.1 7.4 L C o a a sh n s assets . . 2523..52 4 2 9 0 . . 9 0 2 5 4 0 . . 4 8 4 2 4 1 . . 8 2 4 2 0 4 . . 9 7 4216..73 2 3 0 7 . . 7 4 4255..72 4 26 6 . . 1 6 2 3 7 8 . . 6 8 4 2 4 7 . . 4 7 4 1 9 7 . . 3 6 Other assets 2.3 2.1 2.1 1.3 1.7 1.6 1.2 1.2 1.3 1.2 3.2 2.3 Other ratios: Total capital accounts to: Total assets 10.1 7.4 9.4 8.5 7.4 7.1 6.3 7.9 7.4 7.6 8.0 6.5 Total assets less U. S. Govt. securities and cash assets 16 7 12 2 15.8 15.8 15.2 14.2 13.5 15.2 13.5 16.2 15.5 11.0 11.7 8.2 10.7 9.5 8.2 7.8 6.9 8.8 8.4 8.4 8.9 7.2 Time to total deposits 8.4 32.9 11.6 27.0 18.7 18.0 33.8 15.2 16.1 13.5 18.7 42.8 Interest on time deposits to time deposits... 1.58 2.37 1.81 1.86 2.11 2.55 1.46 1.84 2.12 2.05 2.16 2.59 Number of banks .... • . . 9 10 7 23 23 20 67 20 9 40 26 24 * Not including central reserve city banks. reserves; net recoveries and profits is the reverse. Transfers to and from 1 Net losses is the excess of (a) actual losses charged against net profits valuation reserves are excluded. plus losses charged against valuation reserves over (b) actual recoveries 2 Ratios of less than .005 are shown as .0. and profits credited to net profits plus recoveries credited to valuation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 MEMBER BANK EARNINGS, 1957 EARNINGS RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICTS [Computed from aggregate dollar amounts; ratios expressed as percentages] Federal Reserve district Item Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 16.1 15.9 13.6 16.0 16.3 17.7 17.4 16.2 19.5 16.8 16.4 20.3 Profits before income taxes 12 1 11.3 10 4 13.0 13.8 14.0 13.5 13.4 16.1 13.4 12.2 17.4 Net profits 7.2 7.1 6.5 7.9 8.1 8.6 8.6 8.6 9.7 8.7 7.8 9.8 Cash dividends declared 4.1 3.9 3.6 3.1 3.4 3.1 3.1 3.0 4.5 3.3 3.3 4.4 Percentage of total assets : Total earnings 4.20 4.11 3.82 3.72 3.89 3.86 3.71 3.53 4.08 3.78 3.67 4.58 Net current earnings before income taxes. 1.36 1.18 1.28 1.30 1.34 1.26 1.17 1.26 1.35 1.33 1.25 1.33 Net profits .61 .53 .61 .64 .67 .61 .57 .67 .67 .68 .59 .64 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 15.5 17.3 20.4 23.2 20.1 21.0 25.6 25.4 22.1 23.8 20.5 16.3 Earnings on loans 60.3 62.5 61.2 59.7 62.7 58.6 56.2 58.2 57.3 56.3 60.9 62.8 Service charges on deposit accounts 7.7 7.6 4.1 5.1 5.9 7.2 7.0 8.8 Other current earnings 11.6 6.6 8.0 6.7 6.6 7.8 6.9 5.2 7.5 5.7 5.7 7.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.3 28.7 26.7 26.6 28.3 29.1 28.9 29.3 28.3 32.5 32.3 31.0 Interest on time deposits 11.4 19.8 18.0 16.2 15.5 13.9 17.8 12.3 16.3 10.3 8.5 19.1 Other current expenses 24.8 22.8 21.8 22.3 21.6 24.4 21.9 22.7 22.3 22.1 25.1 20.9 Total expenses 67.5 71.3 66.5 65.1 65.4 67.4 68.6 64.3 66.9 64.9 65.9 71.0 Net current earnings before income taxes 32.5 28.7 33.5 34.9 34.6 32.6 31.4 35.7 33.1 35.1 34.1 29.0 Net losses including transfers 8.1 8.3 7.8 6.5 5.3 6.8 7.0 6.2 5.9 7.0 8.8 4.1 Taxes on net income 9 9 7 5 9 8 11.2 12.0 10.0 9.0 10.5 10 8 10.0 9 1 10.9 Net profits 14.5 12.9 15.9 17.2 17.3 15.8 15.4 19.0 16.4 18.1 16.2 14.0 Rates of return on securities and loans: Return on securities: Interest on U S Govt securities 2.54 2.57 2.53 2.53 2.54 2.62 2.55 2.58 2.73 2.59 2.64 2.57 Interest and dividends on other securities. 2.23 2.41 2.39 2.36 2.41 2.35 2.21 2.38 2.53 2.25 2.38 2.52 Net losses 1 .40 .36 .37 .23 .21 .18 ,23 .17 .25 .15 .14 .IS Return on loans: Earnings on loans 5.70 5.73 5.66 5.61 6.12 6.22 5.84 5.81 5.98 6.52 6.24 6.35 Net losses1 .14 .08 .07 .07 .07 .16 .07 .15 .09 .09 .30 .09 Distribution of assets: Percentage of total assets: U S. Govt. securities 25.6 27.7 30.9 34.2 30.8 31.0 37.2 34.7 33.1 34.6 28.5 29.1 Other securities 9.3 10.4 10.1 8.4 7.5 8.9 9.0 9.3 9.2 9.8 9.1* 7.7 Loans 44.5 44.8 41.3 39.6 39.8 36.4 35.7 35.4 39.0 32.6 35.8 45.2 Cash assets 18.8 15.3 16.1 16.5 20.3 21.8 16.9 19.4 17.3 22.0 25.1 16.8 Other assets 1.8 1.8 1.6 1.3 1.6 1.9 1.2 1.2 1.4 1.0 1.5 1.2 Other ratios: Total capital accounts to: Total assets 8.5 7.4 9.4 8.1 8.3 7.1 6.7 7.8 6.9 7.9 7.6 6.5 Total assets less U. S. Govt. securities and cash assets . . .. 15 3 13 0 17 7 16 5 16.9 15.1 14.6 17.0 13.9 18 2 16.4 12.1 Total deposits 9.5 8.2 10.5 8.9 9.1 7.7 7.2 8.5 7.5 8.6 8.3 7.1 Time to total deposits . . . 26.1 41.9 43.3 40.5 32.5 25.1 39.8 29.6 38.0 20.8 16.3 38.2 Interest on time deposits to time deposits. .. 2.05 2.14 1.77 1.64 2.05 2.33 1.80 1.60 1.90 2.05 2.09 2.48 Number of banks 285 532 526 576 442 377 941 471 465 710 608 150 1 Net losses is the excess of (a) actual losses charged against net profits and profits credited to net profits plus recoveries credited to valuation plus losses charged against valuation reserves over (b) actual recoveries reserves. Transfers to and from valuation reserves are excluded. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK EARNINGS, 1957 719 EARNINGS OF INSURED COMMERCIAL BANKS IN THE UNITED STATES AND POSSESSIONS, 1954-57 [Amounts in thousands of dollars] All insured commercial banks * Banks not members of Federal Reserve System Item 1954 1955 1956 1957 1954 1955 1956 1957 Earnings 5,773,787 6,377,705 7,231,921 8,050,416 948,458 1,035,960 1,154,684 1,280,472 Interest and dividends on securities:. ... U. S Govt 1 272 731 1 333 690 1 342 842 1 442 379 206 658 215 895 242 577 274 952 Other 324,823 351,041 370,045 412,497 52 083 55 504 62 275 73 124 Interest and discount on loans 3,205,894 3,625,528 4,339,866 4,879,676 544,082 604,089 677,862 744,120 Other charges on loans 57,550 71,048 73,562 83,815 8,474 9,690 10,888 12,017 Service charges on deposits 311,806 339,975 385,927 440,892 59,540 65 951 75 762 86 705 Other charges, fees, etc 144,140 155,004 168,497 186,815 41,664 45,260 46,923 50,265 Trust department. . 246,223 281,841 322,117 354,520 10 603 14 886 13 043 14 329 Other current earnings 210,621 219,579 229,068 249,828 25,355 24,685 25,356 24,965 Expenses ,638,087 ,960,173 4,457,198 5,119,182 640,177 695,736 778,055 897,652 Salaries—officers . 622,862 666,152 720,866 773,769 144,077 154,506 167,671 181,498 Salaries and wages—others . . . 1,139,013 1,229,756 1,372,262 1,493,778 155 260 170 161 190 430 208 973 Directors' fees, etc 37,197 39,563 42,614 45,396 11,662 12,380 13,459 14,546 Interest on time deposits 618 341 678 237 805,857 1,141,715 125 056 135 533 156 635 215 034 Interest on borrowed money. . 8,556 23,093 45,392 49,538 571 1 151 1 599 1 663 Taxes other than income 166,452 176,840 187,526 205,903 26,306 27,872 30,318 33,751 Recurring depreciation.. 94 720 108 306 128,085 146,262 19 099 21 473 25 238 29 202 Other current expenses 950,945 1,038,228 1,154,600 1,262,823 158,146 172,661 192,710 212,987 Net current earnings before income taxes 2,135,700 2,417,533 2,774,724 2,931,235 308,281 340,225 376,630 382,821 Recoveries, transfers from reserves, and profits. . . 631,496 239,598 250,171 198,413 79,533 27,094 24,365 28,480 On securities: Recoveries .... 14 912 20 586 14 090 9 295 3 703 2 270 1 512 1 105 Transfers from reserves 60,555 39,930 41,001 20,751 17 413 2 383 1 256 1 406 Profits on securities 416,520 57,085 31,151 64,368 41,915 6,418 3 625 7,207 On loans: Recoveries 34,014 27,379 20,762 21,183 6,664 6,640 6 453 7,149 Transfers from reserves 57.965 50,899 77,606 39,757 3.407 3,171 4,327 2.909 All other 47,530 43 722 65,563 43 063 6 931 6 214 7 193 8 707 Losses, charge-offs, and transfers to reserves 552,606 707,155 993,534 757,432 73,346 93,200 113,710 102,380 On securities: Losses and charge-offs 66 670 221 232 317,381 237 480 8 122 25 741 40 810 30 579 Transfers to reserves 126,173 67,276 101,830 84,996 7 316 4 190 4 829 6 727 On loans: Losses and charge-offs .... 29,269 28,159 32,018 25,636 11 498 10 316 10 167 9 962 Transfers to reserves 222,998 303,600 452,940 321,870 26,858 37,968 45,396 40,983 All other 107 497 86 886 89 369 87 452 19 553 14 984 12 511 14 131 Profits before income taxes 2,214,591 1,949,976 2,031,360 2,372,217 314,469 274,118 287,283 308,921 Taxes on net income 907,560 793,737 814,636 998,397 103,378 102,974 96,952 103,886 Federal 862 065 753 883 769,843 947,998 99 385 98 528 92 641 99 323 State 45,495 39,855 44,793 50,401 3 993 4,446 4 311 4,565 Net profits 1,307,032 1,156,240 1,216,725 1,373,821 211,091 171,146 190,332 205,036 Cash dividends declared 516,977 566,124 616,890 678,101 60,862 65,214 69,979 74,354 On preferred stock2 2,912 2,581 2,389 2,234 882 851 797 749 On common stock 514,066 563,543 614,501 675,867 59 980 64,363 69 182 73,605 Memoranda items: Recoveries credited to reserves (not included in recoveries above): On securities 3,154 3,146 3,332 2,646 218 427 147 547 On loans.... 40 384 39 794 42 717 50 824 5 702 6 205 7 274 7 151 Losses charged to reserves (not included in losses above): On securities . 15 841 68 140 95 505 74 529 594 2 638 2 675 3 135 On loans 89,495 88,417 123,529 117,937 14,749 12,748 14,993 17,326 Loans 68,148,039 75,800,688 86,291,628 91,493,989 9,752,818 10,627,054 ,701,999 12,361,621 U. S. Govt. securities 64,372 065 63,808,049 58,257,149 57,238,574 9,876,648 10,137,424 10.103 45010,422,551 Other securities 209 165 16 294 075 16 179 498 16 725 206 385 813 o,578 832 762 758 056 686 Cash assets 42,976,798 43,510,745 45,728,691 45,474,318 4,919,537 4,916,121 5,111,725 5,169,492 Other assets 633 547 o 918 119 3,255,814 3,858,353 287 041 317,900 357 596 405,218 Total assets 193 339 614ooo331 676209 712,780214,790 440Of 221,85778,577 33130 037 52831,415,568 Time deposits. 46,842,306 49,311,341 51,096,090 54,969,887 8,846,025 9,267,152 9,701,782 10,523,431 Total deposits 176865 497184 734,232 190,786,522 193,993,484 74,998,74676,198,43477,461,07678,640,531 Total capital accounts 13,761,339 14,631,680 15,553,298 16,554,663 2,018,722 2,149,634 2,312,174 2,468,571 Number of officers 82,167 84,931 88,462 91,597 25,642 26,323 27,153 28,203 Number of employees 386,625 408,791 433,563 452,218 62,702 66,638 69,949 73,927 Number of banks 13,323 13,237 13,218 13,165 6,667 6,698 6,760 6,776 1 Excludes three mutual savings banks and starting in 1955 a non- NOTE.—The figures of assets, deposits, and capital accounts are averages insured nondeposit trust company; these are State member banks of the of the amounts reported for call dates at the beginning, middle, and end Federal Reserve System and are included in member banks figures on of each year. The number of officers, employees, and banks are as of the preceding pages. end of each year. 2 Includes interest on capital notes and debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1957 [Average of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) Item gr A ou J1 ps u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 Un 2 d 5 er 25-50 o a 5 v n 0 e d r Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 14.6 10.2 11.9 13.6 15.4 16.8 17.9 18.6 19.4 15.5 15.0 12.5 Profits before income taxes 11.7 8.9 10.1 11.1 12.0 13.0 13.6 14.3 16.2 12.5 11.9 10.1 Net profits. 7.9 6.7 7.3 7.8 8.0 8.2 8.0 8.4 9.0 8.4 7.9 6.9 Cash dividends declared ... 3.1 2.8 3.0 3.4 3.7 3.4 3.0 2.7 3.2 3.2 4.3 2.7 Percentage of total assets: Total earnings 3.74 3.88 3.72 3.68 3.74 3.81 3.80 3.80 3.71 3.60 3.82 3.81 Net current earnings before income taxes. 1.19 1.19 1.17 1.17 1.19 1.19 1.18 1.25 1.39 1.30 1.17 1.04 Net profits .65 .78 .73 .68 .62 .58 .53 .64 .62 .59 .57 .72 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 24.4 23.5 26.1 25.7 24.3 23.0 22.1 20.4 17.9 25.2 24.1 23.7 6.0 4.4 5.1 6.3 6.6 6.2 5.7 5.4 4.7 6.0 5.9 6.2 Earnings on loans . ... 58 4 62 7 59.4 58.2 57.9 57.3 57.6 58.9 61.5 56.9 58.3 61.5 Service charges on deposit accounts 6.0 5.0 5.0 5.6 6.6 7.3 7.1 6.4 4.7 6.5 6.3 4.5 4 6 6 2 8 9 11 2 5 4 5 4 4 1 7 5 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.4 36.6 32.7 30.5 29.2 29.1 29.3 29.1 28.1 33.9 29.7 25.6 Interest on time deposits 15.3 9.5 13.2 15.5 16.9 16.9 16.3 13.9 11.9 6.1 17.3 27.3 Other current expenses.... 22.3 23.5 22.4 21.8 22.0 22.7 23.3 23.6 22.0 23.7 22.3 19.8 Total expenses.... 68.0 69.6 68.3 67.8 68.1 68.7 68.9 66.6 62.0 63.7 69.3 72.7 Net current earnings before income taxes 32.0 30.4 31.7 32.2 31.9 31.3 31.1 33.4 38.0 36.3 30.7 27.3 Net lossesi 3.9 2.3 3.4 3.8 3.9 3.1 Net increase in valuation reserves 2.0 .8 1.0 1.8 2.5 2.6 2.8 3.2 2.5 2.0 2.1 1.9 Q A Q Q inn ID $2 14 "\ o s o 9 f. Q Net profits 17.7 20.3 19.7 18.9 16.7 15.4 14.0 15.2 17.7 20.3 16.5 15.4 Rates of return on securities and loans: Return on securities: Interest on U. S. Government securities. . 2.62 2.73 2.67 2.65 2.60 2.56 2.53 2.51 2.50 2.65 2.60 2.61 Interest and dividends on other securities.. 2.60 3.22 2.92 2.59 2.46 2.42 2.45 2.59 2.67 2.64 2.57 2.59 Net losses1.... 18 01 .09 .15 .24 .24 .27 .24 .32 .16 .20 .19 Return on loans: Earnings on loans 6.16 6.90 6.46 6.24 6.14 5.96 5.71 5.64 5.30 6.38 6.11 5.86 Net lossesi .12 .22 .21 .11 .11 .10 .07 .09 .07 .17 .11 .06 Distribution of assets: Percentage of total assets: U. S. Government securities 33.2 31.7 34.9 34.2 33.3 32.6 31.8 29.7 25.5 32.6 33.6 33.3 Other securities 8 9 6.1 7.2 9.2 10.1 9.8 8.8 8.3 6.7 8.7 8.9 9.4 Loans 36 2 36 3 34 9 35 1 35 8 37 2 38.5 39.7 43.2 33.0 36.9 40.4 Cash assets 20 5 25.1 22.2 20.4 19.5 19.0 19.3 20.7 22.9 24.6 19.3 15.9 Real estate assets 1.0 .7 .8 1.0 1.1 1.2 1.3 1.2 1.1 .9 1.1 1.0 Other ratios: Total capital accounts to: Total assets 8.6 12.1 10.2 9.0 8.0 7.4 6.8 6.9 7.3 8.9 8.3 8.8 Total assets less Government securities 19.8 30.2 25.4 21.3 17.8 15.9 14.4 14.2 14.4 22.3 18.7 17.9 Total deposits 9.6 13.9 11.5 10.0 8.8 8.1 7.5 7.5 8.1 9.9 9.2 9.8 Time to total deposits 32.9 21.9 29.5 33.3 35.8 36.5 33.8 28.9 24.0 13.0 37.3 58.7 Interest on time deposits 2. .. 