Federal Reserve Bulletin, 1958-08

FEDERAL RESERVE B U LLETIN August 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 Mortgage Credit and Construction 887 The Balance Sheet of Agriculture, 1958 893 Law Department 902 Current Events and Announcements 930 National Summary of Business Conditions 931 Financial and Business Statistics, U. S. (Contents on p. 933) 935 International Financial Statistics (Contents on p. 991) 992 Board of Governors and Staff 1007 Open Market Committee and Staff; Federal Advisory Council 1008 Federal Reserve Banks and Branches 1008 Federal Reserve Board Publications 1015 Index to Statistical Tables 1017 Map of Federal Reserve System Inside back cover Volume 44 * Number 8 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

CONSTRUCTION IS INCREASING AGAIN after having declined 7 per cent in the first PRIVATE CONSTRUCTION Billions of dollars five months of this year from the record annual rate of $50 billion at the end of 1957. With prices of building materials and residential construction costs about the same as 14 a year ago, and credit conditions easier, more private housing units are being placed under construction than at any other time since the spring of 1956. Real estate markets have been much more active in the past few months. Mortgage BUSINESS financing has become readily available in most metropolitan areas, and commitments to make mortgage loans in the near future appear to have increased. At midyear, out- 1954 W56 1958 standing home mortgage debt exceeded $111 billion. NOTE.—Data are seasonally adjusted annual rates estimated jointly by U. S. Departments of Commerce and Labor. Business includes commercial, industrial, and public utility con- New houses appear to be selling well, struction. Latest figures shown are for July. particularly if low or moderately priced, the physical volume of work done was about and unsold inventories are small. Since the same as in the corresponding periods of spring an increasing number of existing 1956 and 1957. houses have been sold, apparently with little The decline in construction in the early shading of price and little if any lengthening months of this year reflected reductions in of the negotiation period. The success of private building for residential and business owners in selling the near-record number of purposes. These were offset to some extent such houses now coming on the market is by increases in private and public construcan important influence on the demand for tion of community facilities. Almost all the new houses, which seems to depend increasincrease since May has been in residential ingly on the desire of present home owners building. for new living accommodations. Nonresidential. Business construction has CONSTRUCTION been declining fairly steadily since the spring Value of new construction in the first half of 1957, reflecting the behavior of its indusof 1958 was at a seasonally adjusted annual trial component. Contract awards for inrate of $48 billion, only slightly below the dustrial construction, which tend to lead record dollar volume of the preceding six actual construction by several months, have months. After allowance for cost increases, also been declining. In the first six months 887 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

888 FEDERAL RESERVE BULLETIN • AUGUST 1958 of this year industrial contracts were as low pleted by December 1959. Since June, as in the corresponding period of 1954. awards for highway work have been well The large additions to manufacturing above the previous high in 1956. plant between 1954 and 1957 had satisfied Residential. Private housing starts rose in many demands for industrial facilities. In July for the fourth consecutive month and the past year or so, manufacturers planned reached a seasonally adjusted annual rate of fewer new plants and in some cases, after nearly 1.2 million units. This rate is onereappraising the sales outlook, curtailed fourth above the February-March low, and building programs already approved. More the highest since early 1956. recently, some deferred plans have become In recent months the number of units active again. started without commitments for Federally With demands continuing large for mod- underwritten financing—that is, with conern office and warehouse space and for im- ventional mortgages or without mortgage proved utility services to residential areas, financing—has been very large. In the construction of commercial buildings and first six months of the year, it totaled public utilities has remained near record 342,000 compared with 332,000 in the levels. Contract awards for these categories corresponding period of 1957. Government have also been well maintained. underwritten starts in July reached a sea- Construction of facilities to meet the ex- sonally adjusted annual rate three-fourths panding requirements of residential com- above the February low; in the first half they munities for churches, schools, hospitals, numbered 150,000 as against 152,000 a and social and recreational buildings has year earlier. increased further this year. In 1957 private Apartment units have been a more imporconstruction of this sort rose to a level one- tant element in housing starts in recent sixth above the previous high in 1956, and months than in the past few years. Early in in the first half of this year has continued 1958 they accounted for about one in six to increase. State and local government private units started, compared with one in construction of community facilities has eight units in the year 1957, and less than shown similar trends, with most of the added one in ten in 1955-56. expenditures going for schools. Government outlays for highways have MORTGAGE MARKET changed about seasonally this year. In 1957 The general strengthening of residential a sharp rise in Federal outlays was partly markets this year has been influenced by inoffset by the first decline in State and local creased availability of mortgage credit, by highway expenditures since World War II. relaxation of the terms on which Govern- The Federal Aid Highway Act of 1958, ment underwritten mortgages are insured or enacted in April, provided a special authori- guaranteed, and by support from the Fedzation of $600 million for the Federally eral National Mortgage Association. So aided road system in addition to the $875 far, increased activity has shown up more million already authorized under the regular strongly in commitments to make mortgages program for fiscal year 1959. All work un- than in closed loans. Applications to the der the special authorization must be under Federal Housing Administration for comcontract by the end of this year and com- mitments to insure mortgages and requests Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE CREDIT AND CONSTRUCTION 889 at less than its face value—that is, by dis- APPLICATIONS AND REQUfSTS FOR FINANCING counting. NIW HOUSES Thouiofids ol uiits When discounts on Federally underwritten mortgages are small, as they have been - on FHA-insured mortgages in recent K months, they provide the flexibility needed for market adjustments. When they are I - 400 large, as they typically still were in mid- 1958 on VA-guaranteed mortgages in many 1 jj areas, they tend to discourage the use of this FHA VV r_- - 200 i type of credit. On the supply side, institutional investors are reluctant to buy insured -' 1 i 1 or guaranteed mortgages at prices far below Per cent their face value. On the demand side, build- INTEREST RATE! FHA r~~ 5.0 ers and sellers as well as buyers of houses VA I" become unwilling to absorb the discount and 4.5 may prefer conventional mortgages with higher rates. i 1 1 Availability of mortgage credit. The ready availability of mortgage credit this year con- NOTE.—FHA data are applications for commitments to insure mortgages and VA data are requests to appraise bouses, trasts with the situation two years ago. At adjusted tor duplication and for seasonal variation by Federal Reserve; shown as annual rates. Interest rates are maximum that time heavy credit demands from busicontract rates. Latest figures shown are for July, except for interest rates (August). nesses and local governments in relation to to the Veterans Administration for ap- the funds available exerted strong upward praisals increased markedly this spring, as pressure on interest rates, as illustrated in may be seen in the chart. the chart on the following page by yields on Mortgage discounts. Contract interest rates new issues of high-grade corporate bonds. on new real estate mortgages, as on bonds By the end of 1956 discounts on FHA and and other obligations, usually adjust to the VA mortgages carrying AVi per cent interyields at which alternative investments of est ranged from 3 to 5 percentage points. similar grades are selling in the market. In December 1956 the permissible inter- Thus contract interest rates on new conven- est rate on FHA-insured mortgages was tional mortgages tend to rise when market raised to 5 per cent. Market rates continued yields rise. to rise sharply in the spring of 1957, how- Rates on Federally underwritten mort- ever, and discounts on 5 per cent FHA gages cannot respond freely to increases in mortgages became almost as large as they other yields because the maximum permis- had previously been on AVz per cent mortsible contract interest rates are specified by gages. Discounts on VA mortgages, which law and regulation. Investors can obtain continued to carry an interest rate of 4Vi what they regard as equivalent yields on per cent, averaged 7 to 8 points. At this Federally underwritten mortgages, and bor- level, discounts were so large that builders rowers can compete with other demands for and sellers as well as buyers turned to other loanable funds, only by pricing the mortgage types of financing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

890 FEDERAL RESERVE BULLETIN • AUGUST 1958 smaller discounts on Federally underwritten MORTGAGE AND IOND YIELDS mortgages than were required earlier suf- Per cent ficed to bring the yields in line with those available on other investments. CONVENTIONAL Since April of this year, the interest rate MORTGAGE LOANS: on VA-guaranteed mortgages has been 4% per cent, and downpayments on both FHA and VA mortgages have been lower than earlier. With discounts on FHA and VA mortgages smaller, builders and sellers, who are permitted to pass on to buyers directly only a part of the cost of discounts, have been willing to absorb their portion in order to attract buyers by offering the favorable terms of these types of financing. Continuation of this situation will depend in part on whether the recent sharp in- 1954 1956 1958 crease in market yields is temporary or whether it reflects renewal of sustained pres- NOTE.—Data are average yields except for conventional sure on capital markets. In either case, commortgages and corporate bonds, which are average interest rates. Conventional mortgages: computed by FHA from mitments made under the relatively easy typical rates. Corporate bonds: estimates of First National City Bank of New York, adjusted to a Aaa basis (figures conditions of recent months will show up in reflect changes in quality, industrial composition, maturity, and type). FHA: computed by Federal Reserve from average loan closings for some time. prices reported by FHA (series improves in quality after July 1953). $50,000 and over: computed by Federal Reserve from reports of The Title Guarantee and Trust Company of New York on conventional mortgages recorded in New York City. Dashed lines for FHA indicate periods when averages were REGULATORY CHANGES adjusting to changes in contract rates, that is, from 4'/2 to 5 per cent in December 1956; and to 5Vi per cent in August Increases in the maximum permissible con- 1957. Latest data shown are for July, except the April figure used to extend quarterly data for mortgages of $50,000 and over. tract interest rates on Federally underwritten loans are not the only statutory and regu- That changes in contract rates are more latory changes that have affected the availaeffective than large discounts in adjusting bility of mortgage credit in the past year. yields is illustrated by the rise in FHA appli- The Housing Act of 1957, which became cations in mid-1957 in contrast with the effective in August, reduced the downpaycontinued sharp drop in VA appraisal re- ment required on new houses financed with quests. In August 1957 the FHA rate was FHA-insured mortgages and made these increased to SVA per cent while the VA rate mortgages more attractive to borrowers. continued at AVi per cent. FHA applica- The Act also directed the Federal Houstions stabilized in the second half of 1957 ing Administration and the Veterans Adminappreciably higher than in the first half. VA istration to regulate the portion of the requests continued to decline. discount on mortgages that builders and In the closing months of 1957 yields in sellers might absorb. This was set at from most securities markets declined sharply, 1 to 2Vi percentage points on FHA mortand in the first half of 1958 remained below gages and from 2Vi to 5Vi percentage points their level a year earlier. In this situation, on VA mortgages. Builders were also per- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MORTGAGE CREDIT AND CONSTRUCTION 891 mitted to pay commitment fees up to one HOME MORTGAGE CREDIT per cent of the amount of the mortgage. In recent months the improvement of mort- By and large, these discounts and fees gage yields relative to bond yields and the large inflow of savings to financial institubrought yields on SlA per cent FHA morttions have renewed the interest of investors gages to levels that were competitive with in mortgages. Preliminary information inmarket yields. In the case of AVi per cent dicates that lending and the increase in VA loans, however, the regulated discounts outstanding debt on 1- to 4-family properties did not provide competitive yields. The rose in the second quarter after allowance fact that under existing law the VA program for usual seasonal movements. In the first was to terminate in July 1958 also reduced quarter, lending and the increase in outthe volume of activity in these loans. standings were at the lowest levels in several The Emergency Housing Act of 1958 that years, as is shown in the chart. became effective in April, in addition to Lending. The higher level of mortgage raising the maximum interest rate on VA lending in the second quarter of 1958 remortgages, removed the statutory require- flected increased lending on conventional ment for control of discounts, extended mortgages. The volume of FHA-insured both the loan guaranty program and the loans closed was slightly larger than in the direct loan program of the Veterans Admin- first quarter—in contrast with other recent istration for two years, and provided $350 years when it was typically smaller—and million for the latter. By administrative about half again as large as a year earlier. action, the Veterans Administration removed the 2 per cent downpayment require- HOME MORTGAGE CREDIT ment in effect since July 1955. Billions of dollori The Act also gave the Federal National Mortgage Association authority to make commitments to purchase at par up to $1 LOANS MADE billion of Federally underwritten mortgages on new houses to cost no more than $ 13,500. On April 4 the President made available LOANS REPAID $300 million of this amount, and in May, July, and August added $300 million, $150 j I million, and $100 million, respectively. CHANGE IN OUTSTANDINGS Some of the recent increase in FHA applications and VA appraisal requests is attributable to this commitment program. In the four months ending July 31, the Association made commitments to purchase nearly 50,000 mortgages involving $584 million. 19S4 1956 1951 This represents about one-fourth of the ap- NOTE.-—Data derived or estimated, and adjusted for seaplications and requests on new houses sonal variation, by Federal Reserve from data for recordings of nonfarm mortgages of $20,000 or less and mortgage debt received by the agencies in the four months. outstanding published by the Federal Home Loan Bank Board. Figures for 1958 preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

892 FEDERAL RESERVE BULLETIN • AUGUST 1958 VA-guaranteed lending continued to decline CHANGE IN HOME MORTGAGES AT INSTITUTIONS through May, and rose only slightly in June. FIRST QUARTER, 1955-58 It was lower in the second quarter than at [In millions of dollars] any other time in several years. Type of institution Commitments outstanding to make all or mortgage 1958 1957 1956 1955 three kinds of loans appear to have risen markedly since early spring. This suggests Total 1,267 1,468 2,346 2,600 that lending on each kind of mortgage will Institution rise further in the summer and autumn. Commercial banks... -45 -95 305 395 Debt. The smaller increase this year in Life insurance cos.... 255 490 690 570 Savings banks 280 295 490 483 mortgage debt outstanding on 1- to 4-family Savings and loan assns 111 778 861 1,152 properties reflects the excess of repayments over lending on VA-guaranteed loans. In Mortgage Conventional 1,034 938 1,072 1,258 other recent years the increase in VA-guar- VA -7 432 1,003 1,046 anteed debt has been between 30 and 40 FHA 240 98 271 296 per cent of the total increase. NOTE.—Change in private institutional holdings of mortgages Both conventional and FHA-insured debt on 1- to 4-family properties. Federal Reserve estimates based on data from Federal and private agencies. appear to have risen by near-record amounts of conventional and FHA mortgages, in conin the first half of 1958. The total increase trast, increased more in the first quarter this in debt on 1- to 4-family properties was year than last. probably about $3.9 billion, compared with The differing capacity of institutional $4.3 billion in the first half of 1957 and a investors to respond to market alternatives record $6.5 billion in the first half of 1955. is also suggested by the table. Commercial At mid-1958, $48 billion of the $111 billion banks, with a wide choice of investments outstanding was Federally underwritten. and the greatest need for liquidity, reduced Institutional holdings. Holdings of 1- to their mortgage holdings both this year and 4-family mortgage debt by private financial last. Insurance companies and savings institutions increased less in the first quarter banks, with more restricted alternatives than of 1958 than in the corresponding months of commercial banks, increased their holdings recent years, as may be seen from the table. less this year than last. The unattractiveness of VA-guaranteed Savings and loan associations, which are loans last winter, when their yields were restricted by regulation and tradition to relatively low, is reflected in the decline in investing the bulk of their assets in first holdings by these institutions. The decline mortgages, increased their mortgage holdoccurred despite the fact that institutions ings by about the same amount in both years. were purchasing VA mortgages from the The associations also reduced their borrow- Federal National Mortgage Association in ings from the Federal home loan banks and this period. Private institutional holdings increased their deposits with the banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The Balance Sheet of Agriculture, 1958 The major factual portion of the fourteenth Garlock, L. A. Jones, W. H. Scofield, F. D. in a series of annual reports on the financial con- Stocker, and R. W. Bier man. dition of agriculture, issued by the United States Data relating to the inventories of livestock, Department of Agriculture, is given below.1 The crops, machinery, and household equipment were full report will be published as an Agriculture prepared under the direction of the following Information Bulletin of the Department of Agri- persons: Livestock—R. H. Moats; crops—C. E. culture. Burkhead, J. J. Morgan, George D. Harrell; ma- The study was prepared under the direction of chinery—Robert H. Masucci, Q. Francis Dalla- Norman J. Wall, Chief, Agricultural Finance valle; household equipment—Jean L. Pennock. Research Branch, Farm Economics Research Divi- Data relating to farm income and expenditures sion, Agricultural Research Service, by F. L. were compiled under the direction of E. W. Grove. SUMMARY OF THE 1958 BALANCE SHEET Farm assets rose to a new record value of $187 the increases in these other assets. The decline billion on January 1, 1958. Although farm debts in value of crop inventories resulted from lower also increased in 1957, the equities of farmers and prices of crops. Physical inventories of crops other owners of farm properties reached a new increased (Table 2). peak of $167 billion (Table 1). Farm debts rose again in 1957 as they have As in other recent years, the increase during each year since 1945. The increase in 1957 was 1957 in farm values and equities resulted chiefly almost exclusively in farm mortgage debt: nonfrom the upward trend of farm real estate values. real-estate farm debt as an aggregate showed little Nearly $7 billion of the $10 billion increase in change. However, a sharp decrease occurred in asset values arose from this source. But an im- outstanding price-support loans made or guaranportant factor was an increase of about $3 billion teed by the Commodity Credit Corporation, and in the value of livestock on farms. This was the an offsetting increase occurred in other non-realresult of higher prices for livestock. Most other estate debt. Wet weather in the fall of 1957 types of farm assets rose slightly in 1957 but the brought late harvest of cotton and corn and imvalue of crop inventories dropped enough to offset paired the quality so much that large quantities xThe balance sheet as presented here brings to- permit full separation of the farm firm as a production gether the assets and liabilities of agriculture as though unit from the farm family as a consumption unit. Furit were one large enterprise. It is the 14th in a series ther, changes indicated in farm assets and net worth that contains comparable estimates annually begin- should be used with caution as a measure of the genning in 1940. Annual changes shown in it provide one eral economic situation of farmers. Year-to-year means of appraising the effects on the financial struc- changes in the market value of farm assets frequently ture of agriculture of developments in both the farm reflect only changes in unit prices. Recent increases and nonfarm sectors of the economy. in market values of some assets, particularly farm real This report shows farm assets and farm debts as of estate, represent "paper" gains in the sense that they the beginning of 1958 and selected earlier years, and can be realized only if the assets are sold or used as it deals mainly with changes in the financial situation security for additional credit. of agriculture that occurred during 1957. The general financial and credit position of agricul- In using and interpreting the balance sheet, it should ture and how it varies among regions and among some be recognized that the data are aggregates and do not groups of farmers is given special attention in the show the distribution of assets and debts among owner- Agricultural Finance Outlook issued in November of operators, tenants, and landlords. Nor do the data each year by the Agricultural Research Service. 893 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

894 FEDERAL RESERVE BULLETIN • AUGUST 1958 TABLE 1 TABLE 2 COMPARATIVE BALANCE SHEET OF AGRICULTURE PHYSICAL ASSETS OF AGRICULTURE VALUED AT 1940 UNITED STATES, JANUARY 1, 1940, 1957, AND 1958 PRICES, JANUARY 1, 1940, 1957, AND 1958 [In billions of dollars] [In billions of dollars] Net change2 Net change 1 (Per cent) (Per cent) Item 1940 19571 1958 Assets 1940 1957 1958 1940-58 1957-58 1940-58 1957-58 Assets Real estate2 33.6 337.7 37.9 + 12.6 +0.4 Physical assets: Livestock . ... 5.1 5.0 4.9 -1.1 Real estate 33.6 109.5 116.3 +245.7 +6.2 Machinery and motor ve- -3.7 Non-real-estate: hides 3.1 7.4 7.2 -2.2 Livestock 5.1 11.1 14.2 + 175.9 +27.2 Crops stored on and off + 135.1 Machinery and farms 2.7 3.4 3.7 +7.9 motor vehicles.... 3.1 17.2 17.6 +473.9 +2.1 Household furnishings and + 37.2 Crops stored on and equipment4 4.3 36.9 7.0 +0.9 off farms 3 2.7 8.3 7.6 + 185.9 -8.6 +63.4 Household furnish- Totals... 48.8 360.4 60 7 +24.4 +0.5 ings and equipment4 4.3 12.4 12.8 + 198.5 +2.5 Financial assets: 1 Computed from unrounded data. Deposits and currency. 3.2 9.3 9.4 + 190.7 +0.7 2 This series is based on data for Census years developed by Alvin United States savings S. Tostlebe in cooperation with the National Bureau of Economic bonds .2 5.1 5.1 + 1,932.9 0.0 Research. It takes into account changes in the area in farms, acreage Investments in co- of improved land, and number and condition of farm structures. operatives .8 3.5 3.7 + 341.1 +5.4 (See Agricultural Finance Review, November 1952.) Data for inter- Censal years, and for 1951-58, are extensions from Census bench- Totals 53.0 176.4 186.7 +251.3 +5.7 marks based on net investment in farm structures (gross investment minus depreciation). Claims 3 Revised. Liabilities: 4 Purchases since 1940 are deflated by an index of prices paid by Real estate debt 6.6 9.9 10.5 +59.6 +6.1 farmers for housefurnishings. Non-real-estate debt s Total of rounded data. to: Commodity Credit Corporation6 .4 1.6 1.2 + 175.5 -22.2 for livestock loans to restock ranges and feed lots Other reporting institutions7 1.5 4.5 5.0 + 232.0 + 11.7 that had been depleted during the drought. Nonreporting creditors** 1.5 3.5 3.5 + 133.3 0.0 The net income of farm operators, including Total liabilities 5. 10.0 19.5 20.2 + 101.6 +4.0 inventory gains or losses, was at about the same Proprietors' equities 43.0 156.9 166.5 +286.2 +5.9 level in 1957 as in 1956—$11.6 billion—despite Totals 53.0 176.4 186.7 +251.3 +5.7 higher returns in 1957 from sales of livestock. But the net income that farm operators realized 1 Revised. in 1957 amounted only to $10.8 billion, nearly 2 Computed from unrounded data. 3 Includes all crops held on farms for whatever purpose and crops $1.3 billion less than the amount they realized in held off farms as security for Commodity Credit Corporation loans. The latter on Jan. 1, 1958 totaled $700 million. 1956. The increase in inventories of crops that 4 Estimated valuation for 1940, plus purchases minus depreciation had not been sold or put under price-support since then. 5 Total of rounded data. loan was mainly responsible for the lower net 6 Although these are nonrecourse loans, they are included as liabilities because borrowers must either repay in cash or deliver the realized income of farm operators in 1957. commodities on which they were based. The values of the underlying commodities are included among the assets; hence the loans In the first half of 1958, receipts from marketmust be included as liabilities to avoid overstating the amount of proprietors' equities. ings picked up sharply and the realized net income 7 Loans of all operating banks, the production credit associations, and the Farmers Home Administration, and discounts of the Federal of farm operators was about 22 per cent higher intermediate credit banks for agricultural credit corporations and livestock loan companies. than in the corresponding months of 1957. 8 Loans and credits extended by dealers, merchants, finance companies, individuals, and others. Estimates based on fragmentary data. INFLUENCE OF GENERAL ECONOMIC SITUATION of these crops did not qualify for price-support Consumers' expenditures for food increased about loans. As farmers obtained a smaller volume of 7 per cent in 1957. About half the increase in price-support loans in the fall of 1957 than in outlays for food reflected higher prices. The costs the preceding year, they obtained a larger volume of processing and marketing food increased about of other types of loans to meet their needs. Im- as much as retail prices, so that the farmer's share proved pastures in the Plains States and larger of the consumer's food dollar remained at 40 crops in the western Corn Belt stimulated demand cents, the same as in 1956. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1958 895 In 1957, the agricultural economy drew support livestock—more than $300 million—was the largalso from record farm exports. The total, valued est increase in any group of expenditures. Exat $4.5 billion, was 8 per cent above the previous penditures for taxes, wages, and mortgage interest high of $4.2 billion in 1956. A 52 per cent also increased. Prices paid by farmers for items increase in the volume of cotton exports accounted used in production, including interest, taxes, and for most of the rise. Exports of other crops— wage rates, rose about 4 per cent between 1956 especially wheat, rice, corn, tobacco and soybeans and 1957. —also continued large. The purchasing power of realized net income A vigorous demand and reduced marketings led of farm operators from farming dropped about to comparatively strong prices for livestock prod- 13 per cent. This resulted partly from a decline ucts in 1957. But heavy supplies of many crops in current-dollar income and partly from an incontinued to act as a brake on farm product crease of nearly 3 per cent in the prices farmers prices and on farm income. As a net result, the 1957 index of prices for all farm products aver- TABLE 3 aged about 3 per cent higher—the first year-to- COMPARATIVE INCOME STATEMENT FOR AGRICULTURE year gain since 1951—and total net farm income, UNITED STATES, 1940, 1956, 1957 after a five-year decline, held unchanged from [In millions of dollars] 1956. Item 1940 19561 1957 INCOME How net income was obtained Total gross farm income in 1957 was $35.1 billion, Total gross farm income: about 3 per cent higher than in 1956. Although Cash receipts from farm marketings. 8,382 30,539 29,757 Government payments to farmers. . 723 554 1,016 receipts from farm marketings declined, there was Home consumption of farm products 1,210 1,779 1,763 Rental value of farm dwellings 723 1,744 1,794 a substantial increase in income from the value of Net change in inventory2 281 -479 758 inventory adjustments, and Government payments Total 11,319 34,137 35,088 to farmers totaled $1.0 billion in 1957, almost Production costs, other than wages, rent, and interest on mortgages: twice as large as in the year before (Table 3). Feed bought 998 3,873 4,083 Livestock bought, except horses and The total volume of farm products sold or used mules 517 1,613 1,947 in the farm home declined 3 per cent; crops F R e e r p ti a l i i r z s e r a a n n d d l o im pe e r b at o i u o g n ht of capital 306 1,265 1,277 declined 9 per cent and livestock less than 2 per De i p te r m ec s iation and other consumption 1,006 3,616 3,735 cent. Average prices received by farmers in 1957 of farm capital 796 3,741 Taxes on farm real estate and per- 3,915 were 3 per cent lower than in 1956 for crops but sonal property 451 1,203 Seed bought 197 534 1,265 8 per cent higher for livestock. Miscellaneous 708 534 2,299 Cash receipts from farm marketings in 1957 Total 4,979 18,144 1 2 9 , , 3 0 1 7 4 0 were below 1956 in 6 of the 10 regions. The Net income from agriculture. 6,340 15,993 16,018 declines were largest in the South, especially in How net income was distributed the Delta States and the Southeast. In these Wages to hired labor (cash and perregions, late rains damaged crops and delayed quisites) 1,029 2,791 2,872 Net rent and Government payments to harvesting. Moreover, total production of cotton landlords not living on farms 3 448 1,124 1,080 Interest on farm mortgage debt 293 446 468 and other crops was down and much of the harvest Net income of farm operators 4,570 11,632 11,598 was carried over for sale in 1958. The Lake Net income from agriculture 6,340 15,993 16,018 States and Mountain regions which showed the Realized net income of farm operators largest increase in receipts from farm marketings Net income of farm operators 4,570 11,632 11,598 were helped by the relatively favorable prices Net change in inventory 281 -479 758 Realized net income of farm received for meat animals. operators 4,289 12,111 10,840 Production costs were nearly $1.0 billion higher 1 Revised. in 1957 than in 1956. Expenditures for seed and 2 Reflects the physical changes during the year in all livestock and fertilizer remained about the same but all other crops on farms, except crops under CCC loan, with the changes valued at average prices for the year. cost groups rose. The increase for purchase of 3 After subtraction of taxes, mortgage interest, and other expenses paid by such landlords. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN • AUGUST 1958 paid for items used in family living. Except for farm sources in 1957 is estimated at $6.3 billion, 1956 the purchasing power of realized net income down about 6 per cent from the all-time high of declined each year since 1951. In 1957, it was $6.7 billion received in 1956. A decline in the only 7 per cent above 1940 and only about half farm population, and less opportunity for nonfarm the level of the high year 1946. employment in some areas, were mainly respon- The income that farmers received from non- sible for lower income from such sources. THE 1958 BALANCE SHEET IN DETAIL In the preceding paragraphs, the balance sheet CHANGE IN DOLLAR VALUE was summarized in general terms. In the sections OF FARMLAND* that follow, each item of the 1958 balance sheet Percentages, March 1957 to March 1958 is treated in detail. ASSETS Assets fall into two general classes: (1) Physical assets, both real estate and tangible personalty; and (2) financial assets, which include cash, bank deposits, United States savings bonds, and farmers' investments in cooperative associations. Farm real estate. The total value of farm real U S. INCREASE estate (land and buildings) was estimated at $116.3 billion on March 1, 1958 or $100.39 per acre. This was a new record; it was 6 per cent or $6.8 billion above the previous high set in March tural situation, together with excellent prospects 1957. The value of farm buildings was estimated for wheat in the former drought areas, added a at $26.9 billion on March 1, 1958, or 23.2 per note of optimism to the farm real estate market in cent of the value of farm real estate. This was a some sections of the country this spring. In other slightly higher proportion of the total than a areas, where adverse fall weather had delayed or year earlier. damaged harvest, little change in land values The average value of farm real estate per acre occurred. advanced in all States in the 12 months ended The trend toward larger farm operating units March 1, 1958. Increases ranged from 5 to 7 with its associated demand for land for farm per cent in more than one-half of the States; enlargement continues at an accelerated rate. values were up 8 per cent or more in several Sales data show that 40 per cent of the transfers Northeastern and Southeastern States, in Arizona, reported for the year ended March 1958 were for and in the Northern Plains, as the map shows. additions to existing farms. A year earlier, the A complex of factors has contributed to the proportion was 38 per cent. This type of demand rise in farm real estate values in the last four for land has contributed most to the market in years. Among these are inflationary pressures, the wheat areas where the proportion of purchases demand for land for nonfarm uses, Government for enlargement currently makes up 65 per cent programs, and the reductions in cost made pos- of all transfers. The proportion was nearly 50 sible by enlargement of existing farms. Most of per cent in the Corn Belt and in western cotton these forces continued to support or to increase and range-livestock areas. market values of farm real estate the year just Continued increases in the market value of past. Despite reduced employment in the durable production assets in agriculture, particularly of goods and manufacturing sectors, demand for real estate, without corresponding increases in farm products was sustained, and prices received farm income have reduced sharply the rate of by farmers in the spring of 1958 were the highest return on farm capital in recent years. Net agriin five years. This improvement in the agricul- cultural income after all expenses were paid (in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1958 897 eluding a charge for operator and family labor) The increase in livestock values resulted from amounted only to 3.7 per cent on the inventory higher prices. For example, average prices per value of physical assets of agriculture in 1957. If hundredweight for beef cattle rose from $14.90 an allowance is made for interest on the inventory in January 1957 to $19.70 in January 1958. The value of machinery, equipment and livestock, the price of calves increased from $16.60 to $22.20, residual return to real estate was 3.0 per cent. hogs from $17.30 to $18.50, and sheep from Although the rates for 1957 were slightly higher $5.71 to $7.83. than in 1956, average rates for the last three years The strength in livestock prices stemmed in were the lowest since 1932-34 and about the part from the feed situation. Pastures were imsame as in 1910-15. The highest rates on record proved, especially in the Southern Plains, and occurred in 1942-48 when the return available for ranchers held back sales in an effort to restock. all farm capital averaged 9.4 per cent and the In the Corn Belt the large corn crop, much of it return for real estate averaged 10.5 per cent. This wet and subject to spoilage, resulted in strong unusually favorable rate of return to real estate demand for cattle to utilize the feed. During the was due to the slow response of farm real estate fall of 1957 these factors slowed the downtrend prices to sharply higher World War II and postin livestock numbers and forced prices up but at war farm earnings. To some extent, therefore, the beginning of 1958 numbers still were lower the continued rise in market prices after farm than a year earlier. earnings turned downward following 1951 repre- Machinery and motor vehicles on farms. Followsented a "catching up" and a return to the prewar ing a decline to $2.8 billion in 1956, expenditures relationships between land values and farm earnfor new farm machinery and motor vehicles inings. creased 12 per cent to about $3.1 billion in 1957. Livestock and poultry on farms. The inventory of Purchases increased because of better growing livestock and poultry on farms on January 1, 1958 conditions and slightly higher prices for farm was valued at $14.2 billion, 27 per cent higher products sold. The breaking of the drought in than a year earlier and the highest since 1953. the Southwestern and Great Plains areas helped The substantial rise in value occurred despite a sales of machinery. small decrease in numbers of livestock. Numbers were fewer for all categories except sheep (Table The value of farm machinery and motor vehi- 4). The aggregate decline as measured by valua- cles on farms reached a record high of $17.6 tions in 1940 prices was one per cent. billion on January 1, 1958. This was about 2 per cent above the previous record of $17.2 TABLE 4 billion on January 1, 1957 (Table 5). Both the numbers of principal farm machines and the LIVESTOCK AND POULTRY ON FARMS, UNITED STATES prices at which they were valued reached peak JANUARY 1, 1957 AND 1958 levels on January 1, 1958. All of the major 19571 1958 TABLE 5 Class N l ( i M b o u e n m i r s l- ) - V ( h l D p a e a r e o a l s u r l d ) - e T v ( l l d M a a i o o o r l t s u i l n a l - ) e - l N l ( i M b o u e n m i r s l- ) - V ( h l D p a e a r e o l a s u r d l ) - e T v ( d l l M a a i o o o r l t l s u i n - a l ) e - l V U A N L IT U E E D O S F T A F T A E R S, M J AN M U A A C R H Y IN E 1, R Y SE L A E N C D T E M D O Y T E O A R R S V , E 1 H 9 I 4 C 0 L -5 E 8 S [In millions of dollars] Cattle 95 91.60 8,653 94 120.00 11,235 Milk cows 2... 23 147.00 3,366 22 176.00 3,932 Hogs 52 24.70 1,275 52 30.10 1,553 Other A H l o l r s s h e e s e a p n 3 d mules 3 4 1 7 1 1 4 . . 6 9 0 7 4 2 6 5 2 6 3 3 1 8 1 3 9 . . 9 2 0 1 2 6 8 0 1 2 Year Total T t r o a r c s - m A o u b t i o le - s M tru o c to k r s - m f a a c r h m in- Stock sheep4.. 27 14.90 396 27 19.40 530 ery Chickens 390 1.17 457 370 1.26 467 Turkeys 6 5.05 29 5 4.68 25 1940 3,060 503 958 262 1,337 Total 11,132 14,163 1 I9 9 5 5 5 0 1 1 .. 1 1 6 1 , , 2 3 0 1 0 4 2 3 , , 3 12 8 0 0 2 3 , ,8 3 2 2 7 4 1 1 , , 8 4 8 4 5 6 7 5 , , 3 16 6 4 8 I9571 17,192 3.309 4,026 2,093 7,764 1 Revised. 1958 17,560 3,348 3,948 2,182 8,082 2 Included in cattle. 3 Includes sheep and lambs on feed for market. 4 Included in all sheep. i Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

898 FEDERAL RESERVE BULLETIN • AUGUST 1958 classes of farm machinery and motor vehicles on TABLE 6 farms, except automobiles, were up in value. Au- LIQUID FINANCIAL ASSETS OWNED BY FARMERS tomobiles declined in value from $4.0 billion on JANUARY 1, SELECTED YEARS, 1940-58 January 1, 1957 to $3.9 billion on January 1, 1958. [In billions of dollars] In constant prices, the value of farm machinery Deposits and motor vehicles on January 1, 1958 was about Year Total 1 Cur- sa U v . i S n . gs rency bonds1 2 per cent lower than a year earlier. Expenditures Demand Time for new machinery, although higher in 1957 than 1940 3.4 0.7 1.3 1.2 0.2 in 1956, were less than depreciation allowances. 1945 11.3 2.6 3.6 1.7 3.4 1950 13.8 2.5 4.5 2.1 4.7 Crops. Crop inventories of farmers, including 1955 14.4 2.2 4.7 2.5 5.0 crops pledged under loan to the Commodity 1 1 9 9 5 5 8 7 1 14 4 . . 5 4 1 2 2 . . 0 0 4 4 . . 7 5 2 2 . . 6 9 5 5 . . 1 1 Credit Corporation, were valued at $7.6 billion on January 1, 1958, about 9 per cent less than a i Revised. year earlier. All the major crop groups listed, except the miscellaneous feed grains of oats, barare influenced heavily by a relatively few persons ley, and grain sorghum, showed declines. The who have very large accounts. value of stored soybeans was about the same on The cash value of United States savings bonds each date. owned by farmers at the beginning of 1958 was The physical quantity of crop inventories, as the same as a year earlier, $5.1 billion. This is measured in 1940 prices, increased nearly 8 per the first year since 1952 that holdings of bonds cent between January 1, 1957 and January 1, did not increase. The general rise in interest rates 1958. For crops stored on farms the quantity which made other types of bonds and savings increased 11 per cent. Quantities of feed grains, accounts more attractive has been the main factor hay and forage, and cotton stored on farms inin this situation. Purchases of United States savcreased. Storage on the farm of the food grains ings bonds by farmers decreased about 19 per and oil crops showed a small decline. The quancent from 1956 to 1957. Purchases of Series H tity of crops stored off-farm under CCC loan bonds, which are often bought by the larger indecreased about 22 per cent, mainly because of vestors, declined 26 per cent. The amount of less cotton and wheat. savings bonds cashed by farmers in 1957 was Liquid financial assets. Bank deposits, currency, about 3 per cent larger than in 1956 and exceeded and United States savings bonds owned by farmers the amount of bonds purchased by more than on January 1, 1958 are estimated at $14.5 billion. $100 million. The cash value of outstanding A year earlier they totaled $14.4 billion (Table 6). bonds, however, was maintained at the level of The amount of currency farmers had at home $5.1 billion because of the interest that accrued or in their pockets was $2.0 billion, the same as during 1957. last year. Time deposits (savings accounts) rose Net worth of farmers' cooperatives. The net sharply to $2.9 billion—the largest since estimates worth of farmers' cooperatives again in 1957 began in 1940. At the beginning of 1958, farmshowed an increase of about $0.2 billion, and ers' checking accounts totaled $4.5 billion. The reached $3.7 billion on January 1, 1958. Coopdecline from $4.7 billion a year earlier may have eratives have had a steady financial growth since been due partly to a shift of funds to savings the end of World War II. On January 1, 1958 accounts. marketing associations had the largest net worth, A survey made by the Federal Reserve Board $1,370 million. Associations through which farmshows much variation among regions in farmers' ers buy feed, seed, fertilizer and other supplies checking accounts. For the country as a whole, the average size of farmers' checking accounts, were next in importance with an aggregate net $1,358, was about the same as a year earlier and worth of $675 million. The combined net worth ranged from $2,421 in the San Francisco District of the credit cooperatives that operate under the to $871 in the Richmond District. Most farmers Federally sponsored Farm Credit System totaled have smaller accounts than these averages, which $669 million. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1958 899 Assets used in farm production. On January 1, 1958, the value of assets used in farm production FARM MORTGAGE DEBT HELD BY MAJOR LENDERS amounted to $140.6 billion, or about three-fourths of all assets included in the balance sheet of BIL DOLLARS | agriculture. All classes of production assets, ex- Bllllfl Farmers Home Adm. £23 Joint-srock land banks 12 ESDFed. Farm Mort. Corp. BSfl F*H \nnA hn.,1,. cept crops and checking accounts, rose in value EH Life ins. cos. g§9 Banks* A during 1957. These increases in value were the 9 >s I TABLE 7 6 VALUE OF ASSETS USED IN AGRICULTURAL PRODUC- TION, UNITED STATES, JANUARY 1, SELECTED YEARS. 3 1940-58 x WB///Mm/M///MmMmmm, 0- 1910 1920 1930 1940 1950 1960 All ijroduction assets Year Total Average (Dollars) (Billions of dollars) Per farm Per The increase for 1957 was $600 million compared worker 2 farm 2 with $840 million for 1956. All regions parti- 1940 38.7 3,413 6,094 cipated in the increase in outstanding farm mort- 1945 67.7 6,625 11,346 19503 95.9 9,625 16,979 gage debt in 1957. The Delta States had the 1 1 9 9 5 5 5 7 3 3 1 1 2 3 1 2 . . 1 1 1 1 6 4 , , 7 3 8 3 7 0 2 27 3 , , 2 8 0 0 3 6 largest increase (9.9 per cent); the smallest in- 1958 140.6 18,381 29,600 creases were in the Northeast (3.5 per cent) and the Southern Plains (3.6 per cent). Among lend- 1 Includes farm real estate, less value of dwellings; livestock; machinery and motor vehicles, less 60 per cent of the value of auto- ers, percentage increases in outstanding farm mobiles; crop inventories held for livestock feed; and a portion of the demand deposits determined for each year by adjusting the deposits mortgage loans ranged from 17.4 per cent for the of Jan. 1, 1942 by an index of production costs. 2 Number of farms and farm workers used in computing these Farmers Home Administration to 2.3 per cent for averages are as estimated by the U. S. Department of Agriculture. 3 Revised. insured commercial banks (Table 8). result of higher prices. Feed and forage crops TABLE 8 held on farms for feeding livestock were the only assets that showed an increase in physical quan- FARM MORTGAGE DEBT OUTSTANDING, BY LENDERS tity. Most significant is the amount of production UNITED STATES, JANUARY 1, SELECTED YEARS, 1940-58 capital handled on each farm and by each worker. Amount outstanding Percentage Value per farm, which was $17,000 in 1950, had (In millions of dollars) change1 Lender risen to $29,600 by 1958. The increase per worker on farms was from about $9,600 to nearly 1940 1950 1957 1958 1950-581957-58 $18,400 (Table 7). Total 6,586 5,579 9,90810,507 88.3 6.0 CLAIMS F F e e d d e e r r a a l l l F a a n r d m b a M n o ks r t 2 - . 2,010 906 1,722 1,897 109.4 10.1 Claims on agricultural assets are of two general g ti a o g n e 2 3 Corpora- 713 59 0 0 kinds: (1) Liabilities, which are divided into Farmers Home Administration4 32 193 290 340 75.8 17.4 real estate and non-real-estate debt; and (2) Life insurance companies2 984 1,172 2,477 2,579 120.0 4.1 equities, which represent the value of the residual Insured commercial banks 534 879 1,311 1,341 52.5 2.3 rights in agricultural assets belonging to the pro- Individuals and miscellaneous 2,313 2,370 4,108 4,350 83.6 5.9 prietors—owner-operators, tenants, and landlords. Included among these proprietors are individuals, 1 Computed from unrounded data. financial institutions and other corporations, and 2 Includes regular mortgages, purchase-money mortgages, and sales contracts. Federal, State, and local government agencies. 3 Loans were made for the Corporation by the Land Bank Commissioner. Authority to make new loans expired July 1, 1947. On Farm real estate debt. Farm mortgage (real June 30, 1955, loans of the Federal Farm Mortgage Corporation were sold to the 12 Federal land banks. estate) debt rose for the twelfth consecutive year 4 For 1940 tenant-purchase loans and direct soil and water loans to individuals only. 1945-58 includes tenant-purchase, farmin 1957 to an estimated total of $10.5 billion on enlargement, farm-development, and project-liquidation loans; January 1, 1958, as shown in the chart above. beginning July 1950, farm-housing loans; and beginning 1955, building-improvement loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

900 FEDERAL RESERVE BULLETIN • AUGUST 1958 The lower volume of farm mortgage loans made U.S., 1958 in 1957 apparently resulted largely from the tight CREDIT SOURCES FOR FARM PURCHASES situation in the money markets. Rising yields of Other unclassified Two or more lenders bonds during most of the year tended to attract sources 7% funds of insurance companies and some other Other individuals lenders to the bond market. Moreover, as interest rates charged on farm mortgage loans followed bond yields upward, farmers apparently became less inclined to borrow. This was particularly Insurance true of farmers who already had mortgages on companies'" their farms and who faced the prospect of having to refinance their old loans at higher rates in Banks order to obtain additional advances. Interest rates on new farm mortgage loans rose by one-half of one to one percentage point during In 1957, farm mortgages recorded declined in 1957. Contract rates on mortgages recorded both number and total amount. A decline in the during the first quarter of 1957 varied from an over-all average size of farm mortgages recorded average of 5.86 per cent for banks and trust comin 1957 reflects chiefly a shift in borrowing from panies to averages of 5.21 per cent for insurance the Federal land banks and insurance companies, companies and 4.40 per cent for Federal land which usually make larger loans, to individuals banks. By November 1957, nine of the Federal and miscellaneous lenders, which usually make land banks were charging 5.5 per cent and three smaller loans. banks were charging 6 per cent. Leading life in- As in other recent years, farm mortgage loans surance companies in the farm mortgage field rewere made in 1957 chiefly for the purpose of ported a minimum rate of 5.5 per cent in early buying farm real estate and refinancing debts. November 1957. In some areas this rate was as However, data for 12 life insurance companies high as 6 per cent. indicate that a smaller proportion of the proceeds Interest rates charged by the Federal land banks of their mortgage loans was used for refinancing and probably by other lenders turned downward in 1957 than in 1956. Sellers of farm land, during the early months of 1958. On July 1, chiefly individuals, accounted for the largest share 1958, only four land banks were charging 5.5 —43 per cent—of the credit used in purchasing per cent; seven charged 5 per cent; and the Omaha farm land in the year ending March 31, 1958, bank charged 4.5 per cent. as shown by the chart above. Banks provided 17 Non-real-estate debt. Total non-real-estate debt per cent of the credit, insurance companies 15 of farmers amounted to about $9.7 billion on per cent, Federal land banks 9 per cent, and other January 1, 1958, only slightly more than a year individuals 7 per cent. The proportions provided earlier. But noteworthy changes occurred during by individuals were higher, and those from such 1957 in the composition of this debt. Price-supinstitutional lenders as banks, insurance com- port loans, made or guaranteed by the Commodity panies, and the Federal land banks were lower, Credit Corporation, dropped sharply from $1.6 than in the previous year. billion at the beginning of the year to $1.2 billion Principal repayments for the Federal land banks at the end of the year. Other types of loans declined from 9.4 per cent of the amount out- increased from $8.0 billion to $8.5 billion (Table standing at the beginning of the year in 1956 to 9). 8.3 per cent in 1957. A similar decline was These changes resulted partly from wet weather noted for 16 life insurance companies where prin- in the fall of 1957, which delayed harvests and cipal repayments (including payments through impaired the quality of the cotton, corn, and other refinancing) declined from 12.1 per cent of the crops. This caused smaller quantities of these January 1 amount outstanding in 1956 to 10.5 crops to be placed under price-support loans in per cent in 1957. the fall of 1957 than in other recent years. Repay- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE BALANCE SHEET OF AGRICULTURE, 1958 901 TABLE 9 Federally sponsored agencies increased by nearly 12 per cent during 1957, as shown by the accom- FARMERS' NON-REAL-ESTATE DEBT, UNITED STATES JANUARY 1, SELECTED YEARS, 1940-58 panying chart. Increases occurred in all States [In billions of dollars] except Rhode Island and Connecticut but, with few exceptions, the largest increases were in the Type of debt 1940 1950 1957 1958 Plains and Southern States. In 1957, the production credit associations ex- Price-support loans made or guaranteed by Commodity panded their outstanding loans by about 27 per Credit Corporation 1 0.4 1.7 1.6 1.2 Other loans by banks and cent whereas banks and the Farmers Home Ad- Federally sponsored agencies... 2.8 4.5 5.0 Loans and book credits by mis- ministration increased their outstanding produccellaneous lenders2 1.5 2.4 3.5 3.5 tion loans to farmers by only about 10 per cent Total, excluding CCC loans 3.0 5.2 8.0 8.5 and one per cent respectively. Two factors go Total, including CCC loans.... 3.4 6.9 9.6 9.7 far towards explaining the exceptionally large in- 1 Although these are nonrecourse loans, they are treated as debts. crease in loans of the production credit associa- Borrowers must either pay them in cash or deliver the commodities on which they were based. tions: (1) The offering of intermediate-term loans, 2 Estimates based on fragmentary data. with maturities ranging up to five years, has atments of other loans were slowed and, at the same tracted business to them; and (2) as their operattime, farmers' needs for loans to meet operating ing margins were reduced in 1957 by the rise in and living expenses were increased. In the west- money market rates, the associations were under ern Corn Belt, the large but wet corn crop stim- considerable pressure to increase their volume of ulated demand for loans to buy feeder cattle. business in order to maintain their earnings. The demand of farmers for other loans was Because of rising rates of interest in the money strengthened also by increased purchases of farm markets during 1956 and 1957, most of the promachinery in 1957, and by improved pastures in duction credit associations increased the rates they the Plains and Southwestern States, which in- charge farmers on new loans. At the beginning of creased demands for cattle to restock ranges that 1956 only slightly more than half of the associahad been depleted during the drought. tions charged rates as high as 6 per cent. By the Under the impact of these forces, outstanding end of 1957, nearly all of the associations were production loans to farmers held by banks and charging 6 per cent or more for loans. Bank rates to farmers were not affected as strongly by rising money market rates as were those of the produc- NON-REAL-ESTATE FARM LOANS tion credit associations, but indications are that Held by Banks and Federally Sponsored Agencies* they also increased during 1956 and 1957. With the decline in money market rates since last F. H. A.° | November, rates charged by some of the produc- Prod, credit ass'nst All operating banks tion credit associations have been lowered. Total farm debt. Total farm debt, including price-support loans, rose from $19.5 billion at the beginning, to $20.2 billion at the end, of 1957. This debt has risen each year since 1946, when it totaled only $8.0 billion. On January 1, 1958, 1910 1920 1930 1940 1950 1960 farm debt amounted to 11 per cent of the value of farm assets, compared with 8 per cent on January 1, 1946. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Administrative interpretations, new regulations, and similar material National Bank Real Estate Loans pose of Purchasing or Carrying Stocks Registered on a National Securities Exchange" so as to in- By Act of Congress approved July 18, 1958 crease the margin requirements from 50 per cent (Public Law 85-536), the fourth paragraph of secto 70 per cent for credit extended by brokers and tion 24 of the Federal Reserve Act was amended banks to finance purchases of stock exchange seso as to make the limitations and restrictions on curities. The increased margins also apply to short real estate loans by national banks inapplicable to sales. The texts of the Supplements as thus loans made by such banks to established industrial amended are as follows: or commercial businesses in which the Small Business Administration cooperates through agree- SUPPLEMENT TO REGULATION T ments to participate on an immediate or deferred Maximum loan value for general accounts.— basis. The text of the pertinent provision of the The maximum loan value of a registered security Act reads as follows: (other than an exempted security) in a general Sec. 3. The fourth paragraph of section 24 of the account, subject to section 3 of Regulation T, shall Federal Reserve Act is amended (1) by striking out be 30 per cent of its current market value. "or the Small Business Administration" and "or of the Small Business Act of 1953,", and (2) by adding at the Margin required for short sales in general acend thereof the following new sentence: "Loans in counts.—The amount to be included in the adwhich the Small Business Administration cooperates justed debit balance of a general account, purthrough agreements to participate on an immediate or deferred basis under the Small Business Act shall suant to section 3(d) (3) of Regulation T, as marnot be subject to the restrictions or limitations of this gin required for short sales of securities (other section imposed upon loans secured by real estate." than exempted securities) shall be 70 per cent of Margin Requirements the current market value of each such security. The Board of Governors of the Federal Reserve System, effective August 5, 1958, amended SUPPLEMENT TO REGULATION U the Supplement to Regulation T entitled "Exten- For the purpose of section 1 of Regulation U, sion and Maintenance of Credit by Brokers, Deal- the maximum loan value of any stock, whether ers, and Members of National Securities Ex- or not registered on a national securities exchange, changes," and amended the Supplement to Regu- shall be 30 per cent of its current market value, lation U entitled "Loans by Banks for the Pur- as determined by any reasonable method. APPLICATIONS OF FIRST NEW YORK CORPORATION ET AL. TO BECOME BANK HOLDING COMPANIES The Board of Governors of the Federal Reserve ORDER DENYING APPLICATIONS System, on July 10, 1958, issued an Order denying There having come before the Board of Goverthe applications of First New York Corporation, nors, pursuant to Section 3(a)(l) of the Bank The First National City Bank of New York, and Holding Company Act of 1956 (12 U.S.C. 1842) International Banking Corporation, under Section and Section 4(a)(l) of the Board's Regulation Y 3 of the Bank Holding Company Act of 1956, to become bank holding companies. There are pub- (12 CFR 222.4(a)(l)), applications on behalf of lished below copies of the Board's Order (Docket First New York Corporation, a Delaware corpora- Nos. BHC 1-3), Statement by the Board, Dissent- tion with its principal office in New York City, ing Statement by certain members of the Board, The First National City Bank of New York, New and Supplemental Report and Recommended York City, and International Banking Corpora- Decision of the Hearing Examiner. tion, a Connecticut corporation with its principal 902 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 903 office in New York City, for the Board's prior ap- The three applications are here considered toproval of action whereby each of such companies gether because they represent a single proposal. would become a bank holding company under the Moreover, two of them are for holding companies Act; a hearing on said applications having been that would exist only temporarily. held pursuant to Section 7(a) of the Board's Regu- Broadly speaking, the general purpose of the lation Y (12 CFR 222.7(a)); opportunity having proposal is to create a new bank holding company, been given to all parties for the filing of proposed First New York Corporation, which would confindings and conclusions; the Hearing Examiner trol three existing banking institutions, namely, having filed a Report and Recommended Decision The First National City Bank of New York, City and a Supplemental Report and Recommended Bank Farmers Trust Company, New York, and Decision, in each of which he recommended that The County Trust Company, White Plains, Westsaid applications be denied; the Applicants and chester County, New York. The County Trust Company, White Plains, New The Applicants are First New York Corpora- York (a non-applicant party to this proceeding), tion (hereafter referred to as "First"), a Delaware having filed exceptions and briefs; oral arguments having been presented to the Board; and all such corporation with its principal office in New York steps having been taken in accordance with the City; The First National City Bank of New York Board's Rules of Practice for Formal Hearings (hereafter referred to as "City Bank"), a national (12 CFR 263): banking association with its principal place of business in New York City; and International Bank- IT IS HEREBY ORDERED, for the reasons set forth ing Corporation (hereafter referred to as "IBC"), in the accompanying Statement of the Board, that a Connecticut corporation, operating under an the applications of First New York Corporation, agreement with the Board pursuant to Section 25 The First National City Bank of New York, and of the Federal Reserve Act and engaged in inter- International Banking Corporation pursuant to national and foreign banking. IBC is a wholly- Section 3(a)(l) of the Bank Holding Company owned subsidiary of City Bank. Act of 1956, shall be, and hereby are, denied. The details of Applicants' plan are set forth in This 10th day of July 1958. a document entitled "Reorganization Program" By order of the Board of Governors. introduced in evidence as Board Exhibit 4.2 For Voting for this action: Chairman Martin, Vice Chair- present purposes, the essential features of that man Balderston, and Governors Szymczak, Robertson, plan are as follows: and Shepardson; voting against this action: Governors Vardaman and Mills. All of the outstanding capital stock of First (Signed) S. R. CARPENTER, would be acquired by IBC. First would then cause the organization of three new national bank- Secretary. ing associations to be known as The Metropolitan (SEAL) National Bank, The First National City Trust Company of New York (hereafter referred to as STATEMENT "City Trust"), and County Trust National Bank Nature of the proposal. This case involves con- (hereafter referred to as "County National"). All sideration of applications by three companies, filed of the stock of these banks, except directors' pursuant to Section 3(a) (1 )x of the Bank Holding qualifying shares, would be acquired by First. By Company Act of 1956 (hereafter sometimes re- such action, First would become a bank holding ferred to as the "Act"), for prior approval by the company under the Act. Since First's stock would Board of Governors of the Federal Reserve System be held by IBC and since the latter is controlled of action which will cause each of such companies 2 Board Exhibits 1, 2, 3, and 4 were, respectively, the applito become a bank holding company under the Act. cation of First New York Corporation, the application of The First National City Bank, the application of International Banking Corporation, and Applicants' "Reorganiza- 1 Section 3(a)(l) provides: "It shall be unlawful except with tion Program." Hereafter in this Statement Applicants' Exthe prior approval of the Board (1) for any action to be taken hibits are referred to as "App. Exh. —", and the Board's Exwhich results in a company becoming a bank holding company hibits are referred to as "Bd. Exh. —." References to the under Section 2(a) of this Act; . . . ." hearing transcript are indicated by "T. —." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

904 FEDERAL RESERVE BULLETIN • AUGUST 1958 by City Bank, both City Bank and IBC would also tion 3(b) of the Act,3 the Board on November 14, become bank holding companies as a result of the 1956, requested the views and recommendations same action. of the Comptroller of the Currency with respect Subject to approval by the Comptroller of the to the applications. At the same time, though not Currency, each of the three presently existing required by the Act but because two of the banks banks previously mentioned would be consolidated involved are now New York State banks, the with one of the three new national banks. City Board also invited an expression of views by the Bank would be consolidated with The Metropoli- New York State Superintendent of Banks. In his reply of December 13, 1956, the Comptroller rectan National Bank under the charter of the latter ommended approval of the applications. The and the name of the former. City Bank Farmers State Superintendent of Banks, in a letter dated Trust Company, New York, New York (here- December 12, 1956, without recommending apafter referred to as "Farmers"), which is presently proval or disapproval, questioned the form of the affiliated with City Bank by reason of the fact that applications as placing a veto power in the hands Farmers' stock except for directors' qualifying of the Comptroller of the Currency contrary to shares is held by trustees for shareholders of City the intent of Congress and urged that a decision Bank, would be consolidated with City Trust unon the applications be postponed pending action der the charter and name of the latter. The by the New York State Legislature regarding the County Trust Company, White Plains, New York structure of the State's banking system. (hereafter referred to as "County Trust"), which On December 26, 1956, the Board ordered a is not now affiliated with City Bank or Farmers, public hearing on the applications, to be conducted would be consolidated with County National under in accordance with the Board's Rules of Practice the charter and name of the latter. First would for Formal Hearings (12 CFR 263) by a hearing be a party to these consolidation agreements and examiner selected by the Civil Service Commiswould become the owner of all the stock, except sion pursuant to the Administrative Procedure Act the directors' qualifying shares, of City Bank, City (5 U.S.C., Sec. 1010). That hearing was com- Trust, and County National. menced on January 24, 1957, and the record of In connection with the consolidations, and folthe hearing was closed on September 20, 1957. lowing an increase in its authorized capital stock, The Applicants, the Board, County Trust, and the First would issue to the present shareholders of New York State Banking Department were desig- City Bank and County Trust shares of First against nated by the Hearing Examiner as parties to the surrender of certificates of stock in City Bank proceeding. (which carry with them beneficial interest in Following submission of proposed findings by Farmers) and County Trust. Both IBC and its the Applicants,, a statement by Counsel for the parent, City Bank, would cease to be bank holding Board regarding the Applicants' proposed findings, companies. Only First would then continue as a 3 Section 3(b) provides: "(b) Upon receiving from a combank holding company, its subsidiaries being City pany any application for approval under this Section, the Bank, City Trust, and County National. Board shall give notice to the Comptroller of the Currency, if the applicant company or any bank the voting shares or assets The net effect of the program, therefore, as of which are sought to be acquired is a national banking association or a District bank, or to the appropriate supervisory previously indicated, would be to bring under the authority of the interested State, if the applicant company or any bank the voting shares or assets of which are sought to be control of First, a new holding company, (1) City acquired is a State bank, and shall allow 30 days within which the views and recommendations of the Comptroller of Bank, (2) that bank's presently affiliated Farmers the Currency or the State supervisory authority, as the case may be, may be submitted. If the Comptroller of the Currency (but under a national charter), and (3) the pres- or the State supervisory authority so notified by the Board disapproves the application in writing within said 30 days, the ently unaffiliated County Trust (also under a na- Board shall forthwith give written notice of that fact to the applicant. Within three days after giving such notice to the tional charter). applicant, the Board shall notify in writing the applicant and the disapproving authority of the date for commencement History of the proceeding. The action that would of a hearing by it on such application. Any such hearing shall be commenced not less than 10 nor more than 30 days after cause the Applicants to become bank holding com- the Board has given written notice to the applicant of the action of the disapproving authority. The length of any such panies, as previously noted, would be the acquisihearing shall be determined by the Board, but it shall afford tion by First of stock of the three newly organized all interested parties a reasonable opportunity to testify at such hearing. At the conclusion thereof, the Board shall by national banks. Accordingly, as required by Sec- order grant or deny the application on the basis of the record made at such hearing." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 905 and memoranda by the Applicants and the New submitted by the Department of Justice, relating York State Banking Department regarding the to the applicability of Section 7 of the Clayton effect on these proceedings of New York legisla- Antitrust Act to the transaction here proposed. tion relating to bank holding companies, the Hear- Subsequently, Applicants filed briefs in reply to the ing Examiner on October 3, 1957, filed with the Department's Statement. Board his Report and Recommended Decision. In reaching its decision in the present case, the The Hearing Examiner recommended that the ap- Board has given careful consideration to all releplications be denied because of the existence of vant factual material contained in the record of Article III-B of the New York Banking Law, the hearing; to pertinent arguments presented at which would make unlawful consummation of the the hearing or contained in briefs, memoranda, plan here proposed. In view of this recommenda- and statements made a part of the record of the tion, the Hearing Examiner's Report did not dis- proceeding; to both the initial and supplemental cuss or pass upon the merits of the applications in reports and recommended decisions filed by the the light of the factors set forth in Section 3(c) of Hearing Examiner; and to statements presented at the Act, hereinafter described. oral arguments before the Board. Following exceptions to the Hearing Examiner's Effect of New York statute upon Board's authority. Report and Recommended Decision, oral argu- In view of the conclusions expressed by the Hearments were presented before the Board on Noing Examiner in his Report and Recommended vember 26, 1957. On December 10, 1957, the Decision of October 3, 1957, it is necessary at the Board remanded the case to the Hearing Examiner outset to determine whether the Board is prefor a report and recommendation with respect to cluded, as a matter of law, from considering the the merits of the applications, apart from the legal merits of the present applications by reason of the effect of the New York statute. existence of Article III-B of the New York Bank- On February 20, 1958, the Hearing Examiner ing Law (hereafter referred to as the "New York filed with the Board a Supplemental Report and statute"). Recommended Decision. It was his recommenda- The New York statute was first enacted effection that the Board deny the applications for the tive January 29, 1957, shortly after commencereasons, among others, that ". . . the prospective ment of the hearing in this case. It was passed as and possible benefits of the program do not outa temporary measure to expire by its terms on weigh its prospective and possible disadvantages." May 1, 1957, but was subsequently extended by He concluded that ". . . the program is not re- Acts of April 22, 1957, and April 16, 1958. Unquired for the needs and welfare of the community less further extended, the statute will expire May and area, and further, that the effect of the pro- 1, 1959. Briefly, and insofar as it is pertinent to posed acquisition may be to expand the size or extent of the holding company system involved the present case, the New York statute has the beyond limits consistent with adequate and sound effect of prohibiting, until May 1, 1959, any combanking, the public interest, and the preservation pany from acquiring 25 per cent of the stock of of competition in the field of banking. Under two or more banks unless the banks are located these circumstances the applicants have not sus- within the same city or New York State banking tained the burden of establishing that the public district. On its face, the statute would prohibit interest will be furthered by granting approval of consummation of the transactions for which Apthe applications." plicants seek Board approval under the Bank Holding Company Act, since the three proposed Exceptions to the Hearing Examiner's Supplesubsidiary banks would not be located in the same mental Report and Recommended Decision were filed on behalf of Applicants and County Trust; city or banking district of the State. and on May 21, 1958, oral arguments were pre- Section 7 of the Bank Holding Company Act sented to the Board with respect to the merits of provides: the applications. "Sec. 7. The enactment by the Congress of the On May 22, 1958, the Board accepted as a Bank Holding Company Act of 1956 shall not be construed as preventing any State from exercising such part of the record in the proceeding a Statement powers and jurisdiction which it now has or may here- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

