Federal Reserve Bulletin, 1958-07

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

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Money and Credit in the Recession 753 1958 Survey of Consumer Finances: Purchases of Durable Goods 760 Report under Bank Holding Company Act 776 Survey of Foreign Investments 797 Law Department 798 Current Events and Announcements 799 National Summary of Business Conditions 800 Financial and Business Statistics, U. S. (Contents on p. 803) 805 International Financial Statistics (Contents on p. 859) 860 Board of Governors and Staff 875 Open Market Committee and Staff; Federal Advisory Council 876 Federal Reserve Banks and Branches 876 Federal Reserve Board Publications 883 Index to Statistical Tables 885 Map of Federal Reserve System Inside back cover "" l| Volume 44 • Number 7 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANK CREDIT INCREASED marketable securities of about $2 billion in more than $8 billion in the first half of this the January-June period. During the Treasyear, as banks added large amounts of secu- ury operations to finance this sum as well as rities to their portfolios. At the same time to refinance maturing issues, commercial member banks reduced their indebtedness banks bought large amounts of new secuto Federal Reserve Banks to approximately rities, while nonbank investors reduced their $100 million by the end of June, and their security holdings. excess reserves rose to around $700 million. These are the most striking aspects of RESERVES AND I0RR0WINGS credit and monetary developments since the Billions of dollars onset of recession in the closing months of 2.0 last year. The willingness and ability of banks to BORROWINGS expand credit during a recession period re- AT F. R BANKS V M A/\.\ .'' \» sulted largely from active steps taken by the Federal Reserve System to foster conditions of credit ease. During the first six months of 1958 substantial additions to the reserve 1954 1956 195* base of member banks resulted from acquisition of about $1.1 billion of United States NOTE.—Monthly averages of daily figures for member banks. Government securities by the Federal Re- Data for excess reserves for June 19:>8 are preliminary. serve System. In addition, three reductions Most of the large growth in bank assets in reserve requirements freed approximately during the first half of 1958 was reflected in $1.5 billion of member bank reserves. Dis- large increases in United States Government count rates, which had been reduced in deposits and time deposits at banks. November of last year after the business Growth in time deposits, larger than in any downturn started, were further reduced on previous six-month period, was an especially three occasions in the first half of this year. significant factor in providing additional Primarily because of lower tax yields liquidity in the economy. Demand deposits resulting from the recession, the Treasury and currency, representing the active money cash surplus in the first half of this year was supply, showed a smaller than seasonal desmaller than had been estimated in January. cline. On a seasonally adjusted basis, the To offset this, and to build up its cash bal- money supply increased at an annual rate ance in anticipation of the usual seasonal of about 23A per cent over the period. cash deficit in the last half of the year, the Partly in response to slackening demand Treasury undertook net cash borrowing on for loans, but more particularly in response 753 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN • JULY 1958 to the efforts of banks to put their newly ber bank holdings of securities in the amount available reserves to remunerative use, of almost $1 billion during February. short-term interest rates continued to fall Discount rates at Federal Reserve Banks, rapidly early in 1958. Long-term rates, which had been lowered from 3Vi to 3 per reacting to a continuing heavy flow of capi- cent in November, were further reduced to tal issues, showed little net decline in the 13A per cent in three steps in January, first six months of the year, thus making for March, and April of 1958. With member a wider spread between the rate categories bank borrowing lower in the January-June than had prevailed for some years. period, these rate reductions served to indicate the course of monetary policy, to re- FEDERAL RESERVE ACTIONS flect and to influence the course of market As recession deepened in the early months interest rates, and to assure member banks of 1958, monetary and credit policy, which of the ready availability of funds at these had shifted from restraint toward relaxation lower rates in case of temporary need. in the fall of 1957, became definitely one The first of three reductions in reserve of actively fostering ease in credit markets. requirements made in the January-June In carrying out this policy, complementary period, each of which reduced requirements use was made of open market operations, by about $500 million, was made effective at discount rate changes, and changes in re- the end of February. In March the Federal serve requirements. In addition, margin re- Reserve System supplemented this action quirements for the purchase of securities on with moderate open market purchases of credit were reduced in mid-January from 70 Government securities. These measures, toper cent to 50 per cent. gether with a second reduction in reserve Following strong credit demands in De- requirements made effective at central recember, which banks met on the basis of serve and reserve city banks on March 20 reserves supplied by Federal Reserve open and at country banks on April 1, enabled market purchases, bank reserves became member banks to meet seasonal loan deavailable early this year through the return mands in March and at the same time to of currency from circulation and the repay- continue adding to their holdings of United ment of year-end credit extensions, in ac- States Government securities on a substancordance with the usual seasonal pattern. tial scale. Meanwhile, Federal Reserve open market A third reduction in reserve requirements sales absorbed less reserves than usual. was announced in mid-April, but owing in Federal Reserve holdings of United States part to the effect of gold outflow there was Government securities and acceptances de- little change in member bank reserve posiclined less than $1 billion during January, tions during the month. In recognition of in contrast to $1.6 billion in January 1957. somewhat less easy reserve conditions at Borrowing of member banks at Federal large city banks the April reduction in re- Reserve Banks declined sharply in January serve requirements was applied only to cenand February of this year. The decline re- tral reserve and reserve city banks. The flected easier member bank reserve positions reduction for the former was one percentage that occurred in spite of the growth in de- point and for the latter one-half percentage posits brought about by an increase in mem- point. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN THE RECESSION 755 Federal Reserve purchases of United United States Government securities, $2.2 States Government securities in the open billion in other securities, $1.4 billion in market were accelerated in May and par- security loans, and $600 million in real ticularly in June. Total acquisitions for the estate loans. March-June period were about $2.0 billion, As a result of the general decline in loans making the net acquisition for the half year and rapid deposit growth since last Septemapproximately $1.1 billion. ber, the ratio of loans to deposits declined Bank reserves were reduced this year by from approximately 49 per cent at the end an outflow of gold, which began in Febru- of September to about 46 per cent at the ary and assumed substantial proportions end of May, indicating improvement in bank beginning in March. The decline in the liquidity. Treasury gold stock, reflecting this outflow, The reduction in business loans at banks amounted in the first half of 1958 to about during the first half of this year was in con- $1.4 billion. The flow of gold, resulting trast to increases during the first six months from growing payments surpluses accruing of every other year since 1954. The deto foreign countries in their transactions cline was a product of both reduced demand with the United States, tapered off in June. for new loans and an increased repayment On balance over the six-month period, rate as compared with a year ago. In the second half of 1957 demand for new loans bank reserves were supplied in the followhad held up fairly well, while the repayment ing amounts: About $1.1 billion by Federal Reserve open market operations; about $1.5 billion by reductions in member bank reserve requirements; and $800 million by BANK LOANS AND INVESTMENTS AIL COMWIkCIAl IANKS the seasonal decline in currency in circula- BiHioni of dollors tion. Reserves were absorbed by the gold outflow of $1.4 billion, by an increase of $600 million in required reserves resulting from a contraseasonal expansion in bank deposits, by a decrease of about $600 million in member bank borrowing at the Reserve Banks, and by $700 million resulting from a reduction in Federal Reserve float and other factors. BANK LOANS AND INVESTMENTS Preliminary data indicate that commercial bank credit expanded $8.5 billion in the first half of 1958, in contrast to a reduc- OTHER SECURITIES tion of $200 million in the comparable ^J 10 period a year ago. With outstanding business loans reduced by an estimated $1.8 billion, the main factors in credit growth were NOTE.—Figures are partly estimated. Data exclude interbank loans and are for last Wednesday of month except lor increases of approximately $6.2 billion in end of June and December call dates. Figures for 1958 are preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN • JULY 1958 of loans made earlier had risen markedly. moderate consumer loan decline ($200 mil- A factor in the decline of bank loans to lion) reflected the continuing low level of business this year was the shifting of some durable goods purchases on credit, espeborrowers from banks to other sources of cially of automobiles, as well as some rise credit supply, as market rates of interest in the volume of monthly repayments. became more favorable. Even though busi- Farm loans rose, in contrast to declines in ness spending for capital expansion was each of the three preceding years, apparsubstantially reduced, corporate security of- ently as a result of a revival in credit deferings during the first six months of the mands following favorable price and income year were only about 10 per cent below the developments in the agricultural sector. record volume for the comparable period Real estate loans at commercial banks, last year. Part of the proceeds of these ofreflecting some improvement in the level of ferings was used to repay bank debt. In residential construction, as well as greater other cases, borrowers, notably sales finance availability of bank reserves, rose $600 milcompanies, retired bank loans by increaslion in the first half of this year, compared ing their sales of open market paper. with an increase of $100 million in the first The sharp decline in sales finance com- half of 1957. Loans for purchasing and pany borrowing at large city banks during carrying securities also rose this year, inthe first half of this year was in contrast to creasing $1.4 billion through June, in cona substantial rise during the comparable trast to a $400 million decline in the first period last year, as the chart shows. In half of last year. Part of this year's inspite of heavy inventory liquidation in many crease resulted from borrowing in June asmanufacturing lines, loans outstanding to sociated with mid-month Treasury financing. manufacturers (other than food processors) did not decline this year; some groups even BANK INVESTMENTS AND TREASURY increased their borrowing somewhat. FINANCE Among loan categories other than busi- Bank acquisition of United States Governness loans, only consumer loans and miscel- ment securities, as well as other securities, laneous loans fell during the period. The in the first half of 1958 was the largest for BUSINESS LOANS — CUMULATIVE CHANGE FROM DECEMBER Million* Of doHof* i A! r' . : •. A H CI Alt O1M£» i Of-', c <« •'•it t'Sr "M.AN U ¥ A GUI* t it S" 0 i\ / 0 » [ I II S_ ) 1000 J f M A M J i F M A M J J F M A M J J F M A MJ J FM A M J NOTE.—Monthly changes in large loans at a sample of bank series. All changes are cumulative from the last Wednesmore than 200 large banks in the weekly reporting member day of December in the preceding year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN THE RECESSION 757 any half-year period since World War II. cent 8-year bond issue on February 28 For Government securities the increase of amounted to nearly $700 million, or ap- $6.2 billion contrasted with a decline of proximately one-half the issue. Banks ac- $3.1 billion in the first half of 1957. quired almost two-thirds, or more than $2.5 The prime factor explaining this growth billion, of a 2% per cent 5-year note issue was the availability of reserves, together on April 15. About 20 per cent of a $1 with moderation of earlier strong demand billion 27-year bond issued early in June for business loans. As Federal Reserve was also taken by banks. The effect of open market operations and reductions in these acquisitions was to increase apprecireserve requirements made additional re- ably the average maturity of commercial serves available, banks, particularly central bank portfolios of Government securities. reserve city and reserve city banks, made Treasury refunding operations during the prompt use of these funds to increase their January-June period further lengthened the earning assets, at the same time reducing average maturity of Government securities their borrowings from the Reserve Banks. held by banks, as banks exchanged a total Rapid growth in time deposits also fa- of more than $8 billion in maturing and cilitated bank acquisition of Government called securities for new issues ranging in securities. Meanwhile, nonbank owners re- maturity from one year to more than 30 duced their holdings of Government securi- years. Available data indicate that banks ties by approximately $6.5 billion during the have added relatively little to their Treasfirst half of the year. ury bill holdings this year. Changes in bank portfolios of United States Government securities reflected in DEPOSITS AND CURRENCY some measure Treasury debt operations. Demand deposits adjusted and currency It became apparent early this year that the outside banks increased almost $2 billion on expected Treasury cash surplus for fiscal a seasonally adjusted basis during the first year 1958 would not be realized, as the half of the year, thus exhibiting a movement downtrend of spending in evidence in the last unusual in a recession. Growth in the achalf of 1957 was gradually reversed, and as tive money supply was exceptionally large revenues were reduced by the general eco- from the end of January through May, nomic decline. The Government closed amounting to a seasonally adjusted increase fiscal year 1958 with an estimated cash defi- of $3.3 billion, or an annual rate of IV2 cit of $1 billion, in contrast to a cash sur- per cent, in the four-month period. plus of more than $2 billion last year. Debt In January, on the other hand, there was operations in January-June 1958 featured a greater than seasonal decline, and in June, some lengthening of maturities through both owing to an unusually large increase in the refunding operations and new cash borrow- Treasury's cash balance, the privately held ing. money supply declined, offsetting a small Three new Treasury cash offerings (ex- part of the earlier rise. For the six-month clusive of bills) totaling $6.5 billion were period, the annual rate of increase in the made in the January-June period, and com- active money supply, seasonally adjusted, mercial banks were large buyers of each was about 234 per cent. new issue. Bank allotments of a 3 per The large Treasury cash balance, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN • JULY 1958 reached approximately $9 billion at the end GROWTH OF SELECTED TYPES OF SAVING of June, resulted from a number of factors, JANUARY • MAY including a less rapid growth of Govern- Billion* of dollar! ment expenditures than had been anticipated, the sale of a new issue of Treasury bonds for cash in June, and unusually small cash redemptions by holders of Government securities maturing June 15. As the Treasury makes payments in the coming weeks and months, reducing its balance, these de- COMMfRCMl BMiKS posits will reappear in the hands of the public, contributing to further growth in the active money supply. The growth in total deposits, including Government deposits, 1954 1955 1956 1957 195* was exceptionally large in June, and was accompanied by a similarly large increase NOTE.—Time and savings deposits (excluding interbank deposits) at commercial and mutual savings banks; data for in bank loans and investments. 1958 are preliminary. Share accounts for all savings and loan associations in the United States, from the Federal Savings and Loan Insurance Corporation; data for 1954 are Time deposits of commercial banks, partly estimated by the Federal Reserve and those for 1957 and 1958 are preliminary. which had increased by a record amount in the first six months of 1957, grew even more The rate of demand deposit turnover at rapidly in 1958. Their rapid growth this banks outside New York City tended to year appears to reflect, in addition to a gen- level off in the first six months of 1958 after eral increase in financial savings, some shift- rising generally from 1950 through 1957. ing of funds from demand to time deposits, This reflected in part the recession, as well as well as some shifting of funds to banks as the fact that substantial economizing in from holdings of United States Government the use of cash balances had occurred in the securities in order to earn interest at rates past several years. Deposit turnover in New that became more attractive as shorter term York City moved counter to the general market rates continued to decline. Growth trend, reaching new highs for recent years. of deposit and share accounts at mutual savings banks and savings and loan associa- INTEREST RATES tions, although greater than last year, was The decline in market rates of interest that less rapid than growth of time deposits at began in the last quarter of 1957 continued commercial banks, as the chart shows. into this year. Short-term rates in par- The rapid growth of liquid savings at ticular, responding to the general desire for banks and other savings institutions also liquidity and to the easier monetary and may have reflected in part a widespread credit policy, fell sharply. The weekly avdesire for liquidity in the form of precau- erage yield on Treasury bills reached a low tionary balances in a time of employment point of little more than half of one per uncertainties, as well as a general hesitancy cent in May, in comparison with a peak of to make longer term financial commitments. 3.64 per cent last fall. The decline in the Redemptions of savings bonds also fell off bill rate was greatest in January and Februrapidly in the first half of this year. ary, although it was also substantial in May. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY AND CREDIT IN THE RECESSION 759 In June and early July the bill rate firmed somewhat. Rates on bankers' acceptances and other money market paper also declined sharply in the first half of this year. Rates charged prime borrowers by large banks were reduced in January and again in April, by one-half percentage point on each occasion. Average yields on long-term Government bonds, which had declined substantially in the last quarter of 1957, showed little net change this year. After some firmness in the latter half of January and in February, long-term rates fell in April and May, then rose again in June and July, reaching levels early in July about equal to those of the first of the year. The maximum decline in market yields on Government bonds of more than 10 years' maturity was from a weekly average peak of 3.76 per cent last October to a low of 3.07 per cent late this April. Yields on State and local government issues reached a peak in August 1957, slightly earlier than the peak for either corporate or NOTE,—Market yield data are weekly averages of daily figures. Treasury bill rates are market yields on 90-day bills. United States Government bond yields, and Long-term U. S. Government yields are on bonds maturing or callable in 10 years or more. Commercial paper rate is on declined slightly more to the low point this prime 4- to 6-month open market paper. Yields on corporate and State and local government bonds are from Moody's Inspring. Corporate bond yields, on the vestors Service. Latest figures are for week ending July 5. other hand, did not reach their peak until record level in the first half of this year. November, and fell somewhat less to the The real estate mortgage market during spring low than either long-term United the first half of 1958 was marked by sharp States Government or State and local govimprovement in the availability of funds and ernment securities. some reductions in interest rates on conven- In early July the average yields on both tional mortgages. Easier market conditions, municipal and corporate issues were close to together with some rate adjustments, also the levels of last December. This situation resulted in a decline in the discounts at reflected total borrowing by corporations which Government-guaranteed mortgages and State and local governments at a near were marketable. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