1.88 1.77 1.82 1.85 1.90 1.89 1.96 1.96 2.03 1.78 1.92 1.94 Trust department earnings to total earnings2 3.0 .3 1.1 1.6 1.9 2.9 4.3 6.0 3.7 2.9 1.9 3.3 Number of banks 3 6,353 241 917 2,143 1,345 961 337 193 216 2,298 2,750 1,305 For notes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 721 OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1957 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over Item gr A ou ll ps Size group—total deposits (in thousands of dollars) 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a n ,0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. ... 14.6 12.2 14.8 17.4 19.2 11.2 13.4 16.3 18.3 10.4 11.9 13.4 16.8 Profits before income taxes 11.7 10.3 12.0 13.4 15.8 9.6 10.9 12.7 14.0 9.2 9.8 10.5 12.2 Net profits 7.9 7.6 8.6 8.7 8.7 6.9 7.7 8.2 8.2 6.6 6.9 7.0 7.7 Cash dividends declared 3.1 3.1 3.4 3.3 3.9 2.4 2.8 3.2 3.6 2.2 2.6 3.0 3.5 Percentage of total assets: Total earnings 3.74 3.69 3.52 3.62 3.58 3.83 3.76 3.83 3.89 3.81 3.79 3.80 4.01 Net current earnings before income taxes 1.19 1.27 1.28 1.30 1.37 1.12 1.15 1.19 1.21 1.04 1.05 1.05 1.02 Net profits .65 .79 .75 .66 .63 .70 .66 .60 .55 .66 .61 .55 .48 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U. S. Government securities 24.4 26.2 27.2 24.8 19.2 25.1 25.3 23.7 21.2 24.8 24.4 22.7 22.1 6.0 4.8 6.8 6.5 4.8 5.1 6.0 6.2 5.5 5.2 5.9 6.9 6.6 Earnings on loans . 58.4 59.1 55.3 55.4 60.2 60.2 58.7 57.4 58.2 62.5 62.0 61.0 58.7 6.0 5.8 6.5 7.8 5.5 4.7 5.7 7.2 6.7 3.5 4.0 5.0 7.0 5.2 4.1 4.2 5.5 10.3 4.9 4.3 5.5 8.4 4.0 3.7 4.4 5.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 30.4 37.2 34.7 32.4 29.2 31.6 29.8 29.2 29.1 26.8 25.3 25.1 26.7 Interest on time deposits 15.3 4.6 5.6 7.4 8.1 16.7 17.6 17.3 17.1 26.4 27.5 27.5 27.2 23.9 23.1 23.9 24.0 21.9 19.8 19.5 20.0 20.6 22.3 22.3 22.4 22.7 Total expenses 65.7 63.4 63.7 61.3 69.3 73.0 72.3 72.6 74.5 68.0 70.6 68.9 68.9 Net current earnings before income taxes . . 34.3 36.6 36.3 38.7 30.7 27.0 27.7 27.4 25.5 32.0 29.4 31.1 31.1 Net losses 1 3.8 4.7 5.1 3.9 3.4 1.9 2.9 3.6 4.1 Net increase in valuation reserves 23. 09 .9 1.7 2.8 2.8 21 .08 1.9 42. 55 42..92 1.1 1.7 2.3 2.8 Taxes on net income . . .. 8 4 7 9 8.5 9.8 14 2 7 0 7 5 8 4 10.0 6 8 6.9 7.0 6.8 Net profits 17.7 21.7 21.7 18.6 17.8 18.6 17.9 15.7 14.0 17.2 16.2 14.5 11.8 Rates of return on securities and loans: Return on securities: Interest on U S Government securities.. 2.62 2.72 2.68 2.61 2.52 2.66 2.64 2.57 2.51 2.64 2.62 2.59 2.56 Interest and dividends on other securities.... 2.60 3.04 2.54 2.43 2.60 2.92 2.62 2.44 2.51 2.93 2.61 2.44 2.54 Net losses * .18 .08 .15 .20 .24 .05 .15 .25 .31 .07 .16 .25 .30 Return on loans: Earnings on loans 6.16 6.83 6.48 6.31 5.43 6.44 6.21 6.06. 5.67 6.02 5.90 5.78 5.76 Net losses* .12 .25 .15 .18 .08 .22 .11 .09 .08 .09 .07 .05 .07 Distribution of assets: Percentage of total assets: 33.2 33.9 34.2 32.6 26.4 34.5 34.3 33.5 31.5 34.4 33.9 32.4 32.1 Other securities... . 8 9 6 7 9.8 9.9 6 8 7 3 8 8 9 7 8.6 7 2 0 0 10.7 10.3 Loans 36 2 32 7 30.8 32 5 39 9 36 4 36 1 36 6 40.1 40.0 40.2 40.5 41.4 Cash assets 20.5 26.0 24.1 23.7 25.1 20.9 19.6 18.8 18.1 11A 16.0 15.3 14.6 Real estate assets 1.0 .6 .9 1.1 1.2 .9 1.1 1.2 1.3 .8 1.0 1.1 1.2 Other ratios: Total capital accounts to: Total assets. 8.6 10.8 8.9 7.8 7.3 10.5 8.9 7.6 6.8 10.2 9.2 8.1 6.3 Total assets less Government securities and cash assets 19.8 28 8 22.9 18.8 15.5 25 0 21.0 16 5 13.8 22.2 19.2 15.9 12.0 Total deposits 9.6 12.2 9.9 8.5 8.1 11.9 9.9 8.3 7.5 11.5 10.2 9.0 6.8 Time to total deposits . 32.9 10.4 11.9 15.5 15.9 37.1 37.9 37.4 36.3 59.4 59.3 58.2 55.4 Interest on time deposits 2 1.88 1.70 1.73 1.83 1.94 1.91 1.91 1.90 1.98 1.87 1.92 1.95 2.13 Trust department earnings to total earnings 2 3.0 1.5 1.5 2.7 5.2 .6 1.8 2.5 4.1 .3 1.2 2.0 2.3 Number of banks-' 6,353 575 787 622 314 371 854 1,171 354 212 502 513 78 For notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS BY FEDERAL RESERVE DISTRICTS, 1957 [Averages of individual ratios, expressed as percentages] Federal Reserve district All Item tr d i i c s- ts B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o Lo S u t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes 14 6 13.4 12 7 11 6 14.1 14.2 15.7 15.5 14.9 17 5 15.1 14.9 16.6 Profits before income taxes... 11.7 10.1 9.8 9.2 11.6 12.1 12.5 12.0 12.4 14.3 12.4 11.4 13.9 Net profits 7 9 6.5 6 6 6 3 7 6 7 7 8 4 8 2 8 6 9 2 8 6 8.0 8.4 Cash dividends declared 3 1 3.1 2 9 2 7 2.8 3.0 3.0 2.9 3.0 3.9 3.4 3.4 3.6 Percentage of total assets: Total earnings .... 3 74 4.11 3.92 3.71 3.63 3.79 3.88 3.48 3.37 3.99 3.75 3.73 4.36 Net current earnings before income taxes 1 19 1 25 1 05 1 14 1 22 1 22 1 16 1 11 1 19 1 27 1 30 1.24 1.16 Net profits .65 .61 .55 .63 .67 .67 .63 .60 .70 .68 .74 .67 .59 Sources and disposition of earnings: Percentage of total earnings: Interest and dividends on: U S Government securities 24 4 17.8 20 4 23 1 25.0 22.3 22.5 29.4 29.4 24.5 25.1 22.2 20.7 Other securities 6.0 4.7 6.9 6.7 5.7 5.1 6.2 5.6 6.3 6.6 6.0 6.2 4.5 Earnings on loans 58.4 60.5 60.8 62.0 60.0 62.9 59.4 53.9 55.8 54.6 56.9 61.1 58.8 Service charges on deposit accounts 6 0 9.6 7.3 3 5 4.7 4.9 6.6 6.0 4.0 6.5 7.3 6.0 9.1 Other current earnings 5.2 7.4 4.6 4.7 4.6 4.8 5.3 5.1 4.5 7.8 4.7 4.5 6.9 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages . 30.4 31.5 28.9 25.6 26.7 27.7 30.2 30.7 30.5 30.0 34.7 35.1 31.5 Interest on time deposits 15.3 12.5 22.6 22.3 17.7 18.7 16.1 15.7 11.1 16.9 8.8 6.4 21.6 Other current expenses 22.3 25.6 21.8 21.4 22.0 21.3 23.6 21.4 23.0 21.4 21.6 24.9 19.8 Total expenses 68.0 69.6 73.3 69.3 66.4 67.7 69.9 67.8 64.6 68.3 65.1 66.4 72.9 Net current earnings before income taxes. . 32.0 30.4 26.7 30.7 33.6 32.3 30.1 32.2 35.4 31.7 34.9 33.6 27.1 Net losses1 3 9 5.0 3 7 4 4 3 3 2.9 3.2 4.2 4.0 3.8 3.9 5.3 2.2 Net increase in valuation reserves. . . 2 0 2.1 2.2 1.6 2.2 1.7 2.4 2.5 1.5 1.9 1.8 2.1 1.8 Taxes on net income 8.4 8.3 6.6 7.8 9.5 9.8 7.9 8.0 9.1 8.9 9.0 7.7 9.0 Net profits 17.7 15.0 14.2 16.9 18.6 17.9 16.6 17.5 20.8 17.1 20.2 18.5 14.1 Rates of return on securities and loans: Return on securities: Interest on U S Government securities 2.62 2.54 2.57 2.56 2.59 2.58 2.64 2.55 2.62 2.78 2.61 2.76 2.67 Interest and dividends on other securities 2 60 2.54 2 44 2 80 2 69 2 60 2.66 2.48 2.65 2.60 2.56 2.68 2.70 Net losses1... .18 .32 .25 .26 .22 .16 .11 .19 .14 .20 .14 .09 .11 Return on loans: Earnings on loans . 6 16 6.01 5 78 5 79 5 72 6.31 6.68 5.69 6.02 6.06 6.79 6.93 6.52 Net losses1 .... .12 .14 .08 .10 .08 .07 .15 .08 .08 .08 .13 .36 .13 Distribution of assets: Percentage of total assets: U. S. Government securities 33.2 27.7 29.9 32.5 33.8 31.4 31.4 38.3 36.4 34.3 34.3 28.7 31.4 Other securities ... . 8 9 8.0 10.8 9.4 8.2 7.6 9.4 8.4 8.6 9.9 9.2 9.2 7.3 Loans 36 2 41 9 41 7 40 2 38 6 38 3 34.8 33.4 31.9 36.5 32.2 33.7 39.7 Cash assets 20.5 20.9 16.1 16.7 18.2 21.2 22.8 19.0 22.2 18.2 23.5 27.1 20.2 Real estate assets 1.0 1.4 1.2 1.1 1.1 1.3 1.4 .8 .8 .9 .7 1.2 1.3 Other ratios: Total capital accounts to: Total assets 8.6 9.8 8.7 10.2 9.0 8.9 7.9 7.5 8.5 7.7 9.0 8.8 7.3 Total assets less Government securities and cash assets 19.8 19.9 16.8 21.0 20.0 19.6 18.1 19.0 23.0 17.1 22.8 21.1 16.0 Total deposits 9.6 11.1 9.7 11.6 10.1 9.9 8.8 8.2 9.4 8.5 10.0 9.7 8.0 Time to total deposits 32.9 28.7 45.8 50.2 42.6 37.1 27.9 36.1 24.9 39.5 17.8 12.1 39.2 Interest on time deposits 2 1 88 1.79 2.10 1.80 1.60 2.05 2.36 1.59 1.57 1.88 1.90 2.11 2.51 Trust department earnings to total earnings2 3.0 4.7 2.9 3.3 3.6 2.9 2.6 2.7 2.2 2.3 2.5 1.8 4.0 Number of banks 3 6,353 292 559 530 596 464 387 1,015 491 472 748 627 172 useful primarily to those interested in studying the financial results of operations of individual banks, while ratios based on aggregates show and proms ucuncu IU uci (.uuius pj.ua ictuvcncs wcu combined results for the banking system as a whole and, broadly speaking, reserves. Transfers to and from reserves are excluded. are the more significant for purposes of general analyses of credit and 2 Banks with no time deposits, or no trust department earnings, as ths monetary problems. case may be, were excluded in computing this average. Figures of earnings, expenses, etc., used in the calculations were taken 3 The ratios for 40 member banks in operation at the end of 1957 were from the annual earnings and dividends reports for 1957. Balanceexcluded from the compilations because of unavailability of data covering sheet figures used in the compilations were obtained by averaging the the complete year's operations, certain accounting adjustments, lack of amounts shown in each bank's official condition reports submitted for comparability, etc. December 31, 1956 and June 6 and October 11, 1957 (and March 14 NOTE.—These ratios, being arithmetic averages of the operating ratios and December 31, 1957, for. the New York District), except for a of individual member banks, differ in many cases from corresponding limited number of banks for which all reports were not available; such ratios computed from aggregate dollar amounts shown on pp. 715-718. reports as were available were used in those instances. Savings deposits of this BULLETIN. Such differences result from the fact that each bank's are included in the time deposit figures used in these tables. Banks with figures have an equal weight in calculation of the averages whereas the no time deposits (202 in number) are included with the banks having figures of the many small and medium-sized banks have but little influence ratios of time to total deposits of less than 25 per cent. on the aggregate dollar amounts. Averages of individual ratios are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 724 Gold production. 728 Net gold purchases and gold stock of the United States 729 Reported gold reserves of central banks and governments 730 Estimated foreign gold reserves and dollar holdings. 731 International Bank and Monetary Fund 732 Central banks 732 Money rates in foreign countries. 737 Foreign exchange rates. 738 Index to statistical tables 751 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. 723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 INTTL 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 a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official of private 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1.642 5,621 1.536 1,906 1,821 265 1955—Dec. 31.... ,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—Dec. 31.... ,452 13,487 8,045 626 1,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957_Apr. 30.... 1,358 13,093 47,808 420 1,728 909 742 903 1,804 6,507 1,521 2,509 2,160 396 May 31.... 1,700 13,121 7,810 367 1,732 937 775 926 1,764 6,502 1,619 2,549 2,053 398 June 30 ,573 13,282 7,941 403 ,690 959 809 969 1,793 6,623 1,591 2,687 ,990 391 July 31.... 1,545 13,265 7,808 514 ,559 979 778 1,008 1,725 6,563 1,659 2,673 ,986 384 Aug. 31.... ,635 13,267 7,627 450 ,577 1,009 769 944 1,754 6,502 1,724 2,683 ,981 377 Sept. 30.... 1,512 "13,332 '7,647 411 1,664 r1,030 802 807 1,855 '6,570 r1,650 2,723 >,015 373 Oct. 31.... 1,517 13,753 7,934 398 ,573 1,056 857 1,161 1,948 6,993 1,739 2,672 r ,979 '370 Nov. 30.... ,538 13,605 7,816 352 ,567 1,021 865 1,199 1,972 6,976 1,735 2,593 ,946 356 Dec. 31.... 1,517 13,616 7,905 354 ,557 1,079 964 1,275 1,910 7,139 1,623 2,563 ,940 351 1958—Jan. 31*... ,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"... 1,467 13,763 8,073 285 ,494 1,078 932 1,244 2,225 7,258 1,662 2,495 1,993 355 Mar. 31*... 1.377 13,765 7,978 301 ,508 1,066 918 1,260 2,263 7,317 1,627 2,468 1,988 365 Apr. 30*... 1)373 13,647 7,907 317 1,549 1,129 895 1,017 2,211 7,118 1,662 2,537 1,987 343 Table la. Other Europe Date E O u t r h o e p r e A tr u i s a - g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w e e n - T k u ey r- Y sl u a g v o ia - o A th l e l r 1954_Dec. 