906 FEDERAL RESERVE BULLETIN • AUGUST 1958 after have with respect to banks, bank holding com- the States any new authority with respect to banks, panies, and subsidiaries thereof." bank holding companies, and their subsidiaries is Because of this provision of the Act, the Hear- clearly indicated by the following statement coning Examiner concluded that the New York statute tained in the report of the Senate Banking and is "an exercise of State jurisdiction authorized by Currency Committee on March 6, 1956, with rethe Federal law", and that, for the period of the spect to the meaning of the language of Section 7: duration of the New York statute, it effectively "A great deal of concern has been expressed that prevents approval of the program here proposed Section 7 of the bill as reported by the committee so that the Board is "precluded" from approving granted new authority and powers to States over national banks in general, and respecting the stocks the applications at this time. of national banks in particular. This concern ap- The extent of the "power and jurisdiction" of parently has arisen as a result of the language added to this Section by the committee and certain statethe States in the field of bank holding company ments which appeared in the committee report. The regulation is, of course, not a matter for this language added by the committee in the bill as reported provided that States in the exercise of their Board's decision; nor may the Board undertake to jurisdiction and powers over banks and bank holding determine whether the New York statute repre- companies could impose 'no less onerous' restrictions sents a valid exercise of that State's power. These than were provided in the bill. The intent of the committee was to make it clear that a State could not are matters for determination by the courts. Unenact legislation inconsistent with the bill and thereless and until a court of competent jurisdiction fore nullify its effect. In view of the fact that the meaning of the no less onerous clause has apparently holds the New York statute to be invalid, the been misconstrued by some persons, the committee Board must assume its validity. Davies Ware- agreed to strike the clause and thus return to the house Co. v. Bowles, 321 U.S. 144, 153 (1944). language of the comparable section of H. R. 6227. However, your committee reiterates its view that The question, therefore, is not whether the New Section 7 in no way permits States to exercise such York statute is valid but whether the Bank Hold- powers and jurisdiction in a manner inconsistent with this proposed legislation. ing Company Act so limits the Board's discretion, "In order to clarify the legislative history of Section either expressly or by implication, as to make it 7, the committee wishes to emphasize that this Section necessary, as a matter of law, for the Board to does not grant any new authority to States over nadisapprove the present applications because of tional banks. The purpose of the Section is to preserve to the States those powers which they now have in the existence of the New York statute. our dual banking system. It is always of uppermost In connection with its consideration of pro- importance in legislation of this nature to preserve the dual system of National and State banks, and Section posals for bank holding company legislation over 7 must be viewed in that light." a period of years, the Congress gave careful consideration to various suggested provisions designed In view of its language and legislative history, to prohibit Board approval of applications in cer- Section 7 is interpreted by the Board (1) as evitain circumstances, such as, for example, where dencing the intent of Congress not to occupy exthe appropriate State supervisory authority ob- clusively the field of bank holding company regujected, or where the proposed transaction would lation or to deprive the States of whatever jurisdicconflict with State branch banking laws, or where tion they may lawfully have in this field and (2) State statute would prohibit acquisition of the as not conferring upon the States any new authorstock of State banks in the same circumstances, or ity in this respect. It is the Board's conclusion, where the proposed acquisition would cross State therefore, that neither Section 7 nor any other lines. At the time such proposals were made, the provision of the Act operates to preclude the bill under consideration also contained provisions Board from approving the present applications similar to those of Section 7 of the Act preserving because the transactions contemplated by them the jurisdiction of the States. Congress neverthe- would appear to be in contravention of the State less rejected all such proposals to limit the Board's statute. It may be noted that the New York State discretion, with the single exception of the provi- Banking Department has taken the position that sion prohibiting approval of acquisitions across the New York statute does not legally preclude State lines, the provision now contained in Sec- Board approval of these applications, even though tion 3(d) of the Act. that statute would prevent consummation of the That Section 7 was not intended to confer upon plan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 907 In his Report and Recommended Decision of Whether or not the existence of the New York October 3, 1957, the Hearing Examiner assigned statute has the effect of legally precluding apa second reason for his conclusion that Board ap- proval of the applications, it has been contended proval of the applications is precluded by virtue further that, in any event, such approval would of the existence of the New York statute. Sec- constitute a vain and futile action, inasmuch as tion 34a of Title 12 of the United States Code, the transaction could not be lawfully consummated relating to the consolidation of a State bank with under State law. The Hearing Examiner exa national bank, provides that no consolidation pressed the view that, as long as the State statute shall be "in contravention of the law of the State" remains in effect, "a determination that portions under which the State bank is incorporated. Since of the Federal Act do not prevent approval of the the proposed consolidation of County Trust with applications seems like a vain thing." The New the proposed new County Trust National Bank York State Banking Department, while not aswould be an integral part of the program, and serting that the Board is legally foreclosed from since in his opinion that consolidation would vio- approval, took the position that the State law late the State statute, the Hearing Examiner con- makes the applications "academic and moot." cluded that Section 34a of Title 12 of the United With due regard to these views, and assuming States Code "also precludes approval of the pro- the validity of the State statute, the Board is unposed program." able to agree that its approval of the applications While the views of the Hearing Examiner on would necessarily and in all events constitute a this point have been considered, weight must be futile action. The New York statute by its terms given to the opinion expressed by the Comptroller is temporary in nature; it cannot be said with cerof the Currency in a letter addressed to the Board tainty that it will be further extended beyond its on May 10, 1957, and made a part of the record present expiration date or that the New York State of the hearing in this case. In that letter, the Legislature will not before that date enact other Comptroller stated that "with respect to Section legislation on this subject. Moreover, while the 34a of Title 12 of the United States Code, we Board expresses no opinion on the question, Apsee nothing in Article III-B of the New York plicants have challenged the validity of the State Banking Law which deals with the consolidation statute as applied to the transaction here proposed. of banks or which would in any way affect the While the existence of the State statute does consolidation of a State bank with a national bank not, in the Board's opinion, legally bar consideraunder Section 34a. ..." That Section of Federal tion of the merits of the applications, the question law is administered by the Comptroller of the whether and to what extent weight may be given Currency; and a determination by an agency ad- the State statute in such consideration of the merits ministering a statute is to be accepted if it has a is a separate question that will be dealt with at a reasonable basis in law. NLRB v. Hearst Publica- later point in this Statement. tions, Inc., 322 U.S. Ill (1944). In the circum- Plan as giving veto power to Comptroller of the stances and without expressing any opinion on the Currency. One further preliminary question may question involved, the Board feels that it should be briefly mentioned. In his letter to the Board be guided by the Comptroller's view. of December 12, 1956, the New York State Super- Needless to say, in view of Section 11 of the intendent of Banks expressed the view that, since Act,4 approval of the present applications would the program of the Applicants would contemplate not in any sense obviate the need for compliance independent action by the Comptroller of the Curby the Applicants with Section 34a of Title 12 of rency with respect to approval of charters of the the United States Code or any other statute that three new national banks and approval of the three might be applicable to any aspects of the program proposed consolidations, the plan would have the contemplated by the Applicants. effect of placing a complete veto power in the 4 Section 11 provides: "Nothing herein contained shall be in- hands of the Comptroller and that this would not terpreted or construed as approving any act, action, or conduct be in accordance with the intent of Congress to which is or has been or may be in violation of existing law, nor shall anything herein contained constitute a defense to any vest final decision on applications under the Act action, suit, or proceeding pending or hereafter instituted on account of any prohibited antitrust or monopolistic act, action, in the Board of Governors. or conduct." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

908 FEDERAL RESERVE BULLETIN • AUGUST 1958 Section 11 of the Act recognizes that approval Financial history and condition, prospects, and by the Board of an application under the Act does management. The first three of the statutory facnot relieve an applicant from compliance with tors, as applied to the circumstances of this case, other applicable statutes. Thus, approval by the may conveniently and appropriately be considered Board under the Act of acquisition of stock of a together. new State or national bank would not alone be In a literal sense, the companies and banks sufficient to enable a bank holding company to "concerned" in this case are the Applicants (First, establish a new bank; approval by the appropriate City Bank, and IBC), the proposed three new national banks (The Metropolitan National Bank, State bank authority or the Comptroller, as the City Trust, and County National). However, uncase might be, of the charter of the proposed bank der the program contemplated by the Applicants, would also be necessary. In the opinion of the IBC and City Bank would cease to be bank hold- Board, therefore, the applications are not defective ing companies when the program is consummated; in the respect suggested by the State Superintendand the proposed three new national banks would ent of Banks. do no business as such until after their consolida- Factors to be considered by the Board. Section tion with City Bank, Farmers, and County Trust. 3(c) of the Act provides: Consequently, for all practical purposes, the com- "(c) In determining whether or not to approve any pany and the banks actually concerned are First acquisition or merger or consolidation under this (the proposed new holding company) and the Section, the Board shall take into consideration the three existing banks which would be brought under following factors: (1) the financial history and condition of the company or companies and the banks the control of First, namely, City Bank, Farmers, concerned; (2) their prospects; (3) the character of and County Trust. their management; (4) the convenience, needs, and welfare of the communities and the area concerned; City Bank, incorporated in 1812 and converted and (5) whether or not the effect of such acquisition into a national bank in 1865, is the second largest or merger or consolidation would be to expand the bank in New York City and the third largest in size or extent of the bank holding company system involved beyond limits consistent with adequate and the country. As of March 31, 1957, it had desound banking, the public interest, and the preserva- posits of $6,692 million (including deposits at fortion of competition in the field of banking." eign offices) and capital accounts of $573 million As stated by the Senate Banking and Currency (App. Exh. 33). It has 75 offices in New York Committee in its report on the Act, City and 64 foreign branches. "It is upon the basis of these factors that the Fed- Farmers, originally chartered in 1822, became eral Reserve Board is to measure whether each appli- affiliated with City Bank in 1929. It is one of the cation should be granted or denied in the public interest." (S. Rep. 1095, p. 10, 84th Cong.) leading fiduciary institutions in the United States. As of March 31, 1957, it had deposits of $118 It is clear that Congress did not consider bank million and capital accounts of $33 million (App. holding companies as evil per se and that the Act Exh. 33). It operates 3 offices in New York City. does not purport to forbid completely the expan- County Trust, chartered as a State bank in 1903, sion of existing such companies or the creation of is the largest bank in Westchester County. As of new ones. It is equally clear, however, that, in March 31, 1957, it had deposits of $341 million seeking to control the expansion of bank holding and a capital structure of $26 million, including companies, Congress expected the Board in each reserves (App. Exh. 32). It operates 39 offices case to weigh all pertinent facts relevant to the in the County. rive statutory factors. Moreover, as conceded by All evidence in the record supports the con- Applicants in this case, considerations relating to clusion that these three banks are in sound finanone of the factors may, in the circumstances of a cial condition, that their financial history has been particular case, be such as to overshadow and good, that their prospects are favorable, and that outweigh those relating to the other factors. It is their managements are of high quality. with these principles in mind that the Board has First, the proposed holding company, chartered considered whether the transaction here proposed on October 17, 1956, presently has assets of would be in accord with the statutory factors. $1,000, representing proceeds of sale of capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 909 stock in that amount. It has no other financial be borne in mind, however, that, while benefits to history. It is evident that, if the program were the banks involved may indirectly also benefit the consummated, First's financial condition, pros- communities concerned, the prime consideration pects and management would, in the language of under the fourth statutory factor is the effect of the Comptroller of the Currency, "parallel those the proposed transaction upon the convenience, of the banks it will own." needs, and welfare of the areas concerned rather The Board concludes that the evidence relevant than its effect upon the banks involved. Considto the first three statutory factors is consistent with eration of this factor depends, therefore, upon the approval of the applications but does not provide extent to which banking institutions in those areas substantial affirmative support for such approval. are now serving or failing to serve the convenience, Convenience, needs, and welfare of the communi- needs, and welfare of businesses and residents in ties and area concerned. The fourth statutory fac- the areas. tor requires that the Board consider how the pro- There is no assertion or evidence in the record posed transaction will affect the convenience, the that the proposed plan would, to any substantial needs, and the welfare of "the communities and extent, increase the services rendered to their custhe area concerned." While each of the three ele- tomers in New York City by City Bank and Farmments of this factor—convenience, needs, and ers. Accordingly, the principal consideration here welfare—is here considered separately, it must be is the probable effect of the plan upon the conrecognized that for practical purposes the three venience, needs, and welfare of Westchester elements in some respects overlap. County. It is clear from the record that New York City, The County is now served by 12 commercial in which City Bank and Farmers are located, and banks. Of these, County Trust is by far the largest. Westchester County, in which County Trust is lo- As of the end of 1956, it had deposits of $351,cated, must be considered as the primary communi- 787,000 and 39 offices, representing 48.9 per cent ties and area concerned in this case, although the of deposits of all commercial banks in the County national and international business engaged in by and 44.8 per cent of the total offices of such City Bank cannot be ignored. banks. The next largest commercial bank in the There is substantial evidence to support the as- County is the National Bank of Westchester with sertions of Applicants that, because of population deposits of $129,385,000 and 18 offices. The reand business trends, Westchester County, which maining 10 commercial banks had aggregate delies immediately north of New York City, has be- posits of $238,697,000 and 30 offices (Bd. Exh. come and will increasingly become an integral part 39). of the trade and population area of which New Applicants claim that affiliation of County Trust York City is the center (T. 56). Economic inte- with City Bank and Farmers, as contemplated by gration of the County with the City has been the proposed plan, will increase materially the promoted by connecting arterial highways and well banking services directly available in Westchester developed systems of rail and bus transportation. County to customers and potential customers of It appears also that there has been a movement County Trust, and thereby serve the convenience, of business in significant degree from New York needs, and welfare of the communities and area City to suburban areas and this trend is expected concerned. to continue. The trend is reflected by a propor- In particular, it is alleged that the proposed tionately greater increase of bank deposits in West- affiliation would increase the degree to which, and chester County than in New York City (T. 57). the facility with which, County Trust could pro- It is to be expected that New York City banks, vide its customers with the following services: perlooking toward their future growth, would natu- sonal loans to individuals and credit to small busirally wish to follow these shifts in population and nesses, especially because of formalized programs business by extending their banking operations to developed by City Bank; financing of large busi- Westchester and other suburban areas; and this ness enterprises through specialized techniques consideration appears to have been a major factor developed by City Bank and through placement that prompted the Applicants' program. It must with or through City Bank of credit lines in excess Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

910 FEDERAL RESERVE BULLETIN • AUGUST 1958 of County Trust's lending limits; the furnishing visory and management services; that it has done through City Bank of foreign banking services not well in the field of small business loans; and that now currently directly available in the County; it has had no trouble in training and developing and improved trust department and investment an efficient management staff. The president of advisory services resulting from access to the ex- the largest bank competing with County Trust tensive facilities and experienced personnel of testified at the hearing that the development of City Bank and Farmers. It is also asserted that Westchester County had not created a demand County Trust would further benefit through ac- for banking services that had not been adequately cess to the personnel and training programs of met by the banking facilities of the County alone, City Bank, to the research and development pro- or in conjunction with correspondent banks (T. grams of City Bank with respect to mechanical 827, 828). He further stated that his bank had and electronic procedures, and to the nation-wide experienced no difficulty in utilizing correspondcredit information facilities and foreign credit files ents to meet the requirements of Westchester of City Bank. County applicants for loans (T. 847). Other To a substantial degree, the benefits claimed testimony supported the view that there is no are now available to Westchester residents through reasonable need for banking services in the County correspondent relations of Westchester banks with that is not being met adequately by existing banks various New York City banks. Nevertheless, it working in conjunction with their New York City appears probable that County Trust would be en- correspondents. abled as a result of its affiliation with City Bank As previously indicated, the statute refers to and Farmers to improve the quality and types of the "needs" of the communities and area conservices rendered to its customers; and to this cerned, not to needs of the banks involved. To extent the plan presumably would contribute to the extent, however, that benefits to the banks the "convenience" of Westchester County. involved would indirectly benefit the public, there The second element of the fourth statutory fac- is no substantial evidence that the transaction is tor requires consideration of the probable effect necessary to the normal growth and development of the proposed transaction insofar as the "needs" of County Trust. It is apparent that County Trust of Westchester County are concerned. has been able to keep abreast of the banking needs As to the benefits expected to flow to residents of the area it serves. Its annual report for 1956 and small business concerns in Westchester County showed that, as compared with 1955, it had risen in such matters as personal loans, loans to small in rank from 82d to 74th in size among the counbusinesses, and commercial loans, the record re- try's commercial banks. During 1956 its deposits flects that County Trust in particular, and other increased $18.6 million, as compared with a com- Westchester County commercial banks in gen- bined increase of $19.8 million for the 11 other eral, have not experienced and do not anticipate commercial banks in the County (Bd. Exh. 23). future difficulty in responding to loan applica- In addition, during 1956, it established a foreign tions arising in the County. As to future demands department and expanded its employees' training in this regard, it may reasonably be assumed, as program, (App. Exh. 3). Applicants and County Trust assert, that County In the light of the above facts and other sup- Trust will be required to increase its capital struc- porting evidence contained in the record, the Board ture in order to meet the potential banking de- concludes that the proposed transaction would not mands of the County. However, in view of the in any appreciable way serve the "needs" of Westinvestor acceptance of County Trust stock, as chester County either directly or through benefits evidenced by the high ratio of its market value resulting to the banks concerned. to its book value, there is nothing to suggest that The third element of the fourth statutory facthe proposed affiliation is necessary to enable tor—effect upon the "welfare" of the communities County Trust to meet needs for additional capital. and area concerned—has broad connotations. To The record also indicates that County Trust the extent that contribution to the "convenience" is presently experiencing no difficulty in furnish- of the public would result from the proposed plan, ing adequate fiduciary services or investment ad- the plan might be said also to contribute to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 911 welfare of the public. However, the term "wel- largest bank in the City and State of New York. fare" is sufficiently general as to include the effect In fact, since the hearing on these applications of the transaction upon adequate and sound bank- commenced, City Bank has on occasion been the ing in the area, the public interest, and preserva- largest bank in terms of deposits in the City and tion of competition in the banking field—con- State of New York. As of December 31, 1956, siderations mentioned in the fifth statutory factor City Bank and Farmers combined had total dewhich are yet to be considered. It may be as- posits of $6,032 million, representing 19.5 per sumed, as suggested by a representative of the cent of the total deposits of all commercial banks Applicants (T. 1041 et seq.), that "welfare" also in New York City. As of the same date, City comprises potential contribution to the develop- Bank and Farmers combined had 78 banking ofment of an area, looking beyond existing con- fices representing 13.3 per cent of the banking venience or needs. However, in the Board's opin- offices of all commercial banks in New York City. ion, based on the entire record, the proposed In terms of capital and surplus, City Bank—even affiliation would be unlikely to result in a contribu- excluding the capital and surplus of its trust tion of this nature appreciably greater than that affiliate—is the largest bank in the United States. which could be provided by the County's banks County Trust, in terms of total deposits, is 74th in the absence of such affiliation. in size in the nation and 4th in New York State To summarize, the Board concludes, as to the outside New York City. As of December 31, fourth statutory factor, that the proposed transac- 1956, County Trust had deposits of over $351 tion would probably contribute to a limited extent million, representing 48.9 per cent of the deposits to the "convenience" of the area concerned and of all commercial banks in Westchester County. to that extent also to its "welfare"; but that the As of the same date, it had 39 offices representtransaction is not necessary in order to meet the ing 44.8 per cent of the total commercial bank "needs" of the area and would not appreciably offices in the County. contribute, except to the limited extent above In total, the three banks which would be conindicated, to present or potential "welfare". trolled by the proposed holding company would The fifth factor: "size or extent." The fifth factor have 117 banking offices within the New York stated in Section 3(c) of the Act obliges the Board City-Westchester County area, representing 17.8 to consider whether the proposed transaction per cent of the offices and 20.37 per cent of the would "expand the size or extent of the bank hold- deposits of all commercial banks in that area. ing company system involved beyond limits con- Applicants introduced in evidence a comparisistent with adequate and sound banking, the son of the prospective size of First New York public interest, and the preservation of competi- Corporation with the size of the largest presently tion in the field of banking." In the light of the existing bank holding companies. That comlegislative history of the Act, it is apparent that parison reveals that the holding company here this factor is of primary importance, though it proposed would control banks having, as of June must be balanced against considerations relating 30, 1956, 115 offices (apparently excluding the to the other four factors. home offices of City Bank and County Trust) with Before considering the probable effect of the deposits of $6,023 million, excluding foreign size or extent of the holding company system here branches. Further, the comparison made by Approposed upon adequate and sound banking, the plicants shows that as of June 30, 1956, Transpublic interest and preservation of competition, it america Corporation's majority-controlled banks is necessary to determine what would be the actual had 277 offices with deposits of $2,663 million in size and extent of the proposed holding company 11 Western States; Marine Midland Corporation's system. In making this determination, considera- banks had 150 offices with deposits of $1,813 tion must be given to the size of the proposed million in New York State; Northwest Bancorposubsidiary banks and the extent of their opera- ration's banks had 98 offices with deposits of tions. $1,521 million in 7 States; and First Bank Stock In terms of total deposits City Bank is the third Corporation's banks had 88 offices with deposits largest bank in the United States and the second of $1,373 million in 5 States (App. Exh. 25). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN • AUGUST 1958 Applicants have also referred to the fact that pend in large part upon the nature of the bankvarious existing banking organizations represent ing structure of the geographic area involved. concentrations of control of greater proportions Consistency with adequate and sound banking, the of banking resources in given areas than that here public interest, and preservation of competition. involved. Of the examples cited by Applicants, In determining whether the size or extent of the however, some are nonholding company situations, holding company system here proposed would be whereas the Bank Holding Company Act was di- "consistent" with the three elements referred to rected against undue concentration of control by in the fifth factor, it must be borne in mind that holding companies. The population, geographic these elements, like those stated in the fourth factor, to some extent overlap and represent difarea, and aggregate banking assets involved in ferent but related aspects of a single broad conthe bank holding company examples cited by Apcept. plicants are of a substantially different character Thus, the question whether the size or extent from those here involved. Many communities, of the proposed holding company system would among them some of those involved in the Applibe consistent with "adequate or sound banking*' cants' examples, can support comparatively few or with the "public interest" must depend largely banking offices, so that any bank operating in the upon findings as to its effect upon "preservation of community will necessarily have a relatively large competition in the field of banking." For exproportion of that community's total banking ofample, it is reasonable to assume from the hisfices and deposits. This would not be so in Westtory of the Act that, in the mind of Congress, a chester County or in New York City. Control transaction that would result in an undue concenby a holding company of 20 per cent of the total tration of banking power in a holding company commercial bank deposits in New York City, the system would not be in accord with the "public financial center of the country, or of nearly 50 interest." per cent in Westchester County, may present a Again, in a broad sense, all of the five statutory far greater question of consistency with the public factors require consideration of the effect of a prointerest than would a considerably higher conposed transaction upon the "public interest." centration in another community. However, it must be noted that the fifth factor As stated by Applicants, the size of the prois specifically concerned with the relation of size posed holding company system would be attriband extent to the public interest; and in this reutable to the size of the three subsidiary banks, spect the Holding Company Act, unlike the Clayparticularly that of City Bank. However, the lan- ton Act, expressly requires consideration of the guage of the fifth statutory factor refers not to effect of the size and extent of a holding comthe size of the banks involved but to the size of pany system. the bank holding company system. The Act is Preservation of competition. A determination of not concerned with regulation of the expansion whether the size or extent of the proposed holdof individual banks; it is aimed at control of ing company system would be inconsistent with expansion of bank holding companies. "the preservation of competition in the field of As to the "extent", the proposed holding com- banking" must be related to the areas primarily pany would operate only in New York City and concerned, New York City and Westchester adjoining Westchester County, except that through County, and within those areas, both to the banks City Bank it would also engage in extensive bank- proposed to be affiliated and to other commercial ing operations on a national and international scale. banks. Within that framework, inconsistency Some existing bank holding companies, as pointed with the preservation of competition could result out by Applicants, cover far larger geographic from the reduction or elimination of existing or areas than the area comprised by New York City potential competition either among the banks inand Westchester County. However, the effect of volved in the plan or among all banks operating a holding company's geographic extent upon ade- in these areas. quate and sound banking, the public interest, and As to competition between the three banks here preservation of competition will, of course, de- involved, it is clear that City Bank and Farmers Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 913 do not compete with each other, both because employed outside the County (primarily in New they are presently owned by the same shareholders York City). Of the total employment in the and because they are engaged in different types County of 227,000, 204,000 were County resiof business. As between these institutions, there- dents. In April 1956, there were 45,901 regular fore, the transaction will eliminate no present rail commuters from Westchester to New York competition. City (App. Exh. 6; T. 417), and in May 1956, Applicants estimate that, on a conservative basis, there were 17,151 auto commuters (App. Exh. less than 6 per cent of the fiduciary accounts of 9; T. 423). Thus, it is evident that a large seg- Farmers originates in West Chester County. County ment of the employed Westchester residents have Trust has an active trust department; the number a convenient choice of banking facilities as beof its trust accounts increased from 395 to 681 tween Westchester County and New York City. (or 72 per cent) from July 1950 to January 1957. Similarly, the ready accessibility of the one area Applicants concede that in the ordinary trust to the other makes it convenient for business confield, as distinguished from specialized trusts such cerns in one area to find alternative sources of as pension trusts, a "limited degree" of competi- banking accommodations in the other. tion exists between the two institutions. If, as Applicants assert, the trend toward eco- That a certain amount of competition presently nomic integration of the two areas is increasing, exists between City Bank and County Trust is ap- it is reasonable to assume that much greater comparent. Applicants stated that deposits of City petition between the banks involved would develop Bank originating in Westchester County were less in the course of time. In other words, with further than 1 per cent of City Bank's domestic deposits, economic integration, such competition as exists and that the deposits of County Trust originating today would tend to become even more intensive in New York City were less than 3 per cent of in the future. That potential competition would its deposits (Exh. F, pp. 5, 6). One per cent of be lessened by the plan here under consideration. City Bank's deposits, excluding deposits of na- In addition to its effect upon competition betional concerns and deposits at foreign branches, tween the banks concerned, the Board must conwould be over $20 million. If only deposits of sider the probable competitive effect of the proforeign branches are excluded, 1 per cent of City posed transaction upon all banking institutions in Bank's deposits would be approximately $55 mil- the areas concerned, New York City and Westlion. Three per cent of County Trust's deposits chester County. would be about $10 million. Accordingly, despite City Bank does not presently have a dominant the small percentages involved, it appears that position in New York City. The record reflects the actual amounts involved are substantial. that City Bank, together with Farmers, vigorously The above described overlapping of accounts of competes with other banks of comparable size in the banks involved is merely suggestive of the ex- New York City both as to local business and that tent to which alternative choices of banking facili- portion of its business which is national or interties are being exercised by residents of New York national in scope. City and Westchester County at the present time; At the same time, it must be recognized that it is not a measure of the extent to which alterna- City Bank and Farmers now have 13.3 per cent tive choices are available. For the thousands of of the offices and 19.5 per cent of the assets, depersons living in Westchester County and working posits, and loans of all commercial banks in the in New York City, banking facilities in the County City. Considering the population and banking or in the City are always possible alternatives, re- resources of New York City and its importance gardless of evidence of present actual use. as the financial center of the country, the degree Of significance in this connection are statistics of banking power that would be held by the prodrawn from the evidence regarding the present posed holding company system, even though not labor force of Westchester County. In July 1956, dominant, would be considerable. Again, it must it was estimated that of the total Westchester be borne in mind that, while such concentration County employed resident labor force of 310,000, now exists in City Bank and Farmers, the Act 204,000 were locally employed and 160,000 were relates to concentration of banking power, not in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN • AUGUST 1958 the hands of banks, but in the hands of bank hold- petition presently exists in Westchester County, ing companies. despite the size of County Trust (Bd. Exh. 11, p. Applicants stress the advantages that would ac- 17). Representatives of competing Westchester crue to County Trust from closer correspondent County banks testified at the hearing that they relationships between that bank and City Bank would not be affected adversely in any substantial under Applicants' proposed plan. On the basis of degree by the proposed plan (T. 797, 862). Opinsuch testimony and the entire record, it is rea- ions were expressed to the effect that the plan sonable to conclude, and the Board does conclude, would even sharpen and increase competition. that under the actual operation of the plan City Nevertheless, all witnesses who commented on the Bank and Farmers probably would have con- point conceded that there is a reasonable likelihood siderably greater access to the correspondent busi- that the plan would cause independent banks in ness of County Trust than they now have and than the County to seek associations with other New would the other banks in New York City. The York City banks; and the record shows that some resulting adverse effects on such other New York of the County banks have already been approached City banks and on competition in New York City in this respect by large banks in New York City. for correspondent banking business are suggested Any such future affiliations of Westchester by Westchester County's importance as a thriving County banks with New York City banks through and rapidly expanding area with deposits of all its the organization of new holding companies would, commercial banks already approximating $720 of course, require the prior approval of the Board million, and by County Trust's powerful position under the Act; and each such case would have to with almost 50 per cent of those deposits. The be considered by the Board on the basis of the danger to an existing competitive balance inherent circumstances existing at that time. Nevertheless, in a supplier acquiring all or a substantial portion approval of the present applications despite findof a customer's stock has been the subject of ex- ings as to adverse competitive effect would sugtensive analysis by the United States Supreme gest that, other things being equal, even stronger Court in the case of United States v. Du Pont & adverse findings as to competition would be neces- Co., 353 U.S. 586 (1957). While relating to a sary to warrant disapproval of such possible future different statute (Clayton Act), nevertheless, in applications under the Act. It seems clear that the sense that City Bank would be the supplier of sanction for the operation of two or more strong services to County Trust, the reasoning of the bank holding companies in Westchester County, Court in that case is instructive. while it might sharpen and intensify rivalry be- With respect to the probable effect of the pro- tween a few large banking organizations, would posed plan upon banking competition in West- not tend to preserve competition in the banking chester County, County Trust is presently by far field in the sense of maintaining a relatively large the largest commercial bank in the County, and its number of independent alternative sources of affiliation with City Bank, the second largest bank banking services. in New York City, would substantially strengthen Moreover, if the increased power of County its competitive position in the County. The very Trust would impel independent banks in the benefits that Applicants allege would accrue to County to seek affiliation with New York City County Trust from the plan—such as access to banks, it is likely that it would also lead them in City Bank's foreign banking services, credit in- some cases to seek mergers with other banks in formation files, and mechanical and procedural the County. The record indicates that both County development programs—would provide competi- Trust and its largest local competitor, National tive advantages not so readily available to com- Bank of Westchester, have been active in this repeting Westchester banks. spect in recent years. Bank mergers within the Under the proposed plan County Trust's present County could, of course, be accomplished without banking power would be brought under the con- prior approval by the Board under the Bank Holdtrol of a holding company and would be increased ing Company Act. by its affiliation with City Bank and Farmers. In the light of the adverse effect of the proposed The record reveals that effective banking com- transaction upon existing and potential competi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 915 tion between the banks involved and upon present York statute and related circumstances evidence and future banking competition in the areas con- a policy of that State adverse to approval of the cerned, it is the Board's judgment that the size present applications. However, the Board's deciand extent of the proposed holding company sys- sion in this case is not dependent upon the existtem would extend beyond limits consistent with ence of the State statute or the policy of the State preservation of competition in the field of banking, reflected by that statute. and for the reasons heretofore indicated, would Conclusions. On the basis of the findings of be inconsistent with the fifth statutory factor. fact heretofore stated, and after consideration of The New York statute. As previously indicated, all arguments contained in the record of the hearthe Board is of the view that no legal bar to aping, in briefs and memoranda submitted by the proval of the applications is presented by reason parties, in statements made by the parties at oral of the existence of Article III-B of the New York arguments before the Board, and in documents Banking Law. Question remains, however, as to made a part of the record in this proceeding, inthe weight, if any, that may be given to the fact cluding the initial and supplemental Reports and that the New York statute, assuming its validity, Recommended Decisions of the Hearing Exwould prohibit consummation of the proposed aminer, the Board concludes that: transaction until after May 1, 1959. While the New York statute is not directed at 1. Facts pertinent to the first three statutory the size of a bank holding company, it limits the factors, namely, financial history and condition of extent of a holding company system by prohibiting the companies and banks concerned, their prosacquisition by any corporation of the stock of two pects, and the character of their management, are or more banks not located in the same city or consistent with approval of the applications but State banking district. Accordingly, the State do not provide substantial affirmative grounds for statute is relevant to consideration of the fifth such approval; statutory factor if that statute reflects a public 2. With respect to the fourth statutory factor, policy of the State and if the Board is entitled the transaction for which the Board's approval is to give weight to that policy. requested would probably contribute in some lim- Despite its temporary nature, the New York ited measure to the convenience of the communistatute, in the Board's opinion, reflects the present ties and the area concerned and to that extent policy of the State to forbid bank holding com- also to their welfare; but the banking needs of the pany transactions of the kind here contemplated. communities and the area concerned are being As a matter of fact, it is clear from the record satisfied by existing banking institutions without that the statute was specifically prompted by the the affiliations proposed by Applicants; particular proposal now under consideration. 3. With respect to the fifth statutory factor, That the policy of a State in this field was exthe proposed transaction would "expand the size pected to be considered is suggested by Section or extent of the bank holding company system in- 3(b) of the Act, which requires the Board to obvolved beyond limits consistent with adequate and tain the views of the appropriate State supervisory sound banking, the public interest, and the presauthorities in cases in which stock of a State bank ervation of competition in the field of banking"; is to be acquired by a bank holding company. and While the banks whose stock would be initially 4. Adverse considerations relating to the fifth acquired by the Applicants in this case would be statutory factor outweigh the favorable consideranew national banks it is plain that two of the tions relating to the other factors, and, accordthree operating banks which would be brought ingly, approval of the present applications would into the holding company system are now New not be consistent with the statutory factors re- York State banks. quired by Section 3(c) of the Act to be considered In the circumstances, it is the considered view by the Board. of the Board that, in considering the proposed transaction's effect on the "public interest", it may In reaching the above conclusions, the Board properly take into account the fact that the New has considered, in relation to the fifth statutory Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN • AUGUST 1958 factor, the question whether the proposed transac- plications, if such approval is otherwise justified tion would violate Section 7 of the Clayton Act, under the Bank Holding Company Act of 1956. and in this connection attention has been given We also agree that there are no other legal imto the Statement of the Department of Justice pediments to consideration of the applications with respect to this question. However, since the on their merits. Accordingly, the Board is re- Board has concluded that the application should quired to determine, on the basis of the record not be approved in the light of the standards stated in this case and the applicable statutory provisions, in the Bank Holding Company Act, it is unneces- whether or not to approve the pending applicasary to determine whether the proposed acquisi- tions, taking into consideration the several factors tions of bank stocks would involve a violation of enumerated in Section 3(c) of the Act. the Clayton Act. A central purpose of the Act was to control the Question has been raised in this proceeding as future expansion of bank holding companies. Secto the nature of the burden of proof imposed upon tion 3(c) provides criteria to guide the Board of the Applicants. The Hearing Examiner stated Governors, as the agency charged with administerthat "Under these circumstances the Applicants ing the Act, in determining whether to approve or have not sustained the burden of establishing that disapprove applications directed at the creation or the public interest will be furthered by granting expansion of bank holding companies. Nothing approval of the applications." The Applicants in the Act can be construed as forbidding creation assert that they have a burden of proof to "show or expansion of holding companies as an evil in that their proposal is consistent with the statutory itself, and it follows that the regulatory body—the factors" and that, having established a prima facie Board of Governors—should not block a proposed case in this respect, "it then becomes necessary expansion of a legitimate enterprise unless it is to review the record in the light of the 'prepon- clearly in conflict with the statutory criteria prederance of evidence', to ascertain whether there scribed by Congress. is substantial evidence of sufficient weight to rebut In the present case, as far as the first three fac- Applicants' prima facie case." Assuming that tors prescribed by Section 3(c) are concerned we Applicants have correctly stated the nature of agree with the majority that, with respect to each their burden of proof and that they have estab- of the organizations involved, financial history and lished a prima facie case, the Board finds on the condition and prospects are good, as is the characbasis of the entire record that such prima facie ter of management and proposed management. case has been rebutted. We further agree that these circumstances do not The findings of the Hearing Examiner, con- make approval of the pending plan either approtained in his supplemental Report and Recom- priate or inappropriate, from the viewpoint of the mended Decision of February 20, 1958, to the Holding Company Act. extent that they are consistent with those con- The fourth factor enumerated in Section 3(c) tained in this Statement of the Board, are hereby relates to the "convenience, needs, and welfare" adopted. On the basis of these adopted findings, of the area concerned. The record demonstrates and the findings by the Board as hereinbefore set that the proposed plan would contribute to the forth, it is the judgment of the Board that the convenience, needs, and welfare of Westchester recommendation of the Hearing Examiner, as County, the area that would be principally afcontained in his Supplemental Report, should be fected. Not only witnesses on behalf of the Apadopted and that the applications must be denied; plicants, but also disinterested Federal bank supervisory authorities, testified that the proposed affiliaand IT is so ORDERED. tion would increase the services available to the customers of The County Trust Company over a DISSENTING STATEMENT OF GOVERNORS period of time. VARDAMAN AND MILLS Up to this point, it is conceded by all, we face We agree with the other members of the Board a situation presenting no factors adverse to the that the existence of a New York statute prohibit- proposal and one very important factor—the coning the consummation of this plan does not pre- venience, needs, and welfare of the area—that is clude the Board from approving the pending ap- affirmatively favorable to the proposal. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 917 majority of the Board, however, have reached the determine, in each case, whether the particular conclusion that the fifth factor prescribed by Sec- proposal would result in a holding company systion 3(c) applies so unfavorably to the facts of tem whose "size or extent" would exceed those this case as to require denial of the application. limits. We are compelled to disagree with the majority Perhaps the difference in interpretation of the with respect to both (1) the interpretation of the Act can be put in another way. The majority apfifth factor of Section 3(c), and (2) the applica- pear to believe that, whenever a proposed holding tion of that factor to the facts disclosed by the company acquisition might have even a limited efrecord in this proceeding. fect upon banking competition, the fifth factor of In discussions of the fifth factor, it is customary Section 3(c) dictates disapproval, unless this "un- —perhaps for the sake of brevity—to refer to it favorable" factor is outweighed by favorable conas the "preservation of competition" factor. It siderations arising under one or more of the other is particularly important, however, to bear in mind four factors. For example, the majority conthat Section 3(c) does not proscribe every pro- ceivably would approve the establishment of a posal that might have some limiting effect upon new bank by a holding company in a community competition in the field of banking. The statute that greatly needed banking facilities and had simply requires the Board to take into considera- none, on the ground that the "needs and welfare tion ... of the area concerned" were so pressing as to outweigh any unfavorable considerations under ". . . whether or not the effect of such acquisition . . . would be to expand the size or extent of the bank the fifth factor. Similarly, if an existing bank was holding company system involved beyond limits con- in weakened condition and had poor prospects, the sistent with adequate and sound banking, the public interest, and the preservation of competition in the majority conceivably would approve its acquisifield of banking." tion by a well-managed holding company that gave promise of building up the weak bank into a Our disagreement with the majority of the solid and serviceable institution. But in the ab- Board in this case is based on a different interpretasence of such countervailing considerations, the tion of the Holding Company Act in this respect. majority appear to believe that even a slight dimi- The decision of the majority appears to rest on the nution of competition, in a limited field, is a fatal idea that the Act was designed principally to preobjection. serve competition in the field of banking by preventing the expansion or creation of holding com- We do not regard the Holding Company Act pany systems unless such expansion or creation as susceptible of such a restrictive and negative could be justified by proof that it would affirma- interpretation. Congress did not set up "the prestively contribute to the public interest in some ervation of competition" to the maximum possimanner. ble extent as one of the objectives of this statute. In our opinion, this is not the philosophy of the The factor of competition was to become signifi- Bank Holding Company Act, and the crucial cant only if and when a holding company system language of Section 3(c) previously quoted, sup- threatened to grow to such magnitude as to pass ports our interpretation. Section 3 generally evi- "beyond limits consistent with . . . the preservadences a Congressional conclusion that uncon- tion of competition in the field of banking." Short trolled expansion of bank holding companies of that point, the Board of Governors is not justicould be inimical to "adequate and sound bank- fied in preventing a holding company acquisition ing, the public interest, and the preservation of on the ground that it might, to a minor extent, competition in the field of banking." In other diminish competition in the banking field. words, Congress recognized that, unless subject to In the instant case, it is difficult to see how the regulation, a bank holding company system might proposed plan could reasonably be said to threaten "expand . . . beyond limits" consistent with those the continued existence of banking competition to objectives. The Board of Governors of the Fed- the extent referred to in the Act—that is, "to exeral Reserve System was selected by Congress as pand the size and extent of the bank holding coma body qualified to examine proposed expansions pany system involved beyond limits consistent or creations of holding company systems and to with . . . the preservation of competition." As far Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

918 FEDERAL RESERVE BULLETIN • AUGUST 1958 as New York City proper is concerned, it cannot consistent with the legislative purpose reflected be contended that banking competition would be by the factors enumerated in Section 3(c), by adversely affected by the circumstance that the other provisions of the Act, and by its legislative majority of the stock of one of the many large history. banks in that City was owned by a corporation that Focusing analysis on the competitive situation also owned the majority stock of a bank in West- in New York City and in Westchester County that chester County. The vigor and intensity of com- would result from the creation of the proposed petition in New York City would be in no signifi- holding company system, there is no weighty evicant way diminished if this plan were consum- dence that competition would be unduly lessened mated. or that the aggregate size or extent of the bank- The only other area directly involved in this ing institutions to be controlled by First New York case is Westchester County, a prosperous suburban Corporation would be out of keeping with the county immediately north of New York City. In character of banking business being conducted in that area The County Trust Company is presently the metropolitan area of New York City. To hold the largest bank, but there are a number of other otherwise would be tantamount to saying that substantial and successful banking institutions. The entry into Westchester County and comparable record in this case contains little on which to suburban areas around New York City should be base a reasonable finding that competition among denied forever to any except the smaller New banks in Westchester County would be materially York City banks that might wish to extend the diminished simply because the stock of The scope of their services through the holding com- County Trust Company was owned by a corpora- pany device. Such position would confer preferred tion that also owned the stock of a large bank in status in this regard upon smaller New York City New York City. It is not sufficient to talk in banks merely because of their lesser size. The inbroad generalities about the enormous economic justice of such reasoning and result is apparent power that would stand behind The County Trust from the views of the New York State Banking Company if it were owned by the proposed First Department and the introduction in the New York New York Corporation. It is our obligation to Legislature of bills that recognize the general deexamine the record realistically, and on that basis sirability of revising the banking district boundthere is an absence of persuasive explanation of aries in New York State so as to permit the reguhow—in what specific ways—the competitive lated expansion of New York City banks into situation in Westchester County would be ad- suburban areas along lines that will preserve their versely affected by consummation of Applicants' over-all competitive positions and allow an extenplan. sion of their banking services to clienteles already The fact that the proposed holding company situated within the range of their activities. would be considerably larger than any existing If commercial banking is to retain its proper bank holding company is not germane to any prob- place in the scheme of financial institutions serving lem stemming from a concentration of banking the American public, it is clearly appropriate that resources in First New York Corporation. In the commercial banks be permitted to follow their first place, a large segment of the domestic and trade when not in conflict with the general public foreign resources controlled by First National interest as a resultant of an overwhelming market City Bank, the chief unit of the proposed system, power. There is no evidence that such overwhelmspread far beyond the area of banking competition ing market power would result from the transacunder scrutiny and must, therefore, be excluded tions contemplated by the pending applications, from consideration. More important, however, the propriety of which is supported by the opinis the fact that Congress has not indicated that the ions of such competent independent authorities magnitude of existing holding companies marks as the Comptroller of the Currency and the Fedthe maximum permissible limits of size and extent. eral Reserve Bank of New York. Nor is there On the contrary, the Board is obligated to examine any doubt that the convenience and welfare of the each situation presented to it in the light of its Westchester County area would be served by own unique facts, and to decide on that basis the creation and operation of the proposed bank alone whether the proposed expansion would be holding company system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 919 We conclude, therefore, that there is nothing maintaining a large number of independent altersubstantial in the record to support a finding that native sources of banking services". In other the plan under consideration would produce anti- words, the status quo is to be maintained, regardcompetitive effects, to a degree more than negli- less of the fact that the proposal that is being gible, either in New York City or in Westchester rejected by the Board would serve the convenience County. But even if the prospective effects upon and welfare of the public that the banks are chartcompetition, which actually are inconsequential, ered to serve. The Board's decision will withhold were regarded as material in the aggregate, denial from the public, to this extent, that constant of the pending applications on this ground would improvement of banking and fiduciary services not be justified. Viewed objectively, it is unrea- which is necessary to the growth and development sonable to contend that ownership of the stock of of modern communities; and this action is being these banks by a holding company would "expand taken in order to protect the vested interests of the the size or extent of the bank holding company existing banks in the area. . . . beyond limits consistent with . . . the preserva- In enacting the Bank Holding Company Act of tion of competition" either in metropolitan New 1956, Congress was dealing with an area in which York City or in Westchester County, the relevant concentration of power through the holding comareas of competition. An allegation that the in- pany device had been subject theretofore to no tense banking competition in New York City legal limitations, short of the sanctions of the antiwould be lessened by the fact that First New York trust laws as they would apply to acquisitions re- Corporation owned stock of The County Trust sulting in demonstrable violations of the Clayton Company of Westchester County as well as stock Act or the Sherman Act. The only proceeding of First National City Bank of New York cannot that has been brought against a bank holding combe sustained. And similarly, the record is devoid pany under the antitrust laws (Transamerica Corof credible evidence that the "preservation of poration v. Board of Governors of Federal Recompetition" among the banks of Westchester serve System (C.A. 3, 1953) 206 F. 2d 163) County would be threatened by the proposed demonstrated the difficulties of controlling bank change in ownership of the majority stock of The holding companies by this means. In these cir- County Trust Company. cumstances, Congress recognized the possibility The majority opinion recognizes that affiliations that holding company control of banks could reach of the kind here proposed might sharpen and in- a point at which the size or extent of a holding tensify rivalry in Westchester County, but it fore- company system might be so great as to threaten closes this potential intensification of competition the public interest and the preservation of bankon the ground that such affiliations "would not ing competition, without involving a provable tend to preserve competition ... in the sense of violation of the antitrust laws. Accordingly, it maintaining a large number of independent alter- subjected holding company expansion to the scrunative sources of banking services." There is tiny of the Board of Governors, in accordance nothing in the Holding Company Act to indicate with prescribed standards. The Board was not a Congressional intent to give statutory protecdirected to prohibit every expansion unless favortion and perpetuation to a "large number of inable considerations were found to justify it; on dependent . . . sources of banking services." The the contrary, the language of Section 3(c) shows statute refers simply to preservation of "competithat, with respect to competition, the Board was tion", which most reasonably refers to the vigor not to consider a proposed acquisition as undesirand intensity of competition, rather than to the able from this point of view unless it appeared mere number of institutions. clearly that "the effect of such acquisition . . . In this connection, the majority acknowledge would be to expand the size or extent of the bank that the proposed affiliation would enable The holding company system involved beyond limits County Trust Company to better its services to consistent with . . . the preservation of competi- Westchester County because of improved access tion in the field of banking." to various facilities of First National City Bank. Nevertheless, these benefits are being denied in The proposed affiliation would serve the conorder "to preserve competition ... in the sense of venience and welfare of the area concerned by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

920 FEDERAL RESERVE BULLETIN • AUGUST 1958 expanding and improving its available banking financial history and condition of the company or companies and the banks concerned; (2) their prospects; (3) the charservices. The record reveals that the aggregate acter of their management; (4) the convenience, needs, and welfare of the communities and the area concerned; and (5) effect of the proposed plan upon banking com- whether or not the effect of such acquisiton or merger or consolidation would be to expand the size or extent of the bank petition would be minor, and that consummation holding company system involved beyond limits consistent with of the plan would fall far short of expanding the adequate and sound banking, the public interest, and the preservation of competition in the field of banking." proposed bank holding company system beyond limits consistent with the preservation of competi- The Data tion. Consequently, in the admitted absence of The record is made up of a substantial volume of any other adverse consideration that would make material, consisting of testimony, and various documentary matter in the nature of exhibits, proposed consummation of the plan inappropriate under the findings, briefs, comments or analysis. With respect to Act, the pending applications should be approved. the merits of the program, testimony was given by witnesses favorable to the applications (among these representatives of the Applicants and of the Federal SUPPLEMENTAL REPORT Reserve Bank of New York), and of witnesses opposed (among these legislators and a representative AND of independent bankers associations). In the same RECOMMENDED DECISION regard, testimony by several witnesses prominent in Westchester County financial activity (presidents of Background two banks competitive with the County Trust Company, and the head of an accounting firm) was in On 3 October 1957 the Hearing Examiner issued a part approving, in part disapproving. The New York Report and Recommended Decision with respect to State Superintendent of Banking testified in support the applications herein. It was there recommended of Article III-B. The Comptroller of the Currency, that the applications be denied on the ground that the by communication, has stated his approval of the Board was precluded from approving them during the program. The documentary material and the views effective period of Sections 140-145 of the New York of all witnesses have been considered and weighed, Banking Law, known as Article III-B. No determina- whether specifically referred to herein or not. The tion was made as to the factors involved in Section Applicants' proposed findings are adopted to the extent 3(c) of the Bank Holding Company Act of 1956. consistent with the findings herein.1 Exceptions to that Report and Recommended Decision were filed by the Applicants, and oral argument thereon was heard by the Board of Governors on 26 The Banks November 1957. Thereafter, on 10 December 1957 The Applicants' program has been described in the the Board remanded the case to the Hearing Examioriginal Report and Recommended Decision, to which ner for determination with respect to the merits of reference is made. In summary (with allowances for the applications. The Order of Remand, in part, is as changes in status or name), the plan calls for a holdfollows: ing company composed of three national banks in the ". . . Since the Hearing Examiner's Report and Recom- New York City-Westchester County area: The First mended Decision related principally to the legal consequences National City Bank of New York, City Bank Farmers of Article III-B of the New York Banking Law and made no Trust Company, and The County Trust Company. recommendations on the merits of the subject applications, and since the Board deems it desirable to have the benefit of the The First National City Bank of New York (FNCB) views and recommendations of the Hearing Examiner with is one of the world's great banking institutions. It is respect to all factors and circumstances affecting the merits the second largest bank in New York City and State, of such applications, "IT IS ORDERED, That this matter be and hereby is re- and the third largest in the nation, operating 75 manded to the Hearing Examiner for submission by him to the domestic offices in New York City. Its foreign opera- Board of a further Report and Recommended Decision setting tions are widespread, operating through 70 branches, forth, on the basis of the hearing record, his views and recommendations with respect to the merits of the subject applica- offices and affiliates in 24 foreign countries. As of 31 tions in the light of all of the provisions of the Bank Holding March 1957 First National City Bank reported assets Company Act of 1956, including consideration of the extent, in excess of $7 billion. Comparative figures of the if any. to which factual weight should be given Article III-B of the New York Banking Law, but irrespective of the ques- three largest American banks in March 1957 are as tion as to the legal consequences of such Article III-B which follows: Bank of America (San Francisco) (March has already been dealt with in the Hearing Examiner's Report 14), $9,203,860,039; Chase-Manhattan Bank (New and Recommended Decision of October 3, 1957; . . . ." York City) (March 14) $7,251,575,323; the FNCB The Board's Order also contained provision for sub- (March 31) $7,485,882,769.2 mission of the further Report and Recommended De- The relative size of the major New York City comcision within a specified time, subsequently extended. mercial banks as of 31 December 1956 is shown in the following table. Section 3(c) 1 In the main, the Applicants' proposed findings have been Section 3(c) of the Bank Holding Company Act accepted, as amplified or modified by comment thereon by of 1956 requires the Board to consider certain criteria, Board Counsel, and insofar as they state factual rather than conclusionary material. Some of the conclusions stated in the specifically set out. in connection with the approval or proposed findings are obviously modified by conclusions in disapproval of applications for acquisition of the kind this Report. A number of proposed findings contain several ashere involved. Section 3(c) is as follows: sertions, some acceptable, some not, militating against outright acceptance or rejection. "(c) In determining whether or not to approve any acquisi- 2 Since a relatively recent merger, as a result of which it betion or merger or consolidation under this Section, the Board came the largest New York bank, Chase-Manhattan usually shall take into consideration the following factors: (1) the reports slightly more assets than FNCB. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 921 RELATIVE SIZE OF MAJOR COMMERCIAL BANKS IN NEW YORK CITY DECEMBER 31, 1956 [Dollar figures in thousands] Offices Assets Deposits Loans Bank N b u e m r - P a e t g r o c e t e a o n l f t- Amount P a e t g r o c e t e a o n l f t- Amount P a e t g r o c e t e a o n l f t- Amount P a e t g r o e c t e a o n l f t- First Nat'l City Bank of New York and City Bank Farmers Trust Co. combined 78 13.3 $6,920,166 19.5 $6,032,469 19.5 $3,339,203 19.5 Chase-Manhattan 98 16.7 7,512,171 21.2 6,388,753 20.7 3,850,409 22.5 Manufacturers Trust Co 113 19.3 3,106,385 8.8 2,839,603 9.2 1,280,604 7.5 Chemical Corn Exch. Bank 95 16.2 3,069,835 8.7 2,759,771 8.9 1,494,558 8.7 Guaranty Trust Co 5 .8 2,981,405 8.4 ,2,467,821 8.0 1,556,797 9.1 Bankers Trust Company 44 7.5 2,780,570 7.9 2,440,651 7.9 1,460,190 8.6 Hanover Bank 9 1.5 1,846,888 5.2 1,638,132 5.3 925,712 5.4 Irving Trust Company 10 1.7 1,729,972 4.9 1,539,170 5.0 818,394 4.8 Marine Midland Trust Co. of New York 10 1.7 601,709 1.7 538,999 1.7 292,500 1.7 Remaining 47 commercial banks 125 21.3 4,869,974 13.7 4,285,404 13.8 2,086,105 | 12.2 Total—All commercial banks 587 100.0 35,419,075 100.0 30,930,773 100.0 17,104,472 I 100.0 FNCB was organized in 1812. As shown by its of $382,464,612, deposit liabilities of $351,787,285, Statement of Condition as of 31 December 1956, it outstanding debentures in the amount of $2,234,000, had deposit liabilities on that date of $6,672,390,362, capital of $6,654,115, surplus of $7,406,250, undiand undivided profits of $69,381,186. Its present vided profits of $4,816,898, reserves of $4,500,000, capital stock of $240,000,000, consisting of 12,000,000 and additional capital (proceeds of the debentures) outstanding shares $20 par value each, is widely held, of $2,234,000. In 1957, County Trust increased its FNCB having over 63,000 shareholders at the end of capital to $6,986,825 having 1,397,365 shares, of $5.00 1956. Surplus is presently $380,000,000.3 FNCB en- par value each, outstanding and held by approximately gages in all phases of domestic and foreign banking 5,500 stockholders. Its reports show a consistent inand has for decades successfully offered a complete crease in capital funds, deposits and net earnings in range of wholesale and retail banking services to large, substantially each year since 1947. medium-sized and small business enterprises, and to In the past several decades, and particularly since individuals in low and medium as well as high eco- 1947, County Trust's growth has been rapid and connomic levels. It was a pioneer and is a leader today tinuous. From 1920 through 1955, The County Trust in retail banking. Company absorbed 19 banks having resources or de- City Bank Farmers Trust Company (Farmers), an posits of $163 million.4 affiliate of FNCB, and operating three banking offices In 1955, County Trust absorbed 7 banks, having in New York City, is perhaps the country's outstand- resources of $57 million. Of the $163 million reing fiduciary institution. Originally chartered in 1822, sources or deposits absorbed through 1955, all but $17 it became affiliated with FNCB in 1929 through million was acquired since 1945. Since 1947 County ownership by trustees of all its stock, except directors' Trust has merged with 10 banks operating 14 offices, qualifying shares, for the benefit of the shareholders and opened 8 de novo branches. Growth apart from of FNCB. As shown by its Statement of Condition, absorption has been equally substantial. Since 1947 as of 31 December 1956, Farmers had capital of $10,- The County Trust Company's deposits have grown 000,000 surplus of $10,000,000, and undivided profits from $70 million to $351 million. In 1956 it estabof $12,801,777. Farmers is essentially the trust de- lished a record volume of new business in the amount partment of FNCB. Such commercial banking as of $43 million. Farmers engages in is carried on almost entirely for the accommodation of its fiduciary clients. The County Banks The County Trust Company (County Trust), a State bank, the largest bank in Westchester County, Westchester County has 12 commercial banks. 74th in size in the nation, and a substantial and ex- From 1950 through 1955 The County Trust Company pansive banking institution, was chartered in 1903. It increased its percentage of total commercial deposits operates 39 banking offices in the county. It is en- in the county from 34 per cent to 48 per cent. Second gaged in a general commercial banking and fiduciary largest bank in the county is The National Bank of business, including large amounts of mortgages, a Westchester, which on 31 December 1956 had defield in which it acts as a wholesale dealer. It finances home construction in many States and does a large 4 This finding is based upon the testimony of Congressman consumer lending business, both directly and by pur- Celler at p. 212 of the transcript of hearing; of Mr. Andrew chase of paper. Its volume of industrial loans is rela- Wilson, the Chairman of the Board of The County Trust Company at pp. 146-157 of the transcript; Board Exhibit 21, tively not large. As shown by its 1956 Annual Report, Board Exhibit 22, and Applicants' Exhibit 1, M-6, Schedule II, as of 31 December 1956 County Trust had resources pp. 5-6. See also p. 20 of Board Exhibit 43, Congressman Celler's written statement. The Congressman's list of acquisitions by The County Trust Company, totaling 18 in number 3 Capital stock was increased in 1957 from 10 million shares and $139 million in resources, does not include a 1952 merger to 12 million, and surplus from $300 million to its present with Mount Vernon Trust Company, Mt. Vernon, an institution with $24 million in deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

922 FEDERAL RESERVE BULLETIN • AUGUST 1958 RELATIVE SIZE OF COMMERCIAL BANKS IN WESTCHESTER COUNTY DECEMBER 31, 1956 [Dollar figures in thousands] Offices Assets Deposits Loans Bank N b u e m r - P a e t g r o c e t e a o n l f t- Amount P a e t g r o c e t e a o n l f t- Amount P a e t g r o c e t e a o n l f t- Amount P a e t g r o c e t e a o n l f t- The County Trust Co White Plains 39 44.8 $377,965 48.6 $351,787 48.9 $229,028 56.9 Nat'l Bank of Westchester, White Plains 18 20.7 140,760 18.1 129,385 18.0 62,805 15.6 First Nat'l Bank in Yonkers, Yonkers 9 10.3 61,825 7.9 56,289 7.8 33,907 8.4 First Westchester Nat'l Bank, New Rochelle 7 8.0 47,862 6.1 43,424 6.0 22,883 5.7 First Nat'l Bank Mt Vernon 3 3.5 38,856 5.0 36,338 5.0 13,858 3.5 Remaining 7 commercial banks1 ... . 11 12.7 111,254 14.3 102,646 14.3 39,999 9.9 Total All commercial banks .. .... 87 100.0 778,522 100.0 719,869 100.0 402,480 100.0 i These remaining seven banks are the following: Rye National Chappaqua National Bank, Chappaqua. Their deposits range from Bank, Rye; Scarsdale National Bank & Trust Co., Scarsdale; Mt. $22,658,000 in the case of Rye National Bank to $7,020,000 in the Kisco National Bank & Trust Co., Mt. Kisco; Gramatan National case of Chappaqua National Bank. Percentage of deposits ranges Bank & Trust Co., Bronxville; First National Bank & Trust Co., from 3.1 per cent for Rye National to .097 per cent for Chappaqua Ossining; First National Bank of North Tarrytown, N. Tarrytown; National. posits of $129 million approximating 18 per cent Like County Trust, the growth of FNCB has also of total commercial deposits in the county. The been aided substantially by merger, nine in number next largest bank in the county is The First National over a period of 40 years, involving acquisition of Bank in Yonkers, with deposits of $56 million approxi- resources in the amount of $1,580 million. The most mating 7 per cent of total commercial deposits; the recent and the largest of these occurred in 1955 with fourth, First Westchester National Bank, $43 million the acquiring of First National Bank, New York, havand 6 per cent of deposits. The other 8 commercial ing resources of $713 million. banks in the county, with 20 per cent of deposits, In the 10-year period 1946 to 1956 FNCB and range in deposit size from $7 million to $36 million. Farmers have also grown and prospered vigorously, As of 31 December 1956, these 12 banks operated as shown by the lower table based on their 1956 a total of 87 offices in Westchester County, County Report. Deposits and loan figures are in mil- Trust had most, 39, and National Bank of West- lions of dollars, total earnings and capital funds in chester was second with 18.5 thousands. During the same period of time, however, As of 31 December 1956, County Trust Company the number of their shareholders showed a decrease held 56.9 per cent of total loans by Westchester com- from 68,918 in 1946 to 63,893 in 1956. mercial banks, 48 per cent of the assets, and 44.8 per It seems a fair statement from the above history to cent of the banking offices. say that the instant applications involve the joinder The table above shows the relative size of the of two highly successful, aggressive, and expansive Westchester County commercial banks as of 31 banking institutions, each outstanding in its particu- December 1956. lar area, and each with a consistent and remarkable In addition to the commercial banks there are 11 history of growth accompanied by absorption of comsavings banks in Westchester County with deposits of petitors. $380 million as of 31 December 1955, and having 15 As has been noted in the previous Report and Recoffices. There are also 14 savings and loan associaommended Decision, New York State and National tions with 16 offices and unstated deposits. Bank Act restrictions on branch banking prevent the New York City banks from establishing branches, or SELECTED YEAR-END DATA FOR FNCB AND FARMERS merging with banks, in suburban areas, such as Westchester County, which have in recent years undergone Item 1946 1956 substantial and economic growth. As we have seen, the State, by Article III-B, has also sought to prevent, at least for the time being, similar expansion achieved Deposits (in millions) $4,786 $6,793 Loans (in millions) $1,095 $3,741 by way of bank holding companies. The instant program thus contemplates the establishment of a bank- Number on staff 11,774 16,137 ing entity having segments in both New York City Number of depositor accounts 895,000 1,067,000 and Westchester County, contrary to present State $22,788 $ 46,891 policy. Capital funds (in thousands) $287,632 $602,183 Earnings per share $3.67 i$4.69 The Various Factors Involved i Actual net operating earnings in 1956 were $51,962, equal to The requirements of Section 3(c) have been set out $5.20 per share. The above figures of $46,891 and $4.69 are net heretofore. There is little or no controversy concernoperating earnings after deduction of $.51 for losses on sales of securities. ing the facts. Essentially, any differences between witnesses were in the area of opinion, relating to the 5 At the time of hearing (July 1957) National Bank of West- significance of facts and the conclusions to be drawn chester had approval for 19 offices, presumably including its head office. therefrom. No effort will be made to summarize all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