195$ Survey of Consumer Finances Purchases of Durable Goods SINCE LAST FALL sluggish demand for demand.1 The factors examined are age of consumer durable goods has resulted in re- the head of the spending unit, income, induced sales and output and in high levels come change, and use of credit. Similar of unemployment in important sectors of data for 1954 through 1956 and for two manufacturing industry. The decline in earlier postwar years, 1951 and 1948, are sales of automobiles has been particularly presented to provide perspective. sharp. These developments have emphasized the strategic role in the economy of con- PURCHASES IN 1957 sumer demand for durable goods. More than 26 million consumer spending In the first quarter of this year, according units—about 46 per cent of the total—made to Department of Commerce data, the a major expenditure for durable goods in annual rate of consumer expenditures for 1957.2 Their purchases amounted to $870 durable goods declined sharply to $36.3 on the average and represented about onebillion, the lowest level since late 1954. The seventh of their income. proportion of consumer disposable income About half the purchasers in 1957 bought allocated to purchases of such goods—at automobiles and, in some cases, household slightly less than 12 per cent—was close to the lows of the last decade. 1This is the second of a series of articles presenting the findings of the 1958 Survey of Consumer Since World War II consumers have spent Finances conducted by the Board of Governors of the heavily for all types of durable goods and Federal Reserve System in cooperation with the have devoted a larger share of their income Survey Research Center of the University of Michigan. The first article appeared in the Federal Reserve to such purchases than in the immediate pre- BULLETIN for March. The present article was prewar period. In particular, spending for pared by Dorothy Projector of the Consumer Credit and Finances Section of the Board's Division of automobiles and household appliances has Research and Statistics. Work at the Survey Reaccounted for a greater share of consumer search Center was under the supervision of James N. Morgan. income. 2 A spending unit, as defined in the Survey, consists The interaction of consumers' needs and of all related persons living together who pool their incomes. Husband and wife and children under 18 wants and of their ability to fulfill these living at home are always considered to be members needs and wants determines demand for con- of the same spending unit. Other related persons in the household are separate spending units if they sumer durable goods. This article, based earn more than $15 per week and do not pool their largely on data from the 1958 Survey of incomes. A major expenditure is defined as a net outlay Consumer Finances, is focused on the re- (price less trade-in allowance) of $100 or more for lation of consumer spending for durable automobiles, furniture, and major household appliances combined. For further discussion see goods in 1957 to certain factors shaping Technical Note. 760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 761 durable goods also. The other half bought age group made a major purchase during household durable goods only. Of the total the year. Among spending units whose number of spending units, about 8 per cent head was 65 or older, only 2 in 10 made bought new cars and 15 per cent bought used purchases. The youngest spending units, cars. those headed by persons under 25, had a Relation to income and age. Purchase of lower purchase rate than those in the next durable goods was much more common two age groups, as Table 2 shows. among upper income groups than among Purchases in the youngest group were lower income consumers. The proportion concentrated on automobiles—particularly of spending units making a major expendi- used cars. About three-fourths of the ture ranged from 2 in 10 in the lowest inyoungest purchasers bought an automobile come quintile to 6 in 10 in the top quintile.3 compared with less than a half for the rest About half of all purchasers in each quintile of the population. bought automobiles, but purchases of new To some extent the differences among incars were very infrequent at lower income come and age groups in purchase rates for levels, as Table 1 shows. durable goods are interrelated. Of all spending units in the lowest income quintile, TABLE 1 for example, 38 per cent are headed by per- TNCOME RELATED TO FREQUENCY OF MAJOR EXPENsons 65 years of age or older in contrast with DITURES FOR DURABLE GOODS, 1957x [Purchasers as a percentage of spending units] only 14 per cent in the population as a whole. The requirements of older con- Any Automobile sumers for durable goods may often be less Income major quintile expen- urgent than those of younger people so that diture New Used the low purchase rate in the lowest quintile reflects not only smaller incomes but also All spending units 46 8 15 lesser needs. The low incomes of the Lowest 22 2 10 Second 40 2 16 youngest spending units also partly explain Third 47 5 18 their low purchase rate. About one-third Fourth 60 10 18 Highest 63 20 12 of all spending units headed by persons 18 to 24 years of age were in the lowest income 1 A major expenditure is defined as a net outlay (price less trade-in) of $100 or more for automobiles, furniture, and major household quintile. appliances combined. Age-group comparisons of purchases by Younger people who were establishing all spending units with those by the 60 per homes and raising their families purchased cent of spending units in the three middle durable goods more frequently than older income quintiles indicate that some of the consumers. Nearly 6 in 10 of all spending apparent age differences are really income units whose head was in the 25- to 34-year differences. As the chart on page 763 indicates, when the comparison is confined to " Income quintile groups represent successive fifths of the population ranked by money income before consumer spending units with more nearly taxes. In 1957 the lowest quintile consisted of spend- similar incomes, the differences in purchases ing units with incomes under $1,890. Income ranges for the other quintiles were: second, $l,890-$3,599; between younger and older consumers are third, $3,600-$5,139; fourth, $5,140-$7,189; and substantially reduced. highest, $7,190 and over. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN • JULY 1958 TABLE 2 To a degree the Survey data tend to sub- AGE RELATED TO MAJOR EXPENDITURES FOR stantiate this line of reasoning. Spending DURABLE GOODS, 19571 units whose incomes rose 5 per cent or more from 1956 to 1957 purchased durable goods Automobile Age of head of Any major more frequently in 1957 than other units, spending unit expenditure New Used and this was true at most income levels. Of all spending units whose incomes had in- Purchasers as a percentage of creased, more than half were purchasers, spending units compared with slightly less than two-fifths of the remaining units. However, lowest pur- All spending units 46 8 15 chase rates occurred not among those whose 18-24 49 4 31 incomes had declined, but among those 25-34 58 9 19 35-44 53 11 16 whose incomes were stable. In the lowest 45-54 47 10 11 55-64 37 5 10 quintile, in fact, consumers with declines in 65 and over 20 3 4 income purchased somewhat more frequently than those with increases. Perhaps Percentage distribution of many such purchasers believed that they had purchasers suffered only temporary income reverses 18-24 10 5 19 and they continued to purchase in accord- 25-34 26 24 27 ance with their long-run income expecta- 35-44 27 32 25 45-54 18 22 13 tions. 55-64 10 8 9 65 and over 6 5 4 The differences among income-change Not ascertained 3 3 2 groups in other years are similar in many All purchasers 100 100 100 respects to those described for 1957. Data for 1957 and for earlier years are presented 1 A major expenditure is defined as a net outlay (price less trade-in) of $100 or more for automobiles, furniture, and major household in Supplementary Table 2. appliances combined. NOTE.—Details may not add to totals because of rounding. Amount spent. Spending units in the lower Effect of income change. Change in income income quintiles not only made fewer puras well as level of income is often cited as chases than those in higher income groups, an important factor in consumer allocation but they also spent less when they did buy. of funds to durable goods expenditures. A Table 3 shows that durable goods purchasers person whose income increases may not in the lowest income quintile spent $520 on immediately increase his outlays for food the average for automobiles, furniture, and and other day-to-day expenses or may not major household appliances compared with immediately move to better housing. Some $1,260 spent by purchasers in the top of the added income may be accumulated in income quintile. In the lowest income the form of liquid assets or be used for buy- quintile, however, expenditures represented ing durable goods. On the other hand, a nearly 50 per cent of purchasers' average inconsumer whose income declines may at- come compared with about 10 per cent in tempt to maintain customary levels of living, the top quintile. at least for a while. This may necessitate Since both the proportion of spending some reduction in durable goods expendi- units purchasing durable goods and the tures and in current financial saving. average amount spent by buyers increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 763 across the income range, the average ex- PURCHASES WITHIN AGE GROUPS, 1957 penditure for all spending units—both 80 FREQUENCY buyers and nonbuyers—increased sharply Percentage of spending units with income. The dollar volume of ex- ALL SPENDING UNITS 60 penditures by consumer units in the top quintile was more than six times as much as the amount spent by the lowest income 40 quintile. Nevertheless, the proportion of total income spent for durable goods was greatest for the lowest quintile—about 11 - 20 per cent—and least for the top quintile— AVERAGE EXPENDITURE PER PURCHASER about 7 per cent. In each of the three Dollars 1000 middle income quintiles the proportion thus ALL SPENDING UNITS allocated was roughly the same—8 or 9 per cent. 800 Automobile purchases accounted for an MIDDLE INCOME QUINTILES important share of total outlays for durable goods in all income groups. The proportion 600 was about 60 per cent in the bottom three 18-24 25-34 35-44 45-54 55-64 65 o ve a r nd quintiles and somewhat more than 60 per AGE (years) NOTE.—Income quintile groups represent successive fifths cent in the top two quintiles. of the population ranked by money income before taxes. The second, third, and fourth quintiles constitute the middle income The amount spent by purchasers also quintiles. varied to some extent with age. Considerunder 45 years of age spent about $810 on ing only those spending units in the three the average compared with $660 spent by middle income quintiles (in order to reduce older purchasers, as the chart shows. Exthe effect of income differences), purchasers penditures were a somewhat larger share of income for the youngest consumers—those TABLE 3 under 25 years—than for other groups. MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN INCOME QUINTILES, 1957 x [Mean expenditure, in dollars and as a FINANCING 1957 PURCHASES percentage of mean money income before taxes] Purchasers of durable goods made extensive Percentage Dollar amount of income use of short-term credit in 1957. About 6 Income in 10 spending units buying cars and more quintile Pur- All spend- Pur- All spend- than 5 in 10 of those purchasing furniture chasers ing units chasers ing units and household durable goods borrowed to finance their purchases. All incomes. 870 400 14 8 Credit was important at all income levels, Lowest 520 120 47 11 Second 550 220 20 8 although spending units at the extremes of Third 770 360 18 8 the income range tended to use credit less Fourth 900 530 15 9 Highest 1,260 790 11 7 frequently than others (see Supplementary Table 5). The portion of net outlay for 1 A major expenditure is defined as a net outlay (price less trade-in) of $100 or more for automobiles, furniture, and major household cars financed on credit followed a similar appliances combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN • JULY 1958 pattern; spending units in the middle and income spent for durable goods dropped next to highest income quintiles financed back to the level of the early postwar years over 70 per cent of their net outlay for cars until 1955 when expenditures again inwith credit compared with roughly 50 per creased sharply and the proportion of incent for the remaining income groups. come spent rose to more than 14 per cent. Purchasers in the lowest income quintile The increase in outlays during 1955, may have relied more heavily on the liquida- especially for automobiles, was associated tion of assets to finance their purchases than with marked relaxation in credit terms. The did other groups. As was noted above, in 1955 increase—the largest one-year change the bottom quintile expenditures were large during the postwar period—was an imporin relation to income, and credit was used tant factor in the economic recovery from less frequently than at higher income levels. the 1953-54 recession and it also contributed Moreover, a large proportion—more than to the subsequent emergence of inflationary 40 per cent—of purchasers in the lowest pressures. After a substantial decline from quintile had suffered income declines from 1955 to 1956, automobile expenditures rose 1956. Many of these purchasers probably somewhat in 1957. Outlays for other durhad accumulated liquid assets when their in- able goods were generally maintained at comes were larger. To the extent that they levels moderately above those in 1955. In viewed their income reverses as temporary both 1956 and 1957 consumers spent about they may have been willing to use their 13 per cent of their disposable income for liquid assets for purchase of durable goods. durable goods. In each postwar year a large part of the POSTWAR CHANGES IN PURCHASES population has been in the market for dur- As supplies of durable goods became more able goods. According to Survey findings, readily available after World War II, con- the proportion buying ranged from somesumers spent large amounts to restore or add what less than 4 in 10 consumer spending to their stocks of such goods, which had units in the early period, when shortages in been reduced in quantity and quality during some lines held down purchases, to more the war. As shown by Department of Com- than 5 in 10 in the record year 1955. Exmerce data noted earlier, the share of dis- cept for the sharp rise and subsequent deposable income devoted to durable goods cline after war broke out in Korea, the expenditure was somewhat larger in the number of consumer units purchasing duraearly postwar years—12 or 13 per cent— ble goods generally increased through 1955. than in the prewar period. Accumulated Growth in the number of buyers stemmed liquid assets and high levels of income were partly from population increases and partly important factors in forming and satisfying from a rising proportion of spending units postwar demands. making purchases of durable goods. Between During the economic downturn in 1949 1948 and 1955 the number of consumer consumers generally maintained their out- units making a major expenditure for such lays. After war broke out in Korea in mid- goods increased 9 million—from 20 million 1950, purchases increased sharply and ab- to 29 million—while the total number of sorbed a larger share of income. When this spending units increased only 4 million to buying wave diminished, the proportion of 55 million. The increases in purchase rates; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 765 undoubtedly were related to rising levels As a result the amount spent for automobiles of income and the availability of credit on increased from 58 to 65 per cent of total increasingly relaxed terms. Development durable goods expenditure between 1954 of new products such as television and room and 1955.4 air-conditioners and changes in design and During 1956 and 1957 average outlay styling of goods may also have contributed remained about the same as in 1955, but to this broadening of the market. the number of spending units purchasing Following a sharp increase between 1954 declined one million in 1956 and then 2 and 1955, the proportion of spending units million in 1957. The decline in the number purchasing declined and by 1957 was at of purchasers was greater for cars than for the lowest level in more than four years. household durable goods. Between 1955 and 1957 the number of Despite the rather sharp changes in purspending units making a major durable chase rates and outlays during the 1954-57 goods purchase shrank from 29 million to period, income and age characteristics of 26 million. the purchasing population in each year were Thoughout the postwar period automobile essentially similar to those described earlier purchases have accounted for an important for 1957. Purchases were more common share of expenditures for durable goods. In among higher income quintiles than among the early period of shortages, total outlays lower income quintiles, and younger confor automobiles were about the same as those sumers purchased more frequently than for furniture and household appliances. older units. Moreover, variations among in- Since 1949, however, automobiles have come quintiles and age groups in average accounted for a larger share, partly because outlay and in proportion of income spent the number of car purchasers has grown by purchasers were generally similar to the faster than the number purchasing other 1957 patterns. These patterns are also types of durable goods and partly because found in the data for the two earlier years, the average amount spent for cars has in- 1951 and 1948. creased while the average expenditure for Changes in purchase rates and outlays furniture and household appliances has re- during the years under study have been mained relatively stable. greater, however, for some groups than for The substantial increase in durable goods others. For example, the sharp increase in expenditures that occurred from 1954 to purchase rate between 1954 and 1955 1955 stemmed from increases in both the occurred principally in the lower middle part number of consumer units making major of the income range—second and third purchases and the average amount of ex- quintiles. These two income groups acpenditure on the part of those purchasing. counted for 41 per cent of the purchasers The number of spending units making a during 1955 compared with 37 per cent major expenditure rose 3 million, or 11 per during 1954, as the chart on the following cent, from 1954 to 1955 and the average page shows. However, the increase in averamount spent per purchaser increased $100, or 12 per cent. The increase in the number * These proportions are based on Survey estimates of car buyers was particularly sharp and the of aggregate expenditures for durable goods, but they correspond closely to similar measures derived from average outlay for a car also moved up. Department of Commerce data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL RESERVE BULLETIN • JULY 1958 DURABLE GOODS PURCHASERS, BY INCOME upper income groups. More than 25 per cent of car buyers were in the lowest two in- Percentage distribution come quintiles during the period 1954-57 compared with 20 per cent in 1948. POSTWAR CHANGES IN FINANCING Increased use of credit has probably been the most important development in the financing of durable goods over the postwar period. In recent years more than 60 per cent of new car buyers used credit compared with roughly 50 per cent during 1951 and 33 per cent during 1948.5 All income NOTE.—Income quintile groups represent successive fifths groups have expanded their use of credit. In of the population ranked by money income before taxes. addition to the rising proportion of spending age expenditure was greatest for purchasers units using credit in their purchases, smaller in the two highest income quintiles so that down payments and longer maturities have the share of the second and third quintiles in enlarged the role of credit in the financing aggregate expenditure was about the same of durable goods, particularly since 1954. in 1954 and 1955. The most noticeable shift in income dis- 5 According to the Federal Reserve series based on tribution of durable goods purchasers since lender data, the proportion of new passenger cars the early postwar years concerns the lower sold on credit increased from 42 per cent during 1948 to more than 60 per cent in recent years. income groups. The 40 per cent of spending Although Survey data on proportion of new car units receiving the lowest incomes accounted buyers using credit have been at roughly the same level as lender data in recent years, the year-to-year for about 23 per cent of the purchasers in movements have been different. For example, the 1948 and 1951 compared with about 27 per Survey estimate of new car buyers using credit declined slightly between 1954 and 1955 compared cent in more recent years. The shift between with a sizable increase in the lender series. A special 1948 and later years may be explained partly survey of new car buyers made in connection with a Federal Reserve study found an increase in the by the limited supply of automobiles in the frequency of credit purchases between 1954 and earlier period, when informal rationing by 1955 that is consistent with the change shown by the lender data. (Consumer Instalment Credit, Pt. IV, dealers may have tended to favor middle and Financing New Car Purchases, p. 24.) TECHNICAL NOTE Results of the 1958 Survey of Consumer ing in private households in the continental Finances are based on 3,117 interviews dur- United States. Transients, residents of ining January and February in 2,765 dwelling stitutions, and persons living on military units. These dwelling units are located in reservations are not represented. the 12 largest metropolitan areas and in 54 Within dwellings, interviews are conadditional sampling areas chosen to rep- ducted with each spending unit. A spending resent a cross section of the population liv- unit is defined as all persons living in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 767 same dwelling, and related by blood, mar- holds, estimated from Census data, by the riage, or adoption, who pool their incomes average number of spending units per dwellto meet their major expenses. A husband ing unit included in the Survey sample. The and wife living together are always included number of family units is estimated in a in the same spending unit even though they similar manner. Both the estimated numdo not pool their separate incomes. All ber of dwelling units and the average numchildren under 18 years of age are included ber of spending units and family units per in the spending unit of their closest relative. dwelling unit are subject to sampling error. The spending unit containing the owner or The accompanying table shows the estimated lessee of the dwelling is the primary spend- number of dwelling units, spending units, ing unit. Children 18 or more years of age and family units in the Survey population. and other relatives who earn more than $ 15 per week and who do not pool their in- SPENDING UNITS AND FAMILY UNITS IN SURVEY POPULATION comes with that of the primary spending unit [Estimated number, in millions] are classified as related secondary spending units. Spending units composed of persons Year of Survey in the dwelling unit who are not related to Type of unit 1958 1957 1956 1955 1952 1949 members of the primary unit are designated Spending units—total 1. 56.9 56.1 55.0 54.3 53.0 50.8 as unrelated secondary spending units. a) Primary (equals occupied dwell- Since the spending unit includes those ing units) 50.3 49.5 48.7 47.7 45.4 41.9 b) Related secondary. 4.9 4.9 4.6 5.0 5.8 6.7 persons, and only those persons, who make c) Unrelated secondary 1.7 1.7 1.7 1.6 1.8 2.2 joint financial decisions, it is the unit most Family units (a+c spending units) 52.0 51.2 50.4 49.3 47.2 44.1 frequently used in tabulations of Survey if Estimates of the number of spending units, which depend upon financial data. Some Survey data, however, the ratio of primary spending units to all spending units, are subject to sampling error. The size of the sampling error is such that there notably those on housing, are presented for is one chance in 20 that the estimates shown in the table are above or below the true figure by 1 million. family units. A family unit is defined as all persons living in the same dwelling who are Aggregate data are obtained for the popurelated by blood, marriage, or adoption. lation covered by the Survey of Consumer Survey family units include individuals living Finances by multiplying data on proportions alone as well as groups of related persons. and means obtained in the Survey by the To obtain data on a family basis, informa- estimated total number of spending units or tion for related secondary spending units is family units. Estimates of the number of combined with that for the primary spend- units with given characteristics are obtained ing units to which they are related and with by multiplying the proportion shown by the which they live. The head of the primary sample to have that characteristic by the spending unit is considered to be the head estimated total number of units. Estimates of the family. The number of family units of aggregate assets, debt, expenditures, and equals primary spending units plus unrelated other variables are obtained by multiplying secondary spending units. the mean amount derived from the sample Estimates of the total number of spend- by the number of units. ing units in the population covered by the The Survey concept of durable goods is Survey are derived by multiplying the num- similar to, but not quite so comprehensive ber of occupied dwelling units, or house- as, the Department of Commerce series on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESERVE BULLETIN • JULY 1958 personal consumption expenditures for dur- Survey estimates of aggregate expenditures able goods. Both series cover purchases of for durable goods correspond fairly closely automobiles, furniture, household appli- in level and year-to-year movement with the ances, television, radios, and record players, comparable series published by the Departbut the Survey concept does not include ment of Commerce. other items—such as china, floor coverings, A more detailed description of Survey jewelry, and books—that the Department of methods was published in the Federal Commerce classifies as durable goods. The Reserve BULLETIN for July 1950. SUPPLEMENTARY TABLE 1 FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME AND AGE GROUPS1 [Purchasers as a percentage of spending units within specified groups] All Income quintiles Age of head of spending unit Type of spendexpenditure ing units 2 Lowest Second Third Fourth Highest 18-24 25-34 35-44 45-54 55-64 65 and over Any major expenditure: 1957 46 22 40 47 60 63 49 58 53 47 37 20 1956 . 50 23 42 53 64 67 49 62 59 50 44 23 1955 53 23 49 61 61 72 61 66 63 54 40 30 1954 48 23 42 48 60 69 46 61 56 50 42 20 1951 47 19 35 49 59 72 41 60 53 48 39 22 1948 40 18 30 41 52 61 37 54 49 39 28 17 New automobile: 1957 8 2 2 5 10 20 4 9 11 10 5 3 1956 9 2 5 8 11 21 5 11 12 11 11 3 1955 11 6 7 15 27 6 13 16 11 9 6 1954 8 2 3 6 10 19 6 10 11 8 7 2 1951 8 1 3 6 9 21 3 9 11 10 7 4 1948 6 1 3 7 17 3 7 6 7 5 3 Used automobile: 1957 15 10 16 18 18 12 31 19 16 11 10 4 1956 15 10 17 18 18 11 29 19 17 15 9 5 1955 17 9 21 24 19 13 38 24 18 15 9 6 1954 16 8 18 20 16 18 27 22 18 14 9 4 1951 14 7 13 18 17 13 20 20 17 12 7 2 1948 11 5 10 13 15 10 18 17 13 7 4 2 i A major expenditure is denned as a net outlay (price less trade-in) 2 Includes spending units for which age of head was not ascertained. of $100 or more for automobiles, furniture, and major household 3 No cases reported or less than one-half of 1 per cent. appliances combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 769 SUPPLEMENTARY TABLE 2 FREQUENCY OF MAJOR EXPENDITURES FOR DURABLE GOODS WITHIN INCOME-CHANGE GROUPS1 [Purchasers as a percentage of spending units] Change in income2 Income 1957 1956 1955 quintile In- No De- In- No De- In- No Decrease change crease crease change crease crease change crease All incomes 54 38 43 56 43 46 60 44 52 Lowest 25 13 29 25 21 26 27 11 34 Second 45 39 36 47 37 39 53 43 53 Third . . 54 38 45 55 46 56 63 57 60 Fourth 59 59 60 65 63 62 65 53 68 Highest 66 53 68 69 59 75 74 68 ' 72 Change in income2 1954 1951 1948 In- No De- In- No De- In- No Decrease change crease crease change crease crease change crease All incomes 55 44 43 53 40 41 45 32 40 Lowest 25 21 24 19 14 26 21 11 19 Second 44 43 39 40 30 29 34 23 32 Third . . 55 40 49 51 48 48 44 35 43 Fourth 61 61 57 61 58 59 54 44 56 Highest 72 62 73 75 69 (3) 63 52 63 1 A major expenditure is denned as a net outlay (price less trade-in) income before taxes is defined as an increase or decrease, depending of $100 or more for automobiles, furniture, and major household on the direction of change. appliances combined. 3 Too few cases to compute percentage. 2 A change of 5 per cent or more from the previous year in money SUPPLEMENTARY TABLE 3 MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN INCOME QUINTILES1 [Mean expenditure, in dollars and as a percentage of mean money income before taxes] Dollar amount Percentage of income Income quintile 1957 1956 1955 1954 1951 1948 1957 1956 1955 1954 1951 1948 Purchasers All incomes. 870 880 880 780 740 720 14 14 16 15 15 16 Lowest. 520 480 380 500 390 360 47 38 41 45 55 43 Second. 550 660 590 560 540 470 20 24 24 23 25 24 Third... 770 800 720 700 600 610 18 19 18 19 19 22 Fourth., 900 870 980 750 680 700 15 15 18 15 15 18 Highest. 1,260 1,250 1,290 1,110 1,070 1,050 11 10 12 11 12 12 All spending units All incomes. 400 440 470 380 350 290 8 9 10 9 9 Lowest. 120 110 90 110 70 60 11 11 10 12 10 Second. 220 280 290 240 190 140 8 10 12 10 9 Third... 360 420 440 340 300 250 8 10 11 9 9 Fourth. , 530 560 600 450 400 360 9 10 11 9 9 10 Highest. 790 830 930 770 780 640 7 7 9 8 9 i A major expenditure is defined as a net outlay (price less trade-in) of $100 or more for automobiles, furniture, and major household appliances combined. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN • JULY 1958 SUPPLEMENTARY TABLE 4 MAJOR EXPENDITURE FOR DURABLE GOODS WITHIN AGE GROUPS X [Mean expenditure, in dollars and as a percentage of mean money income before taxes] Dollar amount Percentage of income Age group 1957 1956 1955 1954 1951 1948 1957 1956 1955 1954 1951 1948 Purchasers All age groups2 870 880 880 780 740 720 14 14 16 15 15 16 18 24 810 900 780 820 580 800 20 24 24 27 22 29 25 34 880 910 970 850 770 760 14 16 18 18 18 19 35-44 940 900 920 820 750 730 14 13 14 13 14 15 45_54 900 940 910 700 790 700 12 12 14 11 14 12 55 64 700 860 830 750 750 620 12 14 14 13 12 12 65 and over 820 580 650 630 590 620 16 12 17 13 12 18 All spending units All age groups2 400 440 470 380 350 290 8 9 10 9 9 8 18-24 400 440 470 370 '240 300 12 14 17 14 11 14 25-34 510 560 640 520 460 410 9 11 13 11 12 12 35-44 500 530 580 460 400 360 8 9 10 9 9 9 45 54 430 470 490 350 380 280 7 7 9 7 8 6 55_64 260 380 330 310 300 180 5 7 7 7 7 5 65 and over 170 140 200 130 130 110 6 5 8 5 5 5 1 A major expenditure is defined as a net outlay (price less trade-in) appliances combined. of $100 or more for automobiles, furniture, and major household 2 Includes spending units for which age of head was not ascertained. SUPPLEMENTARY TABLE 5 CREDIT PURCHASES OF AUTOMOBILES AND OTHER DURABLE GOODS [Credit purchasers as percentage of all purchasers within income quintiles] Type of purchase and income quintile 1957 1956 1955 1954 1951 1948 Automobile all incomes .. .... 60 61 59 61 55 39 Lowest.. 49 62 57 52 (l) 23 Second . 55 64 57 64 0) 44 T Fo h u ir r d th . . 6 70 5 7 64 4 6 69 7 6 67 9 ((11)) 4 39 3 Highest 55 46 48 52 0) 38 New automobile—all incomes 2 65 63 60 61 47 33 Used automobile—all incomes 58 60 60 61 59 42 Lowest 8 (3) Second . . . 54 63 62 (i) 50 Third 61 67 62 66 0) 48 Fourth 66 59 66 67 (1) 37 Highest 51 45 49 54 0) 48 Furniture or major household appliance—all incomes4... 54 48 52 54 52 48 Lowest 58 48 61 64 52 52 Second 57 56 58 59 53 62 Third 66 57 57 64 66 56 Fourth '. 57 51 56 55 55 48 Highest ... 37 30 36 36 38 31 1 Not available. 4 Purchasers of two items, one for credit and one for cash, are 2 Too few cases to compute percentage in each income quintile. classified as credit purchasers. Charge-account purchasers are 3 Too few cases to compute percentage. classified as cash purchasers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 771 SUPPLEMENTARY TABLE 6 PRICE PAID AND NET OUTLAY BY AUTOMOBILE PURCHASERS1 [Percentage distribution of purchasers] Price paid Net outlay 2 Type of purchase and amount 1957 1956 1955 1954 1957 1956 1955 1954 New automobile: Under $1,500 . 1 16 19 26 40 $l,500-$l,999 5 4 26 28 32 28 $2,000-$2 499. . . 15 19 25 40 31 27 22 16 $2,500-$2,999 25 22 28 23 16 15 12 8 $3 000-$3 499 24 26 22 18 4 6 4 5 $ $ 3 4, , 0 5 0 0 0 0 - a $ n 3 d ,9 9 o 9 ver 1 1 7 4 1 1 4 1 12 5 2 3 1 Not ascertained 1 3 1 1 2 3 1 2 All cases 100 100 100 100 100 100 100 100 Median $3 050 $3 100 $2 780 $2,550 $2 060 $2 000 $1,840 $1 670 Mean $3,230 $3,070 $2,940 $2,720 $2,110 $2,010 $1,900 $1,730 Used automobile: Under $250.... 20 19 21 15 25 23 22 20 $250-$499 18 22 18 20 21 28 27 26 $500-$749. 11 14 18 16 14 13 18 18 $750-$999 12 12 13 14 12 12 13 13 $l,000-$l,499 13 12 12 18 13 13 11 12 $l,500-$l 999 11 10 8 8 8 5 4 3 $2,000 and over 10 6 6 3 3 2 2 1 Not ascertained 5 5 4 6 4 4 3 7 All cases 100 100 100 100 100 100 100 100 Median $700 $650 $600 $700 $520 $480 $470 $500 Mean.. $900 $800 $780 $800 $670 $620 $610 $600 1 In cases of multiple purchases, information is tabulated for the 3 No cases rep orted or less than one-half of 1 per cent. highest priced purchase only. NOTE.—Details may not add to totals because of rounding. 2 After deduction for trade-in or sale of automobile. SUPPLEMENTARY TABLE 7 SUPPLEMENTARY TABLE 8 AUTOMOBILE PURCHASES WITHIN INCOME AUTOMOBILE OWNERSHIP WITHIN INCOME AND REGIONAL GROUPS AND REGIONAL GROUPS, EARLY 1958 [Purchasers as a percentage of spending units] [Percentage distribution of spending units] New Used Owns: Group characteristic automobile automobile Group characteristic c A as l e l s 1 auto- 2 or D o n w o o e t n s 1957 1956 1957 1956 mobile more All spending units 8 9 15 15 All spending units 1 100 60 10 30 Money income before taxes: 1957 money income before Under $1,000 1 1 7 7 taxes: $l,000-$l,999 2 2 12 14 Under $1,000 100 31 1 68 $2,000-$2,999 2 3 15 15 $l,000-$l,999 100 36 2 62 $3,000-$3,999 4 6 16 21 $2,000-$2,999 100 54 3 43 $4,000-$4,999 4 8 20 19 $3,000-$3,999 100 61 6 33 $5,000-$5,999 8 10 16 16 $4,000-$4,999 100 69 7 24 $6,000-$7,499 12 13 18 18 $5,000-$5,999 100 75 9 16 $7,500-$9,999 15 19 11 14 $6,000-$7,499 100 79 14 7 $10,000 and over 28 28 13 9 $7,500-$9,999 100 69 25 6 $10,000 and over 100 59 34 7 Region: * North East . . 7 9 13 10 Region: 2 North Central 9 10 17 16 North East 100 55 7 38 South 8 9 15 18 North Central 100 64 12 24 West 8 10 14 17 South . . . 100 58 11 31 West 100 64 13 23 i As defined by U. S. Bureau of the Census. 1 Automobile ownership on a family basis is as follows: 59 per cent own one car, 14 per cent own two or more, and 27 per cent do not own. 2 As defined by U. S. Bureau of the Census. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL RESERVE BULLETIN • JULY 1958 SUPPLEMENTARY TABLE 9 SUPPLEMENTARY TABLE 10 AGE OF AUTOMOBILES OWNED BY CONSUMERS1 EXPENDITURES FOR SELECTED TYPES OF DURABLE GOODS X [Percentage distribution of automobiles] [Median expenditure, in dollars] Age 1958 1957 1956 1955 1952 Type of expenditure2 1957 1956 1955 2 years or less 23 29 26 25 30 1 year or less. 12 14 16 12 14 Furniture or major household appliance 270 300 290 2 years 11 15 10 13 16 Furniture 230 250 225 Television set 210 225 250 3 to 4 years 23 20 19 22 22 Refrigerator 245 275 260 Washing machine 210 220 205 3 years 14 9 11 9 14 4 years 9 11 8 13 8 1 Before deduction for trade-in. 5 years or more 54 51 55 53 48 2 Includes both new and used items. 3 Includes purchasers of items listed below and of other major 5 to 7 years 28 29 33 30 12 household appliances. More than 7 years 26 22 22 23 36 100 100 100 100 100 i Ownership as of date of Survey. In early 195 8 automobiles were classified for age as follows (in terms of model y ears): 1 year or less, 1958 and 1957; 2 years, 1956; 3 years, 1955; 4 years, 1954; 5 to 7 years, 1953, 1952, and 1951; and more than 7 years, 1950 and earlier. Similar classifications were used in previous Surveys. SUPPLEMENTARY TABLE 11 PURCHASERS OF FURNITURE AND MAJOR HOUSEHOLD APPLIANCES WITHIN INCOME AND MARITAL STATUS GROUPS [ Purchasers as a percentage of spending units] Any type of Television Washing purchase* set machine Refrigerator Furniture Group characteristic 1957 1956 1957 1956 1957 1956 1957 1956 1957 1956 All spending units 41 43 10 14 18 17 Money income before taxes: Under $1,000 18 15 5 4 3 2 3 4 $l,000-$l,999 31 28 5 10 4 4 12 7 $2,000-$2,999 31 37 10 13 7 7 11 17 $3,000-53,999 40 40 13 13 8 10 17 17 $4,000-$4,999 47 46 14 20 9 13 19 17 $5,000-$5,999 44 55 9 20 10 12 19 20 $6,000-$7,499 54 54 12 18 12 10 25 23 $7,500-$9,999 52 53 12 11 12 12 26 24 $10,000 and over 54 60 15 13 11 12 26 25 Marital status: Single: Age 18-44 25 24 7 Age 45 and over 25 22 12 Married:2 Age 18-44, no children under 18 , 47 55 12 21 12 10 10 10 25 30 Age 18-44, children under 18 55 59 15 19 11 14 10 26 24 Age 45 and over, no children under 18 38 37 10 12 7 7 6 13 13 Age 45 and over, children under 18..., 43 45 7 14 11 9 7 16 15 i Includes purchasers of items listed individually and of other major 2 Age refers to head of spending unit. Includes only spending household appliances. units in which both husband and wife are present. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 773 SUPPLEMENTARY TABLE 12 HOUSING STATUS OF NONFARM FAMILIES [Percentage distribution of nonfarm families within specified groups] Owns home Rents home Other i All Group characteristic cases 1958 1955 1958 1955 1958 1955 All nonfarm families2 100 56 55 39 40 Family money income before taxes in preceding year: Under $1,000 100 43 43 36 40 21 17 $1,000-51,999 100 39 45 50 46 11 9 $2,000-52,999 100 47 39 47 54 6 7 $3,000-53,999 100 40 46 57 51 3 3 $4,000-$4,999 100 48 54 48 43 4 3 $5,000-$7,499 100 63 65 35 33 2 2 $7,500-59,999 100 73 69 25 30 2 $10,000 and over 100 76 83 23 17 1 Age of head of family: 18-24 100 11 15 78 76 10 25-34 100 43 43 52 53 5 35-44 100 63 59 34 37 3 45-54 100 65 61 32 34 3 55-64 100 67 66 28 29 5 65 and over 100 64 63 30 31 6 1 Families that receive housing as part of compensation, live tem- 3 No cases reported or less than one-half of 1 per cent. por 2 a T ri o ly ta l i n n h u o m u b s e e r s t o h f e y n o h n a f v a e rm s ol f d am , e il t i c e . s included in Survey was 2,679 NOTE.—Details may not add to totals because of rounding. in 1958 and 2,601 in 1955. SUPPLEMENTARY TABLE 13 NONFARM HOUSES CLASSIFIED BY VALUE AND MORTGAGE DEBT [Percentage distribution of owner-occupied nonfarm houses] Value i Mortgage debt3 Amount 19582 19572 1949 19582 19572 1949 Zero 44 55 $l-$2,499 5 3 $2,500-54,999.... 7 9 23 23 29 55,000-57,499.... 12 14 19 14 7 57,500-59,999.... 15 15 16 9 3 510,000-512,499.. 20 19 17 512,500-514,999.. 10 10 6 515,000-519,999.. 17 15 7 520,000 and over. 14 15 6 Not ascertained. . 6 All cases. 100 100 100 100 100 100 Median (thousands of dollars). 11.0 11.0 8.0 46.0 45.6 43.0 Mean (thousands of dollars). .. 12.8 12.7 9.1 46.4 46.1 43.7 1 As valued by respondents early in year indicated, except that 2 House value and amount of mortgage debt were estimated, if not houses purchased during preceding year were valued at purchase reported in interview. 3 Early in year indicated. 4 For mortgaged houses only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN • JULY 1958 SUPPLEMENTARY TABLE 14 MORTGAGE DEBT WITHIN FAMILY INCOME GROUPS, EARLY 1958 [Percentage distribution of home-owning nonfarm families] Amount of mortgage debt All 1957 money income before taxes cases Zero $1- $2,000- $5,000- $7,500- $10,000 $1,999 $4,999 $7,499 $9,999 and over All income groups 100 44 14 13 10 Under $1,000 100 94 4 2 0) 0) $l,000-$l,999 100 78 10 7 $2,000-$2,999 100 67 10 11 4 $3,000-$3,999 100 51 18 20 3 $4,000-$4,999.... 100 45 13 13 16 7 6 $5,000-$5,999 100 35 10 20 19 11 5 $6,000-57,499 100 26 8 15 19 17 15 $7,500-$9,999 100 28 6 16 15 14 21 $10,000 and over. 100 36 5 12 14 12 21 i No cases reported or less than one-half of 1 per cent. NOTE.—Details may not add to totals because of rounding.- SUPPLEMENTARY TABLE 15 SUPPLEMENTARY TABLE 16 PRICES PAID FOR NONFARM HOUSES1 FAMILY EXPENDITURES ON HOME IMPROVEMENT AND MAINTENANCE X [Percentage distribution of purchasers] [Percentage distribution of home-owning nonfarm families] Price 19572 19562 19552 1951 Amount 1957 1956 1955 1954 Under $5 000 8 8 17 24 $5,000-$7,499 16 10 15 15 Zero 43 41 42 41 $7,500-59 999. . 13 16 17 22 $l-$99 14 12 12 13 $10,000-$ 12,499 20 15 18 12 $100-$199 9 10 10 10 $ $1 1 5 2 , , 0 5 0 0 0 0 - - $ $ 1 1 9 4 , , 9 9 9 9 9 9 1 1 2 4 1 1 6 9 1 9 2 i \ $ $ 2 5 0 0 0 0 - - $ $ 4 9 9 9 9 9 1 1 4 0 1 1 7 1 1 1 6 1 1 1 7 0 $20,000 and over 17 16 12 $1,000 and over 9 8 8 8 Not ascertained Not ascertained 1 1 1 All cases 100 100 100 100 All cases 100 100 100 100 Median (thousands of dollars) 12.0 12.5 10.0 8.5 1 Expenditures include additions and repairs to owner-occupied dwellings, exclusive of cost of additions made in year of house 1 Cost of additions made in year of purchase is included in price of purchase. house. Purchasers of trailers are excluded in 1956 and 1957 but included in other years. Such purchasers account for about 5 per cent of all house purchasers in any one year. If trailer purchasers had been included in 1956, median would have been $12,000. 2 House purchase price was estimated, if not reported in interview. NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PURCHASES OF DURABLE GOODS 775 SUPPLEMENTARY TABLE 17 CONSUMER PLANS TO PURCHASE DURABLE GOODS AND NONFARM HOUSES WITHIN INCOME GROUPS X [Prospective purchasers as a percentage of spending units] Consumer durable goods Nonfarm houses, Furniture and major new and used 2 Money income before taxes in preceding year New automobiles Used automobiles household appliances 1958 1957 1958 1957 1958 1957 1958 1957 All spending units 10 28 29 Under $1,000 1 13 12 1 3 $1,000-51,999 1 4 20 14 3 2 $2,000-$2,999 3 3 18 25 5 2 $3,000-$3,999 3 4 11 10 26 26 6 6 $4,000-$4,999 6 7 10 10 31 31 9 11 $ $ 5 6 , , 0 0 0 0 0 0 - - $ $ 5 7 , , 9 4 9 9 9 9 6 7 10 1 1 1 0 3 3 2 7 37 1 8 0 \ J \"> $7,500-$9,999 14 15 11 37 43 15 12 $10,000 and over 21 24 41 42 8 15 Median planned expenditure3 $2,700 $2,800 $800 $800 $250 $300 1 Includes spending units planning definitely, probably, or possibly These medians differ from those shown in the "Preliminary Findings" to buy and those having already bought in Survey year. published in the BULLETIN for March 1958. The medians shown in 2 Includes nonfarm spending units only. this table were computed from complete listings; those in the March 3 Data for automobiles are based on planned expenditures of article were interpolated from bracket amounts, and in addition the spending units that reported they would or probably would buy or 1958 data were not based on the full sample. had already bought; data for other items include, in addition, planned 4 Data not available. expenditures of spending units that reported they possibly would buy. SUPPLEMENTARY TABLE 18 CONSUMER PLANS TO PURCHASE AUTOMOBILES AND OTHER SELECTED DURABLE GOODS1 [Prospective purchasers as a percent*ige of all spending units] Type of purchase 1958 1957 1956 New automobile 6 8 8 Used automobile 10 8 7 Furniture and major household appliances 2 28 29 28 Furniture 12 13 11 Television set 5 5 5 Refrigerator 4 5 5 Washing machine 5 6 6 1 Includes spending units planning definitely, probably, or possibly to buy and those having already bought in Survey year. 2 Includes spending units planning purchases of items listed below and other major household appliances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Report under Bank Holding Company Act THIS REPORT is submitted pursuant to Section 5 other transactions involving expansion in the bank- (d) of the Bank Holding Company Act of 1956, ing field; it may grant extensions of the period alapproved May 9, 1956 (70 Stat. 133), which lowed for divestment of nonbanking interests; it provides: must consider and pass upon requests for determinations as to whether certain nonbanking or- (d) Before the expiration of two years following the date of enactment of this Act, and each year there- ganizations are such as to be exempt from the after in the Board's annual report to the Congress, divestment requirements of the Act; it must conthe Board shall report to the Congress the results of sider and pass upon requests for the issuance of the administration of this Act, stating what, if any, substantial difficulties have been encountered in carry- tax certifications under provisions added to the ing out the purposes of this Act, and any recommenda- Internal Revenue Code by the Act. Under the tions as to changes in the law which in the opinion of the Board would be desirable. administrative provisions of Section 5 of the Act, the Board is authorized to prescribe the form of Following the language of the statute, the reregistration statements to be filed by bank holding port is divided into three main parts dealing recompanies and extend the time allowed for their spectively with (1) results of administration of the submission, to issue regulations to carry out the Act, (2) substantial difficulties encountered in purposes of the Act, to require reports, and to carrying out its purposes, and (3) recommendamake examinations of bank holding companies tions for changes in the law. and their subsidiaries. Regulations. Pursuant to Section 5 (b) of the RESULTS OF ADMINISTRATION Act, the Board promulgated its Regulation Y, re- Nature of the Board's functions under the Act. lating to bank holding companies, effective Sep- The Bank Holding Company Act prescribes crimitember 1, 1956. In general, the Regulation nal penalties for violations of its provisions; and paraphrases certain portions of the Act and sets enforcement of the Act, therefore, is a matter that forth the procedure to be followed by bank holdfalls within the province of the Department of ing companies in applying for Board approval of Justice. The Board, however, is specifically transactions requiring such approval under Seccharged with the performance of certain functions tion 3 of the Act and in requesting determinations of adjudication, regulation, and administration. by the Board under Section 4 (c) (6) and tax It must consider and pass upon applications by certifications under Section 1101 of the Internal bank holding companies for approval of acquisi- Revenue Code. In addition, the Regulation retions of additional bank stocks and of certain quires each bank holding company to submit to the Board annual reports regarding its operations. NOTE.—This report was submitted on May 7, 1958 by the Board of Governors of the Federal Reserve Following the procedure that has been found System to the President of the Senate and the Speaker helpful and convenient in carrying out the Board's of the House of Representatives. Attached to this re- functions under other statutes, Regulation Y proport were exhibit A consisting of a draft of a bill invides for the submission of applications, requests, corporating recommendations for changes in the Bank and reports through the Federal Reserve Bank of Holding Company Act of 1956 and exhibit B showing textual changes which would be made in present law the district in which the holding company has its by the draft of bill contained in exhibit A. These principal office. exhibits are not reprinted in this BULLETIN but are ap- Registration of bank holding companies. Purpended to the Board's Report as printed by the Govsuant to the Act, the Board has prescribed a form ernment Printing Office for the use of the Senate Committee on Banking and Currency (85 Cong. of registration statement to be used by bank hold- 2d sess.). ing companies in complying with the registration 776 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 777 requirements of Section 5 (a). This form was pany. Neither case has yet proceeded to the designed to provide such information as the Board stage of decision by the Board. One of these cases deemed necessary and appropriate to carry out involved applications filed jointly by First New the purposes of the Act. It was adopted only after York Corporation, The First National City Bank notice of the proposed form had been published of New York, and International Banking Corporain the Federal Register and consideration had been tion; they requested Board approval of a program given to comments submitted by bank holding under which the three applicants initially, but only companies and other interested parties. First New York Corporation upon consummation Since the date of the Act 69 bank holding com- of the program, would become bank holding companies have registered with the Board. However, panies with respect to three banks in New York 19 companies which were holding companies at State. Extensive hearings on these applications the time of the enactment of the Act and which were held before a hearing examiner. In his reregistered as such have since ceased to be holding port filed October 3, 1957, the examiner recomcompanies. Accordingly, as of the date of this mended that the applications be denied on the report, there are 50 companies registered as bank ground that their approval by the Board was preholding companies under the law. A list of these cluded by Section 7 of the Act when considered in companies was published in the February 1958 the light of Article III-B of the New York bankissue of the Federal Reserve BULLETIN at page ing law, a State statute temporarily prohibiting 211. Since there are six instances in which two transactions of the kind contemplated by the apbank holding companies control the same sub- plicants' program. On December 10, 1957, the sidiary banks, the registered companies actually Board referred the matter again to the examiner represent 44 bank holding company groups. for a further report and recommendations on the merits of the application apart from the legal ques- The Act requires bank holding companies to tion considered in his previous report. Following register within 180 days after the date of the Act receipt of the examiner's further report and ador 180 days after becoming a bank holding comverse recommendations, and the filing of exceppany, whichever is later. Under its statutory autions and briefs, the case was set down for oral thority to extend the time for registration, the argument before the Board on May 21, 1958. Board granted a blanket extension permitting hold- Under clause (2) of Section 3 (a), the Board ing companies to register not later than January has received 17 applications by bank holding com- 15, 1957. In addition, for causes deemed to juspanies for prior approval of proposed acquisitions tify such action, the Board in some instances has of bank stocks. Of these, nine have been apextended the time within which particular holding proved, two have been denied, one was withdrawn, companies might comply with the registration reone is in abeyance, and four are now under conquirements of the Act. sideration. The texts of all orders of the Board Section 3 applications. Under Section 3 (a) of approving or denying such applications were pubthe Act it is unlawful, without the Board's prior lished in the January 1958 Federal Reserve approval— BULLETIN, at pages 8-16, and in the April 1958 (1) for any action to be taken which results in a company becoming a bank holding company * * *; Federal Reserve BULLETIN, at page 432. It is (2) for any bank holding company to acquire direct the general practice of the Board to publish all or indirect ownership or control of any voting shares such orders in the Federal Register. of any bank if, after such acquisition, such company Section 3 (b) of the Act provides that, upon will directly or indirectly own or control more than 5 percentum of the voting shares of such bank; (3) receiving any application under Section 3, the for any bank holding company or subsidiary thereof, Board shall notify the Comptroller of the Curother than a bank, to acquire all or substantially all of the assets of a bank; or (4) for any bank holding rency if the applicant or the bank whose stock company to merge or consolidate with any other bank is to be acquired is a national bank, or the apholding company. propriate State supervisory authority if the appli- Since the date of the Act, there have been two cant or the bank whose stock is to be acquired is cases in which applications have been filed, pur- a State bank. The Comptroller or the State ausuant to clause (1) of Section 3 (a), for ap- thority, as the case may be, is allowed 30 days proval of formation of a new bank holding com- in which to submit views and recommendations; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN • JULY 1958 and if those views and recommendations are un- prohibitions of this Section to apply in order to carry out the purposes of this Act. favorable, a formal hearing on the application is mandatory. In no case to date, however, has a Requests for such determinations have been rehearing been required by the statute because of ceived from seven holding companies. In two disapproval by the notified authority. In connec- cases, hearings have been held and decisions have tion with the applications by First New York been made by the Board. In the first of these, Corporation and others to form a new bank hold- the Board denied a request by Transamerica Coring company, to which reference has heretofore poration for a determination that its subsidiary, been made, a formal public hearing was ordered Occidental Life Insurance Company, is of such by the Board in the exercise of its discretion as nature as to be exempt under Section 4 (c) (6). provided in Regulation Y. In the second case, the Board denied exemptions No applications have been received by the Board with respect to certain nonbanking subsidiaries of for approval of the acquisition of bank assets by General Contract Corporation, St. Louis, Mo. a holding company or subsidiary, or the merger The Board's orders in these two cases were pubor consolidation of two bank holding companies, lished in the Federal Reserve BULLETIN for Seppursuant to clauses (3) and (4) of Section 3 (a) tember 1957, page 1014, and March 1958, page of the Act. 260. Proceedings with respect to the other pend- Extensions of time for divestment of nonbanking ing requests for such determinations have not yet interests. Section 4 (a) of the Act makes it un- been completed. lawful for a bank holding company, after two Tax certifications. By reason of provisions added years from the date of the Act, to engage in any by the Bank Holding Company Act to the Internal nonbanking business or to retain direct or indirect Revenue Code (Sees. 1101-1103), shareholders of ownership or control of stock of any company a bank holding company are afforded tax relief that is not a bank or a bank holding company, (through nonrecognition of gains) in cases in subject to certain stated exceptions. The Board which the holding company, in order to comply is authorized to extend the two-year period allowed with Section 4 of the Act, distributes stock of its for such divestment if in its judgment such an nonbanking subsidiaries either directly to its shareextension would not be detrimental to the public holders, or indirectly by exchanging such stock interest, though no extension may be for more for stock of a newly organized company and imthan one year at a time or extend beyond five mediately distributing the stock of the new comyears after the date of the Act or after the date pany to the holding company's shareholders. Tax when the particular company became a bank holdrelief is also available where a holding company ing company. similarly divests itself of banking interests and Under this authority, the Board has granted ceases to be a bank holding company. In all such several extensions in cases in which it was the cases, however, one prerequisite to such tax relief Board's judgment that such extensions would not is the issuance of certain certifications by the be "detrimental to the public interest." Board of Governors. In general, these certifica- Determinations under Section 4 (c) (6). Subsections are of two kinds, a prior certification that tion (c) of Section 4 of the Act enumerates a must be issued before the distribution (or exchange number of exceptions from the divestment requireand distribution) and a final certification issued ments of that Section. One of these exceptions, after the program of divestment is completed. stated in Section 4 (c) (6), depends upon the Since the date of the Act, the Board has issued making of determinations by the Board in particfive prior certifications. No final certifications ular cases on the basis of the record made at have yet been issued. In all instances to date, the formal hearings. This provision exempts shares Board's certifications have been issued in cases in of any company whose activities are all of a finanwhich the bank holding company was proposing cial, fiduciary, or insurance nature if the Board, to divest itself of control of subsidiary banks, reafter a hearing, determines that the company is— sulting in the termination of its status as a bank so closely related to the business of banking or of holding company. managing or controlling banks as to be a proper incident thereto and as to make it unnecessary for the Certifications issued for tax purposes by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 779 Board relate in general to the nature of the prop- the convenience, needs, and welfare of the comerty to be distributed, the status of the company munities and area concerned. The factor which involved as a "qualified bank holding corporation," has given rise to the greatest difficulty is the fifth and whether the distribution is necessary or appro- —that relating to whether the proposed transaction priate to effectuate the purposes of the Act. would expand the "size or extent" of the holding company system "beyond limits consistent with SUBSTANTIAL DIFFICULTIES ENCOUNTERED adequate and sound banking, the public interest, Consideration of the novel problems arising under and the preservation of competition in the field the Bank Holding Company Act has required of banking." much of the time of the Board and its staff. The The major problem has been the difficulty of language of the Act has been found to be ambigu- balancing considerations affecting competition ous in some respects and the Board has been and the public interest under the fifth factor and obliged to consider and resolve a number of diffi- those affecting convenience and needs under the cult questions as to the interpretation of its fourth factor. provisions. The holding of formal hearings under For example, if a holding company controls the Act has resulted in time-consuming procedural a large percentage of the deposits of commercial problems. banks in an area and proposes to establish a new Decisions on applications. One of the major bank in a locality within the same area that needs difficulties has arisen in connection with the exer- additional banking facilities, how strong must be cise of the Board's discretion in passing on the showing of "need" to warrant approval of the applications by holding companies under Section transaction? 3 of the Act to acquire bank stocks and applica- An even more difficult problem arises when a tions for the approval of the formation of new holding company proposes to acquire control of bank holding companies. a large independent bank and merge it with an The Board's responsibility in this respect neces- existing banking subsidiary. Can the fact that sarily involves a weighing in each case of favor- the resulting institution will be in a position to able and unfavorable considerations in the light furnish more intense competition to another large of the standards set forth in the Act. Section bank in the community and perhaps provide ex- 3 (c) requires the Board in passing upon applica- panded services to the public outweigh the resulttions to consider the following factors: ing reduction in banking units sufficiently to justify approval of the application? In one case in (1) the financial history and condition of the company or companies and the banks concerned; (2) their which this problem confronted the Board, the acprospects; (3) the character of their management; (4) quisition was approved on the ground that, in the the convenience, needs, and welfare of the commucircumstances of that case, including the existence nities and the area concerned; and (5) whether or not the effect of such acquisition or merger or consolida- of active competition by mutual savings banks, tion would be to expand the size or extent of the bank adequate competition would be preserved and the holding company system involved beyond limits consistent with adequate and sound banking, the public community would benefit by the ability of the interest, and the preservation of competition in the merged institution to provide a wider scope of field of banking. banking services. However, the extreme closeness As guides for the exercise of the Board's judg- of the case was recognized by the Board, and three ment in passing on applications, the first three of members dissented. these statutory factors present little difficulty. A basic question relates to the effect of the Financial history and condition, future prospects, terms "adequate and sound banking," "public inand management are matters which the Board, terest," and "preservation of competition," as used like other bank supervisory agencies, customarily in the fifth statutory factor. For example, what considers in passing on applications under other weight should be given to the effect of a proposed statutes for admission to membership in the Fed- transaction upon the current competitive performeral Reserve System or for approval of branches ance of banks in the area as reflected by their or of consolidations of banks. To a large extent aggressiveness, efficiency, or other characteristics, this is also true of the fourth factor, relating to irrespective of the number of such banks or their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL RESERVE BULLETIN • JULY 1958 connection with bank holding companies? What State statute, or, if not so precluded, the weight, weight, on the other hand, should be given to the if any, that should be given to the State policy potential long-run effect of the proposed transac- evidenced by such a statute. Clarification of the tion, or the cumulative effect of a series of such Act to remove any doubt in such cases as to the transactions, upon the banking structure of the effect of State law would simplify its administraarea as reflected by the number of banking units tion. offering alternative sources of banking services, Transactions between holding company units. Secparticularly banks not associated with holding tion 6 of the Act, which prohibits certain financial companies? dealings between a bank and its holding company In addition, even in cases in which it may be or fellow subsidiaries, does not require the Board agreed that a proposed transaction would not to grant or deny approval in individual cases. result in an undue lessening of competition, ques- Accordingly, it has not presented problems of the tion arises as to the extent to which Congress in- kinds encountered in the administration of Section tended to restrain the expansion of bank holding 3 of the Act. However, as part of the Board's companies from the point of view of the over-all general responsibility under the Act, and par- "public interest." For example, if a proposed ac- ticularly its responsibility under Section 4 (c) (6) quisition would appear not to be inconsistent with to determine whether the activities of a nonbankthe preservation of competition, should it never- ing organization are "a proper incident" to the theless be disapproved unless there is a showing business of banking or of managing or controlling that it will provide clearly needed banking facili- banks and consistent with "the purposes of this ties, strengthen an unsound bank, or otherwise Act," the Board has found it necessary to interpret definitely contribute to the needs and welfare of Section 6 (a) (4), which forbids any bank "to the community concerned; or, on the other hand, make any loan, discount or extension of credit" is approval warranted in such a case without the to its holding company or to a fellow subsidiary. necessity of such a positive showing that the trans- The question presented was whether the acquisiaction will in some manner definitely further the tion of notes, conditional sale contracts, and simiinterests of the community? lar paper, without recourse against the seller, was A more precise statement of the purposes of the a "discount" within the meaning of this provision. statute in the respects above mentioned would The Board concluded (one member dissenting) materially facilitate administration of the Act. It that the term "discount" as used in Section 6 (a) is recognized that this might be difficult to accom- (4) includes nonrecourse purchases of such paper. plish. The Board believes, however, that the Con- As a result, the Board denied a request for a gress should be aware of the problems here dis- favorable determination under Section 4 (c) (6) cussed in order that it may, if it wishes to do so, with respect to nonbanking organizations engaged provide more specific guidance for the exercise of in selling nonrecourse paper to banking subsidithe Board's discretion under the Act. aries of the same holding company. Effect of State legislation. An important problem However, quite apart from its consequences in raised by an application for Board approval of the that particular case, which involved transactions formation of a new bank holding company related between banking and nonbanking subsidiaries, the to the effect to be given by the Board to State prohibition of intrasystem purchases of paper legislation prohibiting or restricting the operations under Section 6 (a) (4) may have important efof bank holding companies. fects upon transactions between a subsidiary bank Section 7 of the Act reserves to each State the and other banks in the same holding company right to exercise "such powers and jurisdiction system. These consequences as between banks which it now has or may hereafter have with may not have been anticipated when the provision respect to banks, bank holding companies, and was enacted. For example, it could have a hamsubsidiaries thereof." In the light of this provi- pering effect upon participations in loans by banks sion, the question that arose was whether the in a holding company group. The Board's inter- Board is legally precluded from approving a pretation of Section 6 would not prohibit a holdtransaction that would appear to violate such a ing company bank from joining with another bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 781 in the same group in the initial making of a loan, as a result of various exemptions and other special provisions the legislation falls short of achieving these since such an initial participation would not involve objectives. It does, however, represent a forward step any "loan, discount or extension of credit" by one in that direction, and I am approving the legislation bank in the group to another. However, it is for this reason. The exemptions and other special provisions will require the further attention of the not always practicable for participations to be ar- Congress. ranged in that manner. It is sometimes appro- Prior to the enactment of the Act, the Board of priate for one bank to sell loans or participations Governors, in its testimony before Congressional therein, including loans on securities and real committees, opposed the inclusion of any special estate mortgage loans, to another bank sometime exemptions such as those referred to by the Presiafter the loans are made. Such transfers of loans dent. The Board continues to feel that all such among banks are a desirable method by which exemptions should be eliminated if they cannot be banks adjust their portfolios to take account of justified in principle. In addition to such unmovements in deposits and in demand for loans. warranted special exemptions, the Act contains a The Board believes that the absolute prohibition number of defects that have come to the Board's in Section 6 of certain transactions between a bank attention in connection with its administration of and its holding company or fellow subsidiaries is the statute. needlessly severe, particularly as applied to transactions between banks. A more appropriate safe- The Board's present recommendations for guard would be provided by provisions along the changes in the law are here set forth. For conlines of Section 23A of the Federal Reserve Act venience, these recommendations are arranged in which, in general, limits credit extensions by a the order of the sections of the Act to which they bank to its affiliates to a percentage of the bank's primarily relate and not necessarily in accordance capital and surplus and requires that such credits with their relative importance. be secured in a certain manner. There is attached to this report as exhibit A a For these reasons, as further explained in the draft of a bill which would effectuate all of the section of this report relating to suggested statu- Board's recommendations, other than those which tory amendments, the Board recommends the re- are suggested in some instances as possible alternapeal of Section 6 of the Bank Holding Company tives to the Board's preferred recommendations. Act and the amendment of Section 23A of the For convenience of reference the draft bill is keyed Federal Reserve Act in certain respects so as to to the corresponding numbers of the recommendaretain the best features of both of these provisions tion. Also attached as exhibit B is a draft showof present law. ing textual changes which would be made in present law by the draft bill. If the Congress should for any reason be unwilling to adopt that recommendation, it is be- 1. Change to one-bank definition [Sec. 2 (a)]. The lieved that it would be desirable at least to exempt Act defines a "bank holding company" in terms of nonrecourse purchases of paper between banks a company that owns or controls 25 per cent or from the prohibitions of Section 6. This would more of the stock of each of two or more banks. If the Act related only to regulation of the expannot appreciably weaken the provision, since both sion of bank holding companies, such a two-bank the buyer and seller would be under supervision definition would be unobjectionable. It is not and examination by the bank supervisory auadequate, however, to effectuate another major thorities. purpose of the statute—divestment of nonbanking RECOMMENDATIONS FOR CHANGES IN THE LAW interests of bank holding companies. Since a When the President signed the Bank Holding company controlling only one bank is not covered Company Act on May 9, 1956, he issued the fol- by the definition, it is not required to divest itself lowing statement: of any nonbanking organization that it may also control. Yet, if it is contrary to the public interest I have today approved H. R. 6227, designated as the Bank Holding Company Act of 1956. Although for banking and nonbanking businesses to be under the legislation has as its objectives (1) requiring bank the same control, the principle is applicable holding companies to divest themselves of nonbanking whether a company controls one bank or a assets and (2) preventing any lessening of competition in banking through the holding company device, hundred banks, and the possibility of abuses from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN • JULY 1958 such common control is the same. In fact, if a actually control the operations of the intermediate company controls only one large bank, that com- corporation. It would suggest also that a holding pany's interests in extensive nonbanking businesses company would be obliged to divest itself of "incould lead to abuses even more serious than if the direct" control of shares of a nonbanking orcompany controlled two or more very small banks. ganization owned by a subsidiary, even though the Prior to enactment of the Act, the Board con- holding company did not actually control the sistently urged that the definition of a "bank hold- subsidiary. Despite these considerations, the aping company" be related to ownership or control plication of a 25 per cent test of control would of a majority (or even 25 per cent) of the stock seem consistent with the intent of the law and of a single bank. The logic of that position still would materially simplify the task of administraseems sound; and it is believed that the statute tion by avoiding the need in particular cases of should be amended accordingly. proving actual control. This could be accom- If the percentage test stated in present law is plished by adding at the end of Section 2 a provinot changed, a one-bank definition could be ac- sion to the following effect: complished merely by changing the words "each For the purposes of this Act, shares owned or conof two or more banks," wherever they occur in trolled by any subsidiary of a bank holding company shall be deemed to be indirectly owned or controlled Section 2 (a) of the Act, to read "any bank." by such bank holding company. 2. Meaning of indirect "control" [Sec. 2]. Certain questions have arisen as to the meaning of the B. Section 4 (a) of the Act prohibits the acphrase "owned or controlled directly or indirectly" quisition or retention of direct or indirect ownership or control of voting shares of nonbanking as used in a number of places in the Act. companies, with certain exceptions. However, un- A. Question has arisen whether stock owned like the definitions of "bank holding company" or controlled by a "subsidiary" of a bank holdand "subsidiary" in Section 2, Section 4 does not ing company should be considered as indirectly specifically cover cases in which shares of a nonowned or controlled by the holding company banking organization are held by trustees for the where that company owns less than 50 per cent benefit of the shareholders of the bank holding of the voting shares of the subsidiary. On the one company. Moreover, neither Section 2 nor Sechand, it may be argued that the 25 per cent figure tion 4 specifically covers instances in which shares in the definition of a "bank holding company" are held by trustees for the benefit of the sharerelates solely to direct ownership or control, and holders of a subsidiary of a bank holding comthat, in determining the existence of indirect pany. In order to avoid the practical and proceownership or control, it is necessary to determine dural difficulties involved in proving actual "conwhether the holding company in fact exercises trol," and also to be consistent with other provicontrol over the shares of a company owned by sions of the Act, it is believed that the law should the subsidiary. On this theory, the holding comprovide specifically that shares held by trustees pany might indirectly control such shares only if in the circumstances here mentioned should be it owned more than 50 per cent of the shares of considered as being controlled by the bank holding the subsidiary. On the other hand, it may be company and therefore subject to all applicable argued that the statute adopts 25 per cent ownerprovisions of the Act. Such a provision might be ship as representing "control," and that, therefore, added at the end of Section 2 to read as follows: where a holding company owns 25 per cent of the stock of its subsidiary and the latter owns 25 per For the purposes of this Act, shares held or controlled directly or indirectly by trustees for the benecent of another corporation, the holding company fit of the shareholders or members of a company or can be said to control indirectly 25 per cent of any of its subsidiaries shall be deemed to be controlled by such company. the shares of such corporation. The latter view would mean, for example, that If this recommendation is adopted, clause (3) in if a holding company should own 25 per cent of the definition of "bank holding company" in Secan intermediate corporation which in turn owns tion 2 (a) of the Act, relating to the holding 25 per cent of a bank, that bank would be a subsidi- of bank shares by trustees for the shareholders of ary even though the holding company might not a company, would be unnecessary and could be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 783 deleted, since stock so held would be "controlled" any company for the benefit of whose shareholdby the company under clause (1) of that defini- ers 25 per cent or more of the stock of two or tion; and, if the amendment here proposed is more banks is "held by trustees." There are situaenacted in the language suggested, the amend- tions in which trustees hold the stock of several ment to Section 2 (a) (3) proposed in recom- corporations for the benefit of the shareholders mendation No. 4 would also be unnecessary. Like- of a particular company, which may here be wise, adoption of the present recommendation called company X, and in which each of the would, as a practical matter, make unnecessary corporations in turn owns more than 25 per cent the amendment to Section 3 (a) (2) proposed in of the stock of a single bank. It cannot be said recommendation No. 13. that the trustees directly hold the stock of two 3. Coverage of pension trusts [Sec. 2]. Pension or more banks for the shareholders of company trusts or profit-sharing plans maintained by banks X; but, in view of the fact that the trustees hold or other companies for their employees some- all the stock of the corporation that owns the bank times invest in bank stocks. A pension trust or stock, and since any other construction would profit-sharing plan does not itself fall within the clearly tend to defeat the purposes of the Act, definition of a "company"; and if the trust should the Board has taken the position that in such a case the stock of the several banks owned by the own more than 25 per cent of the stock of each various corporations is in fact "held" by the of two or more banks it would be difficult as a trustees for the benefit of company X's sharepractical matter to prove that such stocks are holders and that therefore company X is a bank "indirectly controlled" by the bank maintaining holding company. However, the provision in the trust even though the trustees may be directors question should be amended to make it clear that of that bank. In order to guard against possible the provision applies to indirect holding or control use of this device as a means of evading the of bank stock as well as direct ownership of such statute, it would be desirable to cover such situastock by trustees. tions by an amendment to the law which would cause a bank or other company to become a bank The point could be clarified by inserting after holding company if a pension trust or profit- the word "held" in clause (3) of Section 2 (a) sharing plan holds for the benefit of its employees the words "or controlled, directly or indirectly,." 25 per cent or more of the stock of each of two If this change is made, a conforming change or more banks.1 This could be accomplished should be made in the definition of "subsidiary" by inserting in the definition of "bank holding in Section 2 (d) (3). company" in Section 2 (a) of the Act a new It should be noted that the amendment here clause reading as follows: recommended would be unnecessary if the amendment proposed in recommendation No. 2B should or (4) for the benefit of whose employees (whether exclusively or not) 25 per centum or more of the be enacted. voting shares of each of two or more banks! or a 5. Combination of clauses in definitions [Sec. 2 (a)]. bank holding company is held or controlled directly or indirectly by trustees under an employee-benefit Section 2 (a) defines a "bank holding company" plan. as any company (1) which directly or indirectly owns, controls, or holds with power to vote 25 Adoption of this amendment would require a per cent or more of the stock of each of two or conforming amendment to the definition of "submore banks or another bank holding company, sidiary" in Section 2 (d). or (2) which controls the election of a majority 4. Stock "held" by trustees [Sec. 2 (a) (3)]. The of the directors of each of two or more banks, definition of a "bank holding company" includes or (3) for the benefit of whose shareholders or members 25 per cent of the stock of each of two 1 The words "each of two or more banks" would or more banks or another bank holding company read "any bank" if the Board's recommendation No. 1 is held by trustees. Literally, the definition can were adopted. Tf that recommendation is not adopted, be read to mean that a company must be related the language of the amendment here suggested should to at least two banks in the manner described in be modified in accordance with recommendation No. 5. one of the three clauses and that a company would Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN • JULY 1958 not be covered if it is related to one bank under subsidiary banks to acquire bank stock in a fiducione clause and to another bank under another ary capacity. It would be inconsistent to allege clause. To illustrate, it might be contended, under that Congress dispensed with the requirement of such a literal reading of the definition, that if a Board approval in Section 3, but at the same time company owns 25 per cent or more of the stock concluded that a company is a bank holding comof only one bank and also is a company for the pany if it controls only one bank that, in turn, benefit of whose shareholders the stock of one owns shares of other banks in a fiduciary capacity. other bank is held by trustees, such a company Exemption of a nonbanking company in such would not be a bank holding company. Such a case could be effected by amending clause (A) an interpretation obviously was not intended and in Section 2 (a) to read as follows: would clearly permit evasions of the statute. SEC. 2. (a) * * * (A) No bank and no company Accordingly, if the Board's recommendation No. owning or controlling voting shares of a bank shall be 1 regarding the use of a one-bank definition is a bank holding company by virtue of such bank's ownership or control of shares in a fiduciary capacity, not adopted, the language of the definition should except where such shares are held for the benefit of be clarified by changing the first sentence of Sec- the shareholders of such bank or such company. tion 2 (a) to read as follows: 7. Exemption of registered investment companies "Bank holding company" means any company [Sec. 2 (a) (B)]. The Act exempts from the definiwhich, with respect to each of two or more banks or another bank holding company, (1) directly or indi- tion of a "bank holding company" any company rectly owns, controls, or holds with power to vote, 25 which was registered under the Investment Comper centum or more of the voting shares of such bank pany Act of 1940 prior to May 15, 1955, and or other bank holding company, or (2) controls in any manner the election of a majority of the directors of any company "affiliated" with such a company. such bank or other bank holding company, or (3) is This exemption has no logical basis. It was prea company for the benefit of whose shareholders or members 25 per centum or more of the voting shares sumably based on the mistaken theory that a of such bank or other bank holding company is held registered investment company is subject to such by trustees; * * *. supervision and restrictions under the Investment 6. Company controlling bank that holds bank stocks Company Act as to make it unnecessary for it to as trustee [Sec. 2 (a) (A)]. Section 2 (a) (A) ex- be also regulated under the Bank Holding Comcludes from the definition of bank holding com- pany Act. Actually, the Investment Company pany any bank which owns or controls 25 per Act is aimed primarily at protecting investors; it cent or more of the shares of two or more banks does not prevent any registered investment comin a fiduciary capacity, except where such shares pany from acquiring control of banks or require are held for the benefit of the shareholders of such such a company to divest itself of nonbanking inbank. Under a strict construction, this exemption terests. There is no plausible reason why a regiswould be limited solely to a company that is a tered investment company which otherwise meets bank and that holds bank stocks in a fiduciary the definition of a bank holding company should be capacity and would not include a nonbanking com- exempted from regulation under the Bank Holding pany that directly controls the bank that holds the Company Act. The exemption clearly should be reshares in trust. pealed. If, contrary to the Board's recommenda- Where a bank owns or controls shares of other tion, the exemption is retained, such investment banks in a fiduciary capacity, presumably it may companies should at least be made subject to Secvote and otherwise control such shares only in tion 6 of the Act relating to loans by subsidiary accordance with the indenture under which it banks to their bank holding company and fellow serves. The same presumption, it seems, should subsidiaries, if that Section or similar provisions exist with respect to a company that does not are retained in the law. control the bank-trustee, unless that company or Repeal of the exemption could be accomplished its shareholders are the beneficiary of the trust. merely by striking from the Act all of clause (B) Moreover, Section 3 (a) of the Act, dealing with of the second sentence of Section 2 (a) of the "acquisition of bank shares or assets," exempts a Act. bank holding company from the necessity of ob- 8. Exemption of company with 80 per cent of "total taining the Board's prior approval for one of its assets * * * in the field of agriculture" [Sec. 2 (a) (E)]. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 785 A. Section 2 (a) (E) provides that a company to economic reality. To some extent, this problem that otherwise would be a "bank holding com- adds weight to the Board's recommendation that pany" is exempted from that status if "at least 80 Section 2 (a) (E) be repealed. per centum of its total assets are composed of 9. Exemption of religious, charitable, and educaholdings in the field of agriculture." The Board's tional organizations [Sec. 2 (b) (2)]. Alternative study of this so-called "agricultural exemption" in proposals as to the treatment of this matter are connection with the actual facts of two situations discussed below. has led to the conclusion that the exemption is A. At present the Act excludes organizations of difficult to justify. the types above indicated from the definition of The Bank Holding Company Act is based upon "company" and consequently from the definition the Congressional position that expansion of hold- of "bank holding company." It appears to the ing companies calls for regulation and that bank Board that the dangers aimed at by the Holding holding companies generally should not engage Company Act (unregulated expansion of ownerin nonbanking activities. It is difficult to see why ship of banks; banking and nonbanking interests either of these basic principles is less applicable being held by the same organizations; and lending to a holding company system with a large part of by a bank to the organization that controls it) are its assets in the field of agriculture than with re- not absent simply because a holding company is spect to holding companies that do not fall within operated for religious, charitable, or educational that category. Accordingly, the Board recom- purposes. Accordingly, the Board recommends mends the elimination of the exemption provided that this exemption be terminated by deleting Secby Section 2 (a) (E) together with the related tion 2 (b) (2) in its entirety. provisions of Section 2 (g) defining the term "ag- B. The Board sees little justification for any riculture." exemption for holding companies of these kinds, but if they are to be accorded special status it is B. In the event Congress should decide not to felt that the exemption should be limited to some delete this exemption, it may wish to clarify the extent at least. Accordingly, if Congress rejects meaning of the words "80 per centum of its total the foregoing recommendation A, it may decide assets" as used therein. In applying the existing instead that such organizations should be exempt provision, the Board necessarily has interpreted only from the provisions of Section 4 relating these words as meaning 80 per centum of the value to divorcement of banking interests from nonof total assets, and has regarded "value" as rebanking interests. This narrowing of the exempferring to actual present value, rather than book tion could be effected by deleting Section 2 (b) (2) value, cost, or some other alternative. It has and amending Section 4 (c) (7) to provide that seemed to the Board that actual present value is the prohibitions of Section 4 shall not apply— the most realistic interpretation, and that the use of either book value or cost as the test could result (7) to any bank holding company which is a labor, in the exemption's being applicable in cases where agricultural, horticultural, religious, charitable, or educational organization and which is exempt from taxain reality agricultural assets constitute only a rela- tion under Section 501 of the Internal Revenue Code tively minor fraction of the company's total assets. of 1954. [New words italicized.] However, it is recognized that determination of Such an amendment would place religious, actual present value is sometimes a relatively charitable, and educational organizations on the troublesome and expensive procedure, and on this same basis as labor, agricultural, and horticultural basis Congress might wish to substitute a test that organizations, so that holding companies in any would be easier to apply. This objective could be of these categories would be subject to the reeffected by changing the phrase to read "80 per quirements and restrictions of the Act with recentum of its total assets (measured by cost or spect to (1) expansion in the field of banking and comparable basis, appropriately depreciated) are (2) extensions of credit within the holding comcomposed of holdings in the field of agriculture." pany system, but would not be required to divest Such an amendment, however, while facilitating themselves of nonbanking interests. administration of the Act, would make the ex- C. It may be that one reason for the exemption emption even more arbitrary and even less related of religious, charitable, and educational organiza- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN • JULY 1958 tions was the reluctance of Congress to subject above, the entire net income of which is turned over to such organization, or (4). organizations of these classes to the requirements of Section 5 regarding disclosure to the Board 10. Exclusion of "agreement" foreign banking corof their financial affairs and other activities. If porations from definition of "bank" [Sec. 2 (c)]. this is the case, a solution might be found in per- Section 2 (c) excludes from the definition of mitting such organizations to control banks solely "bank" corporations "operating under Section through a subsidiary corporation (itself subject 25 (a) of the Federal Reserve Act." This exempts to all provisions of the Act) without the parent foreign banking corporations that are chartered organization's becoming thereby a bank holding by the Board of Governors of the Federal Reserve company subject to examination and reporting System. However, it does not exempt similar requirements. This could be accomplished by foreign banking corporations which are chartered deleting clause "(2)" of Section 2 (b), and adding under State law, and in which member banks of the following to Section 2 (a): the Federal Reserve System are allowed to invest if the corporation has a specified agreement or , and (F) no company shall be a bank holding company if (i) it is organized and operated exclusively undertaking with the Board of Governors under for religious, charitable, or educational purposes, (ii) Section 25 of the Federal Reserve Act. There is no part of its net earnings inures to the benefit of any no reason why such "agreement" foreign banking private shareholder or individual, (iii) no substantial part of its activities is carrying on propaganda or corporations should not have the same exemption otherwise attempting to influence legislation, and (iv) as the similar corporations chartered by the it does not own or control directly or indirectly 25 per cent or more of the voting shares of any bank that is Board. not a subsidiary of a bank holding company. Such an exemption could be provided by amend- As indicated, the Board favors complete elimina- ing Section 2 (c) of the Act to insert before the tion of the existing exemption of religious, chari- words "Section 25 (a) of the Federal Reserve table, and educational organizations; alternatives Act" the words "Section 25 or." B and C are presented only because of the pos- 11. Deletion of term "State member bank" [Sec. sibility that Congress may decide not to eliminate 2 (c)]. Section 2 (c) defines, among other things, the exemption entirely but rather to reduce its the term "State member bank." The term does scope to some degree. not appear elsewhere in the Act and there appears D. If, however, Congress should decide that to be no reason for the definition. Accordingly, religious, charitable, and educational organizations the definition of the term "State member bank" should continue to be totally exempted from the should be deleted. provisions of the Holding Company Act, the ques- 12. Conforming definition of "subsidiary" [Sec. 2 tion would arise whether the exemption should (d)]. Section 2 (d) (1) defines a "subsidiary" of apply not only to such organization itself, but a bank holding company as a company 25 per also to wholly owned subsidiaries thereof that own cent or more of whose voting shares are owned or control banks. A situation of this sort was or controlled by the bank holding company. presented to the Board in 1956, and it was con- Unlike the related definition of "bank holding cluded that such subsidiaries are not exempt from company" in Section 2 (a), the definition of "subthe Holding Company Act in its present form. sidiary" does not refer to indirect ownership or As emphasized herein, the Board questions the control or to the holding of stock with "power to desirability of exempting religious, charitable, and vote." educational organizations, but if Congress should Situations have come to the Board's attention decide otherwise, consistency would seem to re- which suggest the need for clarification. For exquire that the exemption apply also to wholly ample, X bank holding company, in addition to owned subsidiaries of such organizations. Such owning 25 per cent of the shares of bank A, owns a broadening of the exemption could be effected 75 per cent of the shares of Y company which by amending Section 2 (b) by inserting imme- is a bank holding company by virtue of its ownerdiately after "or (3)" the following: ship of 25 per cent of the shares, respectively, of bank B and bank C. It could be argued that bank any corporation, all of the shares of stock of which are owned by an organization described in clause (2) B and bank C, while banking subsidiaries of Y, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 787 are not subsidiaries of X bank holding company, Under Section 3 (a) (1) it is unlawful, except because their shares are not directly owned or con- with the prior approval of the Board, "for any trolled by X. However, such an interpretation action to be taken which results in a company would mean that bank B and bank C could accept becoming a bank holding company." The Board shares of X bank holding company or of bank A believes that this provision was designed to prevent as collateral security for a loan without violating the formation of new holding company systems Section 6 of the Act prohibiting upstream and in circumstances that would contravene the obcross-stream lending. Viewed in terms of the jectives of the Act. Ordinarily, a company beover-all intent of the Act and its purpose and comes a bank holding company by acquiring 25 per cent or more of the shares of two or more meaning, it would seem desirable to make it clear banks. that a bank indirectly controlled by a bank hold- However, a company that owns 25 per cent or ing company is a "subsidiary" within the meaning more of the stock of two banks, but which falls of the law, thus bringing the definition into conwithin one of the exemptions provided in Section formity with the related definition of a "bank 2 (a), may become a bank holding company holding company." simply by ceasing to qualify for such exemption. Accordingly, it is recommended that the defini- For example, an investment-banking corporation tion of a "subsidiary" in Section 2 (d) (1) be might hold enough bank stock to be a holding amended by adding the words "directly or indicompany but might be excluded from that caterectly" before the words "owned or controlled by gory (by Sec. 2 (a) (C)) because some of such such bank holding company," and by adding stock was acquired in connection with underwritthereafter the words "or is held by it with power ing; this exemption might be lost if the company to vote." were unable to sell the stock profitably and decided 13. Conforming control of expansion of bank holdto hold it as an investment, awaiting a better ing companies to definitions of "bank holding commarket. Likewise, a company that was exempt pany" and "subsidiary" [Sec. 3 (a) (2)]. Under the from "bank holding company" status under the definitions of "bank holding company" and "subagricultural exemption (Sec. 2 (a) (E)) might sidiary" in Sections 2 (a) and 2 (d) of the Act, lose that exemption, and thereby become a bank a bank can be a subsidiary of a bank holding comholding company, through the sale of a part of its pany through (1) ownership or control of 25 per agricultural holdings. cent of the voting shares of the bank by the hold- In such cases, the purpose of Section 3 (a) (1) ing company, (2) control of the election of a —namely to regulate the creation of new holding majority of the directors of the bank by the holdcompany systems—would not be contravened, ing company, or (3) holding of 25 per cent or and the Board's prior approval does not seem to more of the voting shares of the bank by trustees be called for as a matter of policy and might be for the benefit of shareholders of the holding impossible as a practical matter. Under a literal company. In requiring approval of the Board for interpretation of Section 3 (a) (1), however, the creation or expansion of a bank holding comsuch approval might be held to be required. pany, Section 3 (a) evidently intends to parallel This undesirable interpretation could be avoided those definitions; but Section 3 (a) does not specifiby amending Section 3 (a) (1) to read: cally refer to the second and third of the three methods by which a bank may become a sub- * * * (i) f or an y action to be taken which results in a company becoming a bank holding company (except sidiary. In order to avoid any possible ambiguity by termination of an exemption provided in Section 2 on the point, it would be desirable to amend of this Act) * * * Section 3 (a) by adding at the end of clause (2) before the semicolon the following language: 15. Board approval for holding company banks9 absorption of other banks [Sec. 3 (a) (3)]. Section 3 , or for any action to be taken which results in a bank (a) now requires Board approval before a holding becoming a subsidiary of a bank holding company. company may acquire bank stock either directly 14. Company becoming a bank holding company or indirectly, and also before a holding company because of termination of exemption [Sec. 3 (a) (1)]. or any of its subsidiaries, "other than a bank," Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN • JULY 1958 may acquire directly or indirectly "all or sub- holding companies whenever they are subject to stantially all of the assets of a bank." This al- control by other governmental agencies in the lows a bank in a holding company system to ab- banking field. A conspicuous example is the essorb another bank without the prior approval of tablishment of new banks by holding companies. the Board. It can be argued that this provision No new national bank may be established without seriously weakens the Act with respect to one of the prior approval of the Comptroller of the Curits major purposes—namely, to control the ex- rency, and no new State bank without the prior pansion of bank holding companies. approval of the State bank chartering authority. It seems clear that Congress did not intend to Nevertheless, under Section 3 (a) (2) of the Act control, through the Holding Company Act, what a holding company may not establish any new may be called the "internal" expansion of the bank "except with the prior approval of the Board" banking activities of holding company systems. in addition to that of the bank chartering authority. A holding company bank may expand its deposits, It is to be noted also that the Senate Banking loans, and other phases of its business, and may Committee, in commenting upon Section 3 (a) establish additional offices (where permitted by (3), stated: applicable laws) without regard to the Holding Acquisition of assets, as well as acquisition of stock, Company Act. However, the legislative history may be used to gain practical control of a bank's of the Act reveals a general intent that a holding operations, especially at the existing site of operations. In order to encourage competitive banking and discompany system should not be permitted to ab- courage monopoly of banking, this bill provides regusorb existing banking institutions except in ac- latory control over both types of acquisition (S. Rep. No. 1095 (84th Cong.), pt. 1, p. 8). cordance with its provisions. There are two methods by which a holding This statement evidences the Committee's concern company system may absorb an existing independ- with expansion via absorption of independent ent bank: (1) it may acquire the controlling stock banks, but Section 3 (a) (3) does not effectively of the bank or (2) it may arrange to have the in- deal with this problem. That provision relates dependent bank merge or consolidate with, or sell only to acquisition of the assets of an existing bank its business to, a holding company bank.2 The by a holding company or a nonbanking subsidiary. Holding Company Act applies to "(1)" but not In actuality, however, such corporations rarely if to "(2)"; the question is whether this distinction ever acquire a bank's assets, and certainly their is sound in principle. acquisition of a bank's assets could not "be used The argument has been advanced that the Act to gain practical control of a bank's operations, should not apply to acquisitions via merger, con- especially at its existing site of operations," which solidation, or purchase of assets, because such ac- apparently was the Committee's principal focus in quisitions are already subject to supervisory con- this connection. Control of the kind described trol—that is, either the merger or the usual con- can be achieved only when a banking subsidiary sequent establishment of a branch, or both, must of a holding company takes over an independent have the prior approval of a Federal or State bank bank. Consequently, it appears that Section 3 (a) supervisory authority or in some cases, both. It (3) in its present form is practically a nullity, and is true that this is usually the case and that the does not reach the problem referred to by the situation differs in that respect from a holding Senate Banking Committee. company's purchase of the stock of an existing It is recognized that duplication of governmental bank, which ordinarily is subject to no govern- regulation should be avoided wherever possible. mental control other than that provided by the But it is not clear that the objectives of the Hold- Holding Company Act. ing Company Act will be carried out consistently However, it does not appear that Congress in- by the various State and Federal supervisors in tended to exclude additional-bank expansions of passing upon mergers (or branch applications in connection therewith); in fact, there might be 2 Not infrequently these two methods constitute sucsome question as to the authority of State bank cessive steps; the holding company purchases the controlling stock of an independent bank and then merges supervisors to disapprove a proposed merger on its operations with those of one of its other banks. the ground that it would be inconsistent with the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 789 purposes of the Federal Bank Holding Company were called for by strictly logical application of Act. Consequently, on balance it is the conclu- the principle. sion of the Board that effectuation of the purposes In addition, however, it is pointed out that an of the Act requires that holding-company banks' acquisition via merger (or similar absorption) absorption of independent banks, by merger or almost invariably can be consummated only if otherwise, should be subject to the provisions of approved by the appropriate State or Federal bank Section 3 of the Act. supervisory authority, whereas in many instances Mention should be made of the relationship of this is not necessary with respect to purchase of this recommendation to the prohibitions of Sec- bank stock. Consequently, acquisitions through tion 3 (d). Those prohibitions were intended, merger can occur only if the absorption is desirgenerally speaking, to prevent a holding company able (or at least acceptable) from the bank superfrom expanding outside its "home" State by pur- visory viewpoint, which provides some assurance chase of bank stock or acquisition of the assets of that the absorption will be in the public interest additional banks. At the present time, however, as far as banking service is concerned. The Board by virtue of the exception in Section 3 (a) (3) considers this circumstance an additional reason with respect to banks' absorptions of other banks, for excluding such absorptions from the prohibiif a holding company owned one or more banks tory provisions of Section 3 (d) and for perin a particular State on May 9, 1956, it may mitting such out-of-State absorptions when apabsorb additional banks in that State through proved by the Board on the basis of the factors merger or purchase of assets to the full extent enumerated in Section 3 (c). permitted by State law or the National Bank Act, In this connection, it would seem that the genwhichever is applicable. eral public policy regarding out-of-State expansion If the bank-merger exception in Section 3 (a) by bank holding companies, as embodied in Sec- (3) is deleted as here suggested, and no other ac- tion 3 (d), would constitute a relevant element tion were taken in this area, the result would be of the "public interest" within the meaning of Secthat, for practical purposes, Section 3 (d) would tion 3 (c), and that consequently the Board would completely prevent any expansion of holding com- be justified in applying more restrictive standards panies' out-of-State subsidiary banks by absorption in passing upon proposed absorptions of banks of other banks. However, the Board believes that located outside the "home State" of the bank such an absolute prohibition of absorptions, re- holding company. gardless of circumstances, would not be in the For the foregoing reasons, the Board recompublic interest, and consequently it recommends mends that the words "other than a bank" in Secamendment of Section 3 (d) to permit such ab- tion 3 (a) (3) be deleted, but that at the same sorptions by out-of-State subsidiary banks when time Section 3 (d) be amended so as not to preapproved by the Board pursuant to Section 3 (a). clude approval by the Board of the acquisition of This would not in any way cut down the present bank assets by a holding company's subsidiary coverage of Section 3 (d) but would simply make bank in another State. that subsection inapplicable in the case of acquisi- 16. Exception as to shares acquired in fiduciaryc ations of bank assets that would now be brought pacity [Sec. 3 (a) (A) (i)]. Under Section 3 (a) within the purview of Section 3 (a) for the first (A) (i) Board approval is not required for the time. acquisition of voting shares by a bank in good The question may be raised as to whether the faith in a fiduciary capacity "except where such general principle of Section 3 (d)—prevention shares are held for the benefit of the shareholders of out-of-State expansion by acquisition of addi- of such bank." The provision makes it possible tional banks—does not apply to acquisitions via for a subsidiary bank to acquire, without Board mergers as well as to acquisitions via purchases approval, shares in a fiduciary capacity where such of bank stock. The Board has never favored the shares are held for the benefit of the shareholders absolute-prohibition approach of Section 3 (d), of the bank's parent company or another subsidiary and therefore would not favor extension of that thereof. approach into a new area even if such extension Section 4 (c) (4) exempts from the divestment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN • JULY 1958 requirement shares held or acquired, in good the operations of its banking subsidiaries are prinfaith in a fiduciary capacity, by a bank holding cipally conducted. company, "except where such shares are held for Since a holding company may control banks the benefit of the shareholders of such bank hold- in two or more States and since conceivably the ing company or any of its subsidiaries." Even total deposits of its banks in one State may at some though Section 4 (c) (4) pertains to nonbanking time exceed those of its banks in its "home" State, shares and Section 3 (a) (A) (i) pertains to bank- it is further believed that expansion should be ing shares there would appear to be no reason limited to the State in which its principal operawhy the exceptions in these two clauses should tions were conducted at the time of enactment not be similarly circumscribed. In order to paral- of the amendment or at the time it becomes a bank lel the language of these two clauses it is recom- holding company. This would prevent a holding mended that the exception in Section 3 (a) (A) company from shifting its "principal" operations (i) be changed to refer to shares held for the from State to State and would seem to be in acbenefit of the shareholders of the bank holding cord with the apparent intent of the Act. company or any of its subsidiaries. It is recommended, therefore, that Section 3 (d) be amended by striking the words "in which such 17. Restricting expansion to State in which principal bank holding company maintains its principal operations are conducted [Sec. 3 (d)]. Section 3 (d) office and place of business or in which it conducts prohibits approval of any applications under Secits principal operations," and substituting the foltion 3 which will permit any bank holding comlowing language: pany or its subsidiary to acquire, directly or indirectly, voting shares of, interest in, or all or sub- in which the operations of such bank holding comstantially all of the assets of any additional bank pany's banking subsidiaries were principally conducted at the date of this amendment or the date on which located outside of the State in which such bank such company became a bank holding company, holding company maintains its principal office and whichever is later. place of business or in which it conducts its prin- 18. Liquidation of assets not acquired from comcipal operations unless such acquisition is specifi- panies in system [Sec. 4 (c) (1)]. Section 4 (c) (1) cally authorized by statute in the State in which now permits a holding company to acquire and the bank the shares or assets of which are sought retain shares in a company "engaged * * * in to be acquired is located. liquidating assets acquired from such bank hold- This Section appears to offer to a bank holding ing company" and its subsidiary banks. In view company a choice as to the State of expansion in of the language of other clauses of Section 4 (c) any case in which its principal office and place (1), it is arguable that such a company need not of business are in one State and its principal opera- be engaged solely in the described activity, but tions are conducted in another State. However, that it could also engage in liquidating assets acit would seem to be more consistent with the pur- quired from other sources. However, on the poses of the Act if expansion by the bank holding assumption that the present exemption applies company were allowed only within the State in only to a company solely engaged in liquidating which its "principal operations" are conducted. intrasystem assets, it has been suggested that a While the usual practice is for a bank holding holding company should be permitted to acquire company to have its principal office and place of and hold stock of a company that holds— business in the same State in which it conducts for liquidating purposes stocks acquired by it in its its principal operations, it must be recognized that ordinary course of business as well as stocks acquired a holding company may have the former in a from nonbanking subsidiaries, from the bank holding company itself, and from affiliated banks. State different from that in which the latter is located. In such circumstances, in spite of the The Board sees little justification for permitting literal interpretation which can be given Section a subsidiary of a holding company to engage in a 3 (d), Congress appears to have intended that a general liquidation business. However, it would bank holding company, like a bank, could not ex- seem unreasonable to require divestment of shares pand outside the State in which it conducts its of a liquidating company merely because part of principal operations, that is, the State in which its assets in liquidation were acquired from sources Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 791 outside the holding company system. In order to bank are present equally where the shares are held avoid this result, but without permitting such a by a holding company that is a bank. company to engage currently in a general liquidat- For the foregoing reasons, it is recommended ing business (which would seem to contravene the that this exemption be repealed, but with an appurposes of the Act), the Board recommends that propriate provision allowing a holding company the clause be amended to exempt shares in any two years (or such longer period as the Board may company— permit up to five years) within which to dispose of engaged solely in liquidating assets acquired from such shares now falling within the exemption. bank holding company and such banks or acquired 20. Limitation relating to value of holding comfrom any other source prior to May 9, 1956, or the date on which such company became a bank holding pany's assets [Sec. 4 (c) (5)]. The law exempts company, whichever is later. from the divestment requirements of Section 4 19. Elimination of exemption of shares owned by a the ownership by a holding company of up to 5 bank which is a bank holding company [Sec. 4 (c) (4)]. per cent of the voting securities of any nonbanking Section 4 (c) (4) exempts from the divestment corporation provided they do not have a value requirements of Section 4 "shares lawfully ac- greater than 5 per cent of the value of the total quired and owned prior to the date of enactment assets of the holding company. Similarly, the law of this Act by a bank which is a bank holding exempts ownership of the shares of an investment company, or by any of its wholly owned subsid- company if the securities owned by the investment iaries." The provisions of Section 4 represent company do not include more than 5 per cent of one of the most clear and direct mandates of the the outstanding voting securities of any company statute in terms of effecting that part of the whole and do not include any single asset having a value Congressional purpose which would remove from greater than 5 per cent of the value of the holding bank holding companies the ability to engage in company's total assets. The limitations in these businesses unrelated to banking. A majority of provisions with respect to 5 per cent of outstandthe exemptions in Section 4 (c) reflect recognition ing shares or voting securities are presumably dethat certain shares in nonbanking organizations signed to permit diversification of investments represent an interest in holdings or activities which which do not result in control of a nonbanking are so closely related to the business of banking organization. It is recognized that the additional as to justify their retention by a bank holding limitations with respect to 5 per cent of the value company. Some of the remaining exemptions, of the holding company's total assets may be while having no relation to the business of bank- sound in principle as providing an additional safeing, were apparently considered to have an interest guard. However, experience has shown that, as sufficiently identifiable with a public economic or a practical matter, the first 5 per cent limitation social purpose as to warrant their inclusion. With referred to above constitutes an adequate safereference to the exemption above quoted, how- guard and that the inclusion of the second limitaever, no rational basis seems to exist to warrant tion related to assets has imposed upon both bank its presence in the Section. holding companies and the Board an unwar- Section 4 (c) (2) of the Act requires a bank ranted accounting burden. It is recommended, holding company not a bank to divest itself of therefore, that the limitation based upon 5 per cent stock in nonbanking interests held by it before en- of the value of the holding company's total assets actment of the Act. However, Section 4 (c) (4) be eliminated in both of the places in which it permits a bank which is a bank holding company occurs in paragraph (5) of Section 4 (c). to retain shares acquired prior to the passage of this Act. Thus, there has been granted a favored 21. Exemption of labor, agricultural, or horticulposition, with no apparent justification, to a bank tural organizations [Sec. 4 (c) (7)]. Section 4 (c) (7) holding company which is a bank, and denied, exempts labor, agricultural, or horticultural orwith ample justification, to a bank holding com- ganizations which are bank holding companies pany which is not a bank. The potential dangers from the requirement that they divest themselves that gave rise to a denial of this exemption as to of any interest in businesses other than that of shares held by a holding company that is not a banking. A decision as to whether particular or- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN • JULY 1958 ganizations should be exempted from any provi- held (as in a fiduciary capacity) and except as sions of the Act, is, of course, a public policy deci- to exception (7) which relates, not to the exempsion to be made by the Congress. However, the tion of a particular type of shares, but to the Board would urge consideration of the fact that exemption of certain categories of bank holding the exemption from corporate taxation of such companies. Exception (7) should be set forth in "special" organizations and their exemption from a separate subsection. the divestment requirements of the Bank Holding B. Although the prohibitions of Section 4 (a) Company Act appear to bear no relation, one to apply to indirect as well as direct ownership or the other, which would compel or justify the latter control of nonbanking shares and thus apply to exemption. The fact that such organizations are acquisition or retention of such shares by a subfunctioning presumably in the interest, among sidiary of a bank holding company, some of the others, of the public welfare, and are assisted in exceptions are in terms of acquisition or holding this regard by certain tax benefits, does not pre- of shares only by the bank holding company itself. clude the possibility that they might subordinate Yet, it is obvious that the exceptions should be the interests of banks they control to the end that construed as being of a scope equal to that of their nonbanking organizations might be main- the prohibitions; and the Board has, therefore, tained or expanded. construed exceptions (1) and (5) as being appli- The Board, therefore, recommends that subsec- cable where the described shares were owned tion (7) be deleted from Section 4 (c) of the Act, by a subsidiary rather than directly by the bank with a provision, however, allowing any holding holding company even though those exceptions companies which may fall within this exemption literally refer only to shares held by the bank to retain shares of nonbanking organizations for holding company. This point would be clarified a period of two years (or such longer period as merely by omitting the words "by a bank holding the Board might permit up to five years) after company" in the opening parts of such excepdeletion of the exemption. tions. 22. Clarification of exemptions from divestment C. Some of the exceptions relate to shares of a requirements [Sec. 4 (c)]. In several respects the company "engaged" in a certain kind of business, language of subsection (c) of Section 4, setting possibly implying that the company must already forth various exemptions from the divestment re- be engaged in that business and that the exception quirements of Section 4, is inconsistent, ambigu- would not be applicable to shares of a company, ous, or obsolete. Clarification of these provisions, either dormant or not yet organized, that is exwithout any major change of substance, would pected to engage in such business. To avoid such make them more easily understood and facilitate an unreasonable construction, it should be made administration. clear that the exceptions apply to shares of a com- A. While the prohibitions of Section 4 (a) re- pany "engaged or to be engaged" in the described late to the acquisition and retention of direct or kind of business. indirect ownership or control of voting shares of D. Exception (1) applies to shares of four nonbanking companies, the exceptions stated in types of companies, each of which presumably subsection (c) relate, without uniformity, to shares must be engaged solely in a certain type of busi- "owned or acquired" (par. (1)), shares "acquired" ness, although grammatically this requirement is (pars. (2) and (3)), shares "held or acquired" not entirely clear. It should be made clear that (pars. (4), (5), and (8)), "ownership" of shares the word "solely" applies in all such cases. More- (par. (5)), and, in one instance, merely to over, the four types of companies are described "shares" (par. (6)). Since the prohibitions are in the disjunctive so that a single company enin terms of acquisition or retention of shares, it gaged in two or more of the types of business would seem sufficient and more uniform if all of described and doing no other business might not the exceptions began merely with a reference to literally be regarded as falling within the exemp- "shares" of the kinds variously described therein, tion, although it seems clear that such a company except where the exception depends upon the should fall within the exemption; and the lanmanner in which the shares were acquired or are guage should be changed to make this clear. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 793 E. Exception (1) refers to a company holding On the other hand, Section 6 flatly forbids credits properties used by a banking subsidiary of a bank from any bank to its holding company or fellow holding company "in its operations." Grammati- subsidiary. Both sections contain exceptions. cally this phrase might be considered as referring Experience has shown that, while Section 6 has to the operations of the holding company. It certain good features, it is unnecessarily severe seems clear, however, that it was intended to in placing an absolute prohibition on certain transrelate to the operations of the banking subsidiary, actions, especially between two banks, and that and the phrase should be modified accordingly. it would be desirable to incorporate the best fea- F. Exceptions (2) and (3) refer to the disposi- tures of both Section 6 and Section 23A in a tion of certain shares within two years "from the single provision. If the Congress should for any date of enactment of this Act." Since that period reason be unwilling to make such changes, the expires May 9, 1958, the quoted phrase becomes Board believes certain amendments should at least obsolete on that date and should be omitted in the be made in Section 6. interest of simplification. A. Accordingly, the Board recommends that G. The second part of exception (5) refers to Section 6 of the Bank Holding Company Act be ownership of "shares, securities, or obligations." repealed and that Section 23A of the Federal Re- Since the prohibitions relate only to voting shares, serve Act be amended in the following respects: the references to securities and obligations are 1. Make it clear that all purchases under remeaningless and unnecessary. Similarly, it would purchase agreements, and not merely those inbe desirable to change the words "voting securi- volving securities, are subject to Section 23A. ties" to "voting shares" where they appear in 2. Make the discounting of promissory notes, both the first and second parts of exception (5). bills of exchange or similar paper, whether with H. Certain of the paragraphs of subsection (c) or without recourse, subject to Section 23A, in include several distinct exceptions, in some cases the same manner as the Board has construed them unrelated. The statute would be more easily to be subject to Section 6; but exempt such acunderstood if each distinct exception were set quisitions by one bank from another bank, withforth in a separately numbered paragraph. out recourse, since this is a desirable method of All of the clarifying changes in Section 4 (c) adjusting bank portfolios to changes in deposits would be accomplished by the proposed amend- and loan demand, and both buyer and seller would ments in Section 19 of the attached draft of a be under supervision and examination by bank bill (exhibit A) to carry out the Board's recom- supervisory authorities. mendations. 3. Include in Section 23A the exemption now 23. Loans, discounts, etc., by subsidiary banks contained in Section 6 with respect to non-interest- [Sec. 6]. Section 6 of the Bank Holding Com- bearing deposits to the credit of a bank and the pany Act and Section 23A of the Federal Reserve giving of immediate credit to a bank upon un- Act are similar, but there are significant differ- collected items received in the ordinary course ences between the two. Section 23A applies only of business. to member banks of the Federal Reserve System, 4. Include in Section 23A exemptions with but includes affiliations involving only one bank. respect to stock, bonds, debentures, and other Section 6 applies to banks that are subsidiaries of obligations (1) of companies described in Section a bank holding company as defined in the Bank 4 (c) (1) of the Bank Holding Company Act, Holding Company Act, regardless of whether and (2) accepted as security for debts previously or not members of the Federal Reserve System, contracted. These exemptions are now contained but it excludes (due to the definition of bank in Section 6 of the Bank Holding Company Act. holding company) one-bank situations. Section 5. Exempt from the provisions of Section 23A 23A, in effect, limits credit from a member bank shares of the kinds and amounts eligible for investto an affiliate to 10 per cent of the bank's capital ment by national banks under Section 5136 of and surplus for any one affiliate and 20 per cent the Revised Statutes. for all affiliates. It also requires credits within 6. Make the limitations of Section 23A as these limits to be secured in a specified manner. proposed to be amended above, applicable not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN • JULY 1958 merely to dealings with "affiliates" and "holding In order to clarify such questions and take company affiliates" as presently defined, but also account of different conditions outside the United to dealings with any bank holding company or States, it is desirable that the Act indicate more fellow subsidiary as defined in the Bank Holding clearly the extent to which such extraterritorial Company Act. considerations are or are not intended to affect 7. Make the provisions of Section 23A, amended the operation of the Act. This might be done as proposed above, applicable not only to member by adding at the end of Section 2 a new subsection banks but also to insured nonmember banks. as follows: (As to this proposal, the Federal Deposit Insur- ( ) The application of this Act, including the apance Corporation should of course be consulted.) plication of Section 6 to transactions by a bank as Language to effectuate the above proposals is defined in Section 2 (c), shall not be affected by the contained in Section 21 of the attached draft of fact that a particular transaction takes place wholly or partly outside the United States or the fact that a a bill (exhibit A) to carry out the Board's rec- particular company is organized or operates outside ommendations. the United States; Provided, however, That the prohibitions of Section 4 of this Act shall not apply to B. If the Congress should be unwilling to adopt shares of any company which is organized under the the amendments recommended above, it is recom- laws of a foreign country and does not do any busimended that Section 6 be amended at least to ness within the United States, provided such shares are held or acquired by a bank holding company which cover the following points: is principally engaged in the banking business outside 1. Make it explicit in Section 6 that the term the United States. "discount" covers nonrecourse acquisitions of 25. Repeal of holding company affiliate provisions. paper, as the Board has interpreted the present There are a number of provisions of existing law, Section to do; but for the reasons indicated above, enacted in the Banking Act of 1933, which relate exempt such nonrecourse acquisitions from another bank from the prohibitions of the Section. to "holding company affiliates," a term defined by that Act primarily as a company owning more 2. Exempt loans covered by direct obligations than 50 per cent of the stock of any member bank. of the United States, since these involve no appre- This definition is to be distinguished from that of ciable risk. They are now exempted from Seca "bank holding company" under the Bank Holdtion 23A. ing Company Act which in general covers any 3. Exempt investment in shares of the kinds company owning 25 per cent or more of the stock and amounts eligible for investment by national of each of two or more banks, whether or not banks under Section 5136 of the Revised Statutes. they are members of the Federal Reserve 24. Extraterritorial effect. Laws are presumed System. not to apply outside the country that enacts them unless the statute clearly indicates to the con- When the Bank Holding Company Act was trary. However, activities in one country are under consideration in Congress, proposals were subject to the laws of a second country to ths made for the repeal of existing provisions regardextent that the activities take effect in the second ing holding company affiliates; and the bill (H. R. country. 6227) that passed the House in 1955 would have Under the Bank Holding Company Act it is provided for their repeal. They were not, howsometimes difficult to know which of these prin- ever, changed by the Act as finally passed. The ciples is more applicable in a given situation. Board had recommended that this matter not be For example, is a company organized under the included in the bill on the ground that the holding laws of a foreign country excluded from the company affiliate provisions were directed pridefinition of "bank holding company" in Section marily at maintaining the soundness of member 2 (a)? If covered by the Act, does such a for- banks in holding company groups and therefore eign bank holding company need to divest itself, were beyond the scope of the objectives of bank under Section 4, of stock in foreign nonbanking holding company legislation. At the same time subsidiaries? Is a United States bank controlled the Board indicated that it might be desirable by a foreign bank holding company subject to Sec- eventually to modify the holding company affiliate tion 6 of the Act in dealing with the holding provisions. company or foreign subsidiaries? The Board now believes that it would be desira- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT UNDER BANK HOLDING COMPANY ACT 795 ble to repeal or appropriately modify these provi- clude within that definition companies which now sions. Their effectiveness has always been open fall within the definition of a "holding company to question and it is doubtful whether, in view of affiliate." enactment of the Bank Holding Company Act, C. Section 9 of the Federal Reserve Act and they are now sufficiently useful to justify their Section 5211 of the Revised Statutes contain proviretention. Their elimination would remove the sions requiring State member banks and national confusion that results from the existence of two banks to submit reports of their affiliates and spesets of laws which relate to the same general sub- cifically provide that for this purpose the term ject but which are based on different definitions of "affiliate" shall include holding company affiliates. what constitutes a holding company. These references to holding company affiliates A. Among the principal provisions involved are should be eliminated if the recommendations in B those contained in Section 5144 of the Revised above are adopted. The effect would be that mem- Statutes and in the 22d paragraph of Section 9 of ber banks would continue to be required to obtain the Federal Reserve Act. In general, these pro- reports from companies that are holding company visions require a holding company affiliate of any affiliates under present law. It may be noted that national bank or State member bank to obtain a in a number of instances companies controlling voting permit from the Board before it may vote only one member bank have been exempted from its stock in such a bank; and, as a condition to the definition of "holding company affiliate" as a obtaining such a permit, a holding company affil- result of determinations by the Board under Seciate must agree to submit to examination, to main- tion 301 of the Banking Act of 1935, and that, with tain a prescribed reserve, and to declare dividends the repeal of the holding company affiliate provionly out of net earnings. The value of these sions of existing law, these companies would beprovisions has been limited by the fact that they come subject to the reporting requirements of apply only if such a company finds it necessary to Section 9 and Section 5211. However, it is possivote stock owned by it in a member bank. Since ble under other provisions of present law for the the Bank Holding Company Act now makes it Board and the Comptroller of the Currency to necessary for any bank holding company to obtain waive reports of affiliates when considered unthe Board's prior approval before acquiring the necessary. stock of any bank (whether member or nonmem- D. Section 9 of the Federal Reserve Act and ber) and since, in granting that approval, the Section 21 of that Act at present provide for the Board must consider the financial condition and examination of "affiliates" of State member banks management of the holding company, it is believed and national banks. Unlike the provisions rethat the voting permit procedure prescribed by garding reports of affiliates, the provisions with Section 5144 of the Revised Statutes serves no sub- respect to examinations do not specifically cover stantial purpose and could appropriately be re- "holding company affiliates." It is believed that pealed. they should be covered. If the recommendations B. If the voting permit provisions of Section set forth in paragraph B above should be adopted, 5144 (and the corresponding provisions of Section so that all present holding company affiliates would 9 of the Federal Reserve Act) are repealed as be considered "affiliates," the law would then conabove suggested, it is believed that the definition tain authority to examine any company that conof the term "holding company affiliate" now con- trols a member bank. Again, however, this autained in Section 2 (c) of the Banking Act of thority would be tempered by provisions of pres- 1933 should also be repealed. The various other ent law authorizing the waiver of such examinaprovisions of present law that refer to holding tions by the Board and the Comptroller of the company affiliates should then be eliminated or Currency. modified, in the light of the Bank Holding Com- E. Section 23A of the Federal Reserve Act pany Act, as hereafter indicated. At the same places certain restrictions upon loans by member time, for reasons hereafter indicated, the definition banks of the Federal Reserve System to their of the term "affiliate" in Section 2 (b) of the "affiliates" and provides that the term "affiliate" Banking Act of 1933 should be amended to in- shall include holding company affiliates. If, as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN • JULY 1958 recommended in B above, the definition of "hold- H. Section 3 (c) (4) of the Investment Coming company affiliate" should be eliminated, the pany Act of 1940 exempts from the provisions of reference in Section 23A to holding company affil- that Act any holding company affiliate having a iates should also be eliminated. general voting permit from the Board. This pro- F. Under the 16th paragraph of Section 4 of the vision would have no applicability if the voting Federal Reserve Act, if two or more member permit provisions of Section 5144 are repealed as banks in the same Federal Reserve district are heretofore suggested. Moreover, there would apaffiliated with the same holding company affiliate, pear to be no reason for according to bank holdonly one of such member banks may participate in ing companies under the Bank Holding Company the election of Federal Reserve Bank directors. If Act any exemption from the Investment Company the definition of the term "holding company affil- Act of 1940, since the purposes and restrictions of iate" is repealed, this provision should be modified the two acts are of an entirely different nature. so as to permit only one subsidiary bank of a Consequently, the provision of the Investment bank holding company in a particular Federal Company Act here referred to should be repealed. Reserve district, as designated by the holding com- I. Section 202 (a) (11) of the Investment Adpany, to participate in elections of directors of the visers Act of 1940 exempts from the definition of Federal Reserve Bank of that district. an "investment adviser" any company which is a G. Section 601 of the Internal Revenue Code holding company affiliate under the Banking Act allows "holding company affiliates" a deduction of 1933 and which is not an investment company. for tax purposes in the amount of earnings and There would appear to be no objection to making profits set aside in order to comply with the re- this exemption applicable to a bank holding comquirement of Section 5144 of the Revised Statutes pany which is not an investment company; and, that a holding company affiliate obtaining a voting accordingly, this section of the Investment Adpermit must establish and maintain a reserve of visers Act should be modified to substitute a refreadily marketable assets. However, if the voting erence to bank holding companies for the present permit provisions of Section 5144 are repealed, as reference to holding company affiliates. heretofore suggested, the provisions of Section All of the recommendations here made for re- 601 of the Internal Revenue Code would have no peal or modification of existing "holding company meaning and should also be repealed. (The tax affiliate" provisions would be effectuated by the status of reserves released by the repeal of this amendments to existing law proposed in Section 22 provision is a matter which might need to be con- of the attached draft of a bill (exhibit A) to carry sidered by the Internal Revenue Service.) out the recommendations contained in this report. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Foreign Investments A second postwar survey of American business velopment, and may thereby foster the freer flow investments abroad is now being undertaken by of sound capital investment among nations. the Office of Business Economics of the United This survey is mandatory, and reports must be States Department of Commerce, it was announced filed by those persons and business concerns having today. the type of foreign business investments mentioned United States business firms and other United above and specified in more detail in the instruc- States residents having investments in foreign tions available with reporting forms. In general, branches, subsidiaries and associated companies as reports are required from each United States resiof December 31, 1957, are being asked to file re- dent having a direct interest of at least 10 per turns by August 31, 1958. cent—or in conjunction with United States or Information to be collected in the new survey foreign affiliates, an interest of at least 25 per will provide a complete measure of the size and cent—of the voting securities, or other certificates composition of these investments. At the time of of ownership, of a foreign business organization. the last Commerce survey in 1950, United States Such foreign organizations may take the form private direct foreign investments had a book of direct proprietorships, partnerships, foreign value of about $12 billion. Since that time, it is branches, or foreign-incorporated enterprises. estimated that this amount has approximately been Completed reports are to be filed by August 31, doubled. 1958, with the Office of Business Economics, Data to be developed will show in detail the way United States Department of Commerce, Washingthis growth has been distributed among countries ton 25, D. C. Additional information and copies and industries, and will provide basic statistics for of the forms and instructions may be obtained the compilation and understanding of the balance from that Office or from Commerce Department of payments between the United States and foreign field offices throughout the United States. countries. These statistics are essential for pro- Details of the survey will be published in the graming the foreign operations of the United Federal Register dated Tuesday, July 1, 1958. States Government, and provide basic guides for the many firms that now have or are contemplating the establishment of productive facilities abroad. The information collected will include payments In the case of banks or others acting as trustees in foreign countries for wages, taxes and materials, or administrators of estates, the following section gross investment expenditures and sources of of the instructions should be noted: financing, total output broken down to show local "2. Estates and trusts.—Direct foreign insales and exports to the United States and other vestments held by a domestic estate or trust, i.e., countries, imports, earnings and income remit- an estate or trust created under the laws of the tances, and employment provided to United States United States or any subdivision thereof, shall and local personnel. It is expected that these be reported by the fiduciary and not by a statistics will greatly enhance the understanding beneficiary. Such property must be reported here and abroad of the constructive role of United whether or not any beneficiary is subject to the States private foreign investments in economic de- laws of the United States or any subdivision thereof. Any trust actually created in the United States even though the trust instrument provides NOTE.—Release to morning papers, June 30, 1958, that the trust shall be subject to the laws of a by the Office of Business Economics, U. S. Departforeign country must report." ment of Commerce. 797 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material Amendments to Defense Production Act (Public Law 85-508), which provides for the admission of the State of Alaska into the Union, The Defense Production Act of 1950, Section also amended the first paragraph of Section 2 of 301 of which is the basis for guarantees of loans the Federal Reserve Act to provide that when for defense production, which would have exthe State of Alaska is hereafter admitted to the pired June 30, 1958, was amended and continued in force until the close of June 30, 1960, by Act Union, the Federal Reserve districts shall be reof June 28, 1958 (Public Law 85-471). adjusted so as to include such State, and to require national banks in any new State to become mem- Purchase of Government Obligations bers of the Federal Reserve System. The paraby Federal Reserve Banks graph as thus amended reads as follows: By Act of Congress approved June 30, 1958 As soon as practicable, the Secretary of the (Public Law 85-476), the authority of the Fed- Treasury, the Secretary of Agriculture and the Comptroller of the Currency, acting as "The Reserve Bank eral Reserve Banks under Section 14(b) of the Organization Committee," shall designate not less Federal Reserve Act to purchase and sell direct than eight nor more than twelve cities to be known or fully guaranteed obligations of the United as Federal Reserve cities, and shall divide the continental United States, excluding Alaska, into districts, States directly from or to the United States, which each district to contain only one of such Federal would have expired on June 30, 1958, was ex- Reserve cities. The determination of said organizatended until June 30, 1960. The text of the Act tion committee shall not be subject to review except is as follows: by the Board of Governors of the Federal Reserve System when organized: Provided, That the districts AN ACT shall be apportioned with due regard to the convenience and customary course of business and shall To amend Section 14 (b) of the Federal Reserve Act, as not necessarily be coterminous with any State or amended, to extend for two years the authority of Federal Reserve Banks to purchase United States obligations directly States. The districts thus created may be readjusted from the Treasury. and new districts may from time to time be created by the Board of Governors of the Federal Reserve Be it enacted by the Senate and House of Rep- System, not to exceed twelve in all. Such districts resentatives of the United States of America in shall be known as Federal Reserve districts and may Congress assembled, That Section 14 (b) of the be designated by number. When the State of Alaska Federal Reserve Act, as amended (U. S. C, 1952 is hereafter admitted to the Union the Federal Reserve districts shall be readjusted by the Board of edition, supp. V, title 12, Sec. 355), is amended Governors of the Federal Reserve System in such by striking out "July 1, 1958" and inserting in manner as to include such State. Every national bank lieu thereof "July 1, 1960" and by striking out in any State shall, upon commencing business or within ninety days after admission into the Union of "June 30, 1958" and inserting in lieu thereof the State in which it is located, become a member "June 30, 1960". bank of the Federal Reserve System by subscribing Approved June 30, 1958. and paying for stock in the Federal Reserve Bank of its district in accordance with the provisions of this Act and shall thereupon be an insured bank under the Readjustment of Federal Reserve Districts Federal Deposit Insurance Act, and failure to do to Include Alaska so shall subject such bank to the penalty provided The Act of Congress approved July 7, 1958 by the sixth paragraph of this Section. 798 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETING DEATHS OF DIRECTORS A meeting of the Federal Open Market Com- Mr. F. Albee Flodin, President and General mittee was held in Washington on July 8, 1958. Manager, Lake Shore, Inc., Iron Mountain, Michigan, who had served as a director of the Federal CHANGES IN BOARD'S STAFF Reserve Bank of Minneapolis since December 29, Effective July 1, 1958, the Board appointed Mr. 1951, died on June 20, 1958. John R. Farrell Associate Director of the Division Mr. John R. Downing, Executive Vice Presiof Bank Operations. Mr. Farrell has been a dent, Citizens-Farmers & Merchants Bank, Brewmember of the Board's staff since 1927. Since ton, Alabama, who had served as a director of August 10, 1955, he has been an Assistant the Birmingham Branch of the Federal Reserve Director of the Division of Bank Operations. Bank of Atlanta since January 1, 1957, died on Mr. Arthur H. Lang, Chief Federal Reserve June 28, 1958. Examiner in the Division of Examinations since ADMISSION OF STATE BANK TO MEMBERSHIP February 21, 1951, resigned effective June 30, IN THE FEDERAL RESERVE SYSTEM 1958, to accept the position of General Auditor The following State bank was admitted to memof the Federal Reserve Bank of Dallas. Mr. bership in the Federal Reserve System during the Lang became associated with the Board of Gov- period May 16, 1958 to June 15, 1958: ernors on March 28, 1942, as a member of the New Jersey Board's field examination force. Saddle Brook Saddle Brook State Bank Effective July 1, 1958, Mr. James C. Smith was appointed Assistant Director in the Division TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY of Examinations. Mr. Smith, a Senior Federal Latest BULLETIN Reference Reserve Examiner, has served almost exclusively as a member of the field examination force since Semiannually Issue Page Banking offices: joining the Board's organization in 1942. Analysis of changes in number of... Feb. 1958 202 On, and not on, Federal Reserve Par Effective July 1, 1958, Mr. Lloyd M. Schaeffer List, number of Feb. 1958 203 was appointed Chief Federal Reserve Examiner Annually to succeed Mr. Lang. Mr. Schaeffer has been Earnings and expenses: Federal Reserve Banks Feb. 1958 200-01 associated with the Federal Reserve System for Member banks Tune 1958 710-18 Insured commercial banks June 1958 719 about 25 years, having been originally employed Banks and branches, number of, by class and State Apr. 1958 492-Ql by the Denver Branch of the Federal Reserve Operating ratios, member banks June 1958 720-22 Bank of Kansas City in August 1933. He joined Stock Exchange firms, detailed debit and credit balances Mar. 1957 336 the Board's staff in May 1948, and since that time Banking and monetary statistics, 1957.. j JJ^' }^8 204-10 608-11 has served continuously as a member of the field Summarv flow-of-funds accounts, 1954-56 Oct. 1957 1190-94 examination force. 211 Bank holding companies, Dec. 31, 1957 Feb. 1958 799 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication July 15 Industrial activity, private housing starts, and vance, and auto assemblies increased moderately nonagricultural employment advanced further in further. Current schedules for assemblies in June, and unemployment increased less than sea- July indicate some decline, with earlier than sonally. Personal income rose, and retail sales usual model changeovers beginning for a few changed little. From early June to early July, makes. average wholesale commodity prices were stable. Output gains were also widespread in nondur- Bank credit continued to expand rapidly, and able goods industries in June. Among minerals, yields on bonds and short-term securities rose. coal production rose substantially and output of crude oil increased moderately further. Iron INDUSTRIAL PRODUCTION ore mining recovered somewhat, but remained The Board's preliminary seasonally adjusted sharply below the levels of a year ago. index of industrial production in June was 130 per cent of the 1947-49 average, compared with CONSTRUCTION a revised May figure of 128 and with the year's Private housing starts rose further in June to a low of 126 in April. Activity in manufacturing seasonally adjusted annual rate of about 1.1 milindustries recovered further and output of minlion, the highest rate since the summer of 1956. erals increased from its low in May. Following five months of decline, total construc- Steel mill operations rose about 15 per cent tion outlays advanced slightly, reflecting chiefly further in June, to 104 per cent of the 1947-49 an increase in residential construction. Expendilevel. Operations declined in early July, mainly tures for commercial buildings continued to rise, because of vacation shutdowns. Output of conreaching the mid-1956 high, but outlays for instruction materials continued to rise in June, and dustrial plants declined sharply further. Public production of nonferrous metals changed little. construction was unchanged. Activity in the aircraft and ordnance industries continued stable and output of most types of EMPLOYMENT producers' equipment showed some gain. Production of consumer household goods rose, as Seasonally adjusted nonfarm employment in television and furniture output continued to ad- June increased 145,000 further to 50.3 million. While manufacturing employment changed little INDUSTRIAL PRODUCTION at the reduced April-May level, the average fac- 1947-49-100 tory workweek increased substantially. Unemployment rose 500,000, to 5.4 million, reflecting the usual entry of summer workers into the labor force. The seasonally adjusted rate of unemployment was 6.8 per cent of the civilian labor force, compared with 7.2 per cent in May and 7.5 per cent in April. DISTRIBUTION Seasonally adjusted retail sales in June held near the April-May level. While auto sales declined, sales at department stores and most other retail outlets changed little. In the second quarter, total retail sales were 3 per cent above the Federal Reserve indexes, seasonally adjusted. Monthly fig- reduced February-March level and 3 per cent beures, latest shown are for June. 800 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL SUMMARY OF BUSINESS CONDITIONS 801 low the record high reached last summer. In BANK CREDIT AND RESERVES early July, department store sales increased Total credit at city banks rose $2.3 billion moderately. further between June 4 and July 2. Continued AGRICULTURE expansion in holdings of U. S. Government securities accounted for about half of the rise. Growth July 1 prospects are for a total crop harvest as in loans reflected mainly expansion in business large as in any previous year. The winter wheat and security loans, although all major categories output of more than 1.1 billion bushels is an allincreased. A rise in business loans in mid-June time high. Moderate reductions from a year ago was associated primarily with income tax payare in prospect for feedgrain and hay and forments and was followed by some decline. age crops. Cotton acreage in cultivation is the Member bank borrowings from the Reserve smallest in 49 years of record, owing to heavy Banks continued low, averaging about $130 milparticipation in the Acreage Reserve. lion during the four weeks ending July 9. Be- Production of red meats in June was about 2 tween the weeks of June 11 and July 9 more per cent less than a year ago. In the first five reserves were supplied to banks, principally months of the year, output of red meats averaged through Federal Reserve purchases of U. S. 8 per cent below a year earlier. Poultry meat Government securities, than were absorbed by a production in June was above a year ago, and out- substantial increase in required reserves, resultput of eggs and milk was about the same. ing from bank credit and deposit growth, and by gold and currency outflows. COMMODITY PRICES SECURITY MARKETS From early June to early July, the wholesale Yields on Treasury securities and on corporate commodity price index changed little. Average and State and local bonds generally advanced prices of industrial commodities advanced slightly from mid-June to mid-July, and common stock as markets for scrap metals, copper, rubber, and prices showed little net change. Long-term Treassome other basic materials strengthened. Averury bond yields rose sharply to a level slightly age prices of farm and food products, on the above the previous 1958 high of early February. other hand, tended lower. Prices of winter wheat Yields on intermediate- and short-term Governdecreased sharply and some fresh vegetables and ment securities remained well below their 1958 fats and oils declined. highs. RETAIL TRADE PRICES 1947-49-100 1947-49.100 WHOLESALE CONSUMER SLOWER *~* ALL WtlKS ^mm^S" __ =?"*'V*^->.</ FOODS — +A FARM- / 1957 1958 Federal Reserve indexes, seasonally adjusted; retail sales Bureau of Labor Statistics indexes. "Other" wholesale prices based on Department of Commerce data. Monthly figures; exclude processed foods, included in total but not shown latest shown for department store stocks is May, for other separately. Monthly figures, latest shown: May for conseries, June. sumer prices, and June for wholesale prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 805 Reserve Bank discount rates; reserve requirements; margin requirements. . 808 Federal Reserve Banks . . . . 809 Bank debits; currency in circulation 812 All banks: consolidated statement of monetary system; deposits and currency 814 All banks, by classes - 815 Commercial banks, by classes. . 818 Weekly reporting member banks. . 820 Commercial loans; commercial paper and bankers' acceptances. 822 Interest rates . . 823 Security prices; stock market credit. . 824 Savings institutions 825 Federal business-type activities. . 826 Federal finance. . 828 Security issues. ... 832 Business finance. . . 833 Real estate credit 835 Short- and intermediate-term consumer credit. . 838 Selected indexes on business activity. . 842 Production 843 Employment and earnings. 850 Department stores.. 852 Foreign trade. ... . 853 Wholesale and consumer prices . . 854 National product and income series 856 Tables published in BULLETIN, annually or semiannually—list, with references 799 Index to statistical tables. . 885 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating for gold stock, currency in circulation, Federal to financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 803 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES CURRENCY IN CIRCULATION RESERVE BANK CREDIT GOLD STOCK TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT I I 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending June 25. See p. 805. 804 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 U. S.G B o o v u t. g h se t cu u H r n it e d i l e e d s r c D o a u n is d n - ts Float Total i s G to o c ld k T s r o c e t u r a u n u e r n r c y t a - - d y s - - r c C e c u i n u i n l r c a r - - y - T h c i u o n r a e r g l s y d a h s s - - with r F es . e R rv . e B s, anks c O F o a . t u h c R n - e t . r s reserves Total r o ig u h t- t r c e h p a u s r e - va a n d c - es ing tion T u re ry as- F ei o g r n - Other Total qu R ir e e - d2 c E es x s - 2 agreement Averages of daily figures 1957 May 1 . . .. 23,16* 23,169 730 1,16825,093 22,318 5 094 ?0 499 793 419 352 291 1,14819,000 18,621 379 8 23,213 23,125 88 993 94725,177 22,318 5,095 30,589 795 504 366 275 1,07818,984 18,495 489 15 23,083 23,033 50 975 94825,031 22,319 5,096 30,654 787 479 366 241 1,07518,845 18,368 477 22 22,915 22,915 793 1,34125,070 22,320 5 098 30 645 790 525 362 273 1 07418,818 18 284 534 29 22,930 22,901 29 903 97924,833 22,406 5,102 30,660 794 562 358 279 1,07318,616 18,264 352 June 5 23,110 22,950 160 902 95424,987 22,620 5,104 30,837 792 485 357 323 1,07218,846 18,378 468 12 22,972 22,926 46 1,059 93624,988 22,621 5,106 30,903 791 463 379 276 1,06918,834 18,330 504 19 22,930 22,880 50 1,089 1,38425,424 22,621 5,106 30,904 782 518 389 335 1,07619,148 18 546 602 26 22,951 22,888 63 1,003 1,32025,294 22,622 5,106 30,849 776 477 407 254 1,08719,171 18,625 546 July 3 23,098 23,031 67 1,068 1,19825,387 22,623 5,107 31,150 763 546 420 296 1,07718,865 18,521 344 10 23,443 23,260 183 1,213 1,11125,792 22,623 5 108 31,313 765 431 339 290 1 07719,308 18 I'M 576 17 23,319 23,252 67 1,062 1,23625,641 22,625 5,108 31,184 770 455 413 279 1,07319,200 18,636 564 24 23,342 23,235 107 739 1,35125,456 22,625 5 108 30 999 774 507 385 267 1 07019,189 18 568 621 31 23,360 23,084 276 553 99824,932 22,626 5,110 30,910 770 494 370 278 96118,885 18,493 392 Aug. 7 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 1,11618,868 18,331 537 14 23,047 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 i.in 18,786 18,195 591 21 23,034 23,034 931 1,22725,211 22,625 5,116 31,055 762 513 343 270 1 20318,806 18 254 552 28 23,220 23,215 5 915 97725,133 22,626 5,118 30,998 764 475 339 268 1,20318,831 18,397 434 Sept. 4 23,511 23,463 48 832 85825,228 22,626 5,118 31,149 759 485 340 281 1,19718,760 18,346 414 11. 23,399 23,367 32 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 17 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 1,19619,108 18 484 624 25 23,178 23,173 5 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 1,18918,963 18,416 547 Oct 2 23,346 23,294 52 942 1,00025,304 22,634 5,125 31,039 776 493 356 253 1,11219,034 18,685 349 9 . 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 1 11219,189 18 625 564 16 23,371 23,281 90 992 1,07125,451 22,658 5,128 31,191 776 506 333 252 1,11019,068 18,574 494 23 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 1,10919,137 18,574 563 30 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 I 05718,837 18 474 363 Nov 6... 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 056 18,963 18 509 454 13 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 1,05718,911 18,354 557 20 23,288 23,282 6 752 1,43025,489 22,757 5,137 31,336 801 503 315 386 ,05418,987 18,459 528 27 23,318 23,167 151 111 1,20925,325 22,762 5,139 31,431 794 469 301 294 ,03018,907 18,461 446 Dec. 4 23,732 23,480 252 626 1,00525,387 22,763 5,141 31,668 770 305 291 191 ,041 19,023 18,580 443 11 23,886 23,574 312 676 1,02025,617 22,766 5,142 31,827 769 318 318 186 ,08019,027 18,600 427 18 23,907 23,600 307 751 1,52526,218 22,770 5,143 31,973 768 339 334 183 ,05019,483 18,873 610 25 . 23,950 23,617 333 786 1,89426,687 22,770 5,145 32,089 764 483 359 179 ,061 19,666 19,014 652 1958 Jan 1 . .. 24,344 23,735 609 661 1,55026,623 22,774 5,147 31,962 773 458 397 201 04519,707 19,042 665 8 24,011 23,645 366 707 1,32826,100 22,781 5 146 31 553 768 529 337 186 996 19 658 18 982 676 15 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 994 19,348 18,769 579 22 23,315 23,266 49 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 992 19,216 18.624 592 29 23,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 99219,089 18,509 580 Feb 5 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 111 378 265 294 ,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 11819,054 18,483 571 19 23,373 23,285 88 361 1,05424,830 22,785 5,161 30,642 685 501 337 293 ,19519,122 18,427 695 26 23,380 23,380 153 95224,527 22,714 5,165 30,542 695 508 284 276 1,19318,909 18,426 483 Mar. 5 23,256 23,251 5 118 89224,309 22,686 5,169 30,563 701 486 270 320 ,151 18,674 18,084 590 12 23,466 23,432 34 131 81624,456 22,615 5,174 30,641 712 479 273 293 148 18 699 18 096 603 19 23,500 23,480 20 126 97324,638 22,541 5,178 30,592 804 257 257 368 ,150 18,930 18,332 598 26 23,552 23,518 34 167 98324,742 22,498 5,180 30,524 790 580 258 400 ,14318 725 18 037 688 Apr. 2 23,625 23,625 144 77624,586 22,394 5,184 30,637 724 523 277 368 ,10918,526 17,830 696 9 23,628 23,628 90 87924,638 22,294 5,187 30,744 729 479 269 493 ,10618,300 17,673 627 16 23,633 23,611 22 199 82924,701 22,199 5,192 30 733 731 457 319 381 10418 369 17 754 615 23 23,712 23,704 8 112 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218 654 18 055 599 30 23,626 23,612 14 125 77724,566 22,024 5,194 30,520 732 601 235 397 ,051 18,249 17,654 595 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 1,04918,276 17,647 629 j4 23,931 23,931 123 76024,854 21,886 5,199 30,812 741 470 294 386 .04618,190 17,528 662 21 .. 23 876 23,876 104 99425,016 21,779 5 200 30 822 732 459 309 381 043 18 248 17 545 703 28 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 023 18 194 17,513 681 June 4 24,194 24,194 135 86925,240 21,594 5,201 30,989 709 411 238 484 1057 18,147 17,574 573 11 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 1,13918,274 17,687 587 18 24 682 24,581 101 175 1,03625,939 21,540 5 204 M 070 698 459 331 359 1 14618 619P17 970 25 . . 25,002 24,891 111 99 1,02426,170 21,374 5,204 30,975 698 440 280 229 1 144 18 98^^18,279 pJQA Preliminary. For other notes see following page. 805 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 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 U. S. Govt. securities T u re ry as- r C e u n r c - y Treas- with r F es . e R rv . e B s, anks reserve P d e o a r r i t o e d Total B r o o ig u u h t g - t ht r u c H e n h p e d a u l s e d r e r - c v D o a a a u n n i d s d c n - - e ts s Float Total* s G to o c ld k r s c o e t i a u n n u n r g c t - - d y - c t c u i i i o n l r a n - - h c i u n o a r l g s d y h s - T u re ry as- F ei o g r n - Other c O F o a . t u h c n R - e t r . s Total qu R ir e- ed2 c E es x s - 2 agreement Averages of daily figures 1957 June 22,989 22,917 72 1,009 1,170 25,189 22.621 5,106 30,902 782 490 393 290 1.077 18,982 18 485 497 Julv 23,351 23,198 153 917 1,175 25,466 22,625 5,108 31,116 769 480 377 279 1,048 19,129 18,595 534 Aug 23,146 23,129 17 1,010 98925,166 22,626 5,115 31,035 764 490 349 273 1,163 18,834 18 300 534 Sept 23,325 23,302 23 994 1,147 25,489 22,627 5,121 31,143 763 547 378 271 1,180 18,956 18 434 522 Oct 23 348 23,252 96 818 1,143 25,326 22,660 5 129 31,109 780 495 338 258 1 09719 040 18 573 467 Nov 23,417 23.276 141 810 1,126 25,373 22,743 5,137 31,335 793 464 322 337 044 18,958 18 447 511 Dec 23,982 23,615 367 716 1,443 26,186 22,769 5,144 31,932 768 385 345 186 061 19,420 18 843 577 1958 Jan 23.608 23,458 150 454 1,118 25,229 22,782 5,148 31.059 111 512 297 224 993 19,296 18.723 *71 Feb 21 378 23,313 65 242 90724,568 22,759 5.161 30.608 717 421 294 29Q 150 19.000 18 414 Mar 21 486 ?1 465 21 119 24.559 22,548 5,177 30.589 4*7 265 150 ,142 18,730 18,097 631 Anr 21,649 23,638 11 130 86424,682 22,166 5,191 30,654 728 494 267 410 ,092 18,394 17,772 622 May . ... 23,939 23,939 119 84124,939 21,801 5 200r30,798 731 466 286 401 036 18.223 17 557 666 June 24,749 24,698 si 142 91625,851 21,490 5,203 31,039 701 442 281 350 .132 18.600 Midyear or year-end 1929 June . .. 216 148 68 1 037 52 1,400 4,037 2 019 4,459 204 36 6 21 374 2,356 2 333 23 1 19 9 3 3 9 3 — — D ju e n c e 2 1 , , 4 99 8 8 4 2 1 , ,9 4 9 8 8 4 16 7 4 9 4 1 2 2, , 5 2 9 2 3 0 1 4 7 , , 0 6 3 4 1 4 2 2, , 9 2 6 8 3 6 5 7, , 5 4 9 3 8 4 2,4 2 0 6 9 4 63 3 4 5 39 1 7 5 2 1 5 5 6 1 2 3 5 4 1 6 1 2 1 , , 2 6 9 5 2 3 6 1 , 4 8 4 1 4 7 5,2 4 0 7 9 5 1941 Dec 2 254 2,254 3 94 2,361 22,737 3 247 11,160 2 215 867 774 586 29112,450 9 365 3 085 1945—Dec 24',262 24,262 249 57825,091 20,065 4,339 28,515 2 287 977 862 446 49515,915 14 457 1 458 1947 Dec 22 559 22,559 85 53523,181 22,754 4 562 28,868 1 336 870 392 569 56317 899 16 400 1 499 1950 Dec 20 778 20,725 53 67 1,368 22,216 22,706 4 636 27,741 l'293 668 895 565 71417,681 16 509 1*172 19*4—Dec 24,932 24,888 44 143 80825.8S5 21,713 4,985 30,509 796 563 490 441 90718,876 18 618 258 1955 Dec 24 785 24,391 394 108 1,585 26,507 21,690 5 008 31,158 767 394 402 554 92519 005 18 903 102 1956—June 23 758 23,712 46 232 1,21025,219 21,799 5 032 30.715 768 522 297 313 99218,443 18 449 -6 Dec 24,915 24,610 305 50 1,665 26,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 End of month 1957 23,035 22,994 41 558 1,199 24,816 22,623 5,107 31,082 758 498 449 308 1,075 18,376 18,543 -167 Julv 23,355 23,079 276 420 89624,691 22,627 5,111 30,933 759 504 364 296 94218,630 18,520 110 Aug 23,539 23,475 64 986 86525,418 22,626 5,118 31,133 752 477 342 285 1,198 18,975 18,305 670 Sept 23,312 23,312 396 89824,622 22,635 5,125 31,073 773 429 337 261 1,111 18,399 18,694 -295 Oct 23 338 23,218 120 789 1,062 25,206 22.691 5 135 31.090 784 378 256 1 05618,917 18 541 376 Nov 23,733 23,448 285 819 94225,515 22.763 5,139 31.661 761 243 283 196 1,000 19,274 18,578 696 Dec . .. 24 238 23,719 519 55 1,424 25,784 22,781 5 146 31,834 761 481 356 246 998 19,034 19 091 -57 1958 23 331 23,331 217 76324.352 22.784 5 158 30 576 771 469 249 279 990 18 958 18 541 415 Feb 23 240 23.240 122 92424.330 22.686 5,169 30,554 6O5 516 265 336 1 15118.667 18.18* 48 T Mar 23,628 23,628 117 24.570 22 194 5.1*3 722 474 378 1,108 18.512 17,857 675 Anr 23,681 23,681 79724.672 21,996 5,196 30,565 734 594 257 411 1,050 18.254 17,686 568 Mav 24 162 24 162 144 96525.313 21.594 5 201 30.994 701 214 624 994 18 176 17 *41 631 June 25,438 25,438 41 75826,283 21,356 5,202 31,172 690 410 269 420 1,096 18.784^18,123 Wednesday 1958 Apr. 2 23,628 23,628 112 78624,566 22,394 5,185 30,676 732 603 279 383 1,107 18,366 17,669 697 9 23,628 23,628 139 69224,499 22,295 5,191 30,704 735 482 253 407 1,105 18,298 17,690 608 16 . . . .23 796 23,704 92 296 91025,042 22,170 5,192 30,668 727 394 259 384 1 10218 870 18 220 6*0 23 23,704 23,704 242 76124,745 22,046 5,194 30,512 731 462 227 395 1,101 18,555 18,011 544 30 23,681 23,681 156 79724,672 21,996 5,196 30,565 734 594 257 411 1,050 18,254 17,686 568 May 7 23,852 23,852 125 69124,706 21,947 5,198 30.719 742 359 288 373 1,048 18,322 17,635 687 14 23,937 23,937 116 74924,841 21,873 5,200 30,807 747 427 308 400 1,045 18,180 17,526 654 21 23,943 23,943 86 77524.844 21,743 5,200 30.755 724 435 311 386 1,044 18,133 17.5?7 606 28 24,065 24,065 172 64424.922 21,643 5,201 30,962 715 382 277 400 99518,036 17,543 493 June 4 ?4,267 24,267 142 8.1625,286 21,594 5,201 30,988 716 416 272 365 1,140 18,184 17,654 530 1 1 1 8 . ? ?4 4 ,5 7 1 8 7 6 2 2 4 4 , , 5 6 0 6 9 4 12 8 2 , 1 1 1 7 5 3 4 9 8 R 33 4 2 2 5 5 , , 5 9 6 6 5 7 2 2 1 1 , , 4 5 5 9 6 4 5 5 , , 2 2 0 0 4 4 3 30 1 ,0 9Q 48 6 7 7 0 0 R 1 3 1 5 14 6 2 2 5 89 9 1 1 7 8? 7 1 1 , 1 1 3 5 8 8 1 1 8 8 . 4 9 7 6 8 4P\ 1 S 7 ,7 2 9 4 6 4 P 6 J 8 2O 2 25 25,000 24,956 44 128 796 25,967| 21,356 5,204 30,973 700 524 268 385 1 110 18 S68PI 8,229 P339 * 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 807 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. * In millions of dollars] Central reserve Central reserve Item and period b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - Item and period b m a b A e n e m l k r l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago , York cago Total reserves held: Excess reserves:2 1957—May 18,827 4,234 1.101 7,794 5,697 1957—May 465 13 3 56 393 June 18,982 4,335 ,121 7,774 5,751 June 496 15 -2 45 438 l A u u ly g 1 1 1 9 8 8 , , , 1 8 9 2 3 5 9 4 6 4 4 4 , , . 1 2 2 9 1 7 4 1 0 1 , , ,1 1 1 3 2 2 1 3 2 7 7 7 , , , 7 8 9 9 0 0 0 0 6 5 5 5 , , , 7 7 8 9 5 2 9 0 3 J A S u e u l p y g t -. 5 5 5 3 2 3 4 2 4 1 9 6 9 2 7 5 6 5 6 9 1 6 4 4 4 5 4 5 5 4 7 S O e c p t t 1 1 8 9 , , 9 0 5 4 8 0 4 4 , , 2 1 3 6 1 2 , ,1 1 0 1 1 6 7 7 , , 8 8 4 3 9 6 5 5 , , 8 8 4 5 7 7 N Oc o t v 4 51 6 2 7 16 6 3 3 9 4 4 3 2 2 8 N De o c v 19,420 4,336 1,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 1,125 8,007 5,914 1958—Jan 573 34 4 78 456 Feb 19,000 4,204 1,114 7,871 5.811 Feb 567 22 5 98 442 Mar 18,730 4.272 ,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 May 18,223 4,030 1,054 7,614 5,525 May 666 53 8 131 474 Week ending: Week ending: 1958—May 21 18,248 3,969 1,053 7,653 5,573 1958—May 21 703 15 11 146 531 28 18,194 4,082 1,076 7,622 5,414 28 680 128 30 137 385 June 4 18,147 4,057 1,067 7,566 5,457 June 4 573 39 3 105 426 11 18,274 4,022 1,073 7,616 5,562 11 588 1 A 83 508 18 18,619 4,222 1,111 7,696 5,590 18 ^649 26 12 73 25 18,983 4,385 1,136 7,838 5,623 25 *704 34 10 104 Required reserves:2 Borrowings at Federal Reserve Banks: 1957—May 18,362 4,221 ,098 7,739 5,305 June 18,485 4,320 ,123 7,729 5,314 1957—May 909 117 169 422 201 July 18,595 4,288 ,124 7,840 5,344 June 1,005 200 46 531 228 Aug 18,300 4,152 ,121 7,722 5,306 July 917 186 34 519 177 Sept 18,434 4,203 1,117 7,749 5,366 Aug 1,005 308 28 468 201 Oct 18,573 4,231 ,116 7,797 5,429 Sept 988 263 120 485 121 Nov 18,447 4,147 .100 7.786 5,414 Oct 811 141 115 428 127 Dec 18,843 4,303 ,127 7,956 5,457 Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 ,121 7,928 5,458 Feb 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 .087 7.603 5.179 Feb 242 46 11 96 89 Apr 17,772 4,107 ,049 7,572 5,043 Mar 138 2 29 36 71 May 17,557 3,977 1,046 7,482 5,051 Apr 130 18 9 35 67 May 119 2 42 74 Week ending: 1958—May 21 17,545 3,955 ,042 7,506 5,042 Week ending: 28 17,513 3,953 .046 7,485 5,029 1958—May 21 104 7 42 54 28 119 1 29 89 June 4 17,574 4,018 ,064 7,461 5,031 17,687 4,021 ,078 7,534 5,054 June 4 134 x 44 89 18!!!!!!!! ^17,970 4,196 ,098 7,623 ^5,053 11 184 60 3 47 74 25 *>18,279 4,350 ,127 7,734 ^5,068 18 175 31 5 71 68 25 99 1 26 72 May 1957 Free reserves:2 4 Deposits: 1957—May -444 -104 -165 -367 192 June -508 -185 -48 -486 210 Gross demand deposits: July -383 -181 -28 -452 278 Total 114,304, 22,913 5,896 44,740 40,756 Aug -471 -289 -26 -400 244 Interbank 12,278 4,106 1,106 5,798 1,268 Sept -467 -254 -115 -433 335 Other 102,026 18,807 4,790 38,941 39,488 Oct -344 -141 -115 -389 301 Net demand deposits3. . . 98,640 20,161 5,160 38,047 35,273 Nov -293 -80 -123 -342 251 Time deposits 44,340 3,778 1,317 17,801 21,445 Dec -133 -105 -77 -228 277 Demand balances due from domestic banks. . 6,030 53 102 1,927 3,948 1958—Jan 122 -46 -25 -144 337 Feb 324 -25 -6 353 Mar 49* 42 -18 62 408 May 1958 Apr 493 -3 -7 44 459 May 547 51 7 89 399 Gross demand deposits: Week ending: Total 116,762 23,669 6,139 45,983 40,972 1958—May 21 599 8 10 104 477 Interbank 13,193 4,226 1,231 6,387 1,350 28 561 127 30 108 296 Other 103,569 19,443 4,908 39,596 39,622 Net demand deposits3. .. 100,240 20,679 5,417 39,086 35,058 June 4 439 39 2 61 337 Time deposits 51,084 5,104 1,420 20,664 23,895 11 404 -59 -7 36 434 Demand balances due 18 P474 -5 7 2 M70 from domestic banks . . 6,646 54 115 2,094 4,384 25 *>605 33 10 78 » 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