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955 Dec 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—Dec. 31 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957_Apr. 30 1,804 298 142 71 60 181 110 73 117 1 28 245 20 11 446 May 31 1,764 298 120 65 59 175 111 75 120 1 25 253 12 12 439 June 30 1,793 302 119 61 59 166 110 87 120 1 25 268 14 11 449 July 31 1,725 315 120 97 61 156 98 85 115 1 25 278 12 9 351 Aug 31 1,754 328 123 101 55 143 115 87 116 1 24 272 16 11 362 Sept. 30 1,855 337 132 102 62 139 172 94 124 1 24 273 12 12 371 Oct 31 1,948 345 137 97 68 144 186 97 129 1 30 260 19 9 425 Nov. 30 1,972 347 131 100 66 146 218 95 127 1 26 270 16 11 418 Dec. 31 1,910 349 130 112 64 154 203 93 142 1 24 260 18 11 348 1958 Jan. 31* 2,036 372 113 126 64 154 240 117 137 1 22 264 16 7 403 Feb. 28* 2,225 351 133 124 65 156 347 122 144 1 24 266 12 7 473 Mar 31* 2,263 355 110 131 61 154 323 107 155 1 28 258 13 7 558 Apr 30* 2,211 353 118 142 59 142 295 108 157 1 27 257 12 5 534 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m o ia - - Cuba p m i D R c u li i o e a b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a P p i R m c u a e b n o - a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r 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_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 '2,672 160 24 145 76 202 '236 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 2,563 137 26 132 75 153 235 54 65 375 73 136 60 27 55 835 124 1958—Jan. 31* 2,516 138 23 120 78 148 240 51 68 386 71 123 56 32 72 773 136 Feb. 28* 2,495 137 25 118 72 140 239 49 69 370 69 141 66 32 85 749 135 Mar. 31* 2,468 144 23 116 77 135 244 48 66 364 66 144 62 31 86 709 152 Apr. 30* 2,537 139 22 120 78 125 266 50 62 365 66 137 62 37 81 770 155 * Preliminary. r Revised. 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. 725 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u l 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 tr u a s li - a C g B o i e n a l n - go Egypts A U S f n o o r i u i f o c t a n h 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—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 '1,979 72 88 190 43 47 564 110 195 83 162 '425 '370 85 41 50 45 '149 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 86 157 417 351 85 39 40 38 149 1958—Jan. 31*\... 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 Apr. 30P 1,987 66 75 86 47 52 732 122 169 92 145 403 343 77 54 41 21 150 Table Id Supplementary Areas and Countries 6 End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania .2 .4 .3 .1 British dependencies 9.8 9.8 8.8 8.0 British dependencies .6 .4 .4 .3 Burma 29.7 19.1 7.0 n.a. Bulgaria .6 .7 .2 n.a. Cambodia .2 13.1 17.2 20.0 18.8 32.9 41.2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland i 35.7 36.2 35.5 36.3 Estonia 1 9 1 8 1 9 1 7 Iraq ... 10 0 14 7 16 9 19.6 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 Monaco 5.3 5.6 4.3 5.4 Ryukyu Islands 26.9 34.0 30.6 n.a. Poland 7 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 5 21.5 13.1 17.1 3.5 U. S. S. R.7 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 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 Bahrein Islands .6 .5 1 7 n.a. Sudan n.a. n.a .4 n.a. Tunisia .4 .7 .5 n.a. P Preliminary. r Revised. 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 Part of United Arab Republic since February 1958. from their date of issue, held by banking institutions in the United States; 6 These data are based on reports by banks in the Second (New York) small amounts of bankers' acceptances and commercial paper and of Federal Reserve District and include funds held in an account with the liabilities payable in foreign currencies are also included. U. S. Treasury. They represent a partial breakdown of the amounts 2 Includes International Bank for Reconstruction and Development, shown in the "other" categories in tables la-lc. International Monetary Fund, and United Nations and other international t Based on reports by banks in all Federal Reserve districts. organizations. Excludes Bank for International Settlements, reported NOTE.—Statistics on international capital transactions of the United und 3 e R r e O pr th es e e r n E ts u r f o u p nd e. s held with banks and bankers in the United States B St e a g te in s n i a n r g e w ba it s h e d t he o n B U re L p L o E r T t I s N b f y o r b J a u n n k e s , 1 b 95 a 4 n k ( e a r s s , e x b p ro la k in er e s d , o a n n d p . d e 5 a 9 l 1 e r o s. f (and in accounts with the U.S. Treasury) by foreign central banks and by that issue), tables reflect changes in reporting forms and instructions made foreign central governments and their agencies (including official pur- as of Mar. 31, 1954, as well as changes in content, selection, and arrangechasing missions, trade and shipping missions, diplomatic and consular ment of material published. For discontinued tables and data reported establishments, etc.). under previous instructions, see BULLETIN for May 1954, pp. 540-45. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 DVTL CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Ger- Switz- United Latin Date Total France many, Italy er- King- Other Total Can- Amer- Asia All Fed. land dom Europe Europe ada ica other Rep. of 1954—Dec. 31. 1,387 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—Mar. 31. 2,150 26 177 59 26 160 219 667 161 898 375 49 Apr. 30. '2,140 60 177 58 27 151 208 680 108 r918 392 41 May 31. '2,173 72 174 61 27 176 188 699 114 »-888 426 46 June 30. 2,201 82 159 60 28 159 197 686 125 '893 451 46 July 31. '2,134 96 150 59 31 123 189 646 125 '895 421 46 Aug. 31. '2,155 113 149 55 33 115 192 657 120 *"930 396 52 Sept. 30. '2,151 113 150 54 32 110 209 668 111 '931 389 52 Oct. 31. r2,247 106 138 54 35 124 203 661 177 '953 407 48 Nov. 30. 2,196 108 136 54 37 111 207 653 147 959 387 49 Dec. 31. 2,229 114 140 58 34 109 218 674 154 965 386 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 Mar. 3 1P, 2,284 104 130 53 27 95 264 673 186 998 383 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 5 7 78 2 7 1956—Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 (2) 7 1957—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 May 31 188 6 28 8 4 4 19 16 1 11 14 67 (2) 10 June 30 . 197 5 25 8 3 4 23 16 2 12 14 75 9 July 31 189 4 23 7 4 6 27 17 1 12 13 63 2 9 Aug. 31 192 6 25 7 4 6 21 17 1 19 9 68 2 9 Sept 30 . .. 209 7 25 6 3 7 24 18 1 24 9 72 2 11 Oct. 31 203 7 24 9 4 7 22 16 1 10 9 81 2 13 Nov. 30 207 6 25 9 5 6 24 19 1 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 9 Feb 28p 233 9 35 9 3 6 27 25 2 26 11 71 t 8 Mar. 31 P 264 9 33 8 6 7 34 26 2 39 13 75 (2) 12 Table 2b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba p m i D R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e d u n n r e r i d d - s e i s - t s l a p P i R m c u a e b n o a - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Dec. 31 840 15 4 72 16 145 90 7 7 213 5 12 35 11 15 144 49 1957—Mar. 31 898 37 5 76 22 158 89 10 8 216 3 13 37 8 12 152 51 Apr. 30 '918 42 5 78 25 151 92 '10 8 213 4 15 36 9 12 163 56 May 31 '888 43 5 73 26 144 93 '8 7 207 3 13 35 8 13 154 58 June 30 '893 48 5 77 35 123 93 '8 7 208 3 12 32 8 18 159 56 July 31 '895 47 4 94 33 98 91 '14 8 212 2 13 36 8 24 158 53 Aug. 31 '930 35 5 115 40 91 91 '17 8 '243 3 13 34 7 30 151 49 Sept. 30 '931 29 5 123 28 101 85 '13 8 '240 3 16 33 6 39 152 50 Oct. 31 '953 27 5 111 38 124 82 '16 8 '238 4 16 34 8 38 154 52 Nov. 30 959 28 4 96 40 119 106 18 9 221 3 17 35 9 40 159 54 Dec. 31 965 28 3 100 33 107 113 15 8 229 2 18 36 8 42 173 51 1958—Jan. 31 P 1,018 26 3 111 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 Mar. 31* 998 26 3 168 40 89 101 12 9 219 3 24 38 6 47 161 51 P Preliminary. ' Revised. (excluded from these statistics) amounted to $1,186 million on Mar. 31, i 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 Part of United Arab Republic since February 1958. maturity of more than one year reported by U. S. banking institutions 4 Includes transactions of international institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 727 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES»—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Total H Ko o n n g g India Iran Israel Japan ip P p h i i n l e - s Tai- T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o Egypt: A U S f o n r o u i i f o c t a h n Other 1954—Dec. 31.. 143 5 16 11 50 7 39 37 14 10 1955—Dec. 31.. 233 5 18 10 103 19 60 43 11 17 1956—Dec. 31.. 337 6 20 16 170 16 91 43 11 17 1957—Mar. 31.. 375 9 23 24 193 18 10 86 49 13 22 Apr. 30.. 392 10 24 22 210 19 10 87 41 10 17 May 31.. 426 11 23 25 244 24 13 75 46 13 8 18 June 30.. 451 11 22 24 258 30 12 81 46 12 11 17 July 31.. 423 11 24 22 250 28 11 63 46 12 12 15 Aug. 31.. 396 9 24 24 216 40 12 58 52 11 12 21 Sept. 30.. 389 9 24 23 188 51 8 71 52 11 11 24 Oct. 31.. 407 8 24 26 174 51 11 100 48 11 12 20 Nov. 30.. 387 7 24 25 150 56 12 100 49 10 14 19 Dec. 31. 386 6 22 24 14--5 53 14 110 50 13 12 19 1958—Jan. 31* 400 7 23 22 152 54 13 115 45 13 9 17 Feb. 28* 406 7 26 21 147 58 13 122 44 13 7 16 Mar. 31* 383 7 28 21 139 53 12 108 44 13 12 12 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 4 [In millions of dollars] U. S. Govt. bonds & notes U. S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) r - 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,390 -691 593 622 -29 1957—Mar.., 68 48 20 117 104 13 43 67 -24 44 51 -7 MIY. '. 1 5 0 3 2 16 8 2 -6 4 0 4 1 17 3 9 4 1 1 1 6 3 0 2 1 1 9 6 5 9 7 2 1 1 9 5 3 - - 1 1 4 3 6 6 5 5 9 4 5 8 9 1 -2 -5 1 June.. 57 31 26 170 135 35 45 43 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 Nov.., 38 30 7 111 94 17 38 94 -56 36 28 8 Dec... 73 42 31 101 101 ) 38 60 -22 30 26 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 -88 Mar.* 44 52 Q 129 128 1 38 35 3 23 40 -17 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 I a u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n France F R m e G e d a p e n e u r r y - b a , - l Italy Sw la i n tz d er- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th l e l r lic of 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 1955 -21 706 -2 9 147 96 85 329 265 76 29 1956 82 75 -121 7 234 8 33 161 -124 34 -1 1957 -157 299 10 3 98 79 101 291 -8 1957—Mar.. 1 33 1 (2) 8 11 21 3 36 -4 (2) J A M p u a r n y . e . . . - -2 i 5 1 '-1 6 6 6 5 1 2 2 8 ( (2 2 ) ) 9 7 5 2 5 7 1 0 - 1 6 r6 0 ' 4 5 2 2 1 2 -3 2 4 1 4 5 I () July.. -85 -1 7 -78 13 -59 -27 1 1 Aug.. 1 1 17 -1 -2 15 -17 2 Sept.. i -6 1 ( (?2 ) -ll 5 4 -2 -5 (2) Oct... i -21 -1 2 11 -8 -13 D No e v c . . . (? 2 2 4 9 1 8 1 3 1 - 1 2 5 23 2 4 1 0 2 7 1 -12 3 -2 1 8 2 1958—Jan.*. (2) -14 -3 ( ) -5 34 -34 -9 3 () () M Fe a b r . . * * . 1 ( 3 2 5 ) - - 1 8 8 -5 1 ( 2 ) -8 i 1 9 0 9 2 1 7 2 - - 2 1 9 5 -4 3 i? ( ( 2 2) ) 9 Preliminary. r Revised. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS i BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h r n t a I u i n n t t i t i s o e o t n r i n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i i m a c c t a a i e n r- Asia o A th n e - r Date Deposits U s . e c S u . r i G tie o s v 2 t. l M an i e s o ce u l s - 3 1954 -164 -137 -9 -133 33 -34 7 1956—Dec. 31 322 3,856 139 1955 -27 -46 74 24 -49 -7 1956 -33 -478 8 -447 17 -40 -16 1957—May 31 360 3,600 164 1957 -384 -336 231 -550 15 -45 13 June 30 449 3,685 164 July 31 364 3,730 278 1957—Mar.... -1 -31 I -14 0) -2 -16 Aug. 31 342 3; 523 280 Apr.. -5 -146 10 -153 -1 -2 0) Sept. 30 337 3,421 278 May. -81 -76 1 -84 10 -4 Oct. 31 378 3,774 349 June. -1 -11 -12 -11 2 -3 14 Nov. 30 283 3,787 344 July.. -101 49 117 -70 2 -1 Dec. 31 356 3,729 353 Aug.. -6 -5 15 -21 2 -2 1 1958—Jan. 31 249 3,755 405 D S O N e o c e p t v c t . . . . . . . . - - 7 5 0 7 3 2 ) - - 3 1 9 9 8 4 6 -9 8 9 6 6 - - 1 3 1 4 0 4 3 - - 4 3 2 1 - - - - 1 4 5 7 - 0 0 1 ) ) A F M M e p a a b r y r . . . 2 3 3 3 8 1 0 1 2 2 2 2 5 6 3 6 7 5 4 6 3 3 3 3, , , , 3 0 0 5 1 3 6 5 5 7 8 2 4 4 4 4 2 2 0 2 1 8 5 2 1958—Jan. P. -135 -29 -10 A 4 -5 -15 F M e a b r. . * * > -1 -5 2 -1 -1 8 0 2 - - 8 7 8 -94 1 0) 1 -3 3 0 2 ) May 2 1 7 1 4 2 3 3 8 1 0 8 1 8 3 3 3, , , 1 0 0 3 9 6 2 6 8 4 4 4 2 1 2 0 4 3 28 277 3,038 406 * 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] Production reported monthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month U. ( S e . x S c . l R . .) Total A So fr u ic th a R de h s o ia - Ghana B C e o l n g g ia o n U S n ta i t t e e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia 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 I955 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 I957 596.2 18.8 27.7 13.1 63.6 154.7 11.4 6.9 37.9 6.3 1957—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 1.6 2.2 1 4.7 12.9 1.0 .7 .5 6 3.2 .6 May 278.8 50.6 1.5 2.2 L.O 5.0 13.1 .9 .3 .6 3.1 .5 June 277 7 50 1 1 6 2 2 9 4 9 12 6 7 2 6 3 4 5 July 280.8 51.4 1.5 2.3 1.2 5.8 12.8 .9 .2 .6 3.7 .5 280.0 51.1 1.5 2.4 1 5.8 12.6 .8 .5 6 3 0 .5 SeDt 279.5 50.3 1.6 2.4 ? 5.7 13.1 .9 .2 .6 3.1 .5 Oct 282.0 50.9 1.6 2.4 1.1 6.5 13.9 .8 .4 .6 3.1 .5 Nov 49.8 1.6 2.4 1.0 5.1 13.1 1.1 6 3 2 5 Dec 49 0 1 6 2 4 9 5 5 12 9 9 5 3 3 5 1958—Jan 49.6 1.5 2.5 1.4 4.4 13.2 1.5 .6 Feb 47.5 2.5 .9 4.4 12 5 1 0 5 Mar 50 1 2.5 .9 4.3 13.7 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 729 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 1957 1958 Area and country Jan.- Apr.- July- Oct.- Jan.- 1950 1951 1952 1953 1954 1955 1956 1957 Mar. June Sept. Dec. Mar. Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3.4 -14.2 -84.8 -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 -100.0 -65.0 ""25'.6 "*26!6 '-4i"9 Portugal -15^0 -34!9 -5.0 -59.9 -54.9 -5.0 Sweden -22.9 -32.0 —20 0 — 15 0 '"is i Switzerland -38.0 -15.0 22.5 -65.0 -15.5 — 8 0 -5.0 Bank for Intl. Settlements -65.3 -30.4 -8.3 -94.3 -20.0 -15.1 Other -16.4 -29.7 -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 30.4 6.0 31.3 -76.2 Sterling Area: United Kingdom .. -1,020.0 469.9 440.0 -480.0 -50.0 100 3 -300.0 Union of South Africa. 