923 LAW DEPARTMENT the evidence and testimony. Suffice to say that in stated or implicit in the first three factors of Section arriving at conclusions, as has been said, all the evi- 3(c) of the Act. The sole question then is whether dence and testimony has been considered and weighed, factors 4 and 5 are equally favorable to the granting and consideration given to the argument and views of the applications. As the proponents of an order the expressed thereon. As stated by Mr. Howard C. Applicants have the burden of proof.6 Sheperd, Chairman of the Board of FNCB in his The communities and area. The suburban counties testimony, "it is proper to regard the public interest surrounding New York City have in recent years, as the sole issue presented by this proceeding." particularly since World War II, undergone substan- Considerable stress has been laid, pro and con, tial population growth. Accompanying the gain in on the efficiency of the bank holding company as a population has been a comparable economic expandevice for combining desirable centralized direction sion in the way of new service, merchandising, and of policy with autonomous operation of subsidiaries. industrial enterprises. From 1950 through 1955, West- Those arguments seem largely irrelevant here. That chester County showed population increase of 17.4 bank holding companies have value is implicit in the per cent. It is estimated that from 1955 to 1975, fact that they are tolerated. That they involve an population increase in the county will be approxielement of public concern is evident from the fact that mately 36 per cent. New York City population growth they are regulated. But whether they are more effiin the same period is estimated at 4.3 per cent. Westcient or less efficient, benign or malevolent, forms of chester County labor force is expected to increase by organization in the field of bank management, such 110,000 from 1955 to 1975. In 1955, Westchester inquiries do not seem to be proper issues here. County had a population of 735,000. Approximately one-third of its resident labor force of 310,000 people The Financial History, Condition, Prospects, and is employed in New York City. Transportation be- Management of the Institutions Concerned tween Westchester and the city is good. A substan- History and condition. The financial history of tial number of national concerns have in recent years the companies involved, relevant parts of which have moved their executive or administrative offices to been set out heretofore or in the previous Report, is Westchester County; or have announced plans to do good. Their condition is excellent. The comment of so. Westchester County is now one of the major inthe Comptroller of the Currency in that regard, here dustrial areas of New York State, ranking fourth in adopted, is as follows: the State in the number of industrial enterprises within its boundaries. "The First National City Bank of New York, the City Bank Farmers Trust Company, and The County Trust Company of That growth is not peculiar to Westchester County White Plains, New York, have excellent financial histories. or the New York City area alone. Similar develop- The First National City Bank of New York and The County Trust Company of White Plains, New York, are outstanding ment, sometimes peripheral, sometimes interstitial, commercial banking institutions. They have, for decades, suc- often both, has occurred in other areas in the nation cessfully emphasized the offering of complete banking services in or continguous to large municipalities in the years to large, medium-sized, and small business enterprises, and to individuals in low and medium, as well as high economic levels. since World War II. Both banks were early pioneers in retail banking and are Whether that process is to be described as the unileaders in this field today. Their financial condition is sound. fication of a trading area, or instead as the independent Additional capital would benefit The County Trust Company of White Plains. The City Bank Farmers Trust Company urbanization of adjacent rural regions, is perhaps only has long been an outstanding institution majoring in the of dialectical interest. Whatever the explanation, fiduciary field and its financial condition is sound. convenient trading opportunities attract enterprising "The condition of the recently organized First New York organizations. It was therefore perhaps inevitable that Corporation which would become a bank holding company with respect to the three banks under discussion, subsequent FNCB should be attracted to Westchester County. to their consolidations with three newly chartered national For with the growth of the suburbs, their banks also banks, would be sound. It would commence operations with grow. Thus, from 1940 through 1956, deposits in a net worth in excess of $645 million, and no indebtedness. It would have about $4.5 million of cash resources." commercial banks in Westchester County increased from $155 million to a total of $719 million. Growth Prospects. The comment of the Comptroller with in the number of offices has also been dynamic. From respect to the prospects of the organizations, also 1945 to 1955, a total of 32 de novo branches were adopted, is as follows: opened in the county, 7 by County Trust, 6 by Na- "The prospects of the three banks are excellent. They are tional Bank of Westchester, and 19 by other banks. established and progressive institutions operating in a large, Of the 19, County Trust subsequently acquired 5 by highly competitive banking field. Their ability to operate profitably and to cope with banking problems as they may merger, National Bank of Westchester 4. During the arise is not open to question. Their prospects under a bank same period of time County Trust acquired a total holding company ownership would be equally good and pos- of 19 branches, 13 of them by merger. sibly enhanced to a minor degree by virtue of administrative economies that may be achieved. "The prospects of the First New York Corporation parallel Convenience, Needs and Welfare of the Community those of the banks it will own." and Area Management. Here the Comptroller states, and it Granting of the applications would appear to conis found: tribute in some measure to the convenience of the "The managements of the three banks, in their respective Westchester community and area. That conclusion, fields, are representative of the best in American banking. however, is not dispositive. This would continue, in our opinion, under holding company ownership. Analysis of the Board's decisions under the Bank "We have every reason to believe that the management of Holding Company Act discloses that the Board has First New York Corporation would reflect the high capacity, drawn a distinction between the "convenience" of ability, and principles which characterize the managements of the three banks it would own." 6 Section 7(c) of the Administrative Procedure Act provides, in part, as follows: "Except as statutes otherwise provide, the It seems apparent from the above, and is conpro^o^pnt of a rule or order shall have the burden of proof." cluded, that the Applicants meet all the requirements (5 U.S.C., Sec. 1006(c).) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN • AUGUST 1958 a community and area, and its "needs and welfare". development and application of improved mechanical and electronic procedures to bank operations, in which all these Establishment of the former does not overcome lack institutions are engaged. of clear evidence of the latter. (Wisconsin Bank- "I submit at this point a memorandum setting forth in shares Corporation, decision dated 20 December 1957.) greater detail certain of the benefits that will accrue to customers of The County Trust Company through the proposed Similarly, that the proposed acquisition would move. This memorandum covers eleven pages. I shall not "probably serve a useful purpose", does not justify its read it but only ask that it be made a part of the record. In approval if "existing 'needs' do not appear to be of brief, it describes numerous services provided by The First National City Bank which can be made available to The County a high order of intensity", and if the convenience and Trust Company through the holding company. One is the welfare of the area are not "heavily dependent" on formalized small business loan program of The First National the establishment of the proposed bank. Further- City Bank, which adapts to small business a term loan facility historically reserved for big business. Such loans, to start more, the need for the facility does not necessarily new enterprises and to enlarge existing organizations, are made favor ownership of it by a holding company: "The available in amounts up to $25,000 repayable up to periods of two actions are related, but they are not the same." sixty months. We have made 150,000 such loans for a total of $280 million, and we have accumulated invaluable ex- (Northwest Bancorporation y decision dated 5 Novem- perience and staff organization as a result. We have made ber 1957.) 70,000 business loans to veterans, as provided for in the GI Beyond that, however, the Board has said that it Bill of Rights, for more than $150 million. In a rapidly growing and expanding community such facilities for small business is not enough that some or all of the facts support, or are of paramount public importance. I say this of course within some respects tend to support, granting of the ap- out prejudice to the fine job that County Trust does for its plication. Facts which are "partially favorable", or small business clients. Nevertheless, there are virtues and advantages in formalized systems and the experience derived which "may benefit the community in some respects", from them. may be outweighed by other considerations when all "The First National City Bank provides superior foreign relevant circumstances are collated. (Northwest Ban- services all over the world, of value to the many large and medium-sized corporations located in Westchester County. The corporation, 5 November 1957.) holding company affiliation would make available to Th° The degree of weight or application of the factors County Trust Company The First National City's 196 000 involved in each case is not mathematically assessable. credit files of foreign names, and the services of The First National City Bank's 70 branches in 24 foreign countries. As the Board has said, "No precise formula can be "Immediately available to The County Trust Companv applied . . . and each case must necessarily be deter- and its personnel would be certain additional training and mined on the basis of a considered judgment in the educational procedures, including a two-year executive training program, a model bank training center, and other prolight of all relevant circumstances" (Wisconsin Bankgrams. These would augment or complement training programs shares Corporation, 20 December 1957). already in effect at County Trust. We turn now to an assessment of applicable con- "As business grows in Westchester County, the lending capacity of its banks will become increasingly important. The siderations under factor 4. holding company can enable The County Trust Company to Initially, it will be observed that no new bank or enlarge its lending capacity in two ways, by facilitating placebanking office will be created by the acquisition, either ment of excess loans with the other subsidiaries and by assistance in providing additional capital funds as necessary. In in New York City or Westchester County. In the the mortgage field the holding company could combine a cases just cited approval was denied, even though the large reservoir of funds available for investment with the programs there involved the creation of new banking valuable technical experience of The County Trust Company. "For its trust service to its community, the holding company offices and facilities. The benefits of the instant proaffiliation would give The County Trust Company the advangram are wholly potential and consequential. tages of the City Bank Farmers Trust Company investment The contributions which the acquisition will make research department and library, its fully equipped traders desk, its large and competent tax department, its corporate to the area are set out most cogently in the testimony trust services, and its pension trust services. of Mr. Howard C. Sheperd, Chairman of the Board "The economic services provided by First National City, of FNCB: which are of high standard and are increasingly in demand in business today, would be made available to The County Trust "The effect of the proposal upon the convenience, needs Company's customers. and welfare of the communities and the areas concerned is "Extension and improvement of services, greater capacity for likewise covered in Exhibit F and of course throughout the growth, and the other advantages above cited would all reapplication in numerous other ways. The proposal would dound to the benefit of the community." connect, through common ownership, The County Trust Company with The First National City Bank of New York and its It is to be expected that benefits of such or similar affiliated trust company, which together supply a varied and character would follow to some degree from the concomplete market basket of banking and trust services to individuals and to large and small businesses at home and abroad, solidation of organization, methods and resources of which have great diversity of resources and which have demon- two efficient institutions of this kind. On the other strated sound, progressive and successful management. It hand, it does not appear from the evidence, as I would lead to the development of stronger banking institutions, offering of more complete and varied services and greater evaluate it, that the program is necessary to the capacity for growth to meet future needs. It would make needs or welfare of Westchester County. possible a beneficial exchange of management ideas, methods The growth and increased industrialization of Westand experience, to which all three institutions would contribute substantially. It would provide additional assurance of con- chester County in recent years has brought a need for tinuing able management for The County Trust Company various specialized services, such as foreign banking because of the access provided to the personnel and the train- and foreign financing, small loans, and residential ing programs of The First National City Bank of New York; furthermore, we of National City are happy to acknowledge mortgage and consumer loans. These services are that we can learn a great deal in this area from the progres- presently available in adequate degree and form. sive methods of The County Trust Company. As already There is no present want or need for further banking stated, the affiliation would facilitate the raising of additional capital for The County Trust Company to support its present services in Westchester County in the sense that such position and future growth. service is unavailable, either directly with a county "Moreover, the association through the holding company bank, or through that bank's correspondent relationwould make possible more economic and efficient operation. ship with one of the larger New York City banks. In It would make available experienced, specialized managerial talent of high quality—in such matters, for example, as invest- the matter of large loans for industrial enterprises, ment management, investment advisory and trust service, ac- and perhaps in the field of foreign banking services, counting, tax service, credit investigation, and business devel- referral of some portion of such business to a coropment—at a low unit cost because of the spread of such talent over a larger volume of business. It would facilitate the respondent bank may at times be necessary either Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 925 because of loan limits of the county banks, or because and administrative programs. Contrary to some sugof other limitations. Certain other services, now avail- gestion in the record, County Trust offers a complete able in varying degrees, could be improved by the range of trust services.8 adoption of specialized techniques. The factor which makes possible the offering of The rapid growth and expansion of County Trust their specialized services by the New York City banks since 1947 has required additional capital funds, a tends also in some measure to cancel out their deneed which may be expected to continue. Thus far sirability. That is the matter of the size of FNCB and County Trust has experienced no difficulty in its Farmers, a point treated more fully later. ability to raise capital, which has shown a consistent Finally, the convenience, needs and welfare of the increase since 1947. The market for County Trust area are also affected by reason of Article III-B and shares appears promising; their market price is al- other State banking regulations of bearing. As will be most double their book value, recent ratios being seen, the proposed program, in conjunction with those roughly $14 book value to $25 market value. It is measures, would have an effect upon the competitive perhaps reasonable to assume that the proposed affili- banking situation and the State system of banking. ation will facilitate the raising of capital by County Execution of the program would set aside the public Trust when and if needed, but the affiliation does not policy of the State. These results are not, of course, seem essential to that result.7 dispositive. If there is conflict of policy in a field Other suggested advantages to The County Trust where Federal authority is paramount, the State must Company, and indirectly to the community, from the give way. However, the consequences of subordiproposed program appear to be attributable either to nation of State policy are among the elements affectthe size of the FNCB and Farmers organizations or ing convenience, needs and welfare of the community to their procedures and methods. I refer here to and area. In that respect the effect of the proposed phases of banking activity in which FNCB and acquisition would be adverse. Farmers are particularly outstanding. In this cate- To sum up the considerations bearing upon the gory are various highly developed or specialized serv- fourth statutory factor: It appears that the proposed ices or programs involving the management, know- program may contribute to the convenience of the how, organization and machinery flowing from the Westchester community and area; but it is not shown necessary to the conduct of volume transactions on an by clear evidence to be necessary for the needs and efficient basis. Examples are Farmers' trust services, welfare thereof. It will make no contribution to the FNCB's foreign banking, its automation program, convenience, needs and welfare of the New York City programs in the areas of personnel training, loans to community and area. In addition, considerations insmall business, commercial and mortgage loans, ad- volved in factor 5 tend to diminish or cancel the ministrative planning and economics research. In weight of the convenience factor in Westchester. As some of those areas The County Trust Company is in the case of Northwest Bancorporation: though the itself outstanding. In none does County Trust's service proposed acquisition may serve a useful purpose in seem deficient in terms of reasonable demand. No the county, existing needs are not of a high order of doubt a larger organization, greater specialization, intensity and the convenience and welfare of the comand more plant would intensify concentration on de- munity and area are not heavily dependent upon its tail, but whether at profitable cost or loss of organi- consummation. Indeed, the needs and welfare of the zational efficiency may be open to question. The area may be adversely affected. banking techniques developed out of the problems of We turn then to the fifth factor. New York City are not necessarily transferable wholesale to Westchester County. And the attainment of Factor 5 the anticipated advantages is to some extent counterbalanced by the risk that responsibility for the de- The basic element in factor 5 is the size or extent of velopment of policies to meet local needs may be the bank holding company system: It must not be shifted to an organization with more diffused interests. beyond limits consistent with adequate and sound County Trust and the other county banks seem to banking, the public interest, and the preservation of have kept pace with the essential needs of Westchester. competition in the field of banking. The proposed Their growth in the past decade is evidence of respon- program would provide "adequate" banking at least siveness to and anticipation of community needs. The in terms of fulfilling demand; whether it would be 1956 Annual Report of County Trust discloses the "sound" banking may depend upon its impact on the establishment of a foreign department in that year, structure of the banking systems of New York City and Westchester County. Whether the system would the inauguration of a training school for tellers, and be consistent with the public interest involves the the development or improvement of banking services weighing of all relevant considerations; the provision 7 It is to be noted that until its expansion of capital in 1957 respecting preservation of competition seems selfby the sale of an additional 2 million shares, FNCB may also explanatory. have been short of capital funds or resources to meet customer The size of the proposed holding company is subneeds. Thus, the 1956 combined Report to stockholders of FNCB and Farmers (p. 5) says that "Lending capacity has stantial. In fact, it will be the largest bank holding not been sufficient for all demands." Securities were sold to obtain funds for expanding loans, but even with that, "close 8 The evidence discloses consistent growth in the volume, control over lending policy has been necessary to assure our quality, and variety of The County Trust Company's trust continuing ability to meet our customers' short-term needs . . . ." services. In July 1948, County Trust administered 411 trust Foreign operations presented the same problem. The 1956 accounts having an estimated $8 million in assets. As of Report says of these (p. 15): "Demand for loans at many January 1957, it administered 681 trusts of various kinds, having of our overseas branches continued to exceed the available assets of $51.4 million. Significantly, in addition to absolute supply of funds. We see no slackening in this demand." In growth, those figures reveal a marked rise in the average value addition to indicating that FNCB has no capital funds to of the trusts administered, from approximately $19,500 in 1948 spare County Trust, these facts, along with their record of to roughly $75,000 in 1957; indicating that The County Trust growth since 1946, would seem to suggest that the demands of Company is attracting larger trust accounts. The 1956 Report their present area and operations exceed even FNCB's and to stockholders reveals that one group of Investment Advisory Farmers' capacity. Accounts administered averaged over $750,000 per family. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN • AUGUST 1958 company in the country. The accompanying table, Company was the third largest bank in New York based on data as of 30 June 1956 shows First New City. Figures are, in thousands of dollars: York Corporation's projected size in comparison with the five largest existing bank holding companies. First New York Corporation, as proposed $7,298,131 Manufacturers Trust Company plus all Westchester County commercial banks, excluding The County Trust company 3,506,942 RELATIVE SIZE OF FIRST NEW YORK CORPORATION Unless overborne by specific advantage to the JUNE 30, 1956 community in other respects, the evidence thus suggests that the proposed program would result in an undue concentration of banking resources,9 tend to Total Number Number deposits ! the reduction of the number of independent banking of States Number of (In companies in Westchester, and create conditions of Bank holding company in which of banks banking millions potential threat to the soundness of the county bankoperating offices of dollars) ing structure and to the competitive situation.10 As the Board said in the case of Northwest Bancorp ora- First New York Cor- tion (5 November 1957): poration (as proposed). - 115 6,023 Transamerica Corpora- "Bank holding companies often have the available resources, tion, San Francisco, and therefore the ability, to act more quickly than a group of Calif. 11 25 277 2,663 individuals in endeavoring to establish a new bank in an area Marine Midland Cor- which gives promise of supporting a successful banking operporation, Buffalo, N.Y. 1 13 150 1,813 ation. Such early establishment of a bank, and the acquisition Northwest Bancorpora- of its stock by a bank holding company, may benefit the comtion, Minneapolis, munity in some respects. On the other hand such an entry Minn 75 98 1,520 into an area by a bank holding company bank may, in some First Bank Stock Cor- circumstances, 'expand the size or extent' of the bank holding poration, Minneapolis, company system in such a manner or to such a degree as to Minn 85 88 1,372 have a strong tendency to preclude later entry by a bank Wisconsin Bankshares which is not controlled by a bank holding company. It is Corporation, Milwau- apparent that in such a situation control of a bank by a bank kee, Wis 1 6 20 734 holding company would run counter to the considerations stated in the fifth factor and should not be approved unless there are considerations favorable to the application that are i Figures are from Applicants' Exhibit 25. Comparable data in sufficient to offset such adverse circumstances." Board Exhibit 35 are in conflict. Applicants' figures are given for the reason that they were compiled and submitted some weeks after Board Exhibit 35, and presumably in response thereto. The applicants' position, to the contrary, is that com- Data relating to Marine Midland Corporation as of Dec. 31, 1955; petition among the Westchester County banks will be number of banks as of Dec. 31, 1956. stimulated by improvement of County Trust banking services. Congressional concern over the concentration of That some or all of the remaining county banks banking assets and facilities in larger institutions, re- will attempt to revise their operations or services to duction in the number of independent banks by absorp- meet the situation presented by First New York Cortion into other units, and the effect of those occur- poration is to be expected; but they may have diffirences on the banking structure and on competition culty in meeting the challenge on competitive terms were major reasons for the enactment of the Bank as they are presently organized. And if the program Holding Company Act of 1956. It would seem that is executed, Article III-B and State and Federal branch the establishment of the proposed holding company banking laws weight the competitive situation in favor would profoundly affect the banking situation in of First New York Corporation. They do this by Westchester County and New York City by producpreventing State banks from forming inter-district ing a substantial concentration of banking assets. It bank holding companies, and all banks from forming would join in one organization the dominant bank inter-district combinations by merger or by acquisition in Westchester County, the fourth largest bank in the of out-district branches. Thus, under the present State outside New York City, with the second largest bank in the City and State, the third largest in the ft The act is to be interpreted inter alia as requiring the nation. It would introduce a financial institution with Board to deny approval to a proposed holding company which resources of approximately $7 billion into a banking "would not maintain competition among banks, or would fail to minimize the danger inherent in concentration of economic community whose assets presently total approximately power through centralized control of banks." (Control & $750 million. Based on March 1957 call figures, no Regulation of Bank Holding Companies, Hearings before conceivable combination of a New York City bank House Committee on Banking and Currency on H. R. 2674, p. 95, 84th Cong. 1st Sess. (1955).) with a Westchester County bank could approach it in "The factors required to be taken into consideration by the size except a union in some fashion of Chase-Man- Federal Reserve Board under this bill also require contemhattan Bank and the National Bank of Westchester. plation of the prevention of undue concentration of control in And on the present state of the law, as will be seen, the banking field to the detriment of public interest and the encouragement of competition in banking." (S. Rep. 1095, p. such a combination is not possible so long as Chase- 10. 84th Cong., 1st Sess.) Manhattan remains a State bank. Indeed, if all the 10 Market factors of suggested relevance in determining the commercial banks in Westchester County other than competitive consequences of merger acquisitions, under Section 7 of the Clayton Act, are thus stated in the Report of the The County Trust Company were to merge or join Attorney General's Committee to Study the Antitrust Laws with any single bank in New York State other than (1955), p. 125 et seq.: FNCB or Chase-Manhattan, the resulting combination, "(1) The character [including size, etc.] of the acquiring and in terms of assets, would be less than one-half the the acquired company, (2) the characteristics of the markets affected, (3) immediate changes in the size and competitive size of the proposed holding company. range of the acquiring company and in the adjustments of This is expressed in the following table of assets as other companies operating in the markets directly affected, and (4) probable long range differences that the acquisition of 31 December 1956, taken from data in Board may make for companies actually or potentially operating in Exhibits 38 and 39. On that date Manufacturers Trust these markets." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

927 LAW DEPARTMENT State laws, no State bank in New York City can join First New York Corporation. For the very factors in a holding company with a State bank in West- in its staff which may lure the customer to the small chester County, or vice versa, and no bank in New bank—competence, personal following, friendlier serv- York City can merge with or acquire as a branch a ice—will attract the staff to the larger bank with its bank in Westchester County, or vice versa. It does greater opportunities for advancement. The result of not seem likely that, in circumstances where the com- elimination of the smaller banks, even though the petitive strength of a bank might be unfavorably af- result of competition, may be to lessen competition fected thereby, Congress could have intended to by reducing choice of available facilities. That result make it possible for a holding company to direct a has no necessary relation to efficiency. As one witbanking business even though the bank could not. ness commented in another connection: there may be So long as Article III-B and present limitations on "considerable doubt as to whether smaller competing merger and branch banking remain in force, com- banks in the County will have long range opportunity petitive conditions in Westchester County and New to do business profitably; whether they will have un- York City may be adversely affected by the execu- fettered opportunity for growth and expansion; tion of the proposed program.11 whether new banks will be able to enter into business At least the problem of fashioning effective com- without undue handicap; and whether new capital petitive combinations to meet the new holding com- will find such new banks an attractive investment."12 pany will be unnecessarily complex. For that the Additional considerations are urged on behalf of effort will be made seems a foregone conclusion, both the Applicants against the conclusion that the size of because the county banks will probably consider it the proposed holding company or the concentration of necessary to survival, and because the city banks will assets militates against approval, or the conclusion not likely be content to be disadvantaged vis-a-vis that competition will be adversely affected. Thus, in FNCB. The evidence is that preliminary contacts respect to size, it is pointed out that FNCB is alone have already been made by city banks with county larger than any existing bank holding company in banks with regard to such affiliation. In this respect terms of deposits, and that the acquisition of County it seems significant that the instant proposal itself Trust adds only slightly more than 5 per cent to the appears to be a consequence of concern for its com- resources of FNCB and Farmers. In percentage terms petitive position on the part of County Trust because First New York Corporation would have about 20 of reputed interest of the Rockefeller family in both per cent of the total commercial banking deposits and the National Bank of Westchester and a large New about 17 per cent of the commercial banking offices York bank—presumably Chase-Manhattan. See testi- in the combined New York City-Westchester area, and mony of Mr. Andrew Wilson, pp. 139-141. about 16 per cent of commercial deposits or resources If the program is approved, no doubt succeeding in New York State. It is pointed out that other bank ones along similar lines should be approved also, in holding companies have higher percentages of deposits order that competitive balance in Westchester and in or cover larger geographic areas. It is not clear, New York City may be maintained. The result would however, that the situations in such cases are combe to duplicate in Westchester substantially the bank- parable with First New York Corporation's in respect ing situation which prevails in New York City. This to such relevant factors as character of communities, is not bad per se, but it presents problems affecting services required, and applicable State legislation. the public interest. The creation of conditions which, The power of the holding company would seem to whether for reasons of rivalry or of survival, would be accentuated, not diminished, by its concentration impel affiliation of the remaining Westchester banks in the smaller area. And the percentages have their with larger city institutions, and perhaps adversely definitely adverse side. For the minimal per cent affect the State system of banks and regulation in the addition to the resources of the city banks merely retwo areas could not, in my judgment, produce other flects their already substantial size. Thus, if FNCB than undesirable banking instability for a period of and Farmers acquired all the commercial banks in time. It is to be anticipated that this process would upstate New York, their assets would be increased less hasten the reduction, by absorption, of the number of than 95 per cent. And if viewed from the standpoint independent banks in Westchester, though not neces- of addition to the resources of County Trust, the sarily the number of banking offices. This is not to program would increase those over 1,700 per cent. say that the situation must, for the sake of stability, For however apt comparisons, primary consideraremain unchanged. It is merely to say that the Bank tion must be given to the effect in Westchester County. Holding Company Act was not intended to stimulate There the program increases the relative size of the radical upheaval in the banking structure of a com- acquiring enterprise to the point where, perhaps, "its munity. advantage over its competitors threatens to be de- With respect to the force of the competition it is cisive." (Celler-Kefauver Amendment to Section 7 urged that personalized services of the small bank of the Clayton Act, H. Rep. 1191, p. 8, 81st Cong. and similar factors will tend to offset the strength of 1st Sess.). On this score the apprehension of The the holding company. Personal relationship can, of County Trust Company over the possibility of a comcourse, be a substantial competitive factor, and may petitive combination between another major New be better preserved by a small bank—though this is York City bank and the National Bank of Westby no means sure. But whatever the charm of its chester appears to speak with more force as to the staff, its desire to be of service, and the prejudice of probable impact of the program than any amount of a certain segment of the public to large organizations, argument or speculation. it seems unlikely that many of the smaller county Elimination of competition. Execution of the probanks could as independents compete effectively with gram will also tend to eliminate competition between 11 These restrictions may be revised in the near future by 12 Banks such as the National Bank of Westchester and the the State legislature, now in session. But such developments First National Bank of Mt. Vernon could no doubt (as their must remain speculative. The determination here must be presidents testified they felt they could) be able to compete made on the basis of the law as it exists, without the com- with First New York Corporation, either independently or as forting assurance of second sight. part of a combine. These, however, are not small banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

928 FEDERAL RESERVE BULLETIN • AUGUST 1958 Westchester County banks and city banks. About 6 bank holding company in New York State for many per cent of the fiduciary accounts—in dollars a sub- years. As of 30 June 1956 it had 149 or 150 u bankstantial figure—of Farmers originates in Westchester ing offices, and deposits in excess of $1,700 million. County. That competition may be expected to be It is urged, and rightly, that the situation should not eliminated by the proposed program, as well as poten- be frozen so as to give an undue advantage to Marine tial competition which County Trust could be expected Midland Corporation. Among other holdings, Marine to provide by continued improvement of its trust serv- Midland operates a bank in Rockland County, across ices. The reduction of competition would, however, the Hudson from, and in the same district as, Westbe greater than that. As of July 1956 more than half chester, and another in New York City. The record as many employed Westchester residents were em- does not indicate that the Rockland bank is comployed outside the county, mainly in New York City, petitive with the Westchester banks, and presumably as were employed within the county. At the same it is not. An attempt on the part of The County time at least 10 per cent of the locally employed per- Trust Company to cross the Hudson River into Rocksons were nonresidents of the county. This is shown land County was prevented by the State Banking in the following table: Department. County residents employed in the county 204,000 Since it does not appear that Marine Midland Cor- County residents employed outside the county (out- poration is an effective competitor in Westchester commuters) 106,000 County, other than the generalized competition for Nonresidents employed in the county (in-commuters) 23,000 Westchester business in New York City which it shares Total employment in county 227,000 with FNCB and Farmers by reason of being a city bank, the whole group of which makes banking It is thus seen that a majority of the county labor services available to Westchester out-commuters, the force possibly has regular access to banking facilities establishment of First New York Corporation is not both in New York City and in Westchester County. necessary to enable FNCB and Farmers to compete To such persons, as well as to large-scale industrial with Marine Midland in Westchester or in New York and business establishments, the two areas offer alter- City. Marine Midland should not, of course, because native sources of banking service. Under such cirof the accident of prior birth, have a preferred, exclucumstances the banking systems of the two communisive, or advantageous position in any area in which ties are in competition. The Applicants estimate that it operates. But denial of the applications here would the percentage of FNCB domestic depositors originot tend to perpetuate that position, nor would grantnating in Westchester is less than one per cent; the ing of them tend to further competition between deposits of County Trust originating in New York existing banks and Marine Midland Corporation. City less than 3 per cent. One per cent of FNCB's domestic deposits would be over $20 million: more Foreign banking assets. FNCB is a large-scale than 5 per cent of County Trust's total deposits. banker on a national and international level. It is Three per cent of County Trust's deposits would be said that the portion of FNCB's deposits involved in approximately $10 million. These are not insub- that phase of its operations (roughly two-thirds of stantial amounts. Statistics in evidence indicating total deposits) should not be counted in determining greater percentage of overlap in an FNCB branch FNCB's size, since only the residue (about $2 billion) nearest Westchester appear too fragmentary to be is available for use in the local portion of its activities meaningful. and hence cannot be of any effect in Westchester. Such an approach cuts two ways. If valid, it not However, a minimal number of nonresident demerely minimizes the impact of First New York positors would not necessarily indicate an absence of Corporation on the Westchester banking structure; it competition. As an official of the New York Federal also tends to cancel out any prospect that those re- Reserve Bank observed, "I look at competition as the sources will be available, directly or indirectly, to customer's choice of available facilities." An absence support the capital position or loan capacity of The of nonresident depositors, borrowers, or customers County Trust Company. The advantages to County probably indicates no more than that persons with a Trust and, indirectly the public, from the program are choice find their home facilities satisfactory. This then reduced substantially to providing The County perhaps is as accurate a gauge as any for measuring Trust Company with the managerial know-how and the adequacy of Westchester banking facilities. Since peripheral skills of FNCB and Farmers.15 a substantial number of persons employed in Westchester County have access to either the city or the 13 That, as is said, Westchester County "has become incounty banks, and thus have a choice between them, creasingly a continuous and integral part of the natural trade I am of the opinion that there is effective competition and population area of Metropolitan New York", and that the city and the outlying counties are today "parts of an inbetween the city and county banks for the business of tegrated economic unit" trade, social and business-wise, seems such individuals. The entry of First New York to imply an existing competitive situation. At the very least, Corporation into Westchester County will tend to if the development trend continues, the city and county banks are potential competitors in the ultimate competitive area. eliminate the choice which such persons now have, 14 Information in the record is in conflict as to the number or may in the future have, between the banking serv- of offices. Applicants' Exhibit 25 gives it as 150, Board ices of FNCB and Farmers on the one hand, and the Exhibit 35 as 149. services of The County Trust Company on the other. 15 As one witness, favoring the program, put it, after observing that national or international deposits of First National In addition, the program will probably eliminate City were already committed, and thus not available to The FNCB as an actual or potential correspondent for County Trust Company: any of the other Westchester banks. These depriva- "What The County Trust Company, it seems to me, will tions of choice result in a substantial lessening of gain in additional resources are resources of experience and competition, and in some respects a reduction in knowledge, skill, availability to execute training programs, college recruitment training programs, the combination of available banking service.13 resources which can be spent and will be spent in experi- Marine Midland Trust Company. It is pointed out mentation with electronics, and new and more efficient ways of doing the banking business, rather than dollars and cents that Marine Midland Corporation has operated as a resources . . . ." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 929 The Applicants, in expressing the same idea, refer of the county—and thus unsound banking; may to the gains as "not . . . monetary resources . . . but unduly and substantially lessen competition between . . . intangible benefits of experience, knowledge, and city and county banks; and may result in undue reskill." duction of the number of independent banks in the See also footnote 7, p. 925, as to commitment of county with consequent reduction in the number of resources of FNCB. competing banking organizations. Important as those accomplishments are, they do In addition, in the existing circumstances, approval not appear to be a substantial enough gain to warrant may tend to prejudice State regulation unduly and to recommending approval of the program in the face impair legislative policies governing State banks. of other and adverse factors. On balance, the prospective and possible benefits of the program do not outweight its prospective and Conclusions possible disadvantages. It is concluded that the program is not required for the needs and welfare of the The conclusions which I draw may be summarized community and area, and further, that the effect of as follows: Under the present circumstances approval the proposed acquisition may be to expand the size of the proposed program would contribute in a measor extent of the holding company system involved ure to the convenience of the community and area of beyond limits consistent with adequate and sound Westchester County, but the anticipated benefits are banking, the public interest, and the preservation of not required for its needs and welfare. With existcompetition in the field of banking. Under these ing relationships the Westchester banks are capable circumstances the Applicants have not sustained the of providing and do provide adequate and constantly burden of establishing that the public interest will be improving banking service commensurate with comfurthered by granting approval of the applications. munity needs and demand. The benefits to be derived These conclusions being based upon the existing from the proposed program are mainly of intangible situation, changes in that situation, such as in the service character flowing from management or referpresent banking structure in the county, or in apral factors. No new banking outlets or offices in plicable law, may warrant approval of the program Westchester County will be provided; no new services at an appropriate time in the future. As of the presor programs are contemplated. In general the anticent moment, however, approval seems inappropriate. ipated benefits result from improvement or extension It will consequently be recommended that the Board of existing services or programs; gains which, to the not approve the applications. extent justified, seem expectable in the normal course of development of Westchester banking organization. Effective competition presently exists between the Recommendation county banks. This has resulted in the growth of In accordance with the foregoing findings and concounty banking services as rapidly as needs and pruclusions it is recommended that the Board of Govdence justify. In these circumstances the proposed ernors of the Federal Reserve System enter an order program may result in such alteration of evolutionary denying the applications of First New York Corporaprocesses as not to be in the public interest, in view tion, The First National City Bank of New York, and of the nature and weight of the gains to be realized. International Banking Corporation for prior approval The program, by combining the dominant banking of action to become bank holding companies under system in Westchester County with one of the largest Section 3 of the Bank Holding Company Act of 1956. banking systems in the nation, establishes in Westchester County a financial organization of such rel- Dated at Washington, D. C, this 20th day of ative size as perhaps to give it decisive advantage February 1958. over competitors; may result in an undue concentration of banking assets and control; may induce un- (Signed) CHARLES W. SCHNEIDER, necessary dislocation in the existing banking structure Hearing Examiner. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS CHANGES IN BOARD'S STAFF Meetings of the Federal Open Market Committee Mr. S. R. Carpenter, Secretary of the Board of were held in Washington on July 29 and August Governors since July 1, 1945, resigned on July 19, 1958. 31, 1958, in order to become President of the Central States Mission, Church of Jesus Christ of INCREASE IN MARGIN REQUIREMENTS the Latter-day Saints, in which capacity he will be On August 4, 1958, the Board of Governors of the in charge of Church activities in Oklahoma, Kan- Federal Reserve System amended Regulations T sas, Missouri, Arkansas, and part of Illinois. Mr. and U, relating respectively to margin require- Carpenter joined the Board's organization in 1926, ments of brokers and banks, by increasing margin and was an Assistant Secretary of the Board for requirements from 50 per cent to 70 per cent, eftwelve years prior to his appointment as Secretary. fective August 5, 1958. The increased require- The Board has appointed Mr. Merritt Sherman ments apply to both purchases and short sales. No to succeed Mr. Carpenter as Secretary, effective other change was made in the regulations. upon his return in October from a European assignment. Mr. Sherman, who is an Assistant Sec- INCREASE IN FEDERAL RESERVE DISCOUNT RATE retary of the Board, was employed by the Federal On August 14, 1958, the Board of Governors of Reserve Bank of San Francisco in 1926, and was the Federal Reserve System approved action by Assistant Cashier of the Bank at the time he joined the directors of the Federal Reserve Bank of San the Board's staff as Assistant Secretary in 1946. Francisco increasing the discount rate at that Bank to 2 per cent, effective Friday, August 15, ADMISSIONS OF STATE BANKS TO MEMBERSHIP IN 1958. The rate previously in effect at that Bank THE FEDERAL RESERVE SYSTEM was 13A per cent. The following State banks were admitted to membership in the Federal Reserve System during the APPOINTMENTS OF DIRECTORS period June 16, 1958 to July 15, 1958: On July 11, 1958, the Federal Reserve Bank of Atlanta appointed Mr. R. J. Murphy a director of New Jersey its Birmingham Branch for the unexpired portion Paterson . County Bank and Trust Company of a term ending December 31, 1959. Mr. Virginia Murphy is Vice President of the Citizens-Farmers Danville. . Schoolfield Bank & Trust Company & Merchants Bank, Brewton, Alabama. As TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY Branch director he succeeds Mr. John R. Downing, Executive Vice President, Citizens-Farmers & Latest BULLETIN Reference Merchants Bank, Brewton, Alabama, who died Semiannually Issue Page recently. Banking offices: Analysis of changes in number of Aug. 1958 988 The Board of Governors on August 11, 1958, On, and not on, Federal Reserve Par announced the appointment of Mr. John H. War- List, number of Aug. 1958 989 den, of Houghton, Michigan, as a Class C director Annually Earnings and expenses: of the Federal Reserve Bank of Minneapolis for Federal Reserve Banks Feb. 1958 200-01 Member banks June 1958 710-18 the unexpired portion of the term ending Decem- Insured commercial banks June 1958 719 ber 31, 1958. Mr. Warden is President of the Banks and branches, number of, by class and State Apr. 1958 492-93 Upper Peninsula Power Company, Houghton, Operating ratios, member banks June 1958 Stock Exchange firms, detailed debit and 720-22 Michigan. As a director of the Minneapolis Bank credit balances Mar. 1957 336 he succeeds Mr. F. Albee Flodin, President and Banking and monetary statistics, 1957.. {JJ^' J^g Summary flow-of-funds accounts, 608-1? General Manager of Lake Shore, Inc., Iron Moun- 1954-56 Oct. 1957 1190-94 tain, Michigan, who died recently. Bank holding companies, Dec. 31, 1957 Feb. 1958 211 930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication August 15 Recovery in industrial production continued in after the vacation period in early July, and in July and construction activity and private housing early August were 100 per cent of the 1947-49 starts rose further. Nonfarm employment and average, one-fourth above the April low. personal income also increased further and retail Gains were general among nondurable goods sales were maintained. From early July to early industries in July. The most pronounced re- August, prices of industrial materials advanced covery in recent months has occurred in textiles, but prices of farm products declined. While loans apparel, rubber and leather products. Output of to business declined, total bank credit increased minerals picked up somewhat further in July as further. Yields on Government securities and crude oil production increased and coal and metal corporate bonds rose while common stock prices mining changed little. reached new highs for this year. CONSTRUCTION INDUSTRIAL PRODUCTION Private housing starts rose again in July to a The Board's seasonally adjusted index of indus- seasonally adjusted annual rate of nearly 1.2 miltrial production rose in July to 133 per cent of the lion units, 14 per cent above a year earlier. 1947-49 average, two points above the revised Total construction outlays also advanced, reflect- June level. The July rate was 6 per cent above ing mainly a further rise in residential constructhe April low and 8 per cent below a year ago. tion. Expenditures for industrial plants continued Increases were widespread among durable to decline, and outlays for commercial and pubgoods industries in July. Activity in producers' lic utility building showed little change. equipment lines—still sharply below the 1957 peaks—increased for the second month. Output EMPLOYMENT of television and furniture advanced further, and Seasonally adjusted nonfarm employment rose the recovery in construction materials continued. to 50.4 million in July, 400,000 above the April Auto and truck assemblies were maintained and low. In manufacturing, employment increased current schedules for August indicate little change, somewhat further and the average workweek, after allowance for early model-changeover cur- which usually declines in July, remained at the tailments. Steel mill operations increased steadily improved level of June. Average weekly earnings increased, reflecting mainly a one-cent rise in INDUSTRIAL PRODUCTION hourly earnings to a level 3 per cent above a year 1947-49-100 ago. On a seasonally adjusted basis the rate of unemployment, at 7.3 per cent of the civilian labor force, has changed little from the high reached in April. DISTRIBUTION Seasonally adjusted retail sales in July remained at the improved level of the previous three months •-I 140 and were 3 per cent below the record of last summer. Sales at department stores increased /V NONDURABLE W j __ J MANUFACTURES _J sharply, to 140 per cent of the 1947-49 average compared with 133 in June and the record high of 144 last August; sales advanced further in early J00 August. Stocks at department stores continued to increase in June, but were 3 per cent under a Federal Reserve indexes, seasonally adjusted. Monthly fig- year ago. ures, latest shown are for July. 931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN • AUGUST 1958 AGRICULTURE Member bank borrowings from the Federal Gains in yield prospects during July indicate the Reserve averaged about $135 million and excess largest crop in history, with record harvests in reserves about $670 million over the four weeks prospect for grains, already in surplus supply, and ending August 13. Between mid-July and midfor oil crops. The official forecast as of August August reserves were supplied principally through 1 was for production 13 per cent above the 1947- Federal Reserve purchases of U. S. Government 49 average and 7 per cent above last year. As in securities and currency inflows. Gold outflow 1957, 28 million acres of cropland are in the Soil absorbed a smaller amount of reserves than in past Bank and acreage for harvest is the smallest since months. Required reserves increased substantially the drought years of the thirties. in early August as deposits grew in connection with Treasury financing. COMMODITY PRICES SECURITY MARKETS The wholesale commodity price index changed Yields on U. S. Government securities and on little from early July to early August. Average corporate and State and local government bonds prices of industrial commodities increased further, showed marked advances from mid-July to midhowever, as steel, copper, aluminum, scrap metals, August. The yield on long-term Treasury bonds rubber, lumber, and petroleum products advanced. rose to over 3.60 per cent, about one-half per- Prices of farm products declined, reflecting mainly centage point above the 1958 low, and the decreases in livestock. Treasury bill rate rose to more than W2 per cent. On August 14, the discount rate was raised from BANK CREDIT AND RESERVES 13A per cent to 2 per cent at the Federal Reserve Total loans and investments at city banks in- Bank of San Francisco. creased $950 million during the four weeks ending In late July the Treasury refunded over $16 August 6. Holdings of U. S. Government securi- billion of securities with a 15/S per cent certificate ties rose $1.8 billion, reflecting bank purchases of and sold $3.5 billion of tax anticipation certifinew Treasury tax anticipation certificates in early cates for cash. Although the Federal Reserve August. Total loans declined about $1 billion, System bought $1.2 billion of the securities inowing mainly to reductions in business and secur- volved in the refunding, cash redemptions ity loans following the June expansion. amounted to nearly 30 per cent of public holdings. RETAIL TRADE PRICES 1947-49-100 1947-49=100 170 WHOLESALE 160 150 140 130 120 DEPARTMENT STORES 170 160 150 1954 1955 1956' 1957 195b 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 June, for other separately. Monthly figures, latest shown: June for conseries, July. sumer prices, and August estimates 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 935 Reserve Bank discount rates; reserve requirements; margin requirements. . 938 Federal Reserve Banks 939 Bank debits; currency in circulation. . . 942 All banks: consolidated statement of monetary system; deposits and currency. 944 All banks, by classes 945 Commercial banks, by classes. . 948 Weekly reporting member banks. . 950 Commercial loans; commercial paper and bankers' acceptances. 952 Interest rates. 953 Security prices; stock market credit. 954 Savings institutions. . 955 Federal business-type activities. . 956 Federal finance. 958 Security issues. . . 962 Business finance. . 963 Real estate credit. 965 Short- and intermediate-term consumer credit 968 Selected indexes on business activity. 972 Production 973 Employment and earnings 980 Department stores. . 982 Foreign trade. . . 983 Wholesale and consumer prices. . . 984 National product and income series. 986 Changes in number of banking offices in the United States. 988 Number of banking offices on Federal Reservepar list and not on par list. 989 Tables published in BULLETIN, annually or semiannually—list, with references . 930 Index to statistical tables. 1017 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 agenciesare 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 fobranking and the consumer credit estimates are derived from monetary tables, together with descriptivetext. regular reports made to the Board; production may be obtained from the Board'spublication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 933 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Weekly averages of daily figures Billions of dollars MEMBER BANK RESERVE BALANCES REQUIRED RESERVES EXCESS RESERVES- ^VUvv>Aw^^W^U 35 CURRENCY IN CIRCULATION 30 25 RESERVE BANK CREDIT 20 TREASURY CASH AND DEPOSITS l 0 NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U. S. GOVERNMENT SECURITIES 25 20 DISCOUNTS AND ADVANCES FEDERAL RESERVE FLOAT I I 1952 1953 1954 1955 1956 1957 1958 Latest averages shown are for week ending July 30. See p. 935. 934 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B o r o o i v g u u t h t . g - t h se t cu r u c H r e n h i p t e a d i u l e s e d r s e r - c v D o a a a n n u d is c d n - e ts s Float Total s G t o o l c d k T r s o c e t u i r a n u n u e r n g r c y t a - - d y s - - r c C t e c u i i n i o u n l r c a n r - - y - T h c i u o n r a e r l g s y d a h s s - - Tr u w e r i a y t s h - r F es F . e e o i R r g r v . n - e s B , a O n t k h s er c O F o a . t u c h R n - e t . r s Total r q e u s R e ir e r e v - d e 2 s Exagreement Averages of daily figures 1957 June 5 23,110 22,950 160 902 95424,987 22,620 5,104 30,837 792 485 357 323 1,07: 18,846 18,378 468 12 22,972 22,926 46 1,059 93624,988 22,621 5,106 30,903 791 463 379 276 ',069 18,834 18,330 504 19 22,930 22,880 50 1,089 1,38425,424 22,621 5,106 30,904 782 518 389 335 ,076 19,148 18,546 602 26 22,951 22,888 63 1,003 1,32025,294 22,622 5,106 30,849 776 477 407 254 ,087 19,171 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 ,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 ,077 19,308 18,732 576 17. 23,319 23,252 67 1,062 1,23625,641 22,625 5,108 31,184 770 455 413 279 ,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 ,070 19,189 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 23,116 23,078 38 1,060 92825,124 22,627 5,113 30,983 767 498 355 277 ,11618,868 18,331 537 23,047 23,047 1,161 87425,102 22,627 5,114 31,069 764 475 363 273 ,11318,786 18,195 591 21 23,034 23,034 931 1,22725,211 22,625 5,116 31,055 762 513 343 270 ,203 18,806 18,254 552 28 23,220 23,215 915 97725,133 22,626 5,118 30,998 764 475 339 268 ,20318,831 18,397 434 Sep, 4. 23,511 23,463 832 85825,228 22,626 5,118 31,149 759 485 340 281 ,197 18,760 18,346 414 23,399 23,367 1,031 95325,408 22,626 5,119 31,256 759 431 357 279 ,19418,876 18,301 575 18. 23,303 23,286 950 1,44225,719 22,627 5,121 31,184 755 510 429 287 ,19619,108 18,484 624 25. 23,178 23,173 1,106 1,31825,622 22,628 5,123 31,052 769 759 386 255 ,18918,963 18,416 547 Oct. 2. 23,346 23,294 52 942 1,00025,304 22,634 5,125 31,039 776 493 356 253 ,11219,034 18,685 349 9. 23,545 23,312 233 1,009 99125,563 22,646 5,127 31,129 774 498 373 260 ,112 19,189 18,625 564 16. 23,371 23,281 90 992 1,07125,451 22,658 5,128 31,191 776 506 333 252 ,11019,068 18,574 494 23. 23,267 23,222 45 605 1,51725,407 22,665 5,131 31,129 781 464 317 265 ,10919,137 18,574 563 30. 23,195 23,179 16 710 1,05124,972 22,671 5,132 31,008 786 518 318 251 ,05718,837 18,474 363 Nov. 6. 23,441 23,256 185 824 94325,225 22,707 5,135 31,115 792 461 367 313 1,056 18,963 18,509 454 13. 23,498 23,332 166 911 99725,424 22,731 5,136 31,287 795 505 329 407 1,057 18,911 18,354 557 20. 23,288 23,282 6 752 1,43025,489 22,757 5,137 31,336 801 503 315 386 1,054 18,987 18,459 528 27. 23,318 23,167 151 777 1,20925,325 22,762 5,139 31,431 794 469 301 294 1,030 18,907 18,461 446 Dec. 4. 23,732 23,480 252 626 1,005 25,387 22,763 5,141 31,668 770 305 291 191 1,041 19,023 18,580 443 11. 23,886 23,574 312 676 1,020 25,617 22,766 5,142 31,827 769 318 318 186 1,080 19,027 18,600 427 18. 23,907 23,600 307 751 1,525 26,218 22,770 5,143 31,973 768 339 334 183 1,050 19,483 18,873 610 25. 23,950 23,617 333 786 1,894 26,687 22,770 5,145 32,089 764 483 359 179 1,061 19,666 19,014 652 1958 Jan. 1.... 24,344 23,735 609 661 1,55026,623 22,774 5,147 31,962 773 458 397 201 1,04519,707 19,042 665 8.... 24,011 23,645 366 707 1,32826,100 22,781 5,146 31,553 768 529 337 186 99619,658 18,982 676 15.... 23,720 23,581 139 580 1,03925,390 22,781 5,147 31,207 771 503 306 190 99419,348 18,769 579 22.... 23,315 23,266 49 359 1,23024,949 22,782 5,149 30,878 781 511 275 227 99219,216 18,624 592 29.... 23,372 23,335 37 295 91924,632 22,783 5,151 30,625 789 521 275 275 99219,089 18,509 580 Feb. 5. 23,364 23,321 43 189 80324,397 22,783 5,157 30,581 777 378 265 294 ,04618,997 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 ,19318,909 18,426 483 Mar. 5. 23,256 23,251 118 89224,309 22,686 5,169 30,563 701 486 270 320 ,15118,674 18,084 590 12. 23,466 23,432 131 81624,456 22,615 5,174 30,641 712 479 273 293 ,14818,699 18,096 603 19. 23,500 23,480 126 97324,638 22,541 5,178 30,592 804 257 257 368 ,15018,930 18,332 598 26. 23,552 23,518 167 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 23,611 199 82924,701 22,199 5,192 30,733 731 457 319 381 ,10418,369 17,754 615 23 23,712 23,704 112 99024,854 22,081 5,193 30,617 721 417 242 376 ,10218,654 18,055 599 30 23,626 23,612 125 77724,566 22,024 5,194 30,520 732 601 235 397 ,05118,249 17,654 595 May 7 23,799 23,799 118 80824,763 21,967 5,197 30,659 738 533 287 386 ,04918,276 17,647 629 14 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 ,04318,248 17,545 703 28 24,053 24,053 119 78024,994 21,661 5,201 30,813 722 437 276 391 ,02318,194 17,513 681 June 4. 24,194 24,194 135 86925,240 21,594 5,201 30,989 709 411 238 484 ,05718,147 17,574 573 11. 24,397 24,391 6 184 81525,440 21,594 5,203 31,052 709 424 267 370 ,13918,274 17,687 587 18. 24,682 24,581 101 175 1,036 25,939 21,540 5,204 31,070 698 459 331 359 ,14618,619 17,984 635 25. 25,002 24,891 111 99 1,024 26,170 21,374 5,204 30,975 698 440 280 229 ,14418,983 18,314 669 July 2 25.422 25,419 97 81526,380 21,349 5,203 31,163 687 446 268 405 ,10518,859 18,204 655 9 25,456 25,456 143 94726,589 21,306 5,202 31,385 677 489 265 377 ,09718,809 18.051 758 16 25,262 25,262 115 97926,398 21,300 5,202 31,375 686 497 358 371 ,09518,518 17,948 ^570 23 25,157 25,157 85 1,045 26,328 21,280 5,203 31,217 692 465 293 340 ,09118,712 17,922 P790 30 25,035 25,035 108 82326,005 21,252 5,206 31,086 697 543 300 333 041 18,462 17,822 p Preliminary. For other notes see following page. 935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

936 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- Cur- reserves, reserves U. S. Govt. securities ury rency Treas- with F. R. Banks P d e o a ri r t o e d Total B r o o ig u u h t g - t ht r a u c H e g n h p e r a d u e l s e d e r e r - - c v D o a a a n u n i d s c d n - - e ts s Float Total i s G to o c ld k r s c o e t i a u n n u n r c g t - - d y - c t c u i i i o n l r a n - - h c i u o n a r l g s y d h s - Tr u e r a y s- F e o i r g - n Other c O F o . a t u h c n R - e t r . s Total qu R ir e e - d2 c E es x s - 2 ment Averages of daily figures 1957 July 23,351 23,198 153 917 1,17525,466 22,625 5,108 31,116 769 480 377 279 1,04819,129 18,595 534 Aug 23,146 23,129 17 1,010 98925,166 22,626 5,115 31,035 764 490 349 273 ,16318,834 18,300 534 Sept 23,325 23,302 23 994 1,147 2"5,489 22,627 5,121 31,143 763 547 378 271 180 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 ,09719,040 18,573 467 Nov 23,417 23,276 141 810 1,12625,373 22,743 5,137 31,335 793 464 322 337 ,04418,958 18,447 511 Dec 23,982 23,615 367 716 1,44326,186 22,769 5,144 31,932 768 385 345 186 ,06319,420 18,843 577 1958 Jan 23,608 23,458 150 454 1,11825,229 22,782 5,148 31,059 777 512 297 224 993 19,296 18,723 573 Feb 23,378 23,313 65 242 907 24,568 22,759 5,161 30,608 717 421 294 299 ,150 19,000 18,434 566 Mar 23,486 23,465 21 139 893 24,559 22,548 5,177 30,589 750 457 265 350 ,142 18,730 18,097 633 Apr 23,649 23,638 11 130 864 24,682 22,166 5,191 30,654 728 494 267 410 ,092.18,394 17,772 622 May 23,939 23,939 119 24,939 21,801 5,200 30,798 731 466 286 401 ,036 18,223 17,557 666 June 24,749 24,698 "51 142 916 25,851 21,490 5,203 31,039 701 442 281 350 ,132 18,600 17,974 626 July 25,218 25,218 109 942 26,310 21,285 5,203 31,264 687 498 302 358 1,081 18,609 Midyear or year-end 1929—June.... 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941—Dec 2,254 2,254 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 2>55,091 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 1,336688 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1,172 1954—Dec 24,932 24,888 44 143 80825,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,618 258 1955—Dec 24,785 24,391 394 108 1,585 2266,507 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 1,66526,699 21,949 5,066 31,790 775 441 322 426 90119,059 19,089 -30 End of month 1957 July 23,355 23,079 276 420 896 24,691 22,627 30,933 759 504 364 296 94218,630 18,520 110 Aug 23,539 23,475 64 986 25,418 22,626 31,133 752 477 342 285 1,19818,975 18,305 670 Sept 23,312 23,312 396 898 24,622 22,635 31,073 773 429 337 261 1,11118,399 18,694 -295 Oct 23,338 23,218 120 789 1,06: 25,206 22,691 31,090 784 552 378 256 1,05618,917 18,541 376 Nov 23,733 23,448 285 819 94: 25,515 22,763 31,661 761 243 283 196 1,000 1199,274 18,578 696 Dec 24,238 23,719 519 55 1,424 25,784 22,781 5,146 31,834 761 481 356 246 99819,034 19,091 -57 1958 Jan 23,331 23,331 217 763 24,35: 22,784 5,158 30,576 771 469 249 279 99018,958 18,543 415 Feb 23,240 23,240 122 924 24,330 22,686 5,169 30,554 695 516 265 336 1,15118,667 18,186 481 Mar 23,628 23,628 137 765 24,570 22,394 5,183 30,666 72: 474 266 378 1,10818,532 17,857 675 Apr 23,681 23,681 156 797 24,67^ 21,996 5,196 30,565 734 594 257 411 1,050 1188,254 17,686 568 May 24,162 24,162 144 965 25,313 21,594 5,201 30,994 703 382 234 624 99418,176 17,543 633 June 25,438 25,438 41 758 26,283 21,356 r5,203 31,17: '692 410 269 420 1,096 1188,784 18,158 626 24,480 24,480 94 868 25,47'^21,210'5,207 ^31,16: 617 288 329 1,03917,764 17,792 July Wednesday 1958 May 7. 2 23 3 , , 8 9 5 3 : 2 2 3 3 , , 8 9 5 3 : ' 1 1 2 1 5 6 7 69 4 1 9 2 2 4 4, , 8 7 4 0 1 6 2 2 1 1 , , 9 8 4 7 ' 3 5 5 , , 1 2 9 0 8 0 3 3 0 0 , , 7 8 1 0 9 7 7 7 4 4 : ' 4 3 2 5 7 9 2 3 8 0 8 8 4 37 0 3 0 1 1 , , 0 0 4 4 8 5 1 1 8 8 , , 3 1 2 8 2 0 1 1 7 7 , , 6 5 3 2 5 6 6 6 8 5 7 4 21. 23,94! 23,94! 86 77524,844 21,743 5,200 30,755 724 435 311 386 1,04418,133 17,527 606 28. 24,06: 24,06! 172 64- 24,92f 21,643 5,201 30,962 715 382 277 400 99518,036 17,543 493 June 4 24,26' 24,267 142 83625,286 21,594 5,201 30,988 716 416 272 365 1,140 18,184 17,654 530 11 24,51' 24,509 8 173 83325,565 21,594 5,204 31,048 708 356 259 37' 1,138 18,478 17,796 682 18 24,786 24,664 122 154 98.25,967 21,456 5,204 30,996 703 334 289 18: 1,158 18,964 18,279 685 25 25,000 24,956 44 128 79625,967 21,356 5,204 30,973 700 524 268 385 1,110 18,568 18,264 304 July 2 25,458 25,458 80 88826,470 21,306 5,202 31,358 675 468 256 38 1,097 18,737 18,23: 505 9 25,440 25,440 129 844 2266,455 21,307 5,202 31,378 690 643 264 380 1,096 18,513 18,031 482 16 25,315 25,315 li: 1,05226,521 21,283 5,202 31,280 693 418 358 353 1,093 18,811^17,976 P835 23 25,223 25,223 7- 858 2266,193 21,259 5,205 31,108 698 512 295 319 1,089 18,634^17,884 30 24,916 24,916 126 73'25,81' 21,209 5,207 31,099 699 561 287 333 1,040 18,211217,807 v 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 937 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 l m r k l s - Ne c w ity ban C ks hi- b s c R a e i n r e t v y k - e s C ba o tr n u y k n s - York cago York cago Total reserves held: Excess reserves:2 1957—June 18,982 4,335 1,121 7,774 5,751 1957—June 496 15 -2 45 438 Inly 19,129 4,294 1,131 7,906 5,799 July 534 6 7 66 455 Aug 18,834 4,170 1,123 7,790 5,750 Aug 534 19 2 69 444 Sept 18,956 4,211 1,122 7,800 5,823 Sept 522 9 5 51 457 Oct 19,040 4,231 1,116 7,836 5,857 Oct 467 39 428 Nov 18,958 4,162 1,101 7,849 5,847 Nov 512 16 1 63 432 Dec 19,420 4,336 1,136 8,042 5,906 Dec 577 34 8 86 449 1958—Jan 19,296 4,251 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 1,098 7,701 5,659 Mar 633 44 11 98 479 Apr 18,394 4,122 1,052 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 June 18,600 4,214 1,113 7,721 5,552 June 626 28 14 102 481 Week ending: Week ending: 1958—June 18 18,619 4,222 1,111 7,696 5,590 1958—June 18 634 26 12 73 523 25 18,983 4,385 1,136 7,838 5,623 25 668 34 10 104 520 July 2 18,859 4,377 1,142 7,824 5,515 July 2 654 71 22 126 435 9 18,809 4,191 1,100 7,777 5,741 9 758 27 4 101 626 16 18,518 1,093 7,776 5,539 16 #569 27 7 86 23 18,712 4J17 1,083 7,801 5,711 23 ^792 48 11 133 30 18,462 4,085 1,083 7,813 5,481 30 *640 54 12 182 P392 Required reserves:2 Borrowings at Federal Reserve Banks: 1957—June 18,485 4,320 1,123 7,729 5,314 July 18,595 4,288 ,124 7,840 5,344 1957—June 1,005 200 46 531 228 Aug 18,300 4,152 ,121 7,722 5,306 July 917 186 34 519 177 Sept 18,434 4,203 ,117 7,749 5,366 Aug 1,005 308 28 468 201 Oct 18,573 4,231 ,116 7,797 5,429 Sept 988 263 120 485 121 Nov 18,447 4,147 ,100 7,786 5,414 Oct 811 141 115 428 127 Dec 18,843 4,303 ,127 7,956 5,457 Nov 804 96 123 405 181 Dec 710 139 85 314 172 1958—Jan 18,723 4,216 ,121 7,928 5,458 Feb 18,434 4,182 ,109 7,773 5,369 1958—Jan 451 80 29 222 119 Mar 18,097 4,228 ,087 7,603 5,179 Feb 242 46 11 96 89 Apr , 17,772 4,107 ,049 7,572 5,043 Mar 138 2 29 36 71 May 17,557 3,977 ,046 7,482 5,051 Apr 130 18 9 35 67 June 17,974 4,186 ,099 7,619 5,070 May 119 2 1 42 74 June 142 21 2 45 74 Week ending: 1958—June 18 17,984 4,196 ,098 7,623 5,067 Week ending: 25 18,314 4,350 ,127 7,734 5,103 1958—June 18 175 31 5 71 68 25 99 1 26 72 July 2 18,204 4,306 ,120 7,698 5,080 9 18,051 4,164 ,096 7,676 5,115 July 2 97 1 31 65 16 17,948 4,083 ,086 7,690 ^5,089 9 143 58 2 48 35 23 ^17,922 4,069 ,072 7,668 ^5,113 16 115 9 64 42 30 »17,822 4,031 1,071 7,631 ^5,089 23 85 50 35 30 108 2 40 66 June 1957 Free reserves:2 4 Deposits: 1957_j J u u n ly e - - 5 3 0 8 8 3 - -1 1 8 8 1 5 - -2 4 8 8 - - 4 4 8 5 6 2 2 27 1 8 0 N G e r T o t o s d I O s t n e a t d t m l h e e e r a m r b n a a d n n k d d e d p e o p si o t s s i 3 t s . : .. 1 1 9 1 1 0 9 2 5 3 , , , , 1 4 5 0 3 7 6 9 9 0 1 0 2 2 1 4 0 3 9 , , , , 1 6 5 4 3 9 5 5 2 1 3 8 4 6 5 1 , , , ,1 9 0 2 4 1 5 8 9 0 9 0 4 3 3 5 4 7 9 , , , , 9 9 9 0 1 4 3 3 2 8 4 6 4 3 3 0 9 5 1 , , , , 2 9 6 2 7 7 6 8 1 7 3 6 D A S O N e e u c o p c t v g t - - - - - 1 4 2 4 3 3 7 6 9 4 3 1 7 3 4 - - - - 1 1 2 2 -8 4 0 8 5 0 1 5 9 4 - - - 1 1 1 - - 7 2 1 1 2 7 6 5 5 3 - - - - - 2 3 4 4 3 2 8 3 0 4 8 9 3 0 2 2 2 2 3 3 5 0 7 4 3 1 1 7 4 5 T D i e m m e a d n e d p os b i a ts lances due 44,757 3,786 1,331 18,013 21,627 1958—Jan 122 -46 -25 -144 337 from domestic banks. . 6,187 55 107 1,968 4,057 F M e a b r 4 3 9 2 5 4 -2 4 5 2 - - 1 6 8 62 1 4 3 0 5 8 3 Apr 493 -3 n 44 459 May 547 51 7 89 399 June 1958 June 484 7 12 57 408 Week ending: Gross demand deposits: 1958—June 18 459 -5 7 2 455 Total 119,866 25,207 6,475 47,008 41,176 25 569 33 10 78 448 Interbank 13,505 4,278 1,291 6,609 1,327 Other 106,361 20,929 5,184 40,399 39,849 July 2 557 71 21 95 370 Net demand deposits 3. .. 102,411 21,792 5,711 39,803 35,105 9 615 -31 2 53 591 Time deposits 51,891 5,261 1,429 21,029 24,173 16 #454 18 7 22 P407 Demand balances due 23 2*707 48 11 83 ^564 from domestic banks. . 6,991 177 123 2,198 4,494 30 *532 52 12 142 9 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