808 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corporations other than member Advances secured by Government banks secured by direct obligations and discounts of and Other secured advances obligations of the U. S. Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a)i Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous June 30 beginning— rate June 30 beginning— rate June 30 beginning— rate Boston Apr. 22, 1958 Apr. 22, 1958 Mar. 11, 1958 New York. . . Apr. 18, 1958 Apr. 18, 1958 Mar. 7, 1958 Philadelphia.. Apr. 18, 1958 Apr. 18, 1958 Apr. 18, 1958 4 Cleveland.... Apr. 25, 1958 Apr. 25, 1958 Apr. 25, 1958 4 Richmond. . . Apr. 25, 1958 Apr. 25, 1958 Apr. 25, 1958 4 Atlanta Apr. 22, 1958 Apr. 22, 1958 Apr. 22, 1958 3%8 Chicago Apr. 18, 1958 Apr. 18, 1958 Jan. 24, 1958 S 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 4 Dallas May 9, 1958 May 9, 1958 Mar. 14, 1958 4% San Francisco May 1, 1958 May 1, 1958 May 1, 1958 3V 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 deposits1 Time deposits 1930— J D M M F u e e n a a b c y e r . . . 2 2 1 0 2 4 4 7 1 1 1 1 9 9 9 9 4 5 5 5 0 8 3 4 — — — _F A A J J a a e u u n n b g g . . . . . 2 1 1 1 5 1 3 2 6 Ef o fe f c t c i h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r re 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—Feb. 26 Sept. 9 1917—June 21 13 10 7 June 24 Nov. 18 1933—Mar. 3 1956—Apr. 13 1936—Aug. 16 19% 15 10% f f 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 2 2 2 6 34 2 1 0 7% 12% 1934— O Fe c b t. . 2 2 0 1958— N Ja o n v . . 2 1 4 5 1938—Apr. 16 22% 17% 1 1 4 2 1937—Aug. 27 Mar. 7 1941_Nov. 1 26 20 14 6 6 1942—Oct. 30 Apr. 18 1942—Aug. 20 24 1946—Apr. 25 In effect July 1, 1958 Sept. 14 22 Oct. 3 20 > 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 m 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 6 NOTE.—Repurchase rate on U. S. Govt. securities. In 1955, 1956, and Aug. 1, 11* g* ir* 13 5 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 22% 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Sept. 1 22 18% 1957—Aug. 22, 3.50. MARGIN REQUIREMENTS i 1951— J J a a n n . . 2 1 5 1 , , F 1 e 6 b * . . 1 . * .. . 2 2 4 3 2 1 1 0 8 9 1 1 3 4 6 6 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 ii Jan. 4, Apr. 23, Effec- 1958—Feb. 27, Mar. 1 * 19% 17% ..» Prescribed in accordance with 1955- 1955- tive Mar. 20, Apr. 1* 19 Securities Exchange Act of 1934 Apr. 22, Jan. 15, Jan. 16, Apr. 17 18% 1955 1958 1958 Apr. 24 18 16% In effect July 1, 1958... 18 16% 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 1 Demand deposits subject to reserve requirements which, beginning i Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and Series E bond accounts during the period Apr. 13. ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Change on Jan. 4, 1955, was effective after the close * First-of-month or midmonth dates are changes at country banks, and of business on that date. other dates (usually Thurs.) are at central reserve or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 809 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 June 25 June 18 June 11 June 4 May 28 June May June Assets Gold certificate account 19,934,39120,033,39120,183,394 20.173,39120,223,38919,924,392 20,173,39321,099,393 Redemption fund for F. R. notes., 832,389 834,500 827,106 831,263 831,263 842,389 831,263 845,262 Total gold certificate reserves. 20,765,780 20,867,89121,010,500 21,004,654 21,054,652 20,766,78121,004,656 21,944,655 F. R. notes of other Banks... 338,253 332,246 313,321 324,919 331,713 286,629 322,490 288,197 Other cash 351,227 338,172 326,894 329,152 337,398 348,163 338,995 338,991 Discounts and advances: For member banks 127,979 153,995 172,764 141,799 172,173 41,386 143,798 557,913 For nonmember banks, etc. Industrial loans 343 481 490 475 463 343 490 742 Acceptances—Bought outright 43,224 43,226 42,229 41,230 40,759 44,796 41,685 20,950 Held under repurcha:ise agreement. 1,607 U. S. Government securities: Bought outright: Bills 2,220,360 928,260 773,260 1,531,360 1,329,360 2,702,810 1,426,360 258,913 Certificates—Special Other 19,946,105 19946^165,19 946,105 ,10519,946,105 19,946,105 19,946,i05 11,362,199 Notes 8,571,413 Bonds 2,789,257 '2,789,257 7891257 2,789,257 2,789,257 2,801,750 Total bought outright 24,955,722 24,663,622 24,508,622 24,266,722 24,064,722 25,438,172 24,161,722 22,994,275 Held under repurchase agreement. 44,000 122,000 7,900 40,600 Total U. S. Government securities. 24,999,722 24,785,622 24,516,522 24,266,72224,064,722 25,438,172 24,161,722 23,034,875 Total loans and securities 25,171,268 24,983,324 24,732,005 24,450,226 24,278,117 25,524,697 24,347,695 23,616,087 Due from foreign banks. 15 15 15 15 15 15 22 Uncollected cash items.. 5,098,192 7,092,823 ,683,447 4,703. 4,388,839 4,236,883 4,504,579 4,866,930 Bank premises 88,261 87,795 87,606 87; 87; 176 87,532 79,112 Other assets 193,903 180,803 187,165 172; 304; 206 801 311,031 227,727 Total assets. 52,007,899 53,883,069 51,340,95351,072,584 50,783,052 51,458,14550,916,993 51,361,721 Liabilities Federal Reserve notes 26,569,455 26,577,902 26,607,776 26,567,293 26,555,738 26,705,318 26,569,62826,681,837 Deposits: Member bank reserves 18,567, 18,964,13218,478,179 18,184,260 18,035,669 18783,948 ;,175,998 ,375,584 U. S. Treasurer—general account. 523! 333,823 355,809 416,218 382,476 410,430 381,935 498,128 Foreign 268! 289,431 258,935 271,624 276,986 268,565 233,623 449,029 Other 384; 182,181 377,065 364,939 400,406 420,309 624,425 307,615 Total deposits. 19,744,356 19,769,56719,469,988 19,237,041 19,095,537 19,883,252 19,415,981 19,630,356 Deferred availability cash items 4,302, 6,109,294 3,850,488 3,868,018 3,744,682 3,478,997 3,539,300 3,667,500 Other liabilities and accrued dividends1. 23; 22,631 21,845 21,497 20,931 13,242 20,597 11,904 Total liabilities 50,639,67152,479,394 49,950,097 49,693,849 49,416,888 50,080,809 49,545,506 49,991,597 Capital Accounts Capital paid in. 353,129 352,650 351,758 351,596 351,098 353,225 351,154 332,696 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 27,5431 27,543 27,543 Other capital accounts. 178,358 214,284 202,357 190,398 178,325 187,370 183,592 262,292 Total liabilities and capital accounts. 52,007,899 53,883,069 51,340,95351,072,584 50,783,052 51,458,145 50,916,993 51,361,721 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) , 44.8 45.0 45.6 45.9 46.1 44.6 45.7 47.4 Contingent liability on acceptances purchased for foreign correspondents 115,041 115,681 111,930 110,626 120,300 112,803 119,144 62,186 Industrial loan commitments 991 997 991 1,006 1,036 991 991 1,780 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 127,979 153995 172,764 141,799 172,173 41,386 143,798 557,913 Within 15 days 125,798 151 181 170,022 138,609 167,041 38,340 139,891 532,868 16 days to 90 days 2,181 2 811 2,735 3,183 5,125 2,946 3,900 25,045 91 days to 1 year 3 7 7 7 100 7 Industrial loans—total 343 481 490 475 463 343 490 742 Within 15 days 153 291 153 153 144 162 144 63 16 days to 90 days 29 29 165 150 147 20 174 29 91 days to 1 year 73 71 77 77 77 72 77 460 Over 1 year to 5 years 88 90 95 95 95 89 95 190 Acceptances—total 43,224 43 226 42,229 41,230 40,759 44,796 41,685 22,557 Within 15 days 16,529 15953 15,279 16,091 15,890 16,991 16,168 8,924 16 days to 90 days 26,695 27 273 26,950 25,139 24,869 27,805 25,517 13,633 U. S. Government securities—total. 24,999,72224,785 622 24,516,522 24266,722 24064,722 25,438,172 24161,722 23,034,875 Within 15 days 554,200 529000 303,850 256,010 257,910 380,500 153,810 117,750 16 days to 90 days 8,652,493 8,463593 058,857 856,897 7,652,997 264,643 ,854,097 ,039,328 91 days to 1 year 13,364,55813,364 13,725,34413,725,34413,725,344 13,364,558 ,725,344 12,088,540 Over 1 year to 5 years 1,013,614 1,013 ,013,614 1,013,614 ,013,614 ,013,614 ,013,614 680,635 Over 5 years to 10 years 56,610 56 56,610 56,610 56,610 56,610 56,610 750,375 Over 10 years 1,358,247 1,358 ,358,247 1,358,247 ,358,247 ,358,247 ,358,247 1,358,247 1 No accrued dividends at end-of-June dates. 2 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