13.1 52.1 11.5 Other 3.5 3.6 -.3 -.5 -.5 i Total -1,003.4 525.6 451.2 -480.5 -50.5 100.3 -300.0 Canada -100.0 -10.0 7.2 14.6 5.2 5.2 Latin America: Argentina -49.9 -20.0 -84.8 115.3 75.4 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 3 1 Venezuela -.9 -30 0 -200.0 Other -7.2 -34.7 -2.4 -.3 17.2 3.0 -.7 2.4 -3.6 2.8 3.3 -.1 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 6.5 12.9 15.0 46.6 -.1 Asia 4-38.9 4-53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.5 4.0 14.9 -.6 A All other 5-30.6 5-76.0 -.4 1.0 14.1 2 -.1 -.5 -.1 Total foreign countries. . -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 18.4 18.9 92.8 -377.4 41.5 International institutions 6200.0 6600.0 6300.0 6300.0 Grand total -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 280.2 771.6 341.5 318.4 18.9 92.8 -377.4 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 i crease ury Total i crease 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957—May 22,620 22,726 302.6 20.0 285.4 5.0 1946 . 20,529 20,706 623.1 311.5 465.4 51.2 June 22,623 22,732 5.5 10.0 -6.0 4.9 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 July 22,627 22,735 3.8 2.7 -.8 5.8 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Aug 22,626 22,735 -.5 28.6 -11.4 5.8 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Sept 22,635 22,759 24.1 18.9 -9.0 5.7 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Oct 22,691 22,835 75.4 42.8 36.9 6.5 Nov 22,763 22,837 2.4 34.3 -31.2 5.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 Dec 22,781 22,857 20.2 18.8 2.0 5.5 1952 23,187 23,252 379.8 684.1 -304.8 67.4 1953 22,030 22,091 -1,161.9 2.0 -1,170.8 69.0 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4.4 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Feb 22,686 22,736 -123.7 38.9 -167.6 4.4 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 1956 21,949 22,058 305.9 106.1 318.5 65.3 Apr 21,996 22,042 -445.1 26.0 -471.5 1957 22,781 22,857 798.8 104.3 600.1 63.6 May ^21,593*>21,674 ^-367.9 4-355.2 P Preliminary. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $7,306.2 million on May 31, 1958. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] 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 Tre U a n s i u t r e y d S T ta o t t e a s l2 A t r i g n e a n- t A ra u l s ia - A tr u ia s- g B iu e m l- Brazil Canada Chile lo C m o b - ia Cuba m De a n rk - 1951—Dec r35,665 22,695 22,873 268 112 50 621 317 850 45 48 311 31 1952 Dec '35,985 23,187 23,252 112 52 706 317 896 42 76 214 31 1953—Dec r36 415 22,030 22,091 371 117 52 776 321 996 42 86 186 31 1954—Dec r37,075 21,713 21,793 371 138 62 778 322 1,080 42 86 186 31 1955—Dec r37,740 21,690 21,753 371 144 71 929 323 1,141 44 86 136 31 1956—Dec r38,235 21,949 22,058 107 71 928 324 1,113 46 57 136 31 1957_Apr 22,318 22,424 182 113 78 849 324 ,114 46 57 136 31 May 22,620 22 726 181 116 78 849 324 ,116 46 57 136 31 June r38,745 22,623 22,732 181 116 80 842 324 1,121 43 58 136 31 July 22,627 22,735 181 116 84 846 324 1,120 43 58 136 31 Aug 22,626 22,735 181 116 87 882 324 1,135 40 58 136 31 O Se c p t t r385825 2 22 2 , , 6 6 9 3 1 5 2 2 2 2 , , 7 8 5 3 9 5 1 1 6 2 6 7 1 1 1 1 6 9 8 8 7 3 8 8 7 7 4 6 3 3 2 2 4 4 1 1 , , 1 1 3 3 6 6 4 4 0 0 6 5 0 8 1 1 3 3 6 6 3 3 1 1 Nov... . 22,763 22,837 126 123 103 875 324 1,127 40 61 136 31 Dec 38,975 22,781 22,857 126 126 103 913 324 1,115 40 62 136 31 1958 Jan 22,784 22,860 103 946 324 ,116 40 136 31 Feb 22,686 22,736 103 967 324 ,086 40 136 31 Mar ^39,110 22,394 22,487 103 998 324 ,096 40 136 31 Apr 21,996 22,042 103 1,028 324 ,101 136 31 Ger- E m n o d n t o h f Egypt 3 l F a i n n d - France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n iof 1951—Dec. . 174 26 548 28 27 247 280 138 333 208 316 50 27 1952—Dec 174 26 573 140 27 247 235 138 346 144 544 50 38 1953—Dec. 174 26 576 326 27 247 145 137 346 158 737 52 38 1954—Dec 174 31 576 626 27 247 81 138 346 62 796 45 38 1955 Dec 174 35 861 920 27 247 81 138 352 142 865 45 48 1956—Dec. 188 35 861 1,494 27 247 45 138 338 167 844 50 49 1957—Apr... 174 35 861 1,834 27 247 42 138 359 166 809 48 49 May 183 35 861 1,923 27 247 41 138 359 165 806 47 49 June 188 35 575 2,029 27 247 40 138 364 165 806 46 49 July... 188 35 575 2,124 27 247 40 138 390 164 793 45 49 Aug 188 35 575 2,261 27 247 41 138 422 163 747 45 49 Sept.. 188 35 575 2,399 27 247 41 138 428 182 700 45 49 Oct 188 35 575 2,548 27 247 41 138 443 182 700 45 49 Nov.. 188 35 575 2,557 27 247 41 138 453 181 700 46 49 Dec 188 35 575 2,542 27 247 39 138 452 180 744 45 49 1958 Jan 188 35 575 2,501 27 247 39 138 457 159 792 45 49 Feb 188 35 575 2,489 247 39 138 828 45 49 Mar 174 35 575 2 460 247 39 139 847 43 49 Apr 174 35 575 2,492 247 38 862 43 49 E m n o d n t o h f Peru Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 - d U gu r a u y - V zu e e n l e a - M F I t u a n o r t n n y l d . e- B S m a I e n n e t k t n t l l t e . f s - or 1951—Dec 46 265 26 190 152 1.452 113 151 2,335 221 373 1,530 115 1952—Dec. 46 286 29 170 184 1,411 113 143 1,846 207 373 1 6Q9 196 1953—Dec 36 361 29 176 218 1,459 113 143 2,518 227 373 1,702 193 1954—Dec . . . 35 429 29 199 265 1,513 113 144 2,762 227 403 1,740 196 1955—Dec 35 428 28 212 276 1,597 112 144 2,120 216 403 1,808 217 1956—Dec. . 35 448 28 224 266 1,676 112 144 2,133 186 603 1,692 179 1957—Apr.. . 35 461 32 230 249 ,621 112 144 2,320 183 669 1,439 160 May 35 463 31 235 231 1,615 112 144 2 345 183 669 1,141 148 June 35 458 31 234 231 1,633 112 144 2,381 183 669 1,147 205 July... 35 461 31 226 233 1,674 112 144 2,367 183 719 1,148 165 Aug 35 466 3f 226 241 ,694 112 144 2,142 183 719 1,157 184 Sent 35 467 31 215 235 ,725 112 144 1,850 183 719 1,167 138 Oct 28 464 31 215 226 ,733 112 144 2,093 183 719 [,177 130 Nov 28 469 31 218 227 ,718 112 144 2 185 183 719 I 180 143 Dec 28 461 31 217 219 ,718 112 144 2,273 180 719 1,180 165 1958 Jan 28 454 31 206 215 ,727 112 144 2,404 180 719 1,180 171 Feb 20 454 31 212 209 ,733 112 144 2,539 180 719 ,182 162 Mar 20 454 31 193 203 ,720 112 144 2 770 180 719 186 182 Apr 454 31 179 203 770 144 2,914 719 212 p Preliminary. r Revised. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Excludes U.S.S.R. and other Eastern European countries. "United States Money, Outstanding and in Circulation, by Kinds." Represents reported gold holdings of central banks and governments 3 Part of United Arab Republic since February 1958. and international institutions, unpublished holdings of various central 4 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, 5 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.) gold) used in the Federal Reserve statement "Member Bank Reserves, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 731 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1956 Mar. 31,1957 June 3(), 1957 Sept. 30, 1957 Dec. 31,1957 Mar. 31,1958" 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 '367 10 '374 9 '382 8 '424 8 452 g 458 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,170 11 1,133 11 1,165 8 1,182 8 1,251 7 Denmark 96 6 107 6 92 6 133 6 143 6 162 6 Finland 88 5 94 5 94 5 97 5 99 5 96 5 France (and dependencies) 1 1,505 7 1,302 8 2996 9 1,004 9 946 9 893 10 Germany (Federal Republic of).. . 3,329 14 3,520 14 3,719 14 4,063 14 4,099 14 3,968 15 I G ta re ly ece 1,2 1 6 8 8 7 2 1,2 1 5 8 0 9 2 1,3 1 2 7 3 7 2 '1,4 1 5 5 8 2 2 1 1 5 6 3 7 1 2 41 1 5 6 2 7 3 (i Netherlands (and Netherlands West Indies and Surinam) 1,071 9 1,024 10 1,004 10 971 12 1,044 14 1,260 14 Norway 117 87 121 93 133 86 139 81 138 105 150 79 Portugal (and dependencies) 628 628 622 636 651 658 Spain (and dependencies) 160 i 148 3 142 3 140 114 118 ^ 4 Sweden 483 480' 499 508 479 5 461 4 Switzerland 2,512 s 2,410 132 2,442 132 2,527 2,682 128 2,638 117 Turkey 164 158 158 8 156 162 8 157 Others '933 '914 15 '1,204 '889 12 863 966 Q Total '14,135 298 '13,889 308 '14,120 298 '14,462 294 14,752 319 14 926 278 Sterling Area: United Kingdom 2,812 203 2,854 238 2,894 264 2,507 180 2,875 205 3,460 246 United Kingdom dependencies . 103 93 4 96 4 109 4 104 4 102 4 Australia 191 193 191 197 211 4208 India 323 } 324 323 } 329 329 326 1 Union of South Africa 277 293 1 294 262 1 255 1 231 1 Other 228 14 226 25 226 29 227 30 224 34 225 34 Total 3,934 223 3,983 269 4,024 299 3,631 216 3,998 245 4 552 286 Canada 2,629 367 2,608 438 2,712 457 '2,786 443 2,738 457 2 723 435 Latin America: Argentina 360 332 345 313 263 (3) 270 (3) Bolivia 29 (3) 25 (3) '26 (3) '30 (3) 27 24 Brazil 549 j 556 1 467 j 457 1 456 i 440 1 Chile 137 1 137 1 131 1 117 115 117 Colombia 210 250 .8 263 244 (3) 215 4197 f 31 Cuba 347 167 354 393 167 416 167 371 154 380 146 Dominican Republic 79 89 98 70 65 59 Guatemala 91 101 97 (3) 87 92 (3) 93 (3) 600 4 575 4 504 4 553 2 555 3 4523 3 Panama Republic of 109 1 117 1 135 1 129 136 1 144 2 Peru 119 117 110 96 (3) 88 82 (3) El Salvador . 53 (3) 73 (3) 81 (3) 65 (3) 58 (3) 62 (3) Uruguay 259 257 2 248 1 243 1 235 1 266 1 Venezuela 1,058 3 1,043 2 1,450 2 1,615 2 1,554 2 1 428 2 Other 113 12 134 12 140 11 128 13 126 13 153 12 Total 4,113 190 4,160 190 '4,488 188 '4,563 189 4,356 176 4 238 168 Asia: Indonesia 231 188 168 220 (3) 190 (3) 128 (3) Iran... 158 (3) 178 (3) 173 (3) 187 193 (3) 191 (3) Japan 1,145 4 1,003 4 754 2 698 2 708 2 827 <•> Philippines. 294 6 267 6 243 6 235 6 181 5 196 S Thailand 260 1 279 1 279 1 275 1 269 1 269 1 Other 707 6 730 6 767 7 768 7 777 8 764 8 Total 2,795 17 2,645 17 2,384 16 2,383 16 2,318 16 2,375 16 Allother: Egypt6 238 248 246 242 228 216 (3) Other 129 8 163 8 175 7 166 7 162 7 170 Total 367 8 411 8 421 7 408 7 390 7 386 7 Total foreign countries7 '27,973 1,103 '27,696 1,230 '28,149 1,265 '28,233 1,165 28,552 1,220 29,200 1,190 International8 3,144 391 2,996 391 2,720 366 2,679 222 2,698 222 2,563 356 Grand total7 '31,117 1,494 '30,692 1,621 '30,869 1,631 '30,912 1,387 31,250 1,442 31,763 1,546 v Preliminary. ' Revised. 7 Excludes gold reserves of the U. S. S. R. and other Eastern European 1 Excludes gold holdings of French Exchange Stabilization Fund. countries. 2 Does not include $286 million of gold loaned by Bank of France to 8 Represents International Bank for Reconstruction and Development, the French Exchange Stabilization Fund on June 26, 1957. International Monetary Fund, and United Nations and other inter- 3 Less than $500,000. national organizations. 4 Includes latest reported figures for gold reserves as follows: Italy NOTE.—Gold and short-term dollars include reported and estimated (Jan. 31); Australia and Colombia (Dec. 31, 1957); and Mexico (Jan. 31.) official gold reserves, and total dollar holdings as shown in Short-term 5 Includes Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on a 6 Part of United Arab Republic since February 1958. survey of selected U. S. banks and on monthly reports of security transactions. For back figures see BULLETIN for March 1956, pp. 304-05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 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 60:> 524I 484 430 Investments8 200 200 200 200 200 Other currencies and securities*. . . 767 8i:$ 858I 873 901 Currencies: United States * 769 811 992 977 1,423 E O f t f h e e c r ti v a e s s l e o t a s3 ns2 2,79 9 5 0 2,60 li t> > 2,54 I S t > > 2,43 7 7 2 2,37 5 8 4 Unpaid mem O b t e h r e s r u i bscriptions 5,9 8 9 7 2 4 5,9 8 4 7 8 4 5,7 8 7 1 7 8 5,4 8 8 1 9 7 5,0 8 5 2 1 4 Other assets 6 5 3 IBRD bonds outstanding 1,405 1,26<) 1,141 1,034 948 Undisbursed loans . 699 62() 67ei 670 676 Member subscriptions 9,016 9,016 8,941 8,932 8,929 Other liabilities 24 2 2() 19 20 Accumulated net income 3 -2 -6 -10 335 315) 30:\ 289 266 Reserves and liabilities 4 2 2 2 Capital3 1,872 1,86'7 1,86"r 1,854 1,853 Quota Cumulative net drawings on the Fund Loans by country, Apr. 30, 1958 Country 9 Paid 1958 1957 Outstanding Total in Area and member country* gold Mar. Feb. Mar. 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 37 12 Continental W. Europe, total. . 1,283 1,063 206 857 82 Colombia 50 13 35 35 25 Belgium and Luxembourg... 173 130 14 116 30 Cuba 50 13 25 25 23 267 267 18 249 14 Egypt 60 10 30 30 30 Italy 107 1 106 8 France 525 108 328 263 100 Netherlands 236 236 146 90 24 India 400 28 200 200 128 Other 369 322 27 295 6 Indonesia 110 16 55 55 55 Japan 250 63 125 125 Sterlinc area, total 1,153 865 94 771 101 Netherlands 275 69 64 64 Australia 318 294 19 276 25 United Kingdom. . 1,300 236 562 562 562 India 354 256 27 229 29 United States 2,750 688 io-2,OO3 10-1,956 10-1,251 Pakistan .. . .. . 126 57 11 46 4 Union of S. Africa 160 140 27 113 20 United Kingdom 146 89 4 85 23 Notes to tables on international institutions: Other 49 29 7 22 2 1 R C e u p rr r e e n se c n ie t s s i p n r c in lu c d ip e a d l e o m f a a n u d t h o o b r l i i z g e a d t io lo n a s n h s, e l l d e s i s n l o li a e n u s o n f o d t e y p e o t s i e ts ff . ective, Latin America, total 758 598 73 525 24 repayments, the net amount outstanding on loans sold or agreed to be Brazil 182 167 18 149 1 sold to others, and exchange adjustment. Colombia 111 92 21 70 3 3 Excludes uncalled portions of capital subscriptions. 