938 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- Advances secured by Government tions other than member obligations and discounts of and Other secured advances banks secured by direct Federal Reserve Bank advance ( s S s e e e c s u . r 1 e 3 d a b n y d e 1 li 3 g a ib )i le paper [Sec. 10(b)] obl ( ig la a s t t i o p n a s r . o S f e t c h . e 1 U 3) . S. Rate on In effect Previous Rate on In effect Previous Rate on In effect Previous July 31 beginning— rate July 31 beginning- rate July 31 beginning— rate Boston Apr.22, 1958 Apr. 22, 1958 Mar. 11,1958 New York. . . Apr.18, 1958 Apr. 18, 1958 Mar. 7,1958 Philadelphia.. '8 Apr.18, 1958 Apr. 18, 1958 Apr. 18,1958 Cleveland Apr.25, 1958 Apr. 25, 1958 Apr. 25,1958 Richmond. . . Apr.25, 1958 Apr. 25, 1958 Apr. 25,1958 4 Atlanta Apr.22, 1958 Apr. 22, 1958 Apr. 22,1958 Chicago Apr.18, 1958 Apr. 18, 1958 Jan. 24,1958 St. Louis Apr.18, 1958 Apr. 18, 1958 Apr. 18,1958 3% 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 3% 1 Rates shown also apply to advances secured by obligations of Federal months and 9 months, respectively, and advances secured by obligations intermediate credit banks maturing within 6 months. of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. ances and of agricultural paper may have maturities not exceeding 6 FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATES i MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits* Time deposits 1930— J D M M F u e e n a a b c y e r . . . 2 2 1 4 0 7 2 4 1 1 1 1 9 9 9 9 4 5 5 5 0 8 4 3 — — — — A A J J F a a e u u n n b g g . . . . . 2 1 1 1 5 1 3 2 6 Ef o fe f c c ti h v a e n g d e ate C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - C r r e e e a c s s n i n e e t t r r d y r v v a e e l C ba o tr n u y k n s - 1931—May 8 Apr. 16 banks Oct. 9 1955—Apr. 15 Oct. 16 Aug. 5 1932—Feb. 26 Sept. 9 1917—June 21 13 10 7 1933— J M un a e r. 24 3 1956— N A o p v r. . 1 1 8 3 1936—Aug. 16 19% 15 10% f t Apr. 7 Aug. 24 1937—Mar. 1 22% n» May 26 1957_Aug. 23 May 1 26 2* Oct. 20 Nov. 15 1938—Apr. 16 22% 12 1934—Feb. 2 1958—Jan. 24 1937—Aug. 27 Mar. 7 1941_Nov. 1 26 17% 14 6 6 1942—Oct. 30 Apr. 18 1942—Aug. 20 24 1946—Apr. 25 In effect Aug. 1, 1958 Sept. 14 22 20 Oct. 3 20 i Under Sees. 13 and 13a, as described in table above. 1948—Feb. 27 22 * Preferential rate for advances secured by Govt. securities maturing June 11 24 or callable in 1 year or less in effect during the period Oct. 30, 1942- Sept, 16,24*.... 26 22 16 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and 1949—May 1,5* 24 21 15 advances secured by eligible paper. June 30, July 1*. 20 14 6 6 19 N 57 O T th E is .— ra R t e e p u w r a ch s a t s h e e r s a a t m e e o n a s U t . h S e . d G is o c v o t u . n s t e c r u a r t i e t ie e s x . c ep In t in 1 9 t 5 h 5 e , 1 fo 9 l 5 l 6 o , w a in n g d A A u u g g . . 1 1 6 , , 1 1 1 * 8*.... 11* 1 1 2 3 5 5 periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. Aug. 25 8* 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; and 1956—Aug. 24-29, 2.75; Sept. 1 1957_Aug. 22, 3.50. 1951—Jan. 11,16*.... 23 19 13 6 6 MARGIN REQUIREMENTS i Jan. 25, Feb. 1*. 24 20 14 1953—July 1,9* 22 19 13 [Per cent of market value] 1954—June 16,24*.... 21 5 5 July 29, Aug. 1*. 20 18 12 Apr. 23, Jan. 16, Effec- 1958—Feb. 27, Mar. 1* 19% \VA ii* Prescribed in accordance with 1955- 1958- tive Mar. 20, Apr. 1* 19 Securities Exchange Act of 1934 Jan. 15, Aug. 4, Aug. 5, Apr. 17 8* 1958 1958 1958 Apr. 24 16% In effect Aug. 1, 1958.. 18 16% 11 5 5 Regulation T: For extensions of credit by brokers and Present legal require- 70 50 70 ments : For short sales 70 50 70 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 For loans by banks on stocks 70 50 70 i Demand deposits subject to reserve requirements which, beginning i Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and Series E bond accounts during the period Apr. 13, ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. * First-of-month or midmonth dates are changes at country banks, and 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 939 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1958 1958 1957 July 30 July 23 July 16 July 9 July 2 July June July Assets Gold certificate account 19,758,89219,808,89219,835,89119,885,39319,889,39319,758,89419,924,392 21,105,392 Redemption fund for F. R. notes.. 862,162 864,157 864,466 841,772 842,389 862,160 842,389 840,758 Total gold certificate reserves. 20,621,054 20,673,049 20,700,357 20,727,165 20,731,782 20,621,054 20,766,781 21,946,150 F. R. notes of other Banks 375,887 380,901 328,227 277,176 262,425 363,072 286,629 384,176 Other cash 375,587 361,549 343,769 325,764 330,602 379,007 348,163 386,694 Discounts and advances: For member banks 126,420 73,749 113,364 128,724 80,139 94,200 41,386 420,262 For nonmember banks, etc Industrial loans 342 342 342 343 343 342 343 608 Acceptances—Bought outright 34,193 38,245 40,246 42,248 43,248 34,029 44,796 19,431 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 2,005; 560 2,363,110 2,579,710 2,704,810 2,722,810 1,569,260 2,702,810 343,563 Certificates—Special Other 19^946^ 19,946,10519,946,10519,946,10519,946,10519,946,10519,946,105 ,362,199 Notes 1100000 10,000 ,571,413 Bonds 2,954^ 2,903 2,789,257 2,954,607 2,789,257 ,801,750 Total bought outright 24,916,272 25,222,797 25,315,072 25,440,172 25,458,172 24,479,972 25,438,172 23,078,925 Held under repurchase agreement. 275,800 Total U. S. Government securities. 24,916,272 25,222,797 25,315,072 25,440,172 25,458,172 24,479,972 25,438,172 23,354,725 Total loans and securities 25,077,227 25,335,13325,469,024 25,611,487 25,581,902 24,608,543 25,524,697 23,795,026 Due from foreign banks. 15 15 15 15 15 15 22 Uncollected cash items.. 4,628. 4,769,475 5,818,143 4,730,095 4,956,312 4,626,824 4,236,883 ,872,763 Bank premises 89! 89 89,,496 89,237 88,894 89,723 88,176 80,425 Other assets 270! 254 238,,281 222,992 208,272 271,744 206,801 288,187 Total assets. 51,438,376 51,864,436 52,987,312 51,983,93152,160,204 50,959,982 51,458,14551,753,443 Liabilities Federal Reserve notes 26,754,240 26,757,79126,860,722 26,888,77026,850,074 26,802,38726,705,31826,671,496 Deposits: Member bank reserves 18,211,059 18,634,42718,810, 18,513,492 18,736,74017,764,09318,783,948 ,630,266 U. S. Treasurer—general account. 561,237 512,234 418; 642,978 468,022 617,002 410,430 504,451 Foreign 287,290 295,123 357; 264,220 255,916 288,120 268,565 364,113 Other 332,826 319,181 352; 066 387,098 329,289 420,309 296,158 Total deposits. 19,392,412 19,760,96519,939,585 19,800,756 19,847,776 18,998,504 19,883,252 19,794,988 Deferred availability cash items 3,891,669 3,911,932 4,766 3,886,295 4,067,858 3,758,868 3,478,997 ,976,349 Other liabilities and accrued dividends 1 15,886 15,091 14 13,963 13,145 14,300 13,242 13,925 Total liabilities. 50,054,207 50,445,779 51,580,977 50,589,784 50,778,853 49,574,059 50,080,809 50,456,758 Capital Accounts Capital paid in 354,759 354,653 354,494 354,279 353,795 354,771 353,225 337,634 Surplus (Section 7) 809,198 809,198 809,198 809,198 809,198 809,198 809,198 747,593 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 192,669 227,263 215,100 203,127 190,815 194,411 187,370 183,915 Total liabilities and capital accounts. 51,438,376 51,864,436 52,987,312 51,983,931 52,160,204 50,959,982 51,458,145 51,753,443 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 44.7 44.4 44.2 44.4 44.4 45.0 44.6 47.2 Contingent liability on acceptances purchased for foreign correspondents 108,405 109,413 110,394 111,535 114,788 107,978 112,803 70,148 Industrial loan commitments 986 986 991 991 991 986 991 1,795 Maturity Distribution of Loans and U. S. Government Securities2 Discounts and advances—total 126420 73,749 113,364 128,724 80,139 94,200 41,386 420,262 Within 15 days 123949 70,503 109,088 125,328 77,348 91,904 38,340 409,852 16 days to 90 days 2;471 3,246 4,276 3,396 2,791 2,296 2,946 10,410 91 days to 1 year 100 Industrial loans—total 342 342 342 343 343 342 343 608 Within 15 days 161 161 161 162 162 170 162 69 16 days to 90 days 29 29 20 20 20 20 20 64 91 days to 1 year 68 68 77 72 72 68 72 294 Over 1 year to 5 years 84 84 84 89 89 84 89 181 Acceptances—total 34 193 38,245 40,246 42,248 43,248 34,029 44,796 19,431 Within 15 days 13 298 11,585 14,902 15,587 14,343 12,612 16,991 7,848 16 days to 90 days 20;895 26,660 25,344 26,661 28,905 21,417 27,805 11,583 U. S. Government securities—total. 24,916272 25,222,797 25315,072 25,440,172 25,458,172 24,479,972 25,438,17223,354,725 Within 15 days 6,960397 ,107,847 547,350 531,450 553,300 6,612,597 380,500 8,188,965 16 days to 90 days 2,097546 ,275,646 8,974,693 115,693 111,843 2,009,046 264,643 6,869,510 91 days to 1 year 13,364 13,364,55813,364,55813,364,55813 364,558 13,364,558 364,558 5,506,993 Over 1 year to 5 years 1,023 023,614 013,614 013,614 013,614 1,023,614 013,614 680,635 Over 5 years to 10 years 83: 70,910 56,610 56,610 56,610 83,910 56,610 750,375 Over 10 years 1,386; 380,222 358,247 358,247 358,247 1,386 247 358,247 1,358,247 1 No accrued dividends at end of June. 2 Holdings under repurchase agreements are classified as maturing with in 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1958 [In thousands of dollars] Item Boston Y N o e r w k d P e h lp il h a i - a C l l a e n ve d - m Ri o c n h d - Atlanta Chicago Lo S u t i . s M a i p n ol n i e s - Ka C n it s y as Dallas F S r a a n n- Assets Gold certificate account , 932,487 5,299,969 ,092,3581,612,6881,150,606 847,280 3,591,762 771,317 439,201 845,379 781,628 2,394,219 Redemption fund for F. R. notes , 52,816 177,811 57,526 78,265 75,772 48,820 161,371 41,730 21,381 42,324 27,477 76,867 Total gold certificate reserves, 985,303 5,477,7801,149,8841,690,9531,226,378 896,100 3,753,133 813,047 460,582 887,703 809,1052,471,086 F. R. notes of other Banks.., 33,766 69,960 41,112 23,070 27,820 55,789 24,825 10,440 21,900 8,523 16,582 29,285 Other cash 28,065 73,997 21,214 40,311 20,876 32,627 59,875 20,642 8,892 11,728 15,937 44,843 Discounts and advances: Secured by U. S. Govt. securities 3,550 17,745 3,425 13,625 5,958 10,080 10,090 3,400 10,738 6,186 2,400 6,933 Other , 70 Industrial loans 327 15 Acceptances: Bought outright 34,029 Held under repurchase agreement , U. S. Govt. securities: Bought outright 1,332,885 6,173,0661,407,207 2,167,0901,593,4501,245,614 4,276,161 998,636 514,9851,044,879 958,9052,767,094 Held under repurchase agreement Total loans and securities. .. ,336,762 6,224,8401,410,632 2,180,7151,599,4081,255,694 4,286,2511,002,036 525,8081,051,065 961,3052,774,027 Due from foreign banks 1 14 1 1 1 2 1 () 1 1 Uncollected cash items 306,827 874,565 297,257 434,011 341,840 346,119 733,512 184,386 126,490 309,422 242,442 429,953 Bank premises 4,768 10,826 4,357 9,923 6,746 8,463 8,278 6,939 5,249 4,882 7,534 11,758 Other assets 14,598 66,842 15,328 24,277 17,477 13,983 49,557 10,902 5,743 12,048 10,677 30,312 Total assets. 2,710,09012,798,8142,939,785 4,403,2613,240,546 2,608,776 8,915,433 2,048,393 154,664 2,285,372 2,063,5835,791,265 Liabilities F. R. notes ,594,063 6,352,375 1,677,088 2,474,946 2,056,3871,297,6015,178,0181,183,222 542,8231,066,215 729,576 2,650,073 Deposits: Member bank reserves 697,424 4,892,938 863,8191,411,919 761,606 912,625 2,847,488 620,240 430,311 853,693 998,260 2,473,770 U. S. Treasurer—general account 45,929 160,763 32,899 39,129 40,645 25,443 58,719 35,112 33,165 42,057 29,689 73,452 Foreign 15,618 391,388 18,906 24,386 13,974 12,330 39,182 10,138 6,576 10,686 14,248 30,688 Other 536 268,647 9,728 1,328 3,038 3,124 582 1,622 246 1,857 1,902 36,679 Total deposits 759,507 5,413,736 925,3521,476,762 819,263 953,522 2,945,971 667,112 470,298 908,2931,044,099 2,614,589 Deferred availability cash items 275,350 649,777 241,607 326,146 290,550 291,632 587,138 144,028 106,225 255,033 218,584 372,798 Other liabilities and accrued dividends 997 2,808 695 2,017 638 651 2,567 475 586 564 451 1,851 Total liabilities 2,629,91712,418,696 2,844,742 4,279,8713,166,838 2,543,406 8,713,6941,994,8371,119,932 2,230,1051,992,710 5,639,311 Capital Accounts Capital paid in 17,906 103,633 21,619 33,402 16,056 17,824 48,822 12,020 8,195 14,395 20,095 40,804 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 1,1371 1,307 2,140 Other capital accounts. 12,243 45,203 13,012 17,432 13,067 10,592 29,984 9,429 5,767 9,202 8,600 19,880 Total liabilities and capital accounts 2,710,09012,798,814 2,939,785 4,403,2613,240,546 2,608,776 8,915,433 2,048,3931,154,664 2,285,3722,063,5835,791,265 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) 41.9 46.6 44.2 42.8 42.6 39.8 46.2 43.9 45.5 45.0 45.6 46.9 Contingent liability on acceptances purchased for foreign correspondents 6,167 430,291 7,466 9,630 5,518 4,869 15,473 4,003 2,597 4,220 5,626 12,118 Industrial loan commitments. 46 940 1 After deducting $11,000 participations of other Federal Reserve Banks. 4 After deducting $77,687,000 participations of other Federal Reserve 2 Less than $500. Banks. 3 After deducting $196,732,000 participations of other Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

941 FEDERAL RESERVE BANKS FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1958 1958 1957 July 30 July 23 July 16 July 9 July 2 July June July F. R. notes outstanding (issued to Bank) 27,685,853 27,713,298 27,796,589 27,667,318 27,606,523 27,681,938 27,498,452 27,686,355 Collateral held against notes outstanding Gold certificate account 11,593,000 11,593,000 11,593,00011,578,000 11,648,00011,593,00011,648,00011,878,000 Eligible paper 28,761 20,991 18,151 10,386 24,711 13,011 13,556 94,255 U. S. Government securities 17,420,000 17,420,00017,420,00017,420,000 17,420,00017,420,00017,420,00016,955,000 Total collateral 29,041,76129,033,99129,031,15129,008,386 29,092,71129,026,01129,081,556 28,927,255 EACH FEDERAL RESERVE BANK ON JULY 31, 1958 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- R m i o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco F. R. notes outstanding (issued to Bank) 1,649,437 6,565,4141,735,554 2,551,498 2 124,674 1,351,557 5268,5291,226,065559,3421,092,737 778,923 2,778,208 Collateral held: Gold certificate acct.. 700,000 3,270,000 640,000 1,000,000 775,000 425,000 2:300,000 430,000170,000 300,000 283000 1,300,000 Eligible paper. 3,425 3,400 6,186 U. S. Govt. seci l,i5O,OOO3i600i6661,200,o"o""o i; 6oo ^ 666 400i666 ibb,bbb 9000/"00 425 i 666 820,000 525 ooo i \ 7o6 \ bob Total collateral 1,850,000 6,870,000 1,843,425 2,600,000 2,175,000 1,425,000 5,400,000 1,333,400 595,0001,126,186 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n o a d r n t o o h f r N b u A e m r p a - 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 o n u o a d t u n i - n n s t g ) 2 ( C s a t m o m a o m n e u o d n m t u i - t n n s i g t t - ) o ( i s n a P p t t f a u m g a a o f n t t r i 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 A r a n iz t m s e ed ount am To o t o u a u n l t t L st o a a n n d s g P in u o t g a e rt e r i a d o n n - a u o a A b n v u n a o d t a t d m e s m r i d e e l r t i e r a a o o t a n b n i w u g o g t l d n s e u e n r i t e a r n a t s e r g o l - - 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 June 3,783 835,766 80 742 1,780 919 June 1,493 2,867 412 307 126 July 3,784 836,636 155 608 1,795 812 July 1,496 2,878 412 307 123 Aug 3,784 837,410 80 628 1,815 816 Aug 1,497 2,880 390 292 146 Sept 3,785 838,714 760 620 1,323 684 Sept 1,498 2,882 395 295 138 Oct 3,786 840,504 586 1,165 1,169 Oct 1,498 2,888 398 300 124 Nov 3,786 840,814 581 1,130 1,126 Nov 1,500 2,906 394 298 127 Dec 3,786 841,290 524 1,109 1,122 Dec 1,503 2,912 395 300 135 1958 1958 Jan 3,786 841,691 535 1,058 1,087 Jan 1,506 2,923 380 290 156 Feb 3,786 842,232 506 1,063 1,063 Feb 1,511 2,935 372 286 164 Mar 3,786 842,472 502 I 001 965 Mar 1,512 2,936 367 282 139 Apr 3,786 842,723 503 998 964 Apr 1,514 2,937 343 265 157 May 3,786 843,078 489 991 944 May 1,516 2,952 326 252 168 June 3,787 843,321 75 343 991 799 June 1,522 3,029 330 254 177 1 Includes applications approved conditionally by the Federal Reserve i 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

942 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION V1 [In effect July 31. Per cent per annum] [In effect July 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of Federal On discounts or Percentage of (percentage of any commitment Reserve purchases loan guaranteed interest payable fee charged Bank by borrower) borrower On On On loans2 commit- Portion Re- commitments for which main- ments 70 or less 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York... Philadelphia.. Cleveland.... Maximum Rates Financing Institution May Charge Borrower Richmond [Per cent per annum] Atlanta Chicago 3^-6 3^-6 St. Louis Interest rate Minneapolis.. 4-6 4-6 Kansas City.. Commitment rate. Dallas 8 San Francisco 1 Schedule of fees and rates established by the Board of Governors on loans made by private financing institutions and guaranteed by Govern- 1 Rates on industrial loans, discounts or purchases of loans, and com- m of e n 1 t 9 5 p 0 r . o c F ur e e d m er e a n l t R a e g se e r n v c e ie B s, a n p k u s r s a u c a t n a t s t f o i sc th al e a D ge e n fe ts n s o e f t P h r e o d g u u c a t r i a o n n t ee A in c g t mitments under Sec. 13b of the Federal Reserve Act. Maturities 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 Vi per cent per annum is made on undisbursed portion. 7 Charge of l/4 per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debit in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposits accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Year or month Without seasonal adjustment Seasonally adjusted3 Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centers1 centers 2 City centers1 centers2 City centersJ 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 Aus 190,539 68,409 40,194 81,936 44.7 28.5 22.1 51.7 31.1 23.5 SeDt 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 '212,920 84,355 41,992 '86,573 54.6 30.0 23.3 54.3 30.6 23.1 Feb '181,740 72,803 36,188 '72,749 55.4 30.1 '22.8 56.8 30.9 r22.9 Mar '203,882 84,409 40,363 '79,109 56.2 31.3 22.2 54.8 28.6 22.3 Apr '204,137 85,510 39,354 '79,272 56.6 30.2 22.1 57.5 29.3 22.8 '195,127 77,315 38,645 '79,167 51.2 28.2 22.0 52.5 28.6 22.4 June '219,476 95,473 41,228 '82,776 65.7 31.4 23.8 60.8 30.8 23.8 ' Revised. 2 Prior to April 1955, 338 centers. 1 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 943 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 ,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 1,404 ,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950 27,741 19,305 1,554 ,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1952 30,433 21,450 1,750 ,228 71 2,143 6,561 9,696 8,985 2,669 447 343 512 4 10 1953 30,781 21,636 1,812 ,249 72 2,119 6,565 9,819 9,146 2,732 581 333 486 4 11 1954 30,509 21,374 1,834 ,256 71 2,098 6,450 9,665 9,136 2,720 612 321 464 3 15 1955 31,158 22,021 1,927 ,312 75 2,151 6,617 9,940 9,136 2,736 641 307 438 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_june 31,082 22,123 2,042 ,302 77 2,102 6,615 9,985 8,958 2,696 5,575 283 391 3 10 July. 30,933 21,987 2,050 ,292 77 2,069 6,520 9,979 8,946 2,695 5.570 281 388 3 Aug. 31,133 22,155 2,060 ,296 78 2,085 6,581 10,055 8,977 2,701 5; 596 280 388 4 Sept. 31,073 22,088 2,069 ,312 78 2,084 6,533 10,013 8,984 2,696 5,611 279 386 4 Oct.. 31,090 22,086 2,083 ,330 77 2,089 6,533 9,975 9,003 2,695 5,632 279 385 4 Nov. 31,661 22,582 2,099 ,356 78 2,146 6,726 10,177 9,079 2,725 5.677 279 386 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 1,293 78 2,047 6,377 9,792 9,014 2,689 5,656 277 381 3 Apr. 30,565 21,565 2,075 1,305 81 2,035 6,319 9,750 9,000 2,682 5,651 275 379 3 May 30,994 21,977 2,090 1,349 81 2,081 6,465 9,910 9,018 2,690 5,662 275 378 3 June 31,172 22,138 2,101 1,368 81 2,081 6,489 10,019 9,033 2,701 5,669 275 377 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 circulationl Held by Kind of currency T J s o u ta t 1 n a n 9 e l d 5 3 i o 8 n 0 u g , t- A g a s o s g l s i d a l e v i c a n e u n r s r t d ity Tr c e a a s s h ury B F a F a . n n o R d r k . s a B F g a a . e n n R n d k t . s s Ju 1 n 9 e 5 3 8 0, M 1 a 9 y 5 3 8 1, Ju 1 n 9 e 5 3 7 0, certificates agents Gold 21 356 20 799 2558 Gold certificates 20,799 17,951 2,816 32 32 33 Federal Reserve notes 27 498 77 1,080 26,342 26,174 26,329 Treasury currency—total 5,203 12,422 57 348 4,798 4,788 4,720 Standard silver dollars 488 193 20 268 266 253 Silver bullion 2 228 2 228 7 Silver certificates and Treasury notes of 1890 12,422 221 2,20i 2,i99 2,163 Subsidiary silver coin 1 449 27" 76 1.346 1,339 1,315 Minor coin 510 6 17 487 485 474 United States notes 347 3 27 317 318 321 Federal Reserve Bank notes 122 1 120 121 133 National Bank notes 60 59 60 62 Total—June 30, 1958 23,220 692 17,951 4,243 31,172 May 31, 1958 (5) 23 446 703 18,189 4,388 30,994 June 30, 1957 24,389 758 19,129 4,394 31,082 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. 936. 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

944 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM 1 [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Total Bank credit assets, net- Treas- Total Date c u u r r y - U. S. Government obligations li i a ti b e i s l- Total Ca a p n i d tal Gold s r t o e i a n n u n g c t d - y - Total Lo n a e n t s, Total m C a e o r n m c d ia - l R Fe e d se e r r v a e l Other O s ri e t t c h ie u e s - r ca a n p n e i d t t al, c d u e r a p r n o e d n si c t y s c m o n a u i c e s n - t c t . s, savings Banks banks 1929—June 29. 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30. 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941—Dec. 31. 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945—Dec. 31. 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31. 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30. 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1954—Dec. 31. 21,713 4,985 210,988 85,730 104,819 77,728 24,932 2,159 20,439 237,686 218,882 18,806 1955—Dec. 31. 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—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—June 6. 22,620 5,106 221,454 110,938 89,114 64,548 23,016 ,550 21,402 249,180 227,576 21,605 June 26. 22,600 5,100 222,200 113,000 87,800 63,400 22,900 ,600 21,400 249,900 229,100 20,900 July 31. 22,600 5,100 222,700 112,200 89,000 64,100 23,400 ,500 21,400 250,400 229,300 21,100 Aug. 28. 22,600 5,100 223,200 112,700 88,900 64,000 23,300 ,500 21,600 250,900 229,000 21,900 Sept. 25. 22,600 5,100 223,600 113,400 88,400 63,700 23,200 ,500 21,800 251,300 229,500 21,900 Oct. 30. 22,700 5,100 225,200 113,000 89,700 65,000 23,200 ,500 22,500 253,000 231,100 21,900 Nov. 27. 22.800 5,100 224,800 113,000 89,400 64,500 23.600 ,400 22,400 252,700 231,000 21,700 Dec. 31. 22,781 5,146 229,470 115,157 91,370 65,792 24,238 ,340 22,943 257,397 236,372 21,023 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 28* 21,600 5,200 234,900 113,900 96,000 70,700 24,100 ,300 25,000 261,700 238,900 22,800 June 25* 21,400 5,200 240.400 116,400 98,400 72,100 25,000 ,200 25,600 266,900 244,300 22,700 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series ' For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - m s b a c e a a v o A r n n i m c n t d k i g - a s s l B F. A a n R t k . s Total Total m T b C e i a o m r n c m k e ia s - l de s p b M a o a v n u s i i k t n t u s g s a 3 2 s l S S P a y o v s s i t n t e a g m l s p m o D d s a e e i n - t - s d 4 b r C o 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 e s d t e n - i e - - t d d s b r C o s e a i n u u n d c t r k e - - y s 1929—June 29.. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30., 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30.. 1,217 2,409 846 634 63,254 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31., 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31.. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31., 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30., 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,800 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 30,000 647 111,391 28,335 134,400 106,700 27,700 1957—June 6. 3,247 792 3,625 473 219,439 85,715 53,605 30,647 ,463105,706 28,018 June 26. 3,400 800 4,800 500 219,700 86,400 54,000 30,900 ,500105,600 27,800 135,200 107,300 27 July 31. 3,300 800 3,700 500 221,000 86,700 54,400 30,900 ,400106,600 27,800 136,000 108,000 28,000 Aug. 28. 3,200 800 4,400 500 220,000 87,100 54,700 31,000 ,400105,100 27,800 134,700 106,800 27,900 Sept. 25. 3,300 800 3,900 600 220,900 87,700 55,100 31,200 400 105,500 27,800 133,900 106,200 27,700 Oct. 30. 3,300 800 3,500 500 223,000 88,100 55,500 31,300 400 107,200 27,800 134,200 106,500 27,700 Nov. 27. 3,200 800 3,300 400 223,300 87,600 55.000 31,300 300 107,200 28,500 134.000 105.900 28,100 Dec. 31., 3,270 761 4,179 481 227,681 89,126 56,139 31,662 ,325110,254 28,301 133,200 105,100 28,100 1958—Jan. 29* 3,300 800 2,400 500 224,800 89,800 56,600 31,900 1,300 107,600 27,300 132,200 104,700 27,500 Feb. 26* 3,700 700 3,800 400 223,900 90,900 57,600 32,100 1,300 105,600 27,400 133,100 105,500 27,600 Mar. 26* 3,900 700 5,800 600 224,500 92,500 58,800 32,400 1,300 104,600 27,400 134,000 106,400 27,600 Apr. 30* 4,000 700 5,400 600 228,400 93,600 59,900 32,500 1,200 107,200 27,600 135,000 107,200 27,800 May 28* 4,000 700 5,700 400 228,100 94,600 60,700 32,700 1,200 105,800 27,800 135,500 107,600 27,900 June 25* 4,000 700 9,700 500 229,400 95,900 61,700 33,000 1,200 105,700 27,800 135,400 107,400 28,000 * Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24^32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article; stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, * 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 945 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans o G U t b i o o l . i S v n g . s t a . - O s ri e t t c h ie u e s - r a C ss a e s t h s 2 c b T a i a l a l o p i i n c a t t i d - i a - t e a l s l Total2 b In a t n e k r - 2 Dema O nd ther Time c c T a o a o p u c t i n - t a a t l s l N ba b u o n e m f r ks counts3 U.S. Govt. Other All banks: 1939—Dec. 30.. 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31.. 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 8,414 14,826 1945—Dec. 31.. 140,227 30,362 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 10,542 14,553 1947—Dec. 3H. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30.. 148,021 60,386 72,894 14,741 41,086 191,317 175,296 14,039 2,809101,936 56,513 13,837 14,650 1956—Dec. 31.. 197,063 10,079 66,523 20,461 49,641 250,770 227,546 17,595 3,736 125,308 80,908 19,249 14,167 1957—June 6.. 197,465 11,515 64,548 21,402 40,834 242,647 216,986 14,423 3,320 114,659 84,584 19,879 14.144 June 26.. 198,600 13,810 63,360 21,430 42,250 245,050 219,790 14,380 4,490115,690 85,230 19,760 14,138 Aug. 28.. 199,250 13,590 64,040 21,620 42,080 245,850 219,700 14,370 4,130 115,150 86,050 20,140 14,133 Sept. 25. . 199,820 ! 14,260 63,720 21,840 42,040 246,370 220,150 14,800 3,580115,160 86,610 20,210 14,128 Oct. 30.. 201,450 13,970 64,990 22,490 42,590 248,660 222,030 14,710 3,180117,100 87,040 20,450 14,113 Nov. 27. . 200,910 14,060 64,460 22,390 43,600 249,150 222,380 14,550 3,040 118,190 86,600 20,540 14,102 Dec. 31. . 203,849 [15,115 65,792 22,943 49,318 257,864 233,020 17,022 3,903123,993 88,102 20,428 14,090 1958—Jan. 29*. 201,780 [13,400 65,240 23,140 41,950 248,540 222,430 14,830 2,150116,680 88,770 20,560 14,081 Feb. 26*. 202,880 113,580 65,770 23,530 42,290 250,060 223,590 15,130 3,500115,040 89,920 20,700 14,076 Mar. 26*. 205,990114,610 67,120 24,260 42,220 253,130 226,810 15,560 5,560114,210 91,480 20,830 14,078 Apr. 30*. 210,290 15,220 70,310 24,760 43,730 259,000 232,360 16,320 5,180118,190 92,670 20,910 14,071 May 28*. 210,440 14,790 70,670 24,980 42,000 257,240 230,280 15,980 5,420115,260 93,620 21,040 14,065 June 25*. 214,860 17,150 72,130 25,580 43,270 262,960 236,330 16,130 9,460115,790 94,950 21,140 14,056 All commercial banks: 1939—Dec. 30... 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31. .. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 7,173 14,278 1945—Dec. 31. .. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 8,950 14,011 1947_Dec. 3H.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30... 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 2,806 101,917 36,503 11,590 14,121 1956—Dec. 31. . . 165,123 90,302 58,55f 16,269 48,720 217,460 197,515 17,593 3,733125,282 50,908 16,302 13.640 1957—June 6... 164,515 91,028 56,64: 16,845 39,995 208,393 186,308 14,421 3,318114,633 53,937 16,837 13,619 June 26.. . 165,600 93,280 55,500 16,820 41,380 210,710 188,880 14,380 4,490115,660 54,350 16,750 13,613 Aug. 28... 165,900 92.840 56,170 16,890 41,320 211,250 188,680 14,370 4,130115,120 55,060 17,090 13,608 Sept. 25... 166,320 93;400 55,870 17,050 41,260 211,590 188,930 14,800 3,580115,130 55,420 17,140 13,603 Oct. 30... 167,900 92,970 57,310 17,620 41,790 213,840 190,740 14,710 3,180117,070 55,780 17,380 13,588 Nov. 27. . . 167,270 92,940 56,910 17,420 42,800 214,220 191,050 14,550 3,040118,160 55,300 17,440 13,578 Dec. 31... 170,068 93,899 58,239 17,930 48,428 222,696 201,326 17,021 3,898123.967 56,440 17,368 13,568 1958—Jan. 29*.. 167,650 92,02G 57,700 17,930 41,070 213,050 190,470 14,830 2,150116,650 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 June 25*.. 179,660 94,920 64,740 20,000 42,350 226,290 203,340 16,130 9,460115,760 61,990 18,010 13,536 All member banks: 1939—Dec. 30 , 33. 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; 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945—Dec. 31 107; 22,775 78,338 6,070 29,845 138,304 129,670 13,640 22,179 69,640 24,210 7,589 6,884 1947—Dec. 31 97; 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107; 44,705 52,365 10,355 35,524 144,660 133,089 13,448 2,523 87,783 29,336 9,695 6,873 1956—Dec. 31 138! 78,034 47,575 13,159 42,906 184,874 167,906 16,855 3,292106,850 40,909 13,655 6,462 1957_ J j u un n e e 2 6 6 , 1 1 3 3 7 8 ; ; 7 8 8 0 , ,5 4 2 4 9 8 4 4 5 4 , , 8 8 2 0 9 8 1 1 3 3 , , 5 5 1 3 1 1 3 3 6 5 , , 6 2 6 7 0 0 1 17 7 8 6 , , 8 5 1 0 6 7 1 16 5 0 7 , , 1 5 1 9 6 3 1 1 3 3 , , 7 73 0 6 4 4 2 , , 0 9 8 3 6 2 9 9 8 7 , , 6 6 7 1 3 2 4 43 3 , , 6 3 5 1 3 3 1 1 4 4 , , 0 0 5 0 8 4 6 6 , , 4 4 3 4 8 5 Aug. 28 139; 80,103 45,334 13,573 36,594 179,188 159,767 13,681 3,715 98,187 44,184 14,300 6,427 Sept. 25 139; 80,608 45,007 13,700 36,399 179,283 159,759 14,095 3,189 97,997 44,478 14,341 6,421 Oct. 30 140; 80,155 46,158 14,162 36,935 181,109 161,229 14,008 2,777 99,704 44,740 14,539 6,411 Nov. 27 139; 80,097 45,823 13,962 37,862 181,440 161,536 13,841 2,681100,648 44,366 14,584 6,406 Dec. 31 142; 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 79,160 46,599 14,363 36,151 180,150 160,793 14,237 1,855 99,109 45,592 14,630 6,390 J A F M M u e p n a a b r y e . r . . 2 2 2 2 3 5 6 6 0 8 * * * * * 1 1 1 1 1 4 4 5 4 4 7 7 3 1 1 ; ; ; ; ; 7 7 8 8 8 9 9 1 0 0 , , , , , 7 2 7 4 0 1 2 0 2 8 ^ 3 5 3 9 4 4 5 5 5 7 8 1 1 3 , , , , , 5 9 2 4 5 0 1 7 8 7 5 6 0 0 2 1 1 1 1 1 6 5 5 5 4 , , , , , 2 6 2 6 5 0 4 1 2 5 9 3 3 5 7 3 3 3 3 3 7 7 6 6 6 , , , , , 3 3 2 8 4 8 9 1 5 3 5 5 0 7 4 1 1 1 1 1 8 9 8 8 8 7 4 2 9 1 , , , , , 3 1 5 3 5 0 9 8 0 2 1 1 4 4 2 1 1 1 1 1 7 6 6 6 6 2 7 9 4 1 , , , , , 9 3 5 7 9 1 6 5 4 0 - ' ' 5 8 1 1 1 1 1 5 4 4 5 5 , , , , , 5 9 5 4 7 0 7 0 5 2 8 7 2 0 0 4 4 3 5 8 , , , , , 8 8 1 0 8 9 1 6 9 3 1 8 3 7 2 1 9 9 9 9 0 8 7 7 8 0 , , , , , 1 7 5 0 5 4 5 5 0 8 1 9 0 0 4 4 4 4 4 5 8 6 7 9 0 , , , , , 4 4 0 5 0 2 3 7 2 3 9 6 4 4 0 1 1 1 1 1 4 5 5 4 4 , , , , , 7 0 0 9 8 2 9 0 1 2 1 9 9 8 8 6 6 6 6 6 , , , , , 3 3 3 3 3 5 8 7 6 8 7 2 2 4 0 AH mutual savings banks: 1939—Dec. 30 10,21 4,92 3,101 2,188 818 11,852 10,52^ 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. 314 18,641 4,944 11,978 1,718 88( 19,714 17,763 17,745 1,889 533 1950—Dec. 30 21,346 8,137 10,868 2,342 79' 22,385 20,031 20,009 2,247 529 1956—Dec. 31 3l,94r 19,777 7,971 4,192 920 33,3r 30,032 30,001 2,947 527 1957—June 6 32,95i 20,487 7,906 4,557 839 34,25 30,678 30,647 3,042 525 June 26 33,OOC 20,530 7,860 4,610 870 34,340 30,910 30,880 3,010 525 Aug. 28 33,35i 20,750 7,870 4,730 760 34,600 31,020 30,990 3,050 525 Sept. 25 33,50C 20,860 7,850 4,790 780 34,780 31,22C 31,190 3,070 525 Oct. 30 33,55C 21,000 7,680 4,870 800 34,820 31,29f 31,260 3,070 525 Nov. 27 33,64C 21,120 7,550 4,970 80C 34,930 31,33! 31,300 3,100 524 Dec. 31 33,78 21,216 7,552 5,013 89C 35,168 31,695 31,662 3,059 522 1958—Jan. 29* 34,13i 21,380 7,540 5,210 880 35,490 31,960 31,930 3,090 520 Feb. 26* 34,30C 21,490 7,510 5,300 950 35,740 32,11C 32,080 3,120 520 Mar. 26* 34,58C 21,630 7,570 5,380 930 36,040 32,4U 32,380 3,120 520 Apr. 30* 34,73C 21,770 7,480 5,480 880 36,130 32,51C 32,480 3,100 520 May 28* 35,OOC 21,990 7,430 5,580 880 36,400 32,690 32,660 3,120 520 June 25* 35,20C 22,230 7,390 5,580 920 36,670 32,990 32,960 3,130 520 9 Preliminary. available. Comparability of figures for classes of banks is affected some- 1 All banks in the United States. All banks comprise all commercial what by changes in Federal Reserve membership, insurance status, and banks and all mutual savings banks. All commercial banks comprise all the reserve classifications of cities and individual banks, and by mergers, nonmember commercial banks and all member banks (including (1) one etc. bank in Alaska and one in the Virgin Islands that became members on 2 Beginning June 30, 1942, excludes reciprocal balances, which on Apr. 15, 1954, and May 31, 1957, respectively, and (2) a noninsured non- Dec. 31, 1942, aggregated $513 million at all member banks and $525 deposit trust company, but excluding three mutual savings banks that million at all insured commercial banks. became members in 1941). Stock savings banks and nondeposit trust 3 Includes other assets and liabilities not shown separately. companies are included with commercial banks. Number of banks in- For other notes see following two pages. cludes a few noninsured banks for which asset and liability data are not Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

946 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 anc investments Deposits Total assets— Cla a s n s d of d a b t a e nk Total Loans o G U b o l . i S v g t . a . - O se t c h u e - r a C ss a e s t h s2 c b T a i a l l o p i i n a t t i d i - t a e a l s l Total2 b In a t n e k r- 2 Dema O nd ther c c T a o a o p u c t i n - t a a t l s l N b b a u o n e m f r ks tions ac- Time counts3 U.S. Other <3ovt. 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 ,559 6,637 19,862 17,932 4,207 866 1?051 807 1,648 36 1945 Dec 31 26,143 7,334 17,574 ,235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947 Dec. 31 20,393 7,179 11,972 ,242 7,261 97 982 ?s,216 4,464 267 19,040 1 44S ?,259 37 1950 Dec 30 20,612 9,729 8,993 ,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 ,765 8,629 33 381 79,149 987 747 19,940 ">47S ?,873 18 1957 June 6 23,293 15,895 5,738 ,660 6,692 30,993 26,322 5,033 688 17,836 2,765 2,907 18 June 26 23,686 16,776 5,270 ,640 7,384 32 053 77,565 S 158 938 1877? ,747 ? 909 18 Aug. 28 23,252 16,191 5,298 ,763 7,701 32,144 27,070 945 737 18,698 2,690 3,059 18 Sept 25 23,258 16,216 5,254 ,788 6,984 31,403 26,182 5 108 535 17,778 2,761 3,054 18 Oct. 30 23,385 16,115 5,415 ,855 7,539 32,103 27,030 119 500 18648 2,763 3,127 18 Nov 27 23,054 15,887 5,423 ,744 7,700 31,921 26,935 5 148 443 18591 2,753 3,133 18 Dec. 31 23,828 16,102 5,880 ,846 8,984 11 975 79,371 781 737 19959 1 891 3 136 18 1958 Jan 29* 23,181 15,501 5,690 ,990 7,134 31,612 26,600 5 328 266 18081 2,925 3 152 18 Feb. 26* 23,964 15,934 5,934 ?,096 7,327 30 622 77,412 623 602 18089 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 18454 3,288 3 161 18 Apr. 30* 25,891 16,360 7 252 ? 279 7,973 15 177 30,120 6 202 1 537 1904^ 3 116 3 200 18 May 28* 25,540 15,833 7,569 2,138 7,023 33 777 28,796 6062 1,128 18219 3,387 3 210 18 June 25* 27,177 16,608 8,195 2,374 7,661 36 055 31,086 6015 2,984 18550 3,537 221 18 Chicago: 1939 Dec. 30 2,105 569 1,203 333 1,446 1,595 3,330 888 80 1867 495 250 14 1941 Dec 31 2,760 954 1,430 376 1,566 4,363 4,057 035 127 419 476 288 13 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7 459 7,046 312 1 552 3 46? 719 377 12 1947 Dec 31 . . . 5,088 1,801 2,890 397 1,739 6 866 6,402 217 72 4 201 913 426 14 1950 Dec. 30 5,569 2,083 2,911 576 2,034 7 649 7,109 229 174 4 604 101 490 13 1956—Dec. 31 6,473 3,772 2,113 588 7,171 8 695 7,943 372 184 5 069 119 660 14 1957 June 6 6,266 3,789 1,884 593 1,821 8 147 7,284 184 97 4 691 312 665 14 June 26 6,293 3,893 1,847 553 1,912 8 258 7,407 }153 305 4 630 319 663 14 Aug 28 6,289 3,915 1,823 551 1,968 8 314 7,440 185 275 4 674 306 671 14 Sept. 25 6,261 3,937 1,783 541 1,939 8 257 7,319 251 186 4 571 109 670 14 Oct 30 6,273 3,829 1,888 556 1,969 8 310 7,264 183 148 624 309 679 14 Nov. 27 6,275 3,781 1,927 567 1,938 8 285 7,320 145 151 \ 708 116 685 14 Dec 31 6,446 3,852 2,032 562 <2,083 8 595 7,792 }347 195 4 904 345 689 14 1958—Jan. 29* 6,211 3,600 2,050 561 1,862 8 137 7,291 170 86 4 695 140 688 14 Feb 26* 6,261 3,487 2,201 573 1,927 8 256 7,374 }211 203 4 612 348 693 14 Mar 26* 6,492 3,481 2,404 607 1,808 8 374 7,390 272 351 4 418 149 700 14 Apr. 30* 6,647 3,592 2,434 621 1,873 8 600 7,665 I 320 302 4 671 17? 705 14 May 28* 6,484 3,417 2,434 633 1,985 8 553 7,692 317 292 4 708 17S 709 14 June 25* 6,846 3,492 2,702 652 >,029 8 951 8,082 I 333 678 4 669 40? 708 14 Reserve city member banks: 1939 Dec 30 12,272 5,329 5,194 1,749 (5,785 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 I*.518 74 430 77,313 4 460 491 P S57 4 806 1 967 351 1945 Dec 31 .... 40,108 8,514 29,552 2,042 li;286 898 49,085 6 448 8,221 24 655 9 760 2 566 359 1947 Dec. 31 36,040 13,449 20,196 ?,396 13,066 % 659 46,467 649 405 78990 11 403 ? 844 353 1950 Dec 30 40,685 17,906 19,084 3,695 13,998 369 51,437 6 448 976 32 366 11 647 3 322 336 1956 Dec. 31 53,915 31,783 17,368 4,764 17,716 854 66,524 7 878 1,201 40 647 16 797 5 076 289 1957—June 6 53,137 31,435 16,797 4,905 14,532 68 965 61,796 6 228 1 051 36 874 17 64 "> 182 282 June 26 . 53,649 32,168 16,529 4,952 15,150 70 083 62,886 6,138 1,634 37,276 17 838 5 195 282 Aug 28 53,831 32,259 16,696 4,876 14,683 69 808 6?,521 6 248 1 453 368^0 18 000 5 242 282 Sept 25 . . 53,881 32,576 16,372 4,933 14,930 70 128 62,870 6 408 1,274 37,103 18 085 5 260 281 Oct. 30 54,109 32,261 16,755 S,093 14.899 70 389 6?,963 6 367 918 rr481 18 195 <5,298 281 Nov. 27 54,201 32,510 16,669 5,022 li5.500 71 106 63,556 6 203 I 017 18 159 18 177 <?338 280 Dec 31 55,259 32,805 17,352 5,102 17,540 74 196 67,483 7,542 1,358 39,960 18 623 5,370 278 1958 Jan 29* 54,294 32,076 17,156 5,062 14,715 70 471 63,244 6 364 610 37,591 18 679 394 278 F M e a b r 2 2 6 6 * * 5 5 5 4 , , 7 6 1 2 1 6 3 3 2 1 , , 0 81 7 5 2 1 1 7 8 , , 6 2 7 1 2 0 5 5 , , 1 4 3 2 9 9 1 1 4 4 , 9 6 3 2 4 9 7 7 1 1 0 8 1 0 2 2 6 6 3 4 , , 7 6 1 2 0 6 6 6 5 3 3 9 6 2 1 I , 9 3 6 49 0 3 36 6,9 6 2 4 4 6 1 1 9 9 0 48 4 4 5 5 5 , 4 46 2 9 8 2 2 7 7 8 8 Apr. 30* 57,243 32,012 19,627 5,604 5,356 74 086 66,642 6 794 1,886 38,0^8 1°)934 5 506 278 May 28* 57,687 32,042 19,869 5,776 1!5,030 74 174 66,492 6,759 1,884 37,465 20 384 5, 573 281 June 25* 59,120 32,666 20,488 5,966 1!5,286 75,840 68,344 6,853 : 3,283 37,462 20,746 5, 627 280 Country member banks: 1939 Dec. 30 10,224 4,768 3,159 ?,797 AL848 15 666 11,762 598 154 7, 158 «585-> 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 ?,408 10-632 46 059 43,418 223 5 465 *>401S P 494 ~>525 6 476 1947 Dec 31 36,324 10,199 22,857 3,268 H),778 47,553 44,443 073 432 78,178 14 *56O ">9,34 6 519 1950 Dec 30 40,558 14,988 21,377 4,193 11,571 52 689 48,897 133 922 31,977 14,865 3, 532 6,501 1956 Dec 31 54,571 26,491 22,037 6,042 \*1,390 69 945 64,289 618 1,160 41 194 *>0117 5 046 6 141 1957—June 6 55,112 27,330 21,409 6,373 r>224 68 404 6?,192 290 1,097 38,711 V 594 5 304 6 131 J A u u n g e 2 2 6 8 5 5 5 5 , 2 6 2 3 0 8 2 27 7 , , 7 6 3 9 8 2 2 2 1 1 , , 1 5 6 1 2 7 6 6 , , 3 3 6 8 6 3 i v :> > ,2 2 1 4 4 2 6 68 8,4 9 2 2 2 2 6 fP 2 ,7 2 3 5 6 8 2 3 5 0 5 3 1 I , 2 2 5 09 0 3 17 8,0 99 4 5 S 21,7 1 4 8 9 8 5,2 3 3 2 7 8 6 6 ,1 1 2 1 4 3 Sept 25 55,915 27,879 21,598 6,438 v>,546 69,495 63,388 328 1,194 18 S41 11 3?3 <?,357 6 106 Oct 30 56,708 27,950 22,100 6,658 Iv:',528 70,307 63,972 339 1.211 38,949 22,473 5,435 6,098 Nov 27 ... 56,352 27,919 21,804 6,629 5,724 70 128 63,725 345 I 070 39 190 v> P0 428 6 094 Dec 31 56,820 28,191 21,815 6,814 UM39 7? 062 6S,991 658 1,181 40,774 9? 4?9 t>>359 6,083 1958 Jan 29* 56,436 27,983 21,703 6,750 ir:>,440 69,930 63,658 375 893 38,742 22,648 5, 396 6,080 Feb 26* 56,279 27,989 21,473 6,817 >,269 69,632 63,412 324 1,009 18 114 v> 94*5 5 434 6 072 Mar. 26* 56,665 28,169 21,544 6 95? r,,302 70,056 63,764 327 1,405 17,6^1 93 409 498 6 070 Apr 30* 57 704 28,459 22,192 7,053 r>,632 71 441 65,124 404 093 18 840 03 787 507 6 062 May 28* 57,561 28,421 22,044 7,096 r.,172 70,797 64 387 264 ,587 17 608 ?1 9?8 517 6 051 June 25* 58,243 28,941 22,085 7 217 V.,409 71,738 65 402 307 1,887 37,869 24,339 5,543 6,045 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 947 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSESi—Continued [Amounts in millions of dollars] Loans and investments Deposits Total assets— Cla a s n s d o d f a b t a e nk Total Loans o G U t b io o l . i S n v g t a . s . - O s r e i t t c h i u e e s - r a C ss a e s t h s2 c b T a i a l a l p o i i n c a t t i d i - t a - e a l s l Total2 b In a t n e k r - 2 Dema O nd ther Time c c T a o a p o u c t i n - t a a t l s l b N a b u o n e f m k r s counts 3 U.S. Govt. Other 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—June 6 49,898 30,034 15,483 4,381 12,745 64,047 56,605 5,773 1,150 35,874 13,807 5,337 1,798 Dec. 31 51,152 30,600 15,846 4,707 15,960 68,676 61,545 6,853 1,306 39,001 14,386 5,483 1,773 Insured nonmember commercial banks: 1941—Dec. 31 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 959 6,810 1945—Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 6,416 1947_Dec. 31 16,444 4,958 10,039 1,448 4,083 20,691 19,340 266 149 12,366 6,558 1,271 6,478 1955—Dec. 31 23,829 11,108 10,081 2,640 5,067 29,220 26,779 408 370 16,749 9,252 2,199 6,677 1956—Dec. 31 24,859 11,808 10,274 2,777 5,448 30,667 28,073 427 425 17,497 9,724 2,336 6,737 1957—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 35 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 28: 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 10,99: 9,573 457 5,504 3,613 1,288 7,662 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14,101 6,045 1,362 7,130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 7,261 1955—Dec. 31 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 7,176 1956—Dec. 31 26,381 12,279 10,989 3,113 5,817 32,613 29,635 737 440 18,433 10,024 2,649 7,181 1957__june 6 26,733 12,591 10,825 3,317 4,728 31,913 28,740 685 385 17,021 10,649 2,781 7,177 Dec. 31 27,741 12,961 11,172 3,608 5,684 33,897 30,715 69: 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 12,19f 1,252 194 1955—Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 21,18: 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 3,45^ 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 63 339 1955—Dec. 31 7,567 3,893 2,601 1,07: 180 7,816 6,950 6,947 806 307 1956—Dec. 31 7,770 4,235 2,453 1,082 182 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 so: 291 Dec. 31 7,246 4,02f 2,148 1,076 171 7,497 6,67' 6,671 283 751 For other notes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

948 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 t n n d a s t s t l s - Total 2 C c o m m c p i k p l i o p i n u n e a e a e a e m g d - r r r t - l n - , - - - A c t g u u a r r l l- - i- b p o d L a T e e s r r u e n o e o r r o r a s s c d c k a c l a u - n - h i r r s a r i y t s o T i e i f t i e r n o n o h s g s r g - l R t o e e a a s t a n - e l s O l u o v i d t t a a i n h o i d l n - - e s - s r O lo t a h n e s r Total Total U B . S ill . s G C o o d c n v e e f a e r e e d t b t i s r e i - n t s f D n s - i - m - ir e e N n c o t t te o s blig B a o t n io d n s s G t u a e n a e - d r- S p O t s d s a i i t g i o u c o i o a b o n a v l b a t n f n l d i - e i - i l t s - s - - s O s r e i t t h c i e e u r s - All commercial banks: 3 1947—Dec. 31....116,284 38,05718,1671,660 830 ,220 9,393 5,7231,06378,226 692212,193 7,789 6,034 53,191 5,276 3,729 1956—Dec. 31....165,123 90,30238,720 4,161 2,589 1,69122,, 50918,85033,34374,82158;5525,924 1,99711,823 38,796 12,9013,368 1957—June 6....164,51591,02839,020 4 274 1,634 22,530 19,5083,.6 23 7733,48756,6424,761 3,66510,070 38,137 13,314 3,531 Dec. 31....170,0"6"8* 93,89940, 1,620 23,110 20,217 3,533 76,16958,2395,405 4,81310,608 37,406 13,9154,014 1958—Mar. 4e...170,040 92,67038,580 4,200 2,7401,66023,11019,700 4,470 77,37058,7905,120 3,65010,500 39,510 14,360 4,220 All insured commercial banks: 1941—Dec. 31.... 49,290 21,259 9,2141,450 614 662 4,773 545 28,03121,046 988 3,15912,797 4,102 3,6513,333 1945—Dec. 31.... 121,80925,765 9,4611,3143,1643,606 4,677 2,361 96,04388,9122,45519,07116,045 "5,1321 22 3,8733,258 1947 Dec. 31.... 114,27437,58318.0121,610 8231,190 9,266 5,665544 i;028 76.69167,9412,124 7.552 5,918 52,334 14 5,112299 3.621 1956—Dec. 31.... 163,60189,83138;5714,1012,5651,,666699 2"2,39418,765 73,770 5577,8375,763 1,98111,722 38,358 1312,6753,258 1957—June 6.... 163,02590,57138,870 4;0272 2,2511,613 22,42719,421 72,45455,9734,658 3,610 9,967 37,730 13,0953,386 Dec. 31.... 168,59593,43040,380 4015 2,5"6'"9 11,60123,003 "2,0122 3 513 75,16457,5805,290 4,75810,493 37,031 13,6883,897 Member banks, total: 1941—Dec. 31.... 43,52118,021 8,671 972 594 598 3,494 3,692 25,500 19,539 971 3,00711,729 ,832 3,,090 2,871 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 . . . . . . . . 1 9 0 7 7 , ,'1"8"3 22 , , 6 7 2 7 8 5 1 8 6 , , 9 9 4 6 9 2 , 8 0 5 4 5 6 3,1 8 3 1 3 1 3 1 , , 3 0 7 6 8 5 7 3 , ,4 1 5 3 5 0 4 1 , , 6 90 6 0 2 1,1 9 0 5 4 2 8 6 ~4 5 -, , 4 2 0 1 "8 8 7 5 8 7 , , 3 9 3 1 8 4 2 ' , , 2 9 7 8 5 7 1 5 6 , , 8 9 1 85 6 1 4 4 , , 8 2 1 7 5 1 4 4" 5 ,47 ,2 9 8 2 6 1 1 6 0 3,,254 2, , 8 1 1 0 5 5 1956—Dec. 31....138,768 78,03436,296 2^78 2,4471,47317,81115,7653,147 60,73447,5754,383 1,469 9,493 32,218 12 4,199 3,665 1957—June 6....137,808 78,44836,500 2,453 2,1321,416 17,76816,229 3,399 59,360 45,8293,439 2,798 7,952 31,632 810,494 2,763 Dec. 31....142,35380,95037,868 22,,447722 "2 ,4"4~8'1, 40'9" 18,23116,7753,316 61.40347,0793,948 3,534 8,560 31,031 710,7683,089 1958—Mar. 4....142,57179,78435,936 2,6152,586 1,45718,25916,270 4' ,2"5"1 62,787 47,8673,700 2,396 8;504 33,262 5 1 1 1 1 , , 6 2 4 3 1 53,279 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 2,453 1,172 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 13.21411,9721,002 640 558 9,771 638 604 1956—Dec. 31.... 23,80915,98711,266 1,409 402 617 1,558 1,049 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 , , 2 8 9 2 3 8 1 1 5 6 , , 8 1 9 0 5 2 1 11 1 , , 6 3 5 4 1 4 1 1, , 2 1 8 5 0 2 3 3 8 8 9 7 5 5 6 6 5 7 1 1 , , 5 5 1 1 6 3 1 1 , , 2 0 4 5 5 3 7 7 , , 3 7 9 2 8 6 5 5 , , 7 8 3 8 8 0 6 6 4 8 8 5 2 2 1 1 4 9 1,0 7 9 8 3 1 4 3 , , 0 9 5 2 2 4 1 1, , 3 4 1 3 1 5 4 3 1 4 1 9 1958—Mar. 4.... 24,66416,20811,252 1,433 396 559 1,459 1,460 8,457 6,295 733 168 1,037 4,357 1,645 516 Chicago:4 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 1956—Dec. 31.... 6,473 3,772 2,781 203 97 134 439 178 2,701 2,113 112 42 316 1,643 440 148 1957—June 6..., 6,266 3,789 2,859 172 96 135 430 184 2,477 1,884 75 74 223 1,513 460 133 Dec. 31... 6,446 3,852 2,903 200 97 143 425 180 2,594 2,032 65 126 313 1,528 408 154 1958—Mar. 4..., 6,359 3,492 2,676 153 92 150 345 174 2,867 2,266 265 68 324 1,609 451 150 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 3,661 205 427 ,503 1,459 855 40431,594 2•99,5521,034 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 1,901 15,560 3 1,3421,053 1956—Dec. 31... 53,91531,78315,170 489 501 712 7,654 6,512 1,289 22,13217,368 1,185 441 3,74211,995 4 3,820 944 1957—June 6..., 53,13731,43514,919 495 496 672 7,481 6;630 1,300 21,70216,797 758 1,179 3,03811,819 3 3,8881,017 Dec. 31... 55,25932,80515,702 494 603 673 7,667 6,8931,370 22,45417,3521,009 1,285 3,29711,760 2 4,0271,075 1958—Mar. 4..., 55,22632,05414,639 504 705 712 7,645 6,6271,826 23,17217,942 950 775 3,42612,790 1 4,1041,125 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 4,377 110 481 2,926 861 1,222 ,028 1945—Dec. 31... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,407 26,999 630 5,102 4,544 166,713 9 1,342 ,067 1947—Dec. 31... 36,324 100,199 3,096 818 23 227 3,827 1,979 229 26,125 22,857 480 2,583 2,10817,681 6 2,006 1,262 1956—Dec. 31... 54,57126,491 7,080 1,972 334 261 9,407 7,256 631 28,080 22,0372,362 792 4,45814,420 4 4,827 ,215 1957—June 6... 55,11227,330 7,3781,949 312 259 9,586 7,653 669 27,782 21,409 1,920 1,326 3,91014,248 4 5,109 ,265 Dec. 31... 56,82028,191 7,613 1,970 365 252 9,856 7,944 713 28,629 21,8152,226 1,909 3,857 1133,819 4 5,365 ,449 1958—Mar. 4..., 56,32128,030 7,369 2",102 295 256 9,906 7,840 791 ,292 21,3631,752 1,385 3,71814,506 4 5,440 ,488 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 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 ,594 153 211 4,891 3,442 21714,78011,1721,457 1,279 2,049 6,385 2,682 926 e Estimated. cluded in member banks but are not included in all insured commercial 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 949 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits r\.e- Bal- De- i Cla c s a s l a l o n d f d a b te ank F B s s w e e R e a r d r i n e v e t v - k h e r e s s al C va i a n u s l h t b m a a w d n e n o i c s t k - e t h i s s c 5 j p m u o a s d a t s d e e n i - - t d d s 6 m D e i s o d n t - e t i e c p r 5 o b s a i ] n t F e s k i o g r n - G U o .S v . t. p v s S o i u a t l s a i b n i t o t d i d e c n i s a - s l c C h c o a f e e e e i f t n e c c r f r d i t d . s k - i ' s - , p a v n a s p i I t d h d i r n o o t u i d r n p c n a a i e o s s - l - , r s r - , - I b n a t n e k r- p G U S i o a n o . a n s g S v v t d s . a t - . l v S p s i a i u t o s c a n b i l a o t i d d e l t n - i s s - p a v n s a p I t i h d i d r n o o t i u d r c n p n a a o i 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 10216 87,123 11,362 ,430 1,343 6,799 2,581 84,987 240 111 866 34,383 6510,059 1956—Dec. 31.... 18,706 3,261 12813111,405 U|.,338 ,794 3,733 10,449 3,785 111,048 1,460 330 2,384 48,193 7516,302 1957—June 6.... 18,500 2,737 9 761105,713 11,247 1,618 3,318 10,603 2,852 101,177 1,556 331 2,712 50,8931,446 16,837 Dec. 31.... 18,972 3,335 12342110,266 13,867 1,769 3,898 10,693 3,620 109,653 1,385 301 2,773 53,366 7717,368 1958—Mar. 4.... 18,570 2,650 10,830105,930 12,130 ,570 3,630 10,630 3,110 102,670 2,140 280 3,180 54,760 1,170 17,660 All insured commercial banks: 1941—Dec. 31.... 12,396 1,358 8 570 37,845 S,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 11075 74,722 U.,566 ,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9 736 85,751 11,236 ,379 1,325 6 692 2,559 83,723 54 111 826 33,946 61 9,734 1956—Dec. 31.... 18,706 3,237 12490110,487 U1,226 1,755 3,717 10350 3,744 110,252 1,301 330 2,329 47,949 5615,988 1957_ D juenc e . 3 6 1 . . . . . . . . 1 18 8 , , 9 5 7 0 2 0 2 3 , ,3 7 1 1 1 7 1 9 20 5 7 1 9 51 10 0 9 4, ,4 9 3 0 9 4 1 i: 1, , 1 7 2 5 7 2 1 1 , , 5 7 8 3 1 6 3 3 , ,8 3 5 1 9 0 1 1 0 05 59 0 4 0 2 3 , , 8 5 2 9 9 7 1 1 0 0 0 8 , , 4 9 8 3 3 6 1 1 , , 3 2 8 6 8 4 3 3 3 0 1 1 2 2, , 7 6 1 5 7 2 5 53 0 , , 1 6 2 6 0 0 1,43 6 0 6 1 1 6 7 , , 5 0 2 5 5 2 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6 246 33,754 c>,714 671 1,709 3 066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7 117 64,184 i:>,333 1,24322,179 4 240 2,450 62,950 64 99 399 23,712 208 7,589 1947_Dec. 31.... 17,797 1,672 6 270 73,528 K),978 1,375 1,176 5 504 2,401 72,704 50 105 693 27,542 54 8,464 1956—Dec. 31.... 18,707 2,487 8 124 93,320 I:L818 1)749 3,292 8 211 3,475 95,163 1,289 301 1,839 38,769 4813,655 1957—June 6.... 18,501 2,065 5 931 88,912 10,799 1,568 2,932 8 371 2,616 86,624 1,369 302 2,128 40,883 1,374 14,058 Dec. 31.... 18,973 2,536 7 806 92,191 I:*,356 1,726 3,472 8 412 3,331 93,804 1,246 275 2,170 42,845 5714,554 1958—Mar. 4.... 18,569 2,015 6 690 88,779 n,703 1,532 3,231 8 430 2,831 87,729 2,004 242 2,558 43,936 1,144 14,795 New York City:* 1941—Dec. 31 5 105 93 141 10761 5 595 607 866 319 450 11282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 J,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2^120 1947—Dec. 31.... 4,639 151 70 16,653 5,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1956—Dec. 31.... 4,375 161 99 15,974 5,622 1,400 747 286 1,172 18,482 965 36 44 2,395 2 2,873 1957—June 6.... 4,080 143 45 15,450 >,775 1,249 688 261 914 16,660 1,009 36 67 2,662 326 2,907 Dec. 31.... 4,564 158 110 15,849 J,480 1,389 737 299 1,284 18,377 912 24 56 2,813 2 3,136 1958—Mar. 4.... 4,230 127 55 15,483 >,979 1,224 792 370 1,226 17,012 1,523 23 161 2,959 470 3,161 Chicago:* 1941—Dec. 31 1 021 43 298 2 215 I 027 8 127 233 34 2 152 476 288 1945—Dec. 31 942 36 200 3,153 I 292 20 1552 237 66 3'l60 719 377 1947—Dec. 31 1,070 30 175 3,737 1,196 21 72 285 63 3 853 2 9 902 426 1956—Dec. 31.... 1,158 37 174 4,272 1,318 46 184 294 85 4,690 7 5 12 1,302 4 660 1957_ D juence. 3 6 1 . . . . . . . . 1 1, , 0 0 7 8 1 9 2 3 8 9 1 9 4 5 8 4 4 , , 0 0 8 8 7 4 1 1 , , 1 2 3 9 3 3 4 3 0 5 1 9 9 7 5 4 3 5 3 9 3 7 8 7 0 4 4 , , 1 4 5 9 2 3 1 1 6 5 4 3 1 1 0 0 1 1 , , 2 3 9 3 8 2 10 4 1 6 68 6 9 5 1958—Mar. 4.... 1,144 32 99 3,945 ,167 36 192 357 73 4,161 38 3 10 1,339 158 695 Reserve city banks. 1941—Dec. 31 4,060 425 2,590 11,117 1,302 54 491 1 144 286 11,127 104 20 243 4 542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 5,307 110 8,221 1763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2 282 705 26,003 22 45 332 11,045 1 2,844 1956—Dec. 31.... 7,649 787 2,656 34,046 7,298 286 1,201 3 092 1,036 36,519 294 114 935 15,748 21 5,076 1957—June 6.... 7,701 653 1,825 32,549 5,648 266 1,051 2 911 787 33,177 314 120 1,089 16,432 681 5,182 Dec. 31.... 7,763 790 2,585 33,583 <5,962 279 1,358 3 111 943 35,906 301 113 1,175 17,335 21 5,370 1858—Mar. 4 7,523 628 2 046 32,251 5,200 256 1,278 2 989 721 33,418 423 85 1,340 17,740 423 5,433 Country banks: 1941_Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1 370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2 004 435 21,797 17 52 219 12,224 11 2,525 1947_Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2 647 528 25,203 17 45 337 14,177 23 2,934 1956—Dec. 31.... 5,526 1,502 5,194 39,028 1,580 16 1,160 4 538 1,183 35,473 22 146 847 19,324 21 5,046 1957—June 6.... 5,631 1,241 3,966 36,827 1,243 18 1,097 4 740 835 32,635 30 142 962 20,491 267 5,304 Dec. 31.... 5,576 1,549 4,964 38,676 1,621 18 1,181 4 669 1,027 35,029 18 135 928 21,366 30 5,359 1958—Mar. 4... 5,672 1,228 4,491 37,100 1,358 17 969 4 714 811 33,138 19 130 1,047 21,897 93 5,506 Nonmember commercial banks: 3 1947_Dec. 31 544 3,947 13595 385 55 167 1295 180 12284 190 6 172 6,858 12 1,596 1956 Dec 31 11A 4,690 18,085 521 45 440 2,238 310 1<,885 171 29 546 9,449 27 2,649 1957—June 6 672 3'831 16801 448 50 385 2'232 236 U'553 187 30 584 10035 72 2*781 Dec. 31, 799 4,536 18]075 511 43 427 2'282 289 15'849 138 27 603 10'546 21 2*818 2 Beginning June 30, 1948, figures for various loan items are shown 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

950 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans! U. S. Government obligations For purchasing or carrying securities 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 t n d a e e n d - n s d t t s s - i j L us a o t d a e - n d s 1 C i m n t a c r o d n i i e a m a u d r l l - s - - A t c u g u r r l a - i l - G t a T U l i o i n o o g o . b d n S v a - b s - . t d . r e o O a c k t l u t i e e h e n r r s e s s - rG t U l i o T i o o g . b o n v S a - s - t . o . t O h c t s e u t i e h e r r - s s i e - r e l R o st a e a n a t l s e O lo t a h n e s r Total Bills o d c C n t e f a e i e d e f t b i s i e r - n - t s - s - - Notes Bonds 2; O s ri e t t c h i u e e s - r I | I L b t o a o a n n k s s Total— Leading Cities 1957 July 88,287 87,097 53,83431,587 430 1,710 1,157 | 8,658111,348 25,687 ,811 1,402 4,239 18,235 7,576 1,190 1958 June 96,176 94,572 53,39329,559 489 3,198 1,338 8,85811,114)31,880 2,102 1,480 7,134 21,164 9,299 1,604 95,723 94,254 52,736 29,403 524 2,496 1,400 8,93011,163 32,2272,024 1,648 6,927 21,628 9,291| 1,469 July 1958 94,615 92,934 52,492 29,199 478 2,774 1,296 ,81711,088 31,2891,925 1,346 7,417 20,60l| 9,153| 1,681 June 4 95,241 93,534 53,029 29,305 485 3,177 1,287 ,85311,08431,216 11,735 1,351 7,501 20,629, 9,2891 1,707 11 97,592 95,988 54,,252 29,879 494 3,671 1,388 ,87011,115322,3992,327 1,598 6,798 21,676 9,337 1,604 18 97,256 95,833 53,80129,856 500 3,170 1,381 ,89111,170322,6152,421 1,621 6,823 21,750| 9,417| 1,423 25 July 2 96,756 95,262 53,513 29,861 510 2,819 1,433 ,890 11,18232,575 2,294 1,650 6,868 21,763 9,174; 1,494 9 96,141 94,522 52,94129,611 514 2,510 1,427 ,901 11,159132,337 2,093 1,633 6,896 21,7151 9,244 1,619 16 95,547 94,153 52,696 2299,425 520 2,405 1,417 ,942 11,16632,154 1,923 1,619 6,930 21,682! 9,303 1,394 23 95,319 93,825 52,37829,119 532 2,438 1,377 :.950! ll,142!32.066 1,888| 1,672 6,953 21,553! 9,381 1,494 94,855 93,512 52,156 2"9",001 544 2,308 1,344 ,970 ll,168;32,002 1,923 1,663 6,988 21,428 9,354 1,343 30 New York City 1957 23,378 22,646 15,55111,750 68 950 10 3881 548 2,157 5,422 453 180 851 3,938 1,673 732 July 1958 26,743 25,862 15,79810,913 1,0121,119 359 536 2,163 7,770 954 266 1,736 4,814! 2,294 881 June 26,261 25,427 15,14710,764 5181,066 352 548 2,173 7,971 958 310 1,720 4,983| 2,309 834 July..... 1958 25,974 25,048 15,30710,764 662 ,138 530 2,164 7,514 848 231 ,778 4,657 2,227 926 26,335 25,414 15,67310,785 1,049 ,099 354 539 2,155 7,474 762 255 ,795 4,662 2,267 921 June 4 27,529 26,622 16,30611,053 1,357 ,127 363 537 2,163 7,999 ,113 279 ,679 4,928 2,317 907 11 27,137 26,366 15,90811,050 980 1,111 362 540 2,172 8,0921,093 299 ,693 5,007 2,366 771 18 25 26,901 26,093 15,65111,064 6951,093 358 536 2,181 8,194 144 302 ,736 5,012 2,248 July 2 26,348 25,534 15,25310,867 4951,110 354 541 2,166 7,990 962 309 ,745 4,974 2,291 814 9 26,189 25,357 15,08810,769 4391,072 352 552 2,175 7,958 948 292 ,752 4,966 2,311 832 16 26,103 25,246 14,98210,607 5191,052 347 557 2,168 7,913 912 323 ,683 4,995 2,351 857 23 25,764 24,907 14,76210,514 4421,005 347 556 2,176 7,802 825 325 ,682 4,970 2,343 857 30 Outside New York City 1957 July 64,909 64,451 38,28319,837 429 692 759 8,110 9,19120,265 ,358 1,222 3,388 14,297 5,903 458 1958 June 69,433 68,710 37,59518,646 488 1,067 926 8,322 8,95124,110 1,148 1,214 5,398 16,350 7,005 723 69,462 68,827 37,58918,639 523 912 961 8,382 8,99024,256 1,066 1,338 5,207 16,645 6,982 635 July 1958 68,641 67,886 37,18518,435 477 974 892 ,287 8,92423,7751,077 1,115 5,639 15,944 6,926 755 June 4 68,906 68,120 37,35618,520 484 1,029 886 ,314 8,92923,742 973 1,096 5,706 15,967 7,022 786 11 70,063 69,366 37,946 1188,826 493 1,187 959 ,333 8,95224,400 ,214 1,319 5,119 16,748! 7,020 697 18 70,119 69,467 37,89318,806 499 1,079 966 ,351 8,99824,5231,328 1,322 5,130 16,743 7,051 652 25 July 2 69,855 69,169 37,86218,797 509 1,031 989 :,354 9,00124,381 1,150 1,348 5,132 16,751 6,926 686 9 69,793 68,988 37,68818,744 513 905 991 ,360 8,993 24,3471,131 1,324 5,151 16,741 6,953 805 16 69,358 68,796 37,60818,656 519 894 975 ,390 8,99124,196 975 1,327 5,178 16,716 6,992 562 23 69,216 68,579 37,39618,512 531 867 937 ;,393 8,97424,153 976 1,349 5,270 16,5581 7,030 637 30 69,091 68,605 37,39418,487 543 861 915 ,414 8,99224,200 1,098 1,338 5,306 16,458| 7,011 486 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