810 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Assets Gold certificate account 976,016 5,669,5811,112,1381,705,3821,121,002 746,5273,622,248 763,107 419,283 731,510 727,025 2,330,573 Redemption fund for F. R. notes 53,378 170,360 56,459 75,215 78,666 46,792 152,378 42,011 21,558 40,531 27,646 77,395 Total gold certificate reserves. 1,029,394 5,839,9411,168,5971,780,5971,199,668 793,319 3,774,626 805,118 440,841 772,041 754,6712,407,968 F. R. notes of other Banks... 11,130 66,700 20,778 31,215 16,022 53,615 17,992 8,898 14,555 6,760 15,171 23,793 Other cash 23,646 62,337 20,516 39,078 17,113 31,596 51,991 20,045 8,732 10,631 16,971 45,507 Discounts and advances: Secured by U. S. Govt. securities 5,390 1,980 2,160 2,280 4,398 2,340 695 2,150 9,825 9,196 800 Other 70 52 50 Industrial loans 327 "*"i6 Acceptances: Bought outright 44,796 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,385,058 6,414,6931,462,288 2,251,914 1,655,8211,294,370 4,443,540 ,037,725 535,143 ,085,777 996,439 2,875,404 Held under repurchase agreement Total loans and securities 1,390,775 6,461,469.1,464,4482,254,264 ,660,271 ,296,710 4,444,235 ,039,875 544,984 1,095,023 997 ,239 2,875,404 Due from foreign banks 1 14 1 1 1 1 2 1 1 Uncollected cash items 338,364 821,112 278,603 454,210 311,185 360,389 652,084 152,892 107,222 194,694 178,820 387,308 Bank premises 4,803 10,666 4,379 9,914 6,788 8,339 8,084 6,733 5,278 4,888 6,747 11,557 Other assets 10,926 50,860 11,419 18,325 14,863 10,757 36,889 8,121 4,237 9,068 8,708 22,628 Total assets. 2,809,03913,313,089 2,968,7414,587,604 3,225,9112,554,726 8,985,903 2,041,683 125,849 2,093,1061,978,328 5,774,166 Liabilitie F. R. notes 1,591,392 6,353,8831,668,992 2,472,4582,056,5201,270,3495,152,974 ,178,187 543,1751,061,559 717,032,2,638,797 Deposits: Member bank reserves 770,228 5,402,703 897,8601,427,841 800,344 947,1953,148,521 666,646 407,376 809,728 ,011,625 2,493,881 U. S. Treasurer—general account 25,837 77,326 33,248 32,092 45,203 25,226 30,671 24,782 11,592 26,839 30,194 47,420 O Fo th re e i r gn 15,2 3 7 7 6 6 3 3 6 7 4 6 , , 4 1 8 4 2 1 1 9 8 , , 9 4 9 9 9 2 23 1 , ,1 8 4 5 7 2 13 1, , 8 6 2 6 5 8 12,0 8 6 6 0 1 38,3 8 2 0 4 1 9, 6 9 0 1 6 6 6, 3 4 4 3 0 2 10 1, , 7 4 6 5 3 2 13 1 , ,9 9 3 3 3 6 3 3 0 6 , , 0 1 1 7 6 6 Total deposits 811,717 5,920,652 959,5991,484,932 861,040 985,342 3,218,317 701,950 425,740 848,782 ,057,688 2,607,493 Deferred availability cash items 325,304 657,456 245,005 505,736 234,636 233,787 411,903 107,927 121,860 127,442 132,747 375,194 Other liabilities 855 2,881 610 1,865 586 549 2,373 466 497 464 387 1,709 Total liabilities 2,729,26812,934,8722,874,206 4,464,9913,152,782 2,490,0278,785,567 ,988,5301,091,272 2,038,247 ,907,854 5,623,193 Capital Accounts Capital paid in 17,832 103,532 21,517 33,251 15,921 17,447 48,716 11,893 8,133 14,310 19,969 40,704 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. 11,915 43,403 12,606 16,806 12,623 10,298 28,687 9,153 5,674 8,879 8,327 18,999 Total liabilities and capital accounts 2,809,03913,313,089 2,968,7414,587,604 3,225,9112,554,726 8,985,903 2,041,6831,125,849 2,093,1061,978,3285,774,166 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 42.8 47.6 44.5 45.0 41. 35.2 45.1 42.8 45.5 40.4 42.5 45.9 Contingent liability on acceptances purchased for foreign correspondents 6,555 430,233 7,935 10,235 5,865 5,175 16,445 4,255 2,760 4,485 5,980 12,880 Industrial loan commitments. 51 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $82,570,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $192,424,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 811 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 June 25 June 18 June 11 June 4 May 28 June May June F. R. notes outstanding (issued to Bank). 27,483,308 27,503,127 27,465,236 27,458,638 27,460,364 27,498,452 27,480,52827,632,726 Collateral held against notes outstanding: Gold certificate account 11,948,000 11,948,000 11,948,000 12,008,000 12,008,000 11,648,000 12,008,00011,848,000 Eligible paper 27,441 26,752 43,286 45,357 39,586 13,556 34,092 93,755 U. S. Government securities 17,095,000 17,095,000 17,095,000 17,095,000 17,095,000 17,420,000 17,095,000 16,905,000 Total collateral 29,070,441 29,069,752 29,086,286 29,148,357 29,142,586 29,081,556 29,137,092 28,846,755 EACH FEDERAL RESERVE BANK ON JUNE 30, 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 S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,624,569 6549,6731,735,352 2,553,728 2t118,056 ,318,383 5,228,434 ,214,875 558,9511,089,418 760,502 2,746,511 Collateral held: Gold certificate acct.. 700,000 3 270,000 640,0001,070,000 775,000 425,000 2,300,000 430,000 155,000 300,000 283,000 1,300,000 Eligible paper 2,160 2,150! 9,246 U. S. Govt. securities. 1,150,000 3,600,0001,200,0001,600,0001,400,000 1,000,000 3,100,000 900,000,425,000 820,000 525,000 1,700,000 Total collateral 1,850,000 6,870,000 ,842,160 2,670,000 2,175,000 1,425,000 5,400,000 1,332,150580,000 1,129,246 808,000 3,000,000 I INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r a p - p t p o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u l r e o o t o t v m e n u e d - o n d i t t) ( s a t L a m o n o u o d a t u n i - n n s g t) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( s in a P p t t f a 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 a T m o o t o u a u n l t t L st o a a n n d s g P in u o t g e a r e t r i a d o n n - a u o a A b n v u n a o d t a t d m e m s r i d e e l r t i e r a a o o t a n b n i w u g g o t l d n s e u e r n 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 1,159 2,124 979 803 586 1953.... 3,765 803,429 1,951 1,900 3,569 3,469 1953 1,294 2,358 805 666 364 1954.... 3,771 818,224 520 719 1,148 1,027 1954 1,367 2,500 472 368 273 1955.... 3,778 826,853 305 702 2,293 1,103 1955 1,411 2,575 294 226 170 1956 3,782 832,550 794 2,365 1,129 1956 1,468 2,761 389 289 125 1957 1957 May.... 3,782 835,264 774 1,794 948 May 1,488 2,862 407 305 130 June.... 3,783 835,766 80 742 1,780 919 June 1,493 2,867 412 307 126 July.... 3,784 836,636 155 608 1,795 812 July 1,496 2,878 412 307 123 Aug.. 3,784 837,410 80 628 1,815 816 Aug 1,497 2,880 390 292 146 Sept.. 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct... 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 Nov.. 3,786 840,814 581 1,130 1,126 Nov ,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 May.... 3,786 843,078 489 991 944 May 1,516 2,952 326 252 168 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

812 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS» FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION Vi fin effect June 30. Per cent per annum] [In effect June 30] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On 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. . Cleveland ( 5 ) Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago St. Louis.... () () Interest rate Minneapolis.. 4-6 4-6 Kansas City.. Commitment rate. Dallas San Francisco -1V4 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . oc F ur e e d m er e a n l t R a e g se e r n v c e ie B s, an p k u s r s a u c a t n a t s t f o i sc t a h l e a g D e e n f t e s n s o e f t P h r e o d g u u c a t r i a o n n t e A ein c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. 4 Rate charged borrower. 5 Rate charged borrower but not to exceed 1 per cent above the discount rate. 6 Twenty-five per cent of loan rate. Charge of V4 per cent per annum is made on undisbursed portion. 7 Charge of lA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S>. Government accounts Year or month Without seasonaladjustment Seasonally adjusted3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers2 City centersJ centers 2 City centers * centers2 1950 1,380,112 509,340 298,564 572,208 31.1 22.6 17.2 1951 1 542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642,853 597,815 349,904 695,133 34.4 24.1 18.4 1953 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 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 Apr 192,701 72,328 40,182 80,192 46.9 30.3 22.4 47.6 29.4 23.1 May 197,257 71,780 42,128 83,349 47.1 30.5 23.2 48.3 31 .0 23.7 June 193,349 74,512 39,942 78,895 51.4 30.4 23.1 47.6 29.8 23,1 July 200,559 74,509 41,711 84,339 49.5 30.6 23.6 50.8 31.2 24.0 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 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 22.0 52.5 28 6 22.4 June 219,447 95,473 41,228 82,746 65.7 »31.3 *23.9 60.8 ?30.7 *23.9 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 813 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denomination currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772- 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 30,509 21,374 1,834 ,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 ,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956 31,790 22,598 2,027 ,369 78 2,196 6,734 10,194 9,192 2,771 5,704 292 407 3 14 1957_May. .. 30,836 21,905 2,029 ,301 76 2,093 6,554 9,852 8,931 2,679 564 284 393 3 June... 31,082 22,123 2,042 ,302 77 2,102 6,615 9,985 8,958 2,696 575 283 391 3 10 July.... 30,933 21,987 2,050 ,292 77 2,069 6,520 9,979 8,946 2,695 570 281 388 3 Aug 31,133 22,155 2,060 ,296 78 2,085 6,581 10,055 8,977 2,701 596 280 388 4 Sept 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 611 279 386 4 Oct 31,090 22,086 2,083 ,330 77 2,089 6,533 9,975 9,003 2,695 632 279 385 4 Nov 31,661 22,582 2,099 ,356 78 2,146 6,726 10,177 9,079 2,725 677 279 386 3 Dec.. . . 31,834 22,626 2,110 ,398 80 2,188 6,662 10,187 9,208 2,777 5,752 280 384 3 13 1958—Jan 30,576 21,527 2,061 ,293 78 2,044 6,331 9,721 9,049 2,711 5,668 277 381 3 Feb 30,554 21,544 2,057 ,285 77 2,044 6,355 9,724 9,011 2,692 5,651 276 380 3 Mar.... 30,666 21,652 2,066 ,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 3 Apr.. .. 30,565 21,565 2,075 ,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 May 30,994 21,977 2,090 ,349 81 2,081 6,465 9,910 9,018 2,690 5,662 275 378 3 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation i Held by Kind of currency T s M o ta t a a n y l d o i 3 n u 1 g t , - As a g s a e i c n u s r t ity Treasury F F . o R r . B F a a . n n R d k . s May 31, Apr. 30, Mav 31, 1958 go s l i d lv a e n r d cash B a a n n d ks agents 1958 1958 1957 certificates agents Gold 21 594 21 036 2557 Gold certificates 21 036 18,189 2,816 32 32 33 Federal Reserve notes 27 481 73 1 233 26,174 25,845 26,093 Treasury currency—total 5,201 12,410 74 339 4,788 4,689 4,711 Standard silver dollars 488 184 30 8 266 265 251 Silver bullion 2,226 2,226 Silver certificates and Treasury notes of 1890.... 12,410 211 2,199 2,119 2,165 Subsidiary silver coin 1 449 3'i" 79 1,339 1,328 1,307 Minor coin 509 8 15 485 483 471 United States notes 347 4 25 318 313 322 Federal Reserve Bank notes 123 (4) 1 121 122 133 National Bank notes 60 (4) (4) 60 60 62 Total—May 31 1958 (5) 23,446 703 18,189 4,388 30,994 Apr. 30, 1958 (5) 23,838 734 18,593 4,733 "36; 565" May 31 1957 (5) 24,369 788 19,117 4,355 30,836 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. 806. 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

814 ALL BANKS CONSOUDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total Treasury U. S. Government obligations Total Capital Date Gold s r t c o e i a u n n u n g r c t d - - y - Total Lo n a e n t s, Total m C a e o n r m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r c l a i i a n a p t n i b e i e d t t i s a l- l, c d u e T r a p r o n o e t d n s a i l c t y s c m o a n a u n i c e s n d - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48.465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9.302 75.171 68,359 6.812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10.979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 195O_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 !955_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—May 29. 22,600 5,100 221,600 110,700 89,600 65,000 23,000 .600 21,400 249,400 228,200 21.200 June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 June 26. 22,600 5,100 222,200 113,000 87,800 63,400 22,900 .600 21,400 249,900 229.100 20,900 July 31., 22,600 5,100 222,700 112,200 89,000 64,100 23,400 .500 21.400 250.400 229.300 21.100 Aug. 28. 22.600 5,100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229.000 21.900 Sept. 25. 22,600 5,100 223,600 113,400 88,400 63,700 23,200 .500 21 800 251,300 229.500 21,900 Oct. 30. 22,700 5,100 225,200 113,000 89,700 65,000 23.200 .500 22.500 253.000 231.100 21.900 Nov. 27., 22.800 5,100 224,800 113.000 89.400 64 500 23.600 400 22 400 257.700 231 000 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 ,300 24,800 261,600 239,200 22,500 May 28P. 21,600 5,200 234,900 113,900 96,000 70,700 24,100 ,300 25,000 261,700 238,900 22,800 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series5 For- Date p b e o n d a i s g e e n i - n t t k s, T h c i u r o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A a n R t k . s Total Total m T b C e i a o m r n c m k e ia s - d l ep s b M a o a v s u n i i t k n t u s s g a * s 3 l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - - t d s4 b r C o e s a i n u u n d c t r k e - - y s c a d d u d e e T r j a p m r u o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a s d e e t n e i - - - 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 24,500 1954—Dec. 31. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136106,550 27,852 129,700 102,800 26,900 1955—Dec. 31., 3,167 767 4,038 394 216,577 78.378 48,359 28,129 .890109,914 28,285 133,200 105,800 27,400 1956—Dec. 31. 3,306 775 4,038 441 221,950 82,224 50,577 30,000 ,647111,391 28,335 134,400 106,700 27,700 1957_May 29., 3,200 800 5,300 500 218,400 85,700 53,600 30,600 ,500104,800 27,900 134,600 106,600 28,000 June 6. 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 1 (5) June 26. 3,400 800 4,800 500 219,700 86,400 54,000 30.900 ,500105,600 27,800 135,200 1O7?3300 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,I0000 28,000 Aug. 28. 3,200 800 4,400 500 220,000 87.100 54.700 31.000 .400105.100 27,800 134,700 106,8800 27,900 Sept. 25. 3.300 800 3,900 600 220.900 87.700 55.100 31,200 .400105.500 27.800 133,900 106,2200 27,700 Oct. 30. 3,300 800 3,500 500 223.000 88.100 55,500 31,300 .400107,200 27,800 134,200 106,5500 27.700 Nov. 27. 3.200 800 3 300 400 223 30087 60055 00031,300 300107 20028.500 134 000 100 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 ,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 ,300 105,600 27,400 133,100 105,500 27,600 Mar. 26*. 3,900 700 5,800 600 224,500 92,500 58,800 32,400 ,300! 104,600 27,400 134,000 106,400 27,600 Apr. 30*. 4 000 700 5,400 600 228,400 93,600 59,900 32.500 ,200 107,200! 27,600 135,000 107,200 27,800 May 28*. 4,000 7001 5,700 400 228,100 94,600 60,700 32,700 ,200 105,800. 27,800 135,500 107,600 27,900 I * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24—32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for July to nearest $100 million "and may not add to the totals. 1957, pp. 828-29. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 815 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U 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 l a o p i i n c a t t i d i - a - t e a l s l Total2 b In an te k r - 2 Dema O nd ther Time c T a o p t it a a l l N b b a u o n e m f r k - s counts 3 U.S. Govt. Other All banks: 1939—Dec. 30 50, 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, 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, 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. 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; 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; 110,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957_May 29 197; 111,620 65,010 21,350 41,570 243,790 218,010 13,700 5,040 114,770 84,500 19,710 14,145 June 6 197; 111,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320 114,659 84,584 19,879 14,144 July 31 198; 112,960 64,140 21,430 42,840 245,740 220,640 14,950 3,390 116,690 85,610 20,000 14,135 Aug. 28 199. 113,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25 199; 114,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580 115,160 86,610 20,210 14,128 Oct. 30 20i; 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; 114,060 64,460 22,390 43,600 249,150 222,380 14,550 3,040 118,190 86,600 20,540 14,102 Dec. 31 203; 115,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903 123,993 88,102 20,428 14,090 1958—Jan. 29? 20i; 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; 113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500 115,040 89,920 20,700 14,076 Mar. 26? 205; 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; 115,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180 118,190 92,670 20,910 14,071 May 28? 210; 114,790 70,670 24,980 42,000 257,240 230,280 15,980 5,420 115,260 93,620 21,040 14,065 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 2,806101,917 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_May 29 165,070 91,180 57,070 16,820 40,770 209,600 187,370 13,700 5,040 114,740 53,890 16,680 13,619 June 6 164,515 91,028 56,642 16,845 39,995 208,393 186,308 14,421 3,318114,633 53,937 16,837 13,619 July 31 165,380 92,340 56,280 16,760 42,040 211,310 189,710 14,950 3,390 116,660 54,710 16,970 13,610 Aug. 28 165,900 92,840 56,170 16,890 41,320 211,250 188,680 14,370 4,130 115,120 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, 115,130 55,420 17,140 13,603 Oct. 30 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 117,070 55,780 17,380 13,588 Nov. 27 167,270 92,940 56,910 17,420 42,800 214,220 191,050 14,550 3,040118,160 55,300 17,440 13,578 Dec. 31 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898 123,967 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 2,150 116,650 56,840 17,470 13,561 Feb. 26* 168,580 92,090 58,260 18,230 41,340 214,320 191,480 15,130 3,500115,010 57,840 17,580 13,556 Mar. 26? 171,410 92,980 59,550 18,880 41,290 217,090 194,400 15,560 5,560114,180 59.100 17,710 13,558 Apr. 30? 175,560 93,450 62,830 19,280 42,850 222,870 199,850 16,320 5.180 118,160 60.190 17,810 13.551 May 28? 175,440 92,800 63,240 19,400 41,120 220,840 197,590 15,980 5,420115,230 60,960 17,920 13,545 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—May 29 138,307 78,590 46,159 13,558 36,074 177,720 158,655 13,067 4,514 97,773 43,301 13,947 6,445 June 6 137,808 78,448 45,829 13,531 35,270 176,507 157,593 13,736 2,932 97,612 43,313 14,058 6,445 July 31 138,573 79,621 45,490 13,462 37,137 179,151 160,652 14,236 3,090 99,425 43,901 14,210 6,430 Aug. 28 139,010 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25 139,315 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30 140,475 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27 139,882 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681 100,648 44,366 14,584 6,406 Dec. 31 142,353 80,950 47,079 14,324 42,746 188,828 170,637 16,328 3,472105,547 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 4,818 100.584 48,429 14,918 6.372 May 28? 147,272 79,713 51,916 15,643 36,210 187,301 167,367 15,402 4,891 98,000 49,074 15,009 6,364 All mutual savings banks: 1939—Dec. 30 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941—Dec. 31 10,379 4,901 3,704 1,774 793 11,804 10,533 10,527 1,241 548 1945—Dec. 31 16,208 4,279 10,682 1,246 609 17,020 15,385 15,371 1,592 542 1947_Dec. 3H 18,641 4,944 11,978 1,718 886 19,714 17,763 .17,745 1,889 533 1950_Dec. 30 21,346 8,137 10,868 2,342 797 22,385 20,031 20,009 2,247 529 1956—Dec. 31 31,940 19,777 7,971 4,192 920 33,311 30,032 30,001 2,947 527 1957—May 29 32,910 20,440 7,940 4,530 800 34,190 30,640 30,610 3,030 526 June 6 32,950 20,487 7,906 4,557 839 34,254 30,678 30,647 3,042 525 July 31 33,150 20,620 4,670 800 34.430 30,930 30,900 3,030 525 Aug. 28 33,350 20,750 4,730 760 34,600 31,020 30,990 3,050 525 Sept. 25 33,500 20,860 4,790 780 34,780 31,220 31,190 3,070 525 Oct. 30 33,550 21,000 4,870 800 34,820 31,290 31,260 3,070 525 Nov. 27 33,640 21,120 7,550 4,970 800 34,930 31,330 31,300 3,100 524 Dec. 31 33,782 21,216 890 35,168 31,695 31,662 3,059 522 1958—Jan. 29? 34,130 21,380 7,'540 880 35,490 31,960 31,930 3,090 520 Feb. 26? 34,300 21,490 7,510 950 35,740 32,110 32,080 3,120 520 Mar. 26? 34,580 21,630 7,570 930 36,040 32,410 32,380 3,120 520 Apr. 30? 34,730 21,770 7,480 880 36,130 32,510 32,480 3.100 520 May 28? 35,000 21,990 7,430 5,580 880 36,400 32,690 32,660 3,120 520 v 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

816 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 t b i q o l . i v n S 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 - t a - 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 N ba b u o n e m f r ks counts3 U.S. Govt. Other Central reserve city member banks: New York City: 1939—Dec. 30 9,339 3,296 4,772 1,272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945—Dec. 31 26,143 7,334 17,574 1,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1956—Dec. 31 23,809 15,987 6,057 1,765 8,629 33,381 29,149 5,987 747 19,940 2,475 2,873 18 1957—May 29 23,279 15,907 5,706 1,666 7,300 31,556 26,914 4,962 1,032 18,084 2,836 2,904 18 June 6 23,293 15,895 5,738 1,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 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 May 28*> 25,540 15,833 7,569 2,138 7,023 33,777 28,796 6,062 1,128 18,219 3,387 3,210 18 Chicago: 1939—Dec. 30 2,105 569 1,203 333 446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31 2,760 954 1,430 376 566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31 5,088 1,801 2,890 397 739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30 5,569 2,083 2,911 576 ,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1956—Dec. 31 6,473 3,772 2,113 588 ,171 8,695 7,943 1,372 184 069 1,319 660 14 1957—May 29 6,249 3,776 1,876 597 941 8,247 7,259 1,081 195 4,669 1,314 662 14 June 6 6,266 3,789 1,884 593 821 8,147 7,284 1,184 97 4,691 1,312 665 14 July 31 6,234 3,862 1,825 547 947 8,239 7,462 1,279 196 4,676 1,311 671 14 Aug. 28 6,289 3,915 1,823 551 968 8,314 7,440 1,185 275 4,674 1,306 671 14 Sept. 25 6,261 3,937 1,783 541 939 8,257 7,319 1,251 186 4,573 1,309 670 14 Oct. 30 6,273 3,829 1,888 556 969 8,310 7,264 1,183 148 4,624 1,309 679 14 Nov. 27 6,275 3,781 1,927 567 938 8,285 7,320 1,145 151 4,708 1,316 685 14 Dec. 31 6,446 3,852 2,032 562 ,083 8,595 7,792 1,347 195 4,904 1,345 689 14 1958—Jan. 29? 6,211 3,600 2,050 561 ,862 8,137 7,291 1,170 86 4,695 1,340 688 14 Feb. 26? 6,261 3,487 2,201 573 ,927 8,256 7,374 1,211 203 4,612 1,348 693 14 Mar. 26^ 6,492 3,481 2,404 607 ,808 8,374 7,390 1,272 351 4,418 1,349 700 14 Apr. 30P 6,647 3,592 2.434 621 ,873 8,600 7,665 1,320 302 4,671 1,372 705 14 May 28^ 6,484 3,417 2,434 633 ,985 8,553 7,692 1,317 292 4,708 1,375 709 14 Reserve city member banks: 1939—Dec. 30 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941—Dec. 31 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359 1947—Dec. 31 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1956—Dec. 31 53,915 31,783 17,368 4,764 17,716 72,854 66,524 7,878 1,201 40,647 16,797 5,076 289 1957—May 29 53,401 31,574 16,830 4,997 14,807 69,518 62,299 5,809 1,716 37,153 17,621 5,168 282 June 6 53,137 31,435 16,797 4,905 14,532 68,965 61,796 6,228 1,051 36,874 17,642 5,182 282 July 31 53,785 32,104 16,798 4,883 15,079 70,164 63,225 6,373 [,264 37,671 17,917 5,199 282 Aug. 28 53,831 32,259 16,696 4,876 14,683 69,808 62,521 6,248 1,453 36,820 18,000 5,242 282 Sept. 25 53,881 32,576 16,372 4,933 14,930 70,128 62,870 6,408 1,274 37,103 18,085 260 281 Oct. 30 54,109 32,261 16,755 5,093 14,899 70,389 62,963 6,367 918 37,483 18,195 5; 298 281 Nov. 27 54,201 32,510 16,669 5,022 15,500 71,106 63,556 6,203 1,017 38,159 18,177 5,338 280 Dec. 31 55,259 32,805 17,352 5,102 17,540 74,196 67,483 7,542 [,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. 26P 54,626 31,815 17,672 5,139 14,934 71,012 63,710 6,392 1,349 36,924 19,045 5,428 278 Mar. 26^ 55,711 32,072 18,210 5,429 14,629 71,802 64,626 6,536 1,960 36,646 19,484 5,469 278 Apr. 30P 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 May 28^ 57,687 32,042 19,869 5,776 15,030 74,174 66,492 6,759 1,884 37,465 20,384 5,573 281 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 [,160 41,194 20,317 5,046 6,141 1957—May 29 55,378 27,333 21,747 6,298 12,026 68,399 62,183 1,215 1,571 37,867 21,530 5,213 6,131 June 6 55,112 27,330 21,409 6,373 12,224 68,404 62,192 1,290 1,097 38,211 21,594 5,304 6.131 July 31 55,372 27,649 21,391 6,332 12,641 69,063 62,984 1,351 904 38,758 21,971 5,279 6,116 Aug. 28 55,638 27,738 21,517 6,383 12,242 68,922 62,736 1,303 1,250 37,995 22,188 5,328 6,113 Sept. 25 55,915 27,879 21,598 6,438 12,546 69,495 63,388 1,328 1.194 38,543 22,323 5,357 6,108 Oct. 30 56,708 27,950 22,100 6,658 12,528 70,307 63,972 1,339 1J211 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. 26P 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. 26P 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 May 28? 57,561 28,421 22,044 7,096 12,172 70,797 64,387 1,264 1,587 37,608 23,928 5,517 6,051 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 817 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b io o l . i n S v g s . t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s2 c b a i a l a l p i n i c a t i d - i - t e a s l Total 2 b In a t n e k r - 2 Demand Time c c o a a p u c i n - ta ts l ba b o n e 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—June 6 87,910 48,415 30,345 9,150 22,525 112,460 100,989 7,963 1,782 61,737 29,506 8,722 4,647 Dec. 31 91,201 50,350 31,234 9,617 26,786 120,153 109,091 9,475 2,166 66,546 30,904 9,070 4,620 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_j D Un ec e . 3 6 1 4 5 9 1 , , 8 1 9 5 8 2 3 3 0 0 , , 6 03 0 4 0 1 1 5 5 , , 4 8 8 4 3 6 4 4 , , 3 7 8 0 1 7 1 1 2 5 , , 7 9 4 6 5 0 6 6 4 8 , , 0 6 4 7 7 6 5 6 6 1 , , 6 5 0 4 5 5 5 6, ,7 8 7 53 3 1 1 , , 1 30 5 6 0 3 39 5 , , 0 8 0 7 1 4 1 1 3 4 , , 8 3 0 8 7 6 5 5 , , 3 4 3 8 7 3 1 1 , , 7 7 9 7 8 3 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957—June 6 25,243 12,134 10,156 2,953 4,446 30,088 27,292 359 378 16,200 10,355 2,469 6,748 Dec. 31 26,268 12,493 10,512 3,264 5,383 32,066 29,266 425 388 17,580 10,873 2,500 6,753 Noninsured nonmember commercial banks: 1941—Dec. 31 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945_Dec. 31 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 279 714 1947—Dec. 3H 2,009 474 1,280 255 576 2,643 2,251 363 18 1,392 478 325 783 1955—Dec. 31 1,716 520 827 370 357 2,126 1,742 370 12 1,039 322 320 499 1956—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. 3H 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—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. 3H 5,957 1,384 3,813 760 211 6,215 5,556 5,553 637 339 1955—Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 6,947 806 307 1956—Dec. 31 7,770 4,235 2,453 1,082 182 8,028 7,146 7,143 817 304 1957—June 6 7.765 4,259 2,401 1,105 167 8,013 7,100 7,098 802 291 Dec. 31 7,246 4,022 2,148 1,076 171 7,497 6,672 6,671 751 283 For other notes sec 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

818 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total2 C c o m m c p p i k l i p o i n u n a e e a e a e m g d - r r r - t l n - , - - - A c tu g u a r r l l- - i- b p o d L a T e s r r u e n o e r o o r a s d c c k a c l a u - - n h r r s a r i y t o s e T i i f i t e r n o n h o s s g r g - l R o t e a a e s t n - a e l s O l v u o i d t t i a a n o h i d - l n - e s - s r O lo t a h n e s r Total Total U. B S ill . s G C o o d c e n v e f a e r e e d t b t i s e r i - n t f s D n s - i - m - ir e e N n c o t t t o es blig B a o t n io d n s s G t a u e n a e - d r- S p O s t d s a i i t i g o u c o i o o a b n a v l b a f n t n l d i - i - e l i t s s - - - s O s r e i t t h c ie e u s r - All commercial banks:3 1947—Dec. 31....116,28438,05718,1671,660 830 ,220 9,393 5,723 ,063 78,22669,2212,193 7,789 6,034 53,191 5,276 3,729 1955—Dec. 31....160,88182,60133,245 4J,447755 31,263 774 20,80917,185 3,117 78 28061,5924,219 2,318 14,034 41,010 12,6983,990 1956—Dec. 31....165,12390,30238,720 4,,11 612i589 1,691 22,50918,850 3,343 74 82158,5525,924 1,997 11,823 38,796 12,9013,368 1957—June 6....164,51591,02839,020 4,077 2,274 1,634 22,53019,508 3,623 73 48756,6424,761 3,66510,070 38,137 ".3. 14 33,531 Dec. 31....170,06893,89940,526 4,066 2,601 i;620 23;il0 20,217 " 16958,2395,405 4,813 10,608 37,406 13,915 4,014 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,-545 28,03121,046 988 3,15912,797 ,102 3,6513,333 1945—Dec. 31....121,80925,765 9,4611,331144 3,164 3,606 4,677 2,361 1,,18196,04388,9122,45519,07116,045 "5,1321 22 3,,8—73 "3,258 1947 Dec. 31....114,27437,58318,0121,610 823 190 9,266 5,654 1,028 7766,69167,9412,124 7,552 5,918 52,334 14 5,,129 3,621 1955—Dec. 31....159,16482,08133,092 4^96 3,229 742 20,69217,104 3,09177,08360,7654,105 2,29213,856 40,502 1012,,465 3,853 1956—Dec. 31....163,60189,83138,571 4,1012,565 ;669 22,39418,7653,325 "7"3,77057,8375,763 1,98111, ,358 1312:,,675 3,258 1957—June 6....163,02590,57138,870 4,027 22,251 ,613 22,427 19,.4213,599 72,45455,9734,658 3,610 9,967 37,730 813,095 3,386 Dec. 31....168,59593,43040,,380 4015 2,569 ,60123,003 20,122 3,513 75,16457,5805,290 4,75810,49337,031 7 ,688 3897 13, Member banks, total: 1941—Dec. 31....43,52118,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,007 11,729 ,832 3,090 2871 1945—Dec. 31....107,18322,775 8,949 885555 3,1333,378 3,455 1,900 1,104 "84 ,40878,3382,27516,98514,27144,792 16 3, ,815 1947—Dec. 31....97,84632,62816,962 1,,"04"6 811 ,065 7,130 4,662 ,21857,9141,987 5,816 4,815 4455,286 10 4,1993,105 1955—Dec. 31....135,36070,98231,019 2,726 3,150 560 16,39114,313 2,943 64,37750,6973,250 1,73811,50834,192 910,444 3,236 1956—Dec. 31....138,76878,03436,296 2,478 2,447 ,47317,81115,765 3,147 60,73447,5754,383 1,469 9,49332,218 1210,494 2,665 1957—June 6....137,80878,44836,500 2,453 2,132 ,41617,76816,229 3,399 59,36045,8293,439 2,798 7,952 3311,632 10, _,763 Dec. 31....142,35380,95037,868 2,472 2,448 ,40918,23116,775 3"1316 61,40347,0793,948 3,534 8,560 31,031 11,2353,089 New York City:* 1941—Dec. 31.... 12,896 4,072 2,807 412 169 123 554 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 29818,80917,574 477 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 ,002 640 558 9,771 638 604 1955—Dec. 31.... 23,58314,640 9,126 2,144 511 577 1,5061,006 8,943 6,796 552 100 1,141 5,002 1,609 539 1956—Dec. 31.... 23,80915,98711,266 1,409 402 617 1,5581,049 7,822 6,057 724 194 976 4,160 1,406 358 1957_ D ju e n c e . 3 6 1 . . . . . . , . 2 2 3 3 , , 8 2 2 9 8 31 1 5 6 , , 8 1 9 0 5 21 1 1 1 , , 6 3 5 4 1 4 , ,2 1 8 5 0 2 3 3 8 8 9 7 5 56 6 5 7 1 1, , 5 5 1 1 3 61 1 , , 2 0 4 5 5 3 7 7 , , 7 39 2 8 6 5 5 , , 7 8 3 8 8 0 6 6 8 4 5 8 2 2 1 1 9 4 1, 7 0 8 9 1 3 4 3 , , 0 9 5 2 2 4 1 1 , , 3 4 1 3 1 5 4 3 1 4 1 9 Chicago:* 1941_Dec. 31.... 2,760 954 732 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31.... 5,931 1,333 760 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947_Dec. 31.... 5,088 1,801 1,418 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1955—Dec. 31..., 6,542 3,342 2,390 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 1956—Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957_ D juence. 3 6 1 . . . . ., .. 6 6 , , 2 4 6 4 6 6 3 3 , , 7 8 8 5 9 2 2 2, , 9 8 0 5 3 9 2 1 0 7 0 2 9 9 6 7 1 1 3 4 5 3 4 42 3 5 0 1 1 8 8 4 0 2 2, , 5 4 9 7 4 7 2 1 , , 0 88 3 4 2 7 6 5 5 1 7 2 4 6 2 3 2 1 3 3 1 1 , , 5 5 1 2 3 8 4 4 0 6 8 0 1 1 5 3 4 3 Reserve city banks 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945_Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,5521,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 366 2222,59120,196 373 2,358 1,90115,560 3 1,342 ,053 1955—Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 180 23,83718,826 813 657 4,70812,643 5 3,778 ,233 1956—Dec. 31.... 53,91531,78315,170 489 501 712 7,654 6,512 ,13217,3681,185 441 3,74211,995 4 3,820 944 1957—June 6..., 53,13731,43514,919 495 496 672 7,481 6,630 300 21,70216,797 758 1,179 3,03811,819 3 1,017 Dec. 31... 55,25932,80515,702 494 603 673 7,667 6,893 370 22,45417,3521,009 1,285 3,29711,760 2 4^0271,075 Country banks: 1941—Dec. 31..., 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945—Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 36329,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 229 26,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1955—Dec. 31... 52,77524,379 6,290 2,127 189 255 8,723 6,575 57328,39722,5701,774 913 5,05614,825 3 4,581 1,246 1956—Dec. 31... 54,57126,491 7,0801,972 334 261 9,407 7,256 63128,08022,0372,362 792 4,45814,420 4 4,827 1,215 1957—June 6..., 55,11227,330 7,378 1,949 312 259 9,586 7.653 66927,78221,4091,920 1,326 3,91014,248 4 5,109 1.265 Dec. 31... 56,82028,191 7,613 1,970 365 252 9,856 7,944 713 28,62921,8152,226 1,909 3,85713,819 4 5,365 ,449 Nonmember commercial banks:3 1947—Dec. 31... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1955—Dec. 31... 25,54611,628 2,226 ,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2.255 755 1956—Dec. 31... 26,38112,279 2,424 1,683 143 218 4,708 3,085 19614,10210,9891,541 528 2,330 6,588 2,409 704 1957—June 6... 26,73312,591 2,519 1,625 143 219 4,773 3,278 22414,14110,8251,323 867 2,119 6,515 2,548 769 Dec. 31... 27,74112,961 2,657 1,594 153 211 4,891 3,442 21714,78011,17."1,457 1,279 2,049 6,385 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 819 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F B s s w e e R R e a r d r i n v e e t e v - - h k e r e s s al C va i a n u s l h t b m a w B d e n a o i s k t l - t h - i s c s j p u m D o s a d a t s d e e e n i - - - d t d s ^ m D e I s n o d t - t e i e c p r s o b s a i F n e ts i k o g r n - G U o .S v . t. p v s S o i u a t l s a i b n i t o t d d i e c n i s a - s l c C h c o a f e e e e i f n t e c f r r c d i d t s k . - i ' - s, p a v n a s p i I t d h d r i 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 u i 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 d r i n o o t i u d r n c p n a a i o e s s - - l , r r s - - , r B i o n o w g r s - - c C o a t a u a c p l - n i t - s All commercial banks: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1955—Dec. 31.... 18,721 2,682 12,050109,905 13,512 1,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 15915,300 1956—Dec. 31.... 18,706 3,261 12,813 111111,405 14,338 1,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957__ D jU e n c e . 3 6 1 . . . . . .. . 1 18 8 , , 9 5 7 0 2 0 2 3 , , 7 3 3 3 7 5 1 9 2 , , 7 3 6 4 1 2 1 1 0 1 5 0 , , 7 2 1 6 3 6 1 13 1 , , 8 2 6 4 7 7 1 1 , , 6 76 1 9 8 3 3 , , 3 8 1 9 8 8 1 1 0 0 , , 6 69 0 3 3 2 3 , , 8 62 52 0 1 10 0 9 1 , , 6 1 5 7 3 7 1 1 , ,3 5 8 5 5 6 3 30 3 1 1 2 2 , , 7 7 1 7 2 3 5 5 0 3 , , 8 3 9 6 3 6 1,4 7 46 7 1 1 7 6 , , 3 8 6 3 8 7 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 248 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 ,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1955—Dec. 31.... 18,721 2,656 11,744108,887 13,390 ,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 14514,980 1956—Dec. 31.... 18,706 3,237 12,490110,487 14,226 ,755 3,717 10,350 3,744 110,252 1,301 330 2,329 47,949 56 15,988 1957—June 6.... 18,500 2,717 9,515104,904 11,127 ,581 3,310 10,500 2,829 100,483 1,388 331 2,652 50,660 1,430 16,525 Dec. 31.... 18,972 3,311 12,079109,439 13,752 736 3,859 10,594 3,597 108,936 1,264 301 2,717 53,120 66 17,052 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 ,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 ,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 .375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1955—Dec. 31.... 18,722 2,019 7,612 92,435 13,002 ,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 13712,783 1956—Dec. 31 18,707 2,487 8,124 93,320 13,818 ,749 3,292 8,211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957—June 6.... 18,501 2,065 5,931 88,912 10,799 ,568 2,932 8,371 2,616 86,624 1,369 302 2,128 40,8831,37414,058 Dec. 31.... 18,973 2,536 7,806 92,191 13,356 ,726 3,472 8,412 3,331 93,804 1,246 275 2,170 42,845 5714,554 New York City:4' 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 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 2,171 2,745 1956—Dec. 31.... 4,375 161 99 15,974 3,622 1,400 747 286 1,172 18,482 965 2,395 2,873 1957—June 6 4,080 143 45 15,450 2,775 1,249 688 261 914 16,660 1,009 2,662 326 2,907 Dec. 31.... 4,564 158 110 15,849 3,480 1,389 737 299 1,284 18,377 912 2,813 3,136 Chicago:* 1941—Dec. 31.... 1,021 298 2,215 1,027 127 233 2,152 476 288 1945—Dec. 31.... 942 200 3,153 1,292 1,552 237 3,160 719 377 1947—Dec. 31.... 1,070 175 3,737 1,196 72 285 3,853 902 426 1955—Dec. 31.... 1,135 141 4,349 1,246 222 299 4,781 1,313 3 628 1956—Dec. 31.... 1,158 174 4,272 1,318 184 294 4,690 1,302 4 660 1957—June 6.... 1,089 95 4,087 1,133 97 459 4,152 1,298 101 665 Dec. 31.... 1,071 148 4,084 1,293 195 333 4,493 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 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 2,844 1955—Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 4,641 1956—Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3,092 1,036 36,519 294 114 935 15,748 5,076 1957—June 6 7,701 653 1,825 32,549 5,648 266 1,051 2,911 787 33.177 314 120 1,089 16,432 5,182 Dec. 31 7,763 790 2,585 33,583 6,962 279 1,358 3,111 943 35,906 301 113 1,175 17,335 5,370 Country banks: 1941—Dec. 31 2,210 526 3,216 9,661 790 225 1,370 239 8,500 31 146 6,082 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 5,465 2,004 435 21,797 52 219| 12,224 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 432 2,647 528 25,203 4: 337 14,177 2,934 1955—Dec. 31.... 5,429 1,222 4,844 37,836 1,488 1,061 4,425 1,020 34,235 157 844 18,371 4,769 1956—Dec. 31.... 5,526 1,502 5,194 39,028 1,580 1,160 4,538 1,183 35,473 146 847 19,324 5,046 1957—June 6.... 5,631 1,241 3,966 36,827 1,243 1,097 4,740 835 32,635 14: 962 20,491 267 5,304 Dec. 31.... 5,576 1,54! 4,964 38,676 1,621 1,181 4,669 1,027 35,029 135 928 21,366 30 5,359 Nonmember commercial banks: * 1947_Dec. 31 544 3,947 13,595 385 167 1,295 180 12,284 190 172 6,858 1,596 1955—Dec. 31.... 663 4,439 17,470 510 382 2,198 265 15,324 231 475 9,071 2,519 1956—Dec. 31.... 774 4,690 18,085 521 440 2,238 310 15,885 171 546 9,449 2,649 1957_j D Un ec e . 3 6 1.... 7 6 9 7 9 2 4 3 , ,8 5 3 3 1 6 1 1 6 8 , , 8 0 0 7 1 5 4 5 4 1 8 1 4 3 2 8 7 5 2 2, , 2 2 8 3 . 2 ^ 2 28 3 9 6 1 1 4 5 , , 5 8 5 4 3 9 1 1 8 3 7 8 5 60 8 3 4 1 1 0 0 , , 0 5 3 4 5 6 2 2 , , 7 8 8 1 1 8 2 Beginning June 30, 1948, figures for various loan items are shown 4 Central reserve city banks. gross (i.e., before deduction of valuation reserves); they do not add to the 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on total and are not entirely comparable with prior figures. Total loans Dec. 31, 1942, aggregated $513 million at all member banks and $525 continue to be shown net. million at all insured commercial banks. 3 Breakdowns of loan, investment, and deposit classifications are not 6 Demand deposits other than interbank and U. S. Govt., less cash items available prior to 1947; summary figures for earlier dates appear in the reported as in process of collection. preceding table. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures.' In millions of dollars] Loans1 U. S. Government obligations For purchasing or carrying securities Month or date i m T l n o a v o e a n e n t n d a s t s t l s - j i L m u n a s a o v e n t d a e n e d - n s t d t s s - 1 j L u a o st d a e - n d s 1 C i m t n a c r o n d i i e a m a d u r l l - s - - A t c u g u r r l a - i l - G a T U n o o . d v S b t . d . r e o O a k l t e e h r r e s s rG U T o . o v S t . o . thers e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e e d f t b i s i e r - n - t s - s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n o a k n s s ob- se- obliga- curi- ligations ties tions Total— Leading Cities 1957 June 88,050 86,901 53,784 31,495 424 1,880 1,168 8,66511,20125,507 1,437 1,513 4,209 18,348 7,610 1,149 1958 May 93,400 91,915 52,256 29,514 473 2,225 1,300 8,78811,114 30,739 .1,,8„9,.1 1,258 7,190 20,400 8,920 1,485 96,176 94,572 53,393 29,559 489 3,198 1,338 8,85811,114 31,8802,102 1,480 7,134 21,164 9,299 1,604 June 1958 93,470 91,973 52,,533 29,659 470 2,373 1,312 8,75711,1183.0.,, 496. 1,895 1,191 7,165 20,245 8,944 1,497 May 7 93,145 91,785 52,,395 29,623 470 2,257 1,298 8,77411,130 3300,,551111 1,819 1,225 7,148 20,319 8,879 1,360 14 93,364 91,803 521,,029 29,455 473 2,067 ,302 8;800 11,091 3300,,885566 1,887 1,318 7,180 20,471 8,918 1,561 21 93,623 92,100 52,068 29,318 477 2,204 ,288 8,821 11,118 "3 1,0—93 1,964 1,298 7,267 20,564 8,939 1,523 28 June 4 94,615 92,934 52,492 29,199 478 2,774 ,296 8,817 11,088 31,289 1,925 1,346 7,417 20,601 9,153 1,681 11 95,241 93,534 53,029 29,305 485 3,177 ,287 8,85311,084 31,216 1,735 1,351 7,501 20,629 9,289 1,707 18 97,592 95,988 54,,252 29,879 494 3,671 ,388 8,87011,115 32,399*2,327 1,598 6,798 21,676 9,337 1,604 97,256 95,833 53,80129,856 500 3,170 1,381 8,891 11,170 32,615 2,421 1,621 6,823 21,750 9,417 1,423 25 New York City 1957 23,583 22,871 15,73711,785 821,086 10 389 558 2,148 5,477 539 205 767 3,966 1,657 712 June 1958 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 26,743 25,862 15,79810,913 1,012 ,119 359 536 2,163 7,770 954 266 1,736 4,814 2,294 881 June 1958 25,334 24,551 15,23311,016 491 977 367 525 2,166 7,131 724 210 1,626 4,571 2,187 783 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 May 7 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 June 2 4 8 25,974 25,048 15,307 10,764 662 1,138 356 530 2,164 7,514 848 231 1,778 4,657 2,227 926 11 26,335 25,414 15,67310,785 ,049 1,099 354 539 2,155 7,474 762 255 1,795 4,662 2,267 921 18 27,529 26,622 16,306 11,053 ,357 1,127 363 537 2,163 7,999 1,113 279 1,679 4,928 2,317 907 25 27,137 26,366 15,908 11,050 980 1,111 362 540 2,172 8,092 1,093 299 1,693 5,007 2,366 771 Outside New York City 1957 June 64,467 64,030 38,04719,710 423 712 769 8,107 9,05320,030 898 1,308 3,442 14,382 5,953 437 1958 May 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 69,433 68,710 37,595 18,646 488 1,067 926 8,322 8,951 24,1101,148 1,214 5,398 16,350 7,005 723 June 1958 68,136 67,422 37,300 18,643 469 905 900 ,232 8,952 23,3651,171 981 5,539 15,674 6,757 714 May 7 67,784 67,267 37,219 18,633 469 836 888 ,248 8,947 23,3031,078 998 5,525 15,702 6,745 517 14 68,009 67,434 37,104 18,520 472 831 892 ,268 8,924 23,5361,128 1,091 5,505 15,812 6,794 575 21 68,123 67,586 37,151 18,449 476 908 884 ,289 8,947 23,6261,121 1,074 5,542 15,889 6,809 537 28 June 4 68,641 67,886 37,185 18,435 477 974 892 ,287 8,924 23,7751,077 1,115 5,639 15,944 6,926 755 11 68,906 68,120 37,356 18,520 484 1,029 886 ,314 8,929 23,742 973 1,096 5,706 15,967 7,022 786 18 70,063 69,366 37,946 18,826 493 1,187 959 ,333 8,95224,400 1,214 1,319 5,119 16,748 7,020 697 25 70,119 69,467 37,893 18,806 499 1,079 966 ,351 8,998 24,52311,332288 11,332222 55,113300 16,743 7,051 652 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual loan items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 821 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [ Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank Borrowings except interbank except interbank deposits Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . a r i v n t R h e k . s s C va i a n u s l h t b m a w d a n e n i c o s t e k - h t s i s c j p m u o a d s a s d t e n e i - - t d d s ! s p p u n c v h a o a a o e i n i r d r l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t n i d i e l t - - s - s c C h c o f a e e e e i f n t e c f r r c d i d t k s . - i ' s - , G U o . v S t . . s p p u c n v a h o a a o e n i i r r d l p r r d s a t - - - s - , - , S p s d s a i t i o u c i a o n v l a b t n i d i e l t - - s - s G P U S i a o n o a . n g s v v d S t s - t a . . l m D t e i o c s - - F ei o g r n - Time F B F r . a o n R m k . s F ot r h o e m rs c C o i a t u a c a p n - l - ts tions tions Total- Leading Cities 1957 I June 13,397 985 2,414 55,94358,495 4,305 2,45121,156 1,106 180 10,183 1,579 1,295 713 9,218 1958 May 12,907 979 2,660 54,932 56,854 4,603 1,893 3,645 23,576 1,778 14210,987 1,527 2,234 56 806 9,890 13,246 987 2,670 56,372 58,387 4,687 2,473 4,50123,931 1,886 14311,250 1,514 2,231 921 9,951 June 1958 13,018 909 2,400 54,915 56,272 4,625 1,966 3,670 23,488 1,759 13910,949 1,551 2,195 75 859 9,885 May 7 12,855 994 2,789 54,706 57,750 4,438 1,806 3,436 23,508 1,778 14111,479 1,568 2,230 56 648 9,882 14 12,879 964 2,68354,67156,476 4,608 1,868 3,919 233 ,6—09 1,792 14310,770 1,518 2,231 40 883 9,889 21 12,877 1,049 2,76955, 4"3""4 56,917 4,739 1,933 3,556 233,701 1,781 14510,751 1,470 2,279 54 832 9,906 28 June 4 12,840 927 2,613 55,68657,195 4,923 2,357 3,193 23,769 1,805 14411,367 1,444 2,264 81 961 9,938 11 13,210 1,010 2,649 57,100 5"9,267 4,660 2,112 2,432 23,940i 1,861 144 11,353 1,542 2,232 104 1,104 9,945 18 13,548 999 2,72557,434 60,019 4,564 3,081 5,057 23,939| 1,907 14311,411 1,559 2,218 106 913 9,950 13,387 1,010 2,69655,,266 57,067 4,601 2,342 7,324 24,076! 1,969 14510,870 1,511 2,210 60 707 9,971 25 New York City 1957 4,233 145 4515,78417,314 262 893 745 2,642 73 30 2,848 1,278 970; 150 294 2,877 June 1958 3,975 144 15,16216,553 325 967 1,271 3,108 197 3,047 1,228 1,733 . 322 3,184 May 4,115 143 16,00317,392 378 1,424 1,709 3,198 235 3,074 1,211 1,762 . 405 3,192 June 1958 4,104 133 15,14316,305 347 1,026 1,464 3,111 190 2,882 1,258 1,6951. 407 3,186 3,880 145 15,01016,649 311 871 1,232 3,089 199 3,185 1,265 1,730 . 244 3,188 May 7 3,895 13: 15,02416,357 350 957 1,257 3,101 200 3,023 1,221 1,726!. 369 3,183 14 4,021 165 15,47116,900 294 1,015 1,132 3,130 201 3,097 1,169 i, / /y 269 3,180 21 28 3,931 138 15,65216,971 403 1,300 1,112 3,146 200 3,091 1,148 1,787 490 3,190 June 4 4,142 151 16,38717,717 363 1,132 815 3,239 233 3,007 1,244 1,753 529 3,191 11 4,117 137 16,55818,052 399 1,902 1,944 3,189 238 3,166 1,241 1,755 321 3,193 18 4,270 146 15,41616,828 345 1,363 2,965 3,219 269 3,033 1,214 1,752 3 279 3,192 25 Outside New York City 1957 9,164 840 2,369 40,159 41,181 4,043 995 1,706 18,514 1,033 150 7,335 301 325 591 419 6,341 June , 1958 8,932 835 2,611 39,770 40,301 4.278 926 2,374 20,468 1,581 118 7,940 299 501 56 484 6,706 May 9,131 844 2,619 40,369 40,995 4,309 1,049 2,792 20,733 1,651 118 8,176 303 469 88 516 6,759 June , MaM::: 1 : 9 : 5 : 8 :::::: 8,914 776 2,35539,772 39,967 4,278 940 2,206 20,377 ,569 116 8,067 293 500 75 452 6,699 8,975 849 2,73439,696 41,101 4,127 935 2,204 20,419 ,579 117 8,294 303 500 56 404 6,694 21 8,984 83: 2,635 39647 40,119 4,258 911 2,662 20,508 ,592 119 7,747 297 505 40 514 6,706 28 8,856 884 2,723 39963 40,017 4,445 918 2,424 20,571 ,580 121 7,654 301 500 54 563 6,726 June 4 8,909 789 2,564 40,034 40224 4,520 1,057 2,081 20,623 ,605 120 8,276 296 477 81 471 6,748 11 9,068 859 2,594 40,713 41 550 4,297 980 1,617 20,701 ,628 120 8,346 298 479 104 575 6,754 18 9,431 862 2,673 40,876 41967 4,165 1,179 3,113 20,750 ,669 118 8,245 318 463 106 592 6,757 25 9,117 864 2,647 39,850 40;239 4,256 979 4,359 20,857 ,700 120 7,837 297 458 57 428 6,779 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, sec 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