145 11 134 8 4 Loans to dependencies are included with member. Other 312 194 22 171 12 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $138 million in loans not yet effective. Asia (excl. Sterling area), total. 320 196 7 189 16 7 Includes $203 million not guaranteed by the Bank. Thailand 107 40 4 35 2 8 U. S. Treasury bills purchased with proceeds of sales of gold. Other 213 156 3 153 14 9 Countries shown are those with cumulative net drawings of $25 million or more on the latest date. Africa (excl. Sterling area).... 24 9 1 8 !0 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Total 63,538 2,730 381 2,349 7224 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note Gold (fi O a i d s s u s t s h u c e i e e t a s r ) ry Coin Notes a c v n o D a d n u i c n s a e - t d s s - Se t c ie u s ri- ci t r i c o u n l i a- Bankers' Pub D li e c posit E s CA Other C su a a r p n p i d l t u a s l 1953—Dec. 30 .4 1,675.0 2.4 55.4 4.9 338.1 1,619.9 290.2 14.9 7.2 70.4 18.2 1954_Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955—Dec. 28 .4 1,900.0 2.3 10.7 37.7 299.6 1,889.6 245.2 12.0 3.2 71.7 18.1 1956—Dec. 26 .4 2,025.0 1.9 27.7 11.0 267.7 1,997.7 203.6 11.6 74.9 18.1 1957—May 29 .4 1,975.0 2.4 21.7 40.5 243.2 1,953.7 204.4 10.1 75.3 18.0 June 26 .4 2,000.0 2.4 14.9 32.6 268.4 1,985.5 216.3 12.2 71.8 18.1 July 31 .4 2,075.0 2.4 15.9 29.9 262.4 2,059.5 205.0 13.4 73.9 18.3 Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 1,967.5 216.8 13.0 73.1 18.5 Oct. 30 .4 2,000.0 2.5 33.4 13.7 288.7 1,967.0 234.6 10.1 75.7 17.8 Nov. 27 .4 2,050.0 2.4 48.9 19.8 260.3 2,001.4 226.9 10.1 76.4 18.0 Dec. 25 .4 2,150.0 2.4 22.4 21.0 263.6 2,128.0 199.5 9.8 81.9 18.1 1958—Jan. 29 .4 2,000.0 2.4 43.2 25.3 239.4 1,957.2 205.1 12.2 74.6 18.3 Feb. 26 .4 2,000.0 2.4 38.2 27.9 258.3 ,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 Apr. 30 .4 2,050.0 2.4 39.9 29.1 249.8 2,010.4 200.4 9.9 73.1 17.8 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 733 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date Ste a r n l d ing Do ci m al i n g i o o v n t . a s n e d c u p r r it o i v es in- Deposits Other United Other Note liabilities d S o ta ll t a e r s s S t h er o m rt- Other assets circulation Ch b a a r n te k r s ed Do g m o i v n t i . on Other ca a p n i d tal 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 ,093.7 185.2 ',738.5 551.0 89.2 34.0 207.5 1956—Dec. 31. 60.8 ,025.0 ,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957—May 31. 52.3 ,165.9 ,185.1 188.7 ,751.5 526.3 43.9 32.0 238.3 June 29. 57.3 ,213.3 ,194.3 210.3 ,784.3 545.5 44.4 28.9 272.1 July 31. 63.1 ,197.7 ,202.3 100.7 ,817.7 490.5 54.2 26.9 174.5 Aug. 31. 62.4 ,251.8 ,208.4 203.9 ,815.5 542.8 64.0 33.3 270.9 Sept. 30. 55.3 ,208.4 ,204.2 110.9 ,819.1 480.8 66.9 28.7 183.3 Oct. 31. 56.6 ,297.5 ,192.1 163.5 ,824.0 623.7 40.1 25.8 196.0 Nov. 30, 56.2 ,321.5 1,152.0 252.8 ,828.0 543.4 64.3 30.7 316.1 Dec. 31, 63.5 ,246.2 1,217.5 131.5 ,903.7 517.6 35.4 31.2 170.8 1958—Jan. 31. 63.0 ,265.5 1,105.0 182.2 ,776.5 533.8 57.3 23.3 224.8 Feb. 28, 63.2 ,293.0 1,103.2 198.1 ,783.7 555.2 46.1 26.8 245.6 Mar. 31, 61.2 ,373.9 1,074.3 157.6 ,809.7 579.5 53.8 24.6 199.3 Apr. 30 51.3 1,329.7 1,144.1 117.3 1,832.0 554.2 60.4 25.1 170.6 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a x e n i - g g e n m O a p r e k n et Dom Sp e e s c ti i c a l bills Other Cu A G rr d o e v v n a e t n rn c m e O s e t t n h o t er O as t s h e e ts r ci N t r i c o o u t n l e a- Gov D er e n p - os O it t s her3 c l O i a i a a t p t i n b h e i d i t e s l a r - l 1953—Dec. 31. 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 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—May 29, 301 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 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 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 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 11.9 322.7 18.3 1,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31 201 12.0 315.2 44.0 1,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28, 201 12.0 282.0 44.6 1,893.9 175.0 820.1 296.2 3,139.9 467.1 118.0 Dec. 26 201.2 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 3,191.7 469.0 128.1 Feb. 27, 201.2 11.8 290.2 50.6 1,827.7 175.0 948.9 259.7 3,197.9 455.5 111.8 Mar. 27, 201.2 11.8 287.8 34.8 1,932.3 175.0 899.9 253.2 3,192.1 478.5 125.5 Apr. 30 5201.2 11.9 322.6 27.1 1,881.2 175.0 946.4 5305.0 3,295.5 470.8 104.1 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb, Apr. Apr. Mar. Feb. Apr. Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos): 6 (millions of pounds): Gold and foreign exchange (net)... -730 Gold and foreign exchange 430 458 463 441 Net claim on Intl. Fund7 -675 Checks and bills of other banks.. 7 5 4 6 Advances to Government 2,906 Securities (incl. Govt. and Treas- Government securities 62,413 ury bills) 494 464 476 471 Loans and discounts 6,241 Other assets 50 54 54 68 Other assets 2,884 Note circulation 389 390 387 403 Currency in circulation 53,017 Deposits of Trading Banks: Deposits—Government 419 Special 305 325 340 340 Banks 11,341 Other 29 18 27 18 Other 305 Other liabilities and capital 258 248 243 224 Other liabilities and capital 7,958 Notes to central bank table on this and opposite page: 6 Under the banking reform, effective Dec. 2, 1957, the Central Bank 1 Notes issued, less amounts held in banking department. has been reorganized. The balance sheet has been substantially modified, 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control and figures are not comparable with those shown previously. Board in return for short-term Govt. securities (see BULLETIN for July 7 This figure represents the amount of the country's subscription to 1940, pp. 677-78). the Fund less the bank's local currency liability to the Fund. 3 Includes Economic Cooperation Administration. NOTE.—All figures, including gold and foreign exchange, are compiled < Less than 50 million francs. from official reports of individual banks and are as of the last report date 5 Other assets include 100.0 billion francs of gold loaned to Stabiliza- of the month. For details relating to individual items, see BULLETIN for tion Fund. April 1955, p. 443. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 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 Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 2,654 2,654 2,653 2,004 Gold 136 136 136 136 Foreign exchange (net) 10,203 10,341 10,388 8,326 Foreign exchange (net) 112 119 98 195 Loans and discounts 5,679 5,683 5,695 6,472 Foreign exchange (Stabilization Claim against Government 1,342 1,342 1,342 1,354 Fund) 141 144 149 162 Other assets 844 834 823 600 Net claim on Intl. Fund * -12 -12 -12 -10 Note circulation 15,091 15,019 14,992 14,009 Loans and discounts 127 77 76 49 Deposits—Banks 1,610 1,777 1,866 979 Credits to Government 189 185 193 101 Other , 1,023 1,017 965 956 Other assets 75 73 74 75 Blocked 1,115 1,049 1,104 1,110 Note circulation 522 466 449 451 Other liabilities and capital 1,882 1,991 1,974 1,703 Deposits 210 220 230 231 National Bank of Belgium (millions of Other liabilities and capital 37 35 34 27 francs): National Bank of Czechoslovakia2 Gold 51,424 49,905 48,369 42,448 National Bank of Denmark (millions Foreign claims and balances (net). 11,370 10,600 10,279 12,247 of kroner): Loans and discounts 8,881 7,562 9,043 11,740 Gold 68 68 68 68 Consolidated Govt. debt 34,243 34,243 34,397 34,456 Foreign exchange 1,041 976 948 568 Govt. securities 7,930 8,405 9,006 7,475 Loans and discounts 165 212 167 223 Other assets 5,980 6,063 5,964 5,569 Securities 335 374 365 494 Note circulation 13,080109,629109,468 108,514 Govt. compensation account 2,979 :,979 2,981 3,047 Deposits—Demand 1,968 2,531 2,880 Other assets 849 647 .896 1,002 ECA 19 19 20 Note circulation 2,324 1,327 2,290 2,205 Other liabilities and capital 4,762 4,598 4,691 4,144 Deposits—Government 1,390 ,396 1,442 1,560 Central Bank of Bolivia—Monetary Other 1,458 ,270 1,403 1,395 dept. (millions of bolivianos): Other liabilities and capital 265 263 290 241 Gold at home and abroad 7,048 '193 OCentral Bank of the Dominican Re- Foreign exchange (net) -30,167 33,246 public (thousands of pesos): Gold contribution to Intl. Fund. . 21,375 475 Gold 11,405 11,405 11,405 11,405 Loans and discounts 384,769 257,805 Foreign exchange (net) 9,682 9,471 9,594 11,794 Govt. securities 7,873 7,951 Net claim on Intl. Fund * 2,500 2,500 2,500 2,500 Other assets. 26,795 5,483 Loans and discounts 9,183 10,373 10,505 4,987 Note circulation 218,157 175,161 Govt. securities 7,500 7,500 7,500 7,830 Deposits 29,412 18,095 Other assets 27.592 27,335 26,058 21,258 Other liabilities and capital 170,126 111,895 Note circulation 53;068 53,428 52,904 47,874 Central Bank of Ceylon (millions of Demand deposits 10,877 11,464 11,091 8.549 rupees): Other liabilities and capital 3,918 3,692 3,567 3,352 Foreign exchange 560 598 595 680 Centtrraall :Bank of Ecuador (millions of Advances to Govt 29 sucres): Govt. securities 104 76 78 19 Gold 325 325 325 325 Other assets 14 15 4 8 Foreign exchange (net) -25 -31 -32 -2 Currency in circulation 506 472 463 468 Net claim on Intl. Fund1 38 38 38 38 Deposits—Government 3 21 13 45 Credits—Government 467 466 463 531 Banks 91 84 95 90 Other 299 317 328 213 Other liabilities and capital 106 112 105 104 Other assets 284 273 253 235 Central Bank of Chile (millions of Note circulation 680 685 693 661 pesos): Demand deposits—Private banks . 209 206 203 212 Gold 4,: 4,533 6,648 Other 189 210 210 175 Foreign exchange (net) 670 666 1,003 Other liabilities and capital 310 286 268 293 Net claim on Intl. Fundl -2,732 -2,732 19National Bank of Egypt (millions of Discounts for member banks 18,894 17,675 10,131 pounds): Loans to Government 37,864 30,864 Gold 61 61 66 61 Other loans and discounts 64,003 59,772 46',690 Foreign assets 76 84 81 112 Other assets 36,106 36,577 30,1" Egyptian Govt. securities 187 188 188 168 Note circulation 86,750 81,045 70,695 Clearing and other accounts (net). -36 -37 -37 -11 Deposits—Bank 7,782 7,932 7,390 Loans and discounts 32 28 30 34 Other 3,020 2.356 Other assets 2 2 3 5 Other liabilities and capital 60,006 55,359 40,432 Note circulation 188 188 195 212 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 18 21 18 8 lions of pesos): Other 94 97 99 4131 Gold and foreign exchange 269 286 304 311 Other liabilities and capital 21 19 19 17 Net claim on Intl. Fundl 52 52 52 52 Oentral Reserve Bank of El Salvador Loans and discounts 1,703 1,668 1,627 649 (thousands of colones): Govt. loans and securities 637 639 640 663 Gold 78,534 541 78,550 78,775 Other assets 290 311 301 390 Foreign exchange (net) 33,656 429 32,635 53,359 Note circulation 966 992 989 789 Net claim on Intl. Fund i 4,689 689 4,689 1,562 Deposits 1,198 1,194 1,101 960 Loans and discounts 87,419 015 92,067 74,353 Other liabilities and capital 787 770 835 314 Govt. debt and securities 6,508 343 10,076 12,923 Central Bank of Costa Rica (millions Other assets 9,230 607 7,590 7,289 of colones): Note circulation 99,042 683106,344 105,377 Gold 12 12 12 12 Deposits 108,298 255106,797 111,118 Foreign exchange 90 75 69 103 Other liabilities and capital 12,695 686 12,465 11,766 Net claim on Intl. Fundl 7 7 7 77 Bank of Finland (millions of markkaa): Loans and discounts 129 150 148 92 Gold 7,850 7,850 7,850 7,849 Securities 14 15 15 18 Foreign assets and liabilities (net). 36,747 39,100 37,434 14,429 Other assets 37 37 33 Loans and discounts 32,717 29,957 30,905 42,076 Note circulation 171 174 177 157 Securities—Government 8,125 7,500 8,750 17,500 Demand deposits 58 63 51 63 Other 1,202 1,236 1,246 1,583 Other liabilities and capital 60 59 57 38 Other assets 16,489 16,673 16,871 11,501 Note circulation 56,174 55,877 56,793 55,764 Deposits 13,544 13,614 9,844 6,172 Other liabilities and capital 33,411 32,825 36,419 33,002 r Revised. * Latest month available. 3 Beginning Mar. 27, 1958, includes gold in Banking Department, 1 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 the 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 735 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. German Federal Bank5 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 6 14 Gold 10,394 10,261 10,383 7,661 Foreign exchange 155 124 110 90 Foreicn exchange 13 282 13 16512 904 11 859 -3 -7 -9 Loans and discounts 1,324 1,372 983 1,943 Loans and discounts 87 132 59 41 Loans to Government 2,590 3,362 3,576 4,088 Advances to Government 47 65 19 Other assets 1 509 1 529 1 540 985 87 65 134 102 Note circulation 16 766 16 653 16 554 15 179 Govt securities 149 149 149 149 Derjosits—Government 3 589 4'196 4 126 5 114 9 7 6 48 Banks 5,921 5,815 5,438 3,886 Notes and coin in circulation 258 258 252 243 Other 378 474 545 249 Deposits—Government 37 3 26 31 Other liabilities and capital....... 