951 WEEKLY REPORTING MEMBER BANKS RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Indi- Indi- Demand Month or date s B F w e . r a i v R n th e k . s s C va i a n u s l h t i m a b w d n a e o c i n s t e - h t k i s c s p m ju o d a s a s d e t n e i - - t d d s 1 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 d i i e l t - - s - s c C h c o f a e e e e i f n t c e f r r c d i k t d s . - i ' s - , G U o .S vt . . s p p u n c 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 o i u c i a o n v l a b t n i d e i l t - - s - s G P U S i a o n o a n . g s S v v d t s . - t a . l m D ti e o c s - - F ei o g r n - Time F B F r a . n o k m R s .F ot r h o e m rs c C o i a a u t c a p n - l t - s tions tions Total- Leading Cities 1957 July 13,387 975 2,440 55,069 57,982 4,059 1,971 3,32421,202 1,124 187 10,557 1,665 1,254 573 667 9,269 1958 June 13,246 987 2,670 56,37258,387 4,687 2,473 4,50123,931 1,886 14311,250 1,514 2,231 921 9,951 13,208 993 2,768 55,629 58,267 4,221 2,399 4,18524,282 1,910 16711,738 1,589 2,168 63 782 9,979 July 1958 12,840 927 2,613 55686 57,195 4,923 2,357 3,19323,769 1,805 144 11,367 1,444 2,264 81 961 9,938 June 4 , 13,210 1,010 2,649 57; 110000 5599,267 4,660 2,112 2,43223,940 1,861 144 11,353 1,542 2,232 104 1,104 9,945 is'.'.'.'.'.'.'.'.'.'.'1,,3,548 999 2,725 57,',434 60,019 4,564 3,081 5,057 2233,939 1,907 14311,411 1,559 2,218 106 913 9,950 13,387 1,010 2,696 55,266 57,067 4,601 2,342 7,324:24,076 1,969 14510,870 1,511 2,210 60 707 9,971 25 July 2 13,318 968 2,962 54560 57,176 4,426 2,474 6,,372 24,168 1,956 17112,061 1,530 2,206 52 783 9,976 9 13,122 1,003 2, 884 57,352 4,277 2,144 4,64124,199 1,943 16612,123 1,486 2,242 100 1,049 9,990 16 13,370 984 2,780 55654 59,376 4,054 2,222 4,03124,322 1,882 16611,899 1,655 2,127 78 677 9,959 23 13,224 990 2,662 56;444400 5588,910 4,124 3,006 3,185 2"4,347 1,883 16811,389 1,647 2,132 28 805 9,969 13,007 1,022 2,71356;647 58,520 4,222 2,149 2,695 24,376 ir~ 16811,222 1,627 2,131 58 597 9,998 30 New York City 1957 4,150 138 4915,241 16,788 284 978 1,041 2,533 72 35 2,916 1,362 935 71 259 2,918 July 1958 4,115 143 16,00317,392 378 1,424 1,709 3,198 235 3,074 1,211 1,762 405 3,192 June 4,082 143 15,33816,896 294 1,349 1,583 3,235 251 3,291 1,270 1,728 349 3,206 July 1958 3,931 138 15,65216,971 403 1,300 1,112 3,146 200 3,091 1,148 1,787 490 3,190 4,142 151 16,38717,717 363 1,132 81" 3,239 233 3,007 1,244 1,753 529 3,191 June 4 4,117 137 16,55818,052 399 1,902 1,944 3,189 238 3,166 1,241 1,755 321 3,193 11 4,270 146 15,41616,828 345 1,363 2,965 3,219 269 3,033 1,214 1,752 279 3,192 18 25 4,212 155 44 15,05916,693 284 1,325 2,498 3,216 271 3,432 1,230 1,752 380 3,204 July 2 4,100 149 50 15,01916,566 293 1,123 1,75" 3,209 273 3,361 1,191 1,783 562 3,206 9 3,947 137 15,31616,951 330 1,162 1,554 3,248 238 3,228 1,335 1,698 222 3,205 16 4,087 136 54 15,62117,159 325 1,969 1,176 3,244 236 3,286 1,317 1,705 309 3,209 23 4,063 142 54 15,67517,110 236 1,167 934 3,259 238 3,146 1,279 1,702 274 3,206 30 Outside New York City 1957 July 9,237 837 2,39139,828 41,194 3,775 993 2,28318,669 1,05: 152 7,641 303 319 50: 408 6,351 1958 June 9,131 844 2,61940,369 40,995 4,309 1,049 2,79:20,733 1,651 118 8,176 303 469 516 6,759 9,126 850 2,71640,29141,371 3,927 1,050 2,60:21,047 1,659 140 8,447 319 440 433 6,773 July 1958 8,909 789 2,564 40,034 40,224 4,520 1,05' 2,08120,623 1,605 120 8,276 296 477 81 471 6,748 June 4 9,068 859 2,594 40,713 41,550 4,297 980 1,61720,701 1,628 120 8,346 298 479 104 575 6,754 11 9,431 862 2,67340",8876 41,967 4,165 179 3,11320,750 ,669 118 8,245 318 463 106 59: 6,757 18 9,117 864 2,64739,8850 40,239 4,256 979 4,35920,857 1,700 120 7,837 297 458 5' 428 6,779 25 July 2 9,106 813 2,91839,50140,483 4,142 1,149 3,87 20,95: 1,685 144 8,629 300 454 5: 403 6,772 9 9,022 854 2,67239,825 4"0,786 3,984 1,021 2,88920,990 1,670 140 8,762 295 45! 100 487 6,784 16 9,423 847 2,72340,338 42,425 3,724 1,060 2,477 2"1,074 1,644 140 8,671 320 429 78 455 6,754 23 9,137 854 2,60840,819 41,751 3,799 1,037 2,009 21 10: 1,647 140 8,103 330 427 28 496 6,760 30 8,944 880 2,65r 40,972 41,410 3,986 982 1,76121,117 1,650 140 8,076 348 429 51 323 6,792 1 Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

952 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY 1 [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Public and Period 2 t l o F i b q a o a n u o c d o d c r , o , T a l p e e a 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 s d d a a l 3 - l s ch r P l u c e e a e m o b u n t a b r m d i o l c e , , - a r l, Other ( T 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 t ( t t r o i i i a l n o r i n c t n t i a s l ) e . - - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e g s d t i e - s ch b r w i e n a i a e n p n a g n e d o l g k k l ' r e s l l t — 4 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 42,243 July-Dec 822 -6 -71 428 72 178 739 98 350 -66 176 2,719 2,459 1957—Jan.-June -456 148 935 291 214 -1 -539 366 513 -12 -54 1,404 1,249 July-Dec 331 -159 -496 150 -161 -8 420 -108 183 -49 58 161 -296 1958—Jan.-June -658 84 146 -140 157 -165 -283 -853 -177 56 69 -1,765 -1,945 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 July . ... -116 -22 -358 -85 -11 -14 20 -115 -126 10 29 -788 -855 Week ending: 1958-May 7 -18 -1 -7 -8 10 14 7 -47 -13 12 31 -33 -64 14 -5 8 44 -57 3 -2 15 -23 -38 20 -36 -36 21 -21 -16 -14 -4 3 -17 -26 -35 -19 14 -11 -144 -168 28 -38 -8 -15 -18 9 -9 -23 -28 -49 -2 36 -145 -137 June 4 5 -9 -23 2 4 -9 -15 -15 -56 8 j -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 July 2 -31 4 -130 -71 9 -6 -10 274 -29 -12 -4 5 9 -23 3 -68 -2 -4 -5 6 -147 -16 26 -230 -250 16.. -33 -2 -23 2 5 13 1 -123 3 -2 -158 -186 23 -29 -16 -64 -12 -10 -10 -4 -79 -78 2 2 -298 -306 30 -11 -73 -1 -11 -5 26 -40 -5 8 15 -98 -118 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold about 95 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and about loans. 75 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year Accepting banks F. R. Goods stored in or or month Placed P di la re c c e t d - Total Banks p I o m rt - s p E o x rt - s Dollar ship p p o e i d n ts b e i t n w : een Total through ly Others into from exdealers i ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht O ac w ct n . c F e o i o g r r n r - . U S n ta i t t e e s d U S n ta i t t e e s d change U S n ta i t t e e s d c F o o u r n e t i r g ie n s 1952 1,745 552 1,193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 1,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955 2,020 510 1,510 642 175 126 49 28 33 405 252 210 17 63 100 1956 2,166 506 1,660 967 227 155 72 69 50 621 261 329 2 227 148 1957_june 2,452 454 1,998 979 183 142 41 23 62 711 220 502 21 58 178 July 2,781 459 2,322 ,000 154 112 42 19 70 757 231 507 35 59 169 Aug 2,835 501 2,334 ,227 220 152 68 27 68 913 243 524 66 212 182 Sept 2,558 501 2,057 ,197 214 149 65 16 66 901 234 483 75 225 181 Oct 2,654 516 2,138 ,225 197 131 66 16 69 942 248 465 94 226 192 Nov 2,944 560 2,384 ,224 221 151 70 20 67 916 268 459 64 222 211 2,666 551 2,115 ,307 287 194 94 66 76 878 278 456 46 296 232 Dec 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 1,479 459 350 109 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 June 3,373 965 2,408 1,352 396 292 104 45 113 798 282 375 121 325 248 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 953 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 k h r , , or m m 4 p P c - o a e r o t i p r n o m m c e t i h r - e a 6 , s l - 1 3 p d n p c - p l i a a o a a r l t n p y o e c m n c , c e e y - e 6 r t d - - a P a b d c n e a r a c 9 i c r n e y m 0 s e p k s ' s e 1 - t , - M 3 k - a e m t r- on se t o h c R n u b r a n i i t l t e e l i w s es 9 ( i m t s - a t s o o x u n a e 1 t s b h 2 3 l - e)2 3 is - y s t e u o a e r s 5 4 - Annua A l rea a v a e n r d ag p es e , riod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months1 yield issues 19 large cities: 1955 3.7 5.0 4.4 4.0 3.5 1956 4.2 5.2 4.8 4.4 4.0 1955 average... >.18 .97 1.71 1.73 1.753 :.89 2.50 1957 4.6 5.5 5.1 4.8 4.5 1956 average... J.31 $.06 1.64 2.62 2.658 ..83 3.12 L81 $.55 $.45 3.23 3.267 ;.53 3.62 Quarterly:i 19 large cities: 1957_july (.88 J.63 $.38 3.16 3.165 2.71 3.89 1957—Sept 4.83 5.67 5.29 5.01 4.69 Aug L98 $.63 $.78 3.37 3.404 ] .93 3.91 Dec 4.85 5.66 5.29 5.01 4.71 Sept iLOO J.82 $.83 3.53 3.578 L02 3.93 1958—Mar 4.49 5.55 5.10 4.75 4.29 Oct iL10 $.88 $.75 3.58 3.591 .94 3.99 June 4.17 5.45 4.88 4.40 3.95 Nov iL07 $.79 $.50 3.29 3.337 .52 3.63 New York City: Dec 5.81 $.55 $.35 3.04 3.102 .09 3.04 1957—Sept 4.69 5.54 5.24 4.93 4.60 Dec 4.71 5.50 5.23 4.94 4.62 1958—Jan $.49 $.23 $.06 2.44 2.598 -.56 2.77 1958—Mar 4.29 5.42 5.02 4.60 4.17 Feb 1.63 2.18 2.30 1.54 1.562 :.93 2.67 June 3.88 5.18 4.72 4.13 3.74 Mar 1.33 1.86 1.80 1.30 1.354 1.77 2.50 7 Northern & Eastern Apr 1.90 1.59 1.52 1.13 1.126 1.35 2.33 cities: May 1.71 1.38 1.30 .91 1.046 1.21 2.25 1957—Sept 4.85 5.69 5.31 5.01 4.73 June.... L.54 1.38 1.13 .83 .881 .98 2.25 Dec 4.86 5.67 5.33 5.02 4.74 July 1.50 1.31 L. 13 .91 .962 i.34 2.54 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 July 5. 1.50 1.38 1.13 .79 .768 .13 2.45 cities: 12. 1.50 1.38 1.13 .95 .934 .25 2.51 1957—Sept 5.01 5.72 5.31 5.05 4.81 19. [L.50 1.38 1.13 .94 1.137 .44 2.57 Dec. 5.05 5.73 5.31 5.04 4.87 26. :1.50 1.30 1.13 . 88 .988 .36 2.50 1958—Mar 4.77 5.60 5.17 4.87 4.49 Aug. 2. 1.50 L. 13 1.13 .94 .984 .49 2.65 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 i Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 Consists of certificates of indebtedness and selected note and bond issues. pp. 228-37. 4 Consists of selected note and bond issues. BOND AND STOCK YIELDS i [Per cent per annum] Corporate bonds3 Stocks 5 G U o .S v . t. S g ta o t v e t . a n b d 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 (longterm)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 5 120 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 1956 average.... 3.08 2.94 2.51 3.50 3.57 3.36 3.88 3.50 3.65 3.54 4.25 4.09 7.17 1957 average.... 3.47 3.56 3.10 4.20 4.21 3.89 4.71 4.12 4.32 4.18 4.63 4.35 8.21 1957—July 3.60 3.65 3.17 4.29 4.26 3.99 4.73 4.19 4.39 4.19 4.75 3.95 Aug 3.63 3.84 3.37 4.43 4.37 4.10 4.82 4.29 4.49 4.33 4.83 4.17 Sept 3.66 3.89 3.43 4.49 4.44 4.12 4.93 4.31 4.56 4.45 4.79 4.31 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 7.34 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 July 3.36 3.25 2.79 3.83 4.02 3.67 4.53 3.81 4.30 3.94 4.36 3.98 Week ending: July 5. . 3.26 3.22 2.78 3.84 3.99 3.62 4.53 3.79 4.29 3.89 4.29 4.03 12.. 3.31 3.22 2.78 3.85 3.98 3.63 4.51 3.79 4.27 3.90 4.34 4.03 19.. 3.39 3.22 2.78 3.83 4.01 3.67 4.52 3.80 4.30 3.93 4.36 4.03 26. . 3.38 3.22 2.78 3.82 4.04 3.70 4.55 3.83 4.33 3.97 4.40 3.93 Aug. 2. . 3.44 3.25 2.84 3.83 4.06 3.71 4.56 3.84 4.34 4.01 4.42 3.87 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. 4 Includes bonds rated Aa and A, data for which are not shown sepa- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

954 SECURITY MARKETS SECURITY PRICES i Bond prices Common stock prices Volume Standard and Poor's series Securities and Exchangi Commission series of (index, 1941^3= 10) (index, 193•= 100) trad- Year, month, Coror week t ( G e U l r o o . m n S v g ) . t . - 2 g n ( r h M ic a i i g d u p h e - a ) - l 3g (h r r p a a i o g d t - 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 b c l - - Total Tot M al anu r D f a a b u c l - t e urin N ra g d o b u n l - e - T p t r o i a o r n n ta s - - P u i l u t t i i y b c l - - T n s a a r e i f a n n c r i d v e - c d e e - , ! M in i g n- s s t h h a a o o n r f d u es s - ) Number of issues. 15 17 500 425 25 50 265 170 98 72 21 29 31 14 1955 average. 102.40 123.1 114.4 40.49 42.40 32.94 31.37 305 374 352 394 320 153 297 313 2,578 1956 average. 98.91 116.3 109.1 46.62 49.80 33.65 32.25 345 439 410 465 327 156 306 358 2,216 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_ July. 91.50 103.5 100.0 48.51 52.54 31.20 32.93 362 468 434 500 302 158 291 382 2,194 Aug.. 91.10 101.2 98.3 45.84 49.51 29.52 31.89 343 441 408 472 286 155 282 354 1,882 Sept.. 90.70 101.3 98.1 43.98 47.52 27.17 31.09 328 419 386 450 263 153 277 334 1,844 Oct.. 89.77 102.9 98.2 41.24 44.43 24.78 30.39 306 388 357 417 241 149 266 297 2,782 Nov.. 91.90 103.4 98.3 40.35 43.41 22.63 30.68 302 382 350 411 228 149 262 284 2,538 Dec. 95.63 107.5 102.7 40.33 43.29 21.39 31.79 298 376 336 413 215 152 258 274 2,594 1958_Jan... 96.48 110.0 105.9 41.12 43.98 22.69 33.30 305 382 347 414 230 158 270 272 2,267 Feb.., 96.20 109.2 105.7 41.26 44.01 23.00 34.12 304 378 346 408 231 160 278 267 2,010 Mar.. 96.34 107.9 105.1 42.11 44.97 22.60 34.57 311 388 352 422 231 162 283 283 2,223 Apr.. 98.23 110.0 105.3 42.34 45.09 23.20 35.54 312 387 340 426 233 166 286 287 2,395 May. 97.94 111.1 105.6 43.70 46.51 24.74 36.57 323 401 353 438 249 169 301 300 2,580 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 July., 94.78 108.0 104.2 45.98 48.96 26.86 37.82 339 424 376 459 269 173 312 331 3,159 Week ending: July 5. 96.24 109.1 105.1 45.33 48.26 25.82 37.60 335 418 367 457 262 173 312 326 2,607 12. 95.46 108.2 104.9 45.48 48.39 25.99 37.93 337 420 370 458 264 174 312 323 2,502 19. 94.37 107.9 103.9 45.36 48.22 26.63 37.94 338 421 378 452 270 173 311 337 3,083 26. 94.57 107.7 103.6 46.55 49.62 27.67 37.76 347 435 391 468 279 174 313 338 3,716 Aug. 2. 93.71 106.9 103.6 47.18 50.35 28.04 37.76 350 440 399 469 282 175 317 340 3,752 1 Monthly and weekly data for (1) U. S. Govt. bond prices, Standard 2 Prices derived from average market yields in preceding table on basis and Poor's common stock indexes, and volume of trading are averages of an assumed 3 per cent, 20-year bond. of daily figures; (2) municipal and corporate bond prices are based on 3 Prices derived from average yields, as computed by Standard and Wednesday closing prices; and (3) the Securities and Exchange Commis- Poor's Corporation, on basis of a 4 per cent, 20-year bond. sion series on common stock prices are based on weekly closing prices. 4 Average daily volume of trading in stocks on the New York Stock Exchange for a 5V£-hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit1 W En e d d n o e f s d m a o y n o th f m or o l n a t s h t o s t T e h c e o u r t r a i t t h i l e - a s n N N ew et Y d o e r b k i f t i S r b t m a o l c s a k n i c E e x s c w ha it n h ge ch b a B ro s a i k n n e g k r s a l o n a a d n n d c s a d t r o e ry a o l i e n th r g s e ) r s s e f o c ( r u t h r p i a t u n ie r- s2 Money borrowed Cus n to et mer U. S. Govt. free ob ( c c li o o g l l a . . t 3 i 5 o + ) ns U S ob e . c l S i u g . r a e G t d io o b n v y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G tio o n v s t. se O cu th ri e ti r es U ob . l S ig O . a G n tio o n v s t. se o c O u th r n i e t r ies ba c l r a e n d c it es 1953—Dec. 2,445 31 1,665 88 780 1,074 713 1954—Dec. 3,436 41 2,388 65 ,048 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 ,708 879 Nov. 3,577 42 2,517 33 ,060 56 ,641 876 Dec. 3,576 68 2,482 60 ,094 125 ,706 896 1958—Jan.. 3,554 126 2,487 58 ,067 188 ,552 937 Feb., 3,679 102 2,580 79 ,099 199 ,647 939 Mar. 3,863 111 2,665 86 ,198 206 ,784 954 Apr. 3,980 134 2,735 70 ,245 230 ,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 955 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a ts l Total U S n ta it t e e d s S ( ta U lo te . c S a a l . n ) d Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e t r s End of year:3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1950 64,020 16,118 13,459 1,152 1.507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 1,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 1,500 31,515 29,069 2,446 21,251 1,903 2J13 3,088 1953 78,533 12,537 9,829 1,298 1,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 1,346 37,300 34,032 3,268 25,976 2,298 3,127 3,523 1955 90,432 11,829 8,576 2,038 1,215 39,545 35,912 3,633 29,445 2,581 3,290 3,743 1956 96,011 11,067 7,555 2,273 1,239 41,543 38,040 3,503 32,989 2,817 3,519 4,076 Ead of month:* 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954 Dec 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Dec 90,267 11,757 8,545 1,998 1,214 38,851 35,930 2,921 29,425 2,557 3,294 4,383 1956—Dec 95,844 10,989 7,519 2,234 1,236 40,976 38,067 2,909 32,994 2,829 3,505 4,551 1957 May 97,868 10,895 7,340 2,290 1,265 41,962 39,004 2,958 34,022 2,948 3,633 4,408 June 98,239 10,824 7,270 2,290 1,264 42,146 39,190 2,956 34,159 2,983 3,657 4,470 July 99,005 10,906 7,306 2,323 1,277 42,567 39,574 2,993 34,356 3,004 3,703 4,469 Aug 99,374 10,880 7,268 2,333 1,279 42,742 39,724 3,018 34,547 3,032 3J31 4,442 Sept 99,812 10,833 7,224 2,340 1,269 42,932 39,922 3,010 34,697 3,059 3,764 4,527 Oct 100,224 10,856 7,233 2,352 1,271 43,170 40,149 3,021 34,859 3,085 3,802 4,452 Nov 100,597 10,782 7,135 2,362 1,285 43,368 40,340 3,028 34,986 3,113 3,833 4,515 Dec 101,043 10,600 6,950 2,375 1,275 43,644 40,637 3,007 35,230 3,134 3,863 4,572 1958—Jan 101,672 10,819 7,113 2,418 1,288 43,859 40,862 2,997 35,410 3,156 3,896 4,532 Feb 102,000 10,852 7,124 2,426 1,302 43,961 40,957 3,004 35,529 3,187 3,927 4,544 Mar 102,385 10,754 7,002 2,448 1.304 44,256 41,179 3,077 35,663 3,214 3,962 4,536 Apr 102,717 10,792 7,009 2,460 i;323 44,467 41,383 3,084 35,773 3,244 3,996 4,445 May 103,150 10,766 6,936 2,487 1,343 44,633 41,538 3,095 35,884 3,265 4,022 4,580 * 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 TotaP g M ag o e r s t - 3 o G U t b i l o o . i S n v g . t a s . - Cash Other* S c a a v p i i n ta g l s FHL B B orrowin O gs ther u R n p e d r a s i o n e v f r d i i v d ts e e s d 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 3,238 1,705 2,787 41,072 ,141 117 Dec.. 48,275 40,119 3,169 2,144 2,809 42,038 ,263 118 3,377 1958—Jan.. 48,423 340,369 3,215 2,023 2,816 42,491 904 100 Feb.. 48,845 40,623 3,195 2,198 2,829 42,875 788 89 Mar. 49,406 40,967 3,192 2,407 2,840 43,366 694 94 50,068 41,367 3,229 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. * 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

956 FEDERAL BUSINESS-TYPE ACTIVITIES SELECTED ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and activity1 1957 1958 19512 19522 19532 1954 1955 1956 2* Loans, by purpose and agency: To aid agriculture, total 4,161 5,070 6,811 6,929 6,715 6,752 7,261 6,827 6,466 6,681 7,605 Banks for cooperatives 425 424 377 367 375 457 423 384 430 454 428 Federal intermediate credit banks... 633 673 590 638 689 734 3845 997 997 935 1,040 Farmers Home Administration 539 596 648 701 681 724 823 866 880 832 906 Rural Electrification Administration. 1,742 1,920 2,096 2,226 2,348 2,488 2,544 2,586 2,634 2,688 2,732 Commodity Credit Corporation 782 1,426 3,076 2,981 2,621 2,349 2,626 1,994 1,525 1,778 2,499 Other agencies 40 31 23 18 1 (4) (4) (4) (4) To aid home owners, total 2,142 2,603 2,930 2,907 3,205 3,680 4,076 4,381 4,680 4,769 4,917 Federal National Mortgage Association. 1,850 2,242 2,462 2,461 2,641 3,072 3,433 3,629 3,807 3,998 4,096 O V t e h te e r r a a n g s e A nc d i m es inistration > 292 362 k 3 1 0 6 0 8 3 6 8 3 3 48 8 0 4 4 1 6 4 4 5 4 1 8 5 8 5 5 1 2 2 1 3 6 1 9 8 1 2 77 1 0 820 1 To industry, total 589 598 588 431 678 619 629 640 652 674 645 Treasury Department... 174 353 306 209 209 211 254 251 224 C O o th m e m r a e g rc e e n c D ie e s partment. 589 598 \ 413 79 / \ 2 1 6 1 1 2 2 1 1 9 9 1 2 1 2 9 8 2 2 2 1 1 9 0 2 1 1 8 6 2 2 20 1 6 7 2 2 0 1 3 9 To financing institutions 814 864 952 870 1,419 1,233 966 1,084 1,124 1,270 701 To aid States, territories, etc., total. 744 1,020 645 272 245 246 272 243 276 264 275 Public Housing Administration.. 589 894 500 112 90 106 120 94 186 105 107 Other agencies 155 126 145 160 155 140 153 149 90 159 167 Foreign, total 6,110 7,736 8,043 8,001 7,988 8,223 8,237 8,300 8,316 8,754 8,965 Export-Import Bank 2,296 2,496 2,833 2,806 2,702 2,701 2,678 2,667 2,656 3,040 3,111 Treasury Department5 3,750 3,667 3,620 3,570 3,519 3,470 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 2,338 Other agencies 58 53 1 57 54 52 51 49 46 All other purposes, total. 75 119 166 256 213 240 338 306 344 393 Housing and Home Finance Agency. 5 29 127 209 156 184 275 246 283 331 Other agencies 69 90 39 47 57 56 60 60 62 62 Less: Reserves for losses -173 -140 -203 -228 -268 -309 -327 -695 -501 -367 -354 Total loans receivable (net). 14,422 17,826 19,883 19,348 20,238 20,657 21,353 20,980 21,320 22,395 23,147 Investments: U. S. Government securities, total 2,226 2,421 2,602 2,967 3,236 3,739 3,923 3,881 3,762 3,804 4,523 Federal home loan banks 249 311 387 641 745 1,018 1,095 1,017 881 896 1,456 Federal Savings and Loan Insurance Corp.. 200 208 217 228 241 256 265 274 264 274 283 Federal Housing Administration 285 316 319 327 381 458 479 482 504 All 533 Federal Deposit Insurance Corporation 1,353 1,437 1,526 1,624 1,720 1,825 1,898 1,914 1,917 1,937 2,013 Other agencies 140 148 152 147 149 181 186 194 195 226 238 Investment in international institutions 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities7 257 223 219 197 179 284 344 340 340 333 368 Inventories, total 1,461 1,280 2,515 3,852 4,356 21,375 21,303 21,450 21,514 21,628 21,206 Commodity Credit Corporation.. 1,174 978 2,087 3,302 3,747 3,651 3,362 3,153 3,090 3,025 2,636 Defense Department 11,004 11,094 11,105 11,157 11,136 10,866 O G t e h n e e r r a a l g S en e c rv ie ic s es Administration. \ 288 303 428 550 609 6, 2 5 0 1 1 7 6,6 1 5 9 4 3 7,0 17 2 1 2 7,0 1 9 75 2 7,2 1 8 85 2 7,5 1 2 75 8 Land, structures, and equipment, total 3,358 3,213 8,062 8,046 7,822 9,985 9,875 9,979 9,974 9,962 10,020 Commerce Dept. (primarily maritime activities). 4,834 4,798 4,822 4,502 4,470 4,506 4,520 4,535 4,568 Panama Canal Company 298 415 363 421 421 398 396 401 599 398 396 Tennessee Valley Authority 1,048 1,251 1,475 1,739 1,829 1,762 1,751 1,803 1,791 1,801 1,789 Housing and Home Finance Agency 1,284 1,202 1,040 728 450 236 144 114 106 88 77 Nat. Advisory Committee for Aeronautics 276 277 281 281 283 274 Bonneville Power Administration 311 317 327 328 342 345 General Services Administration 1,298 1,226 1,332 1,341 1,308 1,327 Post Office Department 590 590 599 599 599 599 Other agencies 728 345 350 360 300 613 704 616 408 608 644 Bonds, notes, & debentures payable (not guar.), total... 1,369 1,330 1,182 1,068 2,379 2,711 2,975 3,497 3,647 4,662 4,749 Banks for cooperatives 170 181 150 156 185 257 231 190 237 247 224 Federal intermediate credit banks 674 704 619 640 665 721 803 953 959 902 992 Federal home loan banks 525 445 414 272 958 963 720 733 765 825 468 Federal National Mortgage Association 570 770 1,220 1,620 1,687 2,688 3,065 NOTE.—Statistics beginning Mar. 31, 1956, reflect the expanded cover- 3 Effective Jan. 1, 1957, the production credit corporations were merged age and the new classification of agencies now reported in the Treasury in the Federal intermediate credit banks, pursuant to the Farm Credit Bulletin. The revised statement includes a larger number of agencies, and Act of 1956, approved July 26, 1956 (70 Stat. 659). Thereafter operations their activities are classified according to the type of fund they represent. of the banks are classified as trust revolving transactions. Funds are combined in the table above, but are shown separately in the 4 Less than $500,000. table on the following page. Classifications by supervisory authorities 5 Figures represent largely the Treasury loan to the United Kingdom, are those in existence currently. Where current Treasury compilations and through 1952 are based in part on information not shown in Treasury do not provide a detailed breakdown of loans, these items have been compilation. classified by Federal Reserve on basis of information about the type of 6 Figure derived by Federal Reserve. lending activity involved. 7 Includes investment of the Agricultural marketing revolving fund in * Totals reflect exclusion of agencies reporting other than quarterly. the banks for cooperatives; Treasury compilations prior to 1956 classified 1 Figures for trust revolving funds include interagency items. For all this item as an interagency asset. types of funds combined, loans by purpose and agency are shown on a 8 Includes $1,000 million due under the agreement with Germany gross basis; total loans and all other assets, on a net basis, i.e., after signed Feb. 27, 1953, and lend-lease and surplus property balances due reserve for losses. the United States in the principal amount of $1,966 million. 2 Coverage changed from preceding period (see also NOTE). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL BUSINESS-TYPE ACTIVITIES 957 PRINCIPAL ASSETS AND LIABILITIES OF FEDERAL BUSINESS-TYPE ACTIVITIES [Based on compilation by Treasury Department. In millions of dollars] Assets, other than interagency items1 Li i a n b te il r i a ti g e e s n , c o y t h i e te r m th s1 an Date, and fund or activity Loans In- I m nv e e n s t t s - L st a ru n c d - , B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o t . e S v r t . - . o v in P w a t t r e n e i- r l e y - d Total Cash c a e b i l v e - t v o e ri n e - s P s r d i e u t e c i b b e u l t s i - c O s ri e t t c h ie u e s - r e m a q n e u d n ip t - Other a G U n b u t . e y a S e r . - d Other li i a ti b e i s l- est All activities 1954—Dec 31 41,403 1,37119,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,18335,610 508 1955—Dec. 31 45,304 1,33820,238 4,356 3,236 3,414 7,822 4,900 44 2,379 2,70339,583 596 1956—Dec. 31* 69,653 4,99620,65721,375 3,739 3,669 9,985 5 232 67 2 711 3 65962 516 699 1957—Mar. 31 69,895 4 44121,35321,303 3 923 3,729 9,875 5 272 68 2 975 3 71362 364 775 June 30* 69,059 3,98120,98021,450 3,881 3,725 9,979 5,063 57 3,497 3,32561,144 1,037 Sept. 30 70,175 4,69221,32021,514 3,762 3,725 9,974 5,186 60 3,647 2,63462,778 1,056 Dec. 31 71,139 4,29122,39521,628 3,804 3,718 9,962 5,340 49 4 662 2 91662 391 1 121 1958—Mar 31 72.242 4,15823,14721,206 4,523 3,75310,020 5,436 49 4,749 3,47262,789 1,183 Classification by type of fund and activity, March 31, 1958 Public Enterprise Funds—Total . ... 20,228 1,119 9,634 3,756 861 143 3,284 1,432 49 1,600 1,51617,064 Farm Credit Administration: Federal Farm Mortgage Corporation 8 1 8 8 Agricultural Marketing Act, revolving fund 186 44 142 186 Agriculture Department: Commodity Credit Corporation 5,618 18 2,403 2,636 155 406 876 4 742 Disaster loans, etc., revolving fund 126 37 85 4 (4) 125 All other 54 37 16 1 4 50 Housing and Home Finance Agency: Public Housing Administration 187 59 106..<?.. 16 6 36 151 Federal Housing Administration 855 21 533 (4) 1 300 48 138 669 Federal National Mortgage Association 2 395 2 i'377 (4) 15 1 600 51 744 826 141 406 220 5 820 Federal Savings and Loan Insurance Corporation... 296 1 283 12 16 281 Small Business Administration 325 112 207 (4) 6 2 323 Export-Import Bank 3 139 1 3 111 f4) (4) 26 53 3 086 Tennessee Valley Authority 2,070 91 46 1,789 145 35 2,036 Panama Canal Company 464 35 8 396 25 18 447 Veterans Administration . .. 112 678 4 45 2 2 12 830 General Services Administration 1 ?93 64 (4) 1 036 (4) 127 65 24 1 268 Treasury Department 226 6 214 5 (4) 226 Post Office Department—postal fund 873 233 13 599 27 213 660 263 60 11 6 138 48 14 249 All other 18"> 43 21 6 IP (4) 18 163 Intragovernmental Funds—Total. 13,053 1,693 10,994 (4) 222 144 51212,542 Defense Department: Army 8 483 978 7 343 105 58 135 8 348 3 375 419 2 918 38 230 3 145 Air Force 8^8 ^09 605 44 94 764 All other 337 87 128 117 4 52 285 Certain Other Activities—Total 31,006 1,066 9,683 6,455 7 3,563 6,514 3,719 22030,785 General Services Administration 8,317 418 81 6,442 1,189 187 16 8,301 Agriculture Department: Farmers Home Administration 812 119 669 (4) 2 23 17 795 Rural Electrification Administration . . 2.908 49 2,724 135 2 2,907 Interior Department 445 7 366 31 6 439 International Cooperation Administration 2.395 39 2,338 18 2,395 Treasury Department 10,174 3,479 3,563 83,131 10,174 Commerce Department—maritime activities 5.114 245 249 3 (4) 4,568 48 142 4,971 National Advisory Committee for Aeronautics '452 88 2 274 87 11 442 All other 389 65 144 (4) 6 115 58 27 362 Certain Deposit Funds—Total 4,781 62 1,122 3,512 47 (4) 39 692 1,148 2,103 838 493 15 425 43 10 224 3 223 42 F F e e d d e e r r a a l l h D o e m po e s l i o t a I n n s b u a r n an k c s e Corporation 2 2 .0 2 3 5 6 2 44 3 (4 6 ) 96 (4) 2 1 , 0 4 1 5 3 6 47 1 9 9 468 9 1 8 5 8 6 1,880 796 Certain Trust Revolving Funds—Total 3,174 219 2,708 144 103 2,457 76 296 9345 Federal National Mortgage Association 1.706 55 1,641 10 1,466 46 156 938 Federal intermediate credit banks .. .... 1,168 10 1,040 100 18 992 19 140 917 Office of Alien Property 214 149 (4) 65 1 9213 All other 86 5 44 10 10 977 Latest data for agencies not reporting quarterly Atomic Energy Commission (June 30, 1957) 8,622 1,324 1,749 5,130 419 206 8,417 Veterans Administration (June 30, 1957). 1,902 355 107 2 1,340 98 137 1,765 Agriculture—other activity (June 30, 1957). . 1,418 448 6 879 86 21 1,397 Health Education & Welfare Dept. (June 30, 1957) . 1 055 790 2 1 260 3 157 898 Interior Department (June 30 1957) 3,752 287 4 2,891 562 376 3,375 Treasury Department (June 30, 1957). 3,197 278 765 2,110 774 2,423 All other (June 30, 1957) 1,684 428 206 (4)85 549 416 21 1,663 9 Figure represents total trust interest. For other notes, see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

958 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 ec u N e d e i g p t e ts t re T P f c u r l e u n u i s d p s t : ts t I G L r n a e o t n s r v a s s t : . - . 1 E p T r u f q e r t o b u o h c l t a m t e i a s c l l . s 2 : B p t e u u e n d x re d g - s i e - t p T P t f e u u e r l n r x n u u e d - d s s s i t : - A m L d e e j n s u s t s s : t 3 - E p p t T q o u a o u b y t t a h l t a i s l e l c s . : t p o p fr u a t o o h b y ( m r e l t - i s ) , c . , & ( c ( c o - d r d r r I e ) e a i e n r , a d g a b e - s s e e c i t e e n n - t , .) t a i r n G g . N v e o f n . e u v . t b n t & L . y d e s ss: O d n c e a o th b s n e t h - * r b E r i o e n c q N ( r p a g - u r ) a s e o a h y o t w l t r s . - : 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—1955. . . 60,390 9,536 2,061 67,836 64,570 8,546 2,578 70,538 -2,702 3,986 1,533 644 1,809 1956... 68,165 11,685 2,739 77,088 66,540 9,436 3,358 72,617 4,471 -578 3,166 623 ! -4,366 1957... 71,029 14,369 3,242 82,107 69,433 12,961 2,386 80,008 2,099 -1,053 2,339 -292 -3,100 1958?.. 69,083 16,326 3,502 81,848 71,897 16,081 4,654 83,321 — 1,473| 6,226 657 -200 5,769 Semiannually: 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... c28,069 6,169 1,573 32,643 33,801 5,301 485 38,618 -5,974 4,036 646 -390 3,779 1957—Jan.-June.. c42,960 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... C29,325 7,168 1,410 35,057 36,060 7,134 1,254 41,938 -6.882 5,556 -120 -34 5,711 1958—Jan.-June*>. 39,759 9,158 2,092 46,791 35,837 8,947 3,400 41,383 5,409 670 777 -166 58 Monthly: 1957_June 11,688 1,820 1,182 12,322 6,279 1,275 122 7,431 4,891 -4,496 728 -123 -5,100 July 3,057 858 113 3,801 6,347 1,220 408 7,160 -3,359 1,992 -382 2,373 Aug 5,128 1,778 115 6,786 5,930 1,075 -180 7,185 -399 1,462 646 40 776 Sept 7,225 972 126 8,066 5,667 1,086 -2 6,754 1,311 634 -310 -69 1,014 Oct 3.131 938 167 3,896 6,501 1,387 386 7,501 -3,605 476 9 -32 500 Nov 4,827 1,438 186 6,075 5,806 964 550 6,219 -144 655 4 -13 665 Dec 5,956 1,184 703 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 4,925 2,131 144 6,908 5,846 1,363 187 7,021 -114 591 618 68 -96 JP 10,751 2,066 1,175 11,639 6,581 1,574 233 7,922 3,717 -140 141 -6 -275 Effects of operations on Treasurer's account Operating transactions Financing transactions in C c a ., s h o r b a d l e a c n . c ( e — s: ) Accou S n ta t t e o s f ( T e r n e d a s o u f r e p r e r o i f o d U ) nited Period s B u d u N r e o p f d e i r g c l t u i e t s t , a l c d T a f c e u t r u o f i n u i o r m c d s n i t u t , - t c o R il c e i T a a c r t s o i e h o n a n - s. i m s o a ( G s + b g N u a e o l r a ) i e n v g k o n t c t a e c f . y - t e i i & s a n n G e g N v c e o F t . e n . r v ( e t u c b t d - y . s 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 a l i c a i n s s c t s e e , T o r H u e t a e s s l i u d d r e y a T u cc r r o e e a r u ' s n s - t Balance ( B F a a D a v . b n e a R l p k e il . o s - sits T T L i a n r u x o e — r a a a y n s n - d O as n t s h e e e t t r s tions s funds' debt funds) Accts. Fiscal year—1955... -4,180 991 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 ,471 1956. .. 1,626 2,250 309 173 -2,617 -1,623 -213 331 6,546 522 4,633 ,391 1957... 1,596 1,409 -518 1,085 -2,300 -2,224 5 -956 5,590 498 4,082 ,010 1958P.. -2,813 246 728 577 -197 5,816 197 4,159 9,749 410 8,218 ,121 Semiannually: 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 ,092 -1,602 -6,101 60 1,163 5,590 498 4,082 ,010 July-Dec.. -6,735 33 159 ,008 20 4,370 -160 -984 4,606 481 3,084 ,041 1958—Jan.-JuneP, 3,922 213 569 -431 -217 1,446 357 5,143 9,749 410 8,218 ,121 Monthly: 1957_jUne., 5,409 547 -894 147 -708 -4,707 44 -250 5,590 498 4,082 ,010 July.. -3,290 -362 384 19 324 1,942 131 1,115 4,475 504 2,833 ,138 Aug.. -802 703 -288 87 -694 1,376 -40 423 4,898 477 3,331 ,090 Sept.. 1,559 -115 43 -6 282 567 -106 2,436 7,335 429 5,818 ,088 Oct.. -3,370 -449 282 745 36 -345 -72 3,028 4,307 552 2,572 ,183 Nov.. -979 474 382 -23 679 -33 558 4,865 243 3,583 ,039 Dec.. 147 -218 -644 186 151 -40 -259 4,606 481 3,084 ,041 1958—Jan.. . -1,225 -831 600 225 541 -343 68 -1,101 3,505 469 1,767 1,269 Feb.. 771 367 -314 142 -171 124 30 888 4,394 516 2,837 1,041 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 Junep 4,170 493 -856 -719 -333 691 -174 3,619 9,749 410 8,218 1,121 c Corrected. » 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. * 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-Goveramental 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 959 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Selected excise taxes Budget receipts (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r d i e e p - g t t e s t f t O u a r n u g ld T d s e - t i rans H f t f w e r u i u r g n a s s h y d t - to— R m a t r i c . e r e c - e n R t - . t . c fu e R r o n i e e p f - d - t s s B c T u e r o i d e p t - g a t e l s t W he I i n t l h d d - ivid O ua th l er C ra o ti r o p n o- ta c E i x x s e e - s t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o- co a t M a n i d l f e r r s r s . e * * - Fiscal year—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 1958*.. 69,083 7,733 2,116 575 4,523 84,030 27,041 11,527 20,533 10,814 8,644 5,471 n.a. n.a. n.a. Scmiannually: 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 1958—Jan.-June*>. 39,758 4,598 965 270 3,868 49,459 13,281 8,653 14,260 5,219 5,199 2,846 n.a. n.a. n.a. Monthly: 1957_june 11,688 536 137 52 406 12,819 2,252 1,818 6,722 875 589 563 257 142 July 3,057 346 174 19 138 3,734 1,047 269 541 955 366 556 244 146 Aug 5,128 919 219 84 124 6,475 3,678 128 355 965 1,003 346 241 157 ,124 Sept 7,225 486 207 54 137 8,109 2,163 1,823 2,304 922 540 357 260 146 Oct 3,131 332 183 30 120 3,796 1,333 204 429 1,088 363 379 323 159 Nov 4,827 671 203 69 76 5,845 3,415 97 367 840 740 386 285 133 1,102 Dec 5,956 382 165 49 59 6,611 2,125 352 2,277 824 432 601 221 106 1958—Jan 4,786 313 151 19 -25 5,243 981 2,053 486 892 385 446 197 154 Feb 6,299 955 190 78 235 7,756 3,953 788 406 864 1,302 443 201 130 1,129 Mar 9,501 632 150 43 855 11,182 2,000 658 6,538 860 680 446 225 137 Apr 3,496 703 145 17 1,678 6,039 792 2,792 476 785 722 472 218 147 May 4,925 1,221 168 70 950 7,334 3,614 640 449 922 1,293 416 256 157 June 10,751 774 161 43 176 11,905 1,941 1,723 5,906 894 818 623 n.a. n.a. Budget expenditures3 Major national security Agri- Vet- culture Period Total Total* D D e e fe p n t s ., e s M ec u u tu ri a ty l , A en t e o r m gy ic f a i I n f a f n a n a t n d i l r . c s e In e t s e t r- ic e b s e r e e s a r n n v a e s - n - ' d w L e a a l n b f d a o r r e t a c a u g u n r l r d a - i- l so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nmilitary program fits re- 00 (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: 1956—Jan.-June 6 33,415 21,190 17,873 2,197 854 664 3,497 2,426 1,428 2,138 490 891 689 July-Dec 33,801 21,145 18,547 1,464 930 382 3,587 2,291 1,421 2,183 736 879 1,181 1957—Jan.-June 6 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—May 5,944 3,869 3,279 377 184 57 610 208 308 106 139 124 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 c5,930 3,989 3,545 215 190 96 635 382 272 215 161 108 100 Sept C5,667 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 May 5,846 3,712 3,195 271 201 68 603 436 291 235 121 252 132 c Corrected. n.a. Not available. 4 Includes stockpiling and defense oroduction expansion not shown 1 Beginning February 1957, includes transfers to Federal disability separately. insurance trust fund. 5 Periodic revisions of Treasury statement data for fiscal years given 2 Represents the sum of taxes for old-age insurance, railroad retire- without corresponding monthly revisions; consequently monthly and ment, and unemployment insurance. semiannual data may not add to totals. 3 For more details, see the 1959 Budget document, pp. 890-96 and 6 Derived by subtracting totals for July-December from totals for fiscal pp. 954-55 and the Treasury Bulletin, Table 3 of section on Budget receipts year. and expenditures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

960 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues3 Marketable Nonmarketable Total Total E m n o d n t o h f d g e ro b s t* s d d g i e r r o b e s t c s 2 t Total Total Bills c C i e n a d e t d e n r e t s e i b f s o i t s - - f Notes B el a ig n i k - Bond B s r a e n - k b C v i o b e o n r l n d e t- - s Totals b S i o n a n g v d s - s n T s i a o n a n a g t v d e x s - s S is p s e u c e ia s l ble * stricted 1941—Dec 64.3 57.9 50.5 41.6 2 0 6 0 33.6 8.9 6.1 2.5 7.0 1945—Dec 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1951—Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 5.8 39.2 1953 Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954—Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955 Dec 280 8 280 8 233 9 163 3 22 3 15 7 43 3 81 9 11.4 59 2 57.9 (•) 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 July 272.6 272.5 224.3 158.8 26.4 20.5 31.1 80.8 10.2 55.3 54.3 46.3 Aus 274 0 273 8 225 3 160 2 28 2 34 1 17 1 80 8 10 1 55 0 54 0 46 7 Sept 274 5 274 4 226 5 161 8 26 7 35 0 19 3 80 8 9 9 54 8 53.8 46.2 Oct 274.2 274.1 226.3 162 2 26.7 34.7 19.4 81.5 9.7 54.4 53.5 46.1 Nov 274 9 274 7 227 1 163 4 26 7 34 7 20 6 81 5 9 6 54 1 53 2 46.0 Dec 275.0 274.9 227.1 164.2 26.9 34.6 2017 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 . ... 212.7 272.6 225.1 162 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 July 275.6 275.5 228.0 166.4 22.4 32.9 20.5 90.6 8.8 52.8 51.9 45.9 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $429 million on July 31, 1958) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes non-interest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $9,650 million on June 30, 1958. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f in ( a s i g n e n ti c c t e g e u l s u u e r ) a d i d - r - - S is p s t e u r c u e ia s s t l fun P i d s u s s b u * l e i s c Total R F B e e a d s n e e r k r v a s e l m b C a e n o r m k ci s a - 2 l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c ie e r - - s r c O a o t t r i h o p e n o r - s g S l a o o t n v c a d a t t e s l . S b a o v n i I n d n g d s s ivid se u O c a u l th s ri e ti r es i M t n o v r i e s s c s 3 - . 1941—Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945—Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947—Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952—Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.5 12.7 49.4 15.5 13.2 1954—Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.2 14.4 50.0 13.7 13.9 1955—Dec 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 23.0 15.1 50.2 15.6 15,6 1956—June 272.8 45.1 8.4 219.3 23.8 57.1 8.4 13.3 17.1 15.7 50.3 17.4 16.3 Dec 216 J 45.6 8.4 222.7 24.9 59.3 8.0 12.8 18.2 16.1 50.1 17.2 16.1 1957—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 15.4 16.9 49.1 18.7 16.0 July 272.6 46.3 8.8 217.4 23.4 56.8 7.9 12.3 16.0 16.9 48.9 19.0 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 15.7 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 15.9 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 18.6 16.5 1958-^Tan 274.7 45.5 9.6 219.6 23.3 58.6 7.6 12.0 17.3 17.3 48.2 18.9 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 59.3 7.6 11.8 15.4 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 May 275.7 46.1 9.7 220.0 24.2 63.3 7.5 11.7 14.5 17.0 48.1 18.5 15.4 1 Includes the Postal Savings System. 3 Includes savings and loan associations, dealers and brokers, foreign 2 Includes holdings by banks in territories and insular possessions, accounts, corporate pension funds, and nonprofit institutions. which amounted to about $284 million on Dec. 31, 1957. NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL FINANCE 961 UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, JULY 31, 19581 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills 2 Treasury notes Treasury bonds Treasury bonds—Cont. Aug. 7, 1958 1,700 Oct. 1,1958 lV 121 Sept. 15, 1956-59 3.. 21^ 3,818 Aug. 15, 1966 3 1,484 Aug. 14, 1958 1,700 Feb. 15,1959 1% 5,102 Mar. 15, 1957-59 3.. 2% 927 Mar. 15, 1966-71... 2% 2,950 Aug. 21, 1958 1,801 Apr. 1,1959 1% 119 Dec. 15, 1958 2% 2,368 June 15, 1967-72... 2V4 1,847 Aug. 28, 1958 1,800 Oct. 1,1959 1% 99 June 15, 1959-62... 2% 5,268 Sept. 15, 1967-72... 2& 2,716 Sept. 4, 1958 1,800 Apr. 1,1960 1% 198 Dec. 15, 1959-62... 2% 3,456 Dec. 15, 1967-72... 2 Vi 3,733 Sept. 11 ,1958 1,700 May 15, 1960 3i/ 2,406 Nov. 15, i960 2i/g 3,806 Oct. 1,1969 4 657 S S e e p p t t . . 2 1 5 8 , , 1 1 9 9 5 5 8 8 1 1 , , 7 7 0 0 1 0 O A c p t r . . 1 1 , , 1 1 9 9 6 6 1 0 1 l 2 1 7 4 8 4 D Se e p c t . . 1 1 5 5 , , 1 19 9 6 6 1 0 -654.. 2 2 3 * 4 /A 2 1 , , 2 48 3 5 9 J N u o n v e . 1 1 5 5 , , 1 19 9 7 7 8 4 - . 8 . 3 .. . . . . . 3 3 % % 1, 6 6 5 0 4 4 Oct. 2,1958 1,700 Aug. 1,1961 2,609 Nov. 15, 1961 2% 11,177 May 15, 1985 3% 1,135 Oct. 9,1958 1,700 Oct. 1,1961 V/ 332 Aug. 15, 1963 2Vi 6,755 Feb. 15, 1990 3*6 1,727 Oct. 16, 1958 1,699 Feb. 15, 1962 Z 647 June 15, 1962-67... 2% 2,113 Feb. 15, 1995 3 2,742 Oct. 23, 1958 1,700 Apr. 1, 1962 1 551 Dec. 15, 1963-68... 2% 2,821 Oct. 30, 1958 1,700 Aug. 15, 1962 2,000 Feb. 15, 1964 3 3,854 Oct. 1,1962 1 590 June 15, 1964-69... 2% 3,746 Panama Canal Loan.... 3 50 Certificates Nov. 15, 1962 33 1,143 Dec. 15, 1964-69... 2V4 3,821 Aug. 1,1958 4 11,519 Feb. 15, 1963 2 3,971 Feb. 15, 1965 2% 6.895 Convertible bonds Dec. 1,1958 3% 9,833 Apr. 1,1963 1 189 Mar. 15, 1965-70...2% 4.702 Investment Series B Feb. 14, 1959 2lA 9,770 Apr. 1, 1975-80... 234 8,801 May 15, 1959 1*4 1,816 1 Direct public issues. 3 Called for redemption on Sept. 15, 1958. 2 Sold on discount basis. See table on Money Market Rates, p. 953. 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 t e h a in r y 1 ea -5 rs y 5 e - a 1 r 0 s O y v e e a r r 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 Apr 30 174,960 22,415 31,122 24,732 87 705 8 986 165 974 71 729 44 814 15,692 33,739 May 31 174,943 22,405 31,122 24,765 87,697 8,954 165,989 75,538 41,028 15,692 33,731 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—Apr. 30 9,556 321 591 1,616 4,183 2 845 6,712 1 494 1,642 414 3,162 May 31 9,487 335 512 1,605 4,190 2 845 6,642 1 430 1,627 420 3,165 Federal Reserve Banks: 1955 June 30 23,607 886 8,274 11,646 2,802 23,607 17 405 3 773 1,014 1,415 1956—June 30 23,758 855 10,944 9,157 2,802 23,758 20 242 1,087 1,014 1,415 1957_junc 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—Apr. 30 23,681 946 19,946 2,789 23,681 21 231 1,035 57 1,358 May 31 24,162 1,426 19,946 2,789 24,162 21,733 1,014 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—Apr. 30 55,836 3,817 2,711 12,448 36,730 130 55,706 13 958 26,476 10,273 4,999 May 31 . . 56,192 3,522 2,841 12,682 37,016 130 56,062 16,419 24,347 10,265 5,031 Mutual savings banks: 1955 June 30 8,069 84 53 289 6,422 1 222 6 848 164 533 1 405 4,746 1956—June 30 7,735 107 37 356 6,074 1 161 6,574 247 540 1,319 4,468 1957 June 30 7,397 163 114 367 5,655 1,098 6,299 576 1,082 601 4,040 Dec. 31 7,209 122 167 438 5,470 1 012 6,197 453 1,227 476 4.041 1958 Apr 30 7,193 103 129 537 5,475 949 6,244 388 [,165 590 4,101 May 31 7,144 106 128 556 5,416 938 6,206 424 1,135 581 4,067 Insurance companies: 1955_june 30 13,117 630 74 789 8,479 3 145 9,972 810 [,339 2,027 5,796 1956 June 30 11,702 318 44 760 7,789 2,791 8.911 632 1,192 1,802 5,285 1957 June 30 10,936 326 136 648 7,277 2,549 8,387 955 775 1,022 4,634 Dec. 31 10,801 291 248 683 7^231 2 347 8 454 938 2,074 718 4.724 1958 Apr 30 10,667 361 113 734 7,240 2,219 8,449 909 1,870 798 4,872 May 31 10,571 329 111 728 7,195 2,207 8,364 966 1,747 789 4,862 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—Apr. 30 68,026 16,867 7,632 9,397 31,288 2,843 65,183 33,750 12,625 3,560 15,248 May 31 67,387 16,687 7,583 9,193 31,090 2,834 64,553 34,565 11,159 3,580 15,249 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

962 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 c o u r s p e o s r a o t f e n i e s t s u p e r r o s c 6 eeds, Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . . 3 a F e c g e r y e a d 4 n l - - S n m a p t i n a c a u d t i l - e - Others Total Total B P li u o c n l b y - ds v P at r e i- ly f s e P t r o r r e c e - k d C s m t o o o m c n k - Total Total m N on ew ey7 l M p c a o u e n u i l r s e s - - - - m t b d R i o a e r e e f b e n n - - t k t , m s r t i e i o t r e c i e f n e u - s t offered placed poses etc. 8 1950. 19,893 9,687 30 3 532 282 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 >37 9,534 7,601 3,645 3,957 564 1,369 9,38C 8,716 8,180 537 664 1953 28,824 13,957 106 5,558 106 8 898 7,083 3,856 3 228 489 1 326 8 755 8 495 7 960 535 260 1954 29,765 12,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 9,365 7,490 6,780 709 1,875 1955 . . . 26,772 9,628 746 5,977 182 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 6,958 557 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 78C 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 1,095 1,090 1,060 30 9 Nov 3,022 1,374 100 639 65 844 671 485 186 24 150 828 789 764 25 39 Dec 2,681 925 640 2 1,114 761 185 576 11 343 1,097 1,076 1,023 53 21 1958—,Jan 3,473 511 1,163 782 201 816 744 505 239 28 44 80f 723 711 11 82 Feb 2,487 407 251 899 55 875 607 398 209 85 182 85* 851 832 19 5 Mar 3,959 1,802 524 9 1,623 1,494 1,165 330 69 61 1,60? 1,561 1,525 35 47 Apr 6,981 4,269 ""523 798 41 1,251 1,121 920 200 41 89 1,232 1,124 1,032 92 107 May.... 2,180 368 877 >00 734 615 391 224 36 84 71S 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 l c an ia e l o a u n s d Transportation Public utility Communication a R nd e al f i e n s a t n a 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 io secu- capital ic secu- capital io secu- capital io secu- capital io 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 1,441 4 1,701 67 1957 May 130 6 48 1 80 350 7 82 75 June 623 5 35 2 50 8 431 136 178 July 248 5 69 3 45 244 (9) 54 343 Aug 243 51 5 31 (9) 251 124 3 224 1 Seot 320 38 (9) 80 417 65 53 30 Oct 129 2 51 49 6 333 (9} 369 (9} 159 Nov 220 (9) 38 54 287 92 98 30 Dec 572 8 60 12 138 173 41 92 1958 Jan 147 7 28 82 24 321 1 34 50 109 Feb. ... 171 3 26 48 366 35 205 2 Mar 196 41 47 63 5 409 797 49 (9) Apr 598 45 65 1 67 291 22 39 37 64 May 193 24 25 4 22 301 36 3 30 80 1 1 Estimates of new issues maturing in more than one year sold for cash 6 Estimated net proceeds are equal to estimated gross proceeds less cost in the United States. of notation, i.e., compensation to underwriters, agents, etc., and expenses. 2 Gross proceeds are derived by multiplying principal amounts or num- 7 Represents proceeds for plant and equipment and working capital. ber of units by offering price. 8 Represents proceeds for the retirement of mortgages and bank debt 3 Includes guaranteed issues. with original maturities of more than one year. Proceeds for retirement of 4 Issues not guaranteed. short-term bank debt are included under the uses for which the bank 5 Represents foreign governments, International Bank for Reconstruc- debt was incurred. tion and Development, and domestic eleemosynary and other nonprofit 9 Less than $500,000. organizations. 10 Represents all issues other than those for retirement of securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 963 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual totals Qilarterlytotals 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 19,78619,438 18,056 18,752 16,718 Profits before taxes 7 308 8 375 7 24410 250 9 290 9 559 1 697 2 483 2 752 2 575 2 042 2 190 1 623 Profits after taxes 3 192 3,649 3 825 5,231 4,880 5 109 912 1 362 l'432 1,339 1 107 1 232 849 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 35,25142,64937,49046,770 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 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 11,56413,75011,52214,952 16,062 16,073 3,098 4,340 4,272 4,270 3,856 3,675 3,047 Profits before taxes ... 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 58110,664 9 37110,106 10,551 10,491 2,590 2 722 2 574 2,660 2,675 2,582 2,239 Profits before taxes 1 438 1,436 908 1,341 1,268 1,056 298 375 247 264 286 259 59 Profits after taxes 825 903 682 927 876 734 209 267 161 183 191 199 31 Dividends 338 All 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 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 1 403 301 334 393 327 326 357 421 725 780 868 942 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 1,672 787 925 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 1 Includes 26 companies in groups not shown separately, as follows: quarterly figures on operating revenue and profits before taxes are partly textile mill products (10); paper and allied products (15); miscellaneous (1). estimated by the Federal Reserve to include affiliated nonelectric opera- 2 Includes 25 companies in groups not shown separately, as follows: 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 Electric power. Figures are for Class A and B electric utilities (which series, see pp. 662-66 of the BULLETIN for June 1949 (manufacturing); account for about 95 per cent of all electric power operations) and are pp. 215-17 of the BULLETIN for March 1942 (public utilities); and p. 908 obtained from reports of the Federal Power Commission, except that of the BULLETIN for September 1944 (electric power). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

964 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 Profits In- Profits Cash Undis- Year or before come after divi- tributed Year or quarter taxes taxes taxes dends profits quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1950 40.6 17.9 22.8 9.2 13.6 1951 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 1953 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 1957 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—2 44.8 22.1 22.7 12.0 10.7 3 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 4 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 3 3,474 802 2,672 2,554 554 2,000 920 248 672 1957—1 46.1 23.0 23.1 12.5 10.6 4 3,409 708 2,701 2,393 503 1,890 1,016 205 811 2 43.5 21.7 21.8 12.6 9.2 3 44.2 22.0 22.1 12.7 9.4 1958—1 3,566 784 2,782 2,799 537 2,262 767 247 520 4 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. 962, new issues exclude foreign and include offerings of open-end investment companies, sales of securities held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 962. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS i [Securities and Exchanges Commission estimates. In billions of dollars] Current assets Current liabilities End of year Net Notes and accts. Notes and accts. Federal or quarter w c o ap rk it i a n l g Total Cash s G U ec o . u S v r . t i . - receivable I t n o v ri e e n s - Other Total payable inc l t i a o a x m - e 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 1S.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 1Q54 94.9 194.6 33.4 19.2 2.4 71.2 65.3 3.1 99.7 2.4 59.3 15.5 22.5 1955 103.0 224.5 34.6 23.0 2.3 87.1 72.8 4.7 121.5 2.3 73.5 19.3 26.5 1956 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—1 . . 111.0 235.2 32.3 17.7 2.5 94.9 82.3 5.5 124.2 2.5 77.0 15.4 29.4 112.1 234.9 33.0 15.4 2.5 96.1 82.4 5.4 122.8 2.6 77.3 13.1 29.7 3 . 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 4 113.5 239.9 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 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Manu- Year Total M fa i c a n t n u g u r- - M in i g n- T R r a a i n l s - portation P u u t t i b i e l l s i i - c c m C at o u i m o n n i - - s Other2 Quarter Total fa m a i c n n i t n u g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A h l e l r 3 road Other ing 1950 20.6 7.5 .7 1.1 1.2 3.3 1.1 5.7 1957 l 8.3 3.8 .7 1.2 2.6 1951 25.6 10.9 .9 1.5 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 1 4 1 5 3 9 1 5 5 6 3 9 4 4 3 g 1 7 2 5 1953 28.3 11.9 1.0 1.3 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 1.2 1.7 4.9 2.7 8.4 24 8.3 3.5 .6 1.8 2.4 1957 37.0 16.0 1.2 1.4 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 965 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 houses 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 d s l - t F u i i n c t n i i s o a a ti n l n - s - S F a e e c l g e d i e e c e n s t r e - a d lv o I i a t d n h n u d e d a i r - l s s h A e o r l l s d l - Total t F u i i n c t n i i s o a a ti n l n - s - O h e o t r h ld s e - r Total t F u i i n c t n i i s o a a ti n l n - s - O h e o th r ld s e - r h A e o r l l d s l - t F u in i c t n i i s o a a ti n l n - s - h O ol t d h e e r r s2 1941 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6.4 1.5 4.9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.7 4.8 1.3 3.4 1950 72.8 51.7 1 4 19 8 66.7 45.2 35 4 9.8 21.6 14 0 7.6 6 1 2 3 3 7 1951 82.3 59.5 2.0 20.8 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.7 2.6 4.1 1952 91.4 66.9 2.4 22.1 84.2 58.5 46.8 11.7 25.7 17.2 8.4 7.3 2.8 4.4 1953.. 101.3 75.1 2.8 23.5 93.6 66.1 53 6 12.5 27.5 18.5 9.0 7 8 3 0 4 8 1954 113.8 85.8 2.8 25.2 105.5 75.7 62.5 13.2 29.8 20.0 9.8 8.3 3.3 5.0 1955 130.0 99.4 3.1 27.5 120.9 88.2 73.8 14.4 32.7 21.9 10.8 9.1 3.6 5.4 1956 144.5 111.2 3.6 29 7 134.6 99.0 83 4 15.6 35.6 23 9 11.7 9 9 3 9 6 0 195JP 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 v 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.P 158.6 121.6 4.9 32.1 148.0 109.2 91.5 17.6 38.8 26.0 12.8 10.6 4.1 6.6 P Preliminary. Federal agencies represent HOLC, FNMA, and VA (the bulk of the 1 Derived figures, which include negligible amount of farm loans held amounts through 1948 held by HOLC, since then by FNMA). Other by savings and loan associations. Federal agencies (amounts small and separate data not readily available 2 Derived figures, which include debt held by Federal land banks and currently) are included with individuals and others. Farmers Home Administration. Sources.—Federal Deposit Insurance Corporation, Federal Home Loan NOTE.—Figures for first three quarters of each year are Federal Reserve Bank Board, Institute of Life Insurance, Departments of Agriculture estimates. Financial institutions represent commercial banks (including and Commerce, Federal National Mortgage Association, Veterans Adnondeposit trust companies but not trust departments), mutual savings ministration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - f n a o r n m - Farm sured anteed tional sured anteed tional 1941 4,906 3,292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 7Q7 24 1950 13,664 10,431 2,264 QfiR 8,261 7,054 1,164 44 1951 14,732 11,270 ' 4J929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 I 274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 1,444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 [,740 56 1 1 9 9 5 5 5 6 2 22 1 , , 7 0 1 0 9 4 1 1 5 7 , , 8 0 8 0 8 4 4 4 , , 5 8 6 0 0 3 3 3 , , 7 9 1 0 1 2 7 8 , , 6 3 1 0 7 0 4 3 , , 3 8 7 1 9 9 1 1 , , 2 3 9 3 7 6 1 1 7 9 , , 4 74 5 5 7 1 1 5 7 , , 5 7 6 0 8 3 4 4, , 4 1 0 5 9 0 7 5 , , 1 7 3 7 9 3 5 6, , 1 6 5 4 5 5 1,8 Q 3 K 1 4 5 5 8 9 1957* 23,337 17,147 4,823 3,589 8,735 4,823 1,367 21,169 19,010 4,669 7,790 6,551 2,102 57 1956 Sept 22,500 16,860 4,760 3,890 8,210 4,282 1,358 19,225 17,218 4,350 6,840 6,028 1,944 63 Dec 22,719 17,004 4,803 3,902 8,300 4,379 1,336 19,745 17,703 4,409 7,139 6,155 1,984 59 1957—Mar 22,670 16,880 4,770 3,810 8,300 4,440 ,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 SeDt 23,105 17,070 4,750 3,660 8,660 4,660 1,375 20,812 18,687 4,575 7,660 6,452 2,068 57 Dec 23,337 17,147 4,823 3,589 8,735 4,823 [.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 * 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