822 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 Period 2 t l o F i b q a o n a u o c d o d c r , o , T a l p e e a x p a n t t a h i d r l e e e r s l, , M p m u a r c e e n o t t t d d a s a 3 l - l s ch r P l u e c e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( T r w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s f p i c S n a o a a n m l n i e e c s - s e u P p t ( t t r o u i i i a l n o b r i n c n t t l i a s l i ) e . c - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch r b w i e n a a i a e p n n a g n n e o d l g k k d l ' r e s l l t — y * - 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 ^2,243 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 -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—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 June 6 136 31 57 11 -5 58 73 30 78 474 538 Week ending: 1958—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 n -25 11 32 -22 -14 32 11 -20 -2 23 -29 -33 -141 -16 -23 -20 -22 -73 -4 -21 -381 -416 30 -51 -12 -92 -38 j 2 51 -4 54 2 4 -84 -69 May 7 -18 i -7 g 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 A 3 -17 -26 -35 -19 14 -11 -144 -168 28 -38 -8 -15 -18 9 -9 -23 -28 -49 -2 36 -145 -137 June 4 5 -9 -23 2 4 -9 -15 -15 -56 8 -110 -119 11 -19 6 3 -23 20 8 -11 -10 48 1 29 52 106 18 20 6 160 44 23 19 12 112 90 11 47 542 574 25 -6 3 -3 9 10 -6 10 -29 -10 9 3 -10 -23 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 1inance 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- ports ports Dollar points in: Total through ly Others into from exdealers1 ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1 966 564 1 402 574 172 117 55 24 378 274 154 29 75 43 1954 1^24 733 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 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 Aug 2,835 501 2,334 1,227 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 1,197 214 149 65 16 66 901 234 483 75 225 181 Oct 2,654 516 2,138 1,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 1,224 221 151 70 20 67 916 268 459 64 222 211 Dec 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 1958—Jan 3,345 654 2,691 ,422 416 307 109 41 127 838 273 461 65 386 237 Feb. . 3,628 776 2,852 ,523 497 372 125 43 139 843 261 447 110 480 224 Mar 3,485 862 2,623 ,529 422 318 104 39 132 936 263 432 139 471 224 Apr 3,658 919 2,739 ,479 459 350 109 37 131 852 278 416 131 416 239 May 3,709 946 2,763 1,441 474 372 102 42 119 806 296 396 130 371 247 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 823 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.) m w o Y e n e e t a h k r , , or 4 m p P - c a e r o t i p r o m m c e i r - 6 e a , l - p d n p c p l i a a o a a r n p e c m n c c e e y e - t r d - a a P b c n e a r c i r c n e m s e k p ' s e t - , - 3-mon se th cu b r i i l t l ie s s 9 (t - a to x a 1 b 2 le - )2 3- to 5- Area and period lo A a l n l s 1 1 0 - 1 10 0- 0 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 3- l t y o , 6- da 9 y 0 s1 M ke a t r- o R n a n t e e w i m ss o u n e t s h 3 is y s e u a e r s4 Annual averages, months * yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 1957 1956 average 3.31 5.06 2.64 2.62 2.658 2.83 3.12 1957 average 3.81 3.55 3.45 3.23 3.267 3.53 3.62 Quarterly:1 19 large cities: 1957—June 3.79 3.48 3.36 3.29 3.316 3.55 3.77 1957—Sept 4.83 5.67 5.29 5.01 4.69 July 3.88 3.63 3.38 3.16 3.165 3.71 3.89 Dec 4.85 5.66 5.29 5.01 4.71 Aug 3.98 3.63 3.78 3.37 3.404 3.93 3.91 1958—Mar 4.49 5.55 5.10 4.75 4.29 Sept 4.00 3.82 3.83 3.53 3.578 4.02 3.93 June 4.17 5.45 4.88 4.40 3.95 Oct 4.10 3.88 3.75 3.58 3.591 3.94 3.99 New York City: Nov 4.07 3.79 3.50 3.29 3.337 3.52 3.63 1957—Sept 4.69 5.54 5.24 4.93 4.60 Dec 3.81 3.55 3.35 3.04 3.102 3.09 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 3.49 3.23 3.06 2.44 2.598 2.56 2.77 June 3.88 5.18 4.72 4.13 3.74 Feb 2.63 2.18 2.30 1.54 1.562 1.93 2.67 7 Northern & Eastern Mar 2.33 1.86 1.80 1.30 1.354 1.77 2.50 cities: 1.90 1.59 1.52 1.13 1.126 1.35 2.33 1957—Sept 4.85 5.69 5.31 5.01 4.73 May 1.71 [.38 [.30 .91 1.046 1.21 2.25 Dec 4.86 5.67 5.33 5.02 4.74 June 1.54 1.38 1.13 .83 .881 .98 2.25 1958—Mar 4.49 5.60 5.08 4.72 4.33 June 4.17 5.48 4.85 4.39 3.99 Week ending: 11 Southern & Western May 31... 1.63 1.38 1.13 .58 .635 1.01 2.20 cities: June 7... 1.63 1.38 1.13 .71 .723 .91 2.14 1957—Sept 5.01 5.72 5.31 5.05 4.81 14. .. 1.55 1.38 1.13 .83 .841 .91 2.17 Dec 5.05 5.73 5.31 5.04 4.87 21... 1.50 .38 1.13 .92 .953 .97 2.28 1958—Mar 4.77 5.60 5.17 4.87 4.49 28... 1.50 t .38 1.13 .90 1.006 1.10 2.39 June 4.58 5.56 4.99 4.57 4.31 1 Average of daily prevailing rates. 2 Except for new bill issues, yields are 1 Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS1 [Per cent per annum] <Corporate bonds3 Stocks 5 G U o .S v . t. S g ta o t v e t . a b nd o n l d o s c 3 al By selected By Dividends / Earnings / Year, month, or week bonds ratings groups price ratio price ratio t ( e lo rm ng ) - 2 Total4 Total4 Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - Number of issues 4-7 20 5 5 120 30 30 40 40 40 14 500 500 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 '7.78 1 1 9 9 5 5 6 7 a a v v e e r r a a g g e e . 3 3. . 4 0 7 8 2 3 . . 9 5 4 6 2 3 . . 5 1 1 0 4 3 . . 2 5 0 0 4 3 . .5 2 7 1 3 3 . . 3 8 6 9 4 3 . .8 7 8 1 4 3 . .5 1 0 2 4 3 . .6 3 5 2 4 3 . .5 1 4 8 4 4 . . 2 6 5 3 4 4 . . 0 3 9 5 r r 8 7 . . 2 1 1 7 1957—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 r7.12 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 Sent 3.66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4.45 4.79 4.31 '7.91 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 '8.21 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 r7.34 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 May 3.14 3.12 2.69 3.71 4.00 3.57 4.62 3.80 4.30 3.89 4.31 4.19 June 3.19 3.15 2.74 3.78 3.98 3.57 4.55 3.77 4.28 3.88 4.28 4.08 Week ending: May 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 June 7 3 14 3 14 2 72 3 76 3 98 3 56 4 58 3 77 4 30 3 88 4 28 4 10 14 3 15 3 14 2 72 3 76 3 97 3 56 4 55 3 76 4 27 3 88 4 26 4 10 21 3.21 3.15 2.75 3.76 3.96 3.57 4.53 3.75 4.26 3.88 4.28 4.04 28 3.26 3.21 2.78 3.84 3.98 3.61 4.54 3.78 4.29 3.90 4.31 4.09 r Revised. 4 Includes bonds rated Aa and A, data for which are not shown sepa- 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. rately. Because of a limited number of suitable issues, the number of and corporate bonds. Yields of State and local govt. general obligations corporate bonds in some groups has varied somewhat. are based on Thursday figures; and of preferred stocks, on Wednesday 5 Standard and Poor's Corporation. Preferred stock ratio is based on figures. Figures for common stocks are as of the end of the period, 8 median yields in a sample of noncallable issues—12 industrial and 2 except for annual averages. public utility. For common stocks, the dividend /price and the earnings/ 2 Series is based on bonds maturing or callable in 10 years or more. price ratios are now computed for the 500 stocks in the price index, but 3 Moody's Investors Service. State and local govt. bonds include gen- figures prior to mid-1957 are based on the 90 stocks formerly included in eral obligations only. the daily price index. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchange Commission series of (index, 1941-^3 = 10) (index, 1939= 100) trad- Ye o ar r , w m e o ek nth, t ( G U e l r o o . m n v S g ) t . . - 2 g n ( M h i r c a i i g d u p h e - a - ) l 3 g ( C r h r p a a i o o d g t r - e h e - ) - 3 Total d t I r u n ia s - - l R ro a a i d l- P u i l u t t i i y c b l- - Total Tot M a a l nuf r D a a u c bl t - u e ri N r n d a o g u b n l - - e T p t r o i a o r n n ta s - - P u i l u t t i i y b c l - - T n s a a r e i f a n n c r i- d v e d c e e - . , M in i g n- s t s h i h a ( n a o o n i r g n f d u e 4 s s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 14 1955 average. 102.40 123.1 114.4 40.49 42.40 32.94 31.371 305 374 352 394 320 153 297 313 2,578 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 1957 average. 93.24 105.8 101.3 44.38 47.66 28.11 32.19 331 422 391 451 275 156 277 342 2,222 1957—June. 91.77 103.5 101.1 47.55 51.30 30.11 33.35 355 457 421 489 293 160 283 390 2,224 July.. 91.50 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 Aug.. 91.10 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Sept.. 90.70 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct.. . 89.77 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Nov.. 91.90 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Dec. 95.63 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 1958—Jan.. 96.48 110.0 105 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Feb.., 96.20 109.2 105 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar.. 96.34 107.9 105 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Apr.. 98.23 110.0 105 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May. 97.94 111.1 105 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 June. 97.17 110.8 105.5 44.75 47.62 25.54 37.31 331 412 362 450 259 171 305 319 2,696 Week ending: May 31. 98.12 111.6 105.8 43.90 46.70J 25.10 36.771 326 404 359 438 254 i 170 303 306 2,324 June 7. 97.97 111.6 105.8 44.49 47.34! 25.29 37.231 329 410 362 446 257 171 303 309 2,706 14. 97.79 111.4 105.8 44.66 47.51 25.42 37.391 332 413 363 451 261 172 306 322 2,641 21. 96.92 110.8 105.6 45.03 47.94 25.77 37.29i 330 412 362 450 259 171 305 322 2,746 28. 96.17 109.4 104.9 44.72 47.57J 25.63 37.28! 331 412 362 451 260 172 307 323 2,667 i 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 Total- Net debit balances with Bank loans to others (than W En e d d n o e f s m da o y n t o h f o m r o l n a t s h t o s t e h c e u r r i t t h ie a s n New York f S ir t m oc s k i Exchange ch b a ro si k n e g r s a n a d n d c a d r e r a y l i e n r g s ) s e fo cu r r p it u ie r s - 2 Money borrowed Cus n to et mer U. S. Govt. free ob ( c c li o o g l l a . . 3 t 5 i o + ) ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v ns t. se o cu O th r n i e t r ies ba cr la e n d c it es 1953—Dec.. 2,445 31 1,665 88 780 1,074 713 1954—Dec.. 3,436 41 2,388 65 ,048 69 1,529 1,019 1955—Dec.. 4,030 34 2.791 32 ,239 51 2,246 894 1956—Dec.. 3,984 33 2,823 41 ,161 46 2,132 880 1957__jUne. 4,031 31 2,887 25 ,144 52 2,104 820 July.. 4,004 32 2,885 23 ,119 59 2,079 829 Aug.. 3,929 30 2,833 24 ,096 58 2,035 816 Sept.. 3,882 35 2,789 21 ,093 63 2,046 838 Oct.. 3,643 39 2,568 31 ,075 72 1,708 879 Nov.. 3,577 42 2,517 33 ,060 56 1,641 876 Dec. 3,576 68 2,482 60 ,094 125 1,706 896 1958—Jan... 3,554 126 2,487 58 ,067 188 1,552 937 Feb.. 3,679 102 2,580 79 ,099 199 1,647 939 Mar.. 3,863 111 2,665 86 ,198 206 1,784 954 Apr.. 3,980 134 2,735 70 ,245 230 1,822 985 May. 4,069 141 2,856 75 ,213 244 1,808 979 June. 4,226 240 2,929 84 ,297 466 1.932 1,047 i 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 825 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total U S n ta i t t e e s d S ( t U a lo t . e c a a S l n .) d Foreign 2 Total Bonds Stocks Mort- 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 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1,903 2,713 3,088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 ,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 ,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 ,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 End of month: 1953—Dec.. 78,201 12,452 9,767 1,278 ,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec.. 84,068 12,199 9,021 1,833 ,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec.. 90,267 11,757 8,545 1,998 ,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec.. 95,844 10,989 7,519 2,234 ,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957—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 ,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July. 99,005 10,906 7,306 2,323 ,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aug.. 99,374 10,880 7,268 2,333 ,279 42,742 39,724 3,018 34,547 3,032 3,731 4,442 Sept.. 99,812 10,833 7,224 2,340 ,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct.. 100,224 10,856 7,233 2,352 ,271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 Nov.. 100,597 10,782 7,135 2,362 ,285 43,368 40,340 3,028 34,986 3,113 3,833 4,515 Dec.. 101,043 10,600 6,950 2,375 ,275 43,644 40,637 3,007 35,230 3,134 3,863 4,572 1958—Jan.. 101,672 10,819 7,113 2,418 ,288 43,859 40,862 2,997 35,410 3,156 3,896 4,532 Feb.. 102,000 10,852 7,124 2,426 ,302 43,961 40,957 3,004 35,529 3,187 3,927 4,544 Mar.. 102,385 10,754 7,002 2,448 ,304 44,256 41,179 3,077 35,663 3,214 3,962 4,536 Apr.. 102,717 10,792 7,009 2,460 ,323 44,467 41,383 3,084 35,773 3,244 3,996 4,445 May. 103,150 10,766 6,936 2,487 ,343 44,633 41,538 3,095 35,884 3,265 4,022 4,580 1 Figures are for all life insurance companies in the United States. 3 These represent annual statement asset values, with bonds carried on 2 Represents issues of foreign governments and their subdivisions an amortized basis and stocks at end-of-year market value. and bonds of the International Bank for Reconstruction and Develop- 4 These represent book value of ledger assets. Adjustments for interest ment. due and accrued and for differences between market and book values are not made on each item separately, but are included, in total, in "Other assets." SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars] Assets Liabilities End of year or month U. S. Borrowings Re a se n r d ves Total 2 Mort- o G b o li v g t a . - Cash Other4 S c a a v p i i n ta g l s FHLB Other un p d r i o v f i i d ts ed advances 1941. 6,049 4,578 107 344 775 4,878 218 38 475 1945. 8,747 5,376 2,420 450 356 7,386 190 146 644 1950. 16,893 13,657 1,487 924 733 13,992 810 90 1,280 1951. 19,222 15,564 1,603 1,066 899 16,107 801 93 1,453 1952. 22,660 18,396 1,787 1,289 1,108 19,195 860 84 1,658 1953. 26,733 21,962 1,920 1,479 1,297 22,846 947 80 1,901 1954. 31,736 26,194 2,021 1,980 1,471 27,334 864 96 2,191 1955. 37,719 31,461 2,342 2,067 1,791 32,192 ,412 146 2,557 1956. 42,875 35,729 2,782 2,119 2,199 37,148 ,225 122 2,950 1957. 48,275 40,119 3,169 2,144 2,809 42,038 ,263 118 3,377 1957—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 ,077 103 3,136 July.. 45,750 38,280 3,180 1,741 2,510 39,730 ,037 109 Aug.. 46,188 38,743 3,203 1,635 2,569 39,982 ,070 115 Sept.. 46,639 39,106 3,229 1,643 2,624 40,306 ,117 115 Oct.. 47,127 39,532 3,219 1,622 2,718 40,673 ,129 121 Nov.. 47,600 39,835 238 1,705 787 41,072 ,141 117 Dec.. 48,275 40,119 169 2,144 809 42,038 ,263 118 3,377 1958—Jan... 48,423 340,369 215 2,023 2,816 42,491 904 100 Feb... 48,845 40,623 195 2,198 2,829 42,875 788 89 Mar.. 49,406 40,967 192 2,407 2,840 43,366 694 94 Apr.., 50,068 41,367 229 2,524 2,948 43,729 813 87 May. 50,762 41,908 3,244 2,562 3,048 44,250 801 67 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

826 FEDERAL BUSINESS-TYPE ACUVTOES 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 5,577 6,929 6,715 6,752 7,261 6,827 6,466 6,681 Banks for cooperatives 345 425 424 377 367 375 457 423 384 430 454 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 a n g s e A nc d i m es inistration \ 181 292 362 f I 3 1 0 6 0 8 38 6 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 23 1 6 1 9 8 1 2 770 1 To industry, total 555 589 598 555 678 619 629 640 652 674 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 ' k 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 2 1 0 7 6 To financing institutions 824 814 864 952 870 1,419 7,233 966 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 5,7/0 7,736 8,043 8,001 7,955 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 1 57 54 52 51 49 All other purposes, total 63 35 75 119 166 256 213 240 335 306 344 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 -255 -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 3,355 3,355 3,355 3,355 385 3,385 3,355 3,355 Other securities7 266 257 223 219 197 179 284 344 340 340 333 Inventories, total 1,774 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 S en e c rv ie ic s es Administration. 136 288 303 428 550 609 6,5 2 1 0 7 1 6,6 1 5 9 4 3 7,0 17 2 1 2 7,0 17 9 5 2 7,2 1 8 8 2 5 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 prior 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 827 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 L i i n ab te il r i a t g ie e s n , c o y t h i e te r m th s1 an Date, and fund or activity Total Cash L c a r e o b e i a l v - e n - s t v o I e r n i n - e - s P s r d i e u t e c i b b e I u m l n t s i - c v e e n s O t s r t s i e - t t c h ie u e s - r L s e t m u t a q a r r n e u n u e d n i c d s p t - , , - Other G a B t U u n a o b u r t n . e n y e a S d s e d r . - d s d p , e a n O b y o e a t t h n b e e - l s e r , O li i a t t i b h e i e s l r - G i U n e o t . s e v S t r t . - . o v in w P a e t t r s n e e i t r - l e y - d All activities 1954—Dec. 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 1,068 4,183 35,610 508 1955—Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 2,379 2,70339,583 596 1956—Dec. 31* 69,653 4,996 20;657 21,375 3,739 3,669 9,985 5,232 2,711 3,6'5"9 62,516 699 1957—Mar. 31 69,895 4,44121,,3353 21,303 3,923 3,729 9,875 5,272 2,975 3,713 62,364 775 June 30* 69,059 3,98120,980 21,,450 3,881 3,725 9,979 5,063 3,497 3,325 61,144 1,037 Sept/30 70,175 4,692 21;320 21,514 3,762 3,725 9,974 5,186 3,647 2,634 62,778 1,056 Dec. 31 71,139 4,29122,395 21,628 3,804 3,718 9,962 5,340 4,662 2,916 62,391 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 (4) (4) 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 D A i ll s a o s t t h e e r r loans, etc., revolving fund 1 5 2 7 8 6 3 4 5 6 1 0 9 (4) (4) 4 1 5 2 0 8 Housing and Home Finance Agency: Public Housing Administration 215 87 104 6 36 179 Federal Housing Administration 792 30 471 289 48 138 606 Federal National Mortgage Association 2,382 4 2,361 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 3,040 (4) 27 52 3,020 Tennessee Valley Authority 2,053 95 48 1,801 109 32 2,021 Panama Canal Company 464 34 398 24 13 450 Veterans Administration 839 149 641 4 2 2 12 827 General Services Administration 1,126 43 890 (4) 107 87 64 1,062 Treasury Department 227 8 6 226 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 4 104 19 160 Intragoveramental Funds—Total 13,122 1,478 11,273 221 150 612 12,509 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 3,563 6,452 3,603 197 30,442 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) 21 727 Rural Electrification Administration 2,822 9 2,680 133 2,820 Interior Department 450 48 "363 32 444 International Cooperation Administration 2,222 20 2,195 8 2,222 Treasury Department 10,108 3,507 3,563 93,038 10,108 Commerce Department—maritime activities 5,103 "'288 261 49 122 4,981 National Advisory Committee for Aeronautics... 467 100 283 83 9 458 All other 406 99 130 114 55 28 377 Certain Deposit Funds—Total 4,715 80 1,717 2,876 12 30 1,072 781 2,080 782 B Fe a d n e k r s a l f o D r e c p o o o s p it e r I a n t s iv u e ra s nce Corporation 1,9 5 5 2 1 0 1 2 5 (4 4 ) 51 (4) 1,9 4 3 3 7 1 1 0 1 247 10 4 0 1,8 2 5 3 1 0 39 Federal home loan banks 2,245 63 1,265 896 12 9 825 677 743 Certain Trust Revolving Funds—Total 2,997 235 2,524 135 103 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 10 17 Office of Alien Property 213 148 1 10212 All other 87 15 27 "35 12 10 75 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,749 5.130 419 206 8,417 Veterans Administration (June 30, 1957) 1,902 355 107 2 1,340 98 137 1,765 Agriculture—other activity (June 30, 1957) 1,418 448 6 879 86 21 1,397 Health Education & Welfare Dept. (June 30, 1957) 1,055 790 2 260 3 157 898 Interior Department (June 30, 1957) 3,752 287 8 2,891 562 376 3,375 Treasury Department (June 30, 1957) 3,197 278 44 ) 76f 2,110 774 2,423 All other (June 30, 1957) 1,684 428 206 85 549 416 21 1,663 10 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 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 r B e u N ce d e i g t p e t t s re T P f c u r l e u n u i s d s p : t ts 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 b o u o h c l a t m t e i a s l c l s . 2 : B p t u e u e n d x re d g - s i e - t p T P t f e u e u r l n u r x u n e d s - d s s : i t - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a u o y b t a t h t l a l s i s e l c . : t p o p fr u a t o o h y b ( m r e l t - i s ) , c , ( c ( c o - d r d r r I e ) e i e n r , a d a b e - s s e i c t e e n - t , a in G g N v e o . n e v . t b t & . y Less: O n c t o a h s n e h - r b E T i o q n c N r u g a - r e s a o T o h t l w s r : - & agen.) tr. funds debt* Cal. year—1955 63,358 10,625 2,511 71,448 66,129 9,334 3,272 72,188 -739 3,493 2,476 566 458 1956 70,994 12,398 3,023 80,334 67,216 10,339 2,747 74,809 5,525 -3,560 2,481 -136 -5,910 1957 72,284 15,368 3,079 84,521 71,692 14,794 3,155 83,328 1,191 467 1,573 64 -1,168 Fiscal year—1954 64,655 9,155 2,110 71,627 67,772 7,204 117 71,860 -232 5,186 2,055 618 2,512 1955 60,390 9,536 2,061 67,836 64,570 8,546 578 70,538 -2,702 3,986 1,533 644 1,809 1956 68,165 11,685 2,739 77,088 66,540 9,436 358 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 4,398 1,096 36,426 -7,028 7,018 1,331 369 5,323 1956—Jan.-June 42,925 6,229 1,450 47,691 33,415 5,038 2,262 36,191 11,499 -7,596 1,835 254 -9,689 July-Dec 28,071 6,169 1,573 32,643 33,801 5,301 485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-June 42,958 8,200 1,669 49,464 35,632 7,660 1,901 41,390 8,073 -5,089 1,693 98 -6,879 July-Dec 29,324 7, 168 1,410 35,057 36,060 7,134 1,254 41,938 -6,882 5,556 -120 -34 5,711 Monthly: 1957—May 5,282 2, 121 117 7,280 5,944 1,344 367 6,923 358 1,432 1,241 257 -67 June 11,688 1,820 1,182 12,322 6,279 1,275 122 7,431 4,891 -4,496 728 -123 -5,100 J A S u e u l p y g t 7 5 3, , , 0 2 1 5 2 2 7 5 8 1,7 9 8 7 7 5 8 2 8 1 1 1 1 1 2 5 3 6 6 3 8 , , , 8 7 0 0 8 6 1 6 6 6 5 5 , , , 3 9 6 4 3 6 7 0 7 1 1 1 , , , 0 2 0 7 2 8 5 0 6 -1 4 - 8 0 2 0 8 7 7 6 , , , 1 1 7 8 6 5 5 0 4 -3 1 - , , 3 3 3 9 5 1 9 9 1 1 1 , , 9 4 6 9 6 3 2 2 4 - - 3 3 6 8 1 4 2 0 6 " - '4 69 6' 2 1 , , 3 0 7 1 7 7 4 3 6 Oct 3,131 938 167 3,896 6,501 1,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 1,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 1,184 703 6,433 5,809 1,402 92 7,119 -686 337 -87 40 383 1958—Jan 4,786 820 227 5,374 6,011 1,651 1,286 6,377 -1,003 -137 -119 18 -36 Feb 6,299 1,684 217 7,759 5,528 1,317 105 6,740 1,020 145 305 -52 -107 Mar 9,501 1,127 135 10,485 5,749 1,564 803 6,509 3,976 -2,168 14 -67 -2,114 Apr 3,496 1,331 194 4,626 6,122 1,479 786 6,814 -2,188 2,380 -181 -125 2,686 May*9 4,925 2, 131 141 6,910 5,846 1,363 185 7,024 -114 591 619 68 -96 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 i e 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 a o ( G s g + b N a u e o l ) r a i e n v k g o n t c t e a c f . y t - e i i s & a n n G e g N v c e o t F . r e n . v u e ( b t c t d s - y y . ) t . I d n ( p e d g - c c u i r ) r o r r b o e , e e r s l a c a i i s s n 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 R l k p e il . s o - sit T s T a L i x r u n o e r - a a a y 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 2,386 -46 -4 -2,054 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 -213 331 6,546 522 4,633 ,391 1957.. 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 4,082 ,010 Semiannually: 1955—July-Dec, -7,884 1,059 92 -140 -1,217 6,394 -24 -1,671 4,545 397 3,036 ,112 1956—Jan.-June., 9,510 1,191 217 313 -1,400 -8,017 -189 2,002 6,546 522 4,633 ,391 July-Dec.., -5,732 866 -482 -7 -698 3,877 -55 -2,119 4,427 441 2,924 ,062 1957—Jan.-June., 7,328 543 -36 1,092 -1,602 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.., -6,735 33 159 1,008 20 4,370 -160 -984 4,606 481 3,084 ,041 Monthly: 1957—May -662 777 .S9 153 -1,255 1,226 -11 308 840 568 4,318 954 June 5,409 547 894 147 -708 -4,707 44 -250 590 498 4,082 1,010 July -3,290 -362 384 19 324 1,942 131 1,115 4,475 504 2,833 ,138 Aug -802 703 288 87 -694 1,376 -40 423 4,898 477 3,331 ,090 Sept , 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 ,088 Oct , -3,370 -449 282 745 36 -345 -72 3,028 4,307 552 2,572 ,183 Nov -979 474 382 -23 -8 679 -33 558 4,865 243 3,583 ,039 Dec 147 -218 -644 186 80 151 -40 -259 4,606 481 3,084 ,041 1958—Jan -1,225 -831 600 225 541 -343 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 1,006 Apr -2,626 -148 711 -144 278 2,433 94 412 6,487 594 4,558 1,335 May -920 768 -17 -34 -597 595 152 -357 6,130 395 4,730 1,005 P Preliminary. bonds and Treasury bills, (3) Budget expenditures involving issuance of 1 Consists primarily of interest payments by Treasury to trust accounts Federal securities, (4) cash transactions between International Monetary and to Treasury by Govt. agencies, transfers to trust accounts representing Fund and the Treasury, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4, described in note 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Excludes net transactions of Govt. sponsored enterprises, which are 3 Consists primarily of (1) intra-Governmental transactions as de- included in the corresponding columns above. scribed in note 1, (2) net accruals over payments of interest on savings Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 829 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 i d e e p - g t t e s t f t O u a r n u g ld T d e s - t * rans H t f f w u r e i u r g a n s s h y d t - to R m a t r i . c r e e c e - n R t - . t . c fu e R r o i n e e p f - d - t s s B c T u e r o i d e p t - g a t e s l t W h I e i n t ld h d - ivid O ua th l er C ra o ti r o p n o- ta c E x i x s e e - s t p m a E l x o e m e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T a o c - co a t M a n i d l f e r r r s e s .' - ' Fiscal year—1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 2,798 1,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,177 1956 68,165 6,337 634 3,684 78,820 24,012 11,322 21,299 10,004 7,296 4,887 2,921 1,613 3,778 1957... 71,029 6,634 1,479 616 3,917 83,675 26,728 12,302 21,531 10,638 7,581 4,895 2,973 1,674 4,098 Semiannually: 1955—July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 1956—Jan.-June 42,925 3,410 316 3,188 49,839 12,700 8,623 17,190 4,952 4,013 2,361 1,397 821 1,888 July-Dec 28,069 2,559 643 312 463 32,045 13,020 3,004 5,553 5,325 2,876 2,267 1,648 817 1,876 1957—Jan.-June 42,960 4,075 836 304 3,454 51,630 13,708 9,298 15,978 5,313 4,705 2,628 1,325 857 2,222 July-Dec 29,325 3,135 1,151 305 655 34,571 13,760 2,874 6,273 5,595 3,445 2,625 1,574 848 2,226 Monthly: 1957—May 5,282 1,229 109 83 1,057 7,759 3,690 897 502 965 1,314 391 243 161 n.a. June 11,688 536 137 52 406 12,819 2,252 1,818 6,722 875 589 563 257 142 n.a. July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 244 146 S A e u p g t 7 5, , 1 2 2 2 8 5 9 48 1 6 9 2 21 0 9 7 5 8 4 4 1 1 2 3 4 7 6 8, , 1 4 0 7 9 5 2 3 , , 1 6 6 7 3 8 1,8 1 2 2 3 8 2,3 35 0 5 4 9 9 6 2 5 2 1,0 5 0 4 3 0 3 3 5 4 7 6 2 2 4 6 1 0 1 1 5 4 7 6 1,124 Oct 3,131 332 183 30 120 3,796 1,333 204 429 1,088 363 379 323 159 Nov 4,827 671 203 69 76 5,845 3,415 97 367 840 740 386 285 133 Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1,102 1958—Jan 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 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. May 4,925 1,221 168 70 950 7,334 3,614 640 449 922 1,293 416 n.a. n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period a I ff n a t i l r . s Inter- e s r e a r n v s - ' x T ^ a a h o r o \ r r a a g n r d i- N ur a a t l - m Co er m ce - G er e a n l loiai TotaH D D e e fe p n t s ., e s M ec u u t r u i a ty l , AA*tomic fin a a n n d ce est ic b e e s n a e n - d we a l n fa d re t c u u r l a - l so r u e r - ces ho a u n s d ing g m ov e e n r t nmilitary program energy fits re- (5) (5) (5) sources Fiscal year: 1953 74,274 51,830 43,611 5,421 1,791 749 6,583 4,298 2,426 2,936 1,476 2,502 1,474 1954 67,772 47,872 40,335 4,596 1,895 765 6,470 4,256 2,485 2,557 1,315 814 1,239 1955 64,570 42,089 35,533 3,755 1,857 719 6,438 4,457 2,552 4,411 1,202 1,502 1,201 1956 66,540 41,825 35,791 3,795 1,651 662 6,846 4,756 2,776 4,913 1,104 2,028 1,629 1957 69,433 44,414 38,440 3,495 1,990 832 7,308 4,793 2,966 4,582 1,296 1,453 1,789 Semiannually: 1955—July-Dec. 6 33,125 20,421 17,917 1,383 797 212 3,349 2,330 1,348 2,775 614 1,137 940 1956—July-Dec.. 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 1.181 1957—Jan.-June? 35,632 23,269 19,893 2,031 1,060 450 3,721 2,502 1,545 2,399 560 574 608 July-Dec.. 36,060 22,164 19,370 1,471 1,080 776 3,912 2,400 1,636 2,651 850 1,003 661 Monthly: 1957_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 Apr 6,122 3,730 3,216 272 200 16 619 465 317 427 108 298 135 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 Droduction expansion not shown separately. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarket£ible End of Total T gr o o t s a s l Special month d g e ro b s t* s d d i e r b e t c 2 t Total Certifi- Bonds C v ib e o r l n e t- - Sav- T an a d x issues Total Bills c i e n a d t d e n e s e b s o t s - f Notes B e b l a l i e g n i 4 k - st B r r i a e c n - te k d bonds Totals b i o n n g d s s n i s 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 (e) 43.9 1956—Dec . 276.7 276.6 228.6 160.4 25.2 19.0 35.3 80.9 10.8 57.4 56.3 45.6 1957 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 Sent 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 June 276.4 276.3 228.5 166.7 22.4 32.9 20.4 90.9 8.9 52.9 52.0 46.2 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $431 million on June 30, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,657 million on May 31, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n t i c c t e g e u l s u u e r ) d i d a - - r- S i p ss t e r u c u e i s a s t l fun P is d u s s b u 1 l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e o n r m c k i s a - 2 l M s b a a v u n m tu k g a s s l p I c n a o s n m u ie r - - s r c O a o t t r i h p o e o n r - s g S l _ o o t _ v c a a t t J e s l . S b a o v n i I n d n g s d s ivid se u O c a u l t s h ri e ti r es i M t n o v i r s e s c s 3 . - 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec.. . . 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 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 1 1 9 9 5 5 5 6 — — D Ju e n c e 2 2 8 7 0 2 . . 8 8 4 45 3 . . 1 9 7 8 . . 8 4 2 2 2 1 9 9 . . 1 3 2 2 4 3 . . 8 8 6 5 2 7 . . 0 1 8 8 . . 5 4 1 1 4 3 . . 3 3 r r2 17 3 .0 1 1 1 5 5 . . 1 7 5 5 0 0 . . 2 3 ' r 1 17 5 . . 4 6 1 1 5 6 , . 6 3 Dec 276.7 45.6 8.4 222.7 24.9 59.3 8.0 12.8 r18.2 16.1 50.1 r17.2 16.1 1957_Apr 274.1 45.2 8.5 220.4 23.2 58.0 8.0 12.5 r17.6 16.8 49.4 r18.8 16.1 May 275.3 46.1 8.7 220.5 23.1 57.7 8.0 12.4 '18.2 16.8 49.3 '18.6 16.4 June 270.6 46.8 8.7 215.1 23.0 55.8 7.9 12.3 r15 4 16.9 49.1 r18.7 16.0 July 272.6 46.3 8.8 217.4 23.4 56.8 7.9 12.3 r16.0 16.9 48.9 r19.0 16.2 Aug 274.0 46.7 9.1 218.2 23.5 56.6 7.9 12.2 '16.5 17.1 48.8 '19.6 15.9 Sept 274.5 46.2 9.2 219.1 23.3 58.3 7.9 12.2 r15 7 17 2 48.6 '19.9 15 9 Oct 274.2 46.1 9.4 218.7 23.3 58.1 7.8 12.2 r15.9 17.2 48.4 19.4 16.3 Nov 274.9 46.0 9.3 219.5 23.7 '58.2 7.6 12.1 '16.5 17.3 48.3 '19.3 16.5 Dec 275.0 45.8 9.4 219.8 24.2 '59.1 7.6 12.0 '16 5 17.0 48.2 r18 6 16 5 1958^Jan 274.7 45.5 9.6 219.6 23.3 r58.6 7.6 12.0 r17.3 17.3 48.2 r18.9 16.2 Feb . 274.8 46.0 9.4 219.4 23.2 '59.3 7.6 11.9 '17.2 17.3 48.2 '18.8 15.9 Mar. . 272.7 45.8 9.5 217.4 23.6 r59.3 7.6 11.8 r15 4 17 3 48.1 '18.9 15 4 Apr 275.2 45.4 9.7 220.0 23.7 63.0 7.6 11.8 14.5 17.1 48.1 18.6 15.7 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign 1 Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular possessions, NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to about $284 million on Dec. 31, 1957. 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 831 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JUNE 30, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Treasury notes Treasury bonds Treasury bonds—Cont. July 3,1958 1,700 Oct. 1,1958 1 121 Sept. 15, 1956-59 3.. 21^ 3,818 Aug. 15, 1966 3 1,484 July 10, 1958 1,700 Feb. 15, 1959 1 5,102 Mar. 15, 1957-593..2% 927 Mar. 15, 1966-71... 2% 2,951 July 17, 1958 1,701 Apr. 1,1959 1 119 Dec. 15, 1958 2% 2,368 June 15, 1967-72...2^ 1,848 July 24, 1958 1,700 Oct. 1,1959 l 99 June 15, 1959-62...214 5,268 Sept. 15, 1967-72... 2% 2,716 J A A u u u ly g g . . 3 1 7 1 4 , , , 1 1 1 9 9 9 5 5 5 8 8 8 1 1 1 , , , 7 7 7 0 0 0 2 0 0 A M O p c a t r y . . 1 1 1 5 , , , 1 1 1 9 9 9 6 6 6 0 0 0 1 3 l 2,4 2 1 0 7 9 6 8 8 D N D e o e c c v . . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 6 6 5 0 0 9 - - 6 6 5 2 4 .. . . . 2 2 2 1 i % / 4 8 3 3 1 , , , 4 8 4 5 8 0 7 6 5 D N O e o c c t v . . . 1 15 1 5 , , , 1 1 1 9 9 9 6 7 6 9 4 7 -72... 3 i % y2 4 3,7 6 6 3 5 5 6 7 4 A A S S S e e e u u p p p g g t t t . . . . . 2 2 1 1 8 1 4 8 1 , , , , , 1 1 1 1 1 9 9 9 9 9 5 5 5 5 5 8 8 8 8 8 1 1 1 } } 5 7 8 7 8 8 0 0 0 0 0 0 1 0 1 0 A A O F A e u p c p b t g r r . . . . . 1 1 1 1 1 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 62 2 1 1 1 I V V / 4 i 2,6 6 5 3 1 0 4 5 3 4 9 7 1 2 4 J A N D S u e u e o n p c g v e t . . . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 6 6 6 6 6 1 3 1 2 3 - - 6 6 7 8 . . . . . . 2 2 2 2 2 * % % i i/ / 4 i i 1 2 2 6 2 1 , , , , , 2 1 8 7 1 3 2 1 5 7 9 1 3 5 7 J M F F u e e a n b b y e . . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 9 8 9 7 5 5 0 8 -83... 3 3 3 * ^ y 4 3 4 2 1 1 1 , , , , 7 1 7 6 3 2 4 0 5 7 2 4 Sept. 25, 1958 x>700 Aug. 15, 1962 2,000 Feb. 15,1964 3 3,854 Oct. 1,1962 \ 590 June 15, 1964-69... 2^ 3,746 Panama Canal Loan.... 3 50 Certificates Nov. 15, 1962. 34 1,143 Dec. 15, 1964-69... 214 3.821 Aug. 1,1958 4 11 519 Feb. 15, 1963 2% 3,971 Feb. 15, 1965 2% 7,270 Convertible bonds D Fe e b c . . 14 1 , ,1 1 9 9 5 5 8 9 3 2 % Vi 9 9 7 8 7 3 0 3 Apr. 1, 1963 iy2 106 Mar. 15, 1965-70.. .2y2 4,703 I A n p v r e . s tm 1 e , n 1 t 9 S 7 e 5 ri e 8 s 0 B ...234 8,898 May 15, 1959 W4 1 798 1 Direct public issues. 3 Called for redemption on Sept. 15. 2 Sold on discount basis. See table on Money Market Rates, p. 823. 4 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n i n b d - s le Total W 1 i y th e i a n r y 1 ea -5 rs y 5 e - a 1 r 0 s O y v e e a r r 1 s 0 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 Mar 31 172,010 23,022 31,478 20,685 87,713 9,112 162,898 72 624 40 837 15,692 33,746 Apr 30 174,960 22,415 31,122 24,732 87,705 8,986 165,974 71,729 44,814 15,692 33,739 U. S. Govt. agencies and trust funds: 1955_june 30 7,162 40 8 119 3,556 3,439 3,723 74 199 506 2,944 1956— June 30 . 8,236 273 355 688 3,575 3,345 4,891 927 500 434 3,030 1957 June 30 8,554 130 416 1,282 3,664 3,063 5,491 1,138 1,210 295 2,848 Dec 31 9,260 130 657 1.617 3 933 2,923 6.337 1 236 1 782 260 3 059 1958 -Mar 31 9,375 242 593 1,487 4,208 2,845 6,530 1 401 1,526 428 3,175 Apr 30 .... 9,556 321 591 1,616 4,183 2,845 6,712 1,494 1,642 414 3,162 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 l'O87 1 014 1 415 1957 June 30 . 23,035 287 11,367 8,579 2,802 23,035 20 246 681 750 1,358 Dec 31 24 238 1.220 20.104 87 2 827 24 238 21 427 1 397 57 1 358 1958 Mar 31 23,628 893 19,946 2 789 23,628 21 178 1 035 57 1 358 Apr 30 23,681 946 19,946 2,789 23,681 21,231 l',O35 57 1,358 Commercial banks: 1955 June 30 55,667 2,721 1,455 15,385 35,942 164 55,503 7 187 21 712 21,110 5,494 1956—June 30 49,673 2,181 1,004 11,620 34,712 155 49,517 7 433 18,234 19,132 4,719 1957 June 30 48,734 2,853 2,913 8,984 33,839 144 48,590 12 268 23,500 8,600 4,222 Dec 31 51,712 4.332 4,046 9,672 33 529 133 51 579 13 066 26 526 7 364 4 623 1958 Mar 31 52,217 3,322 2,742 9,534 36,488 130 52,087 13 499 23,379 10,221 4,988 Apr 30 55,836 3,817 2,711 12,448 36,730 130 55,706 13 958 26 476 10,273 4,999 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 «54O 1,319 4,468 1957 D jUn e e c . 3 3 0 1 7 7 , , 2 3 0 9 9 7 1 1 2 6 2 3 1 1 6 1 7 4 4 3 3 6 8 7 5 5 , , 4 6 7 5 0 5 1 1 , , 0 0 1 9 2 8 6 6 , , 1 2 9 9 7 9 4 5 5 7 3 6 1 , , 2 0 2 8 7 2 4 6 7 0 6 1 4 4 . , 0 0 4 4 1 0 1958 Mar 31 7,281 146 134 452 5,583 966 6,315 441 [ 120 610 4,144 Apr 30 7,193 103 129 537 5,475 949 6,244 388 1,165 590 4,101 Insurance companies: 1955 June 30 13,117 630 74 789 8,479 3,145 9,972 810 1,339 2,027 5,796 1956 June 30 11,702 318 44 760 7,789 2,791 8,911 632 [,192 1,802 5,285 1957 June 30 10,936 326 136 648 7,277 2,549 8,387 955 1,775 1,022 4,634 Dec. 31 10,801 291 248 683 7.231 2,347 8,454 938 >,074 718 4.724 1958 Mar 31 10,684 273 119 688 7,328 2,275 8,408 912 1,804 781 4,911 Apr 30 10,667 361 113 734 7,240 2,219 8,449 909 .870 798 4,872 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—Mar 31 68,825 18,147 7,944 8,522 31,316 2,896 65,929 35 193 11,972 3,595 15,170 Apr 30 68,026 16,867 7,632 9,397 31,288 2,843 65,183 33,750 12,625 3,560 15,248 1 Direct public issues. panies included in the survey accounts for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, all issuers2 Propo al s l e d co 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 s6 ceeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 a F e c g e r y e a d n 4 l - - S n m a p t i n c a a u d l i t - - e Others Total Total o B P f l f i u o e c r b l n e y - 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 o e n w ey7 l p M p a c o o u n e u i s l r e s s e - - - - s m e b t d R i t o a e e r c e e f b n n . - - 8 k t t , m s r t i e i o t r e c i e f e n u - s t - 1950 19,893 9,687 30 3,532 78? 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 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,607 7,120 6,531 226 363 486 1952 26,929 12,577 459 4,121 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 5,558 306 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 6.969 789 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 18? 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 S57 12,884 9,957 6,118 3,839 411 2,516 12,661 12 447 11 784 663 214 1957—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 1,114 761 185 576 11 343 1,097 1 076 1 023 53 21 1958—Jan 3,473 511 1,163 782 •>oi 816 744 505 239 28 44 805 723 711 11 82 Feb 2,487 407 8991 55 875 607 398 209 85 182 856 851 832 19 5 M^ar 3 959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,608 1 561 1 525 35 47 Apr .... 4,269 523 r798 141 1,251 1,121 920 200 41 89 1,232 1,124 1,032 92 107 May.... 2,180 368 877 200 734 615 391 224 36 84 719 624 559 65 95 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utlity Communication a R nd e a f l i n e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital io secu- capital i ° secu- capital1 c secu- capitall ° secu- capital io secu- capitaU o securities rities rities rities rities rities 1950 1 026 149 474 63 610 196 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 1954 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 ,441 4 1,701 67 1957 May 130 6 48 1 80 350 7 82 75 June 623 5 35 1 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 1 Sept 320 4 38 (9) 80 417 65 (9) 53 30 Oct 129 2 51 (9) 49 6 333 (9) 369 (9) 159 Nov 220 38 54 287 9 92 98 30 Dec 572 60 12 138 173 41 92 1958—Jan . . . . 147 28 (9) 82 24 321 1 34 50 109 1 Feb 171 26 48 366 35 205 Mar 196 4 47 63 5 409 797 49 Apr ... 598 45 65 1 67 291 22 39 37 64 2 May 193 24 25 4 22 301 36 3 30 80 r Revised. 6 Estimated net proceeds are equal to estimated gross proceeds less cost 1 Estimates of new issues maturing in more than one year sold for cash of notation, i.e., compensation to underwriters, agents, etc., and expenses. in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debt are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 5 Represents foreign governments. International Bank for Reconstruc- 9 Less than $500,000. tion and Development, and domestic eleemosynary and other nonprofit i o Represents all issues other than those for retirement of securities. organizations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 833 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 3 4 1 2 3 4 1 Manufacturing Total (200 corps.): Sales 54,51763,34358,11069,876 71,925 76,032 16,129 19,194 19,78619,43818,056 18,752 16,718 Profits before taxes . . . 7,308 8,375 7,244 10,250 9,290 9,559 1,697 2,483 2,752 2,575 2,042 2,190 1,623 Profits after taxes 3,192 3,649 3,825 5,231 4,880 5,109 912 1,362 1,432 1,339 1,107 1,232 849 Dividends 2,073 2,154 2,384 2,827 2,980 3,113 723 848 750 757 757 849 759 Nondurable goods industries (94 corps.):l. . Sales 19,26620,69420,62023,106 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 3,438 811 867 947 873 841 111 649 Profits after taxes 1,392 1,526 1,581 1,918 1,979 2,019 467 521 551 503 491 474 374 Dividends 946 972 1,064 1,202 1,248 1,323 305 358 314 318 319 371 330 Durable goods industries (106 corps.):2 Sales 35 25142,649 37 49046 770 47,141 49,754 10 037 12 730 13 15012 91411 498 12 192 10 586 Profits before taxes 4,455 5,346 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 2,123 2,244 3,313 2,901 3,090 445 841 881 836 616 758 475 Dividends 1 127 1,182 1 320 1 625 1,731 1,791 418 489 436 439 438 478 429 Selected industries: Foods and kindred products (28 corps.): Sales 5,042 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 5 965 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 1 259 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.. . . . .. 5,411 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 11,564 13,750 11,52214,952 16,062 16,073 3,098 4,340 4,272 4,270 3,856 3,675 3,047 Profits before taxes 1 147 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 7,077 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 13,038 16,611 14,13718,826 16,336 17,480 3,347 4,215 4,993 4,522 3,689 4,277 3,853 Profits before taxes 1,982 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 .. ... 10,581 10,664 9,371 10,106 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 2,540 2,312 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 4,137 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 1,562 359 380 387 388 387 400 402 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 quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric opera- ^includes is companies in groups not snown separately, as toiiows: tions. building materials (12); transportation equipment other than automobile Telephone. Revenues and profits are for telephone operations of the (6); and miscellaneous (7). Bell System Consolidated (including the 20 operating subsidiaries and NOTE.—Manufacturing corporations. Sales data are obtained from the Long Lines and General departments of American Telephone and the Securities and Exchange Commission; other data from published Telegraph Company) and for two affiliated telephone companies, which company reports. together represent about 85 per cent of all telephone operations. Dividends 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 series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908 of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Y qu e a a r r t e o r r P b t e r a o f x o f e i r t s e s c ta o I x n m e - e s P t a r a f o x t f e e i r t s s d C d e i a n v s d i h - s t U r p i r b n o u d fi t i t e s s d - Y qu e a 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 1950r 40.6 17.9 22.8 9.2 13.6 1951r 42.2 22.4 19.7 9.0 10.7 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952' 36.7 19.5 17.2 9.0 8.3 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 667 2,700 1953r 38.3 20.2 18.1 9.2 8.9 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954'" 34.1 17.2 16.8 9.8 7.0 1953 . 9,550 2,429 7,121 6,651 1,896 4,755 2,898 533 2,366 1955' 44.9 21.8 23.0 11.2 11.8 1954 11,694 5,629 6,065 7,832 4,033 3,799 3,862 1,596 2,265 1956' 45.5 22.4 23.1 12.0 11.0 1955 12,474 5,599 6,875 7,571 3,383 4,188 4,903 2,216 2,687 1957r 43.4 21.6 21.8 12.4 9.4 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—2r 44.8 22.1 22.7 12.0 10.7 3r 44.3 21.8 22.4 12.2 10.2 1957—1 3,666 783 2,884 2,377 553 1,824 1,289 230 1,059 4r 46.7 23.0 23.7 11.8 11.9 2 3,739 867 2,873 2,367 626 1,741 1,373 241 1,132 1957_ 2 3 lr r r 4 4 4 4 3 6 . . . 2 5 1 2 2 2 1 2 3 . . . 7 0 0 2 2 2 3 1 2 . . . 1 8 1 1 1 1 2 2 2 . . . 7 5 6 1 9 9 0 . . . 4 2 6 1958— 4 3 1 3 3 3 , , , 4 4 5 0 7 6 9 4 6 7 7 8 0 8 0 8 4 2 2 2 2 , , , 7 6 7 0 7 8 1 2 2 2 2 2 , , , 3 5 7 5 9 9 4 3 9 5 5 5 5 0 3 4 3 7 2 2 1 , , , 0 8 2 9 0 6 0 0 2 1,0 9 7 1 2 6 6 0 7 2 2 2 4 0 4 8 5 7 6 8 5 7 1 2 2 1 0 4r 39.9 19.9 20.0 12.0 8.0 1958—1 31.7 16.1 15.5 12.5 3.0 i Reflects cash transactions only. As contrasted with data shown on p. 832, 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 r Revised. issues and cash proceeds connected with conversions of bonds into stocks. Retirements NOTE.—Quarterly data are at seasonally adjusted include the same types of issues, and also securities retired with internal funds or with annual rates. proceeds of issues for that purpose shown on p. 832. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U ec o . u S v r . t i . - Not r e e s c e a i n v d a b a l c e cts. 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 1 19 9 5 5 5 4 r r 1 9 0 4 3 . . 9 0 2 1 2 9 4 4 . . 5 6 3 3 3 4 . . 4 6 2 1 3 9 . . 0 2 22..43 7 8 1 7 . . 2 1 6 72 5 . . 8 3 4 3. . 1 7 1 9 2 9 1 . . 7 5 2 2. . 3 4 5 7 9 3 . . 3 5 1 1 5 9 . . 5 3 2 2 2 6 . . 5 5 1956r 109.1 235.9 35.1 18.2 2.6 94.5 80.4 5.1 126.8 2.4 78.0 17.9 28.6 1957 \r 111 0 235.2 32.3 17 7 2 5 94 9 82 3 5 5 124.2 2.5 77.0 15.4 29.4 2r 112.1 234.9 33.0 15.4 2.5 96.1 82.4 5.4 122.8 2.6 77.3 13.1 29.7 112.9 239.5 33.7 15.7 2 4 98.7 83.2 5.7 126.6 2.6 78.3 14.8 31.0 4r 113.5 239.9 35.0 16.5 2.8 97.5 82.2 5.9 126.5 2.3 77.6 16.0 30.6 1958—1 114.8 232.8 32.6 15.4 2.7 94.6 81.4 6.2 118.0 2.1 73.2 12.8 29.9 r Revised. 2 Receivables from, and payables to, the U. S. Government exclude i Excludes banks and insurance companies. 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 f M a i c a n t n u g u r- - M in i g n- Rail- 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 a i c n n t g u 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 rs road Other ing 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1957_1 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 .8 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—1 7.3 3.1 .7 1.2 2.3 1956 35.1 15.0 1.2 1.7 4.9 2.7 8.4 2* 8.3 3.5 .6 1.8 2.4 1957 37.0 16.0 1.2 L4 1.8 6.2 3.0 7.4 34 7.7 3.2 .5 1.8 2.2 19584 30.8 12.0 .9 .7 1.5 6.3 9.3 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. * Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 835 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 holders 1- to 4-family 1louses commercial properties1 E o n r d q o u f a r y t e e a r r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - S F e a e l g e d e c e n t r e - a d l v I i a n d n u d d a i- ls h A e o r l l s d l - Total F i i n c n i s a a ti l n - - O ho th ld e - r Total F i i n c n i s a a ti l n - - O ho th ld e - r h A e o r l l s d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s2 cies others tutions ers tutions ers 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 . 72.8 51.7 1.4 19.8 66.7 45.2 35.4 9.8 21.6 14.0 7.6 6.1 2.3 3.7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2 6 4 1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953 101.3 75.1 2.8 23.5 93.6 66.1 53.6 12.5 27.5 18.5 9.0 7.8 3.0 4.8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3 3 5 0 1955 130.0 99.4 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 Junep 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.p 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 p 156.3 119.9 4.7 31.7 145.8 107.6 90.2 17.4 38.2 25.6 12.6 10.5 4.0 6.5 1958—Mar.* 158.6 121.6 4.9 32.1 148.0 109.2 91.5 17.6 38.8 26.0 12.8 10.6 4.1 6.6 * 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* [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 - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1950 13,664 10,431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270"*3*42i 4J929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 . 15,867 12,188 3,675 3^012 5,501 2,621 ,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 . . 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1956—Sept 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 ]1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957 Mar 22,670 16,880 4,770 3,810 8,300 4,440 ],350 20,105 18,035 4,455 7,330 6,250 2,010 60 June 22,760 16,890 4,730 3,720 8,440 4,500 1,370 20,475 18,384 4,500 7,520 6,364 2,033 58 Sept 23,105 17,070 4,750 3,660 8,660 4,660 1jT75 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 ],367 21,169 19,010 4,669 7,790 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 P Preliminary. based on Federal Reserve preliminary tabulation of a revised series of 1 Represents all banks in the United States and possessions. banking statistics. March and September figures are Federal Reserve 2 Includes loans held by nondeposit trust companies but excludes estimates based in part on data from National Association of Mutual holdings of trust departments of commercial banks. March and Septem- Savings Banks. ber figures are Federal Reserve estimates based on data from Member Sources.—All-bank series prepared by Federal Deposit Insurance Bank Call Report and from weekly reporting member banks. Corporation from data supplied by Federal and State bank supervisory 3 Figures for 1941 and 1945, except for the grand total, are estimates agencies, Comptroller of the Currency, and Federal Reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 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 u A ar - - 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 May 426 391 44 94 253 35 34,022 31,498 6,673 7,656 17,169 2,524 June 367 338 48 53 237 29 34,159 31,620 6,670 7,677 17,273 2,539 July 432 404 53 64 287 28 34,356 31,794 6,671 7 702 17 421 2,562 Aug 435 412 50 58 304 23 34,547 31,978 6,677 7,725 17,576 2,569 Sept 408 383 82 43 258 25 34,697 32 122 6 690 7 736 17 696 2 575 Oct 435 404 67 51 286 31 34,859 32,274 6,706 7 753 17 815 2,585 Nov 362 335 60 38 237 27 34,986 32,396 6,720 7,758 17,918 2,590 Dec 528 493 96 27 370 35 35,230 32,640 6,766 7,750 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 May 380 348 97 16 235 32 35,884 33,241 6,985 7,696 18,560 2,643 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 Locins outstanding (end of period) Total (withou B t y s t e y a p s e o n o a f l le a n d d ju e s r tment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g V n u t A e a e r - - d ti C v o e o n n n a - - l2 Y m e o a n r th or Se a a a l d s l o y - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a a s v n - & I c a n o n su m c r - e - C m c o i e a m r l - - M i s u n a t g v u s - al justed1 ment2 assns. panies banks banks 1941 379 AM /| 578 1945 ,'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 ?37 1 767 7,746 13,657 848 973 9 836 1951 s 250 1 657 357 15 564 866 3, 133 11565 1950 16,179 5,060 1,618 3,365 ,064 1952 6,617 105 ? 955 18,396 904 3 394 14 098 1951 16,405 5,295 1,615 3,370 ,013 1953 7 767 2 475 \ 488 ?1 96? 1,048 V,979 16 935 1952 18,018 6,452 1,420 3,600 ,137 1954 8 969 3 076 3 846 ?6,194 1 177 4 7?1 70 301 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 4 777 35 779 1486 6 643 77 600 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 1956 27,088 9,532 1,799 5,458 ,824 1957 24,244 9,217 1,472 4,264 ,429 1957 1957 May 968 360 412 37,421 1,520 6,833 29,068 June 9?5 319 415 37 886 1 530 6 889 ?9 467 May 2,012 2,144 840 125 374 121 July 969 318 46? 38,780 1,545 6 904 ?9,831 June 2,027 2,028 795 119 363 126 Aug 1,001 331 470 38,743 1 560 6 9?0 30 763 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 53? 1,591 6,946 30 995 Sept 2,013 2,026 796 124 354 121 Nov 768 750 358 39,835 1 597 6 963 31 775 Oct 2,003 2,226 855 132 395 131 Dec 734 248 324 40,119 1,643 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 7?3 745 308 40,369 1651 7 048 31 670 Feb 704 ?33 789 40 6? 3 685 7 015 31 9?3 Jan 1,976 1,782 628 111 322 98 Mar 819 781 318 40,967 1 715 7,005 3? ?47 Feb 1,959 1,701 638 101 304 87 Apr 9?0 316 354 41 367 1 749 6 98? 3? 636 Mar 1,971 1,866 705 108 345 94 M!ay . .. 1,019 346 406 41,908 1,789 6 978 33,141 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 837 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMELY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages G un o d v e e r r w nm rit e t n en t- Total p e N r r t e o i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e s t- 1 p l m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - i p e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o er f r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 1.637 856 1 157 694 3,072 1 865 1 202 1951 3,220 ,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4 1 2 14 3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 ,259 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 ,035 907 232 891 4,257 2,686 1,566 1951 51 7 22 9 9 7 13 2 28 8 1955 3,807 ,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33 1 1956 3,461 .133 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 May 292 60 94 80 58 286 218 68 1956 99 o 43 9 15 5 28 4 55 1 June 247 60 104 18 65 276 213 62 1957* 107.6 47.2 16.5 30.7 60.4 July 333 67 124 76 65 268 206 62 AUK ... 340 63 122 67 88 251 193 58 1956—Sept 96.6 42.5 15.2 27.3 54.1 Sept 273 57 116 14 85 295 228 66 Dec 99.0 43.9 15 5 28 4 55 1 Oct 422 87 145 79 111 280 229 50 Nov . . 329 86 145 33 65 213 182 30 1957—Mar. *\ ... 101.0 45.1 15.7 29.4 55.9 Dec 332 97 152 12 71 176 155 20 Junep.... 103.3 45.9 15.9 30.0 57.4 Sept.* 105.6 46.5 16.1 30.4 59.1 1958 Jan 418 120 186 56 55 160 142 18 Dec.p 107.6 47.2 16.5 30.7 60.4 Feb ... 386 115 164 43 64 142 129 13 Mar 435 127 192 62 53 123 110 13 1958—Mar.P.... 109.2 47.7 17.1 30.6 61.5 Apr 423 119 186 57 61 85 72 13 May 431 110 201 55 65 73 57 15 v Preliminary. NOTE.—For total debt outstanding figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than $1,000 need be secured. Sources.—Federal Home Loan Bank Board, Federal Housing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY I FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month va A n d c - es R m e e p n a ts yor month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu du r in s s- e - d Total S te h r o m rt 1 - L t o e n r g m - 2 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 .. 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 , 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 ,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 AUK . 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 3,928 1,342 2,586 33 109 1,001 May. 56 68 803 288 515 i Operations beginning Nov. 1, 1954, are on the basis of FNMA's new 1 Secured or unsecured loans maturing in one year or less. charter, under which it maintains three separate programs: secondary 2 Secured loans, amortized quarterly, having maturities or more than market, special assistance, and management and liquidation. one year but not more than ten years. Source.—Federal National Mortgage Association. Source.—Federal Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 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 p t o u h e d m e r r s i er e a r n R l n o d i e a z p m n a a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d ic it 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 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 May 43,027 32,957 14,713 8,176 1,933 8,135 10,070 3,616 3,956 2,498 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 institution> Retail outlets Total E o n r d m of o n y t e h ar i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a n a m l i n e e s c - s e u C n r i e o d n i s t p f s i a c C u n n o m o a i m n n e e s - c - r e ! Other i Total D s m t e o p e re a n s r t t 2 - F s t t u u o r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b t e o i r l - s e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15,294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 903 1952 19,403 15,581 7,524 4,711 837 1,866 643 3,822 1,107 943 301 389 1,082 1953 23,005 18,963 8,998 5,927 1,124 2,137 111 4,042 1,064 1,004 377 527 1.070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 1,511 ,044 365 487 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 ,187 377 502 ,269 1957 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 1,146 374 529 1,288 1957 May 32 158 27,864 12,143 9,176 2,167 3,123 1,255 4,294 1,229 L 077 355 510 I 123 June 32,608 28,263 12,323 9,300 2,227 3,155 1,258 4,345 1,249 ,077 359 518 I 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 Auff 33 303 29,014 12,607 9,565 2,344 3,234 1,264 4,289 1,161 1,083 360 530 I 155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 1,266 4,287 1,167 1,077 363 533 I 147 Oct 33,504 29,241 12,749 9,585 2,415 3,229 1,263 4,263 1,134 1,080 365 533 I 151 Nov 33 596 29,239 12,717 9,564 2,439 3,248 1,271 4,357 1,199 I 092 365 531 I 170 Dec 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 1,146 374 529 1,288 1958 Jan 33,737 29,125 12,611 9,464 2,446 3,320 1,284 4,612 1,381 1,108 367 522 I 234 Feb 33,302 28,864 12,415 9,405 2,451 3,306 1,287 4,438 1,326 1,079 363 514 I 156 Mar 32 983 28,621 12,310 9,284 2,461 3,286 1.280 4,362 1,343 I 045 359 504 I 111 Apr 32,932 28,701 12,421 9,200 2,506 3,290 1^284 4,231 1,241 1,033 354 498 1 105 32,957 28,674 12,442 9,129 2,531 3,273 1,299 4,283 1,278 1,034 353 494 I 124 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 839 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a o t m o p h n d e e e - r r s r R e m l r t a o e n i n o p a o iz d n d a n a s i - r - l s P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a t o m p o h n d e e e - r s r r m R iz l o o a e a d a n p ti e n d a o r s i n n r - s l P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5 798 1 177 1,294 1,456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 5,927 4,688 816 46 377 1953 8 998 2 215 1,867 2,078 1,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 1,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 1,338 1,916 1956 9,100 7,283 1,227 23 567 1956 11 707 3 651 2,075 2,394 1,469 2,118 1957 9,573 7,470 1,413 20 670 1957 12,714 4,054 2,335 2,435 1,527 2,363 1957—May 9,176 7,272 1,285 22 597 1957—May 12 143 3,851 2,246 2,368 1.450 2,228 June 9,300 7,376 1,296 22 606 June 12,323 3,921 2,282 2,395 1,466 2,259 July. 9,476 7,466 1,369 22 619 July ... . 12 508 3 976 2,310 2,456 1,480 2,286 Aug. 9,565 7,532 1,384 22 627 Aug 12,607 4,026 2,330 2,434 1,503 2,314 Sept. 9,598 7,557 1,389 22 630 Sept.. 12 656 4 050 2,334 2,437 1,514 2,321 Oct.. 9,585 7,537 1,390 23 635 Oct 12 749 4 082 2,334 2,471 1,531 2,331 Nov. 9,564 7,510 1,388 21 645 Nov 12,717 4,067 2,333 2,448 1,537 2,332 Dec. 9,573 7,470 1,413 20 670 Dec 12,714 4,054 2,335 2,435 1,527 2,363 1958—Jan.. 9,464 7,363 1,404 20 677 1958 Jan 12 611 4 016 2 330 2,378 1,508 2,379 Feb., 9,405 7,237 1,464 20 684 Feb 12,415 3,966 2,312 2,272 1,484 2,381 Mar. 9,284 7,080 1,492 19 693 Mar 12,310 3,906 2,305 2,236 1,467 2,396 9,200 6,968 1,515 20 697 Apr 12 421 3,893 2,321 2,281 1,465 2,461 May 9,129 6,888 1,520 20 701 May 12,442 3,889 2,325 2,262 1,477 2,489 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES [Estimated amounts outstanding, in millions of dollars] FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r 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 c i T m n n r o e s o e t t d n n a a i - t l l t - C m m ( o s e m i e r n - n - g t le lo -p a a n y s - ) p D a a e r - ( c t- c c h o a u r n g t e s) S c e r r e v d i i c t e cial Other ment Other banks stores i 1939 789 81 24 15 669 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1941 3,087 693 152 275 1,370 597 1950 2,296 360 200 121 1,615 1945 3,203 674 72 290 1,322 845 1951 2,699 373 233 134 1,959 1952 3,346 452 310 188 2,396 1950 6,692 1,576 245 650 2,641 1,580 1953 4,038 538 370 247 2,883 1951 7,323 1,684 250 698 2,907 1,784 1954 4 510 539 375 282 3 314 1952 7,998 1,844 276 728 3,283 1,867 1955 5,406 761 537 326 3,782 1953 8,238 1,899 288 772 3,352 1,927 1956 6,277 948 648 403 4,278 1954 8,724 2,096 312 793 3,515 2,008 1957 7,088 1.108 638 437 4,905 1955 9,712 2,635 367 862 3,717 2,131 1956 10,270 2,843 410 893 3,842 2,282 1957 May 6,545 [,004 644 414 4,483 1957 10,671 3,095 407 876 3,884 2,409 June 6,640 1,030 647 All 4,546 July 6 742 I 052 647 419 4 624 1957—May. 9,779 2,996 586 593 3,241 2,363 Aug 6,842 1,072 652 429 4,689 June. 9,883 3,029 501 579 3,369 2,405 Seat 6,874 (,082 648 433 4,711 July. 9,700 2,996 410 533 3,353 2,408 Oct 6,907 1,093 645 434 4,735 Aug., 9,798 3,002 456 535 3,390 2,415 Nov 6,958 1,101 638 438 4,781 Sept. 9,855 3,023 470 588 3,354 2,420 Dec 7,088 1,108 638 437 4,905 Oct.. 9,770 3,022 383 612 3,379 2,374 Nov. 9,934 3,028 430 658 3,477 2,341 1958—Jan 7,050 1,095 627 435 4,893 Dec.. 10,671 3,095 407 876 3,884 2,409 Feb 7,044 1,093 617 432 4,902 Mar 7,027 1,094 606 429 4,898 1958—Jan.. 10,229 3,054 460 725 3,539 2,451 Apr 7,080 1,108 605 429 4,938 Feb.. 9,741 3,057 485 601 3,109 2,489 May 7,103 1,117 605 436 4,945 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 May. 10,070 3,103 513 584 3,372 2,498 unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer i Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,530 7,150 835 5,043 1951 23,576 8 956 7,485 841 6,294 1952 29,514 11,764 9,186 1,217 7,347 1953 31,558 12 981 9 227 1,344 8,006 1954 31,051 11,807 9,117 1,261 8,866 1955 39 039 16 745 10 634 1 388 10 272 1956 40,063 15 563 11,590 1 568 11,342 1957 42,411 16,681 11,599 1,518 12,613 1957 May 3,535 3,748 363 1 Ml 995 1,016 134 147 1,043 1,072 June 3,547 3,674 ,356 1,494 1,007 998 128 133 1,056 1,049 July 3,599 3,837 ,381 1,563 999 995 130 143 1,089 1,136 Aug 3,591 3,704 ,355 1,467 1,027 1,022 137 150 1,072 1,065 Sept 3,546 3,388 ,392 1 364 973 927 127 138 1,054 959 Oct 3,541 3,545 ,435 1,404 912 976 126 141 1,068 1,024 Nov 3,559 3,439 ,404 1 250 964 1 020 120 123 1,071 1,046 Dec 3,615 4,069 ,423 1,305 959 1,333 118 112 1,115 1,319 1958 Jan 3,504 3,108 ,346 1,190 940 799 131 102 1,087 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 1,020 1,053 Apr 3,278 3,345 ,161 1,222 914 874 125 124 1,078 1,125 May 3,252 3,386 ,113 [,212 994 1,008 126 136 1,019 1,030 Repayments 1950 18 445 7,011 6 057 717 4,660 1951 22,985 9 058 7 404 772 5,751 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 May 3,313 3,376 1,305 1 321 919 952 121 123 968 980 June 3,339 3,224 1,289 1,250 951 914 120 114 979 946 July 3,382 3,477 1,317 1,361 964 971 125 127 976 1,018 Aug 3,343 3,369 1,276 1,306 976 982 117 117 974 964 Sept 3 418 3,276 1,318 I 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 1,292 1,287 981 956 113 115 1,008 989 Dec 3,498 3,560 1,368 1,351 978 946 124 124 1,028 1,139 1958—Jan . . 3 421 3,476 1,368 360 925 987 120 123 1,008 1 006 Feb 3,401 3,189 1,317 .224 966 939 125 118 993 908 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 May 3,352 3,361 1,296 1,287 941 966 118 117 997 991 Change in outstanding credit * 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 May +222 + 372 + 58 + 192 +76 +64 + 13 +24 +75 +92 June . . +208 +450 + 67 +244 +56 + 84 + 8 + 19 +77 + 103 July +217 + 360 +64 +202 + 35 +24 + 5 + 16 + 113 + 118 Aug +248 +335 +79 + 161 + 51 +40 +20 + 33 +98 + 101 Sept + 128 + 112 +74 +66 -17 -1 + 3 + 15 +68 + 32 Oct + 183 + 89 + 118 +23 -33 + 8 + 8 + 19 +90 + 39 Nov + 165 +92 + 112 -37 -17 +64 +7 + 8 +63 + 57 Dec + 117 + 509 + 55 -46 -19 + 387 -6 -12 + 87 + 180 1958—Jan + 83 -368 -22 -170 + 15 -188 + 11 -21 +79 + 11 Feb -166 -435 -138 -204 -66 -222 -9 -27 +47 + 18 Mar -180 -319 -223 -233 +29 -85 -8 -21 +22 +20 Apr -123 -51 -177 -101 — 7 -58 -1 -1 +62 + 109 May -100 +25 -183 -75 +53 +42 +8 + 19 +22 + 39 i Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 of records of retail outlets and financial institutions and often include charges the BULLETIN for October 1956; for 1955-56, in the BULLETIN for incurred under the instalment contract. Renewals and refinancing of December 1957, pp. 1420-22. loans, repurchases and resales of instalment paper, and certain other A discussion of the composition and characteristics of the data and transactions may increase the amount of both credit extended and credit a description of the methods used to derive the estimates are shown repaid without adding to the amount of credit outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 841 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 st f it in u a ti n o c n i s al Retail outlets Year or month Adjusted U ju n s a te 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—May 3,535 3,748 1.245 1.362 832 886 877 904 581 596 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 3,591 3,704 ,284 [,320 819 903 907 906 581 575 Sept 3,546 3,338 1,289 1,239 834 829 869 797 554 523 Oct.1 3,541 3,545 1,325 [,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 [-228 873 865 902 1,069 588 907 1958—Jan.l 3,504 3,108 ,247 1,174 828 720 875 793 554 All Feb i 3,235 2,754 ,146 1,008 769 642 819 730 501 374 Marl .. 3,193 3,164 ,109 1,132 742 724 805 828 537 480 Apr. i 3,278 3,345 ,204 1,286 769 759 848 871 457 429 May 3,252 3,386 ,153 1,228 715 743 813 828 571 587 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—May 3,313 3,376 1.168 1.200 817 814 805 818 523 544 June 3,339 3,224 1,196 1,153 805 780 800 776 538 515 July1 3,382 3,477 1,189 1,242 831 846 817 844 545 545 Aug 3,343 3,369 1,196 1,221 797 814 819 806 531 528 Sept 3,418 3,276 1,228 [,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 1,216 1,237 844 829 837 831 524 579 Feb. i 3,401 3,189 1,232 1,147 820 758 799 736 550 S48 Mar.1 3,373 3,483 1,198 1,219 813 845 818 845 544 574 Apr. i 3,401 3,396 1,203 1,215 862 843 819 818 517 520 May 3,352 3,361 1.201 1.207 830 814 806 805 515 535 Change in outstanding credit2 1950 +3,113 + 1 359 +767 +422 +565 1951 +591 27 -57 +403 +272 1952 +4,109 + 1,753 + 1,057 +647 +652 1953 +3,602 + 1,474 + 1,216 +692 +220 1954 +563 -202 +217 +472 +76 1955 +5,390 + 1,805 +2,299 +896 +390 1956 +2,869 + 1,106 +657 +871 +235 1957 +2,278 + 1,007 +473 +811 -13 1957—May +222 +372 +77 + 162 + 15 +72 +72 +86 +58 +52 June 4 208 +450 +72 + 180 +25 + 124 +70 +95 +41 +51 July1. +217 +360 + 147 + 185 +59 + 176 +88 + 102 -77 -103 Aufi +248 +335 +88 +99 +22 +89 +88 + 100 ±8 Sept + 128 + 112 +61 +49 +26 +33 +54 +32 2 Oct. i + 183 +89 + 142 +93 +36 -13 +61 +33 -56 -24 Nov + 165 +92 +44 -32 +40 -21 +55 + 51 +26 + 94 Dec + 117 +509 +20 -3 +25 +9 +59 + 130 + 13 +373 1958—Jan.1 + 83 -368 -9 -103 -16 -109 + 38 -38 -f 70 -118 Feb. i -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 ^Tar 1 -180 -319 -107 -105 -71 -121 -13 -17 + 11 -76 Apr i . . -123 -51 +41 + 111 -93 -84 +29 +53 -100 -131 May -100 +25 -48 + 21 -115 -71 +7 +23 + 56 + 52 1 Data on extensions and repayments have been adjusted to avoid A discussion of the composition and characteristics of the data and duplications resulting from large transfers of other consumer goods paper. a description of the methods used to derive the estimates are shown As a result, the differences between extensions and repayments for some in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment types of holders do not equal the changes in outstanding credit. credit extended and repaid are based on information from accounting 2 Obtained by subtracting instalment credit repaid from instalment records of retail outlets and financial institutions and often include charges credit extended, except as indicated in note 1. incurred under the instalment contract. Renewals and refinancing of NOTE.—Monthly figures for 1940-54 are shown on pp. 1043-54 loans, repurchases and resales of instalment paper, and certain other transactions may increase the amount of both credit extended and credit of the BULLETIN for October 1956; for 1955-56, in the BULLETIN for repaid without adding to the amount of credit outstanding December 1957, pp. 1420-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100,unless otherwise noted. The terms 'adjusted" and unadjusted" i•efer to adjustment of monthly figures for seasonal variation] Construction In ( d p u hy st s r i i c a a l l p v r o o l d u u m c e t ) io * n awar c d o e n d t ra (v c a ts lue)1 Employmentand payrolls2 Depart- Wholeor Y m e o a n r th Total Tot M al an r u D a f b a u l c - e ture N r s d a o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r p N m t a c e u l g m o u o e r r n n l y a i - - - - t - l pr E o M m d m a u p e n c n l u t o i t f y o a - n c tu w r o in r P r k g o a e l y r ls s - F i l n c o r a e a g i r d s g - * - ht v s ( m s r a a t e l o l e t e u r n a s e e i * t ) l p s C r u i m o c n e e - s r 2 m p c s r o o a ic d m le e i s t - s y 2 Ad- Unad- Ad- Ad- Ad- Ad- Unad- Unad- Unad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.3 68.7 31.1 90 27 74.0 1920 41 39 42 36 53 34 18 45 61.9 69.0 37.1 98 32 85.7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922 .... 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71.6 1923 47 45 47 44 62 45 49 42 64.3 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 57 46 63.5 62.1 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 rH8.3 106.7 161.4 97 135 116.2 114.3 1957 143 145 160 130 128 101 101 101 r119.2 '104.4 162.7 90 136 120.2 117.6 1957 June 145 145 147 163 131 127 121 105 132 r119.8 '105.2 104.7 '163.7 90 138 120.2 117.4 July 145 135 147 162 131 128 109 119 102 '119.9 '104.8 103.4 '160.9 85 138 120.8 118.2 Aug 145 145 147 163 132 129 106 119 97 r119.9 '104.4 105.3 '164.6 92 144 121.0 118.4 Seot .... 144 146 146 160 131 129 96 107 89 r119.4 103 3 105.0 164.7 87 136 121.1 118.0 Oct 142 146 143 156 130 127 98 108 92 '118.9 102.8 '104.3 162.6 86 129 121.1 117.8 Nov 139 142 141 154 128 123 89 .86 91 '118.3 101.8 '102.6 '160.7 85 133 121.6 118.1 Dec 135 134 137 146 127 123 75 70 78 '117.8 100 3 '100.6 '157.3 83 138 121.6 118.5 1958 Jan 133 132 135 142 127 122 78 72 82 '117.1 98 0 '97.2 '149.9 82 130 122 3 118 9 Feb 130 131 131 137 125 119 74 67 78 '115.6 '95.5 '95.1 '144.9 77 124 122.5 119 0 Mar 128 129 129 135 124 112 102 99 105 '114.8 '93.5 '93.3 '143.6 75 131 123.3 119.7 Apr 126 127 128 '131 125 '110 108 115 104 '114 4 '92 5 '91.4 '139 6 72 130 123 5 119 3 May 128 ' 127 130 134 126 109 128 124 130 114.6 92.4 91.0 140.7 73 *>133 123.6 *>119.5 June *130 *130 *132 ?138 P127 *114 ^115.0 P92.7 P92.2 '144.7 *78 *134 'Estimated. * Preliminary. r Revised. 2 The indexes of employment and payrolls, wholesale commodity prices, * Average per working day. and consumer prices are compiled by the Bureau of Labor Statistics. Non agricultural employment covers employees only and excludes personi Indexes beginning 1956 are based on data for 48 States from F. W. nel in the armed forces. The figures on employment and payrolls in- Dodge Corporation, 1956-57= 100. Figures for earlier years are three- corporate revisions to first-quarter 1957 Benchmark levels. The conmonth moving averages, based on data for 37 States east of the Rocky sumer price index is the revised series, reflecting, beginning January 1953, Mountains, 1947-49= 100; the data for 1956 on this basis were: Total, the inclusion of some new series and revised weights; prior to January 268; Residential, 271; and all other, 266. A description of the old index, 1953, indexes are based on the "interim adjusted" and "old" indexes including seasonal adjustments, may be obtained from the Division of converted to the base 1947-49= 100. Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 843 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 1947-49 average 1957 1958 pro- Industry portion 1956 1957 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 143 144 145 145 145 144 142 139 135 133 130 128 126 128 MANUFACTURES—TOTAL 90.02 144 145 145 147 147 147 146 143 141 137 135 131 129 128 130 Durable Manufactures—Total 45.17 159 160 160 163 162 163 160 156 154 146 142 137 135 r131 134 Primary metals 6.70 138 131 132 132 134 136 131 128 121 107 100 95 91 86 91 Metal fabricating 28.52 172 176 176 179 179 775 176 172 170 163 159 153 150 146 148 Fabricated metal products 5.73 135 139 138 139 141 140 139 137 141 135 129 124 122 118 119 Machinery 13.68 171 168 168 171 173 172 170 164 163 156 151 144 141 137 138 Nonelectrical machinery 9.04 153 150 152 153 152 151 150 148 143 137 130 127 126 122 123 Electrical machinery 4.64 207 204 199 207 215 215 209 197 203 194 192 177 170 166 167 Transportation equipment 7.54 199 213 216 220 216 216 212 208 203 194 191 185 183 178 181 Autos, trucks, and parts 4.80 125 128 127 132 128 131 129 126 125 113 107 99 93 86 93 Other transportation equipment 2.74 310 344 352 355 351 345 340 334 322 315 318 312 r316 '316 313 Instruments and related products 1.29 166 172 173 173 173 174 173 170 170 168 166 163 160 159 159 Clay, glass, and lumber products 5.91 140 133 136 140 133 136 134 131 128 124 125 120 120 119 125 Stone, clay, and glass products 2.82 158 155 157 156 155 159 159 155 151 148 142 134 133 135 139 Lumber and products 3.09 123 114 117 125 113 116 112 109 107 103 110 108 109 105 111 Furniture and misc. manufactures 4.04 135 132 132 133 133 135 135 132 129 125 123 120 121 '121 123 Furniture and fixtures 1.64 122 120 120 121 122 123 122 120 118 116 114 111 111 110 113 Miscellaneous manufactures 2.40 144 140 141 142 141 143 143 140 136 131 129 126 128 129 129 Nondurable Manufactures—Total.... 44.85 129 130 131 131 131 132 151 130 128 127 127 125 224 125 126 Textiles and apparel 11.87 108 105 106 106 107 106 106 104 101 97 97 97 95 98 99 Textile mill products 6.32 104 99 100 100 101 101 101 98 95 91 92 91 '92 '92 93 Apparel and allied products 5.55 112 111 113 113 113 112 112 110 107 104 103 103 99 106 106 Rubber and leather products 3.20 117 118 118 119 119 122 120 117 116 108 108 106 106 102 104 Rubber products 1.47 133 135 134 135 136 141 138 135 131 117 116 114 116 112 113 Leather and products 1.73 104 104 104 106 105 106 104 103 103 100 100 98 98 94 Paper and printing 8.93 145 148 148 148 146 149 149 149 149 146 146 144 142 143 143 Paper and allied products 3.46 159 158 158 159 156 163 161 161 162 152 155 153 149 152 153 Printing and publishing 5.47 136 141 141 141 140 141 142 142 141 142 140 139 138 137 137 Newsprint consumption 1.85 132 131 132 132 129 129 131 130 129 131 126 124 124 123 124 Job printing and periodicals 3.62 138 146 145 146 146 146 147 148 148 148 147 146 145 145 144 Chemical and petroleum products 9.34 167 172 173 172 174 175 174 173 171 169 168 164 r163 164 165 Chemicals and allied products 6.84 177 184 185 184 185 186 185 185 184 181 182 177 176 nn 177 Industrial chemicals 2.54 196 203 204 204 205 206 207 206 201 196 195 186 183 180 Petroleum and coal products 2.50 141 141 142 139 142 143 141 139 135 137 131 129 127 180 132 127 Foods, beverages, and tobacco 11.51 112 112 112 113 113 112 113 111 110 113 114 113 113 r113 113 Food and beverage manufactures 10.73 113 112 112 114 113 113 113 112 110 114 114 114 113 113 113 Food manufactures 8.49 113 112 112 113 114 112 112 111 110 113 113 112 112 115 114 Beverages 2.24 112 113 112 116 109 113 113 112 110 118 116 118 114 108 iis' Tobacco manufactures .78 107 111 110 112 114 111 114 110 107 106 112 112 112 117 MINERALS—TOTAL 9.98 129 128 130 127 128 129 129 127 123 123 122 119 112 110 109 Mineral fuels 8.35 129 128 130 127 127 128 129 128 123 122 121 118 111 r109 109 Coal 2.68 85 83 83 86 84 84 82 80 77 71 69 70 70 r63 62 Anthracite .36 55 49 56 60 40 50 48 45 43 40 43 43 41 40 41 Bituminous coal 2.32 90 88 88 90 90 89 88 85 82 76 73 74 74 '67 66 Crude oil and natural gas 5.67 150 150 153 146 148 149 151 150 145 146 145 142 131 130 132 Crude oil 4.12 137 138 141 136 134 134 136 136 132 131 130 128 116 117 119 Natural gas and gas liquids .70 190 198 204 194 197 198 196 199 198 193 *>203 *>201 Metal, stone, and earth minerals 1.63 127 129 128 131 132 133 129 125 120 125 127 119 119 113 107 Metal mining .82 114 116 114 121 122 121 115 107 100 110 110 106 100 88 73 Stone and earth minerals .81 141 142 142 142 143 146 144 143 140 141 144 133 138 139 141 Preliminary. T Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 19 p 4 r 7 o - - 49 A av n e n r u a a g l e 1957 1958 Industry portion 1956 1957 May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL...100.00 143 143 143 145 135 145 146 146 142 134 132 131 129 127 127 MANUFACTURES TOTAL 90.02 144 145 144 146 137 147 148 148 144 135 134 132 131 129 129 Durable Manufactures—Total 45.17 159 160 159 162 151 160 160 159 156 147 143 139 138 133 133 6.70 138 131 135 136 118 128 128 129 121 106 102 99 95 89 93 Ferrous metals 5.03 135 130 133 134 118 127 126 126 118 102 95 91 89 '81 87 3.51 142 140 143 141 130 135 136 135 126 108 99 94 92 83 91 Pig iron .37 131 137 141 139 136 137 139 132 121 107 98 91 90 80 83 Steel 3.05 143 139 142 140 128 134 134 134 126 107 99 93 91 82 91 2.62 139 138 141 141 129 133 134 132 125 107 96 92 90 83 91 Alloy steel .43 167 143 149 136 123 137 132 143 132 108 111 100 95 77 86 Ferrous castings and forgings 1.52 119 108 109 119 90 106 105 106 99 87 85 85 83 '78 77 1.29 117 107 108 117 90 107 104 105 99 87 84 83 83 r79 78 Steel forgings .23 126 113 116 126 89 103 110 107 98 88 92 92 86 74 71 1.67 144 136 140 142 117 132 134 138 129 117 121 121 114 112 112 Primary nonferrous metals ... .38 164 164 172 167 157 160 153 156 159 161 160 155 r149 146 140 Copper smelting .09 133 129 131 134 114 122 120 126 125 128 134 128 122 124 112 .06 132 135 149 137 126 126 120 128 131 134 134 140 128 122 114 Lead .04 115 114 115 110 104 107 116 115 112 112 106 116 96 94 105 Zinc .10 123 123 133 128 118 115 110 113 114 120 114 106 101 101 99 .09 280 275 285 280 279 282 263 263 274 275 275 '273 '271 161 Secondary nonferrous metals .13 118 111 110 108 86 106 114 117 112 99 98 93 '88 98 Nonferrous shapes and castings 1.16 140 129 132 138 107 125 130 134 121 104 110 113 106 102 105 .63 115 104 108 115 73 105 109 110 98 80 88 92 83 77 84 .20 215 198 215 211 214 192 200 199 167 159 167 174 170 189 187 Nonferrous castings . ... .33 146 136 131 140 109 125 131 140 138 118 120 117 111 99 98 Metal Fabricating 28.52 172 176 174 176 167 174 174 173 174 166 161 156 154 148 146 Fabricated metal oroducts.... 5.73 135 139 136 139 134 141 145 142 139 133 127 124 122 118 119 Structural metal parts 2.68 141 152 149 152 149 153 156 156 156 154 146 138 '135 131 132 Stampings and misc. metal products. 2.12 125 124 124 124 118 121 122 124 125 120 111 105 103 99 98 Tin cans .30 151 146 122 149 163 205 195 146 112 110 116 126 139 120 117 Furnaces gas ranges, and heaters .63 110 99 95 104 81 105 122 115 99 76 80 94 97 97 N^achinery 13.68 171 168 166 168 158 167 173 170 165 157 153 148 146 139 136 Nonelectrical machinery 9.04 153 150 154 153 146 143 149 145 140 138 133 131 132 126 124 8.13 147 146 149 148 144 141 143 140 136 135 130 125 124 121 118 Farm machinery 1.02 86 84 87 85 82 80 82 82 78 80 80 81 83 84 80 Industrial and commercial machinery.... 7.11 156 155 158 157 152 150 152 148 144 143 137 132 130 126 123 Machine tools and presses .. .68 197 182 193 188 179 175 175 164 154 153 144 133 128 119 115 Laundry and refrigeration appliances .69 168 151 158 160 129 119 159 149 138 120 120 144 158 131 137 Electrical machinery ... 4.64 207 204 189 197 183 213 220 220 215 194 192 181 r174 165 159 3.23 198 ?m 200 200 195 196 201 196 198 197 190 183 179 172 168 Radio and television sets ... .74 224 205 153 180 143 256 269 282 260 176 187 159 139 125 112 7.54 199 213 214 217 205 209 194 198 213 203 196 191 189 181 181 Autos trucks and parts . ... 4.80 125 128 127 130 114 123 100 110 139 124 113 108 101 '92 94 1.50 138 146 144 156 134 148 84 88 171 151 132 122 106 89 99 Trucks .66 112 104 113 119 103 103 85 93 99 95 91 92 94 90 96 Light trucks .22 92 100 101 108 96 97 69 95 118 99 83 85 83 79 78 .19 58 50 60 62 52 48 29 46 47 40 26 29 26 26 26 Heavy trucks .. .14 218 194 215 228 208 195 184 161 157 183 216 210 226 213 239 .07 167 137 148 156 109 146 136 122 116 101 93 101 102 103 112 2.58 121 123 121 118 106 113 114 127 131 116 108 104 100 Other transportation equipment 2.74 310 344 348 351 344 341 340 334 322 322 321 315 r320 '316 310 Aircraft and parts . . 1.30 548 608 614 615 609 606 597 592 569 571 570 562 '566 561 552 Shipbuilding and repair .81 118 129 134 136 131 128 126 124 121 125 123 121 r128 127 130 .53 63 77 76 84 73 69 83 74 71 61 64 56 58 51 39 .35 54 80 81 88 71 84 85 76 72 59 66 56 59 49 34 1.29 166 172 171 171 168 172 174 172 172 170 166 163 161 160 157 Clay, Glass, and Lumber Products 5.91 140 133 137 144 127 143 141 139 128 117 117 117 118 r121 126 2.82 158 155 158 159 150 163 162 161 152 145 136 130 131 135 141 Glass and ootterv products 1.09 140 141 141 139 132 142 141 144 140 135 130 128 124 118 118 Flat glass and vitreous products .60 164 161 159 157 149 156 163 165 165 161 150 142 137 130 126 .47 165 164 161 160 151 159 167 170 170 166 153 144 137 129 127 .26 132 136 137 144 137 154 138 143 128 117 128 132 134 126 133 Home glassware and pottery . ... .23 87 92 97 85 78 91 90 92 90 86 79 85 82 r77 80 .32 157 148 161 161 119 185 187 177 152 132 109 92 105 146 172 .35 137 128 130 133 134 137 135 134 126 117 105 99 102 112 Brick .12 134 114 122 123 122 129 124 126 113 95 84 77 87 115 Clay firebrick pipe and tile .20 142 140 138 143 145 145 144 143 138 133 121 115 114 111 114 Concrete and plaster products .48 194 188 194 200 198 201 198 193 182 172 165 156 163 170 183 .58 173 174 177 177 173 175 175 173 166 165 157 151 151 147 147 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 845 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 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 118 131 105 125 121 119 106 92 100 105 106 107 113 LuLmubmerb earnd products 2.05 107 96 99 110 88 106 103 98 89 75 81 87 89 88 93 Millwork and plywood .60 189 187 196 219 168 209 205 207 178 155 181 189 182 192 Millwork .39 121 112 110 146 101 144 132 124 100 80 76 95 95 91 99 Softwood plywood .12 301 312 339 339 277 314 327 344 307 280 358 346 328 Wood containers .29 91 84 88 88 83 83 83 82 78 77 74 69 73 73 77 Furniture and Misc. Manufacturing.... 4.04 135 132 128 130 125 136 141 139 134 128 120 121 r121 r118 118 1.64 122 120 115 118 116 124 126 125 111 120 113 112 111 r108 108 Household furniture 1.10 121 120 114 117 115 124 126 127 123 122 114 113 113 108 109 Fixtures and office furniture .54 122 120 118 119 118 124 125 122 116 116 111 109 109 106 108 Miscellaneous manufactures 2.40 144 140 137 139 131 144 150 148 143 134 125 126 127 125 125 Nondurable Manufactures—Total 44.85 129 130 129 130 122 134 135 137 131 123 125 126 125 124 124 Textiles and Apparel 11.87 108 105 106 104 91 108 104 108 102 92 99 103 101 100 99 Textile mill products 6.32 104 99 100 99 86 101 101 103 98 89 93 95 94 r94 94 Cotton and synthetic fabrics 3.72 108 105 107 104 86 105 107 106 107 97 102 103 103 '96 99 2.30 102 95 99 96 75 98 97 97 97 84 94 94 93 86 89 Synthetic fabrics 97 118 119 111 111 110 113 121 122 121 116 110 107 r109 r105 101 Fabric finishing .45 98 94 109 102 64 94 94 86 97 90 82 102 102 '86 105 Wool textiles .97 86 75 81 87 67 82 79 71 65 55 55 61 64 67 71 Wool apparel yarns .16 88 78 " 89 88 71 86 79 66 66 61 59 69 71 68 77 Wool fabrics.. .75 86 75 79 88 67 81 80 74 65 54 55 60 63 67 70 Knit goods 1.15 108 104 103 107 96 110 110 109 104 92 94 98 98 r98 101 Hosiery .65 100 93 90 92 76 95 95 98 93 78 90 94 91 90 91 Full-fashioned hosiery .45 102 89 87 87 69 88 87 88 88 74 87 91 88 87 87 Seamless hosiery .20 96 102 96 104 92 114 116 121 107 86 99 103 99 98 too Knit garments .50 119 118 119 125 123 128 129 125 118 111 99 104 107 107 115 .48 .31 83 71 69 64 46 68 75 59 59 61 62 70 69 62 5.55 112 111 112 110 96 116 109 112 107 96 106 113 109 108 105 Men's outerwear 1.78 110 102 111 104 74 110 100 99 98 90 94 100 104 95 104 Men's suits and coats .73 95 86 102 91 55 98 78 72 73 72 69 74 71 74 83 .50 93 87 100 88 54 93 76 73 77 76 73 78 73 72 77 Men's outercoats .13 78 61 86 80 48 93 68 53 41 40 35 41 45 64 89 Shirts and work clothing .99 118 112 115 111 83 117 113 116 113 100 110 116 125 107 117 Women's outerwear 1.85 112 112 115 111 101 118 109 108 102 80 105 129 114 117 106 Women's suits and coats .76 128 128 96 127 130 148 133 134 123 85 122 156 137 96 94 Misc. apparel and allied mfrs 1.92 113 117 110 113 113 120 122 123 121 117 112 114 113 106 106 Rubber and Leather Products 3.20 117 118 114 117 101 123 121 123 116 104 112 113 112 104 100 Rubber products 1.47 133 135 133 132 112 135 139 145 135 114 123 120 118 115 112 Tires and tubes .70 121 123 125 123 109 120 124 129 119 106 106 112 108 103 102 .40 123 134 137 136 122 131 135 139 124 113 111 118 115 112 113 Truck and bus tires .30 119 107 108 105 91 105 110 117 112 97 99 104 98 91 88 .77 144 147 140 141 114 150 153 160 150 122 140 127 128 125 121 Leather and products 1 73 104 104 98 105 92 112 105 104 99 94 101 108 107 95 Leather .44 91 89 88 97 74 92 87 90 88 80 83 88 82 79 Cattlehide leathers .29 99 98 94 107 82 103 97 101 98 89 92 97 89 85 Skin leathers .15 76 72 75 77 58 72 69 71 68 63 67 72 69 65 Shoes and slippers * .90 Miscellaneous leather products .39 97 94 87 92 92 100 98 98 98 95 87 93 r90 8"> 8.93 145 148 149 148 136 147 151 156 152 141 143 145 146 146 144 Paper and allied products 3.46 159 158 158 161 139 165 163 170 163 140 153 158 155 156 153 Wood pulp 1. . 7 5 6 i 1 1 5 7 7 9 1 1 5 7 4 6 1 1 8 5 2 7 1 17 5 5 5 1 1 3 5 2 2 1 18 5 1 7 1 1 5 7 3 2 1 18 6 7 3 1 1 8 5 3 6 1 1 3 5 7 3 1 15 7 1 7 1 17 5 7 6 1 17 5 3 2 r1 1 5 7 2 1 1 1 6 4 6 7 Paper and board 1.25 148 145 147 147 124 147 146 154 145 131 141 147 144 145 139 Printing paper .22 140 133 136 136 121 132 125 135 132 123 132 135 131 r137 134 Fine paper .14 145 139 143 142 107 139 145 143 138 131 135 145 148 145 138 Coarse paper .20 136 127 125 123 102 127 124 135 129 114 123 126 123 r124 113 .18 170 179 182 184 160 175 171 185 172 167 181 183 176 r184 170 Paperboard .41 155 153 157 154 128 158 160 166 157 134 145 155 151 146 145 Building paper and board .10 131 124 124 127 118 134 134 141 120 101 114 120 115 126 131 1.70 162 163 160 166 147 173 173 177 171 142 155 160 158 160 159 .51 159 157 155 160 141 172 170 168 167 132 143 149 148 146 151 Sanitary paper products .11 170 179 174 183 163 175 178 204 182 171 190 192 185 '201 183 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 ro 7 - _49 A av n e n ra u g a e l 1957 1958 Industry portion 1956 1957 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 142 140 134 136 144 146 145 142 136 137 140 140 139 Newsprint consumption 1.85 132 131 140 132 112 116 133 140 140 129 116 121 129 131 132 Job printing and periodicals 3.62 138 146 144 144 144 146 150 150 148 149 146 145 147 145 143 Chemical and Petroleum Products. 9.34 167 172 172 168 165 171 174 176 173 171 170 167 165 164 164 Chemicals and allied products 6.84 111 184 184 179 174 181 185 190 187 183 183 180 179 179 111 Industrial chemicals 2.54 196 203 206 200 195 200 205 208 203 198 197 190 187 184 182 Basic inorganic chemicals .57 189 202 209 197 189 196 203 209 205 198 203 199 202 202 193 Industrial organic chemicals 1.97 197 204 205 201 196 202 205 207 203 198 195 188 183 179 179 Plastics materials .24 256 272 278 266 240 269 283 299 276 259 270 269 255 Synthetic rubber .11 236 245 245 225 209 241 252 274 282 268 265 233 216 *i96* *i97* Synthetic fibers .59 181 199 198 189 191 198 202 206 201 194 184 172 164 155 153 Miscellaneous organic chemicals. 1.03 189 186 188 191 188 184 184 179 178 179 176 173 173 174 175 Vegetable and animal oils. .64 132 130 116 109 107 113 120 150 149 136 141 136 126 124 117 Vegetable oils .48 124 121 103 94 95 100 110 148 147 132 136 130 122 118 110 Grease and tallow .16 158 154 155 154 142 153 151 159 156 147 156 154 135 139 138 Soap and allied products. .71 111 112 115 104 80 115 115 126 110 105 111 107 108 101 97 Paints .66 124 121 122 125 126 125 122 119 115 114 113 111 111 111 112 Fertilizers .23 129 132 172 119 104 108 119 122 115 115 124 126 161 189 174 Petroleum and coal products. 2.50 141 141 139 139 139 144 144 139 136 138 134 130 125 124 P129 Petroleum refining 1.97 150 150 148 147 146 152 152 145 147 153 148 144 137 134 Gasoline 1.04 159 162 161 162 161 168 170 162 160 165 159 155 149 148 Automotive gasoline.. .98 153 157 155 156 155 163 166 157 156 161 156 151 145 144 Aviation gasoline .06 254 249 255 258 260 265 233 242 233 236 212 223 212 223 Fuel oil .56 147 147 143 142 141 144 142 137 139 150 146 140 132 125 P130 Distillate fuel oil. .30 193 194 190 188 185 191 188 181 184 200 195 182 175 j 166 Residual fuel oil. .26 95 93 90 90 89 89 90 87 93 89 91 83 78 Kerosene .10 111 89 83 82 82 90 87 106 117 118 125 i 110 89 Lubricating oil. .17 119 113 122 104 111 112 108 107 109 105 100 101 95 100 Coke .26 102 105 108 107 106 106 106 103 95 85 79 75 72 66 65 Asphalt roofing and siding. .15 104 94 80 104 107 122 119 121 81 54 59 57 77 , 107 132 Foods, Beverages, and Tobacco. 11.51 112 112 108 117 115 122 128 124 113 106 104 104 r104 109 Food and beverage manufactures. 10.73 113 112 108 116 116 111 128 125 113 107 103 103 104 106 109 Food manufactures 8.49 113 112 104 111 114 123 131 126 116 109 106 103 102 104 106 Meat products 1.48 133 128 124 120 116 118 130 140 133 131 134 121 120 123 115 Beef. .46 151 148 148 148 150 150 154 156 140 136 149 134 129 131 133 Pork .83 119 110 104 97 91 94 109 124 122 122 118 107 109 111 99 Dairy products .69 110 140 151 134 120 101 91 85 88 92 97 119 Butter .14 107 109 139 145 113 97 87 88 87 97 104 112 121 120 135 Natural cheese .07 117 119 161 165 137 119 105 100 92 98 101 105 117 133 157 Concentrated milk. .19 101 102 151 142 114 97 78 77 73 80 84 87 99 116 143 Ice cream .28 112 111 122 149 151 141 117 96 84 82 84 89 96 111 122 Canned and frozen foods. 1.13 133 126 91 111 163 213 230 158 109 99 87 85 r91 95 Grain-mill products 1.16 101 100 97 98 98 105 108 105 98 97 100 101 101 98 99 Wheat flour .46 84 87 81 87 78 88 94 92 89 86 90 92 93 84 84 Cereals and feeds .70 113 108 108 106 111 117 117 114 104 104 106 107 107 106 110 Bakery products. 1.64 98 100 99 102 104 103 102 101 101 101 98 98 98 99 Sugar .27 122 122 68 88 74 80 117 262 279 233 129 65 54 68 Cane sugar .11 116 112 117 140 122 123 125 108 97 93 100 104 106 114 Beet sugar .13 121 125 21 38 27 38 105 390 431 350 149 26 23 Confectionery .71 107 112 84 95 81 103 155 147 132 99 113 124 109 104 92 Miscellaneous food preparations. 1.41 105 108 106 114 113 113 113 112 110 108 107 109 108 108 114 Beverages 2.24 112 113 120 138 122 120 118 121 105 99 93 102 110 110 Bottled soft drinks.. .54 Alcoholic beverages. 1.70 105 103 108 123 105 102 108 117 100 89 99 106 101 Beer and ale 1.02 101 101 117 130 127 111 97 88 73 81 89 94 102 102 Liquor distilling. . .17 78 83 81 67 34 47 109 140 99 88 85 95 94 85 Liquor bottling... .37 119 111 97 127 84 101 125 158 151 101 83 105 113 99 Tobacco manufactures. .78 107 111 113 121 102 120 118 119 110 87 112 112 112 112 118 Cigarettes .46 111 116 121 129 114 126 123 122 111 90 118 116 117 119 126 Cigars .17 104 106 104 111 81 115 116 121 116 86 105 111 109 104 109 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 847 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 19A1-49 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 May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar. Apr. | May WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 132 131 123 130 130 129 123 122 121 118 111 109 110 MINERALS—TOTAL 8.35 129 128 130 127 119 126 127 127 124 125 124 121 113 109 109 Mineral Fuels 2.68 85 82 88 65 86 86 87 80 74 73 70 67 60 61 Coal .36 55 50 64 32 52 52 49 46 42 48 44 36 36 37 Anthracite 2.32 90 87 92 71 92 91 93 86 79 77 74 71 r64 65 Bituminous coal Crude oil and natural gas 5.67 150 150 153 145 145 145 147 146 144 149 148 145 135 133 131 Oi C N l a r a u n tu d d e r g a o l a s i g l a e s x t a ra n c d t i g o a n s liquids 4 4. . . 1 8 7 2 2 0 1 1 1 4 3 9 5 7 0 1 1 1 4 3 9 6 8 8 1 1 1 4 5 9 3 0 4 1 1 1 3 4 8 6 3 4 1 1 18 3 3 1 9 2 1 1 1 3 3 8 0 8 6 1 1 18 3 4 8 2 0 1 1 1 3 9 4 1 3 0 2 1 1 0 3 4 4 1 1 2 1 1 0 3 4 6 3 3 P 1 1 2 4 3 1 4 2 6 P2 1 1 1 4 3 7 3 0 1 1 2 3 0 3 1 12 3 1 2 1 1 2 3 0 0 Natural gas .34 199 212 202 192 196 194 196 203 221 228 Natural gas liquids .36 182 184 186 177 167 179 180 182 189 186 184 183 180 173 Oil and gas well drilling .85 180 171 168 156 179 185 185 177 160 177 172 159 143 136 140 Metal, Stone, and Earth Minerals. 1.63 127 129 140 149 143 147 145 138 117 110 106 103 103 108 115 Metal mining .82 114 116 135 151 137 139 137 124 92 82 83 85 79 81 87 Iron ore .33 104 114 159 193 181 182 172 143 65 42 43 43 39 39 Nonferrous metal mining .49 120 117 119 123 108 110 113 110 110 109 111 113 106 109 *98* C Z L i e o n a p c d p m e m r i i n m n i i n i n n g g ing . . .0 2 0 9 4 6 1 8 8 3 8 7 6 1 8 3 8 5 3 4 13 8 8 3 8 8 1 9 8 3 2 7 9 12 8 8 1 0 0 1 7 8 2 9 2 4 1 7 7 3 9 0 2 1 7 8 2 4 3 5 1 7 6 3 1 8 1 1 7 3 6 0 1 7 1 7 7 2 6 2 9 1 7 7 3 8 1 1 1 5 6 2 6 9 9 1 r 7 7 2 7 8 5 1 7 6 1 0 9 2 Stone and earth minerals .81 141 142 145 148 149 155 153 152 143 138 130 121 128 136 144 v Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, i Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 1947^9 Annual 1957 1958 Series p p r o o r - - average tion 1956 1957 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May ELECTRICITY AND GAS—TOTAL 100.00 218 232 230 232 235 237 236 236 237 237 ,239 P241 P241 ,239 ,241 Residential . 41.34 241 260 256 260 263 267 268 267 272 273 Nonresidential 58.66 201 212 211 212 216 216 214 213 213 212 Electricity 76.18 218 233 232 233 237 238 237 234 236 235 236 238 238 235 *>m 27.48 250 273 270 274 277 281 280 277 282 282 285 290 295 291 Industrial 23.68 206 213 215 214 217 217 215 213 210 207 205 202 196 197 General industrial 23.49 186 193 194 193 198 198 196 194 191 188 186 183 177 178 Atomic energy .19 2697 2676 2880 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610 2590 Commercial and other . 25.02 194 208 207 208 213 212 210 208 209 209 212 215 214 209 Gas 23.82 218 228 223 226 229 233 235 240 243 245 P247 ,251 Residential 13.86 223 234 230 232 236 239 243 248 252 255 6.16 218 226 215 221 225 231 232 233 234 236 Commercial and other 3.80 197 212 210 212 212 213 214 220 223 226 v 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