2,444 2,551 2,722 2,107 Other 214 188 216 173 Bank of Greece (millions of drachmae): Other liabilities and capital 28 27 27 16 Gold and foreign exchange (net).. 5,662 5,803 5,787 6,373Bank of Italy (billions of lire): 198 199 214 178 Gold 4 4 4 4 Advances Government 5 014 5 248 5 340 7 909 Foreign exchange 71 71 71 71 Other 6,073 5 998 5,967 4,924 567 567 567 567 Other assets 2,259 2,328 2,316 2,220 Loans and discounts 432 436 480 469 Note circulation 7,122 6 866 6 629 6 167 396 412 406 423 Deposits—Government . 1,162 1 081 1,187 1,059 Other assets 1,337 1,365 1,251 Reconstruction and Note circulation 1,747 1,766 1,726 1,653 relief accts 3,684 3 684 3,684 7,109 14 13 12 8 Other 6,350 6,647 6,694 5,127 Demand 127 134 116 123 Other liabilities and capital 888 1,298 1,429 2,142 Other 753 770 751 555 Bank of Guatemala (thousands of Other liabilities and capital 167 172 173 161 quetzales): (Jan.)* Bank of Japan (billions of yen): G Fo o r l e d icn exchange (net) 2 43 7 ,2 1 7 4 3 1 2 5 7 0 , 2 9 3 5 7 1 B A u d l v li a o n n ces to Government . ... (7) (7 J ) 3 (7) (7) Gold contribution to Intl Fund 1,250 1,250 507 588 569 274 Rediscounts and advances 19 309 7 345 Govt securities 296 383 236 361 Other assets 44 355 42 763 178 184 156 234 Circulation Notes 62 847 58 151 Note circulation 704 689 690 684 Coin 4 487 4 195 Deposits—Government 43 241 55 53 Deposits—Government 9,131 9,735 Other 80 79 80 37 Banks 27 699 27 354 Other liabilities 155 150 137 96 Other liabilities and capital 31,164 30,111Bank of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve 8 1,868 1,907 1,892 1,921 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 4,851 5,012 5,067 5,153 Issue department: 868 860 878 938 Gold at home and abroad 1,178 1,178 1,178 1,178 Other assets 651 596 485 389 Foreign securities 2 288 1 712 2 455 4,125 5,383 5,535 5,470 5 074 Indian Govt. securities 11,735 11,711 10,768 9,249 Demand liabilities 2,090 2,092 2,096 2 611 1,320 1,293 1,302 1,273 Other liabilities and capital 766 747 755 716 Note circulation.... 16,191 15,791 15,453 15,619Netherlands Bank (millions of Banking department: guilders): Notes of issue department 329 102 251 206 Gold 3,260 3,203 3,132 3 058 390 958 342 924 Silver (including subsidiary coin).. 15 16 15 6 Bills discounted • .. 174 77 35 125 1,216 1,226 1,368 691 Loans to Government 547 212 383 163 Loans and discounts . . 31 113 26 176 2,959 3,311 3,198 2,221 Govt. debt and securities 326 326 628 660 Deposits 2,751 2,885 2,606 2,019 Other assets 340 353 346 410 Other liabilities and capital 1,646 1,775 1,603 1,618 4,142 4,147 3,949 4,074 Bank Indonesia (millions of rupiahs): Deposits—Government 230 467 743 56 Gold and foreign exchange (net).. 1,268 28 131 147 ECA 17 17 17 218 Loans and discounts . 1,444 1,312 991 1,005 Other 592 401 563 459 Advances to Government 20,497 20,632 20,046 12,611 Other liabilities and capital 208 206 242 196 942 944 899 463Reserve Bank of New Zealand (thou- Note circulation 14,712 14,003 13,899 9,778 sands of pounds): Denosits EC A 107 109 109 282 Gold . ... 6 162 6 162 6 162 6 162 Other 4,794 4,733 4,939 2,504 Foreign exchange reserve 21,136 15,710 12,804 42^824 Other liabilities and capital 4,538 4,071 3,119 1,662 Loans and discounts 48,278 49,618 47,080 40,015 Bank Melli Iran (millions of rials): Advances to State or State un- Gold 5 536 4 533 4,340 50,148 55,000 65,062 26 288 Foreicn exchance 1 038 1 040 624 Investments 36 377 44 024 43 024 38 173 Gold contribution to Intl Fund 663 663 282 Other assets 1,673 2,038 1,858 1 914 Govt -secured debt 7 923 7 923 7,923 75,865 77,020 74,916 74 899 12 82312 534 12 557 Demand deposits 76 778 84 586 90 362 68 669 Other loans and discounts 8,738 8,198 6,240 11,131 10,946 10,712 11,808 16,735 17,467 4,883Bank of Norway (millions of kroner): 13 87912 473 11 000 Gold 192 192 206 227 Deposits Government 6,100 6J19 4,487 287 298 157 295 Banks ... . ... 2,097 1,873 1,398 Clearing accounts (net) -21 -14 -1 -44 Other 19 960 20 041 16,357 97 88 79 103 Special Account—Profits of reval- Securities 209 164 112 105 7,110 7,110 5,440 5,545 5,545 5,546 Other liabilities and capital 4 309 4,144 3,606 Other assets 165 168 128 109 Central Bank of Ireland (thousands of Note circulation 3,230 3,231 3,197 3,231 pounds): 1,621 1,779 1,253 1,656 Gold 2,646 2,646 2,646 2,646 Banks 380 286 509 444 Sterline funds 72 680 74 288 73 239 71 387 FOA 1 1 1 26 Note circulation • • • • • . •«75,326 76,934 75,885 74,033 Other liabilities and capital 1,137 1,144 1,266 983 5 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 7 Holdings in each month were 448 million yen. Lander) and the latter became the German Federal Bank (Deutsche 8 Includes gold, silver, and foreign exchange forming required reserve Bundesbank). (25 per cent) against notes and other demand liabilities. 6 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

736 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 Apr. Mar. Feb. Apr. Apr. Mar. Feb, Apr. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 448 448 460 550 Issue department: Foreign assets 1,180 1,203 1,166 1,112 Gold at home and abroad 116 116 116 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved. . 668 785 786 ,044 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office 2. 4,723 4,468 4,579 4,326 Pakistan Govt. securities 2,182 2,064 2,123 ,716 Other domestic bills and advances. 164 252 129 18 India currency 430 430 430 430 Other assets 853 865 895 985 Rupee coin 36 42 43 53 Note circulation 5,533 5,443 5,507 5,359 Notes in circulation 3,425 3,369 3,414 ,281 Demand deposits—Government.. 132 87 159 140 Banking department: Other 49 54 42 147 Notes of issue department 65 127 142 134 Other liabilities and capital 1,782 1,782 1,651 1,475 Bills discounted Swiss National Bank (millions of Loans to Government 127 155 113 126 francs): Other assets 1,073 861 827 809 Gold 7,661 7,394 7,448 6,866 Deposits 1,079 972 920 876 Foreign exchange 566 654 557 461 Other liabilities and capital.... 186 171 162 193 Loans and discounts 143 146 151 157 Central Bank of Paraguay (millions of Other assets 90 89 85 108 guaranies): Note circulation 5,513 5,560 5,498 5,533 Gold 11 10 Sight liabilities 2,717 2,492 2,514 1,839 Foreign exchange (net) 552 661 Other liabilities and capital 231 230 229 220 Net claim on Intl. Fund1 113 53 Central Bank of the Republic of Turkey Loans and discounts 1,614 710 (millions of pounds): Govt. loans and securities 734 663 Gold 403 403 403 402 Other assets 353 203 Foreign exchange and foreign Note and coin issue 1,227 200 clearings 421 452 456 293 Deposits—Government 419 468 Loans and discounts 5,249 5,150 5,054 4,194 Other 339 263 Securities 32 33 33 30 Other liabilities and capital 1,392 369 Other assets 259 260 264 246 Central Reserve Bank of Peru (millions Note circulation 3,299 3,225 3,205 2,652 of soles): Deposits—Gold 156 156 156 155 Gold and foreign exchange 140 130 679 Other 2,078 2,081 2,038 1,721 Net claim on Intl. Fund* 67 67 67 Other liabilities and capital 832 835 812 637 Loans and discounts to banks... 1,280 1,343 862 Bank of the Republic of Uruguay (mil- Loans to Government 1,754 1,758 lions of pesos): (Jan.) Other assets 122 127 Gold 273 278 Note circulation , 2,453 2,440 Silver 9 Deposits 679 777 Advances to State and Govt. Other liabilities and capital 230 209 bodies 316 283 Central Bank of the Philippines Other loans and discounts 725 572 (millions of pesos): Other assets 982 746 Gold 16 15 14 48 Note circulation 610 570 Foreign exchange 178 193 210 278 Deposits—Government 174 187 Loans 126 117 120 95 Other 423 356 Domestic securities 828 832 804 528 Other liabilities and capital 1,097 774 Other assets 164 164 168 158 Central Bank of Venezuela (millions Circulation—Notes 733 725 716 705 of bolivares): Coin 87 87 87 86 Gold 1,999 1,999 1,999 1,947 Demand deposits 331 329 330 223 Foreign exchange (net) 1,755 1,570 1,791 1,134 Other liabilities and capital 161 179 182 92 Other assets , 135 160 178 156 Bank of Portugal (millions of escudos): Note circulation , 1,473 1,486 1,477 1,254 Gold 5,973 5,947 ,872 Deposits , 911 794 713 534 Foreign exchange (net) 13,799 13,667 ,622 Other liabilities and capital 1,504 1,448 1,777 1,448 Loans and discounts 1,654 1,695 ,281National Bank of Federal People's Re- Advances to Government 1,365 1,366 ,376 public of Yugoslavia (billions of Other assets 2,IT 2,212 ,859 dinars): Note circulation 11,889 11,895 ,065 Gold 4 4 4 5 Demand deposits—Government. 1,803 1,839 ,683 Gold contribution to Intl. Fund.. 2 2 2 2 ECA 20 20 90 Foreign assets 25 24 26 38 Other 7,844 7,668 ,184 Loans (short-term) , 898 872 785 748 Other liabilities and capital 3,507 3,464 ,989 Govt. debt (net) 67 58 76 78 South African Reserve Bank (millions Other assets 15 12 15 38 of pounds): Notes and coin in circulation. 131 121 121 99 Gold 63 68 75 Demand deposits 448 433 371 310 Foreign bills 15 20 19 Foreign liabilities 82 81 82 82 Other bills and loans 7: 79 7 Long-term liabilities (net) 303 295 288 294 Other assets. 6: 63 63 Other liabilities and capital 47 43 47 124 Note circulation 114 114 113 113 Bank for International Settlements Deposits 66 86 86 77 (millions of Swiss gold francs): Other liabilities and capital 33 31 30 13 Gold in bars 648 558 496 490 Bank of Spain (millions of pesetas): Cash on hand and with banks... 55 77 42 54 Gold 618 618 618 617 Rediscountable bills and accept- Silver 319 319 319 323 ances (at cost) 398 560 621 835 Govt. loans and securities 14,710 15,551 15,563 ,302 Time funds at interest 375 303 223 137 Other loans and discounts 59,763 59,861 59,827 ,293 Sundry bills and investments.... 709 665 658 683 Other assets 67,571 68,653 66,409 ,860 Funds invested in Germany 297 297 297 297 Note circulation 64,634 65,638 64,739 ,711 Other assets 1 1 1 Deposits—Government 2,439 1,813 2,831 ,74' Demand deposits—Gold 706 554 50! 593 Other 13,556 13,463 13,216 ,579 Other 1,225 1,356 1,286 ,369 Other liabilities and capital 62,353 64,087 61,949 ,356 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 324 323 321 306 * Latest month available. NOTE.—All figures, including gold and foreign exchange, are compiled 1 This figure represents the amount of the counlttrryy''ss ssuulbscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to thee FFuunndd.. of the month. 2 Includes small amount of nongovernment bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 737 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since June 1957 Month effective Den- Ger- Nether- United Philip- Argen- Belgium mark France many lands Spain Sweden King- Canada2 pines tina 3 Cuba 3 dom In effect June 30, 1957 3.50 5.5 4.0 4.5 3.75 4.25 4.0 5.0 4.06 1.5 3.5 4.5 1957_july 4.50 4.25 5.00 5.0 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 Mi ay 4.5 5.5 1.79 In"effect May 31, 1958 4.25 5.0 5.0 3.5 4.00 5.00 4.5 5.5 1.79 4.5 6.0 5.5 Other selected central banks—rates in effect on May 31, 1958 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Latin America: All other: Austria 5.0 Nov. 1955 Burma 3.0 Feb. 1948 Chile3 6.0 Feb. 1957 New Zealand.. 7.0 Oct. 1955 Greece 10.0 May 1956 Ceylon 2.5 June 1954 Costa Rica 3... 3.0 Apr. 1939 South Africa.. 4.5 Sept. 1955 Italy 4.0 Apr. 1950 India* 4.0 May 1957 El Salvador3.. 4.0 Apr. 1957 Norway 3.5 Feb. 1955 Indonesia3.... 3.0 Apr. 1946 Mexico 4.5 June 1942 Portugal 2.5 Jan. 1944 Japan3 9.13 May 1957 Peru3 6.0 Nov. 1947 Switzerland. . . 2.5 May 1957 Pakistan 3.0 July 1948 Venezuela.... 2.0 May 1947 Turkey 6.0 June 1956 Thailand 7.0 Feb. 1945 1 Rates shown represent mainly those at which the Central bank either rates depending on type of paper or transaction and extent of borrowing discounts or makes advances against eligible commercial paper and/or from Central bank, including 8.40 per cent for discount or paper related to government securities for commercial banks or brokers. For countries domestic commercial transactions (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial paper and miscellaneous collateral); Chile—rates in excess of 6 per rate shown is the one at which the largest proportion of central bank cent are applied to rediscounts in excess of 50 per cent of the rediscountsg credit operations is understood to be transacted. In certain cases other bank's capital and reserves, rates of 4 and 2 per cent apply to certain types rates for these countries are given in note 3. of agricultural paper; Costa Rica—5 per cent for paper related to com- 2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent mercial transactions (rate shown is for agricultural and industrial paper); above the latest average tender rate for Treasury bills. El Salvador—3 per cent for agricultural and industrial paper and 2 per 3 Discounts or advances at other rates include: Argentina—3 and 5 cent for special cases; and Peru—4 per cent for industrial paper and per cent for certain rural and industrial paper, depending on type of mining paper, and 3 per cent for most agricultural paper. transaction; Cuba—4.5 per cent for sugar loans and 4 per cent for loans 4 Since May 16, this rate applies to advances against commercial paper secured by national public securities; Indonesia—various rates depending as well as against government securities and other eligible paper. on type of paper, collateral, commodity involved, etc.; Japan—various OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la it n z d er- Month 3 T m r b e o a i n l s l u s th ry sJ D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m b ea 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 a e o p n o w o k n s a e i n r t s s c ' e D m a o d y n a - y e t y o 3 - 3 T r m b ea i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r c i a v o t a u e t n e t 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-6^ 1.50 1956—Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4$-6% 1.50 1957 May 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 4Vi-6% 1.75 June 3 80 3 80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 41A-6V4 2.50 July. 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 5^-8 2.50 AUK 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 5^-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 3.50 534-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 534-8 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 534-8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 534-8 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