966 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total gnar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5 860 1 394 4 466 776 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,026 8,176 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,131 9,399 1,527 1952... 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,347 10,518 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,623 6,108 971 1,839 3,298 515 29,445 27,172 6,395 6,074 14,703 2,273 1956 6,715 6,201 842 1,652 3,707 514 32,989 30,508 6,627 7,304 16,577 2,481 1957 5,231 4,823 686 833 3,304 408 35,230 32,640 6,766 7,750 18,124 2,590 1957 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 2,562 435 412 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 June 366 339 95 20 224 27 35,983 33.330 7,027 7,674 18,629 2,653 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDING OF $20,000 OR LESS [In millions of dollars] [In millions of dollars] Loans made Loans outstanding (end of period) Total By type of lender (without seasonal adjustment) Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in r A e - d - a g n V u t A e a e r - - d ti < v o - e n « T „ a l 2 Yme °narth or Se a a a l d s ly o - n- W se a a i d t s j h o u o n s u t a - t l in l S o g a s a v n - & I c n a o n s m u ce r - - C m c o i e a m r l - - M i s u n a t g v u s - al justed * ment2 assns. panies banks banks 1941 1 379 437 581 4 578 1945 1 913 181 1,358 5,376 1941 4,732 1,490 404 1,165 218 1945 5,650 2,017 250 1,097 217 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1951 5 250 1 657 2 357 15,564 866 3,133 11,565 1950 16,179 5 060 I 618 3,365 I 064 1952 6 617 2 105 2 955 18 396 904 3 394 14 098 1951 16 405 5 295 615 3 370 I 013 1953 7 767 2 475 3 488 21,962 ,048 3,979 16,935 1952 18,018 6,452 ,420 3,600 1,137 1954 8 969 3 076 3 846 26 194 ,172 4 721 20,301 1953 19,747 7 365 480 3 680 I 327 1955 11 432 4 041 5 241 31 461 405 5 891 24 165 1954 22 974 8 312 [ 768 4 239 I 501 1956 10 545 3 771 4 727 35,729 ,486 6,643 27,600 1955 28,484 10,452 932 5 617 I 858 1957 10 402 3 562 4 708 40 119 ,643 7 013 31 463 1956 27 088 9 532 I 799 5 458 I 824 1957 24,244 9,217 472 4,264 42Q 1957 1957 June 925 319 415 37,886 1,530 6,889 29,467 July 969 318 462 38 280 1,545 6 904 29,831 May 2,012 2,144 840 125 374 121 1 001 331 470 38,743 1,560 6,920 30,263 June 2,027 2,028 795 119 363 126 Sept 891 292 423 39,106 ,573 6,933 30,600 July 2,008 2,211 852 130 390 142 Oct 980 341 443 39 532 ,591 6 946 30,995 Aug 2,026 2,208 883 132 378 137 Nov 768 250 358 39,835 ,597 6,963 31,275 Sept 2,013 2,026 796 124 354 121 Dec 734 248 324 40,119 ,643 7,013 31,463 Oct 2,003 2,226 855 132 395 131 Nov 1,995 1,877 686 117 333 117 1958 Dec 1,954 1,851 666 125 325 113 Jan 723 245 308 40,369 651 7,048 31,670 1958 Feb 704 233 289 40,623 ,685 7,015 31,923 Mar 819 281 318 40 967 1,715 7,005 32,247 Jan 1,976 1 782 628 111 322 98 Apr 920 316 354 41,367 1,749 6,982 32,636 Feb 1,959 1,701 638 101 304 87 May 1 019 346 406 41,908 1,789 6,978 33,141 Mar 1,971 1,866 705 108 345 94 1 107 379 461 Apr 1 993 2 022 787 106 385 103 May 2,151 845 113 418 120 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 967 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home mortgages Proj- Prop- mortgages Government- Year or month erty underwritten Total p e N r r t o e i w e p s - p i e s E r r t t o i x i n p e - g s - g m t a y g o p e r o s t- i p l m o r i o a m e n v n - e s t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E e u n a a d r r t o o e f r r Total t C i v o e o n n n a - - l FHA- VA- Total in- guar- 1945 665 257 217 20 171 192 sured anteed 1950 4,343 1,637 856 1,157 694 3,072 1,865 1 202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1945 18.6 4.3 4.1 .2 14.3 1952 3,113 969 974 322 848 2,719 1,823 890 1953 3,882 1,259 1,030 259 1,334 3,064 2,044 1,014 1950 45.2 18.9 8.6 10.3 26.3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951.. 51 7 22 9 9 7 13 2 28 8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58.5 25.4 10 8 14 6 33.1 1956 3,461 1,133 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 June 247 60 104 18 65 276 213 62 1956 99 0 43 9 15 5 28 4 55 1 July 333 67 124 76 65 268 206 62 1957** 107.6 47.2 16.5 30.7 60.4 340 63 122 67 88 251 193 58 Sept 273 57 116 14 85 295 228 66 1956—Sept 96.6 42.5 15.2 27.3 54.1 Oct 422 87 145 79 111 280 229 50 Dec 99.0 43.9 15 5 28 4 55.1 Nov 329 86 145 33 65 213 182 30 Dec 332 97 152 12 71 176 155 20 1957—Mar.P.... 101.0 45.1 15.7 29.4 55.9 Junep. ... 103.3 45.9 15.9 30.0 57.4 1958—Jan 418 120 186 56 55 160 142 18 Sept.* 105.6 46.5 16.1 30.4 59.1 Feb 386 115 164 43 64 142 129 13 Dec.p 107.6 47.2 16.5 30.7 60.4 Mar 435 127 192 62 53 123 110 13 Apr 423 119 186 57 61 85 72 13 1958—Mar.*.... 109.2 47.7 17.1 30.6 61.5 M!ay 431 110 201 55 65 73 57 15 June 551 126 217 128 81 97 71 27 p Preliminary. NOTE.—For total debt outstanding figures for first 2 1 T M h o e n se t h l l o y a n fi s g u a r r e e s n d o o t n o o rd t i r n e a fl r e i c ly t m se o c r u t r g e a d g b e y a m m o en rt d g m ag e e n s t . s included in annual totals. t F h o r r e e c o q n u v a e r n te ti r o s na o l f , y fi e g a u r r e a s r e a re F e d d e e r r i a v l e d R . eserve estimates. 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 * FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage Advances outstanding Mortgage holdings transactions Com- (end of period) End of year ( p d e u ri r o in d g ) m m e i n t- ts Year or month Ad- R m e e p n a ts yor month Total F su H in r A e - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total S te h r o m rt i - L te o r n m g - 2 1945 278 213 195 176 19 1950 1,347 169 1,177 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 ,417 991 426 1956 3,047 978 2,069 609 5 360 1956 745 934 ,228 798 430 1957 3,974 1,237 2,737 1,119 2 764 1957 1,116 1,079 ,265 731 534 1957 June 3,605 1.100 2,505 69 1 525 1957—June, 135 48 ,079 614 465 July 3,654 ,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 1,143 689 454 Dec 3,974 1,237 2,737 80 764 Dec. 196 74 1,265 731 534 •1958 Jan 4,038 1,283 2,755 77 786 1958—Jan.. 58 417 906 527 379 Feb 4,071 ,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 June 3,753 1,309 2,444 22 176 1,142 June 178 50 929 372 557 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

968 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars] Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e i co p g O n a o s p t o u h e d m e r s r i er e a r n R l n o d i e a z p m a n a t s o i i 2 o r d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d 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 ,016 2,814 6,692 1,821 3,291 1,580 1951 22,617 15,294 5,972 4,880 ,085 3,357 7,323 1,934 3,605 1,784 1952 27,401 19,403 7,733 6,174 ,385 4,111 7,998 2,120 4,011 1,867 1953 31,243 23,005 9,835 6,779 ,610 4,781 8,238 2,187 4,124 1,927 1954 32,292 23,568 9,809 6,751 ,616 5,392 8,724 2,408 4,308 2,008 1955 38,670 28,958 13,472 7,634 ,689 6,163 9,712 3,002 4,579 2,131 1956 42,097 31,827 14,459 8,510 ,895 6,963 10,270 3,253 4,735 2,282 1957 44,776 34,105 15,496 8,687 ,984 7,938 10,671 3,502 4,760 2,409 1957_june. 42,491 32,608 15,127 8,165 ,905 7,411 9,883 3,530 3,948 2,405 July. 42,668 32,968 15,329 8,189 ,921 7,529 9,700 3,406 3,886 2,408 Aug.. 43,101 33,303 15,490 8,229 ,954 7,630 9,798 3,458 3,925 2,415 Sept.. 43,270 33,415 15,556 8,228 ,969 7,662 9,855 3,493 3,942 2,420 Oct.. 43,274 33,504 15,579 8,236 ,988 7,701 9,770 3,405 3,991 2,374 Nov.. 43,530 33,596 15,542 8,300 ,996 7,758 9,934 3,458 4,135 2,341 Dec. 44,776 34,105 15,496 8,687 ,984 7,938 10,671 3,502 4,760 2,409 1958—Jan.. 43,966 33,737 15,326 8,499 ,963 7,949 10,229 3,514 4,264 2,451 Feb.. 43,043 33,302 15,122 8,277 ,936 7,967 9,741 3,542 3,710 2,489 Mar.. 42,562 32,983 14,889 8,192 ,915 7,987 9,579 3,542 3,528 2,509 Apr.. 42,665 32,932 14,788 8,134 ,914 8,096 9,733 3,501 3,694 2,538 May. 43,027 32,957 14,713 8,176 ,933 8,135 10,070 3,616 3,956 2,498 June. 43,122 33,054 14,691 8,203 ,942 8,218 10,068 3,645 3,949 2,474 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^*2, and December 1957, pp. 1420-22. in part for business. A detailed description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper. INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total E o n r d m o o f n y t e h ar i c m n r s e e t d a n i l t t - Total m b C e a o r n m c k ia s - l f p i c S n a o a a n m l n i e e c s - s e u C n r i e o d n i s t p f s i c a C n u n o a o m i m n n e e c s - - r e l Other 1 Total D s m t e o p e r a n e r s t t 2 - F s t t u u o r r r n e e i s - H 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 e to i r l s - e 3 Other 1939 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6 085 4 480 1 726 1,797 198 759 1 605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 746 827 267 287 771 1951 15 294 12,124 5,771 3,654 635 1,555 509 3,170 924 810 243 290 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 I 070 1954 23,568 19,450 8,796 6,144 1,342 2,257 911 4,118 1,242 984 377 463 1,052 1955 28,958 24,450 10,601 8,443 1,678 2,656 1,072 4,508 I 511 1 044 365 487 I 101 1956 31,827 27,084 11,707 9,100 2,014 3,056 1,207 4,743 1,408 ,187 377 502 I 269 1957 34,105 29,375 12,714 9,573 2,472 3,332 1,284 4,730 1,393 ,146 374 529 1,288 1957_ 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 ,249 4,242 1,144 ,072 361 525 1,140 AUK 33,303 29,014 12,607 9,565 2,344 3,234 1,264 4,289 161 083 360 530 I 155 Sept 33,415 29,128 12,656 9,598 2,377 3,231 1,266 4,287 1,167 ,077 363 533 1,147 Oct . 33 504 29,241 12,749 9,585 2,415 3,229 1,263 4 263 1 134 I 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 I 288 1958—Jan 33,737 29,125 12,611 9,464 2,446 3,320 [,284 4,612 1,381 I 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 1,156 Mar 32,983 28,621 12,310 9,284 2,461 3,286 1,280 4,362 1 343 045 359 504 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 May . ... 32,957 28,674 12,442 9,129 2,531 3,273 1,299 4,283 1,278 1,034 353 494 1,124 June 33,054 28,750 12,494 9,105 2,565 3,279 1,307 4,304 1,310 I 035 351 492 I 116 * 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 969 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] End of year i T ns o t t a a l l - Aut p o a m pe o r bile O co th n e - r R m a e n p od a d i - r Per- E o n r d m of o n y t e h ar i T m ns o e t t n a a l t l - m A o u b to il - e s O c u o t m h n e e - r r m R o a e d p n e a d r i n r - s P o e n r a - l or month c m re e d n i t t Pur- Direct g p o a o p d er s er t n io iz n a- loans credit paper g p o a o p d er s iz lo a a ti n o s n loans chased loans 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1950 3,711 2,956 532 61 162 1950 5 798 1 177 1,294 1 456 834 1,037 1951 3,654 2,863 452 63 276 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,711 3,630 680 60 341 1952 7,524 1,633 1,629 1,751 ,137 1,374 1953 5,927 4,688 816 46 377 1953 8 998 2 215 1,867 2,078 ,317 1,521 1954 6,144 4,870 841 31 402 1954 8,796 2,269 1,668 1,880 ,303 1,676 1955 8,443 6,919 1,034 25 465 1955 10,601 3,243 2,062 2,042 ,338 1,916 1956 9,100 7,283 ',227 23 567 1956 11,707 3,651 2,075 2,394 ,469 2,118 1957 9,573 7,470 ,413 20 670 1957 12,714 4,054 2,335 2,435 ,527 2,363 *> 1957—June 9,300 7,376 ,296 22 606 1957—June 12,323 3,921 2,282 2,395 ,466 2,259 July. 9,476 7,466 ,369 22 619 July .. . 12,508 3,976 2,310 2,456 ,480 2,286 Aug. 9,565 7,532 ,384 22 627 Aug 12 607 4,026 2,330 2,434 ,503 2,314 Sept. 9,598 7,557 ,389 22 630 Sept 12,656 4,050 2,334 2,437 ,514 2,321 Oct.. 9,585 7,537 ,390 23 635 Oct 12 749 4 082 2,334 2 471 531 2,331 Nov. 9,564 7,510 ,388 21 645 Nov 12,717 4,067 2,333 2,448 ,537 2,332 Dec. 9,573 7,470 ,413 20 670 Dec .... 12,714 4,054 2,335 2,435 ,527 2,363 1958—Jan.. 9,464 7,363 ,404 20 677 1958 Jan 12,611 4,016 2,330 2,378 ,508 2,379 Feb., 9,405 7,237 ,464 20 684 Feb 12,415 3,966 2,312 2,272 ,484 2,381 Mar. 9,284 7,080 ,492 19 693 Mar 12,310 3,906 2,305 2,236 1,467 2,396 Apr. 9,200 6,968 ,515 20 697 Apr 12,421 3,893 2,321 2,281 1,465 2,461 May 9,129 6,888 ,520 20 701 May 12,442 3,889 2,325 2,262 1,477 2,489 June 9,105 6,844 ,532 20 709 June 12,494 3,892 2,335 2,253 I 485 2,529 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 r s r m R iz lo o a e a a d p n ti n e a d o r i s n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar 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 c m ( o i s e a m e i r l n - n - g t le lo - O p a a n t y h s - ) er m p D a e a e r n c ( - t- c t c h o a u r n g O t e s t ) her S c e r r e v d i i c t e banks 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—June 6,640 1,030 647 417 4,546 1957 10,671 3,095 407 876 3,884 2,409 July 6,742 1,052 647 419 4,624 Aug . 6,842 1,072 652 429 4,689 1957—June 9,883 3,029 501 579 3,369 2,405 Sept 6,874 1,082 648 433 4,711 July 9,700 2,996 410 533 3,353 2,408 N Oc o t v 6 6, , 9 9 5 0 8 7 1 1 , , 0 1 9 0 3 1 6 63 4 8 5 4 43 3 8 4 4 4 ,7 7 3 8 5 1 A Se U p E t 9 9 , , 7 8 9 5 8 5 3 3 , ,0 0 2 0 3 2 4 4 5 7 6 0 5 58 3 8 5 3 3 , , 3 3 9 5 0 4 2 2 , , 4 4 1 2 5 0 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 June 7,151 1,128 606 437 4,980 Apr 9,733 3,067 434 580 3,114 2,538 May 10,070 3,103 513 584 3,372 2,498 June 10,068 3,172 473 575 3,374 2,474 NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer 1 Includes mail-order houses. instalment loans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

970 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir ti o a n n d loans Personal loans Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21 558 8 530 7 150 835 5 043 1951 23,576 8,956 7,485 841 6,294 1952 29,514 11,764 9,186 ,217 7,347 1953 31,558 12,981 9,227 1,344 8,006 1954 31,051 11,807 9,117 ,261 8,866 1955 39,039 16,745 10 634 ,388 10 272 1956 40,063 15,563 11,590 ,568 11,342 1957 42,411 16,681 11,599 L .518 12,613 1957 June ... .... 3,547 3,674 1,356 1.494 1,007 998 128 133 1,056 1,049 July 3,599 3,837 1,381 ,563 999 995 130 143 1,089 1 136 3,591 3,704 1,355 ,467 1,027 1,022 137 150 1,072 1,065 Sept 3,546 3,388 1,392 ,364 973 927 127 138 1,054 959 Oct 3,541 3,545 1,435 ,404 912 976 126 141 1,068 1,024 Nov . .... 3,559 3,439 1,404 ,250 964 1,020 120 123 1,071 1,046 Dec 3,615 4,069 1,423 ,305 959 1,333 118 112 1,115 1,319 1958 Jan 3,504 3,108 1,346 ,190 940 799 131 102 1,087 1,017 Feb 3,235 2,754 1,179 ,020 900 717 116 91 1,040 926 Mar ... 3,193 3,164 1,077 ,104 981 902 115 105 1,020 1,053 Apr 3,278 3,345 1,161 ,222 914 874 125 124 1,078 1,125 May 3,252 3,386 1,113 ,212 994 1,008 126 136 1,019 1,030 June • • . 3,265 3,484 1,109 .266 957 969 129 139 1,070 1,110 Repayments 1950 18 445 7 011 6 057 717 4 660 1951 22,985 9,058 7 404 772 5 751 1952 25,405 10,003 7,892 Q17 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 [,429 11,638 1957 June 3,339 3,224 1.289 1,250 951 914 120 114 979 946 July 3,382 3,477 L ,317 1,361 964 971 125 127 976 1,018 3,343 3,369 1,276 1,306 976 982 117 117 974 964 Sept . ... .... 3,418 3,276 1,318 1,298 990 928 124 123 986 927 Oct 3,358 3,456 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 1,360 925 987 120 123 1,008 1,006 Feb 3,401 3,189 1,317 1,224 966 939 125 118 993 908 Mar 3,373 3,483 1,300 1,337 952 987 123 126 998 1,033 Apr 3,401 3,396 ,338 1,323 921 932 126 125 1,016 1,016 May 3,352 3,361 ,296 1,287 941 966 118 117 997 991 June 3,392 3,387 .278 1,288 963 942 132 130 1,019 1,027 Change in outstanding credit1 1950 + 3,113 + 1,519 + 1,093 + 118 + 383 1951 +591 — 102 + 81 +69 + 543 1952 +4,109 + 1,761 + 1,294 + 300 +754 1953 +3,602 +2,102 +605 +225 +670 1954 + 563 -26 -2-8 +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 June +208 +450 +67 +244 +56 + 84 +8 + 19 +77 + 103 July +217 +360 +64 +202 +35 +24 + 16 + 113 + 118 Aug +248 +335 +79 + 161 +51 +40 +33 +98 + 101 Sent + 128 + 112 +74 +66 -17 +3 + 15 +68 + 32 Oct . ... + 183 +89 + 118 -33 +8 +8 + 19 +90 + 39 Nov + 165 +92 + 112 -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 -58 -1 +62 + 109 May -100 +25 -183 -75 +53 +42 +8 + 19 +22 + 39 June -127 +97 -169 -22 -6 +27 -3 +9 + 51 +83 1 Obtained by subtracting instalment credit repaid from instalment in the BULLETIN for January 1954, pp. 9-17. Estimates of instalment credit extended. credit extended and repaid are based on information from accounting the N O B T U E. L — LE M TI o N n t f h o ly r O fig c u to re b s e r fo 1 r 95 19 6 4 ; 0 f - o 5 r 4 1 a 9 re 5 5 s - h 5 o 6 w , n i n on th e p p B . U 1 L 0 L 4 E 3 T - I 5 N 4 f o o f r r in e c c u o r r r d e s d o f u r n e d ta e i r l o th u e tl e i t n s s a ta n l d m f e i n n t a n c c o ia n l t r in ac st t i . tut R io e n n s e a w n a d ls o f a te n n d i r n e c f l i u n d a e n c c i h n a g r g o e f s 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 971 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER [Estimates of short- and intermediate-term credit, in millions of dollars. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation and differences in trading days] Total Commercial banks Sa c l o e m s p fi a n n a i n e c s e Oth in er s ti f t i u n t a i n o c n i s al Retail outlets Year or month Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Adjusted U ju n st a e d d - Extensions 1950 21,558 8,135 5,098 3,826 4,499 1951 23,576 8,358 5,467 4,788 4,963 1952 29,514 11,123 6,982 5,659 5,750 1953 31.558 12,099 7,560 6,375 5,524 1954 31,051 11,267 7,260 6,983 5,541 1955 39,039 14,109 10,200 8,449 6,281 1956 40,063 14,387 9.600 9,474 6,602 1957 42,411 15,188 10,200 10,453 6,570 1957 June 3,547 3,674 1.268 1,333 830 904 870 871 579 566 Julyi 3,599 3,837 I 291 1,382 890 1,022 905 946 513 487 AuE 3,591 3,704 11284 1,320 819 903 907 906 581 575 Sept 3,546 3,388 1,289 1,239 834 829 869 797 554 523 Oct.i 3,541 3,545 1,325 1,302 856 860 871 850 489 533 Nov 3,559 3,439 1,252 1,150 835 779 893 877 579 633 Dec 3,615 4,069 1,252 1,228 873 865 902 1,069 588 907 1958—Jan. i 3,504 3.108 1,247 1,174 828 720 875 793 554 421 Feb i 3,235 2,754 1,146 1,008 769 642 819 730 501 374 Marl 3,193 3,164 1,109 1,132 742 724 805 828 537 480 Apr i .... 3,278 3,345 1,204 1,286 769 759 848 871 457 429 J M u a n y e 3 3, , 2 2 6 5 5 2 3 3 , , 4 38 8 6 4 1 1, , 1 1 7 5 1 3 1 1, , 2 2 7 2 7 8 7 68 1 8 5 7 7 4 7 3 6 8 84 1 5 3 882789 5 56 7 1 1 5 55 8 2 7 Repayments 1950 18,445 6,776 4,331 3,404 3,934 1951 22,985 8,385 5^24 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—June 3,339 3,224 1.196 1.153 805 780 800 776 538 515 Julyi 3,382 3,477 1,189 ,242 831 846 817 844 545 545 3,343 3,369 1,196 ,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 ,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 ,237 844 829 837 831 524 579 Feb i 3,401 3,189 1,232 1,147 820 758 799 736 550 548 Mar i 3,373 3,483 1,198 ,219 813 845 818 845 544 574 Apr. i 3,401 3,396 1.203 ,215 862 843 819 818 517 520 May 3,352 3,361 1,201 ,207 830 814 806 805 515 535 June . . 3,392 3,387 1,220 .225 793 800 824 831 555 531 Change in outstanding credit2 1950 +3,113 + 1.JS9 +767 +422 +563 1951 +591 -403 +272 1952 +4,109 + 1,753 +1,057 h647 +652 1953 +3,602 +1,474 + 1,216 -692 +220 1954 +563 -202 +217 +76 1955 +5,390 + 1,805 +2,299 h896 +390 1956 +2,869 + 1,106 +657 h-871 +235 1957 +2,278 + 1,007 +473 +811 -13 1957 June +208 +450 +72 + 180 +25 + 124 +70 +95 +41 +51 Julyi +217 +360 +147 + 185 +59 +176 -88 +102 -77 -103 +248 +335 +88 +99 +22 +89 H88 +100 +50 +47 Sent + 128 +112 +61 +49 +26 +33 +32 -13 -2 Oct. 1 + 183 +89 + 142 +93 +36 -13 -61 +33 -56 -24 Nov + 165 +92 +44 -32 +40 -21 h55 +51 +26 +94 Dec + 117 +509 +20 -3 +25 +9 +59 +130 +13 +373 1958—Jan.i +83 -368 -9 -103 -16 -109 +38 -38 +70 -118 Feb i -166 -435 -143 -196 +6 -59 +20 -6 -49 -174 Mar i — 180 -319 -107 -105 -71 -121 -13 -17 + 11 -76 Apr. i -123 -51 +41 + 111 -93 -84 +29 +53 -100 -131 May -100 +25 -48 +21 -115 -71 +7 +23 +56 +52 June -127 +97 -49 + 52 -105 -24 +21 +48 +6 +21 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

972 BUSINESS ACTIVITY SELECTED BUSINESS INDEXES [1947-49= 100,unless otherwise notec1. Theterms ''adjusted" and"unadjusted" 1-efer toadjustment of monthly figures 1or seasonal variation] In ( d p u h s y t s r i i c a a l l p v r o o lu d m uc e t ) i * on aw C a o r c d n o e s n t d t r r u a (v c c t a t i s l o u n e)1 Employment and payrolls2 Depart- Wholeor Y m e o ar nth Total Tot M al an r u D a f b a u c l - e ture N r s d a o b u n l - e - M era in ls - Total R d t e i e a n s l i - - o A th l e l r N p m t a e c u l g m u o e o r r n n l a y i - - - t - l - pr E o M m d m a u p e n c n l u t o t i f y o a - n c tu w r o i r n P r k g o a e l y r ls s - F i l n c o r a e g a i r s d g - * - ht v s ( m s r a a t e l l o 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 i d c 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 no 36 75 0 1926 51 50 52 48 63 69 73 67 67 5 65 5 33 0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67.9 64.1 32 4 111 37 74 2 62.0 1928 53 52 53 51 63 73 76 70 67.9 64.2 32.8 112 37 73 3 62.9 1929 . .. 59 58 60 56 68 63 52 70 71 0 68 3 35 0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.6 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60.3 50.2 21.5 79 32 65 0 47.4 1932 31 30 19 42 42 15 8 20 53 4 42 6 14 8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.6 47.2 15.9 62 24 55.3 42.8 1934 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48.7 1935 47 46 38 55 55 20 13 25 61.3 58.8 23.5 69 29 58.7 52.0 1936 56 55 49 61 63 30 22 35 65.8 63.9 27.2 81 32 59.3 52.5 1937 61 60 55 64 71 32 25 36 70.2 70.1 32.6 84 35 61.4 56.1 1938 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60 3 51.1 1939 . . 58 57 49 66 68 39 37 40 69 3 66 2 29 9 76 35 59 4 50 1 1940 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59.9 51.1 1941 87 88 91 84 81 66 54 74 82.8 87.9 49 3 98 44 62 9 56.8 1942 106 110 126 93 84 89 49 116 90.9 103.9 72.2 104 49 69 7 64.2 1943.. 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74.0 67.0 1944 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67.6 1945 107 110 123 96 92 36 16 50 91 5 104 0 87 8 102 70 76 9 68 8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78.7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96.4 1948 . . 104 103 104 102 106 102 98 105 101 6 102 8 105 1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99.0 93.8 97.2 88 99 101 8 99.2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 107 102 8 103.1 1951 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 112 111 0 114.8 1952 . . 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 114 113.5 111.6 1953 134 136 153 118 116 192 178 201 113.6 111.8 151.4 96 118 114 4 110.1 1954 125 127 137 116 111 215 232 204 110.7 101.8 137.7 86 118 114.8 110.3 1955 139 140 155 126 122 261 280 248 114.4 105.6 152.9 95 128 114.5 110.7 1956 143 144 159 129 129 199 199 199 118.3 106.7 161 4 97 135 116 2 114 3 1957 143 145 160 130 128 101 101 101 119.2 104.4 162.7 90 136 120.2 117.6 1957 July 145 135 147 162 131 128 109 119 102 119.9 104.8 103.4 160.9 85 138 120.8 118.2 AUR 145 145 147 163 132 129 106 119 97 119.9 104.4 105.3 164.6 92 144 121.0 118.4 Sept 144 146 146 160 131 129 96 107 89 119.4 103.3 105.0 164.7 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 Fcb 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 r109 r109 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 92.3 90.9 140.9 73 134 123.6 119.5 June 131 132 134 139 129 112 144 126 156 115.0 92.8 92.2 144 7 77 123 7 119 2 July ^115.3 HAS A 70 *140 119.2 •Estimated. * Preliminary. T 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. Nonagricultural employment covers employees only and excludes person- 1 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 973 INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] Annual 19 p 4 ro 7 - -49 average 1957 1958 Industry portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 143 143 145 145 145 144 142 139 135 133 130 128 126 128 131 MANUFACTURES—TOTAL 90.02 144 145 147 147 147 146 143 141 137 135 131 129 128 130 134 Durable Manufactures—Total 45.17 159 160 163 162 163 160 156 154 146 142 137 135 131 139 Primary metals 6.70 138 131 132 134 136 131 128 111 107 100 95 91 86 91 103 Metal fabricating 28.52 172 176 179 179 178 176 172 170 163 159 153 150 146 148 151 Fabricated metal products 5.73 135 139 139 141 140 139 137 141 135 129 124 111 118 120 125 Machinery 13.68 171 168 171 173 172 170 164 163 156 151 144 141 137 137 141 Nonelectrical machinery 9.04 153 150 153 152 151 150 148 143 137 130 127 126 122 122 125 Electrical machinery 4.64 207 204 207 215 215 209 197 203 194 192 177 170 166 167 171 Transportation equipment 7.54 199 213 220 216 216 212 208 203 194 191 185 183 178 182 184 Autos, trucks, and parts 4.80 125 128 132 128 131 129 126 125 113 107 99 93 86 93 92 Other transportation equipment 2.74 310 344 355 351 345 340 334 322 315 318 312 316 316 "314 322 Instruments and related products 1.29 166 172 173 173 174 173 170 170 168 166 163 160 159 '158 161 Clay, glass, and lumber products 5.91 140 133 140 133 136 134 131 128 124 125 120 120 '120 724 128 Stone, clay, and glass products 2.82 158 155 156 155 159 159 155 151 148 142 134 133 135 139 145 Lumber and products 3.09 123 114 125 113 116 112 109 107 103 110 108 109 105 110 113 Furniture and misc. manufactures 4.04 135 132 133 133 735 135 132 129 125 123 120 121 121 722 126 Furniture and fixtures 1.64 122 120 121 122 123 111 120 118 116 114 111 111 110 113 117 Miscellaneous manufactures 2.40 144 140 142 141 143 143 140 136 131 129 126 128 129 129 133 Nondurable Manufactures—Total 44.85 129 130 131 131 132 151 130 128 127 127 125 124 125 126 129 Textiles and apparel 11.87 108 105 106 107 106 106 104 101 97 97 97 95 98 99 102 Textile mill products 6.32 104 99 100 101 101 101 98 95 91 92 91 92 92 95 Apparel and allied products 5.55 112 111 113 113 112 112 110 107 104 103 103 99 106 106 110 Rubber and leather products 3.20 117 118 119 119 122 120 117 116 108 108 106 106 102 104 111 Rubber products 1.47 133 135 135 136 141 138 135 131 117 116 114 116 111 113 125 Leather and products 1.73 104 104 106 105 106 104 103 103 100 100 98 98 94 97 Paper and printing 8.93 145 148 148 146 149 149 149 149 146 146 144 142 143 143 146 Paper and allied products 3.46 159 158 159 156 163 161 161 162 152 155 153 149 152 153 158 Printing and publishing 5.47 136 141 141 140 141 142 142 141 142 140 139 138 137 137 138 Newsprint consumption 1.85 132 131 132 129 129 131 130 129 131 126 124 124 123 124 125 Job printing and periodicals 3.62 138 146 146 146 146 147 148 148 148 147 146 145 145 144 145 Chemical and petroleum products 9.34 167 172 172 174 175 174 173 171 169 168 164 163 164 165 168 Chemicals and allied products 6.84 177 184 184 185 186 185 185 184 181 182 111 116 111 111 180 Industrial chemicals 2.54 196 203 204 205 206 207 206 201 196 195 186 183 -181 180 Petroleum and coal products 2.50 141 141 139 142 143 141 139 135 137 131 129 127 127 133' Foods, beverages, and tobacco 11.51 112 112 113 113 112 113 111 110 113 114 113 113 113 ni4 116 Food and beverage manufactures 10.73 113 112 114 113 113 113 111 110 114 114 114 113 113 r114 116 Food manufactures 8.49 113 112 113 114 112 112 111 110 113 113 112 112 115 114 116 Beverages 2.24 112 113 116 109 113 113 112 110 118 116 118 114 108 114 Tobacco manufactures .78 107 111 112 114 111 114 110 107 106 112 112 112 117 115 MINERALS—TOTAL 9.98 129 128 127 128 129 129 127 123 123 122 119 112 109 109 112 Mineral fuels 8.35 129 128 127 127 128 129 128 123 122 121 111 '108 109 112 Coal 2.68 85 83 86 84 84 82 80 77 71 69 70 63 62 66 Anthracite .36 55 49 60 40 50 48 45 43 40 43 41 40 41 45 Bituminous coal 2.32 90 88 90 90 89 88 85 82 76 73 74 67 '65 70 Crude oil and natural gas 5.67 150 150 146 148 149 151 150 145 146 145 131 130 r131 134 Crude oil 4.12 137 138 136 134 134 136 136 132 131 130 116 117 r118 121 Natural gas and gas liquids .70 190 198 194 197 198 196 199 198 193 Metal, stone, and earth minerals 1.63 127 129 131 132 133 129 125 120 125 127 119 113 107 111 Metal mining .82 114 116 111 122 111 115 107 100 110 110 100 88 73 78 Stone and earth minerals .81 141 142 142 143 146 144 143 140 141 144 138 139 r142 143 Preliminary. ' Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

974 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o - - 49 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL... 100.00 143 143 145 135 145 146 146 142 134 132 131 129 127 127 132 MANUFACTURES—TOTAL 90.02 144 145 146 137 147 148 148 144 135 134 132 131 129 129 133 Durable Manufactures—Total 45.17 159 160 162 151 160 160 159 156 147 143 139 138 133 133 138 6.70 138 131 136 118 128 128 129 121 106 102 99 95 89 93 106 Ferrous metals 5.03 135 130 134 118 127 126 126 118 102 95 91 89 81 87 100 3.51 142 140 141 130 135 136 135 126 108 99 94 92 83 91 105 Pig iron .37 131 137 139 136 137 139 132 121 107 98 91 90 80 83 93 Steel 3.05 143 139 140 128 134 134 134 126 107 99 93 91 82 91 105 2.62 139 138 141 129 133 134 132 125 107 96 92 90 83 91 108 Alloy steel .43 167 143 136 123 137 132 143 132 108 111 100 95 77 86 91 Ferrous castings and forgings 1.52 119 108 119 90 106 105 106 99 87 85 85 83 78 r78 87 Tron and steel castings 1.29 117 107 117 90 107 104 105 99 87 84 83 83 79 r79 oo Steel forgings .23 126 113 126 89 103 110 107 98 88 92 92 86 74 71 81 1.67 144 136 142 117 132 134 138 129 117 121 121 114 112 112 124 Primary nonferrous metals .38 164 164 167 157 160 153 156 159 161 160 155 149 146 r141 134 Copper smelting .09 133 129 134 114 122 120 126 125 128 134 128 122 124 112 105 .06 132 135 137 126 126 120 128 131 134 134 140 128 122 114 109 Lead .04 115 114 110 104 107 116 115 112 112 106 116 96 94 105 102 Zinc .10 123 123 128 118 115 110 113 114 120 114 106 101 101 99 96 .09 280 275 280 279 282 263 263 274 275 275 273 271 r261 256 241 Secondary nonferrous metals .13 118 111 108 86 106 114 117 112 99 98 93 88 94 Nonferrous shapes and castings 1.16 140 129 138 107 125 130 134 121 104 110 113 106 102 105 126 .63 115 104 115 73 105 109 110 98 80 88 92 83 77 84 110 Aluminum mill shapes .20 215 198 211 214 192 ?00 199 167 159 167 174 170 189 187 212 Nonferrous castings .33 146 136 140 109 125 131 140 138 118 120 117 111 99 98 Metal Fabricating 28.52 172 176 176 167 174 174 173 174 166 161 156 154 148 146 149 Fabricated metal products 5.73 135 139 139 134 141 145 \A1 139 133 127 VIA 122 118 119 125 Stampings and misc. metal products 2 2 . . 6 1 8 2 1 12 4 5 1 1 1 5 2 2 4 1 12 5 4 2 1 11 4 8 9 1 12 5 1 3 1 12 5 2 6 1 12 5 4 6 1 12 5 5 6 1 12 5 0 4 1 11 4 1 6 1 10 3 5 8 1 1 0 3 3 5 1 9 3 9 1 1 9 3 8 2 1 10 3 1 8 Tin cans .30 151 146 149 163 205 195 146 112 110 116 126 139 120 137 160 Furnaces gas ranges and heaters .63 110 99 104 81 105 122 115 99 76 80 94 97 97 96 Machinery 13.68 171 168 168 158 167 173 170 165 157 153 148 146 139 135 138 9.04 153 150 153 146 143 149 145 140 138 133 131 132 126 124 125 Farm and industrial machinery 8.13 147 146 148 144 141 143 140 136 135 130 125 124 121 118 117 Industrial and commercial machinery.... 7 1 . .0 1 2 1 1 8 5 6 6 1 8 5 4 5 1 8 5 5 7 1 8 5 2 2 1 8 5 0 0 1 8 5 2 2 1 8 4 2 8 1 7 4 8 4 1 8 4 0 3 1 8 3 0 7 1 8 3 1 2 1 8 3 3 0 1 8 2 4 6 1 r8 2 1 3 1 7 2 7 3 Machine tools and presses .68 197 182 188 179 175 175 164 154 153 144 133 128 119 115 113 .69 168 151 160 129 119 159 149 138 120 120 144 158 131 137 159 4.64 207 204 197 183 213 220 220 215 194 192 181 174 165 159 162 Electrical apparatus and parts 3.23 198 201 200 195 196 201 196 198 197 190 183 179 172 168 169 .74 224 205 180 143 256 269 282 260 176 187 159 139 125 112 123 Transportation equipment 7.54 199 213 217 205 209 194 198 213 203 196 191 189 181 181 183 Autos, trucks, and parts 4.80 125 128 130 114 123 100 110 139 124 113 108 101 92 94 93 Autos 1.50 138 146 156 134 148 84 88 171 151 132 122 106 89 99 100 Trucks .66 112 104 119 103 103 85 93 99 95 91 92 94 90 96 92 Light trucks .22 92 100 108 96 97 69 95 118 99 83 85 83 79 78 79 Medium trucks .19 58 50 62 52 48 29 46 47 40 26 29 26 26 26 29 .14 218 194 228 208 195 184 161 157 183 216 210 226 213 239 211 Truck trailers .07 167 137 156 109 146 136 122 116 101 93 101 102 103 112 113 Auto and truck parts 2.58 121 123 118 106 113 114 127 131 116 108 104 100 Other transportation equipment 2.74 310 344 351 344 341 340 334 322 322 321 315 320 316 r311 319 Aircraft and parts 1.30 548 608 615 609 606 597 592 569 571 570 562 566 561 r553 573 .81 118 129 136 131 128 126 124 121 125 123 121 128 127 130 130 Railroad equipment .53 63 77 84 73 69 83 74 71 61 64 56 58 51 39 32 .35 54 80 88 71 84 85 76 72 59 66 56 59 49 34 24 Instruments and related products 1.29 166 172 171 168 172 174 172 172 170 166 163 161 160 157 159 Clay, Glass, and Lumber Products 5.91 140 133 144 127 143 141 139 128 117 117 117 118 r120 r125 133 2.82 158 155 159 150 163 162 161 152 145 136 130 131 135 141 148 Glass and pottery products 1.09 140 141 139 132 142 141 144 140 135 130 128 124 118 118 123 Flat glass and vitreous products .60 164 161 157 149 156 163 165 165 161 150 142 137 130 126 131 Flat and other glass .47 165 164 160 151 159 167 170 170 166 153 144 137 129 127 133 Glass containers .26 132 136 144 137 154 138 143 128 117 128 132 134 126 133 144 Home glassware and pottery .23 87 92 85 78 91 90 92 90 86 79 85 82 77 .32 157 148 161 119 185 187 177 152 132 109 92 105 146 172 183 Structural clay products .35 137 128 133 134 137 135 134 126 117 105 99 102 112 115 Brick .12 134 114 123 122 129 124 126 113 95 84 77 87 115 120 .20 142 140 143 145 145 144 143 138 133 121 115 114 111 114 121 .48 194 188 200 198 201 198 193 182 172 165 156 163 170 183 194 Misc. stone and earth manufactures .58 173 174 177 173 175 175 173 166 165 157 151 151 147 147 152 r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 975 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 947-49 a A v n e n ra u g a e l 1957 1958 pro- Industry portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 3.09 123 114 131 105 125 121 119 106 92 100 105 106 r105 111 121 Lumber and products 2.05 107 96 110 88 106 103 98 89 75 81 87 89 88 93 100 Millwork and plywood .60 189 187 219 168 209 205 207 178 155 181 189 182 r183 190 209 Millwork .39 121 112 146 101 144 132 124 100 80 76 95 95 91 99 120 Softwood plywood .12 301 312 339 277 314 327 344 307 280 358 346 328 .29 91 84 88 83 83 83 82 78 77 74 69 73 73 77 79 Furniture and Misc. Manufacturing.... 4.04 135 132 130 125 136 141 139 134 128 120 121 121 118 118 123 Furniture and fixtures 1.64 122 120 118 116 124 126 125 121 120 113 112 111 108 108 113 Household furniture 1.10 121 120 117 115 124 126 127 123 122 114 113 113 108 114 Fixtures and office furniture .54 122 120 119 118 124 125 122 116 116 111 109 109 106 108 112 2.40 144 140 139 131 144 150 148 143 134 125 126 127 125 125 130 Nondurable Manufactures—Total 44.85 129 130 130 122 134 135 137 131 123 125 126 125 125 124 128 Textiles and Apparel. . 11.87 108 105 104 91 108 104 108 102 92 99 103 101 100 99 100 Textile mill products 6.32 104 99 99 86 101 101 103 98 89 93 95 94 94 r93 94 Cotton and synthetic fabrics. 3.72 108 105 104 86 105 107 106 107 97 102 103 103 96 r98 99 2.30 102 95 96 75 98 97 97 97 84 94 94 93 86 89 88 Synthetic fabrics .97 118 119 111 110 113 121 122 121 116 110 107 109 r104 r99 105 .45 98 94 102 64 94 94 86 97 90 82 102 102 '89 '104 104 Wool textiles .97 86 75 87 67 82 79 71 65 55 55 61 64 67 71 82 W^ool apparel yams .16 88 78 88 71 86 79 66 66 61 59 69 71 68 77 81 Wool fabrics .75 86 75 88 67 81 80 74 65 54 55 60 63 67 70 83 Knit goods 1.15 108 104 107 96 110 110 109 104 92 94 98 98 98 101 103 Hosiery .65 100 93 92 76 95 95 98 93 78 90 94 91 90 91 86 Full-fashioned hosiery .45 102 89 87 69 88 87 88 88 74 87 91 88 87 87 79 .20 96 102 104 92 114 116 121 107 86 99 103 99 98 100 103 Knit garments .50 119 118 125 123 128 129 125 118 111 99 104 107 107 115 126 .48 Woven carpets .31 83 71 64 46 68 75 59 59 61 62 70 69 62 48 Apparel and allied products 5.55 112 111 110 96 116 109 112 107 96 106 113 109 108 105 106 Men's outerwear 1 78 110 102 104 74 110 100 99 98 90 94 100 104 95 104 101 Men's suits and coats .73 95 86 91 55 98 78 72 73 72 69 74 71 74 83 81 Men's suits .50 93 87 88 54 93 76 73 77 76 73 78 73 72 77 73 M^en's outercoats ... .13 78 61 80 48 93 68 53 41 40 35 41 45 64 89 91 Shirts and work clothing .99 118 112 111 83 117 113 116 113 100 110 116 125 107 117 113 1.85 112 112 111 101 118 109 108 102 80 105 129 114 117 106 109 .76 128 128 127 130 148 133 134 123 85 122 156 137 96 94 123 Misc apparel and allied rofrs • 1.92 113 117 113 113 120 122 123 121 117 112 114 113 106 106 112 Rubber and Leather Products 3.20 117 118 117 101 123 121 123 116 104 112 113 112 104 noi 110 1.47 133 135 132 112 135 139 145 135 114 123 120 118 115 112 122 Tires and tubes .70 121 123 123 109 120 124 129 119 106 106 112 108 103 102 117 Auto tires .40 123 134 136 122 131 135 139 124 113 111 118 115 112 113 131 .30 119 107 105 91 105 110 117 112 97 99 104 98 91 88 99 Miscellaneous rubber products .77 144 147 141 114 150 153 160 150 122 140 127 128 125 121 127 1.73 104 104 105 92 112 105 104 99 94 101 108 107 95 92 Leather .44 91 89 97 74 92 87 90 88 80 83 88 82 79 82 Cattlehide leathers .29 99 98 107 82 103 97 101 98 89 92 97 89 85 88 Skin leathers .15 76 72 77 58 72 69 71 68 63 67 72 69 65 68 90 Miscellaneous leather products .39 97 94 92 92 100 98 98 98 95 87 93 90 82 82 8.93 145 148 148 136 147 151 156 152 141 143 145 146 146 144 146 PftDer and allied Droducts 3.46 159 158 161 139 165 163 170 163 140 153 158 155 156 153 159 Pulo and paper 1. . 7 5 6 1 1 1 5 7 7 9 1 17 5 6 4 1 17 5 5 5 1 1 5 3 2 2 1 18 5 1 7 1 1 5 7 3 2 1 18 6 7 3 1 18 5 3 6 1 15 3 3 7 1 1 5 7 1 7 1 17 5 7 6 1 1 7 5 3 2 1 17 5 1 2 1 16 4 6 7 1 1 7 5 1 4 Paper and board 1.25 148 145 147 124 147 146 154 145 131 141 147 144 145 139 147 .22 140 133 136 121 132 125 135 132 123 132 135 131 137 134 137 Fine paper .14 145 139 142 107 139 145 143 138 131 135 145 148 145 138 147 Coarse paper .20 136 127 123 102 127 124 135 129 114 123 126 123 124 113 121 .18 170 179 184 160 175 171 185 172 167 181 183 176 184 170 176 Paperboard .41 155 153 154 128 158 160 166 157 134 145 155 151 146 145 156 Building paper and board .10 131 124 127 118 134 134 141 120 101 114 120 115 126 131 136 Converted paper products 1.70 162 163 166 147 173 173 177 171 142 155 160 158 160 159 165 .51 159 157 160 141 172 170 168 167 132 143 149 148 146 151 156 .11 170 179 183 163 175 178 204 182 171 190 192 185 201 183 192 f Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

976 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average^ 100] 19 p 4 ro 7 - -^9 a A v n e n ra u g a e l 1957 1958 Industry portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued Printing and publishing 5.47 136 141 140 134 136 144 146 145 142 136 137 140 140 139 137 Newsprint consumption 1.85 132 131 132 112 116 133 140 140 129 116 121 129 131 132 125 Job printing and periodicals. 3.62 138 146 144 144 146 150 150 148 149 146 145 147 145 143 144 Chemical and Petroleum Products. 9.34 167 172 168 165 171 174 176 173 171 170 167 165 164 163 164 Chemicals and allied products 6.84 111 184 179 174 181 185 190 187 183 183 180 179 179 176 176 Industrial chemicals 2.54 196 203 200 195 200 205 208 203 198 197 190 187 nss 182 Basic inorganic chemicals .57 189 202 197 189 196 203 209 205 198 203 199 202 193 Industrial organic chemicals 1.97 197 204 201 196 202 205 207 203 198 195 188 183 202 179 179 Plastics materials .24 256 272 266 240 269 283 299 276 259 270 269 255 '180 261 Synthetic rubber .11 236 245 225 209 241 252 274 282 268 265 233 216 262 197 Synthetic fibers .59 181 199 189 191 198 202 206 201 194 184 172 164 196 153 154 Miscellaneous organic chemicals. 1.03 189 186 191 188 184 184 179 178 179 176 173 173 155 r172 175 174 Vegetable and animal oils. .64 132 130 109 107 113 120 150 149 136 141 136 126 124 110 Vegetable oils .48 124 121 94 95 100 110 148 147 132 136 130 122 118 110 99 Grease and tallow .16 158 154 154 142 153 151 159 156 147 156 154 135 139 138 145 Soap and allied products. .71 111 112 104 80 115 115 126 110 105 111 107 108 101 97 106 Paints .66 124 121 125 126 125 122 119 115 114 113 111 111 111 112 118 Fertilizers .23 129 132 119 104 108 119 122 115 115 124 126 161 189 174 116 Petroleum and coal products. 2.50 141 141 139 139 144 144 139 136 138 134 130 125 124 128 Petroleum refining 1.97 150 150 147 146 152 152 145 147 153 148 144 137 134 138 Gasoline 1.04 159 162 162 161 168 170 162 160 165 159 155 149 148 155 Automotive gasoline.. .98 153 157 156 155 163 166 157 156 161 156 151 145 144 152 Aviation gasoline .06 254 249 258 260 265 233 242 233 236 212 223 212 223 202 Fuel oil .56 147 147 142 141 144 142 137 139 150 146 140 132 125 128 Distillate fuel oil. .30 193 194 188 185 191 188 181 184 200 195 182 175 166 173 Residual fuel oil. .26 95 93 90 89 89 90 86 87 93 89 91 83 78 75 Kerosene , .10 111 98 83 82 82 90 87 106 117 118 125 110 89 74 Lubricating oil. .17 119 113 104 111 112 108 107 109 105 100 101 95 100 103 Coke .26 102 105 107 106 106 106 103 95 85 79 75 72 66 65 68 Asphalt roofing and siding. .15 104 94 104 107 119 121 81 54 59 57 77 107 132 137 122 Foods, Beverages, and Tobacco. 11.51 112 112 117 115 128 124 113 106 104 104 104 106 110 122 Food and beverage manufactures. 10.73 113 111 116 116 128 125 113 107 103 103 104 106 110 119 Food manufactures 8.49 113 112 111 114 111 131 126 116 109 106 103 102 104 106 114 Meat products 1.48 133 128 120 116 123 130 140 133 131 134 121 120 123 115 121 Beef. .46 151 148 148 150 118 154 156 140 136 149 134 129 131 133 144 Pork .83 119 110 97 91 150 109 124 122 122 118 107 109 111 99 102 94 Dairy products 110 111 151 134 120 101 91 85 88 92 97 106 119 137 146 Butter .14 107 109 145 113 97 87 88 87 97 104 112 121 120 135 138 Natural cheese .07 117 119 165 137 119 105 100 92 98 101 105 117 133 157 162 Concentrated milk. .19 101 102 142 114 97 78 77 73 80 84 87 99 116 143 142 Ice cream .28 112 111 149 151 141 117 96 84 82 84 89 96 111 122 142 Canned and frozen foods. 1.13 133 126 111 163 213 230 158 109 99 87 85 82 91 '98 119 Grain-mill products 1.16 101 100 98 98 105 108 105 98 97 100 101 101 98 99 106 Wheat flour .46 84 87 87 78 88 94 92 89 86 90 92 93 84 84 87 Cereals and feeds .70 113 108 106 111 117 117 114 104 104 106 107 107 106 109 117 Bakery products. 1.64 98 100 102 104 103 102 101 101 101 98 98 98 98 100 103 Sugar .27 122 122 88 74 80 117 262 279 233 129 65 54 68 83 Cane sugar .11 116 112 140 122 123 125 108 97 93 100 104 106 114 112 Beet sugar.... .13 121 125 38 27 38 105 390 431 350 149 26 3 23 53 Confectionery .71 107 112 95 81 103 155 147 132 99 113 124 109 104 92 95 Miscellaneous food preparations. 1.41 105 108 114 113 113 113 112 110 108 107 109 108 108 114 120 Beverages 2.24 112 113 138 122 120 118 121 105 99 93 102 110 110 122 Bottled soft drinks. . .54 Alcoholic beverages. 1.70 105 103 123 105 102 108 117 100 89 99 106 101 112 Beer and ale 1.02 101 101 130 127 111 97 88 73 81 89 94 102 102 116 136 Liquor distilling. . .17 78 83 67 34 47 109 140 99 88 85 95 94 85 74 Liquor bottling... .37 119 111 127 84 101 125 158 151 101 83 105 113 99 114 Tobacco manufactures. .78 107 111 121 102 120 118 119 110 87 112 112 112 112 118 125 Cigarettes , .46 111 116 129 114 126 123 122 111 90 118 116 117 119 126 134 Cigars , .17 104 106 111 81 115 116 121 116 86 105 111 109 104 109 113 Preliminary. r Revised. For other notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 977 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] Industry 19 p 4 ro 7 - ^9 A av n e n ra u g a e l 1957 1958 portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June WITHOUT SEASONAL ADJUSTMENT —Continued 9.98 129 128 131 123 130 130 129 123 122 121 118 111 109 110 115 MINERALS—TOTAL 8.35 129 128 127 119 126 127 127 124 125 124 121 113 109 109 114 Mineral Fuels 2.68 85 83 88 65 86 86 87 74 73 70 67 60 61 73 Coal .36 55 49 64 32 52 52 49 46 42 48 44 36 36 37 47 Anthracite 2.32 90 88 92 71 92 91 93 86 79 77 74 71 64 65 77 Cr B O ud i i t C l e u a r m o u n i d i d l n e a o g n o u a d i s s l n e c a x o t t a u r l a ra c l t i g on as 4 5 4 . . . . 8 6 1 7 2 7 2 0 1 1 1 1 5 4 3 9 0 5 7 0 1 1 1 1 5 4 9 3 0 6 8 8 1 1 1 1 4 4 3 8 5 3 6 4 1 1 1 1 4 8 3 3 5 1 9 2 1 1 1 1 4 3 8 3 5 8 6 0 1 1 1 1 4 8 4 3 7 8 0 2 1 1 1 1 4 4 3 9 6 0 1 3 1 2 1 1 0 4 4 3 4 4 1 1 2 1 1 1 0 4 4 3 6 9 3 3 » 1 2 1 1 1 4 3 4 2 6 8 4 P 1 2 1 1 4 4 1 3 5 3 0 7 1 1 1 3 3 2 3 0 5 1 1 1 3 3 2 1 2 1 1 1 1 2 1 3 9 9 1 1 1 1 3 3 2 3 0 1 Natural gas and gas liquids .34 199 212 192 196 194 196 203 221 228 Natural gas .36 182 184 177 167 179 180 182 189 186 184 183 180 173 168 Oil a N nd a t g u a ra s l w g e a l s l d li r q i u ll i i d n s g .85 180 171 156 179 185 185 177 160 177 172 159 143 136 140 150 Metal, Stone, and Earth Minerals 1.63 127 129 149 143 247 145 138 117 110 106 103 103 108 115 123 Metal mining .82 114 116 151 137 139 137 124 92 82 83 85 79 81 98 Iron ore .33 104 114 193 181 182 172 143 65 42 43 43 39 39 69 Nonferrous metal mining .49 120 117 123 108 110 113 110 110 109 111 113 106 109 98 •94" Copper mining .24 136 133 139 121 124 132 125 131 131 129 131 129 125 112 105 Lead mining .09 88 85 87 80 82 79 83 71 70 76 78 56 78 r71 72 Zinc mining .06 87 84 92 80 79 70 74 68 67 72 71 69 77 r67 68 Stone and earth minerals .81 141 142 148 149 155 153 152 143 138 130 121 128 136 144 149 9 Preliminary. r Revised. are included in major group totals but not in individual indexes for autos, 1 Publication suspended pending revision. farm machinery, and some other products, as discussed in the BULLETIN NOTE.—A number of groups and subgroups include individual series for December 1953, pp. 1269-71. not published separately, and metal fabricating contains the ordnance For description and back figures, see BULLETIN for December 1953 group in addition to the groups shown. Certain types of combat materiel pp. 1247-93 and pp. 1298-1328, respectively. UTILITY OUTPUT OF ELECTRICITY AND GAS [Seasonally adjusted Federal Reserve indexes, 1947-49 average= 100] 19 p 4 r 7 o _ - 49 A av n e n ra u g a e l 1957 1958 Series portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June FT FCTRICITY AND GAS—TOTAL 100.00 218 133 232 136 138 138 137 138 237 238 239 238 J>235 2>237^238 Residential 41.34 241 '261 261 164 168 169 169 173 273 275 278 282 Nonresidential 58.66 201 113 113 117 117 116 114 114 212 212 211 207 Electricity 76.18 218 233 233 237 238 237 234 236 235 236 238 238 235 237^239 Residential 27.48 250 273 274 277 281 280 277 282 282 285 290 295 291 290 Industrial .. 23 68 206 213 214 217 217 215 213 210 207 205 202 196 197 199 General industrial 23.49 186 193 193 198 198 196 194 191 188 186 183 177 178 180 Atomic energy .19 2697 2676 2790 2560 2530 2580 2610 2580 2580 2590 2590 2610 2590 2590 Commercial and other 25.02 194 208 208 213 212 210 208 209 209 212 215 214 209 214 Gas 23.82 218 r232 129 133 137 140 145 146 146 244 242 240 2>238 2>236*>233 Residential 13.86 223 '236 r235 138 142 147 154 155 255 256 256 257 Industrial 6.16 218 130 124 130 135 137 139 140 138 231 225 219 Commercial and other 3.80 197 '218 '217 119 121 122 124 124 123 221 218 214 v Preliminary. rRevised. Indexes without seasonal adjustment may be obtained from the Division of Research and Statistics. NOTE.—For description and back figures see BULLETIN for October Revised indexes for the first five months of 1957 may be obtained from 1956, pp. 1055-69. the Division of Research and Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

978 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average- 100] 1947-49 A av n e n ra u g a e l 1957 1958 pro- Product portion 1956 1957 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June SEASONALLY ADJUSTED CONSUMER DURABLES—TOTAL.. . 100.00 131 130 134 132 135 134 129 128 119 113 110 104 97 105 111 69.72 140 138 144 141 145 142 137 136 125 117 111 103 94 -104 111 Autos 32.10 138 146 157 147 154 150 143 142 127 117 107 92 81 96 99 36.13 144 132 134 138 139 137 134 134 124 118 116 114 107 113 m Furniture and floor coverings 15.32 117 114 114 116 115 114 111 112 112 110 106 106 104 106 110 11.31 121 120 121 121 123 122 120 120 119 116 113 113 111 114 117 4.01 15.60 143 127 124 124 127 129 129 132 115 106 115 115 ioi 112 1 2 1 . . 6 8 0 8 1 1 5 0 1 3 1 8 3 9 3 1 8 2 3 9 1 7 3 7 0 1 8 3 6 6 1 8 3 5 7 1 8 3 5 8 1 9 4 2 1 1 8 1 7 9 1 8 1 6 0 1 8 1 1 7 11 8 8 0 10812 1 7 1 9 3 128 4.98 150 140 139 140 140 138 141 148 125 111 129 122 106 121 140 2.51 216 180 167 177 195 203 203 196 152 142 142 159 116 140 157 Heating apparatus 3.72 118 104 108 106 96 101 101 104 103 93 110 107 105 110 5.21 224 205 226 245 247 232 212 203 188 181 151 133 131 138 155 3.42 70 75 69 72 75 82 80 78 66 66 55 44 46 42 51 Television sets 1.79 519 453 524 575 575 517 465 441 419 401 335 302 293 320 30.28 111 111 110 111 112 114 112 110 107 105 107 108 106 105 111 14.00 105 108 110 110 110 110 16.28 116 114 112 112 115 118 113 112 109 105 104 105 103 104 106 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 131 130 131 116 132 119 119 141 124 117 116 111 101 103 109 69.72 140 138 140 121 139 118 119 153 132 123 120 114 100 103 109 Autos 32.10 138 146 156 134 148 84 88 171 151 132 122 106 89 99 100 Major household goods.•• 36.13 144 132 129 110 133 150 148 138 118 117 121 122 110 108 119 15.32 117 114 110 105 116 119 118 115 114 108 108 108 104 101 106 Household furniture 11.31 121 120 117 115 124 126 127 123 122 114 113 113 108 108 114 4.01 Appliances and heaters.... ... 15.60 143 127 131 105 109 i-ii 133 121 102 103 121 131 112 115 Major appliances 11.88 151 133 136 108 109 144 136 126 109 111 128 140 116 118 135 2.60 103 89 88 59 77 93 90 89 79 86 91 93 86 75 84 Refrigeration appliances 4.98 150 140 164 130 102 133 119 112 106 113 137 152 135 139 165 Laundry appliances 2.51 216 180 150 126 164 229 229 206 156 140 161 175 120 133 141 Heatinc aDDaratus 3 72 118 104 114 94 109 134 121 104 80 78 99 103 101 106 Radio and television sets 5.21 224 205 180 143 256 268 282 259 176 187 159 139 125 112 1?? Radio sets 3.42 70 75 57 40 62 81 101 108 76 66 56 47 44 41 39 1.79 519 453 414 339 627 625 627 547 365 417 355 314 279 246 281 30.28 111 111 108 106 116 121 120 114 106 102 105 105 103 102 108 Auto parts and tires 14.00 105 107 109 114 120 118 16.28 116 114 108 104 117 121 122 120 110 101 104 104 100 100 103 r Revised. Individual indexes without seasonal adjustment for woven carpets, 1 Publication suspended pending revision. appliances, heating apparatus, radio sets, and television sets may be NOTE.—For a description of these indexes, see BULLETIN for May 1954, obtained from the Division of Research and Statistics, pp. 438-47. VALUE OF NEW CONSTRUCTION ACTIVITY [Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] 1Private Public Year or month Total Business Other Total d R en e t s i i a - l Total Indus- Com- Public n d re o e s n n i- - - Total M ta i r l y i- H w ig a h y - s C e ti r o o v n n a - - o A th l e l r trial mercial utility tial 1950 29,955 22,954 14,100 5,680 1,062 1,288 3,330 3,174 7,001 177 2,272 942 3,610 1951 32,739 23,320 12,529 7,217 2,117 1 371 3 729 3,574 9,419 887 2,518 912 5,102 1952 34,750 23,849 12,842 7,460 2,320 1,137 4,003 3,547 10,901 1,388 2 820 900 3,793 1953 37,118 25,724 13,777 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3,160 892 6,035 1954 39,601 27,679 15,379 8,526 2,030 2,212 4,284 3,774 11,922 1,030 3,870 773 6,249 1955 44,581 32,620 18,705 10,160 2.399 3,218 4,543 3^755 11.961 1,313 4 050 701 5,897 1956 46,292 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 ,123 108 391 80 544 4,034 2,854 1,412 1,084 301 296 487 358 ,180 120 393 91 576 Sept 4,078 2,870 1,432 1,080 290 298 492 358 ,208 114 410 91 593 Oct 4,166 2,912 1,461 1,093 283 306 504 358 ,254 111 451 93 599 Nov 4,137 2,917 1,472 1,086 281 305 500 359 1,220 104 443 85 588 Dec . . 4!211 2,895 1,461 1,072 272 304 496 362 1,316 110 538 74 594 1958 Jan 4,156 2,863 1,445 1,058 269 288 501 360 1,293 107 510 79 597 Feb 4,079 2,834 1,441 1,030 252 281 497 363 I 245 96 500 77 572 Mar 4,053 2,792 1,397 1,033 240 288 505 362 1,261 95 500 78 588 Apr 3,960 2,734 1,350 1,019 222 294 503 365 1,226 88 463 82 593 Mayp 3,929 2,716 1,334 1,011 210 302 499 371 1,213 90 450 77 596 June*7 3,969 2,743 1,368 1,000 195 311 494 375 1,226 86 453 85 602 JUlyP 4,036 2,793 1,420 993 187 308 498 380 I 243 94 449 86 614 " Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 979 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for the 48 States, as reported by the F. W. JDodge Corporation. Value of contracts, in millions of dollars] By type of ownership By type of construction Year or month Total Nonresidential building Public Resi- works Public _ Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1956 31,612 10,666 20,946 12,862 2,381 3,140 2,883 2,804 7 542 1957 32,173 11,238 20,935 13,039 2,168 3,267 2,936 2,922 7.841 1957 June 3,223 1,323 J 900 1,135 243 322 273 348 902 July 2,901 1,002 ,898 1 287 165 298 220 in 653 Aue. . .... 2,818 802 1,016 1,284 181 324 265 239 526 Sept 2,550 816 ,734 1,151 135 232 242 257 533 Oct 2,614 787 ,827 1,165 167 248 265 230 538 Nov 2,371 867 ,504 930 147 264 244 223 562 Dec 1,982 734 ,249 759 137 204 190 167 525 1958—Jan 2,066 758 ,308 777 107 247 214 191 530 Feb 1,953 769 ,185 727 102 205 224 220 475 Mar 2,721 1,027 .694 1 071 131 285 268 283 684 Apr 2,885 1,053 1^832 1,244 129 293 235 300 683 May. 3,399 1,463 1,936 1,343 146 265 286 427 932 June 3,820 1,720 2,100 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 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 June 3,223 138 401 146 276 218 272 465 112 140 217 157 683 1958—Apr 2,885 136 281 127 268 182 286 403 130 125 184 212 551 May 3,399 182 361 141 288 233 316 C492 190 C184 178 208 628 June 3,820 166 562 149 312 262 419 454 174 153 243 288 639 c Corrected. PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Year or month a ( n s a e n p d a T u r j s i u a o v o l s t n a a t r e t a l e a d ll t y e) Total p M a o r e l e i t t a r a o s n - p m N a o r e l o e i t t r n a 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 * 1950 J.396 1,022 374 1,352 1,151 42 159 44 686 486 200 1951 ,091 111 315 1,020 892 40 88 71 412 264 149 1952 1,127 795 332 1,069 939 46 84 59 421 280 141 1953 I 104 804 300 1,068 933 42 94 36 409 252 157 1954 1,220 897 324 1,202 1,077 34 90 19 583 276 307 1955 1,329 976 353 1,310 1,190 33 87 20 670 277 393 1956 1,118 780 338 1,094 981 31 82 24 463 192 271 1957 .042 700 342 993 840 33 120 49 313 185 128 1957 July 1,015 98 63 34 94 81 3 10 4 29 17 12 Aug 1,056 100 68 32 97 82 3 12 3 31 20 12 Sent 1 012 92 62 30 90 77 3 10 2 30 19 12 Oct 1,020 97 62 35 88 74 3 11 9 31 21 10 Nov 1,009 78 53 26 76 64 3 9 3 25 19 6 Dec 1,000 63 43 20 63 51 3 9 1 20 15 5 1958—Jan 1,020 68 45 23 63 50 2 10 5 19 15 4 Feb. 915 66 44 22 61 49 2 10 5 14 12 3 Mar 918 81 55 27 77 62 3 12 4 20 17 3 Apr 983 99 67 32 94 77 4 14 5 '29 5 May . 71 34 n.a. n.a. n.a. 33 27 6 June ^1,090 p115 77 38 p105 n.a. n.a. n.a. p\\ 39 30 8 July .in 76 35 ^107 n.a. n.a. n.a. H 42 31 11 P Preliminary. r Revised. n.a. Not available. figures are based on filed office reports of first compliance inspections; 1 Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information, sure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