848 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 r 7 o - - 49 average 1957 1958 Product portion 1956 1957 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. 100.00 131 130 126 134 132 135 134 129 128 119 113 110 104 r97 105 Major Durables 69.72 140 138 134 144 141 145 142 137 136 125 117 111 103 r94 105 Autos 32.10 138 146 144 157 147 154 150 143 142 127 117 107 92 81 96 Furniture and floor coverings 3 1 6 5 . . 1 3 3 2 1 1 4 1 4 7 1 1 3 1 2 4 1 1 2 1 7 3 1 1 3 1 4 4 1 1 3 1 8 6 1 1 3 1 9 5 1 1 3 1 7 4 1 1 3 1 4 1 1 1 3 1 4 2 1 1 2 1 4 2 1 1 1 1 8 0 1 1 1 0 6 6 1 1 1 0 4 6 r1 1 0 0 7 4 1 1 1 0 5 8 11.31 121 120 119 121 121 123 122 120 120 119 116 113 '113 114 4.01 Appliances and heaters 15.60 143 127 iii 124 124 127 129 129 132 115 106 115 115 102 113 11.88 151 133 129 130 136 137 138 141 119 110 117 118 101 Ranges 2.60 103 89 127 83 77 86 85 85 92 87 86 81 80 82 Refrigeration appliances 4.98 150 140 18461 139 140 140 138 141 148 125 111 129 122 106 121 2.51 216 180 152 167 177 195 203 203 196 152 142 142 159 116 140 3.72 118 104 104 108 106 96 101 101 104 103 93 110 107 105 109 Radio and television sets 5.21 224 205 187 226 245 247 232 212 203 188 181 151 133 m 138 3.42 70 75 68 69 72 75 82 80 78 66 66 55 44 46 42 Television sets 1.79 519 453 413 524 575 575 517 465 441 419 401 335 302 293 320 30.28 111 111 109 110 111 112 114 112 110 107 105 107 108 106 105 Auto parts and tires 14.00 105 104 108 110 110 110 110 16.28 116 114 113 112 112 115 118 113 iii 109 105 104 ios 103 104 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 131 130 124 131 116 132 119 119 141 124 117 116 111 101 103 Major Durables 69.72 140 138 131 140 121 139 118 119 153 132 123 120 114 100 104 Autos 32.10 138 146 144 156 134 148 84 88 171 151 132 122 106 89 99 36.13 144 132 122 129 110 133 150 148 138 118 117 121 122 110 110 Furniture and floor coverings ... . 15.32 117 114 108 110 105 116 119 118 115 114 108 108 108 104 103 11.31 121 120 114 117 115 124 126 127 123 122 114 113 '113 108 109 4.01 Appliances and heaters 15.60 143 127 125 131 105 io9 141 133 121 102 103 121 131 112 i 16 Major appliances 11 88 151 133 133 136 108 109 144 136 126 109 111 128 140 116 Ranges 2.60 103 89 82 88 59 77 93 90 89 79 86 91 93 86 4.98 150 140 163 164 130 102 133 119 112 106 113 137 152 135 139 Laundry appliances .. 2.51 216 180 144 150 126 164 229 229 206 156 140 161 175 120 133 Heating apparatus 3.72 118 104 99 114 94 109 134 121 104 80 78 99 103 101 104 5.21 224 205 153 180 143 256 268 282 259 176 187 159 139 125 112 Radio sets , 3.42 70 75 67 57 40 62 81 101 108 76 66 56 47 44 41 1.79 519 453 318 414 339 627 625 627 547 365 417 355 314 279 246 30.28 111 111 106 108 106 116 121 120 114 106 102 105 105 103 103 Auto parts and tires . .. ... 14.00 105 103 107 109 114 120 118 Misc. home and personal goods 16.28 116 114 109 108 104 117 121 122 120 110 101 104 104 100 100 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. 443388-4477. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] Private Public Year or month Total Total d R en e t s i i a - l Total In tr d i B u al s u - sin m e C s e s o r m ci - al P u u ti b li l t i y c O n d r t e t o e i h s a n n i e l - - - r Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 1,371 3,729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2,820 900 5,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2.399 3,218 4,543 3,755 11.961 1.313 4.050 701 5,897 1956r 46 292 33 287 17 677 11 828 3 084 3 631 5 113 3 782 13 005 1 395 4 655 826 6,129 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 June 4,003 2,823 1,373 1,095 311 302 482 355 1,180 101 428 79 572 July 3,934 2,811 1,383 1,085 300 292 493 343 1,123 108 391 80 544 A.US, 4 034 2 854 1 412 1,084 301 296 487 358 1 180 120 393 91 576 Sept 4,078 2,870 J 41? 1,080 290 298 492 358 1,208 114 410 91 593 Oct . 4,166 2,912 ,461 1,093 283 306 504 358 1,254 111 451 93 599 Nov 4 137 2 917 472 1,086 281 305 500 359 1 220 104 443 85 588 Dec 4,211 2,895 ,461 1,072 272 304 496 362 1,316 110 538 74 594 1958—Jan 4,156 2,863 ,445 1,058 269 288 501 360 1,293 107 510 79 597 Feb 4,079 2,834 ,441 1,030 252 281 497 363 1,245 96 500 77 572 Mar 4,053 2,792 ,397 1,033 240 288 505 362 1,261 95 500 78 588 Apr p... 3,960 2,734 ,350 1,019 222 294 503 365 1,226 88 463 82 593 3 929 2 716 334 1 011 210 302 499 371 1 213 90 450 77 596 June*3 3,951 2,738 360 1,003 195 311 497 375 1.213 86 453 79 595 Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 849 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public Private dential and building Fac- Com- Educa- public tories mercial tional Other utilities 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—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 Aug.. 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 1,308 111 107 247 214 191 530 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.. '2,885 1,053 rl,832 1,244 129 293 235 300 683 May. 3,399 1,343 146 265 286 427 932 r Revised. 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 Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap 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 - 1957—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 May 3,398 192 403 171 278 175 317 568 157 136 147 224 632 1958—Mar 2,721 145 291 111 208 218 291 348 122 93 167 191 537 Apr '2,885 136 281 127 268 182 286 403 130 125 184 212 '551 May 3,399 182 361 141 288 233 316 480 190 195 178 208 628 r Revised. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a n e p d T a u r j s i a u o v o l s t a n a t r e t a l e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m N a o e r l o e i t t r a n a o s - n - Total fam 1- il P y rivat f e am 2- ily f M am 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 i 1950 1 196 1 022 374 J. 352 1 151 42 159 44 686 486 200 1 1 9 9 5 5 1 2 1 , ,0 1 9 2 1 7 1 7 1 9 1 5 3 3 1 3 5 2 L , 3 0 0 6 2 9 0 9 8 3 9 9 2 4 4 0 6 8 8 8 4 7 5 1 9 4 42 1 1 2 2 2 8 6 0 4 1 14 4 1 9 1953 [ 104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 ,202 1,077 34 90 19 583 276 307 1955 I 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—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 Aua 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 I 14 12 3 Mar 918 81 55 27 77 62 3 12 20 17 3 Apr ^950 ^95 64 31 »91 n.a. n.a. n.a. 28 23 5 May n,oio ^105 71 34 ^98 n.a. n.a. n.a. PV4] 33 27 6 June ^115 77 38 105 n.a. n.a. n.a. 39 30 8 Pi,090 p 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 lo ans-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