738 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 Basic P (p re e f s e o r ) - Free (p t A r o a u u l n s ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D r e o a n r n k - e) ential 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 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—May. 5.556 2.564 222.39 3.8536 1.9862 104.638 20.895 June 5.556 2.477 222.33 3.8536 1.9875 104 891 20 898 July 5.556 2.365 222.14 3.8536 1.9908 105.150 20.890 Aug 5.556 2.303 221.73 3.8536 1.9865 105 470 20 862 Sept 5.556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct . 5.556 2.487 223.09 3.8536 1.9929 103 636 20 928 Nov 5.556 2.595 223.32 3.8536 1.9983 103.921 20.935 Dec. 5.556 2.707 223.57 3.8536 1.9991 102.304 20.969 1958—Jan . 5.556 2.696 224.16 3 8536 1 9986 101 535 21 045 Feb 5.556 2.656 224.36 3.8536 2.0024 101 934 21 078 Mar 5.556 2.610 224.33 3.8536 2.0041 102.312 21.072 Apr 5.556 2.444 224.47 3.8536 2 0047 103 011 21 088 May 5.556 2.377 224.36 3.8536 2.0050 103.396 21.085 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 ( I ru n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o 1952 .4354 .2856 23.838 20.922 279.68 32 601 11.588 1953 .4354 .2856 21.049 281.27 32.595 11.607 1954 ... . .4354 .2856 23.838 21.020 280.87 32 641 9 052 1955 .4354 .2856 23.765 20.894 279.13 32.624 8.006 1956 .4354 .2855 23.786 20.934 279.57 2779 32 582 8 006 1957 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32 527 8 006 1957—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 May. .3118 .2858 .2376 23.858 21.092 281.57 .2779 32.821 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 u a 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 (f e S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d d - ) 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279 26 1953 26 340 278.48 14.015 49.676 3.4887 280.21 19 323 23 316 281 27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280 87 1955 . . .. 26.230 276.36 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—May 26.134 276.33 14.008 49.695 3.4900 278.05 19.333 23 335 279 10 June 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23.335 279.02 July 26 121 276.02 14.008 49.695 3.4900 211.1A 19 333 23 332 278 78 Aug 26.103 275.52 14.008 49.695 3.4900 277.23 19.329 23 335 278 27 Sept 26.102 275.75 14.008 49.695 3.4900 277.47 19.328 23.335 278 51 Oct 26 287 277.21 14.008 49.695 3.4900 278.94 19 328 23 335 279 98 Nov 26.363 277.49 14.008 49.695 3.4900 279.21 19.328 23 335 280 26 Dec 26.367 277.80 14.008 49.695 3.4900 279.53 19.328 23.335 280.58 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 May 26.388 278.78 14.008 49.695 3.4900 280.52 2.3810 19.328 23.335 281.57 1 Official rate. The basic and preferential rates were discontinued and 4 On Aug. 12, 1957, the French authorities established an effective rate the new official rate of 18 pesos per U. S. dollar became effective Oct. of 420 francs per U. S. dollar applicable to most foreign exchange transac- 28, 1955. tions. Since Oct. 28, 1957, this rate has applied to all foreign exchange 2 New free market rate became effective Oct. 28, 1955. transactions. The official rate remains at 350 francs per U. S. dollar. 3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 5 Based on quotations beginning Jan. 2, 1958. to 320 markkaa per U. S. dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board JEROME W. SHAY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS S. R. CARPENTER, Secretary ROBERT F. LEONARD, Director MERRITT SHERMAN, Assistant Secretary GERALD M. CONKLING, Assistant Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Assistant Director CLARKE L. FAUVER, Assistant Secretary M. B. DANIELS, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve THOMAS J. O'CONNELL, Assistant General Examiner Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION RALPH A. YOUNG, Director FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director GUY E. NOYES, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director ROLAND I. ROBINSON, Adviser SUSAN S. BURR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Adviser JOSEPH E. KELLEHER, Director KENNETH B. WILLIAMS, Associate Adviser LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director OFFICE OF THE CONTROLLER J. HERBERT FURTH, Associate Adviser A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 739 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN • JUNE 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 Q 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 741. District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby Robert V. Roosa I. B. Smith, in charge John Exter Robert G. Rouse of Buffalo Branch M. A. Harris Walter H. Rozell, Jr. T. G. Tiebout H. H. Kimball V. Willis H. V. Roelse R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Daniel M. Dalrymple John W. Remington Leland B. Bryan Raymond E. Olson E. Perry Spink Ralph F. Peo, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS Henderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman William B. Brosius Walter E. Hoadley, Jr. R. Russell Pippin Bayard L. England Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes Karl R. Bopp, President Robert N. Hilkert, First Vice President Vice Presidents David P. Eastburn E. C. Hill P. M. Poorman Murdoch K. Goodwin Wm. G. McCreedy J. V. Vergari Richard G. Wilgus District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS Arthur B. Van Buskirk, Chairman and Federal Reserve Agent Joseph H. Thompson, Deputy Chairman Aubrey J. Brown King E. Fauver George P. MacNichol, Jr. John A. Byerly Joseph B. Hall Paul A. Warner Charles Z. Hardwick W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen L. Merle Hostetler Martin Morrison Roger R. Clouse R. G. Johnson, in charge of H. E. J. Smith Clyde Harrell Cincinnati Branch Paul C. Stetzelberger J. W. Kossin, in charge of Pittsburgh Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Roger Drackett W. Bay Irvine William A. Mitchell Anthony Haswell, Chairman Ivan Jett Thomas M. Wolfe Franklin A. McCracken PITTSBURGH BRANCH—BOARD OF DIRECTORS Lawrence O. Hotchkiss Ben Moreell John C. Warner, Frank C. Irvine Sumner E. Nichols Chairman Douglas M. Moorhead Irving W. Wilson Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDERAL RESERVE BULLETIN • JUNE 1958 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman D. W. Colvard Joseph E. Healy Denver L. Morgan Robert Gage L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of J. M. Nowlan R. L. Cherry, in charge of Baltimore Branch James M. Slay Charlotte Branch Aubrey N. Heflin Thomas I. Storrs J. Dewey Daane Upton S. Martin C. B. Strathy BALTIMORE BRANCH—BOARD OF DIRECTORS Gordon M. Cairns James W. McElroy Stanley B. Trott Wm. Purnell Hall, Chairman J. N. Shumate Clarence R. Zarfoss John W. Stout CHARLOTTE BRANCH—BOARD OF DIRECTORS George H. Aull Charles D. Parker G. G. Watts William H. Grier, Chairman Ernest Patton T. Henry Wilson I. W. Stewart District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter Joseph T. Lykes W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents J. E. Denmark J. E. McCorvey L. B. Raisty H. C. Frazer, in charge of R. E. Moody, Jr., in charge Earle L. Rauber Birmingham Branch of Nashville Branch S. P. Schuessler T. A. Lanford, in charge of Harold T. Patterson M. L. Shaw, in charge Jacksonville Branch of New Orleans John L. Liles, Jr. Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Robert M. Cleckler E. W. McLeod John E. Urquhart, Chairm 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, Chairmat 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 743 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continned 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. Mayberry C. V. Patterson J. Thomas Smith Raymond T. Perring District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS Pierre B. McBride, Chairman and Federal Reserve Agent J. H. Longwell, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Leo J. Wieck H. Lee Cooper J. E. Etherton Jesse D. Wooten Harold O. McCutchan Delos C. Johns, President Guy S. Freutel, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Geo. E. Kroner Fred Burton, in charge of of Memphis Branch Dale M. Lewis Little Rock Branch Donald L. Henry, in charge H. H. Weigel of Louisville Branch J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS R. H. Alexander T. Winfred Bell, Chairman J. V. Satterfield, 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

744 FEDERAL RESERVE BULLETIN • JUNE 1958 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Conflnued 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 745 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Cooti ed M 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

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

Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. 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, $1.00. 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. 747 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN • JUNE 1958 PERIODIC RELEASES DEPARTMENT STORE CREDIT WEEKLY DEPARTMENT STORE MERCHANDISING DATA CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- MENTS BY INDUSTRY CHANGES IN STATE BANK MEMBERSHIP FEDERAL RESERVE PAR LIST (Also annual list. CONDITION OF WEEKLY REPORTING MEMBER Both available at Federal Reserve Banks only) BANKS IN CENTRAL RESERVE CITIES INTERDISTRICT SETTLEMENT FUND CONDITION OF WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES INDEX NUMBERS OF WHOLESALE PRICES WEEKLY AVERAGES OF MEMBER BANK RESERVES, MONTHLY DEPARTMENT STORE SALES RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FED- MONTHLY DEPARTMENT STORE SALES AND ERAL RESERVE BANKS STOCKS, BY DEPARTMENTS WEEKLY DEPARTMENT STORE SALES MONTHLY DEPARTMENT STORE STOCKS WEEKLY DEPARTMENT STORE SALES—SELECTED MONTHLY FOREIGN EXCHANGE RATES CITIES AND AREAS NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY FOREIGN EXCHANGE RATES OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY REVIEW OF PERIODICALS (Available only for domestic distribution) RETAIL FURNITURE REPORT SALES FINANCE COMPANIES WEEKLY U. S. GOVERNMENT SECURITY YIELDS AND PRICES STATE MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM AND NONMEMBER BANKS THAT MAIN- SEMIMONTHLY TAIN CLEARING ACCOUNTS WITH FEDERAL RE- DEPOSITS, RESERVES, AND BORROWINGS OF MEM- SERVE BANKS (Also annual list) BER BANKS U. S. GOVERNMENT SECURITY YIELDS AND PRICES SELECTED LIST OF ADDITIONS TO THE RESEARCH LIBRARY SEMIANNUAL-QUARTERLY MONTHLY ALL BANKS IN THE UNITED STATES AND OTHER AREAS—PRINCIPAL ASSETS AND LIABILITIES, BY ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- STATE ment for Banks and the Monetary System) BANK RATES ON SHORT-TERM BUSINESS LOANS CREDIT EXTENDED BY BANKS TO REAL ESTATE ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MORTGAGE LENDERS BY DISTRICTS MEMBER BANK CALL REPORT BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS MEMBER BANK EARNINGS BUSINESS INDEXES MEMBER BANK LOANS CONSUMER CREDIT (Short- and Intermediate- SALES, PROFITS, AND DIVIDENDS OF LARGE COR- Term and Consumer Instalment Credit Ex- PORATIONS tended and Repaid) ANNUAL CONSUMER CREDIT AT CONSUMER FINANCE COM- BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS PANIES DEPARTMENT STORE TRADE CONSUMER INSTALMENT CREDIT AT COMMERCIAL BANKS BIENNIAL CONSUMER LOANS MADE UNDER EFFECTIVE STATE DISTRIBUTION OF BANK DEPOSITS BY COUNTIES SMALL LOAN LAWS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 749 REPRINTS REAL ESTATE LOANS OF REGISTRANTS UNDER (From Federal Reserve Bulletin unless preceded by REGULATION X. June 1952. 18 pages. an asterisk) REVISED SERIES ON DEPARTMENT STORE SALES, THE HISTORY OF RESERVE REQUIREMENTS FOR STOCKS, AND ORDERS. October 1952. 5 pages. BANKS IN THE UNITED STATES. November 1938. 