980 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons] Civilian labor force Year or month i T ns o t t i a tu l t n io o n n a - l T la o b t o a r l Employed1 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_july2 120,579 73,051 70,228 67,221 59,449 7,772 3,007 47,528 AUE 120,713 71,833 68,994 66,385 59,562 6 823 2,609 48,880 Sect 120,842 71,044 68,225 65,674 59,156 6,518 2,552 49,797 Oct 120,983 71,299 68,513 66,005 59,168 6,837 2,508 49,684 Nov 121,109 70,790 68,061 64,873 59,057 5,817 3,188 50,318 Dec 121,221 70 458 67,770 64,396 59 012 5 385 3 374 50 763 1958 Jan 121,325 69,379 66,732 62,238 57,240 4 998 4,494 51,947 Feb 121,432 69,804 67,160 61,988 57,158 4,830 5,173 51,627 Mar 121,555 70,158 67,510 62,311 57,239 5 072 5 198 51 397 Apr 121,656 70,681 68,027 62,907 57,349 5,558 5,120 50,975 May 121,776 71,603 68,965 64,061 57,789 6 272 4 904 50 173 June 121,900 73,049 70,418 64,981 58,081 6,900 5,437 48,851 July 121,993 73,104 70,473 65,179 58,461 6.718 5,294 48,889 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 16,563 111 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 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 7 747 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 50,147 15,202 718 2,698 3,877 11,087 2,370 6,360 7835 June 50,297 15,257 711 2,715 3,889 11,101 2,363 6,386 7,875 July 50,428 15,313 710 2,718 3,878 11,120 2,358 6,432 7,899 WITHOUT SEASONAL ADJUSTMENT 1957 july 52,229 16,702 824 3,046 4,194 11,229 2,396 6,427 7,411 AUK 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 7,749 Feb 49,777 15,593 747 2,173 3,944 10,948 2,343 6,240 7 789 Mar 49,690 15,355 733 2,316 3,910 10,939 2,348 6,267 7 822 Apr 49,726 15,104 716 2,493 3,883 10 940 2,356 6,384 7 850 May 49,949 15,023 711 2,685 3,874 10,961 2,370 6,455 7 870 June •. ... 50,396 15,188 715 2,824 3,905 11,031 2,387 6,482 7,864 July 50,199 15,165 706 2,908 3,908 10,983 2,405 6,464 7,660 Nora.—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 June and July 1958 are preliminary. The series for recent years Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 981 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 July May June July July May June July Total 12,967 11,415 11,476 11,531 12,784 11,245 11,406 11,375 Durable goods 7,565 6,285 6,332 6,385 7,445 6,269 6,338 6,283 Ordnance and accessories 76 68 68 66 76 68 68 66 Lumber and wood products 601 539 552 557 613 542 571 568 Furniture and fixtures 323 291 296 302 310 284 287 290 Stone, clay, and glass products 451 405 415 422 446 405 417 418 Primary metal industries 1,089 844 858 862 1,078 840 858 853 Fabricated metal products 902 760 776 789 875 756 772 765 Machinery except electrical 1,262 1,019 1,002 1,013 1,243 1,029 1,012 998 Electrical machinery 877 722 723 740 715 716 714 Transportation equipment 1,364 1,081 1,081 1,066 1,364 1,081 1,081 1,066 Instruments and related products 226 201 200 201 221 200 199 197 Miscellaneous manufacturing industries. 394 355 361 367 374 348 356 349 Nondurable goods 5,402 5,130 5,144 5,146 5,339 4,976 5,068 5,092 Food and kindred products 1,066 1,042 1.056 1,047 1,118 978 1,039 1,099 Tobacco manufactures 83 81 80 78 72 70 70 68 Textile-mill products . 924 835 840 858 896 831 840 832 Apparel and other finished textiles. 1,071 1,037 1,034 1,026 1,023 985 993 980 Paper and allied products 456 436 434 430 451 432 434 426 Printing, publishing and allied industries 552 543 541 540 546 540 541 535 Chemicals and allied products 548 513 510 510 537 510 502 500 Products of petroleum and coal 166 157 156 156 169 158 158 159 Rubber products 206 173 176 182 200 172 176 177 Leather and leather products 330 313 317 319 327 302 315 316 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 June and July 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 July May June July July May June July July May June July Total 82.39 82.04 83.10 83.50 39.8 38.7 39.2 39.2 2.07 2.12 2.12 2.13 Durable goods 88.00 88.37 89.89 89.83 40.0 39.1 39.6 39.4 2.20 2.26 2.27 2.28 Ordnance and accessories 93.60 99.88 101.09 100.60 40.0 40.6 40.6 40.4 2.34 2.46 2.49 2.49 Lumber and wood products 71.89 74.45 76.73 75.24 39.5 39.6 40.6 39.6 1.82 1.88 1.89 1.90 Furniture and fixtures 68.38 66.91 69.24 69.78 39.3 37.8 38.9 39.2 1.74 1.77 1.78 1.78 Stone, clay, and glass products 82.82 82.97 84.42 83.77 40.4 39.7 40.2 39.7 2.05 2.09 2.10 2.11 Primary metal industries 100.44 96.23 99.96 102.68 39.7 37.3 38.3 38.6 2.53 2.58 2.61 2.66 Fabricated metal products 89.13 88.65 90.57 89.89 40.7 39 39.9 39.6 2.19 2.25 2.27 2.27 Machinery except electrical 93.61 93.38 93.85 93.62 40.7 39 39.6 39.5 2.30 2.37 2.37 2.37 Electrical machinery 81.39 83.67 85.14 86.00 39.7 39 39.6 40.0 2.05 2.14 2.15 2.15 Transportation equipment 95.44 98.85 100.15 99.82 39.6 39.7 39.9 39.3 2.41 2.49 2.51 2.54 Instruments and related products 84.21 85.46 87.16 87.56 40.1 39.2 39.8 39.8 2.10 2.18 2.19 2.20 Miscellaneous manufacturing industries. . 71.50 71.94 73.08 72.89 39.5 39.1 39.5 39.4 1.81 1.84 1.85 1.85 Nondurable goods 74.47 73.91 75.08 75.27 39.4 38.1 38.7 38.8 1.89 1.94 1.94 1.94 Food and kindred products 79.27 80.80 81.61 81.20 41.5 40.2 40.6 40.6 1.91 2.01 2.01 2.00 Tobacco manufactures 63.76 64.24 65.74 64.91 39.6 38.7 39.6 39.1 1.61 1.66 1.66 1.66 Textile-mill products 57.90 55.95 57.98 57.60 38.6 37.3 38.4 38.4 1.50 1.50 1.51 1.50 Apparel and other finished textiles 54.15 52.20 52.50 52.95 36.1 34.8 35.0 35.3 1.50 1.50 1.50 1.50 Paper and allied products..... 87.14 86.10 87.99 88.61 42.3 41.0 41.7 41.6 2.06 2.10 2.11 2.13 Printing, publishing and allied industries.. 95.75 97.01 97.27 97.27 38.3 37.6 37.7 37.7 2.50 2.58 2.58 2.58 Chemicals and allied products 92.25 93.43 94.94 95.53 41.0 40.8 41.1 41.0 2.25 2.29 2.31 2.33 Products of petroleum and coal 111.64 110.16 111.38 114.26 41.5 40.5 40.8 41.4 2.69 2.72 2.73 2.76 Rubber products 94.16 87.86 91.73 91.80 41.3 38.2 39.2 38.9 2.28 2.30 2.34 2.36 Leather and leather products 58.67 55.42 57.46 58.75 38.1 35.3 36.6 37.9 1.54 1.57 1.57 1.55 NOTE.—Data are for production and related workers. Figures for indicated in note to table above. Back data are available from the June and July 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

982 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 a P p d h h i e i l l a - - C l l a e n ve d - m Ri o c n h d - l A a t nt - a c C a h g i- o Lo S u t i . s M a i po n l n i e s - K C a i n t s y as Dallas F c S r i a a sc 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—June 138 122 125 139 128 '151 129 139 126 142 '166 '147 July 138 125 126 131 132 147 175 131 139 130 145 170 141 AUK 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 130 114 121 135 121 147 155 118 130 120 136 151 142 134 117 124 129 124 146 164 '124 136 126 148 161 142 June... .... 115 124 129 122 P175 119 133 124 162 144 WITHOUT SEASONAL ADJUSTMENT 1957_june '130 122 121 130 120 140 '149 126 129 116 137 '138 July 111 90 92 96 107 118 145 104 114 104 128 151 125 Aug 127 102 104 110 123 135 161 124 132 130 141 158 139 Sept 139 122 126 134 134 150 165 136 143 139 149 157 141 Oct 134 117 126 132 125 148 167 127 138 138 142 158 135 Nov 162 144 158 171 159 178 193 153 163 145 161 183 162 Dec 241 232 226 236 233 272 301 221 238 220 246 270 247 1958—Jan 100 91 100 95 97 103 122 92 100 92 103 123 105 Feb 95 84 91 86 90 96 121 86 96 90 99 112 104 Mar 116 100 113 118 108 126 150 107 117 109 121 137 115 Apr 123 109 114 125 113 136 153 112 123 117 131 143 130 May 130 117 120 128 120 144 158 122 137 121 145 159 135 June 115 120 121 115 117 124 120 147 135 STOCKS i no 1950 110 112 106 108 109 123 108 108 106 114 114 112 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_june 153 138 137 r157 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 144 133 133 r152 r128 169 191 133 140 '133 146 164 152 June 135 136 155 126 173 P191 138 149 136 P152 168 p157 WITHOUT SEASONAL ADJUSTMENT 1957—June 146 130 129 r146 129 170 188 142 141 136 153 164 '152 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 149 136 139 160 130 175 200 139 149 132 153 169 154 May 146 135 136 r155 r131 170 193 137 140 '132 148 163 151 June 126 127 144 120 160 134 138 128 156 Preliminary. r Revised. NOTE.—For description of the series and for monthly indexes beginning 1 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 983 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales* 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 ) i o ( s e r O t n d i a n d u e n g r t d - o s - f i m c ( e t R o f i o p o n e t r t t a - s h l 2 ) o m ( r N t o f d o o n e e t r w t a r h l s ) 3 Stocks s o O t r i a d n u n e g t d r - s - S st p o t i a o n u l n u c g t d k s - - s ce R ip e- ts month) orders Annual average: 1949 361 925 373 358 358 2.7 1-1 3.8 1.0 1950 376 ,012 495 391 401 2.8 4.2 1951 391 .202 460 390 379 3.2 !3 4.4 'o 1952 397 ,097 435 397 401 2.9 1.2 4.1 L0 1953 406 ,163 421 408 401 3.0 I.I 4.1 1 0 1954 409 ,140 388 410 412 3.0 L0 4.0 1 0 1955 437 ,195 446 444 449 2.9 1.1 4.0 L0 1956 454 ,286 470 459 458 3.0 LI 4.1 1 0 1957 458 1,338 460 460 457 3.1 LI 4.2 i n Month: 1957—June r411 ,257 r523 r318 r487 3.1 1.3 4.3 0.8 Julv 356 1,245 600 344 425 3.5 L7 5.2 1.0 432 1,300 569 487 456 3.0 L3 4.3 1.1 438 I 400 567 538 536 3 2 I 3 4 5 1 2 Oct 481 1,518 529 599 561 3.2 LI 4.3 1.2 Nov 554 1,562 427 598 496 2.8 ().8 3.6 1.1 Dec 839 1,229 307 506 386 1.5 ().4 1.8 0.6 1958—Jan 366 1,203 383 340 416 3.3 L0 4.3 0.9 Feb 309 1,259 398 365 380 4.1 L3 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 May . .. 441 I 308 319 405 414 3.0 0.7 3.7 0.9 Junep 402 1,230 480 324 485 3.1 1.2 4.3 0.8 » 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 figures 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 sh or ip ts m e e x n c t l s u 2 ding Merchandise imports3 Period 1956 1957 1958 1956 1957 1958 1956 1957 1958 Jan 1-284 1.680 1,511 1.202 1.583 1,402 1.073 1,115 1,095 Feb 1,363 1,611 1,345 1 273 ,490 1,245 1,051 993 962 Mar 1,583 2,151 1,557 1,479 L021 1,442 1,102 1,133 rl,072 Apr 1,512 1,864 1,531 1 400 ,780 1 409 991 1,119 1,057 May 1,717 1,813 1,638 1,522 ,711 1,507 1,095 1,106 1,063 June I 697 I 786 1 408 1 492 652 1 309 1 034 984 July [,640 1,692 L289 ,505 1,052 1,146 Auc 536 I 677 I 378 536 1 055 1 043 Sept 1,534 1,540 1,427 ,437 '995 1,009 Oct . .. 1,671 1,674 1,561 1,600 1,121 1,148 Nov 545 1 683 I 425 596 987 1 043 Dec 2*007 639 885 541 1,059 1,141 Jan —June 9,156 10,905 8,990 8,368 10,237 8,314 6,346 6,450 r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. 2 Department of Defense shipments of grant-aid military equipment and supplies under the Mutual Security Program. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 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- o H h p o o e u l r d s a e - - p A ar p e - l T p t o r i a r o n t n a s - - M c ic a e a r d e l - s c P o a e n r r a e - l re t a c i i n n o re g 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 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 Sent. 121.1 117.0 126.3 135.7 113.7 136.8 104.8 128.3 107.3 135.9 139.0 125.1 113.3 126.7 Oct 121.1 116.4 126.6 136.0 113.8 137.6 104.8 128.7 107.7 135.8 139.7 126.2 113.4 126.8 Nov 121.6 116.0 126.8 136.3 114.3 138.0 104.5 129.4 107.9 140.0 140.3 126.7 114.4 126.8 Dec.. 121.6 116.1 127.0 136.7 114.3 138.3 104.9 129.6 107.6 138.9 140.8 127.0 114.6 126.8 1958 Jan .. 122.3 118.2 127.1 136.8 115.7 138.4 104.2 129.7 106.9 138.7 141.7 127.8 116.6 127.0 Feb 122.5 118.7 127.3 137.0 115.9 137.2 104.9 129.9 106.8 138.5 141.9 128.0 116.6 127.0 Mar 123.3 120.8 127.5 137.1 115.9 136.7 103.9 130.7 106.8 138.7 142.3 128.3 117.0 127.2 Apr 123.5 121.6 127.7 137.3 116.0 134.2 104.0 130.9 106.7 138.3 142.7 128.5 117.0 127.2 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 June 123.7 121.6 127.8 137.7 116.9 131.7 104.1 131.1 106.7 138.9 143.9 128.6 116.7 127.2 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-^9= 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 - - p F u r a c o r t d m s - P f e o s r o s o e d c d s - Total p p T u a t a r a i e c n o p l r x t e d d - e s - l - l H s p e u k a a r i n c i o d t n h t d d e s s e s - , r ,p l F t o i m a e i g u n w n r h a i e g d a e t - l l - , r s ,C p a i u a l c h r l n c o a 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 - - p L w u a b r u o n c o e m o t d d r s d - - p p P a u a a l r u l n c o p i l e t d d p e s d - r , , M m p u a r e e n c o t t t d d a a s l - l s p c M m u a t e r h i n c o v r i o a 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 d e n s a e d s e r - i- -e s N t r m t m t a u a r o l l i r u e l s n n a i c - — c - l - - b b e m o b T a 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 1009 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 1049 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 1250 120 2 116 126 9 123o 114 118 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. 101.7 117.0 95.3 93.8 107.9 106.6 143.8 123.6 119.3 136.6 128.4 115.Q 124.2 121.6 92 0 1956 114.3 88 4 101 7 122.2 95.3 99.3 111.2 107 2 145 8 125.4 127.2 148 4 137 8 119.1 129 6 122.3 91,6 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 June .. 117.4 90 9 106.1 125.2 95.5 99.8 1172 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 1164 109.5 144.9 119 3 129 5 152 4 145 8 1222 135.2 127.7 88*8 118.4 93.0 106.8 126.0 95.4 100.3 1163 109.8 1469 118.6 1299 153 2 146.2 1224 135.3 127.7 90 1 Sept 118.0 91.0 106.5 126.0 95.4 100.0 116 1 110.2 146.5 117.8 130.1 152.2 146.9 122.3 135.2 127.7 894 Oct 117.8 91.5 105.5 125.8 95.1 100.1 115 8 110.4 146 2 117.3 130.9 150.8 147.7 122.6 135.3 127.7 87.7 Nov 118.1 91.9 106.5 125.9 95.0 100.0 1157 110.3 1447 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 1162 110.6 1457 116.3 131.0 150.5 1494 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 1494 123.8 136.4 128 1 88.3 Feb 119.0 96.1 109.9 125.7 94.1 99.6 1136 110.6 1446 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 1124 110.7 1446 115.5 130.5 149.8 1492 1235 135.3 128.0 94.3 Apr 119.3 97.1 111.5 125.5 93.7 99.7 1110 111.0 144 5 115.7 130.5 148.6 1494 123.4 135.4 128 0 97.8 May 119.5 '98 5 112.9 125.3 93.5 '99.9 110 3 110.8 143 8 115.9 '130.5 148.6 '149 4 123.2 135.7 128 0 96.2 June 119.1 95 6 113.4 125.3 93.3 100.3 110.7 110.6 144 2 116.3 130.5 148.9 149 5 1232 135.5 128 0 93.7 ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 985 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] i 1957 1958 1957 1958 Subgroup Subgroup June Apr. May June June Apr. May June Farm Products: Pulp, Paper, and Allied Products {Cont.): Fresh and dried produce 105.4 130.4 123.4 103.1 Grains 83.9 85.7 84.2 81.3 Paperboard 136.2 136.1 136.0 136.0 Livestock and poultry 83.5 94.5 99.8 98.8 Converted paper and paperboard 125.3 127.2 128.0 127.9 Plant and animal fibers 104.8 101.4 101.6 101.9 Building paper and board 141.7 144.1 144.1 144.1 Fluid milk 92.0 91.7 '90.5 90.2 Eggs 61.0 77.1 75.7 74.9 Metals and Metal Products: Hay and seeds 83.3 79.9 79.7 79.3 Other farm products 145.7 142.3 142.0 141.4 Iron and steel 165.4 166.4 166.2 166.7 Nonferrous metals 138.1 124.1 '123.9 124.8 Processed Foods: Metal containers 152.5 155.7 155.7 155.7 Hardware 164.3 169.0 170.7 171.7 Cereal and bakery products 117.0 118.4 117.9 117.8 Plumbing equipment 129.1 123.6 '123.7 123.8 Meats, poultry, and fish 96.6 108.5 112.8 114.1 Heating equipment 121.9 121.1 121.1 121.1 Dairy products and ice cream 108.1 111.4 110.8 111.1 Fabricated structural metal products. 131.7 134.1 134.1 133.8 Canned, frozen fruits, and vegetables 101.9 107.6 108.2 110.4 Fabricated nonstructural metal Sugar and confectionery 113.5 115.7 116.1 117.1 products 143.1 145.9 145.9 145.0 Packaged beverage materials 183.7 168.4 168.4 168.4 Other processed foods 95.4 97.1 96.9 96.9 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment. 132.3 138.5 138.4 138.3 Cotton products 90.6 88.5 88.3 87.6 Construction machinery and equip- Wool products 111.5 101.6 100.5 101.3 ment 157.6 165.4 165.5 165.5 Synthetic textiles 81.9 80.5 80.3 80.4 Metal working machinery 165.6 170.7 169.6 169.6 Silk products 122.4 116.5 116.1 109.9 General purpose machinery and Apparel 99.5 99.2 99.1 99.1 equipment 156.5 159.6 159.8 160.3 Other textile products 76.8 75.4 75.4 73.6 Miscellaneous machinery 143.9 149.0 147.6 147.6 Electrical machinery and equip- Hides, Skins, and Leather Products: ment 148.2 151.8 '152.3 152.5 Motor vehicles 134.7 139.0 139.0 139.0 Hides and skins 59.4 53.3 55.4 57.0 Leather 91.1 91.1 91.1 91.8 Furniture and Other Household Dura- Footwear 120.9 121.9 122.0 122.0 bles: Other leather products 97.3 97.6 '97.3 97.3 Household furniture 122.4 122.8 122.8 122.5 Fuel, Power, and Lighting Materials: Commercial furniture 147.3 154.2 154.2 154.2 Floor covering 133.8 128.9 128.9 128.6 Coal 123.3 119.8 119.7 120.3 Household appliances 105.2 105.3 104.9 104.9 Coke 161.9 161.9 161.9 161.9 Television, radios, phonographs 93.4 94.7 94.3 94.3 Gas fuels (Jan. 1958= 100) n.a. 98.1 98.3 97.4 Other household durable goods 147.9 155.1 155.1 155.3 Electric power (Jan. 1958= 100) n.a. 100.0 100.0 100.1 Petroleum and products 128.4 115.8 114.7 115.3 Nonmetallic Minerals—Structural Chemicals and Allied Products: Flat glass 135.7 135.7 135.7 135.7 Concrete ingredients , 135.8 138.9 139.0 138.9 Industrial chemicals 124.0 124.3 123.9 123.5 Concrete products 126.7 128.0 128.4 128.5 Prepared paint 125.5 128.4 128.4 128.2 Structural clay products 155.1 155.5 '155.6 155.6 Paint materials 99.7 104.0 103.9 103.4 Gypsum products , 127.1 133.1 133.1 133.1 Drugs, Pharmaceuticals, cosmetics.. 93.4 94.1 '94.3 94.3 Prepared asphalt roofing 125.8 105.6 108.6 105.8 Fats and oils, inedible 60.2 62.2 '61.5 61.9 Other nonmetallic minerals 128.3 131.2 131.2 131.2 Mixed fertilizers 108.3 111.5 111.4 111.4 Fertilizer materials 106.3 110.3 110.3 110.3 Tobacco Manufactures and Bottled Other chemicals and products 105.0 107.2 107.2 107.2 Beverages: Rubber and products: Cigarettes , 124.0 134.8 134.8 134.8 Cigars , 105.1 106.0 106.0 106.0 Crude rubber 145.9 131.2 127.7 129.4 Other tobacco products. , 134.9 139.7 139.7 139.7 Tires and tubes 149.0 152.1 152.1 152.1 Alcoholic beverages , 119.6 120.3 120.3 120.3 Other rubber products 139.9 143.0 143.0 143.0 Nonalcoholic beverages. , 149.3 149.3 149.3 149.3 Lumber and Wood Products: Miscellaneous: Lumber 120.4 115.9 116.7 116.8 Toys, sporting goods, small arms 117.5 119.1 119.1 119.1 Millwork 128.5 127.6 r127.1 127.1 Manufactured animal feeds 63.4 80.9 78.0 73.3 Plywood 97.7 94.4 92.2 94.9 Notions and accessories , 97.4 97.5 97.5 97.5 Jewelry, watches, photo equipment.., 106.8 107.3 107.3 107.8 Pulp, Paper, and Allied Products: Other miscellaneous 127.2 132.4 132.4 132.4 Woodpulp 118.0 121.2 121.2 121.2 Wastepaper 66.1 75.3 71.8 71.8 Paper 142.4 142.9 141.8 141.8 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 2 3 4 1 2 Gross national product 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0 Less: Capital consumption allowances 8.6 7.2 9.0 19.1 26.5 28.8 32.0 34.7 37.7 37.5 38.1 38.5 38.9 39.3 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 30.2 30.2 32.9 35.6 37.6 37.8 37.9 37.7 38.0 38.3 Business transfer payments .6 .7 .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 'A -.7 1.3 .9 1.0 .9 .7 1 5 7 7 1 7 Plus: Subsidies less current surplus of government enterprises -.1 .0 A .2 -.4 -.2 .0 1.0 1.3 1.4 1.3 1.2 1.6 1.5 Equals: National income 87.8 40.2 104.7 241.9 305.6 301.8 330.2 349.4 364.0 364.1 368.7 361.5 350.6 Less: Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 42.0 43.1 38.8 31.3 Contributions for social insurance .3 2.8 6.9 8.7 9.7 11.0 12.3 14.2 14.1 14.3 14.2 14.2 "H'.2 Excess of wage accruals over disbursements .0 .0 .0 .0 -.1 .0 .0 .0 .0 .0 .0 .0 .8 .8 Plus: Government transfer payments .9 1.5 2.6 14.3 12.9 15.0 16.0 17.1 19.9 19.9 20.0 21.3 22.5 24.6 Net interest paid by government 1.0 1.2 1.3 4.8 5.2 5.4 5.4 5.7 6.2 6.2 6.2 6.2 6.3 6.2 Dividends 5.8 2.1 4.5 9.2 9.2 9.8 11.2 12.0 12.4 12.6 12.7 12.0 12.5 12.4 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 96.3 228.5 288.3 289.8 310.2 330.5 347.9 348.4 351.8 349.7 347.3 349.8 Less: Personal tax and related payments 2.6 1.5 3.3 20.8 35.8 32.9 35.7 40.1 42.7 42.7 43.1 43.0 42.3 42.3 Federal 1.3 .5 2.0 18.2 32.4 29.2 31.5 35.2 37.4 37.3 37.7 37.5 36.6 36.5 1.4 1.3 2.6 3.4 3.8 4.2 4.8 5.4 5.3 5.4 5.5 5.7 5.8 State and local 83.1 45.7 93.0 207.7 252.5 256.9 274.4 290.5 305.1 305.7 308.7 306.8 305.0 307.5 Equals: Disposable personal income 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3 Less: Personal consumption expenditures.... 4.2 -.6 11.1 12.6 19.8 18.9 17.5 21.1 20.7 23.2 20.4 19.6 18.8 19.2 Equals: Personal saving NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 National income 87.8 40.2 104.7 241.9 305.61 301.8 330.2 349.4' 364.0 364.1 368.7 361.5 350.6 I Compensation of employees 51.1 29.5 64.8 154.2 208.8 207.6 223.9 241.8 254.6 254.9 257.3 254.8 250.9 250.7 Wages and salaries1 50.4 29.0 62.1 146.4 198.0 196.3 210.9 227.3 238.1 238.4 240.5 238.0 234.4 234.2 Private 45.5 23.9 51.9 124.li 164.2 161.9 174.9 189.3 198.0 198.6 199.9 197.4 192.7 191.8 Military .3 1.9 5.0 10.3 10.0 9.8 9.7 9.6 9.7 9.8 9.5 9.4 9.6 Government civilian 4!6 4.9 8.3 17.3 23.5 24.4 26.2 28.4 30.5 30.2 30.8 31.1 32.3 32.8 Supplements to wages and salaries. .7 .5 2.7 j 10.8 11.3 13.0 14.5 16.5 16.4 16.8 16.8 16.5 16.4 Pr B F R op a u e r r n s i m i t e n a t e o l s r i s n s ' a c a n o n m d d e p r r o e o f n f t e p a s e l s r i i s o n o n c n a o s l me2. , 2 6 8 5 0 . . . . 0 8 4 2 7 2 3 2 . . . . 6 4 0 2 2 1 6 3 0 0 . . . . 5 5 9 9 4 2 1 9 6 3 4 . . . . 0 5 6 0 ! 2 5 1 1 7 1 0 3 . . . . 4 3 5 3 2 5 1 1 7 1 2 0 . . . . 8 3 7 9 5 3 1 1 2 0 1 0 . . . . 8 4 8 7 5 3 1 1 3 0 0 1 . . . . 8 3 9 6 5 3 1 1 4 1 1 1 . . . . 8 4 6 8 5 3 1 1 4 1 1 1 . . . . 7 4 7 6 5 3 1 1 5 1 2 1 . . . . 5 7 8 0 5 3 1 1 5 1 1 2 . . . . 0 5 3 2 5 3 1 1 5 0 2 2 . . . . 3 1 6 6 5 3 1 1 6 0 2 3 . . . . 7 2 1 4 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.7 37.3 33.7 43.1 42.9 41.9 42.0 43.1 38.8 31.3 Corporate profits before tax 9.6 .2 77.0 40.6 38.3 34.1 44.9 45.5 43.4 43.5 44.2 39.9 31.7 Corporate profits tax liability 1.4 .5 7.6 17.9 20.2 17.2 21.8 22.4 21.6 21.7 22.0 19.9 16.1 Corporate profits after tax 8.3 -.4 9.4 22.8 18.1 16.8 23.0 23.1 21.8 21.8 22.1 20.0 15.5 Inventory valuation adjustment -2. -2.5 -5.0 -1.0 -1.7 -2.6 -1.5 -1.5 -1.1 -1.1 -.3 .5 Net interest. 6.4 5.0 4.5 5.5 .2 9.1 10.4 11.3 12.6 12.5 12.8 12.9 13.0 13.1 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 987 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1957 1958 1929 1933 1941 1950 1953 1954 1955 1956 1957 Gross national product 104.4 56.0 125.8 284.6 365.4 363.1 397.5 419.2 440.3 441.2 445.6 438.9 425.8 429.0 Personal consumption expenditures 79.0 46.4 81.9 195.0 232.6 238.0 256.9 269.4 284.4 282.5 288.3 287.2 286.2 288.3 Durable goods 9.2 3.5 9.7 30.4 32.9 32.4 39.6 38.4 39.9 39.5 40.4J 39.6 36.3 35.6 Nondurable goods 37.7 22.3 43.2 99.8 118.0 119.3 124.8 131.4 138.0 137.1 140.5 138.8! 139.8 141.4 Services 32.1 20.7 29.0 64.9 81.8 86.3 92.5 99.6 106.5 105.9 107.4 108.7 110.1 111.3 ! Gross private domestic investment 16.2 1.4 18.1 50.0 50.3 48.9 63.8 68.2 65.3! 67.0 66.7 61.5 49.61 49.2 Nen construction1 8.7 1.4 6.6 24.2\ 27.6 29.7 34.9 35.7 36.5 36.1 36.6 37.1 36.3 34.9 Residential, nonfarm 3.6 .5 3.5 14.1 13.8 15.4 18.7 17.7 17.0 16.5 16.9 17.6 17.ll 16.2 Other 5. 1.0 3.1 10.1 13.8 14.3 16.2 18.1 19.5 19.6 19.7 19.6 19.2' 18.7 Producers' durable equipment 5.9 1.6 6.9 18.9; 22.3 20.8 23.1 27.0 27.9 28.1 28.0 26.7 22.9 22.3 Change in business inventories 1.7 -1.6 4.5 6.8 .4 -1.6 5.8 5.4 1.0 2.9 2.2 -2.3 -9.5! -8.0 Nonfarm only 1.8 -1.4 4.0 6.0 -2. 5.5 5.9 .2 2.0 1.3 -3.1 -7.8 Net foreign investment .8 .2 1.1 -2.2 -2.0 -.4 -.4 1.4 3.5 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 87.5 87.0 88.3 89.5 90.9 Fede N ra a l tional security 1.3 2.0 1 13 6 . . 8 9 2 1 2 8 . . 1 5 5 5 9 1 . . 5 5 4 48 3 . . 9 0 4 4 6 1 . . 8 3 \ 4 47 2 . . 1 5 4 50 6 . . 8 5 5 4 7 7. . 4 5 5 4 0 6 . . 9 9 5 4 0 6 . . 5 0 5 4 0 5 . . 9 6 4 51 6 . . 9 0 Other 1.3 2.0 3.2 3.9 8.4 6.2 5.9 5.0 4.8 4.5 4.5 5.0 5.7 6.2 State L a e n ss d : l G oc o a v l ernment sales2 .0 6. . 0 0 7. . 8 0 19. . 7 3 24. . 9 4 27. . 7 4 30. . 3 4 33. . 1 4 36. . 3 5 36. . 0 4 36. . 1 5 37. . 8 5 38. . 6 4 39 . . 4 1 7.2 i Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME [Department of Commerce estimates. In billions of dollars] Wage and salary disbursements Divi- Less Year or month 1 in s P o c e o n r m a - l e Total p d m i C n r u o o g s o d t d m r i u i n i t e - c y - s - D i u n t is r t d t i i u e v r s i e s b - - S in e tr r d i v u e i s s c - e G m er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n e r n m t o t d o a - e r l s 3 ' i i n n d s p a t o c e e e n o n n r r m d d a e - l s s e t m T p r f e e a a n r y n t - - s s - 4 p b c e i s a u o r n o n f s n t s c o o i c u t i o r n e a r r n 5 i a l - - s l i a n N g t c u r o o i r m c n a u - l e l * - 1929 85.8 S0.4 21.5 15.6 8.4 4.9 .6 20.2 13.2 1.5 .1 77.7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941 96.3 62.1 27.5 16.3 8.1 10.2 ,7 20.9 10.3 3.1 .8 88.0 1952 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 288.3 198.1 88.1 51.8 24.3 33.9 6.0 51.3 22.6 14.3 3.9 271.5 1954 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 310.2 210.9 91.4 55.8 27.8 36.0 7.1 52 8 27 0 17 5 5 2 295 0 1956 330.5 227.3 98.7 60.1 30.5 38.0 7.9 53.3 29.1 18.6 5.7 315.4 1957 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 July . 351.8 240.5 103.3 64.0 32.8 40.4 9.1 55.6 31.7 21.7 6.7 336.2 Aufi 352.1 240.8 103.1 64.2 32.9 40.6 9.1 55.6 31.8 21.5 6.7 336.6 Sept 351.4 240.2 102.4 64.2 32.9 40.7 9.1 55.4 31 8 21 5 6 6 336 1 Oct 350.6 238.6 101.5 63.5 32.9 40.7 9.2 55.1 31.8 22.6 6.6 335.7 Nov 350.2 238.0 101.0 63.6 32.9 40.5 9.2 54.8 31 8 23 0 6 6 335.2 Dec 348.4 237.3 99.8 63.7 33.2 40.6 9.2 55.2 30.0 23.3 6.6 333.0 1958—Jan 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 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 348.1 232.0 95.0 62.4 33.4 41.2 8 9 56 1 31 7 26 1 6 6 331 0 May 349.9 233.1 95.6 62.6 33.4 41.5 8.9 56.5 31.7 26.4 6.7 332.4 June 352.0 235.8 96.6 63.3 33.6 42.4 8.9 56.2 31.8 26.0 6.7 335.1 JulyP 358.9 242.4 97.1 63.5 33.8 48.0 9.0 56.1 31.9 26.5 7.0 342.2 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 BANKING OFFICES CHANGES IN NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial and stock savings banks and nondeposit trust companies Mutual savings banks All Type of office and type of change bank* Member banks Nonmember banks Total Total i ti N on a a - l1 me S m ta b te er2 Total su In re - d in N s o ur n e - d su I r n e - d2 in N s o ur n e - d Banks (head office) Dec 31 1934 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 68 511 Dec 31 1941 14,825 14,277 6,619 5,117 1,502 7,661 6,810 851 52 496 Dec 31 19473 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec 31 1951 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 202 327 Dec. 31, 1954 14,367 13.840 6,660 4,789 1,871 7,183 6,647 536 218 309 Dec 31 1955 . 14,243 13,716 6,543 4,692 1,851 7,176 6,677 499 220 307 Dec 31 1956 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 223 304 Dec 31 1957r 14,090 13,568 6,393 4,620 773 7,178 6,753 425 239 283 June 30 1958 . . . 14,054 13,534 6,356 4,600 1^756 7,181 6,768 413 239 281 Branches and additional offices Dec 31 1934 3,133 3,007 2,224 1,243 981 783 4-83 4126 Dec 31 1941.. 3 699 3 564 2 580 1 565 1,015 984 932 52 32 103 Dec. 31, 19473 4,332 4,161 3,051 1,870 1,181 1,110 1,043 67 124 47 Dec 31 1951 5 383 5 153 3 837 2 370 I 467 1,316 1,275 41 165 65 Dec 31 1954 6,614 6 306 4 787 3,056 1,731 1,519 1,483 36 221 87 Dec. 31, 1955 7,253 6,923 5,304 3,365 .939 1,619 1,584 35 234 96 Dec 31 1956.. . . . .. 7 955 7 589 5 886 3 809 2 077 1,703 1,666 37 257 109 Dec. 31, 1957 8,609 8,204 6,378 4,178 2,200 1,826 1,789 37 296 109 June 30 1958 8,923 8,507 6,640 4,334 2,306 1,867 .829 38 305 111 Changes, Jan. 1-June 30, 1958 Banks: New banks5 ... . +46 +46 + 10 + 10 + 36 +26 + 10 Suspensions -5 -1 -4 -1 Consolidations and absorptions: Banks converted into branches. . -58 -56 -33 -25 -8 -23 -21 _2 -2 Other -16 -16 g -6 -3 -7 -7 Liquidations: 6 O V t o h lu er ntary - - 1 2 -I 9 2 j 2 Conversions: State into national + 1 -1 -1 Federal Reserve Membership:7 Admissions of State banks +4 -i-4 -4 -4 Withdrawals of State banks — 9 -9 +9 +9 Federal Deposit insurance:8 Admissions of State banks + 16 -16 +2 -2 Net increase or decrease -36 -34 -37 -20 — 17 + 3 + 15 -12 -2 Number of banks June 30, 1958 ... . 14,054 13,534 6,356 4,600 1,756 7,181 6,768 413 239 281 Branches and additional offices except banking facilities:-9 De novo branches +260 +250 +201 -1-144 -1-57 +49 +49 +6 +4 Banks converted into branches.... + 58 + 56 +46 +29 • + 17 + 10 +9 + 1 +2 Discontinued -13 -12 -11 — 6 -1 — 1 Interclass branch changes: National to State member... 25 National to nonmember — 2 2 +2 +2 State member to national +5 c Nonmember to national +6 +6 -6 -6 Nonmember to State member + 15 -15 -15 Noninsured to insured . +2 -2 Net increase or decrease + 305 +294 +255 + 151 + 104 + 39 + 38 + 1 +9 +2 Number of branches and additional offices, June 30, 1958 8,678 8,262 6,421 4,144 2,277 1,841 1,803 38 305 111 Banking facilities:9 Established + 10 + 10 + 8 + 6 +2 +2 +2 Discontinued -1 -1 -1 Net increase.... + 9 +9 +7 + 5 +2 +2 Number of facilities, June 30, 1958 245 245 219 190 29 26 26 r Revised. 4 Separate figures not available. 1 Excludes banks and branches in United States territories and posses- 5 Exclusive of new banks organized to succeed operating banks. sions except one national bank in Alaska, with no branches, that became 6 Exclusive of liquidations incident to succession, conversion, and a member of the Federal Reserve System on Apr. 15, 1954, and one na- absorption of banks. tional bank in the Virgin Islands, with one branch, that became a member 7 Exclusive of conversions of national banks into State bank members, of the Federal Reserve System on May 31, 1957. or vice versa. Shown separately under conversions. 2 State member bank and insured mutual savings bank figures both in- 9 Exclusive of insured nonmember banks converted into national banks clude, since 1941, three member mutual savings banks not included in or admitted to Federal Reserve membership, and vice versa. the total for commercial banks. State member bank figures also in- 9 Banking facilities (other than branches) that are provided at military clude, since 1954, one noninsured trust company without deposits. and other Government establishments through arrangements made by 3 As of June 30, 1947, the series was revised. The revision resulted in the Treasury Department. a net addition of 115 banks and 9 branches. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE PAR LIST 989 NUMBER OF BANKING OFFICES ON FEDERAL RESERVE PAR LIST AND NOT ON PAR LIST1 Total banks on On pair list which checks are Not on par list drawn, and their (nonmember) Federal Reserve district, branches and offices1 Total Member Nonmember State, or other area Banks a B n r d a n o c ff h i e ce s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Banks a B n r d a n o c ff h ic e e s s Total, including Alaska, Hawaii, Puerto Rico, and Virgin Islands:2 Dec 31 1957 13,500 8,268 11,759 7,934 6,387 6,378 5,372 1,556 1,741 334 June 30 1958 13,474 8,670 11,746 8,338 6,350 6,653 5,396 1,685 1,728 332 Districts, June 30, 1958: 428 615 428 615 289 492 139 123 New York2 647 1 622 647 1,622 544 1 427 103 195 Philadelphia 687 524 687 524 525 ' 427 162 97 Cleveland 970 111 970 111 594 679 376 98 Richmond 975 994 816 845 462 557 354 288 159 149 Atlanta 1,315 431 745 382 399 320 346 62 570 49 Chicago 2,471 948 2,471 948 1 020 557 1,451 391 St Louis 1,466 268 1,170 196 489 127 681 69 296 72 1,290 125 692 82 476 36 216 46 598 43 Kansas City 1,762 55 1 756 55 750 40 1 006 15 6 Dallas 1,087 124 1,003 111 630 81 373 30 84 13 San Francisco ^ 376 2,187 361 2,181 172 1,910 189 271 15 6 State or area, June 30, 1958: 238 61 148 60 93 58 55 2 90 1 Arizona 6 131 6 131 4 109 2 22 Arkansas 237 33 126 13 75 10 51 3 111 20 California 122 1 422 122 1 422 74 1 281 48 141 Colorado 159 6 159 6 96 5 63 1 Connecticut 78 149 78 149 42 116 36 33 Delaware 27 43 27 43 9 18 18 25 District of Columbia.... 15 58 15 58 11 48 4 10 Florida 264 13 219 12 112 10 107 2 45 1 412 74 134 72 65 62 69 10 278 2 Idaho. 28 80 28 80 17 74 11 Illinois 938 4 937 4 523 4 414 1 Indiana 461 235 461 235 233 156 228 79 Iowa.. 669 162 669 162 168 4 501 158 Kansas 595 8 593 8 212 7 381 1 2 Kentucky 361 111 361 111 107 74 254 37 Louisiana 183 152 78 124 52 101 26 23 105 28 Maine 55 112 55 112 35 71 20 41 Maryland 145 198 145 198 66 120 79 78 Massachusetts 170 308 170 308 130 261 40 47 Michigan 393 463 393 463 226 385 167 78 683 6 283 6 209 6 74 400 Mississippi 195 119 51 55 35 32 16 23 144 64 605 4 551 4 172 4 379 54 114 1 114 1 85 1 29 Nebraska 416 2 416 2 140 2 276 Nevada 6 32 6 32 5 28 1 4 New Hampshire 74 3 74 3 52 2 22 1 New Jersey 264 350 264 350 225 315 39 35 New M^exico . .. 52 42 52 42 34 21 18 21 New York 444 1 202 444 1 202 387 1 137 57 65 North Carolina 198 394 109 251 50 142 59 109 89 143 North Dakota 154 27 57 8 40 2 17 6 97 19 Ohio 610 517 610 517 389 457 221 60 Oklahoma 386 13 380 13 223 11 157 2 6 Oregon 54 161 54 161 17 145 37 16 Pennsylvania 752 626 752 626 576 545 176 81 Rhode Island 10 81 10 81 6 64 4 17 South Carolina 144 120 76 114 31 88 45 26 68 6 South Dakota 172 53 71 29 60 24 11 5 101 24 Tennessee 296 178 213 160 84 120 129 40 83 18 Texas 959 24 922 24 575 24 347 37 Utah 49 68 49 68 20 59 29 9 Vermont 57 19 57 19 33 9 24 10 Virginia 314 224 313 224 203 159 110 65 1 Washington 89 249 89 249 35 242 54 7 West Virginia 183 182 112 70 551 153 551 153 161 25 390 128 Wyoming 52 52 1 39 13 Alaska 2 18 17 3 11 1 2 11 15 6 Hawaii2 5 63 5 63 5 63 Puerto Rico2 10 95 10 95 13 10 82 Virgin Islands2 2 3 2 3 1 1 2 i Comprises all commercial banking offices in the continental United and three mutual savings member banks. States, Alaska, Hawaii, Puerto Rico, and the Virgin Islands on which 2 Alaska and Hawaii assigned to the San Francisco District for purchecks are drawn, including 245 banking facilities. Number of banks poses of Regulation J, "Check Clearing and Collection." Puerto Rico and branches differs from that in the preceding table because this table and the Virgin Islands assigned to the New York District. Member includes banks in Alaska, Hawaii, Puerto Rico, and the Virgin Islands, branches in Puerto Rico are branches of New York banks. but excludes banks and trust companies on which no checks are drawn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

* International * International capital transactions of the United States 992 Gold production 996 Net gold purchases and gold stock of the United States 997 Reported gold reserves of central banks and governments 998 Estimated foreign gold reserves and dollar holdings. 999 International Bank and Monetary Fund. 1000 Central banks 1000 Money rates in foreign countries 1005 Foreign exchange rates. 1006 Index to statistical tables 1017 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. 991 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 INTL CAPITAL TRANSACTIONS OF THE U. S, TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n p d y . . , Italy S l w a e n r i - t d z- U K d n i o i n m t g ed - 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 Officials 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_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 ,009 769 944 1,754 6,502 1,724 2,683 1,981 377 Sept. 30 [,512 13,332 7,647 411 [,664 ,030 802 807 1,855 6,570 1,650 2,723 2,015 373 Oct. 31.... 1,517 13,753 7,934 398 ,573 ,056 857 1,161 1,948 6,993 1,739 2,672 1,979 370 Nov. 30.... 1,538 13,605 7,816 352 1,567 ,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 ,079 964 1,275 1,910 7,139 1,623 2,563 1,940 351 1958—Jan. 31.... 1,619 13,694 8,007 331 ,520 ,084 942 1,330 2,035 7,242 1,597 2,525 1,950 382 Feb. 28.... 1,471 13,825 8,110 316 1,494 ,078 920 1,244 2,242 7,294 1,662 2,503 2,011 355 Mar. 31*... 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*... 1,373 13,647 7,907 317 1,549 1,129 895 1,017 2,211 7,118 1,662 2,537 1,987 343 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 June 30*... 1,445 13,813 7,917 301 1,465 1,071 833 1,060 2,230 6,959 2,001 2,499 2,067 288 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 e e n - T k u ey r- Y sl u a g v o ia - o A th l e l r 1954 Dec 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955 Dec 31 1,519 261 108 60 49 176 164 82 132 8 104 153 9 13 201 1956—Dec. 31 1,627 296 117 65 53 177 134 67 137 1 43 217 20 17 281 1957—jUne 30 [,793 302 119 61 59 166 110 87 120 25 268 14 11 449 July 31 1,725 315 120 97 61 156 98 85 115 25 278 12 9 351 Aug 31 . 1,754 328 123 101 55 143 115 87 116 24 272 16 11 362 Sept. 30 1,855 337 132 102 62 139 172 94 124 24 273 12 12 371 Oct 31 . 1,948 345 137 97 68 144 186 97 129 30 260 19 9 425 Nov. 30 1,972 347 131 100 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 2,242 353 133 124 65 157 350 122 144 24 266 12 7 485 Mar 31* 2,263 355 110 131 61 154 323 107 155 28 258 13 7 558 Apr 30* 2,211 353 118 142 59 142 295 108 157 1 27 257 12 5 534 May 31*. . 2,183 354 114 143 50 131 292 104 153 1 34 251 15 9 534 June 30p 2,230 363 109 114 47 122 293 108 154 1 31 254 12 6 618 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 e a b c n - - n - - G m u a a l t a e- M ic e o x- l I W S a a n e u n n d r e r d d - i s i e s - t s l a p P i R m c u a e b n o - a - - , f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—Dec. 31 2,346 146 29 225 91 153 211 68 64 433 69 109 84 25 73 455 111 1957_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 2,503 137 25 118 72 146 239 49 69 371 69 141 66 33 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 June 30* 2,499 140 23 125 86 125 281 53 64 332 62 134 73 33 77 740 150 »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. 993 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIESi—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 si o a - Iran Israel Japan p r R u l e i e b c a - - , P p i i h p n i - e l- s T w a a i n - T la h n a d i- Other Total A tr u a s l - iaC g B o i e a n l n g - o Egypt* A U S f n o r o u i 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—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 2,011 66 77 132 44 50 655 121 189 88 159 430 355 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 June 30^ 2,067 64 84 84 64 48 803 117 164 88 148 403 288 75 34 18 24 137 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1954 1955 1956 1957 1954 1955 1956 1957 Other Europe: Other Asia (Cont.): Albania .2 .4 .3 .1 9.8 9.8 8.8 8.0 British dependencies .. .6 .4 .4 .3 Burma 29.7 19.1 7.0 n.a. Bulgaria .6 .7 .2 n.a. Cambodia .2 13.1 17.2 20.0 Czechoslovakia * .7 .7 .5 .7 Ceylon 18.8 32.9 41.2 34.2 Eastern Germany 1.2 1.3 1.2 n.a. China Mainland 6 35.7 36.2 35.5 36.3 Estonia 1.9 1.8 1.9 1.7 Iraq 10.0 14.7 16.9 19.6 Hungary .... 1.0 1.0 .8 .7 Jordan .8 1.2 2.0 1.6 Iceland 8.9 4.8 3.1 2.9 Kuwait 10.7 3.5 5.3 5.9 Ireland Republic of 14.3 13.7 9.1 n.a. Laos 23.1 37.3 n.a. Latvia 1.0 1.0 .6 .5 Lebanon .... 16!5 18.0 22.3 28.2 Lithuania .5 .3 .4 .5 Pakistan 3.8 5.7 20.2 12.8 Luxembourg 4.5 3.1 13.2 16.4 Portuguese dependencies 1.8 2.0 2.7 3.1 Monaco .. 5.3 5.6 4.3 5.4 Ryukyu Islands 26.9 34.0 30.6 n.a. Poland6 2.1 2.5 3.3 3.2 Saudi Arabia .. . 61.5 79.5 97.4 n.a. Trieste 2 2 1 4 1 4 1 2 Syria4 21 5 13.1 17 1 3 5 U. S. S. R.6 1.8 .7 .8 .7 Viet-Nam 8.1 62.3 50.1 n.a. Other Latin America: All other: British dependencies 19.0 16.6 24.1 24.0 British dependencies 1.4 2.4 3.8 2.3 Costa Rica 15.3 17.6 14.6 16.4 Ethiopia and Eritrea .... 18.0 23.7 24.2 35.1 Ecuador 21.2 14.9 18.0 22.7 French dependencies 8.7 8.0 10.5 10.7 French West Indies and French Guiana... .4 .6 1.0 .8 Liberia 5.6 13.1 23.7 n.a. Haiti 12.7 12.1 8.9 11.2 Libya 1.7 9.9 3.7 6.7 Honduras ... .... 17.3 9.7 10.2 12 6 Morocco: Nicaragua 10.3 12.8 11.8 12.7 M^orocco (excl. Tangier). 7.6 14.8 13.6 32.2 Paraguay 3.6 3.6 4.0 5.1 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 4.1 5.3 4.7 Spanish dependencies .5 .7 .3 .7 Bahrein Islands .... ... \e .5 1.7 n.a. T Su u d n a is n i a . . n. . a 4 . n. . a 7 . . . 4 5 n n . . a 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

994 INTL 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—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. 2,239 98 126 53 30 107 238 651 154 984 406 44 Mar. 31*> 2,284 104 130 53 27 95 264 673 186 998 383 44 Apr. 30P 2,409 92 134 49 30 95 278 678 220 999 461 50 May 31? 2,510 93 138 45 27 93 290 686 229 1,056 465 73 Table 2a. Other Europe Other Aus- Bel- Den- Fin- Neth- Nor- Por- Swe- Tur- Yugo- All Date Europe tria gium mark land Greece er- way tugal Spain den key slavia other lands 1954—Dec. 31 109 (2) 20 10 3 3 16 2 (2) 4 4 41 1 5 1955—Dec. 31 158 16 13 3 4 11 9 5 7 78 2 7 1956—Dec. 31 216 7 28 12 4 4 21 23 2 8 13 88 7 1957 May 31 . 188 6 28 8 4 4 19 16 1 11 14 67 10 June 30 197 5 25 8 3 4 23 16 2 12 14 75 9 July 31 189 4 23 7 4 6 27 17 12 13 63 9 Aug 31 192 6 25 7 4 6 21 17 19 9 68 2 9 Sept. 30 209 7 25 6 3 7 24 18 24 9 72 2 11 Oct 31 203 7 24 9 4 7 22 16 10 9 81 2 13 Nov. 30 207 6 25 9 5 6 24 19 10 11 77 2 11 Dec. 31 218 6 33 11 4 6 24 23 2 11 10 76 (2) 10 1958 Jan 31 235 7 36 9 4 5 28 23 2 22 11 77 1 9 Feb 28 238 9 35 9 3 6 32 25 2 26 11 71 1 8 Mar 31^ 264 9 33 8 6 7 34 26 2 39 13 75 12 Apr. 30*> 278 8 33 6 5 7 35 29 2 45 17 81 10 May 31p 290 5 35 7 5 9 46 24 2 49 18 81 1 9 Table 2b. Latin America Neth- Date A L m i a c t e a in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i D R c l u i i a o e b c n n - - - - G m u a a l t a e- M ic e o x- I l W S n a a e u d n n r e r i d d - s e i s - t s l a P p i R m c u a e b n 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—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. 28 984 27 3 141 41 91 126 12 9 212 2 20 30 7 53 158 52 Mar. 3\P 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 May 3\P 1,056 22 3 202 50 83 123 11 9 257 3 19 38 6 37 144 50 v Preliminary. (excluded from these statistics) amounted to $1,212 million on May 31, 1 Short-term claims reported in these statistics represent principally the 1958. The term foreigner is used to designate foreign governments, following items payable on demand or with a contractual maturity of central banks, and other official institutions as well as banks, organizanot more than one year: loans made to and acceptances made for for- tions, and individuals domiciled outside the United States, including eigners; drafts drawn against foreigners that are being collected by bank- U. S. citizens domiciled abroad and the foreign subsidiaries and offices ing institutions on behalf of their customers in the United States; and of U. S. banks and commercial firms. foreign currency balances held abroad by banking institutions and their 2 Less than $500,000. customers in the United States. Claims on foreigners with a contractual 3 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

1NTL CAPITAL TRANSACTIONS OF THE U. S. 995 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES i—Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other Date Total H K o o n n g g India Iran Israel Japan ip P p h i i n l- es T w a a i n - T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o 1954—Dec. 31 143 3 5 16 11 50 7 5 6 39 37 14 6 1955 Dec 31 233 3 5 18 10 103 19 6 8 60 43 11 5 1956—Dec. 31 337 4 6 20 16 170 16 6 9 91 43 11 6 1957 May 31 426 7 11 23 25 244 24 5 13 75 46 13 6 June 30 451 7 11 22 24 258 30 5 12 81 46 12 5 July 31 421 7 11 24 22 248 28 6 11 63 46 12 6 Aug. 31 396 9 9 24 24 216 40 6 12 58 52 11 6 Sept. 30 389 9 9 24 23 188 51 6 8 71 52 11 5 Oct 31 407 7 8 24 26 174 51 6 11 100 48 11 4 Nov. 30 387 8 7 24 25 150 56 6 12 100 49 10 5 Dec 31 386 7 6 22 24 14--5 53 6 14 110 50 13 5 1958—Jan. 31 400 8 7 23 22 152 54 6 13 115 45 13 5 Feb. 28 406 7 7 26 21 148 58 6 13 122 44 13 6 A M p a r r . 3 3 1 0 P p . 4 3 6 8 1 3 8 8 7 8 4 2 0 8 2 1 1 9 2 1 1 3 4 9 4 5 2 3 6 6 1 1 2 2 1 1 0 1 8 4 4 5 4 0 1 1 3 3 6 May 31» 465 7 6 29 19 224 45 5 16 114 73 13 NOOC Egypt3 1 1 2 1 1 1 1 1 1 1 1 1 1 1 otot Union So o u f th Other Africa 6 10 8 17 8 17 18 11 17 12 15 12 21 11 24 12 20 14 19 12 19 9 17 7 16 12 12 14 16 36 14 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 s t s e p s ( u , - o r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( u , o - r ) - r 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 812 529 1,886 1,730 156 693 509 184 664 878 -214 1956 883 1,018 -135 1,907 1,615 291 607 992 -385 749 875 -126 1957 666 718 -52 1,617 1,423 194 699 1,390 -691 593 622 -29 1957—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 Dec... 73 42 31 101 101 38 60 -22 30 26 1958—Jan... 113 113 () 93 103 -10 39 179 -140 28 51 -23 Feb... 246 133 113 98 100 -2 54 143 -89 122 202 -80 Mar.P 44 52 -9 129 128 1 38 35 3 23 40 -17 Apr.?. 72 95 -23 105 124 -20 52 143 -91 22 34 -12 May P. 47 83 -35 117 124 -i 79 361 -283 20 39 -19 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Year or month n t a I u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n France F R m e G e d a p e n e u r r y - b a , - l Italy Sw la it n z d er- U K d n i o i n m t g e - d E O u t r h o e p r e E T u o ro ta p l e Canada A L m i a c t a e in r- Asia o A th n e - r lic of 1954 78 72 17 (2) -1 73 70 -20 139 -187 113 3 3 1955 -21 706 -2 9 147 96 85 329 265 76 29 7 1956 82 75 -121 7 234 8 33 161 -124 34 -1 4 1957 -157 299 10 3 j 98 79 101 291 -8 8 5 4 1957 May -25 -16 2 e> 7 7 6 22 -34 -5 1 61 2 5 50 -6 51 5 4 /2\ July -85 •2\ n\ 7 -78 13 -59 -27 1 f2) (2) -141 1 f2\ (2) 17 — 1 -2 15 — 17 2 1 (*) Sept 1 -6 (2) (2) -5 4 2 -5 1 (2) Oct 1 -21 j 1 2 -21 2 11 -8 -13 j —2 1 Nov (2) 24 (2) 11 -2 2 12 7 3 1 (2) Dec 29 3 15 23 40 1 -12 (2) 1958 Jan (2) -10 -3 (2) (2) c 34 -28 — 2 -9 1 (2) (2) Feb 135 -23 -5 1 -7 3 3 — 4 -22 3 Mar P (2) -8 (2) (2) -1 9 2 12 -15 -4 (2) A M p a r y .p p . 2 - - 4 4 8 4 2 8 - -1 1 2 0 2 5 - — 1 2 - - 1 8 1 -1 -9 6 - - 2 2 1 8 1 ' Preliminary, For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 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 t o h r n t I a u i n n t t i i t s o o e t n i r n - - a s l f c o T t o r r o e i u t e i n a g s l - n Europe C a a d n a - A L i m a c t a i e n r- Asia o A th l e l r Date Deposits U s . e c S u . r i G tie o s v 2 t. l M an i e s o ce u l s - 3 1954 -164 -137 _9 -133 33 -34 7 1956—Dec. 31 322 3,856 139 1955 -27 -4 -46 74 24 -49 _7 1956 — 33 —478 8 —447 17 —40 — 16 1957_July 31 364 3,730 278 1957 -384 — 336 231 — 550 15 -45 13 A Se u p g t . . 3 3 1 0 3 3 4 3 2 7 3 3, , 4 5 2 2 1 3 2 2 7 8 8 0 1957—May... -81 -76 1 -84 10 -4 1 Oct. 31 378 3,774 349 J Ju u l n y e . . . -1 - 0 1 1 -1 4 1 9 - 1 1 1 2 7 - - 1 7 1 0 2 2 - - 3 1 1 1 4 N De o c v . . 3 3 0 1 2 3 8 5 3 6 3 3 , , 7 7 8 2 7 9 3 3 4 5 4 3 Aug.. -6 -5 15 -21 2 -2 1 S O e c p t t . . . . . -77 2 -3 9 9 6 -9 86 -3 1 0 3 2 1 - - 1 4 - 0 1 ) 1958— F Ja e n b . . 2 3 8 1 2 2 4 6 9 5 3 3 , , 7 5 5 5 5 2 4 42 0 8 5 D N e o c v . . . . -5 0 3 ) -18 4 9 6 -14 4 - - 4 3 - - 5 7 0) 1 A M M p a a r y r . . 3 3 3 0 1 1 2 2 2 6 3 5 6 4 7 3 3 3 , , , 3 0 0 1 6 3 5 8 7 4 4 4 2 0 2 1 5 2 1958—Jan... -135 -27 -6 -6 4 -5 -15 June 30 269 2,974 491 Feb.. m -13 -157 -64 -93 2 -3 2 July 31 288 3,167 541 Mar.p -5 -10 -7 1 0) o 0) A M p a r y . * p ' -1 -1 5 1 6 -1 -9 4 1 6 — 2 5 -1 -8 2 6 3 4 3 - - 3 4 -25 1 July 1 9 2 6 2 2 3 5 6 5 6 4 8 2 2 3 , , , 9 9 0 4 9 5 6 2 4 4 5 5 9 4 4 3 0 2 23 295 3,144 542 9 Preliminary. 30 287 3,517 542 > Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See note 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars at $35 per fine troy ounce] Production reported monthly Estimated Year or pro w d o u r c l t d ion Africa North and South America Other month /•__._] 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 - 1 Au li s a tra- India 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8.8 31.3 7.9 1952 . 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913.5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8.2 39.1 8.4 1955 959.0 873.8 510.7 18.4 23.8 13.0 65.7 159.1 13.4 13.3 4.3 8.1 36.7 7.4 1956 994.0 910 6 556.2 18.8 21.9 13.1 6^ 3 153.4 12 ? 15 3 3 ? 7.6 36 1 7.3 1957 1,036.7 952.0 596.2 18.8 27.7 13.1 r63.O 154.7 12.5 11.4 3.6 6.9 37.9 6.3 1957—May 79.7 50.6 1.5 2.2 1.0 5.0 13.1 .9 .9 .3 .6 3.1 .5 June 79.0 50.1 1.6 2.2 .9 4.9 12.6 1.3 .7 .2 .6 3.4 .5 July 81.6 51.4 1.5 2.3 1.2 5.8 12.8 .7 .9 .2 .6 3.7 .5 AUK 81.0 51.1 1.5 2.4 1.1 5.8 12.6 .9 .8 .5 .6 3.0 .5 Sept 279.5 50.3 1.6 2.4 1.2 5.7 13.1 .9 .2 .6 3.1 .5 Oct 282.0 50.9 1.6 2.4 6.5 13.9 .8 .4 .6 3.1 .5 Nov 278 7 49.8 1.6 2.4 i!o 5.1 13.1 1.1 .2 .6 3 2 .5 Dec 277.7 49.0 1.6 2.4 .9 5.5 12.9 .9 .2 .5 3.3 .5 1958—Jan 49.6 1.5 2.5 1.4 4.4 13.2 1.5 .6 3 2 .5 Feb 47 5 1 5 2.5 9 4 4 12.5 1 0 5 2 9 Mar 50.1 1.6 2.5 .9 4.3 13.7 9 .5 Apr 50.3 2.4 1.2 4.5 13.4 1.0 6 May 51 6 2.4 1.0 4.6 13.3 .6 r Revised. Production reported monthly: reports from individual countries except 1 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 are from the U. S. Sources.—World production: estimates of U. S. Bureau of Mines. Bureau of the Mint and monthly figures are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