850 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Total non- Total Year or month institutional labor Employed* Not in the population force Total Unem- labor force Total In nonagricul- In ployed tural industries agriculture 1950 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46,092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46,710 1953 115,095 67,362 63,815 62,213 55,651 6,562 1,602 47,732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48,402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48,492 1956 118,734 70,387 67,530 64,979 58,394 6,585 2,551 48,348 1957 120,445 70,746 67,946 65,011 58,789 6,222 2,936 49,699 1957 June2 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 51,397 121,656 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 June 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 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 15,995 777 2,593 4,009 10,520 2,122 5,664 6,751 1955 50,056 16,563 777 2,759 4,062 10,846 2,219 5,916 6,914 1956 51,766 16,903 807 2,929 4,161 11,221 2,308 6,160 7,277 1957 52,162 16,782 809 2,808 4,151 11,302 2,348 6,336 7,626 SEASONALLY ADJUSTED 1957_jUne 52,415 16,909 823 2,899 4,159 11,327 2,342 6,347 7,609 July 52,464 16,876 828 2,847 4,163 11,368 2,349 6,395 7,638 Aug 52,457 16,826 820 2,805 4,179 11,402 2,359 6,372 7,694 Sept 52,224 16,678 814 2,782 4,170 11,349 2,366 6,380 7,685 Oct 52,015 16,604 802 2,763 4,141 11,315 2,373 6,343 7,674 Nov 51,758 16,455 789 2,710 4,104 11,290 2,372 6,367 7,671 Dec 51,516 16,252 784 2,679 4,070 11,237 2,365 6,382 1,141 1958—Jan 51,223 15,965 766 2,652 4,045 11,305 2,368 6,368 7,754 Feb 50,575 15,648 747 2,455 3,990 11,235 2,367 6,367 7,766 Mar 50;219 15,389 733 2,573 3,930 11,116 2,360 6,330 7,788 Apr 50,054 15,243 723 2,624 3,890 11,050 2,356 6,352 7,816 May 50,144 15,203 718 2,693 3,875 11,080 2,369 6,366 7,840 June 50,289 15,247 715 2,726 3,874 11,113 2,366 6,394 7,854 WITHOUT SEASONAL ADJUSTMENT 1957_jUne 52,517 16,839 827 3,015 4,176 11,255 2,365 6,442 7,598 July 52,229 16,702 824 3,046 4,194 11,229 2,396 6,427 7,411 Aug 52,477 16,949 828 3,057 4,210 11,236 2,394 6,404 7,399 Sept 52,692 16,903 818 3,018 4,201 11,349 2,366 6,412 7,625 Oct 52,570 16,783 802 2,956 4,152 11,387 2,361 6,406 7,723 Nov 52,316 16,561 793 2,805 4,114 11,557 2,360 6,367 7,759 Dec 52,610 16,302 788 2,612 4,094 12,076 2,353 6,318 8,067 1958—Jan 50,477 15,865 766 2,387 3,985 11,140 2,344 6,241 749 Feb 49,777 15,593 747 2,173 3,944 10,948 2,343 6,240 789 Mar 49,690 15,355 733 2,316 3,910 10,939 2,348 6,267 822 Apr 49,726 15,104 716 2,493 3,883 10,940 2,356 6,384 850 May 49,947 15,025 711 2,680 3,872 10,954 2,369 6,461 875 June 50,389 15,181 719 2,835 3,889 11,042 2,390 6,490 7,843 NOTE.—Data include all full- and part-time employees who worked were revised by the Bureau of Labor Statistics in July 1958 to first quarter during, or received pay for, the pay period ending nearest the 15th of the 1957 benchmark levels indicated by data from government social insurance month. Proprietors, self-employed persons, domestic servants, unpaid programs. Back data may be obtained from the Bureau of Labor family workers, and members of the armed forces are excluded. Figures Statistics. for May and June 1958 are preliminary. The series for recent years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 851 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 June Apr. May June June Apr. May June Total 13,016 11,438 11,424 11,472 12,946 11,310 11,256 11,405 Durable goods 7,609 6,338 6,295 6,328 7,615 6,337 6,279 6,335 Ordnance and accessories 78 69 68 66 78 69 68 66 Lumber and wood products 606 533 543 559 627 520 546 579 Furniture and fixtures 323 284 291 298 313 283 284 289 Stone, clay, and glass products 461 402 405 415 463 402 405 417 Primary metal industries 1,095 849 848 854 1,095 849 844 854 Fabricated metal products 897 766 761 111 893 766 757 767 Machinery except electrical 1,261 1,045 1,020 1,000 1,274 1,061 1,030 1,010 Electrical machinery 861 729 724 733 852 729 717 726 Transportation equipment 1,404 1,103 1,077 1,071 1,404 1,103 1,077 1,071 Instruments and related products 226 203 202 202 225 204 201 201 Miscellaneous manufacturing industries. 397 355 356 359 391 351 349 354 Nondurable goods 5,407 5,100 5,129 5,144 5,331 4,973 4,977 5,070 Food and kindred products 1,068 1,034 1,037 1,045 1,053 949 973 1,030 Tobacco manufactures 85 81 80 79 74 70 69 69 Textile-mill products 914 837 836 841 914 837 832 841 Apparel and other finished textiles 1,085 1,007 1,039 1,035 1,042 987 987 994 Paper and allied products 462 438 436 437 462 434 432 437 Printing, publishing and allied industries 550 548 544 545 550 545 541 545 Chemicals and allied products 550 514 515 512 542 519 512 504 Products of petroleum and coal 167 159 157 158 170 157 158 160 Rubber products 197 179 174 177 197 176 173 177 Leather and leather products 329 303 311 315 327 300 300 313 NOTE.—Data covering production and related workers only (full- and Labor Statistics in July 1958 to first quarter 1957 benchmark levels indipart-time) who worked during, or received pay for, the pay period ending cated by data from government social insurance programs. Back data nearest the 15th of the month. Figures for May and June 1958 are may be obtained from the Bureau of Labor Statistics. preliminary. The series for recent years were revised by the Bureau of HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1957 1958 1957 1958 1957 1958 June Apr. May June June Apr. May June June Apr. May June Total 82.80 80.81 81.83 83.10 40.0 38.3 38.6 39.2 2.07 2.11 2.12 2.12 Durable goods 88.70 87.30 87.98 89.50 40.5 38.8 39.1 39.6 2.19 2.25 2.25 2.26 Ordnance and accessories 94.83 100.12 100.28 101.02 40.7 40.7 40.6 40.9 2.33 2.46 2.47 2.47 Lumber and wood products 74.89 71.39 74.05 76.38 40.7 38.8 39.6 40.2 1.84 1.84 1.87 1.90 Furniture and fixtures 69.48 67.26 66.91 68.71 39.7 38.0 37.8 38.6 1.75 1.77 1.77 Stone, clay, and glass products 83.23 81.51 82.97 84.82 40.8 39.0 39.7 40.2 2.04 2.09 2.09 Primary metal industries 99.29 95.20 96.49 99.46 40.2 36.9 37.4 38.4 2.47 2.58 2.58 Fabricated metal products 89.60 87.14 88.43 89.95 41.1 38.9 39.3 39.8 2.18 2.24 2.25 Machinery except electrical 94.53 92.75 93.38 94.33 41.1 39.3 39.4 39.8 2.30 2.36 2.37 2.37 Electrical machinery 83.22 83.46 83.67 85.14 40.4 39.0 39.1 39.6 2.06 2.14 2.14 2.15 Transportation equipment 96.24 97.07 99.25 99.90 40.1 39.3 39.7 39.8 2.40 2.47 2.50 2.51 Instruments and related products 85.05 85.72 85.06 86.11 40.5 39.5 39.2 39.5 2.10 2.17 2.17 2.18 Miscellaneous manufacturing industries. . 71.82 72.15 71.94 72.68 39.9 39.0 39.1 39.5 1.80 1.85 1.84 1.84 Nondurable goods 74.09 73.14 73.91 75.08 39.2 37.7 38.1 38.7 1.89 1.94 1.94 1.94 Food and kindred products 78.94 79.80 81.20 82.21 40.9 39.7 40.2 40.7 1.93 2.01 2.02 2.02 Tobacco manufactures 60.99 62.70 63.20 63.47 38.6 38.0 38.3 38.7 1.58 1.65 1.65 1.64 Textile-mill products 58.35 54.90 55.95 57.30 38.9 36.6 37.3 38.2 1.50 1.50 1.50 1.50 Apparel and other finished textiles 52.98 51.75 52.20 52.80 35.8 34.5 34.8 35.2 1.48 1.50 1.50 1.50 Paper and allied products 85.67 85.69 86.10 89.04 42.2 41.0 41.0 42.0 2.03 2.09 2.10 2.12 Printing, publishing and allied industries.. 96.00 96.14 96.63 97.15 38.4 37.7 37.6 37.8 2.50 2.55 2.57 2.57 Chemicals and allied products 91.88 92.39 93.43 94.02 41.2 40.7 40.8 40.7 2.23 2.27 2.29 2.31 Products of petroleum and coal 108.79 110.97 109.89 108.67 40.9 40.5 40.4 40.1 2.66 2.74 2.72 2.71 Rubber products 91.21 85.88 87.86 89.78 40.9 37.5 38.2 38.7 2.23 2.29 2.30 2.32 Leather and leather products 58.21 53.54 55.26 57.78 37.8 34.1 35.2 36.8 1.54 1.57 1.57 1.57 NOTE.—Data are for production and related workers. Figures for indicated in note to table above. Back data are available from the May and June 1958 are preliminary. Data for recent years revised as Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 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 an t t - a c C a hi g - o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a s a c n n o - 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 May 135 123 124 133 126 148 168 128 137 126 '142 156 141 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. ... 131 114 127 126 119 138 158 124 134 132 144 153 137 Apr 130 114 121 135 121 147 155 118 130 120 136 151 142 May ?133 117 124 129 124 164 123 136 ?125 ^148 161 142 WITHOUT SEASONAL ADJUSTMENT 1957—May 132 123 120 131 122 146 161 126 138 128 139 r155 134 June 131 122 121 130 120 140 153 126 129 116 137 153 139 July 111 90 92 96 107 118 145 104 114 104 128 151 125 Aug 127 102 104 110 123 135 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct... 134 117 126 132 125 148 167 127 138 138 142 158 135 Nov 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958—Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb.. 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 too 113 118 108 126 150 107 117 109 121 137 115 Apr. 123 109 114 125 113 136 153 112 123 117 131 143 130 May... .... ^130 117 120 128 120 2>144 158 122 137 33121 ^145 159 135 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 152 138 137 154 136 178 203 143 149 146 160 174 158 SEASONALLY ADJUSTED 1957—May.. 152 140 137 153 135 182 198 142 151 148 161 175 r159 June 153 138 137 156 136 184 198 146 151 145 159 176 159 July. 154 139 137 154 136 184 204 149 153 141 160 178 159 Aug 153 136 138 157 137 180 203 145 149 145 158 176 159 Sept 154 138 138 159 139 181 201 144 151 145 159 173 162 Oct.. 155 138 138 156 139 174 208 147 151 148 163 176 163 Nov 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 Apr 143 131 134 '149 124 167 190 131 141 129 145 163 151 May P\44 133 133 153 125 169 ^190 133 140 127 ?146 164 2)152 WITHOUT SEASONAL ADJUSTMENT 1957—May. 155 143 '141 156 139 '184 200 147 151 147 162 173 158 June 146 130 129 145 129 170 188 142 141 136 153 164 153 July 144 125 124 138 125 168 190 143 142 134 152 169 154 Aug. 150 132 134 151 131 175 199 139 148 142 156 176 160 Sept 160 144 145 167 144 187 209 150 158 151 164 184 168 Oct 172 156 155 180 154 198 227 161 169 164 177 193 183 Nov.. 174 161 159 182 156 198 233 161 169 170 183 197 182 Dec 135 127 127 139 122 156 180 124 127 132 144 157 139 1958—Jan 132 119 122 136 117 149 184 123 127 127 137 149 137 Feb 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.. . 149 136 139 r160 130 175 200 139 149 r132 153 169 154 May *>146 135 136 156 129 170 P192 137 140 126 ?148 163 p 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 853 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales4 Period m S (t a o f o o l n e t r t a s h l i ) S m t ( o o e o c n n f k t d h s^ ) o m ( s e r O t n o d i a n d u n e n g r t t d h o - s - ) f * m c ( e t o R f i o p o n e t r t t a - s h l 2 ) o m ( r N t o d f o o e n e t w r r t a h s l 3 ) Stocks o s O t r i a d n u n e g t d r - s - S o st p o r t i a o d n u l n u c e g t d k r s - s - s ce R ip e- ts Annual average: 1949 361 925 373 358 358 2.7 1-1 3.8 1-0 1950 376 1,012 495 391 401 2.8 [.4 4.2 .1 1951 391 1,202 460 390 379 3.2 1.3 4 4 0 1952 397 1,097 435 397 401 2.9 .2 4.1 1.0 1 19 9 5 5 4 3 4 4 0 0 6 9 1 1 ,1 1 4 6 0 3 4 3 2 8 1 8 4 4 0 1 8 0 4 4 0 1 1 2 3 3 . . 0 0 1 . . 1 0 4 4 . . 1 0 [.0 o 1955 437 1,195 446 444 449 2.9 .1 4.0 1.0 1956 454 1 286 470 459 458 3.0 L.I 4.1 1 0 1957 458 1,338 460 460 457 3.1 1 4.2 0 Month: 1957 May 449 1,350 '354 '419 '431 3.0 0.8 3.8 0.9 June 409 1,257 519 313 477 3.1 1.3 4.3 0.8 July 356 1,245 600 344 425 3.5 1.7 5.2 1.0 AUK ... . .. 432 1,300 569 487 456 3.0 1.3 4.3 1.1 Sept 438 1,400 567 538 536 3.2 1.3 4.5 1.2 Oct 481 1,518 529 599 561 3.2 1.1 4.3 1.2 Nov 554 1,562 427 598 496 2.8 0.8 3.6 1.1 Dec 839 1,229 307 506 386 1.5 0.4 1.8 0.6 1958—Jan 366 1,203 383 340 416 3.3 1.0 4.3 0.9 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 1.1 Apr 416 1,344 310 461 421 3.2 0.7 4.0 1.1 Mayp 441 1,308 322 405 All 3.0 0.7 3.7 0.9 * 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 BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figuiries on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports * Mer m ch il a it n a d r i y s - e a i e d x p s o h r i t p s m e e x n c t lu s2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan . .... J 284 J.680 1,511 J 202 J 581 1,402 J 073 1,115 1,095 Feb 1,363 1,611 1,345 1,273 .490 1,245 ,051 993 962 Mar ,583 2,151 1,557 479 2 021 1,442 ,102 1,133 1,086 Apr 1,512 1,864 1,531 ,400 ,780 1,409 991 1,119 ^1,062 May ,717 1,813 ^1,644 ,522 1,711 ,095 1,106 June . 697 1,786 492 [ 652 ,034 984 July 1 640 I 692 I 289 I 505 052 1,146 AUK .536 1,677 ,378 1,536 .055 1,043 Sept 1^34 1,540 ,427 1,437 '995 1,009 Oct. 1,671 L674 1,561 1,600 1,121 1,148 Nov 1,545 1,683 1,425 1,596 987 1,043 Dec 2,007 1.639 .885 .543 1,059 1,141 Jan -M!ay 7,459 9,119 *>7,588 6,876 8,585 -7.0.. 5,312 5,466 p Preliminary. 3 General imports including imports for immediate consumption plus * 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

854 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 d c 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- H o h p o o e u l r d s a e - - p A a p re - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a 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 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 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.1 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 120.2 115.4 125.6 135.2 113.0 137.4 104.6 127.5 106.9 136.0 138.0 124.4 112.2 125.5 1957—May 119.6 114.6 125.3 134.7 112.3 135.4 104.2 127.3 106.5 135.3 137.3 123.4 111.4 124.3 June . 120.2 116.2 125.5 135.0 112.3 135.3 104.6 127.6 106.6 135.3 137.9 124.2 111.8 124.6 July 120.8 117.4 125.5 135.2 112.3 135.9 104.1 127.9 106.5 135.8 138.4 124.7 112.4 126.6 Aug 121.0 117.9 125.7 135.4 113.3 135.7 103.9 128.0 106.6 135.9 138.6 124.9 112.6 126.7 Sept 121.1 117.0 126.3 135.7 113.7 136 8 104 8 128 3 107.3 135.9 139.0 125.1 113.3 126.7 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129 A 107.9 140.0 140.3 126.7 114.4 126.8 Dec 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 1958—Jan 122.3 118.2 127.1 136.8 115.7 138.4 104.2 129.7 106.9 138.7 141.7 127.8 116.6 127.0 Feb 122.5 118.7 127.3 137.0 115.9 137.2 104.9 129.9 106.8 138.5 141.9 128.0 116.6 127.0 Mar 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130.7 106.8 138.7 142.3 128.3 117.0 127.2 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 May 123.6 121.6 127.8 137.5 116.5 131.6 104.0 130.9 106.7 138.7 143.7 128.5 116.6 127.2 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 i o e m l d s l i - - F p u r a c o r t d m 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 n c o p l r x t e - d d e s - l - l H s p e u k a a r i n c i o d t n h t d d e s s e s - , r ,p l F t o i m e a i g u n w r n h i a 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 n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p p P a u a l a r u l n c o p i l e t d d p e s d - r , , M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o v r o i a y t n d d e - s - - - h F d o h t b o a u u t u o n l h u r r e r l e d s n a e d s e r i - - -e s N t r m t m t a a u r o l l u i r e s l n n a i - c — c - l - - b b e m o b a T a r t e a n f c o t r v g l c d - s e e - o . d s n c M e e o l i l s u a - - s 1950 103.1 97.5 99.8 105.0 99.2 104.6 103.0 96.3 120.5 113.9 100.9 110.3 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.6 120.3 106.7 110.0 148.0 123.9 119.6 122.8 119.0 114.1 113.6 108.1 104.9 1952. 111.6 107.0 108.8 113.2 99.8 97.2 106.6 104.5 134.0 120.3 116.5 123.0 121.5 112.0 113.6 110.6 108.3 1953 110.1 97.0 104.6 114.0 97.3 98.5 109.5 105.7 125.0 120.2 116.1 126.9 123.0 114.2 118.2 115.7 97.8 1954.. . 110.3 95.6 105.3 114.5 95.2 94.2 108.1 107.0 126.9 118.0 116.3 128.0 124.6 115.4 120.9 120.6 102.5 1955 110.7 89.6 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.9 124.2 121.6 92.0 1956 114.3 88 4101.7 122.2 95.3 99.3 111.2 107 2145.8 125 4127.2 148.4 137 8119 1129.6 122.3 91.0 1957 117.6 90.9 105.6 125.6 95.4 99.4 117.2 109.5 145.2 119.0 129.6 151.2 146.1 122.2 134.6 126.1 89.6 1957 May 117.1 89.5 104.9 125.2 95.4 98.9 118.5 109.1 144.7 119.7 128.9 150.0 145.1 121.6 135.0 124.5 89.4 June. . 117.4 90.9 106.1 125.2 95.5 99.8 117.2 109.3 145.1 119.7 128.9 150.6 145.2 121.7 135.1 124.7 87.3 July 118.2 92.8 107.2 125.7 95.4 100.6 116.4 109.5 144.9 119.3 129.5 152.4 145.8 122.2 135.2 127.7 88.8 Aug 118.4 93.0 106.8 126.0 95.4 100.3 116.3 109.8 146.9 118.6 129.9 153.2 146.2 122.4 135.3 127.7 90 1 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116.1 110.2 146.5 117.8 130.1 152.2 146.9 122.3 135.2 127.7 89 4 Oct.......! 117.8 91.5 105.5 125.8 95.1 100.1 115.8 110.4 146.2 117 3130 9 150 8147 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 8136.4 128.1 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 119.7 100.5 110.7 125.7 94.0 99.5 112.4 110.7 144.6 115.5 130.5 149.8 149.2 123.5 135.3 128.0 94.3 Apr 119.3 r97.7111.5125.5 93.7 99.7 111.0111.0 144.5 115.7 130.5148 6 149.4 123 4135 4 128 0r97 8 May.. . 119.5 98.4 112.9 125.3 93.5 100.0 110.3 110.8 143.8 115.9 130.6 148.6 149.3 123.2 135.7 128.0 96.2 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 855 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1957 1958 1957 1958 Subgroup Subgroup May Mar. Apr. May May Mar. Apr. May Farm Products: Pulp, Paper, and Allied Products (Cont.): Fresh and dried produce. 109.0 143.1 130.4 123.4 Grains 85.4 82.2 85.7 84.2 Paperboard 136.2 136.2 136.1 136.0 Livestock and poultry 78.7 95.8 94.5 99.8 Converted paper and paperboard 125.3 127.2 127.2 128.0 Plant and animal fibers.. 104.3 101.7 101.4 101.6 Building paper and board 141.7 142.5 144.1 144.1 Fluid milk 92.2 95.7 '91.7 90.0 Eggs 57.5 93.6 77.1 75.7 Metals and Metal Products: Hay and seeds 84.4 79.4 79.9 79.7 Other farm products.... 144.1 143.4 142.3 142.0 Iron and steel 162.9 167.3 166.4 166.2 Nonferrous metals 139.9 127.0 '124.1 124.0 Processed Foods: Metal containers 152.5 155.7 155.7 155.7 Hardware 164.3 168.9 169.0 170.7 Cereal and bakery products , 116.5 117.8 118.4 117.8 Plumbing equipment 130.1 124.8 123.6 123.6 Meats, poultry, and fish , 91.5 105.9 108.5 112.8 Heating equipment 121.4 121.0 '121.1 121.1 Dairy products and ice cream , 110.7 113.4 111.4 110.8 Fabricated structural metal products. 132.2 134.5 134.1 134.1 Canned, frozen fruits, and vegetables, 103.5 106.8 r107.6 108.1 Fabricated nonstructural metal Sugar and confectionery 112.8 114.4 115.7 116.1 products 143.3 146.7 '145.9 145.9 Packaged beverage materials , 183.7 168.4 168.4 168.4 Other processed foods 95.3 96.4 97.1 96.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 132.3 138.3 '138.5 138.3 Cotton products 90.7 89.0 88.5 88.3 Construction machinery and equip- Wool products 110.9 102.8 101.6 100.5 ment 157.6 165.4 165.4 165.5 Synthetic textiles 81.8 81.0 80.5 80.3 Metal working machinery 165.6 170.7 170.7 170.7 Silk products 124.7 116.1 116.5 116.1 General purpose machinery and Apparel 99.5 99.3 99.2 99.1 equipment 156.0 159.4 '159.6 159.8 Other textile products. 76.9 73.8 r75.4 75.4 Miscellaneous machinery 143.8 148.9 '149.0 147.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 148.2 151.3 '151.8 151.9 Motor vehicles , 134.7 139.1 '139.0 139.0 Hides and skins 55.8 51.2 53.3 55.4 Leather 91.0 91.1 91.1 Furniture and Other Household Dura- Footwear 120.8 122.1 '121.9 122.0 bles: Other leather products. 97.5 97.5 r97.6 97.6 Household furniture 122.4 122.8 122.8 122.8 Fuel, Power, and Lighting Materials: Commercial furniture , 147.3 154.2 154.2 154.2 Floor covering 133.8 129.8 '128.9 128.9 Coal 123.3 126.2 '119.8 119.7 Household appliances 105.1 105.3 105.3 104.9 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 93.1 94.7 94.7 94.3 Gas fuels (Jan. 1958= 100) 101.1 98.1 98.3 Other household durable goods , 147.7 155.0 '155.1 155.1 Electric power (Jan. 1958= 100). 100.1 100.0 100.0 Petroleum and products 129.8 117.0 115.8 114.7 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Concrete ingredients 135.7 138.7 138.9 139.0 Industrial chemicals 123.6 123.7 124.3 123.9 Concrete products , 126.7 128.0 128.0 128.4 Prepared paint 124.7 128.4 128.4 128.4 Structural clay products 155.0 155.5 155.5 155.5 Paint materials 99.8 104.4 r104.0 103.9 Gypsum products 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.. 93.3 94.0 '94.1 94.1 Prepared asphalt roofing 125.8 105.6 105.6 108.6 Fats and oils, inedible 59.2 64.2 62.2 61.2 Other nonmetallic minerals 128.3 131.1 131.2 131.2 Mixed fertilizers 108.4 111.6 111.5 111.4 Fertilizer materials 107.2 110.3 110.3 110.3 Tobacco Manufactures and Bottled Other chemicals and products 105.2 106.8 r107.2 107.2 Beverages: Rubber and products: Cigarettes 124.0 134.8 134.8 134.8 Cigars 105.1 106.0 106.0 106.0 Crude rubber , 144.0 131.3 131.2 127.7 Other tobacco products 127.7 139.7 139.7 139.7 Tires and tubes 149.0 152.1 152.1 152.1 Alcoholic beverages 119.6 120.3 120.3 120.3 Other rubber products. 139.9 143.3 r143.0 143.0 Nonalcoholic beverages 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber. . 120.6 115.9 115.9 116.7 Toys, sporting goods, small arms 117.5 119.1 '119.1 119.1 Millwork. 128.3 127.6 127.6 127.6 Manufactured animal feeds 67.2 74.6 80.9 78.0 Plywood.. 96.8 92.9 94.4 92.2 Notions and accessories 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment... 107.6 107.4 107.3 107.3 Pulp, Paper, and Allied Products: Other miscellaneous 126.8 131.9 132.4 132.4 Woodpulp.. 118.0 121.2 121.2 121.2 Wastepaper. 66.1 75.3 75.3 71.8 Paper 142.4 143.0 142.9 141.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 19f7r 1958' 1929 1933 1941 1950'- 1953 r 1954 ' 1955 r 1956' 1957 r 1 2 3 4 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 436.3 441.2 445.6 438.9 425.8 8.6 7.2 9.0 19.1 26.5 28.8 32.0 34.7 37.7 36.6 37.5 38.1 38.5 38.9 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 30.2 30 2 32 9 35.6 37 6 37 1 37 8 37 9 37.7 38.0 .6 .7 .5 .8 1.4 1.3 1 5 1.5 1.6 1 6 1 6 1.6 1.6 1.6 Statistical discrepancy .3 .9 .4 -.7 1.3 .9 1.0 -.9 .7 .9 1.5 .7 .7 -1.7 Plus: Subsidies less current surplus of gov- -.1 .0 .1 .2 -.4 -.2 .0 1.0 1 3 1 4 1 4 1 3 1.2 1.6 Equals: National income...* 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 361.5 364.1 368.7 361.5 350.6 Less: Corporate profits and inventory valua- 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 43 7 42 0 43.1 38.8 31.3 Contributions for social insurance .2 .3 2.8 6.9 8.7 9.7 11.0 12.3 14,2 14.0 14.1 14.3 14.2 14.2 Excess of wage accruals over disburse- .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .0 .8 Plus: Government transfer payments .9 1.5 2.6 14.3 12.9 15.0 16.0 17.1 19.9 18.4 19.9 20.0 21.3 22.5 Net interest paid by government 1.0 1.2 1.3 4.8 5.2 5.4 5.4 5.7 6.2 6.1 6.2 6.2 6.2 6.3 Dividends 5.8 2.1 4.5 9.2 9.2 9.8 11.2 12.0 12.4 12 5 12.6 12.7 12.0 12.5 Business transfer payments .6 .7 .5 .8 1.4 1.3 1.5 1.5 1.6 1.6 1.6 1.6 1.6 1.6 Equals * Personal income .. . •••• • •• 85.8 47.2 96.3 228.5 288.3 289.8 310.2 330.5 347.9 342.3 348.4 351.8 349.7 347.3 Less: Personal tax and related payments 2.6 1.5 3.3 20.8 35.8 32.9 35.7 40.1 42.7 42.3 42.7 43.1 43.0 42.3 Federal 1.3 .5 2.0 18.2 32.4 29 2 31 5 35.2 37.4 37.1 37.3 37.7 37.5 36.6 State and local 1.4 1.0 1.3 2.6 3.4 3.8 4.2 4.8 5.4 5.2 5.3 5.4 5.5 5.7 83.1 45.7 93.0 207.7 252.5 256.9 274.4 290.5 305.1 300.0 305.7 308.7 306.8 305.0 Less: Personal consumption expenditures.... 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 279.8 282.5 288.3 287.2 286.2 4.2 -.6 11.1 12.6 19.8 18.9 17.5 21.1 20.7 20.3 23.2 20.4 19.6 18.8 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 r 1958 r 1929 1933 1941 1950' 1953' 1954' 1955' 1956' 1957' National income 87.8 40.2 104.7 241.9 305.6, 301.8 330.2 349.4 364.0 361.5 364.1 368.7 361.5 350.6 I ! Compensation of employees 51.1 29.5 64.8 154.2 208.8 207.6 223.9 241.8 254.6 251.6 254.9 257.3' 254.8' 250.9 Wages and salariesl 50.4 29.0 62.1 146.4 198.0 196.3 210.9 227.3 238.1 235.6\ 238.4 240.51 238.0, 234.4 Private 45.5 23.9 51.9 124.11 164.2 161.9 174.9, 189.3! 198.0 196.2' 198.6 199.9 197.4; 192.7 Military .3 .3 1.9 5.0 10.3 10.0 9.8' 9.7i 9.6 9.6| 9.7 9.8 9.5 9.4 Government civilian 4.6 4.9 8.3 17.3 23.5 24.4 26.2 28.41 30.5 29.8 30.2 30.8 31.1 32.3 Supplements to wages and salaries .7 .5 2.7 7.8, 10.8, 11.3. .3.0 14.5. 16.5 16.0 16.41 16.8 16.8 16.5 Proprietors' and rental income2 20.2 7.6 20.9 46.61 51.3 51.3 52.8! 53.3' 54.8 54.1 54.71 55.5 55.0' 55.3 Business and professional 8.8 3.2 10.9 23.5J 27.4 27.8 30.4 30.8 31.4! 31.1 31.4' 31.7 31.3; 30.6 Farm 6.0 2.4 6.5 14.0 13.3 12.7 11.8 11.6 11.6 11.5 11.6 11.8 11.5' 12.6 Rental income of persons 5.4 2.0 3.5 9.0, 10.5 10.9 10.7 10.9 11.8 11.4 11.7 12.0 12.2, 12.1 Corporate profits and inventory valuation Co a r d p j o u r s a tm te e p n r t ofits before tax 1 9 0 . . 6 -2.0 .2 1 17 4 . . 0 5 3 40 5 . . 6 7 ' t 3 38 7 . . 3 3 1 3 34 3 . . 1 7 4 44 3 . . 9 1 4 45 2 . . 5 9 4 43 1 . . 4 9 4 46 3 . . 1 7 4 43 2 . . 5 0 1 4 44 3 . . 2 1 3 39 8 . . 9 8 3 3 1 1 . . 7 3 Corporate profits tax liability 1.4 .5 7.6 17.9, 20.2 17.2 21.8 22.4 21.6 23.0 21.7| 22.0 19.9 16.1 Corporate profits after tax 8.3 -.4 9.4 22.8| 18. 16. 23.0 23.1 21.8 23.1 2i.8» 22.1 20.0 15.5 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -.3 -1.7 -2.6 -1.5 -2.4 -1.5 -l.ll -1.1. -.3 Net interest 6.4 5.0 4.5 5.5 8.2 9.1 10.4 11.3 12.6 12.1! 12.5 12.8 12.9, 13.0 r Revised. 2 Includes noncorporate inventory valuation adjustment. 1 Includes employee contributions to social insurance funds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 857 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957' 1958r 1929 1933 1941 1950' 1953' 1954' 1955' 1956' 1957' Gross national product 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 436.3 441.2 445.6 438.9 425.8 Personal consumption expenditures 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 279.8 282.5 288.3 287.2 286.2 Durable goods 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 40.2 39.5 40.4 39.6 36.3 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 135.5 137.1 140.5 138.8 139.8 Services 32.1 20.7 29 0 64.9 81.8 86.3 92.5 99.6 106.5 104.1 105.9 107.4 108.7 110.1 Gross private domestic investment 16.2 1.4 18.1 50.0 50.3 48.9 63.8 68.2 65.3 65.9 67.0 66.7 61 49.6 New construction* 8.7 1.4 6.6 24.2 27.6 29.7 34.9 35.7 36.5 36.1 36.1 36.6 37 36.3 Residential, nonfarm 3.6 .5 3.5 14.1 13.8 15.4 18.7 17.7 17.0 17.2 16.5 16.9 17.6 17.1 Other 5.1 3.1 10.1 13.8 14.3 16.2 18. 19.5 18.9 19.6 19.7 19.6 19.2 Producers' durable equipment 5.9 6.9 18.9 22.3 20.8 23.1 27.0 27.9 28.7 28.1 28.0 26 22.9 Change in business inventories 1.7 -1.6 4.5 6.8 .4 -1.6 5.8 5.4 1.0 1.1 2.9 2.2 -2.3 -9.5 Nonfarm only 1.8 -1.4 4.0 6.0 1.1 -2.1 5.5 5.9 .2 .6 2.0 1.3 -3.1 -9.3 Net foreign investment .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.5 4.2 4.2 3.6 1.9 .5 Government purchases of goods and services 8.5 8.0 24.8 41.8 84.4 76.6 77.1 80.3 87.1 86.4 87.5 87.0 88.3 89.5 Federal 1.3 2.0 16.9 22.1 59.5 48.9 46.8 47.1 50.8 50.5 51.5 50.9 50.5 50.9 O N t a h ti e o r nal security. 1.3 2.0 1 3 3 . . 2 8 1 3 8 . . 9 5 5 8 1 . . 4 5 4 6 3 . . 2 0 4 5 1 . . 9 3 4 5 2 . . 0 5 4 4 6 . . 8 5 4 5 5 . . 1 8 M 4 A .5 4 4 6 . . 5 9 4 5 6 . . 0 0 4 5 5 . . 7 6 Less: Government sales2 .0 .0 .0 .3 .4 .4 .4 .4 .5 .4 .4 .5 .5 .4 State and local 7.2 6.0 7.8 19.7 24.9 27.7 30.3 33.1 36.3 35.9 36.0 36.1 37. 38.6 r Revised. 2 Consists of sales abroad and domestic sales of surplus consumption 1 Includes expenditures for crude petroleum and natural gas drilling. goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Year or month* in s P c o e o n r m a - l e Total W p d a m i C g r u n o o e g s o d t d m r a i u i i n t n e - c y - d s - sa D l i u a n i tr s r t d i i y t e u v r s i e s d b - - isbu S i r n e t s r r d e i v m e u i s c s e - e nts G m er o e n v n - - t in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n o m t t d o a - l e rs 3 ' i i n n d s D p a t c e o e i e n o n n v r r d m d a e i - - s l s e t m T p r f e e a a n r y n - t - s s - 4 p b e c s i a u r o n L o n s f t n s c o e o i c u o t i s r n e r a r s n i 5 a - l - s l i a n g N t c u r o o i r m c 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 1952r 273.1 184.9 80.5 48.7 22.6 32.9 5.3 52.4 21.1 13.2 3.8 254.3 1953 r 288.3 198.1 88.1 51.8 24.3 33.9 6 0 51.3 22.6 14 3 3 9 271 5 1954r 289.8 196 3 84.1 52.3 25 5 34 4 6 2 51 3 24 4 16 2 4 6 273 8 1955 r 310.2 210.9 91.4 55.8 27.8 36.0 7.1 52.8 27.0 17.5 5.2 295.0 1956r 330.5 227.3 98.7 60.1 30.5 38.0 7.9 53.3 29.1 18.6 5.7 315.4 1957r 347.9 238.1 102.2 63.3 32.6 40.1 8.9 54.8 31.1 21.5 6.6 332.7 1957—Juner 350.7 240.0 103.4 63.9 32.6 40.2 9.0 54.9 31.6 21.8 6.6 335.6 Julyr 351 8 240 5 103.3 64.0 32 8 40 4 9 1 55 6 31 7 21 7 6 7 336 2 Aue.r 352.1 240.8 103.1 64.2 32.9 40.6 9.1 55.6 31.8 21.5 6.7 336.6 S O e c p t t . r r 3 35 5 0 1 . . 6 4 2 24 3 0 8 .6 2 1 1 0 0 1 2 . . 5 4 6 63 4 . . 5 2 3 3 2 2 .9 9 4 4 0 0 . . 7 7 9 9 .2 1 5 5 5 5 .1 4 3 3 1 1 .8 8 2 2 1 2 .6 5 6 6 .6 6 3 3 3 3 6 5 .7 1 N De o c v . r r 3 3 4 5 8 0 . . 4 2 2 2 3 3 7 8 . . 3 0 1 9 0 9 1 . . 8 0 6 6 3 3 . . 7 6 3 3 3 2 . . 2 9 4 4 0 0 . . 6 5 9 9 .2 2 5 5 5 4 . . 2 8 3 3 0 1 . . 0 8 2 23 3 .3 0 6 6 .6 6 3 33 3 5 3 .0 2 1958—Jan r 348.2 235.1 97.9 63.5 33.1 40.7 9 1 55.1 31.8 23 9 6 7 332 5 Feb r 346.4 233.2 95.6 63.4 33.2 41.0 9.0 55.3 31.8 23.8 6.7 330.1 Mar. * 347.1 232.6 95.3 62.9 33.3 41.1 8 9 55.7 31.7 24 8 6.6 330 5 Apr r 348.1 232.0 95.0 62.4 33.4 41.2 8.9 56.1 31.7 26.1 6.6 331.0 Mayr 349.9 233.1 95.6 62.6 33 4 41.5 8 9 56 5 31 7 26 4 6 7 332 4 Junep 351.8 235.3 96.4 63.0 33.6 42.3 8.9 56.5 31.8 26.0 6.7 334.4 r Revised. 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. • 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

Financial Statistics * International * international capital transactions of the United States 860 Gold production 864 Net gold purchases and gold stock of the United States 865 Reported gold reserves of central banks and governments 866 Estimated foreign gold reserves and dollar holdings 867 International Bank and Monetary Fund 868 Central banks 868 Money rates in foreign countries. 873 Foreign exchange rates. 874 Index to statistical tables 885 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. 859 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 INPL 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 oreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia o A th l e l r tutions2 and Official of private 1954—Dec. 31.... 1,770 11,149 6,770 715 1,373 579 672 640 1,642 5,621 1,536 1,906 1,821 265 1955—Dec. 31.... 1,881 11,720 6,953 1,081 1,454 785 757 550 1,519 6,147 1,032 2,000 2,181 360 1956—Dec. 31.... 1,452 13,487 8,045 626 1,835 930 836 1,012 1,627 6,865 1,516 2,346 2,415 346 1957_May 31.... 1,700 13,121 7,810 367 1,732 937 775 926 1,764 6,502 1,619 2,549 2,053 398 June 30 1,573 13,282 7,941 403 1,690 959 809 969 1,793 6,623 1,591 2,687 1,990 391 July 31.... 1,545 13,265 7,808 514 1,559 979 778 1,008 1,725 6,563 1,659 2,673 1,986 384 Aug. 31 1,635 13,267 7,627 450 1,577 1,009 769 944 1,754 6,502 1,724 2,683 1,981 377 Sept. 30.... 1,512 13,332 7,647 411 1,664 1,030 802 807 1,855 6,570 1,650 2,723 2,015 373 Oct. 31.... 1,517 13,753 7,934 398 1,573 1,056 857 1,161 1,948 6,993 1,739 2,672 1,979 370 Nov. 30.... ,538 13,605 7,816 352 1,567 1,021 865 1,199 1,972 6,976 1,735 2,593 1,946 356 Dec. 31.... 1,517 13,616 7,905 354 1,557 1,079 964 1,275 1,910 7,139 1,623 2,563 1,940 351 1958—Jan. 31.... ,619 13,694 8,007 331 1,520 1,084 942 1,330 2,035 7,242 1,597 2,525 1,950 382 Feb. 28*... 1,467 13,763 8,073 285 1,494 1,078 932 1,244 2,225 7,258 1,662 2,495 1,993 355 Mar. 31 P.. . 1,377 13,765 7,978 301 1,508 1,066 918 1,260 2,263 7,317 1,627 2,468 1,988 365 Apr. 30*... ,373 13,647 7,907 317 1,549 1,129 895 1,017 2,211 7,118 1,662 2,537 1,987 343 May 31*... ,503 13,690 7,920 250 1,596 1,134 845 1,061 2,183 7,069 1,789 2,487 2,033 312 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 D a e r n k - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u ey r- Y sl u a g v o ia - o A th l e l r 1954—Dec 31 1 642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Dec. 31 ,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 J 43 217 20 17 281 1957 May 31 ,764 298 120 65 59 175 111 75 120 25 253 12 12 439 June 30 793 302 119 61 59 166 110 87 120 25 268 14 11 449 July 31 ,725 315 120 97 61 156 98 85 115 25 278 12 9 351 Aug 31 ,754 328 123 101 55 143 115 87 116 24 272 16 11 362 Sept 30 855 337 132 102 62 139 172 94 124 24 273 12 12 371 Oct 31 ,948 345 137 97 68 144 186 97 129 30 260 19 9 425 Nov 30 972 347 131 100 66 146 218 95 127 26 270 16 11 418 Dec. 31 .910 349 130 112 64 154 203 93 142 24 260 18 11 348 1958 Jan 31 2,035 355 130 126 64 154 239 117 137 22 265 16 7 403 Feb 28? 2 225 35! 133 124 65 156 347 122 144 24 266 12 7 473 Mar. 31* 2,263 355 110 131 61 154 323 107 155 28 258 13 7 558 Apr 30p 2,211 353 118 142 59 142 295 108 157 27 257 12 5 534 May 31* 2,183 354 114 143 50 131 292 104 153 34 251 15 9 534 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 o m ia - - Cuba p m i D R c u li i o a e b c n - - n - - G m u a a l t a e- M ic e o x- l I S W 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 a o - - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m t a c h t a i e e n r rnam 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—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 2,525 138 23 120 78 150 240 52 68 386 71 123 56 32 72 780 136 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 May 31* 2,487 137 22 139 77 119 261 49 64 361 67 135 74 36 76 712 156 » Preliminary. For other notes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTL CAPITAL TRANSACTIONS OF THE U. S. 861 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other Ko- Date Total H K o o n n g g India I n n e d s o ia - Iran Israel Japan p r R u 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 tra u l s i - a C g B o i e n a l n g - o Egypt* 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—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. 30*.... 1,987 66 75 86 47 52 732 122 169 92 145 403 343 77 54 41 21 150 May 31^ 2,033 65 76 88 43 51 772 116 180 91 146 403 312 77 35 29 27 144 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania .2 .3 .1 British dependencies 9.8 8.0 British dependencies .6 .4 .3 Burma 19.1 7.0 n.a. Bulgaria .6 .2 n.a. Cambodia 13.1 17.2 20.0 Czechoslovakia * .7 .5 .7 Ceylon 32.9 41.2 34.2 Eastern Germany 1.2 1.2 n.a. China Mainland6 36.2 35.5 36.3 Estonia 1.9 1.9 1.7 Iraq 14.7 16.9 19.6 Hungary 1.0 1.0 .7 Jordan. 1.2 2.0 1.6 Iceland 8.9 4.8 3.1 2.9 Kuwait.. 3.5 5.3 5.9 Ireland, Republic of 14.3 13.7 9.1 n.a. Laos 23.1 37.3 n.a. Latvia 1.0 1.0 .6 .5 Lebanon. 18.0 22.3 28.2 Lithuania 5 .3 .4 .5 Pakistan. 5.7 20.2 12.8 Luxembourg 4.5 3. 13.2 16.4 Portuguese dependencies 2.0 2.7 3.1 Monaco 5.3 5.6 4.3 5.4 Ryukyu Islands 34.0 30.6 n.a. Poland 6 2.1 2.5 3.3 3.2 Saudi Arabia 79.5 97.4 n.a. Trieste 2.2 1.4 1.4 1.2 Syria* 13.1 17.1 3.5 U. S. S. R.6 1.8 .7 .8 .7 Viet-Nam 62.3 50.1 n.a. Other Latin America: All other: British dependencies 19.0 16.6 24.1 24.0 British dependencies 1.4 2.4 3.8 2.3 Costa Rica 15.3 17.6 14.6 16.4 Ethiopia and Eritrea 18.0 23.7 24.2 35.1 Ecuador 21.2 14.9 18.0 22.7 French dependencies 8.7 8.0 10.5 10.7 French West Indies and French Guiana... .4 .6 1.0 .8 Liberia 5.6 13.1 23.7 n.a. Haiti 12.7 12.1 8.9 11.2 Libya 1.7 9.9 3.7 6.7 Honduras 17.3 9.7 10.2 12.6 Morocco : Nicaragua 10.3 12.8 11.8 12.7 Morocco (excl. Tangier) 7.6 14.8 13.6 32.2 Paraguay 3.6 3.6 4.0 5.1 Tangier 35.7 33.5 22.4 19.2 New Zealand 2.3 1.9 2.2 1.9 Other Asia: Portuguese dependencies 8.3 5.3 2.8 4.4 Afghanistan 5.1 4.1 5.3 4.7 Spanish dependencies .5 .7 .3 .7 Bahrein Islands .6 .5 1.7 n.a. Sudan n.a. n.a. .4 n.a. Tunisia .4 .7 .5 n.a. P Preliminary. n.a. Not available. 4 Part of United Arab Republic since February 1958. 1 Short-term liabilities reported in these statistics represent principally 5 These data are based on reports by banks in the Second (New York) deposits and U. S. Govt. obligations maturing in not more than one year Federal Reserve District and include funds held in an account with the from their date of issue, held by banking institutions in the United States; U. S. Treasury. They represent a partial breakdown of the amounts small amounts of bankers' acceptances and commercial paper and of shown in the "other" categories in tables la-lc. liabilities payable in foreign currencies are also included. 6 Based on reports by banks in all Federal Reserve districts. 2 Includes International Bank for Reconstruction and Development, NOTE.—Statistics on international capital transactions of the United International Monetary Fund, and United Nations and other international States are based on reports by banks, bankers, brokers, and dealers. organizations. Excludes Bank for International Settlements, reported Beginning with the BULLETIN for June 1954 (as explained on p. 591 of under Other Europe. that issue), tables reflect changes in reporting forms and instructions made 3 Represents funds held with banks and bankers in the United States as of Mar. 31, 1954, as well as changes in content, selection, and arrange- (and in accounts with the U. S. Treasury) by foreign central banks and by ment of material published. For discontinued tables and data reported foreign central governments and their agencies (including official pur- under previous instructions, see BULLETIN for May 1954, pp. 540-45. chasing missions, trade and shipping missions, diplomatic and consular establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 INT>L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Ger- Switz- United Latin Date Total France many, Italy er- King- Other Total Can- Amer- Asia All Fed. land dom Europe Europe ada ica other Rep. of 1954—Dec. 31. 1,387 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—Apr. 30. 2,140 60 177 58 27 151 208 680 108 918 392 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. 2,247 106 138 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. 2,250 101 136 53 31 110 235 666 151 987 400 45 Feb. 28* 2,246 98 126 53 30 107 233 646 154 996 406 44 Mar. 31* 2,284 104 130 53 27 95 264 673 186 998 383 44 Apr. 30* 2,409 92 134 49 30 95 278 678 220 999 461 50 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 20 10 16 2 4 4 41 5 1955—Dec. 31.. 158 16 13 11 9 5 78 7 1956—Dec. 31.. 216 28 12 21 23 8 13 7 1957—Apr. 30.. 208 29 23 17 10 14 79 9 May 31.. 188 28 19 16 11 14 67 10 June 30.. 197 25 8 23 16 12 14 75 9 July 31.. 189 23 7 27 17 12 13 63 9 Aug. 31.. 192 25 7 21 17 19 9 68 9 Sept. 30., 209 25 6 24 18 24 9 72 11 Oct. 31. 203 24 9 22 16 10 9 81 13 Nov. 30., 207 25 9 24 19 10 11 77 11 Dec. 31., 218 33 11 24 23 11 10 76 10 1958—Jan. 31. 235 36 9 28 23 22 11 77 9 Feb. 28*, 233 35 9 27 25 26 11 71 8 Mar. 31*. 264 33 34 26 39 13 75 12 Apr. 30*. 278 33 35 29 45 17 81 10 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 m p D i R c l u i i a o e c b n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e d u n n r e 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—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. 31 987 26 3 110 43 107 130 13 9 213 2 19 31 9 52 166 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 Apr. 30* 999 24 3 184 42 84 99 10 9 235 3 21 37 6 44 150 48 * Preliminary. (excluded from these statistics) amounted to $1,243 million on Apr. 30, 1 Short-term claims reported in these statistics represent principally the 1958. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 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

ENTTL CAPITAL TRANSACTIONS OF THE U. S. 863 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES * Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia Date Hong Total Kong 1954 Dec 31 143 3 1955 Dec. 31 233 3 1956—Dec. 31 337 4 1957_Apr. 30 392 7 May 31 426 7 June 30 451 7 July 31 . . .. 421 7 Aug. 31 396 9 Sept. 30 389 9 Oct 31 407 7 Nov. 30 387 8 Dec 31 386 7 1958 Jan. 31 400 8 Feb. 28* 406 7 Mar 31 v . . .. 383 Apr. 30p 461 00 00 All other India Iran Israel Japan ip P p h in il e - s T w a a i n - T la h n a d i- Other Total t A r u a s li - a C g B o i e a n l n g - o ]Egypt3 U S n o o u i f o t n h Other Africa 5 16 11 50 7 5 6 39 37 14 6 6 10 5 18 10 103 19 6 8 60 43 11 5 1 8 17 6 20 16 170 16 6 9 91 43 11 6 2 8 17 10 24 22 210 19 5 10 87 41 10 5 1 8 17 11 23 25 244 24 5 13 75 46 13 6 1 8 18 11 22 24 258 30 5 12 81 46 12 5 1 11 17 11 24 22 248 28 6 11 63 46 12 6 1 12 15 9 24 24 216 40 6 12 58 52 11 6 1 12 21 9 24 23 188 51 6 8 71 52 11 5 1 11 24 8 24 26 174 51 6 11 100 48 11 4 1 12 20 7 24 25 150 56 6 12 100 49 10 5 14 19 6 22 24 146 53 6 14 110 50 13 5 12 19 7 23 22 152 54 6 13 115 45 13 5 9 17 7 26 21 147 58 6 13 122 44 13 6 7 16 7 28 21 139 53 6 12 108 44 13 6 12 12 8 40 19 214 42 6 12 114 50 13 6 2 14 16 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES4 [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 t s s e s p ( , u - o r ) r - c P ha u s r e - s Sales c s N a h l a e e t s s e p s ( u ,o - r ) r - ch P a 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 ch P a u s r e - s Sales c s N a h l a e e t s s e p s ( u , - o r ) r - 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 ,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,390 -691 593 622 -29 1957—Apr... 53 8 134 113 21 69 215 -146 54 59 -5 May.. 102 162 -60 179 160 19 57 193 -136 59 81 -21 June.. 57 31 26 170 135 35 45 43 2 76 90 -14 July.. 29 122 -93 161 153 8 130 191 -61 69 60 9 Aug... 18 175 -157 135 119 16 23 36 -13 46 44 2 Sept.. 16 10 6 92 103 -11 49 80 -31 41 46 -6 Oct... 35 19 17 107 143 -36 123 106 18 44 43 1 Nov.. 38 30 7 111 94 17 38 94 -56 36 28 8 Dec... 73 42 31 101 101 ) 38 60 -22 30 26 4 1958—Jan.. . 113 113 () 93 103 -10 39 179 -140 28 51 -23 Feb.*. 242 124 118 97 99 2 51 157 -106 122 210 -88 Mar.* 44 52 -9 129 128 1 38 35 3 23 40 -17 Apr. P. 72 95 -23 105 124 -20 52 143 -91 22 34 -12 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 t i s o e o t n r i n - - a s l f c T o t o r r o e u i t e i n a g s l - n France F R m l e G e ic d a p e e n u o r r y - b f a , - l Italy Sw la it n z 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 r t o a p l e Canada A L m i a c t a e in r- Asia ot A h l e l r 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 g 7 147 96 85 329 265 76 29 7 1956 82 75 -121 7 (2) 234 8 33 161 -124 34 4 1957 -157 299 10 3 1 98 79 101 291 -8 8 5 4 1957 Apr 1 65 2) 9 21 10 42 21 1 May -25 -16 2 (2) 2\ 7 7 6 22 -34 -5 (2) 8 1 61 2 (2) 2\ 5 50 -6 51 5 4 -1 i July —85 (2) 2) 7 —78 13 -59 -27 1 Aug -141 1 (2) 2) 17 -1 -2 15 -17 2 1 Sept 1 -6 (2) 2) -2 -5 4 -2 -5 1 O N e o t v <> 1 > -2 2 1 4 1 8 1 S(2)t -21 11 -2 2 1 2 1 -8 12 -13 7 3 1 -2 1 i Dec 29 (2) 3 15 23 40 1 -12 (2) 1958—Jan -10 -5 34 -28 2 -9 1 (2) Feb.* 135 -18 -5 l (2) -8 10 9 7 -29 3 (2) Mar.* -8 t (2) 9 2 12 -15 -4 1 (2) Apr p 5 -48 — 1 (2) P) -10 2 -1 -11 -16 -21 (2) Preliminary. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r th or na I i n n ti t s o e t n i r - - al f c o T r o o e u i t g n a n l - Europe C a a d n a - A L m at e in r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. la M n i e s o c u e s l- 3 tutions tries 1954 — 164 — 137 Q -133 33 — 34 7 1956—Dec. 31 322 3,856 139 1955 -27 A -46 74 24 -49 —7 1956.. . — 33 — 478 8 —447 17 —40 — 16 1957—June 30 449 3,685 164 1957 -384 — 336 231 -550 15 —45 13 July 31 364 3,730 278 Aug. 31 342 3,523 280 1957—Apr.... -146 10 -153 -2 C1) Sept. 30 337 3,421 278 J M u a n y e . . . . . . - - 8 1 1 - - 1 7 1 6 -12 1 - -1 8 1 4 1 2 0 - - 3 4 1 1 4 N O o ct v . . 3 3 0 1 2 3 8 7 3 8 3 3 , , 7 7 8 7 7 4 3 3 4 4 4 9 July.... -101 49 117 -70 2 -1 1 Dec. 31 356 3,729 353 A S O e u c p t g t.... - - 7 6 7 2 - - 3 5 9 9 6 -9 8 1 6 5 - - 2 3 1 1 0 3 2 2 1 - - - 2 4 1 0) 1 t 1958— F Ja e n b . . 2 3 8 1 2 2 6 4 5 9 3 3 , , 5 7 5 5 2 5 4 4 2 0 8 5 D N e o c v . . . . . . . . -5 0 3 ) -18 4 9 6 -14 4 - - 4 3 -7 5 C1) A M M p a a r y r . . 3 3 3 1 0 1 2 2 2 3 6 5 4 6 7 3 3 3 , , , 3 0 0 1 3 6 5 7 8 4 4 4 0 2 2 5 1 2 1958—Jan -135 -27 -6 -6 4 -5 -15 June 30 269 2,974 491 Feb.*.. -12 -182 -88 -94 1 -3 2 Max.P. . -5 -10 -7 1 0) -3 0> June 4 272 3,045 396 Apr. P.. -11 -91 -5 -86 3 -3 1 1 1 8 1 2 2 8 5 9 9 3 3 , , 1 0 1 7 2 2 4 3 1 9 9 8 25 268 2,999 493 9 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 monthl> Estimated Year or world Africa North and South America Other production month (excl. Total U.S.S.R.) 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 - i Au li s a tra- India 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 994.0 910.6 556.2 18.8 21 9 13.1 65 3 153 4 12.3 15.3 3.3 7.6 36 1 7.3 1957 2940 1 596 2 18.8 27.7 13.1 63.6 154.7 11.4 3.6 6.9 37.9 6.3 1957—Apr 78.2 49.1 1.6 2.2 4.7 12.9 1.0 .7 .5 .6 3.2 .6 May 278 8 50.6 2.2 0 5.0 13.1 .9 .3 .6 3.1 .5 June . •. 277.7 50.1 6 2.2 9 4.9 12.6 .7 .2 .6 3.4 .5 July 280.8 51.4 2.3 ? 5.8 12.8 .9 .2 .6 3.7 .5 280 0 51 1 *> 2.4 1 5.8 12.6 .8 .5 .6 3.0 .5 Sept 279.5 50.3 6 2.4 ? 5.7 13.1 .9 .2 .6 3.1 .5 Oct . ... 282.0 50.9 6 2.4 1 6.5 13.9 .8 .4 .6 3.1 .5 Nov 278 7 49 8 6 2.4 0 5.1 13.1 1.1 .2 .6 3.2 .5 Dec 277 7 49.0 6 2.4 .9 5.5 12.9 .9 .2 .5 3.3 .5 1958—Jan 49.6 2.5 1.4 4.4 13.2 1.5 .6 3.2 .5 Feb 47 5 S 2.5 .9 4.4 12 5 1 0 .5 2 9 Mar 50.1 2.5 .9 4.3 13.7 .5 Apr 50.3 2.4 1.2 4.5 13.4 6 » Gold exports, representing about 90 per cent of total production. Ghana and Belgian Congo, data for which are from American Bureau of * 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 865 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 N G e e t r h m e a rl n a y n d (F s ed. Rep. of) '"-79 .'8 "-4.*5 -1 -1 0 0 0 . . 0 0 -1 -6 3 5 0 . . 0 0 -225.6 -10.0 ""is'.b "#26!6 ""5.0 -4K9 -15 0 -34.9 -5.0 -59.9 Sweden -22.9 -32.0 -20.0 -15.0 15.2 Switzerland -38.0 -15.0 "'ii.'s -65.0 -15.5 -8.0 "-5*6 Bank for Intl. Settlements.... -65.3 -30.4 (2) -94.3 -20.0 -15.1 Other -16.4 -29.7 -17.3 -17.5 2.6 4.0 3.0 339.3 7.0 1.0 331.3 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 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 -.1 Total — 1 003 4 525 6 451 2 —480 5 — 50 5 — .1 100.3 — 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 -io!6 17 5 -22.8 -3.5 28.1 -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 -.9 -30.0 -200.0 Other '21.0 r-54.7 -2.4 2 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 -38.9 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.4 -.5 4.0 14.9 -.6 All other -30.6 -76.0 -.4 1.0 14.1 -.2 -.1 -.1 -.5 Total foreign countries.. -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 80.2 171.6 41.5 18.4 18.9 92.8 -377.4 International institutions 4200.0 4600.0 4300.0 4300.0 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 r Revised. 2 Less than $50,000. 1 Includes sales of gold to Belgian Congo as follows (in millions): 1950, 3 Includes purchase of $31.5 million of gold from Spain. $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. 4 Represents purchase of gold from International Monetary Fund.. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Net Ear- Gold stock Net Ear- (end of year) Increase gold marked Domes- (end of month) Increase gold marked Domesin total import, gold: de- tic gold in total import, gold: de- tic gold Year gold or crease, produc- Month gold or crease, produc- Treas- stock export or in- tion Treas- stock export or in- tion ury Total 1 crease ury Total 1 crease (-) (-) 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957_junc 22,623 22,732 5.5 10 0 — 6 0 4 9 1946 20,529 20,706 623 A 311.5 465.4 51.2 July 22,627 22,735 3.8 2.7 — .8 5 8 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Aug 22,626 22,735 -.5 28.6 — 11 4 5 8 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Sept 22,635 22,759 24.1 18.9 -9.0* 5 7 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Oct 22,691 22,835 75.4 42.8 36 9> 6 5 1950 22,706 22,820 -1,743.3 -371.3 -1,352.4 80.1 Nov 22,763 22,837 2.4 34.3 -31.2 5.1 Dec 22,781 22,857 20.2 18.8 2.0' 5.5 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1952 23,187 23,252 379.8 684.1 — 304.8 67.4 1958—Jan 22,784 22,860 2.3 45.0 -373 4 4- I953 22 030 22 091— 1,161 9 2 0— 1 170 8 69 0 Feb 22 686 22 736 — 123 7 38 9 — 167 6 4 4 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 Apr 21,996 22,042 -445.1 26.0 —471' 5 4 5 1956 21,949 22,058 305.9 106.1 318.5 65.3 May 21,594 21,674 -367.8 17.9 -355.2 4 6 1957 22,781 22,857 798.8 104.3 600.1 63.6 June ^21,356"21,412 *>-262.5 (3) 4-285.0 (3) » 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 $7,591.2 million on June 30, 1958. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States End of total month world i Treasury TotaP 1952—Dec 35,985 23,187 23,252 1953_Dec 36,415 22,030 22,091 1954 Dec 37,075 21,713 21,793 1955—Dec 37,740 21,690 21,753 1956—Dec '38,245 21,949 22,058 1957—May 22,620 22,726 June 38,745 22,623 22,732 July 22,627 22,735 Aug. 22,626 22,735 Sept 38,825 22,635 22,759 Oct 22,691 22,835 Nov. 22,763 22,837 Dec 38,975 22,781 22,857 1958 Jan 22,784 22,860 Feb 22 686 22,736 Mar *39,120 22,394 22,487 Apr 21,996 22,042 May 21,594 21,674 E m n o d n t o h f Egypt3 l F a i n n d - France* 1952 Dec 174 26 573 1953—Dec 174 26 576 1954—Dec 174 31 576 1955 Dec 174 35 1956—Dec 188 35 1957—May 183 35 June 188 35 July 188 35 188 35 Sept. 188 35 Oct 188 35 Nov . 188 35 Dec 188 35 1958—Jan 188 35 Feb 188 35 Mar 174 35 Apr 174 35 May 174 35 E m n o d n t o h f Peru Po g r a t l u- 1952—Dec 46 286 1953 Dec 36 361 1954—Dec 35 429 1955 Dec 35 428 1956 Dec 35 448 1957 May 35 463 June .. 35 458 July 35 461 35 466 Sept 35 467 Oct 28 464 Nov 28 469 Dec 28 461 1958 Jan 28 454 Feb 20 454 Mar 20 454 Anr 454 May 474 0000 00 NONO \7 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 - 287 112 52 706 317 896 42 76 214 31 371 117 52 776 321 996 42 86 186 31 371 138 62 778 322 1,080 42 86 186 31 371 144 71 929 323 1,141 44 86 136 31 224 107 71 928 324 1,113 46 57 136 31 181 116 78 849 324 1,116 46 57 136 31 181 116 80 842 324 J.I 21 43 58 136 31 181 116 84 846 324 ,120 43 58 136 31 181 116 87 882 324 ,135 40 58 136 31 166 116 87 874 324 1,136 40 58 136 31 127 119 83 876 324 ,136 40 60 136 31 126 123 103 875 324 I 127 40 61 136 31 126 126 103 913 324 ,115 40 62 136 31 126 103 946 324 ,116 40 136 31 126 103 967 324 086 40 136 31 126 103 998 324 ,096 40 136 31 126 103 1,028 324 ,101 40 136 31 103 1,099 ,089 31 Germany, R F e e p d u e b ra li l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n iof 140 27 247 235 138 346 144 544 50 38 326 27 247 145 137 346 158 737 52 38 626 27 247 81 138 346 62 796 45 38 920 27 247 81 138 352 142 865 45 48 1,494 27 247 45 138 338 167 844 50 49 1,923 27 247 41 138 359 165 806 47 49 575 2,029 27 247 40 138 364 165 806 46 49 575 2,124 27 247 40 138 390 164 793 45 49 575 2,261 27 247 41 138 422 163 747 45 49 575 2,399 27 247 41 138 428 182 700 45 49 575 2,548 27 247 41 138 443 182 700 45 49 575 2,557 27 247 41 138 453 181 700 46 49 575 2,542 27 247 39 138 452 180 744 45 49 575 2,501 27 247 39 138 457 159 792 45 49 575 2,489 247 39 138 462 159 828 45 49 575 2,460 247 39 139 847 43 49 575 2,492 247 38 862 43 49 575 2,499 38 881 43 49 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 I ta n o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 29 170 184 1.411 113 143 1,846 207 373 1.692 196 29 176 218 1,459 113 143 2,518 227 373 1,702 193 29 199 265 1,513 113 144 2,762 227 403 1,740 196 28 212 276 1,597 112 144 2,120 216 403 1,808 217 28 224 266 1,676 112 144 2,133 186 603 1,692 179 31 235 231 1,615 112 144 2,345 183 669 1,141 148 31 234 231 1,633 112 144 2,381 183 669 I 147 205 31 226 233 1,674 112 144 2,367 183 719 [,148 165 31 226 241 1,694 112 144 2,142 183 719 1,157 184 31 215 235 1,725 112 144 1,850 183 719 I 167 138 31 215 226 1,733 112 144 2,093 183 719 1,177 130 31 218 227 1,718 112 144 2,185 183 719 1,180 143 31 217 219 1,718 112 144 2,273 180 719 1,180 165 31 206 215 1,727 112 144 2,404 180 719 I 180 171 31 212 209 1,733 112 144 2,539 180 719 1,182 162 31 193 203 1,720 112 144 2,770 180 719 ,186 182 31 179 203 I 770 144 2 914 180 719 918 212 31 161 203 1,836 144 3,039 720 254 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 867 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 31, 1956 Mar. 31,1957 June 30, 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- Go\t. 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 8 458 7 Belgium-Luxembourg (and Belgian Congo).. 1,227 12 1,170 11 1,133 11 1,165 8 1,182 8 1,259 7 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 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 Greece 187 189 177 152 167 167 Italy 1,268 2 1,250 2 1,323 2 1,458 2 1,531 2 41,528 2 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 83 Portugal (and dependencies) 628 628 622 636 651 658 Sweden 4 1 8 6 3 0 A3! 4 1 8 4 0 8 4 1 9 4 9 2 5 1 0 4 8 0 4 1 7 1 9 4 5 4 1 6 1 1 8 6 3 Switzerland 2,512 s 2,410 132 2,442 132 2,527 134 2,682 128 2 638 117 T O u th rk e e rs y 9 1 3 6 3 4 9 1 1 5 4 8 8 1,2 1 0 5 4 8 12 8 1 8 5 9 6 S 8 1 6 6 3 2 Q 9 1 6 5 1 7 Total 14,135 298 13,889 308 14,120 298 14,462 294 14,752 319 14,934 284 Sterling Area: United Kingdom 2,812 203 2,854 238 2,894 264 2,507 180 2,875 205 3,460 246 103 4 93 4 96 4 109 4 104 4 102 4 191 193 191 197 211 4208 (3) India 323 1 324 1 323 1 329 1 329 1 326 1 Union of South Africa 277 1 293 1 294 1 262 1 255 j 231 1 Other 228 14 226 25 226 29 227 30 224 34 230 34 Total 3,934 223 3,983 269 4,024 299 3,631 216 3,998 245 4,557 286 Canada 2,629 367 2,608 438 2,712 457 2,786 443 2,738 457 2,723 435 Latin America: Argentina '370 332 345 313 263 270 Brazil 549 556 467 457 456 440 1 Chile 137 1 137 1 131 1 117 1 115 1 117 1 Colombia 210 250 263 244 215 4197 Cuba 347 167 354 167 393 167 416 167 371 154 380 146 Guatemala 91 (32 101 97 87 (3) 92 93 (3) Mexico 600 575 4 504 4 553 3 555 4523 3 Panama, Republic of 109 1 117 1 135 1 129 1 136 1 144 2 Peru 119 117 110 96 88 82 259 j 257 2 248 243 j 235 1 266 j Venezuela 1,058 3 1,043 2 1,450 2 1,615 2 1,554 2 1 428 2 Other '274 12 '321 12 '345 11 '293 13 '276 13 298 12 Total '4,123 190 4,160 190 4,488 188 4,563 189 4,356 176 4,238 168 Asia: Indonesia . 231 188 168 220 190 8 128 Iran 158 (3) 178 (3) 173 (3) 187 193 191 (3) 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 5 Thailand 260 1 279 279 1 275 1 269 1 269 Other 707 6 730 6 767 7 768 7 111 8 764 8 Total 2,795 17 2,645 17 2,384 16 2,383 16 2,318 16 2,375 16 All other: Egypt6 238 248 246 242 228 216 (3) Other 129 8 163 8 175 7 166 7 162 170 Total 367 8 411 8 421 7 408 7 390 7 386 7 Total foreign countries'' '27,983 1,103 27,696 1,230 28,149 1,265 28,233 1,165 28,552 1,220 29,213 1,196 International institutions 3,144 391 2,996 391 2,720 366 2,679 222 2,698 222 2,563 356 Grand total7 '31,127 1,494 30,692 1,621 30,869 1,631 30,912 1,387 31,250 1,442 31,776 1,552 * Preliminary. ' Revised. 6 Part of United Arab Republic since February 1958. 1 Excludes gold holdings of French Exchange Stabilization Fund. 7 Excludes gold reserves of the U. S. S. R. and other Eastern European 2 Does not include $286 million of gold loaned by Bank of France to countries. the French Exchange Stabilization Fund on June 26, 1957. NOTE.—Gold and short-term dollars include reported and estimated 3 Less than $500,000. official gold reserves, and total dollar holdings as shown in Short-term 4 Includes latest reported figures for gold reserves as follows: Italy Liabilities to Foreigners Reported by Banks in the United States, by (Feb. 28); Australia and Colombia (Dec. 31, 1957); and Mexico (Feb. 28.) Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. 5 Includes Yugoslavia, Bank for International Settlements (both for bonds and notes represent estimated holdings of such securities with origiits own and European Payments Union account), gold to be distributed nal maturities of more than one year; these estimates are based on a by the Tripartite Commission for Restitution of Monetary Gold, and survey of selected U. S. banks and on monthly reports of security transacunpublished gold reserves of certain Western European countries. tions. For back figures see BULLETIN for March 1956, pp. 304-05. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1958 1957 1958 1957 Item Item Jan. Oct. July Apr. Jan. Mar. Dec. Sept. June Mar. Gold 1,180 1,177 1,148 1,439 1,420 Dollar deposits and U. S. securities. 683 602 524\ 484 430 Investments* 200 200 200 200 200 Other currencies and securities 1. . . 767 813 85$I 873 901 Currencies: United Statesi 769 811 992 977 1,423 Effective loans2 2 795 2 60(> 2,54S> 2,437 2,378 Other* 5,992 5,948 5,777 5,489 5,051 Other assets •* 90 7f It5 72 54 Unpaid member subscriptions 874 874 818 817 824 Other assets 8 6 5 3 IBRD bonds outstanding 1,405 1,26S 1,141 1,034 948 Un disbursed loans 699 62C) 67<> 670 676 Member subscriptions 9,016 9,016 8,941 8,932 8,929 Other liabilities 24 21 2() 19 20 Accumulated net income 3 -2 -6 -10 Reserves 335 31S> 30:1 289 266 Reserves and liabilities 4 2 2 2 Capital* 1,872 1,86'i 1,86'1 1,854 1,853 Quota Cumulative net drawings on the Fund Loans by country, May 31. 1958 Country 9 Paid 1958 1957 Outstanding Total in Area and member country4 gold Apr. Mar. Apr. Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 75 others5 Belgium 225 56 50 50 50 Brazil 150 38 75 75 38 Chile 50 9 37 37 12 Continental W. Europe, total. . 1,283 1,067 209 859 94 Colombia 50 13 35 I 35 25 Belgium and Luxembourg... 173 131 15 116 30 Cuba 50 13 25 ! 25 23 267 21 247 13 Egypt 60 10 30 I 30 30 Italy 238 111 1 110 21 France 525 108 328 328 160 Netherlands 236 146 90 24 India 400 28 200 200 128 Other 369 322 27 296 7 Indonesia 110 16 55 55 55 Japan 250 63 125 125 Sterling area total 1 181 885 98 786 102 Netherlands 275 69 64 64 Australia 318 299 19 280 27 Un. of S. Africa... 100 25 25 ! 20 India 354 266 27 239 29 United Kingdom.. 1,300 236 562 562 562 Pakistan 126 58 11 47 4 United States 2,750 10-2,016 Uo_2,OO3 10-1,436 Union of S. Africa 160 142 31 111 20 United Kingdom 174 90 5 86 23 Other . .. 49 30 7 23 N 1 o C te u s r re to n c t i a e b s l e i s n c o l n u d in e te d r e n m at a i n o d n a o l b i l n ig st a i t t i u o ti n o s n s h : eld in lieu of deposits. Latin America total 798 601 74 527 24 2 Represents principal of authorized loans, less loans not yet effective, Brazil 18? 167 18 149 1 repayments, the net amount outstanding on loans sold or agreed to be 111 92 22 70 2 sold to others, and exchange adjustment. M^exico. . .... 186 146 11 134 8 3 Excludes uncalled portions of capital subscriptions. Other 318 196 23 173 12 4 Loans to dependencies are included with member. 5 Includes also effective loans agreed to be sold but not yet disbursed. Asia (excl. Sterling area), total. 320 198 7 191 16 6 Includes $189 million in loans not yet effective. Thailand 107 40 4 36 2 7 Includes $217 million not guaranteed by the Bank. Other 158 3 155 14 « U. S. Treasury bills purchased with proceeds of sales of gold. 9 Countries shown are those with cumulative net drawings of $25 Africa (excl. Sterling area).... 24 9 1 8 1 million or more on the latest date. 10 Represents sales of U. S. dollars by the Fund to member countries Total 63 605 >,760 390 2,370 7238 for local currencies, less repurchases of such currencies with dollars. PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) A d ss e e p t a s r o tm f e is n s t ue Assets of banking department Liabilities of banking department Date Note Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- ci t r io cu n l i a- Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 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—June 26 , .4 2,000.0 2.4 14.9 32.6 268.4 1,985.5 216.3 12.2 71.8 18.1 July 31 .4 2,075.0 2.4 15.9 29.9 262.4 2,059.5 205.0 13.4 73.9 18.3 Aug. 28 .4 2,025.0 2.4 29.9 17.6 253.5 1,995.5 199.3 11.6 74.2 18.5 Sept. 25 .4 2,000.0 2.5 32.9 15.1 271.0 1,967.5 216.8 13.0 73.1 18.5 Oct. 30 .4 2,000.0 2.5 33.4 13.7 288.7 1,967.0 234.6 10.1 75.7 17.8 Nov. 27 .4 2,050.0 2.4 48.9 19.8 260.3 2,001.4 226.9 10.1 76.4 18.0 Dec. 25 .4 2,150.0 2.4 22.4 21.0 263.6 2,128.0 199.5 9.8 81.9 18.1 1958—Jan. 29 .4 2,000.0 2.4 43.2 25.3 239.4 1,957.2 205.1 12.2 74.6 18.3 Feb. 26 .4 2,000.0 2.4 38.2 27.9 258.3 1,962.1 224.0 11.4 73.0 18.5 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 May 28 .4 2,050.0 2.4 16.5 28.7 264.9 2,033.9 209.9 12.9 :::::::: 71.6 18.0 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 869 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date St a er n l d ing Do ci m al i n g i o o v n t . a s n e d cu p r r it o i v es in- Deposits Other United Other Note liabilities States assets circulation and dollars S t h er o m rt- Other Ch b a a r n te k r s ed Do g m o i v n t i . on Other capital 1953—Dec. 31. 54.9 1,376.6 893.7 112.0 1,599.1 623.9 51.5 29.5 133.1 1954-Dec. 31, 54.2 1,361.5 871.1 114.1 1,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31. 57.4 1,283.8 1,093.7 185.2 1,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31. 60.8 1,025.0 1,392.0 69.9 1,868.7 511.5 38.8 31.2 97.5 1957_jUne 29. 57.3 ,213.3 1,194.3 210.3 1,784.3 545.5 44.4 28.9 272.1 July 31. 63.1 ,197.7 1,202.3 100.7 1,817.7 490.5 54.2 26.9 174.5 Aug. 31, 62.4 ,251.8 1,208.4 203.9 1,815.5 542.8 64.0 33.3 270.9 Sept. 30, 55.3 ,208.4 1,204.2 110.9 1,819.1 480.8 66.9 28.7 183.3 Oct. 31, 56.6 ,297.5 1,192.1 163.5 1,824.0 623.7 40.1 25.8 196.0 Nov. 30, 56.2 ,321.5 1,152.0 252.8 1,828.0 543.4 64.3 30.7 316.1 Dec. 31 63.5 ,246.2 1,217.5 131.5 1,903.7 517.6 35.4 31.2 170.8 1958—Jan. 31, 63.0 ,265.5 1,105.0 182.2 1,776.5 533.8 57.3 23.3 224.8 Feb. 28, 63.2 ,293.0 1,103.2 198.1 1,783.7 555.2 46.1 26.8 245.6 Mar. 31, 61.2 ,373.9 1,074.3 157.6 1,809.7 579.5 53.8 24.6 199.3 Apr. 30 51.3 ,329.7 1,144.1 117.3 1,832.0 554.2 60.4 25.1 170.6 May 31 58.0 ,002.4 1,472.7 202.3 1,843.5 540.7 65.5 27.1 258.5 Bank of France (billions of francs) Assets Liabilities Date Gold F c o h e r a e x n i - g g e n Open Domestic bills G A o d v va e n rn c m es e t n o t O as t s h e e ts r ci N r ti c o o u t n l e a- Gov D er e n p - osits l O i i a a t t n i b h e d i e s l r market Special Other Current Other ment Others capital 1953—Dec. 31 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 ,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 ,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 ,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957_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 ,931.4 175.0 789.8 271.1 3,219.7 376.6 97.4 Sept. 26 201 11.9 322.7 18.3 ,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31 201 12.0 315.2 44.0 ,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28 201 12.0 282.0 44.6 ,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 ,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 ,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 ,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 ,932.3 175.0 899.9 253.2 3,192.1 478.5 125.5 Apr. 30 201.2 11.9 322.6 27.1 .881.2 175.0 946.4 305.0 3,295.5 470.8 104.1 May 29 5201.2 11.9 310.7 22.7 2,011.6 175.0 929.8 5270.3 3,286.3 550.2 96.7 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos):6 (millions of pounds): Gold and foreign exchange (net)... -1,006 -730 Gold and foreign exchange 446 430 458 454 Net claim on Intl. Fund? -675 -675 Checks and bills of other banks.. 7 5 3 Advances to Government 2,375 2,906 Securities (incl. Govt. and Treas- Government securities 63,297 62,413 ury bills) 452 494 464 456 Loans and discounts 6,220 6,241 Other assets 45 50 54 55 Other assets 3 670 2 884 Note circulation 385 389 390 378 Currency in circulation 52,796 53,017 Deposits of Trading Banks: Deposits—Government 444 419 Special 290 305 325 340 Banks 11,736 11 341 Other 25 29 18 25 Other 339 305 Other liabilities and capital 247 258 248 224 Other liabilities and capital 8,566 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