20 pages. RECENT CENTRAL BANKING DEVELOPMENTS IN HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL SOUTHEAST ASIA. December 1952. 9 pages. RESERVE POLICY. April 1940. 11 pages. THE MONETARY SYSTEM OF THE UNITED STATES. MEASUREMENT OF PRODUCTION. September 1940. February 1953. 16 pages. 16 pages. FEDERAL RESERVE BANK LENDING POWER NOT INFLUENCE OF CREDIT AND MONETARY MEASURES DEPENDENT ON MEMBER BANK RESERVE BAL- ON ECONOMIC STABILITY. March 1953. 16 ANCES. February 1941. 2 pages. pages. ADJUSTMENT FOR SEASONAL VARIATION. Description of method used by Board in adjusting FEDERAL FINANCIAL MEASURES FOR ECONOMIC economic data for seasonal variation. June STABILITY. May 1953. 7 pages. 1941. 11 pages. *DETAILED DESCRIPTION OF SOURCES AND METH- ESTIMATES OF GROSS NATIONAL PRODUCT, 1919- ODS USED IN REVISION OF SHORT- AND INTER- 28. September 1945. 2 pages. MEDIATE-TERM CONSUMER CREDIT STATISTICS. April 1953. 25 pages. VALUES AND LIMITATIONS OF CONSUMER FINAN- CIAL SURVEYS FOR ECONOMIC RESEARCH. March FEDERAL RESERVE BANK RESPONSIBILITIES. May 1947. 9 pages. 1953. 5 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. July 1948. 6 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes). No- NEW STATISTICS OF INTEREST RATES ON BUSINESS vember 1953. 65 pages. LOANS. March 1949. 10 pages. FEDERAL RESERVE MONTHLY INDEX OF INDUS- NOTES ON FOREIGN CURRENCY ADJUSTMENTS. TRIAL PRODUCTION, 1953 Revision. December November 1949. 14 pages. 1953. 96 pages. METHODS OF THE SURVEY OF CONSUMER FI- NANCES. July 1950. 15 pages. EXTENSIONS AND REPAYMENTS OF CONSUMER IN- STALMENT CREDIT. January 1954. 14 pages. MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. NEW INDEXES OF OUTPUT OF CONSUMER DUR- *THE TREASURY—CENTRAL BANK RELATIONSHIP ABLE GOODS. May 1954. 15 pages. IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sep- 19 pages. tember 1954. 10 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOW- ING THE INTRODUCTION OF REAL ESTATE CREDIT USE OF MONETARY INSTRUMENTS SINCE MID- REGULATION. July 1951. 23 pages. 1952. December 1954. 8 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN • JUNE 1958 DIRECTLY PLACED FINANCE COMPANY PAPER. OWNERSHIP OF DEMAND DEPOSITS. May 1957. December 1954. 8 pages. 6 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND INTEREST RATES IN LEADING COUNTRIES. August DEPOSITS ADJUSTED AND CURRENCY OUTSIDE 1957. 7 pages. BANKS. March 1955. 4 pages. WINNING THE BATTLE AGAINST INFLATION. Au- UNITED STATES BANKS AND FOREIGN TRADE FI- gust 1957. 12 pages. NANCING. April 1955. 11 pages. WORLD PAYMENTS STRESSES IN 1956-57. October BANKERS' ACCEPTANCE FINANCING IN THE UNITED 1957. 8 pages. STATES. May 1955. 13 pages. REVISION OF MONTHLY DEPARTMENT STORE IN- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- DEXES. December 1957. 30 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. BANKING AND MONETARY STATISTICS, 1957. Selected series of banking and monetary statistics SURVEY OF BANK LOANS FOR COMMERCIAL AND for 1957 only. February and May 1958. 12 INDUSTRIAL PURPOSES. Business Loans of pages. (Similar reprints of 1954, 1955, and Member Banks. April 1956. 14 pages. Credit 1956 data available from earlier BULLETINS.) Lines and Minimum Balance Requirements. June 1956. 7 pages. (Reprints on a similar BANK CREDIT AND MONEY IN 1957. February Survey are available from March, May, June, 1958. 9 pages. (Also, similar reprint from July, and August 1947 BULLETINS.) July 1957 BULLETIN.) FINANCING OF LARGE CORPORATIONS, 1951-55. SEASONAL FACTORS AFFECTING BANK RESERVES. June 1956. 9 pages. February 1958. 12 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- INTERNATIONAL GOLD AND DOLLAR FLOWS. tober 1956. 24 pages. (Also, similar reprint March 1958. 7 pages. from April 1953 BULLETIN.) 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- NARY FINDINGS. March 1958. 4 pages. tober 1956. 15 pages. MEMBER BANK LENDING TO SMALL BUSINESS, AGRICULTURAL LOAN SURVEY. November 1956 1955-57. April 1958. 19 pages. and January, February, and March 1957 BUL- LETINS. 52 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1958. 10 pages. UNITED STATES BANKING ORGANIZATION ABROAD. December 1956. 16 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS. April 1958. 5 pages. 1957 SURVEY OF CONSUMER FINANCES. March, June, and August 1957. 54 pages. (Similar OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 Surveys are available for earlier years from pages. 1952, 1953, 1954, 1955, and 1956 BULLETINS.) SURVEY OF COMMON TRUST FUNDS, 1957. May SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. 1958. 5 pages. (Also, similar reprints from April 1957. 20 pages. August 1956 and June 1957 BULLETINS.) SURVEY OF FINANCE COMPANIES, MID-1955. THE BATTLE AGAINST RECESSION. May 1958. 8 April 1957. 17 pages. pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 674, 675 Demand deposits—Continued Agricultural loans of commercial banks, 670, 672 Banks, by classes, 667, 673 Agriculture, Govt. agency loans, 678, 679 Type of holder, at commercial banks, 671 Assets and liabilities (See also Foreign liabilities and Department stores: claims reported by banks): Merchandising data, 705 Banks and the monetary system, consoli- Sales and stocks, 694, 704 dated, 666 Deposits (See also specific types of deposits): Corporate, current, 686 Adjusted, and currency, 666 Domestic banks, by classes, 667, 670, 672 Banks, by classes, 667, 671, 673 Federal business-type activities, by fund or Federal Reserve Banks, 661, 662, 728 activity, 678, 679 Postal savings, 666 Federal Reserve Banks, 661, 662 Turnover of, 664 Foreign central banks, 732 Deposits, reserves, and borrowings, by class of Automobiles: member bank, 659 Consumer instalment credit, 690, 691, 692 Discount rates, 660, 737 Production index, 696, 700 Discounts and advances by Federal Reserve Banks, 657, 661 Bankers' balances, 671, 673 Dividends, corporate, 685, 686 (See also Foreign liabilities and claims reported Dollar assets, foreign, 728, 729 by banks) Dwelling units started, 701 Banks and the monetary system, consolidated statement, 666 Earnings and expenses: Bonds (See also U. S. Govt. securities): Insured commercial banks, 719 New issues, 684, 686 Member banks, 710 Prices and yields, 675, 676 Earnings and hours, manufacturing indus- Brokers and dealers in securities, bank tries, 694, 703 loans to, 670, 672 Employment, 694, 702, 703 Business expenditures on new plant and equip- Export-Import Bank, loans, etc., 678, 679 ment, 686 Business indexes, 694 Farm mortgage loans, 678, 687, 688 Business loans (See Commercial and industrial loans) Federal business-type activities, assets and liabilities, Capital accounts: by fund or activity, 678, 679 Banks, by classes, 667, 671, 673 Federal Deposit Insurance Corporation, Federal Reserve Banks, 661, 662 assets, etc., 678, 679 Carloadings, 694 Federal finance: Central banks, foreign, 730, 732, 737 Cash transactions, 680 Coins, circulation of, 665 Receipts and expenditures, 681 Commercial banks: Treasurer's balance, 680 Assets and liabilities, 667, 670 Federal home loan banks, loans, etc., 678, 679, 689 Consumer loans held, by type, 691 Federal Housing Administration, Number, by classes, 667 loans, etc., 678, 679, 687, 688, 689 Real estate mortgages held, by type, 687 Federal National Mortgage Association, Commercial and industrial loans: loans, etc., 678, 679, 689 Commercial banks, 670 Federal Reserve Banks: Weekly reporting member banks, 672, 674 Condition statement, 661, 662 Commercial paper, 674, 675 U. S. Govt. securities held by, 657, 661, 662, Commodity Credit Corporation, 682, 683 loans, etc., 678, 679 Federal Reserve credit, 657, 661, 662 Condition statements (See Assets and liabilities) Federal Reserve notes, 661, 662, 663, 665 Construction, 694, 700, 701 Finance company paper, 674, 675 Consumer credit: Foreign central banks, 730, 732, 737 Instalment credit, 690, 691, 692, 693 Foreign deposits in U. S. banks, 657, 661, 662, Major parts, 690, 692 666, 671, 673 Noninstalment credit, by holder, 691 Foreign exchange rates, 738 Consumer durable goods output indexes, 700 Foreign liabilities and claims reported by Consumer price indexes, 694, 706 banks, 724, 726, 728 Consumption expenditures, 708, 709 Foreign trade, 705 Corporate sales, profits, taxes, and dividends, 685, 686 Gold: Corporate security issues, 684, 686 Earmarked, 729 Corporate security prices and yields, 675, 676 Net purchases by U. S., 729 Cost of living (See Consumer price indexes) Production, 728, 729 Currency in circulation, 657, 665 Reserves of central banks and governments, 730 Customer credit, stock market, 676 Reserves of foreign countries and international institutions, 731 Debits to deposit accounts, 664 Stock, 657, 666, 729 Demand deposits: Gold certificates, 661, 662, 663, 665 Adjusted, banks and the monetary system, 666 Govt. debt (See U. S. Govt. securities) Adjusted, commercial banks, by classes, 671 Gross national product, 708, 709 751 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN • JUNE 1958 Home owners, Govt. agency loans, 678, 679 Profits, corporate, 685, 686 Hours and earnings, manufacturing industries, 694, 703 Real estate loans: Commercial banks, 670, 672, 687 Industrial advances by Federal Reserve Type of mortgage holder, 687, 688, 689 Banks, 661, 662, 663, 664 Type of property mortgaged, 687, 688, 689 Industrial production indexes, 694, 695, 700 Regulation V, loan guarantees, 663, 664 Instalment loans, 690, 691, 692, 693 Reserve requirements, member banks, 660 Insurance companies, 677, 682, 683, 688 Reserves: Insured commercial banks, 669, 670, 719 Commercial banks, 671 Interbank deposits, 667, 671, 673 Federal Reserve Banks, 661, 662 Interest rates: Foreign central banks and governments, 730 Bond yields, 675 Foreign countries and international institu- Business loans by banks, 675 tions, 731 Federal Reserve rates, 660, 664 Member banks, 657, 659, 661, 662, 671, 673 Foreign countries, 737 Residential mortgage loans, 687, 688, 689 Open market, 675, 737 Regulation V loans, 664 Sales finance companies, consumer loans of, 690, Stock yields, 675 691, 693 International capital transactions of the U. S., 724 Savings, 708 International financial institutions, 730, 731, 732 Savings deposits {See Time deposits) Inventories, 709 Savings institutions, principal assets, 677 Investments {See also specific types of investments): Savings and loan associations, 677, 688 Securities, international transactions, 727, 728 Banks, by classes, 667, 670, 672 Security issues, 684, 686 Federal Reserve Banks, 661, 662 Silver coin and silver certificates, 665 Govt. agencies, etc., 678, 679 State member banks, 669, 710 Life insurance companies, 677 State and municipal securities: Savings and loan associations, 677 New issues, 684 Labor force, 702 Prices and yields, 675, 676 Loans {See also specific types of loans): States and political subdivisions: Banks, by classes, 667, 670, 672 Deposits of, 671, 673 Federal Reserve Banks, 657, 659, 661, 662, Holdings of U. S. Govt. securities, 682 663, 664 Ownership of obligations of, 670, 677 Govt. agencies, etc., 678, 679 Stock market credit, 676 Insurance companies, 677, 688 Stocks: Savings and loan associations, 677, 688 New issues, 684 Loans insured or guaranteed, 663, 687, 688, 689 Prices and yields, 675, 676 Manufacturers, production indexes, 694, 695, 700 Tax receipts, Federal, 681 Margin requirements, 660 Time deposits, 659, 666, 667, 671, 673 Member banks: Treasurer's account balance, 680 Assets and liabilities, by classes, 667, 670 Treasury cash, 657, 666 Borrowings at Federal Reserve Banks, 657, 659 Treasury currency, 657, 665, 666 Deposits and reserves, by classes, 659 Treasury deposits, 657, 661, 662, 680 Earnings and expenses, 710 Number, by classes, 667 Unemployment, 702 Operating ratios, 720 U. S. Govt. balances: Reserve requirements, by classes, 660 Commercial bank holdings, Reserves and related items, 657 by classes, 671, 673 Weekly reporting series, 672 Consolidated monetary statement, 666 Minerals, production indexes, 694, 695 Treasury deposits at Federal Reserve Money rates {See Interest rates) Banks, 657, 661, 662, 680 Mortgages {See Real estate loans) U. S. Govt. securities: Mutual savings banks, 666, 667, 669, 682, 683, 687 Bank holdings, 666, 667, 670, 672, 682, 683 Federal Reserve Bank holdings, 657, 661, National banks, 669, 710 662, 682, 683 National income, 708 Foreign and international holdings, 731 National security expenditures, 681, 709 International transactions, 727 Nonmember banks, 661, 669, 670, 719 New issues, gross proceeds, 684 Outstanding, by type of security, 682, 683 Operating ratios, member banks, 720 Ownership of, 682, 683 Prices and yields, 675, 676 Payrolls, manufacturing, index, 694 United States notes, outstanding and in circula- Personal income, 709 tion, 665 Postal Savings System, 666 Utility output index, 699 Prices: Consumer, 694, 706 Veterans Administration, loans, etc., 678, 679, Security, 676 687, 688, 689 Wholesale commodity, 694, 706 Production, 694, 695, 699, 700 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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