U. S. GOLD 997 NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals 1957 1958 Area and country Jan.- Apr.- July- Oct.- Jan.- 1950 1951 1952 1953 1954 1955 1956 1957 Mar. June Sept. Dec. Mar. Continental Western Europe: Belgium 1-58.0 1-18.3 1-5.8 1-94.8 3.4 3.4 3.4 -14.2 -84.8 -20.0 -67.5 -33.8 Germany (Fed. Rep. of) -10.0 -130.0 -225.6 -10.0 Netherlands ""-79.*8 -100.0 -65.0 25.6 '"20.0 '""S.Q -4i.*9 Portugal -15.0 -34!9 -5.0 -59.9 -54.9 -5.0 Sweden -22 9 -32.0 —20 0 -15.0 ""i5'2 Switzerland -38.0 -15.0 -1! -65.0 -15.5 -8.0 ^ Q Bank for Intl. Settlements -65.3 -30.4 -94.3 -20.0 -15.1 Other -16.4 -29.7 -17.5 2.6 4.0 3.0 339.3 7.0 1.0 331.3 Total -380.2 -184.8 -115.6 -546.4 -328.3 -78.5 -20.2 67.7 30.4 6.0 31.3 -76.2 Sterling Area: -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 c -.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 Colombia -io.6 17.5 -22.8 -3.5 28.1 Mexico -118.2 -60.2 87.7 -28.1 80.3 -64.8 22.2 14.9 -15.0 -5.0 11.0 29.1 3.1 3.1 Venezuela -.9 -30.0 -200.0 Other 21.0 -54.7 -2.4 2 17.2 3.0 H 2.4 -3.6 2.8 3.3 -.1 Total -172.0 -126.0 57.5 -131.8 62.5 14.0 -28.3 80.9 6.5 12.9 15.0 46.6 -.1 Asia -38.9 -53.7 -6.7 -5.7 -9.9 -4.9 -.2 18.0 -.4 -.5 4.0 14.9 -.6 Allother -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 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 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. 2 Less than $50,000. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Gold stock Net Ear- Gold stock Net Ear- (end of year) Increase gold marked Domes- (end of month) Increase gold marked Domesin total import, gold: de- tic gold in total import, gold: de- tic gold Year gold or crease, produc- Month gold or crease, produc- Treas- stock export or in- tion Treas- stock export or in- tion ury Total i crease ury Total i crease 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 1957—July 22,627 22,735 3.8 2.7 -.8 5.8 1946 20,529 20,706 623.1 311.5 465.4 51.2 Aug 22,626 22,735 -.5 28.6 -11.4 5.8 1947 22,754 22,868 22,162.11,866.3 210.0 75.8 Sept 22,635 22,759 24.1 18.9 -9.0 5.7 1948 24,244 24,399 1,530.41,680.4 -159.2 70.9 Oct 22,691 22,835 75.4 42.8 36.9 6.5 1949 24 427 24,563 164 6 686.5 —495.7 67 3 Nov 22,763 22,837 2.4 34.3 -31.2 5.1 1950 22,706 22,820-1,743.3 -371.3 -1,352.4 80.1 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 1958—Jan 22,784 22,860 2.3 45.0 -37.3 4.4 1952 23,187 23,252 379.8 684.1 -304.8 67.4 Feb ... 22,686 22,736 -123.7 38.9 -167.6 4.4 1953 22,030 22,091-1,161.9 2.0 -1,170.8 69.0 Mar 22,394 22,487 -248.7 6.0 -252.0 4.3 1954 21,713 21,793 -297.2 16.1 -325.2 65.1 Apr 21,996 22,042 -445.1 26.0 -471.5 4.5 1955 21,690 21,753 -40.9 97.3 -132.4 65.7 May 21,594 21,674 -367.8 17.9 -355.2 4.6 1956 21,949 22,058 305.9 106.1 318.5 65.3 June 21,356 21,412 -262.4 3.4 -285.0 4.9 1957 22,781 22,857 798.8 104.3 600.1 r63.0 July ^21,210^21,275 P-136.9 4-164.3 * Preliminary. r Revised. 3 Not yet available. 1 See note 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $7,755.5 million on July 31, 1958. scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] United States E m n o d n t o h f Es w t t i o o m r t l a a d l t e i d Treasury Total 2 A t r i g n e a n- t A ra u l s 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 - 1952 Dec 35,985 23,187 23,252 287 112 52 706 317 896 42 76 214 31 1953—Dec 36,415 22,030 22,091 371 117 52 776 321 996 42 86 186 31 1954—Dec 37,075 21,713 21,793 371 138 62 778 322 1,080 42 86 186 31 1955 Dec . . 37,740 21 690 21,753 371 144 71 929 323 1,141 44 86 136 31 1956—Dec 38,245 21,949 22,058 224 107 71 928 324 1,113 46 57 136 31 1957—June 38,745 22,623 22,732 181 116 80 842 324 1,121 43 58 136 31 July 22,627 22,735 181 116 84 846 324 1,120 43 58 136 31 Aug .... 22,626 22,735 181 116 87 882 324 1,135 40 58 136 31 Sent 38,825 22,635 22,759 166 116 87 874 324 1,136 40 58 136 31 Oct 22,691 22,835 127 119 83 876 324 1,136 40 60 136 31 Nov 22,763 22,837 126 123 103 875 324 1,127 40 61 136 31 Dec 38,975 22,781 22,857 126 126 103 913 324 1,115 40 62 136 31 1958 Jan 22 784 22 860 126 103 946 324 1,116 40 63 136 31 Feb 22,686 22,736 126 103 967 324 1,086 40 136 31 Mar *>39 120 22 394 22 487 126 103 998 324 1 096 40 136 31 Apr 21 996 22 042 126 103 1 028 324 1 101 40 136 31 May 21,594 21,674 103 1,099 324 1,089 40 136 31 June 21,356 21,412 103 1,143 325 1,086 40 136 31 Ger- E m n o d n t o h f Egypt 3 l F a i n n d - France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d si o a - 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 1952 Dec 174 26 573 140 27 247 235 138 346 144 544 50 38 1953 Dec 174 26 576 r328 27 247 145 137 346 158 737 52 38 1954 Dec 174 31 576 626 27 247 81 138 346 62 796 45 38 1955 Dec 174 35 861 920 27 247 81 138 352 142 865 45 48 1956—Dec 188 35 861 1,494 27 247 45 138 338 167 844 50 49 1957—June 188 35 575 2,029 27 247 40 138 364 165 806 46 49 July 188 35 575 2,124 27 247 40 138 390 164 793 45 49 Aug 188 35 575 2,261 27 247 41 138 422 163 747 45 49 Sept 188 35 575 2,399 27 247 41 138 428 182 700 45 49 Oct 188 35 575 2,548 27 247 41 138 443 182 700 45 49 Nov 188 35 575 2,557 27 247 41 138 453 181 700 46 49 Dec 188 35 575 2,542 27 247 39 138 452 180 744 45 49 1958 Jan 188 35 575 2,501 27 247 39 138 457 159 792 45 49 Feb 188 35 575 2,489 27 247 39 138 462 159 828 45 49 Mar 174 35 575 2,460 27 247 39 '138 462 158 847 43 49 Apr 174 35 575 2,492 247 38 138 862 43 49 May 174 35 575 2,499 247 38 138 881 43 49 June 174 35 575 2,575 247 38 138 910 43 49 E m n o d n t o h f Peru Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Sweden Sw la i n tz d er- T la h n a d i- Turkey U K d n o i i n m t g e 5 d - U gu r a u y - V zu e e n l e a - M F I ta u n o r t n n y l d . e- B S m a I e n n e t k t t n l l t e . f s - or 1952 Dec 46 286 29 170 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 36 361 29 176 218 1,459 113 143 2,518 227 373 1 709 193 1954 Dec 35 429 29 199 265 1,513 113 144 2,762 227 403 1,740 196 1955—Dec 35 428 28 212 276 1 597 112 144 2 120 216 403 I 808 217 1956 Dec 35 448 28 224 266 1,676 112 144 2,133 186 603 1,692 179 1957—June 35 458 31 234 231 1,633 112 144 2,381 183 669 1,147 205 July 35 461 31 226 233 1,674 112 144 2,367 183 719 1,148 165 Aug 35 466 31 226 241 1,694 112 144 2,142 183 719 1,157 184 Sept 35 467 31 215 235 1,725 112 144 1,850 183 719 1,167 138 Oct 28 464 31 215 226 1,733 112 144 2,093 183 719 ,177 130 Nov 28 469 31 218 227 1,718 112 144 2,185 183 719 1,180 143 Dec 28 461 31 217 219 1,718 112 144 2,273 180 719 1,180 165 1958 Jan 28 454 31 206 215 1,727 112 144 2,404 180 719 1,180 171 Feb 20 454 31 212 209 1,733 112 144 2,539 180 719 1,182 162 Mar 20 454 31 193 203 1,720 112 144 2,770 180 719 1 186 182 Apr 20 454 31 179 203 1,770 112 144 2,914 180 719 1,238 212 May 20 474 31 161 203 1,836 112 144 3,039 180 720 1,241 254 June 20 474 31 159 204 1,857 144 3,076 720 200 » 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 * 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 999 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- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: 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 Denmark 96 6 107 6 92 6 133 6 143 6 162 6 Finland 88 5 94 5 94 5 97 5 99 5 96 5 France (and dependencies) 1 1,505 7 1,302 8 2996 9 1,004 9 946 9 893 10 Germany (Federal Republic of) 3,329 14 3,520 14 3,719 14 4,063 14 4,099 14 3,968 15 187 189 177 152 167 167 Italy 1,268 2 1,250 2 1,323 2 1,458 2 1,531 2 1 528 ^ 2 Netherlands (and Netherlands West Indies 1,071 9 1,024 10 1,004 10 971 12 1,044 14 1 260 14 117 87 121 93 133 86 139 81 138 105 150 75 628 628 622 636 651 658 Spain (and dependencies) 160 148 142 140 114 118 ^ I 483 480 499 508 479 5 461 g 2,512 131 2,410 132 2,442 132 2,527 134 2,682 128 2 638 117 Turkey 164 (3) 158 (3) 158 156 8 162 157 (3) Other4 933 12 914 15 1,204 889 863 12 961 9 Total 14,135 298 13,889 308 14,120 298 14,462 294 14,752 319 14,934 278 Sterling Area: 2,812 203 2,854 238 2,894 264 2,507 180 2,875 205 3 460 241 United Kingdom dependencies 103 4 93 4 96 4 109 4 104 4 ' 102 4 Australia 191 193 191 197 211 5208 323 j 324 323 j 329 1 329 j 326 Union of South Africa in 1 293 294 1 262 1 255 231 I 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 4,557 281 2,629 367 2,608 438 2,712 457 2,786 443 2,738 457 2 723 441 Latin America: 370 332 345 313 263 270 Brazil 549 1 556 467 457 j 456 1 440 1 Chile 137 1 137 1 131 1 117 1 115 1 117 Colombia • 210 250 263 244 215 5198 ($\ Cuba 347 167 354 167 393 416 167 371 380 146 91 101 97 87 92 (3) 93 P") Mexico 600 4 575 4 504 4 553 555 3 522 109 1 117 1 135 129 136 1 144 2 119 117 110 96 (3) 88 (3) 82 (3) 259 j 257 2 248 1 243 j 235 1 266 1 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 13 299 12 Total 4,123 190 4,160 190 4,488 188 4,563 189 4,356 176 4 239 168 Asia: Indonesia 231 188 168 220 190 (3) 128 (3) 158 178 173 187 193 190 1,145 4 1,003 4 754 698 2 708 2 827 >> 294 6 267 6 243 6 235 6 181 5 196 5 260 279 279 1 275 1 269 1 269 I Other 707 6 730 6 '766 7 768 7 777 8 765 8 Total 2,795 17 2,645 17 '2,383 16 2,383 16 2,318 16 2 375 16 All other: Egypt6 238 (3) 248 246 242 228 216 Other 129 8 163 8 175 7 166 7 162 7 170 Total 367 8 411 8 421 7 408 7 390 7 386 7 Total foreign countries7 27,983 1,103 27,696 1,230 '28,148 1,265 28,233 1,165 28,552 1,220 29,214 1,191 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 '30,868 1,631 30,912 1,387 31,250 1,442 31,777 1,547 P Preliminary. f Revised. « Part of United Arab Republic since February 1958. * 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 Yugoslavia, Bank for International Settlements (both for Liabilities to Foreigners Reported by Banks in the United States, by its own and European Payments Union account), gold to be distributed Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. by the Tripartite Commission for Restitution of Monetary Gold, and bonds and notes represent estimated holdings of such securities with origiunpublished gold reserves of certain Western European countries. nal maturities of more than one year; these estimates are based on » 5 Includes latest reported figures for gold reserves as follows: Australia survey of selected U. S. banks and on monthly reports of security transac- (Dec. 31, 1957); and Colombia (Jan. 31). 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

1000 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1957 1958 1957 1958 Item Item Apr July Oct, Jan. Apr, June Sept. Dec. Mar. June Gold 1,439 1,148 1,177 1,180 1,238 Dollar deposits and U. S. securities. 484 5241- 602 683 917 Investments* 200 200 200 200 200 Other currencies and securities1. . . 873 813 767 752 Currencies: United States1 977 992 811 769 696 2,437 2,54S> 2,606> 2,795 2,829 Otheri 5,489 5,777 5,948 5,992 6,060 72 It5 75 90 93 Unpaid member subscriptions 817 818 874 874 898 Other assets 5 6 IBRD bonds outstanding 1,034 1,141 1,26S 1,405 1,658 Undisbursed loans 670 67(> 62C) 699 675 Member subscriptions..., 8,932 8,941 9,016 9,016 9,088 Other liabilities 19 2() 21 24 27 Accumulated net income. -6 -2 3 289 30: 31S 335 350 Reserves and liabilities.., 4 Capital 1,854 1,86'i 1,86-y 1,872 1,881 Quota Cumulative net drawings on the Fund Loans by country, June 30. 1958 Country io Paid 1957 1958 Outstanding Total in Area and member country* gold May Apr. May Prin- Dis- Recipal bursed paid Sold Total to Argentina 150 38 75 75 75 others5 Belgium 225 56 50 50 50 Brazil 150 38 38 75 75 Chile 50 9 12 37 37 Continental W. Europe, total. . 1,282 1,073 209 863 96 Colombia 50 13 25 35 35 Belgium and Luxembourg... 173 131 15 116 30 France 525 108 220 328 328 267 267 21 247 13 India 400 28 128 200 200 Italy 238 113 1 112 21 Indonesia 110 16 55 55 55 Netherlands 236 236 147 90 24 Japan 250 63 125 125 Other 368 325 27 299 7 Netherlands , 275 69 64 64 Un. of S. Africa., 100 25 25 25 Sterling area total 1,243 908 100 808 104 United Arab Rep 60 10 30 30 30 Australia 318 300 20 280 28 United Kingdom. 1,300 236 562 562 562 India 397 277 27 250 29 United States 2,750 688 H-1,497 H-2,016 H-1,991 126 59 11 48 4 Union of S Africa 160 148 31 118 20 U O n th it e e r d Kingdom 1 4 9 9 3 9 3 3 0 7 5 8 2 9 3 24 N 1 o C te u s r r t e o n c ta ie b s l e i s n c o l n u d in e t e d r e n m at a i n on d a o l b i l n i s g t a it t u io ti n o s n s h : eld in lieu of deposits. 2 Represents principal of authorized loans, less loans not yet effective, 798 605 74 531 23 repayments, the net amount outstanding on loans sold or agreed to be Brazil 182 167 18 149 1 sold to others, and exchange adjustment. Colombia 111 92 22 70 2 3 Excludes uncalled portions of capital subscriptions. 186 146 11 135 8 4 Loans to dependencies are included with member. Other 318 199 23 176 12 5 Includes also effective loans agreed to be sold but not yet disbursed. 6 Includes $259 million in loans not yet effective. Asia (excl. Sterling area), total. 382 200 7 193 16 7 Includes $219 million not guaranteed by the Bank. Japan 152 79 3 76 8 « U. S. Treasury bills purchased with proceeds of sales of gold. Thailand 107 41 4 36 2 9 Transferred to General Reserve. Other 123 80 80 6 i ° Countries shown are those with cumulative net drawings of $25 million or more on the latest date. Africa (excl. Sterling area).... 24 9 1 8 1 11 Represents sales of U. S. dollars by the Fund to member countries for local currencies, less repurchases of such currencies with dollars. Total 63,729 -,794 392 2,403 7240 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 s n a - t d s - Se t c ie u s ri- ci t r io cu n l a i - 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—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 June 25 .4 2,050.0 2.4 12.1 12.9 306.6 2,038.3 230.5 13.3 72.1 18.1 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 1001 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets2 Liabilities Date S U d S t o a e n t l a r n i l l t t a d i e e n r s d s g D S o c t h i m e a r o l i m r n g t i - o o v n t . a s n e d cu O p r r t it h o i e v e r s in- O as t s h e e ts r circ N u o la te tion Ch b a a r n te k r s ed D D o e g m p o o i v n s t i . i o ts n Other li c a O a b a p t i n h l i i d t e t a i r e l s 1953—Dec. 31 54.9 1,376.6 893.7 112.0 ,599.1 623.9 51.5 29.5 133.1 1954—Dec. 31 54.2 1,361.5 871.1 114.1 ,623.5 529.6 56.3 30.5 161.0 1955—Dec. 31 57.4 1,283.8 ,093.7 185.2 ,738.5 551.0 89.2 34.0 207.5 1956—Dec. 31 60.8 1,025.0 ,392.0 69.9 ,868.7 511.5 38.8 31.2 97.5 1957—July 31 63.1 ,197.7 ,202.3 100.7 ,817.7 490.5 54.2 26.9 174.5 Aug. 31 62.4 ,251.8 ,208.4 203.9 ,815.5 542.8 64.0 33.3 270.9 Sept. 30 55.3 ,208.4 ,204.2 110.9 ,819.1 480.8 66.9 28.7 183.3 Oct. 31 56.6 ,297.5 ,192.1 163.5 ,824.0 623.7 40.1 25.8 196.0 Nov. 30 56.2 ,321.5 ,152.0 252.8 ,828.0 543.4 64.3 30.7 316.1 Dec. 31 63.5 ,246.2 ,217.5 131.5 ,903.7 517.6 35.4 31.2 170.8 1958—Jan. 31, 63.0 ,265.5 ,105.0 182.2 ,776.5 533.8 57.3 23.3 224.8 Feb. 28 63.2 ,293.0 ,103.2 198.1 ,783.7 555.2 46.1 26.8 245.6 Mar. 31 61.2 ,373.9 ,074.3 157.6 ,809.7 579.5 53.8 24.6 199.3 Apr. 30 51.3 ,329.7 ,144.1 117.3 ,832.0 554.2 60.4 25.1 170.6 May 31 58.0 ,002.4 ,472.7 202.3 ,843.5 540.7 65.5 27.1 258.5 June 30 50.4 ,496.1 ,087.4 150.7 ,876.1 609.8 60.8 30.6 207.3 Bank of France (billions of francs) Assets Liabilities Date Gold F ch o e r a x e n - i g g e n m O a p r e k n et Dom Sp e e s c t i i a c l bills Other Cu A G rr d o e v v n e a t r n n c m e O s e t t n h o t er O as t s h e e ts r ci N r ti c o o u t n l e a- Gove D r e n p - os O its ther3 c O l a i i a a t p t n i b h e it d i e s l a r - l 1953—Dec. 31, 201.3 15.4 292.5 61.1 891.6 200.0 679.8 170.0 2,310.5 144.9 56.3 1954—Dec. 30, 201.3 57.3 236.8 48.9 1,130.2 195.0 617.6 277.2 2,538.5 157.8 67.9 1955—Dec. 29. 301.2 200.2 226.7 45.2 1,194.7 190.0 539.8 336.8 2,820.0 142.9 71.8 1956—Dec. 27. 301.2 49.6 289.2 30.5 1,753.7 179.0 479.8 236.4 3,046.9 173.8 98.8 1957_july 25, 201.2 11.9 273.6 7.3 2,027.1 175.0 752.1 306.6 3,238.3 397.7 118.9 Aug. 29, 201.2 11.9 307.2 6.2 1,931.4 175.0 789.8 271.1 3,219.7 376.6 97.4 Sept. 26, 201.2 11.9 322.7 18.3 1,886.7 175.0 804.8 266.2 3,214.4 359.5 112.9 Oct. 31 201.2 12.0 315.2 44.0 1,914.9 175.0 829.8 341.1 3,292.5 417.0 123.6 Nov. 28 201.2 12.0 282.0 44.6 1,893.9 175.0 820.1 296.2 3,139.9 467.1 118.0 Dec. 26 201.2 11.9 290.2 52.3 1,951.2 175.0 796.4 295.0 3,174.9 475.3 122.9 1958—Jan. 30, 201.2 11.9 260.3 53.4 1,868.9 175.0 949.4 268.8 3,191.7 469.0 128.1 Feb. 27, 201.2 11.8 290.2 50.6 1,827.7 175.0 948.9 259.7 3,197.9 455.5 111.8 Mar. 27, 201.2 11.8 287.8 34.8 1,932.3 175.0 899.9 253.2 3,192.1 478.5 125.5 Apr. 30 201.2 11.9 322.6 27.1 1,881.2 175.0 946.4 305.0 3,295.5 470.8 104.1 May 29 201.2 11.9 310.7 22.7 2,011.6 175.0 929.8 270.3 3,286.3 550.2 96.7 June 26 5201.2 11.8 289.3 16.2 1,975.7 175.0 948.9 5264.3 3,266.9 492.9 122.7 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item June May Apr. June June May Apr. June Central Bank of the Argentine Republic Commonwealth Bank of Australia (millions of pesos):6 (millions of pounds): Gold and foreign exchange (net).. -1,214 -1,006 -730 Gold and foreign exchange 433 446 430 467 Net claim on Intl. Fund7 -675 -675 -675 Checks and bills of other banks.. 4 4 7 8 Advances to Government 2,175 2,375 2,906 Securities (incl. Govt. and Treas- 454 Government securities 63,485 63,297 62,413 ury bills) 467 452 494 52 Loans and discounts 6,243 6,220 6,241 Other assets 40 45 50 381 Other assets 4,000 3,670 2,884 Note circulation 388 385 389 Currency in circulation 53,486 52,796 53,017 Deposits of Trading Banks: Deposits—Government 335 444 419 Special 275 290 305 340 Banks 13,599 11,736 11,341 Other 27 25 29 28 Other 340 339 305 Other liabilities and capital 253 247 258 231 Other liabilities and capital 6,253 8,566 7,958 Notes to central bank table on this and opposite page: « Under the banking reform, effective Dec. 2, 1957, the Central Bank 1 Notes issued, less amounts held in banking department. has been reorganized. The balance sheet has been substantially modified, 2 Gold was transferred on May 1, 1940, to Foreign Exchange Control and figures are not comparable with those shown previously. Board in return for short-term Govt. securities (see BULLETIN for July 7 This figure represents the amount of the country's subscription to 1940, pp. 677-78). the Fund less the bank's local currency liability to the Fund. 3 Includes Economic Cooperation Administration. NOTE.—All figures, including gold and foreign exchange, are compiled 4 Less than 50 million francs. from official reports of individual banks and are as of the last report date 5 Other assets include 100.0 billion francs of gold loaned to Stabiliza- of the month. For details relating to individual items, see BULLETIN for tion Fund. April 1955, p. 443. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 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 June May Apr. June June May Apr. June Austrian National Bank (millions of National Bank of Cuba (millions of schillings): pesos): Gold 2,655 2,654 2,654 Gold 136 136 136 136 Foreign exchange (net) 10,815 10,352 10,203 Foreign exchange (net) 139 101 112 206 Loans and discounts 6,010 5,887 5,679 Foreign exchange (Stabilization Claim against Government 1,345 1,342 1,342 Fund) 117 141 141 185 Other assets 852 849 844 Net claim on Intl. Fund * 13 13 -12 Note circulation 15,686 15,174 15,091 Loans and discounts 76 95 127 45 Deposits—Banks , 2,077 1,925 1,610 Credits to Government 220 196 189 112 Other , 943 993 1,023 Other assets 66 73 75 76 Blocked 1,059 1,091 1,115 Note circulation 485 501 522 448 Other liabilities and capital , 1,912 1,902 1,882 Deposits 243 216 210 279 National Bank of Belgium (millions of Other liabilities and capital 38 38 37 32 francs): National Bank of Czechoslovakia 2 Gold 57,133 54,971 51,424 42 108 National Bank of Denmark (millions Foreign claims and balances (net). 10,456 10,975 11,370 10770 of kroner): Loans and discounts 5,343 6,997 8,881 13596 Gold 68 68 68 68 Consolidated Govt. debt 34,243 34,243 34,243 34456 Foreign exchange 1,062 1,062 1,041 773 Govt. securities 6,805 6,280 7,930 8 743 Loans and discounts 152 176 165 228 Other assets 6,131 6,033 5,980 5 700 Securities 335 323 335 492 Note circulation 112,989112,140113,080 109625 Govt. compensation account 2,954 2,978 2,979 3,023 Deposits—Demand 2,161 2,468 1,968 1 383 Other assets 674 886 849 712 ECA 19 19 19 20 Note circulation 2,367 2,304 2,324 2,203 Other liabilities and capital 4,940 4,871 4,762 345 Deposits—Government 1,263 1,380 1,390 1,527 Central Bank of Bolivia—Monetary Other 1,338 1,533 1,458 1,319 dept. (millions of bolivianos): (Feb.*) Other liabilities and capital 277 277 265 248 Gold at home and abroad 7,048 7 239 Central Bank of the Dominican Re- Foreign exchange (net) -30,167 26 711 public (thousands of pesos): Gold contribution to Intl. Fund. . 21,375 475 Gold 11,432 11,432 11,405 11,405 Loans and discounts 384,769 271 646 Foreign exchange (net) 11,494 10,211 9,682 14,897 Govt. securities 7,873 7 920 Net claim on Intl. Fund * 2,500 2,500 2,500 2,500 Other assets 26,795 10395 Loans and discounts 10,118 10,118 9,183 2,973 Note circulation 218,157 170432 Govt. securities 7,300 7,300 7,500 7,830 Deposits 29,412 23 684 Other assets 28,995 28,323 27,592 22,099 Other liabilities and capital 170,126 130271 Note circulation 55,415 54,345 53,068 48,509 Central Bank of Ceylon (millions of Demand deposits 12,254 11,497 10,877 9,685 rupees): Other liabilities and capital 4,171 4,042 3,918 3,510 Foreign exchange 493 497 560 588 Central Bank of Ecuador (millions of Advances to Govt 58 68 29 27 sucres): Govt. securities 119 108 104 46 Gold 325 325 325 325 Other assets . , 42 24 14 8 Foreign exchange (net) -98 -71 -25 38 Currency in circulation , 516 508 506 459 Net claim on Intl. Fundl 38 38 38 -37 Deposits—Government 7 5 3 4 Credits—Government 502 495 467 521 Banks 81 80 91 97 Other 340 313 299 247 Other liabilities and capital 108 104 106 109 Other assets 281 264 284 241 Central Bank of Chile (millions of Note circulation 695 686 680 690 pesos): Demand deposits—Private banks . 210 190 209 203 Gold 4,265 4,263 4,842 [,114 Other 169 179 189 151 Foreign exchange (net) 398 551 481 ,056 Other liabilities and capital 313 309 310 290 Net claim on Intl. Fundi -2,732 -2,732 -2,732 19 National Bank of Egypt (millions of Discounts for member banks 19,959 22,134 20,088 047 pounds): Loans to Government 39,079 39,078 31,078 245 Gold 61 61 61 66 Other loans and discounts 68,302 66,462 64,528 724 Foreign assets3 66 70 76 98 Other assets 37,676 36,731 40,885 952 Egyptian Govt. securities 187 185 187 162 Note circulation 90,090 87,486 86,896 976 Clearing and other accounts (net). -37 -38 -36 -16 Deposits—Bank 8,559 9,382 7,811 241 Loans and discounts 40 37 32 21 Other 6,786 2,977 6,830 089 Other assets 2 4 2 2 Other liabilities and capital 61,511 66,643 57,634 510 Note circulation 191 185 188 197 Bank of the Republic of Colombia (mil- Deposits—Egyptian Government. 18 23 18 5 lions of pesos): Other 89 91 94 112 Gold and foreign exchange 266 256 269 382 Other liabilities and capital 19 19 21 19 Net claim on Intl. Fund1 52 52 52 52 GCentral Reserve Bank of El Salvador Loans and discounts 1,838 1,773 ,703 799 (thousands of colones): Govt. loans and securities 631 635 637 695 Gold 78,519 78,526 78,534 78,706 Other assets 338 337 290 436 Foreign exchange (net) 34,586 34,571 33,656 71,846 Note circulation 1,045 988 966 954 Net claim on Intl. Fund * 4,689 4,689 4,689 1,562 Deposits 1,278 1,233 ,198 ,086 Loans and discounts 82,570 85,921 87,419 66,036 Other liabilities and capital 801 832 787 323 Govt. debt and securities 4,550 3,979 6,508 12,068 Central Bank of Costa Rica (millions Other assets 9,695 9,387 9,230 7,949 of colones): Note circulation 95,769 97,052 99,042 101,650 Gold 12 12 12 12 Deposits 106,094 107; 106 10088,298 124,228 Foreign exchange 111 105 90 94 Other liabilities and capital 12,746 12,914 12,695 12,288 Net claim on Intl. Fund1 7 7 7 77 Bank of Finland (millions of markkaa): Loans and discounts 105 112 129 95 Gold 7,850 7,850 7,850 7,849 Securities 13 14 14 17 Foreign assets and liabilities (net). 41,238 37,882 36,747 11,105 Other assets 34 35 37 19 Loans and discounts 35,699 31,014 32,717 50,760 Note circulation 167 171 171 155 Securities—Government 8,125 8,125 8,125 16,250 Demand deposits 56 51 58 52 Other 1,665 1,614 1,202 1,547 Other liabilities and capital 58 61 60 36 Other assets 16,121 17,029 16,489 13,610 Note circulation 59,332 59,038 56,174 56,177 Deposits 15,757 9,311 13,544 11,476 Other liabilities and capital 35,609 35,165 33,411 33,469 r Revised. * Latest month available. 3 Beginning Mar. 27, 1958, includes gold in Banking Department, 1 This figure represents the amount of the country's subscription to the previously combined with gold in Issue Department. Fund less the bank's local currency liability to the Fund. NOTE.—All figures, including gold and foreign exchange, are compiled 2 For the last available reports for Czechoslovakia and Hungary (March from official reports of individual banks and are as of the last report date 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 1003 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1958 1957 1958 1957 Central bank, monetary unit, Central bank, monetary unit, and item and item June May Apr. June June May Apr, June German Federal Bank5 (millions of Bank of Israel (millions of pounds): German marks): Gold 6 6 6 9 Gold 10,695 10,423 10,394 8,478 Foreign exchange 167 170 155 94 Foreign exchange 13,843 13,872 13,282 12,127 Clearing accounts (net). -6 -3 2 Loans and discounts 1,586 946 1,324 2,964 Loans and discounts 22 42 87 27 Loans to Government 2,676 2,229 2,590 3,911 Advances to Government 116 85 47 68 Other assets 1,623 1,475 1,509 1,049 Other Govt. accounts 98 97 87 113 Note circulation 16,974 16,738 16,766 15,437 Govt. securities 148 148 149 150 Deposits—Government 4,801 3,960 3,589 5,316 Other assets 10 8 9 11 Banks 5,989 5,455 5,921 5,233 Notes and coin in circulation 261 258 258 242 Other 419 437 378 208 Deposits—Government 43 42 37 27 Other liabilities and capital 2,240 2,355 2,444 2,335 Other 227 224 214 180 Bank of Greece (millions of drachmae) Other liabilities and capital 30 29 28 25 Gold and foreign exchange (net).. 5,771 5,662 5,945 Bank of Italy (billions of lire): Loans and discounts 190 198 169 Gold 4 4 4 4 Advances—Government 4,651 5,014 7,532 Foreign exchange 71 70 71 71 Other 6,135 6,073 5,093 Advances to Treasury 567 567 567 567 Other assets 2,370 2,259 2,214 Loans and discounts 427 413 432 471 Note circulation 7,074 7,122 5,824 Govt. securities 393 395 396 423 Deposits—Government 1,051 1,162 1,069 Other assets 1,467 1,429 1,337 994 Reconstruction and 7,112 Note circulation 1,774 1,768 1,747 ,667 relief accts 3,688 3,684 5,515 Deposits—Government. 13 11 14 3 Other 6,156 6,350 1,435 Demand 152 128 127 149 Other liabilities and capital ::::::! 1,149 Other 788 796 753 543 Bank of Guatemala (thousands of Other liabilities and capital 201 174 167 168 quetzales): Bank of Japan (billions of yen): Gold 27,272 27,254 Bullion ( ) () () Foreign exchange (net) 38,916 45,171 Loans and discounts 553 499 507 476 Gold contribution to Intl. Fund.. 1,250 1,250 Govt. securities 216 253 296 218 Rediscounts and advances 20,025i 7,256 Other assets 185 183 178 161 Other assets 42,978| 40,077 Note circulation * 701 660 704 677 Circulation—Notes 61,038 57,190 Deposits—Government 39 52 43 53 Coin 4,496 4,167 Other 67 73 80 37 Deposits—Government 9,138 8,571 Other liabilities, 147 150 155 87 Banks 23,821 25,074|Bank of Mexico (millions of pesos): Other liabilities and capital 31,946 26,005 Monetary reserve 1,862 1,868 1,899 National Bank of Hungary 2 "Authorized" holdings of secu- Reserve Bank of India (millions of rities, etc 4,356 4,675 4,851 4,549 rupees): Bills and discounts 1,187 1,002 868 1,041 Issue department: Other assets 821 749 651 831 Gold at home and abroad 1,178 1,178 1,178 1,178 Note circulation 5,349 5,342 5,383 5,101 Foreign securities 1,997 2,097 2,288 4,125 Demand liabilities 2,100 2,209 2,090 2,496 Indian Govt. securities 11,676 11,576 11,735 9,248 Other liabilities and capital 776 763 766 723 Rupee coin 1,313 1,306 1,320 1,266 Netherlands Bank (millions of Note circulation 15,771 15,878 16,191 guilders): Banking department: Gold 3,442 3,332 3,260 3,050 Notes of issue department 392 279 329 Silver (including subsidiary coin) . 17 16 15 8 Balances abroad 180| -327 390 Foreign assets (net) 1,267 1,272 1,216 697 Bills discounted 7 174 Loans and discounts 101 32 31 153 Loans to Government 2671 541 547 Govt. debt and securities 170 137 326 660 Other assets 3,730 3,213 2,959 Other assets 292 315 340 403 Deposits 2,8421 '2,701 2,751 Note circulation 4,205 4,139 4,142 3,968 Other liabilities and capital. . . . 1,734 1,666 1,646 Deposits—Government 293 247 230 97 Bank Indonesia (millions of rupiahs): ECA 17 230 Gold and foreign exchange (net).. 1,127 1,277 1,268 Other 594 525 592 479 Loans and discounts 1,447 1,468 1,444 Other liabilities and capital 197 192 208 197 Advances to Government 22,497 21,864 20,497 Other assets 1,007 952 942 550 sands of pounds): Note circulation 15,554 15,179 14,712 10,539 Gold 6,162 6,162 6,162 6,162 Deposits—ECA 77 77 107 m\ Foreign exchange reserve 23,424 23,964 21,136 55,307 Other 5,110 5,167 4,794 3,553 Loans and discounts 43,993 44,634 48,278 34,691 Other liabilities and capital 5,337 5,138 4,538 1,784 Advances to State or State un- Bank Melli Iran (millions of rials): dertakings 44,069| 44,043 50,148 30,407 Gold 5,536 5,536 4,533 Investments 36,377 36,377 36,377 38,124 Foreign exchange 962 962 Other assets 1,678 1,875 1,673 1,581 Gold contribution to Intl. Fund . . 663 663 663 Note circulation 73,882 74,370 75,865 72,712 Govt.-secured debt 7,923 7,923 7,923 Demand deposits 73,652 71,473 76,778 81,297 Govt. loans and discounts 12,948 10,962 11,574 Other liabilities and capital 8,168 11,214 11,131 12;263 Other loans and discounts 8,991 9,245 6,498 Bank of Norway (millions of kroner): Other assets6 15,905 17,923 13,070 Gold. 192 192 192 213 Note circulation 12,584 12,498 11,273 Foreign assets (net) 174 240 287 223 Deposits—Government 6,607 7,633 4,651 Clearing accounts (net) -19 -14 -21 Banks 2,160 2,060 1,500| Loans and discounts 93 99 97 85 Other 20,460 20,549 16,060! Securities 210 221 209 107 Special Account—Profits of reval- I Occupation account (net)... 5,440 5,440 5,440 5,546 uation 7,110 7,110 7,110 Other assets 200 192 165 121 Other liabilities and capital 4,006 3,366 3,667 Note circulation 3,285 3,164 3,230 3,284 Central Bank of Ireland (thousands of Deposits—Government 1,565 1,746 1,621 1,688 pounds): ! Banks 318 335 380 310 Gold 2,646 2,646 2,646 2,646; FOA 1 1 1 26 Sterling funds 72,456 72,867 72,680 70,441; Other liabilities and capital. 1,122 1,124 1,137 988 Note circulation 75,102 75,513 75,326 73,0871 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

1004 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 June May Apr. June June May Apr. June State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 449 448 448 509 Issue department: Foreign assets , 1,260 1,241 1,180 1,272 Gold at home and abroad 117 116 116 115 Net claim on Intl. Fund1 129 129 129 129 Foreign exchange—Approved. . 627 660 668 861 Swedish Govt. securities and ad- Other 57 57 57 57 vances to National Debt Office 2. 4,597 4,586 4,723 4,493 Pakistan Govt. securities 2,192 2,190 2,182 1,799 Other domestic bills and advances. 382 246 164 16 India currency 430 430 430 430 Other assets 875 841 853 931 Rupee coin 42 43 36 56 Note circulation 5,513 5,358 5,533 5,461 Notes in circulation 3,373 3,347 3,425 3,202 Demand deposits—Government.. 136 107 132 103 Banking department: Other 56 45 49 127 Notes of issue department 92 149 65 117 Other liabilities and capital 1,988 1,981 1,782 1,660 Bills discounted 40 Swiss National Bank (millions of Loans to Government 110 139 127 francs): Other assets 1,021 1,041 1,073 1,012 Gold 8,034 7,943 7,661 6,917 Deposits 1,077 1,149 1,079 927 Foreign exchange , 572 506 566 676 Other liabilities and capital.... 187 181 186 202 Loans and discounts 142 143 143 199 Central Bank of Paraguay (millions of Other assets 86 86 90 95 guaranies): Note circulation 5,569 5,494 5,513 5,635 Gold 10 10 12 10 Sight liabilities , 3,025 2,948 2,717 2,024 Foreign exchange (net). .. 447 431 458 534 Other liabilities and capital , 239 235 231 229 Net claim on Intl. Fund1. 113 113 113 53 Centtrrial Bank of the Republic of Turkey Loans and discounts 1,601 1,598 1,603 1,823 (millions of pounds): Govt. loans and securities 732 679 701 714 Gold 403 403 403 402 Other assets. 527 552 542 255 Foreign exchange and foreign Note and coin issue 1,333 1,349 1,327 1,244 clearings , 331 367 421 415 Deposits—Government 357 312 334 499 Loans and discounts 5,637 5,391 5,249 4,434 Other 323 315 268 226 Securities , 33 32 32 33 Other liabilities and capital 1,416 1,406 1,499 1,421 Other assets , 262 252 259 254 Central Reserve Bank of Peru (millions Note circulation , 3,728 3,355 3,299 2,816 of soles): Deposits—Gold , 156 156 156 155 Gold and foreign exchange 112 722 Other 1,957 2,096 2,078 1,841 Net claim on Intl. Fund* 67 67 Other liabilities and capital , 825 838 832 726 Loans and discounts to banks 1,300 795 Bank1 co fo ft hthee RReepublic of Uruguay (mil- Loans to Government 1,750 1,617 lions of pesos): Other assets 138 114 Gold 273 278 Note circulation 2,703 2,411 Silver , 9 Deposits 390 696 Advances to State and Govt. Other liabilities and capital 273 208 bodies 319 270 Central Bank of the Philippines Other loans and discounts 695 605 (millions of pesos): Other assets 975 797 Gold 20 16 51 Note circulation 651 568 Foreign exchange 188 178 241 Deposits—Government 199 203 Loans 131 126 137 Other 396 378 Domestic securities 826 828 511 Other liabilities and capital 1,026 808 Other assets 169 164 163 Olentral Bank of Venezuela (millions Circulation—Notes 736 733 688 of bolivares): Coin 87 87 86 Gold 1,999 1,999 1,999 1,947 Demand deposits 346 331 224 Foreign exchange (net) 1,738 1,651 1,755 2,015 Other liabilities and capital 166 161 105 Other assets 138 107 135 227 Bank of Portugal (millions of escudos): Note circulation , 1,468 1,468 1,473 1,277 Gold 6,040 6,033 5,866 Deposits 824 915 911 579 Foreign exchange (net) 13,913 13,972 13,626 Other liabilities and capital 1,582 1,374 1,504 2,332 Loans and discounts 1,456 1,673 1,297 Nriational Bank of Federal People's Re- Advances to Government 1,362 1,364 1,376 public of Yugoslavia (billions of Other assets 1,304 2,241 1,890 dinars): Note circulation 11,917 11,997 11,200 Gold 4 4 4 5 Demand deposits—Government. 2,119 2,055 1,835 Gold contribution to Intl. Fund.. 2 2 2 2 ECA 21 21 40 Foreign assets 23 23 25 38 Other 7,556 7,730 7,931 Loans (short-term) 879 892 898 937 Other liabilities and capital 2,462 3,480 3,049 Govt. debt (net) 83 68 67 91 South African Reserve Bank (millions Other assets 17 15 15 53 of pounds): Notes and coin in circulation 122 119 131 97 Gold 57 63 Demand deposits 439 452 448 500 Foreign bills 15 15 Foreign liabilities 81 79 82 84 Other bills and loans 63 72 Long-term liabilities (net) 303 309 303 306 Other assets 65 62 Other liabilities and capital 65 46 47 139 Note circulation 116 114 114 Bank for International Settlements Deposits 54 66 55 (millions of Swiss gold francs): Other liabilities and capital 32 33 13 Gold in bars 613 776 648 627 Bank G o o f l d Spain (millions of pesetas): 618 618 618 R C e a d sh is c o o n u h n a ta n b d l e a n b d il l w s it a h n d b a a n cc k e s p . t . - .. 54 52 55 54 Silver 313 319 323 ances (at cost) 405 291 398 611 Govt. loans and securities 16,603 14,710 16,100 Time funds at interest 581 452 375 185 Other loans and discounts 58,884 59,763 52,841 Sundry bills and investments 796 718 709 754 Other assets 64,900 67,571 62,716 Funds invested in Germany 297 297 297 297 Note circulation 64,699 64,634 57,684 Other assets 1 1 1 1 Deposits—Government 3,041 2,439 1,861 Demand deposits—Gold 840 762 706 703 Other 11,727 13,556 17,147 Other ,353 1,272 1,225 1,286 Other liabilities and capital 61,851 62,353 55,906 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 326 324 324 310 1 This figure represents the amount of the country's subscription to the Nom—All figures, including gold and foreign exchange, are compiled Fund less the bank's local currency liability to the Fund. from official reports of individual banks and are as of the last report date 2 Includes small amount of nongovernment bonds. of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 1005 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 De a n rk - 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 i n m t g e - d C ad a a n 2 - Japan3 P p h i i n l 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 July 3.75 1.12 In effect July 31, 1958 3.75 5.0 5.0 3.0 3.5 3.50 5.00 4.5 5.0 1.12 8.40 4.5 6.0 5.5 Other selected central banks—rates in effect on July 31, 1958 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Latin America: Latin America— Austria 5.0 Nov. 1955 Burma 3.0 Feb. 1948 Chile3 6.0 Feb. 1957 Cont.: Greece 10.0 May 1956 Ceylon 2.5 June 1954 Costa Rica3... 3.0 Apr. 1939 Venezuela.... 2.0 May 1947 Norway 3.5 Feb. 1955 India* 4.0 May 1957 El Salvador3.. 4.0 Apr. 1957 All other: Portugal 2.5 Jan. 1944 Indonesia 3.... 3.0 Apr. 1946 Mexico 4.5 June 1942 New Zealand.. 7.0 Oct. 1955 Switzerland... 2.5 May 1957 Pakistan 3.0 July 1948 Peru3 6.0 Nov. 1947 South Africa.. 4.5 Sept. 1955 6.0 June 1956 Thailand 7.0 Feb. 1945 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 X4 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 r b e o a il n s l u t s h r s y i D m a o d y n a - y e t y o 2 - 3 B a a m a c n n c o k e c n e p e r t s t h s - * s 3 T r m b ea i o l s n l u s t r h y s D m a d o y a n - y e to y - a B d ll a e o p n o w k o n a s e i n r t s c s ' e D m a o d y n a - e y t y o 3 - 3 T r m b ea i o l s n l u s t r h y s D m a d o y a n - y t e o y - 3 L m u o p o a n t n o t s hs d P is r r c i a v o t a u e t n e t 1955 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 414-6% 1.50 1956 Dec 3.61 3.18 5.07 4.94 4.15 3.50 3.55 3.48 3.23 4%-6*4 1.50 1957_june 3.80 3.80 4.08 3.87 3.45 3.00 5.78 3.60 2.70 4%-6*4 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 4.02 3.88 4.17 3.97 3.60 3.00 7.94 4.45 3.51 5%-8 2.50 Sept 3.94 2.96 5.40 5.42 4.33 3.80 5.77 4.86 3.64 5*4-8 2.50 Oct 3.84 3.57 6.81 6.60 5.53 5.00 4.94 4.87 3.75 5*4-8 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 10.04 2.97 2.39 2.50 June 1.75 1.72 4.65 4.45 3.95 3.30 2.90 2.34 5*4-7% 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

1006 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Year or month Basic P (p re e f s e o r ) - Free (p t A o ra u u l n s ia - d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (r e u y p l e o e n ) (k m D ro e a n r n k - e) ential 1952 20 000 13 333 7 163 222.63 1 9878 102 149 20 903 14 492 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 101.650 21.046 1954 20.000 13.333 7.198 223.80 3.8580 1.9975 102.724 21 017 1955 20.000 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 July 5.556 2.365 222.14 3.8536 1.9908 105.150 20 890 Aug 5.556 2.303 221.73 3.8536 1.9865 105.470 20.862 Sept 5.556 2.216 221.92 3.8536 1.9874 104.241 20.867 Oct 5.556 2.487 223.09 3.8536 1.9929 103.636 20.928 Nov 5.556 2.595 223.32 3.8536 1.9983 103.921 20.935 Dec 5.556 2.707 223.57 3.8536 1.9991 102.304 20.969 1958 Jan 5.556 2.696 224.16 3.8536 1.9986 101.535 21.045 Feb 5.556 2.656 224.36 3.8536 2.0024 101.934 21.078 Mar 5.556 2.610 224.33 3.8536 2.0041 102.312 21.072 Apr . 5.556 2.444 224.47 3.8536 2.0047 103 011 21 088 May 5.556 2.377 224.36 3.8536 2.0050 103.396 21.085 June .... 5.556 2.376 223.99 3.8536 2.0050 103 960 21 066 July 5.556 2.352 223.42 3.8536 2.0049 104.162 20.996 Year or month (m Fi a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) J ( a y p e a n n ) ( M do a s l i l l a a a y r - ) M (p e e x s i o c ) o 1952 .4354 .2856 23.838 20.922 279.68 32 601 11 588 1953 .4354 .2856 21.049 281.27 32 595 11.607 1954 .4354 .2856 23.838 21.020 280.87 32.641 9.052 1955 .4354 .2856 23.765 20.894 279.13 32 624 8 006 1956 .4354 .2855 23.786 20.934 279.57 .2779 32 582 8.006 1957 3.3995 4.2856 4.2376 23.798 20.910 279.32 .2779 32.527 8.006 1957 juiy .4354 .2856 23 800 20.884 278 78 .2779 32 495 8 006 Aufi .4354 4.2857 4.2376 23.800 20.844 278.27 .2779 32 431 8 006 Sent 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 1118 5.2858 .2376 23.853 21.062 281.11 .2779 32 775 8 006 July .3118 .2379 23.856 21.000 280.40 .2779 32.688 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i u n l s i b o e p l ) - ic (e P s o g c r u a t l d u o - ) ( A p S o o fr u u i n c th a d) (p S e p s a e i t n a) S (k w ro ed n e a n ) z ( e f S r r w a la n i n t c - d ) ( U p K d o n i o u i n m t n g e d - d ) 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 . 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281 27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 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—July 26.121 276.02 14.008 49.695 3.4900 277.74 19.333 23 332 278 78 Aug 26.103 275.52 14.008 49.695 3.4900 277.23 19.329 23.335 278.27 Sept 26.102 275.75 14.008 49.695 3.4900 277.47 19.328 23.335 278.51 Oct 26.287 277.21 14.008 49.695 3.4900 278.94 19.328 23 335 279 98 Nov 26.363 277.49 14.008 49.695 3.4900 279.21 19.328 23.335 280.26 Dec 26.367 277.80 14.008 49.695 3.4900 279.53 19.328 23.335 280.58 1958 Jan 26.373 278.54 14.008 49.695 3.4900 280.27 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 26.380 278.33 14.008 49.695 3.4900 280.06 2.3810 19.328 23.335 281.11 July 26.391 277.62 14.008 49.695 3.4900 279.35 2.3810 19.328 23.335 280.40 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 MERRITT SHERMAN, Assistant Secretary ROBERT F. LEONARD, Director KENNETH A. KENYON, Assistant Secretary JOHN R. FARRELL, Associate Director CLARKE L. FAUVER, Assistant Secretary GERALD M. CONKLING, Assistant Director M. B. DANIELS, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS HOWARD H. HACKLEY, General Counsel ROBERT C. MASTERS, Director FREDERIC SOLOMON, Assistant General Counsel C. C. HOSTRUP, Assistant Director DAVID B. HEXTER, Assistant General Counsel FRED A. NELSON, Assistant Director G. HOWLAND CHASE, Assistant General Counsel GLENN M. GOODMAN, Assistant Director THOMAS J. O'CONNELL, Assistant General HENRY BENNER, Assistant Director 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. NOYES, Adviser ROLAND I. ROBINSON, Adviser H. FRANKLIN SPRECHER, JR., Assistant Director SUSAN S. BURR, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES ALBERT R. KOCH, Associate Adviser KENNETH B. WILLIAMS, Associate Adviser JOSEPH E. KELLEHER, Director LEWIS N. DEMBITZ, Research Associate OFFICE OF DEFENSE LOANS DIVISION OF INTERNATIONAL FINANCE GARDNER L. BOOTHE, II, Administrator ARTHUR W. MARGET, Director J. HERBERT FURTH, Associate Adviser OFFICE OF THE CONTROLLER A. B. HERSEY, Associate Adviser J. J. CONNELL, Controller ROBERT L. SAMMONS, Associate Adviser SAMPSON H. BASS, Assistant Controller 1007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN • AUGUST 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 WILLIAM A. MCDONNELL, ST. LOUIS FRANK R. DENTON, CLEVELAND, GORDON MURRAY, MINNEAPOLIS President R. CROSBY KEMPER, KANSAS CITY JOHN S. ALFRIEND, RICHMOND WALTER B. JACOBS, DALLAS JOHN A. SIBLEY, ATLANTA FRANK L. KING, SAN FRANCISCO HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent Harvey P. Hood, Deputy Chairman Stanley M. Cooper Milton P. Higgins Harry E. Umphrey Oliver B. Ellsworth William D. Ireland Nils Y. Wessell Arthur F. Maxwell J. A. Erickson, President E. O. Latham, First Vice President Vice Presidents D. H. Angney Benjamin F. Groot Ansgar R. Berge Dana D. Sawyer George H. Ellis O. A. Schlaikjer District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS John E. Bierwirth, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman Charles W. Bitzer Cyrus M. Higley Howard C. Sheperd Clarence Francis Augustus C. Long Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1009 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 W. N. Catanach Murdoch K. Goodwin J. V. Vergari David P. Eastburn E. C. Hill Richard G. Wilgus P. M. Poorman 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

1010 FEDERAL RESERVE BULLETIN • AUGUST 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 R. J. Murphy John E. Urquhart, Chairman E. W. McLeod John C. Persons Adolph Weil, Sr. Selden Sheffield JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James G. Garner Harry M. Smith, Chairman W. E. Ellis C. B. McLeod McGregor Smith J. Wayne Reitz Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 1011 District 6—FEDERAL RESERVE BANK OF ATLANTA-Continued NASHVILLE BRANCH—BOARD OF DIRECTORS Jo H. Anderson P. D. Houston, Jr. Frank B. Ward, Chairman Stewart Campbell V. S. Johnson, Jr. C. L. Wilson W. N. Krauth NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer J. Spencer Jones H. A. Pharr Frank A. Godchaux, III G. H. King, Jr., Chairman E. E. Wild D. U. Maddox District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent J. Stuart Russell, Deputy Chairman Robert P. Briggs William J. Grede G. F. Langenohl Walter J. Cummings William A. Hanley Nugent R. Oberwortmann Vivian W. Johnson Carl E. Allen, President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes H. J. Helmer H. J. Newman W. R. Diercks C. T. Laibly A. L. Olson A. M. Gustavson George W. Mitchell R. A. Swaney, in charge Paul C. Hodge of Detroit Branch DETROIT BRANCH—BOARD OF DIRECTORS John A. Hannah, Chairman Ira A. Moore Ernest W. Potter William A. Mayberry C. V. Patterson J. Thomas Smith Raymond T. Perring District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS Pierre B. McBride, Chairman and Federal Reserve Agent J. H. Longwell, Deputy Chairman S. J. Beauchamp, Jr. Kenton R. Cravens Leo J. Wieck H. Lee Cooper J. E. Etherton Jesse D. Wooten Harold O. McCutchan Delos C. Johns, President Guy S. Freutel, First Vice President Vice Presidents 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

1012 FEDERAL RESERVE BULLETIN • AUGUST 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 Ray C. Lange Harold N. Thomson Thomas G. Harrison John A. Moorhead John H. Warden Harold C. Refling 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. Boy sen 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

1013 FEDERAL RESERVE BANKS AND BRANCHES 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 Tyrus R. Timm John C. Flanagan, Chairman SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres E. C. Breedlove Alex R. Thomas, J. W. Beretta Burton Dunn Chairman Donald D. James Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard N. Loyall McLaren Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of R. H. Morrill H. F. Slade Salt Lake City Branch John A. O'Kane W. F. Volberg, J. M. Leisner, in charge of J. A. Randall, in charge of in charge of Seattle Branch Portland Branch Los Angeles Branch E. R. Millard O. P. Wheeler Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN • AUGUST 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. 1015 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN • AUGUST 1958 REPRINTS SURVEY OF FINANCE COMPANIES, MID-1955. (From Federal Reserve Bulletin unless preceded April 1957. 17 pages. by an asterisk) INTEREST RATES IN LEADING COUNTRIES. August THE MONETARY SYSTEM OF THE UNITED STATES. 1957. 7 pages. February 1953. 16 pages. WINNING THE BATTLE AGAINST INFLATION. Au- INFLUENCE OF CREDIT AND MONETARY MEASURES gust 1957. 12 pages. ON ECONOMIC STABILITY. March 1953. 16 WORLD PAYMENTS STRESSES IN 1956-57. October pages. 1957. 8 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC REVISION OF MONTHLY DEPARTMENT STORE IN- STABILITY. May 1953. 7 pages. DEXES. December 1957. 30 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- April 1957. 17 pages. ODS USED IN REVISION OF SHORT- AND INTER- BANKING AND MONETARY STATISTICS, 1957. Se- MEDIATE-TERM CONSUMER CREDIT STATISTICS. lected series of banking and monetary statistics April 1953. 25 pages. for 1957 only. February and May 1958. 12 DEPARTMENT STORE SALES AND STOCKS, BY pages. (Similar reprints of 1954, 1955, and MAJOR DEPARTMENTS (Revised Indexes). No- 1956 data are available from earlier BULLEvember 1953. 65 pages. TINS.) FEDERAL RESERVE MONTHLY INDEX OF INDUS- BANK CREDIT AND MONEY IN 1957. February TRIAL PRODUCTION, 1953 Revision. December 1958. 9 pages. (Also, similar reprint from 1953. 90 pages. July 1957 BULLETIN.) NEW INDEXES OF OUTPUT OF CONSUMER DUR- SEASONAL FACTORS AFFECTING BANK RESERVES. ABLE GOODS. May 1954. 15 pages. February 1958. 12 pages. SEASONAL ADJUSTMENT FACTORS FOR DEMAND INTERNATIONAL GOLD AND DOLLAR FLOWS. DEPOSITS ADJUSTED AND CURRENCY OUTSIDE March 1958. 7 pages. BANKS. March 1955. 4 pages. 1958 SURVEY OF CONSUMER FINANCES. PRELIMI- A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- NARY FINDINGS. March 1958. 4 pages. Pur- COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- chases of Durable Goods. July 1958. 16 ber 1955. 40 pages. pages. (Similar Surveys are available for earlier SURVEY OF BANK LOANS FOR COMMERCIAL AND years from 1952, 1953, 1954, 1955, 1956, and INDUSTRIAL PURPOSES. Business Loans of 1957 BULLETINS.) Member Banks. April 1956. 14 pages. Credit MEMBER BANK LENDING TO SMALL BUSINESS, Lines and Minimum Balance Requirements. 1955-57. April 1958. 19 pages. June 1956. 7 pages. (Reprints on a similar Survey are available from March, May, June, REVISED WEEKLY INDEX OF DEPARTMENT STORE July, and August 1947 BULLETINS.) SALES. April 1958. 10 pages. FINANCING OF LARGE CORPORATIONS, 1951-55. GROWTH AND STRUCTURE OF TIME DEPOSITS. June 1956. 9 pages. April 1958. 5 pages. REVISION OF CONSUMER CREDIT STATISTICS. Oc- OWNERSHIP OF DEMAND DEPOSITS. May 1958. 3 tober 1956. 24 pages. (Also, similar reprint pages. (Also, similar reprint from May 1957 from April 1953 BULLETIN.) BULLETIN.) INDEX OF ELECTRICITY AND GAS OUTPUT. Oc- SURVEY OF COMMON TRUST FUNDS, 1957. May 1958. 5 pages. (Also, similar reprints from tober 1956. 15 pages. August 1956 and June 1957 BULLETINS.) AGRICULTURAL LOAN SURVEY. November 1956 and January, February, and March 1957 BUL- THE BATTLE AGAINST RECESSION. May 1958. 8 LETINS. 52 pages. pages. UNITED STATES BANKING ORGANIZATION ABROAD. MONEY AND CREDIT IN THE RECESSION. July 1958. December 1956. 16 pages. 7 pages. SUMMARY FLOW-OF-FUNDS ACCOUNTS 1950-55. THE BALANCE SHEET OF AGRICULTURE, 1958. April 1957. 20 pages. August 1958. 9 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 952, 953 Debits to deposit accounts, 942 Agricultural loans of commercial banks, 948, 950 Demand deposits: Agriculture, Govt. agency loans, 956, 957 Adjusted, banks and the monetary system, 944 Assets and liabilities {See also Foreign liabilities and Adjusted, commercial banks, by classes, 949 claims reported by banks): Banks, by classes, 945, 951 Banks and the monetary system, consoli- Type of holder, at commercial banks, 949 dated, 944 Department stores: Corporate, current, 964 Merchandising data, 983 Domestic banks, by classes, 945, 948, 950 Sales and stocks, 972, 982 Federal business-type activities, by fund Deposits {See also specific types of deposits): or activity, 956, 957 Adjusted, and currency, 944 Federal Reserve Banks, 939, 940 Banks, by classes, 945, 949, 951 Foreign central banks, 1000 Federal Reserve Banks, 939, 940, 996 Automobiles: Postal savings, 944 Consumer instalment credit, 968, 969, 970 Turnover of, 942 Production index, 974, 978 Deposits, reserves, and borrowings, by class of member bank, 937 Bankers' balances, 949, 951 Discount rates, 938, 1005 {See also Foreign liabilities and claims reported Discounts and advances by Federal Reserve by banks) Banks, 935, 939 Banking offices: Dividends, corporate, 963, 964 Changes in number, 988 Dollar assets, foreign, 996, 997 On, and not on. Par List, number, 989 Dwelling units started, 979 Banks and the monetary system, consolidated statement, 944 Earnings and hours, manufacturing indus- Bonds {See also U. S. Govt. securities): tries, 972, 981 New issues, 962, 964 Employment, 972, 980, 981 Prices and yields, 953, 954 Export-Import Bank, loans, etc., 956, 957 Brokers and dealers in securities, bank loans to, 948, 950 Farm mortgage loans, 956, 965, 966 Business expenditures on new plant and equip- Federal business-type activities, assets and ment, 964 liabilities, by fund or activity, 956, 957 Business indexes, 972 Federal Deposit Insurance Corporation, Business loans {See Commercial and industrial assets, etc., 956, 957 loans) Federal finance: Cash transactions, 958 Capital accounts: Receipts and expenditures, 959 Banks, by classes, 945, 949, 951 Treasurer's balance, 958 Federal Reserve Banks, 939, 940 Federal home loan banks, loans, etc., 956, 957, 967 Carloadings, 972 Federal Housing Administration, Central banks, foreign, 998, 1000, 1005 loans, etc., 956, 957, 965, 966, 967 Coins, circulation of, 943 Federal National Mortgage Association, Commercial banks: loans, etc., 956, 957, 967 Assets and liabilities, 945, 948 Federal Reserve Banks: Consumer loans held, by type, 969 Condition statement, 939, 940 Number, by classes, 945 U. S. Govt. securities held by, 935, 939, Real estate mortgages held, by type, 965 940, 960, 961 Commercial and industrial loans: Federal Reserve credit, 935, 939, 940 Commercial banks, 948 Federal Reserve notes, 939, 940, 941, 943 Weekly reporting member banks, 950, 952 Finance company paper, 952, 953 Commercial paper, 952, 953 Foreign central banks, 998, 1000, 1005 Commodity Credit Corporation, Foreign deposits in U. S. banks, 935, 939, loans, etc., 956, 957 940, 944, 949, 951 Condition statements {See Assets and Foreign exchange rates, 1006 liabilities) Foreign liabilities and claims reported by Construction, 972, 978, 979 banks, 992, 994, 996 Consumer credit: Foreign trade, 983 Instalment credit, 968, 969, 970, 971 Major parts, 968, 970 Gold: Noninstalment credit, by holder, 969 Consumer durable goods output indexes, 978 Earmarked, 997 Consumer price indexes, 972, 984 Net purchases by U. S., 997 Consumption expenditures, 986, 987 Production, 996, 997 Corporate sales, profits, taxes, and Reserves of central banks and governments, 998 dividends, 963, 964 Reserves of foreign countries and international Corporate security issues, 962, 964 institutions, 999 Corporate security prices and yields, 953, 954 Stock, 935, 944, 997 Cost of living {See Consumer price indexes) Gold certificates, 939, 940, 941, 943 Currency in circulation, 935, 943 Govt. debt {See U. S. Govt. securities) Customer credit, stock market, 954 Gross national product, 986, 987 1017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN • AUGUST 1958 Home owners, Govt. agency loans, 956, 957 Production, 972, 973, 977, 978 Hours and earnings, manufacturing indus- Profits, corporate, 963, 964 tries, 972, 981 Real estate loans: Industrial advances by Federal Reserve Commercial banks, 948, 950, 965 Banks, 939, 940, 941, 942 Type of mortgage holder, 965, 966, 967 Industrial production indexes, 972, 973, 978 Type of property mortgaged, 965, 966, 967 Instalment loans, 968, 969, 970, 971 Regulation V, loan guarantees, 941, 942 Insurance companies, 955, 960, 961, 966 Reserve requirements, member banks, 938 Insured commercial banks, 947, 948, 988 Reserves: Interbank deposits, 945, 949, 951 Commercial banks, 949 Interest rates: Federal Reserve Banks, 939, 940 Bond yields, 953 Foreign central banks and governments, 998 Business loans by banks, 953 Foreign countries and international insti- Federal Reserve rates, 938, 942 tutions, 999 Foreign countries, 1005 Member banks, 935, 937, 939, 940, 949, 951 Open market, 953, 1005 Residential mortgage loans, 965, 966, 967 Regulation V loans, 942 Stock yields, 953 Sales finance companies, consumers loans of, 968, International capital transactions of the U. S., 992 969, 971 International financial institutions, 998, 999, 1000 Savings, 986 Inventories, 987 Savings deposits (See Time deposits) Investments (See also specific types of investments): Savings institutions, principal assets, 955 Banks, by classes, 945, 948, 950 Savings and loan associations, 955, 966 Federal Reserve Banks, 939, 940 Securities, international transactions, 995, 996 Govt. agencies, etc., 956, 957 Security issues, 962, 964 Silver coin and silver certificates, 943 Life insurance companies, 955 State member banks, 947, 988 Savings and loan associations, 955 State and municipal securities: Labor force, 980 New issues, 962 Loans (See also specific types of loans): Prices and yields, 953, 954 Banks, by classes, 945, 948, 950 States and political subdivisions: Federal Reserve Banks, 935, 937, 939, Deposits of, 949, 951 940, 941, 942 Holdings of U. S. Govt. securities, 960 Govt. agencies, etc., 956, 957 Ownership of obligations of, 948, 955 Insurance companies, 955, 966 Stock market credit, 954 Savings and loan associations, 955, 966 Stocks: Loans insured or guaranteed, 941, 965, 966, 967 New issues, 962 Prices and yields, 953, 954 Manufacturers, production indexes, 972, 973, 978 Tax receipts, Federal, 959 Margin requirements, 938 Time deposits, 937, 944, 945, 949, 951 Member banks: Treasurer's account balance, 958 Assets and liabilities, by classes, 945, 948 Treasury cash, 935, 944 Banking offices, changes in number, 988 Treasury currency, 935, 943, 944 Borrowings at Federal Reserve Banks, 935, 937 Treasury deposits, 935, 939, 940, 958 Deposits and reserves, by classes, 937 Number, by classes, 945 Unemployment, 980 Reserve requirements, by classes, 938 U. S. Govt. balances: Reserves and related items, 935 Commercial bank holdings, by classes, 949, 951 Weekly reporting series, 950 Consolidated monetary statement, 944 Minerals, production indexes, 972, 973 Treasury deposits at Federal Reserve Money rates (See Interest rates) Banks, 935, 939, 940, 958 Mortgages (See Real estate loans) U. S. Govt. securities: Mutual savings banks, 944, 945, 947, 960, Bank holdings, 944, 945, 948, 950, 960, 961 961, 965, 988 Federal Reserve Bank holdings, 935, 939, 940, 960, 961 National banks, 947, 988 Foreign and international holdings, 999 National income, 986 International transactions, 995 National security expenditures, 959, 987 New issues, gross proceeds, 962 Nonmember banks, 939, 947, 948, 988 Outstanding, by type of security, 960, 961 Ownership of, 960, 961 Par List, banking offices on, and not on, Prices and yields, 953, 954 number, 989 United States notes, outstanding and in circula- Payrolls, manufacturing, index, 972 tion, 943 Personal income, 987 Utility output index, 977 Postal Savings System, 944 Prices: Veterans Administration, loans, etc., 956, 957, Consumer, 972, 984 965, 966, 967 Security, 954 Wholesale commodity, 972, 984 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(o THE FEDERAL RESERVE SYSTEM °) BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © 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