870 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 May Apr. Mar, May May Apr. Mar. May Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 2,654 2,654 2,654 ,005 Gold 136 136 136 Foreign exchange (net) 10,352 10,203 10,341 ,632 Foreign exchange (net) 112 119 201 Loans and discounts , 5,887 5,679 5,683 ,515 Foreign exchange (Stabilization Claim against Government 1,342 1,342 1,342 ,343 Fund) 141 144 177 Other assets , 849 844 834 614 Net claim on Intl. Fund* -12 -12 -10 Note circulation , 15,174 15,091 15,019 14,239 Loans and discounts 127 77 41 Deposits—Banks , 1,925 1,610 1,777 ,101 Credits to Government 189 185 100 Other 993 1,023 1,017 986 Other assets 75 73 75 Blocked 1,091 1,115 1,049 ,058 Note circulation 522 466 451 Other liabilities and capital , 1,902 1,882 1,991 ,725 Deposits 210 220 243 National Bank of Belgium (millions of Other liabilities and capital 37 35 28 francs): National Bank of Czechoslovakia2 Gold 54,971 51,424 49,905 42 435 National Bank of Denmark (millions Foreign claims and balances (net). 10,975 11,370 10,600 11 of kroner): Loans and discounts , 6,997 8,881 7,562 13 Gold 68 68 68 68 Consolidated Govt. debt 34,243 34,243 34,243 34 Foreign exchange 1,062 1,041 976 501 Govt. securities , 6,280 7,930 8,405 7 Loans and discounts 176 165 212 176 Other assets , 6,033 5,980 6,063 5 Securities 323 335 374 491 Note circulation 112,140 113,080 10199,629 109 Govt. compensation account 2,978 2,979 2,979 3,047 Deposits—Demand , 2,468 1,968 2,531 1 Other assets 886 849 647 1,150 ECA 19 19 19 Note circulation 2,304 2,324 2,327 2,195 Other liabilities and capital 4,871 4,762 4,598 Deposits—Government 1,380 1,390 1,396 1,550 Central Bank of Bolivia—Monetary Other 1,533 1,458 1,270 1,433 dept. (millions of bolivianos): (Feb.)* Other liabilities and capital 277 265 263 256 Gold at home and abroad 7,048 193 Central Bank of the Dominican Re- Foreign exchange (net) -30,167 r24 609 public (thousands of pesos): Gold contribution to Intl. Fund. . 21,375 475 Gold 11,432 11,405 11,405 11,405 Loans and discounts 384,769 268 789 Foreign exchange (net) 10,211 9,682 9,471 11,732 Govt. securities 7,873 7 951 Net claim on Intl. Fund* 2,500 2,500 2,500 2,500 Other assets 26,795 6 183 Loans and discounts 10,118 9,183 10,373 4,973 Note circulation 218,157 172427 Govt. securities 7,300 7,500 7,500 7,830 Deposits 29,412 28 136 Other assets 28,323 27,592 27,335 22,131 Other liabilities and capital 170,126rl07638 Note circulation 54,345 53,068 53,428 47,567 Central Bank of Ceylon (millions of Demand deposits 11,497 10,877 11,464 9,571 rupees): Other liabilities and capital 4,042 3,918 3,692 3,434 Foreign exchange 497 560 598 609 Central Bank of Ecuador (millions of Advances to Govt 68 29 21 sucres): Govt. securities 108 104 76 27 Gold 325 325 325 325 Other assets 24 14 15 8 Foreign exchange (net) -71 -25 -31 -19 Currency in circulation 508 506 472 463 Net claim on Intl. Fund* 38 38 38 38 Deposits—Government 5 3 21 6 Credits—Government 495 467 466 525 Banks 80 91 84 90 Other 313 299 317 212 Other liabilities and capital 104 106 112 106 Other assets 264 284 273 250 Central Bank of Chile (millions of Note circulation 686 680 685 664 pesos): Demand deposits—Private banks . 190 209 206 200 Gold 4,842 4,261 598 Other 179 189 210 155 Foreign exchange (net) 481 670 030 Other liabilities and capital 309 310 286 311 Net claim on Intl. Fund1 -2,732-2,732 19 Nirational Bank of Egypt (millions of Discounts for member banks 20,088 18,894 112 pounds): Loans to Government 31,078 37,864 245 Gold 61 61 6] 64 Other loans and discounts 64,528 64,003 ,542 ' Foreign assets3 70 76 84 98 Other assets 40,885 36,106 427 Egyptian Govt. securities 185 187 188 164 Note circulation 86,896 86,750 937 Clearing and other accounts (net). -38 -36 -37 -6 Deposits—Bank 7,811 7,782 098 Loans and discounts 37 32 28 23 Other 6,830 4,528 357 Other assets 4 2 2 2 Other liabilities and capital 57,634 60,006 580 Note circulation 185 188 188 207 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 23 18 21 8 lions of pesos): Other 91 94 97 111 Gold and foreign exchange 256 269 286 327 Other liabilities and capital 19 21 19 18 Net claim on Intl. Fund* 52 52 52 52 Central Reserve Bank of El Salvador Loans and discounts 1,773 1,703 1,668 624 (thousands of colones): Govt. loans and securities 635 637 639 696 Gold 78,526 534 78,541 78,740 Other assets 337 290 311 397 Foreign exchange (net) 34,571 656 30,429 51,856 Note circulation 988 966 992 864 Net claim on Intl. Fund* 4,689 689 4,689 1,562 Deposits 1,233 1,198 1,194 910 Loans and discounts 85,921 419 91,015 80,280 Other liabilities and capital 832 787 770 321 Govt. debt and securities 3,979 508 7,343 12,204 Central Bank of Costa Rica (millions Other assets 9,387 230 7,607 7,793 of colones): Note circulation 97,052 042104,683 101,428 Gold 12 12 12 12 Deposits 107,106 108,298103,255 118,990 Foreign exchange 105 90 75 94 Other liabilities and capital 12,914 12,695 11,686 12,017 Net claim on Intl. Fundl 7 7 7 77 Bank of Finland (millions of markkaa): Loans and discounts 112 129 150 91 Gold 7,850 7,850 7,850 7,849 Securities 14 14 15 18 Foreign assets and liabilities (net). 37,882 36,747 39,100 11,990 Other assets 35 37 37 22 Loans and discounts 31,014 32,717 29,957 44,069 Note circulation 171 171 174 154 Securities—Government 8,125 8,125 7,500 16,250 Demand deposits 51 58 63 50 Other 1,614 1,202 1,236 1,556 Other liabilities and capital 61 60 59 39 Other assets 17,029 16,489 16,673 12,166 Note circulation 59,038 56,174 55,8771 56,311 Deposits 9,311 13,544 13,614| 5,180 Other liabilities and capital 35,165 33,411 32,825 32,389 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. Fu 2 n d F o le r s t s h t e h l e a s b t a a n v k a ' i s l a l b o l c e a l r e c p u o r r r t e s n f c o y r l C ia z b e i c li h t o y s t l o o v t a h k e i a F a u n n d d . Hungary (March fro N m O T of E fi . c — ia A l l r l e f p ig o u r r ts e s o , f i n in c d lu iv di i n d g u a g l o b l a d n a k n s d a n fo d r e a i r g e n as e x o c f h t a h n e g e la , s a t r r e e p c o om rt p d il a e t d e and February 1950, respectively), see BULLETIN for September 1950, of the month. pp. 1262-63. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 871 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item May Apr. Mar. May May Apr. Mar. May German Federal Bank5 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 6 9 Gold 10,423 10,394 10,261 8,035 Foreign exchange 170 155 124 101 Foreign exchange 13,872 13,282 13,165 12,063 Clearing accounts (net) — 7 4 Loans and discounts 946 1,324 1,372 2,086 Loans and discounts 132 32 Loans to Government 2,229 2,590 3,362 4,103 Advances to Government 37 Other assets 1,475 1,509 1,529 1,054 Other Govt. accounts 9' 65 110 Note circulation 16,738 16,766 16,653 15,333 Govt. securities 148 149 149 150 Deposits—Government 3,960 3,589 4,196 5,513 Other assets 8 7 32 Banks 5,455 5,921 5,815 4,289 Notes and coin in circulation.... 258 258 258 240 Other 437 378 474 225 Deposits—Government 42 3' 3 31 Other liabilities and capital 2,355 2,444 2,551 1,981 Other 224 214 188 179 Bank of Greece (millions of drachmae): Other liabilities and capital 29 28 27 25 Gold and foreign exchange (net).. 5,662 5,803 6,456 Bankof Italy (billions of lire): Loans and discounts 198 199 175 Gold 4 4 4 4 Advances—Government 5,014 5,248 7,505 Foreign exchange 70 71 71 71 Other 6,073 5,998 4,967 Advances to Treasury 567 567 567 567 Other assets 2,259 2,328 2,175 Loans and discounts 413 432 436 447 Note circulation 7,122 6,866 5,899 Govt. securities 395 396 412 423 Deposits—Government 1,162 1,081 1,104 Other assets 1,429 1,337 1,365 977 Reconstruction and Note circulation 1,768 1,747 1,766 1,644 relief accts 3,684 3,684 7,112 Deposits—Government 11 14 13 5 Other 6,350 6,647 5,203 Demand 128 127 134 122 Other liabilities and capital 1,298 1,961 Other 796 753 770 555 Bank of Guatemala (thousands of Other liabilities and capital 174 167 172 163 quetzales): (Jan.) Bank of Japan (billions of yen): Gold 27,273 27,243 Bullion () Foreign exchange (net) 43,141 47,119 Advances to Government Gold contribution to Intl. Fund.. 1,250 1,250 Loans and discounts 499 507 588 325 Rediscounts and advances 19,309 6,878 Govt. securities 253 296 383 300 Other assets 44,355 41,277 Other assets. 183 178 184 192 Circulation—Notes 62,847 56,868 Note circulation 660 704 689 639 Coin 4,487 4,146 Deposits—Government 52 43 241 54 Deposits—Government 9,131 7,471 Other 73 80 79 35 Banks 27,699 26,265 Other liabilities 150 155 150 89 Other liabilities and capital 31,164 29,016 Baiink of Mexico (millions of pesos): National Bank of Hungary 2 Monetary reserve8 1,8 1,907 1,934 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc , 4,675 4,851 5,012 4,986 Issue department: Bills and discounts 1,002 868 860 1,019 Gold at home and abroad 1,178 1,178 1,178 1,178 Other assets , 749 651 596 508 Foreign securities 2,097 2,288 1,712 4,125 Note circulation 5,342 5,383 5,535 5,039 Indian Govt. securities 11,576 11,735 11,711 9,399 Demand liabilities 2,209 2,090 2,092 2,696 Rupee coin 1,306 1,320 1,293 1,258 Other liabilities and capital , 763 766 747 713 Note circulation 15,878 16,191 15,791 15,700 Netherlands Bank (millions of Banking department: guilders): Notes of issue department 279 329 102 260 Gold 3,332 3,260 3,203 3,050 Balances abroad 328 390 958 426 Silver (including subsidiary coin) . , 16 15 16 8 Bills discounted 7 174 77 23 Foreign assets (net) , 1,272 1,216 1,226 731 Loans to Government 541 547 212 190 Loans and discounts , 32 31 113 56 Other assets 3,213 2,959 3,311 2,847 Govt. debt and securities 137 326 326 759 Deposits 2,702 2,751 2,885 2,149 Other assets 315 340 353 414 Other liabilities and capital.... 1,666 1,646 1,775 1,597 Note circulation 4,139 4,142 4,147 4,041 Bank Indonesia (millions of rupiahs) : Deposits—Government 247 230 467 Gold and foreign exchange (net).. 1,277 1,268 28 139 ECA 17 17 230 Loans and discounts 1,468 1,444 1,312 972 Other 525 592 401 550 Advances to Government 21,864 20,497 20,632 14,261 Other liabilities and capital 192 208 206 196 Other assets 952 942 944 466 Reservie Bank of New Zealand (thou- Note circulation 15,179 14,712 14,003 10,201 sands of pounds): Deposits—ECA 77 107 109 282 Gold 6,162 •6,162 6,162 6,162 Other 5,167 4,794 4,733 3,582 Foreign exchange reserve 23,964 21,136 15,710 46,395 Other liabilities and capital 5,138 4,538 4,071 1,773 Loans and discounts 44,634 48,278 49,618 37,845 Bank Melli Iran (millions of rials): Advances to State or State un- Gold 5,536 5,536 4,533 dertakings 44,043 50,148 55,000 26,333 Foreign exchange 962 1,038 Investments 36,377 36,377 44,024 43,123 Gold contribution to Intl. Fund. . 663 663 663 Other assets 1,875 1,673 2,038 1,979 Govt.-secured debt 7,923 7,923 7,923 Note circulation 74,370 75,865 77,020 72,711 Govt. loans and discounts 10,962 12,823 11,324 Demand deposits 71,473 76,778 84,586 77,341 Other loans and discounts 9,245 8,738 6,835 Other liabilities and capital 11,214 11,131 10,946 11,786 Other assets^ 17,923 16,735 14,223333 Bliank of Norway (millions of kroner): Note circulation 12,498 13,879 11,215 Gold 192 192 192 221 Deposits—Government 7,633 6,100 5,119 Foreign assets (net) 240 287 298 279 Banks 2,060 2,097 1,520 Clearing accounts (net) -14 -21 -14 -26 Other 20,549 19,960 17,119 Loans and discounts 99 97 88 105 Special Account—Profits of reval- Securities 221 209 164 107 uation 7,110 7,110 7,110 Occupation account (net) 5,440 5,440 5,545 5,546 Other liabilities and capital 3,366 4,309 3,429 Other assets 192 165 168 87 Central Bank of Ireland (thousands of Note circulation 3,164 3,230 3,231 3,161 pounds): Deposits—Government 1,746 1,621 1,779 1,708 Gold 2,646 2,646 2,646 2,646 Banks 335 380 286 404 Sterling funds 72,867 72,680 74,288 70,284 FOA 1 1 1 26 Note circulation 75,513 75,326 76,934 72,930 Other liabilities and capital 1,124 1,137 1,144 1,020 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

872 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 May Apr. Mar. May May Apr. Mar. May State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 448 448 448 509 Issue department: Foreign assets 1,24 1,180 1,203 1,214 Gold at home and abroad.... 116 116 116 115 Net claim on Intl. Fund1 12< 129 129 129 Foreign exchange—Approved. 660 668 785 ,038 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office 2 4,586 4,723 4,468 4,411 Pakistan Govt. securities 2,190 2,182 2,064 ,692 Other domestic bills and advances, 246 164 252 124 India currency 430 430 430 430 Other assets 84 853 865 933 Rupee coin , 43 36 42 53 Note circulation 5,358 5,533 5,443 5,299 Notes in circulation 3,347 3,425 3,369 ,250 Demand deposits—Government. . 107 132 87 213 Banking department: Other 45 49 54 143 Notes of issue department 149 65 127 136 Other liabilities and capital 1,981 1,782 1,782 1,665 Bills discounted 1Swiss National Bank (millions of Loans to Government 127 155 francs): Other assets 1,041 1,073 861 Gold 7,943 7,661 7,39- 6,837 Deposits , l,14r 1,079 972 858 Foreign exchange 506 566 654 611 Other liabilities and capital.... 181 186 171 '97 Loans and discounts 143 143 146 161 Central Bank of Paraguay (millions of Other assets 86 90 89 105 guaranies): Note circulation 5,494 5,513 5,560 5,538 Gold 1 11 10 Sight liabilities 2,948 2,717 2,492 1,953 Foreign exchange (net) 458 472 58' Other liabilities and capital 235 231 230 223 Net claim on Intl. Fund * 113 113 53Centra] Bank of the Republic of Turkey Loans and discounts 1,603 1,613 ,746 (millions of pounds): Govt. loans and securities 701 741 706 Gold 403 403 403 402 Other assets 542 413 25- Foreign exchange and foreign Note and coin issue 1,327 1,266 ,246 clearings 367 421 452 273 Deposits—Government 334 371 508 Loans and discounts 5,391 5,249 5,150 4,230 Other 268 282 241 Securities 32 32 33 33 Other liabilities and capital 1,499 1,443 ,362 Other assets 252 259 260 244 Central Reserve Bank of Peru (millions Note circulation 3,355 3,299 3,225 2,703 of soles): Deposits—Gold 156 156 156 155 Gold and foreign exchange 140 696 Other 2,096 2,078 2,081 1,614 Net claim on Intl. Fund1 67 67 Other liabilities and capital 838 832 835 711 Loans and discounts to banks.... 1,280 85 Bank of the Republic of Uruguay (mil- Loans to Government 1,754 ,584 lions of pesos): Other assets 122 166 Gold 278 Note circulation 2,453 ,385 Silver 9 Deposits 679 731 Advances to State and Govt. Other liabilities and capital 230 253 bodies 316 261 Central Bank of the Philippines Other loans and discounts 725 590 (millions of pesos): Other assets 98: 784 Gold 20 16 15 50 Note circulation 610 561 Foreign exchange 188 178 193 271 Deposits—Government 174 204 Loans 131 126 117 118 Other 423 373 Domestic securities 826 828 832 540 Other liabilities and capital 1,097 784 Other assets 169 164 164 160Central Bank of Venezuela (millions Circulation—Notes 736 733 725 703 of bolivares): Coin 87 87 87 86 Gold 1,999 1,999 1,999 1,947 Demand deposits 346 331 329 246 Foreign exchange (net) 1,651 1,755 1,570 1,406 Other liabilities and capital 166 161 179 103 Other assets 135 160 181 Bank of Portugal (millions of escudos): Note circulation 1,468 1,473 1,486 1,272 Gold 6,040 6,033 5,973 Deposits 915 911 794 514 Foreign exchange (net) 13,913 13,972 13,799 ,665 Other liabilities and capital 1,374 1,504 1,448 1,748 Loans and discounts 1,456 1,673 1,654 ,275National Bank of Federal People's Re- Advances to Government 1,362 1,364 1,365 ,374 public of Yugoslavia (billions of Other assets 1,304 2,241 2,272 910 dinars): Note circulation 11,917 11,997 11,889 129 Gold 4 4 4 5 Demand deposits—Government. . 2,119 2,055 1,803 775 Gold contribution to Intl. Fund.. 2 2 2 2 ECA 21 21 20 90 Foreign assets 23 25 24 39 Other 7,556 7,730 7,844 074 Loans (short-term) 892 898 872 779 Other liabilities and capital 2,462 3,480 3,507 046 Govt. debt (net) 68 67 58 94 South African Reserve Bank (millions Other assets 15 15 12 32 of pounds): Notes and coin in circulation 119 131 121 93 Gold 63 68 83 Demand deposits 452 448 433 363 Foreign bills 15 20 44 Foreign liabilities 79 82 81 81 Other bills and loans 72 79 23 Long-term liabilities (net) 309 303 295 296 Other assets 62 63 42 Other liabilities and capital 46 47 43 118 Note circulation 114 114 113 Bank for International Settlements Deposits 66 86 68 (millions of" ~S wi'ss gold francs): Other liabilities and capital 33 31 12 Gold in bars 776 648 558 453 Bank of Spain (millions of pesetas): Cash on hand and with banks 52 55 77 56 Gold 618 618 618 618 Rediscountable bills and accept- Silver 313 319 319 323 ances (at cost) 291 398 560 775 Govt. loans and securities , 16,603 14,710 15,551 ,571 Time funds at interest 452 375 303 151 Other loans and discounts 58,884 59,763 59,861 ,734 Sundry bills and investments 718 709 665 708 Other assets 64,900 67,571 68,653 ,054 Funds invested in Germany 297 297 297 297 Note circulation , 64,699 64,634 65,638 ,694 Other assets 1 1 2 Deposits—Government 3,041 2,439 1,813 ,500 Demand deposits—Gold 762 706 554 547 Other 11,727 13,556 13,463 ,633 Other 1,272 ,225 1,356 ,358 Other liabilities and capital 61,851 62,353 64,087 ,474 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 324 324 323 308 * Latest month available. NOTE.—All figures, including gold and foreign exchange, are compiled 1 This figure represents the amount of the country's subscription to the from official reports of individual banks and are as of the last report date Fund less the bank's local currency liability to the Fund. of the month. 2 Includes small amount of nongovernment bonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 873 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 g B iu e m l- m D a e r n k - France m G a e n r y - Italy N la e e n r t d - h s - Spain S d w en e- U K d n i o n i m t g e - d C ad a a n 2 - Japan3 P p h in il e ip s - A ti r n g a e n 3 - Cuba 3 In effect June 30, 1957 3.50 5.5 4.0 4.5 4.0 3.75 4.25 4.0 5.0 4.06 9.13 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 May 4.5 5.5 1.79 June 4.00 3.0 3.5 3.50 5.0 1 97 8 40 In effect June 30, 1958 4.00 5.0 5.0 3.0 3.5 3.50 5.00 4.5 5.0 1.97 8.40 4.5 6.0 5.5 Other selected central banks—rates in effect on June 30, 1958 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: 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 Rica3... 3.0 Apr. 1939 South Africa.. 4.5 Sept. 1955 Norway 3.5 Feb. 1955 India* 4.0 May 1957 El Salvador3.. 4.0 Apr. 1957 Portugal 2.5 Jan. 1944 Indonesia3.... 3.0 Apr. 1946 Mexico 4.5 June 1942 Switzerland... 2.5 May 1957 Pakistan 3.0 July 1948 Peru3 6.0 Nov. 1947 Turkey 6.0 June 1956 Thailand 7.0 Feb. 1945 Venezuela.... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either for certain rural and industrial paper, depending on type of transaction; discounts or makes advances against eligible commercial paper and /or Cuba—4.5 per cent for sugar loans and 4 per cent for loans secured by government securities for commercial banks or brokers. For countries national public securities; Indonesia—various rates depending on type of with more than one rate applicable to such discounts or advances, the paper, collateral, commodity involved, etc.; Chile—rates in excess of 6 rate shown is the one at which the largest proportion of central bank per cent are applied to rediscounts in excess of 50 per cent of the rediscredit operations is understood to be transacted. In certain cases other counting bank's capital and reserves, rates of 4 and 2 per cent apply to rates for these countries are given in note 3. certain types of agricultural paper; Costa Rica—5 per cent for paper 2 Since Nov. 1, 1956, the discount rate is set each week at VA per cent related to commercial transactions (rate shown is for agricultural and inabove the latest average tender rate for Treasury bills. dustrial paper); El Salvador—3 per cent for agricultural and industrial 3 Discounts or advances at other rates include: Japan—various rates paper and 2 per cent for special cases; and Peru—4 per cent for industrial depending on type of paper or transaction and extent of borrowing from paper and mining paper, and 3 per cent for most agricultural paper. Central bank, including 7.67 per cent for discount or paper related to 4 Since May 16, this rate applies to advances against commercial paper domestic commercial transactions (rate shown is for advances on com- as well as against government securities and other eligible paper. mercial paper and miscellaneous collateral); Argentina—3 and 5 per cent OPEN MARKET RATES [Per cent per annum] Canada United Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u s th ry s1 D m a o d y n a - e y t y o 2 - 3 B a a a m c n n c o c k e n e p e s t t r h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n a s e i n r t s c s ' e D m a o d y n a - y e t y o 3 - 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - 3 L u m o p o a n t n o t s hs d P is r r i c a v o t a 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 4^-61/2 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4L&—534 1.50 1957 May 3.77 3.71 4.04 3.84 3.48 3.00 5.19 3.59 2.88 4^-6*4 1.75 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 414.534 2.50 July 3.81 3.72 4.06 3.85 3.45 3.00 7.82 3.81 3.08 5*4-8 2.50 AUR 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 2.50 Sept 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 53/ g 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 5*4—8 2.50 1958 Jan 3.54 3.34 6.51 6.27 5.56 5.00 5.17 4.43 3.50 5*4-8 2.50 Feb 2.99 3.05 6.17 6.02 5.57 5.00 5.25 3.88 3.26 5*4-8 2.50 Mar 2.44 2.61 5.98 5.78 5.23 4.65 5.96 3.14 2.77 5*4-8 2.50 Apr 1.65 1.64 5.47 5.28 4.71 4.00 6.78 3.18 2.93 5*4-8 2.50 May 1.56 1.55 5.24 5.02 4.53 3.85 2.97 2.39 51/4-71/2 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

874 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 ( e p r n e e t f s i e a o r l ) - Free (p t A r o a u u l s n ia - d) (s A ch u i s l t l r in ia g) B ( e fr lg an iu c m ) C (d a o n l a la d r a ) C (ru ey p l e o e n ) (k D m r e o a n r n k - e) 1952 20.000 13.333 7.163 222.63 1.9878 102.149 20.903 14.492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21 017 1955 20.000 13.333 7.183 222.41 3.8580 1.9905 101.401 20.894 1956 15.556 22.835 222.76 3.8580 2.0030 101.600 20.946 1957 5.556 2.506 222.57 3.8539 1.9906 104.291 20.913 1957 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 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 June 5.556 2.376 223.99 3.8536 2.0050 103.960 21.066 Year or month ( F m in ar la k n k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do 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 •.2856 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957 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 .4354 4.2857 4.2376 23.800 20.844 278.27 .2779 32.431 8.006 SeDt 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 June .3118 5.2858 .2376 23.853 21.062 281.11 .2779 32.775 8.006 Year or month ( e g N r u l e i a l t n d h d e - r s ) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) (p A S o o fr u u i n t c h d a ) (p S e p s a e i t n a) S (k w r e o d n e a n ) z ( e f S r r w a la n it n c - d ) ( U p K d o n i o u i n t m 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_june 26.106 276.26 14.008 49.695 3.4900 277.98 19.333 23 335 279 02 Julv 26.121 276.02 14.008 49.695 3.4900 211.1 A 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 62.3810 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 June 26.380 14.008 49.695 3.4900 280.06 2.3810 19.328 23.335 281.11 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 of 350 francs per U. S. dollar was changed 3 Effective Sept. 16, 1957, the Finnish markka was devalued from 230 to 420 francs on June 23, 1958. to 320 markkaa per U. S. dollar. 5 Based on quotations through June 20, 1958. 6 Based on quotations beginning Jan. 2, 1958. 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 JOHN R. FARRELL, Associate Director KENNETH A. KENYON, Assistant Secretary GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary M. B. DANIELS, Assistant Director DIVISION OF EXAMINATIONS LEGAL DIVISION ROBERT C. MASTERS, Director HOWARD H. HACKLEY, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director DAVID B. HEXTER, Assistant General Counsel GLENN M. GOODMAN, Assistant Director G. HOWLAND CHASE, Assistant General Counsel HENRY BENNER, Assistant Director THOMAS J. O'CONNELL, Assistant General Counsel JAMES C. SMITH, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner DIVISION OF RESEARCH AND STATISTICS RALPH A. YOUNG, Director DIVISION OF PERSONNEL ADMINISTRATION FRANK R. GARFIELD, Adviser EDWIN J. JOHNSON, Director GUY E. NO YES, 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 J. HERBERT FURTH, Associate Adviser OFFICE OF THE CONTROLLER A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

876 FEDERAL RESERVE BULLETIN • JULY 1958 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALFRED HAYES, Vice Chairman C. CANBY BALDERSTON HUGH LEACH CHAS. N. SHEPARDSON W. D. FULTON H. N. MANGELS M. S. SZYMCZAK WATROUS H. IRONS A. L. MILLS, JR. JAMES K. VARDAMAN, JR. J. L. ROBERTSON WINFIELD W. RIEFLER, Secretary L. MERLE HOSTETLER, Associate Economist ELLIOTT THURSTON, Assistant Secretary ARTHUR W. MARGET, Associate Economist MERRITT SHERMAN, Assistant Secretary H. V. ROELSE, Associate Economist HOWARD H. HACKLEY, General Counsel CHARLS E. WALKER, Associate Economist FREDERIC SOLOMON, Assistant General Counsel O. P. WHEELER, Associate Economist WOODLIEF THOMAS, Economist RALPH A. YOUNG, Associate Economist J. DEWEY DAANE, Associate Economist ROBERT G. ROUSE, Manager of System Open Market Account Federal Advisory Council LLOYD D. BRACE, BOSTON HOMER J. LIVINGSTON, CHICAGO, ADRIAN M. MASSIE, NEW YORK Vice President CASIMIR A. SlENKIEWICZ, PHILADELPHIA WlLLIAM A. MCDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

877 FEDERAL RESERVE BANKS AND BRANCHES District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Alfred Hayes, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby Robert V. Roosa I. B. Smith, in charge John Exter Robert G. Rouse of Buffalo Branch M. A. Harris Walter H. Rozell, Jr. T. G. Tiebout H. H. Kimball V. Willis H. V. Roelse R. B. Wiltse BUFFALO BRANCH—BOARD OF DIRECTORS Vernon Alexander Daniel M. Dalrymple John W. Remington Leland B. Bryan Raymond E. Olson E. Perry Spink Ralph F. Peo, Chairman District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS Henderson Supplee, Jr., Chairman and Federal Reserve Agent Lester V. Chandler, Deputy Chairman William B. Brosius Walter E. Hoadley, Jr. R. Russell Pippin Bayard L. England Lindley S. Hurff Geoffrey S. Smith Charles E. Oakes 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

878 FEDERAL RESERVE BULLETIN • JULY 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 John C. Persons John E. Urquhart, Chairm E. W. McLeod Selden Sheffield Adolph Weil, Sr. (Vacancy) JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith, Chairman W. E. Ellis C. B. McLeod McGregor Smith J. Wayne Reitz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 879 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Jo H. Anderson P. D. Houston, Jr. Frank B. Ward, Chairman Stewart Campbell V. S. Johnson, Jr. C. L. Wilson W. N. Krauth NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer J. Spencer Jones H. A. Pharr Frank A. Godchaux, III G. H. King, Jr., Chairman E. E. Wild D. U. Maddox District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent J. Stuart Russell, Deputy Chairman Robert P. Briggs William J. Grede G. F. Langenohl Walter J. Cummings William A. Hanley Nugent R. Oberwortmanc 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. May berry 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 Fred Burton, in charge of Donald L. Henry, in charge Geo. E. Kroner Little Rock Branch of Louisville Branch Dale M. Lewis Darryl R. Francis, in charge Homer Jones H. H. Weigel of Memphis 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

880 FEDERAL RESERVE BULLETIN • JULY 1958 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Continued LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks, Chairman Magnus J. Kreisle Merle E. Robertson Philip Davidson W. Scott Mclntosh John G. Russell J. D. Monin, Jr. MEMPHIS BRANCH—BOARD OF DIRECTORS John E. Brown S. L. Kopald, Jr. John D. Williams J. H. Harris Simpson Russell John K. Wilson Frank Lee Wesson, Chairman District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Harold C. Refling (Vacancy) 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 C. W. Groth H. G. McConnell of Helena Branch M. B. Holmgren M. H. Strothman, Jr. A. W. Johnson HELENA BRANCH—BOARD OF DIRECTORS J. Willard Johnson Geo. N. Lund Carl McFarland, Chairman O. M. Jorgenson John M. Otten District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Cecil Puckett, in charge George H. Clay of Oklahoma City Branch of Denver Branch P. A. Debus, in charge E. U. Sherman of Omaha Branch Clarence W. Tow Joseph S. Handford D. W. Woolley DENVER BRANCH—BOARD OF DIRECTORS Stewart Cosgriff Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman R. Otis McClintock C. L. Priddy Phil H. Lowery C. P. Stuart Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 881 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Continued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford John M. Griffith J. B. Thomas Lamar Fleming, Jr. D. A. Hulcy Sam D. Young J. Edd McLaughlin Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch T. A. Hardin Morgan H. Rice J. L. Cook, in charge of W. H. Holloway Harry A. Shuford Houston Branch G. R. Murff 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 Tvrus 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

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

Federal Reserve Board Publications Unless otherwise noted, the material listed may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington 25, D. C. Where a charge is indicated, remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System. A more complete list, including periodic releases and additional reprints, appeared on pages 747-750 of the June 1958 Bulletin, THE FEDERAL RESERVE SYSTEM—PURPOSES AND Reserve Bulletin, single copies 60 cents each or FUNCTIONS. April 1954. 208 pages. in quantities of 10 or more for single shipment 50 cents each; elsewhere 70 cents each. ANNUAL REPORT OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. THE FEDERAL RESERVE ACT, as amended through December 31, 1956, with an Appendix con- FEDERAL RESERVE BULLETIN. Monthly. Sub- taining provisions of certain other statutes afscription price in the United States and its pos- fecting the Federal Reserve System. 385 pages. sessions, Bolivia, Canada, Chile, Colombia, $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. September 1950. 74 pages. 25 cents per copy; per month, or $5.00 for 12 months. in quantities of 10 or more copies for single shipment, 15 cents each. FEDERAL RESERVE CHART BOOK ON FINANCIAL AND BUSINESS STATISTICS. Monthly. Annual BANKING AND MONETARY STATISTICS. Statistics of subscription includes one issue of Historical 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. 883 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

884 FEDERAL RESERVE BULLETIN • JULY 1958 REPRINTS SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. April 1957. 20 pages. (From Federal Reserve Bulletin unless preceded by an asterisk) SURVEY OF FINANCE COMPANIES, MID-1955. April 1957. 17 pages. THE MONETARY SYSTEM OF THE UNITED STATES. February 1953. 16 pages. OWNERSHIP OF DEMAND DEPOSITS. May 1957. 6 pages. INFLUENCE OF CREDIT AND MONETARY MEASURES ON ECONOMIC STABILITY. March 1953. 16 INTEREST RATES IN LEADING COUNTRIES. August 1957. 7 pages. pages. WINNING THE BATTLE AGAINST INFLATION. Au- FEDERAL FINANCIAL MEASURES FOR ECONOMIC gust 1957. 12 pages. STABILITY. May 1953. 7 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- WORLD PAYMENTS STRESSES IN 1956-57. October 1957. 8 pages. ODS USED IN REVISION OF SHORT- AND INTER- MEDIATE-TERM CONSUMER CREDIT STATISTICS. REVISION OF MONTHLY DEPARTMENT STORE IN- April 1953. 25 pages. DEXES. December 1957. 30 pages. DEPARTMENT STORE SALES AND STOCKS, BY BANKING AND MONETARY STATISTICS, 1957. Se- MAJOR DEPARTMENTS (Revised Indexes). No- lected series of banking and monetary statistics vember 1953. 65 pages. for 1957 only. February and May 1958. 12 FEDERAL RESERVE MONTHLY INDEX OF INDUS- pages. (Similar reprints of 1954, 1955, and TRIAL PRODUCTION, 1953 Revision. December 1956 data are available from earlier BULLE- 1953. 96 pages. TINS.) BANK CREDIT AND MONEY IN 1957. February NEW INDEXES OF OUTPUT OF CONSUMER DU- 1958. 9 pages. (Also, similar reprint from RABLE GOODS. May 1954. 15 pages. July 1957 BULLETIN.) SEASONAL ADJUSTMENT FACTORS FOR DEMAND SEASONAL FACTORS AFFECTING BANK RESERVES. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE February 1958. 12 pages. BANKS. March 1955. 4 pages. INTERNATIONAL GOLD AND DOLLAR FLOWS. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- March 1958. 7 pages. COUNTS, ANNUAL ESTIMATES, 1939-54. October 1955. 40 pages. 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- NARY FINDINGS. March 1958. 4 pages. Pur- SURVEY OF BANK LOANS FOR COMMERCIAL AND chases of Durable Goods. July 1958. 16 INDUSTRIAL PURPOSES. Business Loans of pages. (Similar Surveys are available for earlier Member Banks. April 1956. 14 pages. Credit years from 1952, 1953, 1954, 1955, 1956, and Lines and Minimum Balance Requirements. 1957 BULLETINS.) June 1956. 7 pages. (Reprints on a similar Survey are available from March, May, June, MEMBER BANK LENDING TO SMALL BUSINESS, July, and August 1947 BULLETINS.) 1955-57. April 1958. 19 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE FINANCING OF LARGE CORPORATIONS, 1951-55. June 1956. 9 pages. SALES. April 1958. 10 pages. GROWTH AND STRUCTURE OF TIME DEPOSITS. REVISION OF CONSUMER CREDIT STATISTICS. October 1956. 24 pages. (Also similar reprint April 1958. 5 pages. from April 1953 BULLETIN.) OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 IWEX OF ELECTRICITY AND GAS OUTPUT. Octo- pages. ber 1956. 15 pages. SURVEY OF COMMON TRUST FUNDS, 1957. May 1958. 5 pages. (Also, similar reprints from AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- August 1956 and June 1957 BULLETINS.) LETINS. 52 pages. THE BATTLE AGAINST RECESSION. May 1958. 8 pages. UNITED STATES BANKING ORGANIZATION ABROAD. MONEY AND CREDIT IN THE RECESSION. July 1958. December 1956. 16 pages. 7 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 822, 823 Demand deposits—Continued Agricultural loans of commercial banks, 818, 820 Adjusted, commercial banks, by classes, 819 Agriculture, Govt. agency loans, 826, 827 Banks, by classes, 815, 821 Assets and liabilities {See also Foreign liabilities and Type of holder, at commercial banks, 819 claims reported by banks): Department stores: Banks and the monetary system, consoli- Merchandising data, 853 dated, 814 Sales and stocks, 842, 852 Corporate, current, 834 Deposits {See also specific types of deposits): Domestic banks, by classes, 815, 818, 820 Adjusted, and currency, 814 Federal business-type activities, by fund Banks, by classes, 815, 819, 821 or activity, 826, 827 Federal Reserve Banks, 809, 810, 864 Federal Reserve Banks, 809, 810 Postal savings, 814 Foreign central banks, 868 Turnover of, 812 Automobiles: Deposits, reserves, and borrowings, by class of mem- Consumer instalment credit, 838, 839, 840 ber bank, 807 Production index, 844, 848 Discount rates, 808, 873 Discounts and advances by Federal Reserve Bankers' balances, 819, 821 Banks, 805, 809 {See also Foreign liabilities and claims reported Dividends, corporate, 833, 834 by banks) Dollar assets, foreign, 864, 865 Banks and the monetary system, consolidated Dwelling units started, 849 statement, 814 Bonds {See also U. S. Govt. securities): Earnings and hours, manufacturing indus- New issues, 832, 834 tries, 842, 851 Prices and yields, 823, 824 Employment, 842, 850, 851 Brokers and dealers in securities, bank Export-Import Bank, loans, etc., 826, 827 loans to, 818, 820 Business expenditures on new plant and equip- Farm mortgage loans, 826, 835, 836 ment, 834 Federal business-type activities, assets and Business indexes, 842 liabilities, by fund or activity, 826, 827 Business loans {See Commercial and industrial Federal Deposit Insurance Corporation, loans) assets, etc., 826, 827 Federal finance: Capital accounts: Cash transactions, 828 Banks, by classes, 815, 819, 821 Receipts and expenditures, 829 Federal Reserve Banks, 809, 810 Treasurer's balance, 828 Carloadings, 842 Federal home loan banks, Central banks, foreign, 866, 868, 873 loans, etc., 826, 827, 837 Coins, circulation of, 813 Federal Housing Administration, Commercial banks: loans, etc., 826, 827, 835, 836, 837 Assets and liabilities, 815, 818 Federal National Mortgage Association, Consumer loans held, by type, 839 loans, etc., 826, 827, 837 Number, by classes, 815 Federal Reserve Banks: Real estate mortgages held, by type, 835 Condition statement, 809, 810 Commercial and industrial loans: U. S. Govt. securities held by, 805, 809, Commercial banks, 818 810, 830, 831 Weekly reporting member banks, 820, 822 Federal Reserve credit, 805, 809, 810 Commercial paper, 822, 823 Federal Reserve notes, 809, 810, 811, 813 Commodity Credit Corporation, loans, Finance company paper, 822, 823 etc., 826, 827 Foreign central banks, 866, 868, 873 Condition statements {See Assets and Foreign deposits in U. S. banks, 805, 809, liabilities) 810, 814, 819, 821 Construction, 842, 848, 849 Foreign exchange rates, 874 Consumer credit: Foreign liabilities and claims reported by Instalment credit, 838, 839, 840, 841 banks, 860, 862, 864 Major parts, 838, 840 Foreign trade, 853 Noninstalment credit, by holder, 839 Consumer durable goods output indexes, 848 Gold: Consumer price indexes, 842, 854 Earmarked, 865 Consumption expenditures, 856, 857 Net purchases by U. S., 865 Corporate sales, profits, taxes, and divi- Production, 864, 865 dends, 833, 834 Reserves of central banks and governments, 866 Corporate security issues, 832, 834 Reserves of foreign countries and international Corporate security prices and yields, 823, 824 institutions, 867 Cost of living {See Consumer price indexes) Stock, 805, 814, 865 Currency in circulation, 805, 813 Customer credit, stock market, 824 Gold certificates, 809, 810, 811, 813 Govt. debt {See U.S. Govt. securities) Debits to deposit accounts, 812 Gross national product, 856, 857 Demand deposits: Adjusted, banks and the monetary system, 814 Home owners, Govt. agency loans, 826, 827 885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

886 FEDERAL RESERVE BULLETIN • JULY 1958 Hours and earnings, manufacturing indus- Real estate loans: tries, 842, 851 Commercial banks, 818, 820, 835 Type of mortgage holder, 835, 836, 837 Industrial advances by Federal Reserve Type of property mortgaged, 835, 836, 837 Banks, 809, 810, 811, 812 Regulation V, loan guarantees, 811, 812 Industrial production indexes, 842, 843, 848 Reserve requirements, member banks, 808 Instalment loans, 838, 839, 840, 841 Reserves: Insurance companies, 825, 830, 831, 836 Commercial banks, 819 Insured commercial banks, 817, 818 Federal Reserve Banks, 809, 810 Interbank deposits, 815, 819, 821 Foreign central banks and governments, 866 Interest rates: Foreign countries and international institu- Bond yields, 823 tions, 867 Business loans by banks, 823 Member banks, 805, 807, 809, 810, 819, 821 Federal Reserve rates, 808, 812 Residential mortgage loans, 835, 836, 837 Foreign countries, 873 Open market, 823, 873 Sales finance companies, consumer loans of, 838, Regulation V loans, 812 839, 841 Stock yields, 823 Savings, 856 International capital transactions of the U. S., 860 Savings deposits (See Time deposits) International financial institutions, 866, 867, 868 Savings institutions, principal assets, 825 Inventories, 857 Savings and loan associations, 825, 836 Investments (See also specific types of investments): Securities, international transactions, 863, 864 Banks, by classes, 815, 818, 820 Security issues, 832, 834 Federal Reserve Banks, 809, 810 Silver coin and silver certificates, 813 Govt. agencies, etc., 826, 827 State member banks, 817 Life insurance companies, 825 State and municipal securities: Savings and loan associations, 825 New issues, 832 Prices and yields, 823, 824 Labor force, 850 States and political subdivisions: Loans (See also specific types of loans): Deposits of, 819, 821 Banks, by classes, 815, 818, 820 Holdings of U. S. Govt. securities, 830 Federal Reserve Banks, 805, 807, 809, Ownership of obligations of, 818, 825 810, 811, 812 Stock market credit, 824 Govt. agencies, etc., 826, 827 Stocks: Insurance companies, 825, 836 New issues, 832 Savings and loan associations, 825, 836 Prices and yields, 823, 824 Loans insured or guaranteed, 811, 835, 836, 837 Tax receipts, Federal, 829 Manufacturers, production indexes, 842, 843, 848 Time deposits, 807, 814, 815, 819, 821 Margin requirements, 808 Treasurer's account balance, 828 Member banks: Treasury cash, 805, 814 Assets and liabilities, by classes, 815, 818 Treasury currency, 805, 813, 814 Borrowings at Federal Reserve Banks, 805, 807 Treasury deposits, 805, 809, 810, 828 Deposits and reserves, by classes, 807 Number, by classes, 815 Unemployment, 850 Reserve requirements, by classes, 808 U. S. Govt. balances: Reserves and related items, 805 Commercial bank holdings, by classes, 819, 821 Weekly reporting series, 820 Consolidated monetary statement, 814 Minerals, production indexes, 842, 843 Treasury deposits at Federal Reserve Money rates (See Interest rates) Banks, 805, 809, 810, 828 Mortgages (See Real estate loans) U. S. Govt. securities: Mutual savings banks, 814, 815, 817, 830, Bank holdings, 814, 815, 818, 820, 830, 831 831, 835 Federal Reserve Bank holdings, 805, 809, 810, 830, 831 National banks, 817 Foreign and international holdings, 867 National income, 856 International transactions, 863 National security expenditures, 829, 857 New issues, gross proceeds, 832 Nonmember banks, 809, 817, 818 Outstanding, by type of security, 830, 831 Ownership of, 830, 831 Payrolls, manufacturing, index, 842 Prices and yields, 823, 824 Personal income, 857 United States notes, outstanding and in circula- Postal Savings System, 814 tion, 813 Prices: Utility output index, 847 Consumer, 842, 854 Security, 824 Veterans Administration, loans, etc., 826, 827, Wholesale commodity, 842, 854 835, 836, 837 Production, 842, 843, 847, 848 Profits, corporate, 